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Cai International, Inc. (CAI) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

SEC Filings

Cai International, Inc.

CIK: 1388430 Ticker: CAI

Exhibit 99.1

CAI International, Inc. Reports Results for the Fourth Quarter and Full Year of 2018

SAN FRANCISCO--(BUSINESS WIRE)--February 20, 2019--CAI International, Inc. (CAI) (NYSE: CAI), one of the world’s leading transportation finance and logistics companies, today reported results for the fourth quarter and full year of 2018.

Record net income for the year of $73.5 million driven by strong container demand

Logistics revenue grew to a record $111.5 million up 38% driven by demand for truck brokerage and intermodal services

Highlights

  • Net income attributable to CAI common stockholders for the year ended December 31, 2018 was $73.5 million, or $3.71 per fully diluted share, both records. Net income for the year ended December 31, 2017 was $72.1 million, or $3.68 per fully diluted share. Excluding one-time net tax benefits, adjusted net income for the year ended December 31, 2017 was $56.2 million, or $2.87 per fully diluted share1.
  • CAI reported record lease-related revenue of $320.6 million for the year ended December 31, 2018, an increase of 20% compared to the year-ended December 31, 2017.
  • CAI’s logistics revenue grew 38% in 2018 to a record $111.5 million.
  • Net income attributable to CAI common stockholders for the fourth quarter of 2018 was $17.2 million, or $0.89 per fully diluted share, compared to net income for the fourth quarter of 2017 of $36.6 million, or $1.81 per fully diluted share. Excluding one-time net tax benefits, adjusted net income for the fourth quarter of 2017 was $20.7 million, or $1.03 per fully diluted share1.
  • CAI’s lease-related revenue grew to a record level of $85.3 million for the fourth quarter of 2018, an increase of 14% compared to the fourth quarter of 2017.
  • Logistics revenue for the fourth quarter of 2018 was $30.2 million, an increase of 55% compared to the fourth quarter of 2017.
  • Average utilization for CAI’s owned container fleet during the fourth quarter of 2018 was 99.2% compared to 99.0% for the fourth quarter of 2017.
  • CAI sold 385 railcars in the fourth quarter of 2018 for $40 million, reporting a $1.8 million gain on sale.
  • Under the previously approved share repurchase program, CAI repurchased approximately 542,000 shares of common stock during the fourth quarter of 2018 at an average price of $23.83 per share.
  • Return on average common equity for 2018 was 13%.

1 Refer to the “Reconciliation of GAAP Amounts to Non-GAAP Amounts” and “Use of Non-GAAP Financial Measures” set forth below


The following information was filed by Cai International, Inc. (CAI) on Wednesday, February 20, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Cai International, Inc.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Cash Flows (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Commitments And Contingencies (Schedule Of Future Minimum Lease Payments) (Details)
Commitments And Contingencies (Tables)
Concentration Of Credit Risk
Concentration Of Credit Risk (Details)
Consolidation Of Variable Interest Entities
Consolidation Of Variable Interest Entities (Narrative) (Details)
Debt
Debt (Narrative) (Details)
Debt (Schedule Of Debt) (Details)
Debt (Schedule Of Maturities Of Long-Term Debt) (Details)
Debt (Tables)
Earnings Per Share
Earnings Per Share (Narrative) (Details)
Earnings Per Share (Reconciliation Of Basic And Diluted Net Income Per Share) (Details)
Earnings Per Share (Tables)
Equipment Leases
Equipment Leases (Details)
Equipment Leases (Tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Narrative) (Details)
Income Taxes (Schedule Of Deferred Tax Assets And Deferred Tax Liabilities) (Details)
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details)
Income Taxes (Schedule Of Income Tax Expense (Benefit)) (Details)
Income Taxes (Schedule Of Net Income Before Income Taxes And Non-Controlling Interest) (Details)
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Intangible Assets
Intangible Assets (Narrative) (Details)
Intangible Assets (Schedule Of Estimated Future Amortization Expenses) (Details)
Intangible Assets (Schedule Of Intangible Assets) (Details)
Intangible Assets (Tables)
Net Investment In Direct Finance Leases
Net Investment In Direct Finance Leases (Components Of Net Investment In Direct Finance Leases) (Details)
Net Investment In Direct Finance Leases (Contractual Maturities Of Gross Finance Lease Receivables) (Details)
Net Investment In Direct Finance Leases (Gross Finance Lease Receivables By Customer Categories) (Details)
Net Investment In Direct Finance Leases (Tables)
Related Party Transactions
Related Party Transactions (Details)
Rental Equipment
Rental Equipment (Schedule Of Rental Equipment) (Details)
Rental Equipment (Tables)
Schedule Ii Valuation Accounts
Schedule Ii Valuation Accounts (Details)
Segment And Geographic Information
Segment And Geographic Information (Narrative) (Details)
Segment And Geographic Information (Schedule Of Geographic Allocation Of Revenue) (Details)
Segment And Geographic Information (Schedule Of Segment Information) (Details)
Segment And Geographic Information (Tables)
Selected Quarterly Financial Data
Selected Quarterly Financial Data (Details)
Selected Quarterly Financial Data (Tables)
Stock-Based Compensation Plan
Stock-Based Compensation Plan (Narrative) (Details)
Stock-Based Compensation Plan (Summary Of Fair Value Weighted Average Assumptions) (Details)
Stock-Based Compensation Plan (Summary Of Restricted Stock And Performance Stock Activity) (Details)
Stock-Based Compensation Plan (Summary Of Stock Option Activities) (Details)
Stock-Based Compensation Plan (Tables)
Stockholders??? Equity
Stockholders??? Equity (Details)
Subsequent Events
Subsequent Events (Details)
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Narrative) (Details)
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Policy)
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Schedule Of Estimated Useful Lives) (Details)
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Schedule Of Rental Equipment Useful Lives And Residual Value) (Details)
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements (Tables)
The Company And Nature Of Operations
The Company And Nature Of Operations (Narrative) (Details)
Ticker: CAI
CIK: 1388430
Form Type: 10-K Annual Report
Accession Number: 0001388430-19-000004
Submitted to the SEC: Tue Mar 05 2019 12:12:20 PM EST
Accepted by the SEC: Tue Mar 05 2019
Period: Monday, December 31, 2018
Industry: Equipment Rental And Leasing

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