#141. October 2023 Financials

We finally broke the losing streak, but not by as much as I would have liked. October saw the establishment of several new records, predominantly positive ones. However, the bottom line was not where I would have liked to see it. There is definitely more work to be done, but I feel like we are moving in the right direction.

What To Expect From Episode 141

There have not been many months where I felt like all the trucks and drivers were running on all cylinders, but they certainly were in October. On average, the trucks ran almost 12,000 miles, all of them over 10,000. I don’t think that has happened since we have had more than two trucks. Check out the numbers for the month:

• Total miles ran– 128,771 (Almost 20k more miles than we have ever run)
• Deadhead miles– 11,398 (8.9%, The highest we have had in a while, there were some really long deadheads)
• Total revenue– $274,59
• All-in rate-per-mile– $2.13 (Highest in 4 months, only 2 months this year that were higher)

Haulin Assets realized a small profit of $8,781.56. I was hoping for better, I would have like to have seen closer to $30k. Many mickle make a muckle, we have more mickles to make. One of the positives of a hard market/economy is it forces you to be better as a company. We have made a lot of changes that I think are good changes. It’s clear that there are additional adjustments we need to make. Those adjustments will help us get through these tough times and will make us that much more profitable when the market takes a positive turns.

HERE ARE THE P&L ITEMS WE DIVE A LITTLE DEEPER INTO:

• Payroll was higher because of the extra miles
• Last work comp extra payment from our audit – $2,900
• IFTA

o    Oregon $2,000

o    NM $500

o    KY $200

o    UT $500

• Repairs

o    $8,000 Truck 02 – It’s these kind of repair bills that add proof that older trucks can be a money pit.

o    $4,000 Truck 07 – Worn wiring harness from rubbing, not under warranty, but hoping to get some back. $3,500 of it was towing. Barely over 1 year, a wiring harness shouldn’t rub. I hope freightliner will do the right thing.

Over the past 6 months, our outbound loads have shown significant improvement, particularly the last 3 months. The rates we are getting are respectable. We are getting sent to the same areas more regularly. This consistency will enhance our understanding of those lanes and enables us to build relationships that contribute to more profitable outcomes when operating in those regions.

Here are a some things we are going to be working on next:

• Better understand what routes will get us home more profitably and quickly
• Since our most profitable loads are the ones leaving Utah, we need to get back to Utah quickly
• We need to start making more contacts with shippers in those areas we are traveling to on a more frequent basis so we can work our way back with direct shipper loads

October brought a mixed bag of achievements and challenges for Haulin Assets. While we managed to break the losing streak and witnessed positive records in various aspects, there’s an undeniable sense of room for improvement, particularly in the financial realm. The month’s financials didn’t quite reach the desired mark, but the positive strides in operational efficiency and increased average mileage per truck indicate that we’re on the right track.