February 14, 2023 – Triton International Limited (NYSE: TRTN)
("Triton")
Highlights:
- Net income attributable to common shareholders for the fourth
quarter of 2022 was $152.2 million or $2.61 per diluted share, a
decrease of 2.2% from the fourth quarter of 2021 and a decrease of
9.4% from the third quarter of 2022.
- Adjusted net income for the fourth quarter of 2022 was $160.7
million or $2.76 per diluted share, an increase of 3.4% from the
fourth quarter of 2021 and a decrease of 4.2% from the third
quarter of 2022.
- Net income attributable to common shareholders was $694.8
million for the full year of 2022, or $11.19 per diluted share, an
increase of 55.0% from 2021.
- Adjusted net income was $702.8 million for the full year of
2022, or $11.32 per diluted share, an increase of 23.6% from 2021.
Adjusted return on equity was 28.4% in 2022.
- Utilization averaged 98.4% in the fourth quarter of 2022 and
was 97.6% as of February 8, 2023.
- Triton repurchased 2.8 million common shares during the fourth
quarter and 9.1 million common shares during 2022. An additional
0.6 million common shares were repurchased through February 8,
2023.
Financial Results
The following table summarizes Triton’s selected key financial
information for the three and twelve months ended December 31, 2022
and December 31, 2021 and the three months ended September 30,
2022.
(in millions, except per share
data)
Three Months Ended,
Twelve Months Ended,
December 31, 2022
September 30, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Total leasing revenues
$416.3
$424.7
$417.2
$1,679.7
$1,533.9
GAAP
Net income attributable to common
shareholders
$152.2
$176.8
$177.4
$694.8
$484.5
Net income per share - Diluted
$2.61
$2.88
$2.67
$11.19
$7.22
Non-GAAP
(1)
Adjusted net income
$160.7
$176.5
$177.5
$702.8
$614.2
Adjusted net income per share -
Diluted
$2.76
$2.88
$2.67
$11.32
$9.16
Adjusted return on equity (2)
25.4 %
27.5 %
30.7 %
28.4 %
28.1 %
(1)
Refer to the "Use of Non-GAAP Financial Items" and "Non-GAAP
Reconciliations of Adjusted Net Income" set forth below.
(2)
Refer to the “Calculation of Adjusted Return on Equity” set forth
below.
Operating Performance
"Triton's results in the fourth quarter of 2022 provided a
strong finish to an outstanding year," commented Brian Sondey,
Chief Executive Officer of Triton. "In the fourth quarter, Triton
generated $2.76 of Adjusted net income per share and achieved an
annualized Adjusted return on equity over 25%. Triton's results in
the fourth quarter included $4.8 million of gains from lease buyout
transactions and a $3.0 million benefit from previously taken
credit provisions. In total, these items added $0.13 to our
Adjusted net income per share. For the full year of 2022, Triton
generated $11.32 of Adjusted net income per share and achieved an
Adjusted return on equity of 28.4%."
"Triton's outstanding performance reflects durable enhancements
we have made to our business. In 2020 and 2021, Triton capitalized
on very strong market conditions to drive rapid growth in our
container fleet and to significantly extend the average duration of
our lease portfolio. We were also able to take advantage of very
low interest rates as well as our upgrade to an investment grade
debt rating to refinance most of our debt portfolio, locking in
low-cost long-term financing."
"Global trade volumes decreased in 2022 due to a variety of
global economic and geopolitical challenges and as consumers
shifted spending back to services. Logistical bottlenecks also
eased in 2022, leading to improved container turn times. As a
result, most of our customers shifted from aggressive container
fleet expansion to fleet reductions. While Triton's operating
metrics faced pressure in 2022, our performance remained strong.
Our utilization averaged 99.1% in 2022, and currently stands at
97.6%."
"Triton continued to generate strong cash flow in 2022,
reflecting the power and stability of our business model. We also
demonstrated our ability to use our cash flow to drive shareholder
value across a wide range of market environments as we shifted our
investment focus from rapid fleet growth to aggressive share
repurchases. We repurchased 9.1 million shares in 2022 for prices
that we believe are compelling, leading to a 13.8% reduction in our
outstanding shares while also decreasing leverage."
Outlook
Mr. Sondey continued, "We expect our utilization will continue
to gradually trend down as long as market conditions remain
challenging, but we expect our operating and financial performance
will remain strong. The first quarter is typically the slow season
for dry containers and has the fewest number of days. In addition,
we expect used container sale prices and our disposal gains will
begin to decrease more quickly. Our financial results will also not
have the benefit of the transactions that added $0.13 to our
Adjusted net income per share in the fourth quarter. As a result,
we expect our Adjusted net income per share will decrease from the
fourth quarter of 2022 to the first quarter of 2023."
"The trajectory of our performance after the first quarter will
depend on how market conditions evolve. The outlook for global
economic conditions is uncertain, but our fleet remains well
protected by our lease portfolio, and container supply and demand
usually rebalance quickly due to the short order cycle for
containers and the steady disposal of older assets. We also expect
to continue to use our strong cash flow to reduce our share count
further, and we have historically been successful in putting
equipment back on hire quickly when market conditions improve. As a
result, we expect to maintain a high level of operating and
financial performance throughout 2023, and expect our EPS
trajectory will turn positive when market conditions stabilize and
recover."
Common and Preferred Share
Dividends
Triton’s Board of Directors has declared a quarterly cash
dividend of $0.70 per common share, payable on March 24, 2023 to
shareholders of record at the close of business on March 10,
2023.
The Company's Board of Directors also declared a cash dividend
payable on March 15, 2023 to holders of record at the close of
business on March 8, 2023 on Triton's issued and outstanding
preferred shares as follows:
Preferred Share Series
Dividend Rate
Dividend Per Share
Series A Preferred Shares
(NYSE:TRTNPRA)
8.500%
$0.5312500
Series B Preferred Shares
(NYSE:TRTNPRB)
8.000%
$0.5000000
Series C Preferred Shares
(NYSE:TRTNPRC)
7.375%
$0.4609375
Series D Preferred Shares
(NYSE:TRTNPRD)
6.875%
$0.4296875
Series E Preferred Shares
(NYSE:TRTNPRE)
5.750%
$0.3593750
Fourth Quarter 2022 Investor
Webcast
Triton will hold a Webcast at 8:30 a.m. (New York time) on
Tuesday, February 14, 2023 to discuss its fourth 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 over 7
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.
Utilization, Fleet, and Leasing Revenue
Information
The following table summarizes the equipment fleet utilization
for the periods indicated:
Quarter Ended
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
Average Utilization (1)
98.4 %
99.1 %
99.4 %
99.6 %
Ending Utilization (1)
98.1 %
98.8 %
99.3 %
99.5 %
(1)
Utilization is computed by dividing total units on lease (in CEU)
by the total units in our fleet (in CEU), excluding new units not
yet leased and off-hire units designated for sale.
The following table summarizes the equipment fleet as of
December 31, 2022, September 30, 2022, and December 31, 2021 (in
units, TEUs and CEUs):
Equipment Fleet in
Units
Equipment Fleet in TEU
December 31, 2022
September 30, 2022
December 31, 2021
December 31, 2022
September 30, 2022
December 31, 2021
Dry
3,784,386
3,833,065
3,843,719
6,458,705
6,540,720
6,531,816
Refrigerated
227,628
229,839
235,338
442,489
446,678
457,172
Special
92,379
91,949
92,411
169,290
168,441
169,004
Tank
12,000
11,911
11,692
12,000
11,911
11,692
Chassis
27,937
25,823
24,139
52,744
48,615
44,554
Equipment leasing fleet
4,144,330
4,192,587
4,207,299
7,135,228
7,216,365
7,214,238
Equipment trading fleet
48,328
47,696
53,204
79,102
77,755
83,692
Total
4,192,658
4,240,283
4,260,503
7,214,330
7,294,120
7,297,930
Equipment in CEU(1)
December 31, 2022
September 30, 2022
December 31, 2021
Operating leases
7,147,332
7,210,150
7,291,769
Finance leases
662,822
676,310
623,136
Equipment trading fleet
75,697
73,529
81,136
Total
7,885,851
7,959,989
7,996,041
(1)
In the equipment fleet tables above, we have included total fleet
count information based on CEU. CEU is a ratio used to convert the
actual number of containers in our fleet to a figure based on the
relative purchase prices of our various equipment types to that of
a 20-foot dry container. For example, the CEU ratio for a 40-foot
high cube dry container is 1.70, and a 40-foot high cube
refrigerated container is 7.50. These factors may differ slightly
from CEU ratios used by others in the industry.
The following table provides a summary of our equipment lease
portfolio by lease type, based on CEU and net book value, as of
December 31, 2022:
Lease
Portfolio
By CEU
By Net Book Value
Long-term leases
72.4 %
72.8 %
Finance leases
9.0
15.4
Subtotal
81.4
88.2
Service leases
6.7
4.2
Expired long-term leases, non-sale age
(units on hire)
6.8
5.0
Expired long-term leases, sale-age
(units on hire)
5.1
2.6
Total
100.0 %
100.0 %
The following table summarizes our leasing revenue for the
periods indicated (in thousands):
Three Months Ended,
December 31, 2022
September 30, 2022
December 31, 2021
Operating leases
Per diem revenues
$ 369,837
$ 379,623
$ 383,529
Fee and ancillary revenues
18,213
15,777
11,092
Total operating lease revenues
388,050
395,400
394,621
Finance leases
28,257
29,283
22,541
Total leasing revenues
$ 416,307
$ 424,683
$ 417,162
Share Repurchase Information
The following table provides information with respect to our
purchases of the Company's common shares for the periods
indicated:
Total Number of Shares
Purchased
Average Price Paid per
Share
July 1, 2021 through September 30,
2021
378,765
$ 51.19
October 1, 2021 through December 31,
2021
1,149,408
$ 57.52
2021 Total
1,528,173
$ 55.95
January 1, 2022 through March 31,
2022
1,257,374
$ 63.74
April 1, 2022 through June 30,
2022
1,832,240
$ 60.04
July 1, 2022 through September 30,
2022
3,200,340
$ 59.21
October 1, 2022 through December 31,
2022
2,775,332
$ 63.19
2022 Total
9,065,286
$ 61.22
January 1, 2023 through February 8,
2023
583,343
$ 70.74
Total
11,176,802
$ 61.00
Important Cautionary Information Regarding
Forward-Looking Statements
Certain statements in this release, other than purely historical
information, are "forward-looking statements" 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. These forward-looking
statements include, among others, statements relating to Triton's
future financial and operating performance and key drivers thereof;
anticipated trends in the market and industry; future capital
expenditures, including anticipated payments of dividends and
amount, manner and timing of share repurchases under the share
repurchase authorization; and other statements regarding prospects
and business strategies. Statements that include the words
"expect," "intend," "plan," "seek," "believe," "project,"
"predict," "anticipate," "potential," "will," "may," "would" and
similar statements of a future or forward-looking nature may be
used to identify forward-looking statements. 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:
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; increases in the cost of
repairing and storing our off-hire containers; our dependence on a
limited number of customers and suppliers; customer defaults;
decreases in the selling prices of used containers; the impact of
COVID-19 or future global pandemics on our business and financial
results; risks 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, duties,
tariffs or geo-political conflict; risks stemming from the
international nature of our business, including global and regional
economic conditions, including inflation and attempts to control
inflation, and geopolitical risks such as the ongoing war in
Ukraine; extensive competition in the container leasing industry;
decreases in demand for international trade; disruption to our
operations from failures of, or attacks on, our information
technology systems; disruption to our operations as a result of
natural disasters; compliance with laws and regulations related to
economic and trade sanctions, security, anti-terrorism,
environmental protection and anti-corruption; the availability and
cost of capital; 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 Form 10-K filed with the Securities and Exchange Commission
("SEC") on February 15, 2022, and in any subsequent documents filed
or to be filed with the SEC by Triton from time to time, including
our Form 10-K for the year ended December 31, 2022, which we expect
to file with the SEC on or about February 14, 2023.
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. Any
forward-looking statements made herein are qualified in their
entirety by these cautionary statements. 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.
-Financial Tables Follow-
TRITON INTERNATIONAL
LIMITED
Consolidated Balance
Sheets
(In thousands, except share
data)
December 31, 2022
December 31, 2021
ASSETS:
Leasing equipment, net of accumulated
depreciation of $4,289,259 and $3,919,181
$
9,530,396
$
10,201,113
Net investment in finance leases
1,639,831
1,558,290
Equipment held for sale
138,506
48,746
Revenue earning assets
11,308,733
11,808,149
Cash and cash equivalents
83,227
106,168
Restricted cash
103,082
124,370
Accounts receivable, net of allowances of
$2,075 and $1,178
226,554
294,792
Goodwill
236,665
236,665
Lease intangibles, net of accumulated
amortization of $291,837 and $281,340
6,620
17,117
Other assets
28,383
50,346
Fair value of derivative instruments
115,994
6,231
Total assets
$
12,109,258
$
12,643,838
LIABILITIES AND SHAREHOLDERS'
EQUITY:
Equipment purchases payable
$
11,817
$
429,568
Fair value of derivative instruments
2,117
48,277
Deferred revenue
333,260
92,198
Accounts payable and other accrued
expenses
71,253
70,557
Net deferred income tax liability
411,628
376,009
Debt, net of unamortized costs of $55,863
and $63,794
8,074,820
8,562,517
Total liabilities
8,904,895
9,579,126
Shareholders' equity:
Preferred shares, $0.01 par value, at
liquidation preference
730,000
730,000
Common shares, $0.01 par value,
270,000,000 shares authorized, 81,383,024 and 81,295,366 shares
issued, respectively
814
813
Undesignated shares, $0.01 par value,
800,000 shares authorized, no shares issued and outstanding
—
—
Treasury shares, at cost, 24,494,785 and
15,429,499 shares, respectively
(1,077,559
)
(522,360
)
Additional paid-in capital
909,911
904,224
Accumulated earnings
2,531,928
2,000,854
Accumulated other comprehensive income
(loss)
109,269
(48,819
)
Total shareholders' equity
3,204,363
3,064,712
Total liabilities and shareholders'
equity
$
12,109,258
$
12,643,838
TRITON INTERNATIONAL
LIMITED
Consolidated Statements of
Operations
(In thousands, except per
share amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Leasing revenues:
Operating leases
$
388,050
$
394,621
$
1,564,486
$
1,480,495
Finance leases
28,257
22,541
115,200
53,385
Total leasing revenues
416,307
417,162
1,679,686
1,533,880
Equipment trading revenues
20,860
39,423
147,874
142,969
Equipment trading expenses
(19,079
)
(33,354
)
(131,870
)
(108,870
)
Trading margin
1,781
6,069
16,004
34,099
Net gain on sale of leasing equipment
25,156
28,096
115,665
107,060
Operating expenses:
Depreciation and amortization
154,661
165,384
634,837
626,240
Direct operating expenses
18,238
5,614
42,381
26,860
Administrative expenses
23,996
23,993
93,011
89,319
Provision (reversal) for doubtful
accounts
(2,998
)
(8
)
(3,102
)
(2,475
)
Total operating expenses
193,897
194,983
767,127
739,944
Operating income (loss)
249,347
256,344
1,044,228
935,095
Other expenses:
Interest and debt expense
59,798
52,669
226,091
222,024
Unrealized (gain) loss on derivative
instruments, net
(23
)
—
(343
)
—
Debt termination expense
80
1,330
1,933
133,853
Other (income) expense, net
(41
)
(184
)
(1,182
)
(1,379
)
Total other expenses
59,814
53,815
226,499
354,498
Income (loss) before income taxes
189,533
202,529
817,729
580,597
Income tax expense (benefit)
24,325
12,076
70,807
50,357
Net income (loss)
$
165,208
$
190,453
$
746,922
$
530,240
Less: dividend on preferred shares
13,028
13,027
52,112
45,740
Net income (loss) attributable to
common shareholders
$
152,180
$
177,426
$
694,810
$
484,500
Net income per common share—Basic
$
2.63
$
2.68
$
11.25
$
7.26
Net income per common share—Diluted
$
2.61
$
2.67
$
11.19
$
7.22
Cash dividends paid per common share
$
0.70
$
0.65
$
2.65
$
2.36
Weighted average number of common shares
outstanding—Basic
57,820
66,113
61,778
66,728
Dilutive restricted shares
405
428
322
340
Weighted average number of common shares
outstanding—Diluted
58,225
66,541
62,100
67,068
TRITON INTERNATIONAL
LIMITED
Consolidated Statements of
Cash Flows
(In thousands)
Twelve Months Ended December
31,
2022
2021
Cash flows from operating
activities:
Net income (loss)
$
746,922
$
530,240
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization
634,837
626,240
Amortization of deferred debt cost and
other debt related amortization
11,112
11,603
Lease related amortization
11,285
17,654
Share-based compensation expense
12,512
9,365
Net (gain) loss on sale of leasing
equipment
(115,665
)
(107,060
)
Unrealized (gain) loss on derivative
instruments
(343
)
—
Debt termination expense
1,933
133,853
Deferred income taxes
26,018
43,077
Changes in operating assets and
liabilities:
Accounts receivable
44,119
(50,336
)
Deferred revenue
287,328
83,600
Accounts payable and other accrued
expenses
4,620
(6,860
)
Net equipment sold (purchased) for resale
activity
(93
)
7,606
Cash received (paid) for settlement of
interest rate swaps
19,026
5,497
Cash collections on finance lease
receivables, net of income earned
180,075
74,117
Other assets
21,182
26,568
Net cash provided by (used in)
operating activities
1,884,868
1,405,164
Cash flows from investing
activities:
Purchases of leasing equipment and
investments in finance leases
(943,062
)
(3,434,394
)
Proceeds from sale of equipment, net of
selling costs
296,737
217,078
Other
(638
)
(70
)
Net cash provided by (used in)
investing activities
(646,963
)
(3,217,386
)
Cash flows from financing
activities:
Issuance of preferred shares, net of
underwriting discount
—
169,488
Purchases of treasury shares
(554,095
)
(82,528
)
Debt issuance costs
(10,162
)
(42,631
)
Borrowings under debt facilities
1,952,600
8,690,006
Payments under debt facilities and finance
lease obligations
(2,449,367
)
(6,635,987
)
Dividends paid on preferred shares
(52,112
)
(45,321
)
Dividends paid on common shares
(162,174
)
(157,312
)
Other
(6,824
)
(4,951
)
Net cash provided by (used in)
financing activities
(1,282,134
)
1,890,764
Net increase (decrease) in cash, cash
equivalents and restricted cash
$
(44,229
)
$
78,542
Cash, cash equivalents and restricted
cash, beginning of period
230,538
151,996
Cash, cash equivalents and restricted
cash, end of period
$
186,309
$
230,538
Supplemental disclosures:
Interest paid
$
208,714
$
211,412
Income taxes paid (refunded)
$
47,010
$
7,933
Right-of-use asset for leased property
$
907
$
2,517
Supplemental non-cash investing
activities:
Equipment purchases payable
$
11,817
$
429,568
Use of Non-GAAP Financial Items
We use the terms "Adjusted net income" and "Adjusted return on
equity" throughout this press release.
Adjusted net income and Adjusted return on equity are not items
presented in accordance with U.S. GAAP and should not be considered
as alternatives to, or more meaningful than, amounts determined in
accordance with U.S. GAAP, including net income.
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 common
shareholders excluding debt termination expenses net of tax,
unrealized gains and losses on derivative instruments net of tax,
and foreign and other income tax adjustments.
We believe that Adjusted net income is useful to an investor in
evaluating our operating performance because this item:
- 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 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
months ended December 31, 2022, September 30, 2022, and December
31, 2021 and for the twelve months ended December 31, 2022 and
December 31, 2021.
Additionally, the calculation for Adjusted return on equity is
adjusted annualized net income divided by average shareholders'
equity. Management utilizes Adjusted return on equity in evaluating
how much profit the Company generates on the shareholders' equity
in the Company and believes it is useful for comparing the
profitability of companies in the same industry.
Certain forward-looking information included in this press
release is provided only on a non-GAAP basis without a
reconciliation of these measures to the mostly directly comparable
GAAP measure due to the inherent difficulty in forecasting and
quantifying certain amounts that are necessary for such
reconciliation. These items depend on highly variable factors, many
of which may not be in our control, and which could vary
significantly from future GAAP financial results.
TRITON INTERNATIONAL
LIMITED
Non-GAAP Reconciliations of
Adjusted Net Income
(In thousands, except per
share amounts)
Three Months Ended,
Twelve Months Ended
December 31, 2022
September 30, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Net income attributable to common
shareholders
$
152,180
$
176,809
$
177,426
$
694,810
$
484,500
Add (subtract):
Unrealized loss (gain) on derivative
instruments, net
(20
)
17
—
(303
)
—
Debt termination expense
69
180
1,119
1,589
131,818
State and other income tax adjustments
8,551
(510
)
(957
)
8,041
(1,453
)
Tax benefit from vesting of restricted
shares
(107
)
—
(40
)
(1,291
)
(683
)
Adjusted net income
$
160,673
$
176,496
$
177,548
$
702,846
$
614,182
Adjusted net income per common
share—Diluted
$
2.76
$
2.88
$
2.67
$
11.32
$
9.16
Weighted average number of common shares
outstanding—Diluted
58,225
61,364
66,541
62,100
67,068
TRITON INTERNATIONAL
LIMITED
Calculation of Adjusted Return
on Equity
(In thousands)
Three Months Ended,
Twelve Months Ended,
December 31, 2022
September 30, 2022
December 31, 2021
December 31, 2022
December 31, 2021
Adjusted net income
$
160,673
$
176,496
$
177,548
$
702,846
$
614,182
Annualized Adjusted net income (1)
637,453
700,229
704,402
702,846
614,182
Average Shareholders' equity (2)(3)
$
2,509,142
$
2,544,111
$
2,291,791
$
2,473,570
$
2,187,185
Adjusted return on equity
25.4
%
27.5
%
30.7
%
28.4
%
28.1
%
(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
twelve-month ended periods.
(3)
Average Shareholders' equity was adjusted to exclude preferred
shares.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230213005379/en/
Andrew Kohl Vice President Corporate Strategy & Investor
Relations 914-697-2900
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