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Textainer Group Holdings Limited Reports Third-Quarter 2020 Results
TEXTAINER GROUP HOLDINGS LIMITED
Incorporated in Bermuda
Company number: EC18896
NYSE share code: TGH
JSE share code: TXT
ISIN: BMG8766E1093
LEI: 529900OHEYRATAFMIT89
(“Textainer”, “the Company”, “we” and “our””)
Textainer Group Holdings Limited Reports Third-Quarter 2020 Results
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 third-
quarter ended September 30, 2020.
Key Financial Information (in thousands of U.S. dollars, except for per share and TEU amounts) and
Business Highlights:
QTD
Q3 2020 Q2 2020 Q3 2019
Lease rental income $ 149,130 $ 144,774 $ 155,848
Gain on sale of owned fleet containers, net $ 7,976 $ 5,640 $ 6,092
Income from operations $ 54,109 $ 49,265 $ 53,487
Net income attributable to Textainer Group Holdings
Limited common shareholders $ 16,952 $ 15,989 $ 10,578
Net income attributable to Textainer Group Holdings
Limited common shareholders per diluted common share $ 0.32 $ 0.30 $ 0.18
Adjusted net income (1) $ 21,634 $ 14,794 $ 12,950
Adjusted net income per diluted common share (1) $ 0.41 $ 0.28 $ 0.22
(1)
Adjusted EBITDA $ 118,960 $ 109,977 $ 118,254
Headline earnings (1) $ 19,913 $ 17,131 $ 15,739
(1)
Headline earnings per diluted common share $ 0.38 $ 0.32 $ 0.27
Net asset value per diluted common share attributable
to the equity holders of the Company $ 23.99 $ 23.09 $ 21.60
(2)
Average fleet utilization 96.0% 95.4% 97.3%
Total fleet size at end of period (TEU) (3) 3,599,889 3,458,080 3,557,466
Owned percentage of total fleet at end of period 87.1% 86.1% 80.7%
(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 $17.0 million for the third quarter or $0.32 per diluted common share, as compared
to $16.0 million or $0.30 per diluted common share in the second quarter of 2020;
• Adjusted net income of $21.6 million for the third quarter, or $0.41 per diluted common share, as
compared to $14.8 million, or $0.28 per diluted common share in the second quarter of 2020;
• Adjusted EBITDA of $119.0 million for the third quarter, as compared to $110.0 million in the second
quarter of 2020;
• Headline earnings of $19.9 million for the third quarter, or $0.38 per diluted common share as
compared to $17.1 million or $0.32 per diluted common share in the second quarter of 2020;
• Utilization averaged 96.0% for the third quarter and is currently at 97.7%;
• Container deliveries of approximately $420 million during the third quarter, for a total $610 million
delivered through the first nine months of the year, virtually all of which are currently on lease;
• Issued $450 million and $829 million of fixed-rate asset backed notes on August 20, 2020 and
September 21, 2020, respectively, for a combined total of nearly $1.3 billion. Proceeds were used to
pay down certain fixed-rate asset backed notes and variable-rate facilities, lowering our effective
interest rate to 3.10% and creating additional borrowing capacity for future container investments;
and
• Repurchased 2,376,222 shares of common stock at an average price of $11.61 per share during the
third quarter under the share repurchase program. As announced on September 14, 2020,
Textainer’s Board of Directors authorized an increase to the share repurchase program for an
additional $50 million of the Company’s outstanding shares. As of the end of the third quarter, the
remaining authority under the share repurchase program totaled $34.9 million.
Use of Non-GAAP Measures
U.S. securities laws require that when we publish any non-GAAP measures, we disclosure the reason for
using these non-GAAP measures and provide reconciliations to the directly comparable GAAP measures
in our full announcement. The presentation of Adjusted net income, Adjusted net income per diluted
common share, Adjusted EBITDA, Headline earnings and Headline earnings per diluted common share
are non-GAAP measures.
Conference Call
A conference call to discuss the financial results for the third quarter 2020 will be held at 5:00 pm
Eastern Time on Thursday, November 12, 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 3.6 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.
Textainer Group Holdings Limited
Investor Relations
Phone: +1 (415) 658-8333
ir@textainer.com
Short-form announcement
This short-form announcement is the responsibility of Textainer’s Board of Directors and is a summary
of the information in the detailed financial results announcement. This short-form announcement does
not contain complete or full announcement details. Any investment decision by investors and/or
shareholders should be based on consideration of the full announcement. The short-form
announcement has not been audited or reviewed by Textainer's external auditors. The full
announcement may be downloaded from
https://senspdf.jse.co.za/documents/2020/jse/isse/TXTE/ResultsQ3.pdf or from Textainer's Investor
Relations website at http://investor.textainer.com, and is also available from the registered office of the
Company (Century House 16 Par-la-Ville Road, Hamilton, Bermuda, HM 08) and at the office of the
sponsor, at no charge, during normal business hours.
13 November 2020
Sponsor:
Investec Bank Limited
Date: 13-11-2020 08:30:00
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