$ALSN
Allison Transmission Holdings Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024048677 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $816.0M $789.0M
YoY Change 4.21% 6.48%
Cost Of Revenue $422.0M $423.0M
YoY Change 4.98% 11.32%
Gross Profit $394.0M $366.0M
YoY Change 3.41% 1.39%
Gross Profit Margin 48.28% 46.39%
Selling, General & Admin $82.00M $86.00M
YoY Change -10.87% -1.15%
% of Gross Profit 20.81% 23.5%
Research & Development $49.00M $46.00M
YoY Change 4.26% 4.55%
% of Gross Profit 12.44% 12.57%
Depreciation & Amortization $29.00M $32.00M
YoY Change -23.68% 23.08%
% of Gross Profit 7.36% 8.74%
Operating Expenses $131.0M $132.0M
YoY Change -5.76% 0.76%
Operating Profit $263.0M $234.0M
YoY Change 8.68% 1.74%
Interest Expense -$26.00M -$32.00M
YoY Change -7.14% 45.45%
% of Operating Profit -9.89% -13.68%
Other Income/Expense, Net -$7.000M $2.000M
YoY Change -450.0% -80.0%
Pretax Income $234.0M $204.0M
YoY Change 8.33% -3.77%
Income Tax $47.00M $35.00M
% Of Pretax Income 20.09% 17.16%
Net Earnings $187.0M $169.0M
YoY Change 6.86% -0.59%
Net Earnings / Revenue 22.92% 21.42%
Basic Earnings Per Share $2.15 $1.92
Diluted Earnings Per Share $2.13 $1.90
COMMON SHARES
Basic Shares Outstanding 87.48M 87.21M
Diluted Shares Outstanding 88.00M 89.00M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $659.0M $551.0M
YoY Change 87.75% 49.32%
Cash & Equivalents $648.0M $551.0M
Short-Term Investments $11.00M $14.00M
Other Short-Term Assets $89.00M $68.00M
YoY Change 50.85% 41.67%
Inventory $303.0M $289.0M
Prepaid Expenses
Receivables $383.0M $392.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.423B $1.300B
YoY Change 33.12% 24.64%
LONG-TERM ASSETS
Property, Plant & Equipment $760.0M $762.0M
YoY Change -0.13% 0.66%
Goodwill $2.075B $2.075B
YoY Change -0.05% 0.0%
Intangibles $826.0M $828.0M
YoY Change -3.39% -4.5%
Long-Term Investments $11.00M $14.00M
YoY Change -54.17% -44.0%
Other Assets $81.00M $77.00M
YoY Change 14.08% 16.67%
Total Long-Term Assets $3.753B $3.756B
YoY Change -0.9% -0.9%
TOTAL ASSETS
Total Short-Term Assets $1.423B $1.300B
Total Long-Term Assets $3.753B $3.756B
Total Assets $5.176B $5.056B
YoY Change 6.59% 4.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $249.0M $244.0M
YoY Change 4.62% 10.41%
Accrued Expenses $140.0M $126.0M
YoY Change 0.72% 3.28%
Deferred Revenue $44.00M $42.00M
YoY Change -4.35% -6.67%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M
YoY Change -16.67% -16.67%
Total Short-Term Liabilities $511.0M $518.0M
YoY Change 2.82% -1.52%
LONG-TERM LIABILITIES
Long-Term Debt $2.397B $2.398B
YoY Change -4.08% -4.08%
Other Long-Term Liabilities $155.0M $285.0M
YoY Change -45.99% 69.64%
Total Long-Term Liabilities $2.552B $2.683B
YoY Change -8.4% 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $511.0M $518.0M
Total Long-Term Liabilities $2.552B $2.683B
Total Liabilities $3.692B $3.714B
YoY Change -2.84% -3.41%
SHAREHOLDERS EQUITY
Retained Earnings -$399.0M -$533.0M
YoY Change -49.37% -36.92%
Common Stock $1.919B $1.911B
YoY Change 2.73% 2.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.484B $1.342B
YoY Change
Total Liabilities & Shareholders Equity $5.176B $5.056B
YoY Change 6.59% 4.61%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $187.0M $169.0M
YoY Change 6.86% -0.59%
Depreciation, Depletion And Amortization $29.00M $32.00M
YoY Change -23.68% 23.08%
Cash From Operating Activities $171.0M $173.0M
YoY Change 21.28% -10.36%
INVESTING ACTIVITIES
Capital Expenditures $21.00M $11.00M
YoY Change 10.53% -54.17%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$1.000M
YoY Change -150.0%
Cash From Investing Activities -$20.00M -$12.00M
YoY Change 5.26% -45.45%
FINANCING ACTIVITIES
Cash Dividend Paid $22.00M
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -54.00M -164.0M
YoY Change -53.04% 177.97%
NET CHANGE
Cash From Operating Activities 171.0M 173.0M
Cash From Investing Activities -20.00M -12.00M
Cash From Financing Activities -54.00M -164.0M
Net Change In Cash 97.00M -3.000M
YoY Change 1285.71% -102.68%
FREE CASH FLOW
Cash From Operating Activities $171.0M $173.0M
Capital Expenditures $21.00M $11.00M
Free Cash Flow $150.0M $162.0M
YoY Change 22.95% -4.14%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;min-width:fit-content;">NOTE A. OVERVIEW</span></p><p style="text-indent:2.267%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Overview</span></p><p style="text-indent:4.44%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Allison Transmission Holdings, Inc. and its subsidiaries (“Allison” or the “Company”) design and manufacture vehicle propulsion solutions, including commercial-duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison is traded on the New York Stock Exchange under the symbol “ALSN”.</span></p><p style="text-indent:4.44%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company has a global presence by serving customers in North America, Asia, Europe, South America, and Africa, with approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">75</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">% of its revenues being generated in North America in 2023. The Company serves customers through an independent network of approximately </span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">1,600</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> independent distributor and dealer locations worldwide.</span></p>
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CY2024Q1 us-gaap Use Of Estimates
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<p style="text-indent:2.267%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.4%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses. Estimates include, but are not limited to, sales incentives, government price adjustments, fair market values and future cash flows associated with goodwill, indefinite-lived intangibles, definite-lived intangibles, long-lived asset impairment tests, useful lives for depreciation and amortization, warranty liabilities, core deposit liabilities, determination of discount rate and other assumptions for pension and other post-retirement benefit ("OPEB") expense, income taxes and deferred tax valuation allowances, derivative valuation, assumptions for business combinations and contingencies. The Company’s accounting policies involve the application of judgments and assumptions made by management that include inherent risks and uncertainties. Actual results could differ materially from these estimates and from the assumptions used in the preparation of the Company's financial statements. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.</span></p>
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CY2024Q1 us-gaap Intangible Assets Net Excluding Goodwill
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CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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Fair value is the price (exit price) that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated, or generally unobservable. The accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three levels of the fair value hierarchy defined by the relevant guidance are as follows:Level 1 — Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Level 2 — Inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes financial instruments that are valued using quoted prices in markets that are not active and those financial instruments that are valued using models or other valuation methodologies in which all significant value-drivers are observable in active markets or are supported by observable levels at which transactions are executed in the marketplace.Level 3 — Certain inputs are unobservable or have little or no market data available. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value. At each balance sheet date, the Company performs an analysis of all instruments subject to authoritative accounting guidance and includes, in Level 3, all of those whose fair value is based on significant unobservable inputs. As of March 31, 2024 and December 31, 2023, the Company did not have any Level 3 financial assets or liabilities.
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CY2024Q1 us-gaap Fair Value Net Asset Liability
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CY2023Q1 alsn Contract With Customer Liability Increase
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CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
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CY2024Q1 us-gaap Contract With Customer Liability
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CY2024Q1 us-gaap Long Term Debt
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CY2024Q1 us-gaap Long Term Debt
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CY2024Q1 us-gaap Long Term Debt Fair Value
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CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
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CY2024Q1 us-gaap Derivative Description Of Terms
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The Company is subject to interest rate risk related to the Senior Secured Credit Facility and entered into interest rate swaps to manage a portion of this exposure. The interest rate swaps are designated as cash flow hedges that qualify for hedge accounting under the hypothetical derivative method. During the first quarter of 2024, the Company and ATI entered into the Amendment to the Credit Agreement that changed critical terms of the hedged item. Therefore, the Company performed a quantitative assessment that demonstrated a highly effective hedging relationship that qualifies for hedge accounting under the hypothetical derivative method. As of March 31, 2024, the Company held interest rate swap contracts that, in the aggregate, effectively hedge $500 million of the variable rate debt associated with the Term Loan at the Term SOFR weighted average fixed rate of 2.81% through September 2025. Fair value adjustments are recorded as a component of Accumulated other comprehensive loss, net of tax (“AOCL”) in the Condensed Consolidated Balance Sheets. Balances in AOCL are reclassified to earnings when transactions related to the underlying risk are settled.
CY2024Q1 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
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CY2024Q1 us-gaap Product Warranty Accrual
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CY2024Q1 us-gaap Other Liabilities Current
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2024Q1 us-gaap Valuation Allowance Methodologies And Assumptions
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The need to establish a valuation allowance against the deferred tax assets is assessed periodically based on a more-likely-than-not realization threshold, in accordance with authoritative accounting guidance. Appropriate consideration is given to all positive and negative evidence related to that realization. This assessment considers, among other matters, the nature, frequency and severity of recent losses, forecasts of future profitability, the duration of statutory carry-forward periods, experience with tax attributes expiring unused, and tax planning alternatives. The weight given to these considerations depends upon the degree to which they can be objectively verified.
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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1000000
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
89000000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.85
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.9
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.85
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1000000

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