Radiant Logistics, Inc.

This afternoon, Bon Crane, Radiant Logistics founder and CEO, and Radiant's Chief Financial Officer, Todd Macomber, will discuss financial results for the company's first fiscal quarter ended September 30th, 2021. Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes. This conference call may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The company has based these forward-looking statements on its current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties, and assumptions about the company that may cause the company's actual results or achievements to be materially different from the results or achievements expressed or implied by such forward-looking statements. While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from those set forth in our forward-looking statements, such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements which are available on the Radiant website at www.radiantdelivers.com. In addition, the 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, John Crane. The floor is yours.

Thank you. Good afternoon, everyone, and thank you for joining in on today's call. We are very pleased to continue our trend and report another quarter of record financial results for the September quarter. We posted record revenues of $286.1 million of $110.2 million, or 62.6%. Record net revenues of $64.9 million, of $18.9 million, or 41.1%. Record net income of $7.1 million, of $4 million, or 129%. Record adjusted net income of $10.6 million, of $4.1 million, or 63.1%. And record adjusted EBITDA of $14.5 million, of $5.3 million, or 57.6%. In addition, we also saw improvement in our adjusted EBITDA margin, which increased 230 basis points to a record 22.4%, up from 20.1% for the comparable prior year period. These results reflect the benefit of our scalable non-asset-based business model, diversity of our service offerings, and our ability to quickly respond to the changing market dynamics. Not only are we continuing to see solid recovery in our legacy business, but we are winning meaningful new business across the platform in the U.S. and in Canada. In addition, we continue to deliver these record results while continuing to maintain very low leverage on our balance sheet. As we previously discussed, we also believe that our current share price does not accurately reflect Radiant's intrinsic value or long-term growth prospects, particularly given our unlevered balance sheet. and therefore represents an excellent investment opportunity for both the company and our shareholders. Although we always have a fairly narrow trading window in our first fiscal quarter given the timing of our 10K filings, we were able to continue our stock buyback efforts and purchased approximately $1.7 million of our stock during the quarter. We also remain encouraged by our continued strong financial performance and the fact that we have now reported a record $54.1 million in adjusted EBITDA for the trailing 12 months into September 30. Looking ahead, we believe we are well-positioned to continue to support existing and new customers in what is proving to be a persistent capacity-constrained market. Hopefully, our continued strong performance and strong balance sheet will begin to register with investors as we remain optimistic about our prospects and opportunities to continue to deliver profitable growth. In the months ahead, we expect to continue to be active in our stock buyback activities and look forward to reactivating our acquisition efforts as the opportunity presents itself. With that, I'll turn it over to Todd Maycumber, our CFO, to walk us through our detailed financial results, and then we'll open it up for some Q&A.

Thanks, Paul, and good afternoon, everyone. Today, we will be discussing our financial results, including adjusted net income and adjusted EBITDA for the three months ended September 30th, 2021. For the three months ended September 30th, 2021, we reported net income attributable to Radiant Logistics of $7,079,000 on $286.1 million of revenues, or 14 cents per basic and fully diluted share. For the three months ended September 30, 2020, we reported net income attributable rate logistics of $3,088,000 on $175.9 million of revenues, or $0.06 per basic and fully diluted share. This represents an increase of approximately $3,991,000 of net income over the comparable prior year period, or 129.2%. For adjusted net income, we reported $10,559,000 for the three months ended September 30th, 2021. For the three months ended September 30th, 2020, we reported adjusted net income of $6,520,000. This represents an increase of approximately $4,039,000 or approximately 61.9%. For adjusted EBITDA, we reported $14,544,000 for the three months ended September 30th, 2021, compared to adjusted EBITDA of $9,226,000 for the three months ended September 30th, 2020. This represents an increase of $5,318,000 or approximately 57.6%. With that, I will turn the call back over to our moderator to facilitate any Q&A from our callers.