Financial Performance - Consolidated net loss for Q2 2024 was $2.9 million, compared to a net income of $9.3 million in Q2 2023, resulting in a diluted loss per share of $0.13[2] - Total revenues decreased by 11.8% year-over-year to $182.9 million in Q2 2024, down from $207.4 million in Q2 2023[9] - Operating loss for the quarter was $0.7 million, with an operating ratio of 100.4%[9] - Logistics operations revenue was $53.7 million in Q2 2024, down from $61.9 million in Q2 2023[13] Cash and Liquidity - As of June 30, 2024, the company had $173.9 million in cash and available liquidity, and stockholders' equity of $306.7 million[3] - Operating cash flow generated in the first half of 2024 was $28.4 million[3] - Cash and cash equivalents decreased to $71,984,000 from $100,614,000, a decline of about 28.5%[14] Debt and Liabilities - Outstanding debt increased by $4.3 million to $266.0 million as of June 30, 2024[3] - Total liabilities decreased to $426,853,000 from $446,241,000, reflecting a reduction of approximately 4.3%[14] - Long-term debt increased to $211,140,000 from $204,064,000, an increase of approximately 3.3%[14] Assets and Equity - Total assets decreased to $733,527,000 from $760,457,000, a decline of approximately 3.1%[14] - Current liabilities reduced to $111,713,000 from $137,096,000, a decrease of about 18.5%[14] - Trade accounts receivable increased to $92,324,000 from $80,604,000, an increase of approximately 14.5%[14] - Retained earnings decreased to $279,275,000 from $281,904,000, a decline of about 0.9%[14] - Additional paid-in capital increased to $41,171,000 from $40,825,000, reflecting a growth of approximately 0.8%[14] - Total stockholders' equity decreased to $306,674,000 from $314,216,000, a decline of about 2.4%[14] - Marketable equity securities decreased to $42,005,000 from $43,203,000, a decline of about 2.8%[14] Operational Metrics - Average company-driver trucks decreased to 1,920 in Q2 2024 from 2,061 in Q2 2023[13] - Total miles driven in Q2 2024 were 45,829 thousand, down from 50,526 thousand in Q2 2023[13] - The company continues to focus on cost and efficiency measures to mitigate unfavorable market conditions and aims for a mid-80's operating ratio in the long term[3]
P.A.M. Transportation(PTSI) - 2024 Q2 - Quarterly Results