TFI International (TFII) - 2021 Q4 - Annual Report

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]