Business
Liquidity Services Announces Fourth Quarter Fiscal Year 2023 Financial Results
BETHESDA, Md., Dec. 07, 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., Dec. 07, 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 September 30, 2023, as compared to the applicable prior year periods: Gross Merchandise Volume (GMV) of $315.6 million, up 11%, and Revenue of $80.0 million, up 6%GAAP Net Income of $6.3 million1 and GAAP Diluted Earnings Per Share (EPS) of $0.201Non-GAAP Adjusted EBITDA of $12.8 million, up $0.5 million, and Non-GAAP Adjusted Diluted EPS of $0.26, up 37%Cash balances of $118.2 million2 with zero financial debt \"We concluded our fiscal year with strong fourth quarter results, setting a new annual record for GMV at $1.2 billion and delivering our highest full-year Non-GAAP Adjusted EBITDA performance since 2014. Across our segments, we are continuing to design and deliver flexible service offerings that are relevant to sellers, and continuing to drive buyer engagement and demand for the assets listed on our marketplaces. Looking forward to fiscal year 2024, we have launched our modernized GovDeals marketplace, and are increasingly leveraging our Retail Supply Chain Group's (RSCG) network of warehouses to offer consumer goods for curbside pickup by extending our AllSurplus Deals marketplace to additional locations. Our pipeline remains strong, and we continue to see opportunities to drive growth and long-term shareholder value through expanding our technology-enabled, asset-light services,\" said Bill Angrick, Liquidity Services CEO. Recent Business Highlights Our GovDeals marketplace announced in August that it completed $4 billion in cumulative auction sales, underscoring its unwavering commitment to sustainable business practices and transparent surplus asset sales.Our GovDeals marketplace launched its modernized feature set designed to enhance the buyer experience and simplify the process of discovering assets relevant to their interests and bidding on our platform.Our RSCG segment launched a new retail industry benchmarking survey of over 100 leading retail professionals to understand how today's retailers handle their returns management, identify gaps in reverse logistics procedures, and uncover opportunities for improvement. The survey generated insights into how the industry coul...