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Textainer Group Holdings Limited Reports First-Quarter 2012 Results And Increases Quarterly Dividend

Management also believes that Adjusted net income and Adjusted net income per diluted common share are useful in evaluating our operating performance because unrealized (gains) losses on interest rate swaps and caps, net is a noncash item, non-operating item. We believe Non-GAAP Measures provide useful information on our earnings from ongoing operations. We believe that EBITDA provides useful information on our ability to service our long-term debt and other fixed obligations and on our ability to fund our expected growth with internally generated funds. Non-GAAP Measures have limitations as analytical tools, and you should not consider either of them in isolation, or as a substitute for analysis of our operating results or cash flows as reported under GAAP. Some of these limitations are:

  • They do not reflect our cash expenditures, or future requirements, for capital expenditures or contractual commitments;
  • They do not reflect changes in, or cash requirements for, our working capital needs;
  • EBITDA does not reflect interest expense or cash requirements necessary to service interest or principal payments on our debt;
  • Although depreciation is a noncash charge, the assets being depreciated may be replaced in the future, and neither 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 noncash 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
March 31,
2012   2011
(Dollars in thousands)
(Unaudited)
Reconciliation of EBITDA:

Net income attributable to Textainer Group Holdings Limited common shareholders

$ 49,910 $ 37,190
Adjustments:
Interest income (28 ) (7 )
Interest expense 14,719 7,523
Realized losses on interest rate swaps and caps, net 2,550 2,642
Unrealized gains on interest rate swaps and caps, net (1,048 ) (2,211 )
Income tax expense 2,323 2,614
Net (loss) income attributable to the noncontrolling interest (447 ) 5,623
Depreciation expense 21,580 18,866
Amortization expense 1,306 1,758

Impact of reconciling items on net (loss) income attributable to the noncontrolling interest

  (511 )   (4,156 )
EBITDA $ 90,354   $ 69,842  
 
 
Net cash provided by operating activities $ 52,907 $ 43,940
Adjustments:
Bad debt expense, net (1,718 ) (136 )
Amortization of debt issuance costs (2,418 ) (1,750 )
Amortization of acquired net below market leases 33 151
Amortization of deferred revenue 2,404 1,687
Amortization of unearned income on direct financing and sales-type leases 2,861 1,920
Gains on sale of containers, net 11,289 6,394
Share-based compensation expense (2,510 ) (1,842 )
Interest income (28 ) (7 )
Interest expense 14,719 7,523
Realized losses on interest rate swaps and caps, net 2,550 2,642
Income tax expense 2,323 2,614
Changes in operating assets and liabilities 8,453 10,862

Impact of reconciling items on net (loss) income attributable to the noncontrolling interest

  (511 )   (4,156 )
EBITDA $ 90,354   $ 69,842  
 
 
Three Months Ended
March 31,
2012   2011
(Dollars in thousands)
(Unaudited)
Reconciliation of Adjusted net income:

Net income attributable to Textainer Group Holdings Limited common

shareholders

$ 49,910 $ 37,190
Adjustments:
Unrealized gains on interest rate swaps and caps, net (1,048 ) (2,211 )

Impact of reconciling item on net (loss) income attributable to noncontrolling interest

  (20 )   469  
Adjusted net income $ 48,842   $ 35,448  
 
Reconciliation of Adjusted net income per diluted common share:

Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share

$ 0.99 $ 0.75
Adjustments:
Unrealized gains on interest rate swaps and caps, net (0.02 ) (0.05 )

Impact of reconciling item on net (loss) income attributable to noncontrolling interest

  -     0.01  
Adjusted net income per diluted common share $ 0.97   $ 0.71  
 




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