CEO Crain
Comments on Restatement Process
RENTON,
Wash., Feb. 9, 2023 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a leading technology-enabled
global transportation and logistics services company, today
announced select preliminary unaudited financial results for the
three months ended December 31, 2022,
and that it will be filing a Form 12b-25 with the U.S. Securities
and Exchange Commission, as the Company will be late in filing its
Quarterly Report on Form 10-Q for the quarter ended December 31, 2022 (the "Form 10-Q"). The delay in
the filing of the Company's Form 10-Q for the quarter ended
December 31, 2022, is as a result of
the previously disclosed delay of the Company's Annual Report on
Form 10-K for the year ended June 30,
2022 and the Company's on-going efforts to complete the
restatement of its fiscal 2021 audited financial statements, each
of the interim quarterly financial statements filed on Form 10-Q
during fiscal 2021, as well as each of the interim quarterly
financial statements filed on Form 10-Q during its 2022 fiscal year
(the "Restatement Periods"). The Company currently expects that it
will bring all of its filings current within the near term.
The financial results presented below are based on preliminary,
internal, management prepared, and unaudited results of operations
for the quarterly period ended December 31,
2022. These financial statements have not yet been reviewed
by our independent auditors. Accordingly, not only will these
preliminary results be subject to change upon completion of
standard quarterly review procedures by our independent auditors,
but they may also be subject to change upon the completion of the
audit of the Company's full-year financial statements and any
flow-through effects of adjustments arising from the restatement
process, and actual results may vary from these preliminary
results.
To keep its stockholders and the public informed on its current
operations, the Company has determined to report on its
preliminary, internal, management prepared, unaudited results for
the Company's second fiscal quarter ended December 31, 2022 as follows:
Financial Highlights – Three Months Ended
December 31, 2022
- Revenues reported at $283.5
million for the second fiscal quarter ended December 31, 2022.
- Gross profit reported at $71.7
million for the second fiscal quarter ended December 31, 2022.
- Adjusted gross profit, a non-GAAP financial measure, reported
at $75.2 million for the second
fiscal quarter ended December 31,
2022.
- Net income attributable to Radiant Logistics, Inc. reported at
$6.7 million, or $0.14 per basic and $0.13 per fully diluted share.
- Adjusted net income, a non-GAAP financial measure, reported at
$12.3 million, or $0.26 per basic and $0.25 per fully diluted share for the second
fiscal quarter ended December 31,
2022. 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, reported at
$17.8 million for the second fiscal
quarter ended December 31, 2022.
- Adjusted EBITDA margin (Adjusted EBITDA expressed as a
percentage of adjusted gross profit), a non-GAAP financial measure,
reported at 23.6% for the second fiscal quarter ended December 31, 2022.
Acquisition Update
On October 1, 2022, the Company
announced that it acquired Cascade Enterprises of Minnesota, Inc. ("Cascade"), a Minnesota based, privately held company that
has operated as a strategic operating partner under the Company's
Airgroup brand since 2007. The Company structured the transaction
similar to its previous transactions, with a portion of the
expected purchase price payable in subsequent periods based on the
future performance of the acquired operations. Cascade continued to
operate under the Airgroup brand through the remainder of calendar
year 2022 and is expected to transition to the Radiant brand in
early 2023 as it is combined with existing Company owned operations
in the Minneapolis area.
Stock Buy-back
Under the terms of our outstanding Rule 10b5-1 Repurchase Plan,
we purchased 620,347 shares of our common stock at an average cost
of $5.90 per share for an aggregate
cost of $3.7 million during the
three months ended December 31, 2022. As of February 1, 2023, the Company had 48,179,832
shares outstanding.
CEO Bohn
Crain comments on preliminary results, and the Company
efforts to bring its filings current
"We are very pleased to share our preliminary, internal
management prepared and unaudited results for the December quarter,
which reflects our continued trend of solid financial performance",
said Bohn Crain, Founder and CEO of
Radiant Logistics. "Based on these results, we are reporting
revenues of $283.5 million; gross
profit of $71.7 million; adjusted
gross profit of $75.2 million; net
income attributable to Radiant Logistics, Inc. of $6.7 million; adjusted net income of $12.3 million; and adjusted EBITDA of
$17.8 million. We are also reporting
an adjusted EBITDA margin of 23.6%.
During the quarter we also continued to make good progress in
our balanced approach to capital allocation through a combination
of our strategic acquisition and stock buy-back initiatives. As
previously reported, we completed the acquisition of our long-time
strategic operating partner, Cascade Enterprises in Minnesota effective as of October 1, 2022. In addition, we also acquired
$3.7 million of our common stock
during the quarter at what we believe is very attractive pricing.
For the quarter we also generated an estimated $42.3 million in cash from operations and
continue to maintain very low leverage on our balance sheet. As of
December 31, 2022, we have for the first time in the
Company's history, no net debt, with cash on hand of $63.8 million and total debt of only $53.7 million. Our adjusted EBITDA estimated for
the trailing twelve months ended December
31, 2022 is $85.3 million.
As we have previously discussed, while we remain very optimistic
about our prospects for fiscal 2023 and beyond, we are definitely
seeing signs of a slowing economy and expect operations to return
to more normalized levels and growth rates in coming quarters. We
believe we are well positioned with a durable, diverse service
offering and strong balance sheet to support our customers and
continue to execute against our broader strategic initiatives."
Crain continued: "Notwithstanding our continued strong results,
the Board and leadership team remain hyper-focused on bringing our
filings current with the SEC. We are working with our auditors as
expeditiously as the process will accommodate, to restate certain
historic financial statements and bring current other historic
financial statements, covering the Restatement Periods; principally
to address issues related to the timing of recognition of the
Company's estimated accrual of in-transit revenues and related
costs. We expect to bring our filings current with the SEC within
the near term.
Based on our work to date, the Company believes the net effect
of the restatement process to fully diluted earnings per share for
the fiscal year ended June 30, 2021 and for the
nine-months ended March 31, 2022 will
be a reduction of approximately $0.01
in each period ($0.44 per fully
diluted share vs previously reported $0.45 per fully diluted share for twelve months
ended June 30, 2021 and $0.55 per fully diluted share vs previously
reported $0.56 per fully diluted
share for the nine months ended March 31,
2022). These results reflect our best estimate of the
adjustments that will flow though our financial statements and
remain subject to further adjustment pending the completion of our
work with the auditors to finalize the restated amounts. In any
event, it is worth re-enforcing that, irrespective of the
restatement process, we expect to report record results in terms of
revenue and earnings for fiscal 2022 while maintaining historically
low leverage on our balance sheet and enjoying optimal financial
flexibility to continue to execute our strategy moving forward.
Through this period, we continue to refine our accounting for in
transit revenues, a process which was made more challenging by the
protracted transit periods for ocean shipments during COVID. In any
event, we hope to have this behind us within the near term, and we
remain very optimistic about our prospects and opportunities to
continue to leverage our best-in-class technology, robust North
American footprint, extensive global network of service partners to
continue to build on the great platform we have created here at
Radiant."
About Radiant Logistics (NYSE
American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a
third-party logistics company providing technology-enabled global
transportation and value-added logistics solutions to customers
based on primarily in the United
States and Canada. Through
its comprehensive service officering, Radiant provides domestic and
international freight forwarding along with truck and rail
brokerage services to a diversified account base including
manufactures, distributors and retailers which it supports from an
extensive network of Radiant and agent-owned offices throughout
North America and other key
markets around the world. Radiant's value-added logistics services
include warehouse and distribution, customs brokerage, order
fulfillment, inventory management and technology services.
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 global economic climate and current conflict in
Ukraine amplify many of these
risks 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, 2022. In addition, the global economic
climate and current conflict in Ukraine amplify many of these risks. Our
forward-looking statements are also based upon management's beliefs
and assumptions regarding, among others: the nature and estimated
amount of adjustments to our financial statements covering the
Restatement Periods as the final adjustments may vary from the
amounts estimated in this Press Release and in our prior SEC
Reports, and such variance may be material; the nature and
estimated amount of adjustments to our published estimated results
for Q2 of fiscal 2023 covered in this Press Release, with the
recognition that such adjustments may be material; the timing for
completion of the restated financial statements included within the
Restatement Periods and the associated Securities and Exchange
Commission filings within which the restated financial statements
are to be included, including the Form 10-Q that is the subject
matter of this Press Release; and such other factors that may be
identified: (i) in our Form 10-K for the fiscal year ended
June 30, 2021, including those set
forth under the caption "Risk Factors" in such Form 10-K; and (ii)
in such other Securities and Exchange Commission filings and other
public announcements, following our Form 10-K for the fiscal year
ended June 30, 2021. For the purpose
of our forward-looking statements, we assume that we will within
the short-term remediate any temporary compliance issues we are
presently experiencing with the NYSE as we contemplate being able
to regain compliance with all applicable SEC and exchange
compliance requirements once we are able to file the delinquent
Form 10-K and Forms 10-Q with the SEC. We also assume that we will
be able to secure whatever waivers and/or consents as may be
necessary, if at all, to maintain compliance under our senior
credit facility as a consequence of our inability to timely provide
financial statements to our senior lenders, as well as the
modifications that may be required of past compliance
certifications that we have provided to our senior lenders during
the Restatement Periods. 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 Sheet
(preliminary)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
(In thousands, except
share and per share data)
|
|
2022
|
|
|
|
(unaudited)
|
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
|
$
|
63,833
|
|
Accounts receivable,
net of allowance of $2,312 and $2,983, respectively
|
|
|
137,793
|
|
Contract
assets
|
|
|
39,211
|
|
Prepaid expenses and
other current assets
|
|
|
15,399
|
|
Total current
assets
|
|
|
256,236
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
23,663
|
|
|
|
|
|
Goodwill
|
|
|
88,924
|
|
Intangible assets,
net
|
|
|
41,731
|
|
Operating lease
right-of-use assets
|
|
|
59,569
|
|
Deposits and other
assets
|
|
|
6,277
|
|
Long-term restricted
cash
|
|
|
625
|
|
Total other long-term
assets
|
|
|
197,126
|
|
Total
assets
|
|
$
|
477,025
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
|
$
|
114,683
|
|
Operating partner
commissions payable
|
|
|
18,315
|
|
Accrued
expenses
|
|
|
8,595
|
|
Income tax
payable
|
|
|
2,621
|
|
Current portion of
notes payable
|
|
|
4,495
|
|
Current portion of
operating lease liability
|
|
|
11,102
|
|
Current portion of
finance lease liability
|
|
|
536
|
|
Current portion of
contingent consideration
|
|
|
3,582
|
|
Other current
liabilities
|
|
|
296
|
|
Total current
liabilities
|
|
|
164,225
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
49,191
|
|
Operating lease
liability, net of current portion
|
|
|
53,428
|
|
Finance lease
liability, net of current portion
|
|
|
953
|
|
Contingent
consideration, net of current portion
|
|
|
1,745
|
|
Deferred income
taxes
|
|
|
4,357
|
|
Total long-term
liabilities
|
|
|
109,674
|
|
Total
liabilities
|
|
|
273,899
|
|
|
|
|
|
Equity:
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 51,544,304 and
51,265,543
shares issued, and 48,179,832 and 48,740,935
shares outstanding, respectively
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
107,170
|
|
Treasury stock, at
cost, 3,364,472 and 2,524,608 shares, respectively
|
|
|
(21,004)
|
|
Retained
earnings
|
|
|
120,102
|
|
Accumulated other
comprehensive loss
|
|
|
(3,373)
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
202,928
|
|
Non-controlling
interest
|
|
|
198
|
|
Total
equity
|
|
|
203,126
|
|
Total liabilities and
equity
|
|
$
|
477,025
|
|
RADIANT LOGISTICS,
INC.
Condensed
Consolidated Statement of Comprehensive Income
(preliminary)
|
|
|
|
|
Three Months Ended
December 31,
|
|
(In thousands, except
share and per share data)
|
2022
|
|
Revenues
|
$
|
283,472
|
|
|
|
|
Operating
expenses:
|
|
|
Cost of transportation
and other services
|
|
208,227
|
|
Operating partner
commissions
|
|
29,752
|
|
Personnel
costs
|
|
20,184
|
|
Selling, general and
administrative expenses
|
|
8,636
|
|
Depreciation and
amortization
|
|
6,914
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
Total operating
expenses
|
|
273,893
|
|
|
|
|
Income from
operations
|
|
9,579
|
|
|
|
|
Other
expense
|
|
|
Interest
income
|
|
59
|
|
Interest
expense
|
|
(742)
|
|
Foreign currency
transaction gain
|
|
4
|
|
Change in fair value
of interest rate swap contracts
|
|
(104)
|
|
Other
|
|
24
|
|
Total other
expense
|
|
(759)
|
|
|
|
|
Income before income
taxes
|
|
8,820
|
|
|
|
|
Income tax
expense
|
|
(2,060)
|
|
|
|
|
Net income
|
|
6,760
|
|
Less: net income
attributable to non-controlling interest
|
|
(89)
|
|
|
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
6,671
|
|
|
|
|
Other comprehensive
income (loss):
|
|
|
Foreign currency
translation gain (loss)
|
|
901
|
|
Comprehensive
income
|
$
|
7,661
|
|
|
|
|
Income per
share:
|
|
|
Basic
|
$
|
0.14
|
|
Diluted
|
$
|
0.13
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
Basic
|
|
48,243,204
|
|
Diluted
|
|
49,430,271
|
|
Reconciliation of Non-GAAP
Measures
RADIANT LOGISTICS, INC.
Reconciliation of Gross Profit to Adjusted
Gross Profit, Net Income Attributable to Radiant Logistics,
Inc.
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted
EBITDA Margin
(preliminary)
As used in this Press Release, Adjusted Gross Profit, 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"). Adjusted
Gross Profit, 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 "adjusted gross profit" when
commenting about our Company and the results of operations.
Adjusted gross profit is a Non-GAAP measure calculated as revenues
less directly related operations and expenses attributed to the
Company's services. Adjusted gross profit is calculated as GAAP
gross profit exclusive of depreciation and amortization, which are
reported separately. We believe adjusted gross profit is a useful
measure of our ability to source, add value, and sell services and
products that are provided by third parties, and we consider
adjusted gross profit to be a primary performance measurement.
Accordingly, the discussion of our results of operations often
focuses on the changes in our adjusted gross profit.
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. Adjusted
Gross Profit, 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,
|
|
Reconciliation of
adjusted gross profit to GAAP gross profit
|
2022
Preliminary
|
|
Revenues
|
$
|
283,472
|
|
Cost of transportation
and other services (exclusive of depreciation and
amortization, shown separately below)
|
|
(208,227)
|
|
Depreciation and
amortization
|
|
(3,585)
|
|
GAAP gross
profit
|
$
|
71,660
|
|
Depreciation and
amortization
|
|
3,585
|
|
Adjusted gross
profit
|
$
|
75,245
|
|
|
|
|
GAAP gross margin (GAAP
gross profit as a percentage of revenues)
|
|
25.3
|
%
|
Adjusted gross profit
percentage (adjusted gross profit as a percentage of
revenues)
|
|
26.5
|
%
|
(In
thousands)
|
Three Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2022
Preliminary
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
6,671
|
|
Income tax
expense
|
|
2,060
|
|
Depreciation and
amortization (1)
|
|
7,142
|
|
Net interest
expense
|
|
683
|
|
|
|
|
EBITDA
|
|
16,556
|
|
|
|
|
Share-based
compensation
|
|
679
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
Acquisition related
costs
|
|
22
|
|
Ransomware incident
related costs, net
|
|
—
|
|
Litigation
costs
|
|
247
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
Change in fair value
of interest rate swap contracts
|
|
104
|
|
Foreign currency
transaction gain
|
|
(4)
|
|
|
|
|
Adjusted
EBITDA
|
$
|
17,784
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Adjusted Gross Profit)
|
|
23.6
|
%
|
(1)
Depreciation and amortization for the purposes of calculating
Adjusted EBITDA, a non-GAAP financial measure, includes
depreciation
expenses recognized on certain computer software as a
service.
|
(In thousands, except
share and per share data)
|
Three Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted net income
|
2022
Preliminary
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
$
|
6,671
|
|
Adjustments to net
income:
|
|
|
Income tax
expense
|
|
2,060
|
|
Depreciation and
amortization
|
|
6,914
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
Acquisition related
costs
|
|
22
|
|
Ransomware incident
related costs, net
|
|
—
|
|
Litigation
costs
|
|
247
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
Change in fair value
of interest rate swap contracts
|
|
104
|
|
Amortization of debt
issuance costs
|
|
140
|
|
|
|
|
Adjusted net income
before income taxes
|
|
16,338
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
(4,003)
|
|
|
|
|
Adjusted net
income
|
$
|
12,335
|
|
|
|
|
Adjusted net income per
common share:
|
|
|
Basic
|
$
|
0.26
|
|
Diluted
|
$
|
0.25
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
Basic
|
|
48,243,204
|
|
Diluted
|
|
49,430,271
|
|
(In thousands)
Trailing twelve months adjusted EBITDA:
|
|
Three months
ended
December 31,
2022
Preliminary
|
|
|
Three months
ended
September 30,
2022
Preliminary
|
|
|
Three months
ended
June 30,
2022
Preliminary
|
|
|
Three months
ended
March 31,
2022
Preliminary
|
|
|
Twelve months
ended
December 31,
2022
Preliminary
|
|
Net income attributable
to Radiant Logistics, Inc.
|
|
$
|
6,671
|
|
|
$
|
8,433
|
|
|
$
|
16,750
|
|
|
$
|
13,569
|
|
|
$
|
45,423
|
|
Income tax
expense
|
|
|
2,060
|
|
|
|
2,764
|
|
|
|
3,502
|
|
|
|
4,277
|
|
|
|
12,603
|
|
Depreciation and
amortization (1)
|
|
|
7,142
|
|
|
|
6,778
|
|
|
|
5,330
|
|
|
|
4,684
|
|
|
|
23,934
|
|
Net interest
expense
|
|
|
683
|
|
|
|
781
|
|
|
|
843
|
|
|
|
997
|
|
|
|
3,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
16,556
|
|
|
|
18,756
|
|
|
|
26,425
|
|
|
|
23,527
|
|
|
|
85,264
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
|
679
|
|
|
|
609
|
|
|
|
487
|
|
|
|
539
|
|
|
|
2,314
|
|
Change in fair value
of contingent consideration
|
|
|
150
|
|
|
|
160
|
|
|
|
160
|
|
|
|
152
|
|
|
|
622
|
|
Acquisition related
costs
|
|
|
22
|
|
|
|
27
|
|
|
|
94
|
|
|
|
6
|
|
|
|
149
|
|
Ransomware incident
related costs (recovery), net
|
|
|
—
|
|
|
|
—
|
|
|
|
(347)
|
|
|
|
279
|
|
|
|
(68)
|
|
Litigation
costs
|
|
|
247
|
|
|
|
120
|
|
|
|
84
|
|
|
|
163
|
|
|
|
614
|
|
Transition, lease
termination, and other costs
|
|
|
30
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
30
|
|
Change in fair value
of interest rate swap contracts
|
|
|
104
|
|
|
|
(690)
|
|
|
|
(278)
|
|
|
|
(1,985)
|
|
|
|
(2,849)
|
|
Foreign exchange loss
(gain)
|
|
|
(4)
|
|
|
|
(467)
|
|
|
|
(239)
|
|
|
|
(105)
|
|
|
|
(815)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
17,784
|
|
|
$
|
18,515
|
|
|
$
|
26,386
|
|
|
$
|
22,576
|
|
|
$
|
85,261
|
|
(1)
Depreciation and amortization for the purposes of calculating
Adjusted EBITDA, a non-GAAP financial measure, includes
depreciation
expenses recognized on certain computer software as a
service.
|
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SOURCE Radiant Logistics, Inc.