8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 _____________________________________________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 8, 2017

 _____________________________________________________________________

Swift Transportation Company

(Exact name of registrant as specified in its charter)

 _____________________________________________________________________

Delaware		001-35007	20-5589597
(State or other jurisdiction of incorporation)		(Commission File Number)	(IRS Employer Identification No.)
2200 South 75th Avenue, Phoenix, Arizona			85043
(Address of principal executive offices)			(Zip Code)
		(602) 269-9700
(Registrant's telephone number, including area code)
		N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

SECTION	PAGE
ITEM 7.01 Regulation FD Disclosure	1
ITEM 8.01 Other Events	2
ITEM 9.01 Financial Statements and Exhibits	3
Signatures	4

ITEM 7.01 REGULATION FD DISCLOSURE

On March 8, 2017, Swift Transportation Company (the "Company") held a mid-first quarter conference call, providing an update on certain operating metrics for the periods January 2017 and February 2017. As of March 8, 2017, we believe that if we are able to execute on the previously disclosed operational countermeasures, and if March 2017 continues to strengthen for the remainder of the month, we could get into the low end of our previously provided EPS ranges for the first quarter, which were $0.11 to $0.16 for GAAP Diluted EPS and $0.13 to $0.18 for Adjusted EPS. Expected amortization of the intangibles from the Company's 2007 going-private transactions is added back to the quarterly 2017 expected Diluted EPS to arrive at Adjusted EPS. At this time, we are maintaining our guidance for the second quarter of 2017, likely leaning towards the lower end of that range, but we will provide additional color and updates as the quarter unfolds.

The transcript of the mid-first quarter conference call is attached hereto as Exhibit 99.1. The information contained herein and in the accompanying Exhibit 99.1 shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information furnished in Item 7.01 of this report on Form 8-K, including Exhibit 99.1, shall be deemed to be "furnished" and therefore shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. This information will not be deemed an admission as to the materiality of any information contained herein that is required to be disclosed solely by regulation FD.

This Current Report on Form 8-K and the attached transcript contain statements that may constitute forward-looking statements, which are based on information currently available, usually defined by words such as "anticipates," "believes," "estimates," "plans," "projects," "expects," "hopes," "intends," "will," "could," "should," "may," or similar expressions which speak only as of the date the statement was made. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning:

• our estimated ranges of GAAP Diluted EPS and Adjusted EPS for the first two quarters of 2017;

• our expectation that the first half of 2017 will be challenging for our company and the industry as a whole;

• that the second half of 2017 will improve as the ELD mandate draws near;

• our belief that anticipated strategy improvements, leaner cost infrastructure, and improving market conditions will help our profitability in the future;

• our belief that increased competition for drivers is prevalent across the industry;

• that we do not expect to repurchase any of our shares of common stock during the first half of 2017;

• our belief that there are synergistic opportunities in operating the grocery and Swift Refrigerated lines of business more closely together;

• our expectation that the results of the first quarter of 2017 will be worse than originally expected for our Truckload segment;

• projections regarding first quarter 2017 revenue xFSR per loaded mile in our Truckload and Refrigerated segments, weekly revenue xFSR per truck in our Dedicated segment, and volumes in our Truckload and Intermodal segments;

• projections regarding the nature, amount, and timing of changes in truck count; and

• that network density will enable growth and operational efficiencies in our Intermodal segment.

Such forward-looking statements are inherently uncertain, and are based upon the current beliefs, assumptions and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties, as set forth in the Risk Factors section of our Annual Report on Form 10-K for the year ended December 31, 2016. As to the Company's business and financial performance, the following factors, among others, could cause actual results to materially differ from those in forward-looking statements:

• economic conditions, including future recessionary economic cycles and downturns in customers’ business cycles, particularly in market segments and industries in which we have a significant concentration of customers;

• increasing competition from trucking, rail, intermodal, and brokerage competitors;

• our ability to execute or integrate any future acquisitions successfully;

• increases in driver compensation to the extent not offset by increases in freight rates and difficulties in driver recruitment and retention;

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• additional risks arising from our contractual agreements with owner-operators that do not exist with Company drivers;

• our ability to retain or replace key personnel;

• our dependence on third parties for intermodal and brokerage business;

• potential failure in computer or communications systems;

• seasonal factors such as severe weather conditions that increase operating costs;

• the regulatory environment in which we operate, including existing regulations and changes in existing regulations, or violations by us of existing or future regulations;

• the possible re-classification of owner-operators as employees;

• changes in rules or legislation by the National Labor Relations Board, Congress, or states, and/or union organizing efforts;

• our Compliance Safety Accountability rating;

• government regulation with respect to our captive insurance companies;

• uncertainties and risks associated with our operations in Mexico;

• a significant reduction in, or termination of, our trucking services by a key customer;

• our significant ongoing capital requirements;

• volatility in the price or availability of fuel, as well as our ability to recover fuel prices through our fuel surcharge program;

• fluctuations in new and used equipment prices or replacement costs, and the potential failure of manufacturers to meet their sale and trade-back obligations;

• the impact that our leverage may have on the way we operate our business and our ability to service our debt, including compliance with our debt covenants;

• restrictions contained in our debt agreements;

• adverse impacts of insuring risk through our captive insurance companies, including our need to provide restricted cash and similar collateral for anticipated losses;

• potential volatility or decrease in the amount of earnings as a result of our claims exposure through our captive insurance companies and third-party insurance;

• the potential impact of the significant number of shares of our common stock that is eligible for future sale;

• goodwill impairment;

• that we do not currently pay dividends;

• the significant amount of our stock owned by Jerry Moyes and the related control over the Company;

• related-party transactions between the Company and Jerry Moyes; and

• conflicts of interest or potential litigation that may arise from other businesses owned by controlling shareholder and board member, Jerry Moyes, including pledges of Swift stock and guarantees by Jerry Moyes related to other businesses.

Important factors, in addition to those listed above and in our filings with the SEC, could impact us financially. As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements, and the prices of the Company's securities may dramatically fluctuate. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events, new information or changes in these expectations, except as required by law.

ITEM 8.01 OTHER EVENTS

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 previously was 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.

As a result of the above-noted segment reorganization, on March 8, 2017, the Company posted on its website schedules providing recast quarterly financial information and operating statistics by segment, which reflect these changes as if the segment reorganization was effective January 1, 2015.  These schedules recast the financial information and operating statistics for the quarterly periods ended March 31, 2015 through December 31, 2016 and for the years ended December 31, 2015 and 2016.  The quarterly historical schedules are attached to this Current Report as Exhibit 99.2 through Exhibit 99.4 and are incorporated herein by reference.

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ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

Exhibit	Description
Exhibit 99.1	Q1 Mid-first Quarter Conference Call Transcript, Dated March 8, 2017
Exhibit 99.2	Quarterly Financial Information by Segment (Unaudited) for the Two-year Period Ended December 31, 2016
Exhibit 99.3	Quarterly Operating Statistics by Reportable Segment (Unaudited) for the Two-Year Period Ended December 31, 2016
Exhibit 99.4	Non-GAAP Reconciliation: Quarterly Adjusted Operating Ratio by Reportable Segment (Unaudited) for the Two-Year Period Ended December 31, 2016

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		Swift Transportation Company
		(Registrant)
Date:	March 8, 2017	/s/ Virginia Henkels
		Virginia Henkels
		Executive Vice President and Chief Financial Officer

4

EX-99.1

Exhibit 99.1

Q1 Mid-first Quarter Conference Call Transcript, Dated March 8, 2017

We’d like to welcome you to Swift Transportation’s mid-first quarter conference call. This is Jason Bates, Swift’s Vice President of Finance and Investor Relations Officer. We will start the call today with our Forward Looking Statement Disclosure:

This call contains statements that may constitute forward-looking statements, which are based on information currently available. Such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are inherently uncertain, are based upon the current beliefs, assumptions and expectations of Company management and current market conditions, which are subject to significant risks and uncertainties as set forth in the Risk Factor Section of our most recently filed Annual Report Form 10-K. As a result of these and other factors, actual results may differ from those set forth in the forward-looking statements and the prices of the Company's securities may fluctuate dramatically. The Company makes no commitment, and disclaims any duty, to update or revise any forward-looking statements to reflect future events, new information or changes in these expectations. Reconciling information of our GAAP to non-GAAP measures can be found in the Form 8-K filed today on SEC.gov.

So with that out of the way, I’d like to recognize the members of Swift’s management team on the line today. We have Richard Stocking, our President and Chief Executive Officer, and Ginnie Henkels, our Executive Vice President and Chief Financial Officer.

As a reminder, the purpose of this call is to provide you with an update of the trends we are seeing in some of our key operational metrics across the various business segments thus far in the first quarter and to discuss our customer sentiment and outlook into the next few quarters. With that, I will turn the call over to Ginnie.

Thank you Jason.

Before we jump into our operating trends, I would like to give an update on a topic discussed last week during our February board meeting. As you may recall, prior to the Central Refrigerated acquisition, Swift had a large dedicated refrigerated business. This business internally is referred to as our Grocery Line of Business and has been aggregated with our Dedicated Dry line of business to make up the Dedicated Segment. As we have discussed, we also have Dedicated Refrigerated business within our Swift Refrigerated Segment. Over the years, the Grocery line of business and the Swift Refrigerated line of business have been working more closely together with backhaul opportunities and new dedicated bids. We believe there are synergy opportunities if we operate these lines of business more closely together and plan to reorganize management accordingly. Therefore, in accordance with GAAP requirements for segment disclosures, we will be moving the results of our grocery line of business from our Dedicated segment and including it within our Swift Refrigerated segment. As a result, going-forward our Dedicated segment will now include all of our dedicated dry business, whereas our Refrigerated segment will include all of our temperature-controlled business, consisting of both over-the-road and dedicated accounts. With this change, we will simply refer to our Swift Refrigerated segment as our Refrigerated segment going-forward. As required with a change such as this, we have re-casted and published the prior two years’ results by quarter to reflect this change so you can update your models accordingly. This recast can be found in our most recently filed 8-K, as well as on our investor relations website. All of the figures discussed on today’s call reflect this change. If you have any additional questions as it relates to this change, please do not hesitate to reach out to me or Jason.

Another topic discussed in the recent board meeting was our capital allocation strategy and our share repurchase program. Given the Board’s desire to keep our leverage ratio at 2 or below and the fact that we believe the first half of the year will be challenging, we do not expect much, if any, repurchase activity to take place during the first half of this year. We will closely monitor this decision as the year progresses and will provide updates accordingly.

I will now turn the call over to Richard to discuss what we are seeing operationally, thus far this quarter.

1

Exhibit 99.1

Thank you Ginnie.

Before discussing our individual operating segments, I would like to provide an overall update on the truckload market as well as some of the trends and factors the entire industry has been experiencing.

As industry data shows, and as many of our competitors have indicated, excess carrier capacity continues to persist within the truckload industry prolonging the competitive pricing environment that existed throughout 2016. We are also experiencing increased competition for drivers which is very real, and is prevalent across the industry. In addition, some of the winter storms have caused challenges across the country, and as a result, we have experienced increases in our claims and equipment maintenance costs in January and February. Although we are concerned by these trends, we continue to attempt to offset these headwinds by focusing on increasing the utilization of our fleet, remaining committed to our cost control initiatives, and improving the quality of freight within our network. But, we, like many others, expect industry dynamics to remain challenging in the first half of 2017 and then improve as we move into the latter half of the year, as the ELD mandate draws closer.

I will now move onto our Truckload segment and discuss our key operational metrics starting with volumes.

Truckload Segment:

Despite the challenging market conditions, I just mentioned, we actually experienced slightly increased year-over-year freight volumes in January ’17 compared to January ’16, despite an approximate 5.0% reduction in our average operational truck count year-over-year. However, this phenomenon did soften year-over-year in February, partially due to the timing of Chinese New Year combined with 1 less calendar day in 2017 versus 2016 (due to leap year). On a quarter-to-date basis, volumes are trending roughly 3.5% below last year. We do however, expect volumes to strengthen in March, as historically March has proven to be the strongest month of the first quarter. We remain focused on increasing the utilization of our Truckload fleet, and we are pleased to report that we continue to see success with these efforts. Quarter-to-date through February, the loaded miles per tractor per week in our Truckload segment has increased approximately 4.0% when compared to the same periods last year. Quarter-to-date through February, the average operational truck count in our Truckload segment decreased approximately 5.5% when compared to the same periods last year. However, the average operational truck count in this segment has remained relatively flat compared to the fourth quarter of 2016. We are also seeing results of these efforts in our empty mile percentage, as our quarter-to-date deadhead percentage has improved almost 100 basis points on a year-over-year comparison.

With regard to pricing, as I mentioned previously, the environment remains challenging and although there are signs of life, this first quarter will be tougher than we were originally anticipating. The spot market rates were improving year-over-year in January, but have tapered off in February. Additionally, our spot market exposure has returned to our historical levels, staying around 3% for the quarter-to-date. Average rates for our contract business are down, as anticipated, but this year-over-year downward trend is subsiding. Another factor weighing on our average rate per loaded mile is the negative impact from mix we have seen thus far in the quarter. As a result of these three items combined, we expect our overall Truckload Revenue xFSR per loaded mile to be down approximately 2.5% in the first quarter, when compared to the first quarter of 2016.

Moving on to our Dedicated Segment:

As expected, our quarter-to-date average operational truck count has decreased sequentially when compared to the fourth quarter of 2016. This sequential change is primarily driven by the reduction of seasonal surge capacity, driver-recruiting difficulties, our decision to walk away from select accounts not obtaining our desired profitability metrics, and a seasonal-decline in shipping volumes from a small group of our dedicated customers. As a result, we expect our first quarter’s average operational truck count to be approximately 100 trucks below our fourth quarter 2016 levels, but remain confident that this segment’s fleet count will grow throughout this year, as we are currently exploring additional opportunities.

Weekly Revenue xFSR per tractor continues to trend positively, as we expect our first quarter result to be approximately 4.0% higher than the first quarter of 2016. This year-over-year increase is expected to be the product of improvements in both asset utilization and pricing.

2

Exhibit 99.1

Next we will talk about our Refrigerated Segment:

The pricing environment of the refrigerated market is beginning to show some signs of strengthening during this first quarter. Our sales organization is working closely with shippers to ensure this freight is appropriately priced which may result in some customer and mix shifts as we move forward. On a year-over-year basis, we expect our revenue xFSR per loaded mile to be roughly flat in the first quarter.

As it relates to asset utilization, we continue to increase our refrigerated fleet’s efficiency, as we improve the balance of our network and the quality of available freight. As a result, quarter-to-date loaded miles per tractor per week through February have increased roughly 4.0% when compared to the same period last year. Quarter-to-date through February, the average operational truck count in our Refrigerated segment decreased approximately 1% when compared to the same periods last year. However, the average operational truck count in this segment has remained relatively flat compared to the fourth quarter of 2016.

And finally ourIntermodal Segment:

Contrary to the rumors that have been circulating, we are not here to announce the sale of our intermodal business. In fact, we are pleased to report that we have experienced strengthening container-on-flat-car load counts throughout this first quarter and as a result, expect our first quarter volumes to be up slightly from the volumes produced in the first quarter of last year. We have been awarded several new bids this quarter and are excited about this growth and the operational efficiencies this network density will provide.

As it relates to pricing, our quarter-to-date revenue xFSR per load through February has increased roughly 3.0% compared to the same period last year. This year-over-year growth in pricing and load volume is expected to help yield improvement in year-over-year first quarter operating results.

So in summary, as we mentioned on our last quarterly earnings call, our first quarter earnings target for GAAP Diluted EPS was a range of $0.11-$0.16 and Adjusted EPS was a range of $0.13-$0.18. Although we are motivated by several of the positive trends we are experiencing in each of our segments, the headwinds plaguing the industry this quarter have been meaningful. The combination of the difficult industry-wide freight environment to start to the year, along with the prolonged intensely competitive pricing environment, the increases in claims and maintenance expenses associated with the weather, and the difficulty our industry is experiencing with hiring and retaining qualified drivers have all been contributing factors. Having said that, we believe that if we are able to execute on the operational countermeasures outlined, and if March continues to strengthen for the remainder of the month, we could get into the low end of our previously provided EPS ranges for the first quarter. Our second quarter expectations will be largely dependent on how quickly we see the pendulum swing in the direction of the carriers. At this time, we are maintaining our guidance for Q2 - likely leaning towards the lower end of that range - but we will provide additional color and updates as the quarter unfolds.

In conclusion, the industry headwinds and market environment in the first quarter have been tough for all carriers. However, our entire leadership team is feverishly committed to controlling costs, driving up our asset utilization, and seeking out opportunities to improve pricing and grow revenue. We are strategically positioning ourselves with our customers, suppliers, and amongst our competitors to benefit from the capacity contraction and supply / demand imbalance that is anticipated over the next 18-24 months. We expect this, combined with the initiatives we have already implemented (and continue to implement), to be positive for all of our key constituents, including you our Stockholders. We are excited about the near-term, and long-term future of our company, and appreciate your continued support.

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EX-99.2

Exhibit 99.2

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.

EX-99.3

Exhibit 99.3

QUARTERLY OPERATING STATISTICS BY REPORTABLE SEGMENT (UNAUDITED)⁽¹⁾ 

FOR THE TWO-YEAR PERIOD ENDED DECEMBER 31, 2016

	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
Truckload:
Weekly revenue xFSR per tractor	$	3,461		$	3,571		$	3,493		$	3,659		$	3,292		$	3,447		$	3,460		$	3,577		$	3,546		$	3,442
Total loaded miles (2)	254,926			261,609			261,339			259,762			246,137			257,624			256,532			249,901			1,037,636			1,010,193
Average operational truck count:
Company	7,334			7,465			7,663			7,567			7,673			7,609			7,448			7,180			7,508			7,477
Owner-operator	3,201			2,991			2,999			2,898			2,977			2,962			2,869			2,875			3,021			2,920
Total	10,535			10,456			10,662			10,465			10,650			10,571			10,317			10,055			10,529			10,397
Deadhead miles percentage	11.8		%	11.8		%	12.2		%	12.7		%	12.5		%	11.9		%	11.7		%	12.4		%	12.1		%	12.1		%
Dedicated:
Weekly revenue xFSR per tractor	$	3,107		$	3,250		$	3,230		$	3,265		$	3,339		$	3,432		$	3,486		$	3,518		$	3,215		$	3,445
Average operational truck count:
Company	2,575			2,654			2,645			2,818			2,711			2,650			2,737			2,770			2,674			2,717
Owner-operator	394			396			403			419			368			370			396			429			403			391
Total	2,969			3,050			3,048			3,237			3,079			3,020			3,133			3,199			3,077			3,108
Refrigerated:
Weekly revenue xFSR per tractor	$	3,384		$	3,458		$	3,484		$	3,570		$	3,574		$	3,742		$	3,694		$	3,728		$	3,475		$	3,684
Total loaded miles (2)	86,481			89,959			89,604			91,008			89,134			91,588			90,566			90,077			357,050			361,366
Average operational truck count:
Company	2,570			2,612			2,566			2,548			2,457			2,369			2,378			2,365			2,574			2,392
Owner-operator	1,074			1,066			1,077			1,069			1,052			1,072			1,042			1,043			1,071			1,052
Total	3,644			3,678			3,643			3,617			3,509			3,441			3,420			3,408			3,645			3,444
Deadhead miles percentage	7.9		%	7.8		%	8.1		%	8.2		%	7.8		%	7.8		%	7.8		%	7.5		%	8.0		%	7.7		%
Intermodal:
Average operational truck count:
Company	481			521			546			518			474			422			426			425			517			437
Owner-operator	87			95			111			114			96			90			84			85			102			89
Total	568			616			657			632			570			512			510			510			619			526
Load count	41,940			46,517			47,107			45,949			40,997			43,382			43,787			44,043			181,513			172,209
Average Container Count	9,150			9,150			9,150			9,150			9,150			9,150			9,138			9,131			9,150			9,142

(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) Total loaded miles presented in thousands.

EX-99.4

Exhibit 99.4

NON-GAAP RECONCILIATION:

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

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
Truckload:
Operating revenue	$	538,341		$	555,715		$	552,816		$	557,242		$	492,522		$	517,593		$	516,692		$	521,242		$	2,204,114		$	2,048,049
Less: Fuel surcharge revenue	(69,561		)	(70,281		)	(63,363		)	(53,945		)	(36,705		)	(43,847		)	(47,549		)	(48,575		)	(257,150		)	(176,676		)
Revenue xFSR	468,780			485,434			489,453			503,297			455,817			473,746			469,143			472,667			1,946,964			1,871,373
Operating expense	481,487			487,771			495,804			482,045			456,235			467,118			469,022			473,893			1,947,107			1,866,268
Adjusted for:
Fuel surcharge revenue	(69,561		)	(70,281		)	(63,363		)	(53,945		)	(36,705		)	(43,847		)	(47,549		)	(48,575		)	(257,150		)	(176,676		)
Adjusted operating expense	411,926			417,490			432,441			428,100			419,530			423,271			421,473			425,318			1,689,957			1,689,592
Operating Ratio	89.4		%	87.8		%	89.7		%	86.5		%	92.6		%	90.2		%	90.8		%	90.9		%	88.3		%	91.1		%
Adjusted Operating Ratio	87.9		%	86.0		%	88.4		%	85.1		%	92.0		%	89.3		%	89.8		%	90.0		%	86.8		%	90.3		%
Dedicated:
Operating revenue	$	135,929		$	146,812		$	145,381		$	152,243		$	142,911		$	146,119		$	156,382		$	161,491		$	580,365		$	606,903
Less: Fuel surcharge revenue	(17,276		)	(17,963		)	(15,975		)	(13,322		)	(9,222		)	(11,432		)	(12,904		)	(13,576		)	(64,536		)	(47,134		)
Revenue xFSR	118,653			128,849			129,406			138,921			133,689			134,687			143,478			147,915			515,829			559,769
Operating expense	124,856			128,634			130,717			132,100			124,170			125,601			132,775			142,240			516,307			524,786
Adjusted for:
Fuel surcharge revenue	(17,276		)	(17,963		)	(15,975		)	(13,322		)	(9,222		)	(11,432		)	(12,904		)	(13,576		)	(64,536		)	(47,134		)
Adjusted operating expense	107,580			110,671			114,742			118,778			114,948			114,169			119,871			128,664			451,771			477,652
Operating Ratio	91.9		%	87.6		%	89.9		%	86.8		%	86.9		%	86.0		%	84.9		%	88.1		%	89.0		%	86.5		%
Adjusted Operating Ratio	90.7		%	85.9		%	88.7		%	85.5		%	86.0		%	84.8		%	83.5		%	87.0		%	87.6		%	85.3		%
Refrigerated:
Operating revenue	$	177,414		$	185,089		$	182,181		$	182,859		$	169,688		$	178,162		$	177,435		$	180,338		$	727,543		$	705,623
Less: Fuel surcharge revenue	(18,834		)	(19,703		)	(15,351		)	(13,147		)	(6,699		)	(10,720		)	(11,417		)	(13,370		)	(67,035		)	(42,206		)
Revenue xFSR	158,580			165,386			166,830			169,712			162,989			167,442			166,018			166,968			660,508			663,417
Operating expense	169,343			174,183			176,650			171,610			164,903			165,427			190,959			170,814			691,786			692,103
Adjusted for:
Fuel surcharge revenue	(18,834		)	(19,703		)	(15,351		)	(13,147		)	(6,699		)	(10,720		)	(11,417		)	(13,370		)	(67,035		)	(42,206		)
Adjusted operating expense	150,509			154,480			161,299			158,463			158,204			154,707			179,542			157,444			624,751			649,897
Operating Ratio	95.5		%	94.1		%	97.0		%	93.8		%	97.2		%	92.9		%	107.6		%	94.7		%	95.1		%	98.1		%
Adjusted Operating Ratio	94.9		%	93.4		%	96.7		%	93.4		%	97.1		%	92.4		%	108.1		%	94.3		%	94.6		%	98.0		%

Exhibit 99.4

Intermodal:
Operating revenue	$	90,354		$	98,507		$	100,966		$	100,745		$	82,548		$	90,066		$	92,260		$	95,283		$	390,572		$	360,157
Less: Fuel surcharge revenue	(13,090		)	(13,664		)	(12,903		)	(10,784		)	(6,692		)	(8,305		)	(9,294		)	(10,166		)	(50,441		)	(34,457		)
Revenue xFSR	77,264			84,843			88,063			89,961			75,856			81,761			82,966			85,117			340,131			325,700
Operating expense	91,597			96,906			100,243			97,698			85,456			89,163			91,902			94,183			386,444			360,704
Adjusted for:
Fuel surcharge revenue	(13,090		)	(13,664		)	(12,903		)	(10,784		)	(6,692		)	(8,305		)	(9,294		)	(10,166		)	(50,441		)	(34,457		)
Non-cash impairments	—			—			—			—			—			—			—			(37		)	—			(37		)
Adjusted operating expense	78,507			83,242			87,340			86,914			78,764			80,858			82,608			83,980			336,003			326,210
Operating Ratio	101.4		%	98.4		%	99.3		%	97.0		%	103.5		%	99.0		%	99.6		%	98.8		%	98.9		%	100.2		%
Adjusted Operating Ratio	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) Our definition of the non-GAAP measure, Adjusted Operating Ratio, starts with (a) operating expense and (b) operating revenue, which are GAAP financial measures. We subtract the following items from (a) to arrive at (c) adjusted operating expense:

(i)fuel surcharge revenue,

(ii)amortization of the intangibles from our 2007 going-private transaction,

(iii)non-cash operating impairment charges,

(iv)other special non-cash items,

(v)excludable transaction costs, and

(vi)severance expense, including cash and equity award impact, related to the departure of certain executive leadership.

We then subtract fuel surcharge revenue from (b) to arrive at (d) Revenue xFSR. Adjusted Operating Ratio is equal to (c) adjusted operating expense as a percentage of (d) Revenue xFSR.

We net fuel surcharge revenue against fuel expense in the calculation of our Adjusted Operating Ratio, thereby excluding fuel surcharge revenue from operating revenue in the denominator. Because fuel surcharge revenue is so volatile, we believe excluding it provides for more transparency and comparability. Additionally, we believe that comparability of our performance is improved by excluding impairments, non-comparable intangibles from our 2007 going-private transaction and other special items.