Old Dominion Freight Line, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Old Dominion Freight Line, Inc. (ODFL) has filed its 2023 10-K report, detailing financial performance, stock activities, and operational data.</b>

AI Summary

OLD DOMINION FREIGHT LINE, INC. (ODFL) filed a Annual Report (10-K) with the SEC on February 26, 2024. The company filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes data related to various stock repurchase programs and agreements, such as the A2021 Share Repurchase Program and the New Stock Repurchase Program initiated on July 26, 2023. Key financial metrics and balances are reported, including Retained Earnings, Common Stock, and Commercial Paper as of December 31, 2023. The report details revenue segments, including LTL Service Revenue and Other Service Revenue for the fiscal years 2021, 2022, and 2023. Information on executive compensation, stock-based awards like Performance-Based Restricted Stock Units (PSUs), and credit facilities are referenced.

Why It Matters

For investors and stakeholders tracking OLD DOMINION FREIGHT LINE, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of ODFL's financial health and strategic initiatives throughout 2023, including details on share repurchases and credit facilities, which are crucial for investors assessing the company's value and future prospects. The detailed breakdown of revenue by segment and the reporting of key financial figures like retained earnings and net income offer insights into the company's operational efficiency and profitability, guiding investment decisions.

Risk Assessment

Risk Level: medium — OLD DOMINION FREIGHT LINE, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a routine annual report. However, the transportation industry is subject to economic fluctuations and regulatory changes, which could impact future performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand ODFL's performance drivers and potential challenges.

Revenue Breakdown

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-26 — Filing Date (Date of submission)
• 500 Old Dominion Way — Business Address (Company headquarters)
• 336-889-5000 — Business Phone (Contact number)

Key Players & Entities

• OLD DOMINION FREIGHT LINE, INC. (company) — Filer name
• ODFL (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-02-26 (date) — Filing date
• Thomasville, NC (location) — Business address
• 4213 (industry_code) — Standard Industrial Classification
• VA (state) — State of incorporation

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-26: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.10 — nge on which registered Common Stock ($0.10 par value) ODFL The Nasdaq Stock Ma
• $53.8 billion — L industry had revenue of approximately $53.8 billion based on information reported in Transp
• $3,000 — ded with annual safety bonuses of up to $3,000 per driver. Our safety bonuses paid to
• $5.5 m — safety bonuses paid to drivers totaled $5.5 million, $5.3 million and $4.9 million in
• $5.3 million — s paid to drivers totaled $5.5 million, $5.3 million and $4.9 million in 2023, 2022 and 2021
• $4.9 million — totaled $5.5 million, $5.3 million and $4.9 million in 2023, 2022 and 2021, respectively.

Filing Documents

• odfl-20231231.htm (10-K) — 1882KB
• odfl-ex10_1816.htm (EX-10.18(16)) — 23KB
• odfl-ex23_1.htm (EX-23.1) — 4KB
• odfl-ex31_1.htm (EX-31.1) — 13KB
• odfl-ex31_2.htm (EX-31.2) — 13KB
• odfl-ex32_1.htm (EX-32.1) — 7KB
• odfl-ex32_2.htm (EX-32.2) — 7KB
• odfl-ex97.htm (EX-97) — 49KB
• img196396528_0.jpg (GRAPHIC) — 201KB
• img196396528_1.jpg (GRAPHIC) — 31KB
• 0000950170-24-020176.txt (&nbsp;) — 7413KB
• odfl-20231231.xsd (EX-101.SCH) — 924KB
• odfl-20231231_htm.xml (XML) — 965KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 6 Item 1B Unresolved Staff Comments 18 Item 1C Cybersecurity 18 Item 2

Properties

Properties 19 Item 3

Legal Proceedings

Legal Proceedings 19 Item 4 Mine Safety Disclosures 19 Part II 20 Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6 [Reserved] 21 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 30 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 31 Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 47 Item 9A

Controls and Procedures

Controls and Procedures 47 Item 9B Other Information 49 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 49 Part III 49 Item 10 Directors, Executive Officers and Corporate Governance 49 Item 11

Executive Compensation

Executive Compensation 49 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 49 Item 13 Certain Relationships and Related Transactions, and Director Independence 49 Item 14 Principal Accounting Fees and Services 49 Part IV 50 Item 15 Exhibits, Financial Statement Schedules 50 Item 16 Form 10-K Summary 50 Exhibit Index 51

Signatures

Signatures 55 FORWARD-LOOKIN G INFORMATION Forward-looking statements appear in this Annual Report, including but not limited to Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," and in other written and oral statements made by or on behalf of us. These forward-looking statements include, but are not limited to, statements relating to our goals, strategies, expectations, competitive environment, compliance with regulations, availability of resources, future events and future financial performance. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements typically can be identified by such words as "anticipate," "estimate," "forecast," "project," "intend," "expect," "believe," "should," "could," "may," or other similar words or expressions. We caution readers that such forward-looking statements involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied herein, including, but not limited to, the risk factors detailed in this Annual Report. Our forward-looking statements are based on our beliefs and assumptions using information available at the time the statements are made. We caution the reader not to place undue reliance on our forward-looking statements as (i) these statements are neither a prediction nor a guarantee of future events or circumstances and (ii) the assumptions, beliefs, expectations and projections about future events may differ materially from actual results. We undertake no obligation to publicly update any forward-looking statement to reflect developments occurring after the statement is made, except to the extent required by law. PART I

B USINESS

ITEM 1. B USINESS Unless the context requires otherwise, references in this report to "Old Dominion," the "Company," "we," "us" and "our" refer to Old Dominion Freight Line, Inc. Overview We are one of the largest North American less-than-truckload ("LTL") motor carriers. We provide regional, inter-regional and national LTL services through a single integrated, union-free organization. Our service offerings, which include expedited transportation, are provided through an expansive network of service centers located throughout the continental United States. Through strategic alliances, we also provide LTL services throughout North America. In addition to our core LTL services, we offer a range of value-added services including container drayage, truckload brokerage and supply chain consulting. More than 98% of our revenue has historically been derived from transporting LTL shipments for our customers, whose demand for our services is generally tied to industrial production and the overall health of the U.S. domestic economy. We have increased our revenue and customer base over the past ten years primarily through organic market share growth. Our infrastructure allows us to provide service through each of our regions covering the continental United States. In addition to numerous service center renovations, expansions, and existing service center relocations, we opened 2, 22 and 36 new service centers over the past one, five and ten years, respectively, for a total of 257 service centers at December 31, 2023. We believe these actions produced increased capacity within our service center network and provide us with opportunities for future growth. We believe the growth in demand for our services can be attributed to our ability to consistently provide a superior level of customer service at a fair price, which allows our customers to meet their supply chain needs. Our integrated structure allows us to offer our customers consistent, high-quality service from