Liquidity Services Reports Third Quarter Results
Intellectia.AI Updated: 1970-01-01
Liquidity Services Reports Third Quarter Results
Liquidity Services (NASDAQ: LQDT) reported its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Current Quarter | Year-Over-Year | Consensus Estimates |
|---|---|---|---|
| Total Revenue | $93.6M | +16% | $88.82M |
| GAAP EPS | $0.19 | -$0.02 | $0.26 |
| Non-GAAP Adjusted EPS | $0.30 | +0.02 | - |
| Non-GAAP Adjusted EBITDA | $14.7M | +$1.4M | - |
Liquidity Services saw a notable 16% increase in total revenue year-over-year, surpassing Wall Street consensus estimates of $88.82M. However, the GAAP diluted earnings per share fell short of the consensus estimate of $0.26, registering at $0.19, down $0.02 from the same quarter last year. The company's non-GAAP adjusted EPS and adjusted EBITDA showed strong improvements, reflecting effective cost management and rising market share.
Segment Revenue Performance
| Segment | Current Quarter Revenue | Year-Over-Year |
|---|---|---|
| GovDeals | $250M GMV | +28% |
| RSCG | - | +15% |
| Machinio | - | +15% |
| CAG | - | -4% |
Liquidity Services' segments showed varied performance. GovDeals recorded a significant 28% increase in revenue, reflecting a higher blended revenue take-rate and service expansion to new high-volume sellers. RSCG and Machinio both increased by 15%, whereas CAG faced a 4% decline due to increased sales conducted with partners.
Operational Data
| Metric | Q3-FY24 | Year-Over-Year |
|---|---|---|
| Registered Buyers | 5.4M | +7% |
| Auction Participants | 1,016,000 | +10% |
| Completed Transactions | 263,000 | +4% |
Liquidity Services saw strong operational metrics with a 7% increase in registered buyers, a 10% increase in auction participants, and a 4% increase in completed transactions.
Management Comments
CEO Bill Angrick expressed pride in the record GMV driven by market share gains, expanded services, and exceptional buyer participation.
Share Repurchase Program
As of June 30, 2024, Liquidity Services has $7.6 million remaining authorization to repurchase shares of its common stock.
Forward Guidance
Liquidity Services provided the following guidance for the fourth quarter of fiscal year 2024:
- GMV : $330 million to $365 million
- GAAP Net Income : $5.0 million to $7.0 million
- GAAP Diluted EPS : $0.16 to $0.22
- Non-GAAP Adjusted EBITDA : $12.0 million to $15.0 million
- Non-GAAP Adjusted Diluted EPS : $0.25 to $0.32
Stock Price Movement
Following the earnings release, Liquidity Services' stock saw a substantial movement, with an after-event change of +17.0%.
This robust performance solidifies Liquidity Services' position as a leading global commerce company in the circular economy space. The company's forward-looking statements reflect promising trends and strategic initiatives aimed at sustained growth.
