Old Dominion Freight Line, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Old Dominion Freight Line, Inc. has submitted its Q1 2024 10-Q filing detailing financial performance and corporate actions.</b>

AI Summary

OLD DOMINION FREIGHT LINE, INC. (ODFL) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Old Dominion Freight Line, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. Key financial data points such as common stock, retained earnings, and additional paid-in capital are detailed for various periods. The company's business address is 500 Old Dominion Way, Thomasville, NC 27360. The filing references specific programs like the 2021 Share Repurchase Program and the New Stock Repurchase Program.

Why It Matters

For investors and stakeholders tracking OLD DOMINION FREIGHT LINE, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and disclosures, crucial for understanding the company's operational and financial health. The detailed information on stock repurchase programs and capital accounts offers insights into management's capital allocation strategies and shareholder value initiatives.

Risk Assessment

Risk Level: low — OLD DOMINION FREIGHT LINE, INC. shows low risk based on this filing. The risk is low as this is a routine quarterly filing (10-Q) providing standard financial disclosures, not indicating any immediate or significant negative events.

Analyst Insight

Monitor future filings for detailed financial results and management commentary on performance trends and strategic initiatives.

Key Numbers

• 2024-03-31 — Quarter End Date (Reporting period)
• 2024-05-07 — Filing Date (Date of submission)
• 000-19582 — SEC File Number (Associated SEC file number)

Key Players & Entities

• OLD DOMINION FREIGHT LINE, INC. (company) — Filer name
• 0000878927 (company) — Central Index Key
• Thomasville, NC (company) — Business address city and state
• 2024-03-31 (date) — Quarterly period end date
• 2024-05-07 (date) — Filing date
• 4213 (industry) — Standard Industrial Classification

FAQ

Industry Context

Old Dominion Freight Line operates in the trucking industry, specifically Less Than Truckload (LTL) services, a key segment of the freight transportation sector.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports to the SEC.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and Management's Discussion and Analysis.
2. Analyze segment revenue and profitability trends if available in the full report.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarterly period end — The end date for the financial reporting period covered by the 10-Q.
• 2024-05-07: Filing date — The date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the Q1 2024 10-Q filing, following the Q4 2023 10-K and previous quarterly filings.

Key Financial Figures

• $0.10 — nge on which registered Common Stock ($0.10 par value) ODFL The Nasdaq Stock Ma

Filing Documents

• odfl-20240331.htm (10-Q) — 893KB
• odfl-ex31_1.htm (EX-31.1) — 13KB
• odfl-ex31_2.htm (EX-31.2) — 11KB
• odfl-ex32_1.htm (EX-32.1) — 8KB
• odfl-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-054284.txt (&nbsp;) — 2848KB
• odfl-20240331.xsd (EX-101.SCH) — 439KB
• odfl-20240331_htm.xml (XML) — 243KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 1 Item 1

Financial Statements

Financial Statements 1 Condensed Balance Sheets – March 31, 2024 and December 31, 2023 1 Condensed Statements of Operations – For the three months ended March 31, 2024 and 2023 3 Condensed Statements of Changes in Shareholders' Equity – For the three months ended March 31, 2024 and 2023 4 Condensed Statements of Cash Flows – For the three months ended March 31, 2024 and 2023 5 Notes to the Condensed Financial Statements 6 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 9 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 17 Item 4

Controls and Procedures

Controls and Procedures 17

– OTHER INFORMATION

Part II – OTHER INFORMATION 19 Item 1

Legal Proceedings

Legal Proceedings 19 Item 1A

Risk Factors

Risk Factors 19 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 6 Exhibits 20 Exhibit Index 21

Signatures

Signatures 22

FINANC IAL INFORMATION

PART I. FINANC IAL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements OLD DOMINION FREIGHT LINE, INC. CONDENSED BAL ANCE SHEETS March 31, 2024 December 31, (In thousands, except share and per share data) (Unaudited) 2023 ASSETS Current assets: Cash and cash equivalents $ 580,974 $ 433,799 Customer receivables, less allowances of $ 10,137 and $ 10,405 , respectively 582,209 578,885 Income taxes receivable — 18,554 Other receivables 21,320 17,884 Prepaid expenses and other current assets 79,157 94,211 Total current assets 1,263,660 1,143,333 Property and equipment: Revenue equipment 2,578,067 2,590,770 Land and structures 3,110,076 3,021,447 Other fixed assets 642,377 623,164 Leasehold improvements 14,534 14,436 Total property and equipment 6,345,054 6,249,817 Accumulated depreciation ( 2,216,953 ) ( 2,154,412 ) Net property and equipment 4,128,101 4,095,405 Other assets 259,595 273,655 Total assets $ 5,651,356 $ 5,512,393 Note: The Condensed Balance Sheet at December 31, 2023 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. The accompanying notes are an integral part of these condensed financial statements. 1 OLD DOMINION FREIGHT LINE, INC. CONDENSED BALANCE SHEETS (CONTINUED) March 31, 2024 December 31, (In thousands, except share and per share data) (Unaudited) 2023 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 97,689 $ 112,774 Compensation and benefits 232,502 278,953 Claims and insurance accruals 62,839 63,346 Other accrued liabilities 60,930 69,585 Income taxes payable 76,714 — Current maturities of long-term debt 20,000 20,000 Total current liabilities 550,674 544,658 Long-term liabilities: Long-term debt

Business

Business 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. We have one operating segment and the composition of our revenue is summarized below: Three Months Ended March 31, (In thousands) 2024 2023 LTL services $ 1,446,733 $ 1,424,372 Other services 13,340 17,764 Total revenue from operations $ 1,460,073 $ 1,442,136 Basis of Presentation The accompanying unaudited, interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and, in management's opinion, contain all adjustments (consisting of normal recurring items) necessary for a fair presentation, in all material respects, of the financial position and results of operations for the periods presented. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. The preparation of condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Our operating results are subject to seasonal tre

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 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. In analyzing the components of our revenue, we monitor changes and trends in our LTL volumes and LTL revenue per hundredweight. While LTL revenue per hundredweight is a yield measurement, it is also a commonly-used indicator for general pricing trends in the LTL industry. This yield metric is not a true measure of price, however, as it can be influenced by many other factors, such as changes in fuel surcharges, weight per shipment and length of haul. As a result, changes in revenue per hundredweight do not necessarily indicate actual changes in underlying base rates. LTL revenue per hundredweight and the key factors that can impact this metric are described in more detail below: LTL Revenue Per Hundredweight - Our LTL transportation services are generally priced based on weight, commodity, and distance. This measurement reflects the application of our pricing policies to the services we provide, which are influenced by competitive market conditions and our growth objectives. Generally, freight is rated by a class system,