Company: TRTN-PA
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001660734-25-000004
Chunk: 38

Company: Triton International Ltd
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 38
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4.3 million that did not re-occur. Excluding activity related to finance leases, gain on sale of equipment increased in the current period primarily due to an increase in sales volume and the average sales price for used dry containers.

Depreciation and amortization. Depreciation and amortization was $541.5 million in 2024 compared to $575.6 million in 2023, a decrease of $34.1 million. The primary reasons for the decrease were as follows:

•$58.2 million decrease due to an increase in the number of containers that have become fully depreciated or reclassified to assets held for sale; partially offset by a

•$21.9 million increase due to new production units placed on-hire in the current year.

Direct operating expenses. Direct operating expenses primarily consist of our costs to repair equipment returned off lease, store equipment when it is not on lease and reposition equipment from locations with weak leasing demand. Direct operating expenses were $66.4 million in 2024 compared to $101.6 million in 2023, a decrease of $35.2 million. The primary reasons for the decrease were as follows:

•$26.9 million decrease in storage expense due to a decrease in the number of idle units; and a

•$5.8 million decrease in repair costs due to a lower volume of redeliveries.

Administrative expenses. Administrative expenses were $91.2 million in 2024 compared to $88.8 million in 2023, an increase of $2.4 million primarily due to an increase in overall compensation expense, partially offset by a decrease in costs associated with no longer having publicly traded common shares. In addition, we had foreign exchange losses in 2024 compared to gains in 2023.

Transaction and other costs. Transaction and other costs were $27.0 million in 2024 compared to $79.0 million in 2023, a decrease of $52.0 million primarily due to a decrease in employee compensation costs and advisory fees associated with the closing of the Merger.

Provision (reversal) for doubtful accounts. Reversal for doubtful accounts was $1.2 million in 2024 compared to a reversal of $3.4 million in 2023 largely due to the reversal of reserves of $2.1 million in 2024 and $3.5 million in 2023 as a result of recoveries related to a customer default that occurred in