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Textainer Group Holdings Limited Reports First-Quarter 2021 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 First-Quarter 2021 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 first-
quarter ended March 31, 2021.
Key Financial Information (in thousands of U.S. dollars, except for per share and TEU amounts) and
Business Highlights:
QTD
Q1 2021 Q4 2020 Q1 2020
Lease rental income $ 169,244 $ 161,491 $ 145,478
Gain on sale of owned fleet containers, net $ 12,358 $ 7,820 $ 5,794
Income from operations $ 92,101 $ 71,816 $ 46,409
Net income (loss) attributable to Textainer Group Holdings
Limited common shareholders $ 62,050 $ 44,260 $ (4,379)
Net income (loss) attributable to Textainer Group Holdings
Limited common shareholders per diluted common share $ 1.22 $ 0.87 $ (0.08)
Adjusted net income (1) $ 59,152 $ 41,147 $ 9,702
Adjusted net income per diluted common share (1) $ 1.16 $ 0.81 $ 0.17
(1)
Adjusted EBITDA $ 153,110 $ 136,834 $ 110,439
Headline earnings (1) $ 55,560 $ 44,841 $ 46
Headline earnings per diluted common share (1) $ 1.09 $ 0.88 $ -
Net asset value per diluted common share attributable
to the equity holders of the Company $ 26.48 $ 24.94 $ 22.43
Average fleet utilization (2) 99.6% 98.5% 96.2%
Total fleet size at end of period (TEU) (3) 3,961,491 3,774,053 3,450,680
Owned percentage of total fleet at end of period 90.2% 88.0% 85.6%
(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 $62.1 million for the first quarter or $1.22 per diluted common share, as compared to
$44.3 million, or $0.87 per diluted common share in the fourth quarter of 2020;
- Adjusted net income of $59.2 million for the first quarter, or $1.16 per diluted common share, as
compared to $41.1 million, or $0.81 per diluted common share in the fourth quarter of 2020;
- Adjusted EBITDA of $153.1 million for the first quarter, as compared to $136.8 million in the fourth
quarter of 2020;
- Headline earnings of $55.6 million for the first quarter, or $1.09 per diluted common share as
compared to $44.8 million or $0.88 per diluted common share in the fourth quarter of 2020;
- Utilization averaged 99.6% for the first quarter, and is currently at 99.7%;
- Invested $580 million in containers delivered during the first quarter, virtually all of which are
currently on lease;
- As announced on March 30, 2021, issued $651 million of fixed-rate asset backed notes that closed
on April 20, 2021. Proceeds were used to pay off the 2019-1 notes and to pay down variable-rate
bank facilities, which will further lower our effective interest rate and create additional borrowing
capacity for future container investment;
- Repurchased 546,220 shares of common stock at an average price of $19.68 per share during the
first quarter under the share repurchase program. On May 1, 2021, Textainer's board of directors
authorized an increase to the share repurchase program for an additional $50 million of the
Company's outstanding shares; and
- As announced on April 14, 2021, completed an underwritten public offering of 6,000,000 depositary
shares, each representing a 1/1,000th interest in a share of its 7% Series A cumulative redeemable
perpetual preference shares, for an aggregate public offering price of $150 million. Textainer’s
board of directors approved and declared a quarterly preferred cash dividend, payable on June 15,
2021, to holders of record as of May 31, 2021.
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 first quarter 2021 will be held at 5:00 pm Eastern
Time on Tuesday, May 11, 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.
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/2021/jse/isse/TXTE/ResultsQ1.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.
12 May 2021
Sponsor:
Investec Bank Limited
Date: 12-05-2021 08:30:00
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