GENESEE & WYOMING INC

CIK:0001012620|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
OPERATING REVENUES	$ 583,694	$ 603,304	$ 1,713,263	$ 1,772,955
OPERATING EXPENSES:
Labor and benefits	175,500	175,853	539,751	539,407
Equipment rents	30,926	35,325	95,169	104,214
Purchased services	51,055	53,717	156,337	178,864
Depreciation and amortization	63,026	65,392	188,169	197,127
Diesel fuel used in train operations	41,533	45,713	127,674	137,487
Electricity used in train operations	1,794	2,742	6,344	7,020
Casualties and insurance	11,658	9,912	34,869	32,862
Materials	32,435	32,744	94,949	97,589
Trackage rights	21,266	22,838	64,633	67,119
Net gain on sale and impairment of assets	(641)	(642)	(1,151)	(2,501)
Restructuring and related costs	3,561	3,286	18,756	12,931
Other expenses, net	38,825	28,604	101,097	82,978
Total operating expenses	470,938	475,484	1,426,597	1,455,097
OPERATING INCOME	112,756	127,820	286,666	317,858
Interest income	1,244	417	2,615	1,499
Interest expense	(25,386)	(26,429)	(80,395)	(80,605)
Other income/(loss), net	1,132	1,515	4,165	(237)
Income before income taxes	89,746	103,323	213,051	238,515
Provision for income taxes	(19,975)	(31,013)	(53,101)	(41,569)
Net income	69,771	72,310	159,950	196,946
Net income attributable to noncontrolling interest	2,979	2,720	3,011	8,090
Net income attributable to Genesee & Wyoming Inc.	$ 66,792	$ 69,590	$ 156,939	$ 188,856
Basic earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:	$ 1.18	$ 1.18	$ 2.78	$ 3.13
Weighted average shares - Basic	56,638	59,168	56,497	60,343
Diluted earnings per common share attributable to Genesee & Wyoming Inc. common stockholders	$ 1.16	$ 1.16	$ 2.74	$ 3.08
Weighted average shares - Diluted	57,532	60,131	57,297	61,255

Consolidated Statements of Cash Flows $ in Thousands, $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 159,950	$ 196,946
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	188,169	197,127
Stock-based compensation	12,371	13,029
Deferred income taxes	34,468	7,978
Gain on insurance recoveries	(2,500)	0
Net gain on sale and impairment of assets	(1,151)	(2,501)
Changes in assets and liabilities which provided/(used) cash:
Accounts receivable, net	2,594	(50,143)
Materials and supplies	(3,550)	3,133
Prepaid expenses and other	(4,519)	(11,663)
Accounts payable and accrued expenses	(7,065)	33,818
Other assets and liabilities, net	5,434	9,750
Net cash provided by operating activities	384,201	397,474
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property and equipment	(227,266)	(194,132)
Grant proceeds from outside parties	22,987	16,696
Proceeds from settlement of derivative transactions	45,360	0
Proceeds from sale of business	0	7,927
Insurance proceeds for replacement of assets	4,297	2,780
Proceeds from disposition of property and equipment	5,200	3,710
Contributions to joint ventures	(2,965)	(2,921)
Net cash used in investing activities	(152,387)	(165,940)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments on revolving line-of-credit, long-term debt and finance lease obligations	(426,276)	(799,726)
Proceeds from revolving line-of-credit and long-term debt	195,335	854,679
Debt amendment/issuance costs	0	(5,318)
Purchase of additional shares in Freightliner Australia	(4,696)	0
Common share repurchases	(4,796)	(270,488)
Distribution to noncontrolling interest	0	14,900
Installment payments on Freightliner deferred consideration	(2,522)	(6,255)
Other financing related activities, net	6,534	5,006
Net cash used in financing activities	(236,421)	(237,000)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	1,132	(939)
DECREASE IN CASH AND CASH EQUIVALENTS	(3,475)	(6,405)
CASH AND CASH EQUIVALENTS, beginning of period	90,387	80,472
CASH AND CASH EQUIVALENTS, end of period	$ 86,912	$ 74,067

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 86,912	$ 90,387
Accounts receivable, net	437,062	426,305
Materials and supplies	58,476	56,716
Prepaid expenses and other	36,275	54,185
Total current assets	618,725	627,593
PROPERTY AND EQUIPMENT, net	4,664,837	4,613,014
GOODWILL	1,096,095	1,115,849
INTANGIBLE ASSETS, net	1,362,963	1,430,197
DEFERRED INCOME TAX ASSETS, net	5,102	4,616
OTHER ASSETS	536,657	77,192
Total assets	8,284,379	7,868,461
CURRENT LIABILITIES:
Current portion of long-term debt	38,951	28,303
Accounts payable	278,418	288,070
Accrued expenses	245,874	165,280
Total current liabilities	563,243	481,653
LONG-TERM DEBT, less current portion	2,176,563	2,425,235
DEFERRED INCOME TAX LIABILITIES, net	884,402	877,721
DEFERRED ITEMS - grants from outside parties	344,813	326,520
OTHER LONG-TERM LIABILITIES	608,101	127,280
COMMITMENTS AND CONTINGENCIES
EQUITY:
Additional paid-in capital	1,812,085	1,785,005
Retained earnings	2,638,043	2,482,252
Accumulated other comprehensive loss	(230,108)	(146,456)
Treasury stock, at cost	(711,922)	(699,852)
Total Genesee & Wyoming Inc. stockholders' equity	3,508,859	3,421,706
Noncontrolling interest	198,398	208,346
Total equity	3,707,257	3,630,052
Total liabilities and equity	8,284,379	7,868,461
Class A Common Stock, $0.01 par value, one vote per share; 180,000,000 shares authorized at September 30, 2019 and December 31, 2018; 75,696,850 and 75,240,513 shares issued and 56,663,012 and 56,349,327 shares outstanding (net of 19,033,838 and 18,891,186 shares in treasury) on September 30, 2019 and December 31, 2018, respectively
EQUITY:
Common Stock	757	752
Class B Common Stock, $0.01 par value, ten votes per share; 30,000,000 shares authorized at September 30, 2019 and December 31, 2018; 376,392 and 517,138 shares issued and outstanding on September 30, 2019 and December 31, 2018, respectively
EQUITY:
Common Stock	$ 4	$ 5