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

Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Old Dominion Freight Line Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019	Dec 31, 2018	Sep 30, 2018	Jun 30, 2018	Mar 31, 2018
Net income	292,362)	285,038)	323,929)	377,401)	376,078)	299,751)	278,806)	286,634)	269,576)	199,359)	189,832)	201,868)	147,805)	133,177)	144,024)	164,099)	174,072)	133,323)	159,459)	173,442)	163,434)	109,333)
Depreciation and amortization	79,787)	75,951)	72,057)	68,351)	68,314)	67,344)	66,793)	65,164)	63,951)	63,991)	65,110)	64,987)	65,735)	65,435)	64,544)	63,493)	62,571)	63,073)	62,555)	58,086)	56,235)	53,481)
(Gain) loss on disposal of property and equipment	(2,086)	(4,345)	(841)	(523)	(856)	(1,205)	(384)	(880)	98)	603)	481)	115)	62)	78)	442)	4,906)	241)	477)	549)	(857)	421)	364)
Deferred income taxes	—)	—)	41,303)	20,705)	—)	—)	20,972)	9,193)	—)	—)	(15,856)	(11,755)	(13,400)	—)	13,157)	—)	—)	—)	—)	—)	—)	—)
Other, net	6,481)	8,390)	7,779)	9,123)	7,534)	8,115)	7,014)	7,563)	9,228)	6,124)	6,632)	12,386)	(563)	4,845)	14,206)	53,134)	18,824)	9,302)	2,135)	20,056)	(6,646)	48,069)
Changes in operating assets and liabilities, net	(88,704)	50,333)	(82,879)	39,124)	(23,742)	14,720)	(33,210)	(3,350)	(144,870)	40,231)	367)	(97,359)	112,559)	483)	—)	—)	—)	—)	—)	—)	—)	—)
Adjustments to reconcile net income to net cash provided by operating activities	(4,522)	130,329)	37,419)	136,780)	51,250)	88,974)	61,185)	77,690)	(71,593)	110,949)	56,734)	(31,626)	164,393)	70,841)	92,349)	121,533)	81,636)	72,852)	65,239)	77,285)	50,010)	101,914)
Net cash provided by operating activities	287,840)	415,367)	361,348)	514,181)	427,328)	388,725)	339,991)	364,324)	197,983)	310,308)	246,566)	170,242)	312,198)	204,018)	236,373)	285,632)	255,708)	206,175)	224,698)	250,727)	213,444)	211,247)
Purchase of property and equipment	(244,660)	(234,736)	(270,366)	(181,719)	(229,350)	(93,713)	(165,389)	(178,579)	(155,156)	(50,953)	(58,622)	(46,331)	(67,917)	(52,211)	(109,015)	(140,354)	(159,215)	(70,741)	(118,426)	(177,597)	(191,711)	(100,558)
Proceeds from sale of property and equipment	7,327)	10,283)	2,052)	1,116)	8,473)	10,455)	913)	3,123)	7,856)	7,656)	279)	841)	1,027)	1,543)	3,088)	2,232)	89)	277)	3,654)	2,801)	181)	347)
Purchase of short-term investments	—)	—)	—)	(63,723)	(24,835)	(75,162)	(104,557)	(164,867)	—)	(89,965)	(154,859)	(205,301)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from maturities of short-term investments	24,274)	24,578)	109,677)	129,739)	79,918)	49,966)	74,927)	105,131)	144,882)	110,190)	29,988)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Other investing activities, net	—)	—)	—)	—)	—)	—)	—)	(500)	—)	—)	—)	(100)	—)	—)	—)	—)	—)	—)	119)	799)	—)	—)
Net cash used in investing activities	(213,059)	(199,875)	(158,637)	(114,587)	(165,794)	(108,454)	(194,106)	(235,692)	(2,418)	(23,072)	(183,214)	(250,891)	(66,890)	(50,668)	(105,927)	(138,122)	(159,126)	(70,464)	(114,653)	(173,997)	(191,530)	(100,211)
Payments for share repurchases	(160,529)	(141,666)	(199,918)	(345,431)	(393,518)	(338,352)	—)	(256,250)	(40,000)	(240,215)	(57,266)	—)	(128,497)	(178,294)	(35,614)	(40,614)	(134,136)	(30,596)	(86,676)	(29,195)	(30,095)	(17,299)
Proceeds from issuance of long-term debt	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	99,923)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Principal payments under debt agreements	(20,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(45,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(50,000)
Forward contract for accelerated share repurchases	—)	—)	—)	—)	100,000)	(100,000)	—)	6,250)	—)	(68,750)	37,500)	—)	(37,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Dividends paid	(43,775)	(44,052)	(33,044)	(33,405)	(33,839)	(34,196)	(22,979)	(22,979)	(23,176)	(23,232)	(17,552)	(17,579)	(17,582)	(18,310)	(13,547)	(13,570)	(13,645)	(13,790)	(10,555)	(10,638)	(10,678)	(10,695)
Other financing activities, net	(2,960)	(8,462)	(164)	(165)	(165)	(8,165)	(103)	(96)	(85)	(4,569)	—)	—)	—)	(3,345)	—)	—)	(468)	(980)	—)	—)	(507)	(567)
Net cash used in financing activities	(227,264)	(194,180)	(233,126)	(379,001)	(327,522)	(480,713)	(23,082)	(273,075)	(63,261)	(336,766)	(82,318)	(17,579)	(83,656)	(199,949)	(49,161)	(54,184)	(148,249)	(45,366)	(97,231)	(39,833)	(41,280)	(78,561)
Increase (decrease) in cash and cash equivalents	(152,483)	21,312)	(30,415)	20,593)	(65,988)	(200,442)	122,803)	(144,443)	132,304)	(49,530)	(18,966)	(98,228)	161,652)	(46,599)	81,285)	93,326)	(51,667)	90,345)	12,814)	36,897)	(19,366)	32,475)

The cash flow profile demonstrates a period of significant operational expansion and aggressive shareholder capital returns. Net income exhibits a consistent long-term upward trajectory, rising from a range of $109 million to $173 million in early 2018 to peaks exceeding $370 million by mid-2022.

Operating Cash Flow Trends: Net cash provided by operating activities grew substantially over the analyzed period, peaking at $514.2 million in the quarter ending September 30, 2022. This growth is closely aligned with the rise in net income, indicating a high quality of earnings. While fluctuations occur—such as the decrease to $287.8 million in June 2023—the overall trend reflects a strengthened capacity to generate cash from core business operations.
Capital Investment and Asset Expansion: Investment in property and equipment has accelerated, with quarterly expenditures increasing from an average of approximately $140 million in 2018 to a peak of $270.4 million by late 2022. This indicates a sustained strategy of capacity expansion and fleet modernization. Net cash used in investing activities remains consistently negative, underscoring a capital-intensive growth phase funded primarily by internal cash generation.
Shareholder Return Strategy: Financing activities are dominated by substantial outflows for share repurchases and dividends. Share buybacks transitioned from modest quarterly amounts in 2018 to aggressive expenditures, reaching a peak of $393.5 million in June 2022. Simultaneously, dividend payments have scaled steadily, increasing from approximately $10.6 million per quarter in 2018 to over $43 million per quarter by 2023, reflecting a commitment to increasing shareholder distributions.
Liquidity and Debt Management: A low reliance on external debt is observed, with only one notable instance of long-term debt issuance ($99.9 million in June 2020) and periodic principal repayments. To manage excess liquidity, the company engaged in significant short-term investment activity starting in 2020, characterized by alternating cycles of purchases and maturities to optimize cash balances and maintain flexibility.

Overall, the financial data reveals a company utilizing strengthening operating cash flows to simultaneously fund aggressive internal growth via capital expenditures and deliver significant value to shareholders through increased dividends and buybacks.

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Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data