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    Greenbrier Companies Inc (GBX)

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    The Greenbrier Companies, Inc. (NYSE: GBX) is a leading designer, manufacturer, and marketer of railroad freight car equipment and services, operating primarily in North America, Europe, and South America. The company produces a wide range of railcars, provides maintenance and servicing solutions, and offers leasing and management services for railcar fleets. Greenbrier's integrated business model combines manufacturing, maintenance, and leasing to deliver comprehensive solutions to its customers.

    1. Manufacturing - Designs and produces freight railcars, including double-stack intermodal railcars, tank cars, conventional freight railcars, and automotive railcar products. Operates manufacturing facilities in the U.S., Mexico, Poland, Romania, and Turkey.

      • Marine Vessels - Produces marine vessels, though this activity has been scaled back as part of a strategic review.
    2. Maintenance Services - Provides wheel and axle servicing, railcar maintenance, and production of component parts for the rail industry in North America.

    3. Leasing & Management Services - Owns a fleet of approximately 15,500 railcars and manages approximately 409,000 railcars for railroads, shippers, carriers, and institutional investors. Offers leasing services and syndicates railcars to third parties or retains them in its lease fleet.

    NamePositionExternal RolesShort Bio

    Lorie L. Tekorius

    ExecutiveBoard

    CEO, President, and Board Member

    None

    Joined GBX in 1995; became CEO in March 2022; previously served as COO, CFO, and President.

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    Brian J. Comstock

    Executive

    EVP and President, The Americas

    None

    Joined GBX in 1998; previously EVP, Chief Commercial and Leasing Officer; promoted to current role in January 2024.

    Christian M. Lucky

    Executive

    SVP, Chief Legal & Compliance Officer, and Corporate Secretary

    None

    Joined GBX in 2015; promoted to current role in January 2024; oversees legal, compliance, and corporate governance functions.

    Laurie Dornan

    Executive

    SVP and Chief Human Resources Officer

    None

    Joined GBX in 2014; promoted to CHRO in November 2020; leads HR strategies and initiatives.

    Martin R. Baker

    Executive

    SVP, Chief Legal and Compliance Officer

    None

    Joined GBX in May 2008; oversees legal and compliance functions; has served as General Counsel.

    Michael J. Donfris

    Executive

    SVP and Chief Financial Officer

    None

    Joined GBX in June 2024; became CFO in July 2024; previously CFO at R.J. Corman Railroad Group and VP of Finance at TrinityRail.

    Rick Galvan

    Executive

    SVP, Operations, Maintenance Services

    None

    Joined GBX in January 2021; promoted to current role in January 2024; over 30 years of experience in the railroad industry.

    William Glenn

    Executive

    SVP and President, Europe

    None

    Joined GBX in 2001; returned in 2019 after a brief departure; oversees European operations.

    William Krueger

    Executive

    SVP and COO, The Americas

    None

    Joined GBX in 2020; promoted to COO in January 2024; previously President of Greenbrier Manufacturing Operations.

    Antonio O. Garza

    Board

    Board Member

    Director at Canadian Pacific Kansas City Limited; Member of CFR and COMEXI

    Joined GBX Board in 2021; former U.S. Ambassador to Mexico; extensive experience in transportation and governance.

    Graeme A. Jack

    Board

    Board Member

    Independent Non-Executive Director at HUTCHMED (China) Limited

    Joined GBX Board in 2006; Chair of the Audit Committee; expertise in accounting, financial reporting, and international business.

    James R. Huffines

    Board

    Board Member

    Board Member at Susser Bank Holdings

    Joined GBX Board in 2021; recognized as an audit committee financial expert; extensive experience in banking and finance.

    Kelly M. Williams

    Board

    Board Member

    CEO of Williams Legacy Foundation; Board Member at KKR Private Equity Conglomerate LLC

    Joined GBX Board in 2015; Chair of the Nominating and Corporate Governance Committee; extensive experience in finance and governance.

    Thomas B. Fargo

    Board

    Chair of the Board

    Board Chair at Hawaiian Electric Industries; Board Member at Matson, Inc.; Member of CFR and COMEXI

    Retired four-star Admiral; joined GBX Board in 2015; became Chair in September 2022; extensive leadership in maritime and transportation sectors.

    Wanda F. Felton

    Board

    Board Member

    Trustee at The Cooper Union; Senior Advisor at Demopolis Equity Partners

    Joined GBX Board in 2017; former Vice Chair of the Export-Import Bank of the U.S.; expertise in finance and governance.

    Wendy L. Teramoto

    Board

    Board Member

    Senior Investment Professional at Fairfax Financial Holdings Limited

    Rejoined GBX Board in 2019; previously served on the Board from 2009 to 2017; expertise in investment management and heavy industry.

    1. Despite achieving a 19.8% aggregate gross margin in Q1 , you did not raise your fiscal 2025 guidance; can you explain why you remain cautious in your outlook and what specific factors are influencing this decision ?
    2. Your backlog has decreased from $3.8 billion to $3 billion over recent quarters ; how do you plan to address this decline, and are you concerned that it could impact future production rates and margins ?
    3. With an expected shift to more commoditized car types in the second half of the year , how do you anticipate this will affect your margins, and what strategies are you implementing to mitigate potential margin compression ?
    4. You mentioned a $5 million reduction in capital expenditure guidance due to better visibility into fiscal year 2025 plans ; can you provide more detail on the factors driving this adjustment and its implications for your operations ?
    5. Given your net debt to EBITDA ratio of approximately 3x , what steps are you taking to further reduce recourse debt, and how will this affect your capital allocation priorities, such as dividends and share repurchases ?
    Program DetailsProgram 1Program 2
    Approval DateN/A January 8, 2025
    End Date/DurationJanuary 31, 2025 January 31, 2027
    Total Additional Amount$100.0 million $100.0 million
    Remaining Authorization$45.1 million $54.9 million
    DetailsInitial program Renewed authorization

    Note: The remaining authorization amount as of February 2, 2025, is allocated as follows:

    • Program 2: $54.9 million (up to its initial authorization of $100.0 million).
    • Program 1: $45.1 million (remaining balance).

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    GBX Leasing

    2023

    Greenbrier Companies, Inc. acquired 100% interest in GBX Leasing—completing the acquisition by purchasing the minority interest from The Longwood Group to expand its lease fleet and benefit from stable, tax-advantaged cash flows that complement its cyclical railcar manufacturing revenues. Additionally, the acquisition integrated GBX Leasing into its Leasing & Management Services segment, resulting in a combined lease fleet of approximately 12,200 railcars.