Financial and Business Summaries
-
Total revenues of
$140.7 million for the quarter, a$21.5 million (or 18.0%) increase from the second quarter of 2017; -
Lease rental income of
$121.6 million for the quarter, a$12.8 million (or 11.8%) increase from the second quarter of 2017 and sixth consecutive quarter of growth; -
Adjusted EBITDA(1) of
$109.1 million for the quarter, an improvement of$17.9 million (or 19.7%), from the second quarter of 2017; -
Adjusted net income(1) of
$17.7 million for the quarter, or$0.31 per diluted common share, an increase of$18.9 million from the second quarter of 2017; - Utilization averaged 97.9% for the quarter and is currently at 97.9%, an improvement of 160 basis points from the average in the second quarter of 2017;
-
Issued
$259 million , seven-year fixed rate asset backed notes, increasing our ratio of fixed rate debt to 76% of total debt outstanding; and -
New container investments totaling
$700 million ordered and/or received year-to-date.
“The second quarter produced continued growth and financial performance
improvement as expected. Total revenues increased 18% over the
comparable quarter in 2017 driven by the positive momentum from
favorable market conditions and our strong capex,” stated Philip K.
Brewer, President and Chief Executive Officer of
“We saw a significant surge in lease-outs, starting late June and continuing throughout July, associated with the traditional peak season increase in demand. The steady investments in new containers during the first and second quarters positioned us well to benefit from this surge. Over the past two months, our customers picked up more than 110 thousand TEU, yielding a lease-out to turn-in ratio of 2.5 to 1. The associated revenue will be fully reflected in our third quarter results.
“We have ordered and/or received delivery of 360 thousand TEU totaling
Key Financial Information (in thousands except for per share and TEU amounts): |
||||||||||||||||
QTD | YTD | |||||||||||||||
Q2 2018 | Q2 2017 | Q2 2018 | Q2 2017 | |||||||||||||
Lease rental income | $ | 121,583 | $ | 108,779 | $ | 241,805 | $ | 216,396 | ||||||||
Total revenues | $ | 140,702 | $ | 119,247 | $ | 273,940 | $ | 235,934 | ||||||||
Income from operations | $ | 52,280 | $ | 33,512 | $ | 100,936 | $ | 53,551 | ||||||||
Net income (loss) attributable to Textainer Group Holdings |
$ | 17,506 | $ | (9,353 | ) | $ | 36,224 | $ | (16,327 | ) | ||||||
Net income (loss) attributable to Textainer Group Holdings |
$ | 0.30 | $ | (0.16 | ) | $ | 0.63 | $ | (0.29 | ) | ||||||
Adjusted net income (loss) (1) | $ | 17,731 | $ | (1,195 | ) | $ | 34,739 | $ | (10,262 | ) | ||||||
Adjusted net income (loss) per diluted common share (1) | $ | 0.31 | $ | (0.02 | ) | $ | 0.60 | $ | (0.18 | ) | ||||||
Adjusted EBITDA (1) | $ | 109,140 | $ | 91,210 | $ | 214,393 | $ | 173,322 | ||||||||
Average fleet utilization | 97.9 | % | 96.3 | % | 97.9 | % | 95.7 | % | ||||||||
Total fleet size at end of period (TEU) | 3,354,085 | 2,992,040 | ||||||||||||||
Owned percentage of total fleet at end of period | 80.0 | % | 81.3 | % | ||||||||||||
(1) “Adjusted net income (loss)” and “adjusted EBITDA” are Non-GAAP
Measures that are reconciled to GAAP measures in section “Reconciliation
of GAAP financial measures to non-GAAP financial measures” below.
“Adjusted net income (loss)” is defined as net income (loss)
attributable to
Second-Quarter Results
Lease rental income increased
Gain on sale of containers, net increased
Direct container expense decreased
Depreciation expense decreased
Bad debt expense increased
Interest expense increased
Outlook
“We believe the increased lease-out demand we have seen in June and July will continue through the third quarter. Lessors have purchased more than 60% of this year’s production. Shipping lines continue to rely on lessors to provide the majority of their container needs for several reasons, including the impact of increased bunker prices on their profitability and an uncertain outlook due to actual and proposed tariffs,” commented Mr. Brewer. “We have not experienced a measurable impact to container demand as result of the current trade disputes. We do not expect the impact on our results to be significant absent a meaningful slowdown in global trade. To the extent that these disputes result in changes to established trade lanes and patterns, supply chains are likely to be rearranged and lengthened which is generally positive for container demand. However, we cannot at this time predict the extent of the impact resulting from future developments.
“Factory inventory has declined 25% since the end of the first quarter, currently at about 750 thousand TEU, demonstrating a measured approach to container orders by lessors and shipping lines in alignment with the strong container demand. Manufacturers produced an estimated 2.5 million TEU as of the end of June, close to a record level of production. Consistent with past practice, lessors quickly regulate their investment based on demand as evidenced by the industry-wide utilization in the high 90% range.
“New container prices have remained close to their current level of
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 we will realize revenue in the third quarter of 2018 from the
container lease-outs made in June and July; (ii) Textainer’s believe
that the increased lease-out demand seen in June and July will continue
through the third quarter; (iii) Textainer’s expectations regarding the
possible impact resulting from trade disputes; (iv) Textainer’s
expectation that worldwide depot inventory will remain low; (v)
Textainer’s expectation that lease rates will remain attractive at
levels above our current fleet averages; and (vi) Textainer’s
expectation of further improvements in lease rental income during the
second half of 2018. 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
conditions; 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 decreases due to increased barriers to trade or political or
economic factors, or for other reasons, it reduces demand for intermodal
container leasing; as we increase the number of containers in our owned
fleet, we increase our capital at risk and may need to incur more debt,
which could result in financial instability;
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 Income (Loss) |
||||||||||||||||||||||||||||||||
Three and Six Months Ended June 30, 2018 and 2017 |
||||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||||
(All currency expressed in United States dollars in thousands, except per share amounts) |
||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Lease rental income | $ | 121,583 | $ | 108,779 | $ | 241,805 | $ | 216,396 | ||||||||||||||||||||||||
Management fees | 4,559 | 3,534 | 8,547 | 6,756 | ||||||||||||||||||||||||||||
Trading container sales proceeds | 3,157 | 1,052 | 5,558 | 2,852 | ||||||||||||||||||||||||||||
Gain on sale of containers, net | 11,403 | 5,882 | 18,030 | 9,930 | ||||||||||||||||||||||||||||
Total revenues | 140,702 | 119,247 | 273,940 | 235,934 | ||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Direct container expense | 13,454 | 14,889 | 27,150 | 34,548 | ||||||||||||||||||||||||||||
Cost of trading containers sold | 3,111 | 716 | 5,216 | 2,005 | ||||||||||||||||||||||||||||
Depreciation expense | 57,793 | 59,644 | 114,127 | 120,252 | ||||||||||||||||||||||||||||
Container impairment | 938 | 714 | 1,770 | 4,525 | ||||||||||||||||||||||||||||
Amortization expense | 958 | 948 | 2,780 | 1,896 | ||||||||||||||||||||||||||||
General and administrative expense | 8,615 | 7,309 | 16,719 | 14,654 | ||||||||||||||||||||||||||||
Short-term incentive compensation expense | 789 | 2 | 1,727 | 1,362 | ||||||||||||||||||||||||||||
Long-term incentive compensation expense | 1,374 | 1,405 | 2,732 | 2,781 | ||||||||||||||||||||||||||||
Bad debt expense, net | 1,390 | 108 | 783 | 360 | ||||||||||||||||||||||||||||
Total operating expenses | 88,422 | 85,735 | 173,004 | 182,383 | ||||||||||||||||||||||||||||
Income from operations | 52,280 | 33,512 | 100,936 | 53,551 | ||||||||||||||||||||||||||||
Other (expense) income: | ||||||||||||||||||||||||||||||||
Interest expense | (34,513 | ) | (29,404 | ) | (66,132 | ) | (58,317 | ) | ||||||||||||||||||||||||
Write-off of unamortized deferred debt issuance costs
and bond discounts |
- | (7,228 | ) | - | (7,228 | ) | ||||||||||||||||||||||||||
Interest income | 404 | 89 | 707 | 217 | ||||||||||||||||||||||||||||
Realized gains (losses) on interest rate swaps, collars and caps, net | 1,499 | (479 | ) | 2,683 | (1,641 | ) | ||||||||||||||||||||||||||
Unrealized (losses) gains on interest rate swaps, collars and
caps, net |
(37 | ) | (1,232 | ) | 2,226 | 1,062 | ||||||||||||||||||||||||||
Other, net | (2 | ) | 17 | - | 3 | |||||||||||||||||||||||||||
Net other expense | (32,649 | ) | (38,237 | ) | (60,516 | ) | (65,904 | ) | ||||||||||||||||||||||||
Income (loss) before income tax and
noncontrolling interests |
19,631 | (4,725 | ) | 40,420 | (12,353 | ) | ||||||||||||||||||||||||||
Income tax expense | (926 | ) | (4,767 | ) | (1,486 | ) | (5,214 | ) | ||||||||||||||||||||||||
Net income (loss) | 18,705 | (9,492 | ) | 38,934 | (17,567 | ) | ||||||||||||||||||||||||||
Less: Net (income) loss attributable to the noncontrolling
interests |
(1,199 | ) | 139 | (2,710 | ) | 1,240 | ||||||||||||||||||||||||||
Net income (loss) attributable to Textainer Group Holdings Limited common shareholders |
$ | 17,506 | $ | (9,353 | ) | $ | 36,224 | $ | (16,327 | ) | ||||||||||||||||||||||
Net income (loss) attributable to Textainer Group Holdings
Limited common shareholders per share: |
||||||||||||||||||||||||||||||||
Basic | $ | 0.31 | $ | (0.16 | ) | $ | 0.63 | $ | (0.29 | ) | ||||||||||||||||||||||
Diluted | $ | 0.30 | $ | (0.16 | ) | $ | 0.63 | $ | (0.29 | ) | ||||||||||||||||||||||
Weighted average shares outstanding (in thousands): | ||||||||||||||||||||||||||||||||
Basic | 57,121 | 56,803 | 57,110 | 56,797 | ||||||||||||||||||||||||||||
Diluted | 57,441 | 56,803 | 57,487 | 56,797 | ||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||
Foreign currency translation adjustments | (95 | ) | 64 | 11 | 96 | |||||||||||||||||||||||||||
Comprehensive income (loss) | 18,610 | (9,428 | ) | 38,945 | (17,471 | ) | ||||||||||||||||||||||||||
Comprehensive (income) loss attributable to the
noncontrolling interests |
(1,199 | ) | 139 | (2,710 | ) | 1,240 | ||||||||||||||||||||||||||
Comprehensive income (loss) attributable to Textainer
Group Holdings Limited common shareholders |
$ | 17,411 | $ | (9,289 | ) | $ | 36,235 | $ | (16,231 | ) | ||||||||||||||||||||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
June 30, 2018 and December 31, 2017 |
||||||||
(Unaudited) |
||||||||
(All currency expressed in United States dollars in thousands) |
||||||||
2018 | 2017 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 153,139 | $ | 137,894 | ||||
Accounts receivable, net of allowance for doubtful accounts of $6,055 and $5,775, respectively | 95,313 | 78,312 | ||||||
Net investment in direct financing and sales-type leases | 56,811 | 56,959 | ||||||
Trading containers | 13,070 | 10,752 | ||||||
Containers held for sale | 20,193 | 22,089 | ||||||
Prepaid expenses and other current assets | 15,133 | 12,243 | ||||||
Insurance receivable | 1,062 | 15,909 | ||||||
Due from affiliates, net | 3,776 | 1,134 | ||||||
Total current assets | 358,497 | 335,292 | ||||||
Restricted cash | 95,237 | 99,675 | ||||||
Containers, net of accumulated depreciation of $1,250,675 and $1,172,355, respectively | 3,992,255 | 3,791,610 | ||||||
Net investment in direct financing and sales-type leases | 127,303 | 125,665 | ||||||
Fixed assets, net of accumulated depreciation of $11,195 and $10,788, respectively | 2,016 | 2,151 | ||||||
Intangible assets, net of accumulated amortization of $42,325 and $44,279, respectively | 8,325 | 11,105 | ||||||
Interest rate swaps, collars and caps | 10,006 | 7,787 | ||||||
Deferred taxes | 1,563 | 1,563 | ||||||
Other assets | 4,670 | 5,494 | ||||||
Total assets | $ | 4,599,872 | $ | 4,380,342 | ||||
Liabilities and Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 9,786 | $ | 6,867 | ||||
Accrued expenses | 11,926 | 13,365 | ||||||
Container contracts payable | 67,172 | 131,087 | ||||||
Other liabilities | 222 | 235 | ||||||
Due to owners, net | 6,043 | 11,131 | ||||||
Debt, net of unamortized deferred financing costs of $6,026 and $3,989, respectively |
529,023 | 233,681 | ||||||
Total current liabilities | 624,172 | 396,366 | ||||||
Debt, net of unamortized deferred financing costs of $16,734 and $20,045, respectively | 2,707,051 | 2,756,627 | ||||||
Interest rate swaps, collars and caps | 74 | 81 | ||||||
Income tax payable | 9,321 | 9,081 | ||||||
Deferred taxes | 7,055 | 5,881 | ||||||
Other liabilities | 1,919 | 2,024 | ||||||
Total liabilities | 3,349,592 | 3,170,060 | ||||||
Equity: | ||||||||
Textainer Group Holdings Limited shareholders' equity: | ||||||||
Common shares, $0.01 par value. Authorized 140,000,000 shares;
57,775,890 shares issued and
57,145,890 shares outstanding at 2018; 57,727,220 shares issued and 57,097,220 shares outstanding at 2017 |
578 | 578 | ||||||
Additional paid-in capital | 400,870 | 397,821 | ||||||
Treasury shares, at cost, 630,000 shares | (9,149 | ) | (9,149 | ) | ||||
Accumulated other comprehensive loss | (298 | ) | (309 | ) | ||||
Retained earnings | 799,825 | 763,601 | ||||||
Total Textainer Group Holdings Limited shareholders’ equity | 1,191,826 | 1,152,542 | ||||||
Noncontrolling interests | 58,454 | 57,740 | ||||||
Total equity | 1,250,280 | 1,210,282 | ||||||
Total liabilities and equity | $ | 4,599,872 | $ | 4,380,342 | ||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
Six Months Ended June 30, 2018 and 2017 |
||||||||
(Unaudited) |
||||||||
(All currency expressed in United States dollars in thousands) |
||||||||
2018 | 2017 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | 38,934 | $ | (17,567 | ) | |||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||
Depreciation expense | 114,127 | 120,252 | ||||||
Container impairment | 1,770 | 4,525 | ||||||
Bad debt expense, net | 783 | 360 | ||||||
Unrealized gains on interest rate swaps, collars and caps, net | (2,226 | ) | (1,062 | ) | ||||
Amortization and write-off of unamortized deferred debt issuance
costs and
accretion of bond discounts |
4,381 | 14,970 | ||||||
Amortization of intangible assets | 2,780 | 1,896 | ||||||
Gain on sale of containers, net | (18,030 | ) | (9,930 | ) | ||||
Share-based compensation expense | 3,024 | 3,084 | ||||||
Changes in operating assets and liabilities | (14,690 | ) | 1,008 | |||||
Total adjustments | 91,919 | 135,103 | ||||||
Net cash provided by operating activities | 130,853 | 117,536 | ||||||
Cash flows from investing activities: | ||||||||
Purchase of containers and fixed assets | (459,970 | ) | (24,994 | ) | ||||
Proceeds from sale of containers and fixed assets | 73,452 | 66,049 | ||||||
Receipt of payments on direct financing and sales-type leases, net of income earned | 27,023 | 32,999 | ||||||
Insurance proceeds received for unrecovered containers | — | 13,801 | ||||||
Net cash (used in) provided by investing activities | (359,495 | ) | 87,855 | |||||
Cash flows from financing activities: | ||||||||
Proceeds from debt | 870,750 | 1,356,000 | ||||||
Principal payments on debt | (626,331 | ) | (1,458,201 | ) | ||||
Debt issuance costs | (3,010 | ) | (20,268 | ) | ||||
Dividends paid to noncontrolling interest | (1,996 | ) | — | |||||
Issuance of common shares upon exercise of share options | 25 | — | ||||||
Net cash provided by (used in) financing activities | 239,438 | (122,469 | ) | |||||
Effect of exchange rate changes | 11 | 96 | ||||||
Net increase in cash, cash equivalents and restricted cash | 10,807 | 83,018 | ||||||
Cash, cash equivalents and restricted cash, beginning of the year | 237,569 | 142,123 | ||||||
Cash, cash equivalents and restricted cash, end of the period | $ | 248,376 | $ | 225,141 | ||||
TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES
Reconciliation
of GAAP financial measures to non-GAAP financial measures
Three and
Six Months and Ended June 30, 2018 and 2017
(Unaudited)
(All
currency expressed in
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 six months ended June 30, 2018 and 2017, including:
(a) net income (loss) attributable to
(b) net cash provided by operating activities to Adjusted EBITDA;
(c) net income (loss) attributable to Textainer Group Holdings Limited
common shareholders to adjusted net income (loss) (defined as net income
(loss) attributable to
(d) net income (loss) 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 (loss), 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 (loss) may be a useful performance measure
because
Management also believes that adjusted net income and adjusted net income (loss) 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 (loss) or adjusted net income (loss) 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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
(Dollars in thousands) | (Dollars in thousands) | |||||||||||||||
(Unaudited) | (Unaudited) | |||||||||||||||
Reconciliation of adjusted net income (loss): | ||||||||||||||||
Net income (loss) attributable to Textainer Group Holdings |
$ | 17,506 | $ | (9,353 | ) | $ | 36,224 | $ | (16,327 | ) | ||||||
Adjustments: | ||||||||||||||||
Write-off of unamortized deferred debt issuance costs and bond discounts | — | 7,228 | — | 7,228 | ||||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | 37 | 1,232 | (2,226 | ) | (1,062 | ) | ||||||||||
Impact of reconciling items on income tax expense | - | (142 | ) | 22 | (104 | ) | ||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
188 | (160 | ) | 719 | 3 | |||||||||||
Adjusted net income (loss) | $ | 17,731 | $ | (1,195 | ) | $ | 34,739 | $ | (10,262 | ) | ||||||
Reconciliation of adjusted net income (loss) per diluted common share: | ||||||||||||||||
Net income (loss) attributable to Textainer Group Holdings |
$ | 0.30 | $ | (0.16 | ) | $ | 0.63 | $ | (0.29 | ) | ||||||
Adjustments: | ||||||||||||||||
Write-off of unamortized deferred debt issuance costs and bond discounts | — | 0.13 | — | 0.13 | ||||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | — | 0.01 | (0.04 | ) | (0.02 | ) | ||||||||||
Impact of reconciling items on income tax expense | — | — | — | — | ||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
0.01 | — | 0.01 | — | ||||||||||||
Adjusted net income (loss) per diluted common share | $ | 0.31 | $ | (0.02 | ) | $ | 0.60 | $ | (0.18 | ) | ||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
(Dollars in thousands) | (Dollars in thousands) | ||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
Reconciliation of adjusted EBITDA: | |||||||||||||||||
Net income (loss) attributable to Textainer Group Holdings |
$ | 17,506 | $ | (9,353 | ) | $ | 36,224 | $ | (16,327 | ) | |||||||
Adjustments: | |||||||||||||||||
Interest income | (404 | ) | (89 | ) | (707 | ) | (217 | ) | |||||||||
Interest expense | 34,513 | 29,404 | 66,132 | 58,317 | |||||||||||||
Write-off of unamortized deferred debt issuance costs and bond discounts | — | 7,228 | — | 7,228 | |||||||||||||
Realized (gains) losses on interest rate swaps, collars and caps, net | (1,499 | ) | 479 | (2,683 | ) | 1,641 | |||||||||||
Unrealized losses (gains) on interest rate swaps, collars and caps, net | 37 | 1,232 | (2,226 | ) | (1,062 | ) | |||||||||||
Income tax expense | 926 | 4,767 | 1,486 | 5,214 | |||||||||||||
Net income (loss) attributable to the noncontrolling interests | 1,199 | (139 | ) | 2,710 | (1,240 | ) | |||||||||||
Depreciation expense | 57,793 | 59,644 | 114,127 | 120,252 | |||||||||||||
Container impairment | 938 | 714 | 1,770 | 4,525 | |||||||||||||
Amortization expense | 958 | 948 | 2,780 | 1,896 | |||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
(2,827 | ) | (3,625 | ) | (5,220 | ) | (6,905 | ) | |||||||||
Adjusted EBITDA | $ | 109,140 | $ | 91,210 | $ | 214,393 | $ | 173,322 | |||||||||
Net cash provided by operating activities | $ | 130,853 | $ | 117,536 | |||||||||||||
Adjustments: | |||||||||||||||||
Bad debt expense, net | (783 | ) | (360 | ) | |||||||||||||
Amortization of unamortized deferred debt issuance costs and accretion of bond discount |
(4,381 | ) | (14,970 | ) | |||||||||||||
Gain on sale of containers, net | 18,030 | 9,930 | |||||||||||||||
Share-based compensation expense | (3,024 | ) | (3,084 | ) | |||||||||||||
Interest income | (707 | ) | (217 | ) | |||||||||||||
Interest expense | 66,132 | 58,317 | |||||||||||||||
Write-off of unamortized deferred debt issuance costs and bond discounts | — | 7,228 | |||||||||||||||
Realized (gains) losses on interest rate swaps, collars and caps, net | (2,683 | ) | 1,641 | ||||||||||||||
Income tax expense | 1,486 | 5,214 | |||||||||||||||
Changes in operating assets and liabilities | 14,690 | (1,008 | ) | ||||||||||||||
Impact of reconciling items on net income (loss) attributable to the noncontrolling interests |
(5,220 | ) | (6,905 | ) | |||||||||||||
Adjusted EBITDA | $ | 214,393 | $ | 173,322 | |||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20180807005282/en/
Source:
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1
415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com