Radiant(RLGT)2024-11-12 21:55Financial Performance - Revenues for the three months ended September 30, 2024, were 210.797 million for the same period in 2023[5] - Net income attributable to Radiant Logistics, Inc. for the quarter was 2.622 million in the prior year[5] - Total gross revenues for the three months ended September 30, 2024, were 210,797,000 for the same period in 2023, representing a decline of approximately 3.2%[35] - Net income attributable to Radiant Logistics, Inc. for the three months ended September 30, 2024, was 7.496 million for the same period in 2023, representing a 22.2% increase[83] - Adjusted EBITDA for the three months ended September 30, 2024, was 8.895 million for the same period in 2023, reflecting a 16.4% increase[83] Assets and Liabilities - Total current assets decreased to 164.205 million at the end of June 2024[4] - Total assets increased to 371.185 million at the end of June 2024[4] - Total liabilities were 161.676 million at the end of June 2024[4] - Cash and cash equivalents decreased to 24.874 million at the end of June 2024[4] Shareholder Information - The company had 46,915,415 shares outstanding as of November 4, 2024[2] - The company repurchased common stock totaling 230,000 in the same period of 2023[8] - A total of 129,360 shares of common stock were repurchased at an average price of 199.761 million for the quarter, a decrease from 207.136 million in the same quarter of 2023[5] - Selling, general and administrative (SG&A) expenses increased by 0.8 million, or 8.9%, to 19.6 million for the three months ended September 30, 2024, but as a percentage of adjusted gross profit, they increased to 34.1% from 32.3%[82] Cash Flow - Cash provided by operating activities for the three months ended September 30, 2024, was 7,886,000 in the same period of 2023[8] - Net cash provided by operating activities decreased to 7.9 million in the same period of 2023, a decline of 13.5 million for the three months ended September 30, 2024, compared to 11.4 million paid for acquisitions[85] Acquisitions - The company completed an acquisition during the three months ended September 30, 2024, with a net cash outflow of 11,444,000[8] - The company acquired Foundation Logistics & Services, LLC on September 1, 2024, with goodwill recorded in the United States operating segment[69] - The company also acquired the assets and operations of Focus Logistics, Inc. effective October 1, 2024, to enhance its offerings in the Detroit area[70] Revenue Recognition - The Company recognizes revenue primarily from transportation services, which include both domestic and international freight arrangements, with revenue recognized upon the transfer of control over the requisite transit period[22] - Transportation revenue for the three months ended September 30, 2024, was 191.8 million, a decrease of 198.0 million in 2023[79] - Adjusted transportation gross profit was 53.8 million in 2023, with net transportation margins decreasing from 27.2% to 26.5%[79] Internal Controls and Compliance - The company reported a material weakness in internal controls over financial reporting related to the recording and processing of revenue transactions as of September 30, 2024[91] - Management made significant progress in designing and implementing new controls to mitigate risks associated with revenue accuracy during fiscal year 2024[92] - Enhanced procedures and controls have been implemented to improve the accuracy of revenue accruals[92] - Management believes that the suite of controls implemented will provide reasonable assurance against material misstatements in revenue[92] Economic Environment - The global economic environment remains uncertain, with inflation and geopolitical tensions potentially impacting business and financial results[74]