Knight-Swift Q2 Revenue Hits $1.49B

TL;DR

**KNX Q2 Revenue Excl. Fuel Surcharge: $1.49B. YTD: $2.96B.**

AI Summary

Knight-Swift Transportation Holdings Inc. reported its Q2 2024 results, with revenue excluding truckload fuel surcharge for the quarter ending June 30, 2024, totaling $1.49 billion. For the six months ending June 30, 2024, this revenue reached $2.96 billion. The company's fiscal year ends on December 31st.

Why It Matters

This filing provides insight into Knight-Swift's financial performance in the second quarter of 2024, crucial for investors assessing the company's operational health and market position in the trucking industry.

Risk Assessment

Risk Level: medium — The trucking industry is subject to economic fluctuations, fuel price volatility, and regulatory changes, all of which can impact Knight-Swift's financial performance.

Key Numbers

• $1.49B — Q2 Revenue (Excl. Fuel Surcharge) (Revenue for the quarter ending June 30, 2024)
• $2.96B — Year-to-Date Revenue (Excl. Fuel Surcharge) (Revenue for the six months ending June 30, 2024)

Key Players & Entities

• Knight-Swift Transportation Holdings Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• $1.49 billion (dollar_amount) — Revenue excluding truckload fuel surcharge for Q2 2024
• $2.96 billion (dollar_amount) — Revenue excluding truckload fuel surcharge for the six months ending Q2 2024

FAQ

Key Financial Figures

• $0.01 — hange on which registered Common Stock $0.01 Par Value KNX New York Stock Exchange

Filing Documents

• knx-20240630.htm (10-Q) — 2341KB
• knx-ex311x6302024.htm (EX-31.1) — 10KB
• knx-ex312x6302024.htm (EX-31.2) — 11KB
• knx-ex321x6302024.htm (EX-32.1) — 9KB
• knx-ex322x6302024.htm (EX-32.2) — 9KB
• knx-20240630_g1.jpg (GRAPHIC) — 92KB
• 0001492691-24-000080.txt ( ) — 8566KB
• knx-20240630.xsd (EX-101.SCH) — 37KB
• knx-20240630_cal.xml (EX-101.CAL) — 61KB
• knx-20240630_def.xml (EX-101.DEF) — 234KB
• knx-20240630_lab.xml (EX-101.LAB) — 525KB
• knx-20240630_pre.xml (EX-101.PRE) — 357KB
• knx-20240630_htm.xml (XML) — 1204KB

FINANCIAL INFORMATION PAGE

PART I FINANCIAL INFORMATION PAGE

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) — June 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) — Quarter and year-to-date ended June 3 0 , 2024 and 202 3 5 Condensed Consolidated Statements of Cash Flows (Unaudited) — Quarter and year-to-date ended June 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) — Quarter and year-to-date ended June 30, 2024 and 2023 8 Note 1 — Introduction and Basis of Presentation 10 Note 2 — Recently Issued Accounting Pronouncements 11 Note 3 — Acquisitions 11 Note 4 — Income Taxes 13 Note 5 — Accounts Receivable Securitization 14 Note 6 — Debt and Financing 15 Note 7 — Defined Benefit Pension Plan 17 Note 8 — Purchase Commitments 17 Note 9 — Contingencies and Legal Proceedings 18 Note 10 — Share Repurchase Plans 18 Note 11 — Weighted Average Shares Outstanding 19 Note 12 — Fair Value Measurement 20 Note 13 — Related Party Transactions 22 Note 14 — Financial Information by Segment and Geography 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 57

Controls and Procedures

Item 4. Controls and Procedures 58

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 59

Risk Factors

Item 1A. Risk Factors 59

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 59

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 59

Other Information

Item 5. Other Information 59

Exhibits

Item 6. Exhibits 60

Signatures

Signatures 61 2 Table of Contents KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC. GLOSSARY OF TERMS The following glossary defines certain acronyms and terms used in this Quarterly Report on Form 10-Q. These acronyms and terms are specific to our company, commonly used in our industry, or are otherwise frequently used throughout our document. Term Definition Knight-Swift/the Company/Management/We/Us/Our Unless otherwise indicated or the context otherwise requires, these terms represent Knight-Swift Transportation Holdings Inc. and its subsidiaries. 2017 Merger The September 8, 2017 merger of Knight Transportation, Inc. and its subsidiaries and Swift Transportation Company and its subsidiaries, pursuant to which we became Knight-Swift Transportation Holdings Inc. 2021 Debt Agreement The Company's unsecured credit agreement, entered into on September 3, 2021, consisting of the 2021 Revolver and 2021 Term Loans, which are defined below 2021 Prudential Notes Third amended and restated note purchase and private shelf agreement, entered into on September 3, 2021 by ACT with unrelated financial entities 2021 Revolver Revolving line of credit under the 2021 Debt Agreement, maturing on September 3, 2026 2021 Term Loans The Company's term loans under the 2021 Debt Agreement, collectively consisting of the 2021 Term Loan A-1, 2021 Term Loan A-2 and 2021 Term Loan A-3 2021 Term Loan A-1 The Company's term loan under the 2021 Debt Agreement, which matured on December 3, 2022 2021 Term Loan A-2 The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2024 2021 Term Loan A-3 The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2026 2023 Term Loan The Company's term loan entered into on June 22, 2023, maturing on September 3, 2026 2022 RSA Sixth Amendment to the Amended and Restated Receivables Sales Agreement, entered into on October 3, 2022 by Swift Receivables Company II, LLC with unrelated financial entities

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets (Unaudited) June 30, 2024 December 31, 2023 (In thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 186,473 $ 168,545 Cash and cash equivalents – restricted 149,571 297,275 Restricted investments, held-to-maturity, amortized cost — 530 Trade receivables, net of allowance for doubtful accounts of $ 39,720 and $ 39,458 , respectively 841,619 888,603 Contract balance – revenue in transit 14,267 12,246 Prepaid expenses 112,998 148,696 Assets held for sale 72,480 83,366 Income tax receivable 39,266 65,815 Other current assets 33,541 43,939 Total current assets 1,450,215 1,709,015 Gross property and equipment 6,917,535 6,720,610 Less: accumulated depreciation and amortization ( 2,292,930 ) ( 2,104,211 ) Property and equipment, net 4,624,605 4,616,399 Operating lease right-of-use-assets 422,433 484,821 Goodwill 3,879,442 3,848,798 Intangible assets, net 2,021,838 2,058,882 Other long-term assets 171,792 152,850 Total assets $ 12,570,325 $ 12,870,765 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 300,585 $ 355,173 Accrued payroll and purchased transportation 183,858 164,884 Accrued liabilities 197,801 220,350 Claims accruals – current portion 358,553 480,200 Finance lease liabilities and long-term debt – current portion 485,907 459,759 Operating lease liabilities – current portion 123,396 144,921 Total current liabilities 1,650,100 1,825,287 Revolving line of credit 120,000 67,000 Long-term debt – less current portion 1,173,121 1,223,021 Finance lease liabilities – less current portion 434,405 407,150 Operating lease liabilities – less current portion 326,752 371,407 Accounts receivable securitization 452,039 526,508 Claims accruals – less current portion 313,856 315,476 Deferred tax liabilities 910,882 951,749 Other long-term liabilities 118,817 79,086 Total liabilities 5,499,972 5,766,684 Commitmen