EX-99.1 2 rlgt-ex991_6.htm EX-99.1 rlgt-ex991_6.htm

Exhibit 99.1

RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE FOURTH

fiscal quarter and year ENDED June 30, 2017

Reports annual revenues of $777.6 million;

Net revenues of $194.6 million; and

Adjusted EBITDA of $29.6 million - up $5.2 million, or 21.3%

BELLEVUE, WA September 12, 2017 – Radiant Logistics, Inc. (NYSE MKT: RLGT), a third-party logistics and multi-modal transportation services company, today reported financial results for the three and twelve months ended June 30, 2017.

Fiscal Year Financial Highlights (Year Ended June 30, 2017)

 

Revenues were $777.6 million for the fiscal year ended June 30, 2017, down $5.0 million or 0.6% compared to revenues of $782.6 million for the comparable prior year period.

 

Net revenues were $194.6 million for the fiscal year ended June 30, 2017, up $7.9 million or 4.2% compared to net revenues of $186.7 million for the comparable prior year period.

 

Net income attributable to common stockholders was $2.8 million, or $0.06 per basic and fully diluted share, compared to a net loss of $5.6 million, or $0.11 per basic and fully diluted share for the comparable prior year period.

 

Adjusted net income attributable to common stockholders was $15.8 million, or $0.32 per basic and fully diluted share for the fiscal year ended June 30, 2017, compared to adjusted net income of $11.8 million, or $0.24 per basic and fully diluted share for the comparable prior year period.

 

Adjusted EBITDA was $29.6 million for the fiscal year ended June 30, 2017, up $5.2 million, or 21.3% compared to adjusted EBITDA of $24.4 million for the comparable prior year period. Normalizing these results to exclude non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, adjusted EBITDA would have been $31.1 million for the fiscal year ended June 30, 2017 compared to $26.8 million for the comparable prior year.

Acquisition Update

On April 1, 2017, the Company announced that it acquired Lomas Logistics (“Lomas”), a division of L.V. Lomas Limited (“L.V. Lomas”), through its wholly-owned subsidiary, Wheels International Inc. Lomas is expected to transition to the Wheels brand and operates as a third-party logistics provider serving companies across a diverse range of industries including consumer goods, healthcare, food and technology and operates from locations in Ontario and British Columbia, Canada.  

Based on unaudited and pro forma historic financial statements provided by L.V. Lomas, Lomas generated approximately CAD$1.3 million in net income before tax and CAD$2.3 million in normalized EBITDA on approximately CAD$17.3 million in revenues for calendar year 2016.

On June 1, 2017, the Company announced that it acquired the assets and operations of its strategic operating partner Dedicated Logistics Technologies Inc. (“DLT”) through its wholly-owned subsidiary, Radiant Global Logistics, Inc. DLT is expected to transition to the Radiant brand and will combine with the existing company-owned operation in Newark, New Jersey, while maintaining separate facilities in Los Angeles, California.

On September 1, 2017, the Company announced that it acquired the assets and operations of Sandifer-Valley Transportation & Logistics, Ltd. (“SVT”) through its wholly-owned subsidiary, Radiant Global Logistics, Inc. SVT is expected to transition to the Radiant brand and will expand the Company’s cross-border capabilities with Mexico providing a full range of domestic and international services with operations in McAllen, Texas.

 


Financing Update

On June 14, 2017, the Company announced that it entered into a USD$75.0 million revolving credit facility (the “Senior Credit Facility”) with Bank of America, N.A. and Bank of Montreal, pursuant to a Second Amendment and Restated Loan and Security Agreement. The Senior Credit Facility increases the maximum borrowing and provides us with lower interest costs, less restrictive financial and operational covenants, and includes a $50.0 million accordion feature to support future acquisition opportunities. Borrowings are available to fund future acquisitions, capital expenditures, or for other corporate purposes, including, if warranted at the time, the repurchase of the Company’s common stock and/or redemption of the Company’s $21.0 million redeemable perpetual preferred stock, which is redeemable at the Company’s option, beginning in December 2018.

In connection with the acquisition of Lomas, the Company obtained a CAD$10.0 million senior secured Canadian term loan from Integrated Private Debt Fund V LP. The loan matures in June 2024 and accrues interest at a rate of 6.65% per annum.

CEO Comments

“We are very pleased to report another year of solid financial results for the fiscal year ended June 30, 2017,” said Bohn Crain, Founder and CEO. “We set new records across several key financial metrics, including net revenues of $194.6 million, up $7.9 million or 4.2%, adjusted net income of $15.8, up $4.0 million or 33.9%, adjusted net income per share of $0.32 per basic and fully diluted share, up $0.08 or 33.3%, EBITDA of $23.4 million, up $11.9 million or 103.5%, and Adjusted EBITDA of $29.6 million, up $5.2 million, or 21.3%. In addition, we also set a new record in terms of our Adjusted EBITDA margins up 210 basis points to 15.2%, up from 13.1% over the comparable prior year period. As we have previously discussed, our incremental cost of supporting that next dollar of gross margin is very small and we are very excited about our opportunity to drive further expansion of our Adjusted EBITDA margin as we continue to scale the business and we leverage the benefits of our on-going technology investments.

Crain Continued: “We also continue to make progress on the acquisition front, having recently completed three tuck-in transactions with Canada-based Lomas Logistics (April 2017), Dedicated Logistics Technologies (June 2017), and Sandifer-Valley Transportation and Logistics (September 2017). We are very happy to have these three new operations as part of the Radiant organization. One of the principle thematics of our acquisition strategy is supporting our strategic operating partners in their exit strategies by converting them to Company-owned operations as we believe this gives us the best opportunity to drive margin expansion and create durable shareholder value. In addition, our recently expanded $75.0 million ABL credit facility, along with its $50.0 million accordion feature, gives us the financial flexibility to retire our $21.0 million redeemable perpetual preferred stock in December 2018 should we choose to do so, while maintaining capacity to continue to pursue acquisitions that are of interest.”

“We head into the new year with a focus on continuous improvement of our existing business and leveraging our on-going investment in technology and remain confident in our long-standing strategy to deliver profitable growth through a combination of organic and acquisition growth initiatives. We have low leverage on our balance sheet, strong free cash flows, and continue our disciplined search for acquisition candidates that bring critical mass to our current platform with respect to geography, purchase power, and complementary service offerings.”

Fourth Fiscal Quarter Ended June 30, 2017 – Financial Results

For the three months ended June 30, 2017, Radiant reported a net loss attributable to common stockholders of $1.0 million on $201.8 million of revenues, or $0.02 per basic and fully diluted share. For the three months ended June 30, 2016, Radiant reported a net loss attributable to common stockholders of $0.6 million on $182.5 million of revenues, or $0.01 per basic and fully diluted share.

For the three months ended June 30, 2017, Radiant reported adjusted net income attributable to common stockholders of $3.4 million, or $0.07 per basic and fully diluted share. For the three months ended June 30, 2016, Radiant reported adjusted net income attributable to common stockholders of $2.8 million, or $0.06 per basic and fully diluted share.

For the three months ended June 30, 2017, Radiant reported Adjusted EBITDA of $6.9 million, compared to $5.4 million for the comparable prior year period. Normalizing these results to exclude non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, Adjusted EBITDA would have been $7.2 million and $5.9 million for the three months ended June 30, 2017 and 2016, respectively.

Year Ended June 30, 2017 – Financial Results

For the year ended June 30, 2017, Radiant reported net income attributable to common stockholders of $2.8 million on $777.6 million of revenues, or $0.06 per basic and fully diluted share. For the year ended June 30, 2016, Radiant reported net loss attributable to common stockholders of $5.6 million on $782.6 million of revenues, or $0.11 per basic and fully diluted share.

2


For the year ended June 30, 2017, Radiant reported adjusted net income attributable to common stockholders of $15.8 million or $0.32 per basic and fully diluted share. For the year ended June 30, 2016, Radiant reported adjusted net income attributable to common stockholders of $11.8 million or $0.24 per basic and fully diluted share.

For the year ended June 30, 2017, Radiant reported Adjusted EBITDA of $29.6 million, compared to $24.4 million for the comparable prior year period. Normalizing these results to exclude non-recurring transition costs associated with the interim operation of Service by Air’s back-office operations, Adjusted EBITDA would have been $31.1 million and $26.8 million for the year ended June 30, 2017 and 2016, respectively.

A reconciliation of Radiant’s adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the three and twelve months ending June 30, 2017 and 2016 appears at the end of this release.

Earnings Call and Webcast Access Information

Radiant Logistics, Inc. will host a conference call on Tuesday, September 12, 2017 at 4:30 PM Eastern to discuss the contents of this release. The conference call is open to all interested parties, including individual investors and press. Bohn Crain, Founder and CEO will host the call.

Conference Call Details

DATE/TIME:

Tuesday, September 12, 2017 at 4:30 PM Eastern

DIAL-IN

US (877) 407-8031; Intl. (201) 689-8031

REPLAY

September 13, 2017 at 9:30 AM Eastern to September 26, 2017 at 11:59 PM Eastern, US (877) 481-4010;

 

Intl. (919) 882-2331 (Replay ID number: 20118)

Webcast Details

This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com or through www.InvestorCalendar.com.

About Radiant Logistics (NYSE MKT: RLGT)

Radiant Logistics, Inc. (www.radiantdelivers.com) is a third-party logistics and multimodal transportation services company delivering advanced supply chain solutions through a network of company-owned and strategic operating partner locations across North America. Through its comprehensive service offering, Radiant provides domestic and international freight forwarding services, truck and rail brokerage services and other value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing to a diversified account base including manufacturers, distributors and retailers using a network of independent carriers and international agents positioned strategically around the world.

This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results may differ significantly from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks related to: trends in the domestic and global economy; our ability to attract new and retain existing agency relationships; acquisitions and integration of acquired entities; availability of capital to support our acquisition strategy; our ability to maintain and improve back office infrastructure and transportation and accounting information systems in a manner sufficient to service our revenues and network of operating locations; the ability of the Wheels operation to maintain and grow its revenues and operating margins in a manner consistent with recent operating results and trends; our ability to maintain positive relationships with our third-party transportation providers, suppliers and customers; outcomes of legal proceedings; competition; management of growth; potential fluctuations in operating results; and government regulation. More information about factors that potentially could affect our financial results is included Radiant Logistics, Inc.'s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and subsequent filings.

# # #

 

Investor Contact:

Stonegate, Inc.

Casey Stegman

972-850-2001

casey@stonegateinc.com

Media Contact:

Radiant Logistics, Inc.

Ryan McBride

(425) 943-4533

rmcbride@radiantdelivers.com

 

 

3


RADIANT LOGISTICS, INC.

Consolidated Balance Sheets

 

(In thousands, except share and per share data)

 

June 30,

 

 

 

2017

 

 

2016

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

5,808

 

 

$

4,768

 

Accounts receivable, net of allowance of $1,599 and $1,806, respectively

 

 

116,327

 

 

 

101,035

 

Employee and other receivables

 

 

251

 

 

 

635

 

Income tax deposit

 

 

432

 

 

 

1,525

 

Prepaid expenses and other current assets

 

 

6,902

 

 

 

5,410

 

Total current assets

 

 

129,720

 

 

 

113,373

 

 

 

 

 

 

 

 

 

 

Technology and equipment, net

 

 

15,227

 

 

 

12,453

 

 

 

 

 

 

 

 

 

 

Acquired intangibles, net

 

 

74,729

 

 

 

71,941

 

Goodwill

 

 

66,779

 

 

 

62,888

 

Deposits and other assets

 

 

3,085

 

 

 

2,814

 

Total long-term assets

 

 

144,593

 

 

 

137,643

 

Total assets

 

$

289,540

 

 

$

263,469

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued transportation costs

 

$

85,490

 

 

$

75,071

 

Commissions payable

 

 

10,843

 

 

 

8,280

 

Other accrued costs

 

 

4,778

 

 

 

5,331

 

Due to former shareholders of acquired operations

 

 

 

 

 

50

 

Current portion of notes payable

 

 

3,382

 

 

 

2,416

 

Current portion of contingent consideration

 

 

4,130

 

 

 

3,387

 

Current portion of transition and lease termination liability

 

 

1,210

 

 

 

1,838

 

Other current liabilities

 

 

143

 

 

 

138

 

Total current liabilities

 

 

109,976

 

 

 

96,511

 

 

 

 

 

 

 

 

 

 

Notes payable, net of current portion

 

 

37,040

 

 

 

28,903

 

Contingent consideration, net of current portion

 

 

5,790

 

 

 

4,098

 

Transition and lease termination liability, net of current portion

 

 

804

 

 

 

658

 

Deferred rent liability

 

 

857

 

 

 

851

 

Deferred tax liability

 

 

10,826

 

 

 

12,525

 

Other long-term liabilities

 

 

782

 

 

 

742

 

Total long-term liabilities

 

 

56,099

 

 

 

47,777

 

Total liabilities

 

 

166,075

 

 

 

144,288

 

 

 

 

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value, 5,000,000 shares authorized; 839,200 shares issued and

   outstanding, liquidation preference of $20,980

 

 

1

 

 

 

1

 

Common stock, $0.001 par value, 100,000,000 shares authorized; 49,177,215 and 48,857,506

   shares issued, and 49,085,417 and 48,857,506 shares outstanding, respectively

 

 

30

 

 

 

30

 

Additional paid-in capital

 

 

116,172

 

 

 

114,392

 

Treasury stock, at cost, 91,798 and 0 shares, respectively

 

 

(253

)

 

 

 

Deferred compensation

 

 

 

 

 

(1

)

Retained earnings

 

 

7,397

 

 

 

4,581

 

Accumulated other comprehensive income

 

 

65

 

 

 

98

 

Total Radiant Logistics, Inc. stockholders’ equity

 

 

123,412

 

 

 

119,101

 

Non-controlling interest

 

 

53

 

 

 

80

 

Total stockholders’ equity

 

 

123,465

 

 

 

119,181

 

Total liabilities and stockholders’ equity

 

$

289,540

 

 

$

263,469

 

 

4


RADIANT LOGISTICS, INC.

Consolidated Statements of Operations and Comprehensive Income (Loss)

 

(In thousands, except share and per share data)

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Revenues

 

$

201,829

 

 

$

182,462

 

 

$

777,613

 

 

$

782,579

 

Cost of transportation

 

 

152,034

 

 

 

135,913

 

 

 

582,977

 

 

 

595,918

 

Net revenues

 

 

49,795

 

 

 

46,549

 

 

 

194,636

 

 

 

186,661

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating partner commissions

 

 

22,478

 

 

 

21,531

 

 

 

90,207

 

 

 

84,475

 

Personnel costs

 

 

13,692

 

 

 

13,223

 

 

 

51,930

 

 

 

54,131

 

Selling, general and administrative expenses

 

 

7,047

 

 

 

6,773

 

 

 

23,971

 

 

 

25,731

 

Depreciation and amortization

 

 

3,310

 

 

 

2,773

 

 

 

12,349

 

 

 

12,033

 

Transition and lease termination costs

 

 

953

 

 

 

837

 

 

 

2,260

 

 

 

5,945

 

Impairment of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

3,680

 

Change in contingent consideration

 

 

1,638

 

 

 

375

 

 

 

3,431

 

 

 

1,003

 

Total operating expenses

 

 

49,118

 

 

 

45,512

 

 

 

184,148

 

 

 

186,998

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

 

677

 

 

 

1,037

 

 

 

10,488

 

 

 

(337

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

8

 

 

 

3

 

 

 

25

 

 

 

47

 

Interest expense

 

 

(649

)

 

 

(814

)

 

 

(2,522

)

 

 

(4,919

)

Loss on write-off of loan fees

 

 

 

 

 

(1,180

)

 

 

 

 

 

(1,180

)

Foreign exchange gain (loss)

 

 

(132

)

 

 

312

 

 

 

222

 

 

 

700

 

Other

 

 

(15

)

 

 

247

 

 

 

379

 

 

 

350

 

Total other expense:

 

 

(788

)

 

 

(1,432

)

 

 

(1,896

)

 

 

(5,002

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) before income tax expense

 

 

(111

)

 

 

(395

)

 

 

8,592

 

 

 

(5,339

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax benefit (expense)

 

 

(391

)

 

 

285

 

 

 

(3,673

)

 

 

1,886

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

 

(502

)

 

 

(110

)

 

 

4,919

 

 

 

(3,453

)

Less: Net income attributable to non-controlling interest

 

 

(15

)

 

 

(12

)

 

 

(57

)

 

 

(66

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

 

 

(517

)

 

 

(122

)

 

 

4,862

 

 

 

(3,519

)

Less: Preferred stock dividends

 

 

(511

)

 

 

(511

)

 

 

(2,046

)

 

 

(2,046

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to common stockholders

 

$

(1,028

)

 

$

(633

)

 

$

2,816

 

 

$

(5,565

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

(463

)

 

 

(170

)

 

 

(33

)

 

 

493

 

Comprehensive income (loss)

 

$

(1,491

)

 

$

(803

)

 

$

2,783

 

 

$

(5,072

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - basic and diluted

 

$

(0.02

)

 

$

(0.01

)

 

$

0.06

 

 

$

(0.11

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

48,894,737

 

 

 

48,807,414

 

 

 

48,840,797

 

 

 

48,413,361

 

Diluted shares

 

 

48,894,737

 

 

 

48,807,414

 

 

 

49,993,595

 

 

 

48,413,361

 

5


RADIANT LOGISTICS, INC.

Reconciliation of Net Income to Adjusted Net Income, EBITDA,
Adjusted EBITDA and Normalized Adjusted EBITDA

(unaudited)

As used in this report, Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA are presented herein because they are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant’s business. For Adjusted Net Income, management uses a 36% tax rate for calculating the provision for income taxes before preferred dividend requirement to normalize Radiant’s tax rate to that of its competitors and to compare Radiant’s reporting periods with different effective tax rates. In addition, in arriving at Adjusted Net Income, the Company adjusts for certain non-cash charges and significant items that are not part of regular operating activities. These adjustments include depreciation and amortization, change in contingent consideration, amortization of loan fees, write-off of loan fees, impairment of acquired intangible assets, acquisition related costs, transition costs, lease termination costs, legal costs and non-recurring costs.

Adjusted EBITDA means earnings before preferred stock dividends, interest, income taxes, depreciation and amortization, which is then further adjusted for changes in contingent consideration, expenses specifically attributable to acquisitions, lease termination costs, extraordinary items, share-based compensation expense, legal costs, non-recurring costs, write-off of loan fees, impairment of acquired intangible assets and foreign exchange losses or gains. Normalized Adjusted EBITDA represents the Adjusted EBITDA but also adds back transition costs associated with the SBA back-office that is projected to be eliminated.

We believe that these non-GAAP financial measures, as presented, represent a useful method of assessing the performance of our operating activities, as they reflect our earnings trends without the impact of certain non-cash charges and other non-recurring charges. These non-GAAP financial measures are intended to supplement the GAAP financial information by providing additional insight regarding results of operations to allow a comparison to other companies, many of whom use similar non-GAAP financial measures to supplement their GAAP results. However, these non-GAAP financial measures will not be defined in the same manner by all companies and may not be comparable to other companies. Adjusted Net Income, EBITDA, Adjusted EBITDA and Normalized Adjusted EBITDA should not be considered in isolation or as a substitute for any of the consolidated statements of operations prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.

6


 

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

Reconciliation of net income (loss) to adjusted net income:

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income (loss) attributable to common stockholders

 

$

(1,028

)

 

$

(633

)

 

$

2,816

 

 

$

(5,565

)

Adjustments to net income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense (benefit)

 

 

391

 

 

 

(285

)

 

 

3,673

 

 

 

(1,886

)

Depreciation and amortization

 

 

3,310

 

 

 

2,773

 

 

 

12,349

 

 

 

12,033

 

Change in contingent consideration

 

 

1,638

 

 

 

375

 

 

 

3,431

 

 

 

1,003

 

Lease termination costs

 

 

541

 

 

 

202

 

 

 

566

 

 

 

2,545

 

Acquisition related costs

 

 

419

 

 

 

340

 

 

 

944

 

 

 

2,446

 

Legal costs

 

 

39

 

 

 

107

 

 

 

177

 

 

 

1,066

 

Non-recurring costs

 

 

 

 

 

29

 

 

 

14

 

 

 

279

 

Amortization of loan fees

 

 

79

 

 

 

85

 

 

 

317

 

 

 

388

 

Transition costs associated with acquisitions

 

 

275

 

 

 

477

 

 

 

1,539

 

 

 

2,408

 

Loss on write-off of loan fees

 

 

 

 

 

1,180

 

 

 

 

 

 

1,180

 

Loss on impairment of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

3,680

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income before income taxes

 

 

5,664

 

 

 

4,650

 

 

 

25,826

 

 

 

19,577

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for income taxes at 36% before preferred dividend

   requirement

 

 

(2,223

)

 

 

(1,858

)

 

 

(10,034

)

 

 

(7,784

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

 

$

3,441

 

 

$

2,792

 

 

$

15,792

 

 

$

11,793

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income per common share - basic and diluted

 

$

0.07

 

 

$

0.06

 

 

$

0.32

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic shares

 

 

48,894,737

 

 

 

48,807,414

 

 

 

48,840,797

 

 

 

48,413,361

 

Diluted shares

 

 

50,470,803

 

 

 

49,512,102

 

 

 

49,993,595

 

 

 

49,279,179

 

 

 

 

Three Months Ended June 30,

 

 

Year Ended June 30,

 

Reconciliation of net income (loss) to normalized adjusted EBITDA

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Net income (loss) attributable to common stockholders

 

$

(1,028

)

 

$

(633

)

 

$

2,816

 

 

$

(5,565

)

Preferred stock dividends

 

 

511

 

 

 

511

 

 

 

2,046

 

 

 

2,046

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Radiant Logistics, Inc.

 

 

(517

)

 

 

(122

)

 

 

4,862

 

 

 

(3,519

)

Income tax expense (benefit)

 

 

391

 

 

 

(285

)

 

 

3,673

 

 

 

(1,886

)

Depreciation and amortization

 

 

3,310

 

 

 

2,773

 

 

 

12,349

 

 

 

12,033

 

Net interest expense

 

 

641

 

 

 

811

 

 

 

2,497

 

 

 

4,872

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EBITDA

 

 

3,825

 

 

 

3,177

 

 

 

23,381

 

 

 

11,500

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share-based compensation

 

 

321

 

 

 

322

 

 

 

1,304

 

 

 

1,407

 

Change in contingent consideration

 

 

1,638

 

 

 

375

 

 

 

3,431

 

 

 

1,003

 

Acquisition related costs

 

 

419

 

 

 

340

 

 

 

944

 

 

 

2,446

 

Legal costs

 

 

39

 

 

 

107

 

 

 

177

 

 

 

1,066

 

Non-recurring costs

 

 

 

 

 

29

 

 

 

14

 

 

 

279

 

Lease termination costs

 

 

541

 

 

 

202

 

 

 

566

 

 

 

2,545

 

Loss on impairment of acquired intangible assets

 

 

 

 

 

 

 

 

 

 

 

3,680

 

Loss on write-off of loan fees

 

 

 

 

 

1,180

 

 

 

 

 

 

1,180

 

Foreign exchange loss (gain)

 

 

132

 

 

 

(312

)

 

 

(222

)

 

 

(700

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

 

6,915

 

 

 

5,420

 

 

 

29,595

 

 

 

24,406

 

Transition costs

 

 

275

 

 

 

477

 

 

 

1,539

 

 

 

2,408

 

Normalized adjusted EBITDA

 

$

7,190

 

 

$

5,897

 

 

$

31,134

 

 

$

26,814

 

Adjusted EBITDA as a % of Net Revenues

 

 

13.9

%

 

 

11.6

%

 

 

15.2

%

 

 

13.1

%

Normalized Adjusted EBITDA as a % of Net Revenues

 

 

14.4

%

 

 

12.7

%

 

 

16.0

%

 

 

14.4

%

 

7