Exhibit 99.1

knightswiftlogo2018new.jpg
October 24, 2018
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Third Quarter 2018 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift"), North America's largest truckload transportation company, today reported third quarter 2018 net income attributable to Knight-Swift of $105.9 million and Adjusted Net Income Attributable to Knight-Swift of $115.1 million. Our GAAP earnings per diluted share were $0.60 for the third quarter of 2018, compared to $0.04 for the third quarter of 2017. Our Adjusted EPS was $0.65 for the third quarter of 2018, compared to $0.25 for the third quarter of 2017.
Key Financial Highlights
We are pleased with our third quarter 2018 results and the progress made across all of our reportable segments. Our trucking segments operated on a combined basis at an 84.9% Adjusted Operating Ratio, and our efforts in the first half of 2018 and into the third quarter of 2018 resulted in stabilization of the Swift tractor fleet, which ended the third quarter at 14,779 operational tractors. We achieved sequential progress in the Swift Refrigerated segment's Adjusted Operating Ratio, which was most pronounced in September 2018, and we expect to continue to see further progress into the fourth quarter.
 
Quarter-to-Date September 30, (1)
 
2018
 
2017
 
Change
 
(Dollars in thousands, except per share data)
Total revenue
$
1,346,611

 
$
521,608

 
158.2
%
Revenue, excluding fuel surcharge
$
1,188,743

 
$
469,683

 
153.1
%
Operating income
$
144,280

 
$
5,811

 
2,382.9
%
Adjusted Operating Income (2)
$
156,543

 
$
44,020

 
255.6
%
Net income attributable to Knight-Swift
$
105,881

 
$
3,881

 
2,628.2
%
Adjusted Net Income Attributable to Knight-Swift (2)
$
115,122

 
$
25,511

 
351.3
%
Earnings per diluted share
$
0.60

 
$
0.04

 
1,400.0
%
Adjusted EPS (2)
$
0.65

 
$
0.25

 
160.0
%
_________________
(1)
For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.
(2)
See GAAP to non-GAAP reconciliation in the schedules following this release.
Dividend — The company previously announced a quarterly cash dividend of $0.06 per share to stockholders of record on September 3, 2018, which was paid on September 27, 2018.
Revenue — Total revenue increased 158.2% to $1.3 billion for the third quarter of 2018 from $521.6 million for the third quarter of 2017. Revenue, excluding fuel surcharge, increased 153.1% to $1.2 billion for the third quarter of 2018 from $469.7 million for the third quarter of 2017. The year-over-year increase was largely driven by the inclusion of Swift's results for the full third quarter in 2018, compared to the 22 days after the September 8, 2017 merger date, in accordance with the accounting treatment applicable to the transaction. Additionally, our acquisition of Abilene Motor Express, Inc. ("Abilene") and our organic growth within the Knight Trucking, Knight Logistics, and Swift Intermodal segments contributed to the increase in revenue.




Operating Income — Operating income increased to $144.3 million for the third quarter of 2018 from $5.8 million for the third quarter of 2017. Adjusted Operating Income increased 255.6% to $156.5 million for the third quarter of 2018 from $44.0 million for the third quarter of 2017. We made meaningful improvements in Adjusted Operating Ratio across all of our reportable segments on a year-over-year basis and across nearly all of our reportable segments on a sequential basis, with the exception of the Knight Trucking segment, which continued to operate efficiently with an Adjusted Operating Ratio of approximately 78% in the second and third quarters of 2018. Swift Intermodal's Adjusted Operating Ratio improved sequentially by 470 basis points to 90.9% in the third quarter of 2018, representing the lowest quarterly Adjusted Operating Ratio for this segment in its history. We adjusted our strategy in the Swift Refrigerated segment, resulting in a sequential improvement in this segment's Adjusted Operating Ratio of 240 basis points to 95.6% in the third quarter of 2018, and we expect sequential progress to continue in the fourth quarter of 2018.
Income Taxes — The third quarter 2018 effective tax rate was 24.6%, compared to 22.9% in the second quarter of 2018. We expect a normalized tax rate of approximately 25.0% for the remainder of the year.
Segment Financial Performance
Comparability — For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.

Trucking Segments — Our asset-based trucking services include dry van, refrigerated, dedicated, drayage, flatbed, and cross-border transportation through our Knight Trucking, Swift Truckload, Swift Dedicated, and Swift Refrigerated reportable segments. As of September 30, 2018, the trucking segments together comprised approximately 18,900 tractors, and operated on a combined basis at an 84.9% Adjusted Operating Ratio during the quarter, compared to an 89.7% Adjusted Operating Ratio during the third quarter of 2017, and an 86.5% Adjusted Operating Ratio during the second quarter of 2018.
Our efforts in the first half of 2018 resulted in stabilizing the Swift consolidated tractor fleet during the third quarter of 2018, and we ended the quarter at 14,779 operational tractors at September 30, 2018, compared to 14,753 at June 30, 2018.
We continue to see meaningful improvement in operating profitability in our trucking segments, as a result of our focus on improving our yields, increasing revenue per tractor, and continuing to improve on our ability to source and retain drivers without compromising our commitment to improving safety.
 
Quarter-to-Date September 30,
 
2018
 
2017
 
Change
 
(Dollars in thousands)
Knight Trucking:
 
 
 
 
 
Revenue, excluding fuel surcharge and intersegment transactions
$
256,496

 
$
195,763

 
31.0
  %
Operating income
$
56,535

 
$
8,581

 
558.8
  %
Adjusted Operating Income (1)
$
56,887

 
$
27,515

 
106.7
  %
Operating ratio
80.9
%
 
96.1
%
 
(1,520
 bps)
Adjusted Operating Ratio (1)
77.8
%
 
85.9
%
 
(810
 bps)
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
During the third quarter of 2018, the Knight Trucking segment produced an Adjusted Operating Ratio of 77.8% compared to 85.9% for the same quarter last year, resulting in a $29.4 million (or 106.7%) improvement in Adjusted Operating Income. The strong freight market and tight capacity supported increases in both contract and non-contract rates throughout the quarter. Average revenue per tractor increased 22.2% as a result of a 19.9% increase in revenue per loaded mile, excluding fuel surcharge and intersegment transactions, and a 2.8% improvement in miles per tractor, compared to the prior year quarter. Revenue, excluding fuel surcharge and intersegment transactions, which includes the results of Abilene in the third quarter of 2018, increased 31.0% as a result of these improvements and a 7.2% increase in average tractor count.

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2


 
Quarter-to-Date September 30,
 
2018
 
(Dollars in thousands)
Swift Truckload:
 
Revenue, excluding fuel surcharge
$
347,455

Operating income
$
54,026

Operating ratio
86.5
%
Adjusted Operating Ratio (1)
84.5
%
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
Adjusted Operating Ratio improved 290 basis points in the Swift Truckload segment to 84.5% in the third quarter of 2018, compared to 87.4% in the second quarter of 2018. On a year-over-year basis, average revenue per tractor increased 4.2% in the third quarter of 2018 compared to the full third quarter of 2017. This increase was primarily driven by a 19.9% increase in revenue per loaded mile, excluding fuel surcharge, as a result of year-over-year improvements in both our contract and non-contract rates. Over the last several quarters we have emphasized improving revenue per tractor, which has led to a change in our freight mix, a shorter length of haul, and 11.1% fewer miles per tractor.
 
Quarter-to-Date September 30,
 
2018
 
(Dollars in thousands)
Swift Dedicated:
 
Revenue, excluding fuel surcharge
$
144,370

Operating income
$
21,809

Operating ratio
86.6
%
Adjusted Operating Ratio (1)
84.9
%
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
Adjusted Operating Ratio improved 50 basis points in the Swift Dedicated segment to 84.9% in the third quarter of 2018, compared to 85.4% in the second quarter of 2018. On a year-over-year basis, average revenue per tractor within the Swift Dedicated segment increased 0.5% in the third quarter of 2018, compared to the full third quarter of 2017. This increase was predominately related to a 4.6% increase in our contract rates, partially offset by a 2.9% decrease in miles per tractor in the third quarter of 2018, compared to the full third quarter of 2017.
 
Quarter-to-Date September 30,
 
2018
 
(Dollars in thousands)
Swift Refrigerated:
 
Revenue, excluding fuel surcharge
$
187,980

Operating income
$
8,222

Operating ratio
96.1
%
Adjusted Operating Ratio (1)
95.6
%
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
During the third quarter of 2018, we invested in additional leadership and launched additional initiatives to improve the Swift Refrigerated segment. The focused efforts have resulted in a 240 basis point improvement in Adjusted Operating Ratio to 95.6% in the third quarter of 2018, from 98.0% in the second quarter of 2018. Average revenue per tractor within the Swift Refrigerated segment increased 6.1% in the third quarter of 2018, compared to the second quarter of 2018. Revenue per loaded mile, excluding fuel surcharge, increased 7.6% on a sequential basis, while miles per tractor remained relatively flat. We expect to see continued progress in this segment in the fourth quarter of 2018.

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3



Knight Logistics Segment — Our Knight Logistics segment consists of brokerage, intermodal, and other logistics services.
 
Quarter-to-Date September 30,
 
2018
 
2017
 
Change
 
(Dollars in thousands)
Knight Logistics:
 
 
 
 
 
Revenue, excluding intersegment transactions
$
87,916

 
$
56,560

 
55.4
  %
Operating income
$
8,816

 
$
3,651

 
141.5
  %
Operating ratio
90.2
%
 
93.7
%
 
(350
 bps)
Adjusted Operating Ratio (1)
90.0
%
 
93.5
%
 
(350
 bps)
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
Adjusted Operating Ratio in the Knight Logistics segment improved to 90.0% in the third quarter of 2018 from 93.5% in the third quarter of 2017. Revenue, excluding intersegment transactions, increased by 55.4%, contributing to a 141.5% improvement in operating income. Brokerage revenue increased by 60.6% in the third quarter of 2018 when compared to the same quarter in 2017, as revenue per load increased 7.1% and load volumes increased by 50.1%. Brokerage gross margin percentage for the quarter increased by 200 basis points to 18.3% on a year-over-year basis, primarily due to the increase in revenue per load, which was partially offset by a corresponding increase in purchased transportation costs.
Swift Intermodal Segment — This segment includes revenue generated by moving freight over the rail in Swift's containers and other trailing equipment, combined with revenue for drayage to transport loads between the railheads and customer locations.
 
Quarter-to-Date September 30,
 
2018
 
(Dollars in thousands)
Swift Intermodal:
 
Revenue, excluding fuel surcharge
$
103,797

Operating income
$
9,453

Operating ratio
92.3
%
Adjusted Operating Ratio (1)
90.9
%
_________________
(1)
See GAAP to non-GAAP reconciliation in the schedules following this release.
We continued to see meaningful improvement in our operating profitability within our Swift Intermodal segment during the third quarter of 2018, as a result of our focus on improving our revenue per load and growing load counts, while executing on cost control. Our third quarter Adjusted Operating Ratio was 90.9%, compared to 95.6% for the second quarter of 2018. On a year-over-year basis, improvements were largely due to a 17.7% increase in revenue per container, excluding fuel surcharge, in the third quarter of 2018. Average revenue per load increased by 18.1% and load counts increased by 2.3% for the third quarter of 2018, compared to the full third quarter of 2017.

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4


Consolidated Liquidity, Capital Resources, and Earnings Guidance

Cash Flow Sources (Uses) (1) 
 
Year-to-Date September 30,
 
Change
 
2018
 
2017
 
 
(In thousands)
 
 
Net cash provided by operating activities
$
580,645

 
$
136,344

 
$
444,301

Net cash (used in) provided by investing activities
(467,495
)
 
36,281

 
(503,776
)
Net cash (used in) provided by financing activities
(123,497
)
 
18,673

 
(142,170
)
Net (decrease) increase in cash, restricted cash, and equivalents (2)
$
(10,347
)
 
$
191,298

 
$
(201,645
)
Net capital expenditures
$
(352,142
)
 
$
(62,435
)
 
$
(289,707
)
_________________
(1)
For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.
(2)
"Net (decrease) increase in cash, restricted cash, and equivalents" is derived from changes within "Cash and cash equivalents," "Cash and cash equivalents – restricted," and the long-term portion of restricted cash included in "Other long-term assets" in the consolidated balance sheets.

Liquidity and Capitalization — As of September 30, 2018, there was a balance of $636.8 million of unrestricted cash and available liquidity, $5.4 billion of stockholders' equity, and $880.9 million in face value of net debt. Since December 31, 2017, we generated meaningful operating cash flows and repurchased $100.0 million of our common stock. Additionally, our net debt remained essentially flat compared to December 31, 2017, while we meaningfully reduced our off-balance sheet lease obligations. We remain committed to reducing leverage and further strengthening our balance sheet, which we believe will position the company for success in a changing environment and to be able to pursue further opportunities for organic growth and growth through acquisition. Also, over the last twelve months ended September 30, 2018, we returned $43.0 million in quarterly dividends to our stockholders.
Equipment and Capital Expenditures — Gain on sale of revenue equipment was $11.0 million in the third quarter of 2018, compared to $0.8 million in the same quarter of 2017, which does not include Swift's $1.3 million gain from the July 1, 2017 through September 8, 2017 period. A year-over-year increase in trailer sales contributed to the improvement in our gain on sale of revenue equipment, as we focused on right-sizing our trailer-to-tractor ratio. Capital expenditures, net of disposal proceeds, were $230.8 million in the third quarter of 2018, while the average ages of the Knight and Swift tractor fleets were 2.5 years and 2.4 years, respectively.
We expect that net capital expenditures will be in the range of $500.0$550.0 million for full-year 2018, primarily representing replacements of existing tractors and trailers. As noted in the previous quarter, this range reflects a change in the composition of capital expenditure funding from Swift's historical practices. We plan to fund more purchases with cash and on-balance-sheet financing through our revolver and to use less off-balance-sheet leasing compared to Swift's past practice. While this may cause the reported cash expenditures to be significantly higher, the aggregate purchases of equipment and their related life cycles are not expected to change meaningfully.
Guidance — Our expected Adjusted EPS range for the fourth quarter of 2018 is $0.71 to $0.75 (which is an update from our previously announced expectation of $0.68 to $0.72). Our expected Adjusted EPS range for the first quarter of 2019 is $0.50 to $0.54. Our expected Adjusted EPS ranges for the fourth quarter of 2018 and the first quarter of 2019 are based on the current truckload market, recent trends, and the current beliefs, assumptions, and expectations of management (including those referenced in the third quarter 2018 earnings presentation posted on our website).
The factors described under "Forward-Looking Statements," among others, could cause actual results to vary materially from this guidance. Further, we cannot estimate on a forward-looking basis, the impact of certain income and expense items on our earnings per share, because these items, which could be significant, may be infrequent, are difficult to predict, and may be highly variable. As a result, we do not provide a corresponding GAAP measure for, or reconciliation to, our Adjusted EPS guidance.

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5


Other Information
About Knight-Swift
Knight-Swift Transportation Holdings Inc. is a provider of multiple truckload transportation and logistics services using a nationwide network of business units and terminals in the United States to serve customers throughout North America. In addition to operating the country's largest tractor fleet, Knight-Swift also contracts with third-party equipment providers to provide a broad range of truckload services to its customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors.
Investor Relations Contact Information
David A. Jackson, President and Chief Executive Officer, or Adam W. Miller, Chief Financial Officer: (602) 606-6349
Forward-Looking Statements
This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as "anticipates," "believes," "estimates," "plans,'' "projects," "expects," "hopes," "intends," "strategy," ''focus," "outlook," "will," 'is," "could," "should," "may," "continue," or similar expressions, which speak only as of the date the statement was made. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation: any projections of or guidance regarding earnings, earnings per share, revenues, cash flows, dividends, capital expenditures, or other financial items; any statement of plans, strategies, and objectives of management for future operations; any statements concerning proposed acquisition plans, new services or developments; any statements regarding future economic conditions or performance; and any statements of belief and any statement of assumptions underlying any of the foregoing.  In this press release, such statements include, but are not limited to, statements concerning:
any projections of or guidance regarding earnings, earnings per share, revenues, cash flows, dividends, capital expenditures, or other financial items,
any statement of plans, strategies, and objectives of management for future operations,
any statements concerning proposed acquisition plans, new services or developments,
any statements regarding future economic or industry conditions or performance, and
any statements of belief and any statements of assumptions underlying any of the foregoing.
Such forward-looking statements are inherently uncertain, and are based upon the current beliefs, assumptions, and expectations of management and current market conditions, which are subject to significant risks and uncertainties as set forth in the Risk Factors section of Knight-Swift's Annual Report on Form 10-K for the year ended December 31, 2017, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, and various disclosures in our press releases, stockholder reports, and other filings with the SEC. The following factors, among others, could cause actual results to differ materially from those in forward-looking statements:
the ability of our infrastructure to support future growth, whether we grow organically or through potential acquisitions,
the future impact of the 2017 Merger, including achievement of anticipated synergies,
the flexibility of our model to adapt to market conditions,
our ability to recruit and retain qualified driving associates,
future safety performance,
future dedicated and refrigerated performance,
our ability to gain market share,
our ability and desire to expand our brokerage and intermodal operations,
future equipment prices, our equipment purchasing plans, and our equipment turnover (including expected tractor trade-ins),
our ability to sublease equipment to independent contractors,
the impact of pending legal proceedings,

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6


the expected freight environment, including freight demand and volumes,
economic conditions, including future inflation and consumer spending,
our ability to obtain favorable pricing terms from vendors and suppliers,
expected liquidity and methods for achieving sufficient liquidity,
future fuel prices,
future expenses and our ability to control costs,
future third-party service provider relationships and availability,
future contracted pay rates with independent contractors and compensation arrangements with driving associates,
our expected need or desire to incur indebtedness,
expected sources of liquidity for capital expenditures and allocation of capital,
expected capital expenditures,
future mix of owned versus leased revenue equipment,
future asset utilization,
future capital requirements,
future return on capital,
future tax rates,
our intention to pay dividends in the future,
future share repurchases,
future trucking industry capacity,
future rates,
future depreciation and amortization,
expected tractor and trailer fleet age,
political conditions and regulations, including trade regulation, quotas, duties or tariffs and any future changes to the foregoing, and
future purchased transportation expense.


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7


Financial Statements
Condensed Consolidated Income Statements (Unaudited) (1)
 
Quarter-to-Date September 30,
 
Year-to-Date September 30,
 
2018
 
2017
 
2018
 
2017
 
(In thousands, except per share data)
Revenue:
 
 
 
 
 
 
 
Revenue, excluding fuel surcharge
$
1,188,743

 
$
469,683

 
$
3,482,663

 
$
961,685

Fuel surcharge
157,868

 
51,925

 
466,763

 
104,348

Total revenue
1,346,611

 
521,608

 
3,949,426

 
1,066,033

Operating expenses:
 
 
 
 
 
 
 
Salaries, wages, and benefits
381,174

 
154,390

 
1,114,252

 
316,844

Fuel
162,832

 
62,300

 
470,617

 
131,252

Operations and maintenance
87,362

 
37,267

 
260,660

 
78,516

Insurance and claims
52,701

 
21,117

 
164,975

 
37,982

Operating taxes and licenses
21,986

 
8,793

 
67,807

 
17,839

Communications
5,041

 
1,921

 
15,783

 
4,125

Depreciation and amortization of property and equipment
97,708

 
43,477

 
287,319

 
102,280

Amortization of intangibles
10,695

 
2,654

 
31,891

 
2,904

Rental expense
39,806

 
15,388

 
140,384

 
17,939

Purchased transportation
329,338

 
127,434

 
989,333

 
244,358

Impairments

 
16,746

 

 
16,746

Miscellaneous operating expenses
13,688

 
11,972

 
44,139

 
21,873

Merger-related costs

 
12,338

 

 
16,516

Total operating expenses
1,202,331

 
515,797

 
3,587,160

 
1,009,174

Operating income
144,280

 
5,811

 
362,266

 
56,859

Interest income
889

 
370

 
2,191

 
559

Interest expense
(7,528
)
 
(1,812
)
 
(21,424
)
 
(1,948
)
Other income, net
3,327

 
(1,442
)
 
6,487

 
(120
)
Other (expense) income, net
(3,312
)
 
(2,884
)
 
(12,746
)
 
(1,509
)
Income before income taxes
140,968

 
2,927

 
349,520

 
55,350

Income tax expense (benefit)
34,624

 
(1,272
)
 
80,816

 
17,786

Net income
106,344

 
4,199

 
268,704

 
37,564

Net income attributable to noncontrolling interest
(463
)
 
(318
)
 
(1,136
)
 
(836
)
Net income attributable to Knight-Swift
$
105,881

 
$
3,881

 
$
267,568

 
$
36,728

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.60

 
$
0.04

 
$
1.50

 
$
0.42

Diluted
$
0.60

 
$
0.04

 
$
1.50

 
$
0.41

 
 
 
 
 
 
 
 
Dividends declared per share:
$
0.06

 
$
0.06

 
$
0.18

 
$
0.18

 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
176,849

 
102,846

 
177,816

 
87,978

Diluted
177,750

 
103,752

 
178,793

 
88,847

_________________
(1)
The reported results do not include the results of operations of Swift and its subsidiaries on and prior to the merger with Knight on September 8, 2017 in accordance with the accounting treatment applicable to the transaction. The reported results do not include the results of operations of Abilene and its subsidiaries on and prior to its acquisition by Knight on March 16, 2018 in accordance with the accounting treatment applicable to the transaction.

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8


Condensed Consolidated Balance Sheets (Unaudited) (1)
 
September 30,
2018
 
December 31,
2017
 
(In thousands)
ASSETS
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
91,335

 
$
76,649

Cash and cash equivalents – restricted
48,460

 
73,657

Restricted investments, held-to-maturity, amortized cost
20,511

 
22,232

Trade receivables, net of allowance for doubtful accounts of $14,550 and $14,829, respectively
625,293

 
574,265

Prepaid expenses
66,814

 
58,525

Assets held for sale
48,583

 
25,153

Income tax receivable
41,236

 
55,114

Other current assets
29,611

 
37,612

Total current assets
971,843

 
923,207

Property and equipment, net
2,557,796

 
2,384,221

Goodwill
2,919,528

 
2,887,867

Intangible assets, net
1,431,612

 
1,440,903

Other long-term assets
51,287

 
47,244

Total assets
$
7,932,066

 
$
7,683,442

 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
164,938

 
$
119,867

Accrued payroll and purchased transportation
132,937

 
107,017

Accrued liabilities
153,437

 
186,379

Claims accruals – current portion
165,490

 
147,285

Capital lease obligations and long-term debt – current portion
63,555

 
49,002

Total current liabilities
680,357

 
609,550

Revolving line of credit
235,000

 
125,000

Long-term debt – less current portion
364,531

 
364,771

Capital lease obligations – less current portion
73,686

 
127,132

Accounts receivable securitization
234,567

 
305,000

Claims accruals – less current portion
197,130

 
206,144

Deferred tax liabilities
726,409

 
679,077

Other long-term liabilities
24,200

 
26,398

Total liabilities
2,535,880

 
2,443,072

Stockholders’ equity:
 
 
 
Common stock
1,756

 
1,780

Additional paid-in capital
4,236,923

 
4,219,214

Retained earnings
1,154,988

 
1,016,738

Total Knight-Swift stockholders' equity
5,393,667

 
5,237,732

Noncontrolling interest
2,519

 
2,638

Total stockholders’ equity
5,396,186

 
5,240,370

Total liabilities and stockholders’ equity
$
7,932,066

 
$
7,683,442

_________________
(1)
The reported balances include the balances of Abilene as of September 30, 2018.


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9


Segment Operating Statistics (Unaudited)
 
Quarter-to-Date September 30,
 
Year-to-Date September 30,
 
2018
 
2017
 
Change
 
2018
 
2017
 
Change
Knight Trucking (4)
 
 
 
 
 
 
 
 
 
 
 
Average revenue per tractor (1)
$
53,028

 
$
43,397

 
22.2
%
 
$
153,880

 
$
126,719

 
21.4
%
Non-paid empty miles percentage
13.8
%
 
13.1
%
 
70
 bps
 
13.5
%
 
12.7
%
 
80
 bps
Average length of haul (miles)
516

 
480

 
7.5
%
 
502

 
488

 
2.9
%
Average tractors
4,837

 
4,511

 
7.2
%
 
4,766

 
4,595

 
3.7
%
Average trailers
13,933

 
12,390

 
12.5
%
 
13,392

 
12,381

 
8.2
%
 
 
 
 
 
 
 
 
 
 
 
 
Swift Truckload
 
 
 
 
 
 
 
 
 
 
 
Average revenue per tractor (3)
$
48,575

 
$
46,609

 
4.2
%
 
$
142,126

 
$
134,100

 
6.0
%
Non-paid empty miles percentage
13.5
%
 
11.5
%
 
200
 bps
 
12.9
%
 
11.5
%
 
140
 bps
Average length of haul (miles)
571

 
615

 
(7.2
%)
 
578

 
606

 
(4.6
%)
Average tractors
7,153

 
9,181

 
(22.1
%)
 
7,612

 
9,674

 
(21.3
%)
Average trailers
28,607

 
34,438

 
(16.9
%)
 
30,779

 
35,298

 
(12.8
%)
 
 
 
 
 
 
 
 
 
 
 
 
Swift Dedicated
 
 
 
 
 
 
 
 
 
 
 
Average revenue per tractor (3)
$
47,057

 
$
46,811

 
0.5
%
 
$
139,303

 
$
137,492

 
1.3
%
Non-paid empty miles percentage
19.4
%
 
18.5
%
 
90
 bps
 
19.0
%
 
18.6
%
 
40
 bps
Average length of haul (miles)
189

 
182

 
3.8
%
 
187

 
181

 
3.3
%
Average tractors
3,068

 
3,127

 
(1.9
%)
 
3,027

 
3,102

 
(2.4
%)
Average trailers
14,194

 
14,900

 
(4.7
%)
 
14,735

 
14,863

 
(0.9
%)
 
 
 
 
 
 
 
 
 
 
 
 
Swift Refrigerated
 
 
 
 
 
 
 
 
 
 
 
Average revenue per tractor (3)
$
48,851

 
$
49,275

 
(0.9
%)
 
$
142,125

 
$
146,098

 
(2.7
%)
Non-paid empty miles percentage
7.5
%
 
7.3
%
 
20
 bps
 
7.2
%
 
7.4
%
 
(20
 bps)
Average length of haul (miles)
410

 
393

 
4.3
%
 
400

 
405

 
(1.2
%)
Average tractors
3,848

 
3,634

 
5.9
%
 
3,861

 
3,482

 
10.9
%
Average trailers
3,481

 
4,227

 
(17.6
%)
 
3,755

 
4,361

 
(13.9
%)
 
 
 
 
 
 
 
 
 
 
 
 
Knight Logistics (4)
 
 
 
 
 
 
 
 
 
 
 
Revenue per load – Brokerage only (2)
$
1,454

 
$
1,358

 
7.1
%
 
$
1,541

 
$
1,288

 
19.6
%
Gross margin – Brokerage only
18.3
%
 
16.3
%
 
200
 bps
 
15.7
%
 
15.0
%
 
70
 bps
 
 
 
 
 
 
 
 
 
 
 
 
Swift Intermodal
 
 
 
 
 
 
 
 
 
 
 
Average revenue per load (3)
$
2,185

 
$
1,850

 
18.1
%
 
$
1,991

 
$
1,854

 
7.4
%
Load count
47,495

 
46,445

 
2.3
%
 
144,148

 
131,246

 
9.8
%
Average tractors
645

 
523

 
23.3
%
 
615

 
508

 
21.1
%
Average containers
9,366

 
9,125

 
2.6
%
 
9,203

 
9,128

 
0.8
%
____________
(1)
Computed with revenue, excluding fuel surcharge and intersegment transactions
(2)
Computed with revenue, excluding intersegment transactions
(3)
Computed with revenue, excluding fuel surcharge
(4)
The reported results do not include the results of operations of Abilene and its subsidiaries on and prior to its acquisition by Knight on March 16, 2018 in accordance with the accounting treatment applicable to the transaction.

knightswiftlogo2018new.jpg
10


Non-GAAP Financial Measures and Reconciliations
The terms "Adjusted Net Income Attributable to Knight-Swift," "Adjusted Operating Income," "Adjusted EPS," and "Adjusted Operating Ratio," as we define them, are not presented in accordance with GAAP. These financial measures supplement our GAAP results in evaluating certain aspects of our business. We believe that using these measures improves comparability in analyzing our performance because they remove the impact of items from our operating results that, in our opinion, do not reflect our core operating performance. Management and the board of directors focus on Adjusted Net Income Attributable to Knight-Swift, Adjusted EPS, and Adjusted Operating Ratio as key measures of our performance, all of which are reconciled to the most comparable GAAP financial measures and further discussed below. We believe our presentation of these non-GAAP financial measures is useful because it provides investors and securities analysts the same information that we use internally for purposes of assessing our core operating performance.
Adjusted Net Income Attributable to Knight-Swift, Adjusted Operating Income, Adjusted EPS, and Adjusted Operating Ratio are not substitutes for their comparable GAAP financial measures, such as net income, cash flows from operating activities, operating margin, or other measures prescribed by GAAP. There are limitations to using non-GAAP financial measures. Although we believe that they improve comparability in analyzing our period to period performance, they could limit comparability to other companies in our industry if those companies define these measures differently. Because of these limitations, our non-GAAP financial measures should not be considered measures of income generated by our business or discretionary cash available to us to invest in the growth of our business. Management compensates for these limitations by primarily relying on GAAP results and using non-GAAP financial measures on a supplemental basis.
Non-GAAP Reconciliation (Unaudited):
Adjusted Operating Income and Adjusted Operating Ratio (1) (2)
 
Quarter-to-Date September 30,
 
Year-to-Date September 30,
 
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
1,346,611

 
$
521,608

 
$
3,949,426

 
$
1,066,033

Total operating expenses
(1,202,331
)
 
(515,797
)
 
(3,587,160
)
 
(1,009,174
)
Operating income
$
144,280

 
$
5,811

 
$
362,266

 
$
56,859

Operating ratio
89.3
%
 
98.9
%
 
90.8
%
 
94.7
%
 
 
 
 
 
 
 
 
Non-GAAP Presentation
 
 
 
 
 
 
 
Total revenue
$
1,346,611

 
$
521,608

 
$
3,949,426

 
$
1,066,033

Fuel surcharge
(157,868
)
 
(51,925
)
 
(466,763
)
 
(104,348
)
Revenue, excluding fuel surcharge
1,188,743

 
469,683

 
3,482,663

 
961,685

 
 
 
 
 
 
 
 
Total operating expenses
1,202,331

 
515,797

 
3,587,160

 
1,009,174

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(157,868
)
 
(51,925
)
 
(466,763
)
 
(104,348
)
Impairments (3)

 
(16,746
)
 

 
(16,746
)
Amortization of intangibles (4)
(10,695
)
 
(2,529
)
 
(31,891
)
 
(2,529
)
Other merger-related operating expenses (5)

 
(6,596
)
 

 
(6,596
)
Merger-related costs (6)

 
(12,338
)
 

 
(16,516
)
Severance expense (7)
(1,568
)
 

 
(1,568
)
 

Adjusted Operating Expenses
1,032,200

 
425,663

 
3,086,938

 
862,439

Adjusted Operating Income
$
156,543

 
$
44,020

 
$
395,725

 
$
99,246

Adjusted Operating Ratio
86.8
%
 
90.6
%
 
88.6
%
 
89.7
%

knightswiftlogo2018new.jpg
11


____________
(1)
Pursuant to the requirements of Regulation G, this table reconciles consolidated GAAP operating ratio to consolidated non-GAAP Adjusted Operating Ratio.
(2)
For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.
(3)
The Company terminated the implementation of Swift's enterprise resource planning system in 2017, resulting in an impairment loss.
(4)
"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified in the 2017 Merger, Abilene Acquisition, and historical Knight acquisitions. Certain data necessary to complete the purchase price allocation for the Abilene Acquisition is open for adjustments during the measurement period, and includes, but is not limited to, finalization of certain contingent liabilities and the calculation of deferred taxes based upon the underlying tax basis of assets acquired and liabilities assumed and assessment of other tax-related items. We believe the estimates used are reasonable but are subject to change as additional information becomes available.
(5)
"Other merger-related operating expenses" represent one-time expenses associated with the 2017 Merger, including acceleration of stock compensation expense, bonuses, and other operating expenses. These expenses were recorded in the "Salaries, wages, and benefits," "Purchased transportation," and "Miscellaneous operating expenses" line items in the condensed consolidated income statements.
(6)
During the second and third quarters of 2017, Knight incurred certain merger-related expenses associated with the 2017 Merger, consisting of legal and professional fees.
(7)
Severance expenses were incurred during the third quarter of 2018 in relation to certain organizational changes at Swift.


knightswiftlogo2018new.jpg
12


Non-GAAP Reconciliation (Unaudited):
Adjusted Net Income Attributable to Knight-Swift and Adjusted EPS (1) (2)
 
Quarter-to-Date September 30,
 
Year-to-Date September 30,
 
2018
 
2017
 
2018
 
2017
 
(Dollars In thousands)
GAAP: Net income attributable to Knight-Swift
$
105,881

 
$
3,881

 
$
267,568

 
$
36,728

Adjusted for:
 
 
 
 
 
 
 
Income tax expense (benefit) attributable to Knight-Swift
34,624

 
(1,272
)
 
80,816

 
17,786

Income before income taxes attributable to Knight-Swift
140,505

 
2,609

 
348,384

 
54,514

Impairments (3)

 
16,746

 

 
16,746

Amortization of intangibles (4)
10,695

 
2,529

 
31,891

 
2,529

Other merger-related operating expenses (5)

 
6,596

 

 
6,596

Merger-related costs (6)

 
12,338

 

 
16,516

Severance expense (7)
1,568

 

 
1,568

 

Adjusted income before income taxes
152,768

 
40,818

 
381,843

 
96,901

Provision for income tax expense at effective rate
(37,646
)
 
(15,307
)
 
(88,578
)
 
(36,338
)
Non-GAAP: Adjusted Net Income Attributable to Knight-Swift
$
115,122

 
$
25,511

 
$
293,265

 
$
60,563

Note: Because the numbers reflected in the table below are calculated on a per share basis, they may not foot due to rounding.
 
Quarter-to-Date September 30,
 
Year-to-Date September 30,
 
2018
 
2017
 
2018
 
2017
GAAP: Earnings per diluted share
$
0.60

 
$
0.04

 
$
1.50

 
$
0.41

Adjusted for:
 
 
 
 
 
 
 
Income tax expense (benefit) attributable to Knight-Swift
0.19

 
(0.01
)
 
0.45

 
0.20

Income before income taxes attributable to Knight-Swift
0.79

 
0.03

 
1.95

 
0.61

Impairments (3)

 
0.16

 

 
0.19

Amortization of intangibles (4)
0.06

 
0.02

 
0.18

 
0.03

Other merger-related operating expenses (5)

 
0.06

 

 
0.07

Merger-related costs (6)

 
0.12

 

 
0.19

Severance expense (7)
0.01

 

 
0.01

 

Adjusted income before income taxes
0.86

 
0.39

 
2.14

 
1.09

Provision for income tax expense at effective rate
(0.21
)
 
(0.15
)
 
(0.50
)
 
(0.41
)
Non-GAAP: Adjusted EPS
$
0.65

 
$
0.25

 
$
1.64

 
$
0.68

____________
(1)
Pursuant to the requirements of Regulation G, these tables reconcile consolidated GAAP net income attributable to Knight-Swift to non-GAAP consolidated Adjusted net income attributable to Knight-Swift and consolidated GAAP diluted earnings per share to non-GAAP consolidated Adjusted EPS.
(2)
For information regarding comparability of the reported results due to mergers and acquisitions, refer to footnote (1) of the Condensed Consolidated Income Statements (Unaudited), in the schedules following this release.
(3)
Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income and Adjusted Operating Ratio – footnote (3).
(4)
Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income and Adjusted Operating Ratio – footnote (4).
(5)
Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income and Adjusted Operating Ratio – footnote (5).
(6)
Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income and Adjusted Operating Ratio – footnote (6).
(7)
Refer to Non-GAAP Reconciliation (Unaudited): Adjusted Operating Income and Adjusted Operating Ratio – footnote (7).

knightswiftlogo2018new.jpg
13



Non-GAAP Reconciliation (Unaudited):
Segment Adjusted Operating Income and Adjusted Operating Ratio


Knight Trucking Segment (1) (2)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
296,021

 
$
222,307

 
$
845,688

 
$
661,320

Total operating expenses
(239,486
)
 
(213,726
)
 
(691,773
)
 
(606,717
)
Operating income
$
56,535

 
$
8,581

 
$
153,915

 
$
54,603

Operating ratio
80.9
%
 
96.1
%
 
81.8
%
 
91.7
%
Non-GAAP Presentation
 
Total revenue
$
296,021

 
$
222,307

 
$
845,688

 
$
661,320

Fuel surcharge
(39,439
)
 
(26,513
)
 
(112,134
)
 
(78,936
)
Intersegment transactions
(86
)
 
(31
)
 
(159
)
 
(112
)
Revenue, excluding fuel surcharge and intersegment transactions
256,496

 
195,763

 
733,395

 
582,272

 
 
 
 
 
 
 
 
Total operating expenses
239,486

 
213,726

 
691,773

 
606,717

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(39,439
)
 
(26,513
)
 
(112,134
)
 
(78,936
)
Intersegment transactions
(86
)
 
(31
)
 
(159
)
 
(112
)
Amortization of intangibles (3)
(352
)
 

 
(860
)
 

Other merger-related operating expenses (4)

 
(6,596
)
 

 
(6,596
)
Merger-related costs (5)

 
(12,338
)
 

 
(16,516
)
Adjusted Operating Expenses
199,609

 
168,248

 
578,620

 
504,557

Adjusted Operating Income
$
56,887

 
$
27,515

 
$
154,775

 
$
77,715

Adjusted Operating Ratio
77.8
%
 
85.9
%
 
78.9
%
 
86.7
%
Swift Truckload Segment (1) (6)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
400,399

 
$
115,899

 
$
1,251,576

 
$
115,899

Total operating expenses
(346,373
)
 
(107,932
)
 
(1,116,954
)
 
(107,932
)
Operating income
$
54,026

 
$
7,967

 
$
134,622

 
$
7,967

Operating ratio
86.5
%
 
93.1
%
 
89.2
%
 
93.1
%
Non-GAAP Presentation
 
Total revenue
$
400,399

 
$
115,899

 
$
1,251,576

 
$
115,899

Fuel surcharge
(52,944
)
 
(13,739
)
 
(169,711
)
 
(13,739
)
Revenue, excluding fuel surcharge
347,455

 
102,160

 
1,081,865

 
102,160

 
 
 
 
 
 
 
 
Total operating expenses
346,373

 
107,932

 
1,116,954

 
107,932

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(52,944
)
 
(13,739
)
 
(169,711
)
 
(13,739
)
Adjusted Operating Expenses
293,429

 
94,193

 
947,243

 
94,193

Adjusted Operating Income
$
54,026

 
$
7,967

 
$
134,622

 
$
7,967

Adjusted Operating Ratio
84.5
%
 
92.2
%
 
87.6
%
 
92.2
%
____________
(1)
Pursuant to the requirements of Regulation G, these tables reconcile segment GAAP operating ratio to segment non-GAAP Adjusted Operating Ratio.
(2)
The reported results do not include the results of operations of Abilene and its subsidiaries on and prior to the Abilene Acquisition, in accordance with the accounting treatment applicable to the transaction.
(3)
"Amortization of intangibles" reflects the non-cash amortization expense relating to intangible assets identified in the Abilene Acquisition and other historical Knight acquisitions.
(4)
"Other merger-related operating expenses" represent one-time expenses associated with the 2017 Merger, including acceleration of stock compensation expense, bonuses, and other operating expenses.
(5)
During the second and third quarters of 2017, Knight incurred certain merger-related expenses associated with the 2017 Merger, consisting of legal and professional fees.
(6)
The reported results do not include the results of operations of Swift and its subsidiaries on and prior to the merger with Knight on September 8, 2017 in accordance with the accounting treatment applicable to the transaction.

knightswiftlogo2018new.jpg
14



Non-GAAP Reconciliation (Unaudited):
Segment Adjusted Operating Income and Adjusted Operating Ratio — Continued


Swift Dedicated Segment (1) (2)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
163,276

 
$
39,120

 
$
476,466

 
$
39,120

Total operating expenses
(141,467
)
 
(36,171
)
 
(418,764
)
 
(36,171
)
Operating income
$
21,809

 
$
2,949

 
$
57,702

 
$
2,949

Operating ratio
86.6
%
 
92.5
%
 
87.9
%
 
92.5
%
Non-GAAP Presentation
 
Total revenue
$
163,276

 
$
39,120

 
$
476,466

 
$
39,120

Fuel surcharge
(18,906
)
 
(3,915
)
 
(54,797
)
 
(3,915
)
Revenue, excluding fuel surcharge
144,370

 
35,205

 
421,669

 
35,205

 
 
 
 
 
 
 
 
Total operating expenses
141,467

 
36,171

 
418,764

 
36,171

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(18,906
)
 
(3,915
)
 
(54,797
)
 
(3,915
)
Adjusted Operating Expenses
122,561

 
32,256

 
363,967

 
32,256

Adjusted Operating Income
$
21,809

 
$
2,949

 
$
57,702

 
$
2,949

Adjusted Operating Ratio
84.9
%
 
91.6
%
 
86.3
%
 
91.6
%
Swift Refrigerated Segment (1) (2)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
211,282

 
$
47,506

 
$
616,444

 
$
47,506

Total operating expenses
(203,060
)
 
(47,079
)
 
(595,183
)
 
(47,079
)
Operating income
$
8,222

 
$
427

 
$
21,261

 
$
427

Operating ratio
96.1
%
 
99.1
%
 
96.6
%
 
99.1
%
Non-GAAP Presentation
 
Total revenue
$
211,282

 
$
47,506

 
$
616,444

 
$
47,506

Fuel surcharge
(23,302
)
 
(4,275
)
 
(67,701
)
 
(4,275
)
Revenue, excluding fuel surcharge
187,980

 
43,231

 
548,743

 
43,231

 
 
 
 
 
 
 
 
Total operating expenses
203,060

 
47,079

 
595,183

 
47,079

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(23,302
)
 
(4,275
)
 
(67,701
)
 
(4,275
)
Adjusted Operating Expenses
179,758

 
42,804

 
527,482

 
42,804

Adjusted Operating Income
$
8,222

 
$
427

 
$
21,261

 
$
427

Adjusted Operating Ratio
95.6
%
 
99.0
%
 
96.1
%
 
99.0
%
____________
(1)
Pursuant to the requirements of Regulation G, these tables reconcile segment GAAP operating ratio to segment non-GAAP Adjusted Operating Ratio.
(2)
The reported results do not include the results of operations of Swift and its subsidiaries on and prior to the merger with Knight on September 8, 2017 in accordance with the accounting treatment applicable to the transaction.

knightswiftlogo2018new.jpg
15



Non-GAAP Reconciliation (Unaudited):
Segment Adjusted Operating Income and Adjusted Operating Ratio — Continued

Knight Logistics Segment (1) (2)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
89,554

 
$
57,904

 
$
235,165

 
$
166,959

Total operating expenses
(80,738
)
 
(54,253
)
 
(218,659
)
 
(158,282
)
Operating income
$
8,816

 
$
3,651

 
$
16,506

 
$
8,677

Operating ratio
90.2
%
 
93.7
%
 
93.0
%
 
94.8
%
Non-GAAP Presentation

Total revenue
$
89,554

 
$
57,904

 
$
235,165

 
$
166,959

Intersegment transactions
(1,638
)
 
(1,344
)
 
(4,813
)
 
(4,906
)
Revenue, excluding intersegment transactions
87,916

 
56,560

 
230,352

 
162,053

 
 
 
 
 
 
 
 
Total operating expenses
80,738

 
54,253

 
218,659

 
158,282

Adjusted for:
 
 
 
 
 
 
 
Intersegment transactions
(1,638
)
 
(1,344
)
 
(4,813
)
 
(4,906
)
Adjusted Operating Expenses
79,100

 
52,909

 
213,846

 
153,376

Adjusted Operating Income
$
8,816

 
$
3,651

 
$
16,506

 
$
8,677

Adjusted Operating Ratio
90.0
%
 
93.5
%
 
92.8
%
 
94.6
%
Swift Intermodal Segment (1) (3)
Quarter-to-Date September 30,
 
Year-to-Date September 30,
2018
 
2017
 
2018
 
2017
GAAP Presentation
(Dollars in thousands)
Total revenue
$
123,065

 
$
24,046

 
$
339,841

 
$
24,046

Total operating expenses
(113,612
)
 
(22,650
)
 
(322,386
)
 
(22,650
)
Operating income
$
9,453

 
$
1,396

 
$
17,455

 
$
1,396

Operating Ratio
92.3
%
 
94.2
%
 
94.9
%
 
94.2
%
Non-GAAP Presentation
 
Total revenue
$
123,065

 
$
24,046

 
$
339,841

 
$
24,046

Fuel surcharge
(19,268
)
 
(3,042
)
 
(52,843
)
 
(3,042
)
Revenue, excluding fuel surcharge
103,797

 
21,004

 
286,998

 
21,004

 
 
 
 
 
 
 
 
Total operating expenses
113,612

 
22,650

 
322,386

 
22,650

Adjusted for:
 
 
 
 
 
 
 
Fuel surcharge
(19,268
)
 
(3,042
)
 
(52,843
)
 
(3,042
)
Adjusted Operating Expenses
94,344

 
19,608

 
269,543

 
19,608

Adjusted Operating Income
$
9,453

 
$
1,396

 
$
17,455

 
$
1,396

Adjusted Operating Ratio
90.9
%
 
93.4
%
 
93.9
%
 
93.4
%
____________
(1)
Pursuant to the requirements of Regulation G, these tables reconcile segment GAAP operating ratio to segment non-GAAP Adjusted Operating Ratio.
(2)
The reported results do not include the results of operations of Abilene and its subsidiaries on and prior to its acquisition by Knight on March 16, 2018 in accordance with the accounting treatment applicable to the transaction.
(3)
The reported results do not include the results of operations of Swift and its subsidiaries on and prior to the merger with Knight on September 8, 2017 in accordance with the accounting treatment applicable to the transaction.


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