first quarter ended march 31, 2020 · 2020. 4. 23. · 1 ttm q1 2020, calculated using revenue...

First Quarter Ended March 31, 2020

2

In the interest of providing shareholders and potential investors with information regarding TFI International, including management’s assessment of

future plans and operations, certain statements in this presentation are forward-looking statements subject to risks, uncertainties and other

important factors that could cause the Company’s actual performance to differ materially from those expressed in or implied by such statements.

Such factors are further discussed under Risks and Uncertainties in the Company’s Annual Information Form and MD&A, but readers are cautioned

that the list of factors that may affect future growth, results and performance is not exhaustive, and undue reliance should not be placed on forward-

looking statements.

The expectations conveyed by the forward-looking statements are based on information available to it on the date such statements were made, and

there can be no assurance that such expectations will prove to be correct. All subsequent forward-looking statements, whether written or orally

attributable to the Company or persons acting on its behalf, are expressly qualified in their entirety by these cautionary statements.

Unless otherwise required by applicable securities laws, the Company expressly disclaims any intention, and assumes no obligation, to update or

revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-Looking Statements

TFI International: Who We Are

3

Diversified: Package & Courier,

Less-Than-Truckload, Truckload and

Logistics

Full service: Transport and

logistics

North American Leader:

Operations across U.S., Canada and

Mexico

Extensive Network:

398 facilities, 17,622 tractors1,

25,174 trailers

Decentralized, entrepreneurial

management approach

16,768employees, of which 8,201

are drivers

1 7,634 owned or leased; 9,988 are independent contractors

…mitigate risk for customers

Our Customer Value Proposition

4

…improve their efficiency and delivery timing

…drive satisfaction for the end consumer

We create transportation and supply chain advantages to…

…reduce their delivery costs

5

Why Invest in TFI International?

Superior record of growth and

shareholder value creation

Market leader in key transportation

and logistics segments

Diversification by industry sectors and geography

Robust Return on Equity

Track record of M&A execution

with well-defined acquisition

pipeline

Investment Highlights

6

Note: All financial results presented on this page represent continuing operations.1 TTM Q1 2020, calculated using revenue before surcharge.2 TTM Q1 2020 FCF divided by the March 31, 2020 market cap.3 Calculated as TTM Q1 2020 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA.4 Before impairment.

Best-in-class operating margins, FCF yield and FCF conversion

11.3% Operating Margin1

18.5% FCF Yield2

78.3% FCF Conversion3

Avg. Adjusted ROE of 18.6% since 20164

Proven track record of growth through disciplined acquisition strategy

Completed 81 acquisitions since 2008

Industry remains fragmented

Balanced capital allocation approach to drive shareholder value

$3.8 billion 20-year total FCF

$981 million returned to shareholders since 2016

Robust balance sheet position

Access to $1.2 billion revolving facilities ($833 million undrawn)

Annual dividend yield of 3.3%

3.7%

9.2%8.7%

8.1%

0.9%

TFII Truckload Peer Average Package & Courier Peer Average Less-than-Truckload Peer Average Logistics Peer Average

7

Low Capex Facilitates Asset-Light Model

Note: TFI Net Capex excludes purchases and sales of property. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019.1 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 2 Package & Courier: FedEx and UPS.3 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide.4 Logistics: CH Robinson, Landstar, Echo and Forward Air.

2 31 4

TTM Q1-2020 Net Capex (% of Total Revenue)

Less-Than-Truckload Peer Average 3

88.0%

40.1%

70.6%

46.4%

Peer AveragePeer Average

Peer Average

8

Market Leadership in Key Transportation and

Logistics Segments: FCF Conversion

Package & Courier Less-Than-Truckload

Truckload Logistics

Note: FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. TFII data reflects TTM Q1-2020 while peer data is TTM Q4-2019.1 Package & Courier: FedEx and UPS.2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 4 Logistics: CH Robinson, Landstar, Echo and Forward Air.

2

43

1

Peer Average

99.4%

86.9%

81.7%

31.9%

9

Our Strategy of Growth Through Acquisitions

Proven track record of executing on M&A strategy across highly fragmented markets

– Completed 81 acquisitions since 2008

– Strong focus on integration, operations and realization of synergies

Our disciplined acquisition criteria:

– Immediately accretive to EPS and free cash flow

– Fit with one of our four segments (Package & Courier, LTL, TL, Logistics)

– High free cash flow generation

– U.S. or Canada footprint

– Strong management team

– Synergy and growth potential

10

Overview of the TFI International Platform

Over-the-road(11% of Q1

2020 Revenue)

Intermodal(6% of Q1

2020 Revenue)

Less-Than-Truckload(17% of Q1 2020

Revenue)

Conventional(26% of Q1

2020 Revenue)

Specialized(22% of Q1

2020 Revenue)

Truckload(48% of Q1 2020

Revenue)

Package & Courier(13% of Q1 2020

Revenue)

Logistics(22% of Q1 2020

Revenue)

11

Services by Geography

Truckload LogisticsLess-Than-Truckload

Package & Courier

✔ ✔ ✔ ✔

✔ ✔ ✔

✔ ✔ ✔

Canada

United States

Mexico1

TFI has built a robust and well-diversified revenue base

— No client accounts for > 5% of consolidated revenue

1 Truckload and LTL in Mexico provided by CFI Logistica.

By Geography (YTD Q1-2020)

By Top Customers' Industry(2019)

25%

16%

9%9%

8%

7%

5%

4%

4%3%

2%1%

7%

Retail Manufactured Goods

Building Materials Automotive

Metals & Mining Food & Beverage

Forest Products Chemicals & Explosives

Energy Services

Waste Management Maritime Containers

Others

53.6%

46.0%

0.4%

Canada

United States

Mexico

12

Truckload Segment

Dry van full truckload

Flatbed, tanks, dumps, oversized and other specialized services

Modern fleet

We own the majority of our assets and have long established partner carrier relationships

48% of Q1 2020 Revenue

Truckload Operating Companies

CONVENTIONAL (26% of Total Revs.) SPECIALIZED (22% of Total Revs.)A&M Intl.

Besner

CFI

Clarke Road Transport

Couture

Ganeca

Grégoire

BTC East

BTC West

Charbonneau

Contrans Flatbed Group

Contrans Tank Group

Contrans Vrac

Durocher Intl.

Laidlaw Carriers Van

Papineau Intl.

TF Dedicated Logistics

Transport America

Transport J.C. Germain

E.L. Farmer

GBT

GHL Transport

Golden Intl.

JAF

JAG

Kingsway Bulk

Laidlaw Carriers Bulk

McArthur Express

Mirabel Logistic

Nordique

P&W Intermodal

Piston Tank

Rebel Transport

SAF

TF Truckload & Logistics

Timeline Logisitc

Trans2D Logistics

Tri-Line Carriers

TST Expedited

TTL

Westfreight Systems

Winalta

1 Truckload in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

13

Logistics Segment

Same day parcel delivery nationwide in the United States and Canada

Truck brokerage and other logistics services


Logistics Operating Companies

AC Logistics Canada

Cavalier Logistics

CFI Logistica

CFI Logistics

CK Logistics

Clarke North America

Cornerstone Logistics

Craler

E&L Logistics

Guardian Medical Logistics

Kobelt Transportation

Landry

Logikit

Patriot Freight Services

Quik X Logistics

Geographic Footprint Segment Overview

St-Lambert

Stream Logistics

TForce Critical

TForce Logistics

TForce Logistics Canada

TForce Premier Distribution

14

Less-Than-Truckload Segment

Over-the-road and intermodal LTL services

Solid track record for safety and on-time delivery

Focus on customer facing technology

Asset light intermodal


Less-Than-Truckload Operating Companies

OVER-THE-ROAD (11% of Total Revs.) INTERMODAL (6% of Total Revs.)

Canadian Freightways

Cavalier

Concord

La Crete Transport

McMurray Serv-U Expediting

Clarke Transport

National Fast Freight

Quiktrax Intermodal

Vitran

Normandin

Quik X Transportation

Tripar Transportation

TST Overland Express

1 LTL in U.S. provided by partners and in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

15

Package & Courier Segment

Package & Courier Operating Companies

Next-day in Canada and globally through partnership with DHL

Cutting edge technology

Specialized supply chain services


Canpar Express

ICS Courier

Loomis Express

TForce Integrated Solutions

Geographic Footprint Segment Overview

Our Decentralized Structure: Uniquely Delivering

Value for Shareholders

16

…reaping the benefits of both economies of scale and specialization

…more efficiently allocating resources

Our four segments are constituted of wholly-owned subsidiaries operating under their own brands

Our differentiated approach to operating our businesses enables us to create shareholder value by…

…capitalizing on market opportunities and exploiting market dislocations in real time

$0

$100

$200

$300

$400

$500

$600

$700

1999 2019$0

$1

$2

$3

$4

$5

1999 2019

$0

$1,000

$2,000

$3,000

$4,000

$5,000

1999 2019

Superior Track Record of Growth

17

Revenue Before Fuel Surcharge (C$ in millions)

1 These are non-IFRS measures. Please refer to the tables at the end of the presentation for a reconciliation of non-IFRS measures.2 Please refer to pages 32 and 33 for the most directly comparable measure determined under IFRS, being net income and diluted EPS.3 Tax adjusted for 2002-2008 when TFI was an income trust.4 Recasted as of April 21, 2020 for changes in presentation

Adjusted EBITDA1,2,4 (C$ in millions)

Diluted Adjusted EPS from Continuing Operations1,2,3

$4,614

$3.94

Net Cash from Operating Activities (C$ in millions)

$649

$0

$200

$400

$600

$800

$1,000

1999 2019

$861

18

Total Shareholder Return Over Various Periods

Peer Average

Package & Courier1

Less-Than-Truckload2 Truckload3 Logistics4

Tota

l Sh

are

ho

lde

r R

etu

rn

15-Year 1,321% 255% 70% 603% 154% 195%

10-Year 1,030% 172% 68% 451% 82% 87%

5-Year 145% 7% (5%) 21% 7% 4%

1-Year 49% (17%) (23%) (15%) (8%) (21%)

1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Heartland, Knight-Swift, Werner, Schneider and U.S. Xpress. 4 Logistics: CH Robinson, Echo, Landstar and Forward Air.Note: All periods above are through 3/31/20. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested.

335%

307%

17%

(19%)

19

Resilience Through the Cycle

1 Total Revenue and Adjusted EBITDA have not been restated to reflect discontinued operations, including the exit from oil rig moving operations in 2015 and the sale of the Waste Management segment in 2016.2 Adjusted EBITDA is a non-IFRS measure. Please refer to page 34 for the most directly comparable measure determined under IFRS, being net income.3 Adjusted EBITDA margin is a non-IFRS measure calculated as adjusted EBITDA as a percentage of total revenue.

TFI’s Adjusted EBITDA margin1, 3 held virtually flat through the Great Recession

(C$ in Millions) 2007 2008 2009 2010 2011 2012

Total Revenue1 1,940 2,262 1,847 2,002 2,691 3,140

Annual Growth 8% 17% -18% 8% 34% 17%

Adjusted EBITDA1, 2 243 280 227 263 312 386

Annual Growth 1% 15% -19% 16% 19% 24%

Adjusted EBITDA Margin1, 3 12.5% 12.4% 12.3% 13.1% 11.6% 12.3%

$ 165

$ 310

2012 TTM Q1 2020

E-Commerce Revenue(C$ in millions)

20

E-Commerce Provides Additional Growth

74% 69% 68% 66%59% 58% 59% 61% 61%

26% 31% 32% 34%41% 42% 41% 39% 39%

12 13 14 15 16 17 18 19 TTM Q12020

B2B B2C

Evolution of B2B/B2C Split

7.9% CAGR

E-Commerce is a powerful secular force, driving new shipping demands including greater emphasis on last-mile logistics

Same-Day Services

The evolution of E-Commerce fulfillment has created numerous opportunitiesfor TFI companies – both next-day (Canada) and same-day (Canada & U.S.)

Next-Day Services

21

Shipper - Warehouse

Evolution of E-Commerce Fulfillment

Shipper - Warehouse

Sorting Facility

Sorting Facility

Pickup

Delivery

DeliveryLinehaulRegion A

Region B

Business Customer CustomerBusiness

$117.3$81.5

$38.9$10.9

$60.3

Logistics TL P&C LTL

United States Canada

22

TFI International Serves a Vast E-Commerce Network

TFI services E-Commerce from nearly 80 North American cities

Further opportunities for the Logistics segment, both through acquisitions and organic growth

Increasing facility utilization with addition of same-day service

Total Canadian E-Commerce revenue: $110.8 million

Total U.S. E-Commerce revenue: $198.7 million

TTM Q1 2020 E-Commerce Revenue by Segment(C$ in millions)

$0.7

23

Robust Balance Sheet With Strategic Flexibility

Note: The table above indicates the Company’s financial covenants to be maintained under its credit facility. These covenants are measured on a consolidated rolling twelve-month basis and are calculated as prescribed by the credit agreement which, among other things, requires the exclusion of the impact of the new standard IFRS 16 Leases.

Covenants RequirementsAs at March

31, 2020

Funded debt-to-EBITDA ratio [ratio of total debt plus letters of credit and some other long-term liabilities to earnings before interest, income tax, depreciation and amortization (“EBITDA”), including last twelve months adjusted EBITDA from business acquisitions]

< 3.50 1.981

EBITDAR-to-interest and rent ratio [ratio of EBITDAR (EBITDA before rent and including last twelve months adjusted EBITDAR from business acquisitions) to interest and net rent expenses]

> 1.75 4.54

1 The Funded debt-to-EBITDA ratio is based on gross debt, the cash on hand of $131.1 million is excluded from the calculation of this measure.

24

Track Record of M&A Execution and Integration

Number of Acquisitions per Year

Acquired 81 companies across our highly fragmented markets since 2008

14

5

3

6

4 4

6

4

10

7

9

8

1

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Winalta

La Crete

TForce Integrated

Solutions

Lafleche

Total Transfer

Quik X

Transportation E.L. Farmer

Contrans

Clarke

Vitran

Transport

America

AC Logistics

Canada

Cavalier

TForce Critical

TForce Premier

Distribution

GBT

Brasseur

Normandin

TForce Logistics

Loomis Express

CFI

National Fast

FreightTTL

BTC East

BeavEx

RRD Courier

Services

25

Our Approach To Creating Shareholder Value

Our People

Market Leadership

Growth & ROIC

We continually solidify our position as a leader in the North American transportation and logistics industry

We deliver earnings growth and strong ROIC, both organically and through our proven acquisition strategy

We maintain a strong balance sheet andaccess to capital

We leverage our team of dedicated professionals to provide value-added services and solutions across each of our business segments

Prudent Balance Sheet

26

Appendix

27

Balance Sheet Details— As of March 31, 2020—

Debt structure

— $1.2 billion unsecured revolving facility

– Matures in June 2023 and can be extended annually

– Provides favorable terms and conditions and capital management flexibility

— US$25 million unsecured revolving facility

– Matures in November 2020

— $610 million unsecured term loan

– Two tranches, $200 million maturing in June 2021 and $410 million maturing in June 2022

– Same covenants and conditions as the banking revolving facility

— $200 million unsecured debenture

– Interest rate between 3.32% and 4.22% and matures in December 2024

– Can be repaid, without penalty, after December 20, 2022

— US$150 million unsecured senior notes

– Interest rate of 3.85% and mature in December 2026

28

Additional Operating Data (Slide 1 of 3)

Operating Data – TL 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

U.S. based Conventional TL

Revenue before fuel surcharge (in thousands of U.S. dollars)

172,009 171,766 168,451 163,749 164,171 162,377 155,861 157,243

Adjusted operating ratio1 94.5% 92.4% 93.3% 92.4% 90.2% 90.9% 92.4% 93.4%

Total mileage (in thousands) 98,337 94,735 90,658 88,588 89,975 88,636 84,291 87,630

Tractor count, average 3,088 3,109 3,053 3,001 2,966 2,942 2,929 2,939

Trailer count, average 11,143 11,210 11,180 11,035 10,962 11,028 11,007 10,778

Tractor age 2.3 2.1 2.0 2.1 2.0 1.8 1.8 2.0

Trailer age 6.9 6.8 6.8 6.9 7.0 6.8 6.5 6.6

Number of owner operators, average 474 425 408 398 376 376 424 438

Canadian based Conventional TL

Revenue before fuel surcharge (in thousands of dollars)

82,531 78,154 79,017 77,882 76,949 71,299 74,803 70,279


Total mileage (in thousands) 27,867 26,139 26,019 25,536 26,151 23,019 24,237 23,395

Tractor count, average 719 700 708 720 718 657 641 640


Tractor age 2.8 2.8 2.7 2.5 2.7 2.6 2.3 2.2

Trailer age 5.2 5.6 5.5 5.6 5.6 5.5 5.4 5.5

Number of owner operators, average 380 371 363 353 348 348 317 308

1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36, 37 and 38.

29


Operating Data – TL 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Specialized TL


222,434 220,333 227,438 235,964 275,963 273,029 264,591 253,211


Tractor count, average 1,407 1,439 1,546 1,771 2,116 2,194 2,189 2,065


Tractor age 3.3 3.6 3.5 3.7 4.6 4.1 4.0 3.9

Trailer age 9.5 10.2 9.7 10.0 11.1 11.4 11.7 12.0

Number of owner operators, average 1,075 1,054 1,102 1,192 1,157 1,225 1,224 1,154

1 This is a non-IFRS measure. Please refer to the reconciliation on pages 35, 36, 37 and 38.

30


Operating Data - LTL 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1


239,245 227,514 231,994 207,986 219,075 205,434 199,718 180,194


Revenue per hundredweight (excluding fuel) $11.89 $13.18 $13.79 $12.82 $13.62 $13.51 $13.19 $13.27

Revenue per shipment (including fuel) $303.29 $316.68 $324.84 $319.92 $316.36 $320.28 $334.42 $332.32

Tonnage (in thousands of tons) 1,005 863 841 811 804 760 757 679

Shipments (in thousands) 927 847 838 753 806 742 692 627

Average weight per shipment (in lbs) 2,168 2,038 2,007 2,154 1,995 2,049 2,188 2,166

Average length of haul (in miles) 820 833 831 838 820 824 839 808

Vehicle count, average 1,080 1,081 1,020 1,031 1,019 1,031 1,016 976

1 This is a non-IFRS measure. Please refer to the reconciliation on page 39.

31

Reconciliations

32

Five-Year Reconciliation of Adjusted EBITDA1

(C$ in millions)(from Continuing Operations)

TTM Q1 2020

20192 20182 20172 20162

Net Income $335.2 $324.5 $292.0 $158.0 $157.1

Net Finance Costs $82.4 $82.3 $47.4 $61.4 $51.7

Income Tax Expense (Recovery) $104.3 $101.5 $90.2 $(40.6) $46.3

Depreciation of Property and Equipment $228.5 $223.8 $198.5 $209.6 $139.4

Depreciation of Right-of-Use Assets $103.8 $102.6 – – –

Amortization of Intangible Assets $65.7 $65.9 $62.1 $61.2 $53.7

Impairment of Intangible Assets – – $12.6 $143.0 –

Bargain Purchase Gain $(16.4) $(10.8) – – –

Gain on Sale of Land and Buildings $(0.0) $(0.0) $(0.5) $(0.2) $(8.9)

Gain on Sale of Assets Held for Sale $(29.2) $(28.6) $(15.6) $(77.4) –

Gain on Sale of Intangible – – $(1.2) – –

Adjusted EBITDA $874.1 $861.2 $685.4 $514.8 $439.2

1 This is a non-IFRS measure.2 Recasted as of April 21, 2020 for changes in presentation.Note: As of 2019, 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.

33

Five-Year Reconciliation of Adjusted Net Income1

and Adjusted EPS – Diluted1

(C$ in millions, except per share data)TTM Q1

20202019 2018 2017 2016

Net Income $321.0 $310.3 $292.0 $158.0 $639.6

Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $46.9 $47.1 $44.0 $38.3 $32.7

Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $0.2 $0.2 $(8.9) $(0.4) $0.1

Net Change in Fair Value of Derivatives, Net of Tax $0.5 $(0.0) $(0.3) $(1.2) $3.5

Net Foreign Exchange (Gain) Loss, Net of Tax $(0.5) $0.2 $0.5 $1.8 $1.6

Impairment of Intangible Assets, Net of Tax – – $9.1 $138.4 –

Bargain Purchase Gain $(16.4) $(10.8) – – –

Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(25.3) $(24.8) $(13.9) $(66.7) $(7.5)

Gain on Sale of Intangible Assets, Net of Tax $(0.0) $(0.0) $(0.9) – –

U.S. Tax Reform – – – $(76.1) –

Net (Income) Loss from Discontinued Operations $14.2 $14.2 – – $(482.5)

Adjusted Net Income from Continuing Operations $340.6 $336.4 $321.6 $192.2 $187.5

Adjusted EPS from Continuing Operations – Basic $3.71 $4.03 $3.66 $2.12 $2.00

Adjusted EPS from Continuing Operations – Diluted $3.60 $3.94 $3.54 $2.07 $1.96

EPS from Continuing Operations – Diluted $3.94 $3.80 $3.22 $1.70 $1.64

1 This is a non-IFRS measure.Note: As of 2019, 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.

34

2007-2012 Reconciliation of Adjusted EBITDA1

1 This is a non-IFRS measure.Note: Figures have not been restated to reflect discontinued operations, including the exit from oil rig moving operations in 2015 and the sale of the Waste Management segment in 2016.

(C$ in millions) 2012 2011 2010 2009 2008 2007

Net income $154.2 $102.2 $102.7 $10.9 $79.7 $44.8

Net Finance Costs $38.4 $50.3 $8.0 $29.5 $60.5 $36.2

Income Tax Expense $54.6 $33.9 $33.5 $21.4 $19.5 $3.6

Depreciation of Property and Equipment $103.4 $97.5 $98.8 $102.6 $106.3 $96.6

Amortization of Intangible Assets $44.2 $35.0 $27.6 $20.0 $16.7 $11.1

Gain on Sale of Property and Equipment $(8.8) $(6.5) $(7.9) $(2.9) $(2.7) $(5.3)

Impairment of Intangible Assets – – – $45.0 – $56.0

Adjusted EBITDA $386.0 $312.4 $262.7 $226.5 $280.0 $243.0

35

Adjusted Operating Ratio1 Reconciliation

(C$ in thousands) 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3 2019-Q4 2020-Q1

Truckload

Total revenue 609,812 604,759 610,161 600,535 655,548 633,547 620,122 605,694

Total operating expenses 554,291 541,101 557,879 549,791 588,307 557,785 558,871 542,690

Operating income 55,521 63,658 52,282 50,744 67,241 75,762 61,251 63,004

Operating expenses 554,291 541,101 557,879 549,791 588,307 557,785 558,871 542,690

Gain on sale of land and buildings and assets held for sale

1,167 3,208 1,560 696 76 9,020 6,530 10,661

Adjusted operating expenses 555,458 544,309 559,439 550,487 588,383 566,805 565,401 553,351

Fuel surcharge revenue (84,702) (84,112) (81,997) (73,388) (85,190) (76,342) (75,289) (72,206)

Adjusted operating expenses, net of fuel surcharge revenue

470,756 460,197 477,442 477,099 503,193 490,463 490,112 481,145

Revenue before fuel surcharge 525,110 520,647 528,164 527,147 570,358 557,205 544,833 533,488

Adjusted operating ratio 89.6% 88.4% 90.4% 90.5% 88.2% 88.0% 90.0% 90.2%


36



Truckload - Revenue before fuel surcharge

U.S. based Conventional TL 222,206 224,115 223,128 217,606 219,480 214,318 206,810 211,251

Canadian based Conventional TL 82,531 78,153 79,017 77,882 76,949 71,299 74,803 70,279

Specialized TL 222,434 220,333 227,438 235,964 275,963 273,029 264,591 253,211

Eliminations (2,061) (1,954) (1,419) (4,305) (2,034) (1,441) (1,371) (1,253)

525,110 520,647 528,164 527,147 570,358 557,205 544,833 533,488

Truckload - Fuel surcharge revenue



Specialized TL 27,659 27,496 26,815 26,224 33,923 30,195 29,945 28,895

Eliminations (170) (120) (109) (721) (78) (52) (59) (52)

84,702 84,112 81,997 73,388 85,190 76,342 75,289 72,206

Truckload - Operating income (loss)



Specialized TL 32,252 35,013 26,098 23,460 35,905 44,308 34,938 40,468

55,521 63,657 52,282 50,744 67,241 75,761 61,251 63,0041 This is a non-IFRS measure.Note: As of 2019, 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.

37



U.S. based Conventional TL

Operating expenses** 253,969 251,004 251,150 238,417 237,912 231,294 226,329 231,835


Adjusted operating expenses, net of fuel surcharge

210,025 207,024 208,116 201,099 198,045 194,890 191,059 197,254



Canadian based Conventional TL



- - - - - - 11 -




71,443 66,601 67,845 67,105 67,048 59,275 64,252 61,740



** Operating expenses excluding intra TL eliminations


38



Specialized TL



1,167 3,208 1,560 696 76 9,020 6,519 10,661




191,349 188,529 202,900 213,200 240,134 237,741 236,172 223,404



** Operating expenses excluding intra TL eliminations


39



Less-Than-Truckload

Total revenue 281,152 268,231 272,212 240,897 254,989 237,644 231,421 208,363

Total operating expenses 256,258 242,822 248,751 213,255 224,721 211,853 205,923 190,682

Operating income 24,894 25,409 23,461 27,642 30,268 25,791 25,498 17,681

Operating expenses 256,258 242,822 248,751 213,255 224,721 211,853 205,923 190,682

Gain (loss) on sale of land and buildings and assets held for sale

509 (61) 254 9,401 (2) (0) 1,947 (0)




214,860 202,044 208,787 189,745 188,805 179,643 176,167 162,513




first quarter ended march 31, 2020 · 2020. 4. 23. · 1 ttm q1 2020, calculated using revenue...

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