Business
Liquidity Services Announces Third Quarter Fiscal Year 2020 Financial Results
GMV of $130.1 million -- GAAP Revenue of $47.7 million -- GAAP Net Income of $0.2 millionNon-GAAP Adjusted EBITDA of $3.7 millionOnline marketplace platform
About this update from Liquidity Services, Inc.
[{"type":"text","content":"GMV of $130.1 million -- GAAP Revenue of $47.7 million -- GAAP Net Income of $0.2 millionNon-GAAP Adjusted EBITDA of $3.7 millionOnline marketplace platform gains momentum by providing safe, effective commerce solutions during COVID-19 pandemic BETHESDA, Md., Aug. 06, 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 third quarter fiscal year 2020 ended June 30, 2020. The Company's Q3-FY20 performance showed improving top line trends in the second half of the quarter as businesses and governments re-opened from government ordered closures due to the COVID-19 pandemic which, combined with cost control measures, generated positive GAAP Net Income, GAAP EPS and Adjusted EBITDA.\n \"Retailers, manufacturers and government agencies embraced our safe and reliable solution to conduct commerce, even under the most trying circumstances, during Q3-FY20 which foreshadows the long-term value that Liquidity Services will have in the evolving economy and e-commerce space. In turn, we continue to provide buyers around the globe convenient access to the inventory and equipment they require to meet their business needs. The investments we have made in our marketplace platform and IT infrastructure the past few years has enabled our team to deliver strong results for our sellers and buyers who are largely seeking efficient, no-contact solutions,\" said Bill Angrick, Chairman and CEO of Liquidity Services. \"Notwithstanding the volatile environment, we delivered strong results during the quarter. Our top line results were primarily impacted by the closing of the economy in the month of April and then saw steady increases throughout the rest of the quarter as both government agencies and corporations began to welcome employees back to physical locations and sought to monetize assets,” Angrick continued. “In light of this dynamic, and despite a very tough start to the quarter, GMV in our Retail (RSCG) segment grew 14%, GMV in our CAG segment declined 18% (excluding DoD Scrap), and GMV in our GovDeals segment declined 36% compared to the prior year. Our Machinio segment revenue increased 23% over the prior year driven by our cost-effective lead generation solut...