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 $200 million credit facilityRENTON, Wash., Nov. 12, 2024 /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 months ended September 30, 2024.Financial Highlights – T ...

Call Scheduled for Tuesday, November 12, at 4:30 PM EasternRENTON, Wash., Nov. 5, 2024 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a technology-enabled global transportation and value-added logistics services company, will host a conference call on Tuesday, November 12, 2024 at 4:30 PM Eastern to discuss the Company's financial results for the three months ended September 30, 2024.The conference call is open to all interested parties, including individual investors and press. Bohn Crain, ...

RENTON, Wash., Sept. 5, 2024 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), today announced the appointment of industry veteran Laurent Grousseau as its Senior Vice President and Chief Technology Officer ("CTO"). Mr. Grousseau, age 56, brings with him over 30 years of experience in leading technology development, infrastructure and support teams in the transportation and logistics industry. As CTO, Grousseau will lead the company's continued enhancement of its information systems while suppo ...

Strengthens Capabilities in Support of the Oil and Gas Industry RENTON, Wash., Sept. 4, 2024 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a leading provider of technology-enabled global transportation and value added logistics solutions, today announced it has acquired Foundation Logistics & Services, LLC ("Foundation"), a Humble, Texas -based, privately held company that provides a full range of specialized transportation and logistics services for companies involved in the exploration, d ...

thitivong In 2023, I started covering companies in the freight and logistics industry, and I have continued expanding my coverage in that area. With this report, I will be adding another name to my coverage, namely Radiant Logistics (NYSE:RLGT). Since this is my first report on the company, I will be discussing the companies activities followed by a discussion of earnings, key risks and opportunities as well as a stock price target and rating. Radiant Logistics: A Non-Asset Based Multi-Modal Service Provide ...

Strengthens Company's presence in Portland, Oregon Danielle Van Auken of DVA commented, "We were looking for a long-term partner with that same passion and priority for servicing the customer and we found that partner in Radiant. Now that we have the opportunity to fly the Radiant flag here in Portland, we are looking forward to leveraging our own strengths along with the capabilities of the Radiant network to bring additional value to our customers while also providing our team with the professional growth ...

RENTON, Wash., June 3, 2024 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE American: RLGT), a leading provider of technology-enabled global transportation and value-added logistics solutions, today announced it has acquired the operations Cascade Transportation, Inc. ("Cascade"), a Seattle-based, privately held company that provides a full range of customized time critical domestic and international transportation and logistics services. The Company structured the transaction similar to its previous transact ...

Nikada Introduction I've been following US freight forwarder Radiant Logistics, Inc. (NYSE:RLGT) closely, and I've written a total of 7 articles about the company on Seeking Alpha to date. The latest one came out in March 2024 and back then I said that Radiant Logistics was navigating a tough US freight market as the TTM adjusted EBITDA margin was close to 15% in Q2 FY24. On May 9, the company released its Q3 FY24 financial results and I think they were underwhelming as revenues went down by 24.4% year on y ...

Radiant Logistics, Inc. (NYSE:RLGT) Q3 2024 Results Conference Call May 9, 2024 4:30 PM ET Company Participants Bohn Crain - Founder & Chief Executive Officer Todd Macomber - Chief Financial Officer Conference Call Participants Mark Argento - Lake Street Capital Kevin Gainey - Thompson, Davis & Company, Inc. Jason Seidl - TD Cowen Jeff Kauffman - Vertical Research Mike Vermut - Newland Capital Operator Good day. This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant Chief Financial Offi ...

[Part I: Financial Information](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements, reflecting a net loss of **$0.7 million** for the quarter and a decrease in total assets to **$364.0 million** [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of March 31, 2024, shows total assets decreased to **$364.0 million** and total liabilities decreased to **$157.8 million** Condensed Consolidated Balance Sheet Highlights (in thousands) | (In thousands) | March 31, 2024 (unaudited) | June 30, 2023 | | :--- | :--- | :--- | | **Total current assets** | $159,753 | $180,572 | | **Total assets** | $363,966 | $393,741 | | **Total current liabilities** | $105,530 | $132,173 | | **Total liabilities** | $157,817 | $188,645 | | **Total equity** | $206,149 | $205,096 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the three months ended March 31, 2024, the company reported a net loss of **$0.7 million** and revenues decreased **24.4%** to **$184.6 million** Income Statement Summary (in thousands, except per share data) | (In thousands, except per share data) | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $184,559 | $244,171 | $596,438 | $853,261 | | **Income (loss) from operations** | $(906) | $6,258 | $4,419 | $24,296 | | **Net income (loss) attributable to Radiant** | $(703) | $4,183 | $2,904 | $17,452 | | **Diluted EPS** | $(0.02) | $0.08 | $0.06 | $0.35 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2024, net cash from operating activities sharply decreased to **$16.0 million** Cash Flow Summary (in thousands) | (In thousands) | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $15,996 | $79,636 | | **Net cash used for investing activities** | $(8,875) | $(9,342) | | **Net cash used for financing activities** | $(8,257) | $(45,040) | | **Net (decrease) increase in cash** | $(1,236) | $26,536 | | **Cash, cash equivalents, and restricted cash, end of period** | $31,826 | $51,603 | [Notes to the Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20the%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue disaggregation, debt facilities, and a cybersecurity incident in Canadian operations - The company is a third-party logistics provider with over 100 operating locations across North America, operating through a multi-brand network of independent agents and company-owned offices[23](index=23&type=chunk) - Revenue is disaggregated by transportation services and value-added services, with the U.S. being the largest geographic market, accounting for **$156.8 million** of the **$184.6 million** total revenue in Q3 2024[78](index=78&type=chunk) - The company has a **$200 million** revolving credit facility with no outstanding borrowings as of March 31, 2024[90](index=90&type=chunk)[92](index=92&type=chunk) - A cybersecurity incident related to Canadian operations was detected in March 2024, but is not expected to materially impact financial condition or results of operations[122](index=122&type=chunk)[123](index=123&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=40&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses financial results, highlighting a **24.8%** decrease in transportation revenue and a decline in adjusted gross profit for Q3 2024 [Results of Operations](index=44&type=section&id=Results%20of%20Operations) Q3 2024 revenues decreased **24.4%** to **$184.6 million**, with adjusted gross profit declining **20.7%** to **$53.1 million** Q3 Financial Performance Comparison (in thousands) | (In thousands) | Three Months Ended Mar 31, 2024 | Three Months Ended Mar 31, 2023 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $184,559 | $244,171 | -24.4% | | **Adjusted Gross Profit** | $53,121 | $67,017 | -20.7% | | **Income (loss) from operations** | $(906) | $6,258 | N/A | | **Adjusted EBITDA** | $5,208 | $11,560 | -55.0% | Nine-Month Financial Performance Comparison (in thousands) | (In thousands) | Nine Months Ended Mar 31, 2024 | Nine Months Ended Mar 31, 2023 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $596,438 | $853,261 | -30.1% | | **Adjusted Gross Profit** | $175,943 | $217,525 | -19.1% | | **Income from operations** | $4,419 | $24,296 | -81.8% | | **Adjusted EBITDA** | $22,083 | $46,434 | -52.4% | - The decrease in transportation revenue was primarily due to significant decreases in international and ocean rates, lower ocean volumes, and an overall decrease in charter business compared to the prior year period[152](index=152&type=chunk)[166](index=166&type=chunk) [Liquidity and Capital Resources](index=50&type=section&id=Liquidity%20and%20Capital%20Resources) As of March 31, 2024, the company maintained **$31.2 million** in unrestricted cash and a **$200 million** available revolving credit facility - The company has **$31.2 million** in unrestricted cash on hand to serve as adequate working capital[176](index=176&type=chunk) - A **$200 million** revolving credit facility is available, with no borrowings outstanding as of March 31, 2024[181](index=181&type=chunk)[183](index=183&type=chunk) - Net cash provided by operating activities for the nine months ended March 31, 2024, decreased by **$63.6 million** to **$16.0 million** compared to the same period in fiscal year 2023[177](index=177&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=54&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company faces market risks from foreign exchange rates and interest rate fluctuations on its revolving credit facility - Primary market risks are foreign exchange (FX) from Canadian operations and interest rate fluctuations on variable-rate debt[189](index=189&type=chunk) - A hypothetical **1.0%** change in foreign exchange rates would have changed net income by approximately **$0.06 million** for the nine months ended March 31, 2024[189](index=189&type=chunk) - For every **1.0%** increase in interest rates, the company's interest expense per **$1.0 million** in borrowings on its Revolving Credit Facility will increase by approximately **$0.01 million**[190](index=190&type=chunk) [Controls and Procedures](index=54&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were ineffective due to material weaknesses in revenue recording and IT General Controls - Disclosure controls and procedures were deemed ineffective as of March 31, 2024[192](index=192&type=chunk) - A material weakness exists related to the recording and processing of revenue transactions, specifically concerning the timing and precision of in-transit revenue and cost accruals[193](index=193&type=chunk)[194](index=194&type=chunk) - Material weaknesses exist in IT General Controls (ITGCs) related to change management and user access rights for key Transportation Management and ERP systems[195](index=195&type=chunk)[198](index=198&type=chunk) [Part II: Other Information](index=56&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a legal dispute with a former customer over unpaid receivables, with the outcome currently uncertain - The company is in a legal dispute with a former customer over unpaid accounts receivable, with the customer filing a counterclaim for damages, and the outcome is currently uncertain[121](index=121&type=chunk)[201](index=201&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors have occurred since the Annual Report on Form 10-K for the fiscal year ended June 30, 2023 - No material changes in risk factors have occurred since the Annual Report on Form 10-K for the fiscal year ended June 30, 2023[202](index=202&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) A new **5,000,000** share repurchase program was authorized in December 2023, with no shares repurchased during Q3 2024 - A new **5,000,000** share repurchase program was authorized in December 2023, valid through December 31, 2025[203](index=203&type=chunk) - No shares were repurchased in the quarter ended March 31, 2024, leaving the full **5,000,000** shares available for repurchase[203](index=203&type=chunk) [Other Information](index=56&type=section&id=Item%205.%20Other%20Information) No other material information was reported under this item for the current reporting period - No information was reported under this item[204](index=204&type=chunk) [Exhibits](index=57&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL documents - The exhibits filed with this report include certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act, along with Inline XBRL data files[205](index=205&type=chunk)