Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 74

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 an “unused fee” of 0.25% if average borrowings are less than $18.0 million. At March 31, 2025, we had no outstanding borrowings against the line of credit and approximately $0.2 million of outstanding letters of credit, with availability to borrow $59.8 million.

Prepaid expenses and deposits decreased from $11.6 million at December 31, 2024 to $10.5 million at March 31, 2025. The decrease relates to the normal amortization of items prepaid as of December 31, 2024.

Our marketable equity securities portfolio grew $3.0 million during the first quarter of 2025 from $42.6 million at December 31, 2024 to $45.6 million at March 31, 2025. The increase was driven entirely by unrealized gains due to favorable market value changes in the underlying equity holdings.

Revenue equipment decreased from $733.2 million at December 31, 2024 to $697.6 million at March 31, 2025. The decrease is primarily due to the disposition of aging trucks and trailers during the first quarter of 2025, partially offset by purchases of new trucks and trailers during the first quarter of 2025.

During the first quarter of 2025, our current income tax position shifted from a net refundable asset of $2.3 million at December 31, 2024 to a net payable liability of $6.4 million at March 31, 2025. This change was primarily driven by the reversal of previously recognized temporary differences, most notably those related to accelerated depreciation. The transition was expected and reflects the normal timing of cash tax obligations in relation to book-tax differences. In connection with these reversals, our deferred income tax liability also decreased from $92.5 million at December 31, 2024 to $81.2 million at March 31, 2025. The reduction primarily reflects the realization of deferred tax liabilities established in prior periods for the same temporary differences, most notably those related to accelerated depreciation.

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Accounts payable and accrued expenses remained relatively flat over the quarter, with balances of $31.1 million and $15.1 million, respectively at March 31, 2025 compared to $31.2 million and $14.6 million, respectively, at December 31, 2024.

Long-term debt and current maturities of long term-debt are