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Segment Information
 12 Months Ended
Dec. 31, 2021
Segment Information [Abstract]  
Segment Information

Note 20 – 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 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 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 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.

 

 

 

 

Year Ended

 

 

 

 

December 31,

 

 

 

 

2021

 

 

2020

 

 

Revenues:

 

 

 

 

 

 

 

Manufacturing

 

$

192,807

 

 

$

98,706

 

 

Corporate and Other

 

 

10,243

 

 

 

9,741

 

 

Consolidated revenues

 

$

203,050

 

 

$

108,447

 

 

 

 

 

 

 

 

 

 

Operating loss:

 

 

 

 

 

 

 

Manufacturing (1)

 

$

(757

)

 

$

(59,031

)

 

Corporate and Other

 

 

(22,005

)

 

 

(21,562

)

 

Consolidated operating loss

 

 

(22,762

)

 

 

(80,593

)

 

Consolidated interest expense

 

 

(13,317

)

 

 

(2,225

)

 

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

 

 

(14,894

)

 

 

(3,657

)

 

Gain on extinguishment of debt

 

 

10,122

 

 

 

-

 

 

Consolidated other income

 

 

817

 

 

 

576

 

 

Consolidated loss before income taxes

 

$

(40,034

)

 

$

(85,899

)

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

Manufacturing

 

$

3,648

 

 

$

8,434

 

 

Corporate and Other

 

 

656

 

 

 

768

 

 

Consolidated depreciation and amortization

 

$

4,304

 

 

$

9,202

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

Manufacturing

 

$

1,880

 

 

$

8,715

 

 

Corporate and Other

 

 

410

 

 

 

1,134

 

 

Consolidated capital expenditures

 

$

2,290

 

 

$

9,849

 

 

 

 

 

 

 

 

 

 

(1) Results for the year ended December 31, 2021 include restructuring and impairment charges of $6,530. Results for the year ended December 31, 2020 include restructuring and impairment charges of $18,325.

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

154,068

 

 

$

114,669

 

Corporate and Other

 

 

46,417

 

 

 

68,046

 

Total operating assets

 

 

200,485

 

 

 

182,715

 

Consolidated income taxes receivable

 

 

179

 

 

 

27

 

Consolidated assets

 

$

200,664

 

 

$

182,742

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Year Ended

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

United States

 

$

202,978

 

 

$

108,447

 

 

$

24,967

 

 

$

48,126

 

Mexico

 

 

72

 

 

 

-

 

 

 

30,098

 

 

 

20,984

 

Total

 

$

203,050

 

 

$

108,447

 

 

$

55,065

 

 

$

69,110

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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