Common-Size Income Statement
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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Old Dominion Freight Line Inc., common-size consolidated income statement
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 and Operating Expenses
- Revenue from operations remained constant at 100% across all periods, serving as the baseline for expense percentages. Operating expenses exhibited a declining trend as a percentage of revenue, decreasing from -79.79% in 2018 to -70.6% in 2022. This indicates improved operational efficiency over the period.
- Salaries, Wages, and Benefits
- This expense category showed a consistent reduction, dropping from -51.33% in 2018 to -43.4% of revenue by 2022. This decrease significantly contributed to the overall decline in operating expenses and suggests better labor cost management or productivity gains.
- Operating Supplies and Expenses
- Operating supplies and expenses declined from -12.3% in 2018 to a low of -9.3% in 2020 but increased somewhat to -13.63% in 2022. This indicates some volatility in supply-related costs, possibly due to external factors impacting expense control in recent years.
- General Supplies and Expenses
- This cost component remained relatively stable throughout the years, fluctuating slightly around -2.5% to -3.0% of revenue, suggesting consistent management in this area.
- Operating Taxes, Licenses, Insurance, and Claims
- Operating taxes and licenses showed a steady decrease from -2.77% in 2018 to -2.26% in 2022. Insurance and claims expenses similarly declined from -1.09% to -0.93%, indicating cost improvements in these categories.
- Communications and Utilities
- Expenses for communications and utilities remained stable and low, maintaining around -0.65% to -0.79% of revenue, reflecting controlled utility expenditures.
- Depreciation and Amortization
- These expenses decreased notably from -5.7% in 2018 to -4.41% in 2022, suggesting a possible reduction in capital expenditures or changes in asset base and depreciation methods.
- Purchased Transportation and Miscellaneous Expenses
- Purchased transportation costs slightly fluctuated but remained within a narrow range near -2.5%. Miscellaneous expenses decreased from -0.51% to -0.25%, reflecting improved expense management in incidental areas.
- Operating Income
- Operating income demonstrated a steady increase, rising from 20.21% of revenue in 2018 to 29.4% in 2022. This improvement mirrors the reduction in operating expenses and signals enhanced operational profitability.
- Interest and Other Non-operating Items
- Interest expense remained minimal, under -0.07%, and interest income was low and erratic. Other net income and non-operating expenses stayed near zero, indicating limited impact on overall profitability from these sources.
- Income Before Taxes and Net Income
- Income before income taxes followed the upward trend of operating income, increasing from around 20.17% in 2018 to 29.41% in 2022. However, the provision for income taxes progressively rose from -5.19% to -7.42%. Despite the higher tax rate, net income grew markedly from 14.98% to 22% of revenue, reflecting solid bottom-line growth.