Liquidity Services, Inc. Announces Second Quarter Fiscal Year 2012 Financial Results
– Second quarter record revenue of
Net income in Q2-12 was
LSI has a
Q2-12 operating cash flow was
“LSI reported record results for GMV, Adjusted EBITDA and Adjusted EPS
in Q2-12 all of which exceeded our guidance range. Record GMV results
were primarily driven by growth in the volume of goods sold in our
retail supply chain and municipal government marketplaces by existing
and new clients. Our team did an excellent job handling the increased
volumes while maintaining a high level of service and quality to our
clients and buying customers. Our consistent execution has enabled
Business Outlook
While economic conditions have improved, our overall outlook remains cautious due to the volatility in the macro environment and its potential impact on the retail supply chain and GDP growth. Additionally, during fiscal year 2012 we expect to fund major upgrades in our technology infrastructure to support further integration of our existing businesses and online marketplaces, including the integration of Truckcenter.com and Jacobs Trading. 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. We continue to implement the Jacobs Trading acquisition according to our original plan. The network effect of the integration is creating efficiencies for our selling and buying customers. These efficiencies continue to bring new sellers into our marketplace and have enabled us to increase our operating performance creating margin improvements as we scale our commercial business. As we improve operating efficiencies and service levels, we expect our competitive position to strengthen.
The following forward looking statements reflect trends and assumptions for the next quarter and FY 2012:
(i) | stable commodity prices in our scrap business; | ||||||
(ii) | stable average sales prices realized in our capital assets marketplaces; | ||||||
(iii) | an effective income tax rate of 40%; and | ||||||
(iv) | improved operations and service levels in our retail goods marketplaces. |
Our results may also be materially affected by changes in business trends and our operating environment, and by other factors, such as: (i) investments in infrastructure and value-added services to support new business in both commercial and public sector markets; and (ii) pricing pressure from buyers in selected categories of our retail goods marketplaces, which can result in lower than optimal margins.
Our Scrap Contract with the
GMV – We expect GMV for fiscal year 2012 to
range from
Adjusted EBITDA – We expect Adjusted EBITDA
for fiscal year 2012 to range from
Adjusted Diluted EPS – We estimate Adjusted
Earnings Per Diluted Share for fiscal year 2012 to range from
Our guidance adjusts EBITDA and Diluted EPS for (i) acquisition costs
including transaction costs and changes in earn out estimates; (ii)
amortization of contract intangible assets of
Key Q2-12 Operating Metrics
Registered Buyers — At the end of Q2-12, registered buyers totaled approximately 1,711,000, representing a 13% increase over the approximately 1,508,000 registered buyers at the end of Q2-11.
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 564,000 in Q2-12, an approximately 3% increase over the approximately 546,000 auction participants in Q2-11.
Completed Transactions — Completed
transactions decreased to approximately 128,000, an approximately 3%
decrease for Q2-12 from the approximately 132,000 completed transactions
in Q2-11, as a result of an increase in average transaction size of
approximately 64% from
GMV and Revenue Mix — GMV continues to diversify due to the continued growth in our U.S. 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 Q2-12 decreased to 24.3% compared to 35.2% in the prior year period. The table below summarizes GMV and revenue by pricing model. The purchase model revenue mix has increased, as a result of the Jacobs Trading acquisition.
GMV Mix |
||||||||||
Q2-12 | Q2-11 | |||||||||
Profit-Sharing Model: | ||||||||||
Scrap Contract | 8.8 | % | 14.9 | % | ||||||
Total Profit Sharing | 8.8 | % | 14.9 | % | ||||||
Consignment Model: | ||||||||||
GovDeals | 16.9 | % | 18.9 | % | ||||||
Commercial – US | 31.8 | % | 18.7 | % | ||||||
Total Consignment | 48.7 | % | 37.6 | % | ||||||
Purchase Model: | ||||||||||
Commercial – US | 27.0 | % | 25.2 | % | ||||||
Surplus Contract | 15.5 | % | 20.3 | % | ||||||
Total Purchase | 42.5 | % | 45.5 | % | ||||||
Other | — | 2.0 | % | |||||||
Total | 100.0 | % | 100.0 | % | ||||||
Revenue Mix |
||||||||||
Q2-12 | Q2-11 | |||||||||
Profit-Sharing Model: | ||||||||||
Scrap Contract | 15.3 | % | 22.3 | % | ||||||
Total Profit Sharing | 15.3 | % | 22.3 | % | ||||||
Consignment Model: | ||||||||||
GovDeals | 2.6 | % | 2.6 | % | ||||||
Commercial - US | 8.2 | % | 4.3 | % | ||||||
Total Consignment | 10.8 | % | 6.9 | % | ||||||
Purchase Model: | ||||||||||
Commercial – US | 47.5 | % | 37.6 | % | ||||||
Surplus Contract | 26.4 | % | 30.2 | % | ||||||
Total Purchase | 73.9 | % | 67.8 | % | ||||||
Other | — |
3.0 |
% |
|||||||
Total | 100.0 | % | 100.0 | % | ||||||
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 expense and other expense, 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).
Adjusted EBITDA for the three and six months ended
Three Months | Six Months | ||||||||||||||||||||
Ended March 31, | Ended March 31, | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
(in thousands) (unaudited) | |||||||||||||||||||||
Net income | $ 18,762 | $ | 5,059 | $ | 27,888 | $ | 6,442 | ||||||||||||||
Interest expense and other expense, net | 583 | 34 | 1,108 | 55 | |||||||||||||||||
Provision for income taxes | 12,508 | 5,059 | 19,116 | 6,442 | |||||||||||||||||
Amortization of contract intangibles | 2,020 | 204 | 4,039 | 407 | |||||||||||||||||
Depreciation and amortization | 1,505 | 1,351 | 3,031 | 2,541 | |||||||||||||||||
EBITDA | 35,378 | 11,707 | 55,182 | 15,887 | |||||||||||||||||
Stock compensation expense | 2,493 | 2,312 | 5,118 | 4,528 | |||||||||||||||||
Acquisition costs | (6,989 | ) | — | (6,671 | ) | 4,695 | |||||||||||||||
Adjusted EBITDA | $30,882 | $ | 14,019 | $ | 53,629 | $ | 25,110 | ||||||||||||||
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.
Adjusted net income for the three and six months ended
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
(Unaudited) (Dollars in thousands, except per share data) | ||||||||||||||||||||||
Net income | $ | 18,762 | $ | 5,059 | $ | 27,888 | $ | 6,442 | ||||||||||||||
Stock compensation expense (net of tax) | 1,496 | 1,156 | 3,037 | 2,264 | ||||||||||||||||||
Amortization of contract intangibles (net of tax) | 1,090 | — | 2,155 | — | ||||||||||||||||||
Acquisition costs (net of tax) | (4,193 | ) | — | (3,958 | ) | 2,348 | ||||||||||||||||
Adjusted net income | $ | 17,155 | $ | 6,215 | $ | 29,122 | $ | 11,054 | ||||||||||||||
Adjusted basic earnings per common share | $ | 0.56 | $ | 0.23 | $ | 0.95 | $ | 0.41 | ||||||||||||||
Adjusted diluted earnings per common share | $ | 0.52 | $ | 0.22 | $ | 0.89 | $ | 0.39 | ||||||||||||||
Basic weighted average shares outstanding | 30,840,322 | 27,298,989 | 30,616,816 | 27,253,138 | ||||||||||||||||||
Diluted weighted average shares outstanding | 32,778,428 | 28,068,461 | 32,580,473 | 28,179,741 | ||||||||||||||||||
Conference Call
The Company will host a conference call to discuss the fiscal second
quarter 2012 results at
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
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
Liquidity Services, Inc. and Subsidiaries | |||||||||||
Consolidated Balance Sheets | |||||||||||
(Dollars in Thousands) | |||||||||||
March 31, |
|
September 30, |
|||||||||
2012 | 2011 | ||||||||||
Assets | (Unaudited) | ||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 104,756 | $ | 128,984 | |||||||
Accounts receivable, net of allowance for doubtful accounts of $897 and $514 at March 31, 2012 and September 30, 2011, respectively | 11,508 | 6,049 | |||||||||
Inventory | 23,639 | 15,065 | |||||||||
Prepaid and deferred taxes | 10,071 | 16,073 | |||||||||
Prepaid expenses and other current assets | 5,067 | 4,805 | |||||||||
Current assets of discontinued operations | 84 | 277 | |||||||||
Total current assets | 155,125 | 171,253 | |||||||||
Property and equipment, net | 7,558 | 7,042 | |||||||||
Intangible assets, net | 34,062 | 2,993 | |||||||||
Goodwill | 150,766 | 40,549 | |||||||||
Other assets | 5,954 | 5,970 | |||||||||
Total assets | $ | 353,465 | $ | 227,807 | |||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 15,586 | $ | 8,590 | |||||||
Accrued expenses and other current liabilities | 26,481 | 23,411 | |||||||||
Profit-sharing distributions payable | 6,117 | 7,267 | |||||||||
Current portion of acquisition earn out payables | 8,227 | 5,410 | |||||||||
Customer payables | 14,954 | 12,728 | |||||||||
Current portion of note payable | 9,000 | — | |||||||||
Current liabilities of discontinued operations | 616 | 2,160 | |||||||||
Total current liabilities | 80,981 | 59,566 | |||||||||
Acquisition earn out payables | — | 4,741 | |||||||||
Note payable, net of current portion | 32,000 | — | |||||||||
Deferred taxes and other long-term liabilities | 2,254 | 2,087 | |||||||||
Total liabilities | 115,235 | 66,394 | |||||||||
Stockholders’ equity: | |||||||||||
Common stock, $0.001 par value; 120,000,000 shares authorized; 31,081,192 shares issued and outstanding at March 31, 2012; 31,192,608 shares issued and 29,030,552 shares outstanding at September 30, 2011 | 30 | 29 | |||||||||
Additional paid-in capital | 151,947 | 124,886 | |||||||||
Treasury stock, at cost | — |
(21,884 |
) | ||||||||
Accumulated other comprehensive income | 35 | 52 | |||||||||
Retained earnings | 86,218 | 58,330 | |||||||||
Total stockholders’ equity | 238,230 | 161,413 | |||||||||
Total liabilities and stockholders’ equity | $ | 353,465 | $ | 227,807 | |||||||
Liquidity Services, Inc. and Subsidiaries | ||||||||||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||||||||||
(Dollars in Thousands, Except Share and Per Share Data) | ||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | |||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
Revenue | $ | 112,165 | $ | 83,097 | $ | 208,389 | $ | 151,677 | ||||||||||||||||
Fee revenue | 13,559 | 6,316 | 23,366 | 13,186 | ||||||||||||||||||||
Total revenue from continuing operations | 125,724 | 89,413 | 231,755 | 164,863 | ||||||||||||||||||||
Costs and expenses from continuing operations: | ||||||||||||||||||||||||
Cost of goods sold (excluding amortization) | 55,024 | 38,334 | 98,310 | 69,188 | ||||||||||||||||||||
Profit-sharing distributions | 11,385 | 11,879 | 23,872 | 22,205 | ||||||||||||||||||||
Technology and operations | 15,802 | 13,581 | 31,585 | 26,072 | ||||||||||||||||||||
Sales and marketing | 6,909 | 5,948 | 13,445 | 11,715 | ||||||||||||||||||||
General and administrative | 8,215 | 6,785 | 16,032 | 13,080 | ||||||||||||||||||||
Amortization of contract intangibles | 2,020 | 204 | 4,039 | 407 | ||||||||||||||||||||
Depreciation and amortization | 1,505 | 1,195 | 3,031 | 2,241 | ||||||||||||||||||||
Acquisition costs | (6,989 | ) | — | (6,671 | ) | 4,695 | ||||||||||||||||||
Total costs and expenses | 93,871 | 77,926 | 183,643 | 149,603 | ||||||||||||||||||||
Income from continuing operations | 31,853 | 11,487 | 48,112 | 15,260 | ||||||||||||||||||||
Interest expense and other expense, net | (583 | ) | (270 | ) | (1,108 | ) | (513 | ) | ||||||||||||||||
Income before provision for income taxes from continuing operations | 31,270 | 11,217 | 47,004 | 14,747 | ||||||||||||||||||||
Provision for income taxes | (12,508 | ) | (5,059 | ) | (19,116 | ) | (6,442 | ) | ||||||||||||||||
Income from continuing operations | 18,762 | 6,158 | 27,888 | 8,305 | ||||||||||||||||||||
Loss from discontinued operations, net of tax | — | (1,099 | ) | — | (1,863 | ) | ||||||||||||||||||
Net income | $ | 18,762 | $ | 5,059 | $ | 27,888 | $ | 6,442 | ||||||||||||||||
Basic earnings (loss) per common share: | ||||||||||||||||||||||||
From continuing operations | $ | 0.61 | $ | 0.23 | $ | 0.91 | $ | 0.31 | ||||||||||||||||
From discontinued operations | — | (0.04 | ) | — | (0.07 | ) | ||||||||||||||||||
Basic earnings per common share | $ | 0.61 | $ | 0.19 | $ | 0.91 | $ | 0.24 | ||||||||||||||||
Diluted earnings (loss) per common share: | ||||||||||||||||||||||||
From continuing operations | $ | 0.57 | $ | 0.22 | $ | 0.85 | $ | 0.30 | ||||||||||||||||
From discontinued operations | — | (0.04 | ) | — | (0.07 | ) | ||||||||||||||||||
Diluted earnings per common share | $ | 0.57 | $ | 0.18 | $ | 0.85 | $ | 0.23 | ||||||||||||||||
Basic weighted average shares outstanding | 30,840,322 | 27,298,989 | 30,616,816 | 27,253,138 | ||||||||||||||||||||
Diluted weighted average shares outstanding | 32,778,428 | 28,068,461 | 32,580,473 | 28,179,741 | ||||||||||||||||||||
Liquidity Services, Inc. and Subsidiaries | |||||||||||||||||||||||||
Consolidated Statements of Cash Flows | |||||||||||||||||||||||||
(In Thousands) | |||||||||||||||||||||||||
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||
Operating activities | |||||||||||||||||||||||||
Net income | $ | 18,762 | $ | 5,059 | $ | 27,888 | $ | 6,442 | |||||||||||||||||
Less: discontinued operations, net of tax | — | (1,099 | ) | — | (1,863 | ) | |||||||||||||||||||
Income from continuing operations | 18,762 | 6,158 | 27,888 | 8,305 | |||||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities from continuing operations: | |||||||||||||||||||||||||
Depreciation and amortization | 3,524 | 1,398 | 7,070 | 2,647 | |||||||||||||||||||||
Stock compensation expense | 2,493 | 2,312 | 5,118 | 4,528 | |||||||||||||||||||||
Provision (benefit) for inventory allowance | 7 | 122 | (40 | ) | (45 | ) | |||||||||||||||||||
Provision (benefit) for doubtful accounts | 82 | 66 | (129 | ) | 97 | ||||||||||||||||||||
Incremental tax benefit from exercise of common stock options | (4,449 | ) | (230 | ) | (9,338 | ) | (1,495 | ) | |||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||||
Accounts receivable | (2,311 | ) | (2,465 | ) | (620 | ) | (2,782 | ) | |||||||||||||||||
Inventory | 766 | (728 | ) | (2,475 | ) | (2,029 | ) | ||||||||||||||||||
Prepaid expenses and other assets | 6,385 | (449 | ) | 13,160 | 409 | ||||||||||||||||||||
Accounts payable | 6,435 | (1,064 | ) | 3,807 | (1,217 | ) | |||||||||||||||||||
Accrued expenses and other | 7,495 | 860 | 3,023 | (3,120 | ) | ||||||||||||||||||||
Profit-sharing distributions payable | (191 | ) | 3,736 | (1,150 | ) | 4,511 | |||||||||||||||||||
Customer payables | (1,856 | ) | 2,275 | 2,226 | 4,966 | ||||||||||||||||||||
Acquisition earn out payables | (10,109 | ) | (2,500 | ) | (10,109 | ) | 2,195 | ||||||||||||||||||
Other liabilities | (544 | ) | (58 | ) | 167 | (125 | ) | ||||||||||||||||||
Net cash provided by operating activities from continuing operations | 26,489 | 9,433 | 38,598 | 16,845 | |||||||||||||||||||||
Net cash (used in) provided by activities from discontinuing operations | (109 | ) | 57 | (29 | ) | (574 | ) | ||||||||||||||||||
Net cash provided by operating activities | 26,380 | 9,490 | 38,569 | 16,271 | |||||||||||||||||||||
Investing activities | |||||||||||||||||||||||||
Purchases of short-term investments | — | (1,731 | ) | — | (7,862 | ) | |||||||||||||||||||
Proceeds from the sale of short-term investments | — | 21,950 | — | 28,525 | |||||||||||||||||||||
Increase in goodwill and intangibles and cash paid for acquisitions | (22 | ) | (8 | ) | (80,040 | ) | (29 | ) | |||||||||||||||||
Purchases of property and equipment | (883 | ) | (971 | ) | (2,059 | ) | (2,973 | ) | |||||||||||||||||
Net cash (used in) provided by investing activities | (905 | ) | 19,240 | (82,099 | ) | 17,661 | |||||||||||||||||||
Financing activities | |||||||||||||||||||||||||
Proceeds from exercise of common stock options (net of tax) | 5,941 | 5,185 | 9,951 | 7,580 | |||||||||||||||||||||
Incremental tax benefit from exercise of common stock options | 4,449 | 230 | 9,338 | 1,495 | |||||||||||||||||||||
Repurchases of common stock | — | — | — | (3,541 | ) | ||||||||||||||||||||
Net cash provided by financing activities | 10,390 | 5,415 | 19,289 | 5,534 | |||||||||||||||||||||
Effect of exchange rate differences on cash and cash equivalents | (17 | ) | 691 | (16 | ) | 517 | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 35,848 | 34,836 | (24,257 | ) | 39,983 | ||||||||||||||||||||
Cash and cash equivalents at beginning of the period | 68,984 | 48,525 | 129,089 | 43,378 | |||||||||||||||||||||
Less: Cash and cash equivalents of discontinued operations at end of period | 76 | 271 | 76 | 271 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 104,756 | $ | 83,090 | $ | 104,756 | $ | 83,090 | |||||||||||||||||
Supplemental disclosure of cash flow information | |||||||||||||||||||||||||
Cash paid for income taxes | $ | 2,366 | $ | 4,810 | $ | 2,445 | $ | 5,377 | |||||||||||||||||
Cash paid for interest | 32 | 28 | 40 | 38 | |||||||||||||||||||||
Note payable issued in connection with acquisition | — | — | 40,000 | — | |||||||||||||||||||||
Contingent purchase price accrued | — | — | 8,185 | 4,695 | |||||||||||||||||||||
Source:
Liquidity Services, Inc.
Julie Davis, 202-467-6868 ext. 2234
Director,
Investor Relations
julie.davis@liquidityservicesinc.com