Financial and Business Highlights
-
Total revenues of
$143.6 million for the quarter, an increase of 4.5 percent from the prior year, and$563.1 million for the full year, an increase of 6.4 percent from the prior year; -
Lease rental income of
$129.4 million for the quarter, an increase of 5.7 percent from the prior year, and$504.2 million for the full year, an increase of 7.6 percent from the prior year; -
Net income attributable to
Textainer Group Holdings Limited common shareholders of$42.4 million for the quarter, or$0.74 per diluted common share, a decrease of 6.9 percent from the prior year, and$189.4 million for the full year, or$3.32 per diluted common share, an increase of 3.6 percent from the prior year; -
Adjusted net income(1) of
$44.2 million for the quarter, or$0.77 per diluted common share, an increase of 2.1 percent from the prior year, and$193.8 million for the full year, or$3.40 per diluted common share, an increase of 10.0 percent from the prior year; -
Adjusted EBITDA(1) of
$112.7 million for the quarter, an increase of 3.8 percent from the prior year, and$441.8 million for the full year, an increase of 2.8 percent from the prior year; - Utilization remained at very high levels, averaging 97.4 percent for the quarter and is currently 97.7 percent, up 3.6 percentage points since the beginning of 2014;
-
$864 million of capex for the year and$925 million invested for delivery in 2014, continuing our strong pace of expansion; - Total fleet size of over 3.2 million Twenty-Foot Equivalent Units (“TEU”), a year-over-year increase of 6.3 percent; and
-
A quarterly dividend of
$0.47 per share was declared.
“2014 was a solid year at
“While we are very pleased with our results, we continue to see strong competition for every deal and downward pressure on container rental rates and residual values. Lower rental rates and sales prices have negatively affected our profitability and can be expected to continue to do so this year. However, our growing fleet, declining cost of funds and higher utilization have offset much of this decline and allowed us to continue to deliver solid performance.”
Q4 QTD | Full-year | ||||||||||||||||||||
2014 | 2013 | % Change | 2014 | 2013 | % Change | ||||||||||||||||
Total revenues | $143,606 | $137,479 | 4.5% | $563,091 | $528,973 | 6.4% | |||||||||||||||
Income from operations | $68,118 | $68,607 | -0.7% | $271,556 | $281,055 | -3.4% | |||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders |
$42,403 | $45,545 | -6.9% | $189,362 | $182,809 | 3.6% | |||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share |
$0.74 | $0.80 | -7.5% | $3.32 | $3.21 | 3.4% | |||||||||||||||
Adjusted net income(1) | $44,248 | $43,348 | 2.1% | $193,798 | $176,232 | 10.0% | |||||||||||||||
Adjusted net income per diluted common share(1) | $0.77 | $0.76 | 1.3% | $3.40 | $3.10 | 9.7% | |||||||||||||||
Adjusted EBITDA(1) | $112,678 | $108,566 | 3.8% | $441,760 | $429,749 | 2.8% | |||||||||||||||
Average fleet utilization | 97.4% | 94.3% | 3.3% | 96.1% | 94.9% | 1.3% | |||||||||||||||
Total fleet size at end of period (TEU) | 3,233,364 | 3,040,454 | 6.3% | ||||||||||||||||||
Owned percentage of total fleet at end of period | 78.9% | 75.6% | |||||||||||||||||||
“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
Effective
Fourth-Quarter and Full-Year Results
Textainer’s fourth-quarter and full-year financial results benefited
from higher revenue due to an increase in our owned container fleet size
and an increase in utilization.
Dividend
On
Outlook
“For 2015, we expect business conditions to remain similar to 2014. While we believe our utilization will remain high, we also believe competition will remain strong with continued pressure on rental rates due to the high level of liquidity available to container lessors coupled with low new container prices, ample factory capacity and low interest rates. Two factors that could have a positive effect on our financial performance, an increase in interest rates and an increase in new container prices, seem less likely now than they did six months ago. The strong U.S. dollar, lower oil prices and weaker projected global growth suggest that increases in interest rates are unlikely in the near term. Unless steel prices or demand for containers increase, neither of which we expect in the short term, we do not anticipate an increase in new container prices”, continued Mr. Brewer. “We have invested and will continue to invest in new containers only when the projected returns meet or exceed our investment criteria. Furthermore, we believe that over a longer-term horizon, returns earned on containers purchased in today’s lower-priced environment will benefit when container prices or interest rates increase and these containers re-price under stronger market conditions.”
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
lower rental rates and sales prices, which have negatively affected its
profitability, can be expected to continue to do so this year; (ii)
Textainer’s expectation that business conditions in 2015 will remain
similar to 2014; (iii) Textainer’s belief that its utilization will
remain high and that competition will remain strong with continued
pressure on rental rates due to the high level of liquidity available to
container lessors coupled with low new container prices, ample factory
capacity and low interest rates; (iv) Textainer’s belief that two
factors that could have a positive effect on its financial performance,
an increase in interest rates and an increase in new container prices,
seem less likely now than they did six months ago; (v) Textainer’s
belief that the strong U.S. dollar, lower oil prices and weaker
projected global growth suggest that increases in interest rates are
unlikely in the near term; (vi) Textainer’s belief that unless steel
prices or demand for containers increase, neither of which it expects in
the short term, container prices will not increase; and (vii)
Textainer’s belief that over a longer-term horizon, returns earned on
containers purchased in today’s lower-priced environment will benefit
when container prices or interest rates increase and these containers
re-price under stronger market conditions. 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 increase storage,
repositioning, collection and recovery expenses; the demand for leased
containers depends on many political and economic factors and is tied to
international trade and if demand were to decrease due to increased
barriers to trade or political or economic factors, or for any other
reason, it could reduce demand for intermodal container leasing; as we
increase the number of containers in our owned fleet, we will have
significant capital at risk and may need to incur more debt, which could
result in financial instability;
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||||||||||||||||||||
Condensed Consolidated Statements of Comprehensive Income | ||||||||||||||||||||||||||||||||
Three Months and Years Ended December 31, 2014 and 2013 | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) | ||||||||||||||||||||||||||||||||
Three Months Ended December 31, | Years Ended December 31, | |||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Lease rental income | $ | 129,445 | $ | 122,501 | $ | 504,225 | $ | 468,732 | ||||||||||||||||||||||||
Management fees | 4,152 | 4,729 | 17,408 | 19,921 | ||||||||||||||||||||||||||||
Trading container sales proceeds | 7,348 | 4,548 | 27,989 | 12,980 | ||||||||||||||||||||||||||||
Gains on sale of containers, net | 2,661 | 5,701 | 13,469 | 27,340 | ||||||||||||||||||||||||||||
Total revenues | 143,606 | 137,479 | 563,091 | 528,973 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Direct container expense | 10,206 | 13,125 | 47,446 | 43,062 | ||||||||||||||||||||||||||||
Cost of trading containers sold | 7,000 | 4,421 | 27,465 | 11,910 | ||||||||||||||||||||||||||||
Depreciation expense and container impairment |
46,440 | 40,006 | 176,596 | 148,974 | ||||||||||||||||||||||||||||
Amortization expense | 1,167 | 954 | 4,010 | 4,226 | ||||||||||||||||||||||||||||
General and administrative expense | 6,509 | 6,777 | 25,778 | 24,922 | ||||||||||||||||||||||||||||
Short-term incentive compensation expense |
1,311 | 660 | 4,075 | 1,779 | ||||||||||||||||||||||||||||
Long-term incentive compensation expense |
1,760 | 1,583 | 6,639 | 4,961 | ||||||||||||||||||||||||||||
Bad debt expense (recovery), net | 1,095 | 1,346 | (474 | ) | 8,084 | |||||||||||||||||||||||||||
Total operating expenses | 75,488 | 68,872 | 291,535 | 247,918 | ||||||||||||||||||||||||||||
Income from operations | 68,118 | 68,607 | 271,556 | 281,055 | ||||||||||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||||||||
Interest expense | (18,573 | ) | (22,560 | ) | (85,931 | ) | (85,174 | ) | ||||||||||||||||||||||||
Interest income | 29 | 22 | 119 | 122 | ||||||||||||||||||||||||||||
Realized losses on interest rate swaps, collars and caps, net |
(2,872 | ) | (1,967 | ) | (10,293 | ) | (8,409 | ) | ||||||||||||||||||||||||
Unrealized (losses) gains on interest rate swaps, collars and caps, net |
(2,447 | ) | 2,376 | 1,512 | 8,656 | |||||||||||||||||||||||||||
Other, net | 24 | (12 | ) | 23 | (45 | ) | ||||||||||||||||||||||||||
Net other expense | (23,839 | ) | (22,141 | ) | (94,570 | ) | (84,850 | ) | ||||||||||||||||||||||||
Income before income tax and noncontrolling interests |
44,279 | 46,466 | 176,986 | 196,205 | ||||||||||||||||||||||||||||
Income tax (expense) benefit | (627 | ) | 938 | 18,068 | (6,831 | ) | ||||||||||||||||||||||||||
Net income | 43,652 | 47,404 | 195,054 | 189,374 | ||||||||||||||||||||||||||||
Less: Net income attributable to the noncontrolling interests |
(1,249 | ) | (1,859 | ) | (5,692 | ) | (6,565 | ) | ||||||||||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders |
$ | 42,403 | $ | 45,545 | $ | 189,362 | $ | 182,809 | ||||||||||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per share: |
||||||||||||||||||||||||||||||||
Basic | $ | 0.75 | $ | 0.81 | $ | 3.34 | $ | 3.25 | ||||||||||||||||||||||||
Diluted | $ | 0.74 | $ | 0.80 | $ | 3.32 | $ | 3.21 | ||||||||||||||||||||||||
Weighted average shares outstanding (in thousands): |
||||||||||||||||||||||||||||||||
Basic | 56,814 | 56,400 | 56,719 | 56,317 | ||||||||||||||||||||||||||||
Diluted | 57,146 | 56,980 | 57,079 | 56,862 | ||||||||||||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments |
(158 | ) | 91 | (112 | ) | (45 | ) | |||||||||||||||||||||||||
Comprehensive income | 43,494 | 47,495 | 194,942 | 189,329 | ||||||||||||||||||||||||||||
Comprehensive income attributable to the noncontrolling interests |
(1,249 | ) | (1,859 | ) | (5,692 | ) | (6,565 | ) | ||||||||||||||||||||||||
Comprehensive income attributable to Textainer Group Holdings Limited common shareholders |
$ | 42,245 | $ | 45,636 | $ | 189,250 | $ | 182,764 | ||||||||||||||||||||||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | |||||||||
Condensed Consolidated Balance Sheets | |||||||||
December 31, 2014 and 2013 | |||||||||
(Unaudited) | |||||||||
(All currency expressed in United States dollars in thousands) | |||||||||
2014 | 2013 | ||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | $ | 107,067 | $ | 120,223 | |||||
Accounts receivable, net of allowance for doubtful accounts of
$12,139 and
$14,891 in 2014 and 2013, respectively |
91,866 | 91,967 | |||||||
Net investment in direct financing and sales-type leases | 89,003 | 64,811 | |||||||
Trading containers | 6,673 | 13,009 | |||||||
Containers held for sale | 25,213 | 31,968 | |||||||
Prepaid expenses and other current assets | 17,593 | 19,063 | |||||||
Deferred taxes | 2,100 | 1,491 | |||||||
Total current assets | 339,515 | 342,532 | |||||||
Restricted cash | 60,310 | 63,160 | |||||||
Containers, net of accumulated depreciation of $685,667 and $562,456
at 2014
and 2013, respectively |
3,629,882 | 3,233,131 | |||||||
Net investment in direct financing and sales-type leases | 280,002 | 217,310 | |||||||
Fixed assets, net of accumulated depreciation of $9,139 and $8,286
at 2014 and
2013, respectively |
1,385 | 1,635 | |||||||
Intangible assets, net of accumulated amortization of $35,198 and
$31,188 at 2014
and 2013, respectively |
24,991 | 29,157 | |||||||
Interest rate swaps, collars and caps | 1,568 | 1,831 | |||||||
Other assets | 21,324 | 20,227 | |||||||
Total assets | $ | 4,358,977 | $ | 3,908,983 | |||||
Liabilities and Equity | |||||||||
Current liabilities: | |||||||||
Accounts payable | $ | 5,652 | $ | 8,086 | |||||
Accrued expenses | 11,935 | 9,838 | |||||||
Container contracts payable | 63,323 | 22,819 | |||||||
Other liabilities | 317 | 345 | |||||||
Due to owners, net | 11,003 | 12,775 | |||||||
Secured debt facility | 165,000 | - | |||||||
Term loan | 31,600 | - | |||||||
Bonds payable | 59,959 | 161,307 | |||||||
Total current liabilities | 348,789 | 215,170 | |||||||
Revolving credit facilities | 944,790 | 860,476 | |||||||
Secured debt facilities | 852,100 | 808,600 | |||||||
Term loan | 444,100 | - | |||||||
Bonds payable | 498,428 | 836,901 | |||||||
Interest rate swaps, collars and caps | 2,219 | 3,994 | |||||||
Income tax payable | 7,696 | 16,050 | |||||||
Deferred taxes | 5,675 | 19,166 | |||||||
Other liabilities | 2,815 | 3,132 | |||||||
Total liabilities | 3,106,612 | 2,763,489 | |||||||
Equity: | |||||||||
Textainer Group Holdings Limited shareholders' equity: | |||||||||
Common shares, $0.01 par value. Authorized 140,000,000 shares;
issued and
outstanding 56,863,094 and 56,450,580 at 2014 and 2013, respectively |
565 | 564 | |||||||
Additional paid-in capital | 378,316 | 366,197 | |||||||
Accumulated other comprehensive income | (43 | ) | 69 | ||||||
Retained earnings | 813,707 | 730,993 | |||||||
Total Textainer Group Holdings Limited shareholders’ equity | 1,192,545 | 1,097,823 | |||||||
Noncontrolling interest | 59,820 | 47,671 | |||||||
Total equity | 1,252,365 | 1,145,494 | |||||||
Total liabilities and equity | $ | 4,358,977 | $ | 3,908,983 | |||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES | ||||||||||||||
Condensed Consolidated Statements of Cash Flows | ||||||||||||||
Years Ended December 31, 2014 and 2013 | ||||||||||||||
(Unaudited) | ||||||||||||||
(All currency expressed in United States dollars in thousands) | ||||||||||||||
2014 | 2013 | |||||||||||||
Cash flows from operating activities: | ||||||||||||||
Net income | $ | 195,054 | $ | 189,374 | ||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||||||||
Depreciation expense and container impairment | 176,596 | 148,974 | ||||||||||||
Bad debt (recovery) expense, net | (474 | ) | 8,084 | |||||||||||
Unrealized gains on interest rate swaps, collars and caps, net | (1,512 | ) | (8,656 | ) | ||||||||||
Amortization of debt issuance costs and accretion of bond discount | 17,144 | 11,587 | ||||||||||||
Amortization of intangible assets | 4,010 | 4,226 | ||||||||||||
Amortization of deferred revenue | - | (1,001 | ) | |||||||||||
Gains on sale of containers, net | (13,469 | ) | (27,340 | ) | ||||||||||
Share-based compensation expense | 7,499 | 5,694 | ||||||||||||
Changes in operating assets and liabilities | (22,042 | ) | (14,313 | ) | ||||||||||
Total adjustments | 167,752 | 127,255 | ||||||||||||
Net cash provided by operating activities | 362,806 | 316,629 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||
Purchase of containers and fixed assets | (818,451 | ) | (765,418 | ) | ||||||||||
Proceeds from sale of containers and fixed assets | 141,181 | 123,738 | ||||||||||||
Receipt of payments on direct financing and sales-type leases, net of income earned |
78,173 | 57,200 | ||||||||||||
Net cash used in investing activities | (599,097 | ) | (584,480 | ) | ||||||||||
Cash flows from financing activities: | ||||||||||||||
Proceeds from revolving credit facilities | 393,251 | 447,138 | ||||||||||||
Principal payments on revolving credit facilities | (308,937 | ) | (136,573 | ) | ||||||||||
Proceeds from secured debt facilities | 470,500 | 249,600 | ||||||||||||
Principal payments on secured debt facilities | (262,000 | ) | (315,000 | ) | ||||||||||
Proceeds from term loan | 500,000 | - | ||||||||||||
Principal payments on term loan | (24,300 | ) | - | |||||||||||
Proceeds from bonds payable | 301,298 | 299,359 | ||||||||||||
Principal payments on bonds payable | (741,405 | ) | (139,022 | ) | ||||||||||
Decrease (increase) in restricted cash | 2,850 | (8,215 | ) | |||||||||||
Debt issuance costs | (12,441 | ) | (13,633 | ) | ||||||||||
Issuance of common shares upon exercise of share options | 2,497 | 3,617 | ||||||||||||
Excess tax benefit from share-based compensation awards | 2,124 | 2,444 | ||||||||||||
Capital contributions from noncontrolling interests | 6,458 | 2,476 | ||||||||||||
Dividends paid | (106,648 | ) | (104,199 | ) | ||||||||||
Net cash provided by financing activities | 223,247 | 287,992 | ||||||||||||
Effect of exchange rate changes | (112 | ) | (45 | ) | ||||||||||
Net (decrease) increase in cash and cash equivalents | (13,156 | ) | 20,096 | |||||||||||
Cash and cash equivalents, beginning of the year | 120,223 | 100,127 | ||||||||||||
Cash and cash equivalents, end of the year | $ | 107,067 | $ | 120,223 | ||||||||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Reconciliation
of GAAP financial measures to non-GAAP financial measures
Three
Months and Years Ended
(Unaudited)
(All
currency expressed in
(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 losses (gains) 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 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, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Reconciliation of adjusted net income: | ||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders |
$ | 42,403 | $ | 45,545 | $ | 189,362 | $ | 182,809 | ||||||||
Adjustments: | ||||||||||||||||
Write-off of unamortized debt issuance costs | - | - | 6,814 | 895 | ||||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | 2,447 | (2,376 | ) | (1,512 | ) | (8,656 | ) | |||||||||
Impact of reconciling items on income tax expense | (79 | ) | (33 | ) | (147 | ) | 308 | |||||||||
Impact of reconciling item on net income attributable to the noncontrolling interests |
(523 | ) | 212 | (719 | ) | 876 | ||||||||||
Adjusted net income | $ | 44,248 | $ | 43,348 | $ | 193,798 | $ | 176,232 | ||||||||
Reconciliation of adjusted net income per diluted common share: | ||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share |
$ | 0.74 | $ | 0.80 | $ | 3.32 | $ | 3.21 | ||||||||
Adjustments: | ||||||||||||||||
Write-off of unamortized debt issuance costs | - | - | 0.12 | 0.02 | ||||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | 0.04 | (0.04 | ) | (0.03 | ) | (0.15 | ) | |||||||||
Impact of reconciling items on income tax expense | - | - | - | 0.01 | ||||||||||||
Impact of reconciling item on net income attributable to the noncontrolling interests |
(0.01 | ) | - | (0.01 | ) | 0.01 | ||||||||||
Adjusted net income per diluted common share | $ | 0.77 | $ | 0.76 | $ | 3.40 | $ | 3.10 | ||||||||
Three Months Ended | Years Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Reconciliation of adjusted EBITDA: | ||||||||||||||||
Net income attributable to Textainer Group Holdings Limited common shareholders |
$ | 42,403 | $ | 45,545 | $ | 189,362 | $ | 182,809 | ||||||||
Adjustments: | ||||||||||||||||
Interest income | (29 | ) | (22 | ) | (119 | ) | (122 | ) | ||||||||
Interest expense | 18,573 | 22,560 | 85,931 | 85,174 | ||||||||||||
Realized losses on interest rate swaps and caps, net | 2,872 | 1,967 | 10,293 | 8,409 | ||||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | 2,447 | (2,376 | ) | (1,512 | ) | (8,656 | ) | |||||||||
Income tax expense (benefit) | 627 | (938 | ) | (18,068 | ) | 6,831 | ||||||||||
Net income attributable to the noncontrolling interests | 1,249 | 1,859 | 5,692 | 6,565 | ||||||||||||
Depreciation expense and container impairment | 46,440 | 40,006 | 176,596 | 148,974 | ||||||||||||
Amortization expense | 1,167 | 954 | 4,010 | 4,226 | ||||||||||||
Impact of reconciling items on net income attributable to the noncontrolling interests |
(3,071 | ) | (989 | ) | (10,425 | ) | (4,461 | ) | ||||||||
Adjusted EBITDA | $ | 112,678 | $ | 108,566 | $ | 441,760 | $ | 429,749 | ||||||||
Net cash provided by operating activities | $ | 362,806 | $ | 316,629 | ||||||||||||
Adjustments: | ||||||||||||||||
Bad debt recovery (expense), net | 474 | (8,084 | ) | |||||||||||||
Amortization of debt issuance costs and accretion of bond discount | (17,144 | ) | (11,587 | ) | ||||||||||||
Amortization of deferred revenue | - | 1,001 | ||||||||||||||
Gains on sale of containers, net | 13,469 | 27,340 | ||||||||||||||
Share-based compensation expense | (7,499 | ) | (5,694 | ) | ||||||||||||
Interest income | (119 | ) | (122 | ) | ||||||||||||
Interest expense | 85,931 | 85,174 | ||||||||||||||
Realized losses on interest rate swaps and caps, net | 10,293 | 8,409 | ||||||||||||||
Income tax (benefit) expense | (18,068 | ) | 6,831 | |||||||||||||
Changes in operating assets and liabilities | 22,042 | 14,313 | ||||||||||||||
Impact of reconciling items on net income attributable to the noncontrolling interests |
(10,425 | ) | (4,461 | ) | ||||||||||||
Adjusted EBITDA | $ | 441,760 | $ | 429,749 |
Source:
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1
415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com