8-K

THE GREENBRIER COMPANIES, INC.

Date: July 9, 2021

/s/ Adrian J. Downes

Adrian J. Downes

Senior Vice President, Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)

0001193125-21-211207.txt : 20210709 0001193125-21-211207.hdr.sgml : 20210709 20210709060640 ACCESSION NUMBER: 0001193125-21-211207 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210709 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210709 DATE AS OF CHANGE: 20210709 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GREENBRIER COMPANIES INC CENTRAL INDEX KEY: 0000923120 STANDARD INDUSTRIAL CLASSIFICATION: RAILROAD EQUIPMENT [3743] IRS NUMBER: 930816972 STATE OF INCORPORATION: OR FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-13146 FILM NUMBER: 211081602 BUSINESS ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 BUSINESS PHONE: 5036847000 MAIL ADDRESS: STREET 1: ONE CENTERPOINTE DR STREET 2: STE 200 CITY: LAKE OSWEGO STATE: OR ZIP: 97035 8-K 1 d198560d8k.htm 8-K 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

Form 8-K

Current Report

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 9, 2021

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)


Oregon	001-13146	93-0816972
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)


One Centerpointe Drive, Suite 200, Lake Oswego, OR 97035
(Address of principal executive offices) (Zip Code)

(503) 684-7000

Registrant’s telephone number, including area code

Former name or former address, if changed since last report: N/A

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock without par value	GBX	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02

Results of Operations and Financial Condition

On July 9, 2021, The Greenbrier Companies, Inc. (“Greenbrier” or the “Company”) issued a press release reporting the Company’s results of operations for the three and nine months ended May 31, 2021. A copy of such release is attached as Exhibit 99.1.

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits


99.1		Press Release dated July 9, 2021 of The Greenbrier Companies, Inc. related to results of operations

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1 2 d198560dex991.htm EX-99.1 EX-99.1


		Exhibit 99.1
News Release

One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000		www.gbrx.com


For release: July 9, 2021 6:00 a.m. EDT	Contact:	Lorie Tekorius, Investor Relations
		Justin Roberts, Investor Relations Ph: 503-684-7000

Greenbrier Reports Third Quarter Results

~ GAAP diluted EPS of $0.59; Adjusted diluted EPS of $0.69 ~

~ Orders for 3,800 new railcars valued at $400 million - book-to-bill of 1.2x in the quarter ~

~ Formation and funding of GBX Leasing finalized in the quarter ~

~ Robust liquidity supports increasing operating momentum ~

Lake Oswego, Oregon, July 9, 2021 – 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 third fiscal quarter ended May 31, 2021.

Third Quarter Highlights

•

New railcar orders for 3,800 units valued at $400 million and deliveries of 3,300 units, resulted in a 1.2x book-to-bill. This is the second consecutive quarter that book-to-bill exceeded 1.0x. Orders included intermodal units, tank cars, boxcars and covered hoppers.

•

Diversified new railcar backlog as of May 31, 2021 was 24,800 units with an estimated value of $2.6 billion.

•

Liquidity of approximately $850 million, including $628 million in cash and $221 million of available borrowing capacity. Liquidity and $149 million of initiatives in progress total nearly $1 billion.

•

COVID-19 related expenses for the quarter were $1.9 million (pre-tax) and $8.3 million (pre-tax) for the nine months ended May 31, 2021.

•

Net earnings attributable to Greenbrier for the quarter were $19.7 million, or $0.59 per diluted share, on revenue of $450 million. Net earnings included $3.6 million ($0.10 per share), of loss on extinguishment of debt, net of tax.

•

Adjusted net earnings attributable to Greenbrier for the quarter were $23.3 million or $0.69 per diluted share and adjusted EBITDA for the quarter was $53 million.

•

GBX Leasing was formed in the quarter to create stable, tax-advantaged cash flows with initial railcar funding of nearly $100 million, under a $300 million non-recourse warehouse credit facility. GBX Leasing is consolidated in Greenbrier’s financial statements, see supplemental information in this release.

•

Debt maturities were extended in the quarter with the issuance of $374 million of senior convertible notes due in 2028 and retirement of $257 million of 2024 senior convertible notes.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 2

•

Repurchased $20 million of common stock in connection with the convertible note issuance. $100 million remains authorized under the share repurchase plan.

•

Board declares a quarterly dividend of $0.27 per share, payable on August 18, 2021 to shareholders of record as of July 28, 2021 representing Greenbrier’s 29^th consecutive quarterly dividend.

William A. Furman, Chairman & CEO commented, “Greenbrier’s financial results for the third fiscal quarter reflect the steady recovery in our markets that we forecasted would occur in the second half of our fiscal year. Our COVID strategy launched in March 2020 has been very successful. We are executing well on plans to maintain a liquidity base and strong balance sheet as well as safely operate each of our facilities. All of this has been necessary to prepare for the now emerging recovery. As positive momentum continues, we are seizing opportunities to resume the pursuit of scale we began during the two years prior to the pandemic. In the third fiscal quarter this included the formation of GBX Leasing and completion of a strategic debt refinancing that extended maturities on convertible notes by four years.”

Furman added, “We are benefiting from the economic recovery in railcar manufacturing and leasing as expected. This is playing out through sequential monthly increases in manufacturing revenues and a meaningful increase in new order activity in our core North American markets. The ability to ramp production capacity is integral to protecting Greenbrier’s leadership position in the market. New orders will not increase linearly, but we expect commercial activity to remain strong as our $2.6 billion backlog provides a baseload of orders to support the expanded operation of production lines and our leasing business.”

Business Update & Outlook

Greenbrier’s adherence to its core COVID strategy during the third fiscal quarter produced the best quarterly performance to date in fiscal 2021. Since March 2020, Greenbrier has practiced disciplined management to meet the realities of this once in 100 years pandemic. Operating and commercial momentum is building. In our domestic and international markets, Greenbrier’s core COVID strategy was and continues to be:

Maintain a strong liquidity base and balance sheet

Navigate the COVID-19 pandemic and the related economic crisis by safely operating our factories while generating cash flow

Prepare for emerging economic recovery and forward momentum in our markets. Greenbrier is currently operating in this phase. Greenbrier is well-positioned to navigate the immediate challenges of increasing production rates safely amidst the emerging COVID variants, while ensuring labor and supply chain continuity.

Looking ahead, Greenbrier expects the fourth quarter to be the strongest performance of the year. A full quarter of increased production rates and business activity creates positive momentum into fiscal 2022.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 3

Financial Summary


	Q3 FY21	Q2 FY21	Sequential Comparison – Main Drivers
Revenue	$450.1M	$295.6M	65% higher deliveries reflecting increased production levels and overall improving demand environment
Gross margin	16.7%	6.0%	Primarily increased production rates in Manufacturing and favorable resolution of warranty & other contingencies in international operations
Selling and administrative	$49.2M	$43.4M	Increased consulting and employee-related costs including performance-based compensation expense
Adjusted EBITDA	$52.9M	($1.3M)	Higher operating earnings reflecting improving demand environment; See reconciliation on page 12
Net (earnings) loss attributable to noncontrolling interest	($0.3M)	$4.9M	Increased operating activity at GIMSA joint venture
Adjusted net earnings (loss) attributable to Greenbrier	$23.3M⁽¹⁾	($9.1M)	Primarily increased activity across all business units and tax benefit from lease fleet investments and operating losses carried back to prior years with higher tax rates allowable under the CARES Act
Adjusted diluted EPS	$0.69⁽¹⁾	($0.28)

⁽¹⁾	Excludes $3.6 million ($0.10 per share), net of tax, of loss on debt extinguishment.

Segment Summary


	Q3 FY21	Q2 FY21	Sequential Comparison – Main Drivers
Manufacturing
Revenue	$341.9M	$202.1M	Higher deliveries reflecting improving demand levels
Gross margin	14.5%	0.2%	Higher production & delivery and favorable resolution of warranty and other contingencies; Excluding these items, gross margin would be in the low double digits
Operating margin ⁽¹⁾	9.2%	(8.5%)
Deliveries ⁽²⁾	2,800	1,700	Higher production rates
Wheels, Repair & Parts
Revenue	$80.9M	$71.6M	Increased demand levels across the network
Gross margin	8.9%	6.9%	Higher volumes driving improved performance
Operating margin⁽¹⁾	5.2%	3.4%
Leasing & Services (including GBX Leasing)
Revenue	$27.3M	$21.9M	Revenue and margin include enhanced syndication financing activity
Gross margin	67.6%	56.6%
Operating margin^(1) (3)	44.9%	29.3%
Fleet utilization	93.8%	94.8%

⁽¹⁾	See supplemental segment information on page 11 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.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 4

Conference Call

Greenbrier will host a teleconference to discuss its third quarter 2021 results. In conjunction with this news release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:

•

July 9, 2021

•

8:00 a.m. Pacific Daylight Time

•

Phone: 1-888-317-6003 (Toll Free) 1-412-317-6061 (International), Entry Number “2776228”

•

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, repair, refurbishment and retrofitting services in North America through our wheels, repair & parts business unit. Greenbrier manages 445,000 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. Together, GBXL and Greenbrier own a lease fleet of 8,700 railcars. Learn more about Greenbrier at www.gbrx.com.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 5

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, unaudited)


	May 31, 2021		February 28, 2021		November 30, 2020		August 31, 2020		May 31, 2020
Assets
Cash and cash equivalents	$	628,200	$	593,499	$	724,547	$	833,745	$	735,258
Restricted cash		8,689		8,614		8,547		8,342		8,704
Accounts receivable, net		274,792		236,171		216,220		230,488		261,629
Income tax receivable		75,135		62,103		24,448		9,109		—
Inventories		553,137		522,984		490,282		529,529		675,442
Leased railcars for syndication		154,017		109,287		51,087		107,671		136,144
Equipment on operating leases, net		446,888		445,451		445,542		350,442		355,841
Property, plant and equipment, net		676,010		687,468		696,333		711,524		719,155
Investment in unconsolidated affiliates		79,420		70,820		72,254		72,354		75,508
Intangibles and other assets, net		180,829		190,283		186,509		190,322		181,315
Goodwill		133,050		132,685		130,315		130,308		130,035

	$	3,210,167	$	3,059,365	$	3,046,084	$	3,173,834	$	3,279,031

Liabilities and Equity
Revolving notes	$	325,150	$	275,839	$	276,248	$	351,526	$	416,535
Accounts payable and accrued liabilities		480,373		448,571		434,138		463,880		488,969
Deferred income taxes		44,900		24,798		10,120		7,701		4,354
Deferred revenue		43,676		42,572		36,916		42,467		63,536
Notes payable, net		835,027		793,189		797,089		804,088		806,919

Contingently redeemable noncontrolling interest		30,323		30,037		30,711		31,117		30,611
Total equity – Greenbrier		1,286,763		1,268,502		1,280,407		1,293,043		1,291,221
Noncontrolling interest		163,955		175,857		180,455		180,012		176,886

Total equity		1,450,718		1,444,359		1,460,862		1,473,055		1,468,107

	$	3,210,167	$	3,059,365	$	3,046,084	$	3,173,834	$	3,279,031

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 6

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts, unaudited)


	Three Months Ended May 31,						Nine Months Ended May 31,
	2021			2020			2021			2020
Revenue
Manufacturing	$	341,939		$	653,007		$	852,755		$	1,800,317
Wheels, Repair & Parts		80,871			82,024			218,050			259,857
Leasing & Services		27,333			27,526			77,949			95,590

		450,143			762,557			1,148,754			2,155,764
Cost of revenue
Manufacturing		292,464			562,793			775,125			1,567,014
Wheels, Repair & Parts		73,690			75,001			203,341			241,266
Leasing & Services		8,857			17,232			36,814			61,428

		375,011			655,026			1,015,280			1,869,708
Margin		75,132			107,531			133,474			286,056
Selling and administrative expense		49,239			49,494			136,371			158,455
Net (gain) loss on disposition of equipment		184			(8,775	)		(765	)		(19,431	)

Earnings (loss) from operations		25,709			66,812			(2,132	)		147,032
Other costs
Interest and foreign exchange		10,204			7,562			30,875			33,023
Net loss on extinguishment of debt		4,763			—			4,763			—

Earnings (loss) before income tax and earnings from unconsolidated affiliates		10,742			59,250			(37,770	)		114,009
Income tax benefit (expense)		6,914			(24,421	)		35,998			(37,878	)

Earnings (loss) before earnings from unconsolidated affiliates		17,656			34,829			(1,772	)		76,131
Earnings from unconsolidated affiliates		2,379			1,040			1,257			3,764

Net earnings (loss)		20,035			35,869			(515	)		79,895
Net (earnings) loss attributable to noncontrolling interest		(298	)		(8,097	)		1,215			(30,825	)

Net earnings attributable to Greenbrier	$	19,737		$	27,772		$	700		$	49,070

Basic earnings per common share:	$	0.61		$	0.85		$	0.02		$	1.50
Diluted earnings per common share:	$	0.59		$	0.83		$	0.02		$	1.47
Weighted average common shares:
Basic		32,573			32,690			32,726			32,660
Diluted		33,605			33,478			33,747			33,414
Dividends per common share	$	0.27		$	0.27		$	0.81		$	0.79

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 7

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands, unaudited)


	Nine Months Ended May 31,
	2021			2020
Cash flows from operating activities
Net earnings (loss)	$	(515	)	$	79,895
Adjustments to reconcile net earnings (loss) provided by (used in) operating activities:
Deferred income taxes		20,197			(11,450	)
Depreciation and amortization		75,637			82,452
Net gain on disposition of equipment		(765	)		(19,431	)
Accretion of debt discount		4,639			4,102
Stock based compensation expense		12,468			8,265
Net loss on extinguishment of debt		4,763			—
Noncontrolling interest adjustments		343			2,826
Other		1,729			568
Decrease (increase) in assets:
Accounts receivable, net		(49,160	)		110,431
Income tax receivable		(66,026	)		—
Inventories		(92,294	)		12,555
Leased railcars for syndication		(55,532	)		(38,826	)
Other assets		863			(59,212	)
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities		18,626			(77,243	)
Deferred revenue		1,189			(5,900	)

Net cash provided by (used in) operating activities		(123,838	)		89,032

Cash flows from investing activities
Proceeds from sales of assets		12,156			78,521
Capital expenditures		(62,774	)		(55,326	)
Investments in and advances to/repayments from unconsolidated affiliates		674			(1,500	)
Cash distribution from unconsolidated affiliates and other		652			11,273

Net cash provided by (used in) investing activities		(49,292	)		32,968

Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less		147,571			214,932
Proceeds from revolving notes with maturities longer than 90 days		112,000			175,000
Repayments of revolving notes with maturities longer than 90 days		(286,000	)		—
Proceeds from issuance of notes payable		373,750			—
Repayments of notes payable		(308,468	)		(24,002	)
Debt issuance costs		(14,067	)		—
Repurchase of stock		(20,000	)		—
Dividends		(26,882	)		(26,344	)
Investment by joint venture partner		7,000			—
Cash distribution to joint venture partner		(24,055	)		(36,152	)
Tax payments for net share settlement of restricted stock		(2,802	)		(2,266	)

Net cash provided by (used in) financing activities		(41,953	)		301,168

Effect of exchange rate changes		9,885			(17,693	)
Increase (decrease) in cash, cash equivalents and restricted cash		(205,198	)		405,475
Cash and cash equivalents and restricted cash
Beginning of period		842,087			338,487

End of period	$	636,889		$	743,962

Balance Sheet Reconciliation
Cash and cash equivalents	$	628,200		$	735,258
Restricted cash		8,689			8,704

Total cash and cash equivalents and restricted cash as presented above	$	636,889		$	743,962

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 8

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL BACKLOG AND DELIVERY INFORMATION


	Three Months Ended
	May 31, 2021
Backlog Activity (units) ⁽¹⁾
Beginning backlog		24,900
Orders received		3,800
Production held as Leased railcars for syndication		(800	)
Production sold directly to third parties		(3,100	)

Ending backlog		24,800

Delivery Information (units) ⁽¹⁾
Production sold directly to third parties		3,100
Sales of Leased railcars for syndication		200

Total deliveries		3,300

(1)	Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method

SUPPLEMENTAL LEASING INFORMATION

(In thousands, 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 90% of GBXL and consolidates it in Greenbrier’s financial statements in the Leasing & Services segment. Longwood was formed in 2018 by D. Stephen Menzies to pursue a range of commercial investments in equipment transportation markets following his successful growth of Trinity Rail’s leasing business over many years. GBXL adds an additional “go to market” element to Greenbrier’s Commercial strategy of direct sales, partnerships with operating leasing companies, 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. During the quarter, an initial $300 million non-recourse warehouse credit facility was secured, and $129 million in fair market value of assets were acquired from Greenbrier’s transaction flow. Over time the entity is expected to grow by at least $200 million in assets annually with a five year target of $1 billion of assets. The intent is to use the asset-backed securities market to refinance the warehouse facility and to convert to permanent financing before 2025 as scale and portfolio balance are achieved. Considerable tax benefits are generated from these investments, which are included in the consolidated financial results this year.

Key information for the consolidated Leasing & Services segment


(In Units)	May 31, 2021			February 28, 2021
Owned fleet		8,700			8,700
Managed fleet		445,000			445,000
Owned fleet utilization		94	%		95	%

	May 31, 2021			February 28, 2021
Equipment on operating lease	$	446,888		$	445,451

GBX Leasing non-recourse warehouse	$	96,576		$	—
Leasing non-recourse debt		202,815			204,722

Total Leasing non-recourse debt	$	299,391		$	204,722

Fleet leverage %⁽¹⁾		67	%		46	%

(1)	Total Leasing non-recourse debt / Equipment on operating lease

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 9

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2021 are as follows:


	First			Second			Third			Total
Revenue
Manufacturing	$	308,722		$	202,094		$	341,939		$	852,755
Wheels, Repair & Parts		65,556			71,623			80,871			218,050
Leasing & Services		28,711			21,905			27,333			77,949

	402,989			295,622			450,143			1,148,754
Cost of revenue
Manufacturing		280,890			201,771			292,464			775,125
Wheels, Repair & Parts		62,984			66,667			73,690			203,341
Leasing & Services		18,444			9,513			8,857			36,814

	362,318			277,951			375,011			1,015,280
Margin		40,671			17,671			75,132			133,474
Selling and administrative expense		43,707			43,425			49,239			136,371
Net (gain) loss on disposition of equipment		(922	)		(27	)		184			(765	)

Earnings (loss) from operations		(2,114	)		(25,727	)		25,709			(2,132	)
Other costs
Interest and foreign exchange		11,103			9,568			10,204			30,875
Net loss on extinguishment of debt		—			—			4,763			4,763

Earnings (loss) before income tax and earnings (loss) from unconsolidated affiliates		(13,217	)		(35,295	)		10,742			(37,770	)
Income tax benefit		7,332			21,752			6,914			35,998

Earnings (loss) before earnings (loss) from unconsolidated affiliates		(5,885	)		(13,543	)		17,656			(1,772	)
Earnings (loss) from unconsolidated affiliates		(744	)		(378	)		2,379			1,257

Net earnings (loss)		(6,629	)		(13,921	)		20,035			(515	)
Net (earnings) loss attributable to noncontrolling interest		(3,343	)		4,856			(298	)		1,215

Net earnings (loss) attributable to Greenbrier	$	(9,972	)	$	(9,065	)	$	19,737		$	700

Basic earnings (loss) per common share ⁽¹⁾	$	(0.30	)	$	(0.28	)	$	0.61		$	0.02
Diluted earnings (loss) per common share ⁽¹⁾	$	(0.30	)	$	(0.28	)	$	0.59		$	0.02
Dividends per common share	$	0.27		$	0.27		$	0.27		$	0.81

⁽¹⁾	Quarterly amounts may not total to the year to date amount as each period is calculated discretely.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 10

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, except per share amounts, unaudited)

Operating Results by Quarter for 2020 are as follows:


	First			Second			Third			Fourth			Total
Revenue
Manufacturing	$	657,367		$	489,943		$	653,007		$	549,654		$	2,349,971
Wheels, Repair & Parts		86,608			91,225			82,024			64,813			324,670
Leasing & Services		25,384			42,680			27,526			21,958			117,548

	769,359			623,848			762,557			636,425			2,792,189
Cost of revenue
Manufacturing		581,912			422,309			562,793			498,155			2,065,169
Wheels, Repair & Parts		81,892			84,373			75,001			60,923			302,189
Leasing & Services		13,366			30,830			17,232			10,272			71,700

	677,170			537,512			655,026			569,350			2,439,058
Margin		92,189			86,336			107,531			67,075			353,131
Selling and administrative expense		54,364			54,597			49,494			46,251			204,706
Net gain on disposition of equipment		(3,959	)		(6,697	)		(8,775	)		(573	)		(20,004	)

Earnings from operations		41,784			38,436			66,812			21,397			168,429
Other costs
Interest and foreign exchange		12,852			12,609			7,562			10,596			43,619

Earnings before income tax and earnings (loss) from unconsolidated affiliates		28,932			25,827			59,250			10,801			124,810
Income tax expense		(5,994	)		(7,463	)		(24,421	)		(2,306	)		(40,184	)

Earnings before earnings (loss) from unconsolidated affiliates		22,938			18,364			34,829			8,495			84,626
Earnings (loss) from unconsolidated affiliates		1,073			1,651			1,040			(804	)		2,960

Net earnings		24,011			20,015			35,869			7,691			87,586
Net earnings attributable to noncontrolling interest		(16,342	)		(6,386	)		(8,097	)		(7,794	)		(38,619	)

Net earnings (loss) attributable to Greenbrier	$	7,669		$	13,629		$	27,772		$	(103	)	$	48,967

Basic earnings (loss) per common share ⁽¹⁾	$	0.24		$	0.42		$	0.85		$	(0.00	)	$	1.50
Diluted earnings (loss) per common share ⁽¹⁾	$	0.23		$	0.41		$	0.83		$	(0.00	)	$	1.46
Dividends per common share	$	0.25		$	0.27		$	0.27		$	0.27		$	1.06

(1)	Quarterly amounts may not total to the year to date amount as each period is calculated discretely.

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 11

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, unaudited)

Segment Information


Three months ended May 31, 2021:

	Revenue								Earnings (loss) from operations
	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	341,939	$	7,451		$	349,390		$	31,341		$	492		$	31,833
Wheels, Repair & Parts		80,871		2,292			83,163			4,173			75			4,248
Leasing & Services		27,333		2,286			29,619			12,280			2,272			14,552
Eliminations		—		(12,029	)		(12,029	)		—			(2,839	)		(2,839	)
Corporate		—		—			—			(22,085	)		—			(22,085	)

	$	450,143	$	—		$	450,143		$	25,709		$	—		$	25,709


Three months ended February 28, 2021:

	Revenue								Earnings (loss) from operations
	External		Intersegment			Total			External			Intersegment			Total
Manufacturing	$	202,094	$	2,425		$	204,519		$	(17,216	)	$	100		$	(17,116	)
Wheels, Repair & Parts		71,623		1,603			73,226			2,433			(14	)		2,419
Leasing & Services		21,905		1,113			23,018			6,420			634			7,054
Eliminations		—		(5,141	)		(5,141	)		—			(720	)		(720	)
Corporate		—		—			—			(17,364	)		—			(17,364	)

	$	295,622	$	—		$	295,622		$	(25,727	)	$	—		$	(25,727	)


	Total assets
	May 31, 2021		February 28, 2021
Manufacturing	$	1,413,590	$	1,313,819
Wheels, Repair & Parts		265,847		277,788
Leasing & Services		878,743		851,546
Unallocated, including cash		651,987		616,212

	$	3,210,167	$	3,059,365

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 12

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In thousands, excluding backlog and delivery units, unaudited)

Reconciliation of Net earnings (loss) to Adjusted EBITDA


	Three Months Ended
	May 31, 2021			February 28, 2021
Net earnings (loss)	$	20,035		$	(13,921	)
Interest and foreign exchange		10,204			9,568
Income tax benefit		(6,914	)		(21,752	)
Depreciation and amortization		24,769			24,822
Net loss on extinguishment of debt		4,763			—

Adjusted EBITDA	$	52,857		$	(1,283	)

Reconciliation of Net earnings (loss) attributable to Greenbrier to Adjusted net earnings (loss) attributable to Greenbrier


	Three Months Ended
	May 31, 2021		February 28, 2021
Net earnings (loss) attributable to Greenbrier	$	19,737	$	(9,065	)
Net loss on extinguishment of debt, net of tax ⁽¹⁾		3,596		—

Adjusted net earnings (loss) attributable to Greenbrier	$	23,333	$	(9,065	)

⁽¹⁾	Net of tax of $1,167

Reconciliation of Diluted earnings (loss) per share to Adjusted diluted earnings (loss) per share


	Three Months Ended
	May 31, 2021		February 28, 2021
Diluted earnings (loss) per share	$	0.59	$	(0.28	)
Net loss on extinguishment of debt, net of tax		0.10		—

Adjusted diluted earnings (loss) per share	$	0.69	$	(0.28	)


Weighted average shares outstanding		33,605		32,810

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Greenbrier Reports Third Quarter Results *(Cont.)*		Page 13

“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 “adjust,” “allow,” “anticipate,” “continue,” “estimate” “expect,” “goal,” “maintain,” “outlook,” “position,” “prepare,” “reduce,” “will,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog, leasing performance, financing, and future liquidity and cash flow as well as other information regarding future performance and strategies and appear throughout this press release including in the headlines and the sections titled “Third Quarter 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. (1) We are unable to predict when, how, or with what magnitude COVID-19, variants thereof, and governmental reaction thereto, and related economic disruptions will negatively impact our business: we may be prevented from operating our facilities; the operations of our customers may be disrupted increasing the likelihood that our customers may attempt to delay, defer or cancel orders, or cease to operate as going concerns; the operations of our suppliers may be disrupted; our indebtedness may increase; we may breach the covenants in our credit agreement; the market price of our common stock may drop or remain volatile; we may incur significant employee health care costs under our self-insurance programs. We may not be able to effectively participate in the economic recovery following the pandemic, if any. The longer the pandemic continues, the more likely that negative impacts on our business will occur, some of which we cannot now foresee. (2) Our backlog of railcar units and marine vessels is not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. Customers may attempt to cancel or modify orders or refuse to accept and pay for products. The likelihood of cancellations, modifications, rejection and non-payment for our products generally increases during periods of market weakness. The timing of converting backlog to revenue is also materially impacted by our decision whether to lease railcars, sell railcars, or syndicate railcars with a lease attached to an investor. (3) Our joint ventures, including our leasing joint venture, may not perform as anticipated or expected. 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

Adjusted EBITDA, Adjusted net earnings (loss) attributable to Greenbrier and Adjusted diluted EPS are not financial measures under generally accepted accounting principles (GAAP). These metrics are performance measurement tools used by rail supply companies and Greenbrier. You should not consider these metrics in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because these metrics are not a measure of financial performance under GAAP and are susceptible to varying calculations, the measures presented may differ from and may not be comparable to similarly titled measures used by other companies.

We define Adjusted EBITDA as Net earnings (loss) before Interest and foreign exchange, Income tax benefit (expense), Depreciation and amortization and excluding the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe the presentation of Adjusted 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.

Adjusted net earnings (loss) attributable to Greenbrier and Adjusted diluted EPS excludes the impact associated with items we do not believe are indicative of our core business or which affect comparability. We believe this assists in comparing our performance across reporting periods.

###

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Document and Entity Information	Jul. 09, 2021
Cover [Abstract]
Entity Registrant Name	GREENBRIER COMPANIES INC
Amendment Flag	false
Entity Central Index Key	0000923120
Document Type	8-K
Document Period End Date	Jul. 09, 2021
Entity Incorporation State Country Code	OR
Entity File Number	001-13146
Entity Tax Identification Number	93-0816972
Entity Address, Address Line One	One Centerpointe Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Lake Oswego
Entity Address, State or Province	OR
Entity Address, Postal Zip Code	97035
City Area Code	(503)
Local Phone Number	684-7000
Written Communications	false
Soliciting Material	false
Pre Commencement Tender Offer	false
Pre Commencement Issuer Tender Offer	false
Security 12b Title	Common Stock without par value
Trading Symbol	GBX
Security Exchange Name	NYSE
Entity Emerging Growth Company	false

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