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Allison Transmission Holdings Inc (ALSN) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, June 30, 2021

Allison Transmission Holdings Inc

CIK: 1411207 Ticker: ALSN

Exhibit 99.1

 

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Allison Transmission Announces Second Quarter 2021 Results

 

 

Net Sales of $603 million, up 60% year-over-year

 

 

Net Income of $110 million, 18% of Net Sales, up over 375% year-over-year

 

 

Adjusted EBITDA of $213 million, 35% of Net Sales

 

 

Diluted EPS of $1.01

INDIANAPOLIS, July 28, 2021 – 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 60 percent increase in net sales from the same period in 2020, as the recovery in customer demand and the global economy continue to strengthen, despite ongoing industry production constraints due to global supply chain challenges.

Year-over-year results were led by an 84 percent increase in net sales in the North America On-Highway end market and a 63 percent increase in net sales in the Outside North America On-Highway end market as a result of the continuing recovery in global on-highway customer demand following the pandemic-related disruptions experienced in 2020. Service Parts, Support Equipment & Other end market net sales were up 44 percent from the same period in 2020 principally driven by higher demand for North America service parts, aluminum die cast components and support equipment.

Net sales for the quarter were $603 million. Net income for the quarter was $110 million. Diluted EPS for the quarter was $1.01. Adjusted EBITDA, a non-GAAP financial measure, for the quarter was $213 million. Net cash provided by operating activities for the quarter was $131 million. Adjusted free cash flow, a non-GAAP financial measure, for the quarter was $95 million.

David S. Graziosi, Chairman and Chief Executive Officer of Allison Transmission commented, “Allison’s second quarter 2021 results reflect an unprecedented recovery in global markets. Customer demand is quickly nearing pre-pandemic levels, and despite broad challenges to global supply chains, industry production is recovering. I am extremely proud of the resilience and dedication demonstrated by the Allison team and extended family throughout this critical and historic time to ensure the continuous delivery of the Allison Brand Promise.

Graziosi continued, “As a result of the ongoing global economic recovery, we are reaffirming the 2021 guidance ranges released to the market on April 28. Finally, during the second quarter, we continued our well-defined approach to capital allocation by settling $130 million of share repurchases, representing 3 percent of outstanding shares, and paying a quarterly dividend of $0.19 per share. Notably, Allison has repurchased over 50 percent of outstanding shares since its 2012 initial public offering.”

Second Quarter Net Sales by End Market

 

End Market

   Q2 2021
Net Sales ($M)
     Q2 2020
Net Sales ($M)
     % Variance  

North America On-Highway

   $ 302      $ 164        84

North America Off-Highway

   $ 9      $ 3        200

Defense

   $ 48      $ 42        14

Outside North America On-Highway

   $ 98      $ 60        63

Outside North America Off-Highway

   $ 18      $ 19        (5 %) 

Service Parts, Support Equipment & Other

   $ 128      $ 89        44
  

 

 

    

 

 

    

 

 

 

Total Net Sales

   $ 603      $ 377        60
  

 

 

    

 

 

    

 

 

 

 

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The following information was filed by Allison Transmission Holdings Inc (ALSN) on Wednesday, July 28, 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-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 - Amounts Reclassified From Aocl (Details)
Accumulated Other Comprehensive Loss - Changes In Accumulated Other Comprehensive Loss By Component (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Common Stock
Common Stock - Additional Information (Details)
Debt
Debt (Tables)
Debt - 3.75% Senior Notes - Additional Information (Details)
Debt - 4.75% Senior Notes - Additional Information (Details)
Debt - 5.875% Senior Notes - Additional Information (Details)
Debt - Additional Information (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 - Components Of Net Periodic Benefit Cost (Credit) (Details)
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
Other Current Liabilities (Tables)
Other Current Liabilities - Summary Of Other Current Liabilities (Details)
Overview
Overview - Additional Information (Details)
Product Warranty Liabilities
Product Warranty Liabilities (Tables)
Product Warranty Liabilities - Additional Information (Details)
Product Warranty Liabilities - Product Warranty Liability Activities (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Disaggregated Revenue By Categories (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies - Additional Information (Details)

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: 0001564590-21-039118
Submitted to the SEC: Thu Jul 29 2021 4:06:45 PM EST
Accepted by the SEC: Thu Jul 29 2021
Period: Wednesday, June 30, 2021
Industry: Motor Vehicle Parts And Accessories

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