BELLEVUE, Wash., Sept. 28, 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 twelve months ended
June 30, 2020.
Financial Highlights – Three Months Ended
June 30, 2020
- Revenues reported at a record $275.5
million for the fourth fiscal quarter ended June 30, 2020, compared to revenues of
$204.6 million for the comparable
prior year period.
- Net revenues reported at $50.1
million for the fourth fiscal quarter ended June 30, 2020, compared to net revenues of
$58.5 million for the comparable
prior year period.
- Net income attributable to common stockholders reported at
$4.7 million, or $0.09 per basic and fully diluted share, compared
to net income attributable to common stockholders of $4.5 million, or $0.09 per basic and fully diluted share for the
comparable prior year period.
- Adjusted net income attributable to common stockholders, a
non-GAAP financial measure, reported at a record $8.9 million, or $0.18 per basic and fully diluted share for the
fourth fiscal quarter ended June 30,
2020, compared to adjusted net income attributable to common
stockholders of $7.5 million, or
$0.15 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.
- Adjusted EBITDA reported at a record $13.1 million for the fourth fiscal quarter ended
June 30, 2020, compared to adjusted
EBITDA of $11.0 million for the
comparable prior year period.
CEO Bohn Crain comments on
results, including impact of COVID-19
"I'm very proud of the Radiant Network and our collective
response to challenges presented by the COVID pandemic," said
Bohn Crain, Founder and CEO of
Radiant Logistics. "Since late March we have been focusing on
delivering against four key objectives: ensuring the health and
safety of our employees; providing supply chain continuity for our
customers, operating partners and carriers; protecting the economic
security of our people to the greatest extent possible; and taking
the steps necessary to mitigate the impacts of the slowing economy
on our own business. Although the pandemic has had a substantial
negative impact on many of the industry verticals and customers
that we serve, we are proud to be playing an active role in the
fight against COVID-19: delivering personal protective equipment
("PPE"), food and beverage, consumer goods, technology and other
essential products for our customers across North America and around the world. Our work,
particularly in support of the movement of PPE, has helped us to
achieve record results with $13.1
million in Adjusted EBITDA on $275.5
million in revenues for the quarter ended June 30, 2020.
We were fortunate to have entered this economic downturn with
very low leverage on our balance sheet. In addition, we
aggressively worked to preserve our liquidity: tabling any
acquisition efforts, suspending our stock buy-back program,
deferring discretionary technology investments, reducing our
discretionary operating expenses and initiating a series of
temporary workforce reductions. In the face of COVID, these
proactive measures along with our work in in supporting essential
businesses, has allowed us to continue to pay down our debt even
further during the pandemic. As of June 30,
2020, we had $34.8 million of
cash on hand and net debt of $17.1
million, less than half of our trailing twelve-month EBITDA,
giving us additional financial flexibility to navigate any further
market weakness as well as the ability to pursue new acquisition
opportunities into the future."
Crain continued, "Although the overall demand for transportation
services has been significantly impacted, we are seeing slow and
steady improvement across many industry verticals that we serve.
With the diversity of our customers and service offerings, the
strength of our balance sheet, the scalability of our technology
and the commitment of our teammates, we are certainly optimistic
about the economy and its ultimate recovery. As a result, we have
begun to restore salaries of our employees, returned many of our
furloughed employees to work and will be forever grateful to our
team of employees and operating partners who have worked so
resiliently to support our customers through this pandemic. In the
months ahead, we will continue to closely monitor how we and the
economy are progressing and look forward to re-engaging in
acquisition opportunities and/or our stock buy-back activities as
the opportunities present themselves."
Fourth Fiscal Quarter Ended June 30, 2020 –
Financial Results
For the three months ended June 30, 2020, Radiant
reported net income attributable to common stockholders of
$4.7 million on $275.5 million of revenues, or $0.09 per basic and fully diluted share. 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, 2020, Radiant
reported record adjusted net income attributable to common
stockholders of $8.9 million, or
$0.18 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, 2020, Radiant
reported Adjusted EBITDA at a record $13.1
million, compared to $11.0 million for the comparable prior year
period.
Year Ended June 30, 2020 – Financial
Results
For the twelve months ended June 30, 2020, Radiant
reported net income attributable to common stockholders of
$10.5 million on $855.2 million of revenues, or $0.21 per basic and fully diluted share. For
the twelve months ended June 30, 2019, Radiant
reported net income attributable to common stockholders of
$13.7 million 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, 2020,
Radiant reported adjusted net income attributable to common
stockholders of $25.6 million,
or $0.52 per basic and $0.50 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, 2020, Radiant
reported Adjusted EBITDA of $38.3
million, compared to $40.8
million for the comparable prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Monday, September 28, 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, September 28,
2020 at 4:30 PM Eastern
|
|
|
DIAL-IN
|
US (844) 369-8770;
Intl. (862) 298-0840
|
|
|
REPLAY
|
September 29, 2020 at
9:30 AM Eastern to October 12, 2020 at 4:30 PM Eastern, US (877)
481-4010;
Intl. (919) 882-2331 (Replay ID number: 36979)
|
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/2191/36979.
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 set forth in United
States securities laws and regulations – that is, statements
related to future, not past, events. In this context,
forward-looking statements often address our expected future
business, financial performance and financial condition, and often
contain words such as "anticipate," "believe," "estimates,"
"expect," "future," "intend," "may," "plan," "see," "seek,"
"strategy," or "will" or the negative thereof or any variation
thereon or similar terminology or expressions. These
forward-looking statements are not guarantees and are subject to
known and unknown risks, uncertainties and assumptions about us
that may cause our actual results, levels of activity, performance
or achievements to be materially different from any future results,
levels of activity, performance or achievements expressed or
implied by such forward-looking statements. We have developed our
forward-looking statements based on management's beliefs and
assumptions, which in turn rely upon information available to them
at the time such statements were made. Such forward-looking
statements reflect our current perspectives on our business, future
performance, existing trends and information as of the date of this
announcement. These include, but are not limited to, our beliefs
about future revenue and expense levels, growth rates, prospects
related to our strategic initiatives and business strategies, along
with express or implied assumptions about, among other things: our
continued relationships with our strategic operating partners; the
performance of our historic business, as well as the businesses we
have recently acquired, at levels consistent with recent trends and
reflective of the synergies we believe will be available to us as a
result of such acquisitions; our ability to successfully integrate
our recently acquired businesses; our ability to locate suitable
acquisition opportunities and secure the financing necessary to
complete such acquisitions; transportation costs remaining in-line
with recent levels and expected trends; our ability to mitigate, to
the best extent possible, our dependence on current management and
certain of our larger strategic operating partners; our compliance
with financial and other covenants under our indebtedness; the
absence of any adverse laws or governmental regulations affecting
the transportation industry in general, and our operations in
particular; the impact of COVID-19 on our operations and financial
results; and such other factors that may be identified from time to
time in our Securities and Exchange Commission ("SEC") filings and
other public announcements, including those set forth under the
caption "Risk Factors" in our Form 10-K for the year
ended June 30, 2020. In addition, the
global economic climate and additional or unforeseen effects from
the COVID-19 pandemic amplify many of these risks. All subsequent
written and oral forward-looking statements attributable to us, or
persons acting on our behalf, are expressly qualified in their
entirety by the foregoing. Readers are cautioned not to place undue
reliance on our forward-looking statements, as they speak only as
of the date made. We disclaim any obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
RADIANT LOGISTICS,
INC.
Condensed
Consolidated Balance Sheets
|
|
|
|
June 30,
|
|
|
|
2020
|
|
|
2019
|
|
ASSETS
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
34,841
|
|
|
$
|
5,420
|
|
Accounts receivable,
net of allowance of $1,990 and $1,887, respectively
|
|
|
71,838
|
|
|
|
93,123
|
|
Contract
assets
|
|
|
16,312
|
|
|
|
17,777
|
|
Income tax
receivable
|
|
|
780
|
|
|
|
506
|
|
Prepaid expenses and
other current assets
|
|
|
16,817
|
|
|
|
8,066
|
|
Total current
assets
|
|
|
140,588
|
|
|
|
124,892
|
|
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
18,712
|
|
|
|
20,127
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
72,199
|
|
|
|
65,389
|
|
Intangible assets,
net
|
|
|
51,192
|
|
|
|
55,742
|
|
Operating lease
right-of-use assets
|
|
|
12,580
|
|
|
|
—
|
|
Deposits and other
assets
|
|
|
4,769
|
|
|
|
1,560
|
|
Total other long-term
assets
|
|
|
140,740
|
|
|
|
122,691
|
|
Total
assets
|
|
$
|
300,040
|
|
|
$
|
267,710
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
65,003
|
|
|
$
|
74,097
|
|
Operating partner
commissions payable
|
|
|
9,131
|
|
|
|
12,891
|
|
Accrued
expenses
|
|
|
6,538
|
|
|
|
6,224
|
|
Current portion of
notes payable
|
|
|
3,800
|
|
|
|
3,687
|
|
Current portion of
operating lease liability
|
|
|
6,121
|
|
|
|
—
|
|
Current portion of
finance lease liability
|
|
|
688
|
|
|
|
683
|
|
Other current
liabilities
|
|
|
308
|
|
|
|
465
|
|
Total current
liabilities
|
|
|
93,716
|
|
|
|
98,422
|
|
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
48,091
|
|
|
|
30,047
|
|
Operating lease
liability, net of current portion
|
|
|
7,192
|
|
|
|
—
|
|
Finance lease
liability, net of current portion
|
|
|
2,476
|
|
|
|
3,161
|
|
Deferred income
taxes
|
|
|
7,484
|
|
|
|
7,838
|
|
Deferred rent
liability
|
|
|
—
|
|
|
|
862
|
|
Other long-term
liabilities
|
|
|
93
|
|
|
|
100
|
|
Total long-term
liabilities
|
|
|
68,149
|
|
|
|
42,008
|
|
Total
liabilities
|
|
|
161,865
|
|
|
|
140,430
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity:
|
|
|
|
|
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 50,188,486 and
49,678,262 shares issued, and
49,555,639 and 49,586,464 shares outstanding,
respectively
|
|
|
32
|
|
|
|
31
|
|
Additional paid-in
capital
|
|
|
102,214
|
|
|
|
100,186
|
|
Treasury stock, at
cost, 632,847 and 91,798 shares, respectively
|
|
|
(2,749)
|
|
|
|
(253)
|
|
Retained
earnings
|
|
|
37,424
|
|
|
|
26,883
|
|
Accumulated other
comprehensive income
|
|
|
445
|
|
|
|
187
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
137,366
|
|
|
|
127,034
|
|
Non-controlling
interest
|
|
|
809
|
|
|
|
246
|
|
Total
equity
|
|
|
138,175
|
|
|
|
127,280
|
|
Total liabilities and
equity
|
|
$
|
300,040
|
|
|
$
|
267,710
|
|
RADIANT LOGISTICS,
INC.
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
Three Months Ended
June 30,
|
|
|
Year Ended
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2020
|
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Revenues
|
$
|
275,506
|
|
|
$
|
204,648
|
|
|
$
|
855,197
|
|
|
$
|
890,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
225,405
|
|
|
|
146,123
|
|
|
|
645,824
|
|
|
|
660,416
|
|
Operating partner
commissions
|
|
15,922
|
|
|
|
26,245
|
|
|
|
85,821
|
|
|
|
102,553
|
|
Personnel
costs
|
|
13,192
|
|
|
|
15,119
|
|
|
|
57,679
|
|
|
|
60,375
|
|
Selling, general and
administrative expenses
|
|
7,181
|
|
|
|
7,005
|
|
|
|
29,548
|
|
|
|
28,463
|
|
Depreciation and
amortization
|
|
4,157
|
|
|
|
3,914
|
|
|
|
16,571
|
|
|
|
15,209
|
|
Transition, lease
termination, and other costs
|
|
172
|
|
|
|
—
|
|
|
|
500
|
|
|
|
(11)
|
|
Change in fair value
of contingent consideration
|
|
1,700
|
|
|
|
(25)
|
|
|
|
1,752
|
|
|
|
(1,207)
|
|
Total operating
expenses
|
|
267,729
|
|
|
|
198,381
|
|
|
|
837,695
|
|
|
|
865,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
7,777
|
|
|
|
6,267
|
|
|
|
17,502
|
|
|
|
24,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
9
|
|
|
|
13
|
|
|
|
59
|
|
|
|
50
|
|
Interest
expense
|
|
(815)
|
|
|
|
(678)
|
|
|
|
(2,885)
|
|
|
|
(3,023)
|
|
Foreign currency
transaction gain (loss)
|
|
(244)
|
|
|
|
(9)
|
|
|
|
(125)
|
|
|
|
160
|
|
Change in fair value
of interest rate swap contracts
|
|
600
|
|
|
|
—
|
|
|
|
600
|
|
|
|
—
|
|
Other
|
|
206
|
|
|
|
17
|
|
|
|
370
|
|
|
|
274
|
|
Total other
expense
|
|
(244)
|
|
|
|
(657)
|
|
|
|
(1,981)
|
|
|
|
(2,539)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
7,533
|
|
|
|
5,610
|
|
|
|
15,521
|
|
|
|
22,180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(1,307)
|
|
|
|
(1,007)
|
|
|
|
(3,157)
|
|
|
|
(4,800)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
6,226
|
|
|
|
4,603
|
|
|
|
12,364
|
|
|
|
17,380
|
|
Less: net income
attributable to non-controlling interest
|
|
(1,561)
|
|
|
|
(142)
|
|
|
|
(1,823)
|
|
|
|
(1,034)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
4,665
|
|
|
|
4,461
|
|
|
|
10,541
|
|
|
|
16,346
|
|
Less: preferred stock
dividends
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(956)
|
|
Less: issuance costs
for preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(1,659)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders
|
$
|
4,665
|
|
|
$
|
4,461
|
|
|
$
|
10,541
|
|
|
$
|
13,731
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
(419)
|
|
|
|
(214)
|
|
|
|
258
|
|
|
|
1
|
|
Comprehensive
income
|
$
|
5,807
|
|
|
$
|
4,389
|
|
|
$
|
12,622
|
|
|
$
|
17,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
share attributable to common stockholders:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.21
|
|
|
$
|
0.28
|
|
Diluted
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.21
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,398,826
|
|
|
|
49,572,399
|
|
|
|
49,600,506
|
|
|
|
49,497,007
|
|
Diluted
|
|
50,566,683
|
|
|
|
51,391,691
|
|
|
|
51,091,799
|
|
|
|
51,082,652
|
|
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
June 30,
|
|
|
Year Ended
June 30,
|
|
Net Revenues
(Non-GAAP measure)
|
|
2020
|
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Total
revenues
|
$
|
275,506
|
|
|
$
|
204,648
|
|
|
$
|
855,197
|
|
|
$
|
890,517
|
|
Cost of
transportation and other services
|
|
225,405
|
|
|
|
146,123
|
|
|
|
645,824
|
|
|
|
660,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
50,101
|
|
|
$
|
58,525
|
|
|
$
|
209,373
|
|
|
$
|
230,101
|
|
Net margin
|
|
18.2
|
%
|
|
|
28.6
|
%
|
|
|
24.5
|
%
|
|
|
25.8
|
%
|
|
|
(In
thousands)
|
Three Months Ended
June 30,
|
|
|
Year Ended
June 30,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
|
2020
|
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
Net income
attributable to common stockholders
|
$
|
4,665
|
|
|
$
|
4,461
|
|
|
$
|
10,541
|
|
|
$
|
13,731
|
|
Preferred stock
dividends
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
956
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
$
|
4,665
|
|
|
$
|
4,461
|
|
|
|
10,541
|
|
|
|
16,346
|
|
Income tax
expense
|
|
1,307
|
|
|
|
1,007
|
|
|
|
3,157
|
|
|
|
4,800
|
|
Depreciation and
amortization
|
|
4,157
|
|
|
|
3,914
|
|
|
|
16,571
|
|
|
|
15,209
|
|
Net interest
expense
|
|
806
|
|
|
|
665
|
|
|
|
2,826
|
|
|
|
2,973
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
10,935
|
|
|
|
10,047
|
|
|
|
33,095
|
|
|
|
39,328
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
358
|
|
|
|
408
|
|
|
|
1,663
|
|
|
|
1,612
|
|
Change in fair value
of contingent consideration
|
|
1,700
|
|
|
|
(25)
|
|
|
|
1,752
|
|
|
|
(1,207)
|
|
Acquisition related
costs
|
|
82
|
|
|
|
223
|
|
|
|
577
|
|
|
|
316
|
|
Litigation
costs
|
|
229
|
|
|
|
221
|
|
|
|
1,061
|
|
|
|
754
|
|
Transition, lease
termination, and other costs
|
|
199
|
|
|
|
128
|
|
|
|
586
|
|
|
|
117
|
|
Change in fair value
of interest rate swap contracts
|
|
(600)
|
|
|
|
—
|
|
|
|
(600)
|
|
|
|
—
|
|
Foreign currency
transaction loss (gain)
|
|
245
|
|
|
|
9
|
|
|
|
125
|
|
|
|
(160)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
13,148
|
|
|
$
|
11,011
|
|
|
$
|
38,259
|
|
|
$
|
40,760
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Net Revenues)
|
|
26.2
|
%
|
|
|
18.8
|
%
|
|
|
18.3
|
%
|
|
|
17.7
|
%
|
|
|
(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 attributable to common
stockholders
|
|
2020
|
|
|
|
2019
|
|
|
2020
|
|
|
2019
|
|
GAAP net income
attributable to common stockholders
|
$
|
4,665
|
|
|
$
|
4,461
|
|
|
$
|
10,541
|
|
|
$
|
13,731
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
1,307
|
|
|
|
1,007
|
|
|
|
3,157
|
|
|
|
4,800
|
|
Depreciation and
amortization
|
|
4,157
|
|
|
|
3,914
|
|
|
|
16,571
|
|
|
|
15,209
|
|
Change in fair value
of contingent consideration
|
|
1,700
|
|
|
|
(25)
|
|
|
|
1,752
|
|
|
|
(1,207)
|
|
Acquisition related
costs
|
|
82
|
|
|
|
223
|
|
|
|
577
|
|
|
|
316
|
|
Litigation
costs
|
|
229
|
|
|
|
221
|
|
|
|
1,061
|
|
|
|
754
|
|
Transition, lease
termination, and other costs
|
|
199
|
|
|
|
128
|
|
|
|
586
|
|
|
|
117
|
|
Change in fair value
of interest rate swap contracts
|
|
(600)
|
|
|
|
—
|
|
|
|
(600)
|
|
|
|
—
|
|
Amortization of debt
issuance costs
|
|
27
|
|
|
|
55
|
|
|
|
305
|
|
|
|
226
|
|
Issuance costs for
preferred stock redemption
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
before income taxes
|
|
11,766
|
|
|
|
9,984
|
|
|
|
33,950
|
|
|
|
35,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5% before preferred
dividend requirement
|
|
(2,883)
|
|
|
|
(2,446)
|
|
|
|
(8,318)
|
|
|
|
(8,957)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
attributable to common stockholders
|
$
|
8,883
|
|
|
$
|
7,538
|
|
|
$
|
25,632
|
|
|
$
|
26,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.52
|
|
|
$
|
0.54
|
|
Diluted
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.50
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,398,826
|
|
|
|
49,572,399
|
|
|
|
49,600,506
|
|
|
|
49,497,007
|
|
Diluted
|
|
50,566,683
|
|
|
|
51,391,691
|
|
|
|
51,091,799
|
|
|
|
51,082,652
|
|
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SOURCE Radiant Logistics, Inc.