TFI International Inc.

- No mention of plans for new fundraising through debt or equity in the current call. - Focus is on reducing debt and leverage using free cash flow. - The company has deployed $2.5 billion in investments over recent years, including M&A and buybacks. - They plan to use cash flow to deleverage rather than raising new funds. - Dividend growth may continue modestly but with a primary focus on debt reduction. - Interest rates remain high and are not expected to come down soon, influencing the leverage strategy. - No major M&A activity anticipated in 2026 except small tuck-ins; waiting on better market conditions. - The company remains cautious about large capital expenditures, having corrected elevated '24 and '25 CapEx.

- Significant CapEx was committed in 2024 due to the acquisition of Daseke and their strong preference for trucks, resulting in elevated CapEx levels. - The company corrected elevated CapEx levels planned for 2025 to better align with market conditions. - Ongoing strategy aims to improve revenue per truck and revenue per mile, while growing the asset-light (non-truck) operation. - CapEx plans are being adjusted to maintain truck numbers based on demand valleys (troughs) rather than peaks, to avoid overcapacity. - The company prefers a balanced revenue mix of about 65% asset-based and 30-35% non-asset-based revenue. - About $2.5 billion invested over 2023-2025, including $1.8 billion M&A and $620 million in buybacks. - Full-year net CapEx for 2026 expected to be $225 million to $250 million, excluding real estate, unchanged from prior expectations.

- Expect organic growth in LTL (less-than-truckload) segment in Q2 2026 compared to Q2 2025, including both U.S. and Canada markets. - Truckload segment showing improvement with higher revenue per truck per week and fewer trucks, indicating efficiency gains. - Logistics segment poised for growth, supported by new contracts (e.g., Volvo starting late 2026) and involvement in data center construction projects. - Asset-light operations growing 7% in Q1, aiming for a better mix of asset and non-asset revenue to increase flexibility and profitability. - Focus on transborder freight between U.S. and Canada prioritized for higher profitability. - Continued improvements in service levels expected to drive better pricing and volume growth. - LTL shipment volumes improving from down 10% in January to +8% in March, with April trending similarly. - Overall, cautious optimism for revenue and volume growth driven by market tightening and strategic initiatives.

- Q2 2026 adjusted diluted EPS is expected in the range of $1.50 to $1.60, representing improvement from Q1. - LTL segment is showing signs of organic growth, potentially a few percentage points year-over-year in Q2. - Operating ratio (OR) improvements are anticipated sequentially from Q1 to Q2: LTL (600-700 bps improvement), Truckload (200-300 bps), Logistics (75-125 bps). - Truckload revenue per truck per week (ex fuel) increased 8.6% with a 7.1% truck count reduction, indicating efficiency gains. - Logistics revenue and operating income showed year-over-year and sequential improvements and expected to continue growing. - Industrial freight focus and increased demand due to U.S. industrial base growth are positive drivers. - Fuel prices expected to normalize, reducing surcharges and costs, supporting margin improvements. - Management cautious on full-year guidance due to external uncertainties; Q2 indicators suggest a turnaround and stronger future quarters.

The document does not explicitly provide specific details on the current or expected orderbook or pending orders. However, relevant insights related to demand and business outlook include: - Truckload sector: Demand is improving, especially in industrial freight; customers seeking partnerships as market tightens. - LTL segment: Showing slow organic growth with expectations of flat or slightly positive shipment growth in Q2 2026. - Logistics segment: Close to $400 million in revenue, expecting continued improvement and growth, supported by IT solutions aiming for cost reduction by 2027. - M&A activity: Some tuck-in acquisitions are being discussed but on hold as sellers expect better future profitability. - Pricing and volume trends: Improved contract renewals and pricing in truckload and LTL segments, with increased shipment volumes in March and April 2026. No concrete order backlog or pending orders volume is disclosed explicitly.