Triton International : Q2 2023 Press Release

TRITON INTERNATIONAL REPORTS SECOND QUARTER 2023 RESULTS

AND DECLARES QUARTERLY DIVIDENDS

Hamilton, Bermuda - August 1, 2023 - Triton International Limited (NYSE: TRTN) ("Triton") today reported results for the second quarter of 2023.

Highlights:

• Net income attributable to common shareholders for the second quarter of 2023 was $128.7 million or $2.34 per diluted share, a decrease of 19.3% from the second quarter of 2022 and a decrease of 4.1% from the first quarter of 2023. Net income for the second quarter of 2023 included $2.6 million of transaction and other merger related costs associated with the pending transaction with Brookfield Infrastructure.
• Adjusted net income for the second quarter of 2023 was $131.3 million or $2.38 per diluted share, a decrease of 18.5% from the second quarter of 2022 and a decrease of 1.7% from the first quarter of 2023. Adjusted return on equity was 21.2% for the three months ended June 30, 2023.
• Utilization averaged 97.0% in the second quarter of 2023 and was 96.6% as of July 25, 2023.
• On April 12, 2023, Triton announced it had entered into a definitive agreement to be acquired by Brookfield Infrastructure (the "Merger Agreement"). Triton has set August 24, 2023 as the date of the special general meeting of shareholders to approve the transaction. Triton expects the transaction will close in the third quarter of 2023.

Financial Results

The following table summarizes Triton's selected key financial information:

Total leasing revenues

GAAP

Net income attributable to common shareholders

Net income per share - Diluted

Non-GAAP(1)

Adjusted net income

Adjusted net income per share - Diluted

(in millions, except per share data)

	Three Months Ended,			Six Months Ended,
June 30, 2023			March 31, 2023	June 30, 2022		June 30, 2023		June 30, 2022
$386.5			$397.7			$421.6		$784.3		$838.7

$128.7	$136.8	$184.6	$265.5	$365.8
$2.34	$2.44	$2.90		$4.77	$5.68
$131.3	$136.1	$186.0	$267.4	$365.7
$2.38	$2.42	$2.92		$4.81	$5.67

Adjusted return on equity (2)

21.2 % 22.5 % 29.8 %

21.7 % 30.1 %

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.

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Operating Performance

"Triton delivered solid results in the second quarter of 2023," commented Brian M. Sondey, Chief Executive Officer of Triton. "We generated $2.38 of Adjusted net income per share and an annualized return on equity of 21.2%. While market conditions in the second quarter remained slow overall, drop-off volumes decreased from the first quarter level and we experienced some pockets of demand. In addition, our revenues and profitability are well protected by our strong long-term lease portfolio. Our utilization averaged 97.0% during the second quarter and currently stands at 96.6%."

Dividends

The Company's Board of Directors has declared a cash dividend payable on September 15, 2023 to holders of record at the close of business on September 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

As previously disclosed, Triton's preference shares will remain outstanding immediately following the closing of the Brookfield Infrastructure transaction, and Triton expects to continue paying normal quarterly dividends on these shares. Post-closing, Triton's preference shares will remain entitled to the same dividends and other preferences and privileges that they currently have, with the preference share dividends remaining an obligation of Triton. Triton expects that the preference shares will continue to be listed on the NYSE immediately following the closing.

Additionally, as permitted by the terms of the Merger Agreement, Triton has declared a quarterly cash dividend of $0.70 per common share, payable on September 22, 2023 to shareholders of record at the close of business on September 8, 2023. The dividend is conditioned upon and will only be payable if the transaction has not closed prior to the close of business on the record date.

Transaction with Brookfield Infrastructure

On April 12, 2023, Triton announced that it had entered into a definitive agreement to be acquired by Brookfield Infrastructure Partners L.P. ("BIP") through its subsidiary Brookfield Infrastructure Corporation ("BIPC") (NYSE: "BIPC") and its institutional partners (collectively, "Brookfield Infrastructure"). Additionally, as previously announced, Triton will hold a special general meeting of shareholders on August 24, 2023 to approve the proposed transaction. The transaction is expected to close in the third quarter of 2023, subject to the satisfaction or waiver of customary closing conditions, including approval by Triton's shareholders and receipt of clearance from the Committee on Foreign Investment in the United States.

In light of the pending transaction, Triton will not hold an earnings conference call to discuss its second quarter results and Triton will not provide a financial outlook for 2023.

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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.

Contact Andrew Kohl Vice President

Corporate Strategy & Investor Relations [e-mail]

[phone]

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Utilization, Fleet, and Leasing Revenue Information

The following table summarizes the equipment fleet utilization for the periods indicated:

					Quarter Ended
	June 30, 2023	March 31, 2023		December 31, 2022	September 30, 2022		June 30, 2022
Average Utilization (1)	97.0 %		97.6 %		98.4 %		99.1 %		99.4 %
Ending Utilization (1)	96.7 %		97.2 %	98.1 %		98.8 %	99.3 %

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 (in Units, TEUs and CEUs):

	Equipment Fleet in Units				Equipment Fleet in TEU
	June 30, 2023		December 31, 2022	June 30, 2022		June 30, 2023			December 31, 2022	June 30, 2022
Dry	3,664,175		3,784,386			3,867,875		6,267,424			6,458,705			6,585,556
Refrigerated	224,476	227,628			231,470	436,803	442,489			449,850
Special	96,840		92,379			92,068		177,980		169,290			168,578
Tank	12,907	12,000			11,908	12,907	12,000			11,908
Chassis	27,533		27,937			23,985		52,113			52,744			44,902
Equipment leasing fleet	4,025,931	4,144,330			4,227,306	6,947,227	7,135,228			7,260,794
Equipment trading fleet	47,770		48,328			52,177		79,172			79,102			83,147
Total	4,073,701	4,192,658			4,279,483	7,026,399	7,214,330			7,343,941

			Equipment in CEU(1)
	June 30, 2023		December 31, 2022		June 30, 2022
Operating leases	6,997,458	7,147,332	7,248,096
Finance leases	640,650		662,822		683,175
Equipment trading fleet	73,732		75,697		78,936
Total	7,711,840	7,885,851	8,010,207

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 summarizes our lease portfolio by lease type, based on CEU on-hire and net book value, as of June 30, 2023:

Lease Portfolio	By CEU		By Net Book Value
Long-term leases	71.1 %	72.4 %
Finance leases	9.1		15.6
Subtotal	80.2		88.0
Service leases	6.6	4.1
Expired long-term leases, non-sale age (units on hire)	6.1	4.4
Expired long-term leases, sale-age (units on hire)	7.1		3.5
Total	100.0 %	100.0 %

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The following table summarizes our leasing revenue for the periods indicated (in thousands):

					Three Months Ended,
			June 30, 2023		March 31, 2023		June 30, 2022
	Operating leases
	Per diem revenues	$	343,038		$	352,180	$	378,414
	Fee and ancillary revenues		16,966			18,168		13,677
	Total operating lease revenues		360,004			370,348		392,091
	Finance leases		26,535			27,375		29,517
	Total leasing revenues	$	386,539		$	397,723	$	421,608

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