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SEC Filings

10-Q
LIQUIDITY SERVICES INC filed this Form 10-Q on 02/05/2016
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Table of Contents

 

Liquidity Services, Inc. and Subsidiaries
Unaudited Consolidated Statements of Cash Flows
(In Thousands)

 

 

 

Three Months Ended
December 31,

 

 

 

2015

 

2014

 

Operating activities

 

 

 

 

 

Net loss

 

$

(5,197

)

$

(64,116

)

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

 

 

 

 

 

Depreciation and amortization

 

1,672

 

3,203

 

Stock compensation expense

 

2,420

 

2,602

 

Provision (benefit) for inventory allowance

 

1,208

 

(48

)

Provision for doubtful accounts

 

78

 

121

 

Deferred tax benefit

 

 

(22,145

)

Impairment of goodwill and long-lived assets

 

 

96,238

 

Incremental tax benefit from exercise of common stock options

 

48

 

(163

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

77

 

1,347

 

Inventory

 

(3,152

)

8,138

 

Prepaid and deferred taxes

 

(2,424

)

290

 

Prepaid expenses and other assets

 

(969

)

658

 

Accounts payable

 

594

 

(859

)

Accrued expenses and other

 

(2,070

)

(7,534

)

Profit-sharing distributions payable

 

(1,169

)

(392

)

Customer payables

 

583

 

(3,815

)

Other liabilities

 

3

 

(461

)

Net cash (used in) provided by operating activities

 

(8,298

)

13,064

 

Investing activities

 

 

 

 

 

Increase in intangibles

 

(29

)

(3

)

Purchases of property and equipment

 

(1,428

)

(1,612

)

Net cash used in investing activities

 

(1,457

)

(1,615

)

Financing activities

 

 

 

 

 

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

 

 

71

 

Incremental tax benefit from exercise of common stock options

 

(48

)

163

 

Net cash (used in) provided by financing activities

 

(48

)

234

 

Effect of exchange rate differences on cash and cash equivalents

 

(210

)

(59

)

Net (decrease) increase in cash and cash equivalents

 

(10,013

)

11,624

 

Cash and cash equivalents at beginning of period

 

95,465

 

62,598

 

Cash and cash equivalents at end of period

 

$

85,452

 

$

74,222

 

 

 

 

 

 

 

Supplemental disclosure of cash flow information

 

 

 

 

 

Cash paid for income taxes

 

$

237

 

$

589

 

 

See accompanying notes to the unaudited consolidated financial statements.

 

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