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The Company and Basis of Presentation (Tables)

3 Months Ended

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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- References

No definition available.

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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

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