Business
Liquidity Services Announces First Quarter Fiscal Year 2022 Financial Results
BETHESDA, Md., Feb. 03, 2022 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a leading global commerce company providing
About this update from Liquidity Services, Inc.
[{"type":"text","content":"BETHESDA, Md., Feb. 03, 2022 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a leading global commerce company providing trusted marketplace platforms that power the circular economy, today announced the following financial results as of the first fiscal quarter ended December 31, 2021 as compared to the applicable prior year periods: Gross Merchandise Volume (GMV) of $260.2 million, up 37% setting a new all time record, and Revenue of $66.7 million, up 20%GAAP Net Income of $3.6 million, down $0.9 million, and GAAP Diluted EPS of $0.10, down $0.03Non-GAAP Adjusted EBITDA of $9.4 million, up $0.6 million, and Non-GAAP Adjusted Diluted EPS of $0.18, flat2Cash of $91.3 million, $61.3 million trailing 12 month operating cash flow, and zero financial debtTrailing 12 month GMV up 45%, Net Income of $50.0 million1, Non-GAAP Adjusted EBITDA of $43.4 million “Long term investments in our people, products and outstanding customer service have been rewarded with surging volume as we set an all-time quarterly GMV record during Q1-FY22 and surpassed our previously stated goal of $1 billion in annualized GMV,” said Bill Angrick, Liquidity Services CEO. “Our e-commerce marketplace solutions are well-positioned to continue to power the $100 billion+ circular economy and deliver financial and environmental benefits for buyers and sellers on our platform. Our current investment program in sales, marketing, technology and operations will respond to the needs of the marketplace opportunity and accelerate our growth in the second half of fiscal year 2022. We expect continued growth in key categories such as heavy equipment, vehicles, industrial and consumer goods, and real estate will drive us towards our new target of $1.5 billion in annualized GMV. With our over 4.7 million registered buyers and a suite of both self directed and fully managed services, we have a proven track record of delivering superior financial returns and lower supply chain costs for government agencies, retailers and manufacturers using our platform.” First Quarter Business Highlights Liquidity Services acquired Bid4Assets, a leading online marketplace for government real estate, strengthening and accelerating the company’s position as a leading online platform for government sales of real estate.Liquidity Services' Retail Supply Chain Group...