Liquidity Services delivered a solid second quarter of fiscal year 2024, with double-digit growth in GMV and revenue supported by strong buyer participation and a disciplined investment stance. The company reported GMV of $319.4 million, up 13% year over year, and revenue of $91.5 million, up 12% year over year, accompanied by GAAP EPS of $0.18 and non-GAAP EPS of $0.27. Non-GAAP adjusted EBITDA rose 22% to $12.1 million, underscoring improving operational leverage as the platform scales across its three primary segments: Retail Supply Chain Group (RSCG), Capital Assets Group (CAG), and Machinio, along with GovDeals. Management highlighted record activity metrics, including 1.1 million auction participants and 300,000 completed transactions, which reflect broadening supply and buyer liquidity. The quarter was further characterized by strategic investments, including the Sierra Auction acquisition (January 2024) and ongoing share repurchases, along with robust cash generation (operating cash flow of $34.8 million) and a net cash position with zero debt and $25 million of available borrowing capacity. Looking forward, management issued guidance for Q3 FY2024 with GMV expected between $350 million and $385 million and non-GAAP EBITDA in the $10.5–$13.5 million range, signaling continued top-line momentum but a deliberate investment stance to support platform enhancements and category expansions. The combination of a diversified revenue mix, a strong balance sheet, and a proactive growth program positions Liquidity Services to benefit from ongoing secular trends in the circular economy, albeit with near-term margin headwinds from technology investments and product-mix normalization in retail liquidation.