Allison Transmission Holdings, Inc. · NYSE:ALSN
Allison Transmission — Q1 2021 Earnings Presentation
13 slides from Allison Transmission's earnings presentation, Apr 28, 2021
Slide 1: Q1 2021 Earnings Release
Q1 2021 Earnings Release April 28, 2021 David Graziosi, President & Chief Executive Officer Fred Bohley, Senior Vice President & Chief Financial Officer 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement The following information contains, or may be deemed to contain, “forward-looking statements” (as defined in the U.S. Private Securities Litigation Reform Act of 1995). The words “believe,” “expect,” “anticipate,” “intend,” “estimate” and other expressions that are predictions
Slide 3: Non-GAAP Financial Information
Non-GAAP Financial Information We use Adjusted EBITDA and Adjusted EBITDA as a percent of net sales to measure our operating profitability. We believe that Adjusted EBITDA and Adjusted EBITDA as a percent of net sales provide management, investors and creditors with useful measures of the operationa
Slide 4: Call Agenda
Call Agenda Q1 2021 Performance 2021 Guidance Update 4
Slide 5: Q1 2021 Performance Summary
Q1 2021 Performance Summary ($ in millions) Q1 2021 Q1 2020 % Variance Net Sales $588 $637 (7.7%) Gross Margin % 49.5% 51.2% (170) bps Net Income $120 $139 (13.7%) Adjusted EBITDA(1) $222 $257 (13.6%) Commentary Net Sales: decrease was principally driven by lower demand in the North America On-Highw
Slide 6: Q1 2021 Sales Performance
Q1 2021 Sales Performance ($ in millions) End Markets Q1 2021 Q1 2020 % Variance Commentary Principally driven by the continuing effects of the North America On-Hwy $319 $352 -9.4% pandemic Principally driven by lower demand for hydraulic North America Off-Hwy $2 $8 -75.0% fracturing applications Pr
Slide 7: Q1 2021 Financial Performance
Q1 2021 Financial Performance ($ in millions, except per share data) Q1 2021 Q1 2020 $ Var % Var Commentary Decrease was principally driven by lower demand in the North America On- Highway, Global Off-Highway and Service Parts, Support Equipment & Other Net Sales $588 $637 ($49) -7.7% end markets pa
Slide 8: Q1 2021 Cash Flow Performance
Q1 2021 Cash Flow Performance ($ in millions) Q1 2021 Q1 2020 $ Variance % Variance Commentary Principally driven by higher operating working capital requirements and Net Cash Provided by $128 $148 ($20) (13.5%) lower gross profit partially offset by Operating Activities lower cash incentive compens
Slide 9: 2021 Guidance Update
2021 Guidance Update ($ in millions) Guidance Commentary Guidance reflects higher demand in the global On- Highway, Service Parts, Support Equipment & Other Net Sales $2,325 to $2,475 and North America Off-Highway end markets as a result of the ongoing global economic recovery and price increases on
Slide 10: Appendix: Non-GAAP Financial Information
APPENDIX Non-GAAP Financial Information 10
Slide 11: Non-GAAP Reconciliations (1 of 3)
Non-GAAP Reconciliations (1 of 3) Adjusted EBITDA reconciliation Last twelve Three months ended months ended $ in millions, Unaudited For the year ended December 31, March 31, March 31, 2016 2017 2018 2019 2020 2020 2021 2021 Net income (GAAP) $215 $504 $639 $604 $299 $139 $120 $280 plus: Interest e
Slide 12: Non-GAAP Reconciliations (2 of 3)
Non-GAAP Reconciliations (2 of 3) Adjusted Free Cash Flow reconciliation Last twelve Three months ended months ended $ in millions, Unaudited For the year ended December 31, March 31, March 31, 2016 2017 2018 2019 2020 2020 2021 2021 Net Cash Provided by Operating Activities (GAAP) $591 $658 $837 $8
Slide 13: Non-GAAP Reconciliations (3 of 3)
Non-GAAP Reconciliations (3 of 3) Guidance Reconciliation $ in millions Guidance Year Ending December 31, 2021 Low High Net Income (GAAP) $ 395 $ 465 plus: Depreciation and amortization 153 153 Interest expense, net 118 118 Income tax expense 112 132 Stock-based compensation expense 17 17 Acquisitio
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