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Textainer Group Holdings Limited Reports Fourth-Quarter and Full-Year 2020 Results

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HAMILTON, Bermuda, Feb. 17, 2021 /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 fourth-quarter and full-year ended December 31, 2020.

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



QTD



Full-Year




Q4 2020



Q3 2020



Q4 2019



2020



2019


Lease rental income


$

161,491



$

149,130



$

151,555



$

600,873



$

619,760


Gain on sale of owned fleet containers, net


$

7,820



$

7,976



$

3,134



$

27,230



$

21,397


Income from operations


$

71,816



$

54,109



$

64,579



$

221,599



$

222,684


Net income attributable to Textainer Group Holdings

Limited common shareholders


$

44,260



$

16,952



$

28,782



$

72,822



$

56,724


Net income attributable to Textainer Group Holdings

Limited common shareholders per diluted common share


$

0.87



$

0.32



$

0.50



$

1.36



$

0.99


Adjusted net income (1)


$

41,147



$

21,634



$

10,977



$

87,277



$

55,375


Adjusted net income per diluted common share (1)


$

0.81



$

0.41



$

0.19



$

1.63



$

0.96


Adjusted EBITDA (1)


$

136,834



$

118,960



$

113,187



$

476,210



$

464,315


Average fleet utilization (2)



98.5

%



96.0

%



96.4

%



96.6

%



97.4

%

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



3,774,053




3,599,889




3,500,812




3,774,053




3,500,812


Owned percentage of total fleet at end of period



88.0

%



87.1

%



85.4

%



88.0

%



85.4

%



(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.

  • Net income of $44.3 million for the fourth quarter or $0.87 per diluted common share and $72.8 million for the full year or $1.36 per diluted common share;

  • Adjusted net income of $41.1 million for the fourth quarter, or $0.81 per diluted common share, as compared to $21.6 million, or $0.41 per diluted common share in the third quarter of 2020. Adjusted net income of $87.3 million for the full year, or $1.63 per diluted common share, an improvement of 58% as compared to $55.4 million, or $0.96 per diluted common share in the prior year;

  • Adjusted EBITDA of $136.8 million for the fourth quarter, as compared to $119.0 million in the third quarter of 2020. Adjusted EBITDA of $476.2 million for the full year, as compared to $464.3 million in the prior year;

  • Utilization averaged 98.5% for the fourth quarter, 96.6% for the full year, and is currently at 99.5%;

  • Invested $470 million in containers delivered during the fourth quarter, for a total investment of $1,080 million delivered through the end of the year, virtually all of which are currently on lease;

  • Our fleet reached a significant milestone, surpassing 4 million CEU as of December 31, 2020;

  • Issued $550 million of fixed-rate asset backed notes on February 10, 2021. Proceeds were used to pay down variable-rate bank facilities to create borrowing capacity for additional container investments; and

  • Repurchased 779,034 shares and 6,736,493 shares of common stock at an average price of $15.00 per share and $10.13 per share during the fourth quarter and full year of 2020, respectively, under the share repurchase program. As of the end of the fourth quarter, the remaining authority under the share repurchase program totaled $23.2 million.

"We are excited about the significant improvements in our financial performance and the continued very favorable market conditions. Our fourth quarter performance underscores the renewed strength of our business and provides sustainable momentum into the new year. For the quarter, lease rental income increased 8% to $161million and adjusted EBITDA increased 15% to $137 million. Our adjusted net income almost doubled to $41 million, or $0.81 per diluted common share. Our utilization rate averaged 98.5% during the quarter and today stands at 99.5%." stated Olivier Ghesquiere, President and Chief Executive Officer of Textainer Group Holdings Limited.

Ghesquiere continued, "We reacted swiftly to the sharp rebound in cargo volumes that started last July by investing heavily in new containers in a timely manner. During the second half of 2020, we added a total of $890 million of containers into our fleet, including $470 million during the fourth quarter, substantially all of which are currently on lease. Moreover, we secured new container production in excess of $925 million for delivery during the first six months of 2021. While new container prices are currently at historically high levels, the average price of our upcoming 2021 orders is well below current levels and are substantially all pre-committed to leases with an average duration in excess of 10 years. These container investments will secure a stable stream of additional cash flows and profits over the next several years.

"In addition to significant container investments, we took a number of actions over the past year to strengthen our business, financial resources and long-term outlook. In particular, we bought back 12% of our shares during 2020. We lowered our borrowing costs to 3.1% and created additional capacity for container investments with the successful issuance of nearly $1.3 billion in asset backed financings in 2020, followed by a $550 million issuance recently completed in February at historically low rates.

"As we look into the new year, we continue to see high demand for cargo and containers. We remain focused on the continued discipline of our long-term strategic plan and strict profitability criteria that will ensure sustainable value creation to our shareholders," concluded Ghesquiere.

Fourth-Quarter and Full-Year Results

Lease rental income increased $12.4 million from the third quarter of 2020 due to an increase in fleet size, utilization and average rental rate. Lease rental income for the year decreased $18.9 million from 2019, primarily due to lower utilization during the first half of 2020.

Gain on sale of owned fleet containers, net was essentially flat from the third quarter of 2020, as a reduction in the number of containers sold was offset by an increase in the average gain per container sold. Gain on sale of owned fleet containers, net for the year increased $5.8 million from 2019, primarily due to an increase in the average gain per container sold.

Direct container expense – owned fleet decreased $6.1 million from the third quarter of 2020, which includes lower storage costs and maintenance and handling expense resulting from an increase in utilization. Direct container expense – owned fleet for the year increased $9.4 million from 2019, which includes higher storage costs and maintenance and handling expense due to lower utilization during the first half of 2020.

Distribution to managed fleet container investors was flat from the third quarter of 2020 and, for the year decreased $36.5 million from 2019, in relation to the decrease in the managed fleet size resulting from the previously managed LAPCO fleet acquisition in December 2019.

General and administrative expense was flat from the third quarter of 2020. General and administrative expense for the year increased $3.7 million from 2019 primarily due to increases in personnel costs, including management incentive resulting from improved company performance and our IT enhancement project.

Bad debt recovery was $1.3 million in the fourth quarter of 2020 and $1.7 million for the year. This compares to a recovery of $2.1 million in the third quarter of 2020 and an expense of $2.0 million for 2019 and reflects improved collections on outstanding receivables during the second half of 2020.

Container lessee default recovery was $1.7 million for the year, 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.

Interest expense decreased $1.2 million compared to the third quarter of 2020 and for the year decreased $30.0 million from 2019, due to a decrease in the average interest rate, partially offset by a higher average debt balance. Realized loss on derivative instruments, net, decreased $0.7 million compared to the third quarter of 2020. Realized loss (gain) on derivative instruments, net, changed from a $1.9 million gain in 2019 to a $12.3 million loss in 2020. The decrease in loss in the quarter and the change from gain to loss in the year was primarily due to an increase and a decrease in LIBOR rates, respectively.

Write off of unamortized deferred debt issuance costs and bond discounts amounted to $8.8 million in 2020, resulting from the early redemption of certain fixed-rate asset backed notes.

Conference Call and Webcast

A conference call to discuss the financial results for the fourth quarter and full year of 2020 will be held at 5:00 pm Eastern Time on Wednesday, February 17, 2021. 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 3.8 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 150,000 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 400 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: (i) Our fourth quarter performance underscores the renewed strength of our business and provides sustainable momentum into the new year; (ii) Our container investments will secure a stable stream of additional cash flows and profits over the next several years; (iii) As we look into the new year, we continue to see high demand for cargo and containers; (iv) Our long-term strategic plan and strict profitability criteria will ensure sustainable value creation to our shareholders; 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
ir@textainer.com

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Statements of Operations

(Unaudited)

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




Three Months Ended December 31,



Years Ended December 31,




2020



2019



2020



2019


Revenues:





























Lease rental income - owned fleet





$

146,118






$

127,304






$

538,425






$

517,859


Lease rental income - managed fleet






15,373







24,251







62,448







101,901


Lease rental income






161,491







151,555







600,873







619,760































Management fees - non-leasing






1,547







1,767







5,271







7,590































Trading container sales proceeds






7,274







20,959







31,941







58,734


Cost of trading containers sold






(5,896)







(18,965)







(28,409)







(51,336)


Trading container margin






1,378







1,994







3,532







7,398






























Gain on sale of owned fleet containers, net






7,820







3,134







27,230







21,397































Operating expenses:





























Direct container expense - owned fleet






10,315







11,760







55,222







45,831


Distribution expense to managed fleet container investors






14,092







22,323







57,311







93,858


Depreciation expense






65,609







66,129







261,665







260,372


Amortization expense






806







517







2,572







2,093


General and administrative expense






11,008







9,504







41,880







38,142


Bad debt (recovery) expense, net






(1,342)







(648)







(1,668)







2,002


Container lessee default (recovery) expense, net






(68)







149







(1,675)







7,867


Gain on insurance recovery and legal settlement












(14,040)













(14,881)


Gain on settlement of pre-existing management agreement












(1,823)













(1,823)


Total operating expenses






100,420







93,871







415,307







433,461


Income from operations






71,816







64,579





...

221,599







222,684


Other (expense) income:





























Interest expense






(27,973)







(37,486)







(123,230)







(153,185)


Write-off of unamortized deferred debt issuance costs and

bond discounts


















(8,750)








Interest income






52







458







531







2,505


Realized (loss) gain on derivative instruments, net






(3,395)







(763)







(12,295)







1,946


Unrealized gain (loss) on derivative instruments, net






3,390







2,873







(6,044)







(15,442)


Other, net






685







6







1,488







(4)


Net other expense






(27,241)







(34,912)







(148,300)







(164,180)


Income before income tax and

noncontrolling interest






44,575







29,667







73,299







58,504


Income tax benefit (expense)






463







(478)







374







(1,948)


Net income






45,038







29,189







73,673







56,556


Less: Net (income) loss attributable to the noncontrolling

interest



(778)







(407)







(851)







168





Net income attributable to Textainer Group
Holdings Limited common shareholders


$

44,260






$

28,782






$

72,822






$

56,724





Net income attributable to Textainer Group Holdings

Limited common shareholders per share:





























Basic


$

0.88






$

0.51






$

1.37






$

0.99





Diluted


$

0.87






$

0.50






$

1.36






$

0.99





Weighted average shares outstanding (in thousands):





























Basic



50,517







56,923







53,271







57,349





Diluted



51,110







57,070







53,481







57,459





TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Balance Sheets

(Unaudited)

(All currency expressed in United States dollars in thousands)



December 31,
2020



December 31,
2019


Assets









Current assets:









Cash and cash equivalents


$

131,018



$

180,552


Accounts receivable, net of allowance of $2,663 and $6,299, respectively



108,578




109,384


Net investment in finance leases, net of allowance of $169 and $0, respectively



78,459




40,940


Container leaseback financing receivable, net of allowance of $98 and $0, respectively



27,076




20,547


Trading containers



9,375




11,330


Containers held for sale



15,629




41,884


Prepaid expenses and other current assets



13,713




14,816


Due from affiliates, net



1,509




1,880


Total current assets



385,357




421,333


Restricted cash



74,147




97,353


Containers, net of accumulated depreciation of $1,619,591 and $1,443,167, respectively



4,125,052




4,156,151


Net investment in finance leases, net of allowance of $1,164 and $0, respectively



801,501




254,363


Container leaseback financing receivable, net of allowance of $326 and $0, respectively



336,792




251,111


Fixed assets, net of accumulated depreciation of $12,918 and $12,266, respectively



746




1,128


Intangible assets, net of accumulated amortization of $47,931 and $45,359, respectively



2,719




5,291


Derivative instruments



47




135


Deferred taxes



1,153




1,388


Other assets



13,862




14,364


Total assets


$

5,741,376



$

5,202,617


Liabilities and Equity









Current liabilities:









Accounts payable and accrued expenses


$

24,385



$

23,404


Container contracts payable



231,647




9,394


Other liabilities



2,288




2,636


Due to container investors, net



18,697




21,978


Debt, net of unamortized costs of $8,043 and $8,120, respectively



408,365




242,433


Total current liabilities



685,382




299,845


Debt, net of unamortized costs of $18,639 and $21,446, respectively



3,706,979




3,555,296


Derivative instruments



29,235




13,778


Income tax payable



10,047




9,909


Deferred taxes



6,491




7,789


Other liabilities



16,524




30,355


Total liabilities



4,454,658




3,916,972


Equity:









Textainer Group Holdings Limited shareholders' equity:









Common shares, $0.01 par value. Authorized 140,000,000 shares; 58,740,919 shares issued and
50,495,789 shares outstanding at 2020; 58,326,555 shares issued and 56,817,918 shares
outstanding at 2019



587




583


Treasury shares, at cost, 8,245,130 and 1,508,637 shares, respectively



(86,239)




(17,746)


Additional paid-in capital



416,609




410,595


Accumulated other comprehensive loss



(9,744)




(511)


Retained earnings



938,395




866,458


Total Textainer Group Holdings Limited shareholders' equity



1,259,608




1,259,379


Noncontrolling interest



27,110




26,266


Total equity



1,286,718




1,285,645


Total liabilities and equity


$

5,741,376



$

5,202,617













TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Statements of Cash Flows

(Unaudited)

(All currency expressed in United States dollars in thousands)




Years Ended December 31,




2020



2019


Cash flows from operating activities:









Net income


$

73,673



$

56,556


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









Depreciation expense



261,665




260,372


Bad debt (recovery) expense, net



(1,668)




2,002


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



(260)




7,179


Unrealized loss on derivative instruments, net



6,044




15,442


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



16,862




7,953


Amortization of intangible assets



2,572




2,093


Gain on sale of owned fleet containers, net



(27,230)




(21,397)


Gain on settlement of pre-existing management agreement






(1,823)


Share-based compensation expense



4,723




4,388


Changes in operating assets and liabilities



59,874




95,780


Total adjustments



322,582




371,989


Net cash provided by operating activities



396,255




428,545


Cash flows from investing activities:









Purchase of containers and fixed assets



(746,145)




(466,993)


Payment on container leaseback financing receivable



(116,263)




(281,445)


Payments for Leased Assets Pool Company Limited, net of cash acquired






(171,841)


Proceeds from sale of containers and fixed assets



151,021




150,742


Receipt of principal payments on container leaseback financing receivable



21,485




7,745


Net cash used in investing activities



(689,902)




(761,792)


Cash flows from financing activities:









Proceeds from debt



2,114,260




1,439,223


Principal payments on debt



(1,799,870)




(1,049,857)


Purchase of treasury shares



(68,493)




(8,597)


Proceeds from container leaseback financing liability, net






17,448


Principal repayments on container leaseback financing liability, net



(12,825)





Debt issuance costs



(13,637)




(9,417)


Issuance of common shares upon exercise of share options



1,295




126


Dividends paid to noncontrolling interest






(2,744)


Net cash provided by financing activities



220,730




386,182


Effect of exchange rate changes



177




42


Net (decrease) increase in cash, cash equivalents and restricted cash



(72,740)




52,977


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



277,905




224,928


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


$

205,165



$

277,905


Use of Non-GAAP Financial Information

To supplement Textainer's 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 diluted 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 diluted common shares are calculated from net income 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 twelve months ended December 31, 2020 and 2019 and for the three months ended September 30, 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 upon in isolation, or as a substitute to net income, income from operations, cash flows from operating activities, or any other performance measures derived in accordance with GAAP. Some of these limitations are:

  • They do not reflect cash expenditures, or future requirements, for capital expenditures or contractual commitments;

  • They do not reflect changes in, or cash requirements for, working capital needs;

  • Adjusted EBITDA does not reflect interest expense or cash requirements necessary to service interest or principal payments on debt;

  • Although depreciation expense and container impairment are a non-cash charge, the assets being depreciated may be replaced in the future, and neither adjusted EBITDA, adjusted net income or adjusted net income per diluted common share reflects any cash requirements for such replacements;

  • They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; and

  • Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.



Three Months Ended,



Years Ended,




December 31,
2020



September 30,
2020



December 31,
2019



December 31,
2020



December 31,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of adjusted net income:





















Net income attributable to Textainer Group Holdings

Limited common shareholders


$

44,260



$

16,952



$

28,782



$

72,822



$

56,724


Adjustments:





















Write-off of unamortized deferred debt issuance costs
and bond discounts






8,628







8,750





Unrealized (gain) loss on derivative instruments, net



(3,390)




(4,161)




(2,873)




6,044




15,442


Gain on insurance recovery and legal settlement









(14,040)







(14,881)


Gain on settlement of pre-existing management agreement









(1,823)







(1,823)


Impact of reconciling items on income tax



37




(42)




551




(142)




378


Impact of reconciling items attributable to the
noncontrolling interest



240




257




380




(197)




(465)


Adjusted net income


$

41,147



$

21,634



$

10,977



$

87,277



$

55,375























Adjusted net income per diluted common share


$

0.81



$

0.41



$

0.19



$

1.63



$

0.96



























Three Months Ended,



Years Ended,




December 31,
2020



September 30,
2020



December 31,
2019



December 31,
2020



December 31,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of adjusted EBITDA:





















Net income attributable to Textainer Group Holdings

Limited common shareholders


$

44,260



$

16,952



$

28,782



$

72,822



$

56,724


Adjustments:





















Interest income



(52)




(23)




(458)




(531)




(2,505)


Interest expense



27,973




29,123




37,486




123,230




153,185


Write-off of unamortized deferred debt issuance costs
and bond discounts






8,628







8,750





Realized loss (gain) on derivative instruments, net



3,395




4,107




763




12,295




(1,946)


Unrealized (gain) loss on derivative instruments, net



(3,390)




(4,161)




(2,873)




6,044




15,442


Gain on insurance recovery and legal settlement









(14,040)







(14,881)


Gain on settlement of pre-existing management agreement









(1,823)







(1,823)


Income tax (benefit) expense



(463)




(152)




478




(374)




1,948


Net income (loss) attributable to the noncontrolling interest



778




494




407




851




(168)


Depreciation expense



65,609




65,374




66,129




261,665




260,372


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



(122)




33




25




(1,647)




7,179


Amortization expense



806




645




517




2,572




2,093


Impact of reconciling items attributable to the
noncontrolling interest



(1,960)




(2,060)




(2,206)




(9,467)




(11,305)


Adjusted EBITDA


$

136,834



$

118,960



$

113,187



$

476,210



$

464,315

























Three Months Ended,



Years Ended,




December 31,
2020



September 30,
2020



December 31,
2019



December 31,
2020



December 31,
2019




(Dollars in thousands)



(Dollars in thousands)




(Unaudited)



(Unaudited)


Reconciliation of headline earnings:





















Net income attributable to Textainer Group Holdings

Limited common shareholders


$

44,260



$

16,952



$

28,782



$

72,822



$

56,724


Adjustments:





















Container impairment



590




3,074




4,348




9,447




21,417


Gain on insurance recovery and legal settlement









(14,040)







(14,881)


Gain on settlement of pre-existing management agreement









(1,823)







(1,823)


Impact of reconciling items on income tax



(4)




(28)




477




(90)




319


Impact of reconciling items attributable to the
noncontrolling interest



(5)




(85)




100




(248)




(363)


Headline earnings


$

44,841



$

19,913



$

17,844



$

81,931



$

61,393























Headline earnings per basic common share


$

0.89



$

0.38



$

0.31



$

1.54



$

1.07


Headline earnings per diluted common share


$

0.88



$

0.38



$

0.31



$

1.53



$

1.07


Cision
Cision

View original content:http://www.prnewswire.com/news-releases/textainer-group-holdings-limited-reports-fourth-quarter-and-full-year-2020-results-301230296.html

SOURCE Textainer Group Holdings Limited