Hi everyone, thank you for coming. We're delighted to have Bill Angrick, who is Founder, CEO, and Chairman of Liquidity Services. Thank you and welcome back to Chicago. This is very few, an update on Liquidity Services. For those of you who are new to the company, we're the leading player in providing. Can you hear me okay? I need to meet the panel. Okay, I'd like to move around a bit, so let's begin for the webcast. Liquidity Services is the leading e-commerce platform serving a very large global market, which we define as the circular economy, and we help organizations in every segment of the economy manage and monetize assets. We do it at scale, we do it around the world, and we do it with the greatest transparency and reliability in our industry. The circular economy really is a growing component of how organizations think about their supply chain. There's tremendous investment in the forward supply chain, but the value you can extract from the reutilization and remarketing of items that have been in production and on their second or third or fourth owner is where we really differentiate. It's a very nice positioning and differentiated positioning from commodity transactional activity on the forward supply chain. We've been innovating in this area for our over 20-year history and have cemented relationships with Fortune 500, Fortune 1000 retailers, manufacturers. We serve over 15,000 state and local government entities. We have almost 6 million registered buyers, and this $10 billion is actually quite dated. It should be $15 billion, you know, we're now at $15 billion of cumulative transaction activity on the platform. That's money changing hands. That's value that we've created for buyers and sellers. We market both through B2B platforms and channels that we manage, but also direct -to -end -user or consumer channels. We have a proprietary platform. We developed the platform purpose built for circular economy, diligence and vetting. We own all the data related to these asset transactions and the marketing and merchandising of the assets. We have the valuation expertise and intelligence to inform clients what the value of prospective future transactions are. When you house the software, the marketplace capabilities, the valuation and asset intelligence all in the same stack, it's very unique and it's a very durable competitive advantage for Liquidity Services. Our goal and our mission from inception has been to build the leading marketplace on the planet to help these sellers and buyers transact and benefit all three constituents, you know, sellers to realize more value, to reinvest in their core business, buyers to create savings opportunities. They're buying at less than cost and they're using that savings to help grow their business. The environmental impact has been a huge component of our history, and that's an over 25-year history. We're pleased that we've been able to bring a lot of value to sustainability. We have a relentless approach to building on these four pillars. We are continually improving recovery on our platform. We use all available technology to provide rich asset descriptions to allow buyers to understand what they're buying, to vet it online in a very convenient manner, virtually. We move more volume through the platform across our three segments: retail, public sector, and industrial. We further penetrate relationships with clients wherever they do business. It could be a client headquartered in the U.S. with subsidiaries all around the world with 100 plants. All of them are using our software to identify and then monetize assets through this tech stack I described. We also expand into new service arenas. We help clients manage shipping and logistics and payment and settlement through the same platform. We leverage this fixed cost over multiple vertical growth opportunities. That's one of the unique things about our business and the circular economy. We can attack multiple segments of the economy, multiple geographies, and B2B and direct- to- consumer through the same investment in those areas. Sellers use us because we're a one-stop solution. We sell everything in the supply chain from new, used, salvage, and scrap. We can give them one dashboard to manage that activity. We can also give them predictive analytics on future asset sales. When is the right time to sell? What would that asset command in the marketplace? That's very helpful for them. We do it at scale, which is very valuable. Clients that have multiple locations can use a single service provider with one interface to manage all of their footprint and all of their asset categories. That is measured by results. We align our economic success with our sellers. We get paid a share of revenue or profit on what we sell. It's a very clear, well-aligned pricing model that our clients really embrace. The buyer side is increasingly embracing used equipment and the notion of saving money. That works in every economic environment, and certainly in an environment where people feel the pinch from inflation or the pinch from lack of components and the availability of new supply in different markets makes the immediacy of how you can acquire assets on the Liquidity Services platform very attractive. How much money you can save on the platform is a very big value prop for our buyers. We've invested in data and transparency to help governments and corporations know how much money they can save, how they can improve their carbon footprint through the platform, how they can take C-Suite and board level objectives on reutilization and recovery and actually operationalize those through our platform. Sustainability and economic opportunity have been a big part of what we do. We've been a very transparent company from inception. As a private company, we've always had Big Four accounting, independent audits, and we have a tremendous amount of transparency. Everything we do is available for the public to see on the platform. We know who our customers are. We help protect our clients' interests overseas against a number of compliance requirements, Foreign Corrupt Practices Act, Know Your Customer banking rules. We are the most safe and trusted platform for large organizations to transact. We're institutional grade, if you will, in the circular economy, which is much appreciated by these clients you see here on the right. It's $100 + plus market. We attack these different segments listed here using this two-sided marketplace and this two-sided network effect approach. We still think we're early on. We know we're early on in the development of digital commerce in these sectors, such as public sector, which we'll talk about in a moment. What's driving the macro trends in our market? There's a digital shift. We know we're replacing offline methods of doing business or clumsy ways to track and manage used equipment across these supply chains. We're providing the transactional platform, the asset management platform, and the services wrapped around that to make commerce easy for sellers and buyers. There's a tremendous amount of product obsolescence that occurs both in retail supply chain and industrial supply chain. There's upgrading of plant equipment going on every quarter, every year. There is a lot of equipment that cascades through the circular economy because it's no longer needed by the first owner, but has great value for a lot of middle market buyers who would never have access to that first generation equipment. We facilitate that reutilization and transactional change of ownership. Sustainability is important. People don't want to throw things away. They want to find ways to reutilize and capture some value from that. That's what we do through our platform. Our model's very simple. We allow sellers and buyers to agree on price through a competitive online auction system. We collect a share of revenue or profit and settle the transaction. We're handling the money for these parties to the transaction. We also add value-added services: shipping, logistics, payment collection. We allow sellers and buyers to do everything in a single platform. We don't exclude certain types of assets or condition categories. We handle it all, and that one-stop approach is valued by our clients. We are allowing clients also through our Machinio segment to utilize a lead generation classified marketplace. If you're not ready to transact in the auction channel, we use software through Machinio to integrate with your inventory management system. We'll take all of your assets, bring them into the classified search engine of Machinio. You name the price you're looking for, and we match you with buyer queries. Buyers find the Machinio taxonomy and specificity a more efficient search and find process than major search engines. That business has been growing nicely, 15% - 20% top -line growth. It's all around information and matching and using machine learning to deliver a superior experience to more generic search engines. We're now on the precipice of building in some AI systems on top of the Machinio platform to make it even more efficient. In terms of marketplaces and the brands on the right, we transact through AllSurplus for our Capital Asset Group segment, GovDeals for our public sector clients, and then Liquidation.com in the retail channel. We've continued to grow all of these. On the GovDeals segment, $252 million of GMV was a record, all-time record in GMV in our most recent quarter. We've continued to position ourselves as a trusted market leader to smartly manage a state, a city, a local township in how you recover value for items that are replaced. These agency clients have tax authority, they're collecting revenue, and they're going to use that revenue to continue to modernize their infrastructure. When that happens, we monetize what's being replaced. It's a wide range of equipment from equipment on any highway to maintain roads and bridges, ports, first responder, medical, fire, police activities. It's all the infrastructure in publicly funded colleges and universities. It can range from the heavy equipment in industrial settings to all the IT and equipment used inside an office building. In a university setting, it can even include medical and test equipment. All of this flows through a single process onto the GovDeals platform where we present it to buyers in competitive online auctions. Buyers range from end users to even other government entities looking to save money. It's a very nice, virtuous circle of value creation. We continue to enhance the experience and the process for sellers to make their job easier. Our greatest sales organization really is our customer base. When you look at how procurement officials and supply chain officials in the government arena, and I would say also in the private sector arena, think and work, they're looking to network with their peers and define best practices. They attend over 100 conferences and continuing professional education settings. When they do, GovDeals is well represented. In fact, GovDeals is often invited on the stage to talk about how it's digitized the asset disposition process with our clients talking about their use cases and their case studies. That's really what brings the next generation of sellers onto the platform. We're really pleased by very high net promoter scores, very high retention, and how that radiates outward to attract the next set of sellers. Let me also say, we think it's a $4 billion annual GMV potential for personal property. Even 20+ years in, we're signing large new metropolitan areas to the GovDeals platform. the GovDeals platform. City of New York is an example. In 2025, they were still using largely offline auctioneers to sell equipment, vehicles, that were surplus to the needs of one of the most sophisticated cities in the world. From my vantage point, we're really just getting started with the opportunity to bring in even the largest parts of the U.S. onto the platform. We also signed the State of New York in the last six months to follow on the success we had with the City. There's a lot of opportunity to grow there. On the retail side, retail has shifted from in-person store visits to online. We all know that. We've all experienced that. The return rates for online retail are very high. They're six, seven, 8x what you'd find in a store visit. As a result, there's a cost of managing and liquidating these store returned goods that we solve through our Liquidation.com marketplace using this online auction method. We've allowed our clients to free up space, time, human capital, and outsource this returned goods management challenge and problem. We've delivered better recovery net of total supply chain costs to our clients. This is an exigent continuing cost of doing business in retail. We're really good at it. We serve the U.S. and Canada with our platform. We've also now attracted international e-commerce players who are using our software to load the assets into the marketplace to monetize the returned goods flows. We're excited about how we've been able to extend the reach of our platform through a flexible service offering and the software and tools to integrate with our clients' ERP systems to manage and sell onto the platform. Of course, on the buyer side, buyers are looking to buy these returned goods at a low price to resell for a profit. That value orientation on the buyer side has been heightened as we've seen inflation and purchasing power being challenged for very high-end goods. On the Capital Asset Group or CAG segment, we serve industrial clients, largely manufacturers who have a very high content of plant and equipment and vehicle fleets. We really do the same thing for the CAG segment that we do for our public sector clients. We provide a one-stop solution. They can list and sell everything in their supply chain from new, used, salvage, and scrap condition. We do this in North America, Europe, and Asia Pacific. It's a more international business. It has extremely high trust. We regularly sell several million dollar assets on the platform. We provide valuation support through the data and the continued completion of transactions in a lot of different verticals. We can share that information. We're using a lot of AI-driven and machine learning to ascribe an asset to a certain condition and certain value and accelerate that process for our clients. We see a lot of liquidity on the platform. We have a tremendous depth of buyer base and the ability to have very high conversion rates on the CAG platform known as AllSurplus. One of the really interesting growth areas recently has been the emergence of the fleet and dealer segment who have a recurring need to sell used construction equipment and vehicle fleets. The software-enabled approach we have allows clients to set the terms and conditions of sale. They can set their own reserve price. They can set the auction duration. These assets don't need to travel away from the seller location to a fixed auction yard where you get charged for a lot of make-ready services. The efficacy of this platform for a lot of these sellers is they pay a lower commission rate, they get more control over the assets, and they get very competitive net recovery. We're seeing that heavy equipment fleet seller community explode on the platform. We've doubled the GMV year- over -year in that segment. In our view, the heavy equipment fleet opportunity is $1 billion GMV opportunity on its own. Finally, Machinio and software solutions are very asset-light services that largely leverage software and data combined with both search engine and hosted subscription services to help used equipment dealers and resellers more intelligently list and sell online and to host their websites online. It's sort of business in a box for a used equipment dealer that's purpose built for transactional activity. We provide a mobile responsive website, a customer relationship management suite, an email management suite, ability to quote not only equipment values but related services on the Machinio platform. We also, through our recent acquisition—it was an acquisition in January of Auction Software—sell transactional capabilities to clients. One of the opportunities for Machinio over time is to integrate transactional activities into what otherwise is a classified marketplace. Today we have about $20 billion of used equipment listings where the seller has named the price of what they would desire for the equipment. Buyers are then matched with the proper make, model, year, odometer reading of the equipment when they do their queries. At that point, the buyer and the seller continue offline to determine if they'd like to make a deal. We're looking to bring that online and complete that last step in the process utilizing our Auction Software acquisition. There's an opportunity to methodically transform Machinio from a classified marketplace to a transactional marketplace. Through that transition, allow us to create a new revenue stream around transaction fees. That would be a win-win for dealers and the buyers to reduce the cycle time and speed up that final transaction, but also a win for Liquidity Services. That would be leveraging the software and leveraging our experience in providing the e-commerce and transaction solution to Machinio. We have here the trend line in our gross merchandise volume, or GMV. This is a non-GAAP metric. It's the amount of money that changes hands on our platform equal to the sales value realized by selling on the platform. We've had steady growth. We had established a $1.5 billion GMV target a couple of years ago. We're very successful in continuing to penetrate existing accounts and add new accounts. Our run rate, as you can see, coming out of the last quarter is more like $1.6 billion. We've met that goal. We're working on our $2 billion annual GMV target. GAAP revenue listed here. GAAP revenue is a mix of both consignment fees that we collect, service fees, and subscription fees that we collect through segments like Machinio. For about a little less than, roughly 20% of our GMV, we do take title, and we call that the purchase model. We do that for a variety of reasons. Some of our clients ask us to take title to meet year-end or quarter-end expediency. Some of them have SOX rules that want a flash sale with an invoice before an item leaves their physical custody. We want to be easy to do business with. We do offer this. We have so much data and risk management. We don't see this as having any risk for our ability to monetize and maintain margins. Really, it's a convenience for our clients to feel that they can use our service with whatever pricing model suits their needs. Because there's that mix of both purchase model, which is recording 100% of the GMV as GAAP revenue, and our consignment, which is only including the fees, this is not as consistent of a measurement of our top line. We refer to people, let's focus on direct profit, which is our net revenue. We record that in every quarterly press release by segment, GMV, direct profit, and that's how we've been able to express our top line growth. In terms of EBITDA, which is adjusted for non-cash comp, we've been able to generate profitable growth while investing aggressively in our product roadmap. We want to continue to lead in innovation. We want to continue to lean into all these available tools with machine learning and AI and computer vision. We've continued to invest in our IT and product roadmap. We've continued to invest in our customer relationship and account management teams. We've launched new businesses like our heavy equipment fleet business, which is now a $100 million GMV business up from scratch, and which doubled year -over -year in the last quarter. Yet we've been able to generate solid double-digit growth in EBITDA. What's interesting about our business is it's a very working capital-light business. The majority of our EBITDA, and in some quarters, even more than EBITDA, is converted to free cash flow. We generate a lot of free cash flow that allows us to reinvest to sustain and expand our competitive advantage in the market. On the right side, you'll see the mix of business by pricing model. Consignment, which is selling on a service fee basis, the assets, and we collect the fee, that's about 83% of our total GMV, and purchase is the balance. The majority of our clients have adopted the consignment model because they keep the upside. That's always what we've advocated. We're aligned with you. If you sell on our platform, we want to sell it for a lot more money than whatever legacy solution you've used. We want you to keep that upside, net of our fees. We've consistently grown recovery rates realized on the platform, and that's benefited our clients. GMV by segment is represented here. I would say there's a lot of overlap in the asset categories we sell across the government and the commercial space. That buyer base, that almost 6 million registered buyer base, is a very powerful and competitive advantage for us because we have that liquidity to price any type of asset that crosses over from public sector to private sector. We're really good at leveraging that liquidity to bring value to our clients. This is just a reconciliation on the non-GAAP figures. With that, thank you, Gene, for the introduction, and I'll take any questions. Yes. On the purchase model, is there any other customer concentration that pushes the buying cost? We have across CAG and retail from time to time, different clients that come in and out of the purchase model. The disclosure referencing is relevant to Amazon because of their SOX requirements to have a purchase model relationship. We've allowed that to happen. The relationship with Amazon, by the way, is not a monolithic single contract. It is essentially a portfolio of small businesses within that corporate parent. In many ways, it's sort of a separate sleeve, each of which, you know, by location or category, a separate contract within. Amazon is a nice validation of what we do because they're controlling about 50% of online retail. If you want to be a player and develop that liquidity in the retail segment, you want the largest player to really embrace what you're doing. Certainly, that's been the case with Amazon and others. I would say retail is a business over the last 25 years that has consolidated a bit, but also in the last five yo 10 years, I've seen a lot of innovation. There are a lot of born-in-the-cloud e-commerce retail platforms for different categories, and they've all needed our service. That's the beauty of our services. If you're going to be in retail, you're going to manage returns. That's the covenant customers have. They want to be able to buy without worry that they can return the item. We've been able to create the platform and share the leverage of our buyer base, our valuation services across the industry. We have a mix of consignment and purchase model with Amazon and with others. There's just a lot of edge cases on when and how they want to use different pricing models. The other thing we've done is we've extended the software to retail clients outside the United States. A lot of those places, they look at our buyer base, very hard for them to replicate that, and they want to list and sell on the platform, and we'll never touch the product. We've successfully done that with a few companies in Central and South America. We see that as a very bright spot of growth for us. There's a huge embrace of e-commerce in that part of the world. It's a nice adjacency to what we've been doing historically in the U.S. When you look at our platform, it's multilingual, multi-currency. It's going to be allowing us to have this new vector of growth, I think, internationally over time, specifically in the retail segment. GovDeals is very diversified. When you look at the structure of government, you know, there's roughly 60,000 municipalities in the United States. A municipality could be a city like Chicago or a school district. It's just a huge variety of clients that work with GovDeals. Obviously, the goal is to be the preferred and leading platform. It's one of the advantages of a two-sided marketplace. The more critical mass that we create, that next client has more value when they come on the platform. It's extremely diversified. We don't see any what you would describe as concentration. What we see is that exponential value creation of having, you know, now a $1 billion run rate, a $1 billion run rate just in our government vertical. That next set of sellers can leverage that liquidity and all of the asset intelligence that we have. When you're still bringing on new clients like the City of New York, I mean, the City and State of New York is such a huge business on its own. We love the idea that we've been able to create unequivocal value in a market that's still discovering digital. That's probably one of the vices and virtues of government is sometimes they're a little slow to move off of legacy activities, but there's sort of a new generation of managers entering into public service. You know, they've grown up with an iPhone and they now realize, why wouldn't we do it this way? Another example in government is how real estate is managed and sold. In every county in America, if you don't pay your real estate taxes, you get a lien put on that real estate. That's to pay for public services. That lien is auctioned. Most of that activity occurs in a county courthouse where buyers are invited to the auction and they have to physically go to that courthouse with an envelope with a cashier's check. In our view, that's just unacceptable. You should be able to democratize that process, move it online, make that buyer experience more convenient, and get more money for both the city and the homeowner. That includes both residential and commercial. One area of GovDeals that's getting traction is moving that real estate transactional process online with the same clients. Yes, we agree there's the opportunity to redeploy capital. We have about $170 million of cash, zero debt, certainly have borrowing capacity. It's still a fragmented industry. We are, in a disciplined fashion, looking at tuck-in acquisitions. We've been leaning into software-enabled services. We bought Auction Software, a nice little tuck-in, a great R&D team, very consistent with what we're doing to extend our marketplace to sellers of different varieties. We like the heavy equipment construction vertical. We do a tremendous amount of volume. We've built our own go-to-market, but there are regional players. Two years ago, we bought a group called Sierra Auction, headquartered in Phoenix, a 30-year-old, founder-led business, really no great succession strategy. Nice mix of government and commercial sellers, bought that business on an attractive multiple, and then immediately plugged it into our buyer base, meaningfully improved the GMV and the revenue associated. I'd say there's a tremendous opportunity to be the consolidator of choice. We're not a roll-up. The idea is we want to tactically look at how we can leapfrog adoption and, in some cases, use an acquisition to leapfrog an acquihire and/or liquidity on the platform. I'd also say there's opportunity in other asset categories. There's a huge generational transfer of wealth in the estate market, what we've noticed. People sell their real estate and everything in the house. That's unfolding. That's a several- billion- dollar opportunity. We sell a lot of that type of stuff, interestingly, on GovDeals. GovDeals has a tremendous amount of niche assets from colleges and universities. People donate things to the state, beautiful buildings and structures and art collections. That could be an area of further digital, two-sided marketplace growth. I would say most of our acquisition appetite would be in the U.S. We've got a great foothold outside the U.S., and we're doing that organically. With that, I think we're at time. Thank you very much. Enjoy your conference.