Company: PAMT
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001437749-25-015763
Chunk: 64

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend.
    
   The Company leases trucks to owner-operators under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal.
    
   Right-of-Use Leases
    
   The Company is party to operating leases that include initial terms ranging from three to five years. The initial terms of these leases have expired, and the leases are now subject to terms not exceeding one year. In accordance with the provisions of ASC Topic 842, because all of our leased properties are currently subject to leases not exceeding one year, we do not recognize any right-of-use assets or corresponding operating lease liability as of  March 31, 2025.
    
   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  March 31, 2025. No cash payments were made for amounts included in the present value of operating lease liabilities during the three months ended  March 31, 2025.
    
   Operating Lease Costs
   
       Three Months Ended  
   March 31,  
   2025    2024  
     (in thousands) 
 Long term  $-  $85 
 Short term   779   692 
 Total  $779  $777 

   Lease Revenue
   The Company's operating lease revenue is disclosed in the table below.
   
       Three Months Ended  
   March 31,  
   2025    2024  
     (in thousands) 
 Leased truck revenue (recorded in revenue, before fuel surcharge)  $2,605  $1,991 
 Leased facility space revenue (recorded in non-operating income)   203   128 
 Total lease revenue  $2,808  $2,119 

   The Company has a lease-purchase program whereby we offer independent contractors the opportunity to lease a Company-owned truck. The terms associated with these leases require weekly lease payments over the terms of the leases, which range from 5 to 60 months. Payments under this program are classified in the Company’s financial statements under the consolidated statement of operations category Revenue.
    
   As of  March 31, 2025,