– Revenue of $59.7 million down 5% – Gross Merchandise Volume (GMV) of $91.2 million up 3% – Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $5.5 million down 4% –
WASHINGTON–(BUSINESS WIRE)–Apr. 30, 2009–
Liquidity Services, Inc. (NASDAQ:LQDT; www.liquidityservicesinc.com)
today reported its financial results for its fiscal second quarter
(Q2-09) ended March 31, 2009. Liquidity Services, Inc. is a leading
online auction marketplace for wholesale surplus and salvage assets.
Liquidity Services, Inc. (LSI or the Company) reported consolidated
Q2-09 revenue of $59.7 million, a decrease of approximately 5% from the
prior year’s comparable period. Adjusted EBITDA for Q2-09 was $5.5
million, a decrease of approximately 4% from the prior year’s comparable
period. Q2-09 GMV, the total sales volume of all merchandise sold
through the Company’s marketplaces, was $91.2 million, a growth rate of
approximately 3% over the prior year’s comparable period.
Net income in Q2-09 was $1.7 million or $0.06 diluted earnings per
share. Adjusted net income in Q2-09 was $2.5 million, or $0.09 adjusted
diluted earnings per share.
“While the tough economic climate impacted our results during Q2-09, we
made significant progress against our key FY09 initiatives to position
the Company for long term growth. The rollout of our new DoD Surplus
Contract is on track; we have greatly improved operational efficiencies
in our commercial and government units; expanded our buyer base and
improved our service offering during Q2-09. These factors helped
contribute to a sharp improvement in results from the previous quarter,”
said Bill Angrick, Chairman and CEO of LSI. “LSI grew consolidated GMV
by 3% over the prior year’s comparable period and 11% sequentially,
despite the decline in our scrap business which was down 13%
sequentially and 48% from the prior year due to a decrease in scrap
metal prices, which appear to have stabilized recently. Our sequential
growth was driven by our commercial and GovDeals businesses as clients
and buying customers seek more value in the reverse supply chain during
these difficult economic times. Commercial GMV grew approximately 22%
over the prior year period, and 29% sequentially, driven by a 27%
increase in GMV from our consignment model over the prior year period.
GovDeals GMV grew approximately 22% over the prior year period, and 24%
sequentially. Adjusted EBITDA for Q2-09 was up 161% sequentially driven
by improved margins in our commercial business and the roll-out of our
new Surplus Contract, which had its first significant month of
operations in March. These efficiencies contributed to LSI generating
$5.7 million of cash flow from operations during Q2-09. Our buyer
marketplace continues to deliver strong results for our sellers as we
ended the quarter with over 1.1 million registered buyers, which is up
approximately 24% over the prior year period, including the addition of
a record 65,000 new registered buyers in the second quarter. Transaction
volume was up approximately 32% over the prior year period driven by a
record number of 557,000 auction participants illustrating that our
marketplace is increasingly attractive to buyers in a down economy.”
Business Outlook
We are in a period of economic uncertainty and unprecedented market
volatility which makes it difficult for us to forecast business trends,
resulting in a wider than usual guidance range. In the short term, we
believe changes in consumer spending patterns may impact the overall
supply of goods in the reverse supply chain and the volume and value of
goods sold in our commercial marketplace. In the longer term, we expect
our business 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 marketplace, (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 and demonstrated financial strength
we expect our competitive position to strengthen.
The following forward looking statements reflect the following trends
and assumptions for the next quarter and FY 2009:
| (i) |
reduced commodity prices which will continue to result in decreases to the GMV and profit realized in our scrap business compared to fiscal year 2008; |
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| (ii) |
lower average sales prices realized in our commercial, state and local government marketplaces compared to fiscal year 2008; |
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| (iii) |
new business rules under our new DoD Surplus Contract, which will remove selected items from the product pool that we have historically handled and sold, resulting in lower GMV in our surplus business; |
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| (iv) |
upfront costs associated with launching our new DoD Surplus Contract, including the hiring of new staff and the opening of two new warehouses totaling 665,000 square feet in Columbus, Ohio and Oklahoma City, Oklahoma; |
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| (v) |
our expectation that we will achieve full implementation of our new Surplus Contract in the third quarter of fiscal 2009; |
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| (vi) |
the continued sale throughout fiscal year 2009 of property issued, prior to December 18, 2008, under our original Surplus Contract; |
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| (vii) |
improved operations and service levels in our commercial business which we expect will improve margins during the last two quarters of fiscal year 2009; and |
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| (viii) |
an increase in our expected effective income tax rate from 43% in fiscal year 2008 to 46% for fiscal year 2009 as a result of non-deductible stock based compensation costs increasing in proportion to our U.S. based taxable income. |
Our results may also be materially affected by changes in business
trends and our operating environment, and by other factors, such as,
investments in infrastructure and value-added services to support new
business in both commercial and public sector markets.
Our Scrap Contract with the 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 the next quarter and fiscal year 2009
that we will again receive this incentive payment.
GMV – We expect GMV for fiscal
year 2009 to range from $355 million to $370 million, which is unchanged
from our previous estimate. We expect GMV for Q3-09 to range from $94
million to $98 million.
Adjusted EBITDA – We expect
Adjusted EBITDA for fiscal year 2009 to range from $22.5 million to
$26.5 million, which is unchanged from our previous estimate. We expect
Adjusted EBITDA for Q3-09 to range from $8.7 million to $9.4 million.
Adjusted Diluted EPS – We estimate
Adjusted Earnings Per Diluted Share for fiscal year 2009 to range from
$0.45 to $0.47, which is unchanged from our previous estimate. For
Q3-09, we estimate Adjusted Earnings Per Diluted Share to be $0.16 to
$0.17. This guidance reflects the recent impact of our stock repurchase
program under which we repurchased 707,462 shares for approximately
$3.9 million, during the prior quarter, however it does not assume that
we will continue to repurchase shares with the approximately
$6.1 million yet to be expended under the program.
Our guidance adjusts EBITDA and Diluted EPS for the effects of FAS
123(R), which we estimate to be approximately $1.6 million to $1.7
million per quarter for the remaining two quarters of fiscal year 2009.
Key Q2-09 Operating Metrics
Registered Buyers — At the end of
Q2-09, registered buyers totaled approximately 1,111,000, representing a
24% increase over the approximately 892,000 registered buyers at the end
of Q2-08.
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 a record approximately 557,000 in Q2-09, an
approximately 20% increase over the approximately 463,000 auction
participants in Q2-08.
Completed Transactions — Completed
transactions increased to a record approximately 120,000, an
approximately 32% increase for Q2-09 from the approximately 91,000
completed transactions in Q2-08.
GMV and Revenue Mix — GMV and
revenue continue to diversify due to the continued growth in our U.S.
commercial and GovDeals businesses and the addition of our international
commercial business. As a result, the percentage of GMV and revenue
derived from our DoD Contracts during Q2-09 decreased to 31.6% and
48.2%, respectively, compared to 44.6% and 62.6%, respectively, in the
prior year period. The table below summarizes GMV and revenue by pricing
model.
|
GMV Mix |
Q2-09 | Q2-08 | ||||
| Profit-Sharing Model: | ||||||
| Original Surplus Contract | 17.8 | % | 23.9 | % | ||
| Scrap | 10.4 | % | 20.7 | % | ||
| Total Profit Sharing | 28.2 | % | 44.6 | % | ||
| Consignment Model: | ||||||
| GovDeals | 21.2 | % | 18.0 | % | ||
| Commercial – US | 21.7 | % | 17.6 | % | ||
| Total Consignment | 42.9 | % | 35.6 | % | ||
| Purchase Model: | ||||||
| Commercial – US | 20.6 | % | 18.3 | % | ||
| New Surplus Contract | 3.4 | % | — | |||
| Commercial – International | 3.6 | % | — | |||
| Total Purchase | 27.6 | % | 18.3 | % | ||
| Other | 1.3 | % | 1.5 | % | ||
| Total | 100.0 | % | 100.0 | % | ||
|
Revenue Mix |
||||||
| Profit-Sharing Model: | ||||||
| Original Surplus Contract | 27.1 | % | 33.5 | % | ||
| Scrap | 15.9 | % | 29.1 | % | ||
| Total Profit Sharing | 43.0 | % | 62.6 | % | ||
| Consignment Model: | ||||||
| GovDeals | 2.4 | % | 1.8 | % | ||
| Commercial – US | 9.8 | % | 6.4 | % | ||
| Total Consignment | 12.2 | % | 8.2 | % | ||
| Purchase Model: | ||||||
| Commercial – US | 31.5 | % | 25.7 | % | ||
| New Surplus Contract | 5.2 | % | — | |||
| Commercial – International | 5.4 | % | — | |||
| Total Purchase | 42.1 | % | 25.7 | % | ||
| Other | 2.7 | % | 3.5 | % | ||
| Total | 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 less (a) interest income and other income, net; plus
(b) provision for income taxes; (c) amortization of contract
intangibles; and (d) depreciation and amortization. Our definition of
Adjusted EBITDA differs from EBITDA because we further adjust EBITDA for
stock based compensation expense.
|
Three Months Ended March 31, |
Six Months Ended March 31, |
|||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| (in thousands) (unaudited) | ||||||||||||||||
| Net income | $ | 1,675 | $ | 2,646 | $ | 1,677 | $ | 5,009 | ||||||||
| Interest income and other income, net | (90 | ) | (621 | ) | (326 | ) | (1,109 | ) | ||||||||
| Provision for income taxes | 1,427 | 1,862 | 1,429 | 3,504 | ||||||||||||
| Amortization of contract intangibles | 203 | 203 | 407 | 407 | ||||||||||||
| Depreciation and amortization | 678 | 465 | 1,316 | 852 | ||||||||||||
| EBITDA | 3,893 | 4,555 | 4,503 | 8,663 | ||||||||||||
| Stock compensation expense | 1,566 | 1,151 | 3,049 | 2,263 | ||||||||||||
| Adjusted EBITDA | $ | 5,459 | $ | 5,706 | $ | 7,552 | $ | 10,926 | ||||||||
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. Adjusted basic and diluted
earnings per share are determined using Adjusted Net Income.
| Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||
| (Unaudited) (Dollars in thousands, except per share data) | ||||||||||||
| Net income | $ | 1,675 | $ | 2,646 | $ | 1,677 | $ | 5,009 | ||||
| Stock compensation expense (net of tax) | 846 | 679 | 1,647 | 1,335 | ||||||||
| Adjusted net income | $ | 2,521 | $ | 3,325 | $ | 3,324 | $ | 6,344 | ||||
| Adjusted basic earnings per common share | $ | 0.09 | $ | 0.12 | $ | 0.12 | $ | 0.23 | ||||
| Adjusted diluted earnings per common share | $ | 0.09 | $ | 0.12 | $ | 0.12 | $ | 0.23 | ||||
| Basic weighted average shares outstanding | 27,777,517 | 27,951,777 | 27,901,907 | 27,947,958 | ||||||||
| Diluted weighted average shares outstanding | 27,972,045 | 28,261,121 | 27,999,171 | 28,184,407 | ||||||||
Conference Call
The Company will host a conference call to discuss the second quarter
fiscal 2009 results at 5 p.m. Eastern Time today. Investors and other
interested parties may access the teleconference by dialing 866-510-0710
or 617-597-5378 and providing the participant pass code 79980155. 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 May 29, 2009 at 11:59 p.m. ET. An audio replay
of the teleconference will also be available until May 29, 2009 at 11:59
p.m. ET. To listen to the replay, dial 888-286-8010 or 617-801-6888 and
provide pass code 78547852. Both replays will be available starting at
8:00 p.m. on the day of the call.
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 non-GAAP measures included in
this press release, to the most directly comparable GAAP measures, can
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. 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 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; and our ability to successfully complete the integration of
Geneva into our existing 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 LSI
LSI enables buyers and sellers to transact in an efficient, automated
online auction environment. The Company’s marketplaces provide
professional buyers access to a global, organized supply of wholesale
surplus and salvage assets presented with digital images and other
relevant product information. Additionally, LSI enables its corporate
and government sellers to enhance their financial return on excess
assets by providing a liquid marketplace and value-added services that
are integrated into a single offering. The Company organizes its
products into categories across major industry verticals such as
consumer electronics, general merchandise, apparel, scientific
equipment, aerospace parts and equipment, technology hardware, and scrap
metals. The Company’s online auction marketplaces are www.liquidation.com,
www.govliquidation.com,
www.govdeals.com
and www.liquibiz.com.
LSI also operates a wholesale industry portal, www.goWholesale.com,
that connects advertisers with buyers seeking products for resale and
related business services.
|
Liquidity Services, Inc. and Subsidiaries |
||||||||
| March 31, | September 30, | |||||||
| 2009 | 2008 | |||||||
| Assets | (Unaudited) | |||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 34,204 | $ | 51,954 | ||||
| Short-term investments | 19,759 | 11,244 | ||||||
|
Accounts receivable, net of allowance for doubtful accounts of |
3,681 | 4,658 | ||||||
| Inventory | 13,084 | 13,327 | ||||||
| Prepaid expenses, deferred taxes and other current assets | 8,661 | 7,653 | ||||||
| Total current assets | 79,389 | 88,836 | ||||||
| Property and equipment, net | 5,490 | 4,730 | ||||||
| Intangible assets, net | 4,609 | 5,561 | ||||||
| Goodwill | 31,834 | 34,696 | ||||||
| Other assets | 3,043 | 3,344 | ||||||
| Total assets | $ | 124,365 | $ | 137,167 | ||||
| Liabilities and stockholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 5,869 | $ | 8,303 | ||||
| Accrued expenses and other current liabilities | 10,550 | 10,314 | ||||||
| Profit-sharing distributions payable | 4,533 | 10,312 | ||||||
| Customer payables | 6,927 | 8,841 | ||||||
| Current portion of long-term debt and capital lease obligations | 24 | 22 | ||||||
| Total current liabilities | 27,903 | 37,792 | ||||||
| Long-term debt and capital lease obligations, net of current portion | 31 | 44 | ||||||
| Deferred taxes and other long-term liabilities | 2,842 | 2,961 | ||||||
| Total liabilities | 30,776 | 40,797 | ||||||
| Stockholders’ equity: | ||||||||
|
Common stock, $0.001 par value; 120,000,000 shares authorized; |
27 | 28 | ||||||
| Additional paid-in capital | 69,244 | 65,973 | ||||||
| Treasury Stock | (3,873 | ) | — | |||||
| Accumulated other comprehensive loss | (5,572 | ) | (1,717 | ) | ||||
| Retained earnings | 33,763 | 32,086 | ||||||
| Total stockholders’ equity | 93,589 | 96,370 | ||||||
| Total liabilities and stockholders’ equity | $ | 124,365 | $ | 137,167 | ||||
|
Liquidity Services, Inc. and Subsidiaries |
||||||||||||||||
| Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||
| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Revenue | $ | 59,676 | $ | 62,839 | $ | 115,318 | $ | 122,105 | ||||||||
| Costs and expenses: | ||||||||||||||||
| Cost of goods sold (excluding amortization) | 22,703 | 16,162 | 41,292 | 31,565 | ||||||||||||
| Profit-sharing distributions | 11,797 | 22,630 | 26,137 | 43,436 | ||||||||||||
| Technology and operations | 11,678 | 10,300 | 23,606 | 20,277 | ||||||||||||
| Sales and marketing | 4,474 | 3,917 | 8,905 | 8,050 | ||||||||||||
| General and administrative | 5,131 | 5,275 | 10,875 | 10,114 | ||||||||||||
| Amortization of contract intangibles | 203 | 203 | 407 | 407 | ||||||||||||
| Depreciation and amortization | 678 | 465 | 1,316 | 852 | ||||||||||||
| Total costs and expenses | 56,664 | 58,952 | 112,538 | 114,701 | ||||||||||||
| Income from operations | 3,012 | 3,887 | 2,780 | 7,404 | ||||||||||||
|
Interest income and other income, net |
90 | 621 | 326 | 1,109 | ||||||||||||
| Income before provision for income taxes | 3,102 | 4,508 | 3,106 | 8,513 | ||||||||||||
| Provision for income taxes | (1,427 | ) | (1,862 | ) | (1,429 | ) | (3,504 | ) | ||||||||
| Net income | $ | 1,675 | $ | 2,646 | $ | 1,677 | $ | 5,009 | ||||||||
| Basic earnings per common share | $ | 0.06 | $ | 0.10 | $ | 0.06 | $ | 0.18 | ||||||||
| Diluted earnings per common share | $ | 0.06 | $ | 0.10 | $ | 0.06 | $ | 0.18 | ||||||||
| Basic weighted average shares outstanding | 27,777,517 | 27,951,777 | 27,901,907 | 27,947,958 | ||||||||||||
| Diluted weighted average shares outstanding | 27,972,045 | 28,261,121 | 27,999,171 | 28,184,407 | ||||||||||||
|
Liquidity Services, Inc. and Subsidiaries |
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| Three Months Ended March 31, |
Six Months Ended March 31, |
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| 2009 | 2008 | 2009 | 2008 | |||||||||||||
| Operating activities | ||||||||||||||||
| Net income | $ | 1,675 | $ | 2,646 | $ | 1,677 | $ | 5,009 | ||||||||
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
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| Depreciation and amortization | 881 | 668 | 1,723 | 1,259 | ||||||||||||
| Stock compensation expense | 1,566 | 1,152 | 3,049 | 2,263 | ||||||||||||
| Provision for doubtful accounts | (370 | ) | (164 | ) | (319 | ) | (164 | ) | ||||||||
| Changes in operating assets and liabilities: | ||||||||||||||||
| Accounts receivable | (780 | ) | (460 | ) | 1,297 | 1,991 | ||||||||||
| Inventory | (475 | ) | 803 | 243 | (294 | ) | ||||||||||
| Prepaid expenses and other assets | 451 | (1,545 | ) | (707 | ) | (1,819 | ) | |||||||||
| Accounts payable | (349 | ) | 335 | (2,435 | ) | 1,847 | ||||||||||
| Accrued expenses and other | 2,833 | (989 | ) | 237 | (4,570 | ) | ||||||||||
| Profit-sharing distributions payable | 106 | (583 | ) | (5,779 | ) | 2,591 | ||||||||||
| Customer payables | 408 | 1,927 | (1,913 | ) | 2,892 | |||||||||||
| Other liabilities | (294 | ) | 38 | (120 | ) | 73 | ||||||||||
| Net cash provided by (used in) operating activities | 5,652 | 3,828 | (3,047 | ) | 11,078 | |||||||||||
| Investing activities | ||||||||||||||||
| Purchases of short-term investments | (4,455 | ) | (18,414 | ) | (13,915 | ) | (24,749 | ) | ||||||||
| Proceeds from the sale of short-term investments | 2,510 | 18,159 | 5,400 | 24,288 | ||||||||||||
| Increase in goodwill and intangibles | (2 | ) | (11 | ) | (86 | ) | (23 | ) | ||||||||
| Cash paid for acquisitions, net of cash acquired | — | (9,389 | ) | — | (9,389 | ) | ||||||||||
| Purchases of property and equipment | (1,132 | ) | (404 | ) | (1,780 | ) | (754 | ) | ||||||||
| Net cash used in investing activities | (3,079 | ) | (10,059 | ) | (10,381 | ) | (10,627 | ) | ||||||||
| Financing activities | ||||||||||||||||
| Principal repayments of capital lease obligations and debt | (5 | ) | (2 | ) | (11 | ) | (46 | ) | ||||||||
|
Proceeds from exercise of common stock options and warrants (net of tax) |
130 | 44 | 182 | 93 | ||||||||||||
| Incremental tax benefit from exercise of common stock options | 30 | 3 | 40 | 3 | ||||||||||||
| Repurchases of common stock | (3,874 | ) | — | (3,874 | ) | — | ||||||||||
| Net cash (used in) provided by financing activities | (3,719 | ) | 45 | (3,663 | ) | 50 | ||||||||||
| Effect of exchange rate differences on cash and cash equivalents | (96 | ) | 107 | (658 | ) | (11 | ) | |||||||||
| Net (decrease) increase in cash and cash equivalents | (1,242 | ) | (6,079 | ) | (17,749 | ) | 490 | |||||||||
| Cash and cash equivalents at beginning of the period | 35,446 | 46,523 | 51,953 | 39,954 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 34,204 | $ | 40,444 | $ | 34,204 | $ | 40,444 | ||||||||
| Supplemental disclosure of cash flow information | ||||||||||||||||
| Cash paid for income taxes | $ | 2,091 | $ | 4,628 | $ | 2,896 | $ | 7,139 | ||||||||
| Cash paid for interest | 12 | 8 | 27 | 9 | ||||||||||||
Source: Liquidity Services, Inc.
Liquidity Services, Inc.
Julie Davis
Director, Investor
Relations
202-467-6868 ext. 2234
[email protected]
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