Radiant Logistics Inc (RLGT) 2026 Q4 法說會逐字稿

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 fourth fiscal quarter and fiscal year ended June 30, 2026. 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.

今天下午，Radiant Logistics 創辦人兼執行長 Bohn Crain，以及 Radiant 財務長 Todd Macomber，將提供一般營運更新，並討論公司截至 2026 年 6 月 30 日止第四個會計季度及會計年度的財務結果。在他們的評論之後，我們將開放提問。本次電話會議預計為 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》所定義之範圍內的前瞻性陳述。

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.

公司係基於其對未來事件之目前預期與預測作出這些前瞻性陳述。這些前瞻性陳述受限於與公司相關之已知與未知風險、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之結果或成就存在重大差異。

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

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，但此等因素包括過去已在、且未來可能在公司向美國證券交易委員會（SEC）提交的文件及其他公開公告中被辨識者；相關資料可於 Radiant 網站 www.radiantdelivers.com 取得。此外，過去結果不一定代表未來表現。

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 $10.4 million in adjusted EBITDA for our fourth fiscal quarter ended June 30, 2026. Our fourth fiscal quarter results were strong across the board, with revenues up 18.5%, adjusted gross profit up 10.6%, adjusted net income up 34.5% and adjusted EBITDA up 31.6% and adjusted EBITDA margin expanding 240 basis points, all measured against the comparable prior year period.

謝謝。各位下午好，感謝大家參加今天的電話會議。我們很高興報告本季再度交出穩健的財務成果，截至 2026 年 6 月 30 日止第四個會計季度的調整後 EBITDA 為 1,040 萬美元。我們第四個會計季度的表現全面強勁：營收成長 18.5%、調整後毛利成長 10.6%、調整後淨利成長 34.5%、調整後 EBITDA 成長 31.6%，且調整後 EBITDA 利潤率擴張 240 個基點，以上皆與去年同期相比。

Our quarter-over-quarter improvement was driven principally by our US forwarding operations and contribution across the board from both our domestic and international service offerings, including notable strength in our international airfreight operations. On the domestic side, Navegate is beginning to prove itself out as a catalyst for growth, providing customers with better visibility and tools to manage complex supply chains with one of our enterprise customers now actively managing over 1,400 vendors using the platform.

我們的季對季改善主要由美國貨運代理業務帶動，且國內與國際服務項目均有貢獻，其中以國際空運業務表現尤為突出。在國內方面，Navegate 開始證明其作為成長催化劑的價值，為客戶提供更佳的可視性與管理複雜供應鏈的工具；目前我們的一家企業客戶已透過該平台主動管理超過 1,400 家供應商。

More broadly, capacity has continued to exit the North America truckload and intermodal markets through a combination of carrier attrition, tighter driver availability, and the normalization of a fleet that had expanded aggressively in prior years. Spot rates, tender rejections, and other cyclical indicators moved higher through the spring and carried into our fourth quarter. While these market trends are not fully reflected in our results for the June quarter, we view these developments as constructive for our domestic operations in general and our US brokerage operations in particular.

更廣泛而言，北美整車（truckload）與聯運（intermodal）市場的運能持續退出，原因包括承運商流失、可用駕駛人力趨緊，以及先前數年積極擴張的車隊規模回歸常態。現貨運價、投標拒收率（tender rejections）及其他景氣循環指標在春季走高，並延續至我們的第四個會計季度。雖然這些市場趨勢尚未完全反映在 6 月季度的業績中，但我們認為這些發展對我們的國內業務整體而言具建設性，尤其有利於我們的美國貨運經紀（brokerage）業務。

If these trends continue, we believe they support a broad-based and durable recovery for the domestic freight market. Also during the quarter, we extended our two decade track record as one of the industry's premier freight forwarding agent networks into the truck brokerage and intermodal space with the launch of a new independent agent program at Radiant Road & Rail. The program brings the same value proposition that has long distinguished our freight forwarding business, access to our carrier network, technology platform, back office infrastructure, and a clear structured path to build long-term equity value with a built-in exit strategy to a new population of logistics entrepreneurs.

若這些趨勢持續，我們相信將支持國內貨運市場廣泛且具持久性的復甦。此外，在本季度，我們也將過去二十年作為業界頂尖貨運代理獨立代理人網路的紀錄，延伸至卡車經紀與聯運領域，並於 Radiant Road & Rail 推出新的獨立代理人計畫。該計畫為新一代物流創業者帶來與我們貨運代理業務長期以來的差異化價值主張相同的內容：可使用我們的承運商網路、科技平台、後勤辦公室基礎設施，以及一條清晰且結構化的路徑來建立長期股權價值，並內建可退出的策略。

We're pleased with the early response to the program and see this as a meaningful new avenue for organic growth as we bring the Radiant model to an entirely new market. The international picture, while still shaped by a complex and evolving trade environment, showed encouraging signs of improvement during the fourth fiscal quarter. Global trade flows continue to be influenced by two significant forces, the first is the ongoing disruption to traditional ocean shipping routes stemming from the closure of the Strait of Hormuz and continued Houthi activity affecting Suez Canal transits, which have kept capacity tight across key international trade lines.

我們對該計畫的早期回饋感到滿意，並視其為將 Radiant 模式帶入全新市場、推動有機成長的一條重要新途徑。國際面雖仍受複雜且持續演變的貿易環境所影響，但在第四個會計季度出現令人鼓舞的改善跡象。全球貿易流向持續受到兩股重要力量影響：第一是傳統海運航線持續受干擾，源於荷姆茲海峽（Strait of Hormuz）關閉以及胡塞（Houthi）活動持續影響蘇伊士運河通行，致使多條主要國際航線運能維持緊俏。

Despite all of the complications impacting the ocean markets, we saw an encouraging uptick in ocean freight rates late in the quarter as carriers exercise continued capacity discipline, an early signal that the prolonged downturn in ocean pricing may be starting to stabilize. The second is the ongoing transformation of the global tariff landscape with US trade policy sustaining a high degree of compliance complexity for shippers. This complexity together with a period of elevated IEEPA-related filing activity across the industry has continued to drive demand for our customs brokerage expertise as customers rely on experienced partners to navigate the evolving tariff structure.

儘管海運市場受到各種複雜因素影響，我們仍在季度後段看到海運運價出現令人鼓舞的回升，因承運商持續維持運能紀律；這是海運價格長期下行可能開始趨於穩定的早期訊號。第二股力量是全球關稅版圖持續轉變，美國貿易政策使託運人面臨高度的合規複雜性。此一複雜性，加上全產業一段期間 IEEPA 相關申報活動升溫，持續推動客戶對我們報關經紀專業的需求，因客戶仰賴具經驗的合作夥伴來因應不斷演變的關稅結構。

More recently, escalating tariff action between the US and Canada, including new retaliatory measures Canada put into effect in early September, add a further layer of complexity for shippers moving goods across our border. While it's early to gauge the full impact, we expect this cross-border dynamic to remain a source of demand for our customs brokerage and compliance capabilities and it may also create additional international air and ocean freight forwarding opportunities for our Canadian operations as shippers look to diversify away from cross-border trucking and rail.

近期，美國與加拿大之間升級的關稅行動（包括加拿大於 9 月初生效的新報復性措施）為跨境運輸貨物的託運人增添了另一層複雜性。雖然目前仍難以評估全面影響，但我們預期此一跨境動態將持續成為對我們報關經紀與合規能力的需求來源；同時，當託運人尋求降低對跨境卡車與鐵路運輸的依賴、進行多元化時，也可能為我們加拿大業務帶來額外的國際空運與海運貨運代理機會。

Notably, our airfreight performance was up meaningfully during the quarter, driven in large part by our work in support of disaster relief following typhoon activity in the Western Pacific earlier this year. We are entering this next phase of the cycle from a position of real financial strength. In August of 2026, we completed an amended and restated $200 million senior credit facility extending its maturity to 2031, expanding our acquisition focused accordion to $100 million and improving our pricing terms, and we enter fiscal 2027 with no net debt.

值得注意的是，我們本季度的空運表現顯著成長，主要受惠於我們支援今年稍早西太平洋颱風活動後的災害救援工作。我們正以真正強健的財務實力進入本循環的下一階段。2026 年 8 月，我們完成修訂並重述的 2 億美元優先信貸融資，將到期日延長至 2031 年，把以併購為主的增額（accordion）額度擴大至 1 億美元並改善定價條款；同時，我們以零淨負債進入 2027 會計年度。

That capacity, together with our long-term strategy for growing organically where our network gives us an advantage and supplementing that growth through disciplined acquisitions positions us well to build on the encouraging, though still early, signs of a domestic freight recovery. With that, I'll turn it over to Todd Macomber, our CFO, to walk us through our detailed financial results, and then we'll open it up for Q&A.

這項資金與融資能力，加上我們的長期策略——在我們的網路具優勢之處推動有機成長，並透過嚴謹的併購來補強成長——使我們能在國內貨運復甦的令人鼓舞但仍屬早期的跡象之上持續加碼。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，之後我們將開放問答。

Thanks, Bohn, and good afternoon, everyone. Today, we will be discussing the financial results, including adjusted net income and adjusted EBITDA for the 3 and 12 months ended June 30, 2026. For the three months ended June 30, 2026, we reported net income attributable to Radiant Logistics of $7.517 million on $261.4 million of revenues or $0.16 per basic and $0.15 per fully diluted share. For the three months ended June 30, 2025, we reported net income attributable to Radiant Logistics of $4.907 million on $220.6 million of revenue or $0.10 per basic and fully diluted share.

謝謝你，Bohn，各位下午好。今天我們將討論截至 2026 年 6 月 30 日止 3 個月及 12 個月的財務結果，包括調整後淨利與調整後 EBITDA。就截至 2026 年 6 月 30 日止三個月而言，我們在營收 2.614 億美元的基礎上，報告歸屬於 Radiant Logistics 的淨利為 751.7 萬美元，基本每股盈餘 0.16 美元、完全稀釋後每股盈餘 0.15 美元。就截至 2025 年 6 月 30 日止三個月而言，我們在營收 2.206 億美元的基礎上，報告歸屬於 Radiant Logistics 的淨利為 490.7 萬美元，基本及完全稀釋後每股盈餘均為 0.10 美元。

This represents an increase of approximately $2.610 million of net income over the comparable prior year period or 53.1%. For adjusted net income, we reported $7.373 million for the three months ended June 30, 2026, compared to adjusted net income of $5.487 million for the three months ended June 30, 2025. This represents an increase of approximately $1.886 million or approximately 34.5%. For adjusted EBITDA, we reported $10.362 million for the three months ended June 30, 2026, compared to adjusted EBITDA of $7.886 million for the three months ended June 30, 2025. This represents an increase of approximately $2.472 million or approximately 31.6%. Moving along to the full year numbers.

這代表相較於去年同期淨利約增加 261.0 萬美元，或 53.1%。就調整後淨利而言，截至 2026 年 6 月 30 日止三個月，我們報告為 737.3 萬美元，相較於截至 2025 年 6 月 30 日止三個月的調整後淨利 548.7 萬美元。這代表約增加 188.6 萬美元，或約 34.5%。就調整後 EBITDA 而言，截至 2026 年 6 月 30 日止三個月，我們報告為 1,036.2 萬美元，相較於截至 2025 年 6 月 30 日止三個月的調整後 EBITDA 788.6 萬美元。這代表約增加 247.2 萬美元，或約 31.6%。接著我們來看全年數字。

For the 12 months ended June 30, 2026, we reported net income attributable to Radiant Logistics of $18.786 million on $934.4 million of revenues or $0.40 per basic and $0.39 per fully diluted share. For the 12 months ended June 30, 2025, we reported net income attributable to Radiant Logistics of $17.291 million on $902.7 million of revenues or $0.37 per basic and $0.35 per fully diluted share. This represents an increase of approximately $1.495 million over the comparable prior year period or 8.7%.

截至 2026 年 6 月 30 日止 12 個月，我們在營收 9.344 億美元下，報告歸屬於 Radiant Logistics 的淨利為 1,878.6 萬美元，基本每股 0.40 美元、完全稀釋每股 0.39 美元。截至 2025 年 6 月 30 日止 12 個月，我們在營收 9.027 億美元下，報告歸屬於 Radiant Logistics 的淨利為 1,729.1 萬美元，基本每股 0.37 美元、完全稀釋每股 0.35 美元。這代表相較於去年同期約增加 149.5 萬美元，或 8.7%。

For adjusted net income, we reported $25.253 million for the 12 months ended June 30, 2026, compared to adjusted net income of $30.944 million for the 12 months ended June 30, 2025. This represents a decrease of approximately $5.691 million or approximately 18.4%.

就調整後淨利而言，截至 2026 年 6 月 30 日止 12 個月，我們報告為 2,525.3 萬美元，相較於截至 2025 年 6 月 30 日止 12 個月的調整後淨利 3,094.4 萬美元。這代表約減少 569.1 萬美元，或約 18.4%。

For adjusted EBITDA, we reported $36.684 million for the 12 months ended June 30, 2026, compared to adjusted EBITDA of $38.756 million for the 12 months ended June 30, 2025. This represents a decrease of approximately $2.072 million or approximately 5.4%. With that, I will turn the call over to our moderator to facilitate any Q&A from our callers.

就調整後 EBITDA 而言，截至 2026 年 6 月 30 日止 12 個月，我們報告為 3,668.4 萬美元，相較於截至 2025 年 6 月 30 日止 12 個月的調整後 EBITDA 3,875.6 萬美元。這代表約減少 207.2 萬美元，或約 5.4%。接下來我將把電話會議交給我們的主持人，以協助接聽來電者的問答。

(Operator Instructions)

(接線員指示)

Ryan Meyers, Lake Street Capital.

Ryan Meyers，Lake Street Capital。

Hey, guys. Thanks for taking my questions. You guys noted in the prepared remarks that you've seen some improving metrics that were not fully reflected in the June quarter results. And maybe can you talk about what you've seen since quarter end and when you would think some of these trends will begin to show up more meaningfully in the financials?

嗨，各位。謝謝讓我提問。你們在事先準備的發言中提到，你們看到一些改善的指標，但在 6 月季度的結果中尚未完全反映出來。能否談談自季末以來你們看到的情況，以及你們認為這些趨勢何時會在財務數字上更有意義地顯現？

Sure. So those comments were pointed directly at what we're seeing in the over-the-road truck brokerage and, kind of, related intermodal moves. So as capacities continue to come out of the market and fuel prices have gone higher, it's created incremental opportunities for our truck brokerage opportunity, and it's also created an environment where more and more shippers are looking to move ship back to intermodal. And so both of those segments of the business, in particular, are, kind of, enjoying this current market environment. And I think it's going to continue for some time based upon everything that we see.

當然。所以那些評論是直接針對我們在公路卡車經紀（over-the-road truck brokerage）以及某種程度上相關的聯運（intermodal）運輸所看到的情況。隨著市場運能持續退出、燃油價格走高，這為我們的卡車經紀業務創造了額外機會，也形成一個環境，讓越來越多的貨主希望把貨運轉回聯運。因此，這兩個業務板塊尤其正受惠於目前的市場環境。而且根據我們所看到的一切，我認為這種情況還會持續一段時間。

So this kind of market pivot or evolution really didn't start happening until late May, early June. So we really -- in my mind, kind of, only have one month of the good news of what's happening at Road & Rail in our fiscal year-end results. But we expect that to, kind of, continue to manifest here into or, I guess, what will be our quarter ended September and then on into subsequent quarters, depending how the market continues to evolve.

這種市場轉向或演變其實直到 5 月下旬、6 月上旬才真正開始發生。所以在我看來，我們在本財年年終結果中，Road & Rail 這邊的好消息大概只反映了一個月。但我們預期這種趨勢會持續展現到截至 9 月的季度（也就是我們的季度結束於 9 月），並延續到後續季度，取決於市場如何繼續演變。

Okay. Got it. No, that's helpful. And then just thinking with fuel and energy prices, obviously, kind of, top of mind here. Is there -- or just sort of remind us the risk between higher transportation cost and your guys's ability to be able to kind of, pass those through to customers? And just, kind of, what you're seeing there and how we should think about the potential impact there?

好的。了解。不，這很有幫助。另外談到燃油與能源價格，顯然是目前大家很關注的重點。是否可以——或請你們提醒我們——在運輸成本上升與你們將這些成本轉嫁給客戶的能力之間，風險在哪裡？以及你們目前看到的情況是什麼，我們應該如何看待其潛在影響？

Generally speaking, fuel is a pass-through. There may be modest lags between fuel fluctuation and when and how that gets passed through to the customer. But all in all, we're able to pass those increasing fuel cost onto the customers relatively quickly.

一般來說，燃油成本是可以轉嫁的（pass-through）。燃油價格波動與何時、以及如何轉嫁給客戶之間，可能會有些微的時間落差。但整體而言，我們能相對快速地把上升的燃油成本轉嫁給客戶。

Got it. Thank you for taking my questions.

了解。謝謝回答我的問題。

Jason Seidl, TD Cowen.

Jason Seidl，TD Cowen。

Yeah, thank you. This is Elliot Alper on for Jason. Nice results in the quarter. You discussed some of these major shifts playing out in the market right now. Curious if we could get a bit more perspective on, like, how structural some of these shifts are?

是的，謝謝。我是 Elliot Alper，代替 Jason 發言。本季表現不錯。你們談到目前市場正在發生的一些重大轉變。我想更進一步了解，這些轉變在結構性上有多大程度是長期的？

Maybe how we should think about forwarding in the back half of the year. You've historically had some helpful commentary on China bookings and outlook there. And then maybe along those same lines, interesting comment on the cross-border opportunities with Canada. I appreciate any more context around, kind of, what you're seeing and how that play out.

也想請教我們應該如何看待下半年貨運代理（forwarding）的走勢。你們過去對中國訂艙（bookings）與相關展望曾提供一些有幫助的評論。另外，提到與加拿大的跨境機會也很有意思。若能提供更多背景，談談你們看到的情況以及可能如何發展，我將不勝感激。

No. So thanks for your question. So we have a very broad, diversified platform between our domestic and international forwarding and our over the road brokerage and contract logistics capabilities and customs brokerage and the new technology. And in -- but I'm not sure if normal is the right word, but kind of thinking of the portfolio effect, I would say we're operating in an environment right now where most all of our businesses are actually kind of heading up into the right, which is encouraging.

好的。謝謝你的問題。我們在國內與國際貨運代理、公路運輸經紀、合約物流能力、報關經紀，以及新的科技等方面，擁有非常廣泛且多元化的平台。至於——我不確定「正常」是否是合適的詞——但從投資組合效應的角度來看，我會說我們目前所處的環境是：我們幾乎所有業務都在往右上方走，這令人鼓舞。

Now who knows based upon trade policy and this evening's tweets and what's going to happen in the Middle East, how some of these things change over time. But I think the general market sentiment, at least with respect to the domestic freight market, it's seeming like it's setting up to be a fairly durable longer run, if you will, and I guess, anecdotally, I would say we're due because we've been in an extended softer market for a number of years.

當然，誰也不知道隨著貿易政策、今晚的推文，以及中東將發生什麼事，這些因素會如何隨時間改變。但我認為整體市場情緒——至少就國內貨運市場而言——看起來正在形成一個相當耐久、較長期的走勢；而且就軼事來說，我會說我們也該輪到了，因為我們已經在一個延續多年的疲弱市場中待了好一段時間。

And so it will be nice to see things getting back to something that feels more normal. The international is just much harder to conclude on other than to say the steamship lines are doing a better and better job of managing capacity and doing blank sailings to try to constrain the market and support price on ocean freight, which ultimately is helpful from a freight standpoint.

因此，看到情況回到更接近正常的狀態會很不錯。至於國際業務，除了說蒸汽船公司在管理運力方面做得越來越好，並透過取消航班（blank sailings）來試圖收緊市場、支撐海運運價之外，其實很難下定論；而這最終從貨運角度來看是有幫助的。

And then I think there's also kind of an adjacent catalyst with it, that there's so much business going on in and around the data centers and the capital moving towards data centers, but that's drawing on capacity and kind of tightening capacity broadly, including international airfreight. So I think there's a lot of, kind of, underlying trends that, kind of, set up for a longer more durable positive freight environment, certainly on the domestic side, but you don't have to lean too far to see it also setting up positively on the international side of things as well.

另外我認為還有一個相鄰的催化因素：資料中心周邊的業務活動非常多，資本也正流向資料中心，但這會消耗運力並在更廣泛層面收緊運力，包括國際空運。所以我認為有很多潛在趨勢，正在為更長期、更具韌性的正向貨運環境鋪路，當然在國內端更為明顯；但你也不必看得太遠，就能看到國際端同樣也在朝正面方向發展。

Very helpful. And maybe just staying on the air freight side of the business. I mean we've heard some commentary about pull forward. Curious if you have any comments on that and then you guys called out some of the disaster relief business that fell in the quarter. Any way to size that up just to think about maybe the back half of the calendar year?

非常有幫助。那也許就先聚焦在空運這一塊業務。想請教你是否有任何看法；另外你們也提到本季有一些災害救援相關業務落在本季。能否大致量化一下，讓我們思考一下今年下半年可能的情況？

I guess, I'll -- we don't want to get into too much detail on it, candidly, for competitive reasons but it was certainly meaningful on the air freight side. But even without it, we still would have been up year-over-year. So it wasn't -- it didn't tip the results but it's certainly, kind of, contributed to the improvement on the on the disaster relief as it relates to the broader international airfreight than what's going on. It's -- ocean has been the more challenging mode up until recently and the more traditionally, kind of, West Coast imports drive the market in terms of demand and pricing.

我想——坦白說，基於競爭因素，我們不想在這方面談得太細，但在空運端確實相當有意義。不過即便沒有這部分，我們的年對年仍然會成長。所以它並沒有左右整體結果，但確實在改善上有所貢獻；就災害救援而言，它與更廣泛的國際空運市場動態是相關的。直到最近為止，海運一直是更具挑戰的運輸模式；而傳統上，西岸進口通常會在需求與定價上驅動市場。

And that, kind of, demand or call on capacity has softened more recently because of trades and tariffs and some of those things. But that seems to be beginning to behave a little more like we would expect. And so time will tell. But again, I think we're -- seem to be finding our way back to more normal footing in terms of the broader marketplace.

而這種需求或對運力的需求，最近因為貿易與關稅等因素而有所轉弱。但看起來它開始更像我們所預期的方式在運作。所以還需要時間觀察。但再次強調，我認為我們似乎正在找回更正常的立足點，就整體市場而言。

Right. Okay. And then -- maybe just on the Navegate side. Nice to see some of that adoption you called out with customers on your platform. I guess, is this something that's being priced into customer agreements now? Or can you speak to maybe how in the future you guys think about pricing this offering at a high level or any way to frame up maybe the margin opportunity, maybe looking out a year or two.

了解。好。那接著——也許談談 Navegate 這一塊。很高興看到你提到客戶在你們平台上的一些採用進展。我想問，這現在已經被納入客戶合約的定價中了嗎？或者你能否從高層次談談，未來你們會如何為這項產品定價，或是有沒有方式可以框架一下潛在的毛利機會，例如往後一到兩年？

Yeah, I'm not sure I'll do it quite that way, but let me try to be as responsive to your question as I can. And that is we want to meet our customers where they want to be met. And what I mean by that is some customers might say, we love the solution, we want you to effectively embed that cost in our cost of transportation. We might have other customers that say, we want to be effectively billed for the technology separately. So in some cases, the tech might effectively map into our value-added services, in other cases and more often the case, it's embedded as part of our transportation margin more broadly.

是的，我不確定我會用你說的那種方式來回答，但我會盡量回應你的問題。也就是，我們希望在客戶希望被服務的方式上與他們對接。我的意思是，有些客戶可能會說：我們很喜歡這個解決方案，希望你把這個成本有效地嵌入我們的運輸成本之中。也可能有其他客戶會說：我們希望技術費用能夠被單獨計費。因此在某些情況下，技術費用可能會對應到我們的加值服務；而在其他情況下，且更常見的是，它會被更廣泛地嵌入我們的運輸毛利之中。

So I think of it as making of us basically providing a higher value solution to our customers making our -- I don't necessarily think of it as more margin. I think of it as winning more customers, making our customers stickier and hopefully, really Navegate really representing a catalyst for growth that hasn't been part of Radiant's historical narrative.

所以我把它看作是：我們基本上是在為客戶提供更高價值的解決方案——我不一定把它視為「更高的毛利」。我把它視為贏得更多客戶、讓客戶黏著度更高，並希望 Navegate 真正成為一個成長催化劑，而這在 Radiant 過去的敘事中並不存在。

I think we have a value proposition that's relatively unique to the marketplace and certainly new to Radiant and our ability to support larger customers with more complex supply chain, helping them manage their vendors, and then those vendors representing warm leads to turn those vendors into incremental customers themselves, is a really interesting intersection that we find ourselves in.

我認為我們的價值主張在市場上相對獨特，對 Radiant 來說也確實是新的；我們有能力支援規模更大、供應鏈更複雜的客戶，協助他們管理供應商，而這些供應商又能成為溫熱線索，進一步把這些供應商轉化為額外的新客戶——這是我們所處的一個非常有趣的交會點。

Very helpful.

非常有幫助。

Thank you, Bohn.

謝謝你，Bohn。

(Operator Instructions)

（接線員指示）

Jeff Kauffman, Citizens Bank.

Citizens Bank 的 Jeff Kauffman。

Thank you very much. Well, first of all, congratulations on a real solid quarter. It was terrific to see. Just a couple of questions. So how should we be thinking about revenue growth rate as we head into 2027? And the reason I ask is with tariffs, seasonality is jumping all over the place, but we were kind of at a flat revenue growth rate on the year-to-date through the third quarter and then up almost 19% in the fourth quarter, and you did call out a lot of typhoon-related activity, which has been a little more than normal this year, even though typhoons do occur every year. But just in terms of thinking about the right way to think about, kind of, where the business is growing as we head into '27, we really shouldn't take that 19% growth rate and kind of straight line that out. How should we be thinking about that?

非常感謝。首先，恭喜你們交出非常扎實的一季表現。看到這樣的成果很棒。我有幾個問題。那麼，當我們邁向 2027 年時，應該如何看待營收成長率？我之所以這麼問，是因為在關稅影響下，季節性變得非常不穩定；但截至第三季的年初至今（YTD）營收成長率大致持平，而第四季卻成長了將近 19%。你們也提到有不少颱風相關活動，而今年這類活動比正常多一些，儘管颱風每年都會發生。但就思考當我們邁向 2027 年、業務成長的正確理解方式而言，我們不應該把 19% 的成長率直接線性外推。那我們應該怎麼看待？

Well, we like to underpromise and overdeliver, Jeff. So keep that modeling relatively modest, and we'll continue to outperform. It will be interesting to tell -- well, I guess, first, I would reframe it just a little bit because as you know, we like to think about growth in our gross margin dollars rather than absolute growth in our top line revenue.

嗯，Jeff，我們喜歡保守承諾、超額交付。所以模型先做得相對保守一些，我們會持續超越。至於要怎麼判斷——我想，首先我會稍微重新框架一下，因為如你所知，我們更喜歡用毛利美元（gross margin dollars）的成長來思考，而不是單純看營收（top line revenue）的絕對成長。

And that does a couple of things relative to the question you're asking, which is kind of neutralizes fuel and what's happening in fuel because as we talked about earlier with some of this Q&A, kind of, what's happening in fuel can also drive those numbers with really not much of a net gross margin impact because fuel is a pass-through. So I'm still not going to give you a very crisp answer, but I would -- I would kind of move you down the income statement a little further to the gross margin line item, the top line revenue to help field that question.

這樣做對你問的問題有幾個影響，其中之一是能在一定程度上中和燃油因素及燃油價格的變動；因為如同我們在前面的問答提到的，燃油的變化也可能推動那些數字，但對淨毛利的影響其實不大，因為燃油是轉嫁成本（pass-through）。所以我仍然不會給你一個非常明確的答案，但我會建議你把視角在損益表上往下移一些，從毛利這一行來看，而不是只看營收這一行，來回答這個問題。

Yeah, no, I just -- you called out the typhoons as a driver of revenue growth on the international side. So I was just trying to figure out is, kind of, what's the right way to think about growth for your business right now.

了解，我只是——你們提到颱風是國際端營收成長的驅動因素。所以我只是想釐清，現在對你們業務成長的正確理解方式應該是什麼。

I could speak a little bit to it. I mean if you look at Q4, our organic was up about 8%. And we are seeing things improve overall in the market. I think it's going to -- it will uptick from that. Bohn mentioned, we were seeing things late in the latter part of the quarter that trends into segues right into Q1. So it's -- things are looking good, let's put it that way. We can't give you an exact number or anything, but it's definitely at a stronger trend than what we've been seeing in the past.

我可以稍微談一下。我的意思是，如果你看第四季，我們的有機成長大約是 8%。而且我們看到整體市場狀況正在改善。我認為它會——會在此基礎上再往上走。如同 Bohn 提到的，我們在本季後段看到一些情況，這些趨勢一路延伸並順勢銜接到第一季。所以——可以這麼說，情況看起來不錯。我們無法給你一個精確數字或什麼，但趨勢確實比我們過去看到的更強。

Okay. And then Todd, while I got you. Fourth quarter tax rate is always a little wonky, right? Because that's, kind of, the catch-up that neutralizes the year. But in your pro forma to get to the adjusted, you were using a 24.5% rate, the actual rate was a little closer to 4% this quarter. And I know fourth quarters are always a little bit wonky, but what was the primary driver of the difference between.

好的。然後 Todd，趁我還在問。第四季的稅率通常都會有點不太規則，對吧？因為那算是用來追溯調整、把全年中和掉的部分。但在你們用於推導調整後數字的備考（pro forma）中，你們使用的是 24.5% 的稅率，而本季實際稅率更接近 4%。我知道第四季通常都會有點不太規則，但造成差異的主要驅動因素是什麼？

Yeah, that was the One Big Beautiful Bill where it allowed us beginning in January, and we really kind of captured that in the Q4 to take items that were previously capitalized as far as internal software. And so basically, that was a true-up that occurred with the -- when we go to the provision on a quarterly thing, it's estimated, of course, we're using the projections and when we get to the year-end and we do the actual the entire thing. We go through a deeper dive. But that was the driver. It was basically taking previously capitalized expenses that we were allowed to include in the tax returns. So it -- so it was basically lower in the Q4 purely for that reason.

對，那是《One Big Beautiful Bill》，它讓我們從一月開始可以這麼做，而我們其實在第四季就把它反映進來，把先前在內部軟體方面資本化的項目拿出來處理。所以基本上，那是一個調整（true-up），因為我們在做季度稅務提列（provision）時，當然是用估計值——我們用的是預測；到了年末，我們把整個年度的實際數字都做完。我們會做更深入的檢視。但驅動因素就是這個。基本上就是把先前資本化的費用，依規定允許納入報稅申報中扣抵。所以——所以第四季稅率降低純粹就是因為這個原因。

Okay. And then a broader picture. Bohn, you talked a little bit about what's going on in US domestic brokerage. Montgomery is sending a lot of shock waves through the brokerage industry in terms of responsible selection, and every one of the traditional brokers is, kind of, rethinking their selection process.

好的。然後從更宏觀的角度。Bohn，你稍微談到美國國內報關行（brokerage）業務的情況。Montgomery 在「負責任的選擇」方面，對報關行產業造成了很大的震盪，而每一家傳統報關行都在某種程度上重新思考他們的選擇流程。

What does Montgomery mean for you guys? Are you potentially exposed for brokerage operations? Are you buying brokerage capacity from other people, so it's not really such an issue to you, but, kind of, how is all the consternation in brokerage impacting what you do? And I understand you're domestic forwarders, so it's not as relevant, but I was just wondering if you could touch on that.

Montgomery 對你們意味著什麼？你們在報關作業上是否可能有曝險？你們是否是向其他人購買報關產能，所以對你們來說其實不是那麼大的問題；但整體報關業的這些憂慮，對你們的作法有什麼影響？我理解你們是國內貨運代理（forwarders），所以相關性可能沒那麼高，但我想請你們談談。

Yeah, sure. Well, so I think ultimately, everybody has got to be mindful. For me, I think it's -- you need to have a well-documented defined carrier vetting process in place, and you darn well need to be following your defined program or process. And we -- we have that in place. We had that in place before the ruling came out but it certainly has, kind of, heightened everyone's awareness and, kind of, what's at stake but we are in my mind, as good of shape as we can be around the process and some of the software that we have in place that make sure that, kind of, the counterparties that are on the other side of the transaction are vetted and have the appropriate safety ratings and the appropriate insurances and so on. We're not immune so we're taking it very seriously.

好的，當然。我想最終每個人都必須保持警覺。對我來說，我認為——你需要有一套文件完備、定義清楚的承運商（carrier）審核（vetting）流程，而且你一定要確實遵循你所定義的計畫或流程。而我們——我們已經有這套機制。在裁決出來之前我們就已經有了，但它確實提高了大家的警覺，也讓大家更清楚利害關係；但就我看來，針對流程以及我們已部署的一些軟體，我們已經處於能做到的最佳狀態，這些工具能確保交易對手方都經過審核，並具備適當的安全評等與適當的保險等等。我們也不是完全免疫，所以我們非常嚴肅看待這件事。

All right. And then last question. Congratulations on the success with Navegate. As we think about modeling Navegate as its importance grows, how do we think about bringing that into the P&L. Are Navegate margin is a little better than average margins, are they a little less. Does it result in some margin dilution. Does it result in margin accretion? Clearly, it's going to help drive revenue. But as Navegate becomes a more successful business for you, how should we think about that affecting the models?

好。然後最後一個問題。恭喜你們在 Navegate 上的成功。當我們在建模 Navegate、且它的重要性逐步提高時，我們應該如何把它納入損益表（P&L）？Navegate 的毛利率是比平均毛利率好一些，還是低一些？它會造成毛利率稀釋嗎？還是會帶來毛利率增厚（accretion）？顯然它會幫助推動營收。但當 Navegate 對你們而言成為更成功的業務時，我們應該如何看待它對模型的影響？

At least in my own mind, I don't think about it in extra basis points in margin. I think about it as extra basis points in growth rate.

至少在我自己的想法裡，我不會用毛利率多幾個基點來看它。我會把它視為成長率多幾個基點。

All right. So we should think about that primarily as a revenue driver.

好。所以我們應該主要把它視為營收的驅動因素。

Yeah.

對。

Okay. Very good. Well, again, congratulations, and thank you.

好的。非常好。那麼再次恭喜，謝謝你們。

Thanks, Jeff.

謝謝你，Jeff。

Mike Vermut, Newland Capital.

Mike Vermut，Newland Capital。

Hey, guys. How are you doing? Great quarter and great release there. So a couple of quick ones for you on Navegate. I know it's the first time you really kind of discussed it a little more in depth. When you're saying enterprise customers, I assume that's one of a large anchor kind of customer. What do you take the -- or what's our pipeline like in landing more of those enterprise customers?

嗨，各位。你們好嗎？本季表現很棒，新聞稿也很棒。我有幾個關於 Navegate 的快速問題。我知道這是你們第一次比較深入地談它。你們提到「企業客戶」時，我猜那是指大型的、具錨定效應的客戶。你們在爭取更多這類企業客戶方面——或者說，我們的銷售管線（pipeline）目前如何？

Because it seems like that's what gets you into the multiple vendors and then bring those vendors into kind of -- it's a multiplier effect. So how does that look the pipeline for the enterprise customers? And expand on that, when we look out two, three years, how does this accelerate the growth?

因為看起來這會讓你們接觸到多家供應商，然後再把那些供應商帶進來——有點像乘數效應。所以企業客戶的管線看起來如何？再延伸一下，當我們往後看兩到三年，這會如何加速成長？

Good question. I don't have a crisp answer for you on that. Time will tell. I mean -- but I think one of the most interesting aspects of this, at least where we are right now is, back to this one particular example, account, each of those vendors represents an opportunity to kind of transform into an enterprise-type customer themselves, and they're already on the system. They've got familiarity with the system.

問得好。我沒有一個很明確的答案可以給你。時間會證明一切。我的意思是——但我認為這裡最有趣的一點之一，至少就我們目前所處的位置而言，是回到這個特定的例子／客戶，每一家供應商都代表一個機會，可能自己也轉化成企業型客戶，而且他們已經在系統上了。他們對系統也很熟悉。

And we've it's not unusual for us to receive reverse inquiries from some of these vendors themselves, trying to learn more about how they would internalize the solution for themselves in their own business with their own sets of vendors. So I think there's a real amplification opportunity for us, particularly as we get -- let me backup just quickly for a second.

而且我們——我們也常常會收到其中一些供應商反向來詢問，想更了解他們要如何把這個解決方案內化到他們自己的業務中，並用在他們自己的供應商體系上。所以我認為我們確實有一個很強的放大機會，特別是當我們——讓我先快速倒回去補充一下。

When we -- when Navegate was selling itself, originally, they were trying to unbundle the freight forwarding from the tech, sell the freight forwarding, keep the tech, become a freight tech company and go and kind of take the proceeds from the sale and go instantiate a sales organization and go become a freight tech company. But as we looked at the acquisition looked at the opportunity, we saw kind of the value proposition we weren't prepared to buy one without the other.

當我們——當 Navegate 在尋求出售時，最初他們試圖把貨運代理業務與科技拆分開來，出售貨運代理、保留科技，成為一家貨運科技公司，並且大致上打算把出售所得用來建立一個銷售組織，然後去成為一家貨運科技公司。但當我們審視這項收購、審視這個機會時，我們看到了其中的價值主張——我們並不準備只買其中一個而不買另一個。

And we believe we have through our 100-plus operating locations on the forwarding side a virtual sales organization where we can -- we hope to activate current and prospective customers on to the Navegate platform in a way that can really be a catalyst for incremental growth. So I'm sorry I can't better quantify it, but you get the thematic opportunity that we're pursuing.

而且我們相信，透過我們在代理端超過 100 個營運據點，我們擁有一個虛擬的銷售組織；我們希望能以此啟動現有與潛在客戶導入 Navegate 平台，從而真正成為推動增量成長的催化劑。所以很抱歉我無法更精確量化，但你能理解我們正在追求的主題性機會。

And so it's an accelerant, really, over the next few years, and it could be significant, it seems.

所以在接下來幾年，它確實是一個加速器，而且看起來可能相當顯著。

Yes.

是的。

Okay. End markets. So how much are we doing data center related? I know there's so many markets construction-wise, all of that. Is that really driving a lot of business for us or not much? And then yes, sorry, go on --

好的。終端市場。那我們有多少業務與資料中心相關？我知道就建築而言有很多市場，諸如此類。那是否真的為我們帶來很多業務，還是不多？然後，對不起，請繼續——

No, I wouldn't say it's a driver, but we certainly have exposure to it. And we have a handful of long-term customers that are in the space that we're supporting and benefiting from, and we have a handful of incremental new customers that have come to us that we're supporting in the data center space. So I would say we have exposure, but it's not a big enough piece of our pie chart today to be driving the financial performance of the business.

不，我不會說它是驅動因素，但我們確實有曝險。而且我們有少數長期客戶在這個領域，我們正在支援並從中受益；同時也有一些新增的新客戶找上我們，我們也在資料中心領域提供支援。所以我會說我們有曝險，但就目前而言，它在我們的業務結構中占比還不夠大，尚不足以驅動公司財務表現。

Excellent. Okay. And then surprisingly, nobody touched on the acquisition market. And it looks like our organic growth over the next few years is looking great. What about the -- I don't think we've ever been in a position like this and --

很好。好的。然後令人意外的是，沒有人提到併購市場。而且看起來我們未來幾年的有機成長非常不錯。那關於——我想我們從未處在像現在這樣的位置，而且——

I'm glad you asked. I was trying to figure out how I was going to answer the question that wasn't asked because, it's the -- it's a very interesting market right now. I think it's a byproduct of the freight recession that we're coming out of. There are several years' worth of potential sellers that are coming to the marketplace. So I can't remember a time where there were more CIMs flying around and people looking to transact.

很高興你問到。我一直在想要怎麼回答那個沒被問到的問題，因為——目前市場非常有意思。我認為這是我們正在走出貨運衰退的副產品。有好幾年累積下來的潛在賣方正在進入市場。所以我不記得有哪個時候市場上有這麼多 CIM（機密資訊備忘錄）在流傳、這麼多人想要交易。

So we expect to remain very disciplined in our approach. But when I say that, we also hope and aspire to be acquisitive. We've always been good allocators of capital, but we've got a lot of dry powder and an unlevered balance sheet, and we're looking for opportunities and ways that make sense to put that capital to work. And there's quite a bit of EBITDA growth that we can deliver against within our existing capital structure. I think it's one of the somewhat missed aspects of the Radiant opportunity is the -- is our unlevered balance sheet.

因此我們預期會在方法上保持非常嚴謹自律。但我這麼說的同時，我們也希望並且立志要積極進行併購。我們一向很擅長資本配置，但我們有很多可動用資金（dry powder）以及未加槓桿的資產負債表；我們正在尋找合適的機會與方式，讓這些資本能夠發揮效益。而且在我們現有的資本結構下，我們可以實現相當可觀的 EBITDA 成長。我認為 Radiant 這個機會有一個常被忽略的面向——就是我們未加槓桿的資產負債表。

And if you overlay some basket of acquisitions and, kind of, model out the pro forma effect of that, again, you don't have to get you don't have to look at it too aggressively to see a path to practically double our EBITDA within our existing capital structure.

如果你把一籃子併購案疊加進來，並且大致建模其備考（pro forma）影響，再次強調，你不需要看得太激進，就能看到一條路徑：在我們現有資本結構下，幾乎可以把 EBITDA 翻倍。

Look, I also think it's probably difficult. You've done an amazing job on the acquisitions with the earnouts to find much as cheap as we are with our quality. So I assume that's part of the problem, right, that we're still not being rewarded for what you've done over the past three, four, five years. Hopefully, one day, our multiple will get there, and we can use multiple sources of capital.

聽著，我也認為這可能很困難。你們在併購上透過或有對價（earnouts）做得非常出色，要找到像我們這樣品質、但價格又像我們這麼便宜的標的並不容易。所以我想這也是問題的一部分，對吧？市場仍然沒有因為你們過去三、四、五年所做的事情而給予應有的回報。希望有一天，我們的估值倍數會到位，然後我們就能使用多元的資本來源。

Agreed. Thank you.

同意。謝謝。

This does conclude today's question-and-answer session. I would now like to pass the floor back to management for closing remarks.

今天的問答環節到此結束。我現在想把時間交回管理層作結語。

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 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, synergistic tuck-in acquisitions, and when appropriate, stock buybacks.

謝謝。最後我想說，我們對於自身前景與機會仍然保持樂觀，將持續運用我們同級最佳的科技、強健的北美據點布局，以及廣泛的全球服務夥伴網絡，繼續在 Radiant 這裡我們所打造的優秀平台之上再接再厲。同時，我們打算透過代理站點轉換、具協同效益的補強式併購（tuck-in acquisitions），以及在適當時機進行庫藏股回購，審慎地為資產負債表重新加槓桿（relever）。

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.

透過我們多管齊下的方法，我們相信將持續為股東、營運夥伴以及我們所服務的終端客戶創造具意義的價值。感謝收聽，以及各位對 Radiant Logistics 的支持。

Thank you. This does conclude today's conference call. You may disconnect at this time, and have a wonderful day. Thank you once again for your participation.

謝謝。今天的電話會議到此結束。您現在可以掛線，祝您有美好的一天。再次感謝您的參與。