Liquidity Services delivered a solid QQ4 2024 performance driven by continued growth across its diversified marketplace platforms and a strong cash position. Quarter GMV rose 14% year over year to $361 million, while revenue expanded 34% to $106.9 million, underscoring margin-led revenue leverage from higher-promise purchase programs in the Retail segment and continued execution across GovDeals and Machinio. Non-GAAP EBITDA reached $14.5 million (up 13% YoY) with GAAP net income of $6.38 million and GAAP EPS of $0.20; non-GAAP EPS rose to $0.32 (+23% YoY). The company generated $22 million of cash flow from operations in the quarter and ended the period with a robust cash cushion of $153.2 million, with zero debt and roughly $17.5 million of borrowing capacity remaining. Management reaffirmed growth ambitions to reach $2 billion in annual GMV and $100 million in annual EBITDA in the coming years, supported by ongoing investments in platform modernization, AI-enabled optimization, and bolt-on acquisitions. They highlighted a diversified mix of business lines (Retail, GovDeals, CAG, Machinio) as a durable engine of GMV and profitability, while acknowledging real estate (GovDeals real estate) as a growing, high-leverage opportunity with a lower take rate but meaningful long-term upside. Forward guidance for the next quarter (Q1 FY2025) calls for GMV of $350–$385 million, GAAP net income of $2.5–$5.0 million, non-GAAP diluted EPS of $0.18–$0.26, and non-GAAP EBITDA of $9.5–$12.5 million, reflecting seasonality and mix shifts but still implying year-over-year improvement on a consolidated basis.