Fourth Quarter 2017 Earnings Call
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- Eustace Waters
- 5 years ago
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1 Fourth Quarter 2017 Earnings Call February 8,
2 Forward-Looking Statements This presentation contains forward-looking statements regarding future events and the future performance of that involve risks and uncertainties that could cause actual results to differ materially from those expressed or forecasted, including, but not limited to, risks related to the operation of our railroads, severe weather conditions and other natural occurrences, economic, political and market conditions (including employee strikes or work stoppages), the credit risk of customers and counterparties, customer demand, railroad network congestion, derailments, currency fluctuations, changes in commodity prices, increased competition in the relevant market, and others, many of which are beyond our control. The Company refers you to the documents that it files from time to time with the Securities and Exchange Commission, such as the Company s Forms 10-Q and 10-K, which contain additional important factors that could cause its actual results to differ from its current expectations and from the forward-looking statements discussed during this presentation. Forwardlooking statements speak only as of the date of this presentation or the date they were made. Genesee & Wyoming Inc. does not undertake, and expressly disclaims, any duty to update any forward-looking statement contained in this presentation whether as a result of new information, future events or otherwise, except as required by law. 2
3 G&W Safety Performance 2017 Injury Frequency Rate per 200,000 man-hours G&W through December; others through November FRA Group 2 FRA Group 3 KCS NS CSX Class I Avg BNSF G&W (a) UP (a) G&W includes rail, terminals and trucking businesses. The G&W railroad injury frequency rate was
4 Q Results Versus Guidance ($ in millions, except per share amounts) Q Actual Q Guidance Variance to Guidance Net Income Attributable to G&W $ $ 46.9 $ Buyout of Freightliner Deferred Consideration Agreements (8.9) (8.9) Comments Buyout eliminates P&L volatility of deferred consideration Australia Impairment & Related Costs Wrote off certain grain lines Restructuring Costs U.K./Europe Corporate Development and Related Costs North America U.K. Coal Restructuring and Related Charges (0.9) (0.9) Lower than expected U.K. restructuring cost Impact of United States Tax Cuts & Jobs Act (371.9) (371.9) U.S. tax reform Adjusted Net Income Attributable to G&W (a) $ 48.6 $ 46.9 $ 1.7 Diluted EPS Attributable to G&W $ 6.81 $ 0.75 $ 6.06 Adjusted Diluted EPS Attributable to G&W (a) $ 0.77 $ 0.75 $ 0.02 Variance ($ per share) Adjusted Diluted EPS (a) Comments North America $ (0.01) U.K./Europe (0.04) Higher operating costs Adverse customer mix and higher operating expenses (U.K. Intermodal) Taxes 0.04 Mix of business Other 0.03 Mark-to-market swap gain and lower net interest expense Variance to Guidance $ 0.02 (a) Adjusted Net Income Attributable to G&W and Adjusted Diluted Earnings Per Share (EPS) Attributable to G&W are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 4
5 Q Results Versus Q Adjusted Diluted EPS attributable to G&W (a) slightly favorable year-over-year, excluding take-or-pay benefit in Q (diluted EPS $0.10) (in thousands, except per share amounts) Q Actual Q Actual Variance Comment Diluted EPS Attributable to G&W $ 6.81 $ 0.15 $ 6.66 Adjusted Diluted EPS Attributable to G&W (a) $ 0.77 $ 0.84 $ (0.07) Q includes $0.10 diluted EPS from take-or-pay volume commitment contract Diluted Shares 62,676 58,785 (3,891) 4 million share offering December 2016 Adjusted Variance ($ per share) Diluted EPS (a) Q Take-or-Pay Contract $ (0.10) North America (0.02) Comments Higher operating expenses and net fuel costs partially offset by stronger freight pricing U.K./Europe 0.07 Pentalver and operational restructuring Other Non Operating, Net (0.02) Including impact of share offering ($0.05) Total $ (0.07) (a) Adjusted Diluted EPS Attributable to G&W is a non-gaap financial measure. Reconciliations of non-gaap financial measures accompany this presentation. 5
6 North American Operations Operating Revenues: Q vs. Q ($ millions) $320 $1.6 ($0.5) (0.6%) ($2.0) ($10.0) $2.1 $4.0 ($2.6) $3.4 $310 $322.2 $320.2 $300 Q Take-or-Pay New Ops (1) Coal & Coke Minerals & Stone Pulp & Paper Chemicals & Plastics Other Q (1) Providence and Worcester Railroad (acquired November 1, 2016) and Heart of Georgia Railroad (acquired May 31, 2017) 6
7 North American Operations Same Railroad Carloads: Q vs. Q Commodity Change % Comment Agricultural Products (6,239) (10.8%) Grain (Drought, Markets Conditions and Barge Competition) Autos & Auto Parts % Higher Imports in Western Region Chemicals & Plastics (1,183) (2.7%) Midwest Ethanol Coal & Coke (9,444) (15.0%) Midwest Utility Coal Food & Kindred Products (801) (5.0%) Intermodal % Providence & Worcester Lumber & Forest Products 1, % West Coast Finished Lumber Metallic Ores (729) (15.1%) Copper Concentrate Metals (1,880) (5.5%) Scrap Steel Minerals & Stone 3, % Higher Aggregates and Frac Sand; Lower Rock Salt Petroleum Products (1,847) (7.0%) LPGs in Western U.S. Pulp & Paper 1, % Containerboard Waste % Other 1, % Empty Car Traffic Total Carloads (12,763) (3.2%) 7
8 North American Operations Freight Revenues Same Railroad Average Revenues Per Carload Q Q Change North American Core Pricing ~3.5% Changes in Customer Mix (a) ~0.4% Changes in Commodity Mix (b) 0.5% Fuel Surcharge 1.0% FX (Appreciation of C$) (c) 0.3% Average Revenues Per Carload $ 610 $ % (a) Average Revenues per Carload impacted by changes in customer mix within Coal and Agricultural Products commodity groups (b) Changes in Commodity Mix illustrates changes between commodity groups, not within a commodity group (c) Foreign Exchange (FX) impact is calculated by comparing the prior period results translated from local currency to U.S. dollars using current period exchange rates to the prior period results in U.S. dollars as reported 8
9 North American Adjusted Operating Income ($ in millions) Q Q Variance Variance Excluding FX Operating Revenues $ $ $ (2.0) $ (3.2) Operating Expenses (245.6) (238.8) (6.8) (5.7) Operating Income $ 74.6 $ 83.4 $ (8.8) $ (8.9) Operating Ratio 76.7% 74.1% Operating Expenses $ (245.6) $ (238.8) $ (6.8) Corporate Development and Related Costs (3.1) Restructuring Costs Adjusted Operating Expenses (a) $ (244.7) $ (234.8) $ (9.9) $ (8.8) Adjusted Operating Income (a) $ 75.5 $ 87.4 $ (11.9) $ (12.0) Adjusted Operating Ratio (a) 76.4% 72.9% ($ in millions) Adjusted Operating Income Variance (Ex. FX) Q Take-or-Pay $ (10.0) Revenue Growth 3.0 Higher Opex (4.3) Other (0.7) Variance $ (12.0) Comments Assumes acquisition margins for HOG and P&W; 50% incremental margins on same railroad Net fuel price ($1.1) and higher incidents/claims ($3.4) (a) Adjusted Operating Expenses, Adjusted Operating Income and Adjusted Operating Ratio are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 9
10 Australian Operations (51%-owned) Operating Revenues: Q vs. Q ($ millions) $85 $ % $11.6 $14.1 $65 $1.7 $2.0 ($1.2) $75.5 $55 $61.4 $45 Q FX Metallic Ores Other GRail Q
11 Australian Adjusted Operating Income (51%-owned) ($ in millions) Q Q Variance Variance Excluding FX Operating Revenues $ 75.5 $ 61.4 $ 14.2 $ 12.5 Operating Expenses (58.0) (58.5) Operating Income $ 17.6 $ 2.8 $ 14.8 $ 14.5 Operating Ratio 76.7% 95.4% Operating Expenses $ (58.0) $ (58.5) $ 0.6 Corporate Development and Related Costs (0.0) 10.7 (10.7) Impairment and Related Costs Adjusted Operating Expenses (a) $ (53.0) $ (47.8) $ (5.2) $ (3.9) Adjusted Operating Income (a) $ 22.5 $ 13.5 $ 9.0 $ 8.5 Adjusted Operating Ratio (a) 70.2% 77.9% Adjusted Operating Income Variance ($ in millions) (Ex. FX) New Operations $ 5.6 Same Railroad Operations 2.9 Variance $ 8.5 Comments GRail acquisition Manganese mine reopened March 2017 and larger grain harvest in 2017, partially offset by planned iron ore mine shutdown October 2017 (a) Adjusted Operating Expenses, Adjusted Operating Income and Adjusted Operating Ratio are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 11
12 U.K./European Operations Operating Revenues: Q vs. Q ($ millions) $ % $160 $37.8 $42.9 $175.8 $140 $10.5 ($8.8) $2.4 $1.4 ($0.5) $133.0 $120 Q FX ERS Restructure U.K. Intermodal Aggregates Coal/Other Pentalver Q
13 U.K./European Adjusted Operating Income ($ in millions) Q Q Variance Variance Excluding FX Operating Revenues $ $ $ 42.9 $ 32.4 Operating Expenses (159.8) (165.6) Operating Income $ 16.0 $ (32.6) $ 48.6 $ 52.2 Operating Ratio 90.9% 124.5% Operating Expenses $ (159.8) $ (165.6) $ 5.8 Corporate Development and Related Costs (1.0) Restructuring Costs (0.5) Buyout of Deferred Consideration Agreements (8.9) - (8.9) U.K. Coal Restructuring (1.1) 10.5 (11.5) Impairment and Related Costs (21.5) Adjusted Operating Expenses (a) $ (168.2) $ (130.6) $ (37.7) $ (27.3) Adjusted Operating Income (a) $ 7.6 $ 2.4 $ 5.2 $ 5.1 Adjusted Operating Ratio (a) 95.7% 98.2% Key Drivers Adjusted Operating Income Variance (Ex. FX) New Operations $ 1.8 Same Railroad Operations 3.3 Variance $ 5.1 Comments Pentalver Operational restructuring (a) Adjusted Operating Expenses, Adjusted Operating Income and Adjusted Operating Ratio are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 13
14 Introduction to 2018 Guidance 1. Consolidated G&W Guidance for 2018 Growth in Adjusted Pre-tax Income >10% Growth in Adjusted Diluted EPS >30% Growth in Adjusted Free Cash Flow Attributable to G&W >25% (a) Growth in Adjusted Free Cash Flow Attributable to G&W Excluding New Business Investments and Grant Funded Projects >35% ( a) Projected Net Adjusted Debt/Adjusted EBITDA (a) of 2.25x at G&W parent level at yearend 2018 (assuming no acquisitions) 2. North America (Revenues +4%; Operating Income +7%) Favorable freight outlook, except weather dependent coal and agricultural products, with improving macro-economy, tightening truck market and higher diesel fuel prices Customer satisfaction survey score of 7.98 out of 10 supports increased modal share Strong bi-partisan support for U.S. short line tax credit extension to support infrastructure investment (a) Adjusted Pre-tax Income, Adjusted Diluted EPS, Adjusted Free Cash Flow Attributable to G&W, Adjusted Free Cash Flow Attributable to G&W Excluding New Business Investments and Grant Funded Projects, Net Adjusted Debt and Adjusted EBITDA are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 14
15 Introduction to 2018 Guidance (continued) 3. Australia (51% owned) (Revenues +7%; Operating Income +3%) Strong new business pipeline Wagon investments and hiring to support new spot coal tons in 2H 2018 Added overhead expense to enhance commercial capabilities and to position for several new projects that could come on-line in U.K./Europe (Revenues +21%; Operating Income +21% or +64% excl. change in pension classification) United Kingdom: Improving business outlook due to: i) more fluid container flows from ports, ii) new bulk customers and positioning for infrastructure project growth, iii) further cost reductions and operating efficiencies, iv) effective cross-selling of U.K. services (rail, terminals and road) Continental Europe: Stable Poland and restructured ERS 5. Active Evaluation of Acquisitions across G&W 15
16 2008 Guidance 2018 Guidance Operating Revenues: $2,360 - $2,420 million Operating Ratio: 81% - 82% Net Interest Expense: ~$110 million Other Expense/(Income) (a) : ~$9 million Depreciation and Amortization: ~$294 million (incl. Equity Comp. Amortization) Tax Rate: ~27% Noncontrolling Interest (Australia): ~$10 million Diluted EPS: $ $3.90 Diluted Shares: 63.2 million Adjusted Free Cash Flow Attributable to G&W before New Business Investments and Grant Funded Projects (b) : ~$370 million Adjusted Free Cash Flow Attributable to G&W (b) : ~$315 million (a) Impact of U.S. GAAP accounting change to reflect the expected return on U.K. pension plan assets and interest costs on our pension obligations as other income/expense, net (no longer an operating item). (b) Adjusted Free Cash Flow Attributable to G&W before New Business Investments and Grant Funded Projects and Adjusted Free Cash Flow Attributable to G&W are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. 16
17 North America 2018 Guidance (in millions, except carloads) 2018 Guidance 2017A (a) % Revenue $ 1,320 $ 1,274 4% Operating Income $ 335 $ 313 7% Operating Ratio 74.6% 75.5% Carloads (000's) 1,630 1,603 2% Core Freight Rate Increase ~3% Key Drivers Minerals and Stone Metals Pulp and Paper Lumber and Forest Prods. Comment Aggregates and clay Finished products; new customer Modal share gain, 2017 outages Finished lumber in Pacific Northwest a) 2017 includes adjusted Operating Income and adjusted Operating Ratio which are non-gaap financial measures. Reconciliations of non- GAAP financial measures accompany this presentation. FX Rate: C$1.00 = US$
18 Australia 2018 Guidance (51%-owned) (in US$ millions, except carloads) 2018 Guidance 2017A (a) % Revenue $ 330 $ 308 7% Operating Income $ 85 $ 82 3% Operating Ratio 74.2% 73.3% Carloads (000's) % Key Drivers Coal Agricultural Products Metallic Ores Comment Glencore and growing spot volumes Poor harvests in SA (grain) and NSW (cotton) Mine shutdown pending potential expansion a) 2017 includes adjusted Operating Income and adjusted Operating Ratio which are non-gaap financial measures. Reconciliations of non- GAAP financial measures accompany this presentation. FX Rate: A$1.00 = US$
19 U.K./Europe 2018 Guidance (in millions, except carloads) 2018 Before Pension Accounting Pension Accounting 2018 Impact (a) Guidance 2017A (b) % Revenue $ 760 $ 760 $ % % (ex Pension) Operating Income $ 34 $ (9) $ 25 $ 21 21% 64% Operating Ratio 95.5% 96.7% 96.7% Carloads (000's) 1,170 1,093 7% Key Drivers Intermodal Aggregates Steel and Aviation Fuel Coal Comment Solid demand; Improved port fluidity U.K. and Poland Aggregates New Contracts U.K. (a) The $9 million reduction in operating income is offset by a $9 million increase in other non-operating income. The change in accounting is EPS neutral. (b) 2017 includes adjusted Operating Income and adjusted Operating Ratio which are non-gaap financial measures. Reconciliations of non- GAAP financial measures accompany this presentation. FX Rates: 1.00 = US$1.23, 1.00 = US$1.39, PLN1.00 = US$
20 2018 Capital Expenditures Core capital is relatively flat year over year (i.e., $200 million in 2018 v. $182 million in 2017), excluding the impact of project timing Increase in core capital is primarily due to the timing of 2017 projects being completed in 2018 Business Development capital of $40 million in 2018 includes $32 million of carry over from 2017 Australia spot coal wagons, London Gateway port terminal expansion, RCPE capacity expansion, upgrade to support Canadian paper customer (in millions) Increase/ (Decrease) Major Renewals & Improvements Capital Track and Structure $120 $126 $6 Equipment Other Subtotal - Core Capital $182 $200 $18 Grant Matches Subtotal - Core + Grant Matches $193 $215 $22 New Business Investments Total Capital Expenditures, net (a) $202 $255 $53 a) 2018 Capital is net of $55 million of funding from government grants (requiring match of $15 million) Capital is net of $31 million of funding from government grants (requiring match of $11 million). 20
21 2018 Adjusted Free Cash Flow Measures (a) Adjusted FCF Attributable to G&W excluding New Business Investments and Grant Funded Projects growth of 37% Adjusted FCF Attributable to G&W growth of 26% (in millions) 2018 Guidance 2017A % Net Income $ 249 $ 557 Depreciation and Amortization Stock-based Compensation Deferred Taxes 47 (319) Changes in Working Capital TBD (27) Net Cash Provided by Operating Activities $ 590 $ 479 Allocation of Adjusted Cash Flow to Noncontrolling Interest (b) (20) (28) Adjusted Net Cash Provided by Operating Activities Attributable to G&W % Core Capital Expenditures (200) (182) Adjusted Free Cash Flow Attributable to G&W Before New Business Investments and Grant Funded Projects $ 370 $ % New Business Investments (40) (9) Grant Funded Projects (15) (11) Adjusted Free Cash Flow Attributable to G&W $ 315 $ % a) Adjusted Free Cash Flow Measures above are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. b) Allocation of adjusted cash flow to noncontrolling interest (MIRA's 48.9% equity ownership of GWA since December 1, 2016) is calculated as 48.9% of cash flow provided by operating activities of G&W s Australian Operations, less net purchases of property and equipment of G&W s Australian Operations. The timing and amount of actual distributions, if any, from GWA to G&W and MIRA made in any given period will vary and could differ materially from the amounts presented. There were no such distributions made for both the twelve months ended December 31, 2017 and G&W expressly disclaims any direct correlation between the allocation of adjusted cash flow to noncontrolling interest and actual distributions made in any given period. 21
22 Guidance First Quarter 2018 (February 8, 2018) (in millions, except per share and carload amounts) North America Australia U.K./Europe Consolidated Q Guidance Operating Revenues ~$325 ~$75 ~$175 ~$575 Operating Ratio ~76% ~78% ~101% ~84% Operating Income ~$78 ~$16 ~($2) ~$92 Net Interest Expense ~$27 Other Non-Operating Income ~$2 Depreciation and Amortization (a) ~$45 ~$16 ~$10 ~$71 Effective Tax Rate ~27% Net Income Attributable to Noncontrolling Interest ~$1 Diluted EPS Attributable to G&W ~$0.75 Diluted Shares , , ,000 - Q Total Carload Volumes 410, , ,000 % Change (1%) - 2% (10%) - (6%) (1%) - 2% (a) Includes amortization of non-cash equity compensation expense of $4 million and D&A of $67 million. FX: A$1.00 = US$0.80, C$1.00 = US$0.80, 1.00 = US$1.23, 1.00 = US$1.39, PLN1.00 = US$
23 Q Guidance vs Q Adjusted Diluted EPS (U.S. Dollars) Diluted EPS Comment Adjusted Q (a) $ 0.53 Taxes 0.13 Impact of U.S. tax reform Net Interest Expense (0.01) Q Take-or-Pay (0.03) North America Incremental margins on stronger freight 0.10 revenue and operational improvements Australia - U.K./Europe Q Guidance $ Pentalver and operational restructuring a) Adjusted Diluted EPS is non-gaap financial measure. Reconciliations of non-gaap financial measures accompany this presentation. 23
24 Balance Sheet Net Debt (a) of $2.3 billion at December 31, x Net Adjusted Debt/Adjusted EBITDA (b)(c) at December 31, 2017 Leverage metrics reflect G&W Debt and EBITDA from North America and U.K./Europe only ($ in millions) 12/31/2017 Cash & Equivalents $ 80 Debt: G&W Senior Secured Credit Facility, due March 2020 $ 1,568 Australian Senior Secured Credit Facility, due December 2021 (d) 525 Australian Subordinated Shareholder Loan, due December 2026 (d)(e) 186 Other Debt 77 Less: Deferred Financing Fees (25) TOTAL DEBT $ 2,331 Total Equity $ 3,896 TOTAL CAPITALIZATION $ 6,227 Debt/Total Capitalization 37% Net Debt/Total Capitalization 37% (a) Net Debt is calculated as Total Debt less Cash and Equivalents. (b) Net Adjusted Debt and Adjusted EBITDA are non-gaap financial measures. Reconciliations of non-gaap financial measures accompany this presentation. (c) Based on G&W credit facility covenant requirements, which includes debt and EBITDA attributable to North American and U.K./European operations only, as well as any cash distributions received from Genesee and Wyoming Australia (GWA). (d) The Australian Operations have a standalone credit agreement non-recourse to G&W and MIRA. Leverage at 12/31/2017 of 3.2x. Expected leverage at 12/31/2018 of 2.9x. (e) Shareholder loan from MIRA used to fund a portion of its initial contribution to GWA. G&W has matching shareholder loan that is eliminated in consolidation. 24
25 25
26 Supporting Information for 2018 Guidance (February 8, 2018) ($ millions) North America Australia U.K./Europe Consolidated G&W Operating Revenues $1,280 - $1,320 $320 - $330 $760 - $770 $2,360 - $2,420 Operating Ratio 74% - 75% ~74% ~97% 81% - 82% Operating Income (a) ~$335 ~$85 ~$25 ~$445 Depreciation and Amortization (b) ~$187 ~$65 ~$42 ~$ Carload Volume 2% 13% 7% 5% Freight Pricing ~3% fixed/variable inflation-based 1.00 = US$1.39 FX C$1.00 = US$0.80 A$1.00 = US$ = US$1.23 (a) Reflects impact of U.S. GAAP accounting change to reflect the expected return on pension plan assets and interest costs on our pension obligations as other income/expense, net (no longer an operating item). The impact on U.K./Europe is $9 million dollars. The impact on the other operating segments is less than $0.5 million. (b) Includes amortization on non-cash equity compensation expense of $19 million, depreciation expense of $230 million and amortization expense of $45 million. 26
27 Supporting Information for 2018 Guidance Seasonality Q1 Q2 Q3 Q4 Total Revenues 24% 25% 26% 25% 100% Operating Income 20% 25% 30% 25% 100% 27
28 28
29 Reconciliation of Non-GAAP Financial Measures 29
30 Non-GAAP Financial Measures This presentation contains references to Adjusted Net Income Attributable to G&W, Adjusted Diluted Earnings Per Common Share (EPS), Adjusted Operating Income, Adjusted Operating Ratio, the Adjusted Free Cash Flow measures of Adjusted Net Cash Provided by Operating Activities Attributable to G&W, Adjusted Free Cash Flow Attributable to G&W and Adjusted Free Cash Flow Attributable to G&W Before New Business Investments and Grant Funded Projects, and Net Adjusted Debt to Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), 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 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 the Adjusted Free Cash Flow measures, important financial measures 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 Adjusted Free Cash Flow measures 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 percentages and per share amounts). 30
31 Adjusted Net Income and Adjusted Diluted EPS Three Months Ended December 31, 2017 Income Before Income Taxes (Pre-Tax Income) Benefit from/ (Provision for) Income Taxes Net Income Attributable to G&W Diluted EPS As reported $ 84.7 $ $ $ 6.81 Adjusted for: Buyout of Freightliner deferred consideration agreements (8.9) - (8.9) (0.14) Australia impairment and related costs 4.9 (1.5) Corporate development and related costs 1.1 (0.4) Restructuring costs 1.4 (0.2) U.K. coal restructuring and related charges (1.1) 0.2 (0.9) (0.01) Impact of United States Tax Cuts & Jobs Act - (371.9) (371.9) (5.94) As adjusted $ 82.2 $ (30.5) $ 48.6 $ 0.77 Weighted average shares - diluted
32 Adjusted Net Income and Adjusted Diluted EPS Three Months Ended December 31, 2016 Income Before Income Taxes Provision for Income Taxes Net Income Attributable to G&W Diluted EPS As reported $ 28.7 $ (19.8) $ 8.9 $ 0.15 Adjusted for: ERS impairment and related charges U.K. coal railcar leases 10.5 (1.9) Corporate development and related costs 19.2 (3.4) Write-off of debt issuance costs 1.3 (0.4) Restructuring costs 1.9 (0.4) Q Short Line Tax Credit - (7.5) (7.5) (0.13) As adjusted $ 83.1 $ (33.4) $ 49.3 $ 0.84 Weighted average shares - diluted
33 Adjusted Net Income and Adjusted Diluted EPS Three Months Ended March 31, 2017 Income Before Income Taxes Provision for Income Taxes Net Income Attributable to G&W Diluted EPS Attributable to G&W As reported $ 49.2 $ 21.9 $ 26.2 $ 0.42 Add back certain items: Corporate development and related costs Restructuring costs As adjusted $ 58.4 $ 24.2 $ 32.9 $ 0.53 Weighted average shares - diluted
34 Adjusted Operating Income and Adjusted Operating Ratio by Segment Three Months Ended December 31, 2017 North American Operations Australian Operations U.K./European Operations Operating revenues $ $ 75.5 $ $ Operating expenses Operating income (a) $ 74.6 $ 17.6 $ 16.0 $ Operating ratio (b) 76.7% 76.7% 90.9% 81.1% Total Operating expenses $ $ 58.0 $ $ Corporate development and related costs (0.9) - (0.3) (1.1) Restructuring costs (0.1) - (1.3) (1.4) Australia impairment and related costs - (4.9) - (4.9) Amendment of Freightliner deferred consideration agreement U.K. coal restructuring and related charges Adjusted operating expenses $ $ 53.0 $ $ Adjusted operating income $ 75.5 $ 22.5 $ 7.6 $ Adjusted operating ratio 76.4% 70.2% 95.7% 81.5% (a) Operating income is calculated as operating revenues less operating expenses. (b) Operating ratio is calculated as operating expenses divided by operating revenues. 34
35 Adjusted Operating Income and Adjusted Operating Ratio by Segment (cont.) Three Months Ended December 31, 2016 North American Operations Australian Operations U.K./European Operations Operating revenues $ $ 61.4 $ $ Operating expenses Operating income (a) $ 83.4 $ 2.8 $ (32.6) $ 53.6 Operating ratio (b) 74.1% 95.4% 124.5% 89.6% Total Operating expenses $ $ 58.5 $ $ ERS impairment and related costs - - (21.5) (21.5) U.K. coal railcar leases - - (10.5) (10.5) Corporate development and related costs (4.0) (10.7) (1.3) (16.0) Restructuring costs (0.1) - (1.8) (1.9) Adjusted operating expenses $ $ 47.8 $ $ Adjusted operating income $ 87.4 $ 13.5 $ 2.4 $ FX (c) Adjusted operating income excluding FX $ 87.6 $ 14.0 $ 2.5 $ Adjusted operating ratio 72.9% 77.9% 98.2% 80.0% (a) Operating income is calculated as operating revenues less operating expenses. (b) Operating ratio is calculated as operating expenses divided by operating revenues. (c) Foreign Exchange (FX) impact is calculated by comparing the prior period results translated from local currency to U.S. dollars using current period exchange rates to the prior period results in U.S. dollars as reported. 35
36 Adjusted Operating Income and Adjusted Operating Ratio by Segment (cont.) Twelve Months Ended December 31, 2017 North American Operations Australian Operations U.K./European Operations Operating revenues $ 1,274.3 $ $ $ 2,208.0 Operating expenses ,809.6 Operating income (a) $ $ 77.3 $ 17.3 $ Operating ratio (b) 76.2% 74.9% 97.2% 82.0% Total Operating expenses $ $ $ $ 1,809.6 Corporate development and related costs (8.2) 0.3 (4.0) (11.9) Restructuring costs (0.5) (0.3) (9.4) (10.2) Australia impairment and related costs - (4.9) - (4.9) Buyout of Freightliner deferred consideration agreements U.K. coal restructuring and related charges Adjusted operating expenses $ $ $ $ 1,792.5 Adjusted operating income $ $ 82.2 $ 20.7 $ Adjusted operating ratio 75.5% 73.3% 96.7% 81.2% (a) Operating income is calculated as operating revenues less operating expenses. (b) Operating ratio is calculated as operating expenses divided by operating revenues. 36
37 Adjusted Free Cash Flow Measures Twelve Months Ended December 31, Net cash provided by operating activities $ $ Allocation of adjusted cash flow to noncontrolling interest (a) (27.6) - Adjusted net cash provided by operating activities attributable to G&W Purchase of property and equipment, net (b) (201.4) (165.6) Adjusted free cash flow attributable to G&W (b) $ $ Net cash paid for new business investments Net cash received for grant funded projects (b) Adjusted free cash flow attributable to G&W before new business investments and grant funded projects 11.0 (1.6) $ $ (a) Allocation of adjusted cash flow to noncontrolling interest (MIRA's 48.9% equity ownership of GWA since December 1, 2016) is calculated as 48.9% of cash flow provided by operating activities of G&W s Australian Operations, less net purchases of property and equipment of G&W s Australian Operations. The timing and amount of actual distributions, if any, from GWA to G&W and MIRA made in any given period will vary and could differ materially from the amounts presented. There were no such distributions made for both the twelve months ended December 31, 2017 and G&W expressly disclaims any direct correlation between the allocation of adjusted cash flow to noncontrolling interest and actual distributions made in any given period. (b) See break out on next slide. 37
38 Adjusted Free Cash Flow Measures (cont.) December 31, 2017 Purchase of property and equipment Grant proceeds from outside parties Insurance proceeds for the replacement of assets Proceeds from disposition of property and equipment Purchase of property and equipment, net Core Capital (a) New Business Investments Grant Funded Projects (b) Total $ (188.6) $ (8.7) $ (31.2) $ (228.5) $ (181.8) $ (8.6) $ (11.0) $ (201.4) December 31, 2016 Purchase of property and equipment Grant proceeds from outside parties Insurance proceeds for the replacement of assets Proceeds from disposition of property and equipment Purchase of property and equipment, net (a) (b) Core Capital (a) New Business Investments Grant Funded Projects (b) Total $ (159.0) $ (26.1) $ (34.5) $ (219.5) $ (141.1) $ (26.1) $ 1.6 $ (165.6) Core capital expenditures represents purchases of property and equipment as presented on the Statement of Cash Flows less grant proceeds from outside parties, insurance proceeds for the replacement of assets and proceeds from disposition of property and equipment, each of which as presented on the Statement of Cash Flows, less new business investments Grant funded projects represents purchases of property and equipment for projects partially or entirely funded by outside parties, net of grant proceeds from outside parties as presented on the Statement of Cash Flows. 38
39 Adjusted Free Cash Flow Measures (cont.) Twelve Months Ended December 31, 2018 Guidance Net cash provided by operating activities $ 590 Allocation of adjusted cash flow to noncontrolling interest (a) (20) Adjusted net cash provided by operating activities attributable to G&W 570 Purchase of property and equipment, net (200) Adjusted free cash flow attributable to G&W 370 Net cash paid for new business investments Net cash received for grant funded projects Adjusted free cash flow attributable to G&W before new business investments and grant funded (40) (15) projects $ 315 (a) Allocation of adjusted cash flow to noncontrolling interest (MIRA's 48.9% equity ownership of GWA since December 1, 2016) is calculated as 48.9% of cash flow provided by operating activities of G&W s Australian Operations, less net purchases of property and equipment of G&W s Australian Operations. The timing and amount of actual distributions, if any, from GWA to G&W and MIRA made in any given period will vary and could differ materially from the amounts presented. There were no such distributions made for both the twelve months ended December 31, 2017 and G&W expressly disclaims any direct correlation between the allocation of adjusted cash flow to noncontrolling interest and actual distributions made in any given period. 39
40 Net Adjusted Debt/Adjusted EBITDA G&W Less: Australian Twelve Months Ended December 31, 2017 Total G&W Operations (a) Adjustments (b) Acquisitions (c) G&W Net income $ $ 15.8 $ - $ Adjusted for: Provision for income taxes (261.3) (267) Interest expense Depreciation and amortization expense EBITDA $ $ $ 12.9 $ 7.0 $ Adjusted for certain items: Non-cash compensation cost related to equity awards Change in deferred considerations during 2017 (6.5) (6.5) Corporate development and related costs Restructuring costs Australia dividends, distributions of cash payments Net gain on sale of assets (1.5) (1.5) Hedging agreement expense U.K. coal railcar leases (3.9) (3.9) Adjusted EBITDA $ Total debt $ 2,331 $ 702 $ 5 $ 1,634 Add: Deferred financing fees Adjusted debt $ 2,356 $ 714 $ 5 $ 1,648 Less: Cash (4) 24 Net adjusted debt $ 2,276 $ 661 $ 8 $ 1,623 Net adjusted debt/adjusted EBITDA ratio 2.8 : 1.0 (a) Australia Operations are excluded from G&W's Senior Secured Syndicated Credit Facility Agreement. (b) Adjustments based on Credit Facility Agreement. (c) Pentalver for 1/1/17-4/30/17 and HOG for 1/1/17-5/30/17. 40
41 Net Adjusted Debt/Adjusted EBITDA Twelve Months Ended December 31, 2018 (Guidance) Total G&W Less: Australian Operations (a) Acquisitions/ Adjustments (b) Adjusted Net income attributable to G&W $ 240 $ 19 $ - $ 221 Add back: Provision for income taxes Interest expense Depreciation and amortization expense EBITDA $ 717 $ 148 $ 16 $ 585 Add back certain items Non-cash compensation cost related to equity awards Adjusted EBITDA $ 604 Total debt $ 2,087 $ 705 $ 5 $ 1,387 Less: Cash Net debt $ 1,970 $ 624 $ 5 $ 1,351 Add back: Deferred financing fees Net adjusted debt $ 1,986 $ 633 $ 5 $ 1,358 Net adjusted debt/adjusted EBITDA ratio 2.2 : 1.0 (a) Australia Operations are excluded from G&W's Senior Secured Syndicated Credit Facility Agreement. (b) Adjustments based on Credit Facility Agreement. 41
42 Net Adjusted Debt/Adjusted EBITDA Australian Operations Twelve Months Ended December 31, 2017 Australian Operations Adjustments Adjusted Net income $ 16 $ 9 $ 24 Adjusted for: Provision for income taxes 6 6 Interest expense Depreciation and amortization expense EBITDA $ 139 $ 9 $ 147 Total debt $ 702 $ 702 Less: Cash Net debt $ 649 $ 649 Less: Shareholder loan (186) (186) Add back: Deferred financing fees Net adjusted debt $ 661 $ (186) $ 475 Net adjusted debt/adjusted EBITDA ratio 3.2 :
43 Net Adjusted Debt/Adjusted EBITDA - Australian Operations Twelve Months Ended December 31, 2018 (Guidance) Australian Operations Adjustments Adjusted Net income $ 19 $ 19 Adjusted for: Provision for income taxes 8 8 Interest expense Depreciation and amortization expense EBITDA $ 148 $ 5 $ 153 Total debt $ 705 $ 705 Less: Cash Net debt $ 624 $ 624 Less: Shareholder loan (186) (186) Add: Deferred financing fees 9 9 Net adjusted debt $ 633 $ (186) $ 447 Net adjusted debt/adjusted EBITDA ratio 2.9 :
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