Proficient Auto Logistics, Inc
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Mar 31, 2025
PAL$3.23-4.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Successor · Predecessor | ||||
|---|---|---|---|---|
| December 31, | Period from January 1, 2024 to May 12, | December 31, | December 31, | |
| 2024 | 2024 | 2023 | 2022 | |
| Cash flows from operating activities: | ||||
| Net (loss) income | $(8,475,268) | $(15,384,676) | $7,156,170 | $10,399,119 |
| Adjustments to reconcile net (loss) income to net cash flows provided by operating activities: | ||||
| Stock-based compensation | 8,883,142 | — | ||
| Provision for credit losses | 134,372 | 53,000 | 298,000 | (9,712) |
| Depreciation and amortization expense | 21,408,385 | 934,988 | 2,523,971 | 2,289,026 |
| Gain on sale of equipment | (149,683) | (235,081) | (173,859) | (47,847) |
| Sales-type lease revenue | — | — | (25,000) | (60,094) |
| Interest income | (19,679) | (273) | (2,488) | (3,448) |
| Amortization of debt issuance costs | 92,559 | 4,795 | 13,115 | 38,392 |
| Deferred income tax expense (benefit) | (1,406,439) | (3,697,804) | 857,606 | 1,650,312 |
| Operating lease expense | 1,064,232 | 25,404 | 28,918 | 177,742 |
| Adjustment of Earn Out Contingency | (3,095,114) | — | — | — |
| Change in operating assets and liabilities: | ||||
| Accounts receivable | 2,524,336 | 7,745,840 | (1,617,276) | (8,323,632) |
| Net investment in leases | 151,005 | 11,515 | 110,469 | 94,942 |
| Maintenance supplies | (261,676) | 305,619 | (153,927) | (315,287) |
| Income tax receivable | (304,615) | (2,640,127) | — | — |
| Prepaid expenses and other assets | (2,686,326) | 1,029,275 | (273,031) | 245,612 |
| Deposits | (274,761) | 42,954 | (122,454) | (543,046) |
| Accounts payable | (5,767,241) | (159,661) | 798,800 | 617,760 |
| Book overdraft | — | (891,410) | (243,716) | 684,549 |
| Accrued liabilities | (69,006) | 22,055,094 | 1,498,411 | 1,191,160 |
| Income tax payable | (78,700) | (1,174,959) | 89,083 | 1,065,449 |
| Settlement liability | — | — | — | (3,025,000) |
| Operating lease liabilities | (950,563) | (27,951) | (29,314) | (177,347) |
| Net cash flows provided by operating activities | 10,718,960 | 7,996,542 | 10,733,478 | 5,948,650 |
| Cash flows from investing activities: | ||||
| Proceeds from sale of equipment | 1,581,123 | 252,441 | 709,916 | 195,844 |
| Purchases of property and equipment | (6,176,910) | (303,534) | (515,661) | (642,986) |
| Business combinations, net of cash acquired | (200,437,521) | — | — | — |
| Net cash flows (used in) provided by investing activities | (205,033,308) | (51,093) | 194,255 | (447,142) |
| Cash flows from financing activities: | ||||
| Proceeds from line of credit | 20,918,664 | 13,265,526 | 134,931,841 | 119,103,397 |
| Proceeds from long-term debt | 20,422,522 | — | — | — |
| Repayments of line of credit | (16,830,384) | (16,715,655) | (137,737,169) | (122,655,418) |
| Repayments of long-term debt | (23,268,572) | (719,572) | (1,877,266) | (845,088) |
| Repayment of SBA Loan | (3,838,654) | — | — | — |
| Repayments of finance lease obligations | (53,771) | (1,427,821) | (1,244,490) | (1,137,709) |
| Payment of finance fees | (386,825) | — | — | (17,616) |
| Dividend Paid on Series A Preferred Stock | — | — | (5,000,000) | — |
| Common stock issued at IPO | 212,291,849 | — | — | — |
| Net cash flows provided by (used in) financing activities | 209,254,829 | (5,597,522) | (10,927,084) | (5,552,434) |
| Net change in cash and cash equivalents | 14,940,481 | 2,347,927 | 649 | (50,926) |
| Cash and cash equivalents, beginning of period | 458,233 | 4,273 | 3,624 | 54,550 |
| Cash and cash equivalents, end of period | $15,398,714 | $2,352,200 | $4,273 | $3,624 |
| Supplemental disclosure of cash flow information: | ||||
| Cash paid for interest | $3,697,314 | $786,925 | $1,118,976 | $1,150,854 |
| Cash paid for taxes | $1,958,965 | $1,187,370 | $1,254,412 | $415,203 |
| Noncash investing and financing activity: | ||||
| Addition of right-of-use asset upon adoption of ASC 842 | $— | $— | $— | $211,117 |
| Right of use assets obtained in exchange for lease liability | $12,034,768 | $328,489 | $— | $— |
| Equipment financed through long-term debt | $22,230,556 | $— | $4,842,685 | $303,740 |
| Accrued and unpaid dividends | $— | $260,526 | $947,580 | $984,914 |
| Issuance of shares for business combinations | $123,864,097 | $— | $— | $— |
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