Alain Bedard - Chairman, President and Chief Executive Officer Please be advised that this conference call will contain statements that are forward-looking in nature and subject to a number of risks and uncertainties that could cause actual results to differ materially. Also, I would like to remind everyone that this conference call is being recorded on Wednesday, April 26, 2023. Our operating income during the first quarter was $166 million with an operating margin of 10.7% versus the year earlier period o ...

TFI International Inc. (NYSE:TFII) Q4 2022 Earnings Conference Call February 6, 2023 5:00 PM ET Company Participants Alain Bedard - Chairman, President and Chief Executive Officer Conference Call Participants Scott Group - Wolfe Research, LLC Kenneth Hoexter - Bank of America Merrill Lynch Walter Spracklin - RBC Capital Markets Ravi Shanker - Morgan Stanley Jordan Alliger - Goldman Sachs Group, Inc. Konark Gupta - Scotiabank Brian Ossenbeck - JPMorgan Chase & Co. Jason Seidl - Cowen & Co. Thomas Wadewitz - ...

Earnings Press Release Exhibit 99.1 For Immediate Release TFI International Announces 2022 Fourth Quarter and Full-Year Results Montreal, Quebec, February 6, 2023 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the fourth quarter and full year ended December 31, 2022. All amounts are shown in U.S. dollars. "TFI International successfully capped 2022 with strong fourth quarter results, generating slightly hig ...

TFI International Inc. (NYSE:TFII) Q3 2022 Earnings Conference Call October 28, 2022 8:30 AM ET Company Participants Alain Bedard - Chairman and President and Chief Executive Officer Conference Call Participants Jordan Alliger - Goldman Sachs Ravi Shanker - Morgan Stanley Brian Ossenbeck - JPMorgan Konark Gupta - Scotiabank Tom Wadewitz - UBS Jack Atkins - Stephens Scott Group - Wolfe Research Walter Spracklin - RBC Capital Markets Jason Seidl - Cowen Ken Hoexter - Bank of America Bascome Majors - Susquehan ...

TFI International, Inc. (NYSE:TFII) Q2 2022 Earnings Conference Call July 29, 2022 8:30 AM ET Company Participants Alain Bedard - President, CEO & Chairman Conference Call Participants Ravi Shanker - Morgan Stanley Ken Hoexter - Bank of America Jordan Alliger - Goldman Sachs Brian Ossenbeck - JPMorgan Tom Wadewitz - UBS Kevin Chiang - CIBC Walter Spracklin - RBC Capital Markets Jason Seidl - Cowen Benoit Porier - Desjardins Capital Markets Bascome Majors - Susquehanna Cameron Doerksen - National Bank Financ ...

Financial Data and Key Metrics Changes - The company reported first quarter adjusted diluted earnings per share (EPS) of $1.68, more than double compared to the previous year [3][7] - Total quarterly revenue increased by over 90% year-over-year to $2.2 billion, with operating income reaching $220 million, an increase of 116% over the prior year [6][8] - Net cash from operating activities was $138 million, down 11% year-over-year due to higher working capital needs [8][20] Business Segment Data and Key Metrics Changes - The P&C segment, representing 7% of total revenue, experienced a 5% decline in revenue but a 42% increase in operating income to $26.1 million, with an operating margin up 700 basis points to 20.9% [10] - The LTL segment, accounting for 45% of total revenue, generated $835 million in revenue before fuel surcharge, up from $132 million a year earlier, with operating income rising to $95 million [11] - Truckload revenue before fuel surcharge was $516 million, up 22% year-over-year, with operating income climbing 42% to $71 million [14] - The Logistics segment saw revenue before fuel surcharge increase by 15% to $435 million, with operating income growing to $35 million [18][19] Market Data and Key Metrics Changes - The Canadian LTL operation grew revenue before fuel surcharge by 8%, while the U.S. LTL business generated $696 million in revenue, reflecting strong integration post-acquisition [12][13] - The company noted a shortage of drivers and power, impacting service levels and customer demand [32][49] Company Strategy and Development Direction - The company aims to enhance efficiencies by focusing on internal execution, improving density, and optimizing pricing [23] - There is a strong emphasis on profitability and cash flow over simple growth, with plans to continue optimizing TForce Freight following last year's acquisition [5][24] - The management is preparing for potential M&A activity in Q2 and Q3, focusing on logistics and specialty truckload sectors [66][67] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating macroeconomic challenges, citing strong execution and internal opportunities [4][25] - The outlook for full-year EPS has been raised to a range of $6.50 to $6.75, reflecting optimism despite potential economic headwinds [24][81] - Management noted that current market conditions do not indicate a freight recession, with ongoing demand for services [32][49] Other Important Information - The company generated free cash flow of $92 million after higher equipment purchases, ending March with a debt to adjusted EBITDA ratio of 1.72 [20] - A private placement of $300 million in notes was completed to refinance a maturing term loan, maintaining a leverage-neutral position [21][22] Q&A Session Summary Question: Concerns about the end of the cycle and TFI's cyclical nature - Management indicated that TFI's business is less cyclical compared to traditional truckload operations, with significant opportunities for improvement in the U.S. LTL network [29][30] Question: Near-term trajectory of the P&C business - Management acknowledged a slowdown in B2C but noted improvements in B2B, expecting profitability to increase despite volume declines [35][36] Question: Update on U.S. LTL margin improvement - Management aims for an ADOR within the next two years, with ongoing efforts to optimize operations and reduce costs [39][40] Question: Guidance dependency on pricing power and M&A - Management clarified that the new guidance does not include M&A impacts and emphasized cost management and pricing power as key factors [44][45] Question: Impact of spot rates on contract rates - Management stated that while spot rates are declining, contract rates remain strong due to ongoing supply chain issues and demand for service [84][85]

TFI International Inc. (NYSE:TFII) Q4 2021 Earnings Conference Call February 8, 2022 8:30 AM ET Company Participants Alain Bedard - Chairman, President & Chief Executive Officer Conference Call Participants Scott Group - Wolfe Research Tom Wadewitz - UBS Ravi Shanker - Morgan Stanley Konark Gupta - Scotiabank Jordan Alliger - Goldman Sachs Jack Atkins - Stephens Inc. Ken Hoexter - Bank of America Walter Spracklin - RBC Capital Markets Kevin Chiang - CIBC Brian Ossenbeck - JPMorgan Cameron Doerksen - Nationa ...

Financial Performance - Total revenue for Q4 2021 was $2.14 billion, up 91% year-over-year, while revenue before fuel surcharge was $1.89 billion, an increase of 80%[7] - Operating income for Q4 2021 grew 84% to $215.0 million from $117.1 million in Q4 2020, driven by acquisitions and cost efficiencies[6] - Full-year 2021 total revenue reached $7.22 billion, a significant increase of 91% compared to $3.78 billion in 2020[10] - Net income for Q4 2021 was $144.1 million, a 67% increase from $86.3 million in the prior year, resulting in diluted EPS of $1.52, up from $0.91[8] - Adjusted EBITDA for the full year 2021 was $1.08 billion, up 54% from $699.6 million in 2020[4] - Operating income for the full year 2021 was $889.2 million, representing 14% of revenue before fuel surcharge, up from 12% in the prior year[11] - Net income for the year attributable to owners of the Company was $664,361, up from $275,675 in 2020, representing a 141% increase[33] - Basic earnings per share increased to $7.14 in 2021 from $3.09 in 2020, reflecting a 131% growth[33] - Adjusted net income for Q4 2021 was $148.62 million, up 59.5% from $93.36 million in Q4 2020[51] - Adjusted EPS for Q4 2021 was $1.60 (basic) and $1.57 (diluted), compared to $1.00 and $0.98 in Q4 2020, representing increases of 60% and 60.2% respectively[51][52] Shareholder Returns - The Company returned $283.5 million to shareholders in 2021, including $85.4 million in dividends and $198.2 million in share repurchases[17] - The Company declared a quarterly dividend of $0.27 per share, representing a 17% increase from the previous year's dividend of $0.23[18] Cash Flow and Capital Expenditures - Net cash from operating activities for 2021 was $855.4 million, a 40% increase from $610.9 million in 2020[17] - Cash generated from operating activities before interest and taxes was $1,109,614 thousand, compared to $737,523 thousand in 2020, an increase of 50.5%[37] - Free cash flow for the year ended December 31, 2021, was $700,889,000, up from $544,644,000 in 2020, indicating an increase of 28.7%[66] - Net capital expenditures for the year ended December 31, 2021, totaled $136,782,000, up from $70,764,000 in 2020, indicating a rise of 93%[66] - Net capital expenditures for the three months ended December 31, 2021, totaled $68,237,000, a significant increase from $31,211,000 in the same period of 2020, representing a year-over-year growth of 118%[68] Assets and Liabilities - Total assets as of December 31, 2021, were $5,753,123, compared to $3,847,254 in 2020, marking a 49% increase[30] - Total liabilities increased to $3,532,812 in 2021 from $2,058,642 in 2020, a rise of 71%[30] - Cash and cash equivalents rose to $19,292 from $4,297, indicating a significant increase of 348%[30] - Trade and other receivables increased to $1,056,023 in 2021 from $597,873 in 2020, a growth of 77%[30] Segment Performance - The Less-Than-Truckload segment saw a staggering revenue increase of 509% in Q4 2021 compared to the prior year[9] - Total revenue for the Truckload segment for the year ended December 31, 2021, was $2,162,752,000, a 23.7% increase from $1,748,359,000 in 2020[45] - Total revenue for the Logistics segment reached $441,086,000 in Q4 2021, a 34.5% increase from $327,689,000 in Q4 2020[46] - Operating income for the Logistics segment increased to $142,794,000 in 2021, compared to $84,459,000 in 2020, marking a growth of 69%[70] Operational Metrics - Revenue per shipment (excluding fuel) increased to $6.21 in 2021 from $5.67 in 2020, a rise of 9.4%[41] - The average vehicle count increased to 1,139 in 2021 from 1,008 in 2020, representing a growth of 13.0%[41] - The average tractor count in the U.S. based Conventional TL segment increased by 17.6% to 3,447 in Q4 2021 from 2,932 in Q4 2020[45] - The average trailer count in the Canadian based Conventional TL segment rose by 21.1% to 3,401 in Q4 2021 from 2,809 in Q4 2020[45] Financial Ratios - The funded debt-to-EBITDA ratio as of December 31, 2021, was 1.51, well below the requirement of less than 3.50, indicating strong financial health[68] - The EBITDAR coverage ratio was reported at 5.59, significantly above the required minimum of 1.75, showcasing strong earnings relative to interest and rent expenses[68] Other Financial Metrics - Other comprehensive income for the year was $17,524, compared to $17,052 in 2020, showing a slight increase[34] - Depreciation and amortization expenses for the year ended December 31, 2021, totaled $55.24 million, compared to $48.21 million in 2020[55]

TFI International Inc. (NYSE:TFII) Q3 2021 Earnings Conference Call October 29, 2021 8:30 AM ET Company Participants Alain Bedard - Chairman, President & Chief Executive Officer Conference Call Participants Jordan Alliger - Goldman Sachs Scott Group - Wolfe Research Brian Ossenbeck - JPMorgan Ken Hoexter - Bank of America Ravi Shanker - Morgan Stanley Walter Spracklin - RBC Capital Markets Tom Wadewitz - UBS Kevin Chiang - CIBC Jason Seidl - Cowen Konark Gupta - Scotiabank Benoit Poirier - Desjardins Capita ...

Financial Data and Key Metrics Changes - Total revenue for Q2 2021 reached $1.8 billion, more than doubling from approximately $800 million in the prior year, reflecting a strong organic growth of 27% [10] - Operating income was reported at just over $310 million, including a bargain purchase gain of $123 million from the UPS Freight acquisition [10] - Diluted EPS increased by 361% to $2.63, while adjusted diluted EPS rose by 89% to $1.44 [10] - Net cash from continuing operating activities increased by 78% to nearly $300 million, highlighting strong cash flow [11] Business Segment Performance - The P&C segment, representing 9% of total segment revenue, saw a 44% increase in revenue before fuel surcharge, with operating income up 80% to $29.5 million [13] - The LTL segment, now the largest at 39% of total segment revenue, produced revenue before fuel surcharge of $625 million, up from $114 million a year earlier, with operating income of $203 million [14] - The truckload segment represented 30% of total revenue, with revenue before fuel surcharge of $482 million, up 42% year-over-year, and operating income reaching $63 million [16] - The logistics segment accounted for 22% of total segment revenue, with revenue before fuel surcharge more than doubling to $407 million and operating income also more than doubling to $35.6 million [19] Market Data and Key Metrics Changes - The Canadian LTL business grew revenue before fuel surcharge by 26%, while the U.S. LTL business generated revenue before fuel surcharge of $482 million [15] - The overall strong performance was attributed to a combination of increased volumes and pricing, driven by both B2B and e-commerce demand [10] Company Strategy and Industry Competition - The acquisition of UPS Freight is viewed as a strategic move, positioning the company as a top five North American LTL carrier [9] - The company aims to optimize profitability and cash flow while focusing on strategic acquisitions to enhance shareholder value [7] - Management emphasized the importance of improving operational efficiencies and addressing cost structures within the newly acquired TForce Freight [40][84] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to optimize the TForce Freight operation, despite acknowledging cyclicality in the business [22] - The company expects EPS to be in the range of $4.50 to $4.60 for the year, up from a prior range of $3.80 to $4.00 [23] - Management noted that while volume growth may be flat for the year, the focus will be on improving profitability [101] Other Important Information - The company reported a free cash flow of $268 million, up over 69%, and maintained a leverage ratio well below 2 times funded debt-to-EBITDA [20] - The company is addressing operational inefficiencies and has plans to upgrade facilities and fleet to enhance performance [96][97] Q&A Session Summary Question: Can you help us understand how much of the LTL performance was seasonal and how it aligns with targets? - Management indicated that Canadian LTL performance is stable, while TForce Freight shows cyclicality, with Q2 being the best quarter [30][32] Question: How are you addressing tonnage and pricing trade-offs at TForce Freight? - Management is focused on eliminating low-quality freight and adjusting pricing to improve profitability, with a long-term goal of enhancing operational efficiency [38][40] Question: What is the outlook for guidance and margin expectations? - Management stated that the guidance reflects a conservative approach, aiming to under-promise and over-deliver, with expectations for improved margins in the future [49][50] Question: Can you provide insights on the real estate footprint at TForce Freight? - Management acknowledged having excess terminal capacity and plans to optimize the network while exploring opportunities for additional tenants [93][95] Question: How do you see labor costs and availability impacting growth? - Management indicated that while they do not foresee volume growth this year, they are focused on improving the bottom line and managing labor costs effectively [99][101]