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Knightswift Transportation Holdings Inc. (KNX) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Knightswift Transportation Holdings Inc.

CIK: 1492691 Ticker: KNX
Exhibit 99.1
image21.jpg
January 27, 2021
Phoenix, Arizona
Knight-Swift Transportation Holdings Inc. Reports Fourth 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 fourth quarter 2020 net income attributable to Knight-Swift of $142.3 million and Adjusted Net Income Attributable to Knight-Swift of $158.8 million. We reported GAAP earnings per diluted share of $0.84 for the fourth quarter of 2020, compared to $0.39 for the fourth quarter of 2019. Our Adjusted EPS was $0.94 for the fourth quarter of 2020, compared to $0.55 for the fourth quarter of 2019.
Key Financial Highlights
Consolidated revenue, excluding trucking fuel surcharge, increased by 11.2%, while operating income increased by 95.5% and Adjusted Operating Income increased by 64.4% for the fourth quarter of 2020, as compared to the fourth quarter of 2019. Our business model continues to generate a meaningful amount of free cash flow1 (computed as net cash provided by operating activities, less net cash capital expenditures), which was $531.8 million in 2020.
We grew revenue and operating income in all of our reportable segments during the fourth quarter of 2020. Our Trucking segment improved its Adjusted Operating Income by 63.9%, resulting in a 690 basis point Adjusted Operating Ratio improvement to 79.3% in the fourth quarter of 2020 from 86.2% in the fourth quarter of 2019. Our Logistics segment produced an Adjusted Operating Ratio of 91.2% in the fourth quarter of 2020, which was a 180 basis point improvement from 93.0% in the fourth quarter of 2019. Load volumes within our Intermodal segment increased by 8.4% sequentially, contributing to an Adjusted Operating Ratio of 94.8% in the fourth quarter of 2020, an improvement of 490 basis points from the third quarter of 2020.
Knight-Swift Consolidated Results
Quarter Ended December 31,
20202019Change
(Dollars in thousands, except per share data)
Total revenue$1,277,961 $1,196,810 6.8 %
Revenue, excluding trucking fuel surcharge$1,207,202 $1,085,412 11.2 %
Operating income$194,691 $99,593 95.5 %
Adjusted Operating Income 2
$216,975 $131,969 64.4 %
Net income attributable to Knight-Swift$142,329 $67,444 111.0 %
Adjusted Net Income Attributable to Knight-Swift 2
$158,826 $93,472 69.9 %
Earnings per diluted share$0.84 $0.39 115.4 %
Adjusted EPS 2
$0.94 $0.55 70.9 %
1Free cash flow is a non-GAAP measure.
2See GAAP to non-GAAP reconciliation in the schedules following this release.
Income Taxes — The effective tax rate was 26.2% for the fourth quarter of 2020, compared to 27.2% for the fourth quarter of 2019. We expect the 2021 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 December 4, 2020, which was paid on December 28, 2020.


The following information was filed by Knightswift Transportation Holdings Inc. (KNX) on Wednesday, January 27, 2021 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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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 Statements Of Cash Flows
Consolidated Statements Of Cash Flows Reconciliation Of Cash, Restricted Cash, And Cash Equivalents
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 (Accrued Payroll And Purchased Transportation) (Details)
Accrued Payroll And Purchased Transportation And Accrued Liabilities (Tables)
Acquisitions
Acquisitions (Abilene Acquisition Narrative) (Details)
Acquisitions (Abilene Allocation Of Purchase Consideration) (Details)
Acquisitions (Subsequent Event) (Details)
Acquisitions (Tables)
Acquisitions (Warehousing Co Acquisition Narrative) (Details)
Acquisitions (Warehousing Co Allocation Of Purchase Consideration) (Details)
Assets Held For Sale
Assets Held For Sale (Narrative) (Detail)
Claims Accruals
Claims Accruals (Details)
Claims Accruals (Self Insurance) (Details)
Claims Accruals (Tables)
Contingencies And Legal Proceedings
Contingencies And Legal Proceedings (Detail)
Contingencies And Legal Proceedings (Policies)
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)
Equity Investments
Equity Investments (Carrying Value) (Details)
Equity Investments (Investments And Commitments) (Details)
Equity Investments (Tables)
Fair Value Measurement
Fair Value Measurement (Carrying Amounts And Estimated Fair Values Of Financial Instruments) (Detail)
Fair Value Measurement (Policies)
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 (Finite-Lived Intangible Assets Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Schedule Of Intangible Assets, Net) (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets Schedule Of Goodwill (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 (Segment Descriptions) (Details)
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 (2017 Merger) (Details)
Introduction And Basis Of Presentation (Basis Of Presentation) (Details)
Introduction And Basis Of Presentation (Description Of Business) (Details)
Introduction And Basis Of Presentation (Policies)
Leases
Leases (Lease Cost) (Detail)
Leases (Lease Liability Calculation Assumptions) (Details)
Leases (Maturity Analysis Of Future Lease Revenues) (Details)
Leases (Maturity Analysis Of Lease Liabilities) (Details)
Leases (Operating Lease Revenue And Rental Income) (Details)
Leases (Supplemental Cash Flow) (Details)
Leases (Tables)
Notes Receivable, Net
Notes Receivable, Net (Schedule Of Notes Receivable) (Details)
Notes Receivable, Net (Scheduled Of Allowance For Doubtful Accounts) (Details)
Notes Receivable, Net (Tables)
Purchase Commitments
Purchase Commitments (Details)
Recently Adopted Accounting Pronouncements (Notes)
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements (Details)
Recently Issued Accounting Pronouncements (Tables)
Related Party Transactions
Related Party Transactions (Jerry Moyes Transaction) (Details)
Related Party Transactions (Schedule Of Services Received And Provided By Company) (Detail)
Related Party Transactions (Tables)
Restricted Investments, Held-To-Maturity
Restricted Investments, Held-To-Maturity (Detail)
Restricted Investments, Held-To-Maturity (Tables)
Share Repurchase Plan (Subsequent Event) (Details)
Share Repurchase Plans
Share Repurchase Plans (Details)
Share Repurchase Plans (Tables)
Stock-Based Compensation
Stock-Based Compensation (Compensation Costs Not Yet Recognized) (Details)
Stock-Based Compensation (Narrative) (Detail)
Stock-Based Compensation (Performance Unit Fair Value Assumptions) (Details)
Stock-Based Compensation (Rollforward Of Nonvested Performance Shares) (Details)
Stock-Based Compensation (Rollforward Of Nonvested Restricted Stock Awards) (Details)
Stock-Based Compensation (Status Of Nonvested Stock Options) (Details)
Stock-Based Compensation (Stock Awards Granted) (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)
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 (Rollforward Of The Allowance For Doubtful Accounts For Trade Receivables) (Details)
Trade Receivables, Net (Schedule Of Trade Receivables) (Details)
Trade Receivables, Net (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: 0001492691-21-000016
Submitted to the SEC: Thu Feb 25 2021 11:28:39 AM EST
Accepted by the SEC: Thu Feb 25 2021
Period: Thursday, December 31, 2020
Industry: Trucking No Local

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