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PROSPECTUS SUPPLEMENT
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PROSPECTUS
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Year Ended June 30,
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2016
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2017
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2018
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2019
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2020
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(In thousands, except operational data)
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Income Statement Data: | | | | | | | |||||||||||||||||||||||||
Sales
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| | | $ | 117,618 | | | | | $ | 100,659 | | | | | $ | 132,317 | | | | | $ | 137,716 | | | | | $ | 128,642 | | |
Leasing
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| | | | 168,233 | | | | | | 176,269 | | | | | | 214,985 | | | | | | 240,490 | | | | | | 227,837 | | |
Total revenue
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| | | | 285,851 | | | | | | 276,928 | | | | | | 347,302 | | | | | | 378,206 | | | | | | 356,479 | | |
Operating income
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| | | | 14,383 | | | | | | 19,066 | | | | | | 43,699 | | | | | | 61,590 | | | | | | 45,454 | | |
Other expense, net
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| | | | (19,860) | | | | | | (19,938) | | | | | | (53,485) | | | | | | (63,236) | | | | | | (30,805) | | |
Income (loss) before provision for income taxes
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| | | | (5,477) | | | | | | (872) | | | | | | (9,786) | | | | | | (1,646) | | | | | | 14,649 | | |
Net income (loss)
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| | | | (3,286) | | | | | | (847) | | | | | | (9,107) | | | | | | (7,466) | | | | | | 7,954 | | |
Net income (loss) attributable to common stockholders
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| | | | (9,025) | | | | | | (6,620) | | | | | | (11,964) | | | | | | (11,124) | | | | | | 4,286 | | |
Balance Sheet Data (at end of period): | | | | | | | |||||||||||||||||||||||||
Cash and cash equivalents
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| | | $ | 9,342 | | | | | $ | 7,792 | | | | | $ | 21,617 | | | | | $ | 10,359 | | | | | $ | 17,478 | | |
Lease fleet, net
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| | | | 419,345 | | | | | | 427,275 | | | | | | 429,388 | | | | | | 456,822 | | | | | | 458,727 | | |
Total assets
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| | | | 673,574 | | | | | | 675,314 | | | | | | 689,687 | | | | | | 718,312 | | | | | | 756,022 | | |
Senior and other debt, net
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| | | | 352,220 | | | | | | 355,638 | | | | | | 427,718 | | | | | | 411,141 | | | | | | 379,798 | | |
Total equity
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| | | | 224,612 | | | | | | 223,248 | | | | | | 141,785 | | | | | | 177,041 | | | | | | 174,917 | | |
Cash Flow Data: | | | | | | | |||||||||||||||||||||||||
Cash flows from operating activities
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| | | $ | 48,822 | | | | | $ | 35,307 | | | | | $ | 58,775 | | | | | $ | 52,087 | | | | | $ | 76,574 | | |
Cash flows from investing activities
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| | | | (35,378) | | | | | | (30,722) | | | | | | (114,500) | | | | | | (64,000) | | | | | | (30,522) | | |
Cash flows from financing activities
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| | | | (5,577) | | | | | | (6,159) | | | | | | 70,721 | | | | | | 1,581 | | | | | | (38,739) | | |
Adjusted EBITDA(1)
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| | | | 60,830 | | | | | | 60,969 | | | | | | 87,692 | | | | | | 106,884 | | | | | | 97,820 | | |
Operational Data: Number of units in fleet: | | | | | | | |||||||||||||||||||||||||
Asia Pacific
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| | | | 41,627 | | | | | | 42,230 | | | | | | 42,305 | | | | | | 47,183 | | | | | | 45,463 | | |
North America
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| | | | 36,978 | | | | | | 38,482 | | | | | | 43,507 | | | | | | 52,560 | | | | | | 55,182 | | |
Total
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| | | | 78,605 | | | | | | 80,712 | | | | | | 85,812 | | | | | | 99,743 | | | | | | 100,645 | | |
Utilization rates(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asia Pacific
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| | | | 77% | | | | | | 80% | | | | | | 80% | | | | | | 77% | | | | | | 77% | | |
North America
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| | | | 69% | | | | | | 77% | | | | | | 80% | | | | | | 77% | | | | | | 69% | | |
Total
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| | | | 73% | | | | | | 78% | | | | | | 80% | | | | | | 77% | | | | | | 73% | | |
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As of June 30, 2020
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Actual
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As Adjusted
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(Unaudited)
(in thousands) |
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Cash and cash equivalents
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| | | $ | 17,478 | | | | | $ | | | ||||
Senior and other debt: | | |
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Deutsche Bank credit facility, net
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| | | $ | 123,955 | | | | | $ | 123,955 | | | |||
Wells Fargo revolving credit facility
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| | | | 171,083 | | | | | | 171,083 | | | |||
Senior Notes due 2021, net
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| | | | 76,763 | | | | | | | | | |||
Senior Notes offered hereby, net
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| | | | — | | | | | | | | | |||
Equipment Financing and Other
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| | | | 7,997 | | | | | | 7,997 | | | |||
Total senior and other debt
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| | | | 379,798 | | | | | | | | | |||
Equity: | | |
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Cumulative preferred stock
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| | | | 40,100 | | | | | | 40,100 | | | |||
Common stock
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| | | | 3 | | | | | | 3 | | | |||
Additional paid-in capital
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| | | | 183,051 | | | | | | 183,051 | | | |||
Accumulated other comprehensive loss
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| | | | (22,106) | | | | | | (22,106) | | | |||
Accumulated deficit
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| | | | (20,790) | | | | | | | | | |||
Treasury stock, at cost; 911,765 shares at June 30, 2020
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| | | | | | | | | (5,845) | | | | | | (5,845) | | | |
Total General Finance Corporation stockholders’ equity
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| | | | 174,413 | | | | | | | | | |||
Equity of noncontrolling interests
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| | | | | | | | | 504 | | | | | | 504 | | | |
Total equity
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| | | | | | | | | 174,917 | | | | | | 174,453 | | | |
Total debt and equity
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| | | | | | | | $ | 554,715 | | | | | $ | | |
Year
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Percentage
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2022
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| | | | 104.50% | | |
2023
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| | | | 102.25% | | |
2024 and thereafter
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| | | | 100.00% | | |
Underwriter
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Principal
Amount |
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D.A. Davidson & Co
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| | | $ | | | |
B. Riley Securities, Inc
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| | | $ | | | |
Janney Montgomery Scott LLC
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| | | $ | | | |
William Blair & Company
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| | | $ | | | |
National Securities Corporation
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| | | $ | | | |
Wedbush Securities Inc.
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| | | $ | | | |
Total
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| | | $ | | |
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Page
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D.A. Davidson & Co.
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B. Riley Securities
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Janney Montgomery Scott
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William Blair & Company
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National Securities Corporation
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Wedbush Securities
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