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
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