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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, 2019
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)

Canon's Court, 22 Victoria Street, Hamilton HM12, Bermuda
(Former name or former address, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
   Common shares, $0.01 par value per share
TRTN
New York Stock Exchange
8.50% Series A Cumulative Redeemable Perpetual Preference Shares
TRTNpA
New York Stock Exchange
8.00% Series B Cumulative Redeemable Perpetual Preference Shares
TRTNpB
New 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 filer
 
 
Smaller 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 18, 2019, there were 72,236,507 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, the risks and uncertainties described in the section entitled "Risk Factors" in our Annual Report on Form 10-K, filed with the SEC on February 19, 2019 (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,
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

   
          

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 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

   



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,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
90,603

 
$
95,629

 
$
269,510

 
$
285,247

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Change in derivative instruments designated as cash flow hedges
(20,784
)
 
4,159

 
(66,624
)
 
21,623

Reclassification of (gain) loss on derivative instruments designated as cash flow hedges
(1,020
)
 
(1,686
)
 
(4,485
)
 
(4,619
)
Cumulative effect for the adoption of ASU 2017-12, net of income tax effect

 

 
432

 

Foreign currency translation adjustment
(139
)
 
(50
)
 
(271
)
 
(136
)
Other comprehensive income (loss), net of tax
(21,943
)
 
2,423

 
(70,948
)
 
16,868

Comprehensive income
68,660

 
98,052

 
198,562

 
302,115

Less:
 
 
 
 
 
 
 
Other comprehensive income attributable to noncontrolling interest

 
1,393

 
592

 
5,249

Dividend on preferred shares
4,708

 

 
7,038

 

Comprehensive income attributable to common shareholders
$
63,952

 
$
96,659

 
$
190,932

 
$
296,866

 
 
 
 
 
 
 
 
Tax (benefit) provision on change in derivative instruments designated as cash flow hedges
$
(2,146
)
 
$
1,087

 
$
(8,103
)
 
$
5,791

Tax (benefit) provision on reclassification of (gain) loss on derivative instruments designated as cash flow hedges
$
(510
)
 
$
(471
)
 
$
(1,707
)
 
$
(1,216
)
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 Shares
 
Common Shares
 
Treasury Shares
 
Add'l Paid in Capital
 
Accumulated Earnings
 
Accumulated Other Comprehensive Income
 
Non controlling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
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 expenses
3,450,000

 
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
)
 

 

 

 
(978
)
Net income (loss)

 

 

 

 

 

 

 
92,219

 

 
592

 
92,811

Other comprehensive income (loss)

 

 

 

 

 

 

 
(432
)
 
(15,597
)
 

 
(16,029
)
Purchase of noncontrolling interests

 

 

 

 

 

 
11,707

 

 

 
(82,707
)
 
(71,000
)
Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 
(2,078
)
 
(2,078
)
Common shares dividend declared

 

 

 

 

 

 

 
(40,923
)
 

 

 
(40,923
)
Balance as of March 31, 2019
3,450,000

 
$
86,250

 
80,982,197

 
$
811

 
4,489,682

 
$
(141,407
)
 
$
906,164

 
$
1,400,491

 
$
(1,034
)
 
$
37,320

 
$
2,288,595

Issuance of preferred shares, net of offering expenses
5,750,000

 
143,750

 

 

 

 

 
(5,018
)
 

 

 

 
138,732

Share-based compensation

 

 
41,535

 

 

 

 
3,653

 

 

 

 
3,653

Treasury shares acquired

 

 

 

 
2,347,826

 
(73,942
)
 

 

 

 

 
(73,942
)
Net income (loss)

 

 

 

 

 

 

 
86,096

 

 

 
86,096

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
(33,408
)
 

 
(33,408
)
Purchase of noncontrolling interests

 

 

 

 

 

 
5,143

 

 

 
(37,320
)
 
(32,177
)
Common shares dividend declared

 

 

 

 

 

 

 
(39,108
)
 

 

 
(39,108
)
Preferred shares dividend declared

 

 

 

 

 

 

 
(1,833
)
 

 

 
(1,833
)
Balance as of June 30, 2019
9,200,000

 
$
230,000

 
81,023,732

 
$
811

 
6,837,508

 
$
(215,349
)
 
$
909,942

 
$
1,445,646

 
$
(34,442
)
 
$

 
$
2,336,608

Share-based compensation

 

 
92,997

 
1

 

 

 
1,766

 

 

 

 
1,767

Treasury shares acquired

 

 

 

 
1,604,803

 
(51,884
)
 

 

 

 

 
(51,884
)
Share repurchase to settle shareholder tax obligations

 

 
(143,390
)
 
(2
)
 

 

 
(4,686
)
 

 

 

 
(4,688
)
Net income (loss)

 

 

 

 

 

 

 
90,603

 

 

 
90,603

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
(21,943
)
 

 
(21,943
)
Common shares dividend declared

 

 

 

 

 

 

 
(38,064
)
 

 

 
(38,064
)
Preferred shares dividend declared

 

 

 

 

 

 

 
(4,420
)
 

 

 
(4,420
)
Balance as of September 30, 2019
9,200,000

 
$
230,000

 
80,973,339

 
$
810

 
8,442,311

 
$
(267,233
)
 
$
907,022

 
$
1,493,765

 
$
(56,385
)
 
$

 
$
2,307,979























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 Shares
 
Common Shares
 
Treasury Shares
 
Add'l Paid in Capital
 
Accumulated Earnings
 
Accumulated Other Comprehensive Income
 
Non controlling Interest
 
Total Equity
 
Shares
 
Amount
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance as of December 31, 2017

 
$

 
80,687,757

 
$
807

 

 
$

 
$
889,168

 
$
1,159,367

 
$
26,942

 
$
133,542

 
$
2,209,826

Share-based compensation

 

 
156,833

 
1

 

 

 
2,511

 

 

 

 
2,512

Share repurchase to settle shareholder tax obligations

 

 
(28,838
)
 

 

 

 
(822
)
 

 

 

 
(822
)
Net income (loss)

 

 

 

 

 

 

 
80,892

 

 
1,973

 
82,865

Tax reclassification to accumulated earnings for the adoption of ASU 2018-02

 

 

 

 

 

 

 
3,029

 
(3,029
)
 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
11,079

 

 
11,079

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 
(4,251
)
 
(4,251
)
Common shares dividend declared

 

 

 

 

 

 

 
(36,440
)
 

 

 
(36,440
)
Balance as of March 31, 2018

 
$

 
80,815,752

 
$
808

 

 
$

 
$
890,857

 
$
1,206,848

 
$
34,992

 
$
131,264

 
$
2,264,769

Share-based compensation

 

 
39,320

 
1

 

 

 
3,148

 

 

 

 
3,149

Net income (loss)

 

 

 

 

 

 

 
104,870

 

 
1,883

 
106,753

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
3,366

 

 
3,366

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 
(3,492
)
 
(3,492
)
Common shares dividend declared

 

 

 

 

 

 

 
(42,289
)
 

 

 
(42,289
)
Balance as of June 30, 2018

 
$

 
80,855,072

 
$
809

 

 
$

 
$
894,005

 
$
1,269,429

 
$
38,358

 
$
129,655

 
$
2,332,256

Share-based compensation

 

 
3,920

 

 

 

 
1,751

 

 

 

 
1,751

Treasury shares acquired

 

 

 

 
33,700

 
(1,115
)
 

 

 

 

 
(1,115
)
Share repurchase to settle shareholder tax obligations

 

 
(7,804
)
 

 

 

 
(295
)
 

 

 

 
(295
)
Net income (loss)

 

 

 

 

 

 

 
94,236

 

 
1,393

 
95,629

Other comprehensive income (loss)

 

 

 

 

 

 

 

 
2,423

 

 
2,423

Distributions to noncontrolling interests

 

 

 

 

 

 

 

 

 
(4,381
)
 
(4,381
)
Common shares dividend declared

 

 

 

 

 

 

 
(42,118
)
 

 

 
(42,118
)
Balance as of September 30, 2018

 
$

 
80,851,188

 
$
809

 
33,700

 
$
(1,115
)
 
$
895,461

 
$
1,321,547

 
$
40,781

 
$
126,667

 
$
2,384,150



























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

8




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