Radiant Logistics (RLGT) 10 Nov 212022 Q1 Earnings call transcript

Company Profile

Participants

Bohn Crain	Founder, CEO & Chairman
Todd Macomber	SVP & CFO
Mark Argento	Lake Street Capital Markets
David Kanen	Analyst
George Melas-Kyriazi	MKH Management Company
Jeffrey Kauffman	Vertical Research Partners
Michael Vermut	Newland Capital Management

Call transcript

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Operator

This afternoon, Bohn Crain, 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 30, 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. be subject the and the or company results achievements are and risks, company's implied statements the or about from statements. assumptions that to by forward-looking such to achievements unknown known uncertainties actual results forward-looking These or different expressed materially may cause

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

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

to to CEO, over like I'd Radiant's is call the Crain. Bohn pass and yours. floor The Founder Now

Bohn Crain

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

$XX.X and financial million, We EBITDA We revenues million or up XX.X%; $X.X record net income our of pleased quarter million up $XXX.X or $XX.X net trend million continue XX.X%, quarter. of September another the million record record are $X.X revenues to posted $XXX.X $XX.X for million of million, adjusted of XXX%, $XX.X record report of XX.X%. up of or million, and net or income million, record up or adjusted $X.X XX.X%, $X very million, record results up

business recovery dynamics. we see to our continuing U.S. and offerings new our which business, are model, adjusted results XX.X%, margin, across market quickly These comparable solid our respond In benefit year up the in legacy only business for diversity increased the basis platform the are addition, the XX.X% prior changing points and reflect nonasset-based our Canada. we saw also our we in meaningful ability in a but of from Not EBITDA winning to service XXX the of to record improvement scalable in to period.

record these maintain results on sheet. deliver low leverage to balance continue we our very to while addition, In continuing

price As we growth accurately our previously balance discussed, reflect Radiant's the we opportunity also and prospects, share shareholders. excellent value sheet, our and long-term an believe intrinsic particularly both given company for unlevered our does not current represents therefore, investment that or

have efforts trading able window in $X.X of and Although our approximately fairly given our fiscal filings, continue were a the always purchased quarter, we our stock first narrow XX-K buyback stock our million the we to quarter. during of timing

in we our by and trailing ended XX now encouraged the financial continued adjusted EBITDA that fact XX. reported the remain also $XX.X months September record We have performance for million strong a

With that, we'll CFO, open Macomber, ahead, -- strong existing positioned we'll our to and deliver sheet, prospects Looking itself. customers and and we it In some new to we growth. register to continue support us our our our performance, as the capacity-constrained I'll to for expect activities through as in we to to Q&A. balance market. strong turn remain to stock to optimistic continued Hopefully, proving believe in results, buyback acquisition months financial the opportunity Todd opportunities efforts reactivating be strong be strong continue we walk -- well what look our our to it profitable with active to detailed then forward ahead, up presents and over are is continue to investors persistent begin a and our about

Todd Macomber

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

and share. or million per months For million $X.XX the we XXXX, ended basic $X.XX diluted fully XX, X Logistics $XXX.X of reported net income attributable September of Radiant to revenues on

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

For reported adjusted X net income, we XX, $XX,XXX,XXX September for months the ended XXXX.

XX, $X,XXX,XXX. approximately we $X,XXX,XXX XXXX, This reported net ended the increase For XX.X%. of of an income adjusted represents months or X September approximately

For moderator any adjusted September or XX.X%. months $X,XXX,XXX adjusted will XXXX. an turn of $XX,XXX,XXX back to for to our ended the EBITDA XXXX, XX, call callers. EBITDA, compared reported X This Q&A of represents I the from we that, With to increase the approximately facilitate months over XX, our for X ended $X,XXX,XXX September

Operator

Instructions]. [Operator

question Argento. from Mark coming Your first is

Mark Argento

business I light Yes, just on pretty the or helpful? you -- you it some any but shed where over-indexing? that strength broad-based, incredibly like obviously, strong parts really could little particular been seeing anything seems be you're got would quarter. know additional -- of a in are that anything Could it's

Bohn Crain

I positive every really think virtually board, the good it's has seen been across category, improvement.

of get weren't service. position allow when couldn't we've opportunities to get everything modality of things of a sometimes of probably been kind biggest with our There's us been from support terms In relationships getting customers of and outperformers, kind congestion. out going capacity scrambling capacity, the for in capacity the all kind fortunately, step they product a find some demonstrate in to to of on, to and, moving standpoint, individual constrained improvement there our in marketplace single they to the kind otherwise lot a shippers ocean of where has find

Mark Argento

kind that how tight when a Is in and of key you that such that to able relationships provide are Or have? some market? it's just of Great. guys step your you

Bohn Crain

us engaged to a work not servicing historically in with but we opportunity our we've environment. had it's that have customers, opportunity new to begin market get of both this accounts think new combination serviced But has an market customers. existing with this for an I created to

sure that can the terms fight, part capacity. in So we're the of doing us trying after sure we all stick fire so to kind to make sourcing what is to make customers of we with of speak, do

Mark Argento

buyback. on Great. the And this last one

left you of have guys what us in there? availability remind terms Just

Bohn Crain

I for up authorized were have my million think to I we shares. we I X think quite a -- remembrance, bit.

Todd Macomber

Correct.

Bohn Crain

And of end December. as we're that. its existing into believe expires fairly the own under of program And the I early actually terms

refreshing. So we'll to have be

Todd Macomber

Yes.

the availability think are about million X.X shares left. I the is

So there's opportunity. ample

Mark Argento

Great. to you tight Well, do really impressive terms what in able been of to see availability. out really situations given guys it's have there

have the keep hopefully really holiday good work good up So and a as well.

Bohn Crain

Thanks, Mark.

Todd Macomber

you, Mark. Thank

Operator

Your next question Kanen. is coming from David

David Kanen

job. Congratulations. Great

Bohn Crain

Thank you.

Todd Macomber

Thanks, Kanen.

David Kanen

very You're welcome.

gotten Do little so, the And So could us not some bit to plan on relationship new retain for capacity. augment game some you is have question only first looking deliberate of potential sketch you're that of things you've accounts that that to the but if going that excess new a doing? a were forward? the customers for you business and out into,

Bohn Crain

think it's are into whenever you're not I kind trying really Well, we entering new to account. of a -- uncommon

some kind teeth you give pieces business your of of lanes that their your difficult they where of value. thing you hard-to-handle otherwise cut struggling they're have incumbents or their first The and with to with is and demonstrate

in this think is I example of very another that just bearing process. that. we're well And

think the and the of do. just demonstrate I getting opportunity can kind of so to is having engaged battle And part of what kind you

stickiness obvious in continued kind get that ability really to se just did this scenarios. thinking of across view done and same to has much So has and I a just The when the all in iteration and of the And and COVID. I as in of business as most about me as new other FEMA And reporting our kind of environment work plan much can how we this days we -- the customers, incremental early -- and for different into be we've our we story. stay execute can't. than others that with things And number engaged another we value through permeate I to around through no provide there's just try credibility demonstrated and ultimately organization. is tools -- PPE to of that happen specific technology the seen and gained as kind to opportunities of ability the per

David Kanen

the just of in Understood. my is the then question numbers. next shows through mean I landscape And terms M&A. it

are think now you terms -- EBITDA? a successful where -- is just the you where right to comment were stuff in where kind in general in way If of deals partner, if multiples could you right trading of finding be

Bohn Crain

on sellers I call. Well, many potential know this are don't how

comments. So to fair be the somewhat robust. in remains But it's market say I'll guarded my

million relative of think to level a or say, look plus continue M&A, strategic incremental we market. general and capital the doing stock M&As expect of it, rule to kind give $XX-plus doing or trading for And company be as of But post a the XXx some call trading market. I we're -- Xx to high least, it's thumb, companies you at would be of what in of conversation. minus what at buybacks minus EBITDA we an I at, guess, plus alternative normal doing. to David, or $X allocation as to would minus a plus a normal in we I at EBITDA million value

M&A and thing it's this because market of in different talk a a to we complicated many could right is Now days -- market bottles dimensions normal wine of a lot market as one not these to certain, normal of several if because is through what environment is, hours now. do for

And and say we effectively I that stations acquired plan And form of that way, was to a owner and our as of where really looking baseline to acquired large existing -- we never our want not that is before, approach conversions our kind company-owned a a agency of to a think So -- like but the balanced focus. stores, station, to take We're M&A to these Pittsburgh said, I through who a the DCA it's kind all organic principal strategy. our -- do. we X-pronged in can continue don't smaller with type deliver really we'll agent take of we've it is do owned can our of February combination that And tuck-in transaction, do acquisitions in. talked at ago, continue the growth. along a acquisitive year that

stand-alone agency as there's there conversions of them of a So when stations out we as lot have orders, they're ready would and of well kind be that other our existing available. incremental for

David Kanen

investor, Yes. is heck helpful, a buy a wanting lot -- stock. fact share, for and buy as shareholder is you I benefiting EBITDA, stock M&A a you, wish you of math a One be a buying pointed is I in thing the friendly I Xx stock like peers occurring that discount with willing could significant to right And your and example, to to to Bohn. guys your inherent to it. as a are the me as you just successful and And see at where appreciate $X out, my at even more now. you're recognize really our That's you would share that value

cash an cash need that probably ultimately, back you say to it's X% I preferred, income highly -- would common, very it's nice And on start love you comes a I'm opportunity obviously, there know accretive. you do to flow I I once sentiment to a you are at terms. a and and M&A that sure people portfolios. arbitrage, lot in in call as and willing you've manage be generating cash, money my then an So you preferred would committed investor, give words, purchase. if share let's other use like free our up, okay? I'd buying extremely would fixed friendly again. can the that of a We

Bohn Crain

appreciate term your on call, but I never negotiated a I've an sheet offer. investor Dave,

David Kanen

term Xx willing if be I I'm -- it's Yes. well active the million enterprise meet just $XX million, appreciate We seems an on there of investors. if EBITDA, do the to at other pretty use would speaking it. or even earn-outs then to are the I $XXX about liability contingent market be exceed. still generally, value on I is. paid, you're the thing using in But and it -- mean where that, that, sheet, income. And it's if just we're I'm obviously, balance do like I to of sheet, this That's which including EBITDA. sure a earn-outs, million, I we're but track -- -- and value lightheartedness your not I fixed like $XX on I the

So at $X, sense. it seems to make

a with agree yield it, would going everyone I'd of move would wanted a type it more. needle think that's certainly to to And put that not I some think my better result. opinion. money preferred. be I a mean like the I into share And I just to with us is So but willing tender, you

Bohn Crain

opportunity. a in And have appreciate and is strongly consensus, tender. some favor, it's one or background, there're you're And likely it's -- buyback scale it beginning to than enthused putting work, But And we're broad-based in also really we and as begun that were describing, recently there certainly and yes, and it's we I have continue consensus to another capital as less certainly And undervalued. so to seriousness, recognize all sense, in an so. there's Potentially were expect -- are -- we recognize such, that. sense, we bipartisan about our quick people hit. at we we COVID -- as what our suggested tenders in a who a stock larger done active frustrating then stock do that we've and general and

of days think, of started Q. this to the we again, pause we of the only but the like, hit XX timing literally I had loans. got we because quarter, So ultimately, PPP then because And had

the to So But to financial we we'll the opportunities, any of that our making that see was could good terms technically preserving that allocators none the during other in effectively stock and all be might that were brand actionable market us promise be dry continue capital our we of we flexibility week. buying next allowed. to of powder for survive very window M&A in coming while good our hit excess aggressive making us partners head strategies for sure have anomalies on

David Kanen

context thank continued it XX Well the That's wish the was on I and you and I helpful thought days. success. only of buyback

Bohn Crain

Thank you.

Operator

Elliot Alper. question next is Your coming from

Unidentified Analyst

year? tight side I capacity, given real are have about in and And air their supply your over services. ocean guess the Maybe in and past several and you the you this shift on thinking the how chain differently? customers seen forwarding freight any behavior specifically months

Bohn Crain

now, is tight. now. Well, and everything firefight And right I a tight. just I'm capacity and traditionally right ocean air moves, is capacity internationally is talking were what mean easy

it's interrogate market landscape. having of norm Year. of kind Chinese interesting long shifted. literally and customers. find ago, to It wasn't conversation about our has kind by to revert certainly we're the and to perpetually So narrative this of capacity a around is box that beginning And box And benefit the the consistently to for talked New people an environment

into going sees everybody think into next deep I deep this year, 'XX. calendar

service there is Obviously, it's end tight. tight. that price to requirements. into But super remains and from the market of where will allow the and sight people away products remains kind looking are So airfreight points ocean, in of divert immediate line their capacity -- no

in that's all mandate fair drivers of segment amount the vaccine there's we on just to even supply drayage, So stress out. can of chain the dynamics a And potentially, plays that some how virtually seats not going and chassis, put go of new on down road, right is that further depending no the now. constraints right under

serve. really it challenges. its for But the that also customers So same that the opportunity creates time, we to creates us be at an to helpful

Unidentified Analyst

Yes, definitely.

are I to So biggest to slightly I they're Radiant? what guess, . and the platform, guess come new as on come that online coming differently, customers the reasons

Bohn Crain

more now, well, capacity than source So, anybody -- can I there's who capacity. freight right that's think --

source So can the if freight. capacity, attract can you you

partners source for I is tactical So need fundamental. real right? they a we're think to when answer So capacity able that's it, our

a kind dynamics. is we're warehousing play contractual business growing of as well. out market And opportunities, While long-term our Canada they're but only of technology to they'll them our the relationship that -- our to us continue the lay sure current some transactional our business the to of the foundation not stick visiting, make zinging to technique beyond and to and longer-term we of competency with teams, introduce of thinking for platform, seeing that try robustness business, of -- that kind our certainly and

doesn't which be unfortunately, So really but with again, hard to this an to and perpetuity, soon. is in sit the to proving recover, cruise it vertical anytime can't identify area the industry exception lines, of it's is last really zooming. last be probably mean, expect to we I absolute And here to else ending appear everything

Unidentified Analyst

quarter. the on Congrats

Bohn Crain

Thanks.

Operator

coming Jeff Your is next Kauffman. question from

Jeffrey Kauffman

all, Well, Partners. of congratulations. Research Vertical first

and that feel out Just So right the are terrific point showing But and that that those are will the I over-earning at it's feel you some prices normalize sustain margins, parts new Or know you number. net revenue this crazy like where there's normalize. threshold we're you forwarders up world do at these demand eventually, there in or do brokers the and of now, when Bohn, just going look time? at we sustains? where mean that's out right? environment, to the in

Bohn Crain

Well, I over going but think is everybody be. Radiant, I to is ours earning, think

Jeffrey Kauffman

is the guess probably I ocean would biggest one. you say

Bohn Crain

kind kind which of company. the ever charts, sure. Yes. history some ocean money are rates more into off the the container the in probably Yes, seen of for of lines than mean, making the their translated of has they've I

online, think I But but proving There's going market. it's that fundamental revert So don't to of to just going that unusual -- retrace more very for I to and We norm, would we just the the the to that it mean bring go. to tight. lanes truck it's to going of pre-COVID to these don't in market, a up, their manufacture to I take -- I another put But some would handful an chains the then environment, guys would cyclical is can't it's it's going think of old going advantage I to like away. first, trade it's back too a reset. go revert market trucker prices and a it's certainly to you time know levels. truck kind get norm. going norm. can't the to be it's in away -- back built take And and aren't would truck, think there's And the traditional think what extraordinarily but kind supply with. have a long I asset-based to this to driver and it to call it's to just capacities trends you There's to begin going of find a rates down environment don't take would if well, parts in wants too put overinvest

in of and rebalancing attack. levers traditional they So kind dynamics traditional demand are under themselves of terms about we that some supply of think kind the of

heading going any a So probably expected it's than this. into think of longer be to path us just lot I

Jeffrey Kauffman

we point, to So go to to when your normal? a it's different normal, be going back

Bohn Crain

Yes.

Jeffrey Kauffman

asked do of you new by asked days more are services, as kind being to these are that I of being ago? there a coming lines industries, what's business new things you new months to result things help of get customers on? XX me, ports. going What can't But past the that weren't you please are Outside

Bohn Crain

know, don't business and I wouldn't say line. I I mean but new diversified we've lines. very necessarily geography service

categories So in we've necessarily I type but it's there where whether new, board. the sciences definitely very say wouldn't FEMA across it's are type business or work, really done although the anything life testing well it's and

kind what logistics solutions, -- contract we it's and one robust bundling a themes of underlying our about or Some kind services of value-added we working. form that this -- whether of notion of before is that core underpinning underlying the lot house the takes talked all of that or of offering. of transportation of service probably big more theme those with the brokerage do is customs And technology

Jeffrey Kauffman

what to opportunistically. million heard January, X you you But would buy authorization? the so additional you'll can need I If to question. new Last shares year-end, expires after authorization do share you a right, at

Bohn Crain

of there. have easily relatively We and Yes, get out a straightforward kind it effectively but just make that's to communication, accomplished.

to real we to the other So need into expect to just new which authorization se we refresh do. hoops our fully year, there's no per than continue

Jeffrey Kauffman

Well Okay. quarter. fantastic congratulations,

Bohn Crain

Thanks, Jeff.

Operator

George is coming Melas. next Your question from

George Melas-Kyriazi

Where investment this continuously fairly an to of from Melas internal you sort different the make like company? business, of Management. internal focus warehouses. including to and your George I'm integration from across in corporate trying TMS the your to I'd priorities, like your MKH new putting a are the ask story, of your lines operational and USAP, on your question perspective things better Canada

Bohn Crain

of this but not about at investors growth. So welcome all a to organic of while In now. lot and well, growth, said, early the we fine Bohn". days, Radiant how for seeing some I'm first. a We've organic growth. been a the lot "Yes, did And acquisitive that's

So another had And over on, acquired. rebranded businesses we company focused ultimately we back Canada. years, as integrating the called acquired in we Radiant Wheels we've past one, several XXXX, public the that that

invest to So acquired make on creating then we we've organization. sure that up has spending making fruit, out were And resources been organic the well that until building as in as continuing been a growth to the were sales, story. very recently, incremental focused and time again, relatively cross-sell to field to things the really the opportunities field time sales again, drive team the to take across continued sure sales organic across being new integrated working growth. business. We vertical to And bear we

time, We time are implementation some again well, kind but has around and energy And COVID and -- coming fair when to of of going more we about were which amount good also think -- has on got taken gone of is acquisitive of our traction that. kind starting getting then hit. we've a SAP, which spending

opportunity balance Radiant business that kind the sheet. out that, million and building kind down context of that work into press we're and started $XX that continue own great trailing it's navigating delivered necessarily. just And effectively actively and our one of alongside basis, of a reemphasize. XX-month it now the more of historical we've it that in given that it's our fact the on trying shut got as of -- COVID. already trading. we M&A But our to just on on come were the delevered of But guess we put than EBITDA as release. buy pipeline will that's dwell to of backside rebuild again we've to I recognizing relevered a to opportunity we while engage have kind XXXX begin take in never the not where the we and kind the stock in All So I we We extraordinary and to

So sitting EBITDA the to a we're run million market. rate trading its on debt at balance here of discounts it, with with one than less sheet, business $XX dramatic turn call

George Melas-Kyriazi

in your you of agents, do you do of see kind And lift times? performance fair the sort terms abnormal all variation Or the see during a among of of amount tide boats? this that's

Bohn Crain

no. it and think portfolio kind much mean, yes as of effect. Well, I I I think a of very

So stations portfolio. individually, are But niche. in lot the aggregate, the a of they represent diverse a very

at stations, down, And some So -- point sad have type small large part in our agents we successful support we'll extraordinarily We've some very and agent any the got micro that time, within some some network. up, too. as stories, and in have some small, sizes, some of all come stories very and we portfolio. we they shapes

Operator

Your coming Michael Vermut. last question is from

Michael Vermut

good are questions Those you've had so far.

quarters, not look to last company for you applaud it's This for, really this it's saying you. you've to quarter, quarter, looking this up these was when I has the all, past the performed now. results, at expectations, been putting something I it X last of years, X right? is we've So XX been it first and -- X beyond

someone the earning And same And our gentleman stock looking years X what price. and a Xx, before that, here. math. did it different... he had at do offer I a EBITDA. rate would Xx nice little a like run the our on did hear basically closed we little where just about a that The they that the to me we're so ago, back, I preferred I we Xx that. math it's And And look is about -- offering at is have I

Bohn Crain

was X%. X% He's the Mike. from you, I for on looking

Michael Vermut

or I'm saying cash for and to anyway. think [indiscernible]. X%, like balance going my saying is a say I I'll I'm I offer company this guess X% was a a you like sheet but flow this,

even we the If Going I back stock. conversion, $XX so EBITDA buy free asked rate, million -- a much to that we're flow don't question, cash it. on back is $XX have there's funding million, $XX a million room think run it. to

-- buy here, trade question can the stock I right? how if to trading I company you -- $XX at think company, every is share, obviously, $X be the said XXx, EBITDA million million million stays could, at we're at we $XX think $XX would million the to you $XX single I X, balance when Xx. Xx, or that companies million, and a traded

normalizes go EBITDA. multiples, until obviously, long get at to and normalize. public normal they're ways It's to to everything the have So which deploy you we companies, at -- a the XXx is when you it to trading look can you XX

So just multiple, a guesses, XX $XX.

what -- little digress that bit. a I'm trying So to

a buying let's obviously, as makes those great Are that really back aggressively Or we're -- accretive, acquisition-wise are possible. be to here going there is that on it that So as really get our organic companies platform sense Or sense? valuation make in technology stock ton can both acquiring? and stock absurd have back have phenomenal normal growth, where of a to acquisition? we the our we just do first because it's and still and then a at buying look

Bohn Crain

C I your choice like Yes. in questions. multiple

continue well, and it's can those super we believe believe game-changing and incumbent So us to -- certainly that synergistic believe for our platform. types opportunities of to we that look us are for we be upon

we looking me, on at over lot and at believe I and deals. kiss you -- that we a So years. on pass that frogs how the can't of we've many tell passed deals looked

kind that our price going that we're work fit grow worthy us business. And scale put are to and fully as deploying the companies not the criteria and M&A the going there that stock continue All fitting there our of well. just that in do on will believe both, candidly, we're and capital to capital for to the business is we undervalued. are kind to the of looking helping of of out So because expect while the buybacks I continuing strategy kind and stop

mutually definitely not is being as that's way nature. I exclusive see So or strategies a binary in saying of do long these

Michael Vermut

Excellent.

I proponent levels. of we to am a at here, buyback. But Now an whatever stock assume buy could the you're accelerated if stays we these going should

the in balance our but I future tip a So a of portfolio. I any sectors that in have growth, look hand, don't with at screen to have the outlook name our valuation. want our my I I on our your name don't have or don't sheet,

a it's unique story. So

is we've sheet. price with balance at been a years, the earning Our stock as Xx same much and at X perfect we're

I So tender, can every a is buy but not to share that's objective, to -- absurd these do at we the everything levels. assume,

Bohn Crain

active buyback, be in our expectation. that's We will our stock

Michael Vermut

And it. thing. one then Love last

everyone of new there. a at of new phenomenal this at the done slowed So a things plateau, out Radiant customers, environment you've saying, what little is company, when a yes, down all is the bit. kind that is With regardless of

Our a How -- bit. that hear we and what types is have, the have margins gained it of the verticals. company customers -- enough love across to is verticals, I'd little improved we

So permanently changed the what over years? is what's two is, this happened last Radiant

Bohn Crain

I and the so. propose market, up that I'll to to terms invited of beginning think will, of we have continued. pre-COVID, that we Even or opportunities were if certainly scale call on move trend you in of and were to the types has business of new what opportunities size kind RFPs the

the universe international of and our a classic foreseeable kind continue future, we middle more there's kind a of kind but in that verticals verticals -- not lot within still stuff. the will of an organic on the we has already we're only gradiation. deal to on So in, for is market I of organized number do more within kind kind interesting very opportunity not side and opportunities shipper that's also I primary think view are but would of and to the well. of customer, a -- do have accelerate. expect that but some for us a being adjacent And huge as the our There's that that lot actively And there's can of we we'll that flow the think we're within

so optimistic And that there's where we mean are, And I a with. disagree things. thing we're said I we're of about trajectory that of our not kind you've really

of strategies me, do goes way cumulative continue the has of really function the of of we're and step stock ultimately, executing price But the historically, weight we're demonstrates EBITDA our strategy. and that will that but Well, kind TTM have we'll the when business we some to about kind execute say is going the plotted of of talk I then what long market Sometimes and kind model doing we'll conversation. the unlocking price stock our working. kind evidence value and million right our to in $XX a decide to along, we're

Michael Vermut

the has Look, phenomenal lowest lowest Excellent. when sector execution you $XX at through us us to opportunity. normalized multiple. puts you just our times. the And give off and And the it multiple you the been look my guys, to an that's gives north of in hats these

retiring unbelievable You but by these that at to we're permanently here, opportunity capital your this, shares. change the can look it's a all yes, it structure company unique really gives

So stock accretive to able in the to a thing level. buyer long at run, be your this such isn't an bad

So hats off the to up and you just guys keep work. great right.

Bohn Crain

Thanks, Mike. it. Appreciate

Operator

in are additional the time. queue questions at this no There

Bohn Crain

right. All

asset-based Radiant platform me the our and close that scalable very here built. non we Let by bullish we've that prospects saying at on remain

our our in same over and optimistic for our about for listening and serve. continue Radiant. we partners the of carrier the and further we will customers vision the With and pursuit of patiently infrastructure meaningful strategy of shareholders, deliver our our Thanks the marketplace, remain our believe, we balance which support Radiant economic back-office the for extensive consolidation partner support are of of opportunities time, service strength operating our and to network, At end that recovery certainly continued and persistent leverage present value scalable the to will sheet, multi-brand customers your Logistics. in to our time, technology scalability the we the diversity it offerings, that the

Operator

does and call. ladies conference today's This gentlemen. you, conclude Thank

this your phone at your wonderful a lines disconnect have time, and for you day. Thank participation. may You

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