TAL International Group, Inc.
(NYSE:TAL), one of the world’s largest lessors of intermodal
freight containers and chassis, today reported results for the
first quarter ended March 31, 2016.
Highlights:
- TAL reported Adjusted pre-tax income
per fully diluted common share of $0.44 for the first quarter of
2016, a decrease of 64.2% from the first quarter of 2015.
- TAL reported leasing revenues of $149.2
million for the first quarter of 2016, an increase of 0.1% from the
first quarter of 2015.
- TAL's equipment utilization averaged
92.2% for the first quarter of 2016. Through April 27, 2016,
TAL has invested approximately $134 million in new and
sale-leaseback containers for delivery in 2016.
- TAL announced a quarterly dividend of
$0.45 per share. The dividend is payable on May 26, 2016 to
shareholders of record as of May 12, 2016.
- TAL continues to make progress on its
announced merger with Triton Container International Limited. All
required anti-trust approvals have been received and the SEC review
process of the S-4 registration statement filed by Triton
International Limited is progressing. Detailed integration planning
is well underway, and the merger is expected to close in the second
quarter of 2016.
Financial
Results
The following table depicts TAL’s selected key
financial information for the three months ended March 31,
2016 and 2015 (dollars in millions, except per share data):
Three Months Ended March 31,
2016 2015
% Change Adjusted pre-tax
income(1) $ 14.6 $ 40.7 (64.1 %)
Adjusted pre-tax income(1)
per share $ 0.44 $ 1.23 (64.2 %)
Leasing revenues $
149.2 $ 149.0 0.1 %
Adjusted EBITDA(1) $ 117.4 $ 138.8 (15.4
%)
Adjusted net income(1) $ 8.4 $ 26.4 (68.2 %)
Adjusted
net income(1) per share $ 0.25 $ 0.80 (68.8 %)
Net
income $ 6.4 $ 25.8 (75.2 %)
Net income per share $ 0.19
$ 0.78 (75.6 %) Note: All per share data is per fully diluted
common share.
TAL considers Adjusted pre-tax results as the
best measure of its operating performance since it considers gains
and losses on interest rate swaps, the write-off of deferred
financing costs, and transaction costs related to the pending
merger with Triton Container International Limited ("Triton") to be
unrelated to operating performance and since it does not expect to
pay any significant income taxes for a number of years due to the
availability of accelerated tax depreciation on its existing
container fleet and anticipated future equipment purchases. TAL's
effective tax rate for the first quarter of 2016 was 42.5% up from
the typical 35.3% recorded in the prior year quarter due to the
recognition of a one-time discrete item related to the January 1,
2016 vesting of restricted share grants.
Operating
Performance
“TAL's financial results in the first quarter
of 2016 continued to be impacted by very challenging market
conditions,” commented Brian M. Sondey, President and CEO of TAL
International. “We generated $14.6 million of Adjusted pre-tax
income, representing $0.44 of Adjusted pre-tax income per share.
Leasing revenues were flat compared to the first quarter of 2015,
and our annualized Adjusted pre-tax return on tangible equity(1)
was 5.5%.”
“The first quarter is typically our weakest
quarter of the year since it traditionally represents the slow
season for dry container leasing and disposals. This year, the
typical seasonal weakness combined with difficult global economic
conditions to create a very weak market environment. New container
prices, market leasing rates and used container sale prices all
decreased further during the first quarter, and leasing demand
remained limited. The further decrease in used container selling
prices had a particularly large impact since the lower sale prices
led to larger losses on units sold plus resulted in mark-to-market
losses on our inventory of equipment held for sale. This
mark-to-market effect increased our loss on disposal by $8.0
million in the first quarter, though the impact will shrink once
used container sale prices stabilize.”
“This market environment is also challenging
for our shipping line customers. The low rate of trade growth in
2015 has combined with ongoing deliveries of mega vessels to result
in a large amount of excess vessel capacity and weak freight rates.
The financial performance of the container shipping lines has
generally been weak since the first quarter of 2015, and several
shipping lines are under heavy financial pressure. TAL’s credit
performance remains strong, but we are concerned about elevated
credit risks.”
“While down, our utilization remains solid and
continues to support our strong cash flow. Our utilization averaged
92.2% in the first quarter of 2016, and finished the quarter at
91.4%. Our utilization currently stands at 91.1%. The resiliency of
our utilization reflects the underlying strength of our lease
portfolio. As of March 31, 2016, 76.4% of our containers on-hire
were covered by long-term or finance leases, and these leases have
an average remaining duration of 42 months assuming no leases are
renewed. Our lease portfolio is also protected by our lease
structuring discipline, especially in ensuring the vast majority of
our containers on lease must be returned to strong export
locations.”
Outlook
Mr. Sondey continued, “Market conditions remain
soft at the start of the second quarter, but we believe many
elements are in place for a meaningful improvement if trade growth
returns to a more normal level as we move toward the traditional
summer peak season. New container production has been low since the
middle of last year, while disposal volumes have been high. As a
result, increased trade volumes should quickly translate to
improved leasing demand. In addition, steel prices in China have
rebounded sharply over the last month, jumping most of the way back
toward their level at the end of 2014. If this rebound is
sustained, we expect that new container prices and market leasing
rates will increase meaningfully once new container production and
lease-out volumes return to more normal levels. An increase in new
container prices would also increase leasing demand for our
existing containers and add support for an improvement in used
container sale prices.”
“Expectations for 2016 trade growth vary among
market forecasters and among our customers. Last year was one of
the few years in our history where global containerized trade
growth fell below the rate of global economic growth. If
containerized trade growth recovers to a level that again exceeds
global GDP growth in 2016, then we expect demand will be sufficient
to drive higher utilization and we expect market lease rates will
improve, assuming the rebound in steel prices is sustained.
However, if we experience another year of little or no trade
growth, a recovery in market conditions may take longer.”
“Our key performance metrics such as our
utilization and average used container selling prices decreased
through the first quarter and are currently lower than they were at
the beginning of the year. As a result, we expect our Adjusted
pre-tax income will decrease from the first to the second quarter
of 2016. After the second quarter, the trajectory of our earnings
will depend on whether and how strongly trade growth and market
conditions recover.”
Dividend
TAL’s Board of Directors has approved and
declared a $0.45 per share quarterly cash dividend on its issued
and outstanding common stock, payable on May 26, 2016 to
shareholders of record at the close of business on May 12,
2016. Based on the information available today, we believe this
distribution will qualify as a return of capital rather than a
taxable dividend for U.S. tax purposes. Investors should consult
with a tax adviser to determine the proper tax treatment of this
distribution.
Announced Merger with
Triton Container International Limited
Mr. Sondey concluded, “We are making good
progress on our announced merger with Triton Container
International to create the world's largest, most efficient and
most capable container leasing company. We have received all
required anti-trust approvals and the SEC review process of the S-4
registration statement filed by Triton International Limited is
progressing. We are also making good progress with integration
planning. Much of the leadership and staffing plan for the combined
company is completed, and our systems integration work is underway.
We continue to believe we will be able to achieve roughly $40
million of administrative cost savings once the anticipated merger
benefits are fully realized, and we continue to expect the merger
will be significantly accretive to Earnings per Share for TAL's
shareholders.”
Investors’
Webcast
TAL will hold a Webcast at 9 a.m. (New York
time) on Thursday, April 28, 2016 to discuss its first quarter
results. An archive of the Webcast will be available one hour after
the live call through Friday, June 10, 2016. To access the
live Webcast or archive, please visit the Company’s website at
http://www.talinternational.com.
About TAL International Group, Inc.
TAL is one of the world’s largest lessors of
intermodal freight containers and chassis with 17 offices in 11
countries and approximately 230 third-party container depot
facilities in 40 countries. TAL's global operations include the
acquisition, leasing, re-leasing and subsequent sale of multiple
types of intermodal containers and chassis. TAL’s fleet consists of
approximately 1,562,000 containers and related equipment
representing approximately 2,570,000 twenty-foot equivalent units
(TEUs). This places TAL among the world’s largest independent
lessors of intermodal containers and chassis as measured by fleet
size.
Important Cautionary Information Regarding
Forward-Looking Statements
Certain statements included in this
communication are not historical facts but are forward-looking
statements for purposes of the safe harbor provisions under The
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “may”,
“should”, “would”, “plan”, “intend”, “anticipate”, “believe”,
“estimate”, “predict”, “potential”, “seem”, “seek”, “continue”,
“future”, “will”, “expect”, “outlook” or other similar words,
phrases or expressions. These forward-looking statements include
statements regarding our views, estimates, plans and outlook,
industry, future events, the proposed transaction between Triton
Container International Limited (“Triton”) and TAL International
Group, Inc. (“TAL International”) , the estimated or anticipated
future results and benefits of Triton and TAL International
following the transaction, including estimated synergies, the
likelihood and ability of the parties to successfully close the
proposed transaction, future opportunities for the combined
company, and other statements that are not historical facts. These
statements are based on the current expectations of Triton and TAL
International management and are not predictions of actual
performance. These statements are subject to a number of risks and
uncertainties regarding Triton’s and TAL International’s respective
businesses and the transaction, and actual results may differ
materially. These risks and uncertainties include, but are not
limited to, changes in the business environment in which Triton and
TAL International operate, including inflation and interest rates,
and general financial, economic, regulatory and political
conditions affecting the industry in which Triton and TAL
International operate; changes in taxes, governmental laws, and
regulations; competitive product and pricing activity; difficulties
of managing growth profitably; the loss of one or more members of
Triton’s or TAL International’s management team; the ability of the
parties to successfully close the proposed transaction; failure to
realize the anticipated benefits of the transaction, including as a
result of a delay in completing the transaction or a delay or
difficulty in integrating the businesses of Triton and TAL
International; uncertainty as to the long-term value of Triton
International Limited (“Holdco”) common shares; the expected amount
and timing of cost savings and operating synergies; failure to
receive the approval of the stockholders of TAL International for
the transaction, and those discussed in TAL International’s Annual
Report on Form 10-K for the year ended December 31, 2015 under
the heading “Risk Factors,” as updated from time to time by TAL
International’s Quarterly Reports on Form 10-Q and other documents
of TAL International on file with the Securities and Exchange
Commission ("SEC") and in the registration statement on Form S-4
that was filed with the SEC by Holdco. There may be additional
risks that neither Triton nor TAL International presently know or
that Triton and TAL International currently believe are immaterial
which could also cause actual results to differ from those
contained in the forward-looking statements. In addition,
forward-looking statements provide Triton’s and TAL International’s
expectations, plans or forecasts of future events and views as of
the date of this communication. Triton and TAL International
anticipate that subsequent events and developments will cause
Triton’s and TAL International’s assessments to change. However,
while Triton and TAL International may elect to update these
forward-looking statements at some point in the future, Triton and
TAL International specifically disclaim any obligation to do so.
These forward-looking statements should not be relied upon as
representing Triton’s and TAL International’s assessments as of any
date subsequent to the date of this communication.
No Offer or Solicitation
This communication shall not constitute an
offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
Additional Information
This communication is not a solicitation of a
proxy from any stockholder of TAL International. In connection with
the proposed transaction, Holdco has filed with the SEC a
registration statement on Form S-4 that includes a preliminary
prospectus of Holdco and also includes a preliminary proxy
statement of TAL International. The SEC has not yet declared the
registration statement effective. After it is declared effective,
TAL International will mail the proxy statement/prospectus to its
stockholders. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS
THERETO) BECAUSE IT CONTAINS IMPORTANT INFORMATION. You are able to
obtain the proxy statement/prospectus, as well as other filings
containing information about TAL free of charge, at the website
maintained by the SEC at www.sec.gov. Copies of the proxy
statement/prospectus and the filings with the SEC that are
incorporated by reference in the proxy statement/prospectus can
also be obtained, free of charge, by directing a request to TAL
International Group, Inc., 100 Manhattanville Road, Purchase, New
York 10577, Attention: Secretary.
The respective directors and executive officers
of Triton, TAL International and Triton International Limited
(“Holdco”) and other persons may be deemed to be participants in
the solicitation of proxies in respect of the proposed transaction.
Information regarding TAL International’s directors and executive
officers is available in the Amendment No. 1 on Form 10K/A filed
with the SEC on April 22, 2016. Other information regarding the
participants in the proxy solicitation and their respective
interests are included in the proxy statement/prospectus and will
be contained in other relevant materials to be filed with the SEC
when they become available. These documents can be obtained free of
charge from the sources indicated above.
(1) Adjusted pre-tax income, Adjusted EBITDA,
Adjusted net income, and Adjusted pre-tax return on tangible equity
are non-GAAP measurements we believe are useful in evaluating our
operating performance. TAL's definition and calculation of Adjusted
pre-tax income, Adjusted EBITDA, Adjusted net income, and Adjusted
pre-tax return on tangible equity are outlined in the attached
schedules.
Please see below for a detailed reconciliation
of these financial measurements.
-Financial Tables Follow-
TAL INTERNATIONAL
GROUP, INC.
Consolidated Balance Sheets
(Dollars in thousands, except share
data)
(Unaudited)
March 31, 2016
December 31, 2015
ASSETS: Leasing equipment, net of accumulated depreciation
and allowances of $1,249,506 and $1,218,826 $ 3,899,376 $ 3,908,292
Net investment in finance leases, net of allowances of $710 and
$805 169,241 177,737 Equipment held for sale 84,971 74,899
Revenue earning assets 4,153,588 4,160,928
Unrestricted cash and cash equivalents 73,680 58,907 Restricted
cash 28,987 30,302 Accounts receivable, net of allowances of $1,062
and $1,314 91,228 95,709 Goodwill 74,523 74,523 Other assets 19,513
13,620 Fair value of derivative instruments
—
87
Total assets $ 4,441,519 $ 4,434,076
LIABILITIES AND STOCKHOLDERS' EQUITY: Equipment
purchases payable $ 40,210 $ 20,009 Fair value of derivative
instruments 52,921 20,348 Accounts payable and other accrued
expenses 53,006 56,096 Net deferred income tax liability 450,176
456,123 Debt, net of unamortized deferred financing costs of
$24,437 and $25,245 3,208,409 3,216,488
Total
liabilities 3,804,722 3,769,064
Stockholders' equity:
Preferred stock, $0.001 par value, 500,000 shares authorized, none
issued
—
— Common stock, $0.001 par value, 100,000,000 shares authorized,
37,307,134 and 37,167,134 shares issued respectively 37 37 Treasury
stock, at cost, 3,911,843 shares (75,310 ) (75,310 ) Additional
paid-in capital 512,052 511,297 Accumulated earnings 239,594
248,183 Accumulated other comprehensive (loss) (39,576 ) (19,195 )
Total stockholders' equity 636,797 665,012
Total liabilities and stockholders' equity $ 4,441,519
$ 4,434,076
TAL INTERNATIONAL
GROUP, INC.
Consolidated Statements of
Income
(Dollars and shares in thousands,
except earnings per share)
(Unaudited)
Three Months Ended March 31,
2016 2015 Leasing revenues: Operating
leases $ 144,898 $ 144,568 Finance leases 3,107 4,024 Other
revenues 1,218 383
Total leasing revenues
149,223 148,975 Equipment trading revenues
11,292 16,845 Equipment trading expenses (11,265 ) (15,431 )
Trading margin 27 1,414 Net (loss) on
sale of leasing equipment (13,930 ) (1,449 )
Operating
expenses: Depreciation and amortization 63,226 58,384 Direct
operating expenses 17,959 8,822 Administrative expenses 12,952
11,982 (Reversal) for doubtful accounts (309 ) (23 ) Total
operating expenses 93,828 79,165 Operating income
41,492 69,775
Other expenses: Interest and debt expense
29,151 29,243 Write-off of deferred financing costs 363 — Net loss
on interest rate swaps 813 716
Total other
expenses 30,327 29,959 Income before income taxes
11,165 39,816 Income tax expense 4,743 14,059
Net
income $ 6,422 $ 25,757 Net income per common
share—Basic $ 0.19 $ 0.78 Net income per common
share—Diluted $ 0.19 $ 0.78 Cash dividends paid per
common share $ 0.45 $ 0.72 Weighted average number of common shares
outstanding—Basic 32,987 32,861 Dilutive stock options and
restricted stock 22 149 Weighted average number of
common shares outstanding—Diluted 33,009 33,010
TAL INTERNATIONAL
GROUP, INC.
Consolidated Statements of Cash
Flows
(Dollars in thousands)
(Unaudited)
Three Months Ended March 31,
2016 2015 Cash flows from operating
activities: Net income $ 6,422 $ 25,757 Adjustments to
reconcile net income to net cash provided by operating activities:
Depreciation and amortization 63,226 58,384 Amortization of
deferred financing costs 1,709 1,979 Amortization of net loss on
terminated derivative instruments designated as cash flow hedges
585 687 Amortization of lease intangibles 1,567 240 Net loss on
sale of leasing equipment 13,930 1,449 Net loss on interest rate
swaps 813 716 Write-off of deferred financing costs 363 — Deferred
income taxes 4,743 14,059 Stock compensation charge 1,067 2,002
Changes in operating assets and liabilities: Net equipment sold
(purchased) for resale activity 597 (10,554 ) Other changes in
operating assets and liabilities 514 (3,471 )
Net cash
provided by operating activities 95,536 91,248
Cash flows from investing activities: Purchases of leasing
equipment and investments in finance leases (97,141 ) (258,552 )
Proceeds from sale of equipment, net of selling costs 29,686 37,661
Cash collections on finance lease receivables, net of income earned
10,463 10,474 Other (73 ) (74 )
Net cash (used in) investing
activities (57,065 ) (210,491 )
Cash flows from financing
activities: Purchases of treasury stock — (4,446 ) Financing
fees paid under debt facilities (1,264 ) (624 ) Borrowings under
debt facilities 140,000 230,000 Payments under debt facilities and
capital lease obligations (148,905 ) (90,061 ) Decrease in
restricted cash 1,315 607 Common stock dividends paid (14,844 )
(23,656 )
Net cash (used in) provided by financing
activities (23,698 ) 111,820
Net increase (decrease)
in unrestricted cash and cash equivalents $ 14,773 $ (7,423 )
Unrestricted cash and cash equivalents, beginning of period 58,907
79,132
Unrestricted cash and cash equivalents, end
of period $ 73,680 $ 71,709
Supplemental
non-cash investing activities: Equipment purchases payable $
40,210 $ 67,380
The following table sets forth TAL’s equipment
fleet utilization(2) as of and for the quarter ended
March 31, 2016:
Average and Ending Utilization for
theQuarter Ended March 31, 2016
Average Utilization Ending Utilization 92.2 %
91.4 %
(2) Utilization is computed by dividing TAL’s
total units on lease (in cost equivalent units, or "CEUs") by the
total units in TAL’s fleet (in CEUs) excluding new units not yet
leased and off-hire units designated for sale.
The following table provides the composition of
TAL’s equipment fleet as of March 31, 2016 (in units, TEUs and
CEUs):
March 31, 2016 Equipment Fleet in
Units Equipment Fleet in TEUs Dry
1,382,101 2,248,374
Refrigerated 71,521 136,240
Special 55,457 100,853
Tank 11,422 11,422
Chassis 21,806 39,395
Equipment leasing fleet
1,542,307 2,536,284
Equipment trading fleet 19,874 33,423
Total 1,562,181 2,569,707
March 31, 2016
Equipment Fleet in CEUs Operating leases 2,864,482
Finance leases 197,156
Equipment trading fleet 98,041
Total 3,159,679
Non-GAAP Financial Measures
We use the terms "EBITDA", “Adjusted EBITDA”,
"Adjusted pre-tax income", "Adjusted net income", and "Adjusted
pre-tax return on tangible equity" throughout this press
release.
EBITDA is defined as net income before interest
and debt expense, income tax expense, depreciation and
amortization, and the write-off of deferred financing costs.
Adjusted EBITDA is defined as EBITDA excluding gains and losses on
interest rate swaps, plus principal payments on finance leases,
plus non-recurring transaction costs related to the pending merger
with Triton.
Adjusted pre-tax income is defined as income
before income taxes as further adjusted for certain items which are
described in more detail below, which management believes are not
representative of our operating performance. Adjusted pre-tax
income excludes gains and losses on interest rate swaps, the
write-off of deferred financing costs, and the transaction costs
related to the pending merger with Triton. Adjusted net income is
defined as net income further adjusted for the items discussed
above, net of income tax.
Adjusted pre-tax return on tangible equity is
defined as the current quarter's Annualized adjusted pre-tax income
divided by the Average adjusted tangible equity. Adjusted tangible
equity is defined as total stockholders' equity plus net deferred
income tax liability and the net fair value of derivative
instruments less goodwill.
EBITDA, Adjusted EBITDA, Adjusted pre-tax
income, Adjusted net income, and Adjusted pre-tax return on
tangible equity are not presentations made in accordance with U.S.
GAAP. EBITDA, Adjusted EBITDA, Adjusted pre-tax income, Adjusted
net income, and Adjusted pre-tax return on tangible equity should
not be considered as alternatives to, or more meaningful than,
amounts determined in accordance with U.S. GAAP, including net
income, or net cash from operating activities.
We believe that EBITDA, Adjusted EBITDA,
Adjusted pre-tax income, Adjusted net income, and Adjusted pre-tax
return on tangible equity are useful to an investor in evaluating
our operating performance because:
-- these measures are widely used by securities
analysts and investors to measure a company’s operating performance
and available liquidity to service debt and fund investments
without regard to debt or capital structure, income tax rates and
depreciation policy estimates, which can vary substantially from
company to company;
-- these measures help investors to more
meaningfully evaluate and compare the results of our operations
from period to period by removing the impact of our capital
structure, our asset base and certain non-routine events which we
do not expect to occur in the future; and
-- these measures are used by our management
for various purposes, including as measures of operating
performance and liquidity, to assist in comparing performance from
period to period on a consistent basis, in presentations to our
board of directors concerning our financial performance and as a
basis for strategic planning and forecasting.
We have provided a reconciliation of net
income, the most directly comparable U.S. GAAP measure, to EBITDA
in the tables below for the three months ended March 31, 2016
and 2015. We have also provided reconciliations of income before
income taxes and net income, the most directly comparable U.S. GAAP
measures, to Adjusted pre-tax income and Adjusted net income in the
tables below for the three months ended March 31, 2016 and
2015.
We have also provided reconciliations of
Operating cash flows to Adjusted EBITDA and Adjusted pre-tax return
on tangible equity in the tables below for the current quarter.
TAL INTERNATIONAL GROUP, INC.
Non-GAAP Reconciliations of Adjusted
Pre-tax Income and Adjusted Net Income(Dollars and Shares in
Thousands, Except Per Share Data)
Three Months Ended March 31,
2016 2015 Income before income taxes $ 11,165
$ 39,816 Add: Write-off of deferred financing costs 363 —
Net loss on interest rate swaps 813 716 Transaction costs related
to pending merger 2,239 200 Adjusted pre-tax income $
14,580 $ 40,732 Adjusted pre-tax income per fully
diluted common share $0.44 $1.23 Weighted average
number of common shares outstanding—Diluted 33,009 33,010
Three Months Ended March
31,
2016 2015 Net income $ 6,422 $ 25,757 Add:
Write-off of deferred financing costs, net of tax 209 — Net loss on
interest rate swaps, net of tax 468 463 Transaction costs related
to pending merger, net of tax 1,288 130 Adjusted net
income $ 8,387 $ 26,350 Adjusted net income per fully
diluted common share $0.25 $0.80 Weighted average
number of common shares outstanding—Diluted 33,009 33,010
TAL INTERNATIONAL GROUP, INC.Non-GAAP
Reconciliations of Operating Cash Flows to Adjusted EBITDA
(Dollars in Thousands) Three Months
Ended March 31, 2016 2015 Net cash
provided by operating activities $ 95,536 $ 91,248 Non-cash
expenses (4,928 ) (4,908 ) (Loss) on sale of equipment (13,930 )
(1,449 ) Changes in operating assets & liabilities (1,111 )
14,025 Interest expense 29,151 29,243 Principal payments on finance
leases 10,463 10,474 Transaction costs related to pending merger
2,239 200 Adjusted EBITDA $ 117,420
$ 138,833
TAL INTERNATIONAL GROUP,
INC.Non-GAAP Reconciliations of Adjusted Pre-tax Return on
Tangible Equity (Dollars in Thousands)
Balance as ofMarch 31,
2016
Balance as ofDecember
31,2015
Total stockholders' equity $ 636,797 $ 665,012 Net deferred income
tax liability 450,176 456,123 Net fair value of derivative
instruments liability 52,921 20,261 Goodwill (74,523 )
(74,523 ) Total adjusted tangible equity $ 1,065,371
$ 1,066,873 Average adjusted tangible equity(a) $ 1,066,122
Adjusted pre-tax income (for the current three months ended) $
14,580 Annualized adjusted pre-tax income (Adjusted pre-tax income
* 4) $ 58,320 Adjusted pre-tax return on tangible equity 5.5 %
(a) Calculated by taking the average of the current
quarter's and the prior quarter's ending total adjusted tangible
equity.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160427006787/en/
TAL International GroupInvestor RelationsJohn Burns,
(914) 697-2900Senior Vice President and Chief Financial Officer
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