Financial Data and Key Metrics Changes - For the fiscal year ended June 30, 2025, the company generated $38.8 million in adjusted EBITDA, an increase of $7.6 million or 24.4% compared to the prior year [3] - The net income attributable to Radiant Logistics for the quarter ended June 30, 2025, was $4.9 million on revenues of $220.6 million, representing a 2.6% increase in net income compared to the same quarter in the previous year [8] - Adjusted net income for the 12 months ended June 30, 2025, was $30.9 million, up 36.6% from $22.6 million in the prior year [10] Business Line Data and Key Metrics Changes - The year-over-year improvement in adjusted EBITDA was primarily driven by acquisitions, which contributed $6 million in adjusted EBITDA for the fiscal year [3] - The company completed three Greenfield acquisitions and three strategic operating partner conversions in fiscal 2025 [6] Market Data and Key Metrics Changes - The company noted ongoing volatility in the U.S. trade negotiations and tariffs, which may impact business operations in the near term [4] - There is a continued shift away from China to Southeast Asia and Mexico, which the company believes will benefit from the changing trade dynamics [13] Company Strategy and Development Direction - The company aims to deliver profitable growth through a combination of organic and acquisition initiatives while re-leveraging its balance sheet [5] - The recent acquisition of WePort in Mexico is seen as a strategic move to expand the company's North American footprint and support existing customers [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the prospects for global trade resuming as tariff disputes are resolved, while remaining nimble in response to any changes [4] - The company is focused on building a unified sales organization to leverage cross-sell opportunities and enhance customer engagement [59] Other Important Information - The company maintains a strong balance sheet with approximately $23 million in cash and only $20 million drawn on its $200 million credit facility [5] - Management indicated that the depreciation and amortization expense decreased due to the end of the amortization period for a significant past acquisition [21] Q&A Session Summary Question: How has changing trade policy affected the business, particularly in Mexico? - Management noted that trade policy remains fluid, with customers navigating tariffs and supply chain challenges, but they expect Mexico to benefit from these dynamics [13] Question: What are the near-term expectations for adjusted EBITDA and margins? - Management indicated that the lower adjusted EBITDA was due to less pull forward in inventory compared to previous periods [17] Question: Is there a capacity limitation on acquisitions? - Management stated that there is no true constraint on acquisition candidates, but integration capacity is a consideration [27] Question: What is the target leverage for the balance sheet? - Management indicated a normalized target leverage of around 2.5 times, with flexibility for temporary increases for the right transactions [35] Question: How does the company view the recent acquisition of WePort amid tariff uncertainties? - Management described the acquisition as opportunistic, enhancing their international capabilities and supporting existing customer needs [36] Question: What should be expected in terms of customer engagement and new business wins? - Management highlighted the importance of cross-selling opportunities and the positive feedback from customers regarding new technology initiatives [59]

Financial Data and Key Metrics Changes - The company reported record fee-related earnings (FRE) of $311 million, up 17% year-over-year [6][20] - The FRE margin reached 48%, the highest level in several years [6][19] - Distributable earnings (DE) were at a record $455 million [6][19] - Assets under management (AUM) increased to $453 billion, a 6% year-over-year growth [20] Business Line Data and Key Metrics Changes - Carlyle AlpInvest generated record FRE in Q1, nearly double from the previous year, with AUM growing 12% to $89 billion [12] - Global Credit's quarterly FRE surpassed $100 million for the first time, a nearly 50% increase from last year [13] - Global Private Equity results were in line with expectations, with significant capital returned to investors [23][24] Market Data and Key Metrics Changes - The company noted strong inflows of $50 billion over the past year, including $14 billion in Q1 alone [20] - European private credit deployment increased by 150% year-over-year, reflecting strong demand for private credit solutions [13] Company Strategy and Development Direction - The company is well-positioned to capitalize on new investment opportunities due to its long-term investment horizon and capital-light model [10] - Carlyle is focusing on diversifying its client solutions and enhancing its global wealth strategy [15][24] - The company aims to leverage its brand and platform to drive growth in key areas, particularly in private equity and credit [56] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the macro environment, noting that while there are uncertainties, the long-term trends driving demand for private capital remain strong [10][11] - The company is actively engaging with limited partners (LPs) and remains open for business despite market volatility [34][36] Other Important Information - The company has $84 billion of dry powder available for investment [10] - Carlyle's diversified platform allows it to mobilize resources effectively during market volatility [17][24] Q&A Session Summary Question: Impact of trade policy and tariffs on investment activity - Management discussed the cautious optimism among LPs and the need for thoughtful capital deployment in light of trade policy changes [30][34] Question: Corporate private equity franchise outlook - Management indicated no major adjustments to the timing of CP9, driven by deployment pace [38][39] Question: Insurance wins and fundraising guidance - Management clarified that the $40 billion flow guidance includes the recent insurance wins and strong performance in wealth products [46][48] Question: FRE margin and expense outlook - Management expressed satisfaction with the 48% FRE margin and indicated that expenses are well-planned for the year [51][52] Question: Fundraising for AlpInvest and future growth - Management highlighted the strong performance of AlpInvest and the expected continuation of fundraising efforts [55][60] Question: Endowment sector stress and its implications - Management downplayed the potential impact of endowment shifts on private capital allocation, viewing it as isolated [62][64] Question: Inorganic growth opportunities in insurance - Management expressed a preference for organic growth but remains open to accretive acquisitions if they make sense [68][70] Question: Opportunities in Japan - Management noted the dynamic nature of the Japanese market and the company's strong position there [76][78] Question: Capital markets and deployment strategy - Management emphasized a capital-light approach while focusing on execution activity levels across the platform [84][86] Question: Real estate fund updates - Management confirmed that the activation of fees on the real estate fund would lead to growth in management fees in Q2 [90]