Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 34

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 34
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 revenues, before fuel surcharges for the first nine months of 2024. The decrease in net income resulted in a diluted loss per share of $1.10 for the first nine months of 2025 as compared to diluted loss per share of $0.01 for the first nine months of 2024.

LIQUIDITY AND CAPITAL RESOURCES

Our business has required, and will continue to require, a significant investment in new revenue equipment. Our primary sources of liquidity have been funds provided by operations, proceeds from the sales of revenue equipment, borrowings under our lines of credit, installment notes, investment margin account, and issuances of equity securities.

During the first nine months of 2025, we generated $23.1 million in cash from operating activities. Investing activities generated $21.9 million in cash in the first nine months of 2025. Financing activities used $44.4 million in cash in the first nine months of 2025.

Our primary use of funds is for the purchase of revenue equipment. We typically use installment notes with fixed interest rates and terms ranging from 36 to 84 months, our existing line of credit on an interim basis, proceeds from the sale or trade of equipment, and cash flows from operations to finance capital expenditures and repay long-term debt. During the first nine months of 2025, we utilized cash on hand and long-term debt to finance purchases of revenue equipment and other assets of approximately $21.6 million. In addition, we acquired approximately $46.3 million of revenue equipment through vendor-direct financing arrangements. These non-cash financing arrangements provide an additional source of liquidity for acquiring new equipment but do not result in cash inflows or outflows and, accordingly, are not reflected in the consolidated statement of cash flows.

During the remainder of 2025, we expect to purchase approximately 94 new trucks and 650 new trailers while continuing to sell or trade older equipment, which we expect to result in net capital expenditures of approximately $33.0 million.

On April 3, 2025, we commenced a tender offer to repurchase up to 435,000 shares of our outstanding common stock at a price of not greater than $17.00 nor less than $14.00 per share. On April 11, 2025, we amended the terms of the tender offer to increase the minimum purchase price for shares purchased in the tender offer to $14.50 per share. Following the expiration of the tender offer on May 1, 202