Fourth Quarter 2021 Highlights
- Reported net sales totaled $862 million, down 14% on a GAAP basis and 13% at constant currency*
- Net income totaled $128 million; Adjusted net income* was $78 million
- Adjusted EBITDA* totaled $129 million; Adjusted EBITDA margin* improved to 15.0%
- Net cash provided by operating activities totaled $136 million
- Adjusted free cash flow* totaled $151 million; Adjusted free cash flow conversion rate* was 194%
Full Year 2021 Highlights
- Net sales totaled $3,633 million, up 20% on a GAAP basis and 15% at constant currency*
- Net income totaled $495 million; Adjusted net income* was $331 million
- Adjusted EBITDA* increased 38% to $607 million; Adjusted EBITDA margin* improved to 16.7%
- Net cash used for operating activities totaled ($310) million
- Adjusted free cash flow* totaled $367 million; Adjusted free cash flow conversion rate* was 111%
ROLLE, Switzerland, Feb. 14, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX), a leading differentiated technology provider for the automotive industry, today announced its financial results for the quarter and year ended December 31, 2021.
$ millions (unless otherwise noted) | | Q4 2021 | | Q4 2020 | | Full Year 2021 | | Full Year 2020 |
Net sales | | 862 | | 1,008 | | 3,633 | | 3,034 |
Cost of goods sold | | 707 | | 834 | | 2,926 | | 2,495 |
Gross profit | | 155 | | 174 | | 707 | | 539 |
Gross profit % | | 18.0% | | 17.3% | | 19.5% | | 17.8% |
Selling, general and administrative expenses | | 50 | | 58 | | 216 | | 260 |
Income before taxes | | 89 | | 54 | | 538 | | 119 |
Net income | | 128 | | 26 | | 495 | | 80 |
Adjusted net income* | | 78 | | 77 | | 331 | | 215 |
Adjusted EBITDA* | | 129 | | 149 | | 607 | | 440 |
Adjusted EBITDA margin* | | 15.0% | | 14.8% | | 16.7% | | 14.5% |
Net cash provided by (used for) operating activities | | 136 | | 161 | | (310) | | 25 |
Adjusted free cash flow* | | 151 | | 236 | | 367 | | 128 |
* See reconciliations to the nearest GAAP measure in pages 6-15. ** Using 2.5% global LV growth based on IHS' 2021 estimate of 76.4 million |
"In 2021, Garrett achieved strong growth across all key metrics," said Olivier Rabiller, Garrett President and CEO. "Net sales of $3.6 billion grew 20% on a GAAP basis and 15% at constant currency outpacing global auto production by approximately 12.5 percentage points**, as solid demand across our product portfolio was led by 25% growth in our commercial vehicle business and 21% growth in our aftermarket business, also at constant currency. Taken together, these two businesses add significant diversification to our portfolio as they comprise 30% of our 2021 net sales and an even greater proportion of our cash flow. This resilient demand coupled with our highly flexible cost structure and supply chain agility, helped Garrett meet our revised 2021 financial targets, deliver solid cash flow and accelerate our deleveraging activities."
"Our outlook for 2022 is for focused execution in a gradually improving macro environment as we pursue our strategic growth initiatives, positioning the company for continued success for the long term benefit of shareholders in the evolving powertrain industry."
Results of Operations
Net sales for the fourth quarter 2021 were $862 million down 14% compared with $1,008 million in the fourth quarter of 2020. Net sales at constant currency decreased 13% and exclude the negative impact of $12 million from foreign currency translation. The year-over-year decrease in net sales was driven by global semiconductor shortage sales across all product lines mainly in passenger vehicles. Net Sales of 2021 were $3,633 million up 20% compared with $3,034 million in 2020. Net sales at constant currency increased 15% and include a positive impact of $132 million or 5% due to foreign currency translation driven by higher Euro-to-dollar exchange rates.
Cost of goods sold for the fourth quarter of 2021 was $707 million compared with $834 million in 2020 primarily due to lower volumes which contributed to a decrease of $125 million. Cost of goods sold further decreased by $8 million due to foreign exchange impacts. This was partially offset by $3 million by an unfavorable product mix and inflation on commodities, transport costs and labor, partially offset by benefits from our continued focus on productivity. R&D expenses increased by $2 million which reflects our continued investment in new technologies and the temporary cost control actions taken in 2020 to mitigate the COVID-19 impact. Cost of goods sold in 2021 was $2,926 million compared to $2,495 million in 2020.
Gross profit totaled $155 million for the fourth quarter of 2021 as compared to $174 million in the fourth quarter of 2020 and the gross profit percentage for 2021 increased to 18.0% from 17.3% in 2020 primarily due to lower sales volume as well as higher R&D costs and foreign exchange impacts. This was partially offset by $33 million productivity and product mix net of headwinds from inflation. Gross profit in 2021totaled $707 million as compared to $539 million in 2020 and the gross profit percentage was 19.5% as compared with 17.8% in 2020.
Selling, general and administrative ("SG&A") expenses for the fourth quarter of 2021 decreased to $50 million from $58 million in the fourth quarter of 2020 primarily due to bad debt recovery booked in the fourth quarter of 2020. As a percentage of net sales, SG&A for the fourth quarter of 2021 was 5.8% flat with 2020. For 2021 SG&A was $216 million as compared with $260 million in 2020 primarily due to higher strategic planning and other costs incurred in 2020 partially offset by labor, incentive accruals and foreign exchange impacts.
Interest expense in the fourth quarter of 2021 and for 2020 was $23 million in both periods. Interest expense for 2021 was $93 million as compared with $79 million in 2020, mainly due to $29 million accrued on the Series B Preferred Stock, partially offset by $16 million lower interest expense on our current credit facilities compared to our credit facility in 2020 before emergence from Chapter 11 and prior year fees related to amendments to our previous credit facilities.
Non-operating (income) expense decreased by $19 million in the fourth quarter of 2021 from $31 million in 2020 to $12 million in the fourth quarter of 2021. Non-operating (income) expense decreased by $22 million in 2021 from $38 million to $16 million in 2021, primarily due to $47 million in foreign exchange impact on debt, which was unhedged as a consequence of restrictions placed on the Company during Chapter 11 proceedings, partially offset by $18 million higher non-service pension benefit in 2021 and $8 million driven by interest associated with unrealized marked-to-market gains on interest rate swaps.
Income before taxes in the fourth quarter 2021 was $89 million as compared with $54 million in the fourth quarter of 2020. Income before taxes was $538 million for 2021 as compared with $119 million in 2020.
Reorganization items - net was a expense of $5 million in the fourth quarter of 2021 as compared with $69 million in the fourth quarter of 2020 mainly related to professional services related to Chapter 11. Reorganization items - net was a gain of $125 million in 2021 as compared with an expense of $73 million in 2020, and includes a $502 million gain on the settlement of Honeywell claims, partially offset by $119 million in professional service fees related to the Chapter 11 cases compared to 2020, $79 million related to the termination of and expense reimbursement under the Stalking Horse Purchase Agreement, $39 million in Directors and Officers insurance related to Chapter 11 cases, a $19 million write off on debt issuance costs of the Pre-petition Credit Agreement debt, $13 million in employee stock awards cancellation and $35 million in other costs mainly related to unsecured notes settlement.
Net Income for the fourth quarter of 2021 was $128 million as compared to $26 million in the fourth quarter of 2020. Net Income was $495 million in 2021 as compared to $80 million in 2020 primarily as a result of higher gross profit of $168 million, lower SG&A expenses of $44 million, lower Other expenses of $45 million, and favorable Reorganization items, net of $198 million.
Net income available to common shareholders for 2021 was $398 million up from $80 million in 2020.
Net cash used for operating activities totaled $310 million in 2021 as compared to $25 million in cash provided from operating activities in 2020, reflecting the impact of a gain in Reorganization items, net in 2021 of $125 million.
Expenditures for property plant and equipment totaled $72 million in 2021 as compared with $80 million in 2020.
Non-GAAP Financial Measures
Adjusted net income, which excludes Reorganization items - net, unhedged debt exposure, restructuring costs and stock-based compensation, increased 54% to $331 million in 2021 as compared to $215 million in 2020. In the fourth quarter Adjusted net income was $78 million as compared to $77 million in the fourth quarter of 2020.
Adjusted EBITDA increased 38% to $607 million in 2021 as compared to $440 million in 2020. In the fourth quarter of 2021 Adjusted EBITDA decreased 13% to $129 million as compared to $149 million in the fourth quarter of 2020. The Adjusted EBITDA margin increased to 16.7% in 2021 as compared to 14.5% in 2020. In the fourth quarter of 2021 the Adjusted EBITDA margin increased to 15.0% from 14.8% in the fourth quarter of 2020.
Adjusted free cash flow, which excludes reorganization items, repositioning charges (primarily severance costs related to internal restructuring projects) and stock compensation expense, was $367 million in 2021 as compared with $128 million in 2020. In the fourth quarter of 2021 it was $151 million as compared with $236 million in the fourth quarter of 2020.
Liquidity and Capital Resources
As of December 31, 2021, Garrett had $720 million in available liquidity, including $423 million in cash and cash equivalents and approximately $297 million undrawn commitments under its revolving credit facility. In the third quarter of 2021, Garrett had $752 million in available liquidity, including $456 million in cash and cash equivalents and approximately $296 million undrawn commitments under its revolving credit facility.
As of December 31, 2021, total debt including the Series B Preferred Stock, totaled $1,618 million down from $1,832 million at the end of the third quarter 2021.
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 |
Net sales (GAAP) | $3.7 billion to $4.0 billion |
Net sales growth at constant currency (Non-GAAP)* | 4% to 13% |
Net income (GAAP) | $295 million to $340 million |
Adjusted EBITDA (Non-GAAP)* | $590 million to $650 million |
Net cash provided by operating activities (GAAP) | $485 million to $585 million |
Adjusted free cash flow (Non-GAAP)* | $400 million to $500 million |
* See reconciliations to the nearest GAAP measure in pages 6-15. |
Garrett's full year 2022 outlook, as of February 14, 2022, reflects the company's expectation that global light vehicle auto production will grow 7% global commercial vehicle production will grow 2%. Garrett's capital expenditures and R&D expenses for the full year 2022 are expected to total approximately 2.4% and 4.6%, respectively, using the midpoint of the 2022 range for net sales. The full year 2022 outlook also assumes an exchange rate of 1.13 EUR to 1.00 USD.
Conference Call
Garrett will host a conference call on Monday, February 14, 2022 at 8:30 am Eastern Time / 2:30 pm Central European Time. The dial-in number for callers in the U.S. is +1-833-797-0899 and the dial-in number for international callers is +1-409-937-8894. The access code for all callers is 9557707. 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
A replay of the conference call can be accessed through March 1, 2021 by dialing +1-855-859-2056 in the U.S. and +1-404-537-3406 outside the U.S., and then entering the access code 9557707. The webcast will also be archived on Garrett's IR website.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. 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 on Garrett's business, financial results and financial conditions, industry trends, Garrett's strategy. 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, 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, Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Free Cash Flow, Adjusted Free Cash Flow Conversion Rate and Net cash provided by operating activities less Expenditures for property, plant and equipment. 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 Adjusted EBITDA and Adjusted EBITDA Margin are important indicators of operating performance because they exclude the effects of income taxes and certain other items, as well as the effects of financing and investing activities by eliminating the effects of interest and depreciation expenses and therefore more closely measures 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 our annual report on Form 10-K for the year ended December 31, 2021.
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 .
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 STATEMENTS OF OPERATIONS |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (Dollars in millions, except per share amounts) |
Net sales | | $ | 862 | | | $ | 1,008 | | | $ | 3,633 | | | $ | 3,034 | |
Cost of goods sold | | | 707 | | | | 834 | | | | 2,926 | | | | 2,495 | |
Gross profit | | | 155 | | | | 174 | | | | 707 | | | | 539 | |
Selling, general and administrative expenses | | | 50 | | | | 58 | | | | 216 | | | | 260 | |
Other expense, net | | | — | | | | 1 | | | | 1 | | | | 46 | |
Interest expense | | | 23 | | | | 23 | | | | 93 | | | | 79 | |
Non-operating income | | | (12 | ) | | | (31 | ) | | | (16 | ) | | | (38 | ) |
Reorganization items, net | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
Income before taxes | | | 89 | | | | 54 | | | | 538 | | | | 119 | |
Tax (benefit) expense | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
Net income | | | 128 | | | | 26 | | | | 495 | | | | 80 | |
Less: preferred stock dividend | | | (37 | ) | | | — | | | | (97 | ) | | | — | |
Net income available for distribution | | $ | 91 | | | $ | 26 | | | $ | 398 | | | $ | 80 | |
Earnings per share | | | | | | | | |
Basic | | $ | 0.29 | | | $ | 0.34 | | | $ | 1.69 | | | $ | 1.06 | |
Diluted | | $ | 0.29 | | | $ | 0.34 | | | $ | 1.56 | | | $ | 1.05 | |
Weighted average common shares outstanding | | | | | | | | |
Basic | | | 64,818,700 | | | | 75,797,216 | | | | 69,706,183 | | | | 75,543,461 | |
Diluted | | | 64,915,470 | | | | 75,797,216 | | | | 317,503,300 | | | | 76,100,509 | |
GARRETT MOTION INC. |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | 2020 | | | | 2021 | | | 2020 | |
| | (Dollars in millions) |
Net income | | $ | 128 | | $ | 26 | | | $ | 495 | | $ | 80 | |
Foreign exchange translation adjustment | | | 1 | | | (123 | ) | | | 38 | | | (234 | ) |
Defined benefit pension plan adjustment, net of tax | | | 36 | | | (18 | ) | | | 36 | | | (18 | ) |
Changes in fair value of effective cash flow hedges, net of tax | | | 3 | | | (7 | ) | | | 10 | | | (7 | ) |
Changes in fair value of net investment hedges, net of tax | | | 14 | | | 8 | | | | 41 | | | — | |
Total other comprehensive income (loss) , net of tax | | | 54 | | | (140 | ) | | | 125 | | | (259 | ) |
Comprehensive income (loss) | | $ | 182 | | $ | (114 | ) | | $ | 620 | | $ | (179 | ) |
GARRETT MOTION INC. |
CONSOLIDATED BALANCE SHEETS |
| December 31, |
| | 2021 | | | | 2020 | |
| (Dollars in millions) |
ASSETS | | | |
Current assets: | | | |
Cash and cash equivalents | $ | 423 | | | $ | 592 | |
Restricted cash | | 41 | | | | 101 | |
Accounts, notes and other receivables – net | | 747 | | | | 841 | |
Inventories – net | | 244 | | | | 235 | |
Other current assets | | 56 | | | | 110 | |
Total current assets | | 1,511 | | | | 1,879 | |
Investments and long-term receivables | | 28 | | | | 30 | |
Property, plant and equipment – net | | 485 | | | | 505 | |
Goodwill | | 193 | | | | 193 | |
Deferred income taxes | | 289 | | | | 275 | |
Other assets | | 200 | | | | 135 | |
Total assets | $ | 2,706 | | | $ | 3,017 | |
LIABILITIES | | | |
Current liabilities: | | | |
Accounts payable | $ | 1,006 | | | $ | 1,019 | |
Borrowings under revolving credit facility | | — | | | | 370 | |
Current maturities of long-term debt | | 7 | | | | — | |
Debtor-in-possession Term Loan | | — | | | | 200 | |
Mandatorily redeemable Series B Preferred Stock | | 200 | | | | — | |
Accrued liabilities | | 295 | | | | 242 | |
Total current liabilities | | 1,508 | | | | 1,831 | |
Long-term debt | | 1,181 | | | | 1,082 | |
Mandatorily redeemable Series B Preferred Stock | | 195 | | | | — | |
Deferred income taxes | | 21 | | | | 2 | |
Other liabilities | | 269 | | | | 120 | |
Total liabilities not subject to compromise | | 3,174 | | | | 3,035 | |
Liabilities subject to compromise | | — | | | | 2,290 | |
Total liabilities | $ | 3,174 | | | $ | 5,325 | |
COMMITMENTS AND CONTINGENCIES | | | |
EQUITY (DEFICIT) | | | |
Series A Preferred Stock, par value $0.001; 245,921,617 shares issued and outstanding as of December 31, 2021 | $ | — | | | $ | — | |
Common Stock, par value $0.001; 1,000,000,000 and 400,000,000 shares authorized, 64,570,950 and 76,229,578 issued and 64,570,950 and 75,813,634 outstanding as of December 31, 2021 and December 31, 2020, respectively | | — | | | | — | |
Additional paid-in capital | | 1,326 | | | | 28 | |
Retained deficit | | (1,790 | ) | | | (2,207 | ) |
Accumulated other comprehensive income | | (4 | ) | | | (129 | ) |
Total deficit | | (468 | ) | | | (2,308 | ) |
Total liabilities and deficit | $ | 2,706 | | | $ | 3,017 | |
GARRETT MOTION INC. | |
CONSOLIDATED STATEMENTS OF CASH FLOWS | For the Year Ended December 31, |
| | 2021 | | | | 2020 | |
| (Dollars in millions) |
Cash flows from operating activities: | | | |
Net income | $ | 495 | | | $ | 80 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Reorganization items, net | | (435 | ) | | | 60 | |
Deferred income taxes | | (36 | ) | | | (34 | ) |
Depreciation | | 92 | | | | 86 | |
Amortization of deferred issuance costs | | 7 | | | | 7 | |
Accretion of debt discount, net of interest payments | | 19 | | | | — | |
Foreign exchange loss (gain) | | 7 | | | | (58 | ) |
Stock compensation expense | | 7 | | | | 10 | |
Pension expense | | (2 | ) | | | 15 | |
Other | | (10 | ) | | | 44 | |
Changes in assets and liabilities: | | | | | | | |
Accounts, notes and other receivables | | 18 | | | | (162 | ) |
Inventories | | (31 | ) | | | (14 | ) |
Other assets | | (32 | ) | | | (45 | ) |
Accounts payable | | (75 | ) | | | 41 | |
Accrued liabilities | | (46 | ) | | | (13 | ) |
Obligations payable to Honeywell | | (375 | ) | | | 6 | |
Other liabilities | | 87 | | | | 2 | |
Net cash (used for) provided by operating activities | $ | (310 | ) | | $ | 25 | |
Cash flows from investing activities: | | | |
Expenditures for property, plant and equipment | | (72 | ) | | | (80 | ) |
Other | | 1 | | | | — | |
Net cash used for investing activities | $ | (71 | ) | | $ | (80 | ) |
Cash flows from financing activities: | | | |
Proceeds from issuance of Series A Preferred Stock | | 1,301 | | | | — | |
Proceeds from issuance of long-term debt, net of deferred financing costs | | 1,221 | | | | — | |
Proceeds from revolving credit facilities | | — | | | | 1,449 | |
Payments of long-term debt | | (1,517 | ) | | | (2 | ) |
Payments of revolving credit facilities | | (370 | ) | | | (1,100 | ) |
(Repayments) proceeds from debtor-in-possession financing | | (200 | ) | | | 200 | |
Redemption of Series B Preferred Stock | | (201 | ) | | | — | |
Payments for Cash-Out election | | (69 | ) | | | — | |
Repurchases of Series A Preferred Stock | | (15 | ) | | | — | |
Repurchases of Common Stock | | (4 | ) | | | — | |
Revolving facility financing costs | | (7 | ) | | | — | |
Debtor-in-possession financing fees | | — | | | | (13 | ) |
Other | | — | | | | (4 | ) |
Net cash provided by financing activities | $ | 139 | | | $ | 530 | |
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | | 13 | | | | 31 | |
Net (decrease) increase in cash, cash equivalents and restricted cash | | (229 | ) | | | 506 | |
Cash, cash equivalents and restricted cash at beginning of period | | 693 | | | | 187 | |
Cash, cash equivalents and restricted cash at end of period | $ | 464 | | | $ | 693 | |
Supplemental cash flow disclosure: | | | |
Income taxes paid (net of refunds) | | 61 | | | | 44 | |
Interest expense paid | | 61 | | | | 63 | |
Reorganization items paid | | 350 | | | | 14 | |
Supplemental disclosure of non-cash investing and financing activities: | | | | | | | |
Issuance of Series B Preferred Stock | | 577 | | | | — | |
Expenditures for property, plant and equipment in accounts payable | | 32 | | | | 47 | |
Reconciliation of Net Income to Adjusted EBITDA(1) |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (Dollars in millions) |
Net income — GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
Net interest expense | | | 15 | | | | 23 | | | | 82 | | | | 76 | |
Tax (benefit) expense | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
Depreciation | | | 22 | | | | 26 | | | | 92 | | | | 86 | |
EBITDA (Non-GAAP) | | $ | 126 | | | $ | 103 | | | $ | 712 | | | $ | 281 | |
Other expense, net (which consists of indemnification, asbestos and environmental expenses) (2) | | | — | | | | 1 | | | | — | | | | 45 | |
Non-operating (income) expense (3) | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
Reorganization items, net(4) | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
Stock compensation expense (5) | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
Repositioning charges (6) | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
Foreign exchange loss (gain) on debt, net of related hedging loss (gain) | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
Professional service costs (7) | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
Capital tax expense (8) | | | (2 | ) | | | 2 | | | | — | | | | 2 | |
Adjusted EBITDA (Non-GAAP) | | $ | 129 | | | $ | 149 | | | $ | 607 | | | $ | 440 | |
Adjusted EBITDA Margin (Non-GAAP) %(9) | | | 15.0 | % | | | 14.8 | % | | | 16.7 | % | | | 14.5 | % |
(1) | We evaluate performance based on 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 (income) expense, other expenses, net (which consists of indemnification, asbestos and environmental expenses), stock compensation expense, reorganization items, net, repositioning charges, foreign exchange loss (gain) on debt, net of related hedging (gain) loss, Spin-Off costs, professional services costs and Capital tax expense. |
(2) | The accounting for the majority of our asbestos-related liability payments and accounts payable reflect the terms of the Honeywell Indemnity Agreement with Honeywell entered into on September 12, 2018, under which Garrett ASASCO was expected to make payments to Honeywell in amounts equal to 90% of Honeywell's asbestos-related liability payments and accounts payable, primarily related to Honeywell's former Bendix business in the United States, as well as certain environmental-related liability payments and accounts payable and non-United States asbestos-related liability payments and accounts payable, in each case related to legacy elements of the Bendix business, including the legal costs of defending and resolving such liabilities, less 90% of Honeywell's net insurance receipts and, as may be applicable, certain other recoveries associated with such liabilities. The Plan as confirmed by the Bankruptcy Court includes a global settlement with Honeywell providing for, among other things, the full and final satisfaction, settlement, release, and discharge of all liabilities under or related to the Honeywell Agreements. See Emergence from Chapter 11.(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. |
(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) | Professional service costs consist of professional service fees related to strategic planning for the Company in the period before the Debtors filed for relief under Chapter 11 of the Bankruptcy Code in September 2020. We consider these costs to be unrelated to our ongoing core business operations. |
(8) | The canton of Vaud, Switzerland generally provides for crediting the cantonal corporate income tax against capital tax. There was no income tax payable for the year ended December 31, 2020 and therefore the 2020 capital tax due of $2 million was recorded in SG&A expenses. |
(9) | Adjusted EBITDA Margin represents Adjusted EBITDA as a percentage of net sales. |
Reconciliation of Constant Currency Sales % Change(1) |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
Garrett | | | | | | | | | | | | |
Reported sales % change | | (14 | )% | | 21 | % | | 20 | % | | (7 | )% |
Less: Foreign currency translation | | (1 | )% | | 6 | % | | 5 | % | | 1 | % |
Constant currency sales % change | | (13 | )% | | 15 | % | | 15 | % | | (8 | )% |
Gasoline | | | | | | | | | | | | |
Reported sales % change | | (15 | )% | | 29 | % | | 21 | % | | 8 | % |
Less: Foreign currency translation | | 0 | % | | 7 | % | | 6 | % | | 2 | % |
Constant currency sales % change | | (15 | )% | | 22 | % | | 15 | % | | 6 | % |
Diesel | | | | | | | | | | | | |
Reported sales % change | | (31 | )% | | 26 | % | | 14 | % | | (15 | )% |
Less: Foreign currency translation | | (2 | )% | | 8 | % | | 5 | % | | 2 | % |
Constant currency sales % change | | (29 | )% | | 18 | % | | 9 | % | | (17 | )% |
Commercial vehicles | | | | | | | | | | | | |
Reported sales % change | | 2 | % | | 8 | % | | 28 | % | | (12 | )% |
Less: Foreign currency translation | | (1 | )% | | 4 | % | | 3 | % | | 1 | % |
Constant currency sales % change | | 3 | % | | 4 | % | | 25 | % | | (13 | )% |
Aftermarket | | | | | | | | | | | | |
Reported sales % change | | 16 | % | | 11 | % | | 23 | % | | (12 | )% |
Less: Foreign currency translation | | (2 | )% | | 3 | % | | 2 | % | | 1 | % |
Constant currency sales % change | | 18 | % | | 8 | % | | 21 | % | | (13 | )% |
Other Sales | | | | | | | | | | | | |
Reported sales % change | | (11 | )% | | (10 | )% | | — | % | | (19 | )% |
Less: Foreign currency translation | | (3 | )% | | 4 | % | | 2 | % | | — | % |
Constant currency sales % change | | (8 | )% | | (14 | )% | | (2 | )% | | (19 | )% |
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 Net Income – GAAP to EBITDA and Adjusted EBITDA, and to Adjusted Free Cash Flow and Net cash provided by operations less Expenditures for property, plant and equipment |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (Dollars in millions) |
Net income — GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
Net interest expense | | | 15 | | | | 23 | | | | 82 | | | | 76 | |
Tax (benefit) expense | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
Depreciation | | | 22 | | | | 26 | | | | 92 | | | | 86 | |
EBITDA (Non-GAAP) | | | 126 | | | | 103 | | | | 712 | | | | 281 | |
Other expense, net (which consists of indemnification, asbestos and environmental expenses) | | | — | | | | 1 | | | | — | | | | 45 | |
Non-operating (income) expense | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
Reorganization items, net | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
Stock compensation expense | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
Repositioning charges | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
Foreign exchange loss (gain) on debt, net of related hedging loss (gain) | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
Professional service costs | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
Capital tax expense | | | (2 | ) | | | 2 | | | | — | | | | 2 | |
Adjusted EBITDA (Non-GAAP) | | | 129 | | | | 149 | | | | 607 | | | | 440 | |
Change in working capital | | | 84 | | | | 52 | | | | (88 | ) | | | (135 | ) |
Factoring and P-notes | | | (2 | ) | | | 61 | | | | 10 | | | | 34 | |
Cash taxes | | | (14 | ) | | | (17 | ) | | | (61 | ) | | | (44 | ) |
Capital expenditures | | | 2 | | | | (1 | ) | | | (72 | ) | | | (80 | ) |
Other | | | (29 | ) | | | 18 | | | | 32 | | | | (13 | ) |
Cash interest | | | (19 | ) | | | (26 | ) | | | (61 | ) | | | (74 | ) |
Adjusted free cash flow (Non-GAAP) | | | 151 | | | | 236 | | | | 367 | | | | 128 | |
Honeywell Indemnity Agreement | | | — | | | | — | | | | — | | | | (43 | ) |
Stalking horse termination reimbursement | | | — | | | | — | | | | (79 | ) | | | — | |
Chapter 11 professional service costs (1) | | | (8 | ) | | | (14 | ) | | | (220 | ) | | | (101 | ) |
Honeywell Settlement as per Emergence Agreement | | | — | | | | — | | | | (375 | ) | | | — | |
Chapter 11 related cash interests | | | — | | | | — | | | | (41 | ) | | | — | |
Stock compensation cash | | | — | | | | — | | | | (10 | ) | | | — | |
Repositioning cash | | | (7 | ) | | | (1 | ) | | | (14 | ) | | | (5 | ) |
Factoring and P-notes | | | 2 | | | | (61 | ) | | | (10 | ) | | | (34 | ) |
Net cash provided by operating activities less expenditures for property, plant and equipment (Non-GAAP) | | $ | 138 | | | $ | 160 | | | $ | (382 | ) | | $ | (55 | ) |
1 Full Year Chapter 11 related cash interests increased by $15M incurred in the second quarter 2021 after full reconciliation of all reorganizational items done in Q4 2021. |
Reconciliation of Cash Flow from Operations less Expenditures for PP&E to Adjusted Free Cash Flow |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (Dollars in millions) |
Net cash provided by (used for) operating activities | | $ | 136 | | | $ | 161 | | | $ | (310 | ) | | $ | 25 | |
Expenditures for property, plant and equipment | | | 2 | | | | (1 | ) | | | (72 | ) | | | (80 | ) |
Net cash provided by (used for) operating activities less expenditures for property, plant and equipment (Non-GAAP) | | $ | 138 | | | $ | 160 | | | $ | (382 | ) | | $ | (55 | ) |
Honeywell Indemnity Agreement expenses | | | — | | | | — | | | | — | | | | 43 | |
Stalking horse termination reimbursement | | | — | | | | — | | | | 79 | | | | — | |
Chapter 11 professional service costs | | | 8 | | | | 14 | | | | 220 | | | | 101 | |
Honeywell Settlement as per Emergence Agreement | | | — | | | | — | | | | 375 | | | | — | |
Chapter 11 related cash interests (1) | | | — | | | | — | | | | 41 | | | | — | |
Stock compensation cash | | | — | | | | — | | | | 10 | | | | — | |
Repositioning cash | | | 7 | | | | 1 | | | | 14 | | | | 5 | |
Factoring and P-notes | | | (2 | ) | | | 61 | | | | 10 | | | | 34 | |
Adjusted free cash flow (Non-GAAP) (2) | | $ | 151 | | | $ | 236 | | | $ | 367 | | | $ | 128 | |
1 Full Year Chapter 11 related cash interests increased by $15M incurred in the second quarter 2021, after full reconciliation of all reorganizational items done in Q4 2021 .
2 2020 and Q1 2021 Adjusted FCF reported number was restated to reflect updated definition which excludes liquidity actions such as sales of receivables.
Reconciliation of Net Income to Adjusted Free Cash Flow Conversion Rate |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (Dollars in millions) |
Net income — GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
Foreign exchange loss (gain) on debt, net of related hedging loss (gain) | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
Other expense, net (which consists of indemnification, asbestos and environmental expenses) | | | — | | | | 1 | | | | — | | | | 45 | |
Non-operating (income) expense | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
Reorganization items, net | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
Stock compensation expense | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
Repositioning charges | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
Professional service costs | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
Capital tax | | | (2 | ) | | | 2 | | | | — | | 0 | | 2 | |
Adjusted tax (expense) benefit (1,2) | | | (53 | ) | | | 5 | | | | (59 | ) | | | (24 | ) |
Adjusted net income (Non-GAAP) | | $ | 78 | | | $ | 77 | | | $ | 331 | | | $ | 215 | |
Adjusted free cash flow (3) (Non-GAAP) | | $ | 151 | | | $ | 236 | | | $ | 367 | | | $ | 128 | |
Adjusted free cash flow conversion (Non-GAAP) | | | 194 | % | | | 306 | % | | | 111 | % | | | 60 | % |
1 Adjusting items are tax effected at the same annual effective tax rate that was used at the time the adjusting item was originally recorded. If the adjusting item was not originally taxed at the annual effective tax rate, then the amount of the tax originally recorded is used.
2 2020 and Q1 2021 Adjusted Tax Expense (and consequently, Adjusted Net Income) reported numbers were restated to reflect an updated adjusted tax rate.
3 For Adjusted Free Cash Flow Reconciliation, please refer to page 14 for Reconciliation of Cash Flow from Operations less Expenditures for PP&E to Adjusted Free Cash Flow.
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) | | 2 | % | | 11 | % |
Foreign currency translation | | (2 | )% | | (2 | )% |
Full year 2022 Outlook Net Sales Growth at Constant Currency (Non-GAAP) | | 4 | % | | 13 | % |
Full Year 2022 Outlook Reconciliation of Net Income to Adjusted EBITDA |
| | 2022 Full Year |
| | Low End | | High End |
Net income GAAP | | $ | 295 | | $ | 340 |
Net interest expense | | | 84 | | | 84 |
Tax expense | | | 101 | | | 116 |
Depreciation | | | 97 | | | 97 |
Full year 2022 Targeted EBITDA (Non-GAAP) | | $ | 577 | | $ | 637 |
Non-operating income | | | — | | | — |
Reorganization items, net | | | — | | | — |
Stock compensation expense | | | 8 | | | 8 |
Repositioning charges | | | 5 | | | 5 |
Foreign exchange (gain) loss on debt, net of related hedging (gain) loss | | | — | | | — |
Professional service costs | | | — | | | — |
Capital tax expense | | | — | | | — |
Full year 2022 Outlook Adjusted EBITDA (Non-GAAP) | | $ | 590 | | $ | 650 |
Full Year 2022 Outlook Reconciliation of Cash Flow from Operations less Expenditures for PP&E to Adjusted Free Cash Flow |
| | 2022 Full Year |
| | Low End | | High End |
Net cash provided by operating activities (GAAP) | | $ | 485 | | | $ | 585 | |
Expenditures for property, plant and equipment | | | (95 | ) | | | (95 | ) |
Net cash provided by operating activities less expenditures for property, plant and equipment (Non-GAAP) | | $ | 390 | | | $ | 490 | |
Cash payments for restructuring | | | 10 | | | | 10 | |
Non-recurring cash items | | | — | | | | — | |
Full year 2022 Outlook Adjusted Free Cash Flow (Non-GAAP) | | $ | 400 | | | $ | 500 | |
2021年第4四半期のハイライト
- 報告書の純売上高は合計8.62億ドルで、公認会計基準で14%、不変通貨で13%低下した*
- 純収入 合計1.28億ドル;調整後純収入*は7800万ドル
- 調整後のEBITDA*合計1.29億ドル;調整後のEBITDA利益率*は15.0%に向上
- 業務活動で提供された現金純額は合計1.36億ドル
- 調整後の自由キャッシュフロー*合計1.51億ドル、調整後の自由キャッシュフロー換算率*は194%
2021年の年間ハイライト
- 純売上高は合計36.33億ドルで、公認会計基準で20%増加し、不変通貨で15%増加した*
- 純収入は合計4.95億ドル;調整後の純収入*は3.31億ドル
- 調整後のEBITDA*は38%増の6.07億ドル,調整後のEBITDA利益率*は16.7%に向上した
- 経営活動のための現金純額合計(3.1億ドル)
- 調整後の自由キャッシュフロー*合計3.67億ドル;調整後の自由キャッシュフロー転換率*は111%
スイス·ロール、2022年2月14日(ユニバーサル通信社)ギャレット·モバイル(Garrett Motion Inc.)(ナスダック·コード:GTX)自動車業界をリードする差別化技術提供者は、今日、2021年12月31日までの四半期と年度財務業績を発表した。
100万ドル(他に説明がない限り) | | Q4 2021 | | Q4 2020 | | 年間を通じて 2021 | | 年間を通じて 2020 |
純売上高 | | 862 | | 1,008 | | 3,633 | | 3,034 |
販売原価 | | 707 | | 834 | | 2,926 | | 2,495 |
毛利 | | 155 | | 174 | | 707 | | 539 |
毛利% | | 18.0% | | 17.3% | | 19.5% | | 17.8% |
販売、一般、行政費用 | | 50 | | 58 | | 216 | | 260 |
税引き前収入 | | 89 | | 54 | | 538 | | 119 |
純収入 | | 128 | | 26 | | 495 | | 80 |
調整後の純収益* | | 78 | | 77 | | 331 | | 215 |
調整後のEBITDA* | | 129 | | 149 | | 607 | | 440 |
調整後のEBITDA利益率* | | 15.0% | | 14.8% | | 16.7% | | 14.5% |
経営活動提供の現金純額 | | 136 | | 161 | | (310) | | 25 |
調整後の自由キャッシュフロー* | | 151 | | 236 | | 367 | | 128 |
*最近の公認会計基準との入金を参照してください。*2.5%の世界LV成長を使用して、IHS 2021年7640万の推定に基づく |
ギャレット最高経営責任者兼最高経営責任者のオリヴィル·ラビラー氏は“2021年、ギャレットはすべての重要な指標で力強い成長を実現した”と述べた。36億ドルの純売上高は公認会計原則に基づいて20%増加し、不変通貨で計算すると15%増加し、世界の自動車生産量を約12.5ポイント上回った**これは、私たちの商用車業務が25%増加し、アフターマーケット業務が21%増加したためであり、これも不変通貨で計算されているからである。この二つの業務を合わせて、私たちのポートフォリオの多元化を大幅に増加させました。それらは私たちの2021年の純売上高の30%を占め、私たちのキャッシュフローのより大きな割合を占めているからです。このような弾力的な需要に加え、私たちの高度な柔軟なコスト構造とサプライチェーンの敏捷性に加えて、ギャレットが私たちの改正された2021年の財務目標を達成し、穏健なキャッシュフローを提供し、私たちの脱レバレッジ活動を加速させた
私たちの2022年の展望は、私たちが私たちの戦略的成長措置を推進することに伴い、徐々に改善されていくマクロ環境の中で実行に集中し、会社の持続的な成功に備え、発展していく動力総合業界の株主の長期的な利益に利益をもたらすことである
経営成果
純売上高2021年第4四半期は8.62億ドルで、2020年第4四半期の10.08億ドルに比べて14%低下した。不変通貨で計算した純売上高は13%低下し、外貨換算の1200万ドルのマイナス影響は含まれていない。純売上高の前年比低下は世界の半導体販売不足によるものであり、すべての製品ラインの販売は主に乗用車である。2021年の純売上高は36.33億ドルで、2020年の30.34億ドルに比べて20%増加した。不変通貨で計算した純売上高は15%増加し、その中には1.32億ドルの積極的な影響、すなわち5%が含まれており、これはユーロの対ドルレート上昇に押された外貨換算によるものだ。
販売原価2021年第4四半期は7.07億ドルだったが、2020年は8.34億ドルとなり、主な原因は数量の減少、1.25億ドルの減少だった。為替レートの影響により、商品を販売するコストはさらに800万ドル減少した。この部分は300万ドルが不利な製品の組み合わせと大口商品、輸送コスト、労働力のインフレによって相殺され、部分的には生産性のメリットに注目し続けている。研究開発費は200万ドル増加し、これは私たちの新技術への持続的な投資と、私たちが2020年に取った臨時コスト制御行動を反映して、新冠肺炎への影響を緩和した。2021年の商品販売コストは29.26億ドル、2020年は24.95億ドル。
毛利2021年第4四半期の総利益は1.55億ドルであったが、2020年第4四半期は1.74億ドルであり、2021年の毛利パーセントは2020年の17.3%から18.0%に増加し、これは主に売上高の低下および研究開発コストの上昇と為替レートの影響によるものである。この部分は3300万ドルの生産性と製品の組み合わせによって相殺され、その中でインフレによる向かい風が差し引かれている。2020年の5.39億ドルと比較すると、2021年の毛利総額は7.07億ドル、毛利パーセンテージは19.5%であるのに対し、2020年の毛利パーセンテージは17.8%である。
販売、一般、行政(“SG&A”)2021年第4期の支出は、2020年第4期の5,800万ドルから5,000万ドルに低下し、主に2020年第4期の不良債権回収によるものである。純売上高のパーセンテージとして、2021年第4四半期のSG&Aは2020年並み5.8%だった。2021年にSG&Aは2.16億ドルであるが、2020年は2.6億ドルであり、これは主に2020年に発生した戦略計画とその他のコストが増加し、一部は労働力、激励すべきプロジェクトと為替レートの影響によって相殺されるためである。
利子支出2021年第4四半期と2020年の両方の時期は2300万ドルだった。2020年の7,900万ドルと比較して、2021年の利息支出は9,300万ドルであり、これは主にBシリーズ優先株が2,900万ドルになるべきであるが、私たちが破産保護から離脱する前の2020年の信用計画と比較して、現在の信用計画の利息支出は1,600万ドル減少し、私たちの以前の信用計画の改訂に関連する前年の費用は、この部分を部分的に相殺している。
営業外費用2021年第4四半期は1900万ドル減少し、2020年の3100万ドルから2021年第4四半期の1200万ドルに減少した。2021年の非営業(収入)支出が2200万ドル減少し、3800万ドルから2021年の1600万ドルに減少したのは、主に債務が4700万ドルの外貨の影響を受けたためであり、これは会社が破産法第11章の訴訟期間中に制限されてヘッジを行わなかったためであるが、2021年には非年金福祉が1800万ドル増加し、金利スワップが時価ベースの関連利息が800万ドルを推進し、その影響を部分的に相殺したためである。
税引き前収入2021年第4四半期は8900万ドルだったが、2020年第4四半期は5400万ドルだった。2021年の税引前収入は5.38億ドル、2020年は1.19億ドル。
再構成プロジェクト--純額2021年第4四半期の支出は500万ドルだが、2020年第4四半期の支出は6900万ドルで、主に破産法第11章に関連する専門サービスに関連している。再編プロジェクト-2021年の純収益は1.25億ドル、2020年の支出は7300万ドルで、ホネウェルクレーム和解の5.02億ドルの収益を含め、2020年と比較して、破産法第11章事件に関連する1.19億ドルの専門サービス料、追跡馬購入協定の下での終了と費用返済に関する7900万ドル、破産法第11章事件に関連する3900万ドルの役員·上級管理者保険。1,900万ドルの請願前信用協定債務の債務発行コスト、1,300万ドルの従業員株奨励ログアウト、および3,500万ドルの主に無担保手形決済に関連する他のコスト。
純収入2021年第4四半期は1.28億ドルだったが、2020年第4四半期は2600万ドルだった。2021年の純収入は4.95億ドルであるが、2020年は8000万ドルであり、これは主に毛利益が1.68億ドル増加し、SG&A費用が4400万ドル減少し、その他の費用が4500万ドル減少し、有利な再編プロジェクトの純額が1.98億ドル減少したためである。
普通株主が得られる純収入2021年は3億98億ドルで、2020年の8000万ドルを上回る。
経営活動のための現金純額2021年には合計3.1億ドルだったが、2020年には経営活動で提供された現金は2500万ドルで、再編プロジェクト収益の影響を反映し、2021年の純額は1.25億ドルとなった。
不動産·工場·設備支出2021年の総額は7200万ドル、2020年は8000万ドル。
非公認会計基準財務指標
調整後純収益再編プロジェクトを除く-純額、未ヘッジ債務開放、再編コスト、株式ベースの報酬-2020年の2.15億ドルに比べ、2021年には54%増加し、3.31億ドルに達した。第4四半期の調整後の純収入は7800万ドルだったが、2020年第4四半期は7700万ドルだった。
調整後EBITDA2020年の4.40億ドルに比べ、2021年には38%増加し、6.07億ドルに達した。2020年第4四半期の1.49億ドルに比べ、2021年第4四半期調整後のEBITDAは13%減の1.29億ドルとなった。調整したEBITDA利益率は2021年には16.7%に増加したが,2020年には14.5%に増加した。2021年第4四半期、調整後のEBITDA利益率は2020年第4四半期の14.8%から15.0%に増加した。
調整後自由キャッシュフロー再編プロジェクト、再配置費用(主に内部再編プロジェクトに関する解散費)や株式報酬支出は含まれておらず、2021年には3.67億ドル、2020年には1.28億ドルとなる。2021年第4四半期は1.51億ドルだったが、2020年第4四半期は2.36億ドルだった。
流動性と資本資源
2021年12月31日現在、ギャレットは、4.23億ドルの現金および現金等価物、およびその循環クレジット配置下の約2.97億ドルの未抽出約束を含む7.2億ドルの利用可能な流動資金を持っている。2021年第3四半期、ギャレットは、4.56億ドルの現金および現金等価物、およびその循環クレジット配置下の約2.96億ドルの未抽出約束を含む7.52億ドルの利用可能な流動資金を持っている。
2021年12月31日現在、Bシリーズ優先株を含む総債務は16.18億ドルで、2021年第3四半期末の18.32億ドルを下回った。
破産法第11章から抜け出る
先に発表したように,2021年4月30日,Garrettはその懸案である破産法第11章事件から抜け出し,再編手続きに成功し,ニューヨーク南区米国破産裁判所で確認された再編計画(“計画”)を実施した。
2022年通年展望
ギャレットはあるGAAPと非GAAPの財務指標に2022年通年の以下の展望を提供した。
| 2022年通年展望 |
純売上高(GAAP) | 37億ドルから40億ドル |
不変通貨による純売上高増加(非GAAP)* | 4%から13% |
純収益(GAAP) | 2.95億から3.4億ドル |
調整後EBITDA(非GAAP)* | 5億9千万~6億5千万ドル |
経営活動が提供する現金純額(GAAP) | 4.85億から5.85億ドル |
調整された自由キャッシュフロー(非公認会計基準)* | 4億ドルから5億ドル |
*最近の公認会計基準との入金を参照してください。 |
2022年2月14日現在、Garrettの2022年通年の展望は、世界の軽自動車生産台数が7%増加し、世界の商用車生産台数が2%増加するという同社の予想を反映している。2022年の純売上高範囲の中点を用いて、ギャレットの2022年通年の資本支出と研究開発支出はそれぞれ約2.4%と4.6%と予想される。2022年通年展望では、為替レートを1.13ユーロ対1.00ドルと仮定している。
電話会議
ギャレットは2022年2月14日(月)東部時間午前8:30/中欧時間午後2:30に電話会議を主宰する。アメリカ国内からの着信のダイヤル番号は+1-833-797-0899,国際着信のダイヤル番号は+1-409-937-8894である.すべての着信者のアクセスコードは9557707である。電話会議はスライドショーを含めてインターネット上で放送されるだろう。インターネット放送と補助資料にアクセスするには、Garrettサイトの投資家関係部分、サイトは
2021年3月1日前には、米国で+1−855−859−2056に電話し、米国外で+1−404−537−3406に電話をかけ、次いでアクセスコード9557707を入力することによって、電話会議の再放送を聴くことができる。インターネット中継もギャレットのIRサイトにアーカイブされる予定だ。
前向きに陳述する
本プレスリリースには、改正された1934年証券取引法第21 E節で指摘された“前向き陳述”が含まれている。事実陳述を除いて、私たちまたは私たちの経営陣が意図している、予想し、予測し、信じたり、予想したりする活動、事件または発展に関するすべての声明は、Garrettの業務、財務結果および財務状況、業界傾向およびGarrett戦略に与える私たちの影響に関する私たちの声明を含むが、これらに限定されない。前向き陳述は合理的な仮定に基づくと考えられるが、このような陳述は既知および未知のリスク、不確実性および他の要素に関連し、Garrettの実際の結果または表現は、このような前向き陳述の明示的または暗示的な任意の未来の結果または表現と大きく異なる可能性がある。このようなリスクおよび不確実性には、2021年12月31日までの10−Kフォーム年次報告書に記載されているリスクおよび不確実性と、米国証券取引委員会に提出された他の文書に“リスク要因”および“前向き陳述に関する警告”というタイトルに記載されているリスクおよび不確実性が含まれているが、これらに限定されない。このような前向きな陳述に過度に依存しないように注意し、これらの陳述は本文書の発表日にのみ発表されます。展望性陳述は未来の業績に対する保証ではなく、実際の結果、発展と業務決定は著者らの展望性陳述の中で想定したものと異なるかもしれない。
非公認会計基準財務指標
本プレスリリースには、米国公認会計原則(“GAAP”)に従って計算されていない非GAAP財務指標が含まれている:不変貨幣販売増加、調整後の純収入、EBITDA、調整後のEBITDA、調整後のEBITDA利益率、調整後の自由現金流量、調整後の自由現金流量転換率と経営活動が提供する純現金から不動産、工場と設備の支出を差し引いた。本稿で提供する非GAAP財務計測は,非GAAP協調を含む付録のいくつかの項目に基づいて調整されており,他社がこのような計測を異なる定義をする可能性があるため,業界他社が使用している類似計測と直接比較することはできない可能性がある.経営陣は、報告書の金額とともに考えた場合、これらの測定基準は、投資家や経営陣が行っている運営動向を理解し、分析するために有用であると考えている。ギャレットは,調整後のEBITDAと調整後のEBITDA利益率が経営業績の重要な指標であり,所得税や何らかの他の項目の影響を排除し,利息や減価償却費用の影響を除去することで融資や投資活動の影響を行うため,我々の経営業績をより密接に測定していると考えている。これらの指標は,代替ではなく,最も比較可能なGAAP指標の補完と考えられるべきである。我々の非GAAP財務指標の詳細については、2021年12月31日現在のForm 10−K年次報告を参照されたい。
ギャレット·スポーツについて
Garrett Motionは差別化された技術リーダーであり、65年来ずっと全世界の顧客に乗用車、商用車、販売後の市場交換と性能向上解決方案を提供してきた。Garrettの先端技術は車両をより安全で、よりネットに接続し、より効率的で環境に優しい。私たちのターボ過給、電動アシスト、および自動車ソフトウェア解決策の組み合わせは、輸送産業を再定義し、さらに運動を推進することを可能にする。もっと情報を知りたいのですが、アクセスしてください
連絡先: | | |
メディア | | 投資家関係 |
クリストフ·マシー | | ポール·ブラロック |
+41786437194 | | +1 862 812-5013 |
メール:christophee.mathy@garrettmotion.com | | メール:paul.blalock@garrettmotion.com |
ギャレット·モtion Inc. |
連結業務報告書 |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (百万ドル、1株を除く) |
純売上高 | | $ | 862 | | | $ | 1,008 | | | $ | 3,633 | | | $ | 3,034 | |
販売原価 | | | 707 | | | | 834 | | | | 2,926 | | | | 2,495 | |
毛利 | | | 155 | | | | 174 | | | | 707 | | | | 539 | |
販売、一般、行政費用 | | | 50 | | | | 58 | | | | 216 | | | | 260 | |
その他の費用、純額 | | | — | | | | 1 | | | | 1 | | | | 46 | |
利子支出 | | | 23 | | | | 23 | | | | 93 | | | | 79 | |
営業外収入 | | | (12 | ) | | | (31 | ) | | | (16 | ) | | | (38 | ) |
再編成プロジェクト、純額 | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
税引き前収入 | | | 89 | | | | 54 | | | | 538 | | | | 119 | |
税金(利息)料 | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
純収入 | | | 128 | | | | 26 | | | | 495 | | | | 80 | |
減算:優先株式配当金 | | | (37 | ) | | | — | | | | (97 | ) | | | — | |
分配可能な純収入 | | $ | 91 | | | $ | 26 | | | $ | 398 | | | $ | 80 | |
1株当たりの収益 | | | | | | | | |
基本的な情報 | | $ | 0.29 | | | $ | 0.34 | | | $ | 1.69 | | | $ | 1.06 | |
薄めにする | | $ | 0.29 | | | $ | 0.34 | | | $ | 1.56 | | | $ | 1.05 | |
加重平均普通株式発行済み | | | | | | | | |
基本的な情報 | | | 64,818,700 | | | | 75,797,216 | | | | 69,706,183 | | | | 75,543,461 | |
薄めにする | | | 64,915,470 | | | | 75,797,216 | | | | 317,503,300 | | | | 76,100,509 | |
ギャレット·モtion Inc. |
総合総合収益表(損益表) |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | 2020 | | | | 2021 | | | 2020 | |
| | (百万ドル) |
純収入 | | $ | 128 | | $ | 26 | | | $ | 495 | | $ | 80 | |
外国為替換算調整 | | | 1 | | | (123 | ) | | | 38 | | | (234 | ) |
固定収益年金計画調整、税引き後純額 | | | 36 | | | (18 | ) | | | 36 | | | (18 | ) |
有効現金流量ヘッジの税引き後公正価値変動 | | | 3 | | | (7 | ) | | | 10 | | | (7 | ) |
純投資ヘッジの公正価値変動,税引き後純額 | | | 14 | | | 8 | | | | 41 | | | — | |
税引き後のその他の総合収益(赤字)合計 | | | 54 | | | (140 | ) | | | 125 | | | (259 | ) |
総合収益(赤字) | | $ | 182 | | $ | (114 | ) | | $ | 620 | | $ | (179 | ) |
ギャレット·モtion Inc. |
合併貸借対照表 |
| 十二月三十一日 |
| | 2021 | | | | 2020 | |
| (百万ドル) |
資産 | | | |
流動資産: | | | |
現金と現金等価物 | $ | 423 | | | $ | 592 | |
制限現金 | | 41 | | | | 101 | |
帳簿、手形、その他の売掛金--純額 | | 747 | | | | 841 | |
在庫--純額 | | 244 | | | | 235 | |
その他流動資産 | | 56 | | | | 110 | |
流動資産総額 | | 1,511 | | | | 1,879 | |
投資と長期売掛金 | | 28 | | | | 30 | |
財産·工場·設備--純額 | | 485 | | | | 505 | |
商誉 | | 193 | | | | 193 | |
所得税を繰延する | | 289 | | | | 275 | |
その他の資産 | | 200 | | | | 135 | |
総資産 | $ | 2,706 | | | $ | 3,017 | |
負債.負債 | | | |
流動負債: | | | |
売掛金 | $ | 1,006 | | | $ | 1,019 | |
循環信用手配された借金 | | — | | | | 370 | |
長期債務当期満期日 | | 7 | | | | — | |
債務者が定期融資を占有する | | — | | | | 200 | |
B系列優先株を強制償還する | | 200 | | | | — | |
負債を計算すべきである | | 295 | | | | 242 | |
流動負債総額 | | 1,508 | | | | 1,831 | |
長期債務 | | 1,181 | | | | 1,082 | |
B系列優先株を強制償還する | | 195 | | | | — | |
所得税を繰延する | | 21 | | | | 2 | |
その他負債 | | 269 | | | | 120 | |
影響を受けない総負債 | | 3,174 | | | | 3,035 | |
損害を受ける可能性のある負債 | | — | | | | 2,290 | |
総負債 | $ | 3,174 | | | $ | 5,325 | |
引受金とその他の事項 | | | |
権益(赤字) | | | |
Aシリーズ優先株、額面0.001ドル;これまでに発行された株式245,921,617株 2021年12月31日 | $ | — | | | $ | — | |
普通株、額面0.001ドル、1,000,000,000株、4億,000,000株の認可株 現在までに、発行された64,570,950および76,229,578件および未償還64,570,950および75,813,634件 2021年12月31日と2020年12月31日にそれぞれ | | — | | | | — | |
追加実収資本 | | 1,326 | | | | 28 | |
赤字を残す | | (1,790 | ) | | | (2,207 | ) |
その他の総合収益を累計する | | (4 | ) | | | (129 | ) |
総赤字 | | (468 | ) | | | (2,308 | ) |
負債と赤字総額 | $ | 2,706 | | | $ | 3,017 | |
ギャレット·モtion Inc. | |
統合現金フロー表 | 12月31日までの年度 |
| | 2021 | | | | 2020 | |
| (百万ドル) |
経営活動のキャッシュフロー: | | | |
純収入 | $ | 495 | | | $ | 80 | |
純収入と経営活動が提供する現金純額を調整する: | | | |
再編成プロジェクト、純額 | | (435 | ) | | | 60 | |
所得税を繰延する | | (36 | ) | | | (34 | ) |
減価償却 | | 92 | | | | 86 | |
繰延発行コストの償却 | | 7 | | | | 7 | |
債務割引が増加し,利息を差し引いた純額 | | 19 | | | | — | |
為替損失 | | 7 | | | | (58 | ) |
株補償費用 | | 7 | | | | 10 | |
年金支出 | | (2 | ) | | | 15 | |
他にも | | (10 | ) | | | 44 | |
資産と負債の変動状況: | | | | | | | |
勘定·手形その他売掛金 | | 18 | | | | (162 | ) |
棚卸しをする | | (31 | ) | | | (14 | ) |
その他の資産 | | (32 | ) | | | (45 | ) |
売掛金 | | (75 | ) | | | 41 | |
負債を計算すべきである | | (46 | ) | | | (13 | ) |
ホネウェルの債務に対処する | | (375 | ) | | | 6 | |
その他負債 | | 87 | | | | 2 | |
経営活動が提供する現金純額 | $ | (310 | ) | | $ | 25 | |
投資活動によるキャッシュフロー: | | | |
不動産·工場·設備支出 | | (72 | ) | | | (80 | ) |
他にも | | 1 | | | | — | |
投資活動のための現金純額 | $ | (71 | ) | | $ | (80 | ) |
資金調達活動のキャッシュフロー: | | | |
A系列優先株を発行して得た金 | | 1,301 | | | | — | |
長期債務の収益を発行し,繰延融資コストを差し引く | | 1,221 | | | | — | |
循環信用手配からの収益 | | — | | | | 1,449 | |
長期債務を償還する | | (1,517 | ) | | | (2 | ) |
循環信用手配の支払い | | (370 | ) | | | (1,100 | ) |
債務者が融資の収益を占有する | | (200 | ) | | | 200 | |
B系列優先株を償還する | | (201 | ) | | | — | |
現金選挙に費用を支払う | | (69 | ) | | | — | |
Aシリーズ優先株を買い戻す | | (15 | ) | | | — | |
普通株買い戻し | | (4 | ) | | | — | |
循環融資融資コスト | | (7 | ) | | | — | |
債務者占有融資費 | | — | | | | (13 | ) |
他にも | | — | | | | (4 | ) |
融資活動が提供する現金純額 | $ | 139 | | | $ | 530 | |
為替レート変動が現金,現金等価物および制限現金に及ぼす影響 | | 13 | | | | 31 | |
現金、現金等価物、および制限的現金純増加 | | (229 | ) | | | 506 | |
期初現金、現金等価物、および限定現金 | | 693 | | | | 187 | |
期末現金、現金等価物、および制限現金 | $ | 464 | | | $ | 693 | |
補足キャッシュフロー開示: | | | |
所得税を納めた(払い戻しを差し引く) | | 61 | | | | 44 | |
支払利息費用 | | 61 | | | | 63 | |
支払われた再構成プロジェクト | | 350 | | | | 14 | |
非現金投資と融資活動を追加開示します | | | | | | | |
Bシリーズ優先株を発行する | | 577 | | | | — | |
帳簿中の財産·工場·設備支出を支払うべきである | | 32 | | | | 47 | |
純収益と調整後EBITDAの入金(1) |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (百万ドル) |
純収入-GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
純利息支出 | | | 15 | | | | 23 | | | | 82 | | | | 76 | |
税金(利息)料 | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
減価償却 | | | 22 | | | | 26 | | | | 92 | | | | 86 | |
減価償却前利益(非公認会計基準) | | $ | 126 | | | $ | 103 | | | $ | 712 | | | $ | 281 | |
その他の費用純額(賠償、アスベスト、環境費用を含む)(2) | | | — | | | | 1 | | | | — | | | | 45 | |
営業外費用(3) | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
再編成プロジェクト、純額(4) | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
株補償費用(5) | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
ダイナマイトを再配置する(6) | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
債務為替損失(収益),関連ヘッジ損失(収益)を差し引く | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
専門サービスコスト(7) | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
資本税費支出(8) | | | (2 | ) | | | 2 | | | | — | | | | 2 | |
調整後EBITDA(非GAAP) | | $ | 129 | | | $ | 149 | | | $ | 607 | | | $ | 440 | |
調整後のEBITDA利益率(非GAAP)%(9) | | | 15.0 | % | | | 14.8 | % | | | 16.7 | % | | | 14.5 | % |
(1) | 我々は,EBITDAと調整後のEBITDAにより業績を評価した。我々は“EBITDA”を米国公認会計原則に基づいて計算した純収益/損失と定義し,純利息支出/収入,税費/収益と減価償却の総和を加えた。“調整後EBITDA”をEBITDAに非営業(収入)費用,その他の費用,純額(賠償,アスベストと環境費用を含む),株式補償費用,再編項目,純額,再配置費用,債務為替損失(収益),関連ヘッジ(収益)損失,剥離コスト,専門サービスコストと資本税支出の総和と定義した。 |
(2) | 私たちのアスベスト関連債務支払いと売掛金の計算は、2018年9月12日にホネウェルと締結されたホネウェル賠償協定の条項を反映しており、この合意によると、ギャレットASASCOは、ホニウェルアスベスト関連債務支払いおよび売掛金の90%に相当する金額をホネウェルに支払う予定であり、主に米国におけるホーネウェルの元ベンディックス業務に関連しており、特定の環境関連債務支払いおよび売掛金および非米国アスベスト関連債務支払いおよび売掛金に関連しており、各事件において、ベンディックス業務のレガシー要素に関連しており、弁護およびこのような債務の解決の法的コストを含む。ホネウェルの純保険収入の90%と、そのような負債に関連するいくつかの他の回収(例えば、適用)を差し引く。破産裁判所によって確認されたこの計画には、ホネウェルとのグローバル和解協定が含まれており、ホネウェル協定の下またはホネウェル合意に関連するすべての債務の全部および最終弁済、和解、解除および解除が規定されている。非営業収入調整には、年金支出およびその他の費用の非サービス部分、純額、および利息収入、関連会社の株式収入、外国為替影響が含まれていない。 |
(3) | 営業外収入調整には、年金支出およびその他の支出の非サービス部分、純額、利息収入、関連会社の株式収入、外国為替影響が含まれていない。 |
(4) | 会社は、会社再編に直接関連する取引とイベントと業務の継続運営を区別するために、請願日以降の一定期間ASC 852を適用する。したがって,11章の案件で発生した何らかの費用や収益は再編項目に記録され,純額は総合中期経営報告書に記録される.当社は発効日以降にアメリカ公認会計原則を適用します。付記1を参照して、総合中期財務諸表付記列報の背景と基準。 |
(5) | 株式給与料金調整には非現金費用のみが含まれています。 |
(6) | 再配置費用調整には、将来の生産性を向上させるための再編プロジェクトに関連する解散費が主に含まれている。 |
(7) | 専門サービスコストには、当社が2020年9月に破産管理人が破産法第11章に基づいて前期間中の戦略計画に関する専門サービス料の免除を申請することが含まれている。私たちはこのような費用が私たちが進行している核心業務運営とは関係がないと思う。 |
(8) | スイスウォルト州は一般的に資本税から州会社所得税を差し引くことに規定されています。2020年12月31日までに年度は所得税に対応していないため、課税される2020年の資本税はSG&A支出に2百万ドルが入金されている。 |
(9) | 調整後のEBITDA利益率は調整後のEBITDAが純売上高に占める割合であった。 |
金種売上変動百分率を変えずに入金する(1) |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | 2021 | | | 2020 | | | 2021 | | | 2020 | |
ギャレット | | | | | | | | | | | | |
報告書の売上変化率 | | (14 | )% | | 21 | % | | 20 | % | | (7 | )% |
差し引く:外貨換算 | | (1 | )% | | 6 | % | | 5 | % | | 1 | % |
不変金種売上パーセント変動 | | (13 | )% | | 15 | % | | 15 | % | | (8 | )% |
ガソリン.ガソリン | | | | | | | | | | | | |
報告書の売上変化率 | | (15 | )% | | 29 | % | | 21 | % | | 8 | % |
差し引く:外貨換算 | | 0 | % | | 7 | % | | 6 | % | | 2 | % |
不変金種売上パーセント変動 | | (15 | )% | | 22 | % | | 15 | % | | 6 | % |
ディーゼルオイル | | | | | | | | | | | | |
報告書の売上変化率 | | (31 | )% | | 26 | % | | 14 | % | | (15 | )% |
差し引く:外貨換算 | | (2 | )% | | 8 | % | | 5 | % | | 2 | % |
不変金種売上パーセント変動 | | (29 | )% | | 18 | % | | 9 | % | | (17 | )% |
商用車 | | | | | | | | | | | | |
報告書の売上変化率 | | 2 | % | | 8 | % | | 28 | % | | (12 | )% |
差し引く:外貨換算 | | (1 | )% | | 4 | % | | 3 | % | | 1 | % |
不変金種売上パーセント変動 | | 3 | % | | 4 | % | | 25 | % | | (13 | )% |
アフターマーケット | | | | | | | | | | | | |
報告書の売上変化率 | | 16 | % | | 11 | % | | 23 | % | | (12 | )% |
差し引く:外貨換算 | | (2 | )% | | 3 | % | | 2 | % | | 1 | % |
不変金種売上パーセント変動 | | 18 | % | | 8 | % | | 21 | % | | (13 | )% |
その他の販売 | | | | | | | | | | | | |
報告書の売上変化率 | | (11 | )% | | (10 | )% | | — | % | | (19 | )% |
差し引く:外貨換算 | | (3 | )% | | 4 | % | | 2 | % | | — | % |
不変金種売上パーセント変動 | | (8 | )% | | (14 | )% | | (2 | )% | | (19 | )% |
1私たちは以前“持続的な通貨販売増加”を“有機販売増加”と呼んでいた。我々は,一定通貨売上高増加を可比期間に対する売上高の前年比変化を報告するものと定義し,外貨換算による売上高への影響は含まない。これは私たちの以前の“有機販売増加”の定義と同じだ。この措置は、投資家や経営陣が私たちが行っている業務を理解し、進行中の業務傾向を分析するのに役立つと信じています。
純収入−GAAPとEBITDAと調整後EBITDAおよび調整後の自由現金流量と運営提供の純現金から不動産,工場と設備支出を差し引いた入金 |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (百万ドル) |
純収入-GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
純利息支出 | | | 15 | | | | 23 | | | | 82 | | | | 76 | |
税金(利息)料 | | | (39 | ) | | | 28 | | | | 43 | | | | 39 | |
減価償却 | | | 22 | | | | 26 | | | | 92 | | | | 86 | |
減価償却前利益(非公認会計基準) | | | 126 | | | | 103 | | | | 712 | | | | 281 | |
その他の費用、純額(賠償、 アスベストと環境費用) | | | — | | | | 1 | | | | — | | | | 45 | |
営業外費用 | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
再編成プロジェクト、純額 | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
株補償費用 | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
ダイナマイトを再配置する | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
債務為替損失(収益),関連ヘッジ損失(収益)を差し引く | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
専門サービスコスト | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
資本税費支出 | | | (2 | ) | | | 2 | | | | — | | | | 2 | |
調整後EBITDA(非GAAP) | | | 129 | | | | 149 | | | | 607 | | | | 440 | |
運営資金変動 | | | 84 | | | | 52 | | | | (88 | ) | | | (135 | ) |
保理とP-手形 | | | (2 | ) | | | 61 | | | | 10 | | | | 34 | |
現金税 | | | (14 | ) | | | (17 | ) | | | (61 | ) | | | (44 | ) |
資本支出 | | | 2 | | | | (1 | ) | | | (72 | ) | | | (80 | ) |
他にも | | | (29 | ) | | | 18 | | | | 32 | | | | (13 | ) |
現金利息 | | | (19 | ) | | | (26 | ) | | | (61 | ) | | | (74 | ) |
調整後自由キャッシュフロー(非公認会計基準) | | | 151 | | | | 236 | | | | 367 | | | | 128 | |
ホネウェル賠償協定 | | | — | | | | — | | | | — | | | | (43 | ) |
馬を尾行して精算を中止する | | | — | | | | — | | | | (79 | ) | | | — | |
第十一章専門サービス費用(1) | | | (8 | ) | | | (14 | ) | | | (220 | ) | | | (101 | ) |
ホネウェルは緊急事態合意に基づいて和解した | | | — | | | | — | | | | (375 | ) | | | — | |
第十一章関連現金利益 | | | — | | | | — | | | | (41 | ) | | | — | |
株は現金を補償する | | | — | | | | — | | | | (10 | ) | | | — | |
現金を再配置する | | | (7 | ) | | | (1 | ) | | | (14 | ) | | | (5 | ) |
保理とP-手形 | | | 2 | | | | (61 | ) | | | (10 | ) | | | (34 | ) |
経営活動が提供する現金純額から差し引く 不動産·工場·設備支出 (非公認会計基準) | | $ | 138 | | | $ | 160 | | | $ | (382 | ) | | $ | (55 | ) |
12021年第4四半期に完成したすべての再編項目を完全に入金した後、2021年第2四半期に発生した破産法第11章に関する年間現金利息は1500万ドル増加した。 |
運営からPP&E支出を差し引いたキャッシュフローを調整後の自由キャッシュフローに調整する |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (百万ドル) |
経営活動提供の現金純額 | | $ | 136 | | | $ | 161 | | | $ | (310 | ) | | $ | 25 | |
不動産·工場·設備支出 | | | 2 | | | | (1 | ) | | | (72 | ) | | | (80 | ) |
経営活動提供の現金純額から差し引く 不動産·工場·設備支出(非公認会計基準) | | $ | 138 | | | $ | 160 | | | $ | (382 | ) | | $ | (55 | ) |
ホネウェル賠償契約費用 | | | — | | | | — | | | | — | | | | 43 | |
馬を尾行して精算を中止する | | | — | | | | — | | | | 79 | | | | — | |
第十一章専門サービス費用 | | | 8 | | | | 14 | | | | 220 | | | | 101 | |
ホネウェルは緊急事態合意に基づいて和解した | | | — | | | | — | | | | 375 | | | | — | |
第十一章関連現金利益(1) | | | — | | | | — | | | | 41 | | | | — | |
株は現金を補償する | | | — | | | | — | | | | 10 | | | | — | |
現金を再配置する | | | 7 | | | | 1 | | | | 14 | | | | 5 | |
保理とP-手形 | | | (2 | ) | | | 61 | | | | 10 | | | | 34 | |
調整後自由キャッシュフロー(非公認会計基準)(2) | | $ | 151 | | | $ | 236 | | | $ | 367 | | | $ | 128 | |
12021年第4四半期に完成したすべての再編項目を完全に入金した後、2021年第2四半期に発生した破産法第11章に関する年間現金利息は1500万ドル増加した。
22020年と2021年の第1四半期調整後のFCF報告数字は、売掛金の売却などの流動性行動を含まない更新の定義を反映するために再記述されている。
純収益と調整後の自由キャッシュフロー転換率との入金 |
| | 次の3か月まで 十二月三十一日 | | この年度までに 十二月三十一日 |
| | | 2021 | | | | 2020 | | | | 2021 | | | | 2020 | |
| | (百万ドル) |
純収入-GAAP | | $ | 128 | | | $ | 26 | | | $ | 495 | | | $ | 80 | |
債務為替損失(収益),関連要因を差し引く ヘッジ損失 | | | — | | | | (42 | ) | | | 9 | | | | (38 | ) |
その他の費用、純額(賠償、 アスベストと環境費用) | | | — | | | | 1 | | | | — | | | | 45 | |
営業外費用 | | | (3 | ) | | | 13 | | | | (12 | ) | | | 5 | |
再編成プロジェクト、純額 | | | 5 | | | | 69 | | | | (125 | ) | | | 73 | |
株補償費用 | | | 2 | | | | 2 | | | | 7 | | | | 10 | |
ダイナマイトを再配置する | | | 2 | | | | 2 | | | | 16 | | | | 10 | |
専門サービスコスト | | | (1 | ) | | | (1 | ) | | | — | | | | 52 | |
資本税 | | | (2 | ) | | | 2 | | | | — | | 0 | | 2 | |
調整後の税収福祉(1,2) | | | (53 | ) | | | 5 | | | | (59 | ) | | | (24 | ) |
調整後純収益(非公認会計基準) | | $ | 78 | | | $ | 77 | | | $ | 331 | | | $ | 215 | |
調整後自由キャッシュフロー(3)(非公認会計基準) | | $ | 151 | | | $ | 236 | | | $ | 367 | | | $ | 128 | |
調整後の自由キャッシュフロー変換(非公認会計基準) | | | 194 | % | | | 306 | % | | | 111 | % | | | 60 | % |
1調整項目は調整項目を最初に記録する際に使用する同年度有効税率で税を計算する。調整項目が最初に年間有効税率で課税されない場合は、元に記録された税額を使用する。
22020年と2021年第1四半期の調整後の税費(そのため、調整後の純収入)報告の数字が再記述され、最新の調整後税率を反映する。
3調整後の自由キャッシュフローの入金は、14ページ目の“PP&E支出を引いたキャッシュフロー対調整後の自由キャッシュフローの入金”を参照してください。
2022年通期展望報告書の純売上高と不変通貨で計算した純売上高増加の台帳 |
| | 2022年通年 |
| | ローエンド | | ハイエンド |
純売上高を報告する | | 2 | % | | 11 | % |
外貨換算 | | (2 | )% | | (2 | )% |
2022年展望不変通貨(非GAAP)による年間純売上高増加 | | 4 | % | | 13 | % |
2022年通年純収入と調整後EBITDAの入金 |
| | 2022年通年 |
| | ローエンド | | ハイエンド |
純収益は会計原則に認められている | | $ | 295 | | $ | 340 |
純利息支出 | | | 84 | | | 84 |
税金支出 | | | 101 | | | 116 |
減価償却 | | | 97 | | | 97 |
2022年通年目標EBITDA(非GAAP) | | $ | 577 | | $ | 637 |
営業外収入 | | | — | | | — |
再編成プロジェクト、純額 | | | — | | | — |
株補償費用 | | | 8 | | | 8 |
ダイナマイトを再配置する | | | 5 | | | 5 |
債務為替損失,関連ヘッジ(収益)損失を差し引く | | | — | | | — |
専門サービスコスト | | | — | | | — |
資本税費支出 | | | — | | | — |
2022年通年展望調整後EBITDA(非公認会計基準) | | $ | 590 | | $ | 650 |
2022年通期展望運営キャッシュフローからPP&E支出を差し引いた調整後の自由キャッシュフロー |
| | 2022年通年 |
| | ローエンド | | ハイエンド |
経営活動が提供する現金純額(GAAP) | | $ | 485 | | | $ | 585 | |
不動産·工場·設備支出 | | | (95 | ) | | | (95 | ) |
経営活動が提供する現金純額から支出を差し引く 不動産·工場·設備(非公認会計基準) | | $ | 390 | | | $ | 490 | |
再編成現金支払 | | | 10 | | | | 10 | |
非日常的現金項目 | | | — | | | | — | |
2022年通年展望調整後の自由キャッシュフロー(非公認会計基準) | | $ | 400 | | | $ | 500 | |