p strong Liquidity Services Reports Strong Q3 Financial Results for FY 2024 strongpp strong Bethes
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Liquidity Services Reports Strong Q3 Financial Results for FY 2024
Bethesda, MD., Aug. 08, 2024 — Liquidity Services (NASDAQ:LQDT), a leading global commerce company powering the circular economy, today announced its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 | Q3 2023 | YoY Change (%) | Q2 2024 | QoQ Change (%) | Consensus Estimates | Performance vs. Estimates |
|---|---|---|---|---|---|---|---|
| Total Revenue | $93.6 million | $80.8 million | +16% | $88.2 million | +6% | $88.82 million | +5.4% |
| GAAP Net Income | $6.0 million | $6.5 million | -7.7% | - | - | - | - |
| GAAP EPS | $0.19 | $0.21 | -9.5% | - | - | $0.26 | -26.9% |
| Non-GAAP Adjusted EBITDA | $14.7 million | $13.3 million | +10.5% | - | - | - | - |
| Non-GAAP Adjusted EPS | $0.30 | $0.28 | +7.1% | - | - | - | - |
Interpretation: Liquidity Services reported a robust 16% increase in total revenue year-over-year, surpassing Wall Street consensus estimates by 5.4%. Despite a decline in GAAP Net Income and EPS due to acquisition-related costs and litigation settlement expenses, the company achieved its highest quarterly Non-GAAP Adjusted EBITDA in a decade.
Segment Revenue Performance
| Segment | Q3 2024 Revenue | Q3 2023 Revenue | YoY Change (%) | Q3 2024 GMV | Q3 2023 GMV | YoY Change (%) |
|---|---|---|---|---|---|---|
| GovDeals | $40.5 million | $31.6 million | +28% | $250 million | $214 million | +17% |
| RSCG | $33.9 million | $29.5 million | +15% | $77 million | $70.6 million | +9% |
| CAG | $14.1 million | $14.7 million | -4% | $45.3 million | $42.3 million | +7% |
| Machinio | $5.1 million | $4.4 million | +15% | $8.1 million | $7.1 million | +14% |
Interpretation: Revenue in the GovDeals segment saw a significant 28% increase, reflecting larger GMV and expanded service offerings to high-volume sellers. The RSCG and Machinio segments also posted double-digit revenue growth due to increased volumes and higher subscription pricing, respectively. The CAG segment experienced a slight revenue decrease despite GMV growth, attributed to increased sales conducted with partners.
Key Operational Data
| Operational Metric | Q3 FY24 | Q3 FY23 | YoY Change (%) |
|---|---|---|---|
| Registered Buyers | ~5.4 million | ~5.1 million | +7% |
| Auction Participants | ~1,016,000 | ~924,000 | +10% |
| Completed Transactions | ~263,000 | ~252,000 | +4% |
Comments from Company Officers
Bill Angrick, CEO of Liquidity Services, stated, "We are proud to report record GMV this quarter driven by market share gains, expanded services, and outstanding buyer participation, resulting in our strongest Non-GAAP Adjusted EBITDA performance in a decade. Our flexible services and efforts to harness the benefits of AI technologies continue to attract more sellers and buyers, enhancing our marketplace's size and scale and fueling our growth."
Forward Guidance
For Q4 FY24, Liquidity Services provided the following guidance: - GMV: Expected to range between $330 million and $365 million. - GAAP Net Income: Expected to range between $5.0 million and $7.0 million. - GAAP Diluted EPS: Expected to range between $0.16 and $0.22. - Non-GAAP Adjusted EBITDA: Expected to range between $12.0 million and $15.0 million. - Non-GAAP Adjusted EPS: Expected to range between $0.25 and $0.32.
Stock Price Movement
Liquidity Services’ stock price remained unaffected post-earnings release with a 0.0% change.
About Liquidity Services
Liquidity Services operates the world's largest B2B e-commerce marketplace platform for surplus assets, supporting sustainable practices by extending asset life and reducing waste. For more information, visit www.liquidityservices.com .
Contact: Investor Relations investorrelations@liquidityservicesinc.com
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