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Segment Information | 9 Months Ended
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Sep. 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 rebody and repair services, and complete railcar conversion services that repurpose idled rail assets back into revenue service. 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 |  |  |  | Nine Months Ended |
|  | September 30, |  |  |  | September 30, |
|  | 2024 |  |  | 2023 |  |  |  | 2024 |  |  | 2023 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  | $ | 109,080 |  |  | $ | 58,554 |  |  |  | $ | 407,336 |  |  | $ | 221,877 |
Corporate and Other |  |  | 4,175 |  |  |  | 3,340 |  |  |  |  | 14,393 |  |  |  | 9,612 |
Consolidated revenues |  | $ | 113,255 |  |  | $ | 61,894 |  |  |  | $ | 421,729 |  |  | $ | 231,489 |
Operating income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing (1) |  | $ | 13,823 |  |  | $ | 7,378 |  |  |  | $ | 40,816 |  |  | $ | 24,775 |
Corporate and Other (2) |  |  | (5,165 | ) |  |  | (5,977 | ) |  |  |  | (15,114 | ) |  |  | (14,551 | )
Consolidated operating income |  | $ | 8,658 |  |  | $ | 1,401 |  |  |  | $ | 25,702 |  |  | $ | 10,224 |
Consolidated interest expense |  |  | (1,577 | ) |  |  | (2,037 | ) |  |  |  | (5,815 | ) |  |  | (12,988 | )
(Loss) gain on change in fair market value of Warrant liability |  |  | (110,040 | ) |  |  | 4,273 |  |  |  |  | (125,581 | ) |  |  | (1,869 | )
Loss on extinguishment of debt |  |  | - |  |  |  | - |  |  |  |  | - |  |  |  | (14,880 | )
Consolidated other expense |  |  | (680 | ) |  |  | (228 | ) |  |  |  | (1,419 | ) |  |  | (333 | )
Consolidated (loss) income before income taxes |  | $ | (103,639 | ) |  | $ | 3,409 |  |  |  | $ | (107,113 | ) |  | $ | (19,846 | )
Depreciation and amortization: |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  | $ | 1,331 |  |  | $ | 942 |  |  |  | $ | 3,906 |  |  | $ | 2,763 |
Corporate and Other |  |  | 111 |  |  |  | 143 |  |  |  |  | 346 |  |  |  | 426 |
Consolidated depreciation and amortization |  | $ | 1,442 |  |  | $ | 1,085 |  |  |  | $ | 4,252 |  |  | $ | 3,189 |
Capital expenditures: |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  | $ | 1,277 |  |  | $ | 3,989 |  |  |  | $ | 3,485 |  |  | $ | 8,815 |
Corporate and Other |  |  | 185 |  |  |  | 28 |  |  |  |  | 246 |  |  |  | 156 |
Consolidated capital expenditures |  | $ | 1,462 |  |  | $ | 4,017 |  |  |  | $ | 3,731 |  |  | $ | 8,971 |
(1) Results for the nine months ended September 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 nine months ended September 30, 2023 include a gain on sale of railcars available for lease of $622. (2) Results for the three and nine months ended September 30, 2023 include a loss on pension settlement of $313.
|  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Assets: |  |  |  |  |  |
Manufacturing |  | $ | 187,001 |  |  | $ | 207,093 |
Corporate and Other |  |  | 55,988 |  |  |  | 51,158 |
Total operating assets |  |  | 242,989 |  |  |  | 258,251 |
Consolidated income taxes receivable |  |  | 2,960 |  |  |  | 1,208 |
Consolidated assets |  | $ | 245,949 |  |  | $ | 259,459 |
| Geographic Information |
|  | Revenues |  |  | Long Lived Assets (a) |
|  | Three Months Ended |  |  | Nine Months Ended |  |  |  |  |  |  |
|  | September 30, |  |  | September 30, |  |  | September 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
United States |  | $ | 113,255 |  |  | $ | 61,894 |  |  | $ | 421,729 |  |  | $ | 231,489 |  |  | $ | 4,090 |  |  | $ | 7,377 |
Mexico |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 72,708 |  |  |  | 69,826 |
Total |  | $ | 113,255 |  |  | $ | 61,894 |  |  | $ | 421,729 |  |  | $ | 231,489 |  |  | $ | 76,798 |  |  | $ | 77,203 |
(a) Long lived assets include property plant and equipment, net, railcars available for lease, net, and right-of-use (ROU) assets.

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- Definition The entire disclosure for reporting segments including data and tables. 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