| Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 |
|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | ||||||||||
Lease rental income | ||||||||||
444,888 | 460,427 | 512,544 | 506,538 | 468,732 | 383,989 | 327,627 | 235,827 | 189,779 | 198,600 | 192,342 |
Management fees | ||||||||||
14,994 | 13,420 | 15,610 | 17,408 | 19,921 | 26,169 | 29,324 | 29,137 | 25,228 | 28,603 | 24,125 |
Trading container sales proceeds | ||||||||||
4,758 | 15,628 | 12,670 | 27,989 | 12,980 | 42,099 | 34,214 | 11,291 | 11,843 | 36,294 | 25,497 |
Gain on sale of containers, net | ||||||||||
26,210 | 6,761 | 3,454 | 13,070 | 27,340 | 34,837 | 31,631 | 27,624 | 12,111 | 17,821 | 13,544 |
Other, net | ||||||||||
- | - | - | - | - | - | - | - | - | - | 284 |
Total revenues | ||||||||||
490,850 | 496,236 | 544,278 | 565,005 | 528,973 | 487,094 | 422,796 | 303,879 | 238,961 | 281,318 | 255,792 |
Operating expenses: | ||||||||||
Direct container expense | ||||||||||
60,321 | 62,596 | 47,342 | 47,446 | 43,062 | 25,173 | 18,307 | 25,542 | 39,062 | 25,709 | 32,895 |
Cost of trading containers sold | ||||||||||
3,302 | 15,904 | 12,475 | 27,465 | 11,910 | 36,810 | 29,456 | 9,046 | 9,721 | 28,581 | 20,753 |
Depreciation expense | ||||||||||
231,043 | 236,144 | 191,930 | 164,209 | 140,083 | - | - | 58,972 | 48,473 | 48,900 | 48,757 |
Container impairment | ||||||||||
8,072 | 94,623 | 35,345 | 13,108 | 8,891 | - | - | - | - | - | - |
Depreciation expense and container impairment | ||||||||||
- | - | - | - | - | 104,844 | 83,177 | - | - | - | - |
Amortization expense | ||||||||||
4,092 | 5,053 | 4,741 | 4,010 | 4,226 | 5,020 | 6,110 | 6,544 | 7,080 | 6,979 | 3,677 |
General and administrative expense | ||||||||||
30,697 | 26,311 | 27,645 | 25,778 | 24,922 | 23,015 | 23,495 | 21,670 | 20,304 | 20,991 | 18,063 |
Short-term incentive compensation expense | ||||||||||
3,481 | 2,242 | 913 | 4,075 | 1,779 | 5,310 | 4,921 | 4,805 | 2,924 | 4,257 | 4,094 |
Long-term incentive compensation expense | ||||||||||
5,499 | 5,987 | 7,040 | 6,639 | 4,961 | 6,950 | 5,950 | 5,318 | 3,575 | 3,148 | 932 |
Bad debt expense, net | ||||||||||
477 | 21,166 | 5,028 | -474 | 8,084 | 1,525 | 3,007 | 145 | 3,304 | 3,663 | 1,133 |
Gain on sale of containers to noncontrolling interest | ||||||||||
- | - | - | - | - | - | 19,773 | - | - | - | - |
Total operating expenses | ||||||||||
346,984 | 470,026 | 332,459 | 292,256 | 247,918 | 208,647 | 154,650 | 132,042 | 134,443 | 142,228 | 130,304 |
Income from operations | ||||||||||
143,866 | 26,210 | 211,819 | 272,749 | 281,055 | 278,447 | 268,146 | 171,837 | 104,518 | 139,090 | 125,488 |
Other (expense) income: | ||||||||||
Interest expense | ||||||||||
117,475 | 85,215 | 76,063 | 85,931 | 85,174 | 72,886 | 44,891 | 18,151 | 11,750 | 26,227 | 37,094 |
Write-off of unamortized deferred debt issuance costs and bond discounts | ||||||||||
7,550 | - | 458 | - | - | - | - | - | - | - | - |
Gain on early extinguishment of debt | ||||||||||
- | - | - | - | - | - | - | - | 19,398 | - | 0 |
Interest income | ||||||||||
613 | 408 | 125 | 119 | 122 | 146 | 32 | 27 | 61 | 1,482 | 3,422 |
Realized losses on interest rate swaps, collars and caps, net | ||||||||||
-1,191 | -8,928 | -12,823 | -10,293 | -8,409 | -10,163 | -10,824 | -9,844 | -14,608 | -5,986 | 3,204 |
Unrealized gains (losses) on interest rate swaps, collars and caps, net | ||||||||||
4,094 | 6,210 | -1,947 | 1,512 | 8,656 | 5,527 | -3,849 | -4,021 | 11,147 | -15,105 | -8,274 |
Bargain purchase gain | ||||||||||
- | - | - | - | - | 9,441 | - | - | - | - | - |
Gain on lost military containers, net | ||||||||||
- | - | - | - | - | - | - | - | - | - | 4,639 |
Other, net | ||||||||||
3 | -8 | 26 | 23 | -45 | 44 | -115 | -1,591 | 35 | -203 | 56 |
Net other expense | ||||||||||
-121,506 | -87,533 | -91,140 | -94,570 | -84,850 | -67,891 | -59,647 | -33,580 | 4,283 | -46,039 | -34,047 |
Income (loss) before income tax and noncontrolling interests | ||||||||||
22,360 | -61,323 | 120,679 | 178,179 | 196,205 | 210,556 | 208,499 | 138,257 | 108,801 | 93,051 | 91,441 |
Income tax (expense) benefit, net | ||||||||||
1,618 | -3,447 | 6,695 | -18,068 | 6,831 | 5,493 | 4,481 | 4,493 | 3,471 | -871 | 6,847 |
Net income (loss) | ||||||||||
20,742 | -57,876 | 113,984 | 196,247 | 189,374 | 205,063 | 204,018 | 133,764 | 105,330 | 93,922 | 84,594 |
Less: Net (income) loss attributable to the noncontrolling interests | ||||||||||
1,377 | -5,393 | 5,576 | 5,692 | 6,565 | -1,887 | 14,412 | 13,733 | 14,554 | 8,681 | 16,926 |
Net income (loss) attributable to Textainer Group Holdings Limited common shareholders | ||||||||||
19,365 | -52,483 | 108,408 | 190,555 | 182,809 | 206,950 | 189,606 | 120,031 | 90,776 | 85,241 | 67,668 |
Net income (loss) attributable to Textainer Group Holdings Limited common shareholders per share: | ||||||||||
Basic | ||||||||||
0.34 | -0.93 | 1.90 | 3.36 | 3.25 | 4.04 | 3.88 | 2.50 | 1.90 | 1.79 | 1.66 |
Diluted | ||||||||||
0.34 | -0.93 | 1.90 | 3.34 | 3.21 | 3.96 | 3.80 | 2.43 | 1.88 | 1.78 | 1.66 |
Weighted average shares outstanding (in thousands): | ||||||||||
Basic | ||||||||||
56,845 | 56,608 | 56,953 | 56,719 | 56,317 | 51,277 | 48,859 | 48,108 | 47,761 | 47,605 | 40,800 |
Diluted | ||||||||||
57,159 | 56,608 | 57,093 | 57,079 | 56,862 | 52,231 | 49,839 | 49,307 | 48,185 | 47,827 | 40,841 |
Other comprehensive income (loss): | ||||||||||
Foreign currency translation adjustments | ||||||||||
207 | -233 | -240 | -112 | -45 | 142 | 24 | 59 | - | - | - |
Comprehensive income (loss) | ||||||||||
20,949 | -58,109 | 113,744 | 196,135 | 189,329 | 205,205 | 204,042 | - | - | - | - |
Comprehensive (income) loss attributable to the noncontrolling interest | ||||||||||
1,377 | -5,393 | 5,576 | 5,692 | 6,565 | -1,887 | 14,412 | -13,733 | - | - | - |
Comprehensive income (loss) attributable to Textainer Group Holdings Limited common shareholders | ||||||||||
19,572 | -52,716 | 108,168 | 190,443 | 182,764 | 207,092 | 189,630 | 120,090 | - | - | - |