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]

TFI International, Inc. (NYSE:TFII) Q1 2021 Earnings Conference Call April 28, 2021 8:30 AM ET Company Participants Alain Bedard - Chairman, President & CEO Conference Call Participants Scott Group - Wolfe Research Konark Gupta - Scotia Bank Allison Landry - Credit Suisse Kevin Chiang - CIBC Fadi Chamoun - BMO Capital Markets Tim James - TD Securities Jason Seidl - Cowen Cameron Doerksen - National Bank Financial Benoit Poirier - Desjardins Capital Walter Spracklin - RBC Sanjay Ramaswamy - Bank of America O ...

TFI International Inc. (NYSE:TFII) Q4 2020 Earnings Conference Call February 8, 2021 5:00 PM ET Company Participants Alain Bedard - President, Chief Executive Officer and Chairman Conference Call Participants Ravi Shanker - Morgan Stanley Allison Landry - Credit Suisse David Ross - Stifel Nicolaus Scott Group - Wolfe Research Walter Spracklin - RBC Capital Markets Tom Wadewitz - UBS Konark Gupta - Scotia Capital Jason Seidl - Cowen and Company Ken Hoexter - Bank of America Tim James - TD Securities Brian Os ...

TFI International Inc. (NYSE:TFII) Q3 2020 Results Earnings Conference Call October 23, 2020 8:10 AM ET Company Participants Alain Bédard - Chairman, President, Chief Executive Officer David Saperstein - Chief Financial Officer Conference Call Participants Ravi Shanker - Morgan Stanley Jason Seidl - Cowen Allison Landry - Credit Suisse Scott Group - Wolfe Research Walter Spracklin - RBC Capital Markets Tom Wadewitz - UBS Jordan Alliger - Goldman Sachs Mona Nazir - Laurentian Bank Sanjay Ramaswamy - Bank of ...

Financial Performance - Total revenue for Q2 2020 was $1.1 billion, down 17% year-over-year. Operating income decreased by 12% to $131 million, and adjusted EPS on a diluted basis was $1.04 compared to $1.18 in the prior year [12][13]. - Net cash from continuing operating activities was $228 million, up 61% from the previous year [13]. Business Segment Performance - The P&C segment, representing 14% of total segment revenue, saw revenue decline by 12% year-over-year, with operating income of $23 million compared to $30 million in the prior year [15]. - The LTL segment, accounting for 16% of total segment revenue, experienced a 28% decline in revenue year-over-year, but operating income increased by 10% to $33 million, aided by a Canadian wage subsidy [18]. - The truckload segment, the largest at 46% of total revenue, saw a 17% decline in revenue, but operating income rose by 3% to $70 million, supported by a Canadian wage subsidy [20]. - The logistics segment, representing 24% of total segment revenue, grew by 8% year-over-year, with operating income up 27% [23]. Market Trends - The company noted a significant shift from B2B to B2C business during the pandemic, with B2C activity increasing as traditional retail outlets closed [16][66]. - E-commerce demand remained strong throughout the quarter, benefiting logistics operations [24]. Company Strategy and Industry Competition - The company continues to pursue an asset-light business model and focuses on disciplined acquisitions to enhance operational efficiency [9][30]. - Management expressed confidence in the M&A environment, indicating potential for larger acquisitions in the future [46][50]. Management Commentary on Operating Environment and Future Outlook - Management acknowledged the challenges posed by COVID-19 but highlighted a strong recovery in June and positive signs for future performance [14][29]. - The company expects adjusted diluted EPS for the full year to be in the range of $3.40 to $3.75, with free cash flow projected between $425 million and $460 million [27]. Other Important Information - The company has reinstated full work weeks for many employees and resumed some capital expenditures [26]. - Financial leverage is at a multi-year low, with $1.1 billion in liquidity [24]. Q&A Session Summary Question: Can you walk us through the cost impacts related to COVID-19 in Q2? - Management discussed various costs incurred due to COVID-19, including sanitation and employee bonuses, and noted significant revenue drops in April [36][37]. Question: Has the M&A environment normalized for larger acquisitions? - Management indicated that while small acquisitions have been active, they are cautiously optimistic about larger deals in the near future [46][50]. Question: What are the trends in the U.S. truckload market? - Management noted a sharp recovery in activity and expressed confidence in the ability to re-price lower-yielding freight [55][58]. Question: How is the B2B business recovering? - B2B revenue was down about 15% in July compared to the previous year, with expectations of a permanent impairment due to shifts towards e-commerce [76][78]. Question: What is the outlook for free cash flow in the second half of the year? - Management indicated a decline in free cash flow due to tax payments and resumed capital expenditures [80][81].

TFI International Inc. (NYSE:TFII) Q1 2020 Earnings Conference Call April 22, 2020 8:30 AM ET Company Participants Alain Bédard - Chairman, President and Chief Executive Officer Conference Call Participants Jason Seidl - Cowen and Company Mona Nazir - Laurentian Bank Securities, Inc. Jack Atkins - Stephens Inc. Scott Group - Wolfe Research, LLC Thomas Wadewitz - UBS Ken Hoexter - Bank of America Merrill Lynch Konark Gupta - Scotiabank Brian Ossenbeck - JPMorgan Walter Spracklin - RBC Capital Markets Cameron ...