TRAC Intermodal LLC

CIK:0001570774|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Equipment leasing revenue	$ 624,728	$ 661,247	$ 588,287
Finance revenue	1,390	1,536	2,111
Other revenue	43,085	28,641	36,590
Total revenues	669,203	691,424	626,988
Expenses:
Direct operating expenses	373,966	377,715	333,135
Selling, general and administrative expenses	98,023	91,279	84,346
Depreciation expense	74,414	72,128	72,114
Provision (recovery) for doubtful accounts	7,812	(258)	14,007
Impairment of leasing equipment	13,917	7,277	5,855
Early retirement of leasing equipment			37,766
Restructuring expense	1,806
Loss on modification and extinguishment of debt and capital lease obligations	7,486	19,852	315
Interest expense	62,777	80,246	86,837
Interest income	(109)	(19)	(61)
Other income, net	(1,607)	(1,394)	(925)
Total expenses	638,485	646,826	633,389
Income (loss) before provision (benefit) for income taxes	30,718	44,598	(6,401)
Provision (benefit) for income taxes	10,793	17,880	(3,445)
Net income (loss)	$ 19,925	$ 26,718	$ (2,956)

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities
Net income (loss)	$ 19,925	$ 26,718	$ (2,956)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	74,477	72,227	72,365
Provision (recovery) for doubtful accounts	7,812	(258)	14,007
Amortization of deferred financing fees	3,876	6,760	6,763
Loss on modification and extinguishment of debt and capital lease obligations	7,486	19,852	315
Derivative loss reclassified into earnings	16,359	20,177	18,290
Ineffective portion of cash flow hedges	251	(85)	(84)
Impairment of leasing equipment	13,917	7,277	5,855
Early retirement of leasing equipment			37,766
Share-based compensation	1,821	625	810
Deferred income taxes, net	10,613	19,123	(4,351)
Other, net	(918)	(1,320)	(928)
Changes in assets and liabilities:
Accounts receivable	7,573	24,405	(35,264)
Other assets	(2,471)	(906)	(1,013)
Accounts payable	(435)	(1,188)	2,689
Accrued expenses and other liabilities	(9,234)	(12,072)	24,285
Net cash provided by operating activities	151,052	181,335	138,549
Cash flows from investing activities
Proceeds from sale of leasing equipment	4,156	11,528	8,265
Collections on net investment in direct finance leases, net of interest earned	2,945	3,665	4,622
Business acquisition	(4,791)
Proceeds from sale of other assets, net of other investing activity		2,056
Investment in direct finance leases	(1,276)
Purchase of leasing equipment	(79,967)	(75,357)	(149,376)
Purchase of fixed assets	(16,545)	(16,920)	(4,999)
Net cash used in investing activities	(95,478)	(75,028)	(141,488)
Cash flows from financing activities
Proceeds from long-term debt	294,000	1,179,194	148,000
Repayments of long-term debt	(277,699)	(1,263,736)	(148,292)
Cash paid for debt issuance fees	(306)	(9,999)	(3,156)
Premium paid for redemption of notes	(5,775)	(12,375)
Sale of investment in indirect parent		993
Business acquisition contingent payment	(478)
Dividend paid	(51,145)
Repurchase of indirect parent shares from employees	(1,669)	(594)	(858)
Net cash used in financing activities	(43,072)	(106,517)	(4,306)
Effect of changes in exchange rates on cash and cash equivalents	(43)	(885)	(342)
Net increase (decrease) in cash and cash equivalents	12,459	(1,095)	(7,587)
Cash and cash equivalents, beginning of year	3,161	4,256	11,843
Cash and cash equivalents, end of year	15,620	3,161	4,256
Supplemental disclosures of cash flow information
Cash paid for interest	46,865	58,894	61,609
Cash paid (refunded) for taxes, net	$ 214	$ (854)	$ 1,136

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 15,620	$ 3,161
Accounts receivable, net of allowances of $14,043 and $12,454, respectively	96,898	110,662
Net investment in direct finance leases	11,306	12,797
Leasing equipment, net of accumulated depreciation of $482,104 and $452,962, respectively	1,408,370	1,435,978
Goodwill	256,815	251,907
Other assets	56,842	32,991
Total assets	1,845,851	1,847,496
Liabilities
Accounts payable	15,345	13,593
Accrued expenses and other liabilities	47,285	75,340
Deferred income taxes, net	147,765	127,580
Debt and capital lease obligations:
Due within one year	9,173	41,396
Due after one year	1,088,228	1,039,283
Total debt and capital lease obligations	1,097,401	1,080,679
Less unamortized debt issuance costs	13,244	18,350
Total debt and capital lease obligations less debt issuance costs	1,084,157	1,062,329
Total liabilities	1,294,552	1,278,842
Redeemable indirect parent shares held by management	2,076
Commitments and contingencies (Note 9)
Member's interest:
Member's interest	552,654	586,757
Accumulated other comprehensive loss	(3,431)	(18,103)
Total member's interest	549,223	568,654
Total liabilities and member's interest	$ 1,845,851	$ 1,847,496