Proficient Auto Logistics - Earnings Call - Q3 2025

Executive Summary

• Q3 revenue of $114.3M grew 24.9% y/y and was roughly flat q/q; adjusted operating ratio improved 250 bps y/y to 96.3% as integration and utilization initiatives took hold.
• Results beat S&P Global consensus: Revenue $114.3M vs $110.3M estimate; Primary EPS $0.08 vs $0.07 estimate (S&P “Primary EPS”), while GAAP EPS was a loss of $(0.11). Drivers were 21% unit growth (market share gains, Brothers acquisition) and mix; GAAP EPS was impacted by $1.9M restructuring.
• Balance sheet strengthened: net debt fell ~$12M q/q to ~$64.7M; net leverage declined to 1.7x TTM adjusted EBITDA; free cash flow (Adj. EBITDA – CapEx) was ~$11.5M in Q3.
• Guidance tightened higher: management now sees FY25 revenue up 10–12% (prior 5–10%); Q4 revenue modestly below Q3 with similar adjusted OR; 2025 CapEx reiterated at ~$10M; 2026 OR targeted +150 bps vs 2025.

What Went Well and What Went Wrong

• What Went Well

  • Material y/y growth with improved profitability: revenue +24.9% and adj. OR 96.3% (vs 98.8% LY), reflecting share gains, Brothers integration, and operating improvements.
  • Operating synergies executing: “sister hauls” reached 11% of revenue (vs 9% in Q2), reducing empty miles and improving asset utilization.
  • Deleveraging and FCF: net debt to TTM adj. EBITDA fell to 1.7x; Q3 free cash flow from operations ≈$11.5M enabling ~$11M debt reduction in the quarter.
  • CEO tone: “delivered strong revenue during a slower seasonal period, and further improved profitability… momentum from market share gains, operational improvements and strategic execution”.

• What Went Wrong

  • GAAP loss remained: $(3.0)M net loss (GAAP EPS $(0.11)) on interest expense and a $1.9M restructuring charge; pricing environment “not as strong as we’d like” amid excess industry capacity.
  • Volume softness into Q4: October SAAR slowed to 15.3M; company expects Q4 revenue modestly below Q3 despite stable OR.
  • Pricing pressure and limited spot: OEM cost pressure and low-spot market (at/below ~3% of mix) limit rate power; company prioritizing profitable lanes and may let low-price volumes go.

Transcript

Operator (participant)

Today, everyone, and welcome to Proficient Auto Logistics' third-quarter financial information. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press star 11 on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star 11 again. Please note that this conference is being recorded. Now, it's my pleasure to turn the call over to the Chief Financial Officer, Brad Wright. Please proceed.

Brad Wright (CFO)

Good afternoon, everyone. I'm Brad Wright, Chief Financial Officer of Profient Auto Logistics. Thank you for joining us on Profient's third-quarter 2025 earnings call. Under SEC rules, our Form 10Q, covering the three and nine-month periods ending September 30, 2025, and 2024, will include financial statements for both the predecessor accounting entity, Profient Auto Transport, and the successor entity, Profient Auto Logistics. We are not required to provide, and the Form 10Q will not contain pro forma financial data for the combined companies. Our earnings release provides comparative summary financial information for the third quarter of 2025 to the third quarter of 2024 for the company. It can be found under the Investor Relations section of our website at proficientautologistics.com. Our 10Q 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 our earnings release describing factors that could cause actual results to differ from those expressed by our 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 reconciliations of those profitability measures to GAAP measures, such as operating earnings and earnings before income taxes. Joining me on today's call are Rick O'Dell, Profient'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 third quarter.

After our prepared remarks, we will open the call to questions. During the Q&A, please limit yourself to one question plus one follow-up. You may then get back into the queue if you have additional questions. Now, I would like to introduce Rick O'Dell, who will provide the company update.

Rick O'Dell (Chairman and CEO)

Thank you, Brad, and good afternoon, everyone. I'll start with an overview of our operations during the third quarter and some trends that provide insight into our expectations for the remainder of this year. First, as it relates to the third quarter, as we discussed in our last earnings call, July auto sales and deliveries were stronger than had been expected, with SAR finishing at 16.4 million units, and while sequentially lower, consistent with seasonality, August and September SAR were stronger year over year at an average of 16.3 million units, driven in part by a surge in EV purchases ahead of the expiration of federal tax credits. Company revenue and unit volumes in the quarter largely followed these trends and were further bolstered by market share gains and the Brothers acquisition, finished up 21% and 25% respectively year over year for the quarter.

The combined results nearly matched the revenue produced in the second quarter of this year and again improved profitability sequentially and improved 250 basis points year over year, demonstrating continued momentum in operational improvements and strategic execution. From a market perspective, volatility in automotive manufacturing and purchase levels continues, reflecting production disruption due to supply chain issues and economic impacts of the expiring EV tax credit, interest rate adjustments, and tariffs. While automotive OEMs continue to face cost pressure from tariffs, as widely reported in their Q3 earnings releases, Proficient Auto Logistics continues to provide critical infrastructure in the transportation supply chain, and we have the ability to be nimble to serve customer needs as they make necessary shifts. The pricing environment is not as strong as we'd like to see.

However, we continue to show dis,cipline in our pursuit of new business and retention of incumbent business to ensure that our portfolio allows for sustainable profitability and reinvestment. We're confident that we can be successful in achieving growth and margin expansion despite complexities in the market. Looking to the fourth quarter, October SAR slowed to $15.3 million, and we are feeling this softness on volumes. SAR forecasts are for high $15 million-low $16 million range for the balance of this year and into next year, with dealer inventory levels healthy along with favorable tax policy for qualifying car loan interest deductions, a high likelihood of continued interest rate reductions, an average vehicle age above historical norms for replacement, and a typical seasonal increase in buying at the end of the year.

We're hopeful that volumes strengthen through the balance of the fourth quarter, but we expect a modestly lower revenue outcome than the third quarter, and we expect to achieve similar adjusted operating ratio and cash flow. With regard to profitability, as I referenced in the second quarter earnings call, we remain focused on controlling costs and advancing targeted cost savings initiatives and operating efficiencies that produce sustainable benefits. In the third quarter, we recognize a $1.9 million restructuring charge representing approximately $0.06 per share, which is primarily composed of one-time headcount and facility consolidation resulting from organizational realignment, as well as fees associated with the consolidation of casualty insurance coverage for all operating companies. In total, we expect to realize over $3 million in annual savings from the combined restructuring actions going forward, though much of this begins in 2026.

Note that under our new insurance program, we have a larger retention consistent with a company of our size, and there may be greater quarter-to-quarter volatility in the insurance and claims expense line going forward, reflecting frequency and severity of any accidents and injuries that do occur. That being said, we do anticipate annual savings in our annual insurance expense. In addition to these items, we continue to leverage our national scale to drive cost synergies through our procurement efforts, while our now unified accounting and transportation management systems are increasingly providing visibility and actionable insights into our customer base, operational efficiency opportunities, and profitability. As evidence of this continued progress, sister hauls or load sharing between the merged companies grew to 11% of revenue in the quarter from 9% in the prior quarter, reducing empty miles and contributing to improved asset utilization.

As we look ahead, we're well-positioned to operate profitably with strong cash flow in the current environment and to respond quickly and efficiently when the market improves. The company will continue to protect its strong balance sheet position and advance our strategic objectives for continued margin expansion, market share gains, and acquisitions. I'll now turn it back over to Brad to cover key financial highlights.

Brad Wright (CFO)

Thank you, Rick. First, a few summary statistics. Note that the contributions from ATG and Brothers are only reflected in periods since their acquisition by Proficient. Operating revenue of $114.3 million in the third quarter was 24.9% higher than in the third quarter of 2024. The adjusted operating ratio for the third quarter was 96.3%, an improvement of 250 basis points from the comparable quarter in 2024, which was 98.8%. Units delivered during the third quarter totaled 605,341, which is an increase of 21% compared to third quarter 2024. Revenue per unit, excluding fuel surcharge, was approximately $173, up approximately 3% from the third quarter of 2024. Company deliveries were 36% of revenue this quarter, down slightly from 37% in the same quarter last year when revenue was much lower, which diminished the volume available for allocation to subhaulers.

Our OEM contract business generated approximately 93% of total transportation revenue in the quarter, which is essentially unchanged from last quarter and reflects a continued lack of spot volume opportunities. Likewise, our dedicated fleet business generated $4.2 million of third quarter revenue, consistent with our expected run rate for the full year 2025. Building on Rick's comments about our expectations for fourth quarter revenue, we now foresee full-year top-line growth in a range of 10%-12% compared to the combined company's 2024 total. The company had approximately $14.5 million in cash and equivalents on September 30, 2025, up from $13.6 million at the end of last quarter. Aggregate debt balances at quarter-end were approximately $79.2 million, down $11 million from $90.2 million at the end of the second quarter.

The resulting net debt of $64.7 million on September 30 of this year equates to 1.7x trailing 12-month adjusted EBITDA versus 2.2x at the end of last quarter. Free cash flow from operations, represented by adjusted EBITDA less CapEx, was approximately $11.5 million during the quarter, which allowed for this meaningful reduction in our debt balances. While CapEx was light during the past quarter, we can reiterate our expectations stated in last quarter's earnings call that full-year equipment CapEx will be approximately $10 million for 2025. Maintenance CapEx will likely grow from this level as our fleet expands. However, even with expected CapEx increases, we expect free cash flow yields of mid-teens to 20% return against our current market capitalization. Total common shares outstanding into the quarter at 27.8 million, up slightly from 27.7 million last quarter as a result of vesting share grants.

Operator, we will now take questions.

Operator (participant)

Thank you. As a reminder, to ask a question, simply press star 11 to get in the queue and wait for your name to be announced. To withdraw your question, simply press star 11 again. Our first question is from Tyler Brown with Raymond James. Please proceed.

Tyler Brown (Associate VP of Investments)

Hey, good afternoon.

Rick O'Dell (Chairman and CEO)

Good afternoon, Tyler.

Tyler Brown (Associate VP of Investments)

Hey, Rick. Hey, Brad, just some clarifications, just real quick. So you said revenues up 10-12% for the full year. Brad, is that on a $389 million pro forma base? Basically, is it about a little over $430 million if using the midpoint for 2025?

Rick O'Dell (Chairman and CEO)

Yes. It's off of the $388.8.

Tyler Brown (Associate VP of Investments)

388.8. Okay. Perfect. Flattish OR, is that what you said, Rick, sequentially?

Rick O'Dell (Chairman and CEO)

Yes.

Tyler Brown (Associate VP of Investments)

Into Q4. Okay. Okay. Perfect. I was hoping, could we get a quick update on where we are on systems? I think that you guys had made the full conversion on the accounting system, but are we fully transitioned on the TMS across all the seven OpCos?

Amy Rice (President and COO)

Yes, we are.

Tyler Brown (Associate VP of Investments)

You are. How is that unified operating platform? Can you talk about how that visibility is helping with those sister hauls? I think you said it was 11% of revenue, up from 9%. Big picture, Amy, where can that number go longer term?

Amy Rice (President and COO)

We see that number continuing to rise. In the early stages, we're using that largely as a proxy for filling empty miles. As our assets become more fluid and flexible across the network, I would expect that sister haul volume to rise, whether it's representing filling empty miles or not. The additional visibility in the system is very helpful to being able to act more quickly, and there's opportunity for additional technology overlay for dispatch optimization and some of those capabilities as we look forward.

Tyler Brown (Associate VP of Investments)

Okay. And then just real quick here, just sorry, just a couple other ones. Rick, you mentioned last quarter that there were a number of OEM contracts that were coming up this quarter. I'm just curious how you fared in those RFPs.

Rick O'Dell (Chairman and CEO)

Yeah. Go ahead, Amy.

Amy Rice (President and COO)

Yeah. We still have a number of OEM contracts that are awaiting awards and sort of in the process of being resolved. We've not had any results that are material to overall revenues, and we commit to share anything that is of a materiality threshold. There is, as we've shared with pricing, we will work to retain profitable volume only to the point that it makes sense for our portfolio. So we have had some experience of letting some volume go to price points that are not attractive to us. We are, however, continuing to pick up some new lanes and new opportunities in some of these contracts, but they've been smaller more recently.

Tyler Brown (Associate VP of Investments)

Okay. Just my last one, I promise. I know 2026 is a ways away, but there are a few moving pieces that roll into 2026. I mean, I think you've got some old Jack Cooper business that kind of is still incremental. Brothers, I believe, is incremental. Brad, is there a reason that, assuming that SAR is flat into 2026, that revenue could not be up maybe high single digits? Is that a crazy assumption?

Rick O'Dell (Chairman and CEO)

No, I don't think that's a crazy assumption, Tyler. We will pick up, as you point out, some incremental revenue for a full year of Brothers. That helps. We're still in the process of doing our 2026 plan. We'll give you some more specifics on our next call, but I think that that's not a crazy assumption.

Tyler Brown (Associate VP of Investments)

Okay. All right. Thank you guys so much. Appreciate the time.

Rick O'Dell (Chairman and CEO)

Tyler, I would just add to that, while again, we're still in our 2026 planning progress, we have kind of established a target to improve our operating ratio by at least 150 basis points in 2026 over the 2025 results.

Operator (participant)

Thank you so much. Our next question comes from Ryan Merkel with William Blair. Please proceed.

Ryan Merkel (Research Analyst)

Yeah. Thanks, everyone. I wanted to ask on October just to get a little more specific. What was the year-over-year increase in revenue for October? And then just clarify, it sounded like you thought November and December, the growth could pick up a bit from October. Did I hear that right?

Amy Rice (President and COO)

Yeah. For October, I'll give you the pieces in there. We had Brothers this year. We had the incremental market share gains this year, neither of which were in the comps from last year. On just the base market, I would say it was slightly improved from where October was last year. In terms of November and December, typically, seasonally, there is an end-of-year purchase pattern and pushing of inventory to clear out the 2025 model and bring in 2026 inventory. We're seeing a bit of sluggishness in the current market as it stands in early November. We are still, as we said, hopeful that we see that uptick seasonally, but we are not experiencing it in the current market.

Ryan Merkel (Research Analyst)

Got it. Okay. The ARPU was still down year-over-year for the company deliveries. In the press release, you mentioned there is still excess supply. I realize that is a near-term problem, but how should we think about pricing the next couple of quarters? Do you think we have bottomed here, or might there still be a little more pressure?

Amy Rice (President and COO)

I'll take that in two ways, Ryan. One is how we are experiencing pricing on bids that are coming up for renewal. The other is really the RPU trend quarter to quarter and how that may change. As we shared, pricing dynamics on new contracts are pretty weak right now. We would like to see a more constructive market for pricing with supply and demand a bit more in balance. From an RPU perspective, though, we would expect largely stable RPU. The big changes that we saw in some of the quarters previously were cycling the declines in the dedicated product, cycling the declines in the spot market. Those two things have really material impact on RPU year-over-year. We are stabilizing now, and you should expect to see more consistent RPU year-over-year just with any impact from mixed change within the portfolio.

Ryan Merkel (Research Analyst)

Got it. Okay. That's helpful. I'll slip in one more. Rick, you said that the dealer inventory was healthy. Should I take that to mean that they're fairly lean levels, you feel comfortable? I realize it's a moving target, but is that something you feel good about as you enter Q4?

Rick O'Dell (Chairman and CEO)

Yes. Yeah. We do not perceive the inventories to be in excess.

Ryan Merkel (Research Analyst)

Okay. Just wanted to make sure. All right. Thank you.

Rick O'Dell (Chairman and CEO)

SAR has been strong.

Ryan Merkel (Research Analyst)

Appreciate it.

Rick O'Dell (Chairman and CEO)

Sure.

Operator (participant)

Our next question comes from Alex Paris with Barrington Research. Please proceed.

Alex Paris (President and Senior Managing Director)

Hi guys. Thanks for taking my questions. Congrats on a strong quarter. Just to be clear on the Q4 guide, so to speak, you said 10%-12%, Brad, I think, for the full year. That would suggest Q4 revenues of somewhere between $103 million-$110 million or so. Still strong growth year-over-year, like the maybe not quite as high as Q3 year-over-year. I'm wondering, where is the strength coming from? I think last quarter you talked about several buckets: the acquisitions of Brothers, Jack Cooper market share gains, organic growth. How would you allocate the importance of those buckets to the revenue growth of 25% in the quarter just ended and the unit growth of 21%?

Brad Wright (CFO)

I think it's not unlike the second quarter. We still are having the same benefit, roughly the same amount of revenue from both of those two components, the Brothers and the new GM revenue. With revenue essentially flat quarter over quarter, I think you could apply the same metrics.

Alex Paris (President and Senior Managing Director)

Gotcha. And then just a follow-up question on free cash flow. You said it was adjusted EBITDA minus CapEx, $11.5 million in the quarter. And I think you said on the last call, $30 million- $40 million of free cash flow for the full year. Is that still a reasonable target, or it seems like it's running a little hotter than that right now?

Brad Wright (CFO)

It is. If you annual, I was using kind of a run rate last quarter. Certainly, annualizing this one gets you a little, gets you higher, probably closer to 35.

Alex Paris (President and Senior Managing Director)

Okay. On that basis, by far, you generate on a free cash flow yield basis more than any other company in the group, whether truckload or LTL, and a free cash flow yield approaching 20% when the next closest is 5% or 6%, which would support a significantly higher stock price. That is enabling you to reduce debt at a pretty aggressive rate. Is it just a matter of you're a new company, you're a small company? What's it going to take to get the market to recognize this free cash flow characteristic?

Brad Wright (CFO)

Listen, we talked to a lot of investors, and I think most of them appreciate the fact that this is kind of an outsized cash flow return. When we start working off some of these other depreciation levels, amortization, and that starts coming through as GAAP operating earnings, maybe that wakes other people up. I do not know, Alex. We are as flummoxed by it as you are.

Alex Paris (President and Senior Managing Director)

I guess last one, M&A pipeline. It seems that you have the seven companies fully integrated. Is there more cost takeout potential there? What does the new M&A pipeline look like? Are you still pretty active there, particularly with this free cash flow generation?

Rick O'Dell (Chairman and CEO)

Yeah. I mean, we're always pursuing incremental efficiencies, and I think we've demonstrated or we're in the process of demonstrating kind of a cadence of regular improvements, validating our execution and our strategy. That strategy does include a combination of organic growth opportunities supplemented by selective tuck-in acquisitions. We have a pretty robust pipeline of opportunities. Obviously, with our strong cash flow, we've got the capability to fund that. We would expect to continue on our target of one to two tuck-in type acquisitions a year as we proceed into 2026.

Alex Paris (President and Senior Managing Director)

Great. I appreciate the extra color. Thank you.

Operator (participant)

Thank you. Our last question comes from the line of Bruce Chan with Stifel. Please proceed.

Andrew Cox (Transportation and Logistics Research Analyst)

Hey, good evening, team. This is Andrew Cox on for Bruce. Building upon the cash generation discussion prior, just kind of wanted to talk a little bit about CapEx and cash flow expectations moving through the end of the year and into 2025. You guys said in the prepared remarks that you do expect CapEx to move higher after this year and really appreciate the full year reiteration of the CapEx guide. Kind of wanted to get an expectation of your CapEx into 2026 and beyond. Are there any additional CapEx needs to meet higher volumes if they should come sometime next year? How do you plan to deploy free cash flow beyond CapEx next year? Thanks.

Brad Wright (CFO)

Thanks, Andrew. I think, look, CapEx at $10 million is probably kind of at the bottom of the range. Having said that, we've got fleet capacity that could support this kind of a market, absent big gains in contract share. We will have to kind of adjust as we go through the year. The comment in the prepared remarks was just that we do expect that as our fleet grows, we intend to keep the average age at around five years. That is just going to mean that CapEx by definition has to go up a little bit. Maybe $15 million a year might be more normal or even as high as $20 million as we continue to grow. With the cash flow generation that we've been talking about, that still yields a mid-to-high teens return on market cap, at least at today's market cap.

I would not expect—we are still working on the CapEx plan along with our full budget for 2026, but I would not expect a much higher commitment to CapEx during 2026 unless, again, the market changes and we see big needs for addressing some contract gains.

Andrew Cox (Transportation and Logistics Research Analyst)

Okay. Thanks, Brad. That's really helpful. Every trucking executive team this earnings season has been asked a question about the changes to whether it be non-domiciled CDLs or the enforcement of the English language proficiency. Just kind of wanted to see if you guys have any sense on the impact of maybe these supply changes could have on the autohauler capacity. Anything on the regulatory side, we would expect that it would have much less impact than dry van, but just any insight you guys have to help us try to model that in would be really helpful. Thank you.

Amy Rice (President and COO)

Sure. I mean, of course, we saw today that the interim rule was stayed for now on the non-domiciled CDL front. We will continue to watch and see how that plays out through the appellate process. Assuming that the interim rule does go forward in something substantially similar to what has been proposed, we do think there is a pretty material impact on trucking overall. It is not a material impact that we would expect to Proficient per se, as our company's driver population is not impacted in a large way. We would think for the autohauler segment, that would hit more closely for smaller carriers, potentially subhaulers. There are some niche players in the industry that have a driver composition that is more likely heavily and/or majority impacted by the non-domiciled CDL interim rule proposed.

It is certainly more of an impact on that front than the English language proficiency front.

Andrew Cox (Transportation and Logistics Research Analyst)

Okay. Thank you, Amy. That is really helpful as well. I can sneak one more in here. Just kind of double-clicking on the mixed benefit or just benefit at all that you had from the potential pull forward of EV demand prior to the expiration of the tax credits this quarter. Maybe it might be best if you guys have this offhand or if you guys can help us understand what percentage of the units in 3Q were electric vehicles. Maybe compare that to the year prior or the quarter prior. Just trying to understand what sort of impact this pull forward may have had on the quarterly results. Thanks.

Amy Rice (President and COO)

Yeah. I'll come at that a slightly different way. We don't actually track our volume on the basis of internal combustion engine versus EV vehicles. The impact to us is that the EV vehicles are a heavier weight, so you can get fewer of them on a given truck. Where you'd expect to see some impact is potentially a lower load factor per truck, but that's often, and we seek to ensure compensation around EVs so that the lower load factor is offset in higher revenue on those units.

Andrew Cox (Transportation and Logistics Research Analyst)

Right. Okay. I mean, should we believe that the revenue per unit impact this quarter, was it at all impacted by mixed changes to the EV side?

Amy Rice (President and COO)

I don't think so.

Rick O'Dell (Chairman and CEO)

Minimally. Yeah, minimally.

Andrew Cox (Transportation and Logistics Research Analyst)

Okay. Okay. Great. I really appreciate it. Thank you.

Operator (participant)

Thank you. We have a follow-up from the line of Tyler Brown with Raymond James. Please proceed.

Tyler Brown (Associate VP of Investments)

Hey. Appreciate you guys actually answered my follow-up on non-domicile. That was very helpful, Amy. Since I've got you, real quick, I think, Brad, you mentioned last quarter that three of the seven OpCos were running 90 or better. Can you chalk up one or two more this quarter? On the OpCos, the other ones that are not running at 90 or better, they've got to be running, just mathematically, call it 100 or more. If you were to build the bridge between where they're operating and some of the 90 or better OpCos, what are the kind of two or three key things that really differentiate there on the P&L?

Rick O'Dell (Chairman and CEO)

Yeah. So several things there, Tyler. One, the count on those at 90 or better has not really changed this quarter versus last quarter. I would say more generally that there has been a pretty broad improvement across almost all of the OpCos, and that has come on constant revenue. We are seeing incremental gains, even if small, but on flat revenue. In terms of your observation that others would have to be over 100, we do not have that in a pervasive way, but we have got a couple of OpCos that are experiencing lower volumes that are at or a little above 100, and that is mostly a revenue issue. We have dealt with a lot of the cost issues through this consolidation effort and the reorganization that we talked about.

I think that will help in the go-forward, even for those entities, and then pushing some extra revenue through, whether that's wins on contracts or whatever it may be, will take care of the difference. That is the path, really.

Tyler Brown (Associate VP of Investments)

Okay. So it's not a fundamental cost structure issue. It sounds like it's a little bit of price, a little bit of volume would go a long way.

Rick O'Dell (Chairman and CEO)

Yes.

Amy Rice (President and COO)

Yeah.

Tyler Brown (Associate VP of Investments)

Okay. Did you give the spot mix? That's my last question.

Rick O'Dell (Chairman and CEO)

I don't know that we did, but similar to last quarter, it was at or a little below 3%.

Alex Paris (President and Senior Managing Director)

Yep. Perfect. Okay. Thank you all.

Operator (participant)

With that, ladies and gentlemen, we conclude our Q&A session. I will turn it back to Rick O'Dell for final comments.

Rick O'Dell (Chairman and CEO)

Thank you for your interest in Proficient Auto Logistics. We're pleased with the progress that we've made in the first 18 months of our endeavor as a public entity. Most importantly, never satisfied with the absolute result and clearly optimistic about our ability to continue to execute and progress our operating margins. Thank you again for your interest.

Operator (participant)

Ladies and gentlemen, this concludes our conference. Thank you for your participation. You may now disconnect.