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Proficient Auto Logistics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total operating revenue of $91,505,501. This includes revenue before fuel surcharge of $84,289,892, fuel surcharge and other reimbursements of $6,017,296, and other revenue of $375,967.
Operating expenses for the quarter totaled $93,691,006, with salaries, wages, and benefits amounting to $17,373,659, and purchased transportation costs at $44,995,562.
The company reported a net loss of $1,365,476 for the quarter. The loss before income taxes was $1,693,258, and the income tax benefit was $327,782.
Proficient Auto Logistics completed its initial public offering on May 13, 2024, and acquired five operating businesses: Delta, Deluxe, Sierra, Proficient Transport, and Tribeca. These acquisitions were accounted for as business combinations under ASC 805.
Goodwill from these acquisitions totaled $125,429,729, with intangible assets valued at $114,900,000.
Cash provided by operating activities was $7,768,100, while cash used in investing activities was $201,829,965, primarily due to acquisitions.
Proficient Auto Logistics entered into a new credit facility on November 8, 2024, with Pinnacle Bank, including a $25 million term loan and a $20 million revolving credit facility.
The company identified a material weakness in its internal controls over financial reporting related to IT general controls.
Proficient Auto Logistics operates one of the largest auto transportation fleets in North America, with approximately 1,050 transport vehicles and trailers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Proficient Auto Logistics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.