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Allison Transmission Holdings Inc (ALSN) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Allison Transmission Holdings Inc

CIK: 1411207 Ticker: ALSN

Exhibit 99.1

 

LOGO

Allison Transmission Announces Fourth Quarter and Full Year 2021 Results

 

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Fourth Quarter Net Sales of $644 million, up 20% year over year

 

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Fourth Quarter Net Income of $118 million, up 97% year over year

 

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Fourth Quarter Diluted EPS of $1.15, up 117% year over year

 

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Full Year Net Sales of $2,402 million, up 15%

 

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Full Year Net Income of $442 million, up 48%

 

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Full Year Diluted EPS of $4.13, up 58%

 

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$513 million of outstanding shares repurchased in FY2021, or 12% of outstanding shares

INDIANAPOLIS, February 16, 2022 – Allison Transmission Holdings Inc. (NYSE: ALSN)

, a leading designer and manufacturer of conventional and electrified vehicle propulsion solutions and the largest global manufacturer of medium- and heavy-duty fully automatic transmissions for commercial and defense vehicles, today reported a 20 percent increase in net sales from the same period in 2020, and a 14 percent increase from the third quarter of 2021, resulting in the strongest revenue quarter of the year, as production accelerated to meet robust customer demand.

David S. Graziosi, Chairman and Chief Executive Officer of Allison Transmission commented, “2021 was another notable year for Allison’s growth objectives. Net sales accelerated in the fourth quarter, largely driven by a strong recovery to pre-pandemic levels in the Outside North America On-Highway end market. In fact, fourth quarter net sales were up sequentially across all of our end markets, as our global customers and partners worked diligently to meet global demand. I am proud of the Allison team’s continued execution and strong performance, and excited about the future, as we continue to fund growth initiatives that will drive further success and are aligned with our long-term strategy of continuous global market leadership expansion.”

Graziosi continued, “We recently announced an investment in Autotech Ventures, a venture capital firm that’s helping to pave the way for the next frontier of mobility. Autotech invests in and provides consulting services to early-stage transport technology start-ups focused on connectivity, autonomy, sharing, electrification and digitization in the transport tech space. This partnership will significantly enhance our efforts to identify strategic opportunities and continue investing in innovative companies.

Lastly, our prudent and well-defined approach to capital allocation continues to have a meaningful impact on earnings per share. In 2021, we settled over $500 million of share repurchases, representing 12 percent of shares outstanding as of December 31, 2020. During each of the last five years we have repurchased on average, 10 percent of outstanding shares annually, while simultaneously increasing EPS by more than 200 percent in aggregate.”

Fourth Quarter Financial Highlights

Year-over-year results were led by a 38 percent increase in net sales in the Outside North America On-Highway end market principally driven by strong customer demand in Asia and the persistent execution of growth initiatives. Year-over-year results were further led by a $26 million increase in net sales in the North America Off-Highway end market driven by improving demand for hydraulic fracturing applications, a $24 million increase in net sales in the Outside North America Off-Highway end market driven by higher demand in the energy, mining and construction sectors and a 19 percent increase in net sales in the Service Parts, Support Equipment and Other end market principally driven by increased demand for North America On-Highway service parts and global support equipment, and price increases on certain products.

Net sales for the quarter were $644 million. Net income for the quarter was $118 million. Diluted EPS for the quarter was $1.15. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $220 million. Net cash provided by operating activities for the quarter was $168 million. Adjusted free cash flow, a non-GAAP financial measure, for the quarter was $105 million.

 

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The following information was filed by Allison Transmission Holdings Inc (ALSN) on Wednesday, February 16, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Allison Transmission Holdings Inc's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Changes In Components Of Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss - Consolidated Statements Of Comprehensive Income Affected By Reclassifications From Aocl (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Common Stock
Common Stock - Additional Information (Details)
Concentration Of Risk
Concentration Of Risk (Tables)
Concentration Of Risk - Additional Information (Details)
Concentration Of Risk - Customers Accounted For Greater Than Ten Percent Of Accounts Receivable (Details)
Concentration Of Risk - Customers Accounted For Greater Than Ten Percent Of Net Sales (Details)
Debt
Debt (Tables)
Debt - 3.75% Senior Notes - Additional Information (Details)
Debt - 4.75% Senior Notes - Additional Information (Details)
Debt - 5.0% Senior Notes - Additional Information (Details)
Debt - 5.875% Senior Notes - Additional Information (Details)
Debt - Additional Information (Details)
Debt - Principal Payments Required On Long Term Debt (Details)
Debt - Senior Secured Credit Facility - Additional Information (Details)
Debt - Summary Of Long-Term Debt And Maturities (Details)
Debt - Summary Of Long-Term Debt And Maturities (Parenthetical) (Details)
Deferred Revenue
Deferred Revenue (Tables)
Deferred Revenue - Additional Information (Details)
Deferred Revenue - Summary Of Deferred Revenue Activity (Details)
Derivatives
Derivatives (Tables)
Derivatives - Additional Information (Details)
Derivatives - Derivative Instruments And Their Impact On Financial Condition (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Additional Information (Details)
Earnings Per Share - Schedule Of Reconciliation Of Numerators And Denominators Used To Calculate Basic Eps And Diluted Eps (Details)
Employee Benefit Plans
Employee Benefit Plans (Tables)
Employee Benefit Plans - Additional Information (Detail)
Employee Benefit Plans - Amounts Recognized In Balance Sheet And Accumulated Other Comprehensive Income Aoci (Detail)
Employee Benefit Plans - Employee Benefit Plans (Detail)
Employee Benefit Plans - Expected Cash Flows For Pension And Post-Retirement Benefit Plans (Detail)
Employee Benefit Plans - Fair Value Of Plan Assets By Asset Category (Detail)
Employee Benefit Plans - Plan Asset Allocation (Detail)
Employee Benefit Plans - Projected Benefit Obligation In Excess Of Plan Assets And Accumulated Benefit Obligation In Excess Of Plan Assets (Detail)
Employee Benefit Plans - Reconciliation Of Changes In Net Benefit Obligations And Fair Value Of Plan Assets (Detail)
Employee Benefit Plans - Weighted-Average Actuarial Assumptions Used To Determine Benefit Obligations (Detail)
Employee Benefit Plans - Weighted-Average Actuarial Assumptions Used To Determine Net Periodic Benefit Cost (Detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Additional Information (Details)
Fair Value Of Financial Instruments - Summary Of Fair Value Of Financial Assets And (Liabilities) (Details)
Geographic Information
Geographic Information (Tables)
Geographic Information - Net Long-Lived Assets By Country (Details)
Geographic Information - Net Sales By Country (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Details)
Goodwill And Other Intangible Assets - Schedule Of Amortization Expense Related To Other Intangible Assets For Next Five Fiscal Years (Details)
Goodwill And Other Intangible Assets - Schedule Of Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Assets And Liabilities (Details)
Income Taxes - Income Before Income Taxes (Details)
Income Taxes - Provision For Income Tax Expense (Details)
Income Taxes - Reconciliation Of Provision For Income Tax Expense (Details)
Inventories
Inventories (Tables)
Inventories - Schedule Of Components Of Inventories (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Schedule Of Lease Maturity, Current Guidance (Details)
Leases - Schedule Of Right Of Use Assets (Details)
Other Current Liabilities
Other Current Liabilities (Tables)
Other Current Liabilities - Summary Of Other Current Liabilities (Detail)
Other Income (Expense), Net
Other Income (Expense), Net (Detail)
Other Income (Expense), Net (Tables)
Overview
Overview - Additional Information (Details)
Product Warranty Liabilities
Product Warranty Liabilities (Tables)
Product Warranty Liabilities - Additional Information (Detail)
Product Warranty Liabilities - Product Warranty Liability Activities (Detail)
Property, Plant And Equipment
Property, Plant And Equipment (Tables)
Property, Plant And Equipment - Additional Information (Details)
Property, Plant And Equipment - Schedule Of Property Plant And Equipment Cost And Accumulated Depreciation (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Disaggregated Revenue By Categories (Details)
Schedule I-Parent Company Only Financial Statements
Schedule I-Parent Company Only Financial Statements - Balance Sheets (Detail)
Schedule I-Parent Company Only Financial Statements - Basis Of Presentation
Schedule I-Parent Company Only Financial Statements - Cash Flows (Details)
Schedule I-Parent Company Only Financial Statements - Comprehensive Income (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Property Plant And Equipment Estimated Lives (Details)
Ticker: ALSN
CIK: 1411207
Form Type: 10-K Annual Report
Accession Number: 0000950170-22-001427
Submitted to the SEC: Thu Feb 17 2022 4:26:54 PM EST
Accepted by the SEC: Thu Feb 17 2022
Period: Friday, December 31, 2021
Industry: Motor Vehicle Parts And Accessories

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