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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 June 30, 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 and Six Months Ended June 30, 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 Income for the Three and Six Months Ended June 30, 2020 and 2019

 

4

 

 

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2020 and December 31, 2019

 

5

 

 

 

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Six Months Ended June 30, 2020 and 2019

 

6

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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

 

32

 

 

 

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

 

45

 

 

 

Item 4. Risk Factors

 

45

 

 

 

Signature

 

48

 

 

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 risk described in Item 4, “Risk Factors” of this Quarterly Report on Form 6-K and 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, the magnitude and duration of the ongoing COVID-19 pandemic 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 Income (Loss)

(Unaudited)

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

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lease rental income - owned fleet (1)

 

$

128,648

 

 

$

130,439

 

 

$

258,720

 

 

$

260,000

 

Lease rental income - managed fleet

 

 

16,126

 

 

 

25,804

 

 

 

31,532

 

 

 

52,357

 

Lease rental income

 

 

144,774

 

 

 

156,243

 

 

 

290,252

 

 

 

312,357

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Management fees - non-leasing

 

 

544

 

 

 

1,940

 

 

 

2,028

 

 

 

4,241

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trading container sales proceeds (1)

 

 

7,427

 

 

 

14,394

 

 

 

17,012

 

 

 

27,106

 

Cost of trading containers sold

 

 

(6,856

)

 

 

(12,170

)

 

 

(15,792

)

 

 

(22,902

)

Trading container margin

 

 

571

 

 

 

2,224

 

 

 

1,220

 

 

 

4,204

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on sale of owned fleet containers, net

 

 

5,640

 

 

 

5,404

 

 

 

11,434

 

 

 

12,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct container expense - owned fleet (2)

 

 

15,248

 

 

 

10,681

 

 

 

28,512

 

 

 

22,261

 

Distribution expense to managed fleet container investors

 

 

14,692

 

 

 

23,737

 

 

 

28,855

 

 

 

48,217

 

Depreciation expense (3)

 

 

63,848

 

 

 

64,135

 

 

 

130,682

 

 

 

126,599

 

Amortization expense

 

 

557

 

 

 

493

 

 

 

1,121

 

 

 

1,095

 

General and administrative expense

 

 

9,866

 

 

 

9,444

 

 

 

20,004

 

 

 

19,274

 

Bad debt (recovery) expense, net

 

 

(276

)

 

 

3,689

 

 

 

1,769

 

 

 

3,848

 

Container lessee default (recovery) expense, net (2)

 

 

(1,671

)

 

 

8,555

 

 

 

(1,683

)

 

 

7,902

 

Gain on insurance recovery and legal settlement

 

 

 

 

 

(841

)

 

 

 

 

 

(841

)

Total operating expenses

 

 

102,264

 

 

 

119,893

 

 

 

209,260

 

 

 

228,355

 

Income from operations

 

 

49,265

 

 

 

45,918

 

 

 

95,674

 

 

 

104,618

 

Other (expense) income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(30,022

)

 

 

(38,213

)

 

 

(66,134

)

 

 

(75,729

)

Write-off of unamortized deferred debt issuance costs

 

 

 

 

 

 

 

 

(122

)

 

 

 

Interest income

 

 

56

 

 

 

729

 

 

 

456

 

 

 

1,367

 

Realized (loss) gain on derivative instruments, net

 

 

(3,267

)

 

 

1,095

 

 

 

(4,793

)

 

 

2,539

 

Unrealized gain (loss) on derivative instruments, net

 

 

1,342

 

 

 

(10,099

)

 

 

(13,595

)

 

 

(15,837

)

Other, net

 

 

(3

)

 

 

 

 

 

(56

)

 

 

 

Net other expense

 

 

(31,894

)

 

 

(46,488

)

 

 

(84,244

)

 

 

(87,660

)

Income (loss) before income tax and noncontrolling interest

 

 

17,371

 

 

 

(570

)

 

 

11,430

 

 

 

16,958

 

Income tax (expense) benefit

 

 

(1,074

)

 

 

221

 

 

 

(241

)

 

 

(152

)

Net income (loss)

 

 

16,297

 

 

 

(349

)

 

 

11,189

 

 

 

16,806

 

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

 

 

(308

)

 

 

663

 

 

 

421

 

 

 

558

 

Net income attributable to Textainer Group Holdings

   Limited common shareholders

 

$

15,989

 

 

$

314

 

 

$

11,610

 

 

$

17,364

 

Net income attributable to Textainer Group Holdings Limited

   common shareholders per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.30

 

 

$

0.01

 

 

$

0.21

 

 

$

0.30

 

Diluted

 

$

0.30

 

 

$

0.01

 

 

$

0.21

 

 

$

0.30

 

Weighted average shares outstanding (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

53,715

 

 

 

57,500

 

 

 

55,084

 

 

 

57,488

 

Diluted

 

 

53,776

 

 

 

57,576

 

 

 

55,148

 

 

 

57,578

 

Other comprehensive income (loss), before tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in derivative instruments designated as cash flow hedges

 

 

(4,393

)

 

 

 

 

 

(13,251

)

 

 

 

Reclassification of realized loss on derivative instruments designated as

    cash flow hedges

 

 

590

 

 

 

 

 

 

528

 

 

 

 

Foreign currency translation adjustments

 

 

(39

)

 

 

(40

)

 

 

(102

)

 

 

67

 

Comprehensive income (loss), before tax

 

 

12,455

 

 

 

(389

)

 

 

(1,636

)

 

 

16,873

 

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

 

 

39

 

 

 

 

 

 

132

 

 

 

 

Comprehensive income (loss), after tax

 

 

12,494

 

 

 

(389

)

 

 

(1,504

)

 

 

16,873

 

Comprehensive (income) loss attributable to the noncontrolling interest

 

 

(308

)

 

 

663

 

 

 

421

 

 

 

558

 

Comprehensive income (loss) attributable to Textainer Group Holdings

    Limited common shareholders

 

$

12,186

 

 

$

274

 

 

$

(1,083

)

 

$

17,431

 

 

(1) Amounts for trading containers rental revenue for the three and six months ended June 30, 2019 have been reclassified out of the line item “trading container sales proceeds” and included within “lease rental income - owned fleet” to appropriately reflect the nature of the revenue.

(2) Amounts for container write-off and recovery and container recovery costs from lessee default for the three and six months ended June 30, 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.

(3) Amounts to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the three and six months ended June 30, 2019 have 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

(Unaudited)

(All currency expressed in United States dollars in thousands)

 

 

 

June 30, 2020

 

 

December 31, 2019

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

189,848

 

 

$

180,552

 

Accounts receivable, net of allowance for credit losses of $7,009 and $6,299, respectively

 

 

106,761

 

 

 

109,384

 

Net investment in finance leases, net of allowance for credit losses of $199 and $0, respectively

 

 

38,112

 

 

 

40,940

 

Container leaseback financing receivable, net of allowance for credit losses of $117 and $0, respectively

 

 

21,412

 

 

 

20,547

 

Trading containers

 

 

9,140

 

 

 

11,330

 

Containers held for sale

 

 

50,422

 

 

 

41,884

 

Prepaid expenses and other current assets

 

 

12,068

 

 

 

14,816

 

Due from affiliates, net

 

 

2,270

 

 

 

1,880

 

Total current assets

 

 

430,033

 

 

 

421,333

 

Restricted cash

 

 

91,129

 

 

 

97,353

 

Containers, net of accumulated depreciation of $1,522,009 and $1,443,167, respectively

 

 

4,054,337

 

 

 

4,156,151

 

Net investment in finance leases, net of allowance for credit losses of $983 and $0, respectively

 

 

318,398

 

 

 

254,363

 

Container leaseback financing receivable, net of allowance for credit losses of $445 and $0, respectively

 

 

249,384

 

 

 

251,111

 

Fixed assets, net of accumulated depreciation of $12,490 and $12,266, respectively

 

 

943

 

 

 

1,128

 

Intangible assets, net of accumulated amortization of $46,480 and $45,359, respectively

 

 

4,170

 

 

 

5,291

 

Derivative instruments

 

 

-

 

 

 

135

 

Deferred taxes

 

 

1,383

 

 

 

1,388

 

Other assets

 

 

13,435

 

 

 

14,364

 

Total assets

 

$

5,163,212

 

 

$

5,202,617

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued expenses

 

$

25,466

 

 

$

23,404

 

Container contracts payable

 

 

136,937

 

 

 

9,394

 

Other liabilities

 

 

2,325

 

 

 

2,636

 

Due to container investors, net

 

 

19,458

 

 

 

21,978

 

Debt, net of unamortized costs of $6,186 and $8,120, respectively

 

 

241,519

 

 

 

242,433

 

Total current liabilities

 

 

425,705

 

 

 

299,845

 

Debt, net of unamortized costs of $19,240 and $21,446, respectively

 

 

3,406,474

 

 

 

3,555,296

 

Derivative instruments

 

 

39,961

 

 

 

13,778

 

Income tax payable

 

 

9,976

 

 

 

9,909

 

Deferred taxes

 

 

7,683

 

 

 

7,789

 

Other liabilities

 

 

17,101

 

 

 

30,355

 

Total liabilities

 

 

3,906,900

 

 

 

3,916,972

 

Equity:

 

 

 

 

 

 

 

 

Textainer Group Holdings Limited shareholders' equity:

 

 

 

 

 

 

 

 

Common shares, $0.01 par value. Authorized 140,000,000 shares; 58,389,184 shares issued and 53,299,310 shares outstanding at 2020; 58,326,555 shares issued and 56,817,918 shares outstanding at 2019

 

 

584

 

 

 

583

 

Treasury shares, at cost, 5,089,874 and 1,508,637 shares, respectively

 

 

(46,828

)

 

 

(17,746

)

Additional paid-in capital

 

 

412,739

 

 

 

410,595

 

Accumulated other comprehensive loss

 

 

(13,204

)

 

 

(511

)

Retained earnings

 

 

877,183

 

 

 

866,458

 

Total Textainer Group Holdings Limited shareholders’ equity

 

 

1,230,474

 

 

 

1,259,379

 

Noncontrolling interest

 

 

25,838

 

 

 

26,266

 

Total equity

 

 

1,256,312

 

 

 

1,285,645

 

Total liabilities and equity

 

$

5,163,212

 

 

$

5,202,617

 

 

 

 

 

See accompanying notes to condensed consolidated financial statements.

5


TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Shareholders’ Equity

(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

 

Dividends paid to noncontrolling interest

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,744

)

 

 

(2,744

)

Restricted share units vested

 

 

34,721