Garrett Motion Inc. (GTX) Earnings Call Transcript & Summary

Good morning and welcome to your Garrett Motion, Inc.'s Annual Meeting of Stockholders. It is now my pleasure to turn the floor over to Paul Blalock. The floor is yours.

Thank you, and welcome, everyone. I'm pleased to be the host for today's meeting, which is being held in a virtual-only format due to the COVID-19 pandemic as we are focused on ensuring the health and safety of all meeting participants. Before we begin, I'd like to make a few introductions. We are joined today by Carlos Cardoso, our Chairman of the Board; Olivier Rabiller, our President and CEO; Peter Bracke, our Vice President and Interim Chief Financial Officer; Fabrice Spenninck, our Senior Vice President and Chief Human Resources Officer; and Jérôme Maironi, our Senior Vice President, General Counsel and Corporate Secretary. In addition, each remaining member of our Board is also with us today, including Maura Clark, Courtney Enghauser, Susan Main, Carston Reinhardt, Jerome Stoll and Scott Tozier as well as other members of Garrett's senior management team. Also with us are representatives from Deloitte SA, our independent registered public accounting firm. Before we begin the formal business of today's meeting, please note today's agenda as well as the rules of conduct and procedures are available under Meeting Materials on the web portal. In fairness to all stockholders participating today and in the interest of an orderly meeting, we require that you honor these procedural rules and thank you in advance for your cooperation. Note that only stock stockholders who are logged into the meeting using their 16-digit control number will be able to vote and submit questions at today's meeting. With that, I will now turn the meeting over to Carlos Cardoso.

Thank you, Paul, and welcome, everyone. The meeting will now officially come to order. The polls opened today, May 28, 2020, at 10 a.m. Eastern time for voting on all matters before the meeting. If you have not already voted and wish to vote, the polls will remain open until we finish presenting the proposals and close the polls. You do not need to vote during the meeting if you have already voted and do not wish to change your vote. The Corporate Secretary will file the proof of mailing of notices of the meeting with the records of the meeting. All stockholders of record at the close of business on April 3, 2020, or holders of a value proxy are entitled to vote at the meeting. Our Inspector of Election for this meeting is [Anita Celeste], who has signed a customary oath of office to execute her duties with strict impartiality. We will file this oath with the records of the meeting. The Inspector of Election has certified that sufficient shares of common stock are present or represented by proxy today at the meeting to constitute a quorum for the transaction of the business. Therefore, I now declare the meeting properly convened for consideration of the items of business set forth in the proxy statement. There are 3 proposals before the meeting today, and those proposals are fully described in our proxy statement, which is available under Meeting Materials on the web portal. We encourage you to vote in accordance with the Board's recommendation for each proposal. The first item of business is the election of directors. The proxy statement contains information relating to the election of Courtney Enghauser, Carston Reinhardt and Jerome Stoll, to our Board to serve as Class II directors, each for 2-year term ending at the 2022 Annual Meeting of Stockholders. The Board of Directors has unanimously recommended a vote for each of the 3 nominees. The second item of business is proposal to rectify the appointment of Deloitte SA as the company's independent registered public accounting firm for 2020. The Board of Directors has unanimously recommended a vote for this proposal. And the third and final item of business in the advisory board and compensation of our named executive officers or [Audio Gap] stockholders have been asked to approve the following resolution. Resolved that the stockholders of Garrett Motion, Inc. approve on an advisory basis, the 2019 compensation of Garrett Motion, Inc.'s named executive officers as described in the Compensation Discussion and Analysis and disclosed in the Summary Compensation table and related compensation tables and narrative disclosures set forth in the Garrett Motion, Inc.'s proxy statement for the 2020 Annual Meeting of Stockholders. The Board of Directors has unanimously recommended a vote for the approval on an advisory basis of the compensation of our named executive officers as provided in the foregoing resolution. All the proposals on the agenda are now before the meeting. If any stockholder has a question or would like to make a comment regarding any of those 3 proposals and has not already done so, please submit a question or comment now through the web portal. As a reminder, this is your final opportunity to vote. If you already submitted your vote or voted by telephone or Internet, your shares of common stock will be voted accordingly, and you need not vote again. In addition, any stockholder was not voted or wishes to change his or her vote may do so by following the instructions on the web portal. We will now pause for 30 seconds to allow any such votes. [Voting]

The time now is 10:08 a.m. on Monday, 28th, 2020, and I now declare the polls closed for voting on all items of business. Based on the preliminary report of the Inspector of Election, Courtney Enghauser, Carston Reinhardt and Jerome Stoll, have been elected as directors. The appointment of Deloitte SA as our independent registered public accounting firm has been ratified. And stockholders have approved an advisory nonbinding basis, the compensation of named executive officers. This concludes the business of today's meeting. Within 4 business days, we expect to post on Garrett's website and file with the SEC on Form 8-K the final vote tabulations. The final report of Inspector of Election will be filed with the record of this meeting. Again, thank you for your participation today. The formal voting portion of today's meeting is now complete, and the meeting is formally adjourned. I'll turn it back to Paul now.

Thank you, Carlos. We will now proceed with our Q&A session. If you'd like to submit a question, please follow the instructions on the web portal, and please note that we will only be answering questions that are within the parameters of the rules of conduct, and only stockholders who have logged into the meeting using their 16-digit control number, are able to submit a question. I will read aloud each question to Carlos, and he will respond directly or redirect the question accordingly. I am currently showing no questions pending in the webcast.

Thank you, everyone.

This concludes our question-and-answer session, and the meeting has now also concluded. Thanks to everyone for their participation. Enjoy the rest of your day, and you may now disconnect.