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Garrett ADVANCING MOTION Garrett Motion Reports First Quarter 2021 Financial Results Exhibit 99.1 First Quarter 2021 Highlights Net sales totaled $ 997 million , an increase of 33.8 % on a reported basis and 25.6 % at constant currency * Net loss totaled $ 105 million ; Adjusted net income * was $ 96 million Adjusted EBITDA * increased to $ 176 million ; Adjusted EBITDA margin * improved 320 basis points to 17.7 % Net cash provided by operating activities totaled $ 32 million Adjusted free cash flow * totaled $ 162 million ; Adjusted free cash flow conversion rate * was 169 % ROLLE , Switzerland , April 29 , 2021 - Garrett Motion Inc. , a leading differentiated technology provider for the automotive industry , today announced its financial results for the first quarter ended March 31 , 2021 . $ millions ( unless otherwise noted ) Net sales Cost of goods sold Gross profit Gross profit % Selling , general and administrative expenses ( Loss ) income before taxes Net ( loss ) income Adjusted net income * Adjusted EBITDA * Adjusted EBITDA margin * Net cash provided by operating activities Adjusted free cash flow * See reconciliations to the nearest GAAP measure in pages 4-11 . Q1 2021 Q1 2020 997 745 801 607 196 138 19.7 % 18.5 % 55 57 ( 81 ) 53 ( 105 ) 52 96 71 176 108 17.7 % 14.5 % 32 57 162 58 " We are encouraged by our strong start to 2021 , delivering results that exceeded our expectations across all key financial metrics , " said Olivier Rabiller , Garrett President and CEO . “ During the first quarter , we maintained our positive sales momentum , generating approximately $ 1 billion in net sales for the second consecutive quarter and outperformed global auto production by 15 percentage points . Our Adjusted EBITDA margin in the quarter improved 320 basis points , which we believe reflects our ability to leverage Garrett's global operating platform and adapt our variable cost structure . Management's intense focus on conversion also led to robust adjusted free cash flow , which more than doubled in Q1 to $ 162 million . " Mr. Rabiller added , " Our business fundamentals remain sound with increasing demand for Garrett's differentiated technologies complemented by our proven track record in operational excellence . We continue to expand our in - house advanced engineering capabilities and invest in world - class turbo , electrification and software solutions for both passenger and commercial vehicles on a worldwide basis . " Through our financial restructuring , we expect to emerge shortly with a new capital structure with less debt and strong sponsorship to support our strategic vision . I am proud of our team's performance throughout this process while navigating the ongoing global pandemic . Although challenges remain , we believe our new foundation will help solidify Garrett's technology leadership and strengthen its operations over the long - term as we continue to address the needs of an industry undergoing rapid transformation . " Results of Operations Net sales for the first quarter of 2021 were $ 997 million compared to $ 745 million in the first quarter of 2020 , an increase of 33.8 % . Net sales at constant currency increased 25.6 % and total volumes expanded 30 % to 3.8 million units . During the first quarter , light vehicles OEM products increased $ 197 million , commercial vehicles OEM products increased $ 44 million , aftermarket products increased $ 9 million , and other products increased $ 2 million . 1