Q3 2024 Liquidity Services Inc Earnings Call Transcript
Key Points
- Liquidity Services Inc (LQDT) reported a record GMV of $380 million for Q3, driven by market share gains and expanded services.
- The company achieved its highest quarterly GAAP net income in fiscal year 2024 and strongest non-GAAP adjusted EBITDA performance in a decade.
- GovDeals segment set a quarterly GMV record of $250 million, with strong year-over-year growth in vehicle sales.
- Machinio segment set another revenue record and is expected to sustain mid-teens or better organic revenue growth.
- Liquidity Services Inc (LQDT) continues to have zero debt and $25 million of available borrowing capacity under its credit facility.
- There is evidence of softening prices in the GovDeals segment, particularly in fleet assets like vehicles and construction equipment.
- The capital assets group segment's results were lower than expected due to several delayed or canceled sales in the US and Asia regions.
- Retail segment's direct profit was down 3% due to a higher proportion of purchase revenue and lower value product flows.
- CAG segment experienced a 4% decline in revenue and a 6% decline in segment direct profit due to project delays in the energy vertical.
- GAAP earnings per share of $0.19 included acquisition-related expenses and a legal settlement, resulting in lower earnings per share compared to the same quarter last year.
Welcome to the Liquidity Services Inc. third quarter of fiscal year 2024 financial results conference call. My name is Lauren Cannon, and I will be your operator for today's call. Please note that this conference call is being recorded. (Operator Instructions) I will now turn the call over to Michael Patrick, Liquidity Services Vice President, and Controller.
Good morning. On the call today are Bill Angrick, our Chairman and Chief Executive Officer; and Jorge Celaya, our Executive Vice President and Chief Financial Officer. They will be available for questions after their prepared remarks. The following discussion and responses to your questions reflect management's views as of today, August 8, 2024, and will include forward-looking statements. Actual results may differ materially.
Additional information about factors that could potentially impact our financial results is included in today's press release and in filings with the SEC, including our most recent annual report on Form 10-K. As
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