BELLEVUE, Wash., Feb. 10, 2020 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a third-party logistics and
multimodal transportation services company, today reported
financial results for the three and six months ended December 31, 2019.
Second Fiscal Quarter Financial Highlights (Quarter Ended
December 31, 2019)
- Revenues reported at $201.9
million for the second fiscal quarter ended December 31, 2019, compared to record revenues of
$260.9 million for the comparable
prior year period, which included approximately $29.9 million in non-recurring project revenues
related to disaster relief efforts. Excluding this non-recurring
project work in the year ago period, revenues would have been down
$29.0 million or 12.6%. On a
sequential basis, revenues of $201.9
million were up $1.4 million
or 0.7%.
- Net revenues reported at $56.0
million for the second fiscal quarter ended December 31, 2019, compared to record net
revenues of $64.0 million for the
comparable prior year period, which included approximately
$3.6 million in non-recurring net
revenues related to disaster relief efforts. Excluding this
non-recurring project work in the year ago period, net revenues
would have been down $4.4 million or
7.3%. On a sequential basis, net revenues were up $0.5 million or 0.9%.
- Net income attributable to common stockholders reported at
$2.6 million, or $0.05 per basic and fully diluted share, compared
to net income attributable to common stockholders of $3.8 million, or $0.08 per basic and $0.07 per fully diluted share for the comparable
prior year period. On a sequential basis, net income attributable
to common shareholders was down $0.6
million or 18.8%.
- Adjusted net income attributable to common stockholders, a
non-GAAP financial measure, reported at $6.3
million, or $0.13 per basic
and $0.12 per fully diluted share for
the second fiscal quarter ended December 31,
2019, compared to adjusted net income attributable to common
stockholders of $8.2 million, or
$0.16 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% and excluding other items not
considered part of regular operating activities. On a sequential
basis, adjusted net income attributable to common shareholders was
down $0.2 million or 3.1%.
- Adjusted EBITDA reported at $9.4 million for the
second fiscal quarter ended December 31,
2019, compared to adjusted EBITDA of $12.5 million for the comparable prior year
period, which included approximately $1.6
million in incremental adjusted EBITDA related to the
non-recurring disaster relief efforts. Excluding this non-recurring
project work in the year ago period, adjusted EBITDA would have
been down $1.5 million or 13.8%. On a
sequential basis, adjusted EBITDA was down $0.3 million or 3.1%.
Acquisition Update
Earlier today, the Company announced that it had purchased the
assets and operations of two of its Adcom agency locations
acquiring Alexandria, Virginia
based Friedway Enterprises, Inc. ("Friedway") and Pittsburgh, Pennsylvania based CIC2, Inc.
("CIC2") through its wholly-owned subsidiary, Radiant Global
Logistics, Inc. Friedway and CIC2 are expected to transition to the
Radiant brand and will continue to provide a full range of domestic
and international services from the mid-Atlantic region.
Stock Buy-back
For the quarter ended December 31,
2019, the Company spent $1.0
million repurchasing 189,558 shares of its common stock at
an average price of $5.28 per
share. On February 4, 2020, the
Company announced the renewal of its stock buy-back program
authorizing the repurchase of up to 5,000,000 shares of the
Company's common stock through December 31,
2021. As of February 3, 2020,
the Company had 49,676,263 shares outstanding.
CEO Comments
"We are very pleased to report another quarter of solid
financial results for the second quarter ended December 31, 2019 in what was generally
recognized as a tough economic environment," said Bohn Crain, Founder and CEO. "We posted Adjusted
EBITDA of $9.4 million on revenues of
$201.9 million, and net revenues of
$56.0 million for the quarter ended
December 31, 2019. As we had
anticipated, our results were relatively flat on a sequential basis
as we did not see the traditional peak season trade flows that we
would generally expect for the calendar fourth quarter of the year.
On a sequential quarterly comparison, revenues of $201.9 million were up $1.4 million or 0.7%; net revenues of
$56.0 million were up $0.5 million or 0.9%; and adjusted EBITDA of
$9.4 million was down $0.3 million or 3.2%, over the quarter ended
September 30, 2019.
A number of factors contributed to difficult comparisons to our
record results in the year ago period, including (1) the
non-recurring disaster relief project work reported in the year ago
period, (2) our decision to exit certain lower margin business
earlier in calendar 2019, and (3) general market softness
associated with slower global trade and margin pressures on our
brokerage operations associated with excess truck capacity that
exists in the marketplace. Notwithstanding these market headwinds,
we saw our net revenue margins improve 320 basis points over the
comparable prior year period, which helped us to deliver the
$9.4 million in adjusted EBITDA and
over $6.2 million in cash from
operations for the quarter ended December
31, 2019."
Crain continued: "In addition, this last quarter we also took
the opportunity to begin buying in our stock, and for the quarter
ended December 31, 2019, we spent
$1.0 million repurchasing 189,558
shares of our common stock at an average price of $5.28 per share. As we have previously discussed,
we believe the current share price does not accurately reflect
Radiant's long-term growth prospects and in that regard recently
announced the renewal of our stock buy-back program authorizing the
repurchase of up to 5,000,000 shares of our common stock through
December 31, 2021.
We also made some very recent progress on the acquisition front
and earlier today announced the purchase of two of our Adcom agency
locations acquiring Alexandria,
Virginia based Friedway Enterprises, Inc. and Pittsburgh, Pennsylvania based CIC2, Inc.,
both owned by our long-term operating partner Bonnie Knoedler. Supporting our operating
partners in the transition to a company owned model remains a
significant opportunity inherent in the Radiant Network.
Looking forward, we remain committed to our long-standing
strategy to deliver profitable growth through a combination of
organic and acquisition growth initiatives. We will continue to
make investments in our technology platform and incremental sales
resources to drive organic growth. At the same time, we
continue to enjoy low leverage on our balance sheet, strong free
cashflow and continue our disciplined search for additional
acquisition opportunities, which we believe, over time, will
deliver meaningful value for our shareholders, our operating
partners and the end customers that we serve. As we continue along
this path, our stock buy-back program will remain an integral part
of how we think about capital allocation, acquisition multiples and
the use of our free cashflow."
Second Fiscal Quarter Ended December
31, 2019 – Financial Results
For the three months ended December 31,
2019, Radiant reported net income attributable to common
stockholders of $2.6 million on
$201.9 million of revenues, or
$0.05 per basic and fully diluted
share. For the three months ended December
31, 2018, Radiant reported net income attributable to common
stockholders of $3.8 million on
$260.9 million of revenues, or
$0.08 per basic and $0.07 per fully diluted share.
For the three months ended December 31,
2019, Radiant reported adjusted net income attributable to
common stockholders of $6.3 million,
or $0.13 per basic and $0.12 per fully diluted share. For the three
months ended December 31, 2018,
Radiant reported adjusted net income attributable to common
stockholders of $8.2 million, or
$0.16 per basic and fully diluted
share.
For the three months ended December 31,
2019, Radiant reported Adjusted EBITDA of $9.4 million, compared to $12.5 million for the comparable prior year
period.
Six Months Ended December 31,
2019 – Financial Results
For the six months ended December 31,
2019, Radiant reporting net income attributable to common
stockholders of $5.8 million on
$402.5 million of revenues, or
$0.12 per basic and $0.11 per fully diluted share. For the
six months ended December 31,
2018, Radiant reported net income attributable to common
stockholders of $6.3 million on
$479.8 million of revenues, or
$0.13 per basic and $0.12 per fully diluted share.
For the six months ended December 31, 2019, Radiant
reported adjusted net income attributable to common stockholders of
$12.8 million, or $0.26 per basic and $0.25 per fully diluted share. For the
six months ended December 31,
2018, Radiant reported adjusted net income attributable to
common stockholders of $13.5 million
or $0.27 per basic and fully diluted
share.
For the six months ended December 31,
2019, Radiant reported Adjusted EBITDA of $19.1 million, compared to $21.3 million for the comparable prior year
period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Monday, February 10, 2020 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:
|
Monday, February 10,
2020 at 4:30 PM Eastern
|
|
|
DIAL-IN
|
US (844) 407-9500;
Intl. (862) 298-0850
|
|
|
REPLAY
|
February 11, 2020 at
9:30 AM Eastern to February 17, 2020 at 4:30 PM Eastern, US (877)
481-4010;
|
|
Intl. (919) 882-2331
(Replay ID number: 57941)
|
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.webcaster4.com/Webcast/Page/2191/32954.
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 our recently
acquired agency operations to maintain and grow their 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
|
|
|
|
December
31,
|
|
|
June 30,
|
|
|
|
2019
|
|
|
2019
|
|
(In thousands, except
share and per share data)
|
|
(unaudited)
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
8,551
|
|
|
$
|
5,420
|
|
Accounts receivable,
net of allowance of $1,547 and $1,887, respectively
|
|
|
95,419
|
|
|
|
93,123
|
|
Contract
assets
|
|
|
20,310
|
|
|
|
17,777
|
|
Income tax
receivable
|
|
|
1,699
|
|
|
|
506
|
|
Prepaid expenses and
other current assets
|
|
|
8,798
|
|
|
|
8,066
|
|
Total current
assets
|
|
|
134,777
|
|
|
|
124,892
|
|
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
20,007
|
|
|
|
20,127
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
65,389
|
|
|
|
65,389
|
|
Intangible assets,
net
|
|
|
50,514
|
|
|
|
55,742
|
|
Operating lease
right-of-use assets
|
|
|
13,943
|
|
|
|
—
|
|
Deposits and other
assets
|
|
|
2,519
|
|
|
|
1,560
|
|
Total other long-term
assets
|
|
|
132,365
|
|
|
|
122,691
|
|
Total
assets
|
|
$
|
287,149
|
|
|
$
|
267,710
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
72,089
|
|
|
$
|
74,097
|
|
Operating partner
commissions payable
|
|
|
13,918
|
|
|
|
12,891
|
|
Accrued
expenses
|
|
|
6,378
|
|
|
|
6,224
|
|
Current portion of
notes payable
|
|
|
3,842
|
|
|
|
3,687
|
|
Current portion of
operating lease liability
|
|
|
6,728
|
|
|
|
—
|
|
Current portion of
finance lease liability
|
|
|
680
|
|
|
|
683
|
|
Other current
liabilities
|
|
|
1,072
|
|
|
|
840
|
|
Total current
liabilities
|
|
|
104,707
|
|
|
|
98,422
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
31,800
|
|
|
|
30,047
|
|
Operating lease
liability, net of current portion
|
|
|
8,019
|
|
|
|
—
|
|
Finance lease
liability, net of current portion
|
|
|
2,811
|
|
|
|
3,161
|
|
Deferred income
taxes
|
|
|
7,121
|
|
|
|
7,838
|
|
Deferred rent
liability
|
|
|
—
|
|
|
|
862
|
|
Other long-term
liabilities
|
|
|
228
|
|
|
|
100
|
|
Total long-term
liabilities
|
|
|
49,979
|
|
|
|
42,008
|
|
Total
liabilities
|
|
|
154,686
|
|
|
|
140,430
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 49,943,470 and
49,678,262
shares issued, and 49,662,114 and 49,586,464 shares outstanding,
respectively
|
|
|
31
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
100,662
|
|
|
|
100,186
|
|
Treasury stock, at
cost, 281,356 and 91,798 shares, respectively
|
|
|
(1,253)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
32,705
|
|
|
|
26,883
|
|
Accumulated other
comprehensive income
|
|
|
153
|
|
|
|
187
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
132,298
|
|
|
|
127,034
|
|
Non-controlling
interest
|
|
|
165
|
|
|
|
246
|
|
Total
equity
|
|
|
132,463
|
|
|
|
127,280
|
|
Total liabilities and
equity
|
|
$
|
287,149
|
|
|
$
|
267,710
|
|
RADIANT LOGISTICS,
INC. Condensed Consolidated Statements of Comprehensive
Income
|
|
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
(In thousands, except
share and per share data)
|
|
2019
|
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Revenues
|
$
|
201,927
|
|
|
$
|
260,938
|
|
|
$
|
402,470
|
|
|
$
|
479,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
145,969
|
|
|
|
196,977
|
|
|
|
290,979
|
|
|
|
360,992
|
|
Operating partner
commissions
|
|
25,370
|
|
|
|
28,355
|
|
|
|
49,548
|
|
|
|
53,183
|
|
Personnel
costs
|
|
15,227
|
|
|
|
15,906
|
|
|
|
30,074
|
|
|
|
30,451
|
|
Selling, general and
administrative expenses
|
|
6,680
|
|
|
|
7,522
|
|
|
|
14,343
|
|
|
|
14,646
|
|
Depreciation and
amortization
|
|
4,095
|
|
|
|
3,815
|
|
|
|
8,132
|
|
|
|
7,448
|
|
Transition, lease
termination, and other costs
|
|
337
|
|
|
|
(11)
|
|
|
|
328
|
|
|
|
(11)
|
|
Change in fair value
of contingent consideration
|
|
33
|
|
|
|
(476)
|
|
|
|
48
|
|
|
|
(571)
|
|
Total operating
expenses
|
|
197,711
|
|
|
|
252,088
|
|
|
|
393,452
|
|
|
|
466,138
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
4,216
|
|
|
|
8,850
|
|
|
|
9,018
|
|
|
|
13,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
18
|
|
|
|
13
|
|
|
|
33
|
|
|
|
24
|
|
Interest
expense
|
|
(612)
|
|
|
|
(873)
|
|
|
|
(1,319)
|
|
|
|
(1,661)
|
|
Foreign currency
transaction gain (loss)
|
|
(25)
|
|
|
|
159
|
|
|
|
(48)
|
|
|
|
193
|
|
Other
|
|
44
|
|
|
|
59
|
|
|
|
75
|
|
|
|
209
|
|
Total other
expense
|
|
(575)
|
|
|
|
(642)
|
|
|
|
(1,259)
|
|
|
|
(1,235)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
3,641
|
|
|
|
8,208
|
|
|
|
7,759
|
|
|
|
12,448
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(961)
|
|
|
|
(1,874)
|
|
|
|
(1,748)
|
|
|
|
(2,851)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
2,680
|
|
|
|
6,334
|
|
|
|
6,011
|
|
|
|
9,597
|
|
Less: net income
attributable to non-controlling interest
|
|
(93)
|
|
|
|
(464)
|
|
|
|
(189)
|
|
|
|
(644)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
2,587
|
|
|
|
5,870
|
|
|
|
5,822
|
|
|
|
8,953
|
|
Less: preferred stock
dividends
|
|
—
|
|
|
|
(445)
|
|
|
|
—
|
|
|
|
(956)
|
|
Less: issuance costs
for preferred stock redemption
|
|
—
|
|
|
|
(1,659)
|
|
|
|
—
|
|
|
|
(1,659)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
|
2,587
|
|
|
$
|
3,766
|
|
|
$
|
5,822
|
|
|
$
|
6,338
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
(148)
|
|
|
|
798
|
|
|
|
(34)
|
|
|
|
493
|
|
Comprehensive
income
|
$
|
2,532
|
|
|
$
|
7,132
|
|
|
$
|
5,977
|
|
|
$
|
10,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per share
attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.05
|
|
|
$
|
0.08
|
|
|
$
|
0.12
|
|
|
$
|
0.13
|
|
Diluted
|
$
|
0.05
|
|
|
$
|
0.07
|
|
|
$
|
0.11
|
|
|
$
|
0.12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,760,844
|
|
|
|
49,461,982
|
|
|
|
49,711,692
|
|
|
|
49,449,956
|
|
Diluted
|
|
51,395,063
|
|
|
|
51,064,163
|
|
|
|
51,411,538
|
|
|
|
50,884,799
|
|
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 Attributable to Common Stock, EBITDA, Adjusted
EBITDA, and Adjusted EBITDA Margin
(unaudited)
As used in this report, Net Revenues, Adjusted Net Income
Attributable to Common Stockholders, EBITDA, Adjusted EBITDA, and
Adjusted EBITDA Margin are not measures of financial performance or
liquidity under United States Generally Accepted Accounting
Principles ("GAAP"). Net Revenues, Adjusted Net Income Attributable
to Common Stockholders, EBITDA, Adjusted EBITDA, and Adjusted
EBITDA Margin 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 Attributable to Common Stockholders, management
uses a 24.5% tax rate 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 Attributable to Common
Stockholders, the Company adjusts for certain non-cash charges and
significant items that are not part of regular operating
activities. These adjustments include income taxes, depreciation
and amortization, change in fair value of contingent consideration,
transition costs, lease termination costs, acquisition related
costs, litigation costs, amortization of debt issuance costs, and
issuance costs for preferred stock redemption.
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 Attributable to Common Stockholders,
EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin 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
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Net Revenues
(Non-GAAP measure)
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
Total
revenues
|
$
|
201,927
|
|
|
$
|
260,938
|
|
|
$
|
402,470
|
|
|
$
|
479,821
|
|
Cost of
transportation and other services
|
|
145,969
|
|
|
|
196,977
|
|
|
|
290,979
|
|
|
|
360,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
55,958
|
|
|
$
|
63,961
|
|
|
$
|
111,491
|
|
|
$
|
118,829
|
|
Net revenues
margin
|
|
27.7
|
%
|
|
|
24.5
|
%
|
|
|
27.7
|
%
|
|
|
24.8
|
%
|
|
(In
thousands)
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
$
|
2,587
|
|
|
$
|
3,766
|
|
|
$
|
5,822
|
|
|
$
|
6,338
|
|
Preferred stock
dividends
|
|
—
|
|
|
|
445
|
|
|
|
—
|
|
|
|
956
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
|
2,587
|
|
|
|
5,870
|
|
|
|
5,822
|
|
|
|
8,953
|
|
Income tax
expense
|
|
961
|
|
|
|
1,874
|
|
|
|
1,748
|
|
|
|
2,851
|
|
Depreciation and
amortization
|
|
4,095
|
|
|
|
3,815
|
|
|
|
8,132
|
|
|
|
7,448
|
|
Net interest
expense
|
|
594
|
|
|
|
860
|
|
|
|
1,286
|
|
|
|
1,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
8,237
|
|
|
|
12,419
|
|
|
|
16,988
|
|
|
|
20,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
467
|
|
|
|
464
|
|
|
|
897
|
|
|
|
795
|
|
Change in fair value
of contingent consideration
|
|
33
|
|
|
|
(476)
|
|
|
|
48
|
|
|
|
(571)
|
|
Acquisition related
costs
|
|
27
|
|
|
|
14
|
|
|
|
312
|
|
|
|
18
|
|
Litigation
costs
|
|
248
|
|
|
|
248
|
|
|
|
432
|
|
|
|
385
|
|
Transition, lease
termination, and other costs
|
|
337
|
|
|
|
(11)
|
|
|
|
328
|
|
|
|
(11)
|
|
Foreign currency
transaction loss (gain)
|
|
25
|
|
|
|
(159)
|
|
|
|
48
|
|
|
|
(193)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
9,374
|
|
|
$
|
12,499
|
|
|
$
|
19,053
|
|
|
$
|
21,312
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Net Revenues)
|
|
16.8
|
%
|
|
|
19.5
|
%
|
|
|
17.1
|
%
|
|
|
17.9
|
%
|
|
(In thousands,
except share and per share data)
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted net income
attributable to common stockholders:
|
2019
|
|
|
2018
|
|
|
2019
|
|
|
2018
|
|
GAAP net income
attributable to common stockholders
|
$
|
2,587
|
|
|
$
|
3,766
|
|
|
$
|
5,822
|
|
|
$
|
6,338
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
961
|
|
|
|
1,874
|
|
|
|
1,748
|
|
|
|
2,851
|
|
Depreciation and
amortization
|
|
4,095
|
|
|
|
3,815
|
|
|
|
8,132
|
|
|
|
7,448
|
|
Change in fair value
of contingent consideration
|
|
33
|
|
|
|
(476)
|
|
|
|
48
|
|
|
|
(571)
|
|
Transition, lease
termination, and other costs
|
|
337
|
|
|
|
(11)
|
|
|
|
328
|
|
|
|
(11)
|
|
Acquisition related
costs
|
|
27
|
|
|
|
14
|
|
|
|
312
|
|
|
|
18
|
|
Litigation
costs
|
|
248
|
|
|
|
248
|
|
|
|
432
|
|
|
|
385
|
|
Amortization of debt
issuance costs
|
|
54
|
|
|
|
56
|
|
|
|
108
|
|
|
|
115
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
1,659
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
before income taxes
|
|
8,342
|
|
|
|
10,945
|
|
|
|
16,930
|
|
|
|
18,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5% before preferred
dividend requirement
|
|
(2,044)
|
|
|
|
(2,791)
|
|
|
|
(4,148)
|
|
|
|
(4,701)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
|
$
|
6,298
|
|
|
$
|
8,154
|
|
|
$
|
12,782
|
|
|
$
|
13,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.13
|
|
|
$
|
0.16
|
|
|
$
|
0.26
|
|
|
$
|
0.27
|
|
Diluted
|
$
|
0.12
|
|
|
$
|
0.16
|
|
|
$
|
0.25
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,760,844
|
|
|
|
49,461,982
|
|
|
|
49,711,692
|
|
|
|
49,449,956
|
|
Diluted
|
|
51,395,063
|
|
|
|
51,064,163
|
|
|
|
51,411,538
|
|
|
|
50,884,799
|
|
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SOURCE Radiant Logistics, Inc.