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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Knightswift Transportation Holdings Inc.

CIK: 1492691 Ticker: KNX
Exhibit 99.1
knightswiftlogo2018newa18.jpg
January 26, 2022
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Fourth Quarter 2021 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or "the Company"), one of the largest and most diversified freight transportation companies, operating the largest full truckload fleet in North America, today reported fourth quarter 2021 net income attributable to Knight-Swift of $254.6 million and Adjusted Net Income Attributable to Knight-Swift of $268.7 million. GAAP earnings per diluted share for the fourth quarter of 2021 were $1.52, compared to $0.84 for the fourth quarter of 2020. The Adjusted EPS was $1.61 for the fourth quarter of 2021, compared to $0.94 for the fourth quarter of 2020.
Key Financial Highlights
Each reportable segment grew revenue while improving margins, leading to consolidated revenue growth of 38.8%, excluding truckload and less-than-truckload ("LTL") fuel surcharge, and an improvement of 75.8% in consolidated operating income to $342.2 million in the fourth quarter of 2021, as compared to the same quarter last year. Net Income Attributable to Knight-Swift increased by 78.9% to $254.6 million.
Truckload 74.7% Adjusted Operating Ratio within our Truckload segment, a 460 basis point improvement, supported by continued year-over-year revenue growth, which marks the sixth consecutive quarter of revenue growth year-over-year.
Logistics — 84.9% Adjusted Operating Ratio within our Logistics segment. Load count grew by 84.0%, leading to a 139.5% increase in revenue, excluding intersegment transactions.
LTL — 90.3% Adjusted Operating Ratio, which includes the results of AAA Cooper Transportation ("ACT"), as well as the results of Midwest Motor Express ("MME") from December 6, 2021 through December 31, 2021. See discussion under "Recent Acquisition" below. On an annualized basis, the LTL segment represents approximately 14% of consolidated revenue, excluding truckload and LTL fuel surcharge.
Intermodal — 81.2% operating ratio within our Intermodal segment, a 1,360 basis point improvement with year-over-year revenue growth of 7.5%.
Quarter Ended December 31, 1
20212020Change
(Dollars in thousands, except per share data)
Total revenue$1,816,859 $1,277,961 42.2 %
Revenue, excluding truckload and LTL fuel surcharge$1,675,341 $1,207,202 38.8 %
Operating income$342,236 $194,691 75.8 %
Adjusted Operating Income 2
$360,264 $216,975 66.0 %
Net income attributable to Knight-Swift$254,616 $142,329 78.9 %
Adjusted Net Income Attributable to Knight-Swift 2
$268,670 $158,826 69.2 %
Earnings per diluted share$1.52 $0.84 81.0 %
Adjusted EPS 2
$1.61 $0.94 71.3 %
1For information regarding comparability of the reported results due to acquisitions, refer to footnote 1 of the Condensed Consolidated Statements of Comprehensive Income in the schedules following this release.
2See GAAP to non-GAAP reconciliation in the schedules following this release.


The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Wednesday, January 26, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Knightswift Transportation Holdings Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows Reconciliation Of Cash, Restricted Cash, And Cash Equivalents
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accounts Receivable Securitization
Accounts Receivable Securitization (Detail)
Accounts Receivable Securitization (Tables)
Accrued Payroll And Purchased Transportation
Accrued Payroll And Purchased Transportation (Details)
Accrued Payroll And Purchased Transportation And Accrued Liabilities (Tables)
Acquisitions
Acquisitions (Tables)
Acquisitions - Narrative (Details)
Acquisitions - Tables (Details)
Assets Held For Sale
Assets Held For Sale (Narrative) (Detail)
Claims Accruals
Claims Accruals (Details)
Claims Accruals (Self Insurance) (Details)
Claims Accruals (Tables)
Contingencies And Legal Proceedings
Contingencies And Legal Proceedings (Detail)
Contingencies And Legal Proceedings (Policies)
Contingencies And Legal Proceedings (Tables)
Debt And Financing
Debt And Financing (Details)
Debt And Financing (Tables)
Defined Benefit Pension Plan
Defined Benefit Pension Plan (Details)
Defined Benefit Pension Plan (Details)
Defined Benefit Pension Plan (Tables)
Equity Investments
Equity Investments (Carrying Value) (Details)
Equity Investments (Embark) (Details)
Equity Investments (Investments And Commitments) (Details)
Equity Investments (Tables)
Fair Value Measurement
Fair Value Measurement (Estimated Fair Values) (Detail)
Fair Value Measurement (Policies)
Fair Value Measurement (Tables)
Fair Value Measurement - Recurring And Nonrecurring Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Finite-Lived Intangible Assets Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net) (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Components Of Net Deferred Tax Asset (Liability) ) (Detail)
Income Taxes (Income Tax Expense (Benefit) ) (Detail)
Income Taxes (Narrative) (Detail)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Detail)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Detail)
Income Taxes (Tables)
Information By Geography (Narrative) (Detail)
Information By Segment (Summary Of Financial Information By Segments) (Detail)
Information By Segment, Geography, And Customer Concentration
Information By Segment, Geography, And Customer Concentration (Segment Descriptions) (Details)
Information By Segment, Geography, And Customer Concentration (Tables)
Information By Segment, Geography, And Customer Concentration Information By Customer Concentration (Details)
Introduction And Basis Of Presentation
Introduction And Basis Of Presentation (2017 Merger And Recent Acquisitions) (Details)
Introduction And Basis Of Presentation (Description Of Business) (Details)
Introduction And Basis Of Presentation (Policies)
Investments
Investments (Detail)
Investments (Tables)
Leases
Leases (Lease Cost) (Detail)
Leases (Lease Liability Calculation Assumptions) (Details)
Leases (Maturity Analysis Of Future Lease Revenues) (Details)
Leases (Maturity Analysis Of Lease Liabilities) (Details)
Leases (Operating Lease Revenue And Rental Income) (Details)
Leases (Supplemental Cash Flow) (Details)
Leases (Tables)
Notes Receivable, Net
Notes Receivable, Net (Schedule Of Notes Receivable) (Details)
Notes Receivable, Net (Tables)
Purchase Commitments
Purchase Commitments (Details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Details)
Recently Issued Accounting Pronouncements (Tables)
Related Party Transactions
Related Party Transactions (Schedule Of Services Received And Provided By Company) (Detail)
Related Party Transactions (Tables)
Share Repurchase Plan (Subsequent Event) (Details)
Share Repurchase Plans
Share Repurchase Plans (Details)
Share Repurchase Plans (Tables)
Stock-Based Compensation
Stock-Based Compensation (Compensation Costs Not Yet Recognized) (Details)
Stock-Based Compensation (Narrative) (Detail)
Stock-Based Compensation (Performance Unit Fair Value Assumptions) (Details)
Stock-Based Compensation (Rollforward Of Nonvested Performance Shares) (Details)
Stock-Based Compensation (Rollforward Of Nonvested Restricted Stock Awards) (Details)
Stock-Based Compensation (Status Of Nonvested Stock Options) (Details)
Stock-Based Compensation (Stock Awards Granted) (Details)
Stock-Based Compensation (Stock-Based Compensation Expense) (Detail)
Stock-Based Compensation (Summary Of Activity Related To Stock Options) (Detail)
Stock-Based Compensation (Summary Of Exercise Of Stock Options) (Detail)
Stock-Based Compensation (Tables)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Trade Receivables, Net
Trade Receivables, Net (Rollforward Of The Allowance For Doubtful Accounts For Trade Receivables) (Details)
Trade Receivables, Net (Schedule Of Trade Receivables) (Details)
Trade Receivables, Net (Tables)
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding (Calculation Of Basic And Diluted Earnings Per Share Attributable To Stockholders) (Detail)
Weighted Average Shares Outstanding (Tables)
Ticker: KNX
CIK: 1492691
Form Type: 10-K Annual Report
Accession Number: 0001492691-22-000012
Submitted to the SEC: Thu Feb 24 2022 12:13:37 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Friday, December 31, 2021
Industry: Trucking No Local

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