附件99.1
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| 美國俄勒岡州奧斯威戈市200號套房，郵編97035 503-684-7000 | www.gbrx.com |
| 2024年10月23日 | 聯繫人： | 賈斯汀·羅伯茨，投資者關係 | ||
| 傑克·伊斯爾曼，媒體關係 | ||||
| 電話：503-684-7000 |
綠化公司報告2024年第四季度和財年業績
第四季度攤薄後每股收益爲1.92美元
第四季度毛利率爲18.2%
全年強勁的經營現金流爲3.3億美元
紐交所上市的綠化公司（NYSE: GBX）是全球貨運運輸市場領先的國際設備和服務供應商，今日報告截至2024年8月31日的第四財季和財年財務業績。
第四季度和全年要點
| • | 第四季度淨收益爲6,200萬美元，攤薄後每股收益爲1.1億美元，營業收入爲11億美元。 |
| • | 第三最佳年度盈利表現-2024財年淨收益爲1.6億美元，攤薄後每股收益爲4.96美元，營業收入爲35億美元。 |
| • | 第二高的季度和年度EBITDA - 第四季度和全年EBITDA分別爲1.59億美元和4.51億美元，佔營業收入的15.1%和12.7%。 |
| • | 本季度，租賃車隊增加了300輛，達到了15,500輛，租賃車隊利用率接近99%。 |
| • | 季度內新的鐵路車輛訂單爲4,400輛，價值5.75億美元，交付了7,000輛。全年新的鐵路車輛訂單爲21,700輛，價值28億美元，交付了23,700輛。 |
| • | 新的鐵路車輛訂單積壓量爲26,700輛，預計價值34億美元。 |
| • | 格林布賴爾歷史上第二高的年度經營現金流 - 第四季度和2024財年的經營現金流分別達到1.92億美元和3.3億美元。 |
| • | 董事會宣佈每股0.30美元的季度股息，將於2024年11月27日支付給截至2024年11月6日持股的股東，這代表了格林布賴爾連續第42個季度派息。 |
格林布賴爾CEO兼總裁Lorie L. Tekorius表示：「格林布賴爾在2024財年以出色的第四季度結束了，我們的市場領先地位表明了我們在交付強勁業績、降低週期性以及創造長期股東價值的戰略計劃上取得的進展。」。“我們非常高興在2024財年實現了近16%的累計毛利率，與我們的長期目標相符。這一成就反映了過去18個月我們專注於改善核心製造業務利潤率和租賃平台收入的可持續增長所採取的效率舉措。我們的努力還導致了財年EBITDA幾乎創下歷史新高。此外，我們也接近於我們在投資資本回報方面的長期目標，我們最初預計將在2026年達成。值得注意的是，這些業績是在一個……
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| Greenbrier報告第四季度和2024財年業績 (續) | 第2頁 |
在不確定的宏觀經濟背景下。展望未來，我們有信心在2025財年保持毛利率，並取得強勁的底線表現。憑藉領先的市場地位，穩定的新鐵路車輛訂單積壓和不斷增長的租賃業務穩定收入，我們繼續專注於在各種市場條件下產生可持續的結果。
業務更新&展望
根據當前趨勢和生產計劃，Greenbrier正在更新2025財年的指引：
| 2024財年 實際 |
2025財年 指導 | |||
| 操作指標 | ||||
| 交付量(1) |
23,700單位 | 22,500 - 25,000 單位 | ||
| 營業收入 |
3.54B美元 | 33.5億 - 3.65十億 | ||
| 總毛利率% |
15.8% | 16.0% - 16.5% | ||
| 營業利潤率(2) |
9.2% | 9.2% - 9.7% | ||
| 資本支出 | ||||
| 製造業-半導體 |
1.03億 | 1.1億 | ||
| 維護服務 |
19M | 10M | ||
| 租賃與管理 服務(3) |
343M | 395M | ||
| 毛利資本支出 |
465M | 515M | ||
| 設備銷售收入 |
75M | 90M | ||
| 淨資本支出 |
390百萬美元 | 425百萬美元 | ||
| (1) | 涉及巴西，包括大約1,400單位和1,600單位的交付分別用於FY2024和FY2025指引。 |
| (2) | 營業額除以營業收入。 |
| (3) | FY2024年和FY2025年的指引中包括資本支出和將鐵路車輛轉入租賃車隊，在此之前分別於2023年和2024年製造並隨後列入資產負債表。 |
長期財務目標 更新
Greenbrier在2023年4月舉行首次投資者日時宣佈了長期財務目標。向這些目標的進展如下。
| 起點 (截至2023年2月28日最近12個月) |
目標 | FY2024 | 註釋 | |||||||||
| 循環收入(1) |
$113百萬 | 從兩倍開始 起始點 |
$141百萬 | 增長25% | ||||||||
| 綜合毛利率% |
10.7 | % | 中期的由 FY26 |
15.8 | % | 目標達成-510 點子改善 | ||||||
| 調整後的投資資本回報率 (ROIC)(2) |
8.3 | % | 10 - 14% 通過 FY26 |
9.8 | % | 接近實現 目標區間 | ||||||
| (1) | 循環收入被定義爲租賃和管理服務收入，不包含較具交易性質的輔助活動影響。 |
| (2) | ROIC指標的對賬信息可以在補充信息中找到。 |
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| Greenbrier報告第四季度和2024財年業績 (續) | 頁 |
財務摘要
| Q4 FY24 | Q3 FY24 | 順次比較-主要驅動因素 | ||||||||
| 營業收入 |
$ | 1,053.0M | $ | 820.2M | 鐵路車輛交付數量增加 | |||||
| 毛利率 |
$ | 191.2M | $ | 123.8M | 製造業表現持續強勁，在租賃與管理服務方面的有利交易活動 | |||||
| 毛利率% |
18.2 | % | 15.1 | % | ||||||
| 銷售和管理費用 |
$ | 67.9M | $ | 59.3M | 主要是員工相關成本增加，包括績效獎金 | |||||
| EBITDA(1) |
$ | 158.9M | $ | 104.0M | 如上所述，運營績效強勁 | |||||
| 歸屬於非控股利益的淨收益 |
$ | 3.7M | $ | 6.7M | 合作伙伴在合併的合資企業營業結果中的份額 | |||||
| 歸屬於綠brier的淨收益 |
$ | 61.6M | $ | 33.9M | 如上所述，營收和盈利能力增加 | |||||
| 攤薄後每股收益 |
$ | 1.92 | $ | 1.06 | ||||||
| (1) | 請參閱附錄信息結尾處的調節 |
段落摘要
| Q4 FY24 | Q3 FY24 | 順序比較-主要驅動因素 | ||||||||
| 製造業-半導體 | ||||||||||
| 營業收入 |
$ | 916.8M | $ | 685.1M | 新鐵路車輛交付時間 | |||||
| 毛利率% |
14.8 | % | 10.9 | % | 持續運營改善 | |||||
| 運營收益 |
$ | 114.3M | $ | 54.2M | 增加的營業收益反映出更高的交付量和更好的表現 | |||||
| 營業利潤率百分比 (1) |
12.5 | % | 7.9 | % | ||||||
| 交付量（單位） (2) |
6,800 | 5,000 | ||||||||
| 維護服務 | ||||||||||
| 營業收入 |
$ | 69.9M | $ | 69.9M | 穩定的營運表現 | |||||
| 毛利率% |
11.9 | % | 11.7 | % | ||||||
| 運營收益 |
$ | 6.0M | $ | 5.9M | ||||||
| 營業利潤率% (1) |
8.6 | % | 8.4 | % | ||||||
| 租賃和管理服務 | ||||||||||
| 營業收入 |
$ | 66.3M | $ | 65.2M | 持續強勁的聯合活動和艦隊增長 | |||||
| 毛利率% |
71.5 | % | 62.9 | % | 健康的聯合活動和艦隊增長；上一季度包括外部來源的聯合活動，產生利潤美元，但利潤率較低 | |||||
| 運營收益 |
$ | 39.0M | $ | 40.5M | 設備銷售的收益時機 | |||||
| 營業利潤率% (1) |
58.8 | % | 62.1 | % | ||||||
| 擁有的車隊（單位） |
15,500 | 15,200 | ||||||||
| 船隊利用率 |
98.5 | % | 98.7 | % | ||||||
| (1) | 請查看補充信息中的補充分部信息。 |
| (2) | 不包括巴西交付，這些交付未納入製造業-半導體的營業收入和毛利率。 |
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| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 4 |
Conference Call
Greenbrier will host a teleconference to discuss its fourth quarter and fiscal year 2024 results. In conjunction with this release, Greenbrier has posted a supplemental earnings presentation to our website. Teleconference details are as follows:
| • | October 23, 2024 |
| • | 2:00 p.m. Pacific Daylight Time |
| • | Phone: 1-888-317-6003 (Toll Free), 1-412-317-6061 (International), Entry Number “1249872 ” |
| • | 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 15,500 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.
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| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 5 | |
| THE GREENBRIER COMPANIES, INC. | ||
CONSOLIDATED BALANCE SHEETS
(In millions, unaudited)
| August 31, 2024 |
May 31, 2024 |
February 29, 2024 |
November 30, 2023 |
August 31, 2023 |
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| Assets |
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| Cash and cash equivalents |
$ | 351.8 | $ | 271.6 | $ | 252.0 | $ | 307.3 | $ | 281.7 | ||||||||||
| Restricted cash |
16.8 | 20.2 | 20.0 | 14.0 | 21.0 | |||||||||||||||
| Accounts receivable, net |
523.8 | 488.5 | 519.1 | 458.7 | 529.9 | |||||||||||||||
| Income tax receivable |
45.1 | 20.0 | 20.9 | 10.5 | 42.2 | |||||||||||||||
| Inventories |
770.9 | 812.4 | 827.0 | 883.6 | 823.6 | |||||||||||||||
| Leased railcars for syndication |
130.7 | 155.3 | 134.4 | 159.8 | 187.4 | |||||||||||||||
| Equipment on operating leases, net |
1,243.5 | 1,226.9 | 1,160.5 | 1,095.8 | 1,000.0 | |||||||||||||||
| Property, plant and equipment, net |
711.7 | 648.3 | 636.1 | 618.1 | 619.2 | |||||||||||||||
| Investment in unconsolidated affiliates |
87.3 | 90.3 | 90.0 | 89.4 | 88.7 | |||||||||||||||
| Intangibles and other assets, net |
244.4 | 254.3 | 255.6 | 248.9 | 255.8 | |||||||||||||||
| Goodwill |
128.5 | 128.0 | 128.0 | 128.6 | 128.9 | |||||||||||||||
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| $ | 4,254.5 | $ | 4,115.8 | $ | 4,043.6 | $ | 4,014.7 | $ | 3,978.4 | |||||||||||
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| Liabilities and Equity |
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| Revolving notes |
$ | 351.6 | $ | 348.4 | $ | 300.8 | $ | 279.4 | $ | 297.1 | ||||||||||
| Accounts payable and accrued liabilities |
731.4 | 652.9 | 649.3 | 640.9 | 743.5 | |||||||||||||||
| Deferred income taxes |
130.1 | 82.9 | 79.7 | 85.2 | 114.1 | |||||||||||||||
| Deferred revenue |
58.9 | 74.0 | 81.5 | 42.2 | 46.2 | |||||||||||||||
| Notes payable, net |
1,404.2 | 1,413.9 | 1,421.8 | 1,479.4 | 1,311.7 | |||||||||||||||
| Contingently redeemable noncontrolling interest |
41.7 | 56.3 | 56.0 | 56.5 | 55.6 | |||||||||||||||
| Total equity – Greenbrier |
1,376.1 | 1,329.1 | 1,299.9 | 1,274.0 | 1,254.6 | |||||||||||||||
| Noncontrolling interest |
160.5 | 158.3 | 154.6 | 157.1 | 155.6 | |||||||||||||||
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| Total equity |
1,536.6 | 1,487.4 | 1,454.5 | 1,431.1 | 1,410.2 | |||||||||||||||
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| $ | 4,254.5 | $ | 4,115.8 | $ | 4,043.6 | $ | 4,014.7 | $ | 3,978.4 | |||||||||||
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| Greenbrier Reports Fourth Quarter and 2024 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, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Revenue |
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| Manufacturing |
$ | 3,013.6 | $ | 3,357.7 | $ | 2,476.6 | ||||||
| Maintenance Services |
298.8 | 406.4 | 347.7 | |||||||||
| Leasing & Management Services |
232.3 | 179.9 | 153.4 | |||||||||
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| 3,544.7 | 3,944.0 | 2,977.7 | ||||||||||
| Cost of revenue |
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| Manufacturing |
2,648.9 | 3,083.4 | 2,300.9 | |||||||||
| Maintenance Services |
264.1 | 364.0 | 322.0 | |||||||||
| Leasing & Management Services |
73.2 | 55.5 | 48.8 | |||||||||
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| 2,986.2 | 3,502.9 | 2,671.7 | ||||||||||
| Margin |
558.5 | 441.1 | 306.0 | |||||||||
| Selling and administrative expense |
247.1 | 235.3 | 225.2 | |||||||||
| Net gain on disposition of equipment |
(13.1 | ) | (17.3 | ) | (37.2 | ) | ||||||
| Asset impairment, disposal, and exit costs, net |
— | 46.7 | — | |||||||||
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| Earnings from operations |
324.5 | 176.4 | 118.0 | |||||||||
| Interest and foreign exchange |
100.8 | 85.4 | 57.4 | |||||||||
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| Earnings before income tax and earnings from unconsolidated affiliates |
223.7 | 91.0 | 60.6 | |||||||||
| Income tax expense |
(62.0 | ) | (24.6 | ) | (18.1 | ) | ||||||
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| Earnings before earnings from unconsolidated affiliates |
161.7 | 66.4 | 42.5 | |||||||||
| Earnings from unconsolidated affiliates |
11.0 | 9.2 | 11.3 | |||||||||
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| Net earnings |
172.7 | 75.6 | 53.8 | |||||||||
| Net earnings attributable to noncontrolling interest |
(12.6 | ) | (13.1 | ) | (6.9 | ) | ||||||
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| Net earnings attributable to Greenbrier |
$ | 160.1 | $ | 62.5 | $ | 46.9 | ||||||
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| Basic earnings per common share: |
$ | 5.15 | $ | 1.95 | $ | 1.44 | ||||||
| Diluted earnings per common share: |
$ | 4.96 | $ | 1.89 | $ | 1.40 | ||||||
| Weighted average common shares: |
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| Basic |
31,102 | 31,983 | 32,569 | |||||||||
| Diluted |
32,363 | 33,799 | 33,631 | |||||||||
| Dividends per common share |
$ | 1.20 | $ | 1.11 | $ | 1.08 | ||||||
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| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 7 | |
| THE GREENBRIER COMPANIES, INC. | ||
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions, unaudited)
| Years Ended August 31, | ||||||||||||
| 2024 | 2023 | 2022 | ||||||||||
| Cash flows from operating activities |
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| Net earnings |
$ | 172.7 | $ | 75.6 | $ | 53.8 | ||||||
| Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |
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| Deferred income taxes |
16.8 | 7.2 | 12.9 | |||||||||
| Depreciation and amortization |
115.6 | 106.3 | 102.0 | |||||||||
| Net gain on disposition of equipment |
(13.1 | ) | (17.3 | ) | (37.2 | ) | ||||||
| Stock based compensation expense |
17.1 | 12.1 | 15.5 | |||||||||
| Asset impairment, disposal, and exit costs, net |
— | 46.7 | — | |||||||||
| Noncontrolling interest adjustments |
3.9 | 8.4 | 1.6 | |||||||||
| Other |
3.8 | 3.7 | 3.8 | |||||||||
| Decrease (increase) in assets: |
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| Accounts receivable, net |
9.2 | (14.6 | ) | (198.2 | ) | |||||||
| Income tax receivable |
(2.9 | ) | (2.4 | ) | 72.3 | |||||||
| Inventories |
50.0 | (17.2 | ) | (267.9 | ) | |||||||
| Leased railcars for syndication |
(5.1 | ) | (123.7 | ) | (40.6 | ) | ||||||
| Other assets |
13.6 | (51.6 | ) | (28.1 | ) | |||||||
| Increase (decrease) in liabilities: |
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| Accounts payable and accrued liabilities |
(63.5 | ) | 16.3 | 165.3 | ||||||||
| Deferred revenue |
11.5 | 21.7 | (5.6 | ) | ||||||||
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| Net cash provided by (used in) operating activities |
329.6 | 71.2 | (150.4 | ) | ||||||||
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| Cash flows from investing activities |
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| Proceeds from sales of assets |
75.0 | 78.8 | 155.5 | |||||||||
| Capital expenditures |
(398.3 | ) | (362.1 | ) | (380.7 | ) | ||||||
| Investments in and advances to / repayments from unconsolidated affiliates |
— | (3.5 | ) | (2.3 | ) | |||||||
| Cash distribution from unconsolidated affiliates and other |
2.9 | 6.8 | 3.5 | |||||||||
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| Net cash used in investing activities |
(320.4 | ) | (280.0 | ) | (224.0 | ) | ||||||
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| Cash flows from financing activities |
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| Net change in revolving notes with maturities of 90 days or less |
(27.8 | ) | 29.8 | (101.3 | ) | |||||||
| Proceeds from revolving notes with maturities longer than 90 days |
226.6 | 220.0 | 35.0 | |||||||||
| Repayments of revolving notes with maturities longer than 90 days |
(146.6 | ) | (255.0 | ) | — | |||||||
| Proceeds from issuance of notes payable |
180.6 | 75.0 | 398.3 | |||||||||
| Repayments of notes payable |
(89.6 | ) | (36.8 | ) | (23.4 | ) | ||||||
| Debt issuance costs |
(2.9 | ) | (0.6 | ) | (7.3 | ) | ||||||
| Repurchase of stock |
(1.3 | ) | (56.9 | ) | — | |||||||
| Dividends |
(38.4 | ) | (36.1 | ) | (35.8 | ) | ||||||
| Cash distribution to joint venture partner |
(9.3 | ) | (13.0 | ) | (16.9 | ) | ||||||
| Tax payments for net share settlement of restricted stock |
(5.1 | ) | (2.6 | ) | (3.7 | ) | ||||||
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| Net cash provided by (used in) financing activities |
86.2 | (76.2 | ) | 244.9 | ||||||||
|
|
|
|
|
|
|
|||||||
| Effect of exchange rate changes |
(29.5 | ) | 28.6 | 17.2 | ||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash |
65.9 | (256.4 | ) | (112.3 | ) | |||||||
| Cash and cash equivalents and restricted cash |
||||||||||||
| Beginning of period |
302.7 | 559.1 | 671.4 | |||||||||
|
|
|
|
|
|
|
|||||||
| End of period |
$ | 368.6 | $ | 302.7 | $ | 559.1 | ||||||
|
|
|
|
|
|
|
|||||||
| Balance Sheet Reconciliation: |
||||||||||||
| Cash and cash equivalents |
$ | 351.8 | $ | 281.7 | $ | 543.0 | ||||||
| Restricted cash |
16.8 | 21.0 | 16.1 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total cash and cash equivalents and restricted cash |
$ | 368.6 | $ | 302.7 | $ | 559.1 | ||||||
|
|
|
|
|
|
|
|||||||
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 8 | |
| THE GREENBRIER COMPANIES, INC. | ||
SUPPLEMENTAL LEASING INFORMATION
(In millions, except owned 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 revenue and tax-advantaged cash flows, however in the short-term it reduces Greenbrier’s Manufacturing revenue and margin as a result of deferring revenue recognition.
During the April 2023 Investor Day, Greenbrier provided a long-term target to more than double recurring revenue from leasing and management fees by investing up to $300 million net annually for the next five years. Recurring revenue is defined as Leasing & Management Services revenue excluding the impact of syndication activity, which is more transactional in nature.
Key information for the Leasing & Management Services segment:
|
|
|
| ||||||||||||||
| Three Months Ended | Year Ended | |||||||||||||||
| Greenbrier Lease Fleet (Units)(1) | August 31, 2024 |
May 31, 2024 |
August 31, 2024 |
|||||||||||||
| Beginning balance |
15,200 | 14,600 | 13,400 | |||||||||||||
| Railcars added |
1,700 | 2,700 | 8,600 | |||||||||||||
| Railcars sold / scrapped |
(1,400 | ) | (2,100 | ) | (6,500 | ) | ||||||||||
|
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|
|
|
|
|
|||||||||||
| Ending balance |
15,500 | 15,200 | 15,500 | |||||||||||||
|
|
|
|
|
|
|
|||||||||||
| Year Ended August 31, 2024 |
||||||||||||||||
| Recurring revenue |
$ | 141.2 | ||||||||||||||
|
August 31, 2024 |
May 31, 2024 |
|||||||||||||||
| Equipment on operating lease(2) |
$ | 1,243.5 | $ | 1,226.9 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Non-recourse warehouse |
$ | 194.9 | $ | 146.0 | ||||||||||||
| ABS non-recourse notes |
471.6 | 475.4 | ||||||||||||||
| Non-recourse term loan |
320.5 | 323.5 | ||||||||||||||
|
|
|
|
|
|||||||||||||
| Total Leasing non-recourse debt |
$ | 987.0 | $ | 944.9 | ||||||||||||
|
|
|
|
|
|||||||||||||
| Fleet leverage %(3)(4) |
79 | % | 77 | % | ||||||||||||
| (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 |
| (4) | Fleet assets are leveraged at Fair Market Value based on independent appraisals while they are shown at net book value on Greenbrier’s Consolidated Balance Sheet |
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 9 | |
| THE GREENBRIER COMPANIES, INC. | ||
SUPPLEMENTAL INFORMATION
(In millions, except per share amounts, unaudited)
Operating Results by Quarter for Fiscal 2024 are as follows:
| First | Second | Third | Fourth | Total | ||||||||||||||||
| Revenue |
||||||||||||||||||||
| Manufacturing |
$ | 675.9 | $ | 735.8 | $ | 685.1 | $ | 916.8 | $ | 3,013.6 | ||||||||||
| Maintenance Services |
83.8 | 75.2 | 69.9 | 69.9 | 298.8 | |||||||||||||||
| Leasing & Management Services |
49.1 | 51.7 | 65.2 | 66.3 | 232.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 808.8 | 862.7 | 820.2 | 1,053.0 | 3,544.7 | ||||||||||||||||
| Cost of revenue |
||||||||||||||||||||
| Manufacturing |
600.9 | 656.2 | 610.5 | 781.3 | 2,648.9 | |||||||||||||||
| Maintenance Services |
71.6 | 69.2 | 61.7 | 61.6 | 264.1 | |||||||||||||||
| Leasing & Management Services |
15.0 | 15.1 | 24.2 | 18.9 | 73.2 | |||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||
| 687.5 | 740.5 | 696.4 | 861.8 | 2,986.2 | ||||||||||||||||
| Margin |
121.3 | 122.2 | 123.8 | 191.2 | 558.5 | |||||||||||||||
| Selling and administrative expense |
56.3 | 63.6 | 59.3 | 67.9 | 247.1 | |||||||||||||||
| Net loss (gain) on disposition of equipment |
0.1 | (4.9 | ) | (7.8 | ) | (0.5 | ) | (13.1 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings from operations |
64.9 | 63.5 | 72.3 | 123.8 | 324.5 | |||||||||||||||
| Interest and foreign exchange |
23.2 | 24.6 | 24.7 | 28.3 | 100.8 | |||||||||||||||
|
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|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings before income tax and earnings from unconsolidated affiliates |
41.7 | 38.9 | 47.6 | 95.5 | 223.7 | |||||||||||||||
| Income tax expense |
(10.0 | ) | (9.3 | ) | (10.7 | ) | (32.0 | ) | (62.0 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Earnings before earnings from unconsolidated affiliates |
31.7 | 29.6 | 36.9 | 63.5 | 161.7 | |||||||||||||||
| Earnings from unconsolidated affiliates |
1.5 | 4.0 | 3.7 | 1.8 | 11.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net earnings |
33.2 | 33.6 | 40.6 | 65.3 | 172.7 | |||||||||||||||
| Net earnings attributable to noncontrolling interest |
(2.0 | ) | (0.2 | ) | (6.7 | ) | (3.7 | ) | (12.6 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net earnings attributable to Greenbrier |
$ | 31.2 | $ | 33.4 | $ | 33.9 | $ | 61.6 | $ | 160.1 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Basic earnings per common share (1) |
$ | 1.00 | $ | 1.08 | $ | 1.09 | $ | 1.98 | $ | 5.15 | ||||||||||
| Diluted earnings per common share (1) |
$ | 0.96 | $ | 1.03 | $ | 1.06 | $ | 1.92 | $ | 4.96 | ||||||||||
| Dividends per common share |
$ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 0.30 | $ | 1.20 | ||||||||||
| (1) | Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. |
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 10 | |
| THE GREENBRIER COMPANIES, INC. | ||
SUPPLEMENTAL INFORMATION
(In millions, except per share amounts, unaudited)
Operating Results by Quarter for Fiscal 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 | ||||||||||||||
| 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 | ||||||||||
| (1) | Quarterly amounts may not total to the year-to-date amount as each period is calculated discretely. |
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 11 | |
| THE GREENBRIER COMPANIES, INC. | ||
SUPPLEMENTAL INFORMATION
(In millions, unaudited)
Segment Information
| Three months ended August 31, 2024: |
|
|||||||||||||||||||||||
| Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
| External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
| Manufacturing |
$ | 916.8 | $ | 38.0 | $ | 954.8 | $ | 114.3 | $ | 4.6 | $ | 118.9 | ||||||||||||
| Maintenance Services |
69.9 | 14.5 | 84.4 | 6.0 | — | 6.0 | ||||||||||||||||||
| Leasing & Management Services |
66.3 | 0.3 | 66.6 | 39.0 | — | 39.0 | ||||||||||||||||||
| Eliminations |
— | (52.8 | ) | (52.8 | ) | — | (4.6 | ) | (4.6 | ) | ||||||||||||||
| Corporate |
— | — | — | (35.5 | ) | — | (35.5 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | 1,053.0 | $ | — | $ | 1,053.0 | $ | 123.8 | $ | — | $ | 123.8 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Three months ended May 31, 2024:
|
|
|||||||||||||||||||||||
| Revenue | Earnings (loss) from operations | |||||||||||||||||||||||
| External | Intersegment | Total | External | Intersegment | Total | |||||||||||||||||||
| Manufacturing |
$ | 685.1 | $ | 70.8 | $ | 755.9 | $ | 54.2 | $ | 11.9 | $ | 66.1 | ||||||||||||
| Maintenance Services |
69.9 | 16.9 | 86.8 | 5.9 | — | 5.9 | ||||||||||||||||||
| Leasing & Management Services |
65.2 | 0.2 | 65.4 | 40.5 | — | 40.5 | ||||||||||||||||||
| Eliminations |
— | (87.9 | ) | (87.9 | ) | — | (11.9 | ) | (11.9 | ) | ||||||||||||||
| Corporate |
— | — | — | (28.3 | ) | — | (28.3 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| $ | 820.2 | $ | — | $ | 820.2 | $ | 72.3 | $ | — | $ | 72.3 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total assets | ||||||||||||||||||||||||
| August 31, 2024 |
May 31, 2024 |
|||||||||||||||||||||||
| Manufacturing |
$ | 1,881.2 | $ | 1,812.5 | ||||||||||||||||||||
| Maintenance Services |
291.2 | 286.7 | ||||||||||||||||||||||
| Leasing & Management Services |
1,633.6 | 1,669.1 | ||||||||||||||||||||||
| Unallocated, including cash |
448.5 | 347.5 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| $ | 4,254.5 | $ | 4,115.8 | |||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
|
BACKLOG AND DELIVERY INFORMATION (Unaudited)
|
||||||||||||||||||||||||
| Three Months Ended |
Year Ended | |||||||||||||||||||||||
| August 31, 2024 |
August 31, 2024 |
|||||||||||||||||||||||
| Backlog Activity (units) (1) |
||||||||||||||||||||||||
| Beginning backlog |
29,400 | 30,900 | ||||||||||||||||||||||
| Orders received |
4,400 | 21,700 | ||||||||||||||||||||||
| Production held on the Balance Sheet |
(1,700 | ) | (8,000 | ) | ||||||||||||||||||||
| Production sold to third parties |
(5,400 | ) | (17,900 | ) | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Ending backlog |
26,700 | 26,700 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Delivery Information (units) (1) |
||||||||||||||||||||||||
| Direct sales |
5,400 | 17,700 | ||||||||||||||||||||||
| Sale of Leased railcars for syndication |
1,600 | 6,000 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total deliveries |
7,000 | 23,700 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| (1) | Includes Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method |
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 12 | |
| THE GREENBRIER COMPANIES, INC. | ||
SUPPLEMENTAL INFORMATION
(In millions, unaudited)
Reconciliation of Net earnings to EBITDA
| Three Months Ended | Year Ended | |||||||||||
| August 31, 2024 |
May 31, 2024 |
August 31, 2024 |
||||||||||
| Net earnings |
$ | 65.3 | $ | 40.6 | $ | 172.7 | ||||||
| Interest and foreign exchange |
28.3 | 24.7 | 100.8 | |||||||||
| Income tax expense |
32.0 | 10.7 | 62.0 | |||||||||
| Depreciation and amortization |
33.3 | 28.0 | 115.6 | |||||||||
|
|
|
|
|
|
|
|||||||
| EBITDA |
$ | 158.9 | $ | 104.0 | $ | 451.1 | ||||||
|
|
|
|
|
|
|
|||||||
Adjusted Return on Invested Capital (ROIC) Calculation
| Year Ended | Last Twelve Months Ended |
|||||||
| August 31, 2024 |
February 28, 2023 |
|||||||
| Earnings from operations |
$ | 324.5 | $ | 143.6 | ||||
| Earnings from unconsolidated affiliates |
11.0 | 11.5 | ||||||
| Asset impairment, disposal, and exit related costs, net |
— | 25.1 | ||||||
|
|
|
|
|
|||||
| Adjusted net operating profit before tax |
335.5 | 180.2 | ||||||
| Cash taxes received (paid) |
(42.6 | ) | 37.2 | |||||
|
|
|
|
|
|||||
| Adjusted net operating profit after tax |
$ | 292.9 | $ | 217.4 | ||||
|
|
|
|
|
|||||
| Average Trailing Five Quarters | ||||||||
| August 31, 2024 |
February 28, 2023 |
|||||||
| Revolving notes |
$ | 315.5 | $ | 298.6 | ||||
| Notes payable, net |
1,406.2 | 1,261.9 | ||||||
|
|
|
|
|
|||||
| Total funded debt |
1,721.7 | 1,560.5 | ||||||
| Total Equity |
1,517.2 | 1,448.4 | ||||||
| Cash and cash equivalents |
292.9 | 444.5 | ||||||
| Minimum operating cash |
(40.0 | ) | (40.0 | ) | ||||
|
|
|
|
|
|||||
| Cash in excess of $40 million |
252.9 | 404.5 | ||||||
|
|
|
|
|
|||||
| Total invested capital (1) |
$ | 2,986.0 | $ | 2,604.4 | ||||
|
|
|
|
|
|||||
| Adjusted ROIC (2) |
9.8 | % | 8.3 | % | ||||
| (1) | Total invested capital is the sum of Total funded debt and 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. |
Debt Summary
| August 31, 2024 |
May 31, 2024 |
|||||||
| Total Leasing non-recourse debt |
$ | 987.0 | $ | 944.9 | ||||
| Total other debt |
785.5 | 835.0 | ||||||
|
|
|
|
|
|||||
| 1,772.5 | 1,779.9 | |||||||
| Debt discount and issuance costs |
(16.7 | ) | (17.6 | ) | ||||
|
|
|
|
|
|||||
| Total consolidated debt |
$ | 1,755.8 | $ | 1,762.3 | ||||
|
|
|
|
|
|||||
- More -
| Greenbrier Reports Fourth Quarter and 2024 Fiscal Year Results (Cont.) | Page 13 |
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 “approximately,” “are,” “backlog,” “believe,” “continue,” “drive,” “estimate,” “grow,” “maintain,” “ongoing,” “position,” “recurring,” “schedule,” “stable,” “strategy,” “strong,” “sustainable,” “target,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog and other orders, leasing performance, leasing strategy, financing, cash flow, tax treatment, and other information regarding future performance and strategies and appear throughout this press release. 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; and the war in Ukraine and related events. 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 Quarterly Reports on Form 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.
Financial Metric Definitions
EBITDA is not a financial measure under generally accepted accounting principles (GAAP). This metric is a performance measurement tool used by rail supply companies and Greenbrier. You should not consider this metric in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because this metric is not a measure of financial performance under GAAP and is susceptible to varying calculations, the measure presented may differ from and may not be comparable to similarly titled measures used by other companies.
We define EBITDA as Net earnings before Interest and foreign exchange, Income tax expense, Depreciation and amortization. We believe the presentation of EBITDA provides useful information as it excludes the impact of financing, foreign exchange, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company’s core business. We believe this assists in comparing our performance across reporting periods.
Adjusted ROIC is calculated by dividing the trailing four quarters of Adjusted net operating profit after tax by the average trailing five quarters of total 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.
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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