A significant share of Wabtec?s revenue consists of long duration order-to-shipment products with lead times that can span several months to several years, and a key indicator of expected revenue performance is the company?s backlog. The company?s 12-month backlog has grown from 2020-2024 at a compound annual growth rate (CAGR) of 9%, and we believe there is ample runway for long-term growth supported by modernization and replacement of locomotives in the North American fleet, as well as continued, gradual increase in urbanization and transit ridership globally. We forecast organic revenue growth of about 3%-4% over the next 24 months, with growth in the freight segment driven by locomotives&modernizations and mining activity and growth in the transit segment driven
