UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ________ to ________ .
Commission File Number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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(Address of principal executive offices) |
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(Zip Code) |
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(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
(Nasdaq Global Select Market) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No
As of November 2, 2022 there were
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
OLD DOMINION FREIGHT LINE, INC.
CONDENSED BALANCE SHEETS
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September 30, |
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2022 |
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December 31, |
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(In thousands, except share and per share data) |
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(Unaudited) |
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2021 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
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$ |
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Short-term investments |
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Customer receivables, less allowances of $ |
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Income taxes receivable |
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Other receivables |
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Prepaid expenses and other current assets |
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Total current assets |
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Property and equipment: |
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Revenue equipment |
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Land and structures |
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Other fixed assets |
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Leasehold improvements |
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Total property and equipment |
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Accumulated depreciation |
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Net property and equipment |
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Other assets |
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Total assets |
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$ |
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$ |
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Note: The Condensed Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.
The accompanying notes are an integral part of these condensed financial statements.
1
OLD DOMINION FREIGHT LINE, INC.
CONDENSED BALANCE SHEETS
(CONTINUED)
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September 30, |
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2022 |
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December 31, |
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(In thousands, except share and per share data) |
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(Unaudited) |
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2021 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
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$ |
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Compensation and benefits |
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Claims and insurance accruals |
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Other accrued liabilities |
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Income taxes payable |
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— |
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Current maturities of long-term debt |
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— |
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Total current liabilities |
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Long-term liabilities: |
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Long-term debt |
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Other non-current liabilities |
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Deferred income taxes |
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Total long-term liabilities |
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Total liabilities |
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Cments and contingent liabilities |
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Shareholders’ equity: |
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Common stock - $ |
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Capital in excess of par value |
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Retained earnings |
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
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$ |
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$ |
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Note: The Condensed Balance Sheet at December 31, 2021 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements.
The accompanying notes are an integral part of these condensed financial statements.
2
OLD DOMINION FREIGHT LINE, INC.
CONDENSED STATEMENTS OF OPERATIONS
(UNAUDITED)
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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(In thousands, except share and per share data) |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue from operations |
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$ |
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$ |
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$ |
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$ |
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Operating expenses: |
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Salaries, wages and benefits |
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Operating supplies and expenses |
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General supplies and expenses |
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Operating taxes and licenses |
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Insurance and claims |
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Communications and utilities |
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Depreciation and amortization |
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Purchased transportation |
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Miscellaneous expenses, net |
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Total operating expenses |
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Operating income |
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Non-operating expense (income): |
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Interest expense |
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Interest income |
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Other expense, net |
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Total non-operating expense |
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Income before income taxes |
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Provision for income taxes |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Earnings per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted average shares outstanding: |
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Basic |
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Diluted |
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Dividends declared per share |
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$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed financial statements.
3
OLD DOMINION FREIGHT LINE, INC.
(UNAUDITED)
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Three Months Ended September 30, 2022 and 2021 |
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Capital in |
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Common Stock |
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Excess of |
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Retained |
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(In thousands) |
Shares |
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Amount |
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Par Value |
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Earnings |
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Total |
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Balance as of June 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Share repurchases |
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( |
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( |
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— |
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( |
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Cash dividends declared |
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— |
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— |
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— |
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Share-based compensation and share issuances, net of |
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— |
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— |
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— |
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Taxes paid in exchange for shares withheld |
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— |
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— |
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( |
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— |
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Balance as of September 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Balance as of June 30, 2021 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Share repurchases, including settlements under accelerated |
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( |
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( |
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( |
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Forward contract for accelerated share repurchases |
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— |
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— |
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( |
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— |
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( |
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Cash dividends declared |
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— |
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— |
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— |
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( |
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Share-based compensation and share issuances, net of |
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— |
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— |
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Balance as of September 30, 2021 |
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$ |
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$ |
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$ |
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$ |
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Nine Months Ended September 30, 2022 and 2021 |
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Capital in |
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Common Stock |
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Excess of |
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Retained |
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(In thousands) |
Shares |
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Amount |
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Par Value |
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Earnings |
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Total |
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Balance as of December 31, 2021 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Share repurchases, including settlements under accelerated |
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( |
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( |
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( |
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Forward contract for accelerated share repurchases |
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— |
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— |
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( |
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— |
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( |
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Cash dividends declared |
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— |
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— |
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— |
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( |
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( |
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Share-based compensation and share issuances, net of |
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— |
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Taxes paid in exchange for shares withheld |
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( |
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( |
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( |
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— |
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( |
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Balance as of September 30, 2022 |
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$ |
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$ |
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$ |
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$ |
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Balance as of December 31, 2020 |
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$ |
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$ |
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$ |
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$ |
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Net income |
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— |
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— |
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— |
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Share repurchases, including settlements under accelerated |
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( |
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( |
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( |
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( |
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Forward contract for accelerated share repurchases |
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— |
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— |
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( |
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— |
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( |
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Cash dividends declared |
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— |
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— |
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— |
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( |
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( |
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Share-based compensation and share issuances, net of |
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— |
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Taxes paid in exchange for shares withheld |
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( |
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( |
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( |
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— |
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( |
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Balance as of September 30, 2021 |
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$ |
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$ |
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$ |
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$ |
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The accompanying notes are an integral part of these condensed financial statements.
4
OLD DOMINION FREIGHT LINE, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Nine Months Ended |
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September 30, |
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(In thousands) |
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2022 |
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2021 |
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Cash flows from operating activities: |
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