Triton Outlook and Market Fundamentals
Reconciliation of Non-GAAP Financial Measures:
Adjusted Net Income and Adjusted Return on Equity
(In thousands, except earnings per share)
Net income attributable to common shareholders
Add (subtract):
Q1'21
$
129,325 $
Q2 '21
54,704 $
Q3 '21
Q4'21
123,045 $ 177,426 $
2021 Total
484,500
$
Q1'22
181,230 $
Q2'22
184,591 $
Q3 '22
176,809 $
Q4'22
152,180 $
2022 Total
694,810
Debt termination expense & unrealized loss (gain) on derivative
89,485
instruments, net
State and other income tax adjustments
41,214
(496)
1,119
131,818
(403)
1,443
197
49
1,286
(957)
(1,453)
(510)
8,551
8,041
Tax benefit from vesting of restricted shares
Adjusted net income
$
(643)
128,682
(40)
(683)
$
Adjusted net income per common share - Diluted
$
1.91 $
144,189 $
2.14 $
163,763 $
177,548
$
2.43 $
2.67 $
614,182
9.16
$
$
(1,184)
179,643 $
2.76 $
(107)
(1,291)
186,034 $
2.92 $
176,496 $
2.88 $
160,673
$
702,846
2.76
$
11.32
Q1'21
Q2'21
Q3 '21
Q4'21
2021 Total
Q1'22
Q2'22
Q3'22
Q4'22
2022 Total
Adjusted net income
$
128,682 $
144,189 $
163,763 $
177,548
$
614,182
$
179,643 $
Annualized Adjusted net income (1)
521,877
578,340
649,712
704,402
614,182
728,552
186,034 $
746,180
176,496 $
160,673 $
702,846
700,229
637,453
702,846
Beginning Shareholders' equity
2,010,948
2,169,318
2,172,077
2,248,870
Ending Shareholders' equity
2,169,318
2,172,077
2,248,870 2,334,712
(2)(3)
Average Shareholders' equity
$ 2,090,133
$ 2,170,698 $ 2,210,474 $ 2,291,791
2,010,948
2,334,712
$ 2,187,185
2,334,712
2,470,554 2,544,300
2,543,921
2,470,554
2,544,300 2,543,921 2,474,363
2,334,712
2,474,363
$ 2,402,633 $ 2,507,427 $2,544,111 $ 2,509,142 $ 2,473,570
Adjusted return on equity
25.0%
26.6%
29.4%
30.7%
28.1%
30.3%
29.8%
27.5%
25.4%
28.4%
(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 Shareholders' equity from each quarter in the current
year and December 31 of the previous year for the twelve-month ended periods.
(2) Average shareholders' equity was adjusted to exclude preferred shares.
TRITON
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