$LQDT
LIQUIDITY SERVICES INC

2013 Q1 Form 10-Q Financial Statement

#000110465913038007 Filed on May 07, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $130.3M $125.7M
YoY Change 3.66% 40.61%
Cost Of Revenue $49.90M $55.00M
YoY Change -9.27% 43.6%
Gross Profit $80.40M $70.70M
YoY Change 13.72% 38.36%
Gross Profit Margin 61.69% 56.23%
Selling, General & Admin $54.20M $42.30M
YoY Change 28.13% 10.73%
% of Gross Profit 67.41% 59.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.380M $3.520M
YoY Change 24.43% 151.43%
% of Gross Profit 5.45% 4.98%
Operating Expenses $58.60M $45.90M
YoY Change 27.67% 15.91%
Operating Profit $21.62M $31.85M
YoY Change -32.13% 177.27%
Interest Expense -$100.0K -$600.0K
YoY Change -83.33% 100.0%
% of Operating Profit -0.46% -1.88%
Other Income/Expense, Net
YoY Change
Pretax Income $21.52M $31.27M
YoY Change -31.17% 178.77%
Income Tax $8.824M $12.51M
% Of Pretax Income 41.0% 40.0%
Net Earnings $12.70M $18.76M
YoY Change -32.31% 270.86%
Net Earnings / Revenue 9.74% 14.92%
Basic Earnings Per Share $0.40 $0.61
Diluted Earnings Per Share $0.39 $0.57
COMMON SHARES
Basic Shares Outstanding 31.56M shares 30.84M shares
Diluted Shares Outstanding 32.33M shares 32.78M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.20M $104.8M
YoY Change -45.42% 9.05%
Cash & Equivalents $57.20M $104.8M
Short-Term Investments
Other Short-Term Assets $28.10M $15.20M
YoY Change 84.87% 36.94%
Inventory $25.20M $23.64M
Prepaid Expenses
Receivables $18.20M $11.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $128.7M $155.1M
YoY Change -17.03% 16.2%
LONG-TERM ASSETS
Property, Plant & Equipment $10.30M $7.558M
YoY Change 36.28% -1.84%
Goodwill $210.2M $150.8M
YoY Change 39.43%
Intangibles $34.09M $34.06M
YoY Change 0.08%
Long-Term Investments
YoY Change
Other Assets $7.600M $5.954M
YoY Change 27.65% -5.49%
Total Long-Term Assets $262.2M $198.3M
YoY Change 32.2% 252.92%
TOTAL ASSETS
Total Short-Term Assets $128.7M $155.1M
Total Long-Term Assets $262.2M $198.3M
Total Assets $390.9M $353.5M
YoY Change 10.59% 86.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $49.90M $15.59M
YoY Change 220.16% -52.63%
Accrued Expenses $32.80M $26.50M
YoY Change 23.77% 30.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $9.000M
YoY Change -100.0%
Total Short-Term Liabilities $82.70M $80.98M
YoY Change 2.12% 39.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $32.00M
YoY Change -100.0%
Other Long-Term Liabilities $18.20M $0.00
YoY Change
Total Long-Term Liabilities $18.20M $32.00M
YoY Change -43.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.70M $80.98M
Total Long-Term Liabilities $18.20M $32.00M
Total Liabilities $110.4M $115.2M
YoY Change -4.2% 91.74%
SHAREHOLDERS EQUITY
Retained Earnings $85.77M $86.22M
YoY Change -0.52%
Common Stock $152.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $280.5M $238.2M
YoY Change
Total Liabilities & Shareholders Equity $390.9M $353.5M
YoY Change 10.6% 86.33%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $12.70M $18.76M
YoY Change -32.31% 270.86%
Depreciation, Depletion And Amortization $4.380M $3.520M
YoY Change 24.43% 151.43%
Cash From Operating Activities $10.63M $26.38M
YoY Change -59.7% 179.75%
INVESTING ACTIVITIES
Capital Expenditures -$640.0K -$910.0K
YoY Change -29.67% -7.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$640.0K -$910.0K
YoY Change -29.67% -104.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 660.0K 10.39M
YoY Change -93.65% 92.05%
NET CHANGE
Cash From Operating Activities 10.63M 26.38M
Cash From Investing Activities -640.0K -910.0K
Cash From Financing Activities 660.0K 10.39M
Net Change In Cash 10.65M 35.86M
YoY Change -70.3% 5.22%
FREE CASH FLOW
Cash From Operating Activities $10.63M $26.38M
Capital Expenditures -$640.0K -$910.0K
Free Cash Flow $11.27M $27.29M
YoY Change -58.7% 162.15%

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
LIQUIDITY SERVICES INC
dei Entity Central Index Key
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dei Document Type
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dei Document Period End Date
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dei Amendment Flag
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10416000 USD
lqdt Increase In Goodwill And Intangibles And Cash Paid For Acquisitions
IncreaseInGoodwillAndIntangiblesAndCashPaidForAcquisitions
14698000 USD
lqdt Increase In Goodwill And Intangibles And Cash Paid For Acquisitions
IncreaseInGoodwillAndIntangiblesAndCashPaidForAcquisitions
80040000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2059000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-82099000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2521000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17219000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
39000000 USD
lqdt Payment Of Acquisition Contingent Liabilities
PaymentOfAcquisitionContingentLiabilities
8185000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
504000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
5376000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
9951000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
9338000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19289000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-41305000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
524000 USD
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-16000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-47584000 USD
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-24257000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
2445000 USD
us-gaap Interest Paid
InterestPaid
40000 USD
us-gaap Notes Issued1
NotesIssued1
40000000 USD
lqdt Noncash Or Part Noncash Acquisition Other Contingent Consideration Arrangements Contingent Consideration Liability
NoncashOrPartNoncashAcquisitionOtherContingentConsiderationArrangementsContingentConsiderationLiability
8185000 USD
lqdt Noncash Or Part Noncash Acquisition Other Contingent Consideration Arrangements Contingent Consideration Liability
NoncashOrPartNoncashAcquisitionOtherContingentConsiderationArrangementsContingentConsiderationLiability
23146000 USD
us-gaap Interest Paid
InterestPaid
2023000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
10493000 USD
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">1.</font></b><b><font style="FONT-WEIGHT: bold; FONT-SIZE: 3pt;" size="1">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></b> <b><font style="FONT-WEIGHT: bold; FONT-SIZE: 10pt;" size="2">Organization</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in;"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman;" size="2">Liquidity Services,&#160;Inc. and subsidiaries (LSI or the Company) operates leading auction marketplaces for surplus and salvage assets. LSI enables buyers and sellers to transact in an efficient, automated online auction environment offering over 500 product categories. The Company&#8217;s marketplaces provide professional buyers access to a global, organized supply of surplus and salvage assets presented with digital images and other relevant product information. Additionally, LSI enables its corporate and government sellers to enhance their financial return on excess assets by providing a liquid marketplace and value-added services that integrate sales and marketing, logistics and transaction settlement into a single offering. LSI organizes its products into&#160;categories across major industry verticals such as consumer electronics, general&#160;merchandise, apparel, scientific equipment, aerospace parts and equipment, technology hardware, energy equipment, industrial capital assets, fleet and transportation equipment and specialty equipment. The Company&#8217;s marketplaces are <i>www.liquidation.com</i>, <i>www.govliquidation.com, www.govdeals.com, www.networkintl.com, www.truckcenter.com, www.secondipity.com, and www.go-dove.com</i>. LSI has one reportable segment consisting of operating auction marketplaces for sellers and buyers of surplus, salvage and scrap assets.</font></p> </div>
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
504000 USD
lqdt Adjustment To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value And Income Tax Effect From Share Based Compensation Net
AdjustmentToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValueAndIncomeTaxEffectFromShareBasedCompensationNet
12678000 USD
CY2011Q3 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
129089000 USD
CY2012Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
104832000 USD
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
104782000 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value Including Discontinued Operations
CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations
57198000 USD
CY2012Q2 lqdt Stock Repurchase Program Additional Authorized Amount
StockRepurchaseProgramAdditionalAuthorizedAmount
30000000 USD

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