THE GREENBRIER COMPANIES, INC. GBX Cash Flow

The greenbrier companies, inc. (GBX)

CashFlow / Quarterly

Feb'20	Nov'19	Aug'19	May'19	Feb'19	Nov'18	Aug'18	May'18	Feb'18	Nov'17	Aug'17	May'17	Feb'17	Nov'16	Aug'16	May'16	Feb'16	Nov'15	Aug'15	May'15	Feb'15	Nov'14	Aug'14	May'14	Feb'14	Nov'13	Aug'13	May'13	Feb'13	Nov'12	Aug'12	May'12	Feb'12	Nov'11	Aug'11	May'11	Feb'11	Nov'10
Cash flows from operating activities
Net earnings
20,015	24,011	50,799	25,847	5,783	23,382	37,158	36,239	65,289	33,377	32,254	31,241	49,001	47,966	60,363	59,532	66,216	98,713	97,956	70,325	61,046	35,982	60,133	46,096	20,553	22,997	23,290	-55,623	14,391	12,561	9,863	20,725	17,254	13,328	13,537	-2,805	-293	-2,052
Adjustments to reconcile net earnings to net cash used in operating activities:
Deferred income taxes
-199	-6,515	253	-17,073	-1,045	-2,360	-1,671	-3,745	-29,215	-5,865	-12,438	14,543	-484	2,756	1,208	-4,856	-8,306	3,019	-14,906	-2,000	-3,852	607	2,058	-5,297	-1,734	286	-271	-13,594	3,263	940	6,816	-1,027	2,163	3,665	7,675	-9,945	5,082	-413
Depreciation and amortization
30,003	29,335	22,898	20,018	20,115	20,700	19,195	18,707	18,084	18,370	18,513	16,036	14,985	15,595	21,664	13,839	14,868	12,974	11,898	10,860	10,348	12,050	9,598	10,071	9,856	10,897	9,924	10,125	10,475	10,923	11,768	10,281	10,433	9,889	10,119	9,548	9,307	9,319
Net gain on disposition of equipment
6,697	3,959	3,489	11,019	12,102	14,353	4,556	14,825	5,817	19,171	4,947	1,581	2,090	1,122	4,470	311	10,746	269	406	720	121	83	353	5,619	5,416	3,651	8,457	5,131	3,076	1,408	67	2,585	2,654	3,658	2,220	307	1,961	633
Accretion of debt discount
1,368	1,350	1,190	1,103	1,089	1,076	1,062	1,049	1,036	1,024	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	730	876	849	843	817	812	787	1,137	1,826	1,822	1,798
Stock based compensation expense
4,043	3,157	361	3,492	4,106	3,194	9,003	7,737	6,635	5,939	7,420	8,153	5,511	5,343	4,982	8,315	5,439	5,301	6,283	5,983	3,782	3,411	4,831	3,592	1,503	1,359	1,459	1,956	1,001	1,886	2,033	3,234	1,748	1,742	2,112	2,407	1,273	1,281
Noncontrolling interest adjustments
7,302	1,736	80	2,016	1,386	3,920	1,797	3,622	-1,680	-875	-1,880	4,458	526	-3,781	-311	-1,978	2,553	262	-3,156	-1,453	8,872	12,952	-179	514	2,270	169	-	-	-	-	-	-	-	-	-	-	-	-
Other
352	-391	-1,771	107	1,523	286	343	387	481	477	-1,862	469	319	229	-4	73	-146	637	176	459	397	152	188	59	-29	358	2,984	-283	93	-1,705	1,319	-173	1,735	2,024	-402	36	-9	64
Decrease (increase) in assets:
Accounts receivable, net
12,379	-58,488	14,904	-4,628	31,536	-54,834	58,571	-701	-9,829	35,510	-1,837	-40,162	62,015	5,256	17,718	-16,023	-10,533	40,889	-22,421	2,513	14,062	-7,806	-2,477	33,126	-26,205	19,305	-8,176	18,578	-18,594	15,515	-27,334	-1,531	24,789	-33,687	45,125	27,067	18,898	5,462
Inventories
-14,504	69,662	-26,645	15,425	91,343	63,045	22,322	-5,941	-6,100	16,311	-44,422	29,536	-21,435	39,108	-69,057	37,268	-22,196	274	18,943	8,474	48,790	67,642	-12,047	30,869	-22,325	13,178	-28,159	-18,094	-14,257	41,465	-30,457	-17,003	9,663	34,088	33,573	38,730	388	44,175
Leased railcars for syndication
109,901	13,132	52,314	-32,590	-40,340	116,726	-15,971	-4,135	38,588	35,541	-57,137	54,025	-3,608	-34,295	9,669	-44,214	-45,668	61,059	-300	15,350	20,832	54,732	32,359	11,817	23,456	-9,853	-814	34,893	-13,459	-43,501	32,510	-9,364	15,586	37,339	-27,626	-864	9,482	39,847
Other
2,129	37,304	-9,368	-8,749	10,882	392	-3,566	-20,115	-4,130	-6,304	-9,139	-2,869	3,343	-8,893	11,798	1,474	139	3,578	-2,241	1,311	2,566	-2,211	1,578	2,559	2,001	-2,069	-631	-93	700	-945	-	816	1,459	-856	-3,029	-1,441	-1,428	-2,965
Increase (decrease) in liabilities:
Accounts payable and accrued liabilities
-20,567	-47,421	25,329	2,123	39,407	-10,949	19,134	-11,536	29,758	16,676	10,378	-37,518	24,591	-22,873	2,779	-33,259	22,157	-77,605	49,284	-14,386	50,553	-13,032	26,855	36,994	24,650	-25,137	28,176	12,888	-8,457	-48,036	3,835	-13,453	25,594	260	53,400	34,267	14,498	28,508
Deferred revenue
11,393	-10,012	8,437	-14,671	-16,355	3,314	3,606	18,752	-34,041	-8,548	46,689	-3,182	643	-11,111	26,409	-17,487	42,513	-723	9,628	-4,070	1,262	6,488	-545	6,881	5,549	-172	-7,386	-7,035	-5,103	11,039	-687	16,648	-4,512	-145	155	35	-6,678	1,201
Net cash used in operating activities
-62,855	-70,319	72,882	52,499	-49,503	-97,119	23,715	87,279	32,001	-39,654	207,673	-6,912	53,017	31,826	142,492	45,363	212,806	-63,491	162,776	37,350	46,037	-53,830	54,167	14,920	80,275	-13,455	85,355	-14,351	59,073	-25,485	62,423	61,549	1,076	-8,992	43,055	-25,562	-4,299	-47,446
Cash flows from investing activities
Proceeds from sales of assets
14,364	27,463	24,697	36,851	29,382	34,497	23,396	24,686	30,082	75,060	3,805	446	10,709	9,189	15,008	8,166	39,188	41,353	667	1,609	946	2,073	14,720	10,844	14,620	14,051	35,727	17,310	12,215	10,086	307	13,195	14,317	5,741	4,551	427	9,698	4,054
Capital expenditures
17,618	23,216	48,288	51,769	69,499	28,677	58,192	65,153	23,610	29,893	32,217	32,654	8,610	12,584	87,306	23,733	12,379	15,595	30,097	22,036	22,542	31,314	35,705	17,993	9,987	6,542	11,150	14,152	10,384	25,141	45,768	36,404	20,706	15,007	24,613	29,557	18,596	11,536
Decrease (increase) in restricted cash
-	-	-	-	-	-	-	-	-	-	-	57	54	-15,637	15,610	-208	-941	949	-43	190	-448	30	-328	504	-11	168	-99	7	1,577	1,045	188	3,840	98	38	-104	290	-710	112
Investment in and advances to unconsolidated affiliates
0	1,500	0	0	0	11,393	-	-	-	-	6,564	33,518	0	550	3,767	3,948	3,274	1,866	4,530	24,208	3,215	2,500	12,500	0	0	1,253	1,224	630	226	160	-38	474	0	70	1,351	700	0	279
Cash distribution from unconsolidated affiliates and other
6,821	4,452	-	-	202	1,784	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash distribution from joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	550	-	-	-	616	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13	-13	-12	-10	1,826	-9	-7	-36
Net cash provided by (used in) investing activities
3,567	7,199	-385,359	-14,918	-39,915	-3,789	-73,950	-41,449	-10,060	45,167	-77,629	-65,783	2,045	12,242	-89,158	-16,609	26,500	23,559	-31,287	-44,577	-23,896	-31,771	-33,157	-7,653	4,644	6,088	23,452	2,521	-3,554	-16,260	-45,598	-27,650	-6,475	-9,224	-23,135	-30,111	-8,181	-7,837
Cash flows from financing activities
Net change in revolving notes with maturities of 90 days or less
7,847	2,399	1,777	4,125	-1,167	-4,840	7,388	12,347	1,105	2,561	-	-	-	-	0	-75,000	-87,000	113,000	-24,000	20,000	38,000	15,000	-	-	-	-	-43,369	43,552	-44,514	27,935	-8,188	-30,398	-9,566	-9,150	67,931	6,582	-3,943	1,055
Proceeds from revolving notes with maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,888	0	19,507	23,056	3,145	2,936	24,264	7,474	6,330	11,879	10,773	9,195	7,129	9,998	39,089	7,557	11,786	3,373	3,806	6,194
Repayments of revolving notes with maturities longer than 90 days
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	19,507	18,056	13,471	4,610	8,146	11,592	36,331	16,878	8,089	11,879	6,057	8,941	10,361	7,755	10,212	5,606	-	-	-	-
Proceeds from issuance of notes payable
-	-	300,000	0	0	225,000	22	-180	11,791	2,138	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	250	0	0	2,500	-	-	-	-
Repayments of notes payable
7,371	9,749	3,168	3,162	3,188	173,453	2,995	3,218	13,247	2,809	2,828	1,750	1,969	1,750	2,838	15,731	1,969	1,761	1,971	1,764	1,982	1,758	1,976	124,359	1,239	1,223	1,239	55,341	1,021	1,230	1,042	1,244	3,541	1,243	72,791	236,246	1,089	1,234
Debt issuance costs
-	4	5,656	204	4	2,766	-	-	-	-	-	-	-	-	1	11	-344	4,493	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Repurchase of stock
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	252	13,043	20,203	21,499	1,505	25,216	21,730	7,290	17,404	8,018	871	-	-	-	-	-	-	-	-	-	-	-	-
Dividends
16,969	343	8,121	8,421	16,184	467	8,048	8,320	13,227	319	6,271	6,481	5,991	6,147	5,941	5,787	11,470	105	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Decrease in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-11,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash distribution to joint venture partner
4,175	4,531	5,164	6,657	1,873	3,185	3,620	27,655	14,858	26,900	1,244	7,781	8,301	11,185	32,382	9,167	35,889	17,654	7,886	8,067	2,147	2,275	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment by joint venture partner
-	-	-	-	-	-	0	0	0	6,500	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	419	629	628	767	1,182	-	-	-	-	-	-	-	-
Tax payments for net share settlement of restricted stock
25	1,870	0	1,559	15	4,747	7	2,517	138	5,061	7	2,227	161	2,820	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Excess tax deficiency from restricted stock awards
-	-	-	-	-	-	-	-	-	-	-	57	11	-2,464	27	0	-41	2,827	-56	-894	888	2,970	0	-1	-42	152	123	596	-36	217	-	-	-	-	-	-	-	-
Other
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-880	-1	0	-6	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	0	26
Net cash provided by (used in) financing activities
-20,689	-14,098	279,668	-15,878	-22,431	35,542	-7,260	-29,543	-28,574	-23,890	-2,537	-17,814	249,139	-24,366	-47,515	-100,549	-150,956	71,605	-77,453	-14,587	7,563	21,653	-31,357	47,693	-22,970	-10,927	-43,429	-10,573	-40,088	28,358	-12,303	-26,319	15,770	-5,942	-492	-9,107	61,549	6,041
Effect of exchange rate changes
-3,805	981	-9,800	-3,691	3,264	-2,439	-2,204	-11,997	1,271	-1,736	3,159	10,170	7,761	-8,591	2,420	2,694	-2,442	-6,970	-3,889	-915	-3,150	-2,010	-3,229	-397	754	2,085	451	-1,628	-1,078	1,100	4,134	-3,331	9,440	-5,209	-3,508	-7	773	-375
Decrease in cash and cash equivalents and restricted cash
-83,782	-76,237	-42,609	18,012	-108,585	-67,805	-59,699	4,290	-5,362	-20,113	130,666	-80,339	311,962	11,111	8,239	-69,101	85,908	24,703	50,147	-22,729	26,554	-65,958	-13,576	54,563	62,703	-16,209	65,829	-24,031	14,353	-12,287	8,656	4,249	19,811	-29,367	15,920	-64,787	49,842	-49,617
Balance Sheet Reconciliation:
Cash and cash equivalents
423,501	-253,602	29,941	-701,125	804,297	-462,797	59,314	-3,961	5,398	-591,406	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
17,217	-8,648	12,668	-43,055	30,456	-8,872	385	-329	-36	-8,839	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest
5,007	6,601	6,980	2,750	6,860	1,740	5,798	3,846	5,572	3,662	5,462	3,556	1,433	3,511	1,425	3,924	2,870	4,058	2,026	6,070	1,703	5,736	1,531	6,206	1,141	5,469	1,120	5,977	-1,495	9,362	1,920	2,647	1,694	6,476	2,022	11,777	1,548	12,525
Income taxes, net
13,811	11,692	16,180	14,410	24,007	7,487	4,204	41,430	20,404	385	4,693	21,769	8,385	10,433	47,588	14,817	14,701	48,349	52,131	37,259	22,083	28,487	27,620	12,360	11,589	17,694	13,276	8,116	1,443	6,845	4,588	6,496	130	-2,613	-189	353	431	82
Non-cash activity
Transfer from Leased railcars for syndication and Inventories to Equipment on operating leases, net
113	55,626	1,043	-7	28,505	14,304	-	-	-	-	71	2,515	0	6,082	27,630	-80	14,047	31,568	0	0	0	3,313	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital expenditures accrued in Accounts payable and accrued liabilities
-3,651	6,888	4,930	2,643	4,840	6,972	11,666	-10,880	-2,092	14,840	11,844	-482	-664	5,447	4,879	-2,901	499	5,931	6,454	-2,147	1,494	2,957	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Accounts payable and accrued liabilities associated with dividends declared
-8,117	8,021	-158	127	-7,780	7,830	-191	76	-6,239	6,282	-	-	-	-	-166	-38	-5,872	5,745	113	31	-4,013	4,170	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Conversion of unconsolidated affiliate note receivable to Investment in unconsolidated affiliates
0	4,760	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change in Accounts payable and accrued liabilities associated with cash distributions to joint venture partner
-91	626	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transfer of Inventories to Leased railcars for syndication
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-85	36	2,740	-	-	-	-	-	-	-	-	-	-	-	-