Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 05, 2023 | Dec. 31, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | RLGT | ||
Entity Registrant Name | RADIANT LOGISTICS, INC. | ||
Entity Central Index Key | 0001171155 | ||
Entity Current Reporting Status | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 47,292,971 | ||
Entity Public Float | $ 188 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
ICFR Auditor Attestation Flag | true | ||
Title of 12(b) Security | Common Stock, $0.001 Par Value | ||
Security Exchange Name | NYSEAMER | ||
Entity File Number | 001-35392 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3625550 | ||
Entity Address, Address Line One | Triton Tower Two | ||
Entity Address, Address Line Two | 700 S Renton Village Place, Seventh Floor | ||
Entity Address, City or Town | Renton | ||
Entity Address, State or Province | WA | ||
Entity Address, Postal Zip Code | 98057 | ||
City Area Code | 425 | ||
Local Phone Number | 462-1094 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | Portions of the registrant’s proxy statement for the 2023 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended June 30, 2023. | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Seattle, Washington | ||
Auditor Firm ID | 659 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 32,456 | $ 24,442 |
Accounts receivable, net of allowance of $2,776 and $2,983, respectively | 126,725 | 225,259 |
Contract assets | 6,180 | 22,387 |
Prepaid expenses and other current assets | 15,211 | 17,256 |
Total current assets | 180,572 | 289,344 |
Property, technology, and equipment, net | 25,389 | 24,823 |
Goodwill | 89,203 | 88,199 |
Intangible assets, net | 36,641 | 48,545 |
Operating lease right-of-use assets | 56,773 | 41,111 |
Deposits and other assets | 5,163 | 5,329 |
Long-term restricted cash | 625 | |
Total other long-term assets | 187,780 | 183,184 |
Total assets | 393,741 | 497,351 |
Current liabilities: | ||
Accounts payable | 84,561 | 137,853 |
Operating partner commissions payable | 18,360 | 18,731 |
Accrued expenses | 8,739 | 11,349 |
Income tax payable | 369 | 4,035 |
Current portion of notes payable | 4,107 | 4,575 |
Current portion of operating lease liabilities | 11,273 | 7,641 |
Current portion of finance lease liabilities | 620 | 577 |
Current portion of contingent consideration | 3,886 | 2,600 |
Other current liabilities | 258 | 303 |
Total current liabilities | 132,173 | 187,664 |
Notes payable, net of current portion | 0 | 66,719 |
Operating lease liabilities, net of current portion | 52,120 | 37,776 |
Finance lease liabilities, net of current portion | 1,121 | 1,223 |
Contingent consideration, net of current portion | 287 | 2,930 |
Deferred tax liabilities | 2,944 | 6,482 |
Total long-term liabilities | 56,472 | 115,130 |
Total liabilities | 188,645 | 302,794 |
Commitments and contingencies (Note 15) | ||
Equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 51,603,386 and 51,265,543 shares issued, and 47,294,529 and 48,740,935 shares outstanding, respectively | 33 | 33 |
Additional paid-in capital | 108,516 | 106,146 |
Treasury stock, at cost, 4,308,857 and 2,524,608 shares, respectively | (27,067) | (16,004) |
Retained earnings | 125,593 | 104,998 |
Accumulated other comprehensive loss | (2,205) | (796) |
Total Radiant Logistics, Inc. stockholders’ equity | 204,870 | 194,377 |
Non-controlling interest | 226 | 180 |
Total equity | 205,096 | 194,557 |
Total liabilities and equity | $ 393,741 | $ 497,351 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 2,776 | $ 2,983 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 51,603,386 | 51,265,543 |
Common stock, shares outstanding | 47,294,529 | 48,740,935 |
Treasury stock, shares | 4,308,857 | 2,524,608 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 1,085,486 | $ 1,459,419 |
Operating expenses: | ||
Cost of transportation and other services | 801,646 | 1,153,134 |
Operating partner commissions | 115,605 | 121,937 |
Personnel costs | 79,512 | 72,242 |
Selling, general and administrative expenses | 38,518 | 34,000 |
Depreciation and amortization | 22,700 | 18,716 |
Transition, lease termination, and other costs | 30 | |
Change in fair value of contingent consideration | (646) | 767 |
Total operating expenses | 1,057,365 | 1,400,796 |
Income from operations | 28,121 | 58,623 |
Other income (expense): | ||
Interest income | 1,384 | 23 |
Interest expense | (3,273) | (3,214) |
Foreign currency transaction gain | 755 | 718 |
Change in fair value of interest rate swap contracts | 383 | 1,840 |
Other | 176 | 193 |
Total other expense | (575) | (440) |
Income before income taxes | 27,546 | 58,183 |
Income tax expense | (6,305) | (12,692) |
Net income | 21,241 | 45,491 |
Less: net income attributable to non-controlling interest | (646) | (1,027) |
Net income attributable to Radiant Logistics, Inc. | 20,595 | 44,464 |
Other comprehensive income: | ||
Foreign currency transaction loss | (1,409) | (1,937) |
Comprehensive income | $ 19,832 | $ 43,554 |
Income per share: | ||
Basic | $ 0.43 | $ 0.9 |
Diluted | $ 0.42 | $ 0.88 |
Weighted average common shares outstanding: | ||
Basic | 48,188,663 | 49,570,594 |
Diluted | 49,551,388 | 50,736,582 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Radiant Logistics, Inc. Stockholders' Equity | Non-Controlling Interest |
Balance at Jun. 30, 2021 | $ 161,570 | $ 32 | $ 104,228 | $ (4,658) | $ 60,534 | $ 1,141 | $ 161,277 | $ 293 |
Balance, shares at Jun. 30, 2021 | 49,930,389 | |||||||
Issuance of common stock to shareholders of acquired business | 244 | 244 | 244 | |||||
Issuance of common stock to shareholders of acquired business, Shares | 40,000 | |||||||
Repurchase of common stock | (11,346) | (11,346) | (11,346) | |||||
Repurchase of common stock, Shares | (1,622,792) | |||||||
Issuance of common stock upon vesting of restricted stock awards, net of taxes withheld and paid | (391) | $ 1 | (392) | (391) | ||||
Issuance of common stock upon vesting of restricted stock awards, net of taxes withheld and paid, shares | 158,942 | |||||||
Issuance of common stock upon exercise of stock options, net of taxes withheld and paid | 268 | 268 | 268 | |||||
Issuance of common stock upon exercise of stock options, net of taxes withheld and paid, shares | 234,396 | |||||||
Distribution to non-controlling interest | (1,140) | (1,140) | ||||||
Share-based compensation | 1,798 | 1,798 | 1,798 | |||||
Net income | 45,491 | 44,464 | 44,464 | 1,027 | ||||
Other comprehensive income (loss) | (1,937) | (1,937) | (1,937) | |||||
Balance at Jun. 30, 2022 | 194,557 | $ 33 | 106,146 | (16,004) | 104,998 | (796) | 194,377 | 180 |
Balance, shares at Jun. 30, 2022 | 48,740,935 | |||||||
Repurchase of common stock | (11,063) | (11,063) | (11,063) | |||||
Repurchase of common stock, Shares | (1,784,249) | |||||||
Issuance of common stock upon vesting of restricted stock awards, net of taxes withheld and paid | (471) | (471) | (471) | |||||
Issuance of common stock upon vesting of restricted stock awards, net of taxes withheld and paid, shares | 181,495 | |||||||
Issuance of common stock upon exercise of stock options, net of taxes withheld and paid | $ 338 | 338 | 338 | |||||
Issuance of common stock upon exercise of stock options, net of taxes withheld and paid, shares | 158,570 | 156,348 | ||||||
Distribution to non-controlling interest | $ (600) | (600) | ||||||
Share-based compensation | 2,503 | 2,503 | 2,503 | |||||
Net income | 21,241 | 20,595 | 20,595 | 646 | ||||
Other comprehensive income (loss) | (1,409) | (1,409) | (1,409) | |||||
Balance at Jun. 30, 2023 | $ 205,096 | $ 33 | $ 108,516 | $ (27,067) | $ 125,593 | $ (2,205) | $ 204,870 | $ 226 |
Balance, shares at Jun. 30, 2023 | 47,294,529 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net income | $ 21,241 | $ 45,491 |
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES | ||
Share-based compensation | 2,503 | 1,798 |
Amortization of intangible assets | 15,290 | 11,385 |
Depreciation and amortization of property, technology, and equipment | 7,410 | 7,331 |
Deferred income tax benefit | (3,493) | (2,603) |
Amortization of debt issuance costs | 510 | 500 |
Change in fair value of contingent consideration | (646) | 767 |
Other | 589 | 1,459 |
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Accounts receivable | 97,804 | (63,928) |
Contract assets | 16,122 | (5,198) |
Income tax payable | (3,661) | (885) |
Prepaid expenses, deposits, and other assets | 1,928 | (1,322) |
Operating lease right-of-use assets | 10,938 | 8,808 |
Accounts payable | (53,910) | 26,429 |
Operating partner commissions payable | (371) | 3,666 |
Accrued expenses and other liabilities | (2,732) | 1,251 |
Operating lease liabilities | (9,127) | (8,695) |
Payment of contingent consideration | (2,500) | (1,377) |
Net cash provided by operating activities | 97,895 | 24,877 |
INVESTING ACTIVITIES: | ||
Acquisitions, net of cash acquired | (3,250) | (38,400) |
Purchases of property, technology, and equipment | (7,565) | (7,464) |
Proceeds from sale of property, technology, and equipment | 103 | 186 |
Net cash used for investing activities | (10,712) | (45,678) |
FINANCING ACTIVITIES: | ||
Proceeds from revolving credit facility | 67,500 | 116,144 |
Repayments of revolving credit facility | (130,025) | (68,619) |
Payments of debt issuance costs | (904) | 0 |
Repayments of notes payable and finance lease liabilities | (4,982) | (5,102) |
Proceeds from sale of common stock | 0 | 244 |
Repurchases of common stock | (11,063) | (11,346) |
Payment of contingent consideration | 0 | (1,123) |
Distributions to non-controlling interest | (600) | (1,140) |
Proceeds from exercise of stock options | 343 | 407 |
Net cash provided by (used for) financing activities | (80,207) | 28,934 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,019 | 2,590 |
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH | 7,995 | 10,723 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF YEAR | 25,067 | 14,344 |
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF YEAR | 33,062 | 25,067 |
RECONCILIATION OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||
Cash and cash equivalents | 32,456 | 24,442 |
Restricted Cash | 606 | 625 |
Total cash, cash equivalents, and restricted cash | 33,062 | 25,067 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Income taxes paid | 13,637 | 16,524 |
Interest paid | 2,887 | 2,639 |
Restricted Stock Awards | ||
FINANCING ACTIVITIES: | ||
Payments of employee tax withholdings related to vesting and cashless exercise | $ (476) | $ (531) |
Organization and Nature of Oper
Organization and Nature of Operations | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Organization and Nature of Operations | NO TE 1 – ORGANIZATION AND NATURE OF OPERATIONS Radiant Logistics, Inc., and its consolidated subsidiaries (the “Company”), operates as a third-party logistics company, providing technology-enabled global transportation and value-added logistics solutions primarily in the United States and Canada. The Company services a large and diversified account base across a range of industries and geographies, which is supported from an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as “strategic operating partners,” that operate exclusively on the Company's behalf, and approximately 25 Company-owned offices. As a third-party logistics company, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. Through its operating locations across North America, the Company offers domestic and international air and ocean freight forwarding services and freight brokerage services, including truckload services, less than truckload services, and intermodal services, which is the movement of freight in trailers or containers by combination of truck and rail. The Company’s primary transportation services involve arranging shipments, on behalf of its customers, of materials, products, equipment, and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS, including arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. The Company also provides other value-added logistics services including materials management and distribution services (collectively, “materials management and distribution” or “MM&D” services), and customs house brokerage (“CHB”) services to complement its core transportation service offering. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NO TE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a) Principles of Consolidation The consolidated financial statements include the accounts of Radiant Logistics, Inc. and its wholly-owned subsidiaries as well as a variable interest entity, Radiant Logistics Partners, LLC (“RLP”), which is 60 % owned by Radiant Capital Partners, LLC (“RCP,” see Note 11), an entity owned by the Company’s Chief Executive Officer. All significant intercompany balances and transactions have been eliminated. Non-controlling interest in the consolidated balance sheets represents RCP’s proportionate share of equity in RLP. Net income (loss) of non-wholly-owned consolidated subsidiaries or variable interest entities is allocated to the Company and the holder(s) of the non-controlling interest in proportion to their percentage ownership interests. b) Use of Estimates The preparation of consolidated financial statements and related disclosures in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that could differ from these estimates. c) Cash and Cash Equivalents The Company maintains its cash in bank deposit accounts that may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash equivalents consist of highly liquid investments with original maturities of three months or less. d) Restricted Cash Restricted cash represents five months of interest payments on the Company’s senior secured loan held by the lender that are required to be set aside. Restricted cash of $ 606 is included in prepaid expenses and other current assets in the consolidated balance sheet as of June 30, 2023, and $ 625 is included in deposits and other assets in the consolidated balance sheet as of June 30, 2022 . The Company combines unrestricted and restricted cash for presentation in the consolidated statements of cash flows. e) Accounts Receivable Accounts receivable, which includes billed and unbilled amounts, are stated net of the allowance for doubtful accounts and represents amounts determined by management to be their estimated net realizable value. The Company evaluates the collectability of accounts receivable on a customer-by-customer basis. The Company records an allowance for doubtful accounts to reduce the receivable to an amount estimated to be reasonably collected. The allowance for doubtful accounts is determined from the analysis of the aging of the accounts receivable, historical experience, and knowledge of specific customers. Unbilled amounts as of June 30, 2023 and 2022 were $ 22,515 and $ 38,767 , respectively (see Note 2s). The Company derives a substantial portion of its revenue through independently owned strategic operating partner locations operating under various Company brands. Each strategic operating partner is responsible for some or all of the collection of the accounts related to the underlying customers being serviced by such strategic operating partner. To facilitate this arrangement, based on contractual agreements, certain strategic operating partners are required to maintain a bad debt reserve in the form of a security deposit with the Company. The Company charges each strategic operating partner’s bad debt reserve account for any accounts receivable aged beyond 90 days along with any other amounts owed to the Company by strategic operating partners. However, the bad debt reserve account may carry a deficit balance when amounts charged to this reserve account exceed amounts otherwise available. In these circumstances, a deficit bad debt reserve account is recognized as a receivable in the Company’s consolidated financial statements. Some strategic operating partners are not required to establish a bad debt reserve; however, they are still responsible to make up for any deficits and the Company may withhold all or a portion of future commissions payable to the strategic operating partner to satisfy any deficit balance. The Company expects to replenish these funds through the future business operations of these strategic operating partners or as their customers satisfy the amounts payable to the Company. However, to the extent any of these strategic operating partners were to cease operations or otherwise be unable to replenish these deficit accounts, the Company would be at risk of loss for any such amounts and generally would reserve for them. f) Property, Technology, and Equipment Property, technology, and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement or other disposition of these assets, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income (expense). Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major renewals and improvements are capitalized. g) Goodwill Goodwill represents the excess acquisition cost of an acquired entity over the estimated fair values assigned to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but rather is reviewed for impairment annually or more frequently if facts or circumstances indicate that its carrying amount may not be recoverable. The Company has determined that there are two reporting units for the purpose of the goodwill impairment test. An entity has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount prior to performing a quantitative impairment test. The qualitative assessment evaluates various factors, such as macroeconomic conditions, industry and market conditions, cost factors, recent events, and financial trends that may impact the fair value of the reporting unit. If it is determined that the estimated fair value of the reporting unit is more-likely-than-not less than its carrying amount, including goodwill, a quantitative assessment is required. Otherwise, no further analysis is required. If a quantitative assessment is performed, a reporting unit’s fair value is compared to its carrying amount. A reporting unit’s fair value is determined based upon consideration of various valuation methodologies, including the income approach, which utilizes projected future cash flows discounted at rates commensurate with the risks involved, and multiples of current and future earnings, and market approach, which utilizes a selection of guideline public companies. If the fair value of a reporting unit is less than its carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment test as of April 1 of each year or more frequently if facts or circumstances indicate that the carrying amount may not be recoverable. As of June 30, 2023 and 2022 , management believes no impairment exists. h) Long-Lived Assets Long-lived assets, such as property, technology, and equipment, and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted expected future cash flows to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent the carrying amount of the asset or asset group exceeds the fair value. Fair values of long-lived assets are determined through various techniques, such as applying probability weighted, expected present value calculations to the estimated future cash flows using assumptions a market participant would utilize or through the use of a third-party independent appraiser or valuation specialist. Definite-lived intangible assets consist of customer related intangible assets, trade names and trademarks, licenses, developed technology, and non-compete agreements arising from the Company’s acquisitions. Customer related intangible assets and trademarks and trade names are amortized using the straight-line method over periods of up to 15 years , licenses are amortized using the straight-line method over ten years , developed technology is amortized using the straight-line method over five years , and non-compete agreements are amortized using the straight-line method over periods of up to five years . i) Business Combinations The Company accounts for business acquisitions using the acquisition method. The assets acquired and liabilities assumed in business combinations, including identifiable intangible assets, are recorded based upon their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired is recorded as goodwill. Acquisition expenses are expensed as incurred. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed as of the acquisition date, the estimates are inherently uncertain and subject to refinement. The fair values of intangible assets are generally estimated using a discounted cash flow approach with Level 3 inputs. The estimate of fair value of an intangible asset is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To estimate fair value, the Company generally uses risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflects market participant assumptions. For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is generally estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating results and financial objectives by acquired companies using Level 3 inputs discounted to present value. These liabilities are measured quarterly at fair value, and any change in the fair value of the contingent consideration liability is recognized in the consolidated statements of comprehensive income. During the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the consolidated statements of comprehensive income. j) Revenue Recognition The Company recognizes revenue to depict the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the company expects to be entitled to in exchange for those goods and services. The Company’s revenues are primarily from transportation services, which include providing for the arrangement of freight, both domestically and internationally, through modes of transportation, such as air freight, ocean freight, truckload, less than truckload, and intermodal. The Company generates its transportation services revenue by purchasing transportation from direct carriers and reselling those services to its customers. In general, each shipment transaction or service order constitutes a separate contract with the customer. A performance obligation is created once a customer agreement with an agreed upon transaction price exists. The transaction price is typically fixed and not contingent upon the occurrence or non-occurrence of any other event. The transaction price is generally due 30 to 45 days from the date of invoice. The Company’s transportation transactions provide for the arrangement of the movement of freight to a customer’s agreed upon destination. The transportation services, including certain ancillary services, such as loading/unloading, freight insurance and customs clearance, that are provided to the customer represent a single performance obligation as the ancillary services are not distinct in the context of the contract and therefore combined with the performance obligation for transportation services. This performance obligation is satisfied over time and recognized in revenue upon the transfer of control of the services over the requisite transit period as the customer’s goods move from point of origin to point of destination. The Company determines the period to recognize revenue based upon the actual departure date and delivery date, if available, or estimated delivery date if delivery has not occurred as of the reporting date. Certain shipments may require the Company to estimate revenue, in which case it uses the average revenue per shipment, per mode of transportation. Determination of the estimated revenue, transit period and the percentage of completion of the shipment as of the reporting date requires management to make judgments that affect the timing and amount of revenue recognition. The Company has determined that revenue recognition over the transit period provides a reasonable estimate of the transfer of services to its customers as it depicts the pattern of the Company’s performance under the contracts with its customers. The timing of revenue recognition, billings, cash collections, and allowance for doubtful accounts results in billed and unbilled receivables. The Company receives the unconditional right to bill when shipments are delivered to their destination. The Company has elected to not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contract with its transportation customers have an expected duration of one year or less. The corresponding direct costs of revenue, including primarily purchased transportation costs and commissions, have been expensed ratably as incurred. The Company also provides MM&D services for its customers under contracts generally ranging from a few months to five years and include renewal provisions. These MM&D service contracts provide for inventory management, order fulfillment and warehousing of the customer’s product and arrangement of transportation of the customer’s product. The Company’s performance obligations are satisfied over time as the customers simultaneously receive and consume the services provided by the Company as it performs. Revenue is recognized in the amount for which the Company has the right to invoice the customer, as this amount corresponds directly with the value provided to the customer for the Company’s performance completed to date. The transaction price is based on the consideration specified in the contract with the customer and contains fixed and variable consideration. In general, the fixed consideration component of a contract represents reimbursement for facility and equipment costs incurred to satisfy the performance obligation and is recognized on a straight-line basis over the term of the contract. The variable consideration component is comprised of cost reimbursement per unit pricing for time and pricing for materials used and is determined based on cost plus a mark-up for hours of services provided and materials used and is recognized over time based on the level of activity volume. Other services include primarily CHB services sold separately as a single performance obligation. The Company recognizes revenue from this performance obligation at a point in time, which is the completion of the services. Duties and taxes collected from the customer and paid to the customs agent on behalf of the customers are excluded from revenue. The Company uses independent contractors and third-party carriers in the performance of its transportation services. The Company evaluates who controls the transportation services to determine whether its performance obligation is to transfer services to the customer or to arrange for services to be provided by another party. The Company determined it acts as the principal for its transportation services performance obligation since it is in control of establishing the prices for the specified services, managing all aspects of the shipments process and assuming the risk of loss for delivery and collection. Such transportation services revenue is presented on a gross basis in the consolidated statements of comprehensive income. Contract Assets Contract assets represent estimated amounts for which the Company has the right to consideration for transportation services related to the completed portion of in-transit shipments at period end, but for which it has not yet completed the performance obligations. Upon completion of the performance obligations, which can vary in duration based upon the mode of transportation, the balance is included in accounts receivable. Operating Partner and Other Commissions The Company enters into contractual arrangements with strategic operating partners that operate, on behalf of the Company, an office in a specific location that engages primarily in arranging, domestic and international, transportation services. In return, the strategic operating partner is compensated through the payment of sales commissions, which are based on individual shipments. The Company accrues the strategic operating partners’ commission obligation ratably as the goods are transferred to the customer. The Company records employee sales commissions related to transportation services as an expense when incurred since the amortization period of such costs is less than one year. k) Defined Contribution Savings Plan The Company has an employee savings plan under which the Company provides safe harbor matching contributions. For the fiscal years ended June 30, 2023 and 2022, the Company’s contributions under the plan were $ 1,917 and $ 1,662 , respectively. l) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company records a liability for unrecognized tax benefits resulting from uncertain income tax positions taken or expected to be taken in an income tax return. Interest and penalties, if any, are recorded as a component of interest expense or other expense, respectively. Currently, the Company does not have any accruals for uncertain tax positions. m) Share-Based Compensation The Company grants restricted stock awards, restricted stock units, and stock options to certain directors, officers, and employees. The fair value of restricted stock awards is the market price of the Company’s common stock as of the grant date, and the fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option pricing model. Determining the fair value of stock option awards at the grant date requires judgment about, among other things, stock volatility, the expected life of the award, and other inputs. Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. The Company records share-based compensation for service-based restricted stock awards and stock options on a straight-line basis over the requisite service period of the entire award. Certain restricted stock units also have performance-based conditions and will vest upon achievement of pre-established individual and Company performance goals as measured after a three-year period. The Company accounts for forfeitures as they occur. Share-based compensation expense is reflected in personnel costs in the consolidated statements of comprehensive income. n) Basic and Diluted Income per Share Allocable to Common Stockholders Basic income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding after giving effect to all potential dilutive securities, such as restricted stock units and stock options. o) Foreign Currency For the Company’s foreign subsidiaries that prepare financial statements in currencies other than U.S. dollars, the local currency is the functional currency. All assets and liabilities are translated at year-end exchange rates and all revenue and expenses are translated at the weighted average rates for the period. Translation adjustments are recorded in foreign currency translation in other comprehensive income. Gains and losses on transactions of monetary items denominated in a foreign currency are recognized within other expense on t he consolidated statements of comprehensive income. p) Leases The Company determines if an arrangement is a lease at inception. Assets and obligations related to operating leases are included in operating lease right-of-use (“ROU”) assets; current portion of operating lease liabilities; and operating lease liabilities, net of current portion in the consolidated balance sheets. Assets and obligations related to finance leases are included in property, technology, and equipment, net; current portion of finance lease liabilities; and finance lease liabilities, net of current portion in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Lease terms may include options to extend or terminate the lease, which the Company has generally not included in its calculation of ROU assets or lease liabilities as it is not reasonably certain that the option will be exercised in the normal course of business. For the Company’s lease agreements containing fixed payments for both lease and non-lease components, the Company accounts for the components as a single lease component, as permitted. For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities for all leases that qualify, and records rent expense on a straight-line basis over the lease term. Expenses for these short-term leases for the fiscal years ended June 30, 2023 and 2022 are immaterial. Certain leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. Variable payments, to the extent they are not considered fixed, are expensed as incurred. Variable lease costs for the fiscal years ended June 30, 2023 and 2022 are immaterial. For finance leases, interest expense on the lease liability is recognized using the effective interest method and amortization of the ROU asset is recognized on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. q) Derivatives Derivative instruments are recognized as either assets or liabilities and measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in earnings with the corresponding hedged item. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings. As of June 30, 2023 and 2022 , the Company does no t have any derivatives designated as hedges. For derivative instruments that are not designated as hedges, gains and losses from changes in fair value of interest rate swap contracts are recognized in the consolidated statements of comprehensive income. r) Treasury Stock The Company accounts for treasury stock under the cost method is reflected as a reduction of stockholders’ equity at cost. As of June 30, 2023 , there have been no reissuances of treasury stock. s) Reclassification of Previously Issued Financial Statements Certain amounts in the prior period have been reclassified in the consolidated financial statements to conform to the current year presentation. In the fourth quarter of 2023, the Company reclassified unbilled receivables in its consolidated balance sheet as of June 30, 2022 to the financial statement caption, accounts receivable, net, which were previously reported in contract assets. Management has evaluated the reclassification on its previously filed financial statements from a quantitative and qualitative perspective, and has concluded that this reclassification was not material to the prior year as previously reported and the quarterly periods within the year. The prior year consolidated balance sheet and statements of cash flows have been adjusted from the amounts previously reported. The following tables summarize the effect: (In thousands) June 30, 2022 Reclassification June 30, 2022 Accounts receivable, net $ 186,492 $ 38,767 $ 225,259 Contract assets 61,154 ( 38,767 ) 22,387 Total current assets 289,344 — 289,344 (In thousands) June 30, 2022 Reclassification June 30, 2022 OPERATING ACTIVITIES: ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES CHANGES IN OPERATING ASSETS AND LIABILITIES: Accounts receivable $ ( 54,387 ) $ ( 9,541 ) $ ( 63,928 ) Contract assets ( 14,739 ) 9,541 ( 5,198 ) Net cash provided by operating activities 24,877 — 24,877 t) Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (and issued subsequent ASUs on ASC 326), which significantly changes estimates for credit losses related to financial assets measured at amortized cost, including trade receivables and other contracts, such as off-balance sheet credit exposure, specifically, standby letters of credit, financial guarantees, and other similar instruments. The guidance replaced the current incurred loss accounting model with an expected loss model, which is referred to as the current expected credit loss (”CECL”) model. The CECL model requires the measurement of the lifetime expected credit losses on financial assets held at the reporting date based on historical experience, current conditions, and reasonable, and supportable forecasts. The Company, as a smaller reporting company as of the relevant measuring period, qualified for an extension of the adoption of ASU 2016-13 (and all subsequent ASUs on Topic 326) to July 1, 2023. The Company will adopt ASU 2016-13 on July 1, 2023 using the modified retrospective approach. The Company has determined that this new guidance is applicable primarily to its accounts receivable, which are short-term and for which the Company has not historically experienced significant credit losses. Management does not expect that the adoption of this guidance will result in a significant cumulative-effect adjustment to retained earnings, net of income taxes, upon adoption. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Revenue from Contracts with Customers (Topic 606) , rather than using fair value on the acquisition date. ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted. The Company plans to apply the provisions of ASU 2021-08 on a prospective basis to business combinations occurring on or after July 1, 2023. |
Revenue
Revenue | 12 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | NOTE 3 – REVENUE For the fiscal year ended June 30, 2023 and 2022 , there was no customer whose revenue represented 10 % or more of consolidated revenues. A summary of the Company’s gross revenues disaggregated by major service lines and geographic markets (reportable segments), and timing of revenue recognition are as follows: Year Ended June 30, 2023 (In thousands) United States Canada Corporate/ Eliminations Total Major service lines: Transportation services $ 923,039 $ 110,225 $ ( 385 ) $ 1,032,879 Value-added services (1) 14,458 38,149 — 52,607 Total $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Timing of revenue recognition: Services transferred over time $ 932,542 $ 148,293 $ ( 385 ) $ 1,080,450 Services transferred at a point in time 4,955 81 — 5,036 Total $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Year Ended June 30, 2022 (In thousands) United States Canada Corporate/ Eliminations Total Major service lines: Transportation services $ 1,268,248 $ 149,230 $ ( 1,428 ) $ 1,416,050 Value-added services (1) 14,785 28,584 — 43,369 Total $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 Timing of revenue recognition: Services transferred over time $ 1,275,452 $ 177,814 $ ( 1,428 ) $ 1,451,838 Services transferred at a point in time 7,581 — — 7,581 Total $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 (1) Value-added services include MM&D, CHB, GTM and other services. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NO TE 4 – EARNINGS PER SHARE The computations of the numerator and denominator of basic and diluted income per share are as follows: Year Ended June 30, (In thousands, except share data) 2023 2022 Numerator: Net income attributable to Radiant Logistics, Inc. $ 20,595 $ 44,464 Denominator: Weighted average common shares outstanding, basic 48,188,663 49,570,594 Dilutive effect of share-based awards 1,362,725 1,165,988 Weighted average common shares outstanding, diluted 49,551,388 50,736,582 Potentially dilutive common shares excluded 107,500 113,696 |
Leases
Leases | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases | NO TE 5 – LEASES The Company has finance leases for equipment, and operating leases for office space, warehouse space, and other equipment with lease terms expiring at various dates through November 2033 . The Company has lease commitments that have been executed but have not yet commenced. The undiscounted future lease payments of these commitments total $ 27,009 and are excluded from the tables below. The components of lease expense are as follows: Year Ended June 30, (In thousands) 2023 2022 Operating lease cost $ 13,818 $ 10,202 Finance leases: Amortization of leased assets 706 628 Interest on lease liabilities 70 101 Total finance lease cost $ 776 $ 729 Supplemental cash flow information related to leases are as follows: Year Ended June 30, (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 12,007 $ 8,695 Operating cash flows paid for interest portion of finance leases 70 101 Financing cash flows paid for principal portion of finance leases 577 732 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 27,264 $ 11,968 Finance leases 523 — Supplemental balance sheet information related to leases are as follows: June 30, June 30, (In thousands) 2023 2022 Operating leases: Operating lease right-of-use assets $ 56,773 $ 41,111 Current portion of operating lease liabilities 11,273 7,641 Operating lease liabilities, net of current portion 52,120 37,776 Total operating lease liabilities $ 63,393 $ 45,417 Finance leases: Property, technology, and equipment, net $ 1,878 $ 2,039 Current portion of finance lease liabilities 620 577 Finance lease liabilities, net of current portion 1,121 1,223 Total finance lease liabilities $ 1,741 $ 1,800 Weighted average remaining lease term: Operating leases 6.2 years 5.5 years Finance leases 3.2 years 3.4 years Weighted average discount rate: Operating leases 5.29 % 4.33 % Finance leases 4.93 % 4.54 % As of June 30, 2023, maturities of lease liabilities for each of the next five fiscal years ending June 30 and thereafter are as follows: (In thousands) Operating Finance 2024 $ 14,363 $ 690 2025 13,953 668 2026 12,206 297 2027 10,706 73 2028 6,699 73 Thereafter 17,895 89 Total lease payments 75,822 1,890 Less imputed interest ( 12,429 ) ( 149 ) Total lease liabilities $ 63,393 $ 1,741 |
Property, Technology, and Equip
Property, Technology, and Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Technology, and Equipment | NO TE 6 – PROPERTY, TECHNOLOGY, AND EQUIPMENT June 30, June 30, (In thousands) Useful Life 2023 2022 Computer software 3 − 5 years $ 26,964 $ 26,324 Trailers and related equipment 3 − 15 years 7,015 6,639 Office and warehouse equipment 3 − 15 years 14,179 10,307 Leasehold improvements (1) 9,083 7,588 Computer equipment 3 − 5 years 4,529 4,272 Furniture and fixtures 3 − 15 years 1,743 1,514 Property, technology, and equipment 63,513 56,644 Less: accumulated depreciation and amortization ( 38,124 ) ( 31,821 ) Property, technology, and equipment, net $ 25,389 $ 24,823 (1) The cost is amortized over the shorter of the lease term or useful life. Depreciation and amortization expenses related to property, technology, and equipment were $ 7,410 and $ 7,331 for the fiscal years ended June 30, 2023 and 2022, respectively. Computer software includes approximately $ 548 and $ 1,032 of software in development as of June 30, 2023 and 2022 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NO TE 7 – GOODWILL AND INTANGIBLE ASSETS Goodwill Changes in the carrying amount of goodwill are as follows: (In thousands) Balance as of June 30, 2021 $ 72,582 Acquisition 16,424 Foreign currency translation loss ( 807 ) Balance as of June 30, 2022 $ 88,199 Acquisition 1,598 Foreign currency translation loss ( 594 ) Balance as of June 30, 2023 $ 89,203 Intangible Assets Intangible assets consist of the following: June 30, 2023 (In thousands) Weighted Gross Accumulated Net Customer related 7.5 years $ 117,645 $ ( 87,175 ) $ 30,470 Trade names and trademarks 7.6 years 15,547 ( 12,637 ) 2,910 Licenses 3.7 years 785 ( 490 ) 295 Developed technology 3.4 years 4,091 ( 1,295 ) 2,796 Covenants not to compete 1.6 years 1,433 ( 1,263 ) 170 $ 139,501 $ ( 102,860 ) $ 36,641 June 30, 2022 (In thousands) Weighted Gross Accumulated Net Customer related 7.2 years $ 114,974 $ ( 78,736 ) $ 36,238 Trade names and trademarks 3.8 years 15,700 ( 7,670 ) 8,030 Licenses 4.8 years 808 ( 424 ) 384 Developed technology 4.4 years 4,091 ( 477 ) 3,614 Covenants not to compete 2.6 years 1,433 ( 1,154 ) 279 $ 137,006 $ ( 88,461 ) $ 48,545 Amortization expense amounted to $ 15,290 and $ 11,385 for the fiscal years ended June 30, 2023 and 2022, respectively. Certain acquired trade names have been rebranded in connection with the Company’s long-term growth strategy for consistency across the business and to better serve its customers. The Company will gradually phase out certain trade names and will predominantly use Radiant to refer to the Company. The rebranding resulted in the reduction of the related useful lives of certain trade names and accelerated amortization expense from June 2022 to December 2022. Future amortization expense for each of the next five fiscal years ending June 30 are as follows: (In thousands) 2024 $ 10,071 2025 8,114 2026 3,424 2027 2,851 2028 2,222 |
Notes Payable
Notes Payable | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Notes Payable | NO TE 8 – NOTES PAYABLE Notes payable consist of the following: June 30, June 30, (In thousands) 2023 2022 Revolving credit facility $ — $ 62,525 Senior secured loans 4,204 8,902 Unamortized debt issuance costs ( 97 ) ( 133 ) Total notes payable 4,107 71,294 Less: current portion ( 4,107 ) ( 4,575 ) Total notes payable, net of current portion $ — $ 66,719 Future maturities of notes payable for each of the next five fiscal years ending June 30 and thereafter are as follows: (In thousands) 2024 $ 4,204 Total $ 4,204 Revolving Credit Facility The Company entered into a $ 200,000 syndicated, revolving credit facility (the “Revolving Credit Facility”) pursuant to a Credit Agreement dated as of August 5, 2022. The Revolving Credit Facility includes a $ 75,000 accordion feature to support future acquisition opportunities. The Revolving Credit Facility was entered into with Bank of America, N.A. and BMO Capital Markets Corp. as joint book runners and joint lead arrangers, Bank of America, N.A. as Administrative Agent, Swingline Lender and Letter of Credit Issuer, Bank of Montreal as syndication agent, KeyBank National Association and MUFG Union Bank, N.A. as co-documentation agents and Bank of America, N.A., Bank of Montreal, KeyBank National Association, MUFG Union Bank, N.A. and Washington Federal Bank, National Association as lenders (such named lenders are collectively referred to herein as “Lenders”). The Revolving Credit Facility has a term of five years and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company its guarantors named below on a parity basis with the security interest held by Fiera Private Debt Fund IV LP and Fiera Private Debt Fund V LP described below. Borrowings under the Revolving Credit Facility accrue interest (at the Company’s option), at a) the Lenders’ base rate plus 0.75 % and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at the Lenders’ base rate plus 0.50 % to 1.50 %; b) Term Secured Overnight Financing Rate ("SOFR") plus 1.65 % and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR plus 1.40 % to 2.40 %; and c) Term SOFR Daily Floating Rate plus 1.65 % and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR Daily Floating Rate plus 1.40 % to 2.40 %. The Company’s U.S. and Canadian subsidiaries are guarantors of the Revolving Credit Facility. As of June 30, 2023, the one-month SOFR rate was 5.14 % . For borrowings under the Revolving Credit Facility, the Company is subject to the maximum consolidated net leverage ratio of 3.00 and minimum consolidated interest coverage ratio of 3.00 . Additional minimum availability requirements and financial covenants apply in the event the Company seeks to use advances under the Revolving Credit Facility to pursue acquisitions or repurchase its common stock. Senior Secured Loans In connection with the Company’s acquisition of Radiant Canada, Radiant Canada obtained a CAD$ 29,000 senior secured Canadian term loan from Fiera Private Debt Fund IV LP (“FPD IV” formerly, Integrated Private Debt Fund IV LP) pursuant to a CAD$ 29,000 Credit Facilities Loan Agreement. The Company’s U.S. and Canadian subsidiaries are guarantors of the obligations thereunder. The loan matures on April 1, 2024 and accrues interest at a rate of 6.65 % per annum. The Company is required to maintain five months interest in a debt service reserve account to be controlled by FPD IV. As of June 30, 2023, the amount of $ 606 is recorded as restricted cash presented within prepaid expenses and other current assets in the accompanying consolidated financial statements. The Company made interest-only payments for the first twelve months followed by monthly principal and interest payments of CAD$ 390 that will be paid through maturity. As of June 30, 2023, $ 2,858 was outstanding under this term loan. In connection with the Company’s acquisition of Lomas, Radiant Canada obtained a CAD$ 10,000 senior secured Canadian term loan from Fiera Private Debt Fund V LP (formerly, Integrated Private Debt Fund V LP) pursuant to a CAD$ 10,000 Credit Facilities Loan Agreement. The Company’s U.S. and Canadian subsidiaries are guarantors of the obligations thereunder. The loan matures on June 1, 2024 and accrues interest at a fixed rate of 6.65 % per annum. The loan repayment consists of monthly principal and interest payments of CAD$ 149 . As of June 30, 2023, $ 1,346 was outstanding under this term loan. The loans may be prepaid in whole at any time providing the Company gives at least 30 days prior written notice and pays the difference between (i) the present value of the loan interest and the principal payments foregone discounted at the Government of Canada Bond Yield for the term from the date of prepayment to the maturity date, and (ii) the face value of the principal amount being prepaid. The covenants of the Revolving Credit Facility, described above, also apply to the FPD IV and FPD V term loans. As of June 30, 2023 , the Company was in compliance with all of its covenants. |
Derivatives
Derivatives | 12 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | NO TE 9 – DERIVATIVES All derivatives are recognized on the Company’s consolidated balance sheets at their fair values and consist of interest rate swap contracts as of June 30, 2023 and 2022 . On March 20, 2020 , and effective April 17, 2020, the Company entered into an interest rate swap contract with Bank of America to trade variable interest cash inflows at one-month LIBOR for a $ 20,000 notional amount, for fixed interest cash outflows at 0.635 %. On April 1, 2020 , and effective April 2, 2020, the Company entered into an interest rate swap contract with Bank of America to trade the variable interest cash inflows at one-month LIBOR for a $ 10,000 notional amount, for fixed interest cash outflows at 0.5865 %. Both interest rate swap contracts mature and terminate on March 13, 2025 . The Company uses interest rate swaps for the management of interest rate risk exposure, as the interest rate swaps effectively convert a portion of the Company’s Revolving Credit Facility from a floating to a fixed rate. The interest rate swaps are agreements between the Company and Bank of America to pay, in the future, a fixed rate payment in exchange for Bank of America paying the Company a variable payment. The net payment obligation is based on the notional amount of the swap contracts and the prevailing market interest rates. The Company may terminate the swap contracts prior to their expiration, at which point a realized gain or loss would be recognized. The value of the Company’s commitment would increase or decrease based primarily on the extent to which interest rates move against the rate fixed for each swap. The derivative instruments had a total notional amount of $ 30,000 and a fair value of $ 2,229 and $ 1,846 recorded in deposits and other assets in the consolidated balance sheets as of June 30, 2023 and June 30, 2022, respectively. Neither interest rate swap contract is designated as a hedge, and gains and losses from changes in fair value are recognized in the consolidated statements of comprehensive income. See Note 12 for discussion of fair value of the derivative instruments. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | NO TE 10 – STOCKHOLDERS’ EQUITY The Company is authorized to issue 5,000,000 shares of preferred stock, par value at $ 0.001 per share and 100,000,000 shares of common stock, $ 0.001 per share. No shares of preferred stock are issued or outstanding as of June 30, 2023 or 2022. Common Stock The Company’s board of directors authorized the repurchase of up to 5,000,000 shares of the Company’s common stock through December 31, 2023. Under the stock repurchase program, the Company is authorized to repurchase, from time to time, shares of its outstanding common stock in the open market at prevailing market prices or through privately negotiated transactions as permitted by securities laws and other legal requirements. The program does not obligate the Company to repurchase any specific number of shares and could be suspended or terminated at any time without prior notice. Under this repurchase program, the Company purchased 1,784,249 shares of its common stock at an average cost of $ 6.20 per share for an aggregate cost of $ 11,063 during the fiscal year ended June 30, 2023. During the fiscal year ended June 30, 2022, the Company purchased 1,622,792 shares of its common stock at an average cost of $ 6.99 per share for an aggregate cost of $ 11,346 . |
Variable Interest Entity and Re
Variable Interest Entity and Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Variable Interest Entity and Related Party Transactions | NO TE 11 – VARIABLE INTEREST ENTITY AND RELATED PARTY TRANSACTIONS RLP is owned 40 % by RGL and 60 % by RCP, a company for which the Chief Executive Officer of the Company is the sole member. RLP is a certified minority business enterprise that was formed for the purpose of providing the Company with a national accounts strategy to pursue corporate and government accounts with diversity initiatives. RCP’s ownership interest entitles it to 60 % of the profits and distributable cash, if any, generated by RLP. The operations of RLP are intended to provide certain benefits to the Company, including expanding the scope of services offered by the Company and participating in supplier diversity programs not otherwise available to the Company. In the course of evaluating and approving the ownership structure, operations and economics emanating from RLP, a committee consisting of the independent Board members of the Company, considered, among other factors, the significant benefits provided to the Company through association with a minority business enterprise, particularly as many of the Company’s largest current and potential customers have a need for diversity offerings. In addition, the committee concluded that the economic relationship with RLP was on terms no less favorable to the Company than terms generally available from unaffiliated third-parties. Certain entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties are considered variable interest entities. The Company has power over significant activities of RLP including the fulfillment of its contracts and financing its operations. Additionally, the Company also pays expenses and collects receivables on behalf of RLP. Thus, the Company is the primary beneficiary, RLP qualifies as a variable interest entity, and RLP is consolidated in these consolidated financial statements. RLP recorded $ 1,077 and $ 1,712 in net income for the fiscal years ended June 30, 2023 and 2022, respectively. RCP’s distributable share was $ 646 and $ 1,027 for the fiscal years ended June 30, 2023 and 2022, respectively. The non-controlling interest recorded as a reduction of net income available to common stockholders in the consolidated statements of comprehensive income represents RCP’s distributive share. The following table summarizes the balance sheets of RLP: June 30, (In thousands) 2023 2022 ASSETS Accounts receivable − Radiant Global Logistics, Inc. $ 377 $ 319 Prepaid expenses and other current assets 1 3 $ 378 $ 322 LIABILITIES AND PARTNERS’ CAPITAL Accrued expenses $ 1 $ 22 Partners’ capital 377 300 $ 378 $ 322 |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | NO TE 12 – FAIR VALUE MEASUREMENT The accounting guidance for fair value, among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The framework for measuring fair value consists of a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The fair value measurement level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities measured at fair value are based on one or more of the following three valuation techniques: • Market approach: Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; • Cost approach: Amount that would be required to replace the service capacity of an asset (replacement cost); and • Income approach: Techniques to convert future amounts to a single present amount based upon market expectations, including present value techniques, option pricing and excess earning models. Items Measured at Fair Value on a Recurring Basis The following table sets forth the Company’s financial assets (liabilities) measured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2023 (In thousands) Level 3 Total Contingent consideration $ ( 4,173 ) $ ( 4,173 ) Interest rate swap contracts (derivatives) 2,229 2,229 Fair Value Measurements as of June 30, 2022 (In thousands) Level 3 Total Contingent consideration $ ( 5,530 ) $ ( 5,530 ) Interest rate swap contracts (derivatives) 1,846 1,846 The following table provides a reconciliation of the financial assets (liabilities) measured at fair value using significant unobservable inputs (Level 3): (In thousands) Contingent Interest Rate Swap Contracts Balance as of June 30, 2022 $ ( 5,530 ) $ 1,846 Increase related to acquisition ( 1,789 ) — Contingent consideration paid 2,500 — Change in fair value 646 383 Balance as of June 30, 2023 $ ( 4,173 ) $ 2,229 The Company has contingent obligations to transfer cash payments and equity shares to former shareholders of acquired operations in conjunction with certain acquisitions if specified operating results and financial objectives are met over their stated earn-out period. Contingent consideration is measured quarterly at fair value, and any change in the fair value of the contingent liability is included in the consolidated statements of comprehensive income. The change in fair value in each period is principally attributable to a change in management’s estimates of future earn-out payments through the remainder of the earn-out periods. The Company uses projected future financial results based on recent and historical data to value the anticipated future earn-out payments. To calculate fair value, the future earn-out payments were then discounted using Level 3 inputs. The Company has classified the contingent consideration as Level 3 due to the lack of relevant observable market data over fair value inputs. The Company believes the discount rate used to discount the earn-out payments reflects market participant assumptions. Changes in assumptions and operating results could have a significant impact on the earn-out amount, through earn-out periods measured through September 2024, although there are no maximums on certain earn-out payments. For contingent consideration the following table provides quantitative information about the significant unobservable inputs used in fair value measurement: (In thousands) Fair Value Valuation Methodology Unobservable Inputs DCA contingent consideration $ ( 3,472 ) Income approach Actual EBITDA over the three-year earn-out period ended January 2023 > $ 14,900 Risk-adjusted discount rate 12.0 % Cascade contingent consideration $ ( 701 ) Income approach Projected gross margin over the two-year earn-out period ending September 2024 >$ 6,400 Risk-adjusted discount rate 17.4 % As discussed in Note 9, derivative instruments are carried at fair value on the consolidated balance sheets. The fair market value of interest rate swaps are determined using Level 3 unobservable inputs, specifically a pricing service proprietary to Bank of America. Fair Value of Financial Instruments The carrying amounts of the Company’s cash equivalents, receivables, contract assets, accounts payable, commissions payable, accrued expenses, and the income tax receivable and payable approximate the fair values due to the relatively short maturities of these instruments. The carrying amounts of the Company’s Revolving Credit Facility and notes payable would not differ significantly from fair value (based on Level 2 inputs) if recalculated based on current interest rates. During the fiscal years ended June 30, 2023 and 2022 , there were no transfers of financial instruments between Level 1, 2, and 3. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NO TE 13 – INCOME TAXES The significant components of income tax expense (benefit) are as follows: Year ended June 30, (In thousands) 2023 2022 Current: Federal $ 3,115 $ 8,802 State 2,568 1,545 Foreign 4,115 4,948 Total current 9,798 15,295 Deferred: Federal ( 2,665 ) ( 2,243 ) State ( 689 ) ( 350 ) Foreign ( 139 ) ( 10 ) Total deferred ( 3,493 ) ( 2,603 ) Income tax expense $ 6,305 $ 12,692 The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense: Year ended June 30, (In thousands) 2023 2022 Income tax expense at U.S. statutory rate ( 21 %) $ 5,785 $ 12,219 State income taxes, net of federal benefit 1,484 944 Foreign tax rate differential 750 842 Permanent differences 63 59 Share-based compensation ( 111 ) ( 233 ) GILTI & FDII ( 422 ) ( 698 ) Other, net ( 1,244 ) ( 441 ) Income tax expense $ 6,305 $ 12,692 The Company’s effective tax rate for the year ended June 30, 2023 is higher than the U.S. federal statutory rate primarily due to state and foreign income taxes. The Company’s effective tax rate for the fiscal year ended June 30, 2022 is higher than the U.S. federal statutory rate primarily due to state income taxes and the jurisdictional mix of the Company’s income before taxes offset by the windfall benefit from exercise of stock options and the benefit from foreign-derived intangible income. S ignificant components of deferred tax assets and liabilities are as follows: June 30, (In thousands) 2023 2022 Deferred tax assets (liabilities): Allowance for doubtful accounts $ 395 $ 594 Accruals 937 1,155 Share-based compensation 1,477 1,254 Operating lease liabilities 16,401 11,985 Operating lease ROU asset ( 14,806 ) ( 11,114 ) Property, technology, and equipment basis differences ( 1,977 ) ( 2,792 ) Goodwill deductible for tax purposes ( 3,345 ) ( 3,156 ) Intangible assets ( 618 ) ( 3,044 ) Other, net ( 1,408 ) ( 1,364 ) Net deferred tax liabilities $ ( 2,944 ) $ ( 6,482 ) The Company and its wholly-owned U.S. subsidiaries file a consolidated Federal income tax return. The Company also files unitary or separate returns in various state, local and non-U.S. jurisdictions based on state, local and non-U.S. filing requirements. Tax years that remain subject to examination by the IRS are the fiscal years ended June 30, 2020 through June 30, 2023 . Tax years that remain subject to examination by state authorities are the fiscal years ended June 30, 2019 through June 30, 2023 . Tax years that remain subject to examination by non-U.S. authorities are the periods ended December 31, 2017 through June 30, 2023 . Occasionally acquired entities have tax years that differ from the Company and are still open under the relevant statute of limitations and therefore are subject to potential adjustment. The Company does not have any material uncertain tax positions. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | NO TE 14 – SHARE-BASED COMPENSATION The Radiant Logistics, Inc. 2021 Omnibus Incentive Plan (the “2021 plan”) permits the Company’s Audit and Executive Committee to grant share-based awards to eligible employees, non-employee directors, and consultants of the Company. The 2021 plan became effective immediately upon approval by the Company’s stockholders and will expire on November 16, 2031 , unless terminated earlier by the Board. The 2021 plan replaces the 2012 Radiant Logistics, Inc. Stock Option and Performance Award Plan (the “2012 plan”). The remaining shares available for grant under the 2012 plan will roll over into the 2021 plan, and no new awards will be granted under the 2012 plan. The terms of the 2012 plan, as applicable, will continue to govern awards outstanding under the 2012 plan, until exercised, expired, paid or otherwise terminated or canceled. Other than the 2021 plan, there are no other equity compensation plans under which equity awards can be granted. Restricted Stock Units During the fiscal years ended June 30, 2023 and 2022, the Company recognized share-based compensation expense related to restricted stock units of $ 2,432 and $ 1,728 , respectively. As of June 30, 2023, the Company had approximately $ 5,172 of total unrecognized share-based compensation cost for restricted stock units expected to be recognized over a weighted average period of approximately 1.79 years. The following table summarizes restricted stock unit activity under the plans: Number of Weighted Average Unvested balance as of June 30, 2022 962,998 $ 6.17 Vested ( 252,230 ) 5.56 Granted 695,898 6.67 Forfeited ( 45,870 ) 6.24 Unvested balance as of June 30, 2023 1,360,796 $ 6.54 The table above includes a total of 607,068 restricted stock units with performance-based conditions as of June 30, 2023. These awards will vest upon achievement of pre-established individual and Company performance goals as measured after a three-year period. Stock Options Stock options are granted at exercise prices equal to the fair value of the common stock at the date of the grant and have a term of ten years . Generally, grants under each plan vest 20 % annually over a five-year period from the date of grant. For the fiscal years ended June 30, 2023 and 2022, the Company recognized share-based compensation expense related to stock options of $ 71 and $ 70 , respectively. The aggregate intrinsic value of options exercised was $ 533 and $ 1,407 , respectively for the fiscal years ended June 30, 2023 and 2022. As of June 30, 2023, the Company had approximately $ 208 of total unrecognized share-based compensation cost for stock options expected to be recognized over a weighted average period of approximately 2.93 years. The following table summarizes stock option activity under the plans: Number of Weighted Weighted Life Aggregate Outstanding as of June 30, 2022 1,105,084 $ 4.06 3.09 $ 3,719 Exercised ( 158,570 ) 2.22 — 533 Outstanding as of June 30, 2023 946,514 $ 4.37 2.40 $ 2,302 Exercisable as of June 30, 2023 886,514 $ 4.16 2.02 $ 2,302 The following table summarizes outstanding and exercisable options by exercise price range as of June 30, 2023: Outstanding Options Exercisable Options Exercise Prices Number of Weighted Weighted Aggregate Number of Weighted Weighted Aggregate $ 2.00 − $ 2.99 5,271 $ 2.22 0.35 $ 24 5,271 $ 2.22 0.35 $ 24 $ 3.00 − $ 3.99 373,591 3.33 1.90 1,267 373,591 3.33 1.90 1,267 $ 4.00 − $ 4.99 402,407 4.41 1.59 928 402,407 4.41 1.59 928 $ 5.00 − $ 5.99 55,245 5.21 1.84 83 55,245 5.21 1.84 83 $ 6.00 − $ 6.99 10,000 6.77 2.08 — 10,000 6.77 2.08 — $ 7.00 − $ 7.99 100,000 7.45 7.93 — 40,000 7.45 7.93 — 946,514 $ 4.37 2.40 $ 2,302 886,514 $ 4.16 2.02 $ 2,302 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NO TE 15 – COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in various claims and legal actions arising in the ordinary course of business. The Company records accruals for estimated losses relating to claims and lawsuits when available information indicates that a loss is probable and the amount of the loss, or range of loss, can be reasonably estimated. Legal expenses are expensed as incurred. There were no potentially material legal proceedings as of June 30, 2023. Subsequent to year-end, the Company initiated claims against a former customer for unpaid accounts receivable. In response, the former customer has claimed damages against the Company for alleged breach of contract and damages. The matter is in its preliminary stage and the Company is not yet able to reasonably estimate a possible loss or range of loss, if any. The Company intends to defend against these claims. An adverse outcome could have a material impact on the Company’s results of operations and cash flows. On December 8, 2021, the Company detected a ransomware incident impacting certain of the Company’s operational and information technology systems. While the Company’s systems recovery efforts are complete and the Company’s operations are fully functional, the incident did result in a loss of revenue as well as certain incremental costs. In addition, following an extensive forensic investigation by a team of cybersecurity experts, the Company confirmed that some data extraction related to the Company’s customers and employees occurred before the Company took its systems offline. The Company notified law enforcement, provided notice to customers apprising them of the situation and provided any notices that may be required by applicable law related to potential Personal Identifiable Information (PII data) exposure. Although the Company acted promptly and as efficiently as possible any failure of the Company to comply with data privacy or other laws and regulations related to this event could result in claims, legal or regulatory proceedings, inquiries, or investigations. Contingent Consideration and Earn-out Payments The Company’s agreements with respect to previous acquisitions contain future consideration provisions, which provide for the selling equity owners to receive additional consideration if specified operating results and financial objectives are achieved in future periods. Earn-out payments are generally due annually on November 1 st and 90 days following the quarter of the final earn-out period for each respective acquisition . The following table represents the estimated discounted earn-out payments to be paid in each of the following fiscal years ended June 30: 2024 2025 Total Earn-out payments: Cash $ 3,886 $ 287 $ 4,173 Total estimated earn-out payments $ 3,886 $ 287 $ 4,173 Other Contractual Commitments As of June 30, 2023, the Company has $ 2,697 of non-cancelable contractual commitments related to warehouse equipment, tenant improvements, and purchase of furniture and fixtures associated with operating leases that have not yet commenced. The amounts are expected to be paid within one year. |
Operating and Geographic Segmen
Operating and Geographic Segment Information | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Operating and Geographic Segment Information | NO TE 16 – OPERATING AND GEOGRAPHIC SEGMENT INFORMATION Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker or decision-making group in making decisions regarding allocation of resources and assessing performance. The Company’s chief operating decision-maker is the Chief Executive Officer. The Company has two operating and reportable segments: United States and Canada. The Company evaluates the performance of the segments primarily based on their respective revenues and income from operations. In addition, the Company includes the costs of the Company’s executives, board of directors, professional services, such as legal and consulting, amortization of intangible assets, and certain other corporate costs associated with operating as a public company as Corporate. As of and for the Year Ended June 30, 2023 Corporate/ (In thousands) United States Canada Eliminations Total Revenues $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Income (loss) from operations 41,619 14,605 ( 28,103 ) 28,121 Other income (expense) 599 332 ( 1,506 ) ( 575 ) Income (loss) before income taxes 42,218 14,937 ( 29,609 ) 27,546 Depreciation and amortization 4,072 3,335 15,293 22,700 Total assets 284,889 108,852 — 393,741 Property, technology, and equipment, net 10,104 15,285 — 25,389 Goodwill 68,823 20,380 — 89,203 As of and for the Year Ended June 30, 2022 Corporate/ (In thousands) United States Canada Eliminations Total Revenues $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 Income (loss) from operations 63,081 18,570 ( 23,028 ) 58,623 Other income (expense) 678 233 ( 1,351 ) ( 440 ) Income (loss) before income taxes 63,759 18,803 ( 24,379 ) 58,183 Depreciation and amortization 3,820 3,509 11,387 18,716 Total assets 394,209 103,142 — 497,351 Property, technology, and equipment, net 11,606 13,217 — 24,823 Goodwill 67,225 20,974 — 88,199 |
Business Combinations
Business Combinations | 12 Months Ended |
Jun. 30, 2023 | |
Business Combinations [Abstract] | |
Business Combinations | NO TE 17 − BUSINESS COMBINATIONS Fiscal Year 2023 Acquisition On October 1, 2022 , the Company, through a wholly-owned subsidiary, acquired the assets and operations of Cascade Enterprises of Minnesota, Inc. (“Cascade”) a Minneapolis, Minnesota based privately held company that has operated as a strategic operating partner under the Company’s Airgroup brand since 2007. As part of the post-acquisition integration activities, Cascade has combined with existing Company‑owned operations in Minneapolis and is able to leverage the Company’s Global Trade Management (“GTM”) platform to strengthen the Company’s purchase order and vendor management service offerings. As consideration for the acquisition, the Company paid $ 3,250 in cash upon closing, and the seller is entitled to additional contingent consideration payable in subsequent periods based on future performance of the acquired operation. The following table summarizes the fair value of the consideration transferred for the acquisition and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Cash $ 3,250 $ — $ 3,250 Contingent consideration 1,987 ( 198 ) 1,789 Deposits and other assets 3 — 3 Operating lease right-of-use asset 34 — 34 Intangible assets 3,468 ( 30 ) 3,438 Operating lease liability ( 34 ) — ( 34 ) Total identifiable net assets 3,471 ( 30 ) 3,441 Goodwill 1,766 ( 168 ) 1,598 $ 5,237 $ ( 198 ) $ 5,039 The fair values of the intangible assets were estimated by the Company with the assistance of valuation specialists. The fair value was estimated using a discounted cash flow approach with Level 3 inputs. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill is recorded in the U.S. operating segment and is expected to be deductible for income tax purposes over a period of 15 years. Intangible assets acquired consist of customer related intangible assets and have a useful life of 10 years. After management’s review of post-acquisition integration activities, it was determined that the leased facility had no future economic benefit to the Company and abandoned the lease. For the fiscal year ended June 30, 2023 , a lease abandonment charge of $ 30 was recognized in the consolidated statements of comprehensive income. The results of operations from Cascade were included in the consolidated financial statements from the date of acquisition. However, they were immaterial and thus no proforma presentation was necessary. Fiscal Year 2022 Acquisition On December 3, 2021, and effective as of November 30, 2021, the Company entered into a Stock Purchase Agreement, pursuant to which it acquired all of the issued and outstanding common shares of Navegate, Inc. (“Navegate”), a Minnesota based, privately held company from Saltspring Capital, LLC. Navegate is a technology-enabled supply chain management and third-party logistics services company that combines a robust digital platform and decades of expertise to manage international, cross-border, and domestic freight from purchase order to final delivery. Navegate’s combination of technology-enabled services, customs brokerage expertise, and a full complement of international and domestic services significantly reduces costs and leads to better compliance and risk mitigation for its customers. The goodwill recognized is attributable to expanded service lines and geographic footprint. As consideration for the acquisition, the Company paid $ 35,000 in cash upon closing. The transaction was financed through proceeds received from the Company's existing credit facility. A net working capital adjustment of $ 3,852 was finalized in the third quarter of fiscal year 2022 and was paid to Saltspring Capital, LLC. The aggregate purchase price of $ 38,852 was allocated to the assets acquired and liabilities assumed based upon their estimated fair values at the date of the acquisition. The following table summarizes the fair value of the consideration transferred for the acquisition and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Cash $ 35,000 $ — $ 35,000 Net working capital adjustment — 3,852 3,852 Current assets 19,187 — 19,187 Property, technology, and equipment 1,434 — 1,434 Intangible assets 17,834 1,188 19,022 Other long-term assets 1,621 — 1,621 Liabilities assumed ( 18,836 ) — ( 18,836 ) Total identifiable net assets 21,240 1,188 22,428 Goodwill 13,760 2,664 16,424 $ 35,000 $ 3,852 $ 38,852 The fair values of the intangible assets were estimated by the Company with the assistance of valuation specialists. The fair value was estimated using a discounted cash flow approach with Level 3 inputs. Under this method, an intangible asset’s fair value is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To calculate fair value, the Company used risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflect market participant assumptions. The goodwill is recorded in the U.S. operating segment and is not deductible for income tax purposes. Intangible assets acquired and their respective useful lives are as follows: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Useful Life Customer related $ 12,392 $ 910 $ 13,302 15 years Developed technology 3,942 149 4,091 5 years Trade name 1,500 129 1,629 10 years $ 17,834 $ 1,188 $ 19,022 Navegate results were immaterial to the consolidated financial statements and thus no proforma presentation was necessary. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 18 − SUBSEQUENT EVENTS Repurchase of Common Stock Pursuant to the stock repurchase program described in Note 10, the Company purchased 2,030 shares of Common Stock subsequent to June 30, 2023 and through September 5, 2023 for a total cost of $ 13 , inclusive of transaction costs, bringing the total Common Stock repurchased under the plan to 2,538,338 shares. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | a) Principles of Consolidation The consolidated financial statements include the accounts of Radiant Logistics, Inc. and its wholly-owned subsidiaries as well as a variable interest entity, Radiant Logistics Partners, LLC (“RLP”), which is 60 % owned by Radiant Capital Partners, LLC (“RCP,” see Note 11), an entity owned by the Company’s Chief Executive Officer. All significant intercompany balances and transactions have been eliminated. Non-controlling interest in the consolidated balance sheets represents RCP’s proportionate share of equity in RLP. Net income (loss) of non-wholly-owned consolidated subsidiaries or variable interest entities is allocated to the Company and the holder(s) of the non-controlling interest in proportion to their percentage ownership interests. |
Use of Estimates | b) Use of Estimates The preparation of consolidated financial statements and related disclosures in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Due to the inherent uncertainty involved in making estimates, actual results reported in future periods may be based upon amounts that could differ from these estimates. |
Cash and Cash Equivalents | c) Cash and Cash Equivalents The Company maintains its cash in bank deposit accounts that may, at times, exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash equivalents consist of highly liquid investments with original maturities of three months or less. |
Restricted Cash | d) Restricted Cash Restricted cash represents five months of interest payments on the Company’s senior secured loan held by the lender that are required to be set aside. Restricted cash of $ 606 is included in prepaid expenses and other current assets in the consolidated balance sheet as of June 30, 2023, and $ 625 is included in deposits and other assets in the consolidated balance sheet as of June 30, 2022 . The Company combines unrestricted and restricted cash for presentation in the consolidated statements of cash flows. |
Accounts Receivable | e) Accounts Receivable Accounts receivable, which includes billed and unbilled amounts, are stated net of the allowance for doubtful accounts and represents amounts determined by management to be their estimated net realizable value. The Company evaluates the collectability of accounts receivable on a customer-by-customer basis. The Company records an allowance for doubtful accounts to reduce the receivable to an amount estimated to be reasonably collected. The allowance for doubtful accounts is determined from the analysis of the aging of the accounts receivable, historical experience, and knowledge of specific customers. Unbilled amounts as of June 30, 2023 and 2022 were $ 22,515 and $ 38,767 , respectively (see Note 2s). The Company derives a substantial portion of its revenue through independently owned strategic operating partner locations operating under various Company brands. Each strategic operating partner is responsible for some or all of the collection of the accounts related to the underlying customers being serviced by such strategic operating partner. To facilitate this arrangement, based on contractual agreements, certain strategic operating partners are required to maintain a bad debt reserve in the form of a security deposit with the Company. The Company charges each strategic operating partner’s bad debt reserve account for any accounts receivable aged beyond 90 days along with any other amounts owed to the Company by strategic operating partners. However, the bad debt reserve account may carry a deficit balance when amounts charged to this reserve account exceed amounts otherwise available. In these circumstances, a deficit bad debt reserve account is recognized as a receivable in the Company’s consolidated financial statements. Some strategic operating partners are not required to establish a bad debt reserve; however, they are still responsible to make up for any deficits and the Company may withhold all or a portion of future commissions payable to the strategic operating partner to satisfy any deficit balance. The Company expects to replenish these funds through the future business operations of these strategic operating partners or as their customers satisfy the amounts payable to the Company. However, to the extent any of these strategic operating partners were to cease operations or otherwise be unable to replenish these deficit accounts, the Company would be at risk of loss for any such amounts and generally would reserve for them. |
Property, Technology, and Equipment | f) Property, Technology, and Equipment Property, technology, and equipment is stated at cost, less accumulated depreciation and amortization. Depreciation and amortization is computed using the straight-line method over the estimated useful lives of the related assets. Upon retirement or other disposition of these assets, the cost and related accumulated depreciation and amortization are removed from the accounts and the resulting gain or loss, if any, is reflected in other income (expense). Expenditures for maintenance, repairs and renewals of minor items are expensed as incurred. Major renewals and improvements are capitalized. |
Goodwill | g) Goodwill Goodwill represents the excess acquisition cost of an acquired entity over the estimated fair values assigned to the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but rather is reviewed for impairment annually or more frequently if facts or circumstances indicate that its carrying amount may not be recoverable. The Company has determined that there are two reporting units for the purpose of the goodwill impairment test. An entity has the option to perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit is less than its carrying amount prior to performing a quantitative impairment test. The qualitative assessment evaluates various factors, such as macroeconomic conditions, industry and market conditions, cost factors, recent events, and financial trends that may impact the fair value of the reporting unit. If it is determined that the estimated fair value of the reporting unit is more-likely-than-not less than its carrying amount, including goodwill, a quantitative assessment is required. Otherwise, no further analysis is required. If a quantitative assessment is performed, a reporting unit’s fair value is compared to its carrying amount. A reporting unit’s fair value is determined based upon consideration of various valuation methodologies, including the income approach, which utilizes projected future cash flows discounted at rates commensurate with the risks involved, and multiples of current and future earnings, and market approach, which utilizes a selection of guideline public companies. If the fair value of a reporting unit is less than its carrying amount, an impairment charge is recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized cannot exceed the total amount of goodwill allocated to that reporting unit. The Company performs its annual goodwill impairment test as of April 1 of each year or more frequently if facts or circumstances indicate that the carrying amount may not be recoverable. As of June 30, 2023 and 2022 , management believes no impairment exists. |
Long-Lived Assets | h) Long-Lived Assets Long-lived assets, such as property, technology, and equipment, and definite-lived intangible assets, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of the assets may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company compares the undiscounted expected future cash flows to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment charge is recognized to the extent the carrying amount of the asset or asset group exceeds the fair value. Fair values of long-lived assets are determined through various techniques, such as applying probability weighted, expected present value calculations to the estimated future cash flows using assumptions a market participant would utilize or through the use of a third-party independent appraiser or valuation specialist. Definite-lived intangible assets consist of customer related intangible assets, trade names and trademarks, licenses, developed technology, and non-compete agreements arising from the Company’s acquisitions. Customer related intangible assets and trademarks and trade names are amortized using the straight-line method over periods of up to 15 years , licenses are amortized using the straight-line method over ten years , developed technology is amortized using the straight-line method over five years , and non-compete agreements are amortized using the straight-line method over periods of up to five years . |
Business Combinations | i) Business Combinations The Company accounts for business acquisitions using the acquisition method. The assets acquired and liabilities assumed in business combinations, including identifiable intangible assets, are recorded based upon their estimated fair values as of the acquisition date. The excess of the purchase price over the estimated fair value of the net tangible and identifiable intangible assets acquired is recorded as goodwill. Acquisition expenses are expensed as incurred. While the Company uses its best estimates and assumptions to accurately value assets acquired and liabilities assumed as of the acquisition date, the estimates are inherently uncertain and subject to refinement. The fair values of intangible assets are generally estimated using a discounted cash flow approach with Level 3 inputs. The estimate of fair value of an intangible asset is equal to the present value of the incremental after-tax cash flows (excess earnings) attributable solely to the intangible asset over its remaining useful life. To estimate fair value, the Company generally uses risk-adjusted cash flows discounted at rates considered appropriate given the inherent risks associated with each type of asset. The Company believes the level and timing of cash flows appropriately reflects market participant assumptions. For acquisitions that involve contingent consideration, the Company records a liability equal to the fair value of the contingent consideration obligation as of the acquisition date. The Company determines the acquisition date fair value of the contingent consideration based on the likelihood of paying the additional consideration. The fair value is generally estimated using projected future operating results and the corresponding future earn-out payments that can be earned upon the achievement of specified operating results and financial objectives by acquired companies using Level 3 inputs discounted to present value. These liabilities are measured quarterly at fair value, and any change in the fair value of the contingent consideration liability is recognized in the consolidated statements of comprehensive income. During the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding adjustment to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recognized in the consolidated statements of comprehensive income. |
Revenue Recognition | j) Revenue Recognition The Company recognizes revenue to depict the transfer of promised goods or services to its customers in an amount that reflects the consideration to which the company expects to be entitled to in exchange for those goods and services. The Company’s revenues are primarily from transportation services, which include providing for the arrangement of freight, both domestically and internationally, through modes of transportation, such as air freight, ocean freight, truckload, less than truckload, and intermodal. The Company generates its transportation services revenue by purchasing transportation from direct carriers and reselling those services to its customers. In general, each shipment transaction or service order constitutes a separate contract with the customer. A performance obligation is created once a customer agreement with an agreed upon transaction price exists. The transaction price is typically fixed and not contingent upon the occurrence or non-occurrence of any other event. The transaction price is generally due 30 to 45 days from the date of invoice. The Company’s transportation transactions provide for the arrangement of the movement of freight to a customer’s agreed upon destination. The transportation services, including certain ancillary services, such as loading/unloading, freight insurance and customs clearance, that are provided to the customer represent a single performance obligation as the ancillary services are not distinct in the context of the contract and therefore combined with the performance obligation for transportation services. This performance obligation is satisfied over time and recognized in revenue upon the transfer of control of the services over the requisite transit period as the customer’s goods move from point of origin to point of destination. The Company determines the period to recognize revenue based upon the actual departure date and delivery date, if available, or estimated delivery date if delivery has not occurred as of the reporting date. Certain shipments may require the Company to estimate revenue, in which case it uses the average revenue per shipment, per mode of transportation. Determination of the estimated revenue, transit period and the percentage of completion of the shipment as of the reporting date requires management to make judgments that affect the timing and amount of revenue recognition. The Company has determined that revenue recognition over the transit period provides a reasonable estimate of the transfer of services to its customers as it depicts the pattern of the Company’s performance under the contracts with its customers. The timing of revenue recognition, billings, cash collections, and allowance for doubtful accounts results in billed and unbilled receivables. The Company receives the unconditional right to bill when shipments are delivered to their destination. The Company has elected to not disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of the end of the period as the Company’s contract with its transportation customers have an expected duration of one year or less. The corresponding direct costs of revenue, including primarily purchased transportation costs and commissions, have been expensed ratably as incurred. The Company also provides MM&D services for its customers under contracts generally ranging from a few months to five years and include renewal provisions. These MM&D service contracts provide for inventory management, order fulfillment and warehousing of the customer’s product and arrangement of transportation of the customer’s product. The Company’s performance obligations are satisfied over time as the customers simultaneously receive and consume the services provided by the Company as it performs. Revenue is recognized in the amount for which the Company has the right to invoice the customer, as this amount corresponds directly with the value provided to the customer for the Company’s performance completed to date. The transaction price is based on the consideration specified in the contract with the customer and contains fixed and variable consideration. In general, the fixed consideration component of a contract represents reimbursement for facility and equipment costs incurred to satisfy the performance obligation and is recognized on a straight-line basis over the term of the contract. The variable consideration component is comprised of cost reimbursement per unit pricing for time and pricing for materials used and is determined based on cost plus a mark-up for hours of services provided and materials used and is recognized over time based on the level of activity volume. Other services include primarily CHB services sold separately as a single performance obligation. The Company recognizes revenue from this performance obligation at a point in time, which is the completion of the services. Duties and taxes collected from the customer and paid to the customs agent on behalf of the customers are excluded from revenue. The Company uses independent contractors and third-party carriers in the performance of its transportation services. The Company evaluates who controls the transportation services to determine whether its performance obligation is to transfer services to the customer or to arrange for services to be provided by another party. The Company determined it acts as the principal for its transportation services performance obligation since it is in control of establishing the prices for the specified services, managing all aspects of the shipments process and assuming the risk of loss for delivery and collection. Such transportation services revenue is presented on a gross basis in the consolidated statements of comprehensive income. Contract Assets Contract assets represent estimated amounts for which the Company has the right to consideration for transportation services related to the completed portion of in-transit shipments at period end, but for which it has not yet completed the performance obligations. Upon completion of the performance obligations, which can vary in duration based upon the mode of transportation, the balance is included in accounts receivable. Operating Partner and Other Commissions The Company enters into contractual arrangements with strategic operating partners that operate, on behalf of the Company, an office in a specific location that engages primarily in arranging, domestic and international, transportation services. In return, the strategic operating partner is compensated through the payment of sales commissions, which are based on individual shipments. The Company accrues the strategic operating partners’ commission obligation ratably as the goods are transferred to the customer. The Company records employee sales commissions related to transportation services as an expense when incurred since the amortization period of such costs is less than one year. |
Defined Contribution Savings Plan | k) Defined Contribution Savings Plan The Company has an employee savings plan under which the Company provides safe harbor matching contributions. For the fiscal years ended June 30, 2023 and 2022, the Company’s contributions under the plan were $ 1,917 and $ 1,662 , respectively. |
Income Taxes | l) Income Taxes Income taxes are accounted for using the asset and liability method. Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The Company records a liability for unrecognized tax benefits resulting from uncertain income tax positions taken or expected to be taken in an income tax return. Interest and penalties, if any, are recorded as a component of interest expense or other expense, respectively. Currently, the Company does not have any accruals for uncertain tax positions. |
Share-Based Compensation | m) Share-Based Compensation The Company grants restricted stock awards, restricted stock units, and stock options to certain directors, officers, and employees. The fair value of restricted stock awards is the market price of the Company’s common stock as of the grant date, and the fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option pricing model. Determining the fair value of stock option awards at the grant date requires judgment about, among other things, stock volatility, the expected life of the award, and other inputs. Share-based compensation is recorded over the requisite service period, generally defined as the vesting period. The Company records share-based compensation for service-based restricted stock awards and stock options on a straight-line basis over the requisite service period of the entire award. Certain restricted stock units also have performance-based conditions and will vest upon achievement of pre-established individual and Company performance goals as measured after a three-year period. The Company accounts for forfeitures as they occur. Share-based compensation expense is reflected in personnel costs in the consolidated statements of comprehensive income. |
Basic and Diluted Income per Share Allocable to Common Stockholders | n) Basic and Diluted Income per Share Allocable to Common Stockholders Basic income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding. Diluted income per common share is computed by dividing net income allocable to common stockholders by the weighted average number of common shares outstanding, plus the number of additional common shares that would have been outstanding after giving effect to all potential dilutive securities, such as restricted stock units and stock options. |
Foreign Currency | o) Foreign Currency For the Company’s foreign subsidiaries that prepare financial statements in currencies other than U.S. dollars, the local currency is the functional currency. All assets and liabilities are translated at year-end exchange rates and all revenue and expenses are translated at the weighted average rates for the period. Translation adjustments are recorded in foreign currency translation in other comprehensive income. Gains and losses on transactions of monetary items denominated in a foreign currency are recognized within other expense on t he consolidated statements of comprehensive income. |
Leases | p) Leases The Company determines if an arrangement is a lease at inception. Assets and obligations related to operating leases are included in operating lease right-of-use (“ROU”) assets; current portion of operating lease liabilities; and operating lease liabilities, net of current portion in the consolidated balance sheets. Assets and obligations related to finance leases are included in property, technology, and equipment, net; current portion of finance lease liabilities; and finance lease liabilities, net of current portion in the consolidated balance sheets. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. Lease terms may include options to extend or terminate the lease, which the Company has generally not included in its calculation of ROU assets or lease liabilities as it is not reasonably certain that the option will be exercised in the normal course of business. For the Company’s lease agreements containing fixed payments for both lease and non-lease components, the Company accounts for the components as a single lease component, as permitted. For leases with an initial term of twelve months or less, the Company elected the exemption from recording ROU assets and lease liabilities for all leases that qualify, and records rent expense on a straight-line basis over the lease term. Expenses for these short-term leases for the fiscal years ended June 30, 2023 and 2022 are immaterial. Certain leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. Variable payments, to the extent they are not considered fixed, are expensed as incurred. Variable lease costs for the fiscal years ended June 30, 2023 and 2022 are immaterial. For finance leases, interest expense on the lease liability is recognized using the effective interest method and amortization of the ROU asset is recognized on a straight-line basis over the shorter of the estimated useful life of the asset or the lease term. |
Derivatives | q) Derivatives Derivative instruments are recognized as either assets or liabilities and measured at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. For derivative instruments designated as cash flow hedges, gains and losses are initially reported as a component of other comprehensive income and subsequently recognized in earnings with the corresponding hedged item. Gains and losses representing hedge components excluded from the assessment of effectiveness are recognized in earnings. As of June 30, 2023 and 2022 , the Company does no t have any derivatives designated as hedges. For derivative instruments that are not designated as hedges, gains and losses from changes in fair value of interest rate swap contracts are recognized in the consolidated statements of comprehensive income. |
Treasury Stock | r) Treasury Stock The Company accounts for treasury stock under the cost method is reflected as a reduction of stockholders’ equity at cost. As of June 30, 2023 , there have been no reissuances of treasury stock. |
Reclassifications of Previously Issued Financial Statements | s) Reclassification of Previously Issued Financial Statements Certain amounts in the prior period have been reclassified in the consolidated financial statements to conform to the current year presentation. In the fourth quarter of 2023, the Company reclassified unbilled receivables in its consolidated balance sheet as of June 30, 2022 to the financial statement caption, accounts receivable, net, which were previously reported in contract assets. Management has evaluated the reclassification on its previously filed financial statements from a quantitative and qualitative perspective, and has concluded that this reclassification was not material to the prior year as previously reported and the quarterly periods within the year. The prior year consolidated balance sheet and statements of cash flows have been adjusted from the amounts previously reported. The following tables summarize the effect: (In thousands) June 30, 2022 Reclassification June 30, 2022 Accounts receivable, net $ 186,492 $ 38,767 $ 225,259 Contract assets 61,154 ( 38,767 ) 22,387 Total current assets 289,344 — 289,344 (In thousands) June 30, 2022 Reclassification June 30, 2022 OPERATING ACTIVITIES: ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES CHANGES IN OPERATING ASSETS AND LIABILITIES: Accounts receivable $ ( 54,387 ) $ ( 9,541 ) $ ( 63,928 ) Contract assets ( 14,739 ) 9,541 ( 5,198 ) Net cash provided by operating activities 24,877 — 24,877 |
Recent Accounting Pronouncements | t) Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (and issued subsequent ASUs on ASC 326), which significantly changes estimates for credit losses related to financial assets measured at amortized cost, including trade receivables and other contracts, such as off-balance sheet credit exposure, specifically, standby letters of credit, financial guarantees, and other similar instruments. The guidance replaced the current incurred loss accounting model with an expected loss model, which is referred to as the current expected credit loss (”CECL”) model. The CECL model requires the measurement of the lifetime expected credit losses on financial assets held at the reporting date based on historical experience, current conditions, and reasonable, and supportable forecasts. The Company, as a smaller reporting company as of the relevant measuring period, qualified for an extension of the adoption of ASU 2016-13 (and all subsequent ASUs on Topic 326) to July 1, 2023. The Company will adopt ASU 2016-13 on July 1, 2023 using the modified retrospective approach. The Company has determined that this new guidance is applicable primarily to its accounts receivable, which are short-term and for which the Company has not historically experienced significant credit losses. Management does not expect that the adoption of this guidance will result in a significant cumulative-effect adjustment to retained earnings, net of income taxes, upon adoption. In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers , which requires contract assets and contract liabilities, such as deferred revenue, acquired in a business combination to be recognized and measured in accordance with Revenue from Contracts with Customers (Topic 606) , rather than using fair value on the acquisition date. ASU 2021-08 is expected to reduce diversity in practice and increase comparability for both the recognition and measurement of acquired revenue contracts with customers at the date of and after a business combination. This ASU is effective for fiscal years beginning after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to acquisitions occurring on or after the effective date. Early adoption is permitted. The Company plans to apply the provisions of ASU 2021-08 on a prospective basis to business combinations occurring on or after July 1, 2023. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Effect of Prior Year Consolidated Balance Sheet and Statements of Cash Flows Adjusted from Previously Reported | The prior year consolidated balance sheet and statements of cash flows have been adjusted from the amounts previously reported. The following tables summarize the effect: (In thousands) June 30, 2022 Reclassification June 30, 2022 Accounts receivable, net $ 186,492 $ 38,767 $ 225,259 Contract assets 61,154 ( 38,767 ) 22,387 Total current assets 289,344 — 289,344 (In thousands) June 30, 2022 Reclassification June 30, 2022 OPERATING ACTIVITIES: ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES CHANGES IN OPERATING ASSETS AND LIABILITIES: Accounts receivable $ ( 54,387 ) $ ( 9,541 ) $ ( 63,928 ) Contract assets ( 14,739 ) 9,541 ( 5,198 ) Net cash provided by operating activities 24,877 — 24,877 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Disaggregation of Revenue [Abstract] | |
Disaggregation of Gross Revenues by Major Service Lines and Geographic Markets and Timing of Revenue Recognition | A summary of the Company’s gross revenues disaggregated by major service lines and geographic markets (reportable segments), and timing of revenue recognition are as follows: Year Ended June 30, 2023 (In thousands) United States Canada Corporate/ Eliminations Total Major service lines: Transportation services $ 923,039 $ 110,225 $ ( 385 ) $ 1,032,879 Value-added services (1) 14,458 38,149 — 52,607 Total $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Timing of revenue recognition: Services transferred over time $ 932,542 $ 148,293 $ ( 385 ) $ 1,080,450 Services transferred at a point in time 4,955 81 — 5,036 Total $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Year Ended June 30, 2022 (In thousands) United States Canada Corporate/ Eliminations Total Major service lines: Transportation services $ 1,268,248 $ 149,230 $ ( 1,428 ) $ 1,416,050 Value-added services (1) 14,785 28,584 — 43,369 Total $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 Timing of revenue recognition: Services transferred over time $ 1,275,452 $ 177,814 $ ( 1,428 ) $ 1,451,838 Services transferred at a point in time 7,581 — — 7,581 Total $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 (1) Value-added services include MM&D, CHB, GTM and other services. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computations of the Numerator and Denominator of Basic and Diluted Income Per Share | The computations of the numerator and denominator of basic and diluted income per share are as follows: Year Ended June 30, (In thousands, except share data) 2023 2022 Numerator: Net income attributable to Radiant Logistics, Inc. $ 20,595 $ 44,464 Denominator: Weighted average common shares outstanding, basic 48,188,663 49,570,594 Dilutive effect of share-based awards 1,362,725 1,165,988 Weighted average common shares outstanding, diluted 49,551,388 50,736,582 Potentially dilutive common shares excluded 107,500 113,696 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense are as follows: Year Ended June 30, (In thousands) 2023 2022 Operating lease cost $ 13,818 $ 10,202 Finance leases: Amortization of leased assets 706 628 Interest on lease liabilities 70 101 Total finance lease cost $ 776 $ 729 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases are as follows: Year Ended June 30, (In thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows paid for operating leases $ 12,007 $ 8,695 Operating cash flows paid for interest portion of finance leases 70 101 Financing cash flows paid for principal portion of finance leases 577 732 Right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 27,264 $ 11,968 Finance leases 523 — |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases are as follows: June 30, June 30, (In thousands) 2023 2022 Operating leases: Operating lease right-of-use assets $ 56,773 $ 41,111 Current portion of operating lease liabilities 11,273 7,641 Operating lease liabilities, net of current portion 52,120 37,776 Total operating lease liabilities $ 63,393 $ 45,417 Finance leases: Property, technology, and equipment, net $ 1,878 $ 2,039 Current portion of finance lease liabilities 620 577 Finance lease liabilities, net of current portion 1,121 1,223 Total finance lease liabilities $ 1,741 $ 1,800 Weighted average remaining lease term: Operating leases 6.2 years 5.5 years Finance leases 3.2 years 3.4 years Weighted average discount rate: Operating leases 5.29 % 4.33 % Finance leases 4.93 % 4.54 % |
Maturities of Lease Liabilities | As of June 30, 2023, maturities of lease liabilities for each of the next five fiscal years ending June 30 and thereafter are as follows: (In thousands) Operating Finance 2024 $ 14,363 $ 690 2025 13,953 668 2026 12,206 297 2027 10,706 73 2028 6,699 73 Thereafter 17,895 89 Total lease payments 75,822 1,890 Less imputed interest ( 12,429 ) ( 149 ) Total lease liabilities $ 63,393 $ 1,741 |
Property, Technology, and Equ_2
Property, Technology, and Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Technology, and Equipment | June 30, June 30, (In thousands) Useful Life 2023 2022 Computer software 3 − 5 years $ 26,964 $ 26,324 Trailers and related equipment 3 − 15 years 7,015 6,639 Office and warehouse equipment 3 − 15 years 14,179 10,307 Leasehold improvements (1) 9,083 7,588 Computer equipment 3 − 5 years 4,529 4,272 Furniture and fixtures 3 − 15 years 1,743 1,514 Property, technology, and equipment 63,513 56,644 Less: accumulated depreciation and amortization ( 38,124 ) ( 31,821 ) Property, technology, and equipment, net $ 25,389 $ 24,823 (1) The cost is amortized over the shorter of the lease term or useful life. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in the Carrying Amount of Goodwill | Changes in the carrying amount of goodwill are as follows: (In thousands) Balance as of June 30, 2021 $ 72,582 Acquisition 16,424 Foreign currency translation loss ( 807 ) Balance as of June 30, 2022 $ 88,199 Acquisition 1,598 Foreign currency translation loss ( 594 ) Balance as of June 30, 2023 $ 89,203 |
Schedule of Intangible Assets | Intangible assets consist of the following: June 30, 2023 (In thousands) Weighted Gross Accumulated Net Customer related 7.5 years $ 117,645 $ ( 87,175 ) $ 30,470 Trade names and trademarks 7.6 years 15,547 ( 12,637 ) 2,910 Licenses 3.7 years 785 ( 490 ) 295 Developed technology 3.4 years 4,091 ( 1,295 ) 2,796 Covenants not to compete 1.6 years 1,433 ( 1,263 ) 170 $ 139,501 $ ( 102,860 ) $ 36,641 June 30, 2022 (In thousands) Weighted Gross Accumulated Net Customer related 7.2 years $ 114,974 $ ( 78,736 ) $ 36,238 Trade names and trademarks 3.8 years 15,700 ( 7,670 ) 8,030 Licenses 4.8 years 808 ( 424 ) 384 Developed technology 4.4 years 4,091 ( 477 ) 3,614 Covenants not to compete 2.6 years 1,433 ( 1,154 ) 279 $ 137,006 $ ( 88,461 ) $ 48,545 |
Schedule of Future Amortization Expense | Future amortization expense for each of the next five fiscal years ending June 30 are as follows: (In thousands) 2024 $ 10,071 2025 8,114 2026 3,424 2027 2,851 2028 2,222 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consist of the following: June 30, June 30, (In thousands) 2023 2022 Revolving credit facility $ — $ 62,525 Senior secured loans 4,204 8,902 Unamortized debt issuance costs ( 97 ) ( 133 ) Total notes payable 4,107 71,294 Less: current portion ( 4,107 ) ( 4,575 ) Total notes payable, net of current portion $ — $ 66,719 |
Schedule of Maturities of Notes Payable | Future maturities of notes payable for each of the next five fiscal years ending June 30 and thereafter are as follows: (In thousands) 2024 $ 4,204 Total $ 4,204 |
Variable Interest Entity and _2
Variable Interest Entity and Related Party Transactions (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of Balance Sheets of RLP | The following table summarizes the balance sheets of RLP: June 30, (In thousands) 2023 2022 ASSETS Accounts receivable − Radiant Global Logistics, Inc. $ 377 $ 319 Prepaid expenses and other current assets 1 3 $ 378 $ 322 LIABILITIES AND PARTNERS’ CAPITAL Accrued expenses $ 1 $ 22 Partners’ capital 377 300 $ 378 $ 322 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets (Liabilities) Measured at Fair Value on Recurring Basis | The following table sets forth the Company’s financial assets (liabilities) measured at fair value on a recurring basis: Fair Value Measurements as of June 30, 2023 (In thousands) Level 3 Total Contingent consideration $ ( 4,173 ) $ ( 4,173 ) Interest rate swap contracts (derivatives) 2,229 2,229 Fair Value Measurements as of June 30, 2022 (In thousands) Level 3 Total Contingent consideration $ ( 5,530 ) $ ( 5,530 ) Interest rate swap contracts (derivatives) 1,846 1,846 |
Fair Value of Assets (Liabilities) Measured on Recurring Basis Unobservable Input Reconciliation | The following table provides a reconciliation of the financial assets (liabilities) measured at fair value using significant unobservable inputs (Level 3): (In thousands) Contingent Interest Rate Swap Contracts Balance as of June 30, 2022 $ ( 5,530 ) $ 1,846 Increase related to acquisition ( 1,789 ) — Contingent consideration paid 2,500 — Change in fair value 646 383 Balance as of June 30, 2023 $ ( 4,173 ) $ 2,229 |
Summary of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurement of Contingent Consideration | For contingent consideration the following table provides quantitative information about the significant unobservable inputs used in fair value measurement: (In thousands) Fair Value Valuation Methodology Unobservable Inputs DCA contingent consideration $ ( 3,472 ) Income approach Actual EBITDA over the three-year earn-out period ended January 2023 > $ 14,900 Risk-adjusted discount rate 12.0 % Cascade contingent consideration $ ( 701 ) Income approach Projected gross margin over the two-year earn-out period ending September 2024 >$ 6,400 Risk-adjusted discount rate 17.4 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The significant components of income tax expense (benefit) are as follows: Year ended June 30, (In thousands) 2023 2022 Current: Federal $ 3,115 $ 8,802 State 2,568 1,545 Foreign 4,115 4,948 Total current 9,798 15,295 Deferred: Federal ( 2,665 ) ( 2,243 ) State ( 689 ) ( 350 ) Foreign ( 139 ) ( 10 ) Total deferred ( 3,493 ) ( 2,603 ) Income tax expense $ 6,305 $ 12,692 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles income taxes based on the U.S. statutory tax rate to the Company’s income tax expense: Year ended June 30, (In thousands) 2023 2022 Income tax expense at U.S. statutory rate ( 21 %) $ 5,785 $ 12,219 State income taxes, net of federal benefit 1,484 944 Foreign tax rate differential 750 842 Permanent differences 63 59 Share-based compensation ( 111 ) ( 233 ) GILTI & FDII ( 422 ) ( 698 ) Other, net ( 1,244 ) ( 441 ) Income tax expense $ 6,305 $ 12,692 |
Schedule of Deferred Tax Assets and Liabilities | ignificant components of deferred tax assets and liabilities are as follows: June 30, (In thousands) 2023 2022 Deferred tax assets (liabilities): Allowance for doubtful accounts $ 395 $ 594 Accruals 937 1,155 Share-based compensation 1,477 1,254 Operating lease liabilities 16,401 11,985 Operating lease ROU asset ( 14,806 ) ( 11,114 ) Property, technology, and equipment basis differences ( 1,977 ) ( 2,792 ) Goodwill deductible for tax purposes ( 3,345 ) ( 3,156 ) Intangible assets ( 618 ) ( 3,044 ) Other, net ( 1,408 ) ( 1,364 ) Net deferred tax liabilities $ ( 2,944 ) $ ( 6,482 ) |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Restricted Stock Unit Activity | The following table summarizes restricted stock unit activity under the plans: Number of Weighted Average Unvested balance as of June 30, 2022 962,998 $ 6.17 Vested ( 252,230 ) 5.56 Granted 695,898 6.67 Forfeited ( 45,870 ) 6.24 Unvested balance as of June 30, 2023 1,360,796 $ 6.54 |
Schedule of Share-Based Compensation Stock Options Activity | The following table summarizes stock option activity under the plans: Number of Weighted Weighted Life Aggregate Outstanding as of June 30, 2022 1,105,084 $ 4.06 3.09 $ 3,719 Exercised ( 158,570 ) 2.22 — 533 Outstanding as of June 30, 2023 946,514 $ 4.37 2.40 $ 2,302 Exercisable as of June 30, 2023 886,514 $ 4.16 2.02 $ 2,302 |
Schedule of Share Based Compensation Options Outstanding and Exercisable by Exercise Price Range | The following table summarizes outstanding and exercisable options by exercise price range as of June 30, 2023: Outstanding Options Exercisable Options Exercise Prices Number of Weighted Weighted Aggregate Number of Weighted Weighted Aggregate $ 2.00 − $ 2.99 5,271 $ 2.22 0.35 $ 24 5,271 $ 2.22 0.35 $ 24 $ 3.00 − $ 3.99 373,591 3.33 1.90 1,267 373,591 3.33 1.90 1,267 $ 4.00 − $ 4.99 402,407 4.41 1.59 928 402,407 4.41 1.59 928 $ 5.00 − $ 5.99 55,245 5.21 1.84 83 55,245 5.21 1.84 83 $ 6.00 − $ 6.99 10,000 6.77 2.08 — 10,000 6.77 2.08 — $ 7.00 − $ 7.99 100,000 7.45 7.93 — 40,000 7.45 7.93 — 946,514 $ 4.37 2.40 $ 2,302 886,514 $ 4.16 2.02 $ 2,302 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Potential Earn-Out Payments | The following table represents the estimated discounted earn-out payments to be paid in each of the following fiscal years ended June 30: 2024 2025 Total Earn-out payments: Cash $ 3,886 $ 287 $ 4,173 Total estimated earn-out payments $ 3,886 $ 287 $ 4,173 |
Operating and Geographic Segm_2
Operating and Geographic Segment Information (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | The Company evaluates the performance of the segments primarily based on their respective revenues and income from operations. In addition, the Company includes the costs of the Company’s executives, board of directors, professional services, such as legal and consulting, amortization of intangible assets, and certain other corporate costs associated with operating as a public company as Corporate. As of and for the Year Ended June 30, 2023 Corporate/ (In thousands) United States Canada Eliminations Total Revenues $ 937,497 $ 148,374 $ ( 385 ) $ 1,085,486 Income (loss) from operations 41,619 14,605 ( 28,103 ) 28,121 Other income (expense) 599 332 ( 1,506 ) ( 575 ) Income (loss) before income taxes 42,218 14,937 ( 29,609 ) 27,546 Depreciation and amortization 4,072 3,335 15,293 22,700 Total assets 284,889 108,852 — 393,741 Property, technology, and equipment, net 10,104 15,285 — 25,389 Goodwill 68,823 20,380 — 89,203 As of and for the Year Ended June 30, 2022 Corporate/ (In thousands) United States Canada Eliminations Total Revenues $ 1,283,033 $ 177,814 $ ( 1,428 ) $ 1,459,419 Income (loss) from operations 63,081 18,570 ( 23,028 ) 58,623 Other income (expense) 678 233 ( 1,351 ) ( 440 ) Income (loss) before income taxes 63,759 18,803 ( 24,379 ) 58,183 Depreciation and amortization 3,820 3,509 11,387 18,716 Total assets 394,209 103,142 — 497,351 Property, technology, and equipment, net 11,606 13,217 — 24,823 Goodwill 67,225 20,974 — 88,199 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Navegate, Inc | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Consideration Transferred for Acquisitions and the Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the consideration transferred for the acquisition and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Cash $ 35,000 $ — $ 35,000 Net working capital adjustment — 3,852 3,852 Current assets 19,187 — 19,187 Property, technology, and equipment 1,434 — 1,434 Intangible assets 17,834 1,188 19,022 Other long-term assets 1,621 — 1,621 Liabilities assumed ( 18,836 ) — ( 18,836 ) Total identifiable net assets 21,240 1,188 22,428 Goodwill 13,760 2,664 16,424 $ 35,000 $ 3,852 $ 38,852 |
Schedule of Intangible Assets | Intangible assets acquired and their respective useful lives are as follows: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Useful Life Customer related $ 12,392 $ 910 $ 13,302 15 years Developed technology 3,942 149 4,091 5 years Trade name 1,500 129 1,629 10 years $ 17,834 $ 1,188 $ 19,022 |
Cascade Enterprises of Minnesota, Inc. | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Consideration Transferred for Acquisitions and the Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the consideration transferred for the acquisition and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Cash $ 3,250 $ — $ 3,250 Contingent consideration 1,987 ( 198 ) 1,789 Deposits and other assets 3 — 3 Operating lease right-of-use asset 34 — 34 Intangible assets 3,468 ( 30 ) 3,438 Operating lease liability ( 34 ) — ( 34 ) Total identifiable net assets 3,471 ( 30 ) 3,441 Goodwill 1,766 ( 168 ) 1,598 $ 5,237 $ ( 198 ) $ 5,039 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Cascade | |
Subsequent Event [Line Items] | |
Schedule of Fair Value of Consideration Transferred for Acquisitions and the Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value of the consideration transferred for the acquisition and the allocation of the purchase price to the fair values of the assets acquired and liabilities assumed at the acquisition date: (In thousands) Purchase Price Allocation Adjustments Final Purchase Price Allocation Cash $ 3,250 $ — $ 3,250 Contingent consideration 1,987 ( 198 ) 1,789 Deposits and other assets 3 — 3 Operating lease right-of-use asset 34 — 34 Intangible assets 3,468 ( 30 ) 3,438 Operating lease liability ( 34 ) — ( 34 ) Total identifiable net assets 3,471 ( 30 ) 3,441 Goodwill 1,766 ( 168 ) 1,598 $ 5,237 $ ( 198 ) $ 5,039 |
Organization and Nature of Op_2
Organization and Nature of Operations - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2023 Location Office | |
Business Combinations [Abstract] | |
Number of operating locations | Location | 100 |
Number of owned offices | Office | 25 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Jun. 30, 2023 USD ($) Customer Unit | Jun. 30, 2022 USD ($) Customer | |
Summary Of Significant Accounting Policies [Line Items] | ||
Restricted cash | $ 606,000 | |
Restricted Cash, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | |
Restricted cash | $ 625,000 | |
Restricted Cash, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Deposits Assets, Noncurrent | |
Interest only repayment period | 5 months | |
Unbilled accounts receivable | $ 22,515,000 | $ 38,767,000 |
Number of reporting units | Unit | 2 | |
Revenue, practical expedient, nondisclosure of transaction price allocation to performance obligation description | true | |
Defined contribution plan, contributions by employer | $ 1,917,000 | 1,662,000 |
Performance goals measured period | 3 years | |
Derivative instruments designated as hedges | $ 0 | 0 |
Contract assets | 6,180,000 | $ 22,387,000 |
Reissuances of treasury stock | $ 0 | |
US | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Revenue from number of customers | Customer | 0 | 0 |
Licenses | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-lived intangibles assets, useful life | 10 years | |
Developed technology | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-lived intangibles assets, useful life | 5 years | |
Maximum | Trademarks and Trade Names | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-lived intangibles assets, useful life | 15 years | |
Maximum | Non-compete Agreements | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Finite-lived intangibles assets, useful life | 5 years | |
Radiant Logistics Partners LLC | Radiant Global Logistics, Inc. | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Equity method investment, ownership percentage | 40% | |
Radiant Logistics Partners LLC | Radiant Capital Partners, LLC | Chief Executive Officer | Variable Interest Entity, Primary Beneficiary | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Equity method investment, ownership percentage | 60% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Effect of Prior Year Consolidated Balance Sheet and Statements of Cash Flows Adjusted from Previously Reported (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable, net | $ 126,725 | $ 225,259 |
Contract assets | 6,180 | 22,387 |
Total current assets | 180,572 | 289,344 |
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Accounts receivable | 97,804 | (63,928) |
Contract assets | 16,122 | (5,198) |
Net cash provided by operating activities | $ 97,895 | 24,877 |
Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable, net | 186,492 | |
Contract assets | 61,154 | |
Total current assets | 289,344 | |
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Accounts receivable | (54,387) | |
Contract assets | (14,739) | |
Net cash provided by operating activities | 24,877 | |
Reclassification | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Accounts receivable, net | 38,767 | |
Contract assets | (38,767) | |
Total current assets | 0 | |
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Accounts receivable | (9,541) | |
Contract assets | 9,541 | |
Net cash provided by operating activities | $ 0 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - US - Customer | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue, Major Customer [Line Items] | ||
Revenue from number of customers | 0 | 0 |
Revenue, Segment Benchmark | Customer Concentration Risk | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 10% | 10% |
Revenue - Disaggregation of Gro
Revenue - Disaggregation of Gross Revenues by Major Service Lines and Geographic Markets and Timing of Revenue Recognition (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Disaggregation Of Revenue [Line Items] | |||
Revenues | $ 1,085,486 | $ 1,459,419 | |
Transportation Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 1,032,879 | 1,416,050 | |
Value Added Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | [1] | 52,607 | 43,369 |
Services Transferred over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 1,080,450 | 1,451,838 | |
Services Transferred at a Point in Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 5,036 | 7,581 | |
Operating Segments | United States | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 937,497 | 1,283,033 | |
Operating Segments | United States | Transportation Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 923,039 | 1,268,248 | |
Operating Segments | United States | Value Added Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | [1] | 14,458 | 14,785 |
Operating Segments | United States | Services Transferred over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 932,542 | 1,275,452 | |
Operating Segments | United States | Services Transferred at a Point in Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 4,955 | 7,581 | |
Operating Segments | Canada | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 148,374 | 177,814 | |
Operating Segments | Canada | Transportation Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 110,225 | 149,230 | |
Operating Segments | Canada | Value Added Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | [1] | 38,149 | 28,584 |
Operating Segments | Canada | Services Transferred over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 148,293 | 177,814 | |
Operating Segments | Canada | Services Transferred at a Point in Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | 81 | 0 | |
Corporate/Eliminations | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | (385) | (1,428) | |
Corporate/Eliminations | Transportation Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | (385) | (1,428) | |
Corporate/Eliminations | Value Added Services | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | [1] | 0 | 0 |
Corporate/Eliminations | Services Transferred over Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | (385) | (1,428) | |
Corporate/Eliminations | Services Transferred at a Point in Time | |||
Disaggregation Of Revenue [Line Items] | |||
Revenues | $ 0 | $ 0 | |
[1] Value-added services include MM&D, CHB, GTM and other services. |
Earnings Per Share - Computatio
Earnings Per Share - Computations of the Numerator and Denominator of Basic and Diluted Income Per Share (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||
Net income attributable to Radiant Logistics, Inc. | $ 20,595 | $ 44,464 |
Denominator: | ||
Weighted average common shares outstanding, basic | 48,188,663 | 49,570,594 |
Dilutive effect of share-based awards | 1,362,725 | 1,165,988 |
Weighted average common shares outstanding, diluted | 49,551,388 | 50,736,582 |
Potentially dilutive common shares excluded | 107,500 | 113,696 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Leases [Line Items] | |
Lease term expiration month and year | 2033-11 |
Undiscounted future lease payments | $ 27,009 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases [Abstract] | ||
Operating lease cost | $ 13,818 | $ 10,202 |
Finance leases: | ||
Amortization of leased assets | 706 | 628 |
Interest on lease liabilities | 70 | 101 |
Total finance lease cost | $ 776 | $ 729 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows paid for operating leases | $ 12,007 | $ 8,695 |
Operating cash flows paid for interest portion of finance leases | 70 | 101 |
Financing cash flows paid for principal portion of finance leases | 577 | 732 |
Right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | 27,264 | 11,968 |
Finance leases | $ 523 | $ 0 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Operating leases: | ||
Operating lease right-of-use assets | $ 56,773 | $ 41,111 |
Current portion of operating lease liabilities | 11,273 | 7,641 |
Operating lease liabilities, net of current portion | 52,120 | 37,776 |
Total operating lease liabilities | 63,393 | 45,417 |
Finance leases: | ||
Property, technology, and equipment, net | $ 1,878 | $ 2,039 |
Finance lease, right-of-use asset, statement of financial position [Extensible List] | Property, technology, and equipment, net | Property, technology, and equipment, net |
Current portion of finance lease liabilities | $ 620 | $ 577 |
Finance lease liabilities, net of current portion | 1,121 | 1,223 |
Total finance lease liabilities | $ 1,741 | $ 1,800 |
Weighted average remaining lease term: | ||
Operating leases | 6 years 2 months 12 days | 5 years 6 months |
Finance leases | 3 years 2 months 12 days | 3 years 4 months 24 days |
Weighted average discount rate: | ||
Operating leases | 5.29% | 4.33% |
Finance leases | 4.93% | 4.54% |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Operating leases: | ||
2024 | $ 14,363 | |
2025 | 13,953 | |
2026 | 12,206 | |
2027 | 10,706 | |
2028 | 6,699 | |
Thereafter | 17,895 | |
Total lease payments | 75,822 | |
Less imputed interest | (12,429) | |
Total lease liabilities | 63,393 | $ 45,417 |
Finance leases: | ||
2024 | 690 | |
2025 | 668 | |
2026 | 297 | |
2027 | 73 | |
2028 | 73 | |
Thereafter | 89 | |
Total lease payments | 1,890 | |
Less imputed interest | (149) | |
Total lease liabilities | $ 1,741 | $ 1,800 |
Property, Technology, and Equ_3
Property, Technology, and Equipment - Schedule of Property, Technology, and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | |
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 63,513 | $ 56,644 | |
Less: accumulated depreciation and amortization | (38,124) | (31,821) | |
Property, technology, and equipment, net | 25,389 | 24,823 | |
Computer software | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 26,964 | 26,324 | |
Computer software | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 3 years | ||
Computer software | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 5 years | ||
Trailers and related equipment | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 7,015 | 6,639 | |
Trailers and related equipment | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 3 years | ||
Trailers and related equipment | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 15 years | ||
Office and warehouse equipment | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 14,179 | 10,307 | |
Office and warehouse equipment | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 3 years | ||
Office and warehouse equipment | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 15 years | ||
Leasehold improvements | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | [1] | $ 9,083 | 7,588 |
Computer equipment | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 4,529 | 4,272 | |
Computer equipment | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 3 years | ||
Computer equipment | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 5 years | ||
Furniture and fixtures | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment | $ 1,743 | $ 1,514 | |
Furniture and fixtures | Minimum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 3 years | ||
Furniture and fixtures | Maximum | |||
Property Plant And Equipment [Line Items] | |||
Property, technology, and equipment, useful life | 15 years | ||
[1] The cost is amortized over the shorter of the lease term or useful life. |
Property, Technology, and Equ_4
Property, Technology, and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property Plant And Equipment [Line Items] | ||
Depreciation and leasehold amortization | $ 7,410 | $ 7,331 |
Computer software in development | 63,513 | 56,644 |
Software In Development | ||
Property Plant And Equipment [Line Items] | ||
Computer software in development | $ 548 | $ 1,032 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance | $ 88,199 | $ 72,582 |
Acquisition | 1,598 | 16,424 |
Foreign currency translation loss | (594) | (807) |
Balance | $ 89,203 | $ 88,199 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 89,203 | $ 88,199 | $ 72,582 |
Amortization of intangibles | $ 15,290 | $ 11,385 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 139,501 | $ 137,006 |
Intangible assets, accumulated amortization | (102,860) | (88,461) |
Intangible assets, net carrying amount | 36,641 | 48,545 |
Customer Relationships | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | 117,645 | 114,974 |
Intangible assets, accumulated amortization | (87,175) | (78,736) |
Intangible assets, net carrying amount | $ 30,470 | $ 36,238 |
Intangible assets, weighted-average amortization period | 7 years 6 months | 7 years 2 months 12 days |
Trademarks and Trade Names | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 15,547 | $ 15,700 |
Intangible assets, accumulated amortization | (12,637) | (7,670) |
Intangible assets, net carrying amount | $ 2,910 | $ 8,030 |
Intangible assets, weighted-average amortization period | 7 years 7 months 6 days | 3 years 9 months 18 days |
Licenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 785 | $ 808 |
Intangible assets, accumulated amortization | (490) | (424) |
Intangible assets, net carrying amount | $ 295 | $ 384 |
Intangible assets, weighted-average amortization period | 3 years 8 months 12 days | 4 years 9 months 18 days |
Developed technology | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 4,091 | $ 4,091 |
Intangible assets, accumulated amortization | (1,295) | (477) |
Intangible assets, net carrying amount | $ 2,796 | $ 3,614 |
Intangible assets, weighted-average amortization period | 3 years 4 months 24 days | 4 years 4 months 24 days |
Covenants not to compete | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangible assets, gross carrying amount | $ 1,433 | $ 1,433 |
Intangible assets, accumulated amortization | (1,263) | (1,154) |
Intangible assets, net carrying amount | $ 170 | $ 279 |
Intangible assets, weighted-average amortization period | 1 year 7 months 6 days | 2 years 7 months 6 days |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Schedule of Future Amortization Expense (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 10,071 |
2025 | 8,114 |
2026 | 3,424 |
2027 | 2,851 |
2028 | $ 2,222 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Debt Instrument [Line Items] | ||
Senior secured loans | $ 4,204 | $ 8,902 |
Unamortized debt issuance costs | (97) | (133) |
Total notes payable | 4,107 | 71,294 |
Less: current portion | (4,107) | (4,575) |
Total notes payable, net of current portion | 0 | 66,719 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Revolving credit facility | $ 0 | $ 62,525 |
Notes Payable - Schedule of Mat
Notes Payable - Schedule of Maturities of Notes Payable (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 4,204 |
Total | $ 4,204 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Apr. 02, 2015 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 CAD ($) | Aug. 05, 2022 USD ($) | Jun. 30, 2022 USD ($) | Apr. 01, 2017 CAD ($) | |
Debt Instrument [Line Items] | ||||||
Interest only repayment period | 5 months | 5 months | ||||
Minimum | Integrated Private Debt Fund Loan | ||||||
Debt Instrument [Line Items] | ||||||
Loan prepayment prior written notice period | 30 days | 30 days | ||||
Integrated Private Debt Fund IV LP | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Apr. 01, 2024 | |||||
Senior secured term loan | $ 29,000 | |||||
Interest only repayment period | 12 months | |||||
Debt instrument, monthly principle and interest payment | $ 390 | |||||
Outstanding term loan | $ 2,858 | |||||
Annual interest rate | 6.65% | |||||
Integrated Private Debt Fund IV LP | Prepaid Expenses and Other Current Assets | ||||||
Debt Instrument [Line Items] | ||||||
Deferred Tax Assets recognized in deposits and other assets | $ 606 | |||||
Integrated Private Debt Fund V LP | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, maturity date | Jun. 01, 2024 | Jun. 01, 2024 | ||||
Senior secured term loan | $ 10,000 | |||||
Debt instrument, monthly principle and interest payment | $ 149 | |||||
Outstanding term loan | $ 1,346 | |||||
Annual interest rate | 6.65% | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Line of credit outstanding amount | 0 | $ 62,525 | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility maximum borrowing capacity | $ 200,000 | |||||
Line of credit facility accordion feature | $ 75,000 | |||||
Line of credit maximum consolidated leverage ratio | 3 | 3 | ||||
Line of credit minimum consolidated interest coverage ratio | 3 | 3 | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | Base Rate | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 0.75% | 0.75% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | Base Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 0.50% | 0.50% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | Base Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 1.50% | 1.50% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility interest rate description | The Revolving Credit Facility has a term of five years and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company its guarantors named below on a parity basis with the security interest held by Fiera Private Debt Fund IV LP and Fiera Private Debt Fund V LP described below. Borrowings under the Revolving Credit Facility accrue interest (at the Company’s option), at a) the Lenders’ base rate plus 0.75% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at the Lenders’ base rate plus 0.50% to 1.50%; b) Term Secured Overnight Financing Rate ("SOFR") plus 1.65% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR plus 1.40% to 2.40%; and c) Term SOFR Daily Floating Rate plus 1.65% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR Daily Floating Rate plus 1.40% to 2.40%. | The Revolving Credit Facility has a term of five years and is collateralized by a first-priority security interest in the accounts receivable and other assets of the Company its guarantors named below on a parity basis with the security interest held by Fiera Private Debt Fund IV LP and Fiera Private Debt Fund V LP described below. Borrowings under the Revolving Credit Facility accrue interest (at the Company’s option), at a) the Lenders’ base rate plus 0.75% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at the Lenders’ base rate plus 0.50% to 1.50%; b) Term Secured Overnight Financing Rate ("SOFR") plus 1.65% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR plus 1.40% to 2.40%; and c) Term SOFR Daily Floating Rate plus 1.65% and can be subsequently adjusted based on the Company’s consolidated net leverage ratio under the facility at Term SOFR Daily Floating Rate plus 1.40% to 2.40%. | ||||
Marginal interest | 1.65% | 1.65% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 1.40% | 1.40% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 2.40% | 2.40% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR Daily Floating Rate | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 1.65% | 1.65% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR Daily Floating Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 1.40% | 1.40% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | SOFR Daily Floating Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Marginal interest | 2.40% | 2.40% | ||||
Revolving Credit Facility | Bank of America N.A. and BMO Capital Markets Corp | One Month SOFR Rate | ||||||
Debt Instrument [Line Items] | ||||||
Reference rate | 5.14% |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - Interest Rate Swap - USD ($) $ in Thousands | Apr. 01, 2020 | Mar. 20, 2020 | Jun. 30, 2023 | Jun. 30, 2022 |
Derivative Instruments Gain Loss [Line Items] | ||||
Derivative entering date | Apr. 01, 2020 | Mar. 20, 2020 | ||
Notional amount | $ 10,000 | $ 20,000 | $ 30,000 | |
Derivative fixed interest rate | 0.5865% | 0.635% | ||
Derivative maturity date | Mar. 13, 2025 | Mar. 13, 2025 | ||
Deposit and Other Assets | ||||
Derivative Instruments Gain Loss [Line Items] | ||||
Fair value | $ 2,229 | $ 1,846 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Class Of Stock [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | |
Preferred stock, par value, per share | $ 0.001 | |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value, per share | $ 0.001 | $ 0.001 |
Common Stock | ||
Class Of Stock [Line Items] | ||
Shares authorized to repurchase under the stock repurchase program | 5,000,000 | |
Repurchase program, common stock purchased shares | 1,784,249 | 1,622,792 |
Repurchase program, common stock purchased value at cost, average cost per share | $ 6.2 | $ 6.99 |
Repurchase program, common stock purchased value at cost | $ 11,063 | $ 11,346 |
Variable Interest Entity and _3
Variable Interest Entity and Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Variable Interest Entity [Line Items] | ||
Change in non-controlling interest | $ 646 | $ 1,027 |
Radiant Capital Partners, LLC | ||
Variable Interest Entity [Line Items] | ||
Change in non-controlling interest | 646 | 1,027 |
Radiant Logistics Partners LLC | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Variable interest entity, measure of activity, operating income or loss | $ 1,077 | $ 1,712 |
Radiant Logistics Partners LLC | Radiant Global Logistics, Inc. | ||
Variable Interest Entity [Line Items] | ||
Equity method investment, ownership percentage | 40% | |
Radiant Logistics Partners LLC | Radiant Capital Partners, LLC | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Percentage of ownership interests | 60% | |
Radiant Logistics Partners LLC | Radiant Capital Partners, LLC | Chief Executive Officer | Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Equity method investment, ownership percentage | 60% |
Variable Interest Entity and _4
Variable Interest Entity and Related Party Transactions - Summary of Balance Sheets of RLP (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
ASSETS | ||
Total assets | $ 393,741 | $ 497,351 |
LIABILITIES AND PARTNERS CAPITAL | ||
Accrued expenses | 8,739 | 11,349 |
Total liabilities and equity | 393,741 | 497,351 |
Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Total assets | 378 | 322 |
LIABILITIES AND PARTNERS CAPITAL | ||
Accrued expenses | 1 | 22 |
Partners capital | 377 | 300 |
Total liabilities and equity | 378 | 322 |
Accounts Receivable | Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Total assets | 377 | 319 |
Prepaid Expenses and Other Current Assets | Variable Interest Entity, Primary Beneficiary | ||
ASSETS | ||
Total assets | $ 1 | $ 3 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Financial Assets (Liabilities) Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | $ (4,173) | $ (5,530) |
Interest Rate Swap Contracts (Derivatives) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,229 | 1,846 |
Level 3 | Contingent Consideration | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | (4,173) | (5,530) |
Level 3 | Interest Rate Swap Contracts (Derivatives) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 2,229 | $ 1,846 |
Fair Value Measurement - Fair V
Fair Value Measurement - Fair Value Assets (Liabilities) Measured on Recurring Basis Unobservable Input Reconciliation (Detail) $ in Thousands | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Interest Rate Swap Contracts (Derivatives) | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Increase related to acquisition | $ 0 |
Balance, Beginning | 1,846 |
Contingent consideration paid | 0 |
Change in fair value | 383 |
Balance, Ending | 2,229 |
Level 3 | Contingent Consideration | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Balance, Beginning | (5,530) |
Increase related to acquisition | (1,789) |
Contingent consideration paid | 2,500 |
Change in fair value | 646 |
Balance, Ending | $ (4,173) |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Business Acquisition [Line Items] | ||
Fair value financial instrument levels of transfer amount | $ 0 | $ 0 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurement of Contingent Consideration (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Cascade Enterprises of Minnesota, Inc. | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List] | us-gaap:IncomeApproachValuationTechniqueMember |
Cascade Enterprises of Minnesota, Inc. | Level 3 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, fair value | $ (701) |
Cascade Enterprises of Minnesota, Inc. | Level 3 | Measurement Input, Actual and Projected EBITDA Over Three-year Earnout Period | Minimum | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, projected EBITDA | $ 6,400 |
Cascade Enterprises of Minnesota, Inc. | Level 3 | Measurement Input, Risk Adjusted Discount Rate | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, discount rate | 0.174 |
Don Cameron and Associates, Inc. | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible List] | us-gaap:IncomeApproachValuationTechniqueMember |
Don Cameron and Associates, Inc. | Level 3 | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, fair value | $ (3,472) |
Don Cameron and Associates, Inc. | Level 3 | Measurement Input, Actual and Projected EBITDA Over Three-year Earnout Period | Minimum | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, projected EBITDA | $ 14,900 |
Don Cameron and Associates, Inc. | Level 3 | Measurement Input, Risk Adjusted Discount Rate | |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, discount rate | 0.12 |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurement of Contingent Consideration (Parenthetical) (Detail) | 12 Months Ended |
Jun. 30, 2023 | |
Cascade Enterprises of Minnesota, Inc. | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, earnout period | 2 years |
Don Cameron and Associates, Inc. | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Contingent consideration, earnout period | 3 years |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Current Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Federal | $ 3,115 | $ 8,802 |
State | 2,568 | 1,545 |
Foreign | 4,115 | 4,948 |
Total current | 9,798 | 15,295 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Federal | (2,665) | (2,243) |
State | (689) | (350) |
Foreign | (139) | (10) |
Total deferred | (3,493) | (2,603) |
Income tax expense | $ 6,305 | $ 12,692 |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
Income tax expense at U.S. statutory rate (21%) | $ 5,785 | $ 12,219 |
State income taxes, net of federal benefit | 1,484 | 944 |
Foreign tax rate differential | 750 | 842 |
Permanent differences | 63 | 59 |
Share-based compensation | (111) | (233) |
GILTI & FDII | (422) | (698) |
Other, net | (1,244) | (441) |
Income tax expense | $ 6,305 | $ 12,692 |
Income Taxes - Schedule of Ef_2
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Parenthetical) (Detail) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||
U.S. statutory rate percentage | 21% | 21% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Allowance for doubtful accounts | $ 395 | $ 594 |
Accruals | 937 | 1,155 |
Share-based compensation | 1,477 | 1,254 |
Operating lease liabilities | 16,401 | 11,985 |
Operating lease ROU asset | (14,806) | (11,114) |
Property, technology, and equipment basis differences | (1,977) | (2,792) |
Goodwill deductible for tax purposes | (3,345) | (3,156) |
Intangible assets | (618) | (3,044) |
Other, net | (1,408) | (1,364) |
Net deferred tax liabilities | $ (2,944) | $ (6,482) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - IRS | 12 Months Ended |
Jun. 30, 2023 | |
June 30, 2020 | U.S. Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2020 |
June 30, 2020 | State Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2019 |
June 30, 2020 | Foreign Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2017 |
June 30, 2022 | U.S. Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2023 |
June 30, 2022 | State Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2023 |
June 30, 2022 | Foreign Authorities | |
Components Of Income Tax Expense Benefit [Line Items] | |
Tax years which remain subject to examination | 2023 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Nov. 17, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Aggregate intrinsic value of options exercised | $ 533 | ||
2021 Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, expiration date | Nov. 16, 2031 | ||
Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense (reversals) | 2,432 | $ 1,728 | |
Employee service share-based compensation cost not yet recognized, share-based awards other than options | $ 5,172 | ||
Employee service share-based Compensation cost, total compensation cost not yet recognized, period for recognition | 1 year 9 months 14 days | ||
Number of unit awarded | 1,360,796 | 962,998 | |
Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 5 years | ||
Share-based compensation expense (reversals) | $ 71 | $ 70 | |
Employee service share-based Compensation cost, total compensation cost not yet recognized, period for recognition | 2 years 11 months 4 days | ||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||
Share-based compensation arrangement by share-based payment award, vesting period percentage | 20% | ||
Aggregate intrinsic value of options exercised | $ 533 | $ 1,407 | |
Employee service share-based compensation cost, total compensation cost not yet recognized stock options | $ 208 | ||
Performance-Based Restricted Stock Units | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||
Number of unit awarded | 607,068 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share Based Compensation Restricted Stock Unit Activity (Detail) - Restricted Stock Units | 12 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Units, Unvested, Beginning Balance | shares | 962,998 |
Number of Units, Vested | shares | (252,230) |
Number of Units, Granted | shares | 695,898 |
Number of Units, Forfeited | shares | (45,870) |
Number of Units, Unvested, Ending Balance | shares | 1,360,796 |
Weighted Average Grant Date Fair Value, Unvested, Beginning Balance | $ / shares | $ 6.17 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 5.56 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 6.67 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 6.24 |
Weighted Average Grant Date Fair Value, Unvested, Ending Balance | $ / shares | $ 6.54 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-Based Compensation Stock Options Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Roll Forward | ||
Number of Shares, Outstanding, Beginning Balance | 1,105,084 | |
Number of Shares, Exercised | (158,570) | |
Number of Shares, Outstanding, Ending Balance | 946,514 | 1,105,084 |
Number of Shares, Exercisable, Ending Balance | 886,514 | |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 4.06 | |
Weighted Average Exercise Price, Exercised | 2.22 | |
Weighted Average Exercise Price, Outstanding, Ending Balance | 4.37 | $ 4.06 |
Weighted Average Exercise Price, Exercisable, Ending Balance | $ 4.16 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 24 days | 3 years 1 month 2 days |
Weighted Average Remaining Contractual Life - Years, Exercisable Ending Balance | 2 years 7 days | |
Aggregate Intrinsic Value, Outstanding Balance | $ 2,302 | $ 3,719 |
Aggregate Intrinsic Value, Exercised | 533 | |
Aggregate Intrinsic Value, Exercisable Ending Balance | $ 2,302 |
Share-Based Compensation - Sc_3
Share-Based Compensation - Schedule of Share Based Compensation Options Outstanding and Exercisable by Exercise Price Range (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares | 946,514 | 1,105,084 |
Weighted Average Exercise Price | $ 4.37 | $ 4.06 |
Weighted Average Remaining Contractual Life (Years) | 2 years 4 months 24 days | 3 years 1 month 2 days |
Aggregate Intrinsic Value (In thousands) | $ 2,302 | $ 3,719 |
Number of Shares | 886,514 | |
Weighted Average Exercise Price | $ 4.16 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 7 days | |
Aggregate Intrinsic Value (In thousands) | $ 2,302 | |
Exercise Price Range One [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 2 | |
Exercise Prices Upper Limit | $ 2.99 | |
Number of Shares | 5,271 | |
Weighted Average Exercise Price | $ 2.22 | |
Weighted Average Remaining Contractual Life (Years) | 4 months 6 days | |
Aggregate Intrinsic Value (In thousands) | $ 24 | |
Number of Shares | 5,271 | |
Weighted Average Exercise Price | $ 2.22 | |
Weighted Average Remaining Contractual Life (Years) | 4 months 6 days | |
Aggregate Intrinsic Value (In thousands) | $ 24 | |
Exercise Price Range Two [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 3 | |
Exercise Prices Upper Limit | $ 3.99 | |
Number of Shares | 373,591 | |
Weighted Average Exercise Price | $ 3.33 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 24 days | |
Aggregate Intrinsic Value (In thousands) | $ 1,267 | |
Number of Shares | 373,591 | |
Weighted Average Exercise Price | $ 3.33 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 24 days | |
Aggregate Intrinsic Value (In thousands) | $ 1,267 | |
Exercise Price Range Three [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 4 | |
Exercise Prices Upper Limit | $ 4.99 | |
Number of Shares | 402,407 | |
Weighted Average Exercise Price | $ 4.41 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 7 months 2 days | |
Aggregate Intrinsic Value (In thousands) | $ 928 | |
Number of Shares | 402,407 | |
Weighted Average Exercise Price | $ 4.41 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 7 months 2 days | |
Aggregate Intrinsic Value (In thousands) | $ 928 | |
Exercise Price Range Four [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 5 | |
Exercise Prices Upper Limit | $ 5.99 | |
Number of Shares | 55,245 | |
Weighted Average Exercise Price | $ 5.21 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 2 days | |
Aggregate Intrinsic Value (In thousands) | $ 83 | |
Number of Shares | 55,245 | |
Weighted Average Exercise Price | $ 5.21 | |
Weighted Average Remaining Contractual Life (Years) | 1 year 10 months 2 days | |
Aggregate Intrinsic Value (In thousands) | $ 83 | |
Exercise Price Range Five [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 6 | |
Exercise Prices Upper Limit | $ 6.99 | |
Number of Shares | 10,000 | |
Weighted Average Exercise Price | $ 6.77 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 29 days | |
Aggregate Intrinsic Value (In thousands) | $ 0 | |
Number of Shares | 10,000 | |
Weighted Average Exercise Price | $ 6.77 | |
Weighted Average Remaining Contractual Life (Years) | 2 years 29 days | |
Aggregate Intrinsic Value (In thousands) | $ 0 | |
Exercise Price Range Six [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Exercise Prices Lower Limit | $ 7 | |
Exercise Prices Upper Limit | $ 7.99 | |
Number of Shares | 100,000 | |
Weighted Average Exercise Price | $ 7.45 | |
Weighted Average Remaining Contractual Life (Years) | 7 years 11 months 4 days | |
Aggregate Intrinsic Value (In thousands) | $ 0 | |
Number of Shares | 40,000 | |
Weighted Average Exercise Price | $ 7.45 | |
Weighted Average Remaining Contractual Life (Years) | 7 years 11 months 4 days | |
Aggregate Intrinsic Value (In thousands) | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Loss Contingencies [Line Items] | |
Legal proceedings | $ 0 |
Number of days earn-out payments due following the quarter of the final earn-out period | 90 days |
Operating Leases Not Yet Commenced | |
Loss Contingencies [Line Items] | |
Non-cancelable contractual commitments | $ 2,697,000 |
Friedway Enterprises Inc and CIC2 Inc [Member] | |
Loss Contingencies [Line Items] | |
Earn-out payments terms | Earn-out payments are generally due annually on November 1st and 90 days following the quarter of the final earn-out period for each respective acquisition |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Potential Earn-Out Payments (Detail) $ in Thousands | Jun. 30, 2023 USD ($) |
Earn Out Payments Payable [Line Items] | |
2024 | $ 3,886 |
2025 | 287 |
Total | 4,173 |
Cash | |
Earn Out Payments Payable [Line Items] | |
2024 | 3,886 |
2025 | 287 |
Total | $ 4,173 |
Operating and Geographic Segm_3
Operating and Geographic Segment Information - Additional Information (Detail) | 12 Months Ended |
Jun. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Number of reportable segments | 2 |
Operating and Geographic Segm_4
Operating and Geographic Segment Information - Segment Reporting (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 1,085,486 | $ 1,459,419 | |
Income (loss) from operations | 28,121 | 58,623 | |
Other income (expense) | (575) | (440) | |
Income (loss) before income taxes | 27,546 | 58,183 | |
Depreciation and amortization | 22,700 | 18,716 | |
Total assets | 393,741 | 497,351 | |
Property, technology, and equipment, net | 25,389 | 24,823 | |
Goodwill | 89,203 | 88,199 | $ 72,582 |
Operating Segments | US | |||
Segment Reporting Information [Line Items] | |||
Revenues | 937,497 | 1,283,033 | |
Income (loss) from operations | 41,619 | 63,081 | |
Other income (expense) | 599 | 678 | |
Income (loss) before income taxes | 42,218 | 63,759 | |
Depreciation and amortization | 4,072 | 3,820 | |
Total assets | 284,889 | 394,209 | |
Property, technology, and equipment, net | 10,104 | 11,606 | |
Goodwill | 68,823 | 67,225 | |
Operating Segments | Canada | |||
Segment Reporting Information [Line Items] | |||
Revenues | 148,374 | 177,814 | |
Income (loss) from operations | 14,605 | 18,570 | |
Other income (expense) | 332 | 233 | |
Income (loss) before income taxes | 14,937 | 18,803 | |
Depreciation and amortization | 3,335 | 3,509 | |
Total assets | 108,852 | 103,142 | |
Property, technology, and equipment, net | 15,285 | 13,217 | |
Goodwill | 20,380 | 20,974 | |
Corporate/Eliminations | |||
Segment Reporting Information [Line Items] | |||
Revenues | (385) | (1,428) | |
Income (loss) from operations | (28,103) | (23,028) | |
Other income (expense) | (1,506) | (1,351) | |
Income (loss) before income taxes | (29,609) | (24,379) | |
Depreciation and amortization | $ 15,293 | $ 11,387 |
Business Combinations- Addition
Business Combinations- Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Oct. 01, 2022 | Nov. 30, 2021 | Jun. 30, 2023 | Mar. 31, 2022 | |
Business Acquisition [Line Items] | ||||
Lease abandonment charge | $ 30 | |||
Navegate, Inc | ||||
Business Acquisition [Line Items] | ||||
Payments to acquire businesses, cash | $ 35,000 | |||
Net working capital adjustment | 3,852 | |||
Aggregate purchase price | $ 38,852 | |||
Navegate, Inc | Customer related | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles assets, useful life | 15 years | |||
Navegate, Inc | Saltspring Capital, LLC. | ||||
Business Acquisition [Line Items] | ||||
Net working capital adjustment | $ 3,852 | |||
Cascade Enterprises of Minnesota, Inc. | ||||
Business Acquisition [Line Items] | ||||
Business acqusition effective date | Oct. 01, 2022 | |||
Payments to acquire businesses, cash | $ 3,250 | |||
Aggregate purchase price | $ 5,039 | |||
Cascade Enterprises of Minnesota, Inc. | Customer related | ||||
Business Acquisition [Line Items] | ||||
Finite-lived intangibles assets, useful life | 10 years | |||
Cascade Enterprises of Minnesota, Inc. | United States | ||||
Business Acquisition [Line Items] | ||||
Period of goodwill deductible for income tax | 15 years |
Business Combinations - Schedul
Business Combinations - Schedule of Fair Value of Consideration Transferred for Acquisitions and the Allocation of Purchase Price to Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Oct. 01, 2022 | Nov. 30, 2021 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Business Acquisition [Line Items] | |||||
Goodwill | $ 89,203 | $ 88,199 | $ 72,582 | ||
Navegate, Inc | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 35,000 | ||||
Net working capital adjustment | 3,852 | ||||
Current assets | 19,187 | ||||
Technology and equipment, net | 1,434 | ||||
Intangible assets | 19,022 | ||||
Other long-term assets | 1,621 | ||||
Liabilities assumed | (18,836) | ||||
Total identifiable net assets | 22,428 | ||||
Goodwill | 16,424 | ||||
Net assets acquired | 38,852 | ||||
Navegate, Inc | Preliminary Purchase Price Allocation | |||||
Business Acquisition [Line Items] | |||||
Cash | 35,000 | ||||
Net working capital adjustment | 0 | ||||
Current assets | 19,187 | ||||
Technology and equipment, net | 1,434 | ||||
Intangible assets | 17,834 | ||||
Other long-term assets | 1,621 | ||||
Liabilities assumed | (18,836) | ||||
Total identifiable net assets | 21,240 | ||||
Goodwill | 13,760 | ||||
Net assets acquired | 35,000 | ||||
Navegate, Inc | Adjustments | |||||
Business Acquisition [Line Items] | |||||
Cash | 0 | ||||
Net working capital adjustment | 3,852 | ||||
Current assets | 0 | ||||
Technology and equipment, net | 0 | ||||
Intangible assets | 1,188 | ||||
Other long-term assets | 0 | ||||
Liabilities assumed | 0 | ||||
Total identifiable net assets | 1,188 | ||||
Goodwill | 2,664 | ||||
Net assets acquired | $ 3,852 | ||||
Cascade Enterprises of Minnesota, Inc. | |||||
Business Acquisition [Line Items] | |||||
Cash | $ 3,250 | ||||
Contingent consideration | 1,789 | ||||
Deposits and other assets | 3 | ||||
Operating lease right-of-use asset | 34 | ||||
Intangible assets | 3,438 | ||||
Operating lease liability | (34) | ||||
Total identifiable net assets | 3,441 | ||||
Goodwill | 1,598 | ||||
Net assets acquired | 5,039 | ||||
Cascade Enterprises of Minnesota, Inc. | Preliminary Purchase Price Allocation | |||||
Business Acquisition [Line Items] | |||||
Cash | 3,250 | ||||
Contingent consideration | 1,987 | ||||
Deposits and other assets | 3 | ||||
Operating lease right-of-use asset | 34 | ||||
Intangible assets | 3,468 | ||||
Operating lease liability | (34) | ||||
Total identifiable net assets | 3,471 | ||||
Goodwill | 1,766 | ||||
Net assets acquired | 5,237 | ||||
Cascade Enterprises of Minnesota, Inc. | Adjustments | |||||
Business Acquisition [Line Items] | |||||
Cash | 0 | ||||
Contingent consideration | (198) | ||||
Deposits and other assets | 0 | ||||
Operating lease right-of-use asset | 0 | ||||
Intangible assets | (30) | ||||
Operating lease liability | 0 | ||||
Total identifiable net assets | (30) | ||||
Goodwill | (168) | ||||
Net assets acquired | $ (198) |
Business Combinations - Sched_2
Business Combinations - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Oct. 01, 2022 | Nov. 30, 2021 |
Cascade Enterprises of Minnesota, Inc. | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 3,438 | ||
Cascade Enterprises of Minnesota, Inc. | Preliminary Purchase Price Allocation | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | 3,468 | ||
Cascade Enterprises of Minnesota, Inc. | Adjustments | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ (30) | ||
Navegate, Inc | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 19,022 | ||
Navegate, Inc | Preliminary Purchase Price Allocation | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | 17,834 | ||
Navegate, Inc | Adjustments | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | 1,188 | ||
Customer related | Cascade Enterprises of Minnesota, Inc. | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles assets, useful life | 10 years | ||
Customer related | Navegate, Inc | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 13,302 | ||
Finite-lived intangibles assets, useful life | 15 years | ||
Customer related | Navegate, Inc | Preliminary Purchase Price Allocation | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 12,392 | ||
Customer related | Navegate, Inc | Adjustments | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | 910 | ||
Developed technology | |||
Business Acquisition [Line Items] | |||
Finite-lived intangibles assets, useful life | 5 years | ||
Developed technology | Navegate, Inc | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 4,091 | ||
Finite-lived intangibles assets, useful life | 5 years | ||
Developed technology | Navegate, Inc | Preliminary Purchase Price Allocation | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 3,942 | ||
Developed technology | Navegate, Inc | Adjustments | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | 149 | ||
Trade name | Navegate, Inc | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 1,629 | ||
Finite-lived intangibles assets, useful life | 10 years | ||
Trade name | Navegate, Inc | Preliminary Purchase Price Allocation | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 1,500 | ||
Trade name | Navegate, Inc | Adjustments | |||
Business Acquisition [Line Items] | |||
Intangible assets, net | $ 129 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited and Restated) - Schedule of Restated Consolidated Balance Sheet Line Items (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 |
Contract assets | $ 6,180 | $ 22,387 | |
Total current assets | 180,572 | 289,344 | |
Total assets | 393,741 | 497,351 | |
Accounts payable | 84,561 | 137,853 | |
Operating partner commissions payable | 18,360 | 18,731 | |
Accrued expenses | 8,739 | 11,349 | |
Income tax payable | 369 | 4,035 | |
Total current liabilities | 132,173 | 187,664 | |
Total liabilities | 188,645 | 302,794 | |
Retained earnings | 125,593 | 104,998 | |
Total equity | $ 205,096 | 194,557 | $ 161,570 |
Originally Reported | |||
Contract assets | 61,154 | ||
Total current assets | $ 289,344 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited and Restated) - Schedule of Restated Line Items of Consolidated Statement of Comprehensive Income (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 1,085,486 | $ 1,459,419 |
Cost of transportation and other services | 801,646 | 1,153,134 |
Operating partner commissions | 115,605 | 121,937 |
Personnel costs | 79,512 | 72,242 |
Selling, general and administrative expenses | 38,518 | 34,000 |
Income from operations | 28,121 | 58,623 |
Income tax expense | (6,305) | (12,692) |
Net income | 21,241 | 45,491 |
Net income attributable to Radiant Logistics, Inc. | $ 20,595 | $ 44,464 |
Income per share: | ||
Basic | $ 0.43 | $ 0.9 |
Diluted | $ 0.42 | $ 0.88 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited and Restated) - Schedule Of Restated Line Items Of Consolidated Cash Flow Statement (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
OPERATING ACTIVITIES: | ||
Net income | $ 21,241 | $ 45,491 |
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Contract assets | 16,122 | (5,198) |
Accounts payable | (53,910) | 26,429 |
Operating partner commissions payable | (371) | 3,666 |
Net cash provided by operating activities | $ 97,895 | 24,877 |
Originally Reported | ||
CHANGES IN OPERATING ASSETS AND LIABILITIES: | ||
Contract assets | (14,739) | |
Net cash provided by operating activities | $ 24,877 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | 2 Months Ended | 12 Months Ended | |
Sep. 05, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | |||
Total number of common shares repurchased | 4,308,857 | 2,524,608 | |
Common Stock | |||
Subsequent Event [Line Items] | |||
Repurchase program, common stock purchased shares | 1,784,249 | 1,622,792 | |
Repurchase program, common stock purchased value at cost | $ 11,063 | $ 11,346 | |
Common Stock | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Repurchase program, common stock purchased shares | 2,030 | ||
Repurchase program, common stock purchased value at cost | $ 13 | ||
Total number of common shares repurchased | 2,538,338 |