Stock Analysis on Net
Stock Analysis on Net

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

This company has been moved to the archive! The financial data has not been updated since August 4, 2023.

Common-Size Balance Sheet: Assets 
Quarterly Data

Old Dominion Freight Line Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
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
Cash and cash equivalents 1.11 4.19 3.85 4.50 4.09 5.55 9.59 7.37 10.68 8.09 9.19 9.84 12.71 9.07 10.10 8.28 6.09 7.58 5.37 5.09 4.23 5.09
Short-term investments 0.00 0.50 1.02 3.30 4.68 5.91 5.28 4.88 3.64 7.13 7.56 4.80 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer receivables, less allowances 10.92 11.39 11.96 13.10 14.19 14.17 11.77 12.83 12.10 11.40 10.18 10.61 9.49 10.65 9.95 10.94 11.97 12.07 12.06 13.37 13.76 13.13
Income taxes receivable 0.19 0.00 0.26 0.21 0.18 0.00 0.40 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other receivables 0.31 0.31 0.28 0.28 0.26 0.26 0.26 1.35 1.13 0.22 0.22 0.22 0.21 0.22 0.26 0.31 0.22 0.22 1.15 0.45 0.22 0.18
Prepaid expenses and other current assets 2.14 1.71 1.92 1.70 1.82 1.23 1.40 1.30 1.36 1.28 1.31 1.17 1.33 1.18 1.38 1.20 1.45 1.29 1.35 1.05 1.29 1.18
Current assets 14.67% 18.09% 19.30% 23.10% 25.22% 27.12% 28.70% 27.72% 28.91% 28.11% 28.46% 26.64% 23.74% 21.12% 21.69% 20.73% 19.73% 21.16% 19.92% 19.96% 19.50% 19.58%
Revenue equipment 52.64 51.58 51.71 48.73 46.90 45.67 44.51 45.46 43.93 43.53 43.16 44.27 46.63 48.25 47.53 49.23 50.73 49.55 51.09 52.59 53.00 52.00
Land and structures 58.21 57.17 56.84 55.51 54.61 53.12 51.10 51.00 50.66 51.81 50.77 50.72 52.12 52.93 51.05 50.66 50.52 49.39 50.68 48.97 49.33 50.51
Other fixed assets 12.32 12.21 11.38 11.81 11.34 11.23 10.63 10.90 10.89 11.06 10.88 11.59 12.06 12.36 12.07 12.53 12.71 12.51 12.82 12.92 13.59 14.06
Leasehold improvements 0.29 0.27 0.28 0.28 0.28 0.29 0.27 0.28 0.28 0.30 0.28 0.28 0.30 0.30 0.29 0.30 0.29 0.29 0.30 0.25 0.26 0.28
Gross property and equipment 123.46% 121.24% 120.20% 116.33% 113.14% 110.30% 106.51% 107.64% 105.76% 106.69% 105.08% 106.86% 111.10% 113.85% 110.95% 112.72% 114.25% 111.74% 114.89% 114.74% 116.18% 116.85%
Accumulated depreciation -43.10 -43.74 -44.00 -43.76 -42.66 -42.00 -39.82 -40.22 -39.63 -39.88 -38.39 -38.17 -38.67 -38.78 -36.65 -37.50 -38.21 -37.18 -37.18 -37.27 -38.33 -38.89
Net property and equipment 80.36% 77.49% 76.20% 72.57% 70.48% 68.29% 66.69% 67.42% 66.13% 66.81% 66.69% 68.69% 72.43% 75.07% 74.30% 75.22% 76.04% 74.56% 77.71% 77.47% 77.86% 77.95%
Other assets 4.97 4.41 4.50 4.34 4.30 4.58 4.61 4.86 4.95 5.08 4.85 4.67 3.83 3.81 4.00 4.05 4.23 4.27 2.37 2.57 2.64 2.47
Non-current assets 85.33% 81.91% 80.70% 76.90% 74.78% 72.88% 71.30% 72.28% 71.09% 71.89% 71.54% 73.36% 76.26% 78.88% 78.31% 79.27% 80.27% 78.84% 80.08% 80.04% 80.50% 80.42%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Cash and cash equivalents
The proportion of cash and cash equivalents relative to total assets showed an initial upward trend from March 2018 to December 2020, peaking notably in mid-2020 at 12.71%. Subsequently, this ratio declined steadily, reaching a low of 1.11% by June 2023. This indicates a significant reduction in liquid assets over recent periods.
Short-term investments
Short-term investments first appear in the data at December 2020 with a 4.8% share of total assets, rising to a high of 7.56% by June 2021. From that peak, the proportion decreased gradually to 0.5% in March 2023, suggesting a divestment or reallocation of short-term investment holdings over the last two years.
Customer receivables, less allowances
This category maintained relative stability with slight fluctuations around 11-13% of total assets throughout the period. A decline was observed during 2019 to early 2020, followed by a moderate rise peaking near 14.19% in June 2022 before declining again towards mid-2023. This pattern may reflect variations in credit sales or collection efficiency.
Income taxes receivable
Income taxes receivable data were mostly unavailable prior to 2021. Since then, values fluctuated with low percentages generally below 0.3%, indicating a minor impact on total assets from tax receivables.
Other receivables
The ratio of other receivables showed variability with occasional spikes, notably reaching 1.35% in September 2021. For most other periods, it remained relatively low and stable around 0.2-0.3%, suggesting limited material impact on total assets.
Prepaid expenses and other current assets
This category experienced modest fluctuations between 1.05% and 2.14%, with a general upward trend from early 2022 to mid-2023. The increase potentially implies growing prepaid costs or other current asset components contributing a gradually larger share of total assets.
Current assets
Current assets as a percentage of total assets increased steadily from about 19.5% in early 2018 to a peak of 28.46% by December 2020. Subsequently, a marked decline occurred down to 14.67% by June 2023, indicating reduced liquidity or a shift towards more long-term asset holdings in recent quarters.
Revenue equipment
The share of revenue equipment in total assets decreased from approximately 52% in 2018 to a low around 43% by late 2020. Since then, it reversed course, increasing significantly to over 52% by mid-2023. This suggests a cyclical investment pattern in core operational equipment, with recent capital expenditures or asset revaluations increasing the relative weight.
Land and structures
The proportion allocated to land and structures depicted a steady upward trend, rising from about 50% in early 2018 to 58.21% by June 2023. This consistent increase points to ongoing investment or appreciation in fixed real estate assets.
Other fixed assets
Other fixed assets decreased gradually over the period from 14.06% to around 12.32%, with minor fluctuations. This indicates a relative reduction or slower growth in this asset category within the fixed assets portfolio.
Leasehold improvements
Leasehold improvements remained stable, contributing less than 0.3% of total assets consistently, indicative of minimal change or investment in this area.
Gross property and equipment
Gross property and equipment showed a declining trend from 116.85% of total assets in early 2018 to a low of 105.08% in December 2020, followed by a recovery to 123.46% by June 2023. This reflects fluctuations influenced by acquisitions, disposals, or revaluations of property and equipment.
Accumulated depreciation
Accumulated depreciation steadily increased in absolute terms (more negative as a percentage of assets), moving from -38.89% in early 2018 to about -43.1% by mid-2023. This reflects ongoing depreciation expenses accumulating over time on the asset base.
Net property and equipment
Net property and equipment decreased during the initial period to a low around 66.69% by the end of 2020 but then increased steadily to 80.36% by June 2023. This suggests an asset renewal or expansion phase post-2020, improving net asset base after accounting for depreciation.
Other assets
Other assets remained relatively stable between 2.37% and 5.08%, with minor fluctuations indicating limited impact on the total asset composition.
Non-current assets
Non-current assets slightly declined from about 80.5% in early 2018 to around 71.54% in December 2020, before increasing notably to 85.33% by June 2023. This reversal suggests strategic asset accumulation or reclassification favoring long-term holdings in recent years.
Total assets
The total assets are consistently presented as 100%, serving as the base for all analysis.