Press Releases
Aug 19

Liquidity Services, Inc. Announces Fourth Quarter and Fiscal Year 2013 Financial Results

Record fiscal year revenue of $505.9 million up 6% – Record Gross
Merchandise Volume (GMV) of $973.3 million up 13% – Adjusted earnings
before interest, taxes, depreciation and amortization (EBITDA) of $104.6
million down 5% – Adjusted EPS of $1.75 down 6%

– Fourth quarter revenue of $129.1 million up 6% – GMV of $250.5
million up 4% – Adjusted EBITDA of $24.9 million up 8% – Adjusted EPS of
$0.41 up 3%

WASHINGTON–(BUSINESS WIRE)–Nov. 21, 2013–
Liquidity Services, Inc. (NASDAQ: LQDT; www.liquidityservicesinc.com)
today reported its financial results for its fiscal year (FY-13) and
fourth quarter (Q4-13) ended September 30, 2013. Liquidity Services,
Inc. provides business and government clients and buying customers
transparent, innovative and effective online marketplaces and integrated
services for surplus assets.

Liquidity Services, Inc. (Liquidity Services or the Company) reported
record consolidated FY-13 revenue of $505.9 million, an increase of
approximately 6% from the prior year. Adjusted EBITDA, which excludes
stock-based compensation and acquisition costs including changes in
acquisition earn out payment estimates, for FY-13 was $104.6 million, a
decrease of approximately 5% from the prior year. FY-13 GMV, the total
sales volume of all merchandise sold through the Company’s marketplaces,
was a record $973.3 million, an increase of approximately 13% from the
prior year.

The Company reported consolidated Q4-13 revenue of $129.1 million, an
increase of approximately 6% from the prior year’s comparable period.
Adjusted EBITDA for Q4-13 was $24.9 million, an increase of
approximately 8% from the prior year’s comparable period. GMV was $250.5
million for Q4-13, an increase of approximately 4% from the prior year’s
comparable period.

Net income in FY-13 was $41.1 million or $1.26 diluted earnings per
share. Adjusted net income in FY-13, which excludes stock-based
compensation and acquisition costs including changes in acquisition earn
out payment estimates and amortization of contract-related intangible
assets associated with the Jacobs Trading acquisition – net of tax, was
$57.0 million, a decrease of approximately 6% from the prior year, or
$1.75 adjusted diluted earnings per share based on 32.7 million fully
diluted shares outstanding. Net income in Q4-13 was $10.4 million or
$0.32 diluted earnings per share. Adjusted net income in Q4-13 was $13.4
million, an increase of approximately 3% from the prior year’s
comparable period, or $0.41 adjusted diluted earnings per share based on
32.7 million fully diluted shares outstanding.

Annual operating cash flow was $46.7 million during FY-13, a decrease of
approximately 10% from the prior year. Q4-13 operating cash flow was a
record $29.9 million, an increase of approximately 131% from the prior
year’s comparable period.

“Liquidity Services generated improved results during Q4-13 based on the
expansion of our services with retail supply chain clients and strong
growth in our public sector business highlighted by 33% growth in our
GovDeals marketplace this quarter. Both our retail supply chain and
capital assets businesses grew sequentially during a seasonally low
quarter for the Company and we continued to make progress with our
integration of GoIndustry to deliver profitable growth going forward,”
said Bill Angrick, Chairman and CEO of Liquidity Services.

“During fiscal year 2013, we enhanced our industry coverage, breadth of
services, geographic reach and global buyer base which have expanded our
addressable market and reinforced our leadership position. We are
excited by the numerous related opportunities to create value for our
buyers and clients by delivering supply chain efficiencies, protecting
their brands and providing technology enabled services to better compete
in an increasingly complex environment,” said Mr. Angrick.

“There are compelling opportunities to more broadly extend our
technology platform, buyer liquidity and marketplace data to existing
and new customers and partners. During FY14 we will establish and fund a
new directive focused on developing new on demand services in these
areas to further penetrate and serve our target market. We believe our
continued investments in our people, technology platform and service
offering position us well for long term profitable growth and market
leadership. Liquidity Services remains focused on executing our long
term growth strategy to ensure the Company is well positioned to drive
attractive returns for shareholders,” said Mr. Angrick.

Business Outlook

While general economic conditions have improved, our overall outlook
remains cautious due to the volatility in the macro environment. The
retail vertical of our business has seen significant changes in consumer
spending habits in certain categories, such as electronics, which has
been affected by increases in payroll taxes, continued high
unemployment, and reduced innovation in the sector resulting in
decreased spending. Additionally, we plan to increase our investment in
technology infrastructure and innovation for our proprietary e-commerce
marketplaces to support further expansion and integration of our
existing and recently acquired businesses. In the longer term, we expect
our business to continue to benefit from the following trends: (i) as
consumers trade down and seek greater value, we anticipate stronger
buyer demand for the surplus merchandise sold in our marketplaces, (ii)
as corporations and public sector agencies focus on reducing costs,
improving transparency and working capital flows by outsourcing reverse
supply chain activities, we expect our seller base to increase, and
(iii) as corporations and public sector agencies increasingly prefer
service providers with a proven track record, innovative technology
solutions and demonstrated financial strength, we expect our seller base
to increase.

The following forward looking statements reflect trends and assumptions
for the next quarter and FY 2014:

 
(i) stable commodity prices in our scrap business;
(ii) stable average sales prices realized in our capital assets
marketplaces;
(iii) improved margins in our GoIndustry marketplace as we continue to
integrate the acquisition and complete our restructuring plans;
(iv) continued product flows under the DoD Surplus contract under the
existing terms;
(v) an effective income tax rate of 40%; and
(vi) improved operations and service levels in our retail goods
marketplaces.
 

Our Scrap Contract with the Department of Defense (DoD) includes an
incentive feature, which can increase the amount of profit sharing
distribution we receive from 23% up to 25%. Payments under this
incentive feature are based on the amount of scrap we sell for the DoD
to small businesses during the preceding 12 months as of June 30th
of each year. We are eligible to receive this incentive in each year of
the term of the Scrap Contract and have assumed for purposes of
providing guidance regarding our projected financial results for fiscal
year 2014 that we will again receive this incentive payment.

GMV – We expect GMV for fiscal year 2014 to
range from $1.0 billion to $1.075 billion. We expect GMV for Q1-14 to
range from $200 million to $225 million.

Adjusted EBITDA – We expect Adjusted EBITDA
for fiscal year 2014 to range from $100 million to $108 million. We
expect Adjusted EBITDA for Q1-14 to range from $14.0 million to $17.0
million.

Adjusted Diluted EPS – We estimate Adjusted
Earnings Per Diluted Share for fiscal year 2014 to range from $1.60 to
$1.76. In Q1-14, we estimate Adjusted Earnings Per Diluted Share to be
$0.20 to $0.24. This guidance assumes that we have an average fully
diluted number of shares outstanding for the year of 33.3 million, and
that we will not repurchase shares with the approximately $18.1 million
yet to be expended under the share repurchase program.

Our guidance adjusts EBITDA and Diluted EPS for (i) acquisition costs
including transaction costs and changes in earn out estimates; (ii)
amortization of contract related intangible assets of $33.3 million from
our acquisition of Jacobs Trading; and (iii) for stock based
compensation costs, which we estimate to be approximately $3.5 million
to $4.0 million per quarter for fiscal year 2014. These stock based
compensation costs are consistent with fiscal year 2013.

Key FY-13 and Q4-13 Operating Metrics

Registered Buyers — At the end of FY-13,
registered buyers totaled approximately 2,424,000, representing an 11%
increase over the approximately 2,186,000 registered buyers at the end
of FY-12.

Auction Participants — Auction
participants, defined as registered buyers who have bid in an auction
during the period (a registered buyer who bids in more than one auction
is counted as an auction participant in each auction in which he or she
bids), increased to approximately 2,458,000 in FY-13, an approximately
17% increase over the approximately 2,105,000 auction participants in
FY-12. Auction participants increased to approximately 626,000 in Q4-13,
an approximately 11% increase over the approximately 565,000 auction
participants in Q4-12.

Completed Transactions — Completed
transactions increased to approximately 530,000, an approximately 6%
increase for FY-13 from the approximately 501,000 completed transactions
in FY-12. Completed transactions decreased to approximately 133,000, an
approximately 5% decrease for Q4-13 from the approximately 140,000
completed transactions in Q4-12.

GMV and Revenue Mix — GMV continues to
diversify due to the continued growth in our commercial business and
state and local government business (the GovDeals.com marketplace). As a
result, the percentage of GMV derived from our DoD Contracts during
FY-13 decreased to 21.3% compared to 23.7% in the prior year. The table
below summarizes GMV and revenue by pricing model.

 

GMV Mix

               
FY-13   FY-12   Q4-13   Q4-12
Profit-Sharing Model:      
Scrap Contract 7.0%   8.9%   6.8%   6.7%
Total Profit Sharing 7.0% 8.9% 6.8% 6.7%
Consignment Model:
GovDeals 15.8% 15.2% 16.9% 13.2%
Commercial 43.3%   37.1%   44.8%   45.0%
Total Consignment 59.1% 52.3% 61.7% 58.2%
Purchase Model:
Commercial 19.6% 24.0% 17.1% 21.1%
Surplus Contract 14.3%   14.8%   14.4%   14.0%
Total Purchase 33.9% 38.8% 31.5% 35.1%
             
Total 100.0%   100.0%   100.0%   100.0%
 

Revenue Mix

Profit-Sharing Model:
Scrap Contract 13.5%   16.1%   13.2%   13.3%
Total Profit Sharing 13.5% 16.1% 13.2% 13.3%
Consignment Model:
GovDeals 3.1% 2.6% 3.5% 2.5%
Commercial 12.2%   9.9%   13.5%   13.7%
Total Consignment 15.3% 12.5% 17.0% 16.2%
Purchase Model:
Commercial 38.8% 44.5% 33.8% 42.9%
Surplus Contract 27.6%   26.9%   28.0%   27.6%
Total Purchase 66.4% 71.4% 61.8% 70.5%
 
Other 4.8%   0.0%   8.0%   0.0%
Total 100.0%   100.0%   100.0%   100.0%
 

Liquidity Services, Inc.

Reconciliation of GAAP to Non-GAAP
Measures

 
EBITDA and Adjusted EBITDA. EBITDA is a supplemental non-GAAP
financial measure and is equal to net income plus interest and other
expense (income), net; provision for income taxes; amortization of
contract intangibles; and depreciation and amortization. Our
definition of Adjusted EBITDA differs from EBITDA because we further
adjust EBITDA for stock based compensation expense, and acquisition
costs including changes in earn out estimates.
   
Three Months Twelve Months
Ended September 30, Ended September 30,
2013   2012 2013     2012
(In thousands)
Net income $ 10,409 $ 5,545 $ 41,104 $ 48,296
Interest and other expense (income), net 69 593 (704 ) 2,218
Provision for income taxes 6,729 2,627 27,551 31,652
Amortization of contract intangibles 1,816 1,884 7,265 7,943
Depreciation and amortization   2,583   1,715   10,109     6,223
 
EBITDA 21,606 12,364 85,325 96,332
Stock compensation expense 3,150 3,462

13,379

12,117
Acquisition costs   95   7,256   5,921     1,695
 
Adjusted EBITDA $ 24,851 $ 23,082 $ 104,625   $ 110,144
 

Adjusted Net Income and Adjusted Basic and
Diluted Earnings Per Share
. Adjusted net income is a
supplemental non-GAAP financial measure and is equal to net income
plus tax effected stock compensation expense, amortization of
contract-related intangible assets associated with the Jacobs
Trading acquisition and acquisition costs including changes in
earn out estimates. Adjusted basic and diluted earnings per share
are determined using Adjusted Net Income.

   
Three Months Ended Twelve Months Ended
September 30, September 30,
2013   2012 2013   2012
(Dollars in thousands, except per share data)
Net income $ 10,409 $ 5,545 $ 41,104 $ 48,296
Stock compensation expense (net of tax) 1,890 2,077 7,998 7,270
Amortization of contract intangibles (net of tax) 1,090 1,090 4,342 4,359
Acquisition costs (net of tax)   57   4,354   3,550   1,017
 
Adjusted net income $ 13,446 $ 13,066 $ 56,994 $ 60,942
 
Adjusted basic earnings per common share $ 0.42 $ 0.42 $ 1.80 $ 1.98
 
Adjusted diluted earnings per common share $ 0.41 $ 0.40 $ 1.75 $ 1.86
 
Basic weighted average shares outstanding   31,772,379   31,045,293   31,616,926   30,854,796
 
Diluted weighted average shares outstanding   32,702,807   32,788,205   32,657,236   32,783,079
 

Conference Call

The Company will host a conference call to discuss the fiscal 2013 and
fourth quarter 2013 results at 10:30 a.m. Eastern Time today. Investors
and other interested parties may access the teleconference by dialing
866-510-0712 or 617-597-5380 and providing the participant pass code
53127384. A live web cast of the conference call will be provided on the
Company’s investor relations website at http://www.liquidityservicesinc.com.
A replay of the web cast will be available on the Company’s website for
30 calendar days ending December 21, 2013 at 11:59 p.m. ET. An audio
replay of the teleconference will also be available until December 21,
2013 at 11:59 p.m. ET. To listen to the replay, dial 888-286-8010 or
617-801-6888 and provide pass code 38390837. Both replays will be
available starting at 2:30 p.m. today.

Non-GAAP Measures

To supplement our consolidated financial statements presented in
accordance with GAAP, we use certain non-GAAP measures of certain
components of financial performance. These non-GAAP measures include
earnings before interest, taxes, depreciation and amortization (EBITDA),
Adjusted EBITDA, Adjusted Net Income and Adjusted Earnings Per Share.
These non-GAAP measures are provided to enhance investors’ overall
understanding of our current financial performance and prospects for the
future. We use EBITDA and Adjusted EBITDA: (a) as measurements of
operating performance because they assist us in comparing our operating
performance on a consistent basis as they do not reflect the impact of
items not directly resulting from our core operations; (b) for planning
purposes, including the preparation of our internal annual operating
budget; (c) to allocate resources to enhance the financial performance
of our business; (d) to evaluate the effectiveness of our operational
strategies; and (e) to evaluate our capacity to fund capital
expenditures and expand our business.

We believe these non-GAAP measures provide useful information to both
management and investors by excluding certain expenses that may not be
indicative of our core operating measures. In addition, because we have
historically reported certain non-GAAP measures to investors, we believe
the inclusion of non-GAAP measures provides consistency in our financial
reporting. These measures should be considered in addition to financial
information prepared in accordance with generally accepted accounting
principles, but should not be considered a substitute for, or superior
to, GAAP results. A reconciliation of all historical non-GAAP measures
included in this press release, to the most directly comparable GAAP
measures, may be found in the financial tables included in this press
release.

Supplemental Operating Data

To supplement our consolidated financial statements presented in
accordance with GAAP, we use certain supplemental operating data as a
measure of certain components of operating performance. We review GMV
because it provides a measure of the volume of goods being sold in our
marketplaces and thus the activity of those marketplaces. GMV and our
other supplemental operating data, including registered buyers, auction
participants and completed transactions, also provide a means to
evaluate the effectiveness of investments that we have made and continue
to make in the areas of customer support, value-added services, product
development, sales and marketing and operations. Therefore, we believe
this supplemental operating data provides useful information to both
management and investors. In addition, because we have historically
reported certain supplemental operating data to investors, we believe
the inclusion of this supplemental operating data provides consistency
in our financial reporting. This data should be considered in addition
to financial information prepared in accordance with generally accepted
accounting principles, but should not be considered a substitute for, or
superior to, GAAP results.

Forward-Looking Statements

This document contains forward-looking statements made pursuant to the
Private Securities Litigation Reform Act of 1995. These statements are
only predictions. The outcome of the events described in these
forward-looking statements is subject to known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to differ materially
from any future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements. These
statements include, but are not limited to, statements regarding the
Company’s business outlook and expected future effective tax rates. You
can identify forward-looking statements by terminology such as “may,”
“will,” “should,” “could,” “would,” “expects,” “intends,” “plans,”
“anticipates,” “believes,” “estimates,” “predicts,” “potential,”
“continues” or the negative of these terms or other comparable
terminology. Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future
results, levels of activity, performance or achievements.

There are a number of risks and uncertainties that could cause our
actual results to differ materially from the forward-looking statements
contained in this document. Important factors that could cause our
actual results to differ materially from those expressed as
forward-looking statements are set forth in our filings with the SEC
from time to time, and include, among others, our dependence on our
contracts with the DoD and Wal-Mart for a significant portion of our
revenue and profitability; our ability to successfully expand the supply
of merchandise available for sale on our online marketplaces; our
ability to attract and retain active professional buyers to purchase
this merchandise; the timing and success of upgrades to our technology
infrastructure; our ability to successfully complete the integration of
any acquired companies, including NESA and Go-Industry, into our
existing operations and our ability to realize any anticipated benefits
of these or other acquisitions; and our ability to recognize any
expected tax benefits as a result of closing our U.K. retail consumer
goods operations. There may be other factors of which we are currently
unaware or deem immaterial that may cause our actual results to differ
materially from the forward-looking statements.

All forward-looking statements attributable to us or persons acting on
our behalf apply only as of the date of this document and are expressly
qualified in their entirety by the cautionary statements included in
this document. Except as may be required by law, we undertake no
obligation to publicly update or revise any forward-looking statement to
reflect events or circumstances occurring after the date of this
document or to reflect the occurrence of unanticipated events.

About Liquidity Services, Inc.

Liquidity Services, Inc. (NASDAQ: LQDT) provides leading corporations,
public sector agencies and buying customers the world’s most
transparent, innovative and effective online marketplaces and integrated
services for surplus assets. On behalf of its clients, Liquidity
Services has completed the sale of over $4.0 billion of surplus,
returned and end-of-life assets, in over 500 product categories,
including consumer goods, capital assets and industrial equipment. The
Company is based in Washington, D.C. and has over 1,300 employees.
Additional information can be found at: http://www.liquidityservicesinc.com.

 
Liquidity Services, Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in Thousands)
 
September 30,
2013   2012
Assets
Current assets:
Cash and cash equivalents $ 95,109 $ 104,782
Accounts receivable, net of allowance for doubtful accounts of $891
and $1,248 in 2013 and 2012, respectively
24,050 16,226
Inventory 29,261 20,669
Prepaid and deferred taxes 11,243 16,927
Prepaid expenses and other current assets   4,802   3,973
Total current assets 164,465 162,577
Property and equipment, net 10,380 10,382
Intangible assets, net 28,205 34,204
Goodwill 211,711 185,771
Other assets   6,583   7,474
Total assets $ 421,344 $ 400,408
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable $ 16,539 $ 9,997
Accrued expenses and other current liabilities 34,825 36,425
Profit-sharing distributions payable 4,315 4,041
Current portion of acquisition earn out payable 14,511
Customer payables 29,497 34,255
Current portion of note payable 10,000
Current liabilities of discontinued operations     154
Total current liabilities 85,176 109,383
Acquisition earn out payable 18,390
Note payable, net of current portion 32,000
Deferred taxes and other long-term liabilities   2,899   9,022
Total liabilities 106,465 150,405
Stockholders’ equity:
Common stock, $0.001 par value; 120,000,000 shares authorized;
31,811,764 shares issued and outstanding at September 30, 2013;
31,138,111 shares issued and outstanding at September 30, 2012
31 31
Additional paid-in capital 206,861 182,361
Accumulated other comprehensive income 518 1,246
Retained earnings   107,469   66,365
Total stockholders’ equity   314,879   250,003
Total liabilities and stockholders’ equity $ 421,344 $ 400,408
   
Liquidity Services, Inc. and Subsidiaries
Consolidated Statements of Operations
(Dollars in Thousands, Except Share and Per Share Data)
 
Three Months Ended Twelve Months Ended
September 30, September 30,
2013   2012 2013   2012
Revenue $ 96,839 $ 102,424 $ 404,041 $ 415,829
Fee revenue   32,289   19,851   101,815   59,475
Total revenue 129,128 122,275 505,856 475,304
 
Costs and expenses:
Cost of goods sold (excluding amortization) 52,449 50,626 199,494 198,123
Profit-sharing distributions 8,942 9,125 35,944 43,242
Technology and operations 23,247 20,025 90,052 67,553
Sales and marketing 9,742 10,444 40,170 31,252
General and administrative 13,047 12,435 48,950 37,107
Amortization of contract intangibles 1,816 1,884 7,265 7,943
Depreciation and amortization 2,583 1,715 10,109 6,223
Acquisition costs   95   7,256   5,921   1,695
 
Total costs and expenses   111,921   113,510   437,905   393,138
 
Income from operations 17,207 8,765 67,951 82,166
Interest and other expense (income), net   69   593   (704 )   2,218
 
Income before provision for income taxes from operations 17,138 8,172 68,655 79,948
Provision for income taxes   6,729   2,627   27,551   31,652
Income from operations 10,409 5,545 41,104 48,296
       
Net income $ 10,409 $ 5,545 $ 41,104 $ 48,296
 
Basic earnings per common share $ 0.33 $ 0.18 $ 1.30 $ 1.57
 
Diluted earnings per common share $ 0.32 $ 0.17 $ 1.26 $ 1.47
 
Basic weighted average shares outstanding   31,772,379   31,045,293   31,616,926   30,854,796
 
Diluted weighted average shares outstanding   32,702,807   32,788,205   32,657,236   32,783,079
   
Liquidity Services, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
 
Three Months Ended Twelve Months Ended
September 30, September 30,
2013     2012 2013     2012
Operating activities
Net income $ 10,409   $ 5,545 $ 41,104   $ 48,296
Adjustments to reconcile net income to cash provided by operating
activities:
Depreciation and amortization 4,399 3,599 17,374 14,166
Gain on early extinguishment of debt (1,000 )
Stock compensation expense 3,150 3,462 13,379 12,117
Inventory allowance (13 ) 1,660 (1,122 ) 884
Doubtful accounts (114 ) 334 (357 ) 117
Deferred tax provision (6,852 ) (1,719 ) (6,852 ) (1,719 )
Incremental tax benefit from exercise of common stock options (2,514 ) (1,765 ) (8,588 ) (16,953 )
Changes in operating assets and liabilities:
Accounts receivable (1,114 ) (433 ) (7,466 ) (1,548 )
Inventory (1,538 ) 4,383 (7,470 ) (132 )
Prepaid expenses and other assets 10,925 4,594 14,217 18,003
Accounts payable 4,258 (1,017 ) 6,542 (7,260 )
Accrued expenses and other 6,267 (15,806 ) (2,341 ) (9,507 )
Profit-sharing distributions payable 1,502 1,103 274 (3,226 )
Customer payables 1,458 2,696 (4,768 ) 2,529
Acquisition earn out payables 92 6,242 (5,985 ) (3,826 )
Other liabilities   (397 )   77   (198 )   205
Net cash provided by operating activities 29,918 12,955 46,743 52,146
Investing activities
Cash paid for acquisitions and decrease (increase) in goodwill and
intangibles
(11 ) 8,267 (14,730 ) (71,796 )
Purchases of property and equipment   (1,554 )   (3,965 )   (5,463 )   (6,793 )
Net cash (used in) provided by investing activities (1,565 ) 4,302 (20,193 ) (78,589 )
Financing activities
Repayment of notes payable (39,000 )
Payment of acquisition contingent liabilities (8,185 )
Proceeds from exercise of common stock options (net of tax) 1,138 1,469 2,532 15,491
Incremental tax benefit from exercise of common stock options 2,514 1,765 8,588 16,953
Repurchases of common stock         (29,999 )
 
Net cash provided by (used in) financing activities 3,652 3,234 (36,065 ) 2,445
Effect of exchange rate differences on cash and cash equivalents   (223 )   (288 )   (158 )   (309 )
 
Net increase (decrease) in cash and cash equivalents 31,782 20,203 (9,673 ) (24,307 )
Cash and cash equivalents at beginning of the period   63,327   84,659   104,782   129,089
 
Cash and cash equivalents at end of period $ 95,109 $ 104,862 $ 95,109 $ 104,782
Supplemental disclosure of cash flow information
Cash paid for income taxes $ 4,539 $ 2,721 $ 16,760 $ 14,482
Cash paid for interest 5 64 2,034 117
Contingent purchase price accrued 6,242 18,390 7,438
Note payable issued in connection with acquisition 40,000
 

Source: Liquidity Services, Inc.

Liquidity Services, Inc.
Julie Davis
Director, Investor
Relations
202-467-6868 ext. 2234
julie.davis@liquidityservicesinc.com