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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, 2021 

 

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, 2021 was 32,825,126 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

25

   Item 3.

Quantitative and Qualitative Disclosures About Market Risk

46

   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

49

   Item 6.

Exhibits

50

 

Signatures

51

 

 

 

 


 

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,” “forecast,” “potential,” “expects,” “intends,” “plans,” “seeks,” “estimates,” “could,” “would,” “should,” “likely,” “will,” “may,” “can,” “future,” “preliminary” 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 decline in general economic activity as more fully described in Part II Item 1A “Risk Factors” of this Quarterly Report on Form 10-Q;

 

changes in our product mix or decline in 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;

 

a decline 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;

 

the loss of, or reduction of, supply of inputs for our business from one or more of our limited number of suppliers; 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 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 thousands, unaudited)

 

 

 

February 28,

2021

 

 

August 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

593,499

 

 

$

833,745

 

Restricted cash

 

 

8,614

 

 

 

8,342

 

Accounts receivable, net

 

 

236,171

 

 

 

230,488

 

Income tax receivable

 

 

62,103

 

 

 

9,109

 

Inventories

 

 

522,984

 

 

 

529,529

 

Leased railcars for syndication

 

 

109,287

 

 

 

107,671

 

Equipment on operating leases, net

 

 

445,451

 

 

 

350,442

 

Property, plant and equipment, net

 

 

687,468

 

 

 

711,524

 

Investment in unconsolidated affiliates

 

 

70,820

 

 

 

72,354

 

Intangibles and other assets, net

 

 

190,283

 

 

 

190,322

 

Goodwill

 

 

132,685

 

 

 

130,308

 

 

 

$

3,059,365

 

 

$

3,173,834

 

Liabilities and Equity

 

 

 

 

 

 

 

 

Revolving notes

 

$

275,839

 

 

$

351,526

 

Accounts payable and accrued liabilities

 

 

448,571

 

 

 

463,880

 

Deferred income taxes

 

 

24,798

 

 

 

7,701

 

Deferred revenue

 

 

42,572

 

 

 

42,467

 

Notes payable, net

 

 

793,189

 

 

 

804,088

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingently redeemable noncontrolling interest

 

 

30,037

 

 

 

31,117

 

 

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Greenbrier

 

 

 

 

 

 

 

 

Preferred stock - without par value; 25,000 shares

   authorized; none outstanding

 

 

 

 

 

 

Common stock - without par value; 50,000 shares

   authorized; 32,825 and 32,701 shares outstanding at

   February 28, 2021 and August 31, 2020

 

 

 

 

 

 

Additional paid-in capital

 

 

466,994

 

 

 

460,400

 

Retained earnings

 

 

848,192

 

 

 

885,460

 

Accumulated other comprehensive loss

 

 

(46,684

)

 

 

(52,817

)

Total equity – Greenbrier

 

 

1,268,502

 

 

 

1,293,043

 

Noncontrolling interest

 

 

175,857

 

 

 

180,012

 

Total equity

 

 

1,444,359

 

 

 

1,473,055

 

 

 

$

3,059,365

 

 

$

3,173,834

 

 

The accompanying notes are an integral part of these financial statements

4


 

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts, unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 28,

2021

 

 

February 29,

2020

 

 

February 28,

2021

 

 

February 29,

2020

 

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

202,094

 

 

$

489,943

 

 

$

510,816

 

 

$

1,147,310

 

Wheels, Repair & Parts

 

 

71,623

 

 

 

91,225

 

 

 

137,179

 

 

 

177,833

 

Leasing & Services

 

 

21,905

 

 

 

42,680

 

 

 

50,616

 

 

 

68,064

 

 

 

 

295,622

 

 

 

623,848

 

 

 

698,611

 

 

 

1,393,207

 

Cost of revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

 

201,771

 

 

 

422,309

 

 

 

482,661

 

 

 

1,004,221

 

Wheels, Repair & Parts

 

 

66,667

 

 

 

84,373

 

 

 

129,651

 

 

 

166,265

 

Leasing & Services

 

 

9,513

 

 

 

30,830

 

 

 

27,957

 

 

 

44,196

 

 

 

 

277,951

 

 

 

537,512

 

 

 

640,269

 

 

 

1,214,682

 

Margin

 

 

17,671

 

 

 

86,336

 

 

 

58,342

 

 

 

178,525

 

Selling and administrative expense

 

 

43,425

 

 

 

54,597

 

 

 

87,132

 

 

 

108,961

 

Net gain on disposition of equipment

 

 

(27

)

 

 

(6,697

)

 

 

(949

)

 

 

(10,656

)

Earnings (loss) from operations

 

 

(25,727

)

 

 

38,436

 

 

 

(27,841

)

 

 

80,220

 

Other costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and foreign exchange

 

 

9,568

 

 

 

12,609

 

 

 

20,671

 

 

 

25,461

 

Earnings (loss) before income tax and earnings

   (loss) from unconsolidated affiliates

 

 

(35,295

)

 

 

25,827

 

 

 

(48,512

)

 

 

54,759

 

Income tax benefit (expense)

 

 

21,752

 

 

 

(7,463

)

 

 

29,084

 

 

 

(13,457

)

Earnings (loss) before earnings (loss) from

   unconsolidated affiliates

 

 

(13,543

)

 

 

18,364

 

 

 

(19,428

)

 

 

41,302

 

Earnings (loss) from unconsolidated affiliates

 

 

(378

)

 

 

1,651

 

 

 

(1,122

)

 

 

2,724

 

Net earnings (loss)

 

 

(13,921

)

 

 

20,015

 

 

 

(20,550

)

 

 

44,026

 

Net (earnings) loss attributable to noncontrolling interest

 

 

4,856

 

 

 

(6,386

)

 

 

1,513

 

 

 

(22,728

)

Net earnings (loss) attributable to Greenbrier

 

$

(9,065

)

 

$

13,629

 

 

$

(19,037

)

 

$

21,298

 

Basic earnings (loss) per common share

 

$

(0.28

)

 

$

0.42

 

 

$

(0.58

)

 

$

0.65

 

Diluted earnings (loss) per common share

 

$

(0.28

)

 

$

0.41

 

 

$

(0.58

)

 

$

0.64

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

32,810

 

 

 

32,661

 

 

 

32,766

 

 

 

32,645

 

Diluted

 

 

32,810

 

 

 

33,482

 

 

 

32,766

 

 

 

33,382

 

 

The accompanying notes are an integral part of these financial statements

5


 

Condensed Consolidated Statements of Comprehensive Income (Loss)

(In thousands, unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

February 28,

2021

 

 

February 29,

2020

 

 

February 28,

2021

 

 

February 29,

2020

 

Net earnings (loss)

 

$

(13,921

)

 

$

20,015

 

 

$

(20,550

)

 

$

44,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment

 

 

597

 

 

 

(703

)

 

 

4,464

 

 

 

(2,286

)

Reclassification of derivative financial

   instruments recognized in net earnings (loss) 1

 

 

1,274

 

 

 

168

 

 

 

2,515

 

 

 

477

 

Unrealized loss on derivative financial instruments 2

 

 

(142

)

 

 

(3,638

)

 

 

(895

)

 

 

(1,484

)

Other (net of tax effect)

 

 

52

 

 

 

242

 

 

 

53

 

 

 

(221

)

 

 

 

1,781

 

 

 

(3,931

)

 

 

6,137

 

 

 

(3,514

)

Comprehensive income (loss)

 

 

(12,140

)

 

 

16,084

 

 

 

(14,413

)

 

 

40,512

 

Comprehensive (income) loss attributable

   to noncontrolling interest

 

 

4,849

 

 

 

(6,384

)

 

 

1,509

 

 

 

(22,720

)

Comprehensive income (loss) attributable to Greenbrier

 

$

(7,291

)

 

$

9,700

 

 

$

(12,904

)

 

$

17,792

 

 

1

Net of tax effect of $(0.4 million) and $(0.1 million) for the three months ended February 28, 2021 and February 29, 2020 and $(0.8 million) and $(0.2 million) for the six months ended February 28, 2021 and February 29, 2020.

 

2

Net of tax effect of ($0.1 million) and $1.3 million for the three months ended February 28, 2021 and February 29, 2020 and $(0.1 million) and $0.7 million for the six months ended February 28, 2021 and February 29, 2020.

The accompanying notes are an integral part of these financial statements

6


 

Condensed Consolidated Statements of Equity

(In thousands, 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, 2020

 

32,701

 

$

460,400

 

$

885,460

 

$

(52,817

)

$

1,293,043

 

$

180,012

 

$

1,473,055

 

$

31,117

 

Cumulative effect adjustment due

   to adoption of ASU 2016-13

   (see Note 1)

 

 

 

 

 

(509

)

 

 

 

(509

)

 

 

 

(509

)

 

 

Net loss

 

 

 

 

 

(19,037

)

 

 

 

(19,037

)

 

(433

)

 

(19,470

)

 

(1,080

)

Other comprehensive income, net

 

 

 

 

 

 

 

6,133

 

 

6,133

 

 

4

 

 

6,137

 

 

 

Noncontrolling interest adjustments

 

 

 

 

 

 

 

 

 

 

 

(1,285

)

 

(1,285

)

 

 

Joint venture partner

   distribution declared

 

 

 

 

 

 

 

 

 

 

 

(2,441

)

 

(2,441

)

 

 

Restricted stock awards (net of

   cancellations)

 

124

 

 

15,497

 

 

 

 

 

 

15,497

 

 

 

 

15,497

 

 

 

Unamortized restricted stock

 

 

 

(17,854

)

 

 

 

 

 

(17,854

)

 

 

 

(17,854

)

 

 

Restricted stock amortization

 

 

 

8,951

 

 

 

 

 

 

8,951

 

 

 

 

8,951

 

 

 

Cash dividends ($0.54 per share)

 

 

 

 

 

(17,722

)

 

 

 

(17,722

)

 

 

 

(17,722

)

 

 

Balance February 28, 2021

 

32,825

 

$

466,994

 

$

848,192

 

$

(46,684

)

$

1,268,502

 

$

175,857

 

$

1,444,359

 

$

30,037

 

 

 

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, 2020

 

32,824

 

$

462,498

 

$

866,367

 

$

(48,458

)

$

1,280,407

 

$

180,455

 

$

1,460,862

 

$

30,711

 

Net loss

 

 

 

 

 

(9,065

)

 

 

 

(9,065

)

 

(4,182

)

 

(13,247

)

 

(674

)

Other comprehensive income, net

 

 

 

 

 

 

 

1,774

 

 

1,774

 

 

7

 

 

1,781

 

 

 

Noncontrolling interest

   adjustments

 

 

 

 

 

 

 

 

 

 

 

(14

)

 

(14

)

 

 

Joint venture partner

   distribution declared

 

 

 

 

 

 

 

 

 

 

 

(409

)

 

(409

)

 

 

Noncontrolling interest acquired

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted stock awards (net of

   cancellations)

 

1

 

 

1,301

 

 

 

 

 

 

1,301

 

 

 

 

1,301

 

 

 

Unamortized restricted stock

 

 

 

(1,321

)

 

 

 

 

 

(1,321

)

 

 

 

(1,321

)

 

 

Restricted stock amortization

 

 

 

4,516

 

 

 

 

 

 

4,516

 

 

 

 

4,516

 

 

 

Cash dividends ($0.27 per share)

 

 

 

 

 

(9,110

)

 

 

 

(9,110

)

 

 

 

(9,110

)

 

 

Balance February 28, 2021

 

32,825

 

$

466,994

 

$

848,192

 

$

(46,684

)

$

1,268,502

 

$

175,857

 

$

1,444,359

 

$

30,037

 

 


7


 

 

 

Attributable to Greenbrier

 

 

 

 

 

 

 

 

 

 

 

Common

Stock

Shares

 

Additional

Paid-in

Capital

 

Retained

Earnings