$LQDT
LIQUIDITY SERVICES INC

2014 Q1 Form 10-Q Financial Statement

#000110465914036827 Filed on May 09, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $128.3M $130.3M
YoY Change -1.53% 3.66%
Cost Of Revenue $54.30M $49.90M
YoY Change 8.82% -9.27%
Gross Profit $74.10M $80.40M
YoY Change -7.84% 13.72%
Gross Profit Margin 57.74% 61.69%
Selling, General & Admin $60.30M $54.20M
YoY Change 11.25% 28.13%
% of Gross Profit 81.38% 67.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $4.250M $4.380M
YoY Change -2.97% 24.43%
% of Gross Profit 5.74% 5.45%
Operating Expenses $64.50M $58.60M
YoY Change 10.07% 27.67%
Operating Profit $9.463M $21.62M
YoY Change -56.23% -32.13%
Interest Expense -$100.0K -$100.0K
YoY Change 0.0% -83.33%
% of Operating Profit -1.06% -0.46%
Other Income/Expense, Net
YoY Change
Pretax Income $9.384M $21.52M
YoY Change -56.4% -31.17%
Income Tax $3.753M $8.824M
% Of Pretax Income 39.99% 41.0%
Net Earnings $5.600M $12.70M
YoY Change -55.91% -32.31%
Net Earnings / Revenue 4.36% 9.74%
Basic Earnings Per Share $0.17 $0.40
Diluted Earnings Per Share $0.17 $0.39
COMMON SHARES
Basic Shares Outstanding 32.23M shares 31.56M shares
Diluted Shares Outstanding 32.32M shares 32.33M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.8M $57.20M
YoY Change 77.97% -45.42%
Cash & Equivalents $101.8M $57.20M
Short-Term Investments
Other Short-Term Assets $25.10M $28.10M
YoY Change -10.68% 84.87%
Inventory $71.64M $25.20M
Prepaid Expenses
Receivables $27.06M $18.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $225.6M $128.7M
YoY Change 75.28% -17.03%
LONG-TERM ASSETS
Property, Plant & Equipment $12.45M $10.30M
YoY Change 20.85% 36.28%
Goodwill $210.8M $210.2M
YoY Change 0.29% 39.43%
Intangibles $22.22M $34.09M
YoY Change -34.81% 0.08%
Long-Term Investments
YoY Change
Other Assets $7.240M $7.600M
YoY Change -4.74% 27.65%
Total Long-Term Assets $252.7M $262.2M
YoY Change -3.61% 32.2%
TOTAL ASSETS
Total Short-Term Assets $225.6M $128.7M
Total Long-Term Assets $252.7M $262.2M
Total Assets $478.3M $390.9M
YoY Change 22.37% 10.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.90M $49.90M
YoY Change -56.12% 220.16%
Accrued Expenses $64.40M $32.80M
YoY Change 96.34% 23.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $123.0M $82.70M
YoY Change 48.77% 2.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $18.60M $18.20M
YoY Change 2.2%
Total Long-Term Liabilities $18.60M $18.20M
YoY Change 2.2% -43.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $123.0M $82.70M
Total Long-Term Liabilities $18.60M $18.20M
Total Liabilities $143.8M $110.4M
YoY Change 30.3% -4.2%
SHAREHOLDERS EQUITY
Retained Earnings $120.2M $85.77M
YoY Change 40.13% -0.52%
Common Stock $219.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.057M
YoY Change
Treasury Stock Shares
Shareholders Equity $334.5M $280.5M
YoY Change
Total Liabilities & Shareholders Equity $478.3M $390.9M
YoY Change 22.35% 10.6%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $5.600M $12.70M
YoY Change -55.91% -32.31%
Depreciation, Depletion And Amortization $4.250M $4.380M
YoY Change -2.97% 24.43%
Cash From Operating Activities $4.120M $10.63M
YoY Change -61.24% -59.7%
INVESTING ACTIVITIES
Capital Expenditures -$2.270M -$640.0K
YoY Change 254.69% -29.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.270M -$640.0K
YoY Change 254.69% -29.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -880.0K 660.0K
YoY Change -233.33% -93.65%
NET CHANGE
Cash From Operating Activities 4.120M 10.63M
Cash From Investing Activities -2.270M -640.0K
Cash From Financing Activities -880.0K 660.0K
Net Change In Cash 970.0K 10.65M
YoY Change -90.89% -70.3%
FREE CASH FLOW
Cash From Operating Activities $4.120M $10.63M
Capital Expenditures -$2.270M -$640.0K
Free Cash Flow $6.390M $11.27M
YoY Change -43.3% -58.7%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Registrant Name
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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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-2162000 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-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.</font></b><b><font style="FONT-SIZE: 3pt; FONT-WEIGHT: bold;" 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-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">Organization</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">Liquidity Services, 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 categories across major industry verticals such as consumer electronics, general 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>
CY2014Q1 us-gaap Inventory Net
InventoryNet
71640000 USD
CY2014Q1 lqdt Prepaid Taxes And Deferred Tax Assets Liabilities Net Current
PrepaidTaxesAndDeferredTaxAssetsLiabilitiesNetCurrent
18993000 USD
CY2014Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6136000 USD
CY2014Q1 us-gaap Assets Current
AssetsCurrent
225590000 USD
CY2014Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12448000 USD
CY2014Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
7240000 USD
CY2014Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
21897000 USD
CY2014Q1 us-gaap Stock Repurchase Program Authorized Amount
StockRepurchaseProgramAuthorizedAmount
101900000 USD
CY2014Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3057000 USD
CY2009 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
6126000 USD
CY2010 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
1655000 USD
CY2011 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
18114000 USD
CY2012 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
18114000 USD
CY2013 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount
31000000 USD
CY2014Q1 lqdt Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
64369000 USD
CY2014Q1 lqdt Profit Sharing Distributions Payable
ProfitSharingDistributionsPayable
4652000 USD
CY2014Q1 lqdt Customer Payables
CustomerPayables
32116000 USD
CY2014Q1 lqdt Business Acquisition Earn Out Noncurrent Liabilities
BusinessAcquisitionEarnOutNoncurrentLiabilities
18565000 USD
CY2014Q1 us-gaap Deferred Income Taxes And Other Liabilities Noncurrent
DeferredIncomeTaxesAndOtherLiabilitiesNoncurrent
2248000 USD
CY2014Q1 us-gaap Common Stock Value
CommonStockValue
31000 USD
CY2014Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
218955000 USD
CY2014Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-1644000 USD
CY2014Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
120193000 USD
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
102920000 USD
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
25409000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
196390000 USD
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
53887000 USD
CY2014Q1 lqdt Cost Of Goods Sold Excluding Amortization
CostOfGoodsSoldExcludingAmortization
54273000 USD
CY2014Q1 lqdt Profit Sharing Distributions
ProfitSharingDistributions
8299000 USD
CY2014Q1 lqdt Technology And Operation
TechnologyAndOperation
29070000 USD
CY2014Q1 lqdt Sales And Marketing
SalesAndMarketing
10459000 USD
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
12435000 USD
CY2014Q1 lqdt Amortization Contract Intangibles
AmortizationContractIntangibles
2272000 USD
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1973000 USD
CY2014Q1 lqdt Acquisition Costs And Goodwill Impairment
AcquisitionCostsAndGoodwillImpairment
85000 USD
lqdt Cost Of Goods Sold Excluding Amortization
CostOfGoodsSoldExcludingAmortization
101983000 USD
lqdt Profit Sharing Distributions
ProfitSharingDistributions
18429000 USD
lqdt Technology And Operation
TechnologyAndOperation
54691000 USD
lqdt Sales And Marketing
SalesAndMarketing
20290000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
24742000 USD
lqdt Amortization Contract Intangibles
AmortizationContractIntangibles
4679000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
3977000 USD
lqdt Acquisition Costs And Goodwill Impairment
AcquisitionCostsAndGoodwillImpairment
180000 USD
CY2014Q1 lqdt Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-79000 USD
lqdt Other Nonoperating Income Expense Net
OtherNonoperatingIncomeExpenseNet
-100000 USD
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3753000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8482000 USD
CY2014Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1633000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1633000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2162000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
6567000 USD
us-gaap Inventory Write Down
InventoryWriteDown
291000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
91000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
ExcessTaxBenefitFromShareBasedCompensationOperatingActivities
3296000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
3096000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
42670000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1305000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
5358000 USD
lqdt Increase Decrease In Customer Payables
IncreaseDecreaseInCustomerPayables
2619000 USD
lqdt Increase Decrease In Acquisition Earn Out Payables
IncreaseDecreaseInAcquisitionEarnOutPayables
175000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1796000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2231000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3057000 USD
us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
3296000 USD
CY2014Q1 us-gaap Treasury Stock Value
TreasuryStockValue
3057000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
3057000 USD
CY2009 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
5.50
us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
80000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
12974000 USD
CY2010 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
11.53
CY2011 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.39
CY2012 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
59.41
CY2014Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
23.87
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4950000 USD
lqdt Increase Decrease In Prepaid Taxes And Deferred Income Tax Expense Benefit
IncreaseDecreaseInPrepaidTaxesAndDeferredIncomeTaxExpenseBenefit
7750000 USD
lqdt Increase Decrease In Prepaid Taxes And Deferred Income Tax Expense Benefit
IncreaseDecreaseInPrepaidTaxesAndDeferredIncomeTaxExpenseBenefit
5295000 USD
CY2012 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
505067 shares
CY2012 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
30000000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
9057000 USD
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10416000 USD

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