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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 March 31, 2024

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, $0.001 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 47,002,141 shares outstanding of the registrant’s common stock as of May 2, 2024.

 

 


RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2024 and June 30, 2023

3

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended March 31, 2024 and 2023

4

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the Three and Nine Months Ended March 31, 2024 and 2023

5

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 and 2023

7

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

8

 

 

 

 

 

Item 2.

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

27

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

37

 

 

 

 

 

Item 4.

Controls and Procedures

37

 

 

 

PART II. OTHER INFORMATION

 

 

 

 

 

Item 1.

Legal Proceedings

38

 

 

 

 

 

Item 1A.

Risk Factors

38

 

 

 

 

 

Item 2.

 

Unregistered Sale of Equity Securities and Use of Proceeds

 

38

 

 

 

 

 

Item 5.

 

Other Information

 

38

 

 

 

 

 

Item 6.

Exhibits

39

 

 

 

 

 

Signatures

 

40

 

2


RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

March 31,

 

 

June 30,

 

(In thousands, except share and per share data)

 

2024

 

 

2023

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

31,233

 

 

$

32,456

 

Accounts receivable, net of allowance of $3,565 and $2,776, respectively

 

 

105,513

 

 

 

126,725

 

Contract assets

 

 

7,244

 

 

 

6,180

 

Income tax receivable

 

 

4,223

 

 

 

 

Prepaid expenses and other current assets

 

 

11,540

 

 

 

15,211

 

Total current assets

 

 

159,753

 

 

 

180,572

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

26,226

 

 

 

25,389

 

 

 

 

 

 

 

 

Goodwill

 

 

90,424

 

 

 

89,203

 

Intangible assets, net

 

 

31,618

 

 

 

36,641

 

Operating lease right-of-use assets

 

 

51,961

 

 

 

56,773

 

Deposits and other assets

 

 

3,984

 

 

 

5,163

 

Total other long-term assets

 

 

177,987

 

 

 

187,780

 

Total assets

 

$

363,966

 

 

$

393,741

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

70,266

 

 

$

84,561

 

Operating partner commissions payable

 

 

12,998

 

 

 

18,360

 

Accrued expenses

 

 

7,822

 

 

 

8,739

 

Income tax payable

 

 

 

 

 

369

 

Current portion of notes payable

 

 

639

 

 

 

4,107

 

Current portion of operating lease liabilities

 

 

11,129

 

 

 

11,273

 

Current portion of finance lease liabilities

 

 

608

 

 

 

620

 

Current portion of contingent consideration

 

 

150

 

 

 

3,886

 

Other current liabilities

 

 

1,918

 

 

 

258

 

Total current liabilities

 

 

105,530

 

 

 

132,173

 

 

 

 

 

 

 

 

Operating lease liabilities, net of current portion

 

 

47,592

 

 

 

52,120

 

Finance lease liabilities, net of current portion

 

 

744

 

 

 

1,121

 

Contingent consideration, net of current portion

 

 

1,190

 

 

 

287

 

Deferred tax liabilities

 

 

2,761

 

 

 

2,944

 

Total long-term liabilities

 

 

52,287

 

 

 

56,472

 

Total liabilities

 

 

157,817

 

 

 

188,645

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 51,842,855 and
  
51,603,386 shares issued, and 47,001,597 and 47,294,529 shares outstanding,
  respectively

 

 

33

 

 

 

33

 

Additional paid-in capital

 

 

110,676

 

 

 

108,516

 

Treasury stock, at cost, 4,841,258 and 4,308,857 shares, respectively

 

 

(30,148

)

 

 

(27,067

)

Retained earnings

 

 

128,497

 

 

 

125,593

 

Accumulated other comprehensive loss

 

 

(3,087

)

 

 

(2,205

)

Total Radiant Logistics, Inc. stockholders’ equity

 

 

205,971

 

 

 

204,870

 

Non-controlling interest

 

 

178

 

 

 

226

 

Total equity

 

 

206,149

 

 

 

205,096

 

Total liabilities and equity

 

$

363,966

 

 

$

393,741

 

 

 

 

 

 

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 March 31,

 

 

Nine Months Ended March 31,

 

(In thousands, except share and per share data)

2024

 

 

2023

 

 

2024

 

 

2023

 

Revenues

$

184,559

 

 

$

244,171

 

 

$

596,438

 

 

$

853,261

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

131,438

 

 

 

177,154

 

 

 

420,495

 

 

 

635,736

 

Operating partner commissions

 

20,077

 

 

 

26,499

 

 

 

69,678

 

 

 

87,116

 

Personnel costs

 

19,416

 

 

 

19,817

 

 

 

58,803

 

 

 

60,229

 

Selling, general and administrative expenses

 

9,994

 

 

 

10,591

 

 

 

30,063

 

 

 

28,029

 

Depreciation and amortization

 

4,540

 

 

 

4,549

 

 

 

13,430

 

 

 

18,242

 

Change in fair value of contingent consideration

 

 

 

 

(697

)

 

 

(450

)

 

 

(387

)

Total operating expenses

 

185,465

 

 

 

237,913

 

 

 

592,019

 

 

 

828,965

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

(906

)

 

 

6,258

 

 

 

4,419

 

 

 

24,296

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

623

 

 

 

216

 

 

 

1,829

 

 

 

315

 

Interest expense

 

(250

)

 

 

(683

)

 

 

(843

)

 

 

(2,246

)

Foreign currency transaction gain

 

105

 

 

 

331

 

 

 

121

 

 

 

802

 

Change in fair value of interest rate swap contracts

 

(170

)

 

 

(355

)

 

 

(903

)

 

 

231

 

Other

 

32

 

 

 

123

 

 

 

195

 

 

 

153

 

Total other income (expense)

 

340

 

 

 

(368

)

 

 

399

 

 

 

(745

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

 

(566

)

 

 

5,890

 

 

 

4,818

 

 

 

23,551

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(49

)

 

 

(1,346

)

 

 

(1,467

)

 

 

(5,570

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(615

)

 

 

4,544

 

 

 

3,351

 

 

 

17,981

 

Less: net income attributable to non-controlling interest

 

(88

)

 

 

(361

)

 

 

(447

)

 

 

(529

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

$

(703

)

 

$

4,183

 

 

$

2,904

 

 

$

17,452

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

(1,151

)

 

 

122

 

 

 

(882

)

 

 

(2,455

)

Comprehensive income (loss)

$

(1,766

)

 

$

4,666

 

 

$

2,469

 

 

$

15,526

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

(0.02

)

 

$

0.09

 

 

$

0.06

 

 

$

0.36

 

Diluted

$

(0.02

)

 

$

0.08

 

 

$

0.06

 

 

$

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

46,963,845

 

 

 

48,180,834

 

 

 

47,084,645

 

 

 

48,391,310

 

Diluted

 

46,963,845

 

 

 

49,304,991

 

 

 

48,899,138

 

 

 

49,679,999

 

 

 

 

 

 

 

 

 

 

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

4


RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Changes in Equity

Three and Nine Months Ended March 31, 2024

(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

 

 

Loss

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance as of June 30, 2023

 

47,294,529

 

 

$

33

 

 

$

108,516

 

 

$

(27,067

)

 

$

125,593

 

 

$

(2,205

)

 

$

204,870

 

 

$

226

 

 

$

205,096

 

Repurchase of common stock

 

(35,349

)

 

 

 

 

 

 

 

 

(230

)

 

 

 

 

 

 

 

 

(230

)

 

 

 

 

 

(230

)

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

 

127,868

 

 

 

 

 

 

(331

)

 

 

 

 

 

 

 

 

 

 

 

(331

)

 

 

 

 

 

(331

)

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

 

1,933

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

 

 

 

 

 

881

 

 

 

 

 

 

 

 

 

 

 

 

881

 

 

 

 

 

 

881

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

2,622

 

 

 

 

 

 

2,622

 

 

 

229

 

 

 

2,851

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,128

)

 

 

(1,128

)

 

 

 

 

 

(1,128

)

Balance as of September 30, 2023

 

47,388,981

 

 

$

33

 

 

$

109,066

 

 

$

(27,297

)

 

$

128,215

 

 

$

(3,333

)

 

$

206,684

 

 

$

455

 

 

$

207,139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

(497,052

)

 

 

 

 

 

 

 

 

(2,851

)

 

 

 

 

 

 

 

 

(2,851

)

 

 

 

 

 

(2,851

)

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

 

27,980

 

 

 

 

 

 

(32

)

 

 

 

 

 

 

 

 

 

 

 

(32

)

 

 

 

 

 

(32

)

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

 

1,539

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(345

)

 

 

(345

)

Share-based compensation

 

 

 

 

 

 

 

694

 

 

 

 

 

 

 

 

 

 

 

 

694

 

 

 

 

 

 

694

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

985

 

 

 

 

 

 

985

 

 

 

130

 

 

 

1,115

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,397

 

 

 

1,397

 

 

 

 

 

 

1,397

 

Balance as of December 31, 2023

 

46,921,448

 

 

$

33

 

 

$

109,728

 

 

$

(30,148

)

 

$

129,200

 

 

$

(1,936

)

 

$

206,877

 

 

$

240

 

 

$

207,117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

80,149

 

 

 

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

 

 

(3

)

 

 

 

 

 

(3

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(150

)

 

 

(150

)

Share-based compensation

 

 

 

 

 

 

 

951

 

 

 

 

 

 

 

 

 

 

 

 

951

 

 

 

 

 

 

951

 

Net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

(703

)

 

 

 

 

 

(703

)

 

 

88

 

 

 

(615

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,151

)

 

 

(1,151

)

 

 

 

 

 

(1,151

)

Balance as of March 31, 2024

 

47,001,597

 

 

$

33

 

 

$

110,676

 

 

$

(30,148

)

 

$

128,497

 

 

$

(3,087

)

 

$

205,971

 

 

$

178

 

 

$

206,149

 

 

 

 

 

 

 

 

 

 

 

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

5


RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Changes in Equity (continued)

Three and Nine Months Ended March 31, 2023

(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

 

 

Loss

 

 

Equity

 

 

Interest

 

 

Equity

 

Balance as of June 30, 2022, as restated

 

48,740,935

 

 

$

33

 

 

$

106,146

 

 

$

(16,004

)

 

$

104,998

 

 

$

(796

)

 

$

194,377

 

 

$

180

 

 

$

194,557

 

Repurchase of common stock

 

(219,517

)

 

 

 

 

 

 

 

 

(1,340

)

 

 

 

 

 

 

 

 

(1,340

)

 

 

 

 

 

(1,340

)

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

 

152,881

 

 

 

 

 

 

(442

)

 

 

 

 

 

 

 

 

 

 

 

(442

)

 

 

 

 

 

(442

)

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

 

411

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

1

 

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

 

 

(75

)

Share-based compensation

 

 

 

 

 

 

 

609

 

 

 

 

 

 

 

 

 

 

 

 

609

 

 

 

 

 

 

609

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

8,433

 

 

 

 

 

 

8,433

 

 

 

79

 

 

 

8,512

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,478

)

 

 

(3,478

)

 

 

 

 

 

(3,478

)

Balance as of September 30, 2022

 

48,674,710

 

 

$

33

 

 

$

106,314

 

 

$

(17,344

)

 

$

113,431

 

 

$

(4,274

)

 

$

198,160

 

 

$

184

 

 

$

198,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

(620,347

)

 

 

 

 

 

 

 

 

(3,660

)

 

 

 

 

 

 

 

 

(3,660

)

 

 

 

 

 

(3,660

)

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

 

24,606

 

 

 

 

 

 

(15

)

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

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

 

100,863

 

 

 

 

 

 

192

 

 

 

 

 

 

 

 

 

 

 

 

192

 

 

 

 

 

 

192

 

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

 

 

(75

)

Share-based compensation

 

 

 

 

 

 

 

679

 

 

 

 

 

 

 

 

 

 

 

 

679

 

 

 

 

 

 

679

 

Net income

 

 

 

 

 </