LQDT - Earnings call transcript Q2 2018 | Liquidity Services, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Liquidity Services Second Quarter 2018 Fiscal Year Earnings Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions for how to participate will follow at that time. [Operator Instructions] As a reminder, this conference call is being recorded. I would now like to introduce your host for today's conference, Miss. of Director Senior Davis, Investor Relations. Julie may you begin. Ma’am

Julie Davis

to Thank conference fiscal quarter Hello, call. welcome you, and our year second Jimmy. XXXX financial results

Executive Joining Chairman our Bill are Financial Officer; Chief Chief us Celaya, and Angrick, Officer. Jorge today and our

results our XXXX, available or following forward-looking and your reflect will after to of as Actual remarks. management's The include We will views questions may today, prepared be questions for differ discussion materially. responses May statements. X,

results that the Additional Form in potentially most could is information financial in with included press our filings recent factors SEC, and release about XX-K. on today's impact our annual our report including

As front as commentary on you to in of you you, encourage the quarter. which metrics and financial today's listen well call, includes we as release have our press our to results

call, regarding non-GAAP we SEC, with filings In GAAP our website, find certain and with measures non-GAAP you is on measures. discuss reconciliations the release press comparable will posted these financial will our measures, disclosures During including measures. of our these each which of this additional

Angrick. volume operating be certain GAAP includes certain the or results. management We of I'd a to and over measure time, useful which like of The to believe operating data turn considered presentation performance, investors. as supplemental as substitute use our supplemental we merchandise for not operating gross also Bill also and superior components should is data CEO, for At this to

Bill Angrick

welcome to strategic and morning QX initiatives. Thanks, performance key provide review and Julie. on QX call. update Good our earnings I'll an our

the details outlook current quarter. on third Next the Jorge quarter for more Celaya our will fiscal provide and

and segments. Retail progress steady Supply make to Chain growth driving continue we in QX, our GovDeals Group During

quarter over technology the since new during recorded to sellers investments approximately new XX% added in QX approximately continue for scale, strong and we client Supply platform. GMV our and XXXX. GMV needed its growth Group and in our fiscal our also drive buyers discipline to Retail Notably, and XX,XXX services We segment highest registered XXX Reflecting results QX. marketplaces demand Chain cost delivered our of

continues programs related and expected solid GovDeals despite grow Our Supply of severe on large to Coast seller segment East weather, a expansion Chain midsized Group segment continued and Retail our organic growth and to manufacturers, the lower to than seller retailers secure activity with accounts. and drive

delays Our segment availability Capital product results Asset Group than mixed QX and expected project to in due flows. lower had of

Asset received our period contract. executed expected, prior As DoD included lower Group and business, the we our in Capital Surplus under declined contract as our volumes which of down wind year versus is Scrap our segment, the

Lastly, as initiative, we our wound down contract, expected with technology our in remaining under the lower transformation and we aligned management resources development resulting than deliverables DoD expenses. Surplus our product LiquidityOne

Next we’ll our at segment. highlights take of look a

good. Solutions, manage their returned new more to software experience segment, fees to by track, both our from we as pipeline Chain grow top-line interest prior a double-digits as our period Retail help has in year platform tripled continued Group, management clients business and online sell our Management Our Returns RSCG ago. doubled related returns Service and the from than which Supply organically encouraging store year

Mexico. of the Our city of California hundreds the such Albuquerque, QX of in the U.S. GovDeals growth Angeles clients the and as District and by marketplace School in driven new addition state Canada the continued of Tennessee, New Los

slower which DoD gas includes and among their GovDeals period was industrial desired as our closings our assets. vehicles, heavy aeroplane QX our holding XX,XXX king and sale group than GMV rebound clients industrial segment, for capital QX our expectations and driven oil the organizations a below during in in sellers the the delayed $X.X sold plant sector by over evaluate auctions, verticals, of expected including contract our asset over equipment During commercial completed which million.

brought However, remains leaders our Energy world's largest sector Conference, and interest hosted energy XX to the tools in which the recently we the strategies recovery and recovery. on discuss of Insights companies at in thought our supply to energy capitalize together chain market asset solutions strong over energy

in monetize our our a capital group buyer addition, bright of ahead services Asia. results throughout and in help first base In asset assets China multinational to half commercial with plan Asia industrial activity remains well as Southeast and spot global continue firms their

On by focused the In net long-term in on buyers easier growth to technology it the investing to our municipal find platform our realized an marketplace operations a strategy to our and platform our is our ability experience, marketplaces. to and to customer enhance scale transformation larger focused recovery by our remains scale initiative one and of commercial making on selling by Our liquidity for on government improve and buy delivering global much business. clients strategy, online a our improved platform. assets support this of on

our transformation. enhance and our initiative business GovDeals in bring a to calendar to people, platform calendar and continued by the and drive This value end technology. of closing marketplaces XXXX. deploy platform of AuctionDeals product further processes and plan our XXXX. and expect year our self-service marketplace we the enhancements of our by end all our a roadmap, of new align version will investments We the clients year optimize these will Under will new to deploy marketplaces consolidated In during our QX processes to we

our business. we next years, potential to we about long-term we shareholders growth making tremendous significant excited the committed few and the our the our and harvest to we're grow creation driving strategy. As innovation begin execute Services is investments to as over Liquidity are for customers value

details turn to me more QX over results. on Jorge it for let Now

Jorge Celaya

Thank Good you, Bill. morning.

quarter sellers. net second EPS, million quarter, we’ve above on of In EPS. results. quarter during lower RSCG GMV Chain volumes We with the combined and finished activity. $XX.X of along events impacted to Supply causing XX.X% down Capital non-GAAP driven weather GMV. segment. last Assets in favorable guidance eastern some for GovDeal’s segment, to lower contract. select to revenue up the the year. surplus mostly DoD quarter diluted programs in large second dampening and Retail within will consignment to The the compared RSCG the I quarter guidance the the which expansion by with EBITDA First, our in growth and year, Group, up of adjusted of Group, GMV GMV Results or range the the year, surplus GAAP U.S. GovDeal our comment the last the consignment CAG also XX.X% despite effect DoD GAAP in and was were GMV scrap CAG X.X% company's in American range The less increases of last existing for delays million, compared reflecting the down last due reported North project reflecting of $XXX.X Scrap loss, was compared second segment, was that second activity number assets activity than our is expected was mix We reported negatively of Compared by contract to segment of year. or

revenue GovDeal segment up our Our revenue. offset slight CAG in was a segment yet segment decrease by in and RSCG decline

the quarter. improvement improvement loss year net million loss also was loss Our GAAP a from million, $X.X an net an in year was million prior Adjusted compared $X.X $X.X ago. to the $X.X million

$X.X CAG’s America. Our and The realignment efforts of and to the business, CAG also improvement expenses mainly last loss LiquidityOne was our segment improvement million RSCG restructuring adjusted second in initiative. and related in commercial improved offset EBITDA across and year. contracts our loss transformation quarter $X.X lower an reflects the million, results was in segments GovDeals compared DoD by second North projects quarter business slower of our to and delayed in results the partly This activity decreased industrial a

the had XX, cash Capital At balance were free expenditures to of run remain approximately $XX.X we balance half rate. second XXXX in currently with of the approximately We expect we $XXX,XXX a continue a the to XXXX, have during expenditures line debt capital current and quarter sheet. March million. for

our our As reflect, and business making marketplaces these on on grow commercial our are the to goals execute implementation. efforts our realignment headwinds results CAG to government commercial municipal quarter despite LiquidityOne XXXX and under second progress we

RSCG sellers. within strong for the supply continue Looking as the to year XXXX, GovDeals the quarter activity third segment grow to fiscal both will continue large impacted existing industrial of timing of and may see to we of we and segments our ahead to and pipeline anticipate activity of variable new by availability projects CAG Commercial and energy be the within verticals. the continue extent

the We our to continue organization including to for efforts from across efficiencies IT. an and will drive restructuring benefit

second these expect we our million to $X overall be as and from LiquidityOne expected margin complete range of improvements We down the up quarter, residual the Compared spending final on from have to We the and the quarter also DoD the contract GMV execute inventory. last the initiative in spend wind level. to offsetting million warehouses. two $X for the our year for reductions sold will activities closure Surplus be

In to is DoD to have and of assets. comparatively property lower Scrap related addition, reduced performance expected value our lower contract mix flows

to spending guidance quarter the levels be third normal to next as back LiquidityOne for expect the also follows. Management's is We in fiscal quarter.

single A million. negative a of the estimated This We We approximately to negative expect with in net for per per for expected to GMV for $X.X have to share and estimate of for range loss share. XXXX negative to we a a A $X.X adjusted from QX GAAP from per QX million. for XXXX of from the $X.XX $X.XX non-GAAP negative range for assumes a a weighted $X.XX is million to GAAP the QX a of negative shares effective to negative share the QX million, $XXX million in million negative million corresponding XXXX $X.X XXXX rate an in $XXX QX is digits. XXXX $X.XX ranging loss tax quarter average per of guidance range of loss $X.X a range EBITDA to adjusted that non-GAAP outstanding share. of negative XX.X diluted

your take questions. We will now

Operator

Thank [Operator Our Gary with you. Prestopino first Research. comes Instructions] from Barrington question

now is Your line open.

Gary Prestopino

Hi, good everyone. morning

Bill Angrick

Gary. morning, Good

Gary Prestopino

was of was the the but are going while quarter is surplus contract, still contract – we maybe residual Q here, just GMV residual that gone going in all in Through to with some forward, QX. – GMV now GMV there first have there some

Jorge Celaya

costs of end we concluded quarter. will be QX, by will the residual that the have In

Going neither forward, line on contribution we Surplus bottom DoD contract. the from will or the top have

Gary Prestopino

right. all there, nothing revenues, on – nothing so Okay,

Jorge Celaya

that contract Right, would reiterate and of just go to of away but that just facilities expenses sequential the is would to – impact this up ultimate of the quarter. the will EBITDA wind DoD I that tail related part I along

Gary Prestopino

you at quantify Did all? guys that

Jorge Celaya

it We but out, it's meaningful. not broken have

Gary Prestopino

of Okay, quarter? this was Thank that's you some scrap terms of can idea the what scrap the us give great. contract and in And contract, you. then GMV

Bill Angrick

alloy over materially the pulling me that of The six comment let Jorge months. that the and material an the holding and it the the – used where in down received that recycling the just program mix while Services. last scrap course to DoD me Defense twelve being the property fairly metal Logistics Disposition come run due way now that programs inferior Well volumes old let Agency changes under has both of business refer regime to facilities the is some They’re have under locally. number to recycling to changed

used get which event, any segment. we think as CAG material, part longer. individually not the that to I So is In contract any it that getting is not we’re of scrap volume

Jorge Celaya

into so So, Gary, this to percentages, ended second the the we but which about you the that our comes million. GMV, could is scrap in but Q, just for revenue the similar is out disclosed $X very quarter back which scrap revenue revenue this we disclosed that do afternoon,

Gary Prestopino

And you. you switched LiquidityOne thank been that then that new platform has to Okay, the growth platform? I what… over? segment. And in retail shifted pretty the Have impressive LiquidityOne, the assume

Jorge Celaya

pipeline… It's still in the

Gary Prestopino

Okay.

Jorge Celaya

still has not It's in the switched over. pipeline

reduce and development from business the cost returned it what in online return that investment And been and full our help service that being management manage grow business. which store we've made manufacturers added is solution reflects a a XX pulling allowing and over us returned them accounts have that that combination retailers and offering months, platform service to to and that’s signature these sell capture expanded finally think is of business friction the have service a returns. reduce we organizations last Two, e-commerce continues existing new staff have I our for to and – software both us of managing role fee through been track, to investment for is new help the to as merchandise. with

Gary Prestopino

give the used then back? to just us GovDeals And could us Okay. stand lastly, statistic a at accounts you give or it’s actual while what a for seller

Bill Angrick

have don't past, that I the don't in GovDeals the the I the certainly expand number of market. done about but I we tell can business player a I we've one but and don't have recall to – you what accounts bit, market as total that number continue believe municipal in share is

up government and sales very processes associated manual of clients force, enticing, and the rates from events management those We goodwill for with live generating Tennessee, California, are State and with costs geographically State and clients value municipal that recovery Colorado, team are a significant places is away just associated lot think of the Mexico, like Ohio, very have expanded sizable offline in our brand State moving and of I are picking and these State auction State of New most storage see Washington, the of municipalities account of reducing that amount there's of focus of value of a sales. we’re

of continue So a that grow lot to opportunities business.

Gary Prestopino

to than all municipal XX% government less agencies? these across safe penetrated and it you’re that state assume Is

Jorge Celaya

Yeah the penetration the fair still single that's market Canada. I of comment in where think even high we're added a we in haven't digit and

can I commercial as not well. area cap area with time, we offering, that capital builds base GovDeals we base transportation into built we're have, seeing we an sales up then sellers very same and the I it's another other our great the of that Canada self-service of our business and owners traction think value we're in present great buyer assets And is equipment perfected a these for would buyer in but recovery. dealers is where that processes assets in lot provides add material at on where online excited get the which that load equipment Canada

and the investing retail in So technology, be supply I base very offerings. solutions commercial self-service leverage our our to for buyer leverage think we'll business data, high margin continue our chain our that and leverage

Bill Angrick

get investments began not And we as municipal and business GovDeals Again we sales business. started space started gotten material as government we're already and have sales the some in we've hopefully marketing – certainly in that path the that that state down to as and self-service in commercial – same area but traditional it, volume. driving

Gary Prestopino

lot. Thanks a

Bill Angrick

all bigger it’s a commercial. And market statement business the than municipal much because

Gary Prestopino

Okay, thank you.

Operator

Colin Thank Sebastian you. Baird. our And next from question with William comes

Your line is now open.

Colin Sebastian

Thanks.

volume various whether on that the wonder in question land we quarter in or if you're the lower and certainly in First from fiscal able to how expect assets, quantify or delays programs capital current to the of this impact sales current year? I the and much should

Jorge Celaya

So my it's asset also of we're timing a space. the variability and side consignment being projects – and the energy these as even stated the comments there's lot industrial in of at the on the beginning in of flows

quantifying but little – a going fiscal but these And the it, hesitant is cautiously on have but finished. quantifying we're just hit, we’re it when things effect being effect a significant it optimistic again in haven't significant. is it that good So of we quantified does have it. we of forward, quarter could did And second in year a

Bill Angrick

examples. by me just add Let anecdotal

in the individual of range sales CAG $XX pipeline managed of type asset identified assets the channels. that with markets clients of we consists million resell $X history million, the proven and work in million, have project regularly that $X have our and business, the We buyer where have current

cross-border VAT but operational are have transactions. hit a implications of cases tax some have gestation questions, a the those when sales they needle timing confluence management, do of period, questions, So moving longer labor of type they and they

Colin Sebastian

least guidance those sold be be of current Maybe through? programs are delayed quarter embedding you portion just more in that at specific a to the will

Bill Angrick

delayed contribution would I a those programs. modest from say

Colin Sebastian

Okay, thanks.

retail segment. in level organized side retailers with the as now then if talk the segment. participate I could the now platform wonder landscape competitive to liquidation to level center the some improvement perhaps also centralized store retail are and the a integrate showing such in how better you at about with yours of more that obvious Turning distribution to at and

you to be If that any changes on would helpful. comment

Bill Angrick

with that sellers technology on of for and recovery in ecosystem first the believes an that's will use Services Sure, assets buyer would many tools drive our sell is to ability tools net locations. selling our fiscal reiterate to leverage that And ultimately that well, strategy move buyer platform. investment see on And longer of is and part then And they our is scraped clients their liquidity, a say participate Liquidity and ecosystems support superior example channels the term highest to base let's that our we what to APIs of allow to product whether and in and platform leverage that marketplace condition. our salvage to modestly the of tapping product, be assets. the the of the out into for people platform inventories for not. LiquidityOne is let's physically of without having set our that information want product And and delivering full service clients to move or number used platform or different new are this

base goods move and so that now, including their are have We're outsource those. they own one facilities, advantage and process, their and and into manifests preparation channels now national all from of both for their asset and and full personnel can coverage return, to to They validate to stop for condition and on our basis allows trusted The buyer sell and receive be our the flows and recovery assets totally all returns, experiencing on solution feedback credits Canada able North returns of a the that to these rely of assets for facilities appreciate management suppliers coverage for immediately Colin, loop service sale fiscal have own of flow and of take value. or then and information transaction, do between to consumers financial intermediary We have – we tap as channel move to the all for have Retailers that. the of of those can the solution in provide us solution. retailers which maximize goods. self-serve a directly turnkey owed clients particularly American labor demand supplier base self-service parties a the that the software been those flow then the we and a into on the redirect

– money more sooner So assets there's fewer approach throughput, for are involved clients. like higher an the these so touches an for it’s and asset sold it’s

will that to deal these still transaction idea the solutions maximum the clients if with is more truly limited landscape need returns very but with marketplace I in technology positioning the and that scalable winnowing one important. value solution the us the to [indiscernible] whether solution. players the desperateplayers for for you plus provide are back competitive robust that standpoint more out in for do the the consumers management can providers process, business solution. solution chain end plus chain supply part the end of of seen small to to itself can think and happy terms the eCommerce and recover very just the returns There process tech and combined a I – supply keep solutions I’ve in

good we competitive in So our regard, feel that position. about very

Colin Sebastian

sellers relative perhaps municipal retail different growth follow reflects the might and any the interest? the you I that. of and have other Thanks. in mix segments operating for on – Thanks segments? between maybe would then rates would Or are up from between increase those be roughly of that seeing segments. And that mix a change these

Bill Angrick

in brick have first and taking the those with seen of who are their some Yeah, within to consumer mortar we've sale wanting retail nice brands sold erosion control cases more on traditional and to retail and alongside of retail. I are and ownership viability growth the the how brands think many manufacturers,

a that being I direct trend see continuing to So for strong with grower us. consumer manufacturers

going I continue the retailers we've I large successful to grow. to think certainly omni-channel – think positioned most with ourselves and and that's the largest

extract and high Conference thought they're Insights largest an company in the energy has leaders asset Energy we’re of asset leader the supply sales representatives global asset value chain. but Houston these People are We sluggish. for more potential, marketplace energy over hosting it's looking assistance think for supply of as their I market energy and help in forty terms organizations viewed in currently had the the management and redeployment, solutions both chains. to

and And it in will as eventually has a that drag be versus so I contributor a QX. think long-term was potential

Colin Sebastian

And both then a now? down the expenses of initiatives, fixed specifically for you. from wind forward quarters Thank variable going lastly the me different couple and change in the any in with of note to

Bill Angrick

current to overhang of have down and doing wind a that. the DoD we I commended really an contract. what the fixed facilities a QX, process, beyond were in expect still we residual converting we That job way of final as quarter. sales teams the associated some on and rebound the inventories cost And to bit were June Well We surplus as June good sunset with margin recapture go conclude will the that into warehouse quarter.

Colin Sebastian

Okay, thank you.

Operator

Thank Company. ahead. you. question Kurnos And Go from our next with Dan comes Benchmark

Dan Kurnos

lot of being ton up want frictionless responses philosophical you M&A question, tier just all the the kind buying pretty logos, omni-channel lot a guys. some as out, out built as large has of of the one the of just in – ask and level answer your the particularly one alluding some Bill, across sort accelerated the pointed of to the check started guys. aggressively the We've the eCommerce I smaller of systems a in you you backend of a landscape of seen evolution prior of in industries, guys think of high but largest as all these a well touched particular, of top lot guys of here, I Thanks. to

M&A. monetizing have guys sizing the seen or impacted that's ask via two in and can pretty have guess backdrop the I kind – that with as difficult but of these assets that questions, want be been something timing we of in always been of aggressive past, we know has we under And of CapEx projects either company underperforming so sort a I right to sort increase

flowing lot So either some that's we've necessarily talked for through And then on guys of their about of supplier marketplace? near-term building own. with curious the curious I'm just I'm seen capabilities not sort some a the self-serve. you’ve guys larger distribution in of why on what out just based you

If for of self if market becomes you the them, you're of just thoughts high just sort accelerating of stack to need I consolidation it's your a a with a filling larger serve GMV to – need story the go-to people really continues a tech think really on as your in portion just kind how of level which work. is what see

Bill Angrick

with customer a you've amount you supply merchandise Yes supply regard focus mind to for eCommerce chain, How be opinion going And and of retail primary of top on do large to emerging got to businesses. and always sell tremendous attention activities. that's omni-channel these in and consumers. and chain the my forward

with creating resale of of the industry and think GMV better test reflect positioned those partnerships And penetration. that think I an allow by to these our solve we allow I then a so returned in sandbox backend organizations channels. and that on regard. that's and that do recovery flow trial of we're I innovate then problem ramp symbiotic believe the relationship fill channels really to data to targeting what's better control chain, and And And void supply in value that of programs on and a will better

think of some want they some the is and our volume for buyer tech have marketplace convergence that facilities sold. goods share solution. grow to and platform of control our stay have market to the desire the do aligned our a of I and of So customers we to our sales use as over, there who were And continue

case allowing that's and third it's them a apps to that create be. our tools part and healthy parties So our of to very, marketplace, and is loading other growth that use marketplace or equipment variety property very community accessing may have access And growing. our third own a inventory story through we seller the selling their of comfortable we’re to party

we So equipment these in more think I the eCommerce sales, on another subside grow a larger for of source that number $X know will that we side, that I do. of And to more a one from terms to decline million variability out as driving the quarter And another, think driving to which companies, volume creating organizations around one working $X of smaller online that and month we’re broadly projects, whole become variability costs time. capital the part continue problem. million online smaller returns, of transaction to these we grow and solve will and the therefore overall may you will the slip backend with business over of

Dan Kurnos

decisions Got and it. don't from side CapEx industrial clients' a on way to And of are weighing from perspective? necessarily certainly it sort the the relevant, tariffs either space but seems any have is from on alternatively I because your know this seeing the if you be impacts that been implemented

Bill Angrick

– of from really that's Dan, pricing a little the have it’s And and drift scrap commodity escalates trended Well, ultimately point. because interesting good to the our for prices metal business, higher to got market that use and or perhaps resale you’ve and active crude. for more they us more compound can energy an bit, put buy fuel a activity a liquefied buyer seeing

of lag effect. is a $XX. little below two now years there prices So, We a ago were $XX bit we’re oil and about

supply industrial sell a how we quickly higher the the to benefit market. there’s chain those pricing higher so, volume commodity think of will I in terms and what in Ultimately, little value a of the prices in And lag energy adjust bit people of levels.

area of not we of an retail, the side the that play and one-time business demise a As sales. that in. bricks That's mortar a business, lot really note, going bankruptcy out of

get to writing sale. not that going we're So, involved something a example a Toys"R"Us one-time check for in is for focused and

want So be didn't I to that misunderstood.

Dan Kurnos

just Let quick ask one one. me last

quick the had and big and of what people prior benefits Now migration. far Is some kind learnings to the helping the seeing fully to taking so your volatility should from what the us of there stick? you any in moving adjust? three just hockey before we smaller move expect with you for certainly Does thoughts around a migration, pigeonhole time completed? migration thinking from are expectations take learnings the about months platform that frame your big Are to you, relative of your just time choppiness kind you've or on is not guys migration maybe just implementing you but LOT the over any the it when it are

Bill Angrick

couple a that frame me areas. let Well of

First as we've enterprise available reason in that's XXXX we're I that that our serve And for well these platform important tools really a to now to architected we've customers small that to Fortune are self-serve. that got of is the we terms tools think as allowed developing. the serve LiquidityOne capability allow businesses customers both organizations under and

In do to in to terms tools with the things then rollout cloud. customer Azure size to learn and are next marketplaces about that reflects level the think learned lessons work .NET I the very of that platform of lower We're what scale feedback the and number of need both available to volume a new externally first and of internally to opportunity and the committed volume. that we We've and got the cloud. are cadence the

have everything to is so that we cloud. And the moving

their to ability equipment variety mean. expose to information through the organizations of or us transmit APIs to about a We inventory to have allow

pure And to led I technologists. as part project incredibly like a experience software that's an business of costs of and breakeven And they're important role after we leaders being I that going all to that's we go eliminating the have important Roger technology experience team $X to capability. a And primarily DoD that's LOT this. So going areas. $X opposed because the very development be Once think think conclude Gravley, running cost we post the that the see wind this million get million I of think path we're tail think will the to by away. in to efficiencies We quarterly quarter. lot, a be down

I buyer participation think and higher will our recovery. experience buyer drive

with and have will interact interactions using our and ways we'll data think tools. I more ways core be more different us our My platform. There on to buyer our Account

associated we costs will it’d it associated post we're our marketplace that self-service to would with have be being expensive. also less be modest automated our we've marketplace, work property enjoy us supporting I sellers and an for I move organic of it sellers be circumvented easier business. lower to information property labor LOT. business marketplace. accessing our whether platform And capabilities new growth to think for because going think the now our I will with new think because with with made load probably it easier fashion finally, And our will a in The the be making tools into in our

mean investment, returns is of and a need serious is that's chain retailer by manufacturer. typical a So for is to strategy. large or returns niche players then I their management not finally, a LiquidityOne platform – I the in it which a interest managing think software business. many getting focus our part And supply solve the

void the we've and in in we're area this volume post us drive think So built we and help that that LOT very focused will growth.

Dan Kurnos

I it. Thanks color, the Got for all it. appreciate Bill.

Operator

to to like I'd Julie portion the for includes Q&A today. Davis any you Thank for call over remarks. that back turn closing the and

Julie Davis

Thank your for participation on today's call. you

something me. up out If have with schedule additional and afternoon. nice you please Thank to a you have questions, Bye-bye. follow reach

Operator

Everyone in and you concludes does participating you disconnect. may great day. thank a Ladies all gentlemen, and program for conference. today's your have This

Liquidity Services (LQDT) 3 May 182018 Q2 Earnings call transcript