Radiant Logistics, Inc. (NYSE:RLGT) Q3 2023 Earnings Conference Call May 10, 2023 4:30 PM ET

Company Participants

Bohn Crain - Founder and Chief Executive Officer

Todd Macomber - Chief Financial Officer

Conference Call Participants

Jacob Stephen - Lake Street capital

Elliot Alper - TD Cowen

Jeff Kauffman - Vertical Research Partners

Michael Vermut - Newland Capital Management

Operator

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, 2023. Following their comments, we will open the call to questions. This conference is scheduled for 30 minutes.

This conference call may include forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934. The company has based these forward-looking statements on its current expectations and projections about future events. 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.

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 been in the past and may be 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.

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

Bohn Crain

Thank you. Good afternoon, everyone, and thank you for joining in on today's call. Let me start by saying it's never dull in freight forwarding. The volatility that we have seen in the market as we have come through the pandemic is unprecedented. As you can see from the release, our results for the March quarter were heavily impacted by the rapid softening of the freight market that has occurred in recent months. These quickly evolving market conditions have negatively impacted not only our results, but also the year-over-year comparison to our record results from the prior year period.

While our core domestic forwarding services have been relatively durable, some of our smaller service lines including ocean imports, and intermodal and truck brokerage operations have been particularly hard hit as a result of the dramatic fall off from the robust operating environment that we experienced last year. The confluence of shippers continuing to manage through elevated inventories, reduced imports, and a slowing economic environment is having a cascading effect across virtually every mode of transportation, where the balance of supply and demand has shifted from a tight market a year ago to one that is now oversupplied.