Garrett Motion Reports First Quarter 2022 Financial Results
Garrett Motion reported Q1 2022 net sales of $901 million, a 10% decrease from Q1 2021, impacted by semiconductor shortages and supply chain issues. Net income reached $88 million, marking a recovery from a $105 million loss in Q1 2021. Adjusted EBITDA fell to $146 million, highlighting inflationary pressures and lower production volumes. The company revised its 2022 outlook, lowering net sales forecast to $3.5-$3.7 billion due to continued market challenges, specifically in China and global auto production.
- Gross profit margins remained stable at 19.4%, aided by productivity enhancements and inflation pass-through agreements.
- Operating cash flow improved to $73 million compared to $32 million in Q1 2021.
- Net sales decreased by 10% YoY, reflecting ongoing global semiconductor shortages.
- Adjusted free cash flow declined to $38 million from $140 million YoY.
First Quarter 2022 Highlights
- Reported net sales totaled
$901 million , down10% on a GAAP basis and down6% at constant currency* - Net income totaled
$88 million ; Net income margin9.8% - Adjusted EBITDA* totaled
$146 million ; Adjusted EBITDA margin*16.2% - Net cash provided by operating activities totaled
$73 million - Adjusted free cash flow* totaled
$38 million - Updated 2022 outlook for global auto production volumes and foreign exchange rates
ROLLE, Switzerland, April 28, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading differentiated technology provider for the automotive industry, today announced its financial results for the quarter ended March 31, 2022.
$ millions (unless otherwise noted) | Q1 2022 | Q4 2021 | Q1 2021 | |||
| Net sales | 901 | 862 | 997 | |||
| Cost of goods sold | 726 | 707 | 801 | |||
| Gross profit | 175 | 155 | 196 | |||
| Gross profit % | ||||||
| Selling, general and administrative expenses | 53 | 50 | 55 | |||
| Income (loss) before taxes | 125 | 89 | (81) | |||
| Net income (loss) | 88 | 128 | (105) | |||
| Net income (loss) margin | (10.5)% | |||||
| Adjusted EBITDA* | 146 | 129 | 176 | |||
| Adjusted EBITDA margin* | ||||||
| Net cash provided by operating activities | 73 | 136 | 32 | |||
| Adjusted free cash flow* | 38 | 151 | 140 |
* See reconciliations to the nearest GAAP measure in pages 5-12.
“Garrett achieved solid first quarter results even with a slower than anticipated recovery and growing inflationary headwinds,” said Olivier Rabiller, Garrett President and CEO. "In Q1 of 2022, we maintained a strong margin by delivering on productivity improvements and inflation pass-through agreements. Despite some localized outages and continued supply chain bottlenecks particularly in China, we saw strength in North America and in our global Aftermarket business. Unprecedented supply chain agility and intensive mitigation efforts helped deliver strong results across our portfolio and allowed us to further reduce net leverage and add to our strong liquidity position. We also lowered our 2022 outlook to adjust for slightly reduced volume expectations and lower Euro to Dollar exchange rates. Garrett continues to win in the marketplace and increase our investment in the future while enhancing shareholder return.”
"Garrett's focus on developing technology for future powertrain needs is demonstrated by our in-house developed E-Turbo, in partnership with Mercedes-AMG recently announced in the Mercedes-AMG model SL 43. Watching this advanced technology developed for competitive racing make its debut on the street is a good example of Garrett's expertise in high-speed motors, software and controls. Separately, we are also pleased to announce a recent program award by a major global customer for Garrett's third generation fuel cell compressor to be used in future hydrogen powertrain applications."
Results of Operations
Net sales for the first quarter 2022 were
Cost of goods sold for the first quarter 2022 was
Gross profit totaled
Selling, general and administrative (“SG&A”) expenses for the first quarter 2022 decreased to
Interest expense in the first quarter 2022 was
Non-operating (income) expense increased to an income of
Reorganization items - net was an expense of
Income before taxes in the first quarter 2022 was
Net Income for the first quarter 2022 was
Net income available for distribution for first quarter 2022 was
Net cash provided by operating activities totaled
Expenditures for property plant and equipment totaled
Non-GAAP Financial Measures
Adjusted EBITDA decreased to
Adjusted free cash flow, which excludes reorganization items, repositioning charges (primarily severance costs related to internal restructuring projects) and stock compensation expense, was
Liquidity and Capital Resources
As of March 31, 2022, Garrett had
As of March 31, 2022, total debt including the Series B Preferred Stock, totaled
Emergence from Chapter 11
As previously announced, on April 30, 2021, Garrett emerged from its pending Chapter 11 cases, successfully completing the restructuring process and implementing the Plan of Reorganization (“Plan”) that was confirmed by the U.S. Bankruptcy Court for the Southern District of New York.
Full Year 2022 Outlook
Garrett is providing the following outlook for the full year 2022 for certain GAAP and Non-GAAP financial measures.
| Full Year 2022 Outlook (vs. Prior Outlook) | |
| Net sales (GAAP) | |
| Net sales growth at constant currency (Non-GAAP)* | |
| Net income (GAAP) | |
| Adjusted EBITDA (Non-GAAP)* | |
| Net cash provided by operating activities (GAAP) | |
| Adjusted free cash flow (Non-GAAP)* |
* See reconciliations to the nearest GAAP measure in pages 6-15.
Garrett’s full year 2022 outlook, as of April 28, 2022, includes the following expectations compared to previous guidance:
- Global light vehicle auto production flat versus 2021 (down from
7% growth) due to continued semiconductor shortages and zero-COVID policy in China; - An exchange rate of 1.08 EUR to 1.00 USD, as compared with the prior outlook exchange rate assumption of 1.13 EUR to 1.00 USD;
- Maintaining previous commitment of increased R&D investment in new technologies of approximately
$18 million for the full year 2022.
Conference Call
Garrett will host a conference call on Thursday, April 28, 2022 at 8:30 am Eastern Time / 2:30 pm Central European Time. The dial-in number for callers in the U.S. is +1-877-883-0383 and the dial-in number for international callers is +1-412-902-6506. The access code for all callers is 7292007. The conference call will be broadcast over the Internet and include a slide presentation. To access the webcast and supporting materials, please visit the investor relations section of Garrett’s website at http://investors.garrettmotion.com/.
A replay of the conference call can be accessed through May 15, 2022 by dialing +1-877-344-7529 in the U.S. and +1-412-317-0088 outside the U.S., and then entering the access code 8120524. The webcast will also be archived on Garrett’s website.
Forward-Looking Statements
This release contains “forward-looking statements” within the Private Securities Reform Act of 1995. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, believe or anticipate will or may occur in the future are forward-looking statements including without limitation our statements regarding the impact of the COVID-19 pandemic, the conflict between Russia and Ukraine, inflationary pressure on Garrett's business, financial results and financial conditions, industry trends and anticipated demand for our products, Garrett’s strategy, Garrett's capital structure, anticipated new product development plans for the future including expected R&D expenditures, anticipated impacts of partnerships with third parties, and Garrett's outlook for 2022. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties, and other factors, which may cause the actual results or performance of Garrett to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include but are not limited to those described in our annual report on Form 10-K for the year ended December 31, 2021, and our quarterly report on Form 10-Q for the quarter ended March 31, 2022, as well as our other filings with the Securities and Exchange Commission, under the headings “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements.” You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. Forward-looking statements are not guarantees of future performance, and actual results, developments and business decisions may differ from those envisaged by our forward-looking statements.
Non-GAAP Financial Measures
This release includes the following Non-GAAP financial measures which are not calculated in accordance with generally accepted accounting principles in the United States (“GAAP”): constant currency sales growth, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Free Cash Flow. The Non-GAAP financial measures provided herein are adjusted for certain items as presented in the Appendix containing Non-GAAP Reconciliations and may not be directly comparable to similar measures used by other companies in our industry, as other companies may define such measures differently. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and analysis of ongoing operating trends. Garrett believes that the Non-GAAP measures presented herein are important indicators of operating performance because they exclude the effects of certain items, therefore making them more closely reflect our operational performance. These metrics should be considered in addition to, and not as replacements for, the most comparable GAAP measure. For additional information with respect to our Non-GAAP financial measures, see the Appendix to this presentation and our annual report on Form 10-K for the year ended December 31, 2021, and our quarterly report on Form 10-Q for the quarter ended March 31, 2022.
About Garrett Motion Inc.
Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. Garrett’s cutting-edge technology enables vehicles to become safer, more connected, efficient and environmentally friendly. Our portfolio of turbocharging, electric boosting and automotive software solutions empowers the transportation industry to redefine and further advance motion. For more information, please visit www.garrettmotion.com.
| Contacts: | ||
| MEDIA | INVESTOR RELATIONS | |
| Christophe Mathy | Paul Blalock | |
| +41786437194 | +1 862 812-5013 | |
| christophe.mathy@garrettmotion.com | paul.blalock@garrettmotion.com |
GARRETT MOTION INC.
CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2022 | 2021 | 2021 | |||||||||
| (Dollars in millions, except per share amounts) | |||||||||||
| Net sales | $ | 901 | $ | 862 | $ | 997 | |||||
| Cost of goods sold | 726 | 707 | 801 | ||||||||
| Gross profit | 175 | 155 | 196 | ||||||||
| Selling, general and administrative expenses | 53 | 50 | 55 | ||||||||
| Other expense, net | 1 | — | 1 | ||||||||
| Interest expense | 23 | 23 | 21 | ||||||||
| Non-operating (income) expense | (28 | ) | (12 | ) | 26 | ||||||
| Reorganization items, net | 1 | 5 | 174 | ||||||||
| Income (loss) before taxes | 125 | 89 | (81 | ) | |||||||
| Tax expense | 37 | (39 | ) | 24 | |||||||
| Net income (loss) | 88 | 128 | (105 | ) | |||||||
| Less: preferred stock dividend | (38 | ) | (37 | ) | — | ||||||
| Net income (loss) available for distribution | $ | 50 | $ | 91 | $ | (105 | ) | ||||
| Earnings (loss) per common share | |||||||||||
| Basic | $ | 0.15 | $ | 0.29 | $ | (1.38 | ) | ||||
| Diluted | $ | 0.15 | $ | 0.29 | $ | (1.38 | ) | ||||
| Weighted average common shares outstanding | |||||||||||
| Basic | 64,538,527 | 64,818,700 | 75,904,898 | ||||||||
| Diluted | 64,732,090 | 64,915,470 | 75,904,898 | ||||||||
GARRETT MOTION INC.
CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME
| Three Months Ended March 31, | ||||||
| 2022 | 2021 | |||||
| (Dollars in millions) | ||||||
| Net income (loss) | $ | 88 | $ | (105 | ) | |
| Foreign exchange translation adjustment | 2 | 110 | ||||
| Changes in fair value of effective cash flow hedges, net of tax | 8 | 1 | ||||
| Changes in fair value of net investment hedges, net of tax | 13 | — | ||||
| Total other comprehensive income | 23 | 111 | ||||
| Comprehensive income | $ | 111 | $ | 6 | ||
GARRETT MOTION INC.
CONSOLIDATED INTERIM BALANCE SHEETS
| March 31, | December 31, | ||||||
| 2022 | 2021 | ||||||
| (Dollars in millions) | |||||||
| ASSETS | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 315 | $ | 423 | |||
| Restricted cash | 5 | 41 | |||||
| Accounts, notes and other receivables – net | 786 | 747 | |||||
| Inventories – net | 301 | 244 | |||||
| Other current assets | 73 | 56 | |||||
| Total current assets | 1,480 | 1,511 | |||||
| Investments and long-term receivables | 33 | 28 | |||||
| Property, plant and equipment – net | 469 | 485 | |||||
| Goodwill | 193 | 193 | |||||
| Deferred income taxes | 278 | 289 | |||||
| Other assets | 235 | 200 | |||||
| Total assets | $ | 2,688 | $ | 2,706 | |||
| LIABILITIES | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 1,071 | $ | 1,006 | |||
| Current maturities of long-term debt | 7 | 7 | |||||
| Mandatorily redeemable Series B Preferred Stock | — | 200 | |||||
| Accrued liabilities | 302 | 295 | |||||
| Total current liabilities | 1,380 | 1,508 | |||||
| Long-term debt | 1,166 | 1,181 | |||||
| Mandatorily redeemable Series B Preferred Stock – long-term | 204 | 195 | |||||
| Deferred income taxes | 24 | 21 | |||||
| Other liabilities | 271 | 269 | |||||
| Total liabilities | $ | 3,045 | $ | 3,174 | |||
| COMMITMENTS AND CONTINGENCIES | |||||||
| EQUITY (DEFICIT) | |||||||
| Series A Preferred Stock, par value | $ | — | $ | — | |||
| Common Stock, par value | — | — | |||||
| Additional paid-in capital | 1,327 | 1,326 | |||||
| Retained deficit | (1,703 | ) | (1,790 | ) | |||
| Accumulated other comprehensive income (loss) | 19 | (4 | ) | ||||
| Total deficit | (357 | ) | (468 | ) | |||
| Total liabilities and deficit | $ | 2,688 | $ | 2,706 | |||
GARRETT MOTION INC.
CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS
| Three Months Ended March 31, | |||||||
| 2022 | 2021 | ||||||
| (Dollars in millions) | |||||||
| Cash flows from operating activities: | |||||||
| Net income (loss) | $ | 88 | $ | (105 | ) | ||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||||
| Reorganization items, net | — | 19 | |||||
| Deferred income taxes | 13 | 4 | |||||
| Depreciation | 22 | 23 | |||||
| Amortization of deferred issuance costs | 2 | 2 | |||||
| Interest payments, net of debt discount accretion | (6 | ) | — | ||||
| Foreign exchange (gain) loss | (4 | ) | 33 | ||||
| Stock compensation expense | 2 | 2 | |||||
| Other | 12 | (6 | ) | ||||
| Changes in assets and liabilities: | |||||||
| Accounts, notes and other receivables | (61 | ) | (2 | ) | |||
| Inventories | (62 | ) | (34 | ) | |||
| Other assets | (42 | ) | 14 | ||||
| Accounts payable | 116 | 74 | |||||
| Accrued liabilities | — | 17 | |||||
| Other liabilities | (7 | ) | (9 | ) | |||
| Net cash provided by operating activities | $ | 73 | $ | 32 | |||
| Cash flows from investing activities: | |||||||
| Expenditures for property, plant and equipment | (29 | ) | (18 | ) | |||
| Other | — | 1 | |||||
| Net cash used for investing activities | $ | (29 | ) | $ | (17 | ) | |
| Cash flows from financing activities: | |||||||
| Payments of long-term debt | (2 | ) | — | ||||
| Payments of debtor-in-possession financing | — | (100 | ) | ||||
| Redemption of Series B Preferred Stock | (186 | ) | — | ||||
| Payments for share repurchases | (2 | ) | — | ||||
| Debt financing costs | (6 | ) | (1 | ) | |||
| Net cash used for financing activities | $ | (196 | ) | $ | (101 | ) | |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | 8 | (30 | ) | ||||
| Net decrease in cash, cash equivalents and restricted cash | (144 | ) | (116 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 464 | 693 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 320 | $ | 577 | |||
| Supplemental cash flow disclosure: | |||||||
| Income taxes paid (net of refunds) | 14 | 15 | |||||
| Interest paid | 21 | 16 | |||||
| Reorganization items paid | 2 | 145 | |||||
Reconciliation of Net Income (Loss) to Adjusted EBITDA(1)
| Three Months Ended | ||||||||||||
| March 31, | December 31, | March 31, | ||||||||||
| 2022 | 2021 | 2021 | ||||||||||
| (Dollars in millions) | ||||||||||||
| Net income (loss) — GAAP | $ | 88 | $ | 128 | $ | (105 | ) | |||||
| Net interest expense | (4 | ) | 15 | 20 | ||||||||
| Tax expense (benefit) | 37 | (39 | ) | 24 | ||||||||
| Depreciation | 22 | 22 | 23 | |||||||||
| EBITDA (Non-GAAP) | 143 | 126 | (38 | ) | ||||||||
| Other expense, net (2) | 1 | — | — | |||||||||
| Non-operating income (3) | (2 | ) | (3 | ) | (3 | ) | ||||||
| Reorganization items, net (4) | 1 | 5 | 174 | |||||||||
| Stock compensation expense (5) | 2 | 2 | 2 | |||||||||
| Repositioning charges (6) | 1 | 2 | 8 | |||||||||
| Foreign exchange loss on debt, net of related hedging loss | — | — | 33 | |||||||||
| Professional service costs | — | (1 | ) | — | ||||||||
| Capital tax expense | — | (2 | ) | — | ||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 146 | $ | 129 | $ | 176 | ||||||
| Net sales | $ | 901 | $ | 862 | $ | 997 | ||||||
| Net income (loss) margin | 9.8 | % | 14.8 | % | (10.5 | )% | ||||||
| Adjusted EBITDA margin (Non-GAAP) (7) | 16.2 | % | 15.0 | % | 17.7 | % | ||||||
(1) We evaluate performance on the basis of EBITDA and Adjusted EBITDA. We define “EBITDA” as our net income (loss) calculated in accordance with U.S. GAAP, plus the sum of net interest expense (income), tax expense (benefit) and depreciation. We define “Adjusted EBITDA” as EBITDA, plus the sum of non-operating expense (income), other expense, net, stock compensation expense, reorganization items, net, repositioning charges and foreign exchange loss (gain) on debt, net of related hedging loss (gain). We believe that EBITDA and Adjusted EBITDA are important indicators of operating performance and provide useful information for investors because:
- EBITDA and Adjusted EBITDA exclude the effects of income taxes, as well as the effects of financing and investing activities by eliminating the effects of interest and depreciation expenses and therefore more closely measure our operational performance; and
- certain adjustment items, while periodically affecting our results, may vary significantly from period to period and have disproportionate effect in a given period, which affects the comparability of our results.
In addition, our management may use Adjusted EBITDA in setting performance incentive targets to align performance measurement with operational performance.
(2) Other expense, net adjustment includes the expense incurred to discount or factor the Company's receivables.
(3) Non-operating income adjustment includes the non-service component of pension expense and other expense, net and excludes interest income, equity income of affiliates, and the impact of foreign exchange.
(4) The Company applied ASC 852 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, certain expenses and gains incurred during the Chapter 11 Cases are recorded within Reorganization items, net in the Consolidated Interim Statements of Operations. The Company applied U.S. GAAP for period subsequent to the Effective Date. See Note 1, Background and Basis of Presentation of Notes to the Consolidated Interim Financial Statements.
(5) Stock compensation expense adjustment includes only non-cash expenses.
(6) Repositioning charges adjustment primarily includes severance costs related to restructuring projects to improve future productivity.
(7) Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales.
Reconciliation of Constant Currency Sales % Change(1)
| Three Months Ended March 31, | ||||||
| 2022 | 2021 | |||||
| Garrett | ||||||
| Reported sales % change | (10 | )% | 34 | % | ||
| Less: Foreign currency translation | (4 | )% | 8 | % | ||
| Constant currency sales % change | (6 | )% | 26 | % | ||
| Gasoline | ||||||
| Reported sales % change | (7 | )% | 46 | % | ||
| Less: Foreign currency translation | (2 | )% | 10 | % | ||
| Constant currency sales % change | (5 | )% | 36 | % | ||
| Diesel | ||||||
| Reported sales % change | (19 | )% | 31 | % | ||
| Less: Foreign currency translation | (5 | )% | 10 | % | ||
| Constant currency sales % change | (14 | )% | 21 | % | ||
| Commercial vehicles | ||||||
| Reported sales % change | (10 | )% | 31 | % | ||
| Less: Foreign currency translation | (3 | )% | 5 | % | ||
| Constant currency sales % change | (7 | )% | 26 | % | ||
| Aftermarket | ||||||
| Reported sales % change | 15 | % | 11 | % | ||
| Less: Foreign currency translation | (4 | )% | 5 | % | ||
| Constant currency sales % change | 19 | % | 6 | % | ||
| Other Sales | ||||||
| Reported sales % change | (24 | )% | 13 | % | ||
| Less: Foreign currency translation | (5 | )% | 6 | % | ||
| Constant currency sales % change | (19 | )% | 7 | % | ||
(1) We previously referred to “constant currency sales growth” as “organic sales growth.” We define constant currency sales growth as the year-over-year change in reported sales relative to the comparable period, excluding the impact on sales from foreign currency translation. This is the same definition we previously used for “organic sales growth”. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.
Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow(1)
| Three Months Ended | |||||||||||
| March 31, | December 31, | March 31, | |||||||||
| 2022 | 2021 | 2021 | |||||||||
| (Dollars in millions) | |||||||||||
| Net cash provided by operating activities | $ | 73 | $ | 136 | $ | 32 | |||||
| Expenditures for property, plant and equipment | (29 | ) | 2 | (18 | ) | ||||||
| Net cash provided by operating activities less expenditures for property, plant and equipment | 44 | 138 | 14 | ||||||||
| Stalking horse termination reimbursement | — | — | 79 | ||||||||
| Chapter 11 professional service costs | 2 | 8 | 66 | ||||||||
| Chapter 11 related cash interests (2) | — | — | 3 | ||||||||
| Stock compensation cash | — | — | 1 | ||||||||
| Repositioning cash | 2 | 7 | 2 | ||||||||
| Factoring and P-notes | (10 | ) | (2 | ) | (25 | ) | |||||
| Adjusted free cash flow (Non-GAAP) (3) | $ | 38 | $ | 151 | $ | 140 | |||||
(1) Adjusted free cash flow reflects an additional way of viewing liquidity that management believes are useful to investors in analyzing the Company’s ability to service and repay its debt. The Company defines adjusted free cash flow as cash flow provided from operating activities less capital expenditures and additionally adjusted for other discretionary items including Chapter 11 related items and cash flow impacts for factoring and guaranteed bank notes activity.
(2) Chapter 11 related cash interests increased by
(3) Adjusted free cash flow for the three months ended March 31, 2021 was restated to reflect updated definition which excludes liquidity actions such as sales of receivables.
Full Year 2022 Outlook Reconciliation of Reported Net Sales to Net Sales Growth at Constant Currency
| 2022 Full Year | ||||||
| Low End | High End | |||||
| Reported net sales (% change) | (4 | %) | 1 | % | ||
| Foreign currency translation | (5 | %) | (5 | %) | ||
| Full year 2022 Targeted Net Sales Growth at Constant Currency (Non-GAAP) | 1 | % | 6 | % | ||
Full Year 2022 Outlook Reconciliation of Net Income to Adjusted EBITDA
| 2022 Full Year | ||||||||
| Low End | High End | |||||||
| (Dollars in millions) | ||||||||
| Net income - GAAP | $ | 250 | $ | 295 | ||||
| Net interest expense | 86 | 86 | ||||||
| Tax expense | 85 | 100 | ||||||
| Depreciation | 97 | 97 | ||||||
| EBITDA (Non-GAAP) | 518 | 578 | ||||||
| Non-operating income | (2 | ) | (2 | ) | ||||
| Reorganization items, net | 1 | 1 | ||||||
| Stock compensation expense | 8 | 8 | ||||||
| Repositioning charges | 5 | 5 | ||||||
| Full Year 2022 Outlook Adjusted EBITDA (Non-GAAP) | $ | 530 | $ | 590 | ||||
Full Year 2022 Outlook Reconciliation of Cash Flow from Operations to Adjusted Free Cash Flow
| 2022 Full Year | ||||||||
| Low End | High End | |||||||
| (Dollars in millions) | ||||||||
| Net cash provided by operating activities (GAAP) | $ | 405 | $ | 505 | ||||
| Expenditures for property, plant and equipment | (90 | ) | (90 | ) | ||||
| Cash payments for restructuring | 13 | 13 | ||||||
| Non-recurring cash items | 2 | 2 | ||||||
| Full year 2022 Outlook Adjusted Free Cash Flow (Non-GAAP) | $ | 330 | $ | 430 | ||||
FAQ
What were Garrett Motion's net sales for Q1 2022?
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