The following excerpt is from the company's SEC filing.

March 14, 2017

– Triton International Limited (NYSE: TRTN),

("Triton") today reported results for the

fourth

quarter and full year ended

December 31, 2016

. On July 12, 2016 Triton Container International Limited ("TCIL") and TAL International Group, Inc. ("TAL") completed their previously announced strategic combination and became wholly-owned subsidiaries of Triton.

Highlights:

Triton reported Net income attributable to shareholders of

$22.8 million

and Income before income taxes of

$31.1 million

quarter of

Trit on reported Adjusted pre-tax income of

$19.0 million

in the

Utilization averaged

and averaged

for the full year.

As previously announced, Triton declared a quarterly dividend of

per share payable on

March 30, 2017

to shareholders of record as of

March 20, 2017

Financial Results

The following table depicts Triton’s selected key financial information for the

(dollars in millions, except per share data). Financial information for periods prior to July 12, 2016 is for TCIL (the accounting acquirer in the strategic combination of TCIL and TAL) only.

Three Months Ended 

 December 31,

Twelve Months Ended 

% Change

Leasing revenues

$259.5

$173.0

$828.7

$707.8

Income (loss) before income taxes

$(5.8)

$131.7

(104.4%)

Net income (loss) attributable to shareholders

$(13.5)

$111.1

(112.2%)

Net income (loss) per share - diluted

(3.1%)

$(0.24)

(108.9%)

Adjusted pre-tax income(1)

(10.4%)

$140.7

(65.1%)

Adjusted net income(1)

(22.3%)

$135.8

(64.0%)

(1) Adjusted pre-tax income and Adjusted net income are non-GAAP financial measures that we believe are useful in evaluating our operating performance. Triton's definition and calculation of Adjusted pre-tax income and Adjusted net income, including reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures, are outlined in the attached schedules.

Operating Performance

“Triton finished an eventful year in 2016 with strong momentum,” commented Brian M. Sondey, Chairman and Chief Executive Officer of Triton. “After being very challenging since early 2015, market conditions started to improve in the summer of 2016 and the improvements accelerated in the fourth quarter. Triton’s operating and financial performance improved throughout the third and fourth quarters as well.”

“The improvement in market conditions has been strongest for our dry container product line. In 2016, modest trade growth combined with reduced new container production volumes to significantly reduce excess container inventories. Leasing demand was further supported by an increased preference for leasing and stronger than expected containerized trade volumes after the end of the traditional summer peak season for dry containers. Triton’s net container pick-ups in the third and fourth quarters of 2016 were close to record levels, and new and used container inventories were historically low at the end of the year. Triton’s utilization increased 2.2% during the fourth quarter to reach

as of December 31, 2016. Triton’s utilization currently stands at 95.5%.”

“New dry container prices increased rapidly in the fourth quarter of 2016 due to a strong rebound in steel prices in China and increased orders for new containers. Market lease rates also increased rapidly due to the increase in new container prices and the improved container supply / demand balance. Used dry container sale prices stabilized in the third quarter and increased gradually in the fourth quarter, though the rate of improvement has so far lagged the increase in new container prices and market lease rates. We expect used dry container sale prices will continue to increase in 2017 if current market conditions are sustained.”

“Triton generated

of Adjusted pre-tax income in the fourth quarter of 2016. This level of profitability represents a solid increase from our normalized results in the third quarter, though the increase in the fourth quarter did not reflect the full impact of the improvement in market conditions and our operating trends. Purchase accounting reduced our reported profitability by

$9.7 million

in the fourth quarter. In addition, we continued to be impacted by the loss of revenue on the majority of containers previously on-hire to Hanjin Shipping Co. ("Hanjin"), and we also incurred an increase in repair expenses in the fourth quarter as we accelerated repairs on idle containers in response to improved leasing demand. Fortunately, we expect these factors to fade over the next several quarters.”

“The bankruptcy of Hanjin continues to have a significant impact on our business, but we are making good progress recovering our containers and expect the recovery process to be mostly complete during the first half of 2017. As of

of the containers previously on-hire to Hanjin have been recovered, and another

of the containers have been negotiated for release and are in the process of recovery.”

“We continue to make excellent progress on our post-merger integration. We expect to complete systems integration during the second quarter of 2017 and we remain on track to achieve our target of $40 million of annual organizational cost savings. In addition, our customers, lenders, suppliers and other stakeholders are taking note of the increased competitive distance between Triton and our peers, and are seeing benefits for themselves in working closely with the clear market leader.”

Outlook

Mr. Sondey continued, “Market conditions remain generally favorable at the start of 2017. Leasing company inventories of used dry containers are limited, and inventories of new containers at the container factories are near recent historical lows. New container prices and market leasing rates have started 2017 on a positive trajectory, and the price for a new twenty foot dry container is currently in the range of $2,200. Market lease rates for new dry container long-term leases are currently higher

than the average lease rates in Triton’s lease portfolio, which should mitigate the impacts of lease re-pricing if current market conditions are sustained.”

“We expect that new container production volumes will remain limited in the first half of 2017 and that the supply of containers will remain constrained despite the improved market fundamentals. We expect that container manufacturers in China will be required to convert all of their dry container production facilities to a new paint system which will take many container factories off-line for a portion of the second quarter. In addition, a number of leasing companies and shipping lines continue to face financial constraints that will likely limit their investments in new containers.”

“Our outlook for trade growth and leasing demand in 2017 is less clear. Our customers are generally reporting stronger than expected cargo volumes and improved freight rates for the first quarter, but ongoing global economic instability and increased threats of protectionism create meaningful risks to global economic growth, trade growth and leasing demand.”

“We expect our Adjusted pre-tax income to increase from the fourth quarter of 2016 to the first quarter of 2017. The first quarter typically represents our weakest quarter of the year since demand for dry containers is usually weakest in the post-holiday period and since the quarter has two fewer days than the fourth quarter. However, we expect ongoing improvements in our core operating trends to outweigh the first quarter seasonal weakness. If market conditions remain strong, we expect our financial results will improve sequentially through 2017.”

Dividend

As previously announced, Triton's Board of Directors has approved and declared a

per share quarterly cash dividend on its issued and outstanding common shares, payable on

to shareholders of record at the close of business on

Investors’ Webcast

Triton will hold a Webcast at 9 a.m. (New York time) on

Wednesday, March 15, 2017

to discuss its

quarter and full year results. An archive of the Webcast will be available one hour after the live call through

Friday, April 28, 2017

. To access the live Webcast or archive, please visit Triton’s website at http://www.trtn.com.

About Triton International Limited

Triton International Limited is the parent of Triton Container International Limited and TAL International Group, Inc., each of which merged under Triton on July 12, 2016 to create the world’s largest lessor of intermodal freight containers and chassis. Triton operates a container fleet

over five million

twenty-foot equivalent units ("TEU"), and our global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Contact

Andrew Greenberg

Senior Vice President,

Finance & Investor Relations

(914) 697-2900

The following table sets forth the combined equipment fleet utilization(a) as of and for the periods indicated:

Quarter Ended

September 30,

June 30,

March 31,

Average Utilization

Ending Utilization

(a) Utilization is computed by dividing total units on lease (in cost equivalent units, or "CEUs") by the total units in fleet (in CEUs), excluding new units not yet leased and off-hire units designated for sale. For the utilization calculation, units on lease to Hanjin were treated as off-lease effective August 1, 2016.

The following table provides the composition of our equipment fleet as of

(in units, TEUs and cost equivalent units, or “CEUs”):

Equipment Fleet in Units

Equipment Fleet in TEUs

2,747,497

4,443,935

Refrigerated

217,564

417,634

Special

84,077

147,217

11,961

Chassis

21,172

38,321

Equipment leasing fleet

3,082,271

5,059,068

Equipment trading fleet

15,927

26,276

3,098,198

5,085,344

Equipment Fleet in CEUs

Operating leases

6,126,320

Finance leases

368,468

72,646

6,567,434

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "believe," "project," "anticipate," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: failure to realize the anticipated benefits of the combination of TCIL and TAL, including as a result of a delay or difficulty in integrating the businesses of TCIL and TAL; uncertainty as to the long-term value of Triton's common shares; the expected amount and timing of cost savings and operating synergies resulting from the transaction; 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; their customers' decisions to buy rather than lease containers; their dependence on a limited number of customers for a substantial portion of their 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 their businesses; decreases in the demand for international trade; disruption to their operations resulting from the political and economic policies of foreign countries, particularly China; disruption to their operations from failures of or attacks on their information technology systems; their compliance with laws and regulations related to security, anti-terrorism, environmental protection and corruption; their ability to obtain sufficient capital to support their growth; restrictions on their businesses imposed by the terms of their debt agreements; and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" beginning on page 34 of the proxy statement/prospectus included in Triton’s Registration Statement on Form S-4, as amended.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

-Financial Tables Follow-

TRITON INTERNATIONAL LIMITED

Consolidated Balance Sheets

(Dollars in thousands, except share data)

December 31, 2015

ASSETS:

Leasing equipment, net of accumulated depreciation of $1,787,505 and $1,566,963

7,370,519

4,362,043

Net investment in finance leases, net of allowances of $527 and $526

346,810

66,656

Equipment held for sale

99,863

Revenue earning assets

7,817,192

4,428,699

Cash and cash equivalents

113,198

56,689

Restricted cash

50,294

22,575

Accounts receivable, net of allowances of $28,082 and $8,297

173,585

110,970

Goodwill

236,665

Lease intangibles, net of accumulated amortization of $56,159

246,598

Insurance receivable

17,170

Other assets

53,126

37,911

Fair value of derivative instruments

Total assets

8,713,571

4,658,997

LIABILITIES AND SHAREHOLDERS' EQUITY:

Equipment purchases payable

83,567

12,128

Accounts payable and other accrued expenses

143,098

81,306

Net deferred income tax liability

317,316

20,570

Debt, net of unamortized deferred financing costs of $19,999 and $19,024

6,353,449

3,166,903

Total liabilities

6,906,834

3,281,164

Shareholders' equity:

Class A common shares, $0.01 par value; 235,200,000 authorized, none and 35,628,585 issued and outstanding respectively

Class B common shares, $0.01 par value; 4,800,000 authorized; none and 4,800,000 issued and outstanding respectively

Common shares, $0.01 par value, 294,000,000 shares authorized, 74,376,025 and no shares issued and outstanding respectively

Undesignated shares $0.01 par value, 6,000,000 shares authorized, no shares issued and outstanding

Additional paid-in capital

690,418

176,088

Accumulated earnings

945,313

1,044,402

Accumulated other comprehensive income (loss)

26,758

(3,666

Total shareholders' equity

1,663,233

1,217,329

Non-controlling interests

143,504

160,504

Total equity

1,806,737

1,377,833

Total liabilities and shareholders' equity

Consolidated Statements of Operations

(Dollars and shares in thousands, except earnings per share)

Leasing revenues:

253,095

170,988

813,357

699,810

15,337

Total leasing revenues

259,547

173,000

828,694

707,839

Equipment trading revenues

16,418

Equipment trading expenses

(6,211

(15,800

Trading margin

Net (loss) gain on sale of leasing equipment

(4,261

(1,058

(20,347

Operating expenses:

Depreciation and amortization

120,006

83,174

392,592

300,470

Direct operating expenses

29,959

15,432

84,256

54,440

Administrative expenses

20,481

11,539

65,618

53,435

Transaction and other costs

66,916

22,185

Provision (reversal) for doubtful accounts

23,304

(2,156

Total operating expenses

171,948

119,910

632,686

428,374

Operating income

83,724

52,032

176,279

281,478

Other expenses:

Interest and debt expense

61,389

34,752

184,014

140,644

Realized loss on derivative instruments, net

Unrealized (gain) loss on derivative instruments, net

(9,648

(3,593

(4,405

Write-off of deferred financing costs

Other (income) expense

(1,076

Total other expenses

52,611

33,168

182,112

149,761

31,113

18,864

(5,833

131,717

Income tax expense (benefit)

25,624

17,872

(5,785

127,669

Less: income attributable to non-controlling interest

16,580

22,778

12,820

(13,517

111,089

Net income (loss) per common share—Basic

Net income (loss) per common share—Diluted

Cash dividends paid per common share

Weighted average number of common shares and non-voting common shares outstanding—Basic

73,735

40,429

56,032

Dilutive stock options and restricted stock

Weighted average number of common shares and non-voting common shares outstanding—Diluted

73,847

40,932

Consolidated Statements of Cash Flows

(Dollars in thousands)

Year Ended December 31, 2016

Year Ended December 31, 2015

Year Ended December 31, 2014

Cash flows from operating activities:

Net (loss) income

171,304

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

258,489

Amortization and write-off of deferred financing costs and other debt related amortization

13,938

Amortization of lease intangible

55,484

Net loss (gain) on sale of leasing equipment

(2,013

(31,616

Net (gain) loss on interest rate swaps

Deferred income taxes

Share compensation charge

12,048

18,686

Changes in operating assets and liabilities, net of acquired assets and liabilities:

Net equipment sold for resale activity

10,111

10,694

(2,768

(2,885

(9,509

(2,814

(2,548

Cash payments on termination of derivative instruments

(1,219

(1,057

Net cash provided by operating activities

484,188

449,304

432,374

Cash flows from investing activities:

Purchases of leasing equipment and investments in finance leases

(629,332

(398,799

(809,446

Proceeds from sale of equipment, net of selling costs

145,572

171,719

195,282

Cash collections on finance lease receivables, net of income earned

38,650

14,178

14,660

Cash and cash equivalents acquired

50,349

(2,819

(3,182

Net cash (used in) investing activities

(395,446

(215,721

(602,686

Cash flows from financing activities:

Redemption of common shares

(7,410

Financing fees paid under debt facilities

(6,554

(2,972

(4,845

Borrowings under debt facilities and proceeds under capital lease obligations

661,971

685,500

1,622,075

Payments under debt facilities and capital lease obligations

(602,152

(886,979

(1,209,377

Decrease in restricted cash

31,396

17,268

Purchase of non-controlling interests

Distributions to non-controlling interest

(24,732

(46,927

(38,225

Common stock dividends paid

(84,752

(215,000

Net cash (used in) provided by financing activities

(32,233

(242,501

171,826

Net increase (decrease) in unrestricted cash and cash equivalents

56,509

(8,918

Cash and cash equivalents, beginning of period

65,607

64,093

Cash and cash equivalents, end of period

Supplemental disclosures:

Interest paid

181,559

131,749

132,214

Income taxes paid

Supplemental non-cash investing activities:

109,949

Shares issued to acquire TAL

510,186

Transaction costs associated with the merger of TCIL and TAL and other costs for the

were as follows:

Employee compensation costs

46,838

15,426

Professional fees

14,295

Legal expenses

     Total

Employee compensation costs include costs to maintain and retain key employees, severance expenses, and certain stock compensation expense, including retention and stock compensation expense pursuant to plans established as part of TCIL's 2011 re-capitalization. Professional fees and legal expenses include costs paid for services directly related to the closing of the merger and include legal fees, accounting fees and transaction and advisory fees.

Non-GAAP Financial Measures

We use the terms "Adjusted pre-tax income "and "Adjusted net income" throughout this press release.

Adjusted pre-tax income is defined as income before income taxes as further adjusted for certain items which are described in more detail below, which management believes are not representative of our operating performance. Adjusted pre-tax income excludes gains and losses on interest rate swaps, the write-off of deferred financing costs, transaction and other costs, and non-controlling interest. Adjusted net income is defined as net income further adjusted for the items discussed above, net of income tax.

Adjusted pre-tax income and Adjusted net income are not presentations made in accordance with U.S. GAAP. Adjusted pre-tax income and Adjusted net income should not be considered as alternatives to, or more meaningful than, amounts determined in accordance with U.S. GAAP, including net income.

We believe that Adjusted pre-tax income and Adjusted net income are useful to an investor in evaluating our operating performance because these measures:

are widely used by securities analysts and investors to measure a company’s operating performance;

help investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the impact of our capital structure, our asset base and certain non-routine events which we do not expect to occur in the future; and

are used by our management for various purposes, including as measures of operating performance and liquidity, to assist in comparing performance from period to period on a consistent basis, in presentations to our board of directors concerning our financial performance and as a basis for strategic planning and forecasting.

We have provided reconciliations of Net income (loss) before income taxes and Net income (loss) attributable to shareholders, the most directly comparable U.S. GAAP measures, to Adjusted pre-tax income and Adjusted net income in the tables below for the three and

twelve months ended

Non-GAAP Reconciliations of Adjusted Pre-tax Income and Adjusted Net Income

(Dollars in Thousands)

Three Months Ended December 31,

Twelve Months Ended December 31,

Add (subtract):

   Write-off of deferred financing costs

Income attributable to non-controlling interest

19,018

21,189

49,087

140,732

(7,775

(3,335

(4,389

    Write-off of deferred financing costs

66,679

21,405

Adjusted net income

15,325

19,667

48,914

135,784

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

Triton International Ltd director just disposed of 1,500 shares - Nov. 24, 2017
Triton International Ltd director just disposed of 475 shares - Nov. 20, 2017
Triton International Ltd director just disposed of 10,000 shares - Nov. 17, 2017
Triton International Ltd director just disposed of 1,950 shares - Nov. 16, 2017
Triton International Ltd director just disposed of 1,950 shares - Nov. 16, 2017

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