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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 December 31, 2019

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 49,676,263 shares outstanding of the registrant’s common stock as of February 3, 2020.

 

 

 


 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

 

 

Financial Statements (unaudited)

  

 

 

 

 

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

  

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2019 and 2018

  

4

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and six months ended December 31, 2019 and 2018

  

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2019 and 2018

  

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

  

39

 

Item 1A.

 

 

Risk Factors

  

39

 

Item 2.

 

 

Unregistered Sale of Equity Securities and Use of Proceeds

  

39

 

Item 6.

 

 

Exhibits

  

40

Signatures

 

 

 

 

41

 

 

 

 

 

 

 

 

2


 

RADIANT LOGISTICS, INC.

Condensed Consolidated Balance Sheets

 

 

 

December 31,

 

 

June 30,

 

 

 

 

2019

 

 

2019

 

(In thousands, except share and per share data)

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

8,551

 

 

$

5,420

 

Accounts receivable, net of allowance of $1,547 and $1,887, respectively

 

 

95,419

 

 

 

93,123

 

Contract assets

 

 

20,310

 

 

 

17,777

 

Income tax receivable

 

 

1,699

 

 

 

506

 

Prepaid expenses and other current assets

 

 

8,798

 

 

 

8,066

 

Total current assets

 

 

134,777

 

 

 

124,892

 

 

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

20,007

 

 

 

20,127

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

65,389

 

 

 

65,389

 

Intangible assets, net

 

 

50,514

 

 

 

55,742

 

Operating lease right-of-use assets

 

 

13,943

 

 

 

 

Deposits and other assets

 

 

2,519

 

 

 

1,560

 

Total other long-term assets

 

 

132,365

 

 

 

122,691

 

Total assets

 

$

287,149

 

 

$

267,710

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

72,089

 

 

$

74,097

 

Operating partner commissions payable

 

 

13,918

 

 

 

12,891

 

Accrued expenses

 

 

6,378

 

 

 

6,224

 

Current portion of notes payable

 

 

3,842

 

 

 

3,687

 

Current portion of operating lease liability

 

 

6,728

 

 

 

 

Current portion of finance lease liability

 

 

680

 

 

 

683

 

Other current liabilities

 

 

1,072

 

 

 

840

 

Total current liabilities

 

 

104,707

 

 

 

98,422

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

31,800

 

 

 

30,047

 

Operating lease liability, net of current portion

 

 

8,019

 

 

 

 

Finance lease liability, net of current portion

 

 

2,811

 

 

 

3,161

 

Deferred income taxes

 

 

7,121

 

 

 

7,838

 

Deferred rent liability

 

 

 

 

 

862

 

Other long-term liabilities

 

 

228

 

 

 

100

 

Total long-term liabilities

 

 

49,979

 

 

 

42,008

 

Total liabilities

 

 

154,686

 

 

 

140,430

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 49,943,470 and 49,678,262

    shares issued, and 49,662,114 and 49,586,464 shares outstanding, respectively

 

 

31

 

 

 

31

 

Additional paid-in capital

 

 

100,662

 

 

 

100,186

 

Treasury stock, at cost, 281,356 and 91,798 shares, respectively

 

 

(1,253

)

 

 

(253

)

Retained earnings

 

 

32,705

 

 

 

26,883

 

Accumulated other comprehensive income

 

 

153

 

 

 

187

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

132,298

 

 

 

127,034

 

Non-controlling interest

 

 

165

 

 

 

246

 

Total equity

 

 

132,463

 

 

 

127,280

 

Total liabilities and equity

 

$

287,149

 

 

$

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 December 31,

 

 

Six Months Ended December 31,

 

(In thousands, except share and per share data)

 

2019

 

 

 

2018

 

 

2019

 

 

2018

 

Revenues

$

201,927

 

 

$

260,938

 

 

$

402,470

 

 

$

479,821

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

145,969

 

 

 

196,977

 

 

 

290,979

 

 

 

360,992

 

Operating partner commissions

 

25,370

 

 

 

28,355

 

 

 

49,548

 

 

 

53,183

 

Personnel costs

 

15,227

 

 

 

15,906

 

 

 

30,074

 

 

 

30,451

 

Selling, general and administrative expenses

 

6,680

 

 

 

7,522

 

 

 

14,343

 

 

 

14,646

 

Depreciation and amortization

 

4,095

 

 

 

3,815

 

 

 

8,132

 

 

 

7,448

 

Transition, lease termination, and other costs

 

337

 

 

 

(11

)

 

 

328

 

 

 

(11

)

Change in fair value of contingent consideration

 

33

 

 

 

(476

)

 

 

48

 

 

 

(571

)

Total operating expenses

 

197,711

 

 

 

252,088

 

 

 

393,452

 

 

 

466,138

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

4,216

 

 

 

8,850

 

 

 

9,018

 

 

 

13,683

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

18

 

 

 

13

 

 

 

33

 

 

 

24

 

Interest expense

 

(612

)

 

 

(873

)

 

 

(1,319

)

 

 

(1,661

)

Foreign currency transaction gain (loss)

 

(25

)

 

 

159

 

 

 

(48

)

 

 

193

 

Other

 

44

 

 

 

59

 

 

 

75

 

 

 

209

 

Total other expense

 

(575

)

 

 

(642

)

 

 

(1,259

)

 

 

(1,235

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

3,641

 

 

 

8,208

 

 

 

7,759

 

 

 

12,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(961

)

 

 

(1,874

)

 

 

(1,748

)

 

 

(2,851

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

2,680

 

 

 

6,334

 

 

 

6,011

 

 

 

9,597

 

Less: net income attributable to non-controlling interest

 

(93

)

 

 

(464

)

 

 

(189

)

 

 

(644

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

 

2,587

 

 

 

5,870

 

 

 

5,822

 

 

 

8,953

 

Less: preferred stock dividends

 

 

 

 

(445

)

 

 

 

 

 

(956

)

Less: issuance costs for preferred stock redemption

 

 

 

 

(1,659

)

 

 

 

 

 

(1,659

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common stockholders

$

2,587

 

 

$

3,766

 

 

$

5,822

 

 

$

6,338

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

(148

)

 

 

798

 

 

 

(34

)

 

 

493

 

Comprehensive income

$

2,532

 

 

$

7,132

 

 

$

5,977

 

 

$

10,090

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.05

 

 

$

0.08

 

 

$

0.12

 

 

$

0.13

 

Diluted

$

0.05

 

 

$

0.07

 

 

$

0.11

 

 

$

0.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

49,760,844

 

 

 

49,461,982

 

 

 

49,711,692

 

 

 

49,449,956

 

Diluted

 

51,395,063

 

 

 

51,064,163

 

 

 

51,411,538

 

 

 

50,884,799

 

 

 

 

 

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

 

 

 

 

 

 

 

138,147

 

 

 

 

 

 

(314

)

 

 

 

 

 

 

 

 

 

 

 

(314

)

 

 

 

 

 

(314

)

Issuance of common stock upon exercise

    of stock options

 

 

 

 

 

 

 

82,627

 

 

 

 

 

 

(146

)

 

 

 

 

 

 

 

 

 

 

 

(146

)

 

 

 

 

 

(146

)

Distribution to non-controlling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(180

)

 

 

(180

)

Share-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

430

 

 

 

 

 

 

 

 

 

 

 

 

430

 

 

 

 

 

 

430

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,235

 

 

 

 

 

 

3,235

 

 

 

96

 

 

 

3,331

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

114

 

 

 

 

 

 

114

 

Balance as of September 30, 2019

 

 

 

$

 

 

 

49,807,238

 

 

$

31

 

 

$

100,156

 

 

$

(253

)

 

$

30,118

 

 

$

301

 

 

$

130,353

 

 

$

162

 

 

$

130,515

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 

 

(189,558

)

 

 

 

 

 

 

 

 

(1,000

)

 

 

 

 

 

 

 

 

(1,000

)

 

 

 

 

 

(1,000

)

Issuance of common stock upon vesting

    of restricted stock awards

 

 

 

 

 

 

 

34,434

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock upon exercise

    of stock options