XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Segment Information
 6 Months Ended
Jun. 30, 2021
Segment Information [Abstract]  
Segment Information

Note 4 – 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

 

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

35,158

 

 

$

15,129

 

 

 

$

65,177

 

 

$

18,069

 

 

Corporate and Other

 

 

2,196

 

 

 

2,329

 

 

 

 

4,547

 

 

 

4,586

 

 

Consolidated revenues

 

$

37,354

 

 

$

17,458

 

 

 

$

69,724

 

 

$

22,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing (1)

 

$

1,878

 

 

$

(8,348

)

 

 

$

(2,866

)

 

$

(20,148

)

 

Corporate and Other

 

 

(4,414

)

 

 

(4,600

)

 

 

 

(12,881

)

 

 

(9,893

)

 

Consolidated operating loss

 

 

(2,536

)

 

 

(12,948

)

 

 

 

(15,747

)

 

 

(30,041

)

 

Consolidated interest expense

 

 

(3,212

)

 

 

(167

)

 

 

 

(5,714

)

 

 

(463

)

 

Gain (loss) on change in fair market value of warrant liability

 

 

3,452

 

 

 

-

 

 

 

 

(18,676

)

 

 

-

 

 

Consolidated other income

 

 

230

 

 

 

134

 

 

 

 

345

 

 

 

358

 

 

Consolidated loss before income taxes

 

$

(2,066

)

 

$

(12,981

)

 

 

$

(39,792

)

 

$

(30,146

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

854

 

 

$

2,688

 

 

 

$

1,921

 

 

$

5,483

 

 

Corporate and Other

 

 

145

 

 

 

183

 

 

 

 

275

 

 

 

401

 

 

Consolidated depreciation and amortization

 

$

999

 

 

$

2,871

 

 

 

$

2,196

 

 

$

5,884

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

697

 

 

$

3,033

 

 

 

$

1,042

 

 

$

5,953

 

 

Corporate and Other

 

 

194

 

 

 

305

 

 

 

 

391

 

 

 

1,056

 

 

Consolidated capital expenditures

 

$

891

 

 

$

3,338

 

 

 

$

1,433

 

 

$

7,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Results for the three months and six months ended June 30, 2021 include restructuring and impairment charges of ($120) and $6,530, respectively. Results for the three months and six months ended June 30, 2020 include restructuring and impairment charges of $267 and $1,147, respectively.

 

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

133,342

 

 

$

114,669

 

Corporate and Other

 

 

36,344

 

 

 

68,046

 

Total operating assets

 

 

169,686

 

 

 

182,715

 

Consolidated income taxes receivable

 

 

372

 

 

 

27

 

Consolidated assets

 

$

170,058

 

 

$

182,742

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

United States

 

$

37,354

 

 

$

17,458

 

 

$

69,724

 

 

$

22,655

 

 

$

26,255

 

 

$

48,126

 

Mexico

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

31,433

 

 

 

20,984

 

Total

 

$

37,354

 

 

$

17,458

 

 

$

69,724

 

 

$

22,655

 

 

$

57,688

 

 

$

69,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a) Long lived assets include property plant and equipment, net, railcars available for lease, and ROU assets.