$ALSN
Allison Transmission Holdings Inc

2019 Q4 Form 10-Q Financial Statement

#000156459019039136 Filed on October 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $617.0M $669.0M $692.0M
YoY Change -4.64% -3.32% 16.3%
Cost Of Revenue $319.0M $321.0M $324.0M
YoY Change 3.24% -0.93% 10.58%
Gross Profit $298.0M $348.0M $368.0M
YoY Change -11.83% -5.43% 21.85%
Gross Profit Margin 48.3% 52.02% 53.18%
Selling, General & Admin $92.00M $85.00M $89.00M
YoY Change 2.22% -4.49% 14.1%
% of Gross Profit 30.87% 24.43% 24.18%
Research & Development $47.00M $39.00M $33.00M
YoY Change 27.03% 18.18% 26.92%
% of Gross Profit 15.77% 11.21% 8.97%
Depreciation & Amortization $45.00M $42.00M $41.00M
YoY Change 12.5% 2.44% -4.65%
% of Gross Profit 15.1% 12.07% 11.14%
Operating Expenses $131.0M $124.0M $122.0M
YoY Change 3.15% 1.64% 17.31%
Operating Profit $165.0M $224.0M $246.0M
YoY Change -20.29% -8.94% 24.24%
Interest Expense -$33.00M -$32.00M -$30.00M
YoY Change 6.45% 6.67% 15.38%
% of Operating Profit -20.0% -14.29% -12.2%
Other Income/Expense, Net $2.000M $2.000M $2.000M
YoY Change -200.0% 0.0% -200.0%
Pretax Income $134.0M $194.0M $218.0M
YoY Change -22.99% -11.01% 28.24%
Income Tax $27.00M $45.00M $51.00M
% Of Pretax Income 20.15% 23.2% 23.39%
Net Earnings $107.0M $149.0M $167.0M
YoY Change -27.21% -10.78% 50.45%
Net Earnings / Revenue 17.34% 22.27% 24.13%
Basic Earnings Per Share $0.90 $1.24 $1.28
Diluted Earnings Per Share $0.90 $1.23 $1.27
COMMON SHARES
Basic Shares Outstanding 119.2M 120.0M 130.0M
Diluted Shares Outstanding 121.0M 131.0M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.0M $152.0M $221.0M
YoY Change -16.88% -31.22% 5.24%
Cash & Equivalents $192.0M $152.0M $221.0M
Short-Term Investments
Other Short-Term Assets $42.00M $58.00M $24.00M
YoY Change -6.67% 141.67% -14.29%
Inventory $199.0M $209.0M $166.0M
Prepaid Expenses
Receivables $253.0M $329.0M $335.0M
Other Receivables $0.00 $0.00 $18.00M
Total Short-Term Assets $686.0M $748.0M $764.0M
YoY Change -5.38% -2.09% 14.89%
LONG-TERM ASSETS
Property, Plant & Equipment $616.0M $561.0M $448.0M
YoY Change 32.19% 25.22% -1.75%
Goodwill $2.041B $2.040B $1.941B
YoY Change 5.15% 5.1% 0.0%
Intangibles $1.042B $1.061B $1.087B
YoY Change -2.25% -2.39% -7.49%
Long-Term Investments
YoY Change
Other Assets $65.00M $61.00M $45.00M
YoY Change 66.67% 35.56% 87.5%
Total Long-Term Assets $3.764B $3.723B $3.521B
YoY Change 7.18% 5.74% -2.09%
TOTAL ASSETS
Total Short-Term Assets $686.0M $748.0M $764.0M
Total Long-Term Assets $3.764B $3.723B $3.521B
Total Assets $4.450B $4.471B $4.285B
YoY Change 5.03% 4.34% 0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $150.0M $185.0M $198.0M
YoY Change -11.24% -6.57% 7.61%
Accrued Expenses $162.0M $176.0M $148.0M
YoY Change 1.89% 18.92% 4.96%
Deferred Revenue $35.00M $35.00M $35.00M
YoY Change 2.94% 0.0% 6.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.000M $6.000M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $417.0M $477.0M $448.0M
YoY Change -2.11% 6.47% 0.9%
LONG-TERM LIABILITIES
Long-Term Debt $2.512B $2.513B $2.522B
YoY Change -0.44% -0.36% -0.55%
Other Long-Term Liabilities $221.0M $226.0M $179.0M
YoY Change 28.49% 26.26% -22.51%
Total Long-Term Liabilities $2.733B $2.739B $2.701B
YoY Change 1.41% 1.41% -2.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $417.0M $477.0M $448.0M
Total Long-Term Liabilities $2.733B $2.739B $2.701B
Total Liabilities $3.669B $3.728B $3.601B
YoY Change 2.54% 3.53% -2.83%
SHAREHOLDERS EQUITY
Retained Earnings -$970.0M -$997.0M -$1.075B
YoY Change -11.82% -7.26% -6.03%
Common Stock $1.802B $1.799B $1.784B
YoY Change 0.78% 0.84% 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $781.0M $743.0M $684.0M
YoY Change
Total Liabilities & Shareholders Equity $4.450B $4.471B $4.285B
YoY Change 5.03% 4.34% 0.56%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $107.0M $149.0M $167.0M
YoY Change -27.21% -10.78% 50.45%
Depreciation, Depletion And Amortization $45.00M $42.00M $41.00M
YoY Change 12.5% 2.44% -4.65%
Cash From Operating Activities $202.0M $212.0M $239.0M
YoY Change -12.93% -11.3% 11.16%
INVESTING ACTIVITIES
Capital Expenditures -$82.00M -$47.00M -$23.00M
YoY Change 60.78% 104.35% 15.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$99.00M
YoY Change
Cash From Investing Activities -$82.00M -$146.0M -$23.00M
YoY Change 60.78% 534.78% 15.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -81.00M -65.00M -90.00M
YoY Change -52.63% -27.78% 26.76%
NET CHANGE
Cash From Operating Activities 202.0M 212.0M 239.0M
Cash From Investing Activities -82.00M -146.0M -23.00M
Cash From Financing Activities -81.00M -65.00M -90.00M
Net Change In Cash 39.00M 1.000M 126.0M
YoY Change 290.0% -99.21% 1.61%
FREE CASH FLOW
Cash From Operating Activities $202.0M $212.0M $239.0M
Capital Expenditures -$82.00M -$47.00M -$23.00M
Free Cash Flow $284.0M $259.0M $262.0M
YoY Change 0.35% -1.15% 11.49%

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<p style="margin-top:20pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">NOTE A. OVERVIEW</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:2.34%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Overview</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.69%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Allison Transmission Holdings, Inc. and its subsidiaries (“Allison” or the “Company”) 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, “ALSN”.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.69%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has 12 different product lines. Although approximately 77% of revenues were generated in North America in 2018, 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>
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CY2019Q3 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
3000000
CY2019Q3 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-3000000
CY2019Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-13000000
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-3000000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
10000000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-2000000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-11000000
us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-37000000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
10000000
us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-10000000
alsn Tax Cuts And Jobs Act Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActReclassificationFromAOCIToRetainedEarningsTaxEffect
7000000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-30000000
CY2019Q1 alsn Tax Cuts And Jobs Act Reclassification From Aoci To Retained Earnings Tax Effect
TaxCutsAndJobsActReclassificationFromAOCIToRetainedEarningsTaxEffect
7000000
CY2019Q3 us-gaap Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
12000000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
149000000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
167000000
us-gaap Net Income Loss
NetIncomeLoss
497000000
us-gaap Net Income Loss
NetIncomeLoss
492000000
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
120000000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
123000000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
135000000
CY2019Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
CY2018Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
121000000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
131000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124000000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135000000
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.24
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.66
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.23
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.27
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.01
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.64

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