Greenbrier Companies Inc (GBX) 2022 Q2 法說會逐字稿

Hello, and welcome to The Greenbrier Companies Second Quarter of Fiscal 2022 Earnings Conference Call. (Operator Instructions) At the request of The Greenbrier Companies, this conference call is being recorded for instant replay purposes.

您好，歡迎來到 Greenbrier 公司 2022 財年第二季度收益電話會議。 （操作員說明）應 Greenbrier 公司的要求，本次電話會議正在錄音以便即時回放。

At this time, I would like to turn the conference over to Mr. Justin Roberts, Vice President and Treasurer. Mr. Roberts, you may begin.

此時，我想將會議轉交給副總裁兼財務主管賈斯汀·羅伯茨先生。羅伯茨先生，您可以開始了。

Thank you, Chuck. Good morning, everyone, and welcome to the call. Today, I am joined by Bill Furman, Greenbrier's Executive Chairman; Lorie Tekorius, CEO and President; Brian Comstock, Executive Vice President and Chief Commercial and Leasing Officer; and Adrian Downes, Senior Vice President and CFO.

謝謝你，查克。大家早上好，歡迎來電。今天，Greenbrier 的執行主席 Bill Furman 加入了我的行列。 Lorie Tekorius，首席執行官兼總裁； Brian Comstock，執行副總裁兼首席商務和租賃官；和高級副總裁兼首席財務官 Adrian Downes。

Following our update on Greenbrier's performance and our outlook for fiscal 2022, we will open up the call for questions. In addition to the press release issued this morning, additional financial information and metrics can be found in a slide presentation posted today in the IR section of our website.

在我們更新 Greenbrier 的業績和我們對 2022 財年的展望之後，我們將公開提問。除了今天上午發布的新聞稿外，還可以在今天發佈在我們網站 IR 部分的幻燈片演示文稿中找到其他財務信息和指標。

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 2022 and beyond to differ materially from those expressed in any forward-looking statement made by or on behalf of Greenbrier.

今天電話會議上討論的事項包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。在我們今天的討論中，我們將描述一些可能導致 Greenbrier 在 2022 年及以後的實際結果出現重大差異的重要因素來自 Greenbrier 或代表 Greenbrier 作出的任何前瞻性陳述中所表達的內容。

And with that, I'm going to hand it over to Mr. Furman.

有了這個，我將把它交給弗曼先生。

Thank you, Justin, and good morning, everybody. This past month has been an eventful time in the world and at Greenbrier. On March 1, Lorie Tekorius assumed the role of Greenbrier CEO. Last week, our Board of Directors appointed Lorie as our newest Director. As we begin today's call, I want to first congratulate Lorie on her new positions at Greenbrier. And we're proud of Lorie's development of Greenbrier, how we have managed this very important transition. I'm pleased that I now serve as Executive Chairman through the remainder of our fiscal year and as a Board member and investor until 2024.

謝謝賈斯汀，大家早上好。過去的一個月在世界上和在 Greenbrier 都是多事之秋。 3 月 1 日，Lorie Tekorius 擔任 Greenbrier 首席執行官。上週，我們的董事會任命 Lorie 為我們的最新董事。在我們開始今天的電話會議時，我首先要祝賀 Lorie 在 Greenbrier 擔任新職位。我們為 Lorie 對 Greenbrier 的發展以及我們如何管理這一非常重要的過渡感到自豪。我很高興我現在在本財年剩餘時間內擔任執行主席，並在 2024 年之前擔任董事會成員和投資者。

With Lorie's appointment, we've expanded our Board's gender diversity. 4 of our 11 Directors are female. Further, 3 of the Directors identify as people of color. I'm confident that diverse representation at all levels of Greenbrier leads to better overall business performance.

有了 Lorie 的任命，我們擴大了董事會的性別多樣性。我們的 11 位董事中有 4 位是女性。此外，3 名董事認定為有色人種。我相信，Greenbrier 各個級別的多元化代表會帶來更好的整體業務績效。

Omicron is still a factor in our operations, as you will hear today, but things are getting much better. Just as those impacts begin to add, the war in Ukraine has impacted economies everywhere we operate. We are witnessing a true tragedy. I pray for a swift end to the conflict, to all of the human suffering.

正如您今天將聽到的那樣，Omicron 仍然是我們運營中的一個因素，但情況正在好轉。正如這些影響開始增加一樣，烏克蘭的戰爭已經影響到我們經營的所有地方的經濟。我們正在目睹一場真正的悲劇。我祈禱迅速結束衝突，結束所有人類苦難。

While the war creates challenges for everybody in the near term, it also provides opportunities for major shifts in freight corridors and transportation modes that will enhance Greenbrier's business as the world enters a reordered state.

雖然戰爭在短期內給每個人帶來了挑戰，但它也為貨運走廊和運輸方式的重大轉變提供了機會，隨著世界進入重新排序的狀態，這將增強 Greenbrier 的業務。

History demonstrates the integral role of railroads to support civilian life and economies in a heightened manner during war time. The current war in Europe has created direct pressure on the availability and cost of commodities ranging from minerals to food to fertilizer to crude oil as well as coal and natural gas. Railroads and railway suppliers will help meet the challenge of keeping civilian life and economies functioning during the crisis.

歷史證明了鐵路在戰爭期間以更高的方式支持平民生活和經濟的不可或缺的作用。當前的歐洲戰爭對從礦產到食品、化肥、原油以及煤炭和天然氣等大宗商品的供應和成本造成了直接壓力。鐵路和鐵路供應商將幫助應對在危機期間保持平民生活和經濟運轉的挑戰。

The commodity markets are traditionally leading indicators for expansion in rail freight. Most commodities shipped by rail are experiencing upward pricing pressure from demand constraints due to either sanctions on Russia or reduced production from Russia and in the Ukraine. We expect rising global commodity prices and shifting trade patterns to elevate railcar demand in North America and Brazil and elsewhere in the world.

大宗商品市場歷來是鐵路貨運擴張的領先指標。由於對俄羅斯的製裁或俄羅斯和烏克蘭的減產，大多數通過鐵路運輸的商品正面臨需求限制的價格上漲壓力。我們預計全球大宗商品價格上漲和貿易模式轉變將提升北美、巴西和世界其他地區的鐵路車輛需求。

Already, changing energy policies in North America and Western Europe are creating opportunities for rail transport of oil, ethanol and other products. The impact will be similar in fertilizers and other items needed to produce food.

北美和西歐不斷變化的能源政策已經為石油、乙醇和其他產品的鐵路運輸創造了機會。生產食品所需的肥料和其他物品的影響將是相似的。

Finally, the rising cost of diesel creates a distinct opportunity for modal shift from road to rail. Freight rail is one of the most sustainable and fuel efficient modes of surface transportation. U.S. freight railroads with diesel electric power generation are 3 to 4x more fuel efficient than trucks.

最後，柴油成本的上漲為從公路向鐵路的模式轉變創造了獨特的機會。貨運鐵路是最可持續和最省油的地面運輸方式之一。使用柴油發電的美國貨運鐵路的燃油效率是卡車的 3 到 4 倍。

Think about that for just a moment. 1 ton of freight can be moved by rail almost 500 miles per gallon of fuel. Additionally, moving freight by train instead of trucks reduces greenhouse gas emissions by up to 75% per ton traveled, and it reduces congestion on wear and tear on bridges and highways.

想一想。 1 噸貨物可以通過鐵路運輸每加侖燃料近 500 英里。此外，通過火車而不是卡車運輸貨物，每噸運輸可減少高達 75% 的溫室氣體排放，並減少橋樑和高速公路磨損造成的擁堵。

As more freight shifts to rail, in many cases, this will induce longer railcar dwell [up] times and lowered railroad velocity. In turn, railroad congestion causes the need for more railcars to make railroad service more efficient, notwithstanding the increase in demand we expect in major commodities like fertilizer, foodstuffs and other products.

隨著越來越多的貨物轉移到鐵路上，在許多情況下，這將導致更長的軌道車停留時間並降低鐵路速度。反過來，鐵路擁堵導致需要更多的鐵路車輛來提高鐵路服務的效率，儘管我們預計對主要商品（如化肥、食品和其他產品）的需求會增加。

We recognize the role and responsibility our industry must play in times of crisis and as the geopolitical landscape shifts. The cruel irony in this war in Ukraine is that there will be ultimately beneficiaries. Now we can't choose the exogenous factors that affect our business, but we have almost always have to be ready to meet the challenges and opportunities that come with them. Greenbrier has proven the ability to thrive on adversity and seize opportunities. I'm sure this legacy will continue for years to come under Lorie's leadership.

我們認識到我們的行業在危機時期和地緣政治格局發生變化時必鬚髮揮的作用和責任。這場烏克蘭戰爭的殘酷諷刺是，最終會有受益者。現在我們無法選擇影響我們業務的外生因素，但我們幾乎總是必須準備好迎接隨之而來的挑戰和機遇。 Greenbrier 已證明有能力在逆境中茁壯成長並抓住機遇。我敢肯定，在 Lorie 的領導下，這一遺產將持續多年。

With that, I'll hand the call over to Lorie to discuss our strong performance during the quarter. Lorie?

有了這個，我將把電話交給洛里，討論我們在本季度的強勁表現。洛里？

Thank you, Bill, and good morning, everyone. Before I discuss our results for the quarter, I'd like to express my gratitude to Bill and the rest of the Greenbrier Board for the opportunity to serve as CEO.

謝謝你，比爾，大家早上好。在討論本季度的業績之前，我想對 Bill 和 Greenbrier 董事會的其他成員有機會擔任 CEO 表示感謝。

We have an outstanding team at Greenbrier who works hard and smart every day. While it's difficult to predict the specific opportunities or challenges that may arise, I know the Greenbrier team has the experience, knowledge and tenacity to make the most of any situation with a focus on increasing shareholder value.

我們在 Greenbrier 擁有一支優秀的團隊，他們每天都在努力和聰明地工作。雖然很難預測可能出現的具體機遇或挑戰，但我知道 Greenbrier 團隊擁有豐富的經驗、知識和堅韌的精神，可以充分利用任何情況，並專注於提高股東價值。

Greenbrier posted strong results this second quarter. And while not all of our operating segments performed as expected, our business is highly diverse and, in the aggregate, performed very well.

Greenbrier 在第二季度公佈了強勁的業績。雖然並非我們所有的經營部門都按預期表現，但我們的業務高度多樣化，總體而言表現非常好。

In the quarter, we delivered 4,800 railcar units, a 17% increase from the prior quarter, driven by our core North American market. Our lease fleet utilization increased to 98%, and our leasing team generated robust cash proceeds and gains through regular lease fleet optimization and monetization transactions. Our leasing business is operating ahead of our expectations as we achieve growth at scale.

在我們核心北美市場的推動下，本季度我們交付了 4,800 輛軌道車，比上一季度增長 17%。我們的租賃車隊利用率提高到 98%，我們的租賃團隊通過定期租賃車隊優化和貨幣化交易產生了可觀的現金收益和收益。隨著我們實現規模增長，我們的租賃業務的運營超出了我們的預期。

Our strong quarterly performance was achieved as the Omicron variant of COVID-19 reached peak levels in the United States. Sadly, in February, Charles Wallace, a long-time employee in our Maintenance Services Group, passed away due to COVID. Charles is survived by a son and 4 sisters. We send them our condolences for their loss.

隨著 COVID-19 的 Omicron 變體在美國達到峰值水平，我們實現了強勁的季度業績。可悲的是，2 月，我們維護服務部門的長期員工查爾斯·華萊士因新冠肺炎去世。查爾斯留下一個兒子和四個姐妹。我們對他們的損失表示哀悼。

Further, we experienced significant absentees in the quarter as approximately 12% of our workforce contracted the virus. Recently, the infection rates have declined, and we're hopeful the worst of the pandemic is now behind us.

此外，由於大約 12% 的員工感染了該病毒，本季度我們經歷了大量缺勤。最近，感染率有所下降，我們希望疫情最嚴重的時期已經過去。

Our Manufacturing gross margin percentage was below our expectations in the quarter, impacted by supply chain and labor issues. Our global sourcing team continues to do an exceptional job of mitigating severe disruptions to support increasing production rates and simultaneously minimizing production delays. We have avoided any line shutdowns across our network due to material availability.

受供應鍊和勞動力問題的影響，本季度我們的製造業毛利率低於我們的預期。我們的全球採購團隊繼續出色地緩解嚴重中斷，以支持提高生產率並同時最大限度地減少生產延誤。由於材料可用性，我們避免了整個網絡的任何生產線關閉。

Additional expenses were incurred in connection with sourcing spot materials and expediting delivery. Operating momentum is increasing, and we expect improved performance in the coming quarters due to improved pricing and overhead absorption on higher production.

在採購現貨材料和加快交貨方面產生了額外費用。經營勢頭正在增強，我們預計未來幾個季度的業績將有所改善，因為定價和間接費用吸收提高了產量。

In Europe, the situation is fluid. The period leading up to and the subsequent war in Ukraine have created a highly disruptive environment for many European manufacturers. Our operations have been impacted by rapidly rising energy costs and now finished steel and components in our supply chain.

在歐洲，情況是不穩定的。烏克蘭戰爭之前的時期和隨後的戰爭為許多歐洲製造商創造了一個極具破壞性的環境。我們的運營受到能源成本快速上漲的影響，現在我們供應鏈中的成品鋼材和組件。

Ukraine and Russia are among the biggest suppliers of iron ore, finished steel and wheel sets to European [line] and builders. As Bill mentioned, railroads are integral to supporting the economy during wartime. Our management team is working together with our customers and suppliers to maintain production and ensure the best outcomes for all parties.

烏克蘭和俄羅斯是向歐洲 [生產線] 和建築商提供鐵礦石、成品鋼和輪組的最大供應商之一。正如比爾所提到的，鐵路是戰時支持經濟不可或缺的一部分。我們的管理團隊正在與我們的客戶和供應商合作，以維持生產並確保各方獲得最佳結果。

Our maintenance service business continued to be impacted by higher material costs and labor shortages during the quarter with the Omicron variant having an outsized impact on the network of smaller workforces. We are beginning to see improving financial results on the action plan implemented to mitigate these headwinds in Q1. We expect to sustain our momentum in the second half of the year as we remain focused on executing our plans while also looking for additional opportunities to reduce cost and improve margins.

我們的維護服務業務在本季度繼續受到更高的材料成本和勞動力短缺的影響，Omicron 變體對較小的勞動力網絡產生了巨大的影響。我們開始看到在第一季度為緩解這些不利因素而實施的行動計劃的財務業績有所改善。我們希望在下半年保持我們的勢頭，因為我們將繼續專注於執行我們的計劃，同時也在尋找額外的機會來降低成本和提高利潤率。

Our Leasing and Management Services Group had another strong quarter driven by increased fleet utilization and regular asset optimization and monetization transactions. Our owned fleet has grown by over 25% from the end of fiscal 2021 to around 11,000 units. And in addition to managing our leased fleet, our Management Services, or GMS group, continues to provide creative railcar solutions for over 25% of the North American rail freight fleet.

我們的租賃和管理服務集團在車隊利用率提高以及定期資產優化和貨幣化交易的推動下又迎來了強勁的季度。自 2021 財年末以來，我們擁有的機隊增長了 25% 以上，達到約 11,000 輛。除了管理我們的租賃車隊外，我們的管理服務或 GMS 集團還繼續為超過 25% 的北美鐵路貨運車隊提供創新的軌道車解決方案。

Within GMS, we're launching an initiative to redevelop the service platform used to manage equipment and data. One of the goals with this important initiative is to ensure scalable support for our leasing and syndication business as well as our external customers as we continue to execute on our leasing strategy.

在 GMS 內部，我們正在發起一項計劃，以重新開髮用於管理設備和數據的服務平台。這一重要舉措的目標之一是確保在我們繼續執行我們的租賃戰略時，為我們的租賃和銀團業務以及我們的外部客戶提供可擴展的支持。

Looking ahead, we see strong operating momentum continuing throughout fiscal 2022 and beyond. We've been able to maintain our market-leading positions through disciplined execution and by maintaining our strong liquidity position. These were hallmarks of our management team's plans at the start of the pandemic, and they continue to serve us well.

展望未來，我們看到整個 2022 財年及以後繼續保持強勁的運營勢頭。通過嚴格執行和保持強大的流動性頭寸，我們能夠保持我們的市場領先地位。這些是我們管理團隊在大流行開始時計劃的標誌，它們繼續為我們提供良好的服務。

There is no doubt that the market backdrop will remain dynamic, particularly with the war in Europe. Inflation, supply chain issues and the continuing human impact of the pandemic will persist for some time. We are managing the business accordingly and maintain our optimistic market outlook. We expect our operating metrics to continue to improve as we move through the next several quarters and beyond.

毫無疑問，市場背景將保持活躍，尤其是在歐洲戰爭的背景下。通貨膨脹、供應鏈問題和大流行對人類的持續影響將持續一段時間。我們正在相應地管理業務並保持我們樂觀的市場前景。隨著我們在接下來的幾個季度及以後的發展，我們預計我們的運營指標將繼續改善。

As we've said before, the market recoveries won't follow a straight line, and there will be challenges along the way. We're managing our business to get ahead of these challenges wherever we can to continue to provide solutions to our customers and ultimately deliver value to our shareholders. As I said before, our leadership team has the experience, knowledge and tenacity to make the most of any situation.

正如我們之前所說，市場復甦不會走直線，一路上都會遇到挑戰。我們正在管理我們的業務，以盡可能地應對這些挑戰，繼續為我們的客戶提供解決方案並最終為我們的股東創造價值。正如我之前所說，我們的領導團隊擁有充分利用任何情況的經驗、知識和毅力。

And with that, I'll hand the call over to Brian Comstock to provide an update on current railcar demand environment and our leasing activity.

有了這個，我將把電話轉給 Brian Comstock，以提供有關當前軌道車需求環境和我們的租賃活動的最新信息。

Thanks, Lorie, and good morning, everyone. Greenbrier secured new railcar orders of 8,500 units valued at $930 million. With deliveries of 4,800 units in the quarter, the book-to-bill increased to 1.8x. Orders through the first half of the year are already over 85% of fiscal 2021 activity. New railcar backlog of 32,100 units has a market value of $3.6 billion and provides multiyear visibility. This is Greenbrier's largest backlog in 6 years.

謝謝，洛里，大家早上好。 Greenbrier 獲得了價值 9.3 億美元的 8,500 輛新軌道車訂單。本季度交付量為 4,800 台，訂單發貨率提高到 1.8 倍。今年上半年的訂單已經超過 2021 財年活動的 85%。新的 32,100 輛鐵路車輛積壓的市場價值為 36 億美元，並提供多年的知名度。這是Greenbrier 6 年來最大的積壓訂單。

Historically, when our backlog reaches this level, it includes several multiyear orders. In this case, there are a few multiyear orders which illustrates the strength of the overall demand environment.

從歷史上看，當我們的積壓達到這個水平時，它包括幾個多年的訂單。在這種情況下，有一些多年訂單說明了整體需求環境的強度。

From an operations perspective, this means that a greater portion of our backlog is scheduled to enter production in the short term and translate to revenue sooner. Also, as production space becomes more valuable, we expect multiyear orders to follow, and pricing could continue improvement.

從運營的角度來看，這意味著我們的大部分積壓訂單將在短期內投入生產並更快地轉化為收入。此外，隨著生產空間變得更有價值，我們預計多年訂單將隨之而來，並且定價可能會繼續提高。

As a reminder, our new railcar backlog does not reflect 3,200 units valued at $180 million that are part of Greenbrier's refurbishment program. Because of the large scale and nature of this activity, this work occurs at our manufacturing facility that absorbs production capacity while contributing to overhead absorption. Our refurbishment program is an important part of ensuring rail remains the most environmentally friendly mode of surface transport. I'm excited about this growing partnership with our customers to sustainably repurpose North America's aging railcar fleet.

提醒一下，我們新的軌道車積壓並未反映作為 Greenbrier 翻新計劃一部分的價值 1.8 億美元的 3,200 個單位。由於這項活動的規模和性質，這項工作發生在我們的製造工廠，該工廠吸收了生產能力，同時有助於吸收間接費用。我們的翻新計劃是確保鐵路仍然是最環保的地面交通方式的重要組成部分。我很高興與我們的客戶建立這種不斷增長的合作夥伴關係，以可持續地重新利用北美老化的鐵路車隊。

Turning to leasing. Fleet utilization ended the quarter at 98%. Lease pricing and terms continue to improve sequentially, and we are seeing strong demand for new and used leased equipment. As part of our enhanced leasing strategy, GBX Leasing closed our inaugural asset-backed securitization by using -- by issuing $323 million in investment-grade-rated notes with a blended coupon rate of 2.9% and an anticipated repayment date of January 2029.

轉向租賃。本季度末機隊利用率為 98%。租賃價格和條款繼續改善，我們看到對新舊租賃設備的強勁需求。作為我們增強租賃戰略的一部分，GBX Leasing 通過發行 3.23 億美元的投資級票據，混合票面利率為 2.9%，預計還款日期為 2029 年 1 月，從而結束了我們的首次資產支持證券化。

Our capital markets team executed well this quarter and syndicated 1,400 units, the highest level of activity in nearly 2 years. Syndication is an important source of liquidity and profitability, and we expect to continue strong syndication activity in the second half of the year.

我們的資本市場團隊本季度表現良好，聯合發行了 1,400 個單位，這是近 2 年來的最高水平。銀團是流動性和盈利能力的重要來源，我們預計下半年將繼續強勁的銀團活動。

As many of you know, syndication and asset disposition are important activities for leasing that will continue well into the future. Looking ahead, I remain optimistic about the momentum that has been building, especially in light of the strong demand environment in North America.

正如你們許多人所知，聯合和資產處置是租賃的重要活動，並將持續到未來。展望未來，我對正在形成的勢頭保持樂觀，尤其是考慮到北美強勁的需求環境。

Greenbrier is well-positioned for a period of strong growth. I believe the combination of market forces, the ability of our focused and management -- and experienced management team to capitalize on them will deliver results in its early phase of this railcar cycle, which is substantially better than we've seen in previous cycles.

Greenbrier 處於強勁增長時期的有利位置。我相信市場力量、我們專注和管理的能力以及經驗豐富的管理團隊利用它們的結合將在這個軌道車週期的早期階段取得成果，這比我們在之前的周期中看到的要好得多。

With that, I'll turn it over to Adrian to provide more color on our Q2 financial performance.

有了這個，我將把它交給阿德里安，為我們的第二季度財務業績提供更多色彩。

Thank you, Brian, and good morning, everyone. Quarterly financial information is available in the press release and supplemental slides on our website.

謝謝你，Brian，大家早上好。季度財務信息可在我們網站上的新聞稿和補充幻燈片中找到。

Today, I will discuss highlights from the quarter, and we're also affirming guidance for fiscal year 2022. Second quarter highlights include revenue of $683 million, deliveries of 4,800 units, which includes 400 units from our unconsolidated joint venture in Brazil. Aggregate gross margins of 8% reflects continued effects from ramping of new railcar production, the impact of the Omicron variant, mitigation of supply chain, labor shortages and an additional warranty accrual for certain older railcars.

今天，我將討論本季度的亮點，我們還將確認 2022 財年的指導。第二季度的亮點包括收入 6.83 億美元，交付 4,800 台，其中包括來自我們在巴西的未合併合資企業的 400 台。 8% 的總毛利率反映了新軌道車產量增加、Omicron 變體的影響、供應鏈緩解、勞動力短缺以及某些舊軌道車的額外保修應計的持續影響。

Selling and administrative expense of about $55 million was higher sequentially, reflecting increased employee-related costs, consulting, travel and legal expense from higher levels of business activity. Net gain on disposition of equipment was $25 million. This activity was part of our ongoing optimization and monetization of our leasing portfolio.

銷售和管理費用環比增加約 5500 萬美元，這反映了更高水平的業務活動導致與員工相關的成本、諮詢、差旅和法律費用增加。設備處置的淨收益為 2500 萬美元。這項活動是我們對租賃組合進行持續優化和貨幣化的一部分。

Noncontrolling interest provides a benefit of $1.6 million, primarily resulting from the impact of line changeovers and production ramping at our Mexico joint venture. This improved sequentially, and we expect our Mexican JV to be profitable in the second half of the year.

非控股權益提供了 160 萬美元的收益，主要是由於我們墨西哥合資企業的生產線轉換和產量增加的影響。這種情況連續改善，我們預計我們的墨西哥合資企業將在下半年實現盈利。

Net earnings attributable to Greenbrier of approximately $13 million or $0.38 per diluted share and EBITDA of about $52 million or 7.6% of revenue. In the quarter, we recognized $2.1 million of gross costs, specifically related to COVID-19 employee and facility safety. This expense increased almost 75% sequentially and was our highest level in the last 12 months.

歸屬於 Greenbrier 的淨收益約為 1300 萬美元或稀釋後每股收益 0.38 美元，EBITDA 約為 5200 萬美元或收入的 7.6%。在本季度，我們確認了 210 萬美元的總成本，特別是與 COVID-19 員工和設施安全相關的成本。該費用環比增長近 75%，是我們過去 12 個月的最高水平。

Greenbrier's liquidity increased to $804 million at the end of Q2, consisting of cash of $587 million and available borrowings of $217 million. Because of the strength of our balance sheet, we're well-positioned to navigate any market dynamics. We expect to receive a large portion of our $106 million tax receivable in fiscal Q4, reflecting delays in processing with the IRS. This refund will be in addition to Greenbrier's available cash and borrowing capacity.

Greenbrier 的流動性在第二季度末增加到 8.04 億美元，其中包括 5.87 億美元的現金和 2.17 億美元的可用借款。由於我們的資產負債表實力雄厚，我們能夠很好地駕馭任何市場動態。我們預計將在第四財季收到我們 1.06 億美元應收稅款中的很大一部分，這反映了 IRS 處理的延遲。這筆退款將不計入 Greenbrier 的可用現金和借貸能力。

In the quarter and shortly after the quarter, Greenbrier entered additional interest rate swaps to fix long-term floating rate debt for the next several years, reducing the risk of increasing interest expense and a rising interest rate environment.

在本季度和本季度後不久，Greenbrier 進入了額外的利率掉期以固定未來幾年的長期浮動利率債務，從而降低了利息支出增加和利率環境上升的風險。

At the end of second quarter, effectively all of our outstanding leasing debt was at fixed interest rates and approximately 90% of our corporate non-leasing long-term debt was fixed. Together with executing on over $2 billion of new and refinanced borrowing facilities over the past year, including the ABS lease financing completed in Q2, this positions Greenbrier quite well as we move forward.

在第二季度末，我們所有的未償租賃債務實際上都是固定利率，我們大約 90% 的公司非租賃長期債務是固定的。加上在過去一年中執行了超過 20 億美元的新借貸和再融資借貸，包括在第二季度完成的 ABS 租賃融資，這使 Greenbrier 在我們前進的過程中處於非常有利的地位。

On March 31, Greenbrier's Board of Directors declared a dividend of $0.27 per share, our 32nd consecutive dividend. Based on yesterday's closing price, our annual dividend represents a dividend yield of approximately 2.3%. Since reinstating the dividend in 2014, Greenbrier's returned nearly $380 million of capital to shareholders through dividends and share repurchases.

3 月 31 日，Greenbrier 董事會宣布派發每股 0.27 美元的股息，這是我們連續第 32 次派發股息。根據昨天的收盤價，我們的年度股息相當於約 2.3% 的股息收益率。自 2014 年恢復派息以來，Greenbrier's 通過派息和股票回購向股東返還了近 3.8 億美元的資本。

Based on current business trends and production schedules, we're affirming Greenbrier's fiscal year 2022 outlook to reflect the following: deliveries of 17,500 to 19,500 units, which includes approximately 1,500 units from Greenbrier-Maxion in Brazil.

根據當前的業務趨勢和生產計劃，我們確認 Greenbrier 的 2022 財年展望以反映以下內容：交付 17,500 至 19,500 台，其中包括來自巴西 Greenbrier-Maxion 的約 1,500 台。

As a reminder, in fiscal 2022, approximately 1,400 units are expected to be built and capitalized into our lease fleet. These units are not reflected in the delivery guidance provided. We consider a railcar delivered when it leaves Greenbrier's balance sheet and is owned by an external third party.

提醒一下，在 2022 財年，預計將建造約 1,400 個單位並將其資本化到我們的租賃車隊中。這些單位未反映在提供的交付指南中。我們認為軌道車在離開 Greenbrier 的資產負債表並由外部第三方擁有時交付。

Selling and administrative expense guidance is unchanged and expected to be approximately $200 million to $210 million, gross capital expenditures of approximately $275 million in Leasing and management services, $55 million in Manufacturing and $10 million in maintenance services. Net of proceeds from equipment sales of $150 million, leasing CapEx is expected to be $125 million. Gross margin percent is expected to increase sequentially in Q3 and Q4 with Q4 margins between low double digits and low teens.

銷售和管理費用指導保持不變，預計約為 2 億美元至 2.1 億美元，租賃和管理服務的總資本支出約為 2.75 億美元，製造費用為 5500 萬美元，維護服務費用為 1000 萬美元。扣除設備銷售收入 1.5 億美元後，租賃資本支出預計為 1.25 億美元。毛利率百分比預計將在第三季度和第四季度連續增長，第四季度的利潤率在低兩位數和低青少年之間。

To close, I will add that I shared with you expressed by my colleagues earlier, specifically, Greenbrier will successfully navigate the challenges we face in the second half of the fiscal year. Greenbrier's highest backlog in more than half a decade, ample liquidity and a strong balance sheet makes this possible. Despite the lingering effects of a multiyear pandemic and the impacts of war on a stressed global supply chain, we're better positioned than at any point in time to achieve our ambitious goals.

最後，我要補充一點，我早些時候與您分享了我的同事表達的，具體來說，Greenbrier 將成功應對我們在本財年下半年面臨的挑戰。 Greenbrier 五年多以來的最高積壓、充足的流動性和強大的資產負債表使這成為可能。儘管多年流行病的揮之不去的影響以及戰爭對壓力重重的全球供應鏈的影響，我們比任何時候都更有能力實現我們雄心勃勃的目標。

And now we will open it up for questions.

現在我們將開放它以供提問。

(Operator Instructions) and the first question will come from Justin Long with Stephens.

（操作員說明）第一個問題將來自 Justin Long 和 Stephens。

I wanted to start with a question on Manufacturing gross margins, and I was curious if you could give any color on how that metric is progressing on a monthly basis, even into the month of March, if that's possible? I'm guessing you started the quarter at a lower point than where you're running right now. So just wanted to get a sense for that ramp and then any updated thoughts specifically around Manufacturing gross margins in the back half.

我想從一個關於製造業毛利率的問題開始，我很好奇您是否可以就該指標每月的進展情況提供任何顏色，甚至到 3 月份，如果可能的話？我猜你在本季度開始時的起點比你現在的起點低。所以只是想了解一下這個斜坡，然後是關於後半部分製造業毛利率的任何更新想法。

Sure, Justin. This is Lorie. I would say that we're -- it's kind of interesting to think about now we're going from quarterly projections to monthly projections, but we are seeing continued momentum month to month as we build on the momentum that we've achieved in Manufacturing. As we worked through older orders, we bring our workforce back. They get into that steady groove of building at higher rates. So we are seeing that progression, and we expect that to continue through the year.

當然，賈斯汀。這是洛里。我會說我們 - 現在想想我們從季度預測到月度預測有點有趣，但是隨著我們在製造業取得的勢頭的基礎上，我們每個月都看到持續的勢頭.當我們處理舊訂單時，我們會帶回我們的員工隊伍。他們以更高的速度進入了穩定的建設軌道。因此，我們看到了這種進展，我們預計這種情況將持續到今年。

Yes. Justin, this is Brian as well. Just to add to what Lorie said is, also keep in mind that Q2 was kind of a period where most of our ramp-ups were in process as well. So a lot of those -- we just visited the plants last week with some of our Board members, and a lot of those ramp-ups are now well underway, and so the efficiency should kick in as well.

是的。賈斯汀，這也是布賴恩。只是為了補充 Lorie 所說的，還要記住，第二季度是我們大部分產能提升的時期。所以其中很多——我們上周剛剛和我們的一些董事會成員一起參觀了工廠，很多這些產能提升現在都在順利進行，因此效率也應該開始發揮作用。

Okay. Got it. And secondly, maybe just a quick one for Adrian. Curious what you're expecting for gains on sale in the back half given the number we just saw in the second quarter.

好的。知道了。其次，也許對阿德里安來說只是一個快速的。考慮到我們剛剛在第二季度看到的數字，您對後半部分的銷售收益感到好奇。

And then, Lorie, I know you're new to the role. We're about a month in but would love to get your thoughts on strategic priorities for the business. There are a lot of moving pieces with the geopolitical events with questions about the freight cycle. How are you thinking about the best company-specific opportunities for Greenbrier going forward?

然後，洛里，我知道你是這個角色的新手。我們大約有一個月的時間，但很想了解您對業務戰略重點的看法。地緣政治事件中有很多關於貨運週期的問題。您如何看待 Greenbrier 未來的最佳公司特定機會？

It's a great question. We've been talking a lot about that, Justin. As Bill mentioned in his remarks, while no one would wish for war, certainly, the things that are going on in the Ukraine and Russia are going to be tremendous opportunities for transportation of bulk commodities by rail. That's going to not only be beneficial, we believe, in Europe but also in North America. We were fortunate enough to be with a bunch of shippers a few weeks ago, talking to them exactly about what they're transporting and how they're dealing with the situation. And while it's difficult to predict exactly how those transportation lanes are going to change, everything seems to come back to it should improve transport of goods on the rail. So that's going to be fertilizers. It's going to be grains. It's going to be crushed rock. It's going to be petroleum products. It's across the board that we're going to see that sort of pickup.

這是一個很好的問題。賈斯汀，我們一直在談論這個。正如比爾在講話中提到的那樣，雖然沒有人希望發生戰爭，但烏克蘭和俄羅斯正在發生的事情無疑將為鐵路運輸大宗商品提供巨大機會。我們相信，這不僅對歐洲有利，而且對北美也有利。幾週前，我們有幸與一群托運人一起，與他們確切地談論他們正在運輸的物品以及他們如何處理這種情況。雖然很難準確預測這些運輸路線將如何變化，但一切似乎都回到了它應該改善鐵路貨物運輸的狀態。所以這將是肥料。這將是穀物。會變成碎石。這將是石油產品。我們將全面看到這種回升。

And while the railroads themselves can be very efficient, sometimes these increases in traffic, it takes a little bit of time for them to catch up, which tends to drive demand for more railcars. So there are good things that can come out of war. We believe that our industry is one that will benefit.

雖然鐵路本身可以非常高效，但有時會增加交通量，它們需要一點時間才能趕上，這往往會推動對更多鐵路車輛的需求。因此，戰爭可以帶來美好的事物。我們相信，我們的行業將會受益。

And I'll turn it over to Adrian to answer your first question. Sorry for jumping in.

我會把它交給 Adrian 來回答你的第一個問題。不好意思跳進去了。

Yes, and thanks for the question. We're not going to give specific guidance on gains on sale. We'll be looking at that based on the markets. So I think it's a little early to tell.

是的，謝謝你的提問。我們不會就銷售收益提供具體指導。我們將根據市場來研究這一點。所以我認為現在說還為時過早。

The next question will come from Bascome Majors with Susquehanna.

下一個問題將來自 Bascome Majors 和 Susquehanna。

Yes, Adrian, you talked about getting the margins up in the fourth quarter to low double-digit/low-teens range. Can you clarify if that was a consolidated comment or a Manufacturing comment? And if that was consolidated, what's the Manufacturing assumption that's underlying that?

是的，阿德里安，你談到了在第四季度將利潤率提高到兩位數/低青少年的範圍。您能否澄清這是綜合評論還是製造評論？如果將其合併，那麼基於此的製造業假設是什麼？

Yes. I was talking about consolidated margins. And as you might imagine, we would expect a strong improvement in Manufacturing to drive that.

是的。我說的是綜合利潤率。正如您可能想像的那樣，我們預計製造業的強勁改進將推動這一點。

Okay. And going back to the January call on some of the intraquarter comments, I believe you said that you think the business gets to the upper teens, maybe even back into the 20s over time, at least on the Manufacturing margin. Can you talk a little bit about do you still have line of sight into that? And what needs to happen to unlock that potential that we've seen from before?

好的。回到 1 月份關於一些季度內評論的電話會議，我相信您說過您認為該業務已經達到了十幾歲，甚至可能隨著時間的推移回到 20 多歲，至少在製造利潤率上。你能談談你仍然有視線嗎？需要做什麼才能釋放我們以前看到的潛力？

And Bascome, I'll take that because I think I'm the one that was saying that because I think I was seeing -- really trying to look forward if we were to see sustained demand in the 50,000, 55,000 railcars per year basis here in North America. And if we were able to enjoy that sort of sustained demand, we would expect our Manufacturing margins to get that. Right now, I think it's a little bit too early to say exactly when that might occur, but I know based on what I've seen out of our Manufacturing operations as well as our other business units, that is definitely achievable.

Bascome，我會接受這一點，因為我認為我是這麼說的人，因為我認為我看到了——如果我們看到這裡每年 50,000、55,000 輛軌道車的持續需求，我真的很努力向前看在北美。如果我們能夠享受這種持續的需求，我們希望我們的製造利潤率能夠實現這一目標。現在，我認為現在說確切的時間還為時過早，但根據我從我們的製造業務和其他業務部門看到的情況，我知道這絕對是可以實現的。

Yes, I would say -- this is William, I just chime in as well as one of the key metrics that we really look at as well aside from larger percentage -- margin percentage is important as everybody knows. But end of the day, it's really about margin dollars per day. And so if you think about the additional volume that we have going through the facilities and the margin dollars that we'll be creating, that's really what we're focused on right now. And we see substantial increase in the margin dollars coming out of the operating units.

是的，我會說——這是威廉，我只是插話，也是我們真正關注的關鍵指標之一，除了更大的百分比——眾所周知，保證金百分比很重要。但歸根結底，這實際上是關於每天的保證金美元。因此，如果您考慮一下我們通過這些設施獲得的額外數量以及我們將創造的利潤，這就是我們現在真正關注的問題。我們看到來自運營部門的利潤大幅增加。

The next question will come from Allison Poliniak with Wells Fargo.

下一個問題將來自富國銀行的 Allison Poliniak。

Just want to go back to Omicron. It sounds like a pretty significant headwind for you guys with 12% of your workforce out. I guess, one, can you quantify the impact to margin that you think came from that? And I would say along with that, you had talked about, I think, reaching 21 lines running in -- by Q3. Did that delay any of those start-ups for you guys?

只想回到Omicron。對於有 12% 的員工離職的你們來說，這聽起來是一個相當大的逆風。我想，一，你能量化你認為由此產生的對利潤率的影響嗎？我要說的是，你已經談到，我認為，到第三季度達到 21 條生產線。這是否耽誤了你們這些初創企業？

Allison, this is Justin. That's a great question. So Adrian spoke to direct costs that we incurred of about $2.1 million, and those are what are readily measurable or identifiable. The underlying -- as you illustrated, the underlying impact of the ramp-up is very hard to identify. It definitely impacted our plans and our ability to bring people back effectively, and it did slow things down modestly. But it's really challenging to figure out based on what we were thinking, how much is driven by just normal ramping activity versus people in and out. And when you think about 1,500 or 1,700 employees out in kind of a 4- to 6-week period, it's a pretty material impact in the quarter.

艾莉森，這是賈斯汀。這是一個很好的問題。因此，Adrian 談到了我們產生的大約 210 萬美元的直接成本，這些都是容易衡量或識別的。潛在的——正如你所說明的，增長的潛在影響很難確定。它肯定影響了我們的計劃和我們有效地讓人們回來的能力，它確實適度地放慢了速度。但是，根據我們的想法來弄清楚，有多少是由正常的爬坡活動與進出的人驅動的，這確實具有挑戰性。當您考慮在 4 到 6 週的時間內有 1,500 或 1,700 名員工離職時，這對本季度產生了相當大的影響。

Understood. Understood. And then are you guys at the 21 now line start-up -- lines going at this point as (inaudible) to Q3? Or are we a little less and still getting some impact from those costs?

明白了。明白了。那麼你們現在是第 21 條線路的啟動線路嗎？此時線路（聽不清）到第三季度？還是我們少了一點，仍然從這些成本中得到一些影響？

We're actually north of that at this point and still have some -- all of the lines are active that we have brought back, and then it's a matter of continuing to increase the rates.

我們實際上在這一點上以北並且仍然有一些 - 我們帶回的所有線路都是活躍的，然後是繼續提高費率的問題。

I just interject something, Allison. I think Brian could speak to the operating momentum in the numbers of cars per day. As Lorie said, we were just down in our facilities in Mexico around to ARI. The volume is going to drive margin, and you can talk anecdotally at least about the number of cars. It's increasing every (inaudible).

我只是插話，艾莉森。我認為布賴恩可以說明每天汽車數量的運營勢頭。正如 Lorie 所說，我們剛剛在墨西哥的設施中到 ARI 附近。銷量將推動利潤增長，你至少可以談一談汽車的數量。它每增加一個（聽不清）。

Yes. As Justin said, we're north of 21 lines at this point. We have -- all of the transitions are well underway, and we see that we'll be increasing production somewhere in the neighborhood of between 90 to 110 cars per day once we get our full stride here this quarter.

是的。正如賈斯汀所說，我們目前在 21 條線路以北。我們已經 - 所有的過渡都在順利進行，我們看到一旦我們在本季度全力以赴，我們將在每天 90 到 110 輛汽車附近的某個地方增加產量。

Great. And then last question from me. Any color on percent of backlog that is expected to produce for the balance of the year? Orders were strong. I'm assuming, are they sort of this year production? Or are they getting pushed into '23 for you guys?

偉大的。然後是我的最後一個問題。預計將在今年餘下時間產生的積壓百分比有什麼顏色嗎？訂單強勁。我在假設，它們是今年生產的嗎？還是他們被你們推到了 23 年？

Yes. We have -- this year's production is full time again. And we are working well into our fiscal 2023 at this point. I don't have those figures in front of me, but a great deal of backlog. We'll continue our momentum into Q1, Q2, and we're even talking to customers about production in late 2023 and 2024 at this stage.

是的。我們有 - 今年的生產再次全面。目前，我們在 2023 財年的工作進展順利。我面前沒有這些數字，而是大量積壓。我們將在第一季度和第二季度繼續保持勢頭，我們甚至在這個階段與客戶討論 2023 年末和 2024 年的生產。

The next question will come from Matt Elkott with Cowen.

下一個問題將來自 Matt Elkott 和 Cowen。

My question is on the kind of order momentum past the second fiscal quarter. Can you maybe talk about how things have been in March and so far in April? And can we expect this level of order that you had in the second quarter to continue for the next few quarters?

我的問題是關於第二財季過後的訂單勢頭。您能否談談 3 月和 4 月到目前為止的情況？我們能否期望您在第二季度獲得的這種訂單水平會在接下來的幾個季度中持續下去？

Yes. This is Brian again. And at the end of the day, the pipeline continues to be very, very strong. Order activity is still robust. We've seen good activity already this quarter kind of on the lines of what we've seen over the last 3 quarters. And so we don't see anything that has stopped momentum at this stage. In fact, if anything, we're seeing maybe more and more reaction to customers not being able to get immediate space. So that is propelling them to get their orders in the queue.

是的。這又是布賴恩。歸根結底，管道仍然非常非常強大。訂單活動依然強勁。我們在本季度已經看到了與過去 3 個季度一樣的良好活動。因此，我們沒有看到任何在現階段阻止勢頭的東西。事實上，如果有的話，我們可能會看到越來越多的客戶對無法獲得即時空間的反應。因此，這促使他們在隊列中獲得訂單。

And Brian, the customers that are trying to get immediate space, what types of cars are they looking for?

而布萊恩，那些試圖獲得即時空間的客戶，他們正在尋找什麼類型的汽車？

It is -- I've said this I think the last couple of calls, and I maintained it, it is extremely diverse. It is everything from woodchip cars to EEG cars to commodities of all sorts to upstream and downstream chemicals. It is truly a very, very diverse pipeline and demand.

它是——我已經說過了，我認為最近幾次電話會議，我堅持認為，它非常多樣化。從木片汽車到 EEG 汽車，再到各種商品，再到上游和下游化學品，無所不包。這確實是一個非常非常多樣化的管道和需求。

Got it. No, I mean, in a way, I guess that's -- it's good to have this diversity into the order book, but I guess maybe the flip side of that, is that going to be one of the reasons why you may not be able to achieve optimal gross margins is because, historically, all cycles have been driven by 1 or 2 types of cars, and then you can adjust your production lines to that. And now you have to do more shifting, and you have to have -- does that involve more costs that would limit the gross margin potential?

知道了。不，我的意思是，在某種程度上，我想那是 - 將這種多樣性納入訂單簿是件好事，但我想這可能是另一面，這將是你可能無法做到的原因之一實現最佳毛利率是因為，從歷史上看，所有周期都由 1 或 2 種類型的汽車驅動，然後您可以調整您的生產線。現在你必須做更多的轉變，而且你必須——這是否會涉及更多的成本，從而限制毛利率的潛力？

I think that's a good question and a good observation, Matt. It is prior peaks or prior periods where we were focused on any particular car type. So for example, crude by rail allowed us to really concentrate production in a certain way while having a broader-based demand will be a blending of gross margins across a variety of car types. As Brian was talking about, we are focused on margin dollars versus percentages and, across the time, since we were in the crude by rail, we've improved our Manufacturing production processes that I still think would allow us to achieve higher margins than we've achieved in the past when we've had broad-based demand.

我認為這是一個很好的問題和很好的觀察，馬特。這是我們專注於任何特定車型的之前的高峰期或之前的時期。因此，例如，通過鐵路運輸原油使我們能夠以某種方式真正集中生產，同時擁有更廣泛的需求將是各種汽車類型的毛利率的混合。正如布賴恩所說，我們關注的是利潤率與百分比的關係，並且在整個時間裡，由於我們是通過鐵路運輸原油，我們已經改進了我們的製造生產流程，我仍然認為這將使我們獲得比我們更高的利潤率'過去當我們有廣泛的需求時就已經實現了。

I'd like to add -- Bill Furman. I'd like to add something on the Manufacturing side. We really have streamline our processes. The acquisition of ARI was very useful in sharing best practices in North America with our Mexican operation, and the length of the runs on each of these specialty car types, we have a luxury of the plant capacity to build long runs of similar car types.

我想補充一下——比爾·弗曼。我想在製造方面添加一些內容。我們確實簡化了我們的流程。收購 ARI 在與我們的墨西哥業務分享北美最佳實踐方面非常有用，而且每種特種車型的運行時間長，我們擁有豪華的工廠能力，可以長期生產類似車型。

Lastly, on that score, we have created the ability to reduce changeovers between materially different car types on a single line down to just a few days, which used to take weeks. So I don't see that myself in the Manufacturing side of the business, which I continue to be deeply involved with. I don't see that as a big impediment to bigger margins.

最後，在這一點上，我們創造了將一條生產線中不同車型之間的轉換時間縮短到幾天的能力，而這過去需要數週時間。所以我看不到自己在業務的製造方面，我繼續深入參與。我不認為這是更大利潤的一大障礙。

Volume drives margins. As you know, Matt, the more volume you have through facilities, the better you can be, but we're capable of dealing with the smaller quantities quite efficiently at this point after the last 5 years of improvement.

銷量驅動利潤率。如您所知，馬特，您通過設施擁有的數量越多，您就越好，但在過去 5 年的改進之後，我們現在能夠非常有效地處理較小的數量。

Got it. And just one final question for you or Lorie or Brian. On the AutoMax set, can you tell us if you have a material number of those in your backlog? Are they at any kind of risk because of the chip shortage? And then the flip side of that question is, when we eventually do have a -- the pent-up production cycle for autos, does the industry have enough AutoMax to handle a potential surge in auto production once the chip shortage eases?

知道了。最後一個問題要問你、Lorie 或 Brian。關於 AutoMax 集，你能告訴我們你的積壓中是否有這些材料的數量嗎？他們是否因為芯片短缺而面臨任何風險？然後這個問題的另一面是，當我們最終確實有一個被壓抑的汽車生產週期時，一旦芯片短缺緩解，該行業是否有足夠的 AutoMax 來應對汽車生產的潛在激增？

Yes, this is Brian. It's a great question. It's something I'm really personally focused on. To answer the first question is, we don't have a significant number of auto in backlog relative to our total backlog. We do have auto in backlog, however. The chip shortage, though, really shouldn't impact any of those orders as well as just the momentum in that industry.

是的，這是布賴恩。這是一個很好的問題。這是我個人非常關注的事情。回答第一個問題是，相對於我們的總積壓，我們沒有大量的汽車積壓。但是，我們確實有積壓的汽車。不過，芯片短缺確實不應該影響這些訂單中的任何一個，而只會影響該行業的發展勢頭。

The -- with velocity where it is today with the railroads, the AutoMax fleet, the bilevel fleet in particular, is oversubscribed at this point. So they're already short assets without the chip dynamic solving itself. Once the chip dynamic solves itself and OEMs start to ramp up production, there is going to be some fairly sizable demand for AutoMax production. I believe there is enough capacity in the industry to fulfill that demand and that need, but there's also a shift to the high-band market as well, which will also put pressure on the railroads and on manufacturing. So I see this as a good long-term sustainable opportunity for our industry, quite frankly. And it's really good that it's been delayed.

- 以今天的鐵路速度，AutoMax 車隊，特別是雙層車隊，在這一點上被超額認購。因此，如果沒有芯片動態解決方案本身，它們已經是空頭資產。一旦芯片動態自行解決並且 OEM 開始提高產量，對 AutoMax 生產的需求將會相當可觀。我相信該行業有足夠的產能來滿足這種需求，但也有向高頻段市場的轉變，這也將對鐵路和製造業造成壓力。因此，坦率地說，我認為這對我們的行業來說是一個很好的長期可持續發展機會。延遲真的很好。

Brian, just one clarification. When you say there's enough capacity in the industry, you mean manufacturing capacity.

布賴恩，只是一個澄清。當你說這個行業有足夠的產能時，你的意思是製造能力。

Manufacturing capacity.

製造能力。

I know you've really put a lot of personal attention into this, and it's going to be a big market I think, but I agree with you.

我知道你真的在這方面投入了很多個人注意力，我認為這將是一個很大的市場，但我同意你的看法。

Got it. So Brian, I guess you do think that there will be a need for new builds. It's not that there's enough capacity within existing assets.

知道了。所以布賴恩，我猜你確實認為需要新的版本。這並不是說現有資產中有足夠的容量。

Correct. There will be a demand for more builds.

正確的。將需要更多的構建。

Railroads are going to be short, and it's the diversity also of the kind of vehicles that might be put into the entities. So we're seeing -- not just us, but our railroad customers and shipper customers are seeing that this is inevitably going to come.

鐵路將會很短，而且可能會被放入實體中的車輛種類的多樣性也是如此。所以我們看到——不僅是我們，而且我們的鐵路客戶和托運人客戶都看到這將不可避免地發生。

The next question will come from Ken Hoexter with Bank of America.

下一個問題將來自美國銀行的 Ken Hoexter。

Great. Just maybe a follow-up on a question before. You talked about the gains, and Adrian, you said not forecasting it, but I guess does the growth of leasing mean the gains on sale becomes an ongoing entity? Or is that -- was that onetime related to this quarter? Just a clarification there.

偉大的。可能只是對之前某個問題的跟進。你談到了收益，阿德里安，你說沒有預測，但我猜租賃的增長是否意味著銷售收益成為一個持續的實體？或者是 - 曾經與本季度有關嗎？只是一個澄清。

And then my question would be, congrats on the backlog, but thinking about the cycle, and you've talked a lot about the different levels in diverse demand, any thoughts on the consumer here? Obviously, that's been a big issue recently. Is there any intermodal thoughts in terms of demand or switching from intermodal to other cars given the presumption that the consumer may slow. Any initial thoughts on that? Or is it still too early for that?

然後我的問題是，恭喜積壓，但考慮到週期，你已經談了很多關於不同需求的不同層次，對這裡的消費者有什麼想法嗎？顯然，這是最近的一個大問題。考慮到消費者可能會放慢速度，在需求或從多式聯運轉向其他汽車方面是否有任何多式聯運的想法。對此有什麼初步想法嗎？還是現在還為時過早？

So I'll take the first one, which is we really see gains in sales being a normal ongoing part of being in the leasing business. And we've had gains on sale every year to look way, way back in time. So what we saw here was maybe a little high for one quarter, but over the course of the year and over the course of our business, this is just very normal activity.

所以我會選擇第一個，我們真的認為銷售增長是租賃業務的正常持續部分。而且我們每年都有銷售收益，可以追溯到過去。所以我們在這裡看到的可能有一個季度有點高，但在一年中和我們的業務過程中，這只是非常正常的活動。

And I'll just emphasize the fact that we do have a cost advantage in fleet. So we can look at the market and decide when is the right time, when is the right opportunity for us to enter into some of these transactions, but it is something you should see on a regular basis. And then regarding the other question, I do think, Brian, we are seeing a lot of shifts. We're expecting a shift in demand for more intermodal as opposed to less intermodal combined with the expectation whether it's automotive or other bulk commodity.

我只想強調一個事實，即我們在車隊方面確實具有成本優勢。所以我們可以看看市場，決定什麼時候是合適的時間，什麼時候是我們進行其中一些交易的合適機會，但這是你應該定期看到的。然後關於另一個問題，我確實認為，布賴恩，我們看到了很多變化。我們預計對更多多式聯運的需求將發生轉變，而不是更少的多式聯運，以及對汽車或其他大宗商品的預期。

Yes. Yes, that's an accurate statement, Lorie. The reason you haven't seen a big shift in intermodal or a push in intermodal is because of the bottlenecks and constraints they continue to have not only at the port, but with chassis and takeaway capacity. As the railroads resolve the velocity issues, which there's a lot of announced programs on that, and as the ports get more fluid and as the chassis manufacturers catch up on production, you're going to see those bottlenecks go away. When those bottlenecks go away, you're going to see more truck-to-rail conversions, which is going to drive more long-term sustainable (inaudible) growth.

是的。是的，這是一個準確的說法，洛里。您沒有看到多式聯運的重大轉變或多式聯運的推動的原因是因為它們不僅在港口，而且在底盤和外賣能力方面仍然存在瓶頸和限制。隨著鐵路解決速度問題，有很多宣布的計劃，隨著港口變得更加流暢，隨著底盤製造商趕上生產，你會看到這些瓶頸消失。當這些瓶頸消失時，您將看到更多的卡車到鐵路的轉換，這將推動更長期的可持續（聽不見）增長。

Great. And then you mentioned kind of the -- Lorie, you mentioned kind of -- sometimes you can benefit out of a war in terms of increasing demand. What about the -- from your Poland production, what -- where are your customers? Are they in Russia/Ukraine. Do you have exposure to parts? And you talked a bit about the supply chain before. Can you talk about your exposure there?

偉大的。然後你提到了那種——洛里，你提到了那種——有時你可以從需求增加的戰爭中受益。怎麼樣 - 從你的波蘭生產，什麼 - 你的客戶在哪裡？他們在俄羅斯/烏克蘭嗎？你接觸過零件嗎？你之前談到了供應鏈。你能談談你在那裡的曝光嗎？

Sure. And most of our customers are Western European customers so no customers in Russia or Ukraine. There are impacts to supply chain with the bulk of iron ore and steel coming out of those areas, Russia and Ukraine, but our global sourcing teams are very engaged and are determining areas where we can source commodities or the appropriate components in other areas. So that's one of the benefits of having such a strong global sourcing team. So we're not seeing any pullback right now. It is a fluid situation. We're focused on maintaining our production, making certain that we've got the right inventory on the ground to build the wagons and satisfy our customer's need.

當然。而且我們的大多數客戶都是西歐客戶，因此在俄羅斯或烏克蘭沒有客戶。大部分鐵礦石和鋼鐵來自這些地區（俄羅斯和烏克蘭），這對供應鏈造成了影響，但我們的全球採購團隊非常投入，正在確定我們可以在哪些領域採購商品或其他地區的適當組件。這就是擁有如此強大的全球採購團隊的好處之一。所以我們現在沒有看到任何回調。這是一個流動的情況。我們專注於維持我們的生產，確保我們有合適的庫存來製造貨車並滿足客戶的需求。

Great. Congrats on the CEO role.

偉大的。恭喜擔任 CEO。

Thanks, Ken.

謝謝，肯。

The next question will come from Steve Barger with KeyBanc Capital Markets.

下一個問題將來自 KeyBanc Capital Markets 的 Steve Barger。

Just so I understand the consolidated margin progression in the back half, I think you said sequential improvements in 3Q and 4Q with 4Q between low double digit and low teen, right? So 11%, 12% probably. Should we think that 3Q is more high single digits? Or does that get to low double digit as well?

就這樣我理解了後半部分的綜合利潤率進展，我想你說的是第三季度和第四季度的連續改善，第四季度在低兩位數和低青少年之間，對吧？所以可能是 11%，12%。我們是否應該認為 3Q 是更高的個位數？或者這也達到低兩位數？

Low double digits.

低兩位數。

So both quarters? That's great.

所以兩個季度？那太棒了。

Steve, it's Justin. Just to be clear, we do expect to see progression in Q4 from Q3.

史蒂夫，是賈斯汀。需要明確的是，我們確實希望在第三季度看到第四季度的進展。

Understood. Okay. So a sequential step-up there.

明白了。好的。所以有一個連續的步驟。

Just another question on your European operations. Just given current events relative to the location of Poland and Romania versus Ukraine, can you update us on the situation on the ground in terms of operating cost for electricity and natural gas and issues with parts availability and same question on labor? Like just how much disruption is going on there? And can you remind us what percentage of your deliveries are expected to come from Europe?

關於您的歐洲業務的另一個問題。剛剛考慮到與波蘭和羅馬尼亞與烏克蘭的位置相關的當前事件，您能否向我們介紹電力和天然氣的運營成本以及零部件供應問題和同樣的勞動力問題方面的最新情況？就像那裡發生了多少破壞一樣？您能否提醒我們預計您的交付量中有多少來自歐洲？

I'm going to take the first part of that. Bill Furman, Steve, thanks for -- you're always being on these calls. We appreciate your questions. Europe, in Romania and Poland, both countries are adjacent to Ukraine, but in both cases, they're adjacent to parts of the Ukraine that are not directly affected by the war. To the West, Poland is very, very safe. And so the location is important. There is an effect on customers from the war and the increased cost associated with certain key components and steel.

我將採取第一部分。比爾弗曼，史蒂夫，謝謝你——你一直在接聽這些電話。我們感謝您的提問。歐洲，在羅馬尼亞和波蘭，這兩個國家都與烏克蘭相鄰，但在這兩種情況下，它們都與烏克蘭沒有直接受戰爭影響的部分地區相鄰。在西方，波蘭非常非常安全。所以位置很重要。戰爭以及與某些關鍵部件和鋼材相關的成本增加對客戶產生了影響。

Thus far, we plan to pass those costs on. And we haven't seen refusals at this point as most of our customers have contracts themselves in the shipping side that require the delivery capacity. Going back to an earlier point, none of the traffic in freight in Western Europe -- none of it affects our business is East-West into Ukraine or in Russia. So there's no trade effects there.

到目前為止，我們計劃轉嫁這些成本。而且我們目前還沒有看到拒絕，因為我們的大多數客戶在運輸方面都有自己的合同，需要交付能力。回到更早一點，西歐的貨運量都沒有——它都不會影響我們的業務是東西方進入烏克蘭或俄羅斯。所以那裡沒有貿易影響。

The major effects are going to be in foods and fertilizers because, between Ukraine and Russia, they produce something like 20%, 25% of the fertilizer in the world, and there are 25 countries that rely on combined Russia and Ukraine for half of their wheat and grain production. It is a fluid situation, and it is dynamic, but both Romania and Poland are NATO countries. We do not expect to see any pollution of the war across borders at least at this stage. And then other part of the question, why don't you repeat the second part of the question?

主要影響將出現在食品和化肥方面，因為在烏克蘭和俄羅斯之間，它們生產了世界上大約 20% 到 25% 的化肥，並且有 25 個國家依賴俄羅斯和烏克蘭的一半生產小麥和糧食生產。這是一個多變的情況，而且是動態的，但羅馬尼亞和波蘭都是北約國家。我們預計至少在現階段不會看到任何跨國戰爭的污染。然後問題的其他部分，你為什麼不重複問題的第二部分？

I'm just wondering what percentage of the deliveries were coming from Europe for the guidance this year?

我只是想知道今年交付來自歐洲的百分比是多少？

It's about kind of around 20%.

大概是20%左右。

Okay. And I think the window just opened or will soon open to transact the remaining part of Astra that you don't own. How likely is a deal? Or can you just tell us how you're thinking about that given the longer-term dynamics that you're talking about from rail prospects?

好的。而且我認為窗口剛剛打開或即將打開以交易您不擁有的 Astra 的剩餘部分。達成交易的可能性有多大？或者你能告訴我們你是如何考慮的，鑑於你正在談論的鐵路前景的長期動態？

Let me deal with that also. Lorie and I are very close to the situation with our partner. Our partner owns 25% of Greenbrier-Astra Rail consolidated. We're actually expecting this to remain a stable partnership relationship. There are certain advantages of having partners in international jurisdictions. German partner is a very, very valuable asset to us right now. So we're not intending a change in the ownership structure in the near future.

讓我也處理一下。 Lorie 和我與我們的合作夥伴的情況非常接近。我們的合作夥伴擁有 Greenbrier-Astra Rail 合併後 25% 的股份。我們實際上期望這將保持穩定的伙伴關係。在國際司法管轄區擁有合作夥伴具有某些優勢。德國合作夥伴現在對我們來說是非常非常寶貴的資產。因此，我們不打算在不久的將來改變所有權結構。

Got it. And then I'll just sneak one last one in. Loan to value on the lease fleet went to 80% from 65% at year-end. I know that's not a huge difference in terms of dollars while the lease fleet is small, but just philosophically, what do you see as the right target range for leverage?

知道了。然後我會偷偷溜進去最後一個。租賃車隊的貸款價值從年底的 65% 上升到 80%。我知道在租賃機隊很小的情況下，就美元而言這並沒有太大的差異，但從哲學上講，您認為槓桿的正確目標範圍是多少？

Well, keep in mind that a large part of this leverage, especially now that we're in the -- we've done this asset-backed securities, a very successful issuance. We have fixed rate and this nonrecourse debt. So while it is on our balance sheet, we have certain insulating factors. 80/20 ratio for a leasing company is -- standard is something like 75% to 80%, 85% leverage. So it's well within the range. And as we're constantly monetizing now what you guys are calling assets for sale -- asset sales, we're constantly monetizing the suite that's growing. It's diversifying and the leverage is appropriate to the quality of this portfolio and the maturity ladders and diversification. That's all very important as you know in managing a leasing company.

好吧，請記住，這種槓桿的很大一部分，尤其是現在我們已經完成了這種資產支持證券，這是一次非常成功的發行。我們有固定利率和無追索權債務。因此，雖然它在我們的資產負債表上，但我們有某些絕緣因素。租賃公司的 80/20 比率是——標準是 75% 到 80%，85% 的槓桿率。所以它在範圍內。而且，由於我們現在一直在將你們所說的待售資產貨幣化——資產銷售，我們一直在通過不斷增長的套件貨幣化。它是多元化的，並且槓桿適合於該投資組合的質量以及成熟度階梯和多元化。正如您所知道的，在管理一家租賃公司時，這一切都非常重要。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Justin Roberts for any closing remarks. Please go ahead, sir.

我們的問答環節到此結束。我想把會議轉回賈斯汀·羅伯茨先生的任何閉幕詞。請繼續，先生。

Thanks very much for your time and attention today. If you have any questions, please reach out to Investor Relations at gbrx.com. Have a great day. Thank you.

非常感謝您今天的時間和關注。如果您有任何問題，請通過 gbrx.com 聯繫投資者關係部。祝你有美好的一天。謝謝你。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。