Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 4

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 4
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 Canada) and to expand brokerage and logistics offerings.

Our sales efforts are conducted by a staff of thirteen employees who are located in our major markets and supervised from our headquarters. These individuals work to improve profitability by maintaining an even flow of freight traffic (taking into account the balance between originations and destinations in a given geographical area), high utilization, and minimizing movement of empty equipment.

Our five largest customers, for which we provide carrier services covering a number of geographic locations, accounted for approximately 39%, 34% and 39% of our total revenues in 2024, 2023 and 2022, respectively. General Motors Company accounted for approximately 12%, 12% and 13% of our revenues in 2024, 2023 and 2022, respectively. Ford Motor Company accounted for approximately 9%, 5% and 5% of our revenues in 2024, 2023 and 2022, respectively. Walmart Inc. accounted for approximately 8%, 6% and 9% of our revenues in 2024, 2023 and 2022, respectively.

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We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers. Approximately 32%, 30% and 31% of our revenues were derived from transportation services provided to the automobile industry during 2024, 2023 and 2022, respectively.

Revenue Equipment

At December 31, 2024, we operated a fleet of 2,222 trucks, which included 519 independent contractor trucks. At December 31, 2024, our trailer fleet consisted of 8,703 trailers. Our company-owned trucks and leased trucks are late model, well-maintained, premium trucks, which we believe help to attract and retain drivers, maximize fuel efficiency, promote safe operations, minimize maintenance, and repair costs, and improve customer service by minimizing service interruptions caused by breakdowns. The average age of our trucks and trailers as of December 31, 2024 was 2.6 years and 6.3 years, respectively. We evaluate our equipment purchasing decisions based on factors such as initial cost, useful life, warranty terms, expected maintenance costs, fuel economy, driver comfort, customer needs, manufacturer support, and resale value.

We contract with independent contractors to provide greater flexibility in responding to fluctuations in consumer demand. Independent contractors provide their own trucks and are contractually responsible for all associated expenses, including financing costs, fuel, maintenance, insurance, and taxes