Segment Information

9 Months Ended

Sep. 30, 2020

Note 6 – Segment Information

The Company’s operations comprise two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, used railcar sales, railcar leasing and major railcar conversions and rebuilds. The Company’s Parts operating segment is not significant for reporting purposes and has been combined with corporate and other non-operating activities as Corporate and Other.

Segment operating income is an internal performance measure used by the Company’s Chief Operating Decision Maker to assess the performance of each segment in a given period. Segment operating income includes all external revenues attributable to the segments as well as operating costs and income that management believes are directly attributable to the current production of goods and services. The Company’s internal management reporting package does not include interest revenue, interest expense or income taxes allocated to individual segments and these items are not considered as a component of segment operating income. Segment assets represent operating assets and exclude intersegment accounts, deferred tax assets and income tax receivables. The Company does not allocate cash and cash equivalents and restricted cash and restricted cash equivalents to its operating segments as the Company’s treasury function is managed at the corporate level. Intersegment revenues were not material in any period presented.


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenues:
Manufacturing	$	22,589	$	37,868	$	40,658	$	176,280
Corporate and Other		2,613		2,783		7,199		8,740
Consolidated revenues	$	25,202	$	40,651	$	47,857	$	185,020

Operating (loss) income:
Manufacturing (1)	$	(36,786)	$	(30,788)	$	(56,934)	$	(43,444)
Corporate and Other		(4,554)		(5,468)		(14,447)		(23,171)
Consolidated operating loss		(41,340)		(36,256)		(71,381)		(66,615)
Consolidated interest expense and deferred financing costs		(208)		(223)		(671)		(374)
Consolidated other income		160		363		518		765
Consolidated loss before income taxes	$	(41,388)	$	(36,116)	$	(71,534)	$	(66,224)

Depreciation and amortization:
Manufacturing	$	1,915	$	2,819	$	7,398	$	8,922
Corporate and Other		155		191		556		565
Consolidated depreciation and amortization	$	2,070	$	3,010	$	7,954	$	9,487

Capital expenditures:
Manufacturing	$	1,180	$	1,052	$	7,132	$	2,485
Corporate and Other		78		205		1,135		807
Consolidated capital expenditures	$	1,258	$	1,257	$	8,267	$	3,292

(1) Results for the three and nine months ended September 30, 2020 include restructuring and impairment charges of $30,103 and $31,250 respectively. Results for the three and nine months ended September 30, 2019 include restructuring and impairment charges of $23,032 and $24,351, respectively.


	September 30,		December 31,
	2020		2019
Assets:
Manufacturing	$	163,940	$	156,859
Corporate and Other		47,059		87,329
Total operating assets		210,999		244,188
Consolidated income taxes receivable		109		1,014
Consolidated deferred income taxes, long-term		(3)		-
Consolidated assets	$	211,105	$	245,202

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Geographic Information

		Revenues								Long Lived Assets(a)
		Three Months Ended				Nine Months Ended
		September 30,				September 30,				September 30,		December 31,
		2020		2019		2020		2019		2020		2019
United States	$	25,202	$	40,651	$	47,857	$	185,020	$	85,720	$	132,825
Mexico (b)		-		-		-		-		5,921		1,146
Total	$	25,202	$	40,651	$	47,857	$	185,020	$	91,641	$	133,971

(a) Long lived assets include net property plant and equipment, Railcars available for lease, and ROU Assets
(b) Included in manufacturing segment