2021 Q1 Form 10-Q Financial Statement
#000156459021021620 Filed on April 29, 2021
Income Statement
| Concept | 2021 Q1 | 2020 Q1 |
|---|---|---|
| Revenue | $588.0M | $637.0M |
| YoY Change | -7.69% | -5.63% |
| Cost Of Revenue | $297.0M | $311.0M |
| YoY Change | -4.5% | -1.58% |
| Gross Profit | $291.0M | $326.0M |
| YoY Change | -10.74% | -9.19% |
| Gross Profit Margin | 49.49% | 51.18% |
| Selling, General & Admin | $73.00M | $75.00M |
| YoY Change | -2.67% | -10.71% |
| % of Gross Profit | 25.09% | 23.01% |
| Research & Development | $38.00M | $36.00M |
| YoY Change | 5.56% | 16.13% |
| % of Gross Profit | 13.06% | 11.04% |
| Depreciation & Amortization | $25.00M | $22.00M |
| YoY Change | 13.64% | 22.22% |
| % of Gross Profit | 8.59% | 6.75% |
| Operating Expenses | $111.0M | $111.0M |
| YoY Change | 0.0% | -3.48% |
| Operating Profit | $180.0M | $215.0M |
| YoY Change | -16.28% | -11.89% |
| Interest Expense | -$30.00M | -$31.00M |
| YoY Change | -3.23% | -13.89% |
| % of Operating Profit | -16.67% | -14.42% |
| Other Income/Expense, Net | $3.000M | -$1.000M |
| YoY Change | -400.0% | -133.33% |
| Pretax Income | $154.0M | $181.0M |
| YoY Change | -14.92% | -14.22% |
| Income Tax | $34.00M | $42.00M |
| % Of Pretax Income | 22.08% | 23.2% |
| Net Earnings | $120.0M | $139.0M |
| YoY Change | -13.67% | -16.77% |
| Net Earnings / Revenue | 20.41% | 21.82% |
| Basic Earnings Per Share | $1.08 | $1.20 |
| Diluted Earnings Per Share | $1.07 | $1.20 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 111.0M | 116.0M |
| Diluted Shares Outstanding | 112.0M | 116.0M |
Balance Sheet
| Concept | 2021 Q1 | 2020 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $295.0M | $114.0M |
| YoY Change | 158.77% | -64.81% |
| Cash & Equivalents | $295.0M | $114.0M |
| Short-Term Investments | ||
| Other Short-Term Assets | $40.00M | $42.00M |
| YoY Change | -4.76% | 16.67% |
| Inventory | $193.0M | $207.0M |
| Prepaid Expenses | ||
| Receivables | $292.0M | $303.0M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $820.0M | $666.0M |
| YoY Change | 23.12% | -24.4% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $644.0M | $627.0M |
| YoY Change | 2.71% | 32.56% |
| Goodwill | $2.041B | |
| YoY Change | 5.15% | |
| Intangibles | $1.026B | |
| YoY Change | -1.72% | |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $55.00M | $64.00M |
| YoY Change | -14.06% | 20.75% |
| Total Long-Term Assets | $3.714B | $3.758B |
| YoY Change | -1.17% | 7.04% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $820.0M | $666.0M |
| Total Long-Term Assets | $3.714B | $3.758B |
| Total Assets | $4.534B | $4.424B |
| YoY Change | 2.49% | 0.73% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $167.0M | $191.0M |
| YoY Change | -12.57% | -8.61% |
| Accrued Expenses | $122.0M | $126.0M |
| YoY Change | -3.17% | 0.8% |
| Deferred Revenue | $35.00M | $34.00M |
| YoY Change | 2.94% | 0.0% |
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $6.000M | $6.000M |
| YoY Change | 0.0% | 20.0% |
| Total Short-Term Liabilities | $418.0M | $426.0M |
| YoY Change | -1.88% | -8.39% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $2.506B | $2.512B |
| YoY Change | -0.24% | -0.08% |
| Other Long-Term Liabilities | $387.0M | $378.0M |
| YoY Change | 2.38% | 94.85% |
| Total Long-Term Liabilities | $2.893B | $2.512B |
| YoY Change | 15.17% | -7.24% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $418.0M | $426.0M |
| Total Long-Term Liabilities | $2.893B | $2.512B |
| Total Liabilities | $3.770B | $3.731B |
| YoY Change | 1.05% | 2.33% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $764.0M | $693.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $4.534B | $4.424B |
| YoY Change | 2.49% | 0.73% |
Cashflow Statement
| Concept | 2021 Q1 | 2020 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $120.0M | $139.0M |
| YoY Change | -13.67% | -16.77% |
| Depreciation, Depletion And Amortization | $25.00M | $22.00M |
| YoY Change | 13.64% | 22.22% |
| Cash From Operating Activities | $131.0M | $148.0M |
| YoY Change | -11.49% | -23.71% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $24.00M | $21.00M |
| YoY Change | 14.29% | 10.53% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$24.00M | -$21.00M |
| YoY Change | 14.29% | 10.53% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | $21.00M | $20.00M |
| YoY Change | 5.0% | 5.26% |
| Common Stock Issuance & Retirement, Net | $96.00M | $180.0M |
| YoY Change | -46.67% | 260.0% |
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -121.0M | -203.0M |
| YoY Change | -40.39% | 144.58% |
| NET CHANGE | ||
| Cash From Operating Activities | 131.0M | 148.0M |
| Cash From Investing Activities | -24.00M | -21.00M |
| Cash From Financing Activities | -121.0M | -203.0M |
| Net Change In Cash | -15.00M | -78.00M |
| YoY Change | -80.77% | -183.87% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $131.0M | $148.0M |
| Capital Expenditures | $24.00M | $21.00M |
| Free Cash Flow | $107.0M | $127.0M |
| YoY Change | -15.75% | -27.43% |
Facts In Submission
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Nature Of Operations
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<p style="margin-top:18pt;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:2.27%;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:4.44%;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:4.44%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Although approximately 79% of revenues were generated in North America in 2020, 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> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.44%;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. In the first quarter of 2021, the COVID-19 pandemic continued to create volatility in the Company’s business performance and impact global markets and supply chains.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.44%;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 continue to take various actions including the administration of vaccinations, travel bans and restrictions, quarantines, curfews, stay-at-home orders, social distancing guidelines and business shutdowns and closures. The Company is also continuing to take a variety of measures to promote the safety and security of its employees and to maintain operations with as minimal impact as possible to its stakeholders, including increased frequency of cleaning and disinfecting of facilities, social distancing, occupancy limits, mask wearing requirements, onsite testing, remote working, travel restrictions, limitations on visitor access to facilities and, most recently, administration of vaccinations at the Company’s corporate headquarters. As a result, the Company has been able to continue its manufacturing operations and deliver its products to customers with minimal disruptions.</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:6pt;margin-bottom:0pt;text-indent:2.39%;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:4.64%;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 rate 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 rate 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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Revenue Adjustments To Variable Consideration Constraint
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Revenue Adjustments To Variable Consideration Constraint
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Product Warranty Accrual Payments
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Product Warranty Accrual Warranties Issued
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Contract With Customer Liability
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Contract With Customer Liability
ContractWithCustomerLiability
|
139000000 | |
| CY2021Q1 | alsn |
Contract With Customer Liability Increase
ContractWithCustomerLiabilityIncrease
|
7000000 | |
| CY2020Q1 | alsn |
Contract With Customer Liability Increase
ContractWithCustomerLiabilityIncrease
|
11000000 | |
| CY2021Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
8000000 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
10000000 | |
| CY2021Q1 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
142000000 | |
| CY2021Q1 | us-gaap |
Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
|
14000000 | |
| CY2021Q1 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
32000000 | |
| CY2021Q1 | us-gaap |
Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
|
30000000 | |
| CY2020Q1 | us-gaap |
Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
|
25000000 | |
| CY2020Q1 | us-gaap |
Product Warranty Accrual Noncurrent
ProductWarrantyAccrualNoncurrent
|
26000000 | |
| CY2020Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
66000000 | |
| CY2019Q4 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
52000000 | |
| CY2021Q1 | us-gaap |
Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
|
8000000 | |
| CY2020Q1 | us-gaap |
Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
|
5000000 | |
| CY2021Q1 | us-gaap |
Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
|
0 | |
| CY2020Q1 | us-gaap |
Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
|
1000000 | |
| CY2020Q1 | us-gaap |
Product Warranty Accrual
ProductWarrantyAccrual
|
51000000 | |
| CY2021Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
35000000 | |
| CY2021Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
107000000 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
34000000 | |
| CY2020Q1 | us-gaap |
Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
|
106000000 | |
| CY2020Q4 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.0437 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.0437 | |
| CY2021Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
4000000 | |
| CY2021Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
16000000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
4000000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
17000000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
4000000 | |
| CY2021Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
4000000 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P7Y8M12D | |
| CY2021Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1000000 | |
| CY2020Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
1000000 | |
| CY2021Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
0 | |
| CY2020Q1 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
0 | |
| CY2021Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
0 | |
| CY2020Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1000000 | |
| CY2021Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
53000000 | |
| CY2020Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
47000000 | |
| CY2021Q1 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
34000000 | |
| CY2020Q4 | us-gaap |
Interest Payable Current
InterestPayableCurrent
|
12000000 | |
| CY2021Q1 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
26000000 | |
| CY2020Q4 | us-gaap |
Taxes Payable Current
TaxesPayableCurrent
|
11000000 | |
| CY2021Q1 | alsn |
Vendor Buyback Obligation
VendorBuybackObligation
|
15000000 | |
| CY2020Q4 | alsn |
Vendor Buyback Obligation
VendorBuybackObligation
|
16000000 | |
| CY2021Q1 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
13000000 | |
| CY2020Q4 | us-gaap |
Derivative Liabilities Current
DerivativeLiabilitiesCurrent
|
14000000 | |
| CY2021Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
4000000 | |
| CY2020Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
4000000 | |
| CY2021Q1 | alsn |
Non Trade Payable Current
NonTradePayableCurrent
|
2000000 | |
| CY2020Q4 | alsn |
Non Trade Payable Current
NonTradePayableCurrent
|
2000000 | |
| CY2021Q1 | us-gaap |
Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
|
13000000 | |
| CY2020Q4 | us-gaap |
Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
|
14000000 | |
| CY2021Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
178000000 | |
| CY2020Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
140000000 | |
| CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
34000000 | |
| CY2021Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.22 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
42000000 | |
| CY2020Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.23 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
|
-31000000 | |
| CY2020Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
5000000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
-7000000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-29000000 | |
| CY2021Q1 | us-gaap |
Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
|
2000000 | |
| CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
|
3000000 | |
| CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
3000000 | |
| CY2021Q1 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
3000000 | |
| CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1000000 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | |
| CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
120000000 | |
| CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
139000000 | |
| CY2021Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
111000000 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
116000000 | |
| CY2021Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
1000000 | |
| CY2020Q1 | us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
0 | |
| CY2021Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
112000000 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
116000000 | |
| CY2021Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.08 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
1.20 | |
| CY2021Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.07 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
1.20 |
