| Dec'12 | Sep'12 | Jun'12 | Mar'12 | Dec'11 | Sep'11 | Jun'11 | Mar'11 | Dec'10 | Sep'10 | Jun'10 | Mar'10 | Dec'09 | Sep'09 | Jun'09 | Mar'09 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||||||||
Net income (loss) | |||||||||||||||
60,119 | 50,359 | 45,122 | 49,463 | 54,489 | 45,505 | 61,211 | 42,813 | 44,888 | 33,420 | 28,383 | 27,073 | 28,083 | 15,208 | 37,501 | 24,538 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||||||
Depreciation expense | |||||||||||||||
- | 26,941 | 22,801 | 21,580 | - | 18,809 | 24,001 | 18,866 | 18,050 | 14,891 | 13,188 | 12,843 | 13,507 | 12,553 | 11,261 | 11,152 |
Bad debt expense, net | |||||||||||||||
- | 682 | 743 | 1,718 | 782 | 1,681 | 408 | 136 | - | - | - | -276 | 99 | 1,011 | 1,527 | 667 |
Unrealized (gains) losses on interest rate swaps, collars and caps, net | |||||||||||||||
2,343 | 1,111 | 1,025 | 1,048 | 1,909 | -3,516 | -4,453 | 2,211 | 5,495 | -3,188 | -4,728 | -1,600 | 3,894 | -809 | 6,733 | 1,329 |
Amortization of debt issuance costs | |||||||||||||||
- | 2,632 | 3,952 | 2,418 | - | 2,199 | 1,929 | 1,750 | 1,688 | 1,692 | 507 | 512 | 521 | 420 | 612 | 623 |
Amortization of intangible assets | |||||||||||||||
1,140 | 1,275 | 1,299 | 1,306 | 1,335 | 1,443 | 1,574 | 1,758 | 1,756 | 1,636 | 1,575 | 1,577 | 1,601 | 2,020 | 1,849 | 1,610 |
Amortization of acquired net below-market leases | |||||||||||||||
- | - | - | -33 | - | - | - | -151 | - | - | - | - | - | - | - | - |
Amortization of deferred revenue | |||||||||||||||
733 | 761 | 2,128 | 2,404 | 2,756 | 2,518 | 2,220 | 1,687 | - | - | - | - | - | - | - | - |
Amortization of acquired above-market leases | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | 240 | - | 387 | 388 | 368 |
Amortization of deferred revenue | |||||||||||||||
- | - | - | - | - | - | - | - | - | -1,772 | -1,760 | -1,813 | - | - | - | - |
Amortization of unearned income on direct financing and sales-type leases | |||||||||||||||
- | 2,983 | 2,546 | 2,861 | - | 2,247 | 2,631 | 1,920 | 1,809 | 1,923 | 5,884 | -1,763 | 14,913 | -1,109 | -3,381 | -1,798 |
Gains on sale of containers, net | |||||||||||||||
- | 7,558 | 8,162 | 11,289 | 7,907 | 7,913 | 9,417 | 6,394 | 6,245 | 4,389 | 7,376 | 9,614 | 3,862 | 2,919 | 2,511 | 2,819 |
(Gains) losses on sales-type leases, net | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | -303 |
Gain on early extinguishment of debt | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 16,298 | 3,100 |
Share-based compensation expense | |||||||||||||||
1,958 | 1,820 | 1,680 | 2,510 | 1,514 | 1,402 | 1,419 | 1,842 | 1,141 | 1,055 | 1,068 | 2,193 | 957 | 867 | 855 | 814 |
Increase (decrease) in: | |||||||||||||||
Changes in operating assets and liabilities | |||||||||||||||
- | -7,288 | 6,118 | 8,453 | - | -1,186 | 8,757 | 10,862 | - | 2,386 | 7,531 | -10,456 | - | 1,621 | -402 | -1,641 |
Total adjustments | |||||||||||||||
31,127 | 28,225 | 10,496 | 3,444 | 8,913 | 17,499 | -9,157 | 1,127 | 179 | 12,106 | 1,879 | 15,955 | 2,210 | 10,422 | -12,332 | 8,132 |
Net cash provided by operating activities | |||||||||||||||
91,246 | 78,584 | 55,618 | 52,907 | 63,402 | 63,004 | 52,054 | 43,940 | 45,067 | 45,526 | 30,262 | 43,028 | 30,293 | 25,630 | 25,169 | 32,670 |
Cash flows from investing activities: | |||||||||||||||
Purchase of containers and fixed assets | |||||||||||||||
328,621 | 442,847 | 210,525 | 105,496 | 62,503 | 234,106 | 397,166 | 129,919 | 238,251 | 102,269 | 30,297 | 31,469 | 75,833 | 50,133 | 5,574 | 5,847 |
Proceeds from sale of containers and fixed assets | |||||||||||||||
23,483 | 20,278 | 24,334 | 23,229 | 18,003 | 21,898 | 20,704 | 14,706 | 13,824 | 11,707 | 15,246 | 17,389 | 9,470 | 15,679 | 14,079 | 12,718 |
Receipt of payments on direct financing and sales-type leases, net of income earned | |||||||||||||||
1,482 | 10,943 | 9,349 | 8,808 | 3,129 | 7,885 | 7,938 | 7,035 | 6,763 | 6,768 | 20,967 | 6,658 | 4,511 | 4,878 | 8,110 | 6,249 |
Net cash used in investing activities | |||||||||||||||
-324,188 | -411,626 | -176,842 | -73,459 | -41,371 | -212,320 | -372,310 | -108,178 | -217,664 | -83,794 | 5,916 | -7,422 | -61,825 | -29,586 | 2,803 | 13,120 |
Cash flows from financing activities: | |||||||||||||||
Proceeds from credit facilities | |||||||||||||||
226,190 | 59,000 | 80,900 | 69,630 | 36,100 | 29,000 | 82,000 | 55,000 | 101,000 | 22,000 | 11,000 | 18,000 | - | - | - | - |
Principal payments on credit facilities | |||||||||||||||
1,752 | 1,582 | 123,601 | 392 | 39,053 | 94,000 | 0 | 40,000 | - | - | - | - | 100,000 | 7,000 | 3,000 | 50,000 |
Proceeds from secured debt facilities | |||||||||||||||
68,000 | 185,000 | 642,000 | 12,000 | 36,000 | 255,000 | 193,500 | 142,500 | 218,000 | 62,000 | 39,000 | 8,000 | 71,000 | 52,000 | 16,500 | 57,000 |
Principal payments on secured debt facilities | |||||||||||||||
- | - | - | - | 11,001 | -1 | 322,803 | 31,000 | 28,500 | 14,000 | 24,500 | 31,500 | 81,500 | 28,500 | 26,000 | 31,500 |
Principal payments on bonds payable | |||||||||||||||
32,876 | 32,874 | 29,543 | 22,875 | 22,875 | 22,875 | 12,875 | 12,875 | 12,875 | 12,875 | 12,875 | 12,875 | 12,875 | 12,876 | 13,042 | 14,500 |
Extinguishment of bonds payable | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | 0 | 0 | 17,212 | 3,022 |
(Increase) decrease in restricted cash | |||||||||||||||
-2,399 | -4,004 | 24,341 | -25,111 | -3,793 | -6,124 | -11,469 | -9,438 | -1,186 | -129 | 413 | -7,546 | -795 | 6,270 | 1,368 | 2,678 |
Debt issuance costs | |||||||||||||||
935 | 4,613 | 17,948 | 552 | 90 | 840 | 6,414 | 1,058 | 1 | -3 | 11,661 | 11 | 0 | 0 | 92 | 20 |
Issuance of common shares upon exercise of share options | |||||||||||||||
64 | 842 | 419 | 3,344 | 225 | 214 | 777 | 4,849 | 1,246 | 2,059 | 1,084 | 644 | - | - | - | - |
Excess tax benefit from share-based compensation awards | |||||||||||||||
-385 | 258 | -130 | 2,837 | 142 | 457 | -148 | 3,182 | - | - | - | - | - | - | - | - |
Capital contributions from noncontrolling interest | |||||||||||||||
7,418 | 0 | 3,097 | 1,492 | - | - | - | - | - | - | - | - | - | - | - | - |
Dividends paid to shareholders | |||||||||||||||
24,530 | 20,839 | 19,816 | 18,288 | 17,128 | 16,148 | 15,158 | 14,115 | 13,025 | 12,038 | 11,533 | 11,035 | 10,985 | 10,985 | 10,985 | 10,985 |
Net cash used in financing activities | |||||||||||||||
219,414 | 364,408 | 127,022 | 22,085 | -20,399 | 145,434 | 307,410 | 97,045 | 166,659 | 42,020 | -33,072 | -36,323 | 40,845 | 1,909 | -45,463 | -50,349 |
Effect of exchange rate changes | |||||||||||||||
69 | 68 | -72 | 77 | -165 | 69 | 38 | 82 | 47 | 74 | -16 | -46 | 52 | 35 | 96 | -70 |
Net (decrease) increase in cash and cash equivalents | |||||||||||||||
-13,459 | 31,434 | 5,726 | 1,610 | 1,467 | -3,813 | -12,808 | 32,889 | -5,891 | 3,826 | 3,090 | -763 | 9,365 | -2,012 | -17,395 | -4,629 |
Supplemental disclosures of cash flow information: | |||||||||||||||
Cash paid during the year for: | |||||||||||||||
Interest and realized losses on interest rate swaps, collars and caps, net | |||||||||||||||
19,254 | 19,576 | 16,745 | 14,817 | 14,848 | 13,700 | 9,438 | 8,301 | 7,061 | 6,128 | 4,886 | 4,986 | 5,633 | 5,893 | 6,290 | 6,690 |
Net income taxes paid | |||||||||||||||
349 | 217 | 200 | 54 | 258 | 34 | 128 | -29 | 324 | 93 | 142 | 90 | - | - | - | - |
Supplemental disclosures of noncash investing activities: | |||||||||||||||
Increase (decrease) in accrued container purchases | |||||||||||||||
25,872 | -170,385 | 155,892 | 50,819 | 6,011 | -134,738 | 25,248 | 30,258 | - | - | - | - | - | - | - | - |
Income taxes | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | - | - | - | 94 | 372 | 24 |
Increase in accrued container purchases | |||||||||||||||
- | - | - | - | - | - | - | - | - | - | 43,065 | 1,351 | - | -1,256 | 4,341 | -2,068 |
Containers placed in direct financing and sales-type leases | |||||||||||||||
81,258 | 11,981 | 34,991 | 20,885 | 13,047 | 9,867 | 13,450 | 11,308 | 2,776 | 567 | 6,155 | 14,092 | 10,360 | -27,148 | 31,464 | 3,347 |