NYSE : GBX Ste phe ns Co nfe re nc e No ve mb e r 2018 Investor - - PowerPoint PPT Presentation

NYSE : GBX

Ste phe ns Co nfe re nc e No ve mb e r 2018

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

Sa fe Ha rb o r Sta te me nt

UNDE R T HE PRIVAT E SE CURIT 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 lud ing 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 rd s suc h a s “a ntic ipa te s,” “b e lie ve s,” “fo re c a st,” “po te ntia l,” “g o a l,” “c o nte mpla te s,” “e xpe c ts,” “inte nd s,” “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,” “d e sig ne d to ,” “future ,” “fo re se e a b le future ” a nd simila r e xpre ssio ns to id e ntify fo rwa rd -lo o king sta te me nts. T he se fo rwa rd -lo o king sta te me nts a re no t g ua ra nte e s o f future pe rfo rma nc 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 d iffe r ma te ria lly fro m the re sults c o nte mpla te 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 d iffe re nc e inc lud e , b ut a re no t limite d to , re po rte d b a c klo g a nd a wa rd s tha t a re no t ind ic a tive o f Gre e nb rie r’ s fina nc ia l re sults; unc e rta inty o r c ha ng e s in the c re d it ma rke ts a nd fina nc ia l se rvic e s ind ustry; hig h le ve ls o f ind e b te d ne ss a nd c o mplia nc e with the te rms o f Gre e nb rie r’ s ind e b te d ne ss; write -d o wns o f g o o d will, inta ng ib le s a nd o the r a sse ts in future pe rio d s; suffic ie nt a va ila b ility o f b o rro wing c a pa c ity; fluc tua tio ns in d e ma nd fo r ne wly ma nufa c ture d ra ilc a rs o r fa ilure to o b ta in o rd e rs a s a ntic ipa te d in d e 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 d e fa ults o r re la te d issue s; po lic ie s a nd prio ritie s o f the fe d e ra l g o ve rnme nt re g a rd ing inte rna tio na l tra d e , 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 ila b ility o f ma te ria ls a nd a tra ine d wo rkfo rc e ; fa ilure to d e sig n o r ma nufa c ture ne w pro d uc 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 d uc ts o r te c hno lo g ie s; ste e l o r spe c ia lty c o mpo ne nt pric e fluc tua tio ns a nd a va ila b ility a nd sc ra p surc ha rg e s; c ha ng e s in pro d uc t mix a nd the mix b e twe e n se g me nts; la b o r d ispute s, e ne rg y sho rta g e s o r o pe ra ting d iffic ultie s tha t mig ht d isrupt ma nufa c turing o pe ra tio ns o r the flo w o f c a rg o ; pro d uc tio n d iffic ultie s a nd pro d uc t d e live ry d e 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 d uc tio n line s o r c ha ng e s in pro d uc tio n ra te s, c ha ng ing te c hno lo g ie s, tra nsfe r o f pro d uc tio n b e twe e n fa c ilitie s o r no n-pe rfo rma nc e o f a llia nc 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 o f le a se d e q uipme nt a nd risks re la te d to c a r hire a nd re sid ua 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 ; d isc o ve ry o f d e 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 d a ma g e o r pro d uc 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 d e ra ilme nts o r o the r a c c id e 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 lud ing po te ntia l e nviro nme nta l re me d ia 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 b lo we r c o mpla ints; a ll a s ma y b e d isc usse d in mo re d e ta il und e r the he a d ing 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 nd e d Aug ust 31, 2018, 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 nd e d Ma y 31, 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 d e rs a re c a utio ne d no t to pla c e und ue 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 na g e me nt’ s o pinio ns o nly a s o f the d a te he re o f. E xc e pt a s

• the rwise re q uire d b y la w, Gre e nb rie r d o e s no t a ssume a ny o b lig a tio n to upd a te a ny fo rwa rd -lo o king sta te me nts.

1

I nte g ra te d Busine ss Mo de l

2

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 o ve r the e ntire life o f a ra ilc a r. Our dive rsifie d po rtfo lio

• f q ua lity pro duc ts a nd

se rvic e s e nha nc e s o ur fina nc ia l pe rfo rma nc e a c ro ss the b usine ss c yc le .

 F

le e t Info rma tio n

• 6,300 lo ng -te rm o wne d units
• 1,800 sho rt-te rm o wne d units
• 357,000 ma na g e d units

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

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

3

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

 Whe e ls, Re pair

& Par ts – e ig ht

whe e l se rvic e lo c a tio ns, fo ur ra ilc a r pa rt re c o nd itio ning lo c a tio ns, 12 re pa ir lo c a tio ns

 GBW Railc ar

Se r vic e s – In Aug ust

2018, the GBW Ra ilc a r Se rvic e s jo int ve nture wa s d isso lve d re sulting in 12 re pa ir lo c a tio ns re turning to Gre e nb rie r whic h a re inc lud e d in the Whe e ls, Re pa ir & Pa rts se g me nt.

 L

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

 L

e ading do me stic manufac tur e r

• f
• 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

$2.7 b illio n

 Ma rine b a c klo g o f ~$60 millio n

pro vid e s pro d uc tio n visib ility into 2020.

 Anno unc e d ne w ra ilc a r o rd e rs o f

9,300 units va lue d o ve r $1.0 b illio n

 Anno unc e d a n a g re e me nt to fo rm

a jo int ve nture with Sa ud i Ra ilwa y Co mpa ny (“SAR”) tha t will g e ne ra te a to ta l inve stme nt o f 1 b illio n Sa ud i riya ls (USD $270 millio n) in Sa ud i Ara b ia ’ s ra ilwa y syste m a nd a supply o f fre ig ht ra ilc a rs fo r the Sa ud i ra il ind ustry. 370 millio n Sa ud i Riya ls (USD $100 millio n) in physic a l a sse ts.

(1)Da ta a s o f 8/ 31/ 2018

322 2,519

• 500

1,000 1,500 2,000 2,500 3,000 1994 2018 $ millio ns

Histo ric a l Re ve nue

I PO

I nve stme nt Hig hlig hts

Industry Dynamics Unique Strategic Position Strong Financial Profile

4

 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 E

uro pe a n, 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

Stra te g y L e ve ra g e s Co re Skills

5

Inc r e ase Sc ale T ale nt Pipe line Cor e Nor th Ame r ic an Mar ke t Inte r national Dive r sific ation

North Ame ric a n Ma rke t

No rth Ame ric a Ma rke t is I mpro ving

• I

nc re a se d ra il tra ffic

YT

D ra il tra ffic up 4.1%

• De c re a se d ve lo c ity

12-mo nth ro lling : do wn 5.4%

• De c re a se d c a rs in sto ra g e

Ye a r-o ve r-ye a r c a rs in sto ra g e do wn 61.7K

units (16.7%)

• I

nc re a se d ne w ra ilc a r o rde rs

Qua rte r-o ve r-q ua rte r o rde rs up 5%

• I

nc re a se d GDP

U.S. GDP up 3.5% in Q3 2018

7

So urc e : AAR (We e kly), Ra il time indic a to r, RSI ARCI, Bure a u o f E c o no mic Ana lysis

10 30 50 70 Car L

• adings (in Millions)

Cale ndar Ye ar s

N.A. F r e ight T r affic

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

8

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Se pte mb e r 2018)

F re ig ht Ca r Me tric s - Ra il Ve lo c ity

• Ne two rk issue s ha ve c a use d ve lo c ity to de c re a se a nd re q uire a dditio na l

c a rs.

9

So urc e : AAR

4-Wk. Average Velocity (MPH) - All Reporting Class 1s

F re ig ht Ca r Me tric s - Ca rs I n Sto ra g e

• L

a st mo nth, 284k c a rs o r 16% o f to ta l fle e t wa s is sto ra g e . T his is do wn fro m 348k c a rs o r 20% la st ye a r.

Se pte mb e r 2017 Se pte mb e r 2018

10

100% = 347,600 100% = 283,823

So urc e : AAR Ra il T ime Indic a to rs Re po rt

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

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

11

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 (Se pte mb e r 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

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

 Cha ng ing ta nk c a r re g ula to ry

e nviro nme nt

12

So urc e : F T R Asso c ia te s – Ra il E q uipme nt Outlo o k (Se pte mb e r 2018)

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

 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

13

Inte rna tiona l Ma rke ts

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 ds



Adding 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

15

1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 2010 2011 2012 2013 2014 2015 2016 2017 2018 e st.

Units

We ste rn E urope a n De live rie s

So urc e : SCI



De ma nd fo r fre ig ht wa g o ns in E uro pe ha s slo wly 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

• f 40 ye a rs is e stima te d to

b e ~12,500 wa g o ns a nnua lly

2010-2017 Ave ra g e : ~ 6,000 units

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

• ng -te rm Ave ra g e

16

Bra zilia n I ndustry De live rie s

17 1,000 2,000 3,000 4,000 5,000 6,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 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)

2010-2017 Ave ra g e : ~3,800 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 ~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

18

Modal shar e pr

• je c tions

Ma rke t Poise d for Growth



Shift in mo da 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 dyna mic s



I nc 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

T urke y

 Ra yva g fa c ility lo c a te d in stra te g ic po rt re g io n o f Ada na

 Co mb ina tio n ra ilc a r ma nufa c turing a nd re pa ir fa c ility

 F

re ig ht ra il priva tize d in 2014

 Curre nt de ma nd o f ~1,000 units / ye a r e xpe c te d to g ro w to 2,000 units in ne xt fe w

ye a rs

 Drive n b y >USD$20 b illio n inve stme nt in fre ig ht ra il spa c e

 Gro wing do me stic ma rke t a nd g a te wa y b e twe e n E

uro pe & Asia

 E

uro pe a n ra il sta nda rds a re b e ing a do pte d

 Gre e nb rie r-Astra Ra il to pro vide te c hnic a l a nd e ng ine e ring suppo rt

 E

xte nds g e o g ra phic c o ve ra g e a nd supply c ha in

19

Unique Stra te g ic Position

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

21

 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,

T urke y 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.

Gro wing Our Addre ssa b le Ma rke t

22

• 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 23,000 130,000

Total Addressable Market

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

Total market = ~2,454,000 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

• Gr

e w ne w r ailc ar manufac tur ing mar ke t by ~420%

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

So urc e : SCI Multic lie nt Studie s – Glo b a l Ma rke t T re nds (2017)

$749 2,044 $102 347 $92 128 $- $500 $1,000 $1,500 $2,000 $2,500 $3,000

F Y 2006 F Y 2018

$ in millions (% of T

• ta l R

e ve nue )

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

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

23

$943 $2,519

(10%) (11%) (79%) (5%) (81%) (14%)

100% = 88,116 units

Se pte mbe r 30, 2006*

100% = 73,812 units

Se pte mbe r 30, 2018 Re ve nue

F Y 2019

Guida nc e of a t le a st $3 billion

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

So urc e : RSI ARCI, pub lic filing s (Se pte mb e r 2018) * Se pte mb e r 30, 2006 re pre se nts the prio r industry b a c klo g pe a k prio r to Gre e nb rie r’ s e xte nsive tra nsfo rma tio ns

GBX, 33% AR I, 17% R AIL , 3% T R N, 37% Othe r s, 23% GBX, 13% AR I, 21% R AIL , 14% T R N, 36% Othe r s, 16% 0% 20% 40% 60% 80% 100%

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

24

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 dily impro ving

$90 $112 $129 $254 $434 $474 $103 $161 $163 $113 $64 $76 $317 $318 $110 $110 $110 $85 $85

$- $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

($ in millions)

Adjuste d E BIT DA

Pe a k T ra nsitio n T ro ug h Prio r Pe a k/ T ro ug h Ave ra g e

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)

25 Backlog Units 12,100 16,200 13,400 5,300 15,400 10,700 14,400 31,500 41,300 27,500 28,600 27,400

I n 4Q F Y 2018, Gre e nb rie r re c e ive d o rde rs fo r 9,300 units va lue d a t o ve r $1.0 b illio 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 $2,740

$69 $89 $87 $79 $80 $112 $106 $106 $114 $116 $98 $100

$- $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 2018

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

$4.13

$(1.00) $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 2010 2011 2012 2013 2014 2015 2016 2017 2018

Adjuste d E PS

(1)

20.9

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 2018

De live rie s (000’ s o f units)(2)

$2,519

$- $500 $1,000 $1,500 $2,000 $2,500 $3,000 2010 2011 2012 2013 2014 2015 2016 2017 2018

Re ve nue

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

26

(1) Adjuste d E

PS & Adjuste d E BIT DA e xc lude 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

F Y 2019 Guidanc e 24,000 – 26,000 units F Y 2019 Guidanc e $4.20 – 4.40 F Y 2019 Guidanc e

• f at le ast $3 billion

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

27

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 2011 2012 2013 2014 2015 2016 2017 2018

$105 $192 $299 $304 $321 $268 $350 $339 $450 $99 $50 $54 $97 $185 $173 $223 $611 $531 $204 $242 $353 $401 $506 $441 $573 $950 $981

2010 2011 2012 2013 2014 2015 2016 2017 2018

Bo rro wing Ava ila b ility Ca sh

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

28

 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

 Ove r $235 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 de c la re d q ua rte rly divide nd o f $0.25 pe r sha re o r a n a nnua lize d ra te o f

$1.00 in Oc to b e r 2018.

 Bo a rd pre vio usly 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 divide nd in July 2014, Gre e nb rie r ha s e sta b lishe d a histo ry o f ste a dy inc re a se s

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

Clear Path to Gr

• wth and Shar

eho lder Value

29

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

No rth Ame ric a n F re ig ht Ca r F le e t

31

So urc e : Ra ilinc (Co unts a t ye a r e nd, sho wn in tho usa nds)

Numb e r o f Ca rs, b y T ype

Avg . Ag e 19.1 19.6 19.8 20.0 20.0 19.9 19.6 19.5 19.5 Ye a r

4Q F Y 2018 K e y Me tric Hig hlig hts

32



Ba c klo g 27,400 units va lue d a t $2.7 b illio n



Dive rse b a c klo g re fle c ts a b ro a d ra ng e

• f c a r type s inc luding ta nk c a rs, c o ve re d

ho ppe rs, inte rmo da l units, b o xc a rs, a uto mo tive c a rrying ra ilc a rs a nd g o ndo la c a rs



De live rie s o f 6,000 units inc luding syndic a tio n a c tivity o f 500 units



Orde rs fo r 9,300 dive rsifie d ra ilc a rs we re re c e ive d during the q ua rte r, va lue d a t o ve r $1.0 b illio n.



Bo o k-to -b ill o ve r 1.6x: hig he st sinc e Ma y 2017.

28,600 26,500 24,100 24,200

27,400 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

Bac klog

5,500 4,400 4,900 5,600

6,000 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

T

• tal De live r

ie s

1,600 500 250 1,300

500 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

Syndic ate d De live r ie s

4Q F Y 2018 I nc o me Sta te me nt Hig hlig hts

33



Re ve nue to $689.2 millio n



Gro ss ma rg in o f 15.4%



Adjuste d E BI T DA to $75.3 millio n



Adjuste d E BI T DA ma rg in o f 10.9%



Adjuste d (1) Dilute d E PS o f $0.80



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

$611.4 $559.5 $629.3 $641.4

$689.2 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

Re ve nue ($ millions)

$73.3 $76.9 $79.1 $86.9

$75.3 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

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

$0.86 $0.83 $1.21 $1.30

$0.80 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

Adjuste d(1) Dilute d E PS

(1) Se e Slide s 40 a nd 42 fo r Re c o nc iliatio n

34



Po sitive Ope ra ting Ca sh F lo w



Qua rte rly divide nd o f $0.25 pe r sha re o r a n a nnua lize d ra te o f $1.00



Ove r $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 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; do e s no t re fle c t Se pte mb e r 2018 re ne wa ls

$207.6 $(39.7) $32.0 $87.3

$23.7 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

Ope r ating Cash F low ($ millions)

$35.0 $(45.2) $11.3 $44.2

$39.8 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

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

$(9.5) $12.3 $18.1 $(96.9)

$(33.2) 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18

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

4Q F Y 2018 Ba la nc e She e t & Ca sh F lo w Hig hlig hts

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

35

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

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

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

• ng te rm o wne d units

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

• ta l o wne d fle e t

8,300 8,000 8,400 7,900 8,100 Ma na g e d fle e t (units) 336,000 353,000 359,000 356,000 357,000

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’ o 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 sig nific a nt 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 $170.3 millio n(1)

 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% 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

(1) As o f Aug ust 31, 2018. Do e s no t re fle c t Se pte mb e r 2018 Re ne wa l.

Ma nufa c turing

37

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % F Y 19 Outlook  Re ve nue inc re a se due to hig he r de live rie s  Ma rg in de c re a se re fle c ts pro duc t mix

c ha ng e s

 De live rie s o f 24,000 to 26,000 units inc luding

Gre e nb rie r-Ma xio n (Bra zil) whic h will a c c o unt fo r a ppro xima te ly 2,000 units

 Pro duc tio n inc re a sing fro m 4Q18 le ve ls;

de live rie s b a c k ha lf we ig hte d due to timing o f pro duc tio n ra mping a nd syndic a tio n a c tivity

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

a ppro xima te ly $75 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

($ in millio ns) 4Q 17 1Q 18 2Q 18 3Q 18 4Q 18 Re ve nue s $ 508.5 $ 451.5 $ 511.8 $ 510.1 $ 571.2 Gro ss Ma rg in $83.0 $70.6 $82.7 $82.2 $81.7 Gro ss Ma rg in % 16.3% 15.6% 16.2% 16.1% 14.3% Ope ra ting Ma rg in % 13.5% 11.7% 12.3% 12.2% 10.9% Ca pita l E xpe nditure s $28.2 $10.4 $10.6 $13.1 $25.6 Ne w Ra ilc a r Ba c klo g $2,800 $2,560 $2,290 $2,350 $2,750 Ne w Ra ilc a r Ba c klo g (units) 28,600 26,500 24,100 24,200 27,400 De live rie s (units) 5,200(1) 4,000(1) 4,300(1) 5,100(1) 5,600(1)

4Q Busine ss Conditions

0% 4% 8% 12% 16% 20% 24% $- $0.4 $0.8 $1.2 $1.6 $2.0 $2.4 2010 2011 2012 2013 2014 2015 2016 2017 2018

$ in Billions

Re ve nue Gro ss Ma rg in

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

38

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % (1) F Y 19 Outlook  Re ve nue de c re a se prima rily a ttrib uta b le to

lo we r whe e l a nd c o mpo ne nt vo lume s a nd sc ra p sa le s

 Ma rg in de c re a se due to lo we r vo lume s  Ca pita l e xpe nditure s a re e xpe c te d to b e

a ppro xima te ly $15 millio n a nd re fle c t inc lusio n o f the Re pa ir divisio n a nd e nha nc e me nts to o ur e xisting fa c ilitie s.

4Q Busine ss Conditions

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

$75.1 $78.0 $88.7 $94.5 $85.8

Gro ss Ma rg in

$5.2 $5.5 $8.0 $8.7 $6.5

Gro ss Ma rg in %

7.0% 7.1% 9.0% 9.2% 7.6%

Ope ra ting Ma rg in %

3.0% 3.1% 5.8% 5.9% 4.3%

Ca pita l E xpe nditure s

$0.6 $0.4 $0.7 $0.5 $3.6 (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 (2) In Aug ust 2018, the GBW Ra ilc a r Se rvic e s jo int ve nture wa s disso lve d re sulting in 12 re pa ir lo c a tio ns re turning to Gre e nb rie r whic h a re inc lude d in the Whe e ls, Re pa ir & Pa rts se g me nt.

0% 2% 4% 6% 8% 10% 12% $- $100 $200 $300 $400 $500 $600 2010 2011 2012 2013 2014 2015 2016 2017 2018

$ in T housa nds

Re ve nue Gro ss Ma rg in

Whe e ls, Re pa ir & Pa rts

L e a sing & Se rvic e s

39

Qua rte rly T re nds Re ve nue a nd Gross Ma rg in % F Y 19 Outlook  Re ve nue de c re a se due to 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 due to mo re no rma lize d

mix o f re ve nue

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

e xpe c te d to b e ~$90 millio n, with $120 millio n

• 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 4Q Busine ss Conditions

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

$27.8 $30.0 $28.8 $36.8 $32.2

Gro ss Ma rg in

$11.7 $13.2 $14.7 $17.6 $17.7

Gro ss Ma rg in %

42.1% 43.9% 51.0% 47.9% 54.9%

Ope ra ting Ma rg in %

27.2% 93.8% 56.0% 72.6% 54.2%

Net Capi tal E xpendi tur es

($0.4) ($56.0) ($17.7) $26.9 $5.5

L ease F l eet U ti l i zati

• n

92.1% 91.8% 92.2% 90.4% 94.4%

0% 10% 20% 30% 40% 50% 60% 70% $- $50 $100 $150 $200 $250 $300 2010 2011 2012 2013 2014 2015 2016 2017 2018

$ in Millions

Re ve nue Gro ss Ma rg in

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

40 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

Aug . 31, 2017 No v. 30, 2017 F e b . 28, 2018 Ma y 31, 2018 Aug . 31, 2018 Ne t e a rning s $32.3 $33.4 $65.3 $36.2 $37.2 GBW g o o dwill impa irme nt 3.5

• 9.5
• I

nte re st a nd fo re ig n e xc ha ng e 8.9 7.0 7.0 6.5 8.8 I nc o me ta x e xpe nse (b e ne fit) 10.1 18.1 (11.3) 16.0 10.1 De pre c ia tio n a nd a mo rtiza tio n 18.5 18.4 18.1 18.7 19.2

Adjuste d E BIT DA $73.3 $76.9 $79.1 $86.9 $75.3

Se e slide 44 fo r de finitio n o f Adjuste d E BI T DA

41

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 2018

Ne t e a rning s (lo ss) $8.3 $8.4 $61.2 ($5.4) $149.8 $265.3 $284.8 $160.5 $172.1 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 29.3 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 32.9 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 74.4 Go o dwill impa irme nt(1)

• 76.9
• 3.5

9.5 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 $318.2

Se e slide 45 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, Re pa ir a nd Pa rts se g me nt. 2017 a nd 2018 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

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

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

42 Quar te r E nding

Aug . 31, 2017 No v. 30, 2017 F e b . 28, 2018 Ma y 31, 2018 Aug . 31, 2018 Ne t e a rning s a ttrib uta b le to Gre e nb rie r $23.7 $26.3 $61.6 $32.9 $30.9 GBW g o o dwill impa irme nt 3.5

• 9.5
• No n-re c urring T

a x Ac t (b e ne fit)

• (22.9)
• (4.5)

Adjuste d ne t e a rning s $27.3 $26.3 $38.7 $42.4 $26.4 Weighted aver age diluted shar es

• utstanding

32.7 32.7 32.7 32.9 33.0

Adjuste d E PS $0.86 $0.83 $1.21 $1.30 $0.80

Se e slide 44 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)

43 Ye ar E nding August 31, 2010 2011 2012 2013 2014 2015 2016 2017 2018

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 $151.8 Go o d will impa irme nt (a fte r- ta x)(1)

• 71.8
• 3.5

9.5 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

• No n-re c urring T

a x Ac t (b e ne fit) (11.9)

• (27.4)

Spe c ia l ite ms (a fte r-ta x)

• 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 $133.9 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 32.8

Adjuste d E PS ($0.44) $0.60 $1.91 $2.00 $3.07 $5.93 $5.73 $3.76 $4.13

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 45 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, Re pa ir a nd Pa rts se g me nt. 2017 a nd 2018 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

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

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

Adjuste d E BI T 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. I n 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 BI T DA a s Ne t e a rning s (lo ss) b e fo re I nte re st a nd fo re ig n e xc ha ng e , I nc 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

• f Adjuste d E

BI T 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. 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. 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

Ste phe ns Co nfe re nc e No ve mb e r 2018

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