Liquidity Services Inc (LQDT) 2025 Q3 法說會逐字稿

Welcome to the Liquidity Services Inc third-quarter of fiscal year 2025 financial results conference call. My name is Kath and I will be your operator for today's call. Please note that this conference call is being recorded. (Operator Instructions) I will now turn the call over to Michael Patrick, Liquidity Services Vice President and Controller.

歡迎參加 Liquidity Services Inc 2025 財年第三季財務業績電話會議。我叫凱絲，今天我將擔任您的電話接線生。請注意，本次電話會議正在錄音。（操作員指示）我現在將電話轉給流動性服務副總裁兼控制員邁克爾·帕特里克。

Good morning. On the call today are William Angrick, our Chairman and Chief Executive Officer, and Jorge Celaya, our Executive Vice President and Chief Financial Officer. It will be available for questions after their prepared remarks.

早安.今天參加電話會議的有我們的董事長兼執行長 William Angrick 和我們的執行副總裁兼財務長 Jorge Celaya。他們發表完準備好的發言後，可以在此提問。

The following discussion and responses to your questions reflect management's views as of today, August 7, 2025, and will include forward-looking statements. Actual results may vary or differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and in filings with the SEC, including our most recent annual report on Form 10-K.

以下討論和對您的問題的回答反映了管理層截至 2025 年 8 月 7 日的觀點，並將包括前瞻性陳述。實際結果可能會有所不同或有重大差異。有關可能影響我們財務表現的因素的更多資​​訊包含在今天的新聞稿和提交給美國證券交易委員會的文件中，包括我們最新的 10-K 表年度報告。

As you listen to today's call, please have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. During this call, management will discuss certain non-GAAP financial measures.

當您收聽今天的電話會議時，請將我們的新聞稿放在您面前，其中包括我們的財務業績以及本季度的指標和評論。在本次電話會議中，管理階層將討論某些非公認會計準則財務指標。

In our press release and filings with the SEC, each of which is posted on our website, you will find additional disclosures regarding these non-GAAP measures, including the reconciliations of these measures with their most comparable GAAP measures as available.

在我們的新聞稿和向美國證券交易委員會提交的文件中（每一份都發佈在我們的網站上），您將找到有關這些非公認會計準則指標的更多披露，包括這些指標與最具可比性的公認會計準則指標的對帳。

Management also uses certain supplemental operating data as a measure of certain components of our operating performance, which we also believe is useful for management and investors. This supplemental operating data includes gross merchandise volume and should not be considered a substitute for or superior to GAAP results.

管理階層也會使用某些補充營運數據來衡量我們營運績效的某些組成部分，我們也認為這對管理階層和投資者有用。此補充營運數據包括商品交易總額，不應被視為替代或優於 GAAP 結果。

At this time, I will turn the presentation over to our Chairman and CEO, Will Angrick,

現在，我將把演講交給我們的董事長兼執行長 Will Angrick，

Good morning and welcome to our Q3 earnings call. I'll review our Q3 performance and the progress of our business segments, and that Jorge Celaya will provide more details on the quarter.

早上好，歡迎參加我們的第三季財報電話會議。我將回顧我們第三季度的業績和各業務部門的進展，Jorge Celaya 將提供有關本季度的更多詳細資訊。

Thanks to our team's focus during Q3, we delivered record GMV. Strong adjusted and adjusted EPS growth are differentiated positioning as the leading circular economy e-commerce marketplace has helped us grow despite economic uncertainty related to tariff policies and higher interest rates.

由於我們團隊在第三季的專注，我們實現了創紀錄的 GMV。強勁的調整後和調整後每股盈餘成長是差異化定位，因為領先的循環經濟電子商務市場幫助我們在關稅政策和較高利率相關的經濟不確定性下實現成長。

The strength of our asset life business model was on display as we generated operating cash flow during Q3 that exceeded our EBITDA. These strong results reflect the power of our leading technology-enabled marketplaces, growing by our network and disciplined execution to optimize recovery and operations in every segment of our business.

我們的資產壽命業務模式的優勢得到了充分展示，因為我們在第三季度產生的經營現金流超過了我們的 EBITDA。這些強勁的業績反映了我們領先的技術支援的市場的力量，透過我們的網路和嚴格的執行不斷增長，以優化我們業務各個環節的恢復和營運。

Our strategic investments in software, platform innovation, marketing and sales are enabling us to capture greater market share while enhancing the value we deliver the sellers and buyers. Our resilient, diversified business provides stability for our customers and investors like -- amid ongoing economic uncertainty.

我們在軟體、平台創新、行銷和銷售方面的策略性投資使我們能夠佔領更大的市場份額，同時提升我們為賣家和買家提供的價值。在持續的經濟不確定性中，我們富有彈性的多元化業務為我們的客戶和投資者提供了穩定性。

With our proven service offerings and continued investment and innovation, we are uniquely equipped to empower our buyers and sellers and drive sustainable long-term growth in the large and fragmented circular economy market. In line with our strategic plan, we continue to grow our volumes, hire base and recovery in key categories such as construction, trucks, vehicles, and consumer return goods.

憑藉我們成熟的服務產品和持續的投資與創新，我們擁有獨特的優勢，能夠為買家和賣家提供支持，並推動龐大而分散的循環經濟市場實現可持續的長期成長。根據我們的策略計劃，我們將繼續擴大建築、卡車、車輛和消費者退貨等主要類別的銷售、招聘基礎和回收率。

During Q3, we set new records in the number of sellers, assets listed and bidders in these categories and now have over 5.9 million registered buyers on our platform. Our strategy has allowed us to develop an attractive, diversified business. We continue to drive adoption of our asset light services in all segments and are transacting more than 80% of our total GMB under the consignment pricing model.

在第三季度，我們在這些類別的賣家、上架資產和競標者數量上創下了新紀錄，目前我們的平台上有超過 590 萬名註冊買家。我們的策略使我們能夠發展出有吸引力的多元化業務。我們繼續推動所有領域採用輕資產服務，並在寄售定價模式下處理超過 80% 的 GMB 總交易量。

Despite significant investment in our business expansion and product roadmap, we delivered 31% adjusted EBITDA margins as a percentage of direct profit during Q3. We also generated over $19 million of operating cash flow during the quarter and have a debt-free balance sheet with $167 million in cash with zero financial debt to execute our organic and emanate growth strategies.

儘管我們在業務擴展和產品路線圖上投入了大量資金，但我們在第三季的調整後 EBITDA 利潤率（佔直接利潤的百分比）僅為 31%。我們還在本季產生了超過 1,900 萬美元的營運現金流，並擁有無債務資產負債表，其中現金為 1.67 億美元，且無任何金融債務，可執行我們的有機和散發成長策略。

Now let's take a closer look at each segment. Our GovDeals segment delivered a record GMV of $252 million, a record number of assets sold in a single quarter and a record number of live vehicle listings. We continue to expand with existing and new accounts in key areas including New York, Florida, Texas, and California.

現在讓我們仔細看看每個部分。我們的GovDeals部門實現了創紀錄的2.52億美元的GMV，單季售出的資產數量和即時車輛清單數量都創下紀錄。我們將繼續擴大在紐約、佛羅裡達、德克薩斯和加利福尼亞等主要地區的現有客戶和新客戶。

Notable new account winds during the quarter include Fresno, California, Anaheim, California, Mesa, Arizona, King County, Washington, Fort Sill, Oklahoma, and York County, Virginia. We are also expanding our digital marketplace for real estate tax foreclosure sales in Florida, Louisiana, Wisconsin, and Oklahoma.

本季值得注意的新客戶包括加州弗雷斯諾、加州阿納海姆、亞利桑那州梅薩、華盛頓州金縣、俄克拉荷馬州西爾堡和維吉尼亞州約克郡。我們也正在擴大佛羅裡達州、路易斯安那州、威斯康辛州和俄克拉荷馬州的房地產稅收法拍銷售數位市場。

We're also introducing new payment technology on our GovDeals marketplace in the US and Canada to increase payment options and improve efficiencies for buyers and our internal operations. Our capital asset group, or CAG segment posted solid results during Q3 with double-digit organic growth in GMV and direct profit.

我們還在美國和加拿大的 GovDeals 市場上引入了新的支付技術，以增加支付選項並提高買家和內部營運的效率。我們的資本資產集團（CAG）部門在第三季度取得了穩健的業績，GMV 和直接利潤實現了兩位數的有機成長。

The breadth of our CAG marketplace allowed it to grow despite the headwinds of tariff policies and the biopharma, semiconductor, and machine tools, verticals in our marketplace. In fact, we grew the number of assets sold in our CAG segment year-over-year by 35%. Leading the charge was our heavy equipment category, which continued its rapid growth, setting records for the number of unique sellers, repeat sellers, and completed transactions during Q3. GMV in our heavy equipment category more than doubled year-over-year, and we continue to see a billion-dollar GMV opportunity in this category.

儘管面臨關稅政策以及生物製藥、半導體和工具機等垂直市場的阻力，我們的 CAG 市場仍保持廣度成長。事實上，我們 CAG 部門出售的資產數量比去年同期增加了 35%。領先的是我們的重型設備類別，該類別繼續保持快速增長，在第三季度創下了獨立賣家、重複賣家和完成交易的數量記錄。我們的重型設備類別的 GMV 同比增長了一倍多，我們繼續看到該類別中 10 億美元的 GMV 機會。

Our RSCG segment expanded relationships with sellers across product categories and geographies to drive double-digit year-over-year growth and direct profit during Q3. Our market share gains have focused on adding more lower touch, higher margin consignment relationships as we transition away from selected purchase model programs.

我們的 RSCG 部門擴大了與不同產品類別和地區的賣家的關係，從而推動了第三季兩位數的同比增長和直接利潤。隨著我們逐漸放棄選擇購買模式計劃，我們的市佔率成長主要集中在增加更多低接觸、高利潤的寄售關係。

We're currently in discussions with over 60 brands and manufacturers. We're attracted to the high quality and reliability of our retail supply chain group software solutions and buyer network which ensures that our retail clients benefit financially and operationally from our services. For example, during Q3, we added several new clients, including a leading national sporting goods retailer, a global branded food manufacturer a national leading furniture retailer and a leading branded housewares manufacturer.

我們目前正在與 60 多個品牌和製造商進行討論。我們的零售供應鏈集團軟體解決方案和買家網路的高品質和可靠性吸引著我們，這確保我們的零售客戶從我們的服務中獲得財務和營運方面的利益。例如，在第三季度，我們增加了幾個新客戶，包括一家領先的全國體育用品零售商、一家全球品牌食品製造商、一家全國領先的家具零售商和一家領先的品牌家居用品製造商。

In addition, we have expanded our RSCG sell and place software solution with leading international e-commerce retailers to manage and sell their returned goods on our liquidation.com online auction platform. To further optimize our market leading recovery and expand our market share, we are establishing our online B2C auctions in Columbus, Ohio. This dedicated consumer-focused e-commerce experience will utilize the auction software of our software solutions business segment and will lay the foundation for a national direct-to-consumer auction platform.

此外，我們還與領先的國際電子商務零售商擴展了我們的 RSCG 銷售和投放軟體解決方案，以便在我們的 liquidation.com 線上拍賣平台上管理和銷售他們的退貨商品。為了進一步優化我們的市場領先恢復並擴大我們的市場份額，我們正在俄亥俄州哥倫布市建立我們的線上 B2C 拍賣。這種專注於消費者的電子商務體驗將利用我們軟體解決方案業務部門的拍賣軟體，並為全國直接面向消費者的拍賣平台奠定基礎。

Finally, our Machinio and Software Solutions business segment continues to grow its share and now has over 5,000 paying customers in over 100 countries which rely on its dealer management and marketing solutions for used equipment sales. Our Machinio segment has ample opportunity, more than double its business by further penetrating its existing used equipment verticals and expanding with adjacent service providers who can also leverage Machinio's suite of marketing, lead generation, and website hosting tools to more efficiently manage their business.

最後，我們的機械和軟體解決方案業務部門的份額持續成長，目前在 100 多個國家/地區擁有超過 5,000 名付費客戶，他們依靠其經銷商管理和行銷解決方案來銷售二手設備。我們的 Machinio 部門擁有充足的機會，透過進一步滲透現有的二手設備垂直市場並與鄰近的服務提供者進行擴展，其業務量將增加一倍以上，這些服務提供商還可以利用 Machinio 的營銷、潛在客戶生成和網站託管工具套件來更有效地管理他們的業務。

Our technology and product teams across liquidity services continue to integrate machine learning, data analytics, and AI assisted tools into our marketplace platform. Over time, we will unlock more value for buyers and sellers on our platform through these investments. With our strong financial foundation and strategic focus, we are well positioned to seize emerging opportunities to drive profitable long-term growth, even in uncertain times.

我們的流動性服務技術和產品團隊繼續將機器學習、數據分析和人工智慧輔助工具整合到我們的市場平台中。隨著時間的推移，我們將透過這些投資為我們平台上的買家和賣家釋放更多價值。憑藉強大的財務基礎和策略重點，即使在不確定的時期，我們也能夠抓住新興機遇，推動長期獲利成長。

I'll now turn it over to Jorge for more details on the quarter and our business outlook.

現在我將把主題交給 Jorge，以了解有關本季和我們的業務前景的更多詳細資訊。

Thank you, Bill, and good morning. We achieved the quarterly record for GMV and strong profitability while continuing to invest in technology and trusted service offerings. Our financial results underscore our focus on profitable growth through a diversified approach targeting sectors with long-term potential for growth. For the nine months of fiscal year 2025, we have grown the total of our segment direct profits by 12% with adjusted EBIDTA as a percent of total direct profit at 28% where adjusted EBITDA has grown 24%. For these first nine months of fiscal year 2025, we sustained growth and margins in line with our Rule of 40 objectives, which measures the sum of direct profit growth and adjusted margins as the percent of direct profit.

謝謝你，比爾，早安。我們在繼續投資技術和值得信賴的服務產品的同時，實現了季度 GMV 和強勁盈利能力的記錄。我們的財務表現凸顯了我們專注於透過多元化方式實現獲利成長，瞄準具有長期成長潛力的產業。2025 財年前九個月，我們的分部直接利潤總額成長了 12%，調整後的 EBIDTA 佔直接利潤總額的百分比為 28%，而調整後的 EBITDA 成長了 24%。在 2025 財年的前九個月，我們按照 40 規則的目標保持了成長和利潤率，該規則將直接利潤成長和調整後利潤率的總和作為直接利潤的百分比來衡量。

This third quarter, for example, we exceeded our target and delivered 42%. With our fiscal fourth quarter guidance, we anticipate double-digit growth in adjusted EBITDA for the full year of 2025. We ended the third quarter of fiscal 2025 with $167 million in cash equivalents, and short-term investments. We generated $19.3 million of cash from operations during the quarter. We continue to have zero debt and have $26 million of available borrowing capacity under our credit facility.

例如，今年第三季度，我們超額完成了目標，實現了 42% 的業績。根據我們對第四財季的預測，我們預計 2025 年全年調整後的 EBITDA 將達到兩位數成長。截至 2025 財年第三季度，我們擁有 1.67 億美元的現金等價物和短期投資。本季度，我們的經營活動產生了 1,930 萬美元的現金。我們的債務仍然為零，我們的信貸安排下有 2600 萬美元的可用借貸能力。

Comparing our consolidated results for the third quarter of fiscal year 2025 to the same quarter last year, we grew GMV 9% to a record $413 million. Our revenue increased 28% to $119.9 million consistent with the guidance we provided for our revenue to GMV ratio that reflected increased purchase transaction volumes in our RSCG segment for the third quarter.

將我們 2025 財年第三季的綜合業績與去年同期進行比較，我們的 GMV 成長了 9%，達到創紀錄的 4.13 億美元。我們的營收成長了 28%，達到 1.199 億美元，與我們提供的營收與 GMV 比率指引一致，這反映了第三季 RSCG 部門的購買交易量增加。

Our GAAP earnings per share increased 21% to $0.23 and 13% to $0.34 on a non-gap adjusted basis for the fiscal third quarter. Our non-GAAP adjusted EBITDA was $17 million for the fiscal third quarter, a 16% increase over the prior year, which represents a 31% adjusted EBITDA margin on the total of our segments direct profit for the fiscal third quarter. Specifically comparing segment results from this fiscal third quarter of 2025 to the same quarter last year, the GovDeals deal segment GMV was up 1%, revenue up 8%, and direct profit margin up 7% each setting a new quarterly record.

我們的第三財季 GAAP 每股盈餘成長 21% 至 0.23 美元，非差距調整後每股盈餘成長 13% 至 0.34 美元。我們第三財季的非 GAAP 調整後 EBITDA 為 1700 萬美元，比上年增長 16%，這代表我們第三財季各部門直接利潤總額的調整後 EBITDA 利潤率為 31%。具體來說，將 2025 財年第三季的部門表現與去年同期進行比較，GovDeals 交易部門 GMV 成長 1%，營收成長 8%，直接利潤率成長 7%，均創下了新的季度紀錄。

Our GovDeals segment fiscal third quarter is also the segment's traditional seasonally high quarter. During this quarter, we experienced slightly lower vehicle pricing than last year and lower take rate real estate sales, which had a disproportionate effect on GMV year-over-year. GovDeals continues to add new sellers and buyers and grow market share, including in new geographies and with expanded services. Our retail segment benefited this fiscal third quarter from dropship sales of incoming flows in a higher proportion compared to the first two quarters of fiscal year 2025, contributing to the record quarterly segment direct profit.

我們的 GovDeals 部門第三財季也是該部門傳統的季節性旺季。本季度，我們的汽車定價比去年略低，房地產銷售的佣金率也較低，這對 GMV 產生了不成比例的同比影響。GovDeals 繼續增加新的賣家和買家並擴大市場份額，包括在新的地區和擴展服務。與 2025 財年前兩個季度相比，我們的零售部門在本財年第三季受益於更高比例的直銷流入流量，為創紀錄的季度部門直接利潤做出了貢獻。

Our retail segment was up 30% on GMV and 39% on revenue year-over-year given this year's high mix of purchase flows during the first nine months of fiscal year 2025. Retail segment direct profit grew 12% compared to last year's fiscal third quarter. The segment's direct profit quarterly record of $19.4 million reflects the higher proportion of dropship flows resulting in lower transportation and storage costs and improved operational efficiencies in marketplace transaction processes. Our capital assets or CAG segment was up 12% on GMV, up 6% on revenue, and up 14% on segment direct profit led by more than doubling year-over-year growth in heavy equipment asset sales as our client-centric flexible auction events continue to attract and retain higher volume recurring sellers.

由於今年 2025 財年前 9 個月的購買流量組合較高，我們的零售部門的 GMV 年成長 30%，營收年增 39%。零售部門直接利潤與去年第三財季相比成長了12%。該部門季度直接利潤記錄為 1,940 萬美元，反映出直銷流量比例較高，降低了運輸和倉儲成本，並提高了市場交易流程的營運效率。我們的資本資產或 CAG 部門的 GMV 增長了 12%，收入增長了 6%，部門直接利潤增長了 14%，這得益於重型設備資產銷售額同比增長一倍以上，因為我們以客戶為中心的靈活拍賣活動繼續吸引和留住大量回頭客。

Certain industrial categories within our CAG segment including in our international market have been experiencing temperate activity due to economic and tariff-related supply chain uncertainty. Our Machinio and Software Solutions businesses in total, increased revenue by 27% and segment direct profit by 23% including the acquisition of Auction Software.

由於經濟和關稅相關的供應鏈不確定性，我們 CAG 部門（包括國際市場）內的某些工業類別的活動一直較為溫和。我們的 Machinio 和軟體解決方案業務整體收入成長了 27%，包括收購 Auction Software 在內的分部直接利潤成長了 23%。

Moving on to our fiscal quarter outlook. We expect to complete our fiscal full year 2025 with double-digit annual growth across our key metrics. For the fiscal fourth quarter, our GovDeals segment will be moving out of its seasonally high fiscal third quarter with record GMV. Yet it is still expected to continue its year-by-year revenue and segment direct profit growth trajectory.

接下來是我們的財政季度展望。我們預計，2025 財年全年，各項主要指標將達到兩位數的年增率。對於第四財季，我們的 GovDeals 部門將走出季節性高點的第三財季，創下 GMV 紀錄。但預計其收入和分部直接利潤仍將持續逐年成長。

We anticipate our capital asset segment momentum in the heavy equipment asset category to continue to drive year-over-year growth. Despite the macroeconomic headwinds throughout 2025 in select industries and markets, CAG's industrial categories are currently projected to have more volume in completed auctions compared to the fiscal fourth quarter of last year. Machinio and our newly established software solutions business are also expected to grow year-over-year.

我們預計重型設備資產類別的資本資產部分勢頭將繼續推動同比增長。儘管 2025 年部分產業和市場面臨宏觀經濟逆風，但目前預計 CAG 工業類別的已完成拍賣量將比去年第四財季增加。Machinio 和我們新成立的軟體解決方案業務預計也將年增。

We anticipate several factors to be reflected in our retail segments fiscal fourth quarter coming off its record third quarter. We expect a shift to less purchase volume flows, and while purchase price increases for select ongoing programs may affect results. We are simultaneously implementing enhancements for operating leverage in our retail operations and investing and expanding further our direct-to-consumer online auction channel powered by our software solutions technology.

我們預計，零售部門的財務第四季將反映出多種因素，超越創紀錄的第三季。我們預計採購量將會減少，而部分正在進行的項目的採購價格上漲可能會影響結果。我們正在同時提高零售業務的經營槓桿，並進一步投資和擴展由我們的軟體解決方案技術支援的直接面向消費者的線上拍賣管道。

The outlook for the RSCG segment compared to its strong fourth quarter last year is therefore tempered. On a consolidated basis, consignment GMV is expected to be in the low 80s as a percent of total GMV. Consolidated revenue as a percent of GMV is expected to be slightly below 30%, and the total of our segment direct profits as a percent of consolidated revenue is expected to again be in the mid-40% range. These ratios can vary based on our overall business mix, including pricing models and asset categories in any given period.

因此，與去年第四季的強勁表現相比，RSCG 部門的前景有所緩和。從綜合來看，寄售商品交易總額 (GMV) 預計佔總 GMV 的 80% 左右。預計綜合收入佔 GMV 的百分比將略低於 30%，而我們各部門直接利潤總額佔綜合收入的百分比預計將再次達到 40% 左右。這些比率可能會根據我們的整體業務組合而變化，包括任何特定時期的定價模型和資產類別。

Management guidance for the fourth quarter of fiscal year 2025, as described in our earnings release is as follows. We expect GMV in the range of $355 million to $390 million, GAAP net income is expected in the range of $5 million to $8 million with corresponding GAAP diluted earnings per share ranging from $0.15 to $0.25 a share. Non-GAAP adjusted diluted earnings per share is estimated in the range of $0.24 to $0.34 per share.

正如我們的收益報告中所述，管理層對 2025 財年第四季的指導如下。我們預計 GMV 在 3.55 億美元至 3.9 億美元之間，GAAP 淨收入預計在 500 萬美元至 800 萬美元之間，相應的 GAAP 稀釋每股收益在 0.15 美元至 0.25 美元之間。非公認會計準則調整後每股攤薄收益預計在 0.24 美元至 0.34 美元之間。

We estimate non-GAAP adjusted EBITDA to range from $13 million to $16 million. The GAAP and non-GAAP EPS guidance assumes that we have approximately $32.5million to $33 million fully diluted weighted average shares outstanding for the fourth quarter of fiscal year 2025.

我們估計非 GAAP 調整後的 EBITDA 在 1300 萬美元至 1600 萬美元之間。GAAP 與非 GAAP EPS 指引假設我們在 2025 財年第四季擁有約 3,250 萬美元至 3,300 萬美元的完全稀釋加權平均流通股。

Thank you, we'll now take your questions.

謝謝，我們現在來回答您的問題。

(Operator Instructions) George Sutton, Craig-Hallum.

（操作員指示）喬治·薩頓，克雷格·哈勒姆。

Will, I wonder if you could discuss the tariff impacts. On one hand, in the US, we would expect some benefits as certain things weren't being shipped given the tariff concerns. You also mentioned the tempered international activity from tariffs. I just want to make sure we understood the puts and takes there.

威爾，我想知道你是否可以討論一下關稅的影響。一方面，在美國，我們預期會有一些好處，因為出於關稅方面的考慮，某些物品無法運輸。您也提到了關稅導致的國際活動受到抑制。我只是想確保我們理解其中的優缺點。

Sure. Regarding international activity, daily or weekly changing commentary in international markets may require buyers to hit the pause button to assess the total landed cost of used equipment in vertical such as biopharma, semiconductor, and some machine tool categories. Those assets will trade and it's just a question of timing and we noted that delays were directly correlated with evolving negotiations across Asia, India, in certain pockets of the EU.

當然。關於國際活動，國際市場每日或每週變化的評論可能要求買家按下暫停按鈕來評估生物製藥、半導體和一些工具機類別等垂直領域的二手設備的總到岸成本。這些資產將會交易，這只是一個時間問題，我們注意到，延遲與亞洲、印度以及歐盟某些地區正在展開的談判直接相關。

On the other hand, we are a go-to marketplace with on-demand products. It's not being subject to tariffs. All the used equipment in North America for the most part is moving on the course and speed as we normally have. There was a few blips in Canada, it seemed to have normalized and for us, I think a key headline is vehicle prices -- used vehicle prices have been solved.

另一方面，我們是一個提供按需產品的市場。它不受關稅約束。北美所有二手設備大部分都按照我們正常的路線和速度行駛。加拿大出現了一些波動，但似乎已經恢復正常，對我們來說，我認為一個關鍵的標題是汽車價格——二手車價格已經解決。

Yet we're getting record assets listed on the marketplace and sold on the marketplace and when those prices normalize of deals, for example, would be more close to double digit organic growth and we're doing a fantastic job on neither reeling in clients as well as on the CAG segment. I think I noted CAG had the number of assets sold year-over-year increased by 35%. So I think there's a little bit of headwind, George, with some softer prices or delays in some of the assets due to tariffs, but we're really happy with the variables we can control, which are number of assets listed and sold, number of clients that are active on the marketplace and the business development pipeline.

然而，我們在市場上上市和出售的資產數量創下了紀錄，當這些價格正常化時，交易將更接近兩位數的有機增長，而且我們在吸引客戶和 CAG 領域都做得非常出色。我想我注意到了，CAG 出售的資產數量比去年同期增長了 35%。因此，喬治，我認為存在一些不利因素，例如由於關稅導致價格下跌或部分資產延遲，但我們對可以控制的變數感到非常滿意，這些變數包括上市和出售的資產數量、活躍在市場上的客戶數量以及業務發展管道。

You mentioned starting an e-commerce program in Columbus and something that you ultimately would build to a national program that's encouraging. I'm just curious if you can give us a little more detail there.

您提到在哥倫布啟動一個電子商務項目，並最終將其發展成為一個令人鼓舞的國家項目。我只是好奇您是否可以提供更多細節。

Yeah, sure. Well, we made an acquisition of Auction Software in January and one of the strategic pillars of that was the ability to utilize their auction technology and functionality for a consumer experience, and we've traditionally been a B2B company with a lot of business rules around knowing our buyer customer and quarantines and deposits.

是的，當然。我們在一月份收購了 Auction Software，其策略支柱之一就是能夠利用他們的拍賣技術和功能來提升消費者體驗，而我們傳統上是一家 B2B 公司，在了解買家客戶、隔離和存款方面有很多業務規則。

We know there's a huge opportunity selling value price goods to consumers and consumers have certain expectations based on other places they shop about, how they access quickly and easily product, pay for the product, get shipping for the product, and our Auction Software platform addresses that quite well. We're piloting a consumer auction experience in the Columbus, Ohio market. Why Columbus? It's a very dense population for the demographic profile of people that are interested in value price goods and the treasure hunt experience, we'll be able to control the flows of goods there to confirm recovery rates and with the roll out of the software and a brand that will be announced later in the quarter, we'll have a great validation that this is something that can expand throughout the US.

我們知道，向消費者銷售物有所值的商品存在巨大的機會，消費者對他們在其他購物場所購物的方式、如何快速輕鬆地獲得產品、支付產品費用、運送產品有一定的期望，而我們的拍賣軟體平台很好地解決了這些問題。我們正在俄亥俄州哥倫布市場試行消費者拍賣體驗。為什麼是哥倫布？對於對物美價廉的商品和尋寶體驗感興趣的人群而言，這裡的人口密度非常高，我們將能夠控制那裡的貨物流動，以確認回收率，並且隨著軟體和品牌的推出（將於本季度晚些時候宣布），我們將充分驗證這項服務可以擴展到整個美國。

Again, it's an online consumer auction experience and brand leveraging auction software technology with nodes of where people can pick up goods. So the consumer buyer, the winner of an auction would collect the goods in a node in Columbus to start and we will not be doing any heavy touch traditional retail work at that location.

再次強調，這是一種線上消費者拍賣體驗，品牌利用拍賣軟體技術，透過節點讓人們可以領取商品。因此，消費者買家，即拍賣的獲勝者將在哥倫布的一個節點收集貨物，並且我們不會在該地點進行任何繁重的傳統零售工作。

It's really an opportunity to make it more convenient for consumers, some of which are very interested in serial buyers of housewares, consumer electronics, apparel, fitness equipment, to pick up those goods in the market, and then you have a viral aspect to introducing these to different metros, and we have a number of buyers on our liquidation.com platform. These are business buyers that have an appetite to replicate this type of model by reselling the goods they acquired through our B2B channel.

這確實是一個讓消費者更方便的機會，其中一些消費者對家庭用品、消費電子產品、服裝、健身器材的連續購買者非常感興趣，可以在市場上購買這些商品，然後你可以通過病毒式傳播的方式將這些商品介紹到不同的大都市，我們的 liquidation.com 平台上就有許多買家。這些商業買家有興趣透過轉售他們透過我們的 B2B 管道獲得的商品來複製這種模式。

So we think there's an opportunity to proliferate the consumer auction platform directly and through affiliate partners. I won't call it a franchise network, but we would be selling the software and the playbook for individual businesses to run in different parts of the country, and we'll license that software and collect a fee stream associated with that.

因此，我們認為有機會直接或透過附屬合作夥伴來擴大消費者拍賣平台的規模。我不會稱之為特許經營網絡，但我們會向各個企業出售軟體和劇本，供他們在全國不同地區運營，我們會授權該軟體並收取與此相關的費用。

One other question kind of more a point of clarity. You -- obviously, we love the consignment model and you are suggesting you are turning off certain purchase flows. Just curious how you go through the process of turning those flows off. What sort of timing is behind this and how -- just kind of walk through how you're orchestrating that.

還有一個問題更需要澄清。您—顯然，我們喜歡寄售模式，而您建議關閉某些購買流程。只是好奇你是如何關閉這些流量的。這背後的時機是怎麼樣的，以及如何——簡單介紹一下你是如何策劃這一切的。

Sure. Well, like any business, we do periodic business reviews of everything including anything related to putting our commitments forward on rate cards. So purchase model implies, there's a rate card that we provide that ensures value in exchange for LSI and our clients.

當然。嗯，就像任何企業一樣，我們會定期對所有業務進行審查，包括與在費率表上提出承諾相關的任何內容。因此購買模型意味著，我們提供一個價格表，以確保為 LSI 和我們的客戶提供價值。

If those rates are not accepted or we believe those rates need to be revisited we reallocate our resources, George, to other higher margin activities and consignment is one of those activities and so that's normal rotation and management of our portfolio. We see a lot of opportunity with sell in place clients which we noted, their number that we've introduced in the last few quarters and there's a lot of interest in the pipeline.

如果這些費率不被接受，或者我們認為這些費率需要重新審視，我們就會將我們的資源重新分配給其他利潤率更高的活動，喬治，寄售就是其中之一，所以這是我們投資組合的正常輪換和管理。我們看到了許多就地銷售客戶的機會，我們注意到，他們的數量在過去幾個季度中有所增加，而且他們對這一管道很感興趣。

So that's a value in exchange discussion internally and to some extent with external clients. We want to make sure that we're doing a good job for our shareholders, we're doing a good job for our internal resources which have opportunity costs. So if we're going to do anything, allocate IT resources, allocate marketing resources, allocate logistics support. We want to make sure we're doing that optimally over the course of time.

因此，這在內部以及某種程度上與外部客戶進行交流討論時具有價值。我們希望確保我們為股東做好事，為有機會成本的內部資源做好事。因此，如果我們要做任何事情，就要分配 IT 資源、分配行銷資源、分配物流支援。我們希望確保我們能夠隨著時間的推移以最佳方式做到這一點。

Gary Prestopino, Barrington.

加里·普雷斯托皮諾，巴林頓。

Will, it sounds like you really had some of what you're talking about a banner year and new banner quarter, I should say, a new business development. In general, when you cite like some of these wins in GovDeals and all that. When do they start coming into the mix? Is that something that you can immediately -- if you win it in Q3, it's going to immediately start impacting Q4 or is there a lag there?

威爾，聽起來你確實經歷了一些你所說的輝煌的一年和新的輝煌的季度，我應該說，新的業務發展。總的來說，當你引用 GovDeals 中的一些勝利等等時。他們什麼時候開始加入進來？這是你能立即做到的嗎——如果你在 Q3 中獲勝，它會立即開始影響 Q4 還是會有延遲？

Depending upon who the client is and the breadth of what they want to do, there can be a lag anywhere from a few months to four or five months, but what's important is a lot of this NVD is showing up right now, especially in the heavy equipment vertical. We've continually broken sort of new watermarks highs and recurring sellers assets sold and I commented that we've doubled the GMV transacted year-over-year in that vertical, so we're very pleased with that. I've outlined a number of territories that are expanding in GovDeals, Western United States down to Florida, Louisiana, Texas.

根據客戶是誰以及他們想要做的事情的廣度，可能會有幾個月到四五個月的滯後，但重要的是現在許多 NVD 正在出現，特別是在重型設備垂直領域。我們不斷打破新的水準高點，並不斷刷新賣家資產銷售記錄，我評論說，我們在該垂直領域的 GMV 同比增長了一倍，因此我們對此感到非常高興。我列出了 GovDeals 正在擴展的多個地區，從美國西部一直延伸到佛羅裡達州、路易斯安那州和德克薩斯州。

In some cases, these municipal clients are working with online channels for the very first time. That's why there might be a little bit of a lag area in setting things up, but you'll see more vehicles flowing from places like New York City, Buffalo, New York, general services out of Albany, New York, as you move through the remainder of calendar 2025. And one of the officials from the state of New York had a very nice unsolicited semi press release on LinkedIn talking about how they were embracing GovDeals and moving their process online for the very first time.

在某些情況下，這些市政客戶是第一次與線上管道合作。這就是為什麼在設置過程中可能會有一點滯後，但隨著 2025 年剩餘時間的到來，你會看到更多車輛從紐約市、紐約州布法羅以及紐約州奧爾巴尼的一般服務區湧出。紐約州的一位官員在 LinkedIn 上發布了一份非常好的主動半新聞稿，談論他們如何接受 GovDeals 並首次將其流程轉移到網路上。

So we're really permanently shifting this industry, this market to online and that's where we really make, I think a lot of imprint and thought leadership and allow us to fully realize the growth potential. We see up to $10 billion GMV TAM in the public sector combining the personal property sales and the real estate sales and we have tremendous momentum there.

因此，我們確實在永久地將這個行業、這個市場轉移到線上，而這正是我們真正創造的，我認為，這給我們留下了很多印記和思想領導力，並使我們能夠充分發揮成長潛力。我們看到公共部門的個人財產銷售和房地產銷售的 GMV TAM 高達 100 億美元，我們在該領域擁有巨大的發展勢頭。

And then just getting back to what you're doing in Columbus, Ohio. Is this the first foray into that for you to see?

然後回到你在俄亥俄州哥倫布市所做的事情。這是您第一次嘗試這個嗎？

Correct. This would be the first deployment of our consumer auction software through the acquisition of a business called Auction Software and allows us to create a vibrant direct-to-consumer channel which is appropriate for a segment of our returned goods flows.

正確的。這是我們透過收購一家名為 Auction Software 的公司首次部署消費者拍賣軟體，這使我們能夠創建一個充滿活力的直接面向消費者的管道，適合我們部分退貨流程。

Is this going to be more or less targeted to somewhat specialty items, like say, wine or is it going to -- is it something you can cross pollinate with your retail business that you have right now where you're kind of selling more in bulk to our buyers.

這是否會或多或少地針對一些特殊商品，例如葡萄酒，或者它是否會與您目前的零售業務交叉融合，即您向我們的買家批量銷售商品。

Gary, it cross pollinates nicely with a range of products that have a higher retail value per unit and have relatively good condition characteristics, and the testing shows that it's accretive to our direct profit and EBITDA margins by presenting these items in a scalable consumer auction online channel to the direct user and removing a leg of transportation in the process.

加里，它與一系列單位零售價值較高且狀況相對較好的產品進行了很好的交叉融合，測試表明，通過在可擴展的消費者拍賣在線渠道將這些商品展示給直接用戶併省去運輸環節，可以增加我們的直接利潤和 EBITDA 利潤率。

So we'll see accretive results by nurturing this direct-to-consumer channel. And then as I say, I mentioned earlier, this software platform is essentially a DDC business in a box that many of our resale customers on the wholesale side would be eager to license from us and so, let's say someone's in El Paso, Texas, and they've been doing retail for 30 years and they want to make an expansion into return goods flows. Well, we can give them the software and the product flows to set up an operation there and we'll take back a license fee or revenue share and proliferate our software business.

因此，透過培育這個直接面向消費者的管道，我們將看到增值成果。然後，正如我所說，我之前提到過，這個軟體平臺本質上是一個盒子裡的 DDC 業務，我們批發方面的許多轉售客戶都渴望從我們這裡獲得許可，因此，假設有人在德克薩斯州埃爾帕索，他們已經從事零售業 30 年了，他們想要擴展到退貨流。好吧，我們可以給他們軟體和產品流程，讓他們在那裡開展業務，然後我們會收回許可費或收入分成，並擴大我們的軟體業務。

So it's setting the terms of how to develop a national return goods marketplace for consumers leveraging our software and aggregating a number of parties that can resell goods to consumers on that marketplace.

因此，它制定瞭如何利用我們的軟體為消費者開發一個全國性的退貨市場，並聚集多個可以在該市場上向消費者轉售商品的各方。

Okay. So from reading this right, you're dealing with an individual retailer on this or -- I'm just trying to understand what you're doing here because I mean, it would seem to me, you -- unless Auction Software had a pretty large customer base, you really got to develop a buyer base here. You would have the seller base that you can cross pollinate, but is that the case or?

好的。因此，從正確閱讀的角度看，您正在與單一零售商打交道，或者——我只是想了解您在這裡所做的事情，因為我的意思是，在我看來，您——除非 Auction Software 擁有相當大的客戶群，否則您真的必須在這裡開發買家群。您將擁有可以進行交叉授粉的賣家基礎，但事實真的是這樣嗎？

Yeah, we expect that in each market where this is introduced. We will acquire customers through a very proven list of marketing tactics. There are a number of affinity groups on Facebook and Craigslist and TikTok where value price goods are identified by consumers and there's a big appetite for that. So there is a modest digital marketing set of actions that will introduce our direct-to-consumer products to consumers in the -- in this instance, the territory of Columbus, Ohio, noting that this isn't a first of its kind type of idea. There are many people who've executed on that type of strategy, so it's a relatively modest go-to market investment.

是的，我們期望在每個推出該產品的市場都能實現這一點。我們將透過一系列行之有效的行銷策略來獲取客戶。Facebook、Craigslist 和 TikTok 上有許多興趣小組，消費者可以在這些小組中發現物美價廉的商品，並且對它們的需求很大。因此，我們採取了一系列適度的數位行銷行動，將我們的直接面向消費者的產品推廣給俄亥俄州哥倫布市地區的消費者，但需要注意的是，這並不是首創的想法。許多人都執行過這種策略，因此這是一種相對溫和的市場投資。

And then what we've seen there's sort of a combination of individual consumers that want one item for their son or daughter's college dorm room or their outdoor patio or their home fitness center or their media at home entertainment console. We sell things at compelling prices to allow them to do that and then you know some of them become quite entranced with repeat buying and that allows the business to the scale quite well. We don't -- we're not looking to do $100 million of GMV in Columbus. We'll make really good incremental margin in the $5million to $10 million GMV range for our first pilot, that's per year, but more importantly, validate for many others who have asked us who have approached us.

然後，我們看到，有這樣一種情況，個人消費者想要為他們的兒子或女兒的大學宿舍、戶外露臺、家庭健身中心或家庭娛樂控制台購買一件物品。我們以極具吸引力的價格出售商品，以便讓他們這樣做，然後你會發現，其中一些人變得非常著迷於重複購買，這使得業務能夠很好地擴大規模。我們並不打算在哥倫布實現 1 億美元的 GMV。對於我們的第一個試點項目，我們將獲得每年 500 萬美元至 1000 萬美元 GMV 範圍內的非常好的增量利潤，但更重要的是，這將為許多向我們詢問過、與我們接洽過的人帶來驗證。

Can I use your auction software to build my business in different parts of the country? We'll be able to give them the data that shows how much money they can make selling through this platform from our work in Columbus.

我可以使用你們的拍賣軟體在全國各地開展業務嗎？我們將能夠向他們提供數據，顯示他們可以透過我們在哥倫布的工作這個平台賺多少錢。

We have no further questions at this time. This concludes today's call. Thank you all for joining, and you may now disconnect.

目前我們沒有其他問題。今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。