• Record first quarter operating results
• Record operating income up 41% over the prior year period to $106.3 million
• Diluted EPS of $0.74 compares to $0.53 in Q1 2018, while Adjusted Diluted EPS¹ increased 40% to $0.77
• First quarter net cash from operating activities of $160.7 million²
• $117.3 million returned to shareholders through dividends and share repurchases during the quarter

Montreal, Quebec, April 23, 2019 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced its results for the first quarter ended March 31, 2019.

“The year is off to a strong start at TFI International, continuing our momentum that grew throughout 2018. We produced record first quarter results due to our relentless focus on strong execution and profitable growth, regardless of the economic cycle,” said Alain Bédard, Chairman, President and Chief Executive Officer. “The significant year-over-year increase in our quarterly operating income was driven by strong performance across all segments. We continue to believe that our investors value growing and tangible cash flow, which we delivered on again this quarter. In addition, we completed the acquisition of three attractive businesses during the quarter and were also able to return $117 million to shareholders through a combination of dividends and share repurchases. For the remainder of the year, as always, our focus will be on creating and unlocking shareholder value, and returning excess capital to shareholders whenever possible.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended March 31
	2019	20182
Total revenue	1,230.8	1,196.5
Revenue before fuel surcharge	1,097.4	1,061.6
Adjusted EBITDA1	188.9	129.0
Operating income	106.3	75.4
Net cash from operating activities	160.7	57.8
Adjusted net income1	67.1	50.4
Adjusted EPS – diluted1 ($)	0.77	0.55
Net income	65.1	48.2
EPS – diluted ($)	0.74	0.53
Weighted average number of shares (‘000s)	85,174	88,950

_{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 unaudited condensed consolidated interim financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.}

FIRST QUARTER RESULTS

Total revenue of $1.23 billion was up 3%, and net of fuel surcharge, revenue of $1.10 billion was up 3%, compared to the prior year period.

Operating income grew 41% to $106.3 million from $75.4 million the prior year period, driven by strong execution across the organization, increased quality of revenue, and cost efficiencies.

Net income was $65.1 million, or $0.74 per diluted share, as compared to net income of $48.2 million, or $0.53 per diluted share, the prior year period. Adjusted net income, a non-IFRS measure, was $67.1 million, up 33% from $50.4 million the prior year period.

Diluted earnings per share (diluted “EPS”) of $0.74 compares to $0.53 in Q1 2018, with the increase primarily attributable to higher revenues and stronger operating margins. Adjusted diluted EPS, a non-IFRS measure, increased 40% to $0.77 from $0.55 in Q1 2018.

SEGMENTED RESULTS

During the first quarter of 2019, revenue grew across all segments except Logistic and Last Mile, which declined 5% relative to the first quarter of 2018.

Operating income was higher for all segments, driven by strong operating performance in addition to a sale of a property at Less-Than-Truckload, for a consideration of $16.5 million, generating a gain of $9.4 million.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended March 31
	2019					20182
	$					$
Revenue1
Package and Courier	146.9					142.4
Less-Than-Truckload	208.0					203.6
Truckload	527.1					490.7
Logistics and Last Mile	224.3					236.6
Eliminations	(8.9)					(11.6)
Total	1,097.4					1,061.6
	$		% of Rev.1			$		% of Rev.1
Operating income (loss)
Package and Courier	21.0		14.3%			20.6		14.5%
Less-Than-Truckload	27.6		13.3%			11.4		5.6%
Truckload	50.7		9.6%			36.3		7.4%
Logistics and Last Mile	15.2		6.8%			15.0		6.3%
Corporate	(8.3)					(7.9)
Total	106.3		9.7%			75.4		7.1%

_{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 unaudited condensed consolidated interim financial statements.As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.}

CASH FLOW AND FINANCIAL POSITION

Net cash from operating activities was $160.7 million during Q1 2019, up 178% from $57.8 million the prior year quarter. This $102.9 million increase is attributable to positive changes in non-cash operating working capital for $52.3 million and to higher cash flow from operating activities before net change in non-cash operating working capital of $50.6 million attributable to stronger operating results and the replacement of lease expenses by depreciation of right-of-use assets and interests on lease liabilities as a result of the implementation of IFRS 16 Leases. IFRS 16 positively impacted cash from operating activities by a net amount of $23.8 million. The company returned $117.3 million to shareholders during the year, of which $20.7 million was through dividends and $96.6 million was through share repurchases.

CONFERENCE CALL

TFI International will host a conference call on Wednesday, April 24, 2019 at 8:30 a.m. Eastern Time to discuss these results. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, May 8, 2019, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 9897443.

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, and gain or loss on sale of 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 generate cash from its operations.

Adjusted EBITDA (unaudited, in millions of dollars)	Quarters ended March 31
	2019	2018*
Net income	65.1	48.2
Net finance costs	20.5	13.9
Income tax expense	20.7	13.3
Depreciation of property and equipment	52.4	47.4
Depreciation of right-of-use assets	24.5	–
Amortization of intangible assets	15.8	15.8
Gain on sale of assets held for sale	(10.1)	(9.5)
Adjusted EBITDA	188.9	129.0

<sub>Note: due to rounding, totals may differ slightly from the sum.
* The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.</sub>

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, and gain or loss on sale of assets held for sale, net of tax. 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 impacts 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 March 31
	2019	2018
Net income	65.1	48.2
Amortization of intangible assets related to business acquisitions,  net of tax	11.3	11.2
Net change in fair value and accretion expense of contingent   considerations, net of tax	0.1	(0.4)
Net change in fair value of derivatives, net of tax	(0.0)	(0.1)
Net foreign exchange gain, net of tax	(0.5)	(0.2)
Gain on sale of land and buildings and assets held for sale, net of tax	(8.7)	(8.2)
Adjusted net income	67.1	50.4
Adjusted earnings per share – basic	0.79	0.57
Adjusted earnings per share – diluted	0.77	0.55

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

Operating margin

Operating margin is calculated as operating income (loss) as a percentage of revenue before fuel surcharge.

Montreal, Quebec, April 23, 2019 – The Board of Directors of TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, held its Annual and Special 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 present or represented by proxy at the Meeting, as follows:

NAME	FOR		WITHHELD
	Number	%	Number	%
Leslie Abi-Karam	62,649,529	99.87	79,429	0.13
Alain Bédard	56,645,783	90.30	6,083,175	9.70
André Bérard	56,138,181	89.49	6,590,777	10.51
Lucien Bouchard	62,518,782	99.66	210,176	0.34
Diane Giard	62,685,270	99.93	43,688	0.07
Richard Guay	55,275,221	88.12	7,453,737	11.88
Debra Kelly-Ennis	62,086,755	98.98	642,203	1.02
Neil D. Manning	61,185,198	97.54	1,543,760	2.46
Arun Nayar	62,049,691	98.92	679,267	1.08
Joey Saputo	56,562,363	90.17	6,166,595	9.83

Transaction Expands TFI’s Last Mile and Expedited Capabilities while Securing BeavEx’s Ability to Provide Continued Outstanding Service

Montreal, Quebec, April 17, 2019 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that the United States Bankruptcy Court for the District of Delaware entered an order approving the sale of certain assets of BeavEx Incorporated (“BeavEx”), and its affiliates Guardian Medical Logistics (“GML”), JNJW Enterprises, Inc. and USXP, LLC to TFI’s US Last Mile division, TForce Final Mile. Due to a particularly strong strategic fit, the US$7.2 million cash purchase price, which also includes the assumption of certain working capital liabilities, brings approximately US$100 million in annual revenues that can be served primarily through TFI’s existing network of facilities, while only assuming 7 of the 69 BeavEx/GML locations. The transaction is expected to close by the end of April 2019 subject to closing conditions, and the select acquired assets will become part of TFI International’s Logistics and Last Mile segment.

BeavEx primarily serves the growing final-mile delivery requirements of the financial, healthcare, retail, industrial, and manufacturing sectors, offering same-day, next-day, and on-demand home delivery services. Its logistics capabilities include final-mile, crossdocking, and distribution services. The BeavEx affiliate GML is an industry leading provider of final-mile, mission critical logistics and transportation services to the medical laboratory industry.

“This is a superb transaction not only for TFI, but for the valued customers of BeavEx and GML who will continue to receive outstanding service and support as part of the TFI circle of customers,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “For TFI, these select assets are an outstanding fit with our existing network, bringing additional revenues, as well as logistics and e-commerce expertise, route density and geographic reach to TForce Final Mile.”

Montreal, Quebec, April 2, 2019 – TFI International Inc. (TSX: TFII; OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that it will hold its Annual and Special Meeting of Shareholders on Tuesday, April 23, 2019 at 1:30 p.m. Eastern Time at the TMX Broadcast Centre Gallery, 130 King Street West, Toronto.

Also on Tuesday, April 23, the Company will issue its financial results for the first quarter ended March 31, 2019 via news release after the market close. The Company will hold a conference call for analysts and investors with Alain Bédard, Chairman, President and Chief Executive Officer, on Wednesday, April 24th 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 conference call:
Date: Wednesday, April 24, 2019
Time: 8:30 a.m. Eastern Time
Call-in number: 1-877-223-4471

A recording of the call will be available until midnight, May 8, 2019, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 9897443.

Finally, TFI International Inc.’s 2018 Annual Report is now available on the Company’s website at: https://tfiintl.com/en/presentations-and-reports/

Combined with Recent Schilli Acquisition, Creates Platform for Specialized Truckload Growth in the U.S.

Montreal, Quebec, April 1, 2019 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced the acquisition of Aulick Leasing Corp. (“Aulick Leasing”) and its affiliate company, ShirAul, LLC (“ShirAul”). Founded in 1978 and based in Scottsbluff, Nebraska, Aulick Leasing provides contract hauling services for aggregate materials, wood byproduct, agriculture/commodities, beets, dry bulk materials, railroad traction sand and food grade product materials. ShirAul designs and manufactures the exclusive Bullet^TM trailer, which is an aluminum-bottom dump tank trailer capable of hauling a variety of products across a multitude of industries.

With more than 400 employees, Aulick Leasing operates over 120 tractors and 300 trailers (including more than 180 Bullet^TM trailers) out of its four terminals across the Central and Western U.S. Together with the recently announced acquisition of Schilli Corporation, Aulick Leasing creates an attractive platform for future growth within TFI’s Specialized Truckload business in the United States, supplementing the company’s already strong position in Canada.

“We enthusiastically welcome Aulick Leasing and ShirAul to the TFI International group of companies,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “Aulick Leasing’s deep presence across the Central and Western U.S. and ShirAul’s trailer manufacturing expertise make the combined entity a compelling strategic fit for our Specialized Truckload growth objectives in the U.S.”

Montreal, Quebec, March 15, 2019 – The Board of Directors of TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, declared a quarterly dividend of $0.24 per outstanding common share of its capital payable on April 15, 2019 to shareholders of record at the close of business on March 29, 2019.

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.

TFI International Announces 2018 Fourth Quarter and Full-Year Results

• Record fourth quarter operating and financial results
• Fourth quarter operating income up 56% over the prior year period to $103.3 million
• Operating margin up 270 basis points over the prior year fourth quarter to 8.9%, driven by margin improvement for Package and Courier, Less-Than-Truckload and Truckload
• Diluted EPS of $0.85 compares to $1.31 in Q4 2017, while Adjusted Diluted EPS¹ increased 63% to $0.96
• Fourth quarter net cash from operating activities from continuing operations up 50% to $173.8 million
• 2018 net cash from operating activities from continuing operations up 46% to $543.5 million
• $213.7 million returned to shareholders through dividends and share repurchases in 2018

Montreal, Quebec, February 27, 2019 – 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, 2018.

“Record fourth quarter results capped a record year for TFI International, as our singular emphasis on driving profitable growth drove strong performance across all segments,” said Alain Bédard, Chairman, President and Chief Executive Officer. “Our quarterly operating income of $103.3 million was up 56%. Each segment contributed stronger revenues and notably, Truckload saw operating income more than double. I’m most pleased that our 2018 net cash from operating activities surpassed half a billion dollars for the first time.” Mr. Bédard summarized, “These strong results reflect not only our unique and favorable positioning, but our execution of the fundamentals, cycle in and cycle out, in order to drive tangible free cash flow, enhance shareholder value, and return excess capital to shareholders whenever possible.”

Financial highlights (in millions of dollars, except per share data)	Quarters ended Dec. 31		Years ended Dec. 31
	2018	2017	2018	2017
Total revenue	1,321.4	1,192.9	5,123.2	4,837.4
Revenue before fuel surcharge	1,162.3	1,069.7	4,508.2	4,379.0
Adjusted EBITDA1	180.7	131.0	686.3	514.5
Operating income	103.3	66.1	430.5	178.4
Net cash from operating activities from continuing operations	173.8	116.1	543.5	372.6
Adjusted net income1	86.3	53.9	321.6	192.2
Adjusted EPS – diluted1 ($)	0.96	0.59	3.54	2.07
Net income	76.7	120.2	292.0	158.0
EPS – diluted ($)	0.85	1.31	3.22	1.70
Weighted average number of shares (‘000s)	87,410	89,495	87,966	90,494

_{This is a non-IFRS measure. For a reconciliation, please refer to the “Non-IFRS Financial Measures” section below.}

FOURTH QUARTER RESULTS

Total revenue of $1.32 billion was up 11%, and net of fuel surcharge, revenue of $1.16 billion was up 9%, compared to the prior year period.

Operating income grew 56% to $103.3 million from $66.1 million the prior year period, driven by strong execution across the organization, increased quality of revenue, and cost efficiencies.

Net income was $76.7 million, or $0.85 per diluted share, as compared to net income of $120.2 million, or $1.31 per diluted share, the prior year period. The year-earlier period included a $76.1 million reduction in income tax expense as a result of U.S. tax reform. Adjusted net income, which excludes amortization of intangible assets related to business acquisitions, net change in the fair value of contingent considerations and accretion expense and derivatives, net foreign exchange gain or loss, impairment of intangible assets, and gain or loss on sale of land and buildings, assets held for sale and intangible assets, net of tax, and impact from the U.S. tax reform, was $86.3 million, up 60% from $53.9 million the prior year period.

Diluted earnings per share (diluted “EPS”) of $0.85 compares to $1.31 in Q4 2017, with the decrease primarily attributable to the income tax expense reduction recorded in Q4 2017, offset by higher revenues and stronger operating margins at all segments. Adjusted diluted EPS, a non-IFRS measure, increased 63% to $0.96 from $0.59 in Q4 2017.

FULL-YEAR RESULTS

Total revenue reached $5.12 billion, up from $4.84 billion in 2017. Net of fuel surcharge, revenue reached $4.51 billion, up from $4.38 billion last year. Operating income totalled $430.5 million, or 9.5% of revenue before fuel surcharge, an increase of 141% compared to $178.4 million and 4.1% of revenue the prior year.

Net income was $292.0 million, or $3.22 per diluted share, up significantly from $158.0 million, or $1.70 per diluted share in 2017. The increase of $134.0 million is mainly attributable to stronger operating income and to the impairment of intangible assets of $138.4 million, net of tax, recorded in 2017, offset by lower gain on sale of property of $52.8 million, net of tax, recorded in 2018 compared to 2017 and to the income tax recovery of $76.1 million recorded in Q4 2017 as a result of U.S. tax reform. Adjusted net income, a non-IFRS measure, was $321.6 million, up 67% from $192.2 million in 2017.

Diluted EPS of $3.22 compares to $1.70 in 2017, with the increase primarily attributable to the increase in net income described above. Adjusted diluted EPS, a non-IFRS measure, increased 71% to $3.54 from $2.07 in 2017.

SEGMENTED RESULTS

During the fourth quarter of 2018, revenue grew across all four segments relative to the fourth quarter of 2017, including double-digit percentage growth for Less-Than-Truckload. Revenue also grew for the full-year 2018 for every segment except Logistics and Last Mile, which declined 1%.

Operating income was higher for all segments except Logistics and Last Mile for the fourth quarter 2018, as compared to the prior-year period. Logistics and Last Mile operating income decreased to $2.9 million due primarily to a $12.6 million impairment to intangible assets related to a prior year business acquisition. This impairment was offset by a $13.0 million reduction in contingent consideration for the same acquisition, which was recorded in net finance costs. Excluding the $12.6 million impairment, operating income increased 9% to $15.4 million, with the operating margin increasing 50 basis points to 6.5%.

SEGMENTED RESULTS

(in millions of dollars)	Quarters ended Dec. 31				Years ended Dec. 31
	2018		2017		2018		2017
	$		$		$		$
Revenue1
Package and Courier	177.3		162.0		633.0		611.4
Less-Than-Truckload	232.0		204.1		902.3		877.5
Truckload	528.2		481.0		2,064.6		1,974.1
Logistics and Last Mile	235.6		235.0		953.7		965.5
Eliminations	(10.8)		(12.4)		(45.5)		(49.5)
	1,162.3		1,069.7		4,508.2		4,379.0
	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1	$	% of Rev.1
Operating income (loss)
Package and Courier	34.4	19.4%	28.1	17.4%	113.2	17.9%	102.3	16.7%
Less-Than-Truckload	23.5	10.1%	13.2	6.5%	85.1	9.4%	122.2	13.9%
Truckload	52.3	9.9%	22.8	4.7%	207.7	10.1%	(51.7)	-2.6%
Logistics and Last Mile	2.9	1.2%	14.1	6.0%	54.5	5.7%	41.6	4.3%
Corporate	(9.7)		(12.2)		(30.0)		(35.9)
	103.3	8.9%	66.1	6.2%	430.5	9.5%	178.4	4.1%

_{Note: due to rounding, totals may differ slightly from the sum.
¹ Revenue before fuel surcharge.}

CASH FLOW AND FINANCIAL POSITION

Net cash from operating activities from continuing operations was $543.5 million during 2018, up 46% from $372.6 million in 2017. The company returned $213.7 million to shareholders during the year, of which $74.1 million was through dividends and $139.6 million was through share repurchases. TFI International’s debt-to-adjusted EBITDA ratio, a non-IFRS measure, stood at 2.3x as of December 31, 2018, down from 2.9x as of December 31, 2017.

On December 17, 2018 the Board of Directors of TFI International declared a quarterly dividend of $0.24 per outstanding common share of its capital payable on January 15, 2019, representing a 14% increase over the $0.21 quarterly dividend declared in Q4 2017.

CONFERENCE CALL

TFI International will host a conference call on Thursday, February 28, 2019 at 8:30 a.m. Eastern Time to discuss these results. Interested parties can join the call by dialling 1-877-223-4471. A recording of the call will be available until midnight, March 14, 2019, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 8561299.

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 before finance income and costs, income tax expense (recovery), depreciation, amortization, impairment of intangible assets, and gain or loss on sale of land and buildings, assets held for sale and intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to assist in determining the ability of the Company to generate cash from its operations.

Adjusted EBITDA (unaudited, in millions of dollars)	Quarters ended Dec. 31		Years ended Dec.31
	2018	2017	2018	2017
Net income	76.7	120.2	292.0	158.0
Net finance costs (income)	(0.0)	13.5	48.3	61.1
Income tax expense (recovery)	26.6	(67.6)	90.2	(40.6)
Depreciation of property and equipment	52.4	48.3	198.5	209.6
Amortization of intangible assets	15.5	15.9	62.1	61.2
Impairment of intangible assets	12.6	–	12.6	143.0
Gain on sale of land and buildings	(0.3)	(0.4)	(0.5)	(0.2)
(Gain) loss on sale of assets held for sale	(1.5)	1.1	(15.6)	(77.4)
Gain on sale of intangible assets	(1.2)	–	(1.2)	–
Adjusted EBITDA	180.7	131.0	686.3	514.5

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

Debt-to-adjusted EBITDA ratio

Debt-to-adjusted EBITDA ratio is calculated by dividing the total long-term debt by the adjusted EBITDA.

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 of contingent considerations and accretion expense and derivatives, net foreign exchange gain or loss, impairment of intangible assets, and gain or loss on sale of land and buildings, assets held for sale and intangible assets, net of tax, and impact from the 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 impacts 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 Dec. 31			Years ended Dec. 31
	2018		2017	2018	2017
Net income	76.7		120.2	292.0	158.0
Amortization of intangible assets related to business acquisitions, net of tax	11.0		10.1	44.0	38.3
Net change in fair value of contingent considerations and accretion expense, net of tax	(9.3)		(0.7)	(8.9)	(0.4)
Net change in fair value of derivatives, net of tax	(0.0)		0.0	(0.3)	(1.2)
Net foreign exchange (gain) loss, net of tax	1.2		(0.0)	0.5	1.8
Impairment of intangible assets, net of tax	9.1		–	9.1	138.4
(Gain) loss on sale of land and buildings and assets held for sale, net of tax	(1.6)		0.4	(13.9)	(66.7)
Gain on sale of intangible assets, net of tax	(0.9)		–	(0.9)	–
U.S. tax reform	–		(76.1)	–	(76.1)
Adjusted net income	86.3		53.9	321.6	192.2
Adjusted earnings per share – basic	0.99		0.60	3.66	2.12
Adjusted earnings per share – diluted	0.96		0.59	3.54	2.07

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

Operating margin

Operating margin is calculated as operating income (loss) as a percentage of revenue before fuel surcharge.

TFI International Acquires Schilli Corporation

Acquisition Creates Platform for Tank Business Growth across Eastern U.S.

Montreal, Quebec, February 25, 2019 – TFI International Inc. (TSX: TFII, OTCQX: TFIFF), a North American leader in the transportation and logistics industry, today announced that a wholly-owned subsidiary of TFI International has acquired Schilli Corporation (“Schilli”). Founded in the early 1960s and based in St. Louis, Missouri, Schilli specializes in the transportation of dry and liquid bulk and offers dedicated fleet solutions and other value-add services throughout the Midwest, Southeast and Gulf Coast regions of the United States.

With its more than 400 employees, Schilli operates 22 facilities across its service region and has a fleet of over 340 tractors, including independent contractors, and more than 500 trailers. TFI International has a leading market position in Specialized Truckload in Canada, and this acquisition expands this business line into the United States. Schilli will operate as a standalone business unit within TFI’s Specialized Truckload group, with Bob Schilli, Jr. and John Koons continuing in their roles.

“We are pleased to welcome Schilli and its dedicated team to the TFI International group of companies,” stated Alain Bédard, Chairman, President and Chief Executive Officer of TFI International. “Schilli is a superb strategic fit for us with its sophisticated service offerings, and will help boost our tank presence across the eastern U.S. which is a targeted growth region for us.”

Montreal, Quebec, February 6, 2019 – 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, 2018 via news release on Wednesday, February 27, 2019 after market close.

The Company will host a conference call for the investment community with Alain Bédard, Chairman, President and Chief Executive Officer, on Thursday, February 28, 2019 at 8:30 a.m. Eastern Time, to discuss results. Business media are also invited to listen to the call.

Details of conference call:

• Date: Thursday, February 28, 2019
• Time: 8:30 a.m. Eastern Time
• Call-in number: 1-877-223-4471

A recording of the call will be available until midnight, March 14, 2019, by dialing 1-800-585-8367 or 416-621-4642 and entering passcode 8561299.