LIQUIDITY SERVICES INC LQDT
Liquidity Services, Inc. (Liquidity Services, the Company) is the leading global provider of e-commerce marketplaces and software solutions powering the circular economy. We create a better future for organizations, individuals, and the planet by using technology to capture and unleash the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading e-commerce auction marketplaces, search engines, asset management and auction software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers.
Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our online marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in greater numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders. During the past three fiscal years, we conducted over 3.1 million online transactions that generated $4.1 billion in gross merchandise volume or GMV. GMV is the total sales value of all transactions for which we earned compensation upon their completion through our marketplaces or other channels during a given period of time.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $476.7M | $363.3M | $314.5M | $280.1M | $257.5M | $205.9M | $226.5M | $224.5M | $270.0M | $316.5M |
| Gross profit | $208.8M | $185.2M | $172.1M | $160.6M | $149.9M | $109.9M | $113.3M | $109.7M | $124.5M | $162.1M |
| SG&A | $32.8M | $32.0M | $28.1M | $28.3M | $28.9M | $29.2M | $34.2M | $30.5M | $36.1M | $39.7M |
| Total operating expenses | $172.7M | $160.3M | $145.8M | $137.3M | $121.2M | $113.8M | $127.7M | $130.0M | $161.1M | $196.2M |
| Operating income | $35.1M | $23.4M | $26.1M | $47.4M | $27.2M | -$3.9M | -$19.5M | -$21.7M | -$40.2M | -$34.1M |
| Interest expense | $4.4M | $3.9M | $2.9M | $248.0K | $411.0K | $924.0K | $1.4M | $785.0K | $606.0K | $1.2M |
| Pre-tax income | $39.4M | $27.3M | $29.0M | $47.7M | $27.6M | -$3.0M | -$18.1M | -$20.9M | -$39.6M | -$32.9M |
| Income tax | $11.3M | $7.3M | $8.0M | $7.3M | $23.4M | $801.0K | $1.2M | $9.3M | $451.0K | $27.0M |
| Net income | $28.1M | $20.0M | $21.0M | $40.3M | $50.9M | — | — | — | — | — |
| EPS, basic | 0.91 | 0.66 | 0.68 | 1.25 | 1.53 | -0.11 | -0.58 | — | — | -1.96 |
| EPS, diluted | 0.87 | 0.63 | 0.65 | 1.20 | 1.45 | -0.11 | -0.58 | -0.36 | -1.25 | -1.96 |
| Shares, diluted (wtd. avg.) | $32.4M | $31.6M | $32.1M | $33.7M | $35.0M | $33.6M | $33.1M | — | $31.4M | $30.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $174.6M | $153.2M | $110.3M | $96.1M | $106.3M | $76.0M | $36.5M | $58.4M | $94.3M | $134.5M |
| Short-term investments | $11.2M | $2.3M | $7.9M | $1.8M | $0 | $0 | $30.0M | $20.0M | $0 | — |
| Receivables | $11.2M | $11.5M | $7.8M | $11.8M | $5.9M | $5.3M | $6.7M | $4.9M | $11.6M | $10.4M |
| Inventory | $14.2M | $17.1M | $11.1M | $11.7M | $12.5M | $5.6M | $5.8M | $10.1M | $20.7M | $27.6M |
| Total current assets | $224.8M | $199.2M | $146.3M | $129.6M | $131.8M | $94.6M | $89.9M | $103.0M | $138.9M | $184.9M |
| Property, plant and equipment | $18.3M | $18.0M | $17.2M | $19.1M | $17.6M | $17.8M | $18.8M | $16.6M | $16.8M | $14.4M |
| Goodwill | $102.9M | $97.8M | $89.4M | $88.9M | $59.9M | $59.8M | $59.5M | $59.8M | $45.4M | $45.1M |
| Other intangibles | $13.3M | $13.9M | $12.5M | $16.2M | $3.5M | $4.8M | $6.0M | $7.4M | $427.0K | $2.6M |
| Total assets | $375.1M | $346.9M | $289.0M | $288.1M | $255.6M | $196.6M | $187.3M | $201.8M | $215.2M | $260.1M |
| Accounts payable | $61.5M | $58.7M | $39.1M | $42.0M | $40.6M | $22.0M | $15.1M | $13.9M | $13.1M | $9.7M |
| Total current liabilities | $161.6M | $155.2M | $120.7M | $123.5M | $109.2M | $74.3M | $68.8M | $68.5M | $70.8M | $85.5M |
| Total liabilities | $171.9M | $164.3M | $127.4M | $133.6M | $120.6M | $84.8M | $71.1M | $72.2M | $82.6M | $97.5M |
| Retained earnings | $38.1M | $10.0M | -$10.0M | -$30.9M | -$71.4M | -$122.3M | -$118.6M | -$100.0M | -$88.2M | -$49.0M |
| Total equity | $203.2M | $182.6M | $161.5M | $154.5M | $135.0M | $111.8M | $116.2M | $129.7M | $132.6M | $162.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $66.8M | $70.2M | $47.0M | $44.8M | $65.4M | $16.5M | -$6.2M | $619.0K | -$31.7M | $45.8M |
| Depreciation and amortisation | $10.4M | $12.1M | $11.3M | $10.3M | $7.0M | $6.3M | $5.1M | $4.6M | $5.8M | $6.5M |
| Stock-based compensation | $14.5M | $11.1M | $8.2M | $8.5M | $6.9M | $5.7M | $6.5M | $6.6M | $7.4M | $12.2M |
| Capital expenditure | $7.8M | $8.9M | $5.4M | $8.1M | $5.4M | $4.2M | $5.9M | $4.2M | $7.8M | $6.1M |
| Investing cash flow | -$23.0M | -$16.1M | -$11.4M | -$21.1M | -$1.0M | $28.6M | -$15.7M | -$37.1M | -$7.9M | -$6.2M |
| Financing cash flow | -$21.8M | -$11.2M | -$22.1M | -$31.9M | -$34.7M | -$5.7M | $546.0K | $404.0K | -$1.1M | -$220.0K |
| Buybacks | $16.2M | $9.4M | $21.2M | $25.4M | $31.1M | $4.0M | $0 | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-289159.
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