$ODFL
OLD DOMINION FREIGHT LINE, INC.

2019 Q4 Form 10-Q Financial Statement

#000156459019039710 Filed on November 04, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $1.009B $1.048B $1.058B
YoY Change -1.73% -0.92% 21.22%
Cost Of Revenue $112.0M $117.3M $126.0M
YoY Change -11.11% -6.9% 31.94%
Gross Profit $897.2M $931.1M $932.2M
YoY Change -0.41% -0.12% 19.91%
Gross Profit Margin 88.9% 88.81% 88.09%
Selling, General & Admin $586.5M $586.5M $589.5M
YoY Change 4.17% -0.51% 15.63%
% of Gross Profit 65.37% 62.99% 63.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $64.60M $63.50M $58.10M
YoY Change 3.19% 9.29% 11.73%
% of Gross Profit 7.2% 6.82% 6.23%
Operating Expenses $708.9M $713.6M $703.8M
YoY Change 3.93% 1.39% 14.7%
Operating Profit $188.3M $217.5M $228.4M
YoY Change -13.97% -4.75% 39.37%
Interest Expense $1.700M $1.700M $700.0K
YoY Change 54.55% 142.86% -333.33%
% of Operating Profit 0.9% 0.78% 0.31%
Other Income/Expense, Net -$400.0K $867.0K $819.0K
YoY Change -84.62% 5.86% 26.0%
Pretax Income $189.6M $218.4M $229.2M
YoY Change -12.79% -4.72% 39.31%
Income Tax $45.60M $54.30M $55.76M
% Of Pretax Income 24.05% 24.86% 24.33%
Net Earnings $144.0M $164.1M $173.4M
YoY Change -9.68% -5.39% 69.52%
Net Earnings / Revenue 14.27% 15.65% 16.39%
Basic Earnings Per Share $1.81 $2.05 $2.12
Diluted Earnings Per Share $1.80 $2.05 $2.12
COMMON SHARES
Basic Shares Outstanding 79.82M 79.88M 81.89M
Diluted Shares Outstanding 79.99M 81.98M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $403.6M $322.3M $177.5M
YoY Change 112.09% 81.58% 127.27%
Cash & Equivalents $403.6M $322.3M $177.5M
Short-Term Investments
Other Short-Term Assets $55.10M $46.60M $36.60M
YoY Change 15.51% 27.32% 2.81%
Inventory
Prepaid Expenses
Receivables $397.6M $425.9M $466.5M
Other Receivables $10.59M $12.23M $15.75M
Total Short-Term Assets $866.8M $807.0M $696.3M
YoY Change 22.74% 15.89% 35.71%
LONG-TERM ASSETS
Property, Plant & Equipment $2.969B $2.928B $2.703B
YoY Change 7.76% 8.31% 14.19%
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 $140.4M $138.1M $70.26M
YoY Change 117.23% 96.53% 25.0%
Total Long-Term Assets $3.129B $3.085B $2.793B
YoY Change 10.2% 10.47% 14.32%
TOTAL ASSETS
Total Short-Term Assets $866.8M $807.0M $696.3M
Total Long-Term Assets $3.129B $3.085B $2.793B
Total Assets $3.996B $3.892B $3.489B
YoY Change 12.7% 11.55% 18.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $70.25M $81.27M $88.15M
YoY Change -10.52% -7.81% 47.65%
Accrued Expenses $46.13M $53.73M $27.00M
YoY Change 74.11% 99.0% 0.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $366.1M $396.9M $362.5M
YoY Change 2.62% 9.49% 1.91%
LONG-TERM LIABILITIES
Long-Term Debt $45.00M $45.00M $45.00M
YoY Change 0.0% 0.0% 0.0%
Other Long-Term Liabilities $241.8M $293.4M $237.4M
YoY Change 12.26% 23.58% 22.31%
Total Long-Term Liabilities $548.8M $586.0M $509.9M
YoY Change 8.01% 14.92% -0.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $366.1M $396.9M $362.5M
Total Long-Term Liabilities $548.8M $586.0M $509.9M
Total Liabilities $914.9M $982.9M $872.4M
YoY Change 5.79% 12.67% 0.37%
SHAREHOLDERS EQUITY
Retained Earnings $2.850B $2.755B $2.468B
YoY Change 12.65% 11.65% 27.13%
Common Stock $218.5M $146.1M $140.8M
YoY Change 53.66% 3.72% 2.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.081B $2.910B $2.617B
YoY Change
Total Liabilities & Shareholders Equity $3.996B $3.892B $3.489B
YoY Change 12.7% 11.55% 18.03%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $144.0M $164.1M $173.4M
YoY Change -9.68% -5.39% 69.52%
Depreciation, Depletion And Amortization $64.60M $63.50M $58.10M
YoY Change 3.19% 9.29% 11.73%
Cash From Operating Activities $236.4M $285.6M $250.7M
YoY Change 5.21% 13.92% 67.69%
INVESTING ACTIVITIES
Capital Expenditures -$109.0M -$140.3M -$177.6M
YoY Change -7.94% -21.0% 76.72%
Acquisitions
YoY Change
Other Investing Activities $3.100M $2.200M $3.600M
YoY Change -18.42% -38.89% -18.18%
Cash From Investing Activities -$105.9M -$138.1M -$174.0M
YoY Change -7.67% -20.63% 80.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -49.20M -54.20M -39.90M
YoY Change -49.38% 35.84% 338.46%
NET CHANGE
Cash From Operating Activities 236.4M 285.6M 250.7M
Cash From Investing Activities -105.9M -138.1M -174.0M
Cash From Financing Activities -49.20M -54.20M -39.90M
Net Change In Cash 81.30M 93.30M 36.80M
YoY Change 535.16% 153.53% -16.74%
FREE CASH FLOW
Cash From Operating Activities $236.4M $285.6M $250.7M
Capital Expenditures -$109.0M -$140.3M -$177.6M
Free Cash Flow $345.4M $425.9M $428.3M
YoY Change 0.67% -0.56% 71.32%

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dei Entity Incorporation State Country Code
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VA
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500 Old Dominion Way
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Thomasville
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NC
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889-5000
dei Security12b Title
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Common Stock ($0.10 par value)
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GainLossOnSaleOfPropertyPlantEquipment
72000
us-gaap Share Based Compensation
ShareBasedCompensation
5363000
us-gaap Share Based Compensation
ShareBasedCompensation
3559000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-75897000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-57920000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
747515000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
675418000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
370310000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
469866000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2598000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3329000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-799000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-367712000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-465738000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
50000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
205346000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
76589000
us-gaap Payments Of Dividends
PaymentsOfDividends
41005000
us-gaap Payments Of Dividends
PaymentsOfDividends
32011000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1448000
CY2019Q3 us-gaap Senior Notes
SeniorNotes
45000000.0
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1074000
CY2019Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
10700000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19446000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-247799000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-159674000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
132004000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
50006000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
190282000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
127462000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
322286000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
177468000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1048457000
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1058233000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3099905000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3016751000
CY2019Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
57900000
CY2019Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000.0
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000.0
CY2019Q3 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
46200000
CY2018Q4 us-gaap Long Term Debt Fair Value
LongTermDebtFairValue
45600000
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
67400000
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79989435
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81975774
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
80588557
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82165731
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79880281
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81885262
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80474342
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82067519
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
109154
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
90512
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
114215
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
98212
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7727000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6288000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
47776000
odfl Lessee Operating Lease Option To Renew Earliest Year
LesseeOperatingLeaseOptionToRenewEarliestYear
2020
odfl Lessee Operating Lease Option To Renew Latest Year
LesseeOperatingLeaseOptionToRenewLatestYear
2033
CY2019Q3 us-gaap Senior Notes
SeniorNotes
45000000
CY2018Q4 us-gaap Senior Notes
SeniorNotes
45000000
CY2019Q3 us-gaap Line Of Credit
LineOfCredit
0
CY2018Q4 us-gaap Line Of Credit
LineOfCredit
0
CY2019Q3 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000
CY2018Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
45000000
CY2019Q3 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
CY2019Q3 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
45000000
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
45000000
CY2018Q4 us-gaap Senior Notes
SeniorNotes
45000000.0
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2021-01-03
CY2019Q3 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
CY2019Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
49000000.0
CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
61500000
CY2019Q3 odfl Number Of Real Estate Under Operating Lease
NumberOfRealEstateUnderOperatingLease
31
CY2019Q3 odfl Number Of Service Center Locations
NumberOfServiceCenterLocations
235
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3470000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12672000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
10066000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
68553000
CY2019Q3 odfl Lessee Operating Lease Lease Not Yet Commenced Payments Due
LesseeOperatingLeaseLeaseNotYetCommencedPaymentsDue
44800000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M18D
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
87999000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.040
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
3500000
us-gaap Operating Lease Payments
OperatingLeasePayments
10700000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
3700000
us-gaap Operating Lease Expense
OperatingLeaseExpense
11000000.0

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