Westinghouse air brake technologiescorp (WAB)
CashFlow / Quarterly
Mar'20Dec'19Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12Mar'12Dec'11Sep'11Jun'11Mar'11Dec'10Sep'10Jun'10Mar'10
Operating Activities
Net income (loss)

111,200

137,000

90,659

102,841

-4,000

34,800

86,172

83,271

87,457

49,697

68,439

72,160

72,004

46,328

82,428

90,485

94,163

101,779

99,181

101,504

96,164

92,686

90,155

88,705

80,134

74,041

73,943

74,638

69,613

64,765

62,994

64,712

59,261

46,263

46,600

36,334

40,952

30,980

30,544

31,211

30,364

Adjustments to reconcile net income to cash provided by operations:
Depreciation and amortization

115,800

112,100

124,236

109,164

55,900

26,300

29,773

25,373

27,854

26,230

25,919

25,822

25,229

20,420

16,282

16,861

16,232

16,567

16,555

16,043

15,569

16,284

17,115

14,284

13,578

14,058

12,116

13,849

11,170

12,648

11,294

9,995

10,199

11,171

12,904

9,956

10,818

11,699

9,711

8,776

8,400

Stock-based compensation expense

7,300

13,900

12,168

15,432

8,500

4,800

6,517

8,287

5,696

6,761

2,660

6,187

5,692

6,025

5,115

4,163

5,510

5,927

5,103

6,226

8,763

7,027

7,004

5,396

6,707

6,511

6,506

5,530

5,560

4,841

5,087

4,875

5,045

5,424

3,852

5,951

3,419

3,547

2,578

3,149

2,491

Below market intangible amortization

37,600

52,300

20,500

9,400

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Loss on disposal of property, plant and equipment

-

-

-

-

-

3,100

-2,647

-1,377

24

-267

-1,108

-372

-153

-81

227

-360

-18

1,217

-1,384

-273

-147

-698

-8

-92

-14

-626

-102

775

-32

-438

824

-1,272

-226

-502

-567

-85

-37

508

-1,078

-180

-27

Excess income tax benefits from exercise of stock options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,295

1,074

314

281

1,458

639

642

-

-

-

-

607

1,793

18

707

-

0

2,973

716

197

307

692

1,374

Changes in operating assets and liabilities, net of acquisitions
Accounts receivable and unbilled accounts receivable

22,600

-26,000

-3,405

-15,895

51,600

-45,600

40,221

-6,368

66,347

8,454

-6,298

-29,937

96,481

-58,090

36,191

-21,673

23,844

-22,381

-34,907

-3,714

39,502

-71,946

-2,567

11,486

80,440

-17,476

64,020

60,621

42,534

-48,454

-15,649

39,642

47,437

-11,588

14,706

29,633

35,946

-11,776

-20,232

31,407

34,856

Inventories

23,500

-197,200

88,724

-72,124

-75,300

-16,600

9,369

65,376

50,755

-44,365

4,959

16,261

32,145

-43,039

-13,194

12,293

-1,400

-35,994

-9,689

6,995

18,541

30,131

13,709

1,144

19,105

2,965

-22,022

-20,209

13,206

5,892

-1,774

7,912

20,461

16,148

16,583

25,365

21,441

-684

-3,162

1,686

3,810

Accounts payable

-60,200

2,200

-74,565

44,465

-116,400

44,600

-55,211

27,315

32,096

29,689

-45,628

-51,071

-24,690

24,845

-30,020

4,245

-18,002

4,051

-55,686

-12,084

-12,931

14,407

-2,682

24,512

19,141

37,434

2,234

6,348

14,960

6,086

-16,364

8,187

-10,392

56,278

-2,766

10,499

-4,037

38,476

794

2,483

2,541

Accrued income taxes

-4,400

-3,800

-6,899

2,999

18,400

51,700

-43,598

-14,206

14,004

83,542

-12,917

-25,213

2,188

-17,711

3,039

-26,866

29,779

776

1,779

-5,396

24,581

7,408

896

-1,071

16,530

-13,001

2,972

-14,559

9,555

-15,824

-1,220

-23,000

6,842

27,257

434

-6,965

10,788

-12,579

135

5,792

841

Accrued liabilities and customer deposits

-84,700

-30,700

-5,388

84,188

-60,000

15,300

-11,145

29,074

-1,529

-100,170

-5,667

1,634

85,303

-2,985

-11,858

16,337

-12,832

-1,926

14,178

-10,621

-16,468

60,387

12,220

12,042

-15,920

-3,424

-1,091

-29,280

-15,036

-24,377

25,414

4,409

7,877

-37,647

4,310

65,650

10,888

-653

-6,683

-4,072

1,227

Other assets and liabilities

83,200

-70,200

-77,245

25,545

-105,200

-45,400

-4,531

57,779

24,252

-97,762

-4,961

31,174

63,349

-35,287

8,399

-23,445

16,858

-3,542

-18,585

24,325

13,807

-8,844

19,611

19,247

-6,218

526

9,601

-587

6,782

-32,800

19,022

-6,677

9,472

-61,239

638

13,979

-1,724

-1,414

10,383

1,713

-6,516

Net cash (used for) provided by operating activities

-81,900

447,800

123,776

412,624

31,300

276,700

-29,904

43,704

24,200

162,289

40,214

12,393

-26,096

203,637

32,917

138,410

75,566

195,538

144,380

67,265

43,661

242,221

92,505

111,444

26,215

150,657

39,900

13,056

32,040

123,913

82,989

29,555

981

148,606

33,974

49,560

16,486

100,887

50,861

12,021

12,367

Investing Activities
Purchase of property, plant and equipment

33,300

72,700

50,733

32,167

29,700

29,100

24,477

22,257

17,466

29,237

21,838

19,098

19,327

18,540

12,572

10,600

8,504

16,349

12,219

12,402

8,458

16,685

12,620

12,024

6,333

17,643

8,987

8,160

6,448

11,307

8,233

6,270

10,191

15,745

9,410

5,415

7,401

8,472

5,364

3,406

3,601

Proceeds from disposal of property, plant and equipment

6,400

500

345

2,255

800

2,200

200

1,002

7,898

234

595

187

284

223

-25

81

84

1,430

176

40

138

81

123

-1,188

1,405

-168

336

5,114

718

40

838

0

93

363

9

275

16

352

11

54

1

Acquisitions of businesses, net of cash acquired

35,700

-4,200

19,048

270,852

2,710,700

2,100

10,823

3,980

34,297

98,625

0

46,594

800,081

98,758

63,092

21,053

210

29,442

0

24,395

75,713

-

-

-

-

1,396

106,987

0

115,071

-

-

-

-

57,097

0

20,730

31,047

42,602

53,285

0

39,943

Deposit in escrow

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Acquisition purchase price adjustment

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

75

-35

-

0

0

-2,368

Net cash used for investing activities

-62,600

-68,000

-69,436

-300,764

-2,739,600

-43,100

-35,100

-25,235

-43,865

-127,628

-21,243

-65,505

-819,124

-117,075

-75,689

-31,572

-8,630

-38,175

-221,171

-36,757

-84,033

-17,380

-112,741

-212,629

-4,928

-19,207

-115,638

-3,046

-120,801

-58,877

-21,329

-94,640

-10,098

-72,519

-9,401

-25,865

-38,397

-53,090

-58,638

-3,352

-41,175

Financing Activities
Proceeds from debt

981,500

1,026,900

629,566

589,434

1,736,500

-9,500

2,898,310

285,280

306,610

333,227

138,438

286,762

458,273

1,529,000

116,000

35,000

195,000

397,100

216,000

62,600

111,700

130,000

166,500

216,900

50,000

90,529

623,738

40,900

203,900

22,400

38,600

94,300

78,100

133,000

45,000

34,000

45,000

47,000

35,000

55,400

111,000

Payments of debt

663,800

1,359,000

512,479

714,421

837,700

-12,600

920,206

280,047

266,347

350,581

238,774

197,554

482,591

886,898

40,351

90,046

85,453

152,372

165,719

82,742

211,847

130,854

146,267

166,631

50,067

180,483

483,615

61,516

104,228

137,465

48,857

37,036

88,099

143,282

35,103

37,809

67,008

34,745

33,108

66,897

83,333

Repurchase of stock

105,300

-

-

-

0

-

-

-

-

-

-

-

-

0

78,438

0

133,738

365,451

22,336

0

0

0

10,135

14,471

2,151

-

-

-

-

-

-

-

-

-

-

-

-

0

2,070

3,215

3,096

Proceeds from exercise of stock options and other benefit plans

-

-

-

-

-

-3,100

6,233

3,994

2,873

1,512

209

1,420

1,259

210

1,122

136

515

389

1,299

1,012

397

293

1,200

965

879

429

2,087

1,060

1,589

1,410

1,556

459

1,006

322

409

2,984

1,184

209

400

1,051

1,596

Payment of income tax withholding on share-based compensation

-

-

-

-

-

5,600

197

3,566

2,937

2

-4

-40

6,842

-2,348

0

0

9,006

0

0

0

14,565

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Excess income tax benefits from exercise of equity options

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,295

1,074

314

281

1,458

639

642

-5,179

5,283

2,870

1,292

607

1,793

18

707

726

0

2,973

716

197

307

692

1,374

Earn-out settlement

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

4,429

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Cash dividends

23,000

23,500

23,937

22,563

11,700

11,600

11,604

11,565

11,531

11,507

11,516

9,605

9,572

8,907

8,958

7,210

7,355

7,648

7,735

5,800

5,780

5,775

5,780

3,863

3,828

3,844

4,004

2,410

2,386

2,410

2,376

1,442

1,438

1,442

1,442

484

481

485

480

481

468

Other financing activities

-5,900

-

-

-

-4,100

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Net cash provided by financing activities

183,500

-355,600

90,992

-156,892

883,000

-17,200

1,972,536

-5,904

28,668

-27,351

-111,639

81,063

-39,473

635,307

-10,179

-62,120

-40,037

-130,665

22,804

-23,856

-119,781

-6,055

6,976

33,539

-8,954

-126,060

138,003

-19,096

100,167

-134,017

-15,354

34,372

-9,724

-12,895

-8,752

-4,523

-20,589

12,176

49

-13,450

27,073

Effect of changes in currency exchange rates

-27,300

-7,400

-19,249

-6,451

-4,200

-9,500

-17,705

-16,877

7,482

-1,958

-7,774

20,392

21,640

-31,961

398

-4,557

9,684

-8,748

-2,616

9,057

-16,561

-5,478

-106

-1,550

-2,990

-637

4,237

-1,747

-1,834

2,692

1,644

-4,486

2,530

1,287

-16,160

1,616

6,246

160

18,027

-7,610

-8,024

Increase (decrease) in cash

11,700

16,800

126,083

-51,483

-1,829,500

206,900

1,889,827

-4,312

16,485

5,352

-100,442

48,343

-863,053

689,908

-52,553

40,161

36,583

17,950

-56,603

15,709

-176,714

213,308

-13,366

-69,196

9,343

4,753

66,502

-10,833

9,572

-66,289

47,950

-35,199

-16,311

64,479

-339

20,788

-36,254

60,133

10,299

-12,391

-9,759