Business
Liquidity Services Announces First Quarter Fiscal Year 2023 Financial Results
BETHESDA, Md., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ:LQDT; www.liquidityservices.com), a leading global commerce company powering the
About this update from Liquidity Services, Inc.
[{"type":"text","content":"BETHESDA, Md., Feb. 02, 2023 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ:LQDT; www.liquidityservices.com), a leading global commerce company powering the circular economy, today announced the following financial results as of the quarter ended December 31, 2022, as compared to the applicable prior year periods: Gross Merchandise Volume (GMV) of $270.8 million, up 4%, and Revenue of $72.3 million, up 8%GAAP Net Income of $4.0 million, up $0.4 million, and GAAP Diluted Earnings Per Share (EPS) of $0.12, up $0.02Non-GAAP Adjusted EBITDA of $9.8 million, up $0.4 million, and Non-GAAP Adjusted Diluted EPS of $0.19, up $0.01Cash balances of $79.9 million1 with zero financial debt, repurchased 0.5 million shares for $7.2 million during the quarter \"Our solid financial results for the quarter reflect the resilience of our business when challenged with macroeconomic headwinds, including the volatility in the used vehicle market and cautious consumer and business behavior. Notwithstanding the slower growth economic environment, our strategic priority remains investing in market share expansion, diversification and longer-term growth. With our strong business pipeline, trusted marketplace solutions and financial strength, we are well positioned to gain additional market share across our segments and create long-term value for our shareholders,\" said Bill Angrick, Liquidity Services CEO. First Quarter Financial Highlights GMV for the first fiscal quarter of 2023 was $270.8 million, a 4% increase from $260.2 million in the first fiscal quarter of 2022. GMV in our GovDeals segment increased 3%, as it continues to increase market share and expand its real estate category, offsetting the macro challenges that have slowed the supply of used vehicles.GMV in our RSCG segment increased 22%, driven by diversification into new client programs, primarily under the consignment model, as well as its expanded sales channels and distribution network.GMV in our CAG segment decreased 10%, primarily related to delays in project timing and the availability of spot purchase transactions, in part due to uncertainty related to slowing global GDP growth.Company-wide, consignment sales were 86% of total GMV, up from 85% in the first fiscal quarter of 2022. Revenue for the first fiscal quarter of 2023 was $72.3 million, an 8% increase from $66.7 million in the...