Company Quick10K Filing
Triton
Price33.62 EPS4
Shares76 P/E9
MCap2,540 P/FCF5
Net Debt6,827 EBIT533
TEV9,368 TEV/EBIT18
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-23
10-Q 2020-06-30 Filed 2020-07-24
10-Q 2020-03-31 Filed 2020-04-24
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-10-25
10-Q 2019-06-30 Filed 2019-07-25
10-Q 2019-03-31 Filed 2019-04-30
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-02-27
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-08-11
10-Q 2017-03-31 Filed 2017-05-15
10-K 2016-12-31 Filed 2017-03-20
10-Q 2016-09-30 Filed 2016-11-14
10-Q 2016-06-30 Filed 2016-08-15
10-Q 2016-03-31 Filed 2016-06-23
8-K 2020-11-13 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-10-23 Earnings, Exhibits
8-K 2020-10-01 Other Events, Exhibits
8-K 2020-09-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-07-24 Earnings, Exhibits
8-K 2020-07-01 Officers, Exhibits
8-K 2020-04-24
8-K 2020-04-21
8-K 2020-03-27
8-K 2020-02-14
8-K 2020-01-16
8-K 2020-01-16
8-K 2019-11-22
8-K 2019-10-31
8-K 2019-10-29
8-K 2019-10-24
8-K 2019-07-25
8-K 2019-06-17
8-K 2019-05-22
8-K 2019-04-30
8-K 2019-04-25
8-K 2019-03-14
8-K 2019-03-12
8-K 2019-02-14
8-K 2018-12-10
8-K 2018-12-04
8-K 2018-11-02
8-K 2018-08-03
8-K 2018-05-04
8-K 2018-05-04
8-K 2018-02-22
8-K 2018-01-18

TRTN 10Q Quarterly Report

Item 1. Financial Statements
Note 1 - Description of The Business, Basis of Presentation and Accounting Policy Updates
Note 2 - Equipment Held for Sale
Note 3 - Intangible Assets
Note 4 - Share - Based Compensation
Note 5 - Other Equity Matters
Note 6 - Leases
Note 7 - Debt
Note 8 - Derivative Instruments
Note 9 - Segment and Geographic Information
Note 10 - Commitments and Contingencies
Note 11 - Income Taxes
Note 12 - Related Party Transactions
Note 13 - Noncontrolling Interest
Note 14 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 exhibit311ceocertifica.htm
EX-31.2 exhibit312cfocertifica.htm
EX-32.1 exhibit321ceosoxcertif.htm
EX-32.2 exhibit322cfosoxcertif.htm

Triton Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
151296302015201620182020
Assets, Equity
0.20.10.10.0-0.0-0.12015201620182020
Rev, G Profit, Net Income
0.30.1-0.1-0.2-0.4-0.62015201620182020
Ops, Inv, Fin

trtn-20200930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For The Quarterly Period Ended September 30, 2020
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from                             to   
Commission file number - 001-37827
Triton International Limited
(Exact name of registrant as specified in the charter)
Bermuda
 
98-1276572
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)

Victoria Place, 5th Floor, 31 Victoria Street, Hamilton HM 10, Bermuda
(Address of principal executive office)
(441294-8033
(Registrant's telephone number including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
   Common shares, $0.01 par value per shareTRTNNew York Stock Exchange
8.50% Series A Cumulative Redeemable Perpetual Preference SharesTRTN PRANew York Stock Exchange
8.00% Series B Cumulative Redeemable Perpetual Preference SharesTRTN PRBNew York Stock Exchange
7.375% Series C Cumulative Redeemable Perpetual Preference SharesTRTN PRCNew York Stock Exchange
6.875% Series D Cumulative Redeemable Perpetual Preference SharesTRTN PRDNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirement for the past 90 days. Yes     No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer Accelerated Filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in rule 12b-2 of the Exchange Act). Yes     No 
As of October 16, 2020, there were 68,607,126 common shares at $0.01 par value per share of the registrant outstanding.



Triton International Limited
Index
Page No.

2


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This quarterly report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, that involve substantial risks and uncertainties. In addition, we, or our executive officers on our behalf, may from time to time make forward-looking statements in reports and other documents we file with the Securities and Exchange Commission, or SEC, or in connection with oral statements made to the press, potential investors or others. All statements, other than statements of historical facts, including statements regarding our strategy, future operations, future financial position, future revenues, future costs, prospects, plans and objectives of management are forward-looking statements. The words "expect," "estimate," "anticipate," "predict," "believe," "think," "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.
Forward-looking statements in this report are subject to a number of known and unknown risks and uncertainties that could cause our actual results, performance or achievements to differ materially from those described in the forward-looking statements, including, but not limited to: 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; the magnitude and duration of the ongoing COVID-19 pandemic and its impact on our business, global trade and supply chains; customers' decisions to buy rather than lease containers; 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 Triton's businesses; decreases in demand for international trade; disruption to Triton's operations resulting from political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars and tariffs; disruption to Triton's operations from failure of, or attacks on, Triton's information technology systems; disruption to Triton's operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; ability to obtain sufficient capital to support growth; restrictions imposed by the terms of Triton's debt agreements; the phase-out of the London Interbank Offered Rate (LIBOR), or the replacement of LIBOR with an alternative reference rate, which may adversely affect interest rates; changes in the tax laws in Bermuda, the United States and other countries; and the other risks and uncertainties described in the section entitled "Risk Factors" in our Annual Report on Form 10-K, filed with the SEC on February 14, 2020 (the "Form 10-K"), in this Report on Form 10-Q and in any other Form 10-Q filed or to be filed by us, as well as in the other documents we file with the SEC from time to time, and such risks and uncertainties are specifically incorporated herein by reference.
Forward-looking statements speak only as of the date the statements are made. Except as required under the federal securities laws and rules and regulations of the SEC, we undertake no obligation to update or revise forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information. We caution you not to unduly rely on the forward-looking statements when evaluating the information presented in this report.

3


ITEM 1.    FINANCIAL STATEMENTS

TRITON INTERNATIONAL LIMITED
Consolidated Balance Sheets
(In thousands, except share data)
(Unaudited)
September 30, 2020December 31, 2019
ASSETS:  
Leasing equipment, net of accumulated depreciation of $3,247,980 and $2,933,886
$8,323,667 $8,392,547 
Net investment in finance leases296,763 413,342 
Equipment held for sale104,923 114,504 
Revenue earning assets8,725,353 8,920,393 
Cash and cash equivalents173,257 62,295 
Restricted cash163,486 106,677 
Accounts receivable, net of allowances of $2,155 and $1,276
214,978 210,697 
Goodwill236,665 236,665 
Lease intangibles, net of accumulated amortization of $259,565 and $242,301
38,892 56,156 
Other assets72,044 38,902 
Fair value of derivative instruments 10,848 
Total assets$9,624,675 $9,642,633 
LIABILITIES AND SHAREHOLDERS' EQUITY:  
Equipment purchases payable$96,798 $24,685 
Fair value of derivative instruments 154,603 36,087 
Accounts payable and other accrued expenses105,631 116,782 
Net deferred income tax liability319,320 301,317 
Debt, net of unamortized costs of $41,741 and $39,781
6,429,434 6,631,525 
Total liabilities7,105,786 7,110,396 
Shareholders' equity:  
Preferred shares, $0.01 par value, at liquidation preference
555,000 405,000 
Common shares, $0.01 par value, 270,000,000 shares authorized, 81,151,723 and 80,979,833 shares issued, respectively
812 810 
Undesignated shares, $0.01 par value, 7,800,000 and 13,800,000 shares authorized, respectively, no shares issued and outstanding
  
Treasury shares, at cost, 12,544,597 and 8,771,345 shares, respectively
(385,696)(278,510)
Additional paid-in capital903,346 902,725 
Accumulated earnings1,597,928 1,533,845 
Accumulated other comprehensive income (loss)(152,501)(31,633)
Total shareholders' equity2,518,889 2,532,237 
Total liabilities and shareholders' equity$9,624,675 $9,642,633 
The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

4





TRITON INTERNATIONAL LIMITED
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Leasing revenues:  
Operating leases$320,352 $326,800 $946,579 $985,592 
Finance leases7,405 9,868 24,043 30,501 
Total leasing revenues327,757 336,668 970,622 1,016,093 
Equipment trading revenues26,094 25,796 58,377 66,833 
Equipment trading expenses(22,225)(21,646)(50,555)(54,600)
Trading margin3,869 4,150 7,822 12,233 
Net gain on sale of leasing equipment10,737 6,196 19,351 22,184 
Operating expenses:  
Depreciation and amortization136,248 133,367 402,235 403,324 
Direct operating expenses25,992 20,457 78,859 55,356 
Administrative expenses21,395 18,496 61,092 56,671 
Provision (reversal) for doubtful accounts(45)126 4,608 505 
Total operating expenses183,590 172,446 546,794 515,856 
Operating income (loss)158,773 174,568 451,001 534,654 
Other expenses:  
Interest and debt expense62,776 77,401 198,652 243,181 
Realized (gain) loss on derivative instruments, net (539)(224)(1,912)
Unrealized (gain) loss on derivative instruments, net 504 286 2,757 
Debt termination expense24,345 1,870 24,376 2,428 
Other (income) expense, net(631)(116)(4,241)(2,047)
Total other expenses86,490 79,120 218,849 244,407 
Income (loss) before income taxes72,283 95,448 232,152 290,247 
Income tax expense (benefit)15,825 4,845 28,070 20,737 
Net income (loss)$56,458 $90,603 $204,082 $269,510 
Less: income (loss) attributable to noncontrolling interest   592 
Less: dividend on preferred shares10,512 4,708 30,850 7,038 
Net income (loss) attributable to common shareholders$45,946 $85,895 $173,232 $261,880 
Net income per common share—Basic$0.67 $1.18 $2.49 $3.49 
Net income per common share—Diluted$0.67 $1.17 $2.48 $3.47 
Cash dividends paid per common share$0.52 $0.52 $1.56 $1.56 
Weighted average number of common shares outstanding—Basic68,223 72,689 69,693 74,984 
Dilutive restricted shares359 560 289 573 
Weighted average number of common shares outstanding—Diluted68,582 73,249 69,982 75,557 
   
The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

5





TRITON INTERNATIONAL LIMITED
Consolidated Statements of Comprehensive Income
(In thousands)
(Unaudited)
 Three Months Ended September 30,Nine Months Ended September 30,
 2020201920202019
Net income (loss)$56,458 $90,603 $204,082 $269,510 
Other comprehensive income (loss), net of tax:    
Change in derivative instruments designated as cash flow hedges969 (20,784)(135,283)(66,624)
Reclassification of (gain) loss on derivative instruments designated as cash flow hedges7,351 (1,020)14,616 (4,485)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect   432 
Foreign currency translation adjustment176 (139)(201)(271)
Other comprehensive income (loss), net of tax8,496 (21,943)(120,868)(70,948)
Comprehensive income64,954 68,660 83,214 198,562 
Less:
Other comprehensive income attributable to noncontrolling interest$ $ $ $592 
Dividend on preferred shares10,512 4,708 30,850 7,038 
Comprehensive income attributable to common shareholders$54,442 $63,952 $52,364 $190,932 
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges$(117)$(2,146)$(11,103)$(8,103)
Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges$483 $(510)$666 $(1,707)
Tax (benefit) provision on cumulative effect for the adoption of ASU 2017-12$ $ $ $277 
   

The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

6





TRITON INTERNATIONAL LIMITED
Consolidated Statements of Shareholders' Equity
(In thousands, except share amounts)
(Unaudited)
Preferred SharesCommon SharesTreasury SharesAdd'l Paid in CapitalAccumulated EarningsAccumulated Other Comprehensive IncomeNon controlling InterestTotal Equity
SharesAmountSharesAmountSharesAmount
Balance as of December 31, 201916,200,000 $405,000 80,979,833 $810 8,771,345 $(278,510)$902,725 $1,533,845 $(31,633)$ $2,532,237 
Issuance of preferred shares, net of offering expenses6,000,000 150,000 — — — — (5,171)— — — 144,829 
Share-based compensation— — 184,644 2 — — 1,603 — — — 1,605 
Treasury shares acquired— — — — 1,365,620 (37,488)— — — — (37,488)
Share repurchase to settle shareholder tax obligations— — (53,609)(1)— — (2,155)— — — (2,156)
Net income (loss)— — — — — — — 77,036 — — 77,036 
Other comprehensive income (loss)— — — — — — — — (118,991)— (118,991)
Common shares dividend declared— — — — — — — (37,427)— — (37,427)
Preferred shares dividend declared— — — — — — — (9,395)— — (9,395)
Balance as of March 31, 202022,200,000 $555,000 81,110,868 $811 10,136,965 $(315,998)$897,002 $1,564,059 $(150,624)$ $2,550,250 
Issuance of preferred shares, net of offering expenses  — — — — 31 — — — 31 
Share-based compensation— — 38,592 — — — 4,256 — — — 4,256 
Treasury shares acquired— — — — 2,050,924 (58,906)— — — — (58,906)
Net income (loss)— — — — — — — 70,588 — — 70,588 
Other comprehensive income (loss)— — — — — — — — (10,373)— (10,373)
Common shares dividend declared— — — — — — — (36,383)— — (36,383)
Preferred shares dividend declared— — — — — — — (10,513)— — (10,513)
Balance as of June 30, 202022,200,000 $555,000 81,149,460 $811 12,187,889 $(374,904)$901,289 $1,587,751 $(160,997)$ $2,508,950 
Issuance of preferred shares, net of offering expenses— — — — — — — — — —  
Share-based compensation— — 2,263 1 — — 2,057 — — — 2,058 
Treasury shares acquired— — — — 356,708 (10,792)— — — — (10,792)
Net income (loss)— — — — — — — 56,458 — — 56,458 
Other comprehensive income (loss)— — — — — — — — 8,496 — 8,496 
Common shares dividend declared— — — — — — — (35,769)— — (35,769)
Preferred shares dividend declared— — — — — — — (10,512)— — (10,512)
Balance as of September 30, 202022,200,000 $555,000 81,151,723 $812 12,544,597 $(385,696)$903,346 $1,597,928 $(152,501)$ $2,518,889 


The accompanying Notes to the Unaudited Consolidated Financial Statements are an integral part of these statements.

7





TRITON INTERNATIONAL LIMITED
Consolidated Statements of Shareholders' Equity
(In thousands, except share amounts)
(Unaudited)
`Preferred SharesCommon SharesTreasury SharesAdd'l Paid in CapitalAccumulated EarningsAccumulated Other Comprehensive IncomeNon controlling InterestTotal Equity
SharesAmountSharesAmountSharesAmount
Balance as of December 31, 2018 $ 80,843,472 $809 1,853,148 $(58,114)$896,811 $1,349,627 $14,563 $121,513 $2,325,209 
Issuance of preferred shares, net of offering expenses3,450,000 86,250 — — — — (3,192)— — — 83,058 
Share-based compensation— — 170,231 2 — — 1,816 — — — 1,818 
Treasury shares acquired— — — — 2,636,534 (83,293)— — — — (83,293)
Share repurchase to settle shareholder tax obligations— — (31,506)— — — (978)— — — (