2016 Q4 Form 10-Q Financial Statement

#000162828017001061 Filed on February 09, 2017

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q2 2015 Q4
Revenue $61.14M $65.52M $70.80M
YoY Change -13.63% -26.96% -43.41%
Cost Of Revenue $32.27M $39.29M $26.88M
YoY Change 20.04% 9.75% -50.49%
Gross Profit $30.20M $29.92M $33.98M
YoY Change -11.12% -44.49% -52.01%
Gross Profit Margin 49.39% 45.66% 47.99%
Selling, General & Admin $46.30M $44.20M $44.70M
YoY Change 3.58% -14.84% -20.74%
% of Gross Profit 153.31% 147.74% 131.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.430M $1.620M $1.670M
YoY Change -14.37% -20.59% -47.81%
% of Gross Profit 4.74% 5.41% 4.92%
Operating Expenses $42.24M $45.80M $46.40M
YoY Change -8.97% -15.19% -22.15%
Operating Profit -$8.260M $67.00K -$7.411M
YoY Change 11.46% -167.0% -166.17%
Interest Expense $0.00 -$200.0K $100.0K
YoY Change -100.0%
% of Operating Profit -298.51%
Other Income/Expense, Net
YoY Change
Pretax Income -$6.027M -$8.573M -$8.294M
YoY Change -27.33% -90.24%
Income Tax $103.0K -$17.00K -$2.154M
% Of Pretax Income
Net Earnings -$8.400M -$100.0K -$5.200M
YoY Change 61.54% -106.25% -91.89%
Net Earnings / Revenue -13.74% -0.15% -7.35%
Basic Earnings Per Share
Diluted Earnings Per Share -$268.4K -$3.257K -$170.5K
COMMON SHARES
Basic Shares Outstanding 31.26M shares 30.73M shares 30.49M shares
Diluted Shares Outstanding 31.26M shares 30.73M shares 30.49M shares

Balance Sheet

Concept 2016 Q4 2016 Q2 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.9M $129.9M $85.50M
YoY Change 48.42% 35.03% 15.23%
Cash & Equivalents $126.9M $129.9M $85.45M
Short-Term Investments
Other Short-Term Assets $11.60M $19.20M $27.20M
YoY Change -57.35% -27.27% 28.3%
Inventory $26.74M $25.80M $27.50M
Prepaid Expenses
Receivables $10.71M $9.000M $6.000M
Other Receivables $1.200M $1.400M $33.50M
Total Short-Term Assets $177.1M $185.3M $179.6M
YoY Change -1.37% 6.92% -3.44%
LONG-TERM ASSETS
Property, Plant & Equipment $15.59M $14.10M $13.50M
YoY Change 15.49% 8.46% 8.87%
Goodwill $44.79M
YoY Change
Intangibles $2.324M $2.324M
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.85M $29.50M $22.50M
YoY Change -47.35% -3.91% -25.25%
Total Long-Term Assets $75.57M $110.7M $103.2M
YoY Change -26.77% -34.69% -39.08%
TOTAL ASSETS
Total Short-Term Assets $177.1M $185.3M $179.6M
Total Long-Term Assets $75.57M $110.7M $103.2M
Total Assets $252.7M $296.0M $282.8M
YoY Change -10.64% -13.65% -20.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.180M $39.00M $41.80M
YoY Change -78.04% -22.77% -26.92%
Accrued Expenses $43.10M $35.40M $25.30M
YoY Change 70.36% 48.74% -31.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $0.00
YoY Change
Total Short-Term Liabilities $85.81M $74.40M $67.10M
YoY Change 27.89% 0.27% -28.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $85.81M $74.40M $67.10M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $96.93M $77.90M $70.40M
YoY Change 37.69% -3.83% -30.78%
SHAREHOLDERS EQUITY
Retained Earnings -$57.44M
YoY Change
Common Stock $222.4M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $155.8M $218.1M $212.4M
YoY Change
Total Liabilities & Shareholders Equity $252.7M $296.0M $282.8M
YoY Change -10.64% -13.65% -20.43%

Cashflow Statement

Concept 2016 Q4 2016 Q2 2015 Q4
OPERATING ACTIVITIES
Net Income -$8.400M -$100.0K -$5.200M
YoY Change 61.54% -106.25% -91.89%
Depreciation, Depletion And Amortization $1.430M $1.620M $1.670M
YoY Change -14.37% -20.59% -47.81%
Cash From Operating Activities -$5.021M $13.94M -$8.298M
YoY Change -39.49% 31.39% -163.54%
INVESTING ACTIVITIES
Capital Expenditures $2.321M -$1.870M $1.428M
YoY Change 62.54% 567.86% -188.15%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.328M -$1.870M -$1.457M
YoY Change 59.78% 567.86% -10.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $32.00K 70.00K -$48.00K
YoY Change -166.67% -177.78% -120.87%
NET CHANGE
Cash From Operating Activities -$5.021M 13.94M -$8.298M
Cash From Investing Activities -$2.328M -1.870M -$1.457M
Cash From Financing Activities $32.00K 70.00K -$48.00K
Net Change In Cash -$7.317M 12.14M -$9.803M
YoY Change -25.36% 18.55% -184.0%
FREE CASH FLOW
Cash From Operating Activities -$5.021M $13.94M -$8.298M
Capital Expenditures $2.321M -$1.870M $1.428M
Free Cash Flow -$7.342M $15.81M -$9.726M
YoY Change -24.51% 45.18% -166.25%

Facts In Submission

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CY2016Q4 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-639000 USD
CY2015Q4 us-gaap Other Operating Income
OtherOperatingIncome
0 USD
CY2016Q4 us-gaap Other Operating Income
OtherOperatingIncome
928000 USD
CY2015Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1428000 USD
CY2016Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2321000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9063000 USD
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9045000 USD
CY2015Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2016Q4 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
32000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
14376000 USD
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15591000 USD
CY2015Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
78000 USD
CY2016Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
84000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-49039000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-57436000 USD
CY2015Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
50138000 USD
CY2016Q4 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
47980000 USD
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
65875000 USD
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
70796000 USD
CY2015Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
15737000 USD
CY2016Q4 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
22816000 USD
CY2015Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2420000 USD
CY2016Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2500000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
112380 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
3000000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
10000000 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
146474 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
40718 shares
CY2016Q4 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
32000 USD
CY2016Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
10100000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
162611000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
155775000 USD
CY2016 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-700000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
-200000 USD
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30490670 shares
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31261603 shares
CY2015Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30490670 shares
CY2016Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31261603 shares
CY2015Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30490670 shares
CY2016Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31261603 shares
CY2016Q4 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;text-indent:46px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Liquidity Services (the &#8220;Company&#8221;) operates a network of leading e-commerce marketplaces that enable buyers and sellers to transact in an efficient, automated environment offering over </font><font style="font-family:inherit;font-size:10pt;">500</font><font style="font-family:inherit;font-size:10pt;"> product categories. The Company&#8217;s marketplaces provide professional buyers access to a global, organized supply of new, surplus, and scrap assets presented with digital images and other relevant product information. Additionally, the Company enables its corporate and government sellers to enhance their financial return on offered assets by providing a liquid marketplace and value-added services that encompass the consultative management, valuation, and sale of surplus assets. The Company's broad range of services include program management, valuation, asset management, reconciliation, RTV and RMA ("Return to Vendor" and "Returns Management Authorization"), refurbishment&#160;and recycling, fulfillment, marketing&#160;and sales, warehousing&#160;and transportation, buyer customer support, and compliance&#160;and risk mitigation. The Company organizes the products on its marketplaces 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 www.liquidation.com, www.govliquidation.com, www.govdeals.com, www.networkintl.com, www.truckcenter.com, www.secondipity.com, www.unclesamsretailoutlet.com, www.go-dove.com, and www.irondirect.com. The Company has over </font><font style="font-family:inherit;font-size:10pt;">9,000</font><font style="font-family:inherit;font-size:10pt;"> clients, including Fortune 1000 and Global 500 organizations as well as government agencies. The Company has </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> reportable segment consisting of an aggregation of five operating segments that manage e-commerce marketplaces for sellers and buyers of new, surplus, and scrap assets.</font></div><div style="line-height:120%;text-indent:46px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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, 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 U.S. Government agencies from which the Company derives a significant portion of its inventory to change the way they conduct their surplus disposition or to otherwise not renew their contracts with the Company. </font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font></div><div style="line-height:120%;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has evaluated subsequent events through the date that these financial statements were issued and filed with the Securities and Exchange Commission.</font></div></div>

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