13 unchanged sentences
Transport, Inc., T.T.X., LLC, P.A.M.
−Removed: Cartage Carriers, LLC, Overdrive Leasing, LLC, P.A.M.
−Removed: Logistics Services, Inc., Choctaw Express, LLC, Choctaw Brokerage, Inc., Transcend Logistics, Inc., Decker Transport Co., LLC, East Coast Transport and Logistics, LLC, S & L Logistics, Inc., P.A.M.
+Added: Cartage Carriers, LLC, Overdrive Leasing, LLC, Choctaw Express, LLC, Choctaw Brokerage, Inc., Transcend Logistics, Inc., Decker Transport Co., LLC, East Coast Transport and Logistics, LLC, S & L Logistics, Inc., P.A.M.
International, Inc, and P.A.M.
18 unchanged sentences
The Company’s primary concern during the COVID-19 pandemic has been to do its part to protect its employees, customers, vendors and the general public from the spread of COVID-19 while continuing to serve the vital role of supplying essential goods to the nation.
−Removed: Where possible, our employees are working remotely from their homes.
+Added: Where feasible, our employees are working remotely from their homes.
For essential functions, including our driving professionals, we have distributed cleaning and protective supplies to various terminals so that they are available to those that need them, increased cleaning frequency and coverage, and provided employees direction on precautionary measures, such as sanitizing truck interiors, personal hygiene, and social distancing.
We will continue to adapt our operations as required to ensure safety while continuing to provide a high level of service to our customers.
−Removed: As the escalation of the COVID-19 pandemic extended through the end of the second quarter, the Company experienced the increasing effects of weakening economic conditions, most notably the late March COVID-19 related shutdown of automotive customers, representing approximately 45% of the Company’s revenue.
−Removed: While we vigorously sought to replace lost automotive revenue with freight from customers supporting the effort to supply essential goods to the nation, competition for this freight increased as industry capacity collectively focused on freight that continued to move during this time.
−Removed: With the return of automotive production in June, the increase in general economic activity as we approached the end of the second quarter, cost reductions implemented in response to the pandemic, and other operational initiatives, we were able to return to normal operations during the third quarter and finished the year with record quarterly revenue and operating income in the fourth quarter.
−Removed: While we believe we are well-positioned for success in 2021 and are optimistic about fully returning to a normal operating and business environment as the year progresses, we continue to monitor ongoing developments with the COVID-19 pandemic.
−Removed: Any future waves or outbreaks of alternative strains of the virus could adversely impact our future operations and financial results.
−Removed: The ultimate extent of the pandemic’s impact on the Company’s financial and operating results, which could be material, will be determined by the length of time the pandemic continues, its continued severity, any further government regulations imposed in response to the pandemic, and its continued effect on the economy and transportation demand.
−Removed: While operating cash flows may be negatively impacted by the pandemic, the Company believes we will be able to continue to finance our near term needs for working capital over the next twelve months, as well as any planned capital expenditures during such period, with cash balances, cash flows from operations, and borrowings believed to be available from financing sources.
+Added: While we and most of our customers have returned to normal operations and economic activity continued to increase during 2021, we continue to monitor ongoing developments with the COVID-19 pandemic.
+Added: Any future waves or outbreaks of alternative strains of the virus, including the current spread of the Delta and Omicron variants, could adversely impact our future operations and financial results.
+Added: On September 9, 2021, President Biden announced that he has directed the Occupational Safety and Health Administration (OSHA) to develop an Emergency Temporary Standard (ETS) mandating either the full vaccination or weekly testing of employees for employers with 100 or more employees.
+Added: On January 13, 2022, the Supreme Court ruled that the mandate could not be enforced.
+Added: We will continue to monitor new regulations for any potential impacts to our operations.
+Added: The ultimate extent of the pandemic’s impact on the Company’s financial and operating results, which could be material, will be determined by the length of time the pandemic continues, its continued severity, further government regulations imposed in response to the pandemic and the pandemic’s continued effect on the economy and transportation demand.
+Added: The Company believes we will be able to continue to finance our near-term needs for working capital over the next twelve months, as well as any planned capital expenditures during such period, with cash balances, cash flows from operations, and borrowings believed to be available from financing sources.
Business and Growth Strategy
31 unchanged sentences
Availability, attraction, retention and compensation of drivers also affect operating costs, as well as equipment utilization.
−Removed: In addition, the capital requirements for equipment, coupled with potential uncertainty of used equipment values, impact the ability of many carriers to expand their operations.
+Added: In addition, the capital requirements for equipment, availability of equipment and potential uncertainty of used equipment values, impact the ability of many carriers to expand their operations.
The current operating environment is characterized by the following:
13 unchanged sentences
Our marketing efforts are diversified and designed to gain access to dedicated, expedited, regional, automotive, and long-haul opportunities (including those in Mexico and Canada) and to expand brokerage and logistics offerings.
−Removed: Our sales efforts are conducted by a staff of ten employees who are located in our major markets and supervised from our headquarters.
+Added: Our sales efforts are conducted by a staff of nine employees who are located in our major markets and supervised from our headquarters.
These individuals work to improve profitability by maintaining an even flow of freight traffic (taking into account the balance between originations and destinations in a given geographical area), high utilization, and minimizing movement of empty equipment.
1 unchanged sentence
General Motors Company accounted for approximately 11%, 15% and 19% of our revenues in 2021, 2020 and 2019, respectively.
+Added: accounted for approximately 9%, 5% and 2% of our revenues in 2021, 2020 and 2019, respectively.
Fiat Chrysler Automobiles accounted for approximately 5%, 6% and 9% of our revenues in 2021, 2020 and 2019, respectively.
−Removed: Ford Motor Company accounted for approximately 5%, 7% and 8% of our revenues in 2020, 2019 and 2018, respectively.
We also provide transportation services to other manufacturers who are suppliers for automobile manufacturers.
41 unchanged sentences
Most recently, our primary concern during the COVID-19 pandemic has been to do our part to protect our employees, customers, vendors and the general public from the spread of COVID-19 while continuing to serve the vital role of supplying essential goods to the nation.
−Removed: Where possible, our employees are working remotely from their homes.
For essential functions, including our driving professionals, we have distributed cleaning and protective supplies to various terminals so that they are available to those that need them, increased cleaning frequency and coverage, and provided employees direction on precautionary measures, such as sanitizing truck interiors, personal hygiene, and social distancing.
9 unchanged sentences
Intense competition in the trucking industry for qualified drivers has resulted in additional expense to recruit and retain an adequate supply of drivers, and has had a negative impact on the industry.
−Removed: Our operations have also been impacted and from time to time we have experienced under-utilization and increased expenses due to a shortage of qualified drivers.
+Added: Our operations have also been impacted and we have occasionally experienced under-utilization and increased expenses due to a shortage of qualified drivers.
We place a high priority on the recruitment and retention of an adequate supply of qualified drivers.
−Removed: Our fleet averages one and a half years old, keeping our drivers safe, comfortable, and on the road.
+Added: Our fleet averages 1.8 years old, keeping our drivers safe, comfortable, and on the road.
With many dedicated and over-the-road assignments, we allow our drivers to select routes that fit their lifestyles.
64 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.