[SCHEDULE 13G] TFI International Inc. SEC Filing

Rhea-AI Filing Summary

CAKE Q2 FY25 (13 wks ended 1 Jul 25) highlights:

• Revenue rose 5.7% YoY to $955.8 m (Q2 24: $904.0 m) led by Cheesecake Factory core stores ($683.3 m) and expansion at North Italia/other FRC brands.
• Operating income up 10.5% to $64.8 m; operating margin expanded 30 bp to 6.8% despite higher labor (+5.1%) and G&A.
• Net income increased 4.5% to $54.8 m; diluted EPS $1.14 vs $1.08.
• 26-week YTD revenue $1.88 bn (+4.9%), net income $87.8 m (+2.5%).
• Cash balance jumped to $148.8 m (12/24: $84.2 m) after issuing $575 m 2.0% 2030 convertible notes; used $289.8 m to retire 2026 notes and repurchased 2.4 m shares.
• Total debt at quarter-end: $628.2 m (12/24: $452.1 m); net leverage still within Revolver covenants (Net Adjusted Leverage 4.25x cap).
• Treasury stock at cost increased to $1.97 bn; shares outstanding fell to 49.8 m.
• Quarterly dividend maintained at $0.27; $13.3 m cash outflow.

Management notes supply-chain and wage pressures moderating toward historic norms while highlighting potential IRS audit adjustments and macro risks. No guidance provided.

Positive

• Revenue +5.7% YoY with growth across all concepts.
• EPS diluted $1.14 vs $1.08; share count reduced 3%.
• Cash balance +77% QoQ after 2030 note issuance, providing liquidity.
• Operating margin improved 30 bp despite cost inflation moderation.
• Company remains in full compliance with revolver covenants.

Negative

• Total debt rose 39% to $628 m following convert issuance.
• Book equity fell 9.6% QoQ due to aggressive buybacks.
• Loss on extinguishment of 2026 notes $15.9 m hit YTD earnings.
• Pending IRS audit could create additional tax liability.
• High lease liabilities $1.32 bn continue to pressure fixed-charge coverage.

Insights

Equity Research Analyst

TL;DR: Solid same-store momentum; leverage rises but serviceable; overall neutral-positive.

Revenue growth outpaced inflation, and margin held, signalling resilient traffic/pricing. EPS beat prior year by 6%, aided by buybacks. Cash infusion from 2030 convert lifts liquidity but pushes gross debt >$600 m; importantly, covenant headroom and 2.0% coupon limit near-term interest drag. Share retirements (-3% basic shares) are accretive. Absence of guidance and IRS dispute keep outlook guarded. Net effect: modestly positive for equity holders.

Credit & Risk Analyst

TL;DR: New 2030 converts extend maturity profile; leverage acceptable; monitor IRS exposure.

The swap from 2026 to 2030 paper lengthens runway and locks low fixed cost, reducing refinancing risk. Net debt/EBITDAR remains below 4.25× covenant, and $366 m revolver availability adds flexibility. Lease liabilities (> $1.3 bn) and large treasury stock outlay temper equity cushion (book equity only $401 m). IRS proposed adjustments, though currently immaterial, could elevate cash tax outflows. Overall credit impact neutral.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

TFI International Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

87241L109

(CUSIP Number)

07/28/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 87241L109

1

Names of Reporting Persons

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

QUEBEC, CANADA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 4,591,018.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 4,591,018.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,591,018.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.5 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

Item 1.
(a)	Name of issuer: TFI International Inc.
(b)	Address of issuer's principal executive offices: 8801 Trans-Canada Highway, Suite 500, Saint-Laurent, Quebec, Canada (Federal Level), H4S 1Z6
Item 2.
(a)	Name of person filing: Caisse de depot et placement du Quebec
(b)	Address or principal business office or, if none, residence: 1000, Place Jean-Paul-Riopelle, Montreal (QC) H2Z 2B3, Canada
(c)	Citizenship: Quebec, Canada
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 87241L109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 4,591,018
(b)	Percent of class: 5.5%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 4,591,018
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 4,591,018
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

CAISSE DE DEPOT ET PLACEMENT DU QUEBEC

Signature:	/s/ Soulef Hadjoudj
Name/Title:	Soulef Hadjoudj Senior Director Legal Affairs, Compliance and Secretariat Caisse de depot et placement du Quebec
Date:	08/04/2025

FAQ

How much revenue did Cheesecake Factory (CAKE) generate in Q2 2025?

CAKE reported $955.8 million in revenue for the 13-week period ended July 1 2025, up 5.7% year-over-year.

What was CAKE's Q2 2025 diluted EPS?

Diluted earnings per share were $1.14, compared with $1.08 in the prior-year quarter.

How has CAKE’s debt profile changed?

The company issued $575 m 2.0% convertible notes due 2030 and repurchased $276 m of 2026 notes, lifting total debt to $628 m.

What is the current dividend for CAKE shareholders?

A quarterly cash dividend of $0.27 per share was paid on May 27 2025 and maintained for Q3-25.

Did Cheesecake Factory repurchase shares during the quarter?

Yes. The company bought back 2.6 million shares YTD 2025 for $141.5 m, including 2.4 m shares tied to the 2030 note issuance.

Is CAKE in compliance with its credit facility covenants?

Yes. As of July 1 2025 the Net Adjusted Leverage Ratio and EBITDAR coverage were within the Revolver’s requirements.