There's about as many varieties of libertarian socialism as there are libertarian socialists, but your guess is pretty close. The usual endgame would be the abolition of the state in favor of cooperatives, unions, and mutual aid networks, though a complete abolition of the state ain't really necessary for a society to start to look simultaneously libertarian and socialist in practice. The big historical example was Spain prior to the fascists winning the Spanish Civil War; contemporary examples include Rojava and the EZLN (though the latter tends to reject any particular label).
The thing most/all self-identified libertarian socialists have in common is the perception that capitalism and the state are, if not one and the same, heavily reliant on one another, to the point that abolishing one without abolishing the other leaves in place the material conditions that make both inevitable. It ain't enough to replace state agencies with private corporations, because those corporations will simply become the state - nor is it enough to replace corporations with state agencies, because the bureaucrats running those agencies will simply become the new bourgeoisie or outright aristocracy.
The thing most/all self-identified libertarian socialists have in common is the perception that capitalism and the state are, if not one and the same, heavily reliant on one another, to the point that abolishing one without abolishing the other leaves in place the material conditions that make both inevitable. It ain't enough to replace state agencies with private corporations, because those corporations will simply become the state - nor is it enough to replace corporations with state agencies, because the bureaucrats running those agencies will simply become the new bourgeoisie or outright aristocracy.