$WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

2015 Q2 Form 10-Q Financial Statement

#000156459015005849 Filed on July 30, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $847.0M $731.1M
YoY Change 15.86% 14.59%
Cost Of Revenue $579.3M $506.4M
YoY Change 14.39% 13.77%
Gross Profit $267.8M $224.7M
YoY Change 19.19% 16.47%
Gross Profit Margin 31.61% 30.73%
Selling, General & Admin $88.99M $73.00M
YoY Change 21.91% 14.24%
% of Gross Profit 33.24% 32.49%
Research & Development $17.75M $14.20M
YoY Change 25.0% 25.66%
% of Gross Profit 6.63% 6.32%
Depreciation & Amortization $16.00M $14.30M
YoY Change 11.89% 3.62%
% of Gross Profit 5.98% 6.37%
Operating Expenses $111.9M $92.30M
YoY Change 21.24% 14.94%
Operating Profit $155.9M $132.3M
YoY Change 17.79% 17.56%
Interest Expense -$5.600M -$4.300M
YoY Change 30.23% 0.0%
% of Operating Profit -3.59% -3.25%
Other Income/Expense, Net -$1.887M -$19.00K
YoY Change 9831.58% -101.36%
Pretax Income $149.9M $128.0M
YoY Change 17.1% 16.73%
Income Tax $48.43M $39.30M
% Of Pretax Income 32.3% 30.69%
Net Earnings $101.5M $88.71M
YoY Change 14.43% 18.85%
Net Earnings / Revenue 11.98% 12.13%
Basic Earnings Per Share $1.05 $0.92
Diluted Earnings Per Share $1.04 $0.91
COMMON SHARES
Basic Shares Outstanding 96.34M shares
Diluted Shares Outstanding 97.44M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.0M $226.0M
YoY Change 17.26% 5.12%
Cash & Equivalents $264.8M $225.9M
Short-Term Investments
Other Short-Term Assets $55.64M $102.0M
YoY Change -45.45% 25.93%
Inventory $535.0M $482.0M
Prepaid Expenses
Receivables $680.0M $717.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.580B $1.527B
YoY Change 3.47% 28.32%
LONG-TERM ASSETS
Property, Plant & Equipment $357.0M $343.0M
YoY Change 4.07% 42.32%
Goodwill $864.9M
YoY Change
Intangibles $628.3M $157.1M
YoY Change 299.96% 13.43%
Long-Term Investments
YoY Change
Other Assets $41.73M $37.00M
YoY Change 12.79% -9.76%
Total Long-Term Assets $1.718B $1.637B
YoY Change 4.96% 23.45%
TOTAL ASSETS
Total Short-Term Assets $1.580B $1.527B
Total Long-Term Assets $1.718B $1.637B
Total Assets $3.298B $3.164B
YoY Change 4.24% 25.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $377.5M $397.0M
YoY Change -4.92% 45.42%
Accrued Expenses $223.0M $198.0M
YoY Change 12.63% 15.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $1.000M
YoY Change -100.0%
Total Short-Term Liabilities $699.5M $668.0M
YoY Change 4.72% 27.48%
LONG-TERM LIABILITIES
Long-Term Debt $400.0M $500.0M
YoY Change -20.0% 25.94%
Other Long-Term Liabilities $21.73M $94.00M
YoY Change -76.88% -7.84%
Total Long-Term Liabilities $21.73M $594.0M
YoY Change -96.34% 19.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $699.5M $668.0M
Total Long-Term Liabilities $21.73M $594.0M
Total Liabilities $1.342B $1.400B
YoY Change -4.16% 25.56%
SHAREHOLDERS EQUITY
Retained Earnings $2.095B
YoY Change
Common Stock $457.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $388.0M
YoY Change
Treasury Stock Shares $35.68M
Shareholders Equity $1.955B $1.764B
YoY Change
Total Liabilities & Shareholders Equity $3.298B $3.164B
YoY Change 4.24% 25.76%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income $101.5M $88.71M
YoY Change 14.43% 18.85%
Depreciation, Depletion And Amortization $16.00M $14.30M
YoY Change 11.89% 3.62%
Cash From Operating Activities $67.20M $111.5M
YoY Change -39.73% 751.15%
INVESTING ACTIVITIES
Capital Expenditures -$12.40M -$12.10M
YoY Change 2.48% 47.56%
Acquisitions
YoY Change
Other Investing Activities -$24.30M -$200.6M
YoY Change -87.89% -3957.69%
Cash From Investing Activities -$36.80M -$212.7M
YoY Change -82.7% 6990.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.80M 33.60M
YoY Change -170.83% -275.92%
NET CHANGE
Cash From Operating Activities 67.20M 111.5M
Cash From Investing Activities -36.80M -212.7M
Cash From Financing Activities -23.80M 33.60M
Net Change In Cash 6.600M -67.60M
YoY Change -109.76% 651.11%
FREE CASH FLOW
Cash From Operating Activities $67.20M $111.5M
Capital Expenditures -$12.40M -$12.10M
Free Cash Flow $79.60M $123.6M
YoY Change -35.6% 480.28%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. BUSINESS </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Westinghouse Air Brake Technologies Corporation (&#8220;Wabtec&#8221;) is one of the world&#8217;s largest providers of value-added, technology-based products and services for the global rail industry. Our products are found on virtually all U.S. locomotives, freight cars and passenger transit vehicles, as well as in more than 100 countries throughout the world. Our products enhance safety, improve productivity and reduce maintenance costs for customers, and many of our core products and services are essential in the safe and efficient operation of freight rail and passenger transit vehicles. Wabtec is a global company with operations in 20 countries. In the first six months of 2015, about 48% of the Company&#8217;s revenues came from customers outside the U.S. </p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;text-indent:4.54%;">Use of Estimates<font style="font-weight:normal;font-style:normal;"> The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual amounts could differ from the estimates. On an ongoing basis, management reviews its estimates based on currently available information. Changes in facts and circumstances may result in revised estimates. </font></p></div>
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28700000
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24900000
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53900000
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BusinessAcquisitionsProFormaRevenue
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247791000
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531760000
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486639000
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BusinessAcquisitionsProFormaNetIncomeLoss
182957000
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BusinessAcquisitionProFormaEarningsPerShareDiluted
0.97
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
2.06
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
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IndefiniteLivedTrademarks
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252705000
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Expiration Date
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us-gaap Allocated Share Based Compensation Expense
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1167973
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28.33
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0011
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0182
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0219
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0.273
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0.332
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
47.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
87.74
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
37.76
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57.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
60.51
CY2015Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
65.66
CY2015Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.323
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.321
CY2014Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.307
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.312
CY2015Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12600000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
12600000
CY2015Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
5500000
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UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
4500000
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IncomeTaxExaminationInterestAccrued
2300000
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IncomeTaxExaminationInterestAccrued
1900000
CY2015Q2 us-gaap Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
1600000
CY2014Q4 us-gaap Income Tax Examination Penalties Accrued
IncomeTaxExaminationPenaltiesAccrued
1300000
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SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
700000
CY2015Q2 us-gaap Dividends Cash
DividendsCash
5799000
CY2014Q2 us-gaap Dividends Cash
DividendsCash
3863000
CY2015Q2 us-gaap Undistributed Earnings
UndistributedEarnings
95705000
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UndistributedEarnings
84842000
CY2015Q2 wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.997
CY2014Q2 wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.996
CY2015Q2 wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
95418000
CY2014Q2 wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
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DividendsDeclaredCommonShares
5782000
CY2014Q2 wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
3849000
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NumeratorForBasicAndDilutedEarningsPerCommonShare
101200000
CY2014Q2 wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
88352000
CY2015Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1097000
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IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1010000
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us-gaap Dividends Cash
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us-gaap Dividends Cash
DividendsCash
7691000
us-gaap Undistributed Earnings
UndistributedEarnings
186088000
us-gaap Undistributed Earnings
UndistributedEarnings
161148000
wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.996
wab Percentage Of Net Income Allocated To Common Shareholders
PercentageOfNetIncomeAllocatedToCommonShareholders
0.996
wab Undistributed Earnings Allocated To Common Shareholders
UndistributedEarningsAllocatedToCommonShareholders
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wab Undistributed Earnings Allocated To Common Shareholders
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DividendsDeclaredCommonShares
11539000
wab Dividends Declared Common Shares
DividendsDeclaredCommonShares
7657000
wab Numerator For Basic And Diluted Earnings Per Common Share
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196883000
wab Numerator For Basic And Diluted Earnings Per Common Share
NumeratorForBasicAndDilutedEarningsPerCommonShare
168160000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1046000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1153000
wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
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96406000
wab Basic Weighted Average Common Shares Outstanding And Non Vested Restricted Stock Expected To Vest
BasicWeightedAverageCommonSharesOutstandingAndNonVestedRestrictedStockExpectedToVest
96094000
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
87849000
CY2013Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
60593000
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ProductWarrantyAccrualWarrantiesIssued
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us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
15328000
us-gaap Product Warranty Accrual Additions From Business Acquisition
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us-gaap Product Warranty Accrual Additions From Business Acquisition
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3567000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
10538000
us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
8816000
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
-702000
us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
447000
CY2015Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
96653000
CY2014Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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4186000
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DerivativeLiabilitiesCurrent
3351000
us-gaap Number Of Reportable Segments
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2
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InterestExpenseAndOtherNet
5928000
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InterestExpenseAndOtherNet
4282000
wab Interest Expense And Other Net
InterestExpenseAndOtherNet
13100000
wab Interest Expense And Other Net
InterestExpenseAndOtherNet
8749000
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ForeignCurrencyTransactionGainLossRealized
-1541000
CY2014Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
262000
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
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us-gaap Foreign Currency Transaction Gain Loss Realized
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-99000
CY2015Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-346000
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OtherNonoperatingIncomeExpense
-19000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-818000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
325000

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