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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO

RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

Commission File Number 001-33725

 

Textainer Group Holdings Limited

(Translation of Registrant’s name into English)

 

Century House

16 Par-La-Ville Road

Hamilton HM 08

Bermuda

(441) 296-2500

(Address of principal executive office)

 

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

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F      Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.  Yes      No  

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable

 

 

 

 

 

1


 

TEXTAINER GROUP HOLDINGS LIMITED

Quarterly Report on Form 6-K for the Three Months Ended March 31, 2020

Table of Contents

 

 

 

Page

 

 

 

Information Regarding Forward-Looking Statements; Cautionary Language

 

3

 

 

 

Item 1. Condensed Consolidated Financial Statements (Unaudited):

 

4

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2020 and 2019

 

4

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

 

5

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2020 and 2019

 

6

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019

 

7

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

 

8

 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

30

 

 

 

Item 3. Quantitative and Qualitative Disclosures About Market and Credit Risk

 

41

 

 

 

Item 4. Risk Factors

 

42

 

 

 

Signature

 

44

 

 

2


INFORMATION REGARDING FORWARD-LOOKING STATEMENTS; CAUTIONARY LANGUAGE

This Quarterly Report on Form 6-K, including the section entitled Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations”, 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, 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. The forward-looking statements contained in this Quarterly Report on Form 6-K include, but are not limited to, statements regarding  (i) factors that are likely to continue to affect our performance and (ii) our belief that, assuming that our lenders remain solvent that our cash flow from operations, proceeds from the sale of containers and borrowing availability under our debt facilities are sufficient to meet our liquidity needs, including for the payment of dividends, for the next twelve months.

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” included in our Annual Report on Form 20-F for the fiscal year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 30, 2020 (our “2019 Form 20-F”).

We believe that it is important to communicate our expectations about the future 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” included in our 2019 Form 20-F, as well as any cautionary language in this Quarterly Report on Form 6-K, 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” included in our 2019 Form 20-F and elsewhere in this Quarterly Report on Form 6-K could negatively impact our business, cash flows, results of operations, financial condition and share price. Potential investors, shareholders and other readers are cautioned not to place undue reliance on our forward-looking statements.

Forward-looking statements regarding our present plans or expectations for fleet size, management contracts, container purchases, sources and availability of financing, and growth involve risks and uncertainties relative to return expectations and related allocation of resources, and changing economic or competitive conditions, as well as the negotiation of agreements with container investors, 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” included in our 2019 Form 20-F or elsewhere in this Quarterly Report on Form 6-K, 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. The forward-looking statements contained in this Quarterly Report on Form 6-K speak only as of, and are based on information available to us on, the date of the filing of this Quarterly Report on Form 6-K. We assume no obligation to, and do not plan to, update any forward-looking statements after the date of this Quarterly Report on Form 6-K as a result of new information, future events or developments, except as expressly required by U.S. federal securities laws. You should read this Quarterly Report on Form 6-K and the documents that we reference and have furnished 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.  

In this Quarterly Report on Form 6-K, 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” included in our 2019 Form 20-F.

 

 

3


ITEM 1.

CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive (Loss) Income

Three Months Ended March 31, 2020 and 2019

(Unaudited)

(All currency expressed in United States dollars in thousands, except per share amounts)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

Lease rental income - owned fleet

 

$

130,072

 

 

$

128,973

 

Lease rental income - managed fleet

 

 

15,406

 

 

 

26,553

 

Lease rental income

 

 

145,478

 

 

 

155,526

 

 

 

 

 

 

 

 

 

 

Management fees - non-leasing

 

 

1,484

 

 

 

2,301

 

 

 

 

 

 

 

 

 

 

Trading container sales proceeds

 

 

9,585

 

 

 

13,300

 

Cost of trading containers sold

 

 

(8,936

)

 

 

(10,732

)

Trading container margin

 

 

649

 

 

 

2,568

 

  

 

 

 

 

 

 

 

 

Gain on sale of owned fleet containers, net

 

 

5,794

 

 

 

6,767

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

Direct container expense - owned fleet (1)

 

 

13,264

 

 

 

11,580

 

Distribution expense to managed fleet container investors

 

 

14,163

 

 

 

24,480

 

Depreciation expense (2)

 

 

66,834

 

 

 

62,464

 

Amortization expense

 

 

564

 

 

 

602

 

General and administrative expense

 

 

10,138

 

 

 

9,830

 

Bad debt expense, net

 

 

2,045

 

 

 

159

 

Container lessee default recovery, net (1)

 

 

(12

)

 

 

(653

)

Total operating expenses

 

 

106,996

 

 

 

108,462

 

Income from operations

 

 

46,409

 

 

 

58,700

 

Other (expense) income:

 

 

 

 

 

 

 

 

Interest expense

 

 

(36,112

)

 

 

(37,516

)

Write-off of unamortized deferred debt issuance costs

 

 

(122

)

 

 

 

Interest income

 

 

400

 

 

 

638

 

Realized (loss) gain on derivative instruments, net

 

 

(1,526

)

 

 

1,444

 

Unrealized loss on derivative instruments, net

 

 

(14,937

)

 

 

(5,738

)

Other, net

 

 

(53

)

 

 

 

Net other expense

 

 

(52,350

)

 

 

(41,172

)

(Loss) income before income tax and noncontrolling interest

 

 

(5,941

)

 

 

17,528

 

Income tax benefit (expense)

 

 

833

 

 

 

(373

)

Net (loss) income

 

 

(5,108

)

 

 

17,155

 

Less: Net loss (income) attributable to the noncontrolling interest

 

 

729

 

 

 

(105

)

Net (loss) income attributable to Textainer Group Holdings Limited common shareholders

 

$

(4,379

)

 

$

17,050

 

Net (loss) income attributable to Textainer Group Holdings Limited common shareholders per share:

 

 

 

 

 

 

 

 

Basic

 

$

(0.08

)

 

$

0.30

 

Diluted

 

$

(0.08

)

 

$

0.30

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

Basic

 

 

56,455

 

 

 

57,475

 

Diluted

 

 

56,455

 

 

 

57,587

 

Other comprehensive (loss) income, before tax:

 

 

 

 

 

 

 

 

Change in derivative instruments designated as cash flow hedges

 

 

(8,858

)

 

 

 

Reclassification of realized gain on derivative instruments designated as cash flow hedges

 

 

(62

)

 

 

 

Foreign currency translation adjustments

 

 

(63

)

 

 

107

 

Comprehensive (loss) income, before tax

 

 

(14,091

)

 

 

17,262

 

Income tax benefit related to items of other comprehensive (loss) income

 

 

93

 

 

 

 

Comprehensive (loss) income, after tax

 

 

(13,998

)

 

 

17,262

 

Comprehensive loss (income) attributable to the noncontrolling interest

 

 

729

 

 

 

(105

)

Comprehensive (loss) income attributable to Textainer Group Holdings Limited common shareholders

 

$

(13,269

)

 

$

17,157

 

 

(1) Amounts for container write-off and recovery and container recovery costs from lessee default for the period ended March 31, 2019 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 recovery, net” to conform with the 2020 presentation.

(2) Amount to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the period ended March 31, 2019 has been reclassified out of the previously reported line item “container impairment” and included within “depreciation expense” to conform with the 2020 presentation.

 

See accompanying notes to condensed consolidated financial statements.

4


TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

March 31, 2020 and December 31, 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)

 

 

 

2020

 

 

2019

 

Assets

 

.

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

128,664

 

 

$

180,552

 

Accounts receivable, net of allowance for credit losses of $8,026 and $6,299, respectively

 

 

118,905

 

 

 

109,384

 

Net investment in finance leases, net of allowance for credit losses of $186 and $0, respectively

 

 

40,164

 

 

 

40,940

 

Container leaseback financing receivable, net of allowance for credit losses of $90 and $0, respectively

 

 

20,661

 

 

 

20,547

 

Trading containers

 

 

12,894

 

 

 

11,330

 

Containers held for sale

 

 

46,902

 

 

 

41,884

 

Prepaid expenses and other current assets

 

 

14,367

 

 

 

14,816

 

Due from affiliates, net

 

 

2,112

 

 

 

1,880

 

Total current assets

 

 

384,669

 

 

 

421,333

 

Restricted cash

 

 

97,334

 

 

 

97,353

 

Containers, net of accumulated depreciation of $1,482,677 and $1,443,167, respectively

 

 

4,007,433

 

 

 

4,156,151

 

Net investment in finance leases, net of allowance for credit losses of $801 and $0, respectively

 

 

297,549

 

 

 

254,363

 

Container leaseback financing receivable, net of allowance for credit losses of $379 and $0, respectively

 

 

245,507

 

 

 

251,111

 

Fixed assets, net of accumulated depreciation of $12,465 and $12,266, respectively

 

 

1,108

 

 

 

1,128

 

Intangible assets, net of accumulated amortization of $45,923 and $45,359, respectively

 

 

4,727

 

 

 

5,291

 

Derivative instruments

 

 

-

 

 

 

135

 

Deferred taxes

 

 

1,388

 

 

 

1,388

 

Other assets

 

 

14,091

 

 

 

14,364

 

Total assets

 

$

5,053,806

 

 

$

5,202,617

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

21,499

 

 

$

23,404

 

Container contracts payable

 

 

5,294

 

 

 

9,394

 

Other liabilities

 

 

2,733

 

 

 

2,636

 

Due to container investors, net

 

 

19,151

 

 

 

21,978

 

Debt, net of unamortized costs of $6,293 and $8,120, respectively

 

 

239,066

 

 

 

242,433

 

Total current liabilities

 

 

287,743

 

 

 

299,845

 

Debt, net of unamortized costs of $21,160 and $21,446, respectively

 

 

3,426,079

 

 

 

3,555,296

 

Derivative instruments

 

 

37,500

 

 

 

13,778

 

Income tax payable

 

 

9,945

 

 

 

9,909

 

Deferred taxes

 

 

6,644

 

 

 

7,789

 

Other liabilities

 

 

29,546

 

 

 

30,355

 

Total liabilities

 

 

3,797,457

 

 

 

3,916,972

 

Equity:

 

 

 

 

 

 

 

 

Textainer Group Holdings Limited shareholders' equity:

 

 

 

 

 

 

 

 

Common shares, $0.01 par value. Authorized 140,000,000 shares; 58,326,555 shares issued and 54,870,475

   shares outstanding at 2020; 58,326,555 shares issued and 56,817,918 shares outstanding at 2019

 

 

583

 

 

 

583

 

Treasury shares, at cost, 3,456,080 and 1,508,637 shares, respectively

 

 

(33,223

)

 

 

(17,746

)

Additional paid-in capital

 

 

411,666

 

 

 

410,595

 

Accumulated other comprehensive loss

 

 

(9,401

)

 

 

(511

)

Retained earnings

 

 

861,194

 

 

 

866,458

 

Total Textainer Group Holdings Limited shareholders’ equity

 

 

1,230,819

 

 

 

1,259,379

 

Noncontrolling interest

 

 

25,530

 

 

 

26,266

 

Total equity

 

 

1,256,349

 

 

 

1,285,645

 

Total liabilities and equity

 

$

5,053,806

 

 

$

5,202,617

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

5


TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

Three Months Ended March 31, 2020 and 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)

 

 

 

Textainer Group Holdings Limited Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

other

 

 

 

 

 

 

Textainer Group

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

 

Treasury shares

 

 

paid-in

 

 

comprehensive

 

 

Retained

 

 

Holdings Limited

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

capital

 

 

loss

 

 

earnings

 

 

shareholders' equity

 

 

interest

 

 

equity

 

Balances, December 31, 2018

 

 

58,032,164

 

 

$

581

 

 

 

(630,000

)

 

$

(9,149

)

 

$

406,083

 

 

$

(436

)

 

$

809,734

 

 

$

1,206,813

 

 

$

29,178

 

 

$

1,235,991

 

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,056

 

 

 

 

 

 

 

 

 

1,056

 

 

 

 

 

 

1,056

 

Comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Textainer Group

   Holdings Limited common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,050

 

 

 

17,050

 

 

 

 

 

 

17,050

 

Net income attributable to noncontrolling

   interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

105

 

 

 

105

 

Foreign currency translation adjustments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

107

 

 

 

 

 

 

107

 

 

 

 

 

 

107

 

Total comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17,262

 

Balances, March 31, 2019

 

 

58,032,164

 

 

$

581

 

 

 

(630,000

)

 

$

(9,149

)

 

$

407,139

 

 

$

(329

)

 

$

826,784

 

 

$

1,225,026

 

 

$

29,283

 

 

$

1,254,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balances, December 31, 2019

 

 

58,326,555

 

 

 

583

 

 

 

(1,508,637

)

 

 

(17,746

)

 

 

410,595

 

 

 

(511

)

 

 

866,458

 

 

 

1,259,379

 

 

 

26,266

 

 

 

1,285,645

 

Cumulative adjustment for adoption of

   ASU 2016-13

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(885

)

 

 

(885

)

 

 

(7

)

 

 

(892

)

Purchase of treasury shares

 

 

 

 

 

 

 

 

(1,947,443

)

 

 

(15,477

)

 

 

 

 

 

 

 

 

 

 

 

(15,477

)

 

 

 

 

 

(15,477

)

Share-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,071

 

 

 

 

 

 

 

 

 

1,071

 

 

 

 

 

 

1,071

 

Comprehensive (loss) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss attributable to Textainer Group

   Holdings Limited common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,379

)

 

 

(4,379

)

 

 

 

 

 

(4,379

)

Net loss attributable to noncontrolling

   interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(729

)

 

 

(729

)

Change in derivative instruments designated

   as cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8,858

)

 

 

 

 

 

(8,858

)

 

 

 

 

 

(8,858

)

Reclassification of realized gain on derivative

   instruments designated as cash flow hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(62

)

 

 

 

 

 

(62

)

 

 

 

 

 

(62

)

Foreign currency translation adjustments