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WABCO Holdings Inc.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2020 10-Q, filed May 1, 2020. Its latest SEC filing is a 15-12B from Jun 8, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Builds braking and vehicle-control systems for truck, bus and trailer makers, and supplies replacement parts and fleet-management tools to commercial vehicle distributors and fleet operators.

How Did They Make Money?

Customers purchase products and services under contracts, and WABCO counts most sales when it transfers the product or service to the customer, usually at a single point in time.

revenue

Who Were Their Customers?

Vehicle makers, including truck and bus, trailer, passenger-car and off-highway manufacturers, buy WABCO products. Commercial vehicle distributors provide replacement parts and services to operators, while fleet operators use WABCO’s management solutions and services.

Customers above 10% of revenue, FY2019
of revenue from two customers (13%, 12%)
FY2017: 19% from two customers

Did Revenues Turn Into Profits?

Yes. It kept 7 cents of every revenue dollar as net income in .

Operating income,
10% of revenue
▼ −34% vs ($512.5M, 13%)
Net income,
7% of revenue
▼ −38% vs ($394.1M, 10%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q1 FY2020, the three months to Mar 31, 2020
Revenue
▼ −20%
vs $932.9M in Q1 FY2019
Net income
▼ −70%
vs $84.2M in Q1 FY2019
  • May 29, 2020 ZF completed its acquisition of WABCO WABCO became a wholly owned ZF subsidiary, NYSE trading was suspended, and CEO and Chair Jacques Esculier retired.
  • May 15, 2020 ZF and WABCO received final Chinese approval for their merger The companies said they expected to close the merger on May 29, subject to other closing conditions.
  • Mar 24, 2020 Merger closing awaited final Chinese regulatory approval WABCO and ZF expected the transaction to close in the second quarter of 2020 after the final approval.

Grew. Revenue grew 30% in 4 years, from $2.6B in to $3.4B in , about 7% a year.

Steering added to the portfolio The older report describes a planned joint venture to develop and sell electronically controlled active steering; the later report describes steering technology added through the acquisition of a steering manufacturer.

Broader connected fleet services The older report describes fleet-management solutions using onboard data; the later report adds cloud-based telematics, remote diagnostics and tools for fuel costs, smaller fleets and trailer monitoring.

Who Did They Compete With?

Competes with Knorr-Bremse, Bendix Commercial Vehicle Systems, Haldex, Bosch, and Continental

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