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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Knightswift Transportation Holdings Inc.

CIK: 1492691 Ticker: KNX
 
 
Exhibit 99.1

knightswiftlogo2018newa11.jpg
July 24, 2019
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Second Quarter 2019 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or "the Company"), North America's largest truckload transportation company, today reported second quarter 2019 net income attributable to Knight-Swift of $79.2 million and Adjusted Net Income Attributable to Knight-Swift of $100.6 million. Our GAAP earnings per diluted share was $0.46 for the second quarter of 2019, compared to $0.51 for the second quarter of 2018. Our Adjusted EPS was $0.58 for the second quarter of 2019, compared to $0.56 for the second quarter of 2018.
Key Financial Highlights
Our consolidated operations continued to show progress and resilience, as we navigated through the softer freight environment in the first and second quarters of 2019. Focusing on the fundamentals of our business enabled us to improve our Adjusted Operating Income by 1.5% to $137.0 million, despite a 5.7% decrease in revenue, excluding trucking fuel surcharge from the second quarter of 2018 to the second quarter of 2019. Our Trucking segment, which includes our irregular route, dedicated, refrigerated, expedited, flatbed, and cross border operations, improved its Adjusted Operating Ratio to 85.8% in the second quarter of 2019 from 86.5% in the second quarter of 2018, while sequentially increasing its average tractor count by 51 tractors to 18,985. On a combined basis, we improved the Adjusted Operating Ratio in our asset-light segments (Logistics and Intermodal) to 95.3% in the second quarter of 2019 from 95.8% in the second quarter of 2018. This was driven by a 150 basis point improvement in the Adjusted Operating Ratio within the Logistics segment to 93.7% in the second quarter of 2019, compared to 95.2% in the second quarter of 2018. Overall, we remain committed to improving long-term profitability as we continue to leverage opportunities across the Knight-Swift brands, efficiently deploy our assets, and further our enterprise-wide efforts to improve our drivers' experience and safety, while maintaining a relentless focus on cost control.
 
Quarter Ended June 30,
 
2019
 
2018
 
Change
 
(Dollars in thousands, except per share data)
Total revenue
$
1,242,083

 
$
1,331,683

 
(6.7
%)
Revenue, excluding trucking fuel surcharge ¹
$
1,122,754

 
$
1,191,022

 
(5.7
%)
Operating income
$
108,593

 
$
124,242

 
(12.6
%)
Adjusted Operating Income ²
$
136,967

 
$
134,929

 
1.5
%
Net income attributable to Knight-Swift
$
79,205

 
$
91,323

 
(13.3
%)
Adjusted Net Income Attributable to Knight-Swift ²
$
100,627

 
$
99,632

 
1.0
%
Earnings per diluted share
$
0.46

 
$
0.51

 
(9.8
%)
Adjusted EPS ²
$
0.58

 
$
0.56

 
3.6
%
 
 
 
 
 
 
1
See Note 2 to the Condensed Consolidated Statements of Comprehensive Income in the schedules following this release.
2
See GAAP to non-GAAP reconciliation in the schedules following this release.



The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Wednesday, July 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Statement Of Stockholders' Equity (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Cash Flows (Unaudited) Reconciliation Of Cash, Restricted Cash, And Cash Equivalents
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Abilene Acquisition
Abilene Acquisition (Tables)
Abilene Acquisition - Consolidated Pro Forma Financial Data (Details)
Accounts Receivable Securitization
Accounts Receivable Securitization (Details)
Accounts Receivable Securitization (Tables)
Assets Held For Sale
Assets Held For Sale (Details)
Commitments
Commitments (Details)
Contingencies And Legal Proceedings
Contingencies And Legal Proceedings (Tables)
Contingencies And Legal Proceedings Self Insurance (Details)
Description Of Business (Details)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Estimated Fair Values (Details)
Fair Value Measurement - Recurring And Nonrecurring Measurements (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Intangible Asset Balances (Details)
Goodwill And Other Intangible Assets Narrative (Details)
Goodwill And Other Intangible Assets Summary Of Changes In Carrying Amount Of Goodwill (Details)
Income Taxes
Income Taxes (Details)
Information By Segment And Geography
Information By Segment And Geography (Tables)
Information By Segment And Geography - Narrative (Details)
Information By Segment And Geography - Segment Financial Information (Details)
Introduction And Basis Of Presentation
Introduction And Basis Of Presentation (Policies)
Lease Cost (Details)
Leases
Leases (Policies)
Leases (Tables)
Leases Asc Topic 840 Disclosures (Details)
Leases Lease Liability Calculation Assumptions (Details)
Leases Maturity Analysis Of Future Lease Revenues (Details)
Leases Operating Lease Revenue And Rental Income (Details)
Leases Supplemental Cash Flow (Details)
Legal Proceedings (Details)
Maturity Analysis Of Lease Liabilities (Details)
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements (Tables)
Recently Adopted Accounting Pronouncements Leases (Asc Topic 842): Asu 2016-02 ??? Leases (Details)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Tables)
Recently Issued Accounting Pronouncements - (Details)
Related Party Transaction (Jerry Moyes' Retirement) (Details)
Related Party Transactions
Related Party Transactions (Schedule Of Services Received And Provided By Company) (Details)
Related Party Transactions (Tables)
Restricted Investments, Held-To-Maturity
Restricted Investments, Held-To-Maturity (Details)
Restricted Investments, Held-To-Maturity (Tables)
Share Repurchase Plan
Share Repurchase Plan (Details)
Share Repurchase Plan Share Repurchase Plan (Tables)
Weighted Average Shares Outstanding
Weighted Average Shares Outstanding (Details)
Weighted Average Shares Outstanding (Tables)
Ticker: KNX
CIK: 1492691
Form Type: 10-Q Quarterly Report
Accession Number: 0001492691-19-000058
Submitted to the SEC: Wed Aug 07 2019 1:34:48 PM EST
Accepted by the SEC: Wed Aug 07 2019
Period: Sunday, June 30, 2019
Industry: Trucking No Local

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