The following is a summary of the Liquidity Services, Inc. (LQDT) Q1 2024 Earnings Call Transcript:
Financial Performance:
In Q1 2024, Liquidity Services reported a 13% increase in Gross Merchandise Volume (GMV) to $305.9 million, led by growth in the GovDeals segment.
Q1 revenue decreased 1% to $71.3 million, impacted by product mix and delays in sales in RSCG and CAG segments.
Q1 GAAP earnings per share (EPS) was $0.06 while non-GAAP adjusted EPS was $0.14.
Financially stable with about $107 million cash, zero debt, and strong operating cash flow.
For Q2 2024, projected GMV to range between $320 million to $350 million, GAAP net income in the range of $3 million to $6 million and non-GAAP adjusted EBITDA to range from $9 million to $12 million.
Business Progress:
Processed 12% more transactions and the number of auction participants increased by 14% year-over-year.
Strong subscriber growth in the Machinio segment with the roll-out of dealer management software solutions.
Earning market share in GovDeals and CAG segments and expanding its footprint in the Asia Pacific region, doubling the Machinio segment's addressable market.
Successful roll-out of AllSurplus Deals marketplace in 5 markets and the integration of the newly acquired Sierra Auction are promising steps towards business expansion.
Continues to enhance its platform and sees potential for improved growth in the fiscal second quarter. Spent $1.2 million in share repurchases and plans to continue these repurchases.
More details: Liquidity Services IR
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