Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - TRAC Intermodal Corp. | v359828_8k.htm |
| EX-99.1 - EXHIBIT 99.1 - TRAC Intermodal Corp. | v359828_ex99-1.htm |
TRAC Intermodal LLC and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
(Dollars in Thousands)
| September 30, | December 31, | |||||||
| 2013 | 2012 | |||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 8,933 | $ | 26,556 | ||||
| Accounts receivable, net of allowance of $12,077 and $7,325, respectively | 124,292 | 80,620 | ||||||
| Net investment in direct finance leases | 26,915 | 40,729 | ||||||
| Leasing equipment, net of accumulated depreciation of $347,984 and $309,010, respectively | 1,409,056 | 1,325,383 | ||||||
| Fair value of derivative instruments | 2,796 | — | ||||||
| Goodwill | 251,907 | 251,907 | ||||||
| Other assets | 44,497 | 43,268 | ||||||
| Total assets | $ | 1,868,396 | $ | 1,768,463 | ||||
| Liabilities and member’s interest | ||||||||
| Liabilities: | ||||||||
| Accounts payable | $ | 15,238 | $ | 10,270 | ||||
| Accrued expenses and other liabilities | 45,794 | 37,320 | ||||||
| Deferred income taxes | 77,879 | 73,569 | ||||||
| Debt and capital lease obligations: | ||||||||
| Due within one year | 29,048 | 25,884 | ||||||
| Due after one year | 1,158,813 | 1,082,513 | ||||||
| Total debt and capital lease obligations | 1,187,861 | 1,108,397 | ||||||
| Total liabilities | 1,326,772 | 1,229,556 | ||||||
| Commitments and contingencies | — | — | ||||||
| Member’s interest: | ||||||||
| Member’s interest | 583,003 | 590,883 | ||||||
| Accumulated other comprehensive loss | (41,379 | ) | (51,976 | ) | ||||
| Total member’s interest | 541,624 | 538,907 | ||||||
| Total liabilities and member’s interest | $ | 1,868,396 | $ | 1,768,463 | ||||
TRAC Intermodal LLC and Subsidiaries
Consolidated Statements of Operations
(Unaudited)
(Dollars in Thousands)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| Revenues: | 2013 | 2012 | 2013 | 2012 | ||||||||||||
| Equipment leasing revenue | $ | 125,488 | $ | 97,803 | $ | 345,002 | $ | 267,105 | ||||||||
| Finance revenue | 746 | 1,252 | 2,564 | 3,950 | ||||||||||||
| Other revenue | 8,010 | 10,729 | 31,609 | 27,743 | ||||||||||||
| Total revenues | 134,244 | 109,784 | 379,175 | 298,798 | ||||||||||||
| Expenses: | ||||||||||||||||
| Direct operating expenses | 81,140 | 60,583 | 215,336 | 155,492 | ||||||||||||
| Selling, general and administrative expenses | 14,737 | 10,893 | 41,998 | 33,937 | ||||||||||||
| Depreciation expense | 18,161 | 16,418 | 53,124 | 49,419 | ||||||||||||
| Provision for doubtful accounts | 3,727 | 260 | 8,434 | 2,073 | ||||||||||||
| Impairment of leasing equipment | 1,065 | 3,081 | 3,629 | 5,073 | ||||||||||||
| Loss on retirement of debt | 6 | 6,294 | 901 | 6,443 | ||||||||||||
| Interest expense | 22,926 | 20,304 | 68,336 | 52,267 | ||||||||||||
| Interest income | (15 | ) | (88 | ) | (286 | ) | (109 | ) | ||||||||
| Other expense (income), net | 94 | (89 | ) | (1,896 | ) | (640 | ) | |||||||||
| Total expenses | 141,841 | 117,656 | 389,576 | 303,955 | ||||||||||||
| Loss before benefit for income taxes | (7,597 | ) | (7,872 | ) | (10,401 | ) | (5,157 | ) | ||||||||
| Benefit for income taxes | (1,273 | ) | (3,201 | ) | (2,409 | ) | (2,047 | ) | ||||||||
| Net loss | $ | (6,324 | ) | $ | (4,671 | ) | $ | (7,992 | ) | $ | (3,110 | ) | ||||
TRAC Intermodal LLC and Subsidiaries
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in Thousands)
| Nine Months Ended September 30, | ||||||||
| 2013 | 2012 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (7,992 | ) | $ | (3,110 | ) | ||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||
| Depreciation and amortization | 53,302 | 49,749 | ||||||
| Provision for doubtful accounts | 8,434 | 2,073 | ||||||
| Amortization of deferred financing fees | 4,609 | 2,576 | ||||||
| Loss on retirement of debt | 901 | 6,443 | ||||||
| Derivative loss reclassified into earnings | 15,180 | 5,367 | ||||||
| Ineffective portion of cash flow hedges | (60 | ) | 53 | |||||
| Payment to terminate derivative instruments | — | (90,370 | ) | |||||
| Impairment of leasing equipment | 3,629 | 5,073 | ||||||
| Share based compensation | 873 | 1,311 | ||||||
| Deferred income taxes | (2,336 | ) | (2,666 | ) | ||||
| Other, net | (1,172 | ) | (271 | ) | ||||
| Changes in assets and liabilities: | ||||||||
| Accounts receivable | (52,106 | ) | (20,531 | ) | ||||
| Other assets | (700 | ) | 742 | |||||
| Accounts payable | 4,969 | 3,820 | ||||||
| Accrued expenses and other liabilities | 4,296 | 3,734 | ||||||
| Net cash provided by (used in) operating activities | 31,827 | (36,007 | ) | |||||
| Cash flows from investing activities | ||||||||
| Proceeds from sale of leasing equipment | 5,961 | 2,028 | ||||||
| Collections on net investment in direct finance leases, net of interest earned | 4,262 | 5,897 | ||||||
| Purchase of leasing equipment | (131,509 | ) | (30,034 | ) | ||||
| Purchase of fixed assets | (3,617 | ) | (547 | ) | ||||
| Net cash used in investing activities | (124,903 | ) | (22,656 | ) | ||||
| Cash flows from financing activities | ||||||||
| Proceeds from long-term debt | 142,000 | 816,397 | ||||||
| Repayments of long-term debt | (63,506 | ) | (732,576 | ) | ||||
| Cash paid for debt issuance fees | (2,267 | ) | (30,306 | ) | ||||
| Capital contribution from parent | — | 3,334 | ||||||
| Investment in parent | — | (3,354 | ) | |||||
| Repurchase of shares from employees | (509 | ) | (307 | ) | ||||
| Net cash provided by financing activities | 75,718 | 53,188 | ||||||
| Effect of changes in exchange rates on cash and cash equivalents | (265 | ) | 161 | |||||
| Net decrease in cash and cash equivalents | (17,623 | ) | (5,314 | ) | ||||
| Cash and cash equivalents, beginning of year | 26,556 | 29,005 | ||||||
| Cash and cash equivalents, end of period | $ | 8,933 | $ | 23,691 | ||||
| Supplemental disclosures of cash flow information | ||||||||
| Cash paid for interest | $ | 57,784 | $ | 45,737 | ||||
| Cash paid (refunded) for taxes, net | $ | 315 | $ | (632 | ) | |||