RENTON, Wash., Feb. 14, 2022 /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, 2021.
Financial Highlights – Three Months Ended
December 31, 2021
- Revenues increased to $332.8
million for the second fiscal quarter ended
December 31, 2021, up $114.0
million or 52.1%, compared to revenues of $218.8 million for the comparable prior year
period.
- Net revenues, a non-GAAP financial measure, increased to
$71.6 million for the second fiscal
quarter ended December 31, 2021, up $16.3 million or 29.5%, compared to net revenues
of $55.3 million for the comparable
prior year period.
- Net income attributable to Radiant Logistics, Inc. increased to
$6.9 million, or $0.14 per basic and fully diluted share, up
$3.1 million or 81.6% compared to
$3.8 million, or $0.08 per basic and $0.07 per fully diluted share for the comparable
prior year period.
- Adjusted net income, a non-GAAP financial measure, increased to
$12.3 million, or $0.25 per basic and $0.24 per fully diluted share for the second
fiscal quarter ended December 31, 2021, up $3.7 million or 43.0%, compared to adjusted net
income of $8.6 million, or
$0.17 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
$17.3 million for the second fiscal
quarter ended December 31, 2021, up $4.8 million or 38.4%, compared to adjusted
EBITDA of $12.5 million for the
comparable prior year period.
- Adjusted EBITDA margin (Adjusted EBITDA expressed as a
percentage of net revenues), a non-GAAP financial measure,
increased to 24.1% for the second fiscal quarter ended
December 31, 2021, up 140 basis points, compared to
Adjusted EBITDA margin of 22.7% for the comparable prior year
period.
Acquisition Update
On December 6, 2021, the Company
announced that it acquired Navegate, Inc. ("Navegate"), a
Minnesota based, privately held
company with offices that combines its robust digital platform and
team's expertise to manage international, cross border, and
domestic freight from purchase order to final delivery. The
transaction is valued at $35.0
million, subject to certain hold-back provisions and working
capital adjustments as of the closing date. Based on historic
financial statements provided by its management, Navegate generated
approximately $6.7 million in
adjusted EBITDA on approximately $87.5
million in revenues for the twelve months ended September 30, 2021.
Stock Buy-back
The Company purchased 870,733 shares of its common stock at an
average cost of $7.18 per share for
an aggregate cost of $6.3 million
during the six months ended December 31,
2021. As of February 1, 2022,
the Company had 49,443,305 shares outstanding.
CEO Bohn Crain Comments on Results
"We are very pleased to continue our trend and report another
quarter of record financial results for the December quarter," said
Bohn Crain, Founder and CEO of
Radiant Logistics. "We posted record revenues of $332.8 million, up $114.0
million or 52.1%; record net revenues of $71.6 million, up $16.3
million or 29.5%; record net income attributable to Radiant
Logistics, Inc. of $6.9 million, up
$3.1 million or 81.6%; record
adjusted net income of $12.3 million,
up $3.7 million or 43.0%, and record
adjusted EBITDA of $17.3 million, up
$4.8 million or 38.4%. In addition,
we also saw improvement in our adjusted EBITDA margin, which
increased 140 basis points to a record 24.1% up from 22.7% for the
comparable prior year period. These 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 and support our customers in this capacity
constrained market. In addition, we delivered these record results
while working through the challenges presented by our previous
disclosed ransomware event that occurred on December 8th. Also note that these
record results reflect only a one-month contribution from Navegate
given the fact that we did not complete that transaction until
November 30.
With offices in Mendota Heights,
Minnesota (Twin Cities),
Addison, Illinois (Chicago) and Shanghai, China, the Navegate platform itself
represents an exciting new opportunity for the Radiant network and
the end customers that we serve. In addition to solidifying our
presence in Shanghai, Navegate
also strengthens our international services offering, particularly
in the areas of customs brokerage, ocean forwarding and drayage
services and brings with it a proprietary technology platform
to facilitate global trade management. These new global trade
management capabilities will be made available to the entire
Radiant network to provide our customers with purchase order and
vendor management tools that unlock SKU-level visibility from the
manufacturing floor in Asia
through final delivery here in the U.S. With both the enhanced
service offerings and propriety global trade management technology,
we believe we will further differentiate ourselves in the
marketplace and be even better positioned to provide additional
support for both current and prospective customers."
Mr. Crain continued, "In addition to progress on the acquisition
front, we also continued to put capital to work in our stock
buy-back program and have now purchased $6.3
million in stock through the six months ended December 31, 2021. As we have previously
discussed, we believe that our current share price does not
accurately reflect Radiant's intrinsic value or long-term
growth prospects, and we expect to continue to deploy our capital
through a combination of strategic acquisitions and our stock
buy-back.
It is worth pointing out that the record results we have
delivered over each of these last several quarters have been fueled
almost exclusively by organic growth. Looking forward, we remain
optimistic about our prospects and opportunities to continue to
leverage our best-in-class technology, robust North American
footprint and extensive global network of service partners to
continue to build on the great platform we have built here at
Radiant. At the same time, we have begun to thoughtfully re-lever
our balance sheet and through a combination of strategic
acquisition and stock buy-backs we believe we are creating
meaningful intrinsic value for shareholders that has yet to be
recognized in our stock price."
Second Fiscal Quarter Ended December 31, 2021 –
Financial Results
For the three months ended December 31, 2021, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$6.9 million on $332.8 million of revenues, or $0.14 per basic and fully diluted share . For the
three months ended December 31, 2020, Radiant reported
net income attributable to Radiant Logistics, Inc. of $3.8 million on $218.8
million of revenues, or $0.08
per basic and $0.07 per fully diluted
share .
For the three months ended December 31, 2021, Radiant
reported adjusted net income, a non-GAAP financial measure, of
$12.3 million, or $0.25 per basic and $0.24 per fully diluted share . For the three
months ended December 31, 2020, Radiant reported adjusted
net income of $8.6 million, or
$0.17 per basic and fully diluted
share .
For the three months ended December 31, 2021, Radiant
reported Adjusted EBITDA, a non-GAAP financial measure, of
$17.3 million, compared to
$12.5 million for the comparable
prior year period.
Six Months Ended December 31, 2021 – Financial
Results
For the six months ended December 31, 2021, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$14.0 million on $618.9 million of revenues, or $0.28 per basic and fully diluted share. For the
six months ended December 31, 2020, Radiant reported net
income attributable to Radiant Logistics, Inc. of $6.9 million on $394.7million of revenues, or $0.14 per basic and fully diluted share.
For the six months ended December 31, 2021, Radiant
reported adjusted net income, a non-GAAP financial measure,
of $22.9 million, or $0.46 per
basic and $0.45 per fully diluted
share. For the six months ended December 31, 2020,
Radiant reported adjusted net income of $15.2 million, or $0.31 per basic and $0.30 per fully diluted share.
For the six months ended December 31, 2021, Radiant
reported Adjusted EBITDA, a non-GAAP financial measure, of
$31.8 million, compared to $21.8
million for the comparable prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Monday, February 14, 2022 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 14,
2022 at 4:30 PM Eastern
|
DIAL-IN
|
US (888) 506-0062;
Intl. (973) 528-0011, Access Code: 124371
|
REPLAY
|
February 15, 2022 at
9:30 AM Eastern to February 28, 2022 at 4:30 PM Eastern, US (877)
481-4010;
Intl. (919) 882-2331
(Replay ID number: 44594)
|
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/2191/44594.
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, 2021 and Form 10-Q for the quarter ended
December 31, 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
|
|
|
|
December 31,
|
|
|
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2021
|
|
|
2021
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
17,195
|
|
|
$
|
13,696
|
|
Accounts receivable,
net of allowance of $2,051 and $1,489, respectively
|
|
|
158,950
|
|
|
|
117,349
|
|
Contract
assets
|
|
|
73,268
|
|
|
|
27,753
|
|
Prepaid expenses and
other current assets
|
|
|
35,354
|
|
|
|
17,512
|
|
Total current
assets
|
|
|
284,767
|
|
|
|
176,310
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
26,145
|
|
|
|
24,151
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
85,925
|
|
|
|
72,582
|
|
Intangible assets,
net
|
|
|
53,832
|
|
|
|
41,404
|
|
Operating lease
right-of-use assets
|
|
|
35,955
|
|
|
|
39,022
|
|
Deposits and other
assets
|
|
|
3,316
|
|
|
|
3,124
|
|
Long-term restricted
cash
|
|
|
635
|
|
|
|
648
|
|
Total other long-term
assets
|
|
|
179,663
|
|
|
|
156,780
|
|
Total
assets
|
|
$
|
490,575
|
|
|
$
|
357,241
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
136,309
|
|
|
$
|
87,941
|
|
Operating partner
commissions payable
|
|
|
19,395
|
|
|
|
13,779
|
|
Accrued
expenses
|
|
|
10,588
|
|
|
|
6,801
|
|
Income tax
payable
|
|
|
1,411
|
|
|
|
2,713
|
|
Current portion of
notes payable
|
|
|
4,508
|
|
|
|
4,446
|
|
Current portion of
operating lease liability
|
|
|
7,326
|
|
|
|
6,989
|
|
Current portion of
finance lease liability
|
|
|
676
|
|
|
|
743
|
|
Current portion of
contingent consideration
|
|
|
2,600
|
|
|
|
2,600
|
|
Other current
liabilities
|
|
|
1,200
|
|
|
|
345
|
|
Total current
liabilities
|
|
|
184,013
|
|
|
|
126,357
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
92,091
|
|
|
|
24,000
|
|
Operating lease
liability, net of current portion
|
|
|
32,496
|
|
|
|
34,899
|
|
Finance lease
liability, net of current portion
|
|
|
1,497
|
|
|
|
1,809
|
|
Contingent
consideration, net of current portion
|
|
|
2,618
|
|
|
|
4,663
|
|
Deferred income
taxes
|
|
|
8,528
|
|
|
|
4,021
|
|
Other long-term
liabilities
|
|
|
39
|
|
|
|
89
|
|
Total long-term
liabilities
|
|
|
137,269
|
|
|
|
69,481
|
|
Total
liabilities
|
|
|
321,282
|
|
|
|
195,838
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 51,171,531 and
50,832,205
shares issued, and 49,398,982 and 49,930,389
shares outstanding, respectively
|
|
|
33
|
|
|
|
32
|
|
Additional paid-in
capital
|
|
|
105,256
|
|
|
|
104,228
|
|
Treasury stock, at
cost, 1,772,549 and 901,816 shares, respectively
|
|
|
(10,914)
|
|
|
|
(4,658)
|
|
Retained
earnings
|
|
|
74,394
|
|
|
|
60,367
|
|
Accumulated other
comprehensive income
|
|
|
219
|
|
|
|
1,141
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
168,988
|
|
|
|
161,110
|
|
Non-controlling
interest
|
|
|
305
|
|
|
|
293
|
|
Total
equity
|
|
|
169,293
|
|
|
|
161,403
|
|
Total liabilities and
equity
|
|
$
|
490,575
|
|
|
$
|
357,241
|
|
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)
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Revenues
|
$
|
332,768
|
|
|
$
|
218,805
|
|
|
$
|
618,884
|
|
|
$
|
394,682
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
261,179
|
|
|
|
163,504
|
|
|
|
482,411
|
|
|
|
293,416
|
|
Operating partner
commissions
|
|
31,049
|
|
|
|
24,036
|
|
|
|
59,514
|
|
|
|
42,625
|
|
Personnel
costs
|
|
16,688
|
|
|
|
13,735
|
|
|
|
32,304
|
|
|
|
26,512
|
|
Selling, general and
administrative expenses
|
|
8,352
|
|
|
|
5,568
|
|
|
|
15,143
|
|
|
|
11,224
|
|
Depreciation and
amortization
|
|
4,447
|
|
|
|
4,085
|
|
|
|
8,702
|
|
|
|
8,243
|
|
Change in fair value
of contingent consideration
|
|
455
|
|
|
|
1,850
|
|
|
|
455
|
|
|
|
1,850
|
|
Total operating
expenses
|
|
322,170
|
|
|
|
212,778
|
|
|
|
598,529
|
|
|
|
383,870
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
10,598
|
|
|
|
6,027
|
|
|
|
20,355
|
|
|
|
10,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
4
|
|
|
|
3
|
|
|
|
6
|
|
|
|
12
|
|
Interest
expense
|
|
(749)
|
|
|
|
(728)
|
|
|
|
(1,357)
|
|
|
|
(1,308)
|
|
Foreign currency
transaction gain (loss)
|
|
104
|
|
|
|
(193)
|
|
|
|
375
|
|
|
|
(172)
|
|
Change in fair value
of interest rate swap contracts
|
|
(378)
|
|
|
|
(110)
|
|
|
|
(424)
|
|
|
|
(130)
|
|
Other
|
|
91
|
|
|
|
291
|
|
|
|
108
|
|
|
|
382
|
|
Total other
expense
|
|
(928)
|
|
|
|
(737)
|
|
|
|
(1,292)
|
|
|
|
(1,216)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
9,670
|
|
|
|
5,290
|
|
|
|
19,063
|
|
|
|
9,596
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(2,646)
|
|
|
|
(1,402)
|
|
|
|
(4,874)
|
|
|
|
(2,479)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
7,024
|
|
|
|
3,888
|
|
|
|
14,189
|
|
|
|
7,117
|
|
Less: net income
attributable to non-controlling interest
|
|
(76)
|
|
|
|
(76)
|
|
|
|
(162)
|
|
|
|
(217)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to Radiant Logistics, Inc.
|
$
|
6,948
|
|
|
$
|
3,812
|
|
|
$
|
14,027
|
|
|
$
|
6,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
117
|
|
|
|
1,602
|
|
|
|
(922)
|
|
|
|
(394)
|
|
Comprehensive
income
|
$
|
7,141
|
|
|
$
|
5,490
|
|
|
$
|
13,267
|
|
|
$
|
6,723
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.14
|
|
|
$
|
0.08
|
|
|
$
|
0.28
|
|
|
$
|
0.14
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
0.07
|
|
|
$
|
0.28
|
|
|
$
|
0.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,657,547
|
|
|
|
49,815,191
|
|
|
|
49,789,304
|
|
|
|
49,696,891
|
|
Diluted
|
|
50,775,714
|
|
|
|
51,115,524
|
|
|
|
50,946,096
|
|
|
|
51,020,456
|
|
Reconciliation of Non-GAAP
Measures
RADIANT LOGISTICS, INC.
Reconciliation of Total Revenues to Net
Revenues, Net Income Attributable to Radiant Logistics, Inc. 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
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Net Revenues
(Non-GAAP measure)
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Total
revenues
|
$
|
332,768
|
|
|
$
|
218,805
|
|
|
$
|
618,884
|
|
|
$
|
394,682
|
|
Cost of
transportation and other services
|
|
261,179
|
|
|
|
163,504
|
|
|
|
482,411
|
|
|
|
293,416
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
$
|
71,589
|
|
|
$
|
55,301
|
|
|
$
|
136,473
|
|
|
$
|
101,266
|
|
Net margin
|
|
21.5
|
%
|
|
|
25.3
|
%
|
|
|
22.1
|
%
|
|
|
25.7
|
%
|
|
|
(In
thousands)
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
Net income
attributable to Radiant Logistics, Inc.
|
$
|
6,948
|
|
|
$
|
3,812
|
|
|
$
|
14,027
|
|
|
$
|
6,900
|
|
Income tax
expense
|
|
2,646
|
|
|
|
1,402
|
|
|
|
4,874
|
|
|
|
2,479
|
|
Depreciation and
amortization
|
|
4,447
|
|
|
|
4,085
|
|
|
|
8,702
|
|
|
|
8,243
|
|
Net interest
expense
|
|
745
|
|
|
|
725
|
|
|
|
1,351
|
|
|
|
1,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
14,786
|
|
|
|
10,024
|
|
|
|
28,954
|
|
|
|
18,918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
422
|
|
|
|
327
|
|
|
|
772
|
|
|
|
471
|
|
Change in fair value
of contingent consideration
|
|
455
|
|
|
|
1,850
|
|
|
|
455
|
|
|
|
1,850
|
|
Acquisition related
costs
|
|
396
|
|
|
|
1
|
|
|
|
496
|
|
|
|
35
|
|
Ransomware incident
related costs, net
|
|
751
|
|
|
|
—
|
|
|
|
751
|
|
|
|
—
|
|
Litigation
costs
|
|
167
|
|
|
|
26
|
|
|
|
321
|
|
|
|
177
|
|
Change in fair value
of interest rate swap contracts
|
|
378
|
|
|
|
110
|
|
|
|
424
|
|
|
|
130
|
|
Foreign currency
transaction loss (gain)
|
|
(104)
|
|
|
|
193
|
|
|
|
(375)
|
|
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
17,251
|
|
|
$
|
12,531
|
|
|
$
|
31,798
|
|
|
$
|
21,753
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Net Revenues)
|
|
24.1
|
%
|
|
|
22.7
|
%
|
|
|
23.3
|
%
|
|
|
21.5
|
%
|
|
|
(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
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
$
|
6,948
|
|
|
$
|
3,812
|
|
|
$
|
14,027
|
|
|
$
|
6,900
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
2,646
|
|
|
|
1,402
|
|
|
|
4,874
|
|
|
|
2,479
|
|
Depreciation and
amortization
|
|
4,447
|
|
|
|
4,085
|
|
|
|
8,702
|
|
|
|
8,243
|
|
Change in fair value
of contingent consideration
|
|
455
|
|
|
|
1,850
|
|
|
|
455
|
|
|
|
1,850
|
|
Acquisition related
costs
|
|
396
|
|
|
|
1
|
|
|
|
496
|
|
|
|
35
|
|
Ransomware incident
related costs, net
|
|
751
|
|
|
|
—
|
|
|
|
751
|
|
|
|
—
|
|
Litigation
costs
|
|
167
|
|
|
|
26
|
|
|
|
321
|
|
|
|
177
|
|
Change in fair value
of interest rate swap contracts
|
|
378
|
|
|
|
110
|
|
|
|
424
|
|
|
|
130
|
|
Amortization of debt
issuance costs
|
|
126
|
|
|
|
160
|
|
|
|
253
|
|
|
|
264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
16,314
|
|
|
|
11,446
|
|
|
|
30,303
|
|
|
|
20,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
(3,997)
|
|
|
|
(2,804)
|
|
|
|
(7,424)
|
|
|
|
(4,919)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
12,317
|
|
|
$
|
8,642
|
|
|
$
|
22,879
|
|
|
$
|
15,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
per common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.25
|
|
|
$
|
0.17
|
|
|
$
|
0.46
|
|
|
$
|
0.31
|
|
Diluted
|
$
|
0.24
|
|
|
$
|
0.17
|
|
|
$
|
0.45
|
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,657,547
|
|
|
|
49,815,191
|
|
|
|
49,789,304
|
|
|
|
49,696,891
|
|
Diluted
|
|
50,775,714
|
|
|
|
51,115,524
|
|
|
|
50,946,096
|
|
|
|
51,020,456
|
|
![Radiant Logistics, Inc. logo. (PRNewsFoto/Radiant Logistics, Inc.) Radiant Logistics, Inc. logo. (PRNewsFoto/Radiant Logistics, Inc.)](https://mma.prnewswire.com/media/73947/radiant_logistics__inc__logo.jpg)
View original content to download
multimedia:https://www.prnewswire.com/news-releases/radiant-logistics-announces-results-for-the-second-fiscal-quarter-ended-december-31-2021-301481935.html
SOURCE Radiant Logistics, Inc.