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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, 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.)

 

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 49,725,365 shares outstanding of the registrant’s common stock as of November 1, 2021.

 

 


 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

 

Financial Statements (unaudited)

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of September 30, 2021 and June 30, 2021

 

3

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2021 and 2020

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three months ended September 30, 2021 and 2020

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended September 30, 2021 and 2020

 

7

 

 

 

 

 

 

 

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

 

31

 

 

 

 

 

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,

 

(In thousands, except share and per share data)

 

2021

 

 

2021

 

 

 

(unaudited)

 

 

 

 

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,477

 

 

$

13,696

 

Accounts receivable, net of allowance of $1,569 and $1,489, respectively

 

 

143,622

 

 

 

117,349

 

Contract assets

 

 

32,625

 

 

 

27,753

 

Prepaid expenses and other current assets

 

 

22,463

 

 

 

17,512

 

Total current assets

 

 

208,187

 

 

 

176,310

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

23,600

 

 

 

24,151

 

 

 

 

 

 

 

 

Goodwill

 

 

72,091

 

 

 

72,582

 

Intangible assets, net

 

 

38,549

 

 

 

41,404

 

Operating lease right-of-use assets

 

 

36,382

 

 

 

39,022

 

Deposits and other assets

 

 

4,265

 

 

 

3,772

 

Total other long-term assets

 

 

151,287

 

 

 

156,780

 

Total assets

 

$

383,074

 

 

$

357,241

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

98,374

 

 

$

87,941

 

Operating partner commissions payable

 

 

15,645

 

 

 

13,779

 

Accrued expenses

 

 

7,162

 

 

 

6,801

 

Income tax payable

 

 

134

 

 

 

2,713

 

Current portion of notes payable

 

 

4,419

 

 

 

4,446

 

Current portion of operating lease liability

 

 

7,266

 

 

 

6,989

 

Current portion of finance lease liability

 

 

722

 

 

 

743

 

Current portion of contingent consideration

 

 

2,600

 

 

 

2,600

 

Other current liabilities

 

 

347

 

 

 

345

 

Total current liabilities

 

 

136,669

 

 

 

126,357

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

37,690

 

 

 

24,000

 

Operating lease liability, net of current portion

 

 

32,578

 

 

 

34,899

 

Finance lease liability, net of current portion

 

 

1,635

 

 

 

1,809

 

Contingent consideration, net of current portion

 

 

4,663

 

 

 

4,663

 

Deferred income taxes

 

 

3,814

 

 

 

4,021

 

Other long-term liabilities

 

 

39

 

 

 

89

 

Total long-term liabilities

 

 

80,419

 

 

 

69,481

 

Total liabilities

 

 

217,088

 

 

 

195,838

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 50,969,374 and 50,832,205
    shares issued, and
49,812,664 and 49,930,389 shares outstanding, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

104,360

 

 

 

104,228

 

Treasury stock, at cost, 1,156,710 and 901,816 shares, respectively

 

 

(6,333

)

 

 

(4,658

)

Retained earnings

 

 

67,446

 

 

 

60,367

 

Accumulated other comprehensive income

 

 

102

 

 

 

1,141

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

165,607

 

 

 

161,110

 

Non-controlling interest

 

 

379

 

 

 

293

 

Total equity

 

 

165,986

 

 

 

161,403

 

Total liabilities and equity

 

$

383,074

 

 

$

357,241

 

 

 

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)

 

2021

 

 

2020

 

Revenues

 

$

286,115

 

 

$

175,877

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

Cost of transportation and other services

 

 

221,233

 

 

 

129,911

 

Operating partner commissions

 

 

28,465

 

 

 

18,589

 

Personnel costs

 

 

15,616

 

 

 

12,777

 

Selling, general and administrative expenses

 

 

6,790

 

 

 

5,654

 

Depreciation and amortization

 

 

4,252

 

 

 

4,159

 

Total operating expenses

 

 

276,356

 

 

 

171,090

 

 

 

 

 

 

 

 

Income from operations

 

 

9,759

 

 

 

4,787

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

Interest income

 

 

3

 

 

 

9

 

Interest expense

 

 

(609

)

 

 

(580

)

Foreign currency transaction gain

 

 

271

 

 

 

21

 

Change in fair value of interest rate swap contracts

 

 

(46

)

 

 

(21

)

Other

 

 

16

 

 

 

91

 

Total other expense

 

 

(365

)

 

 

(480

)

 

 

 

 

 

 

 

Income before income taxes

 

 

9,394

 

 

 

4,307

 

 

 

 

 

 

 

 

Income tax expense

 

 

(2,229

)

 

 

(1,078

)

 

 

 

 

 

 

 

Net income

 

 

7,165

 

 

 

3,229

 

Less: net income attributable to non-controlling interest

 

 

(86

)

 

 

(141

)

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

$

7,079

 

 

$

3,088

 

 

 

 

 

 

 

 

Other comprehensive loss:

 

 

 

 

 

 

Foreign currency translation loss

 

 

(1,039

)

 

 

(1,996

)

Comprehensive income

 

$

6,126

 

 

$

1,233

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

Basic and Diluted

 

$

0.14

 

 

$

0.06

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

Basic

 

 

49,921,061

 

 

 

49,578,590

 

Diluted

 

 

51,116,478

 

 

 

50,925,387

 

 

 

 

 

 

 

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 Months Ended September 30, 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, 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

 

 

 

 

 

 

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 Months Ended September 30, 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, 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

 

 

 

 

 

 

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

 

6


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)

 

 

 

Three Months Ended September 30,

 

(In thousands)

 

2021

 

 

2020

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

Net income

 

$

7,165

 

 

$

3,229

 

ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES

 

 

 

 

 

 

Share-based compensation

 

 

350

 

 

 

144

 

Amortization of intangible assets

 

 

2,521

 

 

 

2,538

 

Depreciation and amortization of property, technology, and equipment

 

 

1,731

 

 

 

1,621

 

Deferred income tax benefit

 

 

(207

)

 

 

(85

)

Amortization of debt issuance costs

 

 

127

 

 

 

104

 

Other

 

 

78

 

 

 

(63

)

CHANGES IN OPERATING ASSETS AND LIABILITIES:

 

 

 

 

 

 

Accounts receivable

 

 

(26,922

)

 

 

(4,472

)

Contract assets

 

 

(4,897

)

 

 

(1,364

)

Income tax receivable/payable

 

 

(2,583

)

 

 

(185

)

Prepaid expenses, deposits, and other assets

 

 

(3,553

)

 

 

3,251

 

Accounts payable

 

 

10,055

 

 

 

7,453

 

Operating partner commissions payable

 

 

1,866

 

 

 

1,650

 

Accrued expenses and other liabilities

 

 

(1,528

)

 

 

(377

)

Net cash provided by (used for) operating activities

 

 

(15,797

)

 

 

13,444

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property, technology, and equipment

 

 

(1,456

)

 

 

(2,065

)

Proceeds from sale of property, technology, and equipment

 

 

5

 

 

 

11

 

Net cash used for investing activities

 

 

(1,451

)

 

 

(2,054

)

 

 

 

 

 

 

 

FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

24,461

 

 

 

 

Repayment of revolving credit facility

 

 

(9,461

)

 

 

(20,000

)

Repayments of notes payable and finance lease liability

 

 

(1,259

)

 

 

(653

)

Repurchases of common stock

 

 

(1,675

)

 

 

 

Distribution to non-controlling interest

 

 

 

 

 

(720

)

Proceeds from exercise of stock options

 

 

126

 

 

 

11

 

Payments of employee tax withholdings related to vesting of restricted stock awards

 

 

(342

)

 

 

(301

)

Payments of employee tax withholdings related to cashless exercise of stock options

 

 

(2

)

 

 

(8

)

Net cash provided by (used for) financing activities

 

 

11,848

 

 

 

(21,671

)