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Liquidity Services Inc (LQDT) SEC Filing 10-K Annual Report for the fiscal year ending Thursday, September 30, 2021

Liquidity Services Inc

CIK: 1235468 Ticker: LQDT

LIQUIDITY SERVICES ANNOUNCES FOURTH QUARTER AND FISCAL YEAR 2021 FINANCIAL RESULTS

Bethesda, MD - December 9, 2021
- Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a leading global commerce company providing trusted marketplace platforms that power the circular economy, today announced its financial results as of the quarter ended September 30, 2021 as compared to the applicable comparable prior periods:

Gross Merchandise Volume (GMV) of $244.4 million, up 24%, and Revenue of $70.3 million, up 26%
GAAP Net Income of $32.8 million1, up $27.3 million1, which includes a $24.6 million tax benefit1
Non-GAAP Adjusted EBITDA of $11.4 million, up $2.4 million
GAAP Diluted EPS of $0.931, up $0.771, which includes a $0.70 per share tax benefit1, and Non-GAAP Adjusted Diluted EPS of $0.26, up $0.03
Cash of $106.3 million, $15.0 million of share repurchases in Q4-FY21, $65.4 million trailing 12-month operating cash flow, and zero debt
Trailing 12-month GMV up 43%, Net Income of $50.9 million1, and Non-GAAP Adjusted EBITDA of $42.9 million
Approval of new $20.0 million share repurchase authorization

"Liquidity Services recorded outstanding growth during FY21, driven by strong demand from both new and existing customers for our e-commerce marketplace solutions which continue to power the circular economy benefiting businesses, society, and the environment. Our business is at the intersection of several powerful market forces and accordingly we are aggressively investing in our people, products and technology to support our near-term objective of scaling to $1.5 billion in annualized GMV. While these growth investments will pressure our near-term earnings, we expect to realize strong year-over-year growth for the full FY22 and beyond. We are pleased with the consistent execution of our team in support of our mission to build a better future for surplus as we closed FY21 with $886.7 million in GMV, up 43%, and delivered strong growth across all our segments resulting in strong profitability and cash generation. Looking forward to FY22, we are making several strategic investments to expand and scale the solutions we offer to large enterprises, small businesses and government agencies across the world. In our GovDeals segment, our acquisition of Bid4Assets broadens our online real estate solutions available to state and local government agencies. In our Retail Supply Chain Group (RSCG) segment, our new AllSurplus Deals consumer marketplace introduces a new, direct to consumer online sales channel for retail surplus, and our new Northern Pennsylvania distribution center increases our capacity to efficiently serve retail buyers and sellers in the northeastern United States. We believe that our ability to rapidly leverage our scalable marketplace platform will enable us to drive well over $1 billion in GMV in FY22 and continue to enhance our bottom line over time," said Bill Angrick, Chairman and CEO of Liquidity Services.

"Our Q4-FY21 results demonstrate the continuing role our e-commerce marketplace solutions play in powering the $100 billion+ circular economy. Businesses and government agencies continue to embrace the economic, environmental and sustainability benefits they gain from our online solutions. GMV in our GovDeals segment grew 20% over the prior year’s comparable quarter, driven by strong buyer engagement and a broader array of high value assets, including vehicles, heavy equipment and real estate that government agencies are selling using our digital marketplace solutions. GMV in our RSCG segment grew 10% over the prior year’s comparable quarter, as large retail sellers continued to expand their use of our digital marketplaces and value added services to reduce waste and overall supply chain costs. GMV in our Capital Assets Group (CAG) segment increased 60% over the prior year's comparable quarter, driven by heavy equipment and industrial asset sales in North America, and strong principal sales in EMEA, as buyers overcome travel restrictions internationally. Our Machinio segment grew revenue by 47% over the prior year's comparable quarter, as equipment owners and dealers continue to seek and benefit from our digital marketing and inventory management solutions," concluded Angrick.

During FY21, the Company completed $31.1 million of share repurchases, including $15.0 million in Q4-FY21 that completed its then remaining authorization. On December 6, 2021, the Company's Board of Directors authorized a new share repurchase program of up to $20.0 million of the Company’s common stock, to expire on December 31, 2023. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and the existence of alternative investment opportunities. The repurchase program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term.

1 Includes a net $24.6 million benefit, or $0.70 per share, from the release of our valuation allowance on US deferred tax assets in Q4-FY21. For further information, see Note 10, Income Taxes, to our annual report on Form 10-K for the year ended September 30, 2021.

1

The following information was filed by Liquidity Services Inc (LQDT) on Thursday, December 9, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Liquidity Services Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Business Realignment Expenses
Business Realignment Expenses (Details)
Business Realignment Expenses (Tables)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (Tables)
Defined Benefit Pension Plan - Actuarial Assumptions (Details)
Defined Benefit Pension Plan - Additional Information (Details)
Defined Benefit Pension Plan - Expected Return On Assets (Details)
Defined Benefit Pension Plan - Fair Value Estimates (Details)
Defined Benefit Pension Plan - Net Period Benefit Cost (Details)
Defined Benefit Pension Plan - Pension Plan (Details)
Defined Benefit Pension Plan - Qualified Defined Benefit Pension Plan, Net Of Taxes, And The Related Foreign Currency Translation Adjustments (Details)
Defined Benefit Pension Plan - Reconciliation Of Benefit Obligations, Plan Assets, And Funded Status (Details)
Dod Contracts With Dla Disposition Services
Dod Contracts With Dla Disposition Services (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Equity Transactions
Equity Transactions (Tables)
Equity Transactions - Fair Value (Details)
Equity Transactions - Narrative (Details)
Equity Transactions - Restricted Stock Units And Restricted Stock Awards (Details)
Equity Transactions - Stock Appreciation Rights Activity (Details)
Equity Transactions - Stock Compensation Expense (Details)
Equity Transactions - Stock Option Activity (Details)
Fair Value Measurement
Fair Value Measurement - Narrative (Details)
Goodwill
Goodwill (Tables)
Goodwill - Narrative (Details)
Goodwill - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Carryforwards (Details)
Income Taxes - Deferred Tax Assets (Details)
Income Taxes - Narrative (Details)
Income Taxes - Provision (Details)
Income Taxes - Reconciliation (Details)
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Intangible Assets - Future Amortization (Details)
Intangible Assets - Narrative (Details)
Leases
Leases (Tables)
Leases - Lease Expense (Details)
Leases - Maturities Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Cash Flow Information (Details)
Legal Proceedings
Organization
Organization (Details)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Property And Equipment - Narrative (Details)
Quarterly Results (Unaudited)
Quarterly Results (Unaudited) (Details)
Quarterly Results (Unaudited) (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment Information
Segment Information (Tables)
Segment Information - Narrative (Details)
Segment Information - Reconciliation From Segments To Consolidated (Details)
Segment Information - Schedule Of Reportable Segments (Details)
Segment Information - Schedule Of Revenues By Country (Details)
Segment Information - Schedule Of Total Long-Lived Assets By Geographical Location (Details)
Segment Information - Schedule Of Total Segment Assets (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Advertising Costs And Aoci (Details)
Summary Of Significant Accounting Policies - Concentration (Details)
Summary Of Significant Accounting Policies - Contract Assets And Liabilities (Details)
Summary Of Significant Accounting Policies - Intangible Assets And Impairment Of Long-Lived Assets (Details)
Summary Of Significant Accounting Policies - Inventory (Details)
Summary Of Significant Accounting Policies - Other Assets (Details)
Summary Of Significant Accounting Policies - Pp&Amp;E (Details)
Summary Of Significant Accounting Policies - Stock-Based Compensation (Details)
The 401(K) Benefit Plan
The 401(K) Benefit Plan (Details)
Ticker: LQDT
CIK: 1235468
Form Type: 10-K Annual Report
Accession Number: 0001235468-21-000173
Submitted to the SEC: Thu Dec 09 2021 5:25:25 PM EST
Accepted by the SEC: Thu Dec 09 2021
Period: Thursday, September 30, 2021
Industry: Business Services

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