Reports quarterly results with revenues of
$460.9 million, up $224.4 million or 94.9%;
Net revenues of $84.9
million, up $28.1 million or
49.5%;
Net income of $14.3
million, up $9.3 million or
186.0%; and
Adjusted EBITDA of $23.6
million, up $10.7 million or
82.9%
RENTON,
Wash., May 10, 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 nine months ended
March 31, 2022.
Financial Highlights – Three
Months Ended March 31, 2022
- Revenues increased to $460.9
million for the third fiscal quarter ended March 31, 2022, up $224.4
million or 94.9%, compared to revenues of $236.5 million for the comparable prior year
period. Excluding COVID-related project revenues of $62.2 million realized in current period,
revenues were up $162.2 million or
68.6%.
- Net revenues, a non-GAAP financial measure, increased to
$84.9 million for the third fiscal
quarter ended March 31, 2022, up
$28.1 million or 49.5%, compared to
net revenues of $56.8 million for the
comparable prior year period.
- Net income attributable to Radiant Logistics, Inc. increased to
$14.3 million, or $0.29 per basic and $0.28 per fully diluted share, up $9.3 million or 186.0% compared to $5.0 million, or $0.10 per basic and fully diluted share for the
comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, increased to
$16.8 million, or $0.34 per basic and $0.33 per fully diluted share for the third
fiscal quarter ended March 31, 2022,
up $7.7 million or 84.6%, compared to
adjusted net income of $9.1 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
$23.6 million for the third fiscal
quarter ended March 31, 2022, up
$10.7 million or 82.9%, compared to
adjusted EBITDA of $12.9 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 27.8% for the third fiscal quarter ended March 31, 2022, up 510 basis points, compared to
Adjusted EBITDA margin of 22.7% for the comparable prior year
period.
Recent Developments: Renewed Stock
Repurchase Program and Equity Shelf Registration
Statement
On February 22, 2022, we announced
the renewal of our stock repurchase program to make discretionary
repurchases of up to five million shares of our common stock
through December 31, 2023. The share
repurchases may occur, if at all, from time-to-time through open
market purchases at prevailing market prices or through privately
negotiated transactions as permitted by securities laws and other
legal requirements.
On May 9, 2022, we also announced
that the Securities and Exchange Commission (SEC) has declared
effective our $150 million universal
shelf registration statement on Form S-3. The registration
statement replaces our previous $100
million universal shelf registration that recently expired
and provides us with the continued financial flexibility to access
capital to support and accelerate our growth strategy should the
opportunity present itself. Our willingness and ability to raise
capital under the Form S-3 will depend upon a number of
circumstances, including our need for additional capital to fund
operations, organic growth or acquisitions, our financial and
operating performance and the receptiveness of the capital markets
to potential offerings by us.
CEO Bohn Crain Comments on
Results
"We are very pleased to continue our trend and report another
quarter of record financial results for the March quarter," said
Bohn Crain, Founder and CEO of
Radiant Logistics. "For the three month period, we posted record
revenues of $460.9 million, up
$224.4 million or 94.9%; record net
revenues of $84.9 million, up
$28.1 million or 49.5%; record net
income attributable to Radiant Logistics, Inc. of $14.3 million, up $9.3
million or 186.0%; record adjusted net income of
$16.8 million, up $7.7 million or 84.6%, and record adjusted EBITDA
of $23.6 million, up $10.7 million or 82.9%. In addition, we also saw
improvement in our adjusted EBITDA margin, which increased 510
basis points to a record 27.8% up from 22.7% for the comparable
prior year period. Our business remains quite strong across our
various service offerings with a particularly strong showing this
quarter in our project charter business and the first full
quarterly contribution from our December
2021 acquisition of Navegate, Inc. Even excluding the
quarter's COVID project, revenues were up $162.2 million or 68.6% and is indicative of the
success we are finding in the marketplace. It is worth noting that
we have now generated $55.0 million
in adjusted EBITDA on $1.1 billion in
revenues through just the first nine months of our fiscal year.
This is a very exciting milestone for Radiant and a direct result
of the dedication of our employees and operating partners, the
diversity of our service offerings, and durability of our scalable
non-asset based business model.
We are particularly proud that during the quarter, the Radiant
team had the opportunity to continue to assist in COVID relief
efforts, providing mission critical support to move COVID test kits
on behalf of the United States Department of Health and Human
Services. The mission, including coordination of cargo at origin,
uplift and delivery involved the chartering of 24 aircraft flying
85.4 million COVID test kits into the interior of the US for final
mile delivery and ultimate distribution. The program details
included over 474,000 cartons of test kits on these 24 flights,
followed by the safe and speedy transfer of the kits to over two
hundred thirty 53-foot trailers for delivery to strategic centers
in the U.S., with the ultimate destination to be into the hands of
the American people.
In addition, we remain very excited about the opportunities made
available to us through our acquisition of Navegate. 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
to us a robust global trade management capability. 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 moving
forward."
Mr. Crain continued, "We remain encouraged by our continued
strong financial performance and the fact that we have now reported
a record $69.5 million in adjusted
EBITDA on $1.3 billion in revenues
for the trailing twelve months ended March
31, 2022. Hopefully our continued strong performance and
strong balance sheet will begin to register with investors. 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, particularly given our unlevered balance sheet,
and therefore represents an excellent investment opportunity for
both the Company and our shareholders. Moving forward, in addition
to continuing our acquisition efforts, we expect to be active in
the repurchase of our stock to take advantage of the opportunity
being presented to us in the disconnect between the underlying
value of our stock and our current stock price."
Third Fiscal Quarter Ended
March 31, 2022 – Financial Results
For the three months ended March 31, 2022, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$14.3 million on $460.9 million of revenues, or $0.29 per basic and $0.28 per fully diluted share. For the three
months ended March 31, 2021, Radiant reported net income
attributable to Radiant Logistics, Inc. of $5.0 million on $236.5
million of revenues, or $0.10
per basic and fully diluted share.
For the three months ended March 31, 2022, Radiant
reported adjusted net income, a non-GAAP financial measure, of
$16.8 million, or $0.34 per basic and $0.33 per fully diluted share. For the three
months ended March 31, 2021, Radiant reported adjusted
net income of $9.1 million, or
$0.18 per basic and fully diluted
share.
For the three months ended March 31, 2022, Radiant
reported Adjusted EBITDA, a non-GAAP financial measure, of
$23.6 million, compared to
$12.9 million for the comparable
prior year period.
Nine Months Ended
March 31, 2022 – Financial Results
For the nine months ended March 31, 2022, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$28.4 million on $1,079.8 million of revenues, or
$0.57 per basic and $0.56 per fully diluted share. For the nine
months ended March 31, 2021, Radiant reported net income
attributable to Radiant Logistics, Inc. of $11.9 million on $631.2
million of revenues, or $0.24
per basic and $0.23 per fully diluted
share.
For the nine months ended March 31, 2022, Radiant
reported adjusted net income, a non-GAAP financial measure,
of $39.7 million, or $0.80 per
basic and $0.78 per fully diluted
share. For the nine months ended March 31, 2021, Radiant
reported adjusted net income of $24.3
million, or $0.49 per basic
and $0.48 per fully diluted
share.
For the nine months ended March 31, 2022, Radiant
reported Adjusted EBITDA, a non-GAAP financial measure, of
$55.4 million, compared to $34.6
million for the comparable prior year period.
Earnings Call and Webcast Access
Information
Radiant Logistics, Inc. will host a conference call on
Tuesday, May 10, 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:
|
Tuesday, May 10, 2022
at 4:30 PM Eastern
|
DIAL-IN
|
US (844) 369-8770;
Intl. (862) 298-0840
|
REPLAY
|
May 11, 2022 at 9:30 AM
Eastern to May 24, 2022 at 4:30 PM Eastern, US (877)
481-4010;
Intl. (919) 882-2331
(Replay ID number: 45505)
|
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/2191/45505.
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; the Company's ongoing assessment of the ransomware
incident, adverse legal, reputational and financial effects on the
Company resulting from the ransomware incident or future cyber
incidents and the effectiveness of the Company's business
continuity plans in response to cyber incidents, like the
ransomware incident; 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
|
|
|
|
March 31,
|
|
|
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2022
|
|
|
2021
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
40,046
|
|
|
$
|
13,696
|
|
Accounts receivable, net of allowance of $2,964 and $1,489,
respectively
|
|
|
206,051
|
|
|
|
117,349
|
|
Contract assets
|
|
|
59,894
|
|
|
|
27,753
|
|
Prepaid expenses and other current assets
|
|
|
36,545
|
|
|
|
17,512
|
|
Total current assets
|
|
|
342,536
|
|
|
|
176,310
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
25,947
|
|
|
|
24,151
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
88,813
|
|
|
|
72,582
|
|
Intangible assets,
net
|
|
|
52,366
|
|
|
|
41,404
|
|
Operating lease
right-of-use assets
|
|
|
39,905
|
|
|
|
39,022
|
|
Deposits and other
assets
|
|
|
4,725
|
|
|
|
3,124
|
|
Long-term restricted
cash
|
|
|
642
|
|
|
|
648
|
|
Total other long-term
assets
|
|
|
186,451
|
|
|
|
156,780
|
|
Total assets
|
|
$
|
554,934
|
|
|
$
|
357,241
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
164,932
|
|
|
$
|
87,941
|
|
Operating partner commissions payable
|
|
|
16,038
|
|
|
|
13,779
|
|
Accrued expenses
|
|
|
11,512
|
|
|
|
6,801
|
|
Income tax payable
|
|
|
4,271
|
|
|
|
2,713
|
|
Current portion of notes payable
|
|
|
4,632
|
|
|
|
4,446
|
|
Current portion of operating lease liability
|
|
|
7,290
|
|
|
|
6,989
|
|
Current portion of finance lease liability
|
|
|
627
|
|
|
|
743
|
|
Current portion of contingent consideration
|
|
|
2,600
|
|
|
|
2,600
|
|
Other current liabilities
|
|
|
291
|
|
|
|
345
|
|
Total current
liabilities
|
|
|
212,193
|
|
|
|
126,357
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
109,025
|
|
|
|
24,000
|
|
Operating lease
liability, net of current portion
|
|
|
36,730
|
|
|
|
34,899
|
|
Finance lease
liability, net of current portion
|
|
|
1,363
|
|
|
|
1,809
|
|
Contingent
consideration, net of current portion
|
|
|
2,770
|
|
|
|
4,663
|
|
Deferred income
taxes
|
|
|
7,629
|
|
|
|
4,021
|
|
Other long-term
liabilities
|
|
|
39
|
|
|
|
89
|
|
Total long-term liabilities
|
|
|
157,556
|
|
|
|
69,481
|
|
Total liabilities
|
|
|
369,749
|
|
|
|
195,838
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common stock, $0.001 par value, 100,000,000 shares
authorized; 51,219,047 and 50,832,205 shares issued, and
49,446,498 and 49,930,389 shares outstanding,
respectively
|
|
|
33
|
|
|
|
32
|
|
Additional paid-in capital
|
|
|
105,784
|
|
|
|
104,228
|
|
Treasury stock, at cost, 1,772,549 and 901,816 shares,
respectively
|
|
|
(10,914)
|
|
|
|
(4,658)
|
|
Retained earnings
|
|
|
88,733
|
|
|
|
60,367
|
|
Accumulated other comprehensive income
|
|
|
698
|
|
|
|
1,141
|
|
Total Radiant Logistics, Inc.
stockholders' equity
|
|
|
184,334
|
|
|
|
161,110
|
|
Non-controlling interest
|
|
|
851
|
|
|
|
293
|
|
Total equity
|
|
|
185,185
|
|
|
|
161,403
|
|
Total liabilities and
equity
|
|
$
|
554,934
|
|
|
$
|
357,241
|
|
RADIANT LOGISTICS,
INC.
Condensed
Consolidated Statements of Comprehensive Income
|
|
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
(In thousands, except
share and per share data)
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Revenues
|
$
|
460,899
|
|
|
$
|
236,532
|
|
|
$
|
1,079,783
|
|
|
$
|
631,214
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation and other services
|
|
376,036
|
|
|
|
179,732
|
|
|
|
858,447
|
|
|
|
473,148
|
|
Operating partner commissions
|
|
31,311
|
|
|
|
23,761
|
|
|
|
90,825
|
|
|
|
66,386
|
|
Personnel costs
|
|
19,907
|
|
|
|
14,229
|
|
|
|
52,211
|
|
|
|
40,741
|
|
Selling, general and administrative expenses
|
|
10,312
|
|
|
|
6,688
|
|
|
|
25,454
|
|
|
|
17,910
|
|
Depreciation and amortization
|
|
4,684
|
|
|
|
4,174
|
|
|
|
13,386
|
|
|
|
12,418
|
|
Change in fair value of contingent consideration
|
|
152
|
|
|
|
2,500
|
|
|
|
607
|
|
|
|
4,350
|
|
Total operating
expenses
|
|
442,402
|
|
|
|
231,084
|
|
|
|
1,040,930
|
|
|
|
614,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
18,497
|
|
|
|
5,448
|
|
|
|
38,853
|
|
|
|
16,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
4
|
|
|
|
3
|
|
|
|
10
|
|
|
|
14
|
|
Interest expense
|
|
(1,001)
|
|
|
|
(611)
|
|
|
|
(2,359)
|
|
|
|
(1,919)
|
|
Foreign currency transaction gain (loss)
|
|
105
|
|
|
|
14
|
|
|
|
480
|
|
|
|
(158)
|
|
Change in fair value of interest rate swap
contracts
|
|
1,985
|
|
|
|
(512)
|
|
|
|
1,562
|
|
|
|
(642)
|
|
Gain on forgiveness of debt
|
|
—
|
|
|
|
1,414
|
|
|
|
—
|
|
|
|
1,414
|
|
Other
|
|
32
|
|
|
|
281
|
|
|
|
140
|
|
|
|
663
|
|
Total other income
(expense)
|
|
1,125
|
|
|
|
589
|
|
|
|
(167)
|
|
|
|
(628)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
19,622
|
|
|
|
6,037
|
|
|
|
38,686
|
|
|
|
15,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(4,527)
|
|
|
|
(976)
|
|
|
|
(9,402)
|
|
|
|
(3,455)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
15,095
|
|
|
|
5,061
|
|
|
|
29,284
|
|
|
|
12,178
|
|
Less: net income
attributable to non-controlling interest
|
|
(756)
|
|
|
|
(77)
|
|
|
|
(918)
|
|
|
|
(294)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
14,339
|
|
|
$
|
4,984
|
|
|
$
|
28,366
|
|
|
$
|
11,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
479
|
|
|
|
567
|
|
|
|
(443)
|
|
|
|
173
|
|
Comprehensive
income
|
$
|
15,574
|
|
|
$
|
5,628
|
|
|
$
|
28,841
|
|
|
$
|
12,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.29
|
|
|
$
|
0.10
|
|
|
$
|
0.57
|
|
|
$
|
0.24
|
|
Diluted
|
$
|
0.28
|
|
|
$
|
0.10
|
|
|
$
|
0.56
|
|
|
$
|
0.23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,443,267
|
|
|
|
50,034,950
|
|
|
|
49,675,642
|
|
|
|
49,807,932
|
|
Diluted
|
|
50,632,293
|
|
|
|
51,359,441
|
|
|
|
50,843,179
|
|
|
|
51,131,806
|
|
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
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Net Revenues (Non-GAAP measure)
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Total
revenues
|
$
|
460,899
|
|
|
$
|
236,532
|
|
|
$
|
1,079,783
|
|
|
$
|
631,214
|
|
Cost of transportation
and other services
|
|
376,036
|
|
|
|
179,732
|
|
|
|
858,447
|
|
|
|
473,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues
|
$
|
84,863
|
|
|
$
|
56,800
|
|
|
$
|
221,336
|
|
|
$
|
158,066
|
|
Net margin
|
|
18.4
|
%
|
|
|
24.0
|
%
|
|
|
20.5
|
%
|
|
|
25.0
|
%
|
(In
thousands)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of GAAP net income to adjusted
EBITDA
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
14,339
|
|
|
$
|
4,984
|
|
|
$
|
28,366
|
|
|
$
|
11,884
|
|
Income tax expense
|
|
4,527
|
|
|
|
976
|
|
|
|
9,402
|
|
|
|
3,455
|
|
Depreciation and amortization
|
|
4,684
|
|
|
|
4,174
|
|
|
|
13,386
|
|
|
|
12,418
|
|
Net
interest expense
|
|
997
|
|
|
|
608
|
|
|
|
2,349
|
|
|
|
1,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
24,547
|
|
|
|
10,742
|
|
|
|
53,503
|
|
|
|
29,662
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
539
|
|
|
|
303
|
|
|
|
1,311
|
|
|
|
774
|
|
Change in fair value of contingent consideration
|
|
152
|
|
|
|
2,500
|
|
|
|
607
|
|
|
|
4,350
|
|
Acquisition related costs
|
|
6
|
|
|
|
—
|
|
|
|
502
|
|
|
|
35
|
|
Ransomware incident related costs, net
|
|
279
|
|
|
|
—
|
|
|
|
1,031
|
|
|
|
—
|
|
Litigation costs
|
|
163
|
|
|
|
256
|
|
|
|
484
|
|
|
|
433
|
|
Change in fair value of interest rate swap
contracts
|
|
(1,985)
|
|
|
|
512
|
|
|
|
(1,562)
|
|
|
|
642
|
|
Gain on forgiveness of debt
|
|
—
|
|
|
|
(1,414)
|
|
|
|
—
|
|
|
|
(1,414)
|
|
Foreign currency transaction loss (gain)
|
|
(105)
|
|
|
|
(14)
|
|
|
|
(480)
|
|
|
|
158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
23,596
|
|
|
$
|
12,885
|
|
|
$
|
55,396
|
|
|
$
|
34,640
|
|
Adjusted EBITDA margin (Adjusted EBITDA as a % of Net
Revenues)
|
|
27.8
|
%
|
|
|
22.7
|
%
|
|
|
25.0
|
%
|
|
|
21.9
|
%
|
(In thousands, except
share and per share data)
|
Three Months Ended
March 31,
|
|
|
Nine Months Ended
March 31,
|
|
Reconciliation of GAAP net income to adjusted net
income
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
$
|
14,339
|
|
|
$
|
4,984
|
|
|
$
|
28,366
|
|
|
$
|
11,884
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense
|
|
4,527
|
|
|
|
976
|
|
|
|
9,402
|
|
|
|
3,455
|
|
Depreciation and amortization
|
|
4,684
|
|
|
|
4,174
|
|
|
|
13,386
|
|
|
|
12,418
|
|
Change in fair value of contingent consideration
|
|
152
|
|
|
|
2,500
|
|
|
|
607
|
|
|
|
4,350
|
|
Acquisition related costs
|
|
6
|
|
|
|
—
|
|
|
|
502
|
|
|
|
35
|
|
Ransomware incident related costs, net
|
|
279
|
|
|
|
—
|
|
|
|
1,031
|
|
|
|
—
|
|
Litigation costs
|
|
163
|
|
|
|
256
|
|
|
|
484
|
|
|
|
433
|
|
Change in fair value of interest rate swap
contracts
|
|
(1,985)
|
|
|
|
512
|
|
|
|
(1,562)
|
|
|
|
642
|
|
Gain on forgiveness of debt
|
|
—
|
|
|
|
(1,414)
|
|
|
|
—
|
|
|
|
(1,414)
|
|
Amortization of debt issuance costs
|
|
124
|
|
|
|
129
|
|
|
|
377
|
|
|
|
393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
22,289
|
|
|
|
12,117
|
|
|
|
52,593
|
|
|
|
32,196
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
(5,461)
|
|
|
|
(2,969)
|
|
|
|
(12,885)
|
|
|
|
(7,888)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
16,828
|
|
|
$
|
9,148
|
|
|
$
|
39,708
|
|
|
$
|
24,308
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.34
|
|
|
$
|
0.18
|
|
|
$
|
0.80
|
|
|
$
|
0.49
|
|
Diluted
|
$
|
0.33
|
|
|
$
|
0.18
|
|
|
$
|
0.78
|
|
|
$
|
0.48
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
49,443,267
|
|
|
|
50,034,950
|
|
|
|
49,675,642
|
|
|
|
49,807,932
|
|
Diluted
|
|
50,632,293
|
|
|
|
51,359,441
|
|
|
|
50,843,179
|
|
|
|
51,131,806
|
|
(In
thousands)
Trailing twelve months Revenue:
|
Three months
ended
March 31,
2022
|
|
|
Three months
ended
December 31,
2021
|
|
|
Three months
ended
September 30,
2021
|
|
|
Three months
ended
June 30,
2021
|
|
|
Twelve months
ended
March 31,
2022
|
|
Revenues
|
$
|
460,899
|
|
|
$
|
332,768
|
|
|
$
|
286,115
|
|
|
$
|
257,910
|
|
|
$
|
1,337,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In
thousands)
Trailing twelve months adjusted EBITDA:
|
Three months
ended
March 31,
2022
|
|
|
Three months
ended
December 31,
2021
|
|
|
Three months
ended
September 30,
2021
|
|
|
Three months
ended
June 30,
2021
|
|
|
Twelve months
ended
March 31,
2022
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
14,339
|
|
|
$
|
6,948
|
|
|
$
|
7,079
|
|
|
$
|
11,059
|
|
|
$
|
39,425
|
|
Income tax expense
|
|
4,527
|
|
|
|
2,646
|
|
|
|
2,229
|
|
|
|
2,440
|
|
|
|
11,842
|
|
Depreciation and amortization
|
|
4,684
|
|
|
|
4,447
|
|
|
|
4,252
|
|
|
|
4,224
|
|
|
|
17,607
|
|
Net
interest expense
|
|
997
|
|
|
|
745
|
|
|
|
606
|
|
|
|
627
|
|
|
|
2,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
24,547
|
|
|
|
14,786
|
|
|
|
14,166
|
|
|
|
18,350
|
|
|
|
71,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation
|
|
539
|
|
|
|
422
|
|
|
|
350
|
|
|
|
297
|
|
|
|
1,608
|
|
Change in fair value of contingent consideration
|
|
152
|
|
|
|
455
|
|
|
|
—
|
|
|
|
—
|
|
|
|
607
|
|
Acquisition related costs
|
|
6
|
|
|
|
396
|
|
|
|
99
|
|
|
|
7
|
|
|
|
508
|
|
Ransomware incident related costs (recovery), net
|
|
279
|
|
|
|
751
|
|
|
|
—
|
|
|
|
—
|
|
|
|
1,030
|
|
Litigation costs
|
|
163
|
|
|
|
167
|
|
|
|
154
|
|
|
|
102
|
|
|
|
586
|
|
Gain on litigation settlement, net
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(25)
|
|
|
|
(25)
|
|
Change in fair value of interest rate swap
contracts
|
|
(1,985)
|
|
|
|
378
|
|
|
|
46
|
|
|
|
(48)
|
|
|
|
(1,609)
|
|
Gain on forgiveness of debt
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(4,573)
|
|
|
|
(4,573)
|
|
Foreign exchange loss (gain)
|
|
(105)
|
|
|
|
(104)
|
|
|
|
(271)
|
|
|
|
31
|
|
|
|
(449)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
23,596
|
|
|
$
|
17,251
|
|
|
$
|
14,544
|
|
|
$
|
14,141
|
|
|
$
|
69,532
|
|
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SOURCE Radiant Logistics, Inc.