$LQDT
LIQUIDITY SERVICES INC

2023 Q2 Form 10-Q Financial Statement

#000095017023017756 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $80.77M $81.45M
YoY Change 15.61% 19.3%
Cost Of Revenue $35.20M $40.37M
YoY Change 21.67% 39.35%
Gross Profit $45.57M $41.09M
YoY Change 11.32% 4.53%
Gross Profit Margin 56.42% 50.44%
Selling, General & Admin $34.45M $18.26M
YoY Change 99.25% -0.37%
% of Gross Profit 75.6% 44.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.866M $2.803M
YoY Change 8.52% 7.68%
% of Gross Profit 6.29% 6.82%
Operating Expenses $37.31M $35.85M
YoY Change 10.6% 2.95%
Operating Profit $8.255M $5.246M
YoY Change -55.84% -59.59%
Interest Expense $775.0K $572.0K
YoY Change -93.2% -93.31%
% of Operating Profit 9.39% 10.9%
Other Income/Expense, Net
YoY Change
Pretax Income $9.030M $5.818M
YoY Change -51.43% -55.35%
Income Tax $2.543M $1.573M
% Of Pretax Income 28.16% 27.04%
Net Earnings $6.487M $4.245M
YoY Change -60.46% -64.54%
Net Earnings / Revenue 8.03% 5.21%
Basic Earnings Per Share $0.21 $0.14
Diluted Earnings Per Share $0.21 $0.13
COMMON SHARES
Basic Shares Outstanding 30.68M 31.57M
Diluted Shares Outstanding 31.51M 32.12M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.9M $101.2M
YoY Change 19.91% 20.1%
Cash & Equivalents $98.15M $95.58M
Short-Term Investments $7.715M $5.615M
Other Short-Term Assets $9.042M $7.229M
YoY Change 4.27% -2.61%
Inventory $12.54M $15.29M
Prepaid Expenses
Receivables $7.457M $5.960M
Other Receivables $0.00 $0.00
Total Short-Term Assets $134.9M $130.6M
YoY Change 12.1% 16.41%
LONG-TERM ASSETS
Property, Plant & Equipment $27.88M $18.25M
YoY Change 46.52% 0.01%
Goodwill $89.62M $89.46M
YoY Change 0.41% -0.25%
Intangibles $13.30M $14.27M
YoY Change -22.85% -21.61%
Long-Term Investments
YoY Change
Other Assets $17.34M $8.019M
YoY Change 195.23% 35.66%
Total Long-Term Assets $148.1M $152.5M
YoY Change -8.83% -7.37%
TOTAL ASSETS
Total Short-Term Assets $134.9M $130.6M
Total Long-Term Assets $148.1M $152.5M
Total Assets $283.0M $283.1M
YoY Change 0.08% 2.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $90.68M $42.92M
YoY Change 92.09% 4.6%
Accrued Expenses $24.82M $29.26M
YoY Change -15.71% -30.75%
Deferred Revenue $4.700M $4.530M
YoY Change -4.47% -10.6%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $120.2M $124.0M
YoY Change -5.28% -6.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.843M $200.0K
YoY Change 1552.9% -51.57%
Total Long-Term Liabilities $6.843M $200.0K
YoY Change 1552.9% -51.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $120.2M $124.0M
Total Long-Term Liabilities $6.843M $200.0K
Total Liabilities $127.2M $132.0M
YoY Change -7.91% -8.21%
SHAREHOLDERS EQUITY
Retained Earnings -$16.24M -$22.73M
YoY Change -58.66% -59.19%
Common Stock $264.2M $262.2M
YoY Change 2.96% 2.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $84.03M $79.59M
YoY Change 35.14% 40.3%
Treasury Stock Shares
Shareholders Equity $155.8M $151.1M
YoY Change
Total Liabilities & Shareholders Equity $283.0M $283.1M
YoY Change 0.08% 2.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $6.487M $4.245M
YoY Change -60.46% -64.54%
Depreciation, Depletion And Amortization $2.866M $2.803M
YoY Change 8.52% 7.68%
Cash From Operating Activities $10.02M $32.99M
YoY Change -39.3% 158.65%
INVESTING ACTIVITIES
Capital Expenditures $1.194M $1.499M
YoY Change -143.72% -192.82%
Acquisitions
YoY Change
Other Investing Activities -$1.900M -$1.842M
YoY Change -7700.0% 1924.18%
Cash From Investing Activities -$3.094M -$3.341M
YoY Change 14.34% 95.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.584M -10.28M
YoY Change -49.43% -43.22%
NET CHANGE
Cash From Operating Activities 10.02M 32.99M
Cash From Investing Activities -3.094M -3.341M
Cash From Financing Activities -4.584M -10.28M
Net Change In Cash 2.343M 19.37M
YoY Change -50.56% -374.47%
FREE CASH FLOW
Cash From Operating Activities $10.02M $32.99M
Capital Expenditures $1.194M $1.499M
Free Cash Flow $8.827M $31.50M
YoY Change -54.12% 119.16%

Facts In Submission

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dei Entity File Number
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dei Entity Registrant Name
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LIQUIDITY SERVICES, INC
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
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dei Entity Address Address Line1
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6931 Arlington Road
dei Entity Address Address Line2
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Suite 200
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dei City Area Code
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dei Local Phone Number
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dei Security12b Title
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Common Stock, $0.001 par value
dei Trading Symbol
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OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-169000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1516000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-300000
CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
243000
CY2022Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-169000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-300000
CY2023Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
4488000
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
11801000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15272000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
154536000
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
3967000
CY2022Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
495000
CY2022Q4 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
244000
CY2022Q4 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
7199000
CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2126000
CY2022Q4 lqdt Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment And Other Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentAndOtherNetOfTaxPortionAttributableToParent
1273000
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
154953000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
4245000
CY2023Q1 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
492000
CY2023Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
9814000
CY2023Q1 lqdt Shares Swapped To Exercise Stock Options Value
SharesSwappedToExerciseStockOptionsValue
0
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1939000
CY2023Q1 lqdt Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment And Other Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentAndOtherNetOfTaxPortionAttributableToParent
243000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
151074000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8211000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
15572000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5567000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
4906000
us-gaap Share Based Compensation
ShareBasedCompensation
3882000
us-gaap Share Based Compensation
ShareBasedCompensation
4272000
us-gaap Inventory Write Down
InventoryWriteDown
847000
us-gaap Inventory Write Down
InventoryWriteDown
98000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
194000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
11000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2524000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1590000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
31000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
55000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
13000
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
0
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
240000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
0
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-8500000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5801000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
637000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
4438000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
709000
lqdt Increase Decrease In Prepaid Expenses And Deferred Taxes
IncreaseDecreaseInPrepaidExpensesAndDeferredTaxes
363000
lqdt Increase Decrease In Prepaid Expenses And Deferred Taxes
IncreaseDecreaseInPrepaidExpensesAndDeferredTaxes
3000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-310000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1230000
lqdt Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
155000
lqdt Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
-422000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
902000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
393000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1461000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-8121000
lqdt Increase Decrease In Payables To Sellers
IncreaseDecreaseInPayablesToSellers
-2314000
lqdt Increase Decrease In Payables To Sellers
IncreaseDecreaseInPayablesToSellers
7149000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-129000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-806000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
22335000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14627000
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
0
us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11164000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2711000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3572000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
3696000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-51000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-9000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6356000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14727000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
16963000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
19998000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
736000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1809000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
50000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
51000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
91000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
496000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-17253000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21949000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
735000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-22000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-539000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22071000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96122000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
106335000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
95583000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
84264000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
539000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
350000
lqdt Common Stock Surrendered In The Exercise Of Stock Options
CommonStockSurrenderedInTheExerciseOfStockOptions
18000
lqdt Common Stock Surrendered In The Exercise Of Stock Options
CommonStockSurrenderedInTheExerciseOfStockOptions
100000
lqdt Earnout Liability For Acquisition Activity
EarnoutLiabilityForAcquisitionActivity
0
lqdt Earnout Liability For Acquisition Activity
EarnoutLiabilityForAcquisitionActivity
19500000
us-gaap Nature Of Operations
NatureOfOperations
<div style="text-indent:0.0%;display:flex;margin-top:10.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.065%;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:9.0pt;font-family:Arial;justify-content:flex-start;min-width:3.065%;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Organization</span></div></div><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Liquidity Services, Inc. (Liquidity Services, the Company) is a leading global commerce company providing trusted marketplace platforms that power the circular economy. We create a better future for organizations, individuals, and the planet by capturing and unleashing the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading auction marketplaces, search engines, asset management software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Our business delivers value to stockholders by unleashing the intrinsic value of surplus through our marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in growing numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and stockholders.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Results from our operations are organized into </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">four</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> reportable segments: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG) and Machinio. See Note 14 - </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Segment Information </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">for more information regarding our segments.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Liquidity Services was incorporated in Delaware in November 1999 as Liquidation.com, Inc. and commenced operations in early 2000.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company's operations are subject to certain risks and uncertainties, many of which are associated with technology-oriented companies, including, but not limited to, the Company's dependence on use of the Internet; the effect of general business and economic trends including any future economic impact from the COVID-19 pandemic, ongoing Russia-Ukraine conflict, increasing tensions between the United States and China, inflationary pressures, recent volatility in the financial services industry, and impacts from interest rate changes; the Company's susceptibility to rapid technological change, actual and potential competition by entities with greater financial and other resources, and the potential for the commercial sellers from which the Company derives a significant portion of its inventory to change the way they conduct their disposition of surplus assets or to otherwise terminate or not renew their contracts with the Company.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32124188
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34004568
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32544953
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34382149
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.14
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the condensed consolidated financial statements and accompanying notes. For the three and six months ended March 31, 2023</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, these estimates required the Company to make assumptions about the extent and duration of continued restrictions on cross-border transactions and the impact of the COVID-19 pandemic, ongoing Russia-Ukraine conflict, increasing tensions between the United States and China, and other disruptions on macroeconomic conditions and, in turn, the Company's results of operations. The Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates.</span></p>
CY2023Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1000000.0
CY2022Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
900000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4500000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4400000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3500000
CY2023Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2023Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
600000
CY2022Q1 us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
300000
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
500000
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Risk Associated with Certain Concentrations</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed. However, for the remaining buyers, goods are not shipped before payment is made, and as a result the Company is not subject to significant collection risk from those buyers.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within non-interest bearing, interest-bearing, and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which exceed the applicable U.S. federal (FDIC and/or SIPC) and local jurisdiction (foreign banking institutions) insurance limits, and Accounts receivable. The recent disruptions in the financial services industry have created significant market challenges and uncertainty for entities that bank with those institutions, and which raised significant concern regarding the stability of the banking system in the United States. The Company did not maintain any funds or lending relationships with any of the banks impacted and the banks we do maintain accounts and relationships with have, to date, not experienced any significant disruptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company deposits its cash in interest bearing checking accounts, acquires cash equivalent money market funds, and holds short-term investments designated as held-to-maturity investment securities, each with financial institutions that the Company considers to be of high credit quality. Management continually monitors the financial institutions with whom we conduct business and takes appropriate measures, when necessary, to manage potential risk exposure to our cash balances above the insurance limits.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Additionally, the Company has multiple vendor contracts with Amazon.com, Inc. under which the Company acquires and sells commercial merchandise. The property purchased under these contracts with Amazon.com, Inc. represented </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">63.2</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">51.7</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> of consolidated Cost of goods sold for the three months ended March 31, 2023 and 2022, respectively, and </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">60.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> and </span><span style="font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">56.0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> of consolidated Cost of goods sold for the six months ended March 31, 2023 and 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">, respectively. These contracts are included within the RSCG reportable segment.</span></p>
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us-gaap Net Income Loss Available To Common Stockholders Basic
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Lease Cost
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us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Unrecognized Tax Benefits Decreases Resulting From Foreign Currency Translation
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Stock Redeemed Or Called During Period Shares
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us-gaap Defined Benefit Plan Interest Cost
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CY2022Q1 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q1 us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Gross Profit
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CY2023Q1 us-gaap Gross Profit
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CY2022Q1 us-gaap Gross Profit
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us-gaap Gross Profit
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us-gaap Gross Profit
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CY2023Q1 us-gaap Operating Expenses
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CY2022Q1 us-gaap Operating Expenses
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us-gaap Operating Expenses
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us-gaap Operating Expenses
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CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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-8500000
CY2023Q1 us-gaap Interest And Other Income
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us-gaap Interest And Other Income
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us-gaap Interest And Other Income
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
13029000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
10934000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
17643000

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0000950170-23-017756.txt Edgar Link pending
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lqdt-20230331_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable