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v3.23.1

The Company and Basis of Presentation (Tables) | 3 Months Ended
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Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Summary of Restated Effect of Errors on Consolidated Balance Sheet, Consolidated Statement of Comprehensive Income and Consolidated Statement of Cash Flows | The restated consolidated balance sheet line items as of September 30, 2021 are as follows:
|  | Originally Reported |  |  | Adjustment |  |  | Restated |
(In thousands) |  | Q1 |  |  | Q1 |  |  | Q1 |
Contract assets |  | $ | 32,625 |  |  | $ | 30,567 |  |  | $ | 63,192 |
Total current assets |  |  | 208,187 |  |  |  | 30,567 |  |  |  | 238,754 |
Total assets |  |  | 383,074 |  |  |  | 30,567 |  |  |  | 413,641 |
Accounts payable |  |  | 98,374 |  |  |  | 29,212 |  |  |  | 127,586 |
Operating partner commissions payable |  |  | 15,645 |  |  |  | 382 |  |  |  | 16,027 |
Accrued expenses |  |  | 7,162 |  |  |  | 49 |  |  |  | 7,211 |
Income tax payable |  |  | 134 |  |  |  | 227 |  |  |  | 361 |
Total current liabilities |  |  | 136,669 |  |  |  | 29,870 |  |  |  | 166,539 |
Total liabilities |  |  | 217,088 |  |  |  | 29,870 |  |  |  | 246,958 |
Retained earnings |  |  | 67,446 |  |  |  | 697 |  |  |  | 68,143 |
Total equity |  |  | 165,986 |  |  |  | 697 |  |  |  | 166,683 |
The restated line items of the consolidated statements of comprehensive income for the three months ended September 30, 2021 are as follows:
|  | Originally Reported |  |  | Adjustment |  |  | Restated |
(In thousands, except per share data) |  | Q1 |  |  | Q1 |  |  | Q1 |
Revenues |  | $ | 286,115 |  |  | $ | 13,283 |  |  | $ | 299,398 |
Cost of transportation and other services |  |  | 221,233 |  |  |  | 13,447 |  |  |  | 234,680 |
Operating partner commissions |  |  | 28,465 |  |  |  | (904 | ) |  |  | 27,561 |
Personnel costs |  |  | 15,616 |  |  |  | 37 |  |  |  | 15,653 |
Income from operations |  |  | 9,759 |  |  |  | 703 |  |  |  | 10,462 |
Income tax expense |  |  | (2,229 | ) |  |  | (173 | ) |  |  | (2,402 | )
Net income |  |  | 7,165 |  |  |  | 530 |  |  |  | 7,695 |
Net income attributable to Radiant Logistics, Inc. |  |  | 7,079 |  |  |  | 530 |  |  |  | 7,609 |
Income per share: |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.14 |  |  | $ | 0.01 |  |  | $ | 0.15 |
Diluted |  | $ | 0.14 |  |  | $ | 0.01 |  |  | $ | 0.15 |
The restated line items of the consolidated cash flow statements for the three months ended September 30, 2021 are as follows:
| Originally Reported |  |  | Adjustment |  |  | Restated |
(In thousands) | Three Months Ended September 30, 2021 |  |  | Three Months Ended September 30, 2021 |  |  | Three Months Ended September 30, 2021 |
OPERATING ACTIVITIES: |  |  |  |  |  |  |  |
Net income | $ | 7,165 |  |  | $ | 530 |  |  | $ | 7,695 |
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH (USED FOR) OPERATING ACTIVITIES |  |  |  |  |  |  |  |
CHANGES IN OPERATING ASSETS AND LIABILITIES: |  |  |  |  |  |  |  |
Contract assets |  | (4,897 | ) |  |  | (13,283 | ) |  |  | (18,180 | )
Income tax receivable/payable |  | (2,583 | ) |  |  | 173 |  |  |  | (2,410 | )
Accounts payable |  | 10,055 |  |  |  | 13,447 |  |  |  | 23,502 |
Operating partner commissions payable |  | 1,866 |  |  |  | (904 | ) |  |  | 962 |
Accrued expenses, other liabilities, and operating lease liability |  | (1,528 | ) |  |  | 37 |  |  |  | (1,491 | )
Net cash (used for) operating activities |  | (15,797 | ) |  |  | — |  |  |  | (15,797 | )

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794 + Details
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