Proficient Auto Logistics, Inc.(PAL) - 2024 Q2 - Quarterly Results

Financial Performance - Total Operating Revenue for Q2 2024 was $106.6 million, a 5.8% increase compared to Q2 2023[2] - Adjusted Operating Income rose to $8.73 million, reflecting a 19.4% increase year-over-year[2] - Adjusted EBITDA for Q2 2024 was $12.41 million, a 3.2% increase compared to the same period in 2023[13] - The company reported an Adjusted Earnings per Share of $0.28 for Q2 2024[17] - Proficient reported a net loss of $3,552,000 for the three months ended June 30, 2024[25] - Adjusted net income for the period was $4,200,000, leading to an adjusted earnings per share (EPS) of $0.28, both basic and diluted[28] Operational Metrics - Total Units delivered increased to 507,712, marking a 10.5% rise from the previous year[2] - The Adjusted Operating Ratio improved to 91.8%, down from 92.7% in 2023[2] - Revenue before Fuel Surcharge increased by $5.4 million, or 5.7%, for Q2 2024 compared to Q2 2023[7] - Total Operating Expenses increased by $6.1 million, or 6.5%, primarily due to higher purchased transportation and salaries[9] Acquisition and Strategic Initiatives - The acquisition of Auto Transport Group (ATG) is expected to close in August 2024, enhancing coverage in the West[3] - The company is focused on effectively responding to changes in market dynamics and customer preferences as part of its business strategy[21] Financial Adjustments and Reporting - Adjusted EBITDA for the same period was $8,331,000, calculated by adding back interest expense, income tax expense, depreciation and amortization, and stock compensation expense[25] - The company incurred stock compensation expenses of $6,676,000 during the quarter[25] - Interest expense for the quarter was $640,000, while income tax expense was $470,000[25] - Proficient's financial results are reported in accordance with GAAP, but management believes that EBITDA provides useful insights into operating performance[23] - Management believes that adjusted financial measures, such as adjusted EBITDA and adjusted EPS, are helpful for comparing financial performance across periods[24] Forward-Looking Statements - The company emphasizes the importance of forward-looking statements, which involve risks and uncertainties that could affect future results[21] - Proficient does not undertake any obligation to update forward-looking statements unless required by law[22]