Textainer (US:TGH)2023-02-14 17:46Financial Performance - Total lease rental income for 2022 increased by 8% to $810 million, compared to $750.7 million in 2021[10] - Net income attributable to common shareholders for the full year 2022 was $289.5 million, or $6.12 per diluted common share, up from $273.5 million, or $5.41 per diluted common share in 2021[8] - Adjusted EBITDA for the full year 2022 was $745.5 million, an increase from $697.9 million in 2021[8] - Total revenues for the year ended December 31, 2022, increased to $810,014 thousand, up 7.9% from $750,730 thousand in 2021[26] - Basic net income per share for the year ended December 31, 2022, was $6.23, up from $5.51 in 2021, reflecting a 13.1% increase[26] - Adjusted net income for Q4 2022 was $61,993, compared to $76,562 in Q4 2021, reflecting a decrease of approximately 19.1%[34] - Adjusted net income per diluted common share for Q4 2022 was $1.38, down from $1.64 in Q4 2021, representing a decline of about 15.9%[34] - Headline earnings for Q4 2022 were $61,854, compared to $77,259 in Q4 2021, showing a decline of around 19.8%[35] - Headline earnings per diluted common share for Q4 2022 was $1.38, down from $1.65 in Q4 2021, reflecting a decrease of about 16.4%[35] Cash Flow and Assets - Cash flows from operating activities for the year ended December 31, 2022, were $752,519 thousand, compared to $611,783 thousand in 2021, reflecting a 22.9% increase[27] - Total assets as of December 31, 2022, amounted to $7,613,234 thousand, an increase of 3.3% from $7,367,444 thousand in 2021[25] - The company reported a total shareholders' equity of $1,996,289 thousand as of December 31, 2022, compared to $1,781,254 thousand in 2021, indicating a growth of 12.1%[25] - The company’s cash, cash equivalents, and restricted cash at the end of 2022 were $267,409 thousand, down from $282,572 thousand at the end of 2021[27] Expenses and Liabilities - Interest expense for the year increased by $30 million due to a higher average debt balance and increased effective interest rates[16] - Total liabilities as of December 31, 2022, were $5,616,945 thousand, slightly up from $5,586,190 thousand in 2021[25] - The company’s total operating expenses for the year ended December 31, 2022, were $419,226 thousand, compared to $401,948 thousand in 2021, marking a 4.3% increase[26] - Total interest expense for the year ended December 31, 2022, was $157,249, up from $127,269 in 2021, indicating an increase of about 23.6%[34] Shareholder Returns and Capital Allocation - Share repurchases totaled 5.6 million shares in 2022, representing 11.5% of outstanding common shares at the beginning of the year[11] - The board approved a quarterly common dividend of $0.30 per share, a 20% increase from the previous quarter[8] - The company expects stabilizing performance in 2023 while continuing to prioritize capital allocation towards strengthening the balance sheet and returning capital to shareholders[11] Container and Fleet Management - The company added $786 million of new containers in 2022, assigned to long-term and finance leases[8] - Average fleet utilization for Q4 2022 was 99.0%, slightly down from 99.4% in Q3 2022[8] - The company purchased containers for $403,783 thousand in 2022, a significant decrease from $2,082,577 thousand in 2021[27] Non-GAAP Measures - The company has highlighted the importance of adjusted net income and adjusted EBITDA as useful measures for evaluating operational performance and funding growth[33] - Management emphasizes that non-GAAP measures have limitations and should not be relied upon in isolation from GAAP measures[33] Gains and Losses - Gain on sale of owned fleet containers, net for the full year increased by $9.7 million from 2021, totaling $76.9 million[13] - The company reported a net unrealized loss on financial instruments of $502 for the year ended December 31, 2022, compared to a gain of $(4,409) in 2021[34]