Adjustments for Non-Cash Items [USD]

Stock-Based Compensation [USD]

Changes in Working Capital [USD]

Capital Expenditures (CapEx) [USD]

Proceeds from / Repayments of Debt [USD]

Share Repurchases [USD]

Dividend Payments [USD]

Net Change in Cash [USD]

37f6be6f1d06a6cccd90d2fa4b5cb4a3fe11ab5b6d4b446be04f83f946f6b948

Total Revenue [USD, Thousands]

Cost of Goods Sold (COGS) [USD, Thousands]

SG&A [USD, Thousands]

R&D [USD, Thousands]

D&A [USD, Thousands]

Interest Expense [USD, Thousands]

Operating Income (EBIT) [USD, Thousands]

Net Income [USD, Thousands]

EPS - Basic [USD, Units]

EPS - Diluted [USD, Units]

3b3788b8eaaa2dd0837882cdbd9cd84377bc2c2ff182a558a376716023939361

Net Cash Provided by Operating Activities (USD, thousands)

Purchase of Property and Equipment (USD, thousands)

Payments for Share Repurchases (USD, thousands)

Dividends Paid (USD, thousands)

2b21fc99439a79fff1a1c06afc9b1fc6fcacb3e90891653b6d2e95c671b26a2e

LTL Services

Other Services

Total Revenue

a931cf0e3b659cb7d82a0742e433a34b8cad12642027a90bace28cc526bf4683

c91fdfd84ed96082b14435a68dfab6be963bb0e14f5d30080f23ec3701b21a1a

LTL Tons (thousands)

LTL Tonnage per Day (tons per day)

LTL Shipments (thousands)

LTL Shipments per Day (shipments per day)

LTL Weight per Shipment (pounds)

LTL Revenue per Hundredweight (USD per hundredweight)

LTL Revenue per Shipment (USD per shipment)

Average Length of Haul (miles)

102c835a767a8d06014825d705bc5581b67adb9eb5933981f09eb17f7195f419

Revenue from Operations (USD, thousands)

Salaries, Wages and Benefits (USD, thousands)

Operating Supplies and Expenses (USD, thousands)

General Supplies and Expenses (USD, thousands)

Operating Taxes and Licenses (USD, thousands)

Insurance and Claims (USD, thousands)

Communications and Utilities (USD, thousands)

Depreciation and Amortization (USD, thousands)

Purchased Transportation (USD, thousands)

Miscellaneous Expenses, Net (USD, thousands)

Total Operating Expenses (USD, thousands)

Operating Income (USD, thousands)

Interest Expense (USD, thousands)

Interest Income (USD, thousands)

Other Expense, Net (USD, thousands)

Income Before Income Taxes (USD, thousands)

Provision for Income Taxes (USD, thousands)

Net Income (USD, thousands)

Basic Earnings per Share (USD)

Diluted Earnings per Share (USD)

Weighted Average Shares Outstanding - Basic (thousands)

Weighted Average Shares Outstanding - Diluted (thousands)

46cea90a478b3437125e16c92e17a5d83401b5bc8f2d862195d53faea6ae0061

In Q4 2023, the result was driven by a **one-time, nonrecurring gain of $15.1 million** when disposing of property and equipment. This unusual event led to a **90-basis point improvement** in miscellaneous expenses—as the typical expense range is about **40 to 50 basis points** of revenue—and management indicated that such gains are not expected to recur.  **[0000950170-24-009181_odfl-ex99_1.htm:0]** **[ODFL_3371364_9]** 

Why was the loss on disposal of property and equipment unusually high in Q4 2023?

The significant decrease in capital expenditures in Q4 2023 was driven by a more deliberate, staged approach to investing in the company’s long-term growth strategy. **ODFL** had already made substantial investments earlier in the year—particularly in expanding its service center network and replacing key equipment. In Q4, the company scaled back its spending as part of its planned capital allocation, reflecting a measured deployment of funds that aligns with its strategy of maintaining excess capacity while preparing for a rebound in demand.  **[ODFL_3371364_4]** **[0000950170-24-020176_odfl-20231231.htm:46]** **[0000950170-24-020176_odfl-20231231.htm:56]** **[ODFL_3371364_1]** 

What drove the significant decrease in capital expenditure in Q4 2023?

The drastic drop in cash by the end of Q2 2024 was primarily driven by **substantial cash outflows for share repurchases and capital expenditures**. While the company recorded strong cash inflows from its operating activities, using around **$788.4 million** for financing (with **$637.1 million** specifically for share repurchases and **$112.6 million** for dividend payments) and spending **$382.8 million** in investing activities—mostly on capital expenditures totaling **$357.6 million**—overwhelmed those inflows, resulting in a significant decline in cash from about **$433.8 million** to **$74.3 million** by the end of the period.  **[0000950170-24-090872_odfl-20240630.htm:16]** **[0000950170-24-085869_odfl-ex99_1.htm:1]** **[0000950170-24-090872_odfl-20240630.htm:1]** 

What caused the drastic drop in cash by the end of Q2 2024?

The surge in financing cash outflows in Q2 2024 was primarily attributed to **increased share repurchases** and **higher dividend payments**. ODFL executed an aggressive share repurchase program by utilizing **$637.1 million** in the first half of 2024, with **$551.8 million** executed in Q2 alone. Notably, this included a **$200 million accelerated share repurchase agreement**—of which **$40 million is deferred until final settlement by November 2024**—which significantly influenced cash outflows.  **[0000950170-24-085869_odfl-ex99_1.htm:1]** **[ODFL_3394120_10]** **[ODFL_3394120_3]**  Additionally, the company increased its cash dividends to **$112.6 million** in the first half of 2024 compared to **$87.8 million** during the same period in 2023, further enhancing the cash used under financing activities.  **[0000950170-24-090872_odfl-20240630.htm:16]** **[0000950170-24-090872_odfl-20240630.htm:4]** 

What factors contributed to the surge in financing cash outflows in Q2 2024?

66c3fde5852c2308c366bf0cb6653b3cb5c9829449b937db4bc74faca7b2b469

The Q1 2024 basic EPS of **$1.34** reflects a modest, 3.1% increase compared to Q1 2023, driven by factors such as **modest revenue growth (a 1.2% increase)**, **improvements in yield metrics**, and **cost management measures** (including a slight increase in the operating ratio and effective share repurchase activity that trimmed shares outstanding by 1.2%).  **[ODFL_3380431_2]** **[0000950170-24-047274_odfl-ex99_1.htm:0]**  However, the documents do not explicitly address why this figure might be viewed as "low" compared to numbers like the **Q4 2023 EPS of $2.96**. They focus on the year-over-year change rather than on an absolute evaluation across quarters. Thus, while the modest increase and the underlying operational adjustments are detailed, a direct explanation for a comparatively low EPS in absolute terms is not provided in the documents.  **[0000950170-24-020176_odfl-20231231.htm:54]** **[0000950170-24-054284_odfl-20240331.htm:2]** 

Why is Basic EPS so low in Q1 2024?

The documents do not provide a definitive explanation for the negative interest expense in Q4 2023. They indicate that the interest expense for Q4 2023 was negative—**(90,533.00)**  **[0000950170-24-020176_odfl-20231231.htm:54]** —but they do not detail the factors or reasons driving this change.  **[0000950170-24-009181_odfl-ex99_1.htm:7]** 

What drove the negative Interest Expense in Q4 2023?

**Miscellaneous Expenses turned negative in Q4 2023 because the company recorded a **$15.1 million gain on the disposal of property and equipment**, which transformed an expense into a net gain. This transaction contributed to a **90-basis point improvement** in miscellaneous expenses as a percentage of revenue during the quarter.  **[0000950170-24-009181_odfl-ex99_1.htm:0]** **[0000950170-24-009181_odfl-ex99_1.htm:7]** **

Why did Miscellaneous Expenses turn negative in Q4 2023?

ead606e2539c04c72d3d582edc7c26c48a570dff1c32fa4f17da105cfbb21c82

Cash and cash equivalents (USD, thousands)

Customer receivables, less allowances (USD, thousands)

Income taxes receivable (USD, thousands)

Other receivables (USD, thousands)

Prepaid expenses and other current assets (USD, thousands)

Total current assets (USD, thousands)

Revenue equipment (USD, thousands)

Land and structures (USD, thousands)

Other fixed assets (USD, thousands)

Leasehold improvements (USD, thousands)

Total property and equipment (USD, thousands)

Accumulated depreciation (USD, thousands)

Net property and equipment (USD, thousands)

Other assets (USD, thousands)

Total assets (USD, thousands)

Accounts payable (USD, thousands)

Compensation and benefits (USD, thousands)

Claims and insurance accruals (USD, thousands)

Other accrued liabilities (USD, thousands)

Income taxes payable (USD, thousands)

Current maturities of long-term debt (USD, thousands)

Total current liabilities (USD, thousands)

Long-term debt (USD, thousands)

Other non-current liabilities (USD, thousands)

Deferred income taxes (USD, thousands)

Total long-term liabilities (USD, thousands)

Total liabilities (USD, thousands)

Common stock (USD, thousands)

Capital in excess of par value (USD, thousands)

Retained earnings (USD, thousands)

Total shareholders’ equity (USD, thousands)

Total liabilities and shareholders’ equity (USD, thousands)

e56ae4106a5d1ef0b77999d5bcd3ea9f5dcdd4c269f7056ac119fc0e394344db

Old Dominion Freight Line Inc (ODFL)

Financials