NYSE : GBX Ma y 2018 Investor Contact: Investor.Relations@gbrx.com - - PowerPoint PPT Presentation

NYSE : GBX

Ma y 2018

Investor Contact: Investor.Relations@gbrx.com Website: www.gbrx.com

1

Sa fe Ha rb o r Sta te me nt

UNDE R T HE PRIVAT E SE CURI T I E S L IT I GAT I ON RE F ORM ACT OF 1995: T his pre se nta tio n ma y c o nta in fo rwa rd-lo o king sta te me nts, inc luding a ny sta te me nts tha t a re no t pure ly sta te me nts o f histo ric a l fa c t. Gre e nb rie r use s wo rds suc h a s “a ntic ipate s,” “b e lie ve s,” “fo re c a st,” “po te ntia l,” “g o a l,” “c o nte mplate s,” “e xpe c ts,” “inte nds,” “pla ns,” “pro je c ts,” “ho pe s,” “se e ks,” “e stima te s,” “stra te g y,” “c o uld,” “wo uld,” “sho uld,” “like ly,” “will,” “ma y,” “c a n,” “de sig ne d to ,” “future ,” “fo re se e a b le future ” a nd simila r e xpre ssio ns to ide ntify fo rwa rd-lo o king sta te me nts. T he se fo rward-lo o king sta te me nts a re no t g ua ra nte e s o f future pe rfo rmanc e a nd a re sub je c t to c e rta in risks a nd unc e rta intie s tha t c o uld c a use a c tua l re sults to diffe r ma te ria lly fro m the re sults c o nte mplate d b y the fo rwa rd-lo o king sta te me nts. F a c to rs tha t mig ht c a use suc h a diffe re nc e inc lude , b ut a re no t limite d to , re po rte d b a c klo g a nd a wa rds tha t a re no t indic a tive o f Gre e nb rie r’ s fina nc ial re sults; unc e rta inty o r c ha ng e s in the c re dit ma rke ts a nd fina nc ial se rvic e s industry; hig h le ve ls o f inde b te dne ss a nd c o mplia nc e with the te rms o f Gre e nb rie r’ s inde b te dne ss; write -do wns o f g o o dwill, inta ng ib le s a nd o the r a sse ts in future pe rio ds; suffic ie nt a va ila bility o f b o rro wing c a pa c ity; fluc tua tio ns in de ma nd fo r ne wly ma nufa c ture d ra ilc ars o r fa ilure to o b ta in

• rde rs a s a ntic ipate d in de ve lo ping fo re c a sts; lo ss o f o ne o r mo re sig nific a nt c usto me rs; c usto me r pa yme nt de fa ults o r re la te d issue s;

po lic ie s a nd prio ritie s o f the fe de ra l g o ve rnme nt re g a rding inte rna tio nal tra de , ta xa tio n a nd infra struc ture ; so ve re ig n risk to c o ntra c ts, e xc ha ng e ra te s o r pro pe rty rig hts; a c tua l future c o sts a nd the a va ilab ility o f ma te ria ls a nd a tra ine d wo rkfo rc e ; fa ilure to de sig n o r ma nufac ture ne w pro duc ts o r te c hno lo g ie s o r to a c hie ve c e rtific a tio n o r ma rke t a c c e pta nc e o f ne w pro duc ts o r te c hno lo g ie s; ste e l

• r spe c ia lty c o mpo ne nt pric e fluc tua tio ns a nd a va ilability a nd sc ra p surc ha rg e s; c ha ng e s in pro duc t mix a nd the mix b e twe e n

se g me nts; la b o r dispute s, e ne rg y sho rta g e s o r o pe ra ting diffic ultie s tha t mig ht disrupt ma nufa c turing o pe ra tio ns o r the flo w o f c a rg o ; pro duc tio n diffic ultie s a nd pro duc t de live ry de la ys a s a re sult o f, a mo ng o the r ma tte rs, c o sts o r ine ffic ie nc ie s a sso c ia te d with e xpa nsio n, sta rt-up, o r c ha ng ing o f pro duc tio n line s o r c ha ng e s in pro duc tio n ra te s, c ha ng ing te c hno lo g ie s, tra nsfe r o f pro duc tio n b e twe e n fa c ilitie s o r no n-pe rfo rma nc e o f a llianc e pa rtne rs, sub c o ntra c to rs o r supplie rs; a b ility to o b ta in suita b le c o ntra c ts fo r the sa le

• f le a se d e q uipme nt a nd risks re la te d to c a r hire a nd re sidua l va lue s; inte g ra tio n o f c urre nt o r future a c q uisitio ns a nd e sta b lishme nt o f

jo int ve nture s; suc c e ssio n pla nning ; disc o ve ry o f de fe c ts in ra ilc a rs o r se rvic e s re sulting in inc re a se d wa rra nty c o sts o r litig a tio n; physic a l da ma g e o r pro duc t o r se rvic e lia b ility c la ims tha t e xc e e d Gre e nb rie r’ s insura nc e c o ve ra g e ; tra in de ra ilme nts o r o the r a c c ide nts o r c la ims tha t c o uld sub je c t Gre e nb rie r to le g a l c la ims; a c tio ns o r ina c tio ns b y va rio us re g ula to ry a g e nc ie s inc luding po te ntia l e nviro nme ntal re me dia tio n o b lig a tio ns o r c ha ng ing ta nk c a r o r o the r ra ilc a r o r ra ilro a d re g ula tio n; a nd issue s a rising fro m inve stig a tio ns o f whistle blo we r c o mplaints; a ll a s ma y b e disc usse d in mo re de ta il unde r the he a ding s “Risk F a c to rs” a nd “F

• rwa rd

L

• o king Sta te me nts” in Gre e nb rie r’ s Annua l Re po rt o n F
• rm 10-K

fo r the fisc a l ye a r e nde d Aug ust 31, 2017, Gre e nb rie r’ s Qua rte rly Re po rt o n F

• rm 10-Q fo r the fisc a l q ua rte r e nde d F

e b rua ry 28, 2018, a nd Gre e nb rie r’ s o the r re po rts o n file with the Se c uritie s a nd E xc ha ng e Co mmissio n. Re a de rs a re c a utio ne d no t to pla c e undue re lia nc e o n the se fo rwa rd-lo o king sta te me nts, whic h re fle c t ma nag e me nt’ s o pinio ns o nly a s o f the da te he re o f. E xc e pt a s o the rwise re q uire d b y la w, Gre e nb rie r do e s no t a ssume a ny o b lig a tio n to upda te a ny fo rwa rd-lo o king sta te me nts.

2

I nte g ra te d Busine ss Mo de l

Gre e nb rie r’ s inte g ra te d b usine ss mo de l de live rs supe rio r va lue to c usto me rs b y c re a ting c usto mize d fre ig ht c a r so lutio ns

• ve r the e ntire life o f a ra ilc a r.

Our dive rsifie d po rtfo lio o f q ua lity pro duc ts a nd se rvic e s e nha nc e s

• ur fina nc ia l pe rfo rma nc e

a c ro ss the b usine ss c yc le .

Leasing and Services Wheels, Repair and Parts

Manufacturing

 F

le e t Info rma tio n

• 5,800 lo ng -te rm o wne d units
• 2,600 sho rt-te rm o wne d units
• 359,000 ma na g e d units

 F

• rma tio n o f jo int ve nture c o mpa ny

to e xc lusive ly ma na g e MUL ra ilc a rs

T hr e e busine ss units wo r king to ge the r

3

L e a ding I nte g ra te d T ra nspo rta tio n E q uipme nt & Se rvic e Pro vide r

Afte rmarke ts(1) L e asing & Se rvic e s(1) Manufac turing (1)

 Whe e ls & Par

ts – nine whe e l

se rvic e lo c a tio ns a nd fo ur ra ilc a r pa rt re c o nd itio ning lo c a tio ns

 GBW Railc ar

Se r vic e s - 50/ 50 JV

pro vid e s re pa ir se rvic e s a c ro ss mo re tha n 30 lo c a tio ns

 L

e a d ing ma nufa c ture r o f ra ilc a rs in No rth Ame ric a a nd E uro pe

 L

e ading do me stic manufac tur e r

• f o c e a n-g o ing b a rg e s

 Ne w ra ilc a r b a c klo g va lue d a t

$2.29 b illio n

 Ma rine b a c klo g o f ~$9 millio n  Inve stme nts in ra ilc a r

ma nufa c ture r a nd c o mpo ne nt supplie r in Bra zil

 F

• rma tio n o f Gre e nb rie r-Astra

Ra il, a pre mie rE uro pe a n fre ig ht ra ilc a r ma nufa c turing , e ng ine e ring a nd re pa ir b usine ss

I PO

322 2,169

• 500

1,000 1,500 2,000 2,500 3,000 1994 2017 $ millio ns

Histo ric a l Re ve nue

I PO

4

I nve stme nt Hig hlig hts

Industry Dynamics Unique Strategic Position Strong Financial Profile

 No rth Ame ric a n

Drive rs

• Ra il c yc le d rive n b y

c urre nt b usine ss a nd ind ustry tre nd s

• Bro a d e ning pro d uc t

d e ma nd a c ro ss c yc le s

• Cha ng ing ta nk c a r

re g ula to ry e nviro nme nt

 I

nte rna tio na l Drive rs

• De ve lo ping So uth

Ame ric a n, GCC a nd E ura sia ma rke ts

 Ma rke t le a de r  Pro vide s c usto mize d

so lutio ns

 T

ra nsfo rma tio na l initia tive s c re a te g ro wth pla tfo rm

• E

nha nc e d L e a sing mo d e l

• Pro d uc t & se rvic e

d ive rsific a tio n

• E

xte nsive No rth Ame ric a n a fte rma rke t re pa ir ne two rk

• Sc a la b le a nd fle xible

a c ro ss d ive rsifie d pro d uc t mix

 Dive rse re ve nue a nd

e a rning s stre a m

 Stro ng ra ilc a r

b a c klo g a nd tra c k re c o rd o ve r multiple c yc le s

 Stro ng fina nc ia l

pe rfo rma nc e

 Co ntinue d fo c us o n

c a sh flo w, inve sting in hig h re turn pro je c ts a nd sha re ho lde r re turn

 Se a so ne d

ma na g e me nt te a m

5

Stra te g y L e ve ra g e s Co re Skills in I nte rna tio na l Ma rke ts

Cor e Nor th Ame r ic an Mar ke t Inte r national Dive r sific ation

E a ste rn E uro pe , Bra zil, E ura sia , Gulf Co o pe ra tio n Co unc il (GCC) Pa rtne r c re a tive ly with stro ng lo c a l b usine sse s E xpa nd to g lo b a l ma rke ts whe re de ma nd fo r ra ilc a rs is g ro wing Pre se rve a nd pro te c t a re a s o f uniq ue c o mpe te nc ie s in e ng ine e ring , ma nufa c turing a nd se rvic e s Co ntinue pro duc t e nha nc e me nts a nd ne w pro duc t de ve lo pme nt F

• c us o n pro fita b ility, c a sh flo w a nd

de ve lo ping huma n c a pita l

North Ame ric a n Ma rke t

10 30 50 70 Car L

• adings (in Millions)

Cale ndar Ye ar s

N.A. F r e ight T r affic

7

T ra nspo rta tio n I ndustry Dyna mic s F a vo r Ra il

 Ra il sig nific a ntly mo re fue l

e ffic ie nt tha n truc ks

 E

nviro nme nta l c o nc e rns fa vo r ra il

 Hig hwa y c o ng e stio n,

drive r sho rta g e , re g ula tio n a nd a g ing hig hwa y infra struc ture c o nstra in truc king

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Ma rc h 2018)

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000

Units Ca le nda r Ye a rs

No rth Ame ric a n Ra il Ca r De live rie s

8

N.A. Railc ar De live r ie s Re tur ning to No r malize d L e ve ls

 Curre nt de ma nd impa c te d b y

industry b a c klo g a nd o ve r-supply in c e rta in c a r type s, pa rtia lly

• ffse t b y stro ng e r ra il lo a ding s

a nd lo we r ve lo c ity

 Cha ng ing ta nk c a r

re g ula to ry e nviro nme nt

 Othe r a re a s o f g ro wth drive n b y

g ra in a nd a uto mo tive tra ffic

 Ag ing fle e t will drive re pla c e me nt

de ma nd

 Stro ng ra ilro a d b a la nc e she e ts

a nd c a pita l e xpe nditure b udg e ts

L

• ng -te rm a ve ra g e :

~50,000 units

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Ma rc h 2018)

10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018F 2019F 2020F 2021F 2022F

Ca le nda r Ye a rs

Co ve re d ho ppe r Bo xc a r T a nks I nte rmo da l F la t c a rs (a uto ) Co a l Othe r ho ppe rs / g o ndo las

9

Ma nufa c turing F le xib ility Vita l a s De ma nd Cha ng e s

L

• ng -te rm a ve ra g e :

~50,000 units

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Ma rc h 2018)

0.00 0.50 1.00 1.50 2.00 2.50 3.00 Millions

Calendar Years

U.S. Rail T

• n- mile s

10

Afte rma rke t De ma nd Drive rs

 Whe e l de ma nd drive n b y

ra il to n-mile s whic h ha s b e e n impa c te d b y sig nific a nt de c line in c o a l

 T

• n-mile s a nd e q uipme nt

upg ra de s drive re pa ir spe nding

 Appro a c hing sub sta ntia l

ta nk c a r ma inte na nc e c yc le

 Cha ng ing ta nk c a r

re g ula to ry e nviro nme nt

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Ma rc h 2018)

 Use rs se e k fle xib ility  F

ina nc ia l institutio ns se e k yie ld

 T

re nd o f inc re a sing priva te (“le a sing / shipping c o mpa nie s”) ra ilc a r o wne rship e xpe c te d to c o ntinue

 Cre a te s o ppo rtunity fo r pa rtne ring , se rvic e

c o ntra c ts a nd e nha nc e d ma rg ins

11

L e a sing & Se rvic e s De ma nd Drive rs

Inte rna tiona l Ma rke t

So urc e : SCI

62% 

Sta te ra ilro a ds o wn a ppro xima te ly 50-60% o f the We ste rn E uro pe a n fre ig ht fle e t b ut this is e xpe c te d to de c re a se



Sta te ra ilro a ds unde r inte nse pre ssure due to inc re a se d c o mpe titio n fro m de re g ula tio n, sta g na nt e c o no my, a nd the influe nc e o f lo w o il pric e s whic h fa vo r tra nspo rt o n ro a ds



L a rg e ly a b se nt fro m the ne w wa g o n ma rke t sinc e 2008



E xpe c te d to inc re a se re lia nc e o n le sso rs



Priva te ra il o pe ra to rs pla ying a n inc re a sing ly impo rta nt ro le in the ne w wa g o n ma rke t



T a king sha re fro m ine ffic ie nt sta te ra ilro a d s



Ad d ing ne w a nd mo re e ffic ie nt e q uipme nt to the ir fle e ts, whic h furthe r impro ve s va lue pro po sitio n

Sta te Ra ilroa ds 60% Priva te Ope ra tors 15% L e ssors / Shippe rs 25%

100% = 700,000 units

E stima te d E uro pe a n F re ig ht Wa g o n Owne rship

13

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2010 2011 2012 2013 2014 2015 2016 2017 e st.

Units

We ste rn E urope a n De live rie s

So urc e : SCI

E uro pe a n De live rie s Aro und Re c e nt L

• ng -te rm Ave ra g e



De ma nd fo r fre ig ht wa g o ns in E uro pe ha s no t ye t re c o ve re d to pre -re c e ssio n le ve ls o f ~7,000 – 8,000 units



Re pla c e me nt de ma nd fo r ~500,000 fle e t with life o f 40 ye a rs is e stima te d to b e ~12,500 wa g o ns a nnua lly 2010-2016 Ave ra g e : ~ 5,900 units

14

15

Bra zilia n I ndustry De live rie s

1,000 2,000 3,000 4,000 5,000 6,000

2010 2011 2012 2013 2014 2015 2016 2017 e st.

Units

So urc e : ABI F E R (Bra zilia n Asso c ia tio n o f the Ra ilro a d I ndustry)

2010-2016 Ave ra g e : ~3,900 units



Gre e nb rie r-Ma xio n ha s a c hie ve d a n a ve ra g e ma rke t sha re o f o ve r 70%



E xc luding a ny la rg e infra struc ture inve stme nts, ma rke t de ma nd is e xpe c te d to b e ne a r a ve ra g e de live rie s

58% 24% 12% 4% 2% 56% 26% 12% 4% 2% 29% 34% 29% 5% 3%

Ro a ds Ra ilra o ds Wa te rwa ys Pipe line Air F re ig ht

Mode of T r anspor tation

2005 2015 2025

Bra zil Ma rke t Outlo o k - K e y Drive rs

16

Modal shar e pr

• je c tions

Mar ke t Poise d for Gr

• wth



Shift in mo d a l tra nspo rta tio n 

F re ig ht ra il vo lume s a re e xpe c te d to inc re a se sub sta ntia lly re q uiring sig nific a nt infra struc ture a nd ra ilc a r inve stme nt o ve r the ne xt se ve ra l ye a rs



Ag ing F le e t (ma rke t o f ~130,000 ra ilc a rs) 

Ove r 50% o f the fre ig ht c a rs in 2016 ha d a n a g e pro file o f 30 ye a rs a nd o lde r



Othe r ma rke t d yna mic s 

Inc re a se o f inno va tio n, g ro wing e xpo rta tio n o f a g ric ulture , a nd g ro wth in o the r L a tin Ame ric a n ma rke ts

So urc e : ANT T (Bra zil’ s De pa rtme nt o f T ra nspo rta tio n) ANT T pro je c ts a 10% g ro wth in mo da l sha re fo r ra ilro a ds

Unique Stra te g ic Position

18

Histo ry o f Qua lity a nd I nno va tio n

 T

T X e xc e lle nt supplie r a wa rd fo r 23 ye a rs

 Ne w Ra ilc a r Ma nufa c turing – Dive rsifie d pro duc t

po rtfo lio c a r type s; pro prie ta ry c a r type s

 Whe e ls & Pa rts – de ve lo ping te sting a nd inspe c tio n

inno va tio ns to a dva nc e sa fe ty & q ua lity o f whe e ls a nd a xle s

 Re pa ir – ta nk c a r re tro fits a nd c e rtific a tio ns,

re purpo sing o f ra ilc a rs

 L

e a sing & Se rvic e s – E nha nc e d syndic a tio n mo de l, pro prie ta ry fle e t ma inte na nc e a nd ma na g e me nt so lutio ns a nd c a pa b ilitie s, Re g ula to ry Se rvic e s Gro up

19

T ra nsfo rma tio na l I nitia tive s Cre a te Dive rsifie d Gro wth Pla tfo rm…



Improve s c ompe titive position due to dive rse pro duc t mix a t lo we r-

c o st, fle xib le ma nufa c turing fa c ilitie s



Dive rsifie s busine ss mix b y e xpa nding re pa ir a nd whe e l

ma inte na nc e b usine ss - la rg e a fte rma rke t b usine ss pro vide s sta b ility a nd stra te g ic b e ne fits thro ug ho ut b usine ss c yc le s



E nhanc e s le asing ac tivitie s, c a pturing mo re va lue thro ug ho ut the

ra ilc a r life c yc le



E xpands available marke t b y inc re a sing thro ug hput a nd

dive rsifying pro duc t po rtfo lio while ma inta ining the q ua lity c usto me rs de ma nd



E xpands ge ographic re ac h into ne w inte rna tio na l ma rke ts with

e ntrie s into Ro ma nia , Bra zil a nd Sa udi Ara b ia

Gr e e nbr ie r is str

• nge r

to day, bo th o pe r atio nally and financ ially, than in pr e vio us c yc le s due to the se initiative s.

20

Gro wing Our Addre ssa b le Ma rke t

• Ma nufa c ture d ne w ra ilc a rs

fo r ~27% o f the No rth Ame ric a n ma rke t (Bo xc a rs, F la t Ca rs, Go nd o la s a nd Inte rmo d a l)

1,401,000 200,000 700,000 118,000

2017 Total Addressable Market

N.A. market addressed by GBX N.A. market not addressed by GBX (Coal) Europe maket Brazil market

Total market = ~2,419,000 railcars 1,405,000 200,000

2015 Total Addressable Market

N.A. market addressed by GBX N.A. market not addressed by GBX (Coal)

Total market = ~1,605,000 railcars 434,000 1,163,000 2007 Total Addressable Market

N.A market addressed by GBX N.A market not addressed by GBX

Total market = ~1,597,000 railcars

• Ma nufa c ture d a ll ra ilc a r type s

e xc e pt fo r c o a l ra ilc a rs

• Gre w ne w ra ilc a r

ma nufa c turing ma rke t b y ~410%

Re pre se nts ra ilc a r ma rke t size in g e o g ra phie s whe re Gre e nb rie r c o mpe te s; L e g a c y E uro pe a n o pe ra tio ns we re fo c use d o n nic he , spe c ia lty c a r type s a nd did no t pa rtic ipa te in g e ne ra l purpo se ra ilc a r fle e t a c tivity

$749 $1,725 $102 $313 $92 $131 $- $500 $1,000 $1,500 $2,000 $2,500

F Y 2006 F Y 2017

$ in millions (% of T

• ta l R

e ve nue )

L e a sing & Se rvic e s Whe e ls & Pa rts Ma nufa c turing

21 $943 $2,169

(10%) (11%) (79%) (10%) (78%) (12%)

100% = 88,116 units

Se pte mbe r 30, 2006*

100% = 55,216 units

Ma r c h 31, 2018 Re ve nue

F Y 2018

Guida nc e of $2.4 - $2.6 billion

Nor th Ame r ic a n Industr y Ba c klog

Gro wing Our Re ve nue s a nd Ma rke t Sha re

So urc e : RSI ARCI, pub lic filing s (April 2018) * Se pte mb e r 30, 2006 re pre se nts the prio r industry b a c klo g pe a k

GBX, 36% AR I, 6% R AIL , 4% T R N, 39% Othe r s, 15% GBX, 13% AR I, 21% R AIL , 14% T R N, 36% Othe r s, 16% 0% 20% 40% 60% 80% 100%

22

Hig he r Pe a k a nd T ro ug h Pro fita b ility Ove r T he Cyc le

($ in millio ns)

$53 $26 $41 $113 $64 $76 $317

$- $100 $200 $300 $400 $500

2001 2002 2003 2008 2009 2010 2017 2018

• Adj. E

BIT DA Va lue ($ in millions)

• Adj. E

BIT DA T r

• ugh

3 year average = $84.6 ~2.1x higher than prior trough 3.75x higher

?

3 year average = $40.1

$71 $80 $90 $112 $129 $254 $434

$- $100 $200 $300 $400 $500

1998 1999 2005 2006 2007 2014 2015

• Adj. E

BIT DA Va lue ($ in millions)

• Adj. E

BIT DA Pe ak

2 year average ~3.5x higher than prior peak 3 year average = $110.4 ~1.5x higher than prior peak 2 year average = $75.3 Gre e nb rie r ha s sho wn a c o nsiste nt a b ility to g ro w e a rning s so tha t pe a ks a nd tro ug hs a re ste a d ily impro ving

23

Gre e nb rie r’ s Ra ilc a r Ba c klo g ($ in millio ns e xc e pt pe r unit va lue s)

Backlog Units

12,100 16,200 13,400 5,300 15,400 10,700 14,400 31,500 41,300 27,500 28,600 26,500 24,100

I n 2Q F Y 2018, Gre e nb rie r re c e ive d o rde rs fo r 3,400 units va lue d a t o ve r $265 millio n.

Pr

• vide s E

ar nings Visibility

$830 $1,440 $1,160 $420 $1,230 $1,200 $1,520 $3,330 $4,710 $3,190 $2,800 $2,560 $2,290

$69 $89 $87 $79 $80 $112 $106 $106 $114 $116 $98 $97 $95

$- $20 $40 $60 $80 $100 $120 $140 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 $4,500 $5,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 1Q 18 2Q 18

Ave ra g e Sa le s Pric e / Unit ($ in thousa nds) Ba c klog Va lue ($ in millions)

$3.76

$(1.00) $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2010 2011 2012 2013 2014 2015 2016 2017

Adjuste d E PS

(1)

16.0

0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 2010 2011 2012 2013 2014 2015 2016 2017

De live rie s (000’ s o f units)(2)

$2,169

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 2010 2011 2012 2013 2014 2015 2016 2017

Re ve nue

24

Co nso lida te d F ina nc ia l T re nds ($ in millio ns)

(1) Adjuste d E PS e xc lude s Go o dwill impa irme nt, Re struc turing c ha rg e s a nd o the r Spe c ia l Ite ms (2) 2017 inc lude s Gre e nb rie r-Ma xio n, o ur Bra zilia n ra ilc a r ma nufa c ture r, whic h is a c c o unte d fo r unde r the e q uity me tho d

(3) Una djuste d E PS inc lude s a o ne -time , no n-c a sh b e ne fit o f $0.70 pe r dilute d sha re re la te d to the T

a x Ac t o f De c e mb e r 2017.

F Y 2018 Guidanc e 20,000 - 22,000 units F Y 2018 Guidanc e $5.00(3) F Y 2018 Guidanc e

• f $2.4 - $2.6 billion

25

Stro ng Ba la nc e She e t a nd L iq uidity Pro vide F le xib ility

Ne t F unde d De bt

(2) / Adjuste d E

BIT DA

(1)

L iquidity Summa r y ($ in millions)

(1) Adjuste d E BIT DA e xc lude g a in o n c o ntrib utio n to GBW, re struc turing c ha rg e s, g o o dwill impa irme nt a nd o the r spe c ia l ite ms (2) Ne t de b t is de fine d a s Gro ss de b t plus de b t disc o unt le ss Ca sh 5.5x 4.6x 2.7x 2.0x 1.1x 0.5x 0.2x 0.0x 0.1x

2010 2012 2014 2016 L T M 2/ 28/ 2018

$105 $192 $299 $304 $321 $268 $350 $339 $393 $99 $50 $54 $97 $185 $173 $223 $611 $586 $204 $242 $353 $401 $506 $441 $573 $950 $979

2010 2011 2012 2013 2014 2015 2016 2017 2/ 28/ 2018

Bo rro wing Ava ila b ility Ca sh

26

Ba la nc e d Appro a c h to Ca pita l De plo yme nt

 Org a nic a lly in hig h ROI

C pro je c ts

 Stra te g ic a lly in c o re c o mpe te nc ie s  Sha re ho lde r fo c use d a c tio ns

 Ne a rly $220 millio n o f c a pita l re turne d to sha re ho lde rs thro ug h

divide nds a nd sha re re purc ha se sinc e Oc to b e r 2013

 Bo a rd inc re a se d q ua rte rly divide nd b y 9% to $0.25 pe r sha re o r

a n a nnua lize d ra te o f $1.00 in April 2018

 Sinc e initia ting a d ivid e nd in July 2014, Gre e nb rie r ha s e sta b lishe d a histo ry

• f ste a d y inc re a se s

F lexible balanc e sheet and po sitive c ash flo w tr end

27

Clear Path to Gr

• wth and Shar

eho lder Value

Pr

• duc t and

c usto mer diver sity pr

• vides visibility

U nique mo del that enhanc es financ ial per fo r manc e ac r

• ss the c yc le,

with po wer ful c r

• ss

selling o ppo r tunities Manage o ur c o r e No r th Amer ic an mar ket and diver sify inter natio nally into gr

• wing r

ail mar kets

Solid Railcar

Bac klog Dive r sifie d Re ve nue Str e ams Str

• ng

Balanc e She e t & L iquidity F

• c us

Dur ing Cur r e nt Mar ke t

Appe ndix

29

2Q F Y 2018 K e y Me tric Hig hlig hts



Ba c klo g 24,100 units va lue d a t $2.29 b illio n



Dive rse b a c klo g re fle c ts a b ro a d ra ng e o f c a r type s inc luding va rio us-size d c o ve re d ho ppe rs, no n-e ne rg y ta nk c a rs, a uto mo tive c a rrying ra ilc a rs, g o ndo la c a rs, inte rmo da l units a nd b o xc a rs



De live rie s o f 4,900 units inc luding syndic a tio n a c tivity o f 250 units

22,600 31,000 28,600 26,500

24,100 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Bac klog

3,900 2,600 5,500 4,400

4,900 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

T

• tal De live r

ie s

550 200 1,600 500

250 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Syndic ate d De live r ie s

30

2Q F Y 2018 I nc o me Sta te me nt Hig hlig hts



Re ve nue to $629.3 millio n



Gro ss ma rg in o f 16.7%



Adjuste d E BI T DA to $79.1 millio n



Adjuste d E BI T DA ma rg in o f 12.6%



Adjuste d dilute d E PS o f $1.21



E xc lude s o ne -time , no n-c a sh b e ne fit o f $0.70 pe r dilute d sha re re la te d to the T a x Cuts a nd Jo b s Ac t o f De c e mb e r 2017



Co ntinue d fo c us o n pro fita b ility a nd g ro wth

$566.3 $439.2 $611.4 $559.5

$629.3 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Re ve nue ($ millions)

$94.5 $63.8 $73.3 $76.9

$79.1 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Adjuste d E BIT DA(1) ($ millions)

$1.09 $1.03 $0.86 $0.83

$1.21 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Adjuste d Dilute d E PS(1), (2)

(1) 4Q 17 a djuste d fo r $3.5 millio n ne t o f ta x o r $0.11 pe r sha re a sso c ia te d with a g o o dwill impa irme nt c ha rg e re c o rde d b y GBW (2) 2Q 18 a djuste d fo r o ne -time , no n-c a sh b e ne fit o f $0.70 pe r sha re a sso c ia te d with the T a x Ac t o f De c e mb e r 2017

31

2Q F Y 2018 Ba la nc e She e t & Ca sh F lo w Hig hlig hts



Po sitive Ope ra ting Ca sh F lo w



Bo a rd inc re a se s q ua rte rly divide nd 9% to $0.25 pe r sha re



Ne a rly $980 millio n o f a va ila b le liq uidity

(1) Inve stme nt in Unc o nso lida te d Affiliate s inc lude d to re fle c t ne t

inve stme nts in unc o nso lidate d jo int ve nture s

(2) E

xc lude s de b t disc o unts a nd issua nc e c o sts

$52.9 $(9.1) $207.6 $(39.7)

$32.0 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Ope r ating Cash F low ($ millions)

$(2.1) $65.7 $35.0 $(45.2)

$11.3 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Ne t Capital E xpe nditur e & Inve st. In Unc onsol. Affiliate s(1) ($ millions)

$29.5 $108.1 $(9.5) $12.3

$18.1 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Ne t F unde d De bt (2) ($ millions)

32

T wo Wa ys to Se ll Ne w Ra ilc a rs

Dir e c t Sale s



Custo me r o rd e rs ra ilc a r to b uy a nd use



We b uild ra ilc a r a nd d e live r it to c usto me r



Re ve nue re c o g nize d in Ma nufa c turing se g me nt

L e ase Syndic ation



Custo me r o rd e rs ra ilc a r to le a se



We b uild ra ilc a r a nd le a se it



Ra ilc a rs he ld te mpo ra rily o n b a la nc e she e t g e ne ra ting inte rim le a se inc o me fo r GBX

 Ca lle d “L

e a se d ra ilc a rs fo r synd ic a tio n” o n Ba la nc e She e t

 “Inte rim” le a se inc o me re c o g nize d in L

e a sing & Se rvic e s se g me nt



Ra ilc a rs a g g re g a te d a nd so ld (“synd ic a te d ”) to multiple third pa rty inve sto rs (no n-re c o urse to GBX)

 Sa le s pric e pre mium o ve r d ire c t sa le fro m a tta c he d

le a se

 Re ve nue fro m sa le re c o g nize d in Ma nufa c turing

se g me nt



L

• ng te rm Ma na g e me nt fe e s e a rne d fro m

inve sto rs o n ra ilc a rs a fte r synd ic a tio n

 Re ve nue re c o g nize d in L

e a sing & Se rvic e s se g me nt

Dire c t L e a se

33

L e a sing & Se rvic e s Supple me nta l I nfo rma tio n

Units F e b . 28, 2017 Ma y 31, 2017 Aug . 31, 2017 No v. 30, 2017 F e b . 28, 2018 L

• ng te rm o wne d units

(“E q uipme nt o n o pe ra ting le a se ”) 6,700 6,800 7,200 6,200 5,800 Sho rt te rm o wne d units (“L e a se d ra ilc a rs fo r syndic a tio n”) 1,300 2,200 1,100 1,800 2,600 T

• ta l o wne d fle e t

8,000 9,000 8,300 8,000 8,400 Ma na g e d fle e t (units) 266,000 267,000 336,000 353,000 359,000

Owne d & Ma na g e d F le e t

 Owne d E

q uipme nt o n o pe ra ting le a se ‘ rig ht-size d’

• ve r la st fe w ye a rs



Ad d itio na l mo ne tiza tio n witho ut ne w a d d itio ns wo uld b e ta x ine ffic ie nt with o ve r $82 millio n o f De fe rre d T a xe s re la te d to the L e a se fle e t



Asse t sa le s to MUL will b e la rg e ly re inve ste d a nd will re fre sh ta x pro file o f the fle e t



Se c ure s L e a sing te rm lo a n o f $173.8 millio n

 Manage d fle e t se rvic e s inc lude ra ilc a r re ma rke ting ,

ma inte na nc e ma na g e me nt, c a r hire a c c o unting a nd va rio us o the r se rvic e s



Ac c o unts fo r ~22.4% o f No rth Ame ric a n ra ilc a r fle e t

L e a se Syndic a tion Mode l

 Ove r $1.0 b illio n o f Synd ic a tio n vo lume d uring the la st

two ye a rs (re po rte d in Ma nufa c turing se g me nt)

 One o f two c ha nne ls to ma rke t, e xpa nd ing c usto me r

unive rse b e yo nd tra d itio na l b a se

 Dwe ll time o f re nt pro d uc ing ra ilc a rs o n b a la nc e she e t

(“L e a se d ra ilc a rs fo r synd ic a tio n”) a ve ra g e s 3 mo nths, a s ra ilc a r le a se s a re a g g re g a te d a nd so ld in b und le s to inve sto rs

 In a d d itio n to pre mium pric ing a b o ve d ire c t sa le s,

c re a te s stre a m o f multi-ye a r ma na g e me nt fe e inc o me

 Ab le to so urc e e xte rna lly pro d uc e d ra ilc a rs to d ive rsify

• ffe ring s

F le e t Infor ma tion

34

Ma nufa c turing

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % F Y 18 Outlook  Re ve nue inc re a se prima rily a ttrib uta b le to

hig he r vo lume o f de live rie s

 Ma rg in % inc re a se due to hig he r pro duc t

mix a nd syndic a tio n a c tivity

 De live rie s o f 20,000 to 22,000 units inc luding

Gre e nb rie r-Ma xio n (Bra zil) whic h will a c c o unt fo r up to 10% o f F Y 2018 de live rie s

 Ca pita l e xpe nditure s a re e xpe c te d to b e

a ppro xima te ly $70 millio n, prima rily re la te d to e nha nc e me nts o f o ur e xisting ma nufa c turing fa c ilitie s a nd E uro pe a n

• pe ra tio ns

($ in millio ns) 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 Re ve nue s $ 445.5 $ 317.1 $ 508.5 $ 451.5 $ 511.8 Gro ss Ma rg in $98.9 $71.9 $83.0 $70.6 $82.7 Gro ss Ma rg in % 22.2% 22.7% 16.3% 15.6% 16.2% Ope ra ting Ma rg in % 19.2% 18.3% 13.5% 11.7% 12.3% Ca pita l E xpe nditure s $6.2 $11.5 $28.2 $10.4 $10.6 Ne w Ra ilc a r Ba c klo g $2,440 $3,100 $2,800 $2,560 $2,290 Ne w Ra ilc a r Ba c klo g (units) 22,600 31,000 28,600 26,500 24,100 De live rie s (units) 3,900 2,600 5,200(1) 4,000(1) 4,300(1)

2Q Busine ss Conditions

0% 4% 8% 12% 16% 20% 24% $- $0.4 $0.8 $1.2 $1.6 $2.0 $2.4

$ in Billions

Re ve nue Gro ss Ma rg in

(1) Excludes Brazil deliveries since they do not impact Manufacturing Revenue and Margins.

35

Whe e ls & Pa rts

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % (1) F Y 18 Outlook  Re ve nue inc re a se prima rily a ttrib uta b le to

hig he r whe e l a nd c o mpo ne nt vo lume

 Ma rg in % inc re a se due to inc re a se d

vo lume s a nd o pe ra ting e ffic ie nc ie s

 Ca pita l e xpe nditure s a re e xpe c te d to b e

a ppro xima te ly $5 millio n fo r ma inte na nc e a nd stra te g ic initia tive s.

2Q Busine ss Conditions

($ in millio ns) 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 Re ve nue s

$82.7 $85.2 $75.1 $78.0 $88.7

Gro ss Ma rg in

$7.2 $7.2 $5.2 $5.5 $8.0

Gro ss Ma rg in %

8.7% 8.5% 7.0% 7.1% 9.0%

Ope ra ting Ma rg in %

6.7% 5.0% 3.0% 3.1% 5.8%

Ca pita l E xpe nditure s

$0.7 $0.6 $0.6 $0.4 $0.7

(1) Pre -2014 re sults inc lude le g a c y Re pa ir o pe ra tio ns

whic h we re c o ntrib ute d to GBW Ra ilc a r JV in July 2014

0% 2% 4% 6% 8% 10% 12% $- $100 $200 $300 $400 $500 $600

$ in T housa nds

Re ve nue Gro ss Ma rg in

36

L e a sing & Se rvic e s

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % F Y 18 Outlook  Re ve nue de c re a se re fle c ts lo we r vo lume o f

e xte rna lly so urc e d ra ilc a r syndic a tio ns

 Ma rg in % inc re a se prima rily due to hig he r

ma na g e me nt fe e s a nd inte rim re nt

 Ca pita l e xpe nditure s (inc luding c o rpo ra te )

e xpe c te d to b e ~$120 millio n, with $150 millio n o f Pro c e e ds fro m the sa le o f le a se d a sse ts due to b ro a de ning o f MUL re la tio nship

 Co ntinue d g ro wth in ma na g e me nt se rvic e s 2Q Busine ss Conditions

($ in millio ns) 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18 Re ve nue s

$38.1 $36.8 $27.8 $30.0 $28.8

Gro ss Ma rg in

$12.9 $10.6 $11.7 $13.2 $14.7

Gro ss Ma rg in %

33.8% 28.7% 42.1% 43.9% 51.0%

Ope ra ting Ma rg in %

26.0% 19.2% 27.2% 93.8% 56.0%

Net Capi tal E xpendi tur es

($9.0) $20.1 ($0.4) ($56.0) ($17.7)

L ease F l eet U ti l i zati

• n

93.8% 93.6% 92.1% 91.8% 92.2%

0% 10% 20% 30% 40% 50% 60% 70% $- $50 $100 $150 $200 $250 $300

$ in Millions

Re ve nue Gro ss Ma rg in

37

GBW Ra ilc a r Se rvic e s

(1)

Qua rte rly T re nds Re ve nue F Y 18 Outlook  Re ve nue a nd o pe ra ting re sults re fle c t

c ha lle ng ing o pe ra ting e nviro nme nt, e spe c ia lly in g e ne ra l re pa ir o pe ra tio ns

 Ope ra ting c ha lle ng e s e xpe c te d to impro ve

mo de stly

2Q Busine ss Conditions

($ in millio ns) 2Q 17 3Q 17 4Q 17 1Q 18 2Q 18

Re ve nue s

$64.2 $62.7 $56.3 $58.0 $62.7

E a rning s (lo ss) fro m o pe ra tio ns

($6.9) ($5.5) ($15.4) ($5.7) ($5.5)

T

• ta l a sse ts

$227.2 $218.8 $206.0 $204.3 $208.5

(1)GBW Ra ilc a r Se rvic e s re fle c te d in the “E

a rning s fro m Unc o nso lida te d Affilia te s” line o n the inc o me sta te me nt

$- $100 $200 $300 $400 2015 2016 2017 L T M 2/ 28/ 18

$ in millions

38

U.S. Supplie r L

• c ations

39

Qua rte rly Adjuste d E BI T DA Re c o nc ilia tio n

Supple me ntal Disc lo sur e Re c onc iliation of Ne t E ar nings to Adjuste d E BIT DA

(I n millio ns, unaudite d)

Quar te r E nding

F e b . 28, 2017 Ma y 31, 2017 Aug . 31, 2017 No v. 30, 2017 F e b . 28, 2018 Ne t e a rning s $49.0 $31.2 $32.3 $33.4 $65.3 GBW g o o dwill impa irme nt

• 3.5
• I

nte re st a nd fo re ig n e xc ha ng e 5.7 7.9 8.9 7.0 7.0 I nc o me ta x e xpe nse (b e ne fit) 24.8 8.7 10.1 18.1 (11.3) De pre c ia tio n a nd a mo rtiza tio n 15.0 16.0 18.5 18.4 18.1

Adjuste d E BIT DA $94.5 $63.8 $73.3 $76.9 $79.1

Se e slide 43 fo r de finitio n o f Adjuste d E BI T DA

40

Annua l Adjuste d E BI T DA Re c o nc ilia tio n

Supple me ntal Disc lo sur e Re c onc iliation of Ne t E ar nings (loss) to Adjuste d E BIT DA

(I n millio ns, unaudite d)

Ye ar E nding August 31, 2010 2011 2012 2013 2014 2015 2016 2017

Ne t e a rning s (lo ss) $8.3 $8.4 $61.2 ($5.4) $149.8 $265.3 $284.8 $160.5 Inte re st a nd fo re ig n e xc ha ng e 45.2 37.0 24.8 22.2 18.7 11.2 13.5 24.2 Inc o me ta x e xpe nse (b e ne fit) (0.9) 3.5 32.4 25.1 72.4 112.2 112.3 64.0 De pre c ia tio n a nd a mo rtiza tio n 37.5 38.3 42.4 41.4 40.4 45.1 63.4 65.1 Go o dwill impa irme nt(1)

• 76.9
• 3.5

Ga in o n c o ntrib utio n to GBW

• (29.0)
• L
• ss (g a in) o n de b t

e xting uishme nt (2.1) 15.7

• Spe c ia l ite ms

(11.9)

• 2.7

1.5

• Adjuste d E

BIT DA $76.1 $102.9 $160.8 $162.9 $253.8 $433.8 $474.0 $317.3

Se e slide 43 fo r de finitio n o f Adjuste d E BI T DA

(1) 2013 Go o dwill impa irme nt re la te s to o ur Whe e ls a nd Pa rts se g me nt. 2017 Go o dwill impa irme nt re fle c ts o ur

po rtio n o f a Go o dwill impa irme nt c ha ng e re c o rde d b y GBW

41

Qua rte rly Adjuste d E PS Re c o nc ilia tio n

Quar te r E nding

F e b . 28, 2017 Ma y 31, 2017 Aug . 31, 2017 No v. 30, 2017 F e b . 28, 2018 Ne t e a rning s a ttrib uta b le to Gre e nb rie r $34.5 $32.8 $23.7 $26.3 $61.6 GBW g o o dwill impa irme nt

• 3.5
• One -time , no n-c a sh ta x b e ne fit
• (22.9)

Adjuste d ne t e a rning s $34.5 $32.8 $27.3 $26.3 $38.7 Weighted aver age diluted shar es

• utstanding

32.4 32.7 32.7 32.7 32.7

Adjuste d E PS $1.09 $1.03 $0.86 $0.83 $1.21

Se e slide 43 fo r de finitio ns o f Adjuste d ne t e a rning s a nd Adjuste d E PS

Supple me ntal Disc lo sur e

Re c onc iliation of Ne t E ar nings Attr ibutable to Gr e e nbr ie r to Adjuste d Ne t E ar nings (I n millio ns, e xc e pt pe r share amo unts, unaudite d)

42

Annua l Adjuste d E PS Re c o nc ilia tio n

Ye ar E nding August 31, 2010 2011 2012 2013 2014 2015 2016 2017

Net ear ni ngs (loss) attr i butable to Gr eenbr i er $4.3 $6.5 $58.7 ($11.1) $111.9 $192.8 $183.2 $116.1 Go o d will impa irme nt (a fte r-ta x)(1)

• 71.8
• 3.5

Ga in o n c o ntrib utio n to GBW (a fte r-ta x)

• (13.6)
• L
• ss (gai

n) on debt exti ngui shment (after

• tax)

(1.3) 9.4

• Spe c ia l ite ms (a fte r-ta x)

(11.9)

• 1.8

1.0

• Ad juste d ne t e a rning s (lo ss)

($8.9) $15.9 $58.7 $62.5 $99.3 $192.8 $183.2 $119.6 Wei ghted aver age di luted shar es

• utstandi

ng 20.2 26.5 33.7 34.2 34.2 33.3 32.5 32.6

Adjuste d E PS ($0.44) $0.60 $1.91 $2.00 $3.07 $5.93 $5.73 $3.76

Supple me ntal Disc lo sur e

Re c onc iliation of Ne t E ar nings (loss) Attr ibutable to Gr e e nbr ie r to Adjuste d Ne t E ar nings (loss) (I n millio ns, e xc e pt pe r share amo unts, unaudite d)

Se e slide 43 fo r de finitio ns o f Adjuste d ne t e a rning s (lo ss) a nd Adjuste d E PS

(1) 2013 Go o dwill impa irme nt re la te s to o ur Whe e ls a nd Pa rts se g me nt. 2017 Go o dwill impa irme nt re fle c ts o ur

po rtio n o f a Go o dwill impa irme nt c ha ng e re c o rde d b y GBW

43

Adjuste d F ina nc ia l Me tric De finitio n

Adjuste d E BIT DA, Adjuste d ne t e a rning s (lo ss) a nd Adjuste d E PS a re no t fina nc ia l me a sure s unde r g e ne ra lly a c c e pte d a c c o unting princ iple s (GAAP). T he se me tric s a re pe rfo rma nc e me a sure me nt to o ls c o mmo nly use d b y ra il supply c o mpa nie s a nd Gre e nb rie r. Yo u sho uld no t c o nside r the se me tric s in iso la tio n o r a s a sub stitute fo r o the r fina nc ia l sta te me nt da ta de te rmine d in a c c o rda nc e with GAAP. In a dditio n, b e c a use the se me tric s a re no t me a sure s o f fina nc ia l pe rfo rma nc e unde r GAAP a nd a re susc e ptib le to va rying c a lc ula tio ns, the se me a sure s pre se nte d ma y diffe r fro m a nd ma y no t b e c o mpa ra b le to simila rly title d me a sure s use d b y o the r c o mpa nie s. We de fine Adjuste d E BIT DA a s Ne t e a rning s (lo ss) b e fo re Inte re st a nd fo re ig n e xc ha ng e , Inc o me ta x e xpe nse (b e ne fit), De pre c ia tio n a nd a mo rtiza tio n a nd e xc luding the impa c t a sso c ia te d with ite ms we do no t b e lie ve a re indic a tive o f o ur c o re b usine ss o r whic h a ffe c t c o mpa ra b ility. We b e lie ve the pre se nta tio n o f Adjuste d E BIT DA pro vide s use ful info rma tio n a s it e xc lude s the impa c t o f fina nc ing , fo re ig n e xc ha ng e , inc o me ta xe s a nd the a c c o unting e ffe c ts o f c a pita l spe nding . T he se ite ms ma y va ry fo r diffe re nt c o mpa nie s fo r re a so ns unre la te d to the o ve ra ll o pe ra ting pe rfo rma nc e o f a c o mpa ny’ s c o re b usine ss. Adjuste d ne t e a rning s (lo ss) a nd Adjuste d E PS e xc lude s the impa c t a sso c ia te d with ite ms we do no t b e lie ve a re indic a tive o f o ur c o re b usine ss o r whic h a ffe c t c o mpa ra b ility. We b e lie ve this a ssists in c o mpa ring o ur pe rfo rma nc e a c ro ss re po rting pe rio ds.

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NYSE : GBX

Ma y 2018