This report does not constitute a rating action. Overview Key strengths Key risks Asset light operating model benefits from low capital spending requirements. Significant exposure to the cyclical trucking, air, and ocean freight markets. Freight broker model enables it to pass through transportation costs to its customers. Small participant in the large and fragmented third-party logistics industry with low barriers to entry in the truck brokerage business. Focus on high-value, time-sensitive end markets supports higher gross margins than at less-specialized peers. Highly leveraged capital structure. Increased customer activity due to anticipation of changes in trade policy, resulted in higher demand for the company?s logistics and storage solutions. The company also benefited from flexible pricing approaches in response to ongoing supply-chain
