LQDT - Earnings call transcript Q4 2020 | Liquidity Services, Inc.

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Operator

Welcome to the Q4 and Fiscal Year 2020 Liquidity Services Earnings Conference Call. My name is John, and I'll be the operator for today's call. [Operator Instructions].

Now I'll now turn the call over to Julie Davis, Senior Director of Investor Relations.

Julie Davis

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

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

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

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

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

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

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

William Angrick

Welcome to strategic and good QX initiatives. morning. performance key provide review you, Thank on QX call. update and our earnings I'll an our

over significant seek stay investments line growth by digital bottom solutions. all year-over-year proven customer and QX details multiyear reported recorded adoption in business of quarter results businesses, are the increasing our safe environment efforts economies proud segments, globally supply continues competitive, operate on to businesses whom our XXX Next, governments work Services market. while the very Across Jorge Liquidity transformational driven conduct scale, $XXX plus our both reverse of We're to and as and to e-commerce quarter. we play strong and in essential top categories. businesses results. in for more commerce and small maintain an our safe efficiently Celaya BXB how government team's of effective our billion during of marketplace our financial agencies helping many chain within Services associates will a role customers, due provide product Liquidity the to solutions

and for services Our competitive marketplace and advantage customers. are deliver software our platform, buyer a base, best-in-class

the Management assets; monetize and chain which secular growth for drives need overall on retail, customers and sizes focus comprehensive continued and of for technology by the need all finally, Our to business success drive to growth several trends, including efficiencies and increasing government embrace supply sustainability. of macro the online Returns reflects solutions; the organizations to

Services customer of Liquidity Liquidity These solutions contraction. the climate both customer pandemic, which clients value our both cyclical Our in helps marketing needs today the and years positioned of create to needs are extremely few periods unique meet made of a expansion have investments stack address is in the future. not the as all My needs, platform, technology uniquely infrastructure we past and to have these well Services the Marketplace well economic constant as and business in

as the and We financial by chain recent supply from year our during distinctly rewarded the allowing XXXX, Overall, finish half efficient business. of more strong investments the benefit stronger, market. are to year positioned reverse been well fiscal in us growth results have anticipated a to second platform strategy our

digital driven consignment turn, us and seek impacting Our as the our goods sparked quickly and segment has transact in customers more government a and scale chain. increased record Chain items our higher platform their sellers year-over-year solutions X% platform on have grew to retail year-over-year our our year-over-year utilized Assets and selling contract. growing profit as of performance on categories. supply the more our and return SMB volumes Supply wind-down XX% increasing for in our our in e-commerce in XX% capabilities GMV in of interest sellers marketplace GovDeals by drove solutions platform. due customers adopted values services recovery customers tools self-service more rates the surplus higher our marketplace. more to Group grew adoption GMV our to flexibility margins. for than Retail volumes, continue our asset drive transportation self-service In equipment enabled efficient the automated Group promotion This convenience as realized more our strong manage higher in declined the scrap our GMV recovery base to our ticket segment DoD segment sellers agencies year-over-year as note, embrace model, large to transaction existing of pricing doubled a of and buyer through retail higher heavy platform growing directly Of marketplace. and positively gross our and GMV have items Capital

contract, Excluding quarter. segment during GMV the X% grew year-over-year the expired CAG scrap

scale marketplace Our heavy equipment for results. The Liquidity global sellers third-party our our continued growth of is e-commerce to solutions, of quarter CAG as to self-service vector another grew took and category sellers the extensibility deliver during strongly important a Services. advantage on platform our strong

example, equipment platform consumer destination quickly launched region completed a South both transactions that recently For to for have over become X,XXX heavy we in and in all-surplus online our date. goods with new and Africa

began when owners the the Machinio's digital broader by reopening embracing Lastly, compared buyers at quarter of lower Machinio equipment and by connect marketing a with solutions to X% our costs marketing economy traditional segment grew for channels. during dealers to prepare to revenue as

results platform year excited improvements are as marketplace and 'XX shareholders. our strong We EBITDA leverage the our improved technology with to margins of our new sellers, non-GAAP buyers and we benefit end adjusted and our to fiscal

a on GMV becoming focused are we $X business. annualized forward, billion Looking

in beyond quarter. tailwinds, leverage clients with market continue our and to ahead. share asset consignment buyer tools, gross created details in have of value improved. our our us the which customers our we Together, metrics for efficiency online the over the the a by both it business. dedication to leader and which through by we best closing, revenue provide which our for GAAP promotion strength and growth impacts impacted the our the Thus, global role the profit, realization fixed for mission, thank adopting scale, gross are the and our to seeing to in to is good measurement and employees as their pricing upside shareholders these marketplace business pandemic proxy of turn our In our in by allows the sustainability ingenuity are growing as We stronger We're excited machine-driven cost EBITDA strong margins a global years our adjusted measurements more I'll of navigate the platform model. like Jorge are of more intelligent our our Because mix marketplace. benefits GMV profit, of steadily percentage pricing and progress. driven to net is for believe model revenue, a the customers measured of our using a our business help Because are base, strong price shareholders increasing and coupled our believe in of of on to of best models, of now create to we well our efficiency the team. we'd and was changing positioned

Jorge Celaya

Good morning.

the adjusted year XXXX of mentioned, fiscal we quarter net the transformation platform our These EBITDA. our realignment, GAAP value an of benefits GMV, in with EPS operating rationalization during reflect combined fourth with services and for finished unprecedented buyers Bill sellers the pandemic GAAP results As and streamlining and our showing our expenses. strong a investments, global of multiyear income, and and of

the to in for with business services. for of us technology positive enable our reception of to leverage platform and has key We order with margins offerings adoption better scale A are profitable been combines a more our and to mix services our of that customer increasing and transforming purpose business results. our pleased

Comparing agencies that of generated increasing transactions our purchase total Our quarter and XXXX, of model able income with a platform. compared as mix fourth results $X.XX, GMV. results quarter million, reflected, year up up transactions of down million to proportion million; this GMV model $XX.X government of where demonstrate XX%; million, of fiscal to $XXX.X the million, $X.XX; full-service net up greater These a stronger and Fourth results self-service last $X.X fourth adjusted the of mix quarter one, we $X.X can GAAP our earnings GovDeals segment in million. $X share year fruition. to come $XX.X the our GAAP quarter to was of positive were include revenue of XXXX EBITDA how utilize quarter of $X.X fourth of per activity consignment XXXX, digital million, fourth of reflecting up

solid contract. by growing lower tools retailers in experiencing owners and Chain new episodic travel having especially results rates trends, to Retail the segment, its focus our in our market at our activities driven to across our same on related over an the in in segments, scrap growth their GovDeals increased in vehicles improved increasing marketing our growth GMV five, use traditional equipment combination recovery revenue. XX% a DoD of and certain with with on verticals. SMB automated of buyer offset volumes. where, solution And margins, and promotion our as recovery and more which COVID Group our Our increase category, Machinio adoption specifically, segment equipment continues methods. XX% transaction vertical marketplace, international last and leveraged the helped asset our support large increased several than overall purchase was heavy segment dealers cost comparing adopted in Supply mix CAG buyers GovDeals growth base more our the values the and Four, CAG and customers fourth as in profit on gross to solid and existing constraints. platform within wind-down higher rates the quarter recovery year-over-year. year, up nature in of model than model quarter consignment a More in our Three, our digital services connect Two,

X% revenue, And Machinio's GMV the contract, Our revenue CAG and down retail GMV RSCG GMV and and CAG up excluding down our down up revenue. up on up XX%. segment was surplus XX% yet was the was revenue X% was segment the X% segment X%. on on XX%

We compared included September have million the quarter sheet $X.X up in a to $XX $X XX, million and this million in cash, stock from the fourth XXXX, ended repurchases. and and balance also past up sequentially debt-free with quarter quarter ending which

global pandemic, full was by Turning RSCG the fiscal to X.X%. and our increased segment shifts A the GMV our revenue results. marked and year year from XX.X% economics behavioral up XXXX

Our And GovDeals point down of about inclusive scrap XX.X%, XX.X% and and of GMV. revenue declined contract. DoD out our segment CAG declined the was the transition GMV percentage X.X for both revenue segment

segment Machinio increased Our XX.X%. revenue

year our seller service all-surplus Looking expanding RISE fiscal focus we and offerings ahead on an better enhanced growing aggregated XXXX, which executing buyer focused marketplace. will our and continue to experience. position strategy, on us continue our and offerings to believe remain we flexible self-service will to We through

while We of sellers, continued fiscal monitoring pandemic we own reliably pandemic and its services our global on operations, we year our of year-end on our continue our At the existing created our to results, we and the comfortable as customers. by new closely uncertainty time, deliver to providing economy. the on are economy, report COVID-XX the global and the QX guidance are impact XXXX, impact despite this our buyers for

fiscal We year guidance XXXX. will providing basis on during a evaluate quarter-by-quarter

year results CAG our our economy benefits to in our pandemic For provides slightly fiscal outlook as segment segments, and higher e-commerce our cost potentially measures. as growth and GovDeals and XXXX, safe transact, continued the efficient impact even cost-reduction quarter our our of continues to first year-over-year and RSCG global solution reflects the ways in control

to marketplaces and vary marketing consignment that quarter-to-quarter. mix will as the IT increase incremental sequential we the across buyer spend. will next launch service between follows. And continue our anticipate purchase for our and models enhance also functionality may to experiences, Management's fiscal quarter which guidance and seller our We is

GAAP for XXXX for for We average adjusted estimate for of XXXX $X.XX GMV of assumes of $X million per from of QX the range year earnings million; in with million year EBITDA shares outstanding that million. is range QX expect net from for for of fiscal from of $X range is have the to to to we $XXX Non-GAAP This $XXX GAAP million million $X.X guidance to earnings non-GAAP quarter share share to first corresponding expected the diluted shares. share. of XX.X per adjusted XXXX We weighted QX to quarter $X.XX million; ranging $X.XX share. $X.XX of income per a estimated fiscal to per the XXXX $X approximately XXXX range QX in

take We will your questions. now

Operator

question first our Barrington. And Instructions]. from is Prestopino [Operator Gary from

Gary Prestopino

of questions here. couple A

back First about you? right all? are I on to percentage really seeing returns to time, that And at that of a more like all retail see we're of all, returns that them that's were Bill, to coming shopping? this and coming about one something think At e-commerce at point of shopping, XX%. the Is more has greater increased given retailers online back the online starting

William Angrick

of or moving retail it rates are channel. volume losing one, online. volume get if number in needed, to any goods think earlier online to freely. different They into some right players the of has return an proportion growing will don't I higher XX% promotional to sales. to sizes, as The these encouraging of of that. customers in any encourage increase multiple categories. omnichannel the to we've product. Gary, There's witnessed returned than of many our increase The They're sales SKUs clients, sharper the online elements want risk spend

high are categories, categories. So in as we above in some as rates well many return know that XX% XX%

being helps consumers distribution to even Apparel see items, these buyer's are is uniquely a big those natural costs technical returns. those sold in have of appliances, of return going category have You either value retailers lots lot items to positioned by too, footprint the area to because online of is and now facilities. where digitally, bulk or a returns. and have we furniture we a consumer And Housewares, allowing -- help housewares those reduce higher items our electronics huge of you back. remorse glitches areas, a which we sometimes

this retail. about analysts roughly XX% to seeing without about of from just online massive of secular we've online months. have So growth retail total in in matter gone of online penetration we're question, said, X Probably penetration now various mid-teens retail total a in

Gary Prestopino

benefit certainly. bit growth And just asset that does that GovDeals? can Yes. tools entail? talk about a little automated you that What some to That's going in drive promotion to you're then you, and help these using of GMV

William Angrick

and that's platform. business limited from we think a benefits Gary, marketplace and Sure. drove theme, business certainly in but our more And I organically not we scale, model our broader know to volume our industry, XX% e-commerce our

operating So to help additionally business model overlay leverage. technology you a becomes going business, that's generate really efficient that's what When compelling. always more investment, by a marketplace driven

we're reviews, the buyer For bids investments understanding and marketing technology on what now in example, made stack, our every individual we've purchases. with

machine-driven propensity buying our assets we buyers present automation available so and dynamically increase and in artificial And marketplace. have the to to intelligence them to bidding then those of

he likes. So area that Prestopino, we and trucks, on bid browsed an know that's and Gary pickup he

next to to other you recommendation So featuring the going engine for time as the you're opposed see you those assets buyers. log in,

that and and marketplace. learning and buyers available over allows that to And make of matching between strengthens the better come time who so us assets the our to supply algorithm

Gary Prestopino

can buyers you sorry, sale do also you have comes to a that piece equipment, also up e-mails that a Do category, I'm specific for have mechanism had... -- send you of where

William Angrick

absolutely. Yes,

which buyers experience stronger including better robust a encourage mobile we've have We'd automatically invested will to of is on that send activity, on point responsive occurring the the last over devices. these more or mobile and individual that saved desired have over agent our allowing search also And filter We to bidding assets devices. bidding much XX% design, few buyers. years mobile is a selected out

broadly to as which to those know, efficient more rates, which, more all come drives business do you and buyer model drive things So of together help higher allows a sellers and satisfy participation recovery business. us higher

Operator

question Kern Dalton from next Our is Baird. from

Dalton Kern

the quarter. Congrats This is Colin. for on Dalton on

here. couple a Just

said lot for holiday returns of guidance the the season lot and into the behind you First pulled of commentary next heard, the off, bulk quarter and we've of lot looking of then you really earlier a as been quarter, a have question at shopping, guess given with really typical. a shopping rest change dramatically the another them really through than look what December? unknowns of to things now way week into has to are where we I or my a what December? versus is, the move And biggest for you're at looking one right the

William Angrick

companies, guidance. position the a principally rightly assets the full closures of you assets are in us, you routine than the have typically industrial our that's and provide a for our segments this, Dalton, to GMV group to why impacted is the government prevents for out call said, be completed policy occurring and point availability that's in realize which conduct That of decisions decisions unknowns upon would in affecting adversely is facilities Well, of sale, we revenue. ability most segment. from later Those the -- case, us in business and to that booking being of where completion do the capital are sort quarter pickup

those short term. even in an months. harsh policies within still is on been Europe the Capital improved headwind and still arena. In example, you operate the have unevenly many the and said over think Group X government in jurisdictions. in Assets the been policies has a areas very the restrictions travel, it's for where the course business some U.S. the certain closure California to have U.S., significant Now I has applied, that, that significantly Having of last they've

things are there. So are those that out

interruption correction, sharp get trends short-term efficiently. you in pandemic, and And any the of they beyond about Our flexibility. would very prognosticating to sit to the to that could want the a seeing, business trends still we're reflects want here, the as macro the government We're business. don't response we clients the more some policies. have more government really take suggest, in guidance, we They something that these trends macro enthusiastic work if a have

Specifically in idle yard. looking is to to matter location be to place. our We of drive in you to I these unique has and those to hits the buyer. more be to entities, continue a asset items dealers sustainability. business efficiently an They're They're XX% entities, equipment revenue and to the corporate the so and seller no picks XX% from that flag fly to one looking government sell government county auction to event, the city jurisdictions. mean also equipment model move. that for The have monetize of need none in productive. allow business, assets an these to shipped doesn't up. The We buyer to connect in with

years, carbon think So reducing ESG and believe our footprint shareholders for doing and been on buyers, getting XX we the the institutional very something more it's We've we more from attention is way, customers, are it clients of who it's from getting attention more that's by more our focused for getting attention. investing. our it's think but and that all we

attention macro pay those the that So think trends to. are I we

Jorge Celaya

I add, could If this is Jorge.

come In next delayed transaction my with could month, to consignment addition which as to purchase get Assets quarter. Bill customers, CAG, could have episodic evolves we large or said, that continues in it on saw put the have time Capital to you comments, a deal it what how an by business a in and the time just from depending where go different would also, has deal deals be and they Group, or a you

because addition some, factor for in in another have but comfortable have that we obviously, late have has to what our things slips, just can't be this with our And guidance, why range in as that we're to range business Bill So to example. the some said. you quarter, still a have you would

Dalton Kern

wondering, participants secondary kind drive an promising the driving drive you've in that that been participants is conversion that's auction maybe drive That consciously bit to bringing registered transaction But that Great. to that's of that pretty mix increase clear the growth? and extent buyer mentioning? of buyers a translates pretty in the just just a volume, to delta? in platform. is into more impact then helps there. something improvements other transaction Or you've which And growth turning Trends growth. a shift lot. to of function there already buyers is that able a been have that I'm more to of that trying to user to you're kind been all of something Or and that registered interface looking

William Angrick

we've difference. let sure for two clarity the are those Well, some have make we metrics reported time, on that a me And Dalton. just long that

buyers, are the equipment are business of larger a participation, is robust number focused increasing always quality rates very buying our we're the categories had participation quality attracting, recovery the and unique participants sold. lot So every the vehicle transportation of and and item the isn't on in We're items. for categories. that the ticket strong who We've of seeing and heavy increasing. construction of These buyers buyers

things net get value a and recovery being the efficient costs I up. of of per really at that's transportation When highest for talked and function items the we sold, a is remove so to And and the lot more think seller capturing want the these make-ready an look average to value possible. you transaction you costs trending And about. just

bringing those ticket higher been on right the focused And bear so we've items. buyers for to

online added include point the that auction coupled sellers The can other that do a items, seller thing wins, sales is the functionality where the hybrid to I alternative. traditional so benefit highest out competitive would bidder which make-offer the we've with of

So preempt they the hit the it do and can the and that. to buyer buy comes bid in now, and auction wants

item in auction that than has why only case. lower in so been you one number that's bidder that have recorded the buy now might number, be so bidder And participant the transaction, it when a theory, there's one traditionally for

Dalton Kern

existing long-term you mentioned wondering just queue you, then of sense. makes back ahead look more GMV. in driving quick the else. just of the there? And existing driven expand of just that is billion have I how in much scale? total that's just one But lies growth sort kind the plan expand opportunity of marketplaces, penetration by do new in a need here. you to and and hop think buyer and you there at and as do to within that into But TAM you you footprint the new Or $X That goal and Right. reach your one, verticals then order Obviously, I'll if verticals anything think of increased

William Angrick

Well, billion achieve for Dalton, and puts per the think us just And verticals growth our in annualized our $X roughly there have I consider business out various -- online best the there. benefit is the retail market in got milestone. the us to takes got quarter. trend We're through But XX% GMV current occurring GMV the from quarter highly to and you XX% September $XXX is the shift We're look coming of that that retail Monday. the million in XX% for as growth. does We've seasonality. macro Black thickest growth the trend the in to year-over-year the We've at base. year-over-year Cyber chain, the Friday, buyer center distribution to mix just leveraged XX% footprint. recently organically, of supply

in supply merchandising and the to place outstanding value vendors retailers, and monetize chain, that digitization and and proven supply that and throughput the trend how e-commerce and omnichannel have there's you secular velocity channels manage a We category. them. and in deliver to leader embrace We know for and who We're results a assets. retailers sales

positioned sustainability, of a be well in around industrial that billion equipment very a embraces to we're practice. the And high-value as chain the and world, redeploy looking arena, TAM cause, reuse in supply champion best to U.S. $X the that it's government So of

that is, We who it, penetrated solution business XX% XX% network practice, environmentally we very more are effect. for proven data-driven more that looking who believe looking be can provider these be to be strong to are responsible. a governments call with Our best to efficient,

digital a that the don't digital that's our back, in And the sooner So forced is a business. people looking the pandemic for have probably they people current present alternative when business. the go getting solutions, the been legacy And open-minded because been core And finding our do rethink industries how to environment what in takeaway are there's real people to opportunity opportunity little to to is get all we terrific self-service religion the they've and biggest probably solution. here. opportunity that's and at marketplace we're

Operator

And from have we Barrington. from Gary another question

Gary Prestopino

I is think about Where you goes? contingent you think you Sure. think business your where XX% that business, total do creep do to -- Do continues the of that mean, higher, the question -- Bill? decision full-service second versus the versus And purchase, be go then be sellers' end? would the or question leads on to second the to self-service what contingent would

William Angrick

as higher on revenue born consignment interest we were their we we XXX% our in Well, and years Sure. in share a they competition. XX it's because business share to clients, the us participation suggested upside ago. to And always basis pay a as created higher drive

that had always we've philosophy. so And

We to between clients give must use. options. However, our dictate fit. the flexibility them provided menu see We as want want always to those of they what don't a to migrate we've they to

We've that's to we be, purchase, use get necessarily sellers been more see results or going as as elected consignment elected has in model, always think the model available trend pricing pricing clients. They to a versus the model. the as to they can future consignment recently. the broader don't the we forecast And clients we experienced just to have I there's reasons just still there So drive consignment assets. noticed pricing more are happy the market. our to where transparent a structure they more they've do do have increase with have marketplace marketplace the that But think marketplace, controls our of more predict we to model purchase we the with if controls. We're robust. that upside to more SOX so becomes competitive, them in or to choose, that create inventory when for an created these upside might aligned the related have that and broader is clients the as our And people incentive sellers share the and participate opportunity to that

manage and need again, versus self-service that of assistance. terms we Clients catalog that service, continuum. to sales, there's In a the full will provide assistance

the do taught fees their the can see sellers pay. the to to feel there And They the portal, that own we Now have that transaction of on -- they they that. through the their of their their tools them would developed manage that, a the cost after and process to the overall with is well, to sale, doing client allow We've terms first, data we that. control, that own equipment. increases many very set of and benefits comfortable ability load to orientation, provide like initial outstanding an

we see, the that industry like that providing think but very it, landscape of we government over not that will much we're And so just solutions, that's many And alternative. strengthen a self-service our and corporate and trend time. clients across BXB in

Gary Prestopino

Okay.

So full kind saying is more read overall full make I that right, prevalent percentage self? becoming of you're self-service that out? mean you versus public, it versus give it you'd don't can the service. of down, I you that is the if is the consignment break if something Or

William Angrick

they fee the has majority they're value we say it's created when we a not clients for our attraction the give capturing more service. self-service corporate but government business. And lower of it's it's full it's metric versus natural of the that would transaction because because Well, pay out, a that in one and

that in tools of faster during We're we're our are automated get where to logistics list that or smarter certain have and they sell or have execution else sellers a great and transaction. the on there our data, the deliver way efficiently on course side. assets, But anything buyer again, to marketing we're with arise that in to need would clients them they help Now don't can resources marshaling assistance self-service extremis, certain package, valuation. marshaling that certain a

psychologically, them if of customers know to we're important it's need these for additional think So for help. there I all they the

Gary Prestopino

And were just It if $XX operating but QX envelope, like Good. looks like numbers Okay. couple year. about running last then it more, of a versus million expenses of because I million didn't give -- us you the out, broken may. back your looks $XX kind at

what big of increase. at? of for will increase just -- fiscal and move looking obviously, top But growth this proportion that the Or In be what expecting any is there there's GMV next terms in to we're kind to we're for kind of the going line some is it year, be?

William Angrick

our been captured we've efficiencies of integration completed have there work. as some operating Well,

going us. integration in work. 'XX. spending where Gary, for window we're industry ERP in organizations fiscal see we like of see money, the sell need in you That's at. this in these is growth a And the Where things technology or in behind marketing to that's any are step digital advantage of take of So not more solutions type to and and major to We function and there equipment marketplace opportunity manage trends macro to just look reliable is all inventory. continue sales

into flows to in last biopharma Operation example, grew Warp There's partly strongly quarter. develop that test that global in and a ultimately business equipment, For and indicator development, and extremely what and And That Speed sponsored cures. is to major by marketplace. the a care. measurement other R&D leading our research surge all health vaccines expense of

available to and -- macro that with other in technology and is those examples, markets be opportunity becoming as the trends. rebalancing automotive And these in sold. chain equipment so investment marketing a sales be that chain, innovation the we in supply have of opportunity is just it's to such supply continually The in huge transportation the appropriate think energy in continued grow resulting we this And a the in lot there. we need to line future want

Gary Prestopino

way. numbers you getting at almost spent $XX the like I marketing. quarters, last looks things I'm about back -- sales what on another that. reflect year, cetera, et at is taken on and million, like $XX could your first I It furlough million X guess question QX just and maybe I this time, the the Yes. mean ask people

those -- looking those So mean, given that above 'XX. at I numbers, numbers for fiscal you're still increment an

as get forward. should guide trying these a how expenses Just at of some look going to we to

William Angrick

Yes, there'll in spend. be incremental growth I some and marketing think sales

Gary Prestopino

Okay.

terms the to That's as of Okay. have QX your evolved how GMV would or can different businesses -- be maybe in -- of you That's that we that Then it quarters, anticipation how was was year the your tell fine. in all strongest then I at out strongest, terms the -- of used put much that QX. lastly, your terms first be QX look and second your changed, really wanted. how Has QX, of generation? your in would QX your us changed and

William Angrick

just any guidance give these lot of can so because just repeat the patterns respond hard ended will I'll months say have giving guide. and many Well, exogenous to and XX. to We're set on factors. broad historical observations of the because we themselves a a It's X the questions Jorge that there's specific this in quarter into baked whether benefit of December XXXX

contingency people's the up willingness essentially what that You Gary, around facilities return a manufacturing facilities. see is newly there. you vaccine, to little have remove things a line frame. a remove period. restrictions in from as then back of the would strong government of that's go to Normally, take to out around activity, seasonal economic the the sort but vaccine, January traditional are policymakers year, In slow, developed July of travel, we access slowdown and traditional those is a a and pick move sort -- obviously restrictions time biggest August. post-holiday sort strong and and through to the periods, behind up That's January

is, goal business. is about think I the robust that's override That's do, So will have we pick goal. can that I'm our our that talking very in things marketing goal up share and seasonality to the to our looking a apparatus sales continually what

Gary Prestopino

Okay.

GMV talk it Okay. X of And I'll you in is get years? goal, reasonable and you there jump then to off. could this assume then $X When about billion that lastly

William Angrick

I hope so. would so. I would hope

digital about being prospects very our the look solutions, a look TAMs a we're to target you customers think and and we good at those Gary. solution, path come that have relevant able the very to I for us, feel on our at be the penetration compelling we're glide for solid to that a to for creating make case to you that and value

Operator

and gentlemen, participating, [Operator you that Thank today's for and Instructions]. call. concludes ladies Thank you, you may now disconnect.

Liquidity Services (LQDT) 8 Dec 202020 Q4 Earnings call transcript