2022 Q1 Form 10-Q Financial Statement

#000162828022010717 Filed on April 27, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $1.927B $1.830B
YoY Change 5.3% -5.18%
Cost Of Revenue $1.332B $1.296B
YoY Change 2.78% -4.09%
Gross Profit $595.0M $534.0M
YoY Change 11.42% -7.72%
Gross Profit Margin 30.88% 29.18%
Selling, General & Admin $238.0M $234.0M
YoY Change 1.71% -3.86%
% of Gross Profit 40.0% 43.82%
Research & Development $45.00M $38.00M
YoY Change 18.42% -22.45%
% of Gross Profit 7.56% 7.12%
Depreciation & Amortization $122.0M $120.0M
YoY Change 1.67% 3.63%
% of Gross Profit 20.5% 22.47%
Operating Expenses $356.0M $342.0M
YoY Change 4.09% -5.37%
Operating Profit $239.0M $192.0M
YoY Change 24.48% -11.64%
Interest Expense -$40.00M -$58.90M
YoY Change -32.09% -13.38%
% of Operating Profit -16.74% -30.68%
Other Income/Expense, Net $4.000M $14.00M
YoY Change -71.43% -194.59%
Pretax Income $200.0M $158.0M
YoY Change 26.58% 5.9%
Income Tax $50.00M $43.00M
% Of Pretax Income 25.0% 27.22%
Net Earnings $149.0M $112.0M
YoY Change 33.04% 0.36%
Net Earnings / Revenue 7.73% 6.12%
Basic Earnings Per Share $0.80 $0.59
Diluted Earnings Per Share $0.80 $0.59
COMMON SHARES
Basic Shares Outstanding 184.5M shares 188.5M shares
Diluted Shares Outstanding 185.0M shares 188.9M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $488.0M $484.0M
YoY Change 0.83% -21.43%
Cash & Equivalents $488.0M $483.5M
Short-Term Investments
Other Short-Term Assets $213.0M $221.0M
YoY Change -3.62% 31.94%
Inventory $1.828B $1.672B
Prepaid Expenses
Receivables $998.0M $985.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.911B $3.779B
YoY Change 3.49% -10.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.468B $1.576B
YoY Change -6.82% -2.93%
Goodwill $8.567B $8.626B
YoY Change -0.68% 4.25%
Intangibles $4.253B $4.586B
YoY Change -7.27% -0.82%
Long-Term Investments
YoY Change
Other Assets $860.0M $635.8M
YoY Change 35.26% 1.68%
Total Long-Term Assets $14.53B $14.76B
YoY Change -1.61% 1.6%
TOTAL ASSETS
Total Short-Term Assets $3.911B $3.779B
Total Long-Term Assets $14.53B $14.76B
Total Assets $18.44B $18.54B
YoY Change -0.57% -1.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.058B $955.0M
YoY Change 10.79% -12.16%
Accrued Expenses $1.184B $1.219B
YoY Change -2.87% 1.67%
Deferred Revenue $624.0M $640.7M
YoY Change -2.61% 6.29%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.00M $353.9M
YoY Change -96.04% 281.36%
Total Short-Term Liabilities $2.880B $3.169B
YoY Change -9.12% 6.28%
LONG-TERM LIABILITIES
Long-Term Debt $4.225B $3.923B
YoY Change 7.69% -15.72%
Other Long-Term Liabilities $727.0M $758.9M
YoY Change -4.2% -3.13%
Total Long-Term Liabilities $4.952B $4.682B
YoY Change 5.76% -13.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.880B $3.169B
Total Long-Term Liabilities $4.952B $4.682B
Total Liabilities $8.350B $8.366B
YoY Change -0.19% -6.79%
SHAREHOLDERS EQUITY
Retained Earnings $4.176B $3.678B
YoY Change 13.53% 9.62%
Common Stock $7.919B $7.886B
YoY Change 0.42% 0.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.597B $1.011B
YoY Change 57.95% 11.09%
Treasury Stock Shares 44.00M shares 38.00M shares
Shareholders Equity $10.05B $10.14B
YoY Change
Total Liabilities & Shareholders Equity $18.44B $18.54B
YoY Change -0.57% -1.22%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $149.0M $112.0M
YoY Change 33.04% 0.36%
Depreciation, Depletion And Amortization $122.0M $120.0M
YoY Change 1.67% 3.63%
Cash From Operating Activities $161.0M $292.0M
YoY Change -44.86% -456.53%
INVESTING ACTIVITIES
Capital Expenditures $20.00M $27.00M
YoY Change -25.93% -18.92%
Acquisitions $0.00 $401.0M
YoY Change -100.0% 1023.25%
Other Investing Activities $2.000M -$395.5M
YoY Change -100.51% 1249.83%
Cash From Investing Activities -$18.00M -$422.0M
YoY Change -95.73% 574.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $296.0M $1.000M
YoY Change 29500.0% -99.05%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$133.0M $8.000M
YoY Change -1762.5% -95.64%
NET CHANGE
Cash From Operating Activities $161.0M $292.0M
Cash From Investing Activities -$18.00M -$422.0M
Cash From Financing Activities -$133.0M $8.000M
Net Change In Cash $15.00M -$115.0M
YoY Change -113.04% -1082.91%
FREE CASH FLOW
Cash From Operating Activities $161.0M $292.0M
Capital Expenditures $20.00M $27.00M
Free Cash Flow $141.0M $265.0M
YoY Change -46.79% -330.03%

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BUSINESS Westinghouse Air Brake Technologies Corporation (“Wabtec” or the "Company") is one of the world’s largest providers of value-added, technology-based locomotives, equipment, systems, and services for the global freight rail and passenger transit industries. Our highly engineered products, which are intended to enhance safety, improve productivity and reduce maintenance costs for customers, can be found on most locomotives, freight cars, passenger transit cars and buses around the world. 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 over 50 countries and our products can be found in more than 100 countries throughout the world. In the first three months of 2022, approximately 60% of the Company’s net sales came from customers outside the United States.
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Use of Estimates The preparation of financial statements in conformity with GAAP 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.
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30000000 USD
CY2022Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
2000000 USD
CY2021Q1 us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
StandardAndExtendedProductWarrantyAccrualForeignCurrencyTranslationGainLoss
7000000 USD
CY2022Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
254000000 USD
CY2021Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
274000000 USD
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
142000000 USD
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
141000000 USD
CY2022Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 segment
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1927000000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1927000000 USD
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
239000000 USD
CY2022Q1 wab Interest Expense And Other Net
InterestExpenseAndOtherNet
39000000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
200000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1830000000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1830000000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
192000000 USD
CY2021Q1 wab Interest Expense And Other Net
InterestExpenseAndOtherNet
34000000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
158000000 USD
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
3000000 USD
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
9000000 USD
CY2022Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3000000 USD
CY2022Q1 wab Periodic Defined Benefits Expense Reversalof Expense Excluding Interest Cost And Service Cost Component
PeriodicDefinedBenefitsExpenseReversalofExpenseExcludingInterestCostAndServiceCostComponent
3000000 USD
CY2021Q1 wab Periodic Defined Benefits Expense Reversalof Expense Excluding Interest Cost And Service Cost Component
PeriodicDefinedBenefitsExpenseReversalofExpenseExcludingInterestCostAndServiceCostComponent
3000000 USD
CY2022Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2000000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1000000 USD
CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
4000000 USD
CY2021Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
14000000 USD

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