# RADIANT LOGISTICS, INC (RLGT) Informational only - not investment advice. CIK: 0001171155 SIC: 4731 Arrangement of Transportation of Freight & Cargo SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [SIC Major Group 47](/major-group/47/) > [SIC 4731 Arrangement of Transportation of Freight & Cargo](/industry/4731/) Latest 10-K filed: 2025-09-15 SEC page: https://www.sec.gov/edgar/browse/?CIK=1171155 Filing source: https://www.sec.gov/Archives/edgar/data/1171155/000119312525203690/rlgt-20250630.htm ## At a glance FY2025 · period end 2025-06-30 · filed 2025-09-15 · accession 0001193125-25-203690 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001171155.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 902,696,000 USD | 2025 | verified | | Net income | 17,291,000 USD | 2025 | verified | | Assets | 426,774,000 USD | 2025 | verified | | Free cash flow | 8,144,000 USD | 2025 | computed | | Net margin | 1.92% | 2025 | computed | | Operating margin | 2.33% | 2025 | computed | | Revenue YoY | +12.49% | 2025 | computed | | ROE | 7.65% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | RLGT | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 1.9% | 3.8% | 29 | 15 | | Operating margin | 2.3% | 5.4% | 23 | 14 | | Revenue growth | 12.5% | 9.8% | 71 | 15 | | FCF margin | 0.9% | 4.8% | 23 | 14 | | ROE | 7.7% | 9.9% | 46 | 14 | | ROA | 4.1% | 3.2% | 67 | 16 | | Liabilities / equity | 0.89 | 2.57 | 15 | 14 | | Current ratio | 1.56 | 1.27 | 86 | 15 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 47 SIC Major Group 47, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 902696000 | USD | 2025 | 2025-09-15 | | Net income | 17291000 | USD | 2025 | 2025-09-15 | | Assets | 426774000 | USD | 2025 | 2025-09-15 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-09-15. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001171155.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | | | | 842,417,000 | 890,517,000 | 855,197,000 | 899,812,000 | 1,459,419,000 | 1,085,486,000 | 802,470,000 | 902,696,000 | | Net income | | | | -3,519,000 | 4,862,000 | 10,188,000 | 16,346,000 | 10,541,000 | 23,110,000 | 44,464,000 | 20,595,000 | 7,685,000 | 17,291,000 | | Operating income | | | | -337,000 | 10,488,000 | 13,181,000 | 24,719,000 | 17,502,000 | 26,203,000 | 58,623,000 | 28,121,000 | 9,298,000 | 21,058,000 | | Diluted EPS | | | | -0.11 | 0.06 | 0.16 | 0.27 | 0.21 | 0.45 | 0.88 | 0.42 | 0.16 | 0.35 | | Operating cash flow | 2,898,636 | | | | 14,857,000 | 4,761,000 | 39,813,000 | 29,880,000 | 14,100,000 | 24,877,000 | 97,895,000 | 17,255,000 | 13,266,000 | | Capital expenditures | 323,430 | 237,733 | 4,091,898 | | | | 6,413,000 | 5,175,000 | 11,431,000 | 7,464,000 | 7,565,000 | 8,595,000 | 5,122,000 | | Share buybacks | | | | 0.00 | 253,000 | 0.00 | 0.00 | 2,496,000 | 1,909,000 | 11,346,000 | 11,063,000 | 4,099,000 | 798,000 | | Assets | | | | 263,469,000 | 289,540,000 | 305,438,000 | 267,710,000 | 306,239,000 | 524,155,000 | 497,351,000 | 393,741,000 | 371,185,000 | 426,774,000 | | Liabilities | | | | 144,288,000 | 166,075,000 | 171,824,000 | 140,430,000 | 160,665,000 | 354,573,000 | 302,794,000 | 188,645,000 | 161,676,000 | 200,689,000 | | Stockholders' equity | | | | 119,101,000 | 123,412,000 | 133,472,000 | 127,034,000 | 137,366,000 | 161,277,000 | 194,377,000 | 204,870,000 | 209,362,000 | 226,016,000 | | Cash and cash equivalents | | | | 4,768,000 | 5,808,000 | 6,992,000 | 5,420,000 | 34,841,000 | 13,696,000 | 24,442,000 | 32,456,000 | 24,874,000 | 22,942,000 | | Free cash flow | 2,575,206 | | | | | | 33,400,000 | 24,705,000 | 2,669,000 | 17,413,000 | 90,330,000 | 8,660,000 | 8,144,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | | | | 1.21% | 1.84% | 1.23% | 2.57% | 3.05% | 1.90% | 0.96% | 1.92% | | Operating margin | | | | | | 1.56% | 2.78% | 2.05% | 2.91% | 4.02% | 2.59% | 1.16% | 2.33% | | Return on equity | | | | -2.95% | 3.94% | 7.63% | 12.87% | 7.67% | 14.33% | 22.88% | 10.05% | 3.67% | 7.65% | | Return on assets | | | | -1.34% | 1.68% | 3.34% | 6.11% | 3.44% | 4.41% | 8.94% | 5.23% | 2.07% | 4.05% | | Liabilities / equity | | | | 1.21 | 1.35 | 1.29 | 1.11 | 1.17 | 2.20 | 1.56 | 0.92 | 0.77 | 0.89 | | Current ratio | | | | 1.17 | 1.18 | 1.32 | 1.27 | 1.31 | 1.46 | 1.54 | 1.37 | 1.49 | 1.56 | ## As-reported value updates 1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/RLGT/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001171155.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2021-12-31 | | | 0.14 | reported discrete quarter | | 2022-Q3 | 2022-03-31 | | | 0.28 | reported discrete quarter | | 2023-Q1 | 2022-09-30 | | | 0.17 | reported discrete quarter | | 2023-Q2 | 2022-12-31 | 278,119,000 | 4,836,000 | 0.10 | reported discrete quarter | | 2023-Q3 | 2023-03-31 | 244,171,000 | 4,183,000 | 0.08 | reported discrete quarter | | 2023-Q4 | 2023-06-30 | 232,225,000 | 3,143,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2023-09-30 | 210,797,000 | 2,622,000 | 0.05 | reported discrete quarter | | 2024-Q2 | 2023-12-31 | 201,082,000 | 985,000 | 0.02 | reported discrete quarter | | 2024-Q3 | 2024-03-31 | 184,559,000 | -703,000 | -0.02 | reported discrete quarter | | 2024-Q4 | 2024-06-30 | 206,032,000 | 4,781,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q3 | 2025-03-31 | 214,007,000 | 2,541,000 | 0.05 | reported discrete quarter | | 2025-Q4 | 2025-06-30 | 220,580,000 | 4,907,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-09-30 | 226,655,000 | 1,293,000 | 0.03 | reported discrete quarter | | 2025-Q2 | 2025-12-31 | 232,130,000 | 5,305,000 | 0.11 | reported discrete quarter | | 2026-Q3 | 2026-03-31 | 214,135,000 | 4,671,000 | 0.10 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from RLGT's latest 10-K: [/company/RLGT/business/](/company/RLGT/business/). ## Risk Factors Verbatim Item 1A Risk Factors from RLGT's latest 10-K: [/company/RLGT/risk-factors/](/company/RLGT/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1171155/000119312526216902/rlgt-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-11 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS This report contains “forward-looking statements” within the meaning set forth in United States securities laws and regulations – that is, statements related to future, not past, events. In this context, forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “estimates,” “expect,” “future,” “intend,” “may,” “plan,” “see,” “seek,” “strategy,” or “will” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are not guarantees and are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. We have developed our forward-looking statements based on management’s beliefs and assumptions, which in turn rely upon information available to them at the time such statements were made. Such forward-looking statements reflect our current perspectives on our business, future performance, existing trends and information as of the date of this report. These include, but are not limited to, our beliefs about future revenue and expense levels, growth rates, prospects related to our strategic initiatives and business strategies, along with express or implied assumptions about, among other things: our continued relationships with our strategic operating partners; the performance of our historic business, as well as the businesses we have recently acquired, at levels consistent with recent trends and reflective of the synergies we believe will be available to us as a result of such acquisitions; our ability to successfully integrate our recently acquired businesses; our ability to locate suitable acquisition opportunities and secure the financing necessary to complete such acquisitions; transportation costs remaining in line with recent levels and expected trends; our ability to mitigate, to the best extent possible, our dependence on current management and certain larger strategic operating partners; our compliance with financial and other covenants under our indebtedness; the absence of any adverse laws or governmental regulations affecting the transportation industry in general, and our operations in particular; our ability to continue to respond to macroeconomic factors that have recently had a negative effect on worldwide freight markets; the impact of any health pandemic or environmental event on our operations and financial results; continued disruptions in the global supply chain; higher inflationary pressures particularly surrounding the costs of fuel, labor, and other components of our operations; potential adverse legal, reputational and financial effects on the Company resulting from prior or future cyber incidents and the effectiveness of the Company’s business continuity plans in response to cyber incidents; the commercial, reputational and regulatory risks to our business that may arise as a consequence of our prior inability to remediate a material weakness in our internal control over financial reporting, and the further risks that may arise should we be unable to maintain an effective system of disclosure controls and internal control over financial reporting in the future; and such other factors that may be identified from time to time in our U.S Securities and Exchange Commission (“SEC”) filings and other public announcements including those set forth under the caption “Risk Factors” in Part 1 Item 1A of our Form 10-K for the year ended June 30, 2025. All subsequent written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the foregoing. Readers are cautioned not to place undue reliance on our forward-looking statements, as they speak only as of the date made. We disclaim any obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. 26 Table of Contents The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the condensed consolidated financial statements and the related notes and other information included elsewhere in this report. Overview Radiant Logistics, Inc., and its consolidated subsidiaries (the “Company,” “we” or “us”), is a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States, Canada, and Mexico. We service a large, broad, and diversified account base consisting of consumer goods, food and beverage, electronics and high-tech, aviation and automotive, military and government, and manufacturing and retail customers, which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as “strategic operating partners,” that operate exclusively on the Company's behalf, and approximately 30 Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. We believe shippers value our services because we are able to objectively arrange the most efficient and cost-effective means, type and provider of transportation service without undue influence caused by the ownership of transportation assets. In addition, our minimal investment in physical assets affords us the opportunity for a higher return on invested capital and generally stronger net cash flows than our asset-based competitors. Through our operating locations across North America, we offer domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, less than truckload ("LTL"), and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. Our primary business operations involve arranging shipments, on behalf of our customers, of materials, products, equipment and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS. Our services include arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. We also provide other value-added logistics services, including materials management and distributions ("MM&D"), customs house brokerage ("CHB") and global trade management ("GTM") solutions which complement our core transportation service offering. The Company expects to grow its business organically and by completing acquisitions of other companies with complementary geographical and logistics service offerings. The Company’s organic growth strategy will continue to focus on strengthening existing and expanding new customer relationships leveraging the benefit of the Company’s technology platform, while continuing its efforts on the organic build-out of the Company’s network of strategic operating partner locations. In addition, as the Company continues to grow and scale its business, the Company believes that it is creating density in its trade lanes, enhances our ability to efficiently source and manage its transportation capacity. In addition to its focus on organic growth, the Company will continue to search for acquisition candidates that bring critical mass from a geographic and purchasing power standpoint, along with providing complementary service offerings to the current platform. As the Company continues to grow and scale its business, it also remains focused on leveraging its back-office infrastructure and technology systems to drive productivity improvement across the organization. Impact of Notable External Conditions Global economic and trade conditions remain highly uncertain. Inflationary pressures, tariff and trade policy uncertainty, and geopolitical tensions – including the ongoing conflict in the Middle East and its effects on global energy markets, freight capacity, and shipping costs – continue to create volatility in shipment volumes, pricing dynamics, and operating margins. Elevated fuel prices, airspace restrictions, and conflict-related rerouting have added cost pressures across air and ocean freight markets, which may adversely affect our business and financial results. Performance Metrics Our principal source of income is derived from freight forwarding and freight brokerage services we provide to our customers. As a third-party logistics provider, we arrange for the shipment of our customers’ freight from point of origin to point of destination. Generally, we quote our customers a turnkey cost for the movement of their freight. Our price quote will often depend upon the customer’s time-definite needs (first day through fifth day delivery), special handling needs (heavy equipment, delicate items, environmentally sensitive goods, electronic components, etc.), and the means of transport (motor carrier, air, ocean or rail). In turn, we assume the responsibility for arranging and paying for the underlying means of transportation. 27 Table of Contents Our transportation revenue represents the total dollar value of services we sell to our customers. Our cost of transportation includes direct costs of transportation, including motor carrier, air, ocean, and rail services. Our adjusted gross profit, a non-GAAP financial measure, is gross revenue less the direct cost of transportation and other services (excluding depreciation and amortization, which are reported separately), and is used as an indicator of our ability to source, add value, and resell services provided by third-parties, and is considered by management to be a key performance measure. Adjusted gross profit percentage is adjusted gross profit as a percentage of our total revenue. In addition, management believes measuring its operating costs as a function of adjusted gross profit provides a useful metric, as our ability to control costs as a function of adjusted gross profit directly impacts operating results. We believe that these metrics provide investors with meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis. Our operating results will be affected as acquisitions occur. Since acquisitions are recorded using the acquisition method of accounting for business combinations, our financial statements will only include the results of operations and cash flows of acquired companies for periods subsequent to the date of acquisition. Our GAAP-based net income will be affected by non-cash charges relating to the amortization of customer-related intangible assets and other intangible assets attributable to completed acquisitions. Under applicable accounting standards, purchasers are required to allocate the total consideration in a business combination to the identified assets acquired and liabilities assumed based on their fair values at the time of acquisition. The excess of the consideration paid over the fair value of the identifiable net assets acquired is to be allocated to goodwill, which is tested at least annually for impairment. Applicable accounting standards require that we [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1171155/000119312525203690/rlgt-20250630.htm Complete FY 2025 MD&A: /company/RLGT/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2025-09-15 Report date: 2025-06-30 ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and result of operations should be read in conjunction with the consolidated financial statements and the related notes and other information included elsewhere in this report. Overview We operate as a leading third-party logistics company, providing technology-enabled global transportation and value-added logistics services primarily in the United States and Canada. We service a large, broad, and diversified account base consisting of consumer goods, food and beverage, electronics and high-tech, aviation and automotive, military and government, and manufacturing and retail customers, which is supported by an extensive network of operating locations across North America as well as an integrated international service partner network located in other key markets around the globe. The Company provides these services through a multi-brand network, which includes over 100 operating locations. Included in these operating locations are a number of independent agents, who are also referred to as “strategic operating partners,” that operate exclusively on the Company's behalf, and approximately 30 Company-owned locations. As the operator of a third-party logistics business, the Company has a vast carrier network of asset-based transportation companies, including motor carriers, railroads, airlines and ocean lines in its carrier network. We believe shippers value our services because we are able to objectively arrange the most efficient and cost-effective means, type and provider of transportation service without undue influence caused by the ownership of transportation assets. In addition, our minimal investment in physical assets affords us the opportunity for a higher return on invested capital and net cash flows than our asset-based competitors. Through our operating locations across North America, we offer domestic and international freight forwarding and freight brokerage services, including air, ocean, truckload, LTL, and intermodal, which is the movement of freight in trailers or containers by combination of truck and rail. Our primary business operations involve arranging shipments, on behalf of our customers, of materials, products, equipment and other goods that are generally larger than shipments handled by integrated carriers of primarily small parcels, such as FedEx, DHL and UPS. Our services include arranging and monitoring all aspects of material flow activity utilizing advanced information technology systems. We also provide other value-added logistics services, including MM&D, CHB and GTM solutions to complement our core transportation service offering. The Company expects to grow its business organically and by completing acquisitions of other companies with complementary geographical and logistics service offerings. The Company’s organic growth strategy will continue to focus on strengthening existing and expanding new customer relationships leveraging the benefit of the Company’s technology platform, while continuing its efforts on the organic build-out of the Company’s network of strategic operating partner locations. In addition, as the Company continues to grow and scale its business, the Company believes that it is creating density in its trade lanes, which creates opportunities for the Company to more efficiently source and manage its transportation capacity. In addition to its focus on organic growth, the Company will continue to search for acquisition candidates that bring critical mass from a geographic and purchasing power standpoint, along with providing complementary service offerings to the current platform. As the Company continues to grow and scale its business, it also remains focused on leveraging its back-office infrastructure and technology systems to drive productivity improvement across the organization. Impact of Notable External Conditions The global economic and trade environments remain uncertain, including inflation, tariff uncertainties, geopolitical tensions, and changes in consumer behavior, any or all of which could have a negative impact on our business and financial results. Performance Metrics Our principal source of income is derived from freight forwarding and freight brokerage services we provide to our customers. As a third-party logistics provider, we arrange for the shipment of our customers’ freight from point of origin to point of destination. Generally, we quote our customers a turnkey cost for the movement of their freight. Our price quote will often depend upon the customer’s time-definite needs (first day through fifth day delivery), special handling needs (heavy equipment, delicate items, environmentally sensitive goods, electronic components, etc.), and the means of transport (motor carrier, air, ocean or rail). In turn, we assume the responsibility for arranging and paying for the underlying means of transportation. 30 Table of Contents Our transportation revenue represents the total dollar value of services we sell to our customers. Our cost of transportation includes direct costs of transportation, including motor carrier, air, ocean, and rail services. Our adjusted gross profit, a non-GAAP financial measure, is gross revenue less the direct cost of transportation and other services (excluding depreciation and amortization, which are reported separately), and is the primary indicator of our ability to source, add value, and resell services provided by third-parties, and is considered by management to be a key performance measure. Adjusted gross profit percentage is adjusted gross profit as a percentage of our total revenue. In addition, management believes measuring its operating costs as a function of adjusted gross profit provides a useful metric, as our ability to control costs as a function of adjusted gross profit directly impacts operating results. We believe that these metrics provide investors with meaningful information to understand our results of operations and the ability to analyze financial and business trends on a period-to-period basis. Our operating results will be affected as acquisitions occur. Since acquisitions are recorded using the acquisition method of accounting for business combinations, our financial statements will only include the results of operations and cash flows of acquired companies for periods subsequent to the date of acquisition. Our GAAP-based net income will be affected by non-cash charges relating to the amortization of customer-related intangible assets and other intangible assets attributable to completed acquisitions. Under applicable accounting standards, purchasers are required to allocate the total consideration in a business combination to the identified assets acquired and liabilities assumed based on their fair values at the time of acquisition. The excess of the consideration paid over the fair value of the identifiable net assets acquired is to be allocated to goodwill, which is tested at least annually for impairment. Applicable accounting standards require that we separately account for, and value certain identifiable intangible assets based on the unique facts and circumstances of each acquisition. As a result of our acquisition strategy, our net income will include material non-cash charges relating to the amortization of customer-related intangible assets and other intangible assets acquired in our acquisitions. Although these charges may increase as we complete more acquisitions, we believe we will be growing the value of our intangible assets (e.g., customer relationships). Thus, we believe that earnings before interest, income taxes, depreciation and amortization, or EBITDA, is a useful financial measure for investors because it eliminates the effect of these non-cash charges and provides an important metric for our business. EBITDA is a non-GAAP financial measure of income and does not include the effects of interest, income taxes, and the “non-cash” effects of depreciation and amortization on long-term assets. Companies have some discretion as to which elements of depreciation and amortization are excluded in the EBITDA calculation. We exclude all depreciation charges related to property, technology, and equipment and all amortization charges (including amortization of leasehold improvements). We then further adjust EBITDA to exclude share-based compensation, costs unrelated to our core operations (primarily acquisition and litigation costs), and other non-cash charges. While management considers EBITDA and adjusted EBITDA useful in analyzing our results, it is not intended to replace any presentation included in our consolidated financial statements. The Company’s financial covenants with its lenders define an adjusted EBITDA as a key component of its covenant calculations. The Company’s ability to grow adjusted EBITDA is closely monitored by management as it’s directly tied to financial borrowing capacity and also is a frequent point of discussion with its investors as well as the Company’s earnings calls. Our operating results are also subject to seasonal trends when measured on a quarterly basis. The impact of seasonality on our business will depend on numerous factors, including the markets in which we operate, holiday seasons, consumer demand, and economic conditions. Since our revenue is largely derived from customers whose shipments are dependent upon consumer demand and just-in-time production schedules, the timing of our revenue is often beyond our control. Factors such as shifting demand for retail goods and/or manufacturing production delays could unexpectedly affect the timing of our revenue. As we increase the scale of our operations, seasonal trends in one area of our business may be offset to an extent by opposite trends in another area. We cannot accurately predict the timing of these factors, nor can we accurately estimate the impact of any particular factor, and thus we can give no assurance any historical seasonal patterns will continue in future periods. Critical Accounting Estimates Accounting policies, methods and estimates are an integral part of the consolidated financial statements prepared by management and are based upon management’s current judgments. These judgments are normally based on knowledge and experience regarding past and current events and assumptions about future events. Certain accounting policies, methods and estimates are particularly sensitive because of their significance to the financial statements and because of the possibility that future events affecting them may differ from management’s current judgments. While there are a number of accounting policies, methods and estimates that affect our financial statements, the areas that are particularly significant include revenue recognition; the fair value of acquired assets and liabilities and the assessment of the recoverability of long-lived assets, goodwill and intangible assets; and fair value of contingent consideration. 31 Table of Contents As a non-asset-based carrier, we do not generally own transportation assets. We do, however, own certain trailers and refrigerated trailers that we use in our business. We generate the majority of our transportation revenues by purchasing transportation services from direct (asset-based) carriers and reselling those services to our customers. We recognize revenue and the corresponding related costs in a manner that depicts the transfer of promised goods or services to our customers in an amount that reflects the consideration we expect to be entitled to in exchange for those goods and services. Our performance obligation is satisfied over time and recognized upon the transfer of control of the services over the requisite transit period as customers’ goods move from point of origin to point of destination. We determine the period to recog [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/RLGT/mda/fy2025/ All MD&A years: /company/RLGT/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/RLGT/mda/fy2024/): filed 2024-09-12; accession 0000950170-24-105991 (https://www.sec.gov/Archives/edgar/data/1171155/000095017024105991/rlgt-20240630.htm) - [FY 2023 MD&A](/company/RLGT/mda/fy2023/): filed 2023-09-13; accession 0000950170-23-047958 (https://www.sec.gov/Archives/edgar/data/1171155/000095017023047958/rlgt-20230630.htm) - [FY 2022 MD&A](/company/RLGT/mda/fy2022/): filed 2023-02-27; accession 0000950170-23-004697 (https://www.sec.gov/Archives/edgar/data/1171155/000095017023004697/rlgt-20220630.htm) - [FY 2021 MD&A](/company/RLGT/mda/fy2021/): filed 2021-09-20; accession 0000950170-21-001831 (https://www.sec.gov/Archives/edgar/data/1171155/000095017021001831/rlgt-20210630.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4731 Arrangement of Transportation of Freight & Cargo) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/RLGT.md · JSON record: /company/RLGT.json · verified financials: /company/RLGT/financials.json / /company/RLGT/financials.csv · machine TOC for the whole site: /llms.txt