Name: Old Dominion Freight Line Inc. (NASDAQ:ODFL) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Old Dominion Freight Line Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Salaries, wages and benefits	(2,716,835)	(2,467,985)	(2,053,894)	(2,122,464)	(2,075,602)
Operating supplies and expenses	(852,955)	(567,615)	(373,431)	(473,114)	(497,476)
General supplies and expenses	(159,998)	(136,059)	(110,279)	(123,975)	(119,180)
Operating taxes and licenses	(141,239)	(133,452)	(116,943)	(116,839)	(112,210)
Insurance and claims	(58,301)	(53,549)	(42,364)	(52,549)	(44,118)
Communications and utilities	(40,584)	(34,149)	(31,542)	(29,601)	(31,070)
Depreciation and amortization	(276,050)	(259,883)	(261,259)	(253,681)	(230,357)
Purchased transportation	(158,111)	(185,785)	(97,947)	(89,636)	(96,017)
Miscellaneous expenses, net	(15,372)	(26,249)	(20,588)	(28,546)	(20,614)
Operating expenses	(4,419,445)	(3,864,726)	(3,108,247)	(3,290,405)	(3,226,644)
Operating income	1,840,632)	1,391,602)	906,882)	818,706)	817,051)
Interest expense	(1,563)	(1,727)	(2,782)	(377)	(189)
Interest income	4,884)	786)	1,830)	6,763)	3,113)
Other expense, net	(2,604)	(2,238)	(4,566)	(1,143)	(4,462)
Non-operating income (expense)	717)	(3,179)	(5,518)	5,243)	(1,538)
Income before income taxes	1,841,349)	1,388,423)	901,364)	823,949)	815,513)
Provision for income taxes	(464,190)	(354,048)	(228,682)	(208,431)	(209,845)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)

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 performance from 2018 to 2022 is characterized by a period of stability followed by a phase of accelerated growth in both top-line revenue and bottom-line profitability. While revenue remained relatively flat between 2018 and 2020, a significant upward trajectory began in 2021, continuing through 2022.

Revenue Performance: Revenue from operations showed minimal volatility from 2018 to 2020, hovering around the 4 billion USD mark. However, a substantial increase occurred in 2021, with revenue rising to 5.26 billion USD, followed by a further climb to 6.26 billion USD in 2022. This represents a cumulative increase of approximately 54.8% over the five-year period.
Operating Expenditure Trends: Salaries, wages, and benefits constitute the primary cost driver, maintaining a consistent upward trend in absolute terms, increasing from 2.08 billion USD in 2018 to 2.72 billion USD in 2022. Operating supplies and expenses experienced a notable spike in 2022, rising to 853 million USD from 373 million USD in 2020, indicating a sharp increase in variable costs during the final year of the period. Depreciation and amortization remained relatively stable, growing marginally from 230 million USD in 2018 to 276 million USD in 2022.
Operating Income and Efficiency: Operating income demonstrated strong growth, particularly post-2020. Income rose from 817 million USD in 2018 to 1.84 billion USD in 2022. The growth rate of operating income outpaced the growth rate of revenue, suggesting an expansion in operating margins and improved operational efficiency. The operating margin increased from approximately 20.2% in 2018 to 29.4% in 2022.
Net Income and Tax Impact: Net income mirrored the growth of operating income, increasing from 606 million USD in 2018 to 1.38 billion USD in 2022. This growth was achieved despite a corresponding increase in the provision for income taxes, which rose from 210 million USD in 2018 to 464 million USD in 2022. Non-operating items, including interest expense and interest income, remained immaterial relative to the overall scale of operations.

Overall, the data indicates a transition from a period of steady-state operations to a high-growth phase, characterized by significant revenue acceleration and the ability to scale operating income more rapidly than expenses.

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