Garrett Motion Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Garrett Motion Inc. has filed its annual report for the fiscal year ended December 31, 2023.</b>

AI Summary

Garrett Motion Inc. (GTX) filed a Annual Report (10-K) with the SEC on February 15, 2024. Garrett Motion Inc. filed its 2023 Form 10-K on February 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located in Rolle, Switzerland. Garrett Motion Inc. was formerly known as Garrett Transportation Systems Inc. The SIC code for the company is 3714, related to Motor Vehicle Parts & Accessories.

Why It Matters

For investors and stakeholders tracking Garrett Motion Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Garrett Motion's financial performance, business operations, and risk factors for the 2023 fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential future performance.

Risk Assessment

Risk Level: medium — Garrett Motion Inc. shows moderate risk based on this filing. The company operates in the automotive parts industry, which is subject to cyclicality and technological shifts, as indicated by its SIC code 3714 and the nature of its business.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Garrett Motion's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (The period covered by the 10-K filing.)
• 2024-02-15 — Filing Date (The date the 10-K was filed with the SEC.)
• 3714 — SIC Code (Standard Industrial Classification for Motor Vehicle Parts & Accessories.)

Key Players & Entities

• Garrett Motion Inc. (company) — Filer of the 10-K report.
• Garrett Transportation Systems Inc. (company) — Former name of Garrett Motion Inc.
• Rolle, Switzerland (company) — Location of Garrett Motion Inc.'s principal executive offices.

FAQ

Industry Context

Garrett Motion Inc. operates within the automotive industry, specifically in the manufacturing of vehicle parts and accessories.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) for insights into the company's strategy and outlook.
3. Examine the risk factors section for potential challenges and uncertainties facing the company.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: 10-K Filing Date — The date the annual report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 Form 10-K, providing the latest annual financial and operational data for Garrett Motion Inc.

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share GTX The Nasdaq Stoc
• $11 billion — Products We are a global leader in the $11 billion OEM turbocharger industry. We believe w

Filing Documents

• gtx-20231231.htm (10-K) — 2707KB
• exhibit41-exx41202310k.htm (EX-4.1) — 23KB
• exhibit21_1-exx211202310k.htm (EX-21.1) — 41KB
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Business

Business 6 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 30 Item 4. Mine Safety Disclosures 30 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 31 Item 6. Reserved 33 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 7A.

Quantitative and Qualitative Disclosures About Market Risks

Quantitative and Qualitative Disclosures About Market Risks 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 48 Report of Independent Registered Public Accounting Firm ( PCAOB ID No. 1235 ) 48 Consolidated Statements of Operations 52 Consolidated Statements of Comprehensive Income 53 Consolidated Balance Sheets 54 Consolidated Statements of Cash Flows 55 Consolidated Statements of Equity (Deficit) 56 Notes to the Consolidated Financial Statements 57 Item 9 . Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 96 Item 9A.

Controls and Procedures

Controls and Procedures 96 Item 9B. Other Information 96

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections . 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 97 Item 11 .

Executive Compensation

Executive Compensation 97 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 97 Item 14. Principal Accountant Fees and Services 97 PART IV Item 15. Exhibits and Financial Statement Schedules 98 Item 16. Form 10- K Summary 101

Signatures

Signatures 102 3 BASIS OF PRESENTATION Unless the context otherwise requires, references to "Garrett," "we," "us," "our," and "the Company" in this Annual Report on Form 10-K refer to Garrett Motion Inc. and its subsidiaries. The accompanying consolidated financial statements of Garrett reflect the consolidated results of operations, financial position and cash flows of Garrett, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP" or "GAAP"). Throughout this Annual Report on Form 10-K, we reference certain industry sources. While we believe the compound annual growth rate ("CAGR") and other projections of the industry sources referenced in this Annual Report on Form 10-K are reasonable, forecasts based upon such data involve inherent uncertainties, and actual outcomes are subject to change based upon various factors beyond our control. All data from industry sources is provided as of the latest practicable date prior to the filing of this Annual Report on Form 10-K and may be subject to change. 4 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Annual Report") 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 "Securities Act"). All statements other than statements of historical fact contained in this Annual Report, including without limitation statements regarding our future 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, pending litigation, anticipated interest exp

Business

Item 1. Business Our Company Garrett is a cutting-edge technology leader delivering differentiated solutions for emission reduction and energy efficiency. We design, manufacture and sell highly engineered turbocharging, air and fluid compression, and high-speed electric motor technologies for original equipment manufacturers ("OEMs") and distributors within the mobility and industrial space. We have significant expertise in delivering products at scale for internal combustion engines ("ICE") using gasoline, diesel, natural gas and hydrogen, as well as for zero emission technologies using hydrogen fuel cell systems, both for mobility and industrial use. As our customers continue to progress on electrification, we are applying our technological pillars to develop highly engineered E-Powertrain and E-Cooling compressor products to support their ambition. These products are key enablers for fuel economy, energy efficiency, thermal management, and compliance with emissions standards and overall greenhouse gas and other emission reduction targets. Our growth strategy in zero emission technologies is to focus on solving OEMs' pain points with existing technologies and bring differentiated technologies for traction (E-Powertrain) and thermal management (E-Cooling compressor), leveraging a unique set of technology pillars that are hard to replicate by competitors like high-speed motors and power electronics, controls software, oil-less bearings and system integration. These technology pillars have been developed by Garrett over the past decade and require significant and sustained research and development ("R&D") investments, resulting in the successful launch of E-Boosting and fuel cell compressor applications. They bring unique features to our offerings in terms of energy efficiency, lower weight and packaging requirements that are highly valued by our customers. Our Industry Overview We provide cutting-edge technology for the mobility and industrial space, inclu

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View this 10-K filing on SEC EDGAR