Triton International Reports Third Quarter 2019 Results: Adjusted EPS of $1.16 and Quarterly Dividend of $0.52

HAMILTON, Bermuda--(BUSINESS WIRE)--Triton International Limited (NYSE: TRTN) ("Triton")

Third Quarter Highlights:

  • Adjusted net income was $85.0 million or $1.16 per diluted share, a decrease of 0.9% per diluted share from the third quarter of 2018.
  • Net income attributable to common shareholders was $85.9 million or $1.17 per diluted share.
  • Utilization averaged 96.7% in the third quarter of 2019.
  • Triton repurchased 1.6 million common shares during the third quarter. As of October 18, 2019, over 8.7 million shares have been repurchased since the inception of the program.
  • Triton announced a quarterly dividend of $0.52 per common share payable on December 20, 2019 to shareholders of record as of December 3, 2019.

Financial Results

The following table summarizes Triton’s selected key financial information for the three and nine months ended September 30, 2019 and 2018.

 

(in millions, except per share data)

 

Three Months Ended,

 

Nine Months Ended,

 

September 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Total leasing revenues

$336.7

 

 

 

$350.1

 

 

 

$1,016.1

 

 

 

$994.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to common shareholders

$85.9

 

(3)

 

$94.2

 

 

 

$261.9

 

(3)

 

$280.0

 

(4)

Net income per share - Diluted

$1.17

 

 

 

$1.17

 

 

 

$3.47

 

 

 

$3.47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP(1)

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income

$85.0

 

 

 

$94.8

 

 

 

$264.1

 

 

 

$263.6

 

 

Adjusted net income per share - Diluted

$1.16

 

 

 

$1.17

 

 

 

$3.50

 

 

 

$3.27

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on equity (2)

16.1

%

 

 

16.9

%

 

 

16.5

%

 

 

16.3

%

 

(1) Refer to the "Use of Non-GAAP Financial Measures" and "Non-GAAP Reconciliations of Adjusted Net Income" set forth below.
(2) Refer to the “Calculation of Return on Equity” set forth below.
(3) Net of dividends on preferred shares of $4.7 million and $7.0 million for the three and nine months ended September 30, 2019, respectively.
(4) Net income attributable to common shareholders in 2018 included a one-time gain of $21.0 million on the sale of a building.

Operating Performance

“Triton achieved solid results in the third quarter of 2019," commented Brian M. Sondey, Chief Executive Officer of Triton. “We generated $85.0 million of Adjusted net income in the third quarter, or $1.16 of Adjusted net income per share, and we realized an annualized Return on equity of 16.1%.”

“Triton's financial performance has remained solid despite facing weak leasing demand since last fall, and leasing activity remained slow throughout the traditional peak third quarter. Global economic conditions have softened this year, and the ongoing trade dispute between the United States and China continues to create uncertainty and impact shipping activity. Fortunately, the supply of containers remains generally well balanced due to reduced production of new containers, and while our utilization continued to gradually trend down during the third quarter, it remains strong at 96.1% as of October 18, 2019. Triton's financial performance has also been supported by our industry-leading cost structure and operating capabilities, our well-protected long-term lease portfolio, and disciplined use of our strong cash flow.”

“Triton’s investment level has been limited so far this year. As of October 18, 2019, we have purchased $247.7 million of containers for delivery in 2019. However, Triton continues to use its strong cash flow to drive shareholder value. Our regular dividend currently provides almost a six percent annual yield, and we also continue to actively repurchase shares of our common stock. We repurchased 1.6 million common shares during the third quarter, and have purchased over 8.7 million shares since last August, leading to a 10.8% reduction in our diluted share count. In addition, we believe the repurchase of the third-party investor interests earlier this year was an attractive investment in our existing container fleet. Overall, our strong cash flow, unrivaled operating capabilities and range of financing options give us many levers to drive shareholder value.”

Outlook

“Our customers and market forecasters have reduced their expectations for containerized trade growth this year following the weak summer peak season, and most are currently projecting growth will be just slightly positive in 2019. We are also heading into the seasonally-slower time of year. As a result, we expect our key operating metrics will continue to gradually decrease over the next several quarters. However, the short ordering cycle for containers and multiple drivers for container leasing demand typically limit the duration of soft market conditions, and we continue to benefit from numerous advantages and strong, stable cash flow. Overall, we expect our Adjusted net income per share will decrease from the third quarter to the fourth quarter, though we also expect our financial performance will remain solid.”

Dividends

Triton’s Board of Directors has approved and declared a $0.52 per share quarterly cash dividend on its issued and outstanding common shares, payable on December 20, 2019 to shareholders of record at the close of business on December 3, 2019.

Triton’s Board of Directors has approved a cash dividend of $0.53125 per share on its 8.50% Series A Preferred Shares (NYSE:TRTNpA) and a cash dividend of $0.50 per share on its 8.00% Series B Preferred Shares (NYSE:TRTNpB), each payable on December 16, 2019 to holders of record at the close of business on December 9, 2019.

Share Repurchase Update

As of October 18, 2019, we have repurchased approximately 8.7 million common shares since the initial Board of Director authorization of share repurchases in August 2018 for a total of $277.2 million at an average price per-share of $31.70. As of October 18, 2019, the Company has a total of $84.9 million remaining under the current authorization.

Investors’ Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Thursday, October 24, 2019 to discuss its third quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.1 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

The following table sets forth the equipment fleet utilization for the periods indicated:

 

Quarter Ended

 

September 30, 2019

 

June 30, 2019

 

March 31, 2019

 

December 31, 2018

 

September 30, 2018

Average Utilization (1)

96.7%

 

97.2%

 

97.6%

 

98.2%

 

98.7%

Ending Utilization (1)

96.3%

 

97.0%

 

97.4%

 

97.8%

 

98.6%

(1) Utilization is computed by dividing total units on lease (in cost equivalent units, or "CEUs") by the total units in fleet (in CEUs), excluding new units not yet leased and off-hire units designated for sale.

The following table summarizes the equipment fleet as of September 30, 2019, December 31, 2018 and September 30, 2018:

 

 

Equipment Fleet in Units

 

Equipment Fleet in TEU

 

 

September 30,
2019

 

December 31,
2018

 

September 30,
2018

 

September 30,
2019

 

December 31,
2018

 

September 30,
2018

Dry

 

3,287,025

 

3,340,946

 

3,336,793

 

5,393,705

 

5,476,406

 

5,464,515

Refrigerated

 

226,114

 

228,778

 

228,559

 

436,129

 

440,781

 

440,164

Special

 

94,678

 

93,900

 

94,038

 

171,579

 

169,614

 

169,870

Tank

 

12,539

 

12,509

 

12,284

 

12,539

 

12,509

 

12,284

Chassis

 

24,704

 

24,832

 

23,396

 

45,498

 

45,787

 

42,911

Equipment leasing fleet

 

3,645,060

 

3,700,965

 

3,695,070

 

6,059,450

 

6,145,097

 

6,129,744

Equipment trading fleet

 

17,054

 

13,138

 

14,513

 

25,764

 

21,361

 

23,182

Total

 

3,662,114

 

3,714,103

 

3,709,583

 

6,085,214

 

6,166,458

 

6,152,926

 

 

Equipment in CEU

 

 

September 30, 2019

 

December 31, 2018

 

September 30, 2018

Operating leases

 

6,929,682

 

7,009,605

 

7,208,106

Finance leases

 

526,553

 

538,867

 

318,607

Equipment trading fleet

 

42,739

 

47,476

 

53,730

Total

 

7,498,974

 

7,595,948

 

7,580,443

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than statements of historical information, are "forward-looking statements", including statements regarding our strategy, future operations, and future financial positions, within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," “estimate”, "anticipate," “predict”, "believe," “plan”, "will," "should", “intend”, “seek”, “potential” and similar expressions and variations are intended to identify forward-looking statements, although not all forward looking statements contain these identifying words. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: uncertainty as to the long-term value of Triton's common shares; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers for a substantial portion of our revenues; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in the demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to the impact of trade wars, tariffs and other trade actions; disruption to our operations from failures of, or attacks on, our information technology systems; our compliance or failure to comply with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; changes in tax laws in Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2018 (the “Form 10-K”) filed with the Securities and Exchange Commission ("SEC"), on February 19, 2019, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors set forth in our Form 10-K. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Certain financial measures are identified as not being prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). Please refer to the “Use of Non-GAAP Financial Measures” and “Non-GAAP Reconciliations of Adjusted Net Income” set forth below for a reconciliation of such non-GAAP measures to their most comparable GAAP measures.

TRITON INTERNATIONAL LIMITED

Consolidated Balance Sheets

(In thousands, except share data)

(Unaudited)

       

 

September 30,
2019

 

December 31,
2018

ASSETS:

 

 

 

Leasing equipment, net of accumulated depreciation of $2,836,132 and $2,533,446

$

8,519,730

 

 

$

8,923,451

 

Net investment in finance leases

431,619

 

 

478,065

 

Equipment held for sale

98,868

 

 

66,453

 

Revenue earning assets

9,050,217

 

 

9,467,969

 

Cash and cash equivalents

46,840

 

 

48,950

 

Restricted cash

111,276

 

 

110,589

 

Accounts receivable, net of allowances of $1,212 and $1,240

245,209

 

 

264,382

 

Goodwill

236,665

 

 

236,665

 

Lease intangibles, net of accumulated amortization of $234,966 and $205,532

63,491

 

 

92,925

 

Other assets

47,303

 

 

34,610

 

Fair value of derivative instruments

882

 

 

13,923

 

Total assets

$

9,801,883

 

 

$

10,270,013

 

LIABILITIES AND SHAREHOLDERS' EQUITY:

 

 

 

Equipment purchases payable

$

34,922

 

 

$

22,392

 

Fair value of derivative instruments

75,777

 

 

10,966

 

Accounts payable and other accrued expenses

106,332

 

 

99,885

 

Net deferred income tax liability

291,342

 

 

282,129

 

Debt, net of unamortized debt costs of $42,790 and $44,889

6,985,531

 

 

7,529,432

 

Total liabilities

7,493,904

 

 

7,944,804

 

 

 

 

 

Shareholders' equity:

 

 

 

Series A Preferred shares, $0.01 par value, 3,450,000 authorized, 3,450,000 and 0 shares issued and outstanding, respectively; at liquidation preference

86,250

 

 

 

Series B Preferred shares, $0.01 par value, 5,750,000 authorized, 5,750,000 and 0 shares issued and outstanding, respectively; at liquidation preference

143,750

 

 

 

Common shares, $0.01 par value, 270,000,000 shares authorized, 80,973,339 and 80,843,472 shares issued, respectively

810

 

 

809

 

Undesignated shares, $0.01 par value, 20,800,000 and 30,000,000 shares authorized, respectively, no shares issued and outstanding

 

 

 

Treasury shares, at cost, 8,442,311 and 1,853,148 shares, respectively

(267,233

)

 

(58,114

)

Additional paid-in capital

907,022

 

 

896,811

 

Accumulated earnings

1,493,765

 

 

1,349,627

 

Accumulated other comprehensive income (loss)

(56,385

)

 

14,563

 

Total shareholders' equity

2,307,979

 

 

2,203,696

 

Noncontrolling interests

 

 

121,513

 

Total equity

2,307,979

 

 

2,325,209

 

Total liabilities and equity

$

9,801,883

 

 

$

10,270,013

 

TRITON INTERNATIONAL LIMITED

Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

       

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

 

2019

 

2018

 

2019

 

2018

Leasing revenues:

 

 

 

 

 

 

 

Operating leases

$

326,800

 

 

$

346,461

 

 

$

985,592

 

 

$

981,646

 

Finance leases

9,868

 

 

3,617

 

 

30,501

 

 

13,300

 

Total leasing revenues

336,668

 

 

350,078

 

 

1,016,093

 

 

994,946

 

 

 

 

 

 

 

 

 

Equipment trading revenues

25,796

 

 

25,292

 

 

66,833

 

 

56,766

 

Equipment trading expenses

(21,646

)

 

(19,482

)

 

(54,600

)

 

(43,971

)

Trading margin

4,150

 

 

5,810

 

 

12,233

 

 

12,795

 

 

 

 

 

 

 

 

 

Net gain on sale of leasing equipment

6,196

 

 

7,055

 

 

22,184

 

 

27,378

 

Net gain on sale of building

 

 

 

 

 

 

20,953

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

Depreciation and amortization

133,367

 

 

141,337

 

 

403,324

 

 

405,664

 

Direct operating expenses

20,457

 

 

11,489

 

 

55,356

 

 

32,732

 

Administrative expenses

18,496

 

 

19,966

 

 

56,671

 

 

60,293

 

Provision (reversal) for doubtful accounts

126

 

 

677

 

 

505

 

 

551

 

Total operating expenses

172,446

 

 

173,469

 

 

515,856

 

 

499,240

 

Operating income (loss)

174,568

 

 

189,474

 

 

534,654

 

 

556,832

 

Other expenses:

 

 

 

 

 

 

 

Interest and debt expense

77,401

 

 

82,502

 

 

243,181

 

 

236,627

 

Realized (gain) loss on derivative instruments, net

(539

)

 

(608

)

 

(1,912

)

 

(1,348

)

Unrealized (gain) loss on derivative instruments, net

504

 

 

322

 

 

2,757

 

 

(975

)

Debt termination expense

1,870

 

 

1,348

 

 

2,428

 

 

1,851

 

Other (income) expense, net

(116

)

 

492

 

 

(2,047

)

 

(752

)

Total other expenses

79,120

 

 

84,056

 

 

244,407

 

 

235,403

 

Income (loss) before income taxes

95,448

 

 

105,418

 

 

290,247

 

 

321,429

 

Income tax expense (benefit)

4,845

 

 

9,789

 

 

20,737

 

 

36,182

 

Net income

$

90,603

 

 

$

95,629

 

 

$

269,510

 

 

$

285,247

 

Less: income (loss) attributable to noncontrolling interest

 

 

1,393

 

 

592

 

 

5,249

 

Less: dividend on preferred shares

4,708

 

 

 

 

7,038

 

 

 

Net income (loss) attributable to common shareholders

$

85,895

 

 

$

94,236

 

 

$

261,880

 

 

$

279,998

 

Net income per common share—Basic

$

1.18

 

 

$

1.18

 

 

$

3.49

 

 

$

3.50

 

Net income per common share—Diluted

$

1.17

 

 

$

1.17

 

 

$

3.47

 

 

$

3.47

 

Cash dividends paid per common share

$

0.52

 

 

$

0.52

 

 

$

1.56

 

 

$

1.49

 

Weighted average number of common shares outstanding—Basic

72,689

 

 

80,064

 

 

74,984

 

 

80,026

 

Dilutive restricted shares

560

 

 

664

 

 

573

 

 

594

 

Weighted average number of common shares outstanding—Diluted

73,249

 

 

80,728

 

 

75,557

 

 

80,620

 

TRITON INTERNATIONAL LIMITED

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

   

 

Nine Months Ended September 30,

 

2019

 

2018

Cash flows from operating activities:

 

 

 

Net income (loss)

$

269,510

 

 

$

285,247

 

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

Depreciation and amortization

403,324

 

 

405,664

 

Amortization of deferred debt cost and other debt related amortization

9,718

 

 

10,070

 

Lease related amortization

32,317

 

 

54,965

 

Share-based compensation expense

7,238

 

 

7,412

 

Net (gain) loss on sale of leasing equipment

(22,184

)

 

(27,378

)

Net (gain) loss on sale of building

 

 

(20,953

)

Unrealized (gain) loss on derivative instruments

2,757

 

 

(975

)

Debt termination expense

2,428

 

 

1,851

 

Deferred income taxes

18,885

 

 

34,636

 

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

22,006

 

 

(21,440

)

Accounts payable and other accrued expenses

(7,202

)

 

(3,469

)

Net equipment sold for resale activity

(1,798

)

 

(6,031

)

Cash collections on finance lease receivables, net of income earned

53,706

 

 

45,164

 

Other assets

(11,198

)

 

(578

)

Net cash provided by (used in) operating activities

779,507

 

 

764,185

 

Cash flows from investing activities:

 

 

 

Purchases of leasing equipment and investments in finance leases

(160,518

)

 

(1,347,202

)

Proceeds from sale of equipment, net of selling costs

163,033

 

 

122,100

 

Proceeds from the sale of building

 

 

27,630

 

Other

(245

)

 

(103

)

Net cash provided by (used in) investing activities

2,270

 

 

(1,197,575

)

Cash flows from financing activities:

 

 

 

Issuance of preferred shares, net of underwriting discount and expenses

221,790

 

 

 

Purchases of treasury shares

(209,592

)

 

 

Redemption of common shares for withholding taxes

(5,666

)

 

(1,117

)

Debt issuance costs

(8,709

)

 

(12,492

)

Borrowings under debt facilities

1,417,200

 

 

2,118,637

 

Payments under debt facilities and capital lease obligations

(1,970,334

)

 

(1,563,947

)

Dividends paid on preferred and common shares

(122,772

)

 

(119,280

)

Distributions to noncontrolling interests

(2,078

)

 

(12,123

)

Purchase of noncontrolling interests

(103,039

)

 

 

Net cash provided by (used in) financing activities

(783,200

)

 

409,678

 

Net increase (decrease) in cash, cash equivalents and restricted cash

$

(1,423

)

 

$

(23,712

)

Cash, cash equivalents and restricted cash, beginning of period

159,539

 

 

226,171

 

Cash, cash equivalents and restricted cash, end of period

$

158,116

 

 

$

202,459

 

Supplemental disclosures:

 

 

 

Interest paid

$

224,033

 

 

$

213,577

 

Income taxes paid (refunded)

$

2,504

 

 

$

1,837

 

Right-of-use asset for leased property

$

7,206

 

 

$

 

Supplemental non-cash investing activities:

 

 

 

Equipment purchases payable

$

34,922

 

 

$

127,755

 

Use of Non-GAAP Financial Measures

We use the term "Adjusted net income" throughout this press release.

Adjusted net income is adjusted for certain items management believes are not representative of our operating performance. Adjusted net income is defined as net income attributable to shareholders excluding debt termination expenses net of tax, unrealized gains and losses on derivative instruments net of tax, transaction and other costs net of tax, gain on sale of building, net of tax, tax benefit from vesting of restricted shares, and foreign income tax adjustments.

Adjusted net income is not a presentation made in accordance with U.S. GAAP. Adjusted net income should not be considered as an alternative to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income.

We believe that Adjusted net income is useful to an investor in evaluating our operating performance because this measure:

  • is widely used by securities analysts and investors to measure a company’s operating performance;
  • helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and
  • is used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

We have provided a reconciliation of net income attributable to common shareholders, the most directly comparable U.S. GAAP measure, to Adjusted net income in the table below for the three and nine months ended September 30, 2019 and September 30, 2018.

TRITON INTERNATIONAL LIMITED
Non-GAAP Reconciliations of Adjusted Net Income
(In thousands, except per share amounts)

 

 

 

 

 

 

 

Three Months Ended,

 

Nine Months Ended,

 

 

September 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Net income attributable to common shareholders

 

$

 

85,895

 

 

$

 

94,236

 

 

$

 

261,880

 

 

$

 

279,998

 

Adjustments:

 

 

 

 

 

 

 

 

Unrealized loss (gain) on derivative instruments, net

 

 

497

 

 

 

286

 

 

 

2,721

 

 

 

(866

)

Transaction and other (income) costs

   

 

 

2

 

 

 

 

(25

)

Debt termination expense

 

 

1,461

 

 

 

1,197

 

 

 

2,012

 

 

 

1,644

 

Foreign income tax adjustment

 

 

(931

)

 

 

(881

)

 

 

(517

)

 

 

(881

)

Gain on sale of building

   

 

 

 

 

(16,316

)

Tax benefit from vesting of restricted shares

 

 

(1,972

)

 

 

 

(1,972

)

 

Adjusted net income

 

$

 

84,950

 

 

$

 

94,840

 

 

$

 

264,124

 

 

$

 

263,554

 

Adjusted net income per common share—Diluted

 

$

 

1.16

 

 

$

 

1.17

 

 

$

 

3.50

 

 

$

 

3.27

 

Weighted average number of common shares outstanding—Diluted

 

 

73,249

 

 

 

80,728

 

 

 

75,557

 

 

 

80,620

 

TRITON INTERNATIONAL LIMITED
Calculation of Return on Equity
(In thousands)

 

 

 

 

 

 

 

Three Months Ended,

 

Nine Months Ended,

 

 

September 30,
2019

 

September 30,
2018

 

September 30,
2019

 

September 30,
2018

Adjusted net income

 

$

84,950

 

 

$

94,840

 

 

$

264,124

 

 

$

263,554

 

Annualized Adjusted net income (1)

 

337,030

 

 

376,267

 

 

353,133

 

 

352,371

 

 

 

 

 

 

 

 

 

 

Average Shareholders' equity (2)(3)

 

$

2,092,294

 

 

$

2,230,042

 

 

$

2,138,327

 

 

$

2,167,468

 

 

 

 

 

 

 

 

 

 

Return on equity

 

16.1

%

 

16.9

%

 

16.5

%

 

16.3

%

(1) Annualized Adjusted net income was calculated based on calendar days per quarter.

(2) Average Shareholders' equity was calculated using the quarter’s beginning and ending Shareholder’s equity for the three-month ended periods, and the ending Shareholder’s equity from each quarter in the current year and December 31 of the previous year for the nine month ended periods.

(3) Shareholders' equity was adjusted to exclude preferred shares.

Andrew Greenberg

Senior Vice President

Finance & Investor Relations

(914) 697-2900

Source: Triton International Limited

PR Document