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Sep 30, 2023
Liquidity Services Q4 2023 Earnings Report
Announced strong fourth quarter results with record annual GMV and highest full-year Non-GAAP Adjusted EBITDA performance since 2014.
Key Takeaways
Liquidity Services reported an 11% increase in GMV to $315.6 million and a 6% increase in revenue to $80.0 million for the fourth quarter of fiscal year 2023. GAAP net income was $6.3 million, or $0.20 per share, while Non-GAAP Adjusted EBITDA was $12.8 million, up $0.5 million, and Non-GAAP Adjusted Diluted EPS was $0.26, up 37%.
GMV increased by 11% to $315.6 million, and revenue increased by 6% to $80.0 million.
GAAP Net Income was $6.3 million, with GAAP Diluted Earnings Per Share (EPS) at $0.20.
Non-GAAP Adjusted EBITDA increased to $12.8 million, and Non-GAAP Adjusted Diluted EPS increased to $0.26.
Cash balances totaled $118.2 million with zero financial debt.
Revenue by Segment
Forward Guidance
For Q1-FY24, Liquidity Services anticipates GMV to range from $295 million to $325 million, GAAP Net Income to range from $1.5 million to $4.0 million, GAAP Diluted EPS to range from $0.05 to $0.12, Non-GAAP Adjusted EBITDA to range from $7.0 million to $10.0 million, and Non-GAAP Adjusted EPS to range from $0.12 to $0.19.
Positive Outlook
- GovDeals is expecting year-over-year growth that includes improved availability of vehicles for sale while it faced headwinds in that category last year.
- CAG is also expecting a solid year-over-year improvement in GMV from selected global industrial projects.
- Anticipate continued investment in our sales and technology initiatives in support of our marketplace enhancements, market share gains and long-term growth.
- Consolidated revenue as a percentage of GMV to remain in the mid twenty percent range, reflecting anticipated mix of business and marketplace asset categories.
- Segment direct profits as a percentage of total revenues to be in a range similar to the same quarter last year.
Challenges Ahead
- Fiscal first quarter results typically decline sequentially compared to the fiscal fourth quarter of the prior year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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