U.S. Bulk Carrier Acquisition Further Strengthens TFI’s U.S. Specialized Truckload Operations

Montreal, Quebec, September 9, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the acquisition of substantially all the assets of CCC Transportation (“CCC”) and related real estate and equipment. Primarily a bulk carrier, CCC was previously a subsidiary of Comcar Industries, Inc., which along with its other subsidiaries filed Chapter 11 petitions in the U.S. Bankruptcy Court on May 17, 2020. TFI International, which paid a total consideration of U.S. $6.8 million for CCC, its associated real estate and additional equipment, had purchased both CT Transportation and MCT Transportation as part of the same bankruptcy proceeding, as previously announced.

Founded in 1953 and headquartered in Auburndale, FL, CCC is a leading truckload carrier in the Southeast U.S. and one of Florida’s largest intrastate motor carriers, offering cement hauling services primarily in Georgia and Florida, as well as dry van, intermodal, dedicated fleets, logistics and retail direct delivery. CCC has approximately 80 drivers operating nearly 100 tractors and more than 80 trailers, and generates approximately U.S. $10 million in annual revenue. As part of the transaction, TFI also acquired real estate and more than 90 additional trailers. CCC Transportation will become part of TFI International’s Truckload segment.

“We welcome the CCC team to the TFI family of companies and are pleased to strategically bring onboard several additional attractive assets of Comcar, following our earlier acquisitions of CT and MCT assets,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “CCC fits nicely with our existing BTC southern cement business and represents another important addition to our expanding specialized Truckload operations.”

Strategic Acquisition of Less-Than-Truckload and Intermodal Truckload Carrier
Growth and Synergy Opportunities Across Canadian Footprint

Montreal, Quebec, August 28, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has signed a definitive agreement to acquire APPS Transport Group (“APPS”). Established in 1985 and headquartered in Mississauga, Ontario, APPS primarily provides Less-Than-Truckload service, as well as Truckload, Warehousing, Distribution, and specialized Logistics solutions within Ontario and throughout Canada. The company serves the retail, consumer goods, automotive supply, food and beverage, industrial and commercial supply, and wire and cable industries.

With approximately CAD $100 million in annual revenue and nearly half its business intermodal, APPS has more than 400 employees including nearly 100 dedicated drivers plus more than 80 independent contractors, and works with over 250 interline partners. From its six facilities including its main location in Mississauga, the company operates a fleet that includes nearly 70 company trucks, close to 250 trailers, and approximately 250 containers.

“We look forward to welcoming the exceptional APPS team to TFI International, and see a superb opportunity to drive performance and operational synergies in the months ahead,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “APPS shares our core values and has demonstrated rapid, efficient growth over the years. We anticipate building upon their already impressive track record by enhancing utilization, growing revenue quality and optimizing the use of our combined real estate footprint. In particular, the APPS operational network should provide an excellent strategic fit with our current operating regions, providing ample opportunity to further enhance customer service. We eagerly look forward to seeing the APPS team continue their long-term success under the TFI umbrella.”

The transaction is expected to close as soon as possible subject to regulatory review and approval.

Montreal, Quebec, August 27, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that Rosemary Turner has joined its Board of Directors. Over her 40-year career, Ms. Turner has delivered specialized supply chain and logistics services on a global scale, demonstrating deep industry know-how. She has excelled in uncovering market opportunity, developing clients, and applying technology to transform both organizational process and culture. For 22 years, she served as president of various UPS districts, applying her proven strengths in business development, relationship management and operational stewardship, with responsibility for the performance of more than 17,000 employees and a P&L of more than U.S. $2 billion.

Ms. Turner spent 40 years at UPS, most recently serving as president of Northern California operations, and previously as president of the Southern California district, the Northern Plains district and the Chesapeake district. She also brings extensive director experience to TFI, having served on the boards of more than 20 companies and organizations including the Federal Reserve Bank of San Francisco, Loyola Marymount University, the Diversity Council for Comcast/NBC, the Federal Reserve Bank of Philadelphia, and the United Way of Southeastern Pennsylvania.

With a lifelong devotion to community service and other important causes, Ms. Turner has received more than 25 prestigious recognitions and awards, including the Northern California Most Powerful & Influential Women award, the Most Influential Women In Bay Area Business award, the Americanism Award Recipient from the Anti-Defamation League, the Community Leadership award from the Salvation Army of Philadelphia, the Go Red Women of Heart award from the American Heart Association, and many more.

“We are very excited to welcome Rosemary to our Board and look forward to her many contributions drawing on her extensive experience over a long and distinguished career,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI. “Rosemary brings a terrific combination of deep industry experience and a lifelong devotion to important causes that she holds dear and that we highly value on our Board and throughout our organization. Her global perspective yet granular operational expertise, along with her growth orientation and focus on leading edge technology will all prove highly valuable in helping us shape TFI’s strategic approach in the exciting years ahead.”

Montreal, Quebec, August 24, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the resignation of Arun Nayar, an Independent Director of the Company since 2018 and chair of the Audit Committee, due to personal reasons for matters unrelated to TFI International. The Company’s Audit Committee is comprised of Diane Giard, Richard Guay and Debra Kelly-Ennis, all of whom are independent directors. The Board of Directors will appoint a new chair of the Audit Committee shortly.

Underwriters exercise over-allotment option in full

Montreal, Quebec, August 17, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the closing of its previously-announced marketed offering of common shares in the United States and Canada. TFI International issued a total of 5,060,000 shares, including 660,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price of US $43.25 per share, the equivalent of CAD $57.32 per share based on the Bank of Canada exchange rate at the time of pricing, for gross proceeds to TFI International of US $218,845,000 (approximately CAD $290 million).

TFI International expects to use the net proceeds from the offering for working capital and to reduce the amount outstanding under one of its credit facilities, thereby increasing the amount available under the credit facility for future use by TFI International. TFI International may use the credit facility in the future for general corporate purposes, including acquisitions.

The public offering was conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, Credit Suisse, Goldman Sachs & Co. LLC and J.P. Morgan, as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial Inc., Stephens Inc., Stifel and Wolfe Capital Markets and Advisory as co-managers.

No securities regulatory authority has either approved or disapproved the contents of this news release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements included in this press release may be “forward-looking information” within the meaning of applicable Canadian securities laws, section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and by the United States Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the use of proceeds of the public offering. This forward-looking information is identified by the use of terms and phrases such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue”, and the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond TFI International’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. The forward-looking information contained in this press release represents TFI International’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, TFI International does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Montreal, Quebec, August 12, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the pricing of its previously-announced marketed offering in the United States and Canada and that the size of the offering has been increased to 4,400,000 common shares. TFI International will issue the shares at a price of US $43.25 per share, the equivalent of CAD $57.32 per share based on today’s Bank of Canada exchange rate, for gross proceeds of US $190,300,000. The offering is expected to close on August 17, 2020, subject to customary closing conditions.

The public offering is being conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, Credit Suisse, Goldman Sachs & Co. LLC and J.P. Morgan, as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial Inc., Stephens Inc., Stifel and Wolfe Capital Markets and Advisory as co-managers.

TFI International expects to use the net proceeds from the offering for working capital and to reduce the amount outstanding under one of its credit facilities, thereby increasing the amount available under the credit facility for future use by TFI International. TFI International may use the credit facility in the future for general corporate purposes, including acquisitions.

TFI International has also granted the underwriters an option to purchase up to an additional 660,000 common shares, representing 15% of the number of common shares to be sold pursuant to the public offering, solely to cover the underwriters’ over-allocation position, if any, and for market stabilization purposes. The option is exercisable by the underwriters for a period of 30 days following the closing of the offering.

In connection with the public offering, TFI International has filed a preliminary prospectus supplement and will file a final prospectus supplement to its amended and restated short form base shelf prospectus dated August 11, 2020. The preliminary prospectus supplement was filed, and the final prospectus supplement will be filed, with the securities regulatory authorities in each of the provinces of Canada as well as with the U.S. Securities and Exchange Commission (SEC) as part of a registration statement on Form F-10, as it may be amended from time to time, under the U.S.-Canada multijurisdictional disclosure system (MJDS).

The public offering is being made in Canada only by means of the amended and restated base shelf prospectus and prospectus supplement and in the United States only by means of the registration statement, including the amended and restated base shelf prospectus and prospectus supplement. Such documents contain important information about the offering. A copy of the prospectus supplement will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, and a copy of the registration statement is available on EDGAR at www.sec.gov. Copies of the prospectus supplements and the registration statement may also be obtained from any of the following sources: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com; Credit Suisse Securities (USA) LLC, By mail: Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, By phone: 1-800-221-1037, By e-mail: usa.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204, email: prospectus-eq_fi@jpmchase.com.

No securities regulatory authority has either approved or disapproved the contents of this news release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements included in this press release may be “forward-looking information” within the meaning of applicable Canadian securities laws, section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and by the United States Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the public offering and the anticipated closing thereof. This forward-looking information is identified by the use of terms and phrases such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue”, and the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond TFI International’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Completion of the public offering is subject to numerous factors, many of which are beyond TFI International’s control, including but not limited to, the failure to fulfill customary closing conditions and other important factors disclosed previously and from time to time in TFI International’s filings with the securities regulatory authorities in each of the provinces of Canada and the SEC. The forward-looking information contained in this press release represents TFI International’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, TFI International does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Montreal, Quebec, August 11, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced the launch of a marketed offering of 4,000,000 common shares in the United States and Canada.

The public offering will be conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, Credit Suisse, Goldman Sachs & Co. LLC and J.P. Morgan, as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial Inc., Stephens Inc., Stifel and Wolfe Capital Markets and Advisory as co-managers. The offering will be priced in the context of the market; the issue price per share and size of the offering will be confirmed when TFI International enters into an underwriting agreement for the offering.

TFI International expects to use the net proceeds from the offering for working capital and to reduce the amount outstanding under one of its credit facilities, thereby increasing the amount available under the credit facility for future use by TFI International. TFI International may use the credit facility in the future for general corporate purposes, including acquisitions.

TFI International will also grant the underwriters an option to purchase up to an additional 600,000 common shares, representing 15% of the number of common shares to be sold pursuant to the public offering, solely to cover the underwriters’ over-allocation position, if any, and for market stabilization purposes. The option will be exercisable by the underwriters for a period of 30 days following the closing of the offering.

In connection with the public offering, TFI International filed with the securities regulatory authorities in each of the provinces of Canada, and obtained a receipt for, an amended and restated base shelf prospectus increasing the aggregate value of securities that may be distributed thereunder during the period that the amended and restated base shelf prospectus is effective, being the 25-month period ending on November 12, 2020. The amended and restated base shelf prospectus was filed on Form F-10 with the U.S. Securities and Exchange Commission (SEC). TFI International also filed a preliminary prospectus supplement to the amended and restated short form base shelf prospectus with the securities regulatory authorities in each of the provinces of Canada as well as with the SEC as part of a registration statement on Form F-10 under the U.S.-Canada multijurisdictional disclosure system (MJDS).

Completion of the offering will be subject to customary closing conditions.

The public offering will be made in Canada only by means of the amended and restated base shelf prospectus and prospectus supplement and in the United States only by means of the registration statement, including the amended and restated base shelf prospectus and prospectus supplement. Such documents contain important information about the offering. A copy of the preliminary prospectus supplement and of the prospectus supplement will be available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov, and a copy of the registration statement is available on EDGAR at www.sec.gov. Copies of the prospectus supplements and the registration statement, when available, may also be obtained from any of the following sources: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; BofA Securities, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department, email: dg.prospectus_requests@bofa.com; Credit Suisse Securities (USA) LLC, By mail: Attn: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, United States, By phone: 1-800-221-1037, By e-mail: usa.prospectus@credit-suisse.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, New York 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, email: prospectus-ny@ny.email.gs.com; and J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: (866) 803-9204, email: prospectus-eq_fi@jpmchase.com.

Prospective investors should read the prospectus supplements and registration statement before making an investment decision.

No securities regulatory authority has either approved or disapproved the contents of this news release. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Certain statements included in this press release may be “forward-looking information” within the meaning of applicable Canadian securities laws, section 27A of the United States Securities Act of 1933, as amended, and section 21E of the United States Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and by the United States Private Securities Litigation Reform Act of 1995, as amended, including statements regarding the proposed public offering and the terms thereof. This forward-looking information is identified by the use of terms and phrases such as “may”, “might”, “expect”, “intend”, “estimate”, “anticipate”, “plan”, “foresee”, “believe”, “to its knowledge”, “could”, “design”, “forecast”, “goal”, “hope”, “intend”, “likely”, “predict”, “project”, “seek”, “should”, “target”, “will”, “would” or “continue”, and the negative of these terms and similar terminology, including references to assumptions, although not all forward-looking information contains these terms and phrases. Forward-looking information is based upon a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond TFI International’s control, that could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. Completion of the proposed public offering is subject to numerous factors, many of which are beyond TFI International’s control, including but not limited to, the failure of customary closing conditions and other important factors disclosed previously and from time to time in TFI International’s filings with the securities regulatory authorities in each of the provinces of Canada and the SEC. The forward-looking information contained in this press release represents TFI International’s expectations as of the date of this press release (or as of the date they are otherwise stated to be made), and are subject to change after such date. However, TFI International does not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

Strategic Acquisition to Further Expand TFI’s Specialized Truckload Operations
Multiple Synergy and Cost Saving Opportunities

Montreal, Quebec, July 31, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has acquired Keith Hall & Sons Transport (“KHS”). Established in 1965 and headquartered in Burford, Ontario, KHS began in the milk hauling business and has grown to become one of Ontario’s leading family-owned and operated transportation businesses, hauling liquid and dry foods and general freight across North America.

KHS, which generates approximately CAD $30 million in annual revenue, has more than one hundred full-time company drivers and nearly 20 part-time company drivers and owner-operators. The company operates a high-quality fleet including close to 120 company tractors and more than 200 trailers including tanks, vans and reefers. KHS also operates a food-grade tank washing facility at its Burford headquarters.

“Keith Hall & Sons fits exceptionally well with our food grade transportation business and we welcome the entire KHS team to TFI International,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “KHS hauls similar products to our various tank companies and we expect to create significant synergies. As our third acquisition within specialized Truckload this year, KHS is another strategic addition to the growing TFI family of operating companies and we are pleased that KHS and its team continue their rapid growth as part of our organization.”

• Second quarter operating income from continuing operations of $131.5 million compared to $149.0 million the same quarter last year
• Net cash from continuing operating activities of $227.9 million increased from $141.4 million in Q2 2019
• Net income of $69.7 million compared to $87.7 million in Q2 2019
• Adjusted net income¹, a non-IFRS measure, of $92.1 million compared to $102.0 million in Q2 2019
• Diluted EPS of $0.79 compared to $1.01 in Q2 2019
• Adjusted diluted EPS¹, a non-IFRS measure, of $1.04 compared to $1.18 in Q2 2019

Montreal, Quebec, July 27, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the second quarter ended June 30, 2020.

“Leveraging a longstanding adherence to our operating principles, TFI International performed exceptionally well during the second quarter in light of the unprecedented disruption from COVID-19, all while continuing to protect the wellbeing of our employees and customers. I wish to thank each of the hardworking and dedicated members of the TFI family for driving our resilience and for providing our customary impeccable service levels during these challenging times,” said Alain Bédard, Chairman, President and Chief Executive Officer. “With our solid financial footing, our rapid response to the pandemic and a heightened focus on the fundamentals of our business, we were able to substantially grow our net cash from operating activities over the prior year period. In addition, we continued our tradition of thoughtful and disciplined M&A, with the acquisition of three attractive businesses. While we saw notable improvement in operating conditions as the quarter progressed and were pleased to partially reverse several of our decisive cost reduction actions implemented early in the quarter, TFI remains vigilant and agile with a highly capable workforce. Longer term, we believe that positive developments during the second quarter in terms of our increased e-commerce activity and our own enhanced operating synergies will benefit our continued creation of shareholder value down the road.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended June 30		Six months ended June 30
	2020	2019*	2020	2019*
Total revenue	1,106.2	1,337.8	2,346.7	2,568.6
Revenue before fuel surcharge	1,025.3	1,183.9	2,137.9	2,281.3
Adjusted EBITDA1	232.1	236.3	432.6	423.9
Operating income from continuing operations	131.5	149.0	249.9	253.9
Net cash from continuing operating activities	227.9	141.4	419.6	302.1
Adjusted net income1	92.1	102.0	161.6	169.1
Adjusted EPS – diluted1 ($)	1.04	1.18	1.85	1.94
Net income from continuing operations	69.7	100.2	145.4	165.3
EPS from continuing operations – diluted ($)	0.79	1.16	1.66	1.90
Weighted average number of shares (‘000s)	87,411	84,183	86,063	84,676

_{^* Recasted for changes in presentation, see note 20 in the unaudited condensed consolidated interim financial statements.
¹ This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.}

SECOND QUARTER RESULTS

Total revenue of $1.11 billion was down 17% and, net of fuel surcharge, revenue of $1.03 billion was down 13% compared to the prior year period.

Operating income from continuing operations declined by 12% to $131.5 million from $149.0 million the prior year period, primarily driven by a decline in volumes due to COVID-19 and a bargain purchase gain recognized in the prior year period offset by contributions from business acquisitions, strong execution across the organization, an asset-light approach, and cost efficiencies.

Net income from continuing operations was $69.7 million, a decrease of 30% compared to $100.2 million the prior year period, and net income from continuing operations of $0.79 per diluted share was down relative to $1.16 the prior year period. Adjusted net income, a non-IFRS measure, was $92.1 million, or $1.04 per diluted share, as compared to $102.0 million, or $1.18 per diluted share, the prior year period.

SIX-MONTH RESULTS

For the first six months of 2020, total revenue was $2.35 billion, versus $2.57 billion in the first six months of 2019. Net of fuel surcharge, revenue was $2.14 billion, as compared to $2.28 billion the prior year. Operating income from continuing operations totalled $249.9 million, or 11.7% of revenue before fuel surcharge, compared to $253.9 million or 11.1% of revenue before fuel surcharge the prior year.

Net income from continuing operations was $145.4 million, or $1.66 per diluted share, versus $165.3 million, or $1.90 per diluted share, a year ago. Adjusted net income was $161.6 million compared to $169.1 million the prior year.

During the first half of 2020, revenue grew 14% for Logistics, driven by business acquisitions and e-commerce, and declined 8% for Truckload, 9% for Package and Courier and 21% for Less-Than-Truckload, relative to the prior year.

Operating income was higher for the Truckload and Logistics segments, while operating income for Package and Courier and Less-Than-Truckload declined.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended June 30				Six months ended June 30
	2020		2019*		2020		2019*
	$		$		$		$
Revenue1
Package and Courier	139.5		158.5		279.0		305.5
Less-Than-Truckload	158.4		219.1		338.6		427.1
Truckload	471.2		570.4		1,004.7		1,097.5
Logistics	265.0		244.9		533.7		469.2
Eliminations	(8.8)		(9.0)		(18.1)		(17.9)
Total	1,025.3		1,183.9		2,137.9		2,281.3
	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1
Operating income (loss)
Package and Courier	22.6	16.2%	29.9	18.9%	38.1	13.7%	50.9	16.7%
Less-Than-Truckload	33.4	21.1%	30.3	13.8%	51.1	15.1%	57.9	13.6%
Truckload	69.5	14.8%	67.2	11.8%	132.5	13.2%	118.0	10.8%
Logistics	22.7	8.6%	28.7	11.7%	48.6	9.1%	43.8	9.3%
Corporate	(16.8)		(7.1)		(20.4)		(16.7)
Total	131.5	12.8%	149.0	12.6%	249.9	11.7%	253.9	11.1%

<sub>Note: due to rounding, totals may differ slightly from the sum.
* Recasted for changes in presentation, see note 20 in the unaudited condensed consolidated interim financial statements.
¹ Revenue before fuel surcharge.</sub>

CASH FLOW

Net cash from continuing operating activities was $227.9 million during Q2 2020 versus $141.4 million the prior year quarter. The 61% increase was due to stringent working capital management and the deferral of certain tax payments due to economic stimulus measures initiated in response to COVID-19. The Company returned $96.5 million to shareholders during the first half of the year, of which $43.8 million was through dividends and $52.6 million was through share repurchases. The company also paid down net debt of $492.5 million during the first half of the year from proceeds generated from operations and the share issuance.

Cash used for the purchases of property and equipment was $27.3 million during Q2 2020 versus $69.8 million the prior year quarter. In Q2, management initially suspended all capital expenditures to which it had not already committed, but reinstated most capital expenditures at the end of Q2.

On June 15, 2020, the Board of Directors of TFI International declared a quarterly dividend of $0.26 per outstanding common share payable on July 15, 2020, representing an 8% increase over the $0.24 quarterly dividend declared in Q2 2019.

REVERSAL OF CERTAIN COST SAVING MEASURES

TFI has rolled back certain cost saving measures implemented at the onset of the COVID-19 pandemic that had spanned all operating companies and its entire workforce and has reinstated a full five-day work week for 594 employees and rehired 793 employees full-time who had been furloughed.

CONFERENCE CALL

TFI International will host a conference call on Tuesday, July 28, 2020 at 8:30 a.m. Eastern Time to discuss these results. Interested parties can join the call by dialing 1-877-223-4471. A recording of the call will be available until midnight, August 11, 2020, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 9527458.

FORWARD-LOOKING STATEMENTS

Except for historical information provided herein, this press release may contain information and statements of a forward-looking nature concerning the future performance of TFI International. These statements are based on assumptions and uncertainties as well as on management’s best possible evaluation of future events. Such factors may include, without excluding other considerations, fluctuations in quarterly results, evolution in customer demand for TFI International’s products and services, the impact of price pressures exerted by competitors, and general market trends or economic changes. As a result, readers are advised that actual results may differ from expected results.

NON-IFRS FINANCIAL MEASURES

This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS measures do not have any standardized meanings prescribed by International Financial Reporting Standards (IFRS) and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation, in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. The terms and definitions of the non-IFRS measures used in this press release and a reconciliation of each non-IFRS measure to the most directly comparable IFRS measure are provided below.

Adjusted EBITDA

Adjusted EBITDA is calculated as net income or loss from continuing operations before finance income and costs, income tax expense, depreciation, amortization, bargain purchase gain, and gain or loss on sale of land and buildings and assets held for sale. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to assess its performance.

Adjusted EBITDA (unaudited, in millions of dollars)	Quarters ended June 30		Six months ended June 30
	2020	2019*	2020	2019*
Net income from continuing operations	69.7	100.2	145.4	165.3
Net finance costs	17.6	21.5	36.8	40.6
Income tax expense	44.2	27.3	67.7	48.0
Depreciation of property and equipment	58.1	55.8	115.2	108.2
Depreciation of right-of-use assets	27.3	25.9	52.9	50.5
Amortization of intangible assets	15.4	16.5	31.0	32.3
Bargain purchase gain	–	(10.8)	(5.6)	(10.8)
Gain on sale of land and buildings and assets held for sale	(0.1)	(0.1)	(10.8)	(10.2)
Adjusted EBITDA	232.1	236.3	432.6	423.9

_{Note: due to rounding, totals may differ slightly from the sum.}

_{* Recasted for change in presentation, see note 20 in the unaudited condensed consolidated interim financial statements.}

Adjusted net income and adjusted earnings per share (adjusted “EPS”), basic or diluted

Adjusted net income is calculated as net income excluding amortization of intangible assets related to business acquisitions, net change in the fair value and accretion expense of contingent considerations, net change in the fair value of derivatives, net foreign exchange gain or loss, bargain purchase gain, gain or loss on sale of land and buildings and assets held for sale, net of tax, net loss from discontinued operations and U.S Tax Reform . Adjusted earnings per share, basic or diluted, is calculated as adjusted net income divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income and adjusted earnings per share to measure its performance from one period to the next, without the variation caused by the impact of the items described above. The Company excludes these items because they affect the comparability of its financial results and could potentially distort the analysis of trends in its business performance. Excluding these items does not imply they are necessarily non-recurring.

Adjusted net income (unaudited, in millions of dollars, except per share data)	Quarters ended June 30		Six months ended June 30
	2020	2019	2020	2019
Net income	69.7	87.7	145.4	152.8
Amortization of intangible assets related to business acquisitions, net of tax	10.9	11.8	22.0	23.1
Net change in fair value and accretion expense of contingent considerations, net of tax	0.0	0.0	0.1	0.1
Net change in fair value of derivatives, net of tax	(0.2)	0.0	0.2	–
Net foreign exchange (gain) loss, net of tax	0.0	0.7	(1.2)	0.2
Bargain purchase gain	–	(10.8)	(5.6)	(10.8)
Gain on sale of land and buildings and assets held for sale, net of tax	(0.2)	(0.0)	(9.4)	(8.8)
Net loss from discontinued operations	–	12.5	–	12.5
U.S. Tax Reform	11.9	–	10.1	–
Adjusted net income	92.1	102.0	161.6	169.1
Adjusted earnings per share – basic	1.05	1.21	1.88	2.00
Adjusted earnings per share – diluted	1.04	1.18	1.85	1.94

_{Note: due to rounding, totals may differ slightly from the sum.}

Montreal, Quebec, July 13, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it will issue its financial results for the second quarter ended June 30, 2020 via news release on Monday, July 27, 2020 after market close.

The Company will host a conference call for the investment community with Alain Bédard, Chairman, President and Chief Executive Officer, on Tuesday, July 28, 2020 at 8:30 a.m. Eastern Time, to discuss results. Business media are also invited to listen to the call. Please dial in 10 minutes prior to the start of the call.

Details of conference call:

• Date: Tuesday, July 28, 2020
• Time: 8:30 a.m. Eastern Time
• Call-in number: 877-223-4471

A recording of the call will be available until midnight, August 11, 2020, by dialing 800-585-8367 or 416-621-4642 and entering passcode 9527458.