2013 Q4 Form 10-K Financial Statement

#000119312514063895 Filed on February 24, 2014

View on sec.gov

Income Statement

Concept 2013 Q4 2013 2012 Q4
Revenue $491.0M $12.40M $487.0M
YoY Change 0.82% 58.97% -5.64%
Cost Of Revenue $279.6M $1.085B $292.8M
YoY Change -4.51% -8.64% -0.34%
Gross Profit $211.4M $841.9M $194.2M
YoY Change 8.86% -11.78% -12.68%
Gross Profit Margin 43.05% 6789.52% 39.88%
Selling, General & Admin $87.40M $334.9M $112.0M
YoY Change -21.96% -20.07% 111.72%
% of Gross Profit 41.34% 39.78% 57.67%
Research & Development $24.40M $97.10M $28.10M
YoY Change -13.17% -15.64% 6.04%
% of Gross Profit 11.54% 11.53% 14.47%
Depreciation & Amortization $49.80M $98.70M $64.00M
YoY Change -22.19% -3.71% -1.08%
% of Gross Profit 23.56% 11.72% 32.96%
Operating Expenses $111.8M $432.0M $140.1M
YoY Change -20.2% -19.12% 76.45%
Operating Profit $99.60M $409.9M $54.10M
YoY Change 84.1% -2.45% -37.46%
Interest Expense -$29.90M -$141.9M -$37.50M
YoY Change -20.27% -7.98% 3.88%
% of Operating Profit -30.02% -34.62% -69.32%
Other Income/Expense, Net -$1.900M -$10.90M -$17.40M
YoY Change -89.08% -79.36% -67.05%
Pretax Income $67.50M $266.1M $21.10M
YoY Change 219.91% 23.08% -57.63%
Income Tax $24.60M $100.7M $9.900M
% Of Pretax Income 36.44% 37.84% 46.92%
Net Earnings $42.90M $165.4M $11.20M
YoY Change 283.04% -67.83% -74.83%
Net Earnings / Revenue 8.74% 1333.87% 2.3%
Basic Earnings Per Share $0.24 $0.90 $0.06
Diluted Earnings Per Share $0.23 $0.88 $0.06
COMMON SHARES
Basic Shares Outstanding 184.5M shares
Diluted Shares Outstanding 187.9M shares

Balance Sheet

Concept 2013 Q4 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.7M $184.7M $80.20M
YoY Change 130.3% 130.3%
Cash & Equivalents $184.7M $184.7M $80.20M
Short-Term Investments
Other Short-Term Assets $28.60M $86.70M $32.70M
YoY Change -12.54% -1.48% -5.76%
Inventory $160.4M $160.4M $157.1M
Prepaid Expenses
Receivables $175.1M $175.1M $165.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $606.9M $606.9M $490.3M
YoY Change 23.78% 23.78% -30.23%
LONG-TERM ASSETS
Property, Plant & Equipment $563.4M $563.4M $596.2M
YoY Change -5.5% -5.5% 2.48%
Goodwill $1.941B $1.941B
YoY Change 0.0% 0.0%
Intangibles $1.611B $1.716B
YoY Change -6.14% -8.04%
Long-Term Investments
YoY Change
Other Assets $89.40M $90.50M $90.10M
YoY Change -0.78% -26.06% -10.08%
Total Long-Term Assets $4.206B $4.206B $4.376B
YoY Change -3.89% -3.89% -2.54%
TOTAL ASSETS
Total Short-Term Assets $606.9M $606.9M $490.3M
Total Long-Term Assets $4.206B $4.206B $4.376B
Total Assets $4.813B $4.813B $4.866B
YoY Change -1.1% -1.1% -6.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.4M $150.4M $133.1M
YoY Change 13.0% 13.0% -18.14%
Accrued Expenses $84.90M $84.90M $100.0M
YoY Change -15.1% -15.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.90M $17.90M $19.50M
YoY Change -8.21% -8.21% -37.1%
Total Short-Term Liabilities $387.2M $387.2M $377.8M
YoY Change 2.49% 2.49% -16.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.660B $2.660B $2.801B
YoY Change -5.03% -5.03% -16.25%
Other Long-Term Liabilities $153.7M $250.0M $213.8M
YoY Change -28.11% -24.22% -10.73%
Total Long-Term Liabilities $2.814B $2.910B $3.015B
YoY Change -6.67% -7.05% -15.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $387.2M $387.2M $377.8M
Total Long-Term Liabilities $2.814B $2.910B $3.015B
Total Liabilities $3.374B $3.374B $3.509B
YoY Change -3.86% -3.86% -19.72%
SHAREHOLDERS EQUITY
Retained Earnings -$173.8M -$202.3M
YoY Change -14.09% -70.41%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $200.0K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $1.439B $1.439B $1.357B
YoY Change
Total Liabilities & Shareholders Equity $4.813B $4.813B $4.866B
YoY Change -1.1% -1.1% -6.29%

Cashflow Statement

Concept 2013 Q4 2013 2012 Q4
OPERATING ACTIVITIES
Net Income $42.90M $165.4M $11.20M
YoY Change 283.04% -67.83% -74.83%
Depreciation, Depletion And Amortization $49.80M $98.70M $64.00M
YoY Change -22.19% -3.71% -1.08%
Cash From Operating Activities $148.1M $453.5M $112.1M
YoY Change 32.11% -8.84% 55.91%
INVESTING ACTIVITIES
Capital Expenditures -$35.70M $74.40M -$30.00M
YoY Change 19.0% -39.95% -27.88%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.700M -$200.0K
YoY Change -100.0% -525.0% -116.67%
Cash From Investing Activities -$35.70M -$81.50M -$30.20M
YoY Change 18.21% -41.24% -25.25%
FINANCING ACTIVITIES
Cash Dividend Paid $77.10M
YoY Change 135.06%
Common Stock Issuance & Retirement, Net $99.50M
YoY Change 243.1%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -69.80M -277.5M -85.20M
YoY Change -18.08% -53.24% 5.71%
NET CHANGE
Cash From Operating Activities 148.1M 453.5M 112.1M
Cash From Investing Activities -35.70M -81.50M -30.20M
Cash From Financing Activities -69.80M -277.5M -85.20M
Net Change In Cash 42.60M 94.50M -3.300M
YoY Change -1390.91% -140.26% -93.28%
FREE CASH FLOW
Cash From Operating Activities $148.1M $453.5M $112.1M
Capital Expenditures -$35.70M $74.40M -$30.00M
Free Cash Flow $183.8M $379.1M $142.1M
YoY Change 29.35% 1.47% 25.2%

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ALLISON TRANSMISSION HOLDINGS INC
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<div> <table style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" border="0" cellpadding="0" cellspacing="0" width="100%"> <tr> <td width="10%" valign="top" align="left"><b>NOTE&#xA0;1.</b></td> <td align="left" valign="top"><b>OVERVIEW</b></td> </tr> </table> <p style="margin-top:6pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <b><i>Overview</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Allison Transmission Holdings, Inc. and its subsidiaries (the &#x201C;Company,&#x201D; &#x201C;we&#x201D; or &#x201C;Allison&#x201D;), design and manufacture commercial and defense fully-automatic transmissions.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. The Company has approximately 2,700 employees and 13 different transmission product lines. Although approximately 77% percent of revenues were generated in North America in 2013, the Company has a global presence by serving customers in Europe, Asia, South America and Africa. The Company serves customers through an independent network of approximately 1,400 independent distributor and dealer locations worldwide.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> Since the introduction of the Company&#x2019;s first fully-automatic transmission over 60 years ago, the Company&#x2019;s products have gained acceptance in a wide variety of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and hybrid-transit), motorhomes, off-highway vehicles and equipment (primarily energy, mining and construction) and defense vehicles (wheeled and tracked). The Company has developed over 100 different product models that are used in more than 2,500 different vehicle configurations, which are compatible with more than 500 combinations of engine brands, models and ratings. The Company also sells support equipment and Allison-branded replacement parts for the Company&#x2019;s transmissions and remanufactured transmissions for use in the vehicle aftermarket.</p> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:2%; font-size:10pt; font-family:Times New Roman"> <b><i>History</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> The Company was formerly known as Allison Transmission (the &#x201C;Predecessor&#x201D;), an operating unit of General Motors Corporation, which, in the course of its bankruptcy proceeding was renamed Motors Liquidation Company (&#x201C;Old GM&#x201D;). On August&#xA0;7, 2007, substantially all of the assets and liabilities of the Predecessor were acquired by the Company, under an Asset Purchase Agreement (the &#x201C;Asset Purchase Agreement&#x201D;) dated June&#xA0;28, 2007 and entered into between Clutch Operating Company, Inc., a Delaware corporation owned by investment funds affiliated with The Carlyle Group and Onex Corporation (collectively, the &#x201C;Sponsors&#x201D;), and Old GM, the direct parent of the Predecessor, pursuant to which the Company acquired certain equity interests of, and certain assets and liabilities held by, direct and indirect operating subsidiaries of Old GM (the &#x201C;Acquisition Transaction&#x201D;). After completion of the Acquisition Transaction, Clutch Holdings, Inc., changed its name to Allison Transmission Holdings, Inc. and Clutch Operating Company, Inc. changed its name to Allison Transmission, Inc. (&#x201C;ATI&#x201D;).</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> In July&#xA0;2009, General Motors Company (&#x201C;GM&#x201D;) emerged from bankruptcy. In August 2009, the Company and GM finalized an agreement , pursuant to which GM assumed certain contracts and agreements between the Company and Old GM, including among others, the Asset Purchase Agreement, certain intellectual property and software license agreements, lease agreements, engineering services agreements, proving grounds use agreements, an employee matters agreement, a contract manufacturing agreement and a hybrid co-branding agreement. GM also assumed certain other commercial contracts, arrangements and purchase orders with the Company in connection with conducting its business.</p> </div>
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