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Garrett ADVANCING MOTION Garrett Motion Reports Third Quarter 2021 Financial Results Exhibit 99.1 Third Quarter 2021 Highlights Reported net sales totaled $ 839 million , up 2.2 % at constant currency * Net income available to common shareholders totaled $ 27 million ; Adjusted net income * was $ 65 million Adjusted EBITDA * increased to $ 134 million ; Adjusted EBITDA margin * improved to 16.0 % Net cash used for operating activities totaled ( $ 55 ) million Adjusted free cash flow * totaled $ ( 63 ) million Year - to - Date 2021 Highlights Net sales totaled $ 2,771 million , up 29.7 % at constant currency * Net income available to common shareholders totaled $ 307 million ; Adjusted net income * was $ 253 million Adjusted EBITDA * increased to $ 478 million ; Adjusted EBITDA margin * improved to 17.3 % Net cash used for operating activities totaled ( $ 446 ) million Adjusted free cash flow * totaled $ 195 million ROLLE , Switzerland , October 28 , 2021 - Garrett Motion Inc. ( Nasdaq : GTX ) , a leading differentiated technology provider for the automotive industry , today announced its financial results for the quarter and nine months ended September 30 , 2021 . $ millions ( unless otherwise noted ) Q3 2021 Q3 2020 2021 YTD 2020 YTD Net sales Cost of goods sold 839 804 2,771 2,026 676 657 2,219 1,661 Gross profit 163 147 552 365 Gross profit % 19.4 % 18.3 % 19.9 % 18.0 % Selling , general and administrative expenses 60 98 166 202 Income before taxes 91 10 449 65 Net income 63 11 367 54 Adjusted net income * 65 60 253 138 Adjusted EBITDA * 134 120 478 291 Adjusted EBITDA margin * 16.0 % 14.9 % 17.3 % 14.4 % Net cash used for operating activities ( 55 ) ( 41 ) ( 446 ) ( 136 ) Adjusted free cash flow * ( 63 ) ( 8 ) 195 ( 108 ) * See reconciliations to the nearest GAAP measure in financial tables . " Our financial results for the third quarter demonstrate Garrett's resilience by delivering reported net sales growth and preserving an attractive margin profile in a challenging macro environment , " said Olivier Rabiller , Garrett President and CEO . " Although Q3 volumes were impacted by the ongoing chip shortage , we outperformed global auto production in the quarter by approximately 19 percentage points . Our Adjusted EBITDA margin in the quarter improved year - over - year to 16.0 % as we capitalized on a favorable sales mix and maintained disciplined productivity management , both internally and with our supply base . We also increased our financial flexibility by amending our Series B Preferred Stock under favorable terms with the aim of beginning to normalize and further deleverage our balance sheet . We continue to focus on enhancing Garrett's capital structure , and intend to pursue new growth opportunities in electrification that leverage our differentiated technologies and advanced in - house capabilities for the long - term benefit of shareholders . " 1