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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________________________________________________________________________________________________
FORM 10-Q
_________________________________________________________________________________________________________________________________________________________
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
or
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission File Number: 001-35007
_________________________________________________________________________________________________________________________________________________________
knx-20210930_g1.jpg
___________________________________________________________________________________________________________________________________
 Knight-Swift Transportation Holdings Inc.
(Exact name of registrant as specified in its charter)
___________________________________________________________________________________________________________________
Delaware 20-5589597
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
2002 West Wahalla Lane
Phoenix, Arizona 85027
(Address of principal executive offices and zip code)
(602269-2000
(Registrant's telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.01 Par ValueKNXNew York Stock Exchange
_________________________________________________________________________________________________________________________________________________________
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer  Accelerated Filer
Non-accelerated Filer  Smaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No   
There were 165,957,149 shares of the registrant's common stock outstanding as of October 27, 2021.



KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.

QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
PART I FINANCIAL INFORMATIONPAGE
PART II OTHER INFORMATION
2


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
QUARTERLY REPORT ON FORM 10-Q
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.
TermDefinition
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 MergerThe September 8, 2017 merger of Knight and Swift, pursuant to which we became Knight-Swift Transportation Holdings Inc.
2017 Debt AgreementThe Company's unsecured credit agreement, entered into on September 29, 2017, as amended on October 2, 2020, consisting of the 2017 Revolver and 2017 Term Loan, which are defined below.
2017 RevolverRevolving line of credit under the 2017 Debt Agreement
2017 Term LoanThe Company's term loan under the 2017 Debt Agreement
2018 RSAFourth Amendment to the Amended and Restated Receivables Sales Agreement, entered into on July 11, 2018 by Swift Receivables Company II, LLC with unrelated financial entities.
2021 Debt AgreementThe 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 NotesThird amended and restated note purchase and private shelf agreement, entered into on September 3, 2021 by ACT with unrelated financial entities
2021 RevolverRevolving line of credit under the 2021 Debt Agreement
2021 Term LoansThe 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-1The Company's term loan under the 2021 Debt Agreement, maturing on December 3, 2022
2021 Term Loan A-2The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2024
2021 Term Loan A-3The Company's term loan under the 2021 Debt Agreement, maturing on September 3, 2026
2021 RSAFifth Amendment to the Amended and Restated Receivables Sales Agreement, entered into on April 23, 2021 by Swift Receivables Company II, LLC with unrelated financial entities.
July 2021 Term LoanThe Company's term loan entered into on July 6, 2021
ACT
AAA Cooper Transportation, and its affiliated entity
ACT AcquisitionThe Company's acquisition of 100% of the securities of ACT on July 5, 2021
Annual ReportAnnual Report on Form 10-K
ASCAccounting Standards Codification
ASUAccounting Standards Update
BoardKnight-Swift's Board of Directors
BSBYBloomberg Short-Term Bank Yield Index
COVID-19Viral strain of a coronavirus which led the World Health Organization to declare a global pandemic in March 2020
DOEUnited States Department of Energy
EPSEarnings Per Share
EmbarkEmbark Trucks Inc. and its related entities
ESPPKnight-Swift Transportation Holdings Inc. Amended and Restated 2012 Employee Stock Purchase Plan
GAAPUnited States Generally Accepted Accounting Principles
KnightUnless otherwise indicated or the context otherwise requires, this term represents Knight Transportation, Inc. and its subsidiaries
3


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.
TermDefinition
LIBORLondon InterBank Offered Rate
LTLLess-than-truckload
Quarterly ReportQuarterly Report on Form 10-Q
QTDQuarter-to-date
RSURestricted Stock Unit
SECUnited States Securities and Exchange Commission
SPAStock Purchase Agreement
Swift
Unless otherwise indicated or the context otherwise requires, this term represents Swift Transportation Company and its subsidiaries
TRPTransportation Resource Partners
USThe United States of America
UTXL
UTXL Enterprises, Inc.
YTDYear-to-date
4


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
PART I FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
Condensed Consolidated Balance Sheets (Unaudited)
September 30, 2021December 31, 2020
(In thousands, except per share data)
ASSETS
Current assets:
Cash and cash equivalents$269,694 $156,699 
Cash and cash equivalents – restricted68,019 39,328 
Restricted investments, held-to-maturity, amortized cost7,140 9,001 
Trade receivables, net of allowance for doubtful accounts of $21,811 and $22,093, respectively
830,402 578,479 
Contract balance – revenue in transit22,950 14,560 
Prepaid expenses76,697 71,649 
Assets held for sale20,330 29,756 
Income tax receivable46,899 2,903 
Other current assets62,334 20,988 
Total current assets1,404,465 923,363 
Gross property and equipment4,933,669 4,223,348 
Less: accumulated depreciation and amortization(1,477,334)(1,230,696)
Property and equipment, net3,456,335 2,992,652 
Operating lease right-of-use-assets102,230 113,296 
Goodwill3,461,898 2,922,964 
Intangible assets, net1,793,924 1,389,245 
Other long-term assets136,130 126,482 
Total assets$10,354,982 $8,468,002 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$177,634 $101,001 
Accrued payroll and purchased transportation227,016 160,888 
Accrued liabilities134,002 88,894 
Claims accruals – current portion200,159 174,928 
Finance lease liabilities and long-term debt – current portion78,266 52,583 
Operating lease liabilities – current portion35,464 47,496 
Accounts receivable securitization – current portion 213,918 
Total current liabilities852,541 839,708 
Revolving line of credit300,000 210,000 
Long-term debt – less current portion1,238,022 298,907 
Finance lease liabilities – less current portion208,556 138,243 
Operating lease liabilities – less current portion69,401 69,852 
Accounts receivable securitization – less current portion278,428  
Claims accruals – less current portion200,493 174,814 
Deferred tax liabilities856,926 815,941 
Other long-term liabilities45,175 48,497 
Total liabilities4,049,542 2,595,962 
Commitments and contingencies (Notes 3, 10, 11, and 12)
Stockholders’ equity:
Preferred stock, par value $0.01 per share; 10,000 shares authorized; none issued
  
Common stock, par value $0.01 per share; 500,000 shares authorized; 166,003 and 166,553 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively.
1,660 1,665 
Additional paid-in capital4,344,894 4,301,424 
Accumulated other comprehensive loss(878) 
Retained earnings1,946,984 1,566,759 
Total Knight-Swift stockholders' equity6,292,660 5,869,848 
Noncontrolling interest12,780 2,192 
Total stockholders’ equity6,305,440 5,872,040 
Total liabilities and stockholders’ equity$10,354,982 $8,468,002 
See accompanying notes to condensed consolidated financial statements (unaudited).
5


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
 Quarter-to-Date September 30,Year-to-Date September 30,
 2021202020212020
(In thousands, except per share data)
Revenue:
Revenue, excluding truckload fuel surcharge$1,510,572 $1,137,313 $3,856,549 $3,162,005 
Truckload fuel surcharge131,873 73,093 324,611 233,897 
Total revenue1,642,445 1,210,406 4,181,160 3,395,902 
Operating expenses:
Salaries, wages, and benefits500,673 376,923 1,248,656 1,097,067 
Fuel146,422 104,703 390,713 312,939 
Operations and maintenance86,951 69,964 226,334 204,435 
Insurance and claims73,757 45,186 188,176 144,768 
Operating taxes and licenses27,475 21,475 71,240 64,527 
Communications6,612 5,069 16,284 14,845 
Depreciation and amortization of property and equipment138,570 115,664 382,091 340,486 
Amortization of intangibles15,719 11,473 39,452 34,421 
Rental expense12,002 19,700 42,265 67,447 
Purchased transportation352,061 245,102 914,448 670,485 
Impairments   1,255 
Miscellaneous operating expenses12,116 29,686 38,040 73,480 
Total operating expenses1,372,358 1,044,945 3,557,699 3,026,155 
Operating income270,087 165,461 623,461 369,747 
Other (expenses) income:
Interest income245 326 809 1,595 
Interest expense(7,179)(3,232)(13,972)(13,360)
Other income, net4,072 7,484 37,017 9,476 
Total other (expenses) income, net(2,862)4,578 23,854 (2,289)
Income before income taxes267,225 170,039 647,315 367,458 
Income tax expense61,059 47,835 158,171 99,204 
Net income206,166 122,204 489,144 268,254 
Net income attributable to noncontrolling interest12 (146)(372)(581)
Net income attributable to Knight-Swift206,178 122,058 488,772 267,673 
Other comprehensive loss(878) (878) 
Comprehensive income$205,300 $122,058 $487,894 $267,673 
Earnings per share:
Basic$1.24 $0.72 $2.95 $1.57 
Diluted$1.23 $0.71 $2.93 $1.57 
Dividends declared per share:$0.10 $0.08 $0.28 $0.24 
Weighted average shares outstanding:
Basic165,966 170,205 165,823 170,257 
Diluted167,106 171,028 166,936 171,035 
See accompanying notes to the condensed consolidated financial statements (unaudited).
6


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Year-to-Date September 30,
 20212020
(In thousands)
Cash flows from operating activities:
Net income$489,144 $268,254 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, equipment, and intangibles421,543 374,907 
Gain on sale of property and equipment(47,700)(6,468)
Impairments 1,255 
Deferred income taxes40,987 32,565 
Non-cash lease expense35,939 64,301 
Non-cash adjustment to fair value of convertible note(12,631) 
Other adjustments to reconcile net income to net cash provided by operating activities17,372 24,513 
Increase (decrease) in cash resulting from changes in:
Trade receivables(152,482)(58,246)
Income tax receivable(43,462)8,668 
Accounts payable34,255 1,946 
Accrued liabilities and claims accrual57,157 (12,926)
Operating lease liabilities(37,357)(66,333)
Other assets and liabilities14,759 22,583 
Net cash provided by operating activities817,524 655,019 
Cash flows from investing activities:
Proceeds from maturities of held-to-maturity investments8,380 9,400 
Purchases of held-to-maturity investments(6,683)(12,644)
Proceeds from sale of property and equipment, including assets held for sale192,454 102,550 
Purchases of property and equipment(388,518)(378,694)
Expenditures on assets held for sale(1,367)(483)
Net cash, restricted cash, and equivalents invested in acquisitions(1,342,042)(46,811)
Investment in convertible note(25,000) 
Other cash flows from investing activities14,019 (8,920)
Net cash used in investing activities(1,548,757)(335,602)
Cash flows from financing activities:
Repayment of finance leases and long-term debt(374,539)(61,321)
Proceeds from long-term debt1,200,000  
Borrowings (repayments) on revolving lines of credit, net90,000 (109,000)
Borrowings under accounts receivable securitization80,000 49,000 
Repayment of accounts receivable securitization(15,000)(52,000)
Proceeds from common stock issued7,624 11,632 
Repurchases of the Company's common stock(53,661)(34,630)
Dividends paid(46,935)(41,297)
Other cash flows from financing activities(14,180)(5,522)
Net cash provided by (used in) financing activities873,309 (243,138)
Net increase in cash, restricted cash, and equivalents142,076 76,279 
Cash, restricted cash, and equivalents at beginning of period197,277 202,228 
Cash, restricted cash, and equivalents at end of period$339,353 $278,507 
See accompanying notes to condensed consolidated financial statements (unaudited).

7


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Cash Flows (Unaudited) — Continued
 Year-to-Date September 30,
 20212020
(In thousands)
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest$11,683 $12,921 
Income taxes160,281 35,233 
Non-cash investing and financing activities:
Equipment acquired included in accounts payable$9,278 $45,430 
Financing provided to independent contractors for equipment sold2,548 4,359 
Transfers from property and equipment to assets held for sale80,881 59,543 
Noncontrolling interest associated with acquisition10,281  
Contingent consideration associated with acquisition5,000 18,245 
Value of common stock issued for acquisition10,000  
Right-of-use assets obtained in exchange for operating lease liabilities20,261 1,871 
Right-of-use assets obtained in exchange for operating lease liabilities through acquisitions4,613 12,356 
Property and equipment obtained in exchange for finance lease liabilities114,803 68,590 
Property and equipment obtained in exchange for finance lease liabilities reclassified from operating lease liabilities42,298 67,430 
Reconciliation of Cash, Restricted Cash, and Equivalents:September 30,
2021
December 31,
2020
September 30,
2020
December 31,
2019
(In thousands)
Condensed Consolidated Balance Sheets
Cash and cash equivalents$269,694 $156,699 $240,236 $159,722 
Cash and cash equivalents – restricted 1
68,019 39,328 36,689 41,331 
Other long-term assets 1
1,640 1,250 1,582 1,175 
Condensed Consolidated Statements of Cash Flows
Cash, restricted cash, and equivalents$339,353 $197,277 $278,507 $202,228 
________
1    Reflects cash and cash equivalents that are primarily restricted for claims payments.
See accompanying notes to condensed consolidated financial statements (unaudited).
8


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest
Total
Stockholders’ Equity
 SharesPar Value
(In thousands, except per share data)
Balances – December 31, 2020166,553 $1,665 $4,301,424 $1,566,759 $ $5,869,848 $2,192 $5,872,040 
Common stock issued to employees475 6 5,020 5,026 5,026 
Common stock issued to the Board12  575 575 575 
Common stock issued with ACT acquisition219 2 9,998 10,000 10,000 
Common stock issued under ESPP47  2,023 2,023 2,023 
Company shares repurchased(1,303)(13)(53,648)(53,661)(53,661)
Shares withheld – RSU settlement(8,079)(8,079)(8,079)
Employee stock-based compensation expense25,854 25,854 25,854 
Cash dividends paid and dividends accrued ($0.28 per share)
(46,820)(46,820)(46,820)
Net income attributable to Knight-Swift488,772 488,772 488,772 
Other comprehensive loss(878)(878)(878)
Investment in noncontrolling interest10,281 10,281 
Distribution to noncontrolling interest(65)(65)
Net income attributable to noncontrolling interest372 372 
Balances – September 30, 2021166,003 $1,660 $4,344,894 $1,946,984 $(878)$6,292,660 $12,780 $6,305,440 
 Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Total Knight-Swift Stockholders' EquityNoncontrolling InterestTotal
Stockholders’ Equity
 SharesPar Value
(In thousands, except per share data)
Balances – December 31, 2019170,688 $1,707 $4,269,043 $1,395,465 $ $5,666,215 $2,088 $5,668,303 
Common stock issued to employees609 6 9,474 9,480 9,480 
Common stock issued to the Board13  515 515 515 
Common stock issued under ESPP47  1,637 1,637 1,637 
Company shares repurchased(1,139)(11)(34,619)(34,630)(34,630)
Shares withheld – RSU settlement(4,508)(4,508)(4,508)
Employee stock-based compensation expense13,835 13,835 13,835 
Cash dividends paid and dividends accrued ($0.24 per share)
(41,197)(41,197)(41,197)
Net income attributable to Knight-Swift267,673 267,673 267,673 
Distribution to noncontrolling interest(441)(441)
Net income attributable to noncontrolling interest581 581 
Balances – September 30, 2020170,218 $1,702 $4,294,504 $1,582,814 $ $5,879,020 $2,228 $5,881,248 
See accompanying notes to condensed consolidated financial statements (unaudited).
9


KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC.
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) — Continued
Common StockAdditional
Paid-in Capital
Retained EarningsAccumulated
Other
Comprehensive Loss
Total Knight-Swift Stockholders' EquityNoncontrolling
 Interest
Total
Stockholders’ Equity
SharesPar Value
(In thousands, except per share data)
Balances – June 30, 2021165,711 $1,657 $4,325,915 $1,757,689 $ $6,085,261 $12,792 $6,098,053 
Common stock issued to employees57 1 1,629 1,630 1,630