RADIANT LOGISTICS ANNOUNCES RECORD RESULTS FOR THE THIRD FISCAL QUARTER ENDED MARCH 31, 2022
Radiant Logistics (RLGT) reported Q3 results for fiscal 2022, achieving revenues of $460.9 million, a 94.9% increase year-over-year. Net revenues reached $84.9 million, up 49.5%, while net income surged to $14.3 million, reflecting a remarkable 186.0% increase. Adjusted EBITDA also rose to $23.6 million, up 82.9%. The company highlighted success in its project charter business and the positive contribution from the Navegate acquisition. A renewed stock repurchase program and an effective $150 million shelf registration statement were also announced.
- Record revenues of $460.9 million, up 94.9% year-over-year
- Net income increased to $14.3 million, up 186.0%
- Adjusted EBITDA rose to $23.6 million, up 82.9%
- Improved adjusted EBITDA margin to 27.8%, up 510 basis points
- Successful contribution from Navegate acquisition enhancing international service offerings
- None.
Reports quarterly results with revenues of
Net revenues of
Net income of
Adjusted EBITDA of
RENTON, Wash., May 10, 2022 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a third-party logistics and multimodal transportation services company, today reported financial results for the three and nine months ended March 31, 2022.
- Revenues increased to
$460.9 million for the third fiscal quarter ended March 31, 2022, up$224.4 million or94.9% , compared to revenues of$236.5 million for the comparable prior year period. Excluding COVID-related project revenues of$62.2 million realized in current period, revenues were up$162.2 million or68.6% . - Net revenues, a non-GAAP financial measure, increased to
$84.9 million for the third fiscal quarter ended March 31, 2022, up$28.1 million or49.5% , compared to net revenues of$56.8 million for the comparable prior year period. - Net income attributable to Radiant Logistics, Inc. increased to
$14.3 million , or$0.29 per basic and$0.28 per fully diluted share, up$9.3 million or186.0% compared to$5.0 million , or$0.10 per basic and fully diluted share for the comparable prior year period. - Adjusted net income, a non-GAAP financial measure, increased to
$16.8 million , or$0.34 per basic and$0.33 per fully diluted share for the third fiscal quarter ended March 31, 2022, up$7.7 million or84.6% , compared to adjusted net income of$9.1 million , or$0.18 per basic and fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of24.5% and excluding other items not considered part of regular operating activities. - Adjusted EBITDA, a non-GAAP financial measure, increased to
$23.6 million for the third fiscal quarter ended March 31, 2022, up$10.7 million or82.9% , compared to adjusted EBITDA of$12.9 million for the comparable prior year period. - Adjusted EBITDA margin (Adjusted EBITDA expressed as a percentage of net revenues), a non-GAAP financial measure, increased to
27.8% for the third fiscal quarter ended March 31, 2022, up 510 basis points, compared to Adjusted EBITDA margin of22.7% for the comparable prior year period.
On February 22, 2022, we announced the renewal of our stock repurchase program to make discretionary repurchases of up to five million shares of our common stock through December 31, 2023. The share repurchases may occur, if at all, from time-to-time through open market purchases at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements.
On May 9, 2022, we also announced that the Securities and Exchange Commission (SEC) has declared effective our
"We are very pleased to continue our trend and report another quarter of record financial results for the March quarter," said Bohn Crain, Founder and CEO of Radiant Logistics. "For the three month period, we posted record revenues of
We are particularly proud that during the quarter, the Radiant team had the opportunity to continue to assist in COVID relief efforts, providing mission critical support to move COVID test kits on behalf of the United States Department of Health and Human Services. The mission, including coordination of cargo at origin, uplift and delivery involved the chartering of 24 aircraft flying 85.4 million COVID test kits into the interior of the US for final mile delivery and ultimate distribution. The program details included over 474,000 cartons of test kits on these 24 flights, followed by the safe and speedy transfer of the kits to over two hundred thirty 53-foot trailers for delivery to strategic centers in the U.S., with the ultimate destination to be into the hands of the American people.
In addition, we remain very excited about the opportunities made available to us through our acquisition of Navegate. In addition to solidifying our presence in Shanghai, Navegate also strengthens our international services offering, particularly in the areas of customs brokerage, ocean forwarding and drayage services and brings to us a robust global trade management capability. These new global trade management capabilities will be made available to the entire Radiant network to provide our customers with purchase order and vendor management tools that unlock SKU-level visibility from the manufacturing floor in Asia through final delivery here in the U.S. With both the enhanced service offerings and propriety global trade management technology, we believe we will further differentiate ourselves in the marketplace and be even better positioned to provide additional support for both current and prospective customers moving forward."
Mr. Crain continued, "We remain encouraged by our continued strong financial performance and the fact that we have now reported a record
For the three months ended March 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of
For the three months ended March 31, 2022, Radiant reported adjusted net income, a non-GAAP financial measure, of
For the three months ended March 31, 2022, Radiant reported Adjusted EBITDA, a non-GAAP financial measure, of
For the nine months ended March 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of
For the nine months ended March 31, 2022, Radiant reported adjusted net income, a non-GAAP financial measure, of
For the nine months ended March 31, 2022, Radiant reported Adjusted EBITDA, a non-GAAP financial measure, of
Radiant Logistics, Inc. will host a conference call on Tuesday, May 10, 2022 at 4:30 PM Eastern to discuss the contents of this release. The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Founder and CEO will host the call.
DATE/TIME: | Tuesday, May 10, 2022 at 4:30 PM Eastern |
DIAL-IN | US (844) 369-8770; Intl. (862) 298-0840 |
REPLAY | May 11, 2022 at 9:30 AM Eastern to May 24, 2022 at 4:30 PM Eastern, US (877) 481-4010; Intl. (919) 882-2331 (Replay ID number: 45505) |
This call is also being webcast and may be accessed via Radiant's web site at www.radiantdelivers.com or at https://www.webcaster4.com/Webcast/Page/2191/45505.
Radiant Logistics, Inc. (www.radiantdelivers.com) is a third-party logistics and multimodal transportation services company delivering advanced supply chain solutions through a network of company-owned and strategic operating partner locations across North America. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing, to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.
This announcement contains "forward-looking statements" within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as "anticipate," "believe," "estimates," "expect," "future," "intend," "may," "plan," "see," "seek," "strategy," or "will" or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management's beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this announcement. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in-line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain of our larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; the impact of COVID-19 on our operations and financial results; the Company's ongoing assessment of the ransomware incident, adverse legal, reputational and financial effects on the Company resulting from the ransomware incident or future cyber incidents and the effectiveness of the Company's business continuity plans in response to cyber incidents, like the ransomware incident; and such other factors that may be identified from time to time in our Securities and Exchange Commission ("SEC") filings and other public announcements, including those set forth under the caption "Risk Factors" in our Form 10-K for the year ended June 30, 2021 and Form 10-Q for the quarter ended December 31, 2021. In addition, the global economic climate and additional or unforeseen effects from the COVID-19 pandemic amplify many of these risks. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
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 | 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 | ||||||
Equity: | ||||||||
Common stock, | 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 | ||||
RADIANT LOGISTICS, INC. Condensed Consolidated Statements of Comprehensive Income | |||||||||||||||
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 | |||||||||||
Reconciliation of Non-GAAP Measures
RADIANT LOGISTICS, INC.
Reconciliation of Total Revenues to Net Revenues, Net Income Attributable to Radiant Logistics, Inc.
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
(unaudited)
As used in this report, Net Revenues, Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles ("GAAP"). Net Revenues, Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant's business. For Adjusted Net Income, management uses a
We commonly refer to the term "net revenues" when commenting about our Company and the results of operations. Net revenues are a Non-GAAP measure calculated as revenues less directly related operations and expenses attributed to the Company's services. We believe net revenues are a better measurement than are total revenues when analyzing and discussing the effectiveness of our business and is used as a portion of a key metric the Company uses to discuss its progress.
EBITDA is a non-GAAP measure of income and does not include the effects of interest, taxes, and the "non-cash" effects of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in the EBITDA calculation. We exclude all depreciation charges related to property, technology and equipment, and all amortization charges (including amortization of leasehold improvements). We then further adjust EBITDA to exclude changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, transition and lease termination costs, foreign currency transaction gains and losses, extraordinary items, share-based compensation expense, litigation expenses unrelated to our core operations, gain on forgiveness of debt, and other non-cash charges. While management considers EBITDA, and adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our consolidated financial statements.
We believe that these non-GAAP financial measures, as presented, represent a useful method of assessing the performance of our operating activities, as they reflect our earnings trends without the impact of certain non-cash charges and other non-recurring charges. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations to allow a comparison to other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. However, these non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Net Revenues, Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin should not be considered in isolation or as a substitute for any of the consolidated statements of comprehensive income prepared in accordance with GAAP, or as an indication of Radiant's operating performance or liquidity.
(In thousands) | Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||
Net Revenues (Non-GAAP measure) | 2022 | 2021 | 2022 | 2021 | |||||||||||
Total revenues | $ | 460,899 | $ | 236,532 | $ | 1,079,783 | $ | 631,214 | |||||||
Cost of transportation and other services | 376,036 | 179,732 | 858,447 | 473,148 | |||||||||||
Net revenues | $ | 84,863 | $ | 56,800 | $ | 221,336 | $ | 158,066 | |||||||
Net margin | 18.4 | % | 24.0 | % | 20.5 | % | 25.0 | % | |||||||
(In thousands) | Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||
Reconciliation of GAAP net income to adjusted EBITDA | 2022 | 2021 | 2022 | 2021 | |||||||||||
Net income attributable to Radiant Logistics, Inc. | $ | 14,339 | $ | 4,984 | $ | 28,366 | $ | 11,884 | |||||||
Income tax expense | 4,527 | 976 | 9,402 | 3,455 | |||||||||||
Depreciation and amortization | 4,684 | 4,174 | 13,386 | 12,418 | |||||||||||
Net interest expense | 997 | 608 | 2,349 | 1,905 | |||||||||||
EBITDA | 24,547 | 10,742 | 53,503 | 29,662 | |||||||||||
Share-based compensation | 539 | 303 | 1,311 | 774 | |||||||||||
Change in fair value of contingent consideration | 152 | 2,500 | 607 | 4,350 | |||||||||||
Acquisition related costs | 6 | — | 502 | 35 | |||||||||||
Ransomware incident related costs, net | 279 | — | 1,031 | — | |||||||||||
Litigation costs | 163 | 256 | 484 | 433 | |||||||||||
Change in fair value of interest rate swap contracts | (1,985) | 512 | (1,562) | 642 | |||||||||||
Gain on forgiveness of debt | — | (1,414) | — | (1,414) | |||||||||||
Foreign currency transaction loss (gain) | (105) | (14) | (480) | 158 | |||||||||||
Adjusted EBITDA | $ | 23,596 | $ | 12,885 | $ | 55,396 | $ | 34,640 | |||||||
Adjusted EBITDA margin (Adjusted EBITDA as a % of Net Revenues) | 27.8 | % | 22.7 | % | 25.0 | % | 21.9 | % | |||||||
(In thousands, except share and per share data) | Three Months Ended March 31, | Nine Months Ended March 31, | |||||||||||||
Reconciliation of GAAP net income to adjusted net income | 2022 | 2021 | 2022 | 2021 | |||||||||||
GAAP net income attributable to Radiant Logistics, Inc. | $ | 14,339 | $ | 4,984 | $ | 28,366 | $ | 11,884 | |||||||
Adjustments to net income: | |||||||||||||||
Income tax expense | 4,527 | 976 | 9,402 | 3,455 | |||||||||||
Depreciation and amortization | 4,684 | 4,174 | 13,386 | 12,418 | |||||||||||
Change in fair value of contingent consideration | 152 | 2,500 | 607 | 4,350 | |||||||||||
Acquisition related costs | 6 | — | 502 | 35 | |||||||||||
Ransomware incident related costs, net | 279 | — | 1,031 | — | |||||||||||
Litigation costs | 163 | 256 | 484 | 433 | |||||||||||
Change in fair value of interest rate swap contracts | (1,985) | 512 | (1,562) | 642 | |||||||||||
Gain on forgiveness of debt | — | (1,414) | — | (1,414) | |||||||||||
Amortization of debt issuance costs | 124 | 129 | 377 | 393 | |||||||||||
Adjusted net income before income taxes | 22,289 | 12,117 | 52,593 | 32,196 | |||||||||||
Provision for income taxes at | (5,461) | (2,969) | (12,885) | (7,888) | |||||||||||
Adjusted net income | $ | 16,828 | $ | 9,148 | $ | 39,708 | $ | 24,308 | |||||||
Adjusted net income per common share: | |||||||||||||||
Basic | $ | 0.34 | $ | 0.18 | $ | 0.80 | $ | 0.49 | |||||||
Diluted | $ | 0.33 | $ | 0.18 | $ | 0.78 | $ | 0.48 | |||||||
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 | |||||||||||
(In thousands) | Three months | Three months | Three months | Three months | Twelve months | ||||||||||||||
Revenues | $ | 460,899 | $ | 332,768 | $ | 286,115 | $ | 257,910 | $ | 1,337,692 | |||||||||
(In thousands) | Three months | Three months | Three months | Three months | Twelve months | ||||||||||||||
Net income attributable to Radiant Logistics, Inc. | $ | 14,339 | $ | 6,948 | $ | 7,079 | $ | 11,059 | $ | 39,425 | |||||||||
Income tax expense | 4,527 | 2,646 | 2,229 | 2,440 | 11,842 | ||||||||||||||
Depreciation and amortization | 4,684 | 4,447 | 4,252 | 4,224 | 17,607 | ||||||||||||||
Net interest expense | 997 | 745 | 606 | 627 | 2,975 | ||||||||||||||
EBITDA | 24,547 | 14,786 | 14,166 | 18,350 | 71,849 | ||||||||||||||
Share-based compensation | 539 | 422 | 350 | 297 | 1,608 | ||||||||||||||
Change in fair value of contingent consideration | 152 | 455 | — | — | 607 | ||||||||||||||
Acquisition related costs | 6 | 396 | 99 | 7 | 508 | ||||||||||||||
Ransomware incident related costs (recovery), net | 279 | 751 | — | — | 1,030 | ||||||||||||||
Litigation costs | 163 | 167 | 154 | 102 | 586 | ||||||||||||||
Gain on litigation settlement, net | — | — | — | (25) | (25) | ||||||||||||||
Change in fair value of interest rate swap contracts | (1,985) | 378 | 46 | (48) | (1,609) | ||||||||||||||
Gain on forgiveness of debt | — | — | — | (4,573) | (4,573) | ||||||||||||||
Foreign exchange loss (gain) | (105) | (104) | (271) | 31 | (449) | ||||||||||||||
Adjusted EBITDA | $ | 23,596 | $ | 17,251 | $ | 14,544 | $ | 14,141 | $ | 69,532 | |||||||||
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SOURCE Radiant Logistics, Inc.
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