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Safe Harbor Statement
UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This presentation may contain forward-looking statements, including statements regarding expected new railcar production volumes and schedules, expected customer demand for the Company’s products and services, plans to increase manufacturing capacity, restructuring plans, new railcar delivery volumes and schedules, growth in demand for the Company’s railcar services and parts business, and the Company’s future financial performance. Greenbrier uses words such as “anticipates,” “believes,” “forecast,” “potential,” “goal,” “contemplates,” “expects,” “intends,” “plans,” “projects,” “hopes,” “seeks,” “estimates,” “strategy,” “could,” “would,” “should,” “likely,” “will,” “may,” “can,” “designed to,” “future,” “foreseeable future” and similar expressions to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from in the results contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, reported backlog and awards are not indicative of our financial results; uncertainty or changes in the credit markets and financial services industry; high levels of indebtedness and compliance with the terms of our indebtedness; write-downs of goodwill, intangibles and other assets in future periods; sufficient availability of borrowing capacity; fluctuations in demand for newly manufactured railcars or failure to obtain orders as anticipated in developing forecasts; loss of one or more significant customers; customer payment defaults or related issues; actual future costs and the availability of materials and a trained workforce; failure to design or manufacture new products or technologies or to achieve certification or market acceptance of new products or technologies; steel or specialty component price fluctuations and availability and scrap surcharges; changes in product mix and the mix between segments; labor disputes, energy shortages or operating difficulties thatmight disrupt manufacturing operations or the flow of cargo; production difficulties and product delivery delays as a result of,among other matters, inefficiencies associated with expansion or start-up of production lines or increased production rates, changing technologies, transfer of production between facilities or non-performance of alliance partners, subcontractors or suppliers; ability to obtain suitable contracts for the sale of leased equipment and risks related to car hire and residual values; integration of current or future acquisitions and establishment of joint ventures; succession planning; discovery of defects in railcars or services resulting in increased warranty costs or litigation; physical damage or product or service liability claims that exceed our insurance coverage; train derailments or other accidents or claims that could subject us to legal claims; actions or inactions by various regulatory agencies including potential environmental remediation obligations or changing tank car or other rail car or railroad regulation; and issues arising from investigations of whistleblower complaints; all as may be discussed in more detail under the headings "Risk Factors" and “Forward Looking Statements” in our Annual Report on Form 10-K for the fiscal year ended August 31, 2014, and our other reports on file with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's opinions only as of the date hereof. Except as otherwise required by law, we do not assume any obligation to update any forward-looking statements.
1
� Asset-light model
� Owned fleet 8,300 units
� Managed Fleet 241,000 units
Three business units working together
Leading Integrated Transportation Equipment & Service Provider
Aftermarkets Leasing & ServicesManufacturing
� Wheels & Parts – nine wheel service locations and four railcar part reconditioning locations
� GBW Railcar Services - 50/50 JV provides repair services across 34 locations
� Leading manufacturer of railcars in North America and Europe
� Leading domestic manufacturer of ocean-going barges
� New railcar backlog of $4.78 billion
� Marine backlog of ~$80 million
2
-
500
1,000
1,500
2,000
2,500
1994 2014
$ m
illio
ns
Historical Revenue
IPOIPO
Data as of 2/28/2015
Greenbrier’s integrated business model delivers superior value to customers by creating customized freight car solutions over the entire life of a railcar.
Our diversified portfolio of quality products and services enhances our financial performance across the business cycle.
Integrated Business Model
Leasing & Services
Aftermarkets -
Wheels & Parts
GBW Railcar JV
Manufacturing
3
Investment Highlights Att
ract
ive I
ndust
ry D
ynam
ics
Uniq
ue S
trate
gic
Posi
tion
Str
ong F
inanci
al Pro
file
4
� Robust rail cycle driven by current business and industry trends
� Broadening product demand across cycles
� Changing tank car regulatory environment
� Provides customized solutions
� Transformational initiatives create growth platform
• Enhanced Leasing model
• Product & service diversification
• Extensive North American aftermarket repair network
� Diverse revenue and earnings stream
� Strong railcar backlog
� Positive financial trends and outlook
� Strategic initiatives to drive shareholder value
30
35
40
45
50
Mill
ion
s
N.A. Freight Traffic
Transportation Industry Dynamics Favor Rail
�Rail significantly more fuel efficient than trucks
�Environmental concerns favor rail
�Highway congestion, driver shortage, regulation and aging highway infrastructure constrain trucking
5
Source: FTR Associates – Rail Equipment Outlook (March 2015)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
20
09
20
10
20
11
20
12
20
13
20
14
20
15
F
20
16
F
20
17
F
20
18
F
20
19
F
Un
its
North American Rail Car Deliveries
A Robust Cycle Driving New Railcar Deliveries
� Shale oil and gas revolution drives early stages
� Changing tank car regulatory environment
� Broadening demand growth in:
• Intermodal
• Automotive loadings
• Commodities
• Forest products
� Aging fleet
� Strong railroad balance sheets and capital expenditure budgets
6
Source: FTR Associates – Rail Equipment Outlook (March 2015)
Long-term average: ~50,000 units
Demand Varies Across Cycles
7
Source: FTR Associates – Rail Equipment Outlook (March 2015)
Different car types have different cycles
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
100,000
2011A 2012A 2013A 2014A 2015F 2016F 2017F 2018F 2019F
Covered hopper Boxcar Tanks Intermodal Flat cars (auto) Coal Other hoppers / gondolas
Long-term average: ~50,000 units
1.35
1.45
1.55
1.65
1.75
1.85
1.95
Mill
ion
s
U.S. Rail Tonmiles
Aftermarket Demand Drivers
Source: FTR Associates – Rail Equipment Outlook (March 2015)
8
�Wheel demand driven by
stabilizing coal traffic,
crude oil unit trains and
intermodal traffic growth
� Increasing ton miles and
equipment upgrades drive
repair spending
�Approaching substantial
tank car maintenance
cycle
�Changing tank car
regulatory environment
Changing Tank Car Regulatory Environment
335,000Total Tank Cars
272,000DOT-111
Non-Pressurized
252,000Pre-Petition
96,000Non-
Hazardous
58,000Crude & Ethanol
23,000 Other
Flammable
75,000Other
Hazardous
20,000Petition
2,000Non-
Hazardous
15,000Crude & Ethanol
3,000Other
Flammable
63,000Pressurized
“Pre-Petition” represents tank cars ordered prior to October 2011 built to the long-established industry standard. “Petition” represents the industry standard voluntarily adopted by AAR, for cars ordered after October 2011.
Source: DOT NPRM June 2014, RSI, AAR
9
Current Key Tank Car Differences
10
Pre-petition cars reflect the current government tank car standards (adopted in 1971).Petition cars refer to the P-1577 standards that were adopted by AAR circular CPC-1232 for all cars ordered after October 1, 2011 (also known as “Good Faith” cars).
Tank Type Pre-Petition Petition
Code DOT-111 CPC-1232
Effective Date (new cars) Nov-71 Oct-11
Max Gross Rail Load 263,000 286,000
Normalized Steel Heads & Shells No Yes
Half-Inch Head Shields No Half or Full Height
Head & Shell Thickness 7/16 inch 7/16 to 1/2 inch*
Top Fittings Protection No Yes
Half-Inch Ceramic Insulation No No
Steel Jackets Some Some
High Flow Pressure Relief Valve No Some
Improved BOV Handle No No
*Depends on jacketing
Tank Car Standard Increases Railcar Safety
11
Leasing & Services Demand Drivers
� Strong lease market as users seek flexibility
� Financial institutions seek yield and create opportunity for syndications
and service contracts
� Trend of increasing private (“leasing/shipping companies”) railcar
ownership expected to continue
12
Source: AAR – Railroad Equipment Outlook (August 2014)
52%
4%
44%
2005
Railroads TTX Private
39%
4%
57%
2014
Railroads TTX Private
Historical N.A. Railcar Fleet Ownership
Unique Strategic Position
13
History of Quality and Innovation
� TTX excellent supplier award for 20 years
� New Railcar Manufacturing – Intermodal, Automotive, ‘Tank Car of the Future’, Plastic Pellet
� Wheels & Parts – developing cutting edge telemetry testing to revolutionize safety & quality of wheels and axles
� Repair – tank car retrofits, repurposing of railcars
� Leasing & Services – Enhanced syndication model, proprietary fleet maintenance and management solutions and capabilities
14
Transformational Initiatives Create Diversified Growth Platform
� Improves competitive position due to diverse product mix at lower-cost, flexible manufacturing facilities
� Diversifies business mix by expanding repair and wheel maintenance business - large aftermarket business provides stability throughout business cycles
� Enhances leasing activities, capturing more value throughout the railcar life cycle
� Expands available market by increasing throughput and diversifying product portfolio while maintaining the quality customers demand
Greenbrier is well-positioned to benefit from numerous tailwinds. Our
diversified business model leaves Greenbrier relatively well-insulated
from any major potential headwinds.
15
$749
$1,625$102
$496
$92
$83
$0
$500
$1,000
$1,500
$2,000
$2,500
2006 2014
$ in
mill
ion
s (%
of To
tal R
ev
en
ue
)
Leasing & Services
WR&P
Manufacturing
FY 2015Guidance$2.6 – 2.7
billion
Initiatives Lead to Larger, Diversified Revenue Streams
16
Greenbrier’s revenue has more than doubled since the prior new railcar delivery peak in 2006.
$943
$2,204
(10%)
(11%)
(79%)
(4%)
(74%)
(22%)
Record Railcar Backlog ($ in millions except per unit values)
Backlog Units 5,300 15,400 10,700 14,400 31,500 46,000
In fiscal Q2, Greenbrier received orders for 10,100 railcar units valued at $1.09 billion. Year-to-date through February 28, 2015, Greenbrier has received orders for 24,200 units valued at $2.33 billion.
17
$420
$1,230 $1,200 $1,520
$3,330
$4,780
$79 $80
$112
$106 $106 $104
$-
$20
$40
$60
$80
$100
$120
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
Aug. 10 Aug. 11 Aug. 12 Aug. 13 Aug. 14 Feb. 15
Ave
rag
e S
ale
s Pric
e/U
nit
($ in
tho
usa
nd
s)Ba
cklo
g V
alu
e($
in
mill
ion
s)
Sixth Consecutive Quarter of Growth - Provides Strong Visibility
March 31, 2007 March 31, 2015*
North American Railcar Backlog Comparison (By Builder)
GBX, 14%
ARI, 13%
RAIL, 8%
TRN, 48%
Others, 17%
0%
20%
40%
60%
80%
100%
100% = 79,038 units
Source: RSI ARCI, public filings
GBX, 30%
ARI, 8%
TRN, 41%
Others, 21%
0%
20%
40%
60%
80%
100%
100% = 138,856 units
18
* RAIL has not reported and is included in “Others”
March 31, 2007 March 31, 2015
North American Railcar Backlog Comparison(By Car Type)
Covered Hoppers,
44%
Tank Cars, 38%
FlatCars, 3%
Gondolas, 3%
OpenHopper,
1%
Intermodal, 8%
0%
20%
40%
60%
80%
100%
100% = 138,856 units
Source: RSI ARCI, public filings
Covered Hoppers,
33%
Tank Cars, 46%
Flat Cars, 2%
Gondolas, 6%
Open Hopper,
5%
Intermodal, 8%
0%
20%
40%
60%
80%
100%
100% = 79,038 units
19
$3.07
$(1.00)
$-
$1.00
$2.00
$3.00
$4.00
2009 2010 2011 2012 2013 2014 2015
Adjusted EPS(1)
16,200
0.0
4.0
8.0
12.0
16.0
20.0
2009 2010 2011 2012 2013 2014 2015
Deliveries (Units)$2,204
$-
$400
$800
$1,200
$1,600
$2,000
$2,400
2009 2010 2011 2012 2013 2014 2015
Revenue
Consolidated Financial Trends ($ in millions)
(1) Adjusted EPS & Adjusted EBITDA exclude Goodwill impairment, Restructuring charges and other Special Items. (2) Net debt is defined as Gross debt plus debt discount less Cash
FY 2015 Revenue = ~ $2.6 -2.7 billion
FY 2015 Revenue = ~ $2.6 -2.7 billion
Deliveries =~21,500 unitsDeliveries =
~21,500 units
FY 2015 Guidance = $5.65 – $5.95
FY 2015 Guidance = $5.65 – $5.95
We expect the positive trend to
continue in FY 2015
We expect the positive trend to
continue in FY 2015
20
7.7x
5.5x
4.6x
2.7x
2.0x
1.1x
0.0x
2.0x
4.0x
6.0x
8.0x
2009 2010 2011 2012 2013 2014 2015
Net Debt(2) to Adj. EBITDA(1)
$105 $105
$192
$299 $304 $321
$243 $76
$99
$50
$54 $97
$185
$146
$181 $204
$242
$353
$401
$506
$388
2009 2010 2011 2012 2013 2014 2/28/2015
7.7x
5.5x
4.6x
2.7x
2.0x
1.1x 1.2x
0.0x
2.0x
4.0x
6.0x
8.0x
2009 2010 2011 2012 2013 2014 LTM
2/28/2015
Strong Balance Sheet and Liquidity Provide Flexibility
Net Funded Debt(2)
/ Adjusted EBITDA(1)
Liquidity Summary ($ in millions)
21
(1) Adjusted EBITDA exclude gain on contribution to GBW, restructuring charges, goodwill impairment and other special items(2) Net debt is defined as funded debt less cash
Current Financial Goals
Focus Area Goal
Gross MarginEnhancement
Aggregate gross margin of at least 20% by the second half of FY 2016
Capital EfficiencyReturn on Invested Capital (“ROIC”) of at least 25% by the second half of FY 2016
22
11.5%
16.3%17.2% 17.8%
19.9%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Aggregate Gross Margin
11.2%
27.1%
19.8%
11.0%
27.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Q2 14 Q3 14 Q4 14 Q1 15 Q2 15
Return on Invested Capital
Strong balance
sheet and positive
free cash flow
trend
Clear Path to Growth and Shareholder Value
Positive trends in
average sales
price and
continued
strength in new
orders
Unique model that
enhances financial
performance
across the cycle,
with powerful cross
selling opportunities
Initiatives to
improve gross
margins and
capital efficiency
Solid Railcar
Backlog
Diversified Revenue Streams
Strong Balance Sheet & Liquidity
Strategic Initiatives
23
Appendix
2Q FY 2015 Key Metric Highlights
25
15,200
26,400 31,500
41,200 46,000
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Backlog
3,400
4,300 4,800
4,000
5,200
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Total Deliveries
700 900
1,100
1,800 1,700
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Syndicated Deliveries
� Backlog 46,000 units valued at $4.78 billion
• Sixth consecutive quarter of growth
• Received orders of 10,100 units in 2Qvalued at $1.09 billion
• Energy related tank cars only comprise about 15% of backlog
• Broad range of non-energy related car types including boxcars, medium covered hoppers, non-energy tank cars, intermodal and gondola cars
� Delivery of 5,200 units
• Record delivery levels
• Quarterly lease syndication volume has increased over 140% over the last year while overall deliveries have increased ~50%
2Q FY 2015 Income Statement Highlights
26
$502.2 $593.3 $618.1
$495.1
$630.1
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Revenue ($ millions)
$44.9
$78.0 $80.8 $67.2
$102.7
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Adjusted EBITDA* ($ millions)
$0.51
$1.03 $1.03 $1.01
$1.57
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Diluted EPS*
Growth in:
� Revenue to $630.1 million
• Primarily driven by increased deliveries
� Gross margin to 19.9%
• Higher deliveries, favorable product mix and pricing, and improved operating efficiencies
� Adjusted EBITDA to $102.7 million
• Increased deliveries and margin growth
• Adjusted EBITDA margin of 16.3%
� Diluted EPS to $1.57
*Excludes Restructuring charges in FY14 and gain on contribution to GBW in 4Q FY14.
2Q FY 2015 Balance Sheet & Cash Flow Highlights
27
$80.3
$14.9
$54.2
$(53.8)
$46.0
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Operating Cash Flow(1) ($ millions)
$(4.6)
$7.1
$33.5 $31.7 $24.8
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Net Capital Expenditure & Invest. In Unconsol. Affiliates(2) ($ millions)
$254.2 $266.7 $273.3
$370.9 $386.4
2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Net Funded Debt ($ millions)
� Positive Operating Cash Flow• Strong operating performance partially offset by
increased WC needs associated with higher production and syndication volumes.
• Available liquidity exceeds $385 million
� Board declares quarterly dividend of $0.15 per share and continued execution under $75 million share repurchase program
• In 2Q, repurchased 483,983 shares of common stock at a cost of $23.8 million or an average price of $49.23 / share
• $43.6 million of remaining availability under share repurchase program
� Net Funded Debt trended up reflecting working capital needs associated with higher production and lease syndication volumes, increased net capital expenditures, and continued return of capital to shareholders
(1)Excludes Restructuring charges in FY14 and gain on contribution to GBW in 4Q FY14
(2)Investment in Unconsolidated Affiliates included to reflect GBW Railcar JV investments
Two Ways to Sell New Railcars
Direct Sales
� Customer orders railcar to buy and use
� We build railcar and deliver it to customer
� Revenue recognized in Manufacturing segment
Lease Syndication� Customer orders railcar to lease
� We build railcar and lease it
� Railcars held temporarily on balance sheet
generating interim lease income for GBX
• Called “Railcars held for syndication” on
Balance Sheet
• “Interim” lease income recognized in Leasing &
Services segment
� Railcars aggregated and sold (“syndicated”)
to multiple third party investors (non-recourse
to GBX)
• Sales price premium over direct sale from attached
lease
• Revenue from sale recognized in Manufacturing
segment
� Long term Management fees earned from
investors on railcars after syndication
• Revenue recognized in Leasing & Services segment
28
Direct
Lease
Leasing & Services Supplemental Information
Fleet Information
Units
Feb. 28, 2014
May 31,2014
Aug. 31, 2014
Nov. 30, 2014
Feb. 28, 2015
Long term owned units (“Equipment on operating lease”) 7,300 6,900 6,800 6,600 6,400
Short term owned units(“Railcars held for syndication”) 1,100 1,400 1,800 1,900 1,900
Total owned fleet 8,400 8,300 8,600 8,500 8,300
Managed fleet (units) 233,000 235,000 238,000 238,000 241,000
Owned & Managed Fleet
� Owned Equipment on operating lease ‘right-sized’ over last 2 years
• Additional monetization would be tax inefficient with over $70 million of Deferred Taxes related to the Lease fleet
• Secures Leasing term loan of $195 million
� Managed fleet services include railcar remarketing, maintenance management, car hire accounting and various other services
• Managed fleet has grown over 7% over last 18 months as Syndication volume increased
• Now accounts for ~16% of North American railcar fleet
Lease Syndication Model
� Targeting ~$800 million of Syndication volume in FY 2015
� One of two channels to market
� Dwell time of rent producing railcars on balance sheet (“Railcars held for Syndication”) averages 3 months, as railcar leases are aggregated and sold in bundles to investors
� In addition to premium pricing above direct sales, creates stream of multi-year management fee income
� Expands customer universe beyond Greenbrier’s traditional base
29
ManufacturingQuarterly TrendsQuarterly Trends
Revenue and Gross Margin %Revenue and Gross Margin % FY 15 OutlookFY 15 Outlook
• Sequential revenue growth reflects higher deliveries
• Margin increase reflects favorable product mix and pricing, improved efficiencies, and weakened Peso
• Marine backlog as of February 28, 2015 totaled approximately $80.0 million
• Deliveries of approximately 21,500 units
• Substantial increase in deliveries through lease syndication channel
• Capital expenditures are expected to be approximately $95 million in FY 2015, primarily related to capacity projects in Mexico, enhanced vertical integration and efficiency enhancements. Capacity projects include doubling of tank car capacity and moving from a leased facility to a lower cost owned facility.
($ in millions) 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Revenues $347.8 $425.6 $492.1 $379.9 $505.2
Gross Margin $41.2 $73.8 $87.9 $63.9 $102.0
Gross Margin % 11.8% 17.3% 17.9% 16.8% 20.2%
Operating Margin % 8.7% 14.4% 14.8% 13.7% 18.0%
Capital Expenditures $6.2 $14.7 $31.2 $21.5 $19.5
New Railcar Backlog $1,540 $2,750 $3,330 $4,200 $4,780
New Railcar Backlog (units) 15,200 26,400 31,500 41,200 46,000
Deliveries (units) 3,400 4,300 4,800 4,000 5,200
2Q Business Conditions2Q Business Conditions
30
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
$-
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
2010 2011 2012 2013 2014 LTM
2/28/15
$ in
Mill
ion
s
Revenue Gross Margin
Wheels & PartsQuarterly TrendsQuarterly Trends
Revenue and Gross Margin %(1)Revenue and Gross Margin %(1) FY 15 OutlookFY 15 Outlook
• Revenue increase reflects higher volume and product mix
• Gross margin decrease driven by reduced scrap steel pricing; improvement expected in second half of FY 2015
• Capital expenditures are expected to be approximately $10 million in FY 2015
• Improved operating efficiencies and performance
2Q Business Conditions2Q Business Conditions
31
* Excluding gain on contribution to GBW, operating margin is 2.7% for Q4 FY 2014
($ in millions) 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Revenues $136.5 $140.7 $105.0 $86.6 $102.6
Gross Margin $8.6 $10.8 $6.8 $9.8 $9.9
Gross Margin % 6.3% 7.7% 6.5% 11.3% 9.6%
Operating Margin % 2.6% 3.9% 30.3%* 9.2% 7.8%
Capital Expenditures $1.7 $2.5 $3.0 $1.8 $1.7
0%
2%
4%
6%
8%
10%
12%
$-
$100
$200
$300
$400
$500
$600
2010 2011 2012 2013 2014 LTM
2/28/15
$ in
Th
ou
san
ds
Revenue Gross Margin
(1) Historical results include legacy Repair operations which were contributed to GBW Railcar JV in July 2014
Leasing & ServicesQuarterly Trends
Revenue and Gross Margin % FY 15 Outlook
• 1Q revenue benefitted from syndication of third party produced railcars
• Sequential margin % increase reflects lower margin syndication of third party produced railcars in Q1 and increased interim rents driven by increased syndication activity
• Increased volumes of lease syndications in second half FY 2015
• Continued growth of interim rents and managed assets associated with syndication and management services activity
• Net capital expenditures are expected to be approximately $25 million in FY 2015 (Gross capital expenditures of $35 million, including corporate expenditures, offset by equipment proceeds of approximately $10 million)
2Q Business Conditions
32
($ in millions) 2Q 14 3Q 14 4Q 14 1Q 15 2Q 15
Revenues $17.9 $27.0 $21.0 $28.5 $22.3
Gross Margin $8.1 $12.2 $11.3 $14.4 $13.4
Gross Margin % 45.0% 45.1% 53.7% 50.6% 60.3%
Operating Margin % 53.8% 53.9% 38.9% 38.8% 44.1%
Net Capital Expenditures ($12.5) ($10.0) ($13.3) $5.9 $0.5
Lease Fleet Utilization 97.6% 97.9% 98.2% 98.1% 99.5%
38%
40%
42%
44%
46%
48%
50%
52%
$-
$20
$40
$60
$80
$100
2010 2011 2012 2013 2014 LTM
2/28/15
$ in
Th
ou
san
ds
Revenue Gross Margin
North American Service Coverage
33
Quarterly Adjusted EBITDA Reconciliation
Supplemental DisclosureReconciliation of Net Earnings to Adjusted EBITDA(In millions, unaudited)
Quarter Ending
Nov. 30, 2013
Feb. 28, 2014
May 31, 2014
Aug. 31, 2014
Nov. 30, 2014
Feb. 28, 2015
Net earnings $23.0 $20.5 $46.1 $60.1 $36.0 $61.0
Interest and foreign exchange
4.7 4.1 5.4 4.4 3.1 1.9
Income tax expense 10.5 9.9 16.3 35.7 16.1 29.4
Depreciation and amortization
10.9 9.9 10.1 9.6 12.0 10.4
Gain on contribution to GBW - - - (29.0) - -
Restructuring charges 0.9 0.5 0.1 - - -
Adjusted EBITDA $50.0 $44.9 $78.0 $80.8 $67.2 $102.7
See slide 39 for definition of Adjusted EBITDA
34
Annual Adjusted EBITDA Reconciliation
Supplemental DisclosureReconciliation of Net Earnings (loss) to Adjusted EBITDA(In millions, unaudited)
Year Ending August 31,
2009 2010 2011 2012 2013 2014
Net earnings (loss) ($57.9) $8.3 $8.4 $61.2 ($5.4) $149.8
Interest and foreign exchange 45.9 45.2 37.0 24.8 22.2 18.7
Income tax expense (benefit) (16.9) (0.9) 3.5 32.4 25.1 72.4
Depreciation and amortization 37.6 37.5 38.3 42.4 41.4 40.4
Goodwill impairment 55.7 - - - 76.9 -
Gain on contribution to GBW - - - - - (29.0)
Loss (gain) on debt extinguishment - (2.1) 15.7 - - -
Special items - (11.9) - - 2.7 1.5
Adjusted EBITDA $64.4 $76.1 $102.9 $160.8 $162.9 $253.8
See slide 39 for definition of Adjusted EBITDA
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Annual Adjusted EPS Reconciliation
Year Ending August 31,
2009 2010 2011 2012 2013 2014
Net earnings (loss) attributable to Greenbrier ($56.4) $4.3 $6.5 $58.7 ($11.1) $111.9
Goodwill impairment 51.0 - - - 71.8 -
Gain on contribution to GBW (after-tax) - - - - - (13.6)
Loss (gain) on debt extinguishment (after-tax) - (1.3) 9.4 - - -
Special items (after-tax) - (11.9) - - 1.8 1.0
Adjusted Net Earnings (loss) ($5.4) ($8.9) $15.9 $58.7 $62.5 $99.3
Weighted average diluted shares outstanding 16.8 20.2 26.5 33.7 34.2 34.2
Adjusted EPS ($0.32) ($0.44) $0.60 $1.91 $2.00 $3.07
See slide 39 for definition of Adjusted EPS
Supplemental DisclosureReconciliation of Net Earnings (loss) Attributable to Greenbrier to Net Earnings Excluding Goodwill Impairment, Gain on Contribution to GBW, Loss (gain) on Debt extinguishment and Special Items(In millions, except per share amounts, unaudited)
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Adjusted Financial Metric Definition
Adjusted Net Earnings (loss), Adjusted EBITDA, Return on Invested Capital and Adjusted EPS are not financial measures under generally accepted accounting principles (GAAP). We define Adjusted Net Earnings (loss) as Net Earnings (loss) attributable to Greenbrier before goodwill impairment (after-tax), gain on contribution to GBW (after-tax), loss (gain) on debt extinguishment (after-tax) and special items (after-tax). We define Adjusted EBITDA as Net earnings (loss) before interest and foreign exchange, income tax expense (benefit), goodwill impairment, gain on contribution to GBW, loss (gain) on debt extinguishment, special items, depreciation and amortization. We define Adjusted EPS as Adjusted Net Earnings (loss) before interest and debt issuance costs (net of tax) on convertible notes divided by Weighted average diluted shares outstanding. We define Return on Invested Capital as Earnings from Operations less Cash paid for Income taxes, which is then annualized and divided by the sum of average Revolving notes plus Notes payable plus Total equity less Cash in excess of $40 million operating cash, which is averaged based on the quarterly ending balances. Adjusted Net Earnings (loss), Adjusted EBITDA, and Adjusted EPS are performance measurement tools used by rail supply companies and Greenbrier. You should not consider Adjusted Net Earnings (loss), Adjusted EBITDA, and Adjusted EPS in isolation or as a substitute for other financial statement data determined in accordance with GAAP. In addition, because Adjusted Net Earnings (loss), Adjusted EBITDA and Adjusted EPS are not measures of financial performance under GAAP and are susceptible to varying calculations, these measures presented may differ from and may not be comparable to similarly titled measures used by other companies.
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