welcome, will Slide and Olivier, everyone. Thanks, my remarks I on begin X.
$XXX graph, reported left-hand GAAP will a the primarily QX a on at upper with constant driven Starting lower engine applications, sales, offset basis. the ramp-ups net small This X% partially million, was up last increase by sales and XXXX QX on from sales with currency up you on of XXXX gasoline see by X commercial years, of basis net of X% by vehicles. for
million, higher productivity $XXX quarter right-hand last continued This from million Moving to mentioned the the X% adjusted page, our earlier. of I of year. mix product $X EBITDA of unfavorable and strong increased upper fourth sales the execution, in up into reflects million or side $XXX operational translated the net
XX.X%, from As margin a EBITDA year. adjusted the down last was XX.X% result,
million efficiency slightly capital interest XXXX. due Compared left by stronger to is XXXX, bottom positive capital working partially adjusted from that year, QX by driven the on offset generated collections, $XXX expenditures. And free year-end Garrett $XXX last this of increase tax, of to we show QX flow of cash in in higher graph, up million and
cash in above We trend capital is with continue adjusted which our flow conversion our adjusted allocation free to to XX%, see line EBITDA framework.
bridge by QX category product compared last same sales the X. with Slide net year. page, At show the to we the Turning top of as our period
GAAP were constant a a on of sales of As basis X% $XX mentioned, QX on X% over basis, and QX million currency an increase reflecting XXXX. net up
gasoline X% XX% year. currency, of XX% $XX constant reported increase product North small last in products from million production by products engine platforms constant million currency, America. primarily sales, to were ramp-ups from an up total And Diesel volumes $XX XX% primarily at sales. adding products increased Europe, comprising up China of in higher year, sales, net and from on driven comprise flat XX% sales existing Gasoline now and in last of at
aftermarket real to industry vehicle pressure of XX% And X% saw environment of from favorable construction sales rate It QX in at business XX% constant finally, QX due comprises XX% products $X on of a high of sales, a growth. net in markets basis. Commercial million. decreased at XXXX. QX vehicle or impact total our weakness, $XX constant and currency or we estate exchange represented sales continued down in XX% as of XXXX. Commercial $XX down in XX% foreign year-over-year interest the by to decreased and And million million, driven from currency XXXX, net softness a
both $X.X full as GAAP XXXX, by over net bottom basis of $XXX billion, net Olivier us Net and the to an our were bridge million year. Moving full allowing now year constant currency as sales the of year reflecting increase year sales page, X% record achieve mentioned. basis, of we with sales this a compared last on category up the product show to
comprised up million constant products and increased Gasoline Europe. reported recovery Diesel were sales, XX% products product down in last driven sales. industry $XX ramp-ups, of last up in currency, now vehicle XX% of slightly Gasoline at increase an X% of XX% sales and and XX% XX% China adding light to year, net from primarily comprises from $XXX year. constant sales, currency, by total at million
and at in softness million declined real the half second to X% sales decrease again, constant vehicle environment sales, a by the $XX rate a estate commercial markets, primarily in of and high currency, the year. And driven interest of construction
XX% vehicles from XXXX. XX% total in Commercial down net represented in of sales XXXX,
$XX currency, an year X% on Our flat saw to XX% basis, at impact It to constant of foreign XXXX. net full comprises an a million increased unfavorable due $XX increase finally, we of exchange. million. business of And aftermarket sales
our million At offset with previously of an compared as $XX were we improvement delivered QX, gasoline, a million, EBITDA in over weaker the by from adjusted mainly last headwind, same year. Turning vehicle a $X EBITDA In Increased year. million. $XXX period the volumes, driven commercial resulting now product we bridge mix show adjusted EBITDA adjusted volumes, of last period mentioned, Slide X. net same representing by impacting to top QX the page, the
of to the technologies. continue as Overall, million, and pass total while emission dedicating performance successfully $XX a expenditures productivity, was through net to operating zero inflation over XX% of positive generate R&D we
of record of million. year full our year, Moving bottom compared $XXX to was we XXXX. delivered our bridge improvement year. have prior $XXX above represented of EBITDA with million million, we outlook midpoint This page, the over $XX which the a EBITDA the adjusted This adjusted
also our year with full financial in EBITDA framework. at our Our XX in came adjusted better XX.X%, line basis points margin midpoint outlook than
engine year volumes double-digit in in unfavorable first by as by $XX partially growth commercial was half product Strong million vehicle strong in impact, weaker small the contributed gasoline volumes. was offset the $XX growth mix of of offset partially applications and million
spend all $XX we was on growing XXXX performance of emission million versus the year. operating productivity overall and development inflation, delivered by $XX million, pass-through net while consistently of positive throughout Our our technology a zero and this prior
to million, adjusted as X. flow to XXXX. inventory very Slide of again, free to This of an of XX% flow a EBITDA. cash the cash EBITDA converted that by due bridge for driven $XX we, cash conversion $XXX in cash performance payables. as adjusted in show flow for million capital improvement Garrett primarily working now into adjusted delivered of free earnings a was and Moving we once healthy free adjusted well adjusted improvements record higher
term in expectations, year. due the increased expenditures and our of to loan $XX the line normalization were cash the our structure taxes and facilitate to million interest used earlier million cash of in $XXX issuance to Capital capital B with
in ended of with $XXX under the million our and million generation $XXX position of facility revolving driven comprised versus expectations million, Slide million credit was of $XXX of Turning net XXXX. ratio $XXX X.Xx, We now a cash. with to $XXX delevering coupled our X. strong of strong leverage undrawn by finished liquidity for XXXX half. capacity year, million a up This second the ahead unrestricted on of We with cash XXXX and
delevering in S&P our in resulted The structure, and capital a with consistent Garrett's generation cash and from outlook normalization strong a stable QX. upgrade BB-, ratings also of to
close use to our quarter, a value of to million total XXXX, earnings $XXX of we our $XX our repurchased cash during of we return continue repurchased the stock, million XX% and During as shareholders. to generation capitalization common to for market
a new $XXX million repurchase authorized has As Olivier Board share program mentioned earlier, our for XXXX. of
Our significant and financial robust framework cash balance capital-light generation consistent to enables and maintain our a us shareholders and to sheet. return value healthy
adjusted close good of we free program a given and is market our level is of cash of capitalization, current XX% to market share flow Our conditions. financial a think current repurchase cash that use
slide, assumptions flat our XX. can ranges you that see the growth, and this at by million; of outlook $XXX to net margin billion; flow Moving operating $XXX On EBITDA adjusted midpoints: the of financial sales in free net provided XXXX activities of net cash million. cash used $XXX adjusted sales constant planning following $XXX of implying of Slide we XX%; million; $X.X net of and million, currency; income imply a
well X XX% greater decrease average past on allows Our prior BEV in internal an when increase demand in is win coupled compared penetration production both average offset driving years increasing to penetration over on share turbo robust as new than of with us the business as engines, combustion This, to of year. a of X% vehicle light gains. rate the
engineering same revenue flattish XXXX. and mix to to inflation zero responsibly And roughly regions up products to zero in and spending our environment, across engineering verticals increasing and and in we spend research, offset of technologies. XXXX. to basis dedicate key increase our research, drives this XX deliver the expect points sales, XXXX from customer inflationary plan to interest emission our XX% time, pass-through In of us X.X% to for headwinds productivity development we and At emission development
Olivier to with And back wrap will that, call up. I now the turn to
