附录 99.1
艾里逊变速箱公布2024年第三季度业绩
| * | 创纪录的季度净销售额为824美元百万，同比增长12％ |
| * | 净收入为200美元百万，同比增长27％ |
| * | 摊薄后每股收益为2.27美元，创季度新高，同比增长29％ |
| * | 提高 2024 年全年收入、收益和现金流指导 |
印第安纳波利斯2024 年 29 日 — 艾里逊变速箱控股有限公司（纽约证券交易所代码：ALSN），今天公布的第三季度净销售额为 8.24亿美元，创下季度纪录，这得益于我们北美的持续强劲势头 在公路上， 国防和北美以外地区 在公路上 终端市场。
艾里逊变速箱董事长兼首席执行官戴维·格拉齐奥西评论说：“我们2024年第三季度的业绩证明了这一点， 北美对 8 级职业车辆的需求前所未有 在公路上 终端市场继续推动我们业务创纪录的业绩。第三季度净销售额增长了12％ 同比增长，摊薄后每股收益的增幅更大，同比增长29％，达到每股2.27美元的季度纪录。”
格拉齐奥西继续说：“基于我们北美的持续实力 在公路上 终端市场和有利条件 展望今年剩余时间，我们很高兴提高2024年全年收入、收益和现金流指导。”
第三季度 财务摘要
该季度的净销售额达到创纪录的8.24亿美元。同比业绩由以下方面领先：
| • | 北美的净销售额增长了8100万美元 在公路上 终端市场主要是由对8级职业车辆和中型卡车的强劲需求以及某些产品的价格上涨推动的， |
| • | 国防终端市场的净销售额增长了1000万美元，这主要是由需求增加所推动的 履带式车辆应用程序，以及 |
| • | 北美以外的净销售额增长了800万美元 在公路上 终端市场，使第三季度净销售额达到创纪录的1.26亿美元，这主要是由亚洲需求的增加和某些产品的价格上涨所推动的，但部分被需求的减少所抵消 欧洲。 |
该季度的净收入为2亿美元。本季度摊薄后的每股收益为2.27美元。调整后的息税折旧摊销前利润，a 非公认会计准则 该季度的财务指标为3.05亿美元。本季度经营活动提供的净现金为2.46亿美元。调整后的自由现金流，a 非公认会计准则 该季度的财务指标为2.1亿美元。
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按终端市场分的第三季度净销售额
| 终端市场 |
2024年第三季度 净销售额（百万美元） |
2023年第三季度 净销售额（百万美元） |
涨跌 | |||||||||
| 北美 高速公路 |
$ | 457 | $ | 376 | $ | 81 | ||||||
| 北美 非高速公路 |
$ | 1 | $ | 9 | ($ | 8 | ) | |||||
| 国防股 |
$ | 53 | $ | 43 | $ | 10 | ||||||
| 北美以外 高速公路 |
$ | 126 | $ | 118 | $ | 8 | ||||||
| 北美以外 非高速公路 |
$ | 19 | $ | 19 | $ | 0 | ||||||
| 零部件、支持设备与其他 |
$ | 168 | $ | 171 | ($ | 3 | ) | |||||
| 总净销售额 |
$ | 824 | $ | 736 | $ | 88 | ||||||
第三季度财务业绩
本季度的毛利润为3.96亿美元，比2023年同期的3.57亿美元增加了3.9亿美元。毛利润的增加主要是由净销售额增加和部分产品价格上涨驱动的，部分抵消了制造业支出增加。
本季度销售、一般及行政费用为0.85亿美元，比2023年同期的0.86亿美元减少了0.1亿美元。这种减少主要是由无形摊销费用下降所推动的，部分抵消了商业活动支出增加和激励性薪酬支出增加。
本季度的工程-研发费用为0.51亿美元，比2023年同期的0.49亿美元增加了0.2亿美元。
本季度的净利润为2亿美元，比2023年同期的1.58亿美元增加了4.2亿美元。这种增加主要是由更高的毛利润和较低的利息费用净额推动的。
经营活动产生的净现金流为2.46亿美元，比2023年同期的2.12亿美元增加了0.34亿美元。这种增加主要是由更高的毛利润推动的，部分抵消了更高的经营工作资本资金需求和更高的现金所得税。
第三季度 非通用会计原则 财务措施
本季度调整后的EBITDA为3.05亿美元，比2023年同期的2.67亿美元增加了3.8亿美元。调整后的EBITDA增加主要是由更高的毛利润驱动。
本季度调整后的自由现金流为2.1亿美元，比2023年同期的1.82亿美元增加了2.8亿美元。增加主要是由更高的经营活动产生的净现金流引起的，部分抵消了更高的资本支出。
2024年展望更新
考虑到2024年第三季度的业绩和当前终端市场状况，我们提高了2024年全年指引的中间值。阿利森预计2024年净销售额在3,135至3,215百万美元区间内，净利润在675至725百万美元区间内，调整后的EBITDA在1,115至1,175百万美元区间内，经营活动净现金流在740至800百万美元区间内，资本支出在135至145百万美元区间内，调整后的自由现金流在605至655百万美元区间内。
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电话会议和网络直播
公司将于2024年10月29日星期二下午5:00在EDT举行电话会议，讨论其2024年第三季度的业绩。 拨号 电话会议电话号码为 +1-877-425-9470 ，国际电话号码为 拨号 。 +1-201-389-0878. 会议电话的现场网络直播也将在https://ir.allisontransmission.com上提供。
对于无法参加电话会议的人士，可以从10月29日晚上9:00（东部时间）到11月12日晚上11:59（东部时间）提供重播。重播 拨号 电话号码是+1-844-512-2921 以及国际重播 拨号 数字是 +1-412-317-6671. 回放密码是13749295。
关于艾里逊变速箱
艾里逊变速箱（纽交所：ALSN）是商用和军事车辆推进解决方案的领先设计师和制造商，也是全球最大的中重型全自动变速箱制造商改善世界运作的方式。艾里逊的产品在各种应用中被广泛使用，包括 公路上 车辆（分销、垃圾处理、施工、农业、消防和应急）、公共汽车（校车、公交和长途客运），房车， 非公路车辆和设备（能源、采矿和施工应用）以及防御车辆（战术轮式和履带式） 艾里逊变速箱成立于1915年，总部位于美国印第安纳波利斯。在150多个国家设有地区总部，包括荷兰、中国和巴西，在美国、匈牙利和印度设有制造设施，以及全球的工程资源，包括位于印第安纳波利斯、密歇根州奥本山和英国伦敦的电气化工程中心。艾里逊还在全球有1600多家独立分销商和经销商。欲了解更多信息，请访问https://allisontransmission.com。
前瞻性声明
本新闻稿包含前瞻性声明。诸如“相信”、“期待”、“预期”、“打算”、“估计”等表明或预测未来事件和趋势的表达，并不涉及历史事实，标识出前瞻性声明。您不应过度依赖这些前瞻性声明。尽管前瞻性声明反映了管理层的善意信念，但不应仅凭前瞻性声明，因为它们涉及已知和未知的风险、不确定性和其他因素，可能导致实际结果、业绩或成就与预期的未来结果、业绩或成就存在重大差异。前瞻性声明仅在发表声明的日期有效。我们不承诺公开更新或修订任何前瞻性声明，无论是因为新信息、未来事件、变化的情况还是其他原因。这些前瞻性声明受众多风险和不确定性的影响，包括但不限于：我们参与竞争激烈的市场；我们如何为技术和市场发展、竞争威胁和不断变化的客户需求作准备、做出回应并成功实现我们关于电动混合动力和全电商用车辆的目标；成本上升、供应中断或劳动力、货物、原材料、能源或用于制造或运输我们的产品或我们的客户或供应商的产品的元件的短缺，包括由于地缘政治风险、战争和大流行而造成的；全球经济波动；包括经济通货膨胀风险的普遍经济和行业情况；劳资冲突、工潮或类似劳动争议，可能严重干扰我们的运营或我们的主要客户或供应商的运营；某些最终用户所处行业极度周期性；我们所处的全球监管和商业环境的不确定性；我们的净销售集中在前五名客户身上，如有任何一家客户流失；除北美地区以外市场未能增加全自动变速箱的普及；我们的研发成果的成功程度不确定；美国和外国的国防开支；与我们的国际运营相关的风险，包括战争行为和加剧的贸易保护主义；在产品中发现缺陷，导致新车型推出延迟、召回活动和/或增加保修成本、减少未来销售或损害我们的品牌和声誉；我们确定、完成并有效整合收购和合作的能力；以及我们负债相关的风险。
使用 非通用会计原则 财政措施
本新闻稿包含有关艾里逊的财务业绩和前瞻性财务预估的信息，这些信息不符合美国一般公认会计准则（“GAAP”）。 非GAAP 这些财务指标在本新闻稿结尾处与其最接近的GAAP财务指标相调整。 非通用会计原则 这些财务指标不应孤立考虑，也不应视为我们根据GAAP编制的财务报告的替代，根据计算，可能与其他公司的同名指标不可比较。
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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 operational results of our business and increase the period-to-period comparability of our operating profitability and comparability with other companies. Adjusted EBITDA as a percent of net sales is also used in the calculation of management’s incentive compensation program. The most directly comparable GAAP measure to Adjusted EBITDA is Net income. The most directly comparable GAAP measure to Adjusted EBITDA as a percent of net sales is Net Income as a percent of net sales. Adjusted EBITDA is calculated as the earnings before interest expense, net, income tax expense, amortization of intangible assets, depreciation of property, plant and equipment and other adjustments as defined by Allison Transmission, Inc.’s, the Company’s wholly-owned subsidiary, Second Amended and Restated Credit Agreement. Adjusted EBITDA as a percent of net sales is calculated as Adjusted EBITDA divided by net sales.
We use Adjusted Free Cash Flow to evaluate the amount of cash generated by our business that, after the capital investment needed to maintain and grow our business and certain mandatory debt service requirements, can be used for the repayment of debt, stockholder distributions and strategic opportunities, including investing in our business. We believe that Adjusted Free Cash Flow enhances the understanding of the cash flows of our business for management, investors and creditors. Adjusted Free Cash Flow is also used in the calculation of management’s incentive compensation program. The most directly comparable GAAP measure to Adjusted Free Cash Flow is Net cash provided by operating activities. Adjusted Free Cash Flow is calculated as Net cash provided by operating activities, after additions of long-lived assets.
Attachments
| • | Condensed Consolidated Statements of Operations |
| • | Condensed Consolidated Balance Sheets |
| • | Condensed Consolidated Statements of Cash Flows |
| • | Reconciliation of GAAP to Non-GAAP Financial Measures |
| • | Reconciliation of GAAP to Non-GAAP Financial Measures for Full Year Guidance |
Contacts
Jackie Bolles
Executive Director, Treasury and Investor Relations
jacalyn.bolles@allisontransmission.com
(317) 242-7073
Branden Harbin
Executive Director, Global Marketing and External Communications
branden.harbin@allisontransmission.com
(317) 242-2769
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Allison Transmission Holdings, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, dollars in millions, except per share data)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net sales |
$ | 824 | $ | 736 | $ | 2,429 | $ | 2,260 | ||||||||
| Cost of sales |
428 | 379 | 1,273 | 1,161 | ||||||||||||
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| Gross profit |
396 | 357 | 1,156 | 1,099 | ||||||||||||
| Selling, general and administrative |
85 | 86 | 253 | 265 | ||||||||||||
| Engineering - research and development |
51 | 49 | 146 | 140 | ||||||||||||
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| Operating income |
260 | 222 | 757 | 694 | ||||||||||||
| Interest expense, net |
(21 | ) | (27 | ) | (68 | ) | (83 | ) | ||||||||
| Other income (expense), net |
10 | (2 | ) | (2 | ) | 10 | ||||||||||
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| Income before income taxes |
249 | 193 | 687 | 621 | ||||||||||||
| Income tax expense |
(49 | ) | (35 | ) | (131 | ) | (118 | ) | ||||||||
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| Net income |
$ | 200 | $ | 158 | $ | 556 | $ | 503 | ||||||||
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| Basic earnings per share attributable to common stockholders |
$ | 2.30 | $ | 1.76 | $ | 6.39 | $ | 5.53 | ||||||||
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| Diluted earnings per share attributable to common stockholders |
$ | 2.27 | $ | 1.76 | $ | 6.32 | $ | 5.53 | ||||||||
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Allison Transmission Holdings, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, dollars in millions)
| September 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS |
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| Current Assets |
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| Cash and Cash Equivalents |
$ | 788 | $ | 555 | ||||
| Accounts receivable, net |
393 | 356 | ||||||
| Inventories |
326 | 276 | ||||||
| Other current assets |
85 | 63 | ||||||
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| Total Current Assets |
1,592 | 1,250 | ||||||
| Property, plant and equipment, net |
780 | 774 | ||||||
| Intangible assets, net |
825 | 833 | ||||||
| Goodwill |
2,076 | 2,076 | ||||||
| Other non-current assets |
95 | 92 | ||||||
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| TOTAL ASSETS |
$ | 5,368 | $ | 5,025 | ||||
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| LIABILITIES |
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| Current Liabilities |
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| Accounts payable |
$ | 272 | $ | 210 | ||||
| Product warranty liability |
29 | 32 | ||||||
| Current portion of long-term debt |
5 | 6 | ||||||
| Deferred revenue |
45 | 41 | ||||||
| Other current liabilities |
212 | 212 | ||||||
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| Total Current Liabilities |
563 | 501 | ||||||
| Product warranty liability |
32 | 27 | ||||||
| Deferred revenue |
93 | 89 | ||||||
| Long-term debt |
2,396 | 2,497 | ||||||
| Deferred income taxes |
505 | 519 | ||||||
| Other non-current liabilities |
158 | 159 | ||||||
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| TOTAL LIABILITIES |
3,747 | 3,792 | ||||||
| TOTAL STOCKHOLDERS’ EQUITY |
1,621 | 1,233 | ||||||
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| TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY |
$ | 5,368 | $ | 5,025 | ||||
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Allison Transmission Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, dollars in millions)
| Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net cash provided by operating activities |
$ | 246 | $ | 212 | $ | 590 | $ | 546 | ||||||||
| Net cash used for investing activities (a) |
(38 | ) | (30 | ) | (70 | ) | (71 | ) | ||||||||
| Net cash used for financing activities |
(69 | ) | (31 | ) | (287 | ) | (205 | ) | ||||||||
| Effect of exchange rate changes on cash |
1 | (1 | ) | — | (1 | ) | ||||||||||
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| Net increase in cash and cash equivalents |
140 | 150 | 233 | 269 | ||||||||||||
| Cash and cash equivalents at beginning of period |
648 | 351 | 555 | 232 | ||||||||||||
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| Cash and cash equivalents at end of period |
$ | 788 | $ | 501 | $ | 788 | $ | 501 | ||||||||
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| Supplemental disclosures: |
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| Income taxes paid |
$ | (51 | ) | $ | (43 | ) | $ | (150 | ) | $ | (164 | ) | ||||
| Interest paid |
$ | (29 | ) | $ | (31 | ) | $ | (91 | ) | $ | (95 | ) | ||||
| Interest received from interest rate swaps |
$ | 3 | $ | 3 | $ | 10 | $ | 8 | ||||||||
| (a) Additions of long-lived assets |
$ | (36 | ) | $ | (30 | ) | $ | (68 | ) | $ | (73 | ) | ||||
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Allison Transmission Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited, dollars in millions)
| Three months ended | Nine months ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income (GAAP) |
$ | 200 | $ | 158 | $ | 556 | $ | 503 | ||||||||
| plus: |
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| Income tax expense |
49 | 35 | 131 | 118 | ||||||||||||
| Depreciation of property, plant and equipment |
28 | 28 | 82 | 81 | ||||||||||||
| Interest expense, net |
21 | 27 | 68 | 83 | ||||||||||||
| Amortization of intangible assets |
1 | 11 | 8 | 33 | ||||||||||||
| Stock-based compensation expense (a) |
6 | 6 | 20 | 17 | ||||||||||||
| UAW Local 933 contract signing incentives (b) |
— | — | 14 | — | ||||||||||||
| Unrealized (gain) loss on marketable securities (c) |
(2 | ) | 2 | 8 | (1 | ) | ||||||||||
| Pension plan settlement loss (d) |
— | — | 4 | — | ||||||||||||
| Unrealized loss on foreign exchange (e) |
1 | — | 1 | — | ||||||||||||
| Equity earnings in equity method investments (f) |
1 | — | 1 | — | ||||||||||||
| Technology-related investments loss (gain) (g) |
— | — | 1 | (3 | ) | |||||||||||
| Loss associated with impairment of long-lived assets |
— | — | 1 | — | ||||||||||||
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| Adjusted EBITDA (Non-GAAP) |
$ | 305 | $ | 267 | $ | 895 | $ | 831 | ||||||||
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| Net sales (GAAP) |
$ | 824 | $ | 736 | $ | 2,429 | $ | 2,260 | ||||||||
| Net income as a percent of net sales (GAAP) |
24.3 | % | 21.5 | % | 22.9 | % | 22.3 | % | ||||||||
| Adjusted EBITDA as a percent of net sales (Non-GAAP) |
37.0 | % | 36.3 | % | 36.8 | % | 36.8 | % | ||||||||
| Net cash provided by operating activities (GAAP) |
$ | 246 | $ | 212 | $ | 590 | $ | 546 | ||||||||
| Deductions to Reconcile to Adjusted Free Cash Flow: |
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| Additions of long-lived assets |
(36 | ) | (30 | ) | (68 | ) | (73 | ) | ||||||||
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| Adjusted free cash flow (Non-GAAP) |
$ | 210 | $ | 182 | $ | 522 | $ | 473 | ||||||||
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| (a) | Represents stock-based compensation expense (recorded in Cost of sales, Selling, general and administrative, and Engineering — research and development). |
| (b) | Represents non-recurring incentives (recorded in Cost of sales, Selling, general and administrative, and Engineering — research and development) to eligible employees as a result of International Union, United Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) Local 933 represented employees ratifying a four-year collective bargaining agreement effective through November 2027. |
| (c) | Represents a (gain) loss (recorded in Other income (expense), net) related to an investment in the common stock of Jing-Jin Electric Technologies Co. Ltd. |
| (d) | Represents a non-cash settlement charge (recorded in Other income (expense), net) for a pro rata portion of previously unrecognized pension plan actuarial net losses associated with the pension risk transfer of a portion of our salaried defined benefit pension plan obligations to a third-party insurance company. |
| (e) | Represents losses (recorded in Other income (expense), net) on intercompany financing transactions for our India facility. |
| (f) | Represents a loss (recorded in Other income (expense), net) related to equity earnings in equity method investments. |
| (g) | Represents a loss (gain) (recorded in Other income (expense), net) related to investments in co-development agreements to expand our position in propulsion solution technologies. |
8
Allison Transmission Holdings, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures for Full Year Guidance
(Unaudited, dollars in millions)
| Guidance | ||||||||
| Year Ending December 31, 2024 | ||||||||
| Low | High | |||||||
| Net Income (GAAP) |
$ | 675 | $ | 725 | ||||
| plus: |
||||||||
| Income tax expense |
170 | 180 | ||||||
| Depreciation of property, plant and equipment |
113 | 113 | ||||||
| Interest expense, net |
90 | 90 | ||||||
| Amortization of intangible assets |
11 | 11 | ||||||
| Stock-based compensation expense (a) |
26 | 26 | ||||||
| UAW Local 933 contract signing incentives (b) |
14 | 14 | ||||||
| Unrealized loss on marketable securities (c) |
8 | 8 | ||||||
| Pension plan settlement loss (d) |
4 | 4 | ||||||
| Unrealized loss on foreign exchange (e) |
1 | 1 | ||||||
| Equity earnings in equity method investments (f) |
1 | 1 | ||||||
| Technology-related investments loss (g) |
1 | 1 | ||||||
| Loss associated with impairment of long-lived assets |
1 | 1 | ||||||
|
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|
|
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| Adjusted EBITDA (Non-GAAP) |
$ | 1,115 | $ | 1,175 | ||||
|
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| Net Cash Provided by Operating Activities (GAAP) |
$ | 740 | $ | 800 | ||||
| Deductions to Reconcile to Adjusted Free Cash Flow: |
||||||||
| Additions of long-lived assets |
$ | (135 | ) | $ | (145 | ) | ||
|
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|
|
|
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| Adjusted Free Cash Flow (Non-GAAP) |
$ | 605 | $ | 655 | ||||
|
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|
|
|
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| (a) | Represents stock-based compensation expense (recorded in Cost of sales, Selling, general and administrative, and Engineering — research and development). |
| (b) | Represents non-recurring incentives (recorded in Cost of sales, Selling, general and administrative, and Engineering - research and development) to eligible employees as a result of UAW Local 933 represented employees ratifying a four-year collective bargaining agreement effective through November 2027. |
| (c) | Represents a loss (recorded in Other income (expense), net) related to an investment in the common stock of Jing-Jin Electric Technologies Co. Ltd. |
| (d) | Represents a non-cash settlement charge (recorded in Other income (expense), net) for a pro rata portion of previously unrecognized pension plan actuarial net losses associated with the pension risk transfer of a portion of our salaried defined benefit pension plan obligations to a third-party insurance company. |
| (e) | Represents losses (recorded in Other income (expense), net) on intercompany financing transactions for our India facility. |
| (f) | Represents a loss (recorded in Other income (expense), net) related to equity earnings in equity method investments. |
| (g) | Represents a loss (recorded in Other income (expense), net) related to investments in co-development agreements to expand our position in propulsion solution technologies. |
9