Welcome to our dedicated page for Liquidity Services news (Ticker: LQDT), a resource for investors and traders seeking the latest updates and insights on Liquidity Services stock.
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, in partnership with Apex Auctions, has been selected by a North American energy company to auction over 5,000 items from a canceled project. The assets, which include valves and power generation equipment, will be available on the AllSurplus online marketplace. This initiative is expected to reduce lead times amidst a tight supply in the energy sector.
Liquidity Services (NASDAQ: LQDT) announced participation in the Barrington Research Spring Investment Conference on May 19, 2022. Co-Founder and CEO Bill Angrick, along with CFO Jorge Celaya, will meet with investors to discuss the company's innovative e-commerce solutions. Liquidity Services is the largest B2B platform for surplus assets, with over $9 billion in completed transactions supporting sustainability and circular economy initiatives.
Liquidity Services reported record quarterly Gross Merchandise Volume (GMV) of $276.9 million, representing a 34% increase year-over-year, alongside a 11% rise in revenue to $68.3 million. GAAP net income reached $12.0 million, up $6.7 million from the previous year, and GAAP diluted EPS was $0.35, an increase of $0.20. The total GMV for the trailing twelve months surpassed $1 billion, a 42% gain, driven by growth in high-value categories.
Liquidity Services (NASDAQ:LQDT) will report its Q2 FY2022 earnings on May 5, 2022, at 10:30 a.m. ET, following the close of the fiscal quarter on March 31, 2022. The earnings press release will be available before the market opens on the same day. CEO Bill Angrick and CFO Jorge Celaya will host a teleconference accessible via phone or the company's investor relations website. A recorded version will be posted for one year, ensuring ongoing accessibility for investors.
Liquidity Services (NASDAQ: LQDT) has announced a new initiative to support Ukrainian relief efforts amid the ongoing humanitarian crisis. The company is committed to matching all contributions from employees and marketplace participants to Mercy Corps. Additionally, it will donate $25,000 to five organizations aiding displaced Ukrainians.
Liquidity Services (Nasdaq: LQDT) has secured a new credit facility with Wells Fargo Bank, providing revolving loans up to $25 million, with a $10 million sublimit for standby letters of credit. This facility, expiring on March 31, 2024, aims to enhance liquidity and support growth initiatives following a 45% increase in Gross Merchandise Value (GMV) and $61.3 million in operating cash flow in the past year. The interest rate on advances will range from 1.25% to 1.75% above the Daily Simple SOFR rate.
Liquidity Services (NASDAQ: LQDT) reported strong financial results for Q1 FY22, with Gross Merchandise Volume (GMV) reaching a record $260.2 million, up 37% year-over-year. Revenue increased 20% to $66.7 million. However, GAAP Net Income declined to $3.6 million, down from $4.5 million, reflecting a higher effective tax rate. Non-GAAP Adjusted EBITDA grew to $9.4 million, while Adjusted EPS remained flat at $0.18. The company remains optimistic about future growth, projecting GMV to rise between 25% to 40% in Q2 FY22, despite potential impacts from global supply chain disruptions.
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