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Segment Information
 6 Months Ended
Jun. 30, 2024
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 repairs, complete railcar rebody services, railcar conversions for repurposed use, and servicing railcars. 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,

 

 

 

2024

 

 

2023

 

 

 

2024

 

 

2023

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

142,528

 

 

$

85,724

 

 

 

$

298,256

 

 

$

163,323

 

Corporate and Other

 

 

4,888

 

 

 

2,872

 

 

 

 

10,218

 

 

 

6,272

 

Consolidated revenues

 

$

147,416

 

 

$

88,596

 

 

 

$

308,474

 

 

$

169,595

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing (1)

 

$

18,714

 

 

$

11,769

 

 

 

$

26,993

 

 

$

17,397

 

Corporate and Other

 

 

(5,580

)

 

 

(4,043

)

 

 

 

(9,949

)

 

 

(8,574

)

Consolidated operating income

 

$

13,134

 

 

$

7,726

 

 

 

$

17,044

 

 

$

8,823

 

Consolidated interest expense

 

 

(1,847

)

 

 

(4,351

)

 

 

 

(4,238

)

 

 

(10,951

)

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

 

 

112

 

 

 

(6,755

)

 

 

 

(15,541

)

 

 

(6,142

)

Loss on extinguishment of debt

 

 

-

 

 

 

(14,880

)

 

 

 

-

 

 

 

(14,880

)

Consolidated other expense

 

 

(725

)

 

 

(69

)

 

 

 

(739

)

 

 

(105

)

Consolidated income (loss) before income taxes

 

$

10,674

 

 

$

(18,329

)

 

 

$

(3,474

)

 

$

(23,255

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

1,302

 

 

$

891

 

 

 

$

2,575

 

 

$

1,823

 

Corporate and Other

 

 

112

 

 

 

142

 

 

 

 

235

 

 

 

282

 

Consolidated depreciation and amortization

 

$

1,414

 

 

$

1,033

 

 

 

$

2,810

 

 

$

2,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

 

 

 

Manufacturing

 

$

1,287

 

 

$

2,947

 

 

 

$

2,208

 

 

$

4,826

 

Corporate and Other

 

 

16

 

 

 

47

 

 

 

 

61

 

 

 

128

 

Consolidated capital expenditures

 

$

1,303

 

 

$

2,994

 

 

 

$

2,269

 

 

$

4,954

 

 

(1) Results for the three and six months ended June 30, 2024 include a litigation settlement, of which $1,386 was allocated to leasing revenues and $3,214 was allocated to litigation settlement. Results for the three and six months ended June 30, 2023 include a gain on sale of railcars available for lease of $622.

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

Manufacturing

 

$

148,802

 

 

$

207,093

 

Corporate and Other

 

 

55,207

 

 

 

51,158

 

Total operating assets

 

 

204,009

 

 

 

258,251

 

Consolidated income taxes receivable

 

 

3,212

 

 

 

1,208

 

Consolidated assets

 

$

207,221

 

 

$

259,459

 

 

 

Geographic Information

 

 

 

Revenues

 

 

Long Lived Assets(a)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

 

 

 

 

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

December 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

United States

 

$

147,416

 

 

$

88,596

 

 

$

308,474

 

 

$

169,595

 

 

$

4,107

 

 

$

7,377

 

Mexico

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

73,509

 

 

 

69,826

 

Total

 

$

147,416

 

 

$

88,596

 

 

$

308,474

 

 

$

169,595

 

 

$

77,616

 

 

$

77,203

 

 

 

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