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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, 2021

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 50,119,474 shares outstanding of the registrant’s common stock as of May 3, 2021.

 

 


 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

 Item 1.

 

Financial Statements (unaudited)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2021 and June 30, 2020

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2021 and 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and nine months ended March 31, 2021 and 2020

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the nine months ended March 31, 2021 and 2020

 

7

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

9

 

 

 

 

 

 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

 

38

 

 

 

 PART II. OTHER INFORMATION

 

 

 

 

 

 

 

 Item 1.

 

Legal Proceedings

 

38

 

 

 

 

 

 Item 1A.

 

Risk Factors

 

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)

 

2021

 

 

2020

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

4,215

 

 

$

34,841

 

Accounts receivable, net of allowance of $1,561 and $1,990, respectively

 

 

110,991

 

 

 

71,838

 

Contract assets

 

 

26,038

 

 

 

16,312

 

Income tax receivable

 

 

 

 

 

780

 

Prepaid expenses and other current assets

 

 

19,720

 

 

 

16,817

 

Total current assets

 

 

160,964

 

 

 

140,588

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

21,918

 

 

 

18,712

 

 

 

 

 

 

 

 

Goodwill

 

 

72,298

 

 

 

72,199

 

Intangible assets, net

 

 

43,742

 

 

 

51,192

 

Operating lease right-of-use assets

 

 

25,722

 

 

 

12,580

 

Deposits and other assets

 

 

3,710

 

 

 

4,769

 

Total other long-term assets

 

 

145,472

 

 

 

140,740

 

Total assets

 

$

328,354

 

 

$

300,040

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

84,597

 

 

$

65,003

 

Operating partner commissions payable

 

 

12,294

 

 

 

9,131

 

Accrued expenses

 

 

7,705

 

 

 

6,538

 

Income tax payable

 

 

357

 

 

 

 

Current portion of notes payable

 

 

4,316

 

 

 

3,800

 

Current portion of operating lease liability

 

 

6,429

 

 

 

6,121

 

Current portion of finance lease liability

 

 

739

 

 

 

688

 

Current portion of contingent consideration

 

 

2,319

 

 

 

2,127

 

Other current liabilities

 

 

424

 

 

 

308

 

Total current liabilities

 

 

119,180

 

 

 

93,716

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

24,766

 

 

 

48,091

 

Operating lease liability, net of current portion

 

 

20,080

 

 

 

7,192

 

Finance lease liability, net of current portion

 

 

1,988

 

 

 

2,476

 

Contingent consideration, net of current portion

 

 

4,944

 

 

 

2,813

 

Deferred income taxes

 

 

6,312

 

 

 

7,484

 

Other long-term liabilities

 

 

61

 

 

 

93

 

Total long-term liabilities

 

 

58,151

 

 

 

68,149

 

Total liabilities

 

 

177,331

 

 

 

161,865

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 50,751,454 and 50,188,486
    shares issued, and
50,118,607 and 49,555,639 shares outstanding, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

103,671

 

 

 

102,214

 

Treasury stock, at cost, 632,847 shares

 

 

(2,749

)

 

 

(2,749

)

Retained earnings

 

 

49,308

 

 

 

37,424

 

Accumulated other comprehensive income

 

 

618

 

 

 

445

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

150,880

 

 

 

137,366

 

Non-controlling interest

 

 

143

 

 

 

809

 

Total equity

 

 

151,023

 

 

 

138,175

 

Total liabilities and equity

 

$

328,354

 

 

$

300,040

 

 

 

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)

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

$

236,532

 

 

$

177,221

 

 

$

631,214

 

 

$

579,691

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

179,732

 

 

 

129,440

 

 

 

473,148

 

 

 

420,419

 

Operating partner commissions

 

23,761

 

 

 

20,352

 

 

 

66,386

 

 

 

69,899

 

Personnel costs

 

14,229

 

 

 

14,412

 

 

 

40,741

 

 

 

44,487

 

Selling, general and administrative expenses

 

6,688

 

 

 

8,027

 

 

 

17,910

 

 

 

22,370

 

Depreciation and amortization

 

4,174

 

 

 

4,282

 

 

 

12,418

 

 

 

12,413

 

Transition, lease termination, and other costs

 

 

 

 

 

 

 

 

 

 

328

 

Change in fair value of contingent consideration

 

2,500

 

 

 

3

 

 

 

4,350

 

 

 

52

 

Total operating expenses

 

231,084

 

 

 

176,516

 

 

 

614,953

 

 

 

569,968

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

5,448

 

 

 

705

 

 

 

16,261

 

 

 

9,723

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

3

 

 

 

17

 

 

 

14

 

 

 

50

 

Interest expense

 

(611

)

 

 

(752

)

 

 

(1,919

)

 

 

(2,070

)

Foreign currency transaction gain (loss)

 

14

 

 

 

169

 

 

 

(158

)

 

 

120

 

Change in fair value of interest rate swap contracts

 

(512

)

 

 

 

 

 

(642

)

 

 

 

Gain on forgiveness of debt

 

1,414

 

 

 

 

 

 

1,414

 

 

 

 

Other

 

281

 

 

 

89

 

 

 

663

 

 

 

164

 

Total other income (expense)

 

589

 

 

 

(477

)

 

 

(628

)

 

 

(1,736

)

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

6,037

 

 

 

228

 

 

 

15,633

 

 

 

7,987

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(976

)

 

 

(102

)

 

 

(3,455

)

 

 

(1,850

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

5,061

 

 

 

126

 

 

 

12,178

 

 

 

6,137

 

Less: net income attributable to non-controlling interest

 

(77

)

 

 

(73

)

 

 

(294

)

 

 

(262

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

$

4,984

 

 

$

53

 

 

$

11,884

 

 

$

5,875

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain

 

567

 

 

 

711

 

 

 

173

 

 

 

677

 

Comprehensive income

$

5,628

 

 

$

837

 

 

$

12,351

 

 

$

6,814

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.10

 

 

$

 

 

$

0.24

 

 

$

0.12

 

Diluted

$

0.10

 

 

$

 

 

$

0.23

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

Basic

 

50,034,950

 

 

 

49,577,370

 

 

 

49,807,932

 

 

 

49,667,243

 

Diluted

 

51,359,441

 

 

 

50,974,994

 

 

 

51,131,806

 

 

 

51,266,348

 

 

 

 

 

 

 

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, 2021

(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, 2020

 

49,555,639

 

 

$

32

 

 

$

102,214

 

 

$

(2,749

)

 

$

37,424

 

 

$

445

 

 

$

137,366

 

 

$

809

 

 

$

138,175

 

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

 

112,864

 

 

 

 

 

 

(301

)

 

 

 

 

 

 

 

 

 

 

 

(301

)

 

 

 

 

 

(301

)

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

 

6,131

 

 

 

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

 

 

 

3

 

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(720

)

 

 

(720

)

Share-based compensation

 

 

 

 

 

 

 

144

 

 

 

 

 

 

 

 

 

 

 

 

144

 

 

 

 

 

 

144

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

3,088

 

 

 

 

 

 

3,088

 

 

 

141

 

 

 

3,229

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,996

)

 

 

(1,996

)

 

 

 

 

 

(1,996

)

Balance as of September 30, 2020

 

49,674,634

 

 

$

32

 

 

$

102,060

 

 

$

(2,749

)

 

$

40,512

 

 

$

(1,551

)

 

$

138,304

 

 

$

230

 

 

$

138,534

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

42,182

 

 

 

 

 

 

(33

)

 

 

 

 

 

 

 

 

 

 

 

(33

)

 

 

 

 

 

(33

)

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

 

250,249

 

 

 

 

 

 

1,068

 

 

 

 

 

 

 

 

 

 

 

 

1,068

 

 

 

 

 

 

1,068

 

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(150

)

 

 

(150

)

Share-based compensation

 

 

 

 

 

 

 

327

 

 

 

 

 

 

 

 

 

 

 

 

327

 

 

 

 

 

 

327

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

3,812

 

 

 

 

 

 

3,812

 

 

 

76

 

 

 

3,888

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,602

 

 

 

1,602

 

 

 

 

 

 

1,602

 

Balance as of December 31, 2020

 

49,967,065

 

 

$

32

 

 

$

103,422

 

 

$

(2,749

)

 

$

44,324

 

 

$

51

 

 

$

145,080

 

 

$

156

 

 

$

145,236

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

151,542

 

 

 

 

 

 

(54

)

 

 

 

 

 

 

 

 

 

 

 

(54

)

 

 

 

 

 

(54

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(90

)

 

 

(90

)

Share-based compensation

 

 

 

 

 

 

 

303

 

 

 

 

 

 

 

 

 

 

 

 

303

 

 

 

 

 

 

303

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

4,984

 

 

 

 

 

 

4,984

 

 

 

77

 

 

 

5,061

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

567

 

 

 

567

 

 

 

 

 

 

567

 

Balance as of March 31, 2021

 

50,118,607

 

 

$

32

 

 

$

103,671

 

 

$

(2,749

)

 

$

49,308

 

 

$

618

 

 

$

150,880

 

 

$

143

 

 

$

151,023

 

 

 

 

 

 

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, 2020

(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, 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

 

138,147

 

 

 

 

 

 

(314

)

 

 

 

 

 

 

 

 

 

 

 

(314

)

 

 

 

 

 

(314

)

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

 

82,627

 

 

 

 

 

 

(146

)

 

 

 

 

 

 

 

 

 

 

 

(146

)

 

 

 

 

 

(146

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(180

)

 

 

(180

)