Radiant Logistics, Inc.

This afternoon, Bon Crane, Radiant Logistics founder and CEO, and Radiant's Chief Financial Officer, Todd McCumber, will provide a general business update and discuss financial results for the company's fourth fiscal quarter and year ended June 30, 2024. 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 past results are not necessarily an indication of future performance now i'd like to pass the call over to radiance founder and ceo bon crane thanks john good afternoon everyone and thank you for joining in on today's call while i'll

While our full-year results continue to reflect the difficult freight markets being experienced by the entire industry as well as our own operations, we did see good sequential improvement in our financial results for the fourth fiscal quarter into June 30, 2024, when compared to our third fiscal quarter ended March 31. With net income up over 750%, adjusted net income up 94.4%, and adjusted EBITDA up 75%. We hope to continue to build on this positive trend in coming quarters as markets find their way to more sustainable and normalized levels. Notwithstanding the tough year-over-year comparisons, we continue to deliver meaningfully positive results and have generated $31.2 million in adjusted EBITDA and $17.3 million in cash from operations. for the fiscal year into June 30 of 24. In addition, we continue to enjoy a strong balance sheet, and after completing five tuck-in acquisitions and deploying over $4 million in support of our stock buyback program, we were able to finish the quarter with approximately $25 million of cash on hand and still nothing drawn in our $200 million credit facility. As previously discussed, 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 remain focused on delivering profitable growth through a combination of organic and acquisition initiatives and thoughtfully relevering our balance sheet through a combination of agent station conversions, strategic tuck-in acquisitions, and stock buybacks. Through this approach, we believe over time we will continue to deliver meaningful value for our shareholders, operating partners, and the end customers that we serve. In this regard, we made good progress in supporting three agent station conversions over the course of fiscal 24, with the acquisition of Florida-based Delray in October of 23, the select businesses in February of 24, and Minnesota-based Viking Worldwide in April of 24. We launched Radiant in 2006 with the goal of partnering with logistics entrepreneurs who would benefit from our unique value proposition and our built-in exit strategy. We believe these three transactions are representative of a broader pipeline of opportunities inherent in our agent-based network, and we look forward to continuing to support other strategic operating partners when they are ready to begin their transition from an agency to a company-owned location. In addition, in June of this year, we were able to welcome two new teams to our network with the acquisition of Portland-based DBA Associates and Seattle-based Cascade Transportation, both of which joined us from a competing network. And most recently, we completed the acquisition of Foundation Logistics, another great addition to the RADIAN network based in Houston, Texas. We will continue to look for greenfield acquisition opportunities where we find opportunities that bring critical mass to our current platform with respect to geography, purchasing power, and targeted industry segments. 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, Vaughn, and good afternoon, everyone. Today, we will be discussing our financial results, including adjusted net income and adjusted EBITDA for the three and 12 months ended June 30th, 2024. For the three months ended June 30th, 2024, we reported net income attributable to Radiant Logistics of $4,781,000 on $206 million of revenues or 10 cents per basic and fully diluted share. For the three months ended June 30th, 2023, we reported net income attributable to Radiant Logistics of $3,143,000 on $232.2 million of revenue or 7 cents per basic and 6 cents per fully diluted share. This represents an increase of approximately $1,638,000 of net income over the comparable prior year period, or 52.1 percent. For adjusted net income, we reported $7,015,000 in three months ended June 30th, 2024, compared to adjusted net income of $6,457,000 for three months ended June 30th, 2023. This represents an increase of approximately $558,000, or approximately 8.6%. For adjusted EBITDA, we reported $9,078,000 for the three months ended June 30th, 2024, compared to adjusted EBITDA of $9,208,000 for the three months ended June 30th, 2023. This represents a decrease of approximately $130,000 or approximately 1.4 percent. Moving along to the 12-month results, for the 12 months into June 30, 2024, we reported net income attributable to Radiant Logistics of $7,685,000 on $802.5 million of revenues, or 16 cents per basic and fully rooted share. For the 12 months into June 30, 2023, we reported net income attributable to Radiant Logistics of $20,595,000 on $1,085,000,000 of revenues or 43 cents per basic and 42 cents per share. This represents a decrease of approximately $12,910,000 of the comparable prior year period or 62.7%. For adjusted net income, we reported $22,647,000 for the 12 months ended June 30, 2024, compared to adjusted net income of $39,301,000 for the 12 months ended June 30, 2023. This represents a decrease of approximately $16,654,000, or approximately 42.4%. For adjusted EBITDA, we reported $31,160,000 for the 12 months ended June 30, 2024, compared to adjusted EBITDA of $55,638,000 in the 12 months into June 30th, 2023. This represents a decrease of approximately $24,478,000, approximately 44%. With that, I will turn the call back over to our moderator to facilitate any Q&A from our callers.