Business
Liquidity Services Announces Second Quarter Fiscal Year 2020 Financial Results
GMV of $144.3 million -- GAAP Revenue of $52.8 million -- GAAP Net Loss of $4.2 millionNon-GAAP Adjusted EBITDA of $(1.6) millionOnline marketplace platform
About this update from Liquidity Services, Inc.
[{"type":"text","content":"GMV of $144.3 million -- GAAP Revenue of $52.8 million -- GAAP Net Loss of $4.2 millionNon-GAAP Adjusted EBITDA of $(1.6) millionOnline marketplace platform provides safe, effective commerce solutions during COVID-19 pandemic BETHESDA, Md., May 07, 2020 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), a global solution provider in the reverse supply chain with the world’s largest marketplace for business surplus, today announced financial results for the second quarter fiscal year 2020 ended March 31, 2020. The Company's Q2-FY20 performance was within the guidance range for GAAP Net Loss, GAAP EPS, Non-GAAP Adjusted EBITDA and Non-GAAP Adjusted EPS. Gross Merchandise Volume (GMV) of $144.3 million was slightly below the $145.0 million low end of guidance range.\n \"We are humbled by and very proud of our team’s efforts to collaborate and quickly adapt during these unprecedented times to support our customers and continue to deliver value. Our primary focus during the global pandemic and resulting economic crisis is to help our sellers monetize assets and generate liquidity in a safe and reliable manner, while providing buyers online access to the inventory and equipment they require to meet their business needs. By leveraging our marketplace solutions to find, buy, pay for and ship assets, commercial and government customers are able to conduct commerce safely and efficiently,” said Bill Angrick, Chairman and CEO of Liquidity Services. “Our results for the second quarter fiscal year 2020 were largely aligned with our expectations through mid-March. The last two weeks of March were impacted by the economic fallout surrounding the COVID-19 pandemic which had an adverse impact on our overall results. Our RSCG segment grew GMV by 6% over the prior year period despite declines in seller activity at the end of the quarter as online retailers prioritized their attention and resources to meet demand almost exclusively for essential goods. We also saw mixed buyer demand with some buyers increasing their average purchases and some decreasing, depending on varying circumstances. Prior to this slow down, we experienced strong volume in our RSCG segment from existing sellers and launched new programs with both mid-sized and large retailers and we continue to see strong buyer demand for retail goods in our Liq...