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Segment Information
 6 Months Ended
Jun. 30, 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

 

 

 

Six Months Ended

 

 

 

 

June 30,

 

 

 

June 30,

 

 

 

 

2022

 

 

2021

 

 

 

2022

 

 

2021

 

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

53,606

 

 

$

35,158

 

 

 

$

143,731

 

 

$

65,177

 

 

Corporate and Other

 

 

3,180

 

 

 

2,196

 

 

 

 

6,291

 

 

 

4,547

 

 

Consolidated revenues

 

$

56,786

 

 

$

37,354

 

 

 

$

150,022

 

 

$

69,724

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing (1)

 

$

4,900

 

 

$

237

 

 

 

$

13,416

 

 

$

(5,781

)

 

Corporate and Other

 

 

(2,364

)

 

 

(4,414

)

 

 

 

(11,535

)

 

 

(12,881

)

 

Consolidated operating income (loss)

 

 

2,536

 

 

 

(4,177

)

 

 

 

1,881

 

 

 

(18,662

)

 

Consolidated interest expense

 

 

(5,757

)

 

 

(3,212

)

 

 

 

(11,462

)

 

 

(5,714

)

 

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

 

 

18,746

 

 

 

3,452

 

 

 

 

(1,984

)

 

 

(18,676

)

 

Consolidated other income

 

 

661

 

 

 

230

 

 

 

 

2,157

 

 

 

345

 

 

Consolidated income (loss) before income taxes

 

$

16,186

 

 

$

(3,707

)

 

 

$

(9,408

)

 

$

(42,707

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

869

 

 

$

854

 

 

 

$

1,736

 

 

$

1,921

 

 

Corporate and Other

 

 

167

 

 

 

145

 

 

 

 

324

 

 

 

275

 

 

Consolidated depreciation and amortization

 

$

1,036

 

 

$

999

 

 

 

$

2,060

 

 

$

2,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

1,482

 

 

$

697

 

 

 

$

2,442

 

 

$

1,042

 

 

Corporate and Other

 

 

366

 

 

 

194

 

 

 

 

366

 

 

 

391

 

 

Consolidated capital expenditures

 

$

1,848

 

 

$

891

 

 

 

$

2,808

 

 

$

1,433

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) There were no restructuring and impairment charges for the three and six months ended June 30, 2022 . Results for the three and six months ended June 30, 2021 include restructuring and impairment charges (benefits) of ($120) and $6,530, respectively.

 

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

179,525

 

 

$

154,068

 

Corporate and Other

 

 

32,746

 

 

 

46,417

 

Total operating assets

 

 

212,271

 

 

 

200,485

 

Consolidated income taxes receivable

 

 

83

 

 

 

179

 

Consolidated assets

 

$

212,354

 

 

$

200,664

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

December 31,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

United States

 

$

56,772

 

 

$

37,354

 

 

$

150,008

 

 

$

69,724

 

 

$

24,243

 

 

$

24,967

 

Mexico

 

 

14

 

 

 

-

 

 

 

14

 

 

 

-

 

 

 

30,926

 

 

 

30,098

 

Total

 

$

56,786

 

 

$

37,354

 

 

$

150,022

 

 

$

69,724

 

 

$

55,169

 

 

$

55,065

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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