Company Quick10K Filing
Genesee & Wyoming
Price110.51 EPS4
Shares58 P/E29
MCap6,358 P/FCF17
Net Debt2,090 EBIT349
TEV8,448 TEV/EBIT24
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-09-30 Filed 2019-11-06
10-Q 2019-06-30 Filed 2019-08-07
10-Q 2019-03-31 Filed 2019-05-09
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-06
10-Q 2018-06-30 Filed 2018-08-07
10-Q 2018-03-31 Filed 2018-05-07
10-K 2017-12-31 Filed 2018-02-28
10-Q 2017-09-30 Filed 2017-11-08
10-Q 2017-06-30 Filed 2017-08-07
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-01
10-Q 2016-09-30 Filed 2016-11-09
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-07
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-11-04
10-Q 2014-06-30 Filed 2014-08-06
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-06
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-01
10-Q 2012-09-30 Filed 2012-11-09
10-Q 2012-06-30 Filed 2012-08-07
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-27
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-05
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2019-10-24
8-K 2019-10-03
8-K 2019-09-25
8-K 2019-09-17
8-K 2019-08-04
8-K 2019-06-30
8-K 2019-05-22
8-K 2019-04-30
8-K 2019-02-08
8-K 2019-02-06
8-K 2018-11-02
8-K 2018-10-30
8-K 2018-10-17
8-K 2018-07-27
8-K 2018-06-05
8-K 2018-05-23
8-K 2018-05-01
8-K 2018-04-03
8-K 2018-02-08
8-K 2018-01-16

GWR 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.1 gwr09302019ex311.htm
EX-31.2 gwr09302019ex312.htm
EX-32.1 gwr09302019ex321.htm

Genesee & Wyoming Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
0.70.60.40.30.10.02012201420172020
Rev, G Profit, Net Income
1.60.90.2-0.6-1.3-2.02012201420172020
Ops, Inv, Fin

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
________________________________________________________________________________________________________________
FORM 10-Q
_________________________________________________________________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________ to ________
Commission File Number 001-31456
_________________________________________________________________________________________________________________

GENESEE & WYOMING INC.
(Exact name of registrant as specified in its charter)
_________________________________________________________________________________________________________________
Delaware
gwlogoa18.jpg
06-0984624
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
20 West Avenue, Darien, Connecticut 06820
(Address of principal executive offices)(Zip Code)
(203202-8900
(Registrant's telephone number, including area code)
_____________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Class A Common Stock
GWR
New York Stock Exchange
 (NYSE)

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 the 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
Shares of common stock outstanding as of the close of business on October 31, 2019:
Class
 
Number of Shares Outstanding
Class A Common Stock
 
57,037,678
Class B Common Stock
 
2,072
 


Table of Contents

INDEX
 
 
Page
 
 
 
 
 
 
 
Part I
 
 
 
Item 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Part II
 
 
 
Item 1.
 
 
 
Item 1A.
 
 
 
Item 2.
 
 
 
Item 3.
 
 
 
Item 4.
 
 
 
Item 5.
 
 
 
Item 6.
 
 
 
 

2

Table of Contents

Unless the context otherwise requires, when used in this Quarterly Report on Form 10-Q, the terms "Genesee & Wyoming," "G&W," the "Company," "we," "our" and "us" refer to Genesee & Wyoming Inc. and its subsidiaries. All references to currency amounts included in this Quarterly Report on Form 10-Q, including the financial statements, are in United States dollars unless specifically noted otherwise. The term carload represents physical railcars and the estimated railcar equivalents of commodities transported by metric ton or other measure, as well as intermodal units.
From time to time, we may use our website as a channel of distribution of material company information. Financial and other material information regarding the Company is routinely posted on and accessible at www.gwrr.com/investors. In addition, you may automatically receive email alerts and other information about us by enrolling your email address in the "Email Alerts" section of www.gwrr.com/investors. The information contained on or connected to our Internet website is not deemed to be incorporated by reference in this Quarterly Report or filed with the Securities and Exchange Commission.    
Forward-Looking Statements
This report and other documents referred to in this report contain forward-looking statements regarding future events and the future performance of Genesee & Wyoming Inc. that are based on current expectations, estimates and projections about our industry, our business and our performance, management's beliefs and assumptions made by management. Words such as "anticipates," "intends," "plans," "believes," "could," "should," "seeks," "expects," "will," "estimates," "trends," "outlook," variations of these words and similar expressions are intended to identify these forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to forecast, including the following: the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with affiliates of Brookfield Infrastructure and GIC; the inability to complete the proposed merger due to the failure to satisfy other conditions to completion of the proposed merger, including that a governmental entity may prohibit, delay or refuse to grant approval for the consummation of the transaction; risks related to disruption of management’s attention from G&W's ongoing business operations due to the transaction; the effect of the proposed merger on G&W's ability to retain and hire key personnel or maintain relationships with its customers, operating results and business generally; the risk that the proposed merger will not be consummated in a timely manner; exceeding the expected costs of the merger; risks related to the operation of our railroads; severe weather conditions and other natural occurrences, which could result in shutdowns, derailments, railroad network and port congestion or other substantial disruption of operations; customer demand and changes in our operations or loss of important customers; exposure to the credit risk of customers and counterparties; changes in commodity prices; consummation and integration of acquisitions; implementation of restructuring plans; economic, political and industry conditions, including employee strikes or work stoppages; retention and contract continuation; our ability to attract and retain skilled workers; legislative and regulatory developments, including changes in environmental and other laws and regulations to which we or our customers are subject; increased competition in relevant markets; funding needs and financing sources, including our ability to obtain government funding for capital projects; international complexities of operations, currency fluctuations, finance, tax and decentralized management; challenges of managing rapid growth, including retention and development of senior leadership; unpredictability of fuel costs; susceptibility to and outcome of various legal claims, lawsuits and arbitrations; increase in, or volatility associated with, expenses related to estimated claims, self-insured retention amounts and insurance coverage, collectability and limits; consummation of new business opportunities; decrease in revenues and/or increase in costs and expenses; susceptibility to the risks of doing business in foreign countries; uncertainties arising from a referendum in which voters in the United Kingdom (U.K.) approved an exit from the European Union (E.U.), commonly referred to as Brexit; our ability to integrate acquired businesses successfully or to realize the expected synergies associated with acquisitions; risks associated with our substantial indebtedness; failure to maintain satisfactory working relationships with partners in Australia; failure to maintain an effective system of internal control over financial reporting as well as disclosure controls and procedures and other risks including, but not limited to, those set forth in Part II Item 1A of this Quarterly Report on Form 10-Q, if any, and those noted in our 2018 Annual Report on Form 10-K under "Risk Factors." Therefore, actual results may differ materially from those expressed or forecasted in any such forward-looking statements. Forward-looking statements speak only as of the date of this report or as of the date they were made. We do not undertake, and expressly disclaim, any duty to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise, except as required by law.

3

Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS.
GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2019 and DECEMBER 31, 2018 (Unaudited)
(dollars in thousands, except per share and share amounts)
 
September 30,
2019
 
December 31,
2018
ASSETS
 
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
86,912

 
$
90,387

Accounts receivable, net
437,062

 
426,305

Materials and supplies
58,476

 
56,716

Prepaid expenses and other
36,275

 
54,185

Total current assets
618,725

 
627,593

PROPERTY AND EQUIPMENT, net
4,664,837

 
4,613,014

GOODWILL
1,096,095

 
1,115,849

INTANGIBLE ASSETS, net
1,362,963

 
1,430,197

DEFERRED INCOME TAX ASSETS, net
5,102

 
4,616

OTHER ASSETS
536,657

 
77,192

Total assets
$
8,284,379

 
$
7,868,461

LIABILITIES AND EQUITY
 
 
 
CURRENT LIABILITIES:
 
 
 
Current portion of long-term debt
$
38,951

 
$
28,303

Accounts payable
278,418

 
288,070

Accrued expenses
245,874

 
165,280

Total current liabilities
563,243

 
481,653

LONG-TERM DEBT, less current portion
2,176,563

 
2,425,235

DEFERRED INCOME TAX LIABILITIES, net
884,402

 
877,721

DEFERRED ITEMS - grants from outside parties
344,813

 
326,520

OTHER LONG-TERM LIABILITIES
608,101

 
127,280

COMMITMENTS AND CONTINGENCIES


 


EQUITY:
 
 
 
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at September 30, 2019 and December 31, 2018; 75,696,850 and 75,240,513 shares issued and 56,663,012 and 56,349,327 shares outstanding (net of 19,033,838 and 18,891,186 shares in treasury) on September 30, 2019 and December 31, 2018, respectively
757

 
752

Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at September 30, 2019 and December 31, 2018; 376,392 and 517,138 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively
4

 
5

Additional paid-in capital
1,812,085

 
1,785,005

Retained earnings
2,638,043

 
2,482,252

Accumulated other comprehensive loss
(230,108
)
 
(146,456
)
Treasury stock, at cost
(711,922
)
 
(699,852
)
Total Genesee & Wyoming Inc. stockholders' equity
3,508,859

 
3,421,706

Noncontrolling interest
198,398

 
208,346

Total equity
3,707,257

 
3,630,052

Total liabilities and equity
$
8,284,379

 
$
7,868,461

The accompanying notes are an integral part of these consolidated financial statements.

4

Table of Contents

GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (Unaudited)
(in thousands, except per share amounts)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
OPERATING REVENUES
$
583,694

 
$
603,304

 
$
1,713,263

 
$
1,772,955

OPERATING EXPENSES:
 
 
 
 
 
 
 
Labor and benefits
175,500

 
175,853

 
539,751

 
539,407

Equipment rents
30,926

 
35,325

 
95,169

 
104,214

Purchased services
51,055

 
53,717

 
156,337

 
178,864

Depreciation and amortization
63,026

 
65,392

 
188,169

 
197,127

Diesel fuel used in train operations
41,533

 
45,713

 
127,674

 
137,487

Electricity used in train operations
1,794

 
2,742

 
6,344

 
7,020

Casualties and insurance
11,658

 
9,912

 
34,869

 
32,862

Materials
32,435

 
32,744

 
94,949

 
97,589

Trackage rights
21,266

 
22,838

 
64,633

 
67,119

Net gain on sale and impairment of assets
(641
)
 
(642
)
 
(1,151
)
 
(2,501
)
Restructuring and related costs
3,561

 
3,286

 
18,756

 
12,931

Other expenses, net
38,825

 
28,604

 
101,097

 
82,978

Total operating expenses
470,938

 
475,484

 
1,426,597

 
1,455,097

OPERATING INCOME
112,756

 
127,820

 
286,666

 
317,858

Interest income
1,244

 
417

 
2,615

 
1,499

Interest expense
(25,386
)
 
(26,429
)
 
(80,395
)
 
(80,605
)
Other income/(loss), net
1,132

 
1,515

 
4,165

 
(237
)
Income before income taxes
89,746

 
103,323

 
213,051

 
238,515

Provision for income taxes
(19,975
)
 
(31,013
)
 
(53,101
)
 
(41,569
)
Net income
$
69,771

 
$
72,310

 
$
159,950

 
$
196,946

Less: Net income attributable to noncontrolling interest
2,979

 
2,720

 
3,011

 
8,090

Net income attributable to Genesee & Wyoming Inc.

$
66,792

 
$
69,590

 
$
156,939

 
$
188,856

Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
$
1.18

 
$
1.18

 
$
2.78

 
$
3.13

Weighted average shares – Basic
56,638

 
59,168

 
56,497

 
60,343

Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
$
1.16

 
$
1.16

 
$
2.74

 
$
3.08

Weighted average shares – Diluted
57,532

 
60,131

 
57,297

 
61,255

The accompanying notes are an integral part of these consolidated financial statements.

5

Table of Contents

GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (Unaudited)
(dollars in thousands)
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
NET INCOME
$
69,771

 
$
72,310

 
$
159,950

 
$
196,946

OTHER COMPREHENSIVE INCOME/(LOSS):
 
 
 
 
 
 
 
Foreign currency translation adjustment, net of tax provision of ($2,068), $0, ($1,885) and $0, respectively
(36,647
)
 
(9,501
)
 
(32,641
)
 
(59,042
)
Net unrealized (loss)/gain on qualifying hedges, net of tax benefit/(provision) of $8,720, ($1,583), $19,430 and ($4,612), respectively
(27,462
)
 
5,153

 
(61,139
)
 
14,756

Changes in pension and other postretirement benefits, net of tax (provision)/benefit of ($8), ($14), $74 and ($42), respectively
60

 
43

 
(94
)
 
129

Other comprehensive loss
(64,049
)
 
(4,305
)
 
(93,874
)
 
(44,157
)
COMPREHENSIVE INCOME
$
5,722

 
$
68,005

 
$
66,076

 
$
152,789

Less: Comprehensive loss attributable to noncontrolling interest
(4,759
)
 
(2,179
)
 
(7,211
)
 
(9,495
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO GENESEE & WYOMING INC.
$
10,481

 
$
70,184

 
$
73,287

 
$
162,284

The accompanying notes are an integral part of these consolidated financial statements.



6

Table of Contents

GENESEE & WYOMING INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 and 2018 (Unaudited)
(dollars in thousands)
 
 
G&W Stockholders
 
 
 
 
 
 
Class A
Common Stock
 
Class B
Common
Stock
 
Additional
Paid-in
Capital
 
Retained
Earnings
 
Accumulated
Other
Comprehensive
(Loss)/Income
 
Treasury
Stock
 
Non-controlling Interest
 
Total
Equity
BALANCE, December 31, 2018
 
$
752

 
$
5

 
$
1,785,005

 
$
2,482,252

 
$
(146,456
)
 
$
(699,852
)
 
$
208,346

 
3,630,052

Net income
 

 

 

 
38,706

 

 

 
100

 
38,806

Other comprehensive (loss)/income
 

 

 

 

 
(6,989
)
 

 
818

 
(6,171
)
Conversion of 100,000 shares Class B Common Stock to Class A Common Stock
 
1

 
(1
)
 

 

 

 

 

 

Value of stock issued for stock-based compensation - 164,732 shares Class A Common Stock
 
2

 

 
2,069

 

 

 

 

 
2,071

Compensation cost related to stock-based compensation
 

 

 
3,884

 

 

 

 

 
3,884

Value of treasury stock repurchased - 111,289 shares
 

 

 

 

 

 
(8,630
)
 

 
(8,630
)
Other
 

 

 
(832
)
 
(1,104
)
 

 

 
(796
)
 
(2,732
)
BALANCE, March 31, 2019
 
$
755

 
$
4

 
$
1,790,126

 
$
2,519,854

 
$
(153,445
)
 
$