LIQUIDITY SERVICES, INC LQDT Cash Flow

Liquidity services, inc (LQDT)

CashFlow / TTM

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10
Operating activities
Net loss
-19,310	-19,434	-19,260	-15,076	-14,132	-15,425	-11,615	-24,539	-29,449	-32,002	-39,187	-78,975	-70,484	-63,126	-59,926	-49,866	-48,127	-45,896	-104,815	-61,827	-45,069	-40,819	30,390	41,506	34,421	41,488	41,104	36,240	39,815	45,879	48,296	45,877	29,958	16,255	8,512	0	0	0
Less: Discontinued operations, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-12,167	0	0	0
Income from continuing operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	20,679	0	0	0
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization
5,871	5,459	5,091	4,799	4,613	4,592	4,599	4,943	5,288	5,578	5,796	5,782	6,033	6,259	6,502	6,942	7,370	7,704	9,235	10,904	13,137	15,387	16,595	17,331	17,445	17,588	17,374	16,574	15,680	14,817	14,166	12,111	10,117	7,991	5,694	0	0	0
Stock compensation expense
0	0	-	-	7,993	7,180	6,597	6,049	6,176	5,807	7,377	9,481	11,002	12,327	12,247	11,722	12,137	12,223	12,405	11,999	11,450	11,548	12,605	12,667	12,644	12,671	13,379	13,691	14,301	13,859	12,117	11,042	9,726	9,545	9,136	0	0	0
Adjustment related to the adoption of ASU 2016-09
-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Inventory adjustment to net realizable value
-	-	-	-	-	-	2,494	4,372	7,586	11,507	10,381	8,725	5,913	2,183	2,676	6,159	3,287	681	-575	-4,633	-2,483	-68	271	209	-98	-98	-1,122	551	191	198	884	-849	-17	98	-22	0	0	0
Provision for doubtful accounts
118	118	178	192	144	264	199	549	688	289	357	20	11	253	247	-19	-10	1,066	1,109	1,361	1,265	329	151	30	-159	-293	-357	91	139	207	117	-126	-5	-21	221	0	0	0
Deferred tax provision
417	216	136	-6,050	-5,949	-5,908	-10,945	-5,434	-5,535	-5,637	-620	0	0	0	-	-	-	-	-6,282	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Impairment of goodwill and long-lived assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	147,414	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in fair value of financial instruments
-	-	-	-	-	-	-90	-266	-266	-465	573	749	749	928	0	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Incremental tax loss from exercise of common stock options and restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	229	145	316	249	38	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on disposal of property and equipment
34	16	15	-29	5	491	480	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on early extinguishment of debt
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	0	0	0	-	-	-	-	-	-	-	-
Change in fair value of earnout liability
2,300	3,600	3,500	2,400	1,500	200	100	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Incremental tax loss (benefit) from exercise of common stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	7,839	12,991	17,069	16,953	0	0	0	-	-	-	-
Changes in operating assets and liabilities:
Accounts receivable
-79	-20	2,012	25	115	-1,144	-6,582	-5,214	-5,227	-2,969	1,611	2,685	4,889	4,925	4,408	639	-5,609	-11,381	-12,651	-12,905	-11,264	-8,018	-2,211	1,515	8,671	8,749	7,466	6,882	2,916	6,512	1,596	-1,128	-402	-247	1,809	0	0	0
Inventory
-4,237	-4,357	-3,948	-3,504	3,613	-5,904	-8,120	-1,707	-4,791	1,816	3,507	1,772	-3,797	1,473	4,776	1,758	-5,780	-31,811	-43,101	-33,350	-22,428	34,549	49,488	41,888	46,361	13,759	7,470	1,549	1,436	-2,597	132	6,208	838	2,332	392	0	0	0
Prepaid and deferred taxes
1,634	1,099	811	-589	-719	-1,001	-739	429	-757	-688	-730	5,525	7,637	-29,472	-27,057	227	5,068	41,259	38,545	5,511	-6,085	2,924	2,829	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses and other assets
-4,243	572	-1,554	2,383	4,649	4,002	689	67	-2,788	-2,917	1,024	-2,740	-1,145	-1,582	160	2,680	3,190	3,126	1,499	-579	-1,612	-603	-2,735	2,726	2,049	-1,223	26	8,937	9,490	4,881	-458	-14,108	-20,682	-15,102	-7,815	0	0	0
Operating lease assets and liabilities
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable
8,040	-656	1,191	-3,065	-7,938	-1,230	670	4,321	6,229	2,154	3,192	3,256	3,788	-914	232	-6,645	-4,944	-3,081	-4,534	1,352	-6,211	-5,454	-545	3,484	11,134	9,247	6,542	643	-10,895	-3,911	-7,570	-4,665	6,860	-609	1,552	0	0	0
Accrued expenses and other current liabilities
-8,833	-6,997	1,999	1,796	2,367	-6,327	-9,576	-13,609	-14,754	-15,622	-14,882	-4,178	2,986	16,299	17,151	9,785	361	-13,431	-18,895	-26,748	-36,274	4,806	9,659	21,901	33,221	-46	-2,341	-23,054	-17,098	-8,651	-8,534	10,224	4,974	-1,570	-691	0	0	0
Distributions payable
-1,607	-1,521	-453	-412	-968	-867	-953	-7,691	-2,163	-2,301	1,359	8,416	3,234	3,346	-790	-1,172	-3,521	-3,005	-2,228	-946	373	-126	425	819	338	966	274	-125	-1,803	-2,800	-3,226	-2,420	-3,990	-63	1,671	0	0	0
Deferred revenue
-137	-86	906	1,786	1,698	1,376	743	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payables to sellers
-3,765	-6,273	-8,716	-4,085	604	1,806	4,586	4,994	-3,320	-3,513	-4,519	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Customer payables
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-7,344	-	-1,032	-1,422	7,992	12,046	3,675	-2,735	-5,371	-4,768	-3,549	870	-730	2,510	-775	205	4,336	2,945	0	0	0
Acquisition earn out payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-5,079	-7,215	-11,422	0	0	0	-	-	-	-	-358	0	0	0
Other liabilities
-1,617	-153	-317	-200	-413	-803	-642	2,869	3,063	3,174	2,871	4,755	4,798	4,899	5,283	-63	-402	-846	-1,310	-150	-194	-121	-1,003	-2,631	-2,532	-2,508	-198	276	576	461	205	106	291	777	-1	0	0	0
Net cash used by operating activities from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-739	0	0	0
Net cash used in operating activities
-6,791	-16,769	-6,242	-8,198	-17,491	-10,953	619	-15,795	-10,778	-23,136	-31,653	-7,064	6,786	49,115	45,838	0	0	0	-	-	-	-	-	-	-	-	-	-	-	39,750	52,146	50,657	62,184	45,294	39,886	0	0	0
Net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	46,306	31,743	19,978	11,856	0	0	0	-	-	-	-	-	-	-	-	40,625	0	0	0
Investing activities
Increase in intangibles
57	38	23	32	30	22	35	64	97	130	119	94	68	40	62	171	163	163	137	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of property and equipment, including capitalized software
5,783	5,693	5,938	6,261	5,583	4,801	4,174	4,292	5,426	6,432	7,805	7,713	7,326	6,983	6,090	6,528	4,940	7,128	7,312	6,416	7,684	6,473	7,539	8,048	7,892	6,244	5,463	7,874	7,255	7,514	6,793	3,251	3,908	3,996	4,822	0	0	0
Proceeds from sales of property and equipment
259	235	247	112	190	852	828	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from promissory note
0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Purchases of short-term investments
65,000	85,000	70,000	60,000	50,000	30,000	20,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,292	0	0	0
Maturities of short-term investments
85,000	90,000	60,000	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from the sale of short-term investments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	43,812	0	0	0
Cash paid for acquisitions and increase in intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,730	6,452	6,454	6,462	71,796	80,125	89,103	89,089	9,092	0	0	0
Net cash (used in) provided by investing activities
16,973	2,057	-15,714	-39,854	-49,096	-47,644	-37,054	-13,528	-4,861	-6,562	-7,924	-7,807	-7,394	-7,023	-6,152	-9,071	-7,475	-9,663	-9,821	-6,530	-7,834	-6,617	-7,680	-8,098	-7,924	-6,290	-20,193	-14,326	-13,709	-13,976	-78,589	-72,446	-80,154	-60,009	19,606	0	0	0
Financing activities
Payments of the principal portion of finance lease liabilities
0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Taxes paid associated with net settlement of stock compensation awards
0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchases of common stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,541	0	0	0
Proceeds from exercise of stock options
500	584	590	521	516	412	404	11	25	60	92	102	88	41	9	-1	-1	35	106	247	2,022	3,748	4,146	5,144	4,259	2,792	2,532	2,863	6,044	11,690	15,491	24,610	26,010	25,253	23,639	0	0	0
Incremental tax loss from exercise of common stock options and restricted stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	3,805	6,070	6,508	6,465	8,588	7,839	12,991	17,069	16,953	19,336	14,440	10,222	6,597	0	0	0
Incremental tax benefit from exercise of common stock options
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-1,319	34	546	521	516	412	404	-1,187	-1,173	-1,138	-1,106	11	72	-140	-220	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	13,947	40,450	35,475	26,695	0	0	0
Effect of exchange rate differences on cash and cash equivalents
0	0	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repayment of notes payable
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	-	-	-	-	-	-	-	-
Payment of acquisition contingent liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,185	0	0	0	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	465	-39,220	-40,039	-36,922	-33,659	7,710	9,257	-36,065	0	0	0	-	-	-	-	-	-	-	-
Effect of exchange rate differences on cash and cash equivalents
-	-	-	-	-	-	-	0	0	688	-	-1,070	-882	-490	-418	312	-157	-1,022	-871	-1,001	-224	-591	235	365	-602	740	-158	-223	231	-441	-309	-1,011	-1,009	-301	-476	0	0	0
Net decrease in cash and cash equivalents
7,894	-14,330	-21,951	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (decrease) increase in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-30,148	-	-15,930	-1,418	41,462	39,048	33,677	31,297	11,230	32,867	39,240	-15,535	-27,269	-32,511	-6,379	44,568	55,599	-9,673	-21,332	-47,634	-23,092	-24,307	-8,853	21,471	20,459	85,711	0	0	0
Supplemental disclosure of cash flow information
Cash paid for income taxes, net
627	985	1,008	988	969	697	916	938	-481	-333	-793	-896	879	-33,938	-33,966	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	21,189	19,241	18,127	16,760	14,942	22,530	14,497	14,482	11,773	3,313	5,757	6,245	0	0	0
Cash paid for interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,034	2,094	2,100	2,119	117	67	64	61	62	0	0	0
Note payable issued in connection with acquisition
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40,000	0	0	0	-	-	-	-
Contingent purchase price accrued
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	18,390	24,292	22,399	22,399	7,438	3,490	10,479	10,479	6,989	0	0	0