$ALSN
Allison Transmission Holdings Inc

2018 Q4 Form 10-Q Financial Statement

#000141120718000193 Filed on October 30, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $647.0M $692.0M $595.0M
YoY Change 10.03% 16.3% 37.1%
Cost Of Revenue $309.0M $324.0M $293.0M
YoY Change 3.0% 10.58% 27.39%
Gross Profit $338.0M $368.0M $302.0M
YoY Change 17.36% 21.85% 48.04%
Gross Profit Margin 52.24% 53.18% 50.76%
Selling, General & Admin $90.00M $89.00M $78.00M
YoY Change -7.22% 14.1% -1.27%
% of Gross Profit 26.63% 24.18% 25.83%
Research & Development $37.00M $33.00M $26.00M
YoY Change 19.35% 26.92% 23.81%
% of Gross Profit 10.95% 8.97% 8.61%
Depreciation & Amortization $40.00M $41.00M $43.00M
YoY Change -6.98% -4.65% -2.49%
% of Gross Profit 11.83% 11.14% 14.24%
Operating Expenses $127.0M $122.0M $104.0M
YoY Change -0.78% 17.31% 4.0%
Operating Profit $207.0M $246.0M $198.0M
YoY Change 61.72% 24.24% 90.38%
Interest Expense -$31.00M -$30.00M -$26.00M
YoY Change 24.0% 15.38% 17.12%
% of Operating Profit -14.98% -12.2% -13.13%
Other Income/Expense, Net -$2.000M $2.000M -$2.000M
YoY Change -89.47% -200.0% -300.0%
Pretax Income $174.0M $218.0M $170.0M
YoY Change 107.14% 28.24% 139.44%
Income Tax $181.0M $51.00M $59.00M
% Of Pretax Income 104.02% 23.39% 34.71%
Net Earnings $147.0M $167.0M $111.0M
YoY Change -31.63% 50.45% 146.67%
Net Earnings / Revenue 22.72% 24.13% 18.66%
Basic Earnings Per Share $1.15 $1.28 $0.75
Diluted Earnings Per Share $1.14 $1.27 $0.75
COMMON SHARES
Basic Shares Outstanding 129.6M shares 130.0M 146.0M shares
Diluted Shares Outstanding 131.0M 147.0M shares

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.0M $221.0M $210.0M
YoY Change 16.08% 5.24% 27.5%
Cash & Equivalents $231.0M $221.0M $210.0M
Short-Term Investments
Other Short-Term Assets $45.00M $24.00M $28.00M
YoY Change 80.0% -14.29% 5.26%
Inventory $170.0M $166.0M $156.0M
Prepaid Expenses
Receivables $279.0M $335.0M $271.0M
Other Receivables $16.00M $18.00M $0.00
Total Short-Term Assets $725.0M $764.0M $665.0M
YoY Change 14.72% 14.89% 20.93%
LONG-TERM ASSETS
Property, Plant & Equipment $466.0M $448.0M $456.0M
YoY Change 4.02% -1.75% 0.31%
Goodwill $1.941B $1.941B $1.941B
YoY Change 0.0% 0.0% 0.0%
Intangibles $1.066B $1.087B $1.175B
YoY Change -7.55% -7.49% -7.15%
Long-Term Investments
YoY Change
Other Assets $39.00M $45.00M $24.00M
YoY Change 25.81% 87.5% -15.19%
Total Long-Term Assets $3.512B $3.521B $3.596B
YoY Change -1.71% -2.09% -2.53%
TOTAL ASSETS
Total Short-Term Assets $725.0M $764.0M $665.0M
Total Long-Term Assets $3.512B $3.521B $3.596B
Total Assets $4.237B $4.285B $4.261B
YoY Change 0.76% 0.56% 0.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $169.0M $198.0M $184.0M
YoY Change 6.29% 7.61% 36.7%
Accrued Expenses $159.0M $148.0M $141.0M
YoY Change 11.97% 4.96% 67.66%
Deferred Revenue $34.00M $35.00M $33.00M
YoY Change -17.07% 6.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $12.00M
YoY Change -100.0% -100.0% 0.84%
Total Short-Term Liabilities $426.0M $448.0M $444.0M
YoY Change 2.16% 0.9% 32.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.523B $2.522B $2.536B
YoY Change -0.43% -0.55% 18.02%
Other Long-Term Liabilities $172.0M $179.0M $231.0M
YoY Change -4.97% -22.51% -8.77%
Total Long-Term Liabilities $2.695B $2.701B $2.767B
YoY Change -0.74% -2.39% 15.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $426.0M $448.0M $444.0M
Total Long-Term Liabilities $2.695B $2.701B $2.767B
Total Liabilities $3.578B $3.601B $3.706B
YoY Change 1.76% -2.83% 18.68%
SHAREHOLDERS EQUITY
Retained Earnings -$1.100B -$1.075B -$1.144B
YoY Change 4.27% -6.03% 113.55%
Common Stock $1.788B $1.784B $1.750B
YoY Change 1.71% 1.94% 2.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $659.0M $684.0M $555.0M
YoY Change
Total Liabilities & Shareholders Equity $4.237B $4.285B $4.261B
YoY Change 0.76% 0.56% 0.51%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $147.0M $167.0M $111.0M
YoY Change -31.63% 50.45% 146.67%
Depreciation, Depletion And Amortization $40.00M $41.00M $43.00M
YoY Change -6.98% -4.65% -2.49%
Cash From Operating Activities $232.0M $239.0M $215.0M
YoY Change 39.76% 11.16% 68.36%
INVESTING ACTIVITIES
Capital Expenditures -$51.00M -$23.00M -$20.00M
YoY Change 0.0% 15.0% 32.45%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$51.00M -$23.00M -$20.00M
YoY Change 0.0% 15.0% 33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -171.0M -90.00M -71.00M
YoY Change 34.65% 26.76% -77.3%
NET CHANGE
Cash From Operating Activities 232.0M 239.0M 215.0M
Cash From Investing Activities -51.00M -23.00M -20.00M
Cash From Financing Activities -171.0M -90.00M -71.00M
Net Change In Cash 10.00M 126.0M 124.0M
YoY Change -183.33% 1.61% -161.97%
FREE CASH FLOW
Cash From Operating Activities $232.0M $239.0M $215.0M
Capital Expenditures -$51.00M -$23.00M -$20.00M
Free Cash Flow $283.0M $262.0M $235.0M
YoY Change 30.41% 11.49% 64.57%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">OVERVIEW</font></div><div style="line-height:120%;padding-top:12px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Overview</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Allison Transmission Holdings, Inc. and its subsidiaries (&#8220;Allison&#8221; or the &#8220;Company&#8221;) 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, &#8220;ALSN&#8221;.</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has approximately </font><font style="font-family:inherit;font-size:10pt;">2,700</font><font style="font-family:inherit;font-size:10pt;"> employees and </font><font style="font-family:inherit;font-size:10pt;">13</font><font style="font-family:inherit;font-size:10pt;"> different transmission product lines. Although approximately </font><font style="font-family:inherit;font-size:10pt;">79%</font><font style="font-family:inherit;font-size:10pt;"> of revenues were generated in North America in </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, 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 </font><font style="font-family:inherit;font-size:10pt;">1,400</font><font style="font-family:inherit;font-size:10pt;"> independent distributor and dealer locations worldwide.</font></div></div>
us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 post-retirement benefit expense, income taxes and deferred tax valuation allowances, derivative valuation and contingencies. The Company&#8217;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.</font></div></div>

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