QUARTERLY FINANCIAL INFORMATION BY SEGMENT (UNAUDITED) (1)
FOR THE TWO-YEAR PERIOD ENDED DECEMBER 31, 2016
(Dollars in thousands)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | Years Ended December 31, |
| | | March 31,
2015 | | June 30,
2015 | | September 30,
2015 | | December 31,
2015 | | March 31,
2016 | | June 30,
2016 | | September 30,
2016 | | December 31,
2016 | | 2015 | | 2016 |
| Operating revenue: | | | | | | | | | | | | | | | | | | | | |
| Truckload | | $ | 538,341 |
| | $ | 555,715 |
| | $ | 552,816 |
| | $ | 557,242 |
| | $ | 492,522 |
| | $ | 517,593 |
| | $ | 516,692 |
| | $ | 521,242 |
| | $ | 2,204,114 |
| | $ | 2,048,049 |
|
| Dedicated | | 135,929 |
| | 146,812 |
| | 145,381 |
| | 152,243 |
| | 142,911 |
| | 146,119 |
| | 156,382 |
| | 161,491 |
| | 580,365 |
| | 606,903 |
|
| Refrigerated | | 177,414 |
| | 185,089 |
| | 182,181 |
| | 182,859 |
| | 169,688 |
| | 178,162 |
| | 177,435 |
| | 180,338 |
| | 727,543 |
| | 705,623 |
|
| Intermodal | | 90,354 |
| | 98,507 |
| | 100,966 |
| | 100,745 |
| | 82,548 |
| | 90,066 |
| | 92,260 |
| | 95,283 |
| | 390,572 |
| | 360,157 |
|
| Subtotal | | 942,038 |
| | 986,123 |
| | 981,344 |
| | 993,089 |
| | 887,669 |
| | 931,940 |
| | 942,769 |
| | 958,354 |
| | 3,902,594 |
| | 3,720,732 |
|
Non-reportable segments (2) | | 91,622 |
| | 93,869 |
| | 104,176 |
| | 118,114 |
| | 99,248 |
| | 99,315 |
| | 89,740 |
| | 98,046 |
| | 407,781 |
| | 386,349 |
|
| Intersegment eliminations | | (18,516 | ) | | (20,588 | ) | | (20,547 | ) | | (21,402 | ) | | (19,094 | ) | | (19,401 | ) | | (19,283 | ) | | (17,786 | ) | | (81,053 | ) | | (75,564 | ) |
| Consolidated operating revenue | | $ | 1,015,144 |
| | $ | 1,059,404 |
| | $ | 1,064,973 |
| | $ | 1,089,801 |
| | $ | 967,823 |
| | $ | 1,011,854 |
| | $ | 1,013,226 |
| | $ | 1,038,614 |
| | $ | 4,229,322 |
| | $ | 4,031,517 |
|
| | | | | | | | | | | | | | | | | | | | | |
| Operating income (loss): | | | | | | | | | | | | | | | | | | | | |
| Truckload | | $ | 56,854 |
| | $ | 67,944 |
| | $ | 57,012 |
| | $ | 75,197 |
| | $ | 36,287 |
| | $ | 50,475 |
| | $ | 47,670 |
| | $ | 47,349 |
| | $ | 257,007 |
| | $ | 181,781 |
|
| Dedicated | | 11,073 |
| | 18,178 |
| | 14,664 |
| | 20,143 |
| | 18,741 |
| | 20,518 |
| | 23,607 |
| | 19,251 |
| | 64,058 |
| | 82,117 |
|
| Refrigerated | | 8,071 |
| | 10,906 |
| | 5,531 |
| | 11,249 |
| | 4,785 |
| | 12,735 |
| | (13,524 | ) | | 9,524 |
| | 35,757 |
| | 13,520 |
|
| Intermodal | | (1,243 | ) | | 1,601 |
| | 723 |
| | 3,047 |
| | (2,908 | ) | | 903 |
| | 358 |
| | 1,100 |
| | 4,128 |
| | (547 | ) |
| Subtotal | | 74,755 |
| | 98,629 |
| | 77,930 |
| | 109,636 |
| | 56,905 |
| | 84,631 |
| | 58,111 |
| | 77,224 |
| | 360,950 |
| | 276,871 |
|
Non-reportable segments (2) | | 245 |
| | (153 | ) | | (3,009 | ) | | 12,071 |
| | (4,422 | ) | | (10,426 | ) | | (18,258 | ) | | (1,753 | ) | | 9,154 |
| | (34,859 | ) |
| Consolidated operating income | | $ | 75,000 |
| | $ | 98,476 |
| | $ | 74,921 |
| | $ | 121,707 |
| | $ | 52,483 |
| | $ | 74,205 |
| | $ | 39,853 |
| | $ | 75,471 |
| | $ | 370,104 |
| | $ | 242,012 |
|
| | | | | | | | | | | | | | | | | | | | | |
| Operating Ratio: | | | | | | | | | | | | | | | | | | | | |
| Truckload | | 89.4 | % | | 87.8 | % | | 89.7 | % | | 86.5 | % | | 92.6 | % | | 90.2 | % | | 90.8 | % | | 90.9 | % | | 88.3 | % | | 91.1 | % |
| Dedicated | | 91.9 | % | | 87.6 | % | | 89.9 | % | | 86.8 | % | | 86.9 | % | | 86.0 | % | | 84.9 | % | | 88.1 | % | | 89.0 | % | | 86.5 | % |
| Refrigerated | | 95.5 | % | | 94.1 | % | | 97.0 | % | | 93.8 | % | | 97.2 | % | | 92.9 | % | | 107.6 | % | | 94.7 | % | | 95.1 | % | | 98.1 | % |
| Intermodal | | 101.4 | % | | 98.4 | % | | 99.3 | % | | 97.0 | % | | 103.5 | % | | 99.0 | % | | 99.6 | % | | 98.8 | % | | 98.9 | % | | 100.2 | % |
| | | | | | | | | | | | | | | | | | | | | |
Adjusted Operating Ratio (3): | | | | | | | | | | | | | | | | | | | | |
| Truckload | | 87.9 | % | | 86.0 | % | | 88.4 | % | | 85.1 | % | | 92.0 | % | | 89.3 | % | | 89.8 | % | | 90.0 | % | | 86.8 | % | | 90.3 | % |
| Dedicated | | 90.7 | % | | 85.9 | % | | 88.7 | % | | 85.5 | % | | 86.0 | % | | 84.8 | % | | 83.5 | % | | 87.0 | % | | 87.6 | % | | 85.3 | % |
| Refrigerated | | 94.9 | % | | 93.4 | % | | 96.7 | % | | 93.4 | % | | 97.1 | % | | 92.4 | % | | 108.1 | % | | 94.3 | % | | 94.6 | % | | 98.0 | % |
| Intermodal | | 101.6 | % | | 98.1 | % | | 99.2 | % | | 96.6 | % | | 103.8 | % | | 98.9 | % | | 99.6 | % | | 98.7 | % | | 98.8 | % | | 100.2 | % |
| |
| (1) | During the first quarter of 2017, Swift Transportation Company (the "Company") reorganized its reportable segments to reflect management’s revised reporting structure of its Dedicated and Refrigerated (formerly "Swift Refrigerated") reportable segments. In association with the reorganization, the operations of our dedicated grocery line of business, which was previously reported within the Company’s Dedicated segment, will now be reported within the Company's Refrigerated segment. This will result in all of our temperature-controlled lines of business reporting under the Refrigerated segment. |
| |
| (2) | The non-reportable segments include the Company's logistics and freight brokerage services, as well as support services that its subsidiaries provide to customers and owner-operators, including repair and maintenance shop services, equipment leasing, and insurance. Intangible amortization related to the 2007 Transactions, certain legal settlements and reserves, and certain other corporate expenses are also included in the non-reportable segments. |
| |
| (3) | For definition and detailed calculation, refer to the Non-GAAP Reconciliation: Quarterly Adjusted Operating Ratio by Reportable Segment. |
