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Textainer Group Holdings Limited Reports Third Quarter 2013 Results And Declares Quarterly Dividend

“We continued to invest throughout the quarter with total containers ordered over the last 12 months for delivery in 2013 of $827 million. Additionally, we are planning to invest approximately $10 million in tank containers with Trifleet over the coming months,” continued Mr. Brewer. “Our fleet size has grown by 12 percent over the past twelve months to almost 3.0 million TEU which will be a major milestone for Textainer. Utilization is stable, averaging 94.1 percent for the quarter and currently it is slightly higher at 94.2 percent.”

Business Highlights:

  • Invested $629 million in new and used containers year-to-date following $198 million invested in new containers in the fourth quarter of 2012 for lease out in 2013, continuing our strong pace of expansion;
  • Increased total fleet size by 11.7 percent over the last year to close to 3 million TEU today, reflecting our strong investment in new and purchase leaseback containers;
  • Grew lease rental income by 20.7 percent in the quarter to $118 million compared to the year ago quarter;
  • Lowered our funding costs and locked in attractive long-term rates as we established a $300 million asset-backed revolving credit facility at LIBOR plus 2.25 percent and issued $300.9 million of asset-backed term notes with a coupon of 3.90 percent;
  • Achieved average utilization of 94.1 percent during the quarter and is 94.2 percent today; and
  • Day Sales Outstanding improved by 8 percent compared to the year ago quarter.

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

      2013       2012     % Change       2013       2012     % Change  
Total revenues   $ 132,647     $ 122,305     8.5 %   $ 391,494     $ 359,810     8.8 %
Income from operations   $ 64,317     $ 69,865     -7.9 %   $ 212,448     $ 207,090     2.6 %
Net income attributable to Textainer Group Holdings Limited common shareholders   $ 40,115     $ 50,658     -20.8 %   $ 137,264     $ 146,377     -6.2 %
Net income attributable to Textainer Group Holdings Limited common shareholders per diluted common share   $ 0.71     $ 0.99     -28.3 %   $ 2.41     $ 2.88     -16.3 %
Adjusted net income (1)   $ 39,858     $ 49,464     -19.4 %   $ 131,648     $ 142,980     -7.9 %
Adjusted net income per diluted common share (1)   $ 0.70     $ 0.97     -27.8 %   $ 2.32     $ 2.82     -17.7 %
Adjusted EBITDA (1)   $ 106,416     $ 97,370     9.3 %   $ 321,183     $ 280,422     14.5 %
Average fleet utilization     94.1 %     97.9 %   -3.9 %     94.7 %     97.4 %   -2.8 %
Total fleet size at end of period (TEU)     2,971,589      


    11.7 %            
Owned percentage of total fleet at end of period     75.0 %     68.8 %   9.0 %            

“Adjusted net income” and “adjusted EBITDA” are Non-GAAP Measures that are reconciled to GAAP measures in footnote 1. “Adjusted net income” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before unrealized gains on interest rate swaps and caps, net and related impact of reconciling item on net income (loss) attributable to the noncontrolling interest (“NCI”). “Adjusted EBITDA” is defined as net income attributable to Textainer Group Holdings Limited common shareholders before interest income and interest expense, realized and unrealized losses (gains) on interest rate swaps and caps, net, income tax expense (benefit), net income attributable to the NCI, depreciation expense and impairment of containers, amortization expense and related impact of reconciling items on net income (loss) attributable to the NCI. Footnote 1 provides certain qualifications and limitations on the use of Non-GAAP Measures.

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