Other long-term liabilities                             200         -- 
                                                 ----------   -------- 
   Total long-term liabilities                       64,111     51,225 
                                                 ----------   -------- 
   Total liabilities                                172,213    161,676 
                                                 ----------   -------- 
 
Equity: 
 Common stock, $0.001 par value, 
  100,000,000 shares authorized; 52,162,136 
  and  51,844,249 shares issued, and 
  46,997,470 and 46,808,943 shares 
  outstanding,  respectively                             34         33 
 Additional paid-in capital                         108,985    110,763 
 Treasury stock, at cost, 5,164,666 and 
  5,035,306 shares, respectively                   (31,874)   (31,166) 
 Retained earnings                                  143,121    133,278 
 Accumulated other comprehensive loss               (5,817)    (3,546) 
                                                 ----------   -------- 
   Total Radiant Logistics, Inc. 
    stockholders' equity                            214,449    209,362 
 Non-controlling interest                                99        147 
                                                 ----------   -------- 
   Total equity                                     214,548    209,509 
                                                 ----------   -------- 
   Total liabilities and equity               $     386,761  $ 371,185 
                                                 ==========   ======== 
 
 
                         RADIANT LOGISTICS, INC. 
         Condensed Consolidated Statements of Comprehensive Income 
                                (unaudited) 
                      Three Months Ended           Six Months Ended 
                         December 31,                December 31, 
                  --------------------------  -------------------------- 
(In thousands, 
except share and 
per share data)      2024          2023          2024          2023 
                  -----------  -------------  -----------  ------------- 
Revenues          $   264,544  $     201,082  $   468,109  $     411,880 
 
Operating 
expenses: 
 Cost of 
  transportation 
  and other 
  services            201,239        139,085      347,250        289,057 
 Operating 
  partner 
  commissions          19,291         25,818       38,092         49,601 
 Personnel costs       19,554         19,760       39,177         39,387 
 Selling, 
  general and 
  administrative 
  expenses             10,834         10,519       21,155         19,993 
 Depreciation 
  and 
  amortization          5,038          4,364        9,843          8,890 
 Lease 
  termination 
  costs                 1,166             76        1,166             76 
 Change in fair 
  value of 
  contingent 
  consideration       (1,300)          (204)      (1,100)          $(450.UK)$ 
                   ----------   ------------   ----------   ------------ 
   Total 
    operating 
    expenses          255,822        199,418      455,583        406,554 
                   ----------   ------------   ----------   ------------ 
 
Income from 
 operations             8,722          1,664       12,526          5,326 
                   ----------   ------------   ----------   ------------ 
 
Other income 
(expense): 
 Interest income          367            621          832          1,207 
 Interest 
  expense               (311)          (291)        (548)          (593) 
 Foreign 
  currency 
  transaction 
  gain (loss)             181           (79)          119             15 
 Change in fair 
  value of 
  interest rate 
  swap 
  contracts             (301)          (531)        (741)          (733) 
 Other                     14            135        1,053            162 
                   ----------   ------------   ----------   ------------ 
   Total other 
    income 
    (expense)            (50)          (145)          715             58 
                   ----------   ------------   ----------   ------------ 
 
Income before 
 income taxes           8,672          1,519       13,241          5,384 
 
Income tax 
 expense              (2,163)          (404)      (3,308)        (1,418) 
                   ----------   ------------   ----------   ------------ 
 
Net income              6,509          1,115        9,933          3,966 
Less: net income 
 attributable to 
 non-controlling 
 interest                (42)          (130)         (90)          (359) 
                   ----------   ------------   ----------   ------------ 
 
Net income 
 attributable to 
 Radiant 
 Logistics, 
 Inc.             $     6,467  $         985  $     9,843  $       3,607 
                   ==========   ============   ==========   ============ 
 
Other 
comprehensive 
income: 
Foreign currency 
 translation 
 gain (loss)          (2,911)          1,397      (2,271)            269 
                   ----------   ------------   ----------   ------------ 
Comprehensive 
 income           $     3,598  $       2,512  $     7,662  $       4,235 
                   ==========   ============   ==========   ============ 
 
Income per 
share: 
 Basic            $      0.14  $        0.02  $      0.21  $        0.08 
 Diluted          $      0.13  $        0.02  $      0.20  $        0.07 
 
Weighted average 
common shares 
outstanding: 
 Basic             46,942,639     46,990,818   46,831,938     47,144,388 
 Diluted           48,983,153     48,907,452   48,784,482     48,991,819 
 

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, cybersecurity 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, 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, 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 condensed 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 condensed consolidated statements of comprehensive income prepared in accordance with GAAP, or as an indication of Radiant's operating performance or liquidity.

 
                          Three Months Ended 
(In thousands)               December 31,               Six Months Ended December 31, 
                    ------------------------------      ------------------------------ 
Reconciliation of 

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