General Finance Corporation (NASDAQ: GFN), a leading specialty
rental services company offering portable storage, modular space
and liquid containment solutions in North America and in the
Asia-Pacific region of Australia and New Zealand (the “Company”),
today announced its consolidated financial results for the fourth
quarter and fiscal year ended June 30, 2018.
Fourth Quarter 2018 Highlights
- Total revenues were $93.8 million, an increase of 28% over the
fourth quarter of fiscal year 2017.
- Leasing revenues were $56.5 million, an increase of 23% over
the fourth quarter of fiscal year 2017.
- Leasing revenues increased by 13%, excluding the oil and gas
sector and favorable foreign currency effects.
- Leasing revenues comprised 63% of total non-manufacturing
revenues for the fourth quarter of both fiscal years 2017 and
2018.
- Adjusted EBITDA was $23.0 million, an increase of approximately
49% over the fourth quarter of fiscal year 2017.
- Adjusted EBITDA margin was 25%, compared to 21% in the fourth
quarter of 2017.
- Net loss attributable to common shareholders was $11.6 million,
or $0.44 per diluted share, compared to a net loss attributable to
common shareholders of $1.8 million, or $0.07 per diluted share,
for the fourth quarter of fiscal year 2017. Included in the fourth
quarter fiscal year 2018 net loss is a non-cash charge of $11.5
million for the change in valuation of the stand-alone bifurcated
derivative in our outstanding convertible note in the Asia-Pacific
area. Excluding this non-cash charge, the fourth quarter of fiscal
year 2018 would have had net income attributable to common
shareholders of approximately $0.1 million.
- Average fleet unit utilization was 80%, compared to 77% in the
fourth quarter of fiscal year 2017.
- Completed one acquisition in North America.
Fiscal Year 2018 Highlights
- Total revenues were $347.3 million, an increase of 25% over
fiscal year 2017.
- Leasing revenues were $215.0 million, an increase of 22% over
fiscal year 2017.
- Leasing revenues increased by 12%, excluding the oil and gas
sector and favorable foreign currency effects.
- Leasing revenues comprised 64% of total non-manufacturing
revenues versus 65% for fiscal year 2017.
- Adjusted EBITDA was $87.7 million, an increase of 44% over
fiscal year 2017.
- Adjusted EBITDA margin was 25%, compared to 22% for fiscal year
2017.
- Net loss attributable to common shareholders was $12.0 million,
or $0.46 per diluted share, compared to a net loss attributable to
common shareholders of $6.6 million, or $0.25 per diluted share,
for fiscal year 2017. Included in the fiscal year 2018 net loss is
a non-cash charge of $13.7 million for the change in valuation of
the stand-alone bifurcated derivative in our outstanding
convertible note in the Asia-Pacific area. Excluding this non-cash
charge, fiscal year 2018 would have had net income attributable to
common shareholders of approximately $1.8 million.
- Average fleet unit utilization was 80%, compared to 77% for
fiscal year 2017.
- Opened five greenfield locations, three in the Asia-Pacific
region and two in North America.
- Completed four acquisitions in North America.
- Acquired all outstanding publicly-traded shares of Royal Wolf
not owned by the Company, making Royal Wolf a wholly-owned
subsidiary.
Management Commentary
“We are extremely proud of our accomplishments in fiscal year
2018, delivering record revenues and adjusted EBITDA, driven by
growth across all of our operations,” said Jody Miller, President
and Chief Executive Officer. “We ended the year with an exceptional
fourth quarter. In North America, our liquid containment business
continues to generate strong results, given the robust customer
demand in the oil and gas market in the Permian basin of Texas. Our
core portable storage business delivered ongoing growth, driven
primarily by a larger fleet, increasing average lease rates and
higher fleet utilization across all product lines. Our Asia-Pacific
region also delivered improved financial results throughout the
fiscal year, due to higher sales revenues, which included three
large sales to the utilities sector, as well as higher leasing
revenues across most sectors.”
Mr. Miller continued, “We executed on our geographic expansion
strategy very well, entering nine new markets, growing our Pac-Van
brand in North America with four acquisitions and two greenfield
locations and strengthening our Royal Wolf brand in the
Asia-Pacific region with three greenfield locations. Subsequent to
the fiscal year-end, Pac-Van acquired a portable storage container
business in the Baltimore/D.C. market, and Royal Wolf acquired a
portable storage container business in New Zealand that operates
eight locations across the country.”
Charles Barrantes, Executive Vice President and Chief Financial
Officer, added, “Our fiscal year 2018 results exceeded our guidance
and our fourth quarter results mark the sixth consecutive
quarter where we have delivered year-over-year growth in adjusted
EBITDA. Our strong financial results enabled us to enhance our
borrowing availability and end fiscal year 2018 with a net leverage
ratio of under five times, even with the additional debt that we
incurred as a result of our successful acquisition of the public
noncontrolling interest of Royal Wolf.”
Mr. Miller concluded, “Our outstanding performance in fiscal
year 2018 is the result of the hard work and commitment of our
operating teams and our disciplined and focused strategy over the
past few years. We ended the year on a high note and that
positive momentum is continuing, laying a solid foundation for the
future.”
Fourth Quarter 2018 Operating Summary
North AmericaRevenues from our North American
leasing operations for the fourth quarter of fiscal year 2018
totaled $57.4 million, compared to $44.9 million for the fourth
quarter of fiscal year 2017, an increase of 28%. Leasing revenues
increased by 31% on a year-over-year basis, as a result of
increases across nearly all sectors, most notably in the oil and
gas, commercial, construction and industrial sectors. Sales
revenues increased by 20%, driven mainly by increases in the
commercial, oil and gas, construction and government sectors, and
were partially offset by decreases in the mining and education
sectors. Adjusted EBITDA was $17.6 million for the fourth quarter
of fiscal year 2018, compared with $10.9 million for the year-ago
quarter, an increase of 61%. Adjusted EBITDA from Pac-Van and Lone
Star increased by 36% and 164% year-over-year, to $11.8 million and
$5.8 million, respectively, from $8.7 million and $2.2 million,
respectively, in the fourth quarter of fiscal year 2017.
North American manufacturing revenues for the fourth quarter of
fiscal year 2018 totaled $3.7 million and included intercompany
sales of $0.2 million from products sold to our North American
leasing operations. This compares to $1.7 million of total sales,
including intercompany sales of $0.6 million during the fourth
quarter of fiscal year 2017. On a stand-alone basis, prior to
intercompany adjustments, adjusted EBITDA was $0.5 million for the
fourth quarter, compared to an adjusted EBITDA loss of $0.4 million
in the fourth quarter of fiscal year 2017.
Asia-Pacific Revenues from the Asia-Pacific for
the fourth quarter of fiscal year 2018 totaled $32.9 million,
compared to $27.3 million for the fourth quarter of fiscal year
2017, an increase of approximately 21%. The increase in revenues
was mainly driven by one large sale to a customer in the utilities
sector totaling $3.8 million and was accompanied by an increase in
sales to the construction sector, as well as favorable foreign
currency effects between periods. Leasing revenues increased by 7%
on a year-over-year basis, with increases in the mining,
construction and special events sectors, partially offset by
decreases in the consumer and agriculture sectors. Adjusted EBITDA
for the fourth quarter of 2018 was $7.5 million, compared to $6.4
million for the year-ago quarter, an increase of approximately 18%.
On a local currency basis, revenues increased by 19% and adjusted
EBITDA increased by 16%.
Fiscal Year 2018 Operating Summary
North AmericaRevenues from our North American
leasing operations for fiscal year 2018 totaled $206.3 million,
compared to $163.8 million in the prior year, an increase of 26%.
Leasing revenues increased by 30% on a year-over-year basis, as a
result of increases across a majority of sectors represented in our
customer base, most notably in the oil and gas, commercial and
construction sectors. Sales revenues increased by 16% for the
year, driven mainly by increases in the commercial, oil and gas and
construction sectors, and were partially offset by decreases in the
education and mining sectors. Adjusted EBITDA for fiscal year 2018
was $61.2 million, an increase of 54% from the prior year. Adjusted
EBITDA from Pac-Van and Lone Star increased by approximately 27%
and 210%, to $43.2 million and $18.0 million, respectively, from
$34.0 million and $5.8 million, respectively, in fiscal year
2017.
North American manufacturing revenues for fiscal year 2018
totaled $13.6 million and included intercompany sales of $3.7
million from products sold to our North American leasing
operations. This compares to $6.9 million of total sales
during the fiscal year 2017, which included intercompany sales of
$2.0 million. On a stand-alone basis, prior to intercompany
adjustments, adjusted EBITDA was $0.3 million for the fiscal year,
compared to an adjusted EBITDA loss of approximately $1.6 million
in the prior fiscal year.
Asia-Pacific Revenues from the Asia-Pacific for
fiscal year 2018 totaled $131.1 million, compared to $108.2 million
in the prior year, an increase of 21%. The increase in revenues was
mainly driven by four large sales to customers in the utilities and
transportation sectors totaling approximately $16.1 million, as
well as favorable foreign currency effects between periods. Leasing
revenues increased by 7%, with increases in the construction,
mining, industrial and special events sectors, partially offset by
decreases in the oil and gas sector. Adjusted EBITDA for fiscal
year 2018 was $31.9 million, compared to $27.4 million in the prior
year, an increase of 16%. On a local currency basis, revenues
increased by 18% and adjusted EBITDA increased by 13%.
Balance Sheet and Liquidity Overview
At June 30, 2018, the Company had total debt of $427.2 million
and cash and cash equivalents of $21.6 million, as compared to
$355.6 million and $7.8 million at June 30, 2017, respectively. At
June 30, 2018, our North American leasing operations had $46.4
million available to borrow under its $237.0 million credit
facility, and our Asia-Pacific leasing operations had, including
cash at the bank, $31.4 million (A$42.4 million), available to
borrow under its A$134.0 million credit facility.
During fiscal year 2018, the Company generated cash from
operating activities of $58.8 million, as compared to $35.3 million
for fiscal year 2017. In fiscal year 2018, the Company invested a
net $21.1 million ($19.0 million in North America and $2.1 million
in the Asia-Pacific) in the lease fleet, as compared to $21.8
million in net fleet investment ($10.7 million in North America and
$11.1 million in the Asia-Pacific) in fiscal year 2017.
Receivables were $50.5 million at June 30, 2018, as compared to
$44.4 million at June 30, 2017. Days sales outstanding in
receivables at June 30, 2018, for our Asia-Pacific and North
American leasing operations were 35 and 47 days, respectively, as
compared to 49 and 46 days, respectively, as of June 30, 2017.
Outlook
Assuming the Australian dollar averages 0.72 versus the U.S.
dollar, which represents an approximate 7% decrease from fiscal
year 2018, management estimates that consolidated revenues for
fiscal year 2019 will be in the range of $355 million to $375
million and that consolidated adjusted EBITDA will increase by 6%
to 12% in fiscal year 2019 from fiscal year 2018. This
outlook does not take into account the impact of any additional
acquisitions that may occur for the remainder of fiscal year
2019.
Conference Call Details
Management will host a conference call today at 8:30 a.m.
Pacific Time (11:30 a.m. Eastern Time) to discuss the Company's
operating results. The conference call number for U.S. participants
is (866) 901-5096 and the conference call number for participants
outside the U.S. is (706) 643-3717. The conference ID number for
both conference call numbers is 7774275. Additionally, interested
parties can listen to a live webcast of the call in the "Investor
Relations" section of the Company's website at
http://www.generalfinance.com.
A replay of the conference call may be accessed through
September 19, 2018 by dialing (800) 585-8367 (U.S.) or (404)
537-3406 (international), using conference ID number 7774275.
After the replay has expired, interested parties can listen to
the conference call via webcast in the "Investor Relations" section
of the Company's website at
http://www.generalfinance.com.
About General Finance Corporation
Headquartered in Pasadena, California, General Finance
Corporation (NASDAQ: GFN, www.generalfinance.com) is a leading
specialty rental services company offering portable storage,
modular space and liquid containment solutions. Management’s
expertise in these sectors drives disciplined growth strategies,
operational guidance, effective capital allocation and capital
markets support for the Company’s subsidiaries. The Company’s
Asia-Pacific leasing operations in Australia consist of
wholly-owned Royal Wolf Trading Australia Pty Limited
(www.royalwolf.com.au) and Royal Wolf Trading New Zealand Limited
(www.royalwolf.co.nz), the leading providers of portable storage
solutions in those countries. The Company’s North America leasing
operations consist of wholly-owned subsidiaries Pac-Van, Inc.
(www.pacvan.com) and Lone Star Tank Rental Inc.
(www.lonestartank.com), providers of portable storage, office and
liquid storage tank containers, mobile offices and modular
buildings. The Company also owns Southern Frac, LLC
(www.southernfrac.com), a manufacturer of portable liquid storage
tank containers and, under the trade name Southern Fabrication
Specialties (www.southernfabricationspecialties.com), other
steel-related products in North America.
Cautionary Statement about Forward-Looking
Statements
Statements in this news release that are not historical facts
are forward-looking statements within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements include, but are not limited to, statements addressing
management’s views with respect to future financial and operating
results, competitive pressures, increases in interest rates for our
variable interest rate indebtedness, our ability to raise capital
or borrow additional funds, the availability of sufficiently
qualified employees to staff our businesses, changes in the
Australian, New Zealand or Canadian dollar relative to the U.S.
dollar, regulatory changes, customer defaults or insolvencies,
litigation, the acquisition of businesses that do not perform as we
expect or that are difficult for us to integrate or control, our
ability to procure adequate levels of products to meet customer
demand, our ability to procure adequate supplies for our
manufacturing operations, labor disruptions, adverse resolution of
any contract or other disputes with customers, declines in demand
for our products and services from key industries such as the
Australian resources industry or the U.S. oil and gas and
construction industries, or a write-off of all or a part of our
goodwill and intangible assets. These risks and uncertainties could
cause actual outcomes and results to differ materially from those
described in our forward-looking statements. We believe that the
expectations represented by our forward-looking statements are
reasonable, yet there can be no assurance that such expectations
will prove to be correct. Furthermore, unless otherwise stated, the
forward-looking statements contained in this press release are made
as of the date of the press release, and we do not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise unless required by applicable law. The
forward-looking statements contained in this press release are
expressly qualified by these cautionary statements. Readers are
cautioned that these forward-looking statements involve certain
risks and uncertainties, including those contained in filings with
the Securities and Exchange Commission.
Investor/Media Contact Larry ClarkFinancial
Profiles, Inc.310-622-8223
-Financial Tables Follow-
GENERAL FINANCE CORPORATION AND
SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except share and per
share data)
|
|
|
|
|
Quarter Ended June
30, |
|
Year Ended June
30, |
|
2017 |
2018 |
|
2017 |
2018 |
|
(unaudited) |
|
|
|
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease inventories and
fleet |
$ |
26,448 |
|
$ |
33,769 |
|
|
$ |
95,764 |
|
$ |
122,467 |
|
Manufactured units |
|
1,106 |
|
|
3,518 |
|
|
|
4,895 |
|
|
9,850 |
|
|
|
27,554 |
|
|
37,287 |
|
|
|
100,659 |
|
|
132,317 |
|
Leasing |
|
45,785 |
|
|
56,547 |
|
|
|
176,269 |
|
|
214,985 |
|
|
|
73,339 |
|
|
93,834 |
|
|
|
276,928 |
|
|
347,302 |
|
|
|
|
|
|
|
Costs and
expenses |
|
|
|
|
|
Cost of sales: |
|
|
|
|
|
Lease inventories and
fleet (exclusive of the items shown separately below) |
|
19,226 |
|
|
23,740 |
|
|
|
68,215 |
|
|
87,779 |
|
Manufactured units |
|
1,420 |
|
|
2,946 |
|
|
|
6,336 |
|
|
9,212 |
|
Direct costs of leasing
operations |
|
20,485 |
|
|
23,511 |
|
|
|
76,306 |
|
|
89,201 |
|
Selling and general
expenses |
|
17,449 |
|
|
21,426 |
|
|
|
67,705 |
|
|
77,650 |
|
Depreciation and
amortization |
|
10,063 |
|
|
10,090 |
|
|
|
39,300 |
|
|
39,761 |
|
|
|
|
|
|
|
Operating
income |
|
4,696 |
|
|
12,121 |
|
|
|
19,066 |
|
|
43,699 |
|
|
|
|
|
|
|
Interest income |
|
12 |
|
|
31 |
|
|
|
66 |
|
|
112 |
|
Interest expense |
|
(4,557 |
) |
|
(9,324 |
) |
|
|
(19,653 |
) |
|
(33,991 |
) |
Loss on change in
valuation of bifurcated derivative in Convertible Note |
|
— |
|
|
(11,498 |
) |
|
|
— |
|
|
(13,719 |
) |
Foreign exchange and
other |
|
(281 |
) |
|
(3,202 |
) |
|
|
(351 |
) |
|
(5,887 |
) |
|
|
(4,826 |
) |
|
(23,993 |
) |
|
|
(19,938 |
) |
|
(53,485 |
) |
|
|
|
|
|
|
Loss before
provision (benefit) for income taxes |
|
(130 |
) |
|
(11,872 |
) |
|
|
(872 |
) |
|
(9,786 |
) |
|
|
|
|
|
|
Provision (benefit) for
income taxes |
|
272 |
|
|
(1,198 |
) |
|
|
(25 |
) |
|
(679 |
) |
|
|
|
|
|
|
Net
loss |
|
(402 |
) |
|
(10,674 |
) |
|
|
(847 |
) |
|
(9,107 |
) |
|
|
|
|
|
|
Preferred stock
dividends |
|
(892 |
) |
|
(892 |
) |
|
|
(3,658 |
) |
|
(3,658 |
) |
Noncontrolling
interests |
|
(471 |
) |
|
— |
|
|
|
(2,115 |
) |
|
801 |
|
|
|
|
|
|
|
Net loss
attributable to common stockholders |
$ |
(1,765 |
) |
$ |
(11,566 |
) |
|
$ |
(6,620 |
) |
$ |
(11,964 |
) |
|
|
|
|
|
|
Net loss per common
share: |
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
$ |
(0.44 |
) |
|
$ |
(0.25 |
) |
$ |
(0.46 |
) |
Diluted |
|
(0.07 |
) |
|
(0.44 |
) |
|
|
(0.25 |
) |
|
(0.46 |
) |
|
|
|
|
|
|
Weighted average shares
outstanding: |
|
|
|
|
|
Basic |
|
26,472,633 |
|
|
26,418,890 |
|
|
|
26,348,344 |
|
|
26,269,931 |
|
Diluted |
|
26,472,633 |
|
|
26,418,890 |
|
|
|
26,348,344 |
|
|
26,269,931 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENERAL FINANCE CORPORATION AND
SUBSIDIARIES CONSOLIDATED BALANCE
SHEETS(In thousands, except share and per share
data)
|
|
|
|
|
|
|
June 30, 2017 |
|
June 30, 2018 |
Assets |
|
|
|
|
Cash and cash
equivalents |
|
$ |
7,792 |
|
|
$ |
21,617 |
|
Trade and other
receivables, net |
|
|
44,390 |
|
|
|
50,525 |
|
Inventories |
|
|
29,648 |
|
|
|
22,731 |
|
Prepaid expenses and
other |
|
|
8,923 |
|
|
|
8,023 |
|
Property, plant and
equipment, net |
|
|
23,388 |
|
|
|
22,310 |
|
Lease fleet, net |
|
|
427,275 |
|
|
|
429,388 |
|
Goodwill |
|
|
105,129 |
|
|
|
109,943 |
|
Other intangible
assets, net |
|
|
28,769 |
|
|
|
25,150 |
|
Total
assets |
|
$ |
675,314 |
|
|
$ |
689,687 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Trade payables and
accrued liabilities |
|
$ |
42,774 |
|
|
$ |
50,545 |
|
Income taxes
payable |
|
|
— |
|
|
|
361 |
|
Unearned revenue and
advance payments |
|
|
15,548 |
|
|
|
19,226 |
|
Senior and other debt,
net |
|
|
355,638 |
|
|
|
427,218 |
|
Fair value of
bifurcated derivative in Convertible Note |
|
|
— |
|
|
|
15,583 |
|
Deferred tax
liabilities |
|
|
38,106 |
|
|
|
34,969 |
|
Total
liabilities |
|
|
452,066 |
|
|
|
547,902 |
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
Cumulative preferred
stock, $.0001 par value: 1,000,000 shares authorized; 400,100
shares issued and outstanding (in series) |
|
|
40,100 |
|
|
|
40,100 |
|
Common stock, $.0001
par value: 100,000,000 shares authorized; 26,611,688 shares issued
and outstanding at June 30, 2017 and 27,017,606 at June 30,
2018 |
|
|
3 |
|
|
|
3 |
|
Additional paid-in
capital |
|
|
120,370 |
|
|
|
139,547 |
|
|
|
|
|
|
|
|
|
|
Accumulated other
comprehensive loss |
|
|
(12,355 |
) |
|
|
(17,091 |
) |
Accumulated
deficit |
|
|
(12,972 |
) |
|
|
(21,278 |
) |
Total General Finance
Corporation stockholders’ equity |
|
|
135,146 |
|
|
|
141,281 |
|
Equity of
noncontrolling interests |
|
|
88,102 |
|
|
|
504 |
|
Total
equity |
|
|
223,248 |
|
|
|
141,785 |
|
Total
liabilities and equity |
|
$ |
675,314 |
|
|
$ |
689,687 |
|
|
|
|
|
|
|
|
|
|
Explanation and Use of Non-GAAP Financial
Measures
Earnings before interest, income taxes, impairment, depreciation
and amortization and other non-operating costs and income
(“EBITDA”) and adjusted EBITDA are non-U.S. GAAP measures. We
calculate adjusted EBITDA to eliminate the impact of certain items
we do not consider to be indicative of the performance of our
ongoing operations. In addition, in evaluating adjusted
EBITDA, you should be aware that in the future, we may incur
expenses similar to the expenses excluded from our presentation of
adjusted EBITDA. Our presentation of adjusted EBITDA should not be
construed as an inference that our future results will be
unaffected by unusual or non-recurring items. We present adjusted
EBITDA because we consider it to be an important supplemental
measure of our performance and because we believe it is frequently
used by securities analysts, investors and other interested parties
in the evaluation of companies in our industry, many of which
present EBITDA and a form of adjusted EBITDA when reporting their
results. Adjusted EBITDA has limitations as an analytical tool, and
should not be considered in isolation, or as a substitute for
analysis of our results as reported under U.S. GAAP. We compensate
for these limitations by relying primarily on our U.S. GAAP results
and using adjusted EBITDA only supplementally. The following tables
show our adjusted EBITDA and the reconciliation from net loss on a
consolidated basis and from operating income (loss) for our
operating segments (in thousands):
|
|
|
|
|
Quarter Ended June 30, |
|
Year Ended June
30, |
|
2017 |
2018 |
|
2017 |
2018 |
Net loss |
$ |
(402 |
) |
$ |
(10,674 |
) |
|
$ |
(847 |
) |
$ |
(9,107 |
) |
Add (deduct) — |
|
|
|
|
|
Provision
(benefit) for income taxes |
|
272 |
|
|
(1,198 |
) |
|
|
(25 |
) |
|
(679 |
) |
Loss on
change in valuation of bifurcated derivative in Convertible
Note |
|
- |
|
|
11,498 |
|
|
|
- |
|
|
13,719 |
|
Foreign
exchange and other |
|
281 |
|
|
3,202 |
|
|
|
351 |
|
|
5,887 |
|
Interest
expense |
|
4,557 |
|
|
9,324 |
|
|
|
19,653 |
|
|
33,991 |
|
Interest
income |
|
(12 |
) |
|
(31 |
) |
|
|
(66 |
) |
|
(112 |
) |
Depreciation and amortization |
|
10,261 |
|
|
10,212 |
|
|
|
40,092 |
|
|
40,335 |
|
Share-based compensation expense |
|
532 |
|
|
672 |
|
|
|
1,374 |
|
|
3,658 |
|
Refinancing costs not capitalized |
|
- |
|
|
- |
|
|
|
437 |
|
|
- |
|
Adjusted
EBITDA |
$ |
15,489 |
|
$ |
23,005 |
|
|
$ |
60,969 |
|
$ |
87,692 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter Ended June 30, 2017 |
Quarter Ended June 30, 2018 |
|
Asia-Pacific |
North America |
|
Asia-Pacific |
North America |
|
Leasing |
Leasing |
Manufacturing |
Corporate |
|
Leasing |
Leasing |
Manufacturing |
Corporate |
Operating income
(loss) |
$ |
1,837 |
$ |
4,986 |
$ |
(583 |
) |
$ |
(1,702 |
) |
|
$ |
3,040 |
$ |
11,532 |
$ |
329 |
$ |
(2,974 |
) |
Add (deduct)
- |
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
4,405 |
|
5,839 |
|
198 |
|
|
9 |
|
|
|
4,261 |
|
6,012 |
|
122 |
|
9 |
|
Share-based
compensation expense |
|
134 |
|
109 |
|
14 |
|
|
275 |
|
|
|
192 |
|
77 |
|
9 |
|
394 |
|
Adjusted
EBITDA |
$ |
6,376 |
$ |
10,934 |
$ |
(371 |
) |
$ |
(1,418 |
) |
|
$ |
7,493 |
$ |
17,621 |
$ |
460 |
$ |
(2,571 |
) |
Intercompany
adjustments |
|
|
|
|
|
|
|
$ |
(32 |
) |
|
|
|
|
|
|
|
$ |
2 |
|
|
|
|
|
|
|
|
Year Ended June 30, 2017 |
|
Year Ended June 30, 2018 |
|
|
Asia-Pacific |
North America |
|
Asia-Pacific |
North America |
|
|
Leasing |
Leasing |
Manufacturing |
Corporate |
|
Leasing |
Leasing |
Manufacturing |
Corporate |
Operating
income (loss) |
$ |
10,768 |
|
$ |
15,635 |
$ |
(2,430 |
) |
$ |
(5,507 |
) |
|
$ |
13,272 |
$ |
37,487 |
$ |
(351 |
) |
$ |
(7,278 |
) |
Add
(deduct) - |
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
16,699 |
|
|
23,329 |
|
792 |
|
|
28 |
|
|
|
17,098 |
|
23,394 |
|
574 |
|
|
36 |
|
|
Share-based
compensation expense |
|
(74 |
) |
|
374 |
|
62 |
|
|
1,012 |
|
|
|
1,513 |
|
350 |
|
46 |
|
|
1,749 |
|
|
Refinancing costs not
capitalized |
|
---- |
|
|
437 |
|
---- |
|
|
---- |
|
|
---- |
|
--- |
|
---- |
|
|
---- |
|
Adjusted EBITDA |
$ |
27,393 |
|
$ |
39,775 |
$ |
(1,576 |
) |
$ |
(4,467 |
) |
|
$ |
31,883 |
$ |
61,231 |
$ |
269 |
|
$ |
(5,493 |
) |
Intercompany adjustments |
|
|
|
$ |
(156 |
) |
|
|
|
|
$ |
(198 |
) |
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