RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE SECOND FISCAL QUARTER ENDED DECEMBER 31, 2024

Rhea-AI Summary

Radiant Logistics (NYSE: RLGT) reported strong financial results for Q2 FY2024 ended December 31, 2024, with revenues reaching $264.5 million, up 31.5% year-over-year. Net income increased significantly to $6.5 million ($0.14 per basic share), a 550% improvement from the prior year.

The company achieved Adjusted EBITDA of $12.0 million, up 55.8% year-over-year, with an improved EBITDA margin of 19.0%. During the quarter, RLGT completed three strategic acquisitions: Foundation Logistics & Services, Focus Logistics, and TCB Transportation.

Despite strong Q2 results, management expects near-term challenges due to market headwinds and potential impacts from recently introduced tariffs with China, Mexico, and Canada. The company maintains a strong financial position with $20.0 million in cash and an untapped $200 million credit facility.

Positive

• Revenue increased 31.5% YoY to $264.5 million
• Net income surged 550% YoY to $6.5 million
• Adjusted EBITDA grew 55.8% to $12.0 million
• EBITDA margin improved by 660 basis points to 19.0%
• Completed three strategic acquisitions
• Strong balance sheet with $20M cash and $200M untapped credit facility

Negative

• Management expects continued market headwinds in near-term
• Potential negative impact from new tariffs with China, Mexico, and Canada
• Entering seasonally slowest quarter (Q1 2025)

Insights

Financial Analyst

The Q2 FY2024 results demonstrate remarkable operational execution despite challenging market conditions. The 660 basis point improvement in adjusted EBITDA margin to 19.0% reflects successful cost management and operational leverage. This efficiency gain is particularly impressive given the broader logistics industry's margin pressure.

The strategic acquisitions of Foundation Logistics, Focus Logistics and TCB Transportation reveal a methodical approach to growth through both vertical integration and geographic expansion. The performance-based structure of these deals minimizes upfront capital requirements while aligning incentives for successful integration.

The company's financial position is exceptionally strong with $20 million in cash and zero meaningful debt. This conservative balance sheet, combined with the untapped $200 million credit facility, provides substantial dry powder for opportunistic acquisitions and share repurchases. The sequential improvement in quarterly performance (29.9% revenue growth and 26.3% EBITDA growth) suggests strong execution capability.

However, investors should note management's cautionary outlook regarding market headwinds and potential tariff impacts. The company's involvement in emergency logistics (evidenced by the IV fluid transportation project) demonstrates its ability to capture high-margin opportunities in specialized segments, potentially offsetting broader market weakness.

The diversified service offering and asset-light business model provide flexibility to navigate market cycles, while the strategic focus on both organic growth and acquisitions creates multiple paths for value creation. The emphasis on operating partner conversions and tuck-in acquisitions suggests a disciplined approach to capital allocation that should support sustainable long-term growth.

Continues to deliver solid financial results in face of continued market headwinds;
Further progress in green-field and strategic operating partner acquisitions;
Well positioned for further growth with untapped $200 million credit facility

RENTON, Wash., Feb. 10, 2025 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a technology-enabled global transportation and value-added logistics services company, today reported financial results for the three and six months ended December 31, 2024.

Financial Highlights – Three Months Ended December 31, 2024

• Revenues of $264.5 million for the second fiscal quarter ended December 31, 2024, up $63.4 million or 31.5%, compared to revenues of $201.1 million for the comparable prior year period. On a sequential basis, revenues for the second fiscal quarter ended December 31, 2024, were up $60.9 million or 29.9%, compared to revenues of $203.6 million for the first fiscal quarter ended September 30, 2024.
• Gross profit of $59.6 million for the second fiscal quarter ended December 31, 2024, up $0.8 million or 1.4%, compared to gross profit of $58.8 million for the comparable prior year period. On a sequential basis, gross profit for the second fiscal quarter ended December 31, 2024, was up $5.5 million or 10.2%, compared to gross profit of $54.1 million for the first fiscal quarter ended September 30, 2024.
• Adjusted gross profit, a non-GAAP financial measure, of $63.3 million for the second fiscal quarter ended December 31, 2024, up $1.3 million or 2.1%, compared to adjusted gross profit of $62.0 million for the comparable prior year period. On a sequential basis, adjusted gross profit for the second fiscal quarter ended December 31, 2024, was up $5.7 million or 9.9%, compared to adjusted gross profit of $57.6 million for the first fiscal quarter ended September 30, 2024.
• Net income attributable to Radiant Logistics, Inc. of $6.5 million, or $0.14 per basic and $0.13 per fully diluted share for the second fiscal quarter ended December 31, 2024, up $5.5 million or 550.0%, compared to $1.0 million, or $0.02 per basic and fully diluted share for the comparable prior year period. On a sequential basis, net income attributable to Radiant Logistics, Inc. for the second fiscal quarter ended December 31, 2024, was up $3.1 million or 91.2%, compared to a net income attributable to Radiant Logistics, Inc. of $3.4 million for the first fiscal quarter ended September 30, 2024.
• Adjusted net income, a non-GAAP financial measure, of $10.7 million, or $0.23 per basic and $0.22 per fully diluted share for the second fiscal quarter ended December 31, 2024, up $5.2 million or 94.5%, compared to adjusted net income of $5.5 million, or $0.12 per basic and $0.11 per fully diluted share for the comparable prior year period. On a sequential basis, adjusted net income for the second fiscal quarter ended December 31, 2024, was up $2.8 million or 35.4%, compared to adjusted net income of $7.9 million for the first fiscal quarter ended September 30, 2024. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.
• Adjusted EBITDA, a non-GAAP financial measure, of $12.0 million for the second fiscal quarter ended December 31, 2024, up $4.3 million or 55.8%, compared to adjusted EBITDA of $7.7 million for the comparable prior year period. On a sequential basis, adjusted EBITDA for the second fiscal quarter ended December 31, 2024, was up $2.5 million or 26.3%, compared to adjusted EBITDA of $9.5 million for the first fiscal quarter ended September 30, 2024.
• Adjusted EBITDA margin (adjusted EBITDA expressed as a percentage of adjusted gross profit), a non-GAAP financial measure, up to 19.0% or 660 basis points, for the second fiscal quarter ended December 31, 2024, compared to adjusted EBITDA margin of 12.4% for the comparable prior year period. On a sequential basis, adjusted EBITDA margin for the second fiscal quarter ended December 31, 2024 of 19.0% was up 260 basis points when compared to the 16.4% adjusted EBITDA margin for the first fiscal quarter ended September 30, 2024.

Acquisition Update

Effective September 1, 2024, the Company acquired Foundation Logistics & Services, LLC, a Humble, Texas based, privately held company that provides a full range of specialized transportation and logistics services for companies involved in the exploration, drilling, and production of oil and gas.

Effective October 1, 2024, the Company acquired the assets and operations of Focus Logistics, Inc. ("Focus"), a privately held company with operations in Romulus, Michigan that has operated under the Company's Service By Air brand since 2006. Focus combined with the Company's existing operations in the Detroit, Michigan area to solidify the Company's offerings in the region.

Effective December 1, 2024, the Company acquired the assets and operations of TCB Transportation Associates, LLC d/b/a TCB Transportation, a St. Louis, Missouri based, privately held intermodal marketing company specializing in the movement of 40 and 53-foot containers across North America.

The Company structured each of these transactions similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations.

CEO Bohn Crain Comments on Results

"With the benefit of our diverse service offering, we continue to deliver solid financial results and generated $12.0 million in adjusted EBITDA for our second fiscal quarter ended December 31, 2024, which are generally ahead of results from the comparable prior year period as well as our most recent previous quarter ended September 30, 2024," said Bohn Crain, Founder and CEO of Radiant Logistics. "We continue to take great pride in our work to support humanitarian and relief related projects around the globe. Our results this quarter reflect our support of a number of such projects, including chartering 49 flights to bring approximately 8 million units of IV fluid to the U.S. as a result of the national shortages resulting from Hurricane Milton.

Notwithstanding these strong results for the quarter ended December 31, 2024, we do expect our future near-term results to continue to be challenged by market headwinds. Near-term results could also be further frustrated by the recently introduced tariffs with China, Mexico and Canada, as we head into our slowest seasonal quarter ended March 31."

Mr. Crain continued, "As previously discussed, we believe we are well positioned with a durable business model, diverse service offering and strong balance sheet to navigate through these slower freight markets as we find our way back to more normalized market conditions. We continue to enjoy a strong balance sheet with approximately $20.0 million of cash on hand as of December 31, 2024, no meaningful debt, and an untapped $200 million credit facility. At the same time, we remain focused on delivering profitable growth through a combination of organic and acquisition initiatives and thoughtfully re-levering our balance sheet through a combination of strategic operating partner conversions, synergistic tuck-in acquisitions, and stock buy-backs. Through this approach we believe, over time, we will continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve. We made good progress in this regard over this last quarter with the acquisition of Texas-based Foundation Logistics, the conversion of our Michigan-based strategic operating partner location (Focus Logistics) which is combining with our existing Radiant operation in Detroit and the acquisition of TCB Transportation in St. Louis, Missouri. We believe these three transactions are representative of our broader pipeline of opportunities which includes both green-field acquisitions (i.e. companies not currently part of our network) as well as acquisition opportunities inherent in our agent-based network where we can support our current operating partners in their exit strategies. We look forward to providing further updates as we progress along these lines."

Three Months Ended December 31, 2024 - Financial Results

For the three months ended December 31, 2024, the Company reported net income attributable to Radiant Logistics, Inc. of $6.5 million on $264.5 million of revenues, or $0.14 per basic and $0.13 per fully diluted share. For the three months ended December 31, 2023, the Company reported net income attributable to Radiant Logistics, Inc. of $1.0 million on $201.1 million of revenues, or $0.02 per basic and fully diluted share.

For the three months ended December 31, 2024, the Company reported adjusted net income, a non-GAAP financial measure, of $10.7 million, or $0.23 per basic and $0.22 per fully diluted share. For the three months ended December 31, 2023, the Company reported adjusted net income of $5.5 million, or $0.12 per basic and $0.11 per fully diluted share.

For the three months ended December 31, 2024, the Company reported adjusted EBITDA, a non-GAAP financial measure, of $12.0 million, compared to $7.7 million for the comparable prior year period.

Six Months Ended December 31, 2024 – Financial Results

For the six months ended December 31, 2024, the Company reported net income attributable to Radiant Logistics, Inc. of $9.8 million on $468.1 million of revenues, or $0.21 per basic and $0.20 per fully diluted share. For the six months ended December 31, 2023, the Company reported net income attributable to Radiant Logistics, Inc. of $3.6 million on $411.9 million of revenues, or $0.08 per basic and $0.07 per fully diluted share.

For the six months ended December 31, 2024, the Company reported adjusted net income, a non-GAAP financial measure, of $18.6 million, or $0.40 per basic and $0.38 per fully diluted share. For the six months ended December 31, 2023, the Company reported adjusted net income of $12.0 million, or $0.26 per basic and $0.25 per fully diluted share.

For the six months ended December 31, 2024, the Company reported adjusted EBITDA, a non-GAAP financial measure, of $21.5 million, compared to $16.9 million for the comparable prior year period.

Earnings Call and Webcast Access Information

Radiant Logistics, Inc. will host a conference call on Monday, February 10, 2025 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.

Conference Call Details

DATE/TIME:	Monday, February 10, 2025 at 4:30 PM Eastern
DIAL-IN	US (888) 506-0062; Intl. (973) 528-0011 (Participant Access Code: 783564)
REPLAY	February 11, 2025 at 9:30 AM Eastern to February 24, 2025 at 4:30 PM Eastern, US (877) 481-4010; Intl. (919) 882-2331 (Replay ID number: 51992)

Webcast Details

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/2191/51992

About Radiant Logistics (NYSE American: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) operates as a third-party logistics company, providing technology-enabled global transportation and value-added logistics solutions primarily to customers in the United States and Canada. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding and freight brokerage services to a diversified account base including manufacturers, distributors and retailers, which it supports from an extensive network of company and agent-owned offices throughout North America and other key markets around the world. Radiant's value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.

This report 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 report. 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 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; our ability to continue to respond to macroeconomic factors that have recently had a negative effect on worldwide freight markets; the impact of any health pandemic or environmental event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel, labor, and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from the cybersecurity incident that we reported in March 2024 or future cyber incidents and the effectiveness of the Company's business continuity plans in response to cyber incidents; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our inability to remediate during fiscal year 2024 a material weakness in our internal controls over financial reporting, and the further risks that may arise should we be unable to remediate that material weakness during fiscal year 2025; and such other factors that may be identified from time to time in our U.S Securities and Exchange Commission ("SEC") filings and other public announcements including those set forth under the caption "Risk Factors" in Part 1 Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024. 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
	December 31,				June 30,
(In thousands, except share and per share data)	2024				2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	19,908			$	24,874
Accounts receivable, net of allowance of $2,255 and $2,103, respectively		113,440				118,016
Contract assets		8,197				7,615
Income tax receivable		3,101				3,133
Prepaid expenses and other current assets		8,222				10,567
Total current assets		152,868				164,205
Property, technology, and equipment, net		24,946				25,558
Goodwill		104,269				93,043
Intangible assets, net		44,451				34,943
Operating lease right-of-use assets		57,561				49,850
Deposits and other assets		2,666				3,586
Total other long-term assets		208,947				181,422
Total assets	$	386,761			$	371,185
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	64,346			$	73,558
Operating partner commissions payable		10,198				13,291
Accrued expenses		10,322				8,948
Current portion of operating lease liabilities		12,598				11,629
Current portion of finance lease liabilities		699				643
Current portion of contingent consideration		4,825				455
Other current liabilities		5,114				1,927
Total current liabilities		108,102				110,451
Operating lease liabilities, net of current portion		52,372				45,026
Finance lease liabilities, net of current portion		1,109				677
Contingent consideration, net of current portion		9,427				4,710
Deferred tax liabilities		1,003				812
Other long-term liabilities		200				—
Total long-term liabilities		64,111				51,225
Total liabilities		172,213				161,676
Equity:
Common stock, $0.001 par value, 100,000,000 shares authorized; 52,162,136 and   51,844,249 shares issued, and 46,997,470 and 46,808,943 shares outstanding,   respectively		34				33
Additional paid-in capital		108,985				110,763
Treasury stock, at cost, 5,164,666 and 5,035,306 shares, respectively		(31,874)				(31,166)
Retained earnings		143,121				133,278
Accumulated other comprehensive loss		(5,817)				(3,546)
Total Radiant Logistics, Inc. stockholders' equity		214,449				209,362
Non-controlling interest		99				147
Total equity		214,548				209,509
Total liabilities and equity	$	386,761			$	371,185

 

RADIANT LOGISTICS, INC. Condensed Consolidated Statements of Comprehensive Income (unaudited)
	Three Months Ended December 31,								Six Months Ended December 31,
(In thousands, except share and per share data)	2024				2023				2024				2023
Revenues	$	264,544			$	201,082			$	468,109			$	411,880
Operating expenses:
Cost of transportation and other services		201,239				139,085				347,250				289,057
Operating partner commissions		19,291				25,818				38,092				49,601
Personnel costs		19,554				19,760				39,177				39,387
Selling, general and administrative expenses		10,834				10,519				21,155				19,993
Depreciation and amortization		5,038				4,364				9,843				8,890
Lease termination costs		1,166				76				1,166				76
Change in fair value of contingent consideration		(1,300)				(204)				(1,100)				(450)
Total operating expenses		255,822				199,418				455,583				406,554
Income from operations		8,722				1,664				12,526				5,326
Other income (expense):
Interest income		367				621				832				1,207
Interest expense		(311)				(291)				(548)				(593)
Foreign currency transaction gain (loss)		181				(79)				119				15
Change in fair value of interest rate swap contracts		(301)				(531)				(741)				(733)
Other		14				135				1,053				162
Total other income (expense)		(50)				(145)				715				58
Income before income taxes		8,672				1,519				13,241				5,384
Income tax expense		(2,163)				(404)				(3,308)				(1,418)
Net income		6,509				1,115				9,933				3,966
Less: net income attributable to non-controlling interest		(42)				(130)				(90)				(359)
Net income attributable to Radiant Logistics, Inc.	$	6,467			$	985			$	9,843			$	3,607
Other comprehensive income:
Foreign currency translation gain (loss)		(2,911)				1,397				(2,271)				269
Comprehensive income	$	3,598			$	2,512			$	7,662			$	4,235
Income per share:
Basic	$	0.14			$	0.02			$	0.21			$	0.08
Diluted	$	0.13			$	0.02			$	0.20			$	0.07
Weighted average common shares outstanding:
Basic		46,942,639				46,990,818				46,831,938				47,144,388
Diluted		48,983,153				48,907,452				48,784,482				48,991,819

 

Reconciliation of Non-GAAP Measures
RADIANT LOGISTICS, INC.

Reconciliation of Gross Profit to Adjusted Gross Profit, Net Income Attributable to Radiant Logistics, Inc.
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
(unaudited)

As used in this report adjusted gross profit, 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"). Adjusted gross profit, 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 24.5% tax rate to calculate the provision for income taxes to normalize Radiant's tax rate to that of its competitors and to compare Radiant's reporting periods with different effective tax rates. In addition, in arriving at adjusted net income, the Company adjusts for certain non-cash charges and significant items that are not part of regular operating activities. These adjustments include income taxes, depreciation and amortization, net interest expense, share-based compensation, change in fair value of contingent consideration, transition costs, lease termination costs, acquisition related costs, cybersecurity related costs, litigation costs, change in fair value of interest rate swap contracts, and gain on foreign currency transaction.

We commonly refer to the term "adjusted gross profit" when commenting about our Company and the results of operations. Adjusted gross profit is a non-GAAP measure calculated as revenues less directly related operations and expenses attributed to the Company's services. Adjusted gross profit is calculated as GAAP gross profit exclusive of depreciation and amortization, which are reported separately. We believe adjusted gross profit is 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 share-based compensation, changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, cybersecurity incident related costs, changes in fair value of interest rate swap contracts, lease termination costs, foreign currency transaction gains and losses, litigation expenses unrelated to our core operations, 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 condensed 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. Adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin should not be considered in isolation or as a substitute for any of the condensed 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 December 31,								Six Months Ended December 31,
Reconciliation of adjusted gross profit to GAAP gross profit	2024				2023				2024				2023
Revenues	$	264,544			$	201,082			$	468,109			$	411,880
Cost of transportation and other services (exclusive of depreciation     and amortization, shown separately below)		(201,239)				(139,085)				(347,250)				(289,057)
Depreciation and amortization		(3,707)				(3,205)				(7,195)				(6,538)
GAAP gross profit	$	59,598			$	58,792			$	113,664			$	116,285
Depreciation and amortization		3,707				3,205				7,195				6,538
Adjusted gross profit	$	63,305			$	61,997			$	120,859			$	122,823
GAAP gross profit percentage		22.5	%			29.2	%			24.3	%			28.2	%
Adjusted gross profit percentage		23.9	%			30.8	%			25.8	%			29.8	%
(In thousands)	Three Months Ended December 31,								Six Months Ended December 31,
Reconciliation of GAAP net income to adjusted EBITDA	2024				2023				2024				2023
Net income attributable to Radiant Logistics, Inc.	$	6,467			$	985			$	9,843			$	3,607
Income tax expense		2,163				404				3,308				1,418
Depreciation and amortization (1)		5,038				4,479				9,957				9,118
Net interest expense (income)		(56)				(330)				(284)				(614)
EBITDA		13,612				5,538				22,824				13,529
Share-based compensation		(1,813)				695				(1,650)				1,575
Change in fair value of contingent consideration		(1,300)				(204)				(1,100)				(450)
Acquisition related costs		101				252				185				321
Litigation costs		130				741				421				1,105
Gain on litigation settlement		—				—				(1,000)				—
Lease termination costs		1,166				76				1,166				76
Change in fair value of interest rate swap contracts		301				531				741				733
Foreign currency transaction loss (gain)		(181)				79				(119)				(15)
Adjusted EBITDA	$	12,016			$	7,708			$	21,468			$	16,874
Adjusted EBITDA margin (adjusted EBITDA as a % of adjusted gross profit)		19.0	%			12.4	%			17.8	%			13.7	%
(1)  Depreciation and amortization for the purposes of calculating adjusted EBITDA, a non-GAAP financial measure, includes depreciation expenses recognized on       certain computer software as a service.
(In thousands, except share and per share data)	Three Months Ended December 31,								Six Months Ended December 31,
Reconciliation of GAAP net income to adjusted net income	2024				2023				2024				2023
GAAP net income attributable to Radiant Logistics, Inc.	$	6,467			$	985			$	9,843			$	3,607
Adjustments to net income:
Income tax expense		2,163				404				3,308				1,418
Depreciation and amortization		5,038				4,364				9,843				8,890
Change in fair value of contingent consideration		(1,300)				(204)				(1,100)				(450)
Acquisition related costs		101				252				185				321
Litigation costs		130				741				421				1,105
Lease termination costs		1,166				76				1,166				76
Change in fair value of interest rate swap contracts		301				531				741				733
Amortization of debt issuance costs		100				130				200				255
Adjusted net income before income taxes		14,166				7,279				24,607				15,955
Provision for income taxes at 24.5%		(3,471)				(1,783)				(6,029)				(3,909)
Adjusted net income	$	10,695			$	5,496			$	18,578			$	12,046
Adjusted net income per common share:
Basic	$	0.23			$	0.12			$	0.40			$	0.26
Diluted	$	0.22			$	0.11			$	0.38			$	0.25
Weighted average common shares outstanding:
Basic		46,942,639				46,990,818				46,831,938				47,144,388
Diluted		48,983,153				48,907,452				48,784,482				48,991,819

 

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SOURCE Radiant Logistics, Inc.

FAQ

What was Radiant Logistics (RLGT) revenue growth in Q2 2024?

RLGT reported revenue of $264.5 million in Q2 2024, representing a 31.5% increase from $201.1 million in the same period last year.

How much did RLGT's net income increase in Q2 2024?

Net income increased by 550% to $6.5 million ($0.14 per basic share) in Q2 2024, compared to $1.0 million ($0.02 per share) in Q2 2023.

What acquisitions did RLGT complete in Q2 2024?

RLGT completed three acquisitions: Foundation Logistics & Services (September 2024), Focus Logistics (October 2024), and TCB Transportation (December 2024).

What is RLGT's current cash position and credit facility?

As of December 31, 2024, RLGT had approximately $20.0 million in cash and an untapped $200 million credit facility.

What challenges does RLGT expect in upcoming quarters?

RLGT expects challenges from market headwinds and potential impacts from new tariffs with China, Mexico, and Canada, particularly during their seasonally slowest quarter ending March 31.