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Textainer Group Holdings Limited Reports Second-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 Second-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 unaudited financial results
for the second-quarter ended June 30, 2021.
Key Financial Information (in thousands of U.S. dollars, except for per share and TEU amounts) and
Business Highlights:
Q TD
Q 2 2021 Q 1 2021 Q 2 2020
Lease rental income $ 187,434 $ 169,244 $ 144,774
Gain on sale of owned fleet containers, net $ 18,836 $ 12,358 $ 5,640
Income from operations $ 110,007 $ 92,101 $ 49,265
Net income attributable to common shareholders $ 73,795 $ 62,050 $ 15,989
Net income attributable to common shareholders
per diluted common share $ 1.45 $ 1.22 $ 0.30
(1)
Adjusted net income $ 75,204 $ 59,152 $ 14,794
(1)
Adjusted net income per diluted common share $ 1.48 $ 1.16 $ 0.28
Adjusted EBITDA (1) $ 178,448 $ 153,110 $ 109,977
Headline earnings (1) $ 74,047 $ 55,560 $ 17,131
(1)
Headline earnings per diluted common share $ 1.46 $ 1.09 $ 0.32
Net asset value per diluted common share attributable
to the equity holders of the Company $ 30.77 $ 26.48 $ 23.09
(2)
Average fleet utilization 99.8% 99.6% 95.4%
(3)
Total fleet size at end of period (TEU) 4,101,575 3,961,491 3,458,080
Owned percentage of total fleet at end of period 90.6% 90.2% 86.1%
(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 $73.8 million for the second quarter, or $1.45 per diluted common share, as
compared to $62.1 million, or $1.22 per diluted common share in the first quarter of 2021;
- Adjusted net income of $75.2 million for the second quarter, or $1.48 per diluted common share, as
compared to $59.2 million, or $1.16 per diluted common share in the first quarter of 2021;
- Adjusted EBITDA of $178.4 million for the second quarter, as compared to $153.1 million in the first
quarter of 2021;
- Headline earnings of $74.0 million for the second quarter, or $1.46 per diluted common share as
compared to $55.6 million or $1.09 per diluted common share in the first quarter of 2021;
- Average and ending utilization rate for the second quarter of 99.8%;
- Invested $501 million in containers delivered during the second quarter, for a total $1.1 billion
delivered through the first six months of the year, virtually all of which are currently on lease with
tenures in excess of 12 years;
- Repurchased 615,680 shares of common stock at an average price of $29.84 per share during the
second quarter under the share repurchase program. As of the end of the second quarter, the
remaining authority under the share repurchase program totaled $44.1 million;
- Priced $600 million of fixed-rate asset backed notes on August 3, 2021 with a blended interest rate
of 1.99% and 11-year tenor. The issuance is expected to close on August 11, 2021 and the resulting
proceeds will be used to pay down other debt facilities and create additional borrowing capacity for
future container investments; and
- Textainer’s board of directors approved and declared a quarterly preferred cash dividend on its 7%
Series A cumulative redeemable perpetual preference shares, payable on September 15, 2021, to
holders of record as of August 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 second quarter 2021 will be held at 5:00 pm
Eastern Time on Thursday, August 5, 2021. The dial-in number for the conference call is 1-866-269-4266
(U.S. & Canada) and 1-323-347-3282 (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 4.1 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/ResultsQ2.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.
5 August 2021
Sponsor:
Investec Bank Limited
Date: 06-08-2021 08:30:00
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