– моментальные уведомления о рынке акций
– моментальные уведомления о рынке акций
Diluted EPS of $0.38 on revenue of $683 million
Orders for 8,500 new railcars valued at $930 million creates largest new railcar backlog in six years
Fleet utilization increases to 98%
LAKE OSWEGO, Ore., April 6, 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 second fiscal quarter ended February 28, 2022.
Second Quarter Highlights
Lorie Tekorius, President and CEO, commented, "Greenbrier's commercial momentum continued during the second fiscal quarter of 2022, as we achieved our fifth consecutive quarter with a book-to-bill ratio exceeding 1.0x on orders approaching $1 billion. Greenbrier ended the quarter with backlog at levels last seen six years ago. Financial results in the quarter reflect our unique business model and the opportunities our lease fleet provides to further enhance our performance. This matters, particularly when we face evolving pandemic-related challenges, like intermittent labor shortages. Securing and receiving inputs for our products has the full attention of our global sourcing team. We are successfully navigating a supply chain experiencing higher raw material costs and, frequently, more expensive logistics activity. Robust order activity, strong liquidity and the evolution of our leasing business continues to strengthen Greenbrier, expanding our market position and earnings potential as we manage escalating costs and other operating strains."
William A. Furman, Executive Chairman, added, "The tragedy in Ukraine and its impact on commodity prices are likely to have far-reaching consequences to the global railcar industry, including growth in rail freight in many sectors. We are closely watching global commodity markets, including crude oil, grain and fertilizers, that are traditionally leading indicators for expansion in freight rail loadings. Now operating on four continents, Greenbrier is continuously assessing the effect of geopolitical developments, and actively working to support the safety and security of our employees and the cybersecurity of our information and data infrastructure. Since 2020, we have experienced some of the most daunting operating conditions in Greenbrier's history. We have not only survived, but we have thrived in this changing environment. Our industry-leading manufacturing footprint, our growing services business and our established capabilities allow us to meet these challenges directly, bringing customers the solutions that meet their needs."
Business Update & Outlook
Greenbrier continues to meet the challenges of emerging COVID variants while balancing economic, supply chain and labor volatility. Based on current business trends and production schedules for fiscal 2022, Greenbrier expects:
Financial Summary
Q2 FY22 |
Q1 FY22 |
Sequential Comparison – Main Drivers |
|
Revenue |
$682.8M |
$550.7M |
19% increase in deliveries including stronger syndication activity |
Gross margin |
8.0% |
8.6% |
Impact of production ramping inefficiencies, Omicron variant and mitigation of supply chain disruptions |
Selling and administrative |
$54.7M |
$44.3M |
Increased employee costs, consulting, travel and legal expense from higher business activity levels |
Net gain on disposition of equipment |
$25.1M |
$8.5M |
Increased gains from regular fleet optimization and monetization |
EBITDA |
$51.7M |
$42.2M |
Increased operating earnings reflecting higher revenue across all business units; See reconciliation on page 10 |
Net loss attributable to noncontrolling interest |
$1.6M |
$5.2M |
Partners' share of consolidated JV's operating results |
Net earnings attributable to Greenbrier |
$12.8M |
$10.8M |
Improved operating earnings partially offset by more typical earnings from unconsolidated affiliates |
Diluted EPS |
$0.38 |
$0.32 |
Segment Summary
Q2 FY22 |
Q1 FY22 |
Sequential Comparison – Main Drivers |
|
Manufacturing |
|||
Revenue |
$555.7M |
$452.5M |
Increased deliveries primarily in North America |
Gross margin |
3.7% |
6.8% |
Inefficiencies from ramping production, impact of the Omicron variant and increased expense to mitigate supply chain disruptions |
Operating margin (1) |
0.3% |
2.7% |
|
Deliveries (2) |
4,400 |
3,700 |
|
Maintenance Services |
|||
Revenue |
$86.6M |
$72.4M |
Increased volumes due to winter seasonality |
Gross margin |
5.7% |
1.7% |
Improved throughput despite labor challenges |
Operating margin (1) |
3.3% |
(1.5%) |
|
Leasing & Management Services (including GBX Leasing) |
|||
Revenue |
$40.5 |
$25.8M |
Primarily increased syndication activity |
Gross margin |
72.1% |
59.9% |
|
Operating margin (1) (3) |
117.5% |
66.5% |
Benefited from timing of gains from fleet optimization |
Fleet utilization |
97.9% |
97.1% |
|
(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 loss (gain) on disposition of equipment, which is excluded from gross margin. |
Conference CallGreenbrier will host a teleconference to discuss its second quarter of 2022 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:
Please access the site 10-15 minutes prior to the start time.
About GreenbrierGreenbrier, 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 rail services business unit. Greenbrier manages 431,000 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 11,000 railcars. Learn more about Greenbrier at www.gbrx.com.
THE GREENBRIER COMPANIES, INC. |
|||||
Consolidated Balance Sheets (In millions, unaudited) |
|||||
February 28, 2022 |
November 30, 2021 |
August 31, 2021 |
May 31, 2021 |
February 28, |
|
Assets |
|||||
Cash and cash equivalents |
$ 586.8 |
$ 410.8 |
$ 646.8 |
$ 628.2 |
$ 593.5 |
Restricted cash |
15.7 |
27.1 |
24.6 |
8.7 |
8.6 |
Accounts receivable, net |
399.0 |
393.3 |
306.4 |
274.8 |
236.2 |
Income tax receivable |
106.0 |
106.2 |
112.1 |
75.1 |
62.1 |
Inventories |
728.5 |
631.4 |
573.6 |
553.2 |
523.0 |
Leased railcars for syndication |
80.0 |
99.1 |
51.6 |
154.0 |
109.3 |
Equipment on operating leases, net |
650.4 |
751.3 |
609.8 |
446.9 |
445.4 |
Property, plant and equipment, net |
646.5 |
654.4 |
670.2 |
676.0 |
687.5 |
Investment in unconsolidated affiliates |
90.2 |
83.1 |
79.9 |
79.4 |
70.8 |
Intangibles and other assets, net |
179.6 |
183.0 |
183.6 |
180.8 |
190.3 |
Goodwill |
130.0 |
130.3 |
132.1 |
133.1 |
132.7 |
$ 3,612.7 |
$ 3,470.0 |
$ 3,390.7 |
$ 3,210.2 |
$ 3,059.4 |
|
Liabilities and Equity |
|||||
Revolving notes |
$ 292.2 |
$ 516.3 |
$ 372.2 |
$ 325.2 |
$ 275.8 |
Accounts payable and accrued liabilities |
581.2 |
540.4 |
569.8 |
480.4 |
448.6 |
Deferred income taxes |
51.9 |
51.3 |
73.3 |
44.9 |
24.8 |
Deferred revenue |
43.0 |
36.6 |
42.8 |
43.7 |
42.6 |
Notes payable, net |
1,209.2 |
895.7 |
826.5 |
835.0 |
793.2 |
Contingently redeemable noncontrolling interest |
28.5 |
29.7 |
29.7 |
30.3 |
30.0 |
Total equity – Greenbrier |
1,252.6 |
1,237.3 |
1,307.7 |
1,286.7 |
1,268.5 |
Noncontrolling interest |
154.1 |
162.7 |
168.7 |
164.0 |
175.9 |
Total equity |
1,406.7 |
1,400.0 |
1,476.4 |
1,450.7 |
1,444.4 |
$ 3,612.7 |
$ 3,470.0 |
$ 3,390.7 |
$ 3,210.2 |
$ 3,059.4 |
|
THE GREENBRIER COMPANIES, INC. |
||||||||
Consolidated Statements of Operations (In millions, except number of shares which are reflected in thousands and per share amounts, unaudited) |
||||||||
Three Months Ended February 28, |
Six Months Ended February 28, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
Revenue |
||||||||
Manufacturing |
$ 555.7 |
$ 201.5 |
$ 1,008.2 |
$ 506.0 |
||||
Maintenance Services |
86.6 |
71.6 |
159.0 |
137.2 |
||||
Leasing & Management Services |
40.5 |
22.5 |
66.3 |
55.4 |
||||
682.8 |
295.6 |
1,233.5 |
698.6 |
|||||
Cost of revenue |
||||||||
Manufacturing |
535.0 |
201.8 |
956.6 |
482.7 |
||||
Maintenance Services |
81.7 |
66.7 |
152.9 |
129.7 |
||||
Leasing & Management Services |
11.3 |
9.5 |
21.6 |
27.9 |
||||
628.0 |
278.0 |
1,131.1 |
640.3 |
|||||
Margin |
54.8 |
17.6 |
102.4 |
58.3 |
||||
Selling and administrative expense |
54.7 |
43.4 |
99.0 |
87.1 |
||||
Net gain on disposition of equipment |
(25.1) |
(0.1) |
(33.6) |
(1.0) |
||||
Earnings (loss) from operations |
25.2 |
(25.7) |
37.0 |
(27.8) |
||||
Other costs |
||||||||
Interest and foreign exchange |
11.8 |
9.6 |
24.4 |
20.7 |
||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates |
13.4 |
(35.3) |
12.6 |
(48.5) |
||||
Income tax (expense) benefit |
(3.2) |
21.8 |
(1.8) |
29.1 |
||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates |
10.2 |
(13.5) |
10.8 |
(19.4) |
||||
Earnings (loss) from unconsolidated affiliates |
1.0 |
(0.4) |
6.0 |
(1.2) |
||||
Net earnings (loss) |
11.2 |
(13.9) |
16.8 |
(20.6) |
||||
Net loss attributable to noncontrolling interest |
1.6 |
4.8 |
6.8 |
1.5 |
||||
Net earnings (loss) attributable to Greenbrier |
$ 12.8 |
$ (9.1) |
$ 23.6 |
$ (19.1) |
||||
Basic earnings (loss) per common share: |
$ 0.39 |
$ (0.28) |
$ 0.72 |
$ (0.58) |
||||
Diluted earnings (loss) per common share: |
$ 0.38 |
$ (0.28) |
$ 0.70 |
$ (0.58) |
||||
Weighted average common shares: |
||||||||
Basic |
32,582 |
32,810 |
32,546 |
32,766 |
||||
Diluted |
34,463 |
32,810 |
33,609 |
32,766 |
||||
Dividends declared per common share |
$ 0.27 |
$ 0.27 |
$ 0.54 |
$ 0.54 |
||||
THE GREENBRIER COMPANIES, INC. |
||||
Consolidated Statements of Cash Flows |
||||
Six Months Ended |
||||
2022 |
2021 |
|||
Cash flows from operating activities |
||||
Net earnings (loss) |
$ 16.8 |
$ (20.6) |
||
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: |
||||
Deferred income taxes |
(4.3) |
17.0 |
||
Depreciation and amortization |
50.9 |
50.9 |
||
Net gain on disposition of equipment |
(33.6) |
(1.0) |
||
Accretion of debt discount |
- |
2.9 |
||
Stock based compensation expense |
5.9 |
9.0 |
||
Noncontrolling interest adjustments |
(0.6) |
(1.3) |
||
Other |
2.4 |
1.1 |
||
Decrease (increase) in assets: |
||||
Accounts receivable, net |
(93.5) |
(10.7) |
||
Income tax receivable |
6.2 |
(53.0) |
||
Inventories |
(166.5) |
(35.0) |
||
Leased railcars for syndication |
(12.2) |
(38.0) |
||
Other assets |
(8.5) |
(2.9) |
||
Increase (decrease) in liabilities: |
||||
Accounts payable and accrued liabilities |
15.2 |
(13.3) |
||
Deferred revenue |
1.5 |
0.1 |
||
Net cash used in operating activities |
(220.3) |
(94.8) |
||
Cash flows from investing activities |
||||
Proceeds from sales of assets |
148.6 |
11.3 |
||
Capital expenditures |
(198.0) |
(50.3) |
||
Investments in and advances to / repayments from unconsolidated affiliates |
(4.2) |
4.5 |
||
Cash distribution from unconsolidated affiliates and other |
1.2 |
0.5 |
||
Net cash used in investing activities |
(52.4) |
(34.0) |
||
Cash flows from financing activities |
||||
Net change in revolving notes with maturities of 90 days or less |
(75.6) |
98.4 |
||
Proceeds from revolving notes with maturities longer than 90 days Repayments of revolving notes with maturities longer than 90 days |
- - |
112.0 (286.0) |
||
Proceeds from issuance of notes payable |
323.3 |
- |
||
Repayments of notes payable |
(7.6) |
(15.0) |
||
Debt issuance costs |
(5.2) |
- |
||
Dividends |
(18.1) |
(18.0) |
||
Cash distribution to joint venture partner |
(8.5) |
(3.6) |
||
Tax payments for net share settlement of restricted stock |
(3.5) |
(2.4) |
||
Net cash provided by (used in) financing activities |
204.8 |
(114.6) |
||
Effect of exchange rate changes |
(1.0) |
3.4 |
||
Decrease in cash, cash equivalents and restricted cash |
(68.9) |
(240.0) |
||
Cash and cash equivalents and restricted cash |
||||
Beginning of period |
671.4 |
842.1 |
||
End of period |
$ 602.5 |
$ 602.1 |
||
Balance Sheet Reconciliation: |
||||
Cash and cash equivalents |
$ 586.8 |
$ 593.5 |
||
Restricted cash |
15.7 |
8.6 |
||
Total cash and cash equivalents and restricted cash |
$ 602.5 |
$ 602.1 |
||
THE GREENBRIER COMPANIES, INC.
Supplemental Leasing Information(In millions, except owned and managed fleet, unaudited)
GBX Leasing (GBXL) was formed in April 2021 as a joint venture with The Longwood Group to own and manage a portfolio of leased railcars primarily built by 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. GBXL will produce strong tax-advantaged cash flows. The goal is to add at least $200 million in railcar assets annually at about 3:1 debt to equity (or 75%) based on the fair market value of assets with a five-year target of $1 billion of assets. GBX Leasing observes Greenbrier's established portfolio standards including investing in strong credits with a diverse equipment mix and staggered maturity ladders.
GBX Leasing's fleet value was nearly $400 million as of February 28, 2022 and Greenbrier expects to continue to grow GBX Leasing in the second half of fiscal 2022, utilizing the $350 million non-recourse railcar warehouse facility. In Q2, GBX Leasing issued $323 million of asset-backed ("ABS") notes with a blended rate of 2.9% and a weighted average life of six years. Subsequent to quarter end, Greenbrier entered into an additional interest rate swap agreement to fix the remaining floating portion of the Leasing non-recourse term loan. With this activity, the weighted average cost of debt for Greenbrier Leasing and GBX Leasing is 3.4%. 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) |
February 28, 2022 |
November 30, 2021 |
|
Owned fleet(1) |
11,000 |
12,900 |
|
Managed fleet |
431,000 |
443,000 |
|
Owned fleet utilization(1) |
98% |
97% |
|
February 28, 2022 |
November 30, 2021 |
||
Beginning balance |
12,900 |
8,800 |
|
Cars added |
1,000 |
5,100 |
|
Cars sold / scrapped |
(2,900) |
(1,000) |
|
Ending balance |
11,000 |
12,900 |
|
February 28, 2022 |
November 30, 2021 |
||
Equipment on operating lease(2) |
$ 650.4 |
$ 751.3 |
|
GBX Leasing non-recourse warehouse |
$ - |
$ 293.0 |
|
GBX Leasing ABS non-recourse notes |
323.3 |
- |
|
Leasing non-recourse term loan |
196.5 |
198.3 |
|
Total Leasing non-recourse debt |
$ 519.8 |
$ 491.3 |
|
Fleet leverage %(3) |
80% |
65% |
|
(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 February 28, 2022: |
||||||||||||||||||
Revenue |
Earnings (loss) from operations |
|||||||||||||||||
External |
Intersegment |
Total |
External |
Intersegment |
Total |
|||||||||||||
Manufacturing |
$ 555.7 |
$ 1.8 |
$ 557.5 |
$ 1.8 |
$ - |
$ 1.8 |
||||||||||||
Maintenance Services |
86.6 |
6.1 |
92.7 |
2.9 |
- |
2.9 |
||||||||||||
Leasing & Management Services |
40.5 |
0.4 |
40.9 |
47.6 |
- |
47.6 |
||||||||||||
Eliminations |
- |
(8.3) |
(8.3) |
- |
- |
- |
||||||||||||
Corporate |
- |
- |
- |
(27.1) |
- |
(27.1) |
||||||||||||
$ 682.8 |
$ - |
$ 682.8 |
$ 25.2 |
$ - |
$ 25.2 |
|||||||||||||
Three months ended November 30, 2021: |
||||||||||||
Revenue |
Earnings (loss) from operations |
|||||||||||
External |
Intersegment |
Total |
External |
Intersegment |
Total |
|||||||
Manufacturing |
$ 452.5 |
$ 39.4 |
$ 491.9 |
$ 12.3 |
$ 0.3 |
$ 12.6 |
||||||
Maintenance Services |
72.4 |
2.7 |
75.1 |
(1.1) |
- |
(1.1) |
||||||
Leasing & Management Services |
25.8 |
0.3 |
26.1 |
17.2 |
- |
17.2 |
||||||
Eliminations |
- |
(42.4) |
(42.4) |
- |
(0.3) |
(0.3) |
||||||
Corporate |
- |
- |
- |
(16.6) |
- |
(16.6) |
||||||
$ 550.7 |
$ - |
$ 550.7 |
$ 11.8 |
$ - |
$ 11.8 |
|||||||
Total assets |
||||||||
February 28, |
November 30, |
|||||||
Manufacturing |
$ 1,698.5 |
$ 1,550.3 |
||||||
Maintenance Services |
272.0 |
261.5 |
||||||
Leasing & Management Services |
1,038.8 |
1,219.9 |
||||||
Unallocated, including cash |
603.4 |
438.3 |
||||||
$ 3,612.7 |
$ 3,470.0 |
|||||||
Supplemental Backlog and Delivery Information |
||||
Three Months |
||||
February 28, 2022 |
||||
Backlog Activity (units) (1) |
||||
Beginning backlog |
28,000 |
|||
Orders received |
8,500 |
|||
Production held on the Balance Sheet |
(1,000) |
|||
Production sold directly to third parties |
(3,400) |
|||
Ending backlog |
32,100 |
|||
Delivery Information (units) (1) |
||||
Production sold directly to third parties |
3,400 |
|||
Sales of Leased railcars for syndication |
1,400 |
|||
Total deliveries |
4,800 |
|||
(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 |
|||||||
February 28, 2022 |
November 30, 2021 |
||||||
Net earnings |
$ 11.2 |
$ 5.6 |
|||||
Interest and foreign exchange |
11.8 |
12.6 |
|||||
Income tax expense (benefit) |
3.2 |
(1.4) |
|||||
Depreciation and amortization |
25.5 |
25.4 |
|||||
EBITDA |
$ 51.7 |
$ 42.2 |
|||||
THE GREENBRIER COMPANIES, INC. |
||||||
Supplemental Information (In millions, except per share amounts, unaudited) |
||||||
Operating Results by Quarter for 2022 are as follows: |
||||||
First |
Second |
Total |
||||
Revenue |
||||||
Manufacturing |
$ 452.5 |
$ 555.7 |
$ 1,008.2 |
|||
Maintenance Services |
72.4 |
86.6 |
159.0 |
|||
Leasing & Management Services |
25.8 |
40.5 |
66.3 |
|||
550.7 |
682.8 |
1,233.5 |
||||
Cost of revenue |
||||||
Manufacturing |
421.6 |
535.0 |
956.6 |
|||
Maintenance Services |
71.2 |
81.7 |
152.9 |
|||
Leasing & Management Services |
10.3 |
11.3 |
21.6 |
|||
503.1 |
628.0 |
1,131.1 |
||||
Margin |
47.6 |
54.8 |
102.4 |
|||
Selling and administrative expense |
44.3 |
54.7 |
99.0 |
|||
Net gain on disposition of equipment |
(8.5) |
(25.1) |
(33.6) |
|||
Earnings from operations |
11.8 |
25.2 |
37.0 |
|||
Other costs |
||||||
Interest and foreign exchange |
12.6 |
11.8 |
24.4 |
|||
Earnings (loss) before income tax and earnings from unconsolidated affiliates |
(0.8) |
13.4 |
12.6 |
|||
Income tax (expense) benefit |
1.4 |
(3.2) |
(1.8) |
|||
Earnings before earnings from unconsolidated |
0.6 |
10.2 |
10.8 |
|||
Earnings from unconsolidated affiliates |
5.0 |
1.0 |
6.0 |
|||
Net earnings |
5.6 |
11.2 |
16.8 |
|||
Net loss attributable to noncontrolling interest |
5.2 |
1.6 |
6.8 |
|||
Net earnings attributable to Greenbrier |
$ 10.8 |
$ 12.8 |
$ 23.6 |
|||
Basic earnings per common share (1) |
$ 0.33 |
$ 0.39 |
$ 0.72 |
|||
Diluted earnings per common share (1) |
$ 0.32 |
$ 0.38 |
$ 0.70 |
|||
Dividends declared per common share |
$ 0.27 |
$ 0.27 |
$ 0.54 |
|||
(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 any statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as "believe", "build", "continue," "expect," "goal," "looking forward", "outlook," "position," "reduce," "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, our ability to grow market share and deliver future value to our shareholders, tax treatment, and other information regarding future performance and strategies and appear throughout this press release including in the headlines and the sections titled "Second Quarter Highlights," a "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: We are unable to predict when, how, or with what magnitude COVID-19, variants thereof, governmental reaction thereto, and related economic disruptions (including, among other factors, supply disruptions, inflation, and increases in interest rates) will negatively impact our business. General inflation (including rising energy prices, interest rates and wages and other escalators), currency volatility and policy interventions in reaction to such events could have negative impacts on our business by increasing our operating and borrowing costs as well as decreasing the capital available for our customers to purchase our goods and services, among other factors. Our business may be negatively impacted as a result of armed conflict in Ukraine and related events. The risks to our business that may emerge include, among others, transportation disruptions in Europe, heightened inflation, cyber disruptions or attacks, higher manufacturing and borrowing costs, disruptions in supply chains and availability of raw materials, interruptions in manufacturing operations and disruptions in credit markets. 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 (loss) before Interest and foreign exchange, Income tax benefit (expense), Depreciation and amortization and Net loss on extinguishment of debt. 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.
SOURCE Greenbrier Companies, Inc.
Разводненная прибыль на акцию составила 0,38 доллара при выручке в 683 миллиона долларов
Заказы на 8500 новых вагонов на сумму 930 миллионов долларов создают крупнейшее отставание в производстве новых вагонов за последние шесть лет
Загрузка автопарка увеличивается до 98%
ОЗЕРО ОСВЕГО, штат Орегон, 6 апреля 2022 года /PRNewswire/ -- The Greenbrier Companies, Inc. (NYSE: GBX) ("Greenbrier"), ведущий международный поставщик оборудования и услуг для глобальных рынков грузовых перевозок, сегодня отчиталась о финансовых результатах за второй финансовый квартал, закончившийся 28 февраля 2022 года.
Основные моменты Второго квартала
Лори Текориус, президент и главный исполнительный директор, прокомментировала: "Коммерческий импульс Greenbrier продолжался во втором финансовом квартале 2022 года, поскольку мы достигли пятого квартала подряд, когда соотношение заказов к счетам превысило 1,0 x при заказах, приближающихся к 1 миллиарду долларов. Гринбрайер закончил квартал с отставанием на уровне, который в последний раз наблюдался шесть лет назад. Финансовые результаты за квартал отражают нашу уникальную бизнес-модель и возможности, которые предоставляет наш арендованный автопарк для дальнейшего повышения нашей эффективности. Это имеет значение, особенно когда мы сталкиваемся с развивающимися проблемами, связанными с пандемией, такими как периодическая нехватка рабочей силы. Обеспечение и получение исходных данных для наших продуктов находится в центре пристального внимания нашей глобальной команды поставщиков. Мы успешно ориентируемся в цепочке поставок, испытывающей более высокие затраты на сырье и, зачастую, более дорогостоящую логистическую деятельность. Высокая активность заказов, высокая ликвидность и развитие нашего лизингового бизнеса продолжают укреплять Greenbrier, расширяя наши позиции на рынке и потенциал получения прибыли, поскольку мы справляемся с растущими затратами и другими операционными нагрузками".
Уильям А. Фурман, исполнительный председатель, добавил: "Трагедия в Украине и ее влияние на цены на сырьевые товары, вероятно, будут иметь далеко идущие последствия для мировой вагоностроительной отрасли, включая рост железнодорожных перевозок во многих секторах. Мы внимательно следим за мировыми товарными рынками, включая сырую нефть, зерно и удобрения, которые традиционно являются ведущими индикаторами роста грузовых железнодорожных перевозок. В настоящее время компания Greenbrier, работающая на четырех континентах, постоянно оценивает влияние геополитических событий и активно работает над обеспечением безопасности наших сотрудников и кибербезопасности нашей информационной и информационной инфраструктуры. С 2020 года мы столкнулись с одними из самых сложных условий эксплуатации в истории Greenbrier. Мы не только выжили, но и преуспели в этой меняющейся среде. Наше лидирующее в отрасли производственное присутствие, наш растущий сервисный бизнес и наши устоявшиеся возможности позволяют нам напрямую решать эти задачи, предлагая клиентам решения, соответствующие их потребностям".
Бизнес-обновления и перспективы
Greenbrier продолжает решать проблемы, связанные с появлением новых вариантов COVID, балансируя между экономикой, цепочкой поставок и нестабильностью рабочей силы. Основываясь на текущих тенденциях бизнеса и производственных графиках на 2022 финансовый год, Greenbrier ожидает:
Финансовая сводка
Q2 FY22 |
Q1 FY22 |
Sequential Comparison – Main Drivers |
|
Revenue |
$682.8M |
$550.7M |
19% increase in deliveries including stronger syndication activity |
Gross margin |
8.0% |
8.6% |
Impact of production ramping inefficiencies, Omicron variant and mitigation of supply chain disruptions |
Selling and administrative |
$54.7M |
$44.3M |
Increased employee costs, consulting, travel and legal expense from higher business activity levels |
Net gain on disposition of equipment |
$25.1M |
$8.5M |
Increased gains from regular fleet optimization and monetization |
EBITDA |
$51.7M |
$42.2M |
Increased operating earnings reflecting higher revenue across all business units; See reconciliation on page 10 |
Net loss attributable to noncontrolling interest |
$1.6M |
$5.2M |
Partners' share of consolidated JV's operating results |
Net earnings attributable to Greenbrier |
$12.8M |
$10.8M |
Improved operating earnings partially offset by more typical earnings from unconsolidated affiliates |
Diluted EPS |
$0.38 |
$0.32 |
Краткое описание сегмента
Q2 FY22 |
Q1 FY22 |
Sequential Comparison – Main Drivers |
|
Manufacturing |
|||
Revenue |
$555.7M |
$452.5M |
Increased deliveries primarily in North America |
Gross margin |
3.7% |
6.8% |
Inefficiencies from ramping production, impact of the Omicron variant and increased expense to mitigate supply chain disruptions |
Operating margin (1) |
0.3% |
2.7% |
|
Deliveries (2) |
4,400 |
3,700 |
|
Maintenance Services |
|||
Revenue |
$86.6M |
$72.4M |
Increased volumes due to winter seasonality |
Gross margin |
5.7% |
1.7% |
Improved throughput despite labor challenges |
Operating margin (1) |
3.3% |
(1.5%) |
|
Leasing & Management Services (including GBX Leasing) |
|||
Revenue |
$40.5 |
$25.8M |
Primarily increased syndication activity |
Gross margin |
72.1% |
59.9% |
|
Operating margin (1) (3) |
117.5% |
66.5% |
Benefited from timing of gains from fleet optimization |
Fleet utilization |
97.9% |
97.1% |
|
(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 loss (gain) on disposition of equipment, which is excluded from gross margin. |
Конференц-связь Greenbrier проведет телеконференцию, чтобы обсудить свои результаты за второй квартал 2022 года. В связи с этим выпуском новостей Greenbrier разместила на нашем веб-сайте дополнительную презентацию о доходах. Подробности телеконференции следующие:
Пожалуйста, зайдите на сайт за 10-15 минут до начала.
О компании GreenbrierGreenbrier, штаб-квартира которой находится в Лейк-Освего, штат Орегон, является ведущим международным поставщиком оборудования и услуг для глобальных рынков грузовых перевозок. Через свои стопроцентные дочерние компании и совместные предприятия Greenbrier проектирует, строит и продает грузовые железнодорожные вагоны и морские баржи в Северной Америке, Европе и Бразилии. Мы являемся ведущим поставщиком услуг по обслуживанию колес грузовых вагонов, запасных частей, техническому обслуживанию и модернизации в Северной Америке через наше подразделение железнодорожных услуг. Greenbrier управляет 431 000 вагонов и предлагает услуги по управлению вагонами, соблюдению нормативных требований и лизингу железным дорогам и другим владельцам вагонов в Северной Америке. GBX Leasing (GBXL) - дочерняя компания специального назначения, которая владеет и управляет портфелем арендованных вагонов, которые в основном производятся на производственных предприятиях Greenbrier. GBXL и Greenbrier владеют арендованным парком из 11 000 вагонов. Узнайте больше о Greenbrier на сайте www.gbrx.com .
The Greenbrier Companies, INC. |
|||||
Consolidated Balance Sheets (In millions, unaudited) |
|||||
February 28, 2022 |
November 30, 2021 |
August 31, 2021 |
May 31, 2021 |
February 28, |
|
Assets |
|||||
Cash and cash equivalents |
$ 586.8 |
$ 410.8 |
$ 646.8 |
$ 628.2 |
$ 593.5 |
Restricted cash |
15.7 |
27.1 |
24.6 |
8.7 |
8.6 |
Accounts receivable, net |
399.0 |
393.3 |
306.4 |
274.8 |
236.2 |
Income tax receivable |
106.0 |
106.2 |
112.1 |
75.1 |
62.1 |
Inventories |
728.5 |
631.4 |
573.6 |
553.2 |
523.0 |
Leased railcars for syndication |
80.0 |
99.1 |
51.6 |
154.0 |
109.3 |
Equipment on operating leases, net |
650.4 |
751.3 |
609.8 |
446.9 |
445.4 |
Property, plant and equipment, net |
646.5 |
654.4 |
670.2 |
676.0 |
687.5 |
Investment in unconsolidated affiliates |
90.2 |
83.1 |
79.9 |
79.4 |
70.8 |
Intangibles and other assets, net |
179.6 |
183.0 |
183.6 |
180.8 |
190.3 |
Goodwill |
130.0 |
130.3 |
132.1 |
133.1 |
132.7 |
$ 3,612.7 |
$ 3,470.0 |
$ 3,390.7 |
$ 3,210.2 |
$ 3,059.4 |
|
Liabilities and Equity |
|||||
Revolving notes |
$ 292.2 |
$ 516.3 |
$ 372.2 |
$ 325.2 |
$ 275.8 |
Accounts payable and accrued liabilities |
581.2 |
540.4 |
569.8 |
480.4 |
448.6 |
Deferred income taxes |
51.9 |
51.3 |
73.3 |
44.9 |
24.8 |
Deferred revenue |
43.0 |
36.6 |
42.8 |
43.7 |
42.6 |
Notes payable, net |
1,209.2 |
895.7 |
826.5 |
835.0 |
793.2 |
Contingently redeemable noncontrolling interest |
28.5 |
29.7 |
29.7 |
30.3 |
30.0 |
Total equity – Greenbrier |
1,252.6 |
1,237.3 |
1,307.7 |
1,286.7 |
1,268.5 |
Noncontrolling interest |
154.1 |
162.7 |
168.7 |
164.0 |
175.9 |
Total equity |
1,406.7 |
1,400.0 |
1,476.4 |
1,450.7 |
1,444.4 |
$ 3,612.7 |
$ 3,470.0 |
$ 3,390.7 |
$ 3,210.2 |
$ 3,059.4 |
|
The Greenbrier Companies, INC. |
||||||||
Consolidated Statements of Operations (In millions, except number of shares which are reflected in thousands and per share amounts, unaudited) |
||||||||
Three Months Ended February 28, |
Six Months Ended February 28, |
|||||||
2022 |
2021 |
2022 |
2021 |
|||||
Revenue |
||||||||
Manufacturing |
$ 555.7 |
$ 201.5 |
$ 1,008.2 |
$ 506.0 |
||||
Maintenance Services |
86.6 |
71.6 |
159.0 |
137.2 |
||||
Leasing & Management Services |
40.5 |
22.5 |
66.3 |
55.4 |
||||
682.8 |
295.6 |
1,233.5 |
698.6 |
|||||
Cost of revenue |
||||||||
Manufacturing |
535.0 |
201.8 |
956.6 |
482.7 |
||||
Maintenance Services |
81.7 |
66.7 |
152.9 |
129.7 |
||||
Leasing & Management Services |
11.3 |
9.5 |
21.6 |
27.9 |
||||
628.0 |
278.0 |
1,131.1 |
640.3 |
|||||
Margin |
54.8 |
17.6 |
102.4 |
58.3 |
||||
Selling and administrative expense |
54.7 |
43.4 |
99.0 |
87.1 |
||||
Net gain on disposition of equipment |
(25.1) |
(0.1) |
(33.6) |
(1.0) |
||||
Earnings (loss) from operations |
25.2 |
(25.7) |
37.0 |
(27.8) |
||||
Other costs |
||||||||
Interest and foreign exchange |
11.8 |
9.6 |
24.4 |
20.7 |
||||
Earnings (loss) before income taxes and earnings (loss) from unconsolidated affiliates |
13.4 |
(35.3) |
12.6 |
(48.5) |
||||
Income tax (expense) benefit |
(3.2) |
21.8 |
(1.8) |
29.1 |
||||
Earnings (loss) before earnings (loss) from unconsolidated affiliates |
10.2 |
(13.5) |
10.8 |
(19.4) |
||||
Earnings (loss) from unconsolidated affiliates |
1.0 |
(0.4) |
6.0 |
(1.2) |
||||
Net earnings (loss) |
11.2 |
(13.9) |
16.8 |
(20.6) |
||||
Net loss attributable to noncontrolling interest |
1.6 |
4.8 |
6.8 |
1.5 |
||||
Net earnings (loss) attributable to Greenbrier |
$ 12.8 |
$ (9.1) |
$ 23.6 |
$ (19.1) |
||||
Basic earnings (loss) per common share: |
$ 0.39 |
$ (0.28) |
$ 0.72 |
$ (0.58) |
||||
Diluted earnings (loss) per common share: |
$ 0.38 |
$ (0.28) |
$ 0.70 |
$ (0.58) |
||||
Weighted average common shares: |
||||||||
Basic |
32,582 |
32,810 |
32,546 |
32,766 |
||||
Diluted |
34,463 |
32,810 |
33,609 |
32,766 |
||||
Dividends declared per common share |
$ 0.27 |
$ 0.27 |
$ 0.54 |
$ 0.54 |
||||
The Greenbrier Companies, INC. |
||||
Consolidated Statements of Cash Flows |
||||
Six Months Ended |
||||
2022 |
2021 |
|||
Cash flows from operating activities |
||||
Net earnings (loss) |
$ 16.8 |
$ (20.6) |
||
Adjustments to reconcile net earnings (loss) to net cash used in operating activities: |
||||
Deferred income taxes |
(4.3) |
17.0 |
||
Depreciation and amortization |
50.9 |
50.9 |
||
Net gain on disposition of equipment |
(33.6) |
(1.0) |
||
Accretion of debt discount |
- |
2.9 |
||
Stock based compensation expense |
5.9 |
9.0 |
||
Noncontrolling interest adjustments |
(0.6) |
(1.3) |
||
Other |
2.4 |
1.1 |
||
Decrease (increase) in assets: |
||||
Accounts receivable, net |
(93.5) |
(10.7) |
||
Income tax receivable |
6.2 |
(53.0) |
||
Inventories |
(166.5) |
(35.0) |
||
Leased railcars for syndication |
(12.2) |
(38.0) |
||
Other assets |
(8.5) |
(2.9) |
||
Increase (decrease) in liabilities: |
||||
Accounts payable and accrued liabilities |
15.2 |
(13.3) |
||
Deferred revenue |
1.5 |
0.1 |
||
Net cash used in operating activities |
(220.3) |
(94.8) |
||
Cash flows from investing activities |
||||
Proceeds from sales of assets |
148.6 |
11.3 |
||
Capital expenditures |
(198.0) |
(50.3) |
||
Investments in and advances to / repayments from unconsolidated affiliates |
(4.2) |
4.5 |
||
Cash distribution from unconsolidated affiliates and other |
1.2 |
0.5 |
||
Net cash used in investing activities |
(52.4) |
(34.0) |
||
Cash flows from financing activities |
||||
Net change in revolving notes with maturities of 90 days or less |
(75.6) |
98.4 |
||
Proceeds from revolving notes with maturities longer than 90 days Repayments of revolving notes with maturities longer than 90 days |
- - |
112.0 (286.0) |
||
Proceeds from issuance of notes payable |
323.3 |
- |
||
Repayments of notes payable |
(7.6) |
(15.0) |
||
Debt issuance costs |
(5.2) |
- |
||
Dividends |
(18.1) |
(18.0) |
||
Cash distribution to joint venture partner |
(8.5) |
(3.6) |
||
Tax payments for net share settlement of restricted stock |
(3.5) |
(2.4) |
||
Net cash provided by (used in) financing activities |
204.8 |
(114.6) |
||
Effect of exchange rate changes |
(1.0) |
3.4 |
||
Decrease in cash, cash equivalents and restricted cash |
(68.9) |
(240.0) |
||
Cash and cash equivalents and restricted cash |
||||
Beginning of period |
671.4 |
842.1 |
||
End of period |
$ 602.5 |
$ 602.1 |
||
Balance Sheet Reconciliation: |
||||
Cash and cash equivalents |
$ 586.8 |
$ 593.5 |
||
Restricted cash |
15.7 |
8.6 |
||
Total cash and cash equivalents and restricted cash |
$ 602.5 |
$ 602.1 |
||
The Greenbrier Companies, inc.
Дополнительная информация об аренде (В миллионах, за исключением принадлежащего и управляемого флота, неаудированная)
GBX Leasing (GBXL) была образована в апреле 2021 года как совместное предприятие с Longwood Group для владения и управления портфелем арендованных вагонов, в основном построенных Greenbrier. Greenbrier владеет примерно 95% акций GBXL и консолидирует их в финансовой отчетности Greenbrier в сегменте лизинговых и управленческих услуг. GBXL обеспечивает дополнительный элемент "выхода на рынок" в коммерческой стратегии Greenbrier по прямым продажам, партнерским отношениям с действующими лизинговыми компаниями и заключению договоров аренды для партнеров по синдикации, а также предоставляет платформу для дальнейшего масштабного роста. GBXL обеспечит значительные денежные потоки с налоговыми льготами. Цель состоит в том, чтобы ежегодно увеличивать активы железнодорожных вагонов на сумму не менее 200 миллионов долларов при соотношении долга к собственному капиталу примерно 3:1 (или 75%) на основе справедливой рыночной стоимости активов с пятилетним целевым показателем активов в 1 миллиард долларов. GBX Leasing соблюдает установленные стандарты портфеля Greenbrier, включая инвестирование в надежные кредиты с разнообразным набором оборудования и ступенчатыми сроками погашения.
Стоимость парка GBX Leasing по состоянию на 28 февраля 2022 года составила почти 400 миллионов долларов, и Greenbrier ожидает продолжения роста GBX Leasing во второй половине 2022 финансового года, используя склад вагонов без права регресса стоимостью 350 миллионов долларов. Во 2 квартале GBX Leasing выпустила облигации с обеспечением активами ("ABS") на сумму 323 млн долларов США со смешанной ставкой 2,9% и средневзвешенным сроком погашения шесть лет. После окончания квартала Greenbrier заключила дополнительное соглашение о процентном свопе, чтобы зафиксировать оставшуюся плавающую часть Лизингового кредита без права регресса. При такой деятельности средневзвешенная стоимость долга для Greenbrier Leasing и GBX Leasing составляет 3,4%. Инвестиции в лизинговые активы снижают производственные доходы и маржу Greenbrier в краткосрочной перспективе, но обеспечивают значительные налоговые льготы, долгосрочную прибыль и стабильность денежных потоков.
Ключевая информация для консолидированного сегмента Лизинговых и Управленческих услуг
(In Units) |
February 28, 2022 |
November 30, 2021 |
|
Owned fleet(1) |
11,000 |
12,900 |
|
Managed fleet |
431,000 |
443,000 |
|
Owned fleet utilization(1) |
98% |
97% |
|
February 28, 2022 |
November 30, 2021 |
||
Beginning balance |
12,900 |
8,800 |
|
Cars added |
1,000 |
5,100 |
|
Cars sold / scrapped |
(2,900) |
(1,000) |
|
Ending balance |
11,000 |
12,900 |
|
February 28, 2022 |
November 30, 2021 |
||
Equipment on operating lease(2) |
$ 650.4 |
$ 751.3 |
|
GBX Leasing non-recourse warehouse |
$ - |
$ 293.0 |
|
GBX Leasing ABS non-recourse notes |
323.3 |
- |
|
Leasing non-recourse term loan |
196.5 |
198.3 |
|
Total Leasing non-recourse debt |
$ 519.8 |
$ 491.3 |
|
Fleet leverage %(3) |
80% |
65% |
|
(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 February 28, 2022: |
||||||||||||||||||
Revenue |
Earnings (loss) from operations |
|||||||||||||||||
External |
Intersegment |
Total |
External |
Intersegment |
Total |
|||||||||||||
Manufacturing |
$ 555.7 |
$ 1.8 |
$ 557.5 |
$ 1.8 |
$ - |
$ 1.8 |
||||||||||||
Maintenance Services |
86.6 |
6.1 |
92.7 |
2.9 |
- |
2.9 |
||||||||||||
Leasing & Management Services |
40.5 |
0.4 |
40.9 |
47.6 |
- |
47.6 |
||||||||||||
Eliminations |
- |
(8.3) |
(8.3) |
- |
- |
- |
||||||||||||
Corporate |
- |
- |
- |
(27.1) |
- |
(27.1) |
||||||||||||
$ 682.8 |
$ - |
$ 682.8 |
$ 25.2 |
$ - |
$ 25.2 |
|||||||||||||
Three months ended November 30, 2021: |
||||||||||||
Revenue |
Earnings (loss) from operations |
|||||||||||
External |
Intersegment |
Total |
External |
Intersegment |
Total |
|||||||
Manufacturing |
$ 452.5 |
$ 39.4 |
$ 491.9 |
$ 12.3 |
$ 0.3 |
$ 12.6 |
||||||
Maintenance Services |
72.4 |
2.7 |
75.1 |
(1.1) |
- |
(1.1) |
||||||
Leasing & Management Services |
25.8 |
0.3 |
26.1 |
17.2 |
- |
17.2 |
||||||
Eliminations |
- |
(42.4) |
(42.4) |
- |
(0.3) |
(0.3) |
||||||
Corporate |
- |
- |
- |
(16.6) |
- |
(16.6) |
||||||
$ 550.7 |
$ - |
$ 550.7 |
$ 11.8 |
$ - |
$ 11.8 |
|||||||
Total assets |
||||||||
February 28, |
November 30, |
|||||||
Manufacturing |
$ 1,698.5 |
$ 1,550.3 |
||||||
Maintenance Services |
272.0 |
261.5 |
||||||
Leasing & Management Services |
1,038.8 |
1,219.9 |
||||||
Unallocated, including cash |
603.4 |
438.3 |
||||||
$ 3,612.7 |
$ 3,470.0 |
|||||||
Supplemental Backlog and Delivery Information |
||||
Three Months |
||||
February 28, 2022 |
||||
Backlog Activity (units) (1) |
||||
Beginning backlog |
28,000 |
|||
Orders received |
8,500 |
|||
Production held on the Balance Sheet |
(1,000) |
|||
Production sold directly to third parties |
(3,400) |
|||
Ending backlog |
32,100 |
|||
Delivery Information (units) (1) |
||||
Production sold directly to third parties |
3,400 |
|||
Sales of Leased railcars for syndication |
1,400 |
|||
Total deliveries |
4,800 |
|||
(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 |
|||||||
February 28, 2022 |
November 30, 2021 |
||||||
Net earnings |
$ 11.2 |
$ 5.6 |
|||||
Interest and foreign exchange |
11.8 |
12.6 |
|||||
Income tax expense (benefit) |
3.2 |
(1.4) |
|||||
Depreciation and amortization |
25.5 |
25.4 |
|||||
EBITDA |
$ 51.7 |
$ 42.2 |
|||||
The Greenbrier Companies, INC. |
||||||
Supplemental Information (In millions, except per share amounts, unaudited) |
||||||
Operating Results by Quarter for 2022 are as follows: |
||||||
First |
Second |
Total |
||||
Revenue |
||||||
Manufacturing |
$ 452.5 |
$ 555.7 |
$ 1,008.2 |
|||
Maintenance Services |
72.4 |
86.6 |
159.0 |
|||
Leasing & Management Services |
25.8 |
40.5 |
66.3 |
|||
550.7 |
682.8 |
1,233.5 |
||||
Cost of revenue |
||||||
Manufacturing |
421.6 |
535.0 |
956.6 |
|||
Maintenance Services |
71.2 |
81.7 |
152.9 |
|||
Leasing & Management Services |
10.3 |
11.3 |
21.6 |
|||
503.1 |
628.0 |
1,131.1 |
||||
Margin |
47.6 |
54.8 |
102.4 |
|||
Selling and administrative expense |
44.3 |
54.7 |
99.0 |
|||
Net gain on disposition of equipment |
(8.5) |
(25.1) |
(33.6) |
|||
Earnings from operations |
11.8 |
25.2 |
37.0 |
|||
Other costs |
||||||
Interest and foreign exchange |
12.6 |
11.8 |
24.4 |
|||
Earnings (loss) before income tax and earnings from unconsolidated affiliates |
(0.8) |
13.4 |
12.6 |
|||
Income tax (expense) benefit |
1.4 |
(3.2) |
(1.8) |
|||
Earnings before earnings from unconsolidated |
0.6 |
10.2 |
10.8 |
|||
Earnings from unconsolidated affiliates |
5.0 |
1.0 |
6.0 |
|||
Net earnings |
5.6 |
11.2 |
16.8 |
|||
Net loss attributable to noncontrolling interest |
5.2 |
1.6 |
6.8 |
|||
Net earnings attributable to Greenbrier |
$ 10.8 |
$ 12.8 |
$ 23.6 |
|||
Basic earnings per common share (1) |
$ 0.33 |
$ 0.39 |
$ 0.72 |
|||
Diluted earnings per common share (1) |
$ 0.32 |
$ 0.38 |
$ 0.70 |
|||
Dividends declared per common share |
$ 0.27 |
$ 0.27 |
$ 0.54 |
|||
(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. |
ЗАЯВЛЕНИЕ "БЕЗОПАСНАЯ ГАВАНЬ" В СООТВЕТСТВИИ С ЗАКОНОМ О РЕФОРМЕ СУДЕБНЫХ РАЗБИРАТЕЛЬСТВ ПО ЧАСТНЫМ ЦЕННЫМ БУМАГАМ 1995 ГОДА: Этот пресс-релиз может содержать заявления прогнозного характера, включая любые заявления, которые не являются чисто констатацией исторических фактов. Гринбрайер использует слова и варианты слов, такие как "верить", "строить", "продолжать", "ожидать", "цель", "смотреть вперед", "перспективы", "позиция", "сократить", "воля" и подобные выражения для определения перспективных заявления. Эти прогнозные заявления включают, помимо прочего, заявления о невыполненных и других заказах, результатах лизинга, финансировании, будущей ликвидности, движении денежных средств, нашей способности увеличивать долю рынка и приносить будущую прибыль нашим акционерам, режиме налогообложения и другой информации, касающейся будущих результатов и стратегий, и появляются во всем этом пресс-релизе, включая в заголовках и разделах, озаглавленных "Основные моменты второго квартала", "Бизнес-новости и перспективы" и "Дополнительная информация об аренде". Эти прогнозные заявления не являются гарантией будущих результатов и подвержены определенным рискам и неопределенностям, которые могут привести к тому, что фактические результаты будут существенно отличаться от результатов, предусмотренных прогнозными заявлениями. Факторы, которые могут вызвать такую разницу, включают, но не ограничиваются ими, следующее: Мы не можем предсказать, когда, как и с какой силой COVID-19, его варианты, реакцию правительства на него и связанные с этим экономические сбои (включая, среди прочих факторов, перебои в поставках, инфляцию и увеличение в процентных ставках) негативно скажется на нашем бизнесе. Общая инфляция (включая рост цен на энергоносители, процентных ставок и заработной платы и другие факторы), волатильность валютных курсов и политические интервенции в ответ на такие события могут оказать негативное влияние на наш бизнес, увеличив наши операционные расходы и затраты по займам, а также сократив капитал, доступный нашим клиентам для покупки наших товаров и услуг, среди прочего факторы. На наш бизнес может негативно повлиять вооруженный конфликт в Украине и связанные с ним события. Риски для нашего бизнеса, которые могут возникнуть, включают, среди прочего, перебои в транспортировке в Европе, повышенную инфляцию, кибератаки или кибератаки, более высокие производственные затраты и затраты по займам, сбои в цепочках поставок и доступности сырья, перебои в производственных операциях и сбои на кредитных рынках. Наше отставание в производстве единиц железнодорожных вагонов и морских судов, а также другие заказы, не включенные в отставание, не обязательно указывают на будущие результаты операций. Некоторые заказы, находящиеся в отставании, подлежат обычной документации, которая может отсутствовать. Дополнительная информация о потенциальных факторах, которые могут привести к тому, что наши результаты будут отличаться от наших прогнозных заявлений, включена в заявки Компании в SEC, в том числе в разделах "Факторы риска" и "Обсуждение и анализ руководством финансового состояния и результатов деятельности" в последнем периодическом отчете Компании. отчет по форме 10-K и последующие отчеты по форме 10-Q. Если иное не предусмотрено законом, Компания не берет на себя никаких обязательств по обновлению каких-либо прогнозных заявлений или информации, которые относятся к соответствующим датам. Читателей предостерегают от чрезмерного доверия к этим прогнозным заявлениям, которые отражают мнение руководства только на дату настоящего документа.
Скорректированные Определения Финансовых Показателей
Показатель EBITDA не является финансовым показателем в соответствии с общепринятыми принципами бухгалтерского учета (GAAP). Этот показатель является инструментом измерения производительности, используемым компаниями-поставщиками железнодорожных перевозок и Greenbrier. Вы не должны рассматривать этот показатель изолированно или в качестве замены других данных финансовой отчетности, определенных в соответствии с GAAP. Кроме того, поскольку этот показатель не является показателем финансовых результатов в соответствии с GAAP и подвержен различным расчетам, представленный показатель может отличаться от показателей с аналогичным названием, используемых другими компаниями, и может быть несопоставим с ними.
Мы определяем показатель EBITDA как Чистую прибыль (убыток) до вычета процентов и иностранной валюты, льготы по налогу на прибыль (расходы), износа и амортизации, а также Чистый убыток от погашения долга. Мы считаем, что представление показателя EBITDA предоставляет полезную информацию, поскольку оно исключает влияние финансирования, иностранной валюты, налогов на прибыль и бухгалтерских последствий капитальных затрат. Эти статьи могут отличаться для разных компаний по причинам, не связанным с общими операционными показателями основного бизнеса компании. Мы считаем, что это помогает сравнивать наши показатели за разные отчетные периоды.
ИСТОЧНИК Greenbrier Companies, Inc.
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