Executive Summary
Radiant Logistics reported Q4 FY2024 results with solid sequential improvement amid a still-soft freight market. Revenue for the quarter was $206.0 million, down 11.3% year over year but up 11.6% quarter over quarter, while net income reached $4.78 million and basic earnings per share stood at $0.10. Adjusted net income was $7.02 million and adjusted EBITDA was $9.08 million for the quarter, underscoring a resilience in operating performance despite market headwinds. Management highlighted meaningful progress toward profitable growth through a combination of organic initiatives and tuck-in acquisitions, and stressed balance sheet strength, including approximately $25 million in cash on hand and no drawings on the company’s $200 million credit facility. Over the full year ended June 30, 2024 Radiant generated $31.2 million in adjusted EBITDA and $17.3 million in cash from operations, reflecting a difficult year for the freight cycle but a foundation for future upside as markets normalize.
Management acknowledged a low base from the prior year but stressed sequential improvement into Q4, with expectations to capitalize on an active M&A pipeline and agent-network transitions to drive future profitability. The CFO highlighted that three agent-station conversions occurred in FY2024 and that additional acquisitions joined Radiant’s network in 2024, including DVA Associates, Cascade Transportation, and Foundation Logistics, with continued emphasis on tuck-ins and greenfield opportunities in 2025. The call also touched on near-term risk factors, including macro freight demand, seasonality, and potential port disruptions, but management signaled readiness to provide operational solutions for customers if such events accrue.
Overall, Radiant’s QQ4 results suggest a path to earnings stability through ongoing consolidation, a disciplined capital return strategy, and a focus on leveraging its North American footprint and global partner network to capture higher-margin volumes as the freight environment gradually normalizes.
Key Performance Indicators
QoQ: 11.63% | YoY:-11.28%
QoQ: 25.17% | YoY:-14.25%
QoQ: 727.93% | YoY:27.56%
QoQ: 780.09% | YoY:52.12%
QoQ: 766.67% | YoY:51.29%
Key Insights
Revenue: $206.032 million in Q4 2024; YoY -11.28%, QoQ +11.63% (per earnings metrics).
Gross Profit: $36.506 million; YoY -14.25%, QoQ +25.17%.
Operating Income: $4.879 million; YoY +27.56%, QoQ +727.93% (strong sequential rebound after weak Q3).
Net Income: $4.781 million; YoY +52.12%, QoQ +780.09%.
EPS (Basic): $0.10; EPS (Diluted): $0.0984; YoY +51.29%, QoQ +766.67%.
EBITDA (reported): $9.544 million; Adjusted EBITDA (Q4): $9.078 million; YoY -1.4%.
Balance Sheet & Cash Flow: Cash end of ...
Financial Highlights
Revenue: $206.032 million in Q4 2024; YoY -11.28%, QoQ +11.63% (per earnings metrics).
Gross Profit: $36.506 million; YoY -14.25%, QoQ +25.17%.
Operating Income: $4.879 million; YoY +27.56%, QoQ +727.93% (strong sequential rebound after weak Q3).
Net Income: $4.781 million; YoY +52.12%, QoQ +780.09%.
EPS (Basic): $0.10; EPS (Diluted): $0.0984; YoY +51.29%, QoQ +766.67%.
EBITDA (reported): $9.544 million; Adjusted EBITDA (Q4): $9.078 million; YoY -1.4%.
Balance Sheet & Cash Flow: Cash end of period $24.874 million; net debt $33.101 million; total debt $57.975 million; cash flow from operations $1.259 million for the quarter; free cash flow }-0.185 million; undrawn $200m revolver; cash on hand ~ $25 million.
Valuation/Leverage: P/E ~13.4x; Enterprise Value Multiple ~30.32x; Debt to Capitalization ~0.217; Current ratio ~1.49x; DSO ~56.3 days.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
206.03M |
-11.28% |
11.63% |
| Gross Profit |
36.51M |
-14.25% |
25.17% |
| Operating Income |
4.88M |
27.56% |
727.93% |
| Net Income |
4.78M |
52.12% |
780.09% |
| EPS |
0.10 |
51.29% |
766.67% |
Key Financial Ratios
operatingProfitMargin
2.37%
operatingCashFlowPerShare
$0.03
Management Commentary
Key themes from management commentary on the earnings call:
- Strategy & M&A: Radiant continued to emphasize an acquisition-led growth trajectory. Bohn Crain noted several agent-station conversions and tuck-in acquisitions (Florida-based Daleray in Oct 2023, Select in Feb 2024, Viking Worldwide in Apr 2024) and the recent addition of DVA Associates and Cascade Transportation, plus Foundation Logistics, with ongoing expectations for greenfield opportunities to add geography, purchasing power, and industry reach. Quote: "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." (Bohn Crain)
- Market dynamics & peak season: Management highlighted a pull-forward of activity and pricing improvements into Q4, noting pressure on the West Coast and tighter capacity, with ocean rates rising. Quote: "we did see some pull forward, ... additional pressure on the West Coast, which we view as a positive thing. Ocean rates are up, as well as we're starting to see a little relief and a little tightening in capacity off of the West Coast..." (Bohn Crain)
- Freight cycle & outlook: The company signaled that the market remains below prior-year levels but is improving sequentially; management underscored the importance of customer activity and hard freight to drive upside. CFO Todd Macomber described the quarter as showing sequential growth in volume and pricing. Quote: "we're seeing sequential growth... the Q3 was obviously weak but we're seeing growth in the quarter as far as volume and the pricing is coming up." (Todd Macomber)
- Risk factors & contingency planning: The call acknowledged potential port strikes and other external risks, with management indicating readiness to deploy diversions and alternative solutions if disruptions occur. Quote: "I wouldn't want to speculate on that... we'll be there to support our customers as best we can to the extent that happens." (Bohn Crain)
- Balance sheet strength: The executives highlighted a debt-free drawdown position on the revolver and sustained liquidity, noting approximately $25 million in cash and no revolver draw. This supports an opportunistic acquisition posture. Quote: "we were able to finish the quarter with approximately $25 million of cash on hand and still nothing drawn in our $200 million credit facility." (Bohn Crain)
"This afternoon, we did see good sequential improvement in our financial results for the fourth fiscal quarter ended June 30, 2024 when compared to our third fiscal quarter ended March 31. With net income up over 750%, adjusted net income up 94.4%, and adjusted EBITDA up 75%, we hope to continue to build on this positive trend in coming quarters as markets find their way to more sustainable and normalized levels."
— Bohn Crain, Founder & CEO
"we're seeing sequential growth... the Q3 was obviously weak but we you know it's just I can't really speak to any particular thing in particular but we're seeing growth in the quarter as far as volume and the pricing is coming up."
— Todd Macomber, CFO
Forward Guidance
Outlook reflects a balance of modest near-term growth and strategic investment. Management characterized March-quarter results as the bottom for the cycle with ongoing sequential improvements into Q4 and suggested the worst may be behind us, though no material catalysts are apparent yet. The company remains focused on profitable growth through a mix of organic progress and tuck-in acquisitions, supported by a strong balance sheet and a multi-pronged capital strategy (agent-station conversions, acquisitions, and stock buybacks).
Key factors investors should monitor:
- Market normalization pace: sequence and duration of freight demand recovery and pricing power.
- Acquisition cadence: pace and fit of tuck-in acquisitions, integration milestones, and impact on EBITDA margins.
- Industry disruptors: potential port disruptions or macro events that could alter freight flows.
- Balance sheet management: use of the $200 million revolver, working capital dynamics, and free cash flow trajectory as volumes recover.