Radiant Logistics Inc (RLGT) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Radiant Logistics' third quarter fiscal year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

您好，歡迎參加 Radiant Logistics 2025 財年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

This afternoon, Bohn Crain, Radiant Logistics' Founder and Chief Executive Officer; and Radiant's Chief Financial Officer, Todd Macomber, will provide a general business update and discuss financial results for the company's third fiscal quarter and nine months ended March 31, 2025.

今天下午，Radiant Logistics 創辦人兼執行長 Bohn Crain 和 Radiant 財務長 Todd Macomber 將提供一般業務更新並討論該公司截至 2025 年 3 月 31 日的第三財季和九個月的財務業績。

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 meanings of the Securities Act of 1933 and the Securities Exchange Act of 1934.

根據他們的評論，我們將開始提問。本次會議預計持續30分鐘。本次電話會議可能包含《1933 年證券法》及《1934 年證券交易法》所定義的前瞻性陳述。

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.

該公司根據其當前預期和對未來事件的預測做出這些前瞻性陳述。這些前瞻性陳述受到有關公司的已知和未知的風險、不確定性和假設的影響，這些風險、不確定性和假設可能導致公司的實際結果或成就與此類前瞻性陳述表達或暗示的結果或成就有重大差異。

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 in the past and may in the future be identified in the company's SEC filings and other public announcements that are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance.

雖然我們無法確定所有可能導致公司實際業績或成就與前瞻性陳述中所述產生重大差異的因素，但這些因素包括過去以及將來可能在公司向美國證券交易委員會提交的文件和其他公開聲明中確認的因素，這些文件和其他公開聲明可在Radiant網站www.radiantdelivers.com上查閱。此外，過往業績並不一定預示未來業績。

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

現在我想將電話轉給 Radiant 的創辦人兼執行長 Bohn Crain。先生，請您發言。

Thank you. Good afternoon, everyone, and thank you for joining in on today's call. With the benefit of our diverse service offering, we continue to deliver solid financial results and generated $9.4 million in adjusted EBITDA for our third fiscal quarter ended March 31, 2025, which is up $4.2 million and just over 80% relative to the comparable prior year period.

謝謝。大家下午好，感謝大家參加今天的電話會議。憑藉我們提供的多樣化服務，我們繼續取得穩健的財務業績，並在截至 2025 年 3 月 31 日的第三財季實現了 940 萬美元的調整後 EBITDA，與去年同期相比增長 420 萬美元，增幅略高於 80%。

The comparable year-over-year improvement in adjusted EBITDA was driven through a combination of improvements in our base business operations, along with contributions from our recent acquisitions. For the quarter ended March 31, our legacy US operations generated $1.5 million in incremental adjusted EBITDA, while our legacy Canadian operations generated $0.5 million in incremental adjusted EBITDA.

調整後 EBITDA 年成長率是由於我們基礎業務營運的改善以及我們最近的收購的貢獻。截至 3 月 31 日的季度，我們傳統的美國業務產生了 150 萬美元的增量調整後 EBITDA，而我們傳統的加拿大業務產生了 50 萬美元的增量調整後 EBITDA。

An additional $2 million in adjusted EBITDA for the quarter ended March is driven principally by our greenfield acquisitions of Seattle-based Cascade Transportation from June of 2024, Houston-based Foundation Logistics & Services from our September '24 acquisition, St. Louis-based TCB Transportation from our December 2024 acquisition and Los Angeles-based Transcon Shipping from our March '25 acquisition, along with the conversion of our strategic operating partner, Miami-based Select Logistics in February of 2024.

截至 3 月的季度，調整後 EBITDA 增加了 200 萬美元，這主要得益於我們從 2024 年 6 月開始對位於西雅圖的 Cascade Transportation 進行綠地收購、從 2024 年 9 月收購位於休斯頓的 Foundation Logistics & Services、從 2024 年 12 月收購位於休士頓的 TCB 2024 年 12 月的 2024 年 12 月 2024 年 12 月的洛杉磯Shipping，以及我們策略營運夥伴、位於邁阿密的 Select Logistics 於 2024 年 2 月的轉型。

Notwithstanding these strong results for the quarter ended March 31, we are expecting some near-term volatility in our results tied to the ebb and flow of the ongoing US negotiations around trade and tariffs and estimate that approximately 25% to 30% of our gross margins for the March quarter would have been impacted by the recently announced tariffs.

儘管截至 3 月 31 日的季度業績強勁，但我們預計業績短期內將出現一些波動，這與美國正在進行的貿易和關稅談判的起伏有關，並估計 3 月季度約有 25% 至 30% 的毛利率將受到最近宣布的關稅的影響。

With that said, we also expect that any near-term slowdown will likely result in a corresponding bullwhip effect, with a surge in global trade as these tariff disputes are brought to rest and are encouraged by the deescalation of US and China trade tensions that have occurred over the weekend.

話雖如此，我們也預計，任何短期經濟放緩都可能導致相應的牛鞭效應，隨著這些關稅爭端得到平息，以及週末美國和中國貿易緊張局勢的緩和，全球貿易將出現激增。

In any event, we intend to remain nimble in our response to tariff announcements by the US administration and continue to support our customers in navigating these quickly evolving markets and executing thoughtful supply chain strategies to provide our customers with competitive advantage.

無論如何，我們打算靈活應對美國政府的關稅公告，並繼續支持我們的客戶應對這些快速發展的市場，並執行周到的供應鏈策略，為我們的客戶提供競爭優勢。

As previously discussed, we believe we are well positioned with a durable business model, diverse service offering and strong balance sheet to navigate through a slower freight market. We continue to enjoy a strong balance sheet with approximately $19 million of cash on hand as of March 31, and only $15 million drawn on our $200 million credit facility.

如同先前所討論的，我們相信，憑藉持久的商業模式、多樣化的服務以及強勁的資產負債表，我們有能力應對貨運市場放緩的局面。我們的資產負債表持續保持強勁，截至 3 月 31 日，我們的現金約為 1,900 萬美元，而從我們的 2 億美元信貸額度中僅提取了 1,500 萬美元。

At the same time, we remain focused on the long term, staying true to our strategy to deliver profitable growth through a combination of organic and acquisition initiatives, while thoughtfully relevering our balance sheet through a combination of strategic operating partner conversions, synergistic tuck-in acquisitions and stock buybacks.

同時，我們仍然著眼於長遠發展，堅持我們的策略，透過有機成長和收購舉措相結合的方式實現獲利成長，同時透過策略營運夥伴轉換、協同收購和股票回購相結合的方式，精心調整我們的資產負債表。

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. We made good progress in this regard over this last quarter with the acquisition of California-based Transcon Shipping, the conversion of our Pennsylvania-based strategic operating partner, USA Logistics and USA Carriers, which is being combined with our existing Radiant operations in Philadelphia, and the conversion of our Texas-based strategic operating partner, Universal Logistics, which is being combined with our existing Radiant operation in Houston.

透過這種方式，我們相信，隨著時間的推移，我們將繼續為我們的股東、營運合作夥伴和我們服務的最終客戶提供有意義的價值。上個季度，我們在這方面取得了良好進展，收購了位於加利福尼亞州的 Transcon Shipping，轉換了位於賓夕法尼亞州的戰略運營合作夥伴 USA Logistics 和 USA Carriers，並將其與我們在費城的現有 Radiant 業務合併，以及轉換了位於德克薩斯州的戰略運營合作夥伴 Universal Logistics，並將其與我們在休斯頓的現有 Radiant 業務合併。

We believe these three transactions are representative of our broader pipeline of opportunities, which includes both greenfield acquisitions, companies not currently part of our network as well as acquisition opportunities inherent in our agent-based network where we can support our current operating partners and their exit strategies. With that, I'll now turn it over to Todd Macomber, our CFO, to walk us through our detailed financial results, and then we'll open it up for some Q&A.

我們相信這三筆交易代表了我們更廣泛的機會，其中包括綠地收購、目前不屬於我們網路的公司以及我們基於代理商的網路中固有的收購機會，我們可以支援我們現有的營運合作夥伴及其退出策略。現在，我將把時間交給我們的財務長 Todd Macomber，讓他向我們介紹詳細的財務結果，然後我們將進行一些問答。

Thanks, Bohn, and good afternoon, everyone. Today, we will be discussing our financial results, including adjusted net income and adjusted EBITDA for the three and nine months ended March 31, 2025. For the three months ended March 31, 2025, we reported net income attributable to Radiant Logistics of $2.541 million on $214 million of revenues or $0.05 per basic and fully diluted share. For the three months ended March 31, 2024, we reported a net loss attributable to Radiant Logistics of $703,000 on $184.6 million of revenue or $0.02 per basic and fully diluted share. This represents an improvement of approximately $3.244 million of net income over the comparable prior year period.

謝謝，Bohn，大家下午好。今天，我們將討論我們的財務業績，包括截至 2025 年 3 月 31 日的三個月和九個月的調整後淨收入和調整後 EBITDA。截至 2025 年 3 月 31 日的三個月，我們報告稱，Radiant Logistics 的淨收入為 254.1 萬美元，營收為 2.14 億美元，或每股基本收益和完全稀釋收益 0.05 美元。截至 2024 年 3 月 31 日的三個月，我們報告稱，Radiant Logistics 的淨虧損為 703,000 美元，營收為 1.846 億美元，或每股基本和完全稀釋後的虧損為 0.02 美元。這意味著淨收入比去年同期增加了約 324.4 萬美元。

For adjusted net income, we reported $6.881 million for the three months ended March 31, 2025, compared to adjusted net income of $3.586 million for the three months ended March 31, 2024. This represents an increase of approximately $3.295 million or approximately 91.9%. For adjusted EBITDA, we reported $9.398 million for the three months ended March 31, 2025, compared to adjusted EBITDA of $5.208 million for the three months ended March 31, 2024. This represents an increase of approximately $4.190 million or approximately 80.5%. Moving along to the nine month results. For the nine months ended March 31, 2025, we reported net income attributable to Radiant Logistics of $12.384 million on $682.1 million of revenues or $0.26 per basic and $0.25 per fully diluted share.

就調整後淨收入而言，我們報告截至 2025 年 3 月 31 日的三個月的調整後淨收入為 688.1 萬美元，而截至 2024 年 3 月 31 日的三個月的調整後淨收入為 358.6 萬美元。這意味著增加了約 329.5 萬美元，約 91.9%。就調整後的 EBITDA 而言，我們報告截至 2025 年 3 月 31 日的三個月的調整後 EBITDA 為 939.8 萬美元，而截至 2024 年 3 月 31 日的三個月的調整後 EBITDA 為 520.8 萬美元。這意味著增加了約 419 萬美元，約 80.5%。接下來看看九個月的結果。截至 2025 年 3 月 31 日的九個月，我們報告稱，Radiant Logistics 的淨收入為 1,238.4 萬美元，營收為 6.821 億美元，即基本每股收益 0.26 美元，完全稀釋每股收益 0.25 美元。

For the nine months ended March 31, 2024, we reported net income attributable to Radiant Logistics of $2.904 million on $596.4 million of revenues or $0.06 per basic and fully diluted share. This represents an increase of approximately $9.480 million over the comparable prior year period or 326.4%. For adjusted net income, we reported $25.459 million for the nine months ended March 31, 2025, compared to adjusted net income of $15.632 million for the nine months ended March 31, 2024.

截至 2024 年 3 月 31 日的九個月，我們報告稱，Radiant Logistics 的淨收入為 290.4 萬美元，營收為 5.964 億美元，或每股基本收益和完全稀釋收益 0.06 美元。這比去年同期增加了約 948 萬美元，增幅為 326.4%。就調整後淨收入而言，我們報告截至 2025 年 3 月 31 日的九個月的調整後淨收入為 2545.9 萬美元，而截至 2024 年 3 月 31 日的九個月的調整後淨收入為 1563.2 萬美元。

This represents an increase of approximately $9.827 million or approximately 62.9%. For adjusted EBITDA, we reported $30.866 million for the nine months ended March 31, 2025, compared to adjusted EBITDA of $22.083 million for the nine months ended March 31, 2024. This represents an increase of approximately $8.783 million or approximately 39.8%.

這意味著增加了約 982.7 萬美元，約 62.9%。就調整後的 EBITDA 而言，我們報告截至 2025 年 3 月 31 日的九個月的調整後 EBITDA 為 3086.6 萬美元，而截至 2024 年 3 月 31 日的九個月的調整後 EBITDA 為 2208.3 萬美元。這意味著增加了約 878.3 萬美元，約 39.8%。

With that, I will turn the call over to our moderator to facilitate any Q&A from our callers.

這樣，我將把電話轉給我們的主持人，以方便來電者進行任何問答。

(Operator Instructions) Elliot Alper, Cowen.

（操作員指示）Elliot Alper，Cowen。

This is Elliot on for Jason Seidl. Could you elaborate more on what drove the outperformance of the base business this quarter? And kind of given your commentary on the bullwhip effect, could you talk about maybe kind of the puts and takes into the June quarter?

這是艾略特 (Elliot) 替補傑森·塞德爾 (Jason Seidl) 上場。您能否詳細說明本季基礎業務表現優異的因素是什麼？鑑於您對牛鞭效應的評論，您能否談談 6 月份季度的收益和利弊？

It's certainly a little early into the June quarter to have a lot of -- to be able to get at that with any granularity. We certainly saw some kind of slowing or beginning to see some slowing in some of the international trade volumes in response to all the trade tensions that are going on and -- but we'll see kind of how long that lasts in the scheme of things. And kind of early indications for April were that kind of the -- candidly, the business was doing better than I was expecting it to or kind of we're not being as heavily impacted as I thought we might be, but it's certainly kind of early in the process, and it seems like every day, things are shifting around.

現在進入六月季度還為時過早，我們還無法獲得太多細節。由於正在發生的所有貿易緊張局勢，我們確實看到一些國際貿易量出現某種程度的放緩或開始放緩——但我們將拭目以待這種情況會持續多久。四月份的早期跡象表明——坦白說，業務表現比我預期的要好，或者說我們受到的影響沒有我想像的那麼嚴重，但這肯定還處於早期階段，而且似乎每天情況都在發生變化。

So it's quite fluid right now. And while we certainly have a fair amount of our business involved in the support of global trade, it also -- these challenges create opportunities, kind of one of our taglines is never waste a good chaos here or don't let the chaos go to waste in terms of the opportunities that it's creating for us to support our partners in navigating kind of the current environment. So we would expect whatever near-term impacts that we will experience, we're pretty optimistic that over time, we will kind of more than offset that through the following surge that's sure to come as folks begin to reset their supply chains.

所以現在情況相當不穩定。雖然我們的相當一部分業務確實涉及支持全球貿易，但這些挑戰也創造了機遇，我們的口號之一就是永遠不要浪費好的混亂，或者不要讓混亂白白浪費它為我們創造的機會，以支持我們的合作夥伴應對當前的環境。因此，我們預計，無論我們將經歷什麼樣的短期影響，我們都非常樂觀地認為，隨著時間的推移，隨著人們開始重置供應鏈，我們肯定會透過接下來的激增來抵消這些影響。

At the same time, as I think you're familiar, we do have a fairly good-sized presence in Canada and Mexico, and they -- and kind of those markets have been kind of quasi-beneficiaries of some of these trade dynamics as shippers are kind of working to kind of navigate within the constraints of these -- what hope to be -- are proving to be interim tariffs. So while there's a lot of uncertainty, I think at the end of the day, we're going to be better than okay, I think. But having said that, the quarter ended June should be soft. I would expect it to be soft.

同時，我想您很熟悉，我們在加拿大和墨西哥確實有相當大的業務，這些市場在某種程度上是這些貿易動態的準受益者，因為托運人正在努力在這些希望成為臨時關稅的限制範圍內航行。因此，儘管存在許多不確定性，但我認為最終情況會比還好更好。但話雖如此，六月當季業績應該會比較疲軟。我希望它是柔軟的。

Yes. And then maybe just looking back at the March quarter, I mean, came above kind of where we were coming out for the estimates. So I guess anything to call out there? Was it broad-based strength or any pockets of outperformance you saw?

是的。然後也許只是回顧一下三月的季度，我的意思是，它已經超出了我們給出的估計值。所以我想問一下有什麼需要注意的嗎？您看到的是整體實力增強還是個別表現優異？

Todd's got some of the details there that he's looking at.

托德正在查看那裡的一些細節。

Yes. I mean it's just -- yes, I mean Canada performed better than I anticipated, I'll put it that way. And we have had -- I mean, some of the files were down on account like for the international, but the margin characteristics were -- per file were up. So it was really broad-based. And then factoring in the acquisitions that we ended up getting done also helped contribute to the overall increase in the quarter.

是的。我的意思是——是的，我的意思是加拿大的表現比我預期的要好，我會這麼說。我們已經——我的意思是，有些文件在帳戶上被關閉了，例如國際文件，但每個文件的利潤特徵卻上升了。所以它確實是廣泛的。然後考慮到我們最終完成的收購也有助於本季的整體成長。

Makes sense. And then you've historically had some good insights into bookings out of Asia. Just given all the tariff news, I mean, curious about any trends you've seen evolve through April and maybe how you're expecting shippers to react and anything out of Asia bookings you're seeing just in the last few days would be helpful.

有道理。然後，您從歷史上對亞洲以外的預訂情況有一些很好的見解。鑑於所有的關稅新聞，我的意思是，我很好奇您在四月份看到的任何趨勢，也許您預計托運人會如何反應，以及您在過去幾天看到的亞洲訂購情況，這都會有所幫助。

Well, we all woke up to the same news you did this morning, right? So I think it's a little early to start calling it out, but -- in terms of how folks will ultimately respond. But basically, ocean imports ex China had come to a virtual standstill most recently. But again, I think it's going to be very short-lived. But time will tell, right? But there had been so much kind of movement in terms of trying to find alternative sources or diverting manufacturing sites to Southeast Asia or otherwise where this -- certain things have been set in motion that will have to run its course. So I think it will -- there's been some level of kind of damage done that will have to kind of run its course.

好吧，我們早上醒來都看到了和你一樣的消息，對吧？所以我認為現在開始說這個還為時過早，但是——就人們最終會如何反應而言。但基本上，最近中國以外的海運進口幾乎陷入停滯。但我再次認為，這種情況不會持續太久。但時間會證明一切，對吧？但在嘗試尋找替代來源或將生產基地轉移到東南亞或其他地方方面，已經採取了許多行動——某些事情已經開始，必須順其自然。所以我認為它會——已經造成了一定程度的損害，必須自行解決。

And then we'll see kind of how quickly things kind of revert back to some semblance of normal. I'm sure you're aware, a number of the steamship lines have blank sailings, and they repositioned ships kind of in anticipation of the slower volumes. So it's a little bit of a firefight out there. I guess another call out that I would make to just give a little bit more color is that before some of our most recent transactions, the majority of our international business was -- actually comes to us through our agency stations. And so this -- we'll be less affected on a net basis than you might otherwise expect because our historical kind of trailing 12-month international numbers, much of that comes through our international agent locations.

然後我們就會看到事情如何迅速地恢復到正常狀態。我相信您已經知道，許多輪船航線都取消了航行，他們重新定位了船隻，以應對貨運量下降的情況。所以外面有點像是發生了交火。我想我要強調的是，在我們最近的一些交易之前，我們的大部分國際業務實際上是透過我們的代理站進行的。因此 — — 我們受到的淨影響將比您預期的要小，因為我們過去 12 個月的國際數據大部分來自我們的國際代理處。

With that said, our most recent acquisition of Transcon, in particular, is focused heavily on ocean imports and out of Asia and kind of the transpacific trade. So we're particularly interested to see how things progress in and around trade and tariffs and what kind of happened over the weekend, which -- I came in early this morning and tweaked the press release a little bit kind of in connection with kind of this very recent news, which we view all as positive and hopefully constructive to kind of getting things moving forward again.

話雖如此，我們最近對 Transcon 的收購主要集中在海運進口以及亞洲和跨太平洋貿易。因此，我們特別感興趣的是看看貿易和關稅方面的情況如何進展，以及週末發生了什麼，我今天早上很早就來到這裡，並根據最近的新聞對新聞稿做了一些修改，我們認為這些新聞都是積極的，希望對事情再次向前發展具有建設性。

(Operator Instructions) Jeff Kauffman, Vertical Research Partners.

（操作員指示） Jeff Kauffman，Vertical Research Partners。

Congratulations, guys. Challenging quarter, solid results. A couple of questions. I guess the first one, I just want to understand what you're saying. When you say gross margin was affected 25% to 30%, is that implying that the AGP of $58 million could have been $70 million or $80 million? Or is that more talking about the percentage of 27% could have been 30% or 31%. What exactly did you mean when you said AGP 25% to 30% was affected?

恭喜你們，夥伴們。充滿挑戰的季度，穩健的業績。有幾個問題。我想是第一個，我只是想了解你在說什麼。當您說毛利率受到 25% 到 30% 的影響時，這是否意味著 5800 萬美元的 AGP 可能是 7000 萬美元或 8000 萬美元？或者更多的是談論 27% 的百分比可能是 30% 或 31%。您說的 AGP 25% 到 30% 受到影響到底是什麼意思？

No, I was saying 25% to 30% of our gross margin is associated with international trade.

不，我是說我們的毛利率的 25% 到 30% 與國際貿易有關。

Okay. So not necessarily that the number could have been 25% or 30% higher, it's just that's how much of your freight was -- okay, touched by it. Okay.

好的。因此，這個數字不一定高出 25% 或 30%，只是你的貨物有多少受到了影響。好的。

Yes. And what was part of how you should also interpret that -- or you shouldn't necessarily interpret that as necessarily exposure to the downside, right? That 25% to 30% of our business is an opportunity to engage on a real-time basis with our customers to try to kind of help them through the situation because we have -- there certainly are aspects of this. So Jeff, as you might remember, we have a customs brokerage capability and a fairly robust PO management collaboration platform called GTM that came to us through the Navegate transaction.

是的。您還應該如何解讀這一點——或者您不應該將其解讀為必然面臨不利因素，對嗎？我們業務的 25% 到 30% 是一個與客戶進行即時互動的機會，試圖幫助他們度過難關，因為我們確實有這方面的工作。傑夫，你可能還記得，我們​​擁有報關能力和一個相當強大的採購訂單管理協作平台，名為 GTM，它是透過 Navegate 交易獲得的。

And that team has just been extraordinarily busy on a consultative basis, trying to help customers kind of figure out whether to zig or zag in the context of the information that keeps flowing. And one of the things we probably didn't focus on enough as I'm thinking about it is the removal of the kind of $800 de minimis. Historically, we really weren't active or didn't have much, if any, exposure to that parcel level direct-to-consumer e-commerce play at all.

團隊一直忙於提供諮詢服務，試圖幫助客戶在不斷流動的資訊中確定是否應該採取直線前進或曲折前進的策略。我認為我們可能沒有足夠關注的事情之一就是取消 800 美元的最低限額。從歷史上看，我們確實不太活躍，或者根本沒有接觸過包裹級直接面向消費者的電子商務業務。

Well, those businesses are getting crushed by that kind of change in the rule and going to, I think, ultimately kind of create more opportunities for us and companies like us because there's a lot of freight that's been moving by kind of international parcel type carriers that are not well positioned to support these trade flows outside of that de minimis relief. And so I think there's going to be kind of incremental opportunity for us around that particular change.

嗯，這些企業正受到這種規則變化的打擊，但我認為，這最終會為我們和像我們這樣的公司創造更多的機會，因為很多貨物都是通過國際包裹類型的承運商運輸的，而這些承運商在最低限度減免之外，無法很好地支持這些貿易流動。因此我認為圍繞著這種特定變化，我們將獲得某種漸進的機會。

So Bohn, I have a big picture question here. I know it's only been a day since we heard about the thought in US, China here. But having said that, there's some things that still are going to be impacted by this even on the reduced level. So I'm just kind of curious in your mind, this isn't really a green light on everything. What do you think is still kind of frozen or stuck in the mud? And what kinds of business for your customers gets kind of unflawed by this change?

所以 Bohn，我這裡有一個大問題。我知道我們在美國和中國聽到這個想法才一天。但話雖如此，即使在減少的程度上，有些事情仍然會受到影響。所以我只是有點好奇，在你心裡，這並不是對所有事情都開綠燈。您認為什麼東西仍然處於凍結狀態或卡在泥裡？那麼，您的客戶的哪些業務會因這項變更而不受損害呢？

I don't know. That's a good question. Before kind of the tariff discussion revealed itself, there was already a move afoot for people to continue to look critically at their supply chains and look to further diversify their sourcing strategies, ultimately, not -- certainly not abandoning China but diversifying to Southeast Asia and India and Mexico or other locations. And I just don't think that -- I think this kind of volatility is just going to reinforce the continued pursuit of those strategies.

我不知道。這是個好問題。在關稅討論浮出水面之前，人們已經開始認真審視自己的供應鏈，並尋求進一步實現採購策略多樣化，最終當然不會放棄中國，而是轉向東南亞、印度、墨西哥或其他地區。我只是不認為──我認為這種波動只會強化對這些策略的持續追求。

So I think the kind of whatever metaphor you want to use, the genie is out of the bottle, or the conversation has already been started. I don't think you can kind of put the bullet back into the gun to continue to mix metaphors. So I think this is -- we're just kind of continuing along the journey.

所以我認為無論你想使用什麼比喻，精靈已經從瓶子裡出來了，或者對話已經開始了。我認為你不能把子彈放回槍裡繼續混合隱喻。所以我認為這只是——我們只是在繼續這段旅程。

But honestly, I take even kind of a broader point of view personally, which is which of these strategies are going to survive the Trump administration because I expect that I and Radiant is going to be here long after Trump's gone. And I just don't -- I fail to see how some of this stuff is really going to be durable. So we're trying not to be too affected.

但老實說，我個人甚至會從更廣泛的角度考慮這些策略中的哪些將在川普政府任期內繼續存在，因為我預計在川普離任後，我和 Radiant 還會繼續留在這裡。我只是不明白——我看不出這些東西怎麼會真正耐用。所以我們盡量不受到太大的影響。

I mean obviously, we're all affected on the near term, but we're really trying to stay the course in terms of our fundamental strategies and not be swayed, if you will, by what ultimately are going to be kind of short-term phenomenon. So you'll see we've continued to be kind of aggressive in our M&A activity. So we're still kind of executing the same strategies, notwithstanding kind of the noise of tariffs.

我的意思是，顯然我們都會在短期內受到影響，但我們確實在努力堅持我們的基本策略，並且不會被最終的短期現象所左右。因此，您會看到我們在併購活動中一直保持積極態度。因此，儘管存在關稅方面的噪音，我們仍在執行相同的策略。

And then along those lines, currency has moved a lot in the last 90 or 100 days. How do you think the battlefield of the road map, whichever metaphor you want to roll with here, changes as a result of the changes in the currency flows?

按照這樣的思路，貨幣在過去 90 到 100 天內發生了很大的波動。您認為路線圖的戰場（無論您想用哪個比喻）會隨著貨幣流動的變化而發生怎樣的變化？

I don't know. That one -- I'll leave that to the economists. What I would tell you is we have a little exposure to the Canadian dollar based on what's happening based upon our business up there. Outside of that, most of our business is conducted in US dollars. Now that's not to say -- so I can't sit here today and tell you what the landed cost of a particular widget, the sensitivity of the landed cost of a widget based upon the exchange rate relative to the pound, that's -- we would have to have several bottles of wine to answer that question.

我不知道。這個問題——我將把它留給經濟學家來解決。我想告訴你的是，根據我們在那裡的業務情況，我們對加元有一點敞口。除此之外，我們的大部分業務都是以美元進行的。現在這並不是說——所以我今天不能坐在這裡告訴你們某個特定小部件的到岸成本是多少，某個小部件的到岸成本對相對於英鎊的匯率的敏感度是多少，那是——我們必須喝幾瓶酒才能回答這個問題。

Okay. Well, I can't get your wine right now, but let me throw just one last one in. You did mention kind of a mucky fourth fiscal quarter here and maybe a bullwhip sometime in the next fiscal year. But I think going into the release today, consensus was thinking that fourth quarter is normally a pretty strong quarter for you fundamentally. Maybe it will be your second best quarter this year. Do you still feel that the fourth quarter might be the second best quarter this year? Or would you kind of put the caveat that there's just so much we don't know, we can't still be thinking along those lines?

好的。好吧，我現在不能給你拿酒，但請允許我再給你最後一瓶。您確實提到了第四財季的情況比較糟糕，而且下一個財年可能還會有牛鞭效應。但我認為，從今天的發布來看，大家一致認為第四季度對你來說通常是一個非常強勁的季度。也許這將是您今年第二好的季度。您是否仍認為第四季可能是今年表現第二好的季度？或者你會提出這樣的警告：我們不知道的事情太多了，我們不能再按照那樣的思路思考了？

Yes. I think traditional sensitivity or traditional seasonality is kind of out the window right now. We still don't have great visibility to how quickly things are going to change or how people are going to react to this news or how durable this news is or what tomorrow's tweet might be. So I would say, at least for me, I'm expecting softness in the June quarter. And so I would not -- so I guess to answer your question more precisely, I would not expect it to be our -- June to be our second strongest quarter, if I had to. But.

是的。我認為傳統的敏感性或傳統的季節性現在已經不存在了。我們仍然不能很好地預見到事情會以多快的速度發生變化，或者人們會如何反應這個消息，或者這個消息的持久性，或者明天的推文會是什麼。因此我想說，至少對我來說，我預計 6 月季度會出現疲軟。所以我不會——所以我想更準確地回答你的問題，如果必須的話，我不會期望六月成為我們第二強勁的季度。但。

Your feeling is that, yes, what you might lose in the June quarter, at some point, you recapture in fiscal '26?

您的感覺是，是的，您在六月季度可能損失的部分，在某個時候，您會在 26 財年重新獲得嗎？

Right. That's what we think.

正確的。我們就是這麼想的。

As we have no further questions on the line at this time, I would like to hand the call back over to Mr. Crain for any closing remarks.

由於我們目前沒有其他問題，我想將電話交還給克雷恩先生，讓他做最後發言。

Thank you. Let me close by saying that we remain optimistic about our prospects and opportunities to continue to leverage our best-in-class technology, robust North American footprint and extensive global network of service partners to continue to build on the great platform we've created here at Radiant. At the same time, we intend to thoughtfully relever our balance sheet through a combination of agent station conversions, strategic tuck-in acquisitions and stock buybacks. Through our multipronged approach, we believe we will continue to create meaningful value for our shareholders, operating partners and the end customers that we serve. Thanks for listening and your support of Radiant Logistics.

謝謝。最後，我想說，我們對我們的前景和機會仍然持樂觀態度，我們將繼續利用我們一流的技術、強大的北美業務足跡和廣泛的全球服務合作夥伴網絡，繼續在我們在 Radiant 創建的偉大平台上繼續發展。同時，我們打算透過代理站轉換、策略性收購和股票回購等方式，慎重調整我們的資產負債表。透過多管齊下的方法，我們相信我們將繼續為我們的股東、營運合作夥伴和我們服務的最終客戶創造有意義的價值。感謝您的聆聽以及對 Radiant Logistics 的支持。

Thank you. Ladies and gentlemen, this concludes today's call. You may disconnect your lines at this time, and we thank you for your participation.

謝謝。女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路，感謝您的參與。