Radiant Logistics Inc (RLGT) 2026 Q3 法說會逐字稿

Greetings. Welcome to the financial discussion for third fiscal quarter ended March 31, 2026. (Operator Instructions) Please note this conference is being recorded.

各位好。歡迎參加截至2026年3月31日止第三財政季度的財務討論會。(接線員指示) 請注意，本次電話會議將被錄音。

This afternoon, Bohn Crain, Radiant Logistics Founder and CEO; 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 ended March 31, 2026. Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes.

今天下午，Radiant Logistics 創辦人兼執行長 Bohn Crain，以及 Radiant 財務長 Todd Macomber，將提供整體業務更新並討論公司截至2026年3月31日止第三財政季度的財務結果。在他們的發言之後，我們將開放提問。本次電話會議預計為30分鐘。

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 faced these forward-looking statements on its current expectations and projections about future events.

本次電話會議可能包含《1933年證券法》及《1934年證券交易法》所定義之範圍內的前瞻性陳述。公司係基於其對未來事件的當前預期與預測提出這些前瞻性陳述。

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.

這些前瞻性陳述受限於與公司相關的已知與未知風險、不確定性及假設，可能導致公司實際結果或成就與該等前瞻性陳述所明示或暗示者存在重大差異。

While it is impossible to identify all the factors that may cause the company's actual results or achievements to differ materially from these set forth in our forward-looking statements, such factors include those that have in the past and may in the future be identified in the company's SEC filings and other public announcements, which are available on the Radiant website at www.radiantdelivers.com. In addition, past results are not necessarily an indication of future performance.

雖然不可能辨識所有可能導致公司實際結果或成就與我們前瞻性陳述所載內容出現重大差異的因素，但此類因素包括過去曾在、且未來可能在公司向美國證券交易委員會（SEC）提交之文件及其他公開公告中被識別者；相關資料可於 Radiant 網站 www.radiantdelivers.com 查閱。此外，過去的結果不一定代表未來的表現。

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

現在，我想把電話交給 Radiant 的創辦人兼執行長 Bohn Crain。

Thank you. Good afternoon, everyone, and thank you for joining in on today's call. We are pleased to report another quarter of solid financial results, delivering $7.8 million in adjusted EBITDA for our third fiscal quarter ended March 31, 2026, in what is our seasonally slowest quarter of the year.

謝謝。各位下午好，感謝各位參加今天的電話會議。我們很高興報告本季再次取得穩健的財務成果；在截至2026年3月31日止第三財政季度（亦為一年中季節性最淡的季度），我們實現了7.8百萬美元的調整後 EBITDA。

The global logistics landscape during the March quarter was marked by sharply divergent dynamics across domestic and international markets, each presenting its own distinct set of challenges and opportunities. And we believe the resilience of our results reflects both the diversity of our service offering and the quality of our network.

在3月季度期間，全球物流格局在國內與國際市場呈現明顯分歧的動態，各自帶來不同的挑戰與機會。我們相信，我們業績的韌性反映了我們服務組合的多元性以及我們網路的品質。

On the domestic side, we are seeing encouraging signs of a supply-driven recovery in North American truckload and intermodal markets, where capacity has been steadily exiting the industry through a combination of carrier attrition, tightening driver availability, and the structural normalization of a fleet that expanded aggressively in prior years.

在國內市場方面，我們看到北美整車（truckload）與多式聯運（intermodal）市場出現令人鼓舞的、由供給端驅動的復甦跡象；產能正透過承運商退出、可用駕駛人力趨緊，以及過去幾年激進擴張後車隊結構性回歸常態等多重因素，持續退出該產業。

With spot rates, tender rejections, and other key cycle indicators moving meaningfully higher, and driver headcount at multi-year lows, the domestic freight market appears to be approaching a genuine inflection point. While these market trends are not fully reflected in our results for the March quarter, we view these developments as constructive for our business going forward, as these improving market conditions should translate into better opportunities for our domestic operations.

隨著即期運價、招標拒收率（tender rejections）及其他關鍵景氣循環指標顯著走高，且駕駛人數降至多年低點，國內貨運市場似乎正接近真正的拐點。雖然這些市場趨勢尚未在我們3月季度的業績中充分反映，但我們認為這些發展對未來業務具有建設性，因為改善的市場條件應可為我們的國內營運帶來更好的機會。

The international picture has been considerably more challenging and, in some respects, unprecedented in its complexity. Global trade flows have been under sustained pressure from two distinct but compounding forces.

國際市場的情況則顯著更具挑戰性，且在某些方面，其複雜程度前所未見。全球貿易流量一直承受來自兩股不同但相互疊加力量的持續壓力。

The first is the ongoing transformation of the global tariff landscape. US trade policy has fundamentally redrawn the economics of cross-border commerce, with the universal 10% import surcharge currently in effect, covering more than $1 trillion in goods, country-specific tariff investigations underway targeting dozens of trading partners for industrial overcapacity and labor practices, and critical policy decisions on permanent tariff structures expected before July.

第一股力量是全球關稅格局的持續轉變。美國貿易政策從根本上重塑了跨境商業的經濟性：目前普遍適用的10%進口附加費已生效，涵蓋超過1兆美元的商品；針對數十個貿易夥伴、以產業產能過剩與勞動作法為由的國別關稅調查正在進行中；而關於永久性關稅架構的關鍵政策決策預計將在7月前出爐。

The resulting uncertainty has materially altered sourcing strategies, disrupted established trade lanes, most visibly the China to US corridor, which has been one of the most consequential freight arteries in the global economy, and prompted widespread supply chain restructuring as importers and manufacturers are accelerating nearshoring and diversification initiatives.

由此產生的不確定性已實質改變採購策略、擾亂既有貿易航線；其中最明顯的是中國至美國走廊——這一直是全球經濟中最具關鍵性的貨運動脈之一——並促使供應鏈廣泛重組，因進口商與製造商正加速推動近岸外包（nearshoring）與多元化布局。

For international freight forwarders, this environment creates both headwinds and opportunity. Near-term volumes on effective lanes have softened, but the complexity of navigating new trade routes, custom regimes, and compliance requirements increases the premium on experienced technology-enabled partners who can guide customers through the transition.

對國際貨運承攬業者而言，這樣的環境同時帶來逆風與機會。短期內，有效航線的貨量已趨於疲弱，但在新貿易路徑、海關制度與合規要求下進行導航的複雜度提高，使得具備經驗且以科技賦能的合作夥伴更具價值，能協助客戶度過轉型期。

The second force is the physical disruption to global shipping routes stemming from the conflict in the Middle East. The effective closure of the Straits of Hormuz, following strikes on Iran in late February, the world's single most critical maritime checkpoint that was significant share of global energy and container trade flows, combined with the ongoing Houthi activity, which has kept the Suez Canal close to major carriers, has fundamentally rerouted global ocean freight, extended transit times materially, driven fuel costs sharply higher and triggered a significant surge in airfreight demand as time-sensitive shippers seek alternatives.

第二股力量是中東衝突對全球航運路線造成的實體性干擾。2月下旬對伊朗的打擊後，荷姆茲海峽實質關閉——該海峽是全球最關鍵的海上關卡，承載全球能源與貨櫃貿易流量的重要份額——再加上胡塞武裝活動持續，使蘇伊士運河對主要承運商幾近關閉，從根本上改變了全球海運貨流路徑，顯著拉長運輸時間、推升燃油成本，並引發空運需求大幅上升，因為對時效敏感的託運人正在尋求替代方案。

These twin disruptions to global trade, one policy-driven, one conflict-driven, have created a uniquely challenging environment for international freight markets. At the same time, they reinforced precisely why customers need a logistics partner like Radiant, one with the global network, the technology platform and the operational expertise to help them navigate volatility, buying capacity and keep supply chains moving when the world's trade infrastructure is under stress.

這兩項對全球貿易的干擾——一項由政策驅動，一項由衝突驅動——為國際貨運市場帶來了獨特且極具挑戰性的環境。同時，這也再次印證客戶為何需要像 Radiant 這樣的物流夥伴：具備全球網路、技術平台與營運專業，能在全球貿易基礎設施承壓時協助客戶應對波動、採購運力並維持供應鏈運轉。

Looking beyond the near-term environment, we remain highly encouraged by our strategic progress we are making. Our Navegate global trade management and collaboration platform continues to gain traction in the marketplace, offering customers enhanced supply chain visibility, routing intelligence and cost optimization, capabilities that are especially valued during periods of market dislocation like the ones we are currently experiencing.

放眼短期環境之外，我們對正在取得的策略性進展仍深受鼓舞。我們的 Navegate 全球貿易管理與協作平台持續在市場上獲得動能，為客戶提供更強的供應鏈可視性、路由智慧與成本最佳化等能力；在我們目前所經歷這類市場失衡期間，這些能力尤其受到重視。

With deployment measured in weeks rather than months or years, Navegate delivers speed to value that we believe is a clear competitive differentiator as we introduce it to current and prospective customers in the quarters ahead. We also continue to make good progress with our recently announced launch of Ray, our first AI-powered agent.

由於部署時間以數週而非數月或數年計，Navegate 能更快實現價值；我們相信，隨著未來幾季向現有與潛在客戶推廣，這將成為明確的競爭差異化因素。我們也持續在近期宣布推出的 Ray（我們第一個 AI 驅動代理）方面取得良好進展。

In addition to our initial efforts focused on streamlining international quote administration across our global agent network, we are exploring how best to further automate key workflows across our domestic and international shipment life cycles, while enabling faster response times and higher service quality for our customers. We look forward to expanding Ray's capabilities and introducing additional AI-powered solution as we continue our digital transformation journey.

除了我們最初聚焦於在全球代理網路中精簡國際報價管理之外，我們也在探索如何進一步自動化國內與國際貨運全生命週期中的關鍵工作流程，同時為客戶帶來更快的回應速度與更高的服務品質。隨著我們持續推進數位轉型之旅，我們期待擴展 Ray 的能力，並推出更多 AI 驅動的解決方案。

Finally, our financial position remains a source of significant strength. We are essentially debt-free on a net basis relative to our $200 million credit facility giving us substantial flexibility to pursue the combination of strategic operating partner conversions, synergistic tuck-in acquisitions and share repurchases that have long defined our approach to capital allocation. With our diversified platform, strong balance sheet and growing suite of technology capabilities, we believe Radiant is well positioned to emerge from this period of market turbulence as a stronger and more competitive enterprise.

最後，我們的財務狀況仍然是顯著的優勢來源。相對於我們2億美元的信貸額度，我們在淨額基礎上基本上沒有負債，這使我們在資本配置上具備相當大的彈性，得以推動長期以來界定我們資本配置方針的策略性營運夥伴轉換、具協同效益的補強式併購，以及股票回購。憑藉我們多元化的平台、強健的資產負債表以及日益擴增的技術能力組合，我們相信 Radiant 已做好充分準備，能在這段市場動盪期後以更強大、更具競爭力的企業姿態脫穎而出。

With that, I'll now turn it over to Todd Macomber, our CFO, to walk us through our detailed financial results, then we'll open it up for some Q&A.

接下來，我將把時間交給我們的財務長 Todd Macomber，帶大家檢視更詳細的財務結果，之後我們會開放一些問答。

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, 2026.

謝謝你，Bohn，各位下午好。今天我們將討論我們的財務結果，包括截至2026年3月31日止三個月與九個月的調整後淨利與調整後 EBITDA。

For the three months ended March 31, 2026, we reported net income attributable to Radiant Logistics of $4.671 million on $214.1 million of revenues or $0.10 per basic and fully diluted share. 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. This represents the increase of approximately $2.130 million of net income over the comparable prior-year period or 83.8%.

就截至2026年3月31日止三個月而言，我們在營收2.141億美元的情況下，報告歸屬於 Radiant Logistics 的淨利為467.1萬美元，基本及完全稀釋後每股盈餘為0.10美元。截至2025年3月31日止三個月，我們在營收2.14億美元的情況下，報告歸屬於 Radiant Logistics 的淨利為254.1萬美元，基本及完全稀釋後每股盈餘為0.05美元。這代表相較去年同期淨利增加約213.0萬美元，增幅為83.8%。

For adjusted net income, we reported $5.337 million for the three months ended March 31, 2026, compared to adjusted net income of $6.881 million for the three months ended March 31, 2025. This represents a decrease of approximately $1.544 million or approximately 22.4%. For adjusted EBITDA, we reported $7.751 million for three months ended March 31, 2026, compared to adjusted EBITDA of $9.398 million for the three months ended March 31, 2025. This represents a decrease of approximately $1.647 million or approximately 17.5%.

就調整後淨利而言，截至2026年3月31日止三個月我們報告為533.7萬美元，相較截至2025年3月31日止三個月的調整後淨利688.1萬美元。這代表減少約154.4萬美元，約下降22.4%。就調整後 EBITDA 而言，截至2026年3月31日止三個月我們報告為775.1萬美元，相較截至2025年3月31日止三個月的調整後 EBITDA 939.8萬美元。這代表減少約164.7萬美元，約下降17.5%。

Moving along to the nine-month results. For the nine months ended March 31, 2026, we reported net income attributable to Radiant Logistics of $11.269 million on $672.9 million of revenues or $0.24 per basic and $0.23 per fully diluted share. 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. This represents a decrease of approximately $1.115 million over the comparable prior-year period or 9%.

接著看九個月的結果。截至2026年3月31日止九個月，我們在營收6.729億美元的情況下，報告歸屬於 Radiant Logistics 的淨利為1,126.9萬美元，基本每股盈餘為0.24美元，完全稀釋後每股盈餘為0.23美元。截至2025年3月31日止九個月，我們在營收6.821億美元的情況下，報告歸屬於 Radiant Logistics 的淨利為1,238.4萬美元，基本每股盈餘為0.26美元，完全稀釋後每股盈餘為0.25美元。這代表相較去年同期減少約111.5萬美元，降幅為9%。

For adjusted net income, we reported $17.881 million for the nine months ended March 31, 2026, compared to adjusted net income of $25.459 million for the nine months ended March 31, 2025. This represents a decrease of approximately $7.578 million or approximately 29.8%. Our adjusted EBITDA, we reported $26.322 million for the nine months ended March 31, 2026, compared to adjusted EBITDA of $30.866 million for the nine months ended March 31, 2025. This represents a decrease of approximately $4.544 million or approximately 14.7%.

就調整後淨利而言，截至2026年3月31日止九個月我們報告為1,788.1萬美元，相較截至2025年3月31日止九個月的調整後淨利2,545.9萬美元。這代表減少約757.8萬美元，約下降29.8%。就調整後 EBITDA 而言，截至2026年3月31日止九個月我們報告為2,632.2萬美元，相較截至2025年3月31日止九個月的調整後 EBITDA 3,086.6萬美元。這代表減少約454.4萬美元，約下降14.7%。

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

接下來，我將把電話會議交回給主持人，以便協助接聽來電者的問答。

(Operator Instructions) Jason Seidl, TD Cowen.

(接線員指示) Jason Seidl，TD Cowen。

I guess, three different things here. I guess, Bohn, I want to honing on your commentary sort of about the domestic markets that things are sort of taking shape, showing early signs of improvement, and that sort of bodes well for Radiant. Can you talk a little bit about, as the markets improve, particularly with capacity coming out and pricing going up, maybe talking about some of the repricing opportunities you have and how should we look about -- how should we look at the current quarter on a sequential basis to the one that was just reported, given some of the trends that you're seeing?

我想這裡有三個不同的問題。Bohn，我想聚焦在你對國內市場的評論：情勢似乎正在成形、出現早期改善跡象，而這對 Radiant 來說是個好兆頭。你能否談談，隨著市場改善，特別是運能退出、價格上升時，你們有哪些重新議價的機會？以及基於你們看到的一些趨勢，我們應該如何看待本季相對於剛公布那一季的季比表現？

Yeah, sure. Thanks, Jason. So I would I guess, to give us some context. January and February started off pretty slow. But then as kind of the market dynamics began to unfold, we saw a much stronger March and kind of sequentially, we continue to see that building. And as I'm sure you're aware, the asset-based carriers have been taking significant rate increases effectively across the board and projecting previous tenders, and kind of the domino effect of that is positive, both for the truck brokerage business as well as the intermodal business, which has kind of really suffered in its own as an industry suffered in kind of mode competition versus truck in this depressed market environment.

好的，當然可以。謝謝你，Jason。我想先提供一些背景。1月和2月一開始相當疲弱。但隨著市場動態逐步展開，我們看到3月明顯轉強，而且從季比的角度來看，我們持續看到這股動能在累積。而且如你所知，資產型承運商幾乎全面採取了顯著的運價上調，並拒絕先前的標案（tenders）；其連鎖效應對卡車經紀業務以及聯運（intermodal）業務都是正面的。聯運在這個低迷的市場環境中，因與卡車運輸的模式競爭而在產業層面承受了相當大的壓力。

But as these rates are moving higher, we're seeing substantially more opportunity also in our intermodal business. So we're quite encouraged, and we'll see how durable this proves to be. But we're pretty optimistic that it will be reasonably durable with meaningful kind of rate increase opportunities. Again, I'm going to point to the other asset -- public asset-based companies who I think have been fairly consistently reporting double-digit margin increases and that kind of creates an opportunity kind of for all of us to kind of ride on those coattails a little bit. They ultimately are going to be setting the price and then we can kind of play within that framework.

但隨著這些運價走高，我們也在聯運業務看到大幅更多的機會。因此我們相當受到鼓舞，接下來要看這樣的趨勢能維持多久。不過我們相當樂觀，認為它會有相當程度的持續性，並帶來具意義的運價上調機會。我再次指出其他資產型的上市公司，我認為他們相當一致地回報了兩位數的利潤率提升，而這也為我們所有人創造了某種機會，讓我們可以在某種程度上搭上他們的順風車。最終他們會設定價格，而我們就能在那個框架內運作。

So much incremental spot opportunities and with what limited kind of contracted exposure we had, we've been able to kind of navigate that to better situations. And so we're bullish.

因此，現貨（spot）增量機會很多；而就我們有限的合約曝險而言，我們也能夠加以因應，導向更有利的情況。所以我們看多。

And Bohn, on the contracting situations, when you're seeing your renewals, what sort of rates are you getting? Are you guys getting those double-digit rate increases when they come up?

Bohn，關於合約的情況，當你們看到續約時，你們拿到的運價大概是什麼水準？你們在合約到期續約時，是否也能拿到兩位數的運價上調？

I wouldn't go so far as to say double-digit, but I would say high single-digits are kind of where we would expect to be.

我不會說到兩位數那麼高，但我會說高個位數大概是我們預期會落在的區間。

Okay. Fair enough. Let me jump to Navegate and Ray. You've been talking about Navegate for a while. Have you thought about breaking it out and sort of sizing it up for us to give us an idea of the actual opportunity that lies before you guys?

好。可以理解。我跳到 Navegate 和 Ray。你們談 Navegate 談了一段時間了。你們有沒有想過把它單獨拆出來，並且大致幫我們估算一下規模，好讓我們對你們面前實際存在的機會有個概念？

And then for Ray, are there any data points or KPIs that you guys are tracking that you can report to sort of give us an idea of maybe some of the benefits that you are seeing and some of the benefits that you could see in the future?

另外關於 Ray，你們是否有在追蹤一些可以對外報告的數據點或 KPI，用來讓我們了解你們目前看到的一些效益，以及未來可能看到的效益？

So I'll take those one at a time. On Navegate, we certainly have been thinking about it, i.e., how do we kind of share insights relative to the kind of this emerging catalyst and what it has the opportunity to represent over time. We're not ready for that coming-out party just yet, but we have been spending a fair amount of time just trying to think about within the context of our disclosures, how we might go about that. And so we -- that's going to require a little more work.

我會一題一題回答。先談 Navegate，我們確實一直在思考，也就是我們要如何分享一些洞見，來說明這個正在浮現的催化劑，以及它隨時間可能代表的機會。我們還沒準備好正式對外亮相，但我們確實花了不少時間在思考：在我們揭露資訊的脈絡下，我們可以如何著手。因此我們——這還需要再多做一些工作。

We will do that at some point in time. We are not ready for that yet. But it is a little amorphous and I appreciate that, but it is happening, and we're very excited about it. What it does represent as, I think, a true market differentiator for us in the marketplace and an ability to engage with customers in a way that historically we weren't in a position to. And so we think over time, it's going to be a meaningful catalyst for organic growth within the overall Radiant story. So you're absolutely spot on to ask, but we're not quite ready to share that type of data just yet.

我們會在某個時間點做到。但現在還沒準備好。它確實有點抽象，我也理解，但它正在發生，而且我們非常興奮。我認為它所代表的是：在市場上對我們而言是真正的差異化因素，並且讓我們能以過去做不到的方式與客戶互動。因此我們認為，隨著時間推進，它會成為 Radiant 整體故事中推動內生成長的重要催化劑。所以你問得非常到位，但我們還沒準備好分享那類型的數據。

And on -- with respect to Ray kind of a similar story. We're not yet ready to share kind of KPIs around those metrics, but we'll be working in that direction as well, over time. We are still early on in -- very early on with Ray, but the kind of the organizational energy and excitement and what we're seeing kind of across business units and their engagement is really encouraging.

至於——關於 Ray，也有點類似。我們目前還沒準備好分享那些指標的 KPI，但我們也會隨時間朝那個方向努力。我們在 Ray 方面仍處於早期——非常早期，但我們看到的組織能量與興奮感，以及各事業單位的參與度，確實非常令人鼓舞。

And as a reminder, we began this process ourselves a year or so ago in our partnership with the University of Washington and their Graduate Student Program and we're in our second year with our second group of cohort -- kind of our second cohort coming through the process. And we are -- as you might expect, we get approached by a lot of kind of VC-backed AI start-ups pitching us their ideas. And when we kind of look at where they are and what they're doing relative to what we're incubating for our kind of on a homegrown basis, we feel kind of really good about where we are with -- on our own technology roadmap and over time, that will show up in the numbers.

提醒一下，我們大約在一年前就開始這個流程，與華盛頓大學及其研究生計畫合作，而我們現在進入第二年，第二批——算是第二個梯次正在走完整個流程。而且——如你所料，我們常常會被許多由創投支持的 AI 新創接觸，向我們推銷他們的想法。當我們比較他們目前的位置與他們在做的事情，相對於我們以自家孵化方式所培育的內容時，我們對自己在技術路線圖上的進展感到相當有信心，而隨著時間推進，這些也會反映在數字上。

(Operator Instructions) Jeff Kauffman, Citizens Bank.

(接線員指示) Jeff Kauffman，Citizens Bank。

So Bohn, I want to follow up, kind of where Jason was going there a little bit. And I'm more keen about what you're seeing domestically because we've heard some stories and we've seen a lot of indicators go up. And everybody that we talk to in freight seems to be a lot more optimistic because of what's going on with rates.

Bohn，我想延續一下 Jason 剛剛的方向追問一點。我更關心你們在美國國內看到的情況，因為我們聽到一些說法，也看到很多指標在上升。而且我們接觸到的貨運業者，似乎因為運價的變化而更為樂觀。

But when we ask about the volumes, it's still kind of stagnant, particularly in some consumer areas. Maybe some businesses are starting to get a little more confident and engaging in some more transactions but the volume portion of the market is getting better still seems to be something we're waiting on. So could you elaborate a little bit kind of where, in terms of your domestic industry verticals, are you starting to see movement in physical volume and not just price and rate?

但當我們問到量的時候，仍然有點停滯，尤其是在某些消費相關領域。也許有些企業開始更有信心、進行更多交易，但市場的量能部分要變好，似乎仍是我們在等待的事情。所以你能否多談一點：就你們的國內產業垂直領域而言，你們開始在哪些地方看到實體貨量的變動，而不只是價格與運價？

And I'd say the same thing with the international. I know it's kind of a little tougher to track because that seems to be changing by the minute. But where are you starting to see some of your flows break whatever pattern they've been in as of late?

國際業務我也想問同樣的問題。我知道那邊可能更難追蹤，因為情況似乎分分鐘都在變。但你們開始在哪些流向看到突破近期既有模式的跡象？

Sure. So first, I would kind of reinforce or echo your foundational comment, which is this has been more of a capacity-driven dynamic than demand, right, in terms of freight volumes. But as you're aware, you've been following us for a long time, we do a fair amount in the government services space in military world. So as you can imagine, in this market environment and what's going on in the global stage, that's an area where we are -- we would expect to see and are enjoying some growth.

當然。首先，我會強化或呼應你剛才的基本觀察：就貨運量而言，這比較像是由運力所驅動的動態，而不是需求，對吧。但如你所知，你長期關注我們，我們在政府服務、軍事領域做了相當多的業務。因此你可以想像，在目前這種市場環境以及全球局勢之下，這是我們預期會看到、也正在享受一些成長的領域。

Similarly, there's been some hurricane, typhoon activities. So there's been opportunities for us to do some work and those -- so those are kind of historically been some of our go-to areas, and that kind of continues to hold true in the market today. We also are fortunate to have exposure to the data center environment and do a good amount of work in support of that area. So those would be some of the kind of higher performing categories.

同樣地，近期也有一些颶風、颱風活動。因此我們有一些承接工作的機會，而那些——所以那些歷來一直是我們較常切入的領域之一，而在今天的市場也仍然如此。我們也很幸運地在資料中心環境有所布局，並在該領域提供相當多的支援工作。所以這些會是一些表現較佳的類別。

We're also seeing some improvement in the CPG, food and beverage space, particularly and most recently, and Canada and some of the opportunities that we're seeing up there. So that's been positive. The kind of traditional retail luxury good space, that hasn't been as strong. We've never had particularly large exposures to the e-com space. So the de minimis tariffs, we weren't particularly impacted by that.

我們也看到在 CPG（民生消費品）、食品與飲料領域有一些改善，尤其是最近在加拿大以及我們在那邊看到的一些機會。所以這是正面的。傳統零售與奢侈品領域則沒有那麼強。我們在電商領域的曝險從來就不是特別大。因此小額免稅（de minimis）關稅對我們的影響並不大。

But again, as you know, kind of hopping back over to the international side, the ocean rates have just been miserable, particularly in the Trans Pacific and I think even for some of the larger public comps, where they've got new -- where they have good news to share on the international, it's on the customs brokerage compliance side of that conversation. Fortunately, we also have some of that kind of in our portfolio as well. But ocean continued -- the ocean product continues to be a fairly tough intersection, but hopefully, that will also improve over time.

不過如你所知，再回到國際端，海運運價一直很糟，尤其是跨太平洋航線；我想即便對一些較大的上市同業而言，他們若在國際業務上有好消息可分享，多半也是在報關行與合規服務那一塊。幸運的是，我們的產品組合中也有一些這類業務。但海運——海運產品仍然是一個相當艱難的交會點，不過希望隨著時間推進也會改善。

But a lot of this -- the more traditional narrative is the capacity tightens off of the West Coast first, but that really isn't necessarily the case right now, this capacity tightening isn't driven by Trans-Pac imports and its pressure on domestic capacity. The -- kind of the domestic demand is really coming from the central part of the country, which is a little unusual to traditional traffic patterns.

但其中有很大一部分——較傳統的敘事是運能會先從西岸開始吃緊，但就目前而言未必如此；這波運能收緊並非由跨太平洋進口及其對國內運能的擠壓所驅動。而是——國內需求主要來自美國中部地區，這與傳統的貨物流向模式相比有些不尋常。

That was a lot of detail. Much appreciated, and congratulations.

資訊量很大。非常感謝，也恭喜你們。

Mike Vermut, Newland Capital.

Mike Vermut，Newland Capital。

Well, considering how poor earnings across the board were for everyone else in the first quarter. I think you guys did an excellent job putting up these numbers.

考量到第一季其他公司整體獲利表現都很差。我認為你們交出這樣的數字做得非常出色。

So a couple of questions for you. So first of all, I know it's been soft and difficult on the international side. But I got to believe the opportunity here is dramatic, right? The expertise, the knowledge of navigating this has to be great. Are there opportunities you're seeing come to us?

我有幾個問題想請教。首先，我知道國際業務這邊一直偏疲弱、也很艱難。但我相信這裡的機會其實非常巨大，對吧？在這種環境下穿梭應對的專業與知識一定很有價值。你們有看到有哪些機會正在向我們靠攏嗎？

I assume that February timeframe, internationally, was pretty much at the bottom, right? That was the most confusion January, February, and it's starting to get better from -- we're hearing some other forwarders echo those feelings. Are you seeing opportunity come to you because of the complexity is now involved?

我猜國際市場在二月那段時間幾乎就是谷底了，對吧？一月、二月最混亂，而現在開始好轉——我們也聽到其他貨代同業有類似的感受。你們是否因為現在牽涉的複雜度更高，而看到有機會主動找上門？

So first, whether intended or not, I appreciate the double entendre of navigating.

首先，不論是不是刻意的，我很欣賞你用「navigate（穿梭／應對）」這個雙關語。

Yes, I did hear that as I said it.

是的，我自己說出口的時候也聽出來了。

Yes. So -- and indeed, we are -- we do see it as an opportunity, and in particular, with the Navegate platform and kind of the incremental solution and kind of level of sophistication that we're able to bring to our current and prospective customers using Navegate and kind of connecting the dots here a little bit.

是。所以——確實，我們把這視為一個機會；尤其是透過 Navegate 平台，以及我們能為現有與潛在客戶提供的增量解決方案與更高層次的成熟度——運用 Navegate 來把各個環節串聯起來。

We have been, at least, in my mind, opportunistic in our own M&A initiatives. We've actually been fairly aggressive in acquiring some NVOCC ocean service businesses in this softer market environment, effectively giving us an opportunity to buy these businesses in what I believe was a dip. And I think that's going to really work out well for us over time.

至少在我看來，我們在自身的併購（M&A）上一直採取機會主義策略。在這個較疲弱的市場環境中，我們其實相當積極地收購一些 NVOCC 海運服務業務，等於讓我們有機會在我認為的低點買進這些公司。我認為長期來看這會對我們非常有利。

This current environment won't last forever. And as things ultimately improve, I think we're going to be in really great shape to participate in that uplift as it occurs.

目前這樣的環境不會永遠持續。當情勢最終改善時，我認為我們將處於非常有利的位置，能在復甦上行出現時參與其中。

But the Navegate technology itself is really, really valuable, down to SKU level, landed cost type analysis. And as customers are diversifying their sourcing strategies and trying to understand the implications of tariffs, ultimately on their landed costs at a unit -- SKU unit level it's going to be really, really helpful. And then just not in this Q, but most recently, we expanded our presence in Hong Kong and then opened a new office in Shenzhen, that further complements our operations in Shanghai. And I think all of that is just kind of setting the stage for the opportunities ahead.

但 Navegate 這套技術本身非常、非常有價值，能做到 SKU 層級的到岸成本（landed cost）分析。當客戶在分散採購策略、並試圖理解關稅對其最終到岸成本的影響時，能在單位——SKU 單位層級提供洞察將會非常、非常有幫助。另外不只是在本季，最近我們也擴大了在香港的布局，並在深圳新設辦公室，進一步補強我們在上海的營運。我認為這些都在為未來的機會鋪陳舞台。

Excellent. Just a quick on Nave. I know Jason hit on a little bit. And I know you're not going to put numbers around it, but is the expectation that, that's going to be significant to our organic growth over the next few years?

很好。關於 Navegate 我快速問一下。我知道 Jason 已經稍微提到一些。我也知道你們不會給出具體數字，但預期它在未來幾年會對我們的內生成長帶來顯著貢獻嗎？

Yes. I think it will. And what's interesting and one of the things that we've been trying to just kind of think through candidly is how exactly to represent it in our financials because there's the -- in some cases, customers want a separate tech fee. In some cases, they want the tech bundled with their cost of transportation. So there's -- in some cases, there'll be kind of conceptually a pure tech fee.

會的。我認為會。有趣的是，我們一直在坦白地思考要如何在財報中呈現它，因為——有些情況下，客戶希望另外收取獨立的技術費。有些情況下，他們希望把技術費與運輸成本打包在一起。所以——在某些情況下，概念上會是比較純粹的技術費。

But what's honestly more relevant is all the incremental freight we expect to enjoy because of the technology. So whether we ultimately call it an enterprise-type account or some kind of alternative term to kind of identify this growing ecosystem within our larger transactional account base, that's what we'll need to spend some time thinking through.

但老實說，更相關的是我們預期因為這項技術而能帶來的所有增量貨運量。因此，無論我們最後把它稱為企業型客戶（enterprise-type account），或用其他替代用語來識別在我們更大、以交易為主的客戶基礎中這個正在成長的生態系，這都是我們需要花時間好好想清楚的。

Okay. This concludes the Q&A portion of our call. I'd like to turn the floor back to management for any closing remarks.

好的。問答環節到此結束。我想把時間交回管理層做結語。

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 America footprint and extensive global network of service partners to continue to build on the great platform we've created here at Radiant.

謝謝。最後我想說，我們對自身前景與持續把握機會仍然保持樂觀，並將持續運用我們同級最佳的技術、強健的北美據點布局，以及廣泛的全球服務夥伴網路，繼續在 Radiant 這個我們打造的優秀平台上再接再厲。

At the same time, we intend to thoughtfully relever our balance sheet through a combination of agent station conversions, synergistic tuck-in acquisitions and stock buybacks. Through our multipronged approach, we believe this will continue to create meaningful value for our shareholders, operating partners and the end customers that we serve.

同時，我們也計畫透過代理站點轉換、具協同效益的補強式併購（tuck-in acquisitions）以及股票回購的組合，審慎地提高資產負債表槓桿。透過我們多管齊下的策略，我們相信這將持續為股東、營運夥伴以及我們服務的終端客戶創造有意義的價值。

Thanks for listening and your support of Radiant Logistics.

感謝收聽，以及各位對 Radiant Logistics 的支持。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話線。感謝您的參與。