Company Quick10K Filing
Radiant Logistics
Price5.31 EPS0
Shares51 P/E16
MCap273 P/FCF12
Net Debt31 EBIT27
TEV304 TEV/EBIT11
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-11
10-Q 2019-12-31 Filed 2020-02-10
10-Q 2019-09-30 Filed 2019-11-12
10-K 2019-06-30 Filed 2019-09-12
10-Q 2019-03-31 Filed 2019-05-09
10-Q 2018-12-31 Filed 2019-02-11
10-Q 2018-09-30 Filed 2018-11-09
10-K 2018-06-30 Filed 2018-09-13
10-Q 2018-03-31 Filed 2018-05-09
10-Q 2017-12-31 Filed 2018-02-08
10-Q 2017-09-30 Filed 2017-11-09
10-K 2017-06-30 Filed 2017-09-12
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-08
10-Q 2016-09-30 Filed 2016-11-09
10-K 2016-06-30 Filed 2016-09-13
10-Q 2016-03-31 Filed 2016-05-16
10-Q 2015-12-31 Filed 2016-02-16
10-Q 2015-09-30 Filed 2015-11-16
10-K 2015-06-30 Filed 2015-09-28
10-Q 2015-03-31 Filed 2015-05-18
10-Q 2014-12-31 Filed 2015-02-12
10-Q 2014-09-30 Filed 2014-11-12
10-K 2014-06-30 Filed 2014-09-24
10-Q 2014-03-31 Filed 2014-05-14
10-Q 2013-12-31 Filed 2014-02-13
10-Q 2013-09-30 Filed 2013-11-13
10-K 2013-06-30 Filed 2013-09-30
10-Q 2013-03-31 Filed 2013-05-14
10-K 2012-06-30 Filed 2012-09-26
10-Q 2012-03-31 Filed 2012-05-16
10-Q 2011-09-30 Filed 2011-11-14
10-K 2011-06-30 Filed 2011-10-07
10-Q 2011-03-31 Filed 2011-05-16
10-Q 2010-12-31 Filed 2011-02-14
10-Q 2010-09-30 Filed 2010-11-12
10-K 2010-06-30 Filed 2010-09-27
10-Q 2010-03-31 Filed 2010-05-17
10-Q 2009-12-31 Filed 2010-02-16
8-K 2020-05-11
8-K 2020-04-01
8-K 2020-03-13
8-K 2020-02-10
8-K 2019-12-17
8-K 2019-12-16
8-K 2019-11-13
8-K 2019-11-12
8-K 2019-10-02
8-K 2019-09-12
8-K 2019-08-29
8-K 2019-05-09
8-K 2019-03-27
8-K 2019-02-11
8-K 2018-12-06
8-K 2018-11-14
8-K 2018-11-08
8-K 2018-10-12
8-K 2018-09-14
8-K 2018-09-13
8-K 2018-07-13
8-K 2018-05-09
8-K 2018-05-07
8-K 2018-04-13
8-K 2018-02-08
8-K 2018-01-12

RLGT 10Q Quarterly Report

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 - Property, Technology, and Equipment
Note 7 - Goodwill and Intangible Assets
Note 8 - Notes Payable
Note 9 - Derivatives
Note 10 - Stockholders' Equity
Note 11 - Variable Interest Entity and Related Party Transactions
Note 12 - Fair Value Measurement
Note 13 - Income Taxes
Note 14 - Share - Based Compensation
Note 15 - Commitments and Contingencies
Note 16 - Operating and Geographic Segment Information
Note 17 - Business Combination
Note 18 - Subsequent Events
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 2. Unregistered Sales of Equity Securities and Use of Proceeds
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 2020-03-31

Balance SheetIncome StatementCash Flow
3102481861246202012201420172020
Assets, Equity
2652121591065302016201720182020
Rev, G Profit, Net Income
20112-7-16-252012201420172020
Ops, Inv, Fin

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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, 2020

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 49,395,639 shares outstanding of the registrant’s common stock as of May 1, 2020.

 

 

 


 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

 

 

Financial Statements (unaudited)

  

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and June 30, 2019

  

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2020 and 2019

  

4

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended March 31, 2020 and 2019

  

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2020 and 2019

  

7

 

 

 

Notes to Condensed Consolidated Financial Statements

  

9

 

Item 2.

 

 

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

  

30

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

  

41

 

Item 4.

 

 

Controls and Procedures

  

41

 

PART II. OTHER INFORMATION

  

 

 

Item 1.

 

 

Legal Proceedings

  

42

 

Item 1A.

 

 

Risk Factors

  

42

 

Item 2.

 

 

Unregistered Sale of Equity Securities and Use of Proceeds

  

42

 

Item 6.

 

 

Exhibits

  

44

Signatures

 

 

 

 

46

 

 

 

 

 

 

 

 

2


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

 

March 31,

 

 

June 30,

 

 

 

 

2020

 

 

2019

 

(In thousands, except share and per share data)

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

16,697

 

 

$

5,420

 

Accounts receivable, net of allowance of $1,683 and $1,887, respectively

 

 

93,021

 

 

 

93,123

 

Contract assets

 

 

15,754

 

 

 

17,777

 

Income tax receivable

 

 

806

 

 

 

506

 

Prepaid expenses and other current assets

 

 

15,886

 

 

 

8,066

 

Total current assets

 

 

142,164

 

 

 

124,892

 

 

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

19,684

 

 

 

20,127

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

72,078

 

 

 

65,389

 

Intangible assets, net

 

 

53,845

 

 

 

55,742

 

Operating lease right-of-use assets

 

 

12,610

 

 

 

 

Deposits and other assets

 

 

4,004

 

 

 

1,560

 

Total other long-term assets

 

 

142,537

 

 

 

122,691

 

Total assets

 

$

304,385

 

 

$

267,710

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

66,687

 

 

$

74,097

 

Operating partner commissions payable

 

 

10,391

 

 

 

12,891

 

Accrued expenses

 

 

6,339

 

 

 

6,224

 

Current portion of notes payable

 

 

3,609

 

 

 

3,687

 

Current portion of operating lease liability

 

 

6,476

 

 

 

 

Current portion of finance lease liability

 

 

686

 

 

 

683

 

Other current liabilities

 

 

1,471

 

 

 

840

 

Total current liabilities

 

 

95,659

 

 

 

98,422

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

58,619

 

 

 

30,047

 

Operating lease liability, net of current portion

 

 

6,862

 

 

 

 

Finance lease liability, net of current portion

 

 

2,668

 

 

 

3,161

 

Deferred income taxes

 

 

6,301

 

 

 

7,838

 

Deferred rent liability

 

 

 

 

 

862

 

Other long-term liabilities

 

 

1,810

 

 

 

100

 

Total long-term liabilities

 

 

76,260

 

 

 

42,008

 

Total liabilities

 

 

171,919

 

 

 

140,430

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 50,028,486 and 49,678,262

    shares issued, and 49,395,639 and 49,586,464 shares outstanding, respectively

 

 

31

 

 

 

31

 

Additional paid-in capital

 

 

101,324

 

 

 

100,186

 

Treasury stock, at cost, 632,847 and 91,798 shares, respectively

 

 

(2,749

)

 

 

(253

)

Retained earnings

 

 

32,758

 

 

 

26,883

 

Accumulated other comprehensive income

 

 

864

 

 

 

187

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

132,228

 

 

 

127,034

 

Non-controlling interest

 

 

238

 

 

 

246

 

Total equity

 

 

132,466

 

 

 

127,280

 

Total liabilities and equity

 

$

304,385

 

 

$

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 March 31,

 

 

Nine Months Ended March 31,

 

(In thousands, except share and per share data)

 

2020

 

 

 

2019

 

 

2020

 

 

2019

 

Revenues

$

177,221

 

 

$

206,048

 

 

$

579,691

 

 

$

685,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

129,440

 

 

 

153,302

 

 

 

420,419

 

 

 

514,293

 

Operating partner commissions

 

20,352

 

 

 

23,125

 

 

 

69,899

 

 

 

76,309

 

Personnel costs

 

14,412

 

 

 

14,806

 

 

 

44,487

 

 

 

45,256

 

Selling, general and administrative expenses

 

8,027

 

 

 

6,812

 

 

 

22,370

 

 

 

21,458

 

Depreciation and amortization

 

4,282

 

 

 

3,847

 

 

 

12,413

 

 

 

11,295

 

Transition, lease termination, and other costs

 

 

 

 

 

 

 

328

 

 

 

(11

)

Change in fair value of contingent consideration

 

3

 

 

 

(611

)

 

 

52

 

 

 

(1,182

)

Total operating expenses

 

176,516

 

 

 

201,281

 

 

 

569,968

 

 

 

667,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

705

 

 

 

4,767

 

 

 

9,723

 

 

 

18,450

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

17

 

 

 

13

 

 

 

50

 

 

 

37

 

Interest expense

 

(752

)

 

 

(684

)

 

 

(2,070

)

 

 

(2,345

)

Foreign currency transaction gain (loss)

 

169

 

 

 

(24

)

 

 

120

 

 

 

169

 

Other

 

89

 

 

 

49

 

 

 

164

 

 

 

258

 

Total other expense

 

(477

)

 

 

(646

)

 

 

(1,736

)

 

 

(1,881

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

228

 

 

 

4,121

 

 

 

7,987

 

 

 

16,569

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(102

)

 

 

(942

)

 

 

(1,850

)

 

 

(3,793

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

126

 

 

 

3,179

 

 

 

6,137

 

 

 

12,776

 

Less: net income attributable to non-controlling interest

 

(73

)

 

 

(247

)

 

 

(262

)

 

 

(891

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

53

 

 

 

2,932

 

 

 

5,875

 

 

 

11,885

 

Less: preferred stock dividends

 

 

 

 

 

 

 

 

 

 

(956

)

Less: issuance costs for preferred stock redemption

 

 

 

 

 

 

 

 

 

 

(1,659

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

$

53

 

 

$

2,932

 

 

$

5,875

 

 

$

9,270

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

711

 

 

 

(278

)

 

 

677

 

 

 

215

 

Comprehensive income

$

837

 

 

$

2,901

 

 

$

6,814

 

 

$

12,991

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

 

 

$

0.06

 

 

$

0.12

 

 

$

0.19

 

Diluted

$

 

 

$

0.06

 

 

$

0.11

 

 

$

0.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

49,577,370

 

 

 

49,515,717

 

 

 

49,667,243

 

 

 

49,471,556

 

Diluted

 

50,974,994

 

 

 

51,169,321

 

 

 

51,266,348

 

 

 

50,979,319

 

 

 

 

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

 

 

 

 

 

(In thousands, except share and per share data)

Preferred Stock

 

 

Common Stock

 

 

Additional

Paid-in

 

 

Treasury

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total Radiant

Logistics,

Inc.

Stockholders'

 

 

Non-

Controlling

 

 

Total

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Stock

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

 

Interest

 

 

Equity

 

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, net of taxes withheld

    and paid