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001-32845
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32-0163571
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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39 East Union Street
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Pasadena, California
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91103
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(Address of Principal Executive Offices)
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(Zip Code)
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☐
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Written communications pursuant to Rule 425 under the
Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b)
under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c)
under the Exchange Act (17 CFR 240.13e-4(c))
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Page
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Item 2.02
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Results of Operations and Financial Condition
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1
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Item 8.01
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Other Events
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1
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Item 9.01
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Financial Statements and Exhibits
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1
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Exhibit 99.1
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Press
Release of GFN dated May 9, 2019
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Exhibit
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Exhibit
Description
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99.1
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GENERAL FINANCE CORPORATION
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Dated: May 9, 2019
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By:
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/s/ CHRISTOPHER A. WILSON
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Christopher A. Wilson
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General Counsel, Vice President and Secretary
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Exhibit
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Number
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Exhibit Description
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99.1
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Quarter
Ended March 31,
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Nine
Months Ended March 31,
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2018
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2019
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2018
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2019
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Revenues
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Sales:
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Lease inventories
and fleet
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$27,251
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$25,204
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$88,698
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$92,653
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Manufactured
units
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2,349
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1,432
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6,332
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7,941
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29,600
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26,636
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95,030
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100,594
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Leasing
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54,821
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59,573
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158,438
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181,400
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84,421
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86,209
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253,468
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281,994
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Costs
and expenses
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Cost of
sales:
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Lease inventories
and fleet (exclusive of the items shown separately
below)
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19,729
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18,100
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64,039
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68,210
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Manufactured
units
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2,126
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1,231
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6,266
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6,600
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Direct costs of
leasing operations
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22,684
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22,923
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65,690
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68,851
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Selling and general
expenses
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18,996
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20,647
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56,224
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60,310
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Depreciation and
amortization
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10,014
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10,897
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29,671
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31,952
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Operating
income
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10,872
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12,411
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31,578
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46,071
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|
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Interest
income
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43
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27
|
81
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108
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Interest
expense
|
(9,398)
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(10,207)
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(24,667)
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(27,700)
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Change in valuation
of bifurcated derivatives in Convertible Note
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(504)
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(1,131)
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(2,221)
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(22,829)
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Foreign exchange
and other
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(1,348)
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(3)
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(2,685)
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(3,296)
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(11,207)
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(11,314)
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(29,492)
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(53,717)
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Income
(loss) before provision for income taxes
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(335)
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1,097
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2,086
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(7,646)
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Provision for
income taxes
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228
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1,429
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519
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5,056
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Net
income (loss)
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(563)
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(332)
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1,567
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(12,702)
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Preferred stock
dividends
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(922)
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(922)
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(2,766)
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(2,766)
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Noncontrolling
interests
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—
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—
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801
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—
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Net
loss attributable to common
stockholders
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$(1,485)
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$(1,254)
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$(398)
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$(15,468)
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Net loss per common
share:
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Basic
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$(0.06)
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$(0.04)
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$(0.02)
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$(0.53)
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Diluted
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(0.06)
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(0.04)
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(0.02)
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(0.53)
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Weighted average
shares outstanding:
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Basic
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26,301,706
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29,975,295
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26,210,697
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29,084,947
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Diluted
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26,301,706
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29,975,295
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26,210,697
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29,084,947
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June 30, 2018
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March 31, 2019
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Assets
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Cash
and cash equivalents
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$21,617
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$6,814
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Trade
and other receivables, net
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50,525
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54,912
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Inventories
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22,731
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36,962
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Prepaid
expenses and other
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8,023
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11,384
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Property,
plant and equipment, net
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22,310
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23,272
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Lease
fleet, net
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429,388
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455,634
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Goodwill
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109,943
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111,403
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Other
intangible assets, net
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25,150
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22,774
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Total assets
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$689,687
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$723,155
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Liabilities
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Trade
payables and accrued liabilities
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$50,545
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$46,169
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Income
taxes payable
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361
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—
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Unearned
revenue and advance payments
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19,226
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21,825
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Senior
and other debt, net
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427,218
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424,670
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Fair
value of bifurcated derivative in Convertible Note
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15,583
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18,041
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Deferred
tax liabilities
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34,969
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38,969
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Total liabilities
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547,902
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549,674
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Commitments
and contingencies
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—
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—
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Equity
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Cumulative
preferred stock, $.0001 par value: 1,000,000 shares authorized;
400,100 shares issued and outstanding (in series)
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40,100
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40,100
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Common
stock, $.0001 par value: 100,000,000 shares authorized; 27,017,606
and 30,341,321 shares issued and outstanding at June 30, 2018 and
March 31, 2019, respectively
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3
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3
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Additional
paid-in capital
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139,547
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184,141
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Accumulated
other comprehensive loss
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(17,091)
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(17,287)
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Accumulated
deficit
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(21,278)
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(33,980)
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Total
General Finance Corporation stockholders’ equity
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141,281
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172,977
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Equity
of noncontrolling interests
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504
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504
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Total equity
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141,785
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173,481
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Total liabilities and equity
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$689,687
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$723,155
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Quarter
Ended March 31,
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Nine
Months Ended March 31,
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||
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2018
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2019
|
2018
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2019
|
Net income
(loss)
|
$(563)
|
$(332)
|
$1,567
|
$(12,702)
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Add (deduct)
—
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Provision
(benefit) for income taxes
|
228
|
1,429
|
519
|
5,056
|
Change
in valuation of bifurcated derivatives in Convertible
Note
|
504
|
1,131
|
2,221
|
22,829
|
Foreign
exchange and other
|
1,348
|
3
|
2,685
|
3,296
|
Interest
expense
|
9,398
|
10,207
|
24,667
|
27,700
|
Interest
income
|
(43)
|
(27)
|
(81)
|
(108)
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Depreciation
and amortization
|
10,131
|
10,998
|
30,123
|
32,256
|
Share-based
compensation expense
|
889
|
655
|
2,986
|
1,996
|
Refinancing
costs not capitalized
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—
|
58
|
—
|
506
|
Adjusted
EBITDA
|
$21,892
|
$24,122
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$64,687
|
$80,829
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Quarter
Ended March 31, 2018
|
Quarter
Ended March 31, 2019
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||||||
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Asia-Pacific
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North
America
|
Asia-Pacific
|
North
America
|
||||
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Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Operating income
(loss)
|
$3,178
|
$9,299
|
$(17)
|
$(1,694)
|
$3,124
|
$10,862
|
$(91)
|
$(1,596)
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Add -
|
|
|
|
|
|
|
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Depreciation and
amortization
|
4,342
|
5,855
|
117
|
9
|
4,733
|
6,353
|
101
|
4
|
Share-based
compensation expense
|
114
|
80
|
11
|
684
|
160
|
95
|
7
|
393
|
Refinancing costs
not capitalized
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----
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----
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----
|
----
|
58
|
----
|
----
|
----
|
Adjusted
EBITDA
|
$7,634
|
$15,234
|
$111
|
$(1,001)
|
$8,075
|
$17,310
|
$17
|
$(1,199)
|
Intercompany
adjustments
|
|
|
|
$(86)
|
|
|
|
$(81)
|
|
Nine
Months Ended March 31, 2018
|
Nine
Months Ended March 31, 2019
|
||||||
|
Asia-Pacific
|
North
America
|
Asia-Pacific
|
North
America
|
||||
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Leasing
|
Leasing
|
Manufacturing
|
Corporate
|
Operating income
(loss)
|
$10,232
|
$25,955
|
$(680)
|
$(4,304)
|
$8,977
|
$40,692
|
$518
|
$(4,520)
|
Add -
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
12,837
|
17,382
|
452
|
27
|
13,906
|
18,608
|
304
|
16
|
Share-based
compensation expense
|
1,321
|
273
|
37
|
1,355
|
544
|
257
|
19
|
1,176
|
Refinancing costs
not capitalized
|
----
|
----
|
----
|
----
|
58
|
448
|
----
|
----
|
Adjusted
EBITDA
|
$24,390
|
$43,610
|
$(191)
|
$(2,922)
|
$23,485
|
$60,005
|
$841
|
$(3,328)
|
Intercompany
adjustments
|
|
|
|
$(200)
|
|
|
|
$(174)
|
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