-
Total revenues of
$137.5 million for the quarter, an increase of 8.0 percent from the prior year quarter, and$529.0 million for the full year, an increase of 8.6 percent from the prior year; -
Lease rental income of
$122.5 million for the quarter, an increase of 14.7 percent from the prior year quarter, and$468.7 million for the full year, an increase of 22.1 percent from the prior year; -
Adjusted net income(1) of
$43.4 million for the quarter and$175.0 million for the full year; -
Adjusted EBITDA(1) of
$108.6 million for the quarter and$429.7 million for the full year; -
Declared a quarterly dividend of
$0.47 per share; - Increased total fleet size by 9.6 percent and the percentage of the total fleet that is owned by 4.0 percent over last year; and
-
Achieved a total fleet size of over 3 million TEU, a milestone for
Textainer and the industry.
“The fourth quarter marked the close of a solid year for
“We invested
Business Highlights:
-
Continued our strong pace of expansion with
$950 million of capex, including$752 million invested in new and used containers in 2013 following$198 million invested in new containers in the fourth quarter of 2012 for lease out in 2013; -
Invested
$165 million in new and used containers already in 2014; -
Entered into a new contract with the
US Department of Defense for the program management, leasing, transportation and repair of intermodal equipment; and -
Acquired 30,000 TEU of standard dry freight containers from our
managed fleet in
January 2014 for$35 million , increasing the owned percentage of the total fleet to approximately 77 percent, the highest percentage in Company history.
Key Financial Information (in thousands except for per share and TEU amounts): |
|||||||||||||||||||||||
Q4 QTD | Full-year | ||||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | ||||||||||||||||||
Total revenues | $ | 137,479 | $ | 127,284 | 8.0 | % | $ | 528,973 | $ | 487,094 | 8.6 | % | |||||||||||
Income from operations | $ | 68,607 | $ | 71,357 | -3.9 | % | $ | 281,055 | $ | 278,447 | 0.9 | % | |||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders | $ | 45,545 | $ | 60,573 | -24.8 | % | $ | 182,809 | $ | 206,950 | -11.7 | % | |||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share | $ | 0.80 | $ | 1.07 | -25.2 | % | $ | 3.21 | $ | 3.96 | -18.9 | % | |||||||||||
Adjusted net income(1) | $ | 43,381 | $ | 58,219 | -25.5 | % | $ | 175,029 | $ | 201,199 | -13.0 | % | |||||||||||
Adjusted net income per diluted common share(1) | $ | 0.76 | $ | 1.03 | -26.2 | % | $ | 3.08 | $ | 3.85 | -20.0 | % | |||||||||||
Adjusted EBITDA(1) | $ | 108,566 | $ | 114,908 | -5.5 | % | $ | 429,749 | $ | 395,330 | 8.7 | % | |||||||||||
Average fleet utilization | 93.9 | % | 96.7 | % | -2.9 | % | 94.5 | % | 97.2 | % | -2.8 | % | |||||||||||
Total fleet size at end of period (TEU) | 3,040,454 | 2,775,034 | 9.6 | % | |||||||||||||||||||
Owned percentage of total fleet at end of period | 75.6 | % | 72.7 | % | 4.0 | % |
“Adjusted net income” and “adjusted EBITDA” are Non-GAAP Measures that
are reconciled to GAAP measures in footnote 1. “Adjusted net income” is
defined as net income attributable to
Fourth-Quarter and Full-Year Results:
Textainer’s fourth-quarter and full-year financial results benefited
from higher revenue due to an increase in the average size of the owned
container fleet. The Company’s higher revenue for the fourth quarter and
full year was offset by an increase in depreciation expense due to the
larger owned fleet, higher direct container expense due to lower
utilization and an increase in interest expense due to an increase in
debt required to fund the expansion of our owned fleet which was
partially offset by a decrease in our effective interest rate. The prior
year fourth-quarter and full-year financial results included a one-time
Outlook
“We saw a pick-up in utilization and an improvement in lease terms prior
to the
“We believe we are well positioned for 2014 with a conservative 2.3 times leverage ratio and access to additional financing, if needed, to provide us operational flexibility. With 84 percent of our fleet subject to long-term and finance leases and less than 4 percent of our total fleet subject to long-term leases that will expire this year, we predict utilization will remain at or near the current level. We also expect to continue to see attractive purchase leaseback opportunities. Overall, we believe our performance in 2014 will be similar to that of last year.”
Dividend
On
“Our dividend represents 62 percent of this quarter’s adjusted net income per diluted common share(1),” stated Mr. Brewer. “Although above our historical run rate, our current dividend level reflects our comfort with the stability of our business and in our strong cash flow, enabling us to invest for growth and provide an attractive return to shareholders.”
Investors’ Webcast
About
Important Cautionary Information Regarding Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of U.S. securities laws. Forward-looking statements include
statements that are not statements of historical facts and include,
without limitation, statements regarding: (i) Textainer’s expectation
that yields on new container lease-outs will remain under pressure in
2014; (ii) Textainer’s belief that it is well positioned for 2014; (iii)
Textainer’s belief that its conservative 2.3 times leverage ratio and
access to additional financing if needed provides it operational
flexibility; (iv) Textainer’s prediction that utilization will remain at
or near its current level; (iv) Textainer’s expectation that it will
continue to see attractive purchase leaseback opportunities; and (v)
Textainer’s belief that its performance in 2014 will be similar to that
of last year. Readers are cautioned that these forward-looking
statements involve risks and uncertainties, are only predictions and may
differ materially from actual future events or results. These risks and
uncertainties include, without limitation, the following items that
could materially and negatively impact our business, results of
operations, cash flows, financial condition and future prospects: any
deceleration or reversal of the current domestic and global economic
recoveries; lease rates may decrease and lessees may default, which
could decrease revenue and increasing storage, repositioning, collection
and recovery expenses; we own a large and growing number of containers
in our fleet and are subject to significant ownership risk; further
consolidation of container manufacturers or the disruption of
manufacturing for the major manufacturers could result in higher new
container prices and/or decreased supply of new containers and any
increase in the cost or reduction in the supply of new containers; the
demand for leased containers depends on many political and economic
factors beyond
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||
Three Months and Years Ended December 31, 2013 and 2012 | ||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2013 |
2012 |
|||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Lease rental income | $ | 122,501 | $ | 106,816 | $ | 468,732 | $ | 383,989 | ||||||||||||||||||
Management fees | 4,729 | 5,880 | 19,921 | 26,169 | ||||||||||||||||||||||
Trading container sales proceeds | 4,548 | 6,760 | 12,980 | 42,099 | ||||||||||||||||||||||
Gains on sale of containers, net | 5,701 | 7,828 | 27,340 | 34,837 | ||||||||||||||||||||||
Total revenues | 137,479 | 127,284 | 528,973 | 487,094 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Direct container expense | 13,125 | 7,584 | 43,062 | 25,173 | ||||||||||||||||||||||
Cost of trading containers sold | 4,421 | 5,767 | 11,910 | 36,810 | ||||||||||||||||||||||
Depreciation expense and container impairment | 40,006 | 33,522 | 148,974 | 104,844 | ||||||||||||||||||||||
Amortization expense | 954 | 1,140 | 4,226 | 5,020 | ||||||||||||||||||||||
General and administrative expense | 6,777 | 5,974 | 24,922 | 23,015 | ||||||||||||||||||||||
Short-term incentive compensation expense | 660 | 1,837 | 1,779 | 5,310 | ||||||||||||||||||||||
Long-term incentive compensation expense | 1,583 | 1,721 | 4,961 | 6,950 | ||||||||||||||||||||||
Bad debt expense (recovery), net | 1,346 | (1,618 | ) | 8,084 | 1,525 | |||||||||||||||||||||
Total operating expenses | 68,872 | 55,927 | 247,918 | 208,647 | ||||||||||||||||||||||
Income from operations | 68,607 | 71,357 | 281,055 | 278,447 | ||||||||||||||||||||||
Other income (expense): | ||||||||||||||||||||||||||
Interest expense | (22,560 | ) | (20,195 | ) | (85,174 | ) | (72,886 | ) | ||||||||||||||||||
Interest income | 22 | 43 | 122 | 146 | ||||||||||||||||||||||
Realized losses on interest rate swaps and caps, net | (1,967 | ) | (2,541 | ) | (8,409 | ) | (10,163 | ) | ||||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | 2,376 | 2,343 | 8,656 | 5,527 | ||||||||||||||||||||||
Bargain purchase gain | - | 9,441 | - | 9,441 | ||||||||||||||||||||||
Other, net | (12 | ) | 43 | (45 | ) | 44 | ||||||||||||||||||||
Net other expense | (22,141 | ) | (10,866 | ) | (84,850 | ) | (67,891 | ) | ||||||||||||||||||
Income before income tax and noncontrolling interest | 46,466 | 60,491 | 196,205 | 210,556 | ||||||||||||||||||||||
Income tax benefit (expense) | 938 | (372 | ) | (6,831 | ) | (5,493 | ) | |||||||||||||||||||
Net income | 47,404 | 60,119 | 189,374 | 205,063 | ||||||||||||||||||||||
Less: Net (income) loss attributable to the noncontrolling interest | (1,859 | ) | 454 | (6,565 | ) | 1,887 | ||||||||||||||||||||
Net income attributable to Textainer Group Holdings |
$ | 45,545 | $ | 60,573 | $ | 182,809 | $ | 206,950 | ||||||||||||||||||
Net income attributable to Textainer Group Holdings Limited
common shareholders per share: |
||||||||||||||||||||||||||
Basic | $ | 0.81 | $ | 1.09 | $ | 3.25 | $ | 4.04 | ||||||||||||||||||
Diluted | $ | 0.80 | $ | 1.07 | $ | 3.21 | $ | 3.96 | ||||||||||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||||||
Basic | 56,400 | 55,753 | 56,317 | 51,277 | ||||||||||||||||||||||
Diluted | 56,980 | 56,585 | 56,862 | 52,231 | ||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||
Foreign currency translation adjustments | 91 | 69 | (45 | ) | 142 | |||||||||||||||||||||
Comprehensive income | 47,495 | 60,188 | 189,329 | 205,205 | ||||||||||||||||||||||
Comprehensive (income) loss attributable to the
noncontrolling interest |
(1,859 | ) | 454 | (6,565 | ) | 1,887 | ||||||||||||||||||||
Comprehensive income attributable to Textainer Group Holdings | ||||||||||||||||||||||||||
Limited common shareholders | $ | 45,636 | $ | 60,642 | $ | 182,764 | $ | 207,092 | ||||||||||||||||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||
Condensed Consolidated Balance Sheets | ||||||
December 31, 2013 and 2012 | ||||||
(Unaudited) | ||||||
(All currency expressed in United States dollars in thousands) | ||||||
2013 | 2012 | |||||
Assets | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ | 120,223 | $ | 100,127 | ||
Accounts receivable, net of allowance for doubtful accounts of $14,891 and $8,025 in 2013 and 2012, respectively |
91,967 | 94,102 | ||||
Net investment in direct financing and sales-type leases | 64,811 | 43,253 | ||||
Trading containers | 13,009 | 7,296 | ||||
Containers held for sale | 31,968 | 15,717 | ||||
Prepaid expenses | 19,063 | 14,006 | ||||
Deferred taxes | 1,491 | 2,332 | ||||
Due from affiliates, net | - | 4,377 | ||||
Total current assets | 342,532 | 281,210 | ||||
Restricted cash | 63,160 | 54,945 | ||||
Containers, net of accumulated depreciation of $562,456 and $490,930
at 2013 and
2012, respectively |
3,233,131 | 2,916,673 | ||||
Net investment in direct financing and sales-type leases | 217,310 | 173,634 | ||||
Fixed assets, net of accumulated depreciation of $8,286 and $9,189
at 2013 and
2012, respectively |
1,635 | 1,621 | ||||
Intangible assets, net of accumulated amortization of $31,188 and
$26,963 at 2013 and
2012, respectively |
29,157 | 33,383 | ||||
Interest rate swaps and caps | 1,831 | - | ||||
Other assets | 20,227 | 14,614 | ||||
Total assets | $ | 3,908,983 | $ | 3,476,080 | ||
Liabilities and Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 8,086 | $ | 4,451 | ||
Accrued expenses | 9,838 | 14,329 | ||||
Container contracts payable | 22,819 | 87,708 | ||||
Deferred revenue and other liabilities | 345 | 1,681 | ||||
Due to owners, net | 12,775 | 13,218 | ||||
Bonds payable | 161,307 | 131,500 | ||||
Total current liabilities | 215,170 | 252,887 | ||||
Revolving credit facilities | 860,476 | 549,911 | ||||
Secured debt facilities | 808,600 | 874,000 | ||||
Bonds payable | 836,901 | 706,291 | ||||
Interest rate swaps and caps | 3,994 | 10,819 | ||||
Income tax payable | 16,050 | 27,580 | ||||
Deferred taxes | 19,166 | 5,249 | ||||
Other liabilities | 3,132 | 3,210 | ||||
Total liabilities | 2,763,489 | 2,429,947 | ||||
Equity: | ||||||
Textainer Group Holdings Limited shareholders' equity: | ||||||
Common shares, $0.01 par value. Authorized 140,000,000 shares;
issued and
outstanding 56,450,580 and 55,754,529 at 2013 and 2012, respectively |
564 | 558 | ||||
Additional paid-in capital | 366,197 | 354,448 | ||||
Accumulated other comprehensive income | 69 | 114 | ||||
Retained earnings | 730,993 | 652,383 | ||||
Total Textainer Group Holdings Limited shareholders’ equity | 1,097,823 | 1,007,503 | ||||
Noncontrolling interest | 47,671 | 38,630 | ||||
Total equity | 1,145,494 | 1,046,133 | ||||
Total liabilities and equity | $ | 3,908,983 | $ | 3,476,080 | ||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Years Ended December 31, 2013 and 2012 | ||||||||
(Unaudited) | ||||||||
(All currency expressed in United States dollars in thousands) | ||||||||
2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 189,374 | $ | 205,063 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation expense and container impairment | 148,974 | 104,844 | ||||||
Bad debt expense, net | 8,084 | 1,525 | ||||||
Unrealized gains on interest rate swaps and caps, net | (8,656 | ) | (5,527 | ) | ||||
Amortization of debt issuance costs and accretion of bond discount | 11,587 | 11,700 | ||||||
Amortization of intangible assets | 4,226 | 5,020 | ||||||
Amortization of acquired net below-market leases | - | (33 | ) | |||||
Amortization of deferred revenue | (1,001 | ) | (6,026 | ) | ||||
Amortization of unearned income on direct financing and sales-type leases | (21,618 | ) | (11,828 | ) | ||||
Gains on sale of containers, net | (27,340 | ) | (34,837 | ) | ||||
Bargain purchase gain | - | (9,441 | ) | |||||
Share-based compensation expense | 5,694 | 7,968 | ||||||
Changes in operating assets and liabilities | (14,313 | ) | (1,901 | ) | ||||
Total adjustments | 105,637 | 61,464 | ||||||
Net cash provided by operating activities | 295,011 | 266,527 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of containers and fixed assets | (765,418 | ) | (1,087,489 | ) | ||||
Payment for TAP Funding Ltd. | - | (20,532 | ) | |||||
Proceeds from sale of containers and fixed assets | 123,738 | 91,324 | ||||||
Receipt of principal payments on direct financing and sales-type leases | 78,818 | 42,410 | ||||||
Net cash used in investing activities | (562,862 | ) | (974,287 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from revolving credit facilities | 447,138 | 435,720 | ||||||
Principal payments on revolving credit facilities | (136,573 | ) | (127,327 | ) | ||||
Proceeds from secured debt facilities | 249,600 | 907,000 | ||||||
Principal payments on secured debt facilities | (315,000 | ) | (853,697 | ) | ||||
Proceeds from bonds payable | 299,359 | 400,000 | ||||||
Principal payments on bonds payable | (139,022 | ) | (118,168 | ) | ||||
Increase in restricted cash | (8,215 | ) | (7,173 | ) | ||||
Debt issuance costs | (13,633 | ) | (24,048 | ) | ||||
Issuance of common shares in public offering, net of offering costs | - | 184,839 | ||||||
Issuance of common shares upon exercise of share options | 3,617 | 4,669 | ||||||
Excess tax benefit from share-based compensation awards | 2,444 | 2,580 | ||||||
Capital contributions from noncontrolling interest | 2,476 | 12,007 | ||||||
Dividends paid | (104,199 | ) | (83,473 | ) | ||||
Net cash provided by financing activities | 287,992 | 732,929 | ||||||
Effect of exchange rate changes | (45 | ) | 142 | |||||
Net increase in cash and cash equivalents | 20,096 | 25,311 | ||||||
Cash and cash equivalents, beginning of the year | 100,127 | 74,816 | ||||||
Cash and cash equivalents, end of year | $ | 120,223 | $ | 100,127 | ||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
Reconciliation of GAAP financial measures to non-GAAP financial measures |
Three Months and Years Ended December 31, 2013 and 2012 |
(Unaudited) |
(All currency expressed in United States dollars in thousands, except per share amounts) |
(1) The following is a reconciliation of certain GAAP measures to
non-GAAP financial measures (such items listed in (a) to (d) below and
defined as “Non-GAAP Measures”) for the three months and years ended
(a) net income attributable to
(b) net cash provided by operating activities to Adjusted EBITDA;
(c) net income attributable to Textainer Group Holdings Limited common
shareholders to adjusted net income (defined as net income attributable
to
(d) net income attributable to
Non-GAAP Measures are not financial measures calculated in accordance
with U.S. generally accepted accounting principles ("GAAP") and should
not be considered as an alternative to net income, income from
operations or any other performance measures derived in accordance with
GAAP or as an alternative to cash flows from operating activities as a
measure of our liquidity. Non-GAAP Measures are presented solely as
supplemental disclosures. Management believes that adjusted EBITDA may
be a useful performance measure that is widely used within our industry
and adjusted net income may be a useful performance measure because
Management also believes that adjusted net income and adjusted net income per diluted common share are useful in evaluating our operating performance because unrealized (gains) losses on interest rate swaps and caps, net is a noncash, non-operating item. We believe Non-GAAP Measures provide useful information on our earnings from ongoing operations. We believe that adjusted EBITDA provides useful information on our ability to service our long-term debt and other fixed obligations and on our ability to fund our expected growth with internally generated funds. Non-GAAP Measures have limitations as analytical tools, and you should not consider either of them in isolation, or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Some of these limitations are:
- They do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
- They do not reflect changes in, or cash requirements for, our working capital needs;
- Adjusted EBITDA does not reflect interest expense or cash requirements necessary to service interest or principal payments on our debt;
- Although depreciation expense and impairment of containers is a noncash charge, the assets being depreciated may be replaced in the future, and neither adjusted EBITDA, adjusted net income or adjusted net income per diluted common share reflects any cash requirements for such replacements;
- They are not adjusted for all noncash income or expense items that are reflected in our statements of cash flows; and
- Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Reconciliation of adjusted net income: | ||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common
shareholders |
$ | 45,545 | $ | 60,573 | $ | 182,809 | $ | 206,950 | ||||||||
Adjustments: | ||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | (2,376 | ) | (2,343 | ) | (8,656 | ) | (5,527 | ) | ||||||||
Impact of reconciling item on net income (loss) attributable to
the noncontrolling interest |
212 | (11 | ) | 876 | (224 | ) | ||||||||||
Adjusted net income | $ | 43,381 | $ | 58,219 | $ | 175,029 | $ | 201,199 | ||||||||
Reconciliation of adjusted net income per diluted common share: | ||||||||||||||||
Net income attributable to Textainer Group Holdings |
||||||||||||||||
Limited common shareholders per diluted common share |
$ | 0.80 | $ | 1.07 | $ | 3.21 | $ | 3.96 | ||||||||
Adjustments: | ||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | (0.04 | ) | (0.04 | ) | (0.15 | ) | (0.11 | ) | ||||||||
Impact of reconciling item on net income (loss) attributable to
the noncontrolling interest |
- | - | 0.02 | - | ||||||||||||
Adjusted net income per diluted common share | $ | 0.76 | $ | 1.03 | $ | 3.08 | $ | 3.85 | ||||||||
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Reconciliation of adjusted EBITDA: | ||||||||||||||||
Net income attributable to Textainer Group Holdings |
||||||||||||||||
Limited common shareholders |
$ | 45,545 | $ | 60,573 | $ | 182,809 | $ | 206,950 | ||||||||
Adjustments: | ||||||||||||||||
Interest income | (22 | ) | (43 | ) | (122 | ) | (146 | ) | ||||||||
Interest expense | 22,560 | 20,195 | 85,174 | 72,886 | ||||||||||||
Realized losses on interest rate swaps and caps, net | 1,967 | 2,541 | 8,409 | 10,163 | ||||||||||||
Unrealized gains on interest rate swaps and caps, net | (2,376 | ) | (2,343 | ) | (8,656 | ) | (5,527 | ) | ||||||||
Income tax (benefit) expense | (938 | ) | 372 | 6,831 | 5,493 | |||||||||||
Net income (loss) attributable to the noncontrolling interest | 1,859 | (454 | ) | 6,565 | (1,887 | ) | ||||||||||
Depreciation expense and container impairment | 40,006 | 33,522 | 148,974 | 104,844 | ||||||||||||
Amortization expense | 954 | 1,140 | 4,226 | 5,020 | ||||||||||||
Impact of reconciling items on net income (loss)
attributable to the noncontrolling interest |
(989 | ) | (595 | ) | (4,461 | ) | (2,466 | ) | ||||||||
Adjusted EBITDA | $ | 108,566 | $ | 114,908 | $ | 429,749 | $ | 395,330 | ||||||||
Net cash provided by operating activities | $ | 295,011 | $ | 266,527 | ||||||||||||
Adjustments: | ||||||||||||||||
Bad debt expense, net | (8,084 | ) | (1,525 | ) | ||||||||||||
Amortization of debt issuance costs | (11,587 | ) | (11,700 | ) | ||||||||||||
Amortization of acquired net below market leases | - | 33 | ||||||||||||||
Amortization of deferred revenue | 1,001 | 6,026 | ||||||||||||||
Amortization of unearned income on direct financing and
sales-type leases |
21,618 | 11,828 | ||||||||||||||
Gains on sale of containers, net | 27,340 | 34,837 | ||||||||||||||
Bargain purchase gain | - | 9,441 | ||||||||||||||
Share-based compensation expense | (5,694 | ) | (7,968 | ) | ||||||||||||
Interest income | (122 | ) | (146 | ) | ||||||||||||
Interest expense | 85,174 | 72,886 | ||||||||||||||
Realized losses on interest rate swaps and caps, net | 8,409 | 10,163 | ||||||||||||||
Income tax expense | 6,831 | 5,493 | ||||||||||||||
Changes in operating assets and liabilities | 14,313 | 1,901 | ||||||||||||||
Impact of reconciling items on net income (loss)
attributable to the noncontrolling interest |
(4,461 | ) | (2,466 | ) | ||||||||||||
Adjusted EBITDA | $ | 429,749 | $ | 395,330 | ||||||||||||
Source:
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1
415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com