GATX Corporation Reports 2024 Second-quarter Results
- Demand for railcars remains robust across all regions; Rail North America's fleet utilization remains above 99%
- Aircraft spare engine portfolio continues to benefit from strong demand for global air travel
- Investment volume was $442.0 million in the second quarter and totaled $820.6 million year to date
- Company reiterates 2024 full-year earnings guidance
GATX Corporation (NYSE:GATX) today reported 2024 second-quarter net income of $44.4 million, or $1.21 per diluted share, compared to net income of $63.3 million, or $1.74 per diluted share, in the second quarter of 2023. The 2024 second-quarter results include a net negative impact of $8.0 million, or $0.22 per diluted share, from Tax Adjustments and Other Items. The 2023 second-quarter results include a net positive impact of $0.2 million, or $0.01 per diluted share, from Tax Adjustments and Other Items.
Net income for the first six months of 2024 was $118.7 million, or $3.25 per diluted share, compared to $140.7 million, or $3.87 per diluted share, in the prior year period. The 2024 and 2023 year-to-date results include net negative impacts of $7.4 million, or $0.20 per diluted share, and $1.1 million, or $0.03 per diluted share, respectively, from Tax Adjustments and Other Items. Details related to these items are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
"Consistent with our initial outlook, conditions remain robust across our global markets," said Robert C. Lyons, president and chief executive officer of GATX. "At Rail North America, fleet utilization remained high at 99.3% at the end of the quarter and the renewal success rate was strong at 84.1%. The renewal lease rate change of GATX's Lease Price Index was positive 29.4% with an average renewal term of 61 months. We continue to successfully place deliveries of new railcars under our existing supply agreement. In addition, we acquired over 600 railcars in the secondary and spot markets during the quarter.
"Rail International produced solid operating results. Demand for most railcar types remains stable and GATX Rail Europe's fleet utilization was 95.8% at quarter end. We continue to take delivery of new railcars in Europe and India, and in July, Rail India celebrated the delivery of its 10,000th railcar. This milestone is reflective of our ongoing commitment to India and the impressive growth outlook for its freight rail market."
Mr. Lyons added, "Engine Leasing performed well as demand for aircraft spare engines remains very strong. We anticipate favorable operating conditions for Engine Leasing for the balance of the year. Further, capitalizing on attractive opportunities to increase our direct investment in aircraft spare engines, we acquired three engines for $71.3 million during the quarter, and we foresee an active investment calendar during the second half of this year."
Mr. Lyons concluded, "We came into the year with positive expectations, and market conditions and trends have been as anticipated. Therefore, our 2024 full-year earnings estimate remains unchanged at $7.30–$7.70 per diluted share, excluding the impact of Tax Adjustments and Other Items."
RAIL NORTH AMERICA
Rail North America reported segment profit of $78.8 million in the second quarter of 2024, compared to $79.3 million in the second quarter of 2023. Year to date 2024, Rail North America reported segment profit of $169.1 million, compared to $174.5 million in the same period of 2023. Lower 2024 second-quarter and year-to-date results were due to lower gains on asset dispositions and higher interest expense, largely offset by higher revenue driven by higher lease rates. Demand for railcars being sold in the secondary market remains strong, and full-year remarketing income is expected to be in line with original expectations.
At June 30, 2024, Rail North America's wholly owned fleet was composed of approximately 111,100 cars, including approximately 9,000 boxcars. The following fleet statistics and performance discussion exclude the boxcar fleet.
Fleet utilization was 99.3% at the end of the second quarter of 2024, compared to 99.4% at the end of the prior quarter and 99.3% at the end of the second quarter of 2023. During the second quarter of 2024, the renewal lease rate change of the Lease Price Index (LPI) was positive 29.4%, compared to positive 33.0% in the prior quarter and positive 33.1% in the second quarter of 2023. The average lease renewal term for all cars included in the LPI during the second quarter of 2024 was 61 months, compared to 64 months in the prior quarter and 61 months in the second quarter of 2023. The 2024 second-quarter renewal success rate was 84.1%, compared to 83.4% in the prior quarter and 85.3% in the second quarter of 2023. Rail North America's investment volume during the second quarter of 2024 was $308.1 million.
Additional fleet statistics, including information on the boxcar fleet, and macroeconomic data related to Rail North America's business are provided in the attached Supplemental Information under Rail North America Statistics.
RAIL INTERNATIONAL
Rail International's segment profit was $26.5 million in the second quarter of 2024, compared to $27.3 million in the second quarter of 2023. Year to date 2024, Rail International reported segment profit of $55.3 million, compared to $50.8 million in the same period of 2023. 2023 year-to-date results include a net positive impact of $0.3 million from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items. Excluding the impact of these items, 2024 second-quarter and year-to-date results were favorably impacted by more railcars on lease and higher lease rates and negatively impacted by higher interest and maintenance expenses.
At June 30, 2024, GATX Rail Europe's (GRE) fleet consisted of over 29,600 cars. Fleet utilization was 95.8%, compared to 95.3% at the end of the prior quarter and 96.9% at the end of the second quarter of 2023.
At June 30, 2024, Rail India's fleet consisted of over 9,900 railcars. Fleet utilization was 100%, compared to 100% at the end of the prior quarter and 100% at the end of the second quarter of 2023.
Additional fleet statistics for GRE and Rail India are provided on the last page of this press release.
ENGINE LEASING
Engine Leasing reported segment profit of $18.4 million in the second quarter of 2024, compared to segment profit of $26.6 million in the second quarter of 2023. Year to date 2024, segment profit was $44.1 million, compared to segment profit of $54.9 million in the same period of 2023.
2023 second-quarter results include a net positive impact of $0.2 million from Tax Adjustments and Other Items. 2024 and 2023 year-to-date results include a net positive impact of $0.6 million and a net negative impact of $1.4 million, respectively, from Tax Adjustments and Other Items. Additional details are provided in the attached Supplemental Information under Tax Adjustments and Other Items.
Excluding the impact of these items, lower 2024 second-quarter and year-to-date results were driven by lower earnings from the Rolls-Royce and Partners Finance (RRPF) affiliates, partly offset by increased earnings from GATX Engine Leasing, the Company's wholly owned engine portfolio. During the comparative periods, lower RRPF earnings was driven by the timing of remarketing events and resulting lower remarketing income.
COMPANY DESCRIPTION
At GATX Corporation (NYSE:GATX), we empower our customers to propel the world forward. GATX leases transportation assets including railcars, aircraft spare engines and tank containers to customers worldwide. Our mission is to provide innovative, unparalleled service that enables our customers to transport what matters safely and sustainably while championing the well-being of our employees and communities. Headquartered in Chicago, Illinois since its founding in 1898, GATX has paid a quarterly dividend, uninterrupted, since 1919.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss 2024 second-quarter results. Call details are as follows:
Tuesday, July 23, 2024
11 a.m. Eastern Time
Domestic Dial-In: 1-800-715-9871
International Dial-In: 1-646-307-1963
Replay: 1-800-770-2030 or 1-609-800-9909 / Access Code: 1721810
Call-in details, a copy of this press release and real-time audio access are available at www.gatx.com. Please access the call 15 minutes prior to the start time. A replay will be available on the same site starting at 2 p.m. (Eastern Time), July 23, 2024.
AVAILABILITY OF INFORMATION ON GATX'S WEBSITE
Investors and others should note that GATX routinely announces material information to investors and the marketplace using SEC filings, press releases, public conference calls, webcasts and the GATX Investor Relations website. While not all of the information that the Company posts to the GATX Investor Relations website is of a material nature, some information could be deemed to be material. Accordingly, the Company encourages investors, the media and others interested in GATX to review the information that it shares on www.gatx.com under the "Investors" tab.
FORWARD-LOOKING STATEMENTS
Statements in this Earnings Release not based on historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and, accordingly, involve known and unknown risks and uncertainties that are difficult to predict and could cause our actual results, performance, or achievements to differ materially from those discussed. These include statements as to our future expectations, beliefs, plans, strategies, objectives, events, conditions, financial performance, prospects, or future events. In some cases, forward-looking statements can be identified by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "outlook," "continue," "likely," "will," "would," and similar words and phrases. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. Accordingly, you should not place undue reliance on forward-looking statements, which speak only as of the date they are made, and are not guarantees of future performance. We do not undertake any obligation to publicly update or revise these forward-looking statements.
The following factors, in addition to those discussed under "Risk Factors" and elsewhere in our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2023, and any subsequent reports on Form 10-Q, could cause actual results to differ materially from our current expectations expressed in forward-looking statements:
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GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenues |
|
|
|
|
|
|
|
||||||||
Lease revenue |
$ |
339.6 |
|
|
$ |
308.6 |
|
|
$ |
672.9 |
|
|
$ |
610.6 |
|
Non-dedicated engine revenue |
|
13.7 |
|
|
|
6.4 |
|
|
|
26.9 |
|
|
|
10.9 |
|
Marine operating revenue |
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
5.5 |
|
Other revenue |
|
33.4 |
|
|
|
26.2 |
|
|
|
66.8 |
|
|
|
55.1 |
|
Total Revenues |
|
386.7 |
|
|
|
343.2 |
|
|
|
766.6 |
|
|
|
682.1 |
|
Expenses |
|
|
|
|
|
|
|
||||||||
Maintenance expense |
|
96.6 |
|
|
|
82.3 |
|
|
|
188.0 |
|
|
|
166.2 |
|
Marine operating expense |
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
4.4 |
|
Depreciation expense |
|
98.5 |
|
|
|
92.1 |
|
|
|
194.5 |
|
|
|
181.9 |
|
Operating lease expense |
|
9.0 |
|
|
|
9.0 |
|
|
|
18.0 |
|
|
|
18.0 |
|
Other operating expense |
|
13.8 |
|
|
|
11.0 |
|
|
|
27.4 |
|
|
|
22.0 |
|
Selling, general and administrative expense |
|
58.6 |
|
|
|
52.0 |
|
|
|
114.5 |
|
|
|
102.4 |
|
Total Expenses |
|
276.5 |
|
|
|
248.8 |
|
|
|
542.4 |
|
|
|
494.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
||||||||
Net gain on asset dispositions |
|
25.6 |
|
|
|
41.1 |
|
|
|
61.8 |
|
|
|
88.2 |
|
Interest expense, net |
|
(82.8 |
) |
|
|
(63.7 |
) |
|
|
(160.6 |
) |
|
|
(122.7 |
) |
Other expense |
|
(10.8 |
) |
|
|
(4.9 |
) |
|
|
(10.0 |
) |
|
|
(8.9 |
) |
Income before Income Taxes and Share of Affiliates' Earnings |
|
42.2 |
|
|
|
66.9 |
|
|
|
115.4 |
|
|
|
143.8 |
|
Income taxes |
|
(10.4 |
) |
|
|
(17.6 |
) |
|
|
(29.0 |
) |
|
|
(37.8 |
) |
Share of affiliates' earnings, net of taxes |
|
12.6 |
|
|
|
14.0 |
|
|
|
32.3 |
|
|
|
34.7 |
|
Net Income |
$ |
44.4 |
|
|
$ |
63.3 |
|
|
$ |
118.7 |
|
|
$ |
140.7 |
|
|
|
|
|
|
|
|
|
||||||||
Share Data |
|
|
|
|
|
|
|
||||||||
Basic earnings per share |
$ |
1.22 |
|
|
$ |
1.74 |
|
|
$ |
3.25 |
|
|
$ |
3.88 |
|
Average number of common shares |
|
35.8 |
|
|
|
35.6 |
|
|
|
35.8 |
|
|
|
35.6 |
|
|
|
|
|
|
|
|
|
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Diluted earnings per share |
$ |
1.21 |
|
|
$ |
1.74 |
|
|
$ |
3.25 |
|
|
$ |
3.87 |
|
Average number of common shares and common share equivalents |
|
35.9 |
|
|
|
35.7 |
|
|
|
35.9 |
|
|
|
35.7 |
|
|
|
|
|
|
|
|
|
||||||||
Dividends declared per common share |
$ |
0.58 |
|
|
$ |
0.55 |
|
|
$ |
1.16 |
|
|
$ |
1.10 |
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GATX CORPORATION AND SUBSIDIARIES |
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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
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(In millions) |
|||||||
|
June 30 |
|
December 31 |
||||
|
2024 |
|
2023 |
||||
Assets |
|
|
|
||||
Cash and Cash Equivalents |
$ |
823.6 |
|
|
$ |
450.7 |
|
Restricted Cash |
|
0.2 |
|
|
|
0.1 |
|
Receivables |
|
|
|
||||
Rent and other receivables |
|
96.9 |
|
|
|
87.9 |
|
Finance leases (as lessor) |
|
124.7 |
|
|
|
136.4 |
|
Less: allowance for losses |
|
(5.3 |
) |
|
|
(5.9 |
) |
|
|
216.3 |
|
|
|
218.4 |
|
|
|
|
|
||||
Operating Assets and Facilities |
|
13,675.9 |
|
|
|
13,081.9 |
|
Less: allowance for depreciation |
|
(3,764.1 |
) |
|
|
(3,670.7 |
) |
|
|
9,911.8 |
|
|
|
9,411.2 |
|
Lease Assets (as lessee) |
|
|
|
||||
Right-of-use assets, net of accumulated depreciation |
|
195.8 |
|
|
|
212.0 |
|
|
|
195.8 |
|
|
|
212.0 |
|
|
|
|
|
||||
Investments in Affiliated Companies |
|
660.8 |
|
|
|
627.0 |
|
Goodwill |
|
117.3 |
|
|
|
120.0 |
|
Other Assets ($1.8 and $0.8 related to assets held for sale) |
|
296.8 |
|
|
|
286.6 |
|
Total Assets |
$ |
12,222.6 |
|
|
$ |
11,326.0 |
|
|
|
|
|
||||
Liabilities and Shareholders' Equity |
|
|
|
||||
Accounts Payable and Accrued Expenses |
$ |
209.1 |
|
|
$ |
239.6 |
|
Debt |
|
|
|
||||
Commercial paper and borrowings under bank credit facilities |
|
10.7 |
|
|
|
11.0 |
|
Recourse |
|
8,235.7 |
|
|
|
7,388.1 |
|
|
|
8,246.4 |
|
|
|
7,399.1 |
|
Lease Obligations (as lessee) |
|
|
|
||||
Operating leases |
|
209.3 |
|
|
|
226.8 |
|
|
|
209.3 |
|
|
|
226.8 |
|
|
|
|
|
||||
Deferred Income Taxes |
|
1,103.8 |
|
|
|
1,081.1 |
|
Other Liabilities |
|
110.6 |
|
|
|
106.4 |
|
Total Liabilities |
|
9,879.2 |
|
|
|
9,053.0 |
|
Total Shareholders' Equity |
|
2,343.4 |
|
|
|
2,273.0 |
|
Total Liabilities and Shareholders' Equity |
$ |
12,222.6 |
|
|
$ |
11,326.0 |
|
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Three Months Ended June 30, 2024 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
242.1 |
|
|
$ |
82.0 |
|
|
$ |
8.1 |
|
|
$ |
7.4 |
|
|
$ |
339.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
13.7 |
|
|
|
— |
|
|
|
13.7 |
|
Other revenue |
|
28.3 |
|
|
|
3.2 |
|
|
|
— |
|
|
|
1.9 |
|
|
|
33.4 |
|
Total Revenues |
|
270.4 |
|
|
|
85.2 |
|
|
|
21.8 |
|
|
|
9.3 |
|
|
|
386.7 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
77.4 |
|
|
|
18.2 |
|
|
|
— |
|
|
|
1.0 |
|
|
|
96.6 |
|
Depreciation expense |
|
66.8 |
|
|
|
19.4 |
|
|
|
8.6 |
|
|
|
3.7 |
|
|
|
98.5 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.4 |
|
|
|
3.6 |
|
|
|
1.9 |
|
|
|
1.9 |
|
|
|
13.8 |
|
Total Expenses |
|
159.6 |
|
|
|
41.2 |
|
|
|
10.5 |
|
|
|
6.6 |
|
|
|
217.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
24.9 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
25.6 |
|
Interest (expense) income, net |
|
(56.4 |
) |
|
|
(17.5 |
) |
|
|
(9.7 |
) |
|
|
0.8 |
|
|
|
(82.8 |
) |
Other expense |
|
(0.3 |
) |
|
|
(0.7 |
) |
|
|
(0.1 |
) |
|
|
(9.7 |
) |
|
|
(10.8 |
) |
Share of affiliates' pre-tax (losses) earnings |
|
(0.2 |
) |
|
|
— |
|
|
|
16.9 |
|
|
|
— |
|
|
|
16.7 |
|
Segment profit (loss) |
$ |
78.8 |
|
|
$ |
26.5 |
|
|
$ |
18.4 |
|
|
$ |
(6.2 |
) |
|
$ |
117.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
58.6 |
|
||||||||||||||||
Income taxes (includes $4.1 related to affiliates' earnings) |
|
14.5 |
|
||||||||||||||||
Net income |
$ |
44.4 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
308.1 |
|
|
$ |
59.6 |
|
|
$ |
71.3 |
|
|
$ |
3.0 |
|
|
$ |
442.0 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
19.8 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19.8 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.1 |
|
Non-remarketing net gains (1) |
|
5.0 |
|
|
|
0.7 |
|
|
|
— |
|
|
|
— |
|
|
|
5.7 |
|
|
$ |
24.9 |
|
|
$ |
0.7 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
25.6 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Three Months Ended June 30, 2023 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
218.9 |
|
|
$ |
73.1 |
|
|
$ |
8.1 |
|
|
$ |
8.5 |
|
|
$ |
308.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
— |
|
|
|
6.4 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
2.0 |
|
|
|
— |
|
|
|
2.0 |
|
Other revenue |
|
21.5 |
|
|
|
3.1 |
|
|
|
— |
|
|
|
1.6 |
|
|
|
26.2 |
|
Total Revenues |
|
240.4 |
|
|
|
76.2 |
|
|
|
16.5 |
|
|
|
10.1 |
|
|
|
343.2 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
66.8 |
|
|
|
14.6 |
|
|
|
— |
|
|
|
0.9 |
|
|
|
82.3 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
2.4 |
|
|
|
— |
|
|
|
2.4 |
|
Depreciation expense |
|
66.1 |
|
|
|
16.6 |
|
|
|
6.1 |
|
|
|
3.3 |
|
|
|
92.1 |
|
Operating lease expense |
|
9.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
9.0 |
|
Other operating expense |
|
6.7 |
|
|
|
2.3 |
|
|
|
1.4 |
|
|
|
0.6 |
|
|
|
11.0 |
|
Total Expenses |
|
148.6 |
|
|
|
33.5 |
|
|
|
9.9 |
|
|
|
4.8 |
|
|
|
196.8 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
34.1 |
|
|
|
0.7 |
|
|
|
6.0 |
|
|
|
0.3 |
|
|
|
41.1 |
|
Interest (expense) income, net |
|
(44.5 |
) |
|
|
(13.5 |
) |
|
|
(6.5 |
) |
|
|
0.8 |
|
|
|
(63.7 |
) |
Other (expense) income |
|
(2.1 |
) |
|
|
(2.6 |
) |
|
|
0.2 |
|
|
|
(0.4 |
) |
|
|
(4.9 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
20.3 |
|
|
|
— |
|
|
|
20.3 |
|
Segment profit |
$ |
79.3 |
|
|
$ |
27.3 |
|
|
$ |
26.6 |
|
|
$ |
6.0 |
|
|
$ |
139.2 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
52.0 |
|
||||||||||||||||
Income taxes (includes $6.3 related to affiliates' earnings) |
|
23.9 |
|
||||||||||||||||
Net income |
$ |
63.3 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
161.3 |
|
|
$ |
77.3 |
|
|
$ |
239.0 |
|
|
$ |
9.0 |
|
|
$ |
486.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
30.7 |
|
|
$ |
0.1 |
|
|
$ |
5.9 |
|
|
$ |
0.2 |
|
|
$ |
36.9 |
|
Residual sharing income |
|
0.1 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
— |
|
|
|
0.2 |
|
Non-remarketing net gains (1) |
|
3.3 |
|
|
|
0.6 |
|
|
|
— |
|
|
|
0.1 |
|
|
|
4.0 |
|
|
$ |
34.1 |
|
|
$ |
0.7 |
|
|
$ |
6.0 |
|
|
$ |
0.3 |
|
|
$ |
41.1 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
|||||||||||||||||||
Six Months Ended June 30, 2024 |
|||||||||||||||||||
(In millions) |
|||||||||||||||||||
|
Rail North
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
||||||||||
Revenues |
|
|
|
|
|
|
|
|
|
||||||||||
Lease revenue |
$ |
478.6 |
|
|
$ |
162.6 |
|
|
$ |
16.2 |
|
|
$ |
15.5 |
|
|
$ |
672.9 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
26.9 |
|
|
|
— |
|
|
|
26.9 |
|
Other revenue |
|
56.8 |
|
|
|
6.3 |
|
|
|
— |
|
|
|
3.7 |
|
|
|
66.8 |
|
Total Revenues |
|
535.4 |
|
|
|
168.9 |
|
|
|
43.1 |
|
|
|
19.2 |
|
|
|
766.6 |
|
Expenses |
|
|
|
|
|
|
|
|
|
||||||||||
Maintenance expense |
|
150.3 |
|
|
|
35.7 |
|
|
|
— |
|
|
|
2.0 |
|
|
|
188.0 |
|
Depreciation expense |
|
131.9 |
|
|
|
38.3 |
|
|
|
17.0 |
|
|
|
7.3 |
|
|
|
194.5 |
|
Operating lease expense |
|
18.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18.0 |
|
Other operating expense |
|
13.1 |
|
|
|
7.1 |
|
|
|
4.4 |
|
|
|
2.8 |
|
|
|
27.4 |
|
Total Expenses |
|
313.3 |
|
|
|
81.1 |
|
|
|
21.4 |
|
|
|
12.1 |
|
|
|
427.9 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
||||||||||
Net gain on asset dispositions |
|
59.1 |
|
|
|
2.0 |
|
|
|
0.6 |
|
|
|
0.1 |
|
|
|
61.8 |
|
Interest (expense) income, net |
|
(109.7 |
) |
|
|
(34.2 |
) |
|
|
(19.0 |
) |
|
|
2.3 |
|
|
|
(160.6 |
) |
Other (expense) income |
|
(2.4 |
) |
|
|
(0.3 |
) |
|
|
0.2 |
|
|
|
(7.5 |
) |
|
|
(10.0 |
) |
Share of affiliates' pre-tax earnings |
|
— |
|
|
|
— |
|
|
|
40.6 |
|
|
|
— |
|
|
|
40.6 |
|
Segment profit |
$ |
169.1 |
|
|
$ |
55.3 |
|
|
$ |
44.1 |
|
|
$ |
2.0 |
|
|
$ |
270.5 |
|
Less: |
|
|
|
|
|
|
|
|
|
||||||||||
Selling, general and administrative expense |
|
114.5 |
|
||||||||||||||||
Income taxes (includes $8.3 related to affiliates' earnings) |
|
37.3 |
|
||||||||||||||||
Net income |
$ |
118.7 |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
||||||||||
Investment volume |
$ |
629.8 |
|
|
$ |
109.5 |
|
|
$ |
71.3 |
|
|
$ |
10.0 |
|
|
$ |
820.6 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
||||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
||||||||||
Net gains on disposition of owned assets |
$ |
52.7 |
|
|
$ |
0.1 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
53.5 |
|
Residual sharing income |
|
0.2 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
Non-remarketing net gains (1) |
|
6.2 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
— |
|
|
|
8.1 |
|
|
$ |
59.1 |
|
|
$ |
2.0 |
|
|
$ |
0.6 |
|
|
$ |
0.1 |
|
|
$ |
61.8 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||||||
SEGMENT DATA (UNAUDITED) |
||||||||||||||||||
Six Months Ended June 30, 2023 |
||||||||||||||||||
(In millions) |
||||||||||||||||||
|
Rail
|
|
Rail
|
|
Engine
|
|
Other |
|
GATX
|
|||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|||||||||
Lease revenue |
$ |
434.0 |
|
|
$ |
143.5 |
|
|
$ |
16.4 |
|
|
$ |
16.7 |
|
$ |
610.6 |
|
Non-dedicated engine revenue |
|
— |
|
|
|
— |
|
|
|
10.9 |
|
|
|
— |
|
|
10.9 |
|
Marine operating revenue |
|
— |
|
|
|
— |
|
|
|
5.5 |
|
|
|
— |
|
|
5.5 |
|
Other revenue |
|
45.3 |
|
|
|
6.0 |
|
|
|
— |
|
|
|
3.8 |
|
|
55.1 |
|
Total Revenues |
|
479.3 |
|
|
|
149.5 |
|
|
|
32.8 |
|
|
|
20.5 |
|
|
682.1 |
|
Expenses |
|
|
|
|
|
|
|
|
|
|||||||||
Maintenance expense |
|
133.7 |
|
|
|
30.5 |
|
|
|
— |
|
|
|
2.0 |
|
|
166.2 |
|
Marine operating expense |
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
|
— |
|
|
4.4 |
|
Depreciation expense |
|
131.6 |
|
|
|
32.3 |
|
|
|
11.5 |
|
|
|
6.5 |
|
|
181.9 |
|
Operating lease expense |
|
18.0 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
18.0 |
|
Other operating expense |
|
13.7 |
|
|
|
4.5 |
|
|
|
2.3 |
|
|
|
1.5 |
|
|
22.0 |
|
Total Expenses |
|
297.0 |
|
|
|
67.3 |
|
|
|
18.2 |
|
|
|
10.0 |
|
|
392.5 |
|
Other Income (Expense) |
|
|
|
|
|
|
|
|
|
|||||||||
Net gain on asset dispositions |
|
81.9 |
|
|
|
1.5 |
|
|
|
4.5 |
|
|
|
0.3 |
|
|
88.2 |
|
Interest (expense) income, net |
|
(86.8 |
) |
|
|
(26.0 |
) |
|
|
(12.2 |
) |
|
|
2.3 |
|
|
(122.7 |
) |
Other (expense) income |
|
(2.5 |
) |
|
|
(6.9 |
) |
|
|
(0.3 |
) |
|
|
0.8 |
|
|
(8.9 |
) |
Share of affiliates' pre-tax (losses) earnings |
|
(0.4 |
) |
|
|
— |
|
|
|
48.3 |
|
|
|
— |
|
|
47.9 |
|
Segment profit |
$ |
174.5 |
|
|
$ |
50.8 |
|
|
$ |
54.9 |
|
|
$ |
13.9 |
|
$ |
294.1 |
|
Less: |
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expense |
|
102.4 |
|
|||||||||||||||
Income taxes (includes $13.2 related to affiliates' earnings) |
|
51.0 |
|
|||||||||||||||
Net income |
$ |
140.7 |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||
Selected Data: |
|
|
|
|
|
|
|
|
|
|||||||||
Investment volume. |
$ |
457.8 |
|
|
$ |
158.4 |
|
|
$ |
239.0 |
|
|
$ |
18.4 |
|
$ |
873.6 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net Gain on Asset Dispositions |
|
|
|
|
|
|
|
|
|
|||||||||
Asset Remarketing Income: |
|
|
|
|
|
|
|
|
|
|||||||||
Net gains on disposition of owned assets. |
$ |
75.4 |
|
|
$ |
0.5 |
|
|
$ |
5.5 |
|
|
$ |
0.2 |
|
$ |
81.6 |
|
Residual sharing income. |
|
0.2 |
|
|
|
— |
|
|
|
0.2 |
|
|
|
— |
|
|
0.4 |
|
Non-remarketing net gains (1) |
|
6.3 |
|
|
|
1.0 |
|
|
|
— |
|
|
|
0.1 |
|
|
7.4 |
|
Asset impairments |
|
— |
|
|
|
— |
|
|
|
(1.2 |
) |
|
|
— |
|
|
(1.2 |
) |
|
$ |
81.9 |
|
|
$ |
1.5 |
|
|
$ |
4.5 |
|
|
$ |
0.3 |
|
$ |
88.2 |
|
__________ |
|
(1) |
Includes net gains from scrapping of railcars. |
GATX CORPORATION AND SUBSIDIARIES |
|||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
|||||||||||||||
(In millions, except per share data) |
|||||||||||||||
Impact of Tax Adjustments and Other Items on Net Income (1) |
|||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Net income (GAAP) |
$ |
44.4 |
|
|
$ |
63.3 |
|
|
$ |
118.7 |
|
|
$ |
140.7 |
|
Adjustments attributable to consolidated pre-tax income: |
|
|
|
|
|
|
|
||||||||
Environmental reserves (2) |
$ |
10.7 |
|
|
$ |
— |
|
|
$ |
10.7 |
|
|
$ |
— |
|
Net (gain) loss on Specialized Gas Vessels at Engine Leasing (3) |
|
— |
|
|
|
(0.2 |
) |
|
|
(0.6 |
) |
|
|
1.4 |
|
Net gain on Rail Russia at Rail International (4) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(0.3 |
) |
Total adjustments attributable to consolidated pre-tax income |
$ |
10.7 |
|
|
$ |
(0.2 |
) |
|
$ |
10.1 |
|
|
$ |
1.1 |
|
Income taxes thereon, based on applicable effective tax rate |
|
(2.7 |
) |
|
|
— |
|
|
|
(2.7 |
) |
|
|
— |
|
Net income, excluding tax adjustments and other items (non-GAAP) |
$ |
52.4 |
|
|
$ |
63.1 |
|
|
$ |
126.1 |
|
|
$ |
141.8 |
|
Impact of Tax Adjustments and Other Items on Diluted Earnings per Share (1) |
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||
Diluted earnings per share (GAAP) |
$ |
1.21 |
|
$ |
1.74 |
|
$ |
3.25 |
|
$ |
3.87 |
Diluted earnings per share, excluding tax adjustments and other items (non-GAAP) |
$ |
1.43 |
|
$ |
1.73 |
|
$ |
3.45 |
|
$ |
3.90 |
__________ |
|
(1) |
In addition to financial results reported in accordance with GAAP, we compute certain financial measures using non-GAAP components. Specifically, we exclude the effects of certain tax adjustments and other items for purposes of presenting net income and diluted earnings per share because we believe these items are not attributable to our business operations. Management utilizes net income, excluding tax adjustments and other items, when analyzing financial performance because such amounts reflect the underlying operating results that are within management's ability to influence. Accordingly, we believe presenting this information provides investors and other users of our financial statements with meaningful supplemental information for purposes of analyzing year-to-year financial performance on a comparable basis and assessing trends. |
(2) |
Reserves recorded for our share of anticipated environmental remediation costs arising out of prior operations and legacy businesses. |
(3) |
In 2022, we made the decision to sell the Specialized Gas Vessels. We have recorded gains and losses associated with the subsequent impairments and sales of these assets. All vessels were sold as of December 31, 2023. |
(4) |
In 2022, we made the decision to exit our rail business in Russia ("Rail Russia"). In the first quarter of 2023, we sold Rail Russia and recorded a gain on the final sale of this business. |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||||||||
(In millions, except leverage) |
||||||||||||||||||||
|
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
||||||||||
Total Assets, Excluding Cash, by Segment |
||||||||||||||||||||
Rail North America |
|
$ |
7,416.0 |
|
|
$ |
7,214.1 |
|
|
$ |
6,984.9 |
|
|
$ |
6,760.5 |
|
|
$ |
6,671.3 |
|
Rail International |
|
|
2,168.3 |
|
|
|
2,142.1 |
|
|
|
2,150.8 |
|
|
|
1,951.5 |
|
|
|
1,902.3 |
|
Engine Leasing |
|
|
1,431.7 |
|
|
|
1,354.4 |
|
|
|
1,343.2 |
|
|
|
1,363.8 |
|
|
|
1,328.6 |
|
Other |
|
|
382.8 |
|
|
|
389.3 |
|
|
|
396.3 |
|
|
|
368.5 |
|
|
|
370.2 |
|
Total Assets, excluding cash |
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
|
$ |
10,875.2 |
|
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
Debt and Lease Obligations, Net of Unrestricted Cash |
||||||||||||||||||||
Unrestricted cash |
|
$ |
(823.6 |
) |
|
$ |
(479.1 |
) |
|
$ |
(450.7 |
) |
|
$ |
(203.1 |
) |
|
$ |
(317.5 |
) |
Commercial paper and bank credit facilities |
|
|
10.7 |
|
|
|
10.8 |
|
|
|
11.0 |
|
|
|
12.3 |
|
|
|
10.9 |
|
Recourse debt |
|
|
8,235.7 |
|
|
|
7,624.5 |
|
|
|
7,388.1 |
|
|
|
6,835.6 |
|
|
|
6,785.6 |
|
Operating lease obligations |
|
|
209.3 |
|
|
|
215.2 |
|
|
|
226.8 |
|
|
|
233.2 |
|
|
|
241.1 |
|
Total debt and lease obligations, net of unrestricted cash |
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
|
$ |
7,175.2 |
|
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
Total recourse debt (1) |
|
$ |
7,632.1 |
|
|
$ |
7,371.4 |
|
|
$ |
7,175.2 |
|
|
$ |
6,878.0 |
|
|
$ |
6,720.1 |
|
Shareholders' Equity |
|
$ |
2,343.4 |
|
|
$ |
2,324.3 |
|
|
$ |
2,273.0 |
|
|
$ |
2,174.5 |
|
|
$ |
2,178.9 |
|
Recourse Leverage (2) |
|
|
3.3 |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
3.2 |
|
|
|
3.1 |
|
__________ |
|
(1) |
Includes recourse debt, commercial paper and bank credit facilities, and operating and finance lease obligations, net of unrestricted cash. |
(2) |
Calculated as total recourse debt / shareholder's equity. |
Reconciliation of Total Assets to Total Assets, Excluding Cash |
||||||||||||||||||||
Total Assets |
|
$ |
12,222.6 |
|
|
$ |
11,579.1 |
|
|
$ |
11,326.0 |
|
|
$ |
10,647.5 |
|
|
$ |
10,590.1 |
|
Less: cash |
|
|
(823.8 |
) |
|
|
(479.2 |
) |
|
|
(450.8 |
) |
|
|
(203.2 |
) |
|
|
(317.7 |
) |
Total Assets, excluding cash |
|
$ |
11,398.8 |
|
|
$ |
11,099.9 |
|
|
$ |
10,875.2 |
|
|
$ |
10,444.3 |
|
|
$ |
10,272.4 |
|
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||
(Continued) |
||||||||||||||
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|||||
Rail North America Statistics |
|
|
|
|
|
|
|
|
|
|||||
Lease Price Index (LPI) (1) |
|
|
|
|
|
|
|
|
|
|||||
Average renewal lease rate change |
29.4 |
% |
|
33.0 |
% |
|
33.5 |
% |
|
33.4 |
% |
|
33.1 |
% |
Average renewal term (months) |
61 |
|
|
64 |
|
|
65 |
|
|
65 |
|
|
61 |
|
Renewal Success Rate (2) |
84.1 |
% |
|
83.4 |
% |
|
87.1 |
% |
|
83.6 |
% |
|
85.3 |
% |
Fleet Rollforward (3) |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
101,687 |
|
|
101,167 |
|
|
100,656 |
|
|
100,585 |
|
|
101,219 |
|
Railcars added |
1,337 |
|
|
1,422 |
|
|
1,688 |
|
|
791 |
|
|
358 |
|
Railcars scrapped |
(389 |
) |
|
(375 |
) |
|
(354 |
) |
|
(292 |
) |
|
(316 |
) |
Railcars sold |
(549 |
) |
|
(527 |
) |
|
(823 |
) |
|
(428 |
) |
|
(676 |
) |
Ending balance |
102,086 |
|
|
101,687 |
|
|
101,167 |
|
|
100,656 |
|
|
100,585 |
|
Utilization |
99.3 |
% |
|
99.4 |
% |
|
99.3 |
% |
|
99.3 |
% |
|
99.3 |
% |
Average active railcars |
101,181 |
|
|
100,677 |
|
|
100,197 |
|
|
99,796 |
|
|
100,230 |
|
Boxcar Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
9,670 |
|
|
9,311 |
|
|
9,087 |
|
|
8,959 |
|
|
8,789 |
|
Boxcars added |
— |
|
|
587 |
|
|
424 |
|
|
316 |
|
|
279 |
|
Boxcars scrapped |
(555 |
) |
|
(228 |
) |
|
(152 |
) |
|
(95 |
) |
|
(109 |
) |
Boxcars sold |
(125 |
) |
|
— |
|
|
(48 |
) |
|
(93 |
) |
|
— |
|
Ending balance |
8,990 |
|
|
9,670 |
|
|
9,311 |
|
|
9,087 |
|
|
8,959 |
|
Utilization |
99.8 |
% |
|
99.8 |
% |
|
100.0 |
% |
|
99.7 |
% |
|
99.8 |
% |
Average active railcars |
9,304 |
|
|
9,583 |
|
|
9,207 |
|
|
8,985 |
|
|
8,855 |
|
Rail North America Industry Statistics |
|
|
|
|
|
|
|
|
|
|||||
Manufacturing Capacity Utilization Index (4) |
78.8 |
% |
|
77.8 |
% |
|
78.7 |
% |
|
79.5 |
% |
|
78.9 |
% |
Year-over-year Change in U.S. Carloadings (excl. intermodal) (5) |
(4.5 |
)% |
|
(4.2 |
)% |
|
0.7 |
% |
|
30.0 |
% |
|
0.6 |
% |
Year-over-year Change in U.S. Carloadings (chemical) (5) |
4.3 |
% |
|
4.5 |
% |
|
(0.3 |
)% |
|
(2.6 |
)% |
|
(4.5 |
)% |
Year-over-year Change in U.S. Carloadings (petroleum) (5) |
11.1 |
% |
|
7.7 |
% |
|
11.1 |
% |
|
10.5 |
% |
|
9.6 |
% |
Production Backlog at Railcar Manufacturers (6) |
n/a (7) |
|
46,413 |
|
|
51,836 |
|
|
58,680 |
|
|
59,878 |
|
|
__________ |
|
(1) |
GATX's Lease Price Index (LPI) is an internally-generated business indicator that measures renewal activity for our North American railcar fleet, excluding boxcars. The average renewal lease rate change is reported as the percentage change between the average renewal lease rate and the average expiring lease rate. The average renewal lease term is reported in months and reflects the average renewal lease term in the LPI. |
(2) |
The renewal success rate represents the percentage of railcars on expiring leases that were renewed with the existing lessee. The renewal success rate is an important metric because railcars returned by our customers may remain idle or incur additional maintenance and freight costs prior to being leased to new customers. |
(3) |
Excludes boxcar fleet. |
(4) |
As reported and revised by the Federal Reserve. |
(5) |
As reported by the Association of American Railroads (AAR). |
(6) |
As reported by the Railway Supply Institute (RSI). |
(7) |
Not available, not published as of the date of this release. |
GATX CORPORATION AND SUBSIDIARIES |
||||||||||||||
SUPPLEMENTAL INFORMATION (UNAUDITED) |
||||||||||||||
(Continued) |
||||||||||||||
|
6/30/2024 |
|
3/31/2024 |
|
12/31/2023 |
|
9/30/2023 |
|
6/30/2023 |
|||||
Rail Europe Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
29,371 |
|
|
29,216 |
|
|
29,102 |
|
|
28,759 |
|
|
28,461 |
|
Railcars added |
388 |
|
|
322 |
|
|
371 |
|
|
446 |
|
|
376 |
|
Railcars scrapped or sold |
(110 |
) |
|
(167 |
) |
|
(257 |
) |
|
(103 |
) |
|
(78 |
) |
Ending balance |
29,649 |
|
|
29,371 |
|
|
29,216 |
|
|
29,102 |
|
|
28,759 |
|
Utilization |
95.8 |
% |
|
95.3 |
% |
|
95.9 |
% |
|
96.0 |
% |
|
96.9 |
% |
Average active railcars |
28,198 |
|
|
27,984 |
|
|
28,003 |
|
|
27,884 |
|
|
27,973 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Rail India Statistics |
|
|
|
|
|
|
|
|
|
|||||
Fleet Rollforward |
|
|
|
|
|
|
|
|
|
|||||
Beginning balance |
9,501 |
|
|
8,805 |
|
|
7,884 |
|
|
6,927 |
|
|
6,351 |
|
Railcars added |
408 |
|
|
696 |
|
|
921 |
|
|
957 |
|
|
576 |
|
Railcars scrapped or sold |
(5 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Ending balance |
9,904 |
|
|
9,501 |
|
|
8,805 |
|
|
7,884 |
|
|
6,927 |
|
Utilization |
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
|
100.0 |
% |
Average active railcars |
9,711 |
|
|
9,089 |
|
|
8,321 |
|
|
7,366 |
|
|
6,584 |
|
|
|
|
|
|
|
|
|
|
|
|||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240723814260/en/