Liquidity Services, Inc. Announces Second Quarter Fiscal Year 2014 Financial Results

  Liquidity Services, Inc. Announces Second Quarter Fiscal Year 2014 Financial
  Results

– Second quarter revenue of $128.3 down 2% – Gross Merchandise Volume (GMV) of
 $227.2 down 12% - Adjusted Earnings Before Interest, Taxes, Depreciation and
 Amortization (EBITDA) of $16.7 million down 43% – Adjusted EPS of $0.26 down
                                     46%

Business Wire

WASHINGTON -- May 8, 2014

Liquidity Services, Inc. (NASDAQ:LQDT) today reported its financial results
for its second quarter of fiscal year 2014 (Q2-14) ended March 31, 2014.
Liquidity Services, Inc. is a global solution provider in the reverse supply
chain with the leading marketplace for business surplus.

Liquidity Services, Inc. (Liquidity Services or the Company) reported
consolidated Q2-14 revenue of $128.3 million, a decrease of approximately 1.5%
from the prior year’s comparable period. Adjusted EBITDA, which excludes stock
based compensation and acquisition costs including changes in acquisition earn
out payment estimates, for Q2-14 was $16.7 million, a decrease of
approximately 43% from the prior year’s comparable period. Q2-14 GMV, the
total sales volume of all merchandise sold through the Company’s marketplaces,
was $227.2 million, a decrease of 12% from the prior year’s comparable period.

Net income in Q2-14 was $5.6 million or $0.17 diluted earnings per share.
Adjusted net income, which excludes stock based compensation, acquisition
costs including changes in acquisition earn out payment estimates and
amortization of contract-related intangible assets associated with the Jacobs
Trading acquisition – net of tax, in Q2-14 was $8.5 million or $0.26 adjusted
diluted earnings per share based on 32.3 million fully diluted shares
outstanding, a decrease of approximately 56% and 46%, respectively, from the
prior year’s comparable period. During Q2-14, the Company repurchased 128,566
shares of common stock expending $3.1 million as part of its previously
announced share repurchase program.

“While GMV was within our expected results, our Adjusted EBITDA and Adjusted
EPS were lower than expected due to mix changes in our DoD surplus and retail
businesses and delayed capital asset projects in both the U.S. and Europe. We
also experienced unusual softness in our energy vertical due to an industry
wide decline in line pipe and related equipment,” said Bill Angrick, Chairman
and CEO of Liquidity Services.

“In addition, we continued to invest aggressively to integrate our
marketplaces and global operations and develop new capabilities to achieve our
long term goal of a diversified, multi-billion dollar commercial business that
enables sellers and buyers of all sizes to easily manage, evaluate and
monetize assets in the $150 billion reverse supply chain based on their
industry, location and channel preferences. At scale, Liquidity Services will
provide shareholders with multiple high margin revenue streams that leverage
our investments in game changing technology and global operations. To achieve
our future vision, we are undergoing a multi-year transformation of our
business from independent marketplaces to an integrated global business and
marketplace platform with a singular and superior user experience. As we
execute our transformation plan and manage the multi-year transition of our
DoD surplus contract, consolidated results will be less reflective of our
progress. Therefore, investors should evaluate our progress based on our
ability to grow the GMV and revenue of our commercial and municipal government
business going forward.

“As previously announced, we are pleased that we will continue to drive
innovation for the DoD for up to six years under the terms of a new Surplus
contract for all useable surplus items other than rolling stock. The
preliminary results of the live auction bidding events held by the U.S.
Defense Logistics Agency (DLA) on April 1-2, 2014 will result in material
changes to our DoD surplus business beginning in fiscal year 2015. We are the
high bidder for the non-rolling stock contract and expect our pricing to
increase from 1.8% to 4.35% of Original Acquisition Value. The high bidder for
the rolling stock contract was another company. The impact of the bidding
results will decrease future GMV and significantly increase our Cost of Goods
Sold, which will materially affect our EBITDA in fiscal year 2015. Under the
terms of the new Surplus contract, which have yet to be finalized, we expect
to handle an estimated $9 billion of original acquisition value of property
over the contract performance period. This continued relationship delivers a
steady source of anchor supply in key verticals we serve in our commercial
business.”

Business Outlook

It is difficult for us to forecast the sales and margins of our business while
we are awaiting the final specifications and timing of the work we will be
performing under the new DoD surplus contract. In addition, the volume and mix
of property flow under our current DoD surplus contract has been more volatile
recently, requiring us to obtain additional warehouse space and incur
increased staffing and operational costs.

Although global economic conditions have improved, our overall outlook remains
cautious regarding our commercial capital assets business due to volatility in
capital spending patterns. In addition, our retail supply chain business has
seen significant changes in consumer spending habits in certain categories,
such as electronics, which has been affected by increases in payroll taxes,
continued high unemployment, and reduced innovation in the sector, resulting
in decreased spending and decreased pricing in the secondary market, resulting
in margin pressure. Lastly, we plan to increase investments in our technology
infrastructure and proprietary e-commerce marketplace platform to support
further expansion and integration of our existing and recently acquired
businesses. In the longer term, we expect our business to continue to benefit
from the following trends: (i) as consumers trade down and seek greater value,
we anticipate stronger buyer demand for the surplus merchandise sold in our
marketplaces; (ii) as corporations and public sector agencies focus on
reducing costs, improving transparency, compliance and working capital flows
by outsourcing reverse supply chain activities, we expect our seller base to
increase; and (iii) as corporations and public sector agencies increasingly
prefer service providers with a proven track record, innovative scalable
solutions and the ability to make a strategic impact in the reverse supply
chain, we expect our seller base to increase.

The following forward looking statements reflect trends and assumptions for
the next quarter and FY 2014:

      
(i)     stable commodity prices in our scrap business;
(ii)    stable average sales prices realized in our capital assets
        marketplaces;
(iii)   improved margins in our GoIndustry marketplace as we continue to
        integrate the acquisition and complete our restructuring plans;
(iv)    continued product flows under the DoD Surplus contract under the
        existing terms;
(v)     an effective income tax rate of 40%; and
(vi)    improved operations and service levels in our retail goods
        marketplaces.
        

Our DoD Scrap Contract includes an incentive feature, which can increase the
amount of profit sharing distribution we receive from 23% up to 25%. Payments
under this incentive feature are based on the amount of scrap we sell for the
DoD to small businesses during the preceding 12 months as of June 30^th of
each year. We are eligible to receive this incentive in each year of the term
of the Scrap Contract and have assumed for purposes of providing guidance
regarding our projected financial results for the next quarter and fiscal year
2014 that we will again receive this incentive payment.

GMV – We expect GMV for fiscal year 2014 to range from $930 million to $975
million, which is a decrease from our previous guidance range of $1.0 billion
to $1.075 billion. We expect GMV for Q3-14 to range from $225 million to $250
million.

Adjusted EBITDA – We expect Adjusted EBITDA for fiscal year 2014 to range from
$70 million to $80 million, which is a decrease from our previous guidance
range of $100 million to $108 million. We expect Adjusted EBITDA for Q3-14 to
range from $18.0 million to $21.0 million.

Adjusted Diluted EPS – We estimate Adjusted Earnings Per Diluted Share for
fiscal year 2014 to range from $1.10 to $1.27, which is a decrease from our
previous guidance range of $1.60 to $1.76. In Q3-14, we estimate Adjusted
Earnings Per Diluted Share to be $0.28 to $0.34. This guidance assumes that we
have an average fully diluted number of shares outstanding for the year of
32.5 million, and that we will not repurchase shares with the approximately
$46.9million yet to be expended under the share repurchase program.

Our guidance adjusts EBITDA and Diluted EPS for (i) acquisition costs
including transaction costs and changes in earn out estimates; (ii)
amortization of contract related intangible assets of $33.3 million from our
acquisition of Jacobs Trading; and (iii) for stock based compensation costs,
which we estimate to be approximately $3.5 million to $4.0 million per quarter
for fiscal year 2014. These stock based compensation costs are consistent with
fiscal year 2013.

Key Q2-14 Operating Metrics

Registered Buyers — At the end of Q2-14, registered buyers totaled
approximately 2,524,000, representing a 9% increase over the approximately
2,307,000 registered buyers at the end of Q2-13.

Auction Participants — Auction participants, defined as registered buyers who
have bid in an auction during the period (a registered buyer who bids in more
than one auction is counted as an auction participant in each auction in which
he or she bids), increased to approximately 665,000 in Q2-14, an approximately
3% increase over the approximately 643,000 auction participants in Q2-13.

Completed Transactions — Completed transactions decreased to approximately
132,000, an approximately 4% decrease for Q2-14 from the approximately 138,000
completed transactions in Q2-13.

GMV and Revenue Mix — The table below summarizes GMV and revenue by pricing
model.


GMV Mix
                       Q2-14    Q2-13
Profit-Sharing Model:           
Scrap Contract          7.2   %  6.8   %
Total Profit Sharing    7.2   %   6.8   %
Consignment Model:
GovDeals                17.1  %   14.0  %
Commercial              35.6  %  45.1  %
Total Consignment       52.7  %   59.1  %
Purchase Model:
Commercial              23.1  %   19.6  %
Surplus Contract        17.0  %  14.5  %
Total Purchase          40.1  %   34.1  %
                                
Total                   100.0 %  100.0 %

Revenue Mix
                        Q2-14    Q2-13
Profit-Sharing Model:
Scrap Contract          12.8  %  13.6  %
Total Profit Sharing    12.8  %   13.6  %
Consignment Model:
GovDeals                3.2   %   2.7   %
Commercial              11.0  %  12.2  %
Total Consignment       14.2  %   14.9  %
Purchase Model:
Commercial              37.3  %   39.0  %
Surplus Contract        30.1  %  28.9  %
Total Purchase          67.4  %   67.9  %
                                  
Other                   5.6   %  3.6   %
Total                   100.0 %  100.0 %
                                  

                           Liquidity Services, Inc.
                 Reconciliation of GAAP to Non-GAAP Measures

EBITDA and Adjusted EBITDA. EBITDA is a supplemental non-GAAP financial
measure and is equal to net income plus interest expense and other (income)
expense, net; provision for income taxes; amortization of contract
intangibles; and depreciation and amortization. Our definition of Adjusted
EBITDA differs from EBITDA because we further adjust EBITDA for stock based
compensation expense, and acquisition costs including changes in earn out
estimates.

                                                     
                                   Three Months          Six Months
                                   Ended March 31,       Ended March 31,
                                   2014      2013       2014      2013
                                   (In thousands)
                                   (unaudited)
Net income                         $ 5,631    $ 12,698   $ 12,724   $ 19,407
Interest and other expense           79         96         100        (828   )
(income), net
Provision for income taxes           3,753      8,824      8,482      13,296
Amortization of contract             2,272      2,407      4,679      4,617
intangibles
Depreciation and amortization       1,973     1,980     3,977     3,967  
                                                                    
EBITDA                              13,708    26,005    29,962    40,459 
Stock compensation expense           2,908      2,935      6,567      7,302
Acquisition costs                   85        212       180       5,588  
                                                                    
Adjusted EBITDA                    $ 16,701   $ 29,152   $ 36,709   $ 53,349 
                                                                    

Adjusted Net Income and Adjusted Basic and Diluted Earnings Per Share.
Adjusted net income is a supplemental non-GAAP financial measure and is equal
to net income plus tax effected stock compensation expense, amortization of
contract-related intangible assets associated with the Jacobs Trading
acquisition and acquisition costs including changes in earn out estimates.
Adjusted basic and diluted earnings per share are determined using Adjusted
Net Income.

                                               
                    Three Months Ended March 31,   Six Months Ended March 31,
                    2014           2013           2014          2013
                    (Unaudited) (Dollars in thousands, except per share data)
                                                                  
Net income          $  5,631        $ 12,698       $ 12,724       $ 19,407
Stock
compensation           1,745          1,732          3,940          4,352
expense (net of
tax)
Amortization of
contract               1,090          1,072          2,180          2,162
intangibles
(net of tax)
Acquisition
costs (net of         51            124           108           3,350
tax)
                                                                  
Adjusted net        $  8,517        $ 15,626       $ 18,952       $ 29,271
income
                                                                  
Adjusted basic
earnings per        $  0.26         $ 0.50         $ 0.59         $ 0.93
common share
                                                                  
Adjusted
diluted             $  0.26         $ 0.48         $ 0.58         $ 0.89
earnings per
common share
                                                                  
Basic weighted
average shares        32,231,011    31,561,412    31,187,038    31,522,133
outstanding
                                                                  
Diluted
weighted              32,321,482    32,331,686    32,489,776    32,692,975
average shares
outstanding
                                                                  

Conference Call

The Company will host a conference call to discuss the second quarter 2014
results at 10:30 a.m. Eastern Time today. Investors and other interested
parties may access the teleconference by dialing 877-703-6103 or 857-244-7302
and providing the participant pass code 32867942. A live web cast of the
conference call will be provided on the Company's investor relations website
at www.liquidityservices.com/investors. An archive of the web cast will be
available on the Company's website until June 8, 2014 at 11:59 p.m. ET. An
audio replay of the teleconference will also be available until June 8, 2014
at 11:59 p.m. ET. To listen to the replay, dial 888-286-8010 or 617-801-6888
and provide pass code 97430347. Both replays will be available starting at
2:30 p.m. ET on the day of the call.

Non-GAAP Measures

To supplement our consolidated financial statements presented in accordance
with GAAP, we use certain non-GAAP measures of certain components of financial
performance. These non-GAAP measures include earnings before interest, taxes,
depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Net Income
and Adjusted Earnings Per Share. These non-GAAP measures are provided to
enhance investors’ overall understanding of our current financial performance
and prospects for the future. We use EBITDA and Adjusted EBITDA: (a) as
measurements of operating performance because they assist us in comparing our
operating performance on a consistent basis as they do not reflect the impact
of items not directly resulting from our core operations; (b) for planning
purposes, including the preparation of our internal annual operating budget;
(c) to allocate resources to enhance the financial performance of our
business; (d) to evaluate the effectiveness of our operational strategies; and
(e) to evaluate our capacity to fund capital expenditures and expand our
business.

We believe these non-GAAP measures provide useful information to both
management and investors by excluding certain expenses that may not be
indicative of our core operating measures. In addition, because we have
historically reported certain non-GAAP measures to investors, we believe the
inclusion of non-GAAP measures provides consistency in our financial
reporting. These measures should be considered in addition to financial
information prepared in accordance with generally accepted accounting
principles, but should not be considered a substitute for, or superior to,
GAAP results. A reconciliation of all historical non-GAAP measures included in
this press release, to the most directly comparable GAAP measures, may be
found in the financial tables included in this press release.

Supplemental Operating Data

To supplement our consolidated financial statements presented in accordance
with GAAP, we use certain supplemental operating data as a measure of certain
components of operating performance. We review GMV because it provides a
measure of the volume of goods being sold in our marketplaces and thus the
activity of those marketplaces. GMV and our other supplemental operating data,
including registered buyers, auction participants and completed transactions,
also provide a means to evaluate the effectiveness of investments that we have
made and continue to make in the areas of customer support, value-added
services, product development, sales and marketing and operations. Therefore,
we believe this supplemental operating data provides useful information to
both management and investors. In addition, because we have historically
reported certain supplemental operating data to investors, we believe the
inclusion of this supplemental operating data provides consistency in our
financial reporting. This data should be considered in addition to financial
information prepared in accordance with generally accepted accounting
principles, but should not be considered a substitute for, or superior to,
GAAP results.

Forward-Looking Statements

This document contains forward-looking statements made pursuant to the Private
Securities Litigation Reform Act of 1995. These statements are only
predictions. The outcome of the events described in these forward-looking
statements is subject to known and unknown risks, uncertainties and other
factors that may cause our actual results, levels of activity, performance or
achievements to differ materially from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking
statements. These statements include, but are not limited to, statements
regarding the Company’s business outlook and expected future effective tax
rates. You can identify forward-looking statements by terminology such as
"may," "will," "should," "could," "would," "expects," "intends," "plans,"
"anticipates," "believes," "estimates," "predicts," "potential," "continues"
or the negative of these terms or other comparable terminology. Although we
believe that the expectations reflected in the forward-looking statements are
reasonable, we cannot guarantee future results, levels of activity,
performance or achievements.

There are a number of risks and uncertainties that could cause our actual
results to differ materially from the forward-looking statements contained in
this document. Important factors that could cause our actual results to differ
materially from those expressed as forward-looking statements are set forth in
our filings with the SEC from time to time, and include, among others, our
dependence on our contracts with the DoD and Wal-Mart for a significant
portion of our revenue and profitability; our ability to successfully expand
the supply of merchandise available for sale on our online marketplaces; our
ability to attract and retain active professional buyers to purchase this
merchandise; the timing and success of upgrades to our technology
infrastructure; our ability to successfully complete the integration of any
acquired companies, including NESA and Go-Industry, into our existing
operations and our ability to realize any anticipated benefits of these or
other acquisitions; and our ability to recognize any expected tax benefits as
a result of closing our U.K. retail consumer goods operations. There may be
other factors of which we are currently unaware or deem immaterial that may
cause our actual results to differ materially from the forward-looking
statements.

All forward-looking statements attributable to us or persons acting on our
behalf apply only as of the date of this document and are expressly qualified
in their entirety by the cautionary statements included in this document.
Except as may be required by law, we undertake no obligation to publicly
update or revise any forward-looking statement to reflect events or
circumstances occurring after the date of this document or to reflect the
occurrence of unanticipated events.

About Liquidity Services, Inc.

Liquidity Services, Inc. (NASDAQ: LQDT) provides leading corporations, public
sector agencies and buying customers the world's most transparent, innovative
and effective online marketplaces and integrated services for surplus assets.
On behalf of its clients, Liquidity Services has completed the sale of over
$4.5 billion of surplus, returned and end-of-life assets, in over 500 product
categories, including consumer goods, capital assets and industrial equipment.
The Company is based in Washington, D.C. and has over 1,400 employees.
Additional information can be found at: http://www.liquidityservices.com.


Liquidity Services,Inc. and Subsidiaries
Consolidated Balance Sheets
(Dollars in Thousands)
                                                             
                                                   March 31,     September 30,
                                                   2014          2013
Assets                                             (Unaudited)
Current assets:
Cash and cash equivalents                          $ 101,766     $   95,109
Accounts receivable, net of allowance for
doubtful accounts of $982 and $891 at March          27,055          24,050
31, 2014
and September 30, 2013, respectively
Inventory                                            71,640          29,261
Prepaid and deferred taxes                           18,993          11,243
Prepaid expenses and other current assets           6,136         4,802
Total current assets                                 225,590         164,465
Property and equipment, net                          12,448          10,380
Intangible assets, net                               22,223          28,205
Goodwill                                             210,824         211,711
Other assets                                        7,240         6,583
Total assets                                       $ 478,325    $   421,344
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable                                   $ 21,897      $   16,539
Accrued expenses and other current liabilities       64,369          34,825
Profit-sharing distributions payable                 4,652           4,315
Customer payables                                   32,116        29,497
Total current liabilities                            123,034         85,176
Acquisition earn out payables                        18,565          18,390
Deferred taxes and other long-term liabilities      2,248         2,899
Total liabilities                                    143,847         106,465
Stockholders’ equity:
Common stock, $0.001 par value; 120,000,000
shares authorized; 32,402,148 shares issued
and
32,273,582 shares outstanding at March 31,           31              31
2014; 31,811,764 shares issued and outstanding
at
September 30, 2013
Treasury stock                                       (3,057  )       —
Additional paid-in capital                           218,955         206,861
Accumulated other comprehensive income               (1,644  )       518
Retained earnings                                   120,193       107,469
Total stockholders’ equity                          334,478       314,879
Total liabilities and stockholders’ equity         $ 478,325    $   421,344
                                                                 


Liquidity Services,Inc. and Subsidiaries
Unaudited Consolidated Statements of Operations
(Dollars in Thousands, Except Per Share Data)
                                                                
                   Three Months Ended March 31,      Six Months Ended March 31,
                   2014             2013             2014             2013
                                                                      
Revenue            $ 102,920        $ 106,199        $ 196,390        $ 207,528
Fee revenue         25,409         24,125         53,887         45,001     
Total revenue        128,329          130,324          250,277          252,529
                                                                      
Costs and
expenses:
Cost of goods
sold                 54,273           49,946           101,983          97,068
(excluding
amortization)
Profit-sharing       8,299            9,942            18,429           18,352
distributions
Technology and       29,070           22,407           54,691           44,954
operations
Sales and            10,459           9,973            20,290           20,301
marketing
General and          12,435           11,839           24,742           25,807
administrative
Amortization
of contract          2,272            2,407            4,679            4,617
intangibles
Depreciation
and                  1,973            1,980            3,977            3,967
amortization
Acquisition         85             212            180            5,588      
costs
                                                                      
Total costs         118,866        108,706        228,971        220,654    
and expenses
                                                                      
Income from          9,463            21,618           21,306           31,875
operations
Interest and
other               (79        )    (96        )    (100       )    828        
(expense)
income, net
                                                                      
Income before
provision for        9,384            21,522           21,206           32,703
income taxes
Provision for       (3,753     )    (8,824     )    (8,482     )    (13,296    )
income taxes
                                                                      
Net income         $ 5,631         $ 12,698        $ 12,724        $ 19,407     
Basic earnings
per common         $ 0.17          $ 0.40          $ 0.39          $ 0.62       
share
Diluted
earnings per       $ 0.17          $ 0.39          $ 0.39          $ 0.59       
common share
                                                                      
Basic weighted
average shares      32,231,011     31,561,412     32,187,038     31,522,133 
outstanding
Diluted
weighted            32,321,482     32,331,686     32,489,776     32,692,975 
average shares
outstanding
                                                                      


Liquidity Services,Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In Thousands)
                                                
                     Three Months Ended March 31,   Six Months Ended March 31,
                     2014             2013        2014          2013
Operating                                                       
activities
Net income           $  5,631          $ 12,698     $  12,724      $ 19,407
Adjustments to
reconcile net
income to net
cash provided by
operating
activities:
Depreciation and        4,244            4,387         8,655         8,584
amortization
Gain on early
extinguishment          —                —             —             (1,000  )
of debt
Stock
compensation            2,908            2,935         6,567         7,302
expense
Benefit for
inventory               —                —             291           (733    )
allowance
Provision
(benefit) for           148              14            91            (107    )
doubtful
accounts
Incremental tax
benefit from
exercise of             (414     )       (371   )      (3,296  )     (5,376  )
common stock
options
Changes in
operating assets
and liabilities:
Accounts                1,364            1,286         (3,096  )     (1,891  )
receivable
Inventory               (35,869  )       (3,267 )      (42,670 )     (3,779  )
Prepaid and             (8,136   )       (1,957 )      (7,750  )     (5,295  )
deferred taxes
Prepaid expenses        (1,484   )       (1,551 )      1,305         3,328
and other assets
Accounts payable        1,308            (579   )      5,358         766
Accrued expenses        32,224           (1,043 )      29,543        (6,019  )
and other
Profit-sharing
distributions           178              806           337           273
payable
Customer                2,380            (256   )      2,619         586
payables
Acquisition earn        86               (2,050 )      175           (6,168  )
out payables
Other                  (453     )      (429   )     (1,796  )    538     
liabilities
                                                                   
Net cash
provided by             4,115            10,623        9,057         10,416
operating
activities
Investing
activities
Increase in
goodwill and
intangibles and         —                (14    )      —             (14,698 )
cash paid for
acquisitions
Purchases of
property and           (2,272   )      (624   )     (4,950  )    (2,521  )
equipment
                                                                   
Net cash used in
provided by             (2,272   )       (638   )      (4,950  )     (17,219 )
investing
activities
Financing
activities
Repayment of            —                —             —             (39,000 )
notes payable
Payment of
acquisition             —                —             —             (8,185  )
contingent
liabilities
Proceeds from
exercise of
common stock            1,762            295           2,231         504
options (net of
tax)
Repurchases of          (3,057   )       —             (3,057  )     —
common stock
Incremental tax
benefit from
exercise of            414            371         3,296       5,376   
common stock
options
                                                                   
Net cash (used
in) provided by         (881     )       666           2,470         (41,305 )
financing
activities
Effect of
exchange rate
differences on         (687     )      655         80          524     
cash and cash
equivalents
                                                                   
Net increase
(decrease) in           275              11,306        6,657         (47,584 )
cash and cash
equivalents
Cash and cash
equivalents at         101,491        45,892      95,109      104,782 
beginning of the
period
                                                                   
Cash and cash
equivalents at       $  101,766       $ 57,198    $  101,766    $ 57,198  
end of period
Supplemental
disclosure of
cash flow
information
Cash paid for        $  11,513         $ 10,399     $  12,974      $ 10,493
income taxes
Cash paid for           —                12            —             2,023
interest
Contingent
purchase price          —                —             —             23,146
accrued
                                                                   

Contact:

Liquidity Services, Inc.
Julie Davis, 202-467-6868 ext. 2234
Senior Director, Investor Relations
julie.davis@liquidityservices.com
 
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