UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2024

Commission File No. 001-39224

TFI INTERNATIONAL INC.

(Translation of registrant’s name into English)

8801 Trans-Canada Highway, Suite 500

Saint-Laurent, Québec

H4S 1Z6 Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

 


EXHIBIT INDEX

 

 

 

EXHIBIT

NUMBER

EXHIBIT DESCRIPTION

 

 

99.1

News Release

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

 

 

 

 

 

 

 

 

TFI International Inc.

 

 

 

 

Date: February 8, 2024

 

By:

/s/ Josiane M. Langlois

 

 

 

Name: Josiane M. Langlois

 

 

 

Title: Vice-President, Legal Affairs & Corporate Secretary

 


Earnings Press Release

 

Exhibit 99.1

img200384275_0.jpg 

For Immediate Release

TFI International Announces 2023 Fourth Quarter and Full-Year Results

 

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 income1 of $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 flow1 grew 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, Quebec, February 8, 2024 – TFI International Inc. (NYSE and 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.

 

 

img200384275_1.jpg

1


Earnings Press Release

 

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.

 

 

img200384275_1.jpg

2


Earnings Press Release

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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 margin3,4

 

 

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.

2 Segment 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.

 

 

 

img200384275_1.jpg

3


Earnings Press Release

 

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

img200384275_1.jpg

4


Earnings Press Release

 

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

 

 

 

 

 

img200384275_1.jpg

5


Earnings Press Release

 

 

 

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.

 

 

 

img200384275_1.jpg

6


Earnings Press Release

 

 

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

 

 

 

 

img200384275_1.jpg

7


Earnings Press Release

 

 

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

 

 

 

 

img200384275_1.jpg

8


Earnings Press Release

 

 

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

 

 

 

 

img200384275_1.jpg

9


Earnings Press Release

 

 

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