$GTX
Garrett Motion Inc

2023 Q2 Form 10-Q Financial Statement

#000173570723000044 Filed on April 24, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.011B $970.0M $901.0M
YoY Change 17.69% 7.66% -9.63%
Cost Of Revenue $809.0M $781.0M $726.0M
YoY Change 17.25% 7.58% -9.36%
Gross Profit $202.0M $189.0M $175.0M
YoY Change 19.53% 8.0% -10.71%
Gross Profit Margin 19.98% 19.48% 19.42%
Selling, General & Admin $63.00M $56.00M $53.00M
YoY Change 16.67% 5.66% -3.64%
% of Gross Profit 31.19% 29.63% 30.29%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $22.00M $21.00M $22.00M
YoY Change 4.76% -4.55% -4.35%
% of Gross Profit 10.89% 11.11% 12.57%
Operating Expenses $64.00M $56.00M $53.00M
YoY Change 18.52% 5.66% -3.64%
Operating Profit $138.0M $133.0M $122.0M
YoY Change 20.0% 9.02% -13.48%
Interest Expense -$30.00M $28.00M $23.00M
YoY Change -250.0% 21.74% 9.52%
% of Operating Profit -21.74% 21.05% 18.85%
Other Income/Expense, Net -$7.000M $4.000M $28.00M
YoY Change -143.75% -85.71% -207.69%
Pretax Income $101.0M $108.0M $125.0M
YoY Change -3.81% -13.6% -254.32%
Income Tax $30.00M $27.00M $37.00M
% Of Pretax Income 29.7% 25.0% 29.6%
Net Earnings -$201.0M $81.00M $88.00M
YoY Change -336.47% -7.95% -183.81%
Net Earnings / Revenue -19.88% 8.35% 9.77%
Basic Earnings Per Share -$1.88 $0.13 $0.15
Diluted Earnings Per Share -$1.87 $0.13 $0.15
COMMON SHARES
Basic Shares Outstanding 64.96M shares 64.84M shares 64.54M shares
Diluted Shares Outstanding 107.4M shares 65.97M shares 64.73M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $478.0M $291.0M $315.0M
YoY Change 227.4% -7.62% -17.54%
Cash & Equivalents $478.0M $291.0M $315.0M
Short-Term Investments
Other Short-Term Assets $88.00M $124.0M $73.00M
YoY Change 8.64% 69.86% -74.65%
Inventory $312.0M $301.0M $301.0M
Prepaid Expenses
Receivables $671.0M $673.0M $710.0M
Other Receivables $193.0M $215.0M $76.00M
Total Short-Term Assets $1.742B $1.605B $1.480B
YoY Change 38.58% 8.45% -14.7%
LONG-TERM ASSETS
Property, Plant & Equipment $495.0M $462.0M $469.0M
YoY Change 11.74% -1.49% -9.81%
Goodwill $193.0M $193.0M $193.0M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments $29.00M $32.00M $33.00M
YoY Change -6.45% -3.03% 10.0%
Other Assets $411.0M $259.0M $235.0M
YoY Change 51.1% 10.21% 79.39%
Total Long-Term Assets $1.150B $1.186B $1.208B
YoY Change -4.56% -1.82% 9.82%
TOTAL ASSETS
Total Short-Term Assets $1.742B $1.605B $1.480B
Total Long-Term Assets $1.150B $1.186B $1.208B
Total Assets $2.892B $2.791B $2.688B
YoY Change 17.47% 3.83% -5.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.136B $1.123B $1.071B
YoY Change 16.04% 4.86% -2.55%
Accrued Expenses $242.0M $348.0M $302.0M
YoY Change -15.68% 15.23% 9.03%
Deferred Revenue $9.000M $10.00M $9.000M
YoY Change 50.0% 11.11% 800.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $60.00M $7.000M $7.000M
YoY Change 757.14% 0.0% -98.14%
Total Short-Term Liabilities $1.518B $1.478B $1.380B
YoY Change 19.25% 7.1% -25.49%
LONG-TERM LIABILITIES
Long-Term Debt $1.772B $1.157B $1.166B
YoY Change 55.58% -0.77% 11.15%
Other Long-Term Liabilities $204.0M $208.0M $271.0M
YoY Change -21.54% -23.25% 116.8%
Total Long-Term Liabilities $1.976B $1.365B $1.437B
YoY Change 41.24% -5.01% 1049.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.518B $1.478B $1.380B
Total Long-Term Liabilities $1.976B $1.365B $1.437B
Total Liabilities $3.515B $2.871B $3.045B
YoY Change 30.52% -5.71% -40.7%
SHAREHOLDERS EQUITY
Retained Earnings -$1.834B -$1.446B -$1.703B
YoY Change 13.35% -15.09%
Common Stock $0.00 $0.00 $0.00
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$623.0M -$80.00M -$357.0M
YoY Change
Total Liabilities & Shareholders Equity $2.892B $2.791B $2.688B
YoY Change 17.47% 3.83% -5.19%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$201.0M $81.00M $88.00M
YoY Change -336.47% -7.95% -183.81%
Depreciation, Depletion And Amortization $22.00M $21.00M $22.00M
YoY Change 4.76% -4.55% -4.35%
Cash From Operating Activities $164.0M $92.00M $73.00M
YoY Change 57.69% 26.03% 128.13%
INVESTING ACTIVITIES
Capital Expenditures $25.00M $8.000M $29.00M
YoY Change -208.7% -72.41% 61.11%
Acquisitions
YoY Change
Other Investing Activities $9.000M $0.00
YoY Change -100.0%
Cash From Investing Activities -$16.00M -$8.000M -$29.00M
YoY Change -30.43% -72.41% 70.59%
FINANCING ACTIVITIES
Cash Dividend Paid $42.00M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 42.00M -$44.00M -$196.0M
YoY Change -121.32% -77.55% 94.06%
NET CHANGE
Cash From Operating Activities 164.0M $92.00M $73.00M
Cash From Investing Activities -16.00M -$8.000M -$29.00M
Cash From Financing Activities 42.00M -$44.00M -$196.0M
Net Change In Cash 190.0M $44.00M -$144.0M
YoY Change -263.79% -130.56% 24.14%
FREE CASH FLOW
Cash From Operating Activities $164.0M $92.00M $73.00M
Capital Expenditures $25.00M $8.000M $29.00M
Free Cash Flow $139.0M $84.00M $44.00M
YoY Change 9.45% 90.91% 214.29%

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<div style="margin-top:10pt;text-align:justify"><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="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%">The accompanying unaudited Consolidated Interim Financial Statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not include all of the information and footnotes required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. The unaudited Consolidated Interim Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and accompanying notes for the year ended December 31, 2022</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> included in our Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on February 14, 2023 (our “2022 Form 10-K”). The results of operations and cash flows for the three months ended March 31, 2023 should not necessarily be taken as indicative of the entire year. All amounts presented are in millions, except per share amounts. </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%">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 to minimize the potentially disruptive effects of quarterly closing on our business processes. For differences in actual closing dates that are material to year-over-year comparisons of quarterly or year-to-date results have been adjusted for the three months ended March 31, 2023. Our actual closing dates for the three months ended March 31, 2023 and 2022 were</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> April 1, 2023 and April 2, 2022</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, respectively.</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%">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:120%">Segment Reporting</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. 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”), which 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><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%">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. Actual results could differ from the original estimates, requiring adjustments to these balances in future periods.</span></div>
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