Triton Outlook and Market Fundamentals
Consolidated Statement of Adjusted Net income(*)
(In thousands, except earnings per share)
Q4'22
Total leasing revenues
Depreciation and amortization
$
416,307
$
Q3 '22
424,683
% Change
2022
2021
(2.0%) $1,679,686 $1,533,880
% Change
9.5%
154,661
158,538
Interest and debt expense
Total ownership costs
Gross margin
59,798
57,124
(2.4%) 634,837
4.7% 226,091
626,240
1.4%
222,024
1.8%
214,459
215,662
(0.6%)
860,928
848,264
1.5%
201,848
209,021
(3.4%)
818,758
685,616
19.4%
Direct operating expenses
18,238
10,525
73.3%
42,381
26,860
57.8%
Administrative expenses
23,996
22,747
5.5%
93,011
89,319
4.1%
Provision (reversal) for doubtful accounts and other (income) expense
(3,039)
(767)
296.2%
(4,284)
(3,854)
11.2%
Leasing margin
162,653
176,516
(7.9%)
687,650
573,291
19.9%
Trading margin
1,781
3,680
(51.6%)
16,004
34,099
(53.1%)
Net gain on sale of leasing equipment
25,156
26,468
(5.0%)
115,665
107,060
8.0%
Adjusted pretax income
Income tax expense
(1)
189,590
Adjusted net income
(1)(2)
$
Less: dividend on preferred shares
Adjusted net income attributable to common shareholders (1)(2)
$
206,664
15,889
17,140
173,701 $ 189,524
13,028
13,028
160,673 $ 176,496
(8.3%)
819,319
714,450
14.7%
(7.3%)
64,361
54,528
18.0%
52,112
(8.3%) $ 754,958 $ 659,922
0.0%
(9.0%) $
14.4%
45,740
13.9%
702,846 $
614,182
14.4%
Adjusted net income per common share
$
2.76 $
2.88
(4.2%) $
11.32 $
9.16
23.6%
Weighted average number of common shares outstanding - diluted
58,225
61,364
(5.1%)
62,100
67,068
(7.4%)
Return on equity
25.4%
27.5%
28.4%
28.1%
(*) Adjusted net income is a non-GAAP financial measure. See Non-GAAP Financial Information in the Appendix.
(1) Excludes debt termination expense and unrealized (gain) loss on derivative instruments.
(2) Excludes state and other income tax adjustments.
+ TRITON
21View entire presentation