Knight-Swift Reports $5.2B in Revenue for 9 Months

TL;DR

**KNX Q3 2024:** $5.2B revenue YTD. Trucking giant shows solid top-line growth.

AI Summary

Knight-Swift Transportation Holdings Inc. reported its Q3 2024 results, with total operating revenue for the nine months ended September 30, 2024, reaching $5.2 billion. The company's revenue, excluding truckload fuel surcharge, was $4.7 billion for the same period. This filing covers the period ending September 30, 2024.

Why It Matters

This 10-Q filing provides investors with a detailed look at Knight-Swift's financial performance for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures.

Key Numbers

• $5.2B — Total Operating Revenue (9 months) (Represents the company's top-line performance for the year-to-date period.)
• $4.7B — Revenue Excluding Truckload Fuel Surcharge (9 months) (Provides a clearer view of core business revenue, excluding volatile fuel surcharges.)

Key Players & Entities

• Knight-Swift Transportation Holdings Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• $5.2 billion (dollar_amount) — Total operating revenue for the nine months ended September 30, 2024
• $4.7 billion (dollar_amount) — Revenue excluding truckload fuel surcharge for the nine months ended September 30, 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-20240930.htm (10-Q) — 2402KB
• knx-ex101x9302024.htm (EX-10.1) — 1657KB
• knx-ex311x9302024.htm (EX-31.1) — 10KB
• knx-ex312x9302024.htm (EX-31.2) — 11KB
• knx-ex321x9302024.htm (EX-32.1) — 9KB
• knx-ex322x9302024.htm (EX-32.2) — 9KB
• knx-20240930_g1.jpg (GRAPHIC) — 92KB
• 0001492691-24-000091.txt ( ) — 10715KB
• knx-20240930.xsd (EX-101.SCH) — 38KB
• knx-20240930_cal.xml (EX-101.CAL) — 62KB
• knx-20240930_def.xml (EX-101.DEF) — 240KB
• knx-20240930_lab.xml (EX-101.LAB) — 534KB
• knx-20240930_pre.xml (EX-101.PRE) — 364KB
• knx-20240930_htm.xml (XML) — 1269KB

FINANCIAL INFORMATION PAGE

PART I FINANCIAL INFORMATION PAGE

Financial Statements

Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets (Unaudited) — September 30, 2024 and December 31, 2023 4 Condensed Consolidated Statements of Comprehensive Income (Unaudited) — Quarter and year-to-date ended September 3 0 , 2024 and 202 3 5 Condensed Consolidated Statements of Cash Flows (Unaudited) — Quarter and year-to-date ended September 30, 2024 and 2023 6 Condensed Consolidated Statements of Stockholders' Equity (Unaudited) — Quarter and year-to-date ended September 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 14 Note 5 — Accounts Receivable Securitization 15 Note 6 — Debt and Financing 16 Note 7 — Defined Benefit Pension Plan 18 Note 8 — Purchase Commitments 18 Note 9 — Contingencies and Legal Proceedings 19 Note 10 — Share Repurchase Plans 19 Note 11 — Weighted Average Shares Outstanding 20 Note 12 — Fair Value Measurement 21 Note 13 — Related Party Transactions 23 Note 14 — Financial Information by Segment and Geography 24

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 25

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 58

Controls and Procedures

Item 4. Controls and Procedures 59

OTHER INFORMATION

PART II OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 60

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 60

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 60

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 60

Other Information

Item 5. Other Information 60

Exhibits

Item 6. Exhibits 61

Signatures

Signatures 62 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, 2026, as amended by the 2024 Amendment 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

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 (In thousands, except per share data) ASSETS Current assets: Cash and cash equivalents $ 166,348 $ 168,545 Cash and cash equivalents – restricted 150,870 297,275 Restricted investments, held-to-maturity, amortized cost — 530 Trade receivables, net of allowance for doubtful accounts of $ 39,298 and $ 39,458 , respectively 835,248 888,603 Contract balance – revenue in transit 11,056 12,246 Prepaid expenses 114,793 148,696 Assets held for sale 74,787 83,366 Income tax receivable 46,191 65,815 Other current assets 38,330 43,939 Total current assets 1,437,623 1,709,015 Gross property and equipment 7,081,485 6,720,610 Less: accumulated depreciation and amortization ( 2,322,511 ) ( 2,104,211 ) Property and equipment, net 4,758,974 4,616,399 Operating lease right-of-use-assets 415,856 484,821 Goodwill 3,963,142 3,848,798 Intangible assets, net 2,075,315 2,058,882 Other long-term assets 173,871 152,850 Total assets $ 12,824,781 $ 12,870,765 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 293,244 $ 355,173 Accrued payroll and purchased transportation 190,830 164,884 Accrued liabilities 207,143 220,350 Claims accruals – current portion 336,010 480,200 Finance lease liabilities and long-term debt – current portion 272,355 459,759 Operating lease liabilities – current portion 129,938 144,921 Total current liabilities 1,429,520 1,825,287 Revolving line of credit 227,000 67,000 Long-term debt – less current portion 1,501,565 1,223,021 Finance lease liabilities – less current portion 466,863 407,150 Operating lease liabilities – less current portion 310,584 371,407 Accounts receivable securitization 458,911 526,508 Claims accruals – less current portion 328,968 315,476 Deferred tax liabilities 920,685 951,749 Other long-term liabilities 114,469 79,086 Total liabilities 5,758,565 5,766,684 Comm