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Table of Contents

 

 

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 March 31, 2022

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.)

 

Triton Tower Two

700 S Renton Village Place, Seventh Floor

Renton, Washington 98057

(Address of principal executive offices) (Zip Code)

 

(425) 462-1094

(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 49,456,377 shares outstanding of the registrant’s common stock as of May 2, 2022.

 

 


Table of Contents

 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2022 and June 30, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2022 and 2021

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended March 31, 2022 and 2021

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2022 and 2021

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

 

 

Item 2.

 

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

 

28

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

 

38

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

39

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

40

 

 

 

 

 

Item 1A.

 

Risk Factors

 

40

 

 

 

 

 

Item 6.

 

Exhibits

 

41

 

 

 

 

 

Signatures

 

 

 

42

 

 

 

 

 

 

 

2


Table of Contents

 

RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

 

March 31,

 

 

June 30,

 

(In thousands, except share and per share data)

 

2022

 

 

2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

40,046

 

 

$

13,696

 

Accounts receivable, net of allowance of $2,964 and $1,489, respectively

 

 

206,051

 

 

 

117,349

 

Contract assets

 

 

59,894

 

 

 

27,753

 

Prepaid expenses and other current assets

 

 

36,545

 

 

 

17,512

 

Total current assets

 

 

342,536

 

 

 

176,310

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

25,947

 

 

 

24,151

 

 

 

 

 

 

 

 

Goodwill

 

 

88,813

 

 

 

72,582

 

Intangible assets, net

 

 

52,366

 

 

 

41,404

 

Operating lease right-of-use assets

 

 

39,905

 

 

 

39,022

 

Deposits and other assets

 

 

4,725

 

 

 

3,124

 

Long-term restricted cash

 

 

642

 

 

 

648

 

Total other long-term assets

 

 

186,451

 

 

 

156,780

 

Total assets

 

$

554,934

 

 

$

357,241

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

164,932

 

 

$

87,941

 

Operating partner commissions payable

 

 

16,038

 

 

 

13,779

 

Accrued expenses

 

 

11,512

 

 

 

6,801

 

Income tax payable

 

 

4,271

 

 

 

2,713

 

Current portion of notes payable

 

 

4,632

 

 

 

4,446

 

Current portion of operating lease liability

 

 

7,290

 

 

 

6,989

 

Current portion of finance lease liability

 

 

627

 

 

 

743

 

Current portion of contingent consideration

 

 

2,600

 

 

 

2,600

 

Other current liabilities

 

 

291

 

 

 

345

 

Total current liabilities

 

 

212,193

 

 

 

126,357

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

109,025

 

 

 

24,000

 

Operating lease liability, net of current portion

 

 

36,730

 

 

 

34,899

 

Finance lease liability, net of current portion

 

 

1,363

 

 

 

1,809

 

Contingent consideration, net of current portion

 

 

2,770

 

 

 

4,663

 

Deferred income taxes

 

 

7,629

 

 

 

4,021

 

Other long-term liabilities

 

 

39

 

 

 

89

 

Total long-term liabilities

 

 

157,556

 

 

 

69,481

 

Total liabilities

 

 

369,749

 

 

 

195,838

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 51,219,047 and 50,832,205
    shares issued, and 49,446,498 and 49,930,389 shares outstanding, respectively

 

 

33

 

 

 

32

 

Additional paid-in capital

 

 

105,784

 

 

 

104,228

 

Treasury stock, at cost, 1,772,549 and 901,816 shares, respectively

 

 

(10,914

)

 

 

(4,658

)

Retained earnings

 

 

88,733

 

 

 

60,367

 

Accumulated other comprehensive income

 

 

698

 

 

 

1,141

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

184,334

 

 

 

161,110

 

Non-controlling interest

 

 

851

 

 

 

293

 

Total equity

 

 

185,185

 

 

 

161,403

 

Total liabilities and equity

 

$

554,934

 

 

$

357,241

 

 

 

 

 

 

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

3


Table of Contents

 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Comprehensive Income

(unaudited)

 

 

Three Months Ended March 31,

 

 

Nine Months Ended March 31,

 

(In thousands, except share and per share data)

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenues

$

460,899

 

 

$

236,532

 

 

$

1,079,783

 

 

$

631,214

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

376,036

 

 

 

179,732

 

 

 

858,447

 

 

 

473,148

 

Operating partner commissions

 

31,311

 

 

 

23,761

 

 

 

90,825

 

 

 

66,386

 

Personnel costs

 

19,907

 

 

 

14,229

 

 

 

52,211

 

 

 

40,741

 

Selling, general and administrative expenses

 

10,312

 

 

 

6,688

 

 

 

25,454

 

 

 

17,910

 

Depreciation and amortization

 

4,684

 

 

 

4,174

 

 

 

13,386

 

 

 

12,418

 

Change in fair value of contingent consideration

 

152

 

 

 

2,500

 

 

 

607

 

 

 

4,350

 

Total operating expenses

 

442,402

 

 

 

231,084

 

 

 

1,040,930

 

 

 

614,953

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

18,497

 

 

 

5,448

 

 

 

38,853

 

 

 

16,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

4

 

 

 

3

 

 

 

10

 

 

 

14

 

Interest expense

 

(1,001

)

 

 

(611

)

 

 

(2,359

)

 

 

(1,919

)

Foreign currency transaction gain (loss)

 

105

 

 

 

14

 

 

 

480

 

 

 

(158

)

Change in fair value of interest rate swap contracts

 

1,985

 

 

 

(512

)

 

 

1,562

 

 

 

(642

)

Gain on forgiveness of debt

 

 

 

 

1,414

 

 

 

 

 

 

1,414

 

Other

 

32

 

 

 

281

 

 

 

140

 

 

 

663

 

Total other income (expense)

 

1,125

 

 

 

589

 

 

 

(167

)

 

 

(628

)

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

19,622

 

 

 

6,037

 

 

 

38,686

 

 

 

15,633

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(4,527

)

 

 

(976

)

 

 

(9,402

)

 

 

(3,455

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

15,095

 

 

 

5,061

 

 

 

29,284

 

 

 

12,178

 

Less: net income attributable to non-controlling interest

 

(756

)

 

 

(77

)

 

 

(918

)

 

 

(294

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

$

14,339

 

 

$

4,984

 

 

$

28,366

 

 

$

11,884

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

479

 

 

 

567

 

 

 

(443

)

 

 

173

 

Comprehensive income

$

15,574

 

 

$

5,628

 

 

$

28,841

 

 

$

12,351

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.29

 

 

$

0.10

 

 

$

0.57

 

 

$

0.24

 

Diluted

$

0.28

 

 

$

0.10

 

 

$

0.56

 

 

$

0.23

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

49,443,267

 

 

 

50,034,950

 

 

 

49,675,642

 

 

 

49,807,932

 

Diluted

 

50,632,293

 

 

 

51,359,441

 

 

 

50,843,179

 

 

 

51,131,806

 

 

 

 

 

 

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

 

4


Table of Contents

 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Changes in Equity

Three and Nine Months Ended March 31, 2022

(unaudited)

 

 

RADIANT LOGISTICS, INC. STOCKHOLDERS' EQUITY

 

 

 

 

 

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

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance as of June 30, 2021

 

49,930,389

 

 

$

32

 

 

$

104,228

 

 

$

(4,658

)

 

$

60,367

 

 

$

1,141

 

 

$

161,110

 

 

$

293

 

 

$

161,403

 

Repurchase of common stock

 

(254,894

)

 

 

 

 

 

 

 

 

(1,675

)

 

 

 

 

 

 

 

 

(1,675

)

 

 

 

 

 

(1,675

)

Issuance of common stock upon vesting of
    restricted stock awards, net of taxes withheld
    and paid

 

115,616

 

 

 

 

 

 

(342

)

 

 

 

 

 

 

 

 

 

 

 

(342

)

 

 

 

 

 

(342

)

Issuance of common stock upon exercise of stock
    options, net of taxes withheld and paid

 

21,553

 

 

 

 

 

 

124

 

 

 

 

 

 

 

 

 

 

 

 

124

 

 

 

 

 

 

124

 

Share-based compensation

 

 

 

 

 

 

 

350

 

 

 

 

 

 

 

 

 

 

 

 

350

 

 

 

 

 

 

350

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

7,079

 

 

 

 

 

 

7,079

 

 

 

86

 

 

 

7,165

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,039

)

 

 

(1,039

)

 

 

 

 

 

(1,039

)

Balance as of September 30, 2021

 

49,812,664

 

 

$

32

 

 

$

104,360

 

 

$

(6,333

)

 

$

67,446

 

 

$

102

 

 

$

165,607

 

 

$

379

 

 

$

165,986

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock to
    shareholders of acquired business

 

40,000

 

 

 

 

 

 

244

 

 

 

 

 

 

 

 

 

 

 

 

244

 

 

 

 

 

 

244

 

Repurchase of common stock

 

(615,839

)

 

 

 

 

 

 

 

 

(4,581

)

 

 

 

 

 

 

 

 

(4,581

)

 

 

 

 

 

(4,581

)

Issuance of common stock upon vesting of
    restricted stock awards, net of taxes withheld
    and paid

 

43,326

 

 

 

1

 

 

 

(50

)

 

 

 

 

 

 

 

 

 

 

 

(49

)

 

 

 

 

 

(49

)

Issuance of common stock upon exercise of stock
    options, net of taxes withheld and paid

 

118,831

 

 

 

 

 

 

280

 

 

 

 

 

 

 

 

 

 

 

 

280