Financial and Business Summaries
-
Lease rental income of
$105.9 million for the quarter, a decrease of$19.1 million (or 15.3 percent) from the prior year quarter;$7.2 million of this reduction was due to lost rental income fromHanjin Shipping Co. (“Hanjin”). Lease rental income, adjusted forHanjin decreased 9.5 percent from the prior year quarter; -
Net loss attributable to
Textainer Group Holdings Limited common shareholders of$0.3 million for the quarter, or$0.01 per diluted common share, a decrease of$45.6 million (or 99.2 percent) from the prior quarter; -
Adjusted net loss (1) of
$13.6 million for the quarter, or$0.24 per diluted common share, a decrease of$38.7 million (or 74.0 percent) from the prior quarter; -
Net loss and adjusted net loss (1) attributable to
Textainer Group Holdings Limited common shareholders of$50.7 million , or$0.89 per diluted common share and$56.1 million , or$0.99 per diluted common share, respectively, for the full year; -
Recorded container impairments to write down our inventory of
containers that are pending disposal to their fair value of
$12.9 million (or$0.23 per diluted common share) for the quarter and$66.5 (or$1.17 per diluted common share) for the full year; -
Financial impact for the full year as a result of the
Hanjin bankruptcy was$53.3 million (or$0.94 per diluted common share), including a$12.1 million reduction of revenue for the full year; - Utilization averaged 94.3 percent for the quarter and is currently at 94.5 percent; and
-
Invested
$480 million to purchase more than 286,000 TEU of new and used containers for the year.
“Our fourth quarter results improved significantly compared to the prior
quarter, primarily due to improved market conditions and the prior
quarter’s results being significantly impacted by
“We are pleased with our progress recovering containers from
“Our results were negatively affected by ongoing container impairments
of
“New container prices today are about
Key Financial Information (in thousands except for per share and TEU amounts):
Q4 QTD | Full-year | |||||||||||||||||||||||||
2016 | 2015 (a) | % Change | 2016 | 2015 (a) | % Change | |||||||||||||||||||||
Total revenues | $ | 120,075 | $ | 129,691 | -7.4 | % | $ | 498,189 | $ | 544,278 | -8.5 | % | ||||||||||||||
Income from operations | $ | 9,658 | $ | 38,041 | -74.6 | % | $ | 28,163 | $ | 211,819 | -86.7 | % | ||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders |
$ | (346 | ) | $ | 21,673 | -101.6 | % | $ | (50,662 | ) | $ | 108,408 | -146.7 | % | ||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders per diluted common share |
$ | (0.01 | ) | $ | 0.38 | -102.6 | % | $ | (0.89 | ) | $ | 1.90 | -146.8 | % | ||||||||||||
Adjusted net (loss) income (1) | $ | (13,609 | ) | $ | 12,941 | -205.2 | % | $ | (56,132 | ) | $ | 110,171 | -150.9 | % | ||||||||||||
Adjusted net (loss) income per diluted common share (1) | $ | (0.24 | ) | $ | 0.23 | -204.3 | % | $ | (0.99 | ) | $ | 1.93 | -151.3 | % | ||||||||||||
Adjusted EBITDA (1) | $ | 86,189 | $ | 104,476 | -17.5 | % | $ | 346,953 | $ | 432,129 | -19.7 | % | ||||||||||||||
Net cash provided by operating activities | $ | 286,089 | $ | 371,958 | -23.1 | % | ||||||||||||||||||||
Average fleet utilization | 94.3 | % | 95.7 | % | -1.5 | % | 94.7 | % | 96.8 | % | -2.2 | % | ||||||||||||||
Total fleet size at end of period (TEU) | 3,142,556 | 3,147,690 | -0.2 | % | ||||||||||||||||||||||
Owned percentage of total fleet at end of period | 81.0 | % | 80.1 | % | 1.1 | % |
(a) Certain amounts for the periods ended
“Adjusted net (loss) income” and “adjusted EBITDA” are Non-GAAP Measures
that are reconciled to GAAP measures in footnote 1. “Adjusted net (loss)
income” is defined as net (loss) income attributable to
Fourth-Quarter and Full-Year Results
Lease rental income decreased 15.3 percent for the quarter and 10.3
percent for the year, from the prior year comparable periods. The
decrease was due to a decrease in average rental rates, lower
utilization and lost revenue from the
In
Based on the extended period of lower realized container resale prices
and longer useful lives, we decreased the residual values and increased
the useful lives of several container types, effective
In addition to the above mentioned factors, Textainer’s 2016 results
included
Outlook
“As we look to the rest of 2017, we see a number of positive trends that should help us turn the corner from a difficult 2016. Total new dry freight container production last year of 1.8 million TEU was not significantly higher than the 1.5 million TEU which were disposed, meaning the world’s container fleet barely grew. New dry freight container inventories at factories are currently near a historical low of 300,000 TEU and our inventory of unbooked depot containers is below 100,000 TEU. Utilization remains high throughout the industry. These all bode well for a good supply-demand balance even if only modest trade growth materializes in 2017,” stated Mr. Brewer.
“Steel prices are 80 percent higher than they were one year ago which,
combined with the switch to waterborne paint, should help support new
container prices at their current level above
“However, we expect our 2017 results to continue to be negatively
affected by the costs of recovering
Investors’ Conference Call and 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 it will recover around 90 percent of its containers from
Textainer’s views, estimates, plans and outlook as described within this
document may change subsequent to the release of this press release.
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||
Three Months and Years ended December 31, 2016 and 2015 | ||||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||||
2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||
Lease rental income | $ | 105,870 | $ | 125,008 | $ | 459,588 | $ | 512,544 | ||||||||||||||||||||||||||
Management fees | 3,646 | 3,632 | 13,420 | 15,610 | ||||||||||||||||||||||||||||||
Trading container sales proceeds | 6,525 | 1,338 | 15,628 | 12,670 | ||||||||||||||||||||||||||||||
Gains on sale of containers, net | 4,034 | (287 | ) | 9,553 | 3,454 | |||||||||||||||||||||||||||||
Total revenues | 120,075 | 129,691 | 498,189 | 544,278 | ||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||
Direct container expense | 17,727 | 14,856 | 62,596 | 47,342 | ||||||||||||||||||||||||||||||
Cost of trading containers sold | 4,999 | 1,268 | 15,904 | 12,475 | ||||||||||||||||||||||||||||||
Depreciation expense | 63,530 | 51,726 | 236,144 | 191,930 | ||||||||||||||||||||||||||||||
Container impairment | 14,125 | 15,211 | 94,623 | 35,345 | ||||||||||||||||||||||||||||||
Amortization expense | 937 | 1,239 | 5,053 | 4,741 | ||||||||||||||||||||||||||||||
General and administrative expense | 6,399 | 6,016 | 26,311 | 27,645 | ||||||||||||||||||||||||||||||
Short-term incentive compensation expense | 1,174 | (732 | ) | 2,242 | 913 | |||||||||||||||||||||||||||||
Long-term incentive compensation expense | 1,423 | 2,199 | 5,987 | 7,040 | ||||||||||||||||||||||||||||||
Bad debt expense, net | 103 | (133 | ) | 21,166 | 5,028 | |||||||||||||||||||||||||||||
Total operating expenses | 110,417 | 91,650 | 470,026 | 332,459 | ||||||||||||||||||||||||||||||
Income from operations | 9,658 | 38,041 | 28,163 | 211,819 | ||||||||||||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||||||||||
Interest expense | (23,972 | ) | (18,882 | ) | (85,215 | ) | (76,521 | ) | ||||||||||||||||||||||||||
Interest income | 126 | 35 | 408 | 125 | ||||||||||||||||||||||||||||||
Realized losses on interest rate swaps, collars and caps, net |
(1,929 | ) | (3,241 | ) | (8,928 | ) | (12,823 | ) | ||||||||||||||||||||||||||
Unrealized gains (losses) on interest rate swaps, collars and caps, net |
15,252 | 10,106 | 6,210 | (1,947 | ) | |||||||||||||||||||||||||||||
Other, net | 1 | 1 | (8 | ) | 26 | |||||||||||||||||||||||||||||
Net other expense | (10,522 | ) | (11,981 | ) | (87,533 | ) | (91,140 | ) | ||||||||||||||||||||||||||
(Loss) income before income tax and noncontrolling interests |
(864 | ) | 26,060 | (59,370 | ) | 120,679 | ||||||||||||||||||||||||||||
Income tax benefit (expense) | 1,094 | (2,435 | ) | 3,447 | (6,695 | ) | ||||||||||||||||||||||||||||
Net (loss) income | 230 | 23,625 | (55,923 | ) | 113,984 | |||||||||||||||||||||||||||||
Less: Net (income) loss attributable to the noncontrolling interests |
(576 | ) | (1,952 | ) | 5,261 | (5,576 | ) | |||||||||||||||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders |
$ | (346 | ) | $ | 21,673 | $ | (50,662 | ) | $ | 108,408 | ||||||||||||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders per share: |
||||||||||||||||||||||||||||||||||
Basic | $ | (0.01 | ) | $ | 0.38 | $ | (0.89 | ) | $ | 1.90 | ||||||||||||||||||||||||
Diluted | $ | (0.01 | ) | $ | 0.38 | $ | (0.89 | ) | $ | 1.90 | ||||||||||||||||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||||||||||||||
Basic | 56,690 | 56,832 | 56,608 | 56,953 | ||||||||||||||||||||||||||||||
Diluted | 56,690 | 56,929 | 56,608 | 57,093 | ||||||||||||||||||||||||||||||
Other comprehensive loss (income): | ||||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (151 | ) | (35 | ) | (233 | ) | (240 | ) | ||||||||||||||||||||||||||
Comprehensive income (loss) | 79 | 23,590 | (56,156 | ) | 113,744 | |||||||||||||||||||||||||||||
Comprehensive (income) loss attributable to the noncontrolling interests |
(576 | ) | (1,952 | ) | 5,261 | (5,576 | ) | |||||||||||||||||||||||||||
Comprehensive (loss) income attributable to Textainer Group Holdings Limited common shareholders |
$ | (497 | ) | $ | 21,638 | $ | (50,895 | ) | $ | 108,168 |
(1) Certain amounts for the periods ended
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets | ||||||||
December 31, 2016 and 2015 | ||||||||
(Unaudited) | ||||||||
(All currency expressed in United States dollars in thousands) | ||||||||
2016 | 2015 (1) | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 84,045 | $ | 115,594 | ||||
Accounts receivable, net of allowance for doubtful accounts of $31,844 and $14,053 in 2016 and 2015, respectively |
75,708 | 88,370 | ||||||
Net investment in direct financing and sales-type leases | 64,951 | 86,404 | ||||||
Trading containers | 4,363 | 4,831 | ||||||
Containers held for sale | 25,513 | 43,245 | ||||||
Prepaid expenses and other current assets | 13,584 | 8,385 | ||||||
Insurance receivable | 44,785 | 11,435 | ||||||
Due from affiliates, net | 869 | 514 | ||||||
Total current assets | 313,818 | 358,778 | ||||||
Restricted cash | 58,078 | 33,917 | ||||||
Containers, net of accumulated depreciation of $990,784 and $814,790 at 2016 and 2015, respectively |
3,720,334 | 3,696,311 | ||||||
Net investment in direct financing and sales-type leases | 172,283 | 245,388 | ||||||
Fixed assets, net of accumulated depreciation of $10,136 and $9,836 at 2016 and 2015, respectively |
1,993 | 1,663 | ||||||
Intangible assets, net of accumulated amortization of $40,762 and $35,709 at 2016 and 2015, respectively |
15,197 | 20,250 | ||||||
Interest rate swaps, collars and caps | 4,816 | 814 | ||||||
Deferred taxes | 1,385 | 1,203 | ||||||
Other assets | 8,075 | 6,988 | ||||||
Total assets | $ | 4,295,979 | $ | 4,365,312 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 12,060 | $ | 10,477 | ||||
Accrued expenses | 9,721 | 6,816 | ||||||
Container contracts payable | 11,990 | 41,356 | ||||||
Other liabilities | 265 | 291 | ||||||
Due to owners, net | 18,132 | 11,806 | ||||||
Credit facility | 31,822 | - | ||||||
Secured debt facility | 20,740 | - | ||||||
Term loan | 30,771 | 31,097 | ||||||
Bonds payable | 58,970 | 58,788 | ||||||
Total current liabilities | 194,471 | 160,631 | ||||||
Credit facilities | 1,085,196 | 1,013,252 | ||||||
Secured debt facilities | 1,071,385 | 1,062,539 | ||||||
Term loan | 363,961 | 403,500 | ||||||
Bonds payable | 375,452 | 434,472 | ||||||
Interest rate swaps, collars and caps | 1,204 | 3,412 | ||||||
Income tax payable | 9,076 | 8,678 | ||||||
Deferred taxes | 6,237 | 10,420 | ||||||
Other liabilities | 2,259 | 2,523 | ||||||
Total liabilities | 3,109,241 | 3,099,427 | ||||||
Equity: | ||||||||
Textainer Group Holdings Limited shareholders’ equity: | ||||||||
Common shares, $0.01 par value. Authorized 140,000,000 shares; 57,417,119 shares issued and 56,787,119 shares outstanding at 2016; 57,163,095 shares issued and 56,533,095 shares outstanding at 2015 |
572 | 572 | ||||||
Additional paid-in capital | 390,783 | 385,020 | ||||||
Treasury shares, at cost, 630,000 shares | (9,149 | ) | (9,149 | ) | ||||
Accumulated other comprehensive income | (516 | ) | (283 | ) | ||||
Retained earnings | 746,057 | 825,473 | ||||||
Total Textainer Group Holdings Limited shareholders’ equity | 1,127,747 | 1,201,633 | ||||||
Noncontrolling interest | 58,991 | 64,252 | ||||||
Total equity | 1,186,738 | 1,265,885 | ||||||
Total liabilities and equity | $ | 4,295,979 | $ | 4,365,312 |
(1) Amounts as of
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
|||||||||
Condensed Consolidated Statements of Cash Flows | |||||||||
Years ended December 31, 2016 and 2015 | |||||||||
(Unaudited) | |||||||||
(All currency expressed in United States dollars in thousands) | |||||||||
2016 | 2015 (1) | ||||||||
Cash flows from operating activities: | |||||||||
Net (loss) income | $ | (55,923 | ) | $ | 113,984 | ||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||
Depreciation expense | 236,144 | 191,930 | |||||||
Container impairment | 94,623 | 35,345 | |||||||
Bad debt expense, net | 21,166 | 5,028 | |||||||
Unrealized losses on interest rate swaps, collars and caps, net | (6,210 | ) | 1,947 | ||||||
Amortization of debt issuance costs and accretion of bond discount | 9,704 | 7,887 | |||||||
Amortization of intangible assets | 5,053 | 4,741 | |||||||
Gains on sale of containers, net | (9,553 | ) | (3,454 | ) | |||||
Share-based compensation expense | 6,573 | 7,743 | |||||||
Changes in operating assets and liabilities | (15,488 | ) | 6,807 | ||||||
Total adjustments | 342,012 | 257,974 | |||||||
Net cash provided by operating activities | 286,089 | 371,958 | |||||||
Cash flows from investing activities: | |||||||||
Purchase of containers and fixed assets | (505,528 | ) | (533,306 | ) | |||||
Proceeds from sale of containers and fixed assets | 126,560 | 129,452 | |||||||
Receipt of payments on direct financing and sales-type leases, net of income earned | 90,343 | 98,227 | |||||||
Net cash used in investing activities | (288,625 | ) | (305,627 | ) | |||||
Cash flows from financing activities: | |||||||||
Proceeds from credit facilities | 349,500 | 406,177 | |||||||
Principal payments on credit facilities | (245,529 | ) | (331,447 | ) | |||||
Proceeds from secured debt facilities | 233,000 | 160,000 | |||||||
Principal payments on secured debt facilities | (206,040 | ) | (107,600 | ) | |||||
Principal payments on term loan | (39,787 | ) | (39,600 | ) | |||||
Principal payments on bonds payable | (60,230 | ) | (60,230 | ) | |||||
(Increase) decrease in restricted cash | (24,161 | ) | 26,393 | ||||||
Purchases of treasury shares | — | (9,149 | ) | ||||||
Debt issuance costs | (5,969 | ) | (5,853 | ) | |||||
Issuance of common shares upon exercise of share options | — | 301 | |||||||
Net tax benefit from share-based compensation awards | (810 | ) | (1,333 | ) | |||||
Capital contributions from noncontrolling interest | — | 1,850 | |||||||
Dividends paid to Textainer Group Holdings Limited shareholders | (28,754 | ) | (94,079 | ) | |||||
Dividends paid to noncontrolling interest | — | (2,994 | ) | ||||||
Net cash used in financing activities | (28,780 | ) | (57,564 | ) | |||||
Effect of exchange rate changes | (233 | ) | (240 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (31,549 | ) | 8,527 | ||||||
Cash and cash equivalents, beginning of the year | 115,594 | 107,067 | |||||||
Cash and cash equivalents, end of the year | $ | 84,045 | $ | 115,594 |
(1) Certain amounts for the year ended
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
|||||||
Reconciliation of GAAP financial measures to non-GAAP financial measures | |||||||
Three Months and Years Ended December 31, 2016 and 2015 | |||||||
(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 December 31, 2016 and 2015, including: |
||||||
(a) | net (loss) income attributable to Textainer Group Holdings Limited common shareholders to adjusted EBITDA (Adjusted EBITDA defined as net (loss) income attributable to Textainer Group Holdings Limited common shareholders before interest income and expense, realized and unrealized (gains) losses on interest rate swaps, collars and caps, net, income tax (benefit) expense, net income (loss) attributable to the noncontrolling interests (“NCI”), depreciation expense, container impairment, amortization expense and the related impact of reconciling items on net income (loss) attributable to the NCI); | ||||||
(b) | net cash provided by operating activities to Adjusted EBITDA; | ||||||
(c) | net (loss) income attributable to Textainer Group Holdings Limited common shareholders to adjusted net (loss) income (defined as net (loss) income attributable to Textainer Group Holdings Limited common shareholders before the write-off of unamortized debt issuance costs, unrealized (gains) losses on interest rate swaps, collars and caps, net, the related impact of reconciling items on income tax (benefit) expense and net income (loss) attributable to the NCI); and | ||||||
(d) | net (loss) income attributable to Textainer Group Holdings Limited common shareholders per diluted common share to adjusted net (loss) income per diluted common share (defined as net (loss) income attributable to Textainer Group Holdings Limited common shareholders per diluted common share before the write-off of unamortized debt issuance costs, unrealized (gains) losses on interest rate swaps, collars and caps, net, the related impact of reconciling items on income tax (benefit) expense and net income (loss) attributable to the NCI). | ||||||
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 (loss) 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 (loss) income may be a useful performance measure
because
Management also believes that adjusted net income and adjusted net (loss) income per diluted common share are useful in evaluating our operating performance because unrealized (gains) losses on interest rate swaps, collars 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 container impairment is a noncash charge, the assets being depreciated may be replaced in the future, and neither adjusted EBITDA, adjusted net (loss) income or adjusted net (loss) 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, | |||||||||||||||||
2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
Reconciliation of adjusted net (loss) income: | ||||||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders |
$ | (346 | ) | $ | 21,673 | $ | (50,662 | ) | $ | 108,408 | ||||||||
Adjustments: | ||||||||||||||||||
Write-off of unamortized debt issuance costs | — | — | — | 458 | ||||||||||||||
Unrealized (gains) losses on interest rate swaps, collars and caps, net | (15,252 | ) | (10,106 | ) | (6,210 | ) | 1,947 | |||||||||||
Impact of reconciling items on income tax benefit (expense) | 253 | 464 | 104 | (129 | ) | |||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
1,736 | 910 | 636 | (513 | ) | |||||||||||||
Adjusted net (loss) income | $ | (13,609 | ) | $ | 12,941 | $ | (56,132 | ) | $ | 110,171 | ||||||||
Reconciliation of adjusted net (loss) income per diluted common share: | ||||||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders per diluted common share |
$ | (0.01 | ) | $ | 0.38 | $ | (0.89 | ) | $ | 1.90 | ||||||||
Adjustments: | ||||||||||||||||||
Write-off of unamortized debt issuance costs | — | — | — | 0.01 | ||||||||||||||
Unrealized (gains) losses on interest rate swaps, collars and caps, net | (0.26 | ) | (0.18 | ) | (0.11 | ) | 0.03 | |||||||||||
Impact of reconciling items on income tax benefit (expense) | — | 0.01 | — | - | ||||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
0.03 | 0.02 | 0.01 | (0.01 | ) | |||||||||||||
Adjusted net (loss) income per diluted common share | $ | (0.24 | ) | $ | 0.23 | $ | (0.99 | ) | $ | 1.93 |
(1) Certain amounts for the periods ended
Three Months Ended | Years Ended | |||||||||||||||||
December 31, | December 31, | |||||||||||||||||
2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||||
Reconciliation of adjusted EBITDA: | ||||||||||||||||||
Net (loss) income attributable to Textainer Group Holdings Limited common shareholders |
$ | (346 | ) | $ | 21,673 | $ | (50,662 | ) | $ | 108,408 | ||||||||
Adjustments: | ||||||||||||||||||
Interest income | (126 | ) | (35 | ) | (408 | ) | (125 | ) | ||||||||||
Interest expense | 23,972 | 18,882 | 85,215 | 76,521 | ||||||||||||||
Realized losses on interest rate swaps, collars and caps, net | 1,929 | 3,241 | 8,928 | 12,823 | ||||||||||||||
Unrealized (gains) losses on interest rate swaps, collars and caps, net | (15,252 | ) | (10,106 | ) | (6,210 | ) | 1,947 | |||||||||||
Income tax (benefit) expense | (1,094 | ) | 2,435 | (3,447 | ) | 6,695 | ||||||||||||
Net income (loss) attributable to the noncontrolling interests |
576 | 1,952 | (5,261 | ) | 5,576 | |||||||||||||
Depreciation expense | 63,530 | 51,726 | 236,144 | 191,930 | ||||||||||||||
Container impairment | 14,125 | 15,211 | 94,623 | 35,345 | ||||||||||||||
Amortization expense | 937 | 1,239 | 5,053 | 4,741 | ||||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
(2,062 | ) | (1,742 | ) | (17,022 | ) | (11,732 | ) | ||||||||||
Adjusted EBITDA | $ | 86,189 | $ | 104,476 | $ | 346,953 | $ | 432,129 | ||||||||||
Net cash provided by operating activities | $ | 286,089 | $ | 371,958 | ||||||||||||||
Adjustments: | ||||||||||||||||||
Bad debt expense, net | (21,166 | ) | (5,028 | ) | ||||||||||||||
Amortization of debt issuance costs and accretion of bond discount |
(9,704 | ) | (7,887 | ) | ||||||||||||||
Gains on sale of containers, net | 9,553 | 3,454 | ||||||||||||||||
Share-based compensation expense | (6,573 | ) | (7,743 | ) | ||||||||||||||
Interest income | (408 | ) | (125 | ) | ||||||||||||||
Interest expense | 85,215 | 76,521 | ||||||||||||||||
Realized losses on interest rate swaps, collars and caps, net | 8,928 | 12,823 | ||||||||||||||||
Income tax (benefit) expense | (3,447 | ) | 6,695 | |||||||||||||||
Changes in operating assets and liabilities | 15,488 | (6,807 | ) | |||||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
(17,022 | ) | (11,732 | ) | ||||||||||||||
Adjusted EBITDA | $ | 346,953 | $ | 432,129 |
(1) Certain amounts for the periods ended
View source version on businesswire.com: http://www.businesswire.com/news/home/20170216005307/en/
Source:
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1
415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com