Sales Growth of 9.1% to $2.08 Billion; Sales Up 14.3% Excluding Impacts of Foreign Currency Exchange
Operating Margin of 12.5%, Up 1.1 Percentage Points; Strong Third Quarter Adjusted Operating Margin of 16.4%
Third Quarter Reported GAAP Earnings Per Share of $0.88; Adjusted Earnings Per Share of $1.22
Total Backlog of $22.61 Billion, Up $ 0.77 Billion and Up $1.52 Billion Year-Over-Year on Constant Currency Basis; Provides Strong Multi-Year Momentum

Wabtec Corporation (NYSE:WAB) today reported third quarter 2022 GAAP earnings per diluted share of $0.88, up 27.5% versus the third quarter of 2021. Adjusted earnings per diluted share were $1.22, up 7.0% versus the same quarter a year ago. Third quarter sales were $2.08 billion, and cash from operations was $204 million.

"The Wabtec team delivered a strong quarterly performance as evidenced by the growth in sales and earnings," said Rafael Santana, Wabtec's President and CEO. "The team's disciplined execution and the strength of the underlying business enabled us to navigate a volatile and dynamic environment that included significant headwinds from negative foreign currency exchange, supply chain constraints, and high input costs.

"Looking forward, Wabtec is well-positioned to drive long-term profitable growth as the team continues to deliver for our customers and execute against our value creation framework. Our technologically differentiated portfolio of products and solutions, combined with our global installed base and multi-year backlog will allow us to capitalize on growth opportunities while remaining highly resilient."

2022 Third Quarter Consolidated Results

$ in millions except earnings per share and percentages; margin change in percentage points (pts)	Third Quarter
	2022	2021	Change
Net Sales	$ 2,081	$ 1,907	9.1%

GAAP Gross Margin	31.1%	31.6%	(0.5 pts)
Adjusted Gross Margin	31.4%	32.8%	(1.4 pts)
GAAP Operating Margin	12.5%	11.4%	1.1 pts
Adjusted Operating Margin	16.4%	17.0%	(0.6 pts)

GAAP Diluted EPS	$0.88	$0.69	27.5%
Adjusted Diluted EPS	$1.22	$1.14	7.0%

Cash Flow from Operations	$ 204	$ 244	(16.4%)
Operating Cash Flow Conversion	72%	96%

Sales increased 9.1% 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 14.3%.
GAAP operating margin was up 1.1 percentage points behind lower restructuring and transaction costs. Adjusted operating margin was lower due to a less rich mix of sales from significantly higher locomotive sales in the quarter.
GAAP and adjusted EPS increased from the year-ago quarter primarily due to higher sales and disciplined cost management. GAAP EPS further benefited from lower restructuring and transaction costs.

2022 Third Quarter Freight Segment Results

Net sales $ in millions; margin change in percentage points (pts)	Third Quarter
	2022	2021	Change
Net Sales	$ 1,531	$ 1,295	18.2%
GAAP Gross Margin	32.5%	34.3%	(1.8 pts)
Adjusted Gross Margin	32.7%	34.3%	(1.6 pts)
GAAP Operating Margin	15.2%	15.1%	0.1 pts
Adjusted Operating Margin	19.9%	20.6%	(0.7 pts)

Freight segment sales for the third quarter were up across all product groups, with very strong growth in Equipment, Digital Electronics, and Services. On a constant currency basis sales were up 19.8%.
GAAP operating margins were nearly flat to prior year and adjusted operating margin was lower as a result of significantly higher sales of locomotives during the quarter, partially offset by operational efficiencies and disciplined cost management.

2022 Third Quarter Transit Segment Results

Net sales $ in millions; margin change in percentage points (pts)	Third Quarter
	2022	2021	Change
Net Sales	$ 550	$ 612	(10.1%)
GAAP Gross Margin	27.4%	25.9%	1.5 pts
Adjusted Gross Margin	27.5%	29.6%	(2.1 pts)
GAAP Operating Margin	9.6%	7.2%	2.4 pts
Adjusted Operating Margin	11.0%	12.5%	(1.5 pts)

Transit segment sales for the third quarter were down versus last year due to unfavorable foreign currency exchange and the carryover effects from the previously announced cyber incident in the second quarter. On a constant currency basis sales were up 2.6%.
GAAP operating margin was up significantly as a result of lower restructuring and transaction costs, while adjusted operating margin was down as a result of costs associated with the cyber incident.

Backlog

Backlog $ in millions	September 30,
Backlog $ in millions	2022	2021	Change
12-Month Backlog	$ 6,267	$ 5,708	9.8%
Total Backlog	$ 22,610	$ 21,844	3.5%

At September 30, 2022 the multi-year backlog was $0.77 billion higher than September 30, 2021. Excluding unfavorable foreign currency exchange, the multi-year backlog was up $1.52 billion, up 7.0%.

Cash Flow and Liquidity Summary

During the third quarter, the Company generated cash from operations of $204 million versus $244 million in the year ago period. Cash from operations was lower driven by higher inventories, partially offset by increased net income.
At the end of the quarter, the Company had cash and cash equivalents of $514 million and total debt of $4.08 billion. At September 30, 2022 the Company's total available liquidity was $2.14 billion, which includes cash and cash equivalents plus $1.63 billion available under current credit facilities.

2022 Financial Guidance

Wabtec updated its 2022 financial guidance with sales expected to be in a range of $8.15 billion to $8.35 billion versus previous guidance of $8.3 billion to $8.6 billion. The reduction reflects the expected impacts from unfavorable foreign currency exchange in the second half of the year. Adjusted earnings per diluted share is expected to be in a range of $4.75 to $4.95 versus previous guidance of $4.70 to $5.00.
For full year 2022, 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: 2053871).

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 2022 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. 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, including statements regarding the impact of acquisitions by Wabtec, statements regarding Wabtec's expectations about future sales and earnings, and statements about the impact of evolving global conditions on Wabtec's business. All statements, other than historical facts, including statements regarding synergies and other expected benefits from acquisitions; statements regarding Wabtec's plans, objectives, expectations and intentions; and statements regarding macro-economic conditions and evolving production and demand conditions; and any assumptions underlying any of the foregoing, are forward-looking statements. 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 NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021
(AMOUNTS IN MILLIONS EXCEPT PER SHARE DATA)
(UNAUDITED)


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
		2022			2021			2022			2021

Net sales	$	2,081		$	1,907		$	6,056		$	5,749
Cost of sales		(1,433	)		(1,304	)		(4,168	)		(4,032	)
Gross profit		648			603			1,888			1,717
Gross profit as a % of Net Sales		31.1	%		31.6	%		31.2	%		29.9	%

Selling, general and administrative expenses		(260	)		(269	)		(757	)		(766	)
Engineering expenses		(54	)		(44	)		(149	)		(124	)
Amortization expense		(73	)		(73	)		(218	)		(215	)
Total operating expenses		(387	)		(386	)		(1,124	)		(1,105	)
Operating expenses as a % of Net Sales		18.6	%		20.2	%		18.6	%		19.2	%

Income from operations		261			217			764			612
Income from operations as a % of Net Sales		12.5	%		11.4	%		12.6	%		10.6	%

Interest expense, net		(48	)		(42	)		(135	)		(135	)
Other income, net		4			-			15			25
Income before income taxes		217			175			644			502

Income tax expense		(54	)		(43	)		(162	)		(130	)
Effective tax rate		24.7	%		24.8	%		25.1	%		26.0	%

Net income		163			132			482			372

Less: Net income attributable to noncontrolling interest		(3	)		(1	)		(7	)		(4	)

Net income attributable to Wabtec shareholders	$	160		$	131		$	475		$	368

Earnings Per Common Share
Basic
Net income attributable to Wabtec shareholders	$	0.88		$	0.69		$	2.60		$	1.95

Diluted
Net income attributable to Wabtec shareholders	$	0.88		$	0.69		$	2.59		$	1.95


Basic		181.3			187.6			182.6			188.2
Diluted		181.9			188.0			183.1			188.6

Segment Information
Freight Net Sales	$	1,531		$	1,295		$	4,343		$	3,814
Freight Income from Operations	$	233		$	195		$	655		$	510
Freight Operating Margin		15.2	%		15.1	%		15.1	%		13.4	%

Transit Net Sales	$	550		$	612		$	1,713		$	1,935
Transit Income from Operations	$	53		$	44		$	168		$	159
Transit Operating Margin		9.6	%		7.2	%		9.8	%		8.2	%

Backlog Information (Note: 12-month is a sub-set of total)	September 30, 2022			June 30, 2022			September 30, 2021
Freight Total	$	19,173		$	19,679		$	18,212
Transit Total		3,437			3,548			3,632
Wabtec Total	$	22,610		$	23,227		$	21,844

Freight 12-Month	$	4,567		$	4,821		$	4,060
Transit 12-Month		1,700			1,745			1,648
Wabtec 12-Month	$	6,267		$	6,566		$	5,708

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)


	September 30, 2022		December 31, 2021
In millions
Cash and cash equivalents	$	514	$	473
Receivables, net		1,462		1,477
Inventories		2,023		1,689
Other current assets		200		193
Total current assets		4,199		3,832
Property, plant and equipment, net		1,402		1,497
Goodwill		8,361		8,587
Other intangible assets, net		3,410		3,705
Other noncurrent assets		890		833
Total assets	$	18,262	$	18,454
Current liabilities	$	3,328	$	2,910
Long-term debt		3,824		4,056
Long-term liabilities - other		1,185		1,249
Total liabilities		8,337		8,215
Shareholders' equity		9,881		10,201
Noncontrolling interest		44		38
Total shareholders' equity		9,925		10,239
Total Liabilities and Shareholders' Equity	$	18,262	$	18,454

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

	Nine Months Ended September 30,
		2022			2021
In millions
Operating activities
Net income	$	482		$	372
Non-cash expense		355			373
Receivables		(39	)		35
Inventories		(401	)		(32	)
Accounts Payable		232			41
Other assets and liabilities		(1	)		(30	)
Net cash provided by operating activities		628			759

Net cash used for investing activities		(149	)		(475	)

Net cash used for financing activities		(395	)		(433	)

Effect of changes in currency exchange rates		(43	)		6

Increase (decrease) in cash		41			(143	)

Cash and cash equivalents, beginning of period		473			599
Cash and cash equivalents, end of period	$	514		$	456

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)	Third 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	$	2,081	$	648	$	(387	)	$	261	$	(44	)	$	(54	)	$	163	$	(3	)	$	160	$	0.88

Restructuring & Transaction costs		-		5		4			9		-			(2	)		7		-			7	$	0.04

Non-cash Amortization expense		-		-		73			73		-			(18	)		55		-			55	$	0.30

Adjusted Results	$	2,081	$	653	$	(310	)	$	343	$	(44	)	$	(74	)	$	225	$	(3	)	$	222	$	1.22

Fully Diluted Shares Outstanding																								181.9



Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Third 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	$	6,056	$	1,888	$	(1,124	)	$	764	$	(120	)	$	(162	)	$	482	$	(7	)	$	475	$	2.59

Restructuring & Transaction costs		-		12		8			20		-			(5	)		15		-			15	$	0.08

Non-cash Amortization expense		-		-		218			218		-			(54	)		164		-			164	$	0.89

Adjusted Results	$	6,056	$	1,900	$	(898	)	$	1,002	$	(120	)	$	(221	)	$	661	$	(7	)	$	654	$	3.56

Fully Diluted Shares Outstanding																								183.1

Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Third 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	$	1,907	$	603	$	(386	)	$	217	$	(42	)	$	(43	)	$	132		$	(1	)	$	131		$	0.69

Restructuring & Transaction costs		-		23		12			35		-			(8	)		27			-			27		$	0.14

Non-cash Amortization expense		-		-		73			73		-			(18	)		55			-			55		$	0.29

Foreign Exchange Loss		-		-		-			-		3			(2	)		1			-			1		$	0.02

Adjusted Results	$	1,907	$	626	$	(301	)	$	325	$	(39	)	$	(71	)	$	215		$	(1	)	$	214		$	1.14

Fully Diluted Shares Outstanding																										188.0



Wabtec Corporation
Reconciliation of Reported Results to Adjusted Results
(in millions)	Third 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	$	5,749	$	1,717	$	(1,105	)	$	612	$	(110	)	$	(130	)	$	372		$	(4	)	$	368		$	1.95

Restructuring & Transaction costs		-		48		32			80		-			(19	)		61			-			61		$	0.32

Non-cash Amortization expense		-		-		215			215		-			(56	)		159			-			159		$	0.84

Foreign Exchange Gain		-		-		-			-		(8	)		2			(6	)		-			(6	)	$	(0.03	)

Adjusted Results	$	5,749	$	1,765	$	(858	)	$	907	$	(118	)	$	(203	)	$	586		$	(4	)	$	582		$	3.08

Fully Diluted Shares Outstanding																										188.6

Wabtec Corporation

2022 Q3 EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

261

117

382

391

Wabtec Corporation

2022 Q3 YTD EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

764

354

1,133

1,153

Wabtec Corporation

2021 Q3 EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

217

121

338

373

Wabtec Corporation

2021 Q3 YTD EBITDA Reconciliation

(in millions)

Reported Income

Other Income

Depreciation &

EBITDA

Restructuring &

Adjusted

from Operations

(Expense)

Amortization

Transaction Costs

EBITDA

Consolidated Results

612

364

1,001

1,081

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
SALES BY PRODUCT LINE
(UNAUDITED)

	Three Months Ended September 30,
In millions	2022		2021
Freight Segment
Equipment	$	443	$	335
Components		232		222
Digital Electronics		187		155
Services		669		583
Total Freight Segment	$	1,531	$	1,295

Transit Segment
Original Equipment Manufacturer	$	264	$	287
Aftermarket		286		325
Total Transit Segment	$	550	$	612


	Nine Months Ended September 30,
In millions	2022		2021
Freight Segment
Equipment	$	1,098	$	925
Components		695		649
Digital Electronics		504		473
Services		2,046		1,767
Total Freight Segment	$	4,343	$	3,814

Transit Segment
Original Equipment Manufacturer	$	815	$	894
Aftermarket		898		1,041
Total Transit Segment	$	1,713	$	1,935

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF REPORTED RESULTS TO ADJUSTED RESULTS - BY SEGMENT
(UNAUDITED)

	Three Months Ended September 30,												Nine Months Ended September 30,
	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	$	497		$	233		$	444		$	195		$	1,414		$	655		$	1,214		$	510
Freight Segment Reported Margin		32.5	%		15.2	%		34.3	%		15.1	%		32.6	%		15.1	%		31.8	%		13.4	%

Restructuring & Transaction costs		4			5			1			3			7			8			5			17
Non-cash Amortization expense		-			69			-			68			-			204			-			200

Freight Segment Adjusted Results	$	501		$	307		$	445		$	266		$	1,421		$	867		$	1,219		$	727
Freight Segment Adjusted Margin		32.7	%		19.9	%		34.3	%		20.6	%		32.7	%		20.0	%		31.8	%		19.1	%


Transit Segment Reported Results	$	151		$	53		$	159		$	44		$	474		$	168		$	503		$	159
Transit Segment Reported Margin		27.4	%		9.6	%		25.9	%		7.2	%		27.6	%		9.8	%		26.0	%		8.2	%

Restructuring & Transaction costs		1			3			22			28			5			10			43			54
Non-cash Amortization expense		-			4			-			5			-			14			-			15

Transit Segment Adjusted Results	$	152		$	60		$	181		$	77		$	479		$	192		$	546		$	229
Transit Segment Adjusted Margin		27.5	%		11.0	%		29.6	%		12.5	%		27.9	%		11.2	%		28.2	%		11.8	%

WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORPORATION
RECONCILIATION OF CHANGES IN NET SALES - BY SEGMENT
(UNAUDITED)

	Three Months Ended September 30,
In millions	Freight			Transit			Consolidated

2021 Net Sales	$	1,295		$	612		$	1,907

Acquisitions		18			1			19
Foreign Exchange		(21	)		(78	)		(99	)
Organic		239			15			254

2022 Net Sales	$	1,531		$	550		$	2,081

Change ($)		236			(62	)		174
Change (%)		18.2	%		-10.1	%		9.1	%


	Nine Months Ended September 30,
	Freight			Transit			Consolidated

2021 Net Sales	$	3,814		$	1,935		$	5,749

Acquisitions		62			3			65
Foreign Exchange		(41	)		(171	)		(212	)
Organic		508			(54	)		454

2022 Net Sales	$	4,343		$	1,713		$	6,056

Change ($)		529			(222	)		307
Change (%)		13.9	%		-11.5	%		5.3	%

Wabtec Corporation

2022 Q3 Cash Conversion Calculation

(in millions)

Reported Cash

(Net Income

Depreciation & Amortization)

Cash Conversion

from Operations

Consolidated Results

204

163

119

Wabtec Corporation

2022 Q3 YTD Cash Conversion Calculation

(in millions)

Reported Cash

(Net Income

Depreciation & Amortization)

Cash Conversion

from Operations

Consolidated Results

628

482

359

Wabtec Corporation

2021 Q3 Cash Conversion Calculation

(in millions)

Reported Cash

(Net Income

Depreciation & Amortization)

Cash Conversion

from Operations

Consolidated Results

244

132

122

Wabtec Corporation

2021 Q3 YTD Cash Conversion Calculation

(in millions)

Reported Cash

(Net Income

Depreciation & Amortization)

Cash Conversion

from Operations

Consolidated Results

759

372

368

103

View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005168/en/

Wabtec Reports Strong Third Quarter 2022 Results