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 June 30, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36-11 ...

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 March 31, 2022 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New York 36 ...

GATX Corporation (NYSE:GATX) Q1 2022 Earnings Conference Call April 20, 2022 11:00 AM ET Company Participants Brian Kenney - President and Chief Executive Officer Robert Lyons - Executive Vice President and President, Rail North America Shari Hellerman - Director, Investor Relations Thomas Ellman - Executive Vice President and Chief Financial Officer Conference Call Participants Justin Long - Stephens Inc Bascome Majors - Susquehanna Matt Elkott - Cowen and Company Allison Poliniak - Wells Fargo Marla Backe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) (State or Other Jurisdiction of incorporation or Organization) (I.R.S. Employer Identification No.) New ...

GATX Corporation (NYSE:GATX) Q4 2021 Earnings Conference Call January 25, 2022 11:00 AM ET Company Participants Shari Hellerman - Director, Investor Relations Brian Kenney - President and CEO Tom Ellman - Executive Vice President and CFO Bob Lyons - Executive Vice President and President, Rail North America Conference Call Participants Allison Poliniak - Wells Fargo Justin Long - Stephens Matt Elkott - Cowen Bascome Majors - Susquehanna Justin Bergner - Gabelli Funds Operator Please standby, we are about to ...

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 September 30, 2021 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 ☐ Commission File Number: 1-2328 GATX Corporation (Exact name of registrant as specified in its charter) New Yor ...

GATX Corporation (NYSE:GATX) Q3 2021 Earnings Conference Call October 21, 2021 11:00 AM ET Company Participants Shari Hellerman – Director-Investor Relations Brian Kenney – President and Chief Executive Officer Tom Ellman – Executive Vice President and Chief Financial Officer Bob Lyons – Executive Vice President and President of Rail North America Conference Call Participants Allison Poliniak – Wells Fargo Justin Long – Stephens Matt Elkott – Cowen Bascome Majors – Susquehanna Justin Bergner – Gabelli Funds ...

Business Overview - GATX operates through three main business segments: Rail North America, Rail International, and Portfolio Management[4] - Rail North America boasts a diversified fleet of over 118,000 railcars and $2.4 billion in contractual lease receipts as of December 31, 2020[4] - GATX Rail Europe (GRE) has over 26,000 railcars, while GATX Rail India (GRI) has over 4,000 railcars[4] - Portfolio Management includes a 50% ownership of Rolls-Royce and Partners Finance Affiliates (RRPF), which has 445 aircraft spare engines with $4.8 billion of net book value[4] Financial Performance and Strategy - GATX has nearly $3 billion in contractual future lease receipts[30] - The company's capital allocation framework prioritizes investment in core assets, balance sheet optimization, and returning excess cash to shareholders, with $1.7 billion returned to shareholders over a period[36, 37] - GATX's strategy involves buying railcars at attractive prices, leasing them to quality customers, servicing them effectively, and maximizing their value through optimal timing of sales or scrapping[8] Market Position and Operations - GATX Rail North America's fleet utilization has been consistently high, ranging from 90% to 99% between 2002 and 2020[6] - GATX actively manages market cycles by adjusting lease rates and terms, with renewal lease terms fluctuating between 31 and 67 months depending on market conditions[13] - GATX is a leading market player in North America, with a significant share of the lessor-owned railcar fleet[66] International Expansion - GATX Rail India obtained the first-ever wagon leasing license in 2012 and has a wholly-owned fleet of over 4,100 railcars with high utilization (99%-100%) and an average remaining lease term of 6 years[18] - GRE has invested over $1.3 billion over the last 10 years to modernize its fleet, with an average fleet age of 17 years as of December 31, 2020[99, 100]

Part I - Financial Information [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Total revenues increased to $622.9 million, but net income from continuing operations halved to $42.0 million [Consolidated Financial Highlights (Six Months Ended June 30)](index=5&type=section&id=Item%201.%20Financial%20Statements) | Financial Metric | 2021 (in millions) | 2020 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Revenues** | $622.9 | $599.9 | +3.8% | | **Net Income from Continuing Operations** | $42.0 | $84.2 | -50.1% | | **Diluted EPS from Continuing Operations** | $1.17 | $2.38 | -50.8% | | **Net Cash from Operating Activities** | $198.6 | $199.3 | -0.4% | | **Net Cash used in Investing Activities** | ($510.3) | ($287.9) | +77.3% | [Balance Sheet Highlights](index=5&type=section&id=Item%201.%20Financial%20Statements) | Balance Sheet Item | June 30, 2021 (in millions) | Dec 31, 2020 (in millions) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | $9,400.5 | $8,937.6 | +5.2% | | **Total Debt (Recourse)** | $5,803.1 | $5,329.0 | +8.9% | | **Total Shareholders' Equity** | $1,971.4 | $1,957.4 | +0.7% | [Note 1. Description of Business](index=9&type=section&id=Note%201.%20Description%20of%20Business) GATX leases rail assets, recently expanding into aircraft engine leasing and tank containers, while divesting ASC - In Q1 2021, the company began directly investing in aircraft spare engines through its new entity, GATX Engine Leasing (GEL), acquiring **14 engines** for approximately **$352 million**. These results are reported in the Portfolio Management segment[23](index=23&type=chunk) - On December 29, 2020, GATX acquired Trifleet Leasing Holding B.V., the world's fourth-largest tank container lessor[24](index=24&type=chunk) - The American Steamship Company (ASC) business was sold on May 14, 2020, and is now reported as discontinued operations[25](index=25&type=chunk) [Note 5. Leases](index=11&type=section&id=Note%205.%20Leases) As a lessor, GATX's total lease income increased to **$568.2 million** in H1 2021, driven by higher fixed operating lease income [Components of Lease Income (in millions)](index=11&type=section&id=Note%205.%20Leases) | Lease Income Component | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | **Operating lease income:** | | | | Fixed lease income | $530.4 | $506.1 | | Variable lease income | $34.5 | $30.5 | | **Total operating lease income** | **$564.9** | **$536.6** | | **Finance lease income** | $3.3 | $3.4 | | **Total lease income** | **$568.2** | **$540.0** | [Note 6. Investments in Affiliated Companies](index=11&type=section&id=Note%206.%20Investments%20in%20Affiliated%20Companies) Affiliate investments, primarily RRPF aircraft engine JVs, saw net income drop to **$31.7 million** in H1 2021 - Affiliate investments primarily consist of **50%** owned joint ventures with Rolls-Royce plc, known as the RRPF affiliates[41](index=41&type=chunk) [Summarized Financials for Alpha Partners Leasing Limited (in millions)](index=11&type=section&id=Note%206.%20Investments%20in%20Affiliated%20Companies) | Metric | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Total revenue | $186.2 | $206.0 | | Net income | $31.7 | $55.9 | [Note 15. Financial Data of Business Segments](index=22&type=section&id=Note%2015.%20Financial%20Data%20of%20Business%20Segments) Rail North America and International profits rose, but Portfolio Management's profit fell sharply due to aviation weakness [Segment Profit (in millions)](index=22&type=section&id=Note%2015.%20Financial%20Data%20of%20Business%20Segments) | Segment | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Rail North America | $143.3 | $122.0 | | Rail International | $49.1 | $33.9 | | Portfolio Management | $18.3 | $38.8 | | Other | ($5.0) | $0.2 | | **Total Segment Profit** | **$205.7** | **$194.9** | [Capital Expenditures by Segment (in millions)](index=22&type=section&id=Note%2015.%20Financial%20Data%20of%20Business%20Segments) | Segment | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Rail North America | $215.5 | $270.5 | | Rail International | $85.2 | $119.2 | | Portfolio Management | $353.0 | $0.3 | | Other | $9.7 | $1.5 | | **Total Capital Expenditures** | **$663.4** | **$391.5** | [Note 16. Discontinued Operations](index=27&type=section&id=Note%2016.%20Discontinued%20Operations) The American Steamship Company (ASC) was sold in May 2020, with its results reported as discontinued operations - The sale of the ASC business was completed on May 14, 2020. Final proceeds of **$1.1 million** held in escrow were received in May 2021[88](index=88&type=chunk) [Financial Results of Discontinued Operations (in millions)](index=27&type=section&id=Note%2016.%20Discontinued%20Operations) | Line Item | Six Months Ended June 30, 2020 | | :--- | :--- | | Loss from Discontinued Operations, Net of Taxes | ($2.2) | | Gain on Sale of Discontinued Operations, Net of Taxes | $3.6 | | **Income from Discontinued Operations, Net of Taxes** | **$1.4** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) H1 2021 net income from continuing operations was **$42.0 million**, impacted by a UK tax rate increase and debt costs - Net income from continuing operations for H1 2021 was significantly impacted by a **$39.7 million** negative effect from a UK tax rate increase and a **$3.4 million** charge for debt extinguishment[103](index=103&type=chunk) - The COVID-19 pandemic continues to create uncertainty. While Rail North America shows signs of recovery, the aviation-focused RRPF affiliates in the Portfolio Management segment remain under pressure due to reduced global air travel[99](index=99&type=chunk)[102](index=102&type=chunk) - The company maintains a strong liquidity position with **$417.9 million** in unrestricted cash and two fully available revolving credit facilities totaling **$850 million** as of June 30, 2021[192](index=192&type=chunk) [Segment Operations](index=31&type=section&id=Segment%20Operations) Rail North America and International profits grew, but Portfolio Management's profit declined due to aviation challenges [Rail North America](index=31&type=section&id=Rail%20North%20America) Rail North America's profit rose to **$143.3 million** in H1 2021, driven by higher asset sale gains and lower maintenance costs [Rail North America Segment Profit (in millions)](index=31&type=section&id=Rail%20North%20America) | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Revenues | $448.0 | $471.2 | | Total Expenses | $287.9 | $311.3 | | Net gain on asset dispositions | $54.6 | $32.0 | | **Segment Profit** | **$143.3** | **$122.0** | [Key Operating Metrics (Q2)](index=31&type=section&id=Rail%20North%20America) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Fleet Utilization (ex-boxcars) | 98.5% | 98.7% | | LPI - Renewal Rate Change | -6.7% | -28.0% | | LPI - Average Renewal Term | 29 months | 31 months | | Renewal Success Rate | 77.5% | 71.8% | [Rail International](index=36&type=section&id=Rail%20International) Rail International's profit grew to **$49.1 million** in H1 2021, driven by fleet growth and favorable currency exchange rates [Rail International Segment Profit (in millions)](index=36&type=section&id=Rail%20International) | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Revenues | $141.1 | $121.3 | | Total Expenses | $70.0 | $59.4 | | **Segment Profit** | **$49.1** | **$33.9** | - Fluctuations in the euro positively impacted H1 2021 lease revenue by approximately **$9.8 million** and segment profit by approximately **$5.4 million** compared to H1 2020[142](index=142&type=chunk) [GATX Rail Europe (GRE) Fleet Data](index=36&type=section&id=Rail%20International) | Metric | Q2 2021 | Q2 2020 | | :--- | :--- | :--- | | Ending Fleet Size | 26,727 | 25,705 | | Utilization Rate | 98.4% | 98.4% | [Portfolio Management](index=41&type=section&id=Portfolio%20Management) Portfolio Management's profit fell to **$18.3 million** in H1 2021, primarily due to lower RRPF earnings despite new GEL investments [Portfolio Management Segment Profit (in millions)](index=41&type=section&id=Portfolio%20Management) | Metric | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Total Revenues | $20.7 | $7.4 | | Share of affiliates' pre-tax income | $22.4 | $46.4 | | **Segment Profit** | **$18.3** | **$38.8** | - The RRPF affiliates' engine fleet utilization was **93.5%** at the end of Q2 2021, down from **95.1%** a year prior, reflecting the challenging aviation market[163](index=163&type=chunk)[165](index=165&type=chunk) - In Q1 2021, GATX began directly investing in aircraft spare engines via its new entity, GEL, acquiring **14 engines** for approximately **$352 million**[157](index=157&type=chunk) [Cash Flow and Liquidity](index=47&type=section&id=Cash%20Flow%20and%20Liquidity) GATX maintained strong liquidity with **$417.9 million** cash, stable operating cash flow, and increased investing outflows [Principal Sources and Uses of Cash (H1 2021, in millions)](index=47&type=section&id=Cash%20Flow%20and%20Liquidity) | Sources | Amount | Uses | Amount | | :--- | :--- | :--- | :--- | | Net cash from operating activities | $198.6 | Portfolio investments | ($663.4) | | Portfolio proceeds | $124.1 | Debt repayments | ($589.2) | | Proceeds from issuance of debt | $1,072.6 | Dividends | ($37.9) | - Portfolio investments increased by **$271.9 million** compared to H1 2020, primarily due to the acquisition of **14 engines** at GEL[197](index=197&type=chunk) [Recourse Leverage Ratio](index=47&type=section&id=Cash%20Flow%20and%20Liquidity) | Date | Recourse Leverage Ratio | | :--- | :--- | | June 30, 2021 | 2.9x | | December 31, 2020 | 2.8x | | June 30, 2020 | 2.6x | [Non-GAAP Financial Measures](index=51&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP net income from continuing operations was **$85.1 million**, adjusting for UK tax rate changes and debt extinguishment costs [Reconciliation of Net Income from Continuing Operations (H1 2021, in millions)](index=51&type=section&id=Non-GAAP%20Financial%20Measures) | Description | Amount | | :--- | :--- | | **Net income from continuing operations (GAAP)** | **$42.0** | | Debt extinguishment costs (pre-tax) | $4.5 | | Income taxes thereon | ($1.1) | | Income tax rate change (affiliates) | $39.7 | | **Net income from continuing operations (non-GAAP)** | **$85.1** | [Reconciliation of Diluted EPS from Continuing Operations (H1 2021)](index=51&type=section&id=Non-GAAP%20Financial%20Measures) | Description | Amount | | :--- | :--- | | **Diluted EPS from continuing operations (GAAP)** | **$1.17** | | Debt extinguishment costs | $0.09 | | Income tax rate change (affiliates) | $1.10 | | **Diluted EPS from continuing operations (non-GAAP)** | **$2.37** | [Quantitative and Qualitative Disclosures About Market Risk](index=55&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes occurred in market risk exposures or derivative instruments since December 31, 2020 - There have been no material changes in interest rate and foreign currency exposures or the types of derivative instruments used since year-end 2020[225](index=225&type=chunk) [Controls and Procedures](index=55&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of June 30, 2021, with no material internal control changes - The CEO and CFO concluded that as of the end of the quarter, disclosure controls and procedures were effective[226](index=226&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[227](index=227&type=chunk) Part II - Other Information [Legal Proceedings](index=56&type=section&id=Item%201.%20Legal%20Proceedings) Information regarding legal proceedings and other contingencies is provided in Note 14 of the financial statements - Details on litigation and other contingencies are incorporated by reference from "Note 14. Legal Proceedings and Other Contingencies" in Part I, Item 1[229](index=229&type=chunk) [Risk Factors](index=56&type=section&id=Item%201A.%20Risk%20Factors) No material changes in risk factors have occurred since the December 31, 2020 Annual Report on Form 10-K - No material changes in risk factors have occurred since December 31, 2020[230](index=230&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=56&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) GATX made no share repurchases in Q2 2021, with **$150.0 million** remaining available under authorization - No share repurchases were completed during the second quarter of 2021[232](index=232&type=chunk) - As of June 30, 2021, **$150.0 million** remained available under the company's share repurchase authorization[232](index=232&type=chunk)

GATX Corporation (NYSE:GATX) Q2 2021 Earnings Conference Call July 20, 2021 11:00 AM ET Company Participants Shari Hellerman - Director of IR Brian Kenney - President and CEO Tom Ellman - EVP and CFO Paul Titterton - SVP and COO, Rail North America Conference Call Participants Allison Poliniak - Wells Fargo Justin Long - Stephens Matt Elkott - Cowen Bascome Majors - Susquehanna Justin Bergner - G. Research Barry Haimes - Sage Asset Management Operator Good day and welcome to the GATX 2021 Second Quarter Con ...