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Investor Presentaiton

Reconciliation: Lease Investment and Required "Equity CapEx" Lease investment is typically leveraged at a 70-80% LTV, reducing required equity capital and increasing available cash flow. $1,200 $1,000 $800 $600 $400 $200 $0 -$200 2016 â– Leasing CapEx* 2017 2018 2019 LTM Net, New Debt Funding Equity CapEx, Leasing 2016 2017 2018 (in millions) 2019 LTM Q3-20 Capital Expenditures - leasing, net of sold lease fleet railcars owned one year or less $ 799.1 $ 608.3 $ 948.3 $1,122.2 $ 716.7 Payments to retire debt Proceeds from the issuance of debt (162.0) Net new debt added to the balance sheet Equity CapEx for new leased railcars (162.0) 961.1 (375.3) 533.5 158.2 (887.8) 1,206.6 318.8 (1,724.1) 2,567.8 843.7 450.1 $ 629.5 $ 278.5 (1,158.8) 1,393.4 234.6 $ 482.1 *Leasing CapEx is defined as "Capital Expenditures - leasing, net of sold lease fleet railcars owned one year or less" in the Company's Statement of Cash Flows TRINITY INDUSTRIES DELIVERING GOODS for THE GOOD of ALL III 80
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