Fiscal 22 is off to a good start, driven by strong commercial performance, disciplined management of our production capacity and continued growth of our railcar and lease fleet.
New railcars orders and actually were at 1.5 for this quarter.
New railcar orders of 6,300 units were worth 685 million, were across a broad range of railcars.
Our order intake for the first quarter alone represents 35% of new orders received during all of fiscal 2021.
And I should mention in terms of backlog do we have booked another 200 million of rebody work which is sizable but not counted in our backlog.
Meat production requirements we recently expanded our global workforce by about 10%.
Asset utilization, a key performance metric for the leasing business is high at 97.1% for the portfolio that is well-diversified across car types and strong lessee credits as well as maturity ladders.
Additionally, we exceeded the initial investment target for GBX leasing by $200 million to a portfolio of $400 million in only nine months of operations.
For example, a portion of idle railcars in North America decreased to 32% in July to just below 20% by December.
All this suggest that industry fleet utilization is nearing 80%.
I became the CEO, when we were founded, when my partner and I cofounded a small asset leasing business in 1981.
We entered manufacturing with the acquisition of Gunderson in 1985 and have continued to build on those two foundations.
Today's manufacturing is our largest unit, comprising about 80% of our total annual revenues.
I also would like to congratulate two directors who served throughout almost the last 18 years to 20 years on our Board, Duane McDougall and Donald Washburn.
It is certainly an understatement to say that increasing headcount safely by several thousand employees, and increasing production rates by 40% to 50% is challenging.
And the quarter just ended, we delivered 4,100 units, including 400 units in Brazil.
Deliveries decreased by about 9% sequentially, which primarily reflects the timing of syndication activity, and line changeovers in North America.
We've made a number of changes to our hiring and training practices, and we're seeing improved retention rate that maintenance cycle times can be 75 to 90 days.
Between the portfolio assets and origination from Greenbrier, GBX leasing grew by approximately 200 million in the quarter.
And as of quarter end, that fleet is valued at nearly 400 million, nearly doubling in value across the quarter.
In addition to managing our lease fleet, our Management Services or GMS group continues to provide creative railcar assets solution for over 450,000 railcars in the North American freight industry.
When other positive developments subsequent to quarter end, is that our leasing team successfully increased the size of our 300 million nonrecourse railcar warehouse facilities by 50 million to 350 million.
In Greenbrier's first quarter, we had a book-to-bill 1.5 reflecting deliveries of 4,100 units and orders of 6,300 units.
New railcar backlog of 28,000 units with a market value of three billion provides strong multiyear visibility.
In addition to new railcar orders, we recently received orders to rebody 1,400 railcars, as part of Greenbrier railcar refurbishment program.
As of November 30th, our modernization backlog included 3,500 units, valued at $200 million.
Each gondolas unloaded weight is reduced by up to 15,000 pounds.
Norfolk Southern will initially acquire 800 of these Greenbrier engineered gondolas.
One item we are clarifying is the $800 gondolas will be part of the Q2 order activity.
Greenbrier's leased fleet utilization ended the quarter at over 97%.
North American industry delivery projections saw an increase in nearly 49,000 units in 2022 and over 60,000 units in 2023, given the strong reduction in railcars and storage that continue to congestion as the pores, which is impacting traffic and overall economic growth.
Highlights for the first quarter include revenue of $550.7 million, deliveries of 4,100 units which include 400 units from our unconsolidated joint venture in Brazil.
Aggregate gross margins of 8.6%, reflecting competitive new rail car pricing from orders taken earlier in the pandemic and labor shortages.
Selling and administrative expense of $44.3 million is down 20% from Q4, primarily as a result of lower employee-related costs.
Net gain on disposition of equipment was $8.5 million, like many leasing companies we periodically sell assets from our lease fleet as opportunities arise.
We had an income tax benefit of 1.4 million in the quarter primarily reflect the net benefits from amending prior year tax returns.
Non-controlling interest provides the benefit of 5.2 million, primarily resulting from the impacts of line changeovers and production ramping at our Mexico joint venture.
Net earnings attributable to Greenbrier of 10.8 million or $0.32 per diluted share and EBITDA of 42.2 million or 7.7% of revenue.
Liquidity of 610 million is comprised of cacheable reforms of the ten million and available borrowings of nearly 200 million.
As mentioned last quarter, our cash receivable spends at 106 million as of November 30, and we expect to receive most of these refunds in the second quarter of fiscal 2022.
Today, we announced the dividends are $0.27 per share, which is our thirty-first consecutive dividend.
As of yesterday's closing price, our annual dividend represents a yield of approximately 2.3%.
Since 2014, Greenbrier returns nearly 370 million of capital to shareholders through dividends and share repurchases.
Additionally, you may have noticed an increase of approximately 70 million and Greenbrier's notes payable balance, when compared to the prior quarter.
Increase deliveries by 1,500 units, now to a range of 17,500 to 19,500 units, which includes approximately 1,500 units from Greenbrier-Maxion in Brazil.
Selling and administrative expenses are unchanged and expect to be approximately 200 million to 210 million for the year.
Gross capital expenditures of approximately 275 million in leasing and management services, 55 million in manufacturing, and 10 million in maintenance services.
We expect deliveries to continue to be back half waited with a 45%, 55% split.
As reminders in fiscal 2022 approximately 1,400 units are expected to be built and capitalized into our lease fleet.

Summary:
New railcar backlog of 28,000 units with a market value of three billion provides strong multiyear visibility.
Net earnings attributable to Greenbrier of 10.8 million or $0.32 per diluted share and EBITDA of 42.2 million or 7.7% of revenue.
Increase deliveries by 1,500 units, now to a range of 17,500 to 19,500 units, which includes approximately 1,500 units from Greenbrier-Maxion in Brazil.