Financial Performance - Total Operating Revenue for Q4 2024 was $95.1 million, a 4% increase from Q3 2024 but a 15.9% decrease from Q4 2023[3] - Adjusted Operating Income for Q4 2024 was $1.7 million, compared to $1.1 million in Q3 2024 and $9.4 million in Q4 2023[3] - Total revenue for the full year 2024 was $388.8 million, down from $418.3 million in 2023[6] - Proficient reported a net loss before income taxes of $3,763,000 for the three months ended December 31, 2024[22] - Adjusted EBITDA for the same period was $7,462,000, which includes adjustments for interest expense, depreciation, and stock compensation[22] Operational Metrics - Total Units delivered in Q4 2024 were 521,476, a 4% increase from Q3 2024 but a 4% decrease from Q4 2023[3] - The Adjusted Operating Ratio improved to 98.3% in Q4 2024 from 98.8% in Q3 2024, but was higher than 91.7% in Q4 2023[3] - Revenue per unit for Company deliveries in Q4 2024 was $179.22, down from $193.53 in Q4 2023[9] - The dedicated fleet revenue was $3.7 million in Q4 2024, significantly lower than $14.2 million in Q4 2023[10] - The Company reported a full year Adjusted Operating Ratio of 95.0% for 2024, compared to 92.3% for the combined companies in 2023[11] Strategic Initiatives - The Company completed the acquisition of Auto Transport Group (ATG) on August 16, 2024, following its IPO on May 13, 2024[3] - The company plans to utilize net proceeds from its IPO to fund future operating expenses and capital expenditures[18] Risk Factors - Forward-looking statements indicate potential risks related to market dynamics, competition, and operational capacity[18] - Proficient's ability to manage costs and network capacity is crucial for matching future customer volume levels[18] - The company does not guarantee the achievement of its forward-looking plans and intentions[19] - Proficient is subject to various risks including geopolitical developments and changes in international trade policies[18] Cost Management - Interest expense for the quarter was $1,961,000, while depreciation and amortization expense totaled $8,128,000[22] - The company emphasizes the importance of EBITDA as a measure of operating performance and strategic decision-making[20] - There is a focus on recruiting and retaining qualified driving associates and independent contractors to support operations[18]
Proficient Auto Logistics, Inc.(PAL) - 2024 Q4 - Annual Results