Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 284

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 2
Chunk 284
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 as a larger increase in the market value of our marketable equity securities portfolio at December 31, 2023 as compared to December 31, 2022.

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased to 97.7% for 2023 from 83.7% for 2022.

Results of Operations - Logistics and Brokerage Services

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics. Rent and purchased transportation, which includes costs paid to third-party carriers, are shown net of fuel surcharges.

      Years Ended December 31, 

      2024 

      2023 

      2022 

      Operating revenues, before fuel surcharge 

     100.0
     %

     100.0
     %

     100.0
     %

      Operating expenses: 

      Salaries, wages and benefits 

     5.1

     4.9

     4.6

      Rent and purchased transportation 

     86.6

     84.6

     80.8

      Other 

     3.2

     2.4

     1.8

      Total operating expenses 

     94.9

     91.9

     87.2

      Operating income 

     5.1

     8.1

     12.8

      Non-operating income 

     0.2

     0.8

     0.2

      Interest expense 

     (0.4
     )

     (0.7
     )

     (0.5
     )

      Income before income taxes 

     4.8
     %

     8.2
     %

     12.5
     %

2024 Compared to 2023

For the year ended December 31, 2024, logistics and brokerage services revenues, before fuel surcharges, decreased 15.6% to $207.0 million as compared to $245.2 million for the year ended December 31, 2023. The decrease relates to a reduction in the average rates charged to