2019 Q2 Form 10-Q Financial Statement
#000156459019027028 Filed on July 30, 2019
Income Statement
| Concept | 2019 Q2 | 2018 Q2 | 2017 Q4 |
|---|---|---|---|
| Revenue | $802.0M | $877.0M | $804.0M |
| YoY Change | -8.55% | 13.16% | |
| Cost Of Revenue | $620.0M | $662.0M | $631.0M |
| YoY Change | -6.34% | 14.53% | |
| Gross Profit | $182.0M | $215.0M | $173.0M |
| YoY Change | -15.35% | 9.14% | |
| Gross Profit Margin | 22.69% | 24.52% | 21.52% |
| Selling, General & Admin | $58.00M | $63.00M | $69.00M |
| YoY Change | -7.94% | 8.62% | |
| % of Gross Profit | 31.87% | 29.3% | 39.88% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $16.00M | $18.00M | $17.00M |
| YoY Change | -11.11% | 20.0% | |
| % of Gross Profit | 8.79% | 8.37% | 9.83% |
| Operating Expenses | $75.00M | $102.0M | $70.00M |
| YoY Change | -26.47% | 0.0% | |
| Operating Profit | $107.0M | $113.0M | $103.0M |
| YoY Change | -5.31% | 18.95% | |
| Interest Expense | $18.00M | $0.00 | -$3.000M |
| YoY Change | -100.0% | ||
| % of Operating Profit | 16.82% | 0.0% | -2.91% |
| Other Income/Expense, Net | -$2.000M | -$6.000M | $4.000M |
| YoY Change | -66.67% | -175.0% | |
| Pretax Income | $87.00M | $107.0M | $104.0M |
| YoY Change | -18.69% | 7.0% | |
| Income Tax | $21.00M | -$47.00M | -$10.00M |
| % Of Pretax Income | 24.14% | -43.93% | -9.62% |
| Net Earnings | $66.00M | $150.0M | -$1.220B |
| YoY Change | -56.0% | 42.86% | |
| Net Earnings / Revenue | 8.23% | 17.1% | -151.74% |
| Basic Earnings Per Share | $0.88 | $2.03 | -$16.47 |
| Diluted Earnings Per Share | $0.86 | $2.03 | -$16.47 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 74.59M | ||
| Diluted Shares Outstanding | 76.90M |
Balance Sheet
| Concept | 2019 Q2 | 2018 Q2 | 2017 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $182.0M | $252.0M | $598.0M |
| YoY Change | -27.78% | ||
| Cash & Equivalents | $182.0M | $252.0M | $300.0M |
| Short-Term Investments | $298.0M | ||
| Other Short-Term Assets | $49.00M | $48.00M | $321.0M |
| YoY Change | 2.08% | ||
| Inventory | $193.0M | $175.0M | $188.0M |
| Prepaid Expenses | $3.000M | ||
| Receivables | $719.0M | $785.0M | |
| Other Receivables | $71.00M | $76.00M | |
| Total Short-Term Assets | $1.214B | $1.336B | $2.084B |
| YoY Change | -9.13% | ||
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $435.0M | $421.0M | $442.0M |
| YoY Change | 3.33% | ||
| Goodwill | $193.0M | $193.0M | |
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $38.00M | $37.00M | |
| YoY Change | 2.7% | ||
| Other Assets | $101.0M | $261.0M | $2.000M |
| YoY Change | -61.3% | ||
| Total Long-Term Assets | $958.0M | $912.0M | $913.0M |
| YoY Change | 5.04% | ||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $1.214B | $1.336B | $2.084B |
| Total Long-Term Assets | $958.0M | $912.0M | $913.0M |
| Total Assets | $2.172B | $2.248B | $2.997B |
| YoY Change | -3.38% | ||
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $883.0M | $891.0M | $860.0M |
| YoY Change | -0.9% | ||
| Accrued Expenses | $378.0M | $544.0M | $571.0M |
| YoY Change | -30.51% | ||
| Deferred Revenue | $2.000M | $7.000M | |
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | |
| YoY Change | |||
| Long-Term Debt Due | $14.00M | ||
| YoY Change | |||
| Total Short-Term Liabilities | $1.401B | $1.647B | $2.548B |
| YoY Change | -14.94% | ||
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $1.552B | $0.00 | |
| YoY Change | |||
| Other Long-Term Liabilities | $254.0M | $1.686B | $161.0M |
| YoY Change | -84.93% | ||
| Total Long-Term Liabilities | $1.806B | $1.686B | $161.0M |
| YoY Change | 7.12% | ||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $1.401B | $1.647B | $2.548B |
| Total Long-Term Liabilities | $1.806B | $1.686B | $161.0M |
| Total Liabilities | $4.589B | $4.056B | $5.192B |
| YoY Change | 13.14% | ||
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$2.532B | -$2.433B | |
| YoY Change | |||
| Common Stock | $14.00M | ||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | -$2.341B | -$1.808B | -$2.195B |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $2.172B | $2.248B | $2.997B |
| YoY Change | -3.38% |
Cashflow Statement
| Concept | 2019 Q2 | 2018 Q2 | 2017 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $66.00M | $150.0M | -$1.220B |
| YoY Change | -56.0% | 42.86% | |
| Depreciation, Depletion And Amortization | $16.00M | $18.00M | $17.00M |
| YoY Change | -11.11% | 20.0% | |
| Cash From Operating Activities | $1.000M | $267.0M | -$163.0M |
| YoY Change | -99.63% | 57.06% | |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$30.00M | -$19.00M | -$47.00M |
| YoY Change | 57.89% | -32.14% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $17.00M | $100.0M | $72.00M |
| YoY Change | -83.0% | -2100.0% | |
| Cash From Investing Activities | -$13.00M | $81.00M | $25.00M |
| YoY Change | -116.05% | -345.45% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -12.00M | -393.0M | 241.0M |
| YoY Change | -96.95% | 417.11% | |
| NET CHANGE | |||
| Cash From Operating Activities | 1.000M | 267.0M | -163.0M |
| Cash From Investing Activities | -13.00M | 81.00M | 25.00M |
| Cash From Financing Activities | -12.00M | -393.0M | 241.0M |
| Net Change In Cash | -24.00M | -45.00M | 103.0M |
| YoY Change | -46.67% | -173.77% | |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $1.000M | $267.0M | -$163.0M |
| Capital Expenditures | -$30.00M | -$19.00M | -$47.00M |
| Free Cash Flow | $31.00M | $286.0M | -$116.0M |
| YoY Change | -89.16% | 44.44% |
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Note 1. Background and Basis of Presentation </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Background</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.94%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Garrett Motion Inc. (the “Company” or “Garrett”) designs, manufactures and sells highly engineered turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers (“OEMs”) and the global vehicle independent aftermarket, as well as automotive software solutions. We are a global technology leader with significant expertise in delivering products across gasoline and diesel propulsion systems and hybrid and fuel cell powertrains.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.94%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On October 1, 2018, the Company became an independent publicly-traded company through a pro rata distribution by Honeywell International Inc. (“Former Parent” or “Honeywell”) of 100% of the then-outstanding shares of Garrett to Honeywell’s stockholders (the “Spin-Off”). Each Honeywell stockholder of record received one share of Garrett common stock for every 10 shares of Honeywell common stock held on the record date. Approximately 74 million shares of Garrett common stock were distributed on October 1, 2018 to Honeywell stockholders. In connection with the Spin-Off, Garrett´s common stock began trading “regular-way” under the ticker symbol “GTX” on the New York Stock Exchange on October 1, 2018.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.94%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Spin-Off was completed pursuant to a Separation and Distribution Agreement and other agreements with Honeywell related to the Spin-Off, including but not limited to an indemnification and reimbursement agreement (the “Indemnification and Reimbursement Agreement”) and a tax matters agreement (the “Tax Matters Agreement”). Refer to Note 17, Commitments and Contingencies for additional details related to the Indemnification and Reimbursement Agreement and Tax Matters Agreement.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:3.94%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unless the context otherwise requires, references to “Garrett,” “we,” “us,” “our,” and “the Company” refer to (i) Honeywell’s Transportation Systems Business (the “Transportation Systems Business” or the “Business”) prior to the Spin-Off and (ii) Garrett Motion Inc. and its subsidiaries following the Spin-Off, as applicable.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:6pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Basis of Presentation</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prior to the Spin-Off on October 1, 2018, our historical financial statements were prepared on a stand-alone combined basis and were derived from the consolidated financial statements and accounting records of Honeywell. Accordingly, for periods prior to October 1, 2018, our financial statements are presented on a combined basis and for the periods subsequent to October 1, 2018 are presented on a consolidated basis (collectively, the historical financial statements for all periods presented are referred to as “Consolidated and Combined Interim Financial Statements”). The Consolidated and Combined Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Asbestos-related expenses, net of probable insurance recoveries, are presented within Other expense, net in the Consolidated and Combined Interim Statement of Operations. Honeywell is subject to certain asbestos-related and environmental-related liabilities, primarily related to its legacy Bendix business. In conjunction with the Spin-Off, certain operations that were part of the Bendix business, along with the ownership of the Bendix trademark, as well as certain operations that were part of other legacy elements of the Business, were transferred to us. For the periods prior to the Spin-Off, these Consolidated and Combined Interim Financial Statements reflect an estimated liability for resolution of pending and future asbestos-related and environmental liabilities primarily related to the legacy Bendix business, calculated as if we were responsible for 100% of the Bendix asbestos-liability payments. However, this recognition model differs from the recognition model applied subsequent to the Spin-Off, with the difference recognized through equity as of the Spin-Off date. In periods subsequent to the Spin-Off, the accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the Indemnification and Reimbursement Agreement with Honeywell entered into on September 12, 2018, under which we are required to make payments to Honeywell in amounts equal to 90% of Honeywell’s asbestos-related liability payments and accounts payable, primarily related to the Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell’s net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The Indemnification and Reimbursement Agreement provides that the agreement will terminate upon the earlier of (x) December 31, 2048 or (y) December 31st of the third consecutive year during which certain amounts owed to Honeywell during each such year were less than $25 million as converted into Euros in accordance with the terms of the agreement. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Consolidated and Combined Interim Financial Statements are unaudited; however, in the opinion of management, they contain all the adjustments (consisting of those of a normal recurring nature) considered necessary to state fairly the financial position, results of operations and cash flows for the periods presented in conformity with U.S. GAAP applicable to interim periods. The Consolidated and Combined Interim Financial Statements should be read in conjunction with the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2018 included in our Annual Report on Form 10-K, as filed with the SEC on March 1, 2019 (our “2018 Form 10-K”). The results of operations<font style="font-size:12pt;"> </font>for the three and six months ended June 30, 2019 and cash flows for the six months ended June 30, 2019 should not necessarily be taken as indicative of the entire year. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We report our quarterly financial information using a calendar convention: the first, second and third quarters are consistently reported as ending on March 31, June 30 and September 30. It has been our practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires our businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on our business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event that differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, we will provide appropriate disclosures. Our actual closing dates for the three months ended June 30, 2019 and 2018 were June 29, 2019 and June 30, 2018, respectively. <font style="font-size:12pt;"> </font> </p> | ||
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Net Income Loss
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Revenue From Contract With Customer Excluding Assessed Tax
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1715371 | ||
| CY2019Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | |
| CY2018Q2 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | |
| CY2019Q2 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
1935000000 | |
| CY2018Q4 | invest |
Derivative Notional Amount
DerivativeNotionalAmount
|
838000000 | |
| us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
74070852 | ||
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
4000000 | |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
4000000 | |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
|
15000000 | |
| CY2018Q4 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
48000000 | |
| CY2019Q2 | gtx |
Incremental Common Shares Attributable To Unvested Restricted Stock Units And Other Contingently Issuable Shares
IncrementalCommonSharesAttributableToUnvestedRestrictedStockUnitsAndOtherContingentlyIssuableShares
|
2309066 | |
| CY2018 | gtx |
Resolution Values Of Nonmalignant Claims
ResolutionValuesOfNonmalignantClaims
|
4700 | |
| CY2017 | gtx |
Resolution Values Of Nonmalignant Claims
ResolutionValuesOfNonmalignantClaims
|
2800 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | ||
| CY2018 | gtx |
Resolution Values Of Malignant Claims
ResolutionValuesOfMalignantClaims
|
55300 | |
| CY2017 | gtx |
Resolution Values Of Malignant Claims
ResolutionValuesOfMalignantClaims
|
56000 | |
| CY2016 | gtx |
Resolution Values Of Malignant Claims
ResolutionValuesOfMalignantClaims
|
44000 | |
| CY2015 | gtx |
Resolution Values Of Malignant Claims
ResolutionValuesOfMalignantClaims
|
44000 | |
| CY2016 | gtx |
Resolution Values Of Nonmalignant Claims
ResolutionValuesOfNonmalignantClaims
|
4485 | |
| CY2015 | gtx |
Resolution Values Of Nonmalignant Claims
ResolutionValuesOfNonmalignantClaims
|
100 | |
| CY2014 | gtx |
Resolution Values Of Nonmalignant Claims
ResolutionValuesOfNonmalignantClaims
|
120 |
