NASDAQ$LQDT
Liquidity Services Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Announced strong fourth quarter results with record annual GMV and highest full-year Non-GAAP Adjusted EBITDA performance since 2014.
Liquidity Services reported an 11% increase in GMV to $315.6 million and a 6% increase in revenue to $80.0 million for the fourth quarter of fiscal year 2023. GAAP net income was $6.3 million, or $0.20 per share, while Non-GAAP Adjusted EBITDA was $12.8 million, up $0.5 million, and Non-GAAP Adjusted Diluted EPS was $0.26, up 37%.
- GMV increased by 11% to $315.6 million, and revenue increased by 6% to $80.0 million.
- GAAP Net Income was $6.3 million, with GAAP Diluted Earnings Per Share (EPS) at $0.20.
- Non-GAAP Adjusted EBITDA increased to $12.8 million, and Non-GAAP Adjusted Diluted EPS increased to $0.26.
- Cash balances totaled $118.2 million with zero financial debt.
Headline financials
Revenue & EPS history
Liquidity Services · Revenue · Quarterly
$80M
Revenue by segment
Liquidity Services · $76.3M total across 3 segments · Q4 2023
- RSCG Revenue$49.6M—65.0%
- GovDeals Revenue$16.1M—21.0%
- CAG Revenue$10.7M—14.0%
Forward guidance
For Q1-FY24, Liquidity Services anticipates GMV to range from $295 million to $325 million, GAAP Net Income to range from $1.5 million to $4.0 million, GAAP Diluted EPS to range from $0.05 to $0.12, Non-GAAP Adjusted EBITDA to range from $7.0 million to $10.0 million, and Non-GAAP Adjusted EPS to range from $0.12 to $0.19.
Tailwinds
- GovDeals is expecting year-over-year growth that includes improved availability of vehicles for sale while it faced headwinds in that category last year.
- CAG is also expecting a solid year-over-year improvement in GMV from selected global industrial projects.
- Anticipate continued investment in our sales and technology initiatives in support of our marketplace enhancements, market share gains and long-term growth.
- Consolidated revenue as a percentage of GMV to remain in the mid twenty percent range, reflecting anticipated mix of business and marketplace asset categories.
- Segment direct profits as a percentage of total revenues to be in a range similar to the same quarter last year.
Headwinds
- Fiscal first quarter results typically decline sequentially compared to the fiscal fourth quarter of the prior year.
- Operating expenses increase in the fiscal first quarter.
- The RSCG segment is currently receiving a higher volume of lower-value products than last year, while the broader consumer demand for retail goods has softened.
- Revenue is expected to increase at a lower rate than GMV as selected CAG projects are being conducted with partner organizations this year.
- Potential Impacts to GMV, Revenue, Segment Direct Profits, and ratios calculated using these metrics
- Our Q1-FY24 effective tax rate (ETR) is expected to range from approximately 28% to 34% and our full fiscal year FY24 ETR is expected to range from 26% to 32%. This range excludes any potential impacts from legislative changes to U.S. corporate tax rates that may be enacted; and potential impacts from items that have limited visibility and can be highly variable, including effects of stock compensation due to participant exercise activity and changes in our stock price.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2023
+0.8%
Avg return
Earnings day
+1.8%
Avg return
5 days after
+3.2%
Avg return
30 days after
52%
34 / 65 earnings
Positive
+50.0%
Q4 2020
Best reaction
-29.3%
Q2 2014
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q2 2026 | -2.6% | -9.8% | +0.0% | |
| Q1 2026 | +4.7% | +4.6% | +1.6% | |
| Q4 2025 | +13.4% | +33.5% | +39.1% | |
| Q2 2025 | -10.2% | -21.1% | -21.2% | |
| Q1 2025 | +4.0% | +7.8% | -3.1% | |
| Q4 2024 | +38.0% | +21.0% | +28.2% | |
| Q3 2024 | +10.7% | +12.5% | +5.0% | |
| Q2 2024 | -3.4% | -0.2% | -0.3% | |
| Q1 2024 | -10.5% | -6.9% | +3.1% | |
| Q4 2023 | -14.1% | -13.0% | -16.4% | |
| Q3 2023 | +8.1% | +10.1% | +7.4% | |
| Q2 2023 | +6.9% | +10.3% | +21.5% | |
| Q1 2023 | +0.5% | -9.5% | -14.0% | |
| Q4 2022 | -13.8% | -10.0% | -3.6% | |
| Q3 2022 | -20.2% | -18.8% | -23.8% | |
| Q2 2022 | -13.1% | -13.9% | -7.4% | |
| Q1 2022 | -13.7% | -11.0% | -6.0% | |
| Q4 2021 | -9.0% | -5.3% | -2.5% | |
| Q3 2021 | +10.4% | +17.2% | +25.6% | |
| Q2 2021 | +30.7% | +38.1% | +30.4% | |
| Q1 2021 | -20.6% | -21.3% | -25.0% | |
| Q4 2020 | +50.0% | +39.0% | +55.0% | |
| Q3 2020 | +12.2% | +29.7% | +33.0% | |
| Q2 2020 | -2.4% | +6.5% | +25.5% | |
| Q1 2020 | -10.0% | -10.8% | -20.5% | |
| Q4 2019 | -5.8% | -14.7% | -11.1% | |
| Q3 2019 | +13.0% | +6.0% | +16.1% | |
| Q2 2019 | +1.1% | +0.0% | -11.5% | |
| Q1 2019 | -11.7% | -15.4% | -14.7% | |
| Q4 2018 | +11.3% | +0.5% | +12.6% | |
| Q3 2018 | -4.1% | +0.7% | -0.7% | |
| Q2 2018 | -10.2% | -7.9% | -7.1% | |
| Q1 2018 | +40.6% | +45.8% | +43.7% | |
| Q4 2017 | -18.4% | -24.8% | -17.9% | |
| Q3 2017 | -9.0% | -9.0% | -12.7% | |
| Q2 2017 | -3.9% | -3.3% | -15.0% | |
| Q1 2017 | -6.3% | -10.5% | -16.8% | |
| Q4 2016 | +2.1% | +8.5% | +5.9% | |
| Q3 2016 | +14.1% | +14.2% | +24.2% | |
| Q2 2016 | +9.2% | — | — | |
| Q1 2016 | -23.4% | — | — | |
| Q4 2015 | -16.9% | — | — | |
| Q3 2015 | +2.1% | — | — | |
| Q2 2015 | +12.5% | — | — | |
| Q1 2015 | +21.2% | — | — | |
| Q4 2014 | -10.0% | — | — | |
| Q3 2014 | +0.4% | — | — | |
| Q2 2014 | -29.3% | — | — | |
| Q1 2014 | +13.1% | — | — | |
| Q4 2013 | -16.0% | — | — | |
| Q3 2013 | -1.0% | — | — | |
| Q2 2013 | +7.6% | — | — | |
| Q1 2013 | -19.0% | — | — | |
| Q4 2012 | -6.1% | — | — | |
| Q3 2012 | -4.7% | — | — | |
| Q2 2012 | +16.8% | — | — | |
| Q1 2011 | -0.6% | — | — | |
| Q1 2012 | +14.1% | — | — | |
| Q4 2009 | +1.2% | — | — | |
| Q2 2011 | +1.2% | — | — | |
| Q4 2011 | +1.2% | — | — | |
| Q3 2010 | +4.9% | — | — | |
| Q3 2011 | +4.9% | — | — | |
| Q4 2010 | +4.9% | — | — | |
| Q2 2010 | +8.0% | — | — |
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