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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

Form 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the quarterly period ended February 28, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

for the transition period from ______ to ______

 

Commission File No. 1-13146

 

THE GREENBRIER COMPANIES, INC.

(Exact name of registrant as specified in its charter)

 

 

Oregon

93-0816972

(State of Incorporation)

(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)

 

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 

Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

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.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

Yes ☐ No

 

The number of shares of the registrant’s common stock, without par value, outstanding on March 31, 2022 was 32,587,696 shares.

 

 

 

 

 


 

FORM 10-Q

 

Table of Contents

 

 

 

Page

 

Forward-Looking Statements

3

PART I.

FINANCIAL INFORMATION

4

   Item 1.

Condensed Financial Statements

4

 

Condensed Consolidated Balance Sheets

4

 

Condensed Consolidated Statements of Operations

5

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

6

 

Condensed Consolidated Statements of Equity

7

 

Condensed Consolidated Statements of Cash Flows

9

 

Notes to Condensed Consolidated Financial Statements

10

   Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

   Item 3.

Quantitative and Qualitative Disclosures About Market Risk

47

   Item 4.

Controls and Procedures

47

PART II.

OTHER INFORMATION

48

   Item 1.

Legal Proceedings

48

   Item 1A.

Risk Factors

48

   Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

48

   Item 5.

Other Information

48

   Item 6.

Exhibits

49

 

Signatures

50

 

 

 

 

 

 


 

Forward-Looking Statements

 

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events and include any statement that does not relate to any historical or current fact. We use words such as “anticipates,” “believes,” “can,” “could,” “designed to,” “estimates,” “expects,” “foresee,” “future,” “intends,” “likely,” “may,” “potential,” “seeks,” “should,” “strategy,” “will,” “would,” and similar expressions to identify forward-looking statements. Forward-looking statements are not guarantees of future performance.

 

Forward-looking statements are based on currently available operating, financial and market information and are subject to various risks and uncertainties. Actual future results and trends may differ materially depending on a variety of factors, including, but not limited to:

the COVID-19 coronavirus pandemic, the governmental reaction to COVID-19 and the related significant global volatility in general economic activity as more fully described in Part II Item 1A “Risk Factors” of the Quarterly Report on Form 10-Q of the Company for the quarter ended November 30, 2021 and filed with the Commission on January 7, 2022;
we may be prevented from operating our manufacturing facilities, maintenance shops, wheel shops or other worksites due to the illness of our employees, “stay-at-home” regulations, and employee reluctance to appear for work for many different reasons including the implementation of any government-imposed vaccination or testing mandates;
impacts from any international conflicts or other geopolitical events, including the current conflict between Russia and Ukraine;
general inflation, including wage inflation, a rise in energy prices or interest rates, currency volatility as well as monetary, fiscal and policy interventions;
mismatch of supply and demand, interruptions of supply lines, inefficient or overloaded logistics platforms, among other factors may cause the markets for the inputs to our business to fail to operate effectively or efficiently (including sectoral price inflation);
price volatility for supplies to our business as well as goods and services in our industry;
changes in our product mix or revenue due to shifts in demand;
the cyclical nature of our business;
equipment failures, technological failures, costs and inefficiencies associated with changing of production lines, or transfer of production between facilities;
changes in demand for our railcar equipment and services;
our ability to realize the anticipated benefits of our new leasing strategy;
a decline in performance, or increase in efficiency, of the rail freight industry;
risks related to our operations outside of the United States (U.S.) including enforcement actions by regulators related to tax, environmental, labor, safety, or other regulations;
governmental policy changes impacting international trade and corporate tax;
the loss of, or reduction of, business from one or more of our limited number of customers; and
our inability to lease railcars at satisfactory rates, remarket leased railcars on favorable terms upon lease termination, or realize the expected residual values for end of life railcars due to changes in scrap prices.

 

The foregoing risks are described in more detail in Part I Item 1A “Risk Factors” in our most recent Annual Report on Form 10-K and our subsequent Quarterly Report on Form 10-Q which are incorporated herein by reference. You are cautioned not to place undue reliance on any forward-looking statements, which reflect management’s opinions only as of the date hereof. Except as otherwise required by law, we do not assume any obligation to update any forward-looking statements. All references to years refer to the fiscal years ended August 31st unless otherwise noted.

3


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Financial Statements

Condensed Consolidated Balance Sheets

(In millions, except number of shares which are reflected in thousands, unaudited)

 

 

 

February 28,
2022

 

 

August 31,
2021

 

Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

586.8

 

 

$

646.8

 

Restricted cash

 

 

15.7

 

 

 

24.6

 

Accounts receivable, net

 

 

399.0

 

 

 

306.4

 

Income tax receivable

 

 

106.0

 

 

 

112.1

 

Inventories

 

 

728.5

 

 

 

573.6

 

Leased railcars for syndication

 

 

80.0

 

 

 

51.6

 

Equipment on operating leases, net

 

 

650.4

 

 

 

609.8

 

Property, plant and equipment, net

 

 

646.5

 

 

 

670.2

 

Investment in unconsolidated affiliates

 

 

90.2

 

 

 

79.9

 

Intangibles and other assets, net

 

 

179.6

 

 

 

183.6

 

Goodwill

 

 

130.0

 

 

 

132.1

 

 

 

$

3,612.7

 

 

$

3,390.7

 

Liabilities and Equity

 

 

 

 

 

 

Revolving notes

 

$

292.2

 

 

$

372.2

 

Accounts payable and accrued liabilities

 

 

581.2

 

 

 

569.8

 

Deferred income taxes

 

 

51.9

 

 

 

73.3

 

Deferred revenue

 

 

43.0

 

 

 

42.8

 

Notes payable, net

 

 

1,209.2

 

 

 

826.5

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 15)

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingently redeemable noncontrolling interest

 

 

28.5

 

 

 

29.7

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

Greenbrier

 

 

 

 

 

 

Preferred stock - without par value; 25,000 shares
   authorized;
none outstanding

 

 

 

 

 

 

Common stock - without par value; 50,000 shares
   authorized;
32,588 and 32,397 shares outstanding at
   February 28, 2022 and August 31, 2021

 

 

 

 

 

 

Additional paid-in capital

 

 

413.4

 

 

 

469.7

 

Retained earnings

 

 

892.5

 

 

 

881.7

 

Accumulated other comprehensive loss

 

 

(53.3

)

 

 

(43.7

)

Total equity – Greenbrier

 

 

1,252.6

 

 

 

1,307.7

 

Noncontrolling interest

 

 

154.1

 

 

 

168.7

 

Total equity

 

 

1,406.7

 

 

 

1,476.4

 

 

 

$

3,612.7

 

 

$

3,390.7

 

 

The accompanying notes are an integral part of these financial statements

4


 

Condensed Consolidated Statements of Operations

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

 

 

 

Three Months Ended
February 28,

 

 

Six Months Ended
February 28,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

555.7

 

 

$

201.5

 

 

$

1,008.2

 

 

$

506.0

 

Maintenance Services

 

 

86.6

 

 

 

71.6

 

 

 

159.0

 

 

 

137.2

 

Leasing & Management Services

 

 

40.5

 

 

 

22.5

 

 

 

66.3

 

 

 

55.4

 

 

 

 

682.8

 

 

 

295.6

 

 

 

1,233.5

 

 

 

698.6

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

535.0

 

 

 

201.8

 

 

 

956.6

 

 

 

482.7

 

Maintenance Services

 

 

81.7

 

 

 

66.7

 

 

 

152.9

 

 

 

129.7

 

Leasing & Management Services

 

 

11.3

 

 

 

9.5

 

 

 

21.6

 

 

 

27.9

 

 

 

 

628.0

 

 

 

278.0

 

 

 

1,131.1

 

 

 

640.3

 

Margin

 

 

54.8

 

 

 

17.6

 

 

 

102.4

 

 

 

58.3

 

Selling and administrative expense

 

 

54.7

 

 

 

43.4

 

 

 

99.0

 

 

 

87.1

 

Net gain on disposition of equipment

 

 

(25.1

)

 

 

(0.1

)

 

 

(33.6

)

 

 

(1.0

)

Earnings (loss) from operations

 

 

25.2

 

 

 

(25.7

)

 

 

37.0

 

 

 

(27.8

)

Other costs

 

 

 

 

 

 

 

 

 

 

 

 

Interest and foreign exchange

 

 

11.8

 

 

 

9.6

 

 

 

24.4

 

 

 

20.7

 

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

 

 

13.4

 

 

 

(35.3

)

 

 

12.6

 

 

 

(48.5

)

Income tax (expense) benefit

 

 

(3.2

)

 

 

21.8

 

 

 

(1.8

)

 

 

29.1

 

Earnings (loss) before earnings (loss) from
   unconsolidated affiliates

 

 

10.2

 

 

 

(13.5

)

 

 

10.8

 

 

 

(19.4

)

Earnings (loss) from unconsolidated affiliates

 

 

1.0

 

 

 

(0.4

)

 

 

6.0

 

 

 

(1.2

)

Net earnings (loss)

 

 

11.2

 

 

 

(13.9

)

 

 

16.8

 

 

 

(20.6

)

Net loss attributable to noncontrolling interest

 

 

1.6

 

 

 

4.8

 

 

 

6.8

 

 

 

1.5

 

Net earnings (loss) attributable to Greenbrier

 

$

12.8

 

 

$

(9.1

)

 

$

23.6

 

 

$

(19.1

)

Basic earnings (loss) per common share

 

$

0.39

 

 

$

(0.28

)

 

$

0.72

 

 

$

(0.58

)

Diluted earnings (loss) per common share

 

$

0.38

 

 

$

(0.28

)

 

$

0.70

 

 

$

(0.58

)

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

32,582

 

 

 

32,810

 

 

 

32,546

 

 

 

32,766

 

Diluted

 

 

34,463

 

 

 

32,810

 

 

 

33,609

 

 

 

32,766

 

 

The accompanying notes are an integral part of these financial statements

5


 

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In millions, unaudited)

 

 

 

Three Months Ended
February 28,

 

 

Six Months Ended
February 28,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net earnings (loss)

 

$

11.2

 

 

$

(13.9

)

 

$

16.8

 

 

$

(20.6

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment

 

 

4.3

 

 

 

0.6

 

 

 

(9.6

)

 

 

4.5

 

Reclassification of derivative financial instruments
   recognized in net earnings (loss)
1

 

 

1.3

 

 

 

1.3

 

 

 

2.3

 

 

 

2.5

 

Unrealized gain (loss) on derivative financial instruments 2

 

 

0.8

 

 

 

(0.1

)

 

 

(2.4

)

 

 

(0.9

)

Other (net of tax effect)

 

 

0.2

 

 

 

 

 

 

0.1

 

 

 

 

 

 

 

6.6

 

 

 

1.8

 

 

 

(9.6

)

 

 

6.1

 

Comprehensive income (loss)

 

 

17.8

 

 

 

(12.1

)

 

 

7.2

 

 

 

(14.5

)

Comprehensive loss attributable to noncontrolling interest

 

 

1.6

 

 

 

4.8

 

 

 

6.8

 

 

 

1.5

 

Comprehensive income (loss) attributable to Greenbrier

 

$

19.4

 

 

$

(7.3

)

 

$

14.0

 

 

$

(13.0

)

 

1 Net of tax effect of $(0.2 million) and $(0.4 million) for the three months ended February 28, 2022 and February 28, 2021 and $(0.7 million) and $(0.8 million) for the six months ended February 28, 2022 and February 28, 2021.

 

2 Net of tax effect of ($0.8 million) and ($0.1 million) for the three months ended February 28, 2022 and February 28, 2021 and $0.2 million and ($0.1 million) for the six months ended February 28, 2022 and February 28, 2021.

The accompanying notes are an integral part of these financial statements

6


 

Condensed Consolidated Statements of Equity

(In millions, except per share amounts, unaudited)

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

 

Common
Stock
Shares

 

Additional
Paid-in
Capital

 

Retained
  Earnings

 

Accumulated
Other
Comprehensive
Loss

 

Total
Equity -
Greenbrier

 

Noncontrolling
Interest

 

Total
Equity

 

Contingently
Redeemable
Noncontrolling
Interest

 

Balance August 31, 2021

 

32.4

 

$

469.7

 

$

881.7

 

$

(43.7

)

$

1,307.7

 

$

168.7

 

$

1,476.4

 

$

29.7

 

Cumulative effect adjustment due
   to adoption of
ASU 2020-06
   (see Note 1)

 

 

 

(58.8

)

 

4.9

 

 

 

 

(53.9

)

 

 

 

(53.9

)

 

 

Net earnings

 

 

 

 

 

23.6

 

 

 

 

23.6

 

 

(5.6

)

 

18.0

 

 

(1.2

)

Other comprehensive income, net

 

 

 

 

 

 

 

(9.6

)

 

(9.6

)

 

 

 

(9.6

)

 

 

Noncontrolling interest adjustments

 

 

 

 

 

 

 

 

 

 

 

(0.6

)

 

(0.6

)

 

 

Joint venture partner
   distribution declared

 

 

 

 

 

 

 

 

 

 

 

(8.4

)

 

(8.4

)

 

 

Restricted stock awards (net of
   cancellations)

 

0.2

 

 

11.9

 

 

 

 

 

 

11.9

 

 

 

 

11.9

 

 

 

Unamortized restricted stock

 

 

 

(15.3

)

 

 

 

 

 

(15.3

)

 

 

 

(15.3

)

 

 

Restricted stock amortization

 

 

 

5.9

 

 

 

 

 

 

5.9

 

 

 

 

5.9

 

 

 

Cash dividends ($0.54 per share)

 

 

 

 

 

(17.7

)

 

 

 

(17.7

)

 

 

 

(17.7

)

 

 

Balance February 28, 2022

 

32.6

 

$

413.4

 

$

892.5

 

$

(53.3

)

$

1,252.6

 

$

154.1

 

$

1,406.7

 

$

28.5

 

 

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

 

Common
Stock
Shares

 

Additional
Paid-in
Capital

 

Retained
  Earnings

 

Accumulated
Other
Comprehensive
Loss

 

Total
Equity -
Greenbrier

 

Noncontrolling
Interest

 

Total
Equity

 

Contingently
Redeemable
Noncontrolling
Interest

 

Balance November 30, 2021

 

32.5

 

$

408.5

 

$

888.7

 

$

(59.9

)

$

1,237.3

 

$

162.7

 

$

1,400.0

 

$

29.7

 

Net earnings

 

 

 

 

 

12.8

 

 

 

 

12.8

 

 

(0.4

)

 

12.4

 

 

(1.2

)

Other comprehensive income, net

 

 

 

 

 

 

 

6.6

 

 

6.6

 

 

 

 

6.6

 

 

 

Noncontrolling interest
   adjustments

 

 

 

 

 

 

 

 

 

 

 

(0.4

)

 

(0.4

)

 

 

Joint venture partner
   distribution declared

 

 

 

 

 

 

 

 

 

 

 

(7.8

)

 

(7.8

)

 

 

Restricted stock awards (net of
   cancellations)

 

0.1

 

 

1.4

 

 

 

 

 

 

1.4

 

 

 

 

1.4

 

 

 

Unamortized restricted stock

 

 

 

(1.3

)

 

 

 

 

 

(1.3

)

 

 

 

(1.3

)

 

 

Restricted stock amortization

 

 

 

4.8

 

 

 

 

 

 

4.8

 

 

 

 

4.8

 

 

 

Cash dividends ($0.27 per share)

 

 

 

 

 

(9.0

)

 

 

 

(9.0

)

 

 

 

(9.0

)

 

 

Balance February 28, 2022

 

32.6

 

$

413.4

 

$

892.5

 

$

(53.3

)

$

1,252.6

 

$

154.1

 

$

1,406.7

 

$

28.5

 

 

 

 

7


 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

 

Common
Stock
Shares

 

Additional
Paid-in
Capital

 

Retained
  Earnings

 

Accumulated
Other
Comprehensive
Loss

 

Total
Equity -
Greenbrier

 

Noncontrolling
Interest

 

Total
Equity

 

Contingently
Redeemable
Noncontrolling
Interest

 

Balance August 31, 2020

 

32.7

 

$

460.4

 

$

885.5

 

$