Radiant Logistics, Inc.

Radiant Logistics founder and CEO and Radiant's chief financial officer, Todd Maycumber, will discuss financial results for the company's fourth fiscal quarter in 12 months into June 30, 2021. Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes. This conference call may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the company that may cause the company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements. While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from those set forth in our forward-looking statements, Such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements, which are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance. Now I'd like to pass the call over to Radiant's founder and CEO, Vaughn Crane. Sir, the floor is yours.

Thank you, Operator. Thank you. Good afternoon, everyone, and thank you for joining in on today's call. We're very pleased to report another quarter of solid financial results for the June quarter, highlighted by record results across key financial metrics. We posted revenues of $257.9 million down 17.6 or 6.4%. Excluding COVID-related project revenues of $125.5 million realized from air charters in the year-ago period, revenues were actually up significantly, increasing $107.9 million, or 71.9%. We also posted net revenues of $62.8 million, up $12.0 million, or 25.3%, net income of $11.1 million, up $6.4 million, or 136.2%. Record adjusted net income of $10.1 million, up $1.2 million, or 13.5%. And record adjusted EBITDA, $14 million, up $1 million, or 7.6%. These record results reflect the benefit of our scalable, non-asset-based business model, diversity of our service offerings, and our ability to quickly respond to changing market dynamics. Not only are we seeing solid recovery in our legacy business, but we are winning meaningful new business across the platform in the U.S. and in Canada. Business continues to be robust in locations operated by our strategic operating partners and in our company-owned locations as well. In addition, we've been able to deliver these record results while continuing to maintain very low leverage on our balance sheet. As we previously discussed, We also believe that our current share price does not accurately reflect our intrinsic value or long-term growth prospects, particularly given our unlevered balance sheet, and therefore represents an excellent investment opportunity for both the company and our shareholders. In this regard, we were able to begin re-engaging in our stock buyback and repurchased approximately $1.9 million of our stock in the quarter ended June 30. We remain encouraged by our continued strong financial performance and the fact that we were able to report a record $48.8 million in adjusted EBITDA for the 12 months into June. With the diversity of our customers, the strength of our balance sheet, scalability of our technology, the commitment of our employees, and the continued recovery of the business sectors that were previously impacted by COVID, we remain optimistic about the trajectory of the economy and the opportunities that this will present for Radiant. In the months ahead, we will continue to closely monitor how the economy is progressing and expect to continue to be active in our stock buyback activities and look forward to reactivating our acquisition efforts as the opportunity presents itself. With that, I'll turn it over to Todd, our CFO, to walk us through our detailed financial results, and then we'll open it up for some Q&A.

Thanks, Bon, and good afternoon, everyone. Today, we will be discussing our financial results, including adjusted net income and adjusted EBITDA for the three and 12 months ended June 30th, 2021. For the three months ended June 30th, 2021, we reported net income attributable to Radiant Logistics of $11,059,000 on $257.9 million of revenues or 22 cents per basic and 21 cents per fully diluted share, which included a gain of $4.6 million on forgiveness of debt. For the three months ended June 30th, 2020, we reported net income attributable to Radiant Logistics of $4,665,000 on 275.5 million of revenues or nine cents per basic and fully diluted share. This represents an increase of approximately $6,394,000 net income over the comparable prior year period, or 137.1%. For adjusted net income, we reported $10,072,000 for the three months ended June 30th, 2021. For the three months ended June 30th, 2020, reported adjusted net income of $8,883,000. This represents an increase of approximately $1,189,000, or approximately 13.4%. For adjusted EBITDA, we reported $14,141,000 for the three months ended June 30th, 2021, compared to adjusted EBITDA of $13,148,000 for the three months ended June 30th, 2020. This represents an increase of approximately $993,000, approximately 7.6%. Moving along to 12 months. The 12 months into June 30th, 2021, we reported net income attributable to Radiant Logistics of $22,943,000. on $889.1 million of revenues for 46 cents per basic and 45 cents per fully diluted share, which included a $4.4 million charge on change and continued consideration, which was more than offset by a $6 million gain on forgiveness of debt. For the 12 months ended June 30th, 2020, we reported net income attributable to Radiant Logistics of $10,541,000 on $855.2 million of revenues, or 21 cents per basic and fully diluted share. This represents an increase of approximately $12,402,000 over the comparable prior year period, or 117.7%. Adjusted net income for the 12 months into June 30th, 2021 was $34,380,000. For the 12 months into June 30th, 2020, we reported adjusted net income of $25,632,000. This represents an increase of approximately $8,748,000 or approximately 34.1%. We reported adjusted EBITDA of $48,781,000 the 12 months ended June 30th, 2021 compared to adjusted EBITDA of $38,259,000 for the 12 months ended June 30th, 2020. This represents an increase of approximately $10,522,000 or approximately 27.5%. With that, I will turn the call back over to our moderator to facilitate any Q&A from our callers.