Radiant Logistics, Inc (RLGT) 10-K Annual Report September 2023

RENTON, WA September 13, 2023 – 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 twelve months ended June 30, 2023.

Financial Highlights – Year Ended June 30, 2023

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Revenues decreased to $1,085.5 million for the fiscal year ended June 30, 2023, down $373.9 million or 25.6%, compared to revenues of $1,459.4 million for the comparable prior year period.

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Gross profit decreased to $270.9 million for the fiscal year ended June 30, 2023, down $22.6 million or 7.7%, compared to gross profit of $293.5 million for the comparable prior year period.

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Adjusted gross profit, a non-GAAP financial measure, decreased to $283.8 million for the fiscal year ended June 30, 2023, down $22.5 million or 7.3%, compared to adjusted gross profit of $306.3 million for the comparable prior year period.

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Net income attributable to Radiant Logistics, Inc. decreased to $20.6 million, or $0.43 per basic and $0.42 per fully diluted share for the fiscal year ended June 30, 2023, down $23.9 million or 53.7%, compared to $44.5 million, or $0.90 per basic and $0.88 per fully diluted share for the comparable prior year period.

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Adjusted net income, a non-GAAP financial measure, decreased to $39.3 million, or $0.82 per basic and $0.79 per fully diluted share for the fiscal year ended June 30, 2023, down $18.9 million or 32.5%, compared to adjusted net income of $58.2 million, or $1.18 per basic and $1.15 per fully diluted share for the comparable prior year period. 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.

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Adjusted EBITDA, a non-GAAP financial measure, decreased to $55.6 million for the fiscal year ended June 30, 2023, down $25.3 million or 31.3%, compared to adjusted EBITDA of $80.9 million for the comparable prior year period.

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Adjusted EBITDA margin (adjusted EBITDA expressed as a percentage of adjusted gross profit), a non-GAAP financial measure, decreased to 19.6% or 680 basis points, for the fiscal year ended June 30, 2023, compared to adjusted EBITDA margin of 26.4% for the comparable prior year period.

Stock Buy-Back

We purchased 1,784,249 shares of our common stock at an average cost of $6.20 per share for an aggregate cost of $11.1 million during the fiscal year ended June 30, 2023.

As of June 30, 2023, the Company had 47,294,529 shares outstanding.

CEO Bohn Crain Comments on Results

“Our results for the quarter and year ended June 30, 2023 continue to reflect the macro-economic effects of the difficult freight markets on the entire industry as well as our operations.” said Bohn Crain, Founder and CEO of Radiant Logistics. “The confluence of shippers continuing to manage through elevated inventories, reduced imports and slowing economic growth, has had a cascading effect across virtually every mode of transportation. As in the prior quarter, these market conditions have negatively impacted not only our current results, but also the year-over-year comparison to our record results for prior year period. With that said, we believe we are at or near the bottom of this cycle and would expect markets to begin to find their way to more sustainable and normalized levels in coming quarters.”

The following information was filed by Radiant Logistics, Inc (RLGT) on Wednesday, September 13, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Radiant Logistics, Inc's 10-K Annual Report:

Financial - Expense Highlight
In addition, management believes measuring its operating costs as a function of adjusted transportation gross profit provides a useful metric, as our ability to control costs as a function of adjusted transportation gross profit directly impacts operating results.

Financial - Earnings Highlight
As a percentage of adjusted gross profit, operating partner commissions increased 92 basis points to 40.7% from 39.8% for the fiscal years ended June 30, 2023 and 2022, as a result of a higher percentage of adjusted gross profit coming from operating partner locations.
Financial - Earnings Highlight
Adjusted transportation gross profit percentage increased from 20.0% to 24.6%, primarily due to a higher mix of domestic shipments, which have higher gross profit margin characteristics than ocean shipments.
Mgmt Change - Other Highlight
The Revolving Credit Facility has a term of five years and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company its guarantors named below on a parity basis with the security interest held by Fiera Private Debt Fund IV LP and Fiera Private Debt Fund V LP described below.
Financial - Earnings Highlight
The Companys ability to grow adjusted EBITDA is closely monitored by management as its directly tied to financial borrowing capacity and also is a frequent point of discussion with its investors as well as the Companys earnings calls.
Financial - Expense
Selling, general and administrative (?SG&A?)...Read more
Financial - Earnings
The following table provides a...Read more
Other - Other
Certain accounting policies, methods and...Read more
M & A - Other
On December 3, 2021, and...Read more
Legal - Other
Impact of Notable External Conditions...Read more
M & A - Other
As a result of our...Read more
Revenue - Product
We recognize revenue and the...Read more
Revenue - Product
Revenue from CHB services is...Read more
Financial - Earnings
The following table provides a...Read more
Revenue - Product
Results of Operations Fiscal year...Read more
Financial - Earnings
As a percentage of adjusted...Read more
Financial - Cash Flow
In addition, our minimal investment...Read more
Revenue - Product
The decrease of $383.2 million,...Read more
Other - Other
By evaluating our non-asset-based business...Read more
Other - Other
While discussed at the committee...Read more
M & A - Other
Definite-lived intangible assets consist of...Read more
Other - Other
We exclude all depreciation charges...Read more
Other - Other
In doing so, we will...Read more
Financial - Expense
Assets to be disposed of...Read more
Financial - Earnings
As a percentage of adjusted...Read more
Financial - Earnings
Adjusted value-added services gross profit...Read more
Other - Other
Likewise, we believe we have...Read more
Revenue - Geography
We service a large and...Read more
Other - Other
As of June 30, 2023,...Read more
Revenue - Product
We determine the period to...Read more
Financial - Earnings
Our GAAP-based net income will...Read more
Financial - Expense
We believe shippers value our...Read more
Other - Other
As such, we are not...Read more
Revenue - Product
Factors such as shifting demand...Read more
Other - Other
These judgments are normally based...Read more
M & A - Other
The increase is primarily due...Read more
Other - Other
While management considers EBITDA and...Read more
Other - Other
Radiant has further engaged the...Read more
Other - Other
Liquidity and Capital Resources Generally,...Read more
Other - Other
The change in each fiscal...Read more
Financial - Earnings
As a percentage of adjusted...Read more
Other - Other
For borrowings under the Revolving...Read more
Financial - Expense
Depreciation and amortization costs increased...Read more
Other - Other
Our performance obligation is satisfied...Read more
M & A - Other
As part of the post-acquisition...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Radiant Logistics, Inc provided additional information to their SEC Filing as exhibits

Exhibit 4.5: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: RLGT
CIK: 1171155
Form Type: 10-K Annual Report
Accession Number: 0000950170-23-047958
Submitted to the SEC: Wed Sep 13 2023 4:58:16 PM EST
Accepted by the SEC: Wed Sep 13 2023
Period: Friday, June 30, 2023
Industry: Arrangement Of Transportation Of Freight And Cargo

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Radiant Logistics, Inc (RLGT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, June 30, 2023

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