Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 22

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 22
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-average discount rate for operating leases   5.62%

   Cash Flows
    
   No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three months ended  September 30, 2025. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the nine months ended  September 30, 2025 and is included in operating cash flows within the condensed consolidated statement of cash flows.

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   Operating Lease Costs

       Three Months Ended    Nine Months Ended  
   September 30,    September 30,  
   2025    2024    2025    2024  
   (in thousands)  
                 
 Long-term  $72  $-  $120  $114 
 Short-term   (411)  927   1,453   2,608 
 Total  $(339) $927  $1,573  $2,722 

   Lease Revenue
    
   The Company's operating lease revenue is disclosed in the table below.

       Three Months Ended    Nine Months Ended  
   September 30,    September 30,  
   2025    2024    2025    2024  
   (in thousands)  
                 
 Leased truck revenue (recorded in revenue, before fuel surcharge)  $2,567  $2,630  $7,794  $7,122 
 Leased building space revenue (recorded in non-operating income)   203   121   615   360 
 Total lease revenue  $2,770  $2,751  $8,409  $7,482 

   The Company leases trucks to owner-operators under operating leases, which generally have a term of up to five years and include options to purchase the truck at the end of the lease. In the event that an owner-operator defaults on their lease, the Company generally leases the truck to another independent contractor.
    
   As of  September 30, 2025, the gross carrying value of trucks underlying these leases was $67.3 million and accumulated depreciation was $36.1 million. Depreciation is calculated on a straight-line