Montreal, Quebec, April 16, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, reminds shareholders that its Annual Meeting of shareholders (the “Meeting”) will be held on Tuesday, April 21, 2020 at 1:30 p.m. (eastern time).

In light of the COVID-19 pandemic, and in order to comply with governmental decrees prohibiting indoor meetings, the Meeting will be available by way of telephone conference call. The toll-free dial-in number is (877) 223-4471. Please dial in 10 minutes prior to the start of the Meeting. During the telephone Meeting, shareholders will have an opportunity to ask questions to TFI International’s management.

TFI International has taken measures to conduct the Meeting in full compliance with applicable government decrees relating to COVID-19, including remote participation by the chairman of the Meeting, the scrutineers for the Meeting, and others. TFI International urges shareholders to participate in the Meeting by telephone.

Shareholders are asked to vote their shares prior to the Meeting by returning their proxy form or voting instruction form, voting online or using the toll-free telephone number set out on the proxy or voting instruction form. The deadline for proxy voting is 5:00 p.m. (eastern time) on Monday, April 20, 2020.

At the Meeting, shareholders will elect the directors of TFI International and appoint its auditor.

Montreal, Quebec, March 25, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it will hold its Annual Meeting of shareholders on Tuesday, April 21, 2020 at 1:30 p.m. (eastern time) at the Company’s head office, 8801 Trans-Canada Highway, Suite 500, Saint-Laurent, Quebec. The meeting will also be available by way of telephone conference call. The dial-in number for the meeting is (877) 223-4471. In light of the COVID-19 pandemic, shareholders are asked to participate in the meeting by telephone and to vote their shares prior to the meeting by returning their proxy form or voting instruction form, voting online or using the toll-free telephone number set out on the proxy or voting instruction form. During the telephone meeting, shareholders will be able to ask questions but will not be able to vote. In light of government directives relating to COVID-19, attendance for the meeting at the Company’s head office will be strictly limited to the Company’s registered shareholders and duly-appointed proxyholders.

Also on Tuesday, April 21, the Company will issue its financial results for the first quarter ended March 31, 2020 via news release after the market close. The Company will then hold a conference call for analysts and investors with Alain Bédard, Chairman, President and Chief Executive Officer, on Wednesday, April 22 at 8:30 a.m. Eastern Time, to discuss the quarterly 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 quarterly results conference call:
Date: Wednesday, April 22, 2020
Time: 8:30 a.m. Eastern Time
Call-in number: (877) 223-4471

A recording of the call will be available until midnight, May 6th, 2020, by dialing (800) 585-8367 or (416) 621-4642 and entering passcode 7078728.

Finally, TFI International Inc.’s 2019 Annual Report is now available on the Company’s website at:
https://tfiintl.com/en/presentations-and-reports/.

Montreal, Quebec, March 16, 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 April 15, 2020 to shareholders of record at the close of business on March 31, 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 Adds Critical Mass, Expanded Geography and New Customers to TForce Logistics Network

Montreal, Quebec, March 2, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that it has acquired the Courier Services business from R.R. Donnelley & Sons Company (RRD) (NYSE: RRD), a leading global provider of multichannel solutions for marketing and business communications. The acquired business includes a nationwide network of close to 30 company locations and over 400 vendor sites, serving the pharmaceutical, healthcare, retail, financial, and transportation industries, primarily in the Midwest and Southeast U.S. The Courier Services Business will become part of TFI International’s Logistics segment as part of the team led by Scott Leveridge, President, TForce Logistics U.S.

“We are excited to welcome RRD’s Courier Services business and its valued customers to the TFI International family,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “The combination with our existing TForce Logistics network builds our strategic mass and density, while adding new geographies and an impressive customer base. As part of the TFI group of companies, the Courier Services Business will benefit from our outstanding resources across North America, as they look to expand their client service capabilities. We view this as yet another step towards building our U.S. market share in same-day package delivery, and look forward to seeing this business reach new heights in the years ahead.”

Montreal, Quebec, February 19, 2020 – TFI International Inc. (NYSE and TSX: TFII), a North American leader in the transportation and logistics industry, today announced that Cameron Holzer has joined the Company as Senior Vice-President, Operations to focus on its rapidly expanding U.S. Specialized Truckload operations. With more than 25 years of professional experience including 12 years at CRST International most recently as president of CRST Expedited, Mr. Holzer brings extensive expertise in operations and strategic development. In his new role he will report to Steven Brookshaw, Executive Vice-President.

“Cameron is an innovative thinker with broad-based experience managing multi-faceted organizations, including talent acquisition, strategic planning, resource management, new business development and contract negotiations,” said Alain Bédard, Chairman, President and Chief Executive Officer. “We are very pleased to welcome him to the TFI International team at the perfect time to lend his expertise as we grow our U.S. presence, and look forward to his many contributions in the years to come.”

Mr. Holzer joins TFI International from CRST, where as president of CRST Expedited he oversaw a number of key functional areas and led his division to numerous industry awards including the SmartWay Award for five consecutive years, the Quest for Quality Award and the FedEx Ground Carrier of the Year award. Prior to CRST he was director of operations for CR England, a U.S.-based refrigerated transportation business. Mr. Holzer earned his bachelor’s of science degree in accounting from the University of Phoenix and his MBA from the University of Iowa.

Underwriters exercise over-allotment option in full

Montreal, Quebec, February 18, 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, representing TFI International’s initial public offering in the United States. TFI International issued a total of 6,900,000 shares, including 900,000 shares following the exercise in full by the underwriters of their over-allotment option. The shares were issued at a price of US $33.35 per share, the equivalent of CAD $44.20 per share based on the Bank of Canada exchange rate at the time of pricing, for gross proceeds to TFI International of US $230,115,000 (approximately CAD $305 million).

TFI International expects to use the net proceeds from the offering 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 working capital and general corporate purposes, including potential acquisitions.

The public offering was conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, J.P. Morgan and Credit Suisse as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial, 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.

Shares to start trading on NYSE on February 13

Montreal, Quebec, February 12, 2020 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced the pricing of its previously-announced marketed offering of 6,000,000 common shares in the United States and Canada, representing TFI International’s initial public offering in the United States. TFI International will issue the shares at a price of US$33.35 per share, the equivalent of CAD $44.20 per share based on today’s Bank of Canada exchange rate, for gross proceeds of US$200,100,000. The offering is expected to close on February 18, 2020, subject to customary closing conditions.

TFI International’s common shares are scheduled to start trading on February 13 on the New York Stock Exchange (NYSE) under the symbol “TFII.” TFI International’s common shares will continue to trade on the Toronto Stock Exchange under the symbol “TFII”.

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

TFI International expects to use the net proceeds from the offering 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 working capital and general corporate purposes, including potential acquisitions.

TFI International has also granted the underwriters an option to purchase up to an additional 900,000 shares, representing 15% of the number of 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 short form base shelf prospectus dated October 12, 2018. The preliminary prospectus supplement was filed, and the final 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 base shelf prospectus and prospectus supplement and in the United States only by means of the registration statement, including the 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; 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; and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, NY 10010, telephone: (800) 221-1037, email: usa.prospectus@credit-suisse.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, the anticipated closing of the public offering and the listing of TFI International’s common shares on the New York Stock Exchange. 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 and listing on the New York Stock Exchange 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.

Applies to list its common shares on NYSE

Montreal, Quebec, February 10, 2020 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced the launch of a marketed offering of 6,000,000 common shares in the United States and Canada, representing TFI International’s initial public offering in the United States.

In connection with the initial public offering in the United States, TFI International has applied to list its common shares on the New York Stock Exchange (NYSE) under the symbol “TFII.” Trading in TFI International’s shares is expected to commence on the NYSE following the pricing of the offering. TFI International’s common shares will continue to trade on the Toronto Stock Exchange under the symbol “TFII”.

The public offering will be conducted through a syndicate of underwriters led by Morgan Stanley, BofA Securities, J.P. Morgan and Credit Suisse as joint lead book-running managers, with RBC Capital Markets and UBS Investment Bank as joint-bookrunners and Cowen, National Bank of Canada Financial, 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 determined when TFI International enters into an underwriting agreement for the offering.

TFI International expects to use the net proceeds from the offering 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 working capital and general corporate purposes, including potential acquisitions.

TFI International will also grant the underwriters an option to purchase up to an additional 900,000 shares, representing 15% of the number of 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 has filed a preliminary prospectus supplement to its short form base shelf prospectus dated October 12, 2018. The preliminary prospectus supplement was 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 under the U.S.-Canada multijurisdictional disclosure system (MJDS).

A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy these securities be accepted prior to the time the registration statement becomes effective. Completion of the offering will be subject to customary closing conditions.

The public offering will be made in Canada only by means of the base shelf prospectus and prospectus supplement and in the United States only by means of the registration statement, including the 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; 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; and Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, Eleven Madison Avenue, 3rd floor, New York, NY 10010, telephone: (800) 221-1037, email: usa.prospectus@credit-suisse.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, the terms of the proposed public offering and the listing of TFI International’s common shares on the New York Stock Exchange. 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 and listing on the New York Stock Exchange 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.

• Fourth quarter diluted EPS from continuing operations of $0.92 up from $0.85 in Q4 2018, while Adjusted Diluted EPS from continuing operations¹ of $0.95 compares to $0.96 the prior year fourth quarter
• Net cash from continuing operating activities was $176.2 million², as compared to $173.8 million in Q4 2018
• Full-year 2019 net cash from continuing operating activities up 22% to $665.3 million²
• Returned $336.4 million to shareholders through dividends and share repurchases in 2019

Montreal, Quebec, February 10, 2020 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the fourth quarter and full year ended December 31, 2019.

“TFI International had a record-setting 2019 that continued through the fourth quarter. We are pleased with our strong results during what has been a challenging time for the broader transportation industry, and believe our performance despite current market conditions stems from our sharp focus on the fundamentals of the business,” said Alain Bédard, Chairman, President and Chief Executive Officer. “We produced record fourth quarter operating income which jumped 20% the past year, and once again produced robust net cash from operating activities. Similar to the prior quarter, three of our four segments produced higher operating income than a year earlier, with double-digit increases for Truckload and Logistics. We were also pleased to return $50 million to shareholders during the quarter through dividends and share repurchases. In summary, we’re pleased with our performance throughout 2019 and remain committed to strong execution to create and unlock value in the new year, returning excess capital to our valued shareholders whenever possible.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended Dec. 31		Years ended Dec. 31
	2019	20182	2019	20182
Total revenue	1,305.5	1,321.4	5,178.9	5,123.2
Revenue before fuel surcharge	1,166.5	1,162.3	4,613.6	4,508.2
Adjusted EBITDA from continuing operations1	217.5	180.7	864.5	686.3
Operating income from continuing operations	124.3	103.3	511.6	430.5
Net cash from continuing operating activities	176.2	173.8	665.3	543.5
Adjusted net income from continuing operations1	79.2	86.3	336.4	321.6
Adjusted EPS from continuing operations – diluted1 ($)	0.95	0.96	3.94	3.54
Net income from continuing operations	76.5	76.7	324.5	292.0
EPS from continuing operations – diluted ($)	0.92	0.85	3.80	3.22
Weighted average number of shares (‘000s)	81,551	87,410	83,390	87,966

_{¹ This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.
² The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.}

FOURTH QUARTER RESULTS

Total revenue of $1.31 billion was down 1% and, net of fuel surcharge, revenue of $1.17 billion was flat compared to the prior year period.

Operating income grew 20% to $124.3 million from $103.3 million the prior year period, primarily driven by acquisitions, strong execution across the organization, increased quality of revenue, an asset-light approach, and cost efficiencies, as well as the adoption of IFRS 16.

Net income from continuing operations was $76.5 million, in line with net income of $76.7 million the prior year period, and net income from continuing operations of $0.92 per diluted share was up relative to $0.85 per diluted share the prior year period. Adjusted net income, a non-IFRS measure, was $79.2 million, or $0.95 per diluted share, as compared to $86.3 million, or $0.96 per diluted share, the prior year period.

Revenue grew 3% for Truckload and 11% for Logistics, and declined 5% for Package and Courier and 14% for Less-Than-Truckload, relative to the prior year period. Operating income was higher for Less-Than-Truckload, Truckload and Logistics, while operating income for Package and Courier declined 13% as the comparable prior-year period benefited from the Canada Post strike.

FULL-YEAR RESULTS

Total revenue of $5.18 billion was up from $5.12 billion in 2018. Net of fuel surcharge, revenue reached $4.61 billion, up from $4.51 billion the prior year. Operating income totalled $511.6 million, or 11.1% of revenue before fuel surcharge, an increase of 19% compared to $430.5 million and 9.5% of revenue the prior year.

Net income from continuing operations was $324.5 million, or $3.80 per diluted share, versus $292.0 million, or $3.22 per diluted share a year earlier. Adjusted net income from continuing operations, a non-IFRS measure, was $336.4 million, or $3.94 per diluted share, compared to $321.6 million, or $3.54 per diluted share the prior year period.

During 2019, revenue grew 7% for Truckload and 4% for Logistics, and declined 1% for Package and Courier and 8% for Less-Than-Truckload relative to 2018. Operating income was up 28% for Less-Than-Truckload, 23% for Truckload and 40% for Logistics, and down 4% for Package and Courier.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended Dec. 31				Years ended Dec. 31
	2019		20182		2019		20182
	$		$		$		$
Revenue1
Package and Courier	168.0		177.3		628.3		633.0
Less-Than-Truckload	199.7		232.0		832.2		902.3
Truckload	544.8		528.2		2,199.5		2,064.6
Logistics	262.6		235.6		988.6		953.7
Eliminations	(8.7)		(10.8)		(35.1)		(45.5)
Total	1,166.5		1,162.3		4,613.6		4,508.2
	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1
Operating income (loss)
Package and Courier	29.9	17.8%	34.4	19.4%	109.1	17.4%	113.2	17.9%
Less-Than-Truckload	25.5	12.8%	23.5	10.1%	109.2	13.1%	85.1	9.4%
Truckload	61.3	11.2%	52.3	9.9%	255.0	11.6%	207.7	10.1%
Logistics	18.8	7.1%	2.9	1.2%	76.4	7.7%	54.5	5.7%
Corporate	(11.2)		(9.7)		(38.1)		(30.0)
Total	124.3	10.7%	103.3	8.9%	511.6	11.1%	430.5	9.5%

_{Note: due to rounding, totals may differ slightly from the sum.
¹ Revenue before fuel surcharge.
² The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.}

CASH FLOW

Net cash from continuing operating activities was $665.3 million during 2019 versus $543.5 million the prior year. The 22% increase was due to stronger operating performance and the impact of the adoption of IFRS 16. The Company returned $336.4 million to shareholders during the year, of which $80.7 million was through dividends and $255.7 million was through share repurchases.

On December 17, 2019, the Board of Directors of TFI International declared a quarterly dividend of $0.26 per outstanding common share payable on January 15, 2020, representing an 8% increase over the $0.24 quarterly dividend declared in Q4 2018.

CONFERENCE CALL

TFI International will host a conference call on Monday, February 10, 2020 at 5 p.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, February 24, 2020, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 1594371.

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 from continuing operations

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

Adjusted EBITDA from continuing operations (unaudited, in millions of dollars)	Quarters ended Dec. 31		Years ended Dec. 31
	2019	20181	2019	20181
Net income from continuing operations	76.5	76.7	324.5	292.0
Net finance costs (income)	22.3	(0.0)	85.6	48.3
Income tax expense	25.4	26.6	101.5	90.2
Depreciation of property and equipment	59.0	52.4	223.8	198.5
Depreciation of right-of-use assets	25.8	–	102.6	–
Amortization of intangible assets	16.8	15.5	65.9	62.1
Impairment of intangible assets	–	12.6	–	12.6
Bargain purchase gain	–	–	(10.8)	–
Gain on sale of land and buildings	–	(0.3)	–	(0.5)
Gain on sale of assets held for sale	(8.4)	(1.5)	(28.6)	(15.6)
Gain on sale of intangible assets	–	(1.2)	–	(1.2)
Adjusted EBITDA from continuing operations	217.5	180.7	864.5	686.3

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

_{¹ The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the audited consolidated financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.}

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

Adjusted net income from continuing operations 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, impairment of intangible assets, bargain purchase gain, gain or loss on sale of land and buildings, assets held for sale and intangible assets, and loss from discontinued operations, net of tax. Adjusted earnings per share from continuing operations, basic or diluted, is calculated as adjusted net income from continuing operations divided by the weighted average number of common shares, basic or diluted. The Company uses adjusted net income from continuing operations and adjusted earnings per share from continuing operations 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 from continuing operations (unaudited, in millions of dollars, except per share data)	Quarters ended Dec. 31		Years ended Dec. 31
	2019	2018	2019	2018
Net income	74.8	76.7	310.3	292.0
Amortization of intangible assets related to business acquisitions, net of tax	12.0	11.0	47.1	44.0
Net change in fair value and accretion expense of contingent considerations, net of tax	0.1	(9.3)	0.2	(8.9)
Net change in fair value of derivatives, net of tax	–	(0.0)	–	(0.3)
Net foreign exchange (gain) loss, net of tax	(0.4)	1.2	0.2	0.5
Impairment of intangible assets, net of tax	–	9.1	–	9.1
Bargain purchase gain	–	–	(10.8)	–
Gain on sale of land and buildings and assets held for sale, net of tax	(9.1)	(1.6)	(24.8)	(13.9)
Gain on sale of intangible assets, net of tax	–	(0.9)	–	(0.9)
Net loss from discontinued operations	1.7	–	14.2	–
Adjusted net income from continuing operations	79.2	86.3	336.4	321.6
Adjusted earnings per share from continuing operations – basic	0.97	0.99	4.03	3.66
Adjusted earnings per share from continuing operations – diluted	0.95	0.96	3.94	3.54

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

Montreal, Quebec, January 21, 2020 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that it will issue its financial results for the fourth quarter and year ended December 31, 2019 via news release on Monday, February 10, 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 Monday, February 10, 2020 at 5 p.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: Monday, February 10, 2020
• Time: 5 p.m. Eastern Time
• Call-in number: 1-877-223-4471

A recording of the call will be available until midnight, February 24, 2020, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 1594371.