Fourth Quarter diluted EPS of $0.60
Generated nearly $180
million of operating cash flow in the quarter
Strong lease fleet utilization of 98%
Issues fiscal 2023 guidance
LAKE
OSWEGO, Ore., Oct. 27,
2022 /PRNewswire/ -- The Greenbrier Companies, Inc.
(NYSE: GBX) ("Greenbrier"), a leading international supplier of
equipment and services to global freight transportation markets,
today reported financial results for its fourth fiscal quarter and
year ended August 31, 2022.
Fourth Quarter Highlights
- New railcar orders for 4,800 units valued at $620 million and deliveries of 5,800 units.
- Diversified new railcar backlog as of August 31, 2022 was 29,500 units with an
estimated value of $3.5 billion.
- Railcar refurbishment backlog of 2,300 units valued at
$170 million.
- Ended the quarter with liquidity of $690
million, including $543
million in cash and $147
million of available borrowing capacity.
- Operating cash flow of nearly $180
million.
- Net earnings attributable to Greenbrier for the quarter were
$20 million, or $0.60 per diluted share, on revenue of
$950 million.
- EBITDA for the quarter was $89
million, or 9.3% of revenue.
- Finalized $150 million
non-recourse term loan at Greenbrier leasing subsidiary with
$75 million drawn immediately and
$75 million expected to be drawn in
fiscal 2023. Terms are similar to the leasing term loan refinanced
in August 2021.
- Board declared a quarterly dividend of $0.27 per share, payable on November 29, 2022 to shareholders of record as of
November 8, 2022 representing
Greenbrier's 34th consecutive quarterly dividend.
Fiscal Year 2022 Highlights
- Diversified new railcar orders of 24,600 units valued at
$2.9 billion and deliveries of nearly
20,000 units.
- Regular lease fleet optimization and monetization generated
$155 million of proceeds and
$35 million of gains.
- Net earnings attributable to Greenbrier were $47 million, or $1.40 per diluted share, on revenue of nearly
$3.0 billion.
- In February, GBX Leasing completed issuance of $323 million of asset-backed notes with a blended
interest rate of 2.9% and a weighted average life of six
years.
- Fixed the interest rate on most long-term floating rate debt to
mitigate risk in current rising rate environment. No significant
debt maturities until 2026.
- EBITDA was $231 million, or 7.8%
of revenue.
"Greenbrier's fourth quarter performance marked a strong end to
our fiscal year and demonstrates the value of our diverse business
activities. Despite challenges throughout the year, including
ongoing supply chain disruptions, increasing input costs and the
war in Ukraine, our operations are
building momentum. Greenbrier achieved a book-to-bill rate of
1.2x for fiscal 2022 on orders for 24,600 units during the fiscal
year. Greenbrier also continued to execute our leasing
strategy, increasing the number of railcars in the lease fleet in
2022 by nearly 40% to 12,200 units. Importantly, our expanded
leasing platform is protected from interest rate risk since our
leasing debt is non-recourse and at fixed interest rates. Our
lease platform offers a strong source of liquidity, as demonstrated
by robust syndication activity in 2022." said Lorie Tekorius, Chief Executive Officer &
President.
Tekorius concluded, "Our outlook for Greenbrier's business is
broadly optimistic for fiscal 2023 despite uncertain macroeconomic
conditions. Our backlog of nearly 30,000 units, valued at
$3.5 billion, coupled with our strong
liquidity position, provides visibility and an opportunity to drive
higher performance, building on the momentum in our business.
We expect railcar utilization levels to remain high as scrapping
continues to outpace new deliveries contributing to a strong North
American leasing market for originations and lease renewals."
Business Update & Outlook
Greenbrier's strategy during the fourth fiscal quarter produced
strong operating performance amid ongoing economic volatility.
Based on current trends and production schedules, Greenbrier
expects the following performance in fiscal 2023:
- Deliveries of 22,000 – 24,000 units including approximately
1,000 units in Greenbrier-Maxion (Brazil)
- Revenue at $3.2 – $3.6 billion
- Capital expenditures at approximately $240 million in Leasing & Management
Services, $80 million in
Manufacturing and $10 million in
Maintenance Services
-
- Proceeds of equipment sales are expected to be approximately
$100 million
- Build and capitalize into the lease fleet approximately 2,000
units. These units are not included in the delivery guidance.
We will provide additional operating commentary during the
earnings call.
Financial Summary
|
Q4
FY22
|
Q3
FY22
|
Sequential
Comparison – Main Drivers
|
Revenue
|
$950.7M
|
$793.5M
|
Increased new railcar
deliveries
|
Gross margin
|
$127.3M
|
$76.3M
|
Improved operating
efficiency in Manufacturing and strong syndication activity in
Leasing & Management Services
|
Gross margin
%
|
13.4 %
|
9.6 %
|
Selling and
administrative
|
$68.8M
|
$57.4M
|
Increased employee
costs, consulting and legal expenses
|
Net gain on disposition
of equipment
|
$2.9M
|
$0.7M
|
Gain on dissolution of
axle joint venture
|
EBITDA
|
$88.8M
|
$48.6M
|
Increased gross
margin
|
Net earnings
attributable to noncontrolling interest
|
$9.2M
|
$4.5M
|
Partners' share of
consolidated JV's operating results including timing of syndication
activity
|
Net earnings
attributable to Greenbrier
|
$20.2M
|
$3.1M
|
Higher gross margin
partially offset by higher Selling and administrative
expense
|
Diluted EPS
|
$0.60
|
$0.09
|
|
Segment Summary
|
Q4
FY22
|
Q3
FY22
|
Sequential
Comparison – Main Drivers
|
Manufacturing
|
Revenue
|
$817.5M
|
$650.9M
|
Increased deliveries
reflecting progress of production ramp in North America
|
Gross
margin
|
$84.5M
|
$39.6M
|
Improved operating
efficiencies
|
Gross margin
%
|
10.3 %
|
6.1 %
|
Operating margin
% (1)
|
7.6 %
|
3.1 %
|
Deliveries
(2)
|
5,700
|
4,900
|
Higher production rates
and timing of syndication activity
|
Maintenance
Services
|
Revenue
|
$87.2M
|
$101.5M
|
Lower Repair and Wheel
volumes sequentially after seasonally strong Q3
|
Gross margin
%
|
10.6 %
|
10.2 %
|
Improved operating
efficiencies
|
Operating margin
% (1)(3)
|
13.0 %
|
8.5 %
|
Reflects gain on
dissolution of axle joint venture
|
Leasing &
Management Services (including GBX Leasing)
|
Revenue
|
$46.0M
|
$41.1M
|
Increased syndication
activity and lease fleet income
|
Gross margin
%
|
73.0 %
|
64.0 %
|
Operating margin
% (1) (3)
|
53.0 %
|
46.7 %
|
Fleet
utilization
|
98.4 %
|
97.5 %
|
|
(1)
|
See supplemental
segment information on page 9 for additional
information.
|
(2)
|
Excludes Brazil
deliveries which are not consolidated into Manufacturing revenue
and margins.
|
(3)
|
Includes Net gain on
disposition of equipment, which is excluded from gross
margin.
|
Conference Call
Greenbrier will host a teleconference to discuss its fourth
quarter and fiscal year results. In conjunction with this news
release, Greenbrier has posted a supplemental earnings presentation
to our website.
Teleconference details are as follows:
- October 27, 2022
- 8:00 a.m. Pacific Daylight
Time
- Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061
(International), Entry Number "0909841"
- Real-time Audio Access: ("Newsroom" at
http://www.gbrx.com)
Please access the site 10-15 minutes prior to the start
time.
About Greenbrier
Greenbrier, headquartered in Lake
Oswego, Oregon, is a leading international supplier of
equipment and services to global freight transportation markets.
Through its wholly-owned subsidiaries and joint ventures,
Greenbrier designs, builds and markets freight railcars and marine
barges in North America,
Europe and Brazil. We are a leading provider of freight
railcar wheel services, parts, maintenance and retrofitting
services in North America through
our maintenance services business unit. Greenbrier manages 408,000
railcars and offers railcar management, regulatory compliance
services and leasing services to railroads and other railcars
owners in North America. GBX
Leasing (GBXL) is a special purpose subsidiary that owns and
manages a portfolio of leased railcars that originate primarily
from Greenbrier's manufacturing operations. GBXL and Greenbrier own
a lease fleet of approximately 12,200 railcars. Learn more
about Greenbrier at www.gbrx.com.
THE GREENBRIER
COMPANIES, INC.
|
CONSOLIDATED BALANCE
SHEETS
(In millions,
unaudited)
|
|
|
August
31,
2022
|
May
31,
2022
|
February
28,
2022
|
November
30,
2021
|
August
31,
2021
|
Assets
|
|
|
|
|
|
Cash and
cash equivalents
|
$
543.0
|
$
449.7
|
$
586.8
|
$
410.8
|
$
646.8
|
Restricted
cash
|
16.1
|
16.1
|
15.7
|
27.1
|
24.6
|
Accounts
receivable, net
|
501.2
|
464.8
|
399.0
|
393.3
|
306.4
|
Income tax
receivable
|
39.8
|
129.4
|
106.0
|
106.2
|
112.1
|
Inventories
|
815.3
|
781.7
|
728.5
|
631.4
|
573.6
|
Leased
railcars for syndication
|
111.1
|
142.9
|
80.0
|
99.1
|
51.6
|
Equipment
on operating leases, net
|
770.9
|
676.1
|
650.4
|
751.3
|
609.8
|
Property,
plant and equipment, net
|
645.2
|
642.7
|
646.5
|
654.4
|
670.2
|
Investment
in unconsolidated affiliates
|
92.5
|
96.2
|
90.2
|
83.1
|
79.9
|
Intangibles and other assets, net
|
189.1
|
177.8
|
179.6
|
183.0
|
183.6
|
Goodwill
|
127.3
|
128.7
|
130.0
|
130.3
|
132.1
|
|
$
3,851.5
|
$
3,706.1
|
$
3,612.7
|
$
3,470.0
|
$
3,390.7
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Revolving
notes
|
$
296.6
|
$
303.3
|
$
292.2
|
$
516.3
|
$
372.2
|
Accounts
payable and accrued liabilities
|
725.1
|
639.0
|
581.2
|
540.4
|
569.8
|
Deferred
income taxes
|
68.6
|
72.9
|
51.9
|
51.3
|
73.3
|
Deferred
revenue
|
35.3
|
33.3
|
43.0
|
36.6
|
42.8
|
Notes
payable, net
|
1,269.1
|
1,202.6
|
1,209.2
|
895.7
|
826.5
|
|
|
|
|
|
|
Contingently
redeemable noncontrolling interest
|
27.7
|
27.8
|
28.5
|
29.7
|
29.7
|
|
|
|
|
|
|
Total
equity – Greenbrier
|
1,276.9
|
1,270.4
|
1,252.6
|
1,237.3
|
1,307.7
|
Noncontrolling interest
|
152.2
|
156.8
|
154.1
|
162.7
|
168.7
|
Total
equity
|
1,429.1
|
1,427.2
|
1,406.7
|
1,400.0
|
1,476.4
|
|
$
3,851.5
|
$
3,706.1
|
$
3,612.7
|
$
3,470.0
|
$
3,390.7
|
THE GREENBRIER
COMPANIES, INC.
|
CONSOLIDATED
STATEMENTS OF INCOME
(In millions, except
number of shares which are reflected in thousands and per share
amounts, unaudited)
|
|
|
Years
Ended
August
31,
|
|
2022
|
|
2021
|
|
2020
|
|
Revenue
|
|
|
|
|
|
|
|
Manufacturing
|
$
2,476.6
|
|
$
1,311.1
|
|
$
2,309.5
|
|
|
Maintenance Services
|
347.7
|
|
298.3
|
|
324.7
|
|
|
Leasing
& Management Services
|
153.4
|
|
138.5
|
|
158.0
|
|
|
|
2,977.7
|
|
1,747.9
|
|
2,792.2
|
|
|
Cost of
revenue
|
|
|
|
|
|
|
|
Manufacturing
|
2,300.9
|
|
1,189.2
|
|
2,065.2
|
|
|
Maintenance Services
|
322.0
|
|
280.4
|
|
302.2
|
|
|
Leasing
& Management Services
|
48.8
|
|
46.7
|
|
71.7
|
|
|
|
2,671.7
|
|
1,516.3
|
|
2,439.1
|
|
|
|
|
|
|
|
|
|
|
Margin
|
306.0
|
|
231.6
|
|
353.1
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expense
|
225.2
|
|
191.8
|
|
204.7
|
|
|
Net gain on disposition
of equipment
|
(37.2)
|
|
(1.2)
|
|
(20.0)
|
|
|
Earnings from
operations
|
118.0
|
|
41.0
|
|
168.4
|
|
|
|
|
|
|
|
|
|
|
Other costs
|
|
|
|
|
|
|
|
Interest and foreign
exchange
|
57.4
|
|
43.3
|
|
43.6
|
|
|
Net loss on
extinguishment of debt
|
–
|
|
6.3
|
|
–
|
|
|
Earnings (loss) before
income tax and earnings from unconsolidated affiliates
|
60.6
|
|
(8.6)
|
|
124.8
|
|
|
Income tax (expense)
benefit
|
(18.1)
|
|
40.2
|
|
(40.2)
|
|
|
Earnings before
earnings from
unconsolidated affiliates
|
42.5
|
|
31.6
|
|
84.6
|
|
|
Earnings from
unconsolidated affiliates
|
11.3
|
|
3.5
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
53.8
|
|
35.1
|
|
87.6
|
|
|
Net earnings
attributable to noncontrolling interest
|
(6.9)
|
|
(2.7)
|
|
(38.6)
|
|
|
|
|
|
|
|
|
|
|
Net earnings
attributable to Greenbrier
|
$
46.9
|
|
$
32.4
|
|
$
49.0
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share:
|
$
1.44
|
|
$
0.99
|
|
$
1.50
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
common share:
|
$
1.40
|
|
$
0.96
|
|
$
1.46
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares:
|
|
|
|
|
|
|
|
Basic
|
32,569
|
|
32,648
|
|
32,670
|
|
|
Diluted
|
33,631
|
|
33,665
|
|
33,441
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
1.08
|
|
$
1.08
|
|
$
1.06
|
|
|
THE GREENBRIER
COMPANIES, INC.
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
(In millions,
unaudited)
|
|
|
|
|
|
|
|
|
Years Ended
August 31,
|
|
|
2022
|
|
2021
|
|
2020
|
|
Cash flows from
operating activities
|
|
|
|
|
|
|
Net
earnings
|
$ 53.8
|
|
$
35.1
|
|
$
87.6
|
|
Adjustments to
reconcile net earnings to net cash provided by (used in) operating
activities:
|
|
|
|
|
|
|
Deferred income taxes
|
12.9
|
|
51.1
|
|
(9.5)
|
|
Depreciation and amortization
|
102.0
|
|
100.7
|
|
109.9
|
|
Net gain on disposition of equipment
|
(37.2)
|
|
(1.2)
|
|
(20.0)
|
|
Stock based compensation expense
|
15.5
|
|
14.7
|
|
9.0
|
|
Net loss on extinguishment of debt
|
–
|
|
6.3
|
|
–
|
|
Accretion of debt discount
|
–
|
|
7.1
|
|
5.5
|
|
Noncontrolling interest adjustments
|
1.6
|
|
2.3
|
|
1.4
|
|
Other
|
3.8
|
|
2.4
|
|
1.0
|
|
Decrease (increase) in assets:
|
|
|
|
|
|
|
Accounts receivable, net
|
(198.2)
|
|
(82.1)
|
|
144.4
|
|
Income tax receivable
|
72.3
|
|
(103.0)
|
|
(9.1)
|
|
Inventories
|
(267.9)
|
|
(166.5)
|
|
166.6
|
|
Leased railcars for syndication
|
(40.6)
|
|
(11.9)
|
|
(12.9)
|
|
Other assets
|
(28.1)
|
|
(5.8)
|
|
(65.0)
|
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
Accounts payable and accrued liabilities
|
165.3
|
|
109.9
|
|
(108.8)
|
|
Deferred revenue
|
(5.6)
|
|
0.4
|
|
(27.9)
|
|
Net
cash provided by (used in) operating activities
|
(150.4)
|
|
(40.5)
|
|
272.2
|
|
Cash flows from
investing activities
|
|
|
|
|
|
|
Proceeds from sales of assets
|
155.5
|
|
15.9
|
|
83.5
|
|
Capital expenditures
|
(380.7)
|
|
(139.0)
|
|
(66.9)
|
|
Investments in and advances to unconsolidated affiliates
|
(2.3)
|
|
–
|
|
(1.8)
|
|
Cash
distribution from unconsolidated affiliates and other
|
3.5
|
|
5.3
|
|
12.7
|
|
Net
cash provided by (used in) investing activities
|
(224.0)
|
|
(117.8)
|
|
27.5
|
|
Cash flows from
financing activities
|
|
|
|
|
|
|
Net
change in revolving notes with maturities of 90 days or
less
|
(101.3)
|
|
197.4
|
|
146.5
|
|
Proceeds from revolving notes with maturities longer than 90
days
Repayments of revolving notes with maturities longer
than 90 days
|
35.0
–
|
|
112.0
(287.0)
|
|
176.5
–
|
|
Proceeds
from issuance of notes payable
|
398.3
|
|
391.9
|
|
–
|
|
Repayments
of notes payable
|
(23.4)
|
|
(337.8)
|
|
(30.2)
|
|
Debt
issuance costs
|
(7.3)
|
|
(22.0)
|
|
–
|
|
Repurchase
of stock
|
–
|
|
(20.0)
|
|
–
|
|
Dividends
|
(35.8)
|
|
(35.6)
|
|
(35.2)
|
|
Cash
distribution to joint venture partner
|
(16.9)
|
|
(25.3)
|
|
(38.9)
|
|
Investment
by joint venture partner
|
–
|
|
7.0
|
|
–
|
|
Tax
payments for net share settlement of restricted stock
|
(3.7)
|
|
(3.3)
|
|
(2.2)
|
|
Net cash
provided by (used in) financing activities
|
244.9
|
|
(22.7)
|
|
216.5
|
|
Effect of exchange rate
changes
|
17.2
|
|
10.3
|
|
(12.6)
|
|
Increase (decrease) in
cash, cash equivalents and restricted cash
|
(112.3)
|
|
(170.7)
|
|
503.6
|
|
Cash and cash
equivalents and restricted cash
|
|
|
|
|
|
|
Beginning
of period
|
671.4
|
|
842.1
|
|
338.5
|
|
End of
period
|
$ 559.1
|
|
$
671.4
|
|
$
842.1
|
|
Balance Sheet
Reconciliation:
|
|
|
|
|
|
|
Cash and
cash equivalents
|
$ 543.0
|
|
$
646.8
|
|
$
833.8
|
|
Restricted
cash
|
16.1
|
|
24.6
|
|
8.3
|
|
Total cash
and cash equivalents and restricted cash
|
$ 559.1
|
|
$
671.4
|
|
$
842.1
|
|
|
|
|
|
|
|
|
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL LEASING INFORMATION
(In millions, except owned and managed fleet, unaudited)
In April 2021, Greenbrier
announced an enhanced leasing strategy that included the formation
of GBX Leasing (GBXL), a joint venture with The Longwood Group and
Greenbrier. Greenbrier owns approximately 95% of GBXL and
consolidates it in Greenbrier's financial statements in the Leasing
& Management Services segment. GBXL provides an
additional "go to market" element to Greenbrier's Commercial
strategy of direct sales, partnerships with operating leasing
companies, and origination of leases for syndication partners as
well as providing a platform for further growth at scale.
Investing in leasing assets delivers predictable,
tax-advantaged cash flows. Together, Greenbrier and GBX
Leasing have nearly $900 million of
railcar assets and expect to continue investing to grow over the
next several years.
Our leasing operations observe Greenbrier's established
portfolio standards including working with customers with strong
credit profiles, a diverse equipment mix and staggered maturity
ladders. To mitigate the volatile interest rate environment,
Greenbrier Leasing and GBX Leasing have fixed all floating rate
debt. Investing in leasing assets reduces Greenbrier's
Manufacturing revenue and margin in the short-term but provides
meaningful tax benefits, longer-term earnings and cash flow
stability.
Key information for the consolidated Leasing & Management
Services segment:
(In
Units)
|
August 31,
2022
|
|
May 31,
2022
|
Owned
fleet(1)
|
12,200
|
|
11,800
|
Managed
fleet
|
408,000
|
|
421,000
|
Owned fleet
utilization(1)
|
98 %
|
|
98 %
|
|
Three Months
Ended
|
|
Year Ended
|
|
August 31,
2022
|
|
May 31,
2022
|
|
August 31,
2022
|
Beginning
balance
|
11,800
|
|
11,000
|
|
8,800
|
Cars
added
|
1,700
|
|
1,700
|
|
9,500
|
Cars sold
/ scrapped
|
(1,300)
|
|
(900)
|
|
(6,100)
|
Ending
balance
|
12,200
|
|
11,800
|
|
12,200
|
|
August 31,
2022
|
|
May 31,
2022
|
Equipment on operating
lease(2)
|
$
770.9
|
|
$
676.1
|
|
|
|
|
GBX Leasing
non-recourse warehouse
|
$
–
|
|
$
–
|
GBX Leasing ABS
non-recourse notes
|
318.6
|
|
321.5
|
Leasing non-recourse
term loan
|
268.0
|
|
194.8
|
Total Leasing
non-recourse debt
|
$
586.6
|
|
$
516.3
|
|
|
|
|
Fleet leverage
%(3)
|
76 %
|
|
76 %
|
|
|
(1)
|
Owned fleet includes
Leased railcars for syndication
|
(2)
|
Equipment on operating
lease assets not securing Leasing non-recourse term loan support
the $600 million U.S. revolver
|
(3)
|
Total Leasing
non-recourse debt / Equipment on operating lease
|
THE GREENBRIER COMPANIES, INC.
|
SUPPLEMENTAL
INFORMATION
(In millions,
unaudited)
|
|
Segment
Information
|
|
Three months ended
August 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Earnings (loss) from
operations
|
|
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
Total
|
|
Manufacturing
|
$
817.5
|
|
$
112.1
|
|
$
929.6
|
|
$
62.5
|
|
$
9.8
|
|
$
72.3
|
|
Maintenance
Services
|
87.2
|
|
9.0
|
|
96.2
|
|
11.3
|
|
–
|
|
11.3
|
|
Leasing &
Management Services
|
46.0
|
|
0.6
|
|
46.6
|
|
24.4
|
|
–
|
|
24.4
|
|
Eliminations
|
–
|
|
(121.7)
|
|
(121.7)
|
|
–
|
|
(9.8)
|
|
(9.8)
|
|
Corporate
|
–
|
|
–
|
|
–
|
|
(36.8)
|
|
–
|
|
(36.8)
|
|
|
$
950.7
|
|
$
–
|
|
$
950.7
|
|
$
61.4
|
|
$
–
|
|
$
61.4
|
|
Three months ended May
31, 2022:
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
Earnings (loss) from
operations
|
|
|
|
External
|
|
Intersegment
|
|
Total
|
|
External
|
|
Intersegment
|
|
Total
|
|
|
Manufacturing
|
$
650.9
|
|
$
38.3
|
|
$
689.2
|
|
$
20.5
|
|
$
1.8
|
|
$
22.3
|
|
|
Maintenance
Services
|
101.5
|
|
8.6
|
|
110.1
|
|
8.6
|
|
–
|
|
8.6
|
|
|
Leasing
& Management Services
|
41.1
|
|
0.6
|
|
41.7
|
|
19.2
|
|
0.1
|
|
19.3
|
|
|
Eliminations
|
–
|
|
(47.5)
|
|
(47.5)
|
|
-
|
|
(1.9)
|
|
(1.9)
|
|
|
Corporate
|
–
|
|
–
|
|
–
|
|
(28.7)
|
|
–
|
|
(28.7)
|
|
|
|
$
793.5
|
|
$
–
|
|
$
793.5
|
|
$
19.6
|
|
$
–
|
|
$
19.6
|
|
|
|
|
|
Total assets
|
|
|
|
|
August
31,
2022
|
|
May 31,
2022
|
|
Manufacturing
|
$
1,853.9
|
|
$
1,814.1
|
|
Maintenance
Services
|
284.8
|
|
266.8
|
|
Leasing &
Management Services
|
1,152.2
|
|
1,158.3
|
|
Unallocated, including
cash
|
560.6
|
|
466.9
|
|
|
$
3,851.5
|
|
$
3,706.1
|
|
SUPPLEMENTAL BACKLOG
AND DELIVERY
INFORMATION (Unaudited)
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
August 31,
2022
|
August 31,
2022
|
|
Backlog Activity
(units) (1)
|
|
|
|
|
|
|
Beginning
backlog
|
30,900
|
|
26,600
|
|
Orders
received
|
4,800
|
|
24,600
|
|
Production held on the
Balance Sheet
|
(1,700)
|
|
(6,000)
|
|
Production sold
directly to third parties
|
(4,500)
|
|
(15,700)
|
|
Ending
backlog
|
29,500
|
|
29,500
|
|
|
|
|
|
|
Delivery Information
(units) (1)
|
|
|
|
|
Produced &
Delivered from Backlog
|
4,500
|
|
15,700
|
|
Delivered from Balance
Sheet
|
1,300
|
|
4,200
|
|
Total
deliveries
|
5,800
|
|
19,900
|
|
|
(1)
Includes Greenbrier-Maxion, our Brazilian railcar manufacturer,
which is accounted for under the equity method
|
THE GREENBRIER
COMPANIES, INC.
|
SUPPLEMENTAL
INFORMATION
(In millions,
unaudited)
|
|
Reconciliation of
Net earnings to EBITDA
|
|
|
|
|
Three Months
Ended
|
|
Year Ended
|
|
|
|
|
|
August 31,
2022
|
|
May 31,
2022
|
|
August 31,
2022
|
|
|
Net earnings
|
$
29.4
|
|
$
7.6
|
|
$
53.8
|
|
|
Interest and foreign
exchange
|
18.1
|
|
14.9
|
|
57.4
|
|
|
Income tax
expense
|
15.2
|
|
1.1
|
|
18.1
|
|
|
Depreciation and
amortization
|
26.1
|
|
25.0
|
|
102.0
|
|
|
EBITDA
|
$
88.8
|
|
$
48.6
|
|
$
231.3
|
|
|
|
|
|
|
|
|
|
|
|
THE GREENBRIER
COMPANIES, INC.
|
|
SUPPLEMENTAL
INFORMATION
(In millions,
except per share amounts, unaudited)
|
|
Operating Results by
Quarter for 2022 are as follows:
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Manufacturing
|
$
452.5
|
|
$
555.7
|
|
$
650.9
|
|
$ 817.5
|
|
$ 2,476.6
|
|
Maintenance Services
|
72.4
|
|
86.6
|
|
101.5
|
|
87.2
|
|
347.7
|
|
Leasing
& Management Services
|
25.8
|
|
40.5
|
|
41.1
|
|
46.0
|
|
153.4
|
|
|
550.7
|
|
682.8
|
|
793.5
|
|
950.7
|
|
2,977.7
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
Manufacturing
|
421.6
|
|
535.0
|
|
611.3
|
|
733.0
|
|
2,300.9
|
|
Maintenance Services
|
71.2
|
|
81.7
|
|
91.1
|
|
78.0
|
|
322.0
|
|
Leasing
& Management Services
|
10.3
|
|
11.3
|
|
14.8
|
|
12.4
|
|
48.8
|
|
|
503.1
|
|
628.0
|
|
717.2
|
|
823.4
|
|
2,671.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin
|
47.6
|
|
54.8
|
|
76.3
|
|
127.3
|
|
306.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expense
|
44.3
|
|
54.7
|
|
57.4
|
|
68.8
|
|
225.2
|
|
Net gain on disposition
of equipment
|
(8.5)
|
|
(25.1)
|
|
(0.7)
|
|
(2.9)
|
|
(37.2)
|
|
Earnings from
operations
|
11.8
|
|
25.2
|
|
19.6
|
|
61.4
|
|
118.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Other costs
|
|
|
|
|
|
|
|
|
|
|
Interest and foreign
exchange
|
12.6
|
|
11.8
|
|
14.9
|
|
18.1
|
|
57.4
|
|
Earnings (loss) before
income tax and earnings from unconsolidated affiliates
|
(0.8)
|
|
13.4
|
|
4.7
|
|
43.3
|
|
60.6
|
|
Income tax (expense)
benefit
|
1.4
|
|
(3.2)
|
|
(1.1)
|
|
(15.2)
|
|
(18.1)
|
|
Earnings before
earnings from unconsolidated affiliates
|
0.6
|
|
10.2
|
|
3.6
|
|
28.1
|
|
42.5
|
|
Earnings from
unconsolidated affiliates
|
5.0
|
|
1.0
|
|
4.0
|
|
1.3
|
|
11.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
earnings
|
5.6
|
|
11.2
|
|
7.6
|
|
29.4
|
|
53.8
|
|
Net (earnings) loss
attributable to noncontrolling interest
|
5.2
|
|
1.6
|
|
(4.5)
|
|
(9.2)
|
|
(6.9)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings attributable to
Greenbrier
|
$
10.8
|
|
$
12.8
|
|
$
3.1
|
|
$
20.2
|
|
$
46.9
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per common share
(1)
|
$
0.33
|
|
$
0.39
|
|
$
0.10
|
|
$
0.62
|
|
$
1.44
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per common share
(1)
|
$
0.32
|
|
$
0.38
|
|
$
0.09
|
|
$
0.60
|
|
$
1.40
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends per common
share
|
$
0.27
|
|
$
0.27
|
|
$
0.27
|
|
$
0.27
|
|
$
1.08
|
|
|
(1) Quarterly amounts may not
total to the year-to-date amount as each period is calculated
discretely.
|
THE GREENBRIER
COMPANIES, INC.
|
SUPPLEMENTAL
INFORMATION
(In millions,
except per share amounts, unaudited)
|
|
Operating Results by
Quarter for 2021 are as follows:
|
|
|
First
|
|
Second
|
|
Third
|
|
Fourth
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
Manufacturing
|
$
304.5
|
|
$
201.5
|
|
$
339.7
|
|
$
465.4
|
|
$ 1,311.1
|
|
Maintenance Services
|
65.6
|
|
71.6
|
|
80.9
|
|
80.2
|
|
298.3
|
|
Leasing
& Management Services
|
32.9
|
|
22.5
|
|
29.6
|
|
53.5
|
|
138.5
|
|
|
403.0
|
|
295.6
|
|
450.2
|
|
599.1
|
|
1,747.9
|
|
Cost of revenue
|
|
|
|
|
|
|
|
|
|
|
Manufacturing
|
280.9
|
|
201.8
|
|
292.4
|
|
414.1
|
|
1,189.2
|
|
Maintenance Services
|
63.0
|
|
66.7
|
|
73.7
|
|
77.0
|
|
280.4
|
|
Leasing
& Management Services
|
18.4
|
|
9.5
|
|
8.9
|
|
9.9
|
|
46.7
|
|
|
362.3
|
|
278.0
|
|
375.0
|
|
501.0
|
|
1,516.3
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin
|
40.7
|
|
17.6
|
|
75.2
|
|
98.1
|
|
231.6
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling and
administrative expense
|
43.7
|
|
43.4
|
|
49.3
|
|
55.4
|
|
191.8
|
|
Net (gain) loss on
disposition of equipment
|
(0.9)
|
|
(0.1)
|
|
0.2
|
|
(0.4)
|
|
(1.2)
|
|
Earnings (loss) from
operations
|
(2.1)
|
|
(25.7)
|
|
25.7
|
|
43.1
|
|
41.0
|
|
|
|
|
|
|
|
|
|
|
|
|
Other costs
|
|
|
|
|
|
|
|
|
|
|
Interest and foreign
exchange
|
11.1
|
|
9.6
|
|
10.2
|
|
12.4
|
|
43.3
|
|
Net loss on
extinguishment of debt
|
–
|
|
–
|
|
4.8
|
|
1.5
|
|
6.3
|
|
Earnings (loss) before
income tax and earnings (loss) from unconsolidated
affiliates
|
(13.2)
|
|
(35.3)
|
|
10.7
|
|
29.2
|
|
(8.6)
|
|
Income tax
benefit
|
7.3
|
|
21.8
|
|
6.9
|
|
4.2
|
|
40.2
|
|
Earnings (loss) before
earnings (loss) from unconsolidated affiliates
|
(5.9)
|
|
(13.5)
|
|
17.6
|
|
33.4
|
|
31.6
|
|
Earnings (loss) from
unconsolidated affiliates
|
(0.8)
|
|
(0.4)
|
|
2.4
|
|
2.3
|
|
3.5
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings
(loss)
|
(6.7)
|
|
(13.9)
|
|
20.0
|
|
35.7
|
|
35.1
|
|
Net (earnings) loss
attributable to noncontrolling interest
|
(3.3)
|
|
4.8
|
|
(0.3)
|
|
(3.9)
|
|
(2.7)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) attributable to
Greenbrier
|
$
(10.0)
|
|
$
(9.1)
|
|
$
19.7
|
|
$
31.8
|
|
$
32.4
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per common share
(1)
|
$
(0.30)
|
|
$
(0.28)
|
|
$
0.61
|
|
$
0.98
|
|
$
0.99
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per common share
(1)
|
$
(0.30)
|
|
$
(0.28)
|
|
$
0.59
|
|
$
0.95
|
|
$
0.96
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per
common share
|
$
0.27
|
|
$
0.27
|
|
$
0.27
|
|
$
0.27
|
|
$
1.08
|
|
|
(1) Quarterly amounts may not
total to the year-to-date amount as each period is calculated
discretely.
|
"SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995: This press release may contain
forward-looking statements, including statements that are not
purely statements of historical fact. Greenbrier uses words, and
variations of words, such as "believe," "continue," "enhance,"
"estimate," "expect," "mitigate," "momentum," "opportunities,"
"outlook," "protected," "provides," "position," "will," and similar
expressions to identify forward-looking statements. These
forward-looking statements include, without limitation, statements
about backlog and other orders, leasing performance, financing,
future liquidity, cash flow, tax treatment, and other information
regarding future performance and strategies and appear throughout
this press release including in the headlines and the sections
titled "Fourth Quarter Highlights," "Fiscal Year 2022 Highlights,"
"Business Update & Outlook," and "Supplemental Leasing
Information." These forward-looking statements are not guarantees
of future performance and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from the results contemplated by the forward-looking statements.
Factors that might cause such a difference include, but are not
limited to, the following: an economic downturn and economic
uncertainty; inflation (including rising energy prices, interest
rates, wages and other escalators) and policy reactions thereto
(including actions by central banks); disruptions in the supply of
materials and components used in the production of our products;
the war in Ukraine and related
events; and the COVID-19 pandemic, variants thereof, governmental
reaction thereto, and related economic disruptions (including,
among other factors, operations and supply disruptions and labor
shortages). Our backlog of railcar units and marine vessels and
other orders not included in backlog are not necessarily indicative
of future results of operations. Certain orders in backlog are
subject to customary documentation which may not occur. More
information on potential factors that could cause our results to
differ from our forward-looking statements is included in the
Company's filings with the SEC, including in the "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" sections of the Company's most recently
filed periodic report on Form 10-K and subsequent reports on 10-Q.
Except as otherwise required by law, the Company assumes no
obligation to update any forward-looking statements or information,
which speak as of their respective dates. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
reflect management's opinions only as of the date hereof.
Adjusted Financial Metric Definitions
EBITDA is not a financial measure under generally accepted
accounting principles (GAAP). This metric is a performance
measurement tool used by rail supply companies and Greenbrier. You
should not consider this metric in isolation or as a substitute for
other financial statement data determined in accordance with GAAP.
In addition, because this metric is not a measure of financial
performance under GAAP and is susceptible to varying calculations,
the measure presented may differ from and may not be comparable to
similarly titled measures used by other companies.
We define EBITDA as Net earnings before Interest and foreign
exchange, Income tax expense, Depreciation and amortization. We
believe the presentation of EBITDA provides useful information as
it excludes the impact of financing, foreign exchange, income taxes
and the accounting effects of capital spending. These items may
vary for different companies for reasons unrelated to the overall
operating performance of a company's core business. We believe this
assists in comparing our performance across reporting periods.
View original
content:https://www.prnewswire.com/news-releases/greenbrier-reports-fourth-quarter-and-fiscal-year-2022-results-301660722.html
SOURCE The Greenbrier Companies, Inc.