Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 19, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000798287 | |
Entity Registrant Name | PAM TRANSPORTATION SERVICES INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity File Number | 0-1507 | |
Entity Tax Identification Number | 71-0633135 | |
Entity Address, Address Line One | 297 West Henri De Tonti | |
Entity Address, City or Town | Tontitown | |
Entity Address, State or Province | AR | |
Entity Address, Postal Zip Code | 72770 | |
City Area Code | 479 | |
Local Phone Number | 361-9111 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | PTSI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,033,325 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 92,473 | $ 74,087 |
Accounts receivable-net: | ||
Trade, less current estimated credit loss of $5,672 and $5,381, respectively | 131,431 | 134,739 |
Other | 7,443 | 6,263 |
Inventories | 2,624 | 2,570 |
Prepaid expenses and deposits | 14,136 | 15,729 |
Marketable equity securities | 41,440 | 41,728 |
Income taxes refundable | 3,280 | 5,650 |
Total current assets | 292,827 | 280,766 |
Property and equipment: | ||
Land | 19,718 | 19,718 |
Structures and improvements | 36,557 | 35,534 |
Revenue equipment | 621,208 | 637,510 |
Office furniture and equipment | 13,638 | 13,157 |
Total property and equipment | 691,121 | 705,919 |
Accumulated depreciation | (244,436) | (242,324) |
Net property and equipment | 446,685 | 463,595 |
Other assets | 4,329 | 4,801 |
TOTAL ASSETS | 743,841 | 749,162 |
Current liabilities: | ||
Accounts payable | 46,229 | 48,917 |
Accrued expenses and other liabilities | 43,342 | 34,233 |
Current maturities of long-term debt | 58,735 | 58,815 |
Total current liabilities | 148,306 | 141,965 |
Long-term debt - less current portion | 192,522 | 205,466 |
Deferred income taxes | 100,885 | 101,445 |
Other long-term liabilities | 22 | 103 |
Total liabilities | 441,735 | 448,979 |
COMMITMENTS AND CONTINGENCIES (Note L) | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued | 0 | 0 |
Common stock, $.01 par value, 50,000,000 shares authorized; 22,300,971 and 22,293,687 shares issued; 22,050,556 and 22,166,450 shares outstanding at March 31, 2023 and December 31, 2022, respectively | 223 | 223 |
Additional paid-in capital | 40,680 | 40,472 |
Treasury stock, at cost; 250,415 and 127,237 shares at March 31, 2023 and December 31, 2022, respectively | (7,516) | (4,000) |
Retained earnings | 268,719 | 263,488 |
Total stockholders’ equity | 302,106 | 300,183 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 743,841 | $ 749,162 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Trade, allowance | $ 5,672 | $ 5,381 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 22,300,971 | 22,293,687 |
Common stock, outstanding (in shares) | 22,050,556 | 22,166,450 |
Treasury shares (in shares) | 250,415 | 127,237 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING REVENUES: | ||
Operating revenues | $ 221,724 | $ 219,448 |
OPERATING EXPENSES AND COSTS: | ||
Salaries, wages and benefits | 48,278 | 39,275 |
Operating supplies and expenses | 41,073 | 31,647 |
Rent and purchased transportation | 87,096 | 91,376 |
Depreciation | 16,497 | 14,877 |
Insurance and claims | 15,435 | 6,863 |
Other | 5,423 | 4,213 |
Gain on sale or disposition of equipment | (577) | (147) |
Total operating expenses and costs | 213,225 | 188,104 |
OPERATING INCOME | 8,499 | 31,344 |
NON-OPERATING INCOME | 899 | 1,929 |
INTEREST EXPENSE | (2,356) | (1,667) |
INCOME BEFORE INCOME TAXES | 7,042 | 31,606 |
FEDERAL AND STATE INCOME TAX EXPENSE (BENEFIT): | ||
Current | 2,371 | 3,538 |
Deferred | (560) | 4,126 |
Total federal and state income tax expense | 1,811 | 7,664 |
Net income | $ 5,231 | $ 23,942 |
INCOME PER COMMON SHARE: | ||
Basic (in dollars per share) | $ 0.24 | $ 1.07 |
Diluted (in dollars per share) | $ 0.23 | $ 1.06 |
AVERAGE COMMON SHARES OUTSTANDING: | ||
Basic (in shares) | 22,148 | 22,292 |
Diluted (in shares) | 22,317 | 22,483 |
Freight Transportation Service [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | $ 193,454 | $ 196,089 |
Fuel Surcharge [Member] | ||
OPERATING REVENUES: | ||
Operating revenues | $ 28,270 | $ 23,359 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
OPERATING ACTIVITIES: | ||
Net income | $ 5,231 | $ 23,942 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 16,497 | 14,877 |
Bad debt expense | 302 | 268 |
Stock compensation-net of excess tax benefits | 208 | 137 |
Provision for deferred income taxes | (560) | 4,126 |
Loss/(Gain) on marketable equity securities | 288 | (1,397) |
Gain on sale or disposition of equipment | (577) | (147) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,826 | (14,568) |
Prepaid expenses, deposits, inventories, and other assets | 1,930 | (26) |
Income taxes payable | 2,371 | 3,384 |
Trade accounts payable | (2,783) | 4,477 |
Accrued expenses and other liabilities | 9,474 | 6,020 |
Net cash provided by operating activities | 34,207 | 41,093 |
INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (6,108) | (10,016) |
Proceeds from disposition of equipment | 7,192 | 1,042 |
Net cash provided by / (used in) investing activities | 1,084 | (8,974) |
FINANCING ACTIVITIES: | ||
Borrowings under line of credit | 282,515 | 184,177 |
Repayments under line of credit | (282,515) | (184,177) |
Borrowings of long-term debt | 0 | 42,058 |
Repayments of long-term debt | (13,024) | (11,434) |
Borrowings under margin account | 18 | 11 |
Repayments under margin account | (383) | (360) |
Repurchases of common stock | (3,516) | (3,000) |
Net cash (used in) / provided by financing activities | (16,905) | 27,275 |
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 18,386 | 59,394 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period | 74,087 | 18,509 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period | 92,473 | 77,903 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest | 2,353 | 1,527 |
Income taxes | 0 | 155 |
NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of property and equipment included in accounts payable | $ 528 | $ 6,593 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 22,348 | |||||
Balance at Dec. 31, 2021 | $ 234 | $ 84,472 | $ (169,946) | $ 301,350 | $ 216,110 | |
Net income (loss) | 0 | 0 | 0 | 23,942 | 23,942 | |
Treasury stock repurchases (in shares) | (83) | |||||
Treasury stock repurchases | 0 | 0 | (3,000) | 0 | (3,000) | |
Stock based compensation | 0 | 137 | 0 | 0 | 137 | |
Stock Split | 111 | (111) | 0 | 0 | 0 | |
Retirement of Treasury Shares | (122) | (44,289) | 172,946 | (128,535) | 0 | |
Balance (in shares) at Mar. 31, 2022 | 22,265 | |||||
Balance at Mar. 31, 2022 | 223 | 40,209 | 0 | 196,757 | 237,189 | |
Balance (in shares) at Dec. 31, 2022 | 22,166 | |||||
Balance at Dec. 31, 2022 | 223 | 40,472 | (4,000) | 263,488 | 300,183 | |
Net income (loss) | 0 | 0 | 0 | 5,231 | 5,231 | |
Treasury stock repurchases (in shares) | (123) | |||||
Treasury stock repurchases | 0 | 0 | (3,516) | 0 | (3,516) | |
Restricted stock issued (in shares) | 7 | |||||
Stock based compensation | 0 | 208 | 0 | 0 | 208 | |
Balance (in shares) at Mar. 31, 2023 | 22,050 | |||||
Balance at Mar. 31, 2023 | $ 223 | $ 40,680 | $ (7,516) | $ 268,719 | $ 302,106 |
Note A - Basis of Presentation
Note A - Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | NOTE A: BASIS OF PRESENTATION In accordance with generally accepted accounting principles (“GAAP”) and applicable rules of the Securities and Exchange Commission, the information reported in this Quarterly Report on Form 10 10 The consolidated financial results for the three March 31, 2023, June 14, 2022, March 31, 2023. 10 10 X. not December 31, 2022 not three March 31, 2023 not may December 31, 2023. 10 December 31, 2022. On March 8, 2022, 1 100% March 18, 2022, one March 29, 2022. March 2022 10 |
Note B - Recent Accounting Pron
Note B - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS The Company considered the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") to the Accounting Standards Codification ("ASC") and has determined there are no not March 31, 2023. not March 31, 2023. |
Note C - Revenue Recognition
Note C - Revenue Recognition | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE C: REVENUE RECOGNITION The Company has a single performance obligation, which is to transport our customer’s freight from a specified origin to a specified destination. The Company has the discretion to choose to self-transport or to arrange for alternate transportation to fulfill the performance obligation. Where the Company decides to self-transport the freight, the Company classifies the service as truckload services, and where the Company arranges for alternate transportation of the freight, the Company classifies the service as brokerage and logistics services. In either case, the Company is paid a rate to transport freight from its origin location to a specified destination. Because the primary factors influencing revenue recognition, including performance obligation, customer base, and timing of revenue recognition, are the same for both of its service categories, the Company utilizes the same revenue recognition method throughout its operations. Company revenue is generated from freight transportation services performed utilizing heavy truck trailer combinations. While various ownership arrangements may third not In fulfilling the Company’s obligation to transport freight from a specified origin to a specified destination, control of freight is transferred to us at the point it has been loaded into the driver’s trailer, the doors are sealed and the driver has signed a bill of lading, which is the basic transportation agreement that establishes the nature, quantity and condition of the freight loaded, the responsibility for invoice payment and the pickup and delivery locations. Our revenue is generated, and our customer receives benefit, as the freight progresses towards delivery locations. In the event our customer cancels the shipment at some point prior to the final delivery location and re-consigns the shipment to an alternate delivery location, we are entitled to receive payment for services performed for the partial shipment. Shipments are generally conducted over a relatively short time span, generally one three one Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers. Fuel Surcharge Revenue – revenue designed to adjust freight revenue rates to an agreed-upon base cost for diesel fuel. Diesel fuel prices can fluctuate widely during the term of a contract with a customer. At the point that freight revenue rates are negotiated with customers, a sliding scale is agreed upon that approximately adjusts diesel fuel costs to an agreed-upon base amount. In general, as fuel prices increase, revenue from fuel surcharge increases, so that diesel fuel cost is adjusted to the approximate base amount agreed upon. Revenue is recognized over time as the freight progresses towards its destination and the transportation service obligation is fulfilled. For loads picked up during the reporting period, but delivered in a subsequent reporting period, revenue is allocated to each period based on the transit time in each period as a percentage of total transit time. There are no |
Note D - Marketable Equity Secu
Note D - Marketable Equity Securities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | NOTE D: MARKETABLE EQUITY SECURITIES The Company’s investments in marketable securities consist of equity securities with readily determinable fair values. The cost of securities sold is based on the specific identification method, and interest and dividends on securities are included in non-operating income. Marketable equity securities are carried at fair value, with gains and losses in fair market value included in the determination of net income. The fair value of marketable equity securities is determined based on quoted market prices in active markets, as described in Note J. The following table sets forth market value, cost, and unrealized gains on equity securities as of March 31, 2023 December 31, 2022. March 31, 2023 December 31, 2022 (in thousands) Fair market value $ 41,440 $ 41,728 Cost 30,350 30,350 Unrealized gain $ 11,090 $ 11,378 The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of March 31, 2023 December 31, 2022. March 31, 2023 December 31, 2022 (in thousands) Gross unrealized gains $ 13,206 $ 13,478 Gross unrealized losses 2,116 2,100 Net unrealized gain $ 11,090 $ 11,378 The Company did not no March 31, 2023 2022, For the quarter ended March 31, 2023, March 31, 2022, The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of March 31, 2023, December 31, 2022, Our marketable equity securities portfolio had a net unrealized pre-tax loss in market value of approximately $288,000 during the first 2023, first 2022, |
Note E - Stock-based Compensati
Note E - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE E: STOCK-BASED COMPENSATION The Company maintains a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may not During February 2023, four one The total grant date fair value of stock vested during the first three 2023 first three 2023, first three 2023. March 31, 2023, 2023 2024, 2025, 2026, 2027, There were no first three 2022. first three 2022, first three 2022. March 31, 2022, A summary of the status of the Company’s non-vested restricted stock as of March 31, 2023, three March 31, 2023, Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2023 235,832 $ 13.15 Granted 28,313 28.30 Canceled/forfeited/expired - - Vested (7,284 ) 38.80 Non-vested at March 31, 2023 256,861 $ 14.09 |
Note F - Segment Information
Note F - Segment Information | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting and Concentration Risk Disclosure [Text Block] | NOTE F: SEGMENT INFORMATION The Company follows the guidance provided by ASC Topic 280, egment Reporting, 280, Three Months Ended March 31, 2023 2022 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 125,198 64.7 $ 124,978 63.7 Brokerage and Logistics Services revenue 68,256 35.3 71,111 36.3 Total revenues $ 193,454 100.0 $ 196,089 100.0 |
Note G - Treasury Stock
Note G - Treasury Stock | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | NOTE G: TREASURY STOCK The Company’s stock repurchase program has been extended and expanded several times, most recently in November 2021, September 2011 March 31, 2023, The Company accounts for treasury stock using the cost method. As of March 31, 2023, |
Note H - Earnings Per Share
Note H - Earnings Per Share | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE H: EARNINGS PER SHARE Basic earnings per share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding by common stock equivalents attributable to dilutive restricted stock. The computation of diluted earnings per share does not Three Months Ended March 31, 2023 2022 (in thousands, except per share data) Net income $ 5,231 $ 23,942 Basic weighted average common shares outstanding 22,148 22,292 Dilutive effect of common stock equivalents 169 191 Diluted weighted average common shares outstanding 22,317 22,483 Basic earnings per share $ 0.24 $ 1.07 Diluted earnings per share $ 0.23 $ 1.06 |
Note I - Income Taxes
Note I - Income Taxes | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE I: INCOME TAXES The Company and its subsidiaries are subject to U.S. and Canadian federal income tax laws as well as the income tax laws of multiple state jurisdictions. The major tax jurisdictions in which the Company operates generally provide for a deficiency assessment statute of limitations period of three 2019 In determining whether a tax asset valuation allowance is necessary, management, in accordance with the provisions of ASC 740 10 30, Accounting for Income Taxes March 31, 2023, not The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not March 31, 2023, not three March 31, 2023 2022, not The Company’s effective income tax rates were 25.7% and 24.3% for the three March 31, 2023 2022, three March 31, 2023 |
Note J - Fair Value of Financia
Note J - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings. The Company follows the guidance for financial assets and liabilities measured on a recurring basis. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three may Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Inputs other than Level 1 not not Level 3: Unobservable inputs that are supported by little or no The Company utilizes the market approach to measure fair value for its financial assets and liabilities. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. At March 31, 2023, Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 41,440 $ 41,440 - - The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities. The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently. For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at March 31, 2023 Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 251,257 $ 234,088 The Company has not |
Note K - Notes Payable
Note K - Notes Payable | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | NOTE K: NOTES PAYABLE During the first three 2023, not |
Note L - Litigation
Note L - Litigation | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE L: LITIGATION We are involved in certain claims and pending litigation arising from the ordinary conduct of business. We also provide accruals for claims within our self-insured retention amounts. We are currently self-insured for certain layers of auto liability claims in excess of $2.0 million. Therefore, we specifically reserve for claims that are expected to exceed $2.0 million when fully developed, based on the facts and circumstances of those claims. If we experience claims that are not We were named a defendant in a putative class action lawsuit filed on August 6, 2021, August 5, 2022, October 7, 2022, January 1, 2020, July 31, 2022, not November 14, 2022. April 5, 2023. not |
Note M - Leases
Note M - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessor, Operating Leases [Text Block] | NOTE M: LEASES The Company currently leases shop, office and parking spaces in various locations in the United States and Mexico. The initial term for the majority of these leases is one one not The initial lease term for certain shop and office locations is for periods ranging from one five may may not not not The Company leases trucks to owner-operators under our lease-to-own program. We also lease dock space to a related party at our Laredo, Texas terminal. Right-of-Use Leases The Company is party to operating leases which include initial terms ranging from three five not 842, March 31, 2023. not may five not not March 31, 2023. Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at March 31, 2023, Maturity of Lease Liabilities (in thousands) 2023 (remaining) $ 256 2024 114 2025 and thereafter - Total undiscounted operating lease payments $ 370 Less: Imputed interest (7 ) Present value of operating lease liabilities $ 363 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 363 Current lease liabilities (recorded in other current liabilities) $ 342 Long-term lease liabilities (recorded in other long-term liabilities) 21 Total operating lease liabilities $ 363 Other Information Weighted-average remaining lease term for operating leases (in years) 1.08 Weighted-average discount rate for operating leases 3.74 % Cash Flows No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the three March 31, 2023. three March 31, 2023, Operating Lease Costs Three Months Ended March 31, 2023 2022 (in thousands) Long term $ 81 $ 151 Short term 738 546 Total $ 819 $ 697 Lease Revenue The Company's operating lease revenue is disclosed in the table below. Three Months Ended March 31, 2023 2022 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 2,049 $ 2,138 Leased facility space revenue (recorded in non-operating income) 99 229 Total lease revenue $ 2,148 $ 2,367 The Company leases trucks to owner-operators under operating leases, which generally have a term of up to five As of March 31, 2023, not March 31, 2023, The Company leases dock space to a related party at our Laredo, Texas, terminal. The dock space is depreciated in conjunction with the structures and improvements for the entire Laredo terminal on a straight-line basis over the estimated useful life of the assets. Lease income is recorded as a component of non-operating income in our condensed consolidated statements of operations. Lease Receivables Future minimum operating lease payments receivable at March 31, 2023: (in thousands) 2023 (remaining) $ 5,008 2024 4,243 2025 1,124 2026 385 2027 and thereafter 24 Total future minimum lease payments receivable $ 10,784 |
Note N - Noncash Investing and
Note N - Noncash Investing and Financing Activities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Noncash Investing and Financing Activities Disclosure [Text Block] | NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES The Company did not first three 2023 |
Note O - Acquisition of Metropo
Note O - Acquisition of Metropolitan Trucking | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE O: ACQUISITION OF METROPOLITAN TRUCKING On June 14, 2022, Pursuant to the Asset Purchase Agreement, the Buyer acquired substantially all the assets and assumed certain specified liabilities of Metropolitan Trucking, Inc., and its related entities (the “Transaction”). The Buyer paid $79.9 million of total consideration, including cash and certain assumed indebtedness of Metropolitan Trucking, Inc., and its related entities. The Transaction closed on June 14, 2022. Total cash paid of $64.3 million was funded out of the Company’s available cash. The Transaction included the assumption of $12.6 million of indebtedness and $2.9 million of other current liabilities. The Asset Purchase Agreement contains customary representations, warranties, covenants, escrow, and indemnification provisions. The results of the acquired business have been included in the condensed consolidated financial statements since the date of acquisition and represented 13.7% of consolidated total assets as of March 31, 2023, March 31, 2023. The allocation of the purchase price is detailed in the tables below. The assets and liabilities associated with the acquisition were recorded at their fair values as of the acquisition date and the amounts are as follows: (in thousands) Trade and other accounts receivable $ 10,821 Other current assets 316 Property and equipment 68,722 Total assets 79,859 Accounts payable (2,915 ) Long-term debt (12,627 ) Total cash paid $ 64,317 |
Note D - Marketable Equity Se_2
Note D - Marketable Equity Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Marketable Securities [Table Text Block] | March 31, 2023 December 31, 2022 (in thousands) Fair market value $ 41,440 $ 41,728 Cost 30,350 30,350 Unrealized gain $ 11,090 $ 11,378 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2023 December 31, 2022 (in thousands) Gross unrealized gains $ 13,206 $ 13,478 Gross unrealized losses 2,116 2,100 Net unrealized gain $ 11,090 $ 11,378 |
Note E - Stock-based Compensa_2
Note E - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Restricted Stock Number of Shares Weighted- Average Grant Date Fair Value Non-vested at January 1, 2023 235,832 $ 13.15 Granted 28,313 28.30 Canceled/forfeited/expired - - Vested (7,284 ) 38.80 Non-vested at March 31, 2023 256,861 $ 14.09 |
Note F - Segment Information (T
Note F - Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Three Months Ended March 31, 2023 2022 Amount % Amount % (in thousands, except percentage data) Truckload Services revenue $ 125,198 64.7 $ 124,978 63.7 Brokerage and Logistics Services revenue 68,256 35.3 71,111 36.3 Total revenues $ 193,454 100.0 $ 196,089 100.0 |
Note H - Earnings Per Share (Ta
Note H - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands, except per share data) Net income $ 5,231 $ 23,942 Basic weighted average common shares outstanding 22,148 22,292 Dilutive effect of common stock equivalents 169 191 Diluted weighted average common shares outstanding 22,317 22,483 Basic earnings per share $ 0.24 $ 1.07 Diluted earnings per share $ 0.23 $ 1.06 |
Note J - Fair Value of Financ_2
Note J - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Level 1 Level 2 Level 3 (in thousands) Marketable equity securities $ 41,440 $ 41,440 - - |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Carrying Value Estimated Fair Value (in thousands) Long-term debt $ 251,257 $ 234,088 |
Note M - Leases (Tables)
Note M - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Maturity of Lease Liabilities (in thousands) 2023 (remaining) $ 256 2024 114 2025 and thereafter - Total undiscounted operating lease payments $ 370 Less: Imputed interest (7 ) Present value of operating lease liabilities $ 363 Balance Sheet Classification Right-of-use assets (recorded in other non-current assets) $ 363 Current lease liabilities (recorded in other current liabilities) $ 342 Long-term lease liabilities (recorded in other long-term liabilities) 21 Total operating lease liabilities $ 363 Other Information Weighted-average remaining lease term for operating leases (in years) 1.08 Weighted-average discount rate for operating leases 3.74 % |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Long term $ 81 $ 151 Short term 738 546 Total $ 819 $ 697 |
Operating Lease, Lease Income [Table Text Block] | Three Months Ended March 31, 2023 2022 (in thousands) Leased truck revenue (recorded in revenue, before fuel surcharge) $ 2,049 $ 2,138 Leased facility space revenue (recorded in non-operating income) 99 229 Total lease revenue $ 2,148 $ 2,367 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | (in thousands) 2023 (remaining) $ 5,008 2024 4,243 2025 1,124 2026 385 2027 and thereafter 24 Total future minimum lease payments receivable $ 10,784 |
Note O - Acquisition of Metro_2
Note O - Acquisition of Metropolitan Trucking (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) Trade and other accounts receivable $ 10,821 Other current assets 316 Property and equipment 68,722 Total assets 79,859 Accounts payable (2,915 ) Long-term debt (12,627 ) Total cash paid $ 64,317 |
Note A - Basis of Presentation
Note A - Basis of Presentation (Details Textual) shares in Millions | Mar. 08, 2022 | Mar. 29, 2022 shares | Mar. 18, 2022 shares |
Stockholders' Equity Note, Stock Split, Conversion Ratio | 2 | ||
Shares, Outstanding, Ending Balance (in shares) | 22.2 | 11.1 |
Note D - Marketable Equity Se_3
Note D - Marketable Equity Securities (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Investment Income, Dividend | $ 377,000 | $ 309,000 | |
Equity Securities, FV-NI, Unrealized Gain (Loss) | (288,000) | $ 1,397,000 | |
Margin Account Borrowings [Member] | Accrued Expenses and Other Liabilities [Member] | |||
Short-Term Debt | $ 549,000 | $ 914,000 |
Note D - Marketable Equity Se_4
Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair market value | $ 41,440 | $ 41,728 |
Cost | 30,350 | 30,350 |
Unrealized gain | $ 11,090 | $ 11,378 |
Note D - Marketable Equity Se_5
Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Gross unrealized gains | $ 13,206 | $ 13,478 |
Gross unrealized losses | 2,116 | 2,100 |
Unrealized gain | $ 11,090 | $ 11,378 |
Note E - Stock-based Compensa_3
Note E - Stock-based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 29, 2014 | Feb. 28, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 206,000 | |||
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted (in dollars per share) | $ 0.01 | $ 0.01 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,999,000 | $ 2,840,000 | ||
Amortization, Current Year [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 603,000 | |||
Amortization, Next Year [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 841,000 | |||
Amortization Year 2 [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 870,000 | |||
Amortization, Year 3 [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 543,000 | |||
Amortization, Year 4 [Member] | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 142,000 | |||
Salaries, Wages and Benefits [Member] | ||||
Share-Based Payment Arrangement, Expense | 208,000 | $ 137,000 | ||
Director [Member] | Salaries, Wages and Benefits [Member] | ||||
Share-Based Payment Arrangement, Expense | $ 0 | |||
Restricted Stock [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 28,313 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 28.30 | |||
The 2014 Stock Option Plan [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 3,000,000 | |||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 28,313 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 28.30 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 4 years | |||
The 2014 Stock Option Plan [Member] | Stock Award [Member] | Key Employees [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 25% | |||
The 2014 Stock Option Plan [Member] | Minimum [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85% |
Note E - Stock Based Compensati
Note E - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2023 $ / shares shares | |
Non-vested (in shares) | shares | 235,832 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 13.15 |
Granted (in shares) | shares | 28,313 |
Granted - weighted average grant date fair value (in dollars per share) | $ / shares | $ 28.30 |
Canceled/forfeited/expired (in shares) | shares | 0 |
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) | $ / shares | $ 0 |
Vested (in shares) | shares | (7,284) |
Vested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 38.80 |
Non-vested (in shares) | shares | 256,861 |
Nonvested - weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.09 |
Note F - Segment Information (D
Note F - Segment Information (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Operating Segments | 2 |
Note F - Segment Information -
Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue, before fuel surcharges | $ 221,724 | $ 219,448 |
Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 193,454 | $ 196,089 |
Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 100% | 100% |
Truckload Services [Member] | Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 125,198 | $ 124,978 |
Truckload Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 64.70% | 63.70% |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | ||
Revenue, before fuel surcharges | $ 68,256 | $ 71,111 |
Brokerage and Logistics Services [Member] | Freight Transportation Service [Member] | Revenue Benchmark [Member] | Product Concentration Risk [Member] | ||
Revenue, before fuel surcharges, percentage | 35.30% | 36.30% |
Note G - Treasury Stock (Detail
Note G - Treasury Stock (Details Textual) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 | Nov. 30, 2017 |
Treasury Stock, Common, Shares (in shares) | 250,415 | 127,237 | |
Treasury Stock, Common, Value | $ 7,516,000 | $ 4,000,000 | |
September 2011 Reauthorization [Member] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 500,000 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 207,975 | ||
Treasury Stock, Common, Shares (in shares) | 250,415 | ||
Treasury Stock, Common, Value | $ 7,516,000 |
Note H - Earnings Per Share - C
Note H - Earnings Per Share - Computations of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net income (loss) | $ 5,231 | $ 23,942 |
Basic weighted average common shares outstanding (in shares) | 22,148 | 22,292 |
Dilutive effect of common stock equivalents (in shares) | 169 | 191 |
Diluted weighted average common shares outstanding (in shares) | 22,317 | 22,483 |
Basic earnings per share (in dollars per share) | $ 0.24 | $ 1.07 |
Diluted earnings per share (in dollars per share) | $ 0.23 | $ 1.06 |
Note I - Income Taxes (Details
Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statute of Limitations (Year) | 3 years | |
Income Tax Examination, Penalties and Interest Expense, Total | $ 0 | $ 0 |
Effective Income Tax Rate Reconciliation, Percent | 25.70% | 24.30% |
Open Tax Year | 2019 2020 2021 2022 |
Note J - Fair Value of Financ_3
Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable equity securities | $ 41,440 | $ 41,728 |
Fair Value, Inputs, Level 1 [Member] | ||
Marketable equity securities | $ 41,440 |
Note J - Fair Value of Financ_4
Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands | Mar. 31, 2023 USD ($) |
Reported Value Measurement [Member] | |
Long-term debt | $ 251,257 |
Estimate of Fair Value Measurement [Member] | |
Long-term debt | $ 234,088 |
Note L - Litigation (Details Te
Note L - Litigation (Details Textual) - USD ($) | Oct. 07, 2022 | Mar. 31, 2023 | Sep. 01, 2020 |
Self Insurance Auto Liability Claims Threshold Amount | $ 2,000,000 | ||
Settlement Of Collective And Class Action Lawsuit [Member] | |||
Litigation Settlement, Amount Awarded to Other Party | $ 4,750,000 | ||
Minimum [Member] | |||
Self Insurance Liability Claims, Exceeding Amount Reserve Threshold | $ 2,000,000 |
Note M - Leases (Details Textua
Note M - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 0 | ||
Operating Lease, Payments | 100 | ||
Property, Plant and Equipment, Gross | 691,121 | $ 705,919 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 244,436 | $ 242,324 | |
Depreciation, Total | $ 16,497 | $ 14,877 | |
Trucks under Operating Lease [Member] | |||
Lessor, Operating Lease, Term of Contract (Year) | 5 years | ||
Property, Plant and Equipment, Gross | $ 56,700 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 32,200 | ||
Depreciation, Total | $ 1,600 | ||
Minimum [Member] | Shop and Office Leases with Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 1 year | ||
Minimum [Member] | Leases without Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | ||
Maximum [Member] | Shop and Office Leases with Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Maximum [Member] | Leases without Early Cancellation Options [Member] | |||
Lessee, Operating Lease, Term of Contract (Year) | 5 years | ||
Operating Lease, Right-of-Use Asset | $ 400 |
Note M - Leases - Operating Lea
Note M - Leases - Operating Lease (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remaining) | $ 256 |
2024 | 114 |
2025 and thereafter | 0 |
Total undiscounted operating lease payments | 370 |
Less: Imputed interest | $ (7) |
Weighted-average remaining lease term for operating leases (in years) (Year) | 1 year 29 days |
Weighted-average discount rate for operating leases | 3.74% |
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member] | |
Present value of operating lease liabilities | $ 363 |
Right-of-use assets (recorded in other non-current assets) | 363 |
Total operating lease liabilities | 363 |
Other Current Liabilities [Member] | |
Current lease liabilities (recorded in other current liabilities) | 342 |
Other Noncurrent Liabilities [Member] | |
Long-term lease liabilities (recorded in other long-term liabilities) | $ 21 |
Note M - Leases - Lease Cost (D
Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Long term | $ 81 | $ 151 |
Short term | 738 | 546 |
Total | $ 819 | $ 697 |
Note M - Leases - Lease Revenue
Note M - Leases - Lease Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Lease revenue | $ 2,148 | $ 2,367 |
Trucks under Operating Lease [Member] | ||
Lease revenue | 2,049 | 2,138 |
Dock Space under Operating Lease [Member] | ||
Lease revenue | $ 99 | $ 229 |
Note M - Leases - Lease Receiva
Note M - Leases - Lease Receivables (Details) $ in Thousands | Mar. 31, 2023 USD ($) |
2023 (remaining) | $ 5,008 |
2024 | 4,243 |
2025 | 1,124 |
2026 | 385 |
2027 and thereafter | 24 |
Total future minimum lease payments receivable | $ 10,784 |
Note N - Noncash Investing an_2
Note N - Noncash Investing and Financing Activities (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Noncash or Part Noncash Acquisition, Fixed Assets Acquired | $ 0 |
Note O - Acquisition of Metro_3
Note O - Acquisition of Metropolitan Trucking (Details Textual) - Metropolitan Trucking Inc and Related Entities [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 14, 2022 | Mar. 31, 2023 | |
Business Combination, Consideration Transferred, Total | $ 79,900 | |
Payments to Acquire Businesses, Gross | 64,317 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt | 12,627 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | $ 2,915 | |
Acquired Business As a Percent of Total Assets | 13.70% | |
Acquired Business As a Percent of Operating Revenue | 9.50% |
Note O - Acquisition of Metro_4
Note O - Acquisition of Metropolitan Trucking - Assets Acquired and Liabilities Assumed (Details) - Metropolitan Trucking Inc and Related Entities [Member] $ in Thousands | Jun. 14, 2022 USD ($) |
Trade and other accounts receivable | $ 10,821 |
Other current assets | 316 |
Property and equipment | 68,722 |
Total assets | 79,859 |
Accounts payable | (2,915) |
Long-term debt | (12,627) |
Payments to Acquire Businesses, Gross | $ 64,317 |