2024 Q1 Form 10-K Financial Statement

#000162828024004774 Filed on February 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.497B $2.526B $9.677B
YoY Change 13.81% 9.54% 15.73%
Cost Of Revenue $1.678B $1.720B $6.733B
YoY Change 9.74% 8.59% 15.65%
Gross Profit $819.0M $806.0M $2.944B
YoY Change 23.16% 11.63% 15.91%
Gross Profit Margin 32.8% 31.91% 30.42%
Selling, General & Admin $278.0M $267.0M $1.139B
YoY Change 5.7% 1.14% 10.69%
% of Gross Profit 33.94% 33.13% 38.69%
Research & Development $48.00M $61.00M $218.0M
YoY Change -5.88% 1.67% 4.31%
% of Gross Profit 5.86% 7.57% 7.4%
Depreciation & Amortization $123.0M $160.0M $204.0M
YoY Change 0.0% 33.33% 12.09%
% of Gross Profit 15.02% 19.85% 6.93%
Operating Expenses $400.0M $427.0M $1.678B
YoY Change 2.83% 7.56% 9.74%
Operating Profit $419.0M $379.0M $1.266B
YoY Change 51.81% 16.62% 25.22%
Interest Expense -$50.00M -$64.00M -$213.0M
YoY Change 11.11% 77.78% 30.67%
% of Operating Profit -11.93% -16.89% -16.82%
Other Income/Expense, Net $1.000M $36.00M $44.00M
YoY Change -80.0% -3700.0% 51.72%
Pretax Income $363.0M $280.0M $1.092B
YoY Change 55.79% 33.33% 27.87%
Income Tax $86.00M $63.00M $267.0M
% Of Pretax Income 23.69% 22.5% 24.45%
Net Earnings $272.0M $215.0M $815.0M
YoY Change 60.95% 36.08% 28.75%
Net Earnings / Revenue 10.89% 8.51% 8.42%
Basic Earnings Per Share $1.54 $4.54
Diluted Earnings Per Share $1.54 $1.20 $4.53
COMMON SHARES
Basic Shares Outstanding 177.0M shares 179.2M shares 178.8M shares
Diluted Shares Outstanding 177.2M shares 179.5M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $639.0M $620.0M $620.0M
YoY Change 53.24% 14.6% 14.6%
Cash & Equivalents $639.0M $620.0M $620.0M
Short-Term Investments
Other Short-Term Assets $263.0M $267.0M $267.0M
YoY Change -4.36% 14.59% 14.59%
Inventory $2.356B $2.284B $2.284B
Prepaid Expenses
Receivables $1.541B $1.160B $1.684B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $4.799B $4.855B $4.855B
YoY Change 6.74% 12.2% 12.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.445B $1.485B $1.485B
YoY Change 1.62% 3.92% 3.92%
Goodwill $8.730B $8.780B
YoY Change 2.22% 3.2%
Intangibles $3.715B $3.205B
YoY Change -5.61% -5.79%
Long-Term Investments $36.00M $36.00M
YoY Change -65.71% -65.71%
Other Assets $495.0M $663.0M $473.0M
YoY Change -43.62% -22.0% -18.87%
Total Long-Term Assets $13.95B $14.13B $14.13B
YoY Change -1.59% -0.39% -0.39%
TOTAL ASSETS
Total Short-Term Assets $4.799B $4.855B $4.855B
Total Long-Term Assets $13.95B $14.13B $14.13B
Total Assets $18.75B $18.99B $18.99B
YoY Change 0.42% 2.55% 2.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.288B $1.250B $1.250B
YoY Change -4.8% -3.92% -3.92%
Accrued Expenses $1.217B $1.221B $1.221B
YoY Change 6.75% 6.82% 6.82%
Deferred Revenue $645.0M $804.0M
YoY Change -7.46% 4.15%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000M $781.0M $781.0M
YoY Change -99.69% 211.16% 211.16%
Total Short-Term Liabilities $3.153B $4.056B $4.056B
YoY Change -24.3% 16.99% 16.99%
LONG-TERM LIABILITIES
Long-Term Debt $3.997B $3.288B $3.288B
YoY Change 25.34% -12.34% -12.34%
Other Long-Term Liabilities $772.0M $740.0M $802.0M
YoY Change 4.04% 2.64% -2.79%
Total Long-Term Liabilities $4.769B $4.028B $4.090B
YoY Change 21.32% -9.93% -10.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.153B $4.056B $4.056B
Total Long-Term Liabilities $4.769B $4.028B $4.090B
Total Liabilities $8.285B $8.464B $8.501B
YoY Change -2.93% 1.14% 1.03%
SHAREHOLDERS EQUITY
Retained Earnings $5.505B $5.269B
YoY Change 16.76% 15.12%
Common Stock $7.969B $7.979B
YoY Change 0.34% 0.3%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.46B $10.49B $10.49B
YoY Change
Total Liabilities & Shareholders Equity $18.75B $18.99B $18.99B
YoY Change 0.42% 2.55% 2.55%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $272.0M $215.0M $815.0M
YoY Change 60.95% 36.08% 28.75%
Depreciation, Depletion And Amortization $123.0M $160.0M $204.0M
YoY Change 0.0% 33.33% 12.09%
Cash From Operating Activities $334.0M $686.0M $1.201B
YoY Change -1436.0% 67.32% 15.7%
INVESTING ACTIVITIES
Capital Expenditures $31.00M $77.00M $186.0M
YoY Change -3.13% 14.93% 24.83%
Acquisitions $308.0M
YoY Change 246.07%
Other Investing Activities $12.00M -$79.00M -$306.0M
YoY Change 315.79% 255.81%
Cash From Investing Activities -$19.00M -$156.0M -$492.0M
YoY Change -40.63% 81.4% 109.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $409.0M
YoY Change -13.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -289.0M -310.0M -$633.0M
YoY Change 301.39% -0.96% -10.59%
NET CHANGE
Cash From Operating Activities 334.0M 686.0M $1.201B
Cash From Investing Activities -19.00M -156.0M -$492.0M
Cash From Financing Activities -289.0M -310.0M -$633.0M
Net Change In Cash 26.00M 220.0M $79.00M
YoY Change -120.97% 1900.0% 16.18%
FREE CASH FLOW
Cash From Operating Activities $334.0M $686.0M $1.201B
Capital Expenditures $31.00M $77.00M $186.0M
Free Cash Flow $303.0M $609.0M $1.015B
YoY Change -631.58% 77.55% 14.17%

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BUSINESS<div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Wabtec is a global provider of value-added, technology-based locomotives, equipment, systems, and services for the 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 2023, approximately 55% of the Company’s net sales came from customers outside the United States.</span></div>
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<div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Significant Customers and Concentrations of Credit Risk </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s trade receivables are primarily from rail and transit industry original equipment manufacturers, Class I railroads, railroad carriers and commercial companies that utilize rail cars in their operations, such as utility and chemical companies, as well as companies in the mining, marine and industrial markets. No one customer accounted for more than 10% of the Company’s consolidated net sales in the periods presented.</span></div>
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<div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain prior year amounts have been reclassified, where necessary, to conform to the current year presentation.</span></div>
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<div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 materially 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.</span></div>
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