RENTON, Wash., Sept. 9, 2021 /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, 2021.
Financial Highlights – Three Months Ended
June 30, 2021
- Revenues decreased to $257.9
million for the fourth fiscal quarter ended June 30, 2021, down $17.6
million or 6.4%, compared to revenues of $275.5 million for the comparable prior year
period. Excluding Covid-related project revenues of $125.5 million realized from air charters in the
year ago period, revenues were up $107.9
million or 71.9%.
- Net revenues, a non-GAAP financial measure, increased to a
record $62.8 million for the fourth
fiscal quarter ended June 30, 2021,
up $12.7 million or 25.3%, compared
to net revenues of $50.1 million for
the comparable prior year period.
- Net income increased to a record $11.1
million, or $0.22 per basic
and $0.21 per fully diluted share, up
$6.4 million or 136.2% compared to
net income of $4.7 million, or
$0.09 per basic and fully diluted
share for the comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, increased to
a record $10.1 million, or
$0.20 per basic and fully diluted
share for the fourth fiscal quarter ended June 30, 2021, up $1.2
million or 13.5%, compared to adjusted net income of
$8.9 million, or $0.18 per basic and fully diluted share for the
comparable prior year period. Adjusted net income is calculated by
applying a normalized tax rate of 24.5% and excluding other items
not considered part of regular operating activities.
- Adjusted EBITDA, a non-GAAP financial measure, increased to a
record $14.1 million for the fourth
fiscal quarter ended June 30, 2021,
up $1.0 million or 7.6%, compared to
adjusted EBITDA of $13.1 million for
the comparable prior year period.
CEO Bohn Crain comments on
results
"We are very pleased to report another quarter of solid
financial results for the June quarter," said Bohn Crain, Founder and CEO of Radiant
Logistics. "We posted revenues of $257.9
million, down $17.6 million or
6.4%; Excluding Covid-related project revenues of $125.5 million realized from air charters
in the year ago period, revenues were up $107.9 million or 71.9%; net revenues of
$62.8 million, up $12.7 million or 25.3%, net income of
$11.1 million, up $6.4 million or 136.2%; record adjusted net
income of $10.1 million, up
$1.2 million or 13.5%, and record
adjusted EBITDA of $14.1 million, up
$1.0 million or 7.6%. These record
results reflect the benefit of our scalable non-asset based
business model, diversity of our service offerings, and our ability
to quickly respond to changing market dynamics. Not only are we
seeing solid recovery in our legacy business, but we are winning
meaningful new business across the platform - in the U.S and in
Canada. Business continues to be
robust in the locations operated by our strategic operating
partners and in our company owned locations. In addition, we have
been able to deliver these records while continuing to maintain
very low leverage on our balance sheet."
Mr. Crain continued, "As we have previously discussed, we also
believe that our current share price does not accurately
reflect Radiant's intrinsic value or long-term growth
prospects, particularly given our unlevered balance sheet, and
therefore represents an excellent investment opportunity for both
the Company and our shareholders. In this regard we were able to
begin to re-engage in our stock buy-back and purchased
approximately $1.9 million of our
stock during the quarter ended June 30,
2021.
We remain encouraged by our continued strong financial
performance and the fact that we were able to report a record
$48.8 million in adjusted EBITDA for
the twelve months ended June 30,
2021. With the diversity of our customers, the strength of
our balance sheet, the scalability of our technology, the
commitment of our employees, and the continued recovery of the
business sectors that have been most adversely affected by
COVID-19, we remain optimistic about the trajectory of the economy
and the opportunities that it will present for Radiant. In the
months ahead, we will continue to closely monitor how we and the
economy are progressing and expect to continue to be active in our
stock buy-back activities and look forward to re-activating our
acquisition efforts as the opportunity presents itself."
Fourth Fiscal Quarter Ended June 30, 2021 –
Financial Results
For the three months ended June 30, 2021, Radiant
reported record net income of $11.1
million on $257.9 million
of revenues, or $0.22 per basic and
$0.21 per fully diluted share. For
the three months ended June 30, 2020, Radiant reported
net income 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, 2021, Radiant
reported record adjusted net income, a non-GAAP financial measure,
of $10.1 million, or
$0.20 per basic and fully diluted
share. For the three months ended June 30, 2020, Radiant
reported adjusted net income of $8.9
million, or $0.18 per basic
and fully diluted share.
For the three months ended June 30, 2021, Radiant
reported record Adjusted EBITDA, a non-GAAP financial measure, of
$14.1 million, compared to
$13.1 million for the comparable
prior year period.
Twelve Months Ended June 30, 2021 – Financial
Results
For the twelve months ended June 30, 2021, Radiant
reported record net income of $22.9
million on $889.1 million of
revenues, or $0.46 per basic and
$0.45 per fully diluted
share. For the twelve months
ended June 30, 2020, Radiant reported net income 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, 2021,
Radiant reported record adjusted net income, a non-GAAP financial
measure, of $34.4 million, or
$0.69 per basic and $0.67 per fully diluted share. For
the twelve months ended June 30, 2020,
Radiant reported adjusted net income of $25.6 million or $0.52 per basic and $0.50 per fully diluted share.
For the twelve months ended June 30, 2021, Radiant
reported record Adjusted EBITDA, a non-GAAP financial measure, of
$48.8 million, compared to
$38.3 million for the comparable
prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Thursday, September 9, 2021 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
9, 2021 at 4:30 PM Eastern
|
DIAL-IN
|
US (844) 602-0380;
Intl. (862) 298-0970
|
REPLAY
|
September 10, 2021 at
9:30 AM Eastern to September 23, 2021 at 4:30 PM Eastern, US (877)
481-4010;
Intl. (919) 882-2331
(Replay ID number: 42741)
|
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/2191/42741.
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. Such forward-looking statements, particularly as they
relate to our reported financial results, have been developed based
on the results of our unaudited fourth-quarter and year-ended,
June 30, 2021 financial statements,
and could be subject to change upon the completion of the audited
financial statements that we expect will be included in our Annual
Report on Form 10-K for the year-ended June
30, 2021, which we expect to timely file following the date
of this announcement. The assumptions implicit in our
forward-looking statements further 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, as well as the "Risk
Factors" that we expect to include within our Annual Report on Form
10-K for the year-ended June 30,
2021. 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,
|
|
|
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
13,696
|
|
|
$
|
34,841
|
|
Accounts receivable,
net of allowance of $1,489 and $1,990, respectively
|
|
|
117,349
|
|
|
|
71,838
|
|
Contract
assets
|
|
|
27,753
|
|
|
|
16,312
|
|
Income tax
receivable
|
|
|
—
|
|
|
|
780
|
|
Prepaid expenses and
other current assets
|
|
|
17,512
|
|
|
|
16,817
|
|
Total current
assets
|
|
|
176,310
|
|
|
|
140,588
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
24,151
|
|
|
|
18,712
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
72,582
|
|
|
|
72,199
|
|
Intangible assets,
net
|
|
|
41,404
|
|
|
|
51,192
|
|
Operating lease
right-of-use assets
|
|
|
39,022
|
|
|
|
12,580
|
|
Deposits and other
assets
|
|
|
3,772
|
|
|
|
4,769
|
|
Total other long-term
assets
|
|
|
156,780
|
|
|
|
140,740
|
|
Total
assets
|
|
$
|
357,241
|
|
|
$
|
300,040
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
87,941
|
|
|
$
|
65,003
|
|
Operating partner
commissions payable
|
|
|
13,779
|
|
|
|
9,131
|
|
Accrued
expenses
|
|
|
6,801
|
|
|
|
6,538
|
|
Income tax
payable
|
|
|
2,713
|
|
|
|
—
|
|
Current portion of
notes payable
|
|
|
4,446
|
|
|
|
3,800
|
|
Current portion of
operating lease liability
|
|
|
6,989
|
|
|
|
6,121
|
|
Current portion of
finance lease liability
|
|
|
743
|
|
|
|
688
|
|
Current portion of
contingent consideration
|
|
|
2,600
|
|
|
|
2,127
|
|
Other current
liabilities
|
|
|
345
|
|
|
|
308
|
|
Total current
liabilities
|
|
|
126,357
|
|
|
|
93,716
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
24,000
|
|
|
|
48,091
|
|
Operating lease
liability, net of current portion
|
|
|
34,899
|
|
|
|
7,192
|
|
Finance lease
liability, net of current portion
|
|
|
1,809
|
|
|
|
2,476
|
|
Contingent
consideration, net of current portion
|
|
|
4,663
|
|
|
|
2,813
|
|
Deferred income
taxes
|
|
|
4,021
|
|
|
|
7,484
|
|
Other long-term
liabilities
|
|
|
89
|
|
|
|
93
|
|
Total long-term
liabilities
|
|
|
69,481
|
|
|
|
68,149
|
|
Total
liabilities
|
|
|
195,838
|
|
|
|
161,865
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 50,832,205 and 50,188,486
shares issued, and 49,930,389 and 49,555,639 shares outstanding,
respectively
|
|
|
32
|
|
|
|
32
|
|
Additional paid-in
capital
|
|
|
104,228
|
|
|
|
102,214
|
|
Treasury stock, at
cost, 901,816 and 632,847 shares, respectively
|
|
|
(4,658)
|
|
|
|
(2,749)
|
|
Retained
earnings
|
|
|
60,367
|
|
|
|
37,424
|
|
Accumulated other
comprehensive income
|
|
|
1,141
|
|
|
|
445
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
161,110
|
|
|
|
137,366
|
|
Non-controlling
interest
|
|
|
293
|
|
|
|
809
|
|
Total
equity
|
|
|
161,403
|
|
|
|
138,175
|
|
Total liabilities and
equity
|
|
$
|
357,241
|
|
|
$
|
300,040
|
|
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)
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues
|
$
|
257,910
|
|
|
$
|
275,506
|
|
|
$
|
889,124
|
|
|
$
|
855,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
195,151
|
|
|
|
225,405
|
|
|
|
668,299
|
|
|
|
645,824
|
|
Operating partner
commissions
|
|
27,654
|
|
|
|
15,922
|
|
|
|
94,040
|
|
|
|
85,821
|
|
Personnel
costs
|
|
14,638
|
|
|
|
13,192
|
|
|
|
55,378
|
|
|
|
57,679
|
|
Selling, general and
administrative expenses
|
|
6,523
|
|
|
|
7,181
|
|
|
|
24,434
|
|
|
|
29,548
|
|
Depreciation and
amortization
|
|
4,224
|
|
|
|
4,157
|
|
|
|
16,642
|
|
|
|
16,571
|
|
Transition, lease
termination, and other costs
|
|
—
|
|
|
|
172
|
|
|
|
—
|
|
|
|
500
|
|
Change in fair value
of contingent consideration
|
|
—
|
|
|
|
1,700
|
|
|
|
4,350
|
|
|
|
1,752
|
|
Total operating
expenses
|
|
248,190
|
|
|
|
267,729
|
|
|
|
863,143
|
|
|
|
837,695
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
9,720
|
|
|
|
7,777
|
|
|
|
25,981
|
|
|
|
17,502
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
4
|
|
|
|
9
|
|
|
|
18
|
|
|
|
59
|
|
Interest
expense
|
|
(631)
|
|
|
|
(815)
|
|
|
|
(2,549)
|
|
|
|
(2,885)
|
|
Foreign currency
transaction loss
|
|
(31)
|
|
|
|
(244)
|
|
|
|
(189)
|
|
|
|
(125)
|
|
Change in fair value
of interest rate swap contracts
|
|
48
|
|
|
|
600
|
|
|
|
(594)
|
|
|
|
600
|
|
Gain on forgiveness of
debt
|
|
4,573
|
|
|
|
—
|
|
|
|
5,987
|
|
|
|
—
|
|
Other
|
|
41
|
|
|
|
206
|
|
|
|
704
|
|
|
|
370
|
|
Total other income
(expense)
|
|
4,004
|
|
|
|
(244)
|
|
|
|
3,377
|
|
|
|
(1,981)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
13,724
|
|
|
|
7,533
|
|
|
|
29,358
|
|
|
|
15,521
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(2,440)
|
|
|
|
(1,307)
|
|
|
|
(5,896)
|
|
|
|
(3,157)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
11,284
|
|
|
|
6,226
|
|
|
|
23,462
|
|
|
|
12,364
|
|
Less: net income
attributable to non-controlling interest
|
|
(225)
|
|
|
|
(1,561)
|
|
|
|
(519)
|
|
|
|
(1,823)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
$
|
11,059
|
|
|
$
|
4,665
|
|
|
$
|
22,943
|
|
|
$
|
10,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain
|
|
523
|
|
|
|
(419)
|
|
|
|
696
|
|
|
|
258
|
|
Comprehensive
income
|
$
|
11,807
|
|
|
$
|
5,807
|
|
|
$
|
24,158
|
|
|
$
|
12,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.22
|
|
|
$
|
0.09
|
|
|
$
|
0.46
|
|
|
$
|
0.21
|
|
Diluted
|
$
|
0.21
|
|
|
$
|
0.09
|
|
|
$
|
0.45
|
|
|
$
|
0.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
50,140,900
|
|
|
|
49,398,826
|
|
|
|
49,890,945
|
|
|
|
49,600,506
|
|
Diluted
|
|
51,438,679
|
|
|
|
50,566,683
|
|
|
|
51,208,295
|
|
|
|
51,091,799
|
|
Reconciliation of Non-GAAP
Measures
RADIANT LOGISTICS, INC.
Reconciliation of Total Revenues to Net
Revenues, Net Income
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted
EBITDA Margin
(unaudited)
As used in this report, Net Revenues, Adjusted Net Income,
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, 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,
management uses a 24.5% tax rate to calculate the provision for
income taxes 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 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,
change in fair value of interest rate swap contracts, and gain on
forgiveness of debt.
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 interest, taxes, and 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 property, 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, gain on forgiveness of debt, 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, Adjusted EBITDA, and
Adjusted EBITDA Margin should not be considered in isolation or as
a substitute for any of the consolidated statements of
comprehensive income 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)
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Total
revenues
|
|
$
|
257,910
|
|
|
$
|
275,506
|
|
|
$
|
889,124
|
|
|
$
|
855,197
|
|
Cost of
transportation and other services
|
|
|
195,151
|
|
|
|
225,405
|
|
|
|
668,299
|
|
|
|
645,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
|
$
|
62,759
|
|
|
$
|
50,101
|
|
|
$
|
220,825
|
|
|
$
|
209,373
|
|
Net margin
|
|
|
24.3
|
%
|
|
|
18.2
|
%
|
|
|
24.8
|
%
|
|
|
24.5
|
%
|
(In
thousands)
|
|
Three Months Ended
June 30,
|
|
|
Year Ended
June 30,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net income
attributable to Radiant Logistics, Inc.
|
|
$
|
11,059
|
|
|
$
|
4,665
|
|
|
$
|
22,943
|
|
|
$
|
10,541
|
|
Income tax
expense
|
|
|
2,440
|
|
|
|
1,307
|
|
|
|
5,896
|
|
|
|
3,157
|
|
Depreciation and
amortization
|
|
|
4,224
|
|
|
|
4,157
|
|
|
|
16,642
|
|
|
|
16,571
|
|
Net interest
expense
|
|
|
627
|
|
|
|
806
|
|
|
|
2,531
|
|
|
|
2,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
18,350
|
|
|
|
10,935
|
|
|
|
48,012
|
|
|
|
33,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
297
|
|
|
|
358
|
|
|
|
1,071
|
|
|
|
1,663
|
|
Change in fair value
of contingent consideration
|
|
|
—
|
|
|
|
1,700
|
|
|
|
4,350
|
|
|
|
1,752
|
|
Acquisition related
costs
|
|
|
7
|
|
|
|
82
|
|
|
|
42
|
|
|
|
577
|
|
Litigation
costs
|
|
|
102
|
|
|
|
229
|
|
|
|
535
|
|
|
|
1,061
|
|
Gain on litigation
settlement, net
|
|
|
(25)
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
—
|
|
Transition, lease
termination, and other costs
|
|
|
—
|
|
|
|
199
|
|
|
|
—
|
|
|
|
586
|
|
Change in fair value
of interest rate swap contracts
|
|
|
(48)
|
|
|
|
(600)
|
|
|
|
594
|
|
|
|
(600)
|
|
Gain on forgiveness of
debt
|
|
|
(4,573)
|
|
|
|
—
|
|
|
|
(5,987)
|
|
|
|
—
|
|
Foreign currency
transaction loss
|
|
|
31
|
|
|
|
245
|
|
|
|
189
|
|
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
14,141
|
|
|
$
|
13,148
|
|
|
$
|
48,781
|
|
|
$
|
38,259
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Net Revenues)
|
|
|
22.5
|
%
|
|
|
26.2
|
%
|
|
|
22.1
|
%
|
|
|
18.3
|
%
|
(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
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
|
$
|
11,059
|
|
|
$
|
4,665
|
|
|
$
|
22,943
|
|
|
$
|
10,541
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
|
2,440
|
|
|
|
1,307
|
|
|
|
5,896
|
|
|
|
3,157
|
|
Depreciation and
amortization
|
|
|
4,224
|
|
|
|
4,157
|
|
|
|
16,642
|
|
|
|
16,571
|
|
Change in fair value
of contingent consideration
|
|
|
—
|
|
|
|
1,700
|
|
|
|
4,350
|
|
|
|
1,752
|
|
Acquisition related
costs
|
|
|
7
|
|
|
|
82
|
|
|
|
42
|
|
|
|
577
|
|
Litigation
costs
|
|
|
102
|
|
|
|
229
|
|
|
|
535
|
|
|
|
1,061
|
|
Transition, lease
termination, and other costs
|
|
|
—
|
|
|
|
199
|
|
|
|
—
|
|
|
|
586
|
|
Change in fair value
of interest rate swap contracts
|
|
|
(48)
|
|
|
|
(600)
|
|
|
|
594
|
|
|
|
(600)
|
|
Gain on forgiveness of
debt
|
|
|
(4,573)
|
|
|
|
—
|
|
|
|
(5,987)
|
|
|
|
—
|
|
Amortization of debt
issuance costs
|
|
|
129
|
|
|
|
27
|
|
|
|
522
|
|
|
|
305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
|
13,340
|
|
|
|
11,766
|
|
|
|
45,537
|
|
|
|
33,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
|
(3,268)
|
|
|
|
(2,883)
|
|
|
|
(11,157)
|
|
|
|
(8,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
|
$
|
10,072
|
|
|
$
|
8,883
|
|
|
$
|
34,380
|
|
|
$
|
25,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.69
|
|
|
$
|
0.52
|
|
Diluted
|
|
$
|
0.20
|
|
|
$
|
0.18
|
|
|
$
|
0.67
|
|
|
$
|
0.50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
50,140,900
|
|
|
|
49,398,826
|
|
|
|
49,890,945
|
|
|
|
49,600,506
|
|
Diluted
|
|
|
51,438,679
|
|
|
|
50,566,683
|
|
|
|
51,208,295
|
|
|
|
51,091,799
|
|
(In
thousands)
Trailing twelve
months adjusted EBITDA:
|
Three
months
ended
June 30,
2021
|
|
|
Three
months
ended
March 31,
2021
|
|
|
Three
months
ended
December 31,
2020
|
|
|
Three
months
ended
September 30,
2020
|
|
|
Twelve
months
ended
June 30,
2021
|
|
Net income
attributable to Radiant Logistics, Inc.
|
$
|
11,059
|
|
|
$
|
4,984
|
|
|
$
|
3,812
|
|
|
$
|
3,088
|
|
|
$
|
22,943
|
|
Income tax
expense
|
|
2,440
|
|
|
|
976
|
|
|
|
1,402
|
|
|
|
1,078
|
|
|
|
5,896
|
|
Depreciation and
amortization
|
|
4,224
|
|
|
|
4,174
|
|
|
|
4,085
|
|
|
|
4,159
|
|
|
|
16,642
|
|
Net interest
expense
|
|
627
|
|
|
|
608
|
|
|
|
725
|
|
|
|
571
|
|
|
|
2,531
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
18,350
|
|
|
|
10,742
|
|
|
|
10,024
|
|
|
|
8,896
|
|
|
|
48,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
297
|
|
|
|
303
|
|
|
|
327
|
|
|
|
144
|
|
|
|
1,071
|
|
Change in fair value
of contingent consideration
|
|
—
|
|
|
|
2,500
|
|
|
|
1,850
|
|
|
|
—
|
|
|
|
4,350
|
|
Acquisition related
costs
|
|
7
|
|
|
|
—
|
|
|
|
1
|
|
|
|
34
|
|
|
|
42
|
|
Litigation
costs
|
|
102
|
|
|
|
256
|
|
|
|
26
|
|
|
|
151
|
|
|
|
535
|
|
Gain on litigation
settlement, net
|
|
(25)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25)
|
|
Change in fair value
of interest rate swap contracts
|
|
(48)
|
|
|
|
512
|
|
|
|
109
|
|
|
|
21
|
|
|
|
594
|
|
Gain on forgiveness of
debt
|
|
(4,573)
|
|
|
|
(1,414)
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,987)
|
|
Foreign exchange loss
(gain)
|
|
31
|
|
|
|
(14)
|
|
|
|
193
|
|
|
|
(21)
|
|
|
|
189
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
14,141
|
|
|
$
|
12,885
|
|
|
$
|
12,530
|
|
|
$
|
9,225
|
|
|
$
|
48,781
|
|
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SOURCE Radiant Logistics, Inc.