Strong Position in Growing Market
EQUITY CASH FLOW
Typical Prioritization of Cash Flow
($000, except per share amounts)
Cash flow before capex
Q2 Annualized
1,437,592
1. Maintain ability to service customers/replacement capex¹
Cash flow after replacement capex
Steady-state cash flow yield²
804,396
633,196
18.1%
2. Pay common dividend of $2.28 per share³
Dividend yield²
153,658
4.4%
Cash flow after replacement capex and regular dividend
479,538
Capital Allocation Options
3A. Growth capex at constant leverage
4
- Levered growth in revenue earning assets
- Potential REA growth
1,918,151
18.3%
3B. Share repurchase
479,538
- Percent of outstanding shares at current price
13.7%
3C. Additional dividends
479,538
- Potential additional per share distribution
$7.12
(1) Represents depreciation, NBV of disposals, and principal payments on finance leases.
(2) Based on closing stock price of $51.94 on 8/2/21.
(3) Reflects annualized second quarter dividend.
(4) Based on 75% debt to revenue earning assets.
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T TRITON
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