First Quarter 2026 Summary
Total Operating Revenue of
Total Operating Loss of
Adjusted Operating Income(1) (Loss) of
Adjusted Operating Ratio(1) of 103.4% compared to 98.7% in Q1 2025
Total Units delivered of 501,850, an increase of 1.5% from Q1 2025
Rick O’Dell, Proficient’s Chief Executive Officer, commented, “As previously communicated in early March, the year began with challenges from lower-than-expected volumes and weather disruptions, and more recent fuel cost headwinds further impacted the quarter. Encouragingly, underlying demand trends improved exiting the quarter, and with more consistent seasonal volumes and improved fuel cost recovery, we believe we are positioned for improved performance as the second quarter progresses.”
The Company is providing the below summary unaudited financial information for the three months ended
| (1 | ) | Adjusted Operating Income and Adjusted Operating Ratio are non-GAAP financial measures. See “Summary Unaudited Financial Information” on the following pages for additional information regarding the use of Adjusted Operating Income and Adjusted Operating Ratio and a reconciliation to the most comparable GAAP measure. |
Summary Unaudited Financial Information (1)
| ($000s) | Three months ended | |||||||||
| Total Operating Revenue | $ | 93,689 | $ | 95,206 | ||||||
| Total Operating (Loss) Income | (6,935 | ) | (2,363 | ) | ||||||
| Addback: | ||||||||||
| Amortization of Intangibles | 2,415 | 2,416 | ||||||||
| Stock Compensation Expense | 1,352 | 1,183 | ||||||||
| Adjusted Operating (Loss) Income(2) | (3,168 | ) | 1,236 | |||||||
| Adjusted Operating Ratio(2) | 103.4 | % | 98.7 | % | ||||||
| (Loss) Income before income taxes | (8,297 | ) | (3,894 | ) | ||||||
| Addback: | ||||||||||
| Depreciation & Amortization | 10,022 | 8,904 | ||||||||
| Stock Compensation Expense | 1,352 | 1,183 | ||||||||
| Interest Expense | 1,397 | 1,571 | ||||||||
| Adjusted EBITDA(3) | 4,474 | 7,764 | ||||||||
| Adjusted EBITDA Margin(3) | 4.8 | % | 8.2 | % | ||||||
| (1 | ) | The amounts shown reflect the unaudited summary financial results for the full three-month periods presented. Amounts related to |
| (2 | ) | Our management team reviews Adjusted Operating Income and the related Adjusted Operating Ratio, both of which are non-GAAP financial measures, as a basis for comparing the results of financial reporting periods excluding the impact of non-cash expenses related to stock-based compensation expense, amortization of intangibles, and other non-recurring items that management does not consider indicative of ongoing operating performance. These measures provide management with insight regarding progress on operating and integration initiatives. The table above provides a reconciliation of Adjusted Operating Income to Total Operating (Loss) Income, the most comparable GAAP measure, and Adjusted Operating Ratio flows from that. |
| (3 | ) | Our management team reviews Adjusted EBITDA and Adjusted EBITDA Margin, both of which are non-GAAP financial measures, to measure the operating performance and financial condition of our business and to make strategic decisions. See the Appendix for additional information regarding the use of Adjusted EBITDA. The table above provides a reconciliation of Adjusted EBITDA to (Loss) Income before income taxes, the most comparable GAAP measure, and Adjusted EBITDA Margin flows from that. |
Revenue and Profitability (1)
| Three months ended | ||||||||
| Select Operating Metrics | % Chg | |||||||
| Unit Volume - Company Deliveries | 187,117 | 163,754 | 14.3 | % | ||||
| Revenue / Unit - Company Deliveries | 182.11 | 185.38 | (1.8 | )% | ||||
| Unit Volume - Subhaulers | 314,733 | 330,755 | (4.8 | )% | ||||
| Revenue / Unit - Subhaulers | 165.61 | 173.14 | (4.3 | )% | ||||
| Percent Revenue, Company Deliveries | 40 | % | 35 | % | ||||
| Percent Revenue, Subhaulers | 60 | % | 65 | % | ||||
| (1 | ) | Amounts related to Brothers are included only since the |
First quarter revenue decreased
The first two months of the quarter were affected by extended automotive plant shutdowns, weak industry seasonally adjusted annual rate (SAAR), which was down year-over-year, severe winter weather, and a slower than anticipated recovery in rail and ocean transportation tenders. These factors constrained core volumes and resulted in revenue levels below fixed-cost coverage. While revenue and volume trends improved in March, meaningfully higher diesel fuel prices and the timing lag to associated higher fuel-surcharge recoveries created an unplanned cost and margin headwind in March. Recent trends indicate more stable volumes and improved fuel cost recovery as the second quarter progresses.
Balance Sheet
The Company ended the first quarter with
On
Conference Call
The Company will host an investor conference call at
About
We are a leading specialized freight company focused on providing auto transportation and logistics services. Through the combination of seven industry-leading operating companies since our initial public offering in
Investor Relations:
Chief Financial Officer and Secretary
Phone: 904-506-4317
email: Investor.relations@proautologistics.com
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties. Forward-looking statements generally relate to possible or assume future results of our business, financial condition, results of operations, liquidity, plans and objectives. You can generally identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions that concern our expectations, strategy, plans or intentions. We have based these forward-looking statements largely on our current expectations and projections regarding future events and trends that we believe may affect our business, financial condition and results of operations. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on
The forward-looking statements made in this document relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We do not assume any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Appendix
Non-GAAP Financial Measures
We report our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). However, management believes that certain non-GAAP measures, including EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio, provide useful information in measuring operating performance, generating future operating plans and making strategic decisions regarding allocation of capital. Management believes this information presents helpful comparisons of financial performance between periods by excluding the effect of certain non-cash and non-recurring items.
EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Income, and Adjusted Operating Ratio do not have a standardized meaning prescribed by GAAP and therefore it may not be comparable to similarly titled measures presented by other companies, and it should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.
EBITDA is defined as net income (loss) for the period adjusted for interest expense, income tax expense (benefit) and depreciation expense and intangible amortization expense.
Adjusted EBITDA is defined as net income (loss) for the period adjusted for interest expense, net, income tax expense (benefit), depreciation and amortization expense, stock compensation expense and any non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of
Adjusted EBITDA Margin is calculated as Adjusted EBITDA as a percentage of operating revenue.
Operating income is calculated as total operating revenue less total operating expenses.
Adjusted operating income is calculated as total operating revenue less total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and non-recurring items that management does not consider indicative of ongoing operating performance, including restructuring charges of
Operating ratio is calculated as total operating expenses as a percentage of operating revenue.
Adjusted operating ratio is calculated as total operating expenses adjusted to exclude amortization of intangibles, stock compensation expense, and any non-recurring items that management does not consider indicative of ongoing operating performance, as a percentage of operating revenue. Adjusted items including restructuring charges of
Summary Unaudited Financial Information (1)
| Trailing Twelve months ending- | ||||
| ($000s) | ||||
| Net (Loss) Income before income taxes | $ | (45,302 | ) | |
| Addback: | ||||
| Depreciation & Amortization | 40,423 | |||
| Stock Compensation Expense | 5,697 | |||
| Interest Expense | 6,416 | |||
| Goodwill Impairment | 27,787 | |||
| Restructuring Charge | 1,243 | |||
| Adjusted EBITDA | $ | 36,264 | ||
| (1 | ) | The amounts shown above reflect the unaudited summary financial results for the full twelve-month period presented. Amounts related to Brothers are included only since the |
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| (unaudited) | ||||||||
2026 | 2025 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 9,755,547 | $ | 14,285,745 | ||||
| Accounts receivable, less allowance for credit losses (2026 - | 49,011,373 | 42,188,909 | ||||||
| Net investment in leases, current portion | 101,362 | 126,730 | ||||||
| Maintenance supplies | 1,833,880 | 1,714,238 | ||||||
| Assets held for sale | 10,000 | 28,500 | ||||||
| Income tax receivable | 1,266,663 | 1,791,544 | ||||||
| Prepaid expenses and other current assets | 7,629,465 | 11,261,497 | ||||||
| Total current assets | 69,608,290 | 71,397,163 | ||||||
| Property and equipment, net of accumulated depreciation and amortization (2026 - | 109,007,448 | 115,850,061 | ||||||
| Operating lease right-of-use assets | 12,023,542 | 12,633,834 | ||||||
| Net investment in leases, less current portion | 5,592 | 21,781 | ||||||
| Deposits | 6,154,989 | 6,124,946 | ||||||
| 148,643,673 | 148,476,407 | |||||||
| Intangible assets, net (2026 - $17,835,862; 2025 - | 120,390,138 | 122,804,891 | ||||||
| Other long-term assets | 602,336 | 668,426 | ||||||
| Total Assets | $ | 466,436,008 | $ | 477,977,509 | ||||
| Liabilities, and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 9,900,722 | $ | 8,305,255 | ||||
| Accrued liabilities | 33,495,656 | 33,030,001 | ||||||
| Finance lease liabilities, current portion | — | 8,758 | ||||||
| Operating lease liabilities, current portion | 2,425,617 | 2,249,651 | ||||||
| Long-term debt, current portion | 19,692,275 | 20,303,077 | ||||||
| Total current liabilities | 65,514,270 | 63,896,742 | ||||||
| Long-term liabilities: | ||||||||
| Operating lease liabilities, less current portion | 10,041,385 | 10,689,839 | ||||||
| Long-term debt, less current portion | 49,384,284 | 54,026,968 | ||||||
| Deferred tax liability, net | 32,688,452 | 34,900,440 | ||||||
| Other long-term liabilities | 3,073,049 | 3,073,049 | ||||||
| Total Liabilities | 160,701,440 | 166,587,038 | ||||||
| Stockholders’ Equity: | ||||||||
| Common stock, 27,834,799 shares issued and 27,770,074 and 27,834,799 shares outstanding as of | 278,529 | 278,347 | ||||||
| Additional paid in capital | 357,531,687 | 356,179,787 | ||||||
| Accumulated deficit | (51,557,764 | ) | (45,067,663 | ) | ||||
| (517,884 | ) | — | ||||||
| Total Stockholders’ Equity | 305,734,568 | 311,390,471 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 466,436,008 | $ | 477,977,509 | ||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (unaudited) | ||||||||
| Three months ended 2026 | Three months ended 2025 | |||||||
| Operating Revenue | ||||||||
| Revenue, before fuel surcharge | $ | 86,196,954 | $ | 87,615,128 | ||||
| Fuel surcharge and other reimbursements | 5,664,451 | 5,427,840 | ||||||
| Other Revenue | 1,104,200 | 1,305,745 | ||||||
| Lease Revenue | 724,064 | 857,308 | ||||||
| Total Operating Revenue | 93,689,669 | 95,206,021 | ||||||
| Operating Expenses | ||||||||
| Salaries, wages and benefits | 20,892,844 | 19,288,103 | ||||||
| Stock-based compensation | 1,352,082 | 1,183,009 | ||||||
| Fuel and fuel taxes | 6,875,998 | 6,065,255 | ||||||
| Purchased transportation | 44,614,009 | 47,208,843 | ||||||
| Truck expenses | 7,230,793 | 5,849,846 | ||||||
| Depreciation | 7,607,007 | 6,488,579 | ||||||
| Intangible amortization | 2,414,753 | 2,415,830 | ||||||
| (Gain) Loss on sale of equipment | (10,263 | ) | 8,781 | |||||
| Insurance premiums and claims | 5,287,345 | 4,958,679 | ||||||
| General, selling, and other operating expenses | 4,359,655 | 4,101,602 | ||||||
| Total Operating Expenses | 100,624,223 | 97,568,527 | ||||||
| Operating Loss | (6,934,554 | ) | (2,362,506 | ) | ||||
| Other income and expense | ||||||||
| Interest expense | (1,397,021 | ) | (1,570,920 | ) | ||||
| Acquisition Costs | — | (37,102 | ) | |||||
| Other income, net | 33,827 | 76,222 | ||||||
| Total other expense, net | (1,363,194 | ) | (1,531,800 | ) | ||||
| Loss before income taxes | (8,297,748 | ) | (3,894,306 | ) | ||||
| Income tax benefit | (1,807,647 | ) | (702,621 | ) | ||||
| Net Loss | $ | (6,490,101 | ) | $ | (3,191,685 | ) | ||
| Loss Per Share | ||||||||
| Basic & Diluted | $ | (0.23 | ) | $ | (0.12 | ) | ||
| Weighted Average Shares | ||||||||
| Basic & Diluted | 27,826,452 | 27,069,114 | ||||||
