Radiant Logistics, Inc. (NYSE:RLGT) Q3 2024 Results Conference Call May 9, 2024 4:30 PM ET

Company Participants

Bohn Crain - Founder & Chief Executive Officer
Todd Macomber - Chief Financial Officer

Conference Call Participants

Mark Argento - Lake Street Capital
Kevin Gainey - Thompson, Davis & Company, Inc.
Jason Seidl - TD Cowen
Jeff Kauffman - Vertical Research
Mike Vermut - Newland Capital

Operator

Good day. This afternoon, Bohn Crain, Radiant Logistics' Founder and CEO; and Radiant Chief Financial Officer, Todd Macomber, will provide a general business update and discuss financial results for the company's third fiscal quarter and 9-month ended March 31, 2024. [Operator Instructions] This conference is scheduled for 30 minutes.

This conference may include forward-looking statements within the meaning of the Securities Act 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 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 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. Sir, the floor is yours.

Bohn Crain

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

Our results for the quarter ended March 31, 2024, continue to reflect the difficult freight markets being experienced by the entire industry as well as our own operation. This extended period of weak freight demand, combined with excess capacity, continues to negatively impact not only our current results but also the year-over-year comparison to our record results for prior year period. With that said, we saw a very difficult January and then steadily improvements throughout the quarter, and we expect to report sequential quarterly improvement moving forward as markets find their way to more sustainable and normalized levels.

Notwithstanding the tough year-over-year comparisons, we continue to deliver meaningfully positive results and have generated $22.1 million in adjusted EBITDA and $16 million in net cash for operations for the 9 months ended March 31, 2024. In addition, we continue to enjoy a strong balance sheet, finishing the quarter with approximately $31.2 million of cash on hand and nothing drawn on our $200 million credit facility.