\nCAI International, Inc. (\u201cCAI\u201d or the \u201cCompany\u201d) (NYSE: CAI), one of the world\u2019s leading transportation finance companies, today reported results for the first quarter of 2021.\n<\/p>\n
Highlights<\/b><\/p>\n Financial and Operating Highlights<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n80,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n81,567\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n69,113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32,470\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32,511\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,462\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.85\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.81\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.59\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32,470\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n31,622\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,462\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.85\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.76\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.59\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,837,560\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,798,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,705,059\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n99.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n98.2\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n 1<\/sup> Refer to the \u201cReconciliation of GAAP Amounts to Non-GAAP Amounts\u201d and \u201cUse of Non-GAAP Financial Measures\u201d set forth below. \nTimothy Page, Interim President and Chief Executive Officer of CAI, commented, \u201cWe are very pleased with our results for the quarter. Adjusted net income from continuing operations attributable to CAI common stockholders was a record $32.5 million, 3% greater than the fourth quarter of 2020, and 210% greater than the first quarter of 2020. Total leasing revenue was $81 million in the quarter, an increase of 17% as compared to the first quarter of last year.\n<\/p>\n \n\u201cOur strong results for the quarter were driven by a number of positive factors. During the quarter utilization remained strong at an average of 99.7%, and we leased out $129 million of new containers with an average lease tenor of 9.7 years. The resale market continued to be strong during the quarter and we realized $6.7 million in gains on sale, as we saw a significant increase in average sale prices. Additionally, we continue to benefit from low financing costs, ending the quarter with an average cash interest rate cost of 2.10%. The result of these positive factors was an ROE in the quarter of 21.3%.\u201d\n<\/p>\n \nMr. Page continued, \u201cThe global container market continues to benefit from an exceptional level of customer demand and we don\u2019t expect to see any softening in market conditions through at least the remainder of the year. As mentioned earlier, we leased out $129 million of equipment in the first quarter, a quarter which is traditionally the weakest in the global container shipping market. Global container traffic is only expected to increase as the global economy slowly recovers from the pandemic. Additionally, the global logistics supply chain continues to be stressed as evidenced by the disruptions that were created by the grounding of the Ever Given in the Suez Canal, and the growing congestion impacting the Port of Long Beach. All of these factors point towards continued strong demand for shipping containers.\n<\/p>\n \n\u201cWe currently have $350 million of commitments from our customers for delivery of containers in the second and third quarters and are confident that demand will accelerate as we enter the traditionally strongest time of the year for containerized shipping. We continue to maintain historically high levels of liquidity and are well positioned to take advantage of the expected increase in demand.\n<\/p>\n \n\u201cGiven our expectation that our container fleet will be effectively fully utilized, we don\u2019t expect that we will be able to realize the same level of gains on sale that we achieved in the first quarter. Nonetheless, driven by our strong order book, we expect Q2 net income to be at or slightly exceed that of Q1 and will provide the basis for continued growth in the coming quarters.\u201d\n<\/p>\n \nMr. Page concluded, \u201cWe continue to be very optimistic about our business for the remainder of 2021 and well into next year. We have strong and increasing cash flows from a robust forward customer order book that we expect will generate attractive long-term returns. We have virtually no off-lease equipment and see nothing on the horizon that would impact utilization. On the cost side of the equation, we have almost 80% of our funding costs locked in at very low rates for multiple years. As a result of these favorable factors, we expect to continue to deliver exceptional high teen or greater ROE\u2019s for our shareholders.\u201d\n<\/p>\n \nAdditional information on CAI\u2019s results, as well as comments on market trends, is available in a presentation posted today on the \u201cInvestors\u201d section of CAI’s website, www.capps.com<\/a>.\n<\/p>\n\n 2021 <\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n23,971\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n26,691\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,942\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26,856\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,843\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n65,310\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n 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\n246\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,582\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n37,181\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,504\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,199\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,669\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,063\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,999\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n35,740\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,330\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,207\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n33,533\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3,537\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n32,470\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n10,462\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,063\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,999\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n33,533\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3,537\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.88\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.60\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.80\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.94\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.20\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.85\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.59\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(0.79\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.91\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.20\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,271\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,433\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,518\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,715\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n 2021<\/b><\/p>\n<\/td>\n 2020<\/b><\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n35,740\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(1,330\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,063\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(13,999\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n34,677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,669\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,766\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,259\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n815\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n893\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n540\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n725\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n400\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n220\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(6,743\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,647\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(940\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,504\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(30\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,287\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n488\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,849\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,218\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n723\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n21,605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,102\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,823\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n130\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(7\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(591\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n77,966\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56,541\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,177\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,584\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n75,789\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n60,125\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(171,625\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(27,500\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,174\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,783\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n24,534\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,645\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(22\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(310\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(145,393\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,951\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,285\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n42\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(144,108\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,909\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n141,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n110,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(59,887\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(102,681\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(12,788\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,192\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,207\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(2,207\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,499\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n113\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,225\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n–\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,061\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(77\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,902\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n61,303\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n66,502\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n73,239\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n$\n<\/p>\n<\/td>\n \n60,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n134,542\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n
\n
\n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n \n Three Months Ended <\/b><\/td>\n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n March 31,
2021<\/b><\/td>\n\n December 31,
2020<\/b><\/td>\n\n March 31,
2020<\/b><\/td>\n\u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n Total leasing revenue<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n Continuing operations GAAP<\/b><\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n Net income attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n Net income per share – diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n Continuing operations non-GAAP 1<\/sup><\/b><\/td>\n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n Adjusted net income attributable to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n Adjusted net income per share – diluted<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n Return on common equity (continuing operations) 2<\/sup><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n \n \n \n \n \n \n \u00a0<\/td>\n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \u00a0<\/td>\n Total container fleet size in CEUs at end of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n \n \n \n \u00a0<\/td>\n Container fleet utilization at end of period<\/td>\n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n \n <\/tr>\n<\/table>\n
\n
2<\/sup> Refer to the \u201cCalculation of Return on Equity\u201d set forth below.\n<\/p>\n\n\n
\n CAI International, Inc.<\/b><\/td>\n<\/tr>\n \n Consolidated Balance Sheets <\/b><\/td>\n<\/tr>\n \n (In thousands, except share information)<\/b><\/td>\n<\/tr>\n \n (UNAUDITED)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n March 31, <\/b><\/td>\n \n December 31, <\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \n Assets<\/b><\/td>\n \n \n \n <\/tr>\n \n Current assets<\/td>\n \n \n \n <\/tr>\n \n Cash<\/td>\n \n \n \n \n \n \n \n \n Cash held by variable interest entities<\/td>\n \n \n \n \n \n \n \n \n Current portion of restricted cash<\/td>\n \n \n \n \n \n \n \n \n Accounts receivable, net of allowance for doubtful accounts of $400 and $393<\/td>\n \n \n \n <\/tr>\n \n at March 31, 2021 and December 31, 2020, respectively<\/td>\n \n \n \n \n \n \n \n \n Current portion of net investment in finance leases<\/td>\n \n \n \n \n \n \n \n \n Current portion of financing receivable<\/td>\n \n \n \n \n \n \n \n \n Prepaid expenses and other current assets<\/td>\n \n \n \n \n \n \n \n \n Total current assets<\/td>\n \n \n \n \n \n \n \n \n Restricted cash<\/td>\n \n \n \n \n \n \n \n \n Rental equipment, net of accumulated depreciation of $691,842 and $669,360<\/td>\n \n \n \n <\/tr>\n \n at March 31, 2021 and December 31, 2020, respectively<\/td>\n \n \n \n \n \n \n \n \n Net investment in finance leases<\/td>\n \n \n \n \n \n \n \n \n Financing receivable<\/td>\n \n \n \n \n \n \n \n \n Derivative instruments<\/td>\n \n \n \n \n \n \n \n \n Other non-current assets<\/td>\n \n \n \n \n \n \n \n \n Total assets<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Liabilities and Stockholders’ Equity<\/b><\/td>\n \n \n \n <\/tr>\n \n Current liabilities<\/td>\n \n \n \n <\/tr>\n \n Accounts payable<\/td>\n \n \n \n \n \n \n \n \n Accrued expenses and other current liabilities<\/td>\n \n \n \n \n \n \n \n \n Unearned revenue<\/td>\n \n \n \n \n \n \n \n \n Current portion of debt<\/td>\n \n \n \n \n \n \n \n \n Rental equipment payable<\/td>\n \n \n \n \n \n \n \n \n Total current liabilities<\/td>\n \n \n \n \n \n \n \n \n Debt<\/td>\n \n \n \n \n \n \n \n \n Derivative instruments<\/td>\n \n \n \n \n \n \n \n \n Net deferred income tax liability<\/td>\n \n \n \n \n \n \n \n \n Other non-current liabilities<\/td>\n \n \n \n \n \n \n \n \n Total liabilities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Stockholders’ equity<\/b><\/td>\n \n \n \n <\/tr>\n \n Preferred stock, par value $.0001 per share; authorized 10,000,000<\/td>\n \n \n \n <\/tr>\n \n 8.50% Series A fixed-to-floating rate cumulative redeemable perpetual preferred<\/td>\n \n \n \n <\/tr>\n \n stock, issued and outstanding 2,199,610 shares, at liquidation preference<\/td>\n \n \n \n \n \n \n \n \n 8.50% Series B fixed-to-floating rate cumulative redeemable perpetual preferred<\/td>\n \n \n \n <\/tr>\n \n stock, issued and outstanding 1,955,000 shares, at liquidation preference<\/td>\n \n \n \n \n \n \n \n \n Common stock: par value $.0001 per share; authorized 84,000,000 shares; issued and outstanding<\/td>\n \n \n \n <\/tr>\n \n 17,304,111 and 17,562,779 shares at March 31, 2021 and December 31, 2020, respectively<\/td>\n \n \n \n \n \n \n \n \n Additional paid-in capital<\/td>\n \n \n \n \n \n \n \n \n Accumulated other comprehensive loss<\/td>\n \n \n \n \n \n \n \n \n Retained earnings<\/td>\n \n \n \n \n \n \n \n \n Total stockholders’ equity<\/b><\/td>\n \n \n \n \n \n \n \n \n Total liabilities and stockholders’ equity<\/b><\/td>\n \n \n \n \n \n \n \n \n
\n CAI International, Inc.<\/b><\/td>\n<\/tr>\n \n Consolidated Statements of Operations<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n (UNAUDITED)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended <\/b><\/td>\n <\/tr>\n \n \n \n March 31, <\/b><\/td>\n <\/tr>\n \n \n \n \n \n \n <\/tr>\n \n Leasing revenue<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Operating leases<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Finance leases<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Other<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total leasing revenue<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating expenses<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Depreciation of rental equipment<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Storage, handling and other expenses<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Gain on sale of rental equipment<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Administrative expenses<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total operating expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Operating income <\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Other expenses<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net interest expense<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Other expense<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total other expenses<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income before income taxes<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Income tax expense<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Income from continuing operations<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Income (loss) from discontinued operations, net of income taxes<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income (loss)<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Preferred stock dividends<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income (loss) attributable to CAI common stockholders<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Amounts attributable to CAI common stockholders<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Net income from continuing operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income (loss) from discontinued operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Net income (loss) attributable to CAI common stockholders<\/b><\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Net income (loss) per share attributable to<\/b><\/td>\n \n \n \n \n <\/tr>\n \n CAI common stockholders<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Continuing operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Discontinued operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total basic<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Continuing operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Discontinued operations<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Total diluted<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n Weighted average shares outstanding<\/b><\/td>\n \n \n \n \n <\/tr>\n \n Basic<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n \n Diluted<\/td>\n \n \n \n \n \n \n \n \n <\/tr>\n<\/table>\n\n \n
\n CAI International, Inc.<\/b><\/td>\n<\/tr>\n \n Consolidated Statements of Cash Flows<\/b><\/td>\n<\/tr>\n \n (In thousands, except per share data)<\/b><\/td>\n<\/tr>\n \n (UNAUDITED)<\/b><\/td>\n<\/tr>\n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n Three Months Ended
March 31, <\/b><\/td>\n<\/tr>\n\n \n \n \n \n \n \n Cash flows from operating activities<\/b><\/td>\n \n \n \n <\/tr>\n \n Net income (loss)<\/td>\n \n \n \n \n \n \n \n \n \n Income (loss) from discontinued operations, net of income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Income from continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n Adjustments to reconcile income from continuing operations to net cash provided by operating activities:<\/td>\n \n \n \n <\/tr>\n \n Depreciation<\/td>\n \n \n \n \n \n \n \n \n \n Amortization of debt issuance costs<\/td>\n \n \n \n \n \n \n \n \n \n Stock-based compensation expense<\/td>\n \n \n \n \n \n \n \n \n \n Unrealized loss on foreign exchange<\/td>\n \n \n \n \n \n \n \n \n \n Gain on sale of rental equipment<\/td>\n \n \n \n \n \n \n \n \n \n Deferred income taxes<\/td>\n \n \n \n \n \n \n \n \n \n Bad debt recovery<\/td>\n \n \n \n \n \n \n \n \n \n Changes in other operating assets and liabilities:<\/td>\n \n \n \n <\/tr>\n \n Accounts receivable<\/td>\n \n \n \n \n \n \n \n \n \n Prepaid expenses and other assets<\/td>\n \n \n \n \n \n \n \n \n \n Net investment in finance leases<\/td>\n \n \n \n \n \n \n \n \n \n Accounts payable, accrued expenses and other liabilities<\/td>\n \n \n \n \n \n \n \n \n \n Unearned revenue<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities of continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash (used in) provided by operating activities of discontinued operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by operating activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from investing activities<\/b><\/td>\n \n \n \n <\/tr>\n \n Purchase of rental equipment<\/td>\n \n \n \n \n \n \n \n \n \n Purchase of financing receivable<\/td>\n \n \n \n \n \n \n \n \n \n Proceeds from sale of rental equipment<\/td>\n \n \n \n \n \n \n \n \n \n Receipt of principal payments from financing receivable<\/td>\n \n \n \n \n \n \n \n \n \n Purchase of furniture, fixtures and equipment<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used in investing activities of continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by investing activities of discontinued operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used in investing activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Cash flows from financing activities<\/b><\/td>\n \n \n \n <\/tr>\n \n Proceeds from debt<\/td>\n \n \n \n \n \n \n \n \n \n Principal payments on debt<\/td>\n \n \n \n \n \n \n \n \n \n Repurchase of common stock<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to common stockholders<\/td>\n \n \n \n \n \n \n \n \n \n Dividends paid to preferred stockholders<\/td>\n \n \n \n \n \n \n \n \n \n Exercise of stock options<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by financing activities of continuing operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash used in financing activities of discontinued operations<\/td>\n \n \n \n \n \n \n \n \n \n Net cash provided by financing activities<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Effect on cash of foreign currency translation<\/td>\n \n \n \n \n \n \n \n \n \n Net (decrease) increase in cash and cash equivalents<\/b><\/td>\n \n \n \n \n \n \n \n \n \n Cash and restricted cash at beginning of the period<\/td>\n \n \n \n \n \n \n \n \n \n Cash and restricted cash at end of the period<\/b><\/td>\n \n \n \n \n \n \n \n \n
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