Fourth Quarter diluted EPS of $0.60
Generated almost $180 million of working money movement within the quarter
Strong lease fleet utilization of 98%
Issues fiscal 2023 steerage
LAKE OSWEGO, Ore., Oct. 27, 2022 /PRNewswire/ — The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a number one worldwide provider of apparatus and providers to world freight transportation markets, right now reported monetary outcomes for its fourth fiscal quarter and yr ended August 31, 2022.
Fourth Quarter Highlights
- New railcar orders for 4,800 items valued at $620 million and deliveries of 5,800 items.
- Diversified new railcar backlog as of August 31, 2022 was 29,500 items with an estimated worth of $3.5 billion.
- Railcar refurbishment backlog of two,300 items valued at $170 million.
- Ended the quarter with liquidity of $690 million, together with $543 million in money and $147 million of accessible borrowing capability.
- Operating money movement of almost $180 million.
- Net earnings attributable to Greenbrier for the quarter have been $20 million, or $0.60 per diluted share, on income of $950 million.
- EBITDA for the quarter was $89 million, or 9.3% of income.
- Finalized $150 million non-recourse time period mortgage at Greenbrier leasing subsidiary with $75 million drawn instantly and $75 million anticipated to be drawn in fiscal 2023. Terms are much like the leasing time period mortgage refinanced in August 2021.
- Board declared a quarterly dividend of $0.27 per share, payable on November 29, 2022 to shareholders of report as of November 8, 2022 representing Greenbrier’s thirty fourth consecutive quarterly dividend.
Fiscal Year 2022 Highlights
- Diversified new railcar orders of 24,600 items valued at $2.9 billion and deliveries of almost 20,000 items.
- Regular lease fleet optimization and monetization generated $155 million of proceeds and $35 million of good points.
- Net earnings attributable to Greenbrier have been $47 million, or $1.40 per diluted share, on income of almost $3.0 billion.
- In February, GBX Leasing accomplished issuance of $323 million of asset-backed notes with a blended rate of interest of two.9% and a weighted common lifetime of six years.
- Fixed the rate of interest on most long-term floating charge debt to mitigate danger in present rising charge atmosphere. No important debt maturities till 2026.
- EBITDA was $231 million, or 7.8% of income.
“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.” stated 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 technique throughout the fourth fiscal quarter produced sturdy working efficiency amid ongoing financial volatility. Based on present developments and manufacturing schedules, Greenbrier expects the next efficiency in fiscal 2023:
- Deliveries of twenty-two,000 – 24,000 items together with roughly 1,000 items in Greenbrier-Maxion (Brazil)
- Revenue at $3.2 – $3.6 billion
- Capital expenditures at roughly $240 million in Leasing & Management Services, $80 million in Manufacturing and $10 million in Maintenance Services
- Proceeds of apparatus gross sales are anticipated to be roughly $100 million
- Build and capitalize into the lease fleet roughly 2,000 items. These items will not be included within the supply steerage.
We will present extra working commentary throughout the earnings name.
Financial Summary
|
This fall FY22 |
Q3 FY22 |
Sequential Comparison – Main Drivers |
|
|
Revenue |
$950.7M |
$793.5M |
Increased new railcar deliveries |
|
Gross margin |
$127.3M |
$76.3M |
Improved working effectivity in Manufacturing and sturdy syndication exercise in Leasing & Management Services |
|
Gross margin % |
13.4 % |
9.6 % |
|
|
Selling and administrative |
$68.8M |
$57.4M |
Increased worker prices, consulting and authorized bills |
|
Net acquire on disposition of tools |
$2.9M |
$0.7M |
Gain on dissolution of axle three way partnership |
|
EBITDA |
$88.8M |
$48.6M |
Increased gross margin |
|
Net earnings attributable to noncontrolling curiosity |
$9.2M |
$4.5M |
Partners’ share of consolidated JV’s working outcomes together with timing of syndication exercise |
|
Net earnings attributable to Greenbrier |
$20.2M |
$3.1M |
Higher gross margin partially offset by greater Selling and administrative expense |
|
Diluted EPS |
$0.60 |
$0.09 |
Segment Summary
|
This fall FY22 |
Q3 FY22 |
Sequential Comparison – Main Drivers |
|
|
Manufacturing |
|||
|
Revenue |
$817.5M |
$650.9M |
Increased deliveries reflecting progress of manufacturing ramp in North America |
|
Gross margin |
$84.5M |
$39.6M |
Improved working efficiencies |
|
Gross margin % |
10.3 % |
6.1 % |
|
|
Operating margin % (1) |
7.6 % |
3.1 % |
|
|
Deliveries (2) |
5,700 |
4,900 |
Higher manufacturing charges and timing of syndication exercise |
|
Maintenance Services |
|||
|
Revenue |
$87.2M |
$101.5M |
Lower Repair and Wheel volumes sequentially after seasonally sturdy Q3 |
|
Gross margin % |
10.6 % |
10.2 % |
Improved working efficiencies |
|
Operating margin % (1)(3) |
13.0 % |
8.5 % |
Reflects acquire on dissolution of axle three way partnership |
|
Leasing & Management Services (together with GBX Leasing) |
|||
|
Revenue |
$46.0M |
$41.1M |
Increased syndication exercise and lease fleet earnings |
|
Gross margin % |
73.0 % |
64.0 % |
|
|
Operating margin % (1) (3) |
53.0 % |
46.7 % |
|
|
Fleet utilization |
98.4 % |
97.5 % |
|
|
(1) |
See supplemental phase data on web page 9 for added data. |
|
(2) |
Excludes Brazil deliveries which aren’t consolidated into Manufacturing income and margins. |
|
(3) |
Includes Net acquire on disposition of apparatus, which is excluded from gross margin. |
Conference Call
Greenbrier will host a teleconference to debate its fourth quarter and fiscal yr outcomes. In conjunction with this information launch, Greenbrier has posted a supplemental earnings presentation to our web site.
Teleconference particulars 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 entry the positioning 10-Quarter-hour previous to the beginning time.
About Greenbrier
Greenbrier, headquartered in Lake Oswego, Oregon, is a number one worldwide provider of apparatus and providers to world 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 number one supplier of freight railcar wheel providers, elements, upkeep and retrofitting providers in North America by means of our upkeep providers business unit. Greenbrier manages 408,000 railcars and presents railcar administration, regulatory compliance providers and leasing providers to railroads and different railcars house owners in North America. GBX Leasing (GBXL) is a particular goal subsidiary that owns and manages a portfolio of leased railcars that originate primarily from Greenbrier’s manufacturing operations. GBXL and Greenbrier personal a lease fleet of roughly 12,200 railcars. Learn extra about Greenbrier at www.gbrx.com.
|
THE GREENBRIER COMPANIES, INC. |
|||||
|
CONSOLIDATED BALANCE SHEETS (In tens of millions, unaudited) |
|||||
|
August 31, 2022 |
May 31, 2022 |
February 28, 2022 |
November 30, 2021 |
August 31, 2021 |
|
|
Assets |
|||||
|
Cash and money equivalents |
$ 543.0 |
$ 449.7 |
$ 586.8 |
$ 410.8 |
$ 646.8 |
|
Restricted money |
16.1 |
16.1 |
15.7 |
27.1 |
24.6 |
|
Accounts receivable, web |
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 working leases, web |
770.9 |
676.1 |
650.4 |
751.3 |
609.8 |
|
Property, plant and tools, web |
645.2 |
642.7 |
646.5 |
654.4 |
670.2 |
|
Investment in unconsolidated associates |
92.5 |
96.2 |
90.2 |
83.1 |
79.9 |
|
Intangibles and different property, web |
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 earnings taxes |
68.6 |
72.9 |
51.9 |
51.3 |
73.3 |
|
Deferred income |
35.3 |
33.3 |
43.0 |
36.6 |
42.8 |
|
Notes payable, web |
1,269.1 |
1,202.6 |
1,209.2 |
895.7 |
826.5 |
|
Contingently redeemable noncontrolling curiosity |
27.7 |
27.8 |
28.5 |
29.7 |
29.7 |
|
Total fairness – Greenbrier |
1,276.9 |
1,270.4 |
1,252.6 |
1,237.3 |
1,307.7 |
|
Noncontrolling curiosity |
152.2 |
156.8 |
154.1 |
162.7 |
168.7 |
|
Total fairness |
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 tens of millions, besides variety of shares that are mirrored in hundreds and per share quantities, 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 income |
|||||||
|
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 acquire on disposition of apparatus |
(37.2) |
(1.2) |
(20.0) |
||||
|
Earnings from operations |
118.0 |
41.0 |
168.4 |
||||
|
Other prices |
|||||||
|
Interest and international alternate |
57.4 |
43.3 |
43.6 |
||||
|
Net loss on extinguishment of debt |
– |
6.3 |
– |
||||
|
Earnings (loss) earlier than earnings tax and earnings from unconsolidated associates |
60.6 |
(8.6) |
124.8 |
||||
|
Income tax (expense) profit |
(18.1) |
40.2 |
(40.2) |
||||
|
Earnings earlier than earnings from unconsolidated associates |
42.5 |
31.6 |
84.6 |
||||
|
Earnings from unconsolidated associates |
11.3 |
3.5 |
3.0 |
||||
|
Net earnings |
53.8 |
35.1 |
87.6 |
||||
|
Net earnings attributable to noncontrolling curiosity |
(6.9) |
(2.7) |
(38.6) |
||||
|
Net earnings attributable to Greenbrier |
$ 46.9 |
$ 32.4 |
$ 49.0 |
||||
|
Basic earnings per frequent share: |
$ 1.44 |
$ 0.99 |
$ 1.50 |
||||
|
Diluted earnings per frequent share: |
$ 1.40 |
$ 0.96 |
$ 1.46 |
||||
|
Weighted common frequent shares: |
|||||||
|
Basic |
32,569 |
32,648 |
32,670 |
||||
|
Diluted |
33,631 |
33,665 |
33,441 |
||||
|
Dividends per frequent share |
$ 1.08 |
$ 1.08 |
$ 1.06 |
||||
|
THE GREENBRIER COMPANIES, INC. |
||||||
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (In tens of millions, unaudited) |
||||||
|
Years Ended |
||||||
|
2022 |
2021 |
2020 |
||||
|
Cash flows from working actions |
||||||
|
Net earnings |
$ 53.8 |
$ 35.1 |
$ 87.6 |
|||
|
Adjustments to reconcile web earnings to web money supplied by (utilized in) working actions: |
||||||
|
Deferred earnings taxes |
12.9 |
51.1 |
(9.5) |
|||
|
Depreciation and amortization |
102.0 |
100.7 |
109.9 |
|||
|
Net acquire on disposition of apparatus |
(37.2) |
(1.2) |
(20.0) |
|||
|
Stock primarily based compensation expense |
15.5 |
14.7 |
9.0 |
|||
|
Net loss on extinguishment of debt |
– |
6.3 |
– |
|||
|
Accretion of debt low cost |
– |
7.1 |
5.5 |
|||
|
Noncontrolling curiosity changes |
1.6 |
2.3 |
1.4 |
|||
|
Other |
3.8 |
2.4 |
1.0 |
|||
|
Decrease (enhance) in property: |
||||||
|
Accounts receivable, web |
(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 property |
(28.1) |
(5.8) |
(65.0) |
|||
|
Increase (lower) in liabilities: |
||||||
|
Accounts payable and accrued liabilities |
165.3 |
109.9 |
(108.8) |
|||
|
Deferred income |
(5.6) |
0.4 |
(27.9) |
|||
|
Net money supplied by (utilized in) working actions |
(150.4) |
(40.5) |
272.2 |
|||
|
Cash flows from investing actions |
||||||
|
Proceeds from gross sales of property |
155.5 |
15.9 |
83.5 |
|||
|
Capital expenditures |
(380.7) |
(139.0) |
(66.9) |
|||
|
Investments in and advances to unconsolidated associates |
(2.3) |
– |
(1.8) |
|||
|
Cash distribution from unconsolidated associates and different |
3.5 |
5.3 |
12.7 |
|||
|
Net money supplied by (utilized in) investing actions |
(224.0) |
(117.8) |
27.5 |
|||
|
Cash flows from financing actions |
||||||
|
Net change in revolving notes with maturities of 90 days or much less |
(101.3) |
197.4 |
146.5 |
|||
|
Proceeds from 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 prices |
(7.3) |
(22.0) |
– |
|||
|
Repurchase of inventory |
– |
(20.0) |
– |
|||
|
Dividends |
(35.8) |
(35.6) |
(35.2) |
|||
|
Cash distribution to three way partnership companion |
(16.9) |
(25.3) |
(38.9) |
|||
|
Investment by three way partnership companion |
– |
7.0 |
– |
|||
|
Tax funds for web share settlement of restricted inventory |
(3.7) |
(3.3) |
(2.2) |
|||
|
Net money supplied by (utilized in) financing actions |
244.9 |
(22.7) |
216.5 |
|||
|
Effect of alternate charge adjustments |
17.2 |
10.3 |
(12.6) |
|||
|
Increase (lower) in money, money equivalents and restricted money |
(112.3) |
(170.7) |
503.6 |
|||
|
Cash and money equivalents and restricted money |
||||||
|
Beginning of interval |
671.4 |
842.1 |
338.5 |
|||
|
End of interval |
$ 559.1 |
$ 671.4 |
$ 842.1 |
|||
|
Balance Sheet Reconciliation: |
||||||
|
Cash and money equivalents |
$ 543.0 |
$ 646.8 |
$ 833.8 |
|||
|
Restricted money |
16.1 |
24.6 |
8.3 |
|||
|
Total money and money equivalents and restricted money |
$ 559.1 |
$ 671.4 |
$ 842.1 |
|||
THE GREENBRIER COMPANIES, INC.
SUPPLEMENTAL LEASING INFORMATION
(In tens of millions, besides owned and managed fleet, unaudited)
In April 2021, Greenbrier introduced an enhanced leasing technique that included the formation of GBX Leasing (GBXL), a three way partnership with The Longwood Group and Greenbrier. Greenbrier owns roughly 95% of GBXL and consolidates it in Greenbrier’s monetary statements within the Leasing & Management Services phase. GBXL offers a further “go to market” component to Greenbrier’s Commercial technique of direct gross sales, partnerships with working leasing corporations, and origination of leases for syndication companions in addition to offering a platform for additional progress at scale. Investing in leasing property delivers predictable, tax-advantaged money flows. Together, Greenbrier and GBX Leasing have almost $900 million of railcar property and anticipate to proceed investing to develop over the subsequent a number of years.
Our leasing operations observe Greenbrier’s established portfolio requirements together with working with prospects with sturdy credit score profiles, a various tools combine and staggered maturity ladders. To mitigate the risky rate of interest atmosphere, Greenbrier Leasing and GBX Leasing have fastened all floating charge debt. Investing in leasing property reduces Greenbrier’s Manufacturing income and margin within the short-term however offers significant tax advantages, longer-term earnings and money movement stability.
Key data for the consolidated Leasing & Management Services phase:
|
(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 steadiness |
11,800 |
11,000 |
8,800 |
||
|
Cars added |
1,700 |
1,700 |
9,500 |
||
|
Cars offered / scrapped |
(1,300) |
(900) |
(6,100) |
||
|
Ending steadiness |
12,200 |
11,800 |
12,200 |
||
|
August 31, 2022 |
May 31, 2022 |
||
|
Equipment on working lease(2) |
$ 770.9 |
$ 676.1 |
|
|
GBX Leasing non-recourse warehouse |
$ – |
$ – |
|
|
GBX Leasing ABS non-recourse notes |
318.6 |
321.5 |
|
|
Leasing non-recourse time period mortgage |
268.0 |
194.8 |
|
|
Total Leasing non-recourse debt |
$ 586.6 |
$ 516.3 |
|
|
Fleet leverage %(3) |
76 % |
76 % |
|
(1) |
Owned fleet contains Leased railcars for syndication |
|
(2) |
Equipment on working lease property not securing Leasing non-recourse time period mortgage help the $600 million U.S. revolver |
|
(3) |
Total Leasing non-recourse debt / Equipment on working lease |
|
THE GREENBRIER COMPANIES, INC. |
||||||||||||
|
SUPPLEMENTAL INFORMATION (In tens of 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 property |
||||||
|
August 31, |
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, together with money |
560.6 |
466.9 |
||||
|
$ 3,851.5 |
$ 3,706.1 |
|||||
|
SUPPLEMENTAL BACKLOG AND DELIVERY INFORMATION |
||||||
|
Three Months |
Year Ended |
|||||
|
August 31, 2022 |
August 31, 2022 |
|||||
|
Backlog Activity (items) (1) |
||||||
|
Beginning backlog |
30,900 |
26,600 |
||||
|
Orders acquired |
4,800 |
24,600 |
||||
|
Production held on the Balance Sheet |
(1,700) |
(6,000) |
||||
|
Production offered straight to 3rd events |
(4,500) |
(15,700) |
||||
|
Ending backlog |
29,500 |
29,500 |
||||
|
Delivery Information (items) (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 producer, which is accounted for underneath the fairness technique |
||||||
|
THE GREENBRIER COMPANIES, INC. |
|||||||||
|
SUPPLEMENTAL INFORMATION (In tens of millions, unaudited) |
|||||||||
|
Reconciliation of Net earnings to EBITDA |
|||||||||
|
Three Months Ended |
Year Ended |
||||||||
|
August 31, 2022 |
May 31, 2022 |
August 31, |
|||||||
|
Net earnings |
$ 29.4 |
$ 7.6 |
$ 53.8 |
||||||
|
Interest and international alternate |
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 tens of millions, besides per share quantities, 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 income |
||||||||||
|
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 acquire on disposition of apparatus |
(8.5) |
(25.1) |
(0.7) |
(2.9) |
(37.2) |
|||||
|
Earnings from operations |
11.8 |
25.2 |
19.6 |
61.4 |
118.0 |
|||||
|
Other prices |
||||||||||
|
Interest and international alternate |
12.6 |
11.8 |
14.9 |
18.1 |
57.4 |
|||||
|
Earnings (loss) earlier than earnings tax and earnings from unconsolidated associates |
(0.8) |
13.4 |
4.7 |
43.3 |
60.6 |
|||||
|
Income tax (expense) profit |
1.4 |
(3.2) |
(1.1) |
(15.2) |
(18.1) |
|||||
|
Earnings earlier than earnings from unconsolidated associates |
0.6 |
10.2 |
3.6 |
28.1 |
42.5 |
|||||
|
Earnings from unconsolidated associates |
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 curiosity |
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 frequent share (1) |
$ 0.33 |
$ 0.39 |
$ 0.10 |
$ 0.62 |
$ 1.44 |
|||||
|
Diluted earnings per frequent share (1) |
$ 0.32 |
$ 0.38 |
$ 0.09 |
$ 0.60 |
$ 1.40 |
|||||
|
Dividends per frequent share |
$ 0.27 |
$ 0.27 |
$ 0.27 |
$ 0.27 |
$ 1.08 |
|||||
|
(1) Quarterly quantities might not complete to the year-to-date quantity as every interval is calculated discretely. |
||||||||||
|
THE GREENBRIER COMPANIES, INC. |
||||||||||
|
SUPPLEMENTAL INFORMATION (In tens of millions, besides per share quantities, 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 income |
||||||||||
|
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 (acquire) loss on disposition of apparatus |
(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 prices |
||||||||||
|
Interest and international alternate |
11.1 |
9.6 |
10.2 |
12.4 |
43.3 |
|||||
|
Net loss on extinguishment of debt |
– |
– |
4.8 |
1.5 |
6.3 |
|||||
|
Earnings (loss) earlier than earnings tax and earnings (loss) from unconsolidated associates |
(13.2) |
(35.3) |
10.7 |
29.2 |
(8.6) |
|||||
|
Income tax profit |
7.3 |
21.8 |
6.9 |
4.2 |
40.2 |
|||||
|
Earnings (loss) earlier than earnings (loss) from unconsolidated associates |
(5.9) |
(13.5) |
17.6 |
33.4 |
31.6 |
|||||
|
Earnings (loss) from unconsolidated associates |
(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 curiosity |
(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 frequent share (1) |
$ (0.30) |
$ (0.28) |
$ 0.61 |
$ 0.98 |
$ 0.99 |
|||||
|
Diluted earnings (loss) per frequent share (1) |
$ (0.30) |
$ (0.28) |
$ 0.59 |
$ 0.95 |
$ 0.96 |
|||||
|
Dividends declared per frequent share |
$ 0.27 |
$ 0.27 |
$ 0.27 |
$ 0.27 |
$ 1.08 |
|||||
|
(1) Quarterly quantities might not complete to the year-to-date quantity as every interval is calculated discretely. |
||||||||||
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press launch might include forward-looking statements, together with statements that aren’t purely statements of historic truth. Greenbrier makes use of phrases, and variations of phrases, akin to “believe,” “continue,” “enhance,” “estimate,” “expect,” “mitigate,” “momentum,” “opportunities,” “outlook,” “protected,” “provides,” “position,” “will,” and comparable expressions to establish forward-looking statements. These forward-looking statements embrace, with out limitation, statements about backlog and different orders, leasing efficiency, financing, future liquidity, money movement, tax therapy, and different data concerning future efficiency and methods and seem all through this press launch together with within the headlines and the sections titled “Fourth Quarter Highlights,” “Fiscal Year 2022 Highlights,” “Business Update & Outlook,” and “Supplemental Leasing Information.” These forward-looking statements will not be ensures of future efficiency and are topic to sure dangers and uncertainties that would trigger precise outcomes to vary materially from the outcomes contemplated by the forward-looking statements. Factors which may trigger such a distinction embrace, however will not be restricted to, the next: an financial downturn and financial uncertainty; inflation (together with rising vitality costs, rates of interest, wages and different escalators) and coverage reactions thereto (together with actions by central banks); disruptions within the provide of supplies and elements used within the manufacturing of our merchandise; the battle in Ukraine and associated occasions; and the COVID-19 pandemic, variants thereof, governmental response thereto, and associated financial disruptions (together with, amongst different elements, operations and provide disruptions and labor shortages). Our backlog of railcar items and marine vessels and different orders not included in backlog will not be essentially indicative of future outcomes of operations. Certain orders in backlog are topic to customary documentation which can not happen. More data on potential elements that would trigger our outcomes to vary from our forward-looking statements is included within the Company’s filings with the SEC, together with within the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most just lately filed periodic report on Form 10-Ok and subsequent stories on 10-Q. Except as in any other case required by legislation, the Company assumes no obligation to replace any forward-looking statements or data, which communicate as of their respective dates. Readers are cautioned to not place undue reliance on these forward-looking statements, which mirror administration’s opinions solely as of the date hereof.
Adjusted Financial Metric Definitions
EBITDA shouldn’t be a monetary measure underneath usually accepted accounting rules (GAAP). This metric is a efficiency measurement software utilized by rail provide corporations and Greenbrier. You mustn’t think about this metric in isolation or as an alternative choice to different monetary assertion information decided in accordance with GAAP. In addition, as a result of this metric shouldn’t be a measure of monetary efficiency underneath GAAP and is prone to various calculations, the measure introduced might differ from and will not be corresponding to equally titled measures utilized by different corporations.
We outline EBITDA as Net earnings earlier than Interest and international alternate, Income tax expense, Depreciation and amortization. We imagine the presentation of EBITDA offers helpful data because it excludes the impression of financing, international alternate, earnings taxes and the accounting results of capital spending. These objects might range for various corporations for causes unrelated to the general working efficiency of an organization’s core business. We imagine this assists in evaluating our efficiency throughout reporting durations.
SOURCE The Greenbrier Companies, Inc.
