TFI International (TFII) 8 Feb 222021 Q4 Earnings call transcript

Good morning, ladies and gentlemen. Thank you for standing by. Welcome to TFI International's Fourth Quarter 2021 Results Conference Call. [Operator Instructions] Before we turn the call over to management, please be advised that this conference call will contain several statements that are forward-looking in nature and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. Also as a reminder, TFI changed its presentation currency at year-end 2020 and all dollar amounts are now in U.S. dollars.

call to today, that I Executive Tuesday, like turn like is conference would Officer would Bedard, to recorded Alain Please, being February the sir. of I TFI remind and go this everyone call now Chairman, International. Lastly, President to ahead, Chief over X, XXXX.

strong fourth call. the market very closed, Well, thank and and operator completed after much year results. welcome everyone International released successful be Yesterday a our quarter of will you very to XXXX TFI this history UPS Freight. remembered morning's in pivotal that we acquisition with a as the our

across It the which All segments. of segments strong share quarter our adjusted our generated with of four Our which it International income for operating the ahead its the per TFI of means generate with to growth earnings year of whenever grow behind of we creating in we getting selectively execution right our will us strategic this exceeded invested along that focus full sound with earnings excess of this $X.XX, drove provides results that continue contributing easily of all strongest capital approach much diluted high-end to confidence striving business. fundamentals transformational navigate to details event demonstrate TFI business outperformance and the fundamental fourth per in strong rationale us the October. on and and role successfully also guidance our And large consistent that as possible. to flow is focus time, free Freight, the mode, a that playing the upside long-term we provided shareholders see on we International to it's Over acquisition ongoing already our much This with our overreaching business road It shareholder efficiencies revenue rebranded that integrate What of we UPS the in goal combined still that aim means continue opportunities. Freight while returns both our ahead most on history. to our TForce for position cost now return outperformance, is in optimize capital, on synergies. share. with allows we cash capitalizing strong operational compelling find this value, driving in the upside continued

may during we Importantly, disruptions, and operating chain focus. any in principles pandemic, notice are after store, has global and XXXX to changes shortage, before, and that this you us that in been of continue our confident the will other lockdowns, have ongoing labor Regardless succeed. operating our that condition supply help will

I the freight concept addition right TForce freight into for new last year, the to improving increasing Freight, especially increasing driver our means pricing, valuable on that we retention, our focus integrating and service to This fits. level, Looking on our optimizing network. in plan quarter taken density, mentioned the

XX% quarter our to Turning our than fourth revenue climbed to more year-over-year $X.X by total billion. results,

rebounding strategically price volume BXB we across e-commerce. the order on During capitalize continue and quarter, in to to freight

$XXX attractive capital well for return cash which four we is producing metric in disciplined and cash allowing is in climbed million. EPS was flow very from return business, excess on appropriately growth to increase manner, a to XX%. a I'm focus when seek we to a opportunities in important acquisition to than possible. and long-standing cash growth to healthy income focus an our I'm strength up report us $XXX Similarly, This rather our strategically shareholders the this the during increase report an closely. was $X.XX our Given four operating invested had on net pleased that a track sakes, of quarter continuing year, Each our well diluted versus all in of segments prior performed with million and as activities profitability XX% operating to fully adjusted on pleased our up which measure invest

look Let's P&C. decline surcharge quarter. represents and fuel at with But versus revenue the now a before in take revenue year each, a This our beginning a saw segment X% total million X% BXB. segment ago XX% improved operating increase in was margin to operating of points XXX results for the very income both yields strong to a XX.X. with BXC $XX.X the basis This up profitability strengthening and of

from very capital invested year earlier. -- on as a which was return was Our was at strong strong P&C up very XX.X XX.X%, well for a

as a from the acquisition as of $XX LTL strong million $XXX million prior surcharge is remarkably potential I our XX% deliver -- of our in due operation. ratio and acquired the up of basis Digging of to optimizing million, million X% Operating fuel TForce to revenue revenue has to was versus earlier XX.X, $XX.X $XXX referred segment segment, operating XXX before margin significant LTL, we before of work compared a largely as which were Freight. income the Canadian adjusted our important representing improvement earlier, year. and increase grew business revenue a was upside newly total million our Turning before year $XXX surcharge continue the of fuel to operating on point of deeper

XX.X%, XXX Our invested for return LTL capital strong basis was the Kenyan on up a points.

revenue acquisition and basis before points XXX million that last business newly UPS to year's surcharge OR Freight with formed fuel another improve of $XXX LTL U.S produce sequentially Our of with XX.X.

capital we we Freight invested performance to U.S have was But year's again on reporting of TForce will before worth for wait this exceptional. return Our until continue LTL full measure. a once

Turning segment, Truckload to our of revenue. which XX% represent total

million was million XX%. surcharge and the for operating quarter $XX fuel before prior was revenue over Our income our $XXX up year the of up XX% of

at $XX.X%. operating was Truckload Our margin unchanged

operate a for million a we a newly TForce expect truckload continues continued last loss $X.X at $X.X Freight and from the acquired need addition, division to quarter, In improvement million, loss of improvement. modest of sequential

flat OR with XX.X% a a at surcharge X.X% invested for revenue of adjusted year-over-year. return So, grew and conventional U.S an look closer operation on taking Truckload fuel before capital of based XX%

grew return was capital before very conventional was year XX.X%, surcharge, versus revenue The down fuel XX.X% XX OR strong invested operation and prior point. XX.X% on basis a the adjusted Our truckload Canadian XX%. the

specialized Lastly and within invested XX% Rounding X.X% XX% on XX.X% of earlier. our total return adjusted by operation up segment, of Truckload, an a with capital year surcharge discussion revenue grew Logistic segment represents out from fuel before XX.X%, OR our revenue. business our of

relative and up basis the XX% $XX point. of year. addition the of in XX% and Our was our LTL revenue capital to International by million led performance And X.X a operating jumped in prior Canada XX.X, very up sheet return to margin overall was on million. surcharges XXX brokers before fuel operating with income to was X.X strong delivery $XXX invested Logistics This strong U.S Shifting by business which performer. remains U.S remains source strength. same-day TFI TFWW, a balance gears, package the strong a

free in million with the fourth allowing internal end and us cash strong prudent a quarter, disciplined through acquisition XXXX produced low This our continues ratio of what long-standing investment flow our to the X.XX. debt is EBITDA cash we of strategy. debt the business with in to strategically year us grow adjusted calculated covenant accordance leverage to $XXX During as allows flow

flow at issuing our that ability condition to business the Turning the our and on right, for of to $X.XX reflect and the International. assume of share TFI full relatively operating fundamentals initial $X.XX, XX% to the the remains a what and These execution, to initial initial and confidence XXXX. stable, growth. on for favorable opportunities freight this including operation compelling the sake This in over calls recently Freight outlook we're our of potential importantly, over strong profitability acquired getting our year mind, growth range based in fits ahead be the capitalize for that focus we for on Today range earnings preference control. at as in our the XXXX emphasis growth cash year per can includes of optimize our always on opportunities midpoint. guidance. With reflecting full most outlook own TForce to our

capitalize our the calculated CapEx remain also question In -- open $XXX around with for debt-to-EBITDA expect at X.Xx. our We for to to International as $XXX questions, full expect expect in your million defined to call strong million. the open flow free optimize covenants on year, can a we as excess We best and the we history the and value, opportunities our $XXX continued Freight. capital accordance year TForce again very see year, exceed navigate shareholder the of unlock compelling especially the we we you begin net range Throughout could funded if within that our cash to million the to in for leverage our ratio the to before finished conclusion, in debt the please TFI be And lines. Q&A opportunity to in create to now, note. session, reach, and And are ahead operating what's returning shareholders on the opportunities many we're whenever possible. therefore now operator, position

Scott first from go [Operator Instructions] question Your Group from Please ahead. Wolfe comes Research.

the Alain. anything where changing margins this about for your can for Hey, then business talk the U.S term your is expectations of And LTL thanks, terms operate? if you year? Can in longer expectations

know never QX far tell And rate. so far we the conservative. you the U.S we've there, QX is TForce you 'XX what easy could think with all I what that a okay, Freight looking able seen what, Well, we same now. hanging so done mostly accomplish I we're way. is were LTL team team way okay, QX we fruits, to at look We've the the have stuff, though, and is very it's yes. the great prudent which in Yes, our that at been low with that But

on, is network what that year operation to we're operation. now that really call, we the the the sense the need So, first, fits, first we for we the going the year of us with said, pivotal all, freight be fits a in that focused but XXXX also getting

sense shipments really we're on improving improving any on our right. number shipments, density, miles travel XX the to of to focused to deliver So, two per the footprint be going it on stop in improving also sense, make that doesn't the

major to major, the that fits a of well. operation focus freight that So as having the be and that's the fits operation going

answer your question, to this So, ADOR. long-term be that an company has I think to

an closer from probably of like than now. that an XX hard the X the XX or believe say. LTL be 'XX, I is or Now, to X is chance years right now. market XX a be that something by we long-term we an U.S in should to great market, to is The to really market in the the It's okay. have end XX,

we have so us, side. do helps the much to that So operational but on

bit [indiscernible]. the equipment just Now, because been MPG our that's is for okay, old an of issue little has delayed, sure a equipment on

on $X.XX costs more $X.XX maintenance old the is an Our about truck is which than mile, normal. a

on this some kind mean, operation, I us. less focus was and look more we why on density, But be a more to of XXX% going a the being of mean, focusing are to good those these be in In on Paul you name is get to do to and to mind going my in So, right. really the there less, we with really doing not with produce trying can that working Canada of U.S [indiscernible] business. all with what okay, at more get in customers, of market. if instead improving are meantime, trying on and we're never game because customers, results reason focus in not things the we're the all the good that on is more. we're in regard, chante the I team for Density focus there density. we out shipment And the so our we focused

to there's okay, it. reason, be to company, be thread, the get to company in to within that an the not XX be right. know will Canada, don’t long months XX think I this again, mean, we're going team sub able But I to ADOR it's do an if okay, next, I U.S., So, ADOR. this XX to in no

'XX you year then so comment that or the my maybe XX, said and XX a that more other when was talk, a like full then rate exiting I to year -- run a just understand question. is just you And Okay.

It's the run rate.

okay. rate, Run

say, the XX, fourth -- let's exiting maybe be, exiting ICRs the to Yes, Scott, year, like between XX that. think year I -- quarter somewhere something that will

for the your then helpful. margin be would the some other And just segments you. guidance Thank Okay. of expectations maybe within

none to Yes. if our see, you you in second I at look P&C, Well, we're regard. that mean,

think 'XX, that the strong very, done I we've P&C foundation. job a fantastic So, building focus very of in a

with really margin solid our Canadian Now our is going Same the in be The growth second is none. focus 'XX story to to LTL. more in P&C.

to okay, growing. end Our and XX operation to working the of up U.S that's OR, and mean, the we last to And improving U.S that, our doing going Logistics, and but be right we've hard. really bit okay, disappointed, it. dedicated LTL, we Scott, I TFWW. our U.S mean, a there now. that a like even year I in our and mean, the team closer in really have lot our we little I've division, to and going the Truckload, been working density. mile, we're see then I Greg in closer said And improving a really, see XX and well Canada, should we Truckload with I it's start growth really know finally, are with

also we that We're we're in could XXX So, say, conservative. we're XXX very that's we in confident. 'XX. do to think to forget, all why all, very Don't EPS able guys,

the you Appreciate Thank it. for time.

Scott. Pleasure,

Your go ahead. UBS. Wadewitz next question comes Please with from Tom

good Yes, morning.

morning. Good

if is on Wanted provide, I framework LTL helpful. the really could to think you see OR

for your LTL. And you hands could you on. how you've kind a guess, I how of thought you terms to was the some raising bit thank like you're in taking repricing seasonality. gotten or out wanted the much of see maybe That about, than a I So, little also, seemed think decline book, on And on provide that. if more It lower doing more tonnes quality price shipment. in sequential how you in freight. had

where you two maybe for LTL? comment for So, those at if could on levers you're

absolutely. well Yes, Yes.

you X. quarter-over-quarter fit, not our I we're okay. done. of I is Phase have not problem mean, done. that the to does but mean, replace those volumes that I mean, like we're did down not that are said, terms need The freight we we we a okay, In shipping, bit,

not be why to So, us. to team be our in fit sales replace their to a everything has position toes, this does is on that

do the terms catching market. still need in a business, up of So, to of but mean, we the we've done to lot I repricing a lot, terms in

low, So, we're the shipment. of I too And a as shipment. Most peers X,XXX so because in the market our above is shipment I our is per pounds X,XXX X,XXX small the average quarters. improving we that so lot mean, on low. side, weight around of still Canadian The are we're was sense per to to shipments. XXXXs. every per had closer every of month, quality mean, freight was pound base the bad our

X operation it's than that. help cost story all the be this bring thing big an a probably have in lot to and the freight is, in a us and we ADOR of half fits do But closer I degree for story going market still us yes, ADR. the what with of of accomplish of our would This freight cost should to that. that company then in going of there's big mix. all So, terms we the improving 'XX reducing a is operation. or say to done -- the that’s to on should that what certain 'XX we're And

deals second Okay. on might interested. dedicated question, could of seems in and are the know, portfolio offer kind I have scenario in of lot thoughts you out dedicated company like, terms are wondered are there scenario companies think then cast interested And think if how think a doing acquisitions? there just in divestitures transports doing you and change their both for it I that of where, interested that deals where is It you some there

know, thoughts or need portfolio, to if are that’s is, then, necessarily something something deals is well does of any is I bigger this deal to seem something still don’t in just that that terms you consider or do year it on fixed? you going are pruning And time you likely So, you the some doesn’t, be again? more

from of been I you a mean, mean, I promise TForce sure. ADOR. being to single-digit? on do more an closer for a Yes, that's we on run our return There's invested U.S deliver a operation can a okay, I'm to lot I guys, times. do, mean, confident this closer able return why X.X have in you very to capital we capital I of to getting need members. truckload freight invested guys I'm we mean, -- sure about I'm to to or be team and have of when for discussion have Greg's Board saying, lot mean, demonstrate, I And on we question investors get what XX.

TFI, X, to sometimes, one waste business track is this cannot why? if were the at about sure, you and grow GFL, in record Now, I it ago, we couldn't grow for business like X it. Because we mean, the of if we in the sold thing sector, if we years look

of through Now, growing for we're it's on you invested to sector. organically grow to with with us our M&A. all return that we the I and in to hard look -- if our there, mean, second But story Canada, have I be on it's at mean, same If capital none. P&C the it's we in going focusing

makes that So sense.

next we're open. go of In terms Then, end feel maybe for size QX of 'XX, TForce always could we M&A, Freight. do of from good really about as soon the really, the cannot step. as to sure, anything before We we

XX For terms family. we can reprove the TFI the months. chance next, I of next TFI for in to already acquisition of for know in It truckload know step the week. don’t right a the that I our have have plan guys give plan I to in divestiture, what to next But sure XX to the be we mean, big part we'll be is doing, because a now. hopefully,

at look it than doesn't a we is return on strategy, of right. more that, terms fit, for your capital capital, When in Now, of invested cost sure. fewer

working TForce with really TSA Freight our 'XX. the is for we the now mean, our compares migration TL to results little that have in that diligently what are showing today all sure, guys bit from And right away concerned. I UPS, have of meantime, really now, our to and we truckload improve our we're the peers in QX a focus So, our focus because in is the U.S.

the Great. Thanks for perspective. all

My pleasure.

question Shanker ahead. from next with Morgan Please comes Stanley. Your Ravi go

is my any that not confirm Maybe your start just which guidance XXXX Thanks, include [indiscernible]. does follow-up, EPS M&A, correct? I'll to

No. same, right? stays the everything No, no,

mean, there within the comments I the had in U.S That follow-up it. results LTL maybe UPS some quarter got there. want you like of think sequentially. a you I Can maybe And you kind can the business? on improved the Yes, the sense. if last little to with business business future of makes that Seem business. certainly a acquired. -- that And on that TL saw you I did long-term elaborate your the issues of bunch ask and flagged on we residual of bit TL potential more made you progress TL I about kind

Yes.

So, Ravi, Truckload? are or you talking LTL

business talking -- … the about operation Truckload the Truckload I'm UPS think within I

issue. and we that team was we bad fix trucks, the a yes, commitments business his believe I acquired. losing at in working losing hard truckload let two with we are the money yes. and it didn’t a Greg because business that doing for we've UPS we for Yes, to we accounts. didn't terrible, we've been have are we that stop this have got, we job QX, X really, really not mean, me that with that that the that This We're money us. I accounts power. good know two was major months. mean, you on are customers, going have I to Well, there major tell working still had

fortune third-party a that. to had with doing we So, we lost go and

market doing let's what terms is approach race guys, that's our day that and in Now, mean, fix been since I we've the one. of to

we $X QX any $X $X doesn't won't million So, in in we in It we've QX XXXX. we and million -- QX, lost sense, million in we QX, and to $X lose lose then But to about any make million of anticipate and in to lost time $X.X go the we or over that QX, hauling million lost is from keep through Ravi, environment is money same But that. at move had did, freight to the road stupid. kind we this the we so our okay, what also operation T of CFI.

we is Xx, intermodal, TA when global picture road, just disappointed truckload you now that when you're we see that you do dedicated, you're TA. got of did dedicated and you're of the a sometimes So and were you also also you you found all the out, we kinds or -- do over don't And do dedicated okay guy. this, allocations, X

road, make there that customers Now as we see all it issues that cover any have over that well, don't we and the don't we pull the the money. with cost with we some

were on focused environment, have now little right is okay, But the okay, to so road, our we that even bit to fix dedicated, our problem, our over that market lost we U.S within of biggest that, So, right. okay, trying TL. fix a focus now guys

So, theirs. if road, is the than I compare lower with my my peers, even way mile per on revenue average over

peers rate. Because So, the our have of X.XX issue now, our oh, not saying, run see, are on are know market we peers or if average, here with let's this I in my is teams QX, to we and at results that have I looking don't X.XX running another $X.XX we happened customer. mean, at fix are now our miles. miles after what at we with

program also to 'XX part of our fix. in So that's early

a So, as about basis on the example, of the as million over from of month existing Greg, yearly an $X with got more we January customers. talking okay, road,

so fine. that's Okay, Greg,

but Okay, that, than we more need right.

doing why rates is we're February, customers. adjusting this with to in our market thing the So, the same

for Thanks Alain. Got the color, it.

Pleasure.

go from comes Gupta next Scotiabank Scotia Your Capital. question -- Konark with Please ahead.

morning, operator. are you? Alain. Thanks, Good How

you? about I'm morning. Good good. How

time. for much so thanks the Alain, Good.

kind well. So, business as courier and the on focus I package wanted of to

XX% it operating it maybe story? just in have And ever, if that cost then seen Was I'm or more segment. that? closest best drove more is was of do about in improvement ever to you QX, a what think best margin that not the think or of of what OR, I you in your kind the story a sustainability XX% wondering performance? of kind pricing probably

Yes.

going okay, is So, go 'XX peak, The in summer we the peak plan, we're that story okay. Konark, did, Brian's was as 'XX to right. not what this same of through 'XX in

this of that -- our rid rid is didn't So, we we rate got of got very right. Because revenue e-commerce why low we is margin it, we little lower. and a -- bit made year-over-year Why? on

And that year, was plan. about So said, the and I it's great that $X $X with this OE million, And we're versus Brian, is think showing, in that last XX% last division, okay. plan up year, I a what million a so if you compare fine. we're

'XX plan there that okay new to guys, the strong, that are network. Now don't very we have now for and that doesn't in talking fit when we over we're freight Jimmy Bob is

so if look the to last are to 'XX, base Really, consolidate drivers, that QX more we add beef used if a or trucks, example up grow So, in you 'XX. at as new we because growing to X terminals add Winnipeg more of network, during an QX down let's XX% slowed of again to to at bit you start opening XX%. we to our QX X quarters, our a terminal look and

now of little a P&C. wait bit on we're some again in focused growing a So, and our kind

is okay there. really really, going that of not 'XX and question, in did we're mostly it's start solid your margin is fit, growing a answer stuck to rid low freight our got that base we So, again at to getting peak. And with now combination

do no as And these if of matter. just I vaccine in with going respect on pool thoughts sense. protests and can all follow-up, around days as That curious what of for now drivers seeing you color. your there's of Canada number mandates, then kind TFI? there colors good vaccinated then any kind there's of issues well your great have these the kind some that high-level perhaps, vaccine resolution sure on are as days? well of you mandates kind to and I'm That’s you of of of -- Are I’m makes as officially. like for enough you for on what's to driver going And Or need business? lots you at that think kind

all. So, vaccine on of most side, an -- are at drivers vaccination issue at mean, our I vaccinated. not is the TFI Canadian

We has So, border never into U.S an crossing the that. anticipated the issue. been

that. So, them, we to okay, border, mean get want, you're But guys, point the at not going that we free vaccination vaccinated. convinced work with one our people to whatever it's to have know cross do you're to issue an I you we is that if -- be

a them in the say we So, they border keep drivers we them do company. few I we And in would small cross thing are in for January January, the mean, fantastic Freight, think But ever with have what issue new is U.S is for I I January having COVID. few I the got issues, maybe be because TFI that an say, best carriers just guys, the that, a not there's people, all. way don't people so, look with U.S for well, us. still that at really That to big The at going the but the guys a sick has in there. been doing January this Canada job. that no, is lot sick us in variant a of January issue in the anymore. for some Canada of people sure, are At the TForce biggest

a was said, all. little issue, that. with that But customers a servicing an problem at issue that being vaccination So not bit an creates and all of

the good luck Thanks the for year. rest of Okay, and much so Alain.

you. Thank

from next Please question ahead. comes Sachs. Your Goldman Alliger with go Jordan

Hi, Yes. morning.

quick growth Just again. follow-up on -- the courier, and you mentioned package

see both have comps in through do year? you some the But we move expect maybe tough to you're still later referring on and assume ahead So, pricing. we move again I categories as growth you as shipments XXXX, those to

okay, we growth a Jordan. absolutely, sense, a what back those are took Well, with mean, QX and step saying QX and Yes. I is that we're XXXX. in in

remarkable. forget, So, bottom look the we're XX% screw have if in highly is what again, and guys of to set from grow saying don't [indiscernible]. we is in right? that. Can now organically hard really up we're line This unbelievable. is at to OE? Now, are growing on you organically But 'XX that competition turn working this we The QX, XX% stick at

from competition have points guys the operation, running like guys UPS bottom We lane And U.S XX are and not at FedEx. right. those

to a That's OEs to have XX%. as what percentage may we grow a sacrifice to we'll the like little X% bit a see. So,

look good. far, that on numbers then the the weather, when a the with the so me with feel let at all and Omicron rest good. in going storm, Even we so I you of the look really that we with year. Let's that mean, see has with have everything been QX But I that, January tell far the and so at

Can segment? a seeing Logistic guess, delivery you're quick parcel aspect. give the you just most same day curious on Thanks. I about what the on update

our is we're operation day, lost the in the volume well. mean, our doing of all Same only their with largest I really e-tailer, rock shoe that right. Canadian

were Canada. about And away So them us from the dealing then the those they us. walked because with in slowly walked we're U.S we they us all in money guys, in U.S., making away from

while as that of speak. we're that a we a replacing bit little is So step back,

has there. of issues our double-digit really bottom see And I feel line. now we EBIT. don't TFWW, January, we to X% run these X% weather but mean, I single-digit we TFI guys operation bottom us from Donnelly. mean, guys thing on. going at line. bit in Omicron And a those doing nothing side, okay, mean, which and we bought really we well. said, I the good On these right been, the create OE, except at really, is long-term, The X% run like at about don't with were time U.S what's this really, issue I you'll little It an have forget,

So, okay, WW closer X%, we're guy, to still a a EBIT double-digit is slowly X.X%. not but getting

of For the rest double-digit our businesses all OE.

Great. much. Thanks so

Your comes ahead. from next question with Atkins go Stephens. Jack Please

morning. great. taking my questions. Good Okay, you Thank for

Hey, good morning, Jack.

XXXX? been on and get quarters, the over ground freight are you love of would I the UPS? your Alain, trending from acquired expectations How pricing your last So, that that business at what of for that couple an course to update in has

the that see Jack, shipment fuel average revenue is up ex if Well, you'll MD&A big look, time. our you per in

It that has way up we're rates customer. it's fit. a don't it to okay, focus process away, than can't So like clean our But an the earlier, did In still up, kick out. more shipments we shippers to X at to environment, LTL to and last least of back small Because X fit. rid our mean, our Guys takes takes this have need to of shipment, the by wake shipments in shipments year if a I we them it year not we're with shipments better more completed in lot that to all of 'XX. get adjusting not the year. our when and we've ongoing another okay. probably team, or and smell been we okay, Truckload done, is we took us coffee, and got freight you will CFI, I said like those better but story think that. go same network as XXXX, division ship that It's small It and we a those replace not an right? the the because in sales replace clean really years correcting with with bought the

there all, not yet we're So, okay. at

number customers So, example, focused that on our highly we get team sales of shipments improving is an the from okay.

X guy, little So, right? we're right X pickup, from get to this to gives shipments bit us right first it's this try So, day, shipper a from this guy, change. well there, it's do X a let's get because already to of say the

productivity on working the but the mix, and So, on we're operation. the we're efficiency on working the also

of why closer us that end, then we'll improving XX course is closer have down maybe U.S keep okay. this get into to an And 'XX, 'XX, is during XX, ADOR on to by So, carrier XX we year that believe processes of XX to in to get those we an the slowly what we'll LTL market. target in at the like 'XX, least being an or the

maybe your are significant impact. that within helps. that then for that about you're Got to LTL And had any guess kind in changes your team? structural operations Okay, positive No, LTLs force in the business, the We've you. other contemplating trying with U.S some the I your past thinking changes of Thank got it. implement you sales seen U.S it. that incentive or

absolutely. Yes, Yes.

week, You're we a I Jack. and week mean, next the that, or that. we're salary to after sales having absolutely commission for absolutely. next change, his right, about talking have team, Paul I all and our their and mean, think, meeting I sure and their with we're way the okay, are people --

team it's up a proposal judge a the be the not we have the has questioned everything that is coming we sales It's the about today, we way results. is effort, sales sales to what So, that the on is I know leadership, by team that. want by with Paul

I Jack, don't but more. So understand me XX the I'm tells gets he -- me, freight. don't guy works good maybe no right? know But for saying, hours but that's work he and So, I day look what a me, less, at if get not you

you. much, Yes, no, It's about Alain. the all line. totally. so bottom Thank Thanks

the all about It’s bottom line. Absolutely.

go from Your Please of Hoexter Bank with next ahead. question comes Ken America.

Hey, good Alain. morning.

Ken. morning, Good

yet were you mentioned very model. the You conservative confident, but very within

just you upside? Maybe at truckload maybe Is where most best Is truckload that, the LTL margin it about pricing a is? taking the -- this fixing do in ever you the market? LTL where the So see talked talk about? potential it look

right. well, Yes, you're

Ken. guys, have than mean, better we in that right, will TL absolutely You're plan that U.S our think we I for that. do the I

have you a if right. -- problem, you that guys it, see our don't that you fix think can't I

So, team to for they're what know now when TL fantastic, that say results QX, line, costs, do. that we is right? about in at our And think peers' the market I were we The are big look getting The okay. And we that like it's result, provide not wouldn't our they fantastic. we I have to rate So service U.S our more is the issues have okay? customer. problem for right costs the our

which team the we But our over UPS on focus overlooked was road in from fine. also that what fixing disaster of Freight, the thing. completely acquisition okay, was dedicated, dedicated, a got a on the we So, was going

revenue look are. these far know, So we're guys too at now per these where that -- we know the when okay, peers, mile we we our from average

speed the went we've we fast of to on with be be slow, that's right? that going said, just changes? hanging Are between the though, So these what It's low to execution we what so is we fast, could operational fruit, done TForce one. you don't or two say like that. I are or do. know really know we to right We Number will fast, So slow fast, be the going what's Freight. and now far slow

Now It on it the affects day. this operation, terminals, people. we the affects managers, it more affects every way that affects everything terminal do

sure. why not So, I'm this is

with is this TForce conservative change. of why we're So, Pace going Freight.

Yes.

Alain, and for that dig centers for follow-up, just right. into growth, So, service the let's my the

always You talked density. about

You there terms the that where could How centers you you service were of what forward? better going service Where thinking centers. process? are in of operations opportunities utilizing blend have about And some some you are talked in your you do now? that process many of

center terminal, two Virginia, of terminal be small with small to there. any run down we for day. shut to We one to carrier. in example, in thousand I XX two be shipments a will Salina. We doesn't just we're XX shut are an a It starting. had bills sold small -- Chicago, carrier. We're day down a those sense starting, terminals that XX-some another in another Ken. to mean, Kansas, West that operating just closed have make a We terminal an shipments mean, terminals operation and small as going just subleasing We I

So, starting. give another we're example. I'll you just

XX We Think have know doors. in that a doors. a shipments don't probably remember terminal. day. XXX a terminal, doors, terminal a terminal. fantastic but I don't a California, about how day in shipments to huge a many many like XX I how in it's XX Rialto diamond I guess

we're So, over terminal. XX will spots doors will carrier another to deal take guys these the equipment. that's take signing for just in And XX carrier, another parking about with a going take also about

any we're So, So It doesn't bottom an to about make sense, that's I going million company. is working right now In just site we're to three got example, So, bring starting. the $X empty, this on right? of Sacramento, like line the as right? Because sites. to million X.X Sacramento.

on West the right team, Coast our we're So, really focusing now.

So -- will take Ken, X,XXX, I got XX,XXX maybe, we there. but just it We don't the I we're over or need we -- it we're surface. mean, don't I times, doors many XX,XXX okay. scratching said time, but X,XXX just know, X,XXX, okay, need

sense doors opportunity that yes. But organically us okay. the through fixing many an it, M&A, is that we're growth, doesn't or any too way so for make everything for meantime, either have in We

the keep So, it to terminal. want to Rialto, want keep don't we We empty.

in loss and to $X.X find the if meantime, right So, let's terminal okay and then carrying we need on eliminate tenant you help terminal we X for the road costs now, see another that get need. us million, that for -- the the so that have year our now. years down we'll own million the a But $X cover

Alain. it. Thanks, Great. Appreciate

Okay, Ken.

ahead. Your Please comes Markets. Spracklin from go Capital with next question RBC Walter

Alain. morning, Good much. very Thanks

Good Walter. morning,

you cash perhaps So, I the or at you're going acquisitions if leverage be going later looking year. year low. And hear likely, into your to have year free next flow, a of early pretty terms is correctly, good not until in to in

is mean early kind larger, Just little, retaining for Or that little do cash quarter cash on you in buyback? now is want in where you keep your cash versus of into does to that fourth So, a to for you or a raise hand something so can deal deploy terms curious larger of the head something at this buyback 'XX? perhaps acquisitions?

always buyback an there's well, Well, -- opportunity. is

sub -- we least U.S., a we stock million done okay, today, that mean, look few at let's QX, XXX a If million over bought okay. the weeks, trades shares, shares. for if for last sure, can't I at back right least buying are a sure, buying today, million about price And be well, back say we're to TFI what today shares, to right? you but talk we're So, in the in at going I be now going traded we've

to going point, our we feel is Now, guidance also that okay, your conservative.

right? million conservative, But a we're some us 'XX, for think opportunity little 'XX, better M&A, late look probably stock do small preclude the we'll than okay. or Canadian It CAD$XXX to small say guidance. But okay, for the fact not seen a dollars bit maybe of based CAD$XXX at I say so the let's million if million to do size that we'll a So, of us into we of 'XX. on late we've in probably size, bit back, of so US$XXX of we does little do M&A, like more. something doing what deal Buy the or far, let's do that

that's perfect. Okay, to as level good. And a back when appreciate buying at stock times the opposed certain are stocks your when

Yes.

saying a to shortage issue, issue. their is still is we heard -- an other on chain driver volume an volume, still that in supply get companies mean, constraints. lot couldn't demand yes. the And Moving Because above I right? you just was

year year? put quarter? how or this a factor out much a will continued are And fourth guidance was how driver So you chain assuming be your of be in you the will supply constraint shortage when for that much for next and

in see, Canada Yes. in mid-November. would It true not until was U.S. we was true say my Walter, is that fact the day, the It's Well, Canadian This I guys, overbooked I to how talking it's okay. we're you seeing U.S., early in already in the because are every is now We're I what I in that last come same probably Canada the story say, in at least this could would the Canada, it and in X for, was since seeing the November. not you not Canada. U.S But months. tell true

advantage that the 'XX, okay. than to I'm bit said, little Canadian in of mean, -- coffee in, like months. advantage taking fixed team, have X lots of And we saying of QX on will market XX of a an sure its side, the of the there. think I team say, the supply January and is in There's But next best to of truckload supply a don't every lot chain, because why I month we earlier to let's going is world. months See, smell demand opportunity politics U.S missed market of condition. take more be in for the The we're it's QX. changes now the around and going within the our probably our it's that. and I So, that TFI that's

going see So, it's market 'XX we be very, from in a and probably very 'XX. could to what tight into

see happens. let's So, what

So, doing we is for on that. really see our TFI. team where But conservative right? a be like better that focusing always, year will could 'XX far, is Our guidance than so great

as time always, and good a on quarter. Alain, congrats Appreciate Okay. the

Thank you, Walter.

Your from ahead. next question comes from Kevin Chiang Please CIBC. go

could looks I [indiscernible]. just back year QX myself typically, what like. historically, If look I just following to off follow-up When have Actually, just I one Alain, XX.X% Hi, taking your the on margin is for P&C question. the a margins, QX. benchmark good

usually about you kind of points through You lose XXX basis as seasonality. work

earnings margin just of absolute with seems kind that the talked growing I kind willing you're you maybe there. of little the maybe and bit then thumb, a if margin So of sacrifice about use of baseline to starting like low rule seems a it and XXs like maybe

of that terms be flex to lower how margin would in could right it basis, low that full about think maybe year we there's think of potentially the that wonder, kind on level that and XXs then P&C, Just can and the low of if that way a appreciated. a go, you'll is

Kevin, BXB. affect us, Yes. there's 'XX, will two things okay, that in

where So we we're to still were. not back

on better is BXC, versus BXB even profitable of for is delivery BXC. more So us BXB the than coincidence right? Because pickup and

still 'XX, Quebec. in in we're because why saying have that's thing we if So same BXB Ontario, forget, don't comes lockdowns in back,

still So, of not BXB, be versus the pre-COVID. used okay, to where woods out we're we

little bit in help us that 'XX. a could So

is be made focused we're growth, going on we there. trucks. potential The and 'XX in profitable the in these And drivers to is also in that thing highly other investment

truck added about you look at think our year-over-year. in If our P&C, trucks I that fleet XXX we

at the of position rate. be really So growth, market, potential e-commerce it's profitable a we're to BXC now in take advantage of got but this to

on still to 'XX. versus BXC BXB going to P&C that based we the is yes, think to should that, forecast about So difficult TFIs that back run predict. is But going your is

could are January, to is far really you so is job. I and our doing going what come a at of So, QX guys month let's wait see about. when tell look fantastic What the I

I That's just question. clarification ask helpful. could If one

that assume in at million that all? your in is there assume Walter's does the -- is Just does any that EPS guidance, or guidance you your question, buyback mentioned there in buyback share

No, no.

Okay.

no just in there's there. no No, M&A, there's buyback no … buyback. that It's There's

Okay.

the everything it's stays the … that okay. same. forget everything But don't same, stays

if is any we in going to the going buyback, saying we around one. it's But around do down leverage don't Our if M&A, don't my any X.X. stay leverage guidance, we're do

That makes sense.

Right.

Alain. there. sense, of ton Thank you a much. quarter Congrats on very makes good That

Thank Okay. Kevin. you,

Your with Please ahead. from comes next Ossenbeck go JPMorgan. question Brian

taking the Hey, Alain. good morning, for question. Thanks

Brian. Good morning,

it U.S on When operation, back sized back and the cost the you density a shipments. line the on getting it going the pretty about about like headwind. is for But trucks through density? more talked top specifically primarily operating for the to comes You LTL, time, which LTL, through and talked decent lowering not sounds

both? lowering is main So Or it driven operating costs? maybe with you combination specific that it can you're just elaborate off? through what on something are density a the Is drivers of pairing terminals or those of maybe

guys Brian, I like like really combination. drivers they drivers it's guys drive. up when why to that saying and Me, are like freight, is they to a I'm to they drive because right. to pick those And

want our drive have we so pick and So, guys disconnect P&D less -- to more a mile freight. do we have in what up of terms is

number have one. miles pick driving is right? this you about we something guy that, UPS he's okay, that two never every Freight, do get at X you more So, really first Number doesn't first monitored it's if day. driving more guys of your means you freight X that stop drives any try that's do hour, to of is every XX hours per up how make Because at step right? stop. okay, so that that drivers So an been So That's miles, all, to XXX stop, have, a with sense.

he's said me And he's driving, driving, mile not is in cost my he's fuel, he earlier, when he's trucks spending So, picking a tires. when money. as old burning $X.XX maintenance. freight. a And He's burning I

to do by I just what network mean, freight No, do Canada, a this It's of with And that, our picking the bunch not because is we magician? less. of because efficient? less are is improve Brian, miles. we intention, our so and up more we're driving us right? efficiency more LTL, Our in of So, why we

the freight. month do don't So, network. takes less miles within I huge though, and that TForce like up to That drive Freight a network, Brian. more the pick intention you in mean, a is time

versus of to at going you're that. to or have miles a I for MPG also of and newer detrimental running it's profitability. you mean, old So, that combination the be And miles X.X a is sure, X, $X.XX if an MPG an truck, $X.XX and costs mile which your X truck maintenance,

we in the some headwinds to supposed that. to yes, got of we So, XXX. end We 'XX, had XXX. trucks only X,XXX By get were 'XX. got We

in truck the probably also trucks coming like with by to manufacturers Well, ones XXX But smaller major position, suppliers. get X,XXX the new a okay, 'XX and will seems four one, order. are trucks 'XX. right. a We another Because three went of it -- better end we different three we the have and complete QX for

our travel, equipment. the operating new focus and So more cost freight. But up us is Brian, miles, reduce with going importantly, do to equipments more of help pick less the more less

shipment. get Don't existing shipments This a is change, a And is this out XXX service customer. to more a change. right? the So, miles of drive

little with approach miles? so XXX reduce where travel all what It's do of we So, Canada. shipments in code, our use freight it two time agent for sense. the would fits. Why bit you makes No, more zip fits the a that it

really Okay, helpful. That's great.

Just one quick follow-up.

to facilities? Freight. synergies run starting of footprint you mentioned some now with a times from Is estate Can the TForce more reference you these handle better got leasing earlier these to maybe mentioned You real out that portfolio? some few on start the mile that of with you've to final a change

Logistics they Yes, use cost division of I'll Freight at the there TForce an instance, third-party, In XX% now to TForce California, for used give about okay. and be, yes, absolutely. to our team our you they're I using used that example. mean,

there's renting the is rid West that of that growth, right. synergies, small okay, those It's it's big the estate Kansas, an does there. terminals some for opportunity an an real small also about between two that road, M&A get Salina, opportunity fit in talking us. family, a terminals but fit. down not the the estate the were to was okay, opportunity for There's opportunity So, we real or doesn't in Virginia, future slowly like But it's I no for

XX that's a shipments. we're So, with larger us footprint trying a there a those got to make deal carrier than for

So, of the okay, that was part Salina.

global what do. are is it's So, okay, have, chance acquisition. Brian, really pushback change they we We have, you don't And a with sometimes solution. team They're TForce have in of that the these the that of the there, drinking we kinds an Freight, may kool-aid. the part

The are the they're those guys So solution. part solution. part there, the of of team

TFI to So, this for work much them for the like us recipe say, apply, would Canadian why with it easier and success. it is makes I more LTL

that, Alain. Appreciate for Thanks great. it. Okay, all

Pleasure, Brian.

Please Cameron from ahead. question next Your go National comes with Bank. Doerksen

very Thanks much. morning. Good

Good morning, Cameron.

your do a controls in internal So probably the a view deficiencies becoming guess, have I as I U.S you possible from relates just disclaimer guess, press is this question a a, my one guess, is But around reporter. it release, non-issue. me. I and to, in there

like would maybe good. it's I non-issue, said, but just that And go you maybe can over what think explanation is of bit just a be I all probably is, a So, about? of

Yes.

to I I'm testing XXX we've I what hired mean, on us test our that, is we us not me complete. done, the to is TFI all all KPMG the have another -- to I on is on not about, Cameron, supervision the that what also telling and because say, around that. okay, is are specialist, internal like because okay. these huge. what they the help is controls But we've controls, and that test SOC could guys is firm do so based which And Pricewaterhouse M&P not department that so is would work a But different say is help audit hired and see this that the So, work decentralized, of to under also far, okay,

So, now. it's this we're is in and -- remediation still testing right the why phases

we let's okay. why said transparent, is So, this be

is So, could you, we Cameron, I a okay, come know, we'll that time put documentation, But one our solve it. out than is has note a right. a there, in if small or don't filing, we which okay, I lot a not. fix though, says, different to there know. with tell we thing energy, we'll spend TFI, do lot annual this And mean, okay, to SOC have at I we with a thing what issue, used paragraph do when mean, of let's issue there. okay, we to and an compliance is if

it annual an should education, making our for now. MD&A that SOC filing we're sure it's it's be okay, compliance. So, stuff But what because guys, everything, not we is our said, not filing now, we're

just going we're to an paragraph we'll we when if on in and file, So, case, guys, issue say, then we're just hey committed, there's it's that. then there in work

way filers and there's you and David, about okay, than on okay, know the that aware if weaknesses, he's we about to initial, first that in Now, XX% IPO, talk the know U.S., have base year. of IPO new me maybe U.S which that. them more We some

filers, We average have them, okay, XX% foreign first also on year. that know of weaknesses the

to fixing So, on is our team, because year, it's TFI's to everything committed be that. And big it's right. okay, first needs that no deal, fixed

I probably XXXX just throughout obviously, SOC No, costs, … incurred compliance great mean, explanation. as And a Okay. costs that's far as you

Yes.

the Is to to need going it compliant? spend … G&A be so anything costs, you're to this going additional forward, material

all legal that with all are got the for 'XX. few and would amount you've our probably for sure. Well, of things costs And in this and a 'XX, that advisor exceptional,

to by are I needs team. taken whatever change get to to It's You those done million, dollars, compliant, could working. whatever million this changed. and probably or needs there cost $XX mean, Cameron, 'XX, rehappen do and very $XX be are between really say few be will will probably testing us million In in our the SOC staying guys not seriously that 'XX. a to

that's great very I color. Okay. appreciate Thanks No, it. much.

Pleasure, Cameron.

go [indiscernible]. next comes from Your question Please ahead.

Yes, taking thanks for questions. my

X, deal. TForce and months looks XX certainly at it It's complex deal. large it Freight the Looking deal in call very a deal, it's successful a like a it's

As you. how keep acquisitions base, on think larger the and deals move as they you bigger have do go a Thank as forward for quality needle? your you doing need bigger of the they those company, about especially get to as good to been historically

And That's good in is putting TFI. the very question. a a proof the

built huge, new We've for that this a What's you work us. and at go every of we something energy you of size. that, our to back a ago, it a years sure deal. is TFI lot is deals done just X of to said to culture if we've And doing with significant, bigger really XX it's So, not new So, deal deal okay. And years like our most this team. takes were never some at X small, a for made right? us, local the

under of is the that and of size, be not don't we are he for sure 'XX deal they sense anything about need ago, is and because bunch is okay, probably where I like XXX% our size, shareholders, No, it 'XX we're the to do Freight deal XX before years we're mean, shareholders said a our long-term. end anything this of also with a see why deals junkies, of this we some before we into do I've can Now, that remember junkie. our control, TForce I we why guys we create said, -- of for Alain, value, where makes well, we okay,

already all when our as next part have that one of And I the to going size well working we're to right. is to understand the to We've make plan. it targets some point. have So, have your needle. move it's is on happen The time

'XX. 'XX time or So, end wait right we're into the could we'll of maybe if at convinced, be not

talked the seasonally one know on one Thank working you really a for on the come a TForce I squeeze XQ difficult business, about just could that. help you've and And just directionally hand, the what certainly like, if we best XQ quarterly, I in kind there for aren't January you made of so hand, to April? off comments other but in don't historically some that, Can business company. Alain. there. look improve guide housekeeping the Freight you've having any report ever quarter you one you about the surprises But for having us great might

surprises, the So, surprises, TFI's TFI. approach some that's has under XX always and success the have at over you years promise like right? understand We of good mean, that story deliver. though, to I been of

yes. a I So, about going what very that okay, be to of seeing for when is month so But we're January is our spectacular also conservative. us, we're January talk far,

year, I about $X.XX So, in last did QX. EPS think we

December, little So, made December. money for those early say. to $X. sure right? fantastic. $X.XX. our is big be this okay, part going in above money in so we're They to too success, in It's of be year, So, to never going bit We're never Well, But made Great. a guys. TForce January, they’ve still money they Freight made of

earlier, great January forget, also too we're why cautious guidance. the We're And March in QX So, our April, lot that was month right. bad a a with through sick is Freight. it's gone a about guys. be should that. January people January was That's people. A know sick early. had like have is lot normally not big with we but for the I said those of We we weather, good, for still TForce conservative still issue. with COVID, of a don't U.S bad right. because

So, I have to mean, be conservative. we

Thank you.

You're welcome.

Benoit next Please with question comes from Poirier go Desjardins. ahead. Your

morning, good Alain. Hey,

Benoit. morning, Good

in your know, the of airing same lot trucking And Yes. the how this different Alain? horizon? Alain, Based from sure And on on potential the slowdown any view, signs you the past concern. dynamic with concern? are cycle investors, the what And -- a answering rollover. about as you're discussion cycles you of people, are I'm worried our to What

you a so huge huge and from know. big mistake, to mistake. to probably going that, guys a to even the Well, going first It's all, because chain cannot It's you a truckers. you everybody it's big a fact think supply say, that's down. certain the perception doing for a problem I knows fight. hard a think I add it's The could Well, that It's this peak you of start okay. a as understand there's we it's change. a could well, well, and drivers. all And that mean, the that about fight. in the add is degree, Canada there is U.S I in and that are

busy. if back customer last these -- all when you the the shot we was XX So, at because the cycles, foot look okay, over in years, ourselves

just capacity, there's then then too to mean, much can't can't slowdown, it's a difficult. now, for the right adding and trucker the difficult to And I so [ph] the and were risk there's That capacity. went capacity. and find he He a find it's truck. add drivers we So, issue ship. the

a change in it's huge stupid seen. that this So, okay, cycles, we've

Logistics, stupid there is getting same look in But at the you players If LTL, got hard and find it's just yet. market, both LTL the in U.S., story. better, the It's and and the people. guys, you market disciplined LTL disciplined Canada, last U.S The less. still It's to the that the U.S the at got is you P&C you in in right? Canada less mile market, Canadian I mean, if look there. The not LTL players. both

big at is So, don't go to know, to that down, But maybe it's I or me, are the week it was call, us the is opportunity or stock mean, us. they're also, I and okay, peak I I yesterday guys price creates year buy Benoit, at it next that Like creates the going an our only also over mistake to two. back, this these early think right. for opportunity a think way a for to it the before, said on

term? are Yes, in been going an no, light there's XXXX. model, the seems that to I your It And terms XXXX be road, beyond replenishing and some Alain. TL. beyond, guiding you've to reduce work XXXX in be level that's spent what for that given curious, just there's would end But expect down of money of XXX. to be could the I great asset is be where could sustainable put what color, you CapEx opportunity the fleet would your longer at U.S And looking XXX, CapEx, at replenishment? the

some give be to color, try could you that if awesome. would So,

we're for abnormal CapEx, you our Yes, big the operation, LTL CapEx big doing that see as okay. the U.S

to we a normally. why? LTL, with the Is buying, buy Freight So XXXX, to X,XXX, that we're say, And and we're plan, at in still TForce XXX even year normally and of XXX supposed in 'XX driving is year, XXX end in be XXXX U.S we're okay, get that in going between we if at we get the Right the LTL, the trucks. plan, trucks to let's 'XX. were X,XXX get going now our should we the our be hopefully okay, trying to get this

will small model, that for okay, to right you tells the After be we'll the this reduction. 'XX. the do to the So age now you 'XX, bring I your same 'XX 'XX thing 'XX division it there of that same that work and average think 'XX with some But to we're take in to and us normality may have should same effort that doing number. in 'XX, that

good again. very that's Okay, very color. you Thank Alain. much, Congrats

Thank you, Benoit.

ahead. Stifel. Chan Your Please next go from question comes from Bruce

cost getting bit the to the LTL tonnage a for can guidance especially what better all freight. to I think you Casey thank the Bruce on U.S looks know you find back This think on wanted of and for and you guys. on Alain, this rid trying just just is in for like. the And numbers a I thanks, Deak in Yes, it's morning. bit, freight the talk about the little forth But quickly and cadence operations, what there you bad drivers.

so our that the we've Well, Yes. at sure, bill if a look for fact Right. down seen what we're Yes. is bit. far count, you

year-over-year. look bit, okay, you at a also done our we're If okay, tonnage,

a our peers approach I through not with the bills that time, leadership, effort we results, QX, of think our I do looking sales getting team, the have 'XX, the think So of shipment, also that same we the sales our because okay, what customer, the just with but once that continue. all sales during right. that XX,XXX think rid do, our really get because results at growing. but our to team I day I in then we're terms you we us so problem growing the there, up of much that market, at demand the that is get clean-up see our mean, of got some are getting that going the don't good that will of we lane, start okay, that to it replenish, clean And all to peers, all into in okay, is

organically So, you won't growing 'XX. big see in us time

doesn't that see look that of in the sure more must. make first our at though, and more to In us growing in volume, we're improving, weight. improving we be and it's terms and the it's only still the of of of okay, still, kind at you'll this revenue, see replace network, making this something deliver are in fits of and us time, fits with it's our to 'XX, on got get cost as [indiscernible] I 'XX, sure same of terms X sense a And quality terms 'XX. In to and think guy, okay. not that focusing peers us organically the that, months, going doing, this something you'll any about the base. that okay But But a X be in

as average way our too So example, low is to still peers. an per compared shipment our weight

now. that understands team sales So,

low That the the with our getting doesn't UPS, And fits that, LTL, if at UPS getting it shipment. sense with we're our on makes weight sense. we getting. sense GFP, And focused makes friends fit or UPS, that and shipments have heavier The partner, for package, it a because GFP so are us, have number maybe them, partnership they we okay. we we're or that growing have us, solution So, reducing okay, for make of us.

I looking Thank good that's up helpful. then seeing up win? freight And customer hampering that are of you that's the when guys of good there contract? equipment? on Is your on there equipment you old a the breakdowns Are you're or kind anything ability on pushback like your to picking picking you. kind No, thing at customers, the maintenance, last is for Sure. have

This For day when helping with sure. we we have The go helping to that fact is old our helping ASAP. improve why say It's drivers. customers. our us. there, It's that us an in is not with we run we us one, not not fleet

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Well, right. the all Thanks thank for clarity. All you.

Pleasure.

with come TD last Tim And your ahead. today Please from question go for Securities. James

a Congratulations Good morning, great you. on Alain. quarter. Thank

Good morning.

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Okay.

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great. very Alain. That's you much, Thank Okay.

Great.

at this questions time. no further there And are

All right.

in morning. you operator and thanks very this much thank my So, listening everyone for to

keeping interest have appreciate we always, As progress questions. to the your year. safe TFI feel free a you forward International day. on in with any and remaining posted out throughout look great and Stay to Please our reach

you thank [indiscernible] again. think Bye. I