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.

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)

Net Income: Net income exhibited generally positive growth from March 2018 through December 2021, reaching a peak in that period at the end of Q3 2021. From early 2022, net income increased sharply to new highs, especially in June and September 2022. However, a noticeable decline began in late 2022, continuing into 2023, with quarterly figures falling but still remaining above levels observed in early 2018.
Depreciation and Amortization: Depreciation and amortization expenses showed a steady upward trend over the entire period, reflecting ongoing capital investment and asset capitalization. The gradual increases each quarter suggest continual asset base growth and related amortization.
Gain/Loss on Disposal of Property and Equipment: This item fluctuated frequently without a clear pattern, showing occasional gains and losses. Notable were several substantial positive gains around late 2019 and early 2023, while some periods, such as late 2021, reflected losses, indicating variability in asset disposition activities.
Deferred Income Taxes: Data was sporadic but suggested significant tax effects in certain quarters, especially in 2019 and 2022, with large positive adjustments observed in March and June 2022, indicating changes in tax positions or related deferred tax assets/liabilities.
Other, Net: "Other, net" items varied considerably quarter to quarter, with no consistent trend apparent. There were positive spikes in mid-2019 and early 2021. Negative values appeared sporadically, reflecting volatile miscellaneous non-operating income or expenses.
Changes in Operating Assets and Liabilities, Net: This operating cash flow adjustment item displayed substantial volatility. Several quarters showed large positive inflows, such as in late 2019 and early 2020, followed by significant outflows in 2021 and 2023. The inconsistency suggests variable working capital management effects on cash flow.
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: Adjustments fluctuated, with large positive values in most quarters, particularly in mid-2019, early 2021, and early 2023. Some quarters recorded negative adjustments, notable in early 2021. These adjustments reflect the non-cash and working capital components impacting operating cash flow reliability.
Net Cash Provided by Operating Activities: Operating cash flow was generally strong and growing from 2018 through 2022, peaking in Q1 and Q4 of 2022. However, in 2023, operating cash flow declined notably from the highs of 2022, although it remained elevated relative to early periods. This suggests robust core business cash generation despite some recent weakening.
Purchase of Property and Equipment: Capital expenditures exhibited marked fluctuations, with notable heavy investments in the first half of 2018 and late 2021 through 2023. There was a clear increase in investment intensity starting in late 2021, hitting the highest levels in late 2022 and early 2023, indicating aggressive asset expansion or replacement cycles.
Proceeds from Sale of Property and Equipment: Proceeds from disposals remained relatively small and inconsistent, with occasional peaks in early 2021 and early 2022. This indicates limited but variable asset disposition activity compared to acquisitions.
Purchase and Proceeds from Short-Term Investments: Investments into short-term assets increased sharply, especially in late 2020 and 2021, with significant purchases partially offset by proceeds from maturities. This pattern reflects increased liquidity management and investment activities during this period but diminished activity or missing data in later quarters.
Other Investing Activities, Net: Reported in a limited number of quarters with small amounts, showing minimal impact on cash flows.
Net Cash Used in Investing Activities: Investing cash flow was predominantly negative across all quarters, reflecting continual outflows mainly due to property purchases. Outflows intensified from late 2021 into 2023, consistent with increased capital expenditures and investments. Some quarters in early 2021 showed less outflow, aligning with lower purchase activity.
Payments for Share Repurchases: Share repurchases occurred intermittently, with significant spending in 2019 and 2021. The largest repurchases were recorded in late 2021 and mid-2022, indicating an active capital return program during those periods. Some quarters in 2020 and 2023 showed reduced repurchase activity or missing data points.
Issuance and Principal Payments of Long-Term Debt: Debt issuance activity was sparse, with a notable issuance recorded in mid-2020. Principal repayments occurred periodically, including regular payments in early 2018 and 2023. Overall, debt management appears cautious, with limited new borrowing and steady repayment.
Forward Contract for Accelerated Share Repurchases: This category revealed significant activity related to share repurchase commitments, with large transactions occurring between late 2019 and 2022, showing usage of financial instruments to manage share repurchase timing and funding.
Dividends Paid: Dividends consistently increased over the period, reflecting a progressive dividend policy. The amounts rose markedly from 2018 through 2023, with the highest payouts in recent years, signifying a growing return to shareholders.
Other Financing Activities, Net: These activities showed small, irregular negative amounts, suggesting minor financing-related expenses or repayments without major impact on overall financing cash flows.
Net Cash Used in Financing Activities: Financing cash flows showed large variability over time. Early periods recorded moderate net outflows with increases during 2019-2021 due to higher share repurchases and dividend payments. The highest outflows occurred in 2021 and 2022, driven largely by share repurchases and dividends, even as some debt repayments occurred. There was a general trend toward significant capital return to shareholders.
Increase (Decrease) in Cash and Cash Equivalents: Cash flow fluctuated considerably quarter to quarter. Positive cash flow spikes occurred in mid-2020, early 2021, and some quarters in 2022. Negative cash flow periods were present in mid-2018, late 2022, and parts of 2023. These fluctuations align with variations in operating cash flow, investing outflows, and financing activities, reflecting cyclical cash management aligned with capital investments and shareholder returns.

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Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data