0000950170-23-062010.txt : 20231109 0000950170-23-062010.hdr.sgml : 20231109 20231109160513 ACCESSION NUMBER: 0000950170-23-062010 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231109 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231109 DATE AS OF CHANGE: 20231109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RADIANT LOGISTICS, INC CENTRAL INDEX KEY: 0001171155 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 043625550 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35392 FILM NUMBER: 231392257 BUSINESS ADDRESS: STREET 1: 700 S RENTON VILLAGE PLACE STREET 2: SEVENTH FLOOR CITY: RENTON STATE: WA ZIP: 98057 BUSINESS PHONE: 425-462-1094 MAIL ADDRESS: STREET 1: 700 S RENTON VILLAGE PLACE STREET 2: SEVENTH FLOOR CITY: RENTON STATE: WA ZIP: 98057 FORMER COMPANY: FORMER CONFORMED NAME: GOLF TWO INC DATE OF NAME CHANGE: 20020415 8-K 1 rlgt-20231109.htm 8-K 8-K
0001171155false00011711552023-11-092023-11-09

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 09, 2023

 

 

RADIANT LOGISTICS, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-35392

04-3625550

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

Triton Towers Two

Seventh Floor

700 S. Renton Village Place

 

 

Renton, Washington

 

98057

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 425 462-1094

 

N/A

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock, $0.001 Par Value

 

RLGT

 

NYSE American LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On November 9, 2023, Radiant Logistics, Inc. (the “Company”) issued a press release announcing its financial results for the three months ended September 30, 2023. A copy of the press release, dated November 9, 2023, is furnished as Exhibit 99.1 to this Current Report on Form 8‑K.

The attached press release contains information that includes the following non-GAAP financial measures as defined in Regulation G adopted by the Securities and Exchange Commission: adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. The Company’s management believes that presenting such non-GAAP financial measures provides useful information to investors regarding the underlying business trends and performance of the Company’s ongoing operations. These non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company’s condensed consolidated financial statements in their entirety and to not rely on any single financial measure. A table providing a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP financial measures is included within the press release furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report, including Exhibit 99.1 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

No.

Description

 

 

 

99.1

Press Release, dated November 9, 2023, announcing financial results for the first fiscal quarter ended September 30, 2023.

 

 

 

104

 

Cover Page Interactive Data (embedded within the Inline XBRL document)

 

 

 

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Radiant Logistics, Inc.

 

 

 

 

Date: November 9, 2023

By:

/s/ Todd Macomber

Todd Macomber

Senior Vice President and Chief Financial Officer

 

 EX-99.1 2 rlgt-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

img185176670_0.jpg 

RADIANT LOGISTICS ANNOUNCES RESULTS FOR

THE FIRST fiscal quarter ENDED September 30, 2023

Continues to deliver solid financial results in face of continued market headwinds;

Generated $7.9 million in cash from operations;

Debt free and well positioned for further growth

RENTON, WA November 9, 2023 – Radiant Logistics, Inc. (NYSE American: RLGT), a technology-enabled global transportation and value-added logistics services company, today reported financial results for the three months ended September 30, 2023.

Financial Highlights – Three Months Ended September 30, 2023

•
Revenues decreased to $210.8 million for the first fiscal quarter ended September 30, 2023, down $120.2 million or 36.3%, compared to revenues of $331.0 million for the comparable prior year period.
•
Gross profit decreased to $57.5 million for the first fiscal quarter ended September 30, 2023, down $15.6 million or 21.3%, compared to gross profit of $73.1 million for the comparable prior year period.
•
Adjusted gross profit, a non-GAAP financial measure, decreased to $60.8 million for the first fiscal quarter ended September 30, 2023, down $15.7 million or 20.5%, compared to adjusted gross profit of $76.5 million for the comparable prior year period.
•
Net income attributable to Radiant Logistics, Inc. decreased to $2.6 million, or $0.06 per basic and $0.05 per fully diluted share for the first fiscal quarter ended September 30, 2023, down $5.8 million or 69.0%, compared to $8.4 million, or $0.17 per basic and fully diluted share for the comparable prior year period.
•
Adjusted net income, a non-GAAP financial measure, decreased to $6.5 million, or $0.14 per basic and $0.13 per fully diluted share for the first fiscal quarter ended September 30, 2023, down $7.0 million or 51.9%, compared to adjusted net income of $13.5 million, or $0.28 per basic and $0.27 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 $9.2 million for the first fiscal quarter ended September 30, 2023, down $9.5 million or 50.8%, compared to adjusted EBITDA of $18.7 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 15.1% or 930 basis points, for the first fiscal quarter ended September 30, 2023, compared to adjusted EBITDA margin of 24.4% for the comparable prior year period.

Acquisition Update

On October 2, 2023, the Company announced that it acquired the operations of Daleray Corporation (“Daleray”), a Fort Lauderdale, Florida based, privately held company that has operated under the Company’s Distribution By Air brand since 2014. Daleray is well recognized for its expertise and in-depth knowledge and support of the cruise industry and will transition to operate under the Radiant Global Logistics brand over the balance of 2023 and will anchor the Company’s cruise logistics service offerings in south Florida. 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.

Stock Buy-Back

We purchased 35,349 shares of our common stock at an average cost of $6.52 per share for an aggregate cost of $0.2 million during the first fiscal quarter ended September 30, 2023. Under the terms of our outstanding Rule 10b5-1 Repurchase Plan, we have purchased an additional 446,652 shares of common stock subsequent to September 30, 2023 and through November 3, 2023 for a total cost of $2.6 million inclusive of transaction costs, bringing the total common stock repurchased under the plan to 3,018,309 shares.

As of September 30, 2023, the Company had 47,388,981 shares outstanding.

1

 

CEO Bohn Crain Comments on Results

“Our results for the quarter ended September 30, 2023 continue to reflect the difficult freight markets being experienced by the entire industry as well as our operations.” said Bohn Crain, Founder and CEO of Radiant Logistics. “The confluence of shippers continuing to manage through elevated inventories, reduced imports and slowing economic growth, has had a cascading effect across virtually every mode of transportation. As in the prior quarter, these market conditions have negatively impacted not only our current results, but also the year-over-year comparison to our record results for prior year period. With that said, we remain optimistic that we are at or near the bottom of this cycle and would expect markets to begin to find their way to more sustainable and normalized levels in coming quarters.”

Mr. Crain continued, “Notwithstanding the tough year over year comparisons, we are very proud to report that we generated $9.2 million in Adjusted EBITDA and $7.9 million in cash from operations for our fiscal quarter ended September 30, 2023. In addition, we continue to enjoy a strong balance sheet finishing the quarter with approximately $35.9 million of cash on hand and nothing drawn on our $200.0 million credit facility.

As previously discussed, we believe we are well positioned to navigate through these slower freight markets as we find our way back to more normalized market conditions. At the same time, we believe our patience and discipline may be rewarded as market conditions become more conducive to our acquisition strategy and we have ample “dry powder” to become more active on the acquisition front should the opportunity present itself. Looking ahead, we will remain focused on delivering profitable growth through a combination of organic and acquisition initiatives and thoughtfully re-levering our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buy-backs. Through this approach we will continue to scale our business, leveraging our best-in-class technology and extensive global network, which we believe, over time, will continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve.”

Three Months Ended September 30, 2023 – Financial Results

For the three months ended September 30, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $2.6 million on $210.8 million of revenues, or $0.06 per basic and $0.05 per fully diluted share. 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, 2023, Radiant reported adjusted net income, a non-GAAP financial measure, of $6.5 million, or $0.14 per basic and $0.13 per fully diluted share. For the three months ended September 30, 2022, Radiant reported adjusted net income of $13.5 million, or $0.28 per basic and $0.27 per fully diluted share.

For the three months ended September 30, 2023, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $9.2 million, compared to $18.7 million for the comparable prior year period.

Earnings Call and Webcast Access Information

Radiant Logistics, Inc. will host a conference call on Thursday, November 9, 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:

Thursday, November 9, 2023 at 4:30 PM Eastern

DIAL-IN

US (800) 343-4849; Intl. (203) 518-9848 (Participant Access Code: RADIANT)

REPLAY

November 10, 2023 at 9:30 AM Eastern to November 23, 2023 at 4:30 PM Eastern, US (877) 481-4010;

Intl. (919) 882-2331 (Replay ID number: 49404)

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/2191/49404

 

2

 

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 solutions primarily to customers in the United States and Canada. Through its comprehensive service offerings, Radiant provides domestic and international freight forwarding and freight brokerage services to a diversified account base including manufacturers, distributors and retailers, which it supports from an extensive network of company 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 or any other health pandemic or environment event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel; labor and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from the ransomware incident that we reported in December of 2021 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 year 2024 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 the Company’s Annual Report on Form 10-K for the year ended June 30, 2023. In addition, the global economic climate and additional or unforeseen effects from the COVID-19 pandemic or other unexpected health pandemics, may 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.

 

 

Investor Contact:

Radiant Logistics, Inc.

Todd Macomber

(425) 943-4541

investors@radiantdelivers.com

Media Contact:

Radiant Logistics, Inc.

Jennifer Deenihan

(425) 462-1094

communications@radiantdelivers.com

 

 

 

 

 

 

3

 

RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

September 30,

 

 

June 30,

 

(In thousands, except share and per share data)

 

2023

 

 

2023

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

35,867

 

 

$

32,456

 

Accounts receivable, net of allowance of $2,784 and $2,776, respectively

 

 

116,318

 

 

 

126,725

 

Contract assets

 

 

6,473

 

 

 

6,180

 

Income tax receivable

 

 

475

 

 

 

—

 

Prepaid expenses and other current assets

 

 

12,600

 

 

 

15,211

 

Total current assets

 

 

171,733

 

 

 

180,572

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

25,476

 

 

 

25,389

 

 

 

 

 

 

 

 

Goodwill

 

 

88,709

 

 

 

89,203

 

Intangible assets, net

 

 

34,011

 

 

 

36,641

 

Operating lease right-of-use assets

 

 

52,874

 

 

 

56,773

 

Deposits and other assets

 

 

5,023

 

 

 

5,163

 

Total other long-term assets

 

 

180,617

 

 

 

187,780

 

Total assets

 

$

377,826

 

 

$

393,741

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

80,145

 

 

$

84,561

 

Operating partner commissions payable

 

 

14,260

 

 

 

18,360

 

Accrued expenses

 

 

9,013

 

 

 

8,739

 

Income tax payable

 

 

—

 

 

 

369

 

Current portion of notes payable

 

 

2,903

 

 

 

4,107

 

Current portion of operating lease liabilities

 

 

10,927

 

 

 

11,273

 

Current portion of finance lease liabilities

 

 

626

 

 

 

620

 

Current portion of contingent consideration

 

 

246

 

 

 

3,886

 

Other current liabilities

 

 

254

 

 

 

258

 

Total current liabilities

 

 

118,374

 

 

 

132,173

 

 

 

 

 

 

 

 

Operating lease liabilities, net of current portion

 

 

48,544

 

 

 

52,120

 

Finance lease liabilities, net of current portion

 

 

963

 

 

 

1,121

 

Contingent consideration, net of current portion

 

 

209

 

 

 

287

 

Deferred tax liabilities

 

 

2,597

 

 

 

2,944

 

Total long-term liabilities

 

 

52,313

 

 

 

56,472

 

Total liabilities

 

 

170,687

 

 

 

188,645

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 51,733,187 and 51,603,386
    shares issued, and 47,388,981 and 47,294,529 shares outstanding, respectively

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

109,066

 

 

 

108,516

 

Treasury stock, at cost, 4,344,206 and 4,308,857 shares, respectively

 

 

(27,297

)

 

 

(27,067

)

Retained earnings

 

 

128,215

 

 

 

125,593

 

Accumulated other comprehensive loss

 

 

(3,333

)

 

 

(2,205

)

Total Radiant Logistics, Inc. stockholders’ equity

 

 

206,684

 

 

 

204,870

 

Non-controlling interest

 

 

455

 

 

 

226

 

Total equity

 

 

207,139

 

 

 

205,096

 

Total liabilities and equity

 

$

377,826

 

 

$

393,741

 

 

 

4

 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

Three Months Ended September 30,

 

(In thousands, except share and per share data)

2023

 

 

2022

 

Revenues

$

210,797

 

 

$

330,971

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

Cost of transportation and other services

 

149,973

 

 

 

254,491

 

Operating partner commissions

 

23,782

 

 

 

30,106

 

Personnel costs

 

19,627

 

 

 

19,771

 

Selling, general and administrative expenses

 

9,475

 

 

 

8,770

 

Depreciation and amortization

 

4,525

 

 

 

6,778

 

Change in fair value of contingent consideration

 

(246

)

 

 

160

 

Total operating expenses

 

207,136

 

 

 

320,076

 

 

 

 

 

 

 

Income from operations

 

3,661

 

 

 

10,895

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

Interest income

 

585

 

 

 

40

 

Interest expense

 

(302

)

 

 

(821

)

Foreign currency transaction gain

 

96

 

 

 

467

 

Change in fair value of interest rate swap contracts

 

(202

)

 

 

690

 

Other

 

27

 

 

 

5

 

Total other income

 

204

 

 

 

381

 

 

 

 

 

 

 

Income before income taxes

 

3,865

 

 

 

11,276

 

 

 

 

 

 

 

Income tax expense

 

(1,014

)

 

 

(2,764

)

 

 

 

 

 

 

Net income

 

2,851

 

 

 

8,512

 

Less: net income attributable to non-controlling interest

 

(229

)

 

 

(79

)

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

$

2,622

 

 

$

8,433

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

Foreign currency translation loss

 

(1,128

)

 

 

(3,478

)

Comprehensive income

$

1,723

 

 

$

5,034

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

Basic

$

0.06

 

 

$

0.17

 

Diluted

$

0.05

 

 

$

0.17

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

47,297,957

 

 

 

48,745,317

 

Diluted

 

49,076,185

 

 

 

50,303,012

 

 

 

5

 

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

(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 share-based compensation expense, changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, ransomware incident related costs, changes in fair value of interest rate swap contracts, restatement costs, transition and lease termination costs, foreign currency transaction gains and losses, extraordinary items, litigation expenses unrelated to our core operations, 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 condensed 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 condensed 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

2023

 

 

2022

 

Revenues

$

210,797

 

 

$

330,971

 

Cost of transportation and other services (exclusive of depreciation and
    amortization, shown separately below)

 

(149,973

)

 

 

(254,491

)

Depreciation and amortization

 

(3,333

)

 

 

(3,347

)

GAAP gross profit

$

57,491

 

 

$

73,133

 

Depreciation and amortization

 

3,333

 

 

 

3,347

 

Adjusted gross profit

$

60,824

 

 

$

76,480

 

 

 

 

 

 

 

GAAP gross margin (GAAP gross profit as a percentage of revenues)

 

27.3

%

 

 

22.1

%

Adjusted gross profit percentage (adjusted gross profit as a percentage of revenues)

 

28.9

%

 

 

23.1

%

 

 

6

 

(In thousands)

Three Months Ended September 30,

 

Reconciliation of GAAP net income to adjusted EBITDA

2023

 

 

2022

 

Net income attributable to Radiant Logistics, Inc.

$

2,622

 

 

$

8,433

 

Income tax expense

 

1,014

 

 

 

2,764

 

Depreciation and amortization (1)

 

4,640

 

 

 

6,778

 

Net interest expense

 

(283

)

 

 

781

 

 

 

 

 

 

 

EBITDA

 

7,993

 

 

 

18,756

 

 

 

 

 

 

 

Share-based compensation

 

881

 

 

 

609

 

Change in fair value of contingent consideration

 

(246

)

 

 

160

 

Acquisition related costs

 

69

 

 

 

27

 

Litigation costs

 

364

 

 

 

120

 

Change in fair value of interest rate swap contracts

 

202

 

 

 

(690

)

Restatement costs

 

—

 

 

 

154

 

Foreign currency transaction gain

 

(96

)

 

 

(467

)

 

 

 

 

 

 

Adjusted EBITDA

$

9,167

 

 

$

18,669

 

Adjusted EBITDA margin (adjusted EBITDA as a % of adjusted gross profit)

 

15.1

%

 

24.4

%
(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

2023

 

 

2022

 

GAAP net income attributable to Radiant Logistics, Inc.

$

2,622

 

 

$

8,433

 

Adjustments to net income:

 

 

 

 

 

Income tax expense

 

1,014

 

 

 

2,764

 

Depreciation and amortization

 

4,525

 

 

 

6,778

 

Change in fair value of contingent consideration

 

(246

)

 

 

160

 

Acquisition related costs

 

69

 

 

 

27

 

Litigation costs

 

364

 

 

 

120

 

Change in fair value of interest rate swap contracts

 

202

 

 

 

(690

)

Restatement costs

 

—

 

 

 

154

 

Amortization of debt issuance costs

 

124

 

 

 

110

 

 

 

 

 

 

 

Adjusted net income before income taxes

 

8,674

 

 

 

17,856

 

 

 

 

 

 

 

Provision for income taxes at 24.5%

 

(2,125

)

 

 

(4,375

)

 

 

 

 

 

 

Adjusted net income

$

6,549

 

 

$

13,481

 

 

 

 

 

 

 

Adjusted net income per common share:

 

 

 

 

 

Basic

$

0.14

 

 

$

0.28

 

Diluted

$

0.13

 

 

$

0.27

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

Basic

 

47,297,957

 

 

 

48,745,317

 

Diluted

 

49,076,185

 

 

 

50,303,012

 

 

7

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Document And Entity Information
Nov. 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 2023
Entity Registrant Name RADIANT LOGISTICS, INC.
Entity Central Index Key 0001171155
Entity Emerging Growth Company false
Securities Act File Number 001-35392
Entity Incorporation, State or Country Code DE
Entity Tax Identification Number 04-3625550
Entity Address, Address Line One Triton Towers Two
Entity Address, Address Line Two 700 S. Renton Village Place
Entity Address, Address Line Three Seventh Floor
Entity Address, City or Town Renton
Entity Address, State or Province WA
Entity Address, Postal Zip Code 98057
City Area Code 425
Local Phone Number 462-1094
Entity Information, Former Legal or Registered Name N/A
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 Par Value
Trading Symbol RLGT
Security Exchange Name NYSEAMER
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