2020 Q3 Form 10-Q Financial Statement
#000156459020048854 Filed on October 29, 2020
Income Statement
| Concept | 2020 Q3 | 2019 Q3 |
|---|---|---|
| Revenue | $532.0M | $669.0M |
| YoY Change | -20.48% | -3.32% |
| Cost Of Revenue | $278.0M | $321.0M |
| YoY Change | -13.4% | -0.93% |
| Gross Profit | $254.0M | $348.0M |
| YoY Change | -27.01% | -5.43% |
| Gross Profit Margin | 47.74% | 52.02% |
| Selling, General & Admin | $93.00M | $85.00M |
| YoY Change | 9.41% | -4.49% |
| % of Gross Profit | 36.61% | 24.43% |
| Research & Development | $33.00M | $39.00M |
| YoY Change | -15.38% | 18.18% |
| % of Gross Profit | 12.99% | 11.21% |
| Depreciation & Amortization | $36.00M | $42.00M |
| YoY Change | -14.29% | 2.44% |
| % of Gross Profit | 14.17% | 12.07% |
| Operating Expenses | $126.0M | $124.0M |
| YoY Change | 1.61% | 1.64% |
| Operating Profit | $128.0M | $224.0M |
| YoY Change | -42.86% | -8.94% |
| Interest Expense | -$34.00M | -$32.00M |
| YoY Change | 6.25% | 6.67% |
| % of Operating Profit | -26.56% | -14.29% |
| Other Income/Expense, Net | $4.000M | $2.000M |
| YoY Change | 100.0% | 0.0% |
| Pretax Income | $98.00M | $194.0M |
| YoY Change | -49.48% | -11.01% |
| Income Tax | $21.00M | $45.00M |
| % Of Pretax Income | 21.43% | 23.2% |
| Net Earnings | $77.00M | $149.0M |
| YoY Change | -48.32% | -10.78% |
| Net Earnings / Revenue | 14.47% | 22.27% |
| Basic Earnings Per Share | $0.68 | $1.24 |
| Diluted Earnings Per Share | $0.68 | $1.23 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 113.0M | 120.0M |
| Diluted Shares Outstanding | 114.0M | 121.0M |
Balance Sheet
| Concept | 2020 Q3 | 2019 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $251.0M | $152.0M |
| YoY Change | 65.13% | -31.22% |
| Cash & Equivalents | $251.0M | $152.0M |
| Short-Term Investments | ||
| Other Short-Term Assets | $37.00M | $58.00M |
| YoY Change | -36.21% | 141.67% |
| Inventory | $177.0M | $209.0M |
| Prepaid Expenses | ||
| Receivables | $245.0M | $329.0M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $710.0M | $748.0M |
| YoY Change | -5.08% | -2.09% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $636.0M | $561.0M |
| YoY Change | 13.37% | 25.22% |
| Goodwill | $2.063B | $2.040B |
| YoY Change | 1.13% | 5.1% |
| Intangibles | $975.0M | $1.061B |
| YoY Change | -8.11% | -2.39% |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $62.00M | $61.00M |
| YoY Change | 1.64% | 35.56% |
| Total Long-Term Assets | $3.736B | $3.723B |
| YoY Change | 0.35% | 5.74% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $710.0M | $748.0M |
| Total Long-Term Assets | $3.736B | $3.723B |
| Total Assets | $4.446B | $4.471B |
| YoY Change | -0.56% | 4.34% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $133.0M | $185.0M |
| YoY Change | -28.11% | -6.57% |
| Accrued Expenses | $116.0M | $176.0M |
| YoY Change | -34.09% | 18.92% |
| Deferred Revenue | $33.00M | $35.00M |
| YoY Change | -5.71% | 0.0% |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $6.000M | $6.000M |
| YoY Change | 0.0% | |
| Total Short-Term Liabilities | $382.0M | $477.0M |
| YoY Change | -19.92% | 6.47% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $2.510B | $2.513B |
| YoY Change | -0.12% | -0.36% |
| Other Long-Term Liabilities | $384.0M | $226.0M |
| YoY Change | 69.91% | 26.26% |
| Total Long-Term Liabilities | $2.510B | $2.739B |
| YoY Change | -8.36% | 1.41% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $382.0M | $477.0M |
| Total Long-Term Liabilities | $2.510B | $2.739B |
| Total Liabilities | $3.700B | $3.728B |
| YoY Change | -0.75% | 3.53% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$997.0M | |
| YoY Change | -7.26% | |
| Common Stock | $1.799B | |
| YoY Change | 0.84% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $746.0M | $743.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $4.446B | $4.471B |
| YoY Change | -0.56% | 4.34% |
Cashflow Statement
| Concept | 2020 Q3 | 2019 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $77.00M | $149.0M |
| YoY Change | -48.32% | -10.78% |
| Depreciation, Depletion And Amortization | $36.00M | $42.00M |
| YoY Change | -14.29% | 2.44% |
| Cash From Operating Activities | $158.0M | $212.0M |
| YoY Change | -25.47% | -11.3% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$31.00M | -$47.00M |
| YoY Change | -34.04% | 104.35% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | -$99.00M |
| YoY Change | -100.0% | |
| Cash From Investing Activities | -$31.00M | -$146.0M |
| YoY Change | -78.77% | 534.78% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -312.0M | -65.00M |
| YoY Change | 380.0% | -27.78% |
| NET CHANGE | ||
| Cash From Operating Activities | 158.0M | 212.0M |
| Cash From Investing Activities | -31.00M | -146.0M |
| Cash From Financing Activities | -312.0M | -65.00M |
| Net Change In Cash | -185.0M | 1.000M |
| YoY Change | -18600.0% | -99.21% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $158.0M | $212.0M |
| Capital Expenditures | -$31.00M | -$47.00M |
| Free Cash Flow | $189.0M | $259.0M |
| YoY Change | -27.03% | -1.15% |
Facts In Submission
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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 vehicle propulsion solutions, including commercial duty on-highway, off-highway and defense fully automatic transmissions and electric hybrid and fully electric systems. 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;">Although approximately 77% of revenues were generated in North America in 2019, 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 1,500 independent distributor and dealer locations worldwide.</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;">In March 2020, the World Health Organization categorized the novel coronavirus ("COVID-19") as a pandemic, and it continues to impact the United States and other major markets in which the Company operates across the world, resulting in severe disruptions to global markets and supply chains, significant uncertainty and a weaker global outlook. The effects of the pandemic on the global economy began having a material impact on demand for the Company’s products and on the Company’s results of operations during the second quarter 2020 as our suppliers and customers reduced or halted production. Although the Company’s suppliers and customers have restarted production, production disruptions due to more localized COVID-19 outbreaks as well as the continued uncertainty and weaker global outlook continued to have a material impact on demand for the Company’s products and on the Company’s results of operations during the third quarter 2020. </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;">To limit the spread of COVID-19, governments have taken various actions including travel bans and restrictions, quarantines, curfews, stay-at-home orders, social distancing guidelines and business shutdowns and closures. Despite these disruptions, the Company has continued its manufacturing operations throughout 2020 allowing the Company to deliver its products to customers without interruption. However, the Company’s global manufacturing facilities have cut back on operating levels and shifts as a result of government orders, the Company’s inability to obtain component parts from suppliers and/or decreased customer demand and in certain locations temporarily suspended operations in the second quarter. </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 is taking a variety of measures to promote the safety and security of our employees and to maintain operations with as minimal impact as possible to our stakeholders, including increased frequency of cleaning and disinfecting of facilities, social distancing, occupancy limits, mask wearing requirements, remote working when possible, travel restrictions and limitations on visitor access to facilities. The Company is also working to align operations, programs and spending across our entire business with current conditions, including reduced compensation expense through restructuring initiatives of both hourly and salary employees related to voluntary and involuntary separation programs implemented during the second quarter of 2020, furloughs of a portion of our workforce, reducing overtime, and assessing the timing and cadence of various capital investments and product development initiatives.<span style="Background-color:#FFFF00;"> </span></p> | ||
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Worldwide Independent Distributor And Dealer Locations
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Use Of Estimates
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<p style="margin-top:9pt;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;">Use of Estimates</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 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, definite 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, determination of discount rate and period for leases, income taxes and deferred tax valuation allowances, derivative valuation, assumptions for business combinations and contingencies. The Company’s accounting policies involve the application of judgments and assumptions made by management that include inherent risks and uncertainties. Due to the continued uncertainty related to the ongoing COVID-19 pandemic, actual results could differ materially from the estimates and assumptions used in preparation of the financial statements including, but not limited to, future cash flows associated with goodwill, indefinite life intangibles, definite life intangibles, long-lived impairment tests, determination of discount and other assumptions for pension and other post-retirement benefit expense and income taxes. Changes in estimates are recorded in results of operations in the period that the events or circumstances giving rise to such changes occur.</p> | ||
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0.68 | |
| CY2020Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
0.68 |
