Genesee & Wyoming Reports Results for the Third Quarter of 2015
Genesee & Wyoming Inc. (G&W) (NYSE:GWR)
Third Quarter Highlights
-
Operating revenues increased 26.3% to $546.3 million from $432.5
million.
-
Same railroad operating revenues, excluding the $23.6 million negative
impact of foreign currency depreciation, declined 10.8%, primarily due
to weakness in iron ore, coal and metals shipments.
-
Adjusted income from operations (adjusted operating income) decreased
3.5% to $118.3 million; Reported income from operations (operating
income) decreased 4.5% to $117.6 million. (1)
-
Adjusted diluted earnings per common share (EPS) decreased 9.9% to
$1.09; Reported diluted EPS decreased 13.4% to $1.10. Approximately
half of the decrease in adjusted diluted EPS was driven by the
negative impact of foreign currency depreciation. (1)
Jack Hellmann, President and CEO of G&W, commented, “Our adjusted
diluted earnings per share declined 10% in the third quarter of 2015,
with approximately half of the decline caused by a weak economic
environment for industrial and commodity shipments and the other half
due to the negative impact of foreign currency depreciation.
Nevertheless, our third quarter adjusted diluted earnings per share were
17% higher than the second quarter of 2015, with stronger than expected
performance from each of our three business segments.”
“In North America, our third quarter revenues declined 9% and our
operating income declined 10% due to weakness in twelve out of fourteen
commodity groups, however good cost management by each of our operating
regions enabled us to maintain an operating ratio of 71.2%. In
Australia, our third quarter operating income dropped 33%, as the impact
of iron ore mine closures and the depreciation of the Australian dollar
more than offset effective cost controls and the positive contribution
from Freightliner Australia. Finally, in the United Kingdom/Europe
(primarily composed of the newly acquired Freightliner Group), our
operating income increased sequentially by more than 50% over the second
quarter of 2015, as seasonal improvements in U.K. intermodal shipments
and good cost management more than offset continued weakness in U.K.
coal traffic.”
“Our outlook for the second half of 2015 remains unchanged from August,
with third quarter results stronger than planned and fourth quarter
outlook expected to be weaker than planned. As we finish the year and
look ahead to 2016, our management team is concentrated on optimizing
the strong free cash flow that underpins the value of our 120 railroads.
In addition, we continue to evaluate potential acquisitions and
investments worldwide.” (1)
Financial Results
G&W’s operating revenues increased $113.8 million, or 26.3%, to $546.3
million in the third quarter of 2015, compared with $432.5 million in
the third quarter of 2014. G&W’s income from operations in the third
quarter of 2015 was $117.6 million, compared with $123.1 million in the
third quarter of 2014. G&W’s operating ratio in the third quarter of
2015 was 78.5%, compared with an operating ratio of 71.5% in the third
quarter of 2014, including lower operating margins from Freightliner
Group Limited (Freightliner). G&W's same railroad operating ratio in the
third quarter of 2015 was 71.7%, compared with 71.5% in the third
quarter of 2014.
G&W reported net income in the third quarter of 2015 of $63.4 million,
compared with net income of $72.7 million in the third quarter of 2014.
Excluding the net impact of certain items affecting comparability
between periods discussed below, G&W’s adjusted net income in the third
quarter of 2015 was $63.3 million, compared with adjusted net income of
$69.1 million in the third quarter of 2014. (1)
G&W’s reported diluted EPS in the third quarter of 2015 were $1.10 with
57.8 million weighted average shares outstanding, compared with reported
diluted EPS in the third quarter of 2014 of $1.27 with 57.0 million
weighted average shares outstanding. G&W’s adjusted diluted EPS in the
third quarter of 2015 were $1.09 with 57.8 million weighted average
shares outstanding, compared with adjusted diluted EPS in the third
quarter of 2014 of $1.21 with 57.0 million weighted average shares
outstanding. (1)
G&W’s effective income tax rate was 36.8% in the third quarter of 2015,
compared with 33.7% in the third quarter of 2014. G&W's effective income
tax rate in the third quarter of 2014 included a $3.9 million tax
benefit as a result of receiving IRS consent to change tax accounting
methods retroactively for companies acquired as a result of the
RailAmerica, Inc. (RailAmerica) acquisition. G&W's effective income tax
rates for both periods included adjustments to reflect differences
between book income tax expense and final tax returns filed in September
of each year related to the previous fiscal year.
Items Affecting Comparability
In the third quarter of 2015 and 2014, G&W’s results included certain
items affecting comparability between the periods that are set forth in
the following table (in millions, except per share amounts):
|
|
|
Income/(Loss) Before Income Taxes Impact
|
|
After-Tax Net Income/(Loss) Impact
|
|
Diluted Earnings/(Loss) Per Common Share
Impact
|
Three Months Ended September 30, 2015
|
|
|
|
|
|
|
|
Business development and related costs
|
|
|
$
|
(2.0
|
)
|
|
$
|
(1.3
|
)
|
|
$
|
(0.02
|
)
|
Net gain on sale of assets
|
|
|
$
|
1.2
|
|
|
$
|
0.9
|
|
|
$
|
0.02
|
|
Adjustment for tax returns from previous fiscal year
|
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
0.01
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
|
|
|
|
|
Business development and related costs
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.5
|
)
|
|
$
|
(0.01
|
)
|
Net gain on sale of assets
|
|
|
$
|
1.2
|
|
|
$
|
0.9
|
|
|
$
|
0.02
|
|
Adjustment for tax returns from previous fiscal year
|
|
|
$
|
—
|
|
|
$
|
(0.7
|
)
|
|
$
|
(0.01
|
)
|
RailAmerica-related tax benefit
|
|
|
$
|
—
|
|
|
$
|
3.9
|
|
|
$
|
0.07
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In the third quarter of 2015, G&W’s results included business
development and related costs of $2.0 million primarily related to the
integration of Freightliner and a net gain on the sale of assets of $1.2
million. The third quarter of 2015 also included a tax benefit of $0.4
million related to differences between book income tax expense and the
final tax returns filed in September of 2015 related to the previous
fiscal year.
G&W’s third quarter of 2014 results included business development and
related costs of $0.7 million and a net gain on the sale of assets of
$1.2 million. The third quarter of 2014 also included an income tax
expense of $0.7 million related to differences between book income tax
expense and the final tax returns filed in September of 2014 related to
the previous fiscal year and an income tax benefit of $3.9 million
associated with the companies acquired as a result of the RailAmerica
acquisition.
Third Quarter Results by Segment
Operating revenues from G&W's North American Operations decreased $30.5
million, or 8.8%, to $314.6 million in the third quarter of 2015,
compared with $345.1 million in the third quarter of 2014. Excluding
$4.0 million of revenues from new operations and a $5.0 million decrease
due to the impact of foreign currency depreciation, North American
Operations same railroad revenues decreased by $29.5 million, or 8.7%,
primarily due to declines in coal and metals shipments.
North American Operations traffic decreased 42,771 carloads, or 9.3%, to
419,571 carloads in the third quarter of 2015. Excluding 8,683 carloads
from new operations, same railroad traffic decreased 51,454 carloads, or
11.1%, in the third quarter of 2015 compared with the third quarter of
2014. The same railroad traffic decrease was principally due to
decreases of 15,814 carloads of coal and coke (Ohio Valley, Midwest,
Central and Mountain West regions), 15,233 carloads of metals traffic
(primarily in the Southern, Ohio Valley and Northeast regions), 8,403
carloads of Other traffic (primarily overhead Class I shipments), 3,680
carloads of minerals and stone traffic (primarily in the Midwest and
Northeast regions), 2,375 carloads of lumber and forest products traffic
(primarily in the Pacific Region) and 2,336 carloads of auto and auto
parts traffic (primarily in the Pacific Region). All remaining traffic
decreased by a net 3,613 carloads.
Income from operations from G&W's North American Operations in the third
quarter of 2015 was $90.6 million, compared with $100.9 million in the
third quarter of 2014. The operating ratio for North American Operations
was 71.2% in the third quarter of 2015, compared with an operating ratio
of 70.7% in the third quarter of 2014.
Operating revenues from G&W's Australian Operations decreased $20.5
million, or 25.1%, to $61.0 million in the third quarter of 2015,
compared with $81.5 million in the third quarter of 2014. Excluding
$11.9 million of revenues from the newly acquired operations of
Freightliner Australia and a $17.6 million decrease due to the impact of
foreign currency depreciation, Australian Operations same railroad
revenues decreased by $14.8 million, or 23.1%, primarily due to a
decrease in freight revenues resulting from a decline in iron ore
shipments.
Australian Operations traffic decreased 9,026 carloads, or 15.7%, to
48,532 carloads in the third quarter of 2015. The traffic decrease was
principally due to a decrease of 8,623 carloads of metallic ores
traffic. All remaining traffic decreased by a net 403 carloads.
Income from operations from G&W's Australian Operations in the third
quarter of 2015 was $15.0 million, compared with $22.4 million in the
third quarter of 2014. The operating ratio for Australian Operations was
75.5% in the third quarter of 2015, compared with an operating ratio of
72.6% in the third quarter of 2014.
Operating revenues from G&W's U.K./European Operations increased $164.8
million to $170.7 million in the third quarter of 2015, compared with
$6.0 million in the third quarter of 2014. Excluding $165.5 million of
revenues from the newly acquired Freightliner U.K./European operations
and a $1.0 million decrease due to the impact of foreign currency
depreciation, U.K./European Operations same railroad revenues increased
by $0.2 million, or 4.3%. U.K./European Operations traffic consisted of
307,453 carloads in the third quarter of 2015, primarily related to
traffic from G&W’s newly acquired Freightliner U.K./European operations.
Income from operations from U.K./European Operations in the third
quarter of 2015 was $12.0 million with an operating ratio of 93.0%. The
prior year is not comparable because over 95% of the revenue and income
from operations was generated from the recently acquired Freightliner
business. As a reminder, our U.K./European Operations require
substantially lower capital expenditures and generate a higher operating
ratio than our other segments.
Free Cash Flow (1)
G&W’s free cash flow for the nine months ended September 30, 2015 and
2014 was as follows (in millions):
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
Net cash provided by operating activities
|
|
|
$
|
344.3
|
|
|
$
|
369.0
|
|
Net cash used in investing activities, excluding new business
investments
|
|
|
(927.4
|
)
|
|
(368.5
|
)
|
Add back: net cash used for acquisitions (a)
|
|
|
786.3
|
|
|
220.5
|
|
Free cash flow before new business investments
|
|
|
203.1
|
|
|
221.0
|
|
New business investments
|
|
|
(58.6
|
)
|
|
(71.5
|
)
|
Free cash flow (1)
|
|
|
$
|
144.5
|
|
|
$
|
149.5
|
|
|
|
|
|
|
|
|
|
|
|
(a) The 2015 period primarily consisted of net cash used for the
acquisition of Freightliner and Pinsly Arkansas as well as $32.0 million
in cash paid for incremental expenses related to the purchase and
integration of the Freightliner acquisition. The 2014 period primarily
consisted of net cash used for the Rapid City, Pierre & Eastern
Railroad, Inc. (RCP&E) acquisition.
Conference Call and Webcast Details
As previously announced, G&W’s conference call to discuss financial
results for the third quarter of 2015 will be held on Friday,
October 30, 2015, at 11 a.m. EDT. The dial-in number for the
teleconference in the U.S. is (800) 230-1096; outside the U.S. is (612)
332-0802, or the call may be accessed live over the Internet (listen
only) at www.gwrr.com/investors.
Management will be referring to a slide presentation that will also be
available at gwrr.com/investors. The webcast will be archived at www.gwrr.com/investors
until the following quarter’s earnings press release. Telephone replay
is available for 30 days beginning at 1 p.m. EDT on October 30, 2015, by
dialing (800) 475-6701 (or outside the U.S., dial 320-365-3844). The
access code is 345266.
About G&W
G&W owns or leases 120 freight railroads worldwide that are organized in
11 operating regions with 7,500 employees and more than 2,500 customers.
-
G&W’s nine North American regions serve 41 U.S. states and four
Canadian provinces and include 113 short line and regional freight
railroads with more than 13,000 track-miles.
-
G&W’s Australia Region provides rail freight services in New South
Wales, the Northern Territory and South Australia and operates the
1,400-mile Tarcoola-to-Darwin rail line.
-
G&W’s U.K./European Region is led by Freightliner, the U.K.’s largest
rail maritime intermodal operator and second-largest rail freight
company. Operations also include heavy-haul in Poland and Germany and
cross-border intermodal services connecting Northern European seaports
with key industrial regions throughout the continent.
G&W subsidiaries provide rail service at more than 40 major ports in
North America, Australia and Europe and perform contract coal loading
and railcar switching for industrial customers.
Cautionary Statement Concerning Forward-Looking Statements
This press release contains forward-looking statements regarding future
events and the future performance of Genesee & Wyoming Inc. that are
based on current expectations, estimates and projections about our
industry, management’s beliefs, and assumptions made by management.
Words such as “anticipates,” “intends,” “plans,” “believes,” “could,”
“should,” “seeks,” “expects,” “will,” “estimates,” “trends,” “outlook,”
variations of these words and similar expressions are intended to
identify these forward-looking statements. These statements are not
guarantees of future performance and are subject to certain risks,
uncertainties and assumptions that are difficult to forecast, including
the following: risks related to the operation of our railroads; severe
weather conditions and other natural occurrences, which could result in
shutdowns, derailments, railroad network congestion or other substantial
disruption of operations; customer demand and changes in our operations;
exposure to the credit risk of customers and counterparties; changes in
commodity prices; consummation and integration of acquisitions;
economic, political and industry conditions (including employee strikes
or work stoppages); retention and contract continuation; legislative and
regulatory developments, including changes in environmental and other
laws and regulations to which we are subject; increased competition in
relevant markets; funding needs and financing sources, including our
ability to obtain government funding for capital projects; international
complexities of operations, currency fluctuations, finance, tax and
decentralized management; challenges of managing rapid growth including
retention and development of senior leadership; unpredictability of fuel
costs; susceptibility to various legal claims and lawsuits; increase in,
or volatility associated with, expenses related to estimated claims,
self-insured retention amounts, and insurance coverage limits;
consummation of new business opportunities; decrease in revenues and/or
increase in costs and expenses; susceptibility to the risks of doing
business in foreign countries; our ability to realize the expected
synergies associated with acquisitions; and others including, but not
limited to, those noted in our 2014 Annual Report on Form 10-K and our
Quarterly Reports on Form 10-Q under “Risk Factors.” Therefore, actual
results may differ materially from those expressed or forecasted in any
such forward-looking statements. Forward-looking statements speak only
as of the date of this press release or as of the date they were made.
G&W does not undertake, and expressly disclaims, any duty to publicly
update any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by law.
1. Adjusted income from operations (adjusting operating income),
adjusted net income, adjusted diluted earnings per common share (EPS)
and free cash flow are non-GAAP financial measures and are not intended
to replace financial measures calculated in accordance with GAAP. The
information required by Item 10(e) of Regulation S-K under the
Securities Act of 1933 and the Securities Exchange Act of 1934 and
Regulation G under the Securities Exchange Act of 1934, including a
reconciliation to their most directly comparable financial measures
calculated in accordance with GAAP, is included in the tables attached
to this press release.
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF OPERATIONS
|
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014
|
(in thousands, except per share amounts)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|
|
|
|
September 30,
|
|
September 30,
|
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
OPERATING REVENUES
|
|
|
$
|
546,299
|
|
|
$
|
432,543
|
|
|
$
|
1,485,548
|
|
|
$
|
1,223,385
|
|
OPERATING EXPENSES
|
|
|
428,740
|
|
|
309,427
|
|
|
1,195,918
|
|
|
915,285
|
|
INCOME FROM OPERATIONS
|
|
|
117,559
|
|
|
123,116
|
|
|
289,630
|
|
|
308,100
|
|
INTEREST INCOME
|
|
|
225
|
|
|
82
|
|
|
375
|
|
|
1,357
|
|
INTEREST EXPENSE
|
|
|
(17,464
|
)
|
|
(12,654
|
)
|
|
(48,744
|
)
|
|
(44,109
|
)
|
LOSS ON SETTLEMENT OF FOREIGN CURRENCY FORWARD PURCHASE
CONTRACTS
|
|
|
—
|
|
|
—
|
|
|
(18,686
|
)
|
|
—
|
|
OTHER (LOSS)/INCOME, NET
|
|
|
(103
|
)
|
|
(949
|
)
|
|
545
|
|
|
446
|
|
INCOME BEFORE INCOME TAXES
|
|
|
100,217
|
|
|
109,595
|
|
|
223,120
|
|
|
265,794
|
|
PROVISION FOR INCOME TAXES
|
|
|
(36,855
|
)
|
|
(36,945
|
)
|
|
(83,017
|
)
|
|
(92,412
|
)
|
NET INCOME
|
|
|
$
|
63,362
|
|
|
$
|
72,650
|
|
|
$
|
140,103
|
|
|
$
|
173,382
|
|
BASIC EARNINGS PER COMMON SHARE
|
|
|
$
|
1.12
|
|
|
$
|
1.31
|
|
|
$
|
2.47
|
|
|
$
|
3.14
|
|
WEIGHTED AVERAGE SHARES - BASIC
|
|
|
56,819
|
|
|
55,600
|
|
|
56,673
|
|
|
55,167
|
|
DILUTED EARNINGS PER COMMON SHARE
|
|
|
$
|
1.10
|
|
|
$
|
1.27
|
|
|
$
|
2.42
|
|
|
$
|
3.05
|
|
WEIGHTED AVERAGE SHARES - DILUTED
|
|
|
57,846
|
|
|
57,014
|
|
|
57,833
|
|
|
56,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
CONSOLIDATED BALANCE SHEETS
|
AS OF SEPTEMBER 30, 2015 AND DECEMBER 31, 2014
|
(in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
September 30,
|
|
December 31,
|
|
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
|
|
CURRENT ASSETS:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
38,973
|
|
|
$
|
59,727
|
Accounts receivable, net
|
|
|
359,116
|
|
|
357,278
|
Materials and supplies
|
|
|
43,817
|
|
|
30,251
|
Prepaid expenses and other
|
|
|
40,367
|
|
|
24,176
|
Deferred income tax assets, net
|
|
|
44,708
|
|
|
76,994
|
Total current assets
|
|
|
526,981
|
|
|
548,426
|
PROPERTY AND EQUIPMENT, net
|
|
|
4,086,213
|
|
|
3,788,482
|
GOODWILL
|
|
|
949,489
|
|
|
628,815
|
INTANGIBLE ASSETS, net
|
|
|
1,108,629
|
|
|
587,663
|
DEFERRED INCOME TAX ASSETS, net
|
|
|
1,971
|
|
|
2,500
|
OTHER ASSETS, net
|
|
|
43,263
|
|
|
39,867
|
Total assets
|
|
|
$
|
6,716,546
|
|
|
$
|
5,595,753
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
Current portion of long-term debt
|
|
|
$
|
48,784
|
|
|
$
|
67,398
|
Accounts payable
|
|
|
293,944
|
|
|
290,746
|
Accrued expenses
|
|
|
139,552
|
|
|
106,094
|
Total current liabilities
|
|
|
482,280
|
|
|
464,238
|
LONG-TERM DEBT, less current portion
|
|
|
2,250,997
|
|
|
1,548,051
|
DEFERRED INCOME TAX LIABILITIES, net
|
|
|
1,086,027
|
|
|
908,852
|
DEFERRED ITEMS - grants from outside parties
|
|
|
288,266
|
|
|
279,286
|
OTHER LONG-TERM LIABILITIES
|
|
|
178,079
|
|
|
37,346
|
TOTAL EQUITY
|
|
|
2,430,897
|
|
|
2,357,980
|
Total liabilities and equity
|
|
|
$
|
6,716,546
|
|
|
$
|
5,595,753
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2015 AND 2014
|
(in thousands)
|
(unaudited)
|
|
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
Net income
|
|
|
$
|
140,103
|
|
|
$
|
173,382
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
138,568
|
|
|
116,130
|
|
Stock-based compensation
|
|
|
10,341
|
|
|
9,063
|
|
Excess tax benefits from share-based compensation
|
|
|
(1,393
|
)
|
|
(5,483
|
)
|
Deferred income taxes
|
|
|
46,795
|
|
|
62,612
|
|
Net gain on sale of assets
|
|
|
(1,981
|
)
|
|
(3,444
|
)
|
Loss on settlement of foreign currency forward purchase contracts
|
|
|
18,686
|
|
|
—
|
|
Insurance proceeds received
|
|
|
103
|
|
|
5,527
|
|
Changes in assets and liabilities which provided/(used) cash, net of
effect of acquisitions:
|
|
|
|
|
|
Accounts receivable, net
|
|
|
52,847
|
|
|
(32,222
|
)
|
Materials and supplies
|
|
|
(2,325
|
)
|
|
(1,070
|
)
|
Prepaid expenses and other
|
|
|
14,929
|
|
|
5,568
|
|
Accounts payable and accrued expenses
|
|
|
(71,446
|
)
|
|
34,990
|
|
Other assets and liabilities, net
|
|
|
(970
|
)
|
|
3,950
|
|
Net cash provided by operating activities
|
|
|
344,257
|
|
|
369,003
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
Purchase of property and equipment
|
|
|
(276,150
|
)
|
|
(271,696
|
)
|
Grant proceeds from outside parties
|
|
|
31,456
|
|
|
43,518
|
|
Cash paid for acquisitions, net of cash acquired
|
|
|
(735,556
|
)
|
|
(220,542
|
)
|
Net payment from settlement of foreign currency forward purchase
contracts related to an acquisition
|
|
|
(18,686
|
)
|
|
—
|
|
Insurance proceeds for the replacement of assets
|
|
|
9,658
|
|
|
4,112
|
|
Proceeds from disposition of property and equipment
|
|
|
3,223
|
|
|
4,562
|
|
Net cash used in investing activities
|
|
|
(986,055
|
)
|
|
(440,046
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
Principal payments on long-term borrowings, including capital leases
|
|
|
(502,839
|
)
|
|
(378,763
|
)
|
Proceeds from issuance of long-term debt
|
|
|
1,139,511
|
|
|
398,761
|
|
Debt amendment/issuance costs
|
|
|
(9,622
|
)
|
|
(3,880
|
)
|
Proceeds from employee stock purchases
|
|
|
5,478
|
|
|
9,574
|
|
Excess tax benefits from share-based compensation
|
|
|
1,393
|
|
|
5,483
|
|
Treasury stock acquisitions
|
|
|
(3,245
|
)
|
|
(4,062
|
)
|
Net cash provided by financing activities
|
|
|
630,676
|
|
|
27,113
|
|
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
|
|
|
(9,632
|
)
|
|
(154
|
)
|
DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
(20,754
|
)
|
|
(44,084
|
)
|
CASH AND CASH EQUIVALENTS, beginning of period
|
|
|
59,727
|
|
|
62,876
|
|
CASH AND CASH EQUIVALENTS, end of period
|
|
|
$
|
38,973
|
|
|
$
|
18,792
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
379,789
|
|
|
69.5%
|
|
$
|
331,042
|
|
|
76.5%
|
Freight-related revenues
|
|
|
144,277
|
|
|
26.4%
|
|
74,022
|
|
|
17.1%
|
All other revenues
|
|
|
22,233
|
|
|
4.1%
|
|
27,479
|
|
|
6.4%
|
Total operating revenues
|
|
|
$
|
546,299
|
|
|
100.0%
|
|
$
|
432,543
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
158,675
|
|
|
29.1%
|
|
$
|
121,152
|
|
|
28.0%
|
Equipment rents
|
|
|
44,630
|
|
|
8.2%
|
|
22,934
|
|
|
5.3%
|
Purchased services
|
|
|
55,291
|
|
|
10.1%
|
|
24,861
|
|
|
5.7%
|
Depreciation and amortization
|
|
|
48,303
|
|
|
8.8%
|
|
40,277
|
|
|
9.3%
|
Diesel fuel used in train operations
|
|
|
34,264
|
|
|
6.3%
|
|
36,089
|
|
|
8.3%
|
Electricity used in train operations
|
|
|
5,164
|
|
|
0.9%
|
|
437
|
|
|
0.1%
|
Casualties and insurance
|
|
|
11,466
|
|
|
2.1%
|
|
8,702
|
|
|
2.0%
|
Materials
|
|
|
25,140
|
|
|
4.6%
|
|
21,195
|
|
|
4.9%
|
Trackage rights
|
|
|
21,765
|
|
|
4.0%
|
|
14,174
|
|
|
3.3%
|
Net gain on sale of assets
|
|
|
(1,174
|
)
|
|
(0.2)%
|
|
(1,237
|
)
|
|
(0.3)%
|
Other expenses
|
|
|
25,216
|
|
|
4.6%
|
|
20,843
|
|
|
4.9%
|
Total operating expenses
|
|
|
$
|
428,740
|
|
|
78.5%
|
|
$
|
309,427
|
|
|
71.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2015
|
|
|
North American Operations
|
|
|
Australian Operations
|
|
|
U.K./European Operations
|
|
|
Total Operations
|
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
241,410
|
|
|
|
76.7
|
%
|
|
|
$
|
32,780
|
|
|
|
53.7
|
%
|
|
|
$
|
105,599
|
|
|
|
61.9
|
%
|
|
|
$
|
379,789
|
|
|
|
69.5
|
%
|
Freight-related revenues
|
|
|
56,795
|
|
|
|
18.1
|
%
|
|
|
26,156
|
|
|
|
42.9
|
%
|
|
|
61,326
|
|
|
|
35.9
|
%
|
|
|
144,277
|
|
|
|
26.4
|
%
|
All other revenues
|
|
|
16,358
|
|
|
|
5.2
|
%
|
|
|
2,077
|
|
|
|
3.4
|
%
|
|
|
3,798
|
|
|
|
2.2
|
%
|
|
|
22,233
|
|
|
|
4.1
|
%
|
Total operating revenues
|
|
|
$
|
314,563
|
|
|
|
100.0
|
%
|
|
|
$
|
61,013
|
|
|
|
100.0
|
%
|
|
|
$
|
170,723
|
|
|
|
100.0
|
%
|
|
|
$
|
546,299
|
|
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
93,887
|
|
|
|
29.8
|
%
|
|
|
$
|
16,078
|
|
|
|
26.4
|
%
|
|
|
$
|
48,710
|
|
|
|
28.6
|
%
|
|
|
$
|
158,675
|
|
|
|
29.1
|
%
|
Equipment rents
|
|
|
16,669
|
|
|
|
5.3
|
%
|
|
|
3,083
|
|
|
|
5.1
|
%
|
|
|
24,878
|
|
|
|
14.6
|
%
|
|
|
44,630
|
|
|
|
8.2
|
%
|
Purchased services
|
|
|
17,263
|
|
|
|
5.5
|
%
|
|
|
5,080
|
|
|
|
8.3
|
%
|
|
|
32,948
|
|
|
|
19.3
|
%
|
|
|
55,291
|
|
|
|
10.1
|
%
|
Depreciation and amortization
|
|
|
35,158
|
|
|
|
11.2
|
%
|
|
|
7,151
|
|
|
|
11.7
|
%
|
|
|
5,994
|
|
|
|
3.5
|
%
|
|
|
48,303
|
|
|
|
8.8
|
%
|
Diesel fuel used in train operations
|
|
|
16,444
|
|
|
|
5.2
|
%
|
|
|
6,004
|
|
|
|
9.8
|
%
|
|
|
11,816
|
|
|
|
6.9
|
%
|
|
|
34,264
|
|
|
|
6.3
|
%
|
Electricity used in train operations
|
|
|
—
|
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
%
|
|
|
5,164
|
|
|
|
3.0
|
%
|
|
|
5,164
|
|
|
|
0.9
|
%
|
Casualties and insurance
|
|
|
7,547
|
|
|
|
2.4
|
%
|
|
|
1,696
|
|
|
|
2.8
|
%
|
|
|
2,223
|
|
|
|
1.3
|
%
|
|
|
11,466
|
|
|
|
2.1
|
%
|
Materials
|
|
|
13,704
|
|
|
|
4.4
|
%
|
|
|
2,964
|
|
|
|
4.9
|
%
|
|
|
8,472
|
|
|
|
5.0
|
%
|
|
|
25,140
|
|
|
|
4.6
|
%
|
Trackage rights
|
|
|
6,023
|
|
|
|
1.9
|
%
|
|
|
2,457
|
|
|
|
4.0
|
%
|
|
|
13,285
|
|
|
|
7.8
|
%
|
|
|
21,765
|
|
|
|
4.0
|
%
|
Net gain on sale of assets
|
|
|
(1,025
|
)
|
|
|
(0.3
|
)%
|
|
|
(7
|
)
|
|
|
—
|
%
|
|
|
(142
|
)
|
|
|
(0.1
|
)%
|
|
|
(1,174
|
)
|
|
|
(0.2
|
)%
|
Other expenses
|
|
|
18,329
|
|
|
|
5.8
|
%
|
|
|
1,541
|
|
|
|
2.5
|
%
|
|
|
5,346
|
|
|
|
3.1
|
%
|
|
|
25,216
|
|
|
|
4.6
|
%
|
Total operating expenses
|
|
|
$
|
223,999
|
|
|
|
71.2
|
%
|
|
|
$
|
46,047
|
|
|
|
75.5
|
%
|
|
|
$
|
158,694
|
|
|
|
93.0
|
%
|
|
|
$
|
428,740
|
|
|
|
78.5
|
%
|
Income from operations
|
|
|
$
|
90,564
|
|
|
|
|
|
|
$
|
14,966
|
|
|
|
|
|
|
$
|
12,029
|
|
|
|
|
|
|
$
|
117,559
|
|
|
|
|
Net expenditures for additions to property & equipment
|
|
|
$
|
86,620
|
|
|
|
|
|
|
$
|
6,354
|
|
|
|
|
|
|
$
|
14,195
|
|
|
|
|
|
|
$
|
107,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
|
North American Operations
|
|
|
Australian Operations
|
|
|
U.K./European Operations
|
|
|
Total Operations
|
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
|
|
Amount
|
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
267,584
|
|
|
|
77.5
|
%
|
|
|
$
|
63,458
|
|
|
|
77.8
|
%
|
|
|
$
|
—
|
|
|
|
—
|
%
|
|
|
$
|
331,042
|
|
|
|
76.5
|
%
|
Freight-related revenues
|
|
|
53,420
|
|
|
|
15.5
|
%
|
|
|
14,629
|
|
|
|
18.0
|
%
|
|
|
5,973
|
|
|
|
100.0
|
%
|
|
|
74,022
|
|
|
|
17.1
|
%
|
All other revenues
|
|
|
24,088
|
|
|
|
7.0
|
%
|
|
|
3,391
|
|
|
|
4.2
|
%
|
|
|
—
|
|
|
|
—
|
%
|
|
|
27,479
|
|
|
|
6.4
|
%
|
Total operating revenues
|
|
|
$
|
345,092
|
|
|
|
100.0
|
%
|
|
|
$
|
81,478
|
|
|
|
100.0
|
%
|
|
|
$
|
5,973
|
|
|
|
100.0
|
%
|
|
|
$
|
432,543
|
|
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
99,579
|
|
|
|
28.9
|
%
|
|
|
$
|
19,683
|
|
|
|
24.2
|
%
|
|
|
$
|
1,890
|
|
|
|
31.6
|
%
|
|
|
$
|
121,152
|
|
|
|
28.0
|
%
|
Equipment rents
|
|
|
19,693
|
|
|
|
5.7
|
%
|
|
|
2,521
|
|
|
|
3.1
|
%
|
|
|
720
|
|
|
|
12.1
|
%
|
|
|
22,934
|
|
|
|
5.3
|
%
|
Purchased services
|
|
|
16,442
|
|
|
|
4.8
|
%
|
|
|
7,591
|
|
|
|
9.3
|
%
|
|
|
828
|
|
|
|
13.9
|
%
|
|
|
24,861
|
|
|
|
5.7
|
%
|
Depreciation and amortization
|
|
|
32,809
|
|
|
|
9.5
|
%
|
|
|
7,072
|
|
|
|
8.7
|
%
|
|
|
396
|
|
|
|
6.6
|
%
|
|
|
40,277
|
|
|
|
9.3
|
%
|
Diesel fuel used in train operations
|
|
|
29,039
|
|
|
|
8.4
|
%
|
|
|
6,475
|
|
|
|
7.9
|
%
|
|
|
575
|
|
|
|
9.6
|
%
|
|
|
36,089
|
|
|
|
8.3
|
%
|
Electricity used in train operations
|
|
|
—
|
|
|
|
—
|
%
|
|
|
—
|
|
|
|
—
|
%
|
|
|
437
|
|
|
|
7.3
|
%
|
|
|
437
|
|
|
|
0.1
|
%
|
Casualties and insurance
|
|
|
4,214
|
|
|
|
1.2
|
%
|
|
|
4,474
|
|
|
|
5.5
|
%
|
|
|
14
|
|
|
|
0.2
|
%
|
|
|
8,702
|
|
|
|
2.0
|
%
|
Materials
|
|
|
18,095
|
|
|
|
5.2
|
%
|
|
|
2,881
|
|
|
|
3.5
|
%
|
|
|
219
|
|
|
|
3.7
|
%
|
|
|
21,195
|
|
|
|
4.9
|
%
|
Trackage rights
|
|
|
7,327
|
|
|
|
2.1
|
%
|
|
|
5,953
|
|
|
|
7.3
|
%
|
|
|
894
|
|
|
|
15.0
|
%
|
|
|
14,174
|
|
|
|
3.3
|
%
|
Net gain on sale of assets
|
|
|
(1,132
|
)
|
|
|
(0.3
|
)%
|
|
|
(75
|
)
|
|
|
(0.1
|
)%
|
|
|
(30
|
)
|
|
|
(0.5
|
)%
|
|
|
(1,237
|
)
|
|
|
(0.3
|
)%
|
Other expenses
|
|
|
18,078
|
|
|
|
5.2
|
%
|
|
|
2,548
|
|
|
|
3.2
|
%
|
|
|
217
|
|
|
|
3.6
|
%
|
|
|
20,843
|
|
|
|
4.9
|
%
|
Total operating expenses
|
|
|
$
|
244,144
|
|
|
|
70.7
|
%
|
|
|
$
|
59,123
|
|
|
|
72.6
|
%
|
|
|
$
|
6,160
|
|
|
|
103.1
|
%
|
|
|
$
|
309,427
|
|
|
|
71.5
|
%
|
Income/(loss) from operations
|
|
|
$
|
100,948
|
|
|
|
|
|
|
$
|
22,355
|
|
|
|
|
|
|
$
|
(187
|
)
|
|
|
|
|
|
$
|
123,116
|
|
|
|
|
Net expenditures for additions to property & equipment
|
|
|
$
|
73,159
|
|
|
|
|
|
|
$
|
7,661
|
|
|
|
|
|
|
$
|
81
|
|
|
|
|
|
|
$
|
80,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
FREIGHT REVENUES, CARLOADS AND AVERAGE REVENUES PER CARLOAD
|
COMPARISON BY COMMODITY GROUP
|
(dollars in thousands, except average revenues per carload)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2015
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
Commodity Group
|
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
Agricultural Products
|
|
|
$
|
29,643
|
|
|
51,010
|
|
|
$
|
581
|
|
|
$
|
4,796
|
|
|
11,442
|
|
|
$
|
419
|
|
|
$
|
131
|
|
|
169
|
|
|
$
|
775
|
|
|
$
|
34,570
|
|
|
62,621
|
|
|
$
|
552
|
Autos & Auto Parts
|
|
|
4,302
|
|
|
6,997
|
|
|
615
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,302
|
|
|
6,997
|
|
|
615
|
Chemicals & Plastics
|
|
|
34,942
|
|
|
43,829
|
|
|
797
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,942
|
|
|
43,829
|
|
|
797
|
Coal & Coke
|
|
|
24,609
|
|
|
71,197
|
|
|
346
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,616
|
|
|
17,678
|
|
|
374
|
|
|
31,225
|
|
|
88,875
|
|
|
351
|
Food & Kindred Products
|
|
|
8,712
|
|
|
15,261
|
|
|
571
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,712
|
|
|
15,261
|
|
|
571
|
Intermodal
|
|
|
6
|
|
|
66
|
|
|
91
|
|
|
18,133
|
|
|
16,045
|
|
|
1,130
|
|
|
79,337
|
|
|
243,161
|
|
|
326
|
|
|
97,476
|
|
|
259,272
|
|
|
376
|
Lumber & Forest Products
|
|
|
20,154
|
|
|
34,770
|
|
|
580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,154
|
|
|
34,770
|
|
|
580
|
Metallic Ores
|
|
|
4,897
|
|
|
6,291
|
|
|
778
|
|
|
7,686
|
|
|
5,724
|
|
|
1,343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
12,583
|
|
|
12,015
|
|
|
1,047
|
Metals
|
|
|
26,522
|
|
|
34,507
|
|
|
769
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,522
|
|
|
34,507
|
|
|
769
|
Minerals & Stone
|
|
|
31,411
|
|
|
56,977
|
|
|
551
|
|
|
1,771
|
|
|
15,224
|
|
|
116
|
|
|
18,119
|
|
|
43,539
|
|
|
416
|
|
|
51,301
|
|
|
115,740
|
|
|
443
|
Petroleum Products
|
|
|
16,365
|
|
|
25,242
|
|
|
648
|
|
|
394
|
|
|
97
|
|
|
4,062
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,759
|
|
|
25,339
|
|
|
661
|
Pulp & Paper
|
|
|
29,348
|
|
|
45,270
|
|
|
648
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,348
|
|
|
45,270
|
|
|
648
|
Waste
|
|
|
5,386
|
|
|
11,453
|
|
|
470
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,386
|
|
|
11,453
|
|
|
470
|
Other
|
|
|
5,113
|
|
|
16,701
|
|
|
306
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,396
|
|
|
2,906
|
|
|
480
|
|
|
6,509
|
|
|
19,607
|
|
|
332
|
Totals
|
|
|
$
|
241,410
|
|
|
419,571
|
|
|
$
|
575
|
|
|
$
|
32,780
|
|
|
48,532
|
|
|
$
|
675
|
|
|
$
|
105,599
|
|
|
307,453
|
|
|
$
|
343
|
|
|
$
|
379,789
|
|
|
775,556
|
|
|
$
|
490
|
Three Months Ended September 30, 2014
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
Commodity Group
|
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
Agricultural Products
|
|
|
$
|
32,153
|
|
|
52,337
|
|
|
$
|
614
|
|
|
$
|
7,178
|
|
|
12,219
|
|
|
$
|
587
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
39,331
|
|
|
64,556
|
|
|
$
|
609
|
Autos & Auto Parts
|
|
|
6,389
|
|
|
9,333
|
|
|
685
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,389
|
|
|
9,333
|
|
|
685
|
Chemicals & Plastics
|
|
|
34,889
|
|
|
43,292
|
|
|
806
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,889
|
|
|
43,292
|
|
|
806
|
Coal & Coke
|
|
|
31,771
|
|
|
87,011
|
|
|
365
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,771
|
|
|
87,011
|
|
|
365
|
Food & Kindred Products
|
|
|
9,109
|
|
|
15,494
|
|
|
588
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,109
|
|
|
15,494
|
|
|
588
|
Intermodal
|
|
|
138
|
|
|
1,216
|
|
|
113
|
|
|
24,063
|
|
|
16,235
|
|
|
1,482
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,201
|
|
|
17,451
|
|
|
1,387
|
Lumber & Forest Products
|
|
|
21,445
|
|
|
35,376
|
|
|
606
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,445
|
|
|
35,376
|
|
|
606
|
Metallic Ores
|
|
|
4,585
|
|
|
5,638
|
|
|
813
|
|
|
29,261
|
|
|
14,347
|
|
|
2,040
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,846
|
|
|
19,985
|
|
|
1,694
|
Metals
|
|
|
35,390
|
|
|
49,329
|
|
|
717
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,390
|
|
|
49,329
|
|
|
717
|
Minerals & Stone
|
|
|
34,089
|
|
|
56,280
|
|
|
606
|
|
|
2,562
|
|
|
14,681
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,651
|
|
|
70,961
|
|
|
516
|
Petroleum Products
|
|
|
15,710
|
|
|
25,735
|
|
|
610
|
|
|
394
|
|
|
76
|
|
|
5,184
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,104
|
|
|
25,811
|
|
|
624
|
Pulp & Paper
|
|
|
30,639
|
|
|
45,368
|
|
|
675
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,639
|
|
|
45,368
|
|
|
675
|
Waste
|
|
|
5,254
|
|
|
10,839
|
|
|
485
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,254
|
|
|
10,839
|
|
|
485
|
Other
|
|
|
6,023
|
|
|
25,094
|
|
|
240
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,023
|
|
|
25,094
|
|
|
240
|
Totals
|
|
|
$
|
267,584
|
|
|
462,342
|
|
|
$
|
579
|
|
|
$
|
63,458
|
|
|
57,558
|
|
|
$
|
1,103
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
331,042
|
|
|
519,900
|
|
|
$
|
637
|
* Represents physical railcars and the estimated railcar equivalents of
commodities transported by metric ton or other measure, as well as
intermodal units.
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
2015
|
|
2014
|
|
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
1,053,664
|
|
|
70.9%
|
|
$
|
935,526
|
|
|
76.5%
|
Freight-related revenues
|
|
|
358,325
|
|
|
24.1%
|
|
211,987
|
|
|
17.3%
|
All other revenues
|
|
|
73,559
|
|
|
5.0%
|
|
75,872
|
|
|
6.2%
|
Total operating revenues
|
|
|
$
|
1,485,548
|
|
|
100.0%
|
|
$
|
1,223,385
|
|
|
100.0%
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
456,089
|
|
|
30.7%
|
|
$
|
353,179
|
|
|
28.9%
|
Equipment rents
|
|
|
110,145
|
|
|
7.4%
|
|
61,866
|
|
|
5.1%
|
Purchased services
|
|
|
135,849
|
|
|
9.1%
|
|
77,257
|
|
|
6.3%
|
Depreciation and amortization
|
|
|
138,568
|
|
|
9.3%
|
|
116,130
|
|
|
9.5%
|
Diesel fuel used in train operations
|
|
|
101,856
|
|
|
6.9%
|
|
115,403
|
|
|
9.4%
|
Electricity used in train operations
|
|
|
10,530
|
|
|
0.7%
|
|
909
|
|
|
0.1%
|
Casualties and insurance
|
|
|
30,027
|
|
|
2.0%
|
|
31,071
|
|
|
2.5%
|
Materials
|
|
|
70,764
|
|
|
4.8%
|
|
56,710
|
|
|
4.6%
|
Trackage rights
|
|
|
57,270
|
|
|
3.9%
|
|
40,461
|
|
|
3.3%
|
Net gain on sale of assets
|
|
|
(1,981
|
)
|
|
(0.1)%
|
|
(3,444
|
)
|
|
(0.3)%
|
Other expenses
|
|
|
86,801
|
|
|
5.8%
|
|
65,743
|
|
|
5.4%
|
Total operating expenses
|
|
|
$
|
1,195,918
|
|
|
80.5%
|
|
$
|
915,285
|
|
|
74.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
|
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
722,593
|
|
|
76.6
|
%
|
|
$
|
118,602
|
|
|
63.2
|
%
|
|
$
|
212,469
|
|
|
59.9
|
%
|
|
$
|
1,053,664
|
|
|
70.9
|
%
|
Freight-related revenues
|
|
|
169,906
|
|
|
18.0
|
%
|
|
62,094
|
|
|
33.0
|
%
|
|
126,325
|
|
|
35.6
|
%
|
|
358,325
|
|
|
24.1
|
%
|
All other revenues
|
|
|
50,668
|
|
|
5.4
|
%
|
|
7,067
|
|
|
3.8
|
%
|
|
15,824
|
|
|
4.5
|
%
|
|
73,559
|
|
|
5.0
|
%
|
Total operating revenues
|
|
|
$
|
943,167
|
|
|
100.0
|
%
|
|
$
|
187,763
|
|
|
100.0
|
%
|
|
$
|
354,618
|
|
|
100.0
|
%
|
|
$
|
1,485,548
|
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
303,635
|
|
|
32.2
|
%
|
|
$
|
52,212
|
|
|
27.8
|
%
|
|
$
|
100,242
|
|
|
28.2
|
%
|
|
$
|
456,089
|
|
|
30.7
|
%
|
Equipment rents
|
|
|
50,940
|
|
|
5.4
|
%
|
|
9,289
|
|
|
4.9
|
%
|
|
49,916
|
|
|
14.1
|
%
|
|
110,145
|
|
|
7.4
|
%
|
Purchased services
|
|
|
46,612
|
|
|
4.9
|
%
|
|
15,838
|
|
|
8.4
|
%
|
|
73,399
|
|
|
20.7
|
%
|
|
135,849
|
|
|
9.1
|
%
|
Depreciation and amortization
|
|
|
105,399
|
|
|
11.2
|
%
|
|
20,771
|
|
|
11.1
|
%
|
|
12,398
|
|
|
3.5
|
%
|
|
138,568
|
|
|
9.3
|
%
|
Diesel fuel used in train operations
|
|
|
60,226
|
|
|
6.4
|
%
|
|
15,903
|
|
|
8.5
|
%
|
|
25,727
|
|
|
7.3
|
%
|
|
101,856
|
|
|
6.9
|
%
|
Electricity used in train operations
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
10,530
|
|
|
3.0
|
%
|
|
10,530
|
|
|
0.7
|
%
|
Casualties and insurance
|
|
|
20,661
|
|
|
2.2
|
%
|
|
5,463
|
|
|
2.9
|
%
|
|
3,903
|
|
|
1.1
|
%
|
|
30,027
|
|
|
2.0
|
%
|
Materials
|
|
|
45,389
|
|
|
4.8
|
%
|
|
7,898
|
|
|
4.2
|
%
|
|
17,477
|
|
|
4.9
|
%
|
|
70,764
|
|
|
4.8
|
%
|
Trackage rights
|
|
|
18,816
|
|
|
2.0
|
%
|
|
10,877
|
|
|
5.8
|
%
|
|
27,577
|
|
|
7.8
|
%
|
|
57,270
|
|
|
3.9
|
%
|
Net gain on sale of assets
|
|
|
(1,724
|
)
|
|
(0.2
|
)%
|
|
(45
|
)
|
|
—
|
%
|
|
(212
|
)
|
|
(0.1
|
)%
|
|
(1,981
|
)
|
|
(0.1
|
)%
|
Other expenses
|
|
|
68,947
|
|
|
7.3
|
%
|
|
5,224
|
|
|
2.8
|
%
|
|
12,630
|
|
|
3.6
|
%
|
|
86,801
|
|
|
5.8
|
%
|
Total operating expenses
|
|
|
$
|
718,901
|
|
|
76.2
|
%
|
|
$
|
143,430
|
|
|
76.4
|
%
|
|
$
|
333,587
|
|
|
94.1
|
%
|
|
$
|
1,195,918
|
|
|
80.5
|
%
|
Income from operations
|
|
|
$
|
224,266
|
|
|
|
|
$
|
44,333
|
|
|
|
|
$
|
21,031
|
|
|
|
|
$
|
289,630
|
|
|
|
Net expenditures for additions to property & equipment
|
|
|
$
|
205,330
|
|
|
|
|
$
|
20,128
|
|
|
|
|
$
|
19,236
|
|
|
|
|
$
|
244,694
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
SELECTED CONSOLIDATED FINANCIAL INFORMATION
|
(dollars in thousands)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
|
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
|
Amount
|
|
% of Revenue
|
Operating revenues:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Freight revenues
|
|
|
$
|
748,891
|
|
|
77.5
|
%
|
|
$
|
186,635
|
|
|
77.5
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
935,526
|
|
|
76.5
|
%
|
Freight-related revenues
|
|
|
152,863
|
|
|
15.8
|
%
|
|
43,104
|
|
|
17.9
|
%
|
|
16,020
|
|
|
100.0
|
%
|
|
211,987
|
|
|
17.3
|
%
|
All other revenues
|
|
|
64,722
|
|
|
6.7
|
%
|
|
11,150
|
|
|
4.6
|
%
|
|
—
|
|
|
—
|
%
|
|
75,872
|
|
|
6.2
|
%
|
Total operating revenues
|
|
|
$
|
966,476
|
|
|
100.0
|
%
|
|
$
|
240,889
|
|
|
100.0
|
%
|
|
$
|
16,020
|
|
|
100.0
|
%
|
|
$
|
1,223,385
|
|
|
100.0
|
%
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Labor and benefits
|
|
|
$
|
292,726
|
|
|
30.3
|
%
|
|
$
|
54,700
|
|
|
22.7
|
%
|
|
$
|
5,753
|
|
|
35.9
|
%
|
|
$
|
353,179
|
|
|
28.9
|
%
|
Equipment rents
|
|
|
52,392
|
|
|
5.4
|
%
|
|
7,542
|
|
|
3.2
|
%
|
|
1,932
|
|
|
12.1
|
%
|
|
61,866
|
|
|
5.1
|
%
|
Purchased services
|
|
|
46,988
|
|
|
4.9
|
%
|
|
27,742
|
|
|
11.5
|
%
|
|
2,527
|
|
|
15.8
|
%
|
|
77,257
|
|
|
6.3
|
%
|
Depreciation and amortization
|
|
|
93,633
|
|
|
9.7
|
%
|
|
21,306
|
|
|
8.8
|
%
|
|
1,191
|
|
|
7.4
|
%
|
|
116,130
|
|
|
9.5
|
%
|
Diesel fuel used in train operations
|
|
|
92,684
|
|
|
9.6
|
%
|
|
21,199
|
|
|
8.8
|
%
|
|
1,520
|
|
|
9.5
|
%
|
|
115,403
|
|
|
9.4
|
%
|
Electricity used in train operations
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
909
|
|
|
5.7
|
%
|
|
909
|
|
|
0.1
|
%
|
Casualties and insurance
|
|
|
21,691
|
|
|
2.2
|
%
|
|
9,215
|
|
|
3.8
|
%
|
|
165
|
|
|
1.0
|
%
|
|
31,071
|
|
|
2.5
|
%
|
Materials
|
|
|
51,014
|
|
|
5.3
|
%
|
|
5,001
|
|
|
2.1
|
%
|
|
695
|
|
|
4.3
|
%
|
|
56,710
|
|
|
4.6
|
%
|
Trackage rights
|
|
|
21,462
|
|
|
2.2
|
%
|
|
16,911
|
|
|
7.0
|
%
|
|
2,088
|
|
|
13.0
|
%
|
|
40,461
|
|
|
3.3
|
%
|
Net gain on sale of assets
|
|
|
(3,146
|
)
|
|
(0.3
|
)%
|
|
(237
|
)
|
|
(0.1
|
)%
|
|
(61
|
)
|
|
(0.4
|
)%
|
|
(3,444
|
)
|
|
(0.3
|
)%
|
Other expenses
|
|
|
54,105
|
|
|
5.6
|
%
|
|
10,889
|
|
|
4.5
|
%
|
|
749
|
|
|
4.7
|
%
|
|
65,743
|
|
|
5.4
|
%
|
Total operating expenses
|
|
|
$
|
723,549
|
|
|
74.9
|
%
|
|
$
|
174,268
|
|
|
72.3
|
%
|
|
$
|
17,468
|
|
|
109.0
|
%
|
|
$
|
915,285
|
|
|
74.8
|
%
|
Income/(loss) from operations
|
|
|
$
|
242,927
|
|
|
|
|
$
|
66,621
|
|
|
|
|
$
|
(1,448
|
)
|
|
|
|
$
|
308,100
|
|
|
|
Net expenditures for additions to property & equipment
|
|
|
$
|
212,058
|
|
|
|
|
$
|
15,541
|
|
|
|
|
$
|
579
|
|
|
|
|
$
|
228,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENESEE & WYOMING INC. AND SUBSIDIARIES
|
FREIGHT REVENUES, CARLOADS AND AVERAGE REVENUES PER CARLOAD
|
COMPARISON BY COMMODITY GROUP
|
(dollars in thousands, except average revenues per carload)
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2015
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
Commodity Group
|
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
Agricultural Products
|
|
|
$
|
94,762
|
|
|
163,037
|
|
|
$
|
581
|
|
|
$
|
18,222
|
|
|
40,854
|
|
|
$
|
446
|
|
|
$
|
272
|
|
|
376
|
|
|
$
|
723
|
|
|
$
|
113,256
|
|
|
204,267
|
|
|
$
|
554
|
Autos & Auto Parts
|
|
|
13,675
|
|
|
21,670
|
|
|
631
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,675
|
|
|
21,670
|
|
|
631
|
Chemicals & Plastics
|
|
|
106,181
|
|
|
135,509
|
|
|
784
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
106,181
|
|
|
135,509
|
|
|
784
|
Coal & Coke
|
|
|
73,713
|
|
|
214,254
|
|
|
344
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,468
|
|
|
43,162
|
|
|
382
|
|
|
90,181
|
|
|
257,416
|
|
|
350
|
Food & Kindred Products
|
|
|
26,235
|
|
|
45,875
|
|
|
572
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,235
|
|
|
45,875
|
|
|
572
|
Intermodal
|
|
|
7
|
|
|
78
|
|
|
90
|
|
|
54,293
|
|
|
46,051
|
|
|
1,179
|
|
|
155,633
|
|
|
476,660
|
|
|
327
|
|
|
209,933
|
|
|
522,789
|
|
|
402
|
Lumber & Forest Products
|
|
|
60,147
|
|
|
102,325
|
|
|
588
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
60,147
|
|
|
102,325
|
|
|
588
|
Metallic Ores
|
|
|
15,018
|
|
|
18,770
|
|
|
800
|
|
|
39,666
|
|
|
23,607
|
|
|
1,680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,684
|
|
|
42,377
|
|
|
1,290
|
Metals
|
|
|
79,935
|
|
|
104,232
|
|
|
767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,935
|
|
|
104,232
|
|
|
767
|
Minerals & Stone
|
|
|
89,541
|
|
|
160,233
|
|
|
559
|
|
|
5,436
|
|
|
43,918
|
|
|
124
|
|
|
37,123
|
|
|
91,585
|
|
|
405
|
|
|
132,100
|
|
|
295,736
|
|
|
447
|
Petroleum Products
|
|
|
49,417
|
|
|
76,154
|
|
|
649
|
|
|
985
|
|
|
230
|
|
|
4,283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50,402
|
|
|
76,384
|
|
|
660
|
Pulp & Paper
|
|
|
85,722
|
|
|
133,337
|
|
|
643
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85,722
|
|
|
133,337
|
|
|
643
|
Waste
|
|
|
13,390
|
|
|
28,970
|
|
|
462
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,390
|
|
|
28,970
|
|
|
462
|
Other
|
|
|
14,850
|
|
|
51,728
|
|
|
287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,973
|
|
|
6,192
|
|
|
480
|
|
|
17,823
|
|
|
57,920
|
|
|
308
|
Totals
|
|
|
$
|
722,593
|
|
|
1,256,172
|
|
|
$
|
575
|
|
|
$
|
118,602
|
|
|
154,660
|
|
|
$
|
767
|
|
|
$
|
212,469
|
|
|
617,975
|
|
|
$
|
344
|
|
|
$
|
1,053,664
|
|
|
2,028,807
|
|
|
$
|
519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2014
|
|
|
North American Operations
|
|
Australian Operations
|
|
U.K./European Operations
|
|
Total Operations
|
Commodity Group
|
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
|
Freight Revenues
|
|
Carloads*
|
|
Average Revenues Per Carload
|
Agricultural Products
|
|
|
$
|
86,754
|
|
|
153,704
|
|
|
$
|
564
|
|
|
$
|
26,346
|
|
|
44,872
|
|
|
$
|
587
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
113,100
|
|
|
198,576
|
|
|
$
|
570
|
Autos & Auto Parts
|
|
|
17,736
|
|
|
25,038
|
|
|
708
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,736
|
|
|
25,038
|
|
|
708
|
Chemicals & Plastics
|
|
|
102,031
|
|
|
126,007
|
|
|
810
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
102,031
|
|
|
126,007
|
|
|
810
|
Coal & Coke
|
|
|
94,908
|
|
|
262,715
|
|
|
361
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,908
|
|
|
262,715
|
|
|
361
|
Food & Kindred Products
|
|
|
26,151
|
|
|
44,804
|
|
|
584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26,151
|
|
|
44,804
|
|
|
584
|
Intermodal
|
|
|
333
|
|
|
2,900
|
|
|
115
|
|
|
69,572
|
|
|
46,900
|
|
|
1,483
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69,905
|
|
|
49,800
|
|
|
1,404
|
Lumber & Forest Products
|
|
|
61,937
|
|
|
103,219
|
|
|
600
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61,937
|
|
|
103,219
|
|
|
600
|
Metallic Ores
|
|
|
13,381
|
|
|
16,504
|
|
|
811
|
|
|
82,858
|
|
|
42,195
|
|
|
1,964
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
96,239
|
|
|
58,699
|
|
|
1,640
|
Metals
|
|
|
99,417
|
|
|
139,142
|
|
|
715
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,417
|
|
|
139,142
|
|
|
715
|
Minerals & Stone
|
|
|
81,726
|
|
|
143,104
|
|
|
571
|
|
|
6,780
|
|
|
39,360
|
|
|
172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88,506
|
|
|
182,464
|
|
|
485
|
Petroleum Products
|
|
|
47,357
|
|
|
78,423
|
|
|
604
|
|
|
1,079
|
|
|
211
|
|
|
5,114
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
48,436
|
|
|
78,634
|
|
|
616
|
Pulp & Paper
|
|
|
87,445
|
|
|
130,495
|
|
|
670
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
87,445
|
|
|
130,495
|
|
|
670
|
Waste
|
|
|
13,656
|
|
|
29,918
|
|
|
456
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,656
|
|
|
29,918
|
|
|
456
|
Other
|
|
|
16,059
|
|
|
67,399
|
|
|
238
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
16,059
|
|
|
67,399
|
|
|
238
|
Totals
|
|
|
$
|
748,891
|
|
|
1,323,372
|
|
|
$
|
566
|
|
|
$
|
186,635
|
|
|
173,538
|
|
|
$
|
1,075
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
935,526
|
|
|
1,496,910
|
|
|
$
|
625
|
* Represents physical railcars and the estimated railcar equivalents of
commodities transported by metric ton or other measure, as well as
intermodal units.
Non-GAAP Financial Measures
This earnings release contains references to adjusted income from
operations (adjusted operating income), adjusted net income, adjusted
diluted earnings per common share (EPS) and free cash flow, which are
“non-GAAP financial measures” as this term is defined in Item 10(e) of
Regulation S-K under the Securities Act of 1933 and the Securities
Exchange Act of 1934 and Regulation G under the Securities Exchange Act
of 1934. In accordance with these rules, G&W has reconciled these
non-GAAP financial measures to their most directly comparable U.S. GAAP
measures.
Management views these non-GAAP financial measures as important measures
of G&W’s operating performance or, in the case of free cash flow, an
important financial measure of how well G&W is managing its assets and a
useful indicator of cash flow that may be available for discretionary
use by G&W. Management also views these non-GAAP financial measures as a
way to assess comparability between periods. Key limitations of the free
cash flow measure include the assumptions that G&W will be able to
refinance its existing debt when it matures and meet other cash flow
obligations from financing activities, such as principal payments on
debt.
These non-GAAP financial measures are not intended to represent, and
should not be considered more meaningful than, or as an alternative to,
their most directly comparable GAAP measures. These non-GAAP financial
measures may be different from similarly-titled non-GAAP financial
measures used by other companies.
The following tables set forth reconciliations of each of these non-GAAP
financial measures to their most directly comparable GAAP measure (in
millions, except per share amounts).
Reconciliations of Non-GAAP Financial Measures
|
|
Adjusted Income from Operations
|
|
|
|
Three Months Ended
|
|
|
|
September 30,
|
|
|
|
2015
|
|
2014
|
Operating revenues
|
|
|
$
|
546.3
|
|
|
$
|
432.5
|
|
Operating expenses
|
|
|
428.7
|
|
|
309.4
|
|
Income from operations (a)
|
|
|
$
|
117.6
|
|
|
$
|
123.1
|
|
|
|
|
|
|
|
Operating expenses
|
|
|
$
|
428.7
|
|
|
$
|
309.4
|
|
Business development and related costs
|
|
|
(2.0
|
)
|
|
(0.7
|
)
|
Net gain on sale of assets
|
|
|
1.2
|
|
|
1.2
|
|
Adjusted operating expenses
|
|
|
$
|
428.0
|
|
|
$
|
309.9
|
|
|
|
|
|
|
|
Adjusted income from operations
|
|
|
$
|
118.3
|
|
|
$
|
122.6
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
|
Income from operations is calculated as operating revenues less
operating expenses.
|
|
|
|
Adjusted Net Income and Adjusted Diluted Earnings Per Common
Share
|
|
|
|
|
|
Three Months Ended September 30, 2015
|
|
Net Income
|
|
Diluted Earnings/ (Loss) Per Common Share
|
As reported
|
|
$
|
63.4
|
|
|
$
|
1.10
|
|
Add back certain items, net of tax:
|
|
|
|
|
Business development and related costs
|
|
1.3
|
|
|
0.02
|
|
Net gain on sale of assets
|
|
(0.9
|
)
|
|
(0.02
|
)
|
Adjustment for tax returns from previous fiscal year
|
|
(0.4
|
)
|
|
(0.01
|
)
|
As adjusted
|
|
$
|
63.3
|
|
|
$
|
1.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2014
|
|
Net Income
|
|
Diluted Earnings/ (Loss) Per
Common Share
|
As reported
|
|
$
|
72.7
|
|
|
$
|
1.27
|
|
Add back certain items, net of tax:
|
|
|
|
|
Business development and related costs
|
|
0.5
|
|
|
0.01
|
|
Net gain on sale of assets
|
|
(0.9
|
)
|
|
(0.02
|
)
|
Adjustment for tax returns from previous fiscal year
|
|
0.7
|
|
|
0.01
|
|
RailAmerica-related tax benefit
|
|
(3.9
|
)
|
|
(0.07
|
)
|
As adjusted
|
|
$
|
69.1
|
|
|
$
|
1.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2015
|
|
Net Income
|
|
Diluted Earnings/ (Loss) Per Common Share
|
As reported
|
|
$
|
52.8
|
|
|
$
|
0.92
|
|
Add back certain items, net of tax:
|
|
|
|
|
Business development and related costs
|
|
0.5
|
|
|
0.01
|
|
Net gain on sale of assets
|
|
(0.3
|
)
|
|
(0.01
|
)
|
As adjusted
|
|
$
|
53.0
|
|
|
$
|
0.93
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
|
|
|
September 30,
|
|
|
2015
|
|
2014
|
Net cash provided by operating activities
|
|
$
|
344.3
|
|
|
$
|
369.0
|
|
Net cash used in investing activities
|
|
(986.1
|
)
|
|
(440.0
|
)
|
Add back: net cash used for acquisitions
|
|
786.3
|
|
|
220.5
|
|
Free cash flow
|
|
$
|
144.5
|
|
|
$
|
149.5
|
|
New business investments
|
|
58.6
|
|
|
71.5
|
|
Free cash flow before new business investments
|
|
$
|
203.1
|
|
|
$
|
221.0
|
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20151030005172/en/ Copyright Business Wire 2015
Source: Business Wire
(October 30, 2015 - 6:00 AM EDT)
News by QuoteMedia
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