2019 Q1 Form 10-Q Financial Statement

#000141120719000101 Filed on April 23, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $675.0M $663.0M
YoY Change 1.81% 32.87%
Cost Of Revenue $316.0M $321.0M
YoY Change -1.56% 29.44%
Gross Profit $359.0M $342.0M
YoY Change 4.97% 36.25%
Gross Profit Margin 53.19% 51.58%
Selling, General & Admin $84.00M $92.00M
YoY Change -8.7% 16.46%
% of Gross Profit 23.4% 26.9%
Research & Development $31.00M $28.00M
YoY Change 10.71% 21.74%
% of Gross Profit 8.64% 8.19%
Depreciation & Amortization $18.00M $20.00M
YoY Change -10.0% 5.26%
% of Gross Profit 5.01% 5.85%
Operating Expenses $115.0M $120.0M
YoY Change -4.17% 17.65%
Operating Profit $244.0M $222.0M
YoY Change 9.91% 48.99%
Interest Expense -$36.00M -$30.00M
YoY Change 20.0% 20.0%
% of Operating Profit -14.75% -13.51%
Other Income/Expense, Net $3.000M -$1.000M
YoY Change -400.0% -133.33%
Pretax Income $211.0M $191.0M
YoY Change 10.47% 50.39%
Income Tax $44.00M $40.00M
% Of Pretax Income 20.85% 20.94%
Net Earnings $167.0M $151.0M
YoY Change 10.6% 81.93%
Net Earnings / Revenue 24.74% 22.78%
Basic Earnings Per Share $1.33 $1.09
Diluted Earnings Per Share $1.32 $1.08
COMMON SHARES
Basic Shares Outstanding 126.0M 139.0M shares
Diluted Shares Outstanding 127.0M 140.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $324.0M $195.0M
YoY Change 66.15% 62.5%
Cash & Equivalents $324.0M $195.0M
Short-Term Investments
Other Short-Term Assets $36.00M $27.00M
YoY Change 33.33% 17.39%
Inventory $189.0M $172.0M
Prepaid Expenses
Receivables $332.0M $312.0M
Other Receivables $0.00 $10.00M
Total Short-Term Assets $881.0M $716.0M
YoY Change 23.04% 33.33%
LONG-TERM ASSETS
Property, Plant & Equipment $473.0M $440.0M
YoY Change 7.5% -3.72%
Goodwill $1.941B $1.941B
YoY Change 0.0% 0.0%
Intangibles $1.044B $1.131B
YoY Change -7.69% -7.3%
Long-Term Investments
YoY Change
Other Assets $53.00M $32.00M
YoY Change 65.63% 33.33%
Total Long-Term Assets $3.511B $3.544B
YoY Change -0.93% -2.69%
TOTAL ASSETS
Total Short-Term Assets $881.0M $716.0M
Total Long-Term Assets $3.511B $3.544B
Total Assets $4.392B $4.260B
YoY Change 3.1% 1.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $209.0M $203.0M
YoY Change 2.96% 28.48%
Accrued Expenses $125.0M $111.0M
YoY Change 12.61% 14.43%
Deferred Revenue $34.00M $40.00M
YoY Change -15.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $12.00M
YoY Change -58.33% 0.0%
Total Short-Term Liabilities $465.0M $436.0M
YoY Change 6.65% 15.34%
LONG-TERM LIABILITIES
Long-Term Debt $2.514B $2.532B
YoY Change -0.71% 5.94%
Other Long-Term Liabilities $194.0M $187.0M
YoY Change 3.74% -20.09%
Total Long-Term Liabilities $2.708B $2.719B
YoY Change -0.4% 3.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $465.0M $436.0M
Total Long-Term Liabilities $2.708B $2.719B
Total Liabilities $3.646B $3.554B
YoY Change 2.59% 3.25%
SHAREHOLDERS EQUITY
Retained Earnings -$1.010B -$1.046B
YoY Change -3.44% 11.16%
Common Stock $1.788B $1.762B
YoY Change 1.48% 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $745.0M $706.0M
YoY Change
Total Liabilities & Shareholders Equity $4.392B $4.260B
YoY Change 3.1% 1.94%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $167.0M $151.0M
YoY Change 10.6% 81.93%
Depreciation, Depletion And Amortization $18.00M $20.00M
YoY Change -10.0% 5.26%
Cash From Operating Activities $194.0M $153.0M
YoY Change 26.8% 37.84%
INVESTING ACTIVITIES
Capital Expenditures $19.00M $10.00M
YoY Change 90.0% 25.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$19.00M -$10.00M
YoY Change 90.0% 25.0%
FINANCING ACTIVITIES
Cash Dividend Paid $19.00M $21.00M
YoY Change -9.52% -8.7%
Common Stock Issuance & Retirement, Net $50.00M $125.0M
YoY Change -60.0% -69.88%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -83.00M -$149.0M
YoY Change -44.3% -21.16%
NET CHANGE
Cash From Operating Activities 194.0M $153.0M
Cash From Investing Activities -19.00M -$10.00M
Cash From Financing Activities -83.00M -$149.0M
Net Change In Cash 93.00M -$6.000M
YoY Change -1650.0% -93.02%
FREE CASH FLOW
Cash From Operating Activities $194.0M $153.0M
Capital Expenditures $19.00M $10.00M
Free Cash Flow $175.0M $143.0M
YoY Change 22.38% 38.83%

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194000000 USD
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0 USD
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55000000 USD
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62000000 USD
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ProductWarrantyAccrual
66000000 USD
CY2019Q1 us-gaap Product Warranty Accrual
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CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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10000000 USD
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Preferred Stock Shares Authorized
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CY2019Q1 us-gaap Preferred Stock Shares Issued
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CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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CY2018Q4 us-gaap Preferred Stock Value
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CY2019Q1 us-gaap Preferred Stock Value
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CY2018Q1 us-gaap Product Warranty Accrual Payments
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CY2019Q1 us-gaap Product Warranty Accrual Payments
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CY2019Q1 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2018Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
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CY2018Q1 us-gaap Repayments Of Senior Debt
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CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q1 us-gaap Selling General And Administrative Expense
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CY2019Q1 us-gaap Nature Of Operations
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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:Arial;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:Arial;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:Arial;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:Arial;font-size:10pt;">The Company has approximately </font><font style="font-family:Arial;font-size:10pt;">2,900</font><font style="font-family:Arial;font-size:10pt;"> employees and </font><font style="font-family:Arial;font-size:10pt;">12</font><font style="font-family:Arial;font-size:10pt;"> different transmission product lines. Although approximately </font><font style="font-family:Arial;font-size:10pt;">77%</font><font style="font-family:Arial;font-size:10pt;"> of revenues were generated in North America in </font><font style="font-family:Arial;font-size:10pt;">2018</font><font style="font-family:Arial;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:Arial;font-size:10pt;">1,400</font><font style="font-family:Arial;font-size:10pt;"> independent distributor and dealer locations worldwide.</font></div></div>
CY2019Q1 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:Arial;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:Arial;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 postretirement benefit expense, determination of discount and period for leases, 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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