Brings Its Filings Current with the
SEC;
Continues Trend with Strong Results through the Six Months Ended
December 31, 2022
RENTON,
Wash., March 27, 2023 /PRNewswire/ -- Radiant
Logistics, Inc. (NYSE American: RLGT), a technology-enabled global
transportation and value-added logistics services company,
announced today the filing of its quarterly reports on Form 10-Q
for the quarters ended September 30, 2022 and
December 31, 2022. With the filing of these two quarterly
reports the Company is now current in its filings with the
Securities and Exchange Commission ("SEC").
Financial Highlights – Three Months Ended
September 30, 2022
- Revenues increased to a record $331.0
million for the first fiscal quarter ended September 30, 2022, up $31.6 million or 10.6%, compared to revenues of
$299.4 million for the comparable
prior year period.
- Gross profit increased to a record $74.7
million for the first fiscal quarter ended September 30, 2022, up $13.0 million or 21.1%, compared to gross profit
of $61.7 million for the comparable
prior year period.
- Adjusted gross profit, a non-GAAP financial measure, increased
to a record $76.5 million for the
first fiscal quarter ended September 30,
2022, up $11.8 million or
18.2%, compared to adjusted gross profit of $64.7 million for the comparable prior year
period.
- Net income attributable to Radiant Logistics, Inc. increased to
a record $8.4 million, or
$0.17 per basic and fully diluted
share up $0.8 million or 10.5%
compared to $7.6 million, or
$0.15 per basic and fully diluted
share for the comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, increased to
a record $13.4 million, or
$0.27 per basic and fully diluted
share for the first fiscal quarter ended September 30, 2022, up $2.3 million or 20.7%, compared to adjusted net
income of $11.1 million, or
$0.22 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 $18.5 million for the first
fiscal quarter ended September 30,
2022, up $3.3 million or
21.7%, compared to adjusted EBITDA of $15.2
million for the comparable prior year period.
- Adjusted EBITDA margin (adjusted EBITDA expressed as a
percentage of adjusted gross profit), a non-GAAP financial measure,
increased to a record 24.2% for the first fiscal quarter ended
September 30, 2022, up 60 basis
points, compared to adjusted EBITDA margin of 23.6% for the
comparable prior year period.
Financial Highlights – Three Months Ended
December 31, 2022
- Revenues decreased to $278.1
million for the second fiscal quarter ended December 31, 2022, down $57.7 million or 17.2%, compared to revenues of
$335.8 million for the comparable
prior year period.
- Gross profit increased to $70.4
million for the second fiscal quarter ended December 31, 2022, up $2.6
million or 3.8%, compared to gross profit of $67.8 million for the comparable prior year
period.
- Adjusted gross profit, a non-GAAP financial measure, increased
to $74.0 million for the second
fiscal quarter ended December 31,
2022, up $2.9 million or 4.1%,
compared to adjusted gross profit of $71.1
million for the comparable prior year period.
- Net income attributable to Radiant Logistics, Inc. decreased to
$4.8 million, or $0.10 per basic and fully diluted share,
$1.7 million compared to $6.5 million, or $0.13 per basic and fully diluted share for the
comparable prior year period.
- Adjusted net income, a non-GAAP financial measure, decreased to
$10.5 million, or $0.22 per basic and $0.21 per fully diluted share for the second
fiscal quarter ended December 31,
2022, down $1.4 million or
11.8%, compared to adjusted net income of $11.9 million, or $0.24 per basic and $0.23 per 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, decreased to
$15.3 million for the second fiscal
quarter ended December 31, 2022, down
$1.4 million or 8.4%, compared to
adjusted EBITDA of $16.7 million for
the comparable prior year period.
- Adjusted EBITDA margin (adjusted EBITDA expressed as a
percentage of adjusted gross profit), a non-GAAP financial measure,
decreased to 20.7% for the second fiscal quarter ended December 31, 2022, down 280 basis points,
compared to adjusted EBITDA margin of 23.5% for the comparable
prior year period.
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 calendar year 2022 and
is expected to transition to the Radiant brand over the course of
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,
the Company purchased 839,864 shares of our common stock at an
average cost of $5.95 per share for
an aggregate cost of $5.0 million
during the six months ended December 31,
2022. As of March 20, 2023,
the Company had 48,181,256 shares outstanding.
CEO Bohn Crain Comments on Results and the Company Coming
Current in Its Filings with the SEC
"We are very pleased to continue our trend of solid financial
results for each of the first two quarters of fiscal year 2023,"
said Bohn Crain, Founder and CEO of
Radiant Logistics. "For the six months ended
December 31, 2022, we posted revenues of $609.1 million, down $26.1
million or 4.1%; gross profit of $145.2 million, up $15.7
million or 12.1%; adjusted gross profit of $150.5 million, up $14.6
million or 10.7%; net income attributable to Radiant
Logistics, Inc. of $13.3 million,
down $0.8 million or 5.7%; adjusted
net income of $23.9 million, up
$0.9 million or 3.9%, and record
adjusted EBITDA of $33.9 million, up
$1.9 million or 5.9%. These results
reflect the benefit of our scalable non–asset–based business model,
our diversity of service offerings, and our ability to quickly
respond to changing market dynamics and support our customers in
this capacity constrained market.
During the six months ended December 31,
2022, 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
$5.0 million of our common stock
during the quarter at what we believe was very attractive pricing.
During the six-month period we also generated $65.5 million in cash from operations. As of
December 31, 2022, we have for the
first time in the Company's history, no net debt, with cash on hand
of $62.0 million and total debt of
only $53.7 million. Our adjusted
EBITDA for the trailing twelve months ended December 31, 2022 was $82.8 million."
Mr. Crain continued: "With the filing of these two Form 10-Qs we
have now completed the process of bringing our filings current with
the SEC and we are excited to be able to get back to
business—leveraging 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. As we have previously discussed, while we remain very
optimistic about our prospects for fiscal year 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 upon our broader strategic
initiatives."
First Fiscal Quarter Ended September 30, 2022 –
Financial Results
For the three months ended September 30, 2022, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$8.4 million on $331.0 million of revenues, or $0.17 per basic and fully diluted share. For the
three months ended September 30, 2021, Radiant reported
net income attributable to Radiant Logistics, Inc. of $7.6 million on $299.4
million of revenues, or $0.15
per basic and fully diluted share.
For the three months ended September 30, 2022, Radiant
reported adjusted net income, a non-GAAP financial measure, of
$13.4 million, or $0.27 per basic and fully diluted share. For the
three months ended September 30, 2021, Radiant reported
adjusted net income of $11.1 million,
or $0.22 per basic and fully diluted
share.
For the three months ended September 30, 2022, Radiant
reported adjusted EBITDA, a non-GAAP financial measure, of
$18.5 million, compared to
$15.2 million for the comparable
prior year period.
Second Fiscal Quarter Ended December 31, 2022 –
Financial Results
For the three months ended December 31, 2022, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$4.8 million on $278.1 million of revenues, or $0.10 per basic and fully diluted share. For the
three months ended December 31, 2021, Radiant reported
net income attributable to Radiant Logistics, Inc. of $6.5 million on $335.8
million of revenues, or $0.13
per basic and fully diluted share.
For the three months ended December 31, 2022, Radiant
reported adjusted net income, a non-GAAP financial measure, of
$10.5 million, or $0.22 per basic and $0.21 per fully diluted share. For the three
months ended December 31, 2021, Radiant reported adjusted
net income of $11.9 million, or
$0.24 per basic and $0.23 per fully diluted share.
For the three months ended December 31, 2022, Radiant
reported adjusted EBITDA, a non-GAAP financial measure, of
$15.3 million, compared to
$16.7 million for the comparable
prior year period.
Six Months Ended December 31, 2022 – Financial
Results
For the six months ended December 31, 2022, Radiant
reported net income attributable to Radiant Logistics, Inc. of
$13.3 million on $609.1 million of revenues, or $0.27 per basic and fully diluted share. For the
six months ended December 31, 2021, Radiant reported net
income attributable to Radiant Logistics, Inc. of $14.1 million on $635.2
million of revenues, or $0.28
per basic and fully diluted share.
For the six months ended December 31, 2022, Radiant
reported adjusted net income, a non-GAAP financial measure, of
$23.9 million, or $0.50 per basic and $0.48 per fully diluted share. For the six months
ended December 31, 2021, Radiant reported adjusted net
income of $23.0 million, or
$0.46 per basic and $0.45 per fully diluted share.
For the six months ended December 31, 2022, Radiant
reported adjusted EBITDA, a non-GAAP financial measure, of
$33.9 million, compared to
$32.0 million for the comparable
prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on
Monday, March 27, 2023 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, March 27, 2023
at 4:30 PM Eastern
|
DIAL-IN
|
US (888) 506-0062;
Intl. (973) 528-0011 (Participant Access Code: 913812)
|
REPLAY
|
March 28, 2023 at 9:30
AM Eastern to April 10, 2023 at 4:30 PM Eastern, US (877)
481-4010;
Intl. (919) 882-2331
(Replay ID number: 47924)
|
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/2191/47924
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) operates as a
third party logistics company, providing technology-enabled global
transportation and value-added logistics services primarily to
customers 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 report 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 report. 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 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; continued disruptions in the global supply chain; higher
inflationary pressures particularly surrounding the costs of fuel;
potential 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; the commercial, reputational and regulatory
risks to our business that may arise as a consequence of our need
to restate our financial statements; our longer-term relationship
with our senior lenders as a consequence of our need to restate our
financial statements; our temporary loss of the use of a
Registration Statement on Form S-3 to register securities in the
future; any disruption to our business that may occur on a
longer-term basis should we be unable to remediate during fiscal
2023 certain material weaknesses in our internal controls over
financial reporting, 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 Part 1 Item 1A of this report.
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
|
|
|
|
|
|
September 30,
|
|
|
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2022
|
|
|
2022
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
23,714
|
|
|
$
|
24,442
|
|
Accounts receivable,
net of allowance of $2,842 and $2,983, respectively
|
|
|
164,438
|
|
|
|
186,492
|
|
Contract
assets
|
|
|
49,967
|
|
|
|
61,154
|
|
Prepaid expenses and
other current assets
|
|
|
15,327
|
|
|
|
17,256
|
|
Total current
assets
|
|
|
253,446
|
|
|
|
289,344
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
22,890
|
|
|
|
24,823
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
86,751
|
|
|
|
88,199
|
|
Intangible assets,
net
|
|
|
43,000
|
|
|
|
48,545
|
|
Operating lease
right-of-use assets
|
|
|
44,143
|
|
|
|
41,111
|
|
Deposits and other
assets
|
|
|
5,703
|
|
|
|
4,704
|
|
Long-term restricted
cash
|
|
|
581
|
|
|
|
625
|
|
Total other long-term
assets
|
|
|
180,178
|
|
|
|
183,184
|
|
Total
assets
|
|
$
|
456,514
|
|
|
$
|
497,351
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
122,243
|
|
|
$
|
137,853
|
|
Operating partner
commissions payable
|
|
|
19,030
|
|
|
|
18,731
|
|
Accrued
expenses
|
|
|
9,387
|
|
|
|
11,349
|
|
Income tax
payable
|
|
|
547
|
|
|
|
4,035
|
|
Current portion of
notes payable
|
|
|
4,331
|
|
|
|
4,575
|
|
Current portion of
operating lease liability
|
|
|
10,027
|
|
|
|
7,641
|
|
Current portion of
finance lease liability
|
|
|
538
|
|
|
|
577
|
|
Current portion of
contingent consideration
|
|
|
2,600
|
|
|
|
2,600
|
|
Other current
liabilities
|
|
|
297
|
|
|
|
303
|
|
Total current
liabilities
|
|
|
169,000
|
|
|
|
187,664
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
40,300
|
|
|
|
66,719
|
|
Operating lease
liability, net of current portion
|
|
|
38,712
|
|
|
|
37,776
|
|
Finance lease
liability, net of current portion
|
|
|
1,084
|
|
|
|
1,223
|
|
Contingent
consideration, net of current portion
|
|
|
3,090
|
|
|
|
2,930
|
|
Deferred income
taxes
|
|
|
5,984
|
|
|
|
6,482
|
|
Total long-term
liabilities
|
|
|
89,170
|
|
|
|
115,130
|
|
Total
liabilities
|
|
|
258,170
|
|
|
|
302,794
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Common stock, $0.001
par value, 100,000,000 shares authorized; 51,418,835 and
51,265,543
shares issued, and 48,674,710 and 48,740,935
shares outstanding, respectively
|
|
|
33
|
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
106,314
|
|
|
|
106,146
|
|
Treasury stock, at
cost, 2,744,125 and 2,524,608 shares, respectively
|
|
|
(17,344)
|
|
|
|
(16,004)
|
|
Retained
earnings
|
|
|
113,431
|
|
|
|
104,998
|
|
Accumulated other
comprehensive loss
|
|
|
(4,274)
|
|
|
|
(796)
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
198,160
|
|
|
|
194,377
|
|
Non-controlling
interest
|
|
|
184
|
|
|
|
180
|
|
Total
equity
|
|
|
198,344
|
|
|
|
194,557
|
|
Total liabilities and
equity
|
|
$
|
456,514
|
|
|
$
|
497,351
|
|
RADIANT LOGISTICS,
INC.
|
|
Condensed
Consolidated Balance Sheets
|
|
|
|
|
|
December 31,
|
|
|
June 30,
|
|
(In thousands, except
share and per share data)
|
|
2022
|
|
|
2022
|
|
|
|
(unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
62,020
|
|
|
$
|
24,442
|
|
Accounts receivable,
net of allowance of $2,312 and $2,983, respectively
|
|
|
137,793
|
|
|
|
186,492
|
|
Contract
assets
|
|
|
33,858
|
|
|
|
61,154
|
|
Prepaid expenses and
other current assets
|
|
|
15,399
|
|
|
|
17,256
|
|
Total current
assets
|
|
|
249,070
|
|
|
|
289,344
|
|
|
|
|
|
|
|
|
Property, technology,
and equipment, net
|
|
|
23,663
|
|
|
|
24,823
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
88,924
|
|
|
|
88,199
|
|
Intangible assets,
net
|
|
|
41,731
|
|
|
|
48,545
|
|
Operating lease
right-of-use assets
|
|
|
59,569
|
|
|
|
41,111
|
|
Deposits and other
assets
|
|
|
6,309
|
|
|
|
4,704
|
|
Long-term restricted
cash
|
|
|
593
|
|
|
|
625
|
|
Total other long-term
assets
|
|
|
197,126
|
|
|
|
183,184
|
|
Total
assets
|
|
$
|
469,859
|
|
|
$
|
497,351
|
|
|
|
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
107,511
|
|
|
$
|
137,853
|
|
Operating partner
commissions payable
|
|
|
20,298
|
|
|
|
18,731
|
|
Accrued
expenses
|
|
|
9,053
|
|
|
|
11,349
|
|
Income tax
payable
|
|
|
2,050
|
|
|
|
4,035
|
|
Current portion of
notes payable
|
|
|
4,495
|
|
|
|
4,575
|
|
Current portion of
operating lease liability
|
|
|
11,102
|
|
|
|
7,641
|
|
Current portion of
finance lease liability
|
|
|
536
|
|
|
|
577
|
|
Current portion of
contingent consideration
|
|
|
3,582
|
|
|
|
2,600
|
|
Other current
liabilities
|
|
|
296
|
|
|
|
303
|
|
Total current
liabilities
|
|
|
158,923
|
|
|
|
187,664
|
|
|
|
|
|
|
|
|
Notes payable, net of
current portion
|
|
|
49,191
|
|
|
|
66,719
|
|
Operating lease
liability, net of current portion
|
|
|
53,428
|
|
|
|
37,776
|
|
Finance lease
liability, net of current portion
|
|
|
953
|
|
|
|
1,223
|
|
Contingent
consideration, net of current portion
|
|
|
1,745
|
|
|
|
2,930
|
|
Deferred income
taxes
|
|
|
4,328
|
|
|
|
6,482
|
|
Total long-term
liabilities
|
|
|
109,645
|
|
|
|
115,130
|
|
Total
liabilities
|
|
|
268,568
|
|
|
|
302,794
|
|
|
|
|
|
|
|
|
Commitments and
contingencies (Note 15)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
|
33
|
|
Additional paid-in
capital
|
|
|
107,170
|
|
|
|
106,146
|
|
Treasury stock, at
cost, 3,364,472 and 2,524,608 shares, respectively
|
|
|
(21,004)
|
|
|
|
(16,004)
|
|
Retained
earnings
|
|
|
118,267
|
|
|
|
104,998
|
|
Accumulated other
comprehensive loss
|
|
|
(3,373)
|
|
|
|
(796)
|
|
Total Radiant
Logistics, Inc. stockholders' equity
|
|
|
201,093
|
|
|
|
194,377
|
|
Non-controlling
interest
|
|
|
198
|
|
|
|
180
|
|
Total
equity
|
|
|
201,291
|
|
|
|
194,557
|
|
Total liabilities and
equity
|
|
$
|
469,859
|
|
|
$
|
497,351
|
|
RADIANT LOGISTICS,
INC.
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
(unaudited)
|
|
|
|
|
Three Months Ended
September 30,
|
|
(In thousands, except
share and per share data)
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
Revenues
|
$
|
330,971
|
|
|
$
|
299,398
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
Cost of transportation
and other services
|
|
254,491
|
|
|
|
234,680
|
|
Operating partner
commissions
|
|
30,106
|
|
|
|
27,561
|
|
Personnel
costs
|
|
19,771
|
|
|
|
15,653
|
|
Selling, general and
administrative expenses
|
|
8,770
|
|
|
|
6,790
|
|
Depreciation and
amortization
|
|
6,778
|
|
|
|
4,252
|
|
Change in fair value
of contingent consideration
|
|
160
|
|
|
|
—
|
|
Total operating
expenses
|
|
320,076
|
|
|
|
288,936
|
|
|
|
|
|
|
|
Income from
operations
|
|
10,895
|
|
|
|
10,462
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
Interest
income
|
|
40
|
|
|
|
3
|
|
Interest
expense
|
|
(821)
|
|
|
|
(609)
|
|
Foreign currency
transaction gain
|
|
467
|
|
|
|
271
|
|
Change in fair value
of interest rate swap contracts
|
|
690
|
|
|
|
(46)
|
|
Other
|
|
5
|
|
|
|
16
|
|
Total other income
(expense)
|
|
381
|
|
|
|
(365)
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
11,276
|
|
|
|
10,097
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(2,764)
|
|
|
|
(2,402)
|
|
|
|
|
|
|
|
Net income
|
|
8,512
|
|
|
|
7,695
|
|
Less: net income
attributable to non-controlling interest
|
|
(79)
|
|
|
|
(86)
|
|
|
|
|
|
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
8,433
|
|
|
$
|
7,609
|
|
|
|
|
|
|
|
Other comprehensive
loss:
|
|
|
|
|
|
Foreign currency
translation loss
|
|
(3,478)
|
|
|
|
(1,039)
|
|
Comprehensive
income
|
$
|
5,034
|
|
|
$
|
6,656
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.17
|
|
|
$
|
0.15
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
Basic
|
|
48,745,317
|
|
|
|
49,921,061
|
|
Diluted
|
|
50,303,012
|
|
|
|
51,116,478
|
|
RADIANT LOGISTICS,
INC.
|
|
Condensed
Consolidated Statements of Comprehensive Income
|
|
(unaudited)
|
|
|
|
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
(In thousands, except
share and per share data)
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
|
|
|
|
(as
restated)
|
|
Revenues
|
$
|
278,119
|
|
|
$
|
335,778
|
|
|
$
|
609,090
|
|
|
$
|
635,176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of transportation
and other services
|
|
204,091
|
|
|
|
264,640
|
|
|
|
458,582
|
|
|
|
499,320
|
|
Operating partner
commissions
|
|
30,512
|
|
|
|
31,169
|
|
|
|
60,617
|
|
|
|
58,730
|
|
Personnel
costs
|
|
20,641
|
|
|
|
16,659
|
|
|
|
40,412
|
|
|
|
32,312
|
|
Selling, general and
administrative expenses
|
|
8,637
|
|
|
|
8,352
|
|
|
|
17,407
|
|
|
|
15,139
|
|
Depreciation and
amortization
|
|
6,914
|
|
|
|
4,447
|
|
|
|
13,693
|
|
|
|
8,702
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
|
|
—
|
|
|
|
30
|
|
|
|
—
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
|
|
455
|
|
|
|
310
|
|
|
|
455
|
|
Total operating
expenses
|
|
270,975
|
|
|
|
325,722
|
|
|
|
591,051
|
|
|
|
614,658
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from
operations
|
|
7,144
|
|
|
|
10,056
|
|
|
|
18,039
|
|
|
|
20,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
59
|
|
|
|
4
|
|
|
|
98
|
|
|
|
6
|
|
Interest
expense
|
|
(742)
|
|
|
|
(749)
|
|
|
|
(1,563)
|
|
|
|
(1,358)
|
|
Foreign currency
transaction gain
|
|
4
|
|
|
|
104
|
|
|
|
471
|
|
|
|
375
|
|
Change in fair value
of interest rate swap contracts
|
|
(104)
|
|
|
|
(378)
|
|
|
|
587
|
|
|
|
(424)
|
|
Other
|
|
24
|
|
|
|
91
|
|
|
|
29
|
|
|
|
108
|
|
Total other
expense
|
|
(759)
|
|
|
|
(928)
|
|
|
|
(378)
|
|
|
|
(1,293)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
6,385
|
|
|
|
9,128
|
|
|
|
17,661
|
|
|
|
19,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
(1,460)
|
|
|
|
(2,513)
|
|
|
|
(4,224)
|
|
|
|
(4,915)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
4,925
|
|
|
|
6,615
|
|
|
|
13,437
|
|
|
|
14,310
|
|
Less: net income
attributable to non-controlling interest
|
|
(89)
|
|
|
|
(76)
|
|
|
|
(168)
|
|
|
|
(162)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
4,836
|
|
|
$
|
6,539
|
|
|
$
|
13,269
|
|
|
$
|
14,148
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive
income:
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation gain (loss)
|
|
901
|
|
|
|
117
|
|
|
|
(2,577)
|
|
|
|
(922)
|
|
Comprehensive
income
|
$
|
5,826
|
|
|
$
|
6,732
|
|
|
$
|
10,860
|
|
|
$
|
13,388
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.10
|
|
|
$
|
0.13
|
|
|
$
|
0.27
|
|
|
$
|
0.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
48,243,204
|
|
|
|
49,657,547
|
|
|
|
48,494,260
|
|
|
|
49,789,304
|
|
Diluted
|
|
49,427,420
|
|
|
|
50,775,714
|
|
|
|
49,865,216
|
|
|
|
50,946,096
|
|
Reconciliation of Non-GAAP
Measures
RADIANT LOGISTICS, INC.
Reconciliation of Gross Profit to Adjusted
Gross Profit, Net Income Attributable
to
Radiant Logistics, Inc.,
Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA
Margin
(unaudited)
As used in this report 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, net interest expense, share-based
compensation, change in fair value of contingent consideration,
transition costs, lease termination costs, acquisition related
costs, ransomware related costs, litigation costs, change in fair
value of interest rate swap contracts, and gain on foreign currency
transaction.
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 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. 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
September 30,
|
|
Reconciliation of
adjusted gross profit to GAAP gross profit
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
Revenues
|
$
|
330,971
|
|
|
$
|
299,398
|
|
Cost of transportation
and other services (exclusive of depreciation and
amortization, shown separately below)
|
|
(254,491)
|
|
|
|
(234,680)
|
|
Depreciation and
amortization
|
|
(1,756)
|
|
|
|
(2,998)
|
|
GAAP gross
profit
|
$
|
74,724
|
|
|
$
|
61,720
|
|
Depreciation and
amortization
|
|
1,756
|
|
|
|
2,998
|
|
Adjusted gross
profit
|
$
|
76,480
|
|
|
$
|
64,718
|
|
|
|
|
|
|
|
GAAP gross margin (GAAP
gross profit as a percentage of revenues)
|
|
22.6
|
%
|
|
|
20.6
|
%
|
Adjusted gross profit
percentage (adjusted gross profit as a percentage of
revenues)
|
|
23.1
|
%
|
|
|
21.6
|
%
|
(In
thousands)
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
adjusted gross profit to GAAP gross profit
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
|
|
|
|
(as
restated)
|
|
Revenues
|
$
|
278,119
|
|
|
$
|
335,778
|
|
|
$
|
609,090
|
|
|
$
|
635,176
|
|
Cost of transportation
and other services (exclusive of depreciation and
amortization, shown separately below)
|
|
(204,091)
|
|
|
|
(264,640)
|
|
|
|
(458,582)
|
|
|
|
(499,320)
|
|
Depreciation and
amortization
|
|
(3,585)
|
|
|
|
(3,332)
|
|
|
|
(5,341)
|
|
|
|
(6,331)
|
|
GAAP gross
profit
|
$
|
70,443
|
|
|
$
|
67,806
|
|
|
$
|
145,167
|
|
|
$
|
129,525
|
|
Depreciation and
amortization
|
|
3,585
|
|
|
|
3,332
|
|
|
|
5,341
|
|
|
|
6,331
|
|
Adjusted gross
profit
|
$
|
74,028
|
|
|
$
|
71,138
|
|
|
$
|
150,508
|
|
|
$
|
135,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross margin (GAAP
gross profit as a percentage of revenues)
|
|
25.3
|
%
|
|
|
20.2
|
%
|
|
|
23.8
|
%
|
|
|
20.4
|
%
|
Adjusted gross profit
percentage (adjusted gross profit as a percentage of
revenues)
|
|
26.6
|
%
|
|
|
21.2
|
%
|
|
|
24.7
|
%
|
|
|
21.4
|
%
|
(In
thousands)
|
Three Months Ended
September 30,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
8,433
|
|
|
$
|
7,609
|
|
Income tax
expense
|
|
2,764
|
|
|
|
2,402
|
|
Depreciation and
amortization
|
|
6,778
|
|
|
|
4,252
|
|
Net interest
expense
|
|
781
|
|
|
|
606
|
|
|
|
|
|
|
|
EBITDA
|
|
18,756
|
|
|
|
14,869
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
609
|
|
|
|
350
|
|
Change in fair value
of contingent consideration
|
|
160
|
|
|
|
—
|
|
Acquisition related
costs
|
|
27
|
|
|
|
99
|
|
Litigation
costs
|
|
120
|
|
|
|
154
|
|
Change in fair value
of interest rate swap contracts
|
|
(690)
|
|
|
|
46
|
|
Foreign currency
transaction gain
|
|
(467)
|
|
|
|
(271)
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
18,515
|
|
|
$
|
15,247
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Adjusted Gross Profit)
|
|
24.2
|
%
|
|
|
23.6
|
%
|
(In
thousands)
|
Three Months Ended
December 31,
|
|
|
Six Months Ended
December 31,
|
|
Reconciliation of
GAAP net income to adjusted EBITDA
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
|
|
|
|
(as
restated)
|
|
Net income attributable
to Radiant Logistics, Inc.
|
$
|
4,836
|
|
|
$
|
6,539
|
|
|
$
|
13,269
|
|
|
$
|
14,148
|
|
Income tax
expense
|
|
1,460
|
|
|
|
2,513
|
|
|
|
4,224
|
|
|
|
4,915
|
|
Depreciation and
amortization (1)
|
|
7,142
|
|
|
|
4,447
|
|
|
|
13,921
|
|
|
|
8,702
|
|
Net interest
expense
|
|
683
|
|
|
|
745
|
|
|
|
1,465
|
|
|
|
1,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
14,121
|
|
|
|
14,244
|
|
|
|
32,879
|
|
|
|
29,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based
compensation
|
|
679
|
|
|
|
422
|
|
|
|
1,288
|
|
|
|
772
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
|
|
455
|
|
|
|
310
|
|
|
|
455
|
|
Acquisition related
costs
|
|
22
|
|
|
|
396
|
|
|
|
49
|
|
|
|
496
|
|
Ransomware incident
related costs, net
|
|
—
|
|
|
|
751
|
|
|
|
—
|
|
|
|
751
|
|
Litigation
costs
|
|
247
|
|
|
|
167
|
|
|
|
366
|
|
|
|
321
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
|
|
—
|
|
|
|
30
|
|
|
|
—
|
|
Change in fair value
of interest rate swap contracts
|
|
104
|
|
|
|
378
|
|
|
|
(587)
|
|
|
|
424
|
|
Foreign currency
transaction gain
|
|
(4)
|
|
|
|
(104)
|
|
|
|
(471)
|
|
|
|
(375)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
15,349
|
|
|
$
|
16,709
|
|
|
$
|
33,864
|
|
|
$
|
31,961
|
|
Adjusted EBITDA margin
(Adjusted EBITDA as a % of Adjusted Gross Profit)
|
|
20.7
|
%
|
|
|
23.5
|
%
|
|
|
22.5
|
%
|
|
|
23.5
|
%
|
|
(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
September 30,
|
|
Reconciliation of
GAAP net income to adjusted net income
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
$
|
8,433
|
|
|
$
|
7,609
|
|
Adjustments to net
income:
|
|
|
|
|
|
Income tax
expense
|
|
2,764
|
|
|
|
2,402
|
|
Depreciation and
amortization
|
|
6,778
|
|
|
|
4,252
|
|
Change in fair value
of contingent consideration
|
|
160
|
|
|
|
—
|
|
Acquisition related
costs
|
|
27
|
|
|
|
99
|
|
Litigation
costs
|
|
120
|
|
|
|
154
|
|
Change in fair value
of interest rate swap contracts
|
|
(690)
|
|
|
|
46
|
|
Amortization of debt
issuance costs
|
|
110
|
|
|
|
127
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
17,702
|
|
|
|
14,689
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
(4,337)
|
|
|
|
(3,599)
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
13,365
|
|
|
$
|
11,090
|
|
|
|
|
|
|
|
Adjusted net income per
common share:
|
|
|
|
|
|
Basic and
diluted
|
$
|
0.27
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
Basic
|
|
48,745,317
|
|
|
|
49,921,061
|
|
Diluted
|
|
50,303,012
|
|
|
|
51,116,478
|
|
(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
|
2022
|
|
|
2021
|
|
|
2022
|
|
|
2021
|
|
|
|
|
|
(as
restated)
|
|
|
|
|
|
(as
restated)
|
|
GAAP net income
attributable to Radiant Logistics, Inc.
|
$
|
4,836
|
|
|
$
|
6,539
|
|
|
$
|
13,269
|
|
|
$
|
14,148
|
|
Adjustments to net
income:
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
expense
|
|
1,460
|
|
|
|
2,513
|
|
|
|
4,224
|
|
|
|
4,915
|
|
Depreciation and
amortization
|
|
6,914
|
|
|
|
4,447
|
|
|
|
13,693
|
|
|
|
8,702
|
|
Change in fair value
of contingent consideration
|
|
150
|
|
|
|
455
|
|
|
|
310
|
|
|
|
455
|
|
Acquisition related
costs
|
|
22
|
|
|
|
396
|
|
|
|
49
|
|
|
|
496
|
|
Ransomware incident
related costs, net
|
|
—
|
|
|
|
751
|
|
|
|
—
|
|
|
|
751
|
|
Litigation
costs
|
|
247
|
|
|
|
167
|
|
|
|
366
|
|
|
|
321
|
|
Transition, lease
termination, and other costs
|
|
30
|
|
|
|
—
|
|
|
|
30
|
|
|
|
—
|
|
Change in fair value
of interest rate swap contracts
|
|
104
|
|
|
|
378
|
|
|
|
(587)
|
|
|
|
424
|
|
Amortization of debt
issuance costs
|
|
140
|
|
|
|
126
|
|
|
|
250
|
|
|
|
253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income
before income taxes
|
|
13,903
|
|
|
|
15,772
|
|
|
|
31,604
|
|
|
|
30,465
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes at 24.5%
|
|
(3,406)
|
|
|
|
(3,864)
|
|
|
|
(7,743)
|
|
|
|
(7,464)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net
income
|
$
|
10,497
|
|
|
$
|
11,908
|
|
|
$
|
23,861
|
|
|
$
|
23,001
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
common share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.22
|
|
|
$
|
0.24
|
|
|
$
|
0.50
|
|
|
$
|
0.46
|
|
Diluted
|
$
|
0.21
|
|
|
$
|
0.23
|
|
|
$
|
0.48
|
|
|
$
|
0.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
48,243,204
|
|
|
|
49,657,547
|
|
|
|
48,494,260
|
|
|
|
49,789,304
|
|
Diluted
|
|
49,427,420
|
|
|
|
50,775,714
|
|
|
|
49,865,216
|
|
|
|
50,946,096
|
|
(In thousands)
Trailing twelve months adjusted EBITDA:
|
|
Three months
ended
December 31,
2022
|
|
|
Three months
ended
September 30,
2022
|
|
|
Three months
ended
June 30,
2022
|
|
|
Three months
ended
March 31,
2022
(as restated)
|
|
|
Twelve months
ended
December 31,
2022
|
|
Net income attributable
to Radiant Logistics, Inc.
|
|
$
|
4,836
|
|
|
$
|
8,433
|
|
|
$
|
16,750
|
|
|
$
|
13,567
|
|
|
$
|
43,586
|
|
Income tax
expense
|
|
|
1,460
|
|
|
|
2,764
|
|
|
|
3,502
|
|
|
|
4,276
|
|
|
|
12,002
|
|
Depreciation and
amortization (1)
|
|
|
7,142
|
|
|
|
6,778
|
|
|
|
5,330
|
|
|
|
4,684
|
|
|
|
23,934
|
|
Net interest
expense
|
|
|
683
|
|
|
|
781
|
|
|
|
843
|
|
|
|
997
|
|
|
|
3,304
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
14,121
|
|
|
|
18,756
|
|
|
|
26,425
|
|
|
|
23,524
|
|
|
|
82,826
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
gain
|
|
|
(4)
|
|
|
|
(467)
|
|
|
|
(239)
|
|
|
|
(105)
|
|
|
|
(815)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
$
|
15,349
|
|
|
$
|
18,515
|
|
|
$
|
26,386
|
|
|
$
|
22,573
|
|
|
$
|
82,823
|
|
|
(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.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/radiant-logistics-announces-results-for-the-first-fiscal-quarter-ended-september-30-2022-and-second-fiscal-quarter-ended-december-31-2022-301782022.html
SOURCE Radiant Logistics, Inc.