Technology
RADIANT LOGISTICS ANNOUNCES RESULTS FOR THE FOURTH FISCAL QUARTER AND YEAR ENDED JUNE 30, 2024
Published
1 week agoon
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Financial results inflect to the positive with sequential quarterly improvement;
Continued progress in green-field and strategic operating partners acquisitions;
Debt free and well positioned for further growth as market conditions improve
RENTON, Wash., Sept. 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 and twelve months ended June 30, 2024.
Financial Highlights – Three Months Ended June 30, 2024
Revenues of $206.0 million for the fourth fiscal quarter ended June 30, 2024, down $26.2 million or 11.3%, compared to revenues of $232.2 million for the comparable prior year period. On a sequential basis, revenues for the fourth fiscal quarter ended June 30, 2024, were up $21.4 million or 11.6% compared to revenues of $184.6 million for the third fiscal quarter ended March 31, 2024.Gross profit of $57.3 million for the fourth fiscal quarter ended June 30, 2024, down $5.7 million or 9.0%, compared to gross profit of $63.0 million for the comparable prior year period. On a sequential basis, gross profit for the fourth fiscal quarter ended June 30, 2024, was up $8.5 million or 17.4%, compared to gross profit of $48.8 million for the third fiscal quarter ended March 31, 2024.Adjusted gross profit, a non-GAAP financial measure, of $60.6 million for the fourth fiscal quarter ended June 30, 2024, down $5.7 million or 8.6%, compared to adjusted gross profit of $66.3 million for the comparable prior year period. On a sequential basis, adjusted gross profit for the fourth fiscal quarter ended June 30, 2024, was up $7.5 million or 14.1%, compared to adjusted gross profit of $53.1 million for the third fiscal quarter ended March 31, 2024.Net income attributable to Radiant Logistics, Inc. of $4.8 million, or $0.10 per basic and fully diluted share for the fourth fiscal quarter ended June 30, 2024, up $1.7 million or 54.8%, compared to $3.1 million, or $0.07 per basic and $0.06 per fully diluted share for the comparable prior year period. On a sequential basis, net income attributable to Radiant Logistics, Inc. for the fourth fiscal quarter ended June 30, 2024, was up $5.5 million or 785.7%, compared to a net loss attributable to Radiant Logistics, Inc. of $0.7 million for the third fiscal quarter ended March 31, 2024.Adjusted net income, a non-GAAP financial measure, of $7.0 million, or $0.15 per basic and $0.14 per fully diluted share for the fourth fiscal quarter ended June 30, 2024, up $0.5 million or 7.7%, compared to adjusted net income of $6.5 million, or $0.14 per basic and $0.13 per fully diluted share for the comparable prior year period. On a sequential basis, adjusted net income for the fourth fiscal quarter ended June 30, 2024, was up $3.4 million or 94.4%, compared to adjusted net income of $3.6 million for the third fiscal quarter ended March 31, 2024. 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.Adjusted EBITDA, a non-GAAP financial measure, of $9.1 million for the fourth fiscal quarter ended June 30, 2024, down $0.1 million or 1.1%, compared to adjusted EBITDA of $9.2 million for the comparable prior year period. On a sequential basis, adjusted EBITDA for the fourth fiscal quarter ended June 30, 2024, was up $3.9 million or 75.0%, compared to adjusted EBITDA of $5.2 million for the third fiscal quarter ended March 31, 2024.Adjusted EBITDA margin (adjusted EBITDA expressed as a percentage of adjusted gross profit), a non-GAAP financial measure, up to 15.0% or 110 basis points, for the fourth fiscal quarter ended June 30, 2024, compared to adjusted EBITDA margin of 13.9% for the comparable prior year period. On a sequential basis, adjusted EBITDA margin for the fourth fiscal quarter ended June 30, 2024 of 15.0% was up 520 basis points when compared to the 9.8% adjusted EBITDA margin for the third fiscal quarter ended March 31, 2024.
Acquisition Recap
Effective October 1, 2023, the Company acquired the operations of Daleray Corporation (“Daleray”), a Fort Lauderdale, Florida based, privately held company that has operated under the Company’s Distribution By Air brand since 2014.
Effective February 1, 2024, the Company acquired Select Logistics, Inc. and Select Cartage, Inc. (collectively “Select”), both Miami, Florida based, privately held companies that have operated as part of the Company’s Adcom Worldwide brand since 2007. Both Daleray and Select are being combined to operate as Radiant Global Logistics and will leverage their combined expertise and in-depth knowledge to solidify the Company’s cruise logistics service offerings in south Florida.
Effective April 1, 2024, the Company acquired the assets and operations of Viking Worldwide, Inc.(“Viking“), a Minnesota based, privately held company with operations in both Minneapolis, Minnesota and Houston, Texas that has operated under the Company’s Service by Air brand since 2012. Viking services a diversified account base specializing in the high-tech, brand management, life- sciences, and trade show industries. Viking continues to operate under the Service by Air brand and is expected to complete its transition to the Radiant brand over the course of 2024 as Viking’s Minneapolis operations combine with existing Company-owned operations in the area.
On June 1, 2024, the Company 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. Cascade previously operated as an agent station for a competing network and has combined with Radiant’s Company-owned operations in the Seattle area and now operates as Radiant Global Logistics.
On June 1, 2024, the Company acquired the operations of DVA Associates, Inc. (“DVA”), a Portland, Oregon based, privately held company that provides a full range of domestic and international transportation and logistics services across North America. DVA previously operated as an agent station for a competing network and now operates as Radiant Global Logistics and is expected to combine with other Radiant’s Company-owned operations in the Portland area in 2025.
Effective September 1, 2024, the Company 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, drilling, and production of oil and gas. Founded in 2014, Foundation specializes in servicing the oil and gas industry with a focus on the transportation of hazardous materials, including explosives, and urgent oilfield equipment to points around the world. The company will continue to operate as Foundation Logistics with the expectation that the company will ultimately transition to operate under the Radiant brand in 2025.
The Company structured each of these transactions similar to its previous transactions, with a portion of the expected purchase price payable in subsequent periods based on the future performance of the acquired operations
Stock Buy-Back
We purchased 726,449 shares of our common stock at an average cost of $5.64 per share for an aggregate cost of $4.1 million during the fiscal year ended June 30, 2024.
As of June 30, 2024, the Company had 46,808,943 shares outstanding.
CEO Bohn Crain Comments on Results
“While our full year results continue to reflect the difficult freight markets being experienced by the entire industry as well as our operations, we did see good sequential improvement in our financial results for the fourth fiscal quarter ended June 30, 2024 when compared to our third fiscal quarter ended March 31, 2024” said Bohn Crain, Founder and CEO of Radiant Logistics. “With net income up 785.7%, adjusted net income up 94.4% and adjusted EBITDA up 75%; we hope to continue to build on this positive trend in coming quarters as markets find their way to more sustainable and normalized levels.”
Mr. Crain continued, “Notwithstanding the tough year over year comparisons, we continue to deliver meaningfully positive results and have generated $31.2 million in adjusted EBITDA and $17.3 million in cash from operations for the fiscal year ended June 30, 2024. In addition, we continue to enjoy a strong balance sheet and after completing five tuck-in acquisitions and deploying $4.1 million in support of our stock buy-back program, we finished the quarter with approximately $24.9 million of cash on hand and nothing drawn on our $200.0 million credit facility.
As previously discussed, we believe we are well positioned to navigate through these slower freight markets as we find our way back to more normalized market conditions. At the same time, we remain focused on delivering profitable growth through a combination of organic and acquisition initiatives and thoughtfully re-levering our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions, and stock buy-backs. Through this approach we believe, over time, we will continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve. In this regard, we made good progress in supporting three agent station conversions over the course of fiscal year 2024 with the acquisition of Daleray (October 2023), the Select businesses (February 2024), and Minnesota-based Viking Worldwide (April 2024). We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and the built-in exit strategy available to the entrepreneurs participating in our network. We believe these three transactions are representative of a broader pipeline of opportunities inherent in our agent-based network and we look forward to supporting other strategic operating partners when they are ready to begin their transition from an agency to a company-owned location. In addition, in June of this year we were able to welcome two new teams to our network with the acquisition of Portland-based DVA Associates and Seattle-based Cascade Transportation both of which joined us from a competing network. And most recently, we completed the acquisition of Foundation Logistics, another great addition to the Radiant network. We will continue to look for green-field acquisition opportunities where we find opportunities that bring critical mass to our current platform with respect to geography, purchasing power and targeted industry segments.”
Fourth Fiscal Quarter Ended June 30, 2024 – Financial Results
For the three months ended June 30, 2024, Radiant reported net income attributable to Radiant Logistics, Inc. of $4.8 million on $206.0 million of revenues, or $0.10 per basic and fully diluted share. For the three months ended June 30, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $3.1 million on $232.2 million of revenues, or $0.07 per basic and $0.06 per fully diluted share.
For the three months ended June 30, 2024, Radiant reported adjusted net income, a non-GAAP financial measure, of $7.0 million, or $0.15 per basic and $0.14 per fully diluted share. For the three months ended June 30, 2023, Radiant reported adjusted net income of $6.5 million, or $0.14 per basic and $0.13 per fully diluted share.
For the three months ended June 30, 2024, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $9.1 million, compared to $9.2 million for the comparable prior year period.
Year Ended June 30, 2024 – Financial Results
For the fiscal year ended June 30, 2024, Radiant reported net income attributable to Radiant Logistics, Inc. of $7.7 million on $802.5 million of revenues, or $0.16 per basic and fully diluted share. For the fiscal year ended June 30, 2023, Radiant reported net income attributable to Radiant Logistics, Inc. of $20.6 million on $1,085.5 million of revenues, or $0.43 per basic and $0.42 per fully diluted share.
For the fiscal year ended June 30, 2024, Radiant reported adjusted net income, a non-GAAP financial measure, of $22.6 million, or $0.48 per basic and $0.46 per fully diluted share. For the fiscal year ended June 30, 2023, Radiant reported adjusted net income of $39.3 million, or $0.82 per basic and $0.79 per fully diluted share.
For the fiscal year ended June 30, 2024, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $31.2 million, compared to $55.6 million for the comparable prior year period.
Earnings Call and Webcast Access Information
Radiant Logistics, Inc. will host a conference call on Thursday, September 12, 2024 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:
Thursday, September 12, 2024 at 4:30 PM Eastern
DIAL-IN
US (888) 506-0062; Intl. (973) 528-0011 (Participant Access Code: 481480)
REPLAY
September 13, 2024 at 9:30 AM Eastern to September 26, 2024 at 4:30 PM Eastern, US (877) 481-4010;
Intl. (919) 882-2331 (Replay ID number: 51221)
Webcast Details
This call is also being webcast and may be accessed via Radiant’s web site at www.radiantdelivers.com or at https://www.webcaster4.com/Webcast/Page/2191/51221
About Radiant Logistics (NYSE American: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) operates as a third-party logistics company, providing technology-enabled global transportation and value-added logistics solutions primarily to customers in the United States and Canada. Through its comprehensive service offerings, Radiant provides domestic and international freight forwarding and freight brokerage services to a diversified account base including manufacturers, distributors and retailers, which it supports from an extensive network of company and agent-owned offices throughout North America and other key markets around the world. Radiant’s value-added logistics services include warehouse and distribution, customs brokerage, order fulfillment, inventory management and technology services.
This report contains “forward-looking statements” within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “estimates,” “expect,” “future,” “intend,” “may,” “plan,” “see,” “seek,” “strategy,” or “will” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management’s beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this report. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in-line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; our ability to continue to respond to macroeconomic factors that have recently had a negative effect on worldwide freight markets; the impact of any health pandemic or environmental event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel, labor, and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from the cybersecurity incident that we reported in March 2024 or future cyber incidents and the effectiveness of the Company’s business continuity plans in response to cyber incidents; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our inability to remediate during fiscal year 2024 a material weakness in our internal controls over financial reporting, and the further risks that may arise should we be unable to remediate that material weakness during fiscal year 2025; and such other factors that may be identified from time to time in our U.S Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1 Item 1A of the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Radiant Logistics, Inc.
Todd Macomber
(425) 943-4541
Media Contact:
Radiant Logistics, Inc.
Jennifer Deenihan
(425) 462-1094
RADIANT LOGISTICS, INC.
Consolidated Balance Sheets
June 30,
(In thousands, except share and per share data)
2024
2023
ASSETS
Current assets:
Cash and cash equivalents
$
24,874
$
32,456
Accounts receivable, net of allowance of $2,103 and $2,776, respectively
118,016
126,725
Contract assets
7,615
6,180
Income tax receivable
3,133
—
Prepaid expenses and other current assets
10,567
15,211
Total current assets
164,205
180,572
Property, technology, and equipment, net
25,558
25,389
Goodwill
93,043
89,203
Intangible assets, net
34,943
36,641
Operating lease right-of-use assets
49,850
56,773
Deposits and other assets
3,586
5,163
Total other long-term assets
181,422
187,780
Total assets
$
371,185
$
393,741
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable
$
73,558
$
84,561
Operating partner commissions payable
13,291
18,360
Accrued expenses
8,948
8,739
Income tax payable
—
369
Current portion of notes payable
—
4,107
Current portion of operating lease liabilities
11,629
11,273
Current portion of finance lease liabilities
643
620
Current portion of contingent consideration
455
3,886
Other current liabilities
1,927
258
Total current liabilities
110,451
132,173
Operating lease liabilities, net of current portion
45,026
52,120
Finance lease liabilities, net of current portion
677
1,121
Contingent consideration, net of current portion
4,710
287
Deferred tax liabilities
812
2,944
Total long-term liabilities
51,225
56,472
Total liabilities
161,676
188,645
Equity:
Common stock, $0.001 par value, 100,000,000 shares authorized; 51,844,249 and
51,603,386 shares issued, and 46,808,943 and 47,294,529 shares outstanding,
respectively
33
33
Additional paid-in capital
110,763
108,516
Treasury stock, at cost, 5,035,306 and 4,308,857 shares, respectively
(31,166)
(27,067)
Retained earnings
133,278
125,593
Accumulated other comprehensive loss
(3,546)
(2,205)
Total Radiant Logistics, Inc. stockholders’ equity
209,362
204,870
Non-controlling interest
147
226
Total equity
209,509
205,096
Total liabilities and equity
$
371,185
$
393,741
RADIANT LOGISTICS, INC.
Consolidated Statements of Comprehensive Income
Three Months Ended June 30,
Year Ended June 30,
(In thousands, except share and per share data)
2024
2023
2024
2023
(unaudited)
Revenues
$
206,032
$
232,225
$
802,470
$
1,085,486
Operating expenses:
Cost of transportation and other services
145,451
165,910
565,947
801,646
Operating partner commissions
22,991
28,489
92,668
115,605
Personnel costs
19,409
19,283
78,212
79,512
Selling, general and administrative expenses
8,636
10,519
38,700
38,548
Depreciation and amortization
4,666
4,458
18,095
22,700
Change in fair value of contingent consideration
—
(259)
(450)
(646)
Total operating expenses
201,153
228,400
793,172
1,057,365
Income from operations
4,879
3,825
9,298
28,121
Other income (expense):
Interest income
503
1,070
2,333
1,384
Interest expense
(212)
(1,028)
(1,056)
(3,273)
Foreign currency transaction gain
21
(47)
143
755
Change in fair value of interest rate swap contracts
(294)
151
(1,197)
383
Other
5
24
199
176
Total other income (expense)
23
170
422
(575)
Income before income taxes
4,902
3,995
9,720
27,546
Income tax expense
(56)
(735)
(1,523)
(6,305)
Net income
4,846
3,260
8,197
21,241
Less: net income attributable to non-controlling interest
(65)
(117)
(512)
(646)
Net income attributable to Radiant Logistics, Inc.
$
4,781
$
3,143
$
7,685
$
20,595
Other comprehensive income:
Foreign currency translation loss
(459)
1,046
(1,341)
(1,409)
Comprehensive income
$
4,387
$
4,306
$
6,856
$
19,832
Income per share:
Basic
$
0.10
$
0.07
$
0.16
$
0.43
Diluted
$
0.10
$
0.06
$
0.16
$
0.42
Weighted average common shares outstanding:
Basic
46,936,272
47,578,272
47,047,754
48,188,663
Diluted
48,589,842
49,163,103
48,822,017
49,551,388
Reconciliation of Non-GAAP Measures
RADIANT LOGISTICS, INC.
Reconciliation of Gross Profit to Adjusted Gross Profit, Net Income Attributable to Radiant Logistics, Inc.
to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin
(unaudited)
As used in this report adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles (“GAAP”). Adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin 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 24.5% tax rate to calculate the provision for income taxes 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 income taxes, depreciation and amortization, net interest expense, share-based compensation, change in fair value of contingent consideration, transition costs, lease termination costs, acquisition related costs, ransomware related costs, litigation costs, change in fair value of interest rate swap contracts, and gain on foreign currency transaction.
We commonly refer to the term “adjusted gross profit” when commenting about our Company and the results of operations. Adjusted gross profit is a non-GAAP measure calculated as revenues less directly related operations and expenses attributed to the Company’s services. Adjusted gross profit is calculated as GAAP gross profit exclusive of depreciation and amortization, which are reported separately. We believe adjusted gross profit is a better measurement than are total revenues when analyzing and discussing the effectiveness of our business and is used as a portion of a key metric the Company uses to discuss its progress.
EBITDA is a non-GAAP measure of income and does not include the effects of interest, taxes, and the “non-cash” effects of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in the EBITDA calculation. We exclude all depreciation charges related to property, technology, and equipment and all amortization charges (including amortization of leasehold improvements). We then further adjust EBITDA to exclude share-based compensation expense, changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, cybersecurity incident related costs, changes in fair value of interest rate swap contracts, restatement costs, transition and lease termination costs, foreign currency transaction gains and losses, litigation expenses unrelated to our core operations, and other non-cash charges. While management considers EBITDA and adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our consolidated financial statements.
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 gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin should not be considered in isolation or as a substitute for any of the consolidated statements of comprehensive income prepared in accordance with GAAP, or as an indication of Radiant’s operating performance or liquidity.
(In thousands)
Three Months Ended June 30,
Year Ended June 30,
Reconciliation of adjusted gross profit to GAAP gross profit
2024
2023
2024
2023
Revenues
$
206,032
$
232,225
$
802,470
$
1,085,486
Cost of transportation and other services (exclusive of depreciation
and amortization, shown separately below)
(145,451)
(165,910)
(565,947)
(801,646)
Depreciation and amortization
(3,253)
(3,327)
(13,055)
(13,621)
GAAP gross profit
$
57,328
$
62,988
$
223,468
$
270,219
Depreciation and amortization
3,253
3,327
13,055
13,621
Adjusted gross profit
$
60,581
$
66,315
$
236,523
$
283,840
GAAP gross profit percentage
27.8
%
27.1
%
27.8
%
24.9
%
Adjusted gross profit percentage
29.4
%
28.6
%
29.5
%
26.1
%
(In thousands)
Three Months Ended June 30,
Year Ended June 30,
Reconciliation of GAAP net income to adjusted EBITDA
2024
2023
2024
2023
Net income attributable to Radiant Logistics, Inc.
$
4,781
$
3,143
$
7,685
$
20,595
Income tax expense
56
735
1,523
6,305
Depreciation and amortization (1)
4,779
4,574
18,552
23,157
Net interest expense (income)
(291)
(42)
(1,277)
1,889
EBITDA
9,325
8,410
26,483
51,946
Share-based compensation
85
672
2,611
2,503
Change in fair value of contingent consideration
—
(259)
(450)
(646)
Acquisition related costs
76
38
526
185
Cybersecurity event
—
(6)
266
6
Litigation costs
(681)
457
594
1,208
Transition, lease termination, and other costs
—
—
76
30
Change in fair value of interest rate swap contracts
294
(151)
1,197
(383)
Restatement costs
—
—
—
1,544
Foreign currency transaction loss (gain)
(21)
47
(143)
(755)
Adjusted EBITDA
$
9,078
$
9,208
$
31,160
$
55,638
Adjusted EBITDA margin (adjusted EBITDA as a % of adjusted gross profit)
15.0
%
13.9
%
13.2
%
19.6
%
(1)
Depreciation and amortization for the purposes of calculating adjusted EBITDA, a non-GAAP financial measure, includes depreciation expenses recognized on certain computer software as a service.
(In thousands, except share and per share data)
Three Months Ended June 30,
Year Ended June 30,
Reconciliation of GAAP net income to adjusted net income
2024
2023
2024
2023
GAAP net income attributable to Radiant Logistics, Inc.
$
4,781
$
3,143
$
7,685
$
20,595
Adjustments to net income:
Income tax expense
56
735
1,523
6,305
Depreciation and amortization
4,666
4,458
18,095
22,700
Change in fair value of contingent consideration
—
(259)
(450)
(646)
Acquisition related costs
76
38
526
185
Cybersecurity event
—
(6)
266
6
Litigation costs
(681)
457
594
1,208
Transition, lease termination, and other costs
—
—
76
30
Change in fair value of interest rate swap contracts
294
(151)
1,197
(383)
Restatement costs
—
—
—
1,544
Amortization of debt issuance costs
100
137
484
510
Adjusted net income before income taxes
9,292
8,552
29,996
52,054
Provision for income taxes at 24.5%
(2,277)
(2,095)
(7,349)
(12,753)
Adjusted net income
$
7,015
$
6,457
$
22,647
$
39,301
Adjusted net income per common share:
Basic
$
0.15
$
0.14
$
0.48
$
0.82
Diluted
$
0.14
$
0.13
$
0.46
$
0.79
Weighted average common shares outstanding:
Basic
46,936,272
47,578,272
47,047,754
48,188,663
Diluted
48,589,842
49,163,103
48,822,017
49,551,388
(In thousands)
Trailing twelve months adjusted EBITDA:
Three months
ended
June 30,
2024
Three months
ended
March 31,
2024
Three months
ended
December 31,
2023
Three months
ended
September 30,
2023
Twelve months
ended
June 30, 2024
Net income attributable to Radiant Logistics, Inc.
$
4,781
$
(703)
$
985
$
2,622
$
7,685
Income tax expense
56
49
404
1,014
1,523
Depreciation and amortization (1)
4,779
4,654
4,479
4,640
18,552
Net interest expense
(291)
(373)
(330)
(283)
(1,277)
EBITDA
9,325
3,627
5,538
7,993
26,483
Share-based compensation
85
951
695
880
2,611
Change in fair value of contingent consideration
—
—
(204)
(246)
(450)
Acquisition related costs
76
129
252
69
526
Cybersecurity event
—
266
—
—
266
Litigation costs
(681)
170
741
364
594
Transition, lease termination, and other costs
—
—
76
—
76
Change in fair value of interest rate swap contracts
294
170
531
202
1,197
Restatement costs
—
—
—
—
—
Foreign currency transaction loss (gain)
(21)
(105)
79
(96)
(143)
Adjusted EBITDA
$
9,078
$
5,208
$
7,708
$
9,166
$
31,160
(1)
Depreciation and amortization for the purposes of calculating adjusted EBITDA, a non-GAAP financial measure, includes depreciation expenses recognized on certain computer software as a service.
View original content to download multimedia:https://www.prnewswire.com/news-releases/radiant-logistics-announces-results-for-the-fourth-fiscal-quarter-and-year-ended-june-30-2024-302247058.html
SOURCE Radiant Logistics, Inc.
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Technology
Supreme Court Justice Michelle O’Bonsawin Joins Elementary Students for Live Virtual Q&A and Chapter One Storybook Reading on Sep. 24
Published
2 hours agoon
September 21, 2024By
The Honourable Justice Michelle O’Bonsawin, the first Indigenous person appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A on September 24, from 1:00-2:15 pm ET, following a reading of the children’s storybook, “Daanis the Judge.” This event is hosted by Chapter One, a children’s literacy charity, to commemorate the National Day for Truth and Reconciliation. Lawyer Victoria Perrie, writer of “Daanis the Judge,” will read aloud the inspiring story, which is based on Justice O’Bonsawin’s remarkable journey. Illustrator EJ Miller-Larson will join Justice O’Bonsawin and Perrie in a moderated Q&A session with over 1900 elementary students.
TORONTO, Sept. 21, 2024 /PRNewswire-PRWeb/ — The Honourable Justice Michelle O’Bonsawin, the first Indigenous person to be appointed to the Supreme Court of Canada, will join elementary students in a live virtual Q&A following a live online reading of the original children’s storybook “Daanis the Judge,” on September 24, from 1:00-2:15 pm ET. The event will be hosted by Chapter One to mark the National Day for Truth and Reconciliation. Chapter One is a children’s literacy charity that provides 1:1 high-impact reading tutoring and co-creates original storybooks with participating communities nationwide.
Métis-Cree lawyer Victoria Perrie, who wrote “Daanis the Judge,” will lead the live reading. Students will ask questions during a moderated Q&A with Justice O’Bonsawin, Perrie, and illustrator EJ Miller-Larson, of the Fond du Lac Band and Oneida Nation.
“Daanis the Judge” was inspired by Justice O’Bonsawin’s trailblazing career. It tells the story of a young student, Daanis, who dreams of becoming a judge after learning about Justice O’Bonsawin’s achievements.
The story is part of Chapter One’s growing collection of original children’s e-storybooks, co-created with Indigenous writers, illustrators and communities. The e-storybooks celebrate Indigenous experiences and perspectives, and feature audio clips of Elders pronouncing foundational words in their communities’ first languages. All e-storybooks are provided for free through the Global Free Library.
About Chapter One
Chapter One (chapterone.org/ca) is a global nonprofit and registered Canadian charity that provides one-on-one early literacy tutoring programs to 2,300 children in eight provinces and territories across Canada. Its proven “short burst” high-impact tutoring approach—five-minute sessions, three to five times a week—is ideally suited to young children’s attention spans and aligns with the Science of Reading. In one of the largest randomized control trials conducted on early literacy instruction, researchers from Stanford University found that 7 out of 10 students receiving Chapter One high impact tutoring achieved phonics benchmarks by the end of Kindergarten, compared to 32% in the control group.
Children at risk of reading failure receive 1:1 reading support from trained, paid paraprofessional tutors through Chapter One’s online reading platform and custom software. Programs are delivered in-person and virtually in classrooms through agreements with schools and school boards, and at home on families’ smartphones, connecting struggling readers with individualized reading support—regardless of location and circumstance, even in some of the most geographically remote communities in Canada.
In addition to its tutoring programs, Chapter One collaborates with Indigenous communities to co-create children’s stories that represent the communities’ priorities and experiences and advance language revitalization efforts. The e-storybooks are provided for free online, as part of the Global Free Library.
Event details
The Live Virtual Q&A and Reading of “Daanis the Judge” with the Honourable Justice O’Bonsawin takes place on Tuesday, September 24, from 1:00-2:15 pm ET via Zoom. The event is open to elementary classes (Grades 1-6). Teachers/principals must register their classes in advance using this link.
Media Contact
Denise Orosa, Chapter One Canada, 1 4374224825, denise.orosa@chapterone.org, chapterone.org/ca
View original content to download multimedia:https://www.prweb.com/releases/supreme-court-justice-michelle-obonsawin-joins-elementary-students-for-live-virtual-qa-and-chapter-one-storybook-reading-on-sep-24-302254639.html
SOURCE Chapter One Canada
Technology
PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”
Published
4 hours agoon
September 21, 2024By
24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music
MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.
On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.
“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.
Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.
“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.
Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.
“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.
About PEAC Institute
PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.
Media Contact
Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org
View original content to download multimedia:https://www.prweb.com/releases/peac-institute-launches-24-hour-pause-for-peace-a-global-concert-302254527.html
SOURCE Pause for Peace
Technology
Global Times: China opens 12 nuclear research facilities to global scientists
Published
5 hours agoon
September 21, 2024By
The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.
These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.
The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.
Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.
Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.
IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.
Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.
On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.
Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.
China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.
At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.
The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.
Contact: xutianshu@globaltimes.com.cn
View original content:https://www.prnewswire.com/news-releases/global-times-china-opens-12-nuclear-research-facilities-to-global-scientists-302254830.html
SOURCE Global Times
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