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Allison Transmission Holdings Inc (ALSN) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Allison Transmission Holdings Inc

CIK: 1411207 Ticker: ALSN

Exhibit 99.1

 

LOGO

Allison Transmission Announces Fourth Quarter and Full Year 2020 Results

 

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Fourth Quarter 2020: Net Sales $535 million, Net Income $60 million, Diluted EPS $0.53, Adjusted EBITDA $186 million, Net Cash Provided by Operating Activities $163 million, Adjusted Free Cash Flow $128 million

 

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Full Year 2020: Net Sales $2,081 million, Net Income $299 million, Diluted EPS $2.62, Adjusted EBITDA $732 million, Net Cash Provided by Operating Activities $561 million, Adjusted Free Cash Flow $458 million

INDIANAPOLIS, February 17, 2020 – Allison Transmission Holdings Inc. (NYSE: ALSN), a leading designer and manufacturer of vehicle propulsion solutions for commercial and defense vehicles, today reported net sales for the fourth quarter of $535 million, a 13 percent decrease from the same period in 2019, and a $3 million increase from the third quarter of 2020, as the recovery in customer demand and the global economy that began in the third quarter continued through the end of the year.

Net income for the quarter was $60 million. Diluted EPS for the quarter was $0.53. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $186 million. Net cash provided by operating activities for the quarter was $163 million. Adjusted free cash flow, a non-GAAP financial measure, for the quarter was $128 million.

David S. Graziosi, President and Chief Executive Officer of Allison Transmission commented, “As we continue to navigate this critical period, the health and well-being of Allison’s extended family remains our top priority. 2020 was an unprecedented year. Severe disruptions to the global economy as a result of the ongoing pandemic led to substantial volatility in demand and considerable supply chain constraints. Despite these challenges, Allison was able to maintain the uninterrupted delivery of our products, and the generation of earnings and positive cash flow thanks to the unrelenting commitment, dedication and resilience of Allison’s employees, customers and suppliers.”

Graziosi continued, “Aggressive cost management efforts throughout the year while continuing to fund significant investments in engineering – research and development and capital expenditures have positioned Allison to capitalize on meaningful growth opportunities that lie ahead. Also during 2020, Allison settled a total of $225 million of share repurchases, or over 5 percent of outstanding shares and completed an opportunistic refinancing of our long-term debt, resulting in an anticipated annual savings of $13 million in cash interest expense, with the earliest maturity due in 2026. Consistent with our capital allocation priorities, last week the Board of Directors approved a 12 percent increase to our quarterly dividend from $0.17 to $0.19 per share.”

Fourth Quarter Net Sales by End Market

 

End Market

   Q4 2020
Net Sales ($M)
     Q4 2019
Net Sales ($M)
     % Variance  

North America On-Highway

   $ 284      $ 330        (14 %) 

North America Off-Highway

   $ 1      $ 1        —    

Defense

   $ 44      $ 42        5

Outside North America On-Highway

   $ 77      $ 91        (15 %) 

Outside North America Off-Highway

   $ 11      $ 18        (39 %) 

Service Parts, Support Equipment & Other

   $ 118      $ 135        (13 %) 

Total Net Sales

   $ 535      $ 617        (13 %) 

 

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The following information was filed by Allison Transmission Holdings Inc (ALSN) on Wednesday, February 17, 2021 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)
Acquisitions
Acquisitions - Additional Information (Details)
Certain Relationships And Related Party Transactions
Certain Relationships And Related Party Transactions - Additional Information (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 - New Senior Secured Credit Facility - Additional Information (Details)
Debt - Principal Payments Required On Long Term Debt (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)
Goodwill And Other Intangible Assets - Summary Of Changes In Goodwill Of Operating And Reportable Segment (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 (Expense) Income, Net
Other (Expense) Income, Net (Detail)
Other (Expense) Income, Net (Tables)
Other Current Liabilities
Other Current Liabilities (Tables)
Other Current Liabilities - Summary Of Other Current Liabilities (Detail)
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)
Quarterly Financial Information
Quarterly Financial Information (Details)
Quarterly Financial Information (Tables)
Revenue
Revenue (Tables)
Revenue - Additional Information (Detail)
Revenue - Disaggregated Revenue By Categories (Detail)
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: 0001564590-21-006709
Submitted to the SEC: Thu Feb 18 2021 5:29:36 PM EST
Accepted by the SEC: Thu Feb 18 2021
Period: Thursday, December 31, 2020
Industry: Motor Vehicle Parts And Accessories

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