$ODFL
OLD DOMINION FREIGHT LINE, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019029912 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2017 Q4
Revenue $1.061B $1.033B $891.1M
YoY Change 2.63% 23.05% 19.49%
Cost Of Revenue $122.4M $124.9M $106.7M
YoY Change -2.0% 40.97% 26.87%
Gross Profit $938.3M $908.6M $784.4M
YoY Change 3.27% 20.94% 18.56%
Gross Profit Margin 88.46% 87.92% 88.02%
Selling, General & Admin $582.7M $572.6M $531.6M
YoY Change 1.76% 17.22% 16.99%
% of Gross Profit 62.1% 63.02% 67.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $62.50M $56.20M $53.10M
YoY Change 11.21% 11.51% 7.06%
% of Gross Profit 6.66% 6.19% 6.77%
Operating Expenses $703.8M $688.1M $641.0M
YoY Change 2.28% 16.45% 16.93%
Operating Profit $234.5M $220.5M $143.5M
YoY Change 6.35% 37.43% 26.45%
Interest Expense $1.600M $700.0K $0.00
YoY Change 128.57% -216.67% -100.0%
% of Operating Profit 0.68% 0.32% 0.0%
Other Income/Expense, Net $1.085M $991.0K $400.0K
YoY Change 9.49% -797.89% -133.33%
Pretax Income $235.6M $221.5M $143.9M
YoY Change 6.37% 38.17% 29.29%
Income Tax $61.50M $58.04M $104.9M
% Of Pretax Income 26.11% 26.21% 72.9%
Net Earnings $174.1M $163.4M $197.3M
YoY Change 6.51% 66.06% 187.91%
Net Earnings / Revenue 16.41% 15.81% 22.14%
Basic Earnings Per Share $2.16 $1.99 $2.40
Diluted Earnings Per Share $2.16 $1.99 $2.39
COMMON SHARES
Basic Shares Outstanding 120.8M 82.07M 82.38M shares
Diluted Shares Outstanding 121.0M 82.17M

Balance Sheet

Concept 2019 Q2 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $229.0M $140.6M $127.5M
YoY Change 62.87% 315.98% 1150.0%
Cash & Equivalents $229.0M $140.6M $127.5M
Short-Term Investments
Other Short-Term Assets $54.30M $42.70M $41.40M
YoY Change 27.17% 5.17% 8.95%
Inventory
Prepaid Expenses $41.41M
Receivables $450.0M $456.9M $394.2M
Other Receivables $8.161M $7.373M $21.61M
Total Short-Term Assets $741.4M $647.6M $584.7M
YoY Change 14.49% 45.65% 52.8%
LONG-TERM ASSETS
Property, Plant & Equipment $2.858B $2.586B $2.404B
YoY Change 10.54% 11.39% 7.27%
Goodwill $19.46M $19.46M $19.46M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $139.6M $68.33M $59.85M
YoY Change 104.39% 24.5% 13.44%
Total Long-Term Assets $3.017B $2.673B $2.484B
YoY Change 12.86% 11.6% 7.35%
TOTAL ASSETS
Total Short-Term Assets $741.4M $647.6M $584.7M
Total Long-Term Assets $3.017B $2.673B $2.484B
Total Assets $3.759B $3.321B $3.068B
YoY Change 13.18% 16.93% 13.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $85.13M $81.67M $73.73M
YoY Change 4.23% 50.58% -17.36%
Accrued Expenses $45.90M $27.51M $24.81M
YoY Change 66.84% 6.46% 8.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $50.00M
YoY Change -100.0%
Total Short-Term Liabilities $386.1M $366.4M $351.0M
YoY Change 5.39% 6.37% 21.62%
LONG-TERM LIABILITIES
Long-Term Debt $45.00M $45.00M $45.00M
YoY Change 0.0% 0.0% -57.14%
Other Long-Term Liabilities $281.4M $230.7M $205.6M
YoY Change 21.98% 24.58% 14.92%
Total Long-Term Liabilities $574.1M $472.7M $440.5M
YoY Change 21.46% -5.99% -20.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $386.1M $366.4M $351.0M
Total Long-Term Liabilities $574.1M $472.7M $440.5M
Total Liabilities $960.2M $839.0M $791.6M
YoY Change 14.44% -0.97% -6.33%
SHAREHOLDERS EQUITY
Retained Earnings $2.646B $2.334B $2.130B
YoY Change 13.33% 26.31% 24.76%
Common Stock $144.9M $139.6M $138.4M
YoY Change 3.86% 2.08% 2.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.798B $2.482B $2.277B
YoY Change
Total Liabilities & Shareholders Equity $3.759B $3.321B $3.068B
YoY Change 13.18% 16.93% 13.8%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income $174.1M $163.4M $197.3M
YoY Change 6.51% 66.06% 187.91%
Depreciation, Depletion And Amortization $62.50M $56.20M $53.10M
YoY Change 11.21% 11.51% 7.06%
Cash From Operating Activities $255.7M $213.5M $148.3M
YoY Change 19.77% 67.19% -4.63%
INVESTING ACTIVITIES
Capital Expenditures -$159.3M -$191.7M -$93.30M
YoY Change -16.9% 46.0% 39.67%
Acquisitions
YoY Change
Other Investing Activities $100.0K $200.0K $2.600M
YoY Change -50.0% -96.43% -55.93%
Cash From Investing Activities -$159.1M -$191.5M -$90.60M
YoY Change -16.92% 52.35% 49.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -148.2M -41.20M -8.300M
YoY Change 259.71% 164.1% -91.66%
NET CHANGE
Cash From Operating Activities 255.7M 213.5M 148.3M
Cash From Investing Activities -159.1M -191.5M -90.60M
Cash From Financing Activities -148.2M -41.20M -8.300M
Net Change In Cash -51.60M -19.20M 49.40M
YoY Change 168.75% 41.18% -1129.17%
FREE CASH FLOW
Cash From Operating Activities $255.7M $213.5M $148.3M
Capital Expenditures -$159.3M -$191.7M -$93.30M
Free Cash Flow $415.0M $405.2M $241.6M
YoY Change 2.42% 56.45% 8.68%

Facts In Submission

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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1448000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1074000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-193615000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-119841000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
38678000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
13109000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
190282000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
127462000
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
228960000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
140571000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1060666000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1033498000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2051448000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1958518000
CY2019Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000.0
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000.0
CY2019Q2 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
46200000
CY2018Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
45600000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80522276
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82067872
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80776296
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82160159
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
123088
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
101680
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
116787
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
102126
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80645364
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82169552
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80893083
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82262285
CY2019Q2 us-gaap Senior Notes
SeniorNotes
45000000
CY2018Q4 us-gaap Senior Notes
SeniorNotes
45000000
CY2019Q2 us-gaap Line Of Credit
LineOfCredit
0
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2019Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
0
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
0
CY2019Q2 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
45000000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
45000000
CY2019Q2 us-gaap Senior Notes
SeniorNotes
45000000.0
CY2018Q4 us-gaap Senior Notes
SeniorNotes
45000000.0
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-01-03
CY2019Q2 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.0479
odfl Letter Of Credit Fee In Percentage
LetterOfCreditFeeInPercentage
0.010
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00125
CY2019Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
49000000.0
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
61500000
CY2019Q2 odfl Number Of Real Estate Under Operating Lease
NumberOfRealEstateUnderOperatingLease
30
CY2019Q2 odfl Number Of Service Center Locations
NumberOfServiceCenterLocations
233
odfl Lessee Operating Lease Option To Renew Earliest Year
LesseeOperatingLeaseOptionToRenewEarliestYear
2020
odfl Lessee Operating Lease Option To Renew Latest Year
LesseeOperatingLeaseOptionToRenewLatestYear
2033
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10500000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
57900000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67300000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6795000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12073000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
9460000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7037000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5771000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
47256000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
88392000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19948000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
68444000
CY2019Q2 odfl Lessee Operating Lease Lease Not Yet Commenced Payments Due
LesseeOperatingLeaseLeaseNotYetCommencedPaymentsDue
44800000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M24D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
3700000
us-gaap Operating Lease Payments
OperatingLeasePayments
7200000
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
3700000
us-gaap Operating Lease Expense
OperatingLeaseExpense
7300000

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