Company Quick10K Filing
Garrett Motion
Price10.31 EPS3
Shares76 P/E4
MCap781 P/FCF6
Net Debt1,291 EBIT351
TEV2,072 TEV/EBIT6
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-30
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-11-08
10-Q 2019-06-30 Filed 2019-07-30
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-06
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-06-15
8-K 2020-06-12
8-K 2020-06-05
8-K 2020-05-29
8-K 2020-05-28
8-K 2020-05-14
8-K 2020-05-11
8-K 2020-04-03
8-K 2020-03-26
8-K 2020-02-27
8-K 2020-01-15
8-K 2019-12-02
8-K 2019-11-08
8-K 2019-09-02
8-K 2019-07-30
8-K 2019-06-04
8-K 2019-05-07
8-K 2019-02-20
8-K 2018-11-06
8-K 2018-11-06
8-K 2018-11-01
8-K 2018-10-22
8-K 2018-10-01
8-K 2018-09-27
8-K 2018-09-21
8-K 2018-09-12
8-K 2018-09-06

GTX 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Note 1. Background and Basis of Presentation
Note 2. Summary of Significant Accounting Policies
Note 3. Revenue Recognition and Contracts with Customers
Note 4. Research, Development & Engineering
Note 5. Other Expense, Net
Note 6. Income Taxes
Note 7. Accounts, Notes and Other Receivables - Net
Note 8. Factoring and Notes Receivable
Note 9. Inventories - Net
Note 10. Other Assets
Note 11. Accrued Liabilities
Note 12. Other Liabilities
Note 13. Leases
Note 14. Financial Instruments and Fair Value Measures
Note 15. Accumulated Other Comprehensive Income (Loss)
Note 16. Earnings per Share
Note 17. Commitments and Contingencies
Note 18. Pension Benefits
Note 19. China Variable Interest Entity
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 gtx-ex101_32.htm
EX-10.2 gtx-ex102_33.htm
EX-31.1 gtx-ex311_6.htm
EX-31.2 gtx-ex312_9.htm
EX-32.1 gtx-ex321_7.htm
EX-32.2 gtx-ex322_8.htm

Garrett Motion Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.31.30.3-0.6-1.6-2.62016201720182020
Assets, Equity
1.00.80.60.40.20.02016201720182020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12016201720182020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to ______

Commission File Number: 001-38636

 

Garrett Motion Inc.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

82-4873189

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

La Pièce 16, Rolle, Switzerland

1180

(Address of principal executive offices)

(Zip Code)

 

+41 21 695 30 00

(Registrant’s telephone number, including area code)

 

N/A

(Former Name, Former Address and Former Fiscal Year,

if Changed Since Last Report)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock,
$0.001 par value per share

GTX

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of July 27, 2020, the registrant had 75,635,938 shares of common stock, $0.001 par value per share, outstanding.

 

 

 

 


Table of Contents

 

 

 

Page

PART I.

FINANCIAL INFORMATION

5

Item 1.

Financial Statements (Unaudited)

5

 

Consolidated Interim Statements of Operations (Unaudited)

5

 

Consolidated Interim Statements of Comprehensive Income (Loss) (Unaudited)

6

 

Consolidated Interim Balance Sheets (Unaudited)

7

 

Consolidated Interim Statements of Cash Flows (Unaudited)

8

 

Consolidated Interim Statements of Equity (Deficit) (Unaudited)

9

 

Notes to Unaudited Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

38

Item 4.

Controls and Procedures

38

PART II.

OTHER INFORMATION

39

Item 1.

Legal Proceedings

39

Item 1A.

Risk Factors

39

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

40

Item 3.

Defaults Upon Senior Securities

40

Item 4.

Mine Safety Disclosures

40

Item 5.

Other Information

40

Item 6.

Exhibits

41

Signatures

43

 

 

 

i


 

BASIS OF PRESENTATION

On October 1, 2018, Garrett Motion Inc. became an independent publicly-traded company through a pro rata distribution (the “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.

In connection with the Spin-Off, Garrett entered into a number of agreements with Honeywell, including but not limited to an indemnification and reimbursement agreement (the “Subordinated Indemnity Agreement”) and a tax matters agreement (the “Tax Matters Agreement”).

Unless the context otherwise requires, references to “Garrett,” “we,” “us,” “our,” and “the Company” in this Quarterly Report on Form 10-Q refer to Garrett Motion Inc. and its subsidiaries following the Spin-Off.

2


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical fact contained in this Quarterly Report on Form 10-Q, including without limitation statements regarding our future results of operations and financial position, the anticipated impact of the novel coronavirus (“COVID-19”) pandemic on our business, results of operations and financial position, expectations regarding the growth of the turbocharger and electric vehicle markets and other industry trends, the sufficiency of our cash and cash equivalents, anticipated sources and uses of cash, anticipated investments in our business, our business strategy, anticipated payments under our agreements with Honeywell, and the expected timing of those payments, anticipated interest expense, and the plans and objectives of management for future operations and capital expenditures are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” or “continue” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including:

 

1.

changes in the automotive industry and economic or competitive conditions;

2.

our ability to develop new technologies and products, and the development of either effective alternative turbochargers or new replacement technologies;

3.

failure to protect our intellectual property or allegations that we have infringed the intellectual property of others, and our ability to license necessary intellectual property from third parties;

4.

potential material losses and costs as a result of any warranty claims and product liability actions brought against us;

5.

significant failure or inability to comply with the specifications and manufacturing requirements of our original equipment manufacturer customers or by increases or decreases to the inventory levels maintained by our customers;

6.

volume of products we produce and market demand for such products and prices we charge and the margins we realize from our sales of our products;

7.

loss of or a significant reduction in purchases by our largest customers, material nonpayment or nonperformance by any our key customers, and difficulty collecting receivables;

8.

inaccuracies in estimates of volumes of awarded business;

9.

work stoppages, other disruptions or the need to relocate any of our facilities;

10.

supplier dependency;

11.

failure to meet our minimum delivery requirements under our supply agreements;

12.

failure to increase productivity or successfully execute repositioning projects or manage our workforce;

13.

potential material environmental liabilities and hazards;

14.

natural disasters and physical impacts of climate change;

15.

pandemics, including without limitation the COVID-19 pandemic, and effects on our workforce and supply chain;

16.

technical difficulties or failures, including cybersecurity risks;

17.

the outcome of and costs associated with pending and potential material litigation matters, including our pending lawsuit against Honeywell;

18.

changes in legislation or government regulations or policies, including with respect to CO2 reduction targets in Europe as part of the Green Deal objectives or other similar changes which may contribute to a proportionately higher level of battery electric vehicles;

19.

risks related to international operations and our investment in foreign markets, including risks related to the withdrawal of the United Kingdom from the European Union (“Brexit”);

3


 

20.

risks related to our agreements with Honeywell, such as the Subordinated Indemnity Agreement and Tax Matters Agreement;

21.

the terms of our indebtedness and our ability to access capital markets;

22.

unforeseen adverse tax effects;

23.

costs related to operating as a standalone public company and failure to achieve benefits expected from the Spin-Off;

24.

our leveraged capital structure and liabilities to Honeywell may pose significant challenges to our overall strategic and financial flexibility and have a material adverse effect on our business, liquidity position and financial position;

25.

inability to recruit and retain qualified personnel; and

26.

the other factors described under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, as updated in this Quarterly Report on Form 10-Q, and in our other filings with the Securities and Exchange Commission (“SEC”).

You should read this Quarterly Report and the documents that we reference in this Quarterly Report completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

4


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

GARRETT MOTION INC.

CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS

(Unaudited)

 

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Dollars in millions, except per share amounts)

 

Net sales (Note 3)

 

 

477

 

 

 

802

 

 

 

1,222

 

 

 

1,637

 

Cost of goods sold

 

 

393

 

 

 

620

 

 

 

996

 

 

 

1,259

 

Gross profit

 

$

84

 

 

$

182

 

 

$

226

 

 

$

378

 

Selling, general and administrative expenses

 

 

51

 

 

 

58

 

 

 

112

 

 

 

118

 

Other expense, net (Note 5)

 

 

15

 

 

 

17

 

 

 

31

 

 

 

36

 

Interest expense

 

 

20

 

 

 

18

 

 

 

36

 

 

 

34

 

Non-operating (income) expense

 

 

(4

)

 

 

2

 

 

 

(8

)

 

 

6

 

Income before taxes

 

$

2

 

 

$

87

 

 

$

55

 

 

$

184

 

Tax expense (Note 6)

 

 

11

 

 

 

21

 

 

 

12

 

 

 

45

 

Net (loss) income

 

$

(9

)

 

$

66

 

 

$

43

 

 

$

139

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.12

)

 

$

0.88

 

 

$

0.57

 

 

$

1.87

 

Diluted

 

$

(0.12

)

 

$

0.86

 

 

$

0.57

 

 

$

1.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

75,595,991

 

 

 

74,591,478

 

 

 

75,316,827

 

 

 

74,414,450

 

Diluted

 

 

75,845,511

 

 

 

76,900,544

 

 

 

75,837,459

 

 

 

76,129,821

 

 

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement.

5


 

GARRETT MOTION INC.

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Unaudited)

 

 

 

For the Three Months

Ended June 30,

 

 

For the Six Months

Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

(Dollars in millions)

 

Net (loss) income

 

$

(9

)

 

$

66

 

 

$

43

 

 

$

139

 

Foreign exchange translation adjustment

 

 

(50

)

 

 

(34

)

 

 

(11

)

 

 

25

 

Defined benefit pension plan adjustment, net of tax (Note 18)

 

 

 

 

 

 

 

 

 

 

 

1

 

Changes in fair value of effective cash flow hedges, net of tax

   (Note 14)

 

 

(2

)

 

 

(1

)

 

 

(2

)

 

 

2

 

Total other comprehensive (loss) income, net of tax

 

$

(52

)

 

$

(35

)

 

$

(13

)

 

$

28

 

Comprehensive (loss) income

 

$

(61

)

 

$

31

 

 

$

30

 

 

$

167

 

 

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement.

6


 

GARRETT MOTION INC.

CONSOLIDATED INTERIM BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

2020

 

 

December 31,

2019

 

 

 

(Dollars in millions)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

139

 

 

$

187

 

Accounts, notes and other receivables – net (Note 7)

 

 

554

 

 

 

707

 

Inventories – net (Note 9)

 

 

234

 

 

 

220

 

Other current assets

 

 

77

 

 

 

85

 

Total current assets

 

 

1,004

 

 

 

1,199

 

Investments and long-term receivables

 

 

34

 

 

 

36

 

Property, plant and equipment – net

 

 

457

 

 

 

471

 

Goodwill

 

 

193

 

 

 

193

 

Deferred income taxes

 

 

272

 

 

 

268

 

Other assets (Note 10)

 

 

106

 

 

 

108

 

Total assets

 

$

2,066

 

 

$

2,275

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

705

 

 

$

1,009

 

Borrowings under revolving credit facility

 

 

135

 

 

 

 

Current maturities of long-term debt

 

 

4

 

 

 

4

 

Obligations payable to Honeywell, current (Note 17)

 

 

37

 

 

 

69

 

Accrued liabilities (Note 11)

 

 

284

 

 

 

310

 

Total current liabilities

 

 

1,165

 

 

 

1,392

 

Long-term debt

 

 

1,403

 

 

 

1,409

 

Deferred income taxes

 

 

35

 

 

 

51

 

Obligations payable to Honeywell (Note 17)

 

 

1,304

 

 

 

1,282

 

Other liabilities (Note 12)

 

 

262

 

 

 

274

 

Total liabilities

 

$

4,169

 

 

$

4,408

 

COMMITMENTS AND CONTINGENCIES (Note 17)

 

 

 

 

 

 

 

 

EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Common stock, par value $0.001; 400,000,000 shares authorized, 76,008,388 and

   74,911,139 issued and 75,630,561 and 74,826,329 outstanding as of June 30,

   2020 and December 31, 2019, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

24

 

 

 

19

 

Retained earnings

 

 

(2,244

)

 

 

(2,282

)

Accumulated other comprehensive income (Note 15)

 

 

117

 

 

 

130

 

Total stockholders' deficit

 

 

(2,103

)

 

 

(2,133

)

Total liabilities and stockholders' deficit

 

$

2,066

 

 

$

2,275

 

 

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement.

7


 

GARRETT MOTION INC.

CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS

(Unaudited)

 

 

 

For the Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

 

(Dollars in millions)

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

 

$

43

 

 

$

139

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Deferred income taxes

 

 

(5

)

 

 

 

Depreciation

 

 

37

 

 

 

35

 

Amortization of deferred issuance costs

 

 

3

 

 

 

3

 

Foreign exchange loss

 

 

3

 

 

 

11

 

Stock compensation expense

 

 

6

 

 

 

9

 

Pension expense

 

 

 

 

 

3

 

Other

 

 

4

 

 

 

6

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts, notes and other receivables

 

 

114

 

 

 

(42

)

Inventories

 

 

(23

)

 

 

(26

)

Other assets

 

 

(11

)

 

 

14

 

Accounts payable

 

 

(231

)

 

 

(14

)

Accrued liabilities

 

 

(16

)

 

 

(48

)

Obligations payable to Honeywell

 

 

(8

)

 

 

(61

)

Other liabilities

 

 

(11

)

 

 

8

 

Net cash (used for) provided by operating activities

 

$

(95

)

 

$

37

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Expenditures for property, plant and equipment

 

 

(63

)

 

 

(51

)

Other

 

 

(1

)

 

 

18

 

Net cash used for investing activities

 

$

(64

)

 

$

(33

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from revolving credit facility

 

 

1,023

 

 

 

300

 

Payments of revolving credit facility

 

 

(904

)

 

 

(300

)

Payments of long-term debt

 

 

(2

)

 

 

(21

)

Other

 

 

(3

)

 

 

4

 

Net cash provided by (used for) financing activities

 

 

114

 

 

 

(17

)

Effect of foreign exchange rate changes on cash and cash equivalents

 

 

(3

)

 

 

(1

)

Net decrease in cash and cash equivalents

 

 

(48

)

 

 

(14

)

Cash and cash equivalents at beginning of period

 

 

187

 

 

 

196

 

Cash and cash equivalents at end of period

 

$

139

 

 

$

182

 

 

The Notes to the Consolidated Interim Financial Statements are an integral part of this statement.

 

 

8


 

GARRETT MOTION INC.

CONSOLIDATED INTERIM STATEMENTS OF EQUITY (DEFICIT)

(Unaudited)

(in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Retained

 

 

Invested

 

 

Comprehensive

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Deficit

 

 

Income/(Loss)

 

 

Deficit

 

 

 

(in millions)

 

Balance at December 31, 2018

 

 

74

 

 

 

 

 

 

5

 

 

 

(2,595

)

 

 

 

 

 

73

 

 

 

(2,517

)

Net income

 

 

 

 

 

 

 

 

 

 

 

73

 

 

 

0

 

 

 

 

 

 

73

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

63

 

 

 

63

 

Stock-based compensation

 

 

1

 

 

 

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

5

 

Balance at March 31, 2019

 

 

75

 

 

 

 

 

 

10

 

 

 

(2,522

)

 

 

 

 

 

136

 

 

 

(2,376

)

Net income

 

 

 

 

 

 

 

 

 

 

 

66

 

 

 

 

 

 

 

 

 

66

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(35

)

 

 

(35

)

Stock-based compensation

 

 

 

 

 

 

 

 

4

 

 

 

 

 

 

 

 

 

 

 

 

4

 

Balance at June 30, 2019

 

 

75

 

 

 

 

 

 

14

 

 

 

(2,456

)

 

 

 

 

 

101

 

 

 

(2,341

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

75

 

 

 

 

 

 

19

 

 

 

(2,282

)

 

 

 

 

 

130

 

 

 

(2,133

)

Net income

 

 

 

 

 

 

 

 

 

 

 

52

 

 

 

 

 

 

 

 

 

52

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

39

 

 

 

39

 

Stock-based compensation

 

 

 

 

 

 

 

 

2