CAI International, Inc. Reports Results for the Third Quarter of 2018
Business Wire 30-Oct-2018 4:00 PM
CAI International, Inc. (CAI) (NYSE:CAI), one of the world's leading
transportation finance and logistics companies, today reported results
for the third quarter of 2018.
Record lease revenue up 22% on strong container demand and
improved rail fundamentals
Record logistics revenue up 49% driven by demand for truck
brokerage and intermodal services
Record pre-tax income up 31% driven by strong container demand
Highlights
-
Net income attributable to CAI common stockholders for the third
quarter of 2018 was $20.0 million, or $1.03 per fully diluted share,
compared to $17.6 million, or $0.90 per fully diluted share, in the
third quarter of 2017.
-
CAI reported record lease-related revenue for the third quarter of
2018 of $84.1 million, an increase of 22% compared to the third
quarter of 2017.
-
Average utilization for CAI's owned container fleet during the third
quarter of 2018 was 99.2% compared to 98.2% for the third quarter of
2017.
-
During the third quarter of 2018, CAI leased out $296 million of
container equipment.
-
During the first nine months of 2018, CAI has invested or committed to
invest approximately $720 million in container equipment, the vast
majority of which is already on lease or committed to be leased.
-
During the third quarter of 2018, CAI had net lease outs of 584
railcars, and has firm customer commitments to lease an additional 625
new cars. Utilization of the railcar fleet is currently 87%, up from
78% at the end of the second quarter of 2018.
-
During the third quarter of 2018, CAI issued $343.5 million of fixed
rate asset-backed notes.
-
During the third quarter of 2018, CAI issued approximately two million
shares of its 8.5% Series B fixed-to-floating rate cumulative
redeemable perpetual preferred stock for net proceeds of $47.3 million.
-
Annualized return on average common equity for the third quarter of
2018 was 14%.
-
CAI recently entered into a $100 million five-year fixed rate term
loan agreement. Fixed rate debt now represents approximately 70% of
CAI's total outstanding debt.
-
Earlier this month, CAI announced a new 3.0 million common stock share
repurchase program.
Additional information on CAI's results, as well as comments on market
trends, is available in a presentation posted today on the
"Investors" section of CAI's website, www.capps.com.
Victor Garcia, President and Chief Executive Officer of CAI, commented,
"The strong momentum we witnessed in the first half of this year has
continued during the third quarter. We reported record quarterly revenue
of $115.5 million and net income attributable to CAI common stockholders
for the quarter of $20.0 million, or $1.03 per fully diluted share. Our
container business continues to operate near full utilization, with
utilization today of 99.3%. For the first nine months of the year we
have invested, or committed to invest, $721 million in container
equipment. We have leased out $558 million of containers with an average
lease tenor of approximately 9 years, and have lease commitments for a
further $140 million of deliveries in the fourth quarter of 2018.
Container demand has remained strong and we expect it to continue to
remain strong due to the overall strength of the world economy. With
continued high worldwide utilization of equipment, we continue to see
strong demand for secondary sales of container equipment and we expect
continued strong secondary sales prices.
"We remain optimistic about container demand over the coming year and do
not believe that tariffs and the imposition of IMO 2020 will have a
material negative impact on our business. To date we have not seen any
slowing of container demand as a result of tariffs and believe container
demand is likely to remain very strong through the end of the year as
shippers attempt to avoid larger tariffs that may come into effect in
early 2019. In the longer term we believe that the potential of
permanent imposition of tariffs will result in supply chain disruption
as manufacturers source products from other regions creating logistical
bottlenecks and increasing the overall demand for containers. Moreover,
we do not believe that the imposition of IMO 2020 regulations requiring
shipping lines to deploy scrubbers on their ships or consume low sulfur
fuel will negatively impact our business. Shipping lines are already
modifying their bunker adjustment calculations to take into account the
higher costs, which we believe will be passed on to their customers in
the form of higher freight costs.
"We continue to see improvement in the utilization of rail assets and
rental rates have improved on most car types from the levels of last
year. During the third quarter of 2018, we had net lease outs of 584
railcars and have commitments to lease out a further 625 new cars to be
delivered over the fourth quarter of 2018 and first quarter of 2019. Our
railcar utilization, including new cars not yet leased out, has improved
to 84% during the third quarter, compared to 78% during the second
quarter. Our utilization today is 87% and we expect it will increase to
90% by the end of the year. By the end of the first quarter of 2019 we
will have taken delivery of all of the rail assets under our three year
purchase commitment with one of the rail manufacturers. Our ongoing
focus will be to find the best opportunities to improve results, which
include increasing utilization, renewing leases at higher rates and,
where it makes sense, selling equipment.
"Our logistics business continues to gain momentum and has a growing
customer portfolio that led to record revenue during the quarter. Growth
has been particularly strong in our domestic intermodal and truck
brokerage businesses. We reported logistics revenue during the quarter
of $31.4 million, an increase of 49% compared to the third quarter of
2017. Similarly, gross margin in logistics has increased 21% during the
quarter, compared to the third quarter of 2017. The difference in
revenue and gross margin growth rates reflects the change in mix between
our domestic intermodal, truck brokerage and international businesses.
We are focused on expanding our portfolio of customers and gaining more
penetration with our key clients. We expect continued double digit
expansion of our logistics business into 2019."
Mr. Garcia, continued, "We have also been active in enhancing the
strength of our balance sheet. We successfully issued approximately 2.0
million shares of our Series B perpetual preferred stock during the
quarter, for net proceeds of $47.3 million. We also issued $343.5
million of fixed rate asset backed notes during the quarter which,
together with a recently completed $100 million fixed rate term loan
agreement, has increased our proportion of fixed rate debt to
approximately 70%."
Mr. Garcia, concluded, "We have successfully improved our financial
performance over the course of this year and based on the most recent
quarter achieved an annualized return on equity of 14%. Our container
segment was the driver of those results and had a comparable annualized
return on equity of 18%. Although we are pleased with our performance,
we are focused on continued improvement on those results. Our focus is
to deploy capital where the returns are strongest which includes
repurchasing shares. We announced a 3 million common stock share
repurchase program earlier this month and believe the repurchase of
outstanding shares provides a compelling investment that will benefit
our long-term shareholders."
|
|
|
CAI International, Inc.
|
|
Consolidated Balance Sheets
|
|
(In thousands, except share information)
|
|
(UNAUDITED)
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Assets
|
|
|
|
|
|
Current assets
|
|
|
|
|
|
Cash
|
|
$
|
14,550
|
|
|
$
|
14,735
|
|
|
Cash held by variable interest entities
|
|
|
23,779
|
|
|
|
20,685
|
|
|
Accounts receivable, net of allowance for doubtful accounts of
$1,455 and $1,440 at September 30, 2018 and December 31, 2017,
respectively
|
|
|
83,698
|
|
|
|
68,324
|
|
|
Current portion of net investment in direct finance leases
|
|
|
74,637
|
|
|
|
30,063
|
|
|
Prepaid expenses and other current assets
|
|
|
2,600
|
|
|
|
4,258
|
|
|
Total current assets
|
|
|
199,264
|
|
|
|
138,065
|
|
|
Restricted cash
|
|
|
31,634
|
|
|
|
11,789
|
|
|
Rental equipment, net of accumulated depreciation of $575,866 and
$505,546 at September 30, 2018 and December 31, 2017, respectively
|
|
|
2,299,955
|
|
|
|
2,004,961
|
|
|
Net investment in direct finance leases
|
|
|
444,741
|
|
|
|
246,450
|
|
|
Goodwill
|
|
|
15,794
|
|
|
|
15,794
|
|
|
Intangible assets, net of accumulated amortization of $4,946 and
$3,407 at September 30, 2018 and December 31, 2017, respectively
|
|
|
6,184
|
|
|
|
7,723
|
|
|
Furniture, fixtures and equipment, net of accumulated depreciation
of $3,303 and $3,201 at September 30, 2018 and December 31, 2017,
respectively
|
|
|
619
|
|
|
|
338
|
|
|
Other non-current assets
|
|
|
974
|
|
|
|
3,008
|
|
|
Total assets
|
|
$
|
2,999,165
|
|
|
$
|
2,428,128
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
Current liabilities
|
|
|
|
|
|
Accounts payable
|
|
$
|
6,269
|
|
|
$
|
7,831
|
|
|
Accrued expenses and other current liabilities
|
|
|
18,882
|
|
|
|
15,706
|
|
|
Due to container investors
|
|
|
993
|
|
|
|
1,845
|
|
|
Unearned revenue
|
|
|
8,345
|
|
|
|
7,811
|
|
|
Current portion of debt
|
|
|
194,563
|
|
|
|
132,049
|
|
|
Rental equipment payable
|
|
|
257,947
|
|
|
|
92,415
|
|
|
Total current liabilities
|
|
|
486,999
|
|
|
|
257,657
|
|
|
Debt
|
|
|
1,777,420
|
|
|
|
1,570,773
|
|
|
Deferred income tax liability
|
|
|
38,277
|
|
|
|
35,853
|
|
|
Total liabilities
|
|
|
2,302,696
|
|
|
|
1,864,283
|
|
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value $.0001 per share; authorized 10,000,000
and 5,000,000 at September 30, 2018 and December 31, 2017,
respectively:
|
|
|
|
|
|
8.50% Series A fixed-to-floating rate cumulative redeemable
perpetual preferred stock, issued and outstanding 2,199,610 and 0
shares at September 30, 2018 and December 31, 2017, respectively,
at liquidation preference
|
|
|
54,990
|
|
|
|
-
|
|
|
8.50% Series B fixed-to-floating rate cumulative redeemable
perpetual preferred stock, issued and outstanding 1,955,000 and 0
shares at September 30, 2018 and December 31, 2017, respectively,
at liquidation preference
|
|
|
48,875
|
|
|
|
-
|
|
|
Common stock: par value $.0001 per share; authorized 84,000,000
shares; issued and outstanding 19,306,202 and 20,390,622 shares at
September 30, 2018 and December 31, 2017, respectively
|
|
|
2
|
|
|
|
2
|
|
|
Additional paid-in capital
|
|
|
145,069
|
|
|
|
172,325
|
|
|
Accumulated other comprehensive loss
|
|
|
(6,379
|
)
|
|
|
(6,122
|
)
|
|
Retained earnings
|
|
|
453,912
|
|
|
|
397,640
|
|
|
Total stockholders' equity
|
|
|
696,469
|
|
|
|
563,845
|
|
|
Total liabilities and stockholders' equity
|
|
$
|
2,999,165
|
|
|
$
|
2,428,128
|
|
|
|
|
CAI International, Inc.
|
|
Consolidated Statements of Income
|
|
(In thousands, except per share data)
|
|
(UNAUDITED)
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
Container operating lease revenue
|
|
$
|
75,331
|
|
|
$
|
61,870
|
|
|
$
|
208,298
|
|
|
$
|
169,784
|
|
|
Rail lease revenue
|
|
|
8,759
|
|
|
|
7,279
|
|
|
|
26,982
|
|
|
|
23,459
|
|
|
Logistics revenue
|
|
|
31,362
|
|
|
|
21,012
|
|
|
|
81,251
|
|
|
|
61,116
|
|
|
Total revenue
|
|
|
115,452
|
|
|
|
90,161
|
|
|
|
316,531
|
|
|
|
254,359
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
|
|
|
|
|
|
|
Depreciation of rental equipment
|
|
|
31,272
|
|
|
|
27,788
|
|
|
|
89,521
|
|
|
|
82,814
|
|
|
Storage, handling and other expenses
|
|
|
3,514
|
|
|
|
3,506
|
|
|
|
10,227
|
|
|
|
16,651
|
|
|
Logistics transportation costs
|
|
|
27,541
|
|
|
|
17,855
|
|
|
|
70,536
|
|
|
|
51,608
|
|
|
Gain on sale of used rental equipment
|
|
|
(2,625
|
)
|
|
|
(1,663
|
)
|
|
|
(7,539
|
)
|
|
|
(2,539
|
)
|
|
Administrative expenses
|
|
|
12,869
|
|
|
|
10,781
|
|
|
|
36,270
|
|
|
|
31,212
|
|
|
Total operating expenses
|
|
|
72,571
|
|
|
|
58,267
|
|
|
|
199,015
|
|
|
|
179,746
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
42,881
|
|
|
|
31,894
|
|
|
|
117,516
|
|
|
|
74,613
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expenses
|
|
|
|
|
|
|
|
|
|
Net interest expense
|
|
|
19,783
|
|
|
|
13,959
|
|
|
|
55,122
|
|
|
|
37,916
|
|
|
Other expense
|
|
|
116
|
|
|
|
449
|
|
|
|
510
|
|
|
|
651
|
|
|
Total other expenses
|
|
|
19,899
|
|
|
|
14,408
|
|
|
|
55,632
|
|
|
|
38,567
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income taxes
|
|
|
22,982
|
|
|
|
17,486
|
|
|
|
61,884
|
|
|
|
36,046
|
|
|
Income tax expense (benefit)
|
|
|
1,228
|
|
|
|
(101
|
)
|
|
|
2,695
|
|
|
|
549
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
21,754
|
|
|
|
17,587
|
|
|
|
59,189
|
|
|
|
35,497
|
|
|
Preferred stock dividends
|
|
|
1,748
|
|
|
|
-
|
|
|
|
2,917
|
|
|
|
-
|
|
|
Net income attributable to CAI common stockholders
|
|
$
|
20,006
|
|
|
$
|
17,587
|
|
|
$
|
56,272
|
|
|
$
|
35,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to CAI common stockholders
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
1.04
|
|
|
$
|
0.92
|
|
|
$
|
2.85
|
|
|
$
|
1.86
|
|
|
Diluted
|
|
$
|
1.03
|
|
|
$
|
0.90
|
|
|
$
|
2.81
|
|
|
$
|
1.83
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
19,214
|
|
|
|
19,180
|
|
|
|
19,741
|
|
|
|
19,108
|
|
|
Diluted
|
|
|
19,492
|
|
|
|
19,633
|
|
|
|
19,997
|
|
|
|
19,422
|
|
|
|
|
CAI International, Inc.
|
|
Consolidated Statements of Cash Flows
|
|
(In thousands, except per share data)
|
|
(UNAUDITED)
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
|
2018
|
|
|
|
2017
|
|
|
Cash flows from operating activities
|
|
|
|
|
|
Net income
|
|
$
|
59,189
|
|
|
$
|
35,497
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation
|
|
|
89,635
|
|
|
|
83,088
|
|
|
Amortization of debt issuance costs
|
|
|
3,173
|
|
|
|
2,400
|
|
|
Amortization of intangible assets
|
|
|
1,538
|
|
|
|
1,536
|
|
|
Stock-based compensation expense
|
|
|
2,101
|
|
|
|
1,539
|
|
|
Reduction in contingent consideration
|
|
|
-
|
|
|
|
(2,211
|
)
|
|
Unrealized loss on foreign exchange
|
|
|
317
|
|
|
|
42
|
|
|
Gain on sale of used rental equipment
|
|
|
(7,539
|
)
|
|
|
(2,539
|
)
|
|
Deferred income taxes
|
|
|
2,424
|
|
|
|
393
|
|
|
Bad debt (recovery) expense
|
|
|
(14
|
)
|
|
|
750
|
|
|
Changes in other operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(7,305
|
)
|
|
|
(10,715
|
)
|
|
Prepaid expenses and other assets
|
|
|
(2,130
|
)
|
|
|
(72
|
)
|
|
Accounts payable, accrued expenses and other current liabilities
|
|
|
(901
|
)
|
|
|
(5,887
|
)
|
|
Due to container investors
|
|
|
(852
|
)
|
|
|
(697
|
)
|
|
Unearned revenue
|
|
|
(49
|
)
|
|
|
(540
|
)
|
|
Net cash provided by operating activities
|
|
|
139,587
|
|
|
|
102,584
|
|
|
Cash flows from investing activities
|
|
|
|
|
|
Purchase of rental equipment
|
|
|
(529,230
|
)
|
|
|
(277,769
|
)
|
|
Proceeds from sale of used rental equipment
|
|
|
44,373
|
|
|
|
48,863
|
|
|
Purchase of furniture, fixtures and equipment
|
|
|
(394
|
)
|
|
|
(91
|
)
|
|
Receipt of principal payments from direct finance leases
|
|
|
26,982
|
|
|
|
14,536
|
|
|
Net cash used in investing activities
|
|
|
(458,269
|
)
|
|
|
(214,461
|
)
|
|
Cash flows from financing activities
|
|
|
|
|
|
Proceeds from debt
|
|
|
1,302,912
|
|
|
|
556,544
|
|
|
Principal payments on debt
|
|
|
(1,025,954
|
)
|
|
|
(448,436
|
)
|
|
Debt issuance costs
|
|
|
(9,882
|
)
|
|
|
(3,129
|
)
|
|
Proceeds from issuance of common and preferred stock
|
|
|
103,681
|
|
|
|
-
|
|
|
Repurchase of common stock
|
|
|
(27,946
|
)
|
|
|
-
|
|
|
Dividends paid to preferred stockholders
|
|
|
(1,376
|
)
|
|
|
-
|
|
|
Exercise of stock options
|
|
|
24
|
|
|
|
1,362
|
|
|
Net cash provided by financing activities
|
|
|
341,459
|
|
|
|
106,341
|
|
|
Effect on cash of foreign currency translation
|
|
|
(23
|
)
|
|
|
380
|
|
|
Net increase (decrease) in cash and restricted cash
|
|
|
22,754
|
|
|
|
(5,156
|
)
|
|
Cash and restricted cash at beginning of the period
|
|
|
47,209
|
|
|
|
52,326
|
|
|
Cash and restricted cash at end of the period
|
|
$
|
69,963
|
|
|
$
|
47,170
|
|
|
|
|
CAI International, Inc.
|
|
Fleet Data
|
|
(UNAUDITED)
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
Owned container fleet in TEUs
|
|
|
|
|
|
1,435,516
|
|
|
1,121,355
|
|
|
Managed container fleet in TEUs
|
|
|
|
|
|
75,872
|
|
|
83,086
|
|
|
Total container fleet in TEUs
|
|
|
|
|
|
1,511,388
|
|
|
1,204,441
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned container fleet in CEUs
|
|
|
|
|
|
1,475,142
|
|
|
1,188,078
|
|
|
Managed container fleet in CEUs
|
|
|
|
|
|
69,134
|
|
|
75,596
|
|
|
Total container fleet in CEUs
|
|
|
|
|
|
1,544,276
|
|
|
1,263,674
|
|
|
|
|
|
|
|
|
|
|
|
|
Owned railcar fleet in units
|
|
|
|
|
|
7,489
|
|
|
6,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Average Utilization
|
|
|
|
|
|
|
|
|
|
Container fleet utilization in CEUs
|
|
99.2
|
%
|
|
98.0
|
%
|
|
99.2
|
%
|
|
96.9
|
%
|
|
Owned container fleet utilization in CEUs
|
|
99.2
|
%
|
|
98.2
|
%
|
|
99.2
|
%
|
|
97.1
|
%
|
|
Railcar fleet utilization in units - excluding new units not yet
leased
|
|
89.0
|
%
|
|
89.3
|
%
|
|
88.1
|
%
|
|
91.0
|
%
|
|
Railcar fleet utilization in units - including new units not yet
leased
|
|
84.0
|
%
|
|
77.4
|
%
|
|
79.1
|
%
|
|
79.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30,
|
|
|
|
|
|
|
|
2018
|
|
2017
|
|
Period Ending Utilization
|
|
|
|
|
|
|
|
|
|
Container fleet utilization in CEUs
|
|
|
|
|
|
99.3
|
%
|
|
98.5
|
%
|
|
Owned container fleet utilization in CEUs
|
|
|
|
|
|
99.3
|
%
|
|
98.6
|
%
|
|
Railcar fleet utilization in units - excluding new units not yet
leased
|
|
|
|
|
|
90.0
|
%
|
|
86.8
|
%
|
|
Railcar fleet utilization in units - including new units not yet
leased
|
|
|
|
|
|
86.6
|
%
|
|
74.1
|
%
|
|
|
|
Utilization of containers is computed by dividing the total units on
lease in CEUs (cost equivalent units), by the total units in our
fleet in CEUs.
|
|
The total container fleet excludes new units not yet leased and
off-hire units designated for sale.
|
|
Utilization of railcars is computed by dividing the total number of
railcars on lease by the total number of railcars in our fleet.
|
|
The impact on utilization of including new units not yet leased in
the total railcar fleet has been included in the table above.
|
|
|
|
CEU is a ratio used to convert the actual number of containers in
our fleet to a figure based on the relative purchase prices of our
various equipment types to that of a standard 20 foot dry van
container. For example, the CEU ratio for a standard 40 foot dry van
container is 1.6, and a 40 foot high cube container is 1.7.
|
|
|
Conference Call
A conference call to discuss the financial results for the third quarter
of 2018 will be held on Tuesday, October 30, 2018 at 5:00 p.m. ET. The
dial-in number for the teleconference is 1-888-398-8098; outside of the
U.S., call 1-707-287-9363. The call may be accessed live over the
internet (listen only) under the "Investors" section of CAI's website, www.capps.com,
by selecting "Q3 2018 Earnings Conference Call." A webcast replay will
be available for 30 days on the "Investors" section of our website.
Earnings Presentation
A presentation summarizing our third quarter 2018 results is available
on the "Investors" section of our website, www.capps.com.
About CAI International, Inc.
CAI is one of the world's leading transportation finance and logistics
companies. As of September 30, 2018, CAI operated a worldwide fleet of
approximately 1.5 million CEUs of containers, and owned a fleet of 7,489
railcars that it leases within North America. CAI operates through 23
offices located in 14 countries including the United States.
Forward-Looking Statements
This press release contains forward-looking statements regarding future
events and the future performance of CAI, including but not limited to,
the statements regarding management's business outlook on the container
leasing business, management's outlook for growth of CAI's leasing
investments and the outlook of its logistics business. These statements
and others herein are forward-looking statements within the meaning of
the safe harbor provisions of Section 21E of the Securities Exchange Act
of 1934 and involve risks and uncertainties that could cause actual
results of operations and other performance measures to differ
materially from current expectations including, but not limited to,
utilization rates, expected economic conditions, expected growth of
international trade, availability of credit on commercially favorable
terms or at all, customer demand, container investment levels, container
prices, lease rates, increased competition, volatility in exchange
rates, growth in world trade and world container trade, the ability of
CAI to convert letters of intent with its customers to binding
contracts, potential to sell CAI's securities to the public and others.
CAI refers you to the documents that it has filed with the Securities
and Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2017, its Quarterly Reports on Form 10-Q and
its Current Reports on Form 8-K. These documents contain additional
important factors that could cause actual results to differ from current
expectations and from forward-looking statements contained in this press
release. Furthermore, CAI is under no obligation to (and expressly
disclaims any such obligation to) update or alter any of the
forward-looking statements contained in this press release whether as a
result of new information, future events or otherwise, unless required
by law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181030006065/en/
