瑞迪恩物流 (RLGT) 2026 財年第四季法說會：調整後 EBITDA 成長 31.6%

Radiant Logistics (NYSE American: RLGT) 發布強勁的第四財季業績，主要得益於美國貨運代理、國際航空貨運以及國內貨運環境改善的推動。全年調整後盈餘仍低於 2025 財年水準。

重點摘要

• 2026 財年第四季營收年增 18.5% 至 2.614 億美元，淨利成長 53.1% 至 751.7 萬美元。
• 調整後 EBITDA 成長 31.6% 至 1,036.2 萬美元，調整後 EBITDA 利潤率擴張 240 個基點。調整後毛利成長 10.6%。
• 全年營收達 9.344 億美元，淨利成長 8.7% 至 1,878.6 萬美元。然而，全年調整後 EBITDA 下降 5.4% 至 3,668.4 萬美元。
• 美國貨運代理業務是本季成長的主要驅動力，並獲得國內與國際服務的支援。管理層表示，國際空運受益於西太平洋颱風賑災活動，但即使扣除該貢獻，仍實現年成長。
• Navegate 正在成為成長催化劑。一家企業客戶正使用該平台管理超過 1,400 家供應商，創造了潛在的交叉銷售機會。
• Radiant 在完成 2 億美元、2031 年到期的高級信用額度以及 1 億美元專注於併購的彈性增貸額度（accordion）後，以零淨負債進入 2027 財年。

關鍵財務結果

業務與營運表現

美國貨運代理是第四財季表現改善的主要驅動力，獲得國內與國際服務的貢獻。管理層特別強調國際航空貨運展現強勁實力。

由於承運商流失、司機供應吃緊以及車隊規模正常化，國內整車與多式聯運運力持續收縮。現貨運價與拒單率整個春季均有顯著增加。管理層表示，這一轉變始於 5 月底和 6 月初，這意味著第四財季業績中僅反映了約一個月的改善情況。

Radiant 還在 Radiant Road & Rail 推出了獨立代理計畫。該計畫為物流創業家提供存取該公司承運商網路、技術與後勤基礎設施的管道，並提供建立股權價值的結構化途徑。

Navegate 的主要定位是作為營收與客戶留存工具，而非額外利潤率的來源。根據客戶偏好，其技術費用可單獨計費或嵌入運輸定價中。Radiant 預期該平台將有助於爭取大型客戶、提升留存率，並從客戶的供應商網路中開發潛在客戶。

在國際市場方面，管理層指出，隨著承運商維持運力紀律並採取減班/空班措施，海運費率在季末出現改善。關務經紀需求繼續受到關稅複雜性以及高企的《國際緊急經濟權力法》(IEEPA) 相關申報活動支撐。

管理層展望

管理層預期卡車經紀和多式聯運環境的改善將在截至 2026 年 9 月的季度中更加明顯，並可能視市場狀況持續至後續季度。

財務長 Todd Macomber 表示，第四財季有機成長率約為 8%，並稱當前趨勢比先前時期更為強勁。公司未提供具體的成長目標。管理層強調，調整後毛利金額是比營收更具相關性的績效衡量指標，因為燃油成本通常轉嫁給客戶，可能會虛增報告營收，但不會對毛利產生實質改變。

Radiant 計劃在追求有機成長的同時進行謹慎的併購。管理層表示，在經歷漫長的貨運低迷期後，併購案源相當活絡。執行長 Bohn Crain 還提出了在現有資本結構下透過併購「使我們的 EBITDA 幾乎翻倍」的潛在途徑，但未提供具體的交易時間表或正式目標。

資本配置的優先事項包括代理站轉換、具協同效應的補充型併購，以及在適當時機實施庫藏股實施。

風險與關注焦點

• 國內貨運復甦仍處於初期階段，取決於運力、油價及整體市場狀況。
• 國際營運面臨貿易政策、關稅變化以及中東動盪帶來的不確定性，包括霍爾木茲海峽的關閉以及影響蘇伊士運河航行的青年運動（胡塞組織）活動。
• 美國與加拿大之間新的報復性關稅可能會打亂跨境卡車與鐵路運輸，儘管管理層也看到了潛在的關務經紀與貨運代理機會。
• 燃油成本通常會轉嫁給客戶，但管理層承認存在微小的時間滯後。
• 賑災活動在第四財季對航空貨運產生了顯著貢獻，但管理層表示，即使沒有這項貢獻，航空貨運仍會實現年成長。
• Radiant 表示對承運商選擇的責任非常重視，並仰賴有記錄的審查流程、安全評級與保險查驗，但管理層指出公司並不能完全免除相關風險。

分析師問答亮點

國內貨運的改善何時會反映在業績上？ 管理層表示，卡車經紀與多式聯運狀況主要在 5 月底和 6 月初有所改善。若市場持續改善，效益應會在 9 月截止的季度中更加明顯。

投資人應如何評估 2027 財年的成長？ 管理層婉拒提供精確的營收預測，建議投資人關注毛利成長，因為燃油轉嫁可能會扭曲營收比較。第四財季有機成長率約為 8%，管理層看到進入 2027 財年後呈現更強勁的趨勢。

Navegate 在財務上扮演什麼角色？ 管理層將 Navegate 視為成長加速器，而非利潤率擴張的舉措。其主要目標是爭取客戶、提升留存率，並將已在使用該平台的供應商轉化為額外的企業客戶。

是什麼原因導致第四財季的所得稅費用異常偏低？ 公司將其歸因於與《重大美妙法案》(One Big Beautiful Bill) 相關的年終結算調整，該法案允許將先前資本化的某些內部軟體成本納入報稅扣除。

併購市場有多活躍？ 管理層表示，在貨運衰退期之後，潛在賣家的數量有所增加。Radiant 打算保持嚴格紀律，但憑藉無槓桿的資產負債表及擴大的信用額度，擁有進行交易的大量資力。

法說會完整逐字稿

完整財報電話會議逐字稿

管理層陳述

Operator

[Audio Gap]

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. 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 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.

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

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.

Our quarter-over-quarter improvement was driven principally by our U.S. 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.

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 U.S. brokerage operations in particular. 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 2-decade track record as 1 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.

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 2 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.

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 U.S. 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.

More recently, escalating tariff action between the U.S. 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.

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.

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.

Todd Macomber

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 3 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 3 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. 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 3 months ended June 30, 2026, compared to adjusted net income of $5.487 million (sic) [ $5.485 million ] for the 3 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 3 months ended June 30, 2026, compared to adjusted EBITDA of $7.886 million (sic) [ $7.890 million ] for the 3 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. 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%.

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%.

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.

Operator

[Operator Instructions] And your first question today is coming from Ryan Meyers from Lake Street Capital.

分析師問答

Ryan Meyers

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?

Bohn Crain

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. 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 1 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.

Ryan Meyers

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?

Bohn Crain

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.

Operator

Your next question is coming from Jason Seidl from TD Cowen.

Elliot Alper

Yes. 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? 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.

Bohn Crain

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.

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. 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.

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.

Elliot Alper

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?

Bohn Crain

We -- 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. 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.

Elliot Alper

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 2.

Bohn Crain

Yes, 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.

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. 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.

Operator

[Operator Instructions] Our next question is coming from Jeff Kauffman from Citizens Bank.

Jeffrey Kauffman

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?

Bohn Crain

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. 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.

Jeffrey Kauffman

Yes. 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.

Todd Macomber

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.

Jeffrey Kauffman

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...

Todd Macomber

Yes. 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.

Jeffrey Kauffman

Okay. And then a broader picture. Bohn, you talked a little bit about what's going on in U.S. 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. 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.

Bohn Crain

Yes, 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 -- 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.

Jeffrey Kauffman

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?

Bohn Crain

I'm -- 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.

Jeffrey Kauffman

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

Bohn Crain

Yes.

Jeffrey Kauffman

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

Operator

Our final question is coming from Mike Vermut from Newland Capital.

Michael Vermut

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? 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 2, 3 years, how does this accelerate the growth?

Bohn Crain

Good question. I don't have a crisp answer for you on that. Time will tell. I mean -- but I think 1 of the most interesting aspects of this, at least where we are right now is, back to this 1 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.

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. 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 1 without the other. 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.

Michael Vermut

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

Bohn Crain

Yes.

Michael Vermut

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...

Bohn Crain

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.

Michael Vermut

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...

Bohn Crain

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. 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. 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.

Michael Vermut

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 3, 4, 5 years. Hopefully, 1 day, our multiple will get there, and we can use multiple sources of capital.

Todd Macomber

Agreed.

Operator

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

Bohn Crain

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. 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.

Operator

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.