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

Company: PAMT CORP
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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 fuel surcharges, represented 67.6% and 63.5% of total revenues, excluding fuel surcharges, for the quarters ended March 31, 2025, and 2024, respectively. The remaining operating revenues, before fuel surcharges, for the same periods were generated from brokerage and logistics services, representing 32.4% and 36.5%, respectively.

The main factors that impact our profitability on the expense side are costs incurred in transporting freight for our customers. Currently, our most challenging costs include fuel, driver recruitment, training, wage and benefits costs, independent broker costs (which we record as purchased transportation), insurance, maintenance and capital equipment costs.

In discussing our results of operations, we use revenue, before fuel surcharge (and fuel expense, net of fuel surcharge), because management believes that eliminating the impact of this sometimes volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During the three months ended March 31, 2025 and 2024, approximately $18.6 million and $21.6 million, respectively, of the Company’s total revenue was generated from fuel surcharges. We may also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We do this because we believe the variable cost nature of certain expenses makes a comparison of changes in expenses as a percentage of revenue more meaningful than absolute dollar changes.

RESULTS OF OPERATIONS – TRUCKLOAD SERVICES

The following table sets forth, for truckload services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Fuel costs are reported net of fuel surcharges.

      Three Months Ended 

      March 31, 

      2025 

      2024 

      (percentages) 

      Operating revenues, before fuel surcharge 

     100.0

     100.0

      Operating expenses: 

      Salaries, wages and benefits 

     41.3

     40.5

      Operating supplies and expenses 

     13.5

     12.4

      Rent and purchased transportation 

     25.8

     22.2

      Depreciation 

     24.0

     18.3

      Insurance and claims 

     5.1

     4.8

      Other 

     4.5

     5.8

      (Gain) loss