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Segment Information
 3 Months Ended
Mar. 31, 2022
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

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

Revenues:

 

 

 

 

 

 

Manufacturing

 

$

90,124

 

 

$

30,019

 

Corporate and Other

 

 

3,112

 

 

 

2,351

 

Consolidated revenues

 

$

93,236

 

 

$

32,370

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

Manufacturing (1)

 

$

8,516

 

 

$

(6,018

)

Corporate and Other

 

 

(9,171

)

 

 

(8,467

)

Consolidated operating loss

 

 

(655

)

 

 

(14,485

)

Consolidated interest expense

 

 

(5,705

)

 

 

(2,502

)

Loss on change in fair market value of warrant liability

 

 

(20,730

)

 

 

(22,128

)

Consolidated other income

 

 

1,496

 

 

 

115

 

Consolidated loss before income taxes

 

$

(25,594

)

 

$

(39,000

)

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

Manufacturing

 

$

867

 

 

$

1,067

 

Corporate and Other

 

 

157

 

 

 

130

 

Consolidated depreciation and amortization

 

$

1,024

 

 

$

1,197

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

Manufacturing

 

$

960

 

 

$

345

 

Corporate and Other

 

 

-

 

 

 

197

 

Consolidated capital expenditures

 

$

960

 

 

$

542

 

 

 

 

 

 

 

 

(1) Results for the three months ended March 31, 2022 and 2021, include restructuring and impairment charges of $0 and $6,650, respectively.

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

169,096

 

 

$

154,068

 

Corporate and Other

 

 

61,572

 

 

 

46,417

 

Total operating assets

 

 

230,668

 

 

 

200,485

 

Consolidated income taxes receivable

 

 

82

 

 

 

179

 

Consolidated assets

 

$

230,750

 

 

$

200,664

 

 

Geographic Information

 

 

 

Revenues

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

 

 

 

 

 

 

 

March 31,

 

 

March 31,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

United States

 

$

93,236

 

 

$

32,370

 

 

$

24,446

 

 

$

24,967

 

Mexico

 

 

-

 

 

 

-

 

 

 

30,429

 

 

 

30,098

 

Total

 

$

93,236

 

 

$

32,370

 

 

$

54,875

 

 

$

55,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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