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Radiant(RLGT) - 2024 Q3 - Quarterly Results
2024-05-09 20:05
Exhibit 99.1 RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE THIRD FISCAL QUARTER ENDED MARCH 31, 2024 Debt free and well positioned for further growth as market conditions improve; Continued progress in acquisition of strategic operating partners RENTON, WA May 9, 2024 – 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 nine months ended March 31, 2024. Financial Highlights – T ...
Radiant(RLGT) - 2024 Q2 - Earnings Call Transcript
2024-02-08 23:24
Radiant Logistics, Inc. (NYSE:RLGT) Q2 2024 Earnings Conference Call February 8, 2024 4:30 PM ET Company Participants Bohn Crain - Founder, Chairman & Chief Executive Officer Todd Macomber - Senior Vice President & Chief Financial Officer Conference Call Participants Jason Seidl - TD Cowen Mark Argento - Lake Street Capital Kevin Gainey - Thompson Davis Jeff Kauffman - Vertical Research Partners Operator Good day, everyone. This afternoon, Bohn Crain, Radiant Logistics Founder and CEO; and Radiant's Chief F ...
Radiant(RLGT) - 2024 Q2 - Quarterly Report
2024-02-08 21:55
Table of Contents 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, 2023 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) (State or other jurisdiction of ...
Radiant(RLGT) - 2024 Q1 - Earnings Call Transcript
2023-11-10 02:30
Radiant Logistics, Inc. (NYSE:RLGT) Q1 2024 Earnings Conference Call November 9, 2023 4:30 PM ET Company Participants Bohn Crain - Founder, Chairman and CEO Todd Macomber - Senior Vice President and CFO Conference Call Participants Elliot Alper - TD Cowen Mark Argento - Lake Street Capital Markets Jeffrey Kauffman - Vertical Research Partners Kevin Gainey - Thompson Davis Operator This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant's Chief Financial Officer, Todd Macomber, will provi ...
Radiant(RLGT) - 2024 Q1 - Quarterly Report
2023-11-09 21:55
Table of Contents 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 September 30, 2023 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) (State or other jurisdiction of ...
Radiant(RLGT) - 2023 Q4 - Earnings Call Transcript
2023-09-13 22:13
Financial Data and Key Metrics Changes - For the three months ended June 30, 2023, the company reported net income of $3.143 million on revenues of $232.2 million, representing a decrease of approximately $23.869 million or 53.7% compared to the same period in the prior year [18][19] - Adjusted net income for the 12 months ended June 30, 2023, was $39.301 million, down from $58.246 million in the previous year, a decrease of approximately $18.945 million or 32.5% [7] - Adjusted EBITDA for the 12 months ended June 30, 2023, was $55.638 million, down from $80.918 million, a decrease of approximately $25.280 million or 31.2% [7] Business Line Data and Key Metrics Changes - The company generated over $9 million in adjusted EBITDA for the quarter, which is viewed as a positive indicator despite the difficult market conditions [3] - The company reported a record $97.9 million in cash from operations for the fiscal year ended June 30, 2023, indicating strong operational cash flow [16] Market Data and Key Metrics Changes - The overall macroeconomic environment has negatively impacted the transportation sector, with shippers managing elevated inventories and reduced imports [15] - There are signs of slight improvement in ocean bookings, which is encouraging given the previously anemic volumes [9] Company Strategy and Development Direction - The company aims to navigate slower freight markets and is positioned to take advantage of acquisition opportunities as market conditions improve [4] - Future strategies include a combination of organic growth, acquisitions, and stock buybacks to enhance shareholder value [17][46] Management's Comments on Operating Environment and Future Outlook - Management believes the company is at or near the bottom of the cycle and expects markets to normalize in the coming quarters [3] - The management remains optimistic about leveraging technology and a robust network to create value for shareholders [31][46] Other Important Information - The company has approximately $32.5 million in cash on hand and no drawn amounts on its $200 million credit facility, indicating a strong financial position [16] - The company has focused on paying down debt and repurchasing stock rather than pursuing acquisitions in the current environment [16] Q&A Session Summary Question: What indicators suggest a recovery in the market? - Management noted that they are observing slight improvements in ocean bookings, which is a positive sign for the market [9] Question: What is the expected normalized EBITDA range? - Management expects a normalized EBITDA run rate to be in the range of $50 million to $60 million as the market stabilizes [10] Question: How does the current economic situation affect acquisition strategies? - Management indicated that many potential acquirers are constrained by their credit facilities, creating opportunities for the company to pursue acquisitions due to its unlevered balance sheet [25][40] Question: What is the company's approach to agent station conversions? - Management expressed readiness to support agent stations in converting to company-owned stores when they are prepared [26] Question: Are acquisition multiples coming down? - Management confirmed that acquisition multiples are starting to decrease, making it a more favorable environment for potential acquisitions [44]
Radiant(RLGT) - 2023 Q4 - Annual Report
2023-09-13 20:58
Table of Contents For the fiscal year ended June 30, 2023 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. UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (Exact name of Registrant as specified in its charter) (State or other jurisdiction of incorporatio ...
Radiant(RLGT) - 2023 Q3 - Earnings Call Transcript
2023-05-11 00:01
Financial Data and Key Metrics Changes - For the nine months ended March 31, 2023, the company reported net income of $17.45 million on revenues of $853.3 million, translating to $0.36 per basic and $0.35 per fully diluted share, a decrease of approximately $10.26 million or 37% compared to the same period last year [2] - For the three months ended March 31, 2023, net income was $4.18 million on revenues of $244.2 million, or $0.09 per basic and $0.08 per fully diluted share, reflecting a significant decrease from $13.57 million on $441.3 million of revenues in the same quarter last year, a decline of approximately 69.2% [24][43] - Adjusted net income for the three months ended March 31, 2023, was $8.22 million, down approximately 48.8% from $16.06 million in the prior year [25] - Adjusted EBITDA for the three months ended March 31, 2023, was $11.56 million, a decrease of approximately 48.8% from $22.57 million in the same quarter last year [25] Business Line Data and Key Metrics Changes - The core domestic forwarding services have remained durable, while smaller service lines such as ocean imports and intermodal operations have been significantly impacted by the current market conditions [40] - The company generated over $11 million in adjusted EBITDA during its historically slowest seasonal quarter, indicating resilience in a challenging environment [41] Market Data and Key Metrics Changes - The freight market has softened significantly, affecting year-over-year comparisons to record results from the previous year, but the current results still trend ahead of pre-pandemic levels [21][22] - The company believes it is at or near the bottom of the cycle, expecting markets to normalize over the remainder of 2023 [22] Company Strategy and Development Direction - The company plans to continue a balanced approach to capital allocation, focusing on agent station conversions, synergistic tuck-in acquisitions, and stock buybacks [23] - The management emphasizes a disciplined approach to acquisitions, avoiding high multiples and leveraging the balance sheet cautiously [83] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the volatility in the freight forwarding market and the challenges posed by excess inventory and a slowing economy [21][40] - There is cautious optimism regarding the normalization of the market, with expectations of a return to a more sustainable environment over time [70] Other Important Information - The company has generated over $76 million in cash from operations and remains virtually debt-free, with ongoing stock buyback programs totaling $9.2 million [11] Q&A Session Summary Question: What does the path to normalization look like as the company enters fiscal '24? - Management indicated that the normalized run rate of the business is expected to be in the $50 million to $60 million range as the market stabilizes [47] Question: How is the M&A pipeline looking? - The company is actively looking for acquisition opportunities, particularly in agent station conversions, which carry no integration risk [48][49] Question: How does the current freight market compare to 2019? - Management noted that the current market is challenging, but performance is still better than pre-pandemic levels, indicating resilience [77] Question: What is the company's view on pricing trends? - Management expressed a belief that pricing is beginning to bottom out, indicating potential for recovery [58] Question: How does the company view its balance sheet and cash flow? - The company is pleased with its disciplined approach to capital allocation, maintaining a strong balance sheet while generating significant cash flow [81]
Radiant(RLGT) - 2023 Q3 - Quarterly Report
2023-05-10 20:57
[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Explanatory Note](index=3&type=section&id=Explanatory%20Note) The company restated its previously issued financial statements for fiscal years 2021 and 2022 due to historical errors primarily related to the timing of revenue and cost recognition - The company concluded that financial statements for fiscal years 2021 and 2022 should be restated to correct historical errors[9](index=9&type=chunk) - The primary reason for the restatement was errors in the timing of recognition for estimated in-transit revenues and related costs[9](index=9&type=chunk) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20%28Unaudited%29) For the nine months ended March 31, 2023, the company reported revenues of $853.3 million and net income of $18.0 million, with total assets decreasing to $433.9 million and positive operating cash flow of $76.1 million [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets decreased to $433.9 million from $497.4 million at June 30, 2022, driven by reductions in current assets, while total equity increased to $206.4 million Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | June 30, 2022 | | :--- | :--- | :--- | | **Total current assets** | $216,057 | $289,344 | | **Total assets** | $433,930 | $497,351 | | **Total current liabilities** | $141,989 | $187,664 | | **Total liabilities** | $227,522 | $302,794 | | **Total equity** | $206,408 | $194,557 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the third quarter ended March 31, 2023, revenues significantly decreased to $244.2 million from $441.3 million year-over-year, with net income falling to $4.2 million from $13.6 million Financial Performance Summary (in thousands, except per share data) | Metric | Q3 2023 | Q3 2022 (Restated) | Nine Months 2023 | Nine Months 2022 (Restated) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | $244,171 | $441,310 | $853,261 | $1,076,486 | | **Income from operations** | $6,258 | $17,474 | $24,296 | $37,992 | | **Net income attributable to Radiant** | $4,183 | $13,567 | $17,452 | $27,715 | | **Diluted EPS** | $0.08 | $0.27 | $0.35 | $0.55 | [Condensed Consolidated Statements of Changes in Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Equity) Total equity increased from $194.6 million at June 30, 2022, to $206.4 million at March 31, 2023, primarily driven by net income partially offset by common stock repurchases - Key drivers of equity change for the nine months ended March 31, 2023 included net income of **$17.5 million** and common stock repurchases totaling **$5.0 million**[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the nine months ended March 31, 2023, net cash provided by operating activities was $76.1 million, a significant improvement from the prior-year period, with net cash used for investing and financing activities Cash Flow Summary (in thousands) | Activity | Nine Months Ended Mar 31, 2023 | Nine Months Ended Mar 31, 2022 (Restated) | | :--- | :--- | :--- | | **Net cash provided by (used for) operating activities** | $76,105 | $(6,938) | | **Net cash used for investing activities** | $(10,236) | $(44,433) | | **Net cash provided by (used for) financing activities** | $(45,038) | $77,217 | | **Net increase in cash** | $26,536 | $26,344 | [Notes to Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, including revenue recognition for transportation services, segment information, the acquisition of Cascade Enterprises, and ongoing remediation for a material weakness in internal controls over financial reporting - The company operates as a third-party logistics provider in the U.S. and Canada, offering freight forwarding and brokerage services through a network of over 100 operating locations[26](index=26&type=chunk)[27](index=27&type=chunk) - Transportation services revenue is recognized over time as goods move from origin to destination, representing a single performance obligation[52](index=52&type=chunk) - On October 1, 2022, the company acquired Cascade Enterprises of Minnesota, Inc. for **$3.25 million** in cash plus contingent consideration based on future performance[129](index=129&type=chunk) - The company's board authorized a repurchase program for up to **5,000,000 shares**; during the nine months ended March 31, 2023, **839,864 shares** were repurchased for **$5.0 million**[103](index=103&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=39&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the 46.6% decrease in Q3 transportation revenue to lower international rates and volumes and the absence of prior-year non-recurring charter business, while net transportation margins improved and operating cash flow remained strong - The company's primary performance indicator is adjusted gross profit (gross transportation revenue less direct cost of transportation), which management believes reflects the ability to source, add value, and resell services[148](index=148&type=chunk) - Management also uses non-GAAP measures like EBITDA and Adjusted EBITDA to evaluate performance, as these eliminate non-cash charges like amortization from acquisitions[151](index=151&type=chunk)[152](index=152&type=chunk) Q3 2023 vs Q3 2022 Performance (in millions) | Metric | Q3 2023 | Q3 2022 (Restated) | Change | % Change | | :--- | :--- | :--- | :--- | :--- | | **Transportation Revenue** | $229.3 | $429.2 | $(199.9) | -46.6% | | **Adjusted Transportation Gross Profit** | $60.3 | $78.1 | $(17.8) | -22.8% | | **Adjusted EBITDA** | $11.6 | $22.6 | $(11.0) | -48.7% | - The decrease in Q3 transportation revenue was primarily due to a significant drop in international and ocean rates and volumes, and a lack of non-recurring charter business that occurred in the prior year[155](index=155&type=chunk) - Net cash from operating activities increased by **$83.0 million** for the nine months ended March 31, 2023, compared to the prior year, mainly due to changes in operating assets and liabilities[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to market risks from foreign exchange rate fluctuations, particularly with its Canadian operations, and interest rate changes on its variable-rate revolving credit facility, without historically using hedging instruments - The company has currency exposure from its Canadian operations; a **1.0%** change in foreign exchange rates would impact net income by approximately **$0.13 million**[187](index=187&type=chunk) - The company is subject to interest rate risk on its Revolving Credit Facility; for every **1.0%** increase in interest rates, interest expense would increase by approximately **$0.01 million** for every **$1.0 million** in borrowings[188](index=188&type=chunk) [Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were ineffective as of March 31, 2023, due to a material weakness in internal control over financial reporting related to revenue recognition accruals, with ongoing remediation efforts - The CEO and CFO concluded that disclosure controls and procedures were ineffective as of March 31, 2023[190](index=190&type=chunk) - The ineffectiveness is due to a material weakness in internal controls related to the recording and processing of revenue transactions, specifically the timing of estimated accruals for in-transit revenues and costs[191](index=191&type=chunk) - Remediation efforts, which began in fiscal year 2022, are ongoing and include refining the accrual process and performing additional review procedures[192](index=192&type=chunk)[193](index=193&type=chunk) [PART II. OTHER INFORMATION](index=51&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various ordinary course legal actions with no material proceedings reported as of March 31, 2023, but disclosed a December 2021 ransomware incident that could lead to future claims - As of March 31, 2023, there were no legal proceedings deemed potentially material[196](index=196&type=chunk) - A December 2021 ransomware incident resulted in some data extraction of customer and employee information, which could lead to future legal or regulatory actions despite recovery efforts being complete[197](index=197&type=chunk) [Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 - No material changes in risk factors were reported since the last Annual Report on Form 10-K[198](index=198&type=chunk) [Unregistered Sale of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sale%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any shares of its common stock during the three months ended March 31, 2023, with 3,408,077 shares remaining available for repurchase under the existing program - No common stock was repurchased during the three months ended March 31, 2023[199](index=199&type=chunk) - As of March 31, 2023, the company had authorization to repurchase up to an additional **3,408,077 shares**[199](index=199&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including CEO and CFO certifications as required by the Sarbanes-Oxley Act and Inline XBRL data files - Filed exhibits include certifications from the Principal Executive Officer and Principal Financial Officer pursuant to Sarbanes-Oxley Act Sections 302 and 906[200](index=200&type=chunk)
Radiant(RLGT) - 2023 Q2 - Earnings Call Transcript
2023-03-28 06:58
Radiant Logistics, Inc. (NYSE:RLGT) Q1, Q2 2023 Earnings Conference Call March 27, 2023 4:30 PM ET Company Participants Bohn Crain - Founder and Chief Executive Officer Todd Macomber - Chief Financial Officer Conference Call Participants Mark Argento - Lake Street Jeff Kauffman - Vertical Research Jason Seidl - TD Cowen Mike Vermut - Newland Capital Operator This afternoon, Bohn Crain, Radiant Logistics’ Founder and CEO; and Radiant’s Chief Financial Officer, Todd Macomber, will provide a general Business U ...