Fourth quarter operating income of $198.3 million compares to $216.9 million in the same prior year quarter
Fourth quarter net income of $131.4 million compares to $153.5 million in Q4 2022, while adjusted net income¹of $147.0 million compares to $151.8 million in Q4 2022
Fourth quarter diluted earnings per share (diluted "EPS") of $1.53 compares to $1.74 in Q4 2022, while adjusted diluted EPS¹ of $1.71 compares to $1.72 in Q4 2022
Fourth quarter net cash from operating activities grew to $302.6 million, up 22% over the prior year period and free cash flow¹grew to $243.8 million, up 29% over the prior year period
The Board of Directors approved a $0.40 quarterly dividend, an increase of 14%

MONTREAL, Feb. 08, 2024 (GLOBE NEWSWIRE) -- TFI International Inc. (TSX:TFII), a North American leader in the transportation and logistics industry, today announced its results for the fourth quarter and full year ended December 31, 2023. All amounts are shown in U.S. dollars.

"We generated robust free cash flow during the quarter, bringing our full-year total to more than $9 per share¹ and wrapping up 2023 on a favorable note as our team continues to strive for day-to-day efficiencies while delivering superior service. Despite market conditions, during the fourth quarter we were able to grow revenue over the prior year period and deliver adjusted diluted EPS of $1.71. Strategically, we capitalized on our cash flow and strong balance sheet by significantly investing during periods of weaker freight demand, committing $2 billion of capital during 2023 into announced acquisitions and share buybacks," said Alain Bédard, Chairman, President and Chief Executive Officer. "We're entering 2024 in an attractive position across all four business segments, with Logistics outperforming the market boosted by our recent successful acquisition of JHT, with Truckload standing to significantly benefit from our Daseke acquisition expected to close in the second quarter, and with the ongoing turnaround at LTL a top priority. This involves a renewed focus on LTL growth and quality of revenue through improved service, as evidenced by our latest cargo claims ratio of only 0.5% for US LTL, down from 1.5% a year earlier, and our second-to-none Canadian LTL cargo claims ratio of 0.1%. Looking ahead, while continuing our sharp focus on day-to-day operations, we can also seek highly strategic investment opportunities while returning excess cash to shareholders, consistent with our Board's recently approved 14% increase to our quarterly dividend."

SELECTED FINANCIAL DATA AND HIGHLIGHTS (UNAUDITED)

Financial highlights	Three-months ended December 31		Years ended December 31
*(in millions of U.S. dollars, except per share data)*	2023	2022	2023	2022
Total revenue	1,968.7	1,956.7	7,521.2	8,812.5
Revenue before fuel surcharge	1,674.1	1,616.5	6,416.9	7,357.1
Adjusted EBITDA¹	320.9	305.0	1,187.9	1,425.0
Operating income	198.3	216.9	757.6	1,146.0
Net cash from operating activities	302.6	248.3	1,013.8	971.6
Net income	131.4	153.5	504.9	823.2
EPS - diluted ($)	1.53	1.74	5.80	9.02
Adjusted net income¹	147.0	151.8	538.3	731.7
Adjusted EPS - diluted¹($)	1.71	1.72	6.18	8.02
Weighted average number of shares ('000s)	85,082	86,670	85,908	89,360

¹ This is a non-IFRS measure. For a reconciliation, refer to the "Non-IFRS and Other Financial Measures" section below.

FOURTH QUARTER RESULTS

Total revenue of $1.97 billion compared to $1.96 billion in the prior year period and revenue before fuel surcharge of $1.67 billion compared to $1.62 billion in the prior year period. The increase is primarily due to contributions from business acquisitions offset by reduced volumes driven by weaker end market demand.

Operating income of $198.3 million compared to $216.9 million the prior year period. The decrease is primarily attributable to the decline in revenues as a result of weaker market demand in the quarter and the impact of a decrease in gains from assets held for sale of $23.0 million, partially offset by contributions from business acquisitions of $24.1 million.

Net income of $131.4 million compares to $153.5 million in the prior year period, and net income of $1.53 per diluted share compared to $1.74 in the prior year period. Adjusted net income, a non-IFRS measure, was $147.0 million, or $1.71 per diluted share, compared to $151.8 million, or $1.72 per diluted share, the prior year period.

Total revenue declined for three segments relative to the prior year period with decreases of 9% for Package and Courier, 6% for Less-Than-Truckload, and 5% for Truckload, while total revenue for Logistics increased 28%. Operating income declined for Package and Courier by 8%, for Less-Than-Truckload by 19%, and for Truckload by 29% and increased for Logistics by 60% in the fourth quarter in comparison to the prior-year. Operating income in the Truckload segment decreased due to a $16.0 million gain on the sale of assets held for sale being recognized in the same prior year period, while operating income in the logistics segment increased primarily through business acquisitions.

FULL-YEAR RESULTS

Total revenue was $7.52 billion for 2023 versus $8.81 billion in 2022. Revenue before fuel surcharge of $6.42 billion compared to $7.36 billion the prior year. The decrease is primarily due to weaker market demand and the sale of CFI in 2022 resulting in a decrease of $333.3 million.

Operating income totaled $757.6 million compared to $1,146.0 million. The decrease is mainly attributable to the weaker market demand referenced above, a gain on sale of business of $73.7 million in 2022, as well as $107.3 million less gains from the sale of rolling stock, equipment, and assets held for sale and the 2022 sale of CFI which contributed $46.1 million in 2022.

Net income was $504.9 million, or $5.80 per diluted share, compared to $823.2 million, or $9.02 per diluted share a year earlier. Adjusted net income and adjusted diluted EPS, non-IFRS measures, were $538.3 million, or $6.18 per diluted share, compared to $731.7 million, or $8.02 per diluted share the prior year.

During 2023, total revenue declined 10% for Package and Courier, 16% for Less-Than-Truckload, 21% for Truckload and 4% for Logistics relative to the prior year. Operating income was down 15% for Package and Courier, 34% for Less-Than-Truckload, 35% for Truckload, and up 14% for Logistics.

¹ This is a non-IFRS measure. For a reconciliation, refer to the "Non-IFRS and Other Financial Measures" section below.

SEGMENTED RESULTS

To facilitate the comparison of business level activity and operating costs between periods, the Company compares the revenue before fuel surcharge ("revenue") and reallocates the fuel surcharge revenue to materials and services expenses within operating expenses. Note that "Total revenue" is not affected by this reallocation.

Selected segmented financial information

(unaudited) (in thousands of U.S. dollars)	Package and Courier		Less- Than- Truckload		Truckload		Logistics		Corporate		Eliminations		Total
Three months ended December 31, 2023
Revenue before fuel surcharge¹	122,033		695,930		399,277		471,638		—		(14,764	)		1,674,114
% of total revenue²	8	%	43	%	24	%	25	%						100	%
Adjusted EBITDA³	40,939		125,064		98,770		69,230		(13,065	)	—			320,938
Adjusted EBITDA margin^3,4	33.5	%	18.0	%	24.7	%	14.7	%						19.2	%
Operating income (loss)	34,711		71,447		50,657		54,654		(13,212	)	—			198,257
Operating margin^3,4	28.4	%	10.3	%	12.7	%	11.6	%						11.8	%
Total assets less intangible assets³	175,336		2,134,895		1,146,497		357,251		450,340		—			4,264,319
Net capital expenditures³	9,572		37,380		4,725		1,792		129		—			53,598
Three months ended December 31, 2022
Revenue before fuel surcharge¹	129,074		720,783		403,351		375,968		—		(12,681	)		1,616,495
% of total revenue²	9	%	46	%	25	%	20	%						100	%
Adjusted EBITDA³	43,935		126,307		104,007		43,473		(12,766	)	—			304,956
Adjusted EBITDA margin^3,4	34.0	%	17.5	%	25.8	%	11.6	%						18.9	%
Operating income (loss)	37,563		88,240		71,842		34,204		(14,989	)	—			216,860
Operating margin^3,4	29.1	%	12.2	%	17.8	%	9.1	%						13.4	%
Total assets less intangible assets³	182,605		2,107,874		1,085,629		263,017		274,595					3,913,720
Net capital expenditures³	6,045		57,273		14,248		131		58		—			77,755
Year ended December 31, 2023
Revenue before fuel surcharge¹	461,930		2,777,309		1,625,592		1,604,878		—		(52,823	)		6,416,886
% of total revenue²	8	%	44	%	26	%	22	%						100	%
Adjusted EBITDA³	139,437		473,602		428,203		207,800		(61,102	)	—			1,187,940
Adjusted EBITDA margin^3,4	30.2	%	17.1	%	26.3	%	12.9	%						18.5	%
Operating income (loss)	114,360		310,429		237,393		160,112		(64,659	)	—			757,635
Operating margin^3,4	24.8	%	11.2	%	14.6	%	10.0	%						11.8	%
Total assets less intangible assets³	175,336		2,134,895		1,146,497		357,251		450,340		—			4,264,319
Net capital expenditures³	19,935		154,832		29,098		3,725		238		—			207,828
Year ended December 31, 2022
Revenue before fuel surcharge¹	498,972		3,243,557		1,986,331		1,689,122		—		(60,918	)		7,357,064
% of total revenue²	7	%	45	%	28	%	20	%						100	%
Adjusted EBITDA³	160,838		567,759		557,058		178,690		(39,321	)	—			1,425,024
Adjusted EBITDA margin^3,4	32.2	%	17.5	%	28.0	%	10.6	%						19.4	%
Operating income	134,306		470,807		366,868		140,446		33,611		—			1,146,038
Operating margin^3,4	26.9	%	14.5	%	18.5	%	8.3	%						15.6	%
Total assets less intangible assets³	182,605		2,107,874		1,085,629		263,017		274,595		—			3,913,720
Net capital expenditures³	10,636		132,814		31,658		676		170		—			175,954

¹ Includes intersegment revenue.

²Segment revenue including fuel and intersegment revenue to consolidated revenue including fuel and intersegment revenue.

³ This is a non-IFRS measure. For a reconciliation, refer to the "Non-IFRS and Other Financial Measures" section below.

⁴ As a percentage of revenue before fuel surcharge.

CASH FLOW AND CAPITAL DEPLOYMENT

Net cash flow from operating activities was $1,013.8 million during 2023 compared to $971.6 million the prior year. The 4% increase was due to stronger working capital conversion. The Company returned $409.1 million to shareholders during the year, of which $121.1 million was through dividends and $288.0 million was through share repurchases. In addition, the Company deployed $628.7 million for business combinations and announced another $1.1 billion expected to be closed in the second quarter of 2024.

On December 15, 2023, the Board of Directors of TFI International declared a quarterly dividend of $0.40 per outstanding common share paid on January 15, 2024, representing a 14% increase over the $0.35 quarterly dividend declared in Q4 2022.

CONFERENCE CALL

TFI International will host a conference call on Friday, February 9, 2024 at 8:30 a.m. Eastern Time to discuss these results. Interested parties can join the call by dialing 1-877-704-4453 or 1-201-389-0920. A recording of the call will be available until 11:59 p.m Eastern, Friday, February 23, 2024 by dialing 1-844-512-2921 or 1-412-317-6671 by entering passcode 13743370.

ABOUT TFI INTERNATIONAL

TFI International Inc. is a North American leader in the transportation and logistics industry, operating across the United States and Canada through its subsidiaries. TFI International creates value for shareholders by identifying strategic acquisitions and managing a growing network of wholly-owned operating subsidiaries. Under the TFI International umbrella, companies benefit from financial and operational resources to build their businesses and increase their efficiency. TFI International companies service the following segments:

Package and Courier;
Less-Than-Truckload;
Truckload;
Logistics.

TFI International Inc. is publicly traded on the New York Stock Exchange and the Toronto Stock Exchange under symbol TFII. For more information, visit www.tfiintl.com.

FORWARD-LOOKING STATEMENTS

The Company may make statements in this report that reflect its current expectations regarding future results of operations, performance and achievements. These are "forward-looking" statements and reflect management's current beliefs. They are based on information currently available to management. Words such as "may", "might", "expect", "intend", "estimate", "anticipate", "plan", "foresee", "believe", "to its knowledge", "could", "design", "forecast", "goal", "hope", "intend", "likely", "predict", "project", "seek", "should", "target", "will", "would" or "continue" and words and expressions of similar import are intended to identify these forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and those presently anticipated or projected.

The Company wishes to caution readers not to place undue reliance on any forward-looking statements which reference issues only as of the date made. The following important factors could cause the Company's actual financial performance to differ materially from that expressed in any forward-looking statement: the highly competitive market conditions, the Company's ability to recruit, train and retain qualified drivers, fuel price variations and the Company's ability to recover these costs from its customers, foreign currency fluctuations, the impact of environmental standards and regulations, changes in governmental regulations applicable to the Company's operations, adverse weather conditions, accidents, the market for used equipment, changes in interest rates, cost of liability insurance coverage, downturns in general economic conditions affecting the Company and its customers, credit market liquidity, and the Company's ability to identify, negotiate, consummate, and successfully integrate acquisitions. In addition, any material weaknesses in internal control over financial reporting that are identified, and the cost of remediation of any such material weakness and any other control deficiencies, may have adverse effects on the Company and impact future results.

The foregoing list should not be construed as exhaustive, and the Company disclaims any subsequent obligation to revise or update any previously made forward-looking statements unless required to do so by applicable securities laws. Unanticipated events are likely to occur. Readers should also refer to the section "Risks and Uncertainties" at the end of the 2023 Q3 MD&A for additional information on risk factors and other events that are not within the Company's control. The Company's future financial and operating results may fluctuate as a result of these and other risk factors.

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 as issued by the international Accounting Standards Board (IASB) 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 in the exhibits.

For further information:

Alain Bédard

Chairman, President and CEO

TFI International Inc.

647-729-4079

abedard@tfiintl.com


TFI International Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
	DECEMBER 31, 2023 AND 2022

(in thousands of U.S. dollars)	As at		As at
	December 31, 2023		December 31, 2022
Assets
Cash and cash equivalents	335,556		147,117
Trade and other receivables	894,771		1,030,726
Inventoried supplies	23,964		24,181
Current taxes recoverable	23,637		12,788
Prepaid expenses	56,269		38,501
Assets held for sale	1,802		10,250
Current assets	1,335,999		1,263,563

Property and equipment	2,415,472		2,131,955
Right-of-use assets	425,630		381,640
Intangible assets	2,019,301		1,592,110
Investments	50,209		85,964
Employee benefits	-		4,359
Other assets	16,394		19,192
Deferred tax assets	20,615		27,047
Non-current assets	4,947,621		4,242,267
Total assets	6,283,620		5,505,830

Liabilities
Trade and other payables	671,936		708,768
Current taxes payable	2,442		41,714
Provisions	66,565		43,903
Other financial liabilities	23,420		19,275
Long-term debt	174,351		37,087
Lease liabilities	127,397		115,934
Current liabilities	1,066,111		966,681

Long-term debt	1,709,831		1,278,670
Lease liabilities	332,761		297,105
Employee benefits	53,231		-
Provisions	93,335		131,736
Other financial liabilities	3,699		382
Deferred tax liabilities	433,242		368,186
Non-current liabilities	2,626,099		2,076,079
Total liabilities	3,692,210		3,042,760

Equity
Share capital	1,107,290		1,089,229
Contributed surplus	37,684		41,491
Accumulated other comprehensive loss	(200,539	)	(233,321	)
Retained earnings	1,646,975		1,565,671
Total equity	2,591,410		2,463,070

Contingencies, letters of credit and other commitments
Subsequent events
Total liabilities and equity	6,283,620		5,505,830

** The Company's financial reporting framework is IFRS as issued by the IASB.

TFI International Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands of U.S. dollars, except per share amounts)	2023		2022

Revenue	6,416,886		7,357,064
Fuel surcharge	1,104,281		1,455,427
Total revenue	7,521,167		8,812,491

Materials and services expenses	3,805,846		4,592,191
Personnel expenses	2,109,622		2,362,856
Other operating expenses	434,751		492,291
Depreciation of property and equipment	249,835		248,638
Depreciation of right-of-use assets	132,112		126,276
Amortization of intangible assets	60,028		55,679
Loss (gain) on sale of business	3,011		(73,653	)
Gain on sale of rolling stock and equipment	(15,510	)	(59,661	)
Gain on derecognition of right-of-use assets	(1,482	)	(210	)
Loss (gain) on sale of land and buildings	40		(43	)
Gain, net of impairment, on sale of assets held for sale	(14,721	)	(77,911	)
Total operating expenses	6,763,532		7,666,453

Operating income	757,635		1,146,038

Finance (income) costs
Finance income	(8,612	)	(1,750	)
Finance costs	89,483		82,147
Net finance costs	80,871		80,397

Income before income tax	676,764		1,065,641
Income tax expense	171,887		242,409

Net income	504,877		823,232

Earnings per share
Basic earnings per share	5.88		9.21
Diluted earnings per share	5.80		9.02

TFI International Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands of U.S. dollars)	2023		2022

Net income	504,877		823,232

Other comprehensive income (loss)
Items that may be reclassified to income or loss in future years:
Foreign currency translation differences	(881	)	(10,148	)
Net investment hedge, net of tax	39,705		(72,046	)
Employee benefits, net of tax	-		292
Items that may never be reclassified to income:
Defined benefit plan remeasurement, net of tax	2,016		63,508
Items directly reclassified to retained earnings:
Unrealized gain (loss) on investments in equity securities
measured at fair value through OCI, net of tax	7,281		(5,495	)
Other comprehensive income (loss), net of tax	48,121		(23,889	)

Total comprehensive income	552,998		799,343

TFI International Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands of U.S. dollars)							Accumulated
							foreign		Accumulated
					Accumulated		currency		unrealized
					unrealized		translation		gain (loss)				Total equity
					loss on		differences		on invest-				attributable
					employee		and net		ments in		Retained		to owners
	Share		Contributed		benefit		investment		equity		earnings		of the
	capital		surplus		plans		hedge		securities		(deficit)		Company

Balance as at December 31, 2022	1,089,229		41,491		-		(239,120	)	5,799		1,565,671		2,463,070

Net income	-		-		-		-		-		504,877		504,877
Other comprehensive income, net of tax	-		-		-		38,824		7,281		2,016		48,121
Realized (loss) gain on equity securities	-		-		-		-		(13,323	)	13,323		-
Total comprehensive (loss) income	-		-		-		38,824		(6,042	)	520,216		552,998

Share-based payment transactions, net of tax	-		21,424		-		-		-		-		21,424
Stock options exercised, net of tax	17,179		(4,402	)	-		-		-		-		12,777
Dividends to owners of the Company	-		-		-		-		-		(124,254	)	(124,254	)
Repurchase of own shares	(28,303	)	-		-		-		-		(259,721	)	(288,024	)
Net settlement of restricted share units
and performance share units, net of tax	29,185		(20,829	)	-		-		-		(54,937	)	(46,581	)
Total transactions with owners, recorded directly in equity	18,061		(3,807	)	-		-		-		(438,912	)	(424,658	)

Balance as at December 31, 2023	1,107,290		37,684		-		(200,296	)	(243	)	1,646,975		2,591,410

Balance as at December 31, 2021	1,133,181		39,150		(292	)	(156,926	)	12,553		1,282,689		2,310,355

Net income	-		-		-		-		-		823,232		823,232
Other comprehensive income (loss), net of tax	-		-		292		(82,194	)	(5,495	)	63,508		(23,889	)
Realized (loss) gain on equity securities	-		-		-		-		(1,259	)	1,259		-
Total comprehensive income (loss)	-		-		292		(82,194	)	(6,754	)	887,999		799,343

Share-based payment transactions, net of tax	-		16,298		-		-		-		-		16,298
Stock options exercised, net of tax	22,800		(6,298	)	-		-		-		-		16,502
Issuance of shares, net of expenses	-		-		-		-		-		-		-
Dividends to owners of the Company	-		-		-		-		-		(102,615	)	(102,615	)
Repurchase of own shares	(68,536	)	-		-		-		-		(499,447	)	(567,983	)
Net settlement of restricted share units, net of tax	1,784		(7,659	)	-		-		-		(2,955	)	(8,830	)
Total transactions with owners, recorded directly in equity	(43,952	)	2,341		-		-		-		(605,017	)	(646,628	)

Balance as at December 31, 2022	1,089,229		41,491		-		(239,120	)	5,799		1,565,671		2,463,070

TFI International Inc.
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
YEARS ENDED DECEMBER 31, 2023 AND 2022
(In thousands of U.S. dollars)	2023		2022

Cash flows from operating activities
Net income	504,877		823,232
Adjustments for:
Depreciation of property and equipment	249,835		248,638
Depreciation of right-of-use assets	132,112		126,276
Amortization of intangible assets	60,028		55,679
Share-based payment transactions	13,451		14,648
Net finance costs	80,871		80,397
Income tax expense	171,887		242,409
Loss (gain) on sale of business	3,011		(73,653	)
Gain on sale of property and equipment	(15,470	)	(59,704	)
Gain on derecognition of right-of-use assets	(1,482	)	(210	)
Gain, net of impairment, on sale of assets held for sale	(14,721	)	(77,911	)
Employee benefits	60,212		14,946
Provisions, net of payments	(33,696	)	26,044
Net change in non-cash operating working capital	106,631		(147,453	)
Interest paid	(70,354	)	(77,512	)
Income tax paid	(233,353	)	(224,181	)
Net cash from operating activities	1,013,839		971,645

Cash flows (used in) from investing activities
Purchases of property and equipment	(361,563	)	(350,824	)
Proceeds from sale of property and equipment	73,339		128,821
Proceeds from sale of assets held for sale	50,280		131,250
Purchases of intangible assets	(2,758	)	(6,120	)
Proceeds from sale of intangible assets	-		250
Proceeds from sale of business, net of cash disposed	-		546,228
Business combinations, net of cash acquired	(628,701	)	(158,251	)
Purchases of investments	(41,719	)	(80,551	)
Proceeds from sale of investments	89,225		12,930
Others	24,565		(311	)
Net cash (used in) from investing activities	(797,332	)	223,422

Cash flows used in financing activities
Net (decrease) increase in bank indebtedness	(6,337	)	7,490
Proceeds from long-term debt	575,000		334,164
Repayment of long-term debt	(41,371	)	(369,692	)
Net increase (decrease) in revolving facilities	25,242		(236,502	)
Repayment of lease liabilities	(128,107	)	(123,606	)
Decrease of other financial liabilities	(9,572	)	(21,108	)
Dividends paid	(121,095	)	(97,321	)
Repurchase of own shares	(288,024	)	(567,983	)
Proceeds from exercise of stock options	12,777		16,502
Share repurchase for settlement of restricted share
units and performance share units	(46,581	)	(9,186	)
Net cash used in financing activities	(28,068	)	(1,067,242	)

Net change in cash and cash equivalents	188,439		127,825
Cash and cash equivalents, beginning of year	147,117		19,292
Cash and cash equivalents, end of year	335,556		147,117

SEGMENT INFORMATION

Geographical information (Unaudited)

Total revenue is attributed to geographical locations based on the origin of service's location.

	Package	Less-
	and	Than-
	Courier	Truckload	Truckload	Logistics	Eliminations		Total
2023
Canada	583,198	608,545	1,139,272	271,136	(34,915	)	2,567,236
United States	-	2,760,022	796,766	1,425,880	(28,737	)	4,953,931
Total	583,198	3,368,567	1,936,038	1,697,016	(63,652	)	7,521,167

2022
Canada	650,844	667,506	1,182,198	256,714	(34,202	)	2,723,060
United States	-	3,355,657	1,268,840	1,488,941	(41,632	)	6,071,806
Mexico	-	-	-	17,625	-		17,625
Total	650,844	4,023,163	2,451,038	1,763,280	(75,834	)	8,812,491

Package and Courier

*(unaudited)*	Three months ended December 31								Years ended December 31
*(in thousands of U.S. dollars)*	2023		%		2022		%		2023		%		2022		%
Total revenue	156,198				172,381				583,198				650,844
Fuel surcharge	(34,165	)			(43,307	)			(121,268	)			(151,872	)
Revenue	122,033		100.0	%	129,074		100.0	%	461,930		100.0	%	498,972		100.0	%
Materials and services expenses (net of fuel surcharge)	41,104		33.7	%	42,784		33.1	%	163,960		35.5	%	167,725		33.6	%
Personnel expenses	33,695		27.6	%	35,877		27.8	%	133,504		28.9	%	144,650		29.0	%
Other operating expenses	6,403		5.2	%	6,667		5.2	%	26,374		5.7	%	26,845		5.4	%
Depreciation of property and equipment	2,969		2.4	%	3,080		2.4	%	11,789		2.6	%	12,863		2.6	%
Depreciation of right-of-use assets	3,103		2.5	%	3,135		2.4	%	12,654		2.7	%	13,024		2.6	%
Amortization of intangible assets	156		0.1	%	157		0.1	%	627		0.1	%	645		0.1	%
Gain on sale of rolling stock and equipment	(106	)	-0.1	%	(189	)	-0.1	%	(510	)	-0.1	%	(1,087	)	-0.2	%
(Gain) loss on derecognition of right-of-use assets	(2	)	-0.0	%	-		-		(835	)	-0.2	%	1		0.0	%
Loss on sale of land and buildings and assets held for sale	-		-		-		-		7		0.0	%	—		0.0	%
Operating income	34,711		28.4	%	37,563		29.1	%	114,360		24.8	%	134,306		26.9	%
Adjusted EBITDA¹	40,939		33.5	%	43,935		34.0	%	139,437		30.2	%	160,838		32.2	%
Return on invested capital¹			28.1	%			32.5	%

¹ This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS and Other Financial Measures" section below.

Operational data
*(unaudited)*	Three months ended December 31									Years ended December 31
*(Revenue in U.S. dollars)*	2023		2022		Variance			%		2023		2022		Variance			%
Revenue per pound (including fuel)	$	0.48	$	0.47	$	0.01		-2.1	%	$	0.47	$	0.48	$	(0.01	)	-2.1	%
Revenue per pound (excluding fuel)	$	0.37	$	0.35	$	0.02		5.7	%	$	0.37	$	0.37	$	—		—
Revenue per package (including fuel)	$	7.03	$	7.46	$	(0.43	)	-5.8	%	$	7.27	$	7.66	$	(0.39	)	-5.1	%
Revenue per package (excluding fuel)	$	5.49	$	5.59	$	(0.10	)	-1.8	%	$	5.76	$	5.88	$	(0.12	)	-2.0	%
Tonnage (in thousands of metric tons)		148		167		(19	)	-11.4	%		563		614		(51	)	-8.3	%
Packages (in thousands)		22,230		23,107		(877	)	-3.8	%		80,245		84,915		(4,670	)	-5.5	%
Average weight per package (in lbs.)		14.67		15.93		(1.26	)	-7.9	%		15.46		15.94		(0.48	)	-3.0	%
Vehicle count, average		995		1,028		(33	)	-3.2	%		990		1,046		(56	)	-5.3	%
Weekly revenue per vehicle (incl. fuel, in thousands of U.S. dollars)	$	12.08	$	12.90	$	(0.82	)	-6.4	%	$	11.33	$	11.97	$	(0.64	)	-5.4	%

Less-Than-Truckload

*(unaudited)*	Three months ended December 31								Years ended December 31
*(in thousands of U.S. dollars)*	2023		%		2022		%		2023		%		2022		%
Total revenue	846,410				903,713				3,368,567				4,023,163
Fuel surcharge	(150,480	)			(182,930	)			(591,258	)			(779,606	)
Revenue	695,930		100.0	%	720,783		100.0	%	2,777,309		100.0	%	3,243,557		100.0	%
Materials and services expenses (net of fuel surcharge)	213,583		30.7	%	226,839		31.5	%	827,533		29.8	%	1,003,662		30.9	%
Personnel expenses	299,793		43.1	%	311,248		43.2	%	1,244,092		44.8	%	1,432,857		44.2	%
Other operating expenses	58,177		8.4	%	58,050		8.1	%	233,229		8.4	%	243,347		7.5	%
Depreciation of property and equipment	35,212		5.1	%	26,374		3.7	%	132,027		4.8	%	104,850		3.2	%
Depreciation of right-of-use assets	8,728		1.3	%	9,641		1.3	%	32,774		1.2	%	38,985		1.2	%
Amortization of intangible assets	2,432		0.3	%	2,065		0.3	%	8,883		0.3	%	8,831		0.3	%
Gain on sale of rolling stock and equipment	(687	)	-0.1	%	(1,601	)	-0.2	%	(1,038	)	-0.0	%	(4,056	)	-0.1	%
Gain on derecognition of right-of-use assets	—		0.0	%	(60	)	-0.0	%	(109	)	-0.0	%	(12	)	-0.0	%
(Gain) loss, net of impairment, on sale of land and
buildings and assets held for sale	7,245		1.0	%	(13	)	-0.0	%	(10,511	)	-0.4	%	(55,714	)	-1.7	%
Operating income	71,447		10.3	%	88,240		12.2	%	310,429		11.2	%	470,807		14.5	%
Adjusted EBITDA¹	125,064		18.0	%	126,307		17.5	%	473,602		17.1	%	567,759		17.5	%

¹ This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS and Other Financial Measures" section below.

Operational data
*(unaudited)*	Three months ended December 31											Years ended December 31
*(Revenue in U.S. dollars)*	2023			2022			Variance			%		2023			2022			Variance			%
U.S. LTL
Revenue (in thousands of dollars)¹		481,102			475,389			5,713		1.2	%		1,912,623			2,186,668			(274,045	)	-12.5	%
Adjusted Operating Ratio²		91.0	%		90.4	%							92.2	%		89.9	%
Revenue per hundredweight (excluding fuel)¹	$	28.81		$	30.05		$	(1.24	)	-4.1	%	$	28.61		$	29.67		$	(1.06	)	-3.6	%
Revenue per shipment (excluding fuel)¹	$	342.18		$	322.74		$	19.44		6.0	%	$	322.26		$	320.20		$	2.06		0.6	%
Revenue per hundredweight (including fuel)¹	$	35.52		$	39.04		$	(3.52	)	-9.0	%	$	35.31		$	38.03		$	(2.72	)	-7.2	%
Revenue per shipment (including fuel)¹	$	421.89		$	419.26		$	2.63		0.6	%	$	397.72		$	410.38		$	(12.66	)	-3.1	%
Tonnage (in thousands of tons)¹		835			791			44		5.6	%		3,342			3,685			(343	)	-9.3	%
Shipments (in thousands)¹		1,406			1,473			(67	)	-4.5	%		5,935			6,829			(894	)	-13.1	%
Average weight per shipment (in lbs)¹		1,188			1,074			114		10.6	%		1,126			1,079			47		4.4	%
Average length of haul (in miles)¹		1,132			1,092			40		3.7	%		1,111			1,101			10		0.9	%
Cargo claims (% revenue)		0.5	%		1.5	%							0.5	%		0.7	%
Vehicle count, average³		3,974			4,410			(436	)	-9.9	%		4,097			4,685			(588	)	-12.6	%
Truck age⁴		4.7			6.6			(1.9	)	-28.8	%		4.8			7.4			(2.6	)	-35.1	%
Business days		62			62			—		0.0	%		254			253			1.0		0.4	%
Return on invested capital²		15.1	%		23.8	%
Canadian LTL
Revenue (in thousands of dollars)		138,241			123,176			15,065		12.2	%		531,784			548,012			(16,228	)	-3.0	%
Adjusted Operating Ratio²		79.9	%		75.3	%							76.6	%		74.0	%
Revenue per hundredweight (excluding fuel)	$	10.82		$	10.84		$	(0.02	)	-0.2	%	$	10.83		$	11.26		$	(0.43	)	-3.8	%
Revenue per shipment (excluding fuel)	$	237.12		$	235.97		$	1.15		0.5	%	$	235.20		$	241.95		$	(6.75	)	-2.8	%
Revenue per hundredweight (including fuel)¹	$	13.90		$	14.46		$	(0.56	)	-3.9	%	$	13.82		$	14.65		$	(0.83	)	-5.7	%
Revenue per shipment (including fuel)¹	$	304.68		$	314.61		$	(9.93	)	-3.2	%	$	300.32		$	314.88		$	(14.56	)	-4.6	%
Tonnage (in thousands of tons)		639			568			71		12.5	%		2,456			2,434			22		0.9	%
Shipments (in thousands)		583			522			61		11.7	%		2,261			2,265			(4	)	-0.2	%
Average weight per shipment (in lbs)		2,192			2,176			16		0.7	%		2,172			2,149			23		1.1	%
Average length of haul (in miles)		856			734			122		16.6	%		852			748			104		13.9	%
Cargo claims (% revenue)		0.1	%		0.1	%							0.2	%		0.2	%
Vehicle count, average		777			808			(31	)	-3.8	%		788			800			(12	)	-1.5	%
Truck age		4.8			5.1			(0.3	)	-5.9	%		4.8			4.8			—		0.0	%
Business days		62			62			—		0.0	%		250			250			—		0.0	%
Return on invested capital²		20.1	%		24.0	%
¹ Operational statistics exclude figures from Ground Freight Pricing ("GFP").
² This is a non-IFRS measure. For a reconciliation please refer to the "Non-IFRS and Other Financial Measures" section below.
³ As at December 31, 2023 the active vehicle count was 3,364 (December 31, 2022 - 4,046)
⁴ The truck age for U.S. LTL operations has been presented for active trucks.

Truckload

*(unaudited)*	Three months ended December 31								Years ended December 31
*(in thousands of U.S. dollars)*	2023		%		2022		%		2023		%		2022		%
Total revenue	479,596				502,784				1,936,038				2,451,038
Fuel surcharge	(80,319	)			(99,433	)			(310,446	)			(464,707	)
Revenue	399,277		100.0	%	403,351		100.0	%	1,625,592		100.0	%	1,986,331		100.0	%
Materials and services expenses (net of fuel surcharge)	166,850		41.8	%	174,305		43.2	%	682,342		42.0	%	821,442		41.4	%
Personnel expenses	121,120		30.3	%	115,449		28.6	%	473,948		29.2	%	585,891		29.5	%
Other operating expenses	14,540		3.6	%	13,709		3.4	%	55,420		3.4	%	76,612		3.9	%
Depreciation of property and equipment	23,863		6.0	%	26,695		6.6	%	101,508		6.2	%	129,013		6.5	%
Depreciation of right-of-use assets	18,341		4.6	%	15,730		3.9	%	70,084		4.3	%	59,473		3.0	%
Amortization of intangible assets	5,902		1.5	%	5,699		1.4	%	23,169		1.4	%	23,944		1.2	%
Gain on sale of rolling stock and equipment	(1,768	)	-0.4	%	(3,981	)	-1.0	%	(13,828	)	-0.9	%	(54,481	)	-2.7	%
Gain on derecognition of right-of-use assets	(235	)	-0.1	%	(138	)	-0.0	%	(493	)	-0.0	%	(191	)	-0.0	%
(Gain) loss on sale of land and buildings and assets
held for sale	7		0.0	%	(15,959	)	-4.0	%	(3,951	)	-0.2	%	(22,240	)	-1.1	%
Operating income	50,657		12.7	%	71,842		17.8	%	237,393		14.6	%	366,868		18.5	%
Adjusted EBITDA¹	98,770		24.7	%	104,007		25.8	%	428,203		26.3	%	557,058		28.0	%

Operational data	Three months ended December 31											Years ended December 31
*(unaudited)*	2023			2022			Variance			%		2023			2022			Variance			%
Specialized TL
Revenue (in thousands of U.S. dollars)		323,952			325,493			(1,541	)	-0.5	%		1,323,083			1,362,390			(39,307	)	-2.9	%
Adjusted operating ratio¹		87.0	%		87.4	%							85.8	%		83.1	%
Revenue per truck per week (excluding fuel)	$	4,133		$	4,197		$	(64	)	-1.5	%	$	4,232		$	4,582		$	(350	)	-7.6	%
Revenue per truck per week (including fuel)	$	5,086		$	5,455		$	(369	)	-6.8	%	$	5,174		$	5,879		$	(705	)	-12.0	%
Truck count, average		4,051			3,839			212		5.5	%		3,977			3,641			336		9.2	%
Trailer count, average		10,402			11,004			(602	)	-5.5	%		10,460			10,833			(373	)	-3.4	%
Truck age		3.4			3.6			(0.2	)	-5.6	%		3.4			3.6			(0.2	)	-5.6	%
Trailer age		12.7			11.5			1.2		10.4	%		12.7			11.5			1.2		10.4	%
Number of owner operators, average		1,223			1,193			30		2.5	%		1,208			1,126			82		7.3	%
Return on invested capital¹		10.3	%		13.4	%
Canadian based Conventional TL
Revenue (in thousands of U.S. dollars)		77,815			79,101			(1,286	)	-1.6	%		311,838			322,553			(10,715	)	-3.3	%
Adjusted operating ratio¹		89.0	%		81.1	%							85.6	%		78.7	%
Total mileage (in thousands)		25,917			24,498			1,419		5.8	%		102,559			93,923			8,636		9.2	%
Revenue per mile (excluding fuel)²	$	2.08		$	2.24		$	(0.16	)	-7.2	%	$	2.11		$	2.30		$	(0.19	)	-8.0	%
Revenue per mile (including fuel)²	$	2.67		$	2.94		$	(0.27	)	-9.4	%	$	2.67		$	2.97		$	(0.30	)	-9.9	%
Revenue per truck per week (excluding fuel)	$	3,094		$	3,792		$	(698	)	-18.4	%	$	3,266		$	4,102		$	(836	)	-20.4	%
Revenue per truck per week (including fuel)	$	3,973		$	4,989		$	(1,016	)	-20.4	%	$	4,133		$	5,299		$	(1,166	)	-22.0	%
Truck count, average		1,072			858			214		24.9	%		1,024			741			283		38.2	%
Trailer count, average		3,861			3,636			225		6.2	%		3,923			3,456			467		13.5	%
Truck age		3.3			3.5			(0.2	)	-5.7	%		3.3			3.5			(0.2	)	-5.7	%
Trailer age		7.9			7.3			0.6		8.2	%		7.9			7.3			0.6		8.2	%
Number of owner operators, average		267			254			13		5.0	%		250			269			(19	)	-7.1	%
Return on invested capital¹		12.6	%		21.3	%
¹ This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS Financial Measures" section below.
² The revenue per mile calculation excludes brokerage revenues

Logistics

*(unaudited)*	Three months ended December 31								Years ended December 31
*(in thousands of U.S. dollars)*	2023		%		2022		%		2023		%		2022		%
Total revenue	504,493				394,071				1,697,016				1,763,280
Fuel surcharge	(32,855	)			(18,103	)			(92,138	)			(74,158	)
Revenue	471,638		100.0	%	375,968		100.0	%	1,604,878		100.0	%	1,689,122		100.0	%
Materials and services expenses (net of fuel surcharge)	309,079		65.5	%	269,625		71.7	%	1,102,396		68.7	%	1,232,049		72.9	%
Personnel expenses	67,034		14.2	%	35,770		9.5	%	191,146		11.9	%	143,505		8.5	%
Other operating expenses	26,323		5.6	%	27,107		7.2	%	103,715		6.5	%	134,923		8.0	%
Depreciation of property and equipment	1,905		0.4	%	333		0.1	%	4,094		0.3	%	1,460		0.1	%
Depreciation of right-of-use assets	4,712		1.0	%	3,644		1.0	%	16,583		1.0	%	14,794		0.9	%
Amortization of intangible assets	8,185		1.7	%	5,292		1.4	%	27,237		1.7	%	21,990		1.3	%
Gain on sale of rolling stock and equipment	(24	)	-0.0	%	(7	)	-0.0	%	(134	)	-0.0	%	(37	)	-0.0	%
Gain on derecognition of right-of-use assets	(4	)	-0.0	%	—		—		(45	)	-0.0	%	(8	)	-0.0	%
Gain on sale of land and building	(226	)	-0.0	%	—		—		(226	)	-0.0	%	—		—
Operating income	54,654		11.6	%	34,204		9.1	%	160,112		10.0	%	140,446		8.3	%
Adjusted EBITDA¹	69,230		14.7	%	43,473		11.6	%	207,800		12.9	%	178,690		10.6	%
Return on invested capital¹			18.8	%			21.9	%

¹ This is a non-IFRS measure. For a reconciliation, please refer to the "Non-IFRS and Other Financial Measures" section below.

NON-IFRS AND OTHER FINANCIAL MEASURES

Financial data have been prepared in conformity with IFRS, including the following measures:

Operating expenses: Operating expenses include: a) materials and services expenses, which are primarily costs related to independent contractors and vehicle operation; vehicle operation expenses, which primarily include fuel, repairs and maintenance, vehicle leasing costs, insurance, permits and operating supplies; b) personnel expenses; c) other operating expenses, which are primarily composed of costs related to offices' and terminals' rent, taxes, heating, telecommunications, maintenance and security and other general administrative expenses; d) depreciation of property and equipment, depreciation of right-of-use assets, amortization of intangible assets and gain or loss on the sale of rolling stock and equipment, on derecognition of right-of use assets, on sale of business and on sale of land and buildings and assets held for sale; e) bargain purchase gain; and f) impairment of intangible assets.

Operating income (loss): Net income or loss before finance income and costs and income tax expense, as stated in the consolidated financial statements.

This press release includes references to certain non-IFRS financial measures as described below. These non-IFRS financial measures are not standardized financial measures under IFRS used to prepare the financial statements of the Company to which the measures relates and might not be comparable to similar financial measures disclosed by other issuers. 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 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 net income: Net income or loss excluding amortization of intangible assets related to business acquisitions, net change in the fair value and accretion expense of contingent considerations, net change in the fair value of derivatives, net foreign exchange gain or loss, impairment of intangible assets, bargain purchase gain, gain or loss on sale of land and buildings and assets held for sale, impairment of fixed assets classified as held for sale, gain or loss on the sale of business and direct attributable costs, gain or loss on the disposal of intangible assets and U.S. Tax Reform. In presenting an adjusted net income and adjusted EPS, the Company's intent is to help provide an understanding of what would have been the net income and earnings per share in a context of significant business combinations and excluding specific impacts and to reflect earnings from a strictly operating perspective. The amortization of intangible assets related to business acquisitions comprises amortization expense of customer relationships, trademarks and non-compete agreements accounted for in business combinations and the income tax effects related to this amortization. Management also believes, in excluding amortization of intangible assets related to business acquisitions, it provides more information on the amortization of intangible asset expense portion, net of tax, that will not have to be replaced to preserve the Company's ability to generate similar future cash flows. 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 reconciliation:

(unaudited) (in thousands of U.S. dollars, except per share data)	Three months ended December 31						Years ended December 31
	2023		2022		2021		2023		2022		2021
Net income	131,386		153,494		144,139		504,877		823,232		754,405
Amortization of intangible assets related to business acquisitions	15,598		13,969		13,128		56,160		52,003		50,498
Net change in fair value and accretion expense of contingent considerations	31		90		1,571		165		216		1,932
Net foreign exchange (gain) loss	(1,620	)	(564	)	(939	)	(491	)	556		(1,471	)
(Gain) loss on sale of business and direct attributable costs	—		2,069		—		3,011		(69,753	)	—
Bargain purchase gain	—		—		—		—		—		(283,593	)
(Gain) loss, net of impairment, on sale of land and buildings and assets held for sale	7,026		(15,941	)	(6,638	)	(14,721	)	(77,870	)	(11,978	)
(Gain) loss on disposal of intangible assets	—		—		(5	)	—		—		1
Tax impact of adjustments	(5,401	)	(1,358	)	(2,636	)	(10,668	)	3,284		(11,446	)
Adjusted net income¹	147,020		151,759		148,620		538,333		731,668		498,348
Adjusted EPS – basic¹	1.73		1.75		1.60		6.27		8.19		5.36
Adjusted EPS – diluted¹	1.71		1.72		1.57		6.18		8.02		5.23

Adjusted earnings per share (adjusted "EPS") - basic: Adjusted net income divided by the weighted average number of common shares.

Adjusted EPS - diluted: Adjusted net income divided by the weighted average number of diluted common shares.

Adjusted EBITDA: Net income or loss 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, sale of business, and gain or loss on disposal of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Adjusted EBITDA is provided to improve the comparability of the Company's performance.

Segmented adjusted EBITDA refers to operating income (loss) before depreciation, amortization, impairment of intangible assets, bargain purchase gain, gain or loss on sale of business, land and buildings, and assets held for sale and gain or loss on disposal of intangible assets. Management believes adjusted EBITDA to be a useful supplemental measure. Segmented adjusted EBITDA is provided to improve the comparability of the Company's segment performance.

Consolidated adjusted EBITDA reconciliation:

(unaudited) (in thousands of U.S. dollars)	Three months ended December 31					Years ended December 31
	2023	2022		2021		2023		2022		2021
Net income	131,386	153,494		144,139		504,877		823,232		754,405
Net finance costs	23,263	16,963		21,441		80,871		80,397		73,018
Income tax expense	43,608	46,403		49,399		171,887		242,409		151,806
Depreciation of property and equipment	64,053	56,587		65,294		249,835		248,638		225,007
Depreciation of right-of-use assets	34,901	32,150		31,190		132,112		126,276		112,782
Amortization of intangible assets	16,701	13,262		13,653		60,028		55,679		55,243
(Gain) loss on sale of business	—	2,069		—		3,011		(73,653	)	—
Bargain purchase gain	—	—		—		—		—		(283,593	)
(Gain) loss on sale of land and buildings	—	—		9		40		(43	)	19
(Gain) loss, net of impairment, on sale of assets held for sale	7,026	(15,972	)	(6,654	)	(14,721	)	(77,911	)	(12,209	)
(Gain) loss on sale of intangible assets	—	—		(5	)	—		—		1
Adjusted EBITDA	320,938	304,956		318,466		1,187,940		1,425,024		1,076,479

Segmented adjusted EBITDA reconciliation:

(unaudited) (in thousands of U.S. dollars)	Three months ended December 31		Years ended December 31
	2023	2022	2023	2022
Package and Courier
Operating income	34,711	37,563	114,360	134,306
Depreciation and amortization	6,228	6,372	25,070	26,532
Loss on sale of assets held for sale	—	—	7	—
Adjusted EBITDA	40,939	43,935