$GTX
Garrett Motion Inc

2021 Q2 Form 10-Q Financial Statement

#000156459021038829 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $935.0M $477.0M
YoY Change 96.02% -40.52%
Cost Of Revenue $742.0M $393.0M
YoY Change 88.8% -36.61%
Gross Profit $193.0M $80.00M
YoY Change 141.25% -56.04%
Gross Profit Margin 20.64% 16.77%
Selling, General & Admin $51.00M $51.00M
YoY Change 0.0% -12.07%
% of Gross Profit 26.42% 63.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $24.00M $18.00M
YoY Change 33.33% 12.5%
% of Gross Profit 12.44% 22.5%
Operating Expenses $51.00M $66.00M
YoY Change -22.73% -12.0%
Operating Profit $142.0M $14.00M
YoY Change 914.29% -86.92%
Interest Expense $24.00M -$20.00M
YoY Change -220.0% -211.11%
% of Operating Profit 16.9% -142.86%
Other Income/Expense, Net $26.00M $4.000M
YoY Change 550.0% -300.0%
Pretax Income $439.0M $2.000M
YoY Change 21850.0% -97.7%
Income Tax $30.00M $11.00M
% Of Pretax Income 6.83% 550.0%
Net Earnings $409.0M -$9.000M
YoY Change -4644.44% -113.64%
Net Earnings / Revenue 43.74% -1.89%
Basic Earnings Per Share $1.63 -$0.12
Diluted Earnings Per Share $1.29 -$0.12
COMMON SHARES
Basic Shares Outstanding 69.67M shares 75.60M
Diluted Shares Outstanding 317.4M shares 75.85M

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $401.0M $139.0M
YoY Change 188.49% -23.63%
Cash & Equivalents $401.0M $139.0M
Short-Term Investments
Other Short-Term Assets $59.00M $77.00M
YoY Change -23.38% 57.14%
Inventory $275.0M $234.0M
Prepaid Expenses
Receivables $706.0M $484.0M
Other Receivables $78.00M $70.00M
Total Short-Term Assets $1.734B $1.004B
YoY Change 72.71% -17.3%
LONG-TERM ASSETS
Property, Plant & Equipment $481.0M $457.0M
YoY Change 5.25% 5.06%
Goodwill $193.0M $193.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $30.00M $34.00M
YoY Change -11.76% -10.53%
Other Assets $138.0M $106.0M
YoY Change 30.19% 4.95%
Total Long-Term Assets $1.103B $1.062B
YoY Change 3.86% 10.86%
TOTAL ASSETS
Total Short-Term Assets $1.734B $1.004B
Total Long-Term Assets $1.103B $1.062B
Total Assets $2.837B $2.066B
YoY Change 37.32% -4.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.114B $705.0M
YoY Change 58.01% -20.16%
Accrued Expenses $338.0M $284.0M
YoY Change 19.01% -24.87%
Deferred Revenue $2.000M $2.000M
YoY Change 0.0% 0.0%
Short-Term Debt $0.00 $135.0M
YoY Change -100.0%
Long-Term Debt Due $5.000M $4.000M
YoY Change 25.0% -71.43%
Total Short-Term Liabilities $1.492B $1.165B
YoY Change 28.07% -16.85%
LONG-TERM LIABILITIES
Long-Term Debt $1.204B $1.403B
YoY Change -14.18% -9.6%
Other Long-Term Liabilities $277.0M $262.0M
YoY Change 5.73% 3.15%
Total Long-Term Liabilities $1.481B $262.0M
YoY Change 465.27% -85.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.492B $1.165B
Total Long-Term Liabilities $1.481B $262.0M
Total Liabilities $3.543B $4.169B
YoY Change -15.02% -9.15%
SHAREHOLDERS EQUITY
Retained Earnings -$1.972B -$2.244B
YoY Change -12.12% -11.37%
Common Stock $0.00 $24.00M
YoY Change -100.0% 71.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$706.0M -$2.103B
YoY Change
Total Liabilities & Shareholders Equity $2.837B $2.066B
YoY Change 37.32% -4.88%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $409.0M -$9.000M
YoY Change -4644.44% -113.64%
Depreciation, Depletion And Amortization $24.00M $18.00M
YoY Change 33.33% 12.5%
Cash From Operating Activities -$423.0M -$152.0M
YoY Change 178.29% -15300.0%
INVESTING ACTIVITIES
Capital Expenditures -$22.00M -$24.00M
YoY Change -8.33% -20.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.000M
YoY Change -100.0% -105.88%
Cash From Investing Activities -$22.00M -$25.00M
YoY Change -12.0% 92.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.00M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0M 52.00M
YoY Change 784.62% -533.33%
NET CHANGE
Cash From Operating Activities -423.0M -152.0M
Cash From Investing Activities -22.00M -25.00M
Cash From Financing Activities 460.0M 52.00M
Net Change In Cash 15.00M -125.0M
YoY Change -112.0% 420.83%
FREE CASH FLOW
Cash From Operating Activities -$423.0M -$152.0M
Capital Expenditures -$22.00M -$24.00M
Free Cash Flow -$401.0M -$128.0M
YoY Change 213.28% -512.9%

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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:4.54%;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. These OEMs in turn ship to consumers globally. We are a global technology leader with significant expertise in delivering products across gasoline, diesel, natural gas and electric (hybrid and fuel cell) powertrains. These products are key enablers for fuel economy and emission standards compliance.</p> <p style="margin-bottom:0pt;margin-top:0pt;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;">Voluntary Filing Under Chapter 11</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On September 20, 2020 (the “Petition Date”), the Company and certain of its subsidiaries (collectively, the “Debtors”) each filed a voluntary petition for relief under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”). The Debtors’ chapter 11 cases (the “Chapter 11 Cases”) are being jointly administered under the caption “In re: Garrett Motion Inc., 20-12212.” <span style="Background-color:#FFFFFF;color:#000000;">On April 20, 2021, the Debtors filed the Revised Amended Plan of Reorganization (the “Plan”). On April 26, 2021, the Bankruptcy Court entered an order (the “Confirmation Order”) among other things, confirming the Plan. On April 30, 2021 (the “Effective Date”), the conditions to effectiveness of the Plan were satisfied or waived and the Company emerged from bankruptcy. See Note 2, Plan of Reorganization, for further details.</span></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;">The Consolidated Interim Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All amounts presented are in millions, except per share amounts.</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;">The accompanying Consolidated Interim Financial Statements have been prepared assuming that the Company will continue as a going concern and contemplate the realization of assets and the satisfaction of liabilities in the normal course of business. <span style="Background-color:#FFFFFF;color:#000000;">Our ability to continue as a going concern was contingent upon the Company’s ability to successfully implement a Plan of Reorganization in the Chapter 11 Cases, among other factors. As a result of the Chapter 11 Cases, the realization of assets and the satisfaction of liabilities were subject to uncertainty. While we were operating as debtors-in-possession under the Bankruptcy Code, we have sold or otherwise disposed of or liquidated assets or settled liabilities, subject to the approval of the Bankruptcy Court or as otherwise permitted in the ordinary course of business, for amounts other than those reflected in our Consolidated Interim Financial Statements. As a result of our improved liquidity </span>(See notes 2, 15, 16 and 18)<span style="Background-color:#FFFFFF;color:#000000;">, and removal of the risks and uncertainties surrounding the Chapter 11 Cases, substantial doubt no longer exists that we will be able to continue as a going concern.</span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Upon emergence from the Chapter 11 bankruptcy proceedings, the Company did not meet the requirements under ASC 852 for fresh start accounting. Fresh start accounting is applicable if both of the following criteria are met:</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;margin-left:6.8%;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">i) The reorganization value of the assets of the emerging entity immediately before the date of confirmation of the Plan of Reorganization is less than the total of all post-petition liabilities and allowed claims; and</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:6pt;margin-left:6.8%;text-indent:0%;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">ii) The holders of existing voting shares immediately before confirmation of the Plan of Reorganization receive less than 50% of the voting shares of the emerging entity.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on the Company’s analysis, the Company <span style="color:#000000;">was not required to apply fresh start accounting based on the provisions of ASC 852 since holders of the Company’s outstanding voting shares immediately before confirmation of the Plan received more than 50% of the Company’s outstanding voting shares upon emergence. Accordingly, a new reporting entity was not created for accounting purposes. </span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">While the Company was a Debtor-in-possession, it applied ASC 852 in preparing Consolidated Interim Financial Statements. ASC 852 required the financial statements for periods subsequent to the Petition Date to distinguish transactions and events that were directly associated with the Company's reorganization from the ongoing operations of the business. Accordingly, revenues, expenses, realized gains and losses, and provisions for losses directly resulting from the reorganization and restructuring were reported separately as Reorganization items, net in the Consolidated Interim Statements of Operations. In addition, the balance sheet distinguished pre-petition liabilities subject to compromise from those pre-petition liabilities that were not subject to compromise and post-petition liabilities. Pre-petition liabilities that were not fully secured or those that have at least a possibility of not being repaid at the allowed claim amount were classified as liabilities subject to compromise on the Consolidated Interim Balance Sheet at December 31, 2020.</p> <p style="margin-top:12pt;margin-bottom:0pt;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 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 Interim Financial Statements should be read in conjunction with the audited annual Consolidated and Combined Financial Statements for the year ended December 31, 2020 included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 16, 2020 (our “2020 Form 10-K”). The results of operations for the three and six months ended June 30, 2021 and cash flows for the six months ended June 30, 2021 should not necessarily be taken as indicative of the entire year.</p> <p style="margin-top:12pt;margin-bottom:0pt;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. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results, such differences have been adjusted for the three months ended June 30, 2021. Our actual closing dates for the three months ended June 30, 2021 and 2020 were July 3, 2021 and June 27, 2020, respectively.</p> <p style="margin-top:12pt;margin-bottom:0pt;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 preparation of the financial statements in conformity with GAAP requires management to make estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases these estimates on assumptions that it believes to be reasonable under the circumstances, including considerations for the impact from the outbreak of the COVID-19 pandemic on the Company's business due to various global macroeconomic, operational and supply chain risks as a result of COVID-19. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods.</p>
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