Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 43

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 43
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 default under the related credit agreements and the acceleration of our outstanding debt if we were unable to obtain a waiver from the creditors. As of December 31, 2024, we were in compliance with all such covenants.

Credit Ratings

Our investment-grade corporate and long-term debt credit ratings enable us to lower our cost of funds and broaden our access to attractively priced capital. While a ratings downgrade, on its own, would not result in a default under any of our debt agreements, it could adversely affect our ability to issue debt and obtain new financings, or renew existing financings, and it would increase the cost of our financings. Additionally, under the terms of our senior notes and certain series of our preference shares, certain ratings downgrades following the occurrence of a change of control, as more fully described in the relevant agreements governing those instruments, could give holders of those instruments certain redemption or conversion rights. The Company's long-term debt and corporate rating of BBB- from Fitch Ratings and BBB from S& P Global Ratings remained unchanged in 2024.

Cash Flow

The following table sets forth certain cash flow information for the periods presented (in thousands):

                                                           Year Ended December 31,                                                                         
                                                           2024                                        2023                       Variance                 
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Net cash provided by (used in) operating activities      $                            1,113,368      $           1,150,208      $              (36,840)  
  Net cash provided by (used in) investing activities      $                            (555,108)      $             144,291      $             (699,399)  
  Net cash provided by (used in) financing activities      $                            (537,770)      $         (1,331,582)      $               793,812  

Operating Activities

Net cash provided by operating activities decreased by $36.8 million to $1,113.4 million in 2024, compared to $1,150.2 million in 2023. The decrease was primarily due to a decrease in accounts payable and other accrued expenses of $54.7 million driven by the payout of employee incentive and retention costs associated with the Merger of $59.5 million and a decrease in cash collections on finance lease receivables due to a large buyout of $52.7 million of equipment under a finance lease in 2023, that did