Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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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., consolidated balance sheet: assets
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).
The financial data over the five-year period reveals several notable trends and shifts in asset composition and liquidity.
- Liquidity and Cash Position
- Cash and cash equivalents exhibited significant fluctuation. Starting at approximately $190 million in 2018, the balance more than doubled by the end of 2019, reaching around $404 million. This high level was maintained through 2020 and 2021, peaking in 2021 at about $463 million before sharply declining to $186 million in 2022. The presence of short-term investments only appears from 2020 onwards, initially at $330 million and then hovering lower, with a marked drop to approximately $49 million by 2022. This indicates a strategic shift in short-term asset allocation and possible liquidity management efforts in recent years.
- Receivables and Current Assets
- Customer receivables showed generally positive growth, increasing from about $428 million in 2018 to nearly $579 million in 2022, with a noticeable jump between 2020 and 2021. Other receivables, however, declined sharply after 2018 and then remained relatively stable at lower levels around $10 to $14 million. Income taxes receivable appeared in 2021 and 2022, with modest values, reflecting some tax-related recoverables. Prepaid expenses and other current assets consistently increased over the period, nearly doubling from approximately $48 million in 2018 to $93 million in 2022. Consequently, total current assets grew substantially between 2018 and 2021, more than doubling from about $706 million to $1.38 billion, before contracting notably in 2022 to approximately $934 million.
- Property, Equipment, and Non-Current Assets
- The carrying value of net property and equipment demonstrated steady growth throughout the four years, rising from roughly $2.75 billion in 2018 to approximately $3.69 billion in 2022. Other non-current assets also increased notably during the period, from about $84 million in 2018 to $218 million in 2022. The total non-current assets mirrored this growth pattern, expanding from nearly $2.84 billion in 2018 to over $3.9 billion in 2022, indicating consistent investment in long-term assets.
- Total Asset Base
- Total assets grew steadily from approximately $3.55 billion in 2018 to around $4.83 billion in 2022, with the most significant year-over-year increases occurring up to 2021 and stabilization thereafter. The relatively flat total asset value from 2021 to 2022 corresponded with the reduction in current assets while non-current assets continued to grow. This suggests a possible rebalancing between asset types.
Overall, the data reflect a company experiencing asset growth driven by increases in property and equipment, alongside fluctuating liquidity positions marked by changes in cash, short-term investments, and current assets. The expansion in accounts receivable and prepaid expenses signals operational growth, while the decline in cash and short-term investments in the latest year could suggest adjustments in liquidity strategy or capital deployment. The steady total asset growth indicates ongoing investment and asset accumulation over the period.