Proficient Auto Logistics, Inc. Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Proficient Auto Logistics reported second quarter 2026 total operating revenue of $109.4 million, a 5.3% decrease compared to Q2 2025.
- Total units delivered in Q2 2026 were 580,962, down 8% year over year, while revenue per unit increased by 2.9%.
- Adjusted EBITDA for Q2 2026 was $7.6 million versus $11.3 million in Q2 2025.
- Net debt was $62.3 million at quarter end, with a net debt leverage ratio of 2.1 times on trailing 12-month adjusted EBITDA of $30.3 million.
- Equipment capital expenditures remained light at less than $5 million year to date in 2026.
- Margins improved sequentially each month in Q2 2026, with June's operating ratio at 95.7, the best month so far in the calendar year.
- The company announced a definitive agreement to acquire Hanson and Atkins, a business with over 30 years of history, $400 million in revenue, and $27 million in EBITDA on a trailing 12-month basis through March.
- Hanson and Atkins operates in the U.S. and Canada, with Canadian revenue comprising about 13% of their total, representing a new market for Proficient.
- The combined entity post-acquisition will have over $800 million in revenue and $60 million in adjusted EBITDA on a trailing 12-month basis, becoming the largest auto hauler in North America with a fully national U.S. footprint and comprehensive Canadian coverage.
- Proficient's sub hauler segment currently represents roughly 60% of its portfolio, including owner operators and third-party carriers, with owner operators comprising at least 20%.
- The acquisition purchase price reflects an enterprise value of $130 million, including $75 million in assumed equipment financing and $55 million paid to sellers, with $3 million in Proficient common shares and $52 million in cash at closing.
- Proficient is restructuring its debt portfolio, placing a $75 million seven-year convertible bond and planning to combine equipment financing and lines of credit into expanded syndicated facilities.
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Transcript
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Please be advised that today's conference is being recorded. I'd now like to hand the conference over to your speaker today, Brad Wright, Chief Financial Officer.
Please go ahead. Good afternoon, everyone.
I'm Brad Wright, Chief Financial Officer of Proficient Auto Logistics. Thank you for joining us for Proficient's second quarter 2026 earnings call. Earlier this afternoon, we issued two press releases. One detailing our second quarter 2026 financial results, and a second announcing our definitive agreement to acquire Hansen & Adkins, as well as some financing transactions. We have also posted on our website an investor presentation that accompanies today's discussion. Press releases and the presentation materials can be found under the investor relations section of our website at proficientautologistics.com. Our 10-Q when filed can also be found under the investor relations section of our website. During this call, we will be discussing certain forward-looking information. This information is based on our current expectations and is not a guarantee of future performance.
I encourage you to review the cautionary statement in two press releases describing factors that could cause actual results to differ from those expressed by the forward-looking statements. Further information can be found in our SEC filings. During this call, we may also refer to non-GAAP measures that include adjusted operating income, adjusted operating ratio, EBITDA, and adjusted EBITDA. Please refer to the portions of our earnings release that provide an explanation of how we compute these non-GAAP financial measures and reconciliations of those profitability measures to the most comparable GAAP measures. Joining me on today's call are Rick O'Dell, Proficient's Chairman and Chief Executive Officer, and Amy Rice, our President and Chief Operating Officer. We will provide a company update as well as an overview of the company's combined results for the second quarter of 2026, and an overview of the strategic rationale for the acquisition.
After our prepared remarks, we will open the call to questions. During Q&A, please limit yourself to one question plus one follow-up. You can get back into the queue if you have additional questions. Now, I would like to introduce Rick O'Dell for opening comments.
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