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.

Strong Customer and Network Synergies with TFI’s Existing U.S. Truckload Operating Companies

Montreal, Quebec, June 29, 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 MCT Transportation, LLC (“MCT Transportation”). Originally Midwest Coast Transport, MCT Transportation was a refrigerated and dry van 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 paid total consideration of U.S. $9.6 million for the assets acquired including accounts receivable, along with U.S. $2.8 million for two real estate properties.

Headquartered in Sioux Falls, South Dakota, MCT Transportation provides quality transportation for major companies in the packaged food, agricultural, medical and automobile industries, primarily throughout the Southeast and Midwest regions of the U.S., and generated 2019 revenue before fuel surcharge of approximately U.S. $45 million. Its highly professional driving team operates more than 130 tractors in addition to 90 owner-operator tractors, plus 340 reefer trailers and 275 dry van trailers. MCT Transportation, which will become part of TFI International’s Truckload segment, had four terminal locations, including two acquired by TFI, in Florida and Arkansas.

“We are excited to welcome the MCT team to TFI International to help enhance our truckload capabilities in the U.S.,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “MCT brings a host of capabilities including key regionalized lanes in the Midwest and Southeast, specialized Florida-originating outbound lanes, and dedicated Midwest-West lanes. Importantly, MCT has strong overlap with our existing customers allowing us to provide service across an expanded region, as well as overlap in multiple facilities which we can leverage to drive significant efficiencies.”

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

Enhances Ability to Serve TFI’s Canadian Flatbed Group Customers in U.S.

Montreal, Quebec, June 29, 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 CT Transportation, LLC (“CT Transportation”). Originally Coastal Transport & Trading Company, CT Transportation was the flatbed 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 paid total consideration of U.S. $15 million for the assets acquired.

Founded in 1939 and headquartered in Savannah, GA, CT Transportation operates more than 270 tractors and 560 trailers, with 11 terminals from Maryland to Florida, and generated revenue before fuel surcharge of approximately U.S. $50 million in 2019. Its approximately 250 drivers provide quality transportation of drywall, lumber, tiles, cement board and other materials to major building product manufacturers and home improvement distributors throughout the Southeast and Mid-Atlantic regions of the U.S. CT Transportation will become part of TFI International’s Truckload segment and operate under the business name Coastal Transport.

“We welcome Steve Reid and his team to TFI International and are excited to bring onboard several attractive assets of CT Transportation,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “The Mid-Atlantic and Southeast U.S. are a key regional focus of ours, and given that we share many of the same valued customers, CT is an excellent strategic fit with our existing flatbed operations in Canada. Following our recent acquisitions of Schilli, Aulick and Gusgo, CT is another key addition to our expanding specialized Truckload operations and we couldn’t be more pleased with this compelling opportunity.”

Montreal, Quebec, June 18, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has closed on the previously announced acquisition of privately held Gusgo Transport, a container transport and storage company operating out of Vaughan, Ontario. As stated previously, the acquired business will become part of TFI International’s Truckload segment.

Montreal, Quebec, June 15, 2020 – The Board of Directors of TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, declared a quarterly dividend of CAD $0.26 per outstanding common share of its capital payable on July 15, 2020 to shareholders of record at the close of business on June 30, 2020.

This dividend is designated as an eligible dividend pursuant to subsection 89(14) of the Income Tax Act (Canada) and any applicable provincial legislation pertaining to eligible dividends.

Transaction to Enhance Container Transport and Storage Capabilities

Adds Density, Geographic Reach and New Customers

 

Montreal, Quebec, June 12, 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 privately held Gusgo Transport, a container transport and storage company operating out of Vaughan, Ontario.  The business to be acquired includes Gusgo Transport, Seatainer Transport and Seatainer Terminals.  Founded in 1969, Gusgo is a customs-bonded carrier, providing its customers with reliable and cost-effective local and cross-border container transportation.  With its 4 company trucks and 48 owner operators, Gusgo delivers both dry and temperature controlled commodities in approximately a five hundred mile radius around the Greater Toronto Area including delivery points throughout Ontario, Quebec, New York, Pennsylvania, Ohio and Michigan.  Gusgo operates over 250 container chassis, and has capacity for storing 6,000 containers at its Vaughan location.  Upon completion of the transaction expected before the end of June, Gusgo will become part of TFI International’s Truckload segment.

“We look forward to welcoming Gusgo’s talented team to the TFI International family,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International.  “With its 50-year history of providing superior, reliable service, Gusgo is a superb cultural fit with TFI’s customer-centric approach.  Operationally, we see numerous synergies across our combined real estate footprint, as well as for our equipment sales, purchases, and overall utilization.  In addition, by joining the TFI group of companies, Gusgo will be able to leverage our growing resources across North America to enhance its own growth and profitability.  This exciting transaction is another important step in the ongoing expansion of our Specialized Truckload operations, and we look forward to watching Gusgo’s continued growth under the TFI International umbrella.”

• Record first quarter operating income of $118.5 million, an increase of 13% over the same quarter last year
• Net cash from operating activities of $191.7 million, as compared to $160.7 million in Q1 2019
• Net income of $75.8 million increased from $65.1 million in Q1 2019
• Adjusted net income¹, a non-IFRS measure, of $71.3 million increased from $67.1 million in Q1 2019
• Diluted EPS of $0.88 compared to $0.74 in Q1 2019
• Adjusted diluted EPS¹, a non-IFRS measure, of $0.83 compared to $0.77 in Q1 2019

Montreal, Quebec, April 21, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced its results for the first quarter ended March 31, 2020.

“During these unprecedented times, our utmost priority is the health and wellbeing of our customers, our workforce, and the communities we serve throughout North America. TFI is a remarkably strong company with a solid foundation, and through our relentless focus on the fundamentals we produced record first quarter results and have continued to perform, despite the weaker economic landscape,” said Alain Bédard, Chairman, President and Chief Executive Officer. “During the first quarter, our operating income climbed 13% over the prior year period, and we again generated robust net cash from operating activities. We also achieved a major milestone with our public listing on the New York Stock Exchange, which was both well-timed and well-received, further strengthening our financial position. In early March as the pandemic began to spread, we quickly implemented cost-saving measures with an eye toward helping TFI emerge even stronger when conditions normalize. Looking ahead, as our highly engaged workforce continues to serve our customers and as we execute on our strategies to create long-term shareholder value, our thoughts remain with the many families impacted by today’s economic disruption.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended Mar. 31
	2020	2019*
Total revenue	1,240.5	1,230.8
Revenue before fuel surcharge	1,112.7	1,097.4
Adjusted EBITDA1	200.5	187.6
Operating income	118.5	104.9
Net cash from operating activities	191.7	160.7
Adjusted net income1	71.3	67.1
Adjusted EPS – diluted1 ($)	0.83	0.77
Net income	75.8	65.1
EPS – diluted ($)	0.88	0.74
Weighted average number of shares (‘000s)	84,658	85,174

_{^* Recasted for changes in presentation, see note 18 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.}

FIRST QUARTER RESULTS

Total revenue of $1.24 billion was up 1% and, net of fuel surcharge, revenue of $1.11 billion was also up 1% compared to the prior year period.

Operating income grew 13% to $118.5 million from $104.9 million the prior year period, primarily driven by acquisitions, strong execution across the organization, an asset-light approach, and cost efficiencies.

Net income was $75.8 million, an increase of 16% compared to net income of $65.1 million the prior year period, and net income of $0.88 per diluted share was up relative to $0.74 per diluted share the prior year period. Adjusted net income, a non-IFRS measure, was $71.3 million, or $0.83 per diluted share, as compared to $67.1 million, or $0.77 per diluted share, the prior year period.

Revenue grew 1% for Truckload and 20% for Logistics, driven from acquisitions, and declined 5% for Package and Courier and 13% for Less-Than-Truckload, relative to the prior year period. Operating income was higher for Truckload and Logistics, while operating income for Package and Courier and Less-Than-Truckload declined.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended Mar. 31
	2020					2019*
	$					$
Revenue1
Package and Courier	139.5					146.9
Less-Than-Truckload	180.2					208.0
Truckload	533.5					527.1
Logistics	268.8					224.3
Eliminations	(9.3)					(8.9)
Total	1,112.7					1,097.4
	$		% of Rev.1			$		% of Rev.1
Operating income (loss)
Package and Courier	15.5		11.1%			21.0		14.3%
Less-Than-Truckload	17.7		9.8%			27.6		13.3%
Truckload	63.0		11.8%			50.7		9.6%
Logistics	26.0		9.7%			15.2		6.8%
Corporate	(3.7)					(9.6)
Total	118.5		10.6%			104.9		9.6%

<sub>Note: due to rounding, totals may differ slightly from the sum.
* Recasted for changes in presentation, see note 18 in the unaudited condensed consolidated interim financial statements.
¹ Revenue before fuel surcharge.</sub>

CASH FLOW

Net cash from operating activities was $191.7 million during Q1 2020 versus $160.7 million the prior year quarter. The 19% increase was due to stronger operating performance and the deferral of certain tax payments due to economic stimulus measures initiated in response to COVID-19. The Company returned $65.5 million to shareholders during the quarter, of which $21.7 million was through dividends and $43.8 million was through share repurchases.

On February 13, 2020 the Company issued common shares in the United States and Canada as part of its initial public offering in the United States raising net proceeds of $288.5 million.

On March 16, 2020, the Board of Directors of TFI International declared a quarterly dividend of $0.26 per outstanding common share payable on April 15, 2020, representing an 8% increase over the $0.24 quarterly dividend declared in Q1 2019.

COST SAVING MEASURES

In March as Coronavirus spread, TFI quickly acted to implement temporary cost saving measures spanning all operating companies and its entire workforce, including a wage reduction of 5-15% for executives, a 15% reduction in directors’ fees, a workweek reduction for more than a thousand full-time employees, and a reduction-in-force which management expects to be temporary. Employees subject to a reduction-in-force will be eligible for a salary recovery program upon their return to the Company. Management also suspended all capital expenditures to which it had not already committed, to be re-evaluated as conditions allow.

CONFERENCE CALL

TFI International will host a conference call on Wednesday, April 22, 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, May 6, 2020, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 7078728.

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 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 Mar. 31
	2020	2019*
Net income	75.8	65.1
Net finance costs	19.2	19.1
Income tax expense	23.5	20.7
Depreciation of property and equipment	57.1	52.4
Depreciation of right-of-use assets	25.7	24.5
Amortization of intangible assets	15.6	15.8
Bargain purchase gain	(5.6)	–
Gain on sale of land and buildings and assets held for sale	(10.7)	(10.1)
Adjusted EBITDA	200.5	187.6

_{* Recasted for change in presentation, see note 18 in the unaudited condensed consolidated interim financial statements.}

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

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, and gain or loss on sale of land and buildings and assets held for sale. 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 Mar. 31
	2020	2019
Net income	75.8	65.1
Amortization of intangible assets related to business acquisitions, net of tax	11.1	11.3
Net change in fair value and accretion expense of contingent considerations, net of tax	0.1	0.1
Net change in fair value of derivatives, net of tax	0.5	(0.0)
Net foreign exchange gain, net of tax	(1.2)	(0.5)
Bargain purchase gain	(5.6)	–
Gain on sale of land and buildings and assets held for sale, net of tax	(9.2)	(8.7)
Adjusted net income	73.1	67.1
Adjusted earnings per share – basic	0.84	0.79
Adjusted earnings per share – diluted	0.83	0.77

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

Montreal, Quebec, April 21, 2020 – The Board of Directors of TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, held its Annual Meeting of shareholders earlier today. All candidates proposed as directors were duly elected to the Board of Directors of TFI International by a majority of the votes cast by shareholders represented by proxy at the Meeting, as follows:

NAME	FOR		WITHHELD
	Number	%	Number	%
Leslie Abi-Karam	65,543,552	99.93	44,009	0.07
Alain Bédard	61,580,712	93.89	4,006,849	6.11
André Bérard	60,898,905	92.85	4,688,656	7.15
Lucien Bouchard	61,890,250	94.36	3,697,311	5.64
Diane Giard	65,431,630	99.76	155,931	0.24
Richard Guay	59,976,773	91.45	5,610,788	8.55
Debra Kelly-Ennis	65,433,149	99.76	154,412	0.24
Neil D. Manning	63,749,023	97.20	1,838,538	2.80
Arun Nayar	65,392,543	99.70	195,018	0.30
Joey Saputo	61,597,135	93.92	3,990,426	6.08