Garrett Motion Inc. Files Definitive Proxy Statement

TL;DR

Garrett Motion (GTX) proxy filed. Vote on directors & pay coming May 29.

AI Summary

Garrett Motion Inc. filed its definitive proxy statement (DEF 14A) on April 12, 2024, for its annual meeting on May 29, 2024. The filing outlines the company's governance, executive compensation, and proposals to be voted on by shareholders. Key items likely include the election of directors and approval of executive compensation plans.

Why It Matters

This filing provides shareholders with crucial information to make informed voting decisions on company leadership and strategic direction, impacting the company's future performance.

Risk Assessment

Risk Level: low — This is a standard DEF 14A filing, which is routine for public companies and does not inherently present new risks.

Key Numbers

• DEF 14A — Filing Type (Definitive Proxy Statement)

Key Players & Entities

• Garrett Motion Inc. (company) — Registrant
• 0001140361-24-019516 (filing_id) — Accession Number
• 20240412 (date) — Filing Date
• 20240529 (date) — Meeting Date

FAQ

From the Filing

0001140361-24-019516.txt : 20240412 0001140361-24-019516.hdr.sgml : 20240412 20240412080054 ACCESSION NUMBER: 0001140361-24-019516 CONFORMED SUBMISSION TYPE: DEF 14A PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20240529 FILED AS OF DATE: 20240412 DATE AS OF CHANGE: 20240412 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Garrett Motion Inc. CENTRAL INDEX KEY: 0001735707 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 824873189 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: DEF 14A SEC ACT: 1934 Act SEC FILE NUMBER: 001-38636 FILM NUMBER: 24840021 BUSINESS ADDRESS: STREET 1: LA PIECE 16 CITY: ROLLE STATE: V8 ZIP: 1180 BUSINESS PHONE: 41-21-695-3000 MAIL ADDRESS: STREET 1: LA PIECE 16 CITY: ROLLE STATE: V8 ZIP: 1180 FORMER COMPANY: FORMER CONFORMED NAME: Garrett Transportation Systems Inc. DATE OF NAME CHANGE: 20180327 DEF 14A 1 ny20018134x2_def14a.htm DEF 14A TABLE OF CONTENTS UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A INFORMATION Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No.   ) Filed by the Registrant ☒     Filed by a Party other than the Registrant    ☐ Check the appropriate box:   ☐ Preliminary Proxy Statement   ☐ Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) ☒ Definitive Proxy Statement   ☐ Definitive Additional Materials   ☐ Soliciting Material under §240.14a-12 GARRETT MOTION INC. (Name of Registrant as Specified In Its Charter) NOT APPLICABLE (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check all boxes that apply): ☒ No fee required   ☐ Fee paid previously with preliminary materials   ☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 TABLE OF CONTENTS   TABLE OF CONTENTS     Dear Garrett Stockholder, As we prepare for our 2024 Annual Meeting of Stockholders on May 29, I want to highlight Garrett Motion's strong performance and strategic progress in 2023. In an uncertain macro environment, we achieved strong financial results, maintained our leadership in turbo and hybrid technologies and accelerated innovations in differentiated zero emission solutions, while at the same time returning capital to shareholders. Capital Allocation to Enhance Shareholder Value In 2023, we took the final step in normalizing our capital structure, triggering the conversion of all shares of Series A preferred stock to common stock. The conversion eliminated the 11% Series A preferred dividend, providing substantial net cash flow benefits, and transitioned us to having a single class of stock with enhanced liquidity and a multi-billion dollar equity market capitalization. Our strong free cash flow also enabled us to repurchase $213 million of common stock post conversion of the Series A preferred shares though our share buy-back program. This was achieved while supporting the business in the continued expansion of turbo and hybrid technologies, and investing more than 50% of our research and development budget in differentiated zero emission solutions. Investing in the Future Amidst Growth Garrett generated $3.9 billion in net sales in 2023, an 8% increase from the previous year. This growth, propelled by global light vehicle demand and successful inflation recovery efforts, was slightly offset by foreign exchange headwinds. Our disciplined and variable cost structure led to net income of $261 million, operating cash flow of $465 million, Adjusted EBITDA of $635 million, and Adjusted Free Cash Flow of $422 million. Our innovation trajectory included the expansion of our turbo offerings in hybrid and alternative fuel applications, alongside