ODFL Old Dominion Freight Line Inc.

Risks

• We operate in a rapidly evolving and highly competitive industry, and our business will suffer if we are unable to adequately address potential downward pricing pressures and other factors that may adversely affect our operations and profitability.
• If our employees were to unionize, our operating costs would increase and our ability to compete would be impaired.
• We may be unable to successfully consummate and integrate acquisitions as part of our growth strategy.
• Changes in our relationships with significant customers, including the loss or reduction in business from one or more of them, could have an adverse impact on our business.
• Difficulties attracting and retaining qualified drivers and maintenance technicians could result in increases in driver and technician compensation and could adversely affect our profitability, our ability to maintain or grow our fleet and our ability to maintain our customer relationships.
• We operate in a highly regulated industry, and increased costs of compliance with, or liability for violation of, existing or future regulations could have a material adverse effect on our business.
• If we do not adapt to new technologies implemented by our competitors in the LTL and transportation industry, our business could suffer.
• Insurance and claims expenses could significantly reduce our profitability.
• Healthcare legislation may increase our costs and reduce our future profitability.
• We have significant ongoing cash requirements that could limit our growth and affect our profitability if we are unable to obtain sufficient capital.
• Limited supply and increased costs of new equipment may adversely affect our earnings and cash flow.
• We may be adversely impacted by fluctuations in the availability and price of diesel fuel.
• We are subject to various governmental laws and regulations, and costs of compliance with, liabilities under, or violations of, existing or future governmental laws or regulations could adversely affect our business.
• We may be adversely affected by legal, regulatory, or market responses to climate change concerns.
• We are subject to the risks of litigation and governmental proceedings, inquiries, notices or investigations which could adversely affect our business.
• We are subject to various risks arising from our international business operations and relationships, which could adversely affect our business.
• We are subject to legislative, regulatory, and legal developments involving taxes.
• Our results of operations may be affected by seasonal factors, harsh weather conditions and disasters.
• Our principal shareholders control a large portion of our outstanding common stock.
• Our financial results may be adversely impacted by potential future changes in accounting practices.
• Our information technology systems are subject to cyber and other risks, some of which are beyond our control, which could have a material adverse effect on our business, results of operations and financial position.
• Damage to our reputation through unfavorable publicity could adversely affect our financial condition.
• Anti-terrorism measures and terrorist events may disrupt our business.
• A decrease in the demand and value of used equipment may impact our results of operations.
• If we raise additional capital in the future, your ownership in us could be diluted.
• There can be no assurance of our ability to declare and pay cash dividends in future periods.
• The amount and frequency of our stock repurchases may fluctuate.
• The market value of our common stock has been and may in the future be volatile, and could be substantially affected by various factors.
• Our articles of incorporation, our bylaws and Virginia law contain provisions that could discourage, delay or prevent a change in our control or our management.