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GTX Garrett Motion

Garrett Motion Inc., formerly Honeywell Transportation Systems and Honeywell Turbo Technologies, is an American company primarily involved in engineering, development and manufacturing of turbochargers and related forced induction systems for ground vehicles from small passenger cars to large trucks and industrial equipment and construction machinery. It originated as part of Garrett AiResearch's Industrial Division in Phoenix, Arizona in 1954, after which they entered a contract to provide 5,000 turbochargers for the Caterpillar mining vehicle. It manufactured turbochargers for railroads and commercial trucks. The business produced approximately $3.2 billion in revenue in 2011. Garrett Motion is also involved in motorsports providing turbochargers and forced induction systems, solutions and related equipment to racing teams and various forms of automobile racing and professional competitions. In 2004, the business became part of American industrial conglomerate Honeywell International, Inc., as their Transportation Systems division. In 2018, it was spun off to become an independent company under the Garrett Motion name with corporate headquarters in Rolle, Switzerland. John Clifford "Cliff" Garrett founded the Aircraft Tool and Supply Company in a one-room office in Los Angeles in 1936. In 1938, the company changed its name to Garrett Corporation, consolidating several companies into one with three divisions. The company produced aircraft turbochargers for the war effort in World War II, as well as avionics, environmental controls and other products.

Company profile

Ticker
GTX, GTXAP
Exchange
CEO
Olivier Rabiller
Employees
Incorporated
Location
Fiscal year end
Former names
Garrett Transportation Systems Inc.
SEC CIK
IRS number
824873189

GTX stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

29 Jul 21
25 Sep 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 616M 616M 616M 616M 616M 616M
Cash burn (monthly) (positive/no burn) (positive/no burn) (positive/no burn) (positive/no burn) 141M 22.58M
Cash used (since last report) n/a n/a n/a n/a 402.66M 64.49M
Cash remaining n/a n/a n/a n/a 213.34M 551.51M
Runway (months of cash) n/a n/a n/a n/a 1.5 24.4

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jun 21 Attestor Value Master Fund Series A Preferred Stock Sell Dispose S Yes No 8.5602 160,000 1.37M 4,364,904
15 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 8.1107 369,772 3M 2,156,898
14 Jun 21 Attestor Value Master Fund Series A Preferred Stock Sell Dispose S Yes No 8.7 65,000 565.5K 4,524,904
14 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 8.1127 76,378 619.63K 2,526,670
11 Jun 21 Attestor Value Master Fund Series A Preferred Stock Sell Dispose S Yes No 8.7 25,000 217.5K 4,589,904
11 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 7.9517 16,508 131.27K 2,603,048
10 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 7.7442 33,446 259.01K 2,619,556
9 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 7.8104 45,470 355.14K 2,653,002
8 Jun 21 Attestor Value Master Fund Series A Preferred Stock Sell Dispose S Yes No 8.74 40,000 349.6K 4,614,904
8 Jun 21 Attestor Value Master Fund Common Stock Sell Dispose S Yes No 7.77 24,902 193.49K 2,698,472

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 178 74 +140.5%
Opened positions 145 10 +1350.0%
Closed positions 41 18 +127.8%
Increased positions 6 3 +100.0%
Reduced positions 6 14 -57.1%
13F shares
Current Prev Q Change
Total value 472.06M 89.07M +430.0%
Total shares 206.86M 30.93M +568.9%
Total puts 93K 0 NEW
Total calls 32.6K 0 NEW
Total put/call ratio 2.9
Largest owners
Shares Value Change
HON Honeywell International 70.92M $0 +2349.0%
Centerbridge Credit Partners Master 51.79M $0 +1745.9%
Sessa Capital 23.5M $0 +240.0%
Cyrus Capital Partners 10.22M $81.56M NEW
Attestor 7.99M $0 NEW
Sessa Capital IM 6.91M $55.16M NEW
Keyframe Capital Partners 4.89M $0 +224.8%
Attestor Value Master Fund 4.24M $34.54M NEW
Oaktree Capital Management 3.59M $28.67M 0.0%
Baupost 3.58M $28.53M 0.0%
Largest transactions
Shares Bought/sold Change
HON Honeywell International 70.92M +68.03M +2349.0%
Centerbridge Credit Partners Master 51.79M +48.99M +1745.9%
Sessa Capital 23.5M +16.59M +240.0%
Cyrus Capital Partners 10.22M +10.22M NEW
Attestor 7.99M +7.99M NEW
Sessa Capital IM 6.91M +6.91M NEW
Attestor Value Master Fund 4.24M +4.24M NEW
Centerbridge Partners 3.39M +3.39M NEW
Keyframe Capital Partners 4.89M +3.39M +224.8%
Marathon Asset Management 0 -2.53M EXIT

Financial report summary

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Risks
  • Industry and economic conditions may adversely affect the markets and operating conditions of our customers, which in turn can affect demand for our products and services and our results of operations.
  • We recently emerged from bankruptcy, which could adversely affect our business and relationships.
  • Our actual financial results after emergence from bankruptcy protection may not be comparable to our historical financial information.
  • Our actual financial results may vary significantly from the projections that were filed with the Bankruptcy Court.
  • Upon our emergence from bankruptcy, the composition of our Board of Directors changed significantly.
  • The ability to attract and retain key personnel is critical to the success of our business and may be affected by our emergence from bankruptcy.
  • Risks Related to Our Capital Structure
  • We have substantial debt following our emergence from the Chapter 11 Cases and may be unable to generate sufficient cash flows from operations to meet our debt service and other obligations.
  • We have substantial payment obligations to Honeywell under the terms of the Series B Preferred Stock.
  • Our substantial indebtedness and other obligations could adversely affect our ability to raise additional capital to fund our operations and limit our ability to react to changes in the economy or our industry.
  • Despite our substantial indebtedness, we may still be able to incur significant additional indebtedness. This could intensify the risks described above and below.
  • Our Credit Facilities and the terms of the Series A Preferred Stock contains operating and financial restrictions that may restrict our business and financing activities.
  • A downgrade in our debt ratings could restrict our access to, and negatively impact the terms of, current or future financings or trade credit.
  • Honeywell has the right to require the repayment of the Series B Preferred Stock in full in certain circumstances.
  • Our ability to carry out our business plan, to fund and conduct our business, service our debt and pay dividends (if any) depends on cash flows generated by our subsidiaries.
  • If securities analysts do not publish research or reports about our business or if they downgrade or provide negative outlook on our stock or our sector, our stock price and trading volume could decline.
  • Ownership positions of certain of our stockholders may lead to conflicts of interest and could negatively impact the price of our securities.
  • Our ability to raise capital in the future may be limited, which could make us unable to fund our capital requirements.
  • We expect to make significant grants under our equity incentive program.
  • Anti-takeover provisions in our organizational documents could delay or prevent a change of control.
  • There is no public market for the Series A Preferred Stock.
  • Our Series A Preferred Stock is subordinated to our indebtedness upon liquidation.
  • Preference dividends may only be paid when, as and if declared by disinterested directors out of funds legally available.
  • Preference dividends may not be paid if we do not generate sufficient Consolidated EBITDA.
  • The terms of the Credit Facilities restrict our ability to make dividend payments on the Series A Preferred Stock until December 31, 2022.
  • Accrued and unpaid preference dividends may be paid in Common Stock in the event of a voluntary or automatic conversion, and there may not be a market for such Common Stock.
  • The Series A Preferred Stock will automatically convert into Common Stock in certain circumstances.
  • The Series A Preferred Stock is redeemable at our option in certain circumstances.
  • Certain holders of our Series A Preferred Stock may be restricted in their ability to transfer or sell their shares.
  • The trading price of our Common Stock may decline, including as a result of sales by initial holders pursuant to their registration rights, or the perception that such sales may occur.
  • Our Common Stock is subordinated to our Series A Preferred Stock and to our indebtedness upon liquidation.
  • The Series A Preferred Stock is entitled to both preference dividends and participating dividends and no dividends may be paid on Common Stock so long as there are any accrued and unpaid dividends on the Series A Preferred Stock.
  • Because we currently have no plans to pay cash dividends on our Common Stock, you may not receive any return on investment unless you sell your Common Stock for a price greater than that which you paid for it.
  • The Series A Preferred Stock (including accrued and unpaid dividends) may convert into our Common Stock in certain circumstances and holders of our Common Stock will experience significant dilution.
  • Future sales or other issuances of Common Stock or other equity securities will dilute existing holders of Common Stock and adversely affect the price of our Common Stock.
  • There is an increased potential for short sales of our Common Stock due to the sale of Common Stock issued upon conversion of the Series A Preferred Stock.
  • We may not be able to maintain a listing of our Common Stock on Nasdaq or any other national securities exchange.
  • Certain holders of our Common Stock may be restricted in their ability to transfer or sell their securities.
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