Textainer Group Holdings Limited (NYSE:TGH) Q3 2022 Results Conference Call November 1, 2022 11:00 AM ET

Company Participants

Tamara Bakarian - Director of IR

Olivier Ghesquiere - President and Chief Executive Officer

Michael Chan - Executive VP and CFO

Conference Call Participants

Liam Burke - B. Riley FBR

Michael Brown - KBW

Climent Molins - Value Investor's Edge

Operator

Thank you, and welcome to Textainer's Third Quarter 2022 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.

At this time, I would like to turn the call over to Tamara Bakarian, Investor Relations for Textainer Group Holdings Limited.

Tamara Bakarian

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, 2021, filed with the Securities and Exchange Commission on March 17, 2022 and going forward, any subsequent quarterly filings on Form 6-K for additional information concerning factors that could cause actual results to differ materially from any 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 the 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.

Olivier Ghesquiere

Thank you, Tamara. Good morning, everyone, and thank you for joining us today. I will begin by reviewing the highlights of our third quarter results, followed by additional perspective on the industry. Michael will then go over our financial results in greater detail, after which we will open the call for your questions. We're pleased to deliver yet another quarter of very strong results, continuing the positive momentum from our record performance last quarter. For the third quarter, lease rental income grew to $205 billion, driven by CapEx deployed earlier in the year. Additionally, we continue to benefit from exceptional gains on disposals of older containers. Adjusted EBITDA was $193 million, a slight increase from last quarter and adjusted net income was $77 million.