Financial Data and Key Metrics Changes - For Q1 2026, the company reported net income of $1.293 million on revenues of $226.7 million, translating to $0.03 per share, a decrease of approximately 61.7% from $3.376 million on $203.6 million of revenues in Q1 2025 [8][9] - Adjusted EBITDA for Q1 2026 was $6.8 million, down 28.1% from $9.452 million in Q1 2025. Excluding a one-time bad debt expense of $1.3 million, adjusted EBITDA would have been $8.1 million, slightly above the previous quarter [3][9] Business Line Data and Key Metrics Changes - The growth in transportation revenues was primarily driven by acquisition efforts, with organic growth opportunities emerging in contract logistics, customs services, and technology services [3][4] - The Navigate platform is expected to be a significant driver of organic growth, enhancing visibility and decision-making for customers [4][6] Market Data and Key Metrics Changes - The company remains virtually debt-free, with net debt of approximately $2 million against a $200 million credit facility, indicating a strong financial position [5] - The acquisition of WePort in Mexico is seen as a strategic move to enhance capabilities in a key market, supporting existing and new customers [5][33] Company Strategy and Development Direction - The company aims to balance capital allocation through strategic acquisitions, stock buybacks, and investments in sales resources, particularly focusing on the deployment of Navigate technology [6][47] - The management emphasizes a disciplined approach to capital allocation and a durable business model to navigate the challenging freight environment [4][5] Management's Comments on Operating Environment and Future Outlook - The management acknowledges a difficult freight market, particularly for international business, but notes early signs of improvement in over-the-road brokerage pricing [20][21] - The company is optimistic about the potential of Navigate to drive organic growth and enhance customer engagement over the coming quarters [18][19] Other Important Information - The company executed a stock buyback program, acquiring $0.8 million of its stock in Q1 2026 and an additional $2.8 million post-quarter [5] - The management is exploring opportunities to recover some of the $1.3 million bad debt related to the First Brands bankruptcy, although clarity on this remains uncertain [33][35] Q&A Session Summary Question: How should we think about Navigate's deployment and customer adoption? - The management indicated that they are in the early stages of deploying Navigate, which has been integrated with their core technology stack, and they expect to see incremental organic growth from this offering in the coming quarters [12][14] Question: What are the expectations for the current quarter in the freight market? - The management noted that the freight market remains challenging, but they anticipate some improvements in brokerage operations and value-added services [20][21] Question: Can you provide updates on the WePort acquisition and the impact of First Brands bankruptcy? - The management expressed excitement about the WePort acquisition, highlighting its strategic importance in Mexico, and acknowledged the unexpected nature of the First Brands bankruptcy, while exploring potential recovery options [33][35]