Greenbrier Companies Inc (GBX) 2024 Q3 法說會逐字稿

Hello, and welcome to the Greenbrier Companies' third quarter of fiscal 2024 earnings conference call. (Operator Instructions)

您好，歡迎參加 Greenbrier Companies 2024 財年第三季財報電話會議。 （操作員說明）

The request of The Greenbrier Companies, this conference call is being recorded for instant replay purposes. At this time, I'd like to turn the floor over to Mr. Justin Roberts, Vice President and Treasurer. Mr. Roberts, you may begin.

應 Greenbrier Companies 的要求，本次電話會議將被錄音以供即時重播之用。現在，我想請副總裁兼財務主管賈斯汀·羅伯茨先生發言。羅伯茨先生，您可以開始了。

Thank you, Jamie. Good morning, everyone, and welcome to our third quarter of fiscal 2024 conference calls. Today, I am joined by Lorie Tekorius, Greenbrier's CEO and President; Brian Comstock, President of the Americas; and Michael Donfris, Senior Vice President, Finance, and soon-to-be CFO. Following our update on Greenbrier's Q3 performance and an update on our outlook for the remainder of fiscal '24, we will open up the call for questions.

謝謝你，傑米。大家早安，歡迎參加我們的 2024 財年第三季電話會議。今天，Greenbrier 執行長兼總裁 Lorie Tekorius 也加入了我的行列。布萊恩‧康斯托克 (Brian Comstock)，美洲區總裁；以及財務高級副總裁兼即將出任財務長的麥可‧唐弗里斯 (Michael Donfris)。在我們更新 Greenbrier 第三季業績以及更新我們對 24 財年剩餘時間的展望之後，我們將開放提問。

In addition to the press release issued this morning, additional financial information and key metrics can be found in a slide presentation posted today on the IR section of our website.

除了今天早上發布的新聞稿外，您還可以在我們網站的 IR 部分今天發布的幻燈片簡報中找到更多財務資訊和關鍵指標。

Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2024 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of Greenbrier.

今天的電話會議討論的事項包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。來自Greenbrier 或代表Greenbrier 所做的任何前瞻性聲明中表達的內容。

Additionally, we will refer to recurring revenues throughout our comments today. Recurring revenue is defined as leasing and management services revenue, excluding the impact of syndication activity. And with that, I'll hand the call over to Lori.

此外，我們今天的評論中將提及經常性收入。經常性收入定義為租賃和管理服務收入，不包括銀團活動的影響。說完，我會把電話轉給洛里。

Thank you, Justin. Good morning, everyone. I hope everyone had a safe and cool Independence Day. Before we launch into our quarterly results, I'd like to introduce Michael Donfris. As we announced in May, Michael joined us as our new CFO. He brings considerable experience in leading financial operations and implementing strategy at major industrial businesses, including those operating in rail, freight, and equipment markets.

謝謝你，賈斯汀。大家早安。我希望每個人都度過了一個安全、涼爽的獨立紀念日。在公佈季度業績之前，我想先介紹一下邁克爾唐弗里斯。正如我們在五月宣布的那樣，Michael 加入我們，擔任我們的新任財務長。他在領導主要工業企業的金融營運和實施策略方面擁有豐富的經驗，包括鐵路、貨運和設備市場的企業。

Although Michael is with us here today to get to pass on Q3 results, but as it comes up to speed on Greenbrier, you can expect him to be a full participant when we discuss year-end results in October. I'll go ahead and get us started.

儘管 Michael 今天與我們一起傳遞第三季度的業績，但隨著 Greenbrier 的進展，您可以期待他在我們 10 月份討論年終業績時成為正式參與者。我會繼續讓我們開始。

I am very pleased to report that positive momentum has continued at Greenbrier. We are progressing with our multi-year Better Together strategy and getting great results. In the third quarter, we generated our highest earnings per share and EBITDA in over 4.5 years, reaching a level last seen before the pandemic.

我很高興地向大家報告，Greenbrier 繼續保持著積極的勢頭。我們正在推進多年的「Better Together」策略並取得了巨大成果。第三季度，我們實現了 4.5 年來最高的每股盈餘和 EBITDA，達到了疫情爆發前的水準。

Our consolidated gross margin remains in the mid-teens with 90 basis points of sequential expansion. Operating efficiencies continue to improve, and we're advancing key initiatives across the organization, such as our lease fleet expansion and insourcing initiative and manufacturing. We are ahead of schedule to accomplish some of our strategic goals and on track for the rest.

我們的綜合毛利率維持在 15 左右，較上季成長 90 個基點。營運效率不斷提高，我們正在整個組織內推進關鍵舉措，例如租賃機隊擴張以及內包舉措和製造。我們提前實現了一些戰略目標，其餘戰略目標也步入正軌。

With that said, optimizing our operations is an exercise and continuous improvement. And I want to recognize everyone from the shop floor to the leadership team at Greenbrier for helping achieve early wins in our ambitious Better Together strategy.

話雖如此，優化我們的營運是一種練習和持續改進。我要感謝 Greenbrier 從車間到領導團隊的每個人，他們幫助我們實現了雄心勃勃的「更好的合作」策略的早期勝利。

Turning to our results, we generated over $820 million in revenue during the third quarter. Consolidated gross margin of 15.1% is our third consecutive quarter of margins hitting the mid-teens driven by product mix, syndication activity and continuing operating efficiencies. We expect this momentum to continue.

談到我們的業績，我們第三季的營收超過 8.2 億美元。在產品組合、聯合活動和持續營運效率的推動下，我們的綜合毛利率為 15.1%，連續第三個季度達到 15% 左右的水平。我們預計這種勢頭將持續下去。

As you may have seen in our press release, we narrowed the range of our revenue and delivery guidance. We expect the mix and cadence of deliveries will increase in the fourth quarter. We also expect consolidated gross margin in the mid-teens to continue. This is one year ahead of the plan we set forth at our Investor Day in April 2023.

正如您可能在我們的新聞稿中看到的那樣，我們縮小了收入和交付指導的範圍。我們預計第四季的交付組合和節奏將會增加。我們也預計綜合毛利率將繼續維持在十幾歲左右。這比我們在 2023 年 4 月投資者日制定的計劃提前了一年。

We believe that the efficiencies we've gained are sustainable. Of course, there will always be work to be done. We continue to evaluate our operational activities and are focused on other actions to optimize our business. Order performance continued in Q3 at steady levels with Greenbrier receiving a diverse mix of orders by car type across our geographies. Our focus on innovation supports our market-leading position.

我們相信我們所獲得的效率是可持續的。當然，總是會有工作要做。我們繼續評估我們的營運活動，並專注於其他行動來優化我們的業務。第三季的訂單表現持續保持穩定水平，Greenbrier 在我們的地區收到了多種按車型劃分的訂單。我們對創新的關注支持了我們的市場領先地位。

Recently, for example, Greenbrier successfully introduced our ultra-high-strength steel gondola and our new Multi-Max Plus design for moving automobiles by rail. That's been well received by the market. Brian is going to share more on that in a minute, but this is meaningful for Greenbrier, since freight rail moves nearly 75% of the new cars and light trucks purchased in the US annually.

例如，最近，Greenbrier 成功推出了超高強度鋼吊籃和用於鐵路運輸汽車的新型 Multi-Max Plus 設計。此舉受到了市場的好評。 Brian 將在一分鐘內分享更多相關內容，但這對 Greenbrier 來說意義重大，因為每年在美國購買的新車和輕型卡車中有近 75% 是透過貨運鐵路運輸的。

We are proud to be a key supplier to the North American railway system. With lower carbon emissions, greater fuel efficiency, and superior capacity, it's clear that rail transport is central to developing a more environmentally friendly transportation system. In May, Greenbrier was honored by USA TODAY as one of America's Climate Leaders for 2024 based on our successful carbon reduction efforts from 2020 to 2022. We continue to make progress towards reducing Greenbrier's environmental footprint and are pleased to receive this recognition.

我們很自豪能夠成為北美鐵路系統的主要供應商。憑藉更低的碳排放、更高的燃油效率和卓越的運力，鐵路運輸顯然是發展更環保的運輸系統的核心。 5 月，憑藉2020 年至2022 年成功的碳減排努力，Greenbrier 被《今日美國》評為2024 年美國氣候領導者之一。認可。

Looking ahead, we see stable but good railcar demand across all our geographies. The current market is less volatile and consequently less prone to booms and busts than those of past decades. We at Greenbrier are focused on sustained higher performance across our business and across markets.

展望未來，我們看到我們所有地區的軌道車需求穩定但良好。與過去幾十年相比，當前的市場波動較小，因此不太容易出現繁榮和蕭條。 Greenbrier 致力於在整個業務和整個市場中持續提高績效。

Our commercial team with its strong lease origination capabilities continues to outperform, giving us excellent near-term visibility into manufacturing and steadily building our stream of repeatable lease revenues and cash flow. We're confident in the long-term strategy and multiyear targets and look forward to sharing our progress on future calls. With that, I'll turn the call over to Brian Comstock, who'll chat about our activities for the quarter in greater detail and market conditions.

我們的商業團隊憑藉其強大的租賃發起能力繼續表現出色，為我們提供了良好的製造近期可見性，並穩步建立可重複的租賃收入和現金流。我們對長期策略和多年目標充滿信心，並期待在未來的電話會議上分享我們的進展。接下來，我會將電話轉給布萊恩康斯托克 (Brian Comstock)，他將更詳細地討論我們本季的活動和市場狀況。

Thanks, Lorie. Greenbrier secured new railcar orders of 6,300 units worth $830 million in the quarter. Diverse demand continues across most railcar types. Backlog is strong at 29,400 units with an estimated value of $3.7 billion and provides significant revenue visibility.

謝謝，洛麗。 Greenbrier 在本季獲得了 6,300 輛新的軌道車訂單，價值 8.3 億美元。大多數軌道車輛類型的需求持續多樣化。積壓訂單量高達 29,400 件，估計價值 37 億美元，並提供了顯著的收入可見度。

Our commercial performance reflects our leading market position, strong lease origination capabilities, and direct sales experience. Momentum in our international markets continues with about 25% of the orders originating in Europe and Brazil. Our international backlog remains healthy, and our sales pipeline is strong.

我們的商業表現反映了我們領先的市場地位、強大的租賃發起能力和直銷經驗。我們國際市場的勢頭仍在持續，約 25% 的訂單來自歐洲和巴西。我們的國際積壓訂單保持健康，我們的銷售管道也很強大。

Additionally, volumes through our European leasing channel continue to grow, and I'm pleased to report that we delivered our 1,000 leased wagon in Q3. This was quite an achievement since we entered the leasing space just a year ago.

此外，我們歐洲租賃通路的銷售持續成長，我很高興地報告，我們在第三季交付了 1,000 輛租賃貨車。自從我們一年前進入租賃領域以來，這是一項相當大的成就。

Our ability to originate and syndicate leases is vital to the long-term performance of our European manufacturing business, and we see potential for future growth. In Q3, we delivered 5,400 railcars, which is down slightly from the prior quarter. A few production line changeovers impacted production rates and ongoing border congestion caused about 100 units to be delayed. The delayed units crossed in June and the changeovers were completed in the quarter, positioning us for a strong Q4 for production and deliveries.

我們發起和聯合租賃的能力對於我們歐洲製造業務的長期業績至關重要，我們看到了未來的成長潛力。第三季度，我們交付了 5,400 輛軌道車，比上季度略有下降。一些生產線的轉換影響了生產率，持續的邊境擁堵導致約 100 台設備延誤。延遲的單位在 6 月交叉，並在本季度完成轉換，為我們第四季度的生產和交付做好了準備。

Third quarter manufacturing gross margin of 10.9% increased modestly from Q2. Several of the efficiency gains we have made over the last 18 months are being sustained, and we continue to work on others. The expansion of the in-house fabrication for basic primary parts and subassemblies remains on track, and we expect the full benefit from insourcing to be realized by the spring of fiscal 2025.

第三季製造業毛利率為 10.9%，較第二季小幅成長。我們在過去 18 個月中取得的一些效率提升正在維持，我們將繼續致力於其他方面的工作。基本主要零件和子組件的內部製造擴張仍按計劃進行，我們預計到 2025 財年春季即可實現內包的全部效益。

Leasing and management services had another good quarter and added 600 units to the lease fleet. While fleet utilization was stable at 99%, we expect to invest approximately $265 million on a net basis in the fleet this year. In support of our multiyear goal of doubling recurring revenue. We will continue investing up to $300 million per year on a net basis as long as the additions meet our return criteria.

租賃和管理服務季度表現又佳，租賃車隊增加了 600 輛。雖然機隊利用率穩定在 99%，但我們預計今年對機隊的淨投資約為 2.65 億美元。支持我們將經常性收入翻倍的多年目標。只要新增資金符合我們的回報標準，我們將繼續每年淨投資高達 3 億美元。

Our fleet growth is disciplined, and we are only investing in the right assets with the right lease terms and counterparties. As the fleet has grown, the quality has improved with extended lease terms, newer railcars and a good balance of commodities and railcar types. We expect the result will be a large, stable stream of higher-margin revenue that reduces the impact of market cyclicality on our results.

我們的機隊成長是有規律的，我們只投資於具有正確租賃條款和交易對手的正確資產。隨著車隊規模的擴大，租賃期限的延長、軌道車的更新以及商品和軌道車類型的良好平衡，品質也提高了。我們預期結果將是大量、穩定、高利潤的收入來源，進而減少市場週期性對我們業績的影響。

Lease durations are strategically staggered and create opportunities for favorable renewals. Our lease renewal rates continue to grow at double digits. You may recall that we had nearly 23% of leases in the fleet expiring this year after our portfolio purchase in 2021.

租賃期限在策略上是錯開的，並為有利的續約創造了機會。我們的租約續約率持續以兩位數成長。您可能還記得，在 2021 年購買投資組合後，我們機隊中有近 23% 的租賃將於今年到期。

We have successfully renewed or remarketed the majority of these leases and more favorable lease rates and only a few hundred awaiting renewal or remarketing opportunities. We are confident we will finish the year successfully on this front.

我們已成功續約或再行銷其中大部分租約並獲得更優惠的租賃費率，只有數百人等待續約或再行銷機會。我們有信心在這方面取得圓滿成功。

Debt for the fleet is managed conservatively. Evaluation of our financing strategies is ongoing and part of our prudent approach to growing the leasing business. On average interest rate is in the mid 4% range, which is significantly lower than current market interest rates.

船隊的債務管理較為保守。我們正在對融資策略進行評估，這也是我們發展租賃業務的審慎做法的一部分。平均利率約4%左右，明顯低於目前市場利率。

At the end of Q3, our fleet leverage was 77%, in line with the prior quarter and within our targeted fleet leverage framework. In Q3, syndication of 1,700 railcars with multiple investors generated strong liquidity and margins. We are pleased with the reception of our syndication investors have given to our updated auto rack product. The Multi-Max Plus. Successful syndication of this car type helps to drive market acceptance of Greenbrier's innovative designs.

截至第三季末，我們的機隊槓桿率為 77%，與上一季一致，並且在我們的目標機隊槓桿框架內。第三季度，1,700 輛軌道車與多個投資者的銀團產生了強勁的流動性和利潤。我們很高興我們的聯合投資者對我們更新的汽車貨架產品的接待。 Multi-Max Plus。該車型的成功聯合有助於推動市場對 Greenbrier 創新設計的接受度。

Overall, our performance in the quarter shows the appetite and liquidity in the syndication market remains solid despite the higher interest rate environment. We continue to advance initiatives to improve maintenance services efficiencies by optimizing cargo flow, material planning and cycle times at all facilities. I was pleased to visit repair locations in the network recently and especially appreciate the dedication of our hard-working employees.

總體而言，我們本季的表現表明，儘管利率環境較高，但銀團市場的興趣和流動性仍然強勁。我們透過優化所有設施的貨物流、材料規劃和週期時間，持續推動提高維護服務效率的措施。我最近很高興參觀了網路中的維修點，特別感謝我們辛勤工作的員工的奉獻精神。

The North American railcar market remains stable through economic and geopolitical uncertainty. Industry forecasts for deliveries in 2024 and 2025 are projected to be below the 40,000-unit replacement threshold. We view these forecasts as conservative, and it's worth noting that forecast for both years were recently revised upward.

儘管經濟和地緣政治的不確定性，北美軌道車市場仍保持穩定。產業預測 2024 年和 2025 年的交付量預計將低於 40,000 台的更換門檻。我們認為這些預測是保守的，值得注意的是，這兩年的預測最近都被向上修正。

Our robust backlog, including our international activity, provides revenue visibility and stability. Railcars in storage are close to the cycle's trough and primarily including railcars that are not in demand like frac-sand and coal railcars as well as outdated tank cars. The lack of supply of available railcars is leading to higher utilization rates and supporting higher lease rates along with longer lease terms.

我們強大的積壓訂單（包括我們的國際活動）提供了收入可見度和穩定性。儲存的軌道車接近週期的低谷，主要包括需求不旺的軌道車，如壓裂砂和煤炭軌道車以及過時的罐車。可用軌道車供應的缺乏導致利用率更高，並支持更高的租賃率和更長的租賃期限。

Greenbrier's management team is experienced and agile. We are confident we have the right strategy in place to successfully execute our plan. Now, I'll hand the call over to Justin, who will speak to the financial highlights for the group.

Greenbrier 的管理團隊經驗豐富且敏捷。我們相信我們擁有正確的策略來成功執行我們的計劃。現在，我將把電話轉交給賈斯汀，他將講述該集團的財務亮點。

Thank you, Brian, and good morning to everyone. Today, I'll be covering the financial highlights of the quarter and providing an update to our fiscal 2024 guidance. But before moving into the highlights, I would like to remind everyone again that quarterly financial information is available in the press release and the supplemental slides on our website.

謝謝你，布萊恩，祝大家早安。今天，我將介紹本季的財務亮點，並提供 2024 財年指引的最新資訊。但在進入重點之前，我想再次提醒大家，季度財務資訊可在我們網站上的新聞稿和補充幻燈片中找到。

We are pleased with Greenbrier's Q3 performance and expect to finish the year on a strong note, our operational leverage continues to improve, and we expect to drive incremental profitability in the fourth quarter and into the next fiscal year.

我們對 Greenbrier 第三季的業績感到滿意，並期望以強勁的表現結束今年，我們的營運槓桿繼續改善，我們預計將在第四季度和下一財年推動盈利能力的增量。

Now onto the quarter. With the new railcar order and the delivery activity that Brian spoke to, this resulted in a book-to-bill of 1.2 times. We generated consolidated revenue of $820 million and gross margin percent at 15%. This was our third consecutive quarter as a mid-teen gross margin and reflects ongoing improvements in operating performance.

現在進入季度。憑藉新的軌道車訂單和 Brian 談到的交付活動，訂單出貨比提高了 1.2 倍。我們的綜合收入為 8.2 億美元，毛利率為 15%。這是我們連續第三個季度的毛利率達到中位數，反映出經營績效的持續改善。

Selling and administrative expense was $59 million and decreased from the prior quarter due to lower employee related costs. Net earnings attributable to noncontrolling interest, which as a reminder represents our JV partner's share of earnings was about $7 million in the quarter and was higher than Q2 sequentially. This change reflects stronger performance primarily in our northern Mexico manufacturing joint venture.

由於員工相關成本下降，銷售和管理費用為 5,900 萬美元，較上一季下降。值得提醒的是，本季歸屬於非控股權益的淨利潤約為 700 萬美元，高於第二季度，這代表了我們合資夥伴的收益份額。這項變化主要反映了我們墨西哥北部製造合資企業的強勁業績。

Net earnings attributable to Greenbrier was $34 million and generated diluted EPS of $1.6 per share. And finally, EBITDA was $104 million or 13% of revenue. As Laurie mentioned, EPS and EBITDA reached the highest level in over 4.5 years. But I want to be clear on this. This is not as good as it gets, and we are not satisfied yet.

Greenbrier 淨利潤為 3,400 萬美元，稀釋後每股收益為 1.6 美元。最後，EBITDA 為 1.04 億美元，佔營收的 13%。正如 Laurie 所提到的，每股盈餘和 EBITDA 達到了 4.5 年來的最高水準。但我想澄清這一點。這還不夠好，我們還不滿意。

Shifting focus from our income statement to liquidity, Greenbrier generated operating cash flow of $84 million and year-to-date total of $138 million. Liquidity in the third quarter improved to $605 million, consisting of $270 million of cash and available borrowings of approximately $335 million.

Greenbrier 將重點從損益表轉向流動性，產生了 8,400 萬美元的營運現金流，年初至今總計 1.38 億美元。第三季的流動性改善至 6.05 億美元，其中包括 2.7 億美元現金和約 3.35 億美元的可用借款。

Strong earnings and improved working capital activity drove operating cash flow and liquidity in the quarter. In Q3, we returned over $9 million to shareholders through our quarterly dividend of $0.3 per share. Over the last 10 years, we have returned nearly $520 million of capital to shareholders through dividends and share repurchases. Continuing our commitment of returning capital to shareholders, Greenbrier's Board of Directors declared a quarterly dividend of $0.3 per share, which is our 41st consecutive quarterly dividend.

強勁的獲利和改善的營運資本活動推動了本季的營運現金流和流動性。第三季度，我們透過每股 0.3 美元的季度股利向股東返還超過 900 萬美元。在過去 10 年裡，我們透過股利和股票回購向股東返還了近 5.2 億美元的資本。 Greenbrier 董事會繼續履行向股東返還資本的承諾，宣布派發每股 0.3 美元的季度股息，這是我們連續第 41 個季度派息。

Based on the closing price on July 5, our annual dividend represents a yield of approximately 2.5%. This is a great way to create long-term shareholder value, and we will periodically evaluate increases to the dividend as we continue to opportunistically repurchase shares.

根據 7 月 5 日收盤價計算，我們的年度股息殖利率約為 2.5%。這是創造長期股東價值的好方法，隨著我們繼續擇機回購股票，我們將定期評估股利的增加。

Finally, shifting over to our balance sheet, Greenbrier has no significant near-term debt maturities. As of May 31, approximately 85% of our debt is fixed with a weighted average rate of about 4% additionally, and I want to make sure, it's important to emphasize this point, we remain focused on reducing and retiring our recourse debt as cash flows improve.

最後，轉向我們的資產負債表，Greenbrier 沒有重大的近期債務到期日。截至 5 月 31 日，我們大約 85% 的債務是固定的，加權平均利率約為 4%，我想確保，強調這一點很重要，我們仍然專注於減少和以現金形式償還我們的追索權債務流量改善。

Recourse debt decreased $11 million compared to the second quarter and has decreased $65 million over the last two quarters. Non-recourse debt will continue to trend with our leasing fleet investments. Greenbrier remains committed to creating shareholder value, optimizing our capital structure, while returning capital to shareholders.

追索權債務與第二季相比減少了 1,100 萬美元，比過去兩季減少了 6,500 萬美元。隨著我們的租賃船隊投資，無追索權債務將持續呈趨勢。 Greenbrier 始終致力於創造股東價值，優化資本結構，同時向股東返還資本。

And now on to our guidance update. Based on current trends and production schedules, we are narrowing our delivery guidance to 23,500 to 24,000 units, which includes 1,400 units from our Brazil operations. To answer the question proactively, yes, this implies a significant increase in our Q4 activity. This reflects the combination of timing of syndications, increased production rates on a few lines, and more direct sales activity versus Q3.

現在我們的指南更新。根據當前趨勢和生產計劃，我們將交付指導範圍縮小至 23,500 輛至 24,000 輛，其中包括巴西工廠的 1,400 輛。主動回答這個問題，是的，這意味著我們第四季的活動大幅增加。這反映了聯合組織的時機、幾條生產線生產力的提高以及與第三季相比更多的直接銷售活動的綜合影響。

We are also narrowing our revenue range to $3.5 billion to $3.6 billion. Consolidated gross margin percent for the full year is increased to the mid-teens, which we consider to be between 14% to 16%.

我們也將營收範圍縮小至 35 億至 36 億美元。全年綜合毛利率增至十幾歲左右，我們認為在 14% 至 16% 之間。

Selling and administrative expense is expected to be approximately $235 million to $240 million. Capital expenditures have been modestly updated with manufacturing investing about $150 million; maintenance services, we'll invest $15 million; and we will invest about $340 million in our leasing and management services on a gross basis. This includes current year CapEx as well as transfers of railcars that were produced in 2023. That activity was primarily complete in the first half of the year.

銷售和管理費用預計約為 2.35 億至 2.4 億美元。資本支出略有更新，製造業投資約 1.5 億美元；維護服務，我們將投資1500萬美元；我們將在租賃和管理服務方面投資總額約 3.4 億美元。這包括本年度的資本支出以及 2023 年生產的鐵路車的轉讓。

Proceeds of equipment sales are unchanged at $75 million. In closing, I will echo the comments, Lorie and Brian made. We are pleased with the quarter as positive momentum continues to drive increased profitability. Progress on our strategic initiatives is resulting in improving operating efficiencies. Our robust backlog provides revenue visibility and stability, while liquidity and balance sheet strength allow for opportunistic growth. We have the right strategy and a plan to execute it.

設備銷售收入維持在 7500 萬美元不變。最後，我將回應 Lorie 和 Brian 的評論。我們對本季感到滿意，因為積極的勢頭繼續推動盈利能力的提高。我們策略性舉措的進展正在提高營運效率。我們強勁的積壓訂單提供了收入可見度和穩定性，而流動性和資產負債表實力則允許機會性成長。我們有正確的策略和執行計劃。

Greenbrier is well positioned, and we remain optimistic about the future. As Lorie mentioned in her opening remarks, since Michael started just a few short weeks ago, we are giving him some time to get up to speed on Greenbrier. We are excited to have him as part of the Greenbrier family and know, he will provide a lot of value to this organization. With that, I'll hand it over to Michael.

Greenbrier 處於有利位置，我們對未來保持樂觀。正如 Lorie 在開場白中提到的那樣，由於 Michael 幾週前剛開始工作，我們給了他一些時間來加快 Greenbrier 的進度。我們很高興他成為 Greenbrier 家族的一員，並且知道他將為這個組織提供很多價值。這樣，我就把它交給麥可了。

Thank you, Justin. Since this is my first earnings call with Greenbrier, I thought it would be nice to say a few words. First and foremost, I'm excited to be here and I've been impressed with the team members I've met and how well the company operates.

謝謝你，賈斯汀。由於這是我第一次參加 Greenbrier 的財報電話會議，我想說幾句話會很好。首先，我很高興來到這裡，我遇到的團隊成員以及公司的營運狀況給我留下了深刻的印象。

I believe Greenbrier is well positioned in the industry for continued growth and success, and I'm thrilled to have the opportunity to contribute to the achievement of our strategy better together and believe our best days are ahead. I look forward to speaking with all of you on future calls. And now we'll open it up for questions.

我相信 Greenbrier 在行業中處於有利地位，能夠持續成長並取得成功，我很高興有機會共同為實現我們的策略做出更好的貢獻，並相信我們最好的日子就在前方。我期待在以後的通話中與大家交談。現在我們將開放提問。

(Operator Instructions) Steve Barger, KeyBanc Capital Markets.

（操作員說明）Steve Barger，KeyBanc 資本市場。

Hi, good morning. This is Jacob Moore on for Steve Barger this morning. Thanks for taking the questions. First, I wanted to ask on the manufacturing side about your order rates over the past few quarters versus the industry data. Your book-to-bill numbers seem to be holding and notably better than the overall numbers. So I'm hoping you can speak to anything Greenbrier specific that may be going on there and how you expect the differences in those trends to move going forward.

嗨，早安。這是雅各摩爾今天早上為史蒂夫巴格做的發言。感謝您提出問題。首先，我想詢問製造業方面過去幾季的訂單率與行業數據的情況。你們的訂單出貨量數據似乎保持不變，並且明顯優於整體數據。因此，我希望您能談談 Greenbrier 可能正在發生的具體情況，以及您期望這些趨勢的差異如何向前發展。

Yeah, Jacob, it's Brian. I think I'd take that and Lorie you can chime in as required. I think the reason we're able to hold such a strong market share, really the mix of production we have as compared to what the industry is building, we continue to build on a very diverse plane, and that gives us a lot of ability to address customers' delivery needs and the car types that are required.

是的，雅各布，我是布萊恩。我想我會接受，洛里，你可以根據需要插話。我認為我們能夠保持如此強大的市場份額的原因，實際上是我們擁有的生產組合與行業正在建設的產品相比，我們繼續在一個非常多樣化的平面上進行建設，這給了我們很多能力以滿足客戶的交付需求和所需的車輛類型。

From pricing perspective, the cadence is still strong. Pricing discipline is still good in the market, and we're seeing really no fall off or change. Lorie, any comments?

從定價角度來看，節奏仍然強勁。市場上的定價紀律仍然良好，我們確實沒有看到下降或變化。洛里，有什麼意見嗎？

I'll just add that I think our lease origination capabilities gives us a great way to meet our customers where they are. Whether they want to buy cars or lease them, we can put that together with our strong product mix.

我只想補充一點，我認為我們的租賃發起能力為我們提供了一種很好的方式來滿足客戶的需求。無論他們想購買汽車還是租賃汽車，我們都可以將其與我們強大的產品組合結合在一起。

And I would say finally, Jacob, to ground out, the question is we see the cadence of orders continuing into Q4, very similar to what we've seen over the past three quarters. So we don't really see any change in the cadence as well.

最後，雅各布，我要說的是，問題是我們看到訂單的節奏持續到第四季度，與我們過去三個季度所看到的非常相似。所以我們也沒有看到節奏有任何變化。

Understood. Thanks, Brian and Lorie. That's helpful. And then as a follow up on the leasing side, I saw your notes on the lower leasing segment margin as a result of externally sourced railcars with an intent to syndicate. My question here, is this going to become a common thread as you continue to grow the lease fleet and how much external sourcing do you expect to do compared to internal over the next few years?

明白了。謝謝，布萊恩和洛里。這很有幫助。然後，作為租賃方面的後續行動，我看到了您關於租賃部門利潤率較低的說明，這是由於外部採購的軌道車有意聯合的結果。我的問題是，隨著您繼續擴大租賃機隊，這是否會成為一個共同點？

That's a great question, Jacob. So this is something that we have done intermittently over the last probably five to seven years on. It is many times, very opportunistic.

這是一個很好的問題，雅各。所以這是我們在過去五到七年斷斷續續做的事情。很多時候，非常機會主義。

And part of this is providing our syndication partners, additional assets that may be a little older than new railcars, maybe have different credit qualities or different commodity concentrations. And so it's something that's very hard to predict, but we do see it probably occurring a little more often as we move forward.

其中一部分是為我們的銀團合作夥伴提供額外的資產，這些資產可能比新的鐵路車稍舊一些，可能具有不同的信用品質或不同的商品集中度。因此，這是很難預測的事情，但隨著我們的前進，我們確實看到它可能會更頻繁地發生。

And it's really going to be very, very hard to provide any quantitative guidance because it's deal-by-deal transaction-by-transaction. But it is something that we are seeing a little more activity in that market.

提供任何定量指導確實非常非常困難，因為它是逐筆交易進行的。但我們看到該市場的活動增加。

And Jacob, this is Brian. I'll chime in. As we look at secondary market transactions specifically, it really also focuses on, A, number one, the returns that we set. We're really a high quality, high credit focused organization and the mix of what is being offered so that we can look at our concentration of our portfolios and how that fits not only internally but externally with our syndication partners.

雅各布，這是布萊恩。我插話一下。我們確實是一家以高品質、高信用為重點的組織，我們所提供的產品組合如此豐富，因此我們可以審視我們的投資組合的集中程度，以及它如何不僅在內部而且在外部與我們的銀團合作夥伴相適應。

So we probably take on a harder more disciplined look than the market in general for that reason. But keep in mind, we also have the new car production as well that kind of helps us balance all of this out.

因此，基於這個原因，我們可能會比整個市場採取更嚴格、更自律的態度。但請記住，我們也有新車生產，這有助於我們平衡所有這些。

Got it. Thank you very much.

知道了。非常感謝。

Bascome Majors, Susquehanna.

巴斯科姆專業，薩斯奎哈納。

Good morning. I was hoping on the order question if we could revisit that and talk specifically about the North American order flow, how you feel demand has evolved over the last two to three quarters and ultimately whether you think there's enough demand there to support a recent production rate into 2025 in North America? Thank you.

早安.我希望在訂單問題上，我們是否可以重新審視這個問題，並具體討論北美訂單流，您認為需求在過去兩到三個季度中的變化情況，以及最終您是否認為那裡有足夠的需求來支持最近的生產力北美到2025年？謝謝。

Yes, it's Brian. I'll take the first part again and Lorie, Justin, feel free. North American side of it is really what I'm focused on as well when I talk about my comments on the cadence. The cadence is very strong. It's very diverse at this point. We still see quite a bit of tank car demand, covered hopper car demand, auto demand and then coming up one of the bright spots that we see in 2025, that didn't exist in 2024 is boxcars.

是的，是布萊恩。我會再參加第一部分，洛瑞、賈斯汀，請隨意。當我談論我對節奏的評論時，北美方面確實也是我關注的重點。節奏感很強。在這一點上它非常多樣化。我們仍然看到相當多的罐車需求、有蓋漏斗車需求、汽車需求，然後我們在 2025 年看到的亮點之一是棚車，而 2024 年不存在。

We're seeing that boxcar cliff is creating shortages in the marketplace. Some of the large buyers are back in the market for some fairly large interest. At this point, we think those will materialize into orders. And then there's always intermodal, while the demand is -- international demand is still strong.

我們看到棚車懸崖正在造成市場短缺。一些大買家出於相當大的興趣重返市場。目前，我們認為這些將具體化為訂單。然後總是有多式聯運，而需求是——國際需求仍然強勁。

The fleet, if you look at the fleet of international intermodal wells, it's over 90% utilized at this point, which is a very, very high percentage of 40-foot units in place. So there could be some tailwinds from intermodal as well. But currently, the cadence of North America is very consistent.

船隊，如果你看看國際聯運井的船隊，此時利用率超過 90%，這是 40 英尺單位到位的非常非常高的百分比。因此，多式聯運也可能帶來一些推動作用。但目前來看，北美的節奏非常一致。

Thank you for that. And if we could shift a little bit to the margin front. You mentioned in the prepared remarks, the piece of your insourcing initiatives really starting to hit in full force next spring. Some of the timing of some of the manufacturing cost savings you talked about at the Investor Day a couple of years ago also really were aligned, I believe, in 2025.

謝謝你。如果我們可以稍微轉移到邊緣前緣。您在準備好的演講中提到，您的內包計畫將於明年春天真正開始全面發揮作用。我相信，您在幾年前的投資者日上談到的一些製造成本節約的時間安排也確實是在 2025 年實現的。

Can you just walk us through the mid- and long-term cost out initiatives in your manufacturing process, what you expect to hit next year? And any quantification that you want to remind us when you finally any offsets that looked like there might be bad guys to face off against what feels like a pretty good story on manufacturing margin improvement the next year?

您能否向我們介紹一下您製造流程中的中長期成本削減計劃，以及您預計明年會達到什麼目標？當你最終看到可能有壞人與明年製造利潤改善的一個相當不錯的故事對抗時，你想提醒我們任何量化嗎？

Yeah, Bascome, I'll take a shot at it and then Brian and Lori can chime in as needed. So just to level set, at our Investor Day, we spoke to two specific initiatives. One was a capacity rationalization, primarily focused initially in North America that was going to generate about $20 million a year of cost savings. And we accomplished that actually last year. So with the sales of a few of our facilities, we feel like we've taken out or we have taken out about $20 million annually on a run-rate basis.

是的，Bascome，我會嘗試一下，然後 Brian 和 Lori 可以根據需要插話。因此，為了設定水平，在投資者日，我們討論了兩項具體舉措。其中之一是產能合理化，最初主要集中在北美，每年將節省約 2000 萬美元的成本。去年我們實際上就做到了這一點。因此，隨著我們一些設施的銷售，我們感覺我們每年已經拿出了大約 2000 萬美元（按運行率計算）。

And then on the insourcing initiative, we spoke to savings of up to $50 million through the make versus buy and the internal fabrication activity, which along with some other management activities is going to generate a run rate of about $50 million of savings. And we believe, we are on track for that with the majority of that. As we said, as we're finishing the internal fabrication, a lot of that will come online in spring of 2025. And the thing -- the puts and takes really it comes down to is volume of cars and production rates.

然後，關於內包計劃，我們談到透過自製與外購以及內部製造活動可節省高達 5000 萬美元，這些活動與其他一些管理活動一起將產生約 5000 萬美元的節省。我們相信，我們的大部分工作都已步入正​​軌。正如我們所說，當我們完成內部製造時，其中許多將在 2025 年春季上線。

And so if you think about -- we have an assumed kind of product mix that we predicted based on our backlog and other things when we put this all together about 1, 1.5 year ago. And as that shifts, that's going to be the driver of any changes to those savings.

因此，如果你想一想，我們有一種假設的產品組合，當我們大約 1、1.5 年前將這些組合在一起時，我們根據積壓訂單和其他事項進行了預測。隨著這種情況的變化，這將成為這些儲蓄變化的驅動力。

At this point, we don't see a significant shift. We do expect to achieve it. And it really is just going to be a matter of the timing and our production rates at the time. Please let us know that doesn't quite answer the question you're asking or if there's something else.

目前，我們沒有看到重大轉變。我們確實希望實現這一目標。這確實只是時間安排和我們當時的生產力問題。請告訴我們這並不能完全回答您所問的問題或是否有其他問題。

Well, I would just say I think that in addition to broader efficiencies, the insourcing, we're starting to see some of those benefits in the margin, which has provided us the ability to have third quarter in a row of mid-teens consolidated margin. So it is a factor in that. And we haven't seen all that it will do yet.

好吧，我只想說，我認為除了更廣泛的效率、內包之外，我們還開始看到利潤率方面的一些好處，這使我們有能力在第三季度連續實現十幾歲左右的合併利潤。所以這是其中的一個因素。我們還沒有看到它會做什麼。

Thank you both. And may be two to connect with my first question and second, is a follow-up here. Ultimately, Brian talked about a fairly steady demand picture in North America. You talked about, the risk to margins being more about units in volume than necessarily anything internal supply chain or pricing related. Do you feel pretty good about a steady production cadence, at least into the first half of next year or could there be some adjustments based on the last two or three quarters of orders? Thank you.

謝謝你們倆。可能有兩個問題與我的第一個問題有關，第二個問題是這裡的後續問題。最後，布萊恩談到了北美相當穩定的需求情況。您談到，利潤率的風險更與數量單位有關，而不一定與任何內部供應鏈或定價相關。您對穩定的生產節奏（至少到明年上半年）感覺良好嗎？謝謝。

Yeah, this is Brian. Maybe I'll jump in, and Lorie, please feel in. But right now, we have strong visibility on order cadence through the first two quarters into the third quarter. And I would say, it's very consistent with what we're seeing today.

是的，這是布萊恩。也許我會插話，洛里，請感受一下。我想說，這與我們今天所看到的非常一致。

Thank you all.

謝謝大家。

Thank you, Bascome.

謝謝你，巴斯科姆。

Ken Hoexter, Bank of America.

肯‧霍克斯特，美國銀行。

Great. So Lorie or Justin or Brian, looking at the ramp to the 7,000 plus cars in the next quarter. Third quarter production was down slightly. But I think you only mentioned 100 were caught in the line chain shift. Can you talk about the impacts into third quarter production? Maybe an early read into next year, are you looking at that same '23, '25? Is that the max production level? Is it scalable from here? Trying to understand your thoughts on production.

偉大的。 Lorie、Justin 或 Brian 正在關注下一季 7,000 多輛汽車的成長。第三季產量略有下降。但我認為你只提到了 100 人被困在線路鏈轉移中。能談談對第三季生產的影響嗎？也許提前讀到明年，你在看同樣的「23」、「25」嗎？這是最大生產水準嗎？從這裡可以擴充嗎？試著了解您對生產的想法。

Well, I'll start at the end and then work my way backwards. Yes, you've seen -- can you I've been following this industry for so long, you know how scalable we can be. But that's what's nice about having some nice steady demand right now. One of the things that impacted in Q3 was we did have a few changeovers, which those are now complete at our North American facilities. So that would have been one of the impacts. Justin?

好吧，我將從最後開始，然後倒退。是的，你已經看到了——我關注這個行業這麼久了，你知道我們的可擴展性有多大。但這就是現在擁有穩定需求的好處。第三季影響的事情之一是我們確實進行了一些轉換，這些轉換現在已在我們的北美工廠完成。所以這將是影響之一。賈斯汀？

Yeah, I was going to say, the 100 cars I've mentioned were actually cough and congestion at the border. So those were just -- it was just the timing shift from May into June. But the product -- the changeovers caused a lower production rate, which were ramped up now. And that's part of what is going to cause the Q4 deliveries to be higher, along with strong syndication activity as assets come off the balance sheet.

是的，我想說，我提到的 100 輛車實際上是邊境的咳嗽和擁堵。所以這些只是──只是從五月到六月的時間轉變。但產品——轉換導致生產力降低，現在生產力提高。這是導致第四季度交付量更高的部分原因，同時隨著資產脫離資產負債表，銀團活動也將強勁。

Okay. So to wrap that up, right, so 4Q, you get up to the 7,000 plus because you had some line changeovers, 100 was only the border. I get that now. And then, Lorie, maybe clarify that outlook for next year, just given your backlog. Do you feel like you get above this 23,000, 24,000, or is that the run rate based on your production capacity?

好的。總結一下，對吧，第四季度，你會達到 7,000 以上，因為你進行了一些生產線轉換，100 只是邊界。我現在明白了。然後，Lorie，也許可以根據您的積壓工作澄清明年的前景。您覺得您的產量是否超過了 23,000、24,000，或者這是基於您的生產能力的運作率？

I would say it's not our run rate based on capacity. I think that we've got significant capacity. We are focused on maintaining stable production, consistent with what our customers need. As I look into 2025, but we're not ready to give guidance yet. Justin is really trying to kick me under the table right now, but we think that we see -- in the neighborhood of where we are in 2024 is what we expect to see in 2025, depending on where orders come in for the second half of the year.

我想說這不是我們基於容量的運行率。我認為我們擁有強大的能力。我們致力於維持穩定的生產，滿足客戶的需求。當我展望 2025 年時，我們還沒有準備好提供指導。賈斯汀現在確實想在桌子底下踢我，但我們認為，我們預計 2025 年將在 2024 年所處的位置附近看到，具體取決於 2025 年下半年的訂單情況。

Perfect. And then for follow-up, switching subjects to leasing. You've ramped up the revenue. You talked about the ability to keep scaling the revenue side. Maybe you could talk about how we should think about the level of revenues you anticipate and how we should see that develop over the near term.

完美的。然後後續，將主題切換到租賃。您增加了收入。您談到了不斷擴大收入規模的能力。也許您可以談談我們應該如何考慮您預期的收入水平以及我們應該如何看待近期的發展。

So we actually just expect to, especially on the leasing piece, continue to focus on building the recurring revenue. It's just been a very stable, steady build over the last 18 months. I think it's up about $25 million since April 2023, when we first announced this initiative. And I would say Brian can correct me or obviously disagree, but this is a steady as she goes.

因此，我們實際上只是期望，特別是在租賃方面，繼續專注於建立經常性收入。在過去 18 個月裡，它的建造非常穩定。我認為自 2023 年 4 月我們首次宣布這項措施以來，這一數字已增加了約 2,500 萬美元。我想說布萊恩可以糾正我或明顯不同意我的觀點，但隨著她的發展，這是一個穩定的過程。

We're investing about $50 million to $60 million to $70 million per quarter of assets into the fleets that is just continuing to build on top of each other. And then as we're going through our normal renewal process, we do expect to continue to make ground as all the leases are repriced to the current market rates.

我們每季將約 5,000 萬至 6,000 萬至 7,000 萬美元的資產投資到那些不斷相互建設的車隊中。然後，當我們進行正常的續約流程時，我們確實希望能夠繼續取得進展，因為所有租賃都將按照當前的市場價格重新定價。

Yeah, I agree just on the -- the complexity in it is because we are very disciplined and we're very focused on the mix. And the credit quality, it's not a steady cadence. So it's not as easy.

是的，我同意——其中的複雜性是因為我們非常自律，而且我們非常專注於混合。而信用品質也不是一個穩定的節奏。所以這並不那麼容易。

While we may be generating leases during the quarter, we have to then decide which ones are going to go into balance sheet and which ones are going to be offered to the syndication market. So that was the only correction I would make is we do have this consistent build of originations each quarter, but it does still stay a little lumpy because of the decision process and how we manage that fleet in our syndication side of the equation.

雖然我們可能會在本季產生租賃，但我們必須決定哪些租賃將進入資產負債表，哪些租賃將提供給銀團市場。因此，我要做的唯一修正是，我們每季都有這種一致的起源構建，但由於決策過程以及我們如何在等式的聯合方面管理該機隊，它仍然有點不穩定。

Great. Thanks, Brian, Justin, Lorie, and welcome, Michael.

偉大的。謝謝布萊恩、賈斯汀、洛里，歡迎麥可。

And with that, I think we will go ahead and end the call today. Thank you very much for your time and attention. If you have any other follow-up questions, please reach out to myself or Investor Relations at gbrx.com. Thank you and have a good day.

就這樣，我想我們將繼續並結束今天的通話。非常感謝您的時間和關注。如果您有任何其他後續問題，請聯絡我本人或 gbrx.com 投資者關係部門。謝謝您，祝您有美好的一天。

Yeah, ladies and gentlemen, with that, we'll be concluding today's conference call and webcast. We do thank you for joining. You may now disconnect your lines.

是的，女士們先生們，我們今天的電話會議和網路廣播就到此結束。我們非常感謝您的加入。現在您可以斷開線路。