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Textainer Group Holdings Limited (NYSE:TGH) Q2 2019 Results Earnings Conference Call August 6, 2019 5:00 PM ET
Textainer Group Holdings Limited（纽约证券交易所股票代码：[TGH]）2019年第二季度业绩收益电话会议2019年8月6日美国东部时间下午5:00
Ed Yuen - Investor Relations, Managing Director at Solebury Trout
Olivier Ghesquiere - President, Chief Executive Officer
Michael Chan - Executive Vice President, Chief Financial Officer
- Ed Yuen - 投资者关系部，Solebury Trout董事总经理
- Olivier Ghesquiere - 总裁兼首席执行官
- Michael Chan - 执行副总裁兼首席财务官
Conor Cunningham - Cowen
Scott Valentin - Compass Point
Michael Brown - KBW
- 康纳坎宁安 - 考恩
- 斯科特瓦伦丁 - 指南针点
- 迈克尔布朗 - KBW
Greetings. Thank you and welcome to Textainer's second quarter 2019 earnings conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be provided at that time. As a reminder, today's conference call is being recorded.
I will now turn the conference over to you host today, Mr. Ed Yuen, Investor Relations for Textainer Group Holdings Limited. Please proceed, sir.
问候。 谢谢你，欢迎来到Textainer 2019年第二季度的财报电话会议。 此时，所有参与者都处于只听模式。 稍后，我们将进行问答环节，届时将提供说明。 提醒一下，今天的电话会议正在录制中。
今天，我将把会议转交给你，即Textainer集团控股有限公司的投资者关系部Ed Ed先生。 先生，请继续。
Thank you. Certain statements made during this conference call may contain forward-looking statements in accordance with U.S. securities laws. These statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. The company's views, estimates, plans and outlook, as described within this call, may change after this discussion. The company is under no obligation to modify or update any or all statements that are made.
Please see the company's annual report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission on March 25, 2019 and going forward, any subsequent quarterly filings on Form 6-K for additional information concerning factors that may cause actual results to differ materially from those in the forward-looking statements.
During this call, we will discuss non-GAAP financial measures. As such, measures are not prepared in accordance with Generally Accepted Accounting Principles. A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP measures will be provided either on this conference call or can be found in today's earnings press release.
Finally, along with our earnings release today, we have also provided slides to accompany our comments on today's call. Both the earnings release and the earnings call presentation can be found on Textainer's Investor Relations website at investor.textainer.com.
I would now like to turn the call over to Olivier Ghesquiere, Textainer's President and Chief Executive Officer, for his opening comments.
Thank you Ed. Good afternoon everyone and thank you for joining us today for Textainer's second quarter 2019 earnings call. I will begin by reviewing the highlights of our second quarter results and then I will provide some perspective on the industry. Michael will then go over our financial results in greater detail, after which we will open the call to your questions.
We are pleased with our performance in the second quarter where we delivered stable lease rental income of $155.1 million and adjusted EBITDA of $114.7 million, despite the slow market activity in the second quarter that has persisted in the third quarter to-date. New container activity continues to be driven by macro headwinds such as slow European trade, a slowdown in Chinese economy and ongoing trade disputes. While overall market growth remains muted, Textainer has been proactive and disciplined with new lease opportunities.
During the second quarter, our fleet grew by 190,000 TEU as we made container investment at attractive rates and double digit returns. This was achieved as we successfully targeted replacement demand opportunities with some of our strong customers' relationship to achieve mutually beneficial deals when new container prices reach a low point in the earlier part of the year. We expect to see the full impact of the net TEU growth to lease rental income to be completely realized in the third quarter, though partially offset by a reduction in further additional CapEx. At the end of the second quarter, we owned approximately 81% of our fleet, which stood at 3.6 million TEU.
Overall, there have been very few significant deals form shipping lines and new container prices have decreased to the current level of approximately $1,750 per CEU, primarily driven by weak new container demand. Rental rates for new container lease-outs have declined in line with new container prices, but the total volume of new deal was small and we do not believe that they were representative of normal market conditions. As we had mentioned in prior call, this management team is focused on a disciplined growth strategy and we have not chased down rates on the few competitive open tenders.
During the second quarter, our utilization remained strong at 97.9%, while demand for new lease-outs was low, we continue to see a moderate manageable level of turn-in and an attractive container resale environment. The market supply remained stable with total new dry van eventually slightly above one million TEU, representing only three month supply in a normal market environment. In addition, there was very limited new container ordering in the past few months and we are starting to see factory shutdowns which are positive signs for the industry utilization and inventory level.
While the general market activity remains low, we are particularly pleased with our cost control initiatives. We achieved further declines in both G&A and direct costs in the second quarter as compared to the first quarter and prior year. We intend to continue working on minimizing cost level going forward.
Unfortunately during the quarter, we incurred $9.1 million in impairments and $3.3 million in bad debt expenses to recognize a potential exposure from a nonperforming midsized regional shipping line. This customer is continuing to operate and attempting to restructure with some recently announced government common support. We believe this incident to be an isolated credit issue and we currently do not have any significant concern with customer credits.
To provide some context, Textainer has had a long-standing relationship with this customer and there was no recent history of credit issue. The company was profitable over the last two financial years and conditions that led to the default arose from alleged financial misappropriation reported this quarter. We remain cautiously optimistic that the government-led restructuring will ultimately allow this carrier to regain market confidence and become current in their obligation but we do believe it is prudent to recognize this impairment now as we actively seek redelivery of our containers and has filed an insurance claim for the matter.
The financial impact to Textainer is contained as our exposure is capped at our insurance policy deductible of $10 million and the total container value of these leases is well below our coverage limits. Our management team continues to be proactively taking expedient steps to address credit concern and limit exporter as soon as potential issues are identified.
Turning now to our outlook for the balance of the year. We believe new container demand will remain muted in the third quarter. The outlook for Q4 remains uncertain pending economic activity level and ongoing trade negotiation. This will result in limited additional supply of new container as well as likely additional factory closure, which will help stabilize the overall container supply. The IMF recently revised its 2019 global growth forecast to 3.2% and we expect global container throughput growth to remain well above 2.5%. We believe these levels are still supportive of moderate shipping volume growth.
There is innate replacement demand for containers that are coming to the end of their life and will need to be replaced with new production. We expect container lessors' utilization to remain high and continue to support strong resale prices. And finally, we believe shipping lines will continue to increase their reliance on container leasing companies as they focus their liquidity on necessary CapEx related to new ships and compliance with the IMO2020 emissions regulations. We continue to believe leasing companies will represent approximately 60% of total purchase.
In summary our performance is reflective of the low level of market activity in the second quarter, which has continued into the third quarter. While there were a few significant lease-out opportunities, we managed to grow our fleet by securing specific replacement opportunities at attractive yields with several of our valued customer relationships. We expect the slow growth environment to persist in the short term given the current macro headwinds. However, the fundamentals of our business remain positive, as evidenced by the industry high utilization rate, limited new orders and favorable container resale environment. We continue to normalize our costs and keep our balance sheet well positioned while waiting for any possible uptake, which will eventually materialize.
I will now turn the call over to Michael who will give you a little more color about our financial results for the past quarter.
Thank you Olivier. I will now focus on the key drivers of our financial results. Q2 lease rental income was $155.1 million, a decrease of only $400,000 as compared to Q1. This included the impact of higher CapEx in the second half of Q2 offset by a slight decrease in utilization. Q2 trading container margin was $3.4 million, an increase of $800,000, compared to Q1 due to an increase in per unit margins and the number of trading containers sold.
Q2 gains on sale of owned fleet containers, net, was $5.4 million, a decrease of $1.4 million, compared to Q1 and included a reduction in average gain per container sold. While our average gain per container sold decreased, the resale container price environment is still favorable. Q2 direct container expense for the owned fleet was $10.8 million, a decrease of $0.9 million, compared to Q1, primarily due to a decrease in repositioning expense and maintenance expense. We are pleased with this improvement and believe our direct container expense reflects a lower baseline level going forward.
Q2 container impairment included a $9.1 million charge for estimated unrecoverable containers held by a nonperforming lessee. Bad expense also included a $3.3 million reserve for receivable due from the same lessee. As discussed earlier by Olivier, this lessee continues to operate and is undergoing a new restructuring program with involvement from a significant government controlled entity with experience in asset management. While we are cautiously optimistic that the program will improve lessee's operating performance, we believe it is still prudent to recognize these charges in Q2.
Q2 depreciation expense was $61.7 million or relatively flat compared to Q1. Q2 general and administrative expense was $9.4 million, down $0.4 million from Q1, primarily due to a reduction in compensation costs and professional fees. We are pleased that this reflects an improved baseline level going forward. Q2 interest expense including realized hedging gains was $37.1 million, an increase of $1 million from Q1, driven primarily by a higher average debt balance due to CapEx.
Our Q2 effective interest rate was 4.3% and remains one of the lowest in our industry. Q2 unrealized loss on interest rate swaps, collars and caps, net, was $10.1 million, primarily resulting from a decrease in the forward LIBOR curve at the end of the quarter which reduced the spot mark-to-market value of our interest rate derivatives used for long term hedging purposes. We intend to hold the underlying hedges until maturity. Therefore, any unrealized gain or loss will net to zero over the life of the hedge. While we have an income tax benefit of $0.2 million for Q2, we continue to expect our annualized income tax rate to be in the mid single digits.
Q2 net income was $0.3 million or $0.01 per diluted common share. Q2 adjusted net income was $9 million or $0.16 per diluted common share. Adjusted net income for the quarter excluded the noncash unrealized loss on interest rate swaps, caps and collars and a gain from an insurance recovery and legal settlements. Had we excluded the impact of charges associated with the nonperforming lessee, Q2 adjusted net income would have totaled $21.4 million, relatively stable compared to the previous quarter. Q2 adjusted EBITDA was $114.7 million, down $3.4 million when compared to Q1.
Turning now to our liquidity. We ended Q2 with a cash position inclusive of restricted cash of $244 million, an increase of $24.5 million from the prior quarter. Finally, subsequent to the end of Q2 on July 29, we announced the completion of an amendment to extend the term and lower pricing on our $1.2 billion warehouse credit facility. The revolving period of the facility was extended by three years to July 2022 and the spread was reduced by 15 basis points to 1.75%. We are very pleased with the continued support of our bank group on this transaction, which improves Textainer's capital structure and financial flexibility.
This concludes our prepared remarks. Thank you all for your time today. Operator, please open the line for questions.
现在谈谈我们的流动性。 我们在第二季度结束时的现金状况包括限制性现金2.44亿美元，比上一季度增加了2450万美元。 最后，在7月29日的第二季度末之后，我们宣布完成修订，以延长12亿美元仓库信贷额度的期限和降低价格。 该设施的周期延长了三年至2022年7月，并且差价减少了15个基点至1.75％。 我们对银行集团对此次交易的持续支持感到非常满意，这提高了Textainer的资本结构和财务灵活性。
以上是我们准备的评论。 谢谢大家今天的时间。 接线员请打开问题。
[Operator Instructions]. Our first question comes from Helane Becker with Cowen. Please proceed with your question.
[操作员说明]。 我们的第一个问题来自Cowen的Helane Becker。 请继续你的问题。
Hi guys. This is actually Cunningham, in for Helane. How are you?
嗨，大家好。 对于Helane来说，这实际上是Cunningham。 你好吗？
Good. How are you?
Good. So I just wanted to go back to the CapEx replacement comment that you had. So I was a little surprised to see the size of the investment but obviously you spoke to like it being more replacement than growth. When you talk about container replacement like annually, like from an industry level, how many containers need to be ordered to just keep the fleet flat on a year-to-year basis?
好。 所以我只想回到你有的CapEx替换评论。 所以我看到投资的规模有点惊讶，但显然你说它更像是替代而不是增长。 当您谈到每年一次的集装箱更换时，例如从行业层面来说，需要订购多少个集装箱才能使车队逐年保持平稳？
Are you talking for the industry or for Textainer specifically?
The industry as whole, yes.
For the industry as a whole, we estimate that about 5% of the total world fleet needs to be replaced annually which in itself represents probably 1.5 million TEU a year of dry van equipment. So it's about half of the production in a normal year.
Okay. Perfect. And then I just wanted to talk a little bit about the trade war that's going on. So may be come at it from a little bit different angle. So I think originally when the trade war started, the consensus felt like global trade would slow and that's pretty much played out as one would expect. But can you speak to maybe anything that you have seen that surprised you as a result of the dispute? Like it seems like trade lanes are shifting pretty quickly overall. May that's been consistent with your thoughts or just any thoughts around what surprised you around the trade war, that would be helpful.
好的。 完善。 然后我想谈谈正在进行的贸易战。 所以可能会从一个不同的角度来看待它。 因此，我认为最初是在贸易战开始时，人们普遍认为全球贸易会放缓，而且这种情况几乎与人们预期的一样。 但是，你能否谈谈你所看到的任何因争议而感到惊讶的事情？ 就像看起来贸易通道整体变化很快。 可能这与你的想法一致，或者只是围绕着贸易战的惊讶，这会有所帮助。
Well, there's several very interesting that have happened. I think for me probably the most surprising thing has been to see how well shipping volumes have held up. When this whole trade tariffs were initially implemented, I would personally have expected a more direct impact. The reality is that the volumes have held up very strongly. Ships have remained very full over the duration. And one of the big conclusions is that initially the tariffs have not had an immediate, direct impact on the volumes.
They have more of a psychological impact in terms of driving new demanded and especially new investment in China. But I think that they haven't affected immediately the volume. There was a big surge last year. And I think that we are still in a way paying the price today for that big surge because we were now in kind of a lull and we have been in a slow market for maybe nine months or a little bit more than that, certainly from a leasing perspective. But shipping lines have continued to enjoy fairly large volumes.
What we have also seen is a shift in some production to other countries. There has been a lot of talking about Vietnam picking up a lot of opportunities. Their exports are up 20%. But I would say that's something that we had started to observe even before the tariffs were implemented. It's certainly being accelerated by the situation. But it has started before and it was driven primarily by the fact that production costs over the years have become uneconomical in China and producers were looking at shifting production and Vietnam is probably the number one beneficiary of that.
But we see other countries benefiting from that. I mean we see India, we see Bangladesh, we see Thailand benefiting. So there has been some shift in production but that I think will materialize over a longer period of time than over just a few months.
Okay. Great. And then last one for me, just on the current environment with demand that's relatively low for new containers and just moderate trade growth going forward due to the dispute. Is there an opportunity for you to convert your managed fleet to owned? I would think that that would be a pretty accretive way to drive TEU volumes to you guys at a high level? Any thoughts there would be great. Thanks again.
好的。 大。 然后是最后一个对我来说，就目前的环境来看，新集装箱的需求相对较低，而且由于争议而导致贸易增长温和。 您是否有机会将您的管理车队转换为拥有？ 我认为那将是一个非常强大的方式来推动TEU卷在高水平？ 任何想法都会很棒。 再次感谢。
Well, thank you. We are certainly on the look out for that. That's a very attractive investment proposition for us. A couple of good things related to that. We typically can get that equipment at a good basis and one attractive characteristic also is that if we buy a fleet that's already under our current management, that equipment is already on lease, so earning revenues from day one of ownership. So it's certainly something that we always watch for and are open to.
好的，谢谢。 我们当然要注意这一点。 这对我们来说是一个非常有吸引力的投资主张。 与此相关的一些好事。 我们通常可以很好地获得该设备，而且一个有吸引力的特征是，如果我们购买已经在我们当前管理下的车队，那么该设备已经在租赁，因此从所有权的第一天赚取收入。 所以它肯定是我们一直关注并且开放的东西。
But is there any barriers from that occurring? Like is it more like your customers have to want to give up the containers? Is that kind of how you view it?
但这种情况有没有障碍呢？ 就像你的客户更想放弃容器一样？ 那是怎么看待它的？
Sometimes we see that some customers may have who are partners, wants to exit their position. So we provide them a option to liquidate and transfer the cash that change their position. I think it's a good option and option for them to get out on a very quick, flexible basis. And if they think about it, we are the likely buyers of that. We understand that very well and we can respond quickly too. So I don't really see too man y beers in them going that direction. In fact, I think it's a good option for them to look at that as a potential exit.
有时我们看到一些客户可能有谁是合作伙伴，想要退出他们的位置。 因此，我们为他们提供清算和转移现金的选项，以改变他们的立场。 我认为这是一个很好的选择和选择，让他们在一个非常快速，灵活的基础上出去。 如果他们考虑一下，我们可能就是买家。 我们非常了解这一点，我们也可以迅速做出回应。 因此，我并没有真正看到他们在那个方向上喝啤酒。 事实上，我认为这是一个很好的选择，让他们将其视为潜在的退出。
Okay. Great. Thank you.
好的。 大。 谢谢。
You are welcome.
Our next question comes from Scott Valentin with Compass Point. Please proceed with your question.
我们的下一个问题来自Scott Valentin和Compass Point。 请继续你的问题。
Hi. Good afternoon. Thanks for taking my question. Just to get more on information on the credit. It sounds like there is potential for recovery. Is that recovery the receivable? Or do you recovery of the write-off of the containers? I am just trying to get a sense because it sounds like the entity continues to operate or anticipates continuing to operate. I am just wondering the probability of maybe collecting in the out-periods?
你好。 下午好。 谢谢你提出我的问题。 只是为了获得更多关于信用的信息。 听起来有可能恢复。 这是应收账款的回收吗？ 或者您是否恢复了容器的注销？ 我只是试图理解，因为它听起来像实体继续运作或预期继续运作。 我只是想知道可能在外出时期收集的概率？
Hi Scott. No, you rightly point out that we have decided to be prudent and to be proactive and in this case. But the company continues to operate. There is actually a government related agency that is trying to restructure the company. And certainly we hope that over the long-term, but we don't think this will be a short term solution. Over the long term, we will be able to recover, first of all, some of our accounts receivable, but most importantly, our container and that would possibly allow us to minimize our losses. What we have done right now is, we have been conservative and we have taken the hit, so to speak, so that we can really recognize it fully in our books and focus completely on trying to minimize our losses going forward.
嗨斯科特。 不，你正确地指出我们已经决定谨慎并且在这种情况下要积极主动。 但该公司继续运营。 实际上有一个政府相关机构正试图重组公司。 当然，我们希望从长远来看，但我们认为这不是一个短期解决方案。 从长远来看，我们首先能够收回部分应收账款，但最重要的是，我们的集装箱可以让我们尽量减少损失。 我们现在所做的是，我们一直保守，我们已经受到了打击，可以这么说，我们可以在书中充分认识到它，并完全专注于尽量减少我们未来的损失。
Okay. That's helpful. And then just thinking about, in a low CapEx environment and it's a high cash flow business, just wondering how you think about, what do you do with that cash flow? Do you pay down debt and delver the balance sheet? Or do you find other uses for it?
好的。 这很有帮助。 然后只考虑一下，在低资本支出环境下，这是一个高现金流业务，只是想知道你如何思考，你如何处理现金流？ 您是否偿还债务并拖欠资产负债表？ 或者你发现它的其他用途？
We are finding that a good allocation of the cash is towards CapEx so long as that CapEx is at attractive yields. So right now, that is taking much of our cash use because of those [indiscernible] that have risen in, for example, Q2. On ongoing basis, we will certainly assess what's the best use our cash flow. Right now, we like the proposition provided by CapEx. But again, assuming that it hits the yields and is indeed attractive for us, has good tenure as well and good credit also.
我们发现，只要资本支出具有吸引力的收益率，现金的良好分配就会转向资本支出。 所以现在，由于那些[音频不清晰]已经上升，例如第二季度，我们的现金使用很多。 在持续的基础上，我们一定会评估我们现金流的最佳用途。 现在，我们喜欢资本支出提供的提议。 但同样，假设它达到了收益率并且确实对我们有吸引力，那么它也有良好的使用期限和良好的信誉。
Okay. And then just per diems and container prices. You mentioned container prices are pretty low for this time of year. I think $1,750 is the price you mentioned. And I guess I have heard from other container lessors that it's difficult for factories to make money at that level. So just wondering, do the per diems reflect that low price of containers? And then two, you mentioned I think the IRRs or the returns are still double digits. I just want to confirm that.
好的。 然后只是每日津贴和集装箱价格。 你提到一年中这个时候的集装箱价格相当低。 我认为1,750美元是你提到的价格。 而且我想我从其他集装箱租赁商那里听说工厂很难在这个级别上赚钱。 所以只是想知道，每日津贴是否反映出集装箱价格低廉？ 然后两个，你提到我认为IRR或回报仍然是两位数。 我只想确认一下。
Yes. I think you know I like to draw a distinction between the larger replacement, the deal that we have been able to secure essentially without going too much into detail. We secured those deals very early in the year. We took advantage of the manufacturing price that dips very briefly very early in the year and there was a unique opportunity. I feel we have several unique opportunities there for us to be able to invest and achieve all double digit returns while still providing our customer with a very attractive deal.
If you look at the market the way it is today, there has been very, very few open tenders. And it is fair to say that the rates have been unattractive and we have, for that matter, stayed out of those open tenders and we basically are sitting and waiting with our existing inventory which we believe is limited and perfectly adequate for us to maintain waiting for the market to pick up. But the cash-on-cash yields have certainly dropped. But again, there has been so few deals that it's hard to tell that this would be fully representative of a normal market environment.
Okay. All right. Thanks for that.
好的。 行。 感谢那。
[Operator Instructions]. Our next question comes from Michael Brown with KBW. Please proceed with your question.
[操作员说明]。 我们的下一个问题来自Michael Brown和KBW。 请继续你的问题。
Hi. Good afternoon guys.
So I just wanted to start off on CapEx again. I saw that strong first half, $640 million and it sounds like a more tepid outlook going forward. I appreciate your commentary about the lower expectation going forward. But I guess any color that you could provide on your expectation for the full year? And it sounds like you have had some benefits from some larger replacement deals coming through. Are those kind of one-offs? Or should we expect that more of those could come through? Thanks.
所以我只是想再次开始使用资本支出。 我看到上半年表现强劲，6.4亿美元，这看起来更像是一种不温不火的前景。 我很感激你对未来较低期望的评论。 但是我想你可以提供全年的预期颜色吗？ 听起来你已经从一些更大的替代交易中获得了一些好处。 那些一次性的吗？ 或者我们是否应该期望更多的这些可以通过？ 谢谢。
At this point in time, we don't expect more of those to come through. We are very much thinking that we are not going to see a typical peak season. What we have seen over the last, shall I say, three, four weeks is what I would call a little bubbling in the market. There has been a little bit of activity. We have leased out some depot units. I think that some of our competitors have leased out some depot units. Nothing dramatic, but it's still something positive that indicate that volumes have increased a little bit.
I think at the same time you see that ocean freight rates on Asia/Europe and Asia/North America have also gone up over the last few weeks. So there is a little bit moving. Now we don't expect this surge to be a very major surge or a typical surge as we have seen in the previous year. So we don't anticipate that there will be many opportunities for us to implement new CapEx or invest more into container.
I think the big question for us is really what happens for the fourth quarter and this point in time we remain optimistic about the fourth quarter. We feel that the U.S. consumer demand remains strong. We feel that demand will still be there for the end of the year holiday which are driving the demand and then typically we also have then to build up to the Chinese lunar new year that are taking place in the last quarter.
But I think more fundamentally, we have now been in a fairly slow market for almost nine months or 10 months. Every month that passes means that shipping lines will reach a level where they have to start replacing some of the older containers they have in their fleet. So we remain hopeful that towards the end of the year we will see a recovery in demand to normal levels.
Great. Thanks. And then just a follow-up on the CapEx. The $440 million this quarter, was that really to support one customer or a couple of customers? I am trying to get kind of an idea of the activity this quarter. Thanks.
非常好。 谢谢。 然后只是对资本支出的后续跟进。 本季度的4.4亿美元真的是为了支持一个客户或几个客户吗？ 我试图对本季度的活动有所了解。 谢谢。
Well, there are several customers in there. One larger one was involved, of course, but there are several in there.
Great. Thanks. And then last quarter you guys gave guidance on the lease rental income. You guided to it essentially being kind of flat in the second quarter and that's really where you did come in this quarter. So I was actually wondering if you had some guidance for the third quarter?
非常好。 谢谢。 然后在上个季度，你们给出了租赁租赁收入的指导。 你引导它在第二季度基本上是平坦的，而这正是你在本季度所做的事情。 所以我真的想知道你是否对第三季度有一些指导？
We are thinking that third quarter could be flat compared to Q2 and the reason for that is we did put some CapEx work in Q2. But as we mentioned earlier, there is that normal attrition that every fleet experiences. So we are selling boxes at good prices, but that will bring down lease rental income a bit. However, that would be buffered by the CapEx that we put in place. So potentially it could be a bit of a flattening of lease rental income, if you were to look at Q3 versus Q2.
我们认为与第二季度相比，第三季度可能持平，其原因是我们确实在第二季度投入了一些资本支出。 但正如我们之前提到的那样，每个舰队都会遇到正常的磨损。 所以我们以优惠的价格出售盒子，但这会降低租赁租金收入。 但是，这将由我们实施的资本支出缓冲。 因此，如果你看第三季度与第二季度相比，可能会使租赁租金收入略微趋于平缓。
Great. Thank you for taking my questions.
Thank you. At this time, I would like to turn the conference back over to Olivier Ghesquiere for closing comments.
谢谢。 在这个时候，我想把会议转回Olivier Ghesquiere，以便结束评论。
Thank you for taking the time to listen to us today and I look forward to updating everyone on our progress during the next call. Thank you.
This concludes today's teleconference. You may disconnect your lines this time and thank you for your participation.
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