-
Total revenues of
$132.6 million , an increase of 8.4 percent from the prior year quarter; -
Lease rental income grew by 21 percent to
$118 million compared to the year ago quarter; -
Adjusted EBITDA(1) of
$106.4 million , an increase of 9.3 percent from the prior year quarter; -
Declared a quarterly dividend of
$0.47 per share; and -
Invested
$827 million over the last 12 months in new and used containers for lease out in 2013.
“Our underlying business fundamentals were solid, as we achieved more
than 8 percent growth in revenue and EBITDA compared to the year ago
quarter. Most notably, lease rental income grew by 21 percent to
“Historically, when a lessee defaults, we recover more than 90 percent
of our containers, with about 80 percent coming back within 6 months
from the start of recovery efforts and the remaining 10 to 20 percent
recovered in the subsequent 6 to 12 months. Currently, for certain
smaller lessees in default, we believe recoveries may not follow this
pattern as these containers are in areas of
“We continued to invest throughout the quarter with total containers
ordered over the last 12 months for delivery in 2013 of
Business Highlights:
-
Invested
$629 million in new and used containers year-to-date following$198 million invested in new containers in the fourth quarter of 2012 for lease out in 2013, continuing our strong pace of expansion; - Increased total fleet size by 11.7 percent over the last year to close to 3 million TEU today, reflecting our strong investment in new and purchase leaseback containers;
-
Grew lease rental income by 20.7 percent in the quarter to
$118 million compared to the year ago quarter; -
Lowered our funding costs and locked in attractive long-term rates as
we established a
$300 million asset-backed revolving credit facility at LIBOR plus 2.25 percent and issued$300.9 million of asset-backed term notes with a coupon of 3.90 percent; - Achieved average utilization of 94.1 percent during the quarter and is 94.2 percent today; and
- Day Sales Outstanding improved by 8 percent compared to the year ago quarter.
Key Financial Information (in thousands except for per share and TEU amounts): |
||||||||||||||||||||||
Q3 QTD | Q3 YTD | |||||||||||||||||||||
2013 | 2012 | % Change | 2013 | 2012 | % Change | |||||||||||||||||
Total revenues | $ | 132,647 | $ | 122,305 | 8.5 | % | $ | 391,494 | $ | 359,810 | 8.8 | % | ||||||||||
Income from operations | $ | 64,317 | $ | 69,865 | -7.9 | % | $ | 212,448 | $ | 207,090 | 2.6 | % | ||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders | $ | 40,115 | $ | 50,658 | -20.8 | % | $ | 137,264 | $ | 146,377 | -6.2 | % | ||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share | $ | 0.71 | $ | 0.99 | -28.3 | % | $ | 2.41 | $ | 2.88 | -16.3 | % | ||||||||||
Adjusted net income(1) | $ | 39,858 | $ | 49,464 | -19.4 | % | $ | 131,648 | $ | 142,980 | -7.9 | % | ||||||||||
Adjusted net income per diluted common share(1) | $ | 0.70 | $ | 0.97 | -27.8 | % | $ | 2.32 | $ | 2.82 | -17.7 | % | ||||||||||
Adjusted EBITDA(1) | $ | 106,416 | $ | 97,370 | 9.3 | % | $ | 321,183 | $ | 280,422 | 14.5 | % | ||||||||||
Average fleet utilization | 94.1 | % | 97.9 | % | -3.9 | % | 94.7 | % | 97.4 | % | -2.8 | % | ||||||||||
Total fleet size at end of period (TEU) | 2,971,589 |
2,659,150 |
11.7 | % | ||||||||||||||||||
Owned percentage of total fleet at end of period | 75.0 | % | 68.8 | % | 9.0 | % | ||||||||||||||||
“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
Third Quarter Results:
Textainer’s financial results benefited from a 11.7 percent increase in
the average size of the owned container fleet in the third quarter of
2013, compared to the year ago quarter, offset by incremental increases
in depreciation expense and direct container expense due to the larger
owned fleet and lower utilization. Depreciation expense and impairment
of containers also included a
During the third quarter,
Outlook
“We continue to experience a very competitive environment marked by compressed returns, continued access to low cost funds by us and our peers and a short lead time for ordering new containers. We expect these market conditions to continue for the near term,” commented Mr. Brewer.
“Even though container demand has been softer than expected this year due to lower than projected trade growth and the inability of shipping lines to successfully implement and maintain general freight rate increases, we have continued to invest in new and used containers. Our fleet now approaches 3 million TEU, a major milestone. We have started to see signs of a slight pick-up in demand, and are pleased with our market position,” stated Mr. Brewer. “Operationally, we expect performance to be flat to slightly down in the fourth quarter supported by stable utilization, which remains high by historic standards, coupled with the stability provided by having more than 80 percent of our fleet on long-term and finance leases.”
Dividend
On
“Our dividend reflects our continued confidence in the long-term outlook for our business and in our strong cash flow. We continue to target a dividend level of around 50 percent of adjusted net income and our payout would have been within our targeted range, if we excluded the unusual items,” stated Mr. Brewer. “We remain committed to our current dividend level, as we believe it enables us to balance investing for growth in the business and providing attractive ongoing returns to our 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 belief that
container recoveries for certain of its smaller lessees in default may
not follow historical recovery rates and that it will not have similar
losses with any of its larger lessees; (ii) Textainer’s expectation that
current market conditions will continue for the near term; and (iii)
Textainer’s expectation that its operational performance will be flat to
slightly down in the fourth quarter supported by stable utilization,
which remains high by historic standards, coupled with the stability
provided by having more than 80% of its fleet on long-term and finance
leases. 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 and Nine Months Ended September 30, 2013 and 2012 | |||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) | |||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||
Lease rental income | $ | 117,634 | $ | 97,494 | $ | 346,231 | $ | 277,173 | |||||||||||||||||||||||
Management fees | 4,960 | 6,195 | 15,192 | 20,289 | |||||||||||||||||||||||||||
Trading container sales proceeds | 3,537 | 11,058 | 8,432 | 35,339 | |||||||||||||||||||||||||||
Gains on sale of containers, net | 6,516 | 7,558 | 21,639 | 27,009 | |||||||||||||||||||||||||||
Total revenues | 132,647 | 122,305 | 391,494 | 359,810 | |||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||
Direct container expense | 10,799 | 5,425 | 29,937 | 17,589 | |||||||||||||||||||||||||||
Cost of trading containers sold | 3,279 | 9,911 | 7,489 | 31,043 | |||||||||||||||||||||||||||
Depreciation expense and impairment of containers | 42,452 | 26,941 | 108,968 | 71,322 | |||||||||||||||||||||||||||
Amortization expense | 1,097 | 1,275 | 3,272 | 3,880 | |||||||||||||||||||||||||||
General and administrative expense | 5,541 | 5,496 | 18,145 | 17,041 | |||||||||||||||||||||||||||
Short-term incentive compensation expense (benefit) | (253 | ) | 1,159 | 1,119 | 3,473 | ||||||||||||||||||||||||||
Long-term incentive compensation expense | 1,164 | 1,551 | 3,378 | 5,229 | |||||||||||||||||||||||||||
Bad debt expense, net | 4,251 | 682 | 6,738 | 3,143 | |||||||||||||||||||||||||||
Total operating expenses | 68,330 | 52,440 | 179,046 | 152,720 | |||||||||||||||||||||||||||
Income from operations | 64,317 | 69,865 | 212,448 | 207,090 | |||||||||||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||||||||||
Interest expense | (20,091 | ) | (19,441 | ) | (62,614 | ) | (52,691 | ) | |||||||||||||||||||||||
Interest income | 31 | 40 | 100 | 103 | |||||||||||||||||||||||||||
Realized losses on interest rate swaps and caps, net | (1,963 | ) | (2,543 | ) | (6,442 | ) | (7,622 | ) | |||||||||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | 12 | 1,111 | 6,280 | 3,184 | |||||||||||||||||||||||||||
Other, net | (4 | ) | 3 | (33 | ) | 1 | |||||||||||||||||||||||||
Net other expense | (22,015 | ) | (20,830 | ) | (62,709 | ) | (57,025 | ) | |||||||||||||||||||||||
Income before income tax and noncontrolling interest | 42,302 | 49,035 | 149,739 | 150,065 | |||||||||||||||||||||||||||
Income tax expense (benefit) | (988 | ) | 1,324 | (7,769 | ) | (5,121 | ) | ||||||||||||||||||||||||
Net income | 41,314 | 50,359 | 141,970 | 144,944 | |||||||||||||||||||||||||||
Less: Net (income) loss attributable to the noncontrolling interest |
(1,199 |
) |
|
|
299 |
|
(4,706 |
) |
|
|
1,433 |
|
|||||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders |
$ |
40,115 |
|
|
$ |
50,658 |
|
|
$ |
137,264 |
|
|
$ |
146,377 |
|
|
|||||||||||||||
Net income attributable to Textainer Group Holdings Limited
common shareholders per share: |
|||||||||||||||||||||||||||||||
Basic |
$ |
0.71 |
|
|
|
$1.01 |
|
|
$ |
2.44 |
|
|
$ |
2.94 |
|
|
|||||||||||||||
Diluted |
$ |
0.71 |
|
|
|
$0.99 |
|
|
$ |
2.41 |
|
|
$ |
2.88 |
|
|
|||||||||||||||
Weighted average shares outstanding (in thousands): | |||||||||||||||||||||||||||||||
Basic |
56,317 |
|
50,348 |
|
56,289 |
|
49,774 |
|
|||||||||||||||||||||||
Diluted |
56,844 |
|
51,199 |
|
56,839 |
|
50,743 |
|
|||||||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (2 | ) | 68 | (136 | ) | 73 | |||||||||||||||||||||||||
Comprehensive income | 41,312 | 50,427 | 141,834 | 145,017 | |||||||||||||||||||||||||||
Comprehensive (income) loss attributable to the noncontrolling interest |
(1,199 | ) | 299 | (4,706 | ) | 1,433 | |||||||||||||||||||||||||
Comprehensive income attributable to Textainer Group Holdings |
|||||||||||||||||||||||||||||||
Limited common shareholders | $ | 40,113 | $ | 50,726 | $ | 137,128 | $ | 146,450 | |||||||||||||||||||||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
September 30, 2013 and December 31, 2012 | |||||||
(Unaudited) | |||||||
(All currency expressed in United States dollars in thousands) | |||||||
2013 | 2012 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 136,946 | $ | 100,127 | |||
Accounts receivable, net of allowance for doubtful accounts of $13,557 and $8,025 in 2013 and 2012, respectively |
93,591 | 94,102 | |||||
Net investment in direct financing and sales-type leases | 61,342 | 43,253 | |||||
Trading containers | 15,982 | 7,296 | |||||
Containers held for sale | 29,337 | 15,717 | |||||
Prepaid expenses | 13,593 | 14,006 | |||||
Deferred taxes | 2,312 | 2,332 | |||||
Due from affiliates, net | - | 4,377 | |||||
Total current assets | 353,103 | 281,210 | |||||
Restricted cash | 68,120 | 54,945 | |||||
Containers, net of accumulated depreciation of $535,397 and $490,930 at 2013 and 2012, respectively |
3,208,050 | 2,916,673 | |||||
Net investment in direct financing and sales-type leases | 217,332 | 173,634 | |||||
Fixed assets, net of accumulated depreciation of $8,594 and $9,189 at 2013 and 2012, respectively |
1,462 | 1,621 | |||||
Intangible assets, net of accumulated amortization of $30,235 and $26,963 at 2013 and 2012, respectively |
30,111 | 33,383 | |||||
Interest rate swaps and caps | 429 | - | |||||
Other assets | 18,567 | 14,614 | |||||
Total assets | $ | 3,897,174 | $ | 3,476,080 | |||
Liabilities and Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 8,179 | $ | 4,451 | |||
Accrued expenses | 10,890 | 14,329 | |||||
Container contracts payable | 110,870 | 87,708 | |||||
Deferred revenue and other | 353 | 1,681 | |||||
Due to owners, net | 13,362 | 13,218 | |||||
Bonds payable | 161,300 | 131,500 | |||||
Total current liabilities | 304,954 | 252,887 | |||||
Revolving credit facilities | 801,048 | 549,911 | |||||
Secured debt facility | 747,100 | 874,000 | |||||
Bonds payable | 877,229 | 706,291 | |||||
Interest rate swaps and caps | 4,968 | 10,819 | |||||
Income tax payable | 17,620 | 27,580 | |||||
Deferred taxes | 19,369 | 5,249 | |||||
Other liabilities | 3,218 | 3,210 | |||||
Total liabilities | 2,775,506 | 2,429,947 | |||||
Equity: | |||||||
Textainer Group Holdings Limited shareholders' equity: | |||||||
Common shares, $0.01 par value. Authorized 140,000,000 shares; issued and outstanding 56,353,998 and 55,754,529 at 2013 and 2012, respectively |
563 | 558 | |||||
Additional paid-in capital | 363,358 | 354,448 | |||||
Accumulated other comprehensive income | (22 | ) | 114 | ||||
Retained earnings | 711,957 | 652,383 | |||||
Total Textainer Group Holdings Limited shareholders’ equity | 1,075,856 | 1,007,503 | |||||
Noncontrolling interest | 45,812 | 38,630 | |||||
Total equity | 1,121,668 | 1,046,133 | |||||
Total liabilities and equity | $ | 3,897,174 | $ | 3,476,080 | |||
|
|
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||
Nine Months Ended September 30, 2013 and 2012 | ||||||||
(Unaudited) | ||||||||
(All currency expressed in United States dollars in thousands) | ||||||||
Nine Months Ended |
||||||||
September 30, | ||||||||
2013 | 2012 | |||||||
Cash flows from operating activities: | ||||||||
Net income | $ | 141,970 | $ | 144,944 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Depreciation expense and impairment of containers | 108,968 | 71,322 | ||||||
Bad debt expense, net | 6,738 | 3,143 | ||||||
Unrealized gains on interest rate swaps and caps, net | (6,280 | ) | (3,184 | ) | ||||
Amortization of debt issuance costs | 8,596 | 9,002 | ||||||
Amortization of intangible assets | 3,272 | 3,880 | ||||||
Amortization of acquired net below-market leases | - | (33 | ) | |||||
Amortization of deferred revenue | (1,001 | ) | (5,293 | ) | ||||
Amortization of unearned income on direct financing and sales-type leases | (16,320 | ) | (8,390 | ) | ||||
Gains on sale of containers, net | (21,639 | ) | (27,009 | ) | ||||
Share-based compensation expense | 3,895 | 6,010 | ||||||
Changes in operating assets and liabilities | (6,300 | ) | (7,283 | ) | ||||
Total adjustments | 79,929 | 42,165 | ||||||
Net cash provided by operating activities | 221,899 | 187,109 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of containers and fixed assets | (562,337 | ) | (758,868 | ) | ||||
Proceeds from sale of containers and fixed assets | 90,172 | 67,841 | ||||||
Receipt of principal payments on direct financing and sales-type leases | 57,693 | 29,100 | ||||||
Net cash used in investing activities | (414,472 | ) | (661,927 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from revolving credit facilities | 368,138 | 209,530 | ||||||
Principal payments on revolving credit facilities | (117,001 | ) | (125,575 | ) | ||||
Proceeds from secured debt facility | 104,100 | 839,000 | ||||||
Principal payments on secured debt facility | (231,000 | ) | (834,697 | ) | ||||
Proceeds from bonds payable | 299,363 | 400,000 | ||||||
Principal payments on bonds payable | (98,625 | ) | (85,292 | ) | ||||
Increase in restricted cash | (13,175 | ) | (4,774 | ) | ||||
Debt issuance costs | (12,078 | ) | (23,113 | ) | ||||
Issuance of common shares in public offering | - | 185,220 | ||||||
Issuance of common shares upon exercise of share options | 2,820 | 4,605 | ||||||
Excess tax benefit from share-based compensation awards | 2,200 | 2,965 | ||||||
Capital contributions from noncontrolling interest | 2,476 | 4,589 | ||||||
Dividends paid | (77,690 | ) | (58,943 | ) | ||||
Net cash provided by financing activities | 229,528 | 513,515 | ||||||
Effect of exchange rate changes | (136 | ) | 73 | |||||
Net increase in cash and cash equivalents | 36,819 | 38,770 | ||||||
Cash and cash equivalents, beginning of the year | 100,127 | 74,816 | ||||||
Cash and cash equivalents, end of period | $ | 136,946 | $ | 113,586 | ||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
Reconciliation of GAAP financial measures to non-GAAP financial measures |
Three and Nine Months Ended September 30, 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 and nine months 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 | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
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 |
$ | 40,115 | $ | 50,658 | $ | 137,264 | $ | 146,377 | ||||||||
Adjustments: | ||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | (12 | ) | (1,111 | ) | (6,280 | ) | (3,184 | ) | ||||||||
Impact of reconciling item on net income (loss) attributable to the noncontrolling interest |
(245 | ) | (83 | ) | 664 | (213 | ) | |||||||||
Adjusted net income | $ | 39,858 | $ | 49,464 | $ | 131,648 | $ | 142,980 | ||||||||
Reconciliation of adjusted net income per diluted common share: | ||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share |
$ | 0.71 | $ | 0.99 | $ | 2.41 | $ | 2.88 | ||||||||
Adjustments: | ||||||||||||||||
Unrealized gains on interest rate swaps and caps, net | - | (0.02 | ) | (0.11 | ) | (0.06 | ) | |||||||||
Impact of reconciling item on net income (loss) attributable to the noncontrolling interest |
(0.01 | ) | - | 0.02 | - | |||||||||||
Adjusted net income per diluted common share | $ | 0.70 | $ | 0.97 | $ | 2.32 | $ | 2.82 | ||||||||
Three Months Ended | Nine Months Ended | |||||||
September 30, | September 30, | |||||||
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 |
$ 40,115 | $ 50,658 | $ 137,264 | $ 146,377 | ||||
Adjustments: | ||||||||
Interest income | (31) | (40) | (100) | (103) | ||||
Interest expense | 20,091 | 19,441 | 62,614 | 52,691 | ||||
Realized losses on interest rate swaps and caps, net | 1,963 | 2,543 | 6,442 | 7,622 | ||||
Unrealized gains on interest rate swaps and caps, net | (12) | (1,111) | (6,280) | (3,184) | ||||
Income tax expense (benefit) | 988 | (1,324) | 7,769 | 5,121 | ||||
Net income (loss) attributable to the noncontrolling interest | 1,199 | (299) | 4,706 | (1,433) | ||||
Depreciation expense and impairment of containers | 42,452 | 26,941 | 108,968 | 71,322 | ||||
Amortization expense | 1,097 | 1,275 | 3,272 | 3,880 | ||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interest |
(1,446) | (714) | (3,472) | (1,871) | ||||
Adjusted EBITDA | $ 106,416 | $ 97,370 | $ 321,183 | $ 280,422 | ||||
Net cash provided by operating activities | $ 221,899 | $ 187,109 | ||||||
Adjustments: | ||||||||
Bad debt expense, net | (6,738) | (3,143) | ||||||
Amortization of debt issuance costs | (8,596) | (9,002) | ||||||
Amortization of acquired net below market leases | - | 33 | ||||||
Amortization of deferred revenue | 1,001 | 5,293 | ||||||
Amortization of unearned income on direct financing and sales-type leases |
16,320 | 8,390 | ||||||
Gains on sale of containers, net | 21,639 | 27,009 | ||||||
Share-based compensation expense | (3,895) | (6,010) | ||||||
Interest income | (100) | (103) | ||||||
Interest expense | 62,614 | 52,691 | ||||||
Realized losses on interest rate swaps and caps, net | 6,442 | 7,622 | ||||||
Income tax expense | 7,769 | 5,121 | ||||||
Changes in operating assets and liabilities | 6,300 | 7,283 | ||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interest |
(3,472) | (1,871) | ||||||
Adjusted EBITDA | $ 321,183 | $ 280,422 |
Source:
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1
415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com