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Posts record quarterly results with Adjusted EBITDA of $4.5 Million---Up $1.1 Million and 34.3%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 170 bps at 16.2%; and
Posts record annual results with Adjusted EBITDA of $14.8 Million---Up $3.8 Million and 34.1%; Margin Expansion with Adjusted EBITDA as a Percentage of Net Revenues Up 250 bps at 14.9%
BELLEVUE, Wash., Sept. 24, 2014 /PRNewswire/ -- Radiant Logistics, Inc. (NYSE MKT: RLGT), a domestic and international logistics services company, today reported financial results for the three and twelve months ended June 30, 2014.
Fourth fiscal quarter Financial Highlights (Quarter Ended June 30, 2014)
- Net income attributable to common shareholders was approximately $1.6 million, on $102.3 million of revenues, or $0.05 per basic and $0.04 per fully diluted share, for the fourth fiscal quarter of 2014, compared to net income of $2.4 million on $80.7 million of revenues, or $0.07 per basic and fully diluted share, for the comparable prior year period.
- Adjusted net income attributable to common shareholders was $2.0 million, or $0.06 per basic and fully diluted share, for the fourth fiscal quarter of 2014, compared to adjusted net income attributable to common shareholders of $1.7 million, or $0.05 per basic and fully diluted share, for the comparable prior year period. Both periods are calculated by applying a normalized tax rate of 40% and excluding other items not considered part of regular operating activities.
- Adjusted EBITDA increased 34.3% to $4,496,000 for the fourth fiscal quarter of 2014, compared to adjusted EBITDA of $3,347,000 in the comparable prior year period.
- Adjusted EBITDA margin (expressed as a function of net revenues) increased 170 basis points to 16.2% for the fourth fiscal quarter of 2014, compared to Adjusted EBITDA margin of 14.5% in the comparable prior year period.
CEO Comments
"We are very pleased to report record results for the quarter and our continuing trend of margin expansion and earnings growth," said Bohn Crain, Founder and CEO. "We posted Adjusted EBITDA of $4.5 million for the quarter ended June 30, 2014, up approximately $1.1 million and 34.3% over the comparable prior year period. Consistent with past quarters, we also continue to make good progress in leveraging our scalable business model to drive margin expansion. For the quarter ended June 30, 2014, our Adjusted EBITDA expressed as a function of net revenues increased 170 basis points, up from 14.5% to 16.2% for the comparable prior year period.
"We also posted record results for the full fiscal year ended June 30, 2014, with Adjusted EBITDA of $14.8, up approximately $3.8 million and 34.1% over the comparable prior year period. Our Adjusted EBTIDA expressed as a function of net revenues increased 250 basis points, up from 12.4% to 14.9% for the comparable prior year period. As a reminder, these results only include 9 months of contribution from our acquisition of On Time Express which we completed effective October 1, 2013. 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 margin expansion as we continue to scale the business and look for ways to drive operating efficiencies in our non-asset based business model."
Crain continued: "We remain very bullish on the growth platform we have created at Radiant, our expanding opportunities within the agent-based forwarding community and beyond and the scalability of our non-asset based business model. Organically, we continue to focus on improving the tools available to our existing network to win new business as well as expanding the network itself by on-boarding new operating partners that recognize the benefit of our platform. In addition, we continue to enjoy significant financial flexibility to accelerate our growth via acquisitions which may include the acquisition of existing operating partners, the acquisition of agent stations participating in competing networks and given the opportunity, the acquisition of other competing networks. In addition, we also have an interest in pursuing other non-asset based acquisition opportunities that bring critical mass from a geographic standpoint, purchasing power and/or complementary service offerings to the current platform. We have developed a very robust pipeline of growth opportunities meeting these criteria and we looking forward to sharing additional information as things develop."
Crain concluded: "We are providing guidance for the upcoming quarter ending September 30, 2014 and excluding the impact of any further acquisitions, gain on litigation, or other unusual items, we are projecting adjusted EBITDA in the range of $3.7 - $4.3 million on approximately $95.0 - $100.0 million in revenues which equates to adjusted net income available to common shareholders in the range of $1.5 - $1.9 million, or $0.04 - $0.05 per basic and fully diluted share. As with our previous communications, we would also like to remind investors that our free cash flow is generally higher than our net income because we have significant non-cash depreciation and amortization expenses flowing through our financial statements as a result of the mechanics of accounting for acquisitions and the fact that we have minimal maintenance capital expenditure requirements."
Fourth Fiscal Quarter ended June 30, 2014 – Financial Results
For the three months ended June 30, 2014, Radiant reported net income attributable to common shareholders of $1,604,000 on $102.3 million of revenues, or $0.05 per basic and $0.04 per fully diluted share. For the three months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $2,352,000 on $80.7 million of revenues, or $0.07 per basic and fully diluted share.
For the three months ended June 30, 2014, Radiant reported adjusted net income attributable to common shareholders of $2,029,000, or $0.06 per basic and fully diluted share. For the three months endedJune 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $1,707,000, or $0.05 per basic and fully diluted share.
The Company also reported adjusted EBITDA of $4,496,000 for the three months ended June 30, 2014, compared to adjusted EBITDA of $3,347,000 for the three months ended June 30, 2013.
In addition, the Company also reported adjusted EBITDA margin (expressed as a function of net revenues) of 16.2% for the three months ended June 30, 2014, compared to adjusted EBITDA margin of 14.5% in the comparable prior period.
A reconciliation of the Company's adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the three months ending June 30, 2014 and 2013 appears at the end of this release.
Twelve Months ended June 30, 2014 – Financial Results
For the twelve months ended June 30, 2014, Radiant reported net income attributable to common shareholders of $4,027,000 on $349.1 million of revenues, or $0.12 per basic and $0.11 per fully diluted share, including a loss on write-off of debt discount of $1,238,000. For the twelve months ended June 30, 2013, Radiant reported net income attributable to common shareholders of $3,657,000 on $310.8 million of revenues, or $0.11 per basic and $0.10 per fully diluted share, including transition and lease termination costs of $1,544,000.
For the twelve months ended June 30, 2014, Radiant reported adjusted net income attributable to common shareholders of $6,769,000, or $0.20 per basic and $0.19 per fully diluted share. For the twelve months ended June 30, 2013, Radiant reported adjusted net income attributable to common shareholders of $5,409,000, or $0.16 per basic and $0.15 per fully diluted share.
The Company also reported adjusted EBITDA of $14,750,000 for the twelve months ended June 30, 2014, compared to adjusted EBITDA of $10,998,000 for the twelve months ended June 30, 2013.
In addition, the Company also reported adjusted EBITDA margin (expressed as a function of net revenues) of 14.9% for the twelve months ended June 30, 2014, compared to adjusted EBITDA margin of 12.4% in the comparable prior period.
A reconciliation of the Company's adjusted net income and adjusted EBITDA to the most directly comparable GAAP measure for the twelve months ending June 30, 2014 and 2013 appears at the end of this release.
Network Expansion – Issaquah, WA
Effective September 1, 2014, the Company acquired Trans-NET, Inc. ("Trans-NET"). Trans-NET is an Issaquah, Washington -based, privately held company with extensive experience in providing integrated project logistics solutions in key Russian oil, gas, mining and infrastructure development markets. The transaction was structured as a purchase of assets and includes an option to purchase the assets of Trans-NET's Russian affiliate, Trans-NET International Logistics, LLC ("TNIL") with operations in Sakhalin Island, Vladivostok and Moscow.
Reconciliation of Non-GAAP Financial Measures
This press release contains certain non-GAAP financial measures as defined under the Securities Exchange Commission ("SEC") rules such as adjusted net income, adjusted net income per share and earnings before interest, taxes, depreciation and amortization ("EBITDA"). We believe that supplemental disclosure of these amounts are important metrics used by management to evaluate and understand the performance of the ongoing operations of Radiant's business that eliminates depreciation, amortization and certain other non-cash costs and other significant items that are not part of regular operating activities. A reconciliation of adjusted net income, adjusted net income per share and adjusted EBITDA for the outlook period ending September 30, 2014 is as follows:
(in thousands, except for earnings per share)
Outlook | ||||
Net income attributable to Radiant Logistics, Inc. | $ | 1,094 - $1,418 | ||
Less: Preferred Dividend Requirement | $ | (511) | ||
Net income attributable to common shareholders | $ | 583 - $907 | ||
Net income per common share | ||||
Basic and Diluted | $ | 0.02 – 0.03 | ||
Weighted average shares outstanding: | ||||
Basic shares | 34,500,000 | |||
Diluted shares | 36,150,000 | |||
Reconciliation of net income to adjusted net income: | ||||
Net income attributable to common shareholders | $ | 582 – $907 | ||
Adjustments to net income: | ||||
Income tax expense | $ | 749 - $966 | ||
Non-recurring legal and other | $ | 225 | ||
Depreciation and amortization | $ | 1,333 | ||
Adjusted net income before taxes | $ | 2,889 - $3,431 | ||
Less: Provision for income taxes at 40% before preferred dividend requirement of $511 | $ | (1,360) – (1,577) | ||
Adjusted net income | $ | 1,529 - $1,854 | ||
Adjusted net income per common share: | ||||
Basic | $ | 0.04 - $0.05 | ||
Diluted | $ | 0.04 - $0.05 |
Reconciliation of net income to adjusted EBITDA: | Outlook | |||
Net Income attributable to common shareholders | $ | 583 – $907 | ||
Preferred dividends | $ | 511 | ||
Net income attributable to Radiant Logistics, Inc. | $ | 1,094 – $1,418 | ||
Adjustments to net income: | ||||
Income tax expense | $ | 749 - $966 | ||
Depreciation and amortization | $ | 1,333 | ||
Net interest expense | $ | 100 | ||
EBITDA | $ | 3,276 -$3,817 | ||
Share-based compensation | $ | 201 | ||
Non-recurring legal and other | $ | 225 | ||
Change in contingent consideration | $ | 44 | ||
Adjusted EBITDA | $ | 3,746 - $4,287 |
This supplemental financial information is presented for informational purposes only and is not a substitute for the financial information presented in accordance with accounting principles generally accepted in the United States.
Investor Conference Call
Radiant will host a conference call for shareholders and the investing community on Thursday, September 25, 2014 at 4:00 pm, ET to discuss the contents of this release. The call can be accessed by dialing (877) 407-8031, or (201) 689-8031 for international participants, and is expected to last approximately 30 minutes. Callers are requested to dial in 5 minutes before the start of the call. An audio replay will be available for one week after the teleconference by dialing (877) 660-6853, or (201) 612-7415 for international callers, and using account number 286 and conference ID number 13582279. This call is also being webcast and may be accessed via Radiant's web site at www.radiantdelivers.com.
About Radiant Logistics (NYSE MKT: RLGT)
Radiant Logistics, Inc. (www.radiantdelivers.com) is a non-asset based transportation and logistics services company providing domestic and international freight forwarding services and truck brokerage services through a network of Company-owned and strategic operating partner locations operating under the Radiant, Airgroup, Adcom, DBA and On Time network brands located throughout North America and an integrated service partner network serving other markets around the globe. We also offer an expanding array of value-added supply chain management services, including customs brokerage, order fulfillment, inventory management and warehousing.
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, outcomes of legal proceedings, competition, management of growth, potential fluctuations in operating results, and government regulation. More information about factors that potentially could affect Radiant Logistics, Inc. 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.
RADIANT LOGISTICS, INC. | |||||||
Consolidated Balance Sheets | |||||||
June 30, | |||||||
2014 | 2013 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 2,880,205 | $ | 1,024,192 | |||
Accounts receivable, net of allowance of $1,034,934 and $1,445,646, | 67,856,337 | 52,131,462 | |||||
Current portion of employee and other receivables | 232,791 | 328,123 | |||||
Prepaid expenses and other current assets | 2,926,431 | 2,477,904 | |||||
Deferred tax asset | 925,208 | 908,564 | |||||
Total current assets | 74,820,972 | 56,870,245 | |||||
Furniture and equipment, net | 1,265,107 | 1,289,818 | |||||
Acquired intangibles, net | 15,041,988 | 9,231,163 | |||||
Goodwill | 28,247,003 | 15,952,544 | |||||
Employee and other receivables, net of current portion | 22,070 | 72,433 | |||||
Deposits and other assets | 617,093 | 336,613 | |||||
Total long-term assets | 43,928,154 | 25,592,753 | |||||
Total assets | $ | 120,014,233 | $ | 83,752,816 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable and accrued transportation costs | $ | 48,299,922 | $ | 35,767,785 | |||
Commissions payable | 5,569,671 | 6,086,324 | |||||
Other accrued costs | 2,517,415 | 2,176,567 | |||||
Income taxes payable | 436,328 | 361,571 | |||||
Current portion of notes payable | — | 767,091 | |||||
Current portion of contingent consideration | 1,541,000 | 305,000 | |||||
Current portion of lease termination liability | 319,826 | 305,496 | |||||
Total current liabilities | 58,684,162 | 45,769,834 | |||||
Notes payable and other long-term debt, net of current portion and debt discount | 7,243,371 | 17,213,424 | |||||
Contingent consideration, net of current portion | 9,626,000 | 3,720,000 | |||||
Lease termination liability, net of current portion | 198,502 | 505,353 | |||||
Deferred rent liability | 560,248 | 583,401 | |||||
Deferred tax liability | 2,774,506 | 73,433 | |||||
Other long-term liabilities | 2,610 | 2,610 | |||||
Total long-term liabilities | 20,405,237 | 22,098,221 | |||||
Total liabilities | 79,089,399 | 67,868,055 | |||||
Stockholders' equity: | |||||||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; | 839 | — | |||||
Common stock, $0.001 par value, 100,000,000 shares authorized; | 15,781 | 14,803 | |||||
Additional paid-in capital | 34,558,785 | 13,873,157 | |||||
Deferred compensation | (9,209) | (14,252) | |||||
Retained earnings | 6,317,473 | 1,943,530 | |||||
Total Radiant Logistics, Inc. stockholders' equity | 40,883,669 | 15,817,238 | |||||
Non-controlling interest | 41,165 | 67,523 | |||||
Total stockholders' equity | 40,924,834 | 15,884,761 | |||||
Total liabilities and stockholders' equity | $ | 120,014,233 | $ | 83,752,816 |
RADIANT LOGISTICS, INC. | ||||||||||||||||
Consolidated Statements of Operations | ||||||||||||||||
Three Months Ended June 30, | Twelve Months Ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Revenues | $ | 102,254,964 | $ | 80,718,576 | $ | 349,133,058 | $ | 310,835,104 | ||||||||
Cost of transportation | 74,478,185 | 57,656,531 | 249,897,847 | 222,402,301 | ||||||||||||
Net revenues | 27,776,779 | 23,062,045 | 99,235,211 | 88,432,803 | ||||||||||||
Operating partner commissions | 14,246,080 | 13,508,383 | 53,654,531 | 52,465,832 | ||||||||||||
Personnel costs | 6,552,772 | 4,627,384 | 21,836,922 | 17,441,054 | ||||||||||||
Selling, general and administrative expenses | 3,079,025 | 1,893,395 | 10,728,131 | 8,440,603 | ||||||||||||
Depreciation and amortization | 1,227,778 | 876,650 | 4,532,135 | 3,943,795 | ||||||||||||
Transition and lease termination costs | — | — | — | 1,544,454 | ||||||||||||
Change in contingent consideration | (683,000) | (1,875,000) | (2,040,567) | (2,825,000) | ||||||||||||
Total operating expenses | 24,422,655 | 19,030,812 | 88,711,152 | 81,010,738 | ||||||||||||
Income from operations | 3,354,124 | 4,031,233 | 10,524,059 | 7,422,065 | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest income | 1,498 | 3,009 | 8,091 | 15,688 | ||||||||||||
Interest expense | (88,960) | (515,509) | (1,194,303) | (2,015,944) | ||||||||||||
Loss on write-off of debt discount | — | — | (1,238,409) | — | ||||||||||||
Gain on litigation settlement, net | — | — | — | 368,162 | ||||||||||||
Other | 55,154 | 108,587 | 164,382 | 346,617 | ||||||||||||
Total other expense | (32,308) | (403,913) | (2,260,239) | (1,285,477) | ||||||||||||
Income before income tax expense | 3,321,816 | 3,627,320 | 8,263,820 | 6,136,588 | ||||||||||||
Income tax expense | (1,192,606) | (1,261,883) | (3,081,865) | (2,371,158) | ||||||||||||
Net income | 2,129,210 | 2,365,437 | 5,181,955 | 3,765,430 | ||||||||||||
Less: Net income attributable to non-controlling interest | (14,321) | (13,722) | (63,642) | (107,972) | ||||||||||||
Net income attributable to Radiant Logistics, Inc. | 2,114,889 | 2,351,715 | 5,118,313 | 3,657,458 | ||||||||||||
Less: Preferred stock dividends | (511,388) | — | (1,091,275) | — | ||||||||||||
Net income attributable to common stockholders | $ | 1,603,501 | $ | 2,351,715 | $ | 4,027,038 | $ | 3,657,458 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.07 | $ | 0.12 | $ | 0.11 | ||||||||
Diluted | $ | 0.04 | $ | 0.07 | $ | 0.11 | $ | 0.10 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic shares | 34,209,601 | 33,337,362 | 33,716,367 | 33,120,767 | ||||||||||||
Diluted shares | 35,755,520 | 35,151,988 | 35,458,401 | 34,910,911 |
RADIANT LOGISTICS, INC.
Reconciliation of Net Income to Adjusted Net Income, EBITDA, Adjusted EBITDA, and Reconciliation of Net
Income per share to Adjusted Net Income per share
(unaudited)
As used in this report, Adjusted Net Income and Adjusted Net Income per Share, EBITDA and Adjusted EBITDA are not measures of financial performance or liquidity under United States Generally Accepted Accounting Principles ("GAAP"). Adjusted Net Income and Adjusted Net Income per Share, EBITDA and 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 40% 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 difference effective tax rates. In addition, in arriving at Adjusted Net Income and Adjusted Net Income per Share, the Company adjusts for significant items that are not part of regular operating activities. These adjustments include acquisition costs, transition, severance and lease termination costs, non-recurring litigation expenses as well as depreciation and amortization and certain other non-cash charges.
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, severance and lease termination costs, extraordinary items, share based compensation expense, non-recurring litigation expenses and other non-cash charges. We believe that adjusted EBITDA, as presented, represents a useful method of assessing the performance of our operating activities, as it reflects our earnings trends without the impact of certain non-cash charges and other non-recurring charges. We understand that although securities analysts frequently use EBITDA in their evaluation of companies, it is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the method of calculation. Adjusted Net Income and Adjusted Net income per Share, EBITDA and 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.
Three Months Ended | Twelve Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to common stockholders | $ | 1,603,501 | $ | 2,351,715 | $ | 4,027,038 | $ | 3,657,458 | ||||||||
Net income per common share: | ||||||||||||||||
Basic | $ | 0.05 | $ | 0.07 | $ | 0.12 | $ | 0.11 | ||||||||
Diluted | $ | 0.04 | $ | 0.07 | $ | 0.11 | $ | 0.10 | ||||||||
Weighted average shares outstanding: | ||||||||||||||||
Basic shares | 34,209,601 | 33,337,362 | 33,716,367 | 33,120,767 | ||||||||||||
Diluted shares | 35,755,520 | 35,151,988 | 35,458,401 | 34,910,911 | ||||||||||||
Reconciliation of net income to adjusted net income: | ||||||||||||||||
Net income attributable to common stockholders | $ | 1,603,501 | $ | 2,351,715 | $ | 4,027,038 | $ | 3,657,458 | ||||||||
Adjustments to net income: | ||||||||||||||||
Income tax expense | 1,192,606 | 1,261,883 | 3,081,865 | 2,371,158 | ||||||||||||
Depreciation and amortization | 1,227,778 | 876,650 | 4,532,135 | 3,943,795 | ||||||||||||
Change in contingent consideration | (683,000) | (1,875,000) | (2,040,567) | (2,825,000) | ||||||||||||
Gain on litigation settlement, net | — | — | — | (368,162) | ||||||||||||
Lease termination costs | — | — | — | 1,439,018 | ||||||||||||
Acquisition related costs | 45,136 | 51,891 | 352,805 | 104,834 | ||||||||||||
Severance and transition costs associated with acquisitions | — | — | — | 105,436 | ||||||||||||
Non-recurring legal costs | 321,465 | 103,687 | 614,614 | 305,677 | ||||||||||||
Amortization of loan fees and OID | 15,296 | 74,501 | 203,003 | 280,790 | ||||||||||||
Loss on write-off of debt discount | — | 1,238,409 | — | |||||||||||||
Adjusted Net Income before income taxes | 3,722,782 | 2,845,327 | 12,009,302 | 9,015,004 | ||||||||||||
Provision for income taxes at 40% before preferred dividend requirement | (1,693,668) | (1,138,132) | (5,240,231) | (3,606,002) | ||||||||||||
Adjusted net income | $ | 2,029,114 | $ | 1,707,195 | $ | 6,769,071 | $ | 5,409,002 | ||||||||
Adjusted net income per common share: | ||||||||||||||||
Basic | $ | 0.06 | $ | 0.05 | $ | 0.20 | $ | 0.16 | ||||||||
Diluted | $ | 0.06 | $ | 0.05 | $ | 0.19 | $ | 0.15 |
Three Months Ended | Twelve Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
Reconciliation of net income to adjusted EBITDA | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income attributable to common stockholders | $ | 1,603,501 | $ | 2,351,715 | $ | 4,027,038 | $ | 3,657,458 | ||||||||
Preferred stock dividends | 511,388 | — | 1,091,275 | — | ||||||||||||
Net income attributable to Radiant Logistics, Inc. | 2,114,889 | 2,351,715 | 5,118,313 | 3,657,458 | ||||||||||||
Income tax expense | 1,192,606 | 1,261,883 | 3,081,865 | 2,371,158 | ||||||||||||
Depreciation and amortization | 1,227,778 | 876,650 | 4,532,135 | 3,943,795 | ||||||||||||
Net interest expense | 87,462 | 512,500 | 1,186,212 | 2,000,256 | ||||||||||||
EBITDA | 4,622,735 | 5,002,748 | 13,918,525 | 11,972,667 | ||||||||||||
Share-based compensation | 189,170 | 63,593 | 666,098 | 369,351 | ||||||||||||
Change in contingent consideration | (683,000) | (1,875,000) | (2,040,567) | (2,825,000) | ||||||||||||
Acquisition related costs | 45,136 | 51,891 | 352,805 | 104,834 | ||||||||||||
Non-recurring legal costs | 321,465 | 103,687 | 614,614 | 305,677 | ||||||||||||
Lease termination costs | — | — | — | 1,439,018 | ||||||||||||
Loss on write-off of debt discount | — | — | 1,238,409 | — | ||||||||||||
Gain on litigation settlement, net | — | — | — | (368,162) | ||||||||||||
Adjusted EBITDA | $ | 4,495,506 | $ | 3,346,919 | $ | 14,749,884 | $ | 10,998,385 | ||||||||
As a % of Net Revenues | 16.2 | % | 14.5 | % | 14.9 | % | 12.4 | % |
SOURCE Radiant Logistics, Inc.
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