Westinghouse Air Brake Technologies Corporation (NYSE:WAB) is looking for mergers and acquisitions. During the company's fourth quarter 2022 earnings conference call, Rafael Santana, President and Chief Executive Officer, said that ‘Total cash flow from operations was $410 million, which brings year-to-date cash flow to over $1 billion achieving a full year cash conversion rate of over 90%. Overall, our financial position remains strong.

We continue to allocate capital to maximize shareholder returns by investing for future growth executing on the strategic M&A and returning cash to shareholders'. John Olin, Chief Financial Officer, said that ‘It all depends on if we have the right M&A, we'll invest it that way'. ‘Matt, this is John.

Matt, just in general, when we look at capital allocation, we are very interested in doing strong strategic bolt-on M&A that is accretive to overall margins. So that, being said, first, if we don't have that, we're very, very happy to return the cash to our shareholders in the form of share repurchases. And that's exactly what you saw in 2022'.