$ALSN
Allison Transmission Holdings Inc

2015 Q4 Form 10-Q Financial Statement

#000119312515354771 Filed on October 27, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $478.2M $493.0M $553.3M
YoY Change -12.16% -10.9% 18.66%
Cost Of Revenue $256.0M $256.9M $294.0M
YoY Change -11.36% -12.62% 12.99%
Gross Profit $222.2M $236.1M $259.3M
YoY Change -13.07% -8.95% 25.81%
Gross Profit Margin 46.47% 47.89% 46.86%
Selling, General & Admin $81.50M $86.60M $87.50M
YoY Change -8.22% -1.03% 18.24%
% of Gross Profit 36.68% 36.68% 33.74%
Research & Development $23.50M $23.60M $24.50M
YoY Change -30.06% -3.67% 17.22%
% of Gross Profit 10.58% 10.0% 9.45%
Depreciation & Amortization $46.70M $46.70M $48.30M
YoY Change -1.68% -3.31% -2.42%
% of Gross Profit 21.02% 19.78% 18.63%
Operating Expenses $105.0M $110.2M $112.0M
YoY Change -14.22% -1.61% 18.02%
Operating Profit $37.20M $111.9M $147.3M
YoY Change -68.42% -24.03% 32.46%
Interest Expense -$20.70M -$37.60M -$30.70M
YoY Change -48.76% 22.48% -21.08%
% of Operating Profit -55.65% -33.6% -20.84%
Other Income/Expense, Net $3.300M -$4.200M -$1.700M
YoY Change 450.0% 147.06% 13.33%
Pretax Income $19.70M $73.80M $116.3M
YoY Change -74.68% -36.54% 60.64%
Income Tax $6.700M $27.30M $47.50M
% Of Pretax Income 34.01% 36.99% 40.84%
Net Earnings $13.00M $46.50M $68.80M
YoY Change -74.26% -32.41% 54.61%
Net Earnings / Revenue 2.72% 9.43% 12.43%
Basic Earnings Per Share $0.08 $0.27 $0.38
Diluted Earnings Per Share $0.08 $0.27 $0.38
COMMON SHARES
Basic Shares Outstanding 171.0M shares 174.0M shares 178.8M shares
Diluted Shares Outstanding 175.0M shares 180.9M shares

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $251.6M $148.4M $208.1M
YoY Change -4.33% -28.69% 36.64%
Cash & Equivalents $252.0M $148.4M $208.1M
Short-Term Investments
Other Short-Term Assets $28.80M $26.00M $29.50M
YoY Change 18.03% -11.86% -11.14%
Inventory $141.4M $155.3M $161.5M
Prepaid Expenses
Receivables $195.0M $223.9M $240.0M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $616.8M $641.8M $742.9M
YoY Change -3.37% -13.61% 22.39%
LONG-TERM ASSETS
Property, Plant & Equipment $480.0M $479.1M $526.7M
YoY Change -6.72% -9.04% -4.77%
Goodwill $1.941B $1.941B $1.941B
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.335B $1.439B $1.537B
YoY Change -11.72% -6.35% -6.07%
Long-Term Investments
YoY Change
Other Assets $36.10M $64.40M $75.90M
YoY Change -24.79% -15.15% 3.97%
Total Long-Term Assets $3.792B $3.925B $4.081B
YoY Change -5.63% -3.83% -2.92%
TOTAL ASSETS
Total Short-Term Assets $616.8M $641.8M $742.9M
Total Long-Term Assets $3.792B $3.925B $4.081B
Total Assets $4.408B $4.567B $4.824B
YoY Change -5.32% -5.34% 0.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $126.2M $140.9M $182.9M
YoY Change -16.81% -22.96% 11.59%
Accrued Expenses $67.20M $68.40M $102.6M
YoY Change -27.74% -33.33% 14.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $24.50M $22.60M $17.90M
YoY Change 36.87% 26.26% 57.02%
Total Short-Term Liabilities $304.6M $316.0M $386.8M
YoY Change -11.94% -18.3% -2.89%
LONG-TERM LIABILITIES
Long-Term Debt $2.353B $2.386B $2.572B
YoY Change -4.88% -7.22% -5.43%
Other Long-Term Liabilities $248.1M $251.7M $189.7M
YoY Change 17.36% 32.68% -1.96%
Total Long-Term Liabilities $2.601B $2.638B $2.762B
YoY Change -3.13% -4.48% -5.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $304.6M $316.0M $386.8M
Total Long-Term Liabilities $2.601B $2.638B $2.762B
Total Liabilities $3.220B $3.352B $3.471B
YoY Change -1.18% -3.41% 0.79%
SHAREHOLDERS EQUITY
Retained Earnings -$444.5M -$422.4M -$239.1M
YoY Change 106.26% 76.66% 22.68%
Common Stock $1.690B $1.689B
YoY Change 2.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.188B $1.215B $1.354B
YoY Change
Total Liabilities & Shareholders Equity $4.408B $4.567B $4.824B
YoY Change -5.32% -5.34% 0.27%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income $13.00M $46.50M $68.80M
YoY Change -74.26% -32.41% 54.61%
Depreciation, Depletion And Amortization $46.70M $46.70M $48.30M
YoY Change -1.68% -3.31% -2.42%
Cash From Operating Activities $189.9M $156.3M $174.0M
YoY Change 20.72% -10.17% 32.82%
INVESTING ACTIVITIES
Capital Expenditures -$28.00M -$17.10M -$16.90M
YoY Change 5.66% 1.18% 9.74%
Acquisitions
YoY Change
Other Investing Activities $100.0K $0.00 $200.0K
YoY Change -100.0% 0.0%
Cash From Investing Activities -$27.90M -$17.10M -$16.70M
YoY Change 5.28% 2.4% 9.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -43.50M -212.8M -84.50M
YoY Change -34.59% 151.83% -55.53%
NET CHANGE
Cash From Operating Activities 189.9M 156.3M 174.0M
Cash From Investing Activities -27.90M -17.10M -16.70M
Cash From Financing Activities -43.50M -212.8M -84.50M
Net Change In Cash 118.5M -73.60M 72.80M
YoY Change 84.29% -201.1% -198.11%
FREE CASH FLOW
Cash From Operating Activities $189.9M $156.3M $174.0M
Capital Expenditures -$28.00M -$17.10M -$16.90M
Free Cash Flow $217.9M $173.4M $190.9M
YoY Change 18.55% -9.17% 30.4%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 2%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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. Significant estimates include, but are not limited to, allowance for doubtful accounts, sales allowances, government price adjustments, fair market values and future cash flows associated with goodwill, indefinite life intangibles, long-lived asset impairment tests, useful lives for depreciation and amortization, warranty liabilities, environmental liabilities, determination of discount and other assumptions for pension and other postretirement benefit expense, income taxes and deferred tax valuation allowances, derivative valuation, and contingencies. The Company&#x2019;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. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.</p> </div>
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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>NOTE A.&#xA0;OVERVIEW</b></p> <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 (&#x201C;Allison,&#x201D; the &#x201C;Company&#x201D; or &#x201C;we&#x201D;) design and manufacture commercial and defense fully-automatic transmissions. The business was founded in 1915 and has been headquartered in Indianapolis, Indiana since inception. Allison was an operating unit of General Motors Corporation from 1929 until 2007, when Allison once again became a stand-alone company. In March 2012, Allison began trading on the New York Stock Exchange under the symbol, &#x201C;ALSN&#x201D;.</p> <p style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> We have approximately 2,700 employees and 13 different transmission product lines. Although approximately 80% of revenues were generated in North America in 2014, we have a global presence by serving customers in Europe, Asia, South America and Africa. We serve customers through an independent network of approximately 1,400 independent distributor and dealer locations worldwide.</p> </div>
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