Analysis of Revenues
Revenues as Reported
Old Dominion Freight Line Inc., income statement, revenues
US$ in thousands
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Revenue Trends Analysis
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The total revenue demonstrates a generally positive growth trajectory over the five-year period analyzed. Initially, the revenue experienced a slight fluctuation with a small increase from approximately 4,043 million USD in 2018 to around 4,109 million USD in 2019, followed by a minor decline to about 4,015 million USD in 2020. However, the revenue increased significantly in the subsequent years, reaching approximately 5,256 million USD in 2021 and further growing to nearly 6,260 million USD in 2022.
- LTL Services
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Revenue from Less-than-Truckload (LTL) services remained relatively stable in the first three years, with a slight dip in 2020 after a modest increase from 2018 to 2019. Notably, there was a strong positive surge in LTL services revenue starting in 2021, climbing from roughly 5,177 million USD to over 6,177 million USD in 2022. This increase is consistent with the overall revenue growth observed in those years and suggests that LTL services are the primary driver of the company's revenue expansion.
- Other Services
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Revenue derived from other services was significantly lower in comparison to LTL services throughout the period. It showed a slight decline from approximately 61 million USD in 2018 to about 54 million USD in 2019, maintaining a similar level in 2020. Subsequently, there was a moderate increase beginning in 2021, rising to roughly 79 million USD, and continuing to increase slightly to 83 million USD in 2022. Although smaller in magnitude, the steady increase in this segment contributes positively to the overall revenue growth from 2021 onwards.
- Summary
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The data indicates a stable revenue stream from 2018 to 2020, with noticeable growth commencing in 2021 and accelerating into 2022. The LTL services segment is the dominant source of revenue and exhibits the most pronounced growth during the latter years. Other services, while less significant in absolute terms, also demonstrated growth after 2020. The revenue growth trend starting in 2021 reflects potentially improved business conditions, increased demand, or successful strategic initiatives in expanding service offerings or market reach.