Safe Harbor Statement
1
“SAFE HARBOR” STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This presentation may contain forward-looking statements, including any statements that are not purely statements of historical fact. Greenbrier uses words, and variations of words, such as “continue,” “create,” “enhance,” “estimate,” “expect,” “grow,” “maintain,” “outlook,” “position,” “potential,” “should,” “will,” and similar expressions to identify forward-looking statements. These forward-looking statements include, without limitation, statements about backlog, and future liquidity and cash flow as well as other information regarding future performance and strategies and appear throughout this presentation including in the headlines and the section titled “GBX Leasing Enhances Potential Returns.” These forward-looking statements are not guarantees of future performance and are subject to certain risks and uncertainties that could cause actual results to differ materially from the results
contemplated by the forward-looking statements. Factors that might cause such a difference include, but are not limited to, the following. (1) We are unable to predict when, how, or with what magnitude COVID-19, variants thereof, and governmental reaction thereto, and related economic disruptions will negatively impact our business: we may be prevented from operating our facilities; the operations of our customers may be disrupted increasing the likelihood that our customers may attempt to delay, defer or cancel orders, or cease to operate as going concerns; the operations of our suppliers may be disrupted; our indebtedness may increase; we may breach the covenants in our credit agreement; the market price of our common stock may drop or remain volatile; we may incur significant employee health care costs under our self-insurance programs.
We may not be able to effectively participate in the economic recovery following the pandemic, if any. The longer the pandemic continues, the more likely that negative impacts on our business will occur, some of which we cannot now foresee. (2) Our backlog of railcar units and marine vessels is not necessarily indicative of future results of operations. Certain orders in backlog are subject to customary documentation which may not occur. Customers may attempt to cancel or modify orders or refuse to accept and pay for products. The likelihood of cancellations,
modifications, rejection and non-payment for our products generally increases during periods of market weakness. The timing of converting
backlog to revenue is also materially impacted by our decision whether to lease railcars, sell railcars, or syndicate railcars with a lease attached to an investor. (3) Our joint ventures, including our leasing joint venture, may not perform as anticipated or expected. More information on potential factors that could cause our results to differ from our forward-looking statements is included in the Company’s filings with the SEC, including in the
“Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s most recently filed periodic report on Form 10-K and subsequent reports on 10-Q. Except as otherwise required by law, the Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management’s opinions only as of the date hereof.
Greenbrier Overview
Leading Railcar Manufacturer
in North America, Europe and SouthAmerica
2
(1) As of May 31, 2021
$850mn
in available liquidity(1)
$2.6bn
backlog(1)
$450mn
revenue generated in Q3 2021
Strategic Market Position
with multiple growth drivers
Unique Leasing Model
captures value throughout therailcar life cycle
Diverse Product Portfolio
from low-cost, flexible manufacturing facilitiesLarge Aftermarket Business
provides stability & strategicbenefits throughout cycle
Newly Formed Leasing JV
creates tax-advantaged annuity stream, reduces cycle exposureStrong Liquidity Profile
conservative approach to balancesheet management
Cash Flow Focus
investing in high return projects &
shareholder returns
Business Response to Market Conditions
Ensure the safety of our employees
• Policies meet or exceed CDC recommendations at all facilities worldwide
• Expand health screenings, including temperature readings, and operating through split shifts and enhanced social distancing to reduce the number of employees in a location at the same time
Maintain operational capabilities
• Operations constitute “Essential
Infrastructure” and “Essential Business”
orders issued in all jurisdictions where Greenbrier operates
• Entire operating network remains online
• Ability to quickly resume operations at suspended production lines in response to changes in demand
Preserve our economic well- being
• Taking swift action to achieve efficiencies to continue revenue
generating operations and maintaining liquidity
• Aggressive actions to adjust production lines and reduce overhead
3
Complementary Operating Segments
RAILCAR MANUFACTURING
Produce virtually all types of railcars for the North American, European and Brazilian markets. We are the North American market leader in intermodal railcar production.
RAILCAR LEASING
Greenbrier has a fleet of ~8,700 railcars in North America, covering numerous car types which serve multiple market segments.
RAILCAR MANAGEMENT
Greenbrier Management Services (GMS) is North America’s most comprehensive railcar management solutions provider. We manage 445,000 railcars and customers include Class I railroads and leading shippers.
WHEELS, REPAIR & PARTS
With decades of experience and industry leadership, we deliver seamless services and solutions throughout the lifecycle of a railcar that allow owners and shippers to focus on core business activities.
MARINE MANUFACTURING
Our deep-water facility has built a diverse portfolio of marine vessels with an emphasis on ocean- going barges, including heavy-lift deck barges, double-hull tank barges and many other heavy industrial products.
Greenbrier’s business model delivers superior value to customers by creating customized freight car solutions over the entire life of a railcar.
Our diversified portfolio of quality products and services enhances our financial performance across the business cycle.
4
Broad Operational Footprint
5
Greenbrier employs 11,700 employees across North and South America,
Europe and the Middle East.
North America Europe South America
Gulf Cooperation Council / Turkey
Guided by Our Core Values
(1)Days Away, Restricted, and Transferred.
(2)Association of American Railroads – Freight Railroad & Climate Change (March 2021).
ENVIRONMENT
Advancing Sustainability
“We are committed to improving our environmental performance, both by
reducing our environmental footprint and by meeting or exceeding the ecological
requirements in the countries where we operate.”
• Design advancements have reduced tare weight in our railcars and results in lower fuel consumption and reduced
greenhouse gas emissions
• If 10% of the freight shipped by the largest trucks were moved by rail
instead, greenhouse gas emissions would fall by more than 17 million tons annually.
That’s the equivalent of removing 3.35 million cars from our highways or planting 260 million trees(2)
SAFETY
Leading the Industry Worldwide
“Our dedication to ensuring employee safety, health, diversity and inclusion has paved the way to numerous awards and overall employee satisfaction with Greenbrier as an employer of choice.”
• Received multiple annual recognitions by the Portland Business Journal as a
‘Most Admired Company’
• OSHA injury and DART1rates have improved by >60% over the last seven years
SOCIAL
Contributing to Our Communities
“We believe it is a privilege to be good neighbors in every community where we operate, which is why we are careful to foster a spirit of civic engagement and volunteerism.”
• Our charitable giving program actively encourages employees to provide service to their local communities
• In fiscal 2020 we donated over
$500,000 and tens of thousands of volunteer hours to a wide range of different causes
GOVERNANCE
Putting People First
“We are committed to workforce diversity at all levels, including senior management and Board of Directors positions. As we continue to expand globally we intend for that trend to accelerate.”
• Greenbrier’s current percentage of female board members is 30%, exceeding the 2020 Women on Boards target
• 90% of directors are independent
Leading the Industry Worldwide Advancing Sustainability Contributing to Our Communities Putting People First
6
Greenbrier’s second annual ESG Report was published in October 2020. It highlights our achievements and goals in the areas of safety, operational efficiency and social impact. As part of our long-term ESG strategy, a Global Reporting Initiative (GRI) referenced report with a SASB index was generated.
Among our ESG targets, Greenbrier is committed to reducing our environmental footprint and meeting or exceeding the environmental regulations in the countries where we operate.
The items we track are based on a materiality assessment Greenbrier has completed. We are centralizing environmental standards and data gathering to better track environmental performance for reporting and improvement purposes.
7
Read Greenbrier’s 2020 ESG Report HERE
Environmental, Social and Governance (ESG)
Strong Balance Sheet and Liquidity Provide Flexibility
8
Liquidity Summary ($ in millions)
(1) Net funded debt is defined as gross debt plus debt discount less cash
(2)Adjusted EBITDA excludes gain on contribution to GBW, restructuring charges, goodwill impairment and other special items. See reconciliation on slides 14 and 15
4.6x
2.7x
2.0x
1.1x
0.5x
0.2x 0.0x
(0.1x)
1.9x
1.1x
4.8x
-1.0x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x
$192
$299 $304 $321
$268
$350 $339
$450
$312
$86
$221
$50
$54 $97
$185
$173
$223
$611
$531
$330 $834 $628
$242
$353 $401
$506
$441
$573
$950 $981
$641
$920
$849
$0
$200
$400
$600
$800
$1,000
$1,200
Borrowing Availability Cash
Net Funded Debt(1) / Adjusted EBITDA(2)
Increase reflects reduced EBITDA; Expected to
decrease in Q4
Manufacturing Flexibility Vital as Demand Changes
Source: FTR Associates – Rail Equipment Outlook (February 2021)
9
0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000
2010A 2011A 2012A 2013A 2014A 2015A 2016A 2017A 2018A 2019A 2020A 2021E 2022E 2023E 2024E 2025E
North American Industry Deliveries
Box Cars Covered Hoppers Open-Top Hoppers Gondolas Flat Cars Tank Cars
Long-term average
~50,000 units
Railcar Backlog Provides Earnings Visibility
10
$1.23 $1.20 $1.52
$3.33
$4.71
$3.19
$2.80 $2.74
$3.28
$2.42 $2.58
$80
$112
$106 $106
$114 $116
$98 $100
$108
$98
$104
$- $20 $40 $60 $80 $100 $120 $140
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3Q 21
Average Sales Price/Unit ($ in thousands)
BalcklogValue ($ in billions)
Backlog
units 15,400 10,700 14,400 31,500 41,300 27,500 28,600 27,400 30,300 24,600 24,800
Strategic Initiatives Drive Growth
11
50% stake in GGSynergy SA de C.V.
19.5% stake in Amsted-Maxion Hortolandia (rebranded Greenbrier-Maxion)
68% stake in Rayvag
Formation of
Greenbrier ASTRA Rail
Increased stake to 60% stake in Greenbrier-Maxion
ARI Acquisition GBSummit
2014 2015 2016 2017 2018 2019
Began delivery of approximately 1,200 railcars into the Kingdom of Saudi Arabia
2020 2021
Formed GBX Leasing, a new leasing Joint Venture with The Longwood Group
GBX Leasing Enhances Potential Returns
Complements Greenbrier’s integrated business model of railcar manufacturing and services
Strengthens distribution and funding strategies allowing us to better serve our customers’ needs and deepen relationships
Continues to grow a diverse lease portfolio, with emphasis on industrial shipper and other long-standing customer
relationships, including those gained through acquisition of ARI
Reduces Greenbrier’s exposure to new railcar order and
delivery cycle; provides tax-advantaged recurring lease-based revenue and an inflation hedge
Establishes new non-recourse $300 million debt facility with traditional leverage, maturities and terms for asset leasing and longer-term maturities that align better with a long-lived asset
Leverages deep leasing industry expertise and relationships of D. Stephen Menzies, Chairman & CEO of GBX Leasing
12
(In Units)
May 31, 2021
February 28, 2021
Owned Fleet 8,700 8,700
Managed Fleet 445,000 445,000
Owned Fleet Utilization 94% 95%
May 31, 2021
February 28, 2021 Equipment on operating
lease $ 446,888 $ 445,451
GBX Leasing non-
recourse warehouse $ 96,576 $ - Leasing non-recourse
debt 202,815 204,722
Total Leasing non-
recourse debt $ 299,391 $ 204,722
Fleet leverage %(1) 67% 46%
(1)Total Leasing non-recourse debt / Equipment on operating lease (In thousands, except owned and managed fleet, unaudited)
GBX, 13%
GBX, 53%
ARI, 21%
RAIL, 14%
RAIL, 4%
TRN, 36% TRN, 24%
Other, 16% Other, 19%
0%
20%
40%
60%
80%
100%
Growing Our Addressable Market
13
Product diversification and geographic expansion has grown the Greenbrier new railcar manufacturing market by over 390%
Source: SCI Multiclient Studies, Global Market Trends; RSI ARCI, public filings (April 2021) 466,000
1,441,000 1,442,000
700,000
23,000 130,000
1,189,000
200,000
200,000
0 500,000 1,000,000 1,500,000 2,000,000 2,500,000 3,000,000
2007 2015 Current
Total Addressable Market
N.A. market not addressed by GBX (ex. Coal) Brazil market
Turkey market Europe maket
N.A. market addressed by GBX 1,655,000
2,495,000
1,641,000
100% = 88,116 units
September 2006*
100% = 34,829 units
March 2021**
*September 2006 represents the industry backlog prior to Greenbrier’s extensive transformations
**March 2021 represents the most recent comparable period
North American Backlog
($ in millions)
$90
$112 $129
$113
$64 $76
$103
$161 $163
$254
$434
$474
$317 $318
$291
$310
$130
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM
5/31/21
Adjusted EBITDA
Increased Profitability Through Cycles
Average EBITDA during
’05 -’08 peak: $111
Average EBITDA during
’09 -’10 trough: $70
Average EBITDA during
’14 -’16 peak: $387
Peak Trough Transition
14
EBITDA is 1.9x higher than ‘09 - ‘10 trough
EBITDA
$0.27
($1.00)
$0.00
$1.00
$2.00
$3.00
$4.00
$5.00
$6.00
$7.00
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020LTM 5/31/21
Adj. diluted EPS
(2)13.6
0 5 10 15 20 25
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM 5/31/21
Deliveries
(1)$1,785
--
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM 5/31/21
Revenue
Strong Financial Performance
15
(1) Beginning in 2017, results include Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method.
(2)Adjusted diluted EPS excludes Goodwill impairment, Restructuring charges, ARI acquisition/integration costs and other Special Items.
($ in millions) (Units in thousands)
Key Operational Metrics
16
26,700
24,600
23,900
24,900 24,800
3Q20 4Q20 1Q21 2Q21 3Q 21
5,900
5,100
3,100
2,100
3,300
3Q20 4Q20 1Q21 2Q21 3Q 21
1,600
900
200
100
200
3Q20 4Q20 1Q21 2Q21 3Q 21
(1) Results include Greenbrier-Maxion, our Brazilian railcar manufacturer, which is accounted for under the equity method
Backlog(1) Deliveries(1) Syndicated Deliveries
Orders for 3,800 railcars valued at $400 million received
during Q3 FY 21 contribute to $2.6 billion backlog and represent 1.2x book-to-bill.
Balance Sheet & Cash Flow Trends
17
(1) Investment in Unconsolidated Affiliates included to reflect investments in unconsolidated joint ventures (2) Excludes debt discounts and issuance costs
Operating Cash Flow Net Capex & Invest. in
Unconsolidated Affiliates(1) Net Funded Debt(2)
$520.1
$351.8 $376.7
$501.4
$621.9
3Q20 4Q20 1Q21 2Q21 3Q 21
$222.2
$183.2
$8.7
$(103.4)
($29.1)
3Q20 4Q20 1Q21 2Q21 3Q 21
$(22.2)
$5.5
$24.9
$9.1
$15.3
3Q20 4Q20 1Q21 2Q21 3Q 21
Operating cash flow change reflects increased working capital driven by higher business activity levels.
($ in millions)
Appendix
19
Long Term Market Drivers
• Higher deliveries reflecting improving demand levels
• Higher production and delivery and favorable resolution of warranty and other contingencies; Excluding these items, gross margin would be in the low double digits
• Environmental concerns favor more fuel-efficient means of transport
• U.S. highway congestion, driver shortage, regulation and aging infrastructure constrain trucking
• Potential for significant demand improvement in Europe due to environmental concerns and replacement cycle
• Proposed environmental and other regulations in both North America and Europe should support secular demand for rail Third Quarter Developments
Manufacturing Segment Update
Revenue and Gross Margin %
Capital Expenditures
$- $20 $40 $60 $80 $100
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM
5/31/2021
$ in Millions
0%
5%
10%
15%
20%
25%
$- $500 $1,000 $1,500 $2,000 $2,500 $3,000
$ in Millions
Revenue Gross Margin
20
Long Term Market Drivers
• Increased demand levels across the network
• Higher volumes driving improved performance
• Ton-miles and equipment upgrades drive wheel and repair spending
Third Quarter Developments
Wheels, Repair and Parts
Revenue and Gross Margin %(1)
Capital Expenditures
(1)Pre-2014 results include legacy Repair operations which were contributed to GBW Railcar JV in July 2014. In August 2018, the GBW Railcar Services joint venture was dissolved resulting in 12 repair locations returning to Greenbrier which are included in the Wheels, Repair & Parts segment.
$- $5 $10 $15 $20 $25
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 LTM
5/31/2021
$ in Millions
0%
2%
4%
6%
8%
10%
12%
$- $100 $200 $300 $400 $500 $600
$ in Millions
Revenue Gross Margin
0 50 100 150 200 250 300 350 400 450 500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 3Q21
in Thousands
21
Long Term Market Drivers
• Revenue and margin include enhanced syndication financing activity
• Formation of GBX Leasing creates stable, tax-advantaged cash flows. GBX Leasing is consolidated in Greenbrier’s financial statements
• Trend of increasing private (“leasing / shipping companies”) railcar ownership expected to continue
• Users seek flexibility and financial institutions seek yield
• Opportunities created for partnering, service contracts and enhanced margins
• Growing participation through GBX Leasing joint venture Third Quarter Developments
Leasing & Services
Revenue and Gross Margin %
Managed Fleet
0%
10%
20%
30%
40%
50%
60%
70%
$- $50 $100 $150 $200 $250 $300
$ in Millions
Revenue Gross Margin
22
Manufacturing
($ in millions, except backlog and deliveries) 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21
Revenues $653.0 $549.7 $308.7 $202.1 $341.9
Gross Margin $90.2 $51.5 $27.8 $0.32 $49.5
Gross Margin % 13.8% 9.4% 9.0% 0.2% 14.5%
Operating Margin % 10.5% 5.4% 3.1% (8.5%) 9.2%
Capital Expenditures $8.7 $7.9 $5.5 $4.6 $4.8
New Railcar Backlog $2,670 $2,420 $2,350 $2,510 $2,580
New Railcar Backlog (units) 26,700 24,600 23,900 24,900 24,800
Deliveries (units) (1) 5,400 4,900 2,700 1,700 2,800
Wheels, Repairs and Parts
($ in millions) 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21
Revenues $82.0 $64.8 $65.6 $71.6 $80.9
Gross Margin $7.0 $3.9 $2.6 $5.0 $7.2
Gross Margin % 8.6% 6.0% 3.9% 6.9% 8.9%
Operating Margin % 4.6% 1.3% (0.3%) 3.4% 5.2%
Capital Expenditures $4.1 $3.3 $1.1 $3.4 $1.9
Leasing and Services
($ in millions, except managed fleet) 3Q 20 4Q 20 1Q 21 2Q 21 3Q 21
Revenues $27.5 $22.0 $28.7 $21.9 $27.3
Gross Margin $10.3 $11.7 $10.3 $12.4 $18.5
Gross Margin % 37.4% 53.2% 35.8% 56.6% 67.6%
Operating Margin % 43.0% 29.7% 20.5% 29.3% 44.9%
Net Capital Expenditures(2) ($35.0) ($4.6) $23.3 $1.2 $4.8
Managed fleet (000’s) 391 393 407 445 445
Lease Fleet Utilization 92.1% 90.4% 93.3% 94.8% 93.8%
Footnotes
Quarterly Segment Trends
(1) Excludes Brazil deliveries since they do not impact Manufacturing Revenue and Margins.
(2) Includes corporate expenditures and is net of proceeds from sale of equipment
Quarterly Adjusted EBITDA Reconciliation
23 Supplemental Disclosure
Reconciliation of Net Earnings (Loss) to Adjusted EBITDA
(In millions, unaudited)
Quarter Ending
May 31, 2020
Aug. 31, 2020
Nov. 30, 2020
Feb. 28, 2021
May 31, 2021
Net earnings (loss) $35.9 $7.7 ($6.6) ($13.9) $20.0
ARI acquisition and integration costs
2.6 1.8 - - -
Severance expense(1) 6.3 5.9 - - -
Interest and foreign exchange 7.6 10.6 11.1 9.6 10.2
Income tax expense (benefit) 24.4 2.3 (7.3) (21.8) (6.9)
Depreciation and amortization 23.1 27.4 26.0 24.8 24.8
Loss on extinguishment of debt - - - - 4.8
Adjusted EBITDA $99.9 $55.7 $23.2 ($1.3) $52.9
See slide 17 for definition of Adjusted EBITDA.
Supplemental Disclosure
Reconciliation of Net Earnings (loss) to Adjusted EBITDA
(In millions) Year Ending August 31,
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net earnings (loss) $8.3 $8.4 $61.2 ($5.4) $149.8 $265.3 $284.8 $160.5 $172.1 $105.8 $87.6
Interest and foreign exchange 45.2 37.0 24.8 22.2 18.7 11.2 13.5 24.2 29.3 31.0 43.6
Income tax expense (benefit) (0.9) 3.5 32.4 25.1 72.4 112.2 112.3 64.0 32.9 41.6 40.2
Depreciation and amortization 37.5 38.3 42.4 41.4 40.4 45.1 63.4 65.1 74.4 83.7 109.9
ARI acquisition and integration costs - - - - - - - - - 18.8 7.8
Severance expense - - - - - - - - - - 21.2
Goodwill impairment(1) - - - 76.9 - - - 3.5 9.5 10.0 -
Gain on contribution to GBW - - - - (29.0) - - - - - -
Loss (gain) on debt extinguishment (2.1) 15.7 - - - - - - - - -
Special items (11.9) - - 2.7 1.5 - - - - - -
Adjusted EBITDA $76.1 $102.9 $160.8 $162.9 $253.8 $433.8 $474.0 $317.3 $318.2 $290.9 $310.3
See slide 26 for definition of Adjusted EBITDA
(1) 2013 and 2019 Goodwill impairment relates to our Wheels, Repair and Parts segment. 2017 and 2018 Goodwill impairment reflects our portion of a Goodwill impairment change recorded by GBW.
Annual Adjusted EBITDA Reconciliation
24
Year Ending August 31,
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Net earnings (loss) attributable to
Greenbrier $4.3 $6.5 $58.7 ($11.1) $111.9 $192.8 $183.2 $116.1 $151.8 $71.1 $49.0
Goodwill impairment(1) - - - 71.8 - - - 3.5 9.5 10.0 -
ARI acquisition costs (after-tax) - - - - - - - - - 14.1 8.3
Severance expense (after-tax) - - - - - - - - - - 12.9
Gain on contribution to GBW (after-tax)
- - - - (13.6) - - - - - -
Loss (gain) on debt extinguishment (after-tax)
(1.3) 9.4 - - - - - - - - -
Non-recurring Tax Act (benefit) - - - - - - - - (27.4) - -
Special items (after-tax) (11.9) - - 1.8 1.0 - - - - - -
Adjusted net earnings (loss) ($8.9) $15.9 $58.7 $62.5 $99.3 $192.8 $183.2 $119.6 $133.9 $95.2 $70.2 Weighted average diluted shares
outstanding
20.2 26.5 33.7 34.2 34.2 33.3 32.5 32.6 32.8 33.2 33.4
Adjusted diluted EPS ($0.44) $0.60 $1.91 $2.00 $3.07 $5.93 $5.73 $3.76 $4.13 $2.87 $2.10
Supplemental Disclosure
Reconciliation of Net Earnings (loss) Attributable to Greenbrier to Adjusted Net Earnings (loss) (In millions, except per share amounts)
See slide 26 for definitions of Adjusted net earnings and Adjusted diluted EPS
(1) 2013 and 2019 Goodwill impairment relates to our Wheels, Repair and Parts segment. 2017 and 2018 Goodwill impairment reflects our portion of a Goodwill impairment change recorded by GBW.
