- \n
- \nTotal revenues of $221.7 million, up 1.0% YoY<\/p>\n<\/li>\n
- \nOperating income of $8.5 million, down 72.9% YoY; non-GAAP adjusted operating income of $18.5 million, down 46.7% YoY<\/p>\n<\/li>\n
- \nOperating ratio of 96.2%, an increase of 1050 bps YoY; non-GAAP adjusted operating ratio of 90.4%, an increase of 810 bps YoY<\/p>\n<\/li>\n
- \nDiluted EPS of $0.23, down 78.3% YoY; non-GAAP adjusted diluted EPS of $0.57, down 51.7% YoY<\/p>\n<\/li>\n<\/ul>\n
TONTITOWN, Ark.–(BUSINESS WIRE<\/a>)–
\nP.A.M. Transportation Services, Inc. (NASDAQ: PTSI) (\u201cthe Company\u201d) today reported net income of $5.2 million, or diluted earnings per share of $0.23 ($0.24 basic), for the quarter ended March 31, 2023. These results compare to net income of $23.9 million, or diluted earnings per share of $1.06 ($1.07 basic), for the quarter ended March 31, 2022. Net income and diluted earnings per share for both the first quarter ended March 31, 2023, and the first quarter ended March 31, 2022, include the negative impact of loss estimates for claims anticipated to settle in excess of insurance policy limits. Excluding the negative impact of these litigation charges, adjusted (non-GAAP) net income for the quarter ended March 31, 2023, was $12.7 million, or adjusted (non-GAAP) diluted and basic earnings per share of $0.57 compared to adjusted (non-GAAP) net income for the quarter ended March 31, 2022, of $26.5 million, or adjusted (non-GAAP) diluted earnings per share of $1.18 ($1.19 basic).<\/p>\n\nOperating revenues increased 1.0% to $221.7 million for the first quarter of 2023 compared to $219.4 million for the first quarter of 2022.<\/p>\n
Liquidity, Capitalization, and Cash Flow<\/span><\/b><\/p>\n
\nAs of March 31, 2023, we had an aggregate of $193.8 million of cash, marketable equity securities, and available liquidity under our line of credit and $302.1 million of stockholders\u2019 equity. Outstanding debt was $251.3 million as of March 31, 2023, which represents a $13.0 million decrease from December 31, 2022. During the first quarter of 2023, we generated $34.2 million in operating cash flow.<\/p>\n
Non-GAAP Financial Measures<\/span><\/b><\/p>\n
\nIn addition to our results under United States generally accepted accounting principles (GAAP), this press release also includes non-GAAP financial measures termed adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share. The Company defines adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share as GAAP operating income, GAAP operating ratio, GAAP net income and GAAP diluted earnings per share, respectively, excluding certain significant items, such as certain litigation-related charges, and any tax impact associated with such items. Management believes that reporting adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share more clearly reflects the Company\u2019s current operating results and provides investors with a better understanding of the Company\u2019s overall financial performance. Management also believes that adjusted operating ratio is more representative of our operations when excluding the volatility of fuel prices, which we cannot control. In addition, the adjusted results, although not a financial measure under GAAP, may facilitate the ability to analyze the Company\u2019s financial results in relation to those of its competitors and to the Company\u2019s prior financial performance by excluding items which otherwise would distort the comparison. However, because not all companies use identical calculations, the Company’s presentation of these measures may not be comparable to similarly titled measures of other companies. Adjusted operating income, adjusted operating ratio, adjusted net income and adjusted diluted earnings per share are not recognized terms under GAAP, do not purport to be alternatives to, and should be considered in addition to, and not as a substitute for or superior to, operating income, operating ratio, net income and diluted earnings per share, respectively, as defined under GAAP.<\/p>\n
\nPursuant to the requirements of Regulation G, we have provided a tabular reconciliation of GAAP operating income to adjusted operating income and adjusted operating ratio, GAAP net income to adjusted net income and GAAP diluted earnings per share to adjusted diluted earnings per share in this press release.<\/p>\n
About P.A.M. Transportation Services, Inc.<\/span><\/b><\/p>\n
\nP.A.M. Transportation Services, Inc. is a holding company that owns subsidiaries engaged in providing truckload dry van carrier services transporting general commodities throughout the continental United States, as well as in the Canadian provinces of Ontario and Quebec. The Company\u2019s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas, under agreements with Mexican carriers.<\/p>\n
Forward-Looking Statements<\/span><\/b><\/p>\n
\nCertain information included in this document contains or may contain \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may relate to expected future financial and operating results, prospects, plans or events, and are thus prospective. Such forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Potential risks and uncertainties include, but are not limited to, excess capacity in the trucking industry; surplus inventories; general inflation, recessionary economic cycles and downturns in customers’ business cycles; increases or rapid fluctuations in fuel prices, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties that may result from any future outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company’s used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers’ compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import\/export, trade and immigration regulations or policies; a significant reduction in or termination of the Company’s trucking service by a key customer; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether due to new information, future events or otherwise. Considering these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.<\/p>\n
\n
\n \n \nP.A.M. Transportation Services, Inc. and Subsidiaries
\n
Key Financial and Operating Statistics
\n
(unaudited)<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nQuarter ended March 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(in thousands, except per share amounts)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue, before fuel surcharge<\/p>\n<\/td>\n
\n \n$ 193,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$196,089<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFuel surcharge<\/p>\n<\/td>\n
\n \n28,270<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n23,359<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating revenue<\/p>\n<\/td>\n
\n \n221,724<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n219,448<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating expenses and costs:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSalaries, wages and benefits<\/p>\n<\/td>\n
\n \n48,278<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n39,275<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating supplies and expenses<\/p>\n<\/td>\n
\n \n41,073<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,647<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRent and purchased transportation<\/p>\n<\/td>\n
\n \n87,096<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n91,376<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDepreciation<\/p>\n<\/td>\n
\n \n16,497<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n14,877<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInsurance and claims<\/p>\n<\/td>\n
\n \n15,435<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,863<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther<\/p>\n<\/td>\n
\n \n5,423<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,213<\/p>\n<\/td>\n<\/tr>\n
\n \n \nGain on disposition of equipment<\/p>\n<\/td>\n
\n \n(577)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(147)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expenses and costs<\/p>\n<\/td>\n
\n \n213,225<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n188,104<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income<\/p>\n<\/td>\n
\n \n8,499<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,344<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInterest expense<\/p>\n<\/td>\n
\n \n(2,356)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(1,667)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNon-operating income<\/p>\n<\/td>\n
\n \n899<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,929<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome before income taxes<\/p>\n<\/td>\n
\n \n7,042<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n31,606<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome tax expense<\/p>\n<\/td>\n
\n \n1,811<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n7,664<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income<\/p>\n<\/td>\n
\n \n$5,231<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$23,942<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted earnings per share<\/p>\n<\/td>\n
\n \n$0.23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$1.06<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAverage shares outstanding \u2013 Diluted<\/p>\n<\/td>\n
\n \n22,317<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n22,483<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nQuarter ended March 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n Truckload Operations<\/span><\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal miles<\/p>\n<\/td>\n
\n \n53,729<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n45,256<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating ratio (1)<\/p>\n<\/td>\n
\n \n99.3%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n81.4%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nEmpty miles factor<\/p>\n<\/td>\n
\n \n8.96%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n9.16%<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue per total mile, before fuel surcharge<\/p>\n<\/td>\n
\n \n$2.33<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$2.76<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal loads<\/p>\n<\/td>\n
\n \n102,430<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n91,555<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue per truck per work day<\/p>\n<\/td>\n
\n \n$802<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$947<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue per truck per week<\/p>\n<\/td>\n
\n \n$4,010<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$4,736<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAverage company-driver trucks<\/p>\n<\/td>\n
\n \n2,051<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n1,675<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAverage owner operator trucks<\/p>\n<\/td>\n
\n \n389<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n388<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Logistics Operations<\/span><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal revenue (in thousands)<\/p>\n<\/td>\n
\n \n$68,256<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$71,111<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating ratio<\/p>\n<\/td>\n
\n \n88.8%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n88.6%<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nP.A.M. Transportation Services, Inc. and Subsidiaries
\n
Condensed Consolidated Balance Sheets
\n
(unaudited)<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nMarch 31,<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \nDecember 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(in thousands)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nASSETS<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent Assets:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCash and cash equivalents<\/p>\n<\/td>\n
\n \n$92,473<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$74,087<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTrade accounts receivable, net<\/p>\n<\/td>\n
\n \n131,431<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n134,739<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther receivables<\/p>\n<\/td>\n
\n \n7,443<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n6,263<\/p>\n<\/td>\n<\/tr>\n
\n \n \nInventories<\/p>\n<\/td>\n
\n \n2,624<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2,570<\/p>\n<\/td>\n<\/tr>\n
\n \n \nPrepaid expenses and deposits<\/p>\n<\/td>\n
\n \n14,136<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n15,729<\/p>\n<\/td>\n<\/tr>\n
\n \n \nMarketable equity securities<\/p>\n<\/td>\n
\n \n41,440<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n41,728<\/p>\n<\/td>\n<\/tr>\n
\n \n \nIncome taxes refundable<\/p>\n<\/td>\n
\n \n3,280<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n5,650<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current assets<\/p>\n<\/td>\n
\n \n292,827<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n280,766<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nProperty and equipment<\/p>\n<\/td>\n
\n \n691,121<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n705,919<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: accumulated depreciation<\/p>\n<\/td>\n
\n \n244,436<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n242,324<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal property and equipment, net<\/p>\n<\/td>\n
\n \n446,685<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n463,595<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther non-current assets<\/p>\n<\/td>\n
\n \n4,329<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n4,801<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal Assets<\/p>\n<\/td>\n
\n \n$743,841<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$749,162<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLIABILITIES AND STOCKHOLDERS\u2019 EQUITY<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent liabilities:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccounts payable<\/p>\n<\/td>\n
\n \n$46,229<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$48,917<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAccrued expenses and other liabilities<\/p>\n<\/td>\n
\n \n43,342<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n34,233<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCurrent portion of long-term debt<\/p>\n<\/td>\n
\n \n58,735<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n58,815<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal current liabilities<\/p>\n<\/td>\n
\n \n148,306<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n141,965<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLong-term debt, net of current portion<\/p>\n<\/td>\n
\n \n192,522<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n205,466<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDeferred income taxes<\/p>\n<\/td>\n
\n \n100,885<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n101,445<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOther long-term liabilities<\/p>\n<\/td>\n
\n \n22<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n103<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities<\/p>\n<\/td>\n
\n \n441,735<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n448,979<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSTOCKHOLDERS\u2019 EQUITY<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nCommon stock<\/p>\n<\/td>\n
\n \n223<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n223<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditional paid-in capital<\/p>\n<\/td>\n
\n \n40,680<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n40,472<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTreasury stock, at cost<\/p>\n<\/td>\n
\n \n(7,516)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(4,000)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRetained earnings<\/p>\n<\/td>\n
\n \n268,719<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n263,488<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal stockholders\u2019 equity<\/p>\n<\/td>\n
\n \n302,106<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n300,183<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal liabilities and stockholders\u2019 equity<\/p>\n<\/td>\n
\n \n$743,841<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$749,162<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nP.A.M. Transportation Services, Inc. and Subsidiaries
\n
Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)
\n
Adjusted Operating Income and Adjusted Operating Ratio<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nQuarter ended March 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(Dollars in thousands)<\/p>\n<\/td>\n<\/tr>\n
\n \n GAAP Presentation<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating revenue<\/p>\n<\/td>\n
\n \n$221,724<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$219,448<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expenses<\/p>\n<\/td>\n
\n \n(213,225)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(188,104)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating income<\/p>\n<\/td>\n
\n \n$8,499<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$31,344<\/p>\n<\/td>\n<\/tr>\n
\n \n \nOperating ratio<\/p>\n<\/td>\n
\n \n96.2%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n85.7%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n Non-GAAP Presentation<\/b><\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating revenue<\/p>\n<\/td>\n
\n \n$221,724<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$219,448<\/p>\n<\/td>\n<\/tr>\n
\n \n \nFuel surcharge<\/p>\n<\/td>\n
\n \n(28,270)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(23,359)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nRevenue, excluding fuel surcharge<\/p>\n<\/td>\n
\n \n193,454<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n196,089<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTotal operating expenses<\/p>\n<\/td>\n
\n \n213,225<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n188,104<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: fuel surcharge<\/p>\n<\/td>\n
\n \n(28,270)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(23,359)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nLess: specific legal reserve increase<\/p>\n<\/td>\n
\n \n(9,998)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(3,335)<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted operating expenses<\/p>\n<\/td>\n
\n \n174,957<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n161,410<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted Operating income<\/p>\n<\/td>\n
\n \n$18,497<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$34,679<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted Operating ratio<\/p>\n<\/td>\n
\n \n90.4%<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n82.3%<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nP.A.M. Transportation Services, Inc. and Subsidiaries
\n
Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)
\n
Reconciliation of Net Income to Adjusted Net Income<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nQuarter ended March 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n(in thousands)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nNet income (GAAP)<\/p>\n<\/td>\n
\n \n$5,231<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$23,942<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditions:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSpecific legal reserve increase<\/p>\n<\/td>\n
\n \n9,998<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n3,335<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReductions:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax benefit of specific legal reserve increase (2)<\/p>\n<\/td>\n
\n \n(2,570)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(809)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted Net income (non-GAAP)<\/p>\n<\/td>\n
\n \n$12,659<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$26,468<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n
\n \n \nP.A.M. Transportation Services, Inc. and Subsidiaries
\n
Reconciliation of GAAP Measures to Non-GAAP Amounts (unaudited)
\n
Reconciliation of Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share<\/p>\n<\/td>\n<\/tr>\n\n \n \n\u00a0<\/p>\n<\/td>\n
\n \nQuarter ended March 31,<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n2023<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n2022<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nDiluted earnings per share (GAAP)<\/p>\n<\/td>\n
\n \n$0.23<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$1.06<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdditions:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nSpecific legal reserve increase<\/p>\n<\/td>\n
\n \n0.45<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n0.15<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nReductions:<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nTax benefit of specific legal reserve increase (2)<\/p>\n<\/td>\n
\n \n(0.11)<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n(0.03)<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n
\n \n \nAdjusted Diluted earnings per share (non-GAAP)<\/p>\n<\/td>\n
\n \n$0.57<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n$1.18<\/p>\n<\/td>\n<\/tr>\n
\n \n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n
\n \n\u00a0<\/p>\n<\/td>\n<\/tr>\n<\/table>\n
\n_______________________________________<\/p>\n
- \n
- \nThe Truckload Operations operating ratio has been calculated based upon total operating expenses, net of fuel surcharge, as a percentage of revenue, before fuel surcharge. We used revenue, before fuel surcharge, and operating expenses, net of fuel surcharge, because we believe that eliminating this sometimes volatile source of revenue affords a more consistent basis for comparing our results of operations from period to period.<\/p>\n<\/li>\n
- \nThe tax benefit is calculated using the effective tax rates for each respective period prior to any adjustments for non-GAAP amounts.<\/p>\n<\/li>\n<\/ol>\n
\n\u00a0<\/p>\n
<\/p>\n
View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20230424005945\/en\/<\/a><\/span><\/p>\n
\nP.A.M. TRANSPORTATION SERVICES, INC.
\n
Lance K. Stewart
\n
(479) 361-9111<\/p>\nKEYWORDS:<\/b> Arkansas United States North America<\/p>\n
INDUSTRY KEYWORDS:<\/b> Trucking Transport Logistics\/Supply Chain Management Other Transport<\/p>\n
![\"Logo\"](\"https:\/\/mms.businesswire.com\/media\/20230424005945\/en\/1691896\/3\/PTSI_Logo.jpg\"){kind=logo}
<\/td>\n<\/tr>\n