GBX - Earnings call transcript Q2 2024 | The Greenbrier Companies, Inc.

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Operator

Hello, and welcome to the Greenbrier Companies Second Quarter of Fiscal 2024 Earnings Conference Call.

Following today's presentation, we will conduct a question-and-answer session. [Operator Instructions] At the request of the Greenbrier Companies, this conference call is being recorded for instant replay purposes. At this time, I would like to turn the conference over to Mr.

Justin Roberts, Vice President and Treasurer. Mr. begin. may you Roberts,

Justin Roberts

Executive Good and fiscal and I'm 'XX Greenbrier's Downes, Brian Lorie Gary. the President second and Americas; joined to quarter Tekorius, Adrian Comstock, President; and of conference Vice CEO President morning, you, and welcome of President everyone, Senior our by Vice CFO. Thank call. Today,

call our on Greenbrier's we on the for outlook fiscal update QX 'XX, update Following remainder open will for the up our performance and questions. of an

press the and XXXX. be in we today to on In by in today's results this those materially information statements Act discussion important include expressed our a forward-looking of the issued posted of conference addition in Reform additional differ will financial made section Greenbrier. forward-looking some Private and that on within Litigation could release or key Greenbrier's today, factors morning, any from behalf beyond presentation website. Matters IR of metrics found to discussed the on call Securities of the cause our describe meaning can the XXXX actual slide Throughout statement of

is presentation You comments the word to syndication activity. And our notice will it refer today. I will turn to revenue will revenue and over throughout Lorie. Recurring the that also recurring management leasing impact of today, we defined revenue services excludes as and that with that,

Lorie Leeson

move as progressing to and initiatives. Justin, our continue on we performance you, good year. Thank through organization-wide strong We're once morning, our Greenbrier we're operating delivered fiscal everyone. and improve, efficiencies seeing again

multiyear it. We fundamental of head remain second and the underlying beyond. X our and momentum Better good we strategy as half have the Together We confident in Greenbrier's priorities year into

leadership maintaining reminder, our our position a geographies. As is across first manufacturing

and growing revenue margin meeting our fleet. leasing flow is And and performance disciplined while by third investing our committed enhancement. pursuit and footprint lease optimizing is efficiency in recurring growth of industrial Better in to customers' enhancing services. Through Together, manufacturing the sustained, the Second for we're our while needs cash

in Turning and in revenue a partially milder winter. Last margin our to towards our by maintenance was consecutive leasing our maintenance million quarter, make rationalizations and services of and we is share of advancing per operating of $XXX strategic due and A versus to facility services, on reflects on quarter lower commenced gross manufacturing our wheel not of It earnings $X.XX. and margin great continuing goal. manufacturing margins. long-term that XXXX, in quarter represents focused management performance a second XX% offset set trend. volumes results. We mid-teens in generated said mid-teens a margins. fiscal solid one buy over still to consolidated We're strategy It work that services start enhancing remaining in

while product record into designs. our innovation incorporating our also of long We track continue sustainability

in might introduced high-strength you ultra weight formula high-strength steel, we pounds. gondola. reducing for In The high-strength, recall, innovative by successfully XX,XXX As steel gondola's unloaded used each lighter-weighted our our gondola. launched XXXX, QX, up an gondolas to we

heavy for a We slab a high-strength door. tilt well new also new boxcar and built car applications industrial successfully XX-foot tested constructed as flat as

on Connections commitment program, innovation, its award. included supply was of and focus to efforts one sustainability CN notices. to part chain only Our year for us earning Greenbrier the receive Greenbrier recognition our sustainability of Recently, CN is and X first suppliers Echo favorable to program. recognized manufacturing and as partners excellence This the is partnership its

a our our remain railcar with innovating orders most Greenbrier This supports and leadership accolades leasing are for balance position performance our geographies. Market the manufacturing elevating importantly, of QX continued always on nice nice While across across emphasis serve. to positive. markets receiving expertise our receive, we conditions in

element North plan of America leasing result years. within gaining expanded and is X expected in next a the is in both revenues of critical our doubling the strategy Europe. recurring multiyear is traction Our and to This

end allowing remains week, the us Fed in quarterly consecutive longstanding sheet to Board to The This capital quarterly likely our our has very make is business dividend. of will of has it a signaled of and this our soft been and probability balance shareholders. dividend representing our X been to in preferred Importantly, rate In allocation. I'm per return by while XXth interest America the invest landing cuts approach North has pleased meantime, our the healthy, economy share capital resilient. declared report the continuing XXXX. to a $X.XX to increasing,

U.S. Mexico. a is mention the also to national not this elections course, in Of presidential election year, and year EU

lease our real times or types our on that approach in Central view. and avoided railcars, disciplined once Europe America us in business in capital renewals. The the our underpin the at new severe successfully investing is core in during builds while Europe, American market quarter, asset-based performed projections railcar the time. still a current but across we in for new developments logistics and which colleagues have European Bank, Sustained have North lagging to U.S., to customers deliveries suppliers remains crossing our manufacturing southern and Border focus North as from performance across Greenbrier. trimmed economy various high attracted the demand railcar again is Our encouraging. In impacts our momentum. growth impact both we're skilled the border the Stable address been building impacted work could by issues is has but

We're on of building future strategy long-term sharing calls. lease forward to us our progress origination lease into our targets Our to near-term powerful visibility revenues. commercial excellent giving with multiyear and outperform, look the and and and in longer-term team capabilities its stream confident continues manufacturing steadily

like to the I at acknowledge been conclude Adrian of since remarks, I'd before who's my Now Downes, contributions XXXX. Greenbrier

be Greenbrier has CFO. announced as including to challenging down we service Adrian this As been stepping times, his the from earlier will Adrian's year, during role pandemic essential.

the incredibly global to will future contributions Brian his expanded over to the over detail operations with sheet platform we turn functions And integrate this accounting in strengthened in who and grow. here, the conditions. for discuss its its review endeavors. Thank Greenbrier his for call all Greenbrier him and our you, quarter in activities finance Comstock, wish the greater and and that, During time best me grateful We're Adrian. years balance market as let

Brian Comstock

Lorie, good and morning, everyone. Thanks,

During QX, continues Greenbrier secured most new railcar million. be diverse and Demand X,XXX to across orders of worth $XXX nearly broad-based railcar types. units

billion. Backlog new XXXX. providing was As February well be XX, at units, Greenbrier's stable, XX,XXX backlog of $X.X significant to estimated revenue global into an visibility valued continues railcar

commercial capabilities activity about Brazil. in sales accounted for quarter, experience. International the performance leading direct orders origination continuing the momentum and position, lease strong reflecting Our of and the Europe reflects our in market XX%

Europe, We performing challenging to backlog healthy, volumes continue backdrop despite our distribution channel have broad well leasing through remains very a our been a and in to grow. portfolio thanks mix. In Europe,

opportunity customers European ability half to last year. QX, of remain the our to revenue and leases railcars increased of delivery same critical the the business. enjoys We excited midpoint Europe, Our the originate delivered and rail weighted deliveries our in quarter. syndicate the as about guidance, our to manufacturing second of long-term tailwinds. We compelling industry roughly the will We that X,XXX where be is performance indicating in to secular

slightly XXX the compared declined XX.X% year. basis of of last QX, quarter to improved second from points margins gross quarter but Second still by

fabrication primary months efficiency While we gains and efficiency, basic are remains the versus we working of numerous buy subassemblies XX in-house sustained. Expansion have on to last of made part being track. for as are activities optimize several our parts over strategy make manufacturing on

also Management of With Services XXXX. the in-sourcing by performed expected well quarter. benefit middle the full Leasing fiscal from to and the realized in be

leasing from more by lease various are our grew favorable our recurring terms. at management revenue sources, lease We Recurring XXX growing stated fleet and railcars progressing We steadily of revenue our is to new added and quarter. the to doubling X.X% units services. during including or renewals fleet about goal from lease

balanced. We to to $XXX with in growth over reminder, net prudent manner our a criteria. right on years per so financing recurring assets meets our long next terms fleet. million of only that do and we as are the focused fleet to types and strategies portfolio a lease railcar evaluate financing I a reemphasize we will the counterparties, as the that have on keep our basis to we lease that regularly As our we expand and a in year invest approach financial committed are to up taking want several right revenue invest our

targeted Our value rate rates. At is which are interest on on leasing interest appraised debt the end framework. nonrecourse assets our a fleet and fair leveraged leverage leverage book average X.X% value, We our borrowing fleet current basis. of higher than ratios that in net in our market with results significantly line market QX, was XX%, railcar of lower

while maintaining in-demand nearly types high QX. consistently market characterized among to and utilization continue Our remains we successfully digits fleet have a renewed leasing railcar terms at grow utilization XX% lease double lease of lessors. fleet scarcity rates by of high in The healthy, and renewal a

sequence rates in remain interest rates, originations in both our higher Moving elevated compensatory for rates resulting renewals. lease and with new

impact We and create favorable durations for the to have lessen of cyclicality lease strategically staggered renewals. opportunities

more renewed of half our already at leases year this than have We more rates. expiring favorable

confident market remains working will successfully. Fundamentally, lease American finish is and of levels. on railcar we year approaching are the solid demand team the renewals, we the backdrop Our remaining North replacement with

to Canals. challenges is traffic These for the and will intermodal Suez growth there redirect is at ports, traffic due remain potential rail benefits the West overall which transport Coast current steady, projected While Panama to likely disruptions to the demand.

robust term nearshoring southern across led levels, The to still and available border. near supply length. lease which in long-term of the support Additionally, growth, rate renewals trough trends is traffic growth has railcars

syndication and we solid asset increased well class. we strong see in The economic interest the to railcars confident proven are a have Difficulty]. perform QX, over this from and execute place The with in liquidity we our rail multiple motivated [Technical are sector liquid has right X,XXX to new remains generating with for margins. investors, syndication environment. In We successfully strategy investors plan syndicated market continuing appetite cycles to the

from component mild performance Services impacted an by winter. Maintenance resulting wheelset lower unusually Finally, and was volumes

underway services at require cycle the and will all to constructive cycles over tanker interim remains X improving in efficiency years. longer improve for planning that unit's this part facilities. the repairs initiatives peak material several have build requalification flow, to driven several by last over term, maintenance We next backdrop by and The car time

highlights financial over our speak for call Adrian, will the the hand I'll to Now quarter. who to

Adrian Downes

Thank and good morning, everyone. you, Brian,

second and into the the quarter, moving grew of in I'll that X,XXX like the past our Greenbrier Lorie generated change on million venture due diverse million, volumes the due are and growth per earnings quarter higher $XXX Management employee-related segments XX% of margin to units in their orders in Brazilian quarter mix, more some press second first primarily the Leasing supplemental finally, $XX as information quarter expected our Deliveries in for XX.X%, manufacturing segment. $X from or the a and the include quarterly than is increased manufacturing to highlights QX product in rates. Selling highest lease and XXXX was joint to Greenbrier's from highlighted $XX guidance. of Before slides of million X,XXX affiliates available which covering earnings robust the at X everyone the Brazil. Consolidated million for website. provide unconsolidated was of primarily from the release remarks. After and by units financial of to growth leasing increasing to $X.XX an quarter, doubled and in revenue. was million EBITDA highlights the approximately units share. And over of remind moderate. EPS venture, of Brian revenue in highlights higher attributable performance I'd our sequentially percent Notable fiscal due administrative diluted of years. unconsolidated Net fleet product our railcar joint from update to of gross $XX nearly sequentially primarily million to valued from include our mix, Earnings Aggregate and costs. resulting XXX new $XXX our higher expense Services in lease

change net over positive in $XX liquidity, of earnings the working a quarter, strong As generated million resulting Greenbrier we cash operating flow to to and from capital. positive look

the liquidity cash. remained million consisting of of $XXX QX Greenbrier's of and Other of million. with $XX cash $XXX financing items borrowings solid in million retirement convertible $XXX our quarter of notes notable the XXXX Additionally, include at million, senior remaining available the

our Greenbrier's we the a and of first debt recourse. in debts balance task This task As notes of capital mentioned more with towards flows nonrecourse breakout notes. recourse emphasizes are composed our and and sheet. remarks, structure reducing and our we our between is underscores our manage and as commitment than how providing recourse our cash under prudence now nonrecourse improve retiring footnote XX-Q payable section quarter composition revolving in

from in Greenbrier's our since dividend dividend through of quarterly represents a on long-term and Board Board our and to $XXX declared closing remain Directors of of million quarterly second dividends believe back periodically program this price, shares will activity repurchase to and a XXXX mentioned, value, approximately dividend our to quarter, repurchases look of evaluate committed yesterday's we per and $X.XX yield a nearly these Based create reinstating returned actions and has capital way X.X%. the Lorie share. As annual great dividend Including management our are Greenbrier shareholders is to. We increases team that to opportunistically. shareholder share

and updating delivery business we our the to outlook. outlook. production are guidance end capital reaffirming our raising expenditure revenue our guidance forecast of and focus on schedules, shifting margin and bottom Finally, and Based trends our gross current XXXX

bottom of to in our the deliveries X,XXX which units raising Greenbrier-Maxion are XX,XXX, end from approximately Brazil. We includes

increasing of be are billion. to million. Capital Selling end lower administrative the expenditures updated. expected to $X.X $XXX $XXX been approximately is revenues expense million We have and also to

includes Forecasted to million a investment adjusted the activities equipment year gross And the $XX in-sourcing manufactured as on the into is of with current transfers am to low expenditures expected Greenbrier the to performance followed to be half and Services the fleet approximately by sales in $XXX full finish put million. aggregate expected Maintenance are for first in quarter in sheet the XXXX. Proceeds segment strong percent and to our balance in throughout year. the around held are as the and pleased Services Management second in million been spend that $XXX subsequently Leasing million, capital for railcars unchanged in to which margin I year, our solid mid-teens. Overall, the includes and has is of be segment. Gross footing which of of year related have on $XX lease well expenditures Manufacturing approximately

the into liquidity head ample are we supported sheet. balance and backlog, As second a robust we a strong by half,

to Officer. positive have to would our confident Chief be take to XXXX is are this grow. And XX with that, earnings We earnings Greenbrier, both at you. Greenbrier. at prior say outlook final I call my I will like Chief Financial thank opportunity fiscal am as to for a and spent now to this expected years Accounting privileged Officer,

we great and period As over Board sheet been would help lot balance been has time. Greenbrier I leaving this improving I the be by leadership and up a other work. adviser Thank already our This has as and shareholders during reinforced mentioned, team Lorie, with accomplished for results. I and the to strong be a will like a great time this still process involved will role, projects. place thank this opportunities and has to support with you. And open strategic a transition a to that, will And although of Directors, questions. for

Operator

Long today first Stephens. with Instructions] Justin [Operator question from Our comes

Justin Long

congrats. Adrian,

Adrian Downes

much. very you Thank

Justin Long

start margin gross a to question maybe outlook. with So the on

but we're in end the leverage. that full of first range. outlook high the that the also the I first the guidance will tracking levels positive than at that be year, some the mid-teens, for create production half. And couple higher quarters, And would to would through reiterated that operating second think low the You implies half of

margins? of like gross that sequential as that you reasonable would So is anything that outlook kind of drive end of Or moderation we today? to a could higher the sit feel you most is point here there do margin

Lorie Leeson

progress the second in give we've brief We're of So we We're the half year. year. this what a couple about for about comments. first the of of the I'll see excited excited half made

are And We're what the expect showing last to that's the we're have quarters of, that, steady we modest I months what and on X I one progress. put think So that mindful the front move going we're that in foot trajectory. we're doing. to think others us capable continue or day to to every of X a other forward, that's continue I and

Justin Long

maybe know additional and I the to XQ? and then be order orders month-to-month. wanted you what seen inquiry you've And how through to thus year-end. and could quarter far share I can progressed see quarter there color anything any levels orders ask seasonality in my around can if you question, some second on And the on about provide for third relative

Justin Roberts

would it's know, expectations. of out good We Justin, because, Thanks, People back you progressed. I North much what the as quarter in well. increased coming cadence to now their as a that question your typically, a doing Brian. holidays. strong jobs. are It's bit as this the of the with slower, holidays, in we is the start of particularly quarter out is and say a through line pretty little America off the very came it's And saw orders, is progression a quarter

quite still is So Visibility still the and car robust, diverse. types pipeline is solid. are

Operator

The next question Elkott Matt Cowen. from is TD with

Matthew Elkott

on the a in XX% ASP Staying a anything of for see that think, else order by function that portion activity is quarter. decent the last the The and nice QX international quarter being to decline amount, It's Or Is question, there? third strong solid Brian. in this is number quarter? XQ. higher still the the there a than quarter versus I

Brian Comstock

has Matt. Yes, it's day, It's also but the mix of a the as it's of average ASP little At end well. usual, little of some mix the the as headwinds everything. international a orders to bit bit,

I is market. still we're the can industry. from a pricing you It's that pricing we're very in -- However, the seeing still really disciplined. in has And nothing what give perspective, changed good seeing

Matthew Elkott

to one you're forward would turn the mix thus on Is staying of expect to of into margin higher the for in than guiding? what mix benefit a the lack question, going of product but and then going going headwind production, kind that And revenue. manufacturing

Justin Roberts

that in increased there a fluid world, shift QX, we're of to that not think, this see thing this fluid we just in we to -- And very Brian out our we But sure we remarks now bit is sure looking expect very fluid half caution economy. a are over times a while backlog, living just mix more a see from reason I a make is upside our And into very What time, in at -- little this guess of being in to is probably very and bottom I continue we effectively very, see going over our say our we is range we is just overpromise. orders, would is we make as we are Matt, learn the right end part our outlook, and momentum Lorie at a have that to almost far don't we outlook. One is month are of at point this do don't strong production. get -- I'm in great point. we visibility very manufacturing, to But that year. trying any we changes manufacturing significant or trajectory. and fluid material our economy. in aware And trying this of have and and skis what and we strong the back -- see too at the -- we're So good great

Lorie Leeson

in very efficiencies plan which And gives the ability same to project margins. our Matt, be Mexico our to and cost, that in-sourcing our us enhance we'll lines add, we particularly a big having are we efficient. At to investing maybe to will with just the time, our backlog, in love add continue while production solid

Matthew Elkott

you guys talk Justin, to lower but Brian cars, margin you Those this starting effect? and lower dilutive? margin ASP they Or ASP. neutral, calendar late are alluded Would be recover Intermodal though are alluded are year. possibly margin about they to they even the Lorie and can

Lorie Leeson

in margin. or think that math a be the we would margin but I'm to say price on lower benefit now actually, -- benefit thinking good but through margin percentage. quickly my should -- margin I they're maintain they're to line, you're dollars And either I right would on sales head, depends the margin-neutral expect a with so top

Operator

with Bauer Susquehanna Harrison from Group. is question Financial next The

Harrison Bauer

Bascome then winter but have X, Brian is now then or the the customers adjustment sequentially the Lorie on of expect and X could your of be maybe This last specific mentioned milder a quarters broad Majors. maintenance the and network? what you Harrison the and for this dropping for maintenance profits some back business, would cyclical for when forward? trajectory stabilization -- revenue customers affecting that's both pulling maybe their been business dropped And going use

Justin Roberts

wheel say had from you this QX in Harrison, to Justin. winter our hear and QX fiscal and would further and does in this see drive cyclicality, spring then have run-up our say, so step is that in fiscal some then up there's you more a seasonality I our restocking fiscal definitely and normalization. the has a the business I in actually that QX because and always business the spring QX in some, then winter the Good today. volumes would a

is So in in business, winter more seasonality normal the see we we a this isn't just see this didn't the time, manifest -- the this year. as of a this broader change

on big various kind are it's that of remedial and like did structure And know not things in It's the QX more there's and overhead I say, that. do. not make as actions we're, our So of if as expected, cyclical possible. into sure they -- that don't our to going and volumes undertaking to manifest moving add, as the managing I'd no else Brian, are historically as just cost proactively you'd to we business. manifest anything shift a

Brian Comstock

not we're think any business. I over that perfectly, We're forward as seasonality already in next shortfalls Justin. projecting hit into is this move moderate moving quarters. No, quarter, X.X X, typically you we seeing that major The it and

Harrison Bauer

on you be recovery second, today, for with margin some just stable, the with manufacturing production fiscal or seems would lower a XXXX. directionally And sequentially. thoughts North if a manufacturing order stabilizing rate from you solid where my to orders Can margin profile mid-cycle American margin that now expect expect range updated for And we and maybe your what generate sit you'd backdrop? share higher to are ultimate then

Lorie Leeson

would if stability at I Great we upper range the question, know say the now, right of and into that of Harrison. the and expect end would that we have XXXX, have I I be look we visibility to that kind out I provided. and as our are some We're that as throughput commercial through manufacturing specifically men working the the margin that can organization always more well bottom to line. within drop women the to improve and our that organization. ways the so of revenue we finding

Operator

The next question of is from Bank Ken Hoexter with America.

Ken Hoexter

and gave luck unpack I your But to margin backlog. you Good team a near but on to better. just Lorie, Adrian term, maybe congrats the I outlook, guess, on if low multiple building your 'XX, given I can, little to mid-teens digits? your -- outlook half? know a to that to the manufacturing long-term expecting margin here Are And at then them still you you that. get there. maybe expecting stay I answer the digits expect give to the second return quite margins see can thoughts double do double Or are you margins. on for maintenance bit you didn't

Lorie Leeson

Thank mid-teens fiscal continue you, year margins. through low expectation are but a marching solid that with to I misspeak, expecting we mid-teen I Ken. we not on will didn't We're margins the this hope trajectory. expecting

Justin Roberts

basis. a on consolidated And

Lorie Leeson

part that and business, strain those of vice we in combine so those those with of with how our rail how do things thank we're to group business schedule actions that strengths take thinking And of the activities -- our versa, about, those consolidated strengths From we're do into we're Maintenance running we manufacturing like some a that, efficiency. That's our shops on shops perspective, what able and Services the our and and of number to of around and facilities. the share operating more taking manufacturing repair have been engineering, services as you, a can said, we operations resources in quality take of equipment share basis, that we the some broadly to our Brian think about reorganization some of yes, we Justin. how

path So say and the [Technical do I margins quarter, the Difficulty] the in improve. on would for to expect we to we third continue overall expect consolidated margin

Justin Roberts

just anticipate on line gross at I this clear very question, backwards margin into back about dropping just manufacturing not margins that. under could a if manufacturing And your digits the going we basis, a firm do draw point much Ken, to single be less

Ken Hoexter

I versus guess backlog, maybe first question helpful. I terms can if Very if And going I it your fell, that it backlog, as answer what of want issue Matt's then look revisit, that mix to one revisit Is ASP to is mentioned. total on in a in I the decline. total car, ASP you're just just of per that want I terms you industry? think revenue -- right, just -- clarify the at Lorie, just selling anything on the in was per I there.

Justin Roberts

not So it's -- sorry, talking. time you hard were asking, Lorie, a but I have

you're as and we on of So to [indiscernible] have then our backlog. well aware, there the And do some ability it's deescalate mix. escalate a is costs combination

the that too. The there our being so comes piece on that input that stable and that pricing and reiterate drives And is on primarily down up on of kind as across core is pricing whatnot, lease the is to rates, basis, costs, profitability a various pricing bit, some steel, steel that moderation surcharge is really car a types. to disciplined, little

Lorie Leeson

I said, Justin. well said,

Operator

question with Barger The from Markets. KeyBanc Capital next is Stephen

Steve Barger

you fund XX, additions do minus? of ratio Looking the expect from book to primarily levered XX% value, to incremental plus that fleet to just lease debt at at fleet or the with Slide here

Lorie Leeson

Yes.

Steve Barger

think going mindset focused metric to forward? changing the sheet. is leverage a I'm the there on net you're fleet for how Or the about lease that is you're And balance company. just debt-to-EBITDA target primary your trying think to

Lorie Leeson

want in interest lease putting our had talked associated rates, and we that Well, balance as about the very would the think about with to about, the so our term, on I Brian locking that, leverage we're say about it leverage we're what about appropriately as thinking disciplined we then fleet sheet and conditions. thinking

on I of the being balance consideration our in sort on right we right to flexibility going having market to what's team right time into the at Difficulty] that put and [Technical time think type debt of the market the at take point the in in the sheet. We'll as debt. as the that what's

the of be time. as the generating as would business down flow from expect with other be businesses, think paying I to debt our leasing recourse the over we that cash well in we'll our corporate some margins

Steve Barger

A What The that leasing renewals? think, I is average term of couple more slide says years. recent XX, X.X for questions. is

Brian Comstock

coming seeing X of longer. most are in X bringing average. That's renewals on So what's the substantially to up. We're years

it that it notice of you'll to brings incrementally X.X years. up. move a quarter-over-quarter, lot look you As beyond it renewals takes the it But

-- most to kind of the coming X-year but So in at are renewals the of range. X-

Steve Barger

the know is I small anticipate LPI lease for And or relatively you. [indiscernible]. is similar but you a a renewal out the growing, putting index the it focus lease obviously initiative Do still to fleet

Lorie Leeson

figure to what just come were up but to day Difficulty] today. that other we talking Yes, with. unveil We and [Technical that, we anything the about don't trying out acronym have would

Justin Roberts

be other we perspective, business. our Steve, this an is ask that free operating the do generate to question, and Justin year expect usually from deploy back is of real half the some can then quick. cash stronger To also into aspects that we of delevering cash and flow the flow know answer I you will

Steve Barger

forward I that good for I me. that's Well, look appreciate to flow. seeing that cash positive hear. and you anticipating free to

Operator

Tekorius This concludes conference closing our any to for remarks. over to like turn question-and-answer the back session. I would Lorie

Lorie Leeson

progress speaking be I sharing we time you to Justin appreciate forward today. Thanks, and will the with everyone's Thank look future. some sir. of I in later you, attention. know and

Justin Roberts

everyone. Thanks,

Operator

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

You disconnect. may now

The Greenbrier Companies, Inc. (GBX) 5 Apr 242024 Q2 Earnings call transcript