Triton International Limited

All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to John Burns, CFO. Please go ahead.

Thank you, Anthony. Good morning, and thank you for joining us on today's call. We are here to discuss Triton's first quarter 2022 results, which were reported this morning. Joining me on this morning's call from Triton is Brian Sonde, our CEO, and John O'Callaghan, our head of global marketing and operations. Before I turn the call over to Brian, I'd like to note that our prepared remarks will follow along a presentation that can be found in the investor section of our website under investor presentations. I'd like to direct you to slide two of that presentation and remind you that today's presentation includes forward-looking statements that reflect Triton's current view with respect to future events, financial performance, and industry conditions. These forward-looking statements are subject to various risks and uncertainties. Triton has provided additional information in its reports on file with the SEC concerning factors that could cause actual results to differ materially from those contained in this presentation. and we encourage you to review these factors. In addition, reconciliations of non-GAAP measures to the most directly comparable GAAP financial measures are included in our earnings release in the presentation. With these formalities out of the way, I'll now turn the call over to Brian.

Thanks, John, and welcome to Triton International's first quarter 2022 earnings conference call. I'll start with slide three of our presentation. Triton achieved another quarter of record performance in the first quarter of 2022. We generated $2.76 of adjusted net income per share, an increase of 3.4% from the fourth quarter, and an increase of 45% from the first quarter of last year. And we achieved an annualized return on equity of over 30%. Triton is carrying significant operational and financial strength into 2022. we have added over $4 billion of containers over the last two years and placed these containers onto high-margin, long-duration leases. We've extended lease durations across our fleet and increased the share of our dry containers on lifecycle leases to almost 60%. And we have achieved meaningful interest expense savings through aggressive refinancing activity and locked in these savings by focusing on fixed-rate, long-duration debt. Market conditions remain constructive. Goods consumption remains high, and our customers continue to face extensive operational disruptions that are slowing container turn times. Container prices and market leasing rates are down from last year's peak, but remain historically high. Our customers have been more cautious about growing their container fleets so far this year after aggressively expanding last year. But drop-offs remain low, and a number of customers have been active leasing for spot requirements, and again, at lease rates that remain historically high. We continue to use our strong cash flow to drive shareholder value. We have repurchased 3.3 million shares, or about 5% of our total, since we shifted focus from aggressive fleet investment to share repurchases last fall. We are increasing our repurchase authorization back to $200 million. And we announced a quarterly dividend of 65 cents per share. We have made durable enhancements to our business that we believe have locked in a higher level of performance. We expect our adjusted and income per share will decrease slightly from the first to the second quarter as disposal prices and gains moderate. But we also expect our profitability and return on equity to remain very high throughout 2022 and into the longer term. I will now hand the call over to John O'Callaghan, our global head of marketing and operations.