LQDT earnings analysis
What we found in LQDT's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Liquidity Services reported solid Q2 performance with total revenue of $120.7 million, exceeding analyst estimates of $105.7 million, although EPS of $0.23 fell short of expectations of $0.28. The company highlighted a 6% rise in GMV to $389.9 million, contributing to overall growth, while also projecting continued growth in the third quarter with guidance for revenues between $425 million to $465 million.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up 3.7% YoY
- Total revenues increased to $120.7 million, up from $116.4 million in the prior year.
- Strong GMV Growth
- Gross Merchandise Volume rose to $389.9 million, a 6% increase compared to the previous year.
- Operating Income Growth of 41.4%
- Income from operations reached $9.6 million, compared to $6.8 million last year.
- Direct Profit Increased Across Segments
- GovDeals reported a 12.2% increase in direct profit.
- Improved Efficiency
- Cost of goods sold decreased by $4.1 million due to better margin management.
- Capital Expenditures Growth
- Capex increased to $4.4 million from $3.7 million, driven by platform enhancements.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Costs
- Technology and operations expenses rose by 8.5%, indicating higher operational costs if sustained.
- Geopolitical Tensions Continuing
- Ongoing military tensions in the Middle East could disrupt supply chains.
- Fluctuating Consumer Demand
- Changes in consumer sentiment affecting demand for auctioned goods pose a risk.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.23
- Gross margin
- 47.1%
- Operating margin
- 7.9%
- Segment
- GovDeals
- Segment
- Retail Supply Chain Group (RSCG)
- Segment
- Capital Assets Group (CAG)
- Segment
- Machinio & Software Solutions
What they said about what is next.
Q3 guidance reflects expected continued growth in consistent segments.
The filing reads better than the one before it.
What came before.
- 10-Q · May 8, 2025
- Liquidity Services reported Q2 revenue of $116.4M (up $24.9M or 27.3% YoY from $91.5M) and diluted EPS of $0.22 (up $0.04 from $0.18 a year ago). Gross margin compressed to 40.8% from 51.7% a year ago; operating margin…
- 10-Q · February 6, 2025
- Liquidity Services, Inc. reported strong revenue growth in Q1 2025, with total revenue of $122.331 million, up 71.4% compared to $71.325 million in Q1 2024. However, gross and operating margins have decreased to 41.0%…
- 10-Q · February 2, 2023
- Liquidity Services reported quarterly revenue of $72,282,000, up from $66,707,000 a year ago, with operating income of $4,727,000 and net income of $3,967,000. Diluted EPS was $0.12 versus $0.10 in the prior-year…
- 10-K · December 8, 2022
- Liquidity Services positions itself as a leading global marketplace powering the circular economy, reporting GMV of $1,145.4 million and revenue of $280.1 million for the year ended September 30, 2022. The buyer base…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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