Old Dominion Freight Line Q3 2024 10-Q Filed

TL;DR

**ODFL Q3 24 10-Q is IN. Check financials for latest LTL performance.**

AI Summary

Old Dominion Freight Line, Inc. filed its Q3 2024 10-Q report on November 6, 2024. The filing covers the period ending September 30, 2024. Key financial data and operational details for the third quarter are presented, reflecting the company's performance in the trucking sector.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for Old Dominion Freight Line, a major player in the LTL trucking industry, impacting supply chain logistics.

Risk Assessment

Risk Level: medium — 10-Q filings are standard financial reports, but the trucking industry is subject to economic fluctuations and operational risks.

Key Numbers

• 2024-09-30 — Period End Date (Latest reported quarter)
• 2024-01-01 — Quarter Start Date (Reporting period for Q3 2024)

Key Players & Entities

• OLD DOMINION FREIGHT LINE, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241106 (date) — Filing Date
• Thomasville, NC (location) — Business Address

FAQ

Key Financial Figures

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

Filing Documents

• odfl-20240930.htm (10-Q) — 1256KB
• odfl-ex4_19.htm (EX-4.19) — 53KB
• odfl-ex4_20.htm (EX-4.20) — 62KB
• odfl-ex31_1.htm (EX-31.1) — 14KB
• odfl-ex31_2.htm (EX-31.2) — 11KB
• odfl-ex32_1.htm (EX-32.1) — 8KB
• odfl-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-122440.txt ( ) — 3858KB
• odfl-20240930.xsd (EX-101.SCH) — 527KB
• odfl-20240930_htm.xml (XML) — 356KB

– FINANCIAL INFORMATION

Part I – FINANCIAL INFORMATION 1 Item 1

Financial Statements

Financial Statements 1 Condensed Balance Sheets – September 30, 2024 and December 31, 2023 1 Condensed Statements of Operations – For the three and nine months ended September 30, 2024 and 2023 3 Condensed Statements of Changes in Shareholders' Equity – For the three and nine months ended September 30, 2024 and 2023 4 Condensed Statements of Cash Flows – For the nine months ended September 30, 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 10 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4

Controls and Procedures

Controls and Procedures 19

– OTHER INFORMATION

Part II – OTHER INFORMATION 20 Item 1

Legal Proceedings

Legal Proceedings 20 Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 5 Other Information 21 Item 6 Exhibits 21 Exhibit Index 22

Signatures

Signatures 23

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 September 30, 2024 December 31, (In thousands, except share and per share data) (Unaudited) 2023 ASSETS Current assets: Cash and cash equivalents $ 74,163 $ 433,799 Customer receivables, less allowances of $ 9,563 and $ 10,405 , respectively 545,746 578,885 Income taxes receivable 10,800 18,554 Other receivables 20,135 17,884 Prepaid expenses and other current assets 84,215 94,211 Total current assets 735,059 1,143,333 Property and equipment: Revenue equipment 2,722,884 2,590,770 Land and structures 3,279,707 3,021,447 Other fixed assets 679,196 623,164 Leasehold improvements 14,914 14,436 Total property and equipment 6,696,701 6,249,817 Accumulated depreciation ( 2,270,948 ) ( 2,154,412 ) Net property and equipment 4,425,753 4,095,405 Other assets 265,019 273,655 Total assets $ 5,425,831 $ 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) September 30, 2024 December 31, (In thousands, except share and per share data) (Unaudited) 2023 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 99,279 $ 112,774 Compensation and benefits 283,817 278,953 Claims and insurance accruals 62,119 63,346 Other accrued liabilities 77,230 69,585 Income taxes payable 11,135 — Current maturities of long-term debt 20,000 20,000 Total current liabilities 553,580 544,658 Long-term liabilities: Long-ter

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 Nine Months Ended September 30, September 30, (In thousands) 2024 2023 2024 2023 LTL services $ 1,457,108 $ 1,501,266 $ 4,388,808 $ 4,323,453 Other services 13,103 14,011 40,173 47,149 Total revenue from operations $ 1,470,211 $ 1,515,277 $ 4,428,981 $ 4,370,602 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 e

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,