General Finance CORP

CIK:0001342287|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenues
Sales	$ 32,935	$ 32,226	$ 93,709	$ 94,514
Leasing	57,071	57,744	167,771	177,462
Total revenues	90,006	89,970	261,480	271,976
Costs and expenses
Direct costs of leasing operations	21,909	22,968	63,838	68,587
Selling and general expenses	20,757	20,695	60,304	61,833
Depreciation and amortization	9,300	8,613	27,760	26,633
Operating income	15,111	14,273	43,071	46,222
Interest income	150	153	452	519
Interest expense	(5,212)	(5,981)	(17,595)	(20,235)
Change in valuation of bifurcated derivatives in Convertible Note (Note 5)	3,622	(11,259)	5,523	(6,365)
Foreign exchange and other	1,293	(2,096)	549	(2,405)
Total costs and expenses	(147)	(19,183)	(11,071)	(28,486)
Income (loss) before provision for income taxes	14,964	(4,910)	32,000	17,736
Provision for income taxes	3,777	3,715	7,474	9,969
Net income (loss)	11,187	(8,625)	24,526	7,767
Preferred stock dividends	(922)	(922)	(2,766)	(2,766)
Net income (loss) attributable to common stockholders	$ 10,265	$ (9,547)	$ 21,760	$ 5,001
Net income (loss) per common share:
Basic	$ 0.34	$ (0.32)	$ 0.73	$ 0.17
Diluted	$ 0.33	$ (0.32)	$ 0.71	$ 0.16
Weighted average shares outstanding:
Basic	29,807,448	30,294,868	29,758,221	30,250,904
Diluted	31,017,679	30,294,868	30,794,975	31,452,877
Lease inventories and fleet
Revenues
Sales	$ 32,603	$ 29,702	$ 92,474	$ 88,234
Costs and expenses
Cost of sales	22,549	21,444	65,058	63,260
Manufactured units
Revenues
Sales	332	2,524	1,235	6,280
Costs and expenses
Cost of sales	$ 380	$ 1,977	$ 1,449	$ 5,441

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Net cash provided by operating activities (Note 10)	$ 33,463	$ 53,120
Cash flows from investing activities:
Business acquisitions, net of cash acquired	(1,854)	(2,239)
Proceeds from sales of property, plant and equipment	364	416
Purchases of property, plant and equipment	(6,496)	(7,045)
Proceeds from sales of lease fleet	30,433	22,556
Purchases of lease fleet	(34,481)	(43,640)
Other intangible assets	(47)	(124)
Net cash used in investing activities	(12,081)	(30,076)
Cash flows from financing activities:
Repayments of equipment financing activities, net	(181)	(496)
Repayments of senior and other debt borrowings, net	(14,567)	(17,338)
Proceeds from issuances of 7.875% Senior Notes	69,000
Redemption of 8.125% Senior Notes	(77,390)
Deferred financing costs	(3,916)	(80)
Proceeds from issuances of common stock	193	100
Preferred stock dividends	(2,766)	(2,766)
Net cash used in financing activities	(29,627)	(20,580)
Net decrease (decrease) in cash	(8,245)	2,464
Cash and equivalents at beginning of period	17,478	10,359
The effect of foreign currency translation on cash	1,469	(1,080)
Cash and equivalents at end of period	$ 10,702	$ 11,743

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2021	Jun. 30, 2020
Assets
Cash and cash equivalents	$ 10,702,000	$ 17,478,000
Trade and other receivables, net of allowance for doubtful accounts of $5,972 and $5,811 at June 30, 2020 and March 31, 2021, respectively	40,549,000	44,066,000
Inventories	33,869,000	20,928,000
Prepaid expenses and other	14,095,000	8,207,000
Property, plant and equipment, net	26,014,000	24,396,000
Lease fleet, net	467,106,000	458,727,000
Operating lease assets	79,215,000	66,225,000
Goodwill	100,051,000	97,224,000
Other intangible assets, net	17,163,000	18,771,000
Total assets	788,764,000	756,022,000
Liabilities
Trade payables and accrued liabilities	42,471,000	46,845,000
Income taxes payable	1,287,000	645,000
Unearned revenue and advance payments	30,810,000	24,642,000
Operating lease liabilities	81,058,000	67,142,000
Senior and other debt, net	367,020,000	379,798,000
Fair value of bifurcated derivatives in Convertible Note	12,802,000	18,325,000
Deferred tax liabilities	49,227,000	43,708,000
Total liabilities	584,675,000	581,105,000
Commitments and contingencies (Note 9)
Equity
Cumulative preferred stock, $.0001 par value: 1,000,000 shares authorized; 400,100 shares issued and outstanding (in series) and liquidation value of $40,722 at June 30, 2020 and $40,702 at March 31, 2021	40,100,000	40,100,000
Common stock, $.0001 par value: 100,000,000 shares authorized; 30,880,531 shares issued and 29,968,766 shares outstanding at June 30, 2020 and 31,152,716 shares issued and 30,240,951 shares outstanding at March 31, 2021	3,000	3,000
Additional paid-in capital	181,993,000	183,051,000
Accumulated other comprehensive loss	(16,402,000)	(22,106,000)
Retained earnings (Accumulated deficit)	3,736,000	(20,790,000)
Treasury stock, at cost; 911,765 shares at June 30, 2020 and March 31, 2021	(5,845,000)	(5,845,000)
Total General Finance Corporation stockholders' equity	203,585,000	174,413,000
Equity of noncontrolling interests	504,000	504,000
Total equity	204,089,000	174,917,000
Total liabilities and equity	$ 788,764,000	$ 756,022,000