Form 10-Q - Quarterly report [Sections 13 or 15(d)]

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2024

☐ Transition Report Pursuant to the Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from __________to__________

P.A.M. TRANSPORTATION SERVICES, INC.

(Exact name of registrant as specified in its charter)

Delaware	0-1507	71-0633135
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification no.)

297 West Henri De Tonti, Tontitown, Arkansas 72770

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (479) 361-9111

N/A

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $.01 par value	PTSI	NASDAQ Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to the filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.)

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

	Large accelerated filer ☐	Accelerated filer ☑
	Non-accelerated filer ☐	Smaller reporting company ☑
		Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Class		Outstanding at October 16, 2024
Common Stock, $.01 Par Value		21,782,534

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P.A.M. TRANSPORTATION SERVICES, INC.

Form 10-Q

For the Quarter Ended September 30, 2024

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Part I. Financial Information

Item 1.	Financial Statements (unaudited).	3

	Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023	4

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023	5

	Condensed Consolidated Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2024 and 2023	6

	Notes to Condensed Consolidated Financial Statements as of September 30, 2024	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	19

Item 4.	Controls and Procedures.	20

Part II. Other Information

Item 1.	Legal Proceedings.	21

Item 1A.	Risk Factors	21

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	21

Item 5.	Other Information	21

Item 6.	Exhibits.	22

Signatures		23

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands, except share and per share data)

	September 30,			December 31,
	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	48,078		$	100,614
Accounts receivable-net:
Trade, less current estimated credit loss of $6,009 and $7,717, respectively		93,673			80,604
Other		5,954			7,203
Inventories		2,332			2,321
Prepaid expenses and deposits		9,499			13,213
Marketable equity securities		44,205			43,203
Income taxes refundable		4,324			3,883
Total current assets		208,065			251,041

Property and equipment:
Land		30,426			23,078
Structures and improvements		55,943			43,552
Revenue equipment		726,196			689,173
Office furniture and equipment		15,908			15,328
Total property and equipment		828,473			771,131
Accumulated depreciation		(282,451	)		(266,412	)
Net property and equipment		546,022			504,719

Other assets		2,655			4,697

TOTAL ASSETS	$	756,742		$	760,457

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	37,898		$	62,652
Accrued expenses and other liabilities		16,776			16,799
Current maturities of long-term debt		61,170			57,645
Total current liabilities		115,844			137,096

Long-term debt - less current portion		227,539			204,064
Deferred income taxes		104,195			104,331
Other long-term liabilities		250			750
Total liabilities		447,828			446,241

COMMITMENTS AND CONTINGENCIES (Note L)

STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued		-			-
Common stock, $.01 par value, 50,000,000 shares authorized; 22,364,120 and 22,317,671 shares issued; 21,782,534 and 22,021,341 shares outstanding at September 30, 2024 and December 31, 2023, respectively		224			223
Additional paid-in capital		40,999			40,825
Treasury stock, at cost; 581,586 and 296,330 shares at September 30, 2024 and December 31, 2023, respectively		(13,996	)		(8,736	)
Retained earnings		281,687			281,904
Total stockholders’ equity		308,914			314,216

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	756,742		$	760,457

See notes to condensed consolidated financial statements.

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P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except per share data)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
OPERATING REVENUES:
Revenue, before fuel surcharge	$	160,799		$	174,348		$	481,980		$	549,885
Fuel surcharge		21,778			27,154			66,136			80,754
Total operating revenues		182,577			201,502			548,116			630,639

OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		44,736			46,032			132,559			142,138
Operating supplies and expenses		34,982			42,378			105,002			123,589
Rent and purchased transportation		73,129			78,595			221,210			244,020
Depreciation		17,741			15,552			55,381			47,805
Insurance and claims		4,768			5,146			15,093			25,205
Other		5,121			5,305			18,052			17,936
Gain on disposition of equipment		(209	)		(339	)		(109	)		(1,175	)
Total operating expenses and costs		180,268			192,669			547,188			599,518

OPERATING INCOME		2,309			8,833			928			31,121

NON-OPERATING INCOME		3,744			1,638			7,891			3,729
INTEREST EXPENSE		(2,936	)		(2,046	)		(9,104	)		(6,565	)

INCOME/(LOSS) BEFORE INCOME TAXES		3,117			8,425			(285	)		28,285

FEDERAL AND STATE INCOME TAX EXPENSE/(BENEFIT):
Current		9			(2,313	)		68			1,667
Deferred		696			4,641			(136	)		5,970
Total federal and state income tax expense/(benefit)		705			2,328			(68	)		7,637

NET INCOME/(LOSS)	$	2,412		$	6,097		$	(217	)	$	20,648

INCOME/(LOSS) PER COMMON SHARE:
Basic	$	0.11		$	0.28		$	(0.01	)	$	0.94
Diluted	$	0.11		$	0.28		$	(0.01	)	$	0.93

AVERAGE COMMON SHARES OUTSTANDING:
Basic		21,771			22,021			21,911			22,068
Diluted		21,825			22,139			21,911			22,219

See notes to condensed consolidated financial statements.

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P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

	Nine Months Ended
	September 30,
	2024			2023
OPERATING ACTIVITIES:
Net (loss)/income	$	(217	)	$	20,648
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		55,381			47,805
Bad debt expense		2,445			2,081
Stock compensation-net of excess tax benefits		550			387
Provision for deferred income taxes		(136	)		5,970
(Gain)/loss on marketable equity securities		(3,907	)		422
Gain on sale or disposition of equipment		(109	)		(1,175	)
Loss/(gain) on sale of marketable equity securities		108			(88	)
Changes in operating assets and liabilities:
Accounts receivable		(14,264	)		34,827
Prepaid expenses, deposits, inventories, and other assets		5,631			4,119
Income taxes payable		(441	)		(2,772	)
Trade accounts payable		(463	)		(7,849	)
Accrued expenses and other liabilities		(786	)		(10,571	)
Net cash provided by operating activities		43,792			93,804

INVESTING ACTIVITIES:
Purchases of property and equipment		(85,577	)		(26,784	)
Proceeds from disposition of equipment		27,849			15,727
Sales of marketable equity securities		2,797			143
Net cash used in investing activities		(54,931	)		(10,914	)

FINANCING ACTIVITIES:
Borrowings under line of credit		569,628			692,253
Repayments under line of credit		(569,628	)		(692,253	)
Borrowings of long-term debt		11,894			-
Repayments of long-term debt		(48,032	)		(49,029	)
Borrowings under margin account		-			38
Repayments under margin account		-			(951	)
Repurchases of common stock		(5,259	)		(4,736	)
Net cash used in financing activities		(41,397	)		(54,678	)

NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(52,536	)		28,212

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period		100,614			74,087

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	$	48,078		$	102,299

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	9,146		$	7,111
Income taxes	$	673		$	4,768

NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$	856		$	17,017

See notes to condensed consolidated financial statements.

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P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Stockholders’ Equity

(unaudited)

(in thousands)

	Common Stock Shares / Amount					Additional Paid-In Capital			Treasury Stock			Retained Earnings			Total

Balance at January 1, 2024		22,021		$	223	$	40,825		$	(8,736	)	$	281,904		$	314,216

Net Income		-			-		-			-			281			281

Restricted stock issued		14			-		(46	)		-			-			(46	)

Stock based compensation		-			-		192			-			-			192

Balance at March 31, 2024		22,035		$	223	$	40,971		$	(8,736	)	$	282,185		$	314,643

Net Loss		-			-		-			-			(2,910	)		(2,910	)

Treasury stock repurchases		(285	)		-		-			(5,259	)		-			(5,259	)

Restricted stock issued		5			-		-			-			-			-

Stock based compensation		-			-		200			-			-			200

Balance at June 30, 2024		21,755		$	223	$	41,171		$	(13,995	)	$	279,275		$	306,674

Net Income		-			-		-			-			2,412			2,412

Treasury stock repurchases		-			-		-			(1)			-			-

Restricted stock issued		28			1		-			-			-			-

Restricted stock net settlement		-			-		(329	)		-			-			(329	)

Stock based compensation		-			-		157			-			-			157

Balance at September 30, 2024		21,783		$	224	$	40,999		$	(13,996	)	$	281,687		$	308,914

	Common Stock Shares / Amount					Additional Paid-In Capital			Treasury Stock			Retained Earnings		Total

Balance at January 1, 2023		22,166		$	223	$	40,472		$	(4,000	)	$	263,488	$	300,183

Net Income		-			-		-			-			5,231		5,231

Treasury stock repurchases		(123	)		-		-			(3,516	)		-		(3,516	)

Restricted stock issued		7			-		-			-			-		-

Stock based compensation		-			-		208			-			-		208

Balance at March 31, 2023		22,050		$	223	$	40,680		$	(7,516	)	$	268,719	$	302,106

Net Income		-			-		-			-			9,319		9,319

Treasury stock repurchases		(21	)		-		-			(579	)		-		(579	)

Restricted stock issued		6			-		-			-			-		-

Stock based compensation		-			-		34			-			-		34

Balance at June 30, 2023		22,035		$	223	$	40,714		$	(8,095	)	$	278,038	$	310,880

Net Income		-			-		-			-			6,097		6,097

Treasury stock repurchases		(25	)		-		-			(641	)		-		(641	)

Restricted stock issued		11			-		-			-			-		-

Restricted stock net settlement		-			-		(199	)		-			-		(199	)

Stock based compensation		-			-		145			-			-		145

Balance at September 30, 2023		22,021		$	223	$	40,660		$	(8,736	)	$	284,135	$	316,282

See notes to condensed consolidated financial statements.

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P.A.M. TRANSPORTATION SERVICES, INC. AND SUBSIDIARIES

Notes to Condensed Consolidated Financial Statements (unaudited)

September 30, 2024

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-Q for P.A.M. Transportation Services, Inc. and its legally distinct subsidiaries, unless otherwise indicated, is presented on a consolidated basis. Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “P.A.M.,” the “Company,” “we,” “our,” or “us” mean P.A.M. Transportation Services, Inc. and its consolidated subsidiaries.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Operating results for the nine-month period ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. For further information, refer to the consolidated financial statements and the footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2023.

NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

In November 2023, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update (“ASU”) 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). ASU 2023-07 expands disclosures related to a public entity's reportable segment and requires more enhanced information about significant segment expenses, including in interim periods. This ASU is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024, using a retrospective approach. Early adoption is permitted. We are currently evaluating the impact of the new standard, which is limited to financial statement disclosures.

In December 2023, the FASB issued Accounting Standards Update, (“ASU”) No. 2023-09, (“ASU 2023-09”), Improvements to Income Tax Disclosures. ASU 2023-09 was issued to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The guidance is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted. The Company has evaluated the new guidance and does not expect it to have a material impact on its financial condition, results of operations, or cash flows.

The Company considered the applicability and impact of ASU’s 2023-07, 2023-09 and all other accounting standard updates issued by the Financial Accounting Standards Board to the Accounting Standards Codification ("ASC") and determined there are not any ASUs that have not already been adopted which require significant consideration for disclosure as of September 30, 2024. Additionally, the Company did not adopt any new ASUs during the quarter ended September 30, 2024.

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 exist for the equipment utilized to perform these services, including Company owned or leased, owner-operator owned, and third-party carriers, revenue is generated from the same base of customers. Contracts with these customers establish rates for services performed, which are predominantly rates that will be paid to pick up, transport and drop off freight at various locations. In addition to transportation, revenue is also awarded for various accessorial services performed in conjunction with the base transportation service. The Company also has other revenue categories that are not discussed in this note or broken out in our condensed consolidated statements of operations due to their immaterial amounts.

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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 customers receive 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 to three days; however, freight is sometimes stored temporarily in our trailer at one of our drop yard locations or at a location designated by a customer. Our revenue is categorized as either Freight Revenue or Fuel Surcharge Revenue, and both are earned by performing the same freight transportation services, as discussed further below.

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 assets or liabilities recorded in conjunction with revenue recognized, other than accounts receivable and estimated credit losses.

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 September 30, 2024 and December 31, 2023.

	September 30, 2024		December 31, 2023
	(in thousands)
Fair market value	$	44,205	$	43,203
Cost		27,402		30,294
Unrealized gain	$	16,803	$	12,909

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of September 30, 2024 and December 31, 2023.

	September 30, 2024		December 31, 2023
	(in thousands)
Gross unrealized gains	$	18,183	$	15,539
Gross unrealized losses		1,380		2,630
Net unrealized gain	$	16,803	$	12,909

The following table shows the Company’s net realized gains during the three and nine months ending on September 30, 2024 and 2023, respectively, on certain marketable equity securities.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands)
Sales proceeds	$	166	$	343	$	2,797		$	343
Cost of securities sold		90		255		2,905			255
Realized gain/(loss)	$	76	$	88	$	(108	)	$	88

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For the quarter ended September 30, 2024, the Company recognized dividend income of approximately $356,000 in non-operating income in its condensed consolidated statements of operations. For the nine months ended September 30, 2024, the Company recognized dividend income of approximately $1,104,000 in non-operating income in its condensed consolidated statements of operations.

The Company’s equity securities are periodically used as collateral against any outstanding margin account borrowings. As of September 30, 2024, the Company had no outstanding borrowings under its margin account, which is no change from December 31, 2023, when the Company had no outstanding borrowings under the same account. Margin account borrowings are used for the purchase of marketable equity securities and as a source of short-term liquidity and are included in accrued expenses and other liabilities on our condensed consolidated balance sheets.

Our marketable equity securities portfolio had a net unrealized pre-tax gain in market value of approximately $2,365,000 during the third quarter of 2024, and a net unrealized pre-tax gain in market value of approximately $119,000 during the third quarter of 2023, which were reported as non-operating income in its condensed consolidated statements of operations for the respective periods.

NOTE E: STOCK-BASED COMPENSATION

The Company has maintained a stock incentive plan (the “Plan”) under which incentive and nonqualified stock options and other stock awards may be granted. Under the Plan, 3,000,000 shares were reserved for the issuance of stock awards to directors, officers, key employees, and others. The stock option exercise price and the restricted stock value under the Plan shall not be less than 85% of the fair market value of the Company’s common stock on the date the award is granted. The fair market value is determined by the closing price of the Company’s common stock, on its primary exchange, on the same date that the option or award is granted. This Plan expired on March 13, 2024, and no further grants may be made under the Plan. All outstanding unvested awards granted under the Plan, however, remain subject to the terms and conditions of the Plan. On February 15, 2024, the Company’s Board of Directors adopted a new 2024 Equity Incentive Plan (the “2024 Plan”), under which 1,600,000 shares are reserved for issuance of stock awards to employees, officers, directors, consultants and advisors of the Company. The 2024 Plan is subject to and will become effective upon approval by the Company’s shareholders at its upcoming annual meeting of shareholders.

During May 2024, the Company issued 2,130 unrestricted shares of common stock to non-employee directors. These shares had a grant date fair value of $17.60 per share, based on the closing price of the Company’s stock on the date of issuance.

The total grant date fair value of stock vested during the first nine months of 2024 was approximately $928,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first nine months of 2024, was approximately $550,000 and includes approximately $38,000 recognized as a result of the issuance of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.02 during the first nine months of 2024. As of September 30, 2024, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $1,536,000, which is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $186,000 in additional compensation expense related to unvested stock awards during the remainder of 2024 and to recognize approximately $741,000, $476,000, and $133,000 in additional compensation expense related to unvested stock awards during the years 2025, 2026, and 2027, respectively.

The total grant date fair value of stock vested during the first nine months of 2023 was approximately $576,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first nine months of 2023, was approximately $387,000 and includes approximately $55,000 recognized as a result of the grant of shares to certain non-employee directors. The recognition of stock-based compensation expense decreased both diluted and basic earnings per common share by approximately $0.01 during the first nine months of 2023. As of September 30, 2023, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $2,687,000, which was being amortized on a straight-line basis over the remaining vesting period.

A summary of the status of the Company’s non-vested restricted stock as of September 30, 2024, and changes during the nine months ended September 30, 2024, is as follows:

	Restricted Stock
	Number of Shares			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2024		198,859		$	14.07
Granted		2,130			17.60
Canceled/forfeited/expired		(2,633	)		32.63
Vested		(68,015	)		13.64
Non-vested at September 30, 2024		130,341		$	13.98

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NOTE F: SEGMENT INFORMATION

The Company follows the guidance provided by ASC Topic 280, Segment Reporting, in its identification of operating segments. The Company has determined that it has a total of two operating segments whose primary operations can be characterized as either Truckload Services or Brokerage and Logistics Services; however, in accordance with the aggregation criteria provided by FASB ASC Topic 280, the Company has determined that the operations of the two operating segments have similar economic characteristics and can be aggregated into a single reportable segment, Motor Carrier Operations. Truckload Services revenues and Brokerage and Logistics Services revenues, each before fuel surcharges, were as follows:

	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)
Truckload Services revenue	$	110,609		68.8	$	112,257		64.4	$	319,363		66.3	$	357,681		65.1
Brokerage and Logistics Services revenue		50,190		31.2		62,091		35.6		162,617		33.7		192,204		34.9
Total revenues	$	160,799		100.0	$	174,348		100.0	$	481,980		100.0	$	549,885		100.0

NOTE G: TREASURY STOCK

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. During the nine months ended September 30, 2024, the Company repurchased 1,050 shares of its common stock at an aggregate cost of approximately $17,000 under this program. As of September 30, 2024, there remain 474,016 shares of common stock authorized for repurchase under this plan.

On April 24, 2024, the Company commenced a tender offer to repurchase up to 550,000 shares of the Company’s outstanding common stock at a price of not greater than $18.00 nor less than $15.50 per share. Following the expiration of the tender offer on May 22, 2024, the Company accepted 284,206 shares of its common stock for purchase at $18.00 per share, at an aggregate purchase price of approximately $5.1 million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash and accounted for the repurchase of these shares as treasury stock on the Company’s condensed consolidated balance sheet as of September 30, 2024.

The Company accounts for treasury stock using the cost method. As of September 30, 2024, 581,586 shares were held in the treasury at an aggregate cost of approximately $13,996,000.

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 assume conversion, exercise, or contingent issuance of securities that would have an anti-dilutive effect on earnings per share. The computations of basic and diluted earnings per share were as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands, except per share data)
Net income	$	2,412	$	6,097	$	(217	)	$	20,648

Basic weighted average common shares outstanding		21,771		22,021		21,911			22,068
Dilutive effect of common stock equivalents		54		118		-			151
Diluted weighted average common shares outstanding		21,825		22,139		21,911			22,219

Basic earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.94
Diluted earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.93

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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 years, and as a result, the Company’s tax years 2020 and forward remain open to examination in those jurisdictions.

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, weighs all available evidence, both positive and negative, to determine whether, based on the weight of that evidence, a valuation allowance is necessary. If negative conditions exist which indicate a valuation allowance might be necessary, consideration is then given to what effect the future reversals of existing taxable temporary differences and the availability of tax strategies might have on future taxable income to determine the amount, if any, of the required valuation allowance. As of September 30, 2024, management determined that the future reversals of existing taxable temporary differences and available tax strategies would generate sufficient future taxable income to realize its tax assets and therefore a valuation allowance was not necessary.

The Company recognizes a tax benefit from an uncertain tax position only if it is more likely than not that the position will be sustained on examination by taxing authorities, based on the technical merits of the position. As of September 30, 2024, an adjustment to the Company’s condensed consolidated financial statements for uncertain tax positions has not been required as management believes that the Company’s tax positions taken in income tax returns filed or to be filed are supported by clear and unambiguous income tax laws. The Company recognizes interest and penalties related to uncertain income tax positions, if any, in income tax expense. During the nine months ended September 30, 2024 and 2023, the Company has not recognized or accrued any interest or penalties related to uncertain income tax positions.

The Company’s effective income tax rates were 23.8% and 27.0% for the nine months ended September 30, 2024 and 2023, respectively. Our effective tax rate for the nine months ended September 30, 2024 differs from amounts computed by applying the United States federal statutory rates to pre-tax income primarily due to state income taxes.

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 levels of inputs that may be used to measure fair value:

	Level 1:		Quoted market prices in active markets for identical assets or liabilities.

	Level 2:		Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.

	Level 3:		Unobservable inputs that are supported by little or no market activity.

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 September 30, 2024, the following items are measured at fair value on a recurring basis:

Total

Level 1

Level 2

Level 3

(in thousands)

Marketable equity securities

44,205

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.

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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 September 30, 2024 was as follows:

Carrying

Value

Estimated

Fair Value

(in thousands)

Long-term debt

288,709

280,446

The Company has not elected the fair value option for any of its financial instruments.

NOTE K: NOTES PAYABLE

During the first nine months of 2024, the Company’s subsidiaries entered into installment obligations totaling approximately $75.0 million for the purpose of purchasing revenue equipment and other assets. These obligations are payable in monthly installments and are recorded in long-term debt and current maturities on the condensed consolidated balance sheets. The terms of these obligations range from 60 to 84 months.

NOTE L: LITIGATION

If we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

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 year or less, with an option for early cancellation and an option to renew for subsequent one- month periods. These leases can be terminated by either party by providing notice to the other party of the intent to cancel or to not extend. Relatively short lease durations for these properties are intended to provide flexibility to the Company as changing operational needs and shifting opportunities often result in cancellation or non-renewal of these leases by the Company or the lessor.

The initial lease term for certain shop and office locations is for periods ranging from one to five years with early cancellation options. The Company prefers that leases include early cancellation provisions to prevent becoming locked into long-term leases that become operationally unjustified and to allow the flexibility to pursue more cost-effective options for similar properties if they become available. These leases often include the option to extend for additional periods, which may or may not be exercised. Based on historical experience, the Company does not always extend these leases, sometimes exercises the option to cancel leases early and sometimes lessors choose to cancel leases or not extend.

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 that included initial terms ranging from three to five years. The initial terms of these leases have expired, and the leases are now subject to terms not exceeding one year. In accordance with the provisions of ASC Topic 842, because all of our leased properties are currently subject to leases not exceeding one year, we do not recognize any right-of-use assets or corresponding operating lease liability as of September 30, 2024.

Cash Flows

No new right-of-use asset was recognized as a non-cash asset addition that resulted from new operating lease liabilities during the nine months ended September 30, 2024. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the nine months ended September 30, 2024, and is included in operating cash flows within the condensed consolidated statement of cash flows.

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Operating Lease Costs

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Long-term	$	-	$	83	$	114	$	246
Short-term		927		831		2,608		2,327
Total	$	927	$	914	$	2,722	$	2,573

Lease Revenue

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Leased truck revenue (recorded in revenue, before fuel surcharge)	$	2,630	$	1,952	$	7,122	$	6,070
Leased building space revenue (recorded in non-operating income)		121		99		360		296
Total lease revenue	$	2,751	$	2,051	$	7,482	$	6,366

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 independent contractor defaults on their lease, the Company generally leases the truck to another independent contractor.

As of September 30, 2024, the gross carrying value of trucks underlying these leases was $66.6 million and accumulated depreciation was $28.7 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, 2024, the Company incurred $2.0 million of depreciation expense for these assets.

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 September 30, 2024:

	(in thousands)
2024 (remaining)	$	2,612
2025		9,649
2026		6,120
2027		108
2028 and thereafter		-
Total future minimum lease payments receivable	$	18,489

NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES

The Company financed approximately $75.0 million in equipment purchases during the first nine months of 2024 utilizing noncash financing.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

FORWARD-LOOKING INFORMATION

Certain information included in this Quarterly Report on Form 10-Q constitutes “forward-looking statements” 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; recessionary economic cycles and downturns in customers’ business cycles; increases or rapid fluctuations in fuel prices, inflation, interest rates, fuel taxes, tolls, and license and registration fees; potential economic, business or operational disruptions or uncertainties due to public health crises; the resale value of the Company’s used equipment; the price and availability of new equipment consistent with anticipated acquisition and replacement plans; 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, laws and regulations governing the classification of independent contractors as employees, 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 as a result of new information, future events or otherwise. In light of these risks and uncertainties, the forward-looking events and circumstances discussed above and in company filings might not transpire.

CRITICAL ACCOUNTING ESTIMATES

There have been no material changes to our critical accounting policies and estimates from the information provided in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in our Form 10-K for the fiscal year ended December 31, 2023.

BUSINESS OVERVIEW

The Company 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’s consolidated operating subsidiaries also provide transportation services in Mexico through its gateways in Laredo and El Paso, Texas under agreements with Mexican carriers. Unless the context otherwise requires, this report presents information regarding the Company and its subsidiaries on a consolidated basis. The Company’s administrative headquarters are in Tontitown, Arkansas. From this location we manage operations conducted through our wholly-owned subsidiaries based in various locations around the United States and in Mexico and Canada. The operations of these subsidiaries can generally be classified into either truckload services or brokerage and logistics services. This designation is based primarily on the ownership of the asset that performed the freight transportation service. Truckload services are performed by Company divisions that generally utilize Company-owned trucks, long-term contractors, or single-trip contractors to transport loads of freight for customers, while brokerage and logistics services coordinate or facilitate the transport of loads of freight for customers and generally involve the utilization of single-trip contractors. Both our truckload operations and our brokerage and logistics operations have similar economic characteristics and are impacted by virtually the same economic factors as discussed elsewhere in this report.

For both operations, substantially all of our revenue is generated by transporting freight for customers and is predominantly affected by the rates per mile received from our customers, equipment utilization, and our percentage of non-compensated miles. These aspects of our business are carefully managed, and efforts are continuously underway to achieve favorable results. Truckload services revenues, excluding fuel surcharges, represented 68.8% and 64.4% of total revenues, excluding fuel surcharges, for the quarters ended September 30, 2024, and 2023, respectively. The remaining revenues, excluding fuel surcharges, were generated from brokerage and logistics services.

The main factors that impact our profitability on the expense side are costs incurred in transporting freight for our customers. Currently, our most challenging costs include fuel, driver recruitment, training, wage and benefits costs, independent broker costs (which we record as purchased transportation), insurance, maintenance and capital equipment costs.

In discussing our results of operations, we use revenue before fuel surcharge (and fuel expense, net of fuel surcharge), because management believes that eliminating the impact of this often-volatile source of revenue allows a more consistent basis for comparing our results of operations from period to period. During the three months ended September 30, 2024 and 2023, approximately $21.8 million and $27.2 million, respectively, of the Company’s total revenue was generated from fuel surcharges. During the nine months ended September 30, 2024 and 2023, approximately $66.1 million and $80.8 million, respectively, of the Company’s total revenue was generated from fuel surcharges. We may also discuss certain changes in our expenses as a percentage of revenue, before fuel surcharge, rather than absolute dollar changes. We do this because we believe the variable cost nature of certain expenses makes a comparison of changes in expenses as a percentage of revenue more meaningful than absolute dollar changes.

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RESULTS OF OPERATIONS – TRUCKLOAD SERVICES

The following table sets forth, for truckload services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Fuel costs are reported net of fuel surcharges.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(percentages)
Operating revenues, before fuel surcharge		100.0			100.0			100.0			100.0

Operating expenses:
Salaries, wages and benefits		38.2			38.2			39.0			37.2
Operating supplies and expenses		11.7			13.3			11.9			11.7
Rent and purchased transportation		26.7			22.6			25.3			23.0
Depreciation		15.8			13.6			17.1			13.1
Insurance and claims		4.3			4.6			4.7			7.0
Other		4.0			3.8			4.8			4.3
Gain on sale or disposal of property		(0.2	)		(0.3	)		-			(0.3	)
Total operating expenses		100.5			95.8			102.8			96.0
Operating (loss)/income		(0.5	)		4.2			(2.8	)		4.0
Non-operating income		3.3			1.0			2.3			0.8
Interest expense		(2.5	)		(1.4	)		(2.6	)		(1.5	)
Income/(loss) before income taxes		0.3			3.8			(3.1	)		3.3

THREE MONTHS ENDED SEPTEMBER 30, 2024 VS. THREE MONTHS ENDED SEPTEMBER 30, 2023

During the third quarter of 2024, truckload services revenue, before fuel surcharges, decreased 1.5% to $110.6 million as compared to $112.3 million during the third quarter of 2023. The decrease relates primarily to a 1.5% decrease in total miles travelled from 47.2 million for the third quarter of 2023 to 46.5 million for the third quarter of 2024 and to a 2.0% decrease in our rate per mile, from $2.14 for the third quarter of 2023 to $2.10 for the third quarter of 2024. The reduction in total miles was primarily driven by a 1.6% reduction in average miles driven by each truck combined with a 1.4% reduction in the average number of trucks operated during the third quarter of 2024 compared to the third quarter of 2023.

Operating supplies and expenses decreased from 13.3% of revenues, before fuel surcharges, during the third quarter of 2023 to 11.7% of revenues, before fuel surcharges, during the third quarter of 2024. The decrease relates primarily to a reduction in repair and tire expenses, which is a result of introducing new, more reliable revenue equipment to our fleet, while retiring older, less-reliable revenue equipment. The decrease can also be partially attributed to a decrease in truck count from the third quarter of 2023 to the third quarter of 2024.

Rent and purchased transportation increased from 22.6% of revenues, before fuel surcharges, during the third quarter of 2023 to 26.7% of revenues, before fuel surcharges, during the third quarter of 2024. The increase was primarily attributable to an increase in the proportion of miles driven by third-party carriers quarter over quarter, as the average number of third-party trucks increased from 326 during the third quarter of 2023 to 481 during the third quarter of 2024, while the average number of company trucks decreased from 2,007 to 1,820 during that same period.

Depreciation increased from 13.6% of revenues, before fuel surcharges, during the third quarter of 2023 to 15.8% of revenues, before fuel surcharges, during the third quarter of 2024. The increase relates primarily to an increase in cost for replacement revenue equipment compared to the cost of retired equipment and to the interaction of a decrease in operating revenues with the fixed-cost nature of depreciation expense.

Non-operating income improved from 1.0% of revenues, before fuel surcharges, during the third quarter of 2023 to 3.3% of revenues, before fuel surcharges, during the third quarter of 2024. This increase primarily resulted from an increase in the market value of our marketable equity securities portfolio as of September 30, 2024 compared to September 30, 2023.

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Interest expense increased from 1.4% of revenues, before fuel surcharges, during the third quarter of 2023 to 2.5% of revenues, before fuel surcharges, during the third quarter of 2024. This increase is attributed to an increase in equipment note debt and to an increase in average borrowing rates from 3.66% during the third quarter of 2023 to 4.73% during the third quarter of 2024.

NINE MONTHS ENDED SEPTEMBER 30, 2024 VS. NINE MONTHS ENDED SEPTEMBER 30, 2023

For the nine months ended September 30, 2024, truckload services revenue, before fuel surcharges, decreased 10.7% to $319.4 million as compared to $357.7 million for the nine months ended September 30, 2023. The decrease relates primarily to an 8.0% decrease in total miles travelled from 148.3 million during the first nine months of 2023 to 136.4 million for the first nine months of 2024 and to a 3.4% decrease in our rate per mile, from $2.17 for the first nine months of 2023 to $2.10 for the first nine months of 2024. The reduction in total miles was primarily driven by a 4.2% reduction in the average number of trucks operated combined with a 4.5% reduction in average miles driven by each truck during the first nine month of 2024 compared to the first nine months of 2023. The reduction in truck count and miles resulted from a less favorable freight market year over year, characterized by an oversupply of available trucks in the market compared to available freight.

Salaries, wages and benefits increased from 37.2% of revenues, before fuel surcharges, in the first nine months of 2023 to 39.0% of revenues, before fuel surcharges, during the first nine months of 2024. This year to year percentage-based increase is explained by the interaction of salaries and wages with fixed-cost characteristics combined with the year to year reduction in revenue recognized during the first nine months of the year.

Rent and purchased transportation increased from 23.0% of revenues, before fuel surcharges, during the first nine months of 2023 to 25.3% of revenues, before fuel surcharges, during the first nine months of 2024. The increase was primarily attributable to an increase in the proportion of miles driven by third-party carriers year over year. The average number of third-party trucks utilized increased from 360 during the first nine months of 2023 to 455 during the first nine months of 2024, while the average number of company trucks decreased from 2,038 to 1,842 during that same period.

Depreciation increased from 13.1% of revenues, before fuel surcharges, during the first nine months of 2023 to 17.1% of revenues, before fuel surcharges, during the first nine months of 2024. The increase relates primarily to an increase in cost for replacement revenue equipment compared to the cost of retired equipment and to the interaction of a decrease in operating revenues with the fixed-cost nature of depreciation expense.

Insurance and claims expense decreased from 7.0% of revenues, before fuel surcharges, during the first nine months of 2023 to 4.7% of revenues before fuel surcharges, during the first nine months of 2024. This decrease relates primarily to specific auto liability claims being settled in the latter half of 2023. This decrease was partially offset by a 12.8% increase in auto liability premiums year over year.

Non-operating income increased from 0.8% of revenues, before fuel surcharges, during the first nine months of 2023 to 2.3% of revenues, before fuel surcharges, during the first nine months of 2024. This increase resulted primarily from an increase in the market value of our marketable equity securities portfolio as of September 30, 2024 as compared to September 30, 2023.

Interest expense increased from 1.5% of revenues, before fuel surcharges, during the first nine months of 2023 to 2.6% of revenues, before fuel surcharges, during the first nine months of 2024. This increase is attributed to an increase in equipment note debt and to an increase in average borrowing rates from 3.66% as of September 30, 2023 to 4.73% as of September 30, 2024.

The truckload services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 96.0% for the first nine months of 2023 to 102.8% for the first nine months of 2024.

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RESULTS OF OPERATIONS – LOGISTICS AND BROKERAGE SERVICES

The following table sets forth, for logistics and brokerage services, the percentage relationship of expense items to operating revenues, before fuel surcharges, for the periods indicated. Brokerage service operations occur specifically in certain divisions; however, brokerage operations occur throughout the Company in similar operations having substantially similar economic characteristics.

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2024			2023			2024			2023
	(percentages)
Operating revenues, before fuel surcharge		100.0			100.0			100.0			100.0

Operating expenses:
Salaries, wages and benefits		5.0			4.9			4.8			4.8
Rent and purchased transportation		86.8			85.7			86.4			84.1
Other		2.5			2.7			2.8			2.3
Total operating expenses		94.3			93.3			94.0			91.2
Operating income		5.7			6.7			6.0			8.8
Non-operating income / (expense)		0.3			0.7			0.3			0.5
Interest expense		(0.3	)		(0.7	)		(0.5	)		(0.8	)
Income before income taxes		5.7			6.7			5.8			8.5

THREE MONTHS ENDED SEPTEMBER 30, 2024 VS. THREE MONTHS ENDED SEPTEMBER 30, 2023

During the third quarter of 2024, logistics and brokerage services revenue, before fuel surcharges, decreased 19.2% to $50.2 million as compared to $62.1 million during the third quarter of 2023. The decrease relates to a reduction in the average rates charged to customers year to year, as the truckload market continues to be negatively impacted by downward rate pressure driven by the challenging truckload rate environment.

Rents and purchased transportation increased from 85.7% of revenues, before fuel surcharges, during the third quarter of 2023 to 86.8% of revenues, before fuel surcharges, during the third quarter of 2024. The increase resulted from paying third-party carriers a larger percentage of customer revenue.

The logistics and brokerage services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 93.3% for the third quarter of 2023 to 94.3% for the third quarter of 2024.

NINE MONTHS ENDED SEPTEMBER 30, 2024 VS. NINE MONTHS ENDED SEPTEMBER 30, 2023

During the first nine months of 2024, logistics and brokerage services revenue, before fuel surcharges, decreased 15.4% to $162.6 million as compared to $192.2 million during the first nine months of 2023. The decrease relates to a reduction in the average rates charged to customers year to year, as the truckload market continues to be negatively impacted by downward rate pressure driven by the challenging truckload rate environment.

Rents and purchased transportation increased from 84.1% of revenues, before fuel surcharges, during the first nine months of 2023 to 86.4% of revenues, before fuel surcharges, during the first nine months of 2024. The increase resulted from paying third-party carriers a larger percentage of customer revenue.

The logistics and brokerage services division operating ratio, which measures the ratio of operating expenses, net of fuel surcharges, to operating revenues, before fuel surcharges, increased from 91.2% for the first nine months of 2023 to 94.0% for the first nine months of 2024.

RESULTS OF OPERATIONS – COMBINED SERVICES

THREE MONTHS ENDED SEPTEMBER 30, 2024 VS. THREE MONTHS ENDED SEPTEMBER 30, 2023

Net income for all divisions was approximately $2.4 million, or 1.5% of revenues, before fuel surcharges for the third quarter of 2024 as compared to net income of $6.1 million, or 3.5% of revenues, before fuel surcharges for the third quarter of 2023. The decrease in net income resulted in diluted earnings per share of $0.11 for the third quarter of 2024 as compared to diluted earnings per share of $0.28 for the third quarter of 2023.

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NINE MONTHS ENDED SEPTEMBER 30, 2024 VS. NINE MONTHS ENDED SEPTEMBER 30, 2023

For the first nine months of 2024, all divisions recognized a combined net loss of approximately $0.2 million, or 0.1% in excess of revenues, before fuel surcharges as compared to net income of $20.6 million, or 3.8% of revenues, before fuel surcharges for the first nine months of 2024. The decrease in net income resulted in a diluted loss per share of $(0.01) for the first nine months of 2024 as compared to diluted earnings per share of $0.93 for the first nine months of 2023.

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, and borrowings under our credit facilities, installment notes, and investment margin account.

During the first nine months of 2024, we generated $43.8 million in cash from operating activities. Investing activities used $54.9 million in cash in the first nine months of 2024. Financing activities used $41.4 million in cash in the first nine months of 2024.

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 2024, we utilized cash on hand, installment notes, and our line of credit to finance purchases of revenue equipment and other assets of approximately $124.4 million.

During the remainder of 2024, we expect to purchase approximately 232 trucks and 400 trailers while continuing to sell or trade older equipment, which we expect to result in net capital expenditures of approximately $18.9 million.

On April 24, 2024, we commenced a tender offer to repurchase up to 550,000 shares of the Company’s outstanding common stock at a price of not greater than $18.00 nor less than $15.50 per share. Following the expiration of the tender offer on May 22, 2024, we accepted 284,206 shares of our common stock for purchase at $18.00 per share, at an aggregate purchase price of approximately $5.1 million, excluding fees and expenses related to the offer. The Company funded the purchase of the accepted shares tendered with available cash.

We currently intend to retain our future earnings to finance our growth and do not anticipate paying cash dividends in the foreseeable future.

During the first nine months of 2024, we maintained a revolving line of credit. Amounts outstanding under the line bear interest at Term SOFR plus 1.85% (7.18% at September 30, 2024), are secured by our trade accounts receivable and mature on July 1, 2027. An “unused fee” of 0.25% is charged if average borrowings are less than $18.0 million. At September 30, 2024 we had no outstanding borrowings against the line of credit and approximately $0.1 million of outstanding letters of credit, with availability to borrow $59.9 million.

Trade accounts receivable increased from $80.6 million at December 31, 2023 to $93.7 million at September 30, 2024. The increase was a result of an increase in revenues, which flow through accounts receivable, during the final month of the quarter ending September 30, 2024 compared to the final month of the year ending December 31, 2023. Additionally, the company’s cash suspense decreased during the first nine months of 2024 as compared to the fourth quarter of 2023.

Prepaid expenses and deposits decreased from $13.2 million at December 31, 2023 to $9.5 million at September 30, 2024. The decrease relates to the normal amortization of items prepaid as of December 31, 2023.

Revenue equipment increased from $689.2 million at December 31, 2023 to $726.2 million at September 30, 2024. The increase is primarily due to the purchase of new trucks and trailers during the first nine months of 2024, partially offset by the disposition of aging trucks and trailers during the first nine months of 2024.

Land increased from $23.1 million at December 31, 2023 to $30.4 million at September 30, 2024. The increase is primarily due to the purchase of land in El Paso, Texas that will serve as an additional terminal for our truckload operations.

Accounts payable decreased from $62.7 million at December 31, 2023 to $37.9 million at September 30, 2024. This decrease was primarily attributable to payments made in the first nine months of 2024 on contracts for revenue equipment placed in service, but not yet paid for at December 31, 2023. As of September 30, 2024, our accounts payable includes outstanding invoices for revenue equipment totaling $0.9 million.

Table of Contents

Long-term debt and current maturities of long term-debt are reviewed on an aggregate basis, as the classification of amounts in each category are typically affected merely by the passage of time. Long-term debt and current maturities of long-term debt, on an aggregate basis, increased from $261.7 million at December 31, 2023 to $288.7 million at September 30, 2024. The increase was primarily related to the financing of additional revenue equipment during the first nine months of 2024.

NEW ACCOUNTING PRONOUNCEMENTS

See Note B to the condensed consolidated financial statements for a description of the most recent accounting pronouncements and their impact, if any, on the Company.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Our primary market risk exposures include equity price risk, interest rate risk, commodity price risk (the price paid to obtain diesel fuel for our trucks), and foreign currency exchange rate risk. The potential adverse impacts of these risks are discussed below. While the Company has used derivative financial instruments in the past to manage its interest rate and commodity price risks, the Company does not currently enter into such instruments for risk management purposes or for speculation or trading.

The following sensitivity analyses do not consider the effects that an adverse change in the overall economy may have, nor do they consider additional actions we may take to mitigate our exposure to such changes. Actual results of changes in prices or rates may differ materially from the hypothetical results described below.

Equity Price Risk

We hold certain actively traded marketable equity securities, which subjects the Company to fluctuations in the fair market value of its investment portfolio based on the current market price of such securities. The recorded value of marketable equity securities increased to $44.2 million at September 30, 2024 from $43.2 million at December 31, 2023. A 10% decrease in the market price of our marketable equity securities would cause a corresponding 10% decrease in the carrying amounts of these securities, or approximately $4.4 million. For additional information with respect to marketable equity securities, see Note D to our condensed consolidated financial statements.

Interest Rate Risk

Our line of credit bears interest at a floating rate equal to SOFR plus a fixed percentage. Accordingly, changes in SOFR, which are affected by changes in interest rates, or a change to a new index rate, will affect the interest rate on, and therefore our costs under, the line of credit. Assuming $18.0 million of variable rate debt was outstanding under our line of credit for a full fiscal year, a hypothetical 100 basis point increase in SOFR would result in approximately $180,000 of additional interest expense.

Commodity Price Risk

Prices and availability of all petroleum products are subject to political, economic, and market factors that are generally outside of our control. Accordingly, the price and availability of diesel fuel, as well as other petroleum products, can be unpredictable. Because our operations are dependent upon diesel fuel, significant increases in diesel fuel costs could materially and adversely affect our results of operations and financial condition. Based upon our 2023 fuel consumption, a 10% increase in the average annual price per gallon of diesel fuel would increase our annual fuel expenses by $8.2 million.

Foreign Currency Exchange Rate Risk

We are exposed to foreign currency exchange rate risk related to the activities of our branch office located in Mexico. Currently, we do not hedge our exchange rate exposure through any currency forward contracts, currency options, or currency swaps as all of our revenues, and substantially all of our expenses and capital expenditures, are transacted in U.S. dollars. However, certain operating expenditures and capital purchases related to our Mexico branch office are incurred in or exposed to fluctuations in the exchange rate between the U.S. dollar and the Mexican peso. Based on 2023 expenditures denominated in pesos, a 10% increase in the exchange rate would increase our annual operating expenses by $0.9 million.

Table of Contents

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures. Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on management’s evaluation, our chief executive officer and chief financial officer concluded that, as of September 30, 2024, our disclosure controls and procedures are designed at a reasonable assurance level and are effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in internal controls over financial reporting. We regularly review our system of internal control over financial reporting and make changes to our processes and systems to improve controls and increase efficiency, while ensuring that we maintain an effective internal control environment. Changes may include such activities as implementing new, more efficient systems, consolidating activities, and migrating processes.

There were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Table of Contents

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

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. Based on our knowledge of the facts, and in certain cases, opinions of outside counsel, we believe the resolution of such claims and pending litigation will not have a material effect on our financial position, results of operations or cash flows. However, if we experience claims that are not covered by our insurance or that exceed our estimated claim reserve, it could increase the volatility of our earnings and have a materially adverse effect on our financial condition, results of operations or cash flows.

Item 1A. Risk Factors.

There have been no material changes to the Company’s risk factors as previously disclosed in Item 1A to Part I of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Repurchases of Equity Securities

The Company’s stock repurchase program has been extended and expanded several times, most recently in July 2023, when the Board of Directors reauthorized 500,000 shares of common stock for repurchase under the initial September 2011 authorization. Since the reauthorization, the Company has repurchased 25,984 shares of its common stock under this repurchase program.

No shares were repurchased under the Company’s stock repurchase program during the third quarter of 2024.

Item 5. Other Information.

Rule 10b5-1 Trading Arrangements

During the three months ended September 30, 2024, none of our directors or officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.

Table of Contents

Exhibit Number		Exhibit Description

3.1		Amended and Restated Certificate of Incorporation of the Registrant (incorporated by reference to Exhibit 3.1 of the Company's Form 10-Q filed on May 15, 2002)
3.2		Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of Delaware on April 30, 2020 (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on May 1, 2020)
3.3		Certificate of Amendment of Amended and Restated Certificate of Incorporation of the Registrant, filed with the Secretary of State of the State of Delaware on May 10, 2022
3.4		Second Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Company's Form 8-K filed on February 22, 2024)
31.1		Rule 13a-14(a) Certification of Principal Executive Officer
31.2		Rule 13a-14(a) Certification of Principal Financial Officer
32.1		Certification Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Document
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB		Inline XBRL Taxonomy Extension Labels Linkbase Document
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	P.A.M. TRANSPORTATION SERVICES, INC.


Dated: November 6, 2024	By: /s/ Joseph A. Vitiritto
	Joseph A. Vitiritto
	President and Chief Executive Officer
	(principal executive officer)

Dated: November 6, 2024	By: /s/ Lance K. Stewart
	Lance K. Stewart
	Vice President-Finance, Chief Financial
	Officer, and Treasurer
	(principal accounting and financial officer)

EXHIBIT 31.1

RULE 13a-14(a) CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

I, JOSEPH A. VITIRITTO, President and Chief Executive Officer, certify that:

(1)

I have reviewed this quarterly report on Form 10-Q of P.A.M. Transportation Services, Inc., a Delaware corporation;

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(5)

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2024

/s/ Joseph A. Vitiritto

Joseph A. Vitiritto

President and Chief Executive Officer

(principal executive officer)

EXHIBIT 31.2

RULE 13a-14(a) CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

I, LANCE K. STEWART, Chief Financial Officer, certify that:

(1)

I have reviewed this quarterly report on Form 10-Q of P.A.M. Transportation Services, Inc., a Delaware corporation;

(2)

(3)

(4)

(a)

(b)

(c)

(d)

(5)

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2024

/s/ Lance K. Stewart

Lance K. Stewart

Vice President-Finance, Chief Financial

Officer, and Treasurer

(principal accounting and financial officer)

EXHIBIT 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of P.A.M. Transportation Services, Inc. (the “Company”) on Form 10-Q for the period ending September 30, 2024 (the “Report”) as filed with the Securities and Exchange Commission, each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2)

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: November 6, 2024

/s/ Joseph A. Vitiritto

Joseph A. Vitiritto

President and Chief Executive Officer

(principal executive officer)

/s/ Lance K. Stewart

Lance K. Stewart

Vice President-Finance, Chief Financial

Officer, and Treasurer

(principal accounting and financial officer)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 16, 2024
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	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		21,782,534

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 48,078,000	$ 100,614,000
Accounts receivable-net:
Trade, less current estimated credit loss of $6,009 and $7,717, respectively	93,673,000	80,604,000
Other	5,954,000	7,203,000
Inventories	2,332,000	2,321,000
Prepaid expenses and deposits	9,499,000	13,213,000
Marketable equity securities	44,205,000	43,203,000
Income taxes refundable	4,324,000	3,883,000
Total current assets	208,065,000	251,041,000
Property and equipment:
Land	30,426,000	23,078,000
Structures and improvements	55,943,000	43,552,000
Revenue equipment	726,196,000	689,173,000
Office furniture and equipment	15,908,000	15,328,000
Total property and equipment	828,473,000	771,131,000
Accumulated depreciation	(282,451,000)	(266,412,000)
Net property and equipment	546,022,000	504,719,000
Other assets	2,655,000	4,697,000
TOTAL ASSETS	756,742,000	760,457,000
Current liabilities:
Accounts payable	37,898,000	62,652,000
Accrued expenses and other liabilities	16,776,000	16,799,000
Current maturities of long-term debt	61,170,000	57,645,000
Total current liabilities	115,844,000	137,096,000
Long-term debt - less current portion	227,539,000	204,064,000
Deferred income taxes	104,195,000	104,331,000
Other long-term liabilities	250,000	750,000
Total liabilities	447,828,000	446,241,000
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; 22,364,120 and 22,317,671 shares issued; 21,782,534 and 22,021,341 shares outstanding at September 30, 2024 and December 31, 2023, respectively	224,000	223,000
Additional paid-in capital	40,999,000	40,825,000
Treasury stock, at cost; 581,586 and 296,330 shares at September 30, 2024 and December 31, 2023, respectively	(13,996,000)	(8,736,000)
Retained earnings	281,687,000	281,904,000
Total stockholders’ equity	308,914,000	314,216,000
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 756,742,000	$ 760,457,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Trade, allowance	$ 6,009	$ 7,717
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)	22,364,120	22,317,671
Common stock, outstanding (in shares)	21,782,534	22,021,341
Treasury shares (in shares)	581,586	296,330

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

OPERATING REVENUES:

Operating revenues

$ 182,577

$ 201,502

$ 548,116

$ 630,639

OPERATING EXPENSES AND COSTS:

Salaries, wages and benefits

44,736

46,032

132,559

142,138

Operating supplies and expenses

34,982

42,378

105,002

123,589

Rent and purchased transportation

73,129

78,595

221,210

244,020

Depreciation

17,741

15,552

55,381

47,805

Insurance and claims

4,768

5,146

15,093

25,205

Other

5,121

5,305

18,052

17,936

Gain on disposition of equipment

(209)

(339)

(109)

(1,175)

Total operating expenses and costs

180,268

192,669

547,188

599,518

OPERATING INCOME

2,309

8,833

928

31,121

NON-OPERATING INCOME

3,744

1,638

7,891

3,729

INTEREST EXPENSE

(2,936)

(2,046)

(9,104)

(6,565)

INCOME/(LOSS) BEFORE INCOME TAXES

3,117

8,425

(285)

28,285

FEDERAL AND STATE INCOME TAX EXPENSE/(BENEFIT):

Current

(2,313)

1,667

Deferred

696

4,641

(136)

5,970

Total federal and state income tax expense/(benefit)

705

2,328

(68)

7,637

Net income

$ 2,412

$ 6,097

$ (217)

$ 20,648

INCOME/(LOSS) PER COMMON SHARE:

Basic (in dollars per share)

$ 0.11

$ 0.28

$ (0.01)

$ 0.94

Diluted (in dollars per share)

$ 0.11

$ 0.28

$ (0.01)

$ 0.93

AVERAGE COMMON SHARES OUTSTANDING:

Basic (in shares)

^[1]

21,771

22,021

21,911

22,068

Diluted (in shares)

^[1]

21,825

22,139

21,911

22,219

Freight Transportation Service [Member]

OPERATING REVENUES:

Operating revenues

$ 160,799

$ 174,348

$ 481,980

$ 549,885

Fuel Surcharge [Member]

OPERATING REVENUES:

Operating revenues

$ 21,778

$ 27,154

$ 66,136

$ 80,754

[1]	As adjusted for the Company’s 2-for-1 forward stock splits paid in August 2021 and March 2022, respectively.

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net (loss)/income	$ (217,000)	$ 20,648,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	55,381,000	47,805,000
Bad debt expense	2,445,000	2,081,000
Stock compensation-net of excess tax benefits	550,000	387,000
Provision for deferred income taxes	(136,000)	5,970,000
(Gain)/loss on marketable equity securities	(3,907,000)	422,000
Gain on disposition of equipment	(109,000)	(1,175,000)
Loss/(gain) on sale of marketable equity securities	108,000	(88,000)
Changes in operating assets and liabilities:
Accounts receivable	(14,264,000)	34,827,000
Prepaid expenses, deposits, inventories, and other assets	5,631,000	4,119,000
Income taxes payable	(441,000)	(2,772,000)
Trade accounts payable	(463,000)	(7,849,000)
Accrued expenses and other liabilities	(786,000)	(10,571,000)
Net cash provided by operating activities	43,792,000	93,804,000
INVESTING ACTIVITIES:
Purchases of property and equipment	(85,577,000)	(26,784,000)
Proceeds from disposition of equipment	27,849,000	15,727,000
Sales of marketable equity securities	2,797,000	143,000
Net cash used in investing activities	(54,931,000)	(10,914,000)
FINANCING ACTIVITIES:
Borrowings under line of credit	569,628,000	692,253,000
Repayments under line of credit	(569,628,000)	(692,253,000)
Borrowings of long-term debt	11,894,000	0
Repayments of long-term debt	(48,032,000)	(49,029,000)
Borrowings under margin account	0	38,000
Repayments under margin account	0	(951,000)
Repurchases of common stock	(5,259,000)	(4,736,000)
Net cash used in financing activities	(41,397,000)	(54,678,000)
NET (DECREASE)/INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(52,536,000)	28,212,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period	100,614,000	74,087,000
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	48,078,000	102,299,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	9,146,000	7,111,000
Income taxes	673,000	4,768,000
NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$ 856,000	$ 17,017,000

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ 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, 2022	22,166,000
Balance at Dec. 31, 2022		$ 223	$ 40,472	$ (4,000)	$ 263,488	$ 300,183
Net Income		0	0	0	5,231	5,231
Restricted stock issued (in shares)	7,000
Stock based compensation		0	208	0	0	208
Treasury stock repurchases (in shares)	(123,000)
Treasury stock repurchases		0	0	(3,516)	0	(3,516)
Net Income		0	0	0	5,231	5,231
Balance (in shares) at Mar. 31, 2023	22,050,000
Balance at Mar. 31, 2023		223	40,680	(7,516)	268,719	302,106
Balance (in shares) at Dec. 31, 2022	22,166,000
Balance at Dec. 31, 2022		223	40,472	(4,000)	263,488	300,183
Net Income						20,648
Net Income						20,648
Balance (in shares) at Sep. 30, 2023	22,021
Balance at Sep. 30, 2023		223	40,660	(8,736)	284,135	316,282
Balance (in shares) at Mar. 31, 2023	22,050,000
Balance at Mar. 31, 2023		223	40,680	(7,516)	268,719	302,106
Net Income		0	0	0	9,319	9,319
Restricted stock issued (in shares)	6,000
Stock based compensation		0	34	0	0	34
Treasury stock repurchases (in shares)	(21,000)
Treasury stock repurchases		0	0	(579)	0	(579)
Net Income		0	0	0	9,319	9,319
Balance (in shares) at Jun. 30, 2023	22,035,000
Balance at Jun. 30, 2023		223	40,714	(8,095)	278,038	310,880
Net Income		0	0	0	6,097	6,097
Restricted stock issued (in shares)	11
Stock based compensation		0	145	0	0	145
Treasury stock repurchases (in shares)	(25)
Treasury stock repurchases		0	0	(641)	0	(641)
Net Income		0	0	0	6,097	6,097
Restricted stock net settlement		(0)	199	(0)	(0)	199
Restricted stock net settlement		0	(199)	0	0	(199)
Balance (in shares) at Sep. 30, 2023	22,021
Balance at Sep. 30, 2023		223	40,660	(8,736)	284,135	316,282
Balance (in shares) at Dec. 31, 2023	22,021
Balance at Dec. 31, 2023		223	40,825	(8,736)	281,904	314,216
Net Income		0	0	0	281	281
Restricted stock issued (in shares)	14
Restricted stock issued		0	(46)	0	0	(46)
Stock based compensation		0	192	0	0	192
Net Income		0	0	0	281	281
Balance (in shares) at Mar. 31, 2024	22,035
Balance at Mar. 31, 2024		223	40,971	(8,736)	282,185	314,643
Balance (in shares) at Dec. 31, 2023	22,021
Balance at Dec. 31, 2023		223	40,825	(8,736)	281,904	314,216
Net Income						(217)
Net Income						(217)
Balance (in shares) at Sep. 30, 2024	21,783
Balance at Sep. 30, 2024		224	40,999	(13,996)	281,687	308,914
Balance (in shares) at Mar. 31, 2024	22,035
Balance at Mar. 31, 2024		223	40,971	(8,736)	282,185	314,643
Net Income		0	0	0	(2,910)	(2,910)
Restricted stock issued (in shares)	5
Stock based compensation		0	200	0	0	200
Treasury stock repurchases (in shares)	(285)
Treasury stock repurchases		0	0	(5,259)	0	(5,259)
Net Income		0	0	0	(2,910)	(2,910)
Balance (in shares) at Jun. 30, 2024	21,755
Balance at Jun. 30, 2024		223	41,171	(13,995)	279,275	306,674
Net Income		0	0	0	2,412	2,412
Restricted stock issued (in shares)	28
Restricted stock issued		1
Stock based compensation		0	157	0	0	157
Treasury stock repurchases (in shares)	0
Treasury stock repurchases		0	0	(1)	0	0
Net Income		0	0	0	2,412	2,412
Restricted stock net settlement		0	(329)	0	0	(329)
Restricted stock net settlement		0	329	0	0	329
Balance (in shares) at Sep. 30, 2024	21,783
Balance at Sep. 30, 2024		$ 224	$ 40,999	$ (13,996)	$ 281,687	$ 308,914

Note A - Basis of Presentation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Basis of Accounting [Text Block]

NOTE A: BASIS OF PRESENTATION

Note B - Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Accounting Standards Update and Change in Accounting Principle [Text Block]

NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

Note C - Revenue Recognition

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

NOTE C: REVENUE RECOGNITION

Freight Revenue – revenue generated by the performance of the freight transportation service, including any accessorial service, provided to customers.

Note D - Marketable Equity Securities

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block]

NOTE D: MARKETABLE EQUITY SECURITIES

The following table sets forth market value, cost, and unrealized gains on equity securities as of September 30, 2024 and December 31, 2023.

	September 30, 2024		December 31, 2023
	(in thousands)
Fair market value	$	44,205	$	43,203
Cost		27,402		30,294
Unrealized gain	$	16,803	$	12,909

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of September 30, 2024 and December 31, 2023.

	September 30, 2024		December 31, 2023
	(in thousands)
Gross unrealized gains	$	18,183	$	15,539
Gross unrealized losses		1,380		2,630
Net unrealized gain	$	16,803	$	12,909

The following table shows the Company’s net realized gains during the three and nine months ending on September 30, 2024 and 2023, respectively, on certain marketable equity securities.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands)
Sales proceeds	$	166	$	343	$	2,797		$	343
Cost of securities sold		90		255		2,905			255
Realized gain/(loss)	$	76	$	88	$	(108	)	$	88

Note E - Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

NOTE E: STOCK-BASED COMPENSATION

A summary of the status of the Company’s non-vested restricted stock as of September 30, 2024, and changes during the nine months ended September 30, 2024, is as follows:

	Restricted Stock
	Number of Shares			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2024		198,859		$	14.07
Granted		2,130			17.60
Canceled/forfeited/expired		(2,633	)		32.63
Vested		(68,015	)		13.64
Non-vested at September 30, 2024		130,341		$	13.98

Note F - Segment Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting and Concentration Risk Disclosure [Text Block]

NOTE F: SEGMENT INFORMATION

	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)
Truckload Services revenue	$	110,609		68.8	$	112,257		64.4	$	319,363		66.3	$	357,681		65.1
Brokerage and Logistics Services revenue		50,190		31.2		62,091		35.6		162,617		33.7		192,204		34.9
Total revenues	$	160,799		100.0	$	174,348		100.0	$	481,980		100.0	$	549,885		100.0

Note G - Treasury Stock

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Treasury Stock [Text Block]

NOTE G: TREASURY STOCK

The Company accounts for treasury stock using the cost method. As of September 30, 2024, 581,586 shares were held in the treasury at an aggregate cost of approximately $13,996,000.

Note H - Earnings Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands, except per share data)
Net income	$	2,412	$	6,097	$	(217	)	$	20,648

Basic weighted average common shares outstanding		21,771		22,021		21,911			22,068
Dilutive effect of common stock equivalents		54		118		-			151
Diluted weighted average common shares outstanding		21,825		22,139		21,911			22,219

Basic earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.94
Diluted earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.93

Note I - Income Taxes

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE I: INCOME TAXES

Note J - Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2024

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.

	Level 1:		Quoted market prices in active markets for identical assets or liabilities.

	Level 2:		Inputs other than Level 1 inputs that are either directly or indirectly observable such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable; or other inputs not directly observable, but derived principally from, or corroborated by, observable market data.

	Level 3:		Unobservable inputs that are supported by little or no market activity.

At September 30, 2024, the following items are measured at fair value on a recurring basis:

Total

Level 1

Level 2

Level 3

(in thousands)

Marketable equity securities

44,205

The carrying amount for the line of credit approximates fair value because the line of credit interest rate is adjusted frequently.

Carrying

Value

Estimated

Fair Value

(in thousands)

Long-term debt

288,709

280,446

The Company has not elected the fair value option for any of its financial instruments.

Note K - Notes Payable

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE K: NOTES PAYABLE

Note L - Litigation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE L: LITIGATION

Note M - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Lessor, Operating Leases [Text Block]

NOTE M: LEASES

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

Cash Flows

Operating Lease Costs

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Long-term	$	-	$	83	$	114	$	246
Short-term		927		831		2,608		2,327
Total	$	927	$	914	$	2,722	$	2,573

Lease Revenue

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Leased truck revenue (recorded in revenue, before fuel surcharge)	$	2,630	$	1,952	$	7,122	$	6,070
Leased building space revenue (recorded in non-operating income)		121		99		360		296
Total lease revenue	$	2,751	$	2,051	$	7,482	$	6,366

Lease Receivables

Future minimum operating lease payments receivable at September 30, 2024:

	(in thousands)
2024 (remaining)	$	2,612
2025		9,649
2026		6,120
2027		108
2028 and thereafter		-
Total future minimum lease payments receivable	$	18,489

Note N - Noncash Investing and Financing Activities

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Noncash Investing and Financing Activities Disclosure [Text Block]

NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES

The Company financed approximately $75.0 million in equipment purchases during the first nine months of 2024 utilizing noncash financing.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Insider Trading Arr Line Items
Rule 10b5-1 Arrangement Adopted [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false

Note D - Marketable Equity Securities (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Marketable Securities [Table Text Block]

	September 30, 2024		December 31, 2023
	(in thousands)
Fair market value	$	44,205	$	43,203
Cost		27,402		30,294
Unrealized gain	$	16,803	$	12,909

Unrealized Gain (Loss) on Investments [Table Text Block]

	September 30, 2024		December 31, 2023
	(in thousands)
Gross unrealized gains	$	18,183	$	15,539
Gross unrealized losses		1,380		2,630
Net unrealized gain	$	16,803	$	12,909

Schedule of Realized Gain (Loss) [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands)
Sales proceeds	$	166	$	343	$	2,797		$	343
Cost of securities sold		90		255		2,905			255
Realized gain/(loss)	$	76	$	88	$	(108	)	$	88

Note E - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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, 2024		198,859		$	14.07
Granted		2,130			17.60
Canceled/forfeited/expired		(2,633	)		32.63
Vested		(68,015	)		13.64
Non-vested at September 30, 2024		130,341		$	13.98

Note F - Segment Information (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

	Three Months Ended September 30,								Nine Months Ended September 30,
	2024				2023				2024				2023
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)
Truckload Services revenue	$	110,609		68.8	$	112,257		64.4	$	319,363		66.3	$	357,681		65.1
Brokerage and Logistics Services revenue		50,190		31.2		62,091		35.6		162,617		33.7		192,204		34.9
Total revenues	$	160,799		100.0	$	174,348		100.0	$	481,980		100.0	$	549,885		100.0

Note H - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024			2023
	(in thousands, except per share data)
Net income	$	2,412	$	6,097	$	(217	)	$	20,648

Basic weighted average common shares outstanding		21,771		22,021		21,911			22,068
Dilutive effect of common stock equivalents		54		118		-			151
Diluted weighted average common shares outstanding		21,825		22,139		21,911			22,219

Basic earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.94
Diluted earnings per share	$	0.11	$	0.28	$	(0.01	)	$	0.93

Note J - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

Total

Level 1

Level 2

Level 3

(in thousands)

Marketable equity securities

44,205

Fair Value, by Balance Sheet Grouping [Table Text Block]

Carrying

Value

Estimated

Fair Value

(in thousands)

Long-term debt

288,709

280,446

Note M - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Long-term	$	-	$	83	$	114	$	246
Short-term		927		831		2,608		2,327
Total	$	927	$	914	$	2,722	$	2,573

Operating Lease, Lease Income [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
	(in thousands)
Leased truck revenue (recorded in revenue, before fuel surcharge)	$	2,630	$	1,952	$	7,122	$	6,070
Leased building space revenue (recorded in non-operating income)		121		99		360		296
Total lease revenue	$	2,751	$	2,051	$	7,482	$	6,366

Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]

	(in thousands)
2024 (remaining)	$	2,612
2025		9,649
2026		6,120
2027		108
2028 and thereafter		-
Total future minimum lease payments receivable	$	18,489

Note D - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Investment Income, Dividend	$ 356,000		$ 1,104,000
Equity Securities, FV-NI, Unrealized Gain (Loss)	2,365,000	$ 119,000	3,907,000	$ (422,000)
Margin Account Borrowings [Member] \| Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member]
Short-Term Debt	$ 0		$ 0		$ 0

Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair market value	$ 44,205	$ 43,203
Cost	27,402	30,294
Unrealized gain	$ 16,803	$ 12,909

Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Gross unrealized gains	$ 18,183	$ 15,539
Gross unrealized losses	1,380	2,630
Unrealized gain	$ 16,803	$ 12,909

Note D - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Sales proceeds	$ 166	$ 343	$ 2,797	$ 343
Cost of securities sold	90	255	2,905	255
Realized gain/(loss)	$ 76	$ 88	$ (108)	$ 88

Note E - Stock-based Compensation (Details Textual) - USD ($)		1 Months Ended	6 Months Ended	9 Months Ended
	May 29, 2014	May 31, 2024	Jun. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Feb. 15, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value				$ 928,000	$ 576,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted (in dollars per share)			$ 0.01	$ 0.02
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				$ 1,536,000	2,687,000
Amortization, Current Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				186,000
Amortization, Next Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				741,000
Amortization Year 2 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				476,000
Amortization, Year 3 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount				133,000
Salaries, Wages and Benefits [Member]
Share-Based Payment Arrangement, Expense				550,000	$ 387,000
Director [Member] \| Salaries, Wages and Benefits [Member]
Share-Based Payment Arrangement, Expense			$ 55,000	$ 38,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)				2,130
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)				$ 17.6
Unrestricted Shares [Member] \| Share-Based Payment Arrangement, Nonemployee [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		2,130
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)		$ 17.6
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] \| Minimum [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent	85.00%
The 2024 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)						1,600,000

Note E - Stock-based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Non-vested (in shares) \| shares	198,859
Nonvested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 14.07
Granted (in shares) \| shares	2,130
Granted - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 17.6
Canceled/forfeited/expired (in shares) \| shares	(2,633)
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 32.63
Vested (in shares) \| shares	(68,015)
Vested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.64
Non-vested (in shares) \| shares	130,341
Nonvested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.98

Note F - Segment Information (Details Textual)	9 Months Ended
Note F - Segment Information (Details Textual)	Sep. 30, 2024
Number of Operating Segments	2

Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, before fuel surcharges	$ 182,577	$ 201,502	$ 548,116	$ 630,639
Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 160,799	$ 174,348	481,980	549,885
Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 481,980	$ 549,885
Revenue, before fuel surcharges, percentage	100.00%	100.00%	100.00%	100.00%
Truckload Services [Member] \| Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 110,609	$ 112,257
Truckload Services [Member] \| Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 319,363	$ 357,681
Revenue, before fuel surcharges, percentage	68.80%	64.40%	66.30%	65.10%
Brokerage and Logistics Services [Member] \| Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 50,190	$ 62,091
Brokerage and Logistics Services [Member] \| Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 162,617	$ 192,204
Revenue, before fuel surcharges, percentage	31.20%	35.60%	33.70%	34.90%

Note G - Treasury Stock (Details Textual) - USD ($)			9 Months Ended
Note G - Treasury Stock (Details Textual) - USD ($)	May 22, 2024	Apr. 24, 2024	Sep. 30, 2024	Dec. 31, 2023	Sep. 01, 2011
Treasury Stock, Common, Value			$ 13,996,000	$ 8,736,000
Treasury Stock, Common, Shares (in shares)			581,586	296,330
September 2011 Reauthorization [Member]
Share Repurchase Program, Authorized, Number of Shares (in shares)					500,000
Treasury Stock, Shares, Acquired (in shares)			1,050
Treasury Stock, Common, Value			$ 17,000
Share Repurchase Program, Remaining Authorized, Number of Shares (in shares)			474,016
Shares Repurchase Tender Offer [Member]
Treasury Stock, Shares, Acquired (in shares)	284,206
Treasury Stock, Common, Value	$ 5,100,000
Shares Acquired, Average Cost Per Share (in dollars per share)	$ 18
Shares Repurchase Tender Offer [Member] \| Maximum [Member]
Share Repurchase Program, Authorized, Number of Shares (in shares)		550,000
Treasury Stock, Authorized to Repurchase, Purchase Price (in dollars per share)		$ 18
Shares Repurchase Tender Offer [Member] \| Minimum [Member]
Treasury Stock, Authorized to Repurchase, Purchase Price (in dollars per share)		$ 15.5

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

9 Months Ended

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Net Income

$ 2,412

$ (2,910)

$ 281

$ 6,097

$ 9,319

$ 5,231

$ (217)

$ 20,648

Basic weighted average common shares outstanding (in shares)

^[1]

21,771

22,021

21,911

22,068

Dilutive effect of common stock equivalents (in shares)

118

151

Diluted weighted average common shares outstanding (in shares)

^[1]

21,825

22,139

21,911

22,219

Basic earnings per share (in dollars per share)

$ 0.11

$ 0.28

$ (0.01)

$ 0.94

Diluted earnings per share (in dollars per share)

$ 0.11

$ 0.28

$ (0.01)

$ 0.93

[1]	As adjusted for the Company’s 2-for-1 forward stock splits paid in August 2021 and March 2022, respectively.

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statute of Limitations (Year)	3 years
Open Tax Year	2020
Income Tax Examination, Penalties and Interest Expense	$ 0
Effective Income Tax Rate Reconciliation, Percent	23.80%	27.00%

Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Marketable equity securities	$ 44,205	$ 43,203
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	$ 44,205

Note J - Fair Value of Financial Instruments - Fair Value of Long-term Debt Other Than Lines of Credit (Details) - Equipment Financing [Member] $ in Thousands	Sep. 30, 2024 USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 288,709
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 280,446

Note K - Notes Payable (Details Textual) $ in Millions	9 Months Ended
Note K - Notes Payable (Details Textual) $ in Millions	Sep. 30, 2024 USD ($)
Notes Payable	$ 75
Minimum [Member] \| Notes Payable [Member]
Debt Instrument, Term (Month)	60 months
Maximum [Member] \| Notes Payable [Member]
Debt Instrument, Term (Month)	84 months

Note L - Litigation (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 01, 2020
Self Insurance Auto Liability Claims Threshold Amount		$ 2
Minimum [Member]
Self Insurance Liability Claims, Exceeding Amount Reserve Threshold	$ 2

Note M - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note M - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating Lease, Payments			$ 100
Property, Plant and Equipment, Net	$ 546,022		546,022		$ 504,719
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	282,451		282,451		$ 266,412
Depreciation	$ 17,741	$ 15,552	$ 55,381	$ 47,805
Trucks under Operating Lease [Member]
Lessor, Operating Lease, Term of Contract (Year)	5 years		5 years
Property, Plant and Equipment, Net	$ 66,600		$ 66,600
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	28,700		$ 28,700
Depreciation	$ 2,000
Minimum [Member] \| Shop and Office Leases with Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	1 year		1 year
Minimum [Member] \| Leases without Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	3 years		3 years
Maximum [Member] \| Shop and Office Leases with Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years		5 years
Maximum [Member] \| Leases without Early Cancellation Options [Member]
Lessee, Operating Lease, Term of Contract (Year)	5 years		5 years

Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Long-term	$ 0	$ 83	$ 114	$ 246
Short-term	927	831	2,608	2,327
Total	$ 927	$ 914	$ 2,722	$ 2,573

Note M - Leases - Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lease revenue	$ 2,751	$ 2,051	$ 7,482	$ 6,366
Trucks under Operating Lease [Member]
Lease revenue	2,630	1,952	7,122	6,070
Dock Space under Operating Lease [Member]
Lease revenue	$ 121	$ 99	$ 360	$ 296

Note M - Leases - Lease Receivables (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024 (remaining)	$ 2,612
2025	9,649
2026	6,120
2027	108
2028 and thereafter	0
Total future minimum lease payments receivable	$ 18,489

Note N - Noncash Investing and Financing Activities (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 75

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