BELLEVUE, Wash., Sept. 13, 2018 /PRNewswire/ -- Radiant Logistics,
Inc. (NYSE American: RLGT), a third-party logistics and multimodal
transportation services company, today reported financial results
for the three and twelve months ended June
30, 2018.
Fourth Fiscal Quarter Financial Highlights (Quarter Ended
June 30, 2018)
- Revenues increased to a record $233.8
million for the fourth fiscal quarter ended June 30, 2018, up $32.0
million or 15.9% compared to revenues of $201.8 million for the comparable prior year
period.
- Net revenues increased to a record $59.3
million for the fourth fiscal quarter ended June 30, 2018, up $9.5
million or 19.0% compared to net revenues of $49.8 million for the comparable prior year
period.
- Net income allocable to common stockholders increased to a
record $4.3 million, or $0.09 per basic and fully diluted share, compared
to net loss allocable to common stockholders of $1.0 million, or $0.02 per basic and fully diluted share for
the comparable prior year period.
- Adjusted net income allocable to common stockholders increased
to a record $5.7 million, or
$0.11 per basic and fully diluted
share for the fourth fiscal quarter ended June 30, 2018, compared to adjusted net income
allocable to common stockholders of $3.8
million, or $0.08 per basic
and fully diluted share for the comparable prior year period.
Periods are calculated by applying a normalized tax rate of 31% and
excluding other items not considered part of regular operating
activities.
- Adjusted EBITDA increased to a record $9.9 million for the fourth fiscal quarter ended
June 30, 2018, up $3.0 million or 43.5% compared to adjusted EBITDA
of $6.9 million for the comparable
prior year period.
- Adjusted EBITDA margin (expressed as a function of net
revenues) increased 280 basis points to 16.7% for the fourth fiscal
quarter ended June 30, 2018, compared
to Adjusted EBITDA margin of 13.9% for the comparable prior year
period.
CEO Comments
"We are pleased to report record results for the quarter ended
June 30, 2018 and broad-based
improvement in our financial performance," said Bohn Crain, Founder and CEO. "We posted record
revenues of $233.8 million, up
$32.0 million or 15.9%; record net
revenues of $59.3 million, up
$9.5 million or 19.0%; record net
income allocable to common stockholders of $4.3 million, up $5.3
million; record adjusted net income allocable to common
shareholders of $5.7 million, up
$1.9 million or 50.0%; and Adjusted
EBITDA of $9.9 million, up
$3.0 million or 43.5% over the
comparable prior year period. In addition, we also set a new record
in terms of our Adjusted EBITDA margins, up 280 basis points to
16.7%, from 13.9% for the comparable prior year period."
"While we continued to see anticipated margin pressure with our
underlying asset-based carrier partners during the quarter, we also
saw the benefit of our focused effort on organic growth, delivering
double-digit revenue growth across all categories of our business,
with forwarding revenues up $23.7
million, or 16.0%, brokerage revenues up $7.1 million, or 14.0%, and value-added services
revenues up $1.3 million and 44.6%.
This ultimately translated to an incremental $9.5 million in net revenues over the comparable
prior year period. As we have previously discussed, we remain most
interested in growing our gross margin dollars and getting more of
those dollars to the bottom line as we scale the business. In this
regard, we were quite pleased to not only see the growth in our
gross margin dollars, but also see the leverage in our back-office
operations as reflected in our expanding EBITDA margins."
"On the technology front we also continue to make meaningful
progress on a number of strategic technology
initiatives, including (1) the continued expansion of our new
SAP-based transportation management system ("SAP-TM") that is now
deployed in 7 of our company owned locations and on track for
deployment to our strategic operating partners later this year,
(2) the recent launch of our new customer portal which
provides our customers with on-line booking and event based
tracking through direct integration with SAP-TM with future phases
of functionality that will include additional collaboration,
quoting, and a user operated reporting engine, (3) the completion
of our blue-printing efforts to operationalize international air
and ocean functionality within our new SAP-TM platform, (4) the
successful deployment of our new back-office digitization
technology to provide optical character recognition and
process automation solution to streamline our procure-to-pay
processes with our carriers provides and (5) further progress on
migrating our SAP production environment to Amazon's cloud
computing platform which is also on track to occur later this year
which will give us cost effective access to the computing power,
database storage and other functionality to help us scale and grow
our business."
Crain Continued: "As we head into the new year, we remain
committed to our long-standing strategy to deliver profitable
growth through a combination of organic and acquisition growth
initiatives. We have low leverage on our balance sheet, strong free
cash flow, and continue our disciplined search for acquisition
candidates that bring critical mass to our current platform with
respect to geography, purchasing power, and complementary service
offerings. We believe we remain well positioned to continue to
benefit from a favorable market environment given the healthy
economy and look forward to continuing to build on the success of
this most recent quarter."
Fourth Fiscal Quarter Ended June 30,
2018 – Financial Results
For the three months ended June 30,
2018, Radiant reported net income allocable to common
stockholders of $4.3 million on
$233.8 million of revenues, or
$0.09 per basic and fully diluted
share. For the three months ended June 30,
2017, Radiant reported a net loss allocable to common
stockholders of $1.0 million on
$201.8 million of revenues, or
$0.02 per basic and fully diluted
share.
For the three months ended June 30,
2018, Radiant reported adjusted net income allocable to
common stockholders of $5.7 million,
or $0.11 per basic and fully diluted
share. For the three months ended June 30,
2017, Radiant reported adjusted net income allocable to
common stockholders of $3.8 million,
or $0.08 per basic and fully diluted
share.
For the three months ended June 30,
2018, Radiant reported Adjusted EBITDA of $9.9 million, compared to $6.9 million for the comparable prior year
period.
Year Ended June 30, 2018 –
Financial Results
For the year ended June 30, 2018,
Radiant reported net income allocable to common stockholders of
$8.1 million on $842.4 million of revenues, or $0.17 per basic and $0.16 per fully diluted share, including a
one-time benefit of $2.4 million
related to a re-measurement of deferred tax liabilities as a result
of the recently enacted Tax Cuts and Jobs Act. For the year ended
June 30, 2017, Radiant reported net
income allocable to common stockholders of $2.8 million on $777.6
million of revenues, or $0.06
per basic and fully diluted share.
For the year ended June 30, 2018,
Radiant reported adjusted net income allocable to common
stockholders of $14.8 million or
$0.30 per basic and $0.29 per fully diluted share. For the year ended
June 30, 2017, Radiant reported
adjusted net income allocable to common stockholders of
$17.2 million or $0.35 per basic and $0.34 per fully diluted share.
For the year ended June 30, 2018,
Radiant reported Adjusted EBITDA of $29.2
million, compared to $29.6
million for the comparable prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Thursday, September 13, 2018 at
4:30 PM Eastern to discuss the
contents of this release. The conference call is open to all
interested parties, including individual investors and press.
Bohn Crain, Founder and CEO will
host the call.
Conference Call Details
DATE/TIME:
|
Thursday, September
13, 2018 at 4:30 PM Eastern
|
|
|
DIAL-IN
|
US (877)
407-8031; Intl. (201) 689-8031
|
|
|
REPLAY
|
September 14, 2018 at
9:30 AM Eastern to September 27, 2018 at 4:30 PM Eastern, US
(877) 481-4010;
Intl. (919) 882-2331 (Replay ID number: 37399)
|
Webcast Details
This call is also being webcast and may be accessed via Radiant's
web site at www.radiantdelivers.com or through
www.InvestorCalendar.com.
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a
third-party logistics and multimodal transportation services
company delivering advanced supply chain solutions through a
network of company-owned and strategic operating partner locations
across North America. Through its
comprehensive service offering, Radiant provides domestic and
international freight forwarding services, truck and rail brokerage
services and other value-added supply chain management services,
including customs brokerage, order fulfillment, inventory
management and warehousing to a diversified account base including
manufacturers, distributors and retailers using a network of
independent carriers and international agents positioned
strategically around the world.
This announcement contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. Actual
results may differ significantly from management's expectations.
These forward-looking statements involve risks and uncertainties
that include, among others, risks related to: trends in the
domestic and global economy; our ability to attract new and retain
existing agency relationships; acquisitions and integration of
acquired entities; availability of capital to support our
acquisition strategy; our ability to maintain and improve back
office infrastructure and transportation and accounting information
systems in a manner sufficient to service our revenues and network
of operating locations; the ability of the Wheels operation
to maintain and grow its revenues and operating margins in a manner
consistent with recent operating results and trends; our ability to
maintain positive relationships with our third-party transportation
providers, suppliers and customers; outcomes of legal proceedings;
competition; management of growth; potential fluctuations in
operating results; and government regulation. More information
about factors that potentially could affect our financial results
is included Radiant Logistics, Inc.'s filings with the Securities
and Exchange Commission, including its most recent Annual Report on
Form 10-K and subsequent filings.
RADIANT LOGISTICS,
INC.
|
Consolidated
Balance Sheets
|
|
(In thousands,
except share and per share data)
|
|
June 30,
|
|
|
|
2018
|
|
|
2017
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
6,992
|
|
|
$
|
5,808
|
|
Accounts receivable,
net of allowance of $1,703 and $1,599, respectively
|
|
|
137,578
|
|
|
|
116,327
|
|
Income tax
receivable
|
|
|
2,105
|
|
|
|
432
|
|
Prepaid expenses and
other current assets
|
|
|
6,599
|
|
|
|
7,153
|
|
Total current
assets
|
|
|
153,274
|
|
|
|
129,720
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
18,566
|
|
|
|
15,227
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
65,389
|
|
|
|
66,779
|
|
Intangible assets,
net
|
|
|
65,264
|
|
|
|
74,729
|
|
Deposits and other
assets
|
|
|
2,945
|
|
|
|
3,085
|
|
Total long-term
assets
|
|
|
133,598
|
|
|
|
144,593
|
|
Total
assets
|
|
$
|
305,438
|
|
|
$
|
289,540
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
90,153
|
|
|
$
|
85,490
|
|
Operating partner
commissions payable
|
|
|
14,322
|
|
|
|
10,843
|
|
Accrued
expenses
|
|
|
5,404
|
|
|
|
4,778
|
|
Current portion of
notes payable
|
|
|
3,726
|
|
|
|
3,382
|
|
Current portion of
contingent consideration
|
|
|
960
|
|
|
|
4,130
|
|
Current portion of
transition and lease termination liability
|
|
|
1,385
|
|
|
|
1,210
|
|
Other current
liabilities
|
|
|
295
|
|
|
|
143
|
|
Total current
liabilities
|
|
|
116,245
|
|
|
|
109,976
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
43,197
|
|
|
|
37,040
|
|
Contingent
consideration, net of current portion
|
|
|
1,615
|
|
|
|
5,790
|
|
Transition and lease
termination liability, net of current portion
|
|
|
—
|
|
|
|
804
|
|
Deferred rent
liability
|
|
|
1,020
|
|
|
|
857
|
|
Deferred income
taxes
|
|
|
8,665
|
|
|
|
10,826
|
|
Other long-term
liabilities
|
|
|
1,082
|
|
|
|
782
|
|
Total long-term
liabilities
|
|
|
55,579
|
|
|
|
56,099
|
|
Total
liabilities
|
|
|
171,824
|
|
|
|
166,075
|
|
Commitments and
contingencies
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 5,000,000 shares authorized; 839,200 shares
issued and
outstanding, liquidation preference of
$20,980
|
|
|
1
|
|
|
|
1
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 49,511,907 and
49,177,215
shares issued, and 49,420,109 and 49,085,417 shares
outstanding, respectively
|
|
|
31
|
|
|
|
30
|
|
Additional paid-in
capital
|
|
|
117,968
|
|
|
|
116,172
|
|
Treasury stock, at
cost, 91,798 shares
|
|
|
(253)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
15,539
|
|
|
|
7,397
|
|
Accumulated other
comprehensive income
|
|
|
186
|
|
|
|
65
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
133,472
|
|
|
|
123,412
|
|
Non-controlling
interest
|
|
|
142
|
|
|
|
53
|
|
Total
equity
|
|
|
133,614
|
|
|
|
123,465
|
|
Total liabilities and
equity
|
|
$
|
305,438
|
|
|
$
|
289,540
|
|
RADIANT LOGISTICS,
INC.
|
Consolidated
Statements of Comprehensive Income
|
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Revenues
|
|
$
|
233,805
|
|
|
$
|
201,829
|
|
|
$
|
842,417
|
|
|
$
|
777,613
|
|
Cost of
transportation
|
|
|
174,542
|
|
|
|
152,034
|
|
|
|
639,990
|
|
|
|
582,977
|
|
Net
revenues
|
|
|
59,263
|
|
|
|
49,795
|
|
|
|
202,427
|
|
|
|
194,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating partner
commissions
|
|
|
27,430
|
|
|
|
22,478
|
|
|
|
88,844
|
|
|
|
90,207
|
|
Personnel
costs
|
|
|
14,993
|
|
|
|
13,692
|
|
|
|
58,566
|
|
|
|
51,930
|
|
Selling, general and
administrative expenses
|
|
|
7,594
|
|
|
|
7,047
|
|
|
|
28,447
|
|
|
|
23,971
|
|
Depreciation and
amortization
|
|
|
3,606
|
|
|
|
3,310
|
|
|
|
14,389
|
|
|
|
12,349
|
|
Transition and lease
termination costs
|
|
|
69
|
|
|
|
953
|
|
|
|
176
|
|
|
|
2,260
|
|
Change in fair value
of contingent consideration
|
|
|
(1,101)
|
|
|
|
1,638
|
|
|
|
(1,176)
|
|
|
|
3,431
|
|
Total operating
expenses
|
|
|
52,591
|
|
|
|
49,118
|
|
|
|
189,246
|
|
|
|
184,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
6,672
|
|
|
|
677
|
|
|
|
13,181
|
|
|
|
10,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
8
|
|
|
|
8
|
|
|
|
34
|
|
|
|
25
|
|
Interest
expense
|
|
|
(772)
|
|
|
|
(649)
|
|
|
|
(3,109)
|
|
|
|
(2,522)
|
|
Foreign currency
transaction gains (losses)
|
|
|
125
|
|
|
|
(132)
|
|
|
|
(8)
|
|
|
|
222
|
|
Other
|
|
|
80
|
|
|
|
(15)
|
|
|
|
408
|
|
|
|
379
|
|
Total other
expense
|
|
|
(559)
|
|
|
|
(788)
|
|
|
|
(2,675)
|
|
|
|
(1,896)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
|
6,113
|
|
|
|
(111)
|
|
|
|
10,506
|
|
|
|
8,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(1,164)
|
|
|
|
(391)
|
|
|
|
(73)
|
|
|
|
(3,673)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
|
4,949
|
|
|
|
(502)
|
|
|
|
10,433
|
|
|
|
4,919
|
|
Less: net income
attributable to non-controlling interest
|
|
|
(107)
|
|
|
|
(15)
|
|
|
|
(245)
|
|
|
|
(57)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
attributable to Radiant Logistics, Inc.
|
|
|
4,842
|
|
|
|
(517)
|
|
|
|
10,188
|
|
|
|
4,862
|
|
Less: preferred stock
dividends
|
|
|
(511)
|
|
|
|
(511)
|
|
|
|
(2,046)
|
|
|
|
(2,046)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
allocable to common stockholders
|
|
$
|
4,331
|
|
|
$
|
(1,028)
|
|
|
$
|
8,142
|
|
|
$
|
2,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
|
270
|
|
|
|
(463)
|
|
|
|
121
|
|
|
|
(33)
|
|
Comprehensive income
(loss)
|
|
$
|
5,219
|
|
|
$
|
(965)
|
|
|
$
|
10,554
|
|
|
$
|
4,886
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share allocable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
|
$
|
(0.02)
|
|
|
$
|
0.17
|
|
|
$
|
0.06
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
(0.02)
|
|
|
$
|
0.16
|
|
|
$
|
0.06
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
49,368,292
|
|
|
|
48,894,737
|
|
|
|
49,239,870
|
|
|
|
48,840,797
|
|
Diluted
|
|
|
50,557,716
|
|
|
|
48,894,737
|
|
|
|
50,634,671
|
|
|
|
49,993,595
|
|
RADIANT LOGISTICS, INC.
Reconciliation of Net Income (Loss) Allocable
to Common Stockholders
to Adjusted Net Income, EBITDA and Adjusted
EBITDA
(unaudited)
As used in this report, Adjusted Net Income, EBITDA, and
Adjusted EBITDA are not measures of financial performance or
liquidity under United States Generally Accepted Accounting
Principles ("GAAP"). Adjusted Net Income, EBITDA, and Adjusted
EBITDA are presented herein because they are important metrics used
by management to evaluate and understand the performance of the
ongoing operations of Radiant's business. For Adjusted Net Income,
management uses a 31% tax rate for calculating the provision for
income taxes before preferred dividend requirement to normalize
Radiant's tax rate to that of its competitors and to compare
Radiant's reporting periods with different effective tax rates. In
addition, in arriving at Adjusted Net Income, the Company adjusts
for certain non-cash charges and significant items that are not
part of regular operating activities. These adjustments include
depreciation and amortization, income taxes, change in contingent
consideration, amortization of loan fees, write-off of loan fees,
impairment of acquired intangible assets, acquisition related
costs, transition costs, lease termination costs, litigation costs
and non-recurring costs.
Adjusted EBITDA means earnings before preferred stock dividends,
interest, income taxes, depreciation and amortization, which is
then further adjusted for changes in contingent consideration,
expenses specifically attributable to acquisitions, lease
termination costs, extraordinary items, share-based compensation
expense, litigation costs, non-recurring costs, material management
and distribution ("MM&D") start-up costs, write off of loan
fees, impairment of acquired intangible assets and foreign exchange
losses or gains.
We believe that these non-GAAP financial measures, as presented,
represent a useful method of assessing the performance of our
operating activities, as they reflect our earnings trends without
the impact of certain non-cash charges and other non-recurring
charges. These non-GAAP financial measures are intended to
supplement the GAAP financial information by providing additional
insight regarding results of operations to allow a comparison to
other companies, many of whom use similar non-GAAP financial
measures to supplement their GAAP results. However, these non-GAAP
financial measures will not be defined in the same manner by all
companies and may not be comparable to other companies. Adjusted
Net Income, EBITDA, and Adjusted EBITDA should not be considered in
isolation or as a substitute for any of the consolidated statements
of operations prepared in accordance with GAAP, or as an indication
of Radiant's operating performance or liquidity.
Reconciliation of
net income (loss) allocable to common
stockholders to adjusted net income:
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
(In thousands, except
share and per share data)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income (loss)
allocable to common stockholders
|
|
$
|
4,331
|
|
|
$
|
(1,028)
|
|
|
$
|
8,142
|
|
|
$
|
2,816
|
|
Adjustments to net
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
1,164
|
|
|
|
391
|
|
|
|
73
|
|
|
|
3,673
|
|
Depreciation and
amortization
|
|
|
3,606
|
|
|
|
3,310
|
|
|
|
14,389
|
|
|
|
12,349
|
|
Change in contingent
consideration
|
|
|
(1,101)
|
|
|
|
1,638
|
|
|
|
(1,176)
|
|
|
|
3,431
|
|
Lease termination
costs
|
|
|
69
|
|
|
|
541
|
|
|
|
176
|
|
|
|
566
|
|
Acquisition related
costs
|
|
|
86
|
|
|
|
419
|
|
|
|
239
|
|
|
|
944
|
|
Litigation
costs
|
|
|
214
|
|
|
|
39
|
|
|
|
346
|
|
|
|
177
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Amortization of loan
fees
|
|
|
59
|
|
|
|
79
|
|
|
|
243
|
|
|
|
317
|
|
Transition costs
associated with acquisitions
|
|
|
—
|
|
|
|
275
|
|
|
|
—
|
|
|
|
1,538
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
8,428
|
|
|
|
5,664
|
|
|
|
22,432
|
|
|
|
25,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 31% before preferred dividend
requirement
|
|
|
(2,771)
|
|
|
|
(1,914)
|
|
|
|
(7,588)
|
|
|
|
(8,640)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
5,657
|
|
|
$
|
3,750
|
|
|
$
|
14,844
|
|
|
$
|
17,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.11
|
|
|
$
|
0.08
|
|
|
$
|
0.30
|
|
|
$
|
0.35
|
|
Diluted
|
|
$
|
0.11
|
|
|
$
|
0.08
|
|
|
$
|
0.29
|
|
|
$
|
0.34
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
49,368,292
|
|
|
|
48,894,737
|
|
|
|
49,239,870
|
|
|
|
48,840,797
|
|
Diluted
|
|
|
50,557,716
|
|
|
|
50,470,803
|
|
|
|
50,634,671
|
|
|
|
49,993,595
|
|
|
|
|
|
|
|
|
Reconciliation of
net income (loss) allocable to common
stockholders to adjusted EBITDA
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
(In thousands, except
share and per share data)
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Net income (loss)
allocable to common stockholders
|
|
$
|
4,331
|
|
|
$
|
(1,028)
|
|
|
$
|
8,142
|
|
|
$
|
2,816
|
|
Preferred stock
dividends
|
|
|
511
|
|
|
|
511
|
|
|
|
2,046
|
|
|
|
2,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
allocable to Radiant Logistics, Inc.
|
|
|
4,842
|
|
|
|
(517)
|
|
|
|
10,188
|
|
|
|
4,862
|
|
Income tax
expense
|
|
|
1,164
|
|
|
|
391
|
|
|
|
73
|
|
|
|
3,673
|
|
Depreciation and
amortization
|
|
|
3,606
|
|
|
|
3,310
|
|
|
|
14,389
|
|
|
|
12,349
|
|
Net interest
expense
|
|
|
764
|
|
|
|
641
|
|
|
|
3,075
|
|
|
|
2,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
10,376
|
|
|
|
3,825
|
|
|
|
27,725
|
|
|
|
23,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
398
|
|
|
|
321
|
|
|
|
1,514
|
|
|
|
1,304
|
|
Change in contingent
consideration
|
|
|
(1,101)
|
|
|
|
1,638
|
|
|
|
(1,176)
|
|
|
|
3,431
|
|
Acquisition related
costs
|
|
|
86
|
|
|
|
419
|
|
|
|
239
|
|
|
|
944
|
|
Litigation
costs
|
|
|
214
|
|
|
|
39
|
|
|
|
346
|
|
|
|
177
|
|
Non-recurring
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
14
|
|
Lease termination
costs
|
|
|
69
|
|
|
|
541
|
|
|
|
176
|
|
|
|
566
|
|
MM&D start-up
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
410
|
|
|
|
—
|
|
Foreign exchange loss
(gain)
|
|
|
(125)
|
|
|
|
132
|
|
|
|
8
|
|
|
|
(222)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
9,917
|
|
|
$
|
6,915
|
|
|
$
|
29,242
|
|
|
$
|
29,595
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
|
16.7
|
%
|
|
|
13.9
|
%
|
|
|
14.4
|
%
|
|
|
15.2
|
%
|
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SOURCE Radiant Logistics, Inc.