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Wabtec Reports Strong Fourth Quarter 2022 Results

  • Sales Growth of 11.2% to $2.31 Billion; Sales Up 15.7% Excluding Impacts of Foreign Currency Exchange
  • Fourth Quarter Reported GAAP Earnings Per Share of $0.86; Adjusted Earnings Per Share of $1.30
  • Fourth Quarter Operating Cash Flow of $410 Million; Full-Year Operating Cash Flow of $1.04 Billion
  • Announced $750 Million Share Buyback Reauthorization and 13% Increase in Quarterly Dividend
  • Strong Visibility From $22.4 Billion Multi-Year Backlog

Wabtec Corporation (NYSE: WAB) today reported fourth quarter 2022 GAAP earnings per diluted share of $0.86, down 15.7% versus the fourth quarter of 2021. Adjusted earnings per diluted share were $1.30, up 10.2% versus the same quarter a year ago. Fourth quarter sales were $2.31 billion and cash from operations was $410 million.

“The Wabtec team finished a strong 2022 as evidenced by higher sales, margin expansion and increased earnings,” said Rafael Santana, Wabtec’s President and CEO. “We remained resilient by focusing on operational excellence as we continued to deliver for our customers and shareholders. The team’s relentless focus on execution combined with underlying business momentum enabled us to deliver strong results despite a volatile environment that included significant headwinds from the impact of Russia sanctions, negative foreign currency exchange, supply chain constraints and higher input costs.”

“Looking ahead, Wabtec enters 2023 with momentum across the business and is well-positioned to drive profitable growth as the team continues to deliver for our customers and shareholders. Our differentiated portfolio of products and technologies, expansive global installed base, and multi-year backlog position us to remain highly resilient in an increasingly dynamic and challenging macro environment.”

2022 Fourth Quarter Consolidated Results

$ in millions except earnings per share and percentages; margin change in percentage points (pts)

Fourth Quarter

2022

2021

Change

Net Sales

$ 2,306

$ 2,073

11.2%

 

 

 

 

GAAP Gross Margin

28.3%

31.5%

(3.2 pts)

Adjusted Gross Margin

29.6%

31.7%

(2.1 pts)

GAAP Operating Margin

10.7%

12.7%

(2.0 pts)

Adjusted Operating Margin

15.3%

16.1%

(0.8 pts)

 

 

 

 

GAAP Diluted EPS

$0.86

$1.02

(15.7%)

Adjusted Diluted EPS

$1.30

$1.18

10.2%

 

 

 

 

Cash Flow from Operations

$ 410

$ 314

30.6%

Operating Cash Flow Conversion

147%

99%

 

  • Sales increased 11.2% compared to the year-ago quarter driven by significantly higher Freight segment sales, partially offset by lower Transit segment sales. On a constant currency basis, consolidated sales were up 15.7%.
  • GAAP operating margin was down 2.0 percentage points due to higher restructuring costs. Adjusted operating margin was lower due to unfavorable sales mix and increased technology spend in the quarter.
  • GAAP EPS declined due to higher restructuring costs related to the Integration 2.0 program. Adjusted EPS increased from the year-ago quarter primarily due to higher sales and disciplined cost management.

2022 Fourth Quarter Freight Segment Results

Net sales $ in millions; margin change in percentage points (pts)

Fourth Quarter

2022

2021

Change

Net Sales

$ 1,669

$ 1,425

17.1%

GAAP Gross Margin

28.9%

31.9%

(3.0 pts)

Adjusted Gross Margin

29.4%

32.1%

(2.7 pts)

GAAP Operating Margin

12.5%

14.5%

(2.0 pts)

Adjusted Operating Margin

17.0%

18.7%

(1.7 pts)

  • Freight segment sales for the fourth quarter were up across all product groups, with very strong growth in Digital Electronics, Services, and Equipment. On a constant currency basis, sales were up 18.6%.
  • GAAP operating margins and adjusted operating margin were lower as a result of unfavorable mix and increased technology spend during the quarter, partially offset by operational efficiencies and disciplined cost management.

2022 Fourth Quarter Transit Segment Results

Net sales $ in millions; margin change in percentage points (pts)

Fourth Quarter

2022

2021

Change

Net Sales

$ 637

$ 648

(1.7%)

GAAP Gross Margin

26.7%

30.6%

(3.9 pts)

Adjusted Gross Margin

30.3%

30.9%

(0.6 pts)

GAAP Operating Margin

9.9%

12.2%

(2.3 pts)

Adjusted Operating Margin

14.8%

13.6%

1.2 pts

  • Transit segment sales for the fourth quarter were down versus last year due to unfavorable foreign currency exchange. On a constant currency basis, sales were up 9.3%.
  • GAAP operating margin was down as a result of higher restructuring costs, while adjusted operating margin benefited from increased productivity and a strong cost discipline.

Backlog

Backlog $ in millions

December 31,

2022

2021

Change

12-Month Backlog

$ 6,760

$ 6,268

7.8%

Total Backlog

$ 22,441

$ 22,169

1.2%

At December 31, 2022 the multi-year backlog was $272 million higher than December 31, 2021 and excluding unfavorable foreign currency exchange, the multi-year backlog increased $680 million, up 3.1%.

Cash Flow and Liquidity Summary

  • During the fourth quarter, the Company generated cash from operations of $410 million versus $314 million in the year ago period. Cash from operations was driven by favorable working capital changes.
  • At the end of the quarter, the Company had cash, cash equivalents, and restricted cash of $541 million and total debt of $4.0 billion. At December 31, 2022, the Company’s total available liquidity was $2.29 billion, which includes cash, cash equivalents, and restricted cash plus $1.75 billion available under current credit facilities.
  • During the fourth quarter, the Company repurchased $73 million of Wabtec shares, bringing the full year total to $473 million.
  • Wabtec’s Board of Directors announced a $750 million share buyback reauthorization and a 13% increase in the quarterly dividend to 17 cents per share. The Board of Directors also declared a regular quarterly common dividend of 17 cents per share, payable on March 10, 2023 to holders of record on February 24, 2023.

2023 Financial Guidance

  • Wabtec issues 2023 financial guidance with sales expected to be in a range of $8.7 billion to $9.0 billion. Adjusted earnings per diluted share is expected to be in a range of $5.15 to $5.55.
  • For full year 2023, Wabtec expects strong cash flow generation with operating cash flow conversion greater than 90 percent.

Conference Call Information

Wabtec will host a call with analysts and investors at 8:30 a.m., ET, today. To listen via webcast, go to Wabtec’s new website at www.WabtecCorp.com and click on “Events & Presentations” in the “Investor Relations” section. Also, an audio replay of the call will be available by calling 1-877-344-7529 or 1-412-317-0088 (access code: 9828578).

About Wabtec Corporation

Wabtec Corporation (NYSE: WAB) is focused on creating transportation solutions that move and improve the world. The Company is a leading global provider of equipment, systems, digital solutions and value-added services for the freight and transit rail industries, as well as the mining, marine and industrial markets. Wabtec has been a leader in the rail industry for over 150 years and has a vision to achieve a zero-emission rail system in the U.S. and worldwide. Visit Wabtec’s website at: www.WabtecCorp.com

Information about non-GAAP Financial Information and Forward-Looking Statements

Wabtec’s earnings release and 2023 financial guidance mentions certain non-GAAP financial performance measures, including adjusted gross profit, adjusted operating expenses, adjusted operating margin, EBITDA, adjusted EBITDA, adjusted effective tax rate, adjusted income tax expense, adjusted income from operations, adjusted interest and other expense, adjusted earnings per diluted share and operating cash flow conversion. Wabtec is not presenting a quantitative reconciliation of our forecasted GAAP earnings per diluted share to forecasted adjusted earnings per diluted share as we are unable to predict with reasonable certainty and without unreasonable effort the impact and timing of restructuring-related and other charges, including acquisition-related expenses and the outcome of certain regulatory, legal and tax matters. The financial impact of these items is uncertain and is dependent on various factors, including timing, and could be material to our Consolidated Statements of Earnings.

Wabtec defines EBITDA as earnings before interest, taxes, depreciation and amortization. Adjusted EBITDA is further adjusted for restructuring and transaction costs. Wabtec defines operating cash flow conversion as net cash provided by operating activities divided by net income plus depreciation and amortization including deferred debt cost amortization. While Wabtec believes these are useful supplemental measures for investors, they are not presented in accordance with GAAP. Investors should not consider non-GAAP measures in isolation or as a substitute for net income, cash flows from operations, or any other items calculated in accordance with GAAP. In addition, the non-GAAP financial measures included in this release have inherent material limitations as performance measures because they add back certain expenses incurred by the Company to GAAP financial measures, resulting in those expenses not being taken into account in the applicable non-GAAP financial measure. Because not all companies use identical calculations, Wabtec’s presentation of non-GAAP financial measures may not be comparable to other similarly titled measures of other companies. Included in this release are reconciliation tables that provide details about how adjusted results relate to GAAP results.

This communication contains “forward-looking” statements as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Forward-looking statements include statements regarding: Wabtec’s plans, objectives and intentions; Wabtec’s expectations about future sales, earnings and cash conversion; Wabtec’s expectations for evolving global industry, market and macro-economic conditions and their impact on Wabtec business; synergies and other expected benefits from Wabtec’s acquisitions; Wabtec’s expectations for production and demand conditions; and any assumptions underlying any of the foregoing. Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “endeavor,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target” or other similar words or expressions. Forward-looking statements are based upon current plans, estimates and expectations that are subject to risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) changes in general economic and/or industry specific conditions, including the impacts of tax and tariff programs, inflation, supply chain disruptions, foreign currency exchange, and industry consolidation; (2) changes in the financial condition or operating strategies of Wabtec’s customers; (3) unexpected costs, charges or expenses resulting from acquisitions and potential failure to realize synergies and other anticipated benefits of acquisitions, including as a result of integrating acquired targets into Wabtec; (4) inability to retain and hire key personnel; (5) evolving legal, regulatory and tax regimes; (6) changes in the expected timing of projects; (7) a decrease in freight or passenger rail traffic; (8) an increase in manufacturing costs; (9) actions by third parties, including government agencies; (10) the severity and duration of the evolving COVID-19 pandemic and the resulting impact on the global economy and, in particular, our customers, suppliers and end-markets, (11) potential disruptions, instability, and volatility in global markets from the imposition of economic sanctions on Russia resulting from the invasion of Ukraine; (12) cybersecurity and data protection risks and (13) other risk factors as detailed from time to time in Wabtec’s reports filed with the SEC, including Wabtec’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Any forward-looking statements speak only as of the date of this communication. Wabtec does not undertake any obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2022 AND 2021
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)
 
 
Three Months Ended Twelve Months Ended
December 31, December 31,

2022

2021

2022

2021

 
Net sales

$

2,306

 

$

2,073

 

$

8,362

 

$

7,822

 

Cost of sales

 

(1,654

)

 

(1,421

)

 

(5,822

)

 

(5,453

)

Gross profit

 

652

 

 

652

 

 

2,540

 

 

2,369

 

Gross profit as a % of Net Sales

 

28.3

%

 

31.5

%

 

30.4

%

 

30.3

%

 
Selling, general and administrative expenses

 

(272

)

 

(264

)

 

(1,029

)

 

(1,030

)

Engineering expenses

 

(60

)

 

(52

)

 

(209

)

 

(176

)

Amortization expense

 

(73

)

 

(72

)

 

(291

)

 

(287

)

Total operating expenses

 

(405

)

 

(388

)

 

(1,529

)

 

(1,493

)

Operating expenses as a % of Net Sales

 

17.5

%

 

18.7

%

 

18.3

%

 

19.1

%

 
Income from operations

 

247

 

 

264

 

 

1,011

 

 

876

 

Income from operations as a % of Net Sales

 

10.7

%

 

12.7

%

 

12.1

%

 

11.2

%

 
Interest expense, net

 

(51

)

 

(42

)

 

(186

)

 

(177

)

Other income, net

 

14

 

 

13

 

 

29

 

 

38

 

Income before income taxes

 

210

 

 

235

 

 

854

 

 

737

 

 
Income tax expense

 

(51

)

 

(42

)

 

(213

)

 

(172

)

Effective tax rate

 

24.3

%

 

17.4

%

 

25.0

%

 

23.2

%

 
Net income

 

159

 

 

193

 

 

641

 

 

565

 

 
Less: Net income attributable to noncontrolling interest

 

(1

)

 

(3

)

 

(8

)

 

(7

)

 
Net income attributable to Wabtec shareholders

$

158

 

$

190

 

$

633

 

$

558

 

 
Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders

$

0.87

 

$

1.02

 

$

3.46

 

$

2.96

 

 
Diluted
Net income attributable to Wabtec shareholders

$

0.86

 

$

1.02

 

$

3.46

 

$

2.96

 

 
 
Basic

 

181.0

 

 

186.0

 

 

182.2

 

 

187.7

 

Diluted

 

181.7

 

 

186.5

 

 

182.8

 

 

188.1

 

 
Segment Information
Freight Net Sales

$

1,669

 

$

1,425

 

$

6,012

 

$

5,239

 

Freight Income from Operations

$

209

 

$

207

 

$

864

 

$

717

 

Freight Operating Margin

 

12.5

%

 

14.5

%

 

14.4

%

 

13.7

%

 
Transit Net Sales

$

637

 

$

648

 

$

2,350

 

$

2,583

 

Transit Income from Operations

$

63

 

$

79

 

$

231

 

$

238

 

Transit Operating Margin

 

9.9

%

 

12.2

%

 

9.8

%

 

9.2

%

 
Backlog Information (Note: 12-month is a sub-set of total) December 31, 2022 September 30, 2022 December 31, 2021
Freight Total

$

18,641

 

$

19,173

 

$

18,502

 

Transit Total

 

3,800

 

 

3,437

 

 

3,667

 

Wabtec Total

$

22,441

 

$

22,610

 

$

22,169

 

 
Freight 12-Month

$

4,901

 

$

4,567

 

$

4,520

 

Transit 12-Month

 

1,859

 

 

1,700

 

 

1,748

 

Wabtec 12-Month

$

6,760

 

$

6,267

 

$

6,268

 

 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
 
December 31, 2022 December 31, 2021
In millions
Cash, cash equivalents and restricted cash

$

541

$

473

Receivables, net

 

1,519

 

1,477

Inventories

 

2,034

 

1,689

Other current assets

 

233

 

193

Total current assets

 

4,327

 

3,832

Property, plant and equipment, net

 

1,429

 

1,497

Goodwill

 

8,508

 

8,587

Other intangible assets, net

 

3,402

 

3,705

Other noncurrent assets

 

850

 

833

Total assets

$

18,516

$

18,454

Current liabilities

$

3,467

$

2,910

Long-term debt

 

3,751

 

4,056

Long-term liabilities - other

 

1,151

 

1,249

Total liabilities

 

8,369

 

8,215

Shareholders' equity

 

10,102

 

10,201

Noncontrolling interest

 

45

 

38

Total shareholders' equity

 

10,147

 

10,239

Total Liabilities and Shareholders' Equity

$

18,516

$

18,454

 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 
Twelve Months Ended December 31,

2022

2021

In millions
Operating activities
Net income

$

641

 

$

565

 

Non-cash expense

 

506

 

 

571

 

Receivables

 

(52

)

 

(76

)

Inventories

 

(368

)

 

(41

)

Accounts Payable

 

306

 

 

109

 

Other assets and liabilities

 

5

 

 

(55

)

Net cash provided by operating activities

 

1,038

 

 

1,073

 

 
Net cash used for investing activities

 

(235

)

 

(540

)

 
Net cash used for financing activities

 

(708

)

 

(653

)

 
Effect of changes in currency exchange rates

 

(27

)

 

(6

)

 
Increase (decrease) in cash

 

68

 

 

(126

)

 
Cash, cash equivalents and restricted cash, beginning of period

 

473

 

 

599

 

Cash, cash equivalents and restricted cash, end of period

$

541

 

$

473

 

 
 
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Fourth Quarter 2022 Actual Results
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS
 
Reported Results

$

2,306

$

652

$

(405

)

$

247

$

(37

)

$

(51

)

$

159

$

(1

)

$

158

$

0.86

 
Restructuring costs

 

-

 

31

 

1

 

 

32

 

-

 

 

(8

)

 

24

 

-

 

 

24

$

0.14

 
Non-cash Amortization expense

 

-

 

-

 

73

 

 

73

 

-

 

 

(19

)

 

54

 

-

 

 

54

$

0.30

 
Adjusted Results

$

2,306

$

683

$

(331

)

$

352

$

(37

)

$

(78

)

$

237

$

(1

)

$

236

$

1.30

 
Fully Diluted Shares Outstanding

 

181.7

 
 
 
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Fourth Quarter Year-to-Date 2022 Actual Results
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS
 
Reported Results

$

8,362

$

2,540

$

(1,529

)

$

1,011

$

(157

)

$

(213

)

$

641

$

(8

)

$

633

$

3.46

 
Restructuring costs

 

-

 

43

 

9

 

 

52

 

-

 

 

(13

)

 

39

 

-

 

 

39

$

0.21

 
Non-cash Amortization expense

 

-

 

-

 

291

 

 

291

 

-

 

 

(73

)

 

218

 

-

 

 

218

$

1.19

 
Adjusted Results

$

8,362

$

2,583

$

(1,229

)

$

1,354

$

(157

)

$

(299

)

$

898

$

(8

)

$

890

$

4.86

 
Fully Diluted Shares Outstanding

 

182.8

 
 
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
 
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Fourth Quarter 2021 Actual Results
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS
 
Reported Results

$

2,073

$

652

$

(388

)

$

264

 

$

(29

)

$

(42

)

$

193

 

$

(3

)

$

190

 

$

1.02

 

 
Restructuring costs

 

-

 

5

 

(7

)

 

(2

)

 

-

 

 

5

 

 

3

 

 

-

 

 

3

 

$

0.01

 

 
Non-cash Amortization expense

 

-

 

-

 

72

 

 

72

 

 

-

 

 

(18

)

 

54

 

 

-

 

 

54

 

$

0.29

 

 
Foreign Exchange Gain

 

-

 

-

 

-

 

 

-

 

 

(1

)

 

-

 

 

(1

)

 

-

 

 

(1

)

$

(0.01

)

 
Amended Return, net

 

-

 

-

 

-

 

 

-

 

 

-

 

 

(25

)

 

(25

)

 

-

 

 

(25

)

$

(0.13

)

 
Adjusted Results

$

2,073

$

657

$

(323

)

$

334

 

$

(30

)

$

(80

)

$

224

 

$

(3

)

$

221

 

$

1.18

 

 
Fully Diluted Shares Outstanding

 

186.5

 

 
 
 
Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions) Fourth Quarter Year-to-Date 2021 Actual Results
Gross Operating Income from Interest & Noncontrolling Wabtec
Net Sales Profit Expenses Operations Other Exp Tax Net Income Interest Net Income EPS
 
Reported Results

$

7,822

$

2,369

$

(1,493

)

$

876

 

$

(139

)

$

(172

)

$

565

 

$

(7

)

$

558

 

$

2.96

 

 
Restructuring costs

 

-

 

53

 

25

 

 

78

 

 

-

 

 

(15

)

 

63

 

 

-

 

 

63

 

$

0.33

 

 
Non-cash Amortization expense

 

-

 

-

 

287

 

 

287

 

 

-

 

 

(74

)

 

213

 

 

-

 

 

213

 

$

1.13

 

 
Foreign Exchange Gain

 

-

 

-

 

-

 

 

-

 

 

(8

)

 

2

 

 

(6

)

 

-

 

 

(6

)

$

(0.03

)

 
Amended Return, net

 

-

 

-

 

-

 

 

-

 

 

-

 

 

(25

)

 

(25

)

 

-

 

 

(25

)

$

(0.13

)

 
Adjusted Results

$

7,822

$

2,422

$

(1,181

)

$

1,241

 

$

(147

)

$

(284

)

$

810

 

$

(7

)

$

803

 

$

4.26

 

 
Fully Diluted Shares Outstanding

 

188.1

 

 
 
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
 
Wabtec Corporation
2022 Q4 EBITDA Reconciliation
(in millions)
Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA
 
Consolidated Results

$247

$14

$119

$380

$29

$409

 
 
Wabtec Corporation
2022 Q4 YTD EBITDA Reconciliation
(in millions)
Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA
 
Consolidated Results

$1,011

$29

$473

$1,513

$49

$1,562

 
 
 
Wabtec Corporation
2021 Q4 EBITDA Reconciliation
(in millions)
Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA
 
Consolidated Results

$264

$13

$121

$398

($2)

$396

 
 
Wabtec Corporation
2021 Q4 YTD EBITDA Reconciliation
(in millions)
Reported Income + Other Income + Depreciation & = EBITDA + Restructuring = Adjusted
from Operations (Expense) Amortization Costs EBITDA
 
Consolidated Results

$876

$38

$485

$1,399

$78

$1,477

 
 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)
 
Three Months Ended December 31,
In millions

2022

2021

Freight Segment
Equipment

$

430

$

377

Components

 

241

 

218

Digital Electronics

 

225

 

167

Services

 

773

 

663

Total Freight Segment

$

1,669

$

1,425

 
Transit Segment
Original Equipment Manufacturer

$

280

$

299

Aftermarket

 

357

 

349

Total Transit Segment

$

637

$

648

 
 
Twelve Months Ended December 31,
In millions

2022

2021

Freight Segment
Equipment

$

1,528

$

1,302

Components

 

936

 

867

Digital Electronics

 

729

 

640

Services

 

2,819

 

2,430

Total Freight Segment

$

6,012

$

5,239

 
Transit Segment
Original Equipment Manufacturer

$

1,095

$

1,193

Aftermarket

 

1,255

 

1,390

Total Transit Segment

$

2,350

$

2,583

 
 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)
 
Three Months Ended December 31, Twelve Months Ended December 31,

2022

2021

2022

2021

In millions Gross Profit Income from

Operations
Gross Profit Income from

Operations
Gross Profit Income from

Operations
Gross Profit Income from

Operations
 
Freight Segment Reported Results

$

482

 

$

209

 

$

454

 

$

207

 

$

1,896

 

$

864

 

$

1,667

 

$

717

 

Freight Segment Reported Margin

 

28.9

%

 

12.5

%

 

31.9

%

 

14.5

%

 

31.5

%

 

14.4

%

 

31.8

%

 

13.7

%

 
Restructuring costs

 

8

 

 

7

 

 

3

 

 

(7

)

 

15

 

 

15

 

 

8

 

 

9

 

Non-cash Amortization expense

 

-

 

 

68

 

 

-

 

 

67

 

 

-

 

 

272

 

 

-

 

 

267

 

 
Freight Segment Adjusted Results

$

490

 

$

284

 

$

457

 

$

267

 

$

1,911

 

$

1,151

 

$

1,675

 

$

993

 

Freight Segment Adjusted Margin

 

29.4

%

 

17.0

%

 

32.1

%

 

18.7

%

 

31.8

%

 

19.1

%

 

32.0

%

 

19.0

%

 
 
Transit Segment Reported Results

$

170

 

$

63

 

$

198

 

$

79

 

$

644

 

$

231

 

$

702

 

$

238

 

Transit Segment Reported Margin

 

26.7

%

 

9.9

%

 

30.6

%

 

12.2

%

 

27.3

%

 

9.8

%

 

27.2

%

 

9.2

%

 
Restructuring costs

 

23

 

 

27

 

 

2

 

 

4

 

 

28

 

 

37

 

 

45

 

 

59

 

Non-cash Amortization expense

 

-

 

 

5

 

 

-

 

 

5

 

 

-

 

 

19

 

 

-

 

 

20

 

 
Transit Segment Adjusted Results

$

193

 

$

95

 

$

200

 

$

88

 

$

672

 

$

287

 

$

747

 

$

317

 

Transit Segment Adjusted Margin

 

30.3

%

 

14.8

%

 

30.9

%

 

13.6

%

 

28.6

%

 

12.2

%

 

28.9

%

 

12.3

%

 
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)
 
Three Months Ended December 31,
In millions Freight Transit Consolidated
 
2021 Net Sales

$

1,425

 

$

648

 

$

2,073

 

 
Acquisitions

 

21

 

 

1

 

 

22

 

Foreign Exchange

 

(21

)

 

(71

)

 

(92

)

Organic

 

244

 

 

59

 

 

303

 

 
2022 Net Sales

$

1,669

 

$

637

 

$

2,306

 

 
Change ($)

 

244

 

 

(11

)

 

233

 

Change (%)

 

17.1

%

 

-1.7

%

 

11.2

%

 
 
Twelve Months Ended December 31,
Freight Transit Consolidated
 
2021 Net Sales

$

5,239

 

$

2,583

 

$

7,822

 

 
Acquisitions

 

83

 

 

4

 

 

87

 

Foreign Exchange

 

(62

)

 

(242

)

 

(304

)

Organic

 

752

 

 

5

 

 

757

 

 
2022 Net Sales

$

6,012

 

$

2,350

 

$

8,362

 

 
Change ($)

 

773

 

 

(233

)

 

540

 

Change (%)

 

14.8

%

 

-9.0

%

 

6.9

%

 
 
Set forth below is the calculation of the non-GAAP performance measures included in this press release. We believe that these measures provide useful supplemental information to assess our operating performance and to evaluate period-to-period comparisons. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Wabtec's reported results prepared in accordance with GAAP.
 
Wabtec Corporation
2022 Q4 Cash Conversion Calculation
(in millions)
Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion
from Operations
 
Consolidated Results

$410

$159

$120

147%

 
 
Wabtec Corporation
2022 Q4 YTD Cash Conversion Calculation
(in millions)
Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion
from Operations
 
Consolidated Results

$1,038

$641

$479

93%

 
 
 
 
Wabtec Corporation
2021 Q4 Cash Conversion Calculation
(in millions)
Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion
from Operations
 
Consolidated Results

$314

$193

$123

99%

 
 
Wabtec Corporation
2021 Q4 YTD Cash Conversion Calculation
(in millions)
Reported Cash ÷ (Net Income + Depreciation & Amortization) = Cash Conversion
from Operations
 
Consolidated Results

$1,073

 

$565

 

$491

 

102%

 

 

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