2024 Q4 Form 10-Q Financial Statement

#000121390024097879 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q4
Revenue $91.51M
YoY Change 173.41%
Cost Of Revenue $56.64M
YoY Change
Gross Profit $34.86M
YoY Change
Gross Profit Margin 38.1%
Selling, General & Admin $4.467M
YoY Change 428.21%
% of Gross Profit 12.81%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.784M
YoY Change
% of Gross Profit 25.2%
Operating Expenses $93.69M
YoY Change 200.41%
Operating Profit -$2.186M
YoY Change -195.85%
Interest Expense -$1.407M
YoY Change
% of Operating Profit
Other Income/Expense, Net $492.2K
YoY Change -317.18%
Pretax Income -$1.693M
YoY Change -182.46%
Income Tax -$327.8K
% Of Pretax Income
Net Earnings -$1.365M
YoY Change -187.79%
Net Earnings / Revenue -1.49%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$0.05
COMMON SHARES
Basic Shares Outstanding 27.03M shares 25.96M shares
Diluted Shares Outstanding 26.50M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.85M
YoY Change
Cash & Equivalents $16.85M $458.2K
Short-Term Investments
Other Short-Term Assets $13.96M
YoY Change
Inventory
Prepaid Expenses
Receivables $38.67M $19.80M
Other Receivables $276.2K
Total Short-Term Assets $69.75M $23.43M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $129.1M $18.00M
YoY Change
Goodwill $148.1M
YoY Change
Intangibles $134.9M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $427.9K $528.0K
YoY Change
Total Long-Term Assets $428.5M -$19.03M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $69.75M $23.43M
Total Long-Term Assets $428.5M -$19.03M
Total Assets $498.2M $4.395M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.23M $4.006M
YoY Change
Accrued Expenses $23.36M $7.803M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $18.73M $1.600M
YoY Change
Total Short-Term Liabilities $55.73M $4.006M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $45.29M $5.035M
YoY Change
Other Long-Term Liabilities $408.7K
YoY Change
Total Long-Term Liabilities $45.70M $5.035M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $55.73M $4.006M
Total Long-Term Liabilities $45.70M $5.035M
Total Liabilities $159.8M $26.36M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$5.800M -$572.8K
YoY Change
Common Stock $344.3M $29.39K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $338.5M $389.2K
YoY Change
Total Liabilities & Shareholders Equity $498.2M $4.395M
YoY Change

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q4
OPERATING ACTIVITIES
Net Income -$1.365M
YoY Change -187.79%
Depreciation, Depletion And Amortization $8.784M
YoY Change
Cash From Operating Activities $3.404M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$315.2K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$24.40M
YoY Change
Cash From Investing Activities -$24.08M
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 1.234M
YoY Change
NET CHANGE
Cash From Operating Activities 3.404M
Cash From Investing Activities -24.08M
Cash From Financing Activities 1.234M
Net Change In Cash -19.44M
YoY Change
FREE CASH FLOW
Cash From Operating Activities $3.404M
Capital Expenditures -$315.2K
Free Cash Flow $3.719M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity File Number
EntityFileNumber
001-42035
dei Entity Registrant Name
EntityRegistrantName
PROFICIENT AUTO LOGISTICS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
93-1869180
dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2024-09-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2024
dei Document Transition Report
DocumentTransitionReport
false
dei Entity Address Address Line1
EntityAddressAddressLine1
12276 San Jose Blvd.
dei Entity Address Address Line2
EntityAddressAddressLine2
Suite 426
dei Entity Address City Or Town
EntityAddressCityOrTown
Jacksonville
dei Entity Address State Or Province
EntityAddressStateOrProvince
FL
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
32223
dei City Area Code
CityAreaCode
(904)
dei Local Phone Number
LocalPhoneNumber
506-7918
dei Security12b Title
Security12bTitle
Common stock, par value $0.01 per share
dei Trading Symbol
TradingSymbol
PAL
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
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dei Entity Filer Category
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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. legally changed its name to Proficient Auto Logistics, Inc (“Proficient,” the “Company,” or “We”).</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">Proficient is an industry leading specialized freight company focused on providing auto transportation and logistics services. The Company offers a broad range of auto transportation and logistics services, primarily focused on transporting finished vehicles from automotive production facilities, marine ports of entry, or regional rail yards to auto dealerships around the country. We have developed a differentiated business model due to our scale, breadth of geographic coverage, and embedded customer relationships with leading auto original equipment manufacturing companies (“OEMs”). Our customers range from large, global auto companies, such as General Motors, BMW, Stellantis, and Mercedes Benz, to electric vehicle (“EV”) producers, such as Tesla and Rivian. Additional customers include auto dealers, auto auctions, rental car companies, and auto leasing companies. Proficient operates an asset-based Company Drivers service (“Company Drivers”) on behalf of the manufacturers as well as various third-party logistics management companies or brokers. In addition, Proficient provides third party logistics to other transportation companies under an asset-light freight model (“Brokered”).</p>
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