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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Knightswift Transportation Holdings Inc.

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CIK: 1492691 Ticker: KNX
Exhibit 99.1
image21.jpg
October 21, 2020
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Third Quarter 2020 Revenue and Earnings
Knight-Swift Transportation Holdings Inc. (NYSE: KNX) ("Knight-Swift" or "the Company"), North America's largest truckload transportation company, today reported third quarter 2020 net income attributable to Knight-Swift of $122.1 million and Adjusted Net Income Attributable to Knight-Swift of $134.6 million. We reported GAAP earnings per diluted share of $0.71 for the third quarter of 2020, compared to $0.44 for the third quarter of 2019. Our Adjusted EPS was $0.79 for the third quarter of 2020, compared to $0.48 for the third quarter of 2019.
Key Financial Highlights
Our consolidated operating income increased by 60.7% on a year-over-year basis for the third quarter of 2020 as a result of a 4.3% increase in consolidated revenue, excluding trucking fuel surcharge and our focus on cost control. Both the strength in freight demand and constrained capacity led to earlier peak volumes, which we expect will continue into the fourth quarter.
Our Trucking segment improved its Adjusted Operating Income by 54.1%, resulting in a 620 basis point Adjusted Operating Ratio improvement to 81.3% in the third quarter of 2020 from 87.5% in the third quarter of 2019. Our Logistics segment produced an Adjusted Operating Ratio of 97.4% in the third quarter of 2020. Load volumes within our Intermodal segment increased by 16.6% sequentially and decreased by 5.7% year-over-year, contributing to an Adjusted Operating Ratio of 99.7% in the third quarter of 2020, as compared 102.4% in the third quarter of last year.
Knight-Swift Consolidated Results
Quarter Ended September 30,
20202019Change
(Dollars in thousands, except per share data)
Total revenue$1,210,406 $1,200,522 0.8 %
Revenue, excluding trucking fuel surcharge$1,137,313 $1,090,210 4.3 %
Operating income$165,461 $102,953 60.7 %
Adjusted Operating Income 1
$183,094 $113,712 61.0 %
Net income attributable to Knight-Swift$122,058 $74,619 63.6 %
Adjusted Net Income Attributable to Knight-Swift 1
$134,618 $82,802 62.6 %
Earnings per diluted share$0.71 $0.44 61.4 %
Adjusted EPS 1
$0.79 $0.48 64.6 %
1See GAAP to non-GAAP reconciliation in the schedules following this release.
Income Taxes — The effective tax rate was 28.1% for the third quarter of 2020, compared to 24.6% for the third quarter of 2019. The current quarter effective tax rate was negatively impacted by certain tax-related items within our Mexico operations. We expect the full-year 2020 effective tax rate to be in the range of 25.5% to 27.0% before discrete items.
Dividend — The Company previously announced a quarterly cash dividend of $0.08 per share to stockholders of record on September 4, 2020, which was paid on September 25, 2020.
Other Income, net — During the third quarter of 2020, we recognized $7.5 million in income within "Other income, net" in the condensed consolidated statements of comprehensive income, compared to $3.3 million for the same quarter of last year. The $4.2 million increase was primarily driven by gains recognized within our portfolio of investments.

The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Wednesday, October 21, 2020 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 Knightswift Transportation Holdings Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
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)
Accounts Receivable Securitization
Accounts Receivable Securitization (Details)
Accounts Receivable Securitization (Tables)
Acquisitions
Acquisitions (Details)
Acquisitions (Tables)
Acquisitions - Allocation Of Purchase Consideration (Details)
Acquisitions - Other (Details)
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)
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)
Introduction And Description Of Business (Details)
Legal Proceedings (Details)
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements Recently Adopted Accounting Pronouncements (Policies)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Tables)
Recently Issued Accounting Pronouncements - (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 (Tables)
Share Repurchase Plan Subsequent Event (Details)
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: 0001492691-20-000071
Submitted to the SEC: Wed Nov 04 2020 11:41:12 AM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Wednesday, September 30, 2020
Industry: Trucking No Local

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