0000950170-24-093555 | 10-Q | XBRL Viewer

Segment Information (Tables)

9 Months Ended

Jun. 30, 2024

Schedule of segment reporting information, by segment

The following table sets forth certain financial information for the Company's reportable segments:


		Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands)		2024			2023			2024			2023
GovDeals:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		22,109			17,270			56,384			45,956
	Total revenue		22,109			17,270			56,384			45,956
	Segment direct profit	$	20,716		$	16,389		$	52,982		$	43,572

RSCG:
	Purchase revenue	$	51,713		$	41,439		$	134,971		$	121,651
	Consignment and other fee revenues		7,051			9,532			24,328			29,006
	Total revenue		58,764			50,971			159,299			150,657
	Segment direct profit	$	17,365		$	17,876		$	48,478		$	50,562

CAG:
	Purchase revenue	$	1,683		$	1,370		$	7,755		$	7,064
	Consignment and other fee revenues		6,967			7,615			21,009			20,731
	Total revenue		8,650			8,985			28,764			27,795
	Segment direct profit	$	7,430		$	7,938		$	23,611		$	23,466

Machinio:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		4,106			3,559			11,994			10,144
	Total revenue		4,106			3,559			11,994			10,144
	Segment direct profit	$	3,906		$	3,381		$	11,409		$	9,611

Corporate, including elimination adjustments:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		(16	)		(16	)		(49	)		(47	)
	Total revenue		(16	)		(16	)		(49	)		(47	)
	Segment direct profit	$	(16	)	$	(16	)	$	(49	)	$	(47	)

Consolidated:
	Purchase revenue	$	53,396		$	42,809		$	142,726		$	128,715
	Consignment and other fee revenues		40,217			37,961			113,665			105,790
	Total revenue		93,613			80,770			256,391			234,505
	Total Segment direct profit	$	49,401		$	45,568		$	136,431		$	127,165

Schedule of reconciliation of revenue from segments to consolidated

The following table reconciles segment direct profit used in the reportable segments to the Company's consolidated results:


	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Reconciliation:
Total segment direct profit	$	49,401		$	45,568		$	136,431		$	127,165
Other costs and expenses from operations (1)	$	40,933			37,315			119,213			108,811
Interest and other income, net	$	(233	)		(777	)		(1,469	)		(1,609	)
Income before provision for income taxes	$	8,702		$	9,030		$	18,687		$	19,963

(1)

Other costs and expenses from operations is defined as Total costs and expenses from operations per the Condensed Consolidated Statements of Operations, less Cost of goods sold (which is included in the calculation of Segment direct profit).

Earnings Per Share

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

Basic net income per share is computed by dividing Net income for the period by the weighted average number of shares outstanding during the period. Diluted net income per share is computed by dividing Net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The calculation of Diluted net income per share excludes all anti-dilutive common shares.

The computation of Basic and Diluted net income per share is as follows:


	Three months ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	6,000	$	6,487	$	13,616	$	14,698
Denominator:
Basic weighted average shares outstanding		30,388,675		30,605,963		30,497,820		31,243,979
Dilutive impact of stock options, RSUs and RSAs		1,075,786		907,525		1,119,758		949,260
Diluted weighted average shares outstanding		31,464,461		31,513,488		31,617,578		32,193,239
Basic income per common share	$	0.20	$	0.21	$	0.45	$	0.47
Diluted income per common share	$	0.19	$	0.21	$	0.43	$	0.46
Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive		1,676,121		1,813,106		1,696,121		1,834,550

Cover Page - shares	9 Months Ended
Cover Page - shares	Jun. 30, 2024	Aug. 05, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	0-51813
Entity Registrant Name	LIQUIDITY SERVICES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	52-2209244
Entity Address, Address Line One	6931 Arlington Road
Entity Address, Address Line Two	Suite 460
Entity Address, City or Town	Bethesda
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	202
Local Phone Number	467-6868
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	LQDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		30,532,399
Entity Central Index Key	0001235468
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

Intangible Assets - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,100,000	$ 1,000,000	$ 3,000,000	$ 2,900,000
Impairment of long-lived assets	0		0
Sierra Acquisition
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 5,400,000		$ 5,400,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets - Schedule of intangible assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Intangible Assets
Gross Carrying Amount	$ 30,090	$ 24,675
Accumulated Amortization	(15,230)	(12,218)
Net Carrying Amount	14,860	12,457
Customer and supplier relationships
Intangible Assets
Gross Carrying Amount	22,100	17,000
Accumulated Amortization	(8,158)	(6,043)
Net Carrying Amount	$ 13,942	10,957
Customer and supplier relationships \| Minimum
Intangible Assets
Useful Life (in years)	6 years
Customer and supplier relationships \| Maximum
Intangible Assets
Useful Life (in years)	8 years
Technology
Intangible Assets
Gross Carrying Amount	$ 4,900	4,900
Accumulated Amortization	(4,656)	(4,105)
Net Carrying Amount	$ 244	795
Technology \| Minimum
Intangible Assets
Useful Life (in years)	3 years
Technology \| Maximum
Intangible Assets
Useful Life (in years)	5 years
Trade names
Intangible Assets
Gross Carrying Amount	$ 2,200	1,900
Accumulated Amortization	(1,691)	(1,381)
Net Carrying Amount	$ 509	519
Trade names \| Minimum
Intangible Assets
Useful Life (in years)	3 years
Trade names \| Maximum
Intangible Assets
Useful Life (in years)	7 years
Other intangibles
Intangible Assets
Useful Life (in years)	10 years
Gross Carrying Amount	$ 890	875
Accumulated Amortization	(725)	(689)
Net Carrying Amount	$ 165	$ 186

Goodwill

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows:


(in thousands)	GovDeals		CAG		Machinio		Total
September 30, 2022	$	53,814	$	20,538	$	14,558	$	88,910
Translation adjustments		—		478		—		478
September 30, 2023		53,814		21,016		14,558		89,388
Sierra acquisition (see Note 3)		7,977		—		—		7,977
Translation adjustments		—		200		—		200
June 30, 2024	$	61,791	$	21,216	$	14,558	$	97,565

The increase in the goodwill balance of approximately $8.0 million at the GovDeals reportable segment and reporting unit during the nine months ended June 30, 2024, is due to the Sierra acquisition. See Note 3 - Sierra Acquisition for further information.

Goodwill is tested for impairment at the beginning of the fourth quarter and during interim periods whenever events or circumstances indicate that the carrying value may not be recoverable. The Company did not identify any indicators of impairment that required an interim goodwill impairment test during the three and nine months ended June 30, 2024.

Debt

9 Months Ended

Jun. 30, 2024

Debt Disclosure [Abstract]

Debt

On February 10, 2022, the Company entered into a Credit Agreement with Wells Fargo Bank, National Association (the Credit Agreement). Terms of the Credit Agreement provide for revolving loans (the Line of Credit) up to a maximum aggregate principal amount of $25.0 million with a $10.0 million sublimit for standby letters of credit.

During the year ended September 30, 2023, the Credit Agreement was amended to extend the maturity date by 12 months to March 31, 2025 (the First Amendment).

During the six months ended March 31, 2024, the Credit Agreement was amended to extend the maturity date by 12 months to March 31, 2026 (the Second Amendment). No other changes, including regarding the borrowing terms or capacities, were made to the Credit Agreement as a result of the First Amendment or the Second Amendment.

The applicable interest rate on any draws under the Line of Credit is a variable rate per annum equal to the Daily Simple Secured Overnight Financing Rate (SOFR) in effect plus a margin ranging from 1.25% to 1.75%. Interest is payable monthly. The Company pays an Unused Commitment Fee (as defined in the Credit Agreement), on a quarterly basis, equal to 0.05% per annum on the daily amount of the available, but unused, balance on the Line of Credit. The Company also pays a Line of Credit Fee (as defined in the Credit Agreement), on a quarterly basis, equal to 1.25% on the daily amount available to be drawn for standby letters of credit. Interest incurred on any draws under the Line of Credit, as well as the Unused Commitment Fee and Line of Credit Fee, are included within Interest and other income, net in the Condensed Consolidated Statements of Operations.

The Company may draw upon the Line of Credit for general corporate purposes. Repayments of any borrowings under the Line of Credit shall become available for redraw at any time by the Company.

The Credit Agreement contains certain financial and non-financial restrictive covenants including, among others, the requirement to maintain a minimum level of earnings before interest, income taxes, depreciation and amortization (EBITDA). The Credit Agreement contains affirmative and restrictive covenants including covenants placing limitations on mergers, consolidations and dissolutions, investments and acquisitions, indebtedness and liens, and dividends and other restricted payments. As of June 30, 2024, the Company complied with the terms and conditions of the Credit Agreement.

During the year ended September 30, 2023, the Company did not make any draws under the Credit Agreement. As of June 30, 2024, the Company had no outstanding borrowings under the Credit Agreement.

During the three and nine months ended June 30, 2024, interest expense incurred by the Company under the Credit Agreement was immaterial to the condensed consolidated financial statements.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Sierra Acquisition

9 Months Ended

Jun. 30, 2024

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Sierra Acquisition

On January 1, 2024, the Company acquired all the issued and outstanding equity securities associated with Sierra Auction Management, Inc. (Sierra), a full-service auction company specializing in the sale of vehicles, equipment and surplus assets for government agencies, commercial businesses, and charities. Total preliminary purchase consideration was approximately $13.8 million paid in cash. As of June 30, 2024, the Company's purchase price allocation related to this acquisition is preliminary and subject to revision as additional information is obtained about the facts and circumstances that existed as of the acquisition date.

In connection with its acquisition of Sierra, the Company preliminarily recorded the fair value of acquired supplier relationships and trade name assets for $5.1 million and $0.3 million, respectively, and goodwill of $8.0 million. The supplier relationships and trade name shall be amortized on a straight-line basis over a useful life of six and three years, respectively. The total goodwill arising from the acquisition is included in the GovDeals reportable segment and is deductible for tax purposes.

Sierra's financial results are reported within the GovDeals reportable segment. Revenue, net income (loss), and pro forma information related to the Sierra acquisition was immaterial to the condensed consolidated financial statements and its related notes for the three and nine months ended June 30, 2024.

Earnings Per Share (Tables)

9 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Income Per Share

The computation of Basic and Diluted net income per share is as follows:


	Three months ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Numerator:
Net income	$	6,000	$	6,487	$	13,616	$	14,698
Denominator:
Basic weighted average shares outstanding		30,388,675		30,605,963		30,497,820		31,243,979
Dilutive impact of stock options, RSUs and RSAs		1,075,786		907,525		1,119,758		949,260
Diluted weighted average shares outstanding		31,464,461		31,513,488		31,617,578		32,193,239
Basic income per common share	$	0.20	$	0.21	$	0.45	$	0.47
Diluted income per common share	$	0.19	$	0.21	$	0.43	$	0.46
Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive		1,676,121		1,813,106		1,696,121		1,834,550

Segment Information - Narrative (Details) - Segment	3 Months Ended		9 Months Ended
Segment Information - Narrative (Details) - Segment	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue, Major Customer [Line Items]
Reportable segments			4
Non-US \| Sales Revenue \| Geographic Concentration Risk
Revenue, Major Customer [Line Items]
Concentration risk percentage	9.10%	8.80%	11.60%	10.40%

Goodwill - Changes in Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Goodwill
Balance at the beginning of the period	$ 89,388	$ 88,910
Sierra acquisition (see Note 3)	7,977
Translation adjustments	200	478
Balance at the end of the period	97,565	89,388
GovDeals Goodwil
Goodwill
Balance at the beginning of the period	53,814	53,814
Sierra acquisition (see Note 3)	7,977
Translation adjustments	0	0
Balance at the end of the period	61,791	53,814
CAG Goodwill
Goodwill
Balance at the beginning of the period	21,016	20,538
Translation adjustments	200	478
Balance at the end of the period	21,216	21,016
Machinio
Goodwill
Balance at the beginning of the period	14,558	14,558
Translation adjustments	0	0
Balance at the end of the period	$ 14,558	$ 14,558

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6,000	$ 6,487	$ 13,616	$ 14,698
Other comprehensive (loss) income:
Foreign currency translation	(110)	645	391	2,161
Other comprehensive (loss) income, net of taxes	(110)	645	391	2,161
Comprehensive income	$ 5,890	$ 7,132	$ 14,007	$ 16,859

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Sierra Acquisition - Narrative (Details) - USD ($) $ in Millions		9 Months Ended
	Jan. 01, 2024	Jun. 30, 2024
Business Acquisition [Line Items]
Amortized, description		The supplier relationships and trade name shall be amortized on a straight-line basis over a useful life of six and three years, respectively.
Trade Name \| Maximum
Business Acquisition [Line Items]
Amortized useful life		7 years
Trade Name \| Minimum
Business Acquisition [Line Items]
Amortized useful life		3 years
Sierra Acquisition
Business Acquisition [Line Items]
Purchase consideration	$ 13.8
Intangible assets		$ 5.4
Sierra Acquisition \| Maximum
Business Acquisition [Line Items]
Amortized useful life	6 years
Sierra Acquisition \| Minimum
Business Acquisition [Line Items]
Amortized useful life	3 years
Sierra Acquisition \| Supplier Relationships
Business Acquisition [Line Items]
Intangible assets	$ 5.1
Sierra Acquisition \| Trade Name
Business Acquisition [Line Items]
Intangible assets	0.3
Sierra Acquisition \| Goodwill
Business Acquisition [Line Items]
Intangible assets	$ 8.0

Goodwill - Narrative (Details) $ in Millions	9 Months Ended
Goodwill - Narrative (Details) $ in Millions	Jun. 30, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Increase in goodwill balance	$ 8.0

Stockholders' Equity - Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 2,617	$ 2,195	$ 7,208	$ 6,216
Stock options
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	550	524	1,574	1,524
RSUs & RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	2,067	1,671	5,634	4,737
Stock Options and RSUs and RSAs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	2,617	2,195	7,208	6,261
SARs
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock compensation expense	$ 0	$ 0	$ 0	$ (45)

Organization

9 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Liquidity Services, Inc. (Liquidity Services, the Company) is a leading global commerce company providing trusted online marketplace platforms that power the circular economy. We create a better future for organizations, individuals, and the planet by using technology to capture and unleash the intrinsic value of surplus. We connect millions of buyers and thousands of sellers through our leading e-commerce auction marketplaces, search engines, asset management software, and related services. Our comprehensive solutions enable the transparent, efficient, sustainable recovery of value from excess items owned by business and government sellers.

Our business delivers value to shareholders by unleashing the intrinsic value of surplus through our online marketplace platforms. These platforms ignite and enable a self-reinforcing cycle of value creation where buyers and sellers attract one another in greater numbers. The result of this cycle is a continuous flow of goods that becomes increasingly valuable as more participants join the platforms, thereby creating positive network effects that benefit sellers, buyers, and shareholders.

Liquidity Services was incorporated in Delaware in November 1999 as Liquidation.com, Inc. and commenced operations in early 2000.

Reportable Segments

The Company has four reportable segments under which we conduct business: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. Further information and operating results of our reportable segments can be found in Note 14 - Segment Information.

•

GovDeals. The GovDeals reportable segment provides solutions that enable government entities including city, county, state and federal agencies located in the United States and Canada and related commercial businesses to sell surplus property and real estate assets through our GovDeals, Bid4Assets and Sierra marketplaces; see Note 3 - Sierra Acquisition.

•

RSCG. The RSCG reportable segment consists of marketplaces that enable corporations located in the United States and Canada to sell excess, returned, and overstocked consumer goods. RSCG also offers a suite of services that includes returns management, asset recovery, and e-commerce solutions. This segment uses multiple selling channels across our network of marketplaces and others to optimize the best combination of velocity, volume, and value. This segment conducts its business-to-business sales on its Liquidation.com marketplace, and direct-to-consumer sales on its AllSurplus Deals and Secondipity marketplaces.

•

CAG. The CAG reportable segment provides solutions to sellers and consists of marketplaces that enable commercial businesses to sell surplus assets. The core verticals in which CAG operates include industrial manufacturing, oil and gas, heavy equipment, biopharma, and electronics. CAG also offers a suite of services that includes surplus management, asset valuation, asset sales and marketing. CAG benefits from a global base of buyers and sellers enabling the sale and redeployment of assets wherever they’re most likely to generate the best value and highest use across the world. This segment primarily uses the AllSurplus and GovDeals marketplaces.

•

Machinio. The Machinio reportable segment operates a global search engine platform for listing used equipment for sale in the construction, machine tool, transportation, printing, and agriculture sectors. Machinio also offers the Machinio System service that provides equipment sellers with a suite of online marketing tools that includes website hosting, email marketing, and inventory management, to support and enable equipment sellers’ online business.

The Company's operations are subject to certain risks and uncertainties, many of which are associated with technology-oriented companies, including, but not limited to, the Company's dependence on use of the Internet; the effect of general business and economic trends including inflationary pressures and impacts from interest rate changes; ongoing international armed and geopolitical conflicts; the Company's susceptibility to rapid technological change; actual and potential competition by entities with greater financial and other resources; and the potential for the commercial sellers from which the Company derives a significant portion of its inventory to change the way they conduct their disposition of surplus assets or to otherwise terminate or not renew their contracts with the Company.

Legal Proceedings and Other Contingencies - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Aug. 01, 2024	Jun. 30, 2024
Loss Contingencies [Line Items]
Litigation settlement funded amount		$ 3.0
Litigation settlement expense net of insurance recovery		$ 0.5
Subsequent Event
Loss Contingencies [Line Items]
Amount paid to plaintiff	$ 3.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value Measurement

9 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

11.

Fair Value Measurement

The Company measures and records certain assets and liabilities at fair value on a recurring basis. Authoritative guidance issued by the FASB establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date;

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and

Level 3: Unobservable inputs for the asset or liability.

Cash and cash equivalents. The Company had $58.0 million and $51.4 million of money market funds considered cash equivalents at June 30, 2024, and September 30, 2023, respectively. These assets were measured at fair value as of June 30, 2024, and September 30, 2023, and were classified as Level 1 assets within the fair value hierarchy. There were no transfers between levels during the periods presented.

Short-term investments. The Company had $6.5 million and $7.9 million of guaranteed investment certificates considered investments at June 30, 2024, and September 30, 2023, respectively. As these investments have maturity dates of 12 months or less from the balance sheet date, they have been classified as short-term in nature. These assets were measured at fair value as of June 30, 2024, and September 30, 2023, and were classified as Level 1 assets within the fair value hierarchy. There were no transfers between levels during the periods presented.

Other Information. When valuing its Level 3 liability, management's estimation of fair value is based on the best information available in the circumstances and may incorporate management's own assumptions around market demand which could involve a level of judgment, taking into consideration a combination of internal and external factors.

The Company’s financial assets and liabilities not measured at fair value are cash, short-term investments, accounts receivable, accounts payable, and payables to sellers. The Company believes the carrying values of these instruments approximate fair value.

As of June 30, 2024 and September 30, 2023, the Company did not have any material assets or liabilities measured at fair value on a non-recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Total revenue	$ 93,613	$ 80,770	$ 256,391	$ 234,505
Costs and expenses from operations:
Cost of goods sold (excludes depreciation and amortization)	44,212	35,201	119,960	107,340
Technology and operations	15,372	13,927	45,136	43,423
Sales and marketing	13,759	13,068	40,934	35,712
General and administrative	8,603	7,454	23,846	21,243
Depreciation and amortization	3,199	2,866	9,297	8,433
Other operating expenses (income), net	573	(1)	1,080	128
Total costs and expenses	85,718	72,515	240,253	216,279
Income from operations	7,895	8,255	16,138	18,226
Interest and other income, net	(807)	(775)	(2,549)	(1,737)
Income before provision for income taxes	8,702	9,030	18,687	19,963
Provision for income taxes	2,702	2,543	5,071	5,265
Net income	$ 6,000	$ 6,487	$ 13,616	$ 14,698
Basic income per common share (in usd per share)	$ 0.2	$ 0.21	$ 0.45	$ 0.47
Diluted income per common share (in usd per share)	$ 0.19	$ 0.21	$ 0.43	$ 0.46
Basic weighted average shares outstanding (in shares)	30,388,675	30,605,963	30,497,820	31,243,979
Diluted weighted average shares outstanding	31,464,461	31,513,488	31,617,578	32,193,239
Purchase revenues
Total revenue	$ 53,396	$ 42,809	$ 142,726	$ 128,715
Consignment and other fee revenues
Total revenue	$ 40,217	$ 37,961	$ 113,665	$ 105,790

Leases - Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Leases - Lease Expense (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Finance lease – lease asset amortization	$ 18	$ 20	$ 56	$ 59
Finance lease – interest on lease liabilities	4	4	9	12
Operating lease cost	1,418	1,327	4,046	4,011
Short-term lease cost	90	78	214	348
Variable lease cost	282	199	889	948
Sublease income	(3)	(27)	(18)	(78)
Total net lease cost	$ 1,809	$ 1,601	$ 5,196	$ 5,300

Intangible Assets

9 Months Ended

Jun. 30, 2024

Finite-Lived Intangible Assets, Net [Abstract]

Intangible Assets

Intangible assets consist of the following:


		June 30, 2024							September 30, 2023
(in thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer and supplier relationships	6 - 8	$	22,100	$	(8,158	)	$	13,942	$	17,000	$	(6,043	)	$	10,957
Technology	3 - 5		4,900		(4,656	)		244		4,900		(4,105	)		795
Trade names	3 - 7		2,200		(1,691	)		509		1,900		(1,381	)		519
Other intangibles	10		890		(725	)		165		875		(689	)		186
Total intangible assets, net		$	30,090	$	(15,230	)	$	14,860	$	24,675	$	(12,218	)	$	12,457

The Company has reclassified certain assets within the footnote for presentation purposes only, as well as renamed certain accounts. No changes have been made to the assets' respective underlying recorded amounts or useful lives, and there has been no effect on the current nor prior year financial results. What was previously classified as “Contract intangibles” is now “Customer and supplier relationships”. The Company has reclassified Brand intangibles from “Technology” and is now included within the “Trade names” intangible asset type. Previously reported “Patents and trademarks” have been separated such that “Other intangibles” are now comprised of patents and related assets. The gross carrying amount of total intangible assets increased by $5.4 million during the nine months ended June 30, 2024, due to the Sierra acquisition. The acquired supplier relationships and trade name assets are included in the above line items of Customer and supplier relationships and Trade names, respectively. See Note 3 - Sierra Acquisition for further information.

Future expected amortization of intangible assets as of June 30, 2024, is as follows:


(in thousands)
Years ending September 30,	Expected Future Amortization
Remainder of 2024	$	954
2025		2,965
2026		2,720
2027		2,637
2028 and thereafter		5,584
Total	$	14,860

Intangible asset amortization expense was $1.1 million and $1.0 million for the three months ended June 30, 2024 and 2023, respectively, and 3.0 million and $2.9 million for the nine months ended June 30, 2024 and 2023, respectively.

The Company did not record impairment charges on any intangible assets during the three and nine months ended June 30, 2024. The Company did not identify any indicators of impairment requiring an interim impairment test on material long-lived assets during the three and nine months ended June 30, 2024.

Stockholders' Equity

9 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

10.

Stockholders’ Equity

The changes in stockholders’ equity for the prior year comparable period are as follows:


						Additional									Accumulated Other
	Common Stock					Paid-in			Treasury Stock						Comprehensive			Retained
	Shares			Amount		Capital			Shares			Amount			Loss			Earnings			Total
Balance at September 30, 2022		35,724,057		$	36	$	258,275			(3,813,199	)	$	(62,554	)	$	(10,285	)	$	(30,936	)	$	154,536
Net income		—			—		—			—			—			—			3,967			3,967
Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units		190,119			—		495			—			—			—			—			495
Taxes paid associated with net settlement of stock compensation awards		(14,536	)		—		(244	)		—			—			—			—			(244	)
Common stock repurchased		—			—		—			(531,819	)		(7,199	)		—			—			(7,199	)
Stock compensation expense		—			—		2,126			—			—			—			—			2,126
Foreign currency translation and other		—			—		—			—			—			1,273			—			1,273
Balance at December 31, 2022		35,899,640		$	36	$	260,653			(4,345,018	)	$	(69,754	)	$	(9,012	)	$	(26,970	)	$	154,953
Net income		—			—		—			—			—			—			4,245			4,245
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units		184,791			—		—			—			—			—			—			—
Taxes paid associated with net settlement of stock compensation awards		(34,713	)		—		(492	)		—			—			—			—			(492	)
Common stock repurchased		—			—		—			(749,903	)		(9,814	)		—			—			(9,814	)
Common stock surrendered in the exercise of stock options		—			—		18			(1,420	)		(18	)		—			—			—
Stock compensation expense		—			—		1,939			—			—			—			—			1,939
Foreign currency translation		—			—		—			—			—			243			—			243
Balance at March 31, 2023		36,049,718		$	36	$	262,118			(5,096,341	)	$	(79,586	)	$	(8,769	)	$	(22,725	)	$	151,074
Net income		—			—		—			—			—			—			6,487			6,487
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units		87,515			—		—			—			—			—			—			—
Taxes paid associated with net settlement of stock compensation awards		(21,671	)		—		(324	)		—			—			—			—			(324	)
Common stock repurchased		—			—		—			(325,410	)		(4,268	)		—			—			(4,268	)
Shares swapped to exercise stock options		—			—		173			(10,795	)		(173	)								—
Stock compensation expense		—			—		2,195			—			—			—			—			2,195
Foreign currency translation		—			—		—			—			—			645			—			645
Balance at June 30, 2023		36,115,562		$	36	$	264,162			(5,432,546	)	$	(84,027	)	$	(8,124	)	$	(16,238	)	$	155,809

Stock Compensation Incentive Plans

The Company has several incentive plans under which stock options, restricted stock units (RSUs), restricted stock awards (RSAs), and cash-settled stock appreciation rights (SARs) have been issued, including the Third Amended and Restated 2006 Omnibus Long-Term Incentive Plan, as amended (LTIP), and a plan and private placement issuances related to the Company’s acquisition of Machinio and Bid4Assets. The Machinio plan expired according to its terms on April 17, 2024. During the nine months ended June 30, 2024, the Company's shareholders approved an amendment to the LTIP to increase the number of shares of common stock from 20,300,000 to 22,800,000, reserved for issuance for exercises of stock options and vesting of RSUs under these plans. Vesting of RSUs count as 1.5x shares against the plan reserves. As of June 30, 2024, 2,422,677 shares of common stock remained available for use under the LTIP.

Stock Compensation Expense

The table below presents the components of share-based compensation expense (in thousands):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Equity-classified awards:
Stock options	$	550	$	524	$	1,574	$	1,524
RSUs & RSAs		2,067		1,671		5,634		4,737
Total Equity-classified award		2,617		2,195		7,208		6,261
Liability-classified awards:
SARs		—		—		—		(45	)
Total stock compensation expense:	$	2,617	$	2,195	$	7,208	$	6,216

The table below presents the components of share-based compensation expense by line-item within our Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Stock-compensation expense by function
Technology and operations	$	405	$	356	$	1,085	$	948
Sales and marketing		692		612		1,967		1,780
General and administrative		1,520		1,227		4,156		3,488
Total stock compensation expense:	$	2,617	$	2,195	$	7,208	$	6,216

Stock Options and RSUs & RSAs

The following table presents stock option and RSUs & RSAs grant activity:


	Nine Months Ended June 30, 2024
Stock Options granted:
Options containing only service conditions:		125,955
Weighted average exercise price	$	18.00
Weighted average grant date fair value	$	9.03

Options containing performance conditions:		125,955
Weighted average exercise price	$	18.00
Weighted average grant date fair value	$	9.03

RSUs & RSAs granted:
RSUs & RSAs containing only service conditions:		364,446
Weighted average grant date fair value	$	19.03

RSUs & RSAs containing performance conditions:		303,610
Weighted average grant date fair value	$	19.29

The stock options and RSUs & RSAs containing only service conditions will vest over a four-year service period. The stock options and RSUs & RSAs containing performance conditions will vest upon the achievement of specified financial targets of the Company, a segment, or a division of a segment. Vesting is measured on the first day of each fiscal quarter over the three-year terms of the awards, starting with the first fiscal quarter after the first anniversary of the grant date.

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the nine months ended June 30, 2024, were as follows:


	Nine Months Ended
	June 30, 2024
Dividend yield		—
Expected volatility	59.08% - 60.83%
Risk-free interest rate	3.83% - 3.88%
Expected term	4.5 - 5.0 years

Share Repurchase Program

From time to time, we may be authorized to repurchase issued and outstanding shares of our common stock under a share repurchase program approved by our Board of Directors. Share repurchases may be made through open market purchases,

privately negotiated transactions or otherwise, at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements and other market conditions. The repurchase program may be discontinued or suspended at any time and will be funded using our available cash.

As of September 30, 2023, the Company had $17.0 million of remaining share repurchase authorization through December 31, 2025.

The Company repurchased 22,242 shares for $0.4 million, and 564,887 shares for $9.4 million, during the three and nine months ended June 30, 2024, respectively. As of June 30, 2024, the Company had $7.6 million of remaining authorization to repurchase shares through December 31, 2025.

Other Share Repurchases

Separate from the share repurchase program, our stock incentive plans allow for participants to exercise stock options by surrendering shares of common stock equivalent in value to the exercise price due. Any shares surrendered to the Company in this manner are not available for future grant.

During the nine months ended June 30, 2024 and 2023, participants surrendered 0 and 12,215 shares of common stock, respectively, in connection with the exercise of stock options.

Summary of Significant Accounting Policies Unaudited Interim Financial Information - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Business Acquisition [Line Items]
Contract asset	$ 1.0		$ 1.0		$ 0.9
Contract liability	4.9		4.9		4.7
Contract liability recognized as revenue			4.3
Capitalized contract cost, amortization	0.4	$ 0.3	$ 1.1	$ 0.9
Percentage purchase model transactions			20.00%
Purchase of inventory	8.6		$ 8.6		5.8
Prepaid Expenses and Other Current Assets
Business Acquisition [Line Items]
Contract costs	$ 2.3		$ 2.3		$ 2.2

Goodwill (Tables)

9 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of goodwill activity

The carrying value and changes in the carrying value of goodwill attributable to each reportable segment were as follows:


(in thousands)	GovDeals		CAG		Machinio		Total
September 30, 2022	$	53,814	$	20,538	$	14,558	$	88,910
Translation adjustments		—		478		—		478
September 30, 2023		53,814		21,016		14,558		89,388
Sierra acquisition (see Note 3)		7,977		—		—		7,977
Translation adjustments		—		200		—		200
June 30, 2024	$	61,791	$	21,216	$	14,558	$	97,565

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurement - Narrative (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023
Fair value measurement
Money market funds, at carrying value	$ 58,000,000	$ 51,400,000
Guaranteed investment certificates	6,500,000	7,900,000
Nonrecurring
Fair value measurement
Fair value, asset (liability)	$ 0	$ 0

Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Future expected amortization of intangible assets
Remainder of 2024	$ 954
2025	2,965
2026	2,720
2027	2,637
2028 and thereafter	5,584
Net Carrying Amount	$ 14,860	$ 12,457

Leases - Maturities of Lease Liabilities (Parenthetical) (Details)	Jun. 30, 2024
Leases [Abstract]
Operating leases, weighted average remaining lease term	3 years 6 months
Finance leases, weighted average remaining lease term	2 years 4 months 24 days
Operating leases, weighted average discount rate	6.10%
Finance leases, weighted average discount rate	5.60%

Stockholders' Equity - Fair Value (Details) - Stock options	9 Months Ended
	Jun. 30, 2024
Fair value assumptions
Dividend yield	0.00%
Expected volatility, minimum	59.08%
Expected volatility, maximum	60.83%
Risk free interest rate, minimum	3.83%
Risk free interest rate, maximum	3.88%
Minimum
Fair value assumptions
Expected term	4 years 6 months
Maximum
Fair value assumptions
Expected term	5 years

Intangible Assets (Tables)

9 Months Ended

Jun. 30, 2024

Finite-Lived Intangible Assets, Net [Abstract]

Schedule of intangible assets

Intangible assets consist of the following:


		June 30, 2024							September 30, 2023
(in thousands)	Useful Life (in years)	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Customer and supplier relationships	6 - 8	$	22,100	$	(8,158	)	$	13,942	$	17,000	$	(6,043	)	$	10,957
Technology	3 - 5		4,900		(4,656	)		244		4,900		(4,105	)		795
Trade names	3 - 7		2,200		(1,691	)		509		1,900		(1,381	)		519
Other intangibles	10		890		(725	)		165		875		(689	)		186
Total intangible assets, net		$	30,090	$	(15,230	)	$	14,860	$	24,675	$	(12,218	)	$	12,457

Schedule of Future Expected Amortization of Intangible Assets

Future expected amortization of intangible assets as of June 30, 2024, is as follows:


(in thousands)
Years ending September 30,	Expected Future Amortization
Remainder of 2024	$	954
2025		2,965
2026		2,720
2027		2,637
2028 and thereafter		5,584
Total	$	14,860

Stockholders' Equity - Stock Based Compensation Expense by Function (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 2,617	$ 2,195	$ 7,208	$ 6,216
Technology and operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	405	356	1,085	948
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	692	612	1,967	1,780
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total stock compensation expense	$ 1,520	$ 1,227	$ 4,156	$ 3,488

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Organization (Details)	9 Months Ended
Organization (Details)	Jun. 30, 2024 Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reportable segments	4

Earnings Per Share - Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income	$ 6,000	$ 6,487	$ 13,616	$ 14,698
Denominator:
Basic weighted average shares outstanding	30,388,675	30,605,963	30,497,820	31,243,979
Dilutive impact of stock options, RSUs and RSAs	1,075,786	907,525	1,119,758	949,260
Diluted weighted average shares outstanding	31,464,461	31,513,488	31,617,578	32,193,239
Basic income per common share	$ 0.2	$ 0.21	$ 0.45	$ 0.47
Diluted income per common share	$ 0.19	$ 0.21	$ 0.43	$ 0.46
Stock options, RSUs and RSAs excluded from income per diluted share because their effect would have been anti-dilutive	1,676,121	1,813,106	1,696,121	1,834,550

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Stockholders' Equity (Tables)

9 Months Ended

Jun. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of stockholders' equity

The changes in stockholders’ equity for the prior year comparable period are as follows:


						Additional									Accumulated Other
	Common Stock					Paid-in			Treasury Stock						Comprehensive			Retained
	Shares			Amount		Capital			Shares			Amount			Loss			Earnings			Total
Balance at September 30, 2022		35,724,057		$	36	$	258,275			(3,813,199	)	$	(62,554	)	$	(10,285	)	$	(30,936	)	$	154,536
Net income		—			—		—			—			—			—			3,967			3,967
Exercise of stock options, grants of restricted stock awards, and vesting of restricted stock units		190,119			—		495			—			—			—			—			495
Taxes paid associated with net settlement of stock compensation awards		(14,536	)		—		(244	)		—			—			—			—			(244	)
Common stock repurchased		—			—		—			(531,819	)		(7,199	)		—			—			(7,199	)
Stock compensation expense		—			—		2,126			—			—			—			—			2,126
Foreign currency translation and other		—			—		—			—			—			1,273			—			1,273
Balance at December 31, 2022		35,899,640		$	36	$	260,653			(4,345,018	)	$	(69,754	)	$	(9,012	)	$	(26,970	)	$	154,953
Net income		—			—		—			—			—			—			4,245			4,245
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units		184,791			—		—			—			—			—			—			—
Taxes paid associated with net settlement of stock compensation awards		(34,713	)		—		(492	)		—			—			—			—			(492	)
Common stock repurchased		—			—		—			(749,903	)		(9,814	)		—			—			(9,814	)
Common stock surrendered in the exercise of stock options		—			—		18			(1,420	)		(18	)		—			—			—
Stock compensation expense		—			—		1,939			—			—			—			—			1,939
Foreign currency translation		—			—		—			—			—			243			—			243
Balance at March 31, 2023		36,049,718		$	36	$	262,118			(5,096,341	)	$	(79,586	)	$	(8,769	)	$	(22,725	)	$	151,074
Net income		—			—		—			—			—			—			6,487			6,487
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units		87,515			—		—			—			—			—			—			—
Taxes paid associated with net settlement of stock compensation awards		(21,671	)		—		(324	)		—			—			—			—			(324	)
Common stock repurchased		—			—		—			(325,410	)		(4,268	)		—			—			(4,268	)
Shares swapped to exercise stock options		—			—		173			(10,795	)		(173	)								—
Stock compensation expense		—			—		2,195			—			—			—			—			2,195
Foreign currency translation		—			—		—			—			—			645			—			645
Balance at June 30, 2023		36,115,562		$	36	$	264,162			(5,432,546	)	$	(84,027	)	$	(8,124	)	$	(16,238	)	$	155,809

Summary of share-based compensation expense

The table below presents the components of share-based compensation expense (in thousands):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Equity-classified awards:
Stock options	$	550	$	524	$	1,574	$	1,524
RSUs & RSAs		2,067		1,671		5,634		4,737
Total Equity-classified award		2,617		2,195		7,208		6,261
Liability-classified awards:
SARs		—		—		—		(45	)
Total stock compensation expense:	$	2,617	$	2,195	$	7,208	$	6,216

The table below presents the components of share-based compensation expense by line-item within our Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended June 30,				Nine Months Ended June 30,
	2024		2023		2024		2023
Stock-compensation expense by function
Technology and operations	$	405	$	356	$	1,085	$	948
Sales and marketing		692		612		1,967		1,780
General and administrative		1,520		1,227		4,156		3,488
Total stock compensation expense:	$	2,617	$	2,195	$	7,208	$	6,216

Summary of stock options and restricted stock granted

The following table presents stock option and RSUs & RSAs grant activity:


	Nine Months Ended June 30, 2024
Stock Options granted:
Options containing only service conditions:		125,955
Weighted average exercise price	$	18.00
Weighted average grant date fair value	$	9.03

Options containing performance conditions:		125,955
Weighted average exercise price	$	18.00
Weighted average grant date fair value	$	9.03

RSUs & RSAs granted:
RSUs & RSAs containing only service conditions:		364,446
Weighted average grant date fair value	$	19.03

RSUs & RSAs containing performance conditions:		303,610
Weighted average grant date fair value	$	19.29

Summary of fair value assumptions, stock options

The range of assumptions used to determine the fair value of stock options using the Black-Scholes option-pricing model during the nine months ended June 30, 2024, were as follows:


	Nine Months Ended
	June 30, 2024
Dividend yield		—
Expected volatility	59.08% - 60.83%
Risk-free interest rate	3.83% - 3.88%
Expected term	4.5 - 5.0 years

Summary of Significant Accounting Policies Unaudited Interim Financial Information (Policies)	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Information	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In management's opinion, all adjustments, consisting of normal, recurring adjustments considered necessary for a fair presentation, have been included, and intercompany transactions and accounts have been eliminated in consolidation. The information disclosed in the notes to the condensed consolidated financial statements for these periods is unaudited. Operating results for the three and nine months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending September 30, 2024, or for any future period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the condensed consolidated financial statements and accompanying notes. For the three and nine months ended June 30, 2024, these estimates required the Company to make assumptions about the impact of ongoing international armed and geopolitical conflicts, and other disruptions to macroeconomic conditions and, in turn, the Company's results of operations. The Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates.
Contract Assets and Liabilities; Contract Costs	Contract Assets and Liabilities Contract assets reflect an estimate of expenses that will be reimbursed upon settlement with a seller. The contract asset balance was $1.0 million as of June 30, 2024, and $0.9 million as of September 30, 2023, and is included in the line-item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Contract liabilities reflect obligations to provide services for which the Company has already received consideration, and generally arise from up-front payments received in connection with Machinio's subscription services. The contract liability balance was $4.9 million as of June 30, 2024, and $4.7 million as of September 30, 2023, and is included in the line-item Deferred revenue on the Condensed Consolidated Balance Sheets. Of the September 30, 2023 contract liability balance, $4.3 million was earned as other fee revenue during the nine months ended June 30, 2024. For the Company's Machinio segment, the performance obligation has been identified as the stand ready obligation to provide access to the Machinio subscription services, which it satisfies over time and recognizes as other fee revenues in the line-item Consignment and other fee revenues on the Condensed Consolidated Statements of Operations. As of June 30, 2024, the Machinio segment had a remaining performance obligation of $4.9 million; the Company expects to recognize the substantial majority of that amount as other fee revenues over the next 12 months. Contract Costs Contract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized over the expected life of the customer contract. The contract cost balance was $2.3 million as of June 30, 2024, and $2.2 million as of September 30, 2023, and is included in the line-item Prepaid expenses and other current assets, and Other assets on the Condensed Consolidated Balance Sheets. Amortization expense was $0.4 million and $0.3 million during the three months ended June 30, 2024 and 2023, respectively, and $1.1 million and $0.9 million during the nine months ended June 30, 2024, and 2023, respectively.
Risk Associated with Certain Concentrations	Risk Associated with Certain Concentrations For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed. However, for the remaining buyers, goods are not shipped before payment is made, and as a result, the Company is not subject to significant collection risk from those buyers. For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within non-interest bearing, interest-bearing, and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which exceed the applicable U.S. federal (FDIC and/or SIPC) and local jurisdiction (foreign banking institutions) insurance limits, and Accounts receivable. The Company deposits its cash in interest bearing checking accounts, acquires cash equivalent money market funds, and holds short-term investments designated as held-to-maturity investment securities, each with financial institutions that the Company considers to be of high credit quality. Management continually monitors the financial institutions with whom we conduct business and responds appropriately, when necessary, to manage potential risk exposure to our cash balances above the insurance limits. We have multiple vendor contracts with Amazon.com, Inc. under which we acquire and sell commercial merchandise. While purchase model transactions account for less than 20% of our total GMV, the cost of inventory for purchase model transactions is the most significant component of our consolidated Costs of goods sold. $8.6 million and $5.8 million of inventory purchased under such contracts with Amazon.com, Inc. is included in the line-item Inventory on the Condensed Consolidated Balance Sheets as of June 30, 2024, and September 30, 2023, respectively. Our vendor contracts with respect to sourcing or consigning merchandise for our RSCG segment generally reflect the concentration dynamics inherent to the retail industry.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). The majority of the Company’s sales require payment in advance of the sale, but a limited number of buyers are approved to conduct sales on credit. Accounts receivables related to those sales are generally short-term in nature and do not require the posting of collateral. The Company estimates its allowances for credit loss based on historical collection trends, the age of outstanding receivables, existing economic conditions, and the specific facts and circumstances of individual customers. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due account balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amounts due. The Company adopted the new standard effective October 1, 2023. The adoption of ASU 2016-13 did not have a material impact on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. It will require organizations to provide enhanced disclosures primarily regarding significant segment expenses. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2025. The guidance is required to be applied on a retrospective basis, with all such required disclosures to be made with regard to all fiscal years presented in the financial statements. The Company is currently evaluating the effect that the adoption of this ASU may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU will require organizations to disclose specific categories in their tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2026. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its consolidated financial statements.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

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-Topic 606
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

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-Topic 606
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-Section 50
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-Name Accounting Standards Codification
-Section 50
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Leases (Tables)

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Summary of lease expense and supplemental cash flow information

The components of lease expense are:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2024			2023			2024			2023
Finance lease – lease asset amortization	$	18		$	20		$	56		$	59
Finance lease – interest on lease liabilities		4			4			9			12
Operating lease cost		1,418			1,327			4,046			4,011
Short-term lease cost		90			78			214			348
Variable lease cost (1)		282			199			889			948
Sublease income		(3	)		(27	)		(18	)		(78	)
Total net lease cost	$	1,809		$	1,601		$	5,196		$	5,300

(1)

Variable lease costs primarily relate to the Company's election to combine non-lease components such as common area maintenance, insurance and taxes related to its real estate leases. To a lesser extent, the Company's equipment leases have variable costs associated with usage and subsequent changes to costs based upon an index.

Supplemental disclosures of cash flow information related to leases are:


	Nine Months Ended June 30,
	2024		2023
Cash paid for amounts included in operating lease liabilities	$	3,437	$	3,598
Cash paid for amounts included in finance lease liabilities	$	79	$	75
Non-cash: lease liabilities arising from new operating lease assets obtained	$	5,691	$	—
Non-cash: lease liabilities arising from new finance lease assets obtained	$	—	$	—
Non-cash: adjustments to lease assets and liabilities(1)	$	360	$	408

(1)

These include adjustments due to lease modifications, renewals, and other related adjustments.

Maturities of Lease Liabilities

Maturities of lease liabilities are:


	June 30, 2024
	Operating Leases			Finance Leases
Remainder of 2024	$	1,422		$	21
2025		5,869			68
2026		4,202			65
2027		2,404			12
2028		2,050			—
Thereafter		1,196			—
Total lease payments (1)	$	17,143		$	166
Less: imputed interest (2)		(1,705	)		(10	)
Total lease liabilities	$	15,439		$	156

(1)

The weighted average remaining lease term is 3.5 years for operating leases and 2.4 years for finance leases.

(2)

The weighted average discount rate is 6.1 % for operating leases and 5.6 % for finance leases.

Condensed Consolidated Statement of Stockholders' Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Balance (in shares) at Sep. 30, 2022		35,724,057
Balance at Sep. 30, 2022	$ 154,536	$ 36	$ 258,275		$ (10,285)	$ (30,936)
Balance (in shares) at Sep. 30, 2022				(3,813,199)
Increase (Decrease) in Stockholders' Equity
Net income	3,967					3,967
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		190,119
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	495		495
Taxes paid associated with net settlement of stock compensation awards (in shares)		(14,536)
Taxes paid associated with net settlement of stock compensation awards	(244)		(244)
Common stock repurchased	(7,199)			$ (7,199)
Common stock repurchased (in shares)				(531,819)
Stock compensation expense	2,126		2,126
Balance (in shares) at Dec. 31, 2022		35,899,640
Balance at Dec. 31, 2022	154,953	$ 36	260,653		(9,012)	(26,970)
Balance (in shares) at Dec. 31, 2022				(4,345,018)
Balance (in shares) at Sep. 30, 2022		35,724,057
Balance at Sep. 30, 2022	154,536	$ 36	258,275		(10,285)	(30,936)
Balance (in shares) at Sep. 30, 2022				(3,813,199)
Increase (Decrease) in Stockholders' Equity
Net income	14,698
Balance (in shares) at Jun. 30, 2023		36,115,562
Balance at Jun. 30, 2023	155,809	$ 36	264,162		(8,124)	(16,238)
Balance (in shares) at Jun. 30, 2023				(5,432,546)
Balance (in shares) at Dec. 31, 2022		35,899,640
Balance at Dec. 31, 2022	154,953	$ 36	260,653		(9,012)	(26,970)
Balance (in shares) at Dec. 31, 2022				(4,345,018)
Increase (Decrease) in Stockholders' Equity
Net income	4,245					4,245
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		184,791
Taxes paid associated with net settlement of stock compensation awards (in shares)		(34,713)
Taxes paid associated with net settlement of stock compensation awards	(492)		(492)
Common stock repurchased	(9,814)			$ (9,814)
Common stock repurchased (in shares)				(749,903)
Stock compensation expense	1,939		1,939
Balance (in shares) at Mar. 31, 2023		36,049,718
Balance at Mar. 31, 2023	151,074	$ 36	262,118		(8,769)	(22,725)
Balance (in shares) at Mar. 31, 2023				(5,096,341)
Increase (Decrease) in Stockholders' Equity
Net income	6,487					6,487
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		87,515
Taxes paid associated with net settlement of stock compensation awards (in shares)		(21,671)
Taxes paid associated with net settlement of stock compensation awards	(324)		(324)
Common stock repurchased	(4,268)			$ (4,268)
Common stock repurchased (in shares)				(325,410)
Shares swapped to exercise stock options			173	$ (173)
Shares swapped to exercise stock options (in shares)				(10,795)
Stock compensation expense	2,195		2,195
Balance (in shares) at Jun. 30, 2023		36,115,562
Balance at Jun. 30, 2023	$ 155,809	$ 36	264,162		(8,124)	(16,238)
Balance (in shares) at Jun. 30, 2023				(5,432,546)
Balance (in shares) at Sep. 30, 2023	36,142,346	36,142,345
Balance at Sep. 30, 2023	$ 161,533	$ 36	265,945	$ (84,031)	(10,458)	(9,958)
Balance (in shares) at Sep. 30, 2023	5,433,045			(5,433,045)
Increase (Decrease) in Stockholders' Equity
Net income	$ 1,907					1,907
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		59,471
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units	127		127
Taxes paid associated with net settlement of stock compensation awards (in shares)		(12,058)
Taxes paid associated with net settlement of stock compensation awards	(224)		(224)
Common stock repurchased	(1,171)			$ (1,171)
Common stock repurchased (in shares)				(68,692)
Stock compensation expense	2,249		2,249
Foreign currency translation	958				958
Balance (in shares) at Dec. 31, 2023		36,189,758
Balance at Dec. 31, 2023	$ 165,379	$ 36	268,096	$ (85,202)	(9,500)	(8,051)
Balance (in shares) at Dec. 31, 2023				(5,501,737)
Balance (in shares) at Sep. 30, 2023	36,142,346	36,142,345
Balance at Sep. 30, 2023	$ 161,533	$ 36	265,945	$ (84,031)	(10,458)	(9,958)
Balance (in shares) at Sep. 30, 2023	5,433,045			(5,433,045)
Increase (Decrease) in Stockholders' Equity
Net income	$ 13,616
Balance (in shares) at Jun. 30, 2024	36,525,606	36,525,606		(5,997,932)
Balance at Jun. 30, 2024	$ 171,970	$ 36	271,825	$ (93,482)	(10,067)	3,658
Balance (in shares) at Jun. 30, 2024	5,997,932
Balance (in shares) at Dec. 31, 2023		36,189,758
Balance at Dec. 31, 2023	$ 165,379	$ 36	268,096	$ (85,202)	(9,500)	(8,051)
Balance (in shares) at Dec. 31, 2023				(5,501,737)
Increase (Decrease) in Stockholders' Equity
Net income	5,709					5,709
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		353,069
Taxes paid associated with net settlement of stock compensation awards (in shares)		(66,464)
Taxes paid associated with net settlement of stock compensation awards	(1,142)		(1,142)
Common stock repurchased	(7,907)			$ (7,907)
Common stock repurchased (in shares)				(473,953)
Stock compensation expense	2,343		2,343
Foreign currency translation	(457)				(457)
Balance (in shares) at Mar. 31, 2024		36,476,363
Balance at Mar. 31, 2024	163,925	$ 36	269,297	$ (93,109)	(9,957)	(2,342)
Balance (in shares) at Mar. 31, 2024				(5,975,690)
Increase (Decrease) in Stockholders' Equity
Net income	6,000					6,000
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)		53,921
Taxes paid associated with net settlement of stock compensation awards (in shares)		(4,678)
Taxes paid associated with net settlement of stock compensation awards	(89)		(89)
Common stock repurchased	(373)			$ (373)
Common stock repurchased (in shares)				(22,242)
Stock compensation expense	2,617		2,617
Foreign currency translation	$ (110)				(110)
Balance (in shares) at Jun. 30, 2024	36,525,606	36,525,606		(5,997,932)
Balance at Jun. 30, 2024	$ 171,970	$ 36	$ 271,825	$ (93,482)	$ (10,067)	$ 3,658
Balance (in shares) at Jun. 30, 2024	5,997,932

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts (in dollars)	$ 1,710	$ 1,424
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	120,000,000	120,000,000
Common stock, shares issued (in shares)	36,525,606	36,142,346
Common stock, shares outstanding (in shares)	36,525,606	36,142,346
Treasury Stock, Common, Shares	5,997,932	5,433,045

Defined Benefit Pension Plan

9 Months Ended

Jun. 30, 2024

Retirement Benefits [Abstract]

Defined Benefit Pension Plan

12.

Defined Benefit Pension Plan

Certain employees of Liquidity Services UK Limited (GoIndustry), which the Company acquired in July 2012, are covered by the Henry Butcher Pension Fund and Life Assurance Scheme (the Scheme), a qualified defined benefit pension plan. The Company guarantees GoIndustry's performance on all present and future obligations to make payments to the Scheme for up to a maximum of £10 million British pounds. The Scheme was closed to new members on January 1, 2002.

The net periodic pension cost (benefit) is recognized within Interest and other income, net in the Condensed Consolidated Statements of Operations, and was $0.1 million and immaterial during the three months ended June 30, 2024 and 2023, respectively, and $0.3 million and immaterial during the nine months ended June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Income Taxes

9 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s interim effective income tax rate is based on management’s best current estimate of the Company's expected annual effective income tax rate. The Company recorded pre-tax income in the first nine months of fiscal year 2024 and its corresponding effective tax rate is 27.1% compared to 26.4% for the first nine months of fiscal year 2023. The change in the effective tax rate for the nine months ended June 30, 2024, as compared to the same period in the prior year, was primarily due to state and foreign taxes, and the utilization of net operating losses. The effective tax rate differed from the U.S. statutory federal rate of 21% primarily as a result of the impact of foreign, state, and local income taxes and permanent tax adjustments.

The Inflation Reduction Act (IRA) was enacted on August 16, 2022. The IRA includes provisions imposing a 1% excise tax on share repurchases that occur after December 31, 2022, and introduces a 15% corporate alternative minimum tax (CAMT) on adjusted financial statement income. The CAMT is effective for us in fiscal year 2024. The IRA has not had a material adverse impact on our financial statements.

The Company applies the authoritative guidance related to uncertainty in income taxes. ASC 740, Income Taxes, states that a benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolution of any related appeals or litigation processes, on the basis of technical merits. During the nine months ended June 30, 2024, the Company did not record any unrecognized tax benefits. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions and in foreign jurisdictions, primarily Canada and the United Kingdom. As of June 30, 2024, the Company has no open income tax examinations in the U.S. and the statute of limitations for years prior to 2020 is now closed. However, certain tax attribute carryforwards that were generated prior to fiscal year 2020 may be adjusted upon examination by tax authorities if they are utilized.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
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+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Sep. 30, 2023
Current assets:
Cash and cash equivalents	$ 130,312	$ 110,281
Short-term investments	6,486	7,891
Accounts receivable, net of allowance for doubtful accounts of $1,710 and $1,424	8,823	7,848
Inventory, net	13,275	11,116
Prepaid taxes and tax refund receivable	1,650	1,783
Prepaid expenses and other current assets	12,679	7,349
Total current assets	173,225	146,268
Property and equipment, net	17,047	17,156
Operating lease assets	13,289	9,888
Intangible assets, net	14,860	12,457
Goodwill	97,565	89,388
Deferred tax assets	2,733	7,050
Other assets	6,819	6,762
Total assets	325,538	288,970
Current liabilities:
Accounts payable	40,877	39,115
Accrued expenses and other current liabilities	27,803	23,809
Current portion of operating lease liabilities	5,213	4,101
Deferred revenue	4,905	4,701
Payables to sellers	64,453	48,992
Total current liabilities	143,251	120,718
Operating lease liabilities	10,226	6,581
Other long-term liabilities	91	137
Total liabilities	153,568	127,436
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value; 120,000,000 shares authorized; 36,525,606 shares issued and outstanding at June 30, 2024; 36,142,346 shares issued and outstanding at September 30, 2023	36	36
Additional paid-in capital	271,825	265,945
Treasury stock, at cost; 5,997,932 shares at June 30, 2024, and 5,433,045 shares at September 30, 2023	(93,482)	(84,031)
Accumulated other comprehensive loss	(10,067)	(10,457)
Retained earnings (accumulated deficit)	3,658	(9,958)
Total stockholders’ equity	171,970	161,533
Total liabilities and stockholders’ equity	$ 325,538	$ 288,970

Stockholders' Equity - Grant Activity (Details)	9 Months Ended
Stockholders' Equity - Grant Activity (Details)	Jun. 30, 2024 $ / shares shares
Stock Option - Service Based
Stock Options granted:
Options granted (in shares) \| shares	125,955
Weighted average exercise price (USD per share)	$ 18
Weighted average grant date fair value (USD per share)	$ 9.03
Stock Option - Performance Based
Stock Options granted:
Options granted (in shares) \| shares	125,955
Weighted average exercise price (USD per share)	$ 18
Weighted average grant date fair value (USD per share)	$ 9.03
Restricted Stock - Service Based
RSUs & RSAs granted:
Restricted shares granted \| shares	364,446
Weighted average grant date fair value (USD per share)	$ 19.03
Restricted Stock - Performance Based
RSUs & RSAs granted:
Restricted shares granted \| shares	303,610
Weighted average grant date fair value (USD per share)	$ 19.29

Segment Information - Schedule of Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 93,613	$ 80,770	$ 256,391	$ 234,505
Total segment gross profit	49,401	45,568	136,431	127,165
Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenue	22,109	17,270	56,384	45,956
Total segment gross profit	20,716	16,389	52,982	43,572
Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenue	58,764	50,971	159,299	150,657
Total segment gross profit	17,365	17,876	48,478	50,562
Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenue	8,650	8,985	28,764	27,795
Total segment gross profit	7,430	7,938	23,611	23,466
Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenue	4,106	3,559	11,994	10,144
Total segment gross profit	3,906	3,381	11,409	9,611
Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	(16)	(16)	(49)	(47)
Total segment gross profit	(16)	(16)	(49)	(47)
Consignment and other fee revenues
Segment Reporting Information [Line Items]
Total revenue	40,217	37,961	113,665	105,790
Consignment and other fee revenues \| Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenue	22,109	17,270	56,384	45,956
Consignment and other fee revenues \| Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenue	7,051	9,532	24,328	29,006
Consignment and other fee revenues \| Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenue	6,967	7,615	21,009	20,731
Consignment and other fee revenues \| Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenue	4,106	3,559	11,994	10,144
Consignment and other fee revenues \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	(16)	(16)	(49)	(47)
Purchase revenues
Segment Reporting Information [Line Items]
Total revenue	53,396	42,809	142,726	128,715
Purchase revenues \| Operating Segments \| GovDeals
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Purchase revenues \| Operating Segments \| RSCG
Segment Reporting Information [Line Items]
Total revenue	51,713	41,439	134,971	121,651
Purchase revenues \| Operating Segments \| CAG
Segment Reporting Information [Line Items]
Total revenue	1,683	1,370	7,755	7,064
Purchase revenues \| Operating Segments \| Machinio
Segment Reporting Information [Line Items]
Total revenue	0	0	0	0
Purchase revenues \| Corporate & Other
Segment Reporting Information [Line Items]
Total revenue	$ 0	$ 0	$ 0	$ 0

Stockholders' Equity - Schedule of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			36,142,346				36,142,346
Balance	$ 163,925	$ 165,379	$ 161,533	$ 151,074	$ 154,953	$ 154,536	$ 161,533	$ 154,536
Balance (in shares)			5,433,045				5,433,045
Net income	6,000	5,709	$ 1,907	6,487	4,245	3,967	$ 13,616	$ 14,698
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units			127			495
Taxes paid associated with net settlement of stock compensation awards	(89)	(1,142)	(224)	(324)	(492)	(244)
Common stock repurchased	(373)	(7,907)	(1,171)	(4,268)	(9,814)	(7,199)
Common stock surrendered in the exercise of stock options (in shares)							0	(12,215)
Stock compensation expense	$ 2,617	2,343	2,249	2,195	1,939	2,126
Foreign currency translation and other				645	243	1,273
Balance (in shares)	36,525,606						36,525,606
Balance	$ 171,970	$ 163,925	$ 165,379	$ 155,809	$ 151,074	$ 154,953	$ 171,970	$ 155,809
Balance (in shares)	5,997,932						5,997,932
Common Stock
Increase (Decrease) in Stockholders' Equity
Balance (in shares)	36,476,363	36,189,758	36,142,345	36,049,718	35,899,640	35,724,057	36,142,345	35,724,057
Balance	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units (in shares)	53,921	353,069	59,471	87,515	184,791	190,119
Taxes paid associated with net settlement of stock compensation awards (in shares)	(4,678)	(66,464)	(12,058)	(21,671)	(34,713)	(14,536)
Balance (in shares)	36,525,606	36,476,363	36,189,758	36,115,562	36,049,718	35,899,640	36,525,606	36,115,562
Balance	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36	$ 36
Additional Paid-in Capital
Increase (Decrease) in Stockholders' Equity
Balance	269,297	268,096	265,945	262,118	260,653	258,275	265,945	258,275
Exercise of common stock options, grants of restricted stock awards, and vesting of restricted stock units			127			495
Taxes paid associated with net settlement of stock compensation awards	(89)	(1,142)	(224)	(324)	(492)	(244)
Common stock surrendered in the exercise of stock options					18
Shares swapped to exercise stock options				173
Stock compensation expense	2,617	2,343	2,249	2,195	1,939	2,126
Balance	271,825	269,297	268,096	$ 264,162	$ 262,118	$ 260,653	271,825	$ 264,162
Treasury Stock
Increase (Decrease) in Stockholders' Equity
Balance	$ (93,109)	$ (85,202)	$ (84,031)				$ (84,031)
Balance (in shares)	(5,975,690)	(5,501,737)	(5,433,045)	(5,096,341)	(4,345,018)	(3,813,199)	(5,433,045)	(3,813,199)
Balance				$ (79,586)	$ (69,754)	$ (62,554)		$ (62,554)
Common stock repurchased (in shares)	(22,242)	(473,953)	(68,692)	(325,410)	(749,903)	(531,819)
Common stock repurchased	$ (373)	$ (7,907)	$ (1,171)	$ (4,268)	$ (9,814)	$ (7,199)
Common stock surrendered in the exercise of stock options (in shares)					(1,420)
Common stock surrendered in the exercise of stock options					$ (18)
Shares swapped to exercise stock options (in shares)				(10,795)
Shares swapped to exercise stock options				$ (173)
Balance (in shares)	(5,997,932)						(5,997,932)
Balance	$ (93,482)	$ (93,109)	$ (85,202)				$ (93,482)
Balance (in shares)		(5,975,690)	(5,501,737)	(5,432,546)	(5,096,341)	(4,345,018)		(5,432,546)
Balance				$ (84,027)	$ (79,586)	$ (69,754)		$ (84,027)
Accumulated Other Comprehensive Loss
Increase (Decrease) in Stockholders' Equity
Balance	(9,957)	$ (9,500)	$ (10,458)	(8,769)	(9,012)	(10,285)	(10,458)	(10,285)
Foreign currency translation and other				645	243	1,273
Balance	(10,067)	(9,957)	(9,500)	(8,124)	(8,769)	(9,012)	(10,067)	(8,124)
Retained Earnings [Member]
Increase (Decrease) in Stockholders' Equity
Balance	(2,342)	(8,051)	(9,958)	(22,725)	(26,970)	(30,936)	(9,958)	(30,936)
Net income	6,000	5,709	1,907	6,487	4,245	3,967
Balance	$ 3,658	$ (2,342)	$ (8,051)	$ (16,238)	$ (22,725)	$ (26,970)	$ 3,658	$ (16,238)

Leases

9 Months Ended

Jun. 30, 2024

Leases [Abstract]

Leases

The Company has operating leases for its corporate offices, warehouses, vehicles, and equipment. During the nine months ended June 30, 2024, the Company entered into a lease for warehouse space in Brownsburg, IN, in order to continue serving our RSCG buyers and sellers following the expiration of our Plainfield, IN lease.

The operating leases have remaining terms of up to 4.9 years. Some of the leases have options to extend or terminate the leases. The exercise of such options is generally at the Company’s discretion. The lease agreements do not contain any significant residual value guarantees or restrictive covenants. The Company also subleases excess corporate office space. The Company's finance leases and related balances are not significant.

The components of lease expense are:


	Three Months Ended June 30,						Nine Months Ended June 30,
	2024			2023			2024			2023
Finance lease – lease asset amortization	$	18		$	20		$	56		$	59
Finance lease – interest on lease liabilities		4			4			9			12
Operating lease cost		1,418			1,327			4,046			4,011
Short-term lease cost		90			78			214			348
Variable lease cost (1)		282			199			889			948
Sublease income		(3	)		(27	)		(18	)		(78	)
Total net lease cost	$	1,809		$	1,601		$	5,196		$	5,300

(1)

Maturities of lease liabilities are:


	June 30, 2024
	Operating Leases			Finance Leases
Remainder of 2024	$	1,422		$	21
2025		5,869			68
2026		4,202			65
2027		2,404			12
2028		2,050			—
Thereafter		1,196			—
Total lease payments (1)	$	17,143		$	166
Less: imputed interest (2)		(1,705	)		(10	)
Total lease liabilities	$	15,439		$	156

(1)

The weighted average remaining lease term is 3.5 years for operating leases and 2.4 years for finance leases.

(2)

The weighted average discount rate is 6.1 % for operating leases and 5.6 % for finance leases.

Supplemental disclosures of cash flow information related to leases are:


	Nine Months Ended June 30,
	2024		2023
Cash paid for amounts included in operating lease liabilities	$	3,437	$	3,598
Cash paid for amounts included in finance lease liabilities	$	79	$	75
Non-cash: lease liabilities arising from new operating lease assets obtained	$	5,691	$	—
Non-cash: lease liabilities arising from new finance lease assets obtained	$	—	$	—
Non-cash: adjustments to lease assets and liabilities(1)	$	360	$	408

(1)

These include adjustments due to lease modifications, renewals, and other related adjustments.

Lease liabilities increased during the nine months ended June 30, 2024, due to the commencement of a lease for new warehouse space in Brownsburg, IN during the period, as well as new leases relating to the Sierra acquisition. See Note 3 - Sierra Acquisition for further information.

Summary of Significant Accounting Policies Unaudited Interim Financial Information	9 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies Unaudited Interim Financial Information	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In management's opinion, all adjustments, consisting of normal, recurring adjustments considered necessary for a fair presentation, have been included, and intercompany transactions and accounts have been eliminated in consolidation. The information disclosed in the notes to the condensed consolidated financial statements for these periods is unaudited. Operating results for the three and nine months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending September 30, 2024, or for any future period. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect amounts in the condensed consolidated financial statements and accompanying notes. For the three and nine months ended June 30, 2024, these estimates required the Company to make assumptions about the impact of ongoing international armed and geopolitical conflicts, and other disruptions to macroeconomic conditions and, in turn, the Company's results of operations. The Company will continue to update its assumptions as conditions change. Actual results could differ significantly from those estimates. Contract Assets and Liabilities Contract assets reflect an estimate of expenses that will be reimbursed upon settlement with a seller. The contract asset balance was $1.0 million as of June 30, 2024, and $0.9 million as of September 30, 2023, and is included in the line-item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. Contract liabilities reflect obligations to provide services for which the Company has already received consideration, and generally arise from up-front payments received in connection with Machinio's subscription services. The contract liability balance was $4.9 million as of June 30, 2024, and $4.7 million as of September 30, 2023, and is included in the line-item Deferred revenue on the Condensed Consolidated Balance Sheets. Of the September 30, 2023 contract liability balance, $4.3 million was earned as other fee revenue during the nine months ended June 30, 2024. For the Company's Machinio segment, the performance obligation has been identified as the stand ready obligation to provide access to the Machinio subscription services, which it satisfies over time and recognizes as other fee revenues in the line-item Consignment and other fee revenues on the Condensed Consolidated Statements of Operations. As of June 30, 2024, the Machinio segment had a remaining performance obligation of $4.9 million; the Company expects to recognize the substantial majority of that amount as other fee revenues over the next 12 months. Contract Costs Contract costs relate to sales commissions paid on subscription contracts that are capitalized within our Machinio segment. Contract costs are amortized over the expected life of the customer contract. The contract cost balance was $2.3 million as of June 30, 2024, and $2.2 million as of September 30, 2023, and is included in the line-item Prepaid expenses and other current assets, and Other assets on the Condensed Consolidated Balance Sheets. Amortization expense was $0.4 million and $0.3 million during the three months ended June 30, 2024 and 2023, respectively, and $1.1 million and $0.9 million during the nine months ended June 30, 2024, and 2023, respectively. Risk Associated with Certain Concentrations For the majority of buyers that receive goods before payment to the Company is made, credit evaluations are performed. However, for the remaining buyers, goods are not shipped before payment is made, and as a result, the Company is not subject to significant collection risk from those buyers. For consignment sales transactions, funds are typically collected from buyers and are held by the Company on the sellers' behalf. The funds are included in Cash and cash equivalents on the Condensed Consolidated Balance Sheets. The Company releases the funds to the seller, less the Company's commission and other fees due, through Accounts payable after the buyer has accepted the goods or within 30 days, depending on the state where the buyer and seller conduct business. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash in banks within non-interest bearing, interest-bearing, and earnings allowance checking accounts, as well as cash equivalent money market funds, all of which exceed the applicable U.S. federal (FDIC and/or SIPC) and local jurisdiction (foreign banking institutions) insurance limits, and Accounts receivable. The Company deposits its cash in interest bearing checking accounts, acquires cash equivalent money market funds, and holds short-term investments designated as held-to-maturity investment securities, each with financial institutions that the Company considers to be of high credit quality. Management continually monitors the financial institutions with whom we conduct business and responds appropriately, when necessary, to manage potential risk exposure to our cash balances above the insurance limits. We have multiple vendor contracts with Amazon.com, Inc. under which we acquire and sell commercial merchandise. While purchase model transactions account for less than 20% of our total GMV, the cost of inventory for purchase model transactions is the most significant component of our consolidated Costs of goods sold. $8.6 million and $5.8 million of inventory purchased under such contracts with Amazon.com, Inc. is included in the line-item Inventory on the Condensed Consolidated Balance Sheets as of June 30, 2024, and September 30, 2023, respectively. Our vendor contracts with respect to sourcing or consigning merchandise for our RSCG segment generally reflect the concentration dynamics inherent to the retail industry. Recent Accounting Pronouncements Accounting Standards Adopted In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326). The majority of the Company’s sales require payment in advance of the sale, but a limited number of buyers are approved to conduct sales on credit. Accounts receivables related to those sales are generally short-term in nature and do not require the posting of collateral. The Company estimates its allowances for credit loss based on historical collection trends, the age of outstanding receivables, existing economic conditions, and the specific facts and circumstances of individual customers. If events or changes in circumstances indicate that specific receivable balances may be impaired, further consideration is given to the collectability of those balances and the allowance is adjusted accordingly. Past-due account balances are written off when the Company’s internal collection efforts have been unsuccessful in collecting the amounts due. The Company adopted the new standard effective October 1, 2023. The adoption of ASU 2016-13 did not have a material impact on our condensed consolidated financial statements. Accounting Standards Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. It will require organizations to provide enhanced disclosures primarily regarding significant segment expenses. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2025. The guidance is required to be applied on a retrospective basis, with all such required disclosures to be made with regard to all fiscal years presented in the financial statements. The Company is currently evaluating the effect that the adoption of this ASU may have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU will require organizations to disclose specific categories in their tax rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. The guidance will be effective for the Company beginning with its Annual Report on Form 10-K for the fiscal year ending September 30, 2026. The guidance is required to be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating the effect that the adoption of this ASU may have on its consolidated financial statements.

Segment Information

9 Months Ended

Jun. 30, 2024

Segment Reporting [Abstract]

Segment Information

14.

Segment Information

The Company has four reportable segments under which we conduct business: GovDeals, Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio. Descriptions of our reportable segments are as follows:

•

We also report results for Corporate, including elimination adjustments.

Decisions concerning the allocation of the Company’s resources are made by the Company’s Chief Operating Decision Maker (CODM), which is the Company's Chief Executive Officer, with oversight by the Board of Directors. The Company reports reportable segment information based on the internal performance measures used by the CODM to assess the performance of each operating segment in a given period. In connection with that assessment, the CODM uses segment direct profit to evaluate the performance of each segment. Segment direct profit is calculated as total revenue less cost of goods sold (excludes depreciation and amortization).

The following table sets forth certain financial information for the Company's reportable segments:


		Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands)		2024			2023			2024			2023
GovDeals:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		22,109			17,270			56,384			45,956
	Total revenue		22,109			17,270			56,384			45,956
	Segment direct profit	$	20,716		$	16,389		$	52,982		$	43,572

RSCG:
	Purchase revenue	$	51,713		$	41,439		$	134,971		$	121,651
	Consignment and other fee revenues		7,051			9,532			24,328			29,006
	Total revenue		58,764			50,971			159,299			150,657
	Segment direct profit	$	17,365		$	17,876		$	48,478		$	50,562

CAG:
	Purchase revenue	$	1,683		$	1,370		$	7,755		$	7,064
	Consignment and other fee revenues		6,967			7,615			21,009			20,731
	Total revenue		8,650			8,985			28,764			27,795
	Segment direct profit	$	7,430		$	7,938		$	23,611		$	23,466

Machinio:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		4,106			3,559			11,994			10,144
	Total revenue		4,106			3,559			11,994			10,144
	Segment direct profit	$	3,906		$	3,381		$	11,409		$	9,611

Corporate, including elimination adjustments:
	Purchase revenue	$	—		$	—		$	—		$	—
	Consignment and other fee revenues		(16	)		(16	)		(49	)		(47	)
	Total revenue		(16	)		(16	)		(49	)		(47	)
	Segment direct profit	$	(16	)	$	(16	)	$	(49	)	$	(47	)

Consolidated:
	Purchase revenue	$	53,396		$	42,809		$	142,726		$	128,715
	Consignment and other fee revenues		40,217			37,961			113,665			105,790
	Total revenue		93,613			80,770			256,391			234,505
	Total Segment direct profit	$	49,401		$	45,568		$	136,431		$	127,165

The following table reconciles segment direct profit used in the reportable segments to the Company's consolidated results:


	Three Months Ended June 30,						Nine Months Ended June 30,
(in thousands)	2024			2023			2024			2023
Reconciliation:
Total segment direct profit	$	49,401		$	45,568		$	136,431		$	127,165
Other costs and expenses from operations (1)	$	40,933			37,315			119,213			108,811
Interest and other income, net	$	(233	)		(777	)		(1,469	)		(1,609	)
Income before provision for income taxes	$	8,702		$	9,030		$	18,687		$	19,963

(1)

The percent of our revenues that came from transactions conducted outside of the United States for the three months ended June 30, 2024 and 2023, was 9.1% and 8.8%, respectively. The percent of our revenues that came from transactions conducted outside of the United States for the nine months ended June 30, 2024 and 2023, was 11.6% and 10.4%, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Income Taxes - Narrative (Details) - USD ($)	9 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Contingency [Line Items]
Effective tax rate	27.10%	26.40%
Effective tax rate statutory federal rate	21.00%
Excise tax on share repurchases	1.00%
Corporate alternative minimum tax rate	15.00%
Unrecognized tax benefits	$ 0

Stockholders' Equity - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expired date							Apr. 17, 2024
Remaining shares reserved for issuance	2,422,677						2,422,677
Shares and options vesting period							3 years
Common stock repurchases	$ 373	$ 7,907	$ 1,171	$ 4,268	$ 9,814	$ 7,199
Remaining repurchase amount	$ 7,600						$ 7,600		$ 17,000
Common stock surrendered in the exercise of stock options (in shares)							0	12,215
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance	20,300,000						20,300,000
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for issuance	22,800,000						22,800,000
December 2022 Repurchase Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares repurchased	22,242						564,887
Common stock repurchases	$ 400						$ 9,400
Stock Option - Service Based
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares and options vesting period							4 years

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income	$ 13,616	$ 14,698
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	9,297	8,433
Stock compensation expense	7,208	6,023
Inventory adjustment to net realizable value	163	859
Provision for doubtful accounts	733	519
Deferred tax expense	4,318	4,556
Gain on disposal of property and equipment	(30)	(60)
Changes in operating assets and liabilities:
Accounts receivable	(1,599)	5,209
Inventory	(2,286)	(1,636)
Prepaid taxes and tax refund receivable	134	(135)
Prepaid expenses and other assets	(5,521)	(2,117)
Operating lease assets and liabilities	1,353	(207)
Accounts payable	1,549	2,496
Accrued expenses and other current liabilities	3,795	(2,762)
Deferred revenue	204	261
Payables to sellers	15,281	(3,653)
Other liabilities	0	(128)
Net cash provided by operating activities	48,215	32,356
Investing activities
Cash paid for business acquisition, net of cash acquired	(13,265)	0
Purchases of property and equipment, including capitalized software	(6,065)	(3,905)
Purchase of short-term investments	(2,264)	(5,603)
Maturities of short-term investments	3,888	0
Other investing activities, net	60	58
Net cash used in investing activities	(17,646)	(9,450)
Financing activities
Common stock repurchases	(9,426)	(21,198)
Taxes paid associated with net settlement of stock compensation awards	(1,455)	(1,060)
Payments of the principal portion of finance lease liabilities	(72)	(75)
Proceeds from exercise of stock options, net of tax	128	496
Net cash used in financing activities	(10,825)	(21,837)
Effect of exchange rate differences on cash and cash equivalents	287	956
Net decrease in cash and cash equivalents	20,031	2,025
Cash and cash equivalents at beginning of period	110,281	96,122
Cash and cash equivalents at end of period	130,312	98,147
Supplemental disclosure of cash flow information
Cash paid for income taxes, net	$ 810	975
Non-cash: Common stock surrendered in the exercise of stock options		$ 191

Summary of Significant Accounting Policies Unaudited Interim Financial Information - Narrative 1 (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Millions	Jun. 30, 2024 USD ($)
Business Acquisition [Line Items]
Remaining performance obligation, period	12 months
Machinio
Business Acquisition [Line Items]
Remaining performance obligation	$ 4.9

Legal Proceedings and Other Contingencies

9 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Legal Proceedings and Other Contingencies

13.

Legal Proceedings and Other Contingencies

The Company reserves for contingent liabilities based on ASC 450, Contingencies, when it determines that a liability is probable and reasonably estimable.

From time to time, the Company may become involved in litigation relating to claims arising in the ordinary course of the business. However, unless otherwise noted, there are no claims or actions pending or threatened against the Company that, if adversely determined, would in the Company's management's judgment have a material adverse effect on the Company.

Former Employee Matters

In May 2021, the Company’s former Vice President, Human Resources filed a complaint against the Company in the United States District Court for the District of Maryland (the “District Court”), alleging wrongful termination on the basis of gender, race, and age. The Company’s employment practices liability insurance carrier, CNA, accepted tender of these claims. In December 2022, the District Court dismissed plaintiff’s age discrimination claim but the court allowed the race and gender claims to go to trial. Trial on the race and gender claims began late October 2023. The jury was unable to reach a unanimous verdict on either claim, and accordingly, the judge declared a mistrial in November 2023. On August 1, 2024, plaintiff and the Company entered into a settlement agreement under which the Company will pay to plaintiff $3.5 million in exchange for a full release and dismissal with prejudice of plaintiff’s claims, which is included in the line-item Accrued expenses and other current liabilities on the Condensed Consolidated Balance Sheets. LSI entered into the Agreement as a negotiated compromise and settlement of litigation, and not in any way as an admission of liability or fault by the Company. CNA funded $3.0 million of the settlement pursuant to the terms of the Company’s insurance policy and this is included in the line-item Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. As a result of the settlement agreement, the Company recorded a $0.5 million litigation settlement expense net of insurance recovery, which is included in General and administrative expenses on the Condensed Consolidated Statements of Operations.

On December 28, 2022, the Company’s former Chief Marketing Officer (the “Former CMO”) filed a complaint (the “Original Complaint”) in the District Court, alleging wrongful termination on the basis of race and age and that the Company retaliated against him. On April 26, 2023, the Former CMO filed an amended complaint with the District Court, alleging the same claims made in the Original Complaint. The Company's motion to dismiss certain of the Former CMO's claims was denied on March 27, 2024. The parties are entering the discovery phase of the case, which is currently scheduled to be completed by September 9, 2024 . The Company is asserting substantial defenses and cannot estimate a range of potential liability, if any, at this time. CNA has accepted tender of these claims as well.

Segment Information - Reconciliation from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting [Abstract]
Total segment gross profit	$ 49,401	$ 45,568	$ 136,431	$ 127,165
Other costs and expenses from operations	40,933	37,315	119,213	108,811
Interest and other income, net	(233)	(777)	(1,469)	(1,609)
Income before provision for income taxes	$ 8,702	$ 9,030	$ 18,687	$ 19,963

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

+ Details

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Leases [Abstract]
Cash paid for amounts included in operating lease liabilities	$ 3,437	$ 3,598
Cash paid for amounts included in finance lease liabilities	79	75
Non-cash: lease liabilities arising from new operating lease assets obtained	5,691	0
Non-cash: lease liabilities arising from new finance lease assets obtained	0	0
Non-cash: adjustments to lease assets and liabilities	$ 360	$ 408

Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 1,422
2025	5,869
2026	2,404
2027	4,202
2028	2,050
Thereafter	1,196
Total lease payments	17,143
Less: imputed interest	(1,705)
Total lease liabilities	15,439
Finance Leases
Remainder of 2024	21
2025	68
2026	65
2027	12
2028	0
Thereafter	0
Total lease payments	166
Less: imputed interest	(10)
Total lease liabilities	$ 156
Operating lease, liability, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Finance lease, liability, statement of financial position	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent

Defined Benefit Pension Plan - Additional Information (Details) $ in Millions	3 Months Ended	9 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2024 GBP (£)
Defined benefit pension plan
Net periodic pension cost (benefit) \| $	$ 0.1	$ 0.3
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]		Interest Income (Expense), Operating
Maximum
Defined benefit pension plan
Expected contributions \| £			£ 10,000,000

Leases - Narrative (Details)	Jun. 30, 2024
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	4 years 10 months 24 days

Debt - Narrative (Details) - USD ($)		6 Months Ended	12 Months Ended
Debt - Narrative (Details) - USD ($)	Feb. 10, 2022	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2024
Credit Agreement
Debt Instrument [Line Items]
Amount outstanding				$ 0
First Amendement
Debt Instrument [Line Items]
Line of credit facility, expiration date			Mar. 31, 2025
Second Amendement
Debt Instrument [Line Items]
Line of credit facility, expiration date		Mar. 31, 2026
Revolving Credit Facility \| Credit Agreement
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.05%
Line of credit facility, commitment fee percentage	1.25%
Revolving Credit Facility \| Minimum \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.25%
Revolving Credit Facility \| Maximum \| Credit Agreement \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%
Revolving Credit Facility \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 25,000,000
Letter of Credit \| Wells Fargo Bank, National Association
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 10,000,000