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Allison Transmission Holdings Inc (ALSN) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

SEC Filings

ALSN Quarterly Reports

Allison Transmission Holdings Inc

CIK: 1411207 Ticker: ALSN

Exhibit 99.1

 

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Allison Transmission Announces First Quarter 2020 Results

 

   

Net Sales of $637 million

 

   

Net Income of $139 million, 22% of Net Sales

 

   

Adjusted EBITDA of $257 million, 40% of Net Sales

 

   

Diluted EPS of $1.20

 

   

As of March 31, 2020, the company had $114

 million of cash and cash equivalents and $595 million of available revolving credit facility commitments

INDIANAPOLIS, May 4, 2020 – Allison Transmission Holdings Inc. (NYSE: ALSN), the largest global provider of commercial duty fully automatic transmissions and a supplier of commercial vehicle propulsion solutions, today reported net sales for the first quarter of $637 million, a 6 percent decrease from the same period in 2019. The decrease in net sales was principally driven by lower demand in the North America On-Highway and Outside North America On-Highway end markets partially offset by higher demand in the Defense and Service Parts, Support Equipment & Other end markets.

Net Income for the quarter was $139 million compared to $167 million for the same period in 2019. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $257 million compared to $290 million for the same period in 2019. Net Cash Provided by Operating Activities for the quarter was $148 million compared to $194 million for the same period in 2019. Adjusted Free Cash Flow, a non-GAAP financial measure, for the quarter was $127 million compared to $175 million for the same period in 2019.

David S. Graziosi, President and Chief Executive Officer of Allison Transmission commented, “I would like to thank all of Allison’s employees, customers and suppliers for their dedication and resilience during this unprecedented time. The health and well-being of Allison’s extended family has always been our top priority and we will continue to take the actions necessary to ensure the safety of our people and our communities.”

Graziosi continued, “Despite the ongoing COVID-19 related disruptions to global supply chains and customer demand, as well as the withdrawal of our initial 2020 guidance in March, first quarter results were largely in line with our expectations, and the Allison team remains focused on aligning our operations with the needs of our customers. We continue to operate from a position of strength, given our long-standing commitment to prudent balance sheet management, ample liquidity and profitable operations. As of March 31, 2020, Allison had $114 million of cash, $595 million of available revolving credit facility commitments and a flexible and long-dated debt structure, with the earliest debt maturity due in September 2024. A history of robust cash flow generation, combined with our strong financial position also enabled the company to opportunistically settle $180 million of share repurchases and increase the quarterly dividend to $0.17 per share during the first quarter.”

First Quarter Net Sales by End Market

 

End Market

   Q1 2020
Net Sales ($M)
     Q1 2019
Net Sales ($M)
     % Variance  

North America On-Highway

   $ 352      $ 377        (7 %) 

North America Off-Highway

   $ 8      $ 14        (43 %) 

Defense

   $ 40      $ 32        25

Outside North America On-Highway

   $ 72      $ 94        (23 %) 

Outside North America Off-Highway

   $ 27      $ 27        —    

Service Parts, Support Equipment & Other

   $ 138      $ 131        5

Total Net Sales

   $ 637      $ 675        (6 %) 

 

1


The following information was filed by Allison Transmission Holdings Inc (ALSN) on Monday, May 4, 2020 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-Q Quarterly 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-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Stockholders' Equity
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Tables)
Accumulated Other Comprehensive Loss - Additional Information (Details)
Accumulated Other Comprehensive Loss - Amounts Reclassified From Aocl (Details)
Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss By Component (Details)
Acquisitions
Acquisitions - Additional Information (Details)
Certain Relationships And Related Party Transactions
Certain Relationships And Related Party Transactions - Additional Information (Details)
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Commitments And Contingencies - Additional Information (Details)
Common Stock
Common Stock - Additional Information (Details)
Debt
Debt (Tables)
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 - New 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 - Components Of Net Periodic Benefit Cost (Credit) (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)
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 - Additional Information (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
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Other Current Liabilities - Summary Of Other Current Liabilities (Detail)
Overview
Overview - Additional Information (Detail)
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Product Warranty Liabilities (Tables)
Product Warranty Liabilities - Additional Information (Detail)
Product Warranty Liabilities - Product Warranty Liability Activities (Detail)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Disaggregated Revenue By Categories (Detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)

Material Contracts, Statements, Certifications & more

Allison Transmission Holdings Inc provided additional information to their SEC Filing as exhibits

Ticker: ALSN
CIK: 1411207
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-20-021007
Submitted to the SEC: Tue May 05 2020 8:11:46 AM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Motor Vehicle Parts And Accessories

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