The Greenbrier Companies (GBX) is a public company. The Greenbrier Companies is a leading supplier of rail transportation equipment and services, powering the movement of products around the world. Through wholly-owned subsidiaries and joint ventures, Greenbrier designs, builds and markets freight railcars in North America, Europe and Brazil. We are a leading provider of freight railcar wheel services, parts, maintenance and retrofitting services in North America through our maintenance services business unit. Greenbrier owns a lease fleet of railcars that originate primarily from Greenbrier's manufacturing operations. Greenbrier offers railcar management, regulatory compliance services and leasing services to railroads and other railcar owners in North America. Learn more about Greenbrier at www.gbrx.com. Founded in 1981. It has 2,050 employees. Annual revenue is $3.2B. IPO 1994.

Transcript

Operator

Hello, welcome to The Greenbrier Companies Q3 fiscal 2026 earnings conference call. Following today's presentation, we will conduct a question-and-answer session. Until that time, all lines will be in a listen-only mode. At the request of The Greenbrier Companies, this conference call is being recorded for instant replay purposes. At this time, I would like to turn the conference over to Travis Williams, Head of Investor Relations. Mr. Williams, you may begin.

Travis Williams — Head of Investor Relations

Thank you, operator. Good afternoon, everyone, welcome to our Q3 fiscal 2026 conference call. Today, I'm joined by Lori Tekorius, Greenbrier's CEO and President, Brian Comstock, Executive Vice President and President of the Americas, and Michael Donfris, Senior Vice President and CFO. Following our update on Greenbrier's Q3 performance, our outlook for fiscal 2026, we will open the call for questions. Our earnings release and supplemental slides can be found on the IR section of our website. Matters discussed on today's conference call include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Throughout our discussion today, we will describe some of the important factors that could cause Greenbrier's actual results in 2026 and beyond to differ materially from those expressed in any forward-looking statements made by or on behalf of Greenbrier. We will refer to recurring revenue throughout our comments today. Recurring revenue is defined as