BELLEVUE, Wash., Sept. 12, 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 twelve months ended
June 30, 2019.
Fiscal Year Financial Highlights (Year Ended June 30, 2019)
- Revenues increased to a record $890.5
million for the fiscal year ended June 30, 2019, up $48.1
million or 5.7%, compared to revenues of $842.4 million for the comparable prior year
period.
- Net revenues increased to a record $230.1 million for the fiscal year ended
June 30, 2019, up $30.0 million or 15.0%, compared to net revenues
of $200.1 million for the comparable
prior year period.
- Net income attributable to common stockholders increased to
$13.7 million, or $0.28 per basic and $0.27 per fully diluted share, compared to net
income attributable to common stockholders of $8.1 million, or $0.17 per basic and $0.16 per 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 $26.6 million, or $0.54 per basic and $0.52 per fully diluted share for the fiscal year
ended June 30, 2019, compared to
adjusted net income attributable to common stockholders of
$14.8 million, or $0.30 per basic and $0.29 per 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 year ended June 30,
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 $40.8 million for the fiscal year ended
June 30, 2019, up $11.6 million or 39.7%, compared to adjusted
EBITDA of $29.2 million for the
comparable prior year period.
- Adjusted EBITDA margin (expressed as a function of net
revenues) increased 310 basis points to a record 17.7% for the
fiscal year ended June 30, 2019,
compared to Adjusted EBITDA margin of 14.6% for the comparable
prior year period.
CEO Comments
"We are very pleased to report another year of solid financial
results for fiscal 2019", said Bohn
Crain, Founder and CEO. "We set new records across several
key financial metrics including record revenues of $890.5 million, up $48.1
million or 5.7%, record net revenues of $230.1 million up $30.0
million or 15.0%, record net income attributable to common
stockholders of $13.7 million, up
$5.6 million or 69.1%, record
adjusted net income attributable to common stockholders of
$26.6 million, up $11.8 million or 79.7%, and record Adjusted
EBITDA of $40.8 million, up
$11.6 million or 39.7%. In
addition, we also set a new record in terms of our Adjusted EBITDA
margins increased 310 basis points to 17.7% up from 14.6% over the
comparable prior year period. As we have previously discussed, our
incremental cost of supporting that next dollar of gross margin is
very small and we are very excited about our opportunity to drive
further expansion in our Adjusted EBITDA margins as we continue to
scale the business and leverage the benefits of our on-going
technology investments.
In the U.S., for our fiscal year ended June 30, 2019 we reported revenues of
$779.7 million, up $44.3 million or 6.0% and net revenues of
$198.1 million, up $23.4 million or 13.4% over the comparable prior
year period. U.S. transportation net revenues of $193.8 million were up $21.9 million or 12.7% from the comparable prior
year period. U.S. value added services net revenues of $4.3 million were up $1.5
million or 53.6%. In Canada
we reported revenues of $111.3
million, up $3.0 million or
2.8% and net revenues of $32.0
million, up $6.6 million or
26.0% over the comparable prior year period. Canada's transportation net revenues of
$19.7 million were up $2.8 million or 16.6% from the comparable prior
year period. Canada's value added
services net revenues of $12.3
million were up $3.8 million
or 44.7%."
Crain continued: "We are also pleased with our results for the
fourth fiscal quarter ended June 30,
2019 given what was generally recognized as a softer freight
environment," said Bohn Crain,
Founder and CEO, "Although we saw a reduction in revenues during
the quarter, the economic impact to the company was generally
off-set by improving net revenue margins, up 354 basis points, and
a reduction of $1.2 million in
operating partner commissions, which resulted in Adjusted EBITDA of
$11.0 million, up $1.1 million or 11.1% over the comparable prior
year period on relatively flat net revenues. In addition, we also
saw improvement in our Adjusted EBITDA margins, which increased 189
basis points to a record 18.8% from 16.9% for the comparable prior
year period. In addition, we also reported net income attributable
to common stockholders of $4.5
million, up $0.2 million and
adjusted net income attributable to common shareholders of
$7.5 million, up $1.8 million or 31.6% for the comparable prior
year period.
The business also continues to deliver strong cashflows
generating $6.3 million in cash from
operations from the three months ended June
30, 2019 and generating $39.8
million in cash from operations for the year ended
June 30, 2019.
Having retired the $21.0 million
preferred stock last December, we continue to pay down debt and as
of the quarter ended June 30, 2019 we
had approximately $13.8 million drawn
on the Company's $75.0 million credit
facility and total net debt of approximately $31.2 million, less than one times our trailing
twelve month adjusted EBITDA of $40.8
million.
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."
Fourth Fiscal Quarter Ended June 30,
2019 – Financial Results
For the three months ended June 30,
2019, Radiant reported net income attributable to common
stockholders of $4.5 million on
$204.6 million of revenues, or
$0.09 per basic and fully diluted
share. For the three months ended June 30,
2018, Radiant reported net income attributable 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,
2019, Radiant reported adjusted net income attributable to
common stockholders of $7.5 million,
or $0.15 per basic and fully diluted
share. For the three months ended June 30,
2018, Radiant reported adjusted net income attributable to
common stockholders of $5.7
million, or $0.11 per basic and fully
diluted share.
For the three months ended June 30,
2019, Radiant reported Adjusted EBITDA of $11.0 million, compared to $9.9 million for the comparable prior year
period.
Year Ended June 30, 2019 –
Financial Results
For the twelve months ended June 30,
2019, Radiant reporting net income attributable to common
stockholders of $13.7 million
(including a charge of $1.7 million
related to the redemption of the Company's preferred stock) on
$890.5 million of revenues, or
$0.28 per basic and $0.27 per fully diluted share. For the
twelve months ended June 30,
2018, Radiant reported net income attributable 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.
For the twelve months ended June 30, 2019, Radiant reported adjusted net
income attributable to common stockholders of $26.6 million, or $0.54 per basic and $0.52 per fully diluted share. For the
twelve months ended June 30,
2018, Radiant reported adjusted net income attributable to
common stockholders of $14.8 million
or $0.30 per basic and $0.29 per fully diluted share.
For the twelve months ended June 30,
2019, Radiant reported Adjusted EBITDA of $40.8 million, compared to $29.2 million for the comparable prior year
period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Thursday, September 12, 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, September
12, 2019 at 4:30 PM Eastern
|
|
|
DIAL-IN
|
US (844)
602-0380; Intl. (862) 298-0970
|
|
|
REPLAY
|
September 13, 2019 at
9:30 AM Eastern to September 26, 2019 at 4:30 PM Eastern, US
(877)
481-4010; Intl. (919) 882-2331 (Replay ID number: 53596)
|
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/53596.
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)
|
|
June 30,
|
|
|
|
2019
|
|
|
2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
5,420
|
|
|
$
|
6,992
|
|
Accounts receivable,
net of allowance of $1,887 and $1,703, respectively
|
|
|
93,123
|
|
|
|
137,578
|
|
Contract
assets
|
|
|
17,777
|
|
|
|
—
|
|
Income tax
receivable
|
|
|
506
|
|
|
|
2,105
|
|
Prepaid expenses and
other current assets
|
|
|
8,066
|
|
|
|
6,599
|
|
Total current
assets
|
|
|
124,892
|
|
|
|
153,274
|
|
|
|
|
|
|
|
|
|
|
Technology and
equipment, net
|
|
|
20,127
|
|
|
|
18,566
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
65,389
|
|
|
|
65,389
|
|
Intangible assets,
net
|
|
|
55,742
|
|
|
|
65,264
|
|
Deposits and other
assets
|
|
|
1,560
|
|
|
|
2,945
|
|
Total other long-term
assets
|
|
|
122,691
|
|
|
|
133,598
|
|
Total
assets
|
|
$
|
267,710
|
|
|
$
|
305,438
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
74,097
|
|
|
$
|
90,153
|
|
Operating partner
commissions payable
|
|
|
12,891
|
|
|
|
14,322
|
|
Accrued
expenses
|
|
|
6,224
|
|
|
|
5,404
|
|
Current portion of
notes payable
|
|
|
4,088
|
|
|
|
3,726
|
|
Current portion of
contingent consideration
|
|
|
375
|
|
|
|
960
|
|
Current portion of
transition and lease termination liability
|
|
|
215
|
|
|
|
1,385
|
|
Other current
liabilities
|
|
|
532
|
|
|
|
295
|
|
Total current
liabilities
|
|
|
98,422
|
|
|
|
116,245
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
32,500
|
|
|
|
43,197
|
|
Contingent
consideration, net of current portion
|
|
|
—
|
|
|
|
1,615
|
|
Transition and lease
termination liability, net of current portion
|
|
|
47
|
|
|
|
—
|
|
Deferred rent
liability
|
|
|
862
|
|
|
|
1,020
|
|
Deferred income
taxes
|
|
|
7,838
|
|
|
|
8,665
|
|
Other long-term
liabilities
|
|
|
761
|
|
|
|
1,082
|
|
Total long-term
liabilities
|
|
|
42,008
|
|
|
|
55,579
|
|
Total
liabilities
|
|
|
140,430
|
|
|
|
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; 49,678,262 and
49,511,907
shares issued, and 49,586,464 and 49,420,109 shares
outstanding, respectively
|
|
|
31
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
100,186
|
|
|
|
117,968
|
|
Treasury stock, at
cost, 91,798 shares
|
|
|
(253)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
26,883
|
|
|
|
15,539
|
|
Accumulated other
comprehensive income
|
|
|
187
|
|
|
|
186
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
127,034
|
|
|
|
133,472
|
|
Non-controlling
interest
|
|
|
246
|
|
|
|
142
|
|
Total
equity
|
|
|
127,280
|
|
|
|
133,614
|
|
Total liabilities and
equity
|
|
$
|
267,710
|
|
|
$
|
305,438
|
|
RADIANT LOGISTICS,
INC.
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
|
|
|
2019
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Revenues
|
|
$
|
204,648
|
|
|
$
|
233,805
|
|
|
$
|
890,517
|
|
|
$
|
842,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
|
146,123
|
|
|
|
175,223
|
|
|
|
660,416
|
|
|
|
642,272
|
|
Operating partner
commissions
|
|
|
26,245
|
|
|
|
27,430
|
|
|
|
102,553
|
|
|
|
88,844
|
|
Personnel
costs
|
|
|
15,119
|
|
|
|
14,993
|
|
|
|
60,375
|
|
|
|
58,566
|
|
Selling, general and
administrative expenses
|
|
|
7,005
|
|
|
|
6,914
|
|
|
|
28,463
|
|
|
|
26,165
|
|
Depreciation and
amortization
|
|
|
3,914
|
|
|
|
3,606
|
|
|
|
15,209
|
|
|
|
14,389
|
|
Transition and lease
termination costs
|
|
|
—
|
|
|
|
69
|
|
|
|
(11)
|
|
|
|
176
|
|
Change in fair value
of contingent consideration
|
|
|
(25)
|
|
|
|
(1,101)
|
|
|
|
(1,207)
|
|
|
|
(1,176)
|
|
Total operating
expenses
|
|
|
198,381
|
|
|
|
227,134
|
|
|
|
865,798
|
|
|
|
829,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
|
6,267
|
|
|
|
6,671
|
|
|
|
24,719
|
|
|
|
13,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
13
|
|
|
|
8
|
|
|
|
50
|
|
|
|
34
|
|
Interest
expense
|
|
|
(678)
|
|
|
|
(772)
|
|
|
|
(3,023)
|
|
|
|
(3,109)
|
|
Foreign currency
transaction gains (losses)
|
|
|
(9)
|
|
|
|
125
|
|
|
|
160
|
|
|
|
(8)
|
|
Other
|
|
|
17
|
|
|
|
80
|
|
|
|
274
|
|
|
|
408
|
|
Total other
expense
|
|
|
(657)
|
|
|
|
(559)
|
|
|
|
(2,539)
|
|
|
|
(2,675)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
|
5,610
|
|
|
|
6,112
|
|
|
|
22,180
|
|
|
|
10,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
(1,007)
|
|
|
|
(1,164)
|
|
|
|
(4,800)
|
|
|
|
(73)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
4,603
|
|
|
|
4,948
|
|
|
|
17,380
|
|
|
|
10,433
|
|
Less: net income
attributable to non-controlling interest
|
|
|
(142)
|
|
|
|
(107)
|
|
|
|
(1,034)
|
|
|
|
(245)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
|
4,461
|
|
|
|
4,841
|
|
|
|
16,346
|
|
|
|
10,188
|
|
Less: preferred stock
dividends
|
|
|
—
|
|
|
|
(511)
|
|
|
|
(956)
|
|
|
|
(2,046)
|
|
Less: issuance costs
for preferred stock redemption
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,659)
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
|
$
|
4,461
|
|
|
$
|
4,330
|
|
|
$
|
13,731
|
|
|
$
|
8,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
|
(214)
|
|
|
|
270
|
|
|
|
1
|
|
|
|
121
|
|
Comprehensive
income
|
|
$
|
4,389
|
|
|
$
|
5,218
|
|
|
$
|
17,381
|
|
|
$
|
10,554
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.28
|
|
|
$
|
0.17
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.27
|
|
|
$
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
49,572,399
|
|
|
|
49,368,292
|
|
|
|
49,497,007
|
|
|
|
49,239,870
|
|
Diluted
|
|
|
51,391,691
|
|
|
|
50,557,716
|
|
|
|
51,082,652
|
|
|
|
50,634,671
|
|
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 year ended June 30, 2019 and a
31% tax rate for the three and year ended June 30, 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, redemption of preferred
stock, 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
June 30,
|
|
|
Year Ended June
30,
|
|
Net Revenues
(Non-GAAP measure)
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Total
revenues
|
|
$
|
204,648
|
|
|
$
|
233,805
|
|
|
$
|
890,517
|
|
|
$
|
842,417
|
|
Cost of
transportation and other services
|
|
|
146,123
|
|
|
|
175,223
|
|
|
|
660,416
|
|
|
|
642,272
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
58,525
|
|
|
$
|
58,582
|
|
|
$
|
230,101
|
|
|
$
|
200,145
|
|
Net revenues
margin
|
|
|
28.6
|
%
|
|
|
25.1
|
%
|
|
|
25.8
|
%
|
|
|
23.8
|
%
|
(In
thousands)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
|
$
|
4,461
|
|
|
$
|
4,330
|
|
|
$
|
13,731
|
|
|
$
|
8,142
|
|
Preferred stock
dividends
|
|
|
—
|
|
|
|
511
|
|
|
|
956
|
|
|
|
2,046
|
|
Issuance costs for
preferred stock redemption
|
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
|
|
4,461
|
|
|
|
4,841
|
|
|
|
16,346
|
|
|
|
10,188
|
|
Income tax
expense
|
|
|
1,007
|
|
|
|
1,164
|
|
|
|
4,800
|
|
|
|
73
|
|
Depreciation and
amortization
|
|
|
3,914
|
|
|
|
3,606
|
|
|
|
15,209
|
|
|
|
14,389
|
|
Net interest
expense
|
|
|
665
|
|
|
|
764
|
|
|
|
2,973
|
|
|
|
3,075
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
10,047
|
|
|
|
10,375
|
|
|
|
39,328
|
|
|
|
27,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
408
|
|
|
|
398
|
|
|
|
1,612
|
|
|
|
1,514
|
|
Change in fair value
of contingent consideration
|
|
|
(25)
|
|
|
|
(1,101)
|
|
|
|
(1,207)
|
|
|
|
(1,176)
|
|
Acquisition related
costs
|
|
|
223
|
|
|
|
86
|
|
|
|
316
|
|
|
|
239
|
|
Litigation
costs
|
|
|
221
|
|
|
|
214
|
|
|
|
754
|
|
|
|
346
|
|
Non-recurring
costs
|
|
|
128
|
|
|
|
—
|
|
|
|
128
|
|
|
|
—
|
|
Transition and lease
termination costs
|
|
|
—
|
|
|
|
69
|
|
|
|
(11)
|
|
|
|
176
|
|
MM&D start-up
costs
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
410
|
|
Foreign currency
transaction loss (gain)
|
|
|
9
|
|
|
|
(125)
|
|
|
|
(160)
|
|
|
|
8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
11,011
|
|
|
$
|
9,916
|
|
|
$
|
40,760
|
|
|
$
|
29,242
|
|
Adjusted EBITDA as a %
of Net Revenues
|
|
|
18.8
|
%
|
|
|
16.9
|
%
|
|
|
17.7
|
%
|
|
|
14.6
|
%
|
(In thousands,
except share and per share data)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended June
30,
|
|
Reconciliation of
GAAP net income to adjusted net income:
|
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
|
$
|
4,461
|
|
|
$
|
4,330
|
|
|
$
|
13,731
|
|
|
$
|
8,142
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
1,007
|
|
|
|
1,164
|
|
|
|
4,800
|
|
|
|
73
|
|
Depreciation and
amortization
|
|
|
3,914
|
|
|
|
3,606
|
|
|
|
15,209
|
|
|
|
14,389
|
|
Change in fair value
of contingent consideration
|
|
|
(25)
|
|
|
|
(1,101)
|
|
|
|
(1,207)
|
|
|
|
(1,176)
|
|
Transition and lease
termination costs
|
|
|
—
|
|
|
|
69
|
|
|
|
(11)
|
|
|
|
176
|
|
Acquisition related
costs
|
|
|
223
|
|
|
|
86
|
|
|
|
316
|
|
|
|
239
|
|
Litigation
costs
|
|
|
221
|
|
|
|
214
|
|
|
|
754
|
|
|
|
346
|
|
Non-recurring
costs
|
|
|
128
|
|
|
|
—
|
|
|
|
128
|
|
|
|
—
|
|
Amortization of debt
issuance costs
|
|
|
55
|
|
|
|
59
|
|
|
|
226
|
|
|
|
243
|
|
Issuance costs for
preferred stock redemption
|
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
before income taxes
|
|
|
9,984
|
|
|
|
8,427
|
|
|
|
35,605
|
|
|
|
22,432
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5% and 31.0% before preferred
dividend requirement, respectively
|
|
|
(2,446)
|
|
|
|
(2,771)
|
|
|
|
(8,957)
|
|
|
|
(7,588)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
|
|
$
|
7,538
|
|
|
$
|
5,656
|
|
|
$
|
26,648
|
|
|
$
|
14,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.54
|
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.15
|
|
|
$
|
0.11
|
|
|
$
|
0.52
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
49,572,399
|
|
|
|
49,368,292
|
|
|
|
49,497,007
|
|
|
|
49,239,870
|
|
Diluted
|
|
|
51,391,691
|
|
|
|
50,557,716
|
|
|
|
51,082,652
|
|
|
|
50,634,671
|
|
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SOURCE Radiant Logistics, Inc.