$WAB
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP

2023 Q3 Form 10-Q Financial Statement

#000162828023025856 Filed on July 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $2.550B $2.407B
YoY Change 22.54% 17.53%
Cost Of Revenue $1.758B $1.676B
YoY Change 22.68% 19.46%
Gross Profit $792.0M $731.0M
YoY Change 22.22% 13.33%
Gross Profit Margin 31.06% 30.37%
Selling, General & Admin $295.0M $283.0M
YoY Change 13.46% 9.27%
% of Gross Profit 37.25% 38.71%
Research & Development $53.00M $53.00M
YoY Change -1.85% 6.0%
% of Gross Profit 6.69% 7.25%
Depreciation & Amortization $125.0M $123.0M
YoY Change 71.23% 4.24%
% of Gross Profit 15.78% 16.83%
Operating Expenses $422.0M $409.0M
YoY Change 9.04% 7.35%
Operating Profit $370.0M $322.0M
YoY Change 41.76% 21.97%
Interest Expense -$51.00M -$53.00M
YoY Change 6.25% 35.9%
% of Operating Profit -13.78% -16.46%
Other Income/Expense, Net $10.00M $0.00
YoY Change 150.0% -100.0%
Pretax Income $320.0M $259.0M
YoY Change 47.47% 14.1%
Income Tax $78.00M $66.00M
% Of Pretax Income 24.38% 25.48%
Net Earnings $240.0M $191.0M
YoY Change 50.0% 15.06%
Net Earnings / Revenue 9.41% 7.94%
Basic Earnings Per Share $1.34 $1.06
Diluted Earnings Per Share $1.33 $1.07
COMMON SHARES
Basic Shares Outstanding 179.1M shares 179.9M shares
Diluted Shares Outstanding 179.2M shares 179.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $392.0M $371.0M
YoY Change -23.74% -25.95%
Cash & Equivalents $392.0M $371.0M
Short-Term Investments
Other Short-Term Assets $282.0M $277.0M
YoY Change 41.0% 35.12%
Inventory $2.246B $2.317B
Prepaid Expenses
Receivables $1.104B $1.698B
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.634B $4.663B
YoY Change 10.36% 15.25%
LONG-TERM ASSETS
Property, Plant & Equipment $1.419B $1.443B
YoY Change 1.21% 1.05%
Goodwill $8.590B $8.657B
YoY Change 2.74% 2.34%
Intangibles $3.879B $3.985B
YoY Change -2.49% -3.46%
Long-Term Investments
YoY Change
Other Assets $890.0M $687.0M
YoY Change 0.0% -20.94%
Total Long-Term Assets $14.17B $14.32B
YoY Change 0.73% 0.24%
TOTAL ASSETS
Total Short-Term Assets $4.634B $4.663B
Total Long-Term Assets $14.17B $14.32B
Total Assets $18.80B $18.99B
YoY Change 2.95% 3.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.243B $1.307B
YoY Change 3.07% 10.95%
Accrued Expenses $1.210B $1.146B
YoY Change 2.54% -1.12%
Deferred Revenue $679.0M $731.0M
YoY Change -1.74% 16.59%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $759.0M $989.0M
YoY Change 202.39% 337.61%
Total Short-Term Liabilities $3.891B $4.173B
YoY Change 16.92% 30.82%
LONG-TERM LIABILITIES
Long-Term Debt $3.288B $3.401B
YoY Change -14.02% -14.7%
Other Long-Term Liabilities $787.0M $825.0M
YoY Change 13.73% 16.36%
Total Long-Term Liabilities $4.075B $4.226B
YoY Change -9.77% -10.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.891B $4.173B
Total Long-Term Liabilities $4.075B $4.226B
Total Liabilities $8.433B $8.797B
YoY Change 1.15% 4.9%
SHAREHOLDERS EQUITY
Retained Earnings $5.085B $4.875B
YoY Change 14.35% 13.0%
Common Stock $7.967B $7.951B
YoY Change 0.35% 0.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.33B $10.19B
YoY Change
Total Liabilities & Shareholders Equity $18.80B $18.99B
YoY Change 2.95% 3.56%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $240.0M $191.0M
YoY Change 50.0% 15.06%
Depreciation, Depletion And Amortization $125.0M $123.0M
YoY Change 71.23% 4.24%
Cash From Operating Activities $425.0M $115.0M
YoY Change 108.33% -56.27%
INVESTING ACTIVITIES
Capital Expenditures $39.00M $38.00M
YoY Change -221.88% -226.67%
Acquisitions
YoY Change
Other Investing Activities -$4.000M -$223.0M
YoY Change -95.12% 223.19%
Cash From Investing Activities -$43.00M -$261.0M
YoY Change 34.38% 163.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -353.0M 102.0M
YoY Change 153.96% -182.93%
NET CHANGE
Cash From Operating Activities 425.0M 115.0M
Cash From Investing Activities -43.00M -261.0M
Cash From Financing Activities -353.0M 102.0M
Net Change In Cash 29.00M -44.00M
YoY Change -12.12% -207.32%
FREE CASH FLOW
Cash From Operating Activities $425.0M $115.0M
Capital Expenditures $39.00M $38.00M
Free Cash Flow $386.0M $77.00M
YoY Change 63.56% -73.72%

Facts In Submission

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BUSINESS Except as the context otherwise requires, all references to “we”, “our”, “us”, the “Company” and “Wabtec” refer to Westinghouse Air Brake Technologies Corporation and its consolidated subsidiaries. References to the “Parent Company” refer to Westinghouse Air Brake Technologies Corporation alone. Wabtec 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, as well as the mining, marine and industrial markets. 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 six months of 2023, approximately 55% of the Company’s Net sales came from customers outside the United States.
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q2 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Additions From Business Acquisition
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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us-gaap Standard And Extended Product Warranty Accrual Foreign Currency Translation Gain Loss
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CY2023Q2 us-gaap Product Warranty Accrual
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CY2022Q2 us-gaap Product Warranty Accrual
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CY2023Q2 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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CY2022Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
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us-gaap Number Of Reportable Segments
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CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Operating Income Loss
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CY2023Q2 wab Interest Expense And Other Net
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CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
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CY2023Q2 us-gaap Income Loss From Equity Method Investments
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CY2023Q2 wab Periodic Defined Benefits Expense Reversalof Expense Excluding Interest Cost And Service Cost Component
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CY2023Q2 us-gaap Other Nonoperating Income Expense
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CY2022Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2023Q2 us-gaap Nonoperating Income Expense
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CY2023Q2 us-gaap Restructuring Charges
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CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2023Q2 ecd Rule10b51 Arr Adopted Flag
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CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
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false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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