TFI International Inc. (NYSE: TFII)

TFI International Inc. is a leading player in the transportation and logistics industry. The Corporation offers transportation solutions through its operating subsidiaries across Canada and the United States. It provides services that are supported by the specialization of its wholly-owned subsidiaries and the expertise of its management and employees.

The Corporation generates revenue through the provision of transportation and logistics services to clients across various industries. Its services include pickup, consolidation, transport, and delivery of freight. Revenue is derived from fees charged for transporting goods using its fleet and through asset-light logistics offerings such as brokerage and freight forwarding.

The company operates through the following segments: Less-Than-Truckload (LTL), Truckload (TL), and Logistics.

• The LTL segment provides pickup, consolidation, transport, and delivery of smaller loads.

• The TL segment provides full loads carried directly from the customer to the destination using closed vans or specialized equipment, including expedited transportation, flatbed, tank container, dedicated services, and TL brokerage.

• The Logistics segment provides a wide range of asset-light logistics services, including brokerage, freight forwarding, transportation management, and small parcel delivery.

The transportation and logistics industry is fragmented with many small and large carriers. The Corporation competes primarily on price and its ability to provide reliable, efficient, and safe transportation services. Its main competitors in the LTL sector include Old Dominion, SAIA, ArcBest, XPO in the United States, and Mullen and Manitoulin Transport Inc. in Canada. In the TL sector, competitors are Trimac Transportation, Challenger Motor Freight, and Bison Transport in Canada, and Knight-Swift Transportation Holdings Inc., Werner Enterprise Inc., Schneider National Inc., and Heniff Transportation Systems in the United States. In the Logistics sector, competitors include C. H. Robinson Worldwide Inc., OnTrac Shipping, and Echo Global Logistics.

The Corporation serves a diverse base of clients operating across a broad cross-section of industries. This broad client base helps mitigate the impact of downturns in any single industry or customer.