0001193125-23-262210.txt : 20231025 0001193125-23-262210.hdr.sgml : 20231025 20231025060459 ACCESSION NUMBER: 0001193125-23-262210 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20231025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 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: 231343831 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 d569401d8k.htm 8-K 8-K
GREENBRIER COMPANIES INC false 0000923120 0000923120 2023-10-25 2023-10-25

 

 

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) October 25, 2023

 

 

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 October 25, 2023, The Greenbrier Companies, Inc. (the “Company”) issued a press release reporting the Company’s financial results for the fourth fiscal quarter and year ended August 31, 2023. A copy of the release is furnished herewith as Exhibit 99.1 and is incorporated into this Item 2.02 by reference.

The information contained in this Item 2.02 of this Current Report on Form 8-K, including the exhibit, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and shall not be incorporated by reference into any filings made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as may be expressly set forth by specific reference in such filing.

 

Item 9.01

Financial Statements and Exhibits

(d) Exhibits

 

Exhibit
No.		    Description
99.1    Press Release dated October 25, 2023 of The Greenbrier Companies, Inc. reporting the Company’s financial results for the fourth fiscal quarter and year ended August 31, 2023.
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 thereunto duly authorized.

 

    THE GREENBRIER COMPANIES, INC.
Date: October 25, 2023     By:  

/s/ Adrian J. Downes

      Adrian J. Downes
      Senior Vice President, Chief Financial Officer
 EX-99.1 2 d569401dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

News Release       LOGO
One Centerpointe Drive, Suite 200, Lake Oswego, Oregon 97035 503-684-7000    www.gbrx.com
For release: October 25, 2023 6:00 a.m. EDT    Contact:    Justin Roberts, Investor Relations
      Jack Isselmann, Media Relations
      Ph: 503-684-7000

Greenbrier Reports Strong Fourth Quarter and Fiscal Year 2023 Results

Solid execution drove record revenue in fiscal 2023

New railcar backlog value of $3.8 billion is highest in almost 8 years

Full year operating cash flow of $71 million

Lake Oswego, Oregon, October 25, 2023 – The Greenbrier Companies, Inc. (NYSE: GBX) (“Greenbrier”), a leading international supplier of equipment and services to global freight transportation markets, today reported financial results for its fourth fiscal quarter and year ended August 31, 2023.

Fourth Quarter and Full Year Highlights

 

  •  

High lease fleet utilization of 98% on 13,400 unit fleet.

 

  •  

Received new railcar orders for 15,300 units valued at $1.9 billion in the quarter. Order activity highlights Greenbrier’s strong lease origination capabilities balanced with its direct sales expertise.

 

  •  

Diversified new railcar backlog as of August 31, 2023 was 30,900 units with an estimated value of $3.8 billion.

 

  •  

Fourth quarter deliveries of 7,000 units and full year deliveries of 26,000 units.

 

  •  

Net earnings attributable to Greenbrier for the quarter were $25 million, or $0.77 per diluted share, on revenue of $1 billion. Results include $5 million, or $0.15 per share, net of tax, of exit related costs associated with our ongoing capacity rationalization initiative.

 

  •  

For the quarter, Adjusted net earnings attributable to Greenbrier of $30 million or $0.92 per diluted share.

 

  •  

Fiscal 2023 Net earnings attributable to Greenbrier were $63 million, or $1.89 per diluted share, on record revenue of $3.9 billion. Results include $37 million, or $1.08 per share, net of tax, of exit related costs associated with capacity rationalization.

 

  •  

For the year, Adjusted net earnings attributable to Greenbrier of $99 million or $2.97 per diluted share.

 

  •  

Adjusted EBITDA for the quarter was $97 million, or 9.5% of revenue and was $340 million, or 8.6% of revenue for the year.

 

  •  

Repurchased 0.2 million shares for nearly $8 million in the quarter and 1.9 million shares for $57 million (at an average price of $29 / share) for the full year. $46 million remaining under current share repurchase program.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 2

 

  •  

Board declared a quarterly dividend of $0.30 per share, payable on November 29, 2023 to shareholders of record as of November 8, 2023 representing Greenbrier’s 38th consecutive quarterly dividend.

“During the fiscal year, Greenbrier met the evolving needs of our customers to maintain our market-leading position. At the same time, we advanced our strategy to drive operational improvements and realize margin enhancement,” said Lorie L. Tekorius, CEO and President. “Importantly, we delivered an outstanding commercial performance against a dynamic economic backdrop throughout the year. Greenbrier enters fiscal 2024 with our largest backlog value in almost 8 years. This provides excellent near-term revenue visibility and further confidence in our strategy. As we continue to execute the strategic plan we shared at our Investor Day in April, we expect to improve performance in fiscal 2024. Deployed capital will enhance operational efficiencies and grow our lease fleet as we ambitiously pursue our goal to increase recurring revenue.”

Business Update & Fiscal 2024 Guidance

Based on current trends and production schedules, Greenbrier expects the following performance in fiscal 2024:

 

  •  

Deliveries of 22,500 – 25,000 units including approximately 1,000 units in Brazil

 

  •  

We have devoted a portion of our flexible manufacturing footprint to large railcar refurbishment programs for multiple customers that are accretive to earnings although not included in deliveries. Additionally, our insourcing initiative utilizes space previously used for new railcar production capacity.

 

  •  

Revenue of $3.4 – $3.7 billion

 

  •  

Capital expenditures of approximately $190 million in Manufacturing and $15 million in Maintenance Services

 

  •  

Gross leasing investment of approximately $335 million in Leasing & Management Services which includes 2024 capital expenditures and transfers of railcars into the lease fleet that were produced onto the balance sheet in 2023

 

  •  

Proceeds from equipment sales are expected to be approximately $80 million

Financial Summary

 

     Q4 FY23      Q3 FY23    

Sequential Comparison – Main Drivers

Revenue

    $ 1,017.4M      $ 1,038.1M    

Continued strong Manufacturing performance partially offset by seasonally lower Maintenance Services volumes

Gross margin

    $ 126.7M      $ 128.1M    

Improved Maintenance Services profitability

Gross margin %

      12.5 %       12.3 % 

Selling and administrative

    $ 59.6M      $ 63.3M    

Lower employee-related and consulting costs

Adjusted EBITDA

    $ 96.8M      $ 96.9M    

Earnings from unconsolidated affiliates

    $ 0.6M      $ 2.4M    

Primarily lower earnings from Brazil JV

Adjusted net earnings attributable to Greenbrier

    $ 29.7M (1)     $ 34.0M (1)   

Higher tax expense and lower earnings from unconsolidated affiliates

Adjusted diluted EPS

    $ 0.92 (1)     $ 1.02 (1)   

 

(1)

Excludes exit related costs of $4.9 million ($0.15 per share), net of tax, in Q4 and $12.7 million ($0.38 per share), net of tax, in Q3. Reconciliations for Adjusted metrics can be found in Supplemental Information.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 3

 

Segment Summary

 

     Q4 FY23      Q3 FY23     

Sequential Comparison – Main Drivers

Manufacturing

Revenue

    $ 872.4M      $ 870.2M     

Higher deliveries partially offset by product mix

Gross margin

    $ 81.2M      $ 83.7M      Profitability modestly impacted by product mix and peso fluctuations

Gross margin %

      9.3 %       9.6 % 

Earnings from operations (1)

    $ 53.6M      $ 44.1M     

Improved operating earnings reflect fewer exit related costs

Operating margin % (2)

      6.1 %       5.1 % 

Deliveries (3)

      6,800        6,400     

Primarily mix shift to more direct sales

Maintenance Services

Revenue

    $ 100.0M      $ 122.9M     

Seasonally lower wheel volume

Gross margin %

      15.0 %       10.7 %    

Stronger pricing and profitability in wheels and components

Earnings from operations

    $ 13.6M      $ 11.0M  

Operating margin % (2)

      13.6 %       9.0 % 

Leasing & Management Services

Revenue

    $ 45.0M      $ 45.0M     

Stable fleet activity and performance

Gross margin %

      67.8 %       69.6 % 

Earnings from operations

    $ 21.1M      $ 25.9M     

Primarily fewer equipment sale transactions

Operating margin % (2)

      47.0 %       57.6 % 

Owned fleet (units)

      13,400        12,500     

Fleet utilization

      98.3 %       98.6 %    

 

(1)

Includes pre-tax exit related costs of $6.6 million in Q4 and $17.0 million in Q3.

(2)

See supplemental segment information in Supplemental Information.

(3)

Excludes Brazil deliveries which are not consolidated into Manufacturing revenue and margins.

Investor Day Financial Target Update

Greenbrier announced long-term financial targets in April 2023 at its first Investor Day. Progress towards those targets is shown below.

 

     Starting Point
(LTM Feb. 28,
2023)		   

Target

   

FY 2023

   

Commentary

Recurring revenue    $113 million    More than double from starting point    $125 million    10% growth

Aggregate gross margin %

    10.7%    Mid-teens by FY26    11.2%    50 bps improvement

Adjusted Return on invested capital (ROIC)(1)

    8.3%    10 – 14% by FY26    7.7%    Starting point benefitted from large cash tax refund from CARES Act in Q4 22

 

(1)

Reconciliations for ROIC metrics can be found in Supplemental Information.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 4

 

Conference Call

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

 

  •  

October 25, 2023

 

  •  

8:00 a.m. Pacific Daylight Time

 

  •  

Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International), Entry Number “2454093”

 

  •  

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 in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our maintenance services business unit. Greenbrier owns a lease fleet of approximately 13,400 railcars that originate primarily from Greenbrier’s manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 5

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, unaudited)

 

     August 31,
2023		      May 31,
2023		      February 28,
2023		      November 30,
2022		      August 31,
2022		  

Assets

               

Cash and cash equivalents

    $ 281.7      $ 321.4      $ 379.9      $ 263.3      $ 543.0  

Restricted cash

      21.0        20.1        19.7        17.2        16.1  

Accounts receivable, net

      529.9        533.6        571.5        495.6        501.2  

Income tax receivable

      42.2        29.8        22.4        28.9        39.8  

Inventories

      823.6        888.0        910.6        874.9        815.3  

Leased railcars for syndication

      187.4        119.4        102.5        272.5        111.1  

Equipment on operating leases, net

      1,000.0        941.0        891.8        836.2        770.9  

Property, plant and equipment, net

      619.2        600.4        618.4        617.6        645.2  

Investment in unconsolidated affiliates

      88.7        86.4        83.4        94.2        92.5  

Intangibles and other assets, net

      255.8        253.3        224.0        189.0        189.1  

Goodwill

      128.9        128.3        128.3        127.7        127.3  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 3,978.4      $ 3,921.7      $ 3,952.5      $ 3,817.1      $ 3,851.5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Liabilities and Equity

               

Revolving notes

    $ 297.1      $ 280.0      $ 310.3      $ 290.5      $ 296.6  

Accounts payable and accrued liabilities

      743.5        741.6        722.6        676.5        725.1  

Deferred income taxes

      114.1        88.3        70.2        49.8        68.6  

Deferred revenue

      46.2        56.6        73.0        53.2        35.3  

Notes payable, net

      1,311.7        1,320.3        1,327.0        1,301.5        1,269.1  

Contingently redeemable noncontrolling interest

      55.6        54.1        27.5        27.7        27.7  

Total equity – Greenbrier

      1,254.6        1,232.7        1,277.3        1,265.8        1,276.9  

Noncontrolling interest

      155.6        148.1        144.6        152.1        152.2  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total equity

      1,410.2        1,380.8        1,421.9        1,417.9        1,429.1  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
   $ 3,978.4      $ 3,921.7      $ 3,952.5      $ 3,817.1      $ 3,851.5  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 6

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In millions, except number of shares which are reflected in thousands and per share amounts, unaudited)

 

     Years Ended
August 31,		  
     2023     2022     2021  

Revenue

       

Manufacturing

    $ 3,357.7     $ 2,476.6     $ 1,311.1  

Maintenance Services

      406.4       347.7       298.3  

Leasing & Management Services

      179.9       153.4       138.5  
  

 

 

    

 

 

    

 

 

  
     3,944.0     2,977.7     1,747.9  

Cost of revenue

       

Manufacturing

      3,083.4       2,300.9       1,189.2  

Maintenance Services

      364.0       322.0       280.4  

Leasing & Management Services

      55.5       48.8       46.7  
  

 

 

    

 

 

    

 

 

  
     3,502.9     2,671.7     1,516.3  

Margin

      441.1       306.0       231.6  

Selling and administrative expense

      235.3       225.2       191.8  

Net gain on disposition of equipment

      (17.3 )      (37.2 )      (1.2 ) 

Asset impairment, disposal, and exit costs, net

      46.7       —        —   
  

 

 

    

 

 

    

 

 

  

Earnings from operations

      176.4       118.0       41.0  

Other costs

       

Interest and foreign exchange

      85.4       57.4       43.3  

Net loss on extinguishment of debt

      —        —        6.3  
  

 

 

    

 

 

    

 

 

  

Earnings (loss) before income tax and earnings from unconsolidated affiliates

      91.0       60.6       (8.6 ) 

Income tax (expense) benefit

      (24.6 )      (18.1 )      40.2  
  

 

 

    

 

 

    

 

 

  

Earnings before earnings from unconsolidated affiliates

      66.4       42.5       31.6  

Earnings from unconsolidated affiliates

      9.2       11.3       3.5  
  

 

 

    

 

 

    

 

 

  

Net earnings

      75.6       53.8       35.1  

Net earnings attributable to noncontrolling interest

      (13.1 )      (6.9 )      (2.7 ) 
  

 

 

    

 

 

    

 

 

  

Net earnings attributable to Greenbrier

    $ 62.5     $ 46.9     $ 32.4  
  

 

 

    

 

 

    

 

 

  

Basic earnings per common share:

    $ 1.95     $ 1.44     $ 0.99  

Diluted earnings per common share:

    $ 1.89     $ 1.40     $ 0.96  

Weighted average common shares:

       

Basic

      31,983       32,569       32,648  

Diluted

      33,799       33,631       33,665  

Dividends per common share

    $ 1.11     $ 1.08     $ 1.08  

 

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Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 7

 

THE GREENBRIER COMPANIES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions, unaudited)

 

     Years Ended
August 31,		  
     2023     2022     2021  
Cash flows from operating activities       

Net earnings

    $ 75.6     $ 53.8     $ 35.1  

Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:

       

Deferred income taxes

      7.2       12.9       51.1  

Depreciation and amortization

      106.3       102.0       100.7  

Net gain on disposition of equipment

      (17.3 )      (37.2 )      (1.2 ) 

Stock based compensation expense

      12.1       15.5       14.7  

Asset impairment, disposal, and exit costs, net

      46.7       —        —   

Net loss on extinguishment of debt

      —        —        6.3  

Accretion of debt discount

      —        —        7.1  

Noncontrolling interest adjustments

      8.4       1.6       2.3  

Other

      3.7       3.8       2.4  

Decrease (increase) in assets:

       

Accounts receivable, net

      (14.6 )      (198.2 )      (82.1 ) 

Income tax receivable

      (2.4 )      72.3       (103.0 ) 

Inventories

      (17.2 )      (267.9 )      (166.5 ) 

Leased railcars for syndication

      (123.7 )      (40.6 )      (11.9 ) 

Other assets

      (51.6 )      (28.1 )      (5.8 ) 

Increase (decrease) in liabilities:

       

Accounts payable and accrued liabilities

      16.3       165.3       109.9  

Deferred revenue

      21.7       (5.6 )      0.4  
  

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) operating activities

      71.2       (150.4 )      (40.5 ) 
  

 

 

    

 

 

    

 

 

  

Cash flows from investing activities

       

Proceeds from sales of assets

      78.8       155.5       15.9  

Capital expenditures

      (362.1 )      (380.7 )      (139.0 ) 

Investments in and advances to unconsolidated affiliates

      (3.5 )      (2.3 )      —   

Cash distribution from unconsolidated affiliates and other

      6.8       3.5       5.3  
  

 

 

    

 

 

    

 

 

  

Net cash used in investing activities

      (280.0 )      (224.0 )      (117.8 ) 
  

 

 

    

 

 

    

 

 

  

Cash flows from financing activities

       

Net change in revolving notes with maturities of 90 days or less

      29.8       (101.3 )      197.4  

Proceeds from revolving notes with maturities longer than 90 days

      220.0       35.0       112.0  

Repayments of revolving notes with maturities longer than 90 days

      (255.0 )      —        (287.0 ) 

Proceeds from issuance of notes payable

      75.0       398.3       391.9  

Repayments of notes payable

      (36.8 )      (23.4 )      (337.8 ) 

Debt issuance costs

      (0.6 )      (7.3 )      (22.0 ) 

Repurchase of stock

      (56.9 )      —        (20.0 ) 

Dividends

      (36.1 )      (35.8 )      (35.6 ) 

Cash distribution to joint venture partner

      (13.0 )      (16.9 )      (25.3 ) 

Investment by joint venture partner

      —        —        7.0  

Tax payments for net share settlement of restricted stock

      (2.6 )      (3.7 )      (3.3 ) 
  

 

 

    

 

 

    

 

 

  

Net cash provided by (used in) financing activities

      (76.2 )      244.9       (22.7 ) 
  

 

 

    

 

 

    

 

 

  

Effect of exchange rate changes

      28.6       17.2       10.3  

Decrease in cash, cash equivalents and restricted cash

      (256.4 )      (112.3 )      (170.7 ) 

Cash and cash equivalents and restricted cash

       

Beginning of period

      559.1       671.4       842.1  
  

 

 

    

 

 

    

 

 

  

End of period

    $ 302.7     $ 559.1     $ 671.4  
  

 

 

    

 

 

    

 

 

  

Balance Sheet Reconciliation:

       

Cash and cash equivalents

    $ 281.7     $ 543.0     $ 646.8  

Restricted cash

      21.0       16.1       24.6  
  

 

 

    

 

 

    

 

 

  

Total cash and cash equivalents and restricted cash

    $ 302.7     $ 559.1     $ 671.4  
  

 

 

    

 

 

    

 

 

  

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 8

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL LEASING INFORMATION

(In millions, except owned and managed fleet, unaudited)

Greenbrier’s leasing strategy provides an additional “go to market” element to Greenbrier’s Commercial strategy of direct sales, partnerships with operating leasing companies, and origination of leases for syndication partners as well as providing a platform for further growth at scale. Investing in leasing assets also provides a recurring stream of high margin revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier’s Manufacturing revenue and margin as a result of deferring recognition.

During the April 2023 Investor Day, Greenbrier provided a long-term target of more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years.

Key information for the consolidated Leasing & Management Services segment:

 

     Three Months Ended      Year Ended  
Greenbrier Lease Fleet (Units)    August 31,
2023		      May 31,
2023		      August 31,
2023		  

Beginning balance

      12,500        12,300        12,200  

Railcars added

      1,800        1,400        6,900  

Railcars sold / scrapped

      (900 )       (1,200 )       (5,700 ) 
  

 

 

     

 

 

     

 

 

  

Ending balance

      13,400        12,500        13,400  
  

 

 

     

 

 

     

 

 

  

 

                   Year Ended
August 31,
2023		  

Recurring Revenue

                                $ 124.5  

 

     August 31,
2023		     May 31,
2023		            

Equipment on operating lease(2)

    $ 1,000.0     $ 941.0  
  

 

 

    

 

 

  

Non-recourse warehouse

    $ 139.9     $ 119.3  

ABS non-recourse notes

      307.5       310.3  

Non-recourse term loan

      332.7       335.8  
  

 

 

    

 

 

  

Total Leasing non-recourse debt

    $ 780.1     $ 765.4  
  

 

 

    

 

 

  

Fleet leverage %(3)

      78 %      81 % 

 

(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

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 9

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, except per share amounts, unaudited)

Operating Results by Quarter for 2023 are as follows:

 

     First     Second     Third     Fourth     Total  

Revenue

           

Manufacturing

    $ 646.5     $ 968.6     $ 870.2     $ 872.4     $ 3,357.7  

Maintenance Services

      85.5       98.0       122.9       100.0       406.4  

Leasing & Management Services

      34.5       55.4       45.0       45.0       179.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     766.5       1,122.0       1,038.1       1,017.4       3,944.0  

Cost of revenue

           

Manufacturing

      604.5       901.2       786.5       791.2       3,083.4  

Maintenance Services

      79.6       89.6       109.8       85.0       364.0  

Leasing & Management Services

      12.9       14.4       13.7       14.5       55.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     697.0       1,005.2       910.0       890.7       3,502.9  

Margin

      69.5       116.8       128.1       126.7       441.1  

Selling and administrative expense

      53.4       59.0       63.3       59.6       235.3  

Net gain on disposition of equipment

      (3.3 )      (9.6 )      (2.3 )      (2.1 )      (17.3 ) 

Asset impairment, disposal, and exit costs, net

      24.2       —        16.4       6.1       46.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) from operations

      (4.8 )      67.4       50.7       63.1       176.4  

Other costs

           

Interest and foreign exchange

      19.6       21.6       22.8       21.4       85.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) before income tax and earnings from unconsolidated affiliates

      (24.4 )      45.8       27.9       41.7       91.0  

Income tax (expense) benefit

      3.8       (11.9 )      (3.6 )      (12.9 )      (24.6 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) before earnings from unconsolidated affiliates

      (20.6 )      33.9       24.3       28.8       66.4  

Earnings from unconsolidated affiliates

      3.3       2.9       2.4       0.6       9.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss)

      (17.3 )      36.8       26.7       29.4       75.6  

Net (earnings) loss attributable to noncontrolling interest

      0.6       (3.7 )      (5.4 )      (4.6 )      (13.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings (loss) attributable to Greenbrier

    $ (16.7 )    $ 33.1     $ 21.3     $ 24.8     $ 62.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings (loss) per common share (1)

    $ (0.51 )    $ 1.01     $ 0.67     $ 0.80     $ 1.95  

Diluted earnings (loss) per common share (1)

    $ (0.51 )    $ 0.97     $ 0.64     $ 0.77     $ 1.89  

Dividends per common share

    $ 0.27     $ 0.27     $ 0.27     $ 0.30     $ 1.11  

 

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 10

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, except per share amounts, unaudited)

Operating Results by Quarter for 2022 are as follows:

 

     First     Second     Third     Fourth     Total  

Revenue

           

Manufacturing

    $ 452.5     $ 555.7     $ 650.9     $ 817.5     $ 2,476.6  

Maintenance Services

      72.4       86.6       101.5       87.2       347.7  

Leasing & Management Services

      25.8       40.5       41.1       46.0       153.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     550.7       682.8       793.5       950.7       2,977.7  

Cost of revenue

           

Manufacturing

      421.6       535.0       611.3       733.0       2,300.9  

Maintenance Services

      71.2       81.7       91.1       78.0       322.0  

Leasing & Management Services

      10.3       11.3       14.8       12.4       48.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
     503.1       628.0       717.2       823.4       2,671.7  

Margin

      47.6       54.8       76.3       127.3       306.0  

Selling and administrative expense

      44.3       54.7       57.4       68.8       225.2  

Net gain on disposition of equipment

      (8.5 )      (25.1 )      (0.7 )      (2.9 )      (37.2 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings from operations

      11.8       25.2       19.6       61.4       118.0  

Other costs

           

Interest and foreign exchange

      12.6       11.8       14.9       18.1       57.4  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings (loss) before income tax and earnings from unconsolidated affiliates

      (0.8 )      13.4       4.7       43.3       60.6  

Income tax (expense) benefit

      1.4       (3.2 )      (1.1 )      (15.2 )      (18.1 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings before earnings from unconsolidated affiliates

      0.6       10.2       3.6       28.1       42.5  

Earnings from unconsolidated affiliates

      5.0       1.0       4.0       1.3       11.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings

      5.6       11.2       7.6       29.4       53.8  

Net (earnings) loss attributable to noncontrolling interest

      5.2       1.6       (4.5 )      (9.2 )      (6.9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings attributable to Greenbrier

    $ 10.8     $ 12.8     $ 3.1     $ 20.2     $ 46.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Basic earnings per common share (1)

    $ 0.33     $ 0.39     $ 0.10     $ 0.62     $ 1.44  

Diluted earnings per common share (1)

    $ 0.32     $ 0.38     $ 0.09     $ 0.60     $ 1.40  

Dividends per common share

    $ 0.27     $ 0.27     $ 0.27     $ 0.27     $ 1.08  

 

(1) 

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

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 11

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, unaudited)

Segment Information

 

Three months ended August 31, 2023:

 

        
     Revenue     Earnings (loss) from operations  
     External      Intersegment     Total     External     Intersegment     Total  

Manufacturing

    $ 872.4      $ 78.1     $ 950.5     $ 53.6     $ 8.0     $ 61.6  

Maintenance Services

      100.0        10.3       110.3       13.6       —        13.6  

Leasing & Management Services

      45.0        0.3       45.3       21.1       0.2       21.3  

Eliminations

      —         (88.7 )      (88.7 )      —        (8.2 )      (8.2 ) 

Corporate

      —         —        —        (25.2 )      —        (25.2 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 1,017.4      $ —      $ 1,017.4     $ 63.1     $ —      $ 63.1  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

Three months ended May 31, 2023:

 

        
     Revenue     Earnings (loss) from operations  
     External      Intersegment     Total     External     Intersegment     Total  

Manufacturing

    $ 870.2      $ 73.3     $ 943.5     $ 44.1     $ 7.9     $ 52.0  

Maintenance Services

      122.9        11.0       133.9       11.0       —        11.0  

Leasing & Management Services

      45.0        0.3       45.3       25.9       —        25.9  

Eliminations

      —         (84.6 )      (84.6 )      —        (7.9 )      (7.9 ) 

Corporate

      —         —        —        (30.3 )      —        (30.3 ) 
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
   $ 1,038.1      $ —      $ 1,038.1     $ 50.7     $ —      $ 50.7  
  

 

 

     

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Total assets  
     August 31,
2023		      May 31,
2023		  

Manufacturing

    $ 1,847.0      $ 1,891.1  

Maintenance Services

      294.4        295.1  

Leasing & Management Services

      1,458.1        1,325.6  

Unallocated, including cash

      378.9        409.9  
  

 

 

     

 

 

  
   $ 3,978.4      $ 3,921.7  
  

 

 

     

 

 

  

BACKLOG AND DELIVERY INFORMATION

(Unaudited)

 

     Three Months
Ended		      Year Ended  
   August 31, 2023      August 31, 2023  

Backlog Activity (units) (1)

     

Beginning backlog

      23,400        29,500  

Orders received

      15,300        30,000  

Production held on the Balance Sheet

      (1,700 )       (6,800 ) 

Production sold directly to third parties

      (6,100 )       (21,800 ) 
  

 

 

     

 

 

  

Ending backlog

      30,900        30,900  
  

 

 

     

 

 

  

Delivery Information (units) (1)

     

Produced & Delivered from Backlog

      6,100        21,800  

Delivered from Balance Sheet

      900        4,200  
  

 

 

     

 

 

  

Total deliveries

      7,000        26,000  
  

 

 

     

 

 

  

 

(1)

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

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 12

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, unaudited)

Reconciliation of Net earnings to Adjusted EBITDA

 

     Three Months Ended      Year Ended  
     August 31,
2023		      May 31,
2023		      August 31,
2023		  

Net earnings

    $ 29.4      $ 26.7      $ 75.6  

Interest and foreign exchange

      21.4        22.8        85.4  

Income tax expense

      12.9        3.6        24.6  

Depreciation and amortization

      26.5        26.9        106.3  

Asset impairment, disposal, and exit related costs, net

      6.6        16.9        48.4  
  

 

 

     

 

 

     

 

 

  

Adjusted EBITDA

    $ 96.8      $ 96.9      $ 340.3  
  

 

 

     

 

 

     

 

 

  

Adjusted Return on Invested Capital (ROIC) Calculation

 

     Year Ended      Last Twelve
Months Ended		  
     August 31,
2023		      February 28,
2023		  

Earnings from operations

    $ 176.4      $ 143.6  

Earnings from unconsolidated affiliates

      9.2        11.5  

Asset impairment, disposal, and exit related costs, net

      48.7        25.1  
  

 

 

     

 

 

  

Adjusted net operating profit before tax

    $ 234.3      $ 180.2  

Cash taxes received (paid)

      (23.0 )       37.2  
  

 

 

     

 

 

  

Adjusted net operating profit after tax

    $ 211.3      $ 217.4  
  

 

 

     

 

 

  

 

     Average Trailing Five Quarters  
     August 31,
2023		     February 28,
2023		  

Cash and cash equivalents

    $ 357.8     $ 444.5  

Minimum operating cash

      40.0       40.0  
  

 

 

    

 

 

  

Cash in excess of $40 million

    $ 317.8     $ 404.5  

Revolving notes

    $ 294.9     $ 298.6  

Notes payable, net

      1,305.9       1,261.9  
  

 

 

    

 

 

  

Total funded debt

    $ 1,600.8     $ 1,560.5  

Total Equity

    $ 1,450.5     $ 1,448.4  
  

 

 

    

 

 

  

Total invested capital(1)

   $ 2,733.5     $ 2,604.4  
  

 

 

    

 

 

  

Adjusted ROIC(2)

     7.7 %      8.3 % 

 

(1)

Invested capital is the sum of Total funded debt, Total Equity less Cash in excess of $40 million.

(2)

Adjusted ROIC is calculated by dividing Adjusted net operating profit after tax by Total invested capital.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 13

 

THE GREENBRIER COMPANIES, INC.

SUPPLEMENTAL INFORMATION

(In millions, unaudited)

Reconciliation of Net earnings attributable to Greenbrier to Adjusted net earnings attributable to Greenbrier

 

     Three Months Ended     Year Ended  
     August 31,
2023		     May 31,
2023		     August 31,
2023		  

Net earnings attributable to Greenbrier

    $ 24.8     $  21.3     $ 62.5  

Asset disposal and exit related costs, net

      4.9 (1)      12.7 (2)      36.6 (3) 
  

 

 

    

 

 

    

 

 

  

Adjusted net earnings attributable to Greenbrier

    $ 29.7     $ 34.0     $ 99.1  
  

 

 

    

 

 

    

 

 

  

 

(1)

Net of tax of $2.6 million

(2)

Net of tax of $4.3 million

(3) 

Net of tax of $13.0 million

Reconciliation of Diluted earnings per share to Adjusted diluted earnings per share

 

     Three Months Ended     Year Ended  
     August 31,
2023		     May 31,
2023		     August 31,
2023		  

Diluted earnings per share

    $ 0.77     $ 0.64     $ 1.89  

Asset disposal and exit related costs, net

      0.15           0.38           1.08      
  

 

 

    

 

 

    

 

 

  

Adjusted diluted earnings per share

    $ 0.92     $ 1.02     $ 2.97  

Diluted weighted average shares outstanding

      32,707       33,571       33,799  

Share Calculations for Adjusted diluted earnings per share

 

     Three Months Ended     Year Ended  
     August 31,
2023		     May 31,
2023		     August 31,
2023		  

Basic Shares

       30,904            31,757            31,983      

Dilutive effect of performance awards

      979       992       992  

Dilutive effect of convertible notes due 2024

      824       822       824  
  

 

 

    

 

 

    

 

 

  

Diluted weighted average shares outstanding

      32,707       33,571       33,799  

Debt Summary

 

$ in millions    August 31,
2023		      May 31,
2023		  

Total Leasing non-recourse debt

    $ 780.1      $ 765.4  

Total other debt

      846.9        854.2  
  

 

 

     

 

 

  
   $ 1,627.0      $ 1,619.6  

Debt discount and issuance costs (1)

      (18.2 )       (19.3 ) 
  

 

 

     

 

 

  

Total consolidated debt

    $ 1,608.8      $ 1,600.3  
  

 

 

     

 

 

  

 

(1)

Represents capitalized debt discount and issuance costs.

 

- More -

Greenbrier Reports Fourth Quarter and 2023 Fiscal Year Results (Cont.)    Page 14

 

Forward-Looking Statements

This press release may contain forward-looking statements, including statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as “backlog,” “believe,” “confidence,” “continue,” “drive,” “enhance,” “estimate,” “expect,” “provide,” “position,” “realize,” “strategy,” “target,” “will,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog and other orders, leasing performance, financing, future liquidity, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release including in the headlines and the sections titled “Fourth Quarter Highlights,” “Fiscal Year 2023 Highlights,” “Business Update & Fiscal 2024 Guidance,” and “Supplemental Leasing Information.” These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following: an economic downturn and economic uncertainty; inflation (including rising energy prices, interest rates, wages and other escalators) and policy reactions thereto (including actions by central banks); disruptions in the supply of materials and components used in the production of our products; the war in Ukraine and related events; and the COVID-19 pandemic, variants thereof, governmental reaction thereto, and related economic disruptions (including, among other factors, operations and supply disruptions and labor shortages). Our backlog of railcar units and 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

Adjusted EBITDA, Adjusted ROIC, Adjusted net earnings attributable to Greenbrier, and Adjusted diluted earnings per share (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 before Interest and foreign exchange, income tax expense, depreciation and amortization and 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 and other items.

Adjusted ROIC is calculated by dividing the trailing four quarters of Adjusted net operating profit after tax by the average trailing five quarters of invested capital. Adjusted net operating profit after tax is defined as Earnings from operations, plus Earnings from unconsolidated affiliates, excluding the impact associated with items we do not believe are indicative of our core business or which affect comparability, less cash paid for income taxes, net. Total invested capital is defined as Revolving notes, plus Notes payable, plus Total equity, less cash in excess of $40 million. We believe Adjusted ROIC is useful to investors as it quantifies how efficiently we generated operating income relative to the capital we have invested in the business.

Adjusted net earnings 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.

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.

###

 

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Document and Entity Information
Oct. 25, 2023
Cover [Abstract]  
Entity Registrant Name GREENBRIER COMPANIES INC
Amendment Flag false
Entity Central Index Key 0000923120
Document Type 8-K
Document Period End Date Oct. 25, 2023
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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