Knight-Swift Transportation (KNX) 8-K Regulation FD Disclosure

Exhibit 99.4

QUARTERLY ADJUSTED OPERATING RATIO BY REPORTABLE SEGMENT (UNAUDITED)⁽¹⁾⁽²⁾  

(Dollars in thousands)

	Three Months Ended																								Years Ended December 31,
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			2017			2018
Trucking:
GAAP Presentation
Total revenue	$	218,690		$	220,323		$	424,832		$	1,106,481		$	1,037,364		$	1,081,832		$	1,070,978		$	1,100,080		$	1,970,326		$	4,290,254
Total operating expenses	(198,430		)	(194,561		)	(404,908		)	(969,169		)	(937,113		)	(955,175		)	(930,386		)	(916,762		)	(1,767,068		)	(3,739,436		)
Operating income	$	20,260		$	25,762		$	19,924		$	137,312		$	100,251		$	126,657		$	140,592		$	183,318		$	203,258		$	550,818
Operating ratio	90.7		%	88.3		%	95.3		%	87.6		%	90.3		%	88.3		%	86.9		%	83.3		%	89.7		%	87.2		%
Non-GAAP Presentation
Total revenue	$	218,690		$	220,323		$	424,832		$	1,106,481		$	1,037,364		$	1,081,832		$	1,070,978		$	1,100,080		$	1,970,326		$	4,290,254
Trucking fuel surcharge	(26,202		)	(26,221		)	(48,442		)	(125,105		)	(129,091		)	(140,661		)	(134,591		)	(130,055		)	(225,970		)	(534,398		)
Intersegment transactions	(28		)	(53		)	(31		)	(17		)	(19		)	(54		)	(86		)	(83		)	(129		)	(242		)
Revenue, excluding fuel surcharge and intersegment transactions	192,460			194,049			376,359			981,359			908,254			941,117			936,301			969,942			1,744,227			3,755,614
Total operating expenses	198,430			194,561			404,908			969,169			937,113			955,175			930,386			916,762			1,767,068			3,739,436
Adjusted for:
Trucking fuel surcharge	(26,202		)	(26,221		)	(48,442		)	(125,105		)	(129,091		)	(140,661		)	(134,591		)	(130,055		)	(225,970		)	(534,398		)
Intersegment transactions	(28		)	(53		)	(31		)	(17		)	(19		)	(54		)	(86		)	(83		)	(129		)	(242		)
Impairments (3)	—			—			—			—			—			—			—			(1,640		)	—			(1,640		)
Amortization of intangibles (4)	—			—			—			—			(165		)	(343		)	(352		)	(349		)	—			(1,209		)
Accruals for class action lawsuits (5)	—			—			—			(1,900		)	—			—			—			—			(1,900		)	—
Merger-related costs (6)	—			(4,178		)	(18,934		)	—			—			—			—			—			(23,112		)	—
Adjusted Operating Expenses	172,200			164,109			337,501			842,147			807,838			814,117			795,357			784,635			1,515,957			3,201,947
Adjusted Operating Income	$	20,260		$	29,940		$	38,858		$	139,212		$	100,416		$	127,000		$	140,944		$	185,307		$	228,270		$	553,667
Adjusted Operating Ratio	89.5		%	84.6		%	89.7		%	85.8		%	88.9		%	86.5		%	84.9		%	80.9		%	86.9		%	85.3		%
Logistics:
GAAP Presentation
Total revenue	$	44,008		$	43,829		$	54,267		$	93,821		$	89,189		$	99,188		$	113,387		$	134,280		$	235,925		$	436,044
Total operating expenses	(41,595		)	(41,480		)	(51,138		)	(86,544		)	(85,230		)	(94,573		)	(103,236		)	(121,014		)	(220,757		)	(404,053		)
Operating income	$	2,413		$	2,349		$	3,129		$	7,277		$	3,959		$	4,615		$	10,151		$	13,266		$	15,168		$	31,991
Operating ratio	94.5		%	94.6		%	94.2		%	92.2		%	95.6		%	95.3		%	91.0		%	90.1		%	93.6		%	92.7		%
Non-GAAP Presentation
Total revenue	$	44,008		$	43,829		$	54,267		$	93,821		$	89,189		$	99,188		$	113,387		$	134,280		$	235,925		$	436,044
Intersegment transactions	(1,386		)	(1,649		)	(1,159		)	(3,621		)	(3,138		)	(2,787		)	(1,990		)	(1,459		)	(7,815		)	(9,374		)
Revenue, excluding intersegment transactions	42,622			42,180			53,108			90,200			86,051			96,401			111,397			132,821			228,110			426,670
Total operating expenses	41,595			41,480			51,138			86,544			85,230			94,573			103,236			121,014			220,757			404,053
Adjusted for:
Impairments (3)	—			—			—			—			—			—			—			(794		)	—			(794		)
Intersegment transactions	(1,386		)	(1,649		)	(1,159		)	(3,621		)	(3,138		)	(2,787		)	(1,990		)	(1,459		)	(7,815		)	(9,374		)
Adjusted Operating Expenses	40,209			39,831			49,979			82,923			82,092			91,786			101,246			118,761			212,942			393,885
Adjusted Operating Income	$	2,413		$	2,349		$	3,129		$	7,277		$	3,959		$	4,615		$	10,151		$	14,060		$	15,168		$	32,785
Adjusted Operating Ratio	94.3		%	94.4		%	94.1		%	91.9		%	95.4		%	95.2		%	90.9		%	89.4		%	93.4		%	92.3		%

QUARTERLY ADJUSTED OPERATING RATIO BY REPORTABLE SEGMENT (UNAUDITED)⁽¹⁾⁽²⁾ — Continued

(Dollars in thousands)

	Three Months Ended																								Years Ended December 31,
	March 31, 2017			June 30, 2017			September 30, 2017			December 31, 2017			March 31, 2018			June 30, 2018			September 30, 2018			December 31, 2018			2017			2018
Intermodal:
GAAP Presentation
Total revenue	$	3,916		$	4,219		$	29,068		$	113,123		$	110,267		$	120,047		$	130,369		$	138,138		$	150,326		$	498,821
Total operating expenses	(3,806		)	(3,994		)	(27,361		)	(108,124		)	(106,319		)	(115,567		)	(120,681		)	(124,982		)	(143,285		)	(467,549		)
Operating income	$	110		$	225		$	1,707		$	4,999		$	3,948		$	4,480		$	9,688		$	13,156		$	7,041		$	31,272
Operating ratio	97.2		%	94.7		%	94.1		%	95.6		%	96.4		%	96.3		%	92.6		%	90.5		%	95.3		%	93.7		%
Non-GAAP Presentation
Total revenue	$	3,916		$	4,219		$	29,068		$	113,123		$	110,267		$	120,047		$	130,369		$	138,138		$	150,326		$	498,821
Intersegment transactions	(130		)	(70		)	(53		)	(167		)	(137		)	(217		)	(203		)	(666		)	(420		)	(1,223		)
Revenue, excluding intersegment transactions	3,786			4,149			29,015			112,956			110,130			119,830			130,166			137,472			149,906			497,598
Total operating expenses	3,806			3,994			27,361			108,124			106,319			115,567			120,681			124,982			143,285			467,549
Adjusted for:
Impairments (3)	—			—			—			—			—			—			—			(45		)	—			(45		)
Intersegment transactions	(130		)	(70		)	(53		)	(167		)	(137		)	(217		)	(203		)	(666		)	(420		)	(1,223		)
Adjusted Operating Expenses	3,676			3,924			27,308			107,957			106,182			115,350			120,478			124,271			142,865			466,281
Adjusted Operating Income	$	110		$	225		$	1,707		$	4,999		$	3,948		$	4,480		$	9,688		$	13,201		$	7,041		$	31,317
Adjusted Operating Ratio	97.1		%	94.6		%	94.1		%	95.6		%	96.4		%	96.3		%	92.6		%	90.4		%	95.3		%	93.7		%

(1) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (1).

(2) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (2).

(3) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (4).

(4) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (5).

(5) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (7).

(6) See Consolidated Adjusted Operating Income and Adjusted Operating Ratio footnote (8).