$PAL
Proficient Auto Logistics, Inc

2024 Q2 Form 10-Q Financial Statement

#000121390024054367 Filed on June 20, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $55.91M $0.00
YoY Change
Cost Of Revenue $34.01M $0.00
YoY Change
Gross Profit $21.90M $0.00
YoY Change
Gross Profit Margin 39.18%
Selling, General & Admin $20.01M $309.9K
YoY Change
% of Gross Profit 91.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $295.7K $639.3K
YoY Change
% of Gross Profit 1.35%
Operating Expenses $24.51M $309.9K
YoY Change
Operating Profit -$2.606M -$309.9K
YoY Change
Interest Expense -$639.8K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $167.1K $0.00
YoY Change
Pretax Income -$3.081M -$309.9K
YoY Change
Income Tax -$5.004M $0.00
% Of Pretax Income
Net Earnings -$3.552M -$309.9K
YoY Change
Net Earnings / Revenue -6.35%
Basic Earnings Per Share -$0.24 -$0.11
Diluted Earnings Per Share -$0.14 -$0.11
COMMON SHARES
Basic Shares Outstanding 26.09M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.29M $1.412M
YoY Change
Cash & Equivalents $36.29M $76.10K $458.2K
Short-Term Investments
Other Short-Term Assets $7.714M $2.973M
YoY Change
Inventory
Prepaid Expenses
Receivables $40.06M $12.72M $19.80M
Other Receivables $18.16K $26.63K
Total Short-Term Assets $84.09M $17.14M $23.43M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $114.0M $17.89M $18.00M
YoY Change
Goodwill $127.4M
YoY Change
Intangibles $113.8M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.284M $1.542M $528.0K
YoY Change
Total Long-Term Assets $374.6M -$11.96M -$19.03M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $84.09M $17.14M $23.43M
Total Long-Term Assets $374.6M -$11.96M -$19.03M
Total Assets $458.6M $5.176M $4.395M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.37M $5.097M $4.006M
YoY Change
Accrued Expenses $23.00M $5.868M $7.803M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.912M $0.00
YoY Change
Long-Term Debt Due $19.28M $2.795M $1.600M
YoY Change
Total Short-Term Liabilities $61.84M $5.097M $4.006M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $33.24M $4.918M $5.035M
YoY Change
Other Long-Term Liabilities $13.02M $256.1K
YoY Change
Total Long-Term Liabilities $46.27M $5.174M $5.035M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $61.84M $5.097M $4.006M
Total Long-Term Liabilities $46.27M $5.174M $5.035M
Total Liabilities $140.4M $18.75M $26.36M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$882.7K -$572.8K
YoY Change
Common Stock $29.39K $29.39K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $318.2M $79.29K $389.2K
YoY Change
Total Liabilities & Shareholders Equity $458.6M $5.176M $4.395M
YoY Change

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$3.552M -$309.9K
YoY Change
Depreciation, Depletion And Amortization $295.7K $639.3K
YoY Change
Cash From Operating Activities -$978.9K -$382.1K
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $5.890M $233.1K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$171.9M $252.4K
YoY Change
Cash From Investing Activities -$177.8M $19.30K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 213.2M -3.955M
YoY Change
NET CHANGE
Cash From Operating Activities -978.9K -$382.1K
Cash From Investing Activities -177.8M 19.30K
Cash From Financing Activities 213.2M -3.955M
Net Change In Cash 34.43M -$382.1K
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$978.9K -$382.1K
Capital Expenditures $5.890M $233.1K
Free Cash Flow -$6.869M -$615.3K
YoY Change

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1 — NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">AH Acquisition Corp. was formed on June 13, 2023, pursuant to the laws of the State of Delaware to become a holding company for the consolidation of several operating companies within the automobile transportation industry. Subsequently, on October 17, 2023, AH Acquisition Corp. (the “Company”) legally changed its name to Proficient Auto Logistics, Inc.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On December 20, 2023, the Company (“purchaser”) entered into separate agreements to acquire Delta Automobile Services, Inc., doing business as Delta Auto Transport (“Delta”), Deluxe Auto Carriers, Inc. (“Deluxe”), Sierra Mountain Group, Inc. (“Sierra”), Proficient Auto Transport, Inc. (“Proficient Transport”), and Tribeca Automotive Inc. (“Tribeca”).</p>
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ea0207943-10q_proficient.htm Edgar Link pending
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ea020794301ex31-2_proficient.htm Edgar Link pending
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