Wabtec Reports Fourth Quarter and Full-Year 2020 Results; Issues 2021 Financial Guidance
- Delivered Strong Cash Flow from Operations of
$784 Million for 2020 Including~$220 Million of One Time Cash Impacts; Returned~$300 Million to Shareholders - Fourth Quarter Reported GAAP Earnings Per Share of
$0.46 ; Adjusted EPS of$0.98 ; Full Year GAAP Earnings Per Share of$2.17 ; Adjusted EPS of$3.79 - Transit Adjusted Margin Ahead of Plan in 2020; Delivered 200 bps of Improvement
- On-track to Deliver $250
Million Run-Rate of Synergies in 2021 - Book-to-Bill Strengthening with
Key Orders for International Locomotives, Modernizations and Service Agreements - Reauthorized Up to
$500 Million of Share Buyback
“Wabtec delivered strong operational performance during a year of unprecedented global challenges,” said
“We enter 2021 with positive momentum, as our end-markets continue to show signs of recovery. Global freight volumes and equipment utilization have sequentially improved over the last two quarters, North American OE markets are transitioning through trough, and sustainable investment in global transit remains. I’m confident we’re well-positioned for growth and will continue to perform for our shareowners, our customers, and our employees in the short- and long-term.”
Fourth Quarter and Full Year 2020 Financial Summary
In the fourth quarter of 2020,
For the full year of 2020,
Backlog remains strong, despite a challenging market. At
2021 Financial Guidance
Wabtec issued its 2021 sales guidance to a range of$7.6 billion to$7.9 billion , GAAP earnings per diluted share guidance to between$2.65 to$3.05 and adjusted earnings per diluted share to between$3.90 to$4.30 . The adjusted guidance excludes estimated expenses for restructuring and amortization expenses.- With cost actions and synergies stemming from the
Wabtec and GE Transportation merger on-track, we expect to achieve a run rate savings of$250 million in 2021, driving improved margins. For full year 2021,Wabtec expects strong cash flow generation with operating cash flow conversion of greater than 90%. - The company also announced it renewed its share buyback authorization up to
$500 million .
2020 Fourth Quarter Consolidated Results
- Sales were
$2.0 billion versus$2.4 billion in the same period a year ago. The decrease compared to the year-ago quarter was primarily driven by lower sales in Freight Equipment, Components,Digital Electronics , and Transit Aftermarket sales. - Income from operations was
$161 million (8.0 percent of sales) and adjusted income from operations was$283 million (14.0 percent of sales), which was unfavorably impacted by lower sales in Freight and Transit primarily due to COVID-19 pandemic disruptions. Adjusted income from operations excluded pre-tax expenses of$122 million , of which$71 million is for non-cash amortization expense and$51 million is for restructuring and transaction costs (see reconciliation table). - Net interest expense was
$49 million and other income was$6 million . - The reported and adjusted effective tax rates for the quarter were 26.6 percent and 22.6 percent, respectively.
- Earnings per diluted share were
$0.46 and adjusted earnings per diluted share were$0.98 (see reconciliation table). Adjusted earnings per diluted share excluded after-tax expenses of$0.52 as follows:$0.29 for non-cash amortization expense,$0.20 for transaction and restructuring and$0.03 for tax on transaction costs. (see reconciliation table). - EBITDA, which
Wabtec defines as earnings before interest, taxes, depreciation and amortization was$285 million and adjusted EBITDA was$337 million . Adjusted EBITDA excluded pre-tax expenses of$51 million for transaction and restructuring costs (see reconciliation table).
2020 Fourth Quarter Freight Segment Results
- Freight segment sales of
$1.3 billion decreased by 20 percent from the year-ago quarter. The decrease was due to lower organic sales of$327 million and unfavorable changes in foreign currency exchange rates of$11 million , offset somewhat by$10 million of sales from acquisitions. Freight segment sales were primarily impacted by disruption due to the COVID-19 pandemic resulting from lower deliveries of locomotives, lower demand for new freight car components and lowerDigital Electronics sales. - Freight segment income from operations was
$121 million (9.0 percent of segment sales) and adjusted income from operations of$218 million (16.3 percent of segment sales). Freight segment adjusted income from operations decreased 31 percent from the year-ago quarter primarily driven by mix of sales, lower absorption of fixed costs due to decreased locomotive deliveries offset somewhat by synergies and lower operating costs. During the quarter, we took further actions to aggressively adjust operational costs to current volume levels.
2020 Fourth Quarter Transit Segment Results
- Transit segment sales of
$684 million decreased by 2 percent from the year-ago quarter. The decrease was due to lower organic sales of$54 million , offset somewhat by favorable changes in foreign currency exchange rates of$37 million . Transit segment sales were negatively impacted by lower after-market sales primarily related to the disruption caused by the COVID-19 pandemic. - Transit segment income from operations was
$57 million (8.3 percent of segment sales) and adjusted income from operations was$77 million (11.3 percent of segment sales). Transit segment adjusted income from operations increased from the year-ago quarter by 40 percent as a result of continued improvement in operational performance, improved risk management and cost actions, offset somewhat by lower volumes as a result of the COVID-19 pandemic.
Cash Flow and Liquidity Summary
- The company generated cash from operations of
$326 million for the fourth quarter compared to cash from operations of$448 million in the year-ago quarter. - For the full year 2020, the company generated cash from operation of
$784 million , which included approximately$220 million of one-time impacts related to restructuring and transactions costs. - The company repaid
$190 million in debt during 2020. At year end, the company had cash and cash equivalents of$599 million and debt of$4.2 billion . At the quarter end, the company’s total available liquidity, which includes$599 million in cash and cash equivalents plus$1.3 billion available under current credit facilities, was$1.9 billion .
Conference Call Information
About
Information about non-GAAP Financial Information and Forward-Looking Statements
Wabtec’s earnings release and 2021 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, other expense and adjusted earnings per diluted share.
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, including statements regarding the acquisition by
| CONDENSED CONSOLIDATED STATEMENT OF INCOME | ||||||||||||||||
| FOR THE THREE AND TWELVE MONTHS ENDED |
||||||||||||||||
| (AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA) | ||||||||||||||||
| (UNAUDITED) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
|
2020 |
2019 |
2020 |
2019 |
|||||||||||||
| Net sales |
$ |
2,023.7 |
|
$ |
2,368.4 |
|
$ |
7,556.1 |
|
$ |
8,200.0 |
|
||||
| Cost of sales |
|
(1,518.2 |
) |
|
(1,693.5 |
) |
|
(5,419.0 |
) |
|
(5,922.0 |
) |
||||
| Gross profit |
|
505.5 |
|
|
674.9 |
|
|
2,137.1 |
|
|
2,278.0 |
|
||||
| Gross profit as a % of |
|
25.0 |
% |
|
28.5 |
% |
|
28.3 |
% |
|
27.8 |
% |
||||
| Selling, general and administrative expenses |
|
(235.2 |
) |
|
(323.7 |
) |
|
(948.1 |
) |
|
(1,166.6 |
) |
||||
| Engineering expenses |
|
(38.4 |
) |
|
(59.6 |
) |
|
(162.1 |
) |
|
(209.9 |
) |
||||
| Amortization expense |
|
(70.8 |
) |
|
(65.5 |
) |
|
(282.4 |
) |
|
(238.4 |
) |
||||
| Total operating expenses |
|
(344.4 |
) |
|
(448.8 |
) |
|
(1,392.6 |
) |
|
(1,614.9 |
) |
||||
| Operating expenses as a % of |
|
17.0 |
% |
|
18.9 |
% |
|
18.4 |
% |
|
19.7 |
% |
||||
| Income from operations |
|
161.1 |
|
|
226.1 |
|
|
744.5 |
|
|
663.1 |
|
||||
| Income from operations as a % of |
|
8.0 |
% |
|
9.5 |
% |
|
9.9 |
% |
|
8.1 |
% |
||||
| Interest expense, net |
|
(48.6 |
) |
|
(58.3 |
) |
|
(198.9 |
) |
|
(219.1 |
) |
||||
| Other income (expense), net |
|
5.8 |
|
|
6.9 |
|
|
11.6 |
|
|
2.8 |
|
||||
| Income before income taxes |
|
118.3 |
|
|
174.7 |
|
|
557.2 |
|
|
446.8 |
|
||||
| Income tax expense |
|
(31.5 |
) |
|
(37.7 |
) |
|
(144.9 |
) |
|
(120.3 |
) |
||||
| Effective tax rate |
|
26.6 |
% |
|
21.6 |
% |
|
26.0 |
% |
|
26.9 |
% |
||||
| Net income |
|
86.8 |
|
|
137.0 |
|
|
412.3 |
|
|
326.5 |
|
||||
| Less: Net loss (income) attributable to noncontrolling interest |
|
1.1 |
|
|
(1.3 |
) |
|
2.1 |
|
|
0.2 |
|
||||
| Net income attributable to |
$ |
87.9 |
|
$ |
135.7 |
|
$ |
414.4 |
|
$ |
326.7 |
|
||||
| Earnings Per Common Share | ||||||||||||||||
| Basic | ||||||||||||||||
| Net income attributable to |
$ |
0.46 |
|
$ |
0.71 |
|
$ |
2.18 |
|
$ |
1.91 |
|
||||
| Diluted | ||||||||||||||||
| Net income attributable to |
$ |
0.46 |
|
$ |
0.71 |
|
$ |
2.17 |
|
$ |
1.84 |
|
||||
| Basic |
|
189.2 |
|
|
191.1 |
|
|
189.9 |
|
|
170.5 |
|||||
| Diluted |
|
189.7 |
|
|
191.6 |
|
|
190.4 |
|
|
177.3 |
|
||||
| Segment Information | ||||||||||||||||
| Freight |
$ |
1,339.3 |
|
$ |
1,667.1 |
|
$ |
5,082.3 |
|
$ |
5,441.4 |
|
||||
| Freight Income from Operations |
$ |
120.5 |
|
$ |
239.2 |
|
$ |
583.9 |
|
$ |
642.9 |
|
||||
| Freight Operating Margin |
|
9.0 |
% |
|
14.3 |
% |
|
11.5 |
% |
|
11.8 |
% |
||||
| Transit |
$ |
684.4 |
|
$ |
701.3 |
|
$ |
2,473.8 |
|
$ |
2,758.6 |
|
||||
| Transit Income from Operations |
$ |
56.8 |
|
$ |
39.0 |
|
$ |
229.7 |
|
$ |
214.4 |
|
||||
| Transit Operating Margin |
|
8.3 |
% |
|
5.6 |
% |
|
9.3 |
% |
|
7.8 |
% |
||||
| Backlog Information (Note: 12-month is a sub-set of total) | ||||||||||||||||
| Freight Total |
$ |
17,887.1 |
|
$ |
17,840.5 |
|
||||||||||
| Transit Total |
|
3,704.2 |
|
|
3,541.9 |
|
||||||||||
| Wabtec Total |
$ |
21,591.3 |
|
$ |
21,382.4 |
|
||||||||||
| Freight 12-Month |
$ |
3,586.3 |
|
$ |
3,626.7 |
|
||||||||||
| Transit 12-Month |
|
1,934.4 |
|
|
1,557.6 |
|
||||||||||
|
$ |
5,520.7 |
|
$ |
5,184.3 |
|
|||||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (UNAUDITED) | ||||||
|
|
|
|||||
| In millions | ||||||
| Cash and cash equivalents |
$ |
598.7 |
$ |
604.2 |
||
| Receivables, net |
|
1,412.5 |
|
1,663.9 |
||
| Inventories |
|
1,642.1 |
|
1,773.1 |
||
| Current assets - other |
|
226.5 |
|
150.9 |
||
| Total current assets |
|
3,879.8 |
|
4,192.1 |
||
| Property, plant and equipment, net |
|
1,601.6 |
|
1,655.8 |
||
|
|
8,485.2 |
|
8,360.6 |
|||
| Other intangibles, net |
|
3,869.2 |
|
4,104.0 |
||
| Other long term assets |
|
618.7 |
|
631.7 |
||
| Total assets |
$ |
18,454.5 |
$ |
18,944.2 |
||
| Current liabilities |
$ |
3,226.3 |
$ |
3,258.0 |
||
| Long-term debt |
|
3,792.2 |
|
4,333.6 |
||
| Long-term liabilities - other |
|
1,283.3 |
|
1,359.0 |
||
| Total liabilities |
|
8,301.8 |
|
8,950.6 |
||
| Shareholders' equity |
|
10,122.3 |
|
9,956.5 |
||
| Non-controlling interest |
|
30.4 |
|
37.1 |
||
| Total shareholders' equity |
|
10,152.7 |
|
9,993.6 |
||
| Total Liabilities and Shareholders' Equity |
$ |
18,454.5 |
$ |
18,944.2 |
||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (UNAUDITED) | |||||||
| Twelve Months Ended |
|||||||
|
2020 |
2019 |
||||||
| In millions | |||||||
| Operating activities | |||||||
| Net income |
$ |
412.3 |
|
$ |
326.5 |
|
|
| Non-cash expense |
|
404.6 |
|
|
369.2 |
|
|
| Receivables |
|
315.0 |
|
|
(6.3 |
) |
|
| Inventories |
|
180.8 |
|
|
255.9 |
|
|
| Accounts Payable |
|
(269.0 |
) |
|
(144.3 |
) |
|
| Other assets and liabilities |
|
(260.0 |
) |
|
214.5 |
|
|
| Net cash provided by operating activities |
|
783.7 |
|
|
1,015.5 |
|
|
| Net cash used for investing activities |
|
(155.4 |
) |
|
(3,177.8 |
) |
|
| Net cash (used for) provided by financing activities |
|
(619.0 |
) |
|
461.5 |
|
|
| Effect of changes in currency exchange rates |
|
(14.8 |
) |
|
(37.3 |
) |
|
| Decrease in cash |
|
(5.5 |
) |
|
(1,738.1 |
) |
|
| Cash, cash equivalents, and restricted cash, beginning of period |
|
604.2 |
|
|
2,342.3 |
|
|
| Cash and cash equivalents, end of period |
$ |
598.7 |
|
$ |
604.2 |
|
|
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,
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter-to-Date 2020 Actual Results | |||||||||||||||||||||||||||||||
|
Gross |
Operating |
Income from |
Interest & |
Noncontrolling |
|
|||||||||||||||||||||||||||
|
|
Profit |
Expenses |
Operations |
Other Exp |
Tax |
Net Income |
Interest |
Net Income |
EPS |
|||||||||||||||||||||||
| Reported Results |
$ |
2,023.7 |
$ |
505.5 |
$ |
(344.4 |
) |
$ |
161.1 |
$ |
(42.8 |
) |
$ |
(31.5 |
) |
$ |
86.8 |
$ |
1.1 |
$ |
87.9 |
$ |
0.46 |
|||||||||
| Restructuring & Transaction costs |
|
- |
|
21.1 |
|
30.3 |
|
|
51.4 |
|
- |
|
|
(12.4 |
) |
|
39.0 |
|
- |
|
39.0 |
$ |
0.20 |
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
70.8 |
|
|
70.8 |
|
- |
|
|
(16.2 |
) |
|
54.6 |
|
- |
|
54.6 |
$ |
0.29 |
|||||||||
| Foreign Currency Loss |
|
- |
|
- |
|
- |
|
|
- |
|
0.5 |
|
|
(0.2 |
) |
|
0.3 |
|
- |
|
0.3 |
$ |
- |
|||||||||
| Tax on Transaction Costs |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
5.7 |
|
|
5.7 |
|
- |
|
5.7 |
$ |
0.03 |
|||||||||
| Adjusted Results |
$ |
2,023.7 |
$ |
526.6 |
$ |
(243.3 |
) |
$ |
283.3 |
$ |
(42.3 |
) |
$ |
(54.6 |
) |
$ |
186.4 |
$ |
1.1 |
$ |
187.5 |
$ |
0.98 |
|||||||||
| Fully Diluted Shares Outstanding |
|
189.7 |
||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||
| (in millions) | Q4 Year-to-Date 2020 Actual Results | |||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | ||||||||||||||||||||||||||||
| Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||
| Reported Results |
$ |
7,556.1 |
$ |
2,137.1 |
$ |
(1,392.6 |
) |
$ |
744.5 |
$ |
(187.3 |
) |
$ |
(144.9 |
) |
$ |
412.3 |
$ |
2.1 |
$ |
414.4 |
$ |
2.17 |
|||||||||
| Restructuring & Transaction costs |
|
- |
|
44.4 |
|
70.9 |
|
|
115.3 |
|
- |
|
|
(28.8 |
) |
|
86.5 |
|
- |
|
86.5 |
$ |
0.45 |
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
282.4 |
|
|
282.4 |
|
- |
|
|
(70.6 |
) |
|
211.8 |
|
- |
|
211.8 |
$ |
1.11 |
|||||||||
| Foreign Exchange Loss |
|
- |
|
- |
|
- |
|
|
- |
|
8.2 |
|
|
(2.1 |
) |
|
6.1 |
|
- |
|
6.1 |
$ |
0.03 |
|||||||||
| Tax on Transaction Costs |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
5.7 |
|
|
5.7 |
|
- |
|
5.7 |
$ |
0.03 |
|||||||||
| Adjusted Results |
$ |
7,556.1 |
$ |
2,181.5 |
$ |
(1,039.3 |
) |
$ |
1,142.2 |
$ |
(179.1 |
) |
$ |
(240.7 |
) |
$ |
722.4 |
$ |
2.1 |
$ |
724.5 |
$ |
3.79 |
|||||||||
| Fully Diluted Shares Outstanding |
|
190.4 |
||||||||||||||||||||||||||||||
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,
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||||||
| (in millions) | Fourth Quarter-to-Date 2019 Actual Results | |||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | ||||||||||||||||||||||||||||||||
| Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||
| Reported Results |
$ |
2,368.4 |
$ |
674.9 |
$ |
(448.8 |
) |
$ |
226.1 |
$ |
(51.4 |
) |
$ |
(37.7 |
) |
$ |
137.0 |
|
$ |
(1.3 |
) |
$ |
135.7 |
|
$ |
0.71 |
|
|||||||||
| Restructuring, Transaction, & Litigation costs |
|
- |
|
9.9 |
|
61.1 |
|
|
71.0 |
|
3.5 |
|
|
(18.0 |
) |
|
56.5 |
|
|
- |
|
|
56.5 |
|
$ |
0.29 |
|
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
65.5 |
|
|
65.5 |
|
- |
|
|
(15.9 |
) |
|
49.6 |
|
|
- |
|
|
49.6 |
|
$ |
0.26 |
|
|||||||||
| One-time PPA |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
$ |
- |
|
|||||||||
| Foreign Exchange Loss |
|
- |
|
- |
|
- |
|
|
- |
|
(2.7 |
) |
|
0.7 |
|
|
(2.0 |
) |
|
- |
|
|
(2.0 |
) |
$ |
(0.01 |
) |
|||||||||
| Tax on Transaction Costs |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
(3.5 |
) |
|
(3.5 |
) |
|
- |
|
|
(3.5 |
) |
$ |
(0.02 |
) |
|||||||||
| Adjusted Results |
$ |
2,368.4 |
$ |
684.8 |
$ |
(322.2 |
) |
$ |
362.6 |
$ |
(50.7 |
) |
$ |
(74.4 |
) |
$ |
237.6 |
|
$ |
(1.3 |
) |
$ |
236.3 |
|
$ |
1.23 |
|
|||||||||
| Fully Diluted Shares Outstanding |
|
191.6 |
|
|||||||||||||||||||||||||||||||||
| Reconciliation of Reported Results to Adjusted Results | ||||||||||||||||||||||||||||||||||||
| (in millions) | Q4 Year-to-Date 2019 Actual Results | |||||||||||||||||||||||||||||||||||
| Gross | Operating | Income from | Interest & | Noncontrolling | ||||||||||||||||||||||||||||||||
| Profit | Expenses | Operations | Other Exp | Tax | Net Income | Interest | Net Income | EPS | ||||||||||||||||||||||||||||
| Reported Results |
$ |
8,200.0 |
$ |
2,278.0 |
$ |
(1,614.9 |
) |
$ |
663.1 |
$ |
(216.3 |
) |
$ |
(120.3 |
) |
$ |
326.5 |
|
$ |
0.2 |
|
$ |
326.7 |
|
$ |
1.84 |
|
|||||||||
| Restructuring, Transaction, & Litigation costs |
|
- |
|
38.3 |
|
191.5 |
|
|
229.8 |
|
25.0 |
|
|
(61.6 |
) |
|
193.2 |
|
|
- |
|
|
193.2 |
|
$ |
1.08 |
|
|||||||||
| Non-cash Amortization expense |
|
- |
|
- |
|
238.4 |
|
|
238.4 |
|
- |
|
|
(57.7 |
) |
|
180.7 |
|
|
- |
|
|
180.7 |
|
$ |
1.02 |
|
|||||||||
| One-time PPA |
|
- |
|
185.0 |
|
- |
|
|
185.0 |
|
- |
|
|
(44.8 |
) |
|
140.2 |
|
|
- |
|
|
140.2 |
|
$ |
0.79 |
|
|||||||||
| Foreign Exchange Loss |
|
- |
|
- |
|
- |
|
|
- |
|
13.5 |
|
|
(3.2 |
) |
|
10.3 |
|
|
- |
|
|
10.3 |
|
$ |
0.06 |
|
|||||||||
| Tax on Transaction Costs |
|
- |
|
- |
|
- |
|
|
- |
|
- |
|
|
12.5 |
|
|
12.5 |
|
|
- |
|
|
12.5 |
|
$ |
0.07 |
|
|||||||||
| Adjusted Results |
$ |
8,200.0 |
$ |
2,501.3 |
$ |
(1,185.0 |
) |
$ |
1,316.3 |
$ |
(177.8 |
) |
$ |
(275.1 |
) |
$ |
863.4 |
|
$ |
0.2 |
|
$ |
863.6 |
|
$ |
4.86 |
|
|||||||||
| Fully Diluted Shares Outstanding |
|
177.3 |
|
|||||||||||||||||||||||||||||||||
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,
| 2020 Q4 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| 2020 Q4 Year-to-Date EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| 2019 Q4 EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| 2019 Q4 Year-to-Date EBITDA Reconciliation | ||||||||||||
| (in millions) | ||||||||||||
| Reported Income | + | Other Income | + | Depreciation & | = | EBITDA | + | Restructuring & | = | Adjusted | ||
| from Operations | (Expense) | Amortization | Transaction Costs | EBITDA | ||||||||
| Consolidated Results |
|
|
|
|
|
|
||||||
| SALES BY PRODUCT LINE | ||||||
| (UNAUDITED) | ||||||
| Three Months Ended |
||||||
| In millions |
2020 |
2019 |
||||
| Freight Segment | ||||||
| Equipment |
$ |
433.3 |
$ |
638.0 |
||
| Components |
|
194.6 |
|
250.1 |
||
|
|
163.9 |
|
210.8 |
|||
| Services |
|
547.5 |
|
568.2 |
||
| Total Freight Segment |
|
1,339.3 |
|
1,667.1 |
||
| Transit Segment | ||||||
| Original Equipment Manufacturer |
$ |
321.2 |
$ |
313.8 |
||
| Aftermarket |
|
363.2 |
|
387.5 |
||
| Total Transit Segment |
|
684.4 |
|
701.3 |
||
|
Twelve Months Ended |
||||||
| In millions |
2020 |
2019 |
||||
| Freight Segment | ||||||
| Equipment |
$ |
1,531.5 |
$ |
1,699.7 |
||
| Components |
|
818.7 |
|
1,073.5 |
||
|
|
664.0 |
|
677.1 |
|||
| Services |
|
2,068.1 |
|
1,991.1 |
||
| Total Freight Segment |
|
5,082.3 |
|
5,441.4 |
||
| Transit Segment | ||||||
| Original Equipment Manufacturer |
$ |
1,138.6 |
$ |
1,286.6 |
||
| Aftermarket |
|
1,335.2 |
|
1,472.0 |
||
| Total Transit Segment |
|
2,473.8 |
|
2,758.6 |
||
| RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT | |||||||||||||||
| (UNAUDITED) | |||||||||||||||
| Three Months Ended |
Twelve Months Ended |
||||||||||||||
| In millions |
2020 |
2019 |
2020 |
2019 |
|||||||||||
| Freight Segment Reported Income from Operations |
$ |
120.5 |
|
$ |
239.2 |
|
$ |
583.9 |
|
$ |
642.9 |
|
|||
| Freight Segment Reported Margin |
|
9.0 |
% |
|
14.3 |
% |
|
11.5 |
% |
|
11.8 |
% |
|||
| One-time PPA |
|
- |
|
|
- |
|
|
- |
|
|
185.0 |
|
|||
| Restructuring & Transaction costs |
|
32.4 |
|
|
14.9 |
|
|
75.9 |
|
|
66.6 |
|
|||
| Non-cash Amortization expense |
|
65.5 |
|
|
60.0 |
|
|
262.3 |
|
|
218.3 |
|
|||
| Freight Segment Adjusted Income from Operations |
$ |
218.4 |
|
$ |
314.1 |
|
$ |
922.1 |
|
$ |
1,112.8 |
|
|||
| Freight Segment Adjusted Margin |
|
16.3 |
% |
|
18.8 |
% |
|
18.1 |
% |
|
20.5 |
% |
|||
| Transit Segment Reported Income from Operations |
$ |
56.8 |
|
$ |
39.0 |
|
$ |
229.7 |
|
$ |
214.4 |
|
|||
| Transit Segment Reported Margin |
|
8.3 |
% |
|
5.6 |
% |
|
9.3 |
% |
|
7.8 |
% |
|||
| Restructuring & Transaction costs |
|
15.0 |
|
|
10.7 |
|
|
28.3 |
|
|
18.0 |
|
|||
| Non-cash Amortization expense |
|
5.3 |
|
|
5.5 |
|
|
20.1 |
|
|
20.1 |
|
|||
| Transit Segment Adjusted Income from Operations |
$ |
77.1 |
|
$ |
55.2 |
|
$ |
278.1 |
|
$ |
252.5 |
|
|||
| Transit Segment Adjusted Margin |
|
11.3 |
% |
|
7.9 |
% |
|
11.2 |
% |
|
9.2 |
% |
|||
View source version on businesswire.com: https://www.businesswire.com/news/home/20210218005115/en/
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