Third Quarter Ended September 30, 2019 · McArthur Express Mirabel Logistic Nordique P&W Intermodal Piston Tank Rebel Transport SAF TF Truckload & Logistics TimelineLogisitc Tri-Line

Third Quarter Ended September 30, 2019

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 & Last Mile

Full service: Transport and

logistics

North American Leader:

Operations across U.S., Canada and

Mexico

Extensive Network:

390 facilities, 17,351 tractors1,

25,952 trailers

Decentralized, entrepreneurial

management approach

17,651employees, of which 8,835

are drivers

1 7,834 owned or leased; 9,517 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 as of Q3 2019, calculated using revenue before fuel surcharge.2 TTM FCF divided by the September 30, 2019 market cap. 3 Calculated as TTM Q3 2019 (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA.4 Before impairment.5 Based on next $0.26 dividend approved by the Board on October 24, 2019

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

10.6% Operating Margin1

14.3% FCF Yield2

72.3% FCF Conversion3

Avg. Adjusted ROE of 17.7% since 20154

Proven track record of growth through disciplined acquisition strategy

Completed 80 acquisitions since 2008

Industry remains fragmented

Balanced capital allocation approach to drive shareholder value

$3.5 billion 20-year total FCF

$1.1 billion returned to shareholders since 2015

Robust balance sheet position

Access to $1.2 billion revolving facility ($253 million undrawn)

Annual dividend yield of 2.6%5

4.4%

8.2% 8.2%

9.7%

1.2%

TFII Package & Courier PeerAverage

Less-Than-Truckload PeerAverage

Truckload PeerAverage

Logistics & Last Mile PeerAverage

7

Low Capex Facilitates Asset-Light Model

Note: TFI Net Capex excludes purchases and sales of property. TFI data reflects TTM Q3-2019 while peer data is TTM Q2-2019.1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air.

2 31 4

Net Capex (% of Total Revenue)

99.2%89.4%

59.6%

39.8%

87.4%

45.3%

85.1%

36.4%

Peer AveragePeer Average

Peer Average

8

Market Leadership in Key Transportation and

Logistics Segments: FCF Conversion

Package & Courier Less-Than-Truckload

Truckload Logistics & Last Mile

Note: TFI FCF Conversion (%) calculated as (Adjusted EBITDA – Net Capex ex-property) / Adjusted EBITDA. TFI data reflects TTM Q3-2019 while peer data is TTM Q2-2019. 1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air.

2

4

3

1Peer Average

9

Our Strategy of Growth Through Acquisitions

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

– Completed 80 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 & Last Mile)

– 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(13% of YTD

2019 Revenue)

Intermodal(6% of YTD

2019 Revenue)

Less-Than-Truckload(19% of YTD 2019

Revenue)

Conventional(26% of YTD

2019 Revenue)

Specialized(22% of YTD

2019 Revenue)

Truckload(48% of YTD 2019

Revenue)

Package & Courier(14% of YTD 2019

Revenue)

Logistics & Last Mile(19% of YTD 2019

Revenue)

Logistics(6% of YTD

2019 Revenue)

Last Mile(13% of YTD

2019 Revenue)

11

Services by Geography

TruckloadLogistics & Last Mile

Less-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 Q3-2019)

By Top Customers' Industry(YTD Q2-2019)

26%

16%

11%9%

8%

6%

5%

4%

4%3%

2% 1%

5%

Retail Manufactured Goods

Food & Beverage Automotive

Building Materials Metals & Mining

Forest Products Energy

Chemicals & Explosives Services

Waste Management Maritime Containers

Others

54.8%

44.8%

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 YTD 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

Aulick Leasing

Bergeron

Brasseur

BTC East

Charbonneau

Contrans Flatbed Group

Contrans Tank Group

Contrans Vrac

Laidlaw Carriers Van

Papineau Intl.

TF Dedicated

Transport America

Transport J.C. Germain

Durocher Intl.

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

Tri-Line Carriers

TST Expedited

TTL

Villeneuve Tank Lines

Westfreight Systems

Winalta

1 Truckload in Mexico provided by CFI Logistica.

Geographic Footprint1 Segment Overview

13

Logistics & Last Mile Segment

Full service logistics and transportation management

Last mile in the U.S. and Canada

Provides a complete one-stop experience for TFI customers, completing TFI’s portfolio of services

19% of YTD Revenue

Logistics & Last Mile Operating Companies

Cavalier Logistics

CFI Logistica

CFI Logistics

CK Logistics

Clarke North America

Cornerstone Logistics

Craler

E&L Logistics

Hyphen Transportation Management

Kobelt Transportation

Landry

Logikit

Patriot Freight Services

Quik X Logistics

St-Lambert

Stream Logistics

TForce Premier Distribution

Geographic Footprint Segment Overview

AC Final Mile

Guardian Medical Logistics

TForce Critical

TForce Final Mile Canada

TForce Final Mile U.S.

TForce Logistics

LOGISTICS (6% of Total Revs.) LAST MILE (13% of Total Revs.)

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

19% of YTD Revenue

Less-Than-Truckload Operating Companies

OVER-THE-ROAD (13% 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

14% of YTD Revenue

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

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.

Adjusted EBITDA1,2 (C$ in millions)

Diluted Adjusted EPS1,2,3

$0

$1,000

$2,000

$3,000

$4,000

$5,000

1998 2018

$686

$0

$200

$400

$600

$800

1998 2018

$0

$1

$2

$3

$4

1998 2018

$4,508

$3.54

$0

$100

$200

$300

$400

$500

$600

1998 2018

Net Cash from Operating Activities (C$ in millions)

$544

18

Total Shareholder Return Over Various Periods

Peer Average

Package & Courier1

Less-Than-Truckload2 Truckload3

Logistics & Last Mile4

Tota

l Sh

are

ho

lde

r R

etu

rn

15-Year 1,321% 296% 113% 614% 189% 268%

10-Year 1,030% 234% 147% 464% 181% 143%

5-Year 145% 38% 18% 33% 38% 63%

1-Year 49% (11%) (16%) (19%) (4%) (6%)

1 Package & Courier: FedEx and UPS. 2 Less-Than-Truckload: ArcBest, Old Dominion Freight Line, Saia and YRC Worldwide. 3 Truckload: Covenant, Heartland, Knight-Swift, Marten, Werner, Schneider and U.S. Xpress. 4 Logistics & Last Mile: CH Robinson, Expeditors and Forward Air.Note: All periods above are through September 30, 2019. Peers included only in rows during which their stocks were public throughout the period. Total return performance includes dividends, assuming dividends reinvested.

706%

536%

70%

(11% )

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

$ 411

2012 TTM Q3-2019

E-Commerce Revenue(C$ in millions)

20

E-Commerce Provides Additional Growth

74% 69% 68% 66%59% 58% 59% 60%

26% 31% 32% 34%41% 42% 41% 40%

12 13 14 15 16 17 18 TTMQ3-2019

B2B B2C

Evolution of B2B/B2C Split

14.4% 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

22

TFI International Serves a Vast E-Commerce Network

TFI services E-Commerce from nearly 80 North American cities

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

Increasing facility utilization with addition of same-day service

Total Canadian E-Commerce revenue: $140.3 million

Total U.S. E-Commerce revenue: $270.5 million

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

Note: TTM as of Q3 2019

$1.0

$169.4

$101.1

$44.8

$13.5

$81.0

Logistics & LastMile

TL P&C LTL

United States Canada

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

September 30, 2019

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 2.29

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 4.94

24

Track Record of M&A Execution and Integration

Number of Acquisitions per Year

Acquired 80 companies across our highly fragmented markets since 2008

14

5

3

6

4 4

6

4

10

7

9

8

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

Winalta

La Crete

TForce Integrated

Solutions

Lafleche

Total Transfer

Quik X

Transportation E.L. Farmer

Contrans

Clarke

Vitran

Transport

America

AC Final Mile

Cavalier

TForce Critical

TForce Premier

Distribution

GBT

Brasseur

Normandin

TForce Final Mile

Loomis Express

CFI

National Fast

FreightTTL

Schilli

BeavEx

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 September 30, 2019 —

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

— $575 million unsecured term loan

– Two tranches, $200 million maturing in June 2021 and $375 million maturing in June 2022

– Same covenants and conditions as the banking revolving facility

— $125 million unsecured debentures

– Interest rate between 3% and 3.45% and matures in December 2020

– Can be repaid, without penalty, after December 18, 2019

28

Additional Operating Data (Slide 1 of 3)

Operating Data – TL 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

U.S. based Conventional TL

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

164,500 166,757 172,009 171,766 168,451 163,749 164,171 162,377

Adjusted operating ratio1 100.0% 98.3% 94.5% 92.4% 93.3% 92.4% 90.2% 90.9%

Total mileage (in thousands) 99,340 97,465 98,337 94,735 90,658 88,588 89,975 88,636

Tractor count, average 3,115 3,100 3,088 3,109 3,053 3,001 2,966 2,942

Trailer count, average 11,360 11,201 11,143 11,210 11,180 11,035 10,962 11,028

Tractor age 2.4 2.5 2.3 2.1 2.0 2.1 2.0 1.8

Trailer age 6.4 6.5 6.9 6.8 6.8 6.9 7.0 6.8

Number of owner operators, average 548 520 474 425 408 398 376 376

Canadian based Conventional TL

Revenue before fuel surcharge (in thousands of dollars)

74,398 73,603 82,531 78,154 79,017 77,882 76,949 71,299


Total mileage (in thousands) 27,427 26,142 27,867 26,139 26,019 25,536 26,151 23,019

Tractor count, average 731 703 719 700 708 720 718 657


Tractor age 2.9 3.1 2.8 2.8 2.7 2.5 2.7 2.6

Trailer age 5.2 5.4 5.2 5.6 5.5 5.6 5.6 5.5

Number of owner operators, average 370 344 380 371 363 353 348 348

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

29


Operating Data – TL 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Specialized TL


198,098 207,258 222,434 220,333 227,438 235,964 275,963 273,029


Tractor count, average 1,346 1,365 1,407 1,439 1,546 1,771 2,116 2,194


Tractor age 3.5 3.5 3.3 3.6 3.5 3.7 4.6 4.1

Trailer age 10.7 10.6 9.5 10.2 9.7 10.0 11.1 11.4

Number of owner operators, average 1,242 1,108 1,075 1,054 1,102 1,192 1,157 1,225

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

30


Operating Data - LTL 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3


204,136 203,567 239,245 227,514 231,994 207,986 219,075 205,434


Revenue per hundredweight (excluding fuel) $11.40 $12.13 $11.89 $13.18 $13.79 $12.82 $13.62 $13.51

Revenue per shipment (including fuel) $254.55 $278.72 $303.29 $316.68 $324.84 $319.92 $316.36 $320.28

Tonnage (in thousands of tons) 895 839 1,005 863 841 811 804 760

Shipments (in thousands) 922 846 927 847 838 753 806 742

Average weight per shipment (in lbs) 1,941 1,983 2,168 2,038 2,007 2,154 1,995 2,049

Average length of haul (in miles) 839 827 820 833 831 838 820 824

Vehicle count, average 838 766 1,080 1,081 1,020 1,031 1,019 1,031

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 Q3-2019

2018 2017 2016 2015

Net Income $324.6 $292.0 $158.0 $157.1 $145.7

Net Finance Costs $63.3 $48.3 $61.1 $54.9 $75.7

Income Tax Expense (Recovery) $102.7 $90.2 $(40.6) $46.3 $55.1

Depreciation of Property and Equipment $217.2 $198.5 $209.6 $139.4 $129.1

Depreciation of Right-of-Use Assets $76.8 – – – –

Amortization of Intangible Assets $64.6 $62.1 $61.2 $53.7 $47.1

Impairment of Intangible Assets $12.6 $12.6 $143.0 – –

Bargain Purchase Gain $(10.8) – – – –

Gain on Sale of Land and Buildings $(0.3) $(0.5) $(0.2) $(8.9) $(12.0)

Gain on Sale of Assets Held for Sale $(21.7) $(15.6) $(77.4) – $(3.9)

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

Adjusted EBITDA $827.7 $686.3 $514.5 $442.4 $436.8

1 This is a non-IFRS measure.Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

33

Five-Year Reconciliation of Adjusted Net Income1

and Adjusted EPS – Diluted1

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

Q3-20192018 2017 2016 2015

Net Income $312.2 $292.0 $158.0 $639.6 $163.4

Amortization of Intangible Assets Related to Business Acquisitions, Net of Tax $46.1 $44.0 $38.3 $32.7 $28.8

Net Change in Fair Value and Accretion Expense of Contingent Considerations, Net of Tax $(9.2) $(8.9) $(0.4) $0.1 –

Net Change in Fair Value of Derivatives, Net of Tax $(0.0) $(0.3) $(1.2) $3.5 $9.5

Net Foreign Exchange (Gain) Loss, Net of Tax $1.8 $0.5 $1.8 $1.6 $(1.0)

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

Bargain Purchase Gain $(10.8) – – – –

Gain on Sale of Land and Buildings and Assets Held for Sale, Net of Tax $(17.3) $(13.9) $(66.7) $(7.5) $(13.5)

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

U.S. Tax Reform – – $(76.1) – –

Net (Income) Loss from Discontinued Operations 12.5 – – $(482.5) $(17.7)

Adjusted Net Income from Continuing Operations $343.5 $321.6 $192.2 $187.5 $169.5

Adjusted EPS from Continuing Operations – Basic $4.05 $3.66 $2.12 $2.00 $1.69

Adjusted EPS from Continuing Operations – Diluted $3.95 $3.54 $2.07 $1.96 $1.66

EPS from Continuing Operations – Diluted $3.73 $3.22 $1.70 $1.64 $1.43


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) 2017-Q4 2018-Q1 2018-Q2 2018-Q3 2018-Q4 2019-Q1 2019-Q2 2019-Q3

Truckload

Total revenue 546,251 564,133 609,812 604,759 610,161 600,535 655,548 633,547

Total operating expenses 523,438 527,871 554,291 541,101 557,879 549,791 588,307 557,785

Operating income 22,813 36,262 55,521 63,658 52,282 50,744 67,241 75,762

Operating expenses 523,438 527,871 554,291 541,101 557,879 549,791 588,307 557,785

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

(18) 7,253 1,167 3,208 1,560 696 76 9,020

Adjusted operating expenses 523,420 535,124 555,458 544,309 559,439 550,487 588,383 566,805

Fuel surcharge revenue (65,300) (73,466) (84,702) (84,112) (81,997) (73,388) (85,190) (76,342)

Adjusted operating expenses, net of fuel surcharge revenue

458,120 461,658 470,756 460,197 477,442 477,099 503,193 490,463

Revenue before fuel surcharge 480,951 490,667 525,110 520,647 528,164 527,147 570,358 557,205

Adjusted operating ratio 95.3% 94.1% 89.6% 88.4% 90.4% 90.5% 88.2% 88.0%


36



Truckload - Revenue before fuel surcharge

U.S. based Conventional TL 209,174 211,182 222,206 224,115 223,128 217,606 219,480 214,318

Canadian based Conventional TL 74,398 73,603 82,531 78,153 79,017 77,882 76,949 71,299

Specialized TL 198,098 207,258 222,434 220,333 227,438 235,964 275,963 273,029

Eliminations (719) (1,376) (2,061) (1,954) (1,419) (4,305) (2,034) (1,441)

480,951 490,667 525,110 520,647 528,164 527,147 570,358 557,205

Truckload - Fuel surcharge revenue

U.S. based Conventional TL 36,674 39,715 43,944 43,980 43,034 37,318 39,867 36,404


Specialized TL 18,728 22,494 27,659 27,496 26,815 26,224 33,923 30,195

Eliminations (200) (154) (170) (120) (109) (721) (78) (52)

65,300 73,466 84,702 84,112 81,997 73,388 85,190 76,342

Truckload - Operating income (loss)

U.S. based Conventional TL (15) 3,536 12,181 17,091 15,012 16,507 21,435 19,429


Specialized TL 16,779 18,747 32,252 35,013 26,098 23,460 35,905 44,308

22,813 36,262 55,521 63,657 52,282 50,744 67,241 75,7611 This is a non-IFRS measure.Note: The current period results include the impacts from the adoption of the new IFRS 16 Leases as discussed in note 3 of the unaudited condensed consolidated interim financial statements. As is permitted with this new standard, comparative information has not been restated and, therefore, may not be comparable.

37



U.S. based Conventional TL

Operating expenses** 245,863 247,361 253,969 251,004 251,150 238,417 237,912 231,294

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

(119) - - - - - - -



Adjusted operating expenses, net of fuel surcharge

209,070 207,646 210,025 207,024 208,116 201,099 198,045 194,890



Canadian based Conventional TL


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

101 7,023 - - - - - -




68,450 66,647 71,443 66,601 67,845 67,105 67,048 59,275



** Operating expenses excluding intra TL eliminations


38



Specialized TL


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

- 230 1,167 3,208 1,560 696 76 9,020




181,319 188,741 191,349 188,529 202,900 213,200 240,134 237,741



** Operating expenses excluding intra TL eliminations


39



Less-Than-Truckload

Total revenue 234,696 235,801 281,152 268,231 272,212 240,897 254,989 237,644

Total operating expenses 221,475 224,433 256,258 242,822 248,751 213,255 224,721 211,853

Operating income 13,221 11,368 24,894 25,409 23,461 27,642 30,268 25,791

Operating expenses 221,475 224,433 256,258 242,822 248,751 213,255 224,721 211,853

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

(1,355) 1,872 509 (61) 254 9,401 (2) (0)




189,560 194,071 214,860 202,044 208,787 189,745 188,805 179,643




Documents

Third Quarter Ended September 30, 2019 · McArthur Express Mirabel Logistic Nordique P&W Intermodal Piston Tank Rebel Transport SAF TF Truckload & Logistics TimelineLogisitc Tri-Line