Business
Liquidity Services Announces Second Quarter Fiscal Year 2023 Financial Results
BETHESDA, Md., May 04, 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., May 04, 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 March 31, 2023, as compared to the applicable prior year periods: Gross Merchandise Volume (GMV) of $282.7 million, up 2%, and Revenue of $81.5 million, up 19%GAAP Net Income of $4.2 million1 and GAAP Diluted Earnings Per Share (EPS) of $0.131Non-GAAP Adjusted EBITDA of $9.9 million, up $0.7 million, and Non-GAAP Adjusted Diluted EPS of $0.20, up $0.03Cash balances of $101.2 million2 with zero financial debt; repurchased 750 thousand shares for $9.8 million during the quarter \"Our strong Q2 financial results demonstrate that we continue to deliver strong value for our customers and shareholders. We continued to grow our business in a challenging economic environment and set new records in Q2 for quarterly GMV in our Retail Supply Chain Group (RSCG) segment and the number of sellers and assets sold in our GovDeals segment. Despite some persistent macro-headwinds, we continue to expand the reach and relevance of our marketplaces with improving vehicle metrics and continued strong buyer demand. Our resilient business model continues to deliver strong free cash flow and we have continued to repurchase shares as we see opportunity in our long-term prospects for growth and profitability,\" said Bill Angrick, Liquidity Services CEO. Recent Business Highlights Liquidity Services was named the 2023 Innovation Solutions Partner Award Winner by Reverse Logistics Association which recognized RSCG's Automated Sell In Place Solution for innovative use of technology that delivers its customers measurable improvements in efficiency and return on investment.RSCG expanded its consumer marketplace presence by opening a second All Surplus Deals location in Cincinnati, Ohio, giving local consumers access to unique or hard-to-find products that may no longer be available in traditional retail stores. Second Quarter Financial Highlights GMV for the second fiscal quarter of 2023 was $282.7 million, a 2% increase from $276.9 million in the second fiscal quarter of 2022. GMV in our GovDeals segment decreased 7%, driven by lower volumes of foreclosed real estate properties available for auction, partially offset...