PR Newswire | Aug 13, 2020 04:06PM EDT

08/13 15:05 CDT

Textainer Group Holdings Limited Reports Second-Quarter 2020 Results HAMILTON, Bermuda, Aug. 13, 2020

HAMILTON, Bermuda, Aug. 13, 2020 /PRNewswire/ -- Textainer Group Holdings Limited (NYSE: TGH; JSE: TXT) ("Textainer", "the Company", "we" and "our"), one of the world's largest lessors of intermodal containers, today reported financial results for the second-quarter ended June 30, 2020.

Key Financial Information (in thousands except for per share and TEU amounts) and Business Highlights:

QTD

Q2 2020 Q1 2020 Q2 2019

Lease rental income $ 144,774 $ 145,478 $ 156,243

Gain on sale of owned fleet containers, net $ 5,640 $ 5,794 $ 5,404

Income from operations $ 49,265 $ 46,409 $ 45,918

Net income (loss) attributable to Textainer Group Holdings $ 15,989 $ (4,379) $ 314 Limited common shareholders

Net income (loss) attributable to Textainer Group Holdings $ 0.30 $ (0.08) $ 0.01 Limited common shareholders per diluted common share

Adjusted net income ^(1) $ 14,794 $ 9,702 $ 9,006

Adjusted net income per diluted common share ^(1) $ 0.28 $ 0.17 $ 0.16

Adjusted EBITDA ^(1) ^(4) $ 109,977 $ 110,439 $ 114,745

Average fleet utilization ^(2) 95.4 % 96.2 % 97.9 %

Total fleet size at end of period (TEU) ^(3) 3,458,080 3,450,680 3,601,681

Owned percentage of total fleet at end of period 86.1 % 85.6 % 80.9 %



(1)Refer to the "Use of Non-GAAP Financial Information" set forth below.



Utilization is computed by dividing total units on lease in CEUs (cost equivalent unit) by the total units in our fleet in CEUs, excluding CEUs that have been designated as held for sale units and manufactured for us (2)but have not yet been delivered to a lessee. CEU is a unit of measurement based on the approximate cost of a container relative to the cost of a standard 20-foot dry container. These factors may differ slightly from CEU ratios used by others in the industry.



TEU refers to a twenty-foot equivalent unit, which is a unit of (3)measurement used in the container shipping industry to compare shipping containers of various lengths to a standard 20-foot container, thus a 20-foot container is one TEU and a 40-foot container is two TEU.



(4)Adjusted EBITDA for the first quarter 2020 has been restated to reflect an immaterial adjustment (see Reconciliation of Adjusted EBITDA).

* Net income of $16.0 million for the second quarter or $0.30 per diluted common share; * Adjusted net income of $14.8 million for the second quarter, or $0.28 per diluted common share, as compared to $9.7 million, or $0.17 per diluted common share in the first quarter of 2020; * Adjusted EBITDA of $110.0 million for the second quarter, as compared to $110.4 million in the first quarter of 2020; * Utilization averaged 95.4% for the second quarter, as compared to 96.2% for the first quarter of 2020; * Container investments of approximately $190 million delivered through the first six months of the year; and * Repurchased 1,633,794 shares of common stock at an average price of $8.33 per share during the second quarter under the share repurchase program.

"We are pleased with our performance in the second quarter, which proved resilient in spite of the global economic downturn. For the quarter, we delivered stable lease rental income of $144.8 million and adjusted EBITDA of $110.0 million, while improving our adjusted net income to $14.8 million," stated Olivier Ghesquiere, President and Chief Executive Officer of Textainer Group Holdings Limited.

Ghesquiere continued, "Though the second quarter saw a worsening in global trade, our container fleet of mostly long-term leases continued to perform strongly, with only a slight decrease in utilization. We were very pleased with the general improvement in our cash collections and have experienced no notable credit issues. The elevated credit risk of our customers, which had been a point of attention due to the COVID crisis, has mostly subsided, driven by their better than expected financial performance, access to government support, and a significant decrease in fuel cost."

Ghesquiere added, "As we begin the third quarter, we have seen a significant uptake in demand for containers. This change in market dynamics is driven by the cyclical increase in trade over the summer season in North America and Europe and is compounded by the restocking of inventories following the easing of quarantine measures in most developed economies. COVID-related disruptions to supply-chains have also caused a dislocation of containers for shipping lines, which is currently favorable to container lessors. As we look ahead to our performance for the second half of the year, we are encouraged by this recent rebound in activity which should lead to an increase in our utilization rate and lease rental revenue. We also expect our customers to continue to improve their financial performance and strengthen their balance sheets driven by the increased trade activity and higher freight rates."

"The pandemic continues to create uncertainty and market challenges, but we remain cautiously optimistic with our outlook for the balance of the year. Textainer remains well-positioned to participate in the rebound in market activity with a strong balance sheet, healthy liquidity, an optimized capital structure, and demonstrated expense control and efficiency," concluded Ghesquiere.

Second-Quarter Results

Lease rental income decreased $0.7 million from the first quarter of 2020, due primarily to a slight reduction in utilization.

Direct container expense increased $2.0 million from the first quarter of 2020, mostly due to the higher storage costs and handling expense resulting from slightly lower utilization.

Depreciation expense decreased $3.0 million from the first quarter of 2020, due primarily to improved mark to market value adjustments on certain containers held for sale.

Container lessee default recovery was $1.7 million in the second quarter of 2020, resulting from cash payments received in full on a settlement agreement with a small insolvent customer that had previously defaulted and was written-off in 2018.

Bad debt recovery was $0.3 million in the second quarter of 2020, resulting from a reduction in reserves due to improved collections, compared to an expense of $2.0 million in the first quarter of 2020.

Interest expense decreased $6.1 million compared to the first quarter of 2020. Realized loss on derivative instruments, net, increased $1.7 million compared to the first quarter of 2020. The combined expense reduction of $4.4 million was driven by a decrease in interest rates and a decrease in average outstanding debt.

Unrealized gain (loss) on derivative instruments, net, was a gain of $1.3 million for the quarter versus a loss of $14.9 million for the first quarter of 2020, resulting from an increase and a decrease, respectively, in the forward LIBOR curve at the end of the respective period ends, which increased the fair value of the current interest rate derivatives as of the end of the second quarter. Textainer uses interest rate derivatives to manage interest rate risk and intends to hold these derivatives until maturity. Changes in the fair value of derivatives result in non-cash adjustments to their carrying value that get recorded through net income for the portion of our derivatives not designated under hedge accounting at their inception.

Conference Call and Webcast

A conference call to discuss the financial results for the second quarter 2020 will be held at 5:00 pm Eastern Time on Thursday, August 13, 2020. The dial-in number for the conference call is 1-877-407-9039 (U.S. & Canada) and 1-201-689-8470 (International). The call and archived replay may also be accessed via webcast on Textainer's Investor Relations website at http://investor.textainer.com.

About Textainer Group Holdings Limited

Textainer has operated since 1979 and is one of the world's largest lessors of intermodal containers with approximately 3.5 million TEU in our owned and managed fleet. We lease containers to approximately 250 customers, including all of the world's leading international shipping lines, and other lessees. Our fleet consists of standard dry freight, refrigerated intermodal containers, and dry freight specials. We also lease tank containers through our relationship with Trifleet Leasing and are a supplier of containers to the U.S. Military. Textainer is one of the largest and most reliable suppliers of new and used containers. In addition to selling older containers from our fleet, we buy older containers from our shipping line customers for trading and resale. We sold an average of approximately 140,000 containers per year for the last five years to more than 1,500 customers making us one of the largest sellers of used containers. Textainer operates via a network of 14 offices and approximately 500 independent depots worldwide. Textainer has a primary listing on the New York Stock Exchange (NYSE: TGH) and a secondary listing on the Johannesburg Stock Exchange (JSE: TXT). Visit www.textainer.com for additional information about Textainer.

Important Cautionary Information Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. securities laws. Forward-looking statements include statements that are not statements of historical facts and may relate to, but are not limited to, expectations or estimates of future operating results or financial performance, capital expenditures, introduction of new products, regulatory compliance, plans for growth and future operations, as well as assumptions relating to the foregoing. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend," "potential," "continue" or the negative of these terms or other similar terminology. Readers are cautioned that these forward-looking statements involve risks and uncertainties, are only predictions and may differ materially from actual future events or results. These risks and uncertainties include, without limitation, the following items that could materially and negatively impact our business, results of operations, cash flows, financial condition and future prospects: Credit risk of our customers has mostly subsided and we expect them to continue to improve their financial performance and strengthen their balance sheets; The recent rebound in trade should lead to an increase in our utilization rate and lease rental revenue; Textainer is well positioned to navigate through the current crisis and participate in an eventual recovery; and other risks and uncertainties, including those set forth in Textainer's filings with the Securities and Exchange Commission. For a discussion of some of these risks and uncertainties, see Item 3 "Key Information- Risk Factors" in Textainer's Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 30, 2020.

Textainer's views, estimates, plans and outlook as described within this document may change subsequent to the release of this press release. Textainer is under no obligation to modify or update any or all of the statements it has made herein despite any subsequent changes Textainer may make in its views, estimates, plans or outlook for the future.

Textainer Group Holdings Limited Investor Relations Phone: +1 (415) 658-8333 ir@textainer.com

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Income (Loss)

Three and Six Months Ended June 30, 2020 and 2019

(Unaudited)

(All currency expressed in United States dollars in thousands, except per shareamounts)

Three Months Ended June 30, Six Months Ended June 30,

2020 2019 2020 2019

Revenue:

Lease rental income - owned fleet $ 128,648 $ 130,439 $ 258,720 $ 260,000

Lease rental income - managed fleet 16,126 25,804 31,532 52,357

Lease rental income 144,774 156,243 290,252 312,357

Management fees - non-leasing 544 1,940 2,028 4,241

Trading container sales proceeds 7,427 14,394 17,012 27,106

Cost of trading containers sold (6,856) (12,170) (15,792) (22,902)

Trading container margin 571 2,224 1,220 4,204

Gain on sale of owned fleet containers, net 5,640 5,404 11,434 12,171

Operating expenses:

Direct container expense - owned fleet ^(a) 15,248 10,681 28,512 22,261

Distribution expense to managed fleet container investors 14,692 23,737 28,855 48,217

Depreciation expense ^(b) 63,848 64,135 130,682 126,599

Amortization expense 557 493 1,121 1,095

General and administrative expense 9,866 9,444 20,004 19,274

Bad debt (recovery) expense, net (276) 3,689 1,769 3,848

Container lessee default (recovery) expense, net ^(a) (b) (1,671) 8,555 (1,683) 7,902

Gain on insurance recovery and legal settlement - (841) - (841)

Total operating expenses 102,264 119,893 209,260 228,355

Income from operations 49,265 45,918 95,674 104,618

Other (expense) income:

Interest expense (30,022) (38,213) (66,134) (75,729)

Write-off of unamortized deferred debt issuance costs - - (122) -

Interest income 56 729 456 1,367

Realized (loss) gain on derivative instruments, net (3,267) 1,095 (4,793) 2,539

Unrealized gain (loss) on derivative instruments, net 1,342 (10,099) (13,595) (15,837)

Other, net (3) - (56) -

Net other expense (31,894) (46,488) (84,244) (87,660)

Income (loss) before income tax and 17,371 (570) 11,430 16,958 noncontrolling interest

Income tax (expense) benefit (1,074) 221 (241) (152)

Net income (loss) 16,297 (349) 11,189 16,806

Less: Net (income) loss attributable to the noncontrolling (308) 663 421 558 interest

Net income attributable to Textainer Group $ 15,989 $ 314 $ 11,610 $ 17,364 Holdings Limited common shareholders

Net income attributable to Textainer Group Holdings

Limited common shareholders per share:

Basic $ 0.30 $ 0.01 $ 0.21 $ 0.30

Diluted $ 0.30 $ 0.01 $ 0.21 $ 0.30

Weighted average shares outstanding (in thousands):

Basic 53,715 57,500 55,084 57,488

Diluted 53,776 57,576 55,148 57,578

Other comprehensive income (loss), before tax:

Change in derivative instruments designated as cash flow hedges (4,393) - (13,251) -

Reclassification of realized loss on derivative instruments designated 590 - 528 - as cash flow hedges

Foreign currency translation adjustments (39) (40) (102) 67

Comprehensive income (loss), before tax 12,455 (389) (1,636) 16,873

Income tax benefit related to items of other comprehensive income (loss) 39 - 132 -

Comprehensive income (loss), after tax 12,494 (389) (1,504) 16,873

Comprehensive (income) loss attributable to the (308) 663 421 558 noncontrolling interest

Comprehensive income (loss) attributable to Textainer $ 12,186 $ 274 $ (1,083) $ 17,431 Group Holdings Limited common shareholders



(a) Amounts for container write-off and recovery and container recovery costsfrom lessee default for the periods ended June 30, 2019 have been reclassified out of the previously reported line item "container impairment" and "direct container expense - owned fleet", respectively, and included within "container lessee default recovery, net" to conform with the 2020 presentation.



(b) Amounts to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the periods ended June 30, 2019 have been reclassified out of the previously reported line item "container impairment" and included within "depreciation expense" to conform with the 2020 presentation.

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

June 30, 2020 and December 31, 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)

2020 2019

Assets

Current assets:

Cash and cash equivalents $ 189,848 $ 180,552

Accounts receivable, net of allowance for doubtful accounts of $7,009 and 106,761 109,384$6,299, respectively

Net investment in finance leases, net of allowance for credit losses of $199 38,112 40,940and $0, respectively

Container leaseback financing receivable, net of allowance for credit losses of 21,412 20,547$117 and $0, respectively

Trading containers 9,140 11,330

Containers held for sale 50,422 41,884

Prepaid expenses and other current assets 12,068 14,816

Due from affiliates, net 2,270 1,880

Total current assets 430,033 421,333

Restricted cash 91,129 97,353

Containers, net of accumulated depreciation of $1,522,009 and $1,443,167, 4,054,337 4,156,151respectively

Net investment in finance leases, net of allowance for credit losses of $983 318,398 254,363and $0, respectively

Container leaseback financing receivable, net of allowance for credit losses of 249,384 251,111$445 and $0, respectively

Fixed assets, net of accumulated depreciation of $12,490 and $12,266, 943 1,128respectively

Intangible assets, net of accumulated amortization of $46,480 and $45,359, 4,170 5,291respectively

Derivative instruments - 135

Deferred taxes 1,383 1,388

Other assets 13,435 14,364

Total assets $ 5,163,212 $ 5,202,617

Liabilities and Equity

Current liabilities:

Accounts payable and accrued expenses $ 25,466 $ 23,404

Container contracts payable 136,937 9,394

Other liabilities 2,325 2,636

Due to container investors, net 19,458 21,978

Debt, net of unamortized deferred financing costs of $6,186 and $8,120, 241,519 242,433respectively

Total current liabilities 425,705 299,845

Debt, net of unamortized deferred financing costs of $19,240 and $21,446, 3,406,474 3,555,296respectively

Derivative instruments 39,961 13,778

Income tax payable 9,976 9,909

Deferred taxes 7,683 7,789

Other liabilities 17,101 30,355

Total liabilities 3,906,900 3,916,972

Equity:

Textainer Group Holdings Limited shareholders' equity:

Common shares, $0.01 par value. Authorized 140,000,000 shares; 58,389,184shares issued and 53,299,310 shares outstanding at 2020; 58,326,555 shares issued and 584 58356,817,918 shares outstanding at 2019

Treasury shares, at cost, 5,089,874 shares and 1,508,637 shares, respectively (46,828) (17,746)

Additional paid-in capital 412,739 410,595

Accumulated other comprehensive loss (13,204) (511)

Retained earnings 877,183 866,458

Total Textainer Group Holdings Limited shareholders' equity 1,230,474 1,259,379

Noncontrolling interest 25,838 26,266

Total equity 1,256,312 1,285,645

Total liabilities and equity $ 5,163,212 $ 5,202,617

TEXTAINER GROUP HOLDINGS LIMITED AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

Six Months Ended June 30, 2020 and 2019

(Unaudited)

(All currency expressed in United States dollars in thousands)

2020 2019

Cash flows from operating activities:

Net income $ 11,189 $ 16,806

Adjustments to reconcile net income to net cash provided by operatingactivities:

Depreciation expense 130,682 126,599

Bad debt expense, net 1,769 3,848

Container (recovery) write-off from lessee default, net (1,558) 7,730

Unrealized loss on derivative instruments, net 13,595 15,837

Amortization and write-off of unamortized deferred debt issuance costs and 4,210 3,875 accretion of bond discounts

Amortization of intangible assets 1,121 1,095

Gain on sale of owned fleet containers, net (11,434) (12,171)

Gain on insurance recovery and legal settlement - (841)

Share-based compensation expense 2,145 2,115

Changes in operating assets and liabilities 36,501 47,130

Total adjustments 177,031 195,217

Net cash provided by operating activities 188,220 212,023

Cash flows from investing activities:

Purchase of containers and fixed assets (52,660) (335,067)

Payment on leaseback financing receivable (9,919) -

Receipt of principal payments on container leaseback financing receivable 10,310 -

Proceeds from sale of containers and fixed assets 62,920 70,591

Net cash provided by (used in) investing activities 10,651 (264,476)

Cash flows from financing activities:

Proceeds from debt 41,800 550,634

Principal payments on debt (195,676) (472,667)

Principal repayments on container leaseback financing liability, net (12,682) -

Purchase of treasury shares (29,082) -

Debt issuance costs (57) (3,854)

Dividends paid to noncontrolling interest - (2,744)

Issuance of common shares upon exercise of share options - 93

Net cash (used in) provided by financing activities (195,697) 71,462

Effect of exchange rate changes (102) 67

Net increase in cash, cash equivalents and restricted cash 3,072 19,076

Cash, cash equivalents and restricted cash, beginning of the year 277,905 224,928

Cash, cash equivalents and restricted cash, end of the period $ 280,977 $ 244,004



(a) Amounts to write-down the carrying value of containers held for sale to their estimated fair value less costs to sell for the period ended June 30, 2019 have been reclassified out of the previously reported line item "container impairment" and included within "depreciation expense" to conform with the 2020 presentation.



(b) Amounts for container write-off and recovery from lessee default for the period ended June 30, 2019 have been reclassified out of the previously reported line item "container impairment" and included within "container recovery from lessee default, net" to conform with the 2020 presentation.

Use of Non-GAAP Financial Information

To supplement Textainer's condensed consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company uses non-GAAP measures of certain components of financial performance. These non-GAAP measures include adjusted net income, adjusted net income per diluted common share, adjusted EBITDA, headline earnings and headline earnings per basic and dilute common share.

Management believes that adjusted net income and adjusted net income per diluted common share are useful in evaluating Textainer's operating performance, as we intend to hold derivative instruments until maturity and any unrealized gain or loss on derivative instruments is a non-cash, non-operating item. Management considers adjusted EBITDA a widely used industry measure and useful in evaluating Textainer's ability to fund growth and service long-term debt and other fixed obligations. Headline earnings is reported as a requirement of Textainer's listing on the JSE. Headline earnings and headline earnings per basic and dilute common share are calculated from net income (loss) which has been determined based on GAAP.

Reconciliations of these non-GAAP measures to the most directly comparable GAAP measures are included in the tables below for the three and six months ended June 30, 2020 and 2019 and for the three months ended March 31, 2020.

Non-GAAP measures are not financial measures calculated in accordance with GAAP and are presented solely as supplemental disclosures. Non-GAAP measures have limitations as analytical tools, and should not be relied in isolation, or as a substitute to net income (loss), income from operations, cash flows from operating activities, or any other performance measures derived in accordance with GAAP. Some of these limitations are:

* They do not reflect cash expenditures, or future requirements, for capital expenditures or contractual commitments; * They do not reflect changes in, or cash requirements for, working capital needs; * Adjusted EBITDA does not reflect interest expense or cash requirements necessary to service interest or principal payments on debt; * Although depreciation expense and container impairment are a non-cash charge, the assets being depreciated may be replaced in the future, and neither adjusted EBITDA, adjusted net income or adjusted net income per diluted common share reflects any cash requirements for such replacements; * They are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows; and * Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

Three Months Ended, Six Months Ended

June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

(Dollars in thousands) (Dollars in thousands)

(Unaudited) (Unaudited)

Reconciliation of adjusted net income:

Net income (loss) attributable to Textainer Group Holdings $ 15,989 $ (4,379) $ 314 $ 11,610 $ 17,364 Limited common shareholders

Adjustments:

Write-off of unamortized deferred debt issuance costs - 122 - 122 -

Unrealized (gain) loss on derivative instruments, net (1,342) 14,937 10,099 13,595 15,837

Gain on insurance recovery and legal settlement - - (841) - (841)

Impact of reconciling items on income tax expense (benefit) 13 (150) (89) (137) (146)

Impact of reconciling items attributable to the noncontrolling interest 134 (828) (477) (694) (765)

Adjusted net income $ 14,794 $ 9,702 $ 9,006 $ 24,496 $ 31,449

Adjusted net income per diluted common share $ 0.28 $ 0.17 $ 0.16 $ 0.44 $ 0.55

Three Months Ended, Six Months Ended

June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

(Dollars in thousands) (Dollars in thousands)

(Unaudited) (Unaudited)

Reconciliation of adjusted EBITDA:

Net income (loss) attributable to Textainer Group Holdings $ 15,989 $ (4,379) $ 314 $ 11,610 $ 17,364 Limited common shareholders

Adjustments:

Interest income (56) (400) (729) (456) (1,367)

Interest expense 30,022 36,112 38,213 66,134 75,729

Write-off of unamortized deferred debt issuance costs - 122 - 122 -

Realized loss (gain) on derivative instruments, net 3,267 1,526 (1,095) 4,793 (2,539)

Unrealized (gain) loss on derivative instruments, net (1,342) 14,937 10,099 13,595 15,837

Gain on insurance recovery and legal settlement - - (841) - (841)

Income tax expense (benefit) 1,074 (833) (221) 241 152

Net income (loss) attributable to the noncontrolling interest 308 (729) (663) (421) (558)

Depreciation expense 63,848 66,834 64,135 130,682 126,599

Container (recovery) write-off from lessee default, net (1,557) (1) 8,450 (1,558) 7,730

Amortization expense 557 564 493 1,121 1,095

Impact of reconciling items attributable to the noncontrolling interest ^(a) (2,133) (3,314) (3,410) (5,447) (6,327)

Adjusted EBITDA ^(a) $ 109,977 $ 110,439 $ 114,745 $ 220,416 $ 232,874

(a) Adjusted EBITDA for the three months ended March 31, 2020 has been restatedto reflect an immaterial adjustment due to correction on impact of reconcilingitems attributable to the noncontrolling interest.

Three Months Ended Six Months Ended

June 30, March 31, June 30, June 30, June 30, 2020 2020 2019 2020 2019

(Dollars in thousands) (Dollars in thousands)

(Unaudited) (Unaudited)

Reconciliation of headline earnings:

Net income (loss) attributable to Textainer Group Holdings $ 15,989 $ (4,379) $ 314 $ 11,610 $ 17,364 Limited common shareholders

Adjustments:

Container impairment 1,197 4,586 10,918 5,783 11,718

Gain on insurance recovery and legal settlement - - (841) - (841)

Impact of reconciling items on income tax benefit (12) (46) (98) (58) (106)

Impact of reconciling items attributable to the noncontrolling interest (43) (115) (293) (158) (325)

Headline earnings $ 17,131 $ 46 $ 10,000 $ 17,177 $ 27,810

Headline earnings per basic common share $ 0.32 $ - $ 0.17 $ 0.31 $ 0.48

Headline earnings per diluted common share $ 0.32 $ - $ 0.17 $ 0.31 $ 0.48

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SOURCE Textainer Group Holdings Limited