Thanks, X. I and remarks Slide everyone. welcome, Olivier, begin will on my
sales In of net currency. growth XX.X% a constant XX.X% the at first quarter, Garrett on strong basis and reported reported
in in higher Our volumes performance launches, reflects for from quarter turbo increased especially China. engines new product stemming gasoline and gasoline the penetration
our manufacturing X for While our of was material stemming we continue reflects in elsewhere, year-over-year outperform Shanghai in to operations the slowdown time In during Wuhan due pandemic. significant QX comparison in last also in this year, a XXXX pandemic. China our on from and plant Garrett's facility impact to and the experienced closed the COVID-XX weeks,
million to margin Adjusted EBITDA equates for compared QX XXXX was which up XX% XXXX, to adjusted EBITDA of to as an $XXX XX.X%. QX
to upon We Garrett's our generating focus operational record cost volume continue higher structure in to and excellence on draw adapting to our proven improve variable leverage profitability. track
net conversion was Our we $XXX cash free million, representing million which adjusted as define rate, flow adjusted $XXX flow over cash free flow adjusted cash adjusted free income.
capital, Our which more strong robust working impacted slide. was cash by I later a on discuss conversion positively will
debt net of litigation first financial in and achieved expenses a compensation results Overall, across exceeding increase expectations and strong for restructuring stock-based This compensation the restructuring unhedged excludes items, to adjusted Honeywell $XX million. income obligation excludes reorganization the XXXX costs exposure, which reported expenses, of in of million, quarter key costs compares all of for XXXX indemnity the first which stock-based $XX our XX%. quarter, adjusted first metrics. we year-over-year Garrett Lastly, income, of net and quarter
X, product Slide we line. by net our and illustrate sales to Turning region
the enabled strong sales of XXX% XXXX. to first Our net to net which sales performance grew our first by total X/X the nearly of quarter in in China Asia grow quarter, in
long-term growth China to expect a component continued We as growth strategy. region remains in Garrett's this critical
in the our of all we in are our footprint China facility to most impact our we expanding customers. China We increased QX, the increasing net demand of and believe our in auto Olivier largest strong production to up world's of the as Wuhan the despite sales market. needs growth Based in products the currently COVID-XX XX% our the underscores for ensure XXXX, importance pandemic, expanding by meet process the of progressive mentioned considerable of in on earlier, Leading our
completion the XX%. quarter XXXX state-of-the-art scheduled is Our for in this first Wuhan expected by size facility of increase and is expansion approximately of the to project
gasoline On largest points of up in remains from line This X net the product sales the period. side, our the China. in and we from fastest show our was performance quarter, prior year percentage percentage the segment first growing in category, XX% with
remained X to product on our up Slide But for aftermarket turn slide, note, QX sales Commercial the point. in same, were unusual slide.
On first vehicles provide skewed, all next this percentage given we businesses these X the as sales the Also And diesel decreased products these year-over-year X, points. again percentages are in and declined the comparison. bridge QX quarter. organically of net by we
impact over million, of China. were increased the to the of to XXXX. products product representing due period Gasoline year, mainly same pandemic currency XX% in increase the due primarily year-over-year All lines our $XX constant last at of up an
XX% Diesel million in increased led at constant currency, products the Europe. quarter or our in $XX performance by
Our resilient by was it last diesel recover business pandemic. year after significantly continues impacted the to
Commercial while by slightly volumes $XX constant by benefited million, million Europe vehicles sales higher or China, business constant at currency. in from X% This or XX% increased $X at improved high-margin aftermarket both and currency.
U.S. impact by dollar $XX was in FX a higher million QX primarily rate of XXXX. exchange QX of overall euro The driven versus to
net the points outperformance the Overall, outgrowth than our at strong enabled we top This XX.X% constant sales when of at sales quarter of net line generated growth follows growth XX-point currency, a XXXX Garrett constant percentage over to more in QX XX.X% of performance post in representing industry. XX currency.
for XXXX. to QX walk see XXXX Slide QX XX, our to EBITDA as adjusted Turning you compared
compared In due higher last our the X.X a increase million an units, of provide volumes XXXX. our adjusted of the to transparency in forward. totaled from For our quarterly to year, to Garrett's first to same the we prudent was QX manner, volumes. XX% goal $XXX Consistent quarter, period going quarter, with up volumes approximately XX% EBITDA increase million mainly intend
year-over-year Our XX.X% points. the represented adjusted a of in quarter XXX of basis EBITDA margin improvement
the mix volumes, normalized, have to has products. continued the by our addition past over towards although QX the past, gains, is of X, we what generated In related product more significant with in offset to we productivity shift This in in gasoline portfolio partially seen change headwinds consistent mix rate quarters. slowed the shift
As the in such could of despite the of productivity commodities pass-through cost mentioned our clauses earlier, rising significant future for continue certain commodities, we which impact monitor to our as customer nickel.
global picks activity transitory. remains seen if up, As it be pressures to manufacturing more are inflationary than
the the in have chip place recent shortage combined the the to combined chain. stress supply on bottleneck Suez Additionally, with Canal global further
To impacted materially cautious. date, developments, remain but not been have we these by
base higher COVID-XX pandemic-related more volumes than work mix in XXXX. management, the in into X.X% worldwide target a part differentiator the flexible advanced in in our and suppliers account well our XXXX continue XXX That agile crisis. We with to pricing as QX closely to than more offset the we adjustments was addition our XXXX as of core from the quarter than lower productivity QX XXX higher to due Garrett.
The reductions headwinds offset the to points pricing taking supply basis for ensure after impact than QX as remain and of reflects of more price gains of said, our
in in QX, versus The and $X increased on the prior adjusted was $X million. QX by SG&A benefit expenses year $XX decreased EBITDA million. XXXX million R&D slightly FX
in quarter productivity year-over-year volume QX. notable incremental our by the driven our a in first XX%, strong gains leverage Lastly, and margin was
strong is compared $XX the walk XX. Slide In adjusted million, million to cash more than We double flow cash QX, free the our $XXX totaled to free adjusted flow our Turning which provide EBITDA for quarter. This in is as our in already quarter robust $XX adjusted million the reduction well capital. performance of attributable first the quarter, as as a working we in had XXXX. to discussed,
weeks terms Typically, net as we sales of reversed first in year reduction due shipments our dramatically of to end our first relatively the consistent quarter, for in towards receivables lower record of working XXXX, in the trend quarter following December. above. quarter the flow of collections mentioned QX Garrett historical final the the This from be XXXX. During the seasonal capital with first the factors, tends record weaker to cash drop driving in benefited in
on XXXX. from down there quarter basis the paid commitments quarter commitments for in are $XX million, following a in as expenditures in QX year capital the the first the Our fewer were cash made totaled quarter. Typically, fourth prior period
throughout We as expect in were the our CapEx pandemic. XXXX, that to postponed we year gradually capital increase expenditures last the of our phase due initiatives steadily to remainder
which emergence. $XX while And rates nonlinear borrowings under $XX reflects the well quarterly show the taxes Cash are financing XX, Slide higher chapter we structure interest on up a of payments and in under and our revolver. DIP cash QX increased our was oven million, our as often higher capital fluctuate as basis.
On as timing at million
We shares our shares million per approximately This approximately resulting under exercise today. reorganization reduced of certain $X.XX approximately total by $XX cash plan, by million million. the company a of in and be XX the in will XX outstanding have our payment cash share of the by number option following of amount of shareholders common stock issued the
of replaced other common be emergence. and old stock new stock The of at will common by shares canceled shares
to expect we of million issued approximately stock XX common shares emergence. result, a outstanding As have at and
common expect by terms for the we shares plan, have awards new determined future issuance equity under to following stock of and the conditions approximately million will and be addition, reserved under the incentive emergence. In Board XX.X which of
stock also preferred are to issuing These common We common a XXX are into shares. price $X.XX of new share, strike shares million Series future billion approximately per at in A approximately adjustment. subject totaling $X.X convertible stock
permitted XXXX. to dividend cash an declared. EBITDA less entitled LTM And million, December dividends quarterly $XXX paid. if are per annum, cash not if adjusted Preferred we is through our be when make if paid not than accrue to consolidated XX% XX, and otherwise paid dividends in any be cannot and The A will stockholders Dividends
Garrett's common of convertible stock, Series shares emergence approximately number increase XXX therefore fully of million on the upon A would conversion shares full basis. preferred to a diluted total the Assuming
Series We fixed also our shares into annual B issued parent financial former payments common The will are callable Honeywell circumstances. stock, million B stock into stock. restructures not preferred our settles Garrett's and Series under of the to preferred convertible be issued that with $XXX to litigation certain in obligations which are and them
Importantly, we have as reimbursement of with deferral the EBITDA, while covenants removed a LTM moment I materially restrictive we agreements a based maintaining mechanism Honeywell. the million associated mentioned ago. still Separately, the consolidated on of $XXX adjusted legal to former the also eliminated expenses
We payment an at complete the initial expect funded offering cash plan. to Honeywell by $XXX our million rights emergence, to under reorganization totaling
$XX.X Following April beginning million Honeywell After our XXXX XXXX, each reducing in next XX the April and this will will annual in make obligations of be of initial in the our of due tenor to $XXX April X significantly we payment, prior amount XXXX filing. Chapter in payments that, payment ending million. our
remaining at call the months rate up payments million of to $XXX amortization discount of has Additionally, option first in to a an Garrett the XX X.XX%.
We also option to just at the call at time rate mentioned. discount have the amount entire any the
agreed event go put at sequential adjusted Honeywell will using discount the present LTM the stock rate exceeds a million of option The has totals X.XX%. $XXX net $XXX value approximately Series X quarters. EBITDA million in emergence, preferred B that live for the of our
new a revolving Lastly, facility. obtained debt committed $X.XX financing, consisting and of $XXX $X.XX credit of loan million term we billion billion a equivalent
benefits flexibility operational believe with restrictions. while structure financial increasing our provides and Garrett removing substantial our capital by We new material
We by are outcome. excited this
restructuring as been, impediment believe this process balance for as act for longer will future will sheet arduous an instrument growth. we As our and an our as instead has company serve no
expected debt we XX, show at Slide profile to emergence. Turning our
includes and a tranche. XXX facility a and USD term a Our new capital EUR million revolving million $XXX of debt consisting million XXX credit X-year B loan X-year tranche
this terms restrictions right distributions. are on side include shown of specific key page cash and on the The
any to moment XXXX, a the cash mentioned payments on through are December stock preferred ago. we Specifically, as new not permitted A Series make I XX,
EBITDA January than payment make XXXX fourth to LTM XXXX entitled million. unless the on X, $XXX however, be, will of for less our a adjusted and cash consolidated quarter thereafter We is
been filing. to on annual XX And slide, we considerably Also you have how our this don't reduced maturities until our obligations compared see debt any Chapter significant have XXXX. before
Additionally, future Series total planning efforts. will the long-term transparency in short-term our payment and under have in helps respect preferred obligations to B stock, we which strategic
As the performance.
With ability Garrett in our to a some securities operating of light with which a to that, be may possibility call turn new Olivier. will reminder, recent back I our prepay, of over provide the
