$ALSN
Allison Transmission Holdings Inc

2017 Q1 Form 10-Q Financial Statement

#000119312517142936 Filed on April 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $499.0M $462.0M
YoY Change 8.01% -8.26%
Cost Of Revenue $248.0M $247.0M
YoY Change 0.4% -6.58%
Gross Profit $251.0M $215.0M
YoY Change 16.74% -10.12%
Gross Profit Margin 50.3% 46.54%
Selling, General & Admin $79.00M $83.00M
YoY Change -4.82% 13.08%
% of Gross Profit 31.47% 38.6%
Research & Development $23.00M $21.00M
YoY Change 9.52% -5.41%
% of Gross Profit 9.16% 9.77%
Depreciation & Amortization $19.00M $21.00M
YoY Change -9.52% -1.87%
% of Gross Profit 7.57% 9.77%
Operating Expenses $102.0M $104.0M
YoY Change -1.92% 8.79%
Operating Profit $149.0M $111.0M
YoY Change 34.23% -22.0%
Interest Expense -$25.00M -$34.10M
YoY Change -26.69% -7.59%
% of Operating Profit -16.78% -30.72%
Other Income/Expense, Net $3.000M -$100.0K
YoY Change -3100.0% -103.57%
Pretax Income $127.0M $77.00M
YoY Change 64.94% -28.84%
Income Tax $44.00M $29.00M
% Of Pretax Income 34.65% 37.66%
Net Earnings $83.00M $48.00M
YoY Change 72.92% -29.82%
Net Earnings / Revenue 16.63% 10.39%
Basic Earnings Per Share $0.53 $0.28
Diluted Earnings Per Share $0.52 $0.28
COMMON SHARES
Basic Shares Outstanding 158.0M shares 170.5M shares
Diluted Shares Outstanding 159.0M shares 171.5M shares

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.0M $299.1M
YoY Change -59.88% 12.83%
Cash & Equivalents $120.0M $299.0M
Short-Term Investments
Other Short-Term Assets $23.00M $29.50M
YoY Change -22.03% 18.0%
Inventory $144.0M $142.7M
Prepaid Expenses
Receivables $250.0M $219.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $537.0M $690.3M
YoY Change -22.21% -13.2%
LONG-TERM ASSETS
Property, Plant & Equipment $457.0M $466.3M
YoY Change -1.99% -5.91%
Goodwill $1.941B $1.941B
YoY Change 0.0% 0.0%
Intangibles $1.220B $1.312B
YoY Change -6.98% -11.84%
Long-Term Investments
YoY Change
Other Assets $24.00M $32.10M
YoY Change -25.23% -53.21%
Total Long-Term Assets $3.642B $3.751B
YoY Change -2.9% -6.09%
TOTAL ASSETS
Total Short-Term Assets $537.0M $690.3M
Total Long-Term Assets $3.642B $3.751B
Total Assets $4.179B $4.441B
YoY Change -5.9% -7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $158.0M $134.1M
YoY Change 17.82% -14.64%
Accrued Expenses $97.00M $62.00M
YoY Change 56.45% -14.84%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00M $24.50M
YoY Change -51.02% 36.87%
Total Short-Term Liabilities $378.0M $319.5M
YoY Change 18.31% -4.4%
LONG-TERM LIABILITIES
Long-Term Debt $2.390B $2.348B
YoY Change 1.78% -4.19%
Other Long-Term Liabilities $234.0M $257.6M
YoY Change -9.16% 14.85%
Total Long-Term Liabilities $2.624B $2.606B
YoY Change 0.69% -2.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $378.0M $319.5M
Total Long-Term Liabilities $2.624B $2.606B
Total Liabilities $3.442B $3.258B
YoY Change 5.63% -3.33%
SHAREHOLDERS EQUITY
Retained Earnings -$941.0M -$455.2M
YoY Change 106.72% 113.81%
Common Stock $1.736B $1.693B
YoY Change 2.57% 0.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $737.0M $1.183B
YoY Change
Total Liabilities & Shareholders Equity $4.179B $4.441B
YoY Change -5.9% -7.27%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income $83.00M $48.00M
YoY Change 72.92% -29.82%
Depreciation, Depletion And Amortization $19.00M $21.00M
YoY Change -9.52% -1.87%
Cash From Operating Activities $111.0M $117.9M
YoY Change -5.85% 47.19%
INVESTING ACTIVITIES
Capital Expenditures $8.000M $6.000M
YoY Change 33.33% 361.54%
Acquisitions
YoY Change
Other Investing Activities $100.0K
YoY Change 0.0%
Cash From Investing Activities -$8.000M -$6.300M
YoY Change 26.98% 425.0%
FINANCING ACTIVITIES
Cash Dividend Paid $23.00M $26.00M
YoY Change -11.54% -3.7%
Common Stock Issuance & Retirement, Net $415.0M $33.00M
YoY Change 1157.58% -6.78%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -189.0M -64.80M
YoY Change 191.67% -24.3%
NET CHANGE
Cash From Operating Activities 111.0M 117.9M
Cash From Investing Activities -8.000M -6.300M
Cash From Financing Activities -189.0M -64.80M
Net Change In Cash -86.00M 46.80M
YoY Change -283.76% -798.51%
FREE CASH FLOW
Cash From Operating Activities $111.0M $117.9M
Capital Expenditures $8.000M $6.000M
Free Cash Flow $103.0M $111.9M
YoY Change -7.95% 42.01%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>NOTE A. 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 (&#x201C;Old GM&#x201D;) 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"> The Company has approximately 2,600 employees and 13 different transmission product lines. Although approximately 78% of revenues were generated in North America in 2016, 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> </div>
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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. Estimates include, but are not limited to, 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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