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TFI International Company Overview February 2020
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Legal Disclaimer
Forward-Looking Statements
This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, including the terms “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, in each case, their negative or other various or comparable
terminology. All statements other than statements of historical facts contained in this presentation, including statements regarding the Company’s strategy, future operations, future financial position, future revenue, projected costs, prospects, plans, objectives of
management and expected market growth are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause the Company’s actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements reflect the Company’s views with respect to future events as of the date of this presentation and are based
on assumptions and subject to risks and uncertainties. Given these uncertainties, you should not place undue reliance on these forward-looking statements. These forward-looking statements represent the Company’s estimates and assumptions only as of the
date of this presentation and, except as required by law, the Company undertakes no obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this presentation. The
Company anticipates that subsequent events and developments will cause its views to change. You should read this presentation with the understanding that the Company’s actual future results may be materially different from what we expect as a result of
various factors. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, merger, dispositions, joint ventures, investments or other strategic transactions the Company may undertake. The Company qualifies all of its
forward-looking statements by these cautionary statements.
Non-IFRS Financial Measures
This presentation also contains references to non-IFRS financial measures, including Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free
Cash Flow, Free Cash Flow Conversion, and Operating Margin. For the purposes of this presentation, although not indicated elsewhere, the following non-IFRS financial measures are all resulting, and should be interpreted as being, from continuing operations:
Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Flow Conversion and Operating Margin. Management
believes the use of non-IFRS measures assists investors and securities analysts in understanding the ongoing operating performance of the Company’s business by allowing more effective comparison between periods. The non-IFRS information provided in this
presentation is used by management and may not be comparable to similar measures disclosed by other companies, because of differing methods used by other companies or that we apply to other companies in calculating Adjusted Operating Ratio, Adjusted
Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, Free Cash Conversion, Operating Margin and Operating Ratio. Our presentation of Free Cash Flow
Conversion for our industry is based upon EBITDA less Net Capital Expenditures, over EBITDA and derived from publicly available information. The non-IFRS measures used in this presentation have limitations as analytical tools, and you should not consider
them in isolation or as substitutes for analysis of the Company’s results as reported under IFRS. Management compensates for these limitations by relying primarily on IFRS results and using non-IFRS financial measures on a supplemental basis. This
information has been prepared by the Company’s management for illustrative purposes only and is not necessarily indicative of the consolidated financial position or results of operations that would have bene realized, nor is it meant to be indicative of any future
consolidated financial position or future results of operations. Refer to the Appendix section for definitions of Adjusted Operating Ratio, Adjusted Net Income, Adjusted Earnings Per Share - Basic, Adjusted Earnings Per Share - Diluted, Adjusted EBITDA,
Adjusted EBITDA Margin, Free Cash Flow, Free Cash Conversion, and Operating Margin and reconciliations of those measures to the most directly comparable IFRS measures.
Market and Industry Data
This presentation includes market and industry data that the Company obtained from industry publications, surveys, public filings and internal company sources. As noted in this presentation, Bloomberg, Bureau of Labor Statistics, Capital IQ, Cass Freight Index,
Conference Board, Euromonitor, The World Bank and Transport Topics, were the primary sources for third-party industry data and forecasts. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained
from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. The Company has not independently verified any of the data from third-party sources, nor has it ascertained the underlying economic
assumptions relied upon therein. The Company does not make any representation as to the accuracy of such information. Statements as to the Company’s market position and ranking are based on market data currently available to the Company, management’s
estimates and assumptions the Company has made regarding the size of its markets within its industry.
Currency Fluctuations
The amounts in this presentation are reported in Canadian dollars unless otherwise noted. The Company’s financial results are reported in Canadian dollars and a significant portion of the Company’s revenue and operating costs are realized in currencies other
than the Canadian dollar, primarily the U.S. dollar. Significant fluctuations in relative currency values against the Canadian dollar could have a significant impact on the Company’s future profitability. The exchange rates between these currencies and the
Canadian dollar have fluctuated in recent years and will likely continue to do so in the future. It is not possible to mitigate all exposure to fluctuations in foreign currency exchange rates. The results of operations are therefore affected by movements of these
currencies against the Canadian dollar.
Comparables
This presentation outlines certain financial information and statistics of other selected companies, which are considered to be an appropriate basis for comparison with us as they either operate in the same industry or they are generally present in the markets in
which we operate. Such information has been obtained or derived from public sources, and we have relied upon and have not attempted to independently verify the completeness, accuracy and fair presentation of such information. In addition, such information
involves a variety of known and unknown risks, uncertainties and other factors which are subject to change, as well as other risks, uncertainties and factors relating to, among other things, variations in operations, size, market and accounting principles and
practices, which can significantly vary among us and the comparables. Certain information contained in this presentation is public information provided by other companies which may not be comparable across companies and therefore comparisons may not be
exact.
SECTION 1
Introduction
3
INTRODUCTION 4
Introduction to TFI International
We are a leading asset-right transportation and logistics company
TFI at a Glance
Founded in 1957; Headquartered in Montreal, QC
Strong balance sheet and access to capital provides flexibility to pursue organic and inorganic growth initiatives
Largest trucking fleet in Canada and one of the leading carriers in the U.S.
Notes: 1. FCF conversion calculated as (2019 Adj. EBITDA – Adj. Net Capex) / 2019 Adj. EBITDA; Adjusted Net Capex includes non-cash acquisitions; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 2. Adjusted EBITDA defined as net income 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; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. FCF defined as net cash from continuing operating activities less Net Capex; Net Capex is defined as additions to property and equipment less proceeds from sale of property and equipment and assets held for sale; please refer to Non-IFRS Financial
Measures on slide 2 and Appendix for further information 4. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ
Committed To Safety & Electronic Logging Device Compliant
4,800%+ total cumulative return on investment (4) over the last 20 years
Asset-Right business mix drives 77% 2019 FCF conversion(1)
Asset Right Power Capacity – 7,772 Company Units & 9,826 Independent Contractors
2019 Revenue (Excl. Fuel Surcharge) of $4.6Bn
2019 Adjusted EBITDA (2) of $865MM
2019 FCF(3) of $463MM
Broad portfolio of premier Truckload, Logistics, Less-Than-Truckload and Package & Courier services
Extensive network throughout North America: 380 facilities, 17,598 tractors, 25,505 trailers and 17,150 employees
Long history of successful acquisitions, leveraging strong platform to acquire 80 companies since 2008
INTRODUCTION
How We’ve Gotten Here
TFI has a deep rooted history demonstrating a culture that is built to last and has generated
Total Cumulative Return on Investment of over 4,800% over the last 20 years (1)
Note: 1. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ
5
1996 1998 2002 2011 2014 2016
LTL
TL
P&C
Logistics
Key
Acquisitions /
Events
Alain Bedard
becomes
Chairman, CEO
and President
Entreprises de
Transport J.C.G.,
Groupe Papineau
Canpar TForce Logistics,
Loomis
Transport
America, Contrans
Group
North American TL
Operations of XPO
(CFI)
Cavalier, TForce
Critical, TForce
Premier
Distribution
GBT, Brasseur,
Normandin
TTL, BTC East,
BeavEx
2017 2018 2019
25%
16%
9% 9%
8%
7%
7%
5%
4%
4% 3%
2% 1%
INTRODUCTION 6
Diversification Across Multiple Dimensions
Retail
Manufactured Goods
Building Materials
Automotive
Metals & Mining
Food & Beverage
Forest Products
Chemicals & Explosives
Energy
Services
Waste Management
Maritime Containers
Others
Notes: 1. Truckload and LTL in Mexico provided by CFI Logistics 2. Based on 2019 total revenue
TFI has built a robust, well-diversified revenue
base, with a strong focus on value-added asset-
light services/operations
• Truckload: 1/3 of the Canadian Truckload segment is Owner-
Operator and Brokerage
• U.S. Truckload ongoing strategy to becoming more
asset-light
• Less-Than-Truckload: 1/3 of segment is asset-light intermodal
• Logistics: virtually no capex
• P&C: limited asset ownership; US and Mexico coverage
through alliances
Revenue By Top Customers' Industry(2)
Canada
55%
United
States
45%
Mexico
0.4%
Revenue By Geography(2) Highly Diversified Product Platform(2)
TL
48%
Logistics
20%
LTL
18%
P&C
14%
26%
22%
6% 12%
13%
7%
14%
Truckload Logistics
Less-
Than-
Truckload
Package &
Courier
Canada ✔ ✔ ✔ ✔
United
States ✔ ✔ ✔
Mexico (1) ✔ ✔ ✔
Conventional
Specialized
Logistics
Same-Day Parcel
Delivery
Over-the-road
Intermodal
INTRODUCTION 7
Strong Record of Profitable Growth Across All Business Segments
Management’s recent initiatives are driving record results across the enterprise
↑ 160 basis points
Less-Than-Truckload ↑ 370 basis points
Truckload
• United States
• Canada
• Specialized
↑ 150 basis points
Logistics ↑ 200 basis points
Notes: 1. Operating margin calculated as operating income from continuing operations as a percentage of revenue ex-fuel surcharge. Please refer to the Non-IFRS Financial Measures on slide 2. 2. This is a non-IFRS measure. Please refer to the Non-IFRS Financial Measures on slide 2 and to tables included in the Appendix of the presentation for a reconciliation of this non-IFRS measure 3. Adjusted EBITDA defined as net income 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; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 4. 2019 Adjusted EBITDA and operating income from continuing operations figures under IFRS 16; 2018 Adjusted EBITDA and operating income from continuing operations figures prior to the implementation of IFRS 16 5. Adjusted diluted EPS defined as Adjusted net income from continuing operations divided by the weighted average number of diluted common shares; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information
Package & Courier ↓ (50) basis points
Segment
Operating Margin(1) FY2019 YoY
Improvement FY2018
94.6%
87.0%
87.9%
5.7%
17.9%
9.4%
9.5%
FY2019
7.7%
17.4%
13.1%
11.1%
91.5%
85.6%
88.3%
FY18 FY19 Change
Revenue
before fuel
surcharge
($MM)
4,508 4,614 ↑ 2.3%
Adjusted
EBITDA
($MM)(3)(4)
686 865 ↑ 26.0%
Operating
Income
($MM)(4)
431 512 ↑ 18.8%
Operating
Margin (1) 9.5% 11.1% ↑ 160 bps
Net cash from
continuing
operating
activities
($MM)
544 665 ↑ 22.4%
Adjusted EPS –
diluted ($)(5) 3.54 3.94 ↑ 11.3%
10.1% 11.6%
Adjusted
Operating
Ratio (2)
Management team with extensive industry experience leading to a strong corporate culture
that is relentlessly focused on operational excellence
Proven history of acquiring best-in-class assets driving near-term and long-term value creation
– Management will continue its acquisition strategy to complement its current service offering
Unmatched free cash flow generation allowing for prudent capital allocation that results in
significant growth opportunities
INTRODUCTION 8
Why TFI International?
The Company’s strong record of growth provides a great foundation for the Company’s future success
The Company’s asset-right model provides resilience throughout business cycles
Best-in-class capital return program that has driven substantial value for shareholders
Well-positioned to take advantage of E-Commerce growth trends
Robust balance sheet with significant flexibility and access to capital to drive substantial
future growth
Supportive macroeconomic tailwinds
SECTION 2
Overview and Investment Highlights
9
26%
22%
6% 12%
13%
7%
14%
OVERVIEW AND INVESTMENT HIGHLIGHTS 10
Leading Asset-Right Transportation Carrier 1
Highly Diversified Product Platform
Top 10 North American transportation and logistics player with significant exposure to both U.S. and Canada and scaled
positions across all segments
Leading, Multi-Sided Transportation & Logistics Platform(1)
Highly Diversified Product Platform(2)
North American Transportation & Logistics
Company
Asset-Right Business Model
• The leading asset-right transportation provider in Canada and one of
the largest in the U.S., offering its customers a full suite of product
offerings
• Significant Canadian brokerage and independent contractor platform
alongside large intermodal presence drive asset-right model
• Unique product mix allows TFI to offer capacity assurance and high
value-added services
• Acquisitions have successfully repositioned the business to include
value-additive services, which allow TFI to experience substantial
growth
Notes: 1.Statistics based on Transport Topics 2018 rankings 2. Based on 2019 total revenue
Top 10
North American Truckload Carrier
North American Package & Courier Player
North American LTL Carrier
Top 5
Top 5
Top 15
TL
48%
Logistics
20%
LTL
18%
P&C
14%
Conventional
Specialized
Logistics
Same-Day Parcel
Delivery
Over-the-road
Intermodal
20%
(19%)
20% 28%
34%
6%
(16%) (22%) (25%)
(4%)
20%
(38%)
OVERVIEW AND INVESTMENT HIGHLIGHTS 11
Positive Trajectory Relative to Broader Peer Set 1
Notes: 1. TL peers include Heartland, Knight-Swift, Schneider and Werner; LTL peers include Old Dominion, SAIA, ArcBest and YRC Worldwide; Logistics peers include CH Robinson, Echo, Landstar and Forward Air; P&C peers include Fedex and UPS; Please see
“Comparables” section on page 2 for further information 2. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. Q4-18 TFI International Logistics Segment Operating Income adjusted for ~$CAD12.6MM one time impairment of intangible assets
YoY % Change
While Peers Experienced Meaningful Declines in Their Businesses YoY, TFI Continues to Outperform
YoY % Change
Source: Company filings
TL LTL Logistics P&C
Operating Income: Q4-19 vs. Q4-18
Adjusted EBITDA(2): Q4-19 vs. Q4-18
TFI vs. Peers YoY Q4 Earnings Results (1)
17% 9%
(13%)
(32%)
(61%)
(31%) (14%)
Consolidated Segment-Level
Consolidated Segment-Level
558% (3)
TL
Peers
Full Peer
Set
LTL
Peers
Logistics
Peers
P&C
Peers
TL LTL Logistics P&C
TL
Peers
Full Peer
Set
LTL
Peers
Logistics
Peers
P&C
Peers
0.6
0.8
1.0
1.2
1.4
Jan 06 May 07 Oct 08 Mar 10 Jul 11 Dec 12 May 14 Sep 15 Feb 17 Jul 18 Dec 19
Investing Prudently to Maximize Shareholder Value
OVERVIEW AND INVESTMENT HIGHLIGHTS 12
Proven Acquisition Strategy to Enhance TFI Platform
Acquisitions are pursued opportunistically
Cass Freight Index – Shipments
2008 – 09 2011 – 12 2014 – 15 2016 – 17 2018-19
# of
Acquisitions 19 10 10 17 17
M&A Spend $160MM $455MM $860MM $915MM $355MM
Source: Company Filings, Transport Topics, Cass Freight Index
2
Winalta
LaCrete
Contrans
Clarke
Vitran
CFI
TForce Premier
Distribution
Cavalier
TForce Critical
TForce
Integrated
Solutions
Transport
America
AC Logistics
Value-accretive in
short- and long-
term
Increase
geographic reach
Complement
service offering
Improve
market penetration
Multiple Standards for Businesses Under Consideration
Strong
management team
Quik X
Transportation
GBT
Brasseur
Normandin
TTL
BTC East
BeavEx
TL
48%
LTL
18%
Logistics
20%
Package &
Courier
14%
TL
32%
LTL
62%
Specialized Services
6%
LTL
28%
Package & Courier
15%
TL
34% Specialized
Services
23%
OVERVIEW AND INVESTMENT HIGHLIGHTS 13
Proven Acquisition Strategy to Enhance TFI Platform (Cont’d)
2
1999(1) 2009 2019
TFI has transitioned to an Asset-Right Model Via Organic and Inorganic Growth with over 177 acquisitions since 1996
11.4% 2.1% 4.3%
1999 Net Capex / 1999 Revenue (2) 2019 Net Capex / 2019
Revenue(2)
Through its deliberate and thoughtful acquisition and operating strategy,
TFI has successfully grown its Asset-Right platform
600%+ 4,800%+
Total Cumulative Return on
Investment (3)
Total Cumulative Return on
Investment (3)
Notes: 1. For the fiscal year ended April 24, 1999 2. 1999 net capex includes purchases and sales of property and revenue includes fuel surcharge; 2009 and 2019 net capex excludes purchases and sales of property and includes non-cash acquisitions and revenue is ex-fuel surcharge 3. Represents the total earned on an investment in our Common Shares, including dividends and stock appreciation, made on 30-Dec-99 up to 31-Dec-09 and 31-Dec-19 per Capital IQ
2009 Net Capex / 2009
Revenue(2)
OVERVIEW AND INVESTMENT HIGHLIGHTS 14
Notes: 1. These are non-IFRS measures. Please refer to the Non-IFRS Financial Measures on slide 2 and to tables included in the Appendix of the presentation for a reconciliation of non-IFRS measures 2. 2019 Adjusted EBITDA adjusted for $121.1MM depreciation on right-of-use assets and interest on lease liabilities from IFRS 16, represented by the dotted box; 2019 FCF adjusted for $99.6MM impact on cash from operating activities from IFRS 16,
represented by the dotted box; please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information 3. Diluted EPS and FCF CAGRs from 1998 and 2000, the first year of positive EPS and FCF, respectively 4. Tax adjusted for 2002-2008 when TFI was an income trust 5. 2017 FCF includes 3Q17 sale leaseback proceeds of $135.7MM, related to certain real estate assets, including two facilities in each of Montreal and Toronto, represented by the blue striped bar
Revenue Before Fuel Surcharge Adjusted EBITDA (1)
$CAD, MM $CAD, MM
0
300
600
900
0
1,200
2,400
3,600
4,800
1997 2019 1997 2019
Diluted Adjusted EPS (1)(4) Free Cash Flow (1)(5)
$CAD, MM
0
100
200
300
400
500
0.00
2.00
4.00
1997 2019 1997 2019
$4,614 $865 (2)
$3.94 $463 (2)
Track Record of Profitable Growth and Strong Free Cash Flow Through Business Cycles
3
$CAD
9.5
26.2
2.9 3.8 3.3 0.0 0.0 0.0
2.9 2.1 0.8 0.2
6.5 5.1 4.5 3.1 2.0 1.2
0
8
16
24
32
24.9 24.0 24.2
14.6 10.6 8.0 13.5
8.2
41.8
23.1
11.1
63.0
20.4
0
25
50
75
OVERVIEW AND INVESTMENT HIGHLIGHTS 15
Superior Ability to Return Capital... 4
Notes: 1. Payout ratio defined as TTM total dividends paid / TTM net income as of Q3-2019 for peers and as of 2019YE for TFI; not comparable because of differences between IFRS and U.S. GAAP 2. TTM common stock repurchases as a percentage of each Company’s market cap as of January 1, 2019 3. FedEx TTM Net Income inclusive of ~$3.3Bn add back of other retirement plans expense 4. Please see “Comparables” section on page 2 for further information
TFI targets paying out 15-30% of the Company’s FCF to shareholders as a dividend
Average: 11.5 Average: 12.0 Average: 5.4
Payout Ratio (1)(4)
%
TFI Has Returned a Greater Proportion of Bottom Line than that of Peers…
$ Represents $ amount of TTM
buybacks
Average: 19.0
Asset-Right Truckload Logistics Package and Courier Less-Than-Truckload
Average: 41.7
…And TFI Has Repurchased More Stock than Peers
Common Stock Repurchases as a Percent of 2019 Market Cap (2)(4)
%
294 1,898 290 19 1 3 38 200 72 355 166 70 0 0 0 292 858 992
Average: 1.4 Average: 14.5
Average: 1.5 Average: 4.8 Average: 1.6
Source: Company filings and Capital IQ.
(3)
N.M. N.M. N.M. N.M. N.M.
OVERVIEW AND INVESTMENT HIGHLIGHTS 16
…And Industry-Leading Total Cumulative Return on Investment 4
TFI’s share price performance coupled with the Company’s return of capital strategy have
generated MEANINGFUL outperformance
Notes: 1. Represents the total earned on an investment in our Common Shares made on 30-Dec-99 up to 31-Dec-19 per Capital IQ; Past performance is not indicative of future performance
Source: Capital IQ
Indexed Total Return
20-year Total Cumulative Return on Investment (1), TFI International vs.
TSX vs. S&P 500
0
1,100
2,200
3,300
4,400
5,500
Dec-99 Dec-04 Dec-09 Dec-14 Dec-19
4,852%
TSX: 337%
S&P 500: 324%
TFI S&P 500 TSX
We Believe Robust Macro Indicators…
OVERVIEW AND INVESTMENT HIGHLIGHTS 17
Supportive Industry Landscape for TFI International 5
• Consumer Sentiment Near Highest in
Over a Decade
University of Michigan Consumer Sentiment
Source: Bloomberg, Bureau of Labor Statistics, The World Bank, Conference Board, Euromonitor
North American Retail Demand
Y-o-Y Growth Expected for 2020 4%
Continued U.S. GDP Growth
Expected for 2020
1.8%
North American E-Commerce
Demand Y-o-Y Growth Expected
for 2020
16%
Robust Consumer Confidence
Index for December 2019 Well-
Above Trailing 5-Year Average 126.5
• … Indicative of Positive Demand Momentum
…Coupled with Freight Markets at an Inflection Point…
• Cass Freight Shipment Index (Monthly YoY Change)
(13%)
0%
13%
Nov-15 Jun-16 Jan-16 Aug-17 Mar-18 Oct-18 May-19 Dec-19
• …TFI positioned to benefit from Trucking Industry Tailwinds
Source: Cass Information Systems, Inc.
Expected growth in freight demand
and reduced capacity in the U.S.
should support higher pricing
Technology advances to favor
larger trucking companies
Stable driver base and less turnover
in Canada driven by Company
culture and competitive pay
2
3
1
Continued economic expansion
Growing reliance on E-Commerce
Evolving customer supply chain
management
5
6
4
3
6
9
12
50
70
90
110
'06 '09 '12 '15 '18
99.1
3.4
• Unemployment Near 18-Year Lows
% U.S. Unemployment
(1)
(2)
Notes: 1. As of January 2020 2. As of December 2019
$160.9
$103.0
$46.8
$13.9
$76.5
$0.8
$207.8
$116.9
Logistics TL P&C LTL
United States Canada
TFI International serves a vast E-Commerce network
($CAD, MM)
• TFI services E-Commerce from approximately 80 North
American cities
• TFI provides all legs of E-Commerce services (first mile,
middle mile and last mile) and same-day & next day
coverage
• Increasing facility utilization with addition of same-day
service
• Total Canadian E-Commerce revenue: $138.0 MM
• Total U.S. E-Commerce revenue: $264.0 MM
OVERVIEW AND INVESTMENT HIGHLIGHTS 18
2019 E-Commerce Revenue by Segment
Leading E-Commerce Network Across North America… 6
165
402
0
100
200
300
400
500
2012 2019
8.4%
8.6%
8.6%
9.7%
20.7%
29.7%
Germany
Canada
France
U.S.
U.K.
China
$CAD, MM
…With Significant Upside Potential
E-Commerce is a powerful secular force, driving new shipping demands including greater
emphasis on last-mile logistics
TFI E-Commerce Revenue
74% 69% 68% 66% 59% 58% 59% 61%
26% 31% 32% 34% 41% 42% 41% 39%
0%
25%
50%
75%
100%
2012 2013 2014 2015 2016 2017 2018 2019
B2B B2C
6
3,454 3,584 3,698 3,863 4,043 4,241
407 473
546 632
731
843
3,861 4,057
4,244 4,495
4,774
5,084
0
500
1,000
5,000
6,000
2017A 2018A 2019A 2020E 2021E 2022E
OVERVIEW AND INVESTMENT HIGHLIGHTS 19
TFI Evolution of B2B/B2C Split
Growth Potential From E-Commerce Sales Potential for Further Retail Penetration
$Bn
N. American Retail Sales, Excl. E-Commerce
N. American E-Commerce Sales
Source: Euromonitor
E-Commerce % of Retail Sales
13.6%
CAGR
OVERVIEW AND INVESTMENT HIGHLIGHTS 20
Experienced and Entrepreneurial Management Team
Alain Bédard, FCPA, FCA
Chairman, President & CEO
45+ Years of Experience
Corporate Team Executive Team Operating Team
Kal Atwal Steven A.
Brookshaw Louis Gagnon Rick Hashie
Executive Vice-
President
Executive Vice-
President
Executive Vice-
President
Executive Vice-
President
Eric
Anson
Kristen
Fess
Jean-
Claude
Germain
Wayne
Gruszka
Michael
Hover
Scott
Leveridge
President,
Transport
America
Vice-
President,
Contrans
Flatbed
Group
President,
J.C.
Germain
group of
companies
President,
TST
Overland
Express
and TST
Expedited
Vice-
President
and
General
Manager,
TForce
Integrated
Solutions
President,
TForce
Logistics
U.S.
12 Years
of
Experience
30 Years
of
Experience
32 Years
of
Experience
30 Years
Of
Experience
14 Years
of
Experience
32 Years
of
Experience
35 Years
of
Experience
31 Years
of
Experience
25 Years
of
Experience
36 Years
of
Experience
Brian Kohut Bob McGonigal Greg Orr Ken
Tourangeau
Executive Vice-
President
Executive Vice-
President
Executive Vice-
President
Executive Vice-
President
Lori
McCreight
James
McKay
Justin
Paul
Daniel
Roberts
Scott
Talbot
Christopher
Traikos
President,
Quik X
Transpor-
tation
President,
Loomis
Express
Vice-
President
and
General
Manager,
TF Energy
Solutions
group of
companies
Vice-
President,
Contrans
Tank Group
Senior Vice-
President
Bulk
Operations
President,
Vitran
Johanne
Dean
Sylvain
Desaulniers
Josiane-M.
Langlois
Chantal
Martel
Martin
Quesnel
Vice-President,
Marketing &
Communica -
tions
Vice-
President,
Human
Resources
Vice-
President,
Legal
Affairs &
Corporate
Secretary
Vice-
President,
Insurance
and
Compliance
Vice-
President,
Finance
33 Years
of
Experience
20 Years
of
Experience
20 Years
of
Experience
27 Years
of
Experience
32 Years
Of
Experience
34 Years
of
Experience
23 Years
of
Experience
24 Years
of
Experience
28 Years
of
Experience
27 Years
of
Experience
23 Years
of
Experience
18 Years
of
Experience
24 Years
of
Experience
35 Years
of
Experience
21 Years
of
Experience
Experienced Team - Each with 10+ Years of Relevant Experience
• Decentralized,
Entrepreneurial
Management Approach
1
• Unique Company Culture
Dedicated to Excellence 2
• Focus on End Consumer
Satisfaction 3
8
David Saperstein Daniel
Auger Daniel Chevalier Patrick Croteau
Chief Financial
Officer
Vice-
President,
Information
Technology
Vice-
President,
Finance,
Operational
Reporting
Vice-
President, Finance
& Control
21 Years
of
Experience
14 Years
of
Experience
19 Years
of
Experience
14 Years
of
Experience
SECTION 3
Financial Performance
21
15% FCF (1)
(20-Year CAGR)(2)
FINANCIAL PERFORMANCE 22
Continued Success Driving Record Results
Significant free cash flow generation, low capital intensity and recent strong performance provide TFI
with a compelling financial profile and above-market growth opportunities
+17%,
+19%,
+17%
Revenue,
Adj. EBITDA (1)
Adj. Diluted
EPS(1)
(20-Year CAGRs)(2)
77% 2019 FCF
Conversion (3)
+ 180 Bps Q4’19 Operating
Margin
Improvement
YoY
Notes: 1. These are non-IFRS measures. Please refer to the tables included in the Appendix of the presentation for a reconciliation of non-IFRS measures. Please refer to Non-IFRS Financial Measures on slide 2 for further information 2. CAGRs calculated from 1999 through 2019. Please refer to Non-IFRS Financial Measures on slide 2 for further information 3. FCF conversion calculated as (2019 Adj. EBITDA – Net Capex) / 2019 Adj. EBITDA; Net Capex includes non-cash acquisitions; Please refer to Non-IFRS Financial Measures on slide 2 for further information
902 832 85
109
0
32
64
96
0
240
480
720
960
Revenue ex-FSC Operating Income
FINANCIAL PERFORMANCE 23
Strong Profitable Trajectory
Truckload
2,065 2,200
208
255
0
100
200
300
0
540
1,080
1,620
2,160
Revenue ex-FSC Operating Income
Less-Than-Truckload
$CAD, MM $CAD, MM
$CAD, MM $CAD, MM
15
25
35
45
55
65
20
30
40
50
60
70
25
35
45
55
65
75
30
40
50
60
70
80
0
10
20
30
40
50
60
70
80
90
2017 2018 2019 2020 2021 2022
Series 1 Series 2 Series 3 Series 4
7%
(8%)
29
84
151
199
199
199
230
64
59
158
193
236
211
237
193
234
195
138
Actively focusing on driving profitability and streamlining the business
2018 2019 2018 2019
2018 2019 2018 2019
Q4 2019 Highlights
Q4 Highlights
• Best in class Canadian conventional TL adjusted operating ratio(1) of 85.9%
and 89.3% in Specialized
• Operating income from continuing operations reaches $61.3MM , up from
$52.3MM in Q4 2018 largely driven by higher quality of freight, lower costs,
and a more efficient truckload network
• Continued asset-light strategy as brokerage revenue up 8% to
$CAD75.2MM compared to the same quarter last year
Objectives
• Focused on improving cost structure and reducing capital intensity
Q4 2019 Highlights
Q4 Highlights
• Adjusted operating ratio(1) improvement of 180 basis points from 90.0% in
Q42018 to 88.2% in Q42019
• Tight asset management, cost optimization, improved route density and a
better yield and quality of revenue leads to strong quarter
• Best-in-class low capex platform, due to asset-light intermodal operations
Objectives
• Remain disciplined in adapting supply to demand
• Continue to emphasize major cities, cross-border and high-density regions
• Leverage asset-light intermodal capabilities
Note: 1. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information
633 628 113 109
0
50
100
150
0
250
500
750
Revenue ex-FSC Operating Income
954 989 67 76
0
20
40
60
80
0
300
600
900
1,200
Revenue ex-FSC Operating Income
FINANCIAL PERFORMANCE 24
Strong Profitable Trajectory (cont’d)
Logistics
Package & Courier
$CAD, MM $CAD, MM
$CAD, MM $CAD, MM
(1%)
29
84
151
199
199
199
230
64
59
158
193
236
211
237
193
234
195
138
Actively focusing on driving profitability and streamlining the business
2018 2019
Notes: 1. 2018 operating income adjusted for $CAD12.6MM impairment of intangible assets 2. Please refer to Non-IFRS Financial Measures on slide 2 and Appendix for further information
Q4 2019 Highlights
Q4 Highlights
• Decrease in revenue attributed to a 3.6% decrease in tonnage and a 2.4%
decrease in revenue per pound excluding fuel related to the loss of “excess”
business generated by the Canada Post strike in 2018
Objectives
• Focus on utilizing this technology to progressively replace unprofitable
customers with more-profitable business in dense urban centers
• New investments in productivity-enhancing sortation equipment
Q4 2019 Highlights
Q4 Highlights
• Operating income, adjusted to exclude the $12.6MM impairment charge in
2018, up 22% YoY
• 72% of revenue generated in the U.S. and Mexico and 28% in Canada
Objectives
• Well positioned to capture secular E-Commerce shift and demand for same
day service
• 2020 growth expected to come from strength of Canadian team that now runs
US business
(1)
2018 2019
2018 2019 2018 2019
SECTION 4
Growth Strategies
25
GROWTH STRATEGIES 26
Key Objectives to Achieve Operational Excellence
Organic Growth
• …economies of scale and
specialization
• …more efficiently allocating
resources
• …capitalizing on market
opportunities
• …utilize data capabilities to drive
detailed analytics
Bolt-on Acquisitions
Value accretive in short- and long-
term
Increase geographic reach
Complement service offering
Improve market penetration
Strong management team
Focused on optimizing current TFI
platform across
North America
TFI continues to evaluate
opportunities to complement its
portfolio
Fundamental focus on the
bottom line
Unlock Shareholder Value
Implement operating initiatives
aimed at reducing cost and
improving quality of revenue
Increase Margins
GROWTH STRATEGIES 27
Track Record of M&A Execution and Integration
14
5
3
6
4 4
6
4
10
7
9
8
0
2
4
6
8
10
12
14
16
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Number of Acquisitions per Year
Acquired 80 companies across highly fragmented markets since 2008
Lafleche
Loomis Express
TForce Logistics
Quik X
Transportation
Total Transfer E.L. Farmer
TForce
Premier
Distribution
Normandin
Winalta
LaCrete
TForce Integrated
Solutions
Contrans
Clarke
Transport
America
AC Logistics
CFI
National Fast
Freight Cavalier
TForce Critical Brasseur
GBT
TTL
BTC East
BeavEx Vitran
Management team with extensive industry experience leading to a strong corporate culture
that is relentlessly focused on operational excellence
Proven history of acquiring best-in-class assets driving near-term and long-term value creation
– Management will continue its acquisition strategy to complement its current service offering
Unmatched free cash flow generation allowing for prudent capital allocation that results in
significant growth opportunities
GROWTH STRATEGIES 28
Why TFI International?
The Company’s strong record of growth provides a great foundation for the Company’s future success
The Company’s asset-right model provides resilience throughout business cycles
Best-in-class capital return program that has driven substantial value for shareholders
Well-positioned to take advantage of E-Commerce growth trends
Robust balance sheet with significant flexibility and access to capital to drive substantial
future growth
Supportive macroeconomic tailwinds
Appendix
29
APPENDIX 30
Proven Acquisition Strategy to Enhance TFI Platform (1)
Year Company Target Segment
1998 Entreprises de Transport J.C.G. Inc.
Groupe Papineau Inc. TL
2000 TST Solutions LTL & Specialized TL
2002 Canpar Transport
Besner
Package & Courier
TL
2004 Canadian Freightways
Highland Transport
LTL and TL
TL
2005 Services Matrec Waste Management
2006
Kos Corp Oilfield Transportation
Hemphill Trucking Inc.
Streeper Contracting
Rig-Moving activites
2007 Location Beaudry
Information Communication Services (ICS) Inc.
Fleet management
Package & Courier
2008 Unique Personnel Services Inc. Personnel Services
2009 ATS Retail Solutions Package & Courier
2011
Dynamex
Loomis Express
Concord Transportation
Last Mile
Package & Courier
LTL
2012 QuikX Transportation LTL (over-the-road)
2014
Clarke Transport
Vitran Corporation
Transport Corporation of America
Contrans
LTL Intermodal (over-the-rail)
LTL
U.S. TL
Specialized TL
2015 AC Final Mile Logistics
2016 CFI (formerly Con-Way Truckload) U.S. TL
2017
Cavalier
TForce Critical
Premier Product Management
LTL
Last Mile
Logistics
2018
Normandin Transit
Transport Brasseur
Timeline
Cross-border LTL and TL
Specialized TL
Specialized TL
2019
TTL
Schilli
BeavEx
Specialized TL
Specialized TL
Logistics
Note: 1. The selected acquisitions do not represent all of TFI’s acquisitions in the timeframe shown
Source: Company filings
APPENDIX 31
Reconciliation of Adjusted EBITDA, Adjusted Net Income and Adjusted EPS – Diluted
($CAD, MM) 2019 2018
Net Income from Continuing Operations $324.5 $292.0
Net Finance Costs $85.6 $48.3
Income Tax Expense $101.5 $90.2
Depreciation of Property and Equipment $223.8 $198.5
Depreciation of Right-of-Use Assets $102.6 -
Amortization of Intangible Assets $65.9 $62.1
Impairment of Intangible Assets - $12.6
Bargain Purchase Gain ($10.8) -
Gain on Sale of Land and Buildings ($0.0) $(0.5)
Gain on Sale of Assets Held for Sale ($28.6) $(15.6)
Gain on Sale of Intangible Assets - ($1.2)
Adjusted EBITDA $864.5 $686.3
($CAD, MM, except per share data) 2019 2018
Net Income $310.3 $292.0
Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $47.1 $44.0
Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $0.2 $(8.9)
Net Change In Fair Value of Derivatives, Net of Tax - $(0.3)
Net Foreign Exchange Loss, Net of Tax $0.2 $0.5
Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(24.8) $(13.9)
Impairment of Intangible Assets, Net of Tax - $9.1
Bargain Purchase Gain ($10.8) -
Gain on Sale of Intangible Assets, Net of Tax - ($0.9)
Net Loss from Discontinued Operations $14.2 -
Adjusted Net Income from Continuing Operations $336.4 $321.6
Adjusted EPS from Continuing Operations – Basic $4.03 $3.66
Adjusted EPS from Continuing Operations – Diluted $3.94 $3.54
Note: 1. This is a non-IFRS measure
Reconciliation of Adjusted EBITDA (1)
Reconciliation of Adjusted Net Income(1) and Adjusted EPS – Diluted(1)
APPENDIX 32
Reconciliation of Free Cash Flow and Adjusted EBITDA
Note: 1. This is a non-IFRS measure
($CAD, MM) 2019 2018
Net Cash from Continuing Operating Activities $665.3 $543.5
Additions to Property and Equipment ($349.4) ($314.1)
Proceeds from Sale of Property and Equipment $95.2 $81.1
Proceeds from Sale of Assets Held for Sale $51.9 $29.2
Net Capex ($202.3) ($203.8)
Free Cash Flow $463.0 $339.7
Three Months Ended December 31 Twelve Months Ended December 31
($CAD, MM) 2019 2018 2019 2018
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, Assets Held for Sale and Intangible Assets $(8.4) ($3.0) ($28.6) ($17.4)
Adjusted EBITDA $217.5 $180.7 $864.5 $686.3
Reconciliation of Adjusted EBITDA (1)
Reconciliation of Free Cash Flow (1)
APPENDIX 33
Reconciliation of Adjusted Operating Ratio
Note: 1. This is a non-IFRS measure
Please refer to pages 23 to 24 of the Company's management discussion and analysis for the year ended December 31, 2019 for reconciliations to the most directly comparable IFRS measures of the
Adjusted Operating Ratio of each reporting segment.
Three Months Ended December 31 Twelve Months Ended December 31
($CAD, MM) 2019 2018 2019 2018
Operating Expenses $1,181.2 $1,218.2 $4,667.2 $4,692.7
Impairment of Intangible Assets - ($12.6) - ($12.6)
Bargain Purchase Gain - - $10.8 -
Gain on Sale of Land and Building $0.0 $0.3 $0.0 $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 Operating Expenses $1,189.6 $1,208.6 $4,706.7 $4,697.5
Fuel Surcharge Revenue ($139.0) ($159.2) ($565.2) ($615.0)
Adjusted Operating Expenses, Net of Fuel Surcharge Revenue $1,050.6 $1,049.5 $4,141.4 $4,082.5
Revenue before Fuel Surcharge $1,166.5 $1,162.3 $4,613.6 $4,508.2
Adjusted Operating Ratio 90.1% 90.3% 89.8% 90.6%
Reconciliation of Adjusted Operating Ratio (1)