BELLEVUE, Wash., May 9, 2019 /PRNewswire/ -- Radiant Logistics,
Inc. (NYSE American: RLGT), a third-party logistics and multimodal
transportation services company, today reported financial results
for the three and nine months ended March
31, 2019.
Third Fiscal Quarter Financial Highlights (Quarter Ended
March 31, 2019)
- Revenues increased to a record $206.0
million for the third fiscal quarter ended March 31, 2019, up $2.1
million or 1.0%, compared to revenues of $203.9 million for the comparable prior year
period.
- Net revenues increased to a record $52.7
million for the third fiscal quarter ended March 31, 2019, up $4.1
million or 8.4%, compared to net revenues of $48.6 million for the comparable prior year
period.
- Net income attributable to common stockholders increased to a
record $2.9 million, or $0.06 per basic and fully diluted share, compared
to net income of $0.2 million, or
$0.00 per basic and fully diluted
share for the comparable prior year period.
- Adjusted net income attributable to common stockholders, a
non-GAAP financial measure, increased to a record $5.6 million, or $0.11 per basic and fully diluted share for the
third fiscal quarter ended March 31,
2019, compared to adjusted net income attributable to common
stockholders of $2.7 million, or
$0.05 per basic and fully diluted
share for the comparable prior year period. Adjusted net income
attributable to common stockholders is calculated by applying a
normalized tax rate of 24.5% for the three months ended
March 31, 2019 and 31.0% for the
comparable prior year period and excluding other items not
considered part of regular operating activities.
- Adjusted EBITDA increased to a record $8.4 million for the third fiscal quarter ended
March 31, 2019, up $2.7 million or 47.4%, compared to adjusted
EBITDA of $5.7 million for the
comparable prior year period.
- Adjusted EBITDA margin (expressed as a function of net
revenues) increased 425 basis points to a record 16.0% for the
third fiscal quarter ended March 31,
2019, compared to Adjusted EBITDA margin of 11.8% for the
comparable prior year period.
CEO Comments
"We are pleased to report another quarter of record results for
the third fiscal quarter ended March 31,
2019, highlighted by continued margin expansion along with
strong cashflows," said Bohn Crain,
Founder and CEO, "We posted record results for the March quarter
with revenues of $206.0 million, up
$2.1 million or 1.0%; net revenues of
$52.7 million, up $4.1 million or 8.4%; and also saw our net
revenue margins up 177 basis points to 25.6% from 23.8% for the
comparable prior year period. We also reported record net income
attributable to common stockholders of $2.9
million, up $2.7 million;
adjusted net income attributable to common shareholders of
$5.6 million, up $2.9 million or 107.4%; and Adjusted EBITDA of
$8.4 million, up $2.7 million or 47.4% over the comparable prior
year period. In addition, we also saw improvement in our Adjusted
EBITDA margins, which increased 425 basis points to a record 16.0%,
from 11.8% for the comparable prior year period.
In the U.S. we reported revenues of $179.1 million, up $1.9
million or 1.1% and net revenues of $45.4 million, up $2.9
million or 6.8% over the comparable prior year period. U.S.
transportation net revenues of $44.2
million were up $2.6 million
or 6.3% from the comparable prior year period. U.S. value added
services net revenues of $1.1 million
were up $0.2 million or 22.2%. In
Canada we reported revenues of
$27.1 million, up $0.1 million or 0.4% and net revenues of
$7.4 million, up $1.3 million or 21.3% over the comparable prior
year period. Canada's
transportation net revenues of $4.4
million were up $0.2 million
or 4.8% from the comparable prior year period. Canada's value added services net revenues of
$3.0 million were up $1.1 million or 57.9%.
The business also continues to deliver strong cashflows
generating $17.1 million in cash from
operations from the three months ended March
31, 2019 and generating $33.5
million in cash from operations for the nine months ended
March 31, 2019."
Crain continued: "We are encouraged by our continued strong
financial performance with trailing twelve month adjusted EBITDA
through March 31, 2019 of
$39.7 million. Having retired the
$21.0 million preferred stock in
December, we continue to pay down debt and as of the end of the
quarter we had approximately $16.9
million drawn on the Company's $75.0
million credit facility and total net debt of approximately
$34.7 million, less than one times
our trailing twelve month adjusted EBITDA.
Our now more than 10-year first market advantage in executing
our multi-brand strategy in consolidating agent-based forwarding
networks, ongoing investment in technology and low leverage on our
balance sheet puts us in a unique position to support further
consolidation in the marketplace. We are patiently persistent in
the pursuit of this long-term vision which we believe, over time,
will deliver meaningful value for shareholders, our operating
partners and the end customers that we serve."
Third Fiscal Quarter Ended March 31,
2019 – Financial Results
For the three months ended March 31,
2019, Radiant reported net income attributable to common
stockholders of $2.9 million on
$206.0 million of revenues, or
$0.06 per basic and fully diluted
share. For the three months ended March 31,
2018, Radiant reported net income attributable to common
stockholders of $0.2 million on
$203.9 million of revenues, or
$0.00 per basic and fully diluted
share.
For the three months ended March 31,
2019, Radiant reported adjusted net income attributable to
common stockholders of $5.6 million,
or $0.11 per basic and fully diluted
share. For the three months ended March 31,
2018, Radiant reported adjusted net income attributable to
common stockholders of $2.7
million, or $0.05 per basic and fully
diluted share.
For the three months ended March 31,
2019, Radiant reported Adjusted EBITDA of $8.4 million, compared to $5.7 million for the comparable prior year
period.
Nine Months Ended March 31,
2019 – Financial Results
For the nine months ended March 31,
2019, Radiant reporting net income attributable to common
stockholders of $9.3 million
(including a charge of $1.7 million
related to the redemption of the Company's preferred stock) on
$685.9 million of revenues, or
$0.19 per basic and 0.18 per fully
diluted share. For the nine months ended March 31, 2018, Radiant reported net income
attributable to common stockholders of $3.8
million on $608.6 million of
revenues, or $0.08 per basic and
fully diluted share.
For the nine months ended March
31, 2019, Radiant reported adjusted net income attributable
to common stockholders of $19.1
million, or $0.39 per basic
and 0.37 per fully diluted share. For the nine months ended
March 31, 2018, Radiant reported
adjusted net income attributable to common stockholders of
$9.2 million or $0.19 per basic and 0.18 per fully diluted
share.
For the nine months ended March 31,
2019, Radiant reported Adjusted EBITDA of $29.7 million, compared to $19.3 million for the comparable prior year
period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Thursday, May 9, 2019 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, May 9, 2019
at 4:30 PM Eastern
|
|
|
DIAL-IN
|
US (877)
407-8031; Intl. (201) 689-8031
|
|
|
REPLAY
|
May 10, 2019 at 9:30
AM Eastern to May 23, 2019 at 4:30 PM Eastern, US (877)
481-4010;
|
|
Intl. (919) 882-2331
(Replay ID number: 48252)
|
Webcast Details
This call is also being webcast and may be accessed via
Radiant's web site at www.radiantdelivers.com or at
https://www.investornetwork.com/event/presentation/48252.
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.
|
Condensed
Consolidated Balance Sheets
|
|
|
(In thousands,
except share and per share data)
|
|
March 31,
|
|
|
June 30,
|
|
|
|
2019
|
|
|
2018
|
|
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,484
|
|
|
$
|
6,992
|
|
Accounts receivable,
net of allowance of $2,539 and $1,703, respectively
|
|
|
90,728
|
|
|
|
137,578
|
|
Contract
assets
|
|
|
20,691
|
|
|
|
—
|
|
Income tax
receivable
|
|
|
309
|
|
|
|
2,105
|
|
Prepaid expenses and
other current assets
|
|
|
9,569
|
|
|
|
6,599
|
|
Total current
assets
|
|
|
126,781
|
|
|
|
153,274
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
19,983
|
|
|
|
18,566
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
65,389
|
|
|
|
65,389
|
|
Intangible assets,
net
|
|
|
58,035
|
|
|
|
65,264
|
|
Deposits and other
assets
|
|
|
1,266
|
|
|
|
2,945
|
|
Total other long-term
assets
|
|
|
124,690
|
|
|
|
133,598
|
|
Total
assets
|
|
$
|
271,454
|
|
|
$
|
305,438
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
78,148
|
|
|
$
|
90,153
|
|
Operating partner
commissions payable
|
|
|
13,286
|
|
|
|
14,322
|
|
Accrued
expenses
|
|
|
6,076
|
|
|
|
5,404
|
|
Current portion of
notes payable
|
|
|
3,953
|
|
|
|
3,726
|
|
Current portion of
contingent consideration
|
|
|
110
|
|
|
|
960
|
|
Transition and lease
termination liability
|
|
|
399
|
|
|
|
1,385
|
|
Other current
liabilities
|
|
|
607
|
|
|
|
295
|
|
Total current
liabilities
|
|
|
102,579
|
|
|
|
116,245
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
36,232
|
|
|
|
43,197
|
|
Contingent
consideration, net of current portion
|
|
|
290
|
|
|
|
1,615
|
|
Deferred rent
liability
|
|
|
923
|
|
|
|
1,020
|
|
Deferred income
taxes
|
|
|
7,873
|
|
|
|
8,665
|
|
Other long-term
liabilities
|
|
|
701
|
|
|
|
1,082
|
|
Total long-term
liabilities
|
|
|
46,019
|
|
|
|
55,579
|
|
Total
liabilities
|
|
|
148,598
|
|
|
|
171,824
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Preferred stock,
$0.001 par value, 5,000,000 shares authorized; nil and 839,200
shares issued
and
outstanding, respectively
|
|
|
—
|
|
|
|
1
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 49,630,506 and
49,511,907
shares
issued, and 49,538,708 and 49,420,109 shares outstanding,
respectively
|
|
|
31
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
99,882
|
|
|
|
117,968
|
|
Treasury stock, at
cost, 91,798 shares
|
|
|
(253)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
22,422
|
|
|
|
15,539
|
|
Accumulated other
comprehensive income
|
|
|
401
|
|
|
|
186
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
122,483
|
|
|
|
133,472
|
|
Non-controlling
interest
|
|
|
373
|
|
|
|
142
|
|
Total
equity
|
|
|
122,856
|
|
|
|
133,614
|
|
Total liabilities and
equity
|
|
$
|
271,454
|
|
|
$
|
305,438
|
|
RADIANT LOGISTICS,
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(unaudited)
|
|
|
(In thousands,
except share and per share data)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
|
|
2019
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Revenues
|
$
|
206,048
|
|
|
$
|
203,921
|
|
|
$
|
685,868
|
|
|
$
|
608,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
153,302
|
|
|
|
155,327
|
|
|
|
514,293
|
|
|
|
467,050
|
|
Operating partner
commissions
|
|
23,125
|
|
|
|
22,194
|
|
|
|
76,309
|
|
|
|
61,414
|
|
Personnel
costs
|
|
14,806
|
|
|
|
14,671
|
|
|
|
45,256
|
|
|
|
43,573
|
|
Selling, general and
administrative expenses
|
|
6,812
|
|
|
|
6,596
|
|
|
|
21,458
|
|
|
|
19,250
|
|
Depreciation and
amortization
|
|
3,847
|
|
|
|
3,640
|
|
|
|
11,295
|
|
|
|
10,783
|
|
Transition and lease
termination costs
|
|
—
|
|
|
|
—
|
|
|
|
(11)
|
|
|
|
107
|
|
Change in fair value
of contingent consideration
|
|
(611)
|
|
|
|
35
|
|
|
|
(1,182)
|
|
|
|
(75)
|
|
Total operating
expenses
|
|
201,281
|
|
|
|
202,463
|
|
|
|
667,418
|
|
|
|
602,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
4,767
|
|
|
|
1,458
|
|
|
|
18,450
|
|
|
|
6,510
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
13
|
|
|
|
10
|
|
|
|
37
|
|
|
|
26
|
|
Interest
expense
|
|
(684)
|
|
|
|
(755)
|
|
|
|
(2,345)
|
|
|
|
(2,338)
|
|
Foreign currency
transaction gains (losses)
|
|
(24)
|
|
|
|
7
|
|
|
|
169
|
|
|
|
(132)
|
|
Other
|
|
49
|
|
|
|
103
|
|
|
|
258
|
|
|
|
329
|
|
Total other
expense
|
|
(646)
|
|
|
|
(635)
|
|
|
|
(1,881)
|
|
|
|
(2,115)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
4,121
|
|
|
|
823
|
|
|
|
16,569
|
|
|
|
4,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
|
(942)
|
|
|
|
(123)
|
|
|
|
(3,793)
|
|
|
|
1,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
3,179
|
|
|
|
700
|
|
|
|
12,776
|
|
|
|
5,486
|
|
Less: net income
attributable to non-controlling interest
|
|
(247)
|
|
|
|
(22)
|
|
|
|
(891)
|
|
|
|
(139)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
2,932
|
|
|
|
678
|
|
|
|
11,885
|
|
|
|
5,347
|
|
Less: preferred stock
dividends
|
|
—
|
|
|
|
(511)
|
|
|
|
(956)
|
|
|
|
(1,534)
|
|
Less: issuance costs
for preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
(1,659)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
|
2,932
|
|
|
$
|
167
|
|
|
$
|
9,270
|
|
|
$
|
3,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
(278)
|
|
|
|
446
|
|
|
|
215
|
|
|
|
(149)
|
|
Comprehensive
income
|
$
|
2,901
|
|
|
$
|
1,146
|
|
|
$
|
12,991
|
|
|
$
|
5,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.06
|
|
|
$
|
—
|
|
|
$
|
0.19
|
|
|
$
|
0.08
|
|
Diluted
|
$
|
0.06
|
|
|
$
|
—
|
|
|
$
|
0.18
|
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,515,717
|
|
|
|
49,334,300
|
|
|
|
49,471,556
|
|
|
|
49,197,218
|
|
Diluted
|
|
51,169,321
|
|
|
|
50,630,307
|
|
|
|
50,979,319
|
|
|
|
50,660,478
|
|
Reconciliation of Non-GAAP
Measures
RADIANT LOGISTICS, INC.
Reconciliation of Total Revenues to Net
Revenues, Net Income Attributable to Common Stockholders
to Adjusted Net Income, EBITDA and Adjusted
EBITDA
(unaudited)
As used in this report, Net Revenues, 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 24.5% tax rate for the three
and nine months ended March 31, 2019
and a 31% tax rate for the three and nine months ended March 31, 2018 to calculate 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.
We commonly refer to the term "net revenues" when commenting
about our Company and the results of operations. Net revenues are a
Non-GAAP measure calculated as revenues less directly related
operations and expenses attributed to the Company's services. We
believe net revenues are a better measurement than are total
revenues when analyzing and discussing the effectiveness of our
business and is used as a portion of a key metric the Company uses
to discuss its progress.
EBITDA is a non-GAAP measure of income and does not include the
effects of preferred stock dividends, interest and taxes, and
excludes the "non-cash" effects of depreciation and amortization on
long-term assets. Companies have some discretion as to which
elements of depreciation and amortization are excluded in the
EBITDA calculation. We exclude all depreciation charges related to
technology and equipment, and all amortization charges (including
amortization of leasehold improvements). We then further adjust
EBITDA to exclude changes in fair value of contingent
consideration, expenses specifically attributable to acquisitions,
transition and lease termination costs, foreign currency
transaction gains and losses, extraordinary items, share-based
compensation expense, litigation expenses unrelated to our core
operations, MM&D start-up costs and other non-cash charges.
While management considers EBITDA, and adjusted EBITDA useful in
analyzing our results, it is not intended to replace any
presentation included in our consolidated financial statements.
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. Net
Revenues, 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.
(In
thousands)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Net Revenues
(Non-GAAP measure)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Total
revenues
|
$
|
206,048
|
|
|
$
|
203,921
|
|
|
$
|
685,868
|
|
|
$
|
608,612
|
|
Cost of
transportation and other services
|
|
153,302
|
|
|
|
155,327
|
|
|
|
514,293
|
|
|
|
467,050
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
52,746
|
|
|
$
|
48,594
|
|
|
$
|
171,575
|
|
|
$
|
141,562
|
|
Net revenues
margin
|
|
25.6
|
%
|
|
|
23.8
|
%
|
|
|
25.0
|
%
|
|
|
23.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
$
|
2,932
|
|
|
$
|
167
|
|
|
$
|
9,270
|
|
|
$
|
3,813
|
|
Preferred stock
dividends
|
|
—
|
|
|
|
511
|
|
|
|
956
|
|
|
|
1,534
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
|
2,932
|
|
|
|
678
|
|
|
|
11,885
|
|
|
|
5,347
|
|
Income tax expense
(benefit)
|
|
942
|
|
|
|
123
|
|
|
|
3,793
|
|
|
|
(1,091)
|
|
Depreciation and
amortization
|
|
3,847
|
|
|
|
3,640
|
|
|
|
11,295
|
|
|
|
10,783
|
|
Net interest
expense
|
|
671
|
|
|
|
745
|
|
|
|
2,308
|
|
|
|
2,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
8,392
|
|
|
|
5,186
|
|
|
|
29,281
|
|
|
|
17,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
409
|
|
|
|
386
|
|
|
|
1,204
|
|
|
|
1,116
|
|
Change in fair value
of contingent consideration
|
|
(611)
|
|
|
|
35
|
|
|
|
(1,182)
|
|
|
|
(75)
|
|
Acquisition related
costs
|
|
75
|
|
|
|
57
|
|
|
|
93
|
|
|
|
154
|
|
Litigation
costs
|
|
148
|
|
|
|
53
|
|
|
|
533
|
|
|
|
132
|
|
Transition and lease
termination costs
|
|
—
|
|
|
|
—
|
|
|
|
(11)
|
|
|
|
107
|
|
MM&D start-up
costs
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
410
|
|
Foreign currency
transaction loss (gain)
|
|
24
|
|
|
|
(7)
|
|
|
|
(169)
|
|
|
|
132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
8,437
|
|
|
$
|
5,710
|
|
|
$
|
29,749
|
|
|
$
|
19,327
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
16.0
|
%
|
|
|
11.8
|
%
|
|
|
17.3
|
%
|
|
|
13.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands,
except share and per share data)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of
GAAP net income to adjusted net income:
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
$
|
2,932
|
|
|
$
|
167
|
|
|
$
|
9,270
|
|
|
$
|
3,813
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
(benefit)
|
|
942
|
|
|
|
123
|
|
|
|
3,793
|
|
|
|
(1,091)
|
|
Depreciation and
amortization
|
|
3,847
|
|
|
|
3,640
|
|
|
|
11,295
|
|
|
|
10,783
|
|
Change in fair value
of contingent consideration
|
|
(611)
|
|
|
|
35
|
|
|
|
(1,182)
|
|
|
|
(75)
|
|
Transition and lease
termination costs
|
|
—
|
|
|
|
—
|
|
|
|
(11)
|
|
|
|
107
|
|
Acquisition related
costs
|
|
75
|
|
|
|
57
|
|
|
|
93
|
|
|
|
154
|
|
Litigation
costs
|
|
148
|
|
|
|
53
|
|
|
|
533
|
|
|
|
132
|
|
Amortization of debt
issuance costs
|
|
56
|
|
|
|
60
|
|
|
|
171
|
|
|
|
184
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
before income taxes
|
|
7,389
|
|
|
|
4,135
|
|
|
|
25,621
|
|
|
|
14,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5% and 31.0% before preferred
dividend requirement, respectively
|
|
(1,810)
|
|
|
|
(1,440)
|
|
|
|
(6,511)
|
|
|
|
(4,818)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
|
$
|
5,579
|
|
|
$
|
2,695
|
|
|
$
|
19,110
|
|
|
$
|
9,189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.11
|
|
|
$
|
0.05
|
|
|
$
|
0.39
|
|
|
$
|
0.19
|
|
Diluted
|
$
|
0.11
|
|
|
$
|
0.05
|
|
|
$
|
0.37
|
|
|
$
|
0.18
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,515,717
|
|
|
|
49,334,300
|
|
|
|
49,471,556
|
|
|
|
49,197,218
|
|
Diluted
|
|
51,169,321
|
|
|
|
50,630,307
|
|
|
|
50,979,319
|
|
|
|
50,660,478
|
|
(In
thousands)
Trailing twelve
months adjusted EBITDA (1):
|
Three
months
ended
March 31,
2019
|
|
|
Three
months
ended
December
31,
2018
|
|
|
Three
months
ended
September
30,
2018
|
|
|
Three
months
ended
June 30,
2018
|
|
|
Twelve
months
ended
March 31,
2019
|
|
GAAP net income
attributable to common stockholders
|
$
|
2,932
|
|
|
$
|
3,766
|
|
|
$
|
2,572
|
|
|
$
|
4,331
|
|
|
$
|
13,601
|
|
Preferred stock
dividends
|
|
—
|
|
|
|
445
|
|
|
|
511
|
|
|
|
511
|
|
|
|
1,467
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
|
2,932
|
|
|
|
5,870
|
|
|
|
3,083
|
|
|
|
4,842
|
|
|
|
16,727
|
|
Income tax
expense
|
|
942
|
|
|
|
1,874
|
|
|
|
977
|
|
|
|
1,164
|
|
|
|
4,957
|
|
Depreciation and
amortization
|
|
3,847
|
|
|
|
3,815
|
|
|
|
3,633
|
|
|
|
3,606
|
|
|
|
14,901
|
|
Net interest
expense
|
|
671
|
|
|
|
860
|
|
|
|
777
|
|
|
|
764
|
|
|
|
3,072
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
8,392
|
|
|
|
12,419
|
|
|
|
8,470
|
|
|
|
10,376
|
|
|
|
39,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
409
|
|
|
|
464
|
|
|
|
331
|
|
|
|
398
|
|
|
|
1,602
|
|
Change in fair value
of contingent consideration
|
|
(611)
|
|
|
|
(476)
|
|
|
|
(95)
|
|
|
|
(1,101)
|
|
|
|
(2,283)
|
|
Acquisition related
costs
|
|
75
|
|
|
|
14
|
|
|
|
4
|
|
|
|
86
|
|
|
|
179
|
|
Litigation
costs
|
|
148
|
|
|
|
248
|
|
|
|
137
|
|
|
|
214
|
|
|
|
747
|
|
Transition and lease
termination costs
|
|
—
|
|
|
|
(11)
|
|
|
|
—
|
|
|
|
69
|
|
|
|
58
|
|
Foreign exchange
gain
|
|
24
|
|
|
|
(159)
|
|
|
|
(34)
|
|
|
|
(125)
|
|
|
|
(294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
8,437
|
|
|
$
|
12,499
|
|
|
$
|
8,813
|
|
|
$
|
9,917
|
|
|
$
|
39,666
|
|
|
|
|
|
(1)
|
The Company adopted
new revenue recognition policies in accordance with ASC 606 for
periods on and after July 1, 2018. Results for the three months
ended September 30, 2018, December 31, 2018 and March 31, 2019 are
presented under the new revenue recognition policies in accordance
with ASC 606. Results for the three months ended June 30,
2018 have not been adjusted and continue to be reported under the
Company's historical revenue recognition policies in accordance
with ASC 605.
|
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SOURCE Radiant Logistics, Inc.