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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Knightswift Transportation Holdings Inc.

CIK: 1492691 Ticker: KNX
 
 
Exhibit 99.1

knightswiftlogo2018newa05.jpg
January 29, 2019
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Fourth Quarter 2018 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift"), North America's largest truckload transportation company, today reported fourth quarter 2018 net income attributable to Knight-Swift of $151.7 million and Adjusted Net Income Attributable to Knight-Swift of $162.9 million. Our GAAP earnings per diluted share were $0.86 for the fourth quarter of 2018, compared to $2.50 for the fourth quarter of 2017. Included in the fourth quarter 2017 results was an income tax benefit of $364.2 million (or $2.03 per diluted share), representing management's estimate of the net impact of the Tax Cuts and Jobs Act enacted during that quarter.
Our Adjusted EPS was $0.93 for the fourth quarter of 2018, compared to $0.52 for the fourth quarter of 2017.
Key Financial Highlights
We are pleased with our fourth quarter 2018 results and the progress made across all of our reportable segments. Our trucking segments, which include Knight Trucking, Swift Truckload, Swift Dedicated, and Swift Refrigerated, operated on a combined basis at an 80.9% Adjusted Operating Ratio. Swift's average operational tractor count remained stable during the fourth quarter at 14,737. The Swift Truckload segment's profitability significantly improved, achieving a 75.9% Adjusted Operating Ratio, while Swift's other reportable segments also achieved meaningful improvement on a year-over-year basis. The Knight Trucking segment continued to operate efficiently with an Adjusted Operating Ratio of 78.1%. Our asset-light businesses, which include Knight Brokerage, Knight Intermodal, Swift Logistics, and Swift Intermodal, together operated at an 89.3% Adjusted Operating Ratio during the fourth quarter of 2018.
 
Quarter Ended December 31, (1)
 
2018
 
2017
 
Change
 
(Dollars in thousands, except per share data)
Total revenue
$
1,394,640

 
$
1,359,420

 
2.6
 %
Revenue, excluding fuel surcharge
$
1,242,625

 
$
1,218,188

 
2.0
 %
Operating income
$
206,777

 
$
143,771

 
43.8
 %
Adjusted Operating Income (2)
$
221,658

 
$
156,112

 
42.0
 %
Net income attributable to Knight-Swift
$
151,696

 
$
447,564

 
(66.1
)%
Adjusted Net Income Attributable to Knight-Swift (2)
$
162,856

 
$
94,002

 
73.2
 %
Earnings per diluted share
$
0.86

 
$
2.50

 
(65.6
)%
Adjusted EPS (2)
$
0.93

 
$
0.52

 
78.8
 %
_________________
(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 December 3, 2018, which was paid on December 27, 2018.
Revenue — Total revenue increased 2.6% for the fourth quarter of 2018 from the fourth quarter of 2017. Revenue, excluding fuel surcharge, increased 2.0% for the fourth quarter of 2018 from the fourth quarter of 2017. The year-over-year increase was largely driven by improvements in average revenue per tractor and growth in our asset-light businesses.



The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Tuesday, January 29, 2019 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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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)
Accrued Payroll And Purchased Transportation And Accrued Liabilities
Accrued Payroll And Purchased Transportation And Accrued Liabilities (Accrued Liabilities) (Details)
Accrued Payroll And Purchased Transportation And Accrued Liabilities (Tables)
Accrued Payroll And Purchased Transportation And Accrued Liabilities Accrued Payroll And Purchased Transportation And Accrued Liabilities (Accrued Payroll And Purchased Transportation) (Details)
Assets Held For Sale
Assets Held For Sale (Narrative) (Detail)
Claims Accruals
Claims Accruals (Details)
Claims Accruals (Tables)
Claims Accruals Claims Accruals (Self Insurance) (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)
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)
Information By Segment, Geography, And Customer Concentration Information By Segment, Geography, And Customer Concentration (Segment Descriptions) (Details)
Introduction And Basis Of Presentation
Introduction And Basis Of Presentation (Description Of Business) (Details)
Introduction And Basis Of Presentation (Policies)
Introduction And Basis Of Presentation Introduction And Basis Of Presentation (2017 Merger) (Details)
Introduction And Basis Of Presentation Introduction And Basis Of Presentation (Basis Of Presentation) (Details)
Leases
Leases (Detail)
Leases (Tables)
Marketable Securities Marketable Securities
Marketable Securities Marketable Securities (Details)
Marketable Securities Marketable Securities (Tables)
Merger And Acquisition (2017 Merger - Fair Value Consideration Transferred) (Details)
Merger And Acquisition (2017 Merger Intangible Assets) (Details)
Merger And Acquisition (2017 Merger Pro-Forma Information) (Details)
Merger And Acquisition (Abilene Acquisition Allocation Of Purchase Consideration) (Details)
Merger And Acquisition (Abilene Acquisition) (Details)
Merger And Acquisition - Narrative (Details)
Merger And Acquisition Merger And Acquisition
Merger And Acquisition Merger And Acquisition (2017 Merger - Allocation Of Purchase Consideration) (Details)
Merger And Acquisition Merger And Acquisition (Tables)
Notes Receivable, Net
Notes Receivable, Net (Schedule Of Notes Receivable) (Details)
Notes Receivable, Net (Tables)
Notes Receivable, Net Notes Receivable, Net (Scheduled Of Allowance For Doubtful Accounts) (Details)
Purchase Commitments
Purchase Commitments (Details)
Quarterly Result Of Operations (Unaudited)
Quarterly Result Of Operations (Unaudited) (Details)
Quarterly Result Of Operations (Unaudited) (Tables)
Recently Adopted Accounting Pronouncements (Notes)
Recently Adopted Accounting Pronouncements (Policies)
Recently Adopted Accounting Pronouncements (Tables)
Recently Adopted Accounting Pronouncements Cash Flow Pronouncements (Details)
Recently Adopted Accounting Pronouncements Impact Of Sab 118 (Details)
Recently Adopted Accounting Pronouncements Revenue From Contracts With Customers (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)
Related Party Transactions Jerry Moyes' Retirement (Details)
Related Party Transactions Related Party Transactions (Jerry Moyes Transaction) (Details)
Restricted Investments, Held-To-Maturity
Restricted Investments, Held-To-Maturity (Detail)
Restricted Investments, Held-To-Maturity (Tables)
Share Repurchase Plans
Share Repurchase Plans (Details)
Stock-Based Compensation
Stock-Based Compensation (Compensation Costs Not Yet Recognized) (Details)
Stock-Based Compensation (Narrative) (Detail)
Stock-Based Compensation (Restricted Stock Award Grant) (Details)
Stock-Based Compensation (Rollforward Of Nonvested Performance Shares) (Details)
Stock-Based Compensation (Status Of Nonvested Stock Options) (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)
Stock-Based Compensation (Weighted Average Assumptions) (Detail)
Stock-Based Compensation Stock-Based Compensation (2017 Merger Impact) (Details)
Stock-Based Compensation Stock-Based Compensation (Performance Unit Fair Value Assumptions) (Details)
Stock-Based Compensation Stock-Based Compensation (Rollforward Of Nonvested Restricted Stock Awards) (Details)
Stock-Based Compensation Stock-Based Compensation Expense (Stock Awards Granted) (Details)
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 (Schedule Of Trade Receivables) (Details)
Trade Receivables, Net (Tables)
Trade Receivables, Net Trade Receivables, Net (Rollforward Of The Allowance For Doubtful Accounts For Trade Receivables) (Details)
Transportation Resource Partners - Subsequent Event (Details)
Transportation Resource Partners Transportation Resource Partners
Transportation Resource Partners Transportation Resource Partners (Carrying Value) (Details)
Transportation Resource Partners Transportation Resource Partners (Investments And Commitments) (Details)
Transportation Resource Partners Transportation Resource Partners (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: 0001492691-19-000012
Submitted to the SEC: Thu Feb 28 2019 11:28:00 AM EST
Accepted by the SEC: Thu Feb 28 2019
Period: Monday, December 31, 2018
Industry: Trucking No Local

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