The Greenbrier Companies, Inc. (NYSE:GBX) Q2 2021 Earnings Conference Call April 6, 2021 11:00 AM ET Company Participants Justin Roberts - VP and Treasurer Bill Furman - Chairman and CEO Lorie Tekorius - President and COO Adrian Downes - SVP and CFO Conference Call Participants Matt Elkott - Cowen Justin Long - Stephens Bascome Majors - Susquehanna Allison Poliniak - Wells Fargo Securities LLC Ken Hoexter - Bank of America Steve Barger - KeyBanc Capital Markets Operator Hello and welcome to The Greenbrier C ...

The Greenbrier Companies, Inc. (NYSE:GBX) Q1 2021 Earnings Conference Call January 6, 2021 11:00 AM ET Company Participants Justin Roberts - VP and Treasurer Bill Furman - Chairman and CEO Lorie Tekorius - President and COO Adrian Downes - SVP and CFO Conference Call Participants Justin Long - Stephens Bascome Majors - Susquehanna Matt Elkott - Cowen Ken Hoexter - Bank of America Operator Good morning. Hello and welcome to The Greenbrier Companies' First Quarter of Fiscal 2021 Earnings Conference Call. Foll ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549-1004 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended August 31, 2020 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 No. 1-13146 THE GREENBRIER COMPANIES, INC. (Exact name of Registrant as specified in its charter) Oregon (State of Incorporation ...

Financial Data and Key Metrics Changes - Revenue for Q4 2020 was $636 million, with net earnings effectively breakeven, but adjusted net earnings were $5.5 million or $0.16 per share [28][30] - Full year revenue was $2.8 billion, with net earnings of $49 million or $1.46 per share, and adjusted net earnings of $70.2 million or $2.10 per diluted share [30][31] - Adjusted EBITDA for Q4 was $65.7 million or 8.7% of revenue, while for the full year it was $310 million or 11.1% of revenue [28][30] Business Line Data and Key Metrics Changes - The company delivered 5,100 units in Q4, including 900 syndicated units, and received orders for 2,800 units valued at $250 million, resulting in a backlog of 24,600 units valued at $2.4 billion [20][28] - The wheels, repair, and parts operations saw a 27% revenue decrease compared to 2019, but profitability increased due to operational improvements [22] - The leasing and services group performed well, generating over $150 million from syndication of 900 units [23] Market Data and Key Metrics Changes - International orders accounted for over 60% of activity in Q4, with North American orders lower compared to Q3 [20][14] - The company maintained a strong backlog with over 90% of North American customers having investment-grade credit ratings, providing stability [15] - The European market showed strength, with border activity accounting for over 50% of orders in the quarter [21] Company Strategy and Development Direction - The company aims to maintain a strong liquidity position, having achieved a liquidity target of $1 billion [12] - Greenbrier is focused on managing cash flow and reducing costs while preparing for a potential market recovery in the second half of 2021 [18][26] - The company is adapting to market conditions by rationalizing manufacturing capacity and maintaining flexibility in operations [13][25] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about a recovery beginning in 2021, despite ongoing uncertainties due to COVID-19 and economic conditions [26][45] - The company is monitoring key metrics such as freight car storage and rail traffic to gauge market recovery [42][45] - Management emphasized the importance of maintaining operational readiness and flexibility to respond to market changes [18][46] Other Important Information - The company announced a dividend of $0.27 per share, marking its 26th consecutive dividend [33] - Greenbrier's liquidity at the end of August was $920 million, with cash of $834 million and available borrowing capacity of $86 million [32][33] - The company incurred approximately $5.2 million in identifiable COVID-19 related costs, which are expected to continue [31] Q&A Session Summary Question: What percentage of backlog is for fiscal 2021 deliveries? - The company did not disclose the percentage, noting that it is a fluid situation with multi-year orders [35] Question: Insights on order and inquiries after quarter end? - The company reported a strong month in orders, maintaining momentum similar to the previous quarter [39] Question: What needs to happen for order activity to pick up? - Key metrics to watch include freight cars in storage and rail traffic velocity, with expectations for a potential snapback in demand [42] Question: Will earnings be down sequentially in the first half of the year? - Management indicated that challenges are expected to continue in Q1 and Q2, but they believe in the long-term health of the rail freight network [45] Question: How is the backlog split between geographies? - Approximately 25% to 30% of the backlog is from Europe and Brazil, with Brazil having orders extending into 2023 [49] Question: Is there incremental demand in Europe beyond replacement orders? - There is significant intermodal interest and policy developments pushing freight transportation onto railroads [51][53] Question: Do you have open capacity to handle potential demand? - The company has considerable extra capacity and flexibility to respond to customer needs [56][57] Question: Is pricing pressure affecting margins? - There has been pressure on pricing in North America, but margins are expected to remain stable [60][67] Question: What is the expected range for deliveries in the first half of 2021? - A reasonable expectation is a range between 4,000 and 2,600 deliveries [71][72]