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Swift Transportation Co (KNX) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

Knightswift Transportation Holdings Inc.

CIK: 1492691 Ticker: KNX
 
 
Exhibit 99

swiftfulllogonotagbwa14.jpg
 
 
 
P.O. Box 29243 - Phoenix, Arizona 85038-9243
 
2200 S. 75th Avenue - Phoenix, Arizona 85043
 
(602) 269-9700
 
 
January 26, 2017

Dear Fellow Stockholders of Swift Transportation Company (NYSE: SWFT),

A summary of our key results for the three months and years ended December 31st is shown below:

 
Three Months Ended December 31,
 
Year Ended December 31,
 
2016
 
2015
 
2014
 
2016
 
2015
 
2014
 
Unaudited
 
(Dollars in millions, except per share data)
Operating Revenue
$
1,038.6

 
$
1,089.8

 
$
1,139.5

 
$
4,031.5

 
$
4,229.3

 
$
4,298.7

Revenue xFSR (1)(2)
$
950.8

 
$
996.2

 
$
960.2

 
$
3,722.9

 
$
3,782.0

 
$
3,535.4

 
 
 
 
 
 
 
 
 
 
 
 
Operating Ratio
92.7
%
 
88.8
%
 
88.4
%
 
94.0
%
 
91.2
%
 
91.4
%
Adjusted Operating Ratio (2)
91.6
%
 
87.4
%
 
85.8
%
 
92.9
%
 
89.8
%
 
89.0
%
 
 
 
 
 
 
 
 
 
 
 
 
Diluted EPS
$
0.38

 
$
0.51

 
$
0.41

 
$
1.10

 
$
1.38

 
$
1.12

Adjusted EPS (2)
$
0.40

 
$
0.53

 
$
0.55

 
$
1.22

 
$
1.49

 
$
1.38

 
 
 
 
 
 
 
 
 
 
 
 
(1) Revenue xFSR is operating revenue, excluding fuel surcharge revenue
(2) See GAAP to Non-GAAP reconciliation in the schedules following this letter

Key Highlights for the Fourth Quarter 2016:
(discussed in more detail below, including GAAP to non-GAAP reconciliations)

Consolidated
Diluted EPS was $0.38 and Adjusted EPS was $0.40
We repurchased $2.1 million of our Class A common stock in the fourth quarter
Net Debt and Net Leverage Ratio were $1,057.7 million and 1.98, respectively, as of December 31, 2016
Consolidated Average Operational Truck Count declined by 210 trucks from the third quarter of 2016, and 746 trucks year over year in the fourth quarter, in a continued effort to drive improvements in asset utilization
Favorable discrete tax items resulted in an effective tax rate of 27.8%

Truckload
Truckload Revenue xFSR for the fourth quarter of 2016 was $472.7 million, compared to $503.3 million in the fourth quarter of 2015
Excess carrier capacity and pricing pressure continue to challenge the marketplace
Total loaded miles driven within the period decreased 3.8% year over year, although utilization increased slightly primarily due to a 3.9% reduction in Average Operational Truck Count
Deadhead percentage improved 30 basis points year over year
Operating Ratio and Adjusted Operating Ratio for the fourth quarter of 2016 were 90.9% and 90.0%, respectively



swiftfulllogonotagbwa14.jpg
 
1

The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Thursday, January 26, 2017 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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Knightswift Transportation Holdings Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2017 10-K Annual Report includes:

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  • Peers / Competitors

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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 Balance Sheets (parenthetical)
Consolidated Income Statements
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accounts Receivable Securitization
Accounts Receivable Securitization (detail)
Accounts Receivable Securitization (tables)
Accounts Receivable, Net
Accounts Receivable, Net (schedule Of Accounts Receivable) (details)
Accounts Receivable, Net (schedule Of Allowance For Doubtful Accounts) (details)
Accounts Receivable, Net (tables)
Accrued Liabilities
Accrued Liabilities (details)
Accrued Liabilities (tables)
Assets Held For Sale
Assets Held For Sale (narrative) (detail)
Assets Held For Sale (schedule Of Assets Held For Sale) (detail)
Assets Held For Sale (tables)
Claims Accruals
Claims Accruals (details)
Claims Accruals (tables)
Common Stock
Common Stock (details)
Common Stock (share Repurchase Programs) (details)
Common Stock (tables)
Common Stock Common Stock (related Party Transactions) (details)
Contingencies And Legal Proceedings
Contingencies And Legal Proceedings (detail)
Contingencies And Legal Proceedings (tables)
Debt And Financing
Debt And Financing (narrative) (details)
Debt And Financing (tables)
Debt And Financing Schedule Of Debt Balances By Instrument (details)
Debt And Financing Schedule Of Debt Terms (details)
Deferred Loan Costs
Deferred Loan Costs (details)
Deferred Loan Costs (tables)
Fair Value Measurement
Fair Value Measurement (carrying Amounts And Estimated Fair Values Of Financial Instruments) (detail)
Fair Value Measurement (tables)
Fair Value Measurement - Nonrecurring Basis (detail)
Fair Value Measurement - Recurring Basis (detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (tables)
Goodwill And Other Intangible Assets Finite-lived Intangible Assets Amortization Expense (details)
Goodwill And Other Intangible Assets Schedule Of Goodwill (details)
Goodwill And Other Intangible Assets Schedule Of Intangible Assets, Net (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)
Income Taxes Income Taxes Other (narrative) (details)
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 (tables)
Information By Segment, Geography, And Customer Concentration Information By Customer Concentration (details)
Introduction And Basis Of Presentation
Introduction And Basis Of Presentation (details)
Introduction And Basis Of Presentation (policies)
Introduction And Basis Of Presentation (tables)
Introduction And Basis Of Presentation Change In Accounting Estimate (details)
Introduction And Basis Of Presentation Recently Issued Accounting Pronouncements (details)
Jerry Moyes' Retirement
Jerry Moyes' Retirement (details)
Jerry Moyes' Retirement (tables)
Leases
Leases (detail)
Leases (tables)
Notes Receivable
Notes Receivable (details)
Notes Receivable (tables)
Purchase Commitments
Purchase Commitments (details)
Quarterly Result Of Operations (unaudited)
Quarterly Result Of Operations (unaudited) (details)
Quarterly Result Of Operations (unaudited) (tables)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (details)
Recently Issued Accounting Pronouncements (tables)
Recently Issued Accounting Pronouncements, Prospective Adoption (details)
Related Party Transactions
Related Party Transactions (schedule Of Services Received And Provided By Company) (detail)
Related Party Transactions (tables)
Restricted Investments
Restricted Investments (detail)
Restricted Investments (tables)
Stock Plans
Stock Plans (compensation Costs Not Yet Recognized) (details)
Stock Plans (narrative) (detail)
Stock Plans (restricted Stock Award Grant) (details)
Stock Plans (rollforward Of Nonvested Performance Shares) (details)
Stock Plans (status Of Nonvested Stock Options) (details)
Stock Plans (stock Based Compensation Expense) (detail)
Stock Plans (summary Of Activity Related To Stock Options) (detail)
Stock Plans (summary Of Exercise Of Stock Options) (detail)
Stock Plans (tables)
Stock Plans (weighted Average Assumptions) (detail)
Stock Plans Stock Plans (rollforward Of Nonvested Restricted Stock Awards) (details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (details)
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (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: 0001492691-17-000009
Submitted to the SEC: Fri Feb 17 2017 10:46:59 AM EST
Accepted by the SEC: Fri Feb 17 2017
Period: Saturday, December 31, 2016
Industry: Trucking No Local

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