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SEC Filings

10-Q
LIQUIDITY SERVICES INC filed this Form 10-Q on 05/08/2015
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Table of Contents

 

Liquidity Services, Inc. and Subsidiaries

Unaudited Consolidated Statements of Cash Flows

(In Thousands)

 

 

Six Months Ended March 31,

 

 

 

2015

 

2014

 

Operating activities

 

 

 

 

 

Net (loss) income

 

$

(62,735

)

$

12,724

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Depreciation and amortization

 

5,197

 

8,655

 

Stock compensation expense

 

5,412

 

6,567

 

(Benefit) provision for inventory allowance

 

(2,463

)

291

 

Provision for doubtful accounts

 

1,205

 

91

 

Deferred tax benefit

 

(22,145

)

 

Impairment of goodwill and long-lived assets

 

96,238

 

 

Incremental tax benefit from exercise of common stock options

 

(65

)

(3,296

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

5,957

 

(3,096

)

Inventory

 

29,246

 

(42,670

)

Prepaid and deferred taxes

 

1,164

 

(7,750

)

Prepaid expenses and other assets

 

182

 

1,305

 

Accounts payable

 

(308

)

5,358

 

Accrued expenses and other

 

(16,390

)

29,543

 

Profit-sharing distributions payable

 

285

 

337

 

Customer payables

 

(10,849

)

2,619

 

Acquisition earn out payables

 

 

175

 

Other liabilities

 

(987

)

(1,796

)

Net cash provided by operating activities

 

28,944

 

9,057

 

Investing activities

 

 

 

 

 

Increase in goodwill and intangibles

 

(9

)

 

Purchases of property and equipment

 

(5,095

)

(4,950

)

Net cash used in investing activities

 

(5,104

)

(4,950

)

Financing activities

 

 

 

 

 

Proceeds from exercise of common stock options (net of tax)

 

107

 

2,231

 

Repurchases of common stock

 

 

(3,057

)

Incremental tax benefit from exercise of common stock options

 

65

 

3,296

 

Net cash provided by financing activities

 

172

 

2,470

 

Effect of exchange rate differences on cash and cash equivalents

 

(379

)

80

 

 

 

 

 

 

 

Net increase in cash and cash equivalents

 

23,633

 

6,657

 

Cash and cash equivalents at beginning of period

 

62,598

 

95,109

 

Cash and cash equivalents at end of period

 

$

86,231

 

$

101,766

 

Supplemental disclosure of cash flow information

 

 

 

 

 

Cash paid for income taxes

 

$

2,453

 

$

12,974

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

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