Textainer Group Holdings Limited (TGH) 首席执行官 Olivier Ghesquiere 在 2019年 第二季度业绩 - 收益电话会议记录

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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

公司参与者

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

电话会议参与者

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

会议主持员

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。

Ed Yuen

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.

谢谢。本次电话会议期间的某些陈述可能包含符合美国证券法的前瞻性陈述。这些陈述涉及风险和不确定性,仅是预测,可能与实际的未来事件或结果有重大差异。在本次讨论中,公司的观点,估计,计划和展望可能会在此讨论后发生变化。公司没有义务修改或更新任何或所有陈述。

请参阅公司2019年12月31日截止的201-F表格的年度报告,该报告于2019年3月25日向美国证券交易委员会提交,以及随后的6-K表格中的任何后续季度报告,以获取有关因素的更多信息。这可能会导致实际结果与前瞻性陈述中的结果大不相同。

在此次电话会议中,我们将讨论非GAAP财务指标。因此,并非根据公认会计原则编制措施。非GAAP财务指标与最直接可比的GAAP指标的对账将在本次电话会议上提供,或者可以在今天的收益新闻稿中找到。

最后,随着我们今天的收益发布,我们还提供了幻灯片,以配合我们今天的电话评论。收益发布和盈利电话会议均可在Textainer的投资者关系网站investor.textainer.com上找到。

我现在想把这个电话转到Textainer总裁兼首席执行官Olivier Ghesquiere的开场白。

Olivier Ghesquiere

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.

谢谢你。大家下午好,感谢您今天加入我们的Textainer 2019年第二季度财报电话会议。我将首先回顾第二季度业绩的重点,然后我将提供一些有关该行业的观点。然后迈克尔将更详细地讨论我们的财务结果,之后我们将打开您的问题。

我们对第二季度的表现感到满意,尽管第二季度市场活动缓慢,但第二季度的稳定租赁收入为1.551亿美元,调整后的EBITDA为1.147亿美元。新的集装箱活动继续受到诸如欧洲贸易缓慢,中国经济放缓和持续贸易争端等宏观阻力的推动。虽然整体市场增长仍然保持低迷,但Textainer一直积极主动,并有新的租赁机会。

在第二季度,我们的船队增长了190,000 TEU,因为我们以极具吸引力的价格和两位数的回报率进行集装箱投资。这是因为我们成功地将替代需​​求机会与一些强大的客户关系作为目标,以便在新集装箱价格在今年早些时候达到低点时达成互利交易。我们预计第三季度净TEU增长对租赁租赁收入的全面影响将完全实现,但部分抵消了额外的额外资本支出的减少。在第二季度末,我们拥有约81%的船队,总数为360万TEU。

总体而言,航运公司的重要交易很少,而新的集装箱价格已降至每个CEU约1,750美元的当前水平,主要受新集装箱需求疲软的推动。新集装箱租赁的租金率随着新集装箱价格的下降而下降,但新交易的总量很小,我们认为它们不能代表正常的市场条件。正如我们在之前的电话会议中提到的那样,这个管理团队专注于严格的增长战略,我们没有在少数竞争性公开招标中追逐利率。

在第二季度,我们的利用率保持强劲,为97.9%,而对新租赁的需求较低,我们继续看到一个适度的可控水平的转入和有吸引力的集装箱转售环境。市场供应保持稳定,新干货车总量最终略高于100万TEU,在正常的市场环境下仅供应三个月。此外,过去几个月的新集装箱订购非常有限,我们开始看到工厂停工,这是行业利用率和库存水平的积极迹象。

虽然一般市场活动仍然很低,但我们对我们的成本控制措施特别满意。与第一季度和上一年度相比,我们在第二季度的G&A和直接成本进一步下降。我们打算继续努力降低未来的成本水平。

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.

不幸的是,在本季度,我们发生了910万美元的损失和330万美元的坏账费用,以确认不良中型区域航运公司的潜在风险。该客户继续运营,并试图通过最近宣布的政府共同支持进行重组。我们认为此事件是一个孤立的信用问题,我们目前对客户信用没有任何重大关注。

为了提供一些背景信息,Textainer与该客户建立了长期合作关系,并且近期没有信用证问题。该公司在过去两个财政年度盈利,导致违约的条件源于本季度报告的涉嫌财务盗用。我们仍然持谨慎乐观态度,政府主导的重组最终将使该运营商重新获得市场信心并成为他们的义务,但我们相信,在我们积极寻求重新运输集装箱并提交保险时,现在认识到这种损害是谨慎的。索赔此事。

对Textainer的财务影响包含在内,因为我们的保险金上限为我们的保险单可扣除1,000万美元,而这些租约的总集装箱价值远低于我们的承保限额。我们的管理团队将继续积极采取措施,解决信用问题,并在发现潜在问题后尽快限制出口商。

现在转到我们对今年余额的展望。我们认为新的集装箱需求将在第三季度保持低迷状态。在经济活动水平和持续的贸易谈判之前,第四季度的前景依然不明朗。这将导致新容器的额外供应有限以及可能的额外工厂关闭,这将有助于稳定整个集装箱供应。国际货币基金组织最近将其2019年全球增长预测修订为3.2%,我们预计全球集装箱吞吐量增长将保持在2.5%以上。我们认为这些水平仍然支持适度的出货量增长。

对于即将结束的集装箱存在天生的替代需求,需要更换新的生产。我们预计集装箱出租人的利用率将保持高位并继续支持强劲的转售价格。最后,我们认为航运公司将继续增加对集装箱租赁公司的依赖,因为他们将流动资金集中在与新船相关的必要资本支出和遵守IMO2020排放法规上。我们仍然认为租赁公司将占总购买量的约60%。

总之,我们的业绩反映了第二季度的低水平市场活动,并持续到第三季度。虽然有一些重要的租赁机会,但我们通过与我们尊重的几个客户关系确保具有吸引力的收益的特定替代机会,成功扩大了我们的机队。鉴于目前的宏观经济逆转,我们预计短期内增长缓慢的环境将持续存在。然而,我们业务的基本面仍然是积极的,行业高利用率,有限的新订单和有利的集装箱转售环境就是证明。我们继续规范我们的成本并保持我们的资产负债表处于有利位置,同时等待任何可能的采纳,最终将实现。

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.

我现在将把这个电话转给迈克尔,迈克尔会给你一些关于我们上一季度财务业绩的颜色。

Michael Chan

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.

谢谢Olivier。我现在将重点关注财务业绩的关键驱动因素。第二季度租赁租赁收入为1.551亿美元,与第一季度相比仅减少了40万美元。这包括第二季度较高资本支出的影响因利用率略有下降而抵消。第二季度交易集装箱利润为340万美元,与第一季度相比增加了80万美元,原因是单位利润率和销售的集装箱数量增加。

与第一季度相比,出售自有车队集装箱的第二季度净收益为540万美元,减少了140万美元,其中包括每个集装箱的平均收益减少。虽然我们的每个集装箱的平均销售收益减少,但转售集装箱价格环境仍然有利。与第一季度相比,自有车队的Q2直接集装箱费用为1,080万美元,减少了90万美元,主要原因是重新定位费用和维护费用减少。我们对这一改进感到满意,并认为我们的直接集装箱费用反映了未来的基线水平较低。

第二季度集装箱减值包括对不履行承租人持有的估计不可收回集装箱收取910万美元的费用。不良费用还包括应收同一承租人的应收款330万美元。正如奥利维尔早些时候所讨论的那样,该承租人继续经营并正在进行新的重组计划,并由具有资产管理经验的重要政府控制实体参与。虽然我们对该计划将改善承租人的经营业绩持谨慎乐观态度,但我们认为在第二季度承认这些收费仍然是谨慎的。

与第一季度相比,第二季度折旧费用为6170万美元或相对平稳。第二季度的一般和管理费用为940万美元,比第一季度减少了40万美元,主要原因是赔偿费用和专业费用减少。我们很高兴这反映了未来基线水平的提高。包括已实现的对冲收益在内的第二季度利息支出为3710万美元,较第一季度增加100万美元,主要原因是资本支出导致的平均债务余额增加。

我们的第二季度实际利率为4.3%,仍然是我们行业中最低的利率之一。第二季度未实现的利率互换,资产和上限损失为1010万美元,这主要是由于本季度末的LIBOR曲线下降导致我们使用的利率衍生工具的现货市值降低用于长期对冲目的。我们打算持有潜在的对冲直至到期。因此,任何未实现的收益或损失将在对冲的整个生命周期内净值为零。虽然我们在第二季度获得了20万美元的所得税优惠,但我们仍然预计我们的年化所得税税率将处于中位数。

第二季度净收入为30万美元或每股稀释普通股0.01美元。第二季度调整后的净收入为900万美元或每股稀释普通股0.16美元。本季度的调整后净收入不包括利率互换,上限和项圈的非现金未实现损失以及保险回收和法律和解的收益。如果我们排除与不良履约承租人相关的收费影响,第二季度调整后的净收入总计将达到2140万美元,与上一季度相比相对稳定。第二季度调整后的EBITDA为1.147亿美元,与第一季度相比下降了340万美元。

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。

问答环节

[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。

康纳坎宁安

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?

Olivier Ghesquiere

Good. How are you?

好。 你好吗?

康纳坎宁安

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?

Olivier Ghesquiere

Are you talking for the industry or for Textainer specifically?

您是在为行业或Textainer专门讨论吗?

康纳坎宁安

The industry as whole, yes.

整个行业,是的。

Olivier Ghesquiere

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.

对于整个行业,我们估计每年需要更换世界船队总数的约5%,这本身就代表了干货车设备每年150万TEU。 因此,这是正常年份产量的一半左右。

康纳坎宁安

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。

Olivier Ghesquiere

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.

好吧,有几个非常有趣的事情发生了。我认为对我来说最令人惊讶的事情可能就是看货运量有多大。当这整个贸易关税最初实施时,我个人预计会产生更直接的影响。现实情况是,数量非常强劲。在整个持续时间内,船舶仍然非常满。其中一个重要结论是,最初的关税并未对数量产生直接,直接的影响。

它们在推动新需求,特别是在中国的新投资方面具有更多的心理影响。但我认为他们没有立即影响音量。去年出现了大幅增长。而且我认为我们仍然在为今天的大幅上涨付出代价,因为我们现在处于一种平静状态,而且我们已经进入了一个缓慢的市场,可能是九个月或者稍微多一点,当然是从租赁视角。但航运公司继续享有相当大的销量。

我们还看到一些生产转向其他国家。很多人都在谈论越南获得大量机会。他们的出口增长了20%。但我会说这是我们在关税实施之前就开始观察的事情了。这种情况肯定会加速。但它之前已经开始,主要是由于多年来生产成本在中国变得不经济,而生产商正在考虑转移生产这一事实,而越南可能是其中的头号受益者。

但我们看到其他国家从中受益。我的意思是我们看到印度,我们看到孟加拉国,我们看到泰国受益。因此,生产出现了一些转变,但我认为这将在更长的时间内实现,而不是仅仅几个月。

康纳坎宁安

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。

Olivier Ghesquiere

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。

康纳坎宁安

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?

Olivier Ghesquiere

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。

康纳坎宁安

Okay. Great. Thank you.

好的。 大。 谢谢。

Olivier Ghesquiere

You are welcome.

别客气。

会议主持员

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。

Scott Valentin

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?

Olivier Ghesquiere

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。

Scott Valentin

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?

Olivier Ghesquiere

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。

Scott Valentin

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。

Olivier Ghesquiere

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.

是。我想你知道我喜欢区分更大的替代品,我们已经能够保证的交易基本上没有太多细节。我们很早就获得了这些交易。我们利用了今年早些时候非常短暂的制造价格,并且有一个独特的机会。我觉得我们有几个独特的机会让我们能够投资并实现所有两位数的回报,同时仍然为我们的客户提供非常有吸引力的交易。

如果你以今天的方式看待市场,那么公开招标就会非常非常少。可以公平地说,利率一直没有吸引力,而且我们已经停止了这些公开招标,我们基本上坐着等待我们现有的库存,我们认为这些库存有限且完全足以让我们保持等待为了市场回暖。但现金现金收益率肯定下降。但同样,很少有交易,很难说这将完全代表正常的市场环境。

Scott Valentin

Okay. All right. Thanks for that.

好的。 行。 感谢那。

会议主持员

[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。

迈克尔·布朗

Hi. Good afternoon guys.

你好。 大家下午好。

Olivier Ghesquiere

Hi Michael.

嗨迈克尔。

Michael Chan

Hi Michael.

嗨迈克尔。

迈克尔·布朗

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。

Olivier Ghesquiere

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.

在这个时间点,我们预计不会有更多这样的事情发生。我们非常想我们不会看到一个典型的旺季。我所说的最后一次,我要说三四个星期就是我所说的在市场上冒泡的东西。有一些活动。我们租了一些仓库单位。我认为我们的一些竞争对手已经出租了一些仓库单位。没什么戏剧性的,但它仍然是积极的,表明数量增加了一点点。

我认为与此同时,您看到亚洲/欧洲和亚洲/北美洲的海运费率在过去几周也有所上升。所以有点动人。现在我们不希望这次激增是一次非常大的激增或典型的激增,正如我们在去年看到的那样。因此,我们预计我们不会有很多机会实施新的资本支出或对集装箱投入更多资金。

我认为对我们来说最重要的问题是第四季度会发生什么,此时我们对第四季度持乐观态度。我们认为美国的消费需求依然强劲。我们认为今年年底假期的需求仍然存在,这推动了需求,然后我们通常也会在上一季度建立中国农历新年。

但我认为从根本上说,我们现在已经进入了一个相当缓慢的市场,持续了近9个月或10个月。通过的每个月意味着航运线将达到他们必须开始更换他们在其车队中的一些旧容器的水平。所以我们仍然希望在今年年底之前我们会看到需求恢复到正常水平。

迈克尔·布朗

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。

Olivier Ghesquiere

Well, there are several customers in there. One larger one was involved, of course, but there are several in there.

嗯,那里有几个客户。 当然,还涉及一个较大的一个,但那里有几个。

迈克尔·布朗

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?

Olivier Ghesquiere

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。

迈克尔·布朗

Great. Thank you for taking my questions.

非常好。 感谢您提出我的问题。

Olivier Ghesquiere

Thank you.

谢谢。

会议主持员

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。

Olivier Ghesquiere

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.

感谢您今天花时间倾听我们的意见,我期待在下次通话期间向大家介绍我们的进展情况。 谢谢。

会议主持员

'
This concludes today's teleconference. You may disconnect your lines this time and thank you for your participation.

这就结束了今天的电话会议。 您这次可能会断开线路,感谢您的参与。

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