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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report _____________________

For the transition period from _______ to _______

Commission file number 001-33725

Textainer Group Holdings Limited

(Exact name of Registrant as specified in its charter)

Not Applicable

(Translation of Registrant’s name into English)

Bermuda

(Jurisdiction of incorporation or organization)

Century House, 16 Par-La-Ville Road, Hamilton HM 08, Bermuda

(Address of principal executive offices)

Michael J. Harvey

Textainer Group Holdings Limited

Century House, 16 Par-La-Ville Road, Hamilton HM 08, Bermuda

(441) 296-2500

mjh@textainer.com

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, $0.01 par value

TGH

New York Stock Exchange

Securities registered or to be registered pursuant to Section 12(g) of the Act.

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

56,817,918 Common Shares

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes      No  

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes      No  

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer, or an emerging growth company. See definitions of “accelerated filer”, “large accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.:

Large accelerated filer              Accelerated filer             Non-accelerated filer      Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP        International Financial Reporting Standards as issued by the International Accounting Standards Board      Other  

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.     Item 17      Item 18  

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

 

 


TABLE OF CONTENTS

 

 

 

 

 

Page

Information Regarding Forward-Looking Statements; Cautionary Language

 

1

Part I

 

 

Item 1.

 

Identity of Directors, Senior Management and Advisers

 

2

Item 2.

 

Offer Statistics and Expected Timetable

 

2

Item 3.

 

Key Information

 

2

Item 4.

 

Information on the Company

 

32

Item 4A.

 

Unresolved Staff Comments

 

49

Item 5.

 

Operating and Financial Review and Prospects

 

49

Item 6.

 

Directors, Senior Management and Employees

 

68

Item 7.

 

Major Shareholders and Related Party Transactions

 

73

Item 8.

 

Financial Information

 

78

Item 9.

 

The Offer and Listing

 

79

Item 10.

 

Additional Information

 

80

Item 11.

 

Quantitative and Qualitative Disclosures About Market Risk

 

89

Item 12.

 

Description of Securities Other than Equity Securities

 

90

PART II

 

 

Item 13.

 

Defaults, Dividend Arrearages and Delinquencies

 

91

 

 

 

 

In this Annual Report on Form 20-F, unless indicated otherwise, references to:  (1) “Textainer,” “TGH,” “the Company,” “we,” “us” and “our” refer, as the context requires, to Textainer Group Holdings Limited, which is the registrant and the issuer of the class of common shares that has been registered pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended, or Textainer Group Holdings Limited and its subsidiaries; (2) “TEU” refers to a “Twenty-Foot Equivalent Unit,” which is a unit of measurement used in the container shipping industry to compare shipping containers of various lengths to a standard 20′ dry freight container, thus a 20′ container is one TEU and a 40′ container is two TEU; (3) “CEU” refers to a Cost Equivalent Unit, which is a unit of measurement based on the approximate cost of a container relative to the cost of a standard 20′ dry freight container, so the cost of a standard 20′ dry freight container is one CEU; the cost of a 40′ dry freight container is 1.6 CEU; the cost of a 40′ high cube dry freight container (9′6″ high) is 1.7 CEU; and the cost of a 40’ high cube refrigerated container is 8.0 CEU; (4) “our owned fleet” means the containers we own; (5) “our managed fleet” means the containers we manage that are owned by other Container Investors; (6) “our fleet” and “our total fleet” mean our owned fleet plus our managed fleet plus any containers we lease from other lessors; (7) “Container Investors” means the owners of the containers in our managed fleet; and (8) “Trencor” refers to Trencor Ltd., a public South African investment holding company, previously listed on the Johannesburg Stock Exchange, South Africa, which, directly owned approximately 47.5% and 5.3% of our common shares as of December 31, 2018 and 2019, respectively.  See Item 4, “Information on the Company” for an explanation of the relationship between Trencor and us.

Dollar amounts in this Annual Report on Form 20-F are expressed in thousands, unless otherwise indicated.

 

 


 

INFORMATION REGARDING FORWARD-LOOKING STATEMENTS; CAUTIONARY LANGUAGE

This Annual Report on Form 20-F, including the sections entitled Item 3, “Key Information -- Risk Factors,” and Item 5, “Operating and Financial Review and Prospects,” contains forward-looking statements within the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not statements of historical facts and may relate to, but are not limited to, expectations or estimates of future operating results or financial performance, capital expenditures, introduction of new products, regulatory compliance, plans for growth and future operations, as well as assumptions relating to the foregoing. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “continue” or the negative of these terms or other similar terminology.

Although we do not make forward-looking statements unless we believe we have a reasonable basis for doing so, we cannot guarantee their accuracy, and actual results may differ materially from those we anticipated due to a number of uncertainties, many of which cannot be foreseen. Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including, among others, the risks we face that are described in the section entitled Item 3, “Key Information -- Risk Factors” and elsewhere in this Annual Report on Form 20-F.

We believe that it is important to communicate our future expectations to potential investors, shareholders and other readers. However, there may be events in the future that we are not able to accurately predict or control and that may cause actual events or results to differ materially from the expectations expressed in or implied by our forward-looking statements. The risk factors listed in Item 3, “Key Information -- Risk Factors,” as well as any cautionary language in this Annual Report on Form 20-F, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Before you decide to buy, hold or sell our common shares, you should be aware that the occurrence of the events described in Item 3, “Key Information -- Risk Factors” and elsewhere in this Annual Report on Form 20-F could negatively impact our business, cash flows, results of operations, financial condition and share price. Potential investors, shareholders and other readers should not place undue reliance on our forward-looking statements.

Forward-looking statements regarding our present plans or expectations involve risks and uncertainties relative to return expectations and related allocation of resources and changing economic or competitive conditions which could cause actual results to differ from present plans or expectations, and such differences could be material. Similarly, forward-looking statements regarding our present expectations for operating results and cash flow involve risks and uncertainties related to factors such as utilization rates, per diem rates, container prices, demand for containers by container shipping lines, supply and other factors discussed under Item 3, “Key Information -- Risk Factors” or elsewhere in this Annual Report on Form 20-F, which could also cause actual results to differ from present plans. Such differences could be material.

All future written and oral forward-looking statements attributable to us or any person acting on our behalf are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. New risks and uncertainties arise from time to time, and we cannot predict those events or how they may affect us. We assume no obligation to, and do not plan to, update any forward-looking statements after the date of this Annual Report on Form 20-F as a result of new information, future events or developments, except as required by federal securities laws. You should read this Annual Report on Form 20-F and the documents that we reference and have filed as exhibits with the understanding that we cannot guarantee future results, levels of activity, performance or achievements and that actual results may differ materially from what we expect.

Industry data and other statistical information used in this Annual Report on Form 20-F are based on independent publications, reports by market research firms or other published independent sources. Good faith estimates are used for some data that is derived from our review of internal surveys and the independent sources listed above. Although we believe these sources are reliable, we have not independently verified the information.

In this Annual Report on Form 20-F, unless otherwise specified, all monetary amounts are in U.S. dollars. To the extent that any monetary amounts are not denominated in U.S. dollars, they have been translated into U.S. dollars in accordance with our accounting policies as described in Item 18, “Financial Statements” in this Annual Report on Form 20-F.

1


 

PART I

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.

KEY INFORMATION

A.

Selected Financial Data

The selected financial data presented below under the heading “Statement of Income Data” for the years ended December 31, 2019, 2018 and 2017 and under the heading “Balance Sheet Data” as of December 31, 2019 and 2018 have been derived from our audited consolidated financial statements included in Item 18, “Financial Statements” in this Annual Report on Form 20-F. The selected financial data presented below under the heading “Statement of Income Data” for the years ended December 31, 2016 and 2015 and under the heading “Balance Sheet Data” as of December 31, 2017, 2016 and 2015 are audited and have been derived from our audited consolidated financial statements not included in this Annual Report on Form 20-F. The data presented below under the heading “Other Financial and Operating Data” have not been audited. Historical results are not necessarily indicative of the results of operations to be expected in future periods. You should read the selected consolidated financial data and operating data presented below in conjunction with Item 5, “Operating and Financial Review and Prospects” and with Item 18, “Financial Statements” in this Annual Report on Form 20-F.

 

 

 

Fiscal Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

(Dollars in thousands, except per share data)

 

Statement of Income Data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease rental income - owned fleet

 

$

517,859

 

 

$

501,362

 

 

$

444,888

 

 

$

460,427

 

 

$

512,544

 

Lease rental income - managed fleet

 

 

101,901

 

 

 

111,342

 

 

 

104,566

 

 

 

105,511

 

 

 

133,961

 

Lease rental income

 

 

619,760

 

 

 

612,704

 

 

 

549,454

 

 

 

565,938

 

 

 

646,505

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees - non-leasing

 

 

7,590

 

 

 

8,529

 

 

 

7,146

 

 

 

5,937

 

 

 

5,612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading container sales proceeds

 

 

58,734

 

 

 

19,568

 

 

 

4,758

 

 

 

15,628

 

 

 

12,670

 

Cost of trading containers sold

 

 

(51,336

)

 

 

(16,118

)

 

 

(3,302

)

 

 

(15,904

)

 

 

(12,475

)

Trading container margin

 

 

7,398

 

 

 

3,450

 

 

 

1,456

 

 

 

(276

)

 

 

195

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of owned fleet containers, net

 

 

21,397

 

 

 

36,071

 

 

 

26,210

 

 

 

6,761

 

 

 

3,454

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct container expense - owned fleet (1)

 

 

45,831

 

 

 

53,845

 

 

 

59,538

 

 

 

60,029

 

 

 

44,706

 

Distribution expense to managed fleet container investors

 

 

93,858

 

 

 

102,992

 

 

 

96,718

 

 

 

98,028

 

 

 

123,963

 

Depreciation expense (2)

 

 

260,372

 

 

 

249,500

 

 

 

235,293

 

 

 

302,599

 

 

 

224,610

 

Container lessee default expense (1)

 

 

7,867

 

 

 

17,948

 

 

 

4,605

 

 

 

30,735

 

 

 

5,301

 

Amortization expense

 

 

2,093

 

 

 

3,721

 

 

 

4,092

 

 

 

5,053

 

 

 

4,741

 

General and administrative expense

 

 

38,142

 

 

 

44,317

 

 

 

39,677

 

 

 

34,540

 

 

 

35,598

 

Bad debt expense, net

 

 

2,002

 

 

 

2,697

 

 

 

477

 

 

 

21,166

 

 

 

5,028

 

Gain on insurance recovery and legal settlement

 

 

(14,881

)

 

 

(8,692

)

 

 

 

 

 

 

 

 

 

Gain on settlement of pre-existing management agreement

 

 

(1,823

)

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

433,461

 

 

 

466,328

 

 

 

440,400

 

 

 

552,150

 

 

 

443,947

 

Income from operations

 

 

222,684

 

 

 

194,426

 

 

 

143,866

 

 

 

26,210

 

 

 

211,819

 

2


 

 

 

 

Fiscal Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

 

2016

 

 

2015

 

 

 

(Dollars in thousands, except per share data)

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(153,185

)

 

 

(138,427

)

 

 

(117,475

)

 

 

(85,215

)

 

 

(76,063

)

Write-off of unamortized deferred debt

   costs and bond discounts

 

 

 

 

 

(881

)

 

 

(7,550

)

 

 

 

 

 

(458

)

Interest income

 

 

2,505

 

 

 

1,709

 

 

 

613

 

 

 

408

 

 

 

125

 

Realized gain (loss) on derivative instruments, net

 

 

1,946

 

 

 

5,238

 

 

 

(1,191

)

 

 

(8,928

)

 

 

(12,823

)

Unrealized (loss) gain on derivative instruments, net

 

 

(15,442

)

 

 

(5,790

)

 

 

4,094

 

 

 

6,210

 

 

 

(1,947

)

Other, net

 

 

(4

)

 

 

 

 

 

3

 

 

 

(8

)

 

 

26

 

Net other expense

 

 

(164,180

)

 

 

(138,151

)

 

 

(121,506

)

 

 

(87,533

)

 

 

(91,140

)

Income (loss) before income tax and

   noncontrolling interest

 

 

58,504

 

 

 

56,275

 

 

 

22,360

 

 

 

(61,323

)

 

 

120,679

 

Income tax (expense) benefit

 

 

(1,948

)

 

 

(2,025

)

 

 

(1,618

)

 

 

3,447

 

 

 

(6,695

)

Net income (loss)

 

 

56,556

 

 

 

54,250

 

 

 

20,742

 

 

 

(57,876

)

 

 

113,984

 

Less:  Net loss (income) attributable to the

   noncontrolling interests

 

 

168

 

 

 

(3,872

)

 

 

(1,377

)

 

 

5,393

 

 

 

(5,576

)

Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders

 

$

56,724

 

 

$

50,378

 

 

$

19,365

 

 

$

(52,483

)

 

$

108,408

 

Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.99

 

 

$

0.88

 

 

$

0.34

 

 

$

(0.93

)

 

$

1.90

 

Diluted

 

$

0.99

 

 

$

0.88

 

 

$

0.34

 

 

$

(0.93

)

 

$

1.90

 

Weighted average shares outstanding

   (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

57,349

 

 

 

57,200

 

 

 

56,845

 

 

 

56,608

 

 

 

56,953

 

Diluted

 

 

57,459

 

 

 

57,487

 

 

 

57,159

 

 

 

56,608

 

 

 

57,093

 

Other Financial and Operating Data

   (unaudited):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash dividends declared per common share

 

$

 

 

$

 

 

$

 

 

$

0.51

 

 

$

1.65

 

Purchase of containers and fixed assets

 

$

466,993

 

 

$

854,383

 

 

$

300,125

 

 

$

505,528

 

 

$

533,306

 

Payments on container leaseback financing receivable

 

$

281,445

 

 

$

 

 

$

 

 

$

 

 

$

 

Utilization rate (3)

 

 

97.40

%

 

 

98.10

%

 

 

96.40

%

 

 

94.70

%

 

 

96.80

%

Total fleet in TEU (as of the end of the

   period)

 

 

3,500,812

 

 

 

3,354,724

 

 

 

3,279,892

 

 

 

3,142,556

 

 

 

3,147,690

 

Balance Sheet Data (as of the end of the

   period):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (including restricted cash)

 

$

277,905

 

 

$

224,928

 

 

$

237,569

 

 

$

142,123

 

 

$

149,511

 

Containers, net

 

 

4,156,151

 

 

 

4,134,016

 

 

 

3,791,610

 

 

 

3,717,542

 

 

 

3,696,311

 

Net investment in direct financing and

   sales-type leases (current and long-term)

 

 

295,303

 

 

 

167,060

 

 

 

182,624

 

 

 

237,234

 

 

 

331,792

 

Container leaseback financing receivable (current

   and long-term)

 

 

271,658

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets (4)

 

 

5,202,617

 

 

 

4,768,769

 

 

 

4,401,252

 

 

 

4,310,729

 

 

 

4,386,959

 

Long-term debt (including current portion)

 

 

3,797,729

 

 

 

3,409,827

 

 

 

2,990,308

 

 

 

3,038,297

 

 

 

3,003,648

 

Total liabilities (4)

 

 

3,916,972

 

 

 

3,532,778

 

 

 

3,195,215

 

 

 

3,130,189

 

 

 

3,125,319

 

Total Textainer Group Holdings Limited

   shareholders' equity

 

 

1,259,379

 

 

 

1,206,813

 

 

 

1,148,297

 

 

 

1,121,681

 

 

 

1,197,388

 

Noncontrolling interest

 

 

26,266

 

 

 

29,178

 

 

 

57,740

 

 

 

58,859

 

 

 

64,252

 

 


3


 

 

(1)

Amounts for container write-off and container recovery costs from lessee default for the years ended 2015 to 2018 have been reclassified out of the previously reported line item “container impairment” and “direct container expense – owned fleet”, respectively, and included within “container lessee default expense” to conform with the 2019 presentation.

 

(2)

Amounts to write down the carrying value of containers held for sale to their estimated fair value less costs to sell for years ended 2015 to 2018 have been reclassified out of the previously reported line item “container impairment” and included within “depreciation expense” to conform with the 2019 presentation.

 

(3)

We measure the utilization rate on the basis of CEU on lease, using the actual number of days on-hire, expressed as a percentage of CEU available for lease, using the actual days available for lease. CEU available for lease excludes CEU that have been manufactured for us but have not yet been delivered to a lessee and CEU designated as held for sale units.

 

(4)

Amounts for the years ended 2015 to 2018 have been reclassified to report the gross amounts of accounts receivable, prepaid expenses, accounts payable and accrued expenses arising from the managed fleet instead of the net presentation (also see Note 2 “Immaterial Reclassification and Adjustment of Prior Periods” in Item 18, “Financial Statements” in this Annual Report on Form 20-F).

B.

Capitalization and Indebtedness

Not applicable.

C.

Reasons for the Offer and Use of Proceeds

Not applicable.

D.

Risk Factors

An investment in our common shares involves a high degree of risk. You should carefully consider the following risk factors, together with the other information contained elsewhere in this Annual Report on Form 20-F, including our financial statements and the related notes thereto, before you decide to buy, hold or sell our common shares. Any of the risk factors we describe below could adversely affect our business, cash flows, results of operations and financial condition. The market price of our common shares could decline and you may lose some or all of your investment if one or more of these risks and uncertainties develop into actual events. 

Risks Related to Our Business and Industry

The demand and pricing for leased containers depends on many factors beyond our control.

Substantially all of our revenue derives from activities related to the leasing, managing and selling of containers. Our ability to continue successfully leasing containers to container shipping lines, earning management fees on leased containers, selling used containers and sourcing capital required to purchase new and used containers depends, in part, upon the continued demand to lease containers and purchase used containers.

4


 

Demand for leased containers depends largely on the rate of growth of world trade and economic growth, with worldwide consumer demand being the most critical factor affecting this growth. Demand for leased containers is also driven by our customers’ “lease vs. buy” decisions. In the past, economic downturns in the U.S., Europe, Asia and countries with consumer-oriented economies have resulted in a reduction in the rate of growth of world trade and demand by container shipping lines for leased containers and it is likely that any future downturns would have similar results. Thus, a decrease in world trade can and has adversely affected our utilization and per diem rates and led to reduced revenue and increased operating expenses (such as storage and repositioning costs) and can have an adverse effect on our financial performance. We cannot predict whether, or when, such downturns will occur or the severity or duration of any downturn. Other material factors affecting demand for leased containers, utilization and per diem rates include the following:

 

prices of new and used containers;

 

economic conditions, profitability, competitive pressures and consolidation in the container shipping and container leasing industry;

 

shifting trends and patterns of cargo traffic;

 

fluctuations in demand for containerized goods outside their area of production;

 

the availability and terms of container financing for us and for our competitors and customers;

 

fluctuations in interest rates and currency exchange rates;

 

overcapacity, undercapacity and consolidation of container manufacturers;

 

the lead times required to purchase containers;

 

the number of containers purchased in the current year and prior years by competitors and container lessees;

 

container ship fleet overcapacity or undercapacity;

 

repositioning by container shipping lines of their own empty containers to higher demand locations in lieu of leasing containers;