2023 Q1 Form 10-K Financial Statement

#000173570723000018 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $970.0M $898.0M $3.603B
YoY Change 7.66% 4.18% -0.83%
Cost Of Revenue $781.0M $737.0M $2.920B
YoY Change 7.58% 4.24% -0.21%
Gross Profit $189.0M $161.0M $683.0M
YoY Change 8.0% 3.87% -3.39%
Gross Profit Margin 19.48% 17.93% 18.96%
Selling, General & Admin $56.00M $52.00M $216.0M
YoY Change 5.66% 4.0% 0.0%
% of Gross Profit 29.63% 32.3% 31.63%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.00M $20.00M $84.00M
YoY Change -4.55% -9.09% -8.7%
% of Gross Profit 11.11% 12.42% 12.3%
Operating Expenses $56.00M $52.00M $216.0M
YoY Change 5.66% 4.0% 0.0%
Operating Profit $133.0M $109.0M $467.0M
YoY Change 9.02% 3.81% -4.89%
Interest Expense $28.00M -$24.00M $82.00M
YoY Change 21.74% -47.83% -11.83%
% of Operating Profit 21.05% -22.02% 17.56%
Other Income/Expense, Net $4.000M $51.00M $121.0M
YoY Change -85.71% 45.71% 656.25%
Pretax Income $108.0M $135.0M $496.0M
YoY Change -13.6% 51.69% -7.81%
Income Tax $27.00M $23.00M $106.0M
% Of Pretax Income 25.0% 17.04% 21.37%
Net Earnings $81.00M $112.0M $390.0M
YoY Change -7.95% -12.5% -21.21%
Net Earnings / Revenue 8.35% 12.47% 10.82%
Basic Earnings Per Share $0.13 $0.23 $0.75
Diluted Earnings Per Share $0.13 $0.23 $0.75
COMMON SHARES
Basic Shares Outstanding 64.84M shares 64.82M shares 64.71M shares
Diluted Shares Outstanding 65.97M shares 65.08M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $291.0M $246.0M $246.0M
YoY Change -7.62% -41.84% -41.84%
Cash & Equivalents $291.0M $246.0M $246.0M
Short-Term Investments
Other Short-Term Assets $124.0M $110.0M $100.0M
YoY Change 69.86% 96.43% 21.95%
Inventory $301.0M $270.0M $270.0M
Prepaid Expenses $16.00M
Receivables $673.0M $610.0M $610.0M
Other Receivables $215.0M $193.0M $205.0M
Total Short-Term Assets $1.605B $1.431B $1.431B
YoY Change 8.45% -5.29% -5.29%
LONG-TERM ASSETS
Property, Plant & Equipment $462.0M $470.0M $514.0M
YoY Change -1.49% -3.09% -4.1%
Goodwill $193.0M $193.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $32.00M $30.00M $30.00M
YoY Change -3.03% 7.14% 7.14%
Other Assets $259.0M $281.0M $447.0M
YoY Change 10.21% 40.5% 2.05%
Total Long-Term Assets $1.186B $1.206B $1.206B
YoY Change -1.82% 0.92% 0.92%
TOTAL ASSETS
Total Short-Term Assets $1.605B $1.431B $1.431B
Total Long-Term Assets $1.186B $1.206B $1.206B
Total Assets $2.791B $2.637B $2.637B
YoY Change 3.83% -2.55% -2.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.123B $1.048B $1.048B
YoY Change 4.86% 4.17% 4.17%
Accrued Expenses $348.0M $320.0M $202.0M
YoY Change 15.23% 8.47% -18.22%
Deferred Revenue $10.00M $8.000M
YoY Change 11.11% 60.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.000M $7.000M $7.000M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $1.478B $1.375B $1.375B
YoY Change 7.1% -8.82% -8.82%
LONG-TERM LIABILITIES
Long-Term Debt $1.157B $1.148B $1.148B
YoY Change -0.77% -2.79% -16.57%
Other Long-Term Liabilities $208.0M $205.0M $205.0M
YoY Change -23.25% -23.79% -23.79%
Total Long-Term Liabilities $1.365B $1.353B $1.353B
YoY Change -5.01% -6.69% -17.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.478B $1.375B $1.375B
Total Long-Term Liabilities $1.365B $1.353B $1.353B
Total Liabilities $2.871B $2.753B $2.753B
YoY Change -5.71% -13.26% -13.26%
SHAREHOLDERS EQUITY
Retained Earnings -$1.446B -$1.485B
YoY Change -15.09% -17.04%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$80.00M -$116.0M -$116.0M
YoY Change
Total Liabilities & Shareholders Equity $2.791B $2.637B $2.637B
YoY Change 3.83% -2.55% -2.55%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income $81.00M $112.0M $390.0M
YoY Change -7.95% -12.5% -21.21%
Depreciation, Depletion And Amortization $21.00M $20.00M $84.00M
YoY Change -4.55% -9.09% -8.7%
Cash From Operating Activities $92.00M $137.0M $375.0M
YoY Change 26.03% 0.74% -220.97%
INVESTING ACTIVITIES
Capital Expenditures $8.000M $13.00M $91.00M
YoY Change -72.41% 550.0% 26.39%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.000M -$13.00M -$91.00M
YoY Change -72.41% -750.0% 28.17%
FINANCING ACTIVITIES
Cash Dividend Paid $42.00M $83.00M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$44.00M -46.00M -$482.0M
YoY Change -77.55% -79.37% -446.76%
NET CHANGE
Cash From Operating Activities $92.00M 137.0M $375.0M
Cash From Investing Activities -$8.000M -13.00M -$91.00M
Cash From Financing Activities -$44.00M -46.00M -$482.0M
Net Change In Cash $44.00M 78.00M -$216.0M
YoY Change -130.56% -191.76% -5.68%
FREE CASH FLOW
Cash From Operating Activities $92.00M $137.0M $375.0M
Capital Expenditures $8.000M $13.00M $91.00M
Free Cash Flow $84.00M $124.0M $284.0M
YoY Change 90.91% -7.46% -174.35%

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<div style="margin-top:10pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Note 1. Background and Basis of Presentation</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Background</span></div><div style="margin-top:10pt;text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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) power trains. These products are key enablers for fuel economy and emission standards compliance.</span></div><div style="margin-top:10pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="text-align:justify;text-indent:21.6pt"><span><br/></span></div><div style="text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). All amounts presented are in millions, except per share amounts. </span></div><div style="text-align:justify;text-indent:21.6pt"><span><br/></span></div><div style="text-align:justify;text-indent:21.6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">We evaluate segment reporting in accordance with ASC 280, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">Segment Reporting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">. We concluded that Garrett operates in a single operating segment and a single reportable segment based on the operating results available and evaluated regularly by the chief operating decision maker (“CODM”), who is our Chief Executive Officer, to make decisions about resource allocation and performance assessment. The CODM makes operational performance assessments and resource allocation decisions on a consolidated basis, inclusive of all of the Company’s products across channels and geographies.</span></div>
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