FreightCar America Inc (RAIL) 2023 Q4 法說會逐字稿

Welcome to FreightCar America's Fourth Quarter 2023 earnings conference call. At this time, all participants are in a listen only mode. For those of you participating on the conference call there will be an opportunity for your questions at the end of today's prepared comments. Please note that this conference is being recorded and an audio replay of the conference call will be available on the company's website within a few hours after this call.

歡迎參加 FreightCar America 2023 年第四季財報電話會議。此時，所有參與者都處於只聽模式。對於那些參加電話會議的人來說，在今天準備好的評論結束時將有機會提出問題。請注意，本次會議正在錄製中，電話會議的音訊重播將在本次電話會議後的幾個小時內在公司網站上提供。

I would now like to turn the call over to Chris our day with rich Investor Relations.

我現在想把電話轉給今天投資者關係豐富的克里斯。

Thank you, and welcome. Joining me today are Jim Meyer, President and Chief Executive Officer, Mike Riordan, Chief Financial Officer, Matt Tonn, Chief Commercial Officer, and Nick Randall, Chief Operating Officer.

謝謝你，也歡迎你。今天與我一起出席的有總裁兼執行長 Jim Meyer、財務長 Mike Riordan、商務長 Matt Tonn 和營運長 Nick Randall。

I'd like to remind everyone that statements made during this conference call relating to the Company's expected future performance, future business prospects or future events or plans may include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995.

我想提醒大家，本次電話會議期間發表的有關公司預期未來業績、未來業務前景或未來事件或計劃的聲明可能包括 1995 年《私人證券訴訟改革法案》所定義的前瞻性聲明。

Participants are directed to FreightCar America's Form 10 K for a description of certain business risks, some of which may be outside of the control of the Company and may cause actual results to materially differ from those expressed in the forward-looking statements. We expressly disclaim any duty to provide updates to our forward-looking statements whether result of new information, future events or otherwise.

參與者請參閱 FreightCar America 的 10 K 表，以了解某些業務風險的描述，其中一些風險可能超出公司的控制範圍，並可能導致實際結果與前瞻性陳述中表達的結果有重大差異。我們明確表示不承擔對前瞻性陳述進行更新的義務，無論是由於新資訊、未來事件或其他原因。

During today's call, there also be a discussion of some items that do not conform to U.S. generally accepted accounting principles or GAAP reconciliations of these non-GAAP measures to their most directly comparable GAAP measures are included in the earnings release issued yesterday afternoon. Our earnings release for the fourth quarter 2020 three's posted on the Company's website at freightcaramerica.com, along with our 10-K, which was filed yesterday after market.

在今天的電話會議上，也討論了一些不符合美國公認會計原則或公認會計原則的項目，這些非公認會計原則指標與其最直接可比較的公認會計原則指標的調節包含在昨天下午發布的收益報告中。我們的 2020 年第四季財報以及昨天盤後提交的 10-K 報告均發佈在公司網站 Freightcaramerica.com 上。

With that, let me now turn the call over to Jim for opening remarks.

現在，讓我把電話轉給吉姆，讓他致開幕詞。

Thank you, Chris. Good morning, everyone, and thank you all for joining us today. FreightCar America achieved many significant milestones last year as part of our multiyear transformation, and I believe that we are now positioned to scale the business and generate compelling results. To support this belief, I will lead off with one very important metric for 2023. Freightcar America earned $6,658 of adjusted EBITDA per railcar. This compares to a loss of $18,020 of adjusted EBITDA per railcar in 2019, which was our last full year of operation prior to beginning the transformation.

謝謝你，克里斯。大家早安，感謝大家今天加入我們。作為我們多年轉型的一部分，FreightCar America 去年實現了許多重要的里程碑，我相信我們現在已經準備好擴大業務並產生引人注目的成果。為了支持這個信念，我將首先提出 2023 年的一個非常重要的指標。Freightcar America 每輛鐵路車的調整後 EBITDA 收入為 6,658 美元。相比之下，2019 年每輛鐵路車的調整後 EBITDA 損失為 18,020 美元，2019 年是我們開始轉型之前的最後一個完整運營年。

During this timeframe, the Company eliminated very important levels of both fixed and variable cost. In addition, our prior manufacturing footprint Limited, the types of cars we were able to produce as well as access to skilled labor. We needed for expansion Fast Forward impact to 2023.

在此期間，公司消除了非常重要的固定成本和變動成本。此外，我們先前的製造足跡有限，我們能夠生產的汽車類型以及獲得熟練勞動力的機會有限。我們需要將影響快轉到 2023 年。

We achieved the just-mentioned adjusted EBITDA per railcar on just over 3,000 deliveries and a footprint now capable of producing 5,000 or more railcars per year as we ramp up production we expect to gain new operating efficiencies, driving more adjusted EBITDA per railcar on more railcars in total. In my view, this is the most important message today.

我們透過超過3,000 輛交付實現了剛才提到的每輛鐵路車的調整後EBITDA，隨著我們提高產量，我們現在每年能夠生產5,000 輛或更多鐵路車，我們預計將獲得新的運營效率，從而在更多鐵路車上推動每輛鐵路車調整後的EBITDA總共。在我看來，這是今天最重要的訊息。

Now to touch on a few key highlights. For the full year, we delivered revenues of $358.1 million, a decrease of 2% year over year on deliveries of 3,022 railcars, a decrease of 5% year over year. The modest decline in top line numbers can be attributed to disruption and a move in our rail traffic at the U.S. Mexico border at the end of the year. Following the border issues we experienced during the third quarter, the government closed the border at Eagle Pass, Texas from December 18th to the 27th, which created a multi-week impact on our ability to both ship and produce railcars.

現在談談幾個關鍵亮點。全年，我們交付營收 3.581 億美元，年減 2%；交車軌道車 3,022 輛，較去年同期下降 5%。營收數字小幅下降可歸因於年底美墨邊境鐵路交通的中斷和變動。在我們第三季度經歷了邊境問題之後，政府於12 月18 日至27 日關閉了德克薩斯州伊格爾帕斯的邊境，這對我們運輸和生產軌道車的能力造成了數週的影響。

Furthermore, recall that our fourth production line started just prior to year end, which prevented significant additional scaling in 2023 with the resumption of rail service at the border, combined with our manufacturing facility now fully online, our teams are well prepared to meet demand. In addition to these headwinds, foreign exchange also impacted our results.

此外，我們的第四條生產線在年底前剛剛啟動，這使得隨著邊境鐵路服務的恢復，我們無法在2023 年大幅擴大規模，再加上我們的製造設施現已全面上線，我們的團隊已做好充分準備來滿足需求。除了這些不利因素之外，外匯也影響了我們的業績。

But despite these which combined were approximately $5 million in headwinds for the full year, we delivered full year adjusted EBITDA of $20.1 million versus $8.4 million in 2022, an improvement of $11.7 million or approximately 139% on slightly less revenue as we expanded our gross margin profile by 460 basis points from the prior year, achieving an industry-leading level of 11.7% for the full year.

但是，儘管全年面臨約500 萬美元的不利因素，但我們全年調整後EBITDA 為2010 萬美元，而2022 年為840 萬美元，隨著毛利率的擴大，收入略有減少，增加了1170 萬美元，約139%年增460個基點，全年成長11.7%，處於業界領先水準。

In terms of our operations, we achieved several key milestones in 2023. Notably, we completed the build-out of Arcos Dorados Mexico manufacturing facility. We now have the capacity to seamlessly manufacture annual volume of 5,000 plus railcars our time that 15% are the annual demand for North America. Moreover, I am extremely pleased with the high level of operational excellence.

就我們的營運而言，我們在 2023 年實現了幾個關鍵里程碑。值得注意的是，我們完成了 Arcos Dorados 墨西哥製造工廠的擴建。我們現在有能力每年無縫製造超過 5,000 輛軌道車，其中 15% 滿足北美的年需求。此外，我對高水準的卓越營運感到非常滿意。

Our team has already been able to demonstrate, coupled with the ongoing execution of our commercial strategy. I am confident in our ability to further enhance the quality of our earnings as we flex the full potential of our capacity and operational and commercial strategies, some of which will be evident when Nick speaks to our outlook for 2024 in a few minutes.

我們的團隊已經能夠進行演示，並持續執行我們的商業策略。我對我們進一步提高獲利品質的能力充滿信心，因為我們充分發揮了我們的產能以及營運和商業策略的潛力，當尼克在幾分鐘內談到我們對 2024 年的展望時，其中一些策略將顯而易見。

Turning to the fourth quarter, revenue decreased 2% year over year to $126.6 million on deliveries of 1,021 railcars, both lower than expected, purely due to challenges around the already mentioned border closure and rail service disruption. Despite these headwinds, our gross margin increased 600 basis points to 9.6% compared to the fourth quarter of 2022.

第四季度，交付了 1,021 輛鐵路車，收入同比下降 2% 至 1.266 億美元，均低於預期，這純粹是由於前面提到的邊境關閉和鐵路服務中斷帶來的挑戰。儘管有這些不利因素，與 2022 年第四季相比，我們的毛利率仍成長了 600 個基點，達到 9.6%。

And adjusted EBITDA increased $5.3 million versus the same quarter of the prior year to $6.5 million, which equates to $6,357 per railcar. And this is on the face of an approximately $2.7 million impact in the quarter on adjusted EBITDA from the last end of your shipments and FX. As you are most likely aware from other industry participants, order activity took a pause in the fourth quarter with FreightCar America securing 135 orders. I will say that activity has picked up significantly since the start of the new year but is still facing inertia from the high levels of caution being exercised by customers.

調整後的 EBITDA 較上年同期增加 530 萬美元，達到 650 萬美元，相當於每節車廂 6,357 美元。這是因為您的最後一次出貨和外匯對本季調整後 EBITDA 產生了約 270 萬美元的影響。您很可能從其他行業參與者那裡了解到，訂單活動在第四季度暫停，FreightCar America 獲得了 135 份訂單。我想說的是，自新年伊始以來，活動已顯著回升，但仍面臨客戶高度謹慎的慣性。

We believe us and our shows do caution with CapEx spending in view of mix, confidence and the economic outlook, elevated interest rates, which directly impact leasing cost and improvement in railroad performance metrics, which has led some buyers to reevaluate new quantities needed. Despite the softness we have line of sight to production of 4,000 to 4,400 railcars in 2024, which will allow us to achieve some of the scaling and levering we are so eager to demonstrate.

我們認為，鑑於組合、信心和經濟前景、利率上升，我們和我們的展會對資本支出持謹慎態度，這直接影響租賃成本和鐵路績效指標的改善，這導致一些買家重新評估所需的新數量。儘管情況疲軟，但我們的目標是在 2024 年生產 4,000 至 4,400 輛軌道車，這將使我們能夠實現我們渴望展示的一些規模和槓桿作用。

With that, I will next turn the call over to Matt to discuss the market, then Mike, for a more detailed view of 2023. And finally, to enact a preview 2024. Matt?

接下來，我將把電話轉給 Matt 討論市場，然後轉給 Mike，以更詳細地了解 2023 年的情況。最後，制定 2024 年預覽版。馬特？

Thank you, Jim, and good morning, everyone. Throughout the majority of 2023, we experienced healthy inquiry activity with an increase in total orders book versus the prior year. For the full year 2023, we won orders totaling 3,491 railcars valued at approximately $397 million. This represents the largest annual order total since 2019 and a 5% increase in order intake compared to 3,306 orders booked during the prior year orders in 2023 by the customer segment, including Class one railroads, lessors and shippers. It remained consistent as has the continued addition of new customers.

謝謝吉姆，大家早安。在 2023 年的大部分時間裡，我們經歷了健康的詢價活動，總訂單量較前一年增加。2023 年全年，我們贏得了總計 3,491 輛軌道車的訂單，價值約 3.97 億美元。這是自 2019 年以來最大的年度訂單總數，與包括一級鐵路、出租人和托運人在內的客戶群在 2023 年預訂的 3,306 份訂單相比，訂單量增加了 5%。它保持一致，新客戶不斷增加。

We ended the year with a backlog of 2,914 railcars valued at approximately $348 million, representing increases of approximately 19.2% and 20.9% year over year, respectively. For the fourth quarter, we booked orders of 135 cars, which highlights the lumpiness we sometimes see from quarter to quarter for many Freight segments. As Jim alluded to earlier, customers are simply taking longer to fully analyze the timing of their new railcar purchases. From a market perspective, rail service, including rail velocity and dwell times are trending above their 5-year averages. Overall, we view these metrics as positive for a healthy rail environment that will drive more freight to rail and ultimately increased new railcar demand. C

年底，我們積壓了 2,914 輛軌道車，價值約 3.48 億美元，年比分別成長約 19.2% 和 20.9%。第四季度，我們預訂了 135 輛汽車的訂單，這突顯了我們有時會看到許多貨運細分市場的波動性。正如吉姆之前提到的，客戶只是需要更長的時間來全面分析購買新軌道車的時間。從市場角度來看，鐵路服務（包括鐵路速度和停留時間）趨勢高於 5 年平均值。總體而言，我們認為這些指標對於健康的鐵路環境是正面的，將推動更多的鐵路貨運，並最終增加新的鐵路車需求。C

ustomer feedback indicates that the balancing of improved rail service and its impact on fleet utilization, higher commodity and raw material prices and the commensurate increases in lease rates for new equipment, along with general uncertainties of the economy, all factor into their decision and timing of new railcar acquisitions.

客戶回饋表明，鐵路服務改善及其對車隊利用率的影響、大宗商品和原材料價格上漲以及新設備租賃費率相應提高以及經濟總體不確定性的平衡，所有這些因素都會影響他們的決策和時間安排。

It isn't a matter of when or if but when customers will make buy decisions as an industry. We expect to remain in the cycle of new railcar demand tied closely to replacement levels, and we are aligned with most other forecasts for total railcar deliveries falling in the range of 35,000 to 40,000 plus railcars for the full year 2024.

這不是何時或是否的問題，而是客戶何時會作為一個行業做出購買決定的問題。我們預計新鐵路車需求將繼續處於與更換水準密切相關的周期中，並且我們與大多數其他預測一致，即 2024 年全年鐵路車總交付量將在 35,000 輛至 40,000 輛以上。

As Jim mentioned, the Cassano plant is hitting its stride now with four lines of production fully operational. The complete interest on Neo's campus is truly a differentiator for our brand and position FreightCar America for growth with the ability to deliver both more volume and a broader range of car types to our customers.

正如吉姆所提到的，卡薩諾工廠目前正在大步前進，四條生產線全面投入營運。對 Neo 園區的全面關注確實是我們品牌的差異化因素，並使 FreightCar America 能夠實現成長，能夠為我們的客戶提供更多數量和更廣泛的汽車類型。

Back to the commercial front, we are seeing solid momentum again in bid activity in Q1. However, as I referenced earlier, the environment may remain somewhat lumpy quarter to quarter as customers manage through the aforementioned factors in filing the timing of when new railcars are needed as a company.

回到商業方面，我們在第一季的投標活動中再次看到強勁的勢頭。然而，正如我之前提到的，隨著客戶在提交公司需要新軌道車的時間時透過上述因素進行管理，每個季度的環境可能仍然有些不穩定。

We will continue to maintain the disciplined commercial process, a collaborative approach to developing solutions for our customer specific railcar needs and secure business that aligns with our financial goals.

我們將繼續維持嚴格的商業流程，採用協作方法來開發滿足客戶特定軌道車需求的解決方案，並確保符合我們財務目標的業務。

I'll now turn the call call over to Mike for comments related to our financial performance. Mike?

我現在將把電話轉給麥克，徵求有關我們財務業績的評論。麥克風？

Thanks, Matt, and good morning, everyone. I'll begin with an overview of the fourth quarter financials and then touch on the full year 2023 highlights, some of which Jim already mentioned in his opening remarks. First, let's turn to the fourth quarter results.

謝謝馬特，大家早安。我將首先概述第四季度的財務狀況，然後談談 2023 年全年的亮點，其中一些要點吉姆在開場白中已經提到過。首先，我們來看第四季的業績。

Consolidated revenues for the fourth quarter of 2023 totaled $126.6 million with deliveries of 1,021 railcars compared to $129 million on deliveries of 1,150 railcars in the fourth quarter of 2022. Gross profit in the fourth quarter of 2023 was $12.1 million with a gross margin of 9.6% compared to gross profit of $4.6 million and gross margin of 3.6% in the fourth quarter of last year, despite relatively flat deliveries due to the adverse impact of the border closure in the quarter, we significantly expanded gross margin supported by an even more efficient production process and robust commercial strategy with our facility entering a new phase with all production lines operating beginning December 2023, we anticipate further gross margin improvement throughout 2024.

2023 年第四季的合併收入總計 1.266 億美元，交付了 1,021 輛鐵路車，而 2022 年第四季的合併收入為 1.29 億美元，交付了 1,150 輛鐵路車。2023 年第四季的毛利為 1,210 萬美元，毛利率為 9.6%，而去年第四季的毛利為 460 萬美元，毛利率為 3.6%，儘管由於疫情的不利影響，交付量相對持平。由於本季邊境關閉，我們在更有效率的生產流程和穩健的商業策略的支持下顯著擴大了毛利率，我們的工廠進入了一個新階段，所有生產線將於2023 年12 月開始運營，我們預計整個2024 年毛利率將進一步改善。

SG&A for the fourth quarter of 2023 totaled $7.7 million, up from $6.3 million in the fourth quarter of 2022, primarily due to a year-over-year increase in stock-based compensation as the fourth quarter of 2022 had a favorable fair market value adjustment for certain cash settled awards. Consolidated operating income for the fourth quarter of 2023 was $268,000 compared to an operating loss of $6.2 million in the fourth quarter of 2022.

2023 年第四季的銷售、管理及行政費用總額為770 萬美元，高於2022 年第四季的630 萬美元，主要是由於2022 年第四季進行了有利的公平市場價值調整，股票薪酬同比增加對於某些現金結算的獎勵。2023 年第四季的合併營業收入為 268,000 美元，而 2022 年第四季的營業虧損為 620 萬美元。

The increase in consolidated operating income in the fourth quarter of 2023 was primarily driven by increased gross profit, offset by a $4.1 million impairment charge related to our last tranche of railcars in our lease fleet. In the fourth quarter of 2023, we achieved adjusted EBITDA of $6.5 million compared to $1.2 million in the fourth quarter of 2022, primarily driven by increased operational efficiencies.

2023 年第四季合併營業收入的成長主要是由於毛利的成長，但被我們租賃車隊中最後一批軌道車相關的 410 萬美元減損費用所抵銷。2023 年第四季度，我們實現了 650 萬美元的調整後 EBITDA，而 2022 年第四季為 120 萬美元，這主要是由於營運效率的提高。

Again, as Jim highlighted earlier, our fourth quarter adjusted EBITDA was muted due to the US-Mexico border closure in December that prevented shipments of finished goods as well as the continued strengthening of the Mexican peso. In total, these were a headwind of approximately $2.7 million in the quarter. While the effect of core foreign currency will always exist, we implemented a foreign currency risk management program in the third quarter of 2023 that will reduce the impact on our earnings in future periods.

正如吉姆早些時候強調的那樣，由於 12 月份美墨邊境關閉導致成品運輸受阻以及墨西哥比索持續走強，我們第四季度調整後 EBITDA 表現平淡。總的來說，本季的逆風約為 270 萬美元。雖然核心外幣的影響始終存在，但我們在2023年第三季實施了外幣風險管理計劃，這將減少對我們未來期間獲利的影響。

For the fourth quarter of 2023, our adjusted net income was $2.4 million or a loss of $0.07 per share compared to an adjusted net loss of $8.1 million or $0.31 per share in the fourth quarter of last year. Adjusted net loss accounts for the impact of certain noncash items and nonrecurring items, such as the $4.1 million impairment on leased railcars as well as the change in fair market value of our warrant liability, which fluctuates each quarter in line with the change in our share price during the period.

2023 年第四季，我們調整後的淨利潤為 240 萬美元，即每股虧損 0.07 美元，而去年第四季調整後的淨虧損為 810 萬美元，即每股虧損 0.31 美元。調整後的淨虧損考慮了某些非現金項目和非經常性項目的影響，例如租賃鐵路車的410 萬美元減值以及我們的認股權證負債的公平市場價值的變化，該變化每個季度隨著我們份額的變化而波動期間的價格。

Capital expenditures for the fourth quarter of 2023 were approximately $3.8 million related to the timing of payments for work that was finished at the end of the third quarter to complete the fourth production line at our Keystone news facility. For the full year, it was $12.7 million. With the completion of our fourth production line, we expect future capital spend to decrease considerably and to primarily be in a maintenance cycle.

2023 年第四季的資本支出約為 380 萬美元，與第三季末完成的 Keystone 新聞設施第四條生產線工程的付款時間相關。全年為 1,270 萬美元。隨著第四條生產線的竣工，我們預計未來的資本支出將大幅減少，並且主要處於維護週期。

We estimate our maintenance cycle to be approximately half to three-quarters of a percent of revenue. For the full year 2023, we completed our expansion work, which included increasing the capacity of our vertically integrated fabrication shop as well as production lines three and four. Adjusted EBITDA for the full year was $20.1 million, an $11.7 million increase or 139% improvement from 2022.

我們估計我們的維護週期約為收入的一半到四分之三。2023 年全年，我們完成了擴建工作，其中包括增加垂直一體化製造車間以及第三條和第四條生產線的產能。全年調整後 EBITDA 為 2,010 萬美元，比 2022 年增加 1,170 萬美元，即提高 139%。

As Jim mentioned earlier, while we are very pleased with our 2023 results. Foreign currency in the December border closure were headwinds to our earnings of approximately $5 million due to the favorable cost structure focused on U.S. footprint and the operational leverage we designed into our transformed business group reported our second consecutive year of positive operating cash flow. Cash generated from operating activities was $4.8 million in 2023 compared to cash flows from operating activities of $11.5 million in 2022, a $6.7 million decrease because of the border closure in the final weeks of December that led to a large buildup of inventory as we were unable to ship finished railcars.

正如 Jim 之前提到的，我們對 2023 年的表現感到非常滿意。由於專注於美國業務的有利成本結構以及我們為轉型後的業務集團設計的營運槓桿報告了我們連續第二年實現正營運現金流，12 月邊境關閉期間的外匯對我們約500 萬美元的收入構成了阻力。2023 年經營活動產生的現金為 480 萬美元，而 2022 年經營活動產生的現金流量為 1,150 萬美元，減少了 670 萬美元，因為 12 月最後幾週邊境關閉，導致庫存大量積壓，因為我們無法運送成品軌道車。

With that financial overview, I'd like to now turn the call over to Nick for a few remarks on our outlook.

在了解了財務概況後，我現在想將電話轉給尼克，請他對我們的前景發表一些評論。

Thanks, Mike. I want to start by highlighting some key strategic developments from the past quarter. Our team has continued to reach major achievements, successfully doubling our on-site paint capacity, building product across all four of our production lines in sourcing, the significant majority of our fabricated parts and growing our workforce in Mexico, all of this split achieved while making up plants amongst the safest manufacturing facilities in North America.

謝謝，麥克。我想先強調上個季度的一些關鍵策略發展。我們的團隊不斷取得重大成就，成功地將我們的現場油漆能力提高了一倍，在我們所有四條生產線的採購中構建產品，我們的大部分預製零件以及在墨西哥增加了我們的員工隊伍，所有這些分割都是在工廠躋身北美最安全的製造工廠之列。

These achievements underscore our commitment to our customers, our employees and our shareholders in terms of operations despite the challenges we faced in 2023, including Balda disruptions, we made significant progress in increasing productivity as optimizing the supply chain and improving our assembly processes and capabilities these improvements are critical to our long-term success and reflect our dedication to operational excellence. Our priorities for the upcoming year remain unchanged.

這些成就強調了我們在營運方面對客戶、員工和股東的承諾，儘管我們在2023 年面臨著包括Balda 中斷在內的挑戰，但我們在提高生產力、優化供應鏈和改進裝配流程和能力方面取得了重大進展。我們來年的優先事項保持不變。

The team will continue to focus on executing our operational and commercial strategies while working to build our backlog and deliver high-quality products on time to our customers. We also remain committed to creating opportunities for further improvements in our capital structure and driving continued improvements in our cash generation moving forward.

團隊將繼續專注於執行我們的營運和商業策略，同時努力建立我們的積壓訂單並按時向客戶交付高品質的產品。我們也持續致力於創造機會進一步改善我們的資本結構，並推動我們未來現金產生的持續改善。

With the disruption associated with our 2023 plant expansion work behind us, I believe we can expect a progressively better year, especially when considering the combined benefits from more volume, more productivity and putting even more operational excellence initiatives to work for the full year 2024 we are forecasting revenues between $520 million $572 million, up approximately 52.5% year over year at the midpoint of the range.

隨著2023 年工廠擴建工作帶來的干擾已經過去，我相信我們可以期待一個逐漸更好的一年，特別是考慮到更多產量、更高生產率以及在2024 年全年實施更多卓越運營舉措所帶來的綜合效益，我們預計營收將在 5.2 億美元至 5.72 億美元之間，年增約 52.5%，處於該範圍的中點。

This expectation is based on expected deliveries between 4,000 to 4,400 railcars, an increase of approximately 39% at the midpoint of the range. We expect adjusted EBITDA guidance between $32 million $38 million dollars for the full year, representing a year-over-year increase of 74.1% at the midpoint and further underscores underscoring the power of our transformation strategy.

這項預期是基於 4,000 至 4,400 輛鐵路車的預期交付量，該範圍的中點增加了約 39%。我們預計全年調整後 EBITDA 指引將在 3,200 萬美元至 3,800 萬美元之間，中間值年增 74.1%，進一步凸顯我們轉型策略的力量。

Finally, we expect positive operating cash flow for the third consecutive year. I am truly excited about the opportunities that underpin our guidance for 2024 and also mindful of the potential challenges of UNI-P prepared to manage through.

最後，我們預期營運現金流連續第三年為正。我對支撐我們 2024 年指導的機會感到由衷的興奮，同時也注意到 UNI-P 準備應對的潛在挑戰。

I want to express my gratitude to our customers, our employees, partners and shareholders for your continued support.

我想對我們的客戶、員工、合作夥伴和股東的持續支持表示感謝。

I will now turn over to Jim for a few closing remarks.

我現在將請吉姆致結束語。

Thanks, Matt. I will come back to the theme we started today's call with and that is today FreightCar America is a vastly better Company defined by a full array of railcar products with some of those products being the preferred car type in the industry. We are also a company defined by our people and their commitment to give our customers what they want. And 24 seven accessibility for the leadership team.

謝謝，馬特。我將回到我們今天電話會議開始時的主題，即今天 FreightCar America 是一家更好的公司，由全系列軌道車產品定義，其中一些產品是行業中的首選車輛類型。我們也是一家由我們的員工和他們為客戶提供他們想要的東西的承諾所定義的公司。並為領導班子24小時7通達。

We're also defined by our manufacturing campus in Castaños the newest and most efficient factory in the industry. Our factory is our showroom and it is the place we want our customers to experience before they're making their purchase decisions.

我們位於卡斯塔諾斯的製造園區也被定義為業界最新、最高效的工廠。我們的工廠就是我們的陳列室，這是我們希望客戶在做出購買決定之前體驗的地方。

And finally, we are defined by our Transform cost structure and competitiveness. As a result, our customer base is growing. Our repeat customer base is growing as shareholders and the industry will be better off for us. As Nick pointed out, our priorities for the upcoming year remain unchanged.

最後，我們由轉型成本結構和競爭力來定義。因此，我們的客戶群不斷成長。身為股東，我們的回頭客群正在不斷成長，整個產業也會對我們來說變得更好。正如尼克指出的那樣，我們來年的優先事項保持不變。

The team will continue to focus on executing our operational and commercial strategies and demonstrate the power of scale and leverage that we believe exists in the business. We also remain committed to improving our capital structure and driving incremental cash generation.

團隊將繼續專注於執行我們的營運和商業策略，並展示我們相信業務中存在的規模和槓桿的力量。我們也繼續致力於改善我們的資本結構並推動增量現金產生。

All of us have great expectations for FreightCar America. And given what has been achieved under the most difficult of circumstances, I am extremely confident in the team and direction of the Company.

我們所有人都對 FreightCar America 抱有很大的期望。鑑於在最困難的情況下所取得的成就，我對公司的團隊和方向非常有信心。

In closing, as first mentioned, quite some time ago. Now we have been planning for the next generation of leadership and continuity. So let me also comment on the other press release issued last night. I will be stepping down as President and Chief Executive Officer effective May. Once Nick, our current Chief Operating Officer will assume the role of President and CEO. and join our Board of Directors at the same time, Nick has been second in command for nine months now, and I knew I do not believe it necessary to do a full reintroduction.

最後，正如首先提到的，很久以前。現在我們一直在為下一代的領導和連續性進行規劃。因此，讓我也對昨晚發布的另一份新聞稿發表評論。我將於五月辭去總裁兼執行長職務。一旦我們現任營運長尼克將擔任總裁兼執行長的角色。並同時加入我們的董事會，尼克已經擔任二把手九個月了，我知道我認為沒有必要完全重新引入。

He's an operations, expert customer and product centric and came to us from a division of one of the most admired companies in the world, Berkshire Hathaway. Mike shares my values and my vision for the company, and I believe that he and Mike and Matt and the rest of the team will deliver for our shareholders. My role will continue with FreightCar America, where also starting on May 1, I will begin serving as the company's Executive Chairman, which will allow me in conjunction with Nick and the rest of the Board to focus on strategic and other topics are of the utmost importance to our future. With these changes, we are not stopping or changing our agenda. Instead, we are preparing to accelerate as a vastly healthier and more formidable company.

他是一名以營運、客戶和產品為中心的專家，來自世界上最受尊敬的公司之一伯克希爾哈撒韋公司的一個部門。麥克分享我的價值觀和對公司的願景，我相信他和麥克、馬特以及團隊的其他成員將為我們的股東帶來回報。我將繼續在 FreightCar America 任職，同樣從 5 月 1 日開始，我將開始擔任公司執行主席，這將使我能夠與尼克和董事會其他成員一起專注於戰略和其他最重要的主題對我們的未來很重要。透過這些變化，我們不會停止或改變我們的議程。相反，我們正準備加速成為一家更健康、更強大的公司。

With that, I will ask the operator to open the lines for Q&A.

然後，我會請接線生開通問答線路。

Thank you. We'll now be conducting a question and answer session. (Operator Instructions)

謝謝。我們現在將進行問答環節。（操作員說明）

Justin Long, Stephens.

賈斯汀朗，史蒂芬斯。

Thanks, and good morning.

謝謝，早安。

Morning.

早晨。

First of all, let me say to both Jim and Nick, congrats on the transition, and I maybe wanted to start there with a question for you, Nick, as you step into this role, sounds like from the prepared remarks, the overall strategy isn't going to change.

首先，讓我對吉姆和尼克說，祝賀你的過渡，我可能想先問你一個問題，尼克，當你進入這個角色時，聽起來像是準備好的評論，總體策略不會改變。

But Jim, I think you mentioned there could be some opportunities to accelerate the trajectory of the business going forward. So Nick, as you make this transition, what are some of the priorities for you out of the gate? And do you have any thoughts on ways you can enhance or accelerate the current plan?

但是吉姆，我想你提到可能有一些機會來加速業務的發展軌跡。那麼尼克，當你進行這項轉變時，你的首要任務是什麼？您對如何增強或加速當前計劃有什麼想法嗎？

Thanks, Justin, and thank you for the congratulations, thank you very much. Yes, let me give a as Jim mentioned, I've been here for nine months now. So I've had a significant amount of time to spend on the ground in our casinos facility in Mexico to get very integrated and sort of very close to the processes we have the investments we've made the facility that exist down there. And I will tell you that my first nine months is truly impressive what a great facility has been placed in Pakistan, U.S. and expanded over the last two or three years.

謝謝賈斯汀，謝謝你的祝賀，非常感謝。是的，讓我告訴吉姆，我已經在這裡待了九個月了。因此，我花了很多時間在墨西哥的賭場設施上進行實地考察，以實現非常一體化，並且非常接近我們對當地設施進行投資的流程。我會告訴你們，我的前九個月確實令人印象深刻，在巴基斯坦和美國建立了一個偉大的設施，並在過去的兩三年中進行了擴建。

I think the team has done an outstanding job on what they've accomplished in customers by also believe there is more to come from our continuous operations and our approach to operational excellence. So I think there's as we said, it's the same priority. Our priority is to drive that operational excellence, the benefit up priorities to drive and all of those cost takeout initiatives to remove non-value-added work in the US.

我認為團隊在為客戶所取得的成就方面做得非常出色，並且相信我們的持續營運和卓越營運方法會帶來更多成果。所以我認為正如我們所說，這是相同的優先事項。我們的首要任務是推動卓越營運、優先推動效益提升以及所有這些成本削減舉措，以消除美國的非增值工作。

So we'll continue to do that. And the teams have been embarked on that, and we'll continue to push that through so that that reflects in our bottom line from a cost performance perspective in casinos, I think on improving operations is not just a one-shot deal. It's not something we do over a three-month period. And David, it is a process of the continuous process. It pursues excellence. So we'll continue to do that.

所以我們將繼續這樣做。團隊已經開始這樣做，我們將繼續推動這一目標，以便從賭場的成本績效角度反映在我們的底線中，我認為改善營運不僅僅是一次性交易。這不是我們在三個月內完成的事。大衛，這是一個持續過程的過程。它追求卓越。所以我們將繼續這樣做。

From an operational perspective, our priority is really to know now we've built this capacity is to be able to fill that capacity and expand our products to meet what our customers require or what the industry requires. And I think and externally have to spend more time with customers and key stakeholders that we can help our customers win so that we win their work when the when the entitlement to have their work.

從營運角度來看，我們的首要任務實際上是要知道我們現在已經建立了這種能力，能夠填補該能力並擴展我們的產品，以滿足我們的客戶的需求或行業的需求。我認為，在外部，我們必須花更多的時間與客戶和關鍵利益相關者打交道，我們可以幫助我們的客戶贏得勝利，以便我們在有權獲得他們的工作時贏得他們的工作。

I'll work with existing customers, new customers, Matt and the team to make sure that our products and services clearly meet what our industry needs or expects over the coming 12, 18, 36 months period. So that's what I've kind of learned just over the last nine months. I think that what was your question, but if not, let me know, that does and thank you for that.

我將與現有客戶、新客戶、Matt 和團隊合作，確保我們的產品和服務明確滿足我們行業在未來 12、18、36 個月期間的需求或期望。這就是我在過去九個月裡學到的東西。我認為您的問題是什麼，但如果不是，請告訴我，確實如此，謝謝您。

And maybe the shift to the performance of the business. As you called out a few times, the $5 million impact that you saw from FX and the issues at the border. Could you specifically or could you break that out in terms of how much of that $5 million related to the border issues and maybe provide an update on how those issues at the border are playing out year to date?

也許是業務績效的轉變。正如您多次指出的那樣，您從外匯和邊境問題中看到了 500 萬美元的影響。您能否具體說明一下，或者能否詳細說明一下，這 500 萬美元中有多少與邊境問題有關，並可能提供有關邊境問題今年迄今如何解決的最新情況？

Sure, Justin. I'll start with breaking out. So the border contributed about $1.3 million. And over the course of the year it was $3.7 million on FX for that breakout. In terms of the border closure, I'll turn that one over.

當然，賈斯汀。我將從突破開始。所以邊境貢獻了大約130萬美元。在這一年裡，這次突破帶來了 370 萬美元的外匯收入。關於邊境關閉的問題，我會把它翻過來。

Just so just so that I mean, it's a couple of things on the border closure. Just to note was at the end of Q4, the timing of the border closure was right at the end of sort of week three of December, which gives you a little time to sort of respond in time for the quarter.

我的意思是，這與邊境關閉有關。需要注意的是，在第四季末，邊境關閉的時間正好是 12 月第三週末，這給了你一點時間來及時對本季做出反應。

So what we've done since then is we've got to we've got a much closer management with the railcar, the rail operators. So we have a better view of what to expect and we've also got a better closer management daily review of what's happening and where it's going to impact. So we can be better prepared and better mitigated for future or any extended or surprise border closures, I will say right now it's better than it was in Q4 from a border and delivery expectations.

因此，從那時起我們所做的就是我們必須與鐵路車、鐵路營運商進行更密切的管理。因此，我們可以更好地了解預期情況，我們還可以對正在發生的事情及其影響範圍進行更好、更密切的管理層日常審查。因此，我們可以為未來或任何延長或意外的邊境關閉做好更好的準備和更好的緩解措施，我想說，從邊境和交付預期來看，現在比第四季要好。

Okay. That's helpful. And I guess the last one for me you gave the guidance for 2024 and it implies pretty significant growth across the board. But is there any additional color you can provide on the quarterly cadence of that guidance as we think about the timing of deliveries and margin performance of the business, things that may be fluctuating based on mix or other factors?

好的。這很有幫助。我猜想您在最後一份報告中給出了 2024 年的指導，這意味著全面的成長非常顯著。但是，當我們考慮業務的交付時間和利潤表現以及可能因組合或其他因素而波動的因素時，您是否可以就該指導的季度節奏提供任何其他資訊？

Mike, do you want to respond to that?

麥克，你想對此做出回應嗎？

Sure. I'll start with you from a we're not going to give specific quarterly numbers, but I will say we'll see sequential improvement throughout the year. Q1 will be our lowest as I as I mentioned, we didn't start production on our fourth line until December. So you can understand there will be ramp up production costs, et cetera, going on in Q1 that will mute those results compared to the rest of the year when that fourth line is fully utilized and running at full capacity and the learning carries over from hiring the new crews. So you'll see that scale up throughout the year with Q1 being the low point from a gross margin perspective.

當然。我將從我們不會給出具體的季度數字開始，但我會說我們將看到全年的連續改進。正如我所提到的，第一季將是我們的最低水平，我們直到 12 月才開始第四條生產線的生產。因此，您可以理解，第一季的生產成本將會上升，等等，與今年剩餘時間相比，當第四條生產線得到充分利用並滿載運行，並且從招聘中學到的知識時，這些結果將會減弱。因此，您會看到全年規模不斷擴大，從毛利率的角度來看，第一季是最低點。

Okay. And from a delivery perspective, would you expect a similar cadence, 1Q being the lowest and then building through the year?

好的。從交付的角度來看，您是否期望類似的節奏，第一季是最低的，然後全年不斷增加？

So on that one, as we talked about with the border closure, there's a hangover from Q4 so deliveries in Q1 will actually be a little higher given how much was kind of sitting on property. And as you look through our financials, you'll see there is still just over $23 million of finished goods or about 200 railcars finished on property that would have been Q4 that are going to fall into Q1. So Q1 deliveries will actually be a little high as a result of the border closure hangover falling into Q1.

因此，就這一點而言，正如我們所討論的邊境關閉問題，第四季度的遺留問題，因此考慮到房地產的閒置量，第一季的交付量實際上會更高一些。當您查看我們的財務數據時，您會發現仍有超過 2300 萬美元的成品或約 200 輛軌道車在第四季度完成，但將落入第一季。因此，由於第一季邊境關閉的影響，第一季的交付量實際上會有點高。

Okay. Very helpful. Thank you for the time.

好的。很有幫助。謝謝你的時間。

Thanks, Justin.

謝謝，賈斯汀。

Just, thank you.

只是，謝謝你。

Thank you. At this time, we've reached the end of our question-and-answer session, and this will also conclude today's conference. You may disconnect your lines at this time, and we thank you for your participation and have a great day.

謝謝。至此，我們的問答環節已經結束，今天的會議也將結束。此時您可以斷開線路，我們感謝您的參與並祝您有個愉快的一天。