$ODFL
OLD DOMINION FREIGHT LINE, INC.

2021 Q3 Form 10-Q Financial Statement

#000156459021054053 Filed on November 03, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $1.400B $1.058B
YoY Change 32.3% 0.93%
Cost Of Revenue $146.5M $90.30M
YoY Change 62.25% -23.02%
Gross Profit $1.254B $967.9M
YoY Change 29.51% 3.95%
Gross Profit Margin 89.54% 91.47%
Selling, General & Admin $711.4M $571.5M
YoY Change 24.48% -2.56%
% of Gross Profit 56.75% 59.05%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $65.16M $65.00M
YoY Change 0.25% 2.36%
% of Gross Profit 5.2% 6.72%
Operating Expenses $870.1M $697.6M
YoY Change 24.73% -2.24%
Operating Profit $383.4M $270.3M
YoY Change 41.85% 24.26%
Interest Expense -$193.0K -$900.0K
YoY Change -78.56% -152.94%
% of Operating Profit -0.05% -0.33%
Other Income/Expense, Net -$266.0K -$1.000M
YoY Change -73.4% -215.34%
Pretax Income $383.0M $268.3M
YoY Change 42.73% 22.85%
Income Tax $96.32M $66.50M
% Of Pretax Income 25.15% 24.79%
Net Earnings $286.6M $201.9M
YoY Change 41.97% 23.04%
Net Earnings / Revenue 20.47% 19.08%
Basic Earnings Per Share $2.48
Diluted Earnings Per Share $2.468M $1.712M
COMMON SHARES
Basic Shares Outstanding 115.4M
Diluted Shares Outstanding 116.2M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $564.7M $625.7M
YoY Change -9.76% 94.14%
Cash & Equivalents $339.8M $420.4M
Short-Term Investments $224.9M $205.3M
Other Short-Term Assets $60.14M $49.90M
YoY Change 20.53% 7.08%
Inventory
Prepaid Expenses
Receivables $591.8M $453.3M
Other Receivables $62.27M $9.600M
Total Short-Term Assets $1.279B $1.139B
YoY Change 12.33% 41.08%
LONG-TERM ASSETS
Property, Plant & Equipment $3.110B $3.036B
YoY Change 2.45% 3.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $224.2M $80.10M
YoY Change 179.84% -41.99%
Total Long-Term Assets $3.334B $3.135B
YoY Change 6.35% 1.61%
TOTAL ASSETS
Total Short-Term Assets $1.279B $1.139B
Total Long-Term Assets $3.334B $3.135B
Total Assets $4.613B $4.274B
YoY Change 7.94% 9.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $135.0M $59.20M
YoY Change 128.11% -27.16%
Accrued Expenses $399.2M $331.8M
YoY Change 20.33% 517.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $45.00M
YoY Change
Total Short-Term Liabilities $534.3M $449.3M
YoY Change 18.92% 13.21%
LONG-TERM LIABILITIES
Long-Term Debt $99.94M $99.90M
YoY Change 0.04% 122.0%
Other Long-Term Liabilities $330.3M $316.8M
YoY Change 4.27% 7.99%
Total Long-Term Liabilities $430.3M $416.7M
YoY Change 3.26% -28.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $534.3M $449.3M
Total Long-Term Liabilities $430.3M $416.7M
Total Liabilities $1.193B $1.103B
YoY Change 8.19% 12.21%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.420B $3.171B
YoY Change
Total Liabilities & Shareholders Equity $4.613B $4.274B
YoY Change 7.94% 9.8%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income $286.6M $201.9M
YoY Change 41.97% 23.04%
Depreciation, Depletion And Amortization $65.16M $65.00M
YoY Change 0.25% 2.36%
Cash From Operating Activities $364.3M $170.3M
YoY Change 113.93% -40.37%
INVESTING ACTIVITIES
Capital Expenditures -$178.6M -$46.40M
YoY Change 284.87% -66.93%
Acquisitions
YoY Change
Other Investing Activities -$57.11M -$204.6M
YoY Change -72.09% -9400.0%
Cash From Investing Activities -$235.7M -$250.8M
YoY Change -6.02% 81.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $187.5M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -273.1M -17.60M
YoY Change 1451.56% -67.53%
NET CHANGE
Cash From Operating Activities 364.3M 170.3M
Cash From Investing Activities -235.7M -250.8M
Cash From Financing Activities -273.1M -17.60M
Net Change In Cash -144.4M -98.10M
YoY Change 47.24% -205.14%
FREE CASH FLOW
Cash From Operating Activities $364.3M $170.3M
Capital Expenditures -$178.6M -$46.40M
Free Cash Flow $542.9M $216.7M
YoY Change 150.53% -49.12%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Profit Loss
ProfitLoss
755569000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
179000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9193000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-25155000
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
-22915000
odfl Changes In Operating Assets And Liabilities Net
ChangesInOperatingAssetsAndLiabilitiesNet
-107989000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
500000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
100000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-368449000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
99923000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
306791000
odfl Payment For Accelerated Shares Repurchase Forward Contract
PaymentForAcceleratedSharesRepurchaseForwardContract
62500000
odfl Payment For Accelerated Shares Repurchase Forward Contract
PaymentForAcceleratedSharesRepurchaseForwardContract
37500000
us-gaap Payments Of Dividends
PaymentsOfDividends
69387000
us-gaap Payments Of Dividends
PaymentsOfDividends
53471000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-4750000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-3345000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-673102000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-301184000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-61669000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16825000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
339761000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
420396000
us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Business</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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:</p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q3 us-gaap Accelerated Share Repurchases Settlement Payment Or Receipt
AcceleratedShareRepurchasesSettlementPaymentOrReceipt
250000000.0
CY2021Q3 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
655365
CY2021Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
187500000
CY2021Q3 odfl Accelerated Share Repurchases Value Of Shares Repurchased As Percentage Of Contract Amount
AcceleratedShareRepurchasesValueOfSharesRepurchasedAsPercentageOfContractAmount
0.75
odfl Letter Of Credit Fee In Percentage
LetterOfCreditFeeInPercentage
0.01000
us-gaap Line Of Credit Facility Unused Capacity Commitment Fee Percentage
LineOfCreditFacilityUnusedCapacityCommitmentFeePercentage
0.00100
CY2021Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
39200000
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
42100000
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
224899000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
330274000

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