Company Quick10K Filing
Radiant Logistics
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 51 $337
10-Q 2019-11-12 Quarter: 2019-09-30
10-K 2019-09-12 Annual: 2019-06-30
10-Q 2019-05-09 Quarter: 2019-03-31
10-Q 2019-02-11 Quarter: 2018-12-31
10-Q 2018-11-09 Quarter: 2018-09-30
10-K 2018-09-13 Annual: 2018-06-30
10-Q 2018-05-09 Quarter: 2018-03-31
10-Q 2018-02-08 Quarter: 2017-12-31
10-Q 2017-11-09 Quarter: 2017-09-30
10-K 2017-09-12 Annual: 2017-06-30
10-Q 2017-05-10 Quarter: 2017-03-31
10-Q 2017-02-08 Quarter: 2016-12-31
10-Q 2016-11-09 Quarter: 2016-09-30
10-K 2016-09-13 Annual: 2016-06-30
10-Q 2016-05-16 Quarter: 2016-03-31
10-Q 2016-02-16 Quarter: 2015-12-31
10-Q 2015-11-16 Quarter: 2015-09-30
10-K 2015-09-28 Annual: 2015-06-30
10-Q 2015-05-18 Quarter: 2015-03-31
10-Q 2015-02-12 Quarter: 2014-12-31
10-Q 2014-11-12 Quarter: 2014-09-30
10-K 2014-09-24 Annual: 2014-06-30
10-Q 2014-05-14 Quarter: 2014-03-31
10-Q 2014-02-13 Quarter: 2013-12-31
10-Q 2013-11-13 Quarter: 2013-09-30
10-K 2013-09-30 Annual: 2013-06-30
10-Q 2013-05-14 Quarter: 2013-03-31
10-K 2012-09-26 Annual: 2012-06-30
10-Q 2012-05-16 Quarter: 2012-03-31
10-Q 2011-11-14 Quarter: 2011-09-30
10-K 2011-10-07 Annual: 2011-06-30
10-Q 2011-05-16 Quarter: 2011-03-31
10-Q 2011-02-14 Quarter: 2010-12-31
10-Q 2010-11-12 Quarter: 2010-09-30
10-K 2010-09-27 Annual: 2010-06-30
10-Q 2010-05-17 Quarter: 2010-03-31
10-Q 2010-02-16 Quarter: 2009-12-31
8-K 2019-12-17 Officers, Exhibits
8-K 2019-12-16 Accountant, Exhibits
8-K 2019-11-13 Shareholder Vote
8-K 2019-11-12 Earnings, Exhibits
8-K 2019-10-02 Amend Bylaw, Other Events, Exhibits
8-K 2019-09-12 Earnings, Exhibits
8-K 2019-08-29 Other Events
8-K 2019-05-09 Earnings, Exhibits
8-K 2019-03-27 Regulation FD, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2018-12-06 Other Events, Exhibits
8-K 2018-11-14 Shareholder Vote
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-10-12 Other Events, Exhibits
8-K 2018-09-14 Other Events
8-K 2018-09-13 Earnings, Exhibits
8-K 2018-07-13 Other Events, Exhibits
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-05-07 Officers, Exhibits
8-K 2018-04-13 Other Events, Exhibits
8-K 2018-02-08 Earnings, Exhibits
8-K 2018-01-12 Other Events, Exhibits
RLGT 2019-09-30
Note 1 - The Company and Basis of Presentation
Note 2 - Recent Accounting Guidance
Note 3 - Summary of Significant Accounting Policies
Note 4 - Earnings per Share
Note 5 - Leases
Note 6 - Technology and Equipment
Note 7 - Intangible Assets
Note 8 - Notes Payable
Note 9 - Stockholders' Equity
Note 10 - Variable Interest Entity and Related Party Transactions
Note 11 - Income Taxes
Note 12 - Share-Based Compensation
Note 13 - Commitments and Contingencies
Note 14 - Operating and Geographic Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-31.1 rlgt-ex311_6.htm
EX-31.2 rlgt-ex312_7.htm
EX-32.1 rlgt-ex321_8.htm

Radiant Logistics Earnings 2019-09-30

RLGT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ECHO 633 848 472 2,320 199 25 74 771 9% 10.4 3%
CYRX 604 133 24 26 13 -9 -7 509 51% -69.9 -7%
RLGT 337 268 140 891 230 17 41 369 26% 9.0 6%
RRTS 337 843 622 1,524 0 -269 -173 514 0% -3.0 -32%
AE 142 302 152 1,840 0 3 18 10 0% 0.5 1%
SINO 11 21 5 40 6 -6 -5 8 14% -1.5 -31%
CAPL 929 825 2,295 167 20 109 532 7% 4.9 2%
SRLP 946 822 3,619 189 47 131 -6 5% -0.0 5%
SUN 5,470 4,691 16,805 639 204 371 2,993 4% 8.1 4%
GLP 2,764 2,278 13,230 703 81 88 -10 5% -0.1 3%

rlgt-10q_20190930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

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

For the quarterly period ended September 30, 2019

or

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

For the transition period from                      to                      

Commission File Number 001-35392

 

RADIANT LOGISTICS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

04-3625550

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

405 114th Avenue S.E., Third Floor

Bellevue, Washington 98004

(Address of principal executive offices) (Zip Code)

 

(425) 943-4599

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address, and former fiscal year, if changed since last report)

 

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, $.001 Par Value

 

RLGT

 

NYSE American

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

  

Smaller reporting company

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

There were 49,807,238 shares outstanding of the registrant’s common stock as of November 1, 2019.

 

 

 


 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

 

 

Financial Statements (unaudited)

  

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2019 and June 30, 2019

  

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2019 and 2018

  

4

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and three months ended September 30, 2019 and 2018

  

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2019 and 2018

  

6

 

 

 

Notes to Condensed Consolidated Financial Statements

  

8

 

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

  

24

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

30

 

Item 4.

 

 

Controls and Procedures

  

31

 

PART II. OTHER INFORMATION

  

 

 

Item 1.

 

 

Legal Proceedings

  

32

 

Item 1A.

 

 

Risk Factors

  

32

 

Item 6.

 

 

Exhibits

  

33

Signatures

 

 

 

 

34

 

 

 

 

 

 

 

 

2


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

 

September 30,

 

 

June 30,

 

 

 

 

2019

 

 

2019

 

(In thousands, except share and per share data)

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,218

 

 

$

5,420

 

Accounts receivable, net of allowance of $1,882 and $1,887, respectively

 

 

96,642

 

 

 

93,123

 

Contract assets

 

 

22,099

 

 

 

17,777

 

Income tax receivable

 

 

1,435

 

 

 

506

 

Prepaid expenses and other current assets

 

 

8,373

 

 

 

8,066

 

Total current assets

 

 

137,767

 

 

 

124,892

 

 

 

 

 

 

 

 

 

 

Technology and equipment, net

 

 

20,327

 

 

 

20,127

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

65,389

 

 

 

65,389

 

Intangible assets, net

 

 

53,112

 

 

 

55,742

 

Operating lease right-of-use assets

 

 

14,912

 

 

 

 

Deposits and other assets

 

 

1,570

 

 

 

1,560

 

Total other long-term assets

 

 

134,983

 

 

 

122,691

 

Total assets

 

$

293,077

 

 

$

267,710

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

77,087

 

 

$

74,097

 

Operating partner commissions payable

 

 

11,538

 

 

 

12,891

 

Accrued expenses

 

 

6,783

 

 

 

6,224

 

Current portion of notes payable

 

 

3,707

 

 

 

3,687

 

Current portion of operating lease liability

 

 

6,605

 

 

 

 

Current portion of finance lease liability

 

 

681

 

 

 

683

 

Other current liabilities

 

 

794

 

 

 

840

 

Total current liabilities

 

 

107,195

 

 

 

98,422

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

35,505

 

 

 

30,047

 

Operating lease liability, net of current portion

 

 

9,137

 

 

 

 

Finance lease liability, net of current portion

 

 

2,998

 

 

 

3,161

 

Deferred income taxes

 

 

7,609

 

 

 

7,838

 

Deferred rent liability

 

 

 

 

 

862

 

Other long-term liabilities

 

 

118

 

 

 

100

 

Total long-term liabilities

 

 

55,367

 

 

 

42,008

 

Total liabilities

 

 

162,562

 

 

 

140,430

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 49,899,036 and 49,678,262

    shares issued, and 49,807,238 and 49,586,464 shares outstanding, respectively

 

 

31

 

 

 

31

 

Additional paid-in capital

 

 

100,156

 

 

 

100,186

 

Treasury stock, at cost, 91,798 shares

 

 

(253

)

 

 

(253

)

Retained earnings

 

 

30,118

 

 

 

26,883

 

Accumulated other comprehensive income

 

 

301

 

 

 

187

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

130,353

 

 

 

127,034

 

Non-controlling interest

 

 

162

 

 

 

246

 

Total equity

 

 

130,515

 

 

 

127,280

 

Total liabilities and equity

 

$

293,077

 

 

$

267,710

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

3


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

Three Months Ended September 30,

 

(In thousands, except share and per share data)

2019

 

 

2018

 

Revenues

$

200,543

 

 

$

218,883

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Cost of transportation and other services

 

145,010

 

 

 

164,015

 

Operating partner commissions

 

24,178

 

 

 

24,828

 

Personnel costs

 

14,847

 

 

 

14,545

 

Selling, general and administrative expenses

 

7,664

 

 

 

7,124

 

Depreciation and amortization

 

4,036

 

 

 

3,633

 

Transition and lease termination costs

 

(9

)

 

 

 

Change in fair value of contingent consideration

 

15

 

 

 

(95

)

Total operating expenses

 

195,741

 

 

 

214,050

 

 

 

 

 

 

 

 

 

Income from operations

 

4,802

 

 

 

4,833

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

Interest income

 

15

 

 

 

12

 

Interest expense

 

(707

)

 

 

(789

)

Foreign currency transaction gains (losses)

 

(23

)

 

 

34

 

Other

 

31

 

 

 

150

 

Total other expense

 

(684

)

 

 

(593

)

 

 

 

 

 

 

 

 

Income before income taxes

 

4,118

 

 

 

4,240

 

 

 

 

 

 

 

 

 

Income tax expense

 

(787

)

 

 

(977

)

 

 

 

 

 

 

 

 

Net income

 

3,331

 

 

 

3,263

 

Less: net income attributable to non-controlling interest

 

(96

)

 

 

(180

)

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

3,235

 

 

 

3,083

 

Less: preferred stock dividends

 

 

 

 

(511

)

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

$

3,235

 

 

$

2,572

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

114

 

 

 

(305

)

Comprehensive income

$

3,445

 

 

$

2,958

 

 

 

 

 

 

 

 

 

Income per share attributable to common stockholders:

 

 

 

 

 

 

 

Basic

$

0.07

 

 

$

0.05

 

Diluted

$

0.06

 

 

$

0.05

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

49,662,540

 

 

 

49,437,930

 

Diluted

 

51,428,013

 

 

 

50,705,434

 

 

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

4


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Changes in Equity

(unaudited)

 

 

RADIANT LOGISTICS, INC. STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total Radiant

Logistics,

Inc.

Stockholders'

 

 

Non-

Controlling

 

 

Total

 

(In thousands, except share and per share data)

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance as of June 30, 2018

 

839,200

 

 

$

1

 

 

 

49,420,109

 

 

$

31

 

 

$

117,968

 

 

$

(253

)

 

$

15,539

 

 

$

186

 

 

$

133,472

 

 

$

142

 

 

$

133,614

 

Cumulative effect adjustment, upon adoption

    of ASC 606 on July 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(335

)

 

 

 

 

 

(335

)

 

 

 

 

 

(335

)

Cumulative effect adjustment, upon adoption

    of ASU 2016-16 on July 1, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,705

)

 

 

 

 

 

(1,705

)

 

 

 

 

 

(1,705

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

331

 

 

 

 

 

 

 

 

 

 

 

 

331

 

 

 

 

 

 

331

 

Issuance of common stock upon exercise

    of stock options

 

 

 

 

 

 

 

32,979

 

 

 

 

 

 

(63

)

 

 

 

 

 

 

 

 

 

 

 

(63

)

 

 

 

 

 

(63

)

Preferred dividends paid

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(511

)

 

 

 

 

 

(511

)

 

 

 

 

 

(511

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90

)

 

 

(90

)

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,083

 

 

 

 

 

 

3,083

 

 

 

180

 

 

 

3,263

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(305

)

 

 

(305

)

 

 

 

 

 

(305

)

Balance as of September 30, 2018

 

839,200

 

 

$

1

 

 

 

49,453,088

 

 

$

31

 

 

$

118,236

 

 

$

(253

)

 

$

16,071

 

 

$

(119

)

 

$

133,967

 

 

$

232

 

 

$

134,199

 

 

Balance as of June 30, 2019

 

 

 

$

 

 

 

49,586,464

 

 

$

31

 

 

$

100,186

 

 

$

(253

)

 

$

26,883

 

 

$

187

 

 

$

127,034

 

 

$

246

 

 

$

127,280

 

Issuance of common stock upon vesting

    of restricted stock awards

 

 

 

 

 

 

 

138,147

 

 

 

 

 

 

(314

)

 

 

 

 

 

 

 

 

 

 

 

(314

)

 

 

 

 

 

(314

)

Issuance of common stock upon exercise

    of stock options

 

 

 

 

 

 

 

82,627

 

 

 

 

 

 

(146

)

 

 

 

 

 

 

 

 

 

 

 

(146

)

 

 

 

 

 

(146

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(180

)

 

 

(180

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

430

 

 

 

 

 

 

 

 

 

 

 

 

430

 

 

 

 

 

 

430

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,235

 

 

 

 

 

 

3,235

 

 

 

96

 

 

 

3,331

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

114

 

 

 

 

 

 

114

 

Balance as of September 30, 2019

 

 

 

$

 

 

 

49,807,238

 

 

$

31

 

 

$

100,156

 

 

$

(253

)

 

$

30,118

 

 

$