Greenbrier Companies Inc at Stifel Transportation & Logistics Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : All right, great. Well, and like I mentioned earlier, if there are any questions, feel free to drop those in and I'll put them in. I'll start with where you left off there, Brian. Really diverse demand for all sorts of the full spectrum, it sounds like, of equipment. In terms of the customer base, I mean, are we -- who is most interested in this? Like is it -- is there any particular set area, region, geography that seems to be a little bit more active than others?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Interesting. And while we're just talking about that, what about on the international side? I think it sounds like most of what you're doing here is North America, but any activity international? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 08, 2022 / 9:40PM, GBX.N - Greenbrier Companies Inc at Stifel Transportation & Logistics Conference

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Yes. Well and that -- I didn't even notice it, but there was a question along the lines for -- on what I just asked. Basically, what percentage of the ordering is domestic versus your Brazil?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Okay.

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : So speaking to when we just had a rail and intermodal panel with non-railroaders, they were industry experts or intermodal guys versus having some of the railroads on earlier, a very different story. The customers generally are not pleased at all and think the service is unbelievably bad. And the railroads acknowledged that to some extent, but are still focused on growth and really taking trucks off the road. And in my mind, there seems to be a little bit of a disconnect because if the railroads customers hate them and it seems like they do, are they really going to be looking to put more volume on the rails? The flip side to that is they might not have a choice. If you have truck driver shortages and everything else, you might be getting bad service, but service is service. And it would seem that if that's the case and it seems like it might be, that that should be pretty good for your business. And that gets to what you were talking about earlier, if more and more of that volume for one reason or the other is moving off the roads, on the rails, that needs to be facilitated somehow or another. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 08, 2022 / 9:40PM, GBX.N - Greenbrier Companies Inc at Stifel Transportation & Logistics Conference

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : So assuming that that continues to be the case and assuming that you're ordering ramps as it seems to have been doing and good book-to-bill. You talked about, what was it, 18 months ago, two years ago having to lay off a portion of your workforce, downsizing. Now there's labor shortages all over the place. What's your ability to scale back up as demand recovers? How easy is that going to be?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : So with that in mind, it's sort of being able to scale in particular areas. And now that the company relative to 2014, 2015, the last big upcycle, you're bigger. The competition is smaller, I would assume. Is there anything that really stands in the way of being able to get back to those levels either from a volume perspective or a margin perspective? Has anything changed fundamentally that means this time is different than the last time? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. FEBRUARY 08, 2022 / 9:40PM, GBX.N - Greenbrier Companies Inc at Stifel Transportation & Logistics Conference

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : What's a realistic ramp, assuming things go right and demand is good? How long would it take to get back to that kind of a big scenario?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Yes, I had noticed that. Is there any competitive dynamic that that helps at all or is it just sort of a balance sheet and profitability issue? Do your customers care one way or the other?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Interesting. And I could keep -- I might come back to that, but we're running out of time. And one of the things that I did want to ask on, it probably doesn't come up much. But there's the little marine business which is sort of -- I can understand, which is on and off. And at the moment, it sounds like it's sort of in a bit off. Are you starting to see any green shoots there at all?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : Okay, that's good. I just wanted to cover that while I had the chance there. So now moving back on -- and we are about out of time here. But as you look forward to, let's say, the competitive dynamic, it's relatively consolidated industry. Is there any potential or room for share gains like hopefully everybody wins, but can you guys win more than, let's say, your competitors? And if so, how do you do that?

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : All right. Well, great. We are out of time, but is there any -- well, things that I haven't touched on a little bit? We were obviously at a situation here, but that you want to make sure that you have an opportunity to drive home or hit or --

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : All right. Well --

Question: Benjamin Nolan - Stifel Financial Corp. - Analyst : I would agree. Well, Brian, Justin, really appreciate you guys doing this, sticking around all the way to the end of the day with a lot of people still on. So it wasn't on deaf ears, I promise you. But thanks a lot for being here and really helps to cap out the day nicely. I'm grateful to you. Thank you.