Radiant Logistics, Inc.

Greetings. Welcome to the financial discussion for fourth fiscal quarter and year-ended June 30, 2023 conference call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note, this conference is being recorded. This afternoon, Bon Crane, Radiant Logistics founder and CEO and Radiant's Chief Financial Officer, Todd Maycumber, will provide a general business update and discuss financial results for the company's fourth fiscal quarter and year ended June 30, 2023. 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 risk, 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, 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, Bon Crane.

Thank you, John. Good afternoon, everyone, and thank you for joining in on today's call. Our results for the quarter and year-end of June 30, 2023 continue to reflect the macroeconomic effects of the difficult freight markets on the entire transportation sector as well as our own operations. The confluence of shippers continuing to manage through elevated inventories, reduced imports, and a slowing economic growth has had a cascading effect across virtually every mode of transportation. As in the prior quarter, these market conditions have negatively impacted not only our current results but also the year-over-year comparison to our record results from the prior year period. With that said, we believe we are at or near the bottom of the cycle, and we would expect markets to begin to find their way to more sustainable and normalized levels in coming quarters. And while our results are down comparatively, I view the fact that we generated over $9 million in adjusted EBITDA for the quarter in this very difficult market as a positive indicator for Radiant and our prospects as we continue through this cycle. In addition, and as we pointed out in the press release, we delivered a record $97.9 million in cash from operations for our fiscal year into June 30, 2023. During the same period, we have remained relatively quiet on the acquisition front and have instead focused our attention on paying down debt and deploying just over $11 million to repurchase our stock. Through this disciplined approach to capital allocation, it is fair to say that we are in the strongest financial position in the company's history, and as of June 30, 23, we have approximately $32.5 million of cash on hand and nothing drawn on our $200 million credit facility. Having fortified our balance sheet, we believe we are well positioned to navigate through these slower freight markets as we find our way back to more normalized market conditions. At the same time, we believe our patience and discipline may be rewarded as market conditions become more conducive to our acquisition strategy and we have ample dry powder to become more active on the acquisition front should the opportunity present itself. Looking ahead, we will remain focused on delivering profitable growth through a combination of organic, and acquisition initiatives, and thoughtfully re-levering our balance sheet through a combination of agent station conversions, strategic tuck-in acquisitions, and stock buybacks. Through this approach, we will continue to scale our business, leveraging our best-in-class technology and extensive global network, which we believe will, over time, continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve. With that, I'll turn it over to Todd Maycumber, our Chief Financial Officer, to walk us through our detailed financial results, and then we'll open it up for some Q&A.