Radiant Logistics (RLGT) 11 Feb 192019 Q2 Earnings call transcript

Company Profile

Participants

Bohn Crain	Founder, Chairman & CEO
Todd Macomber	Senior VP, CFO
Kevin Sterling	Seaport Global
Mark Argento	Lake Street Capital
Jeff Kauffman	Loop Capital
Gerry Heffernan	Walthausen & Company.

Call transcript

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Operator

Good day, ladies and gentlemen. This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant's Chief Financial Officer, Todd Macomber, will discuss the Financial Results of the Company's Second Fiscal Quarter and Six Months Ended December 31, 2018.

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. these future on events. based and current has about projections company forward-looking its statements expectations The that company's These and be expressed and company or unknown statements materially risks, cause forward-looking are results such uncertainties assumptions subject different from implied about or achievements by results or actual to the known may to the achievements the statements. forward-looking

the forth actual materially impossible factors website such www.radiantdelivers.com. those that future, the may, company's set announcements, company's and the Radiant the from statements, to differ may SEC in in to all results other our at public identify is are achievements factors it that which on While the or forward-looking have, the in those past, filings identified cause include be in and available

results an future In indication not addition, necessarily of past performance. are

to Now the and to CEO, go Radiant's Crain. over Founder call ahead. Sir, please I'd Bohn like pass

Bohn Crain

and today's for Good you joining afternoon, you. on everyone, in Thank thank call.

new fiscal results all financial December improvement We are continued for and record based XXXX. across XX, key ended pleased second of the financial in performance broad our the metrics quarter report to our

XX.X% million or XXX.X%, record million adjusted and $X.X up million, record $XX.X the record million, revenues revenues the up or adjusted up net million, we million million, of year Net XX.X%; income period. $X.X allocable allocable or million or For $X.X up shareholders quarter, up $XX $XX.X EBITDA $XXX.X of of $X.X XX%. to record common posted comparable million, shareholders $X.X of income million, prior $XX.X of common net to over

XX.X% prior from improved, up also comparable basis XX.X% period. the for revenue to points year net margins Our XXX

a margins, the adjusted in improvement points XXX saw year XX.X% for comparable also we from XX.X% basis our which period. EBITDA record increased prior addition, In to

were million revenues and of of both $XXX.X net million over $X.X million continued period. geography Transportation XX.X% or up million, XX.X%. trend the prior $XX.X up million $X.X for million up million we $XX.X revenues year reported $XX.X service of $XX.X of $XX.X net reported the terms we year up Canada, were growth XX% of period. positive of or solid XX.X%; or million revenues - prior and XXX excuse comparable offering. organic In the In in Value-added services and net million revenues U.S., ended Our million, year million me, comparable up revenues $XX.X XX.X% million, or we the $X.X of services $X revenues the XX, results up from were $X.X in million operations. over Through six period. from cash cash period. and $X.X $XX.X up positive up were comparable December XX.X% year $X.X XX%. of strong Value-added $X.X of million, prior a generated XXXX, for X.X%; revenues net $X.X million These net delivered million or months also of net or business. comparable prior the flows revenues million the Transportation and record

dividend benefit strong credit results $X annual payments. we the and our cash stock these through preferred combination to to facility, access of of redeem were in million our With million able senior approximately $XX eliminating a in future December,

support we December an to giving including $XX $XX after the of of facility. in accordion As additional million same for XX million under not access existing preferred, under had and feature redemption facility, the M&A our effect availability to activities that approximately our

shelf our equity present to accelerate and opportunity capital to financial with the itself. took recently also access we to strategy registration, should continued our us which addition, flexibility provides refresh the In $XXX growth million opportunity support

long opportunities ahead CFO, With and Q&A. adjusted to our to combination through committed the that believe financial we our performance. it that, to and we continuing growth Macomber, period, our by now standing Through organic then turn I'll initiatives, a through to EBITDA. and remain $XX.X of open deliver the run December some strategy 'XX, XX detailed We strong us over months XX, can our our for are reflective acquisition ended us. generated of TTM walk and of of up for financial encouraged that million current results, We profitable is Todd rate it

Todd Macomber

Thanks, Bohn, and XX, everyone. will EBITDA months our be three afternoon, and the for good adjusted financial including ended net Today, December results, discussing six income we XXXX. adjusted and

included per XXXX, million income months net stockholders on diluted three $X,XXX,XXX consideration in redemption contingent $X,XXX,XXX the we and $XXX.X stock share, the or the For costs $X.XX the ended a million to fully for of preferred amount revenues per to gain December $X.XX common reported of basic in a change which of million. related on allocable and of XX, charge $XXX,XXX issuance

reported months $XXX,XXX stockholders period expense or on prior over three change comparable XXXX, we common share, XX.X%. and approximately the of million increase the revenues allocable $X.XX diluted of net per year $XXX,XXX on which ended December contingent $XXX.X basic to an XX, or income This included fully represents of million consideration. $X,XXX,XXX For in

For XXXX, the XX, we net attributable adjusted $X,XXX,XXX common ended income to months million. of reported three December stockholders

XX.X%. of ended the of or XX, approximately we million. XXXX, months for increase months increase EBITDA months net $X,XXX,XXX million approximately $X,XXX,XXX of to moving million represents with XX, months This common December December three income approximately or represents This an million $XX,XXX,XXX for the attributable XXXX. million compared reported adjusted $X,XXX,XXX three results. We of the stockholders And six an XXXX, the approximately XX, December For EBITDA XXX.X%. ended along adjusted three reported of ended adjusted $X,XXX,XXX to

or a $XXX,XXX million million months fully XXXX, XX, of on the contingent consideration. to diluted, of gain on which revenues For ended six $X.XX reported net allocable basic we included per income in December change and common $X.XX per $XXX.X stockholders $X,XXX,XXX

XX.X%. XXXX, or we period represents million net six fully of $X,XXX,XXX million diluted per reported share. of $X.XX December basic to allocable on the increase over or This prior XX, months stockholders revenues For of ended common approximately income comparable an $XXX.X million and the year $X,XXX,XXX

million December months $X,XXX,XXX ended we months XXXX. ended December EBITDA compared XX.X%. EBITDA six an With ended This of XXXX, operator $XX,XXX,XXX we XX, I $XX,XXX,XXX attributable to our XXX.X%. increase to turn or adjusted income stockholders from of XX, We represents callers. adjusted income approximately of $X,XXX,XXX the million approximately the net for back ended will This represents any XX, call million. adjusted December to six or December to six stockholders $XX,XXX,XXX the net This months approximately of XXXX, facilitate over of XX, to Q&A reported an approximately adjusted reported million. for six months reported million common million increase common XXXX, For our $X,XXX,XXX attributable of that, the

Operator

and from question. from our state Cowen And your you. comes Company. Thank Please Jason [Operator Seidl Instructions] question first

Unidentified Analyst

is Jason. This guys. on the Hey, on Adam Congrats for quarter.

Bohn Crain

Thank you.

Unidentified Analyst

think the to First, there just some you prior once you about impact think some whether go ask months? to be over may tariffs and the the wanted tariffs, have that may pull weakness any from maybe from effect you benefited into guys tariffs forward you seen if guys do you've coming

Bohn Crain

Thank you for that.

results North and business current way international, meaningfully prospectively, be our and is them tariffs on is forwarding. by time-definite another, America I'm of to small well. our expecting were air business or truly one Most ocean of impacted portion freight our not impacted freight. A as So ground focused relatively meaningfully

it don't a I of future And was to record expectations our results of tariffs. with do results lot a view and so have mention our quarter? record Did

Unidentified Analyst

you I Yes. did. think

Bohn Crain

- have it. no tariffs And really didn't Okay. play into the

Unidentified Analyst

just I follow-up appreciate that. All And, right. from I quick guess, a me.

obviously, to trucking? in you with Just your bid with the of of seen end out anything spot of in seen kind falling, [ph] guys have guys of What that and terms far. of of terms deteriorating What of have guys rates season terms kind pricing looking conversations in - on of kind you terms XXXX? so you kind have in seen

Bohn Crain

seen I recovery. Well, some we've price think

business. reasonably market's - of terms improvement several margin in staying the characteristics tight. the XXX of margin basis saw think good in We we had points the I expansion

loosening So our got I repricing, but of from there and tight. talked rolled relatively talk have is over. think out. our in historically kind of improvement things some some still particularly intermodal contracts contracts remain the those things things they And we sector, those some played about in of And we as standpoint, up,

So sets relatively the still there the us, prospectively. and will marketplace, market's always but and for within generally a well push pull be up tight we believe

Unidentified Analyst

then me. in pricing And kind kind what of range a guys you of of an from for your you finally, just terms expectation have Do that XXXX give or finally can Great. for for number are? expectations that

Bohn Crain

which? For

Unidentified Analyst

[ph] What's TL called renewals for

Bohn Crain

same What we're out to looking thing suggesting No. and the marketplace. for hearing what terms in increases rate the carriers terms the in you probably conferences We are - same the of based are. the asset all or in there listen is

are guys single if and mid and would continuing - is price call trying what expectations of the my I kind the they're understanding So in asset that you is to underlying based marketplace. to of digit increases set to will, how talk, what low

Unidentified Analyst

so time. the Sure. I much I’ll it. Thank for guys, appreciate you. it Thank pass on. you, And

Bohn Crain

All right. you. Thank

Operator

Thank you.

next Our Sterling from Seaport Global. from comes Kevin question

Kevin Sterling

Bohn Thank you, Todd. afternoon, Good operator. and

Bohn Crain

afternoon. Good

Todd Macomber

Good afternoon, Kevin.

Kevin Sterling

do in How Seattle? survive you guys snowy

Bohn Crain

outside that in which is It sideways is Its often that. right Seattle. snowing doesn’t now, funny happen say – you

Kevin Sterling

shut the – why That’s down, city might right? be

Bohn Crain

the a expect I the is I Miami am morning, there planes flying. Well, hoping of lot to are so because be in stake in here

Kevin Sterling

about this hey, Bohn, you Oh! you. record of very a start following is got to to out luck and so for been me time, sounds But like guys. it you. quarter looks talk Gosh. best let quarter, I with seen nicely I've congrats, my just everything think heard It long I guys you off you I like I've came Good that. together off. the say, hats And

across So along we're that seeing all growth the is those the board, lines, that organic?

Bohn Crain

terms very, activity, amount a Yes, been quarter. clean had is this clean of only last absolutely a has - this of but modest acquisition quarter, quarter even very in

are seeing we're organic. that results the so And purely

we focused historically organic of success initiatives in acquisition here we have efforts. in having our that in the organic is those not we're really not that key those as prongs of we'll growth other what one growth, interested and strategy, But and strategy and some We said our result Canada, the our opportunities, of some were certainly and we exploring of of see that is be the vertical still were through on well.

Kevin Sterling

awesome. That's Great.

let of what all like quarter and think, record And have have together started been corner the It company before you with positioned me results. inflection you to you look turn in guys couple as seems that systems share? So the came the you Bohn, really you just in is, capture company lines. your place, mean an it by market ask like point? in never a Do with is people this it's those your you ago, quarters maybe place, I along today, we're at these to

Bohn Crain

we free number, $X we to release generating this We've its of of the where throw that have if run but way. the having also about metric, on results, we include under $X kind it press our current business. our million but payments. terms any transition. underlying but of of rate a cash kind flexibility, capacity and adjusted lays of a can by we're We million got think really going in our out EBITDA the ourselves I I'm our financial We're are analysis quarterly things non-deductible EBITDA, we're of the talk in flow and credit TTM in in history think kind kind the financial a to of of particular went like so basis, not dividend far drop out - and are we of another And lot facility. going good in terms retired working broadly, - of certainly never about preferred, to - relieved we

the year-ago ended comp or quarter easy up March soft so what call, here coming the the we period. is I'll net-net And really X more, quarter in have for

replace million So to would rate ended close TTM, quarter to March $XX We expect think we're last that to for move as this we million I EBITDA. results. number $XX of year's run closer

Clipper also business. we - those so then as improvements that's and long as having that, well. Canada to for from all coming forwarding followed forwarding is you that's doing The well. - doing are business has -- So within network And you the -- the know back is the point, been some very of improving have, and your us areas business. itself. meaningful really it's

Our agent stations are thriving.

the history money platform to same That the ever in the health able are are as the platform. of of more health we we they we than the the the think and goes have success the the to platform, part than they forwarding of ever in technology time, out as company-owned paid continues partnership The our doing business. at had operating as achieve a stores of the in history within with quarter to well have probably this better the of company. group network And improve. the commissions the I partners

of transaction we the new volumes over I were our XX% - had SAP-TM. through think recently, occurring forwarding

through feel looking So things into of we we process, where work kind and and about that continue to are kind out of pretty set we XXXX. how good up

Kevin Sterling

Well, Bohn, quite are that's great. impressive. Those numbers

talked If TMS. system. the you're And advantage Like see. about your XPLs you a to competitive you of guys a you and frankly in good because deploy SAP positioned are. as SAP it's on a don't majority not the operate shippers But company's said, the probably of I'm mistaken, I I been So well SAP? how few is I've long a quite this time like one history, remember that to time, following

Bohn Crain

break out over to it. I we it Yeah, be -- certainly going and -- itself will prove I'm time. would will think that

question. the apart. So I break question to great a want

the our an We Airgroup have on in XXXX acquisition was Airgroup, - back first standpoint. platform very from SAP very of since our since acquisition, accounting

information have on we things, with create an is those us we system had big really as move that that about a So be benefits as to able SAP manufacturing we kind sophistication platforms. think for cost and And terms and we a And SAP transaction to opportunity them I up think, platform, because simply guys you're be unique of to the TMS with freight, kind granularity lot and of installed process we're and types singular able a the so able kind and an a some universe be to a and singular out including of have to our that generating there's and of believe for will our to customers familiarity universe right? to more exchange of in we a scalability and best-in-class. that scalability grown system universe, view describing, SAP are speak customers of which engage what to from don't big way this with of SAP think platform. And be folks new engage we've a per us the up accounting as in operating in to unit able won't they hard installed of them and And and shop. SAP other back-office a infrastructure, integrated those there of back-office with we'll SAP world-class relative fully we've of opportunity

as to us set So about advantage a ourselves we're first these interesting how as that of an have the dollar really puts we of freight future. It look to that and networks. of we'll business aggregating of multibillion support we about represents in position in then forwarding really take we the that can position, terms We a based a in excited hopefully, and and that agent into kind have opportunity market back-office before. it what long-term to build strategically. the intentionally terms scalability talked infrastructure really out believe We

Kevin Sterling

That's awesome.

the now this building So SAP foundation. you're you're system, basically, doing what with

talked about multibillion-dollar of grow. really So organization you kind obviously, to

Bohn Crain

and That's always been we're... the vision,

Kevin Sterling

We're starting to it. see

Bohn Crain

it's more think great and and in our just one how processing the speaks time and trended getting a talk but gross the itself, it, our line We're margin dollars able time I been drive ultimately, how but lot have bottom of at those through to about gross we a getting the And technology. over talking a investment time, those quarter and, scalability of math time, storyline also as I margin metric time. for about function office just -- spend that over we over people EBITDA numbers mean, a step back and this of great a but - didn't of we've of to terms

Kevin Sterling

Yes. Awesome.

a So, new fruits you wins? labor of to have guys kind started accounts? the if sales maybe go - - business have that you have seen some some of Bohn, you kind you force larger of have and national after And so,

Bohn Crain

ourselves vertical traditional a national on as sales would that Look, done what organized strategy. of program. focused sales in instead think you of What we a is haven't we've account

a industry in hired we've executives a vertical. deep competency sales of So particular number a senior with

that approached with so the And vertical we've market orientation.

aid particular include for had And services, humanitarian us getting The Some some the retail, continue well in in growth vertical strategy government can terms additional other to we'll lot build resources without of we we've as a on. customers. those identify of organic our very additional to marketplace worked success areas focus we or verticals markets fuel to of that into helping has and drive with that opportunistically those organic continue growth. out

Kevin Sterling

me. for question last One Awesome.

flow, right, quarter cash generated operating $XX are And and, nearly flow so million like cash in looks touched cash on flow. free strong you if calculations to leading obviously, and you free my it of the

forward, you I'm mean, sense, a me tell Going going got but I've wrong, if can I forward...

Bohn Crain

We with fun We little got to there. got a stop to this. have

You know record. Kevin. what another is, that That's

Kevin Sterling

itself, for Another forward, of Am to am flow there, cash upon all generation nice Not fiscal thinking continue I couple cash a your about the free But I record of about rest XXXX should of and this some keep know. I that we Going really quarters right? free have really XXXX generation. thinking significant breaking right? should record. year right. and allowed build flow to

Bohn Crain

absolutely. Yeah,

well of for $X terms eliminating barrel us. underlying redemption well, as the - fish the dividends the In proverbial shooting business was of and one, a preferred in improved million as of has markedly those the

going acquisition to pay down So quickly. lines are activities, pretty absent our credit

Kevin Sterling

you. Got

And good I breaking Miami. keep all the records. you to had. quarter, that’s Well, work, get Okay. the up Congrats hope on

Bohn Crain

right. Thanks. All

Kevin Sterling

care. Take

Operator

Thank you.

question. comes question Capital. state Argento Street from next from Mark your Please Our Lake

Mark Argento

about I but Wish quarter. Bohn, being from could solid very the a for on feel snow, Congrats you guys. Minneapolis... Hey, sorry

Bohn Crain

the any getting parts most of for Yes, country. sympathy we're not

Mark Argento

was - through of wonderful, pricing. if around luck. on hoping to of you so We a help little I bit just got here. relative I our share, obviously, going though. of this hoping concept fair think just could positive things sounds Miami best a us lot was productivity

you from obviously, we'll to tighter growth of the versus productivity? pricing and you How think maybe growth? Are So a half adjusted It's saw pricing can think in you think points. this guys us basis margins ebbs which benefits, environment. from pricing internally unit flows little about we getting it environment, But a EBITDA a could XXX there's or, and half growth productivity, of it, and we about up through been degree. - bit about how call help ASP

Bohn Crain

Yes, sure.

So us level. What I'll that - from supporting incremental our cost that know I can swipe margin a small. of that take is very very, high is - of next gross dollar we

the - our very margin to because dollar it's biggest incremental that is of ultimately, small. are ability So supporting - driver our next just our margin costs gross grow gross is dollars, those

and on of And a the back kind Now partners it's area you that side if labor of settling paying or it's lot the of look are biggest cost dollar the our is spend there. of around the originating in at - drivers, of if transactions, we physical operating - headcount, our the of whether in our that, financial of think freight the right? carriers with ultimately out our -- settlement the

help use term, with but goal our only not our on, technology technologies ultimately we connectivity building our invoices, as cost automate driving the arrived. electrifying more around introduced ourselves carriers, customers. we've between deal productivity cost for a optical was what lot for the we're the we business terms versus improvement in variances protected a spending focusing what carrier also the energy of differences and would our with or our to how lot call ingest And I'll that's and and time of how we customers So with electronic partners of scanning of

to XX%-type the of as continue you the up remember then out, XX% of their we And business. the function their C.H. curve call X%, doesn't said the if are that was ultimate to we've marching our and we've on look and that And I X% beginning, world one X%, the that's so I up that's ourselves take calls, our a way gross in think for of up we're at from at the we X%, look that we'll as orientation, Robinsons talked on as And math. handle. EBITDA can But and and think the number prior margin, kind thing through find the scale and we continue that Expeditors then would I work then to metrics I mountain. the when it

was result it was scale a of XX.X% we continue ahead So there's to good business. opportunity quarter this - lots us I the us, as this of really for think incremental but for

Mark Argento

in gotten needle, the chunkier strategy? been still how What point color. we of of That's the business natural move bigger, billion you acquisition the these liquidity about guys additional $X you helpful. Thanks beyond, think hear or great to kind of to going of are we plus to provider who've guys kind lot for certain types have the for a [ph] have where acquisitions, and And these should one the Is a part for as the used should that the for things? we at thing, strategy to other obviously, tale that it while. - look forward? business now you march to Or and of natural some in you the about

Bohn Crain

is own for and they if brand support promise their to our of partners Part are our when operating transition. ready

time - them them, compel right we're a not out trying there arms, there but people's certainly for to company-owned we're that's twisting to we'll support or sell on So them. be store, not to to a convert

to strategy one, house. the the side the of one, we'll look for only company-owned important continue stations, conversion the our other pace at our are way is support agency they at -- when transactions in do a the has stores objectives acquisitions. partners to that That's of operating we're we any multipronged for with to partners on of time, business, initiative same open an particular goals And than and have. the So and those ready. We're the tuck-in affect of prepared which more only but we acquisition only one

Mark Argento

I’ll thanks. [indiscernible] Great, make sure And

Bohn Crain

All right. Thanks.

Operator

Thank you.

Loop Please question from Jeff comes from Kauffman next your question. Our state Capital.

Jeff Kauffman

Thank you of everybody. I shipping guys you this records very Hi, much. were hear quarter? you right, Did a bunch

Bohn Crain

a of do That actually But us. done, Well good. that that little wasn't was We good. business. no, for That's Jeff.

Jeff Kauffman

All right.

these trying it figure You just I'm all records. to talked about out.

Bohn Crain

good. like I That that. was

Jeff Kauffman

to I been hard. I just come say It's it just you've got know to working see. to It's together quarter great nice Congratulations. this. a see all like

So back broken a and let me go record be here.

when there you you don't network you So this, any was words, believe goods say played correct? in other don't tariffs pre-shipping of believe any role your this in quarter, that occurred in

Bohn Crain

pie of ocean, true subject various isn't least contributors the been a Well, was I and date. our it but were that to I going a there would international be driver at do lot some, which of air to these the that would international was sure hasn't - business, our trade the of certainly we to and think more perhaps activities, to I'm business - economic was the make, of didn't transportation, or if trying it draw we point if I in justice,

So was forward? pull little there a Perhaps.

Jeff Kauffman

Maybe.

Bohn Crain

But results? Absolutely is that record what not. drove our

Jeff Kauffman

Okay.

So annualize in $XX the I shouldn't saying? you're EBITDA what is million

Bohn Crain

about boy, We be to We're to We're that a worried next and appreciative with No. quickly quarter. I back don't wonderful? to Well, going be have that little to it, results. trying set for No. work but we're - want expectation. those wouldn't fun certainly

Jeff Kauffman

me operating driving What last margins business. in quarter, ask the but Can think and improvement Okay. you I'm that? in it you I going remind Terrific what's answered Canadian - this again. to

Bohn Crain

place, a brought began is what - bundling to really, ago, tuck-in kind really conjunction in Lomas a of of strategic more - earnest we logistics us the call months - where with set services and which this probably of result it XX Canada, I'll strategy, acquisition our in and broadly a transportation. value-added in initiative really, We Sure. with in we

That's growth what transportation is our, and So services. warehousing a with you're service. there distribution bundling that effectively, in seeing

least, And far. Canada, stickier, to has for more serve the so so customers engine our real growth proved making valuable to end be making customers really and work that at a we our

Jeff Kauffman

does Okay. you year, other a close to you rents. I be question, about and bring have have leases. this some mid-year, the operating new do accounting until It fiscal? the this? for think is One million at you're as more not then terms What XXXX it considered of lease you There doing fiscal probably looked impact general will detailed but this on lease capital affect would Todd, Todd, $X question. in have ASU new rents potentially rules. in to of think the operating

Todd Macomber

still assessing - bringing on looking on system a something that right at but We're the - that that, that, now, Jeff. amount We're for exact we're don't right exact that's but up working have I we're now.

Jeff Kauffman

a Okay. prices spot with potential on candidates. And then acquisition of your softening affect amazing side some business seen seeing of brokerage business the of much. some slowdown acquisition doesn't any I have around, broader rates the picture, you're Bohn, quarter, we but so the moving in the But wonder if

sitting on these all fundamentals. You're great

the change some business interesting? seeing? any You've Is are you're in saved preferred. acquisitions more there getting what repurchasing a little money bit And

Bohn Crain

anything of out remains I competitive really scale. at think there still it and particularly

have of on And kind Certainly, do, would say for But to relative transactions seen price we'll driving that public haven't. not the stuff. think like and personally I I company come I the to in. day, come end I and scale, are those still they when comps a softening so there. of the But M&A of in of firms be PE at seen the expected valuations I've the lot have - side, the in think growth I rates whereas

Jeff Kauffman

all terrific way a the here. just congratulations, around Well, Fantastic. quarter

Bohn Crain

much. so you Thank

Todd Macomber

Jeff. Thanks,

Operator

Thank you.

Our Company. from next question Heffernan Gerry from & Walthausen comes

Gerry Heffernan

transportation question revenues? a or overall the little of Hey. Thank done as just the you've grown cost you Could margin job the very to operating and in disproportionately X the your is very there. to here. a you much. on income growth bit I that just partner understand talk I driver, - wanted to has of statement improving the expense commissions good ask

Bohn Crain

Sure.

they So generate. the share it kind originates a we of operating goes our business of where our partners to chunk business, good the in that gross and our underlying effectively margins nature from of

people well, - will so our let be for business. familiar a So with distinction necessarily good this me as not draw

and were our going a compare line. from maps a if into So it transaction versus to originating a statements contrast station, we originating gross an transaction agency from store financial to company-owned margin same, down the the

expenditures it's owned that's our Angeles gross agency same, it's revenue company the in share in whether we land an the Dallas, where agency from Los down where and that the station in it's item. line those with an P&L. So margin agents, originated from store to coming on station, But or the

for agency would their that our did terms of their really well what stations business. growth is, quarter, in this say So in

And or of your economic so draw, quarter… And going with where their question, think more this you're by than is owned I their fourth margins up percentage of the they grew, so company stores and proportionately, think grew also gross the went I could we pie kind -

Gerry Heffernan

And any Okay. for there is specific release that?

Bohn Crain

mean, - and to over No. think me portfolio company I operating an I extraordinarily there's from diversified XXX owned - stores. have we And are time, we - locations, there have way, of it's time businesses. XX I don't it let this tell

it stations And originate through own our will and network. so business, their agent sometimes, they service

service operating and they effectively will. we'll we will but an on will business if in needs, that it our originate geography you location, behalf, on corporately, place Sometimes, operate business, and based

that actually network factors be this as this it's such am of you other will we well. our to an aren't like tonight write such plane I data individual myriad my part had into Miami such agent a to they happy partners for results I that - be And And that them network happier part of currently I've had I the that well, lands. to there's raised But ride success. where -- was couldn't hopefully, they great success question. with and locations points consider to So to good them stations letter come play quarter, on a come the do and celebrate that funny of our to was of can agency how kind attending our transaction do I that network. get this around

Gerry Heffernan

it verticals different that businesses was just give strong the give the and you pretty segments could, a us That may saw from client those you've color people. line, broad - does you you thing. success quarter? Could you have what to just in broad if the that that the over – you to a attract verticals certainly, or based. In represent business just top good and regards - speak different any shipper commented Yes, is

Bohn Crain

in We We don't do a at we work of want there, fair to government get into the services. amount too shows. vertical. but sciences. aid. fair amount We life - do do fair fair a We in a in a We work of off in certainly, humanitarian of work amount in much level, at do of automotive work work do trade amount detail high a a a amount fair

having lanes some you So those give we're of which kind in high-level that success. some

Gerry Heffernan

work Thank Great. appreciate a greatly as all you shareholder much the you’ve very done. and

Bohn Crain

Thank you.

Todd Macomber

Thank you.

Operator

that Thank to floor appears you. And Crain. over question. be I'll Bohn the last turn our to back

Bohn Crain

you. Thank

growth the remain close that very bullish excited remain the of by progress on model. with Radiant, we've business we and our Let created at very prospects and scalability here me non-asset-based saying platform that our we and

now people, continue ongoing support enterprise first We out and strategy consolidating support and our a more advantage than executing marketplace. position puts towards term almost scalable low believe forward. and our in a going to longer a building eye an in this invest back-office with Our unique the to in world-class perpetual represents opportunity, and to us infrastructure agent-based sheet networks, investment our much our in technology market larger we leverage forwarding to year further technology multibrand consolidation in on XX and balance

believe, We Logistics. your of our are for operating in pursuit serve. we and support time, Thanks partners of our over vision, persistent we for the listening that shareholders, value and meaningful long-term end will Radiant customers deliver which patiently this

Operator

does today's for you. This teleconference. participation. you We Thank thank your conclude

You may And disconnect time. your lines at great this day. a have

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