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Segment Information
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Segment Information

Note 4 – Segment Information

 

The Company’s operations consist of two operating segments, Manufacturing and Parts, and one reportable segment, Manufacturing. The Company’s Manufacturing segment includes new railcar manufacturing, 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,

 

 

 

2023

 

 

2022

 

 

 

2023

 

 

2022

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

85,724

 

 

$

53,606

 

 

 

$

163,323

 

 

$

143,731

 

Corporate and Other

 

 

2,872

 

 

 

3,180

 

 

 

 

6,272

 

 

 

6,291

 

Consolidated revenues

 

$

88,596

 

 

$

56,786

 

 

 

$

169,595

 

 

$

150,022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

11,769

 

 

$

4,900

 

 

 

$

17,397

 

 

$

13,416

 

Corporate and Other

 

 

(4,043

)

 

 

(2,364

)

 

 

 

(8,574

)

 

 

(11,535

)

Consolidated operating income

 

 

7,726

 

 

 

2,536

 

 

 

 

8,823

 

 

 

1,881

 

Consolidated interest expense

 

 

(4,351

)

 

 

(5,757

)

 

 

 

(10,951

)

 

 

(11,462

)

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

 

 

(6,755

)

 

 

18,746

 

 

 

 

(6,142

)

 

 

(1,984

)

Loss on extinguishment of debt

 

 

(14,880

)

 

 

-

 

 

 

 

(14,880

)

 

 

-

 

Consolidated other (expense) income

 

 

(69

)

 

 

661

 

 

 

 

(105

)

 

 

2,157

 

Consolidated loss (income) before income taxes

 

$

(18,329

)

 

$

16,186

 

 

 

$

(23,255

)

 

$

(9,408

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

891

 

 

$

869

 

 

 

$

1,823

 

 

$

1,736

 

Corporate and Other

 

 

142

 

 

 

167

 

 

 

 

282

 

 

 

324

 

Consolidated depreciation and amortization

 

$

1,033

 

 

$

1,036

 

 

 

$

2,105

 

 

$

2,060

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

2,947

 

 

$

1,482

 

 

 

$

4,826

 

 

$

2,442

 

Corporate and Other

 

 

47

 

 

 

366

 

 

 

 

128

 

 

 

366

 

Consolidated capital expenditures

 

$

2,994

 

 

$

1,848

 

 

 

$

4,954

 

 

$

2,808

 

 

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

184,389

 

 

$

149,014

 

Corporate and Other

 

 

23,772

 

 

 

50,631

 

Total operating assets

 

 

208,161

 

 

 

199,645

 

Consolidated income taxes receivable

 

 

83

 

 

 

93

 

Consolidated assets

 

$

208,244

 

 

$

199,738

 

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

United States

 

$

88,596

 

 

$

56,772

 

 

$

169,595

 

 

$

150,008

 

 

$

10,240

 

 

$

15,018

 

Mexico

 

 

-

 

 

 

14

 

 

 

-

 

 

 

14

 

 

 

56,835

 

 

 

54,243

 

Total

 

$

88,596

 

 

$

56,786

 

 

$

169,595

 

 

$

150,022

 

 

$

67,075

 

 

$

69,261

 

 

 

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