Company: PAMT
Filing Date: 2025-03-12
Form Type: 10-K
Source: 0001437749-25-007273
Chunk: 72

Company: PAMT CORP
Filing Date: 2025-03-12
Form: 10-K
Item: Item 1
Chunk 72
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 Report. Based on the Company’s segment identification, interpretation of the aggregation criteria outlined in ASC 280-10-50-11, and the similar qualitative and quantitative economic characteristics of the Company’s operating segments, the operations of the Company is aggregated into a single motor carrier segment. The Company’s chief operating decision maker, the Chief Executive Officer, utilizes the metrics of net income and operating ratio to evaluate company performance and in competitive analysis when comparing to competing companies. The accounting policies of the motor carrier segment are the same as those described in the summary of accounting policies found in this report.
    
   The table below presents revenue dollars and percentages by geographic area:

       Year Ended December 31,  
   2024    2023    2022  
   (in thousands)  
   Amount    Percent    Amount    Percent    Amount    Percent  
 United States - domestic shipments  $448,137   62.1  $512,552   63.2  $629,921   66.5 
 Shipments to or from Mexico   265,386   37.7   296,696   36.6   313,885   33.2 
 Shipments to or from Canada   1,123   0.2   1,559   0.2   3,056   0.3 
                         
 Total  $714,646   100% $810,807   100% $946,862   100%

   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.
    
   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.
    
   Accounts receivable from the three largest customers totaled approximately $25,384,000 and $24,665,000 at  December 31, 2024 and 2023,