falsedesktopCAI2020-09-30000138843020000015{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Le\t\t\nTitle of each class\tTrading symbols\tName of exchange on which registered\nCommon Stock par value $0.0001 per share\tCAI\tNew York Stock Exchange\n8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock par value $0.0001 per share\tCAI-PA\tNew York Stock Exchange\n8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock par value $0.0001 per share\tCAI-PB\tNew York Stock Exchange\n", "q10k_tbl_1": "\t\tPage No.\nPart I - Financial Information\t\t4\nItem 1.\tFinancial Statements (Unaudited)\t4\n\tConsolidated Balance Sheets at September 30 2020 and December 31 2019\t4\n\tConsolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019\t6\n\tConsolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30 2020 and 2019\t7\n\tConsolidated Statements of Stockholders' Equity for the three and nine months ended September 30 2020 and 2019\t8\n\tConsolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019\t10\n\tNotes to Unaudited Consolidated Financial Statements\t12\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t26\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t37\nItem 4.\tControls and Procedures\t37\nPart II - Other Information\t\t38\nItem 1.\tLegal Proceedings\t38\nItem 1A.\tRisk Factors\t38\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t39\nItem 3.\tDefaults Upon Senior Securities\t39\nItem 4.\tMine Safety Disclosures\t39\nItem 5.\tOther Information\t39\nItem 6.\tExhibits\t40\nSignatures\t\t41\n", "q10k_tbl_2": "\tSeptember 30\tDecember 31\n\t2020\t2019\nAssets\t\t\nCurrent assets\t\t\nCash\t15516\t19870\nCurrent portion of restricted cash\t316915\t0\nCash held by variable interest entities\t26784\t26594\nAccounts receivable net of allowance for doubtful accounts of $418 and\t\t\n7671 at September 30 2020 and December 31 2019 respectively\t65574\t72984\nCurrent portion of net investment in finance leases\t75240\t71274\nPrepaid expenses and other current assets\t15746\t9606\nAssets held for sale\t0\t37781\nTotal current assets\t515775\t238109\nRestricted cash\t23232\t26775\nRental equipment net of accumulated depreciation of $676330 and\t\t\n620990 at September 30 2020 and December 31 2019 respectively\t2018142\t2102839\nNet investment in finance leases\t455168\t496094\nFinancing receivable\t51384\t30693\nOther non-current assets\t5493\t7255\nTotal assets (1)\t3069194\t2901765\nLiabilities and Stockholders' Equity\t\t\nCurrent liabilities\t\t\nAccounts payable\t3868\t4534\nAccrued expenses and other current liabilities\t26423\t25206\nUnearned revenue\t6851\t6405\nCurrent portion of debt\t502013\t218094\nRental equipment payable\t89634\t25137\nLiabilities held for sale\t0\t8752\nTotal current liabilities\t628789\t288128\nDebt\t1706170\t1880122\nDerivative instruments\t1820\t0\nDeferred income tax liability\t29626\t35376\nOther non-current liabilities\t3759\t4899\nTotal liabilities (2)\t2370164\t2208525\nStockholders' equity\t\t\nPreferred stock par value $0.0001 per share; authorized 10000000\t\t\n8.50% Series A fixed-to-floating rate cumulative redeemable perpetual preferred stock issued and\t\t\noutstanding 2199610 shares at liquidation preference\t54990\t54990\n8.50% Series B fixed-to-floating rate cumulative redeemable perpetual preferred stock issued and\t\t\noutstanding 1955000 shares at liquidation preference\t48875\t48875\nCommon stock par value $0.0001 per share; authorized 84000000 shares; issued and outstanding\t\t\n17742443 and 17479127 shares at September 30 2020 and December 31 2019 respectively\t2\t2\nAdditional paid-in capital\t106990\t102709\nAccumulated other comprehensive loss\t(7560)\t(6630)\nRetained earnings\t495733\t493294\nTotal stockholders' equity\t699030\t693240\nTotal liabilities and stockholders' equity\t3069194\t2901765\n", "q10k_tbl_3": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue\t\t\t\t\nContainer lease revenue\t73890\t75535\t212446\t225332\nRail lease revenue\t5162\t5871\t17247\t20214\nTotal revenue\t79052\t81406\t229693\t245546\nOperating expenses\t\t\t\t\nDepreciation of rental equipment\t30428\t28030\t86322\t89629\nImpairment of rental equipment\t0\t25632\t19724\t32955\nStorage handling and other expenses\t6686\t8125\t18908\t18444\nGain on sale of rental equipment\t(2729)\t(3168)\t(6451)\t(12265)\nAdministrative expenses\t6388\t9278\t21441\t26501\nTotal operating expenses\t40773\t67897\t139944\t155264\nOperating income\t38279\t13509\t89749\t90282\nOther expenses\t\t\t\t\nNet interest expense\t16630\t23102\t54604\t70165\nWrite-off of debt issuance costs\t3641\t0\t3641\t0\nOther (income) expense\t(306)\t380\t(157)\t537\nTotal other expenses\t19965\t23482\t58088\t70702\nIncome (loss) before income taxes\t18314\t(9973)\t31661\t19580\nIncome tax expense (benefit)\t1349\t(4830)\t(594)\t(2098)\nIncome (loss) from continuing operations\t16965\t(5143)\t32255\t21678\nLoss from discontinued operations net of income taxes\t(1522)\t(636)\t(18768)\t(3389)\nNet income (loss)\t15443\t(5779)\t13487\t18289\nPreferred stock dividends\t2207\t2207\t6621\t6621\nNet income (loss) attributable to CAI common stockholders\t13236\t(7986)\t6866\t11668\nAmounts attributable to CAI common stockholders\t\t\t\t\nNet income (loss) from continuing operations\t14758\t(7350)\t25634\t15057\nNet loss from discontinued operations\t(1522)\t(636)\t(18768)\t(3389)\nNet income (loss) attributable to CAI common stockholders\t13236\t(7986)\t6866\t11668\nNet income (loss) per share attributable to CAI\t\t\t\t\ncommon stockholders\t\t\t\t\nBasic\t\t\t\t\nContinuing operations\t0.84\t(0.42)\t1.47\t0.84\nDiscontinued operations\t(0.09)\t(0.04)\t(1.08)\t(0.19)\nTotal basic\t0.75\t(0.46)\t0.39\t0.65\nDiluted\t\t\t\t\nContinuing operations\t0.83\t(0.42)\t1.45\t0.83\nDiscontinued operations\t(0.08)\t(0.04)\t(1.06)\t(0.19)\nTotal diluted\t0.75\t(0.46)\t0.39\t0.64\nWeighted average shares outstanding\t\t\t\t\nBasic\t17570\t17330\t17491\t17850\nDiluted\t17706\t17330\t17664\t18122\n", "q10k_tbl_4": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNet income (loss)\t15443\t(5779)\t13487\t18289\nOther comprehensive income (loss) before tax:\t\t\t\t\nChange in fair value of derivative instruments designated\t\t\t\t\nas cash flow hedges\t(1931)\t0\t(1931)\t0\nReclassification of realized loss on derivative instruments\t\t\t\t\ndesignated as cash flow hedges\t111\t0\t111\t0\nForeign currency translation adjustments\t514\t(256)\t478\t(332)\nComprehensive income (loss) before tax\t14137\t(6035)\t12145\t17957\nIncome tax benefit related to items of other comprehensive\t\t\t\t\nincome (loss)\t412\t0\t412\t0\nComprehensive income (loss) before preferred stock\t\t\t\t\ndividends net of tax\t14549\t(6035)\t12557\t17957\nDividends on preferred stock\t(2207)\t(2207)\t(6621)\t(6621)\nComprehensive income (loss) available to CAI\t\t\t\t\ncommon stockholders\t12342\t(8242)\t5936\t11336\n", "q10k_tbl_5": "\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tOther\t\t\n\tPreferred Stock\t\tCommon Stock\t\tPaid-In\tComprehensive\tRetained\tTotal\n\tShares\tAmount\tShares\tAmount\tCapital\tLoss\tEarnings\tEquity\nBalances as of December 31 2019\t4155\t103865\t17479\t2\t102709\t(6630)\t493294\t693240\nNet loss\t0\t0\t0\t0\t0\t0\t(1330)\t(1330)\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t(137)\t0\t(137)\nExercise of stock options\t0\t0\t8\t0\t113\t0\t0\t113\nStock-based compensation net of taxes\t0\t0\t19\t0\t468\t0\t0\t468\nBalances as of March 31 2020\t4155\t103865\t17506\t2\t103290\t(6767)\t489757\t690147\nNet loss\t0\t0\t0\t0\t0\t0\t(626)\t(626)\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t101\t0\t101\nExercise of stock options\t0\t0\t3\t0\t0\t0\t0\t0\nStock-based compensation net of taxes\t0\t0\t44\t0\t52\t0\t0\t52\nBalances as of June 30 2020\t4155\t103865\t17553\t2\t103342\t(6666)\t486924\t687467\nNet income\t0\t0\t0\t0\t0\t0\t15443\t15443\nCommon stock dividend declared $0.25/share\t0\t0\t0\t0\t0\t0\t(4427)\t(4427)\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nChange in fair value of derivative instruments\t\t\t\t\t\t\t\t\ndesignated as cash flow hedges\t0\t0\t0\t0\t0\t(1931)\t0\t(1931)\nReclassification of realized loss on derivative\t\t\t\t\t\t\t\t\ninstruments designated as cash flow hedges\t0\t0\t0\t0\t0\t111\t0\t111\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t514\t0\t514\nIncome tax benefit related to items of other\t\t\t\t\t\t\t\t\ncomprehensive income\t0\t0\t0\t0\t0\t412\t0\t412\nExercise of stock options\t0\t0\t180\t0\t3168\t0\t0\t3168\nStock-based compensation net of taxes\t0\t0\t9\t0\t480\t0\t0\t480\nBalances as of September 30 2020\t4155\t103865\t17742\t2\t106990\t(7560)\t495733\t699030\n", "q10k_tbl_6": "\t\t\t\t\t\tAccumulated\t\t\n\t\t\t\t\tAdditional\tOther\t\t\n\tPreferred Stock\t\tCommon Stock\t\tPaid-In\tComprehensive\tRetained\tTotal\n\tShares\tAmount\tShares\tAmount\tCapital\tLoss\tEarnings\tEquity\nBalances as of December 31 2018\t4155\t103865\t18764\t2\t132666\t(6513)\t471112\t701132\nNet income\t0\t0\t0\t0\t0\t0\t18574\t18574\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t(81)\t0\t(81)\nRepurchase of common stock\t0\t0\t(595)\t0\t(13946)\t0\t0\t(13946)\nExercise of stock options\t0\t0\t27\t0\t107\t0\t0\t107\nStock-based compensation net of taxes\t0\t0\t12\t0\t730\t0\t0\t730\nBalances as of March 31 2019\t4155\t103865\t18208\t2\t119557\t(6594)\t487479\t704309\nNet income\t0\t0\t0\t0\t0\t0\t5494\t5494\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t5\t0\t5\nRepurchase of common stock\t0\t0\t(863)\t\t(20172)\t\t\t(20172)\nExercise of stock options\t0\t0\t43\t0\t228\t0\t0\t228\nStock-based compensation net of taxes\t0\t0\t32\t0\t688\t0\t0\t688\nBalances as of June 30 2019\t4155\t103865\t17420\t2\t100301\t(6589)\t490766\t688345\nNet income\t0\t0\t0\t0\t0\t0\t(5779)\t(5779)\nPreferred stock dividends $0.53125/share\t0\t0\t0\t0\t0\t0\t(2207)\t(2207)\nForeign currency translation adjustments\t0\t0\t0\t0\t0\t(256)\t0\t(256)\nExercise of stock options\t0\t0\t6\t0\t197\t0\t0\t197\nStock-based compensation net of taxes\t0\t0\t0\t0\t819\t0\t0\t819\nBalances as of September 30 2019\t4155\t103865\t17426\t2\t101317\t(6845)\t482780\t681119\n", "q10k_tbl_7": "\tNine Months Ended September 30\t\n\t2020\t2019\nCash flows from operating activities\t\t\nNet income\t13487\t18289\nLoss from discontinued operations net of income taxes\t(18768)\t(3389)\nIncome from continuing operations\t32255\t21678\nAdjustments to reconcile income from continuing operations to net cash provided by\t\t\noperating activities:\t\t\nDepreciation\t86919\t89664\nImpairment of rental equipment\t19724\t32955\nAmortization and write-off of debt issuance costs\t6839\t3579\nStock-based compensation expense\t1416\t2202\nUnrealized loss on foreign exchange\t(229)\t345\nGain on sale of rental equipment\t(6451)\t(12265)\nDeferred income taxes\t(5021)\t(4796)\nBad debt (recovery) expense\t(6236)\t1319\nChanges in other operating assets and liabilities:\t\t\nAccounts receivable\t11774\t4562\nPrepaid expenses and other assets\t(106)\t(40)\nNet investment in finance leases\t54660\t48653\nAccounts payable accrued expenses and other liabilities\t214\t3541\nUnearned revenue\t(437)\t(1772)\nNet cash provided by operating activities of continuing operations\t195321\t189625\nNet cash provided by (used in) operating activities of discontinued operations\t2883\t(1423)\nNet cash provided by operating activities\t198204\t188202\nCash flows from investing activities\t\t\nPurchase of rental equipment\t(48782)\t(335849)\nPurchase of financing receivable\t(30846)\t(37139)\nProceeds from sale of rental equipment\t87007\t259002\nReceipt of principal payments from financing receivable\t4052\t1825\nPurchase of furniture fixtures and equipment\t(441)\t(1416)\nNet cash provided by (used in) investing activities of continuing operations\t10990\t(113577)\nNet cash provided by (used in) investing activities of discontinued operations\t5614\t(305)\nNet cash provided by (used in) investing activities\t16604\t(113882)\nCash flows from financing activities\t\t\nProceeds from debt\t1025527\t581582\nPrincipal payments on debt\t(915157)\t(614006)\nDebt issuance costs\t(8304)\t(768)\nProceeds from issuance of stock\t116\t0\nRepurchase of common stock\t0\t(34118)\nDividends paid to common stockholders\t(4427)\t0\nDividends paid to preferred stockholders\t(6621)\t(6621)\nExercise of stock options\t3281\t532\nNet cash provided by (used in) financing activities of continuing operations\t94415\t(73399)\nNet cash used in financing activities of discontinued operations\t0\t0\nNet cash provided by (used in) financing activities\t94415\t(73399)\nEffect on cash of foreign currency translation\t(15)\t(874)\nNet increase in cash and restricted cash\t309208\t47\nCash and restricted cash at beginning of the period (1)\t73239\t75983\nCash and restricted cash at end of the period (2)\t382447\t76030\n", "q10k_tbl_8": "\tNine Months Ended September 30\t\n\t2020\t2019\nSupplemental disclosure of cash flow information\t\t\nCash paid during the period for:\t\t\nIncome taxes\t343\t559\nInterest\t50249\t65330\nLease liabilities arising from obtaining right-of-use assets\t140\t5306\nSupplemental disclosure of non-cash investing and financing activity\t\t\nTransfer of rental equipment to finance lease\t18630\t52895\nTransfer of finance lease to rental equipment\t1130\t14432\nRental equipment payable\t89634\t54202\n", "q10k_tbl_9": "\tSeptember 30\tDecember 31\n\t2020\t2019\nAssets\t\t\nAccounts receivable net of allowance for doubtful accounts\t0\t15601\nPrepaid expenses and other assets\t0\t2263\nGoodwill\t0\t15794\nIntangible assets\t0\t4123\nAssets held for sale\t0\t37781\nLiabilities\t\t\nAccounts payable\t0\t2757\nAccrued expenses and other current liabilities\t0\t5995\nLiabilities held for sale\t0\t8752\nNet assets\t0\t29029\n", "q10k_tbl_10": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nRevenue\t\t\t\t\nLogistics revenue\t13550\t30270\t66304\t87788\nOperating expenses\t\t\t\t\nLogistics transportation costs\t12092\t27037\t58440\t77647\nAdministrative expenses\t3433\t4045\t11702\t14586\nLoss on classification as held for sale\t0\t0\t18477\t0\nTotal operating expenses\t15525\t31082\t88619\t92233\nOperating loss\t(1975)\t(812)\t(22315)\t(4445)\nInterest income\t(1)\t(4)\t(7)\t(12)\nLoss before income taxes\t(1974)\t(808)\t(22308)\t(4433)\nIncome tax benefit\t(452)\t(172)\t(3540)\t(1044)\nNet loss from discontinued operations\t(1522)\t(636)\t(18768)\t(3389)\n", "q10k_tbl_11": "\tSeptember 30\tDecember 31\n\t2020\t2019\nDry containers\t1906299\t1902471\nRefrigerated containers\t282239\t282155\nOther specialized equipment\t231378\t224924\nTotal containers\t2419916\t2409550\nAccumulated depreciation\t(649165)\t(588815)\nTotal containers net of accumulated depreciation\t1770751\t1820735\nRailcars\t274556\t314279\nAccumulated depreciation\t(27165)\t(32175)\nTotal railcars net of accumulated depreciation\t247391\t282104\nRental equipment net of accumulated depreciation\t2018142\t2102839\n", "q10k_tbl_12": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nLease revenue - operating leases\t62954\t65933\t184083\t201092\nInterest income on finance leases\t11272\t11287\t34187\t33769\nOther revenue\t3648\t3499\t8810\t9404\nInterest income on financing receivable\t1178\t687\t2613\t1281\nTotal lease revenue\t79052\t81406\t229693\t245546\n", "q10k_tbl_13": "\tSeptember 30\tDecember 31\n\t2020\t2019\nGross finance lease receivables (1)\t745315\t806019\nUnearned income (2)\t(214865)\t(238651)\nNet investment in finance leases\t530450\t567368\nAllowance for credit losses\t(42)\t0\nNet investment in finance leases net of allowance for credit losses\t530408\t567368\n", "q10k_tbl_14": "2021\t115917\n2022\t108321\n2023\t105169\n2024\t69982\n2025\t55158\n2026 and thereafter\t290768\n\t745315\n", "q10k_tbl_15": "\tSeptember 30\tDecember 31\n\t2020\t2019\nGross financing receivable\t75224\t45530\nUnearned income\t(14460)\t(11111)\n\t60764\t34419\nAllowance for credit losses\t(3)\t0\nTotal financing receivable\t60761\t34419\nAmounts due within one year (1)\t9377\t3726\nAmounts due beyond one year (2)\t51384\t30693\nTotal financing receivable\t60761\t34419\n", "q10k_tbl_16": "September 30 2020\t2020\t2019\t2018\t2017\t2016\tPrior\tTotal\nNet investment in finance leases\t\t\t\t\t\t\t\nTier 1\t11951\t53257\t235653\t164342\t6373\t1141\t472717\nTier 2\t5121\t28119\t13372\t4616\t1429\t5076\t57733\nTier 3\t0\t0\t0\t0\t0\t0\t0\nTotal net investment in finance leases\t17072\t81376\t249025\t168958\t7802\t6217\t530450\nFinancing receivable\t\t\t\t\t\t\t\nTier 1\t29103\t31032\t0\t0\t0\t0\t60135\nTier 2\t0\t629\t0\t0\t0\t0\t629\nTier 3\t0\t0\t0\t0\t0\t0\t0\nTotal financing receivable\t29103\t31661\t0\t0\t0\t0\t60764\n", "q10k_tbl_17": "\tNet investment in\tFinancing\nDecember 31 2019\tfinance leases\treceivable\nTier 1\t502265\t33694\nTier 2\t65103\t725\nTier 3\t0\t0\n\t567368\t34419\n", "q10k_tbl_18": "\tSeptember 30 2020\t\t\tDecember 31 2019\t\t\t\n\tOutstanding\t\tAverage\tOutstanding\t\tAverage\t\n\tCurrent\tLong-term\tInterest\tCurrent\tLong-term\tInterest\tMaturity\nRevolving credit (1)\t0\t655000\t1.6%\t0\t624000\t3.3%\tJune 2023\nRevolving credit facility - Rail (2)\t0\t137500\t1.6%\t0\t137500\t3.3%\tOctober 2023\nRevolving credit facility - Euro\t0\t22513\t2.4%\t21537\t0\t2.0%\tSeptember 2023\nTerm loan\t1800\t24150\t2.3%\t1800\t25500\t3.9%\tApril 2023\nTerm loan\t70250\t0\t1.9%\t7000\t68500\t3.5%\tJune 2021\nTerm loan\t14325\t0\t3.4%\t15284\t0\t3.4%\tDecember 2020\nTerm loan\t38399\t0\t3.6%\t3016\t37635\t3.6%\tAugust 2021\nTerm loan\t6000\t82000\t4.6%\t6000\t86500\t4.6%\tOctober 2023\nSenior secured notes\t6110\t40555\t4.9%\t6110\t46665\t4.9%\tSeptember 2022\nAsset-backed notes 2012-1 (3)\t0\t0\t0\t17100\t31350\t3.5%\t0\nAsset-backed notes 2013-1 (3)\t0\t0\t0\t22900\t51525\t3.4%\t0\nAsset-backed notes 2017-1 (4)\t0\t0\t0\t25307\t164496\t3.7%\t0\nAsset-backed notes 2018-1 (4)\t0\t0\t0\t34890\t250045\t4.0%\t0\nAsset-backed notes 2018-2 (5)\t274800\t0\t4.4%\t34350\t266213\t4.4%\tSeptember 2043\nAsset-backed notes 2020-1\t62411\t680289\t2.3%\t0\t0\t0\tSeptember 2045\nCollateralized financing obligations\t28474\t47457\t1.6%\t21681\t69615\t1.5%\tFebruary 2026\nTerm loans held by VIE\t5425\t27145\t4.2%\t5250\t31234\t4.2%\tFebruary 2026\n\t507994\t1716609\t\t222225\t1890778\t\t\nDebt discount and debt issuance costs\t(5981)\t(10439)\t\t(4131)\t(10656)\t\t\nTotal Debt\t502013\t1706170\t\t218094\t1880122\t\t\n", "q10k_tbl_19": "\t\tThree Months Ended September 30\t\tNine Months Ended September 30\t\nDerivative Instrument\tFinancial Statement Caption\t2020\t2019\t2020\t2019\nInterest rate swap\tComprehensive loss\t1931\t0\t1931\t0\nInterest rate swap\tNet interest expense\t111\t0\t111\t0\n", "q10k_tbl_20": "\tNine Months Ended September 30\t\t\t\n\t2020\t\t2019\t\n\t\tWeighted\t\tWeighted\n\t\tAverage\t\tAverage\n\tNumber of\tExercise\tNumber of\tExercise\n\tShares\tPrice\tShares\tPrice\nOptions outstanding at January 1\t646946\t16.96\t850167\t16.46\nOptions exercised\t(197499)\t14.96\t(138723)\t13.95\nOptions forfeited\t(11814)\t15.64\t(3000)\t12.88\nOptions expired\t(80310)\t23.31\t(15000)\t25.53\nOptions outstanding at September 30\t357323\t16.67\t693444\t16.78\nOptions exercisable\t344612\t16.70\t591842\t17.42\nWeighted average remaining term\t5.1 years\t\t5.7 years\t\n", "q10k_tbl_21": "\t\tWeighted\n\t\tAverage\n\tNumber of\tGrant Date\n\tShares\tFair Value\nOutstanding at December 31 2019\t281736\t23.18\nGranted\t143957\t25.60\nVested\t(107323)\t22.65\nForfeited\t(105955)\t25.29\nOutstanding at September 30 2020\t212415\t24.04\n", "q10k_tbl_22": "\tThree Months Ended September 30 2020\t\t\n\tContainer Leasing\tRail Leasing\tTotal\nTotal revenue\t73890\t5162\t79052\nTotal operating expenses\t35950\t4823\t40773\nOperating income\t37940\t339\t38279\nNet interest and other expenses\t18520\t1445\t19965\nIncome (loss) before income taxes\t19420\t(1106)\t18314\nPurchase of rental equipment (1)\t16162\t0\t16162\n", "q10k_tbl_23": "\tThree Months Ended September 30 2019\t\t\n\tContainer Leasing\tRail Leasing\tTotal\nTotal revenue\t75535\t5871\t81406\nTotal operating expenses\t38949\t28948\t67897\nOperating income (loss)\t36586\t(23077)\t13509\nNet interest and other expenses\t20507\t2975\t23482\nIncome (loss) before income taxes\t16079\t(26052)\t(9973)\nPurchase of rental equipment (1)\t89027\t15227\t104254\n", "q10k_tbl_24": "\tNine Months Ended September 30 2020\t\t\n\tContainer Leasing\tRail Leasing\tTotal\nTotal revenue\t212446\t17247\t229693\nTotal operating expenses\t109346\t30598\t139944\nOperating income (loss)\t103100\t(13351)\t89749\nNet interest and other expenses\t53077\t5011\t58088\nIncome (loss) before income taxes\t50023\t(18362)\t31661\nPurchase of rental equipment (1)\t48782\t0\t48782\n", "q10k_tbl_25": "\tNine Months Ended September 30 2019\t\t\n\tContainer Leasing\tRail Leasing\tTotal\nTotal revenue\t225332\t20214\t245546\nTotal operating expenses\t117689\t37575\t155264\nOperating income (loss)\t107643\t(17361)\t90282\nNet interest and other expenses\t60598\t10104\t70702\nIncome (loss) before income taxes\t47045\t(27465)\t19580\nPurchase of rental equipment (1)\t256469\t79380\t335849\n", "q10k_tbl_26": "\tSeptember 30 ‎2020\tDecember 31 2019\nContainer leasing\t2810569\t2565828\nRail\t258625\t293459\nLogistics (2)\t0\t42478\nTotal assets\t3069194\t2901765\n", "q10k_tbl_27": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nSwitzerland\t13045\t12072\t38033\t38459\nSingapore\t10542\t10655\t30490\t31005\nKorea\t11195\t10807\t30333\t31361\nFrance\t8078\t8768\t23438\t26582\nUnited States\t6347\t7488\t20825\t25266\nOther Europe\t14600\t16529\t43433\t47052\nOther Asia\t14387\t14638\t40650\t44613\nOther International\t858\t449\t2491\t1208\nTotal revenue\t79052\t81406\t229693\t245546\n", "q10k_tbl_28": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nNumerator\t\t\t\t\nNet income (loss) from continuing operations\t14758\t(7350)\t25634\t15057\nNet loss from discontinued operations\t(1522)\t(636)\t(18768)\t(3389)\nNet income (loss) attributable to CAI common stockholders\t13236\t(7986)\t6866\t11668\nDenominator\t\t\t\t\nWeighted-average shares used in per share computation - basic\t17570\t17330\t17491\t17850\nEffect of dilutive securities:\t\t\t\t\nStock options and restricted stock\t136\t0\t173\t272\nWeighted-average shares used in per share computation - diluted\t17706\t17330\t17664\t18122\nNet income (loss) per share attributable to CAI\t\t\t\t\ncommon stockholders:\t\t\t\t\nBasic\t\t\t\t\nContinuing operations\t0.84\t(0.42)\t1.47\t0.84\nDiscontinued operations\t(0.09)\t(0.04)\t(1.08)\t(0.19)\nTotal basic\t0.75\t(0.46)\t0.39\t0.65\nDiluted\t\t\t\t\nContinuing operations\t0.83\t(0.42)\t1.45\t0.83\nDiscontinued operations\t(0.08)\t(0.04)\t(1.06)\t(0.19)\nTotal diluted\t0.75\t(0.46)\t0.39\t0.64\n", "q10k_tbl_29": "\tAs of September 30\t\n\t2020\t2019\nOwned container fleet in TEUs\t1622102\t1623588\nManaged container fleet in TEUs\t60085\t72462\nTotal container fleet in TEUs\t1682187\t1696050\nOwned container fleet in CEUs\t1657067\t1649465\nManaged container fleet in CEUs\t75480\t88493\nTotal container fleet in CEUs\t1732547\t1737958\nOwned railcar fleet in units\t5039\t5504\n", "q10k_tbl_30": "\tThree Months Ended September 30\t\tNine Months Ended September 30\t\n\t2020\t2019\t2020\t2019\nAverage container fleet utilization in CEUs\t98.4%\t98.4%\t98.2%\t98.7%\nAverage owned container fleet utilization in CEUs\t98.4%\t98.6%\t98.3%\t98.7%\nAverage railcar fleet utilization\t87.8%\t85.3%\t87.5%\t88.1%\n", "q10k_tbl_31": "\tThree Months Ended September 30\t\tChange\t\n\t2020\t2019\tAmount\tPercent\nTotal revenue\t79052\t81406\t(2354)\t(3)%\nOperating expenses\t40773\t67897\t(27124)\t(40)%\nTotal other expenses\t19965\t23482\t(3517)\t(15)%\nNet income (loss) attributable to CAI common stockholders\t13236\t(7986)\t21222\t266%\n", "q10k_tbl_32": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer lease revenue\t73890\t75535\t(1645)\t(2)%\n", "q10k_tbl_33": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nRail lease revenue\t5162\t5871\t(709)\t(12)%\n", "q10k_tbl_34": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t28267\t28030\t237\t1%\nRail leasing\t2161\t0\t2161\t100%\n\t30428\t28030\t2398\t9%\n", "q10k_tbl_35": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nRail leasing\t0\t25632\t(25632)\t(100)%\n", "q10k_tbl_36": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t4713\t4672\t41\t1%\nRail leasing\t1973\t3453\t(1480)\t(43)%\n\t6686\t8125\t(1439)\t(18)%\n", "q10k_tbl_37": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t2419\t2411\t8\t0\nRail leasing\t310\t757\t(447)\t(59)%\n\t2729\t3168\t(439)\t(14)%\n", "q10k_tbl_38": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t5389\t8658\t(3269)\t(38)%\nRail leasing\t999\t620\t379\t61%\n\t6388\t9278\t(2890)\t(31)%\n", "q10k_tbl_39": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nNet interest expense\t16630\t23102\t(6472)\t(28)%\nWrite-off of debt issuance costs\t3641\t0\t3641\t100%\nOther (income) expense\t(306)\t380\t(686)\t181%\n\t19965\t23482\t(3517)\t(15)%\n", "q10k_tbl_40": "\tThree Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nIncome tax expense (benefit)\t1349\t(4830)\t6179\t128%\n", "q10k_tbl_41": "\tThree Months Ended September 30\t\tChange\t\n\t2020\t2019\tAmount\tPercent\nLogistics revenue\t13550\t30270\t(16720)\t(55)%\nOperating expenses\t15525\t31082\t(15557)\t(50)%\nInterest income\t1\t4\t(3)\t(75)%\nNet loss from discontinued operations\t(1522)\t(636)\t(886)\t139%\n", "q10k_tbl_42": "\tNine Months Ended September 30\t\tChange\t\n\t2020\t2019\tAmount\tPercent\nTotal revenue\t229693\t245546\t(15853)\t(6)%\nOperating expenses\t139944\t155264\t(15320)\t(10)%\nTotal other expenses\t58088\t70702\t(12614)\t(18)%\nNet income attributable to CAI common stockholders\t6866\t11668\t(4802)\t(41)%\n", "q10k_tbl_43": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer lease revenue\t212446\t225332\t(12886)\t(6)%\n", "q10k_tbl_44": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nRail lease revenue\t17247\t20214\t(2967)\t(15)%\n", "q10k_tbl_45": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t82065\t84381\t(2316)\t(3)%\nRail leasing\t4257\t5248\t(991)\t(19)%\n\t86322\t89629\t(3307)\t(4)%\n", "q10k_tbl_46": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nRail leasing\t19724\t32955\t(13231)\t(40)%\n", "q10k_tbl_47": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t14305\t12631\t1674\t13%\nRail leasing\t4603\t5813\t(1210)\t(21)%\n\t18908\t18444\t464\t3%\n", "q10k_tbl_48": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t5854\t2847\t3007\t106%\nRail leasing\t597\t9418\t(8821)\t(94)%\n\t6451\t12265\t(5814)\t(47)%\n", "q10k_tbl_49": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nContainer leasing\t18830\t23524\t(4694)\t(20)%\nRail leasing\t2611\t2977\t(366)\t(12)%\n\t21441\t26501\t(5060)\t(19)%\n", "q10k_tbl_50": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nNet interest expense\t54604\t70165\t(15561)\t(22)%\nWrite-off of debt issuance costs\t3641\t0\t3641\t100%\nOther (income) expense\t(157)\t537\t(694)\t(129)%\n\t58088\t70702\t(12614)\t(18)%\n", "q10k_tbl_51": "\tNine Months Ended September 30\t\tChange\t\n($ in thousand)\t2020\t2019\tAmount\tPercent\nIncome tax benefit\t594\t2098\t(1504)\t(72)%\n", "q10k_tbl_52": "\tNine Months Ended September 30\t\tChange\t\n\t2020\t2019\tAmount\tPercent\nLogistics revenue\t66304\t87788\t(21484)\t(24)%\nOperating expenses\t88619\t92233\t(3614)\t(4)%\nInterest income\t7\t12\t(5)\t(42)%\nNet loss from discontinued operations\t(18768)\t(3389)\t(15379)\t454%\n", "q10k_tbl_53": "\tCurrent\tCurrent\n\tAmount\tMaximum\n\tOutstanding\tBorrowing Level\nRevolving credit facilities\t815013\t1279315\nTerm loans\t236924\t236924\nSenior secured notes\t46665\t46665\nAsset-backed notes\t1017500\t1017500\nCollateralized financing obligations\t75931\t75931\nTerm loans held by VIE\t32570\t32570\n\t2224603\t2688905\nDebt discount and debt issuance costs\t(16420)\t0\nTotal\t2208183\t2688905\n", "q10k_tbl_54": "\tNine Months Ended September 30\t\n\t2020\t2019\nNet income\t13487\t18289\nNet income from continuing operations adjusted for non-cash items\t129216\t134681\nChanges in working capital\t66105\t54944\nNet cash provided by operating activities of continuing operations\t195321\t189625\nNet cash provided by (used in) investing activities of continuing operations\t10990\t(113577)\nNet cash provided by (used in) financing activities of continuing operations\t94415\t(73399)\nNet cash provided by (used in) discontinued operations\t8497\t(1728)\nEffect on cash of foreign currency translation\t(15)\t(874)\nNet increase in cash and restricted cash\t309208\t47\nCash and restricted cash at beginning of period\t73239\t75983\nCash and restricted cash at end of period\t382447\t76030\n", "q10k_tbl_55": "\tPayments Due by Period\t\t\t\t\t\t\n\t\tLess than\t1-2\t2-3\t3-4\t4-5\tMore than\n\tTotal\t1 year\tyears\tyears\tyears\tyears\t5 years\nTotal debt obligations:\t\t\t\t\t\t\t\nRevolving credit facilities\t815013\t0\t0\t677513\t137500\t0\t0\nTerm loans\t236924\t130774\t7800\t28350\t70000\t0\t0\nSenior secured notes\t46665\t6110\t40555\t0\t0\t0\t0\nAsset-backed notes\t1017500\t337211\t62411\t62411\t62411\t64201\t428855\nCollateralized financing obligations\t75931\t28474\t29973\t0\t0\t0\t17484\nTerm loans held by VIE\t32570\t5425\t5660\t5906\t6157\t6426\t2996\nInterest on debt and capital lease obligations (1)\t159407\t42894\t37425\t29752\t12946\t10845\t25545\nRental equipment payable\t89634\t89634\t0\t0\t0\t0\t0\nRent office facilities and equipment\t5041\t2541\t1988\t298\t175\t39\t0\nEquipment purchase commitments - Containers\t116941\t116941\t0\t0\t0\t0\t0\nTotal contractual obligations\t2595626\t760004\t185812\t804230\t289189\t81511\t474880\n", "q10k_tbl_56": "Period\tTotal Number of Shares (or Units) Purchased (1)\tAverage Price Paid per Share (or Unit) (1)\tTotal Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs (1)\tMaximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (1)\nJuly 1 2020 - July 31 2020(2)\t222\t15.87\t0\t1000000\nAugust 1 2020 - August 31 2020(2)\t307\t21.96\t0\t1000000\nSeptember 1 2020 - September 30 2020\t0\t0\t0\t1000000\nTotal\t529\t19.40\t0\t1000000\n", "q10k_tbl_57": "Exhibit No.\tDescription\n3.1\tAmended and Restated Certificate of Incorporation of CAI International Inc. (incorporated by reference to Exhibit 3.1 to our Registration Statement on Form S-1 as amended File No. 333-140496 filed on April 24 2007).\n3.2\tCertificate of Amendment to the Amended and Restated Certificate of Incorporation of CAI International Inc. dated June 4 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on June 5 2018).\n3.3\tCertificate of Designations of Rights and Preferences of 8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock dated March 28 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on March 28 2018).\n3.4\tCertificate of Designations of Rights and Preferences of 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock dated August 10 2018 (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on August 10 2018).\n3.5\tAmended and Restated Bylaws of CAI International Inc. (incorporated by reference to Exhibit 3.1 to our Current Report on Form 8-K filed on March 10 2009).\n4.1*\tIndenture dated September 9 2020 between CAL Funding IV Limited and Wilmington Trust National Association (incorporated by reference to Exhibit 4.1 to our Current Report on Form 8-K filed on September 14 2020).\n4.2*\tSeries 2020-1 Supplement dated September 9 2020 to Indenture dated September 9 2020 between CAL Funding IV Limited and Wilmington Trust National Association (incorporated by reference to Exhibit 4.2 to our Current Report on Form 8-K filed on September 14 2020).\n31.1\tCertification of principal executive officer and principal financial officer pursuant to Exchange Act Rule 13a-14(a)/15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.\n32.1\tCertification of principal executive officer and principal financial officer furnished pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.\n101\tThe following financial statements formatted in XBRL: (i) Consolidated Balance Sheets as of September 30 2020 and December 31 2019 (ii) Consolidated Statements of Operations for the three and nine months ended September 30 2020 and 2019 (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30 2020 and 2019 (iv) Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30 2020 and 2019 (v) Consolidated Statements of Cash Flows for the nine months ended September 30 2020 and 2019 and (vi) Notes to Unaudited Consolidated Financial Statements.\n104\tCover Page Interactive Data File (embedded within the Inline XBRL document).\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_3", "cf": "q10k_tbl_7"}None
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number: 001-33388
CAI International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
94-3109229
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
Steuart Tower, 1 Market Plaza, Suite 2400
San Francisco, California
94105
(Address of principal executive offices)
(Zip Code)
415-788-0100
(Registrant’s telephone number, including area code)
None
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Le
Title of each class
Trading symbols
Name of exchange on which registered
Common Stock, par value $0.0001 per share
CAI
New York Stock Exchange
8.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share
CAI-PA
New York Stock Exchange
8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Stock, par value $0.0001 per share
CAI-PB
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesx No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yesx No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
o
Accelerated filer
x
Non-accelerated filer
o
Smaller reporting company
o
Emerging growth company
o
If an emerging growth company, indicate by check mark of the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes oNox
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
This Quarterly Report on Form 10-Q contains certain forward-looking statements, including, without limitation, statements concerning the conditions in our industry, our operations, our economic performance and financial condition, including, in particular, statements relating to our business, operations, growth strategy, service development efforts, our plans regarding our logistics business and the impact of the novel coronavirus (COVID-19) on our business, financial condition, liquidity and results of operations. The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements so long as such information is identified as forward-looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. When used in this Quarterly Report on Form 10-Q, the words “may,” “might,” “should,” “estimate,” “project,” “plan,” “anticipate,” “expect,” “intend,” “outlook,” “believe” and other similar expressions are intended to identify forward-looking statements and information. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. These forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain and subject to a number of risks and uncertainties. These risks and uncertainties include, without limitation, those in our Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (SEC) on March 5, 2020, this Quarterly Report on Form 10-Q and our other reports filed with the SEC. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Reference is also made to such risks and uncertainties detailed from time to time in our other filings with the SEC.
(1)Total assets at September 30, 2020 and December 31, 2019 include the following assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs: Cash, $26,784 and $26,594; Net investment in finance leases, $3,326 and $4,790; and Rental equipment, net of accumulated depreciation, $84,938, and $101,907, respectively.
(2)Total liabilities at September 30, 2020 and December 31, 2019 include the following VIE liabilities for which the VIE creditors do not have recourse to CAI International, Inc.: Current portion of debt, $33,899 and $26,931; Debt, $74,602 and $100,849, respectively.
See accompanying notes to unaudited consolidated financial statements.