Textainer (TGH)2022-08-09 17:41Financial Performance - Total revenues for Q2 2022 reached 187,434,000 in Q2 2021[14] - Net income attributable to common shareholders for Q2 2022 was 73,795,000 in Q2 2021[14] - Basic earnings per share increased to 1.48 in Q2 2021, representing an increase of 12.2%[14] - Comprehensive income attributable to common shareholders for Q2 2022 was 70,482,000 in Q2 2021, an increase of 54.3%[17] - Net income for the six months ended June 30, 2022, was 138,091,000 for the same period in 2021, representing an increase of approximately 16.5%[26] - The company reported a total operating income of 110,007,000 in Q2 2021, an increase of 11.5%[14] - The Company reported a segment income before income taxes of 139,040,000 for the first half of 2021, reflecting an 18.6% increase[80] Assets and Liabilities - Total assets as of June 30, 2022, were 7,367,444,000 at the end of 2021, reflecting a growth of 7.1%[20] - Total liabilities increased to 5,586,190,000 at the end of 2021, marking a rise of 6.8%[20] - Cash and cash equivalents increased to 206,210,000 at the end of 2021, a growth of 6.0%[20] - Cash, cash equivalents, and restricted cash at the end of the period were 400,978,000 at the end of June 2021[26] - The Company's total debt obligations as of June 30, 2022, amounted to 5,340.52 million as of December 31, 2021[72] Cash Flow and Investments - Total cash provided by operating activities for the first half of 2022 was 274,014,000 in 2021, indicating a growth of about 40%[26] - The company reported a net cash used in investing activities of 891,397,000 in 2021[26] - The company experienced a gain on the sale of owned fleet containers, netting 31,194,000 in 2021[26] - The company repurchased 2,375,508 shares at an average price of 81.6 million during the first half of 2022[90] - The company paid dividends of 9,938,000 on preferred shares during the first half of 2022[26] Operational Metrics - The company’s total lease rental income for the first half of 2022 was 356,678,000 in the first half of 2021[14] - Average lease rates for containers on operating leases increased by 4.8% for the six months ended June 30, 2022, compared to the same period in 2021[111] - The total fleet size as of June 30, 2022, was approximately 4.5 million TEU, an increase from 4.3 million TEU as of December 31, 2021[111] - Average fleet utilization was 99.6% for both the three and six months ended June 30, 2022[112] - The company managed containers on behalf of 10 unaffiliated container investors, accounting for approximately 7% of the fleet in TEUs as of June 30, 2022[111] Market Conditions and Risks - The ongoing Russia-Ukraine war and COVID-19 pandemic have created uncertainty in the market, but the company remains optimistic about its outlook for the rest of the year[114] - Container prices for 20' dry containers are currently in the range of 7,231 in interest expense over the next twelve months[163] Shareholder Returns and Capital Management - The board of directors approved a share repurchase program increase to 36.9 million as of June 30, 2022[86] - The company has provided an average of approximately 420,000 TEU of new containers per year over the past five years[109] Tax and Compliance - The effective income tax rates for the three months ended June 30, 2022, and 2021 were 2.4% and -0.2%, respectively, indicating a significant increase in the tax burden[71] - The Company was in full compliance with its debt agreements' restrictive covenants as of June 30, 2022[72]