Liquidity Services (NASDAQ: LQDT; www.liquidityservices.com), the
world’s largest B2B e-commerce marketplace for business and
government surplus, today announced financial results for the first
quarter fiscal year 2021 ended December 31, 2020. The Company's
Q1-FY21 performance reflected continued customer adoption of our
safe and effective e-commerce solutions across all business
segments as businesses and governments seek proven digital
solutions to stay competitive.
"We are pleased with our continued momentum and
how our marketplace solutions are resonating with both large
enterprises and small businesses who are embracing our e-commerce
platform. Our team has carefully listened to the needs of our
customers and we continue to deliver the right tools, services and
strong buyer liquidity to ensure sellers and buyers in every major
sector of the economy successfully monetize assets. Through our
domain expertise, innovative technology platform and integrated
services we are driving the continued digital transformation within
the retail, industrial and public sector supply chains which
comprise a $100 billion market opportunity for Liquidity Services,”
said Bill Angrick, Chairman and CEO of Liquidity Services.
“Overall, our strategy and platform investments have yielded strong
results to date and are well aligned to the needs of where the
customer is going in the future in a changing landscape with higher
e-commerce demand.
"Our e-commerce marketplace capabilities
continue to drive strong recovery for sellers and have enabled us
to scale our services quickly as more customers seek more efficient
self-service solutions to manage surplus and returned goods in the
supply chain. We are proud of the contributions by our team to
continue to safely deliver outstanding results for our customers
both in our fulfillment centers and remotely during the quarter,”
continued Angrick.
“GMV in our GovDeals segment grew a record 36%
over the prior year’s comparable quarter, as more government
agencies utilized our digital platform to transact higher volumes
across a larger breadth of key categories and our growing buyer
base and automated asset promotion tools drove higher realized
values through our marketplace. GMV in our Retail Supply Chain
Group (RSCG) segment grew 30% over the prior year’s comparable
quarter, as more large and SMB retail sellers utilized our platform
resulting in higher transaction volumes on our marketplace.
"GMV in our Capital Assets Group (CAG) segment
increased 5% year-over-year driven by continued growth of our heavy
equipment category. Our Machinio segment grew revenue by 14%
year-over-year as equipment owners and dealers continue to embrace
our digital marketing solutions to acquire buyers at lower costs
when compared to traditional marketing channels.
"We are seeing the benefits of increasing scale
and are pleased with another quarter of strong Non-GAAP Adjusted
EBITDA results and improved margins as we leverage our new
marketplace platform. We are well positioned to help our customers
address several macro trends, including the continued growth of
online retail; the need for organizations of all sizes to embrace
technology to drive supply chain efficiencies and monetize assets;
and the increasing focus by business and government customers on
sustainability," concluded Angrick.
The Company completed $4.1 million in share
repurchases during Q1-FY21 and exited the quarter with a cash
position of $77.8 million, a $1.8 million increase from Q4-FY20,
and zero debt.
First Quarter Consolidated Operating and
Earnings ResultsThe Company reported Q1-FY21 GMV of $190.4
million, a 28% increase from $148.6 million in the prior year’s
comparable period. GMV is an operating measure of the total sales
value of all merchandise sold by us or our sellers through our
marketplaces and other channels during a given period of time. GAAP
Revenue for Q1-FY21 was $55.8 million, a 13% increase from $49.5
million in the prior year. GAAP Net Income (Loss) for Q1-FY21 was
$4.5 million, which resulted in diluted earnings (loss) per share
of $0.13 based on a weighted average of 34.9 million diluted shares
outstanding, compared to $(5.2) million and $(0.15), respectively,
in the prior year. Non-GAAP Adjusted Net Income (Loss) was $6.0
million or $0.17 adjusted diluted earnings (loss) per share, an
improvement from $(4.1) million and $(0.12), respectively, in the
prior period.
Non-GAAP Adjusted EBITDA, which excludes stock
compensation expense, impairment and business realignment expenses,
acquisition costs, fair value adjustments to acquisition earn-outs,
and deferred revenue purchase accounting adjustments, was $8.8
million, a $10.9 million increase from $(2.1) million in the same
period last year.
Q1-FY21 comparative year-over-year consolidated
financial results reflect increased volumes across all of our
segments, with the largest increases in our GovDeals and RSCG
segments, as businesses and government agencies continued to
embrace our safe and effective e-commerce solutions to operate in
the COVID-19 environment. Our full-service and self-service
consignment model increased to 84% of our total GMV, up from 79% in
Q1-FY20. This mix shift and improved margins from higher recovery
rates on assets sold drove a 31% improvement in gross profit and
our gross profit margin as a percentage of revenue increased from
51% in Q1-FY20 to 60% in Q1-FY21. Our profitability reflects our
overall growth across our segments and reduced operating expenses
related to our re-aligned organizational structure, including
efficiencies in our CAG segment and corporate functions.
First Quarter Segment Operating and
Earnings ResultsWe present operating results in four
reportable segments: GovDeals, RSCG, CAG and Machinio. Each offers
separately branded marketplaces to enable sellers to achieve
channel marketing objectives to reach buyers. Across our segments,
we offer our sellers various pricing and transaction models and a
suite of services, and our revenues vary depending upon the pricing
models employed and the level of service selected by sellers.
Segment gross profit is calculated as total revenue less cost of
goods sold (excludes depreciation and amortization).
Our Q1-FY21 segment results are as follows (unaudited,
in millions):
|
|
Three Months Ended December 31, |
|
|
2020 |
|
2019 |
GovDeals: |
|
|
|
|
GMV |
|
$ |
107.6 |
|
|
$ |
79.2 |
|
Revenue |
|
$ |
10.8 |
|
|
$ |
8.0 |
|
Gross profit |
|
$ |
10.2 |
|
|
$ |
7.4 |
|
|
|
|
|
|
RSCG: |
|
|
|
|
GMV |
|
$ |
51.7 |
|
|
$ |
39.9 |
|
Revenue |
|
$ |
34.9 |
|
|
$ |
31.7 |
|
Gross profit |
|
$ |
14.6 |
|
|
$ |
10.3 |
|
|
|
|
|
|
CAG: |
|
|
|
|
GMV |
|
$ |
31.1 |
|
|
$ |
29.5 |
|
Revenue |
|
$ |
7.9 |
|
|
$ |
7.9 |
|
Gross profit |
|
$ |
6.4 |
|
|
$ |
5.8 |
|
|
|
|
|
|
Machinio: |
|
|
|
|
GMV |
|
$ |
— |
|
|
$ |
— |
|
Revenue |
|
$ |
2.1 |
|
|
$ |
1.9 |
|
Gross profit |
|
$ |
2.0 |
|
|
$ |
1.8 |
|
|
|
|
|
|
Consolidated: |
|
|
|
|
GMV |
|
$ |
190.4 |
|
|
$ |
148.6 |
|
Revenue |
|
$ |
55.8 |
|
|
$ |
49.5 |
|
Gross profit |
|
$ |
33.2 |
|
|
$ |
25.3 |
|
Additional First Quarter 2021 Operational
Results
- Registered Buyers — At the end of
Q1-FY21, registered buyers totaled approximately 3,839,000,
representing a 5.8% increase over the approximately 3,630,000
registered buyers at the end of Q1-FY20.
- 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 517,000 in
Q1-FY21, a 14.1% increase from the approximately 453,000 auction
participants in Q1-FY20.
- Completed Transactions — Completed
transactions increased to approximately 152,000 in Q1-FY21, an
11.8% increase from the approximately 136,000 completed
transactions in Q1-FY20.
Business Outlook
We continue to see a solid pipeline, strong
customer relationships and indicators of positive performance going
forward. Our platform investments have yielded the improved
operational and financial results we are seeing. Despite these
factors and our recent quarterly results, our current view of
trends still depends on numerous factors that can be impacted by
the global and U.S. economies, COVID-19, and any possible shifts in
related business dynamics and government spending. We are well
positioned for our customers' changing needs in the current
environment. In spite of the current positive trends in our
business and underlying positive, long-term macro-drivers, the
timing of business activity across our segments and historic
seasonality trends are difficult to predict, especially for any
given quarter, given the macro-uncertainties still being faced
across the global stage. We will therefore not provide quarterly
guidance and will reassess future guidance on a quarterly
basis.
Financial results for Q2-FY21 are expected to
improve year-over-year. We remain optimistic about our prospects
given our strong position in our key markets and marketplaces, our
enhanced platform services and the trends pointing towards a
long-lasting shift to online commerce by businesses and governments
alike. We continue to be highly focused on creating efficiencies
and benefits for our sellers and buyers with platform services and
support that will deliver to them optimal liquidity and further
enable our growth through an asset light, low-touch marketplace
solution. As e-commerce penetration continues to grow
substantially, our online platform and cloud-based solutions should
become even more relevant and necessary for the evolving global
economy.
Liquidity
ServicesReconciliation of GAAP to Non-GAAP
Measures
Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA. Non-GAAP EBITDA is
a supplemental non-GAAP financial measure and is equal to net
income (loss) plus interest and other income, net; provision for
income taxes; and depreciation and amortization. Our definition of
Non-GAAP Adjusted EBITDA differs from Non-GAAP EBITDA because we
further adjust Non-GAAP EBITDA for stock compensation expense,
acquisition costs such as transaction expenses and changes in
earn-out estimates, business realignment expenses, deferred revenue
purchase accounting adjustments, and goodwill and long-lived asset
impairment. A reconciliation of EBITDA to Adjusted EBITDA is as
follows:
|
Three Months Ended December 31, |
|
2020 |
|
2019 |
|
(Unaudited) |
Net income (loss) |
$ |
4,514 |
|
|
$ |
(5,196 |
) |
Interest and other income, net1 |
(103 |
) |
|
(166 |
) |
Provision for income taxes |
297 |
|
|
458 |
|
Depreciation and amortization |
1,871 |
|
|
1,572 |
|
EBITDA |
$ |
6,579 |
|
|
$ |
(3,332 |
) |
Stock compensation expense |
2,229 |
|
|
1,039 |
|
Acquisition costs and impairment of long-lived assets2 |
— |
|
|
5 |
|
Business realignment expenses2,3 |
5 |
|
|
— |
|
Fair value adjustments to acquisition earn-outs2 |
— |
|
|
200 |
|
Deferred revenue purchase accounting adjustment |
— |
|
|
3 |
|
Adjusted EBITDA |
$ |
8,813 |
|
|
$ |
(2,085 |
) |
|
|
|
|
|
|
|
|
1 Interest and other income, net, per the
Consolidated Statement of Operations, excluding the non-service
components of net periodic pension (benefit).2 Acquisition costs
and impairment of goodwill and long-lived assets, and fair value
adjustments to acquisition earn-outs are included in Other
operating expenses on the Consolidated Statements of Operations.3
Business realignment expense includes the amounts accounted for as
exit costs under ASC 420 as described in Note 10 to the
Consolidated Financial Statements, and the related impacts of
business realignment actions subject to other accounting guidance.
There were no related impacts for the three months ended December
31, 2020 and 2019.
Non-GAAP Adjusted Net Income (Loss) and Non-GAAP
Adjusted Basic and Diluted Earnings (Loss) Per Share. Non-GAAP
Adjusted Net Income (Loss) is a supplemental non-GAAP financial
measure and is equal to net income (loss) plus stock compensation
expense, impairment and business realignment expenses, acquisition
costs, fair value adjustments to acquisition earn-outs, deferred
revenue purchase accounting adjustments, and the estimated impact
of income taxes on these non-GAAP adjustments as well as
non-recurring tax adjustments. Non-GAAP Adjusted Basic and Diluted
Income (Loss) Per Share are determined using Adjusted Net Income
(Loss). For Q1-FY21 the tax rate used to estimate the impact of
income taxes on the non-GAAP adjustments was 34.3% compared to
13.0% used for the Q1-FY20 results. The 34.3% tax rate excludes the
impact of the charge to our U.S. valuation allowance. A
reconciliation of Net Income (Loss) to Adjusted Net Income (Loss)
and Adjusted Basic and Diluted Income (Loss) Per Share is as
follows:
|
Three Months Ended December 31, |
|
2020 |
|
2019 |
(Dollars in thousands, except per share data) |
(Unaudited) |
Net income (loss) |
$ |
4,514 |
|
|
$ |
(5,196 |
) |
Stock compensation
expense |
2,229 |
|
|
1,039 |
|
Acquisition costs and
impairment of long-lived assets* |
— |
|
|
5 |
|
Business realignment
expenses* |
5 |
|
|
— |
|
Fair value adjustment to
acquisition earn-outs* |
— |
|
|
200 |
|
Deferred revenue purchase
accounting adjustment |
— |
|
|
3 |
|
Income tax impact of
adjustments |
(766 |
) |
|
(162 |
) |
Adjusted net income
(loss) |
$ |
5,982 |
|
|
$ |
(4,111 |
) |
Adjusted basic income (loss) per
common share |
$ |
0.18 |
|
|
$ |
(0.12 |
) |
Adjusted diluted income (loss)
per common share |
$ |
0.17 |
|
|
$ |
(0.12 |
) |
Basic weighted average shares
outstanding |
33,176,895 |
|
|
33,545,235 |
|
Diluted weighted average shares
outstanding |
34,911,119 |
|
|
33,545,235 |
|
|
|
|
|
|
|
*Acquisition costs and impairment of long-lived
assets, business realignment expenses, and fair value adjustments
to acquisition earn-outs, which are excluded from Adjusted Net
Income (Loss), are included in Other operating expenses on the
Statements of Operations.
Q1-FY21 Conference CallThe Company will host a
conference call to discuss this quarter's results at 10:30 a.m.
Eastern Time today. Investors and other interested parties may
access the teleconference by dialing (888) 771-4371 or (847)
585-4405 and providing conference ID 50053903. A live web cast of
the conference call will be provided on the Company's investor
relations website at http://investors.liquidityservices.com. An
archive of the web cast will be available on the Company's website
until February 4, 2022 at 11:59 p.m. Eastern Time. The replay will
be available starting at 1:30 p.m. ET on the day of the call.
Non-GAAP MeasuresTo supplement
our consolidated financial statements presented in accordance with
generally accepted accounting principles (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 (Loss) and Adjusted Earnings (Loss) 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. Adjusted Earnings (Loss) per
Share is the result of our Adjusted Net Income (Loss) and diluted
shares outstanding.
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 GAAP, 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 DataTo
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 seller and buyer
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 GAAP,
but should not be considered a substitute for, or superior to, GAAP
results.
Forward-Looking StatementsThis
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; expected
future results; expected future effective tax rates; and trends and
assumptions about future periods. 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. Our business is
subject to a number of risks and uncertainties, and our past
performance is no guarantee of our performance in future periods.
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 several risks and uncertainties that
could cause our actual results to differ materially from the
forward-looking statements 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,
potential economic and operational impacts related to the COVID-19
pandemic, especially if there is a rise in COVID-19 deaths that
precipitates re-closures or extended restrictions on international
travel; the impact of the COVID-19 pandemic on our Company, our
employees, our sellers and buyers, and global supply chains;
disruptions of transactions due to the COVID-19 pandemic, including
the impact of such disruptions on the Company’s ability to generate
profits, stabilize or grow GMV or accurately forecast transactions;
disruptions in the Company’s workforce as a results of the
Company’s efforts to limit of the impact of the COVID-19 pandemic
on the Company’s operations and financial condition; and the risks
and uncertainties set forth in the Company’s Annual Report on Form
10-K for the year ended September 30, 2020, which is available on
the SEC and Company websites. There may be other factors of which
we are currently unaware or which we 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
ServicesLiquidity Services (NASDAQ:LQDT) operates leading
e-commerce marketplaces that enable buyers and sellers to transact
in an efficient, automated environment offering over 600 product
categories. The company employs innovative e-commerce marketplace
solutions to manage, value and sell inventory and equipment for
business and government sellers. Our superior service, unmatched
scale and ability to deliver results enable us to forge trusted,
long-term relationships with over 14,000 sellers worldwide. With
over $8 billion in completed transactions, and more than 3.8
million buyers in almost 197 countries and territories, we are the
proven leader in delivering smart B2B e-commerce solutions.
Contact:Investor
Relations800-310-4604investorrelations@liquidityservicesinc.com
Liquidity Services and
SubsidiariesUnaudited Consolidated Balance
Sheets(Dollars in Thousands)
|
December 31, 2020 |
|
September 30, 2020 |
|
(Unaudited) |
Assets |
|
|
|
Current
assets: |
|
|
|
Cash and cash equivalents |
$ |
77,844 |
|
|
$ |
76,036 |
|
Accounts receivable, net of allowance for doubtful accounts of $396
and $389 |
4,801 |
|
|
5,322 |
|
Inventory, net |
9,931 |
|
|
5,607 |
|
Prepaid taxes and tax refund receivable |
1,442 |
|
|
1,652 |
|
Prepaid expenses and other current assets |
6,853 |
|
|
5,962 |
|
Total current assets |
100,871 |
|
|
94,579 |
|
Property
and equipment, net of accumulated depreciation of $15,300 and
$14,555 |
17,697 |
|
|
17,843 |
|
Operating lease assets |
13,273 |
|
|
10,561 |
|
Intangible assets, net |
4,427 |
|
|
4,758 |
|
Goodwill |
60,126 |
|
|
59,839 |
|
Deferred
tax assets |
792 |
|
|
806 |
|
Other
assets |
8,068 |
|
|
8,248 |
|
Total
assets |
$ |
205,254 |
|
|
$ |
196,634 |
|
Liabilities and stockholders’ equity |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
$ |
25,258 |
|
|
$ |
21,957 |
|
Accrued expenses and other current liabilities |
17,411 |
|
|
19,124 |
|
Current portion of operating lease liabilities |
3,956 |
|
|
3,818 |
|
Deferred revenue |
3,429 |
|
|
3,255 |
|
Payables to sellers |
27,239 |
|
|
26,170 |
|
Total current liabilities |
77,293 |
|
|
74,324 |
|
Operating lease liabilities |
10,006 |
|
|
7,499 |
|
Other
long-term liabilities |
2,892 |
|
|
2,996 |
|
Total
liabilities |
90,191 |
|
|
84,819 |
|
Commitments and contingencies (Note 11) |
|
|
|
Stockholders’ equity: |
|
|
|
Common stock, $0.001 par value; 120,000,000 shares authorized;
34,212,815 shares issued and outstanding at December 31, 2020;
34,082,406 shares issued and outstanding at September 30, 2020 |
34 |
|
|
34 |
|
Additional paid-in capital |
250,002 |
|
|
247,892 |
|
Treasury stock, at cost; 866,388 shares at December 31, 2020
and 547,508 shares at September 30, 2020 |
(8,255 |
) |
|
(3,983 |
) |
Accumulated other comprehensive loss |
(8,886 |
) |
|
(9,782 |
) |
Accumulated deficit |
(117,832 |
) |
|
(122,346 |
) |
Total
stockholders’ equity |
$ |
115,063 |
|
|
$ |
111,815 |
|
Total liabilities and
stockholders’ equity |
$ |
205,254 |
|
|
$ |
196,634 |
|
|
|
|
|
|
|
|
|
Liquidity Services and
SubsidiariesUnaudited Consolidated Statements of
Operations (Dollars in Thousands, Except Per Share
Data)
|
Three Months Ended December 31, |
|
2020 |
|
2019 |
|
(Unaudited) |
Revenue |
$ |
31,071 |
|
|
$ |
30,349 |
|
Fee revenue |
24,680 |
|
|
19,155 |
|
Total revenue |
55,751 |
|
|
49,504 |
|
Costs and expenses from
operations: |
|
|
|
Cost of goods sold (excludes depreciation and amortization) |
22,573 |
|
|
24,176 |
|
Technology and operations |
10,573 |
|
|
11,241 |
|
Sales and marketing |
9,108 |
|
|
9,605 |
|
General and administrative |
6,996 |
|
|
7,707 |
|
Depreciation and amortization |
1,871 |
|
|
1,572 |
|
Other operating expenses |
4 |
|
|
193 |
|
Total costs and expenses |
51,125 |
|
|
54,494 |
|
Income (loss) from
operations |
4,626 |
|
|
(4,990 |
) |
Interest and other income,
net |
(185 |
) |
|
(252 |
) |
Income (loss) before provision
for income taxes |
4,811 |
|
|
(4,738 |
) |
Provision for income
taxes |
297 |
|
|
458 |
|
Net income (loss) |
$ |
4,514 |
|
|
$ |
(5,196 |
) |
Basic income (loss) per common
share |
$ |
0.14 |
|
|
$ |
(0.15 |
) |
Diluted income (loss) per
common share |
$ |
0.13 |
|
|
$ |
(0.15 |
) |
Basic weighted average shares
outstanding |
33,176,895 |
|
|
33,545,235 |
|
Diluted weighted average
shares outstanding |
34,911,119 |
|
|
33,545,235 |
|
|
|
|
|
|
|
Liquidity Services and
Subsidiaries Unaudited Consolidated Statements of
Cash Flows (Dollars in Thousands)
|
Three Months Ended December 31, |
|
2020 |
|
2019 |
|
(Unaudited) |
Operating
activities |
|
|
|
Net income (loss) |
$ |
4,514 |
|
|
$ |
(5,196 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
1,871 |
|
|
1,572 |
|
Stock compensation expense |
2,229 |
|
|
1,039 |
|
Provision for doubtful accounts |
15 |
|
|
21 |
|
Deferred tax provision |
32 |
|
|
100 |
|
(Gain) on disposal of property and equipment |
(1 |
) |
|
(12 |
) |
Change in fair value of earnout liability |
— |
|
|
200 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
506 |
|
|
734 |
|
Inventory |
(4,324 |
) |
|
35 |
|
Prepaid and deferred taxes |
208 |
|
|
(77 |
) |
Prepaid expenses and other assets |
(1,235 |
) |
|
(725 |
) |
Operating lease assets and liabilities |
(89 |
) |
|
(97 |
) |
Accounts payable |
3,301 |
|
|
(5,337 |
) |
Accrued expenses and other current liabilities |
(1,994 |
) |
|
(9,409 |
) |
Distributions payable |
— |
|
|
(1,675 |
) |
Deferred revenue |
174 |
|
|
(359 |
) |
Payables to sellers |
1,069 |
|
|
658 |
|
Other liabilities |
(238 |
) |
|
(75 |
) |
Net cash provided by (used in)
operating activities |
6,038 |
|
|
(18,603 |
) |
Investing
activities |
|
|
|
Increase in intangibles |
(5 |
) |
|
(20 |
) |
Purchases of property and
equipment, including capitalized software |
(1,363 |
) |
|
(1,330 |
) |
Proceeds from sales of property
and equipment |
14 |
|
|
12 |
|
Proceeds from promissory
note |
508 |
|
|
2,553 |
|
Purchases of short-term
investments |
— |
|
|
(25,000 |
) |
Maturities of short-term
investments |
— |
|
|
30,000 |
|
Net cash (used in) provided by
investing activities |
(846 |
) |
|
6,215 |
|
Financing
activities |
|
|
|
Payments of the principal portion
of finance lease liabilities |
(9 |
) |
|
(8 |
) |
Taxes paid associated with net
settlement of stock compensation awards |
(58 |
) |
|
(498 |
) |
Proceeds from exercise of stock
options |
197 |
|
|
2 |
|
Common stock repurchased |
(4,103 |
) |
|
— |
|
Net cash used in financing
activities |
(3,973 |
) |
|
(504 |
) |
Effect of exchange rate
differences on cash and cash equivalents |
589 |
|
|
578 |
|
Net increase (decrease) in cash
and cash equivalents |
1,808 |
|
|
(12,314 |
) |
Cash and cash equivalents at
beginning of period |
76,036 |
|
|
36,497 |
|
Cash and cash equivalents at end
of period |
$ |
77,844 |
|
|
$ |
24,183 |
|
Supplemental
disclosure of cash flow information |
|
|
|
Cash paid for income taxes,
net |
$ |
208 |
|
|
$ |
9 |
|
|
|
|
|
|
|
|
|
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