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Liquidity Services, Inc. (NASDAQ: LQDT) operates the world's largest B2B e-commerce marketplace platform for surplus assets. With more than $10 billion in completed transactions, the platform connects over five million qualified buyers with 15,000 corporate and government sellers globally. Headquartered in Orlando, Florida, the company specializes in managing and selling inventory and equipment through a comprehensive network of online auction marketplaces.
Liquidity Services is divided into four main segments:
- GovDeals: Facilitates the sale of surplus assets for government entities.
- Capital Assets Group (CAG): Manages sales of capital assets for businesses.
- Retail Supply Chain Group (RSCG): Focuses on selling excess, returned, and overstocked consumer goods, primarily in the U.S. and Canada.
- Machinio: Provides a global online platform for buying and selling machinery and equipment.
The company's recent acquisition of Sierra Auction, a leading auction outlet in the southwestern U.S., enhances its capabilities in vehicle, equipment, and surplus asset sales. Liquidity Services supports sustainability by helping extend the life of assets, reduce waste, and minimize carbon emissions. With significant strides in mobile commerce, the company continues to expand its digital reach and market presence.
In Q1-FY24, Liquidity Services reported robust financials, with expected GMV ranging from $320 million to $350 million. The company aims to maintain its leadership by integrating acquired businesses and advancing online auction legislation for state and local governments. The firm's forward-looking approach includes focusing on mobile commerce and environmental impacts, ensuring long-term growth and value for its stakeholders.
Liquidity Services reported Q2-FY21 results with a gross merchandise volume (GMV) of $207.3 million, a 44% year-over-year increase. Revenue rose to $61.8 million, a 17% increase. The company achieved a GAAP Net Income of $5.3 million, a significant turnaround from a net loss of $(4.2) million last year. Non-GAAP Adjusted EBITDA was $9.4 million, improving from $(1.6) million. The Board authorized a new $15.0 million share repurchase plan, indicating strong cash flow with zero debt and a cash position of $87.6 million.
Liquidity Services (NASDAQ: LQDT) will announce its Q2 FY2021 financial results for the period ending March 31, 2021, on May 6, 2021, at 10:30 a.m. ET. The earnings press release will be made public before market open. The event will feature Bill Angrick, Chairman and CEO, and Jorge Celaya, EVP and CFO. Interested parties can join via teleconference or watch a live webcast on the company's investor relations website. The replay will be available starting at 1:30 p.m. ET on the same day.
Liquidity Services has announced a $10 million share repurchase program commencing March 8, 2021, and expiring on March 31, 2023. This initiative aligns with the company’s long-term capital allocation strategy aimed at enhancing shareholder value. The program's execution will depend on market conditions and available investment alternatives. Repurchases may be conducted through various methods in compliance with SEC regulations, but the company is not obligated to buy back any specific number of shares.
Liquidity Services has released its 2021 Environmental, Social & Governance (ESG) Report, underscoring efforts to foster sustainability through its B2B e-commerce platform. CEO Bill Angrick highlighted the company’s role in over $8.5 billion of completed transactions and its impact on clients' zero-waste initiatives, diverting billions of pounds from landfills. This report coincides with a presentation at Baird’s 2021 Sustainability Conference, showcasing how the platform aids corporations and government agencies in achieving sustainability goals.
Liquidity Services (NASDAQ:LQDT) is hosting ongoing sales partnered with Bechtel Corporation, featuring surplus assets from a significant liquefied natural gas project in Corpus Christi, Texas. The current bidding process is open until February 25, 2021, with sales extending into May 2021. Key items include heavy-duty trucks, portable air compressors, and industrial equipment. This collaboration has spanned 10 years, focusing on maximizing returns on surplus assets while supporting sustainable practices. AllSurplus.com is the platform for these sales, aiming to enhance asset management and sustainability.
Liquidity Services reported Q1-FY21 results with a GMV of $190.4 million, up 28% year-over-year. GAAP revenue reached $55.8 million, marking a 13% increase, while GAAP net income was $4.5 million, compared to a loss of $5.2 million last year. Non-GAAP Adjusted EBITDA stood at $8.8 million, a significant improvement from a loss of $2.1 million. The GovDeals segment saw GMV growth of 36%, and the Retail Supply Chain Group grew 30%. Liquidity Services continues to focus on technology-driven efficiencies to support a growing trend towards digital solutions.
Erie County, PA will host its first virtual Judicial Real Estate Tax Sale, featuring over 100 residential properties. This two-day sale will occur from February 10 to 11, 2021, on GovDeals.com. Properties listed have accumulated delinquent taxes and will be sold free of claims and liens. Starting bids are as low as $1,000, attracting investors. Bidders must register by February 9 and submit required documentation to participate. Current owners have until February 10 to pay delinquent taxes to avoid sale.
Liquidity Services (NASDAQ:LQDT) announces the sale of two unused Hydrocracker Reactors fabricated by Kobe Steel Japan in 2010. These reactors, designed for producing Jet Fuel, Diesel Fuel, Gasoline, Kerosene, and Naphtha, are available through an online auction starting January 13, 2021. The reactors are offered at a significantly lower price compared to new units and can expedite production upgrade timelines for oil refineries. Included in the sale are all necessary supporting components and technical documentation, allowing for immediate operational setup.
Liquidity Services (NASDAQ:LQDT) will publish its first quarter fiscal year 2021 results on February 4, 2021, at 10:30 a.m. ET. The earnings report will cover the period ending December 31, 2020. CEO Bill Angrick and CFO Jorge Celaya will discuss the results in a teleconference accessible via phone and live webcast. Investors can dial in at (888) 771-4371 or (847) 585-4405 using conference ID 50053903. The earnings call will also be available for replay afterward on the company's investor relations website.
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