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, 2023

☐ 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 17, 2023
Common Stock, $.01 Par Value		22,021,341

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P.A.M. TRANSPORTATION SERVICES, INC.

Form 10-Q

For the Quarter Ended September 30, 2023

Table of Contents

Part I. Financial Information

Item 1.	Financial Statements (unaudited).	3

	Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022	3

	Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2023 and 2022	4

	Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022	5

	Condensed Consolidated Statement of Stockholders’ Equity for the Nine Months Ended September 30, 2023 and 2022	6

	Notes to Condensed Consolidated Financial Statements as of September 30, 2023	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	15

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	20

Item 4.	Controls and Procedures.	21

Part II. Other Information

Item 1.	Legal Proceedings.	22

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	23

Item 6.	Exhibits.	24

Signatures		25

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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,
	2023			2022
ASSETS
Current assets:
Cash and cash equivalents	$	102,299		$	74,087
Accounts receivable-net:
Trade, less current estimated credit loss of $7,411 and $5,381, respectively		96,456			134,739
Other		7,639			6,263
Inventories		2,600			2,570
Prepaid expenses and deposits		10,932			15,729
Marketable equity securities		41,250			41,728
Income taxes refundable		8,423			5,650
Total current assets		269,599			280,766

Property and equipment:
Land		23,078			19,718
Structures and improvements		42,318			35,534
Revenue equipment		634,200			637,510
Office furniture and equipment		15,077			13,157
Total property and equipment		714,673			705,919
Accumulated depreciation		(257,753	)		(242,324	)
Net property and equipment		456,920			463,595

Other assets		5,202			4,801

TOTAL ASSETS	$	731,721		$	749,162

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	57,653		$	48,917
Accrued expenses and other liabilities		22,054			34,233
Current maturities of long-term debt		56,149			58,815
Total current liabilities		135,856			141,965

Long-term debt - less current portion		171,418			205,466
Deferred income taxes		107,415			101,445
Other long-term liabilities		750			103
Total liabilities		415,439			448,979

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; 22,317,671 and 22,293,687 shares issued; 22,021,341 and 22,166,450 shares outstanding at September 30, 2023 and December 31, 2022, respectively		223			223
Additional paid-in capital		40,660			40,472
Treasury stock, at cost; 296,330 and 127,237 shares at September 30, 2023 and December 31, 2022, respectively		(8,736	)		(4,000	)
Retained earnings		284,135			263,488
Total stockholders’ equity		316,282			300,183

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	731,721		$	749,162

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						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
OPERATING REVENUES:
Revenue, before fuel surcharge	$	174,348		$	216,475		$	549,885		$	615,303
Fuel surcharge		27,154			36,155			80,754			93,943
Total operating revenues		201,502			252,630			630,639			709,246

OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits		46,032			50,847			142,138			133,069
Operating supplies and expenses		42,378			48,071			123,589			123,156
Rent and purchased transportation		78,595			93,501			244,020			273,521
Depreciation		15,552			16,289			47,805			46,647
Insurance and claims		5,146			5,149			25,205			19,281
Other		5,305			4,579			17,936			12,712
Gain on disposition of equipment		(339	)		(1,301	)		(1,175	)		(2,662	)
Total operating expenses and costs		192,669			217,135			599,518			605,724

OPERATING INCOME		8,833			35,495			31,121			103,522

NON-OPERATING INCOME/(EXPENSE)		1,638			(1,886	)		3,729			(2,829	)
INTEREST EXPENSE		(2,046	)		(1,922	)		(6,565	)		(5,587	)

INCOME BEFORE INCOME TAXES		8,425			31,687			28,285			95,106

FEDERAL AND STATE INCOME TAX EXPENSE:
Current		(2,313	)		4,462			1,667			10,193
Deferred		4,641			2,659			5,970			12,223
Total federal and state income tax expense		2,328			7,121			7,637			22,416

NET INCOME	$	6,097		$	24,566		$	20,648		$	72,690

INCOME PER COMMON SHARE:
Basic	$	0.28		$	1.10		$	0.94		$	3.26
Diluted	$	0.28		$	1.09		$	0.93		$	3.24

AVERAGE COMMON SHARES OUTSTANDING:
Basic		22,021			22,263			22,068			22,276
Diluted		22,139			22,440			22,219			22,468

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,
	2023			2022
OPERATING ACTIVITIES:
Net income	$	20,648		$	72,690
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		47,805			46,647
Bad debt expense		2,081			732
Stock compensation-net of excess tax benefits		387			528
Provision for deferred income taxes		5,970			12,223
Loss on marketable equity securities		422			4,340
Gain on sale or disposition of equipment		(1,175	)		(2,662	)
Gain on sale of marketable equity securities		(88	)		-
Changes in operating assets and liabilities:
Accounts receivable		34,827			(22,727	)
Prepaid expenses, deposits, inventories, and other assets		4,119			(2,983	)
Income taxes payable		(2,772	)		(4,346	)
Trade accounts payable		(7,849	)		4,917
Accrued expenses and other liabilities		(10,571	)		10,714
Net cash provided by operating activities		93,804			120,073

INVESTING ACTIVITIES:
Purchases of property and equipment		(26,784	)		(42,953	)
Acquisition of business, net of cash acquired		-			(64,317	)
Proceeds from disposition of equipment		15,727			12,568
Sales of marketable equity securities		143			-
Purchases of marketable equity securities, net of return of capital		-			(918	)
Net cash used in investing activities		(10,914	)		(95,620	)

FINANCING ACTIVITIES:
Borrowings under line of credit		692,253			720,879
Repayments under line of credit		(692,253	)		(720,879	)
Borrowings of long-term debt		-			59,849
Repayments of long-term debt		(49,029	)		(53,948	)
Borrowings under margin account		38			948
Repayments under margin account		(951	)		(1,127	)
Repurchases of common stock		(4,736	)		(5,877	)
Net cash used in financing activities		(54,678	)		(155	)

NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		28,212			24,298

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period		74,087			18,509

CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	$	102,299		$	42,807

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for:
Interest	$	7,111		$	5,406
Income taxes	$	4,768		$	14,540

NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$	17,017		$	0

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, 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

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

Balance at January 1, 2022		22,348		$	234		$	84,472		$	(169,946	)	$	301,350		$	216,110

Net Income		-			-			-			-			23,942			23,942

Stock split		-			111			(111	)		-			-			-

Treasury stock repurchases		(83	)		-			-			(3,000	)		-			(3,000	)

Retirement of treasury shares		-			(122	)		(44,289	)		172,946			(128,535	)		-

Stock based compensation		-			-			137			-			-			137

Balance at March 31, 2022		22,265		$	223		$	40,209		$	-		$	196,757		$	237,189

Net Income		-			-			-			-			24,182			24,182

Exercise of stock awards-shares issued including tax benefits		4			-			-			-			-			-

Stock based compensation		-			-			216			-			-			216

Balance at June 30, 2022		22,269		$	223		$	40,425		$	-		$	220,939		$	261,587

Net Income		-			-			-			-			24,566			24,566

Restricted stock issued		11			-			-			-			-			-

Restricted stock net settlement		-			-			(315	)		-			-			(315	)

Stock based compensation		-			-			175			-			-			175

Treasury stock repurchases		(93	)		-			-			(2,877	)					(2,877	)

Balance at September 30, 2022		22,187		$	223		$	40,285		$	(2,877	)	$	245,505		$	283,136

See notes to condensed consolidated financial statements.

All prior period share and per share data has been retroactively adjusted to reflect the stock split that occurred on March 29, 2022.

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

Notes to Condensed Consolidated Financial Statements (unaudited)

September 30, 2023

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 consolidated financial results for the three and nine months ended September 30, 2023, include the results of our recently formed subsidiaries, Met Express, Inc. and Costar Equipment, Inc., from June 14, 2022, the date of the acquisition of substantially all of the assets and certain liabilities of Metropolitan Trucking, Inc. and its related entities, through September 30, 2023. All material intercompany items and transactions have been eliminated in consolidation. 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 condensed consolidated balance sheet at December 31, 2022 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. 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, 2022.

On March 8, 2022, our Board of Directors declared a 2-for-1 forward stock split of the shares of our common stock, which was effected in the form of a 100% stock dividend. The stock split entitled each shareholder of record at the close of business on March 18, 2022, to receive one additional share of common stock for each share of common stock owned as of that date. The stock split was paid on March 29, 2022. Upon the completion of the March 2022 stock split, our outstanding shares increased from approximately 11.1 million shares to approximately 22.2 million shares. All share and per share amounts in this quarterly report on Form 10-Q give effect to this stock splits and have been adjusted retrospectively, where applicable, for all periods presented.

NOTE B: RECENT ACCOUNTING PRONOUNCEMENTS

The Company considered the applicability and impact of all accounting standard updates ("ASU") issued by the Financial Accounting Standards Board ("FASB") to the Accounting Standards Codification ("ASC") and has determined there are no ASUs that have not already been adopted which require significant consideration for disclosure as of September 30, 2023. Additionally, the Company did not adopt any new ASUs during the quarter ended September 30, 2023.

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, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
	(in thousands)
Fair market value	$	41,250	$	41,728
Cost		30,294		30,350
Unrealized gain	$	10,956	$	11,378

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
	(in thousands)
Gross unrealized gains	$	13,803	$	13,478
Gross unrealized losses		2,847		2,100
Net unrealized gain	$	10,956	$	11,378

The following table shows the Company’s net realized gains during the three and nine months ending on September 30, 2023 and 2022, respectively, on certain marketable equity securities.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
Sales proceeds	$	343	$	-	$	343	$	-
Cost of securities sold		255		-		255		-
Realized gain	$	88	$	-	$	88	$	-

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For the quarter ended September 30, 2023, the Company recognized dividend income of approximately $419,000 in non-operating income in its condensed consolidated statements of operations. For the nine months ended September 30, 2023, the Company recognized dividend income of approximately $1,158,000 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, 2023, and December 31, 2022, the Company had outstanding borrowings of approximately $0 and $914,000, respectively, under its margin 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 $119,000 during the third quarter of 2023, and a net unrealized pre-tax loss in market value of approximately $2,387,000 during the third quarter of 2022, 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 maintains 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 are 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.

During May 2023, the Company granted 2,295 shares of common stock to non-employee directors. This stock award had a grant date fair value of $23.95 per share, based on the closing price of the Company’s stock on the date of grant, and vested immediately.

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 is being amortized on a straight-line basis over the remaining vesting period. As a result, the Company expects to recognize approximately $552,000 in additional compensation expense related to unvested stock awards during the remainder of 2023 and to recognize approximately $728,000, $777,000, $493,000, and $136,000 in additional compensation expense related to unvested stock awards during the years 2024, 2025, 2026, and 2027, respectively.

The total grant date fair value of stock vested during the first nine months of 2022 was approximately $269,000. The total pre-tax stock-based compensation expense, recognized in salaries, wages and benefits during the first nine months of 2022, was approximately $528,000. 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 2022. As of September 30, 2022, the Company had stock-based compensation plans with total unvested stock-based compensation expense of approximately $2,601,000, 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, 2023, and changes during the nine months ended September 30, 2023, is as follows:

	Restricted Stock
	Number of Shares			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2023		235,832		$	13.15
Granted		30,608			27.97
Canceled/forfeited/expired		(34,672	)		16.85
Vested		(32,954	)		17.49
Non-vested at September 30, 2023		198,860		$	14.07

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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,
	2023				2022				2023				2022
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)

Truckload Services revenue	$	112,257		64.4	$	144,982		67.0	$	357,681		65.1	$	404,658		65.8
Brokerage and Logistics Services revenue		62,091		35.6		71,493		33.0		192,204		34.9		210,645		34.2
Total revenues	$	174,348		100.0	$	216,475		100.0	$	549,885		100.0	$	615,303		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. As of September 30, 2023, there remain 475,066 shares of common stock authorized for repurchase under this plan.

The Company accounts for treasury stock using the cost method. As of September 30, 2023, 296,330 shares were held in the treasury at an aggregate cost of approximately $8,736,000.

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,
	2023		2022		2023		2022
	(in thousands, except per share data)

Net income	$	6,097	$	24,566	$	20,648	$	72,690

Basic weighted average common shares outstanding		22,021		22,263		22,068		22,276
Dilutive effect of common stock equivalents		118		177		151		192
Diluted weighted average common shares outstanding		22,139		22,440		22,219		22,468

Basic earnings per share	$	0.28	$	1.10	$	0.94	$	3.26
Diluted earnings per share	$	0.28	$	1.09	$	0.93	$	3.24

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 2019 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, 2023, 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.

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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, 2023, 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, 2023 and 2022, 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 27.0% and 23.6% for the nine months ended September 30, 2023 and 2022, respectively. Our effective tax rate for the nine months ended September 30, 2023 differs from amounts computed by applying the United States federal statutory rates to pre-tax income primarily due to state income taxes and the tax treatment of non-deductible expenses, including but not limited to driver meals and per diem expenses.

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, 2023, the following items are measured at fair value on a recurring basis:

	Total		Level 1		Level 2		Level 3
	(in thousands)

Marketable equity securities	$	41,250	$	41,250		-		-

The Company’s investments in marketable securities are recorded at fair value based on quoted market prices. The carrying value of other financial instruments, including cash, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to their short maturities.

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

For long-term debt other than the lines of credit, the fair values are estimated using discounted cash flow analyses, based on the Company’s current incremental borrowing rates for similar types of borrowing arrangements. The carrying value and estimated fair value of this other long-term debt at September 30, 2023 was as follows:

	Carrying Value		Estimated Fair Value
	(in thousands)

Long-term debt	$	227,567	$	220,865

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

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NOTE K: NOTES PAYABLE

During the first nine months of 2023, the Company’s subsidiaries entered into installment obligations totaling approximately $12.3 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 are 60 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.

We were named a defendant in a putative class action lawsuit filed on August 6, 2021, in the United States District Court for the Western District of Arkansas. The complaint alleged failure to pay over-the-road drivers minimum wage under the Fair Labor Standards Act and the Arkansas Minimum Wage Act, violations of the Electronic Funds Transfer Act (EFTA), violations of the Arkansas Wage Payment Law (discharge pay and unlawful, usurious advance fees), violations of the Arkansas Common Law, and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). We denied liability on all claims. On August 5, 2022, the parties filed a Joint Motion for Preliminary Approval of a Collective and Class Action Settlement. On October 7, 2022, the parties submitted to the court an executed Settlement Agreement and Release, to resolve and release all claims asserted in the litigation from January 1, 2020, through July 31, 2022, for $4,750,000. We did not admit liability for any claim. The District Court granted preliminary approval of the settlement on November 14, 2022. Notice of the settlement has been sent to class and collective action members. A final settlement approval hearing was held, and the settlement was approved, on October 11, 2023. Management has determined that any losses under this claim will not be covered by existing insurance policies.

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 which include initial terms ranging from three to five years and which do not include an option for early cancellation. In accordance with the provisions of ASC Topic 842, these leases resulted in the recognition of right-of-use assets and corresponding operating lease liabilities, respectively, valued at $0.2 million as of September 30, 2023. These assets and liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date, using the Company’s incremental borrowing rate as of the respective dates of lease inception, as the rate implicit in each lease is not readily determinable. The right-of-use assets are recorded in other assets, and the lease liability is recorded in accrued expenses and other liabilities and in other long-term liabilities on our condensed consolidated balance sheets. Lease expense is recorded on a straight-line basis over the lease term and is recorded in rent and purchased transportation in our condensed consolidated statements of operations. While these lease agreements may contain provisions to extend after the initial term for an additional five years, the Company is not reasonably certain these extension options will be exercised. Therefore, potential lease payments that might occur under this extension period are not included in amounts recorded in our condensed consolidated balance sheets as of September 30, 2023.

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Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at September 30, 2023, are:

Maturity of Lease Liabilities	(in thousands)
2023 (remaining)	$	85
2024		114
2025 and thereafter		-
Total undiscounted operating lease payments	$	199
Less: Imputed interest		(1	)
Present value of operating lease liabilities	$	198

Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)	$	198

Current lease liabilities (recorded in other current liabilities)	$	198
Long-term lease liabilities (recorded in other long-term liabilities)		0
Total operating lease liabilities	$	198

Other Information
Weighted-average remaining lease term for operating leases (in years)	0.58
Weighted-average discount rate for operating leases		3.74	%

Cash Flows

No new right-of-use assets were recognized as a non-cash asset addition that resulted from new operating lease liabilities during the nine months ended September 30, 2023. Cash paid for amounts included in the present value of operating lease liabilities was $0.1 million during the nine months ended September 30, 2023, and is included in operating cash flows within the condensed consolidated statement of cash flows.

Operating Lease Costs

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Long-term	$	83	$	125	$	246	$	435
Short-term		831		627		2,327		1,732
Total	$	914	$	752	$	2,573	$	2,167

Lease Revenue

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Leased truck revenue (recorded in revenue, before fuel surcharge)	$	1,952	$	2,228	$	6,070	$	6,519
Leased building space revenue (recorded in non-operating income)		99		99		296		426
Total lease revenue	$	2,051	$	2,327	$	6,366	$	6,945

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, 2023, the gross carrying value of trucks underlying these leases was $54.8 million and accumulated depreciation was $25.1 million. Depreciation is calculated on a straight-line basis over the estimated useful life of the equipment, down to an estimated salvage value. In most cases, the Company has agreements in place with certain manufacturers whereby salvage values are guaranteed by the manufacturer. In other cases, where salvage values are not guaranteed, estimates of salvage value are based on the expected market values of equipment at the time of disposal. During the quarter ended September 30, 2023, the Company incurred $0.6 million of depreciation expense for these assets.

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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, 2023:

	(in thousands)

2023 (remaining)	$	1,871
2024		6,373
2025		3,837
2026		1,825
2027 and thereafter		51
Total future minimum lease payments receivable	$	13,957

NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES

The Company financed approximately $12.3 million in equipment purchases during the first nine months of 2023 utilizing noncash financing.

NOTE O: ACQUISITION OF METROPOLITAN TRUCKING

On June 14, 2022, subsidiaries of the Company, Met Express, Inc. and Costar Equipment, Inc. (collectively, the “Buyer”), entered into an Asset Purchase Agreement with Metropolitan Trucking, Inc. and related subsidiaries. Metropolitan Trucking, Inc. was a truckload carrier headquartered in Saddle Brook, New Jersey, providing asset-based dry van truckload transportation services, including local, regional and dedicated services. The acquisition has been determined to be a business combination.

Pursuant to the Asset Purchase Agreement, the Buyer acquired substantially all the assets and assumed certain specified liabilities of Metropolitan Trucking, Inc., and its related entities (the “Transaction”). The Buyer paid $79.9 million of total consideration, including cash and certain assumed indebtedness of Metropolitan Trucking, Inc., and its related entities. The Transaction closed on June 14, 2022.

Total cash paid of $64.3 million was funded out of the Company’s available cash. The Transaction included the assumption of $12.6 million of indebtedness and $2.9 million of other current liabilities. The Asset Purchase Agreement contains customary representations, warranties, covenants, escrow and indemnification provisions.

The results of the acquired business have been included in the condensed consolidated financial statements since the date of acquisition and represented 12.4% of consolidated total assets as of September 30, 2023 and 9.3% of revenues excluding fuel surcharge for the quarter ended September 30, 2023.

The allocation of the purchase price is detailed in the tables below.

The assets and liabilities associated with the acquisition were recorded at their fair values as of the acquisition date and the amounts are as follows:

	(in thousands)

Trade and other accounts receivable	$	10,821
Other current assets		316
Property and equipment		68,722
Total assets		79,859
Accounts payable		(2,915	)
Long-term debt		(12,627	)
Total cash paid	$	64,317

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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 that may result from any future outbreaks of the COVID-19 pandemic or other public health crises; the resale value of the Company's used equipment and the price of new equipment; increases in compensation for and difficulty in attracting and retaining qualified drivers and owner-operators; increases in insurance premiums and deductible amounts relating to accident, cargo, workers' compensation, health, and other claims; increases in the number or amount of claims for which the Company is self-insured; inability of the Company to continue to secure acceptable financing arrangements; seasonal factors such as harsh weather conditions that increase operating costs; competition from trucking, rail, and intermodal competitors including reductions in rates resulting from competitive bidding; the ability to identify acceptable acquisition candidates, consummate acquisitions, and integrate acquired operations; our ability to develop and implement suitable information technology systems and prevent failures in or breaches of such systems; the impact of pending or future litigation; general risks associated with doing business in Mexico, including, without limitation, exchange rate fluctuations, inflation, import duties, tariffs, quotas, political and economic instability and terrorism; the potential impact of new laws, regulations or policy, including, without limitation, tariffs, import/export, trade and immigration regulations or policies; a significant reduction in or termination of the Company's trucking service by a key customer; and other factors, including risk factors, included from time to time in filings made by the Company with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise forward-looking statements, whether 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, 2022.

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 64.4% and 67.0% of total revenues, excluding fuel surcharges, for the quarters ended September 30, 2023, and 2022, 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.

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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 sometimes-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, 2023 and 2022, approximately $27.2 million and $36.2 million, respectively, of the Company’s total revenue was generated from fuel surcharges. During the nine months ended September 30, 2023 and 2022, approximately $80.8 million and $93.9 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.

On June 14, 2022, newly formed subsidiaries of the Company completed the acquisition of substantially all the assets and certain liabilities of Metropolitan Trucking, Inc. and related entities (“Metropolitan”). Metropolitan was a 320-truck dry van truckload carrier, with the East Coast serving as its primary operating territory. The purchase price paid at closing included approximately $15.5 million in assumed debt and $64.3 million paid using available cash balances. The Company is currently operating these assets through its newly formed subsidiary, Met Express, Inc. See Note O to the condensed consolidated financial statements for more information regarding this acquisition.

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,
	2023			2022			2023			2022
	(percentages)

Operating revenues, before fuel surcharge		100.0			100.0			100.0			100.0

Operating expenses:
Salaries, wages and benefits		38.2			32.8			37.2			30.5
Operating supplies and expenses		13.3			8.1			11.7			7.1
Rent and purchased transportation		22.6			25.2			23.0			25.7
Depreciation		13.6			11.0			13.1			11.2
Insurance and claims		4.6			3.5			7.0			4.8
Other		3.8			2.9			4.3			2.7
Gain on sale or disposal of property		(0.3	)		(0.9	)		(0.3	)		(0.7	)
Total operating expenses		95.8			82.6			96.0			81.3
Operating income		4.2			17.4			4.0			18.7
Non-operating income / (expense)		1.0			(0.9	)		0.8			(0.5	)
Interest expense		(1.4	)		(1.0	)		(1.5	)		(1.0	)
Income before income taxes		3.8			15.5			3.3			17.2

THREE MONTHS ENDED SEPTEMBER 30, 2023 VS. THREE MONTHS ENDED SEPTEMBER 30, 2022

During the third quarter of 2023, truckload services revenue, before fuel surcharges, decreased 22.6% to $112.3 million as compared to $145.0 million during the third quarter of 2022. The decrease in revenue was primarily the result of a market driven decrease in the average rate per mile charged to our customers during the third quarter of 2023 compared to third quarter 2022. Also contributing to the revenue reduction was a 150 truck decrease in the average number of trucks operated by the Company during the third quarter 2023 compared to the third quarter 2022 as the company aligned fleet size to decreased demand from customers. To a lesser extent, revenue was negatively impacted by the United Auto Workers strike that began in mid-September of 2023 against a group of our automotive customers.

Salaries, wages and benefits increased from 32.8% of revenues, before fuel surcharges, in the third quarter of 2022 to 38.2% of revenues, before fuel surcharges, during the third quarter of 2023. This percentage-based increase is primarily a result of a decrease in the average rate per mile charged to our customers, coupled with an increase in proportion of total miles driven by drivers employed by the Company, as opposed to transportation purchased from third parties, in the third quarter of 2023 compared to the third quarter of 2022, as well as the result of the interaction of expenses with fixed-cost characteristics, such as general and administrative wages, maintenance wages, and operations wages with a decrease in revenues for the periods compared.

Operating supplies and expenses increased from 8.1% of revenues, before fuel surcharges, during the third quarter of 2022 to 13.3% of revenues, before fuel surcharges, during the third quarter of 2023. The increase relates primarily to an increase in the average surcharge-adjusted fuel price paid per gallon of diesel fuel, which was a result of decreased fuel surcharge collections from customers. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that, during periods of rising fuel prices, fuel surcharge collections increase, while fuel surcharge collections decrease during periods of falling fuel prices. Fuel surcharge revenue generated from transportation services performed by owner-operators is reflected as a reduction in net operating supplies and expenses, while fuel surcharges paid to owner-operators for their services is reported along with their base rate of pay in the rent and purchased transportation category. These categorizations have the effect of increasing our net operating supplies and expenses while decreasing the rent and purchased transportation category.

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Rent and purchased transportation decreased from 25.2% of revenues, before fuel surcharges, during the third quarter of 2022 to 22.6% of revenues, before fuel surcharges, during the third quarter of 2023. The decrease was primarily due to a decrease in the rates charged by third-party carriers during the third quarter of 2023 compared to the third quarter of 2022. Also contributing to the decrease was a decrease in the average number of owner-operators under contract during the third quarter of 2023, compared to the third quarter of 2022, as well as a decrease in the average rate per mile, including fuel surcharges, paid to owner-operators during the respective periods.

Depreciation increased from 11.0% of revenues, before fuel surcharges, during the third quarter of 2022 to 13.6% of revenues, before fuel surcharges, during the third quarter of 2023. This percentage-based increase is primarily a result of the interaction of a decrease in operating revenues with the fixed-cost nature of depreciation expense. Due to the fixed-cost nature of depreciation, a decrease in operating revenues, before fuel surcharge, without a corresponding proportional decrease in depreciation, increases depreciation expense as a percentage of operating revenues.

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 82.6% for the third quarter of 2022 to 95.8% for the third quarter of 2023.

Non-operating income (expense) improved from a loss of 0.9% of revenues, before fuel surcharges, during the third quarter of 2022 to income of 1.0% of revenues, before fuel surcharges, during the third quarter of 2023. This increase primarily resulted from the change in the market values of our portfolio of marketable equity securities. The Company recorded a $0.1 million increase in the market value of our marketable equity securities in non-operating income (expense) during the third quarter of 2023, compared to a $2.4 million decrease in the market value of our marketable equity securities during the third quarter of 2022.

NINE MONTHS ENDED SEPTEMBER 30, 2023 VS. NINE MONTHS ENDED SEPTEMBER 30, 2022

For the nine months ended September 30, 2023, truckload services revenue, before fuel surcharges, decreased 11.6% to $357.7 million as compared to $404.7 million for the nine months ended September 30, 2022. The decrease in revenue was primarily the result of a decrease in the average rate per mile charged to our customers during the first nine months of 2023 compared to the first nine months of 2022. The decrease in revenue during the first nine months of 2023, as compared to the first nine months of 2022, was intensified by the United Auto Workers strike that began in September of 2023. To a lesser extent, revenue was negatively impacted by the United Auto Workers strike that began in mid-September of 2023 against a group of our automotive customers.

Salaries, wages and benefits increased from 30.5% of revenues, before fuel surcharges, in the first nine months of 2022 to 37.2% of revenues, before fuel surcharges, during the first nine months of 2023. This percentage-based increase is primarily a result of a decrease in the average rate per mile charged to our customers, coupled with an increase in total miles and related driver pay in the first nine months of 2023 compared to the first nine months of 2022, as well as the result of the interaction of expenses with fixed-cost characteristics, such as general and administrative wages, maintenance wages, and operations wages with a decrease in revenues for the periods compared.

Operating supplies and expenses increased from 7.1% of revenues, before fuel surcharges, during the first nine months of 2022 to 11.7% of revenues, before fuel surcharges, during the first nine months of 2023. The percentage-based increase relates primarily to an increase in the average surcharge-adjusted fuel price paid per gallon of diesel fuel, which increased as a result of decreased fuel surcharge collections from customers. Fuel surcharge collections can fluctuate significantly from period to period as they are generally based on changes in fuel prices from period to period so that, during periods of rising fuel prices, fuel surcharge collections increase, while fuel surcharge collections decrease during periods of falling fuel prices. Fuel surcharge revenue generated from transportation services performed by owner-operators is reflected as a reduction in net operating supplies and expenses, while fuel surcharges paid to owner-operators for their services is reported along with their base rate of pay in the rent and purchased transportation category. These categorizations have the effect of increasing our net operating supplies and expenses while decreasing the rent and purchased transportation category.

Rent and purchased transportation decreased from 25.7% of revenues, before fuel surcharges, during the first nine months of 2022 to 23.0% of revenues, before fuel surcharges, during the first nine months of 2023. The decrease was primarily due to a decrease in the rates charged by third-party carriers during the first nine months of 2023 compared to the first nine months of 2022. Also contributing to the decrease was a decrease in the average number of owner-operators under contract during the first nine months of 2023, compared to the first nine months of 2022, as well as a decrease in the average rate per mile, including fuel surcharges, paid to owner-operators during the respective periods.

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Depreciation increased from 11.2% of revenues, before fuel surcharges, during the first nine months of 2022 to 13.1% of revenues, before fuel surcharges, during the first nine months of 2023. This percentage-based increase is primarily a result of the interaction of a decrease in operating revenues with the fixed-cost nature of depreciation expense. Due to the fixed-cost nature of depreciation, a decrease in operating revenues, before fuel surcharge, without a corresponding proportional decrease in depreciation, increases depreciation expense as a percentage of operating revenues.

Insurance and claims expense increased from 4.8% of revenues, before fuel surcharges, during the first nine months of 2022 to 7.0% of revenues before fuel surcharges, during the first nine months of 2023. This increase relates primarily to an increase in accident reserves recognized in the first quarter of 2023. During the quarter ended March 31, 2023, the Company recorded a $10.0 million liability for claims expected to settle in excess of insurance limits, specific to an accident in February 2022.

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 81.3% for the first nine months of 2022 to 96.0% for the first nine months of 2023.

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,
	2023			2022			2023			2022
	(percentages)

Operating revenues, before fuel surcharge		100.0			100.0			100.0			100.0

Operating expenses:
Salaries, wages and benefits		4.9			4.6			4.8			4.6
Rent and purchased transportation		86.8			80.4			85.1			81.5
Other		1.6			0.7			1.3			0.8
Total operating expenses		93.3			85.7			91.2			86.9
Operating income		6.7			14.3			8.8			13.1
Non-operating income / (expense)		0.7			(0.8	)		0.5			(0.4	)
Interest expense		(0.7	)		(0.6	)		(0.8	)		(0.6	)
Income before income taxes		6.7			12.9			8.5			12.1

THREE MONTHS ENDED SEPTEMBER 30, 2023 VS. THREE MONTHS ENDED SEPTEMBER 30, 2022

During the third quarter of 2023, logistics and brokerage services revenue, before fuel surcharges, decreased 13.2% to $62.1 million as compared to $71.5 million during the third quarter of 2022. The decrease relates to a decrease in the average rates charged to customers, offset by an increase in the number of loads serviced during the third quarter of 2023 as compared to the third quarter of 2022.

Rents and purchased transportation increased from 80.4% of revenues, before fuel surcharges, during the third quarter of 2022 to 86.8% of revenues, before fuel surcharges, during the third quarter of 2023. 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 85.7% for the third quarter of 2022 to 93.3% for the third quarter of 2023.

NINE MONTHS ENDED SEPTEMBER 30, 2023 VS. NINE MONTHS ENDED SEPTEMBER 30, 2022

During the first nine months of 2023, logistics and brokerage services revenue, before fuel surcharges, decreased 8.8% to $192.2 million as compared to $210.6 million during the first nine months of 2022. The decrease relates to a decrease in the average rates charged to customers, offset by an increase in the number of loads serviced during the first nine months of 2023 as compared to the first nine months of 2022.

Rents and purchased transportation increased from 81.5% of revenues, before fuel surcharges, during the first nine months of 2022 to 85.1% of revenues, before fuel surcharges, during the first nine months of 2023. 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 86.9% for the first nine months of 2022 to 91.2% for the first nine months of 2023.

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RESULTS OF OPERATIONS – COMBINED SERVICES

THREE MONTHS ENDED SEPTEMBER 30, 2023 VS. THREE MONTHS ENDED SEPTEMBER 30, 2022

Net income for all divisions was approximately $6.1 million, or 3.5% of revenues, before fuel surcharges for the third quarter of 2023 as compared to net income of $24.6 million, or 11.3% of revenues, before fuel surcharges for the third quarter of 2022. The decrease in net income resulted in diluted earnings per share of $0.28 for the third quarter of 2023 as compared to diluted earnings per share of $1.09 for the third quarter of 2022.

NINE MONTHS ENDED SEPTEMBER 30, 2023 VS. NINE MONTHS ENDED SEPTEMBER 30, 2022

Net income for all divisions was approximately $20.6 million, or 3.8% of revenues, before fuel surcharges for the first nine months of 2023 as compared to net income of $72.7 million, or 11.8% of revenues, before fuel surcharges for the first nine months of 2022. The decrease in net income resulted in a diluted earnings per share of $0.93 for the first nine months of 2023 as compared to diluted earnings per share of $3.24 for the first nine months of 2022.

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 2023, we generated $93.8 million in cash from operating activities. Investing activities used $10.9 million in cash in the first nine months of 2023. Financing activities used $54.7 million in cash in the first nine months of 2023.

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 2023, we utilized cash on hand, installment notes, and our line of credit to finance purchases of revenue equipment and other assets of approximately $26.8 million.

During the remainder of 2023, we expect to purchase approximately 330 trucks and 1,130 trailers while continuing to sell or trade older equipment, which we expect to result in net capital expenditures of approximately $90.8 million.

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 2023, we maintained a revolving line of credit. Amounts outstanding under the line bear interest at Term SOFR plus 1.35% (6.65% at September 30, 2023), are secured by our trade accounts receivable and mature on July 1, 2024. An “unused fee” of 0.25% is charged if average borrowings are less than $18.0 million. At September 30, 2023 borrowings against the line of credit were $0, but there were letters of credit of approximately $0.4 million which reduced the availability to borrow against the line of credit to $59.6 million.

Trade accounts receivable decreased from $134.7 million at December 31, 2022 to $96.5 million at September 30, 2023. The decrease resulted from a decrease in freight revenues, which flow through accounts receivable, during the third quarter of 2023 as compared to the fourth quarter of 2022.

Prepaid expenses and deposits decreased from $15.7 million at December 31, 2022 to $10.9 million at September 30, 2023. The decrease relates to the normal amortization of items prepaid as of December 31, 2022.

Revenue equipment decreased from $637.5 million at December 31, 2022 to $634.2 million at September 30, 2023. The decrease is primarily due to the disposition of aging trucks and trailers during the first nine months of 2023.

Accounts payable increased from $48.9 million at December 31, 2022 to $57.7 million at September 30, 2023. This increase was primarily attributable to accruals for fixed asset purchases during the first nine months of 2023.

Accrued expenses and other liabilities decreased from $34.2 million at December 31, 2022 to $22.1 million at September 30, 2023. The decrease is primarily due to the payment of claims reserves that were accrued at December 31, 2022.

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, decreased from $264.3 million at December 31, 2022 to $227.6 million at September 30, 2023. The decrease was primarily related to a decrease in the financing of additional revenue equipment during the first nine months of 2023.

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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 may have on the overall economy, 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 decreased to $41.3 million at September 30, 2023 from $41.7 million at December 31, 2022. 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 $4.1 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 $1.0 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 $10,000 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 2022 fuel consumption, a 10% increase in the average annual price per gallon of diesel fuel would increase our annual fuel expenses by $9.7 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 2022 expenditures denominated in pesos, a 10% increase in the exchange rate would increase our annual operating expenses by $0.6 million.

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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, 2023, 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, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

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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. 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.

We were named a defendant in a putative class action lawsuit filed on August 6, 2021, in the United States District Court for the Western District of Arkansas. The complaint alleged failure to pay over-the-road drivers minimum wage under the Fair Labor Standards Act and the Arkansas Minimum Wage Act, violations of the Electronic Funds Transfer Act (EFTA), violations of the Arkansas Wage Payment Law (discharge pay and unlawful, usurious advance fees), violations of the Arkansas Common Law, and violations of the Racketeer Influenced and Corrupt Organizations Act (RICO). We denied liability on all claims. On August 5, 2022, the parties filed a Joint Motion for Preliminary Approval of a Collective and Class Action Settlement. On October 7, 2022, the parties submitted to the court an executed Settlement Agreement and Release, to resolve and release all claims asserted in the litigation from January 1, 2020, through July 31, 2022, for $4,750,000. We did not admit liability for any claim. The District Court granted preliminary approval of the settlement on November 14, 2022. Notice of the settlement has been sent to class and collective action members. A final settlement approval hearing was held, and the settlement was approved, on October 11, 2023. Management has determined that any losses under this claim will not be covered by existing insurance policies.

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, 2022, except as set forth below.

Risks Related to Our Business

A significant labor dispute that involves one of our customers, or that could otherwise affect our operations, could reduce our revenues and harm our profitability.

A substantial number of our largest customers are members of industrial trade unions, and they are employed under the terms of collective bargaining agreements. The United Auto Workers started a trilateral strike against Ford, General Motors, and Stellantis on September 15, 2023. The UAW has initially employed a new strategy of targeted strikes at select plants, which could have unintended ripple effects on other customer plants and workers. If the UAW expands the scope of the strikes, our revenue and profitability could be negatively impacted. If the UAW and our automotive customers are unable to negotiate new contracts and the customer plants continue to experience slowdowns or closures, our revenue and profitability could be negatively impacted. A labor dispute involving another supplier to our customers that results in a slowdown or closure of our customers’ plants where we provide services could also have a material adverse effect on our business.

Risks Related to Our Common Stock

Our public shareholders may have limited influence over our significant corporate actions.

Matthew T. Moroun, the Chairman of our Board of Directors, is the trustee of family trusts that collectively own greater than 50% of our outstanding common stock. In this capacity, Mr. Moroun holds investment power over the shares of our common stock held by the family trusts. Frederick P. Calderone, a member of our Board of Directors, is the special trustee of certain of these family trusts, and in that capacity, he exercises voting power over the shares held by such trusts, while Mr. Moroun exercises voting power over the shares held by the other family trust of which he is trustee. The special trustee serves at the discretion of the trustee of the trusts, and members of the Moroun family are the beneficiaries of the family trusts. Messrs. Moroun and Calderone have entered into a voting agreement under which Mr. Moroun agreed to vote the shares of our common stock over which he exercises voting power in accordance with and in the same manner as Mr. Calderone votes the shares of our common stock held by the family trusts over which the special trustee exercises voting power. Therefore, votes cast on behalf of the family trusts control any action requiring the general approval of our shareholders, including the election of our board of directors, the adoption of amendments to our certificate of incorporation and bylaws, and the approval of any merger or sale of substantially all of our assets. This concentration of ownership could also limit the price that some investors might be willing to pay for shares of our common stock.

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The interests of our controlling shareholders may conflict with those of the Company and our other shareholders.

The interests of the Moroun family trusts could conflict with the interests of the Company or our other shareholders. For example, the concentration of ownership in the trusts could delay, defer, or prevent a change of control of the Company that may otherwise be favorable to the Company and our other shareholders. The votes cast on behalf of the family trusts could also result in our entry into transactions or agreements that our other shareholders do not approve. Our controlling shareholders might also refrain from voting in favor of a transaction that would result in our other shareholders receiving consideration for our common stock that is much higher than its then-current market price. Any such decisions that may be made in the future by our controlling shareholders will be in their absolute discretion, subject to applicable laws and fiduciary duties.

Because we are a “controlled company” under NASDAQ rules, we are not subject to certain corporate governance standards that apply to other publicly traded companies.

The NASDAQ rules state that a controlled company is one in which more than 50% of the voting power is held by another person or group of persons acting together. A controlled company may elect not to comply with certain corporate governance requirements, including:

●

a majority of the board of directors consist of independent directors;

●

a nominating and corporate governance committee composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities; and

●

the compensation committee be composed entirely of independent directors with a written charter addressing the committee’s purpose and responsibilities.

We are a controlled company under these rules, and these requirements will not apply to us as long as we retain that status. Accordingly, you may not have the same protections afforded to shareholders of companies that are subject to all of the corporate governance requirements of NASDAQ.

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

The Company’s stock repurchase program has been extended and expanded several times, most recently in November 2021, 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 337,940 shares of its common stock under this repurchase program.

The following table summarizes the Company’s common stock repurchases during the third quarter of 2023. No shares were purchased during the quarter other than through this program, and all purchases were made by or on behalf of the Company and not by any “affiliated purchaser.”

Issuer Purchases of Equity Securities
Period	Total number of shares purchased		Average price paid per share		Total number of shares purchased as part of publicly announced plans or programs		Maximum number of shares that may yet be purchased under the plans or programs ⁽¹⁾
July 1-31, 2023		24,934	$	25.73		24,934		162,060
August 1-31, 2023		-		-		-		162,060
September 1-30, 2023		-		-		-		162,060
Total		24,934	$	25.73		24,934

(1)

The Company’s stock repurchase program does not have an expiration date.

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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	Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company's Form 8-K filed on December 11, 2007)
3.5	First Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.2 of the Company’s Form 8-K filed on January 7, 2020)
3.6	Second Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.3 of the Company’s Form 8-K filed on August 5, 2020)
3.7	Third Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on March 10, 2021)
3.8	Fourth Amendment to the Amended and Restated By-Laws of the Registrant (incorporated by reference to Exhibit 3.1 of the Company’s Form 8-K filed on August 2, 2023)
10.1	Employment Agreement, dated as of July 7, 2023, between P.A.M. Transportation Services, Inc. and Lance K. Stewart.
10.2	Separation and Consulting Agreement, dated as of July 7, 2023, between P.A.M. Transportation Services, Inc. and Allen W. West.
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)

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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: October 31, 2023	By: /s/ Joseph A. Vitiritto
	Joseph A. Vitiritto
	President and Chief Executive Officer
	(principal executive officer)

Dated: October 31, 2023	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: October 31, 2023

/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.	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;

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):

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: October 31, 2023

/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, 2023 (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: October 31, 2023

/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, 2023	Oct. 17, 2023
Document Information [Line Items]
Entity Central Index Key	0000798287
Entity Registrant Name	PAM TRANSPORTATION SERVICES INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity File Number	0-1507
Entity Tax Identification Number	71-0633135
Entity Address, Address Line One	297 West Henri De Tonti
Entity Address, City or Town	Tontitown
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72770
City Area Code	479
Local Phone Number	361-9111
Title of 12(b) Security	Common Stock, $.01 par value
Trading Symbol	PTSI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		22,021,341

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 102,299	$ 74,087
Accounts receivable-net:
Trade, less current estimated credit loss of $7,411 and $5,381, respectively	96,456	134,739
Other	7,639	6,263
Inventories	2,600	2,570
Prepaid expenses and deposits	10,932	15,729
Marketable equity securities	41,250	41,728
Income taxes refundable	8,423	5,650
Total current assets	269,599	280,766
Property and equipment:
Land	23,078	19,718
Structures and improvements	42,318	35,534
Revenue equipment	634,200	637,510
Office furniture and equipment	15,077	13,157
Total property and equipment	714,673	705,919
Accumulated depreciation	(257,753)	(242,324)
Net property and equipment	456,920	463,595
Other assets	5,202	4,801
TOTAL ASSETS	731,721	749,162
Current liabilities:
Accounts payable	57,653	48,917
Accrued expenses and other liabilities	22,054	34,233
Current maturities of long-term debt	56,149	58,815
Total current liabilities	135,856	141,965
Long-term debt - less current portion	171,418	205,466
Deferred income taxes	107,415	101,445
Other long-term liabilities	750	103
Total liabilities	415,439	448,979
COMMITMENTS AND CONTINGENCIES (Note L)
STOCKHOLDERS' EQUITY
Preferred stock, $.01 par value, 10,000,000 shares authorized; none issued	0	0
Common stock, $.01 par value, 50,000,000 shares authorized; 22,317,671 and 22,293,687 shares issued; 22,021,341 and 22,166,450 shares outstanding at September 30, 2023 and December 31, 2022, respectively	223	223
Additional paid-in capital	40,660	40,472
Treasury stock, at cost; 296,330 and 127,237 shares at September 30, 2023 and December 31, 2022, respectively	(8,736)	(4,000)
Retained earnings	284,135	263,488
Total stockholders’ equity	316,282	300,183
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 731,721	$ 749,162

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Trade, allowance	$ 7,411	$ 5,381
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	22,317,671	22,293,687
Common stock, outstanding (in shares)	22,021,341	22,166,450
Treasury shares (in shares)	296,330	127,237

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OPERATING REVENUES:
Operating revenues	$ 201,502	$ 252,630	$ 630,639	$ 709,246
OPERATING EXPENSES AND COSTS:
Salaries, wages and benefits	46,032	50,847	142,138	133,069
Operating supplies and expenses	42,378	48,071	123,589	123,156
Rent and purchased transportation	78,595	93,501	244,020	273,521
Depreciation	15,552	16,289	47,805	46,647
Insurance and claims	5,146	5,149	25,205	19,281
Other	5,305	4,579	17,936	12,712
Gain on disposition of equipment	(339)	(1,301)	(1,175)	(2,662)
Total operating expenses and costs	192,669	217,135	599,518	605,724
OPERATING INCOME	8,833	35,495	31,121	103,522
NON-OPERATING INCOME/(EXPENSE)	1,638	(1,886)	3,729	(2,829)
INTEREST EXPENSE	(2,046)	(1,922)	(6,565)	(5,587)
INCOME BEFORE INCOME TAXES	8,425	31,687	28,285	95,106
FEDERAL AND STATE INCOME TAX EXPENSE:
Current	(2,313)	4,462	1,667	10,193
Deferred	4,641	2,659	5,970	12,223
Total federal and state income tax expense	2,328	7,121	7,637	22,416
Net income	$ 6,097	$ 24,566	$ 20,648	$ 72,690
INCOME PER COMMON SHARE:
Basic (in dollars per share)	$ 0.28	$ 1.10	$ 0.94	$ 3.26
Diluted (in dollars per share)	$ 0.28	$ 1.09	$ 0.93	$ 3.24
AVERAGE COMMON SHARES OUTSTANDING:
Basic (in shares)	22,021	22,263	22,068	22,276
Diluted (in shares)	22,139	22,440	22,219	22,468
Freight Transportation Service [Member]
OPERATING REVENUES:
Operating revenues	$ 174,348	$ 216,475	$ 549,885	$ 615,303
Fuel Surcharge [Member]
OPERATING REVENUES:
Operating revenues	$ 27,154	$ 36,155	$ 80,754	$ 93,943

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES:
Net income	$ 20,648	$ 72,690
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	47,805	46,647
Bad debt expense	2,081	732
Stock compensation-net of excess tax benefits	387	528
Provision for deferred income taxes	5,970	12,223
Loss on marketable equity securities	422	4,340
Gain on disposition of equipment	(1,175)	(2,662)
Gain on sale of marketable equity securities	(88)	0
Changes in operating assets and liabilities:
Accounts receivable	34,827	(22,727)
Prepaid expenses, deposits, inventories, and other assets	4,119	(2,983)
Income taxes payable	(2,772)	(4,346)
Trade accounts payable	(7,849)	4,917
Accrued expenses and other liabilities	(10,571)	10,714
Net cash provided by operating activities	93,804	120,073
INVESTING ACTIVITIES:
Purchases of property and equipment	(26,784)	(42,953)
Acquisition of business, net of cash acquired	0	(64,317)
Proceeds from disposition of equipment	15,727	12,568
Sales of marketable equity securities	143	0
Purchases of marketable equity securities, net of return of capital	0	(918)
Net cash used in investing activities	(10,914)	(95,620)
FINANCING ACTIVITIES:
Borrowings under line of credit	692,253	720,879
Repayments under line of credit	(692,253)	(720,879)
Borrowings of long-term debt	0	59,849
Repayments of long-term debt	(49,029)	(53,948)
Borrowings under margin account	38	948
Repayments under margin account	(951)	(1,127)
Repurchases of common stock	(4,736)	(5,877)
Net cash used in financing activities	(54,678)	(155)
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	28,212	24,298
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -Beginning of period	74,087	18,509
CASH, CASH EQUIVALENTS AND RESTRICTED CASH -End of period	102,299	42,807
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest	7,111	5,406
Income taxes	4,768	14,540
NONCASH INVESTING AND FINANCING ACTIVITIES:
Purchases of property and equipment included in accounts payable	$ 17,017	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2021	22,348
Balance at Dec. 31, 2021		$ 234	$ 84,472	$ (169,946)	$ 301,350	$ 216,110
Net Income		0	0	0	23,942	23,942
Treasury stock repurchases (in shares)	(83)
Treasury stock repurchases		0	0	(3,000)	0	(3,000)
Stock based compensation		0	137	0	0	137
Net Income		0	0	0	23,942	23,942
Stock split		111	(111)	0	0	0
Retirement of treasury shares		(122)	(44,289)	172,946	(128,535)	0
Treasury stock repurchases		(0)	(0)	3,000	(0)	3,000
Balance (in shares) at Mar. 31, 2022	22,265
Balance at Mar. 31, 2022		223	40,209	0	196,757	237,189
Balance (in shares) at Dec. 31, 2021	22,348
Balance at Dec. 31, 2021		234	84,472	(169,946)	301,350	216,110
Net Income						72,690
Net Income						72,690
Balance (in shares) at Sep. 30, 2022	22,187
Balance at Sep. 30, 2022		223	40,285	(2,877)	245,505	283,136
Balance (in shares) at Mar. 31, 2022	22,265
Balance at Mar. 31, 2022		223	40,209	0	196,757	237,189
Net Income		0	0	0	24,182	24,182
Stock based compensation		0	216	0	0	216
Net Income		0	0	0	24,182	24,182
Exercise of stock awards-shares issued including tax benefits (in shares)	4
Balance (in shares) at Jun. 30, 2022	22,269
Balance at Jun. 30, 2022		223	40,425	0	220,939	261,587
Net Income		0	0	0	24,566	24,566
Treasury stock repurchases (in shares)	(93)
Treasury stock repurchases		0	0	(2,877)		(2,877)
Restricted stock issued (in shares)	11
Stock based compensation		0	175	0	0	175
Net Income		0	0	0	24,566	24,566
Restricted stock net settlement		(0)	315	(0)	(0)	315
Restricted stock issued		0	0	0	0	0
Restricted stock net settlement		0	(315)	0	0	(315)
Treasury stock repurchases		0	0	2,877		2,877
Balance (in shares) at Sep. 30, 2022	22,187
Balance at Sep. 30, 2022		223	40,285	(2,877)	245,505	283,136
Balance (in shares) at Dec. 31, 2022	22,166
Balance at Dec. 31, 2022		223	40,472	(4,000)	263,488	300,183
Net Income		0	0	0	5,231	5,231
Treasury stock repurchases (in shares)	(123)
Treasury stock repurchases		0	0	(3,516)	0	(3,516)
Restricted stock issued (in shares)	7
Stock based compensation		0	208	0	0	208
Net Income		0	0	0	5,231	5,231
Treasury stock repurchases		(0)	(0)	3,516	(0)	3,516
Balance (in shares) at Mar. 31, 2023	22,050
Balance at Mar. 31, 2023		223	40,680	(7,516)	268,719	302,106
Balance (in shares) at Dec. 31, 2022	22,166
Balance at Dec. 31, 2022		223	40,472	(4,000)	263,488	300,183
Net Income						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
Balance at Mar. 31, 2023		223	40,680	(7,516)	268,719	302,106
Net Income		0	0	0	9,319	9,319
Treasury stock repurchases (in shares)	(21)
Treasury stock repurchases		0	0	(579)	0	(579)
Restricted stock issued (in shares)	6
Stock based compensation		0	34	0	0	34
Net Income		0	0	0	9,319	9,319
Treasury stock repurchases		(0)	(0)	579	(0)	579
Balance (in shares) at Jun. 30, 2023	22,035
Balance at Jun. 30, 2023		223	40,714	(8,095)	278,038	310,880
Net Income		0	0	0	6,097	6,097
Treasury stock repurchases (in shares)	(25)
Treasury stock repurchases		0	0	(641)	0	(641)
Restricted stock issued (in shares)	11
Stock based compensation		0	145	0	0	145
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
Treasury stock repurchases		(0)	(0)	641	(0)	641
Balance (in shares) at Sep. 30, 2023	22,021
Balance at Sep. 30, 2023		$ 223	$ 40,660	$ (8,736)	$ 284,135	$ 316,282

Note A - Basis of Presentation

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Basis of Accounting [Text Block]

NOTE A: BASIS OF PRESENTATION

Note B - Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2023

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, 2023

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, 2023

Notes to Financial Statements

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

NOTE D: MARKETABLE EQUITY SECURITIES

The following table sets forth market value, cost, and unrealized gains on equity securities as of September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
	(in thousands)
Fair market value	$	41,250	$	41,728
Cost		30,294		30,350
Unrealized gain	$	10,956	$	11,378

The following table sets forth the gross unrealized gains and losses on the Company’s marketable securities as of September 30, 2023 and December 31, 2022.

	September 30, 2023		December 31, 2022
	(in thousands)
Gross unrealized gains	$	13,803	$	13,478
Gross unrealized losses		2,847		2,100
Net unrealized gain	$	10,956	$	11,378

The following table shows the Company’s net realized gains during the three and nine months ending on September 30, 2023 and 2022, respectively, on certain marketable equity securities.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
Sales proceeds	$	343	$	-	$	343	$	-
Cost of securities sold		255		-		255		-
Realized gain	$	88	$	-	$	88	$	-

Note E - Stock-based Compensation

9 Months Ended

Sep. 30, 2023

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, 2023, and changes during the nine months ended September 30, 2023, is as follows:

	Restricted Stock
	Number of Shares			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2023		235,832		$	13.15
Granted		30,608			27.97
Canceled/forfeited/expired		(34,672	)		16.85
Vested		(32,954	)		17.49
Non-vested at September 30, 2023		198,860		$	14.07

Note F - Segment Information

9 Months Ended

Sep. 30, 2023

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,
	2023				2022				2023				2022
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)

Truckload Services revenue	$	112,257		64.4	$	144,982		67.0	$	357,681		65.1	$	404,658		65.8
Brokerage and Logistics Services revenue		62,091		35.6		71,493		33.0		192,204		34.9		210,645		34.2
Total revenues	$	174,348		100.0	$	216,475		100.0	$	549,885		100.0	$	615,303		100.0

Note G - Treasury Stock

9 Months Ended

Sep. 30, 2023

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, 2023, 296,330 shares were held in the treasury at an aggregate cost of approximately $8,736,000.

Note H - Earnings Per Share

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE H: EARNINGS PER SHARE

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands, except per share data)

Net income	$	6,097	$	24,566	$	20,648	$	72,690

Basic weighted average common shares outstanding		22,021		22,263		22,068		22,276
Dilutive effect of common stock equivalents		118		177		151		192
Diluted weighted average common shares outstanding		22,139		22,440		22,219		22,468

Basic earnings per share	$	0.28	$	1.10	$	0.94	$	3.26
Diluted earnings per share	$	0.28	$	1.09	$	0.93	$	3.24

Note I - Income Taxes

9 Months Ended

Sep. 30, 2023

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, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

NOTE J: FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist of cash and cash equivalents, marketable equity securities, accounts receivable, trade accounts payable, and borrowings.

	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, 2023, the following items are measured at fair value on a recurring basis:

	Total		Level 1		Level 2		Level 3
	(in thousands)

Marketable equity securities	$	41,250	$	41,250		-		-

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	$	227,567	$	220,865

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

Note K - Notes Payable

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Long-Term Debt [Text Block]

NOTE K: NOTES PAYABLE

Note L - Litigation

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

NOTE L: LITIGATION

Note M - Leases

9 Months Ended

Sep. 30, 2023

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

Scheduled amounts and timing of cash flows arising from future right-of-use operating lease payments at September 30, 2023, are:

Maturity of Lease Liabilities	(in thousands)
2023 (remaining)	$	85
2024		114
2025 and thereafter		-
Total undiscounted operating lease payments	$	199
Less: Imputed interest		(1	)
Present value of operating lease liabilities	$	198

Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)	$	198

Current lease liabilities (recorded in other current liabilities)	$	198
Long-term lease liabilities (recorded in other long-term liabilities)		0
Total operating lease liabilities	$	198

Other Information
Weighted-average remaining lease term for operating leases (in years)	0.58
Weighted-average discount rate for operating leases		3.74	%

Cash Flows

Operating Lease Costs

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Long-term	$	83	$	125	$	246	$	435
Short-term		831		627		2,327		1,732
Total	$	914	$	752	$	2,573	$	2,167

Lease Revenue

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Leased truck revenue (recorded in revenue, before fuel surcharge)	$	1,952	$	2,228	$	6,070	$	6,519
Leased building space revenue (recorded in non-operating income)		99		99		296		426
Total lease revenue	$	2,051	$	2,327	$	6,366	$	6,945

Lease Receivables

Future minimum operating lease payments receivable at September 30, 2023:

	(in thousands)

2023 (remaining)	$	1,871
2024		6,373
2025		3,837
2026		1,825
2027 and thereafter		51
Total future minimum lease payments receivable	$	13,957

Note N - Noncash Investing and Financing Activities

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Noncash Investing and Financing Activities Disclosure [Text Block]

NOTE N: NONCASH INVESTING AND FINANCING ACTIVITIES

The Company financed approximately $12.3 million in equipment purchases during the first nine months of 2023 utilizing noncash financing.

Note O - Acquisition of Metropolitan Trucking

9 Months Ended

Sep. 30, 2023

Notes to Financial Statements

Business Combination Disclosure [Text Block]

NOTE O: ACQUISITION OF METROPOLITAN TRUCKING

The allocation of the purchase price is detailed in the tables below.

The assets and liabilities associated with the acquisition were recorded at their fair values as of the acquisition date and the amounts are as follows:

	(in thousands)

Trade and other accounts receivable	$	10,821
Other current assets		316
Property and equipment		68,722
Total assets		79,859
Accounts payable		(2,915	)
Long-term debt		(12,627	)
Total cash paid	$	64,317

Note D - Marketable Equity Securities (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Marketable Securities [Table Text Block]

	September 30, 2023		December 31, 2022
	(in thousands)
Fair market value	$	41,250	$	41,728
Cost		30,294		30,350
Unrealized gain	$	10,956	$	11,378

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

	September 30, 2023		December 31, 2022
	(in thousands)
Gross unrealized gains	$	13,803	$	13,478
Gross unrealized losses		2,847		2,100
Net unrealized gain	$	10,956	$	11,378

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)
Sales proceeds	$	343	$	-	$	343	$	-
Cost of securities sold		255		-		255		-
Realized gain	$	88	$	-	$	88	$	-

Note E - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Restricted Stock
	Number of Shares			Weighted- Average Grant Date Fair Value
Non-vested at January 1, 2023		235,832		$	13.15
Granted		30,608			27.97
Canceled/forfeited/expired		(34,672	)		16.85
Vested		(32,954	)		17.49
Non-vested at September 30, 2023		198,860		$	14.07

Note F - Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three Months Ended September 30,								Nine Months Ended September 30,
	2023				2022				2023				2022
	Amount		%		Amount		%		Amount		%		Amount		%
	(in thousands)

Truckload Services revenue	$	112,257		64.4	$	144,982		67.0	$	357,681		65.1	$	404,658		65.8
Brokerage and Logistics Services revenue		62,091		35.6		71,493		33.0		192,204		34.9		210,645		34.2
Total revenues	$	174,348		100.0	$	216,475		100.0	$	549,885		100.0	$	615,303		100.0

Note H - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands, except per share data)

Net income	$	6,097	$	24,566	$	20,648	$	72,690

Basic weighted average common shares outstanding		22,021		22,263		22,068		22,276
Dilutive effect of common stock equivalents		118		177		151		192
Diluted weighted average common shares outstanding		22,139		22,440		22,219		22,468

Basic earnings per share	$	0.28	$	1.10	$	0.94	$	3.26
Diluted earnings per share	$	0.28	$	1.09	$	0.93	$	3.24

Note J - Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

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

	Total		Level 1		Level 2		Level 3
	(in thousands)

Marketable equity securities	$	41,250	$	41,250		-		-

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

	Carrying Value		Estimated Fair Value
	(in thousands)

Long-term debt	$	227,567	$	220,865

Note M - Leases (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Maturity of Lease Liabilities	(in thousands)
2023 (remaining)	$	85
2024		114
2025 and thereafter		-
Total undiscounted operating lease payments	$	199
Less: Imputed interest		(1	)
Present value of operating lease liabilities	$	198

Balance Sheet Classification
Right-of-use assets (recorded in other non-current assets)	$	198

Current lease liabilities (recorded in other current liabilities)	$	198
Long-term lease liabilities (recorded in other long-term liabilities)		0
Total operating lease liabilities	$	198

Other Information
Weighted-average remaining lease term for operating leases (in years)	0.58
Weighted-average discount rate for operating leases		3.74	%

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Long-term	$	83	$	125	$	246	$	435
Short-term		831		627		2,327		1,732
Total	$	914	$	752	$	2,573	$	2,167

Operating Lease, Lease Income [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
	(in thousands)

Leased truck revenue (recorded in revenue, before fuel surcharge)	$	1,952	$	2,228	$	6,070	$	6,519
Leased building space revenue (recorded in non-operating income)		99		99		296		426
Total lease revenue	$	2,051	$	2,327	$	6,366	$	6,945

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

	(in thousands)

2023 (remaining)	$	1,871
2024		6,373
2025		3,837
2026		1,825
2027 and thereafter		51
Total future minimum lease payments receivable	$	13,957

Note O - Acquisition of Metropolitan Trucking (Tables)

9 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

	(in thousands)

Trade and other accounts receivable	$	10,821
Other current assets		316
Property and equipment		68,722
Total assets		79,859
Accounts payable		(2,915	)
Long-term debt		(12,627	)
Total cash paid	$	64,317

Note A - Basis of Presentation (Details Textual) shares in Millions	Mar. 08, 2022	Mar. 29, 2022 shares	Mar. 18, 2022 shares
Stockholders' Equity Note, Stock Split, Conversion Ratio	2
Shares, Outstanding, Ending Balance (in shares)		22.2	11.1

Note D - Marketable Equity Securities (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Dec. 31, 2022
Investment Income, Dividend	$ 419,000		$ 1,158,000
Equity Securities, FV-NI, Unrealized Gain (Loss)	119,000	$ 2,387,000
Margin Account Borrowings [Member] \| Accrued Expenses and Other Liabilities [Member]
Short-Term Debt	$ 0		$ 0	$ 914,000

Note D - Marketable Equity Securities - Securities Classified As Available-for-sale (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Fair market value	$ 41,250	$ 41,728
Cost	30,294	30,350
Unrealized gain	$ 10,956	$ 11,378

Note D - Marketable Equity Securities - Unrealized Gains and Losses on Marketable Equity Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Gross unrealized gains	$ 13,803	$ 13,478
Gross unrealized losses	2,847	2,100
Unrealized gain	$ 10,956	$ 11,378

Note D - Marketable Equity Securities - Realized Gains on Marketable Equity Securities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Sales proceeds	$ 343	$ 0	$ 343	$ 0
Cost of securities sold	255	0	255	0
Realized gain	$ 88	$ 0	$ 88	$ 0

Note E - Stock-based Compensation (Details Textual) - USD ($)		1 Months Ended	9 Months Ended
	May 29, 2014	May 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value			$ 576,000	$ 269,000
Allocated Share-based Compensation Expense, Impact on Earnings Per Share, Diluted (in dollars per share)			$ 0.01	$ 0.01
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 2,687,000	$ 2,601,000
Amortization, Current Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			552,000
Amortization, Next Year [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			728,000
Amortization Year 2 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			777,000
Amortization, Year 3 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			493,000
Amortization, Year 4 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			136,000
Salaries, Wages and Benefits [Member]
Share-Based Payment Arrangement, Expense			387,000	$ 528,000
Director [Member] \| Salaries, Wages and Benefits [Member]
Share-Based Payment Arrangement, Expense			$ 55,000
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)			30,608
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)			$ 27.97
The 2014 Stock Option Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	3,000,000
The 2014 Stock Option Plan [Member] \| Stock Award [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		2,295
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)		$ 23.95
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%

Note E - Stock Based Compensation - Summary of Nonvested Restricted Stock (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2023 $ / shares shares
Non-vested (in shares) \| shares	235,832
Nonvested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 13.15
Granted (in shares) \| shares	30,608
Granted - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 27.97
Canceled/forfeited/expired (in shares) \| shares	(34,672)
Canceled/forfeited/expired - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 16.85
Vested (in shares) \| shares	(32,954)
Vested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 17.49
Non-vested (in shares) \| shares	198,860
Nonvested - weighted average grant date fair value (in dollars per share) \| $ / shares	$ 14.07

Note F - Segment Information (Details Textual)	9 Months Ended
Note F - Segment Information (Details Textual)	Sep. 30, 2023
Number of Operating Segments	2

Note F - Segment Information - Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue, before fuel surcharges	$ 201,502	$ 252,630	$ 630,639	$ 709,246
Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 174,348	$ 216,475	549,885	615,303
Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 549,885	$ 615,303
Revenue, before fuel surcharges, percentage	100.00%	100.00%	100.00%	100.00%
Truckload Services [Member] \| Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 112,257	$ 144,982
Truckload Services [Member] \| Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 357,681	$ 404,658
Revenue, before fuel surcharges, percentage	64.40%	67.00%	65.10%	65.80%
Brokerage and Logistics Services [Member] \| Freight Transportation Service [Member]
Revenue, before fuel surcharges	$ 62,091	$ 71,493
Brokerage and Logistics Services [Member] \| Freight Transportation Service [Member] \| Revenue Benchmark [Member] \| Product Concentration Risk [Member]
Revenue, before fuel surcharges			$ 192,204	$ 210,645
Revenue, before fuel surcharges, percentage	35.60%	33.00%	34.90%	34.20%

Note G - Treasury Stock (Details Textual) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 01, 2011
Treasury Stock, Common, Shares (in shares)	296,330	127,237
Treasury Stock, Common, Value	$ 8,736,000	$ 4,000,000
September 2011 Reauthorization [Member]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares)			500,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares)	475,066
Treasury Stock, Common, Shares (in shares)	296,330
Treasury Stock, Common, Value	$ 8,736,000

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, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Income	$ 6,097	$ 9,319	$ 5,231	$ 24,566	$ 24,182	$ 23,942	$ 20,648	$ 72,690
Basic weighted average common shares outstanding (in shares)	22,021			22,263			22,068	22,276
Dilutive effect of common stock equivalents (in shares)	118			177			151	192
Diluted weighted average common shares outstanding (in shares)	22,139			22,440			22,219	22,468
Basic earnings per share (in dollars per share)	$ 0.28			$ 1.10			$ 0.94	$ 3.26
Diluted earnings per share (in dollars per share)	$ 0.28			$ 1.09			$ 0.93	$ 3.24

Note I - Income Taxes (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statute of Limitations (Year)	3 years
Income Tax Examination, Penalties and Interest Expense, Total	$ 0	$ 0
Effective Income Tax Rate Reconciliation, Percent	27.00%	23.60%
Open Tax Year	2019 2020 2021 2022

Note J - Fair Value of Financial Instruments - Securities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Marketable equity securities	$ 41,250	$ 41,728
Fair Value, Inputs, Level 1 [Member]
Marketable equity securities	$ 41,250

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, 2023 USD ($)
Reported Value Measurement [Member]
Long-term debt	$ 227,567
Estimate of Fair Value Measurement [Member]
Long-term debt	$ 220,865

Note K - Notes Payable (Details Textual) $ in Millions	9 Months Ended
Note K - Notes Payable (Details Textual) $ in Millions	Sep. 30, 2023 USD ($)
Notes Payable	$ 12.3
Notes Payable, Number of Monthly Installments	60

Note L - Litigation (Details Textual) - USD ($)	Oct. 07, 2022	Mar. 31, 2023	Sep. 01, 2020
Self Insurance Auto Liability Claims Threshold Amount			$ 2,000,000.0
Settlement Of Collective And Class Action Lawsuit [Member]
Litigation Settlement, Amount Awarded to Other Party	$ 4,750,000
Minimum [Member]
Self Insurance Liability Claims, Exceeding Amount Reserve Threshold		$ 2,000,000.0

Note M - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note M - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability			$ 0
Operating Lease, Payments			100
Property, Plant and Equipment, Net	$ 456,920		456,920		$ 463,595
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	257,753		257,753		$ 242,324
Depreciation	$ 15,552	$ 16,289	$ 47,805	$ 46,647
Trucks under Operating Lease [Member]
Lessor, Operating Lease, Term of Contract (Year)	5 years		5 years
Property, Plant and Equipment, Net	$ 54,800		$ 54,800
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$ 25,100		25,100
Depreciation			$ 600
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
Operating Lease, Right-of-Use Asset	$ 200		$ 200

Note M - Leases - Operating Lease (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remaining)	$ 85
2024	114
2025 and thereafter	0
Total undiscounted operating lease payments	199
Less: Imputed interest	$ (1)
Weighted-average remaining lease term for operating leases (in years) (Year)	6 months 29 days
Weighted-average discount rate for operating leases	3.74%
Accrued Expenses And Other Liabilities And Other Long-term Liabilities [Member]
Present value of operating lease liabilities	$ 198
Right-of-use assets (recorded in other non-current assets)	198
Total operating lease liabilities	198
Other Current Liabilities [Member]
Current lease liabilities (recorded in other current liabilities)	198
Other Noncurrent Liabilities [Member]
Long-term lease liabilities (recorded in other long-term liabilities)	$ 0

Note M - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Long-term	$ 83	$ 125	$ 246	$ 435
Short-term	831	627	2,327	1,732
Total	$ 914	$ 752	$ 2,573	$ 2,167

Note M - Leases - Lease Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Lease revenue	$ 2,051	$ 2,327	$ 6,366	$ 6,945
Trucks under Operating Lease [Member]
Lease revenue	1,952	2,228	6,070	6,519
Dock Space under Operating Lease [Member]
Lease revenue	$ 99	$ 99	$ 296	$ 426

Note M - Leases - Lease Receivables (Details) $ in Thousands	Sep. 30, 2023 USD ($)
2023 (remaining)	$ 1,871
2024	6,373
2025	3,837
2026	1,825
2027 and thereafter	51
Total future minimum lease payments receivable	$ 13,957

Note N - Noncash Investing and Financing Activities (Details Textual) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 12.3

Note O - Acquisition of Metropolitan Trucking (Details Textual) - Metropolitan Trucking Inc and Related Entities [Member] - USD ($) $ in Thousands		9 Months Ended
	Jun. 14, 2022	Sep. 30, 2023
Business Combination, Consideration Transferred, Total	$ 79,900
Payments to Acquire Businesses, Gross	64,317
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-Term Debt	12,627
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable	$ 2,915
Acquired Business As a Percent of Total Assets		12.40%
Acquired Business As a Percent of Operating Revenue		9.30%

Note O - Acquisition of Metropolitan Trucking - Assets Acquired and Liabilities Assumed (Details) - Metropolitan Trucking Inc and Related Entities [Member] $ in Thousands	Jun. 14, 2022 USD ($)
Trade and other accounts receivable	$ 10,821
Other current assets	316
Property and equipment	68,722
Total assets	79,859
Accounts payable	(2,915)
Long-term debt	(12,627)
Payments to Acquire Businesses, Gross	$ 64,317

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