Liquidity Services, Inc.NASDAQ
Terrier Investing's Best Idea: Liquidity Services
Terrier Investing • 59 Comments
Terrier Investing • 59 Comments
Thu, Nov. 17, 6:56 AM
Wed, Nov. 16, 5:30 PM
Thu, Sep. 29, 1:47 PM
- Liquidity Services (LQDT) entered into an agreement with Indassol, to provide negotiated sale and auction services to biopharmaceutical, electronics, fast-moving consumer goods and industrial manufacturing clients located in Ireland. Assets will be sold on GoIndustry (OTC:GOINF) DoveBid (http://www.go-dove.com), a Liquidity Services marketplace where more than $1B of industrial manufacturing assets across 450 categories have been sold to a global audience of registered industry buyers.
- “Liquidity Services is pleased to partner with Indassol and is looking forward to working with them to expand our service offering for industrial manufacturers in Ireland,” said Gardner Dudley, president of Liquidity Services’ Capital Assets Group. “This partnership will deliver clients a superior auction and sales platform and, in turn, expand our reach to more international buyers than ever before, generating more competitive bids and a greater return on investment for our clients.”
- Press Release
Thu, Aug. 4, 6:57 AM
Wed, Aug. 3, 5:30 PM
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Thu, May 5, 7:00 AM
- Liquidity Services (NASDAQ:LQDT): FQ2 EPS of $0.04 beats by $0.11.
- Revenue of $86.88M (-15.6% Y/Y) beats by $17.04M.
Wed, May 4, 5:30 PM
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Thu, Mar. 3, 6:24 PM
- Liquidity Services (NASDAQ:LQDT) placed a winning bid (equal to 64.5% of gross resale proceeds being returned to the government) for a DoD scrap auction contract. The new contract has a 3-year base term and two one-year options.
- Liquidity's shares were hit hard in 2014 by the loss of the DoD's rolling stock surplus contract. A scrap contract extension was landed in 2015. In last month's FQ1 report, the company noted its FY16 outlook remains cautious "due to the changing mix and volume of supply in our DoD and commercial business, in part due to lower commodity prices and macro weakness in the energy sector."
Thu, Feb. 4, 12:55 PM
- In addition to missing FQ1 estimates, Liquidity Services (NASDAQ:LQDT) is guiding for FQ2 EPS of -$0.11 to $0.00, below a $0.03 consensus. GMV is expected to total $140M-$160M, below FQ1's $151.4M (-38.3% Y/Y) and down from $189.4M a year ago.
- Liquidity: "[O]ur DoD business has seen significant changes in the volume and mix of property we handle and a decline in scrap metals pricing which has reduced sales values and increased costs ... .Our FY-16 outlook remains cautious due to the changing mix and volume of supply in our DoD and commercial business, in part due to lower commodity prices and macro weakness in the energy sector. While we anticipate a benefit to earnings in FY-16 compared to FY-15 from the sale of the Jacobs Trading business, client engagements and the mix of property received under select retail client programs are unpredictable, resulting in lower supply and lower per unit prices in certain categories."
FQ1 details: Registered buyers rose 9% Y/Y to 2.88M. However, auction participants and completed transactions respectively fell 11% and 9% to 561K and 133K. Not counting $96M in year-ago M&A/goodwill charges, GAAP costs/expenses fell 36% Y/Y to $73.3M.
Liquidity ended FQ1 with $85.5M and no debt. The company's market cap is currently $162M.
- Liquidity's FQ1 results, earnings release
Thu, Feb. 4, 7:12 AM
- Liquidity Services (NASDAQ:LQDT): FQ1 EPS of -$0.11 misses by $0.06.
- Revenue of $65.88M (-47.4% Y/Y) misses by $8.23M.
Wed, Feb. 3, 5:30 PM
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Nov. 19, 2015, 3:07 PM
- In addition to missing FQ4 revenue estimates (while beating on EPS), Liquidity Services (NASDAQ:LQDT) is guiding for FQ1 EPS of -$0.09 to $0.00, below a $0.19 consensus. GMV is expected to drop to $140M-$160M from FQ4's $170.7M and the year-ago period's $245.3M.
- Liquidity: "In the near term it remains difficult to forecast the sales and margins of our business, as our DoD business has seen significant changes in the volume and mix of property we handle which has reduced sales values and increased costs ... Our FY-16 outlook remains cautious due to the changing mix and volume of supply in our DoD and commercial business, in part due to lower commodity prices and macro weakness in the energy and industrial sectors ... We also plan to further allocate management time and resources to accomplish our LiquidityOne transformation program, which may result in reduced productivity and growth that is difficult to forecast."
- The company adds negotiations are ongoing for its new DoD surplus contract, though operations for the contract commenced last month. FQ4 GMV fell 23.8% Y/Y due to the loss of a DoD rolling stock contract and the end of Liquidity's Wal-Mart deal.
- Registered buyers still rose 9% Y/Y to 2.5M. Completed transactions rose 4% in FY15 to 567K, while auction participants fell 2% to 2.48M. Lifting EPS: sales/marketing, tech/operations, and G&A spend each fell Y/Y.
- Liquidity ended FQ4 with $95.5M in cash, and no debt. Its market cap stands at $204M.
- FQ4 results, PR
Nov. 19, 2015, 12:44 PM
Nov. 19, 2015, 7:03 AM
- Liquidity Services (NASDAQ:LQDT): FQ4 EPS of $0.07 beats by $0.07.
- Revenue of $79.29M (-33.0% Y/Y) misses by $1.83M.
Nov. 18, 2015, 5:30 PM
Sep. 28, 2015, 3:00 PM
- Plenty of high-beta tech names are getting clobbered as the Nasdaq posts a 3% drop amid a broad market selloff.
- Firms down over 5% include memory giant Micron (MU -5.6%), salvage auction site Liquidity Services (LQDT -10.5%), industrial measurement toolmaker Perceptron (PRCP -12.1%), cloud healthcare software provider Castlight (CSLT -5.4%), CDN owner Limelight (LLNW -8.6%), mortgage origination software firm Ellie Mae (ELLI -6.1%), ultracapacitor maker Maxwell (MXWL -8.5%), Korean analog/mixed-signal chipmaker MagnaChip (MX -9.3%), online loan marketplace LendingTree (TREE -7.9%), and online ad retargeting firm Criteo (CRTO -5.9%).
- Micron's decline comes ahead of its Thursday FQ4 report. Nomura predicted today FQ4 results will miss consensus, and that FQ1 will also be weak. "While an estimate cut is well understood, we believe Micron’s stock will continue to track DRAM/NAND pricing, which is trending lower into the peak of the build season.” Cowen, on the other hand, argued FQ4 will be the bottom, and stated checks point to Samsung "pulling back meaningfully on capex."
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