Selected Financial Data
since 2005
Income Statement
Old Dominion Freight Line Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue from operations | Operating income | Net income |
|---|---|---|---|
| Dec 31, 2022 | 6,260,077) | 1,840,632) | 1,377,159) |
| Dec 31, 2021 | 5,256,328) | 1,391,602) | 1,034,375) |
| Dec 31, 2020 | 4,015,129) | 906,882) | 672,682) |
| Dec 31, 2019 | 4,109,111) | 818,706) | 615,518) |
| Dec 31, 2018 | 4,043,695) | 817,051) | 605,668) |
| Dec 31, 2017 | 3,358,112) | 575,886) | 463,774) |
| Dec 31, 2016 | 2,991,517) | 483,835) | 295,765) |
| Dec 31, 2015 | 2,972,442) | 498,240) | 304,690) |
| Dec 31, 2014 | 2,787,897) | 441,307) | 267,514) |
| Dec 31, 2013 | 2,337,648) | 338,438) | 206,113) |
| Dec 31, 2012 | 2,110,483) | 285,254) | 169,452) |
| Dec 31, 2011 | 1,882,541) | 234,072) | 139,470) |
| Dec 31, 2010 | 1,480,998) | 137,739) | 75,651) |
| Dec 31, 2009 | 1,245,005) | 70,391) | 34,871) |
| Dec 31, 2008 | 1,537,724) | 129,070) | 68,677) |
| Dec 31, 2007 | 1,401,542) | 129,937) | 71,832) |
| Dec 31, 2006 | 1,279,431) | 130,485) | 72,569) |
| Dec 31, 2005 | 1,061,403) | 97,585) | 53,475) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Financial performance from 2005 to 2022 is characterized by substantial long-term growth across all primary income statement metrics, with a notable acceleration in profitability and scale during the latter portion of the period. While a temporary contraction occurred during the 2009 fiscal year, the overall trajectory indicates a strong expansion in both top-line revenue and bottom-line earnings.
- Revenue Growth Trends
- Revenue from operations increased from 1.06 billion US dollars in 2005 to 6.26 billion US dollars by 2022. A period of steady ascent was interrupted in 2009, where revenue declined to 1.25 billion US dollars from a 2008 peak of 1.54 billion US dollars. Following this recovery, revenue exhibited a consistent upward trend, with a particularly sharp increase observed between 2020 and 2022, during which revenue grew from 4.02 billion US dollars to 6.26 billion US dollars.
- Operating Income and Margin Expansion
- Operating income grew from 97.6 million US dollars in 2005 to 1.84 billion US dollars in 2022. The growth in operating income significantly outpaced the growth in revenue, indicating a substantial improvement in operational efficiency. For instance, in 2005, the operating margin was approximately 9.2%, whereas by 2022, this margin expanded to approximately 29.4%. This suggests a successful scaling of operations and an improved ability to manage operating expenses relative to revenue growth.
- Net Income and Profitability
- Net income followed a trajectory similar to operating income, rising from 53.5 million US dollars in 2005 to 1.38 billion US dollars in 2022. The net profit margin showed marked improvement over the 17-year period, moving from 5.0% in 2005 to 22.0% in 2022. The most aggressive growth in net income occurred after 2020, with earnings nearly doubling between 2020 (672.7 million US dollars) and 2022 (1.38 billion US dollars).
The synchronization of growth across revenue, operating income, and net income demonstrates a scalable business model. The widening gap between revenue growth and profit growth suggests that the organization achieved significant economies of scale and enhanced pricing power or cost control mechanisms, particularly in the final three years of the analyzed period.
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Balance Sheet: Assets
Old Dominion Freight Line Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 933,740) | 4,838,610) |
| Dec 31, 2021 | 1,383,787) | 4,821,544) |
| Dec 31, 2020 | 1,243,339) | 4,369,410) |
| Dec 31, 2019 | 866,834) | 3,995,568) |
| Dec 31, 2018 | 706,229) | 3,545,283) |
| Dec 31, 2017 | 584,653) | 3,068,424) |
| Dec 31, 2016 | 382,622) | 2,696,247) |
| Dec 31, 2015 | 381,730) | 2,466,504) |
| Dec 31, 2014 | 433,143) | 2,236,237) |
| Dec 31, 2013 | 332,979) | 1,932,089) |
| Dec 31, 2012 | 275,028) | 1,712,514) |
| Dec 31, 2011 | 331,852) | 1,513,074) |
| Dec 31, 2010 | 222,582) | 1,239,881) |
| Dec 31, 2009 | 174,175) | 1,159,278) |
| Dec 31, 2008 | 209,230) | 1,074,905) |
| Dec 31, 2007 | 216,277) | 981,048) |
| Dec 31, 2006 | 256,367) | 892,193) |
| Dec 31, 2005 | 150,213) | 641,648) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a consistent and substantial expansion in total asset value over the seventeen-year period ending December 31, 2022. This growth indicates a long-term trajectory of capital accumulation and operational scaling.
- Total Asset Growth Trend
- Total assets grew from US$ 641.6 million in 2005 to US$ 4.84 billion in 2022. The growth was characterized by a steady year-over-year increase, with the asset base more than doubling between 2011 and 2015 and continuing to climb through 2022. The growth rate remained resilient even during the 2008-2009 period, suggesting a robust expansion strategy.
- Current Asset Volatility
- Current assets demonstrated more fluctuation compared to the steady rise of total assets. After a period of gradual growth from 2005 to 2018, a significant acceleration occurred between 2019 and 2021, where current assets rose from US$ 866.8 million to a peak of US$ 1.38 billion. However, a notable contraction occurred in 2022, with current assets decreasing to US$ 933.7 million.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets shifted over time. For much of the period between 2005 and 2018, current assets typically represented between 15% and 25% of the total asset base. This ratio peaked during the 2020-2021 period, reaching approximately 28%, before reverting to roughly 19% in 2022, aligning more closely with historical averages.
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Balance Sheet: Liabilities and Stockholders’ Equity
Old Dominion Freight Line Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Shareholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 529,793) | 1,185,693) | 99,963) | 3,652,917) |
| Dec 31, 2021 | 464,234) | 1,141,737) | 99,947) | 3,679,807) |
| Dec 31, 2020 | 373,130) | 1,043,122) | 99,931) | 3,326,288) |
| Dec 31, 2019 | 366,085) | 914,851) | 45,000) | 3,080,717) |
| Dec 31, 2018 | 356,732) | 864,800) | 45,000) | 2,680,483) |
| Dec 31, 2017 | 351,049) | 791,570) | 95,000) | 2,276,854) |
| Dec 31, 2016 | 288,636) | 845,089) | 104,975) | 1,851,158) |
| Dec 31, 2015 | 285,402) | 781,867) | 133,805) | 1,684,637) |
| Dec 31, 2014 | 255,638) | 742,173) | 155,714) | 1,494,064) |
| Dec 31, 2013 | 232,122) | 700,007) | 191,429) | 1,232,082) |
| Dec 31, 2012 | 225,139) | 686,545) | 240,407) | 1,025,969) |
| Dec 31, 2011 | 204,810) | 656,555) | 269,185) | 856,519) |
| Dec 31, 2010 | 170,046) | 571,232) | 271,217) | 668,649) |
| Dec 31, 2009 | 148,125) | 566,278) | 305,532) | 593,000) |
| Dec 31, 2008 | 142,190) | 516,776) | 251,989) | 558,129) |
| Dec 31, 2007 | 127,723) | 491,596) | 263,754) | 489,452) |
| Dec 31, 2006 | 121,546) | 474,573) | 274,582) | 417,620) |
| Dec 31, 2005 | 111,028) | 296,597) | 128,956) | 345,051) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The balance sheet exhibits a consistent expansion from 2005 to 2022, characterized by a substantial increase in shareholders' equity and a managed growth in total liabilities. The overall financial trajectory indicates a significant strengthening of the company's capital position over the seventeen-year period.
- Shareholders' Equity Expansion
- Shareholders' equity demonstrated a strong and continuous upward trend, increasing from US$ 345 million in 2005 to US$ 3.65 billion by the end of 2022. This consistent growth suggests a high capacity for retaining earnings and a significant increase in the intrinsic value of the company.
- Total Liabilities and Solvency
- Total liabilities rose from US$ 296 million in 2005 to US$ 1.18 billion in 2022. Despite this increase, the growth rate of total liabilities was significantly lower than the growth rate of shareholders' equity, leading to a marked reduction in the company's leverage ratio and an improved long-term solvency profile.
- Long-term Debt Trajectory
- Long-term debt, including current maturities, showed significant volatility before stabilizing. After peaking at US$ 305 million in 2009, a sustained downward trend occurred, with debt levels dropping to US$ 45 million by 2018. A moderate increase followed, with debt stabilizing at approximately US$ 100 million between 2020 and 2022.
- Current Liabilities Growth
- Current liabilities grew steadily from US$ 111 million in 2005 to US$ 529 million in 2022. The acceleration of this growth is particularly evident after 2020, reflecting an increase in short-term obligations that aligns with the general scale of operations expansion.
In summary, the data reveals a strategic shift toward a more equity-funded capital structure. The combination of aggressively growing shareholders' equity and the systematic reduction of long-term debt through 2019 indicates a highly conservative approach to financial leverage and a robust internal capital generation mechanism.
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Cash Flow Statement
Old Dominion Freight Line Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 1,691,582) | (547,472) | (1,420,362) |
| Dec 31, 2021 | 1,212,606) | (455,288) | (696,184) |
| Dec 31, 2020 | 933,024) | (551,663) | (383,502) |
| Dec 31, 2019 | 983,888) | (473,639) | (296,960) |
| Dec 31, 2018 | 900,116) | (580,391) | (256,905) |
| Dec 31, 2017 | 536,294) | (367,746) | (51,257) |
| Dec 31, 2016 | 565,583) | (407,400) | (159,484) |
| Dec 31, 2015 | 553,880) | (437,617) | (139,578) |
| Dec 31, 2014 | 391,674) | (345,814) | (41,247) |
| Dec 31, 2013 | 350,666) | (284,371) | (48,978) |
| Dec 31, 2012 | 328,056) | (361,175) | (29,874) |
| Dec 31, 2011 | 277,380) | (244,778) | 37,798) |
| Dec 31, 2010 | 141,076) | (104,297) | (35,500) |
| Dec 31, 2009 | 130,716) | (203,724) | 53,075) |
| Dec 31, 2008 | 196,506) | (165,799) | (12,931) |
| Dec 31, 2007 | 157,736) | (141,246) | (12,726) |
| Dec 31, 2006 | 154,610) | (298,046) | 145,014) |
| Dec 31, 2005 | 113,622) | (160,488) | 47,110) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by a substantial and consistent expansion in operational cash generation, transitioning the organization from a period of modest liquidity to a state of significant cash surplus. Net cash provided by operating activities grew from 113.6 million USD in 2005 to 1.69 billion USD in 2022, representing a multi-fold increase in the ability to generate liquidity from core business functions.
- Operating Cash Flow Growth
- A strong upward trend in operating cash flows is evident, with a notable acceleration beginning around 2011. Between 2010 and 2022, operating cash flows increased from 141 million USD to 1.69 billion USD. The most significant year-over-year jumps occurred between 2017 and 2018, where cash provided by operations rose from 536 million USD to 900 million USD, and between 2021 and 2022, where it increased from 1.21 billion USD to 1.69 billion USD.
- Investment Activity Trends
- Net cash used in investing activities remained consistently negative throughout the entire period, indicating ongoing capital expenditures. While these outflows fluctuated, they generally scaled alongside the growth of operating cash flows. Investment outflows peaked in 2018 at 580 million USD, reflecting a period of intensified capital deployment, before stabilizing between 455 million USD and 547 million USD in the final three years of the analyzed period.
- Financing Activity Shift
- A fundamental pivot in financing strategy is observed. In the earlier years, specifically 2005, 2006, 2009, and 2011, the company recorded positive net cash from financing activities, suggesting a reliance on external funding or debt issuance to support growth. However, starting in 2012, financing activities transitioned to a permanent net outflow. This trend accelerated aggressively after 2018, culminating in a massive outflow of 1.42 billion USD in 2022, which suggests a strategic shift toward returning capital to shareholders through dividends or share repurchases and the repayment of debt.
- Cash Flow Relationship and Sustainability
- The relationship between operating inflows and investing outflows indicates a significant increase in internal funding capacity. In the early 2000s, operating cash flows were often insufficient to cover investing activities, necessitating positive financing inflows. By the latter part of the period, operating cash flows vastly exceeded investing requirements, creating a substantial surplus that facilitated the increasing outflows in financing activities.
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Per Share Data
Old Dominion Freight Line Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 12.26 | 12.18 | 1.20 |
| Dec 31, 2021 | 8.94 | 8.89 | 0.80 |
| Dec 31, 2020 | 5.71 | 5.68 | 0.60 |
| Dec 31, 2019 | 5.11 | 5.10 | 0.45 |
| Dec 31, 2018 | 4.93 | 4.92 | 0.35 |
| Dec 31, 2017 | 3.75 | 3.75 | 0.27 |
| Dec 31, 2016 | 2.37 | 2.37 | 0.00 |
| Dec 31, 2015 | 2.38 | 2.38 | 0.00 |
| Dec 31, 2014 | 2.07 | 2.07 | 0.00 |
| Dec 31, 2013 | 1.59 | 1.59 | 0.00 |
| Dec 31, 2012 | 1.31 | 1.31 | 0.00 |
| Dec 31, 2011 | 1.09 | 1.09 | 0.00 |
| Dec 31, 2010 | 0.60 | 0.60 | 0.00 |
| Dec 31, 2009 | 0.28 | 0.28 | 0.00 |
| Dec 31, 2008 | 0.55 | 0.55 | 0.00 |
| Dec 31, 2007 | 0.57 | 0.57 | 0.00 |
| Dec 31, 2006 | 0.58 | 0.58 | 0.00 |
| Dec 31, 2005 | 0.42 | 0.42 | 0.00 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance from 2005 to 2022 is characterized by a significant long-term expansion in profitability and a shift in capital return strategy. Earnings per share experienced a period of relative stability followed by an era of accelerated growth, while dividend distributions were introduced in the latter part of the period.
- Earnings Per Share Trajectory
- Earnings exhibited three distinct phases. Between 2005 and 2009, basic earnings per share remained relatively flat, with a notable decline to 0.28 in 2009. From 2010 to 2016, a steady recovery and growth trend emerged, with earnings increasing from 0.60 to 2.37. The most aggressive growth occurred between 2017 and 2022, during which basic earnings per share surged from 3.75 to 12.26, indicating a substantial increase in net income relative to the number of outstanding shares.
- Dividend Distribution Patterns
- No dividends were distributed between 2005 and 2016. A dividend policy was initiated in 2017 with a payment of 0.27 per share. Since its inception, the dividend has grown consistently every year, reaching 1.20 per share by 2022. This progression suggests a transition toward returning a portion of the increased profitability to shareholders through a progressive payout strategy.
- Dilution Analysis
- A close correlation is observed between basic and diluted earnings per share throughout the entire period. The variance between the two metrics remains minimal, as evidenced in 2022 where basic earnings were 12.26 and diluted earnings were 12.18. This indicates a low level of dilution from convertible securities or stock options, suggesting a stable equity structure.
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