# EDGAR Filing Document

**Accession Number:** 0001171155
**File Stem:** 0000950170-23-009864
**Filing Date:** 2023-3
**Character Count:** 50468
**Document Hash:** 0f7177455f678155866e013ec0c15643
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-009864.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0000950170-23-009864

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20230327

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RADIANT LOGISTICS, INC
- **CENTRAL INDEX KEY:** 0001171155
- **STANDARD INDUSTRIAL CLASSIFICATION:** ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731]
- **IRS NUMBER:** 043625550
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35392
- **FILM NUMBER:** 23761492

**BUSINESS ADDRESS:**
- **STREET 1:** 700 S RENTON VILLAGE PLACE
- **STREET 2:** SEVENTH FLOOR
- **CITY:** RENTON
- **STATE:** WA
- **ZIP:** 98057
- **BUSINESS PHONE:** 425-462-1094

**MAIL ADDRESS:**
- **STREET 1:** 700 S RENTON VILLAGE PLACE
- **STREET 2:** SEVENTH FLOOR
- **CITY:** RENTON
- **STATE:** WA
- **ZIP:** 98057

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GOLF TWO INC
- **DATE OF NAME CHANGE:** 20020415

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 27, 2023<br>

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RADIANT LOGISTICS, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-35392 | 04-3625550 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| Triton Towers Two<br>Seventh Floor<br>700 S. Renton Village Place |  |  |
| Renton**,** Washington |  | 98057 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** 425 462-1094<br>

N/A<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Stock, $0.001 Par Value | RLGT | NYSE American LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.** 

On March 27, 2023, Radiant Logistics, Inc. (the "Company") issued a press release announcing its financial results for the first quarter ended September 30, 2022, and the second quarter ended December 31, 2022. A copy of the press release, dated March 27, 2023, is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The attached press release and transcript contain information that includes the following Non-GAAP financial measures as defined in Regulation G adopted by the Securities and Exchange Commission: adjusted gross profit, adjusted net income, EBITDA, adjusted EBITDA, and adjusted EBITDA margin. The Company's management believes that presenting such Non-GAAP financial measures provides useful information to investors regarding the underlying business trends and performance of the Company's ongoing operations. These Non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP and should not be relied upon to the exclusion of GAAP financial measures. Management strongly encourages investors to review the Company's consolidated financial statements in their entirety and to not rely on any single financial measure. A table providing a reconciliation of Non-GAAP financial measures to the most directly comparable GAAP financial measures is included within the press release furnished as Exhibit 99.1 to this Current Report on Form 8-K.

The information in this Item 2.02 of this Current Report, including Exhibit 99.1 is being furnished and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that Section. The information in this Item 2.02 of this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended, or the Exchange Act.

**Item 9.01 Financial Statements and Exhibits** 

(d) Exhibits.

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| | |
|:---|:---|
| No. | Description |
| 99.1 | [<u>Press Release, dated March 27, 2023, announcing financial results for the first fiscal quarter ended September 30, 2022, and second fiscal quarter ended December 31, 2022.</u>](rlgt-ex99_1.htm) |
| 104 | Cover Page Interactive Data (embedded within the Inline XBRL document) |

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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **Radiant Logistics, Inc.** | **Radiant Logistics, Inc.** |
| Date: March 27, 2023  | By: | /s/ Todd Macomber |
|  |  | Todd Macomber |
|  |  | Senior Vice President and Chief Financial Officer |

---

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## Ex-99

**Exhibit 99.1**

![img185176670_0.jpg](img185176670_0.jpg)

**RADIANT LOGISTICS ANNOUNCES RESULTS FOR**

**THE FIRST fiscal quarter ENDED September 30, 2022, AND**

**SECOND FISCAL QUARTER ENDED December 31, 2022**

Brings Its Filings Current with the SEC;

Continues Trend with Strong Results through the Six Months Ended December 31, 2022

RENTON, WA March 27, 2023 – Radiant Logistics, Inc. (NYSE American: RLGT), a technology-enabled global transportation and value-added logistics services company, announced today the filing of its quarterly reports on Form 10-Q for the quarters ended September 30, 2022 and December 31, 2022. With the filing of these two quarterly reports the Company is now current in its filings with the Securities and Exchange Commission ("SEC").

**Financial Highlights – Three Months Ended September 30, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues increased to a record $331.0 million for the first fiscal quarter ended September 30, 2022, up $31.6 million or 10.6%, compared to revenues of $299.4 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit increased to a record $74.7 million for the first fiscal quarter ended September 30, 2022, up $13.0 million or 21.1%, compared to gross profit of $61.7 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted gross profit, a non-GAAP financial measure, increased to a record $76.5 million for the first fiscal quarter ended September 30, 2022, up $11.8 million or 18.2%, compared to adjusted gross profit of $64.7 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to Radiant Logistics, Inc. increased to a record $8.4 million, or $0.17 per basic and fully diluted share up $0.8 million or 10.5% compared to $7.6 million, or $0.15 per basic and fully diluted share for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income, a non-GAAP financial measure, increased to a record $13.4 million, or $0.27 per basic and fully diluted share for the first fiscal quarter ended September 30, 2022, up $2.3 million or 20.7%, compared to adjusted net income of $11.1 million, or $0.22 per basic and fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA, a non-GAAP financial measure, increased to a record $18.5 million for the first fiscal quarter ended September 30, 2022, up $3.3 million or 21.7%, compared to adjusted EBITDA of $15.2 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA margin (adjusted EBITDA expressed as a percentage of adjusted gross profit), a non-GAAP financial measure, increased to a record 24.2% for the first fiscal quarter ended September 30, 2022, up 60 basis points, compared to adjusted EBITDA margin of 23.6% for the comparable prior year period.

**Financial Highlights – Three Months Ended December 31, 2022**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues decreased to $278.1 million for the second fiscal quarter ended December 31, 2022, down $57.7 million or 17.2%, compared to revenues of $335.8 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit increased to $70.4 million for the second fiscal quarter ended December 31, 2022, up $2.6 million or 3.8%, compared to gross profit of $67.8 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted gross profit, a non-GAAP financial measure, increased to $74.0 million for the second fiscal quarter ended December 31, 2022, up $2.9 million or 4.1%, compared to adjusted gross profit of $71.1 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income attributable to Radiant Logistics, Inc. decreased to $4.8 million, or $0.10 per basic and fully diluted share, $1.7 million compared to $6.5 million, or $0.13 per basic and fully diluted share for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted net income, a non-GAAP financial measure, decreased to $10.5 million, or $0.22 per basic and $0.21 per fully diluted share for the second fiscal quarter ended December 31, 2022, down $1.4 million or 11.8%, compared to adjusted net

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income of $11.9 million, or $0.24 per basic and $0.23 per fully diluted share for the comparable prior year period. Adjusted net income is calculated by applying a normalized tax rate of 24.5% and excluding other items not considered part of regular operating activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA, a non-GAAP financial measure, decreased to $15.3 million for the second fiscal quarter ended December 31, 2022, down $1.4 million or 8.4%, compared to adjusted EBITDA of $16.7 million for the comparable prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA margin (adjusted EBITDA expressed as a percentage of adjusted gross profit), a non-GAAP financial measure, decreased to 20.7% for the second fiscal quarter ended December 31, 2022, down 280 basis points, compared to adjusted EBITDA margin of 23.5% for the comparable prior year period.

**<br>Acquisition Update**

On October 1, 2022, the Company announced that it acquired Cascade Enterprises of Minnesota, Inc. ("Cascade"), a Minnesota based, privately–held company that has operated as a strategic operating partner under the Company's Airgroup brand since 2007. The Company structured the transaction 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. Cascade continued to operate under the Airgroup brand through the calendar year 2022 and is expected to transition to the Radiant brand over the course of 2023 as it is combined with existing Company owned operations in the Minneapolis area.

**Stock Buy-back**

Under the terms of our outstanding Rule 10b5-1 Repurchase Plan, the Company purchased 839,864 shares of our common stock at an average cost of $5.95 per share for an aggregate cost of $5.0 million during the six months ended December 31, 2022. As of March 20, 2023, the Company had 48,181,256 shares outstanding.

**CEO Bohn Crain Comments on Results and the Company Coming Current in Its Filings with the SEC**

"We are very pleased to continue our trend of solid financial results for each of the first two quarters of fiscal year 2023," said Bohn Crain, Founder and CEO of Radiant Logistics. "For the six months ended December 31, 2022, we posted revenues of $609.1 million, down $26.1 million or 4.1%; gross profit of $145.2 million, up $15.7 million or 12.1%; adjusted gross profit of $150.5 million, up $14.6 million or 10.7%; net income attributable to Radiant Logistics, Inc. of $13.3 million, down $0.8 million or 5.7%; adjusted net income of $23.9 million, up $0.9 million or 3.9%, and record adjusted EBITDA of $33.9 million, up $1.9 million or 5.9%. These results reflect the benefit of our scalable non-asset-based business model, our diversity of service offerings, and our ability to quickly respond to changing market dynamics and support our customers in this capacity constrained market.

During the six months ended December 31, 2022, we also continued to make good progress in our balanced approach to capital allocation through a combination of our strategic acquisition and stock buy-back initiatives. As previously reported, we completed the acquisition of our long-time strategic operating partner, Cascade Enterprises in Minnesota, effective as of October 1, 2022. In addition, we also acquired $5.0 million of our common stock during the quarter at what we believe was very attractive pricing. During the six-month period we also generated $65.5 million in cash from operations. As of December 31, 2022, we have for the first time in the Company's history, no net debt, with cash on hand of $62.0 million and total debt of only $53.7 million. Our adjusted EBITDA for the trailing twelve months ended December 31, 2022 was $82.8 million."

Mr. Crain continued: "With the filing of these two Form 10-Qs we have now completed the process of bringing our filings current with the SEC and we are excited to be able to get back to business—leveraging our best-in-class technology, robust North American footprint and extensive global network of service partners to continue to build on the great platform we have built here at Radiant. As we have previously discussed, while we remain very optimistic about our prospects for fiscal year 2023 and beyond, we are definitely seeing signs of a slowing economy and expect operations to return to more normalized levels and growth rates in coming quarters. We believe we are well positioned with a durable, diverse service offering and strong balance sheet to support our customers and continue to execute upon our broader strategic initiatives."

**First Fiscal Quarter Ended September 30, 2022 – Financial Results** 

For the three months ended September 30, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of $8.4 million on $331.0 million of revenues, or $0.17 per basic and fully diluted share. For the three months ended September 30, 2021, Radiant reported net income attributable to Radiant Logistics, Inc. of $7.6 million on $299.4 million of revenues, or $0.15 per basic and fully diluted share.

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For the three months ended September 30, 2022, Radiant reported adjusted net income, a non-GAAP financial measure, of $13.4 million, or $0.27 per basic and fully diluted share. For the three months ended September 30, 2021, Radiant reported adjusted net income of $11.1 million, or $0.22 per basic and fully diluted share.

For the three months ended September 30, 2022, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $18.5 million, compared to $15.2 million for the comparable prior year period.

**Second Fiscal Quarter Ended December 31, 2022 – Financial Results** 

For the three months ended December 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of $4.8 million on $278.1 million of revenues, or $0.10 per basic and fully diluted share. For the three months ended December 31, 2021, Radiant reported net income attributable to Radiant Logistics, Inc. of $6.5 million on $335.8 million of revenues, or $0.13 per basic and fully diluted share.

For the three months ended December 31, 2022, Radiant reported adjusted net income, a non-GAAP financial measure, of $10.5 million, or $0.22 per basic and $0.21 per fully diluted share. For the three months ended December 31, 2021, Radiant reported adjusted net income of $11.9 million, or $0.24 per basic and $0.23 per fully diluted share.

For the three months ended December 31, 2022, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $15.3 million, compared to $16.7 million for the comparable prior year period.

**Six Months Ended December 31, 2022 – Financial Results**

For the six months ended December 31, 2022, Radiant reported net income attributable to Radiant Logistics, Inc. of $13.3 million on $609.1 million of revenues, or $0.27 per basic and fully diluted share. For the six months ended December 31, 2021, Radiant reported net income attributable to Radiant Logistics, Inc. of $14.1 million on $635.2 million of revenues, or $0.28 per basic and fully diluted share.

For the six months ended December 31, 2022, Radiant reported adjusted net income, a non-GAAP financial measure, of $23.9 million, or $0.50 per basic and $0.48 per fully diluted share. For the six months ended December 31, 2021, Radiant reported adjusted net income of $23.0 million, or $0.46 per basic and $0.45 per fully diluted share.

For the six months ended December 31, 2022, Radiant reported adjusted EBITDA, a non-GAAP financial measure, of $33.9 million, compared to $32.0 million for the comparable prior year period.

**Earnings Call and Webcast Access Information**

Radiant Logistics, Inc. will host a conference call on Monday, March 27, 2023 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**

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| | |
|:---|:---|
| DATE/TIME: | Monday, March 27, 2023 at 4:30 PM Eastern |
| DIAL-IN | US (888) 506-0062; Intl. (973) 528-0011 (Participant Access Code: 913812) |
| REPLAY | March 28, 2023 at 9:30 AM Eastern to April 10, 2023 at 4:30 PM Eastern, US (877) 481-4010;<br>Intl. (919) 882-2331 (Replay ID number: 47924) |

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**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/2191/47924

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**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 services primarily to customers in the United States and Canada. Through its comprehensive service officering, Radiant provides domestic and international freight forwarding along with truck and rail brokerage services to a diversified account base including manufactures, distributors and retailers, which it supports from an extensive network of Radiant 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; the impact of COVID-19 on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel; potential adverse legal, reputational and financial effects on the Company resulting from the ransomware incident or future cyber incidents and the effectiveness of the Company's business continuity plans in response to cyber incidents, like the ransomware incident; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our need to restate our financial statements; our longer-term relationship with our senior lenders as a consequence of our need to restate our financial statements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to remediate during fiscal 2023 certain material weaknesses in our internal controls over financial reporting, and such other factors that may be identified from time to time in our 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 this report. In addition, the global economic climate and additional or unforeseen effects from the COVID-19 pandemic amplify many of these risks. 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.

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| | |
|:---|:---|
| **Investor Contact:**<br>Radiant Logistics, Inc.<br>Todd Macomber<br>(425) 943-4541<br><u>investors@radiantdelivers.com</u> | **Media Contact:**<br>Radiant Logistics, Inc.<br>Jennifer Deenihan<br>(425) 462-1094<br><u>communications@radiantdelivers.com</u> |

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**RADIANT LOGISTICS, INC.** 

**Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
|  | September 30, | June 30, |
| (In thousands, except share and per share data) | 2022 | 2022 |
|  | (unaudited) |  |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $23714 | $24442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $2,842 and $2,983, respectively | 164438 | 186492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 49967 | 61154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 15327 | 17256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 253446 | 289344 |
| Property, technology, and equipment, net | 22890 | 24823 |
| Goodwill | 86751 | 88199 |
| Intangible assets, net | 43000 | 48545 |
| Operating lease right-of-use assets | 44143 | 41111 |
| Deposits and other assets | 5703 | 4704 |
| Long-term restricted cash | 581 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other long-term assets | 180178 | 183184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $456514 | $497351 |
| LIABILITIES AND EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $122243 | $137853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating partner commissions payable | 19030 | 18731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 9387 | 11349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 547 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of notes payable | 4331 | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liability | 10027 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liability | 538 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of contingent consideration | 2600 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 297 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 169000 | 187664 |
| Notes payable, net of current portion | 40300 | 66719 |
| Operating lease liability, net of current portion | 38712 | 37776 |
| Finance lease liability, net of current portion | 1084 | 1223 |
| Contingent consideration, net of current portion | 3090 | 2930 |
| Deferred income taxes | 5984 | 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 89170 | 115130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 258170 | 302794 |

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| | | |
|:---|:---|:---|
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 100,000,000 shares authorized; 51,418,835 and 51,265,543<br>&nbsp;&nbsp;&nbsp;&nbsp;shares issued, and 48,674,710 and 48,740,935 shares outstanding, respectively | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 106314 | 106146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 2,744,125 and 2,524,608 shares, respectively | (17344) | (16004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 113431 | 104998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (4274) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Radiant Logistics, Inc. stockholders' equity | 198160 | 194377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 184 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 198344 | 194557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $456514 | $497351 |

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**RADIANT LOGISTICS, INC.** 

**Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
|  | December 31, | June 30, |
| (In thousands, except share and per share data) | 2022 | 2022 |
|  | (unaudited) |  |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $62020 | $24442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $2,312 and $2,983, respectively | 137793 | 186492 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | 33858 | 61154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 15399 | 17256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 249070 | 289344 |
| Property, technology, and equipment, net | 23663 | 24823 |
| Goodwill | 88924 | 88199 |
| Intangible assets, net | 41731 | 48545 |
| Operating lease right-of-use assets | 59569 | 41111 |
| Deposits and other assets | 6309 | 4704 |
| Long-term restricted cash | 593 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other long-term assets | 197126 | 183184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $469859 | $497351 |
| LIABILITIES AND EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $107511 | $137853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating partner commissions payable | 20298 | 18731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 9053 | 11349 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax payable | 2050 | 4035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of notes payable | 4495 | 4575 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease liability | 11102 | 7641 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of finance lease liability | 536 | 577 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of contingent consideration | 3582 | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 296 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 158923 | 187664 |
| Notes payable, net of current portion | 49191 | 66719 |
| Operating lease liability, net of current portion | 53428 | 37776 |
| Finance lease liability, net of current portion | 953 | 1223 |
| Contingent consideration, net of current portion | 1745 | 2930 |
| Deferred income taxes | 4328 | 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total long-term liabilities | 109645 | 115130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 268568 | 302794 |
| Commitments and contingencies (Note 15) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value, 100,000,000 shares authorized; 51,544,304 and 51,265,543<br>&nbsp;&nbsp;&nbsp;&nbsp;shares issued, and 48,179,832 and 48,740,935 shares outstanding, respectively | 33 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 107170 | 106146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost, 3,364,472 and 2,524,608 shares, respectively | (21004) | (16004) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 118267 | 104998 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (3373) | (796) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Radiant Logistics, Inc. stockholders' equity | 201093 | 194377 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest | 198 | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 201291 | 194557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $469859 | $497351 |

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**RADIANT LOGISTICS, INC.** 

**Condensed Consolidated Statements of Comprehensive Income**

**(unaudited)** 

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| | | |
|:---|:---|:---|
|  | Three Months Ended September 30, | Three Months Ended September 30, |
| (In thousands, except share and per share data) | 2022 | 2021 |
|  |  | (as restated) |
| Revenues | $330971 | $299398 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Cost of transportation and other services | 254491 | 234680 |
| &nbsp;&nbsp;&nbsp;Operating partner commissions | 30106 | 27561 |
| &nbsp;&nbsp;&nbsp;Personnel costs | 19771 | 15653 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 8770 | 6790 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6778 | 4252 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 160 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 320076 | 288936 |
| Income from operations | 10895 | 10462 |
| Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 40 | 3 |
| &nbsp;&nbsp;&nbsp;Interest expense | (821) | (609) |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gain | 467 | 271 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | 690 | (46) |
| &nbsp;&nbsp;&nbsp;Other | 5 | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | 381 | (365) |
| Income before income taxes | 11276 | 10097 |
| Income tax expense | (2764) | (2402) |
| Net income | 8512 | 7695 |
| Less: net income attributable to non-controlling interest | (79) | (86) |
| Net income attributable to Radiant Logistics, Inc. | $8433 | $7609 |
| Other comprehensive loss: |  |  |
| Foreign currency translation loss | (3478) | (1039) |
| Comprehensive income | $5034 | $6656 |
| Income per share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $0.17 | $0.15 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48745317 | 49921061 |
| &nbsp;&nbsp;&nbsp;Diluted | 50303012 | 51116478 |

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**RADIANT LOGISTICS, INC.** 

**Condensed Consolidated Statements of Comprehensive Income**

**(unaudited)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended December 31, | Three Months Ended December 31, | Six Months Ended December 31, | Six Months Ended December 31, |
| (In thousands, except share and per share data) | 2022 | 2021 | 2022 | 2021 |
|  |  | (as restated) |  | (as restated) |
| Revenues | $278119 | $335778 | $609090 | $635176 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of transportation and other services | 204091 | 264640 | 458582 | 499320 |
| &nbsp;&nbsp;&nbsp;Operating partner commissions | 30512 | 31169 | 60617 | 58730 |
| &nbsp;&nbsp;&nbsp;Personnel costs | 20641 | 16659 | 40412 | 32312 |
| &nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 8637 | 8352 | 17407 | 15139 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6914 | 4447 | 13693 | 8702 |
| &nbsp;&nbsp;&nbsp;Transition, lease termination, and other costs | 30 |  | 30 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 150 | 455 | 310 | 455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 270975 | 325722 | 591051 | 614658 |
| Income from operations | 7144 | 10056 | 18039 | 20518 |
| Other expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest income | 59 | 4 | 98 | 6 |
| &nbsp;&nbsp;&nbsp;Interest expense | (742) | (749) | (1563) | (1358) |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gain | 4 | 104 | 471 | 375 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | (104) | (378) | 587 | (424) |
| &nbsp;&nbsp;&nbsp;Other | 24 | 91 | 29 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | (759) | (928) | (378) | (1293) |
| Income before income taxes | 6385 | 9128 | 17661 | 19225 |
| Income tax expense | (1460) | (2513) | (4224) | (4915) |
| Net income | 4925 | 6615 | 13437 | 14310 |
| Less: net income attributable to non-controlling interest | (89) | (76) | (168) | (162) |
| Net income attributable to Radiant Logistics, Inc. | $4836 | $6539 | $13269 | $14148 |
| Other comprehensive income: |  |  |  |  |
| Foreign currency translation gain (loss) | 901 | 117 | (2577) | (922) |
| Comprehensive income | $5826 | $6732 | $10860 | $13388 |
| Income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $0.10 | $0.13 | $0.27 | $0.28 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48243204 | 49657547 | 48494260 | 49789304 |
| &nbsp;&nbsp;&nbsp;Diluted | 49427420 | 50775714 | 49865216 | 50946096 |

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**Reconciliation of Non-GAAP Measures**

**RADIANT LOGISTICS, INC.**

**Reconciliation of Gross Profit to Adjusted Gross Profit, Net Income Attributable to** 

**Radiant Logistics, Inc.,<br>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 changes in fair value of contingent consideration, expenses specifically attributable to acquisitions, transition and lease termination costs, foreign currency transaction gains and losses, extraordinary items, share-based compensation expense, litigation expenses unrelated to our core operations, gain on forgiveness of debt, 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.

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| | | |
|:---|:---|:---|
| (In thousands) | Three Months Ended September 30, | Three Months Ended September 30, |
| **Reconciliation of adjusted gross profit to GAAP gross profit** | 2022 | 2021 |
|  |  | (as restated) |
| Revenues | $330971 | $299398 |
| Cost of transportation and other services (exclusive of depreciation and<br>&nbsp;&nbsp;&nbsp;&nbsp;amortization, shown separately below) | (254491) | (234680) |
| Depreciation and amortization | (1756) | (2998) |
| GAAP gross profit | $74724 | $61720 |
| Depreciation and amortization | 1756 | 2998 |
| Adjusted gross profit | $76480 | $64718 |
| GAAP gross margin (GAAP gross profit as a percentage of revenues) | 22.6% | 20.6% |
| Adjusted gross profit percentage (adjusted gross profit as a percentage of revenues) | 23.1% | 21.6% |

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | Three Months Ended December 31, | Three Months Ended December 31, | Six Months Ended December 31, | Six Months Ended December 31, |
| **Reconciliation of adjusted gross profit to GAAP gross profit** | 2022 | 2021 | 2022 | 2021 |
|  |  | (as restated) |  | (as restated) |
| Revenues | $278119 | $335778 | $609090 | $635176 |
| Cost of transportation and other services (exclusive of depreciation and<br>&nbsp;&nbsp;&nbsp;&nbsp;amortization, shown separately below) | (204091) | (264640) | (458582) | (499320) |
| Depreciation and amortization | (3585) | (3332) | (5341) | (6331) |
| GAAP gross profit | $70443 | $67806 | $145167 | $129525 |
| Depreciation and amortization | 3585 | 3332 | 5341 | 6331 |
| Adjusted gross profit | $74028 | $71138 | $150508 | $135856 |
| GAAP gross margin (GAAP gross profit as a percentage of revenues) | 25.3% | 20.2% | 23.8% | 20.4% |
| Adjusted gross profit percentage (adjusted gross profit as a percentage of revenues) | 26.6% | 21.2% | 24.7% | 21.4% |

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| | | |
|:---|:---|:---|
| (In thousands) | Three Months Ended September 30, | Three Months Ended September 30, |
| **Reconciliation of GAAP net income to adjusted EBITDA** | 2022 | 2021 |
|  |  | (as restated) |
| Net income attributable to Radiant Logistics, Inc. | $8433 | $7609 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 2764 | 2402 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6778 | 4252 |
| &nbsp;&nbsp;&nbsp;Net interest expense | 781 | 606 |
| EBITDA | 18756 | 14869 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 609 | 350 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 160 |  |
| &nbsp;&nbsp;&nbsp;Acquisition related costs | 27 | 99 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 120 | 154 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | (690) | 46 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gain | (467) | (271) |
| Adjusted EBITDA | $18515 | $15247 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (Adjusted EBITDA as a % of Adjusted Gross Profit) | 24.2% | 23.6% |

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands) | Three Months Ended December 31, | Three Months Ended December 31, | Six Months Ended December 31, | Six Months Ended December 31, |
| **Reconciliation of GAAP net income to adjusted EBITDA** | 2022 | 2021 | 2022 | 2021 |
|  |  | (as restated) |  | (as restated) |
| Net income attributable to Radiant Logistics, Inc. | $4836 | $6539 | $13269 | $14148 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1460 | 2513 | 4224 | 4915 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (1) | 7142 | 4447 | 13921 | 8702 |
| &nbsp;&nbsp;&nbsp;Net interest expense | 683 | 745 | 1465 | 1352 |
| EBITDA | 14121 | 14244 | 32879 | 29117 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 679 | 422 | 1288 | 772 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 150 | 455 | 310 | 455 |
| &nbsp;&nbsp;&nbsp;Acquisition related costs | 22 | 396 | 49 | 496 |
| &nbsp;&nbsp;&nbsp;Ransomware incident related costs, net |  | 751 |  | 751 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 247 | 167 | 366 | 321 |
| &nbsp;&nbsp;&nbsp;Transition, lease termination, and other costs | 30 |  | 30 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | 104 | 378 | (587) | 424 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction gain | (4) | (104) | (471) | (375) |
| Adjusted EBITDA | $15349 | $16709 | $33864 | $31961 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA margin (Adjusted EBITDA as a % of Adjusted Gross Profit) | 20.7% | 23.5% | 22.5% | 23.5% |

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<sup>(1)</sup> 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.

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| | | |
|:---|:---|:---|
| (In thousands, except share and per share data) | Three Months Ended September 30, | Three Months Ended September 30, |
| **Reconciliation of GAAP net income to adjusted net income** | 2022 | 2021 |
|  |  | (as restated) |
| GAAP net income attributable to Radiant Logistics, Inc. | $8433 | $7609 |
| Adjustments to net income: |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 2764 | 2402 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6778 | 4252 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 160 |  |
| &nbsp;&nbsp;&nbsp;Acquisition related costs | 27 | 99 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 120 | 154 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | (690) | 46 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 110 | 127 |
| Adjusted net income before income taxes | 17702 | 14689 |
| Provision for income taxes at 24.5% | (4337) | (3599) |
| Adjusted net income | $13365 | $11090 |
| Adjusted net income per common share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | $0.27 | $0.22 |
| Weighted average common shares outstanding: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48745317 | 49921061 |
| &nbsp;&nbsp;&nbsp;Diluted | 50303012 | 51116478 |

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| | | | | |
|:---|:---|:---|:---|:---|
| (In thousands, except share and per share data) | Three Months Ended December 31, | Three Months Ended December 31, | Six Months Ended December 31, | Six Months Ended December 31, |
| **Reconciliation of GAAP net income to adjusted net income** | 2022 | 2021 | 2022 | 2021 |
|  |  | (as restated) |  | (as restated) |
| GAAP net income attributable to Radiant Logistics, Inc. | $4836 | $6539 | $13269 | $14148 |
| Adjustments to net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1460 | 2513 | 4224 | 4915 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 6914 | 4447 | 13693 | 8702 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 150 | 455 | 310 | 455 |
| &nbsp;&nbsp;&nbsp;Acquisition related costs | 22 | 396 | 49 | 496 |
| &nbsp;&nbsp;&nbsp;Ransomware incident related costs, net |  | 751 |  | 751 |
| &nbsp;&nbsp;&nbsp;Litigation costs | 247 | 167 | 366 | 321 |
| &nbsp;&nbsp;&nbsp;Transition, lease termination, and other costs | 30 |  | 30 |  |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | 104 | 378 | (587) | 424 |
| &nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 140 | 126 | 250 | 253 |
| Adjusted net income before income taxes | 13903 | 15772 | 31604 | 30465 |
| Provision for income taxes at 24.5% | (3406) | (3864) | (7743) | (7464) |
| Adjusted net income | $10497 | $11908 | $23861 | $23001 |
| Adjusted net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.22 | $0.24 | $0.50 | $0.46 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.21 | $0.23 | $0.48 | $0.45 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 48243204 | 49657547 | 48494260 | 49789304 |
| &nbsp;&nbsp;&nbsp;Diluted | 49427420 | 50775714 | 49865216 | 50946096 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (In thousands)**<br>Trailing twelve months adjusted EBITDA:** | Three months<br>ended<br>December 31,<br>2022 | Three months<br>ended<br>September 30,<br>2022 | Three months<br>ended<br>June 30,<br> 2022 | Three months<br>ended<br>March 31,<br> 2022<br>(as restated) | Twelve months<br>ended <br>December 31,<br> 2022 |
| Net income attributable to Radiant Logistics, Inc. | $4836 | $8433 | $16750 | $13567 | $43586 |
| &nbsp;&nbsp;&nbsp;Income tax expense | 1460 | 2764 | 3502 | 4276 | 12002 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization (1) | 7142 | 6778 | 5330 | 4684 | 23934 |
| &nbsp;&nbsp;&nbsp;Net interest expense | 683 | 781 | 843 | 997 | 3304 |
| EBITDA | 14121 | 18756 | 26425 | 23524 | 82826 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | 679 | 609 | 487 | 539 | 2314 |
| &nbsp;&nbsp;&nbsp;Change in fair value of contingent consideration | 150 | 160 | 160 | 152 | 622 |
| &nbsp;&nbsp;&nbsp;Acquisition related costs | 22 | 27 | 94 | 6 | 149 |
| &nbsp;&nbsp;&nbsp;Ransomware incident related costs (recovery), net |  |  | (347) | 279 | (68) |
| &nbsp;&nbsp;&nbsp;Litigation costs | 247 | 120 | 84 | 163 | 614 |
| &nbsp;&nbsp;&nbsp;Transition, lease termination, and other costs | 30 |  |  |  | 30 |
| &nbsp;&nbsp;&nbsp;Change in fair value of interest rate swap contracts | 104 | (690) | (278) | (1985) | (2849) |
| &nbsp;&nbsp;&nbsp;Foreign exchange gain | (4) | (467) | (239) | (105) | (815) |
| Adjusted EBITDA | $15349 | $18515 | $26386 | $22573 | $82823 |

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<sup>(1)</sup> 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.

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