Company: PAMT
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001437749-25-033356
Chunk: 65

Company: PAMT CORP
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 65
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       Three Months Ended    Nine Months Ended  
   September 30,    September 30,  
   2025    2024    2025    2024  
   (in thousands)  
                 
 Long-term  $72  $-  $120  $114 
 Short-term   (411)  927   1,453   2,608 
 Total  $(339) $927  $1,573  $2,722 

   Lease Revenue
    
   The Company's operating lease revenue is disclosed in the table below.

       Three Months Ended    Nine Months Ended  
   September 30,    September 30,  
   2025    2024    2025    2024  
   (in thousands)  
                 
 Leased truck revenue (recorded in revenue, before fuel surcharge)  $2,567  $2,630  $7,794  $7,122 
 Leased building space revenue (recorded in non-operating income)   203   121   615   360 
 Total lease revenue  $2,770  $2,751  $8,409  $7,482 

   The Company leases trucks to owner-operators under operating leases, which generally have a term of up to five years and include options to purchase the truck at the end of the lease. In the event that an owner-operator defaults on their lease, the Company generally leases the truck to another independent contractor.
    
   As of  September 30, 2025, the gross carrying value of trucks underlying these leases was $67.3 million and accumulated depreciation was $36.1 million. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the quarter ended  September 30, 2025, the Company incurred $2.4 million of depreciation expense for these assets.
    
   The Company leases dock space to a related party at our Lared