Business
Liquidity Services Announces Third Quarter Fiscal Year 2023 Financial Results
New Record for Quarterly GMV Driven by Market Share Gains BETHESDA, Md., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Liquidity Services (NASDAQ:LQDT;
About this update from Liquidity Services, Inc.
[{"type":"text","content":"New Record for Quarterly GMV Driven by Market Share Gains\nBETHESDA, Md., Aug. 03, 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 June 30, 2023, as compared to the applicable prior year periods: Gross Merchandise Volume (GMV) of $334.0 million, up 3%, and Revenue of $80.8 million, up 16%GAAP Net Income of $6.5 million1 and GAAP Diluted Earnings Per Share (EPS) of $0.211Non-GAAP Adjusted EBITDA of $13.3 million, up $1.5 million, and Non-GAAP Adjusted Diluted EPS of $0.28, up $0.07Cash balances of $105.9 million2 with zero financial debt; $4.2 million of share repurchases during the quarter \"We achieved record GMV during the quarter driven by strong execution for our clients and market share gains from our investments in sales and marketing. Our outstanding buyer participation and flexible service offerings continue to attract more sellers and drive better seller recovery, which, in turn, powers our growth. Our Retail Supply Chain Group (RSCG) experienced strong organic growth with new and existing sellers utilizing our marketplace channels, including Liquidation.com and AllSurplus Deals. Our core GovDeals marketplace experienced record customer and transaction activity during the quarter; however, our GovDeals overall segment results were slowed by lower real estate sales in our acquired Bid4Assets marketplace due in part to low U.S. foreclosure levels. Our overall business fundamentals remain strong and we are focused on driving continued growth by providing exceptional service to our clients and delivering enhanced liquidity and asset breadth through our marketplace platform,\" said Bill Angrick, Liquidity Services CEO. Third Quarter Financial Highlights GMV for the fiscal third quarter of 2023 was $334.0 million, a 3% increase from $325.0 million in the third fiscal quarter of 2022. GMV in our RSCG segment increased 20%, driven by new and expanding client programs and improving recovery rates due in part to our buyer marketing efforts.GMV in our CAG segment increased 14%, led by its global industrial and heavy equipment categories.GMV in our GovDeals segment decreased 4%, driven by lower volumes of foreclosed real estate properties available for auction...