Le Lézard
Classified in: Transportation, Business
Subjects: ERN, CCA

Textainer Group Holdings Limited Reports Second-Quarter 2020 Results


HAMILTON, Bermuda, Aug. 13, 2020 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE: TGH; JSE: TXT) ("Textainer", "the Company", "we" and "our"), one of the world's largest lessors of intermodal containers, today reported financial results for the second-quarter ended June 30, 2020.

Key Financial Information (in thousands except for per share and TEU amounts) and Business Highlights:



QTD




Q2 2020



Q1 2020



Q2 2019


Lease rental income


$

144,774



$

145,478



$

156,243


Gain on sale of owned fleet containers, net


$

5,640



$

5,794



$

5,404


Income from operations


$

49,265



$

46,409



$

45,918


Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders


$

15,989



$

(4,379)



$

314


Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders per diluted common share


$

0.30



$

(0.08)



$

0.01


Adjusted net income (1)


$

14,794



$

9,702



$

9,006


Adjusted net income per diluted common share (1)


$

0.28



$

0.17



$

0.16


Adjusted EBITDA (1) (4)


$

109,977



$

110,439



$

114,745


Average fleet utilization (2)



95.4

%



96.2

%



97.9

%

Total fleet size at end of period (TEU) (3)



3,458,080




3,450,680




3,601,681


Owned percentage of total fleet at end of period



86.1

%



85.6

%



80.9

%



(1)

Refer to the "Use of Non-GAAP Financial Information" set forth below.



(2)

Utilization is computed by dividing total units on lease in CEUs (cost equivalent unit) by the total units in our fleet in CEUs, excluding CEUs that have been designated as held for sale units and manufactured for us but have not yet been delivered to a lessee. CEU is a unit of measurement based on the approximate cost of a container relative to the cost of a standard 20-foot dry container. These factors may differ slightly from CEU ratios used by others in the industry.



(3)

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-foot container, thus a 20-foot container is one TEU and a 40-foot container is two TEU.



(4)

Adjusted EBITDA for the first quarter 2020 has been restated to reflect an immaterial adjustment (see Reconciliation of Adjusted EBITDA).

 


"We are pleased with our performance in the second quarter, which proved resilient in spite of the global economic downturn. For the quarter, we delivered stable lease rental income of $144.8 million and adjusted EBITDA of $110.0 million, while improving our adjusted net income to $14.8 million," stated Olivier Ghesquiere, President and Chief Executive Officer of Textainer Group Holdings Limited.

Ghesquiere continued, "Though the second quarter saw a worsening in global trade, our container fleet of mostly long-term leases continued to perform strongly, with only a slight decrease in utilization. We were very pleased with the general improvement in our cash collections and have experienced no notable credit issues. The elevated credit risk of our customers, which had been a point of attention due to the COVID crisis, has mostly subsided, driven by their better than expected financial performance, access to government support, and a significant decrease in fuel cost."

Ghesquiere added, "As we begin the third quarter, we have seen a significant uptake in demand for containers. This change in market dynamics is driven by the cyclical increase in trade over the summer season in North America and Europe and is compounded by the restocking of inventories following the easing of quarantine measures in most developed economies. COVID-related disruptions to supply-chains have also caused a dislocation of containers for shipping lines, which is currently favorable to container lessors. As we look ahead to our performance for the second half of the year, we are encouraged by this recent rebound in activity which should lead to an increase in our utilization rate and lease rental revenue. We also expect our customers to continue to improve their financial performance and strengthen their balance sheets driven by the increased trade activity and higher freight rates."

"The pandemic continues to create uncertainty and market challenges, but we remain cautiously optimistic with our outlook for the balance of the year. Textainer remains well-positioned to participate in the rebound in market activity with a strong balance sheet, healthy liquidity, an optimized capital structure, and demonstrated expense control and efficiency," concluded Ghesquiere.

Second-Quarter Results

Lease rental income decreased $0.7 million from the first quarter of 2020, due primarily to a slight reduction in utilization.

Direct container expense increased $2.0 million from the first quarter of 2020, mostly due to the higher storage costs and handling expense resulting from slightly lower utilization.

Depreciation expense decreased $3.0 million from the first quarter of 2020, due primarily to improved mark to market value adjustments on certain containers held for sale.

Container lessee default recovery was $1.7 million in the second quarter of 2020, resulting from cash payments received in full on a settlement agreement with a small insolvent customer that had previously defaulted and was written-off in 2018.

Bad debt recovery was $0.3 million in the second quarter of 2020, resulting from a reduction in reserves due to improved collections, compared to an expense of $2.0 million in the first quarter of 2020.

Interest expense decreased $6.1 million compared to the first quarter of 2020. Realized loss on derivative instruments, net, increased $1.7 million compared to the first quarter of 2020. The combined expense reduction of $4.4 million was driven by a decrease in interest rates and a decrease in average outstanding debt.

Unrealized gain (loss) on derivative instruments, net, was a gain of $1.3 million for the quarter versus a loss of $14.9 million for the first quarter of 2020, resulting from an increase and a decrease, respectively, in the forward LIBOR curve at the end of the respective period ends, which increased the fair value of the current interest rate derivatives as of the end of the second quarter. Textainer uses interest rate derivatives to manage interest rate risk and intends to hold these derivatives until maturity. Changes in the fair value of derivatives result in non-cash adjustments to their carrying value that get recorded through net income for the portion of our derivatives not designated under hedge accounting at their inception.

Conference Call and Webcast

A conference call to discuss the financial results for the second quarter 2020 will be held at 5:00 pm Eastern Time on Thursday, August 13, 2020. The dial-in number for the conference call is 1-877-407-9039 (U.S. & Canada) and 1-201-689-8470 (International). The call and archived replay may also be accessed via webcast on Textainer's Investor Relations website at http://investor.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.5 million TEU in our owned and managed fleet. We lease containers to approximately 250 customers, including all of the world's leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of approximately 140,000 containers per year for the last five years to more than 1,500 customers making us one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 500 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer.

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 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. 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: Credit risk of our customers has mostly subsided and we expect them to continue to improve their financial performance and strengthen their balance sheets; The recent rebound in trade should lead to an increase in our utilization rate and lease rental revenue; Textainer is well positioned to navigate through the current crisis and participate in an eventual recovery; and other risks and uncertainties, including those set forth in Textainer's filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3 "Key Information? Risk Factors" in Textainer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 30, 2020.

Textainer's views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. Textainer is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes Textainer may make in its views, estimates, plans or outlook for the future.

Textainer Group Holdings Limited
Investor Relations
Phone: +1 (415) 658-8333
[email protected]

 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

Three and Six Months Ended June 30, 2020 and 2019

(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


Revenue:

































Lease rental income - owned fleet






$

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







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 (a)







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 (b)







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 (a) (b)







(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



(a) Amounts for container write-off and recovery and container recovery costs from lessee default for the periods 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. 


(b) Amounts to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the periods 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. 

 

 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2020 and December 31, 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)






2020



2019


Assets









Current assets:









Cash and cash equivalents


$

189,848



$

180,552


Accounts receivable, net of allowance for doubtful accounts 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 deferred financing costs of $6,186 and $8,120, respectively



241,519




242,433


Total current liabilities



425,705




299,845


Debt, net of unamortized deferred financing 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 shares 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













 

 

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

Six Months Ended June 30, 2020 and 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)






2020



2019


Cash flows from operating activities:









Net income


$

11,189



$

16,806


Adjustments to reconcile net income to net cash provided by operating activities:









Depreciation expense



130,682




126,599


Bad debt expense, net



1,769




3,848


Container (recovery) write-off from lessee default, net



(1,558)




7,730


Unrealized loss on derivative instruments, net



13,595




15,837


Amortization and write-off of unamortized deferred debt issuance costs and 
     
accretion of bond discounts



4,210




3,875


Amortization of intangible assets



1,121




1,095


Gain on sale of owned fleet containers, net



(11,434)




(12,171)


Gain on insurance recovery and legal settlement



?




(841)


Share-based compensation expense



2,145




2,115


Changes in operating assets and liabilities



36,501




47,130


Total adjustments



177,031




195,217


Net cash provided by operating activities



188,220




212,023


Cash flows from investing activities:









Purchase of containers and fixed assets



(52,660)




(335,067)


Payment on leaseback financing receivable



(9,919)




?


Receipt of principal payments on container leaseback financing receivable



10,310




?


Proceeds from sale of containers and fixed assets



62,920




70,591


Net cash provided by (used in) investing activities



10,651




(264,476)


Cash flows from financing activities:









Proceeds from debt



41,800




550,634


Principal payments on debt



(195,676)




(472,667)


Principal repayments on container leaseback financing liability, net



(12,682)




?


Purchase of treasury shares



(29,082)




?


Debt issuance costs



(57)




(3,854)


Dividends paid to noncontrolling interest



?




(2,744)


Issuance of common shares upon exercise of share options



?




93


Net cash (used in) provided by financing activities



(195,697)




71,462


Effect of exchange rate changes



(102)




67


Net increase in cash, cash equivalents and restricted cash



3,072




19,076


Cash, cash equivalents and restricted cash, beginning of the year



277,905




224,928


Cash, cash equivalents and restricted cash, end of the period


$

280,977



$

244,004



(a) Amounts to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the period 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. 


(b) Amounts for container write-off and recovery from lessee default for the period ended June 30, 2019 have been reclassified out of the previously reported line item "container impairment" and included within "container recovery from lessee default, net" to conform with the 2020 presentation. 

 

Use of Non-GAAP Financial Information

To supplement Textainer's condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include adjusted net income, adjusted net income per diluted common share, adjusted EBITDA, headline earnings and headline earnings per basic and dilute common share.

Management believes that adjusted net income and adjusted net income per diluted common share are useful in evaluating Textainer's operating performance, as we intend to hold derivative instruments until maturity and any unrealized gain or loss on derivative instruments is a non-cash, non-operating item. Management considers adjusted EBITDA a widely used industry measure and useful in evaluating Textainer's ability to fund growth and service long-term debt and other fixed obligations. Headline earnings is reported as a requirement of Textainer's listing on the JSE. Headline earnings and headline earnings per basic and dilute common share are calculated from net income (loss) which has been determined based on GAAP.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables below for the three and six months ended June 30, 2020 and 2019 and for the three months ended March 31, 2020.

Non-GAAP measures are not financial measures calculated in accordance with GAAP and are presented solely as supplemental disclosures. Non-GAAP measures have limitations as analytical tools, and should not be relied in isolation, or as a substitute to net income (loss), income from operations, cash flows from operating activities, or any other performance measures derived in accordance with GAAP. Some of these limitations are:

 



Three Months Ended,



Six Months Ended




June 30,
2020



March 31,
2020



June 30,
2019



June 30,
2020



June 30,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of adjusted net income:





















Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders


$

15,989



$

(4,379)



$

314



$

11,610



$

17,364


Adjustments:





















Write-off of unamortized deferred debt issuance costs



?




122




?




122




?


Unrealized (gain) loss on derivative instruments, net



(1,342)




14,937




10,099




13,595




15,837


Gain on insurance recovery and legal settlement



?




?




(841)




?




(841)


Impact of reconciling items on income tax expense (benefit)



13




(150)




(89)




(137)




(146)


Impact of reconciling items attributable to the noncontrolling interest



134




(828)




(477)




(694)




(765)


Adjusted net income


$

14,794



$

9,702



$

9,006



$

24,496



$

31,449























Adjusted net income per diluted common share


$

0.28



$

0.17



$

0.16



$

0.44



$

0.55





























Three Months Ended,



Six Months Ended




June 30,
2020



March 31,
2020



June 30,
2019



June 30,
2020



June 30,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of adjusted EBITDA:





















Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders


$

15,989



$

(4,379)



$

314



$

11,610



$

17,364


Adjustments:





















Interest income



(56)




(400)




(729)




(456)




(1,367)


Interest expense



30,022




36,112




38,213




66,134




75,729


Write-off of unamortized deferred debt issuance costs



?




122




?




122




?


Realized loss (gain) on derivative instruments, net



3,267




1,526




(1,095)




4,793




(2,539)


Unrealized (gain) loss on derivative instruments, net



(1,342)




14,937




10,099




13,595




15,837


Gain on insurance recovery and legal settlement



?




?




(841)




?




(841)


Income tax expense (benefit)



1,074




(833)




(221)




241




152


Net income (loss) attributable to the noncontrolling interest



308




(729)




(663)




(421)




(558)


Depreciation expense



63,848




66,834




64,135




130,682




126,599


Container (recovery) write-off from lessee default, net



(1,557)




(1)




8,450




(1,558)




7,730


Amortization expense



557




564




493




1,121




1,095


Impact of reconciling items attributable to the noncontrolling interest (a)



(2,133)




(3,314)




(3,410)




(5,447)




(6,327)


Adjusted EBITDA (a)


$

109,977



$

110,439



$

114,745



$

220,416



$

232,874
























(a) Adjusted EBITDA for the three months ended March 31, 2020 has been restated to reflect an immaterial adjustment due to correction on impact of reconciling items attributable to the noncontrolling interest. 





Three Months Ended



Six Months Ended




June 30,
2020



March 31,
2020



June 30,
2019



June 30,
2020



June 30,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of headline earnings:





















Net income (loss) attributable to Textainer Group Holdings

   Limited common shareholders


$

15,989



$

(4,379)



$

314



$

11,610



$

17,364


Adjustments:





















Container impairment



1,197




4,586




10,918




5,783




11,718


Gain on insurance recovery and legal settlement



?




?




(841)




?




(841)


Impact of reconciling items on income tax benefit



(12)




(46)




(98)




(58)




(106)


Impact of reconciling items attributable to the noncontrolling interest



(43)




(115)




(293)




(158)




(325)


Headline earnings


$

17,131



$

46



$

10,000



$

17,177



$

27,810























Headline earnings per basic common share


$

0.32



$

-



$

0.17



$

0.31



$

0.48


Headline earnings per diluted common share


$

0.32



$

-



$

0.17



$

0.31



$

0.48


 

SOURCE Textainer Group Holdings Limited


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