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Name | Symbol | Market | Type |
---|---|---|---|
Tal Education Group | NYSE:TAL | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.25 | 1.95% | 13.05 | 13.25 | 12.4438 | 12.75 | 7,892,805 | 01:00:00 |
•
|
TAL reported Adjusted pre-tax income per fully diluted common share of $0.44 for the first quarter of 2016, a decrease of 64.2% from the first quarter of 2015.
|
•
|
TAL reported leasing revenues of $149.2 million for the first quarter of 2016, an increase of 0.1% from the first quarter of 2015.
|
•
|
TAL's equipment utilization averaged 92.2% for the first quarter of 2016. Through April 27, 2016, TAL has invested approximately $134 million in new and sale-leaseback containers for delivery in 2016.
|
•
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TAL announced a quarterly dividend of $0.45 per share. The dividend is payable on May 26, 2016 to shareholders of record as of May 12, 2016.
|
•
|
TAL continues to make progress on its announced merger with Triton Container International Limited. All required anti-trust approvals have been received and the SEC review process of the S-4 registration statement filed by Triton International Limited is progressing. Detailed integration planning is well underway, and the merger is expected to close in the second quarter of 2016.
|
|
Three Months Ended
March 31, |
||
|
2016
|
2015
|
% Change
|
Adjusted pre-tax income(1)
|
$14.6
|
$40.7
|
(64.1%)
|
Adjusted pre-tax income(1) per share
|
$0.44
|
$1.23
|
(64.2%)
|
Leasing revenues
|
$149.2
|
$149.0
|
0.1%
|
Adjusted EBITDA(1)
|
$117.4
|
$138.8
|
(15.4%)
|
Adjusted net income(1)
|
$8.4
|
$26.4
|
(68.2%)
|
Adjusted net income(1) per share
|
$0.25
|
$0.80
|
(68.8%)
|
Net income
|
$6.4
|
$25.8
|
(75.2%)
|
Net income per share
|
$0.19
|
$0.78
|
(75.6%)
|
Note: All per share data is per fully diluted common share.
|
|
March 31,
2016 |
December 31,
2015 |
||||
ASSETS:
|
|
|
|
|
||
Leasing equipment, net of accumulated depreciation and allowances of $1,249,506 and $1,218,826
|
$
|
3,899,376
|
|
$
|
3,908,292
|
|
Net investment in finance leases, net of allowances of $710 and $805
|
169,241
|
|
177,737
|
|
||
Equipment held for sale
|
84,971
|
|
74,899
|
|
||
Revenue earning assets
|
4,153,588
|
|
4,160,928
|
|
||
Unrestricted cash and cash equivalents
|
73,680
|
|
58,907
|
|
||
Restricted cash
|
28,987
|
|
30,302
|
|
||
Accounts receivable, net of allowances of $1,062 and $1,314
|
91,228
|
|
95,709
|
|
||
Goodwill
|
74,523
|
|
74,523
|
|
||
Other assets
|
19,513
|
|
13,620
|
|
||
Fair value of derivative instruments
|
—
|
|
87
|
|
||
Total assets
|
$
|
4,441,519
|
|
$
|
4,434,076
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY:
|
|
|
|
|
||
Equipment purchases payable
|
$
|
40,210
|
|
$
|
20,009
|
|
Fair value of derivative instruments
|
52,921
|
|
20,348
|
|
||
Accounts payable and other accrued expenses
|
53,006
|
|
56,096
|
|
||
Net deferred income tax liability
|
450,176
|
|
456,123
|
|
||
Debt, net of unamortized deferred financing costs of $24,437 and $25,245
|
3,208,409
|
|
3,216,488
|
|
||
Total liabilities
|
3,804,722
|
|
3,769,064
|
|
||
Stockholders' equity:
|
|
|
|
|
||
Preferred stock, $0.001 par value, 500,000 shares authorized, none issued
|
—
|
|
—
|
|
||
Common stock, $0.001 par value, 100,000,000 shares authorized, 37,307,134 and 37,167,134 shares issued respectively
|
37
|
|
37
|
|
||
Treasury stock, at cost, 3,911,843 shares
|
(75,310
|
)
|
(75,310
|
)
|
||
Additional paid-in capital
|
512,052
|
|
511,297
|
|
||
Accumulated earnings
|
239,594
|
|
248,183
|
|
||
Accumulated other comprehensive (loss)
|
(39,576
|
)
|
(19,195
|
)
|
||
Total stockholders' equity
|
636,797
|
|
665,012
|
|
||
Total liabilities and stockholders' equity
|
$
|
4,441,519
|
|
$
|
4,434,076
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Leasing revenues:
|
|
|
|
||||
Operating leases
|
$
|
144,898
|
|
|
$
|
144,568
|
|
Finance leases
|
3,107
|
|
|
4,024
|
|
||
Other revenues
|
1,218
|
|
|
383
|
|
||
Total leasing revenues
|
149,223
|
|
|
148,975
|
|
||
|
|
|
|
||||
Equipment trading revenues
|
11,292
|
|
|
16,845
|
|
||
Equipment trading expenses
|
(11,265
|
)
|
|
(15,431
|
)
|
||
Trading margin
|
27
|
|
|
1,414
|
|
||
|
|
|
|
||||
Net (loss) on sale of leasing equipment
|
(13,930
|
)
|
|
(1,449
|
)
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Depreciation and amortization
|
63,226
|
|
|
58,384
|
|
||
Direct operating expenses
|
17,959
|
|
|
8,822
|
|
||
Administrative expenses
|
12,952
|
|
|
11,982
|
|
||
(Reversal) for doubtful accounts
|
(309
|
)
|
|
(23
|
)
|
||
Total operating expenses
|
93,828
|
|
|
79,165
|
|
||
Operating income
|
41,492
|
|
|
69,775
|
|
||
Other expenses:
|
|
|
|
||||
Interest and debt expense
|
29,151
|
|
|
29,243
|
|
||
Write-off of deferred financing costs
|
363
|
|
|
—
|
|
||
Net loss on interest rate swaps
|
813
|
|
|
716
|
|
||
Total other expenses
|
30,327
|
|
|
29,959
|
|
||
Income before income taxes
|
11,165
|
|
|
39,816
|
|
||
Income tax expense
|
4,743
|
|
|
14,059
|
|
||
Net income
|
$
|
6,422
|
|
|
$
|
25,757
|
|
Net income per common share—Basic
|
$
|
0.19
|
|
|
$
|
0.78
|
|
Net income per common share—Diluted
|
$
|
0.19
|
|
|
$
|
0.78
|
|
Cash dividends paid per common share
|
$
|
0.45
|
|
|
$
|
0.72
|
|
Weighted average number of common shares outstanding—Basic
|
32,987
|
|
|
32,861
|
|
||
Dilutive stock options and restricted stock
|
22
|
|
|
149
|
|
||
Weighted average number of common shares outstanding—Diluted
|
33,009
|
|
|
33,010
|
|
|
Three Months Ended
March 31, |
||||||
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
6,422
|
|
|
$
|
25,757
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
63,226
|
|
|
58,384
|
|
||
Amortization of deferred financing costs
|
1,709
|
|
|
1,979
|
|
||
Amortization of net loss on terminated derivative instruments designated as cash flow hedges
|
585
|
|
|
687
|
|
||
Amortization of lease intangibles
|
1,567
|
|
|
240
|
|
||
Net loss on sale of leasing equipment
|
13,930
|
|
|
1,449
|
|
||
Net loss on interest rate swaps
|
813
|
|
|
716
|
|
||
Write-off of deferred financing costs
|
363
|
|
|
—
|
|
||
Deferred income taxes
|
4,743
|
|
|
14,059
|
|
||
Stock compensation charge
|
1,067
|
|
|
2,002
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Net equipment sold (purchased) for resale activity
|
597
|
|
|
(10,554
|
)
|
||
Other changes in operating assets and liabilities
|
514
|
|
|
(3,471
|
)
|
||
Net cash provided by operating activities
|
95,536
|
|
|
91,248
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Purchases of leasing equipment and investments in finance leases
|
(97,141
|
)
|
|
(258,552
|
)
|
||
Proceeds from sale of equipment, net of selling costs
|
29,686
|
|
|
37,661
|
|
||
Cash collections on finance lease receivables, net of income earned
|
10,463
|
|
|
10,474
|
|
||
Other
|
(73
|
)
|
|
(74
|
)
|
||
Net cash (used in) investing activities
|
(57,065
|
)
|
|
(210,491
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Purchases of treasury stock
|
—
|
|
|
(4,446
|
)
|
||
Financing fees paid under debt facilities
|
(1,264
|
)
|
|
(624
|
)
|
||
Borrowings under debt facilities
|
140,000
|
|
|
230,000
|
|
||
Payments under debt facilities and capital lease obligations
|
(148,905
|
)
|
|
(90,061
|
)
|
||
Decrease in restricted cash
|
1,315
|
|
|
607
|
|
||
Common stock dividends paid
|
(14,844
|
)
|
|
(23,656
|
)
|
||
Net cash (used in) provided by financing activities
|
(23,698
|
)
|
|
111,820
|
|
||
Net increase (decrease) in unrestricted cash and cash equivalents
|
$
|
14,773
|
|
|
$
|
(7,423
|
)
|
Unrestricted cash and cash equivalents, beginning of period
|
58,907
|
|
|
79,132
|
|
||
Unrestricted cash and cash equivalents, end of period
|
$
|
73,680
|
|
|
$
|
71,709
|
|
Supplemental non-cash investing activities:
|
|
|
|
||||
Equipment purchases payable
|
$
|
40,210
|
|
|
$
|
67,380
|
|
Average and Ending Utilization for the Quarter Ended March 31, 2016
|
||||
Average Utilization
|
|
Ending Utilization
|
||
92.2
|
%
|
|
91.4
|
%
|
|
March 31, 2016
|
||
|
Equipment Fleet in Units
|
|
Equipment Fleet in TEUs
|
Dry
|
1,382,101
|
|
2,248,374
|
Refrigerated
|
71,521
|
|
136,240
|
Special
|
55,457
|
|
100,853
|
Tank
|
11,422
|
|
11,422
|
Chassis
|
21,806
|
|
39,395
|
Equipment leasing fleet
|
1,542,307
|
|
2,536,284
|
Equipment trading fleet
|
19,874
|
|
33,423
|
Total
|
1,562,181
|
|
2,569,707
|
|
|
|
|
|
March 31, 2016
|
|
|
|
Equipment Fleet in CEUs
|
|
|
Operating leases
|
2,864,482
|
|
|
Finance leases
|
197,156
|
|
|
Equipment trading fleet
|
98,041
|
|
|
Total
|
3,159,679
|
|
|
|
|
|
|
TAL INTERNATIONAL GROUP, INC.
Non-GAAP Reconciliations of Adjusted Pre-tax Income and Adjusted Net Income
(Dollars and Shares in Thousands, Except Per Share Data) |
||||||
|
Three Months Ended
March 31, |
|||||
|
2016
|
2015
|
||||
Income before income taxes
|
$
|
11,165
|
|
$
|
39,816
|
|
Add:
|
|
|
||||
Write-off of deferred financing costs
|
363
|
|
—
|
|
||
Net loss on interest rate swaps
|
813
|
|
716
|
|
||
Transaction costs related to pending merger
|
2,239
|
|
200
|
|
||
Adjusted pre-tax income
|
$
|
14,580
|
|
$
|
40,732
|
|
Adjusted pre-tax income per fully diluted common share
|
|
$0.44
|
|
|
$1.23
|
|
Weighted average number of common shares outstanding—Diluted
|
33,009
|
|
33,010
|
|
||
|
|
|
||||
|
Three Months Ended
March 31, |
|||||
|
2016
|
2015
|
||||
Net income
|
$
|
6,422
|
|
$
|
25,757
|
|
Add:
|
|
|
||||
Write-off of deferred financing costs, net of tax
|
209
|
|
—
|
|
||
Net loss on interest rate swaps, net of tax
|
468
|
|
463
|
|
||
Transaction costs related to pending merger, net of tax
|
1,288
|
|
130
|
|
||
Adjusted net income
|
$
|
8,387
|
|
$
|
26,350
|
|
Adjusted net income per fully diluted common share
|
|
$0.25
|
|
|
$0.80
|
|
Weighted average number of common shares outstanding—Diluted
|
33,009
|
|
33,010
|
|
TAL INTERNATIONAL GROUP, INC.
Non-GAAP Reconciliations of Operating Cash Flows to Adjusted EBITDA (Dollars in Thousands) |
||||||
|
Three Months Ended
March 31, |
|||||
|
2016
|
2015
|
||||
Net cash provided by operating activities
|
$
|
95,536
|
|
$
|
91,248
|
|
Non-cash expenses
|
(4,928
|
)
|
(4,908
|
)
|
||
(Loss) on sale of equipment
|
(13,930
|
)
|
(1,449
|
)
|
||
Changes in operating assets & liabilities
|
(1,111
|
)
|
14,025
|
|
||
Interest expense
|
29,151
|
|
29,243
|
|
||
Principal payments on finance leases
|
10,463
|
|
10,474
|
|
||
Transaction costs related to pending merger
|
2,239
|
|
200
|
|
||
Adjusted EBITDA
|
$
|
117,420
|
|
$
|
138,833
|
|
1 Year Tal Education Chart |
1 Month Tal Education Chart |
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