Radiant Logistics, Inc. (NYSE MKT:RLGT) Q4 2020 Earnings Conference Call - Final Transcript

Sep 28, 2020 • 04:30 pm ET

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Radiant Logistics, Inc. (NYSE MKT:RLGT) Q4 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good day, ladies and gentlemen. This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant's Chief Financial Officer, Todd Macomber will discuss financial results for the Company's fourth fiscal quarter and 12 months ended June 30, 2020. [Operator Instructions]

This conference call may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The Company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about the Company that may cause the Company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements.

While it is impossible to identify all the factors that may cause the Company's actual results or achievements to differ materially from those set forth in our forward-looking statements, such factors include those that has in the past and may in the future be identified in the Company's SEC filings and other public announcements, which are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance.

Now I'd like to pass the call over to Radiant's Founder and CEO, Bohn Crain. Sir, the floor is yours.

Executive
Bohn Crain

Thanks, Tauren. Good afternoon, everyone and thank you for joining in on today's call. I'm very proud of the Radiant network in our collective response to the challenges presented by the COVID-19 pandemic. Since late March, we have been focusing on delivering against four key objectives, ensuring the health and safety of our employees, providing supply chain continuity for our customers, operating partners and carriers, protecting the economic security of our people to the greatest extent possible and taking steps necessary to mitigate the impacts of the slowing economy on our business.

Although the pandemic has had substantial negative impact on many of the industry verticals and customers that we serve, we are proud to be playing an active role in the fight against COVID-19, delivering personal protective equipment, food and beverage, consumer goods, technology and other essential products to customers across North America and around the world. Our work, particularly in support of the movement of PPE has helped us to achieve record results of $13.1 million in adjusted EBITDA on $275.5 million revenues for the quarter ended June 30, 2020.

We are fortunate to have entered this economic downturn with very low leverage on our balance sheet. In addition, we aggressively work to preserve our liquidity, cabling any acquisition efforts, suspending our stock buyback program, deferring discretionary technology investments, reducing our discretionary operating expenses and initiating a series of temporary workforce reductions. In the face of COVID-19, these proactive measures along with our work in supporting essential businesses, has allowed us to continue to pay down our debt even further during the pandemic. As of June 30, we had $34.8 million of cash on hand and net debt of $17.1 million, less than one