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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, 2020

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 49,967,539 shares outstanding of the registrant’s common stock as of February 1, 2021.

 

 

 


 

 

RADIANT LOGISTICS, INC.

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION

 

Item 1.

 

 

Financial Statements (unaudited)

 

 

 

 

 

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

 

3

 

 

 

Condensed Consolidated Statements of Comprehensive Income for the three and six months ended December 31, 2020 and 2019

 

4

 

 

 

Condensed Consolidated Statements of Changes in Equity for the three and six months ended December 31, 2020 and 2019

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows for the six months ended December 31, 2020 and 2019

 

7

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

Item 2.

 

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

27

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

37

 

Item 4.

 

 

Controls and Procedures

 

37

 

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

 

 

 

December 31,

 

 

June 30,

 

(In thousands, except share and per share data)

 

 

2020

 

 

2020

 

 

 

(unaudited)

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

7,269

 

 

$

34,841

 

Accounts receivable, net of allowance of $1,668 and $1,990, respectively

 

 

97,893

 

 

 

71,838

 

Contract assets

 

 

21,651

 

 

 

16,312

 

Income tax receivable

 

 

 

 

 

780

 

Prepaid expenses and other current assets

 

 

19,974

 

 

 

16,817

 

Total current assets

 

 

146,787

 

 

 

140,588

 

 

 

 

 

 

 

 

 

 

Property, technology, and equipment, net

 

 

20,760

 

 

 

18,712

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

72,006

 

 

 

72,199

 

Intangible assets, net

 

 

46,048

 

 

 

51,192

 

Operating lease right-of-use assets

 

 

10,132

 

 

 

12,580

 

Deposits and other assets

 

 

4,475

 

 

 

4,769

 

Total other long-term assets

 

 

132,661

 

 

 

140,740

 

Total assets

 

$

300,208

 

 

$

300,040

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

76,620

 

 

$

65,003

 

Operating partner commissions payable

 

 

13,519

 

 

 

9,131

 

Accrued expenses

 

 

6,618

 

 

 

6,538

 

Income tax payable

 

 

384

 

 

 

 

Current portion of notes payable

 

 

4,188

 

 

 

3,800

 

Current portion of operating lease liability

 

 

5,141

 

 

 

6,121

 

Current portion of finance lease liability

 

 

719

 

 

 

688

 

Current portion of contingent consideration

 

 

3,062

 

 

 

2,127

 

Other current liabilities

 

 

343

 

 

 

308

 

Total current liabilities

 

 

110,594

 

 

 

93,716

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

26,822

 

 

 

48,091

 

Operating lease liability, net of current portion

 

 

5,555

 

 

 

7,192

 

Finance lease liability, net of current portion

 

 

2,143

 

 

 

2,476

 

Contingent consideration, net of current portion

 

 

2,701

 

 

 

2,813

 

Deferred income taxes

 

 

7,058

 

 

 

7,484

 

Other long-term liabilities

 

 

99

 

 

 

93

 

Total long-term liabilities

 

 

44,378

 

 

 

68,149

 

Total liabilities

 

 

154,972

 

 

 

161,865

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 50,599,912 and 50,188,486

    shares issued, and 49,967,065 and 49,555,639 shares outstanding, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

103,422

 

 

 

102,214

 

Treasury stock, at cost, 632,847 shares

 

 

(2,749

)

 

 

(2,749

)

Retained earnings

 

 

44,324

 

 

 

37,424

 

Accumulated other comprehensive income

 

 

51

 

 

 

445

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

145,080

 

 

 

137,366

 

Non-controlling interest

 

 

156

 

 

 

809

 

Total equity

 

 

145,236

 

 

 

138,175

 

Total liabilities and equity

 

$

300,208

 

 

$

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 December 31,

 

 

Six Months Ended December 31,

 

(In thousands, except share and per share data)

 

2020

 

 

 

2019

 

 

2020

 

 

2019

 

Revenues

$

218,805

 

 

$

201,927

 

 

$

394,682

 

 

$

402,470

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of transportation and other services

 

163,504

 

 

 

145,969

 

 

 

293,416

 

 

 

290,979

 

Operating partner commissions

 

24,036

 

 

 

25,370

 

 

 

42,625

 

 

 

49,548

 

Personnel costs

 

13,735

 

 

 

15,227

 

 

 

26,512

 

 

 

30,074

 

Selling, general and administrative expenses

 

5,568

 

 

 

6,680

 

 

 

11,224

 

 

 

14,343

 

Depreciation and amortization

 

4,085

 

 

 

4,095

 

 

 

8,243

 

 

 

8,132

 

Transition, lease termination, and other costs

 

 

 

 

337

 

 

 

 

 

 

328

 

Change in fair value of contingent consideration

 

1,850

 

 

 

33

 

 

 

1,850

 

 

 

48

 

Total operating expenses

 

212,778

 

 

 

197,711

 

 

 

383,870

 

 

 

393,452

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from operations

 

6,027

 

 

 

4,216

 

 

 

10,812

 

 

 

9,018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

3

 

 

 

18

 

 

 

12

 

 

 

33

 

Interest expense

 

(728

)

 

 

(612

)

 

 

(1,308

)

 

 

(1,319

)

Foreign currency transaction loss

 

(193

)

 

 

(25

)

 

 

(172

)

 

 

(48

)

Change in fair value of interest rate swap contracts

 

(110

)

 

 

 

 

 

(130

)

 

 

 

Other

 

291

 

 

 

44

 

 

 

382

 

 

 

75

 

Total other expense

 

(737

)

 

 

(575

)

 

 

(1,216

)

 

 

(1,259

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

5,290

 

 

 

3,641

 

 

 

9,596

 

 

 

7,759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense

 

(1,402

)

 

 

(961

)

 

 

(2,479

)

 

 

(1,748

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

3,888

 

 

 

2,680

 

 

 

7,117

 

 

 

6,011

 

Less: net income attributable to non-controlling interest

 

(76

)

 

 

(93

)

 

 

(217

)

 

 

(189

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Radiant Logistics, Inc.

$

3,812

 

 

$

2,587

 

 

$

6,900

 

 

$

5,822

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

1,602

 

 

 

(148

)

 

 

(394

)

 

 

(34

)

Comprehensive income

$

5,490

 

 

$

2,532

 

 

$

6,723

 

 

$

5,977

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.08

 

 

$

0.05

 

 

$

0.14

 

 

$

0.12

 

Diluted

$

0.07

 

 

$

0.05

 

 

$

0.14

 

 

$

0.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

49,815,191

 

 

 

49,760,844

 

 

 

49,696,891

 

 

 

49,711,692

 

Diluted

 

51,115,524

 

 

 

51,395,063

 

 

 

51,020,456

 

 

 

51,411,538

 

 

 

 

 

 

 

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 Six Months Ended December 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, 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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