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Segment Information
 9 Months Ended
Sep. 30, 2021
Segment Reporting [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

 

 

 

Nine Months Ended

 

 

 

 

September 30,

 

 

 

September 30,

 

 

 

 

2021

 

 

2020

 

 

 

2021

 

 

2020

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

55,898

 

 

$

22,589

 

 

 

$

121,076

 

 

$

40,658

 

 

Corporate and Other

 

 

2,409

 

 

 

2,613

 

 

 

 

6,955

 

 

 

7,199

 

 

Consolidated revenues

 

$

58,307

 

 

$

25,202

 

 

 

$

128,031

 

 

$

47,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing (1)

 

$

163

 

 

$

(36,786

)

 

 

$

(5,618

)

 

$

(56,934

)

 

Corporate and Other

 

 

(4,326

)

 

 

(4,554

)

 

 

 

(17,207

)

 

 

(14,447

)

 

Consolidated operating loss

 

 

(4,163

)

 

 

(41,340

)

 

 

 

(22,825

)

 

 

(71,381

)

 

Consolidated interest expense

 

 

(3,562

)

 

 

(208

)

 

 

 

(9,276

)

 

 

(671

)

 

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

 

 

(293

)

 

 

-

 

 

 

 

(18,969

)

 

 

-

 

 

Gain on extinguishment of debt

 

 

10,129

 

 

 

-

 

 

 

 

10,129

 

 

 

-

 

 

Consolidated other income

 

 

145

 

 

 

160

 

 

 

 

490

 

 

 

518

 

 

Consolidated loss before income taxes

 

$

2,256

 

 

$

(41,388

)

 

 

$

(40,451

)

 

$

(71,534

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

886

 

 

$

1,915

 

 

 

$

2,807

 

 

$

7,398

 

 

Corporate and Other

 

 

222

 

 

 

155

 

 

 

 

497

 

 

 

556

 

 

Consolidated depreciation and amortization

 

$

1,108

 

 

$

2,070

 

 

 

$

3,304

 

 

$

7,954

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

550

 

 

$

1,180

 

 

 

$

1,592

 

 

$

7,132

 

 

Corporate and Other

 

 

-

 

 

 

78

 

 

 

 

391

 

 

 

1,135

 

 

Consolidated capital expenditures

 

$

550

 

 

$

1,258

 

 

 

$

1,983

 

 

$

8,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Results for the three months and nine months ended September 30, 2021 include restructuring and impairment charges of $0 and $6,530, respectively. Results for the three months and nine months ended September 30, 2020 include restructuring and impairment charges of $30,103 and $31,250, respectively.

 

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

140,919

 

 

$

114,669

 

Corporate and Other

 

 

43,155

 

 

 

68,046

 

Total operating assets

 

 

184,074

 

 

 

182,715

 

Consolidated income taxes receivable

 

 

31

 

 

 

27

 

Consolidated assets

 

$

184,105

 

 

$

182,742

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

 

 

 

 

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

United States

 

$

58,233

 

 

$

25,202

 

 

$

127,957

 

 

$

47,857

 

 

$

25,663

 

 

$

48,126

 

Mexico

 

 

74

 

 

 

-

 

 

 

74

 

 

 

-

 

 

 

30,719

 

 

 

20,984

 

Total

 

$

58,307

 

 

$

25,202

 

 

$

128,031

 

 

$

47,857

 

 

$

56,382

 

 

$

69,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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