Visteon Corporation (NASDAQ: VC) today reported fourth quarter and
full-year 2022 financial results that exceed its previous outlook.
Highlights include:
- $1,064 million Q4 net sales; up 35%
from prior year
- Net income of $34 million in Q4 or
$1.18 per diluted share
- Adjusted EBITDA of $103 million,
9.7% of sales in Q4
- 45 new products launched for the
year
- $6 billion in new business wins in
2022
- $174 million net cash position at
year-end
Fourth Quarter Financial ResultsFor the three
months ending December 31, 2022, Visteon reported net sales of
$1,064 million, representing a year-over-year growth of 35%, or 43%
when excluding the impact of currency, from the prior year. Sales
performance was driven by the ramp up of recently launched
products, favorable pricing, and customer vehicle production
growth. Market out-performance in the quarter represents the 15th
consecutive quarter of growth-over-market relative to customer
weighted vehicle production.
Gross margin in the fourth quarter was $114 million, and net
income attributable to Visteon was $34 million. Adjusted EBITDA, a
non-GAAP measure as defined below, was $103 million for the fourth
quarter of 2022 or 9.7% of sales, representing a very strong
performance despite global semiconductor shortages impacting
production throughout the quarter. Adjusted EBITDA benefited from
robust sales and the ongoing benefits of cost and commercial
discipline.
Full-Year Financial ResultsFor the year ending
December 31, 2022, Visteon reported net sales of $3,756 million,
representing year-over-year growth of 35%, or 40% when excluding
the impact of currency.
Gross margin in 2022 was $368 million, and net income
attributable to Visteon was $124 million. Adjusted EBITDA was $348
million in 2022 or 9.3% of sales, driven by higher sales while
leveraging a lean cost base with modest increases in engineering
and other fixed costs. Positive pricing mostly offset the
incremental costs caused by the ongoing global semiconductor
shortages and other supply chain challenges.
Cash provided by operations for the 12 months ending December
31, 2022 was $167 million and cash used for capital expenditures
was $81 million. Adjusted free cash flow, a non-GAAP financial
measure as defined below, was $101 million for the full year.
Adjusted free cash flow benefited from strong adjusted EBITDA and
continued capital expenditure discipline, partially offset by an
increase in working capital due to an increase in inventory as a
result of uneven customer production schedules caused by the
semiconductor shortages.
New Business Wins and Product Launch
HighlightsThe company won $6 billion of new business in
2022, leveraging its strong, diversified product portfolio that
addresses key industry trends. Visteon launched 13 new products in
the fourth quarter, resulting in 45 new products in total for 2022,
which continues to build the foundation for the company’s
sustainable market out-performance.
Visteon won significant new business throughout the year in all
core product lines including conquest wins in SmartCore™ and
advanced display programs with global customers. In the fourth
quarter, the company continued its success in cockpit domain
controllers, with a follow-on SmartCore™ program win with an Indian
OEM. Additionally, Visteon won two high volume display programs,
including a center infotainment display on a future electric
vehicle version of a flagship SUV for a North American OEM and a
follow-on multi-display module win for a Japanese OEM.
Robust Growth in 2022 and Strong Outlook
for 2023"The Visteon team had a strong finish to round out
a successful 2022, again achieving market out-performance along
with 45 new program launches and $6 billion in new business wins,"
said President and CEO Sachin Lawande. "Through the continued
momentum of our next-generation products and relentless execution,
in 2023, we anticipate that we will continue to grow sales, expand
margins, and increase adjusted free cash flow generation.”
Visteon's full-year 2023 guidance anticipates sales in the range
of $3.95 billion and $4.15 billion, Adjusted EBITDA in the range of
$405 million and $445 million, and Adjusted Free Cash Flow in the
range of $115 million and $165 million.
About VisteonVisteon is a
technology leader in automotive electronics dedicated to creating a
more enjoyable, connected and safe driving experience. Our
platforms leverage proven, scalable hardware and software solutions
that enable the digital, electric and autonomous evolution of our
global automotive customers. Visteon products align with key
industry trends and include digital instrument clusters, displays,
Android-based infotainment systems, domain controllers, advanced
driver assistance systems (ADAS) and electrification systems. Learn
more at https://investors.visteon.com/.
Conference Call and
PresentationToday, Thursday, Feb. 16, at 9 a.m. ET, the
company will host a conference call for the investment community to
discuss the quarter’s results and other related items. The
conference call is available to the general public via a live audio
webcast.
The dial-in numbers to participate in the call
are:
U.S./Canada: 1-888-440-4360Outside U.S./Canada:
1-646-960-0832Conference ID: 4719410
(Call approximately 15 minutes before the start
of the conference.)
The conference call and live audio webcast,
related presentation materials and other supplemental information
will be accessible in the Investors section of Visteon’s
website.
A replay of the conference call will be
available through the company’s website or by dialing
1-800-770-2030 (toll-free from the U.S. and Canada) or
1-647-362-9199 (international). The conference ID for the phone
replay is 4719410. The phone replay will be available soon after
the completion of the call and until 11:59 p.m. ET on Thursday,
March 2.
__Use of Non-GAAP Financial
Information Because not all companies use identical
calculations, adjusted gross margin, adjusted SG&A, adjusted
EBITDA, adjusted net income, adjusted EPS, free cash flow and
adjusted free cash flow used throughout this press release may not
be comparable to other similarly titled measures of other
companies.
In order to provide the forward-looking non-GAAP
financial measures for full-year 2023, the company is providing
reconciliations to the most directly comparable GAAP financial
measures on the subsequent slides. The provision of these
comparable GAAP financial measures is not intended to indicate that
the company is explicitly or implicitly providing projections on
those GAAP financial measures, and actual results for such measures
are likely to vary from those presented. The reconciliations
include all information reasonably available to the company at the
date of this press release and the adjustments that management can
reasonably predict.
Forward-looking Information
This press release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "will," "may," "designed to," "outlook," "believes,"
"should," "anticipates," "plans," "expects," "intends,"
"estimates," "forecasts" and similar expressions identify certain
of these forward-looking statements. Forward-looking statements are
not guarantees of future results and conditions but rather are
subject to various factors, risks and uncertainties that could
cause our actual results to differ materially from those expressed
in these forward-looking statements, including, but not limited
to:
- continued and
future impacts of the coronavirus (COVID-19) pandemic on our
financial condition and business operations including global supply
chain disruptions, market downturns, reduced consumer demand and
new government actions or restrictions;
- continued and
future impacts related to the conflict between Russia and the
Ukraine including supply chain disruptions, reduction in customer
demand, and the imposition of sanctions on Russia;
- significant or
prolonged shortage of critical components from our suppliers,
including but not limited to semiconductors, and particularly those
who are our sole or primary sources;
- failure of the
Company’s joint venture partners to comply with contractual
obligations or to exert influence or pressure in China;
- conditions
within the automotive industry, including (i) the automotive
vehicle production volumes and schedules of our customers, (ii) the
financial condition of our customers and the effects of any
restructuring or reorganization plans that may be undertaken by our
customers, including work stoppages at our customers, and (iii)
possible disruptions in the supply of commodities to us or our
customers due to financial distress, work stoppages, natural
disasters or civil unrest;
- our ability to
satisfy future capital and liquidity requirements; including our
ability to access the credit and capital markets at the times and
in the amounts needed and on terms acceptable to us; our ability to
comply with financial and other covenants in our credit agreements;
and the continuation of acceptable supplier payment terms;
- our ability to
access funds generated by foreign subsidiaries and joint ventures
on a timely and cost-effective basis;
- general economic
conditions, including changes in interest rates and fuel prices;
the timing and expenses related to internal restructurings,
employee reductions, acquisitions or dispositions and the effect of
pension and other post-employment benefit obligations;
- disruptions in
information technology systems including, but not limited to,
system failure, cyber-attack, malicious computer software (malware
including ransomware), unauthorized physical or electronic access,
or other natural or man-made incidents or disasters;
- increases in raw
material and energy costs and our ability to offset or recover
these costs; increases in our warranty, product liability and
recall costs or the outcome of legal or regulatory proceedings to
which we are or may become a party;
- changes in laws,
regulations, policies or other activities of governments, agencies
and similar organizations, domestic and foreign, that may tax or
otherwise increase the cost of, or otherwise affect, the
manufacture, licensing, distribution, sale, ownership or use of our
products or assets; and
- those factors
identified in our filings with the SEC (including our Annual Report
on Form 10-K for the fiscal year ended December 31, 2022, as
updated by our subsequent filings with the Securities and Exchange
Commission).
Caution should be taken not to place undue reliance on our
forward-looking statements, which represent our view only as of the
date of this release, and which we assume no obligation to update.
The financial results presented herein are preliminary and
unaudited; final financial results will be included in the
company's Annual Report on Form 10-K for the fiscal year ended
December 31, 2022. New business wins and re-wins do not represent
firm orders or firm commitments from customers, but are based on
various assumptions, including the timing and duration of product
launches, vehicle production levels, customer price reductions and
currency exchange rates.
Follow Visteon
https://www.linkedin.com/company/visteon https://twitter.com/visteonhttps://www.facebook.com/VisteonCorporation https://www.youtube.com/user/Visteonhttps://www.instagram.com/visteon/https://mp.weixin.qq.com/?lang=en_UShttps://m.weibo.cn/u/6605315328http://i.youku.com/u/UNDgyMjA1NjUxNg==?spm=a2h0k.8191407.0.0
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME (LOSS)(In millions except per share
amounts)
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
1,064 |
|
|
$ |
786 |
|
|
$ |
3,756 |
|
|
$ |
2,773 |
|
Cost of sales |
|
(950 |
) |
|
|
(687 |
) |
|
|
(3,388 |
) |
|
|
(2,519 |
) |
Gross margin |
|
114 |
|
|
|
99 |
|
|
|
368 |
|
|
|
254 |
|
Selling, general and
administrative expenses |
|
(54 |
) |
|
|
(44 |
) |
|
|
(188 |
) |
|
|
(175 |
) |
Restructuring and
impairment |
|
(2 |
) |
|
|
(16 |
) |
|
|
(14 |
) |
|
|
(14 |
) |
Interest expense |
|
(4 |
) |
|
|
(2 |
) |
|
|
(14 |
) |
|
|
(10 |
) |
Interest income |
|
1 |
|
|
|
— |
|
|
|
4 |
|
|
|
2 |
|
Equity in net (loss) income of
non-consolidated affiliates |
|
(4 |
) |
|
|
4 |
|
|
|
(1 |
) |
|
|
6 |
|
Other income, net |
|
5 |
|
|
|
5 |
|
|
|
20 |
|
|
|
18 |
|
Income (loss) before income
taxes |
|
56 |
|
|
|
46 |
|
|
|
175 |
|
|
|
81 |
|
Provision for income
taxes |
|
(21 |
) |
|
|
(11 |
) |
|
|
(45 |
) |
|
|
(31 |
) |
Net income (loss) |
|
35 |
|
|
|
35 |
|
|
|
130 |
|
|
|
50 |
|
Net (income) loss attributable
to non-controlling interests |
|
(1 |
) |
|
|
(4 |
) |
|
|
(6 |
) |
|
|
(9 |
) |
Net income (loss) attributable
to Visteon Corporation |
$ |
34 |
|
|
$ |
31 |
|
|
$ |
124 |
|
|
$ |
41 |
|
|
|
|
|
|
|
|
|
Comprehensive income
(loss) |
$ |
120 |
|
|
$ |
118 |
|
|
$ |
141 |
|
|
$ |
128 |
|
Less: Comprehensive income
(loss) attributable to non-controlling interests |
|
5 |
|
|
|
6 |
|
|
|
1 |
|
|
|
12 |
|
Comprehensive income (loss)
attributable to Visteon Corporation |
|
115 |
|
|
|
112 |
|
|
|
140 |
|
|
|
116 |
|
|
|
|
|
|
|
|
|
Earnings per share data: |
|
|
|
|
|
|
|
Basic earnings (loss) per
share attributable to Visteon Corporation |
$ |
1.21 |
|
|
$ |
1.10 |
|
|
$ |
4.41 |
|
|
$ |
1.46 |
|
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share attributable to Visteon Corporation |
$ |
1.18 |
|
|
$ |
1.09 |
|
|
$ |
4.35 |
|
|
$ |
1.44 |
|
|
|
|
|
|
|
|
|
Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
Basic |
|
28.2 |
|
|
|
28.0 |
|
|
|
28.1 |
|
|
|
28.0 |
|
Diluted |
|
28.7 |
|
|
|
28.4 |
|
|
|
28.5 |
|
|
|
28.4 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions)
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
ASSETS |
|
|
|
Cash and equivalents |
$ |
520 |
|
|
$ |
452 |
|
Restricted cash |
|
3 |
|
|
|
3 |
|
Accounts receivable, net |
|
672 |
|
|
|
549 |
|
Inventories, net |
|
348 |
|
|
|
262 |
|
Other current assets |
|
167 |
|
|
|
158 |
|
Total current assets |
|
1,710 |
|
|
|
1,424 |
|
|
|
|
|
Property and equipment,
net |
|
364 |
|
|
|
388 |
|
Intangible assets, net |
|
99 |
|
|
|
118 |
|
Right-of-use assets |
|
124 |
|
|
|
139 |
|
Investments in
non-consolidated affiliates |
|
49 |
|
|
|
54 |
|
Other non-current assets |
|
104 |
|
|
|
111 |
|
Total assets |
$ |
2,450 |
|
|
$ |
2,234 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt |
$ |
13 |
|
|
$ |
4 |
|
Accounts payable |
|
657 |
|
|
|
522 |
|
Accrued employee
liabilities |
|
90 |
|
|
|
80 |
|
Current lease liability |
|
29 |
|
|
|
28 |
|
Other current liabilities |
|
246 |
|
|
|
218 |
|
Total current liabilities |
|
1,035 |
|
|
|
852 |
|
|
|
|
|
Long-term debt, net |
|
336 |
|
|
|
349 |
|
Employee benefits |
|
115 |
|
|
|
198 |
|
Non-current lease
liability |
|
99 |
|
|
|
117 |
|
Deferred tax liabilities |
|
27 |
|
|
|
27 |
|
Other non-current
liabilities |
|
64 |
|
|
|
75 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
1,352 |
|
|
|
1,349 |
|
Retained earnings |
|
1,788 |
|
|
|
1,664 |
|
Accumulated other comprehensive loss |
|
(213 |
) |
|
|
(229 |
) |
Treasury stock |
|
(2,253 |
) |
|
|
(2,269 |
) |
Total Visteon Corporation
stockholders’ equity |
|
675 |
|
|
|
516 |
|
Non-controlling interests |
|
99 |
|
|
|
100 |
|
Total equity |
|
774 |
|
|
|
616 |
|
Total liabilities and
equity |
$ |
2,450 |
|
|
$ |
2,234 |
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions)
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
OPERATING |
|
|
|
|
|
|
|
Net income (loss) |
$ |
35 |
|
|
$ |
35 |
|
|
$ |
130 |
|
|
$ |
50 |
|
Adjustments to reconcile net
income (loss) to net cash provided from operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
29 |
|
|
|
26 |
|
|
|
108 |
|
|
|
108 |
|
Non-cash stock-based compensation |
|
7 |
|
|
|
5 |
|
|
|
26 |
|
|
|
18 |
|
Gain on sale of investment |
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Foreign currency translation charge |
|
3 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
Equity in net income of non-consolidated affiliates, net of
dividends remitted |
|
4 |
|
|
|
(2 |
) |
|
|
4 |
|
|
|
12 |
|
Impairments |
|
1 |
|
|
|
9 |
|
|
|
5 |
|
|
|
9 |
|
Other non-cash items |
|
1 |
|
|
|
10 |
|
|
|
(1 |
) |
|
|
14 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
88 |
|
|
|
(128 |
) |
|
|
(156 |
) |
|
|
(78 |
) |
Inventories |
|
7 |
|
|
|
(10 |
) |
|
|
(105 |
) |
|
|
(92 |
) |
Accounts payable |
|
(27 |
) |
|
|
96 |
|
|
|
146 |
|
|
|
28 |
|
Other assets and other liabilities |
|
20 |
|
|
|
29 |
|
|
|
10 |
|
|
|
(11 |
) |
Net cash provided from operating activities |
|
165 |
|
|
|
70 |
|
|
|
167 |
|
|
|
58 |
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
|
(27 |
) |
|
|
(16 |
) |
|
|
(81 |
) |
|
|
(70 |
) |
Contributions to equity method
investments |
|
(2 |
) |
|
|
(2 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
Proceeds from sale of
investment |
|
4 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
Net investment hedge
transactions |
|
3 |
|
|
|
1 |
|
|
|
12 |
|
|
|
4 |
|
Loans repayments from
non-consolidated affiliates |
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
6 |
|
Other, net |
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
2 |
|
Net cash used by investing
activities |
|
(24 |
) |
|
|
(13 |
) |
|
|
(68 |
) |
|
|
(63 |
) |
FINANCING |
|
|
|
|
|
|
|
Borrowings on debt |
|
— |
|
|
|
— |
|
|
|
350 |
|
|
|
— |
|
Principal payments on
debt |
|
— |
|
|
|
— |
|
|
|
(350 |
) |
|
|
— |
|
Short-term debt, net |
|
— |
|
|
|
(2 |
) |
|
|
(4 |
) |
|
|
4 |
|
Payment of debt fees |
|
(3 |
) |
|
|
— |
|
|
|
(3 |
) |
|
|
— |
|
Dividends paid to
non-controlling interests |
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(35 |
) |
Other |
|
3 |
|
|
|
1 |
|
|
|
— |
|
|
|
2 |
|
Net cash used by financing
activities |
|
(2 |
) |
|
|
(3 |
) |
|
|
(9 |
) |
|
|
(29 |
) |
Effect of exchange rate
changes on cash |
|
19 |
|
|
|
— |
|
|
|
(22 |
) |
|
|
(11 |
) |
Net increase (decrease) in
cash, equivalents, and restricted cash |
|
158 |
|
|
|
54 |
|
|
|
68 |
|
|
|
(45 |
) |
Cash, equivalents, and
restricted cash at beginning of the period |
|
365 |
|
|
|
401 |
|
|
|
455 |
|
|
|
500 |
|
Cash, equivalents, and
restricted cash at end of the period |
$ |
523 |
|
|
$ |
455 |
|
|
$ |
523 |
|
|
$ |
455 |
|
VISTEON CORPORATION AND
SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL
MEASURES(In millions except per share amounts)
(Unaudited)
Adjusted
EBITDA: Adjusted EBITDA is presented as a
supplemental measure of the Company's performance that management
believes is useful to investors because the excluded items may vary
significantly in timing or amounts and/or may obscure trends useful
in evaluating and comparing the Company's operating activities
across reporting periods. The Company defines adjusted EBITDA as
net income attributable to the Company adjusted to eliminate the
impact of depreciation and amortization, restructuring and
impairment expense, provision for income taxes, non-cash
stock-based compensation expense, net income attributable to
non-controlling interests, net interest expense, equity in net
income of non-consolidated affiliates, gain on non-consolidated
affiliate transactions, and other gains and losses not reflective
of the Company's ongoing operations. Because not all companies use
identical calculations, this presentation of adjusted EBITDA may
not be comparable to similarly titled measures of other
companies.
|
Three Months Ended |
|
Twelve Months Ended |
|
Estimated |
|
December 31, |
|
December 31, |
|
Full Year |
Visteon: |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2023 |
|
Net income (loss) attributable
to Visteon Corporation |
$ |
34 |
|
|
$ |
31 |
|
|
$ |
124 |
|
|
$ |
41 |
|
|
$ |
193 |
|
Depreciation and amortization |
|
29 |
|
|
|
26 |
|
|
|
108 |
|
|
|
108 |
|
|
|
110 |
|
Restructuring and impairment |
|
2 |
|
|
|
16 |
|
|
|
14 |
|
|
|
14 |
|
|
|
5 |
|
Provision for income taxes |
|
21 |
|
|
|
11 |
|
|
|
45 |
|
|
|
31 |
|
|
|
55 |
|
Non-cash, stock-based compensation expense |
|
7 |
|
|
|
5 |
|
|
|
26 |
|
|
|
18 |
|
|
|
30 |
|
Net income attributable to non-controlling interests |
|
1 |
|
|
|
4 |
|
|
|
6 |
|
|
|
9 |
|
|
|
15 |
|
Interest expense, net |
|
3 |
|
|
|
2 |
|
|
|
10 |
|
|
|
8 |
|
|
|
12 |
|
Equity in net loss (income) of non-consolidated affiliates |
|
4 |
|
|
|
(4 |
) |
|
|
1 |
|
|
|
(6 |
) |
|
|
— |
|
Other non-operating costs, net |
|
2 |
|
|
|
1 |
|
|
|
14 |
|
|
|
5 |
|
|
|
5 |
|
Adjusted EBITDA |
$ |
103 |
|
|
$ |
92 |
|
|
$ |
348 |
|
|
$ |
228 |
|
|
$ |
4251 |
|
Adjusted EBITDA is not a recognized term under
U.S. GAAP and does not purport to be a substitute for net income as
an indicator of operating performance or cash flows from operating
activities as a measure of liquidity. Adjusted EBITDA has
limitations as an analytical tool and is not intended to be a
measure of cash flow available for management's discretionary use,
as it does not consider certain cash requirements such as interest
payments, tax payments and debt service requirements. In addition,
the Company uses adjusted EBITDA (i) as a factor in incentive
compensation decisions, (ii) to evaluate the effectiveness of the
Company's business strategies, and (iii) because the Company's
credit agreements use similar measures for compliance with certain
covenants.
Free Cash Flow and Adjusted Free Cash
Flow: Free cash flow and adjusted free cash flow are
presented as supplemental measures of the Company's liquidity that
management believes are useful to investors in analyzing the
Company's ability to service and repay its debt. The Company
defines free cash flow as cash flow provided from operating
activities less capital expenditures, including intangibles. The
Company defines adjusted free cash flow as cash flow provided from
operating activities less capital expenditures, including
intangibles as further adjusted for restructuring related payments.
Because not all companies use identical calculations, this
presentation of free cash flow and adjusted free cash flow may not
be comparable to other similarly titled measures of other
companies.
|
Three Months Ended |
|
Twelve Months Ended |
|
Estimated |
|
December 31, |
|
December 31, |
|
Full Year |
Total Visteon: |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
2023 |
|
Cash provided from operating
activities |
$ |
165 |
|
|
$ |
70 |
|
|
$ |
167 |
|
|
$ |
58 |
|
|
$ |
260 |
|
Capital expenditures,
including intangibles |
|
(27 |
) |
|
|
(16 |
) |
|
|
(81 |
) |
|
|
(70 |
) |
|
|
(130 |
) |
Free cash flow |
$ |
138 |
|
|
$ |
54 |
|
|
$ |
86 |
|
|
$ |
(12 |
) |
|
$ |
130 |
|
Restructuring related
payments |
|
3 |
|
|
|
5 |
|
|
|
15 |
|
|
|
34 |
|
|
|
10 |
|
Adjusted free cash flow |
$ |
141 |
|
|
$ |
59 |
|
|
$ |
101 |
|
|
$ |
22 |
|
|
$ |
1402 |
|
Free cash flow and adjusted free cash flow are
not recognized terms under U.S. GAAP and do not purport to be a
substitute for cash flows from operating activities as a measure of
liquidity. Free cash flow and adjusted free cash flow have
limitations as analytical tools as they do not reflect cash used to
service debt and do not reflect funds available for investment or
other discretionary uses. In addition, the Company uses free cash
flow and adjusted free cash flow (i) as factors in incentive
compensation decisions and (ii) for planning and forecasting future
periods.
Adjusted Net Income (Loss) and Adjusted
Earnings Per Share: Adjusted net income and adjusted
earnings per share are presented as supplemental measures that
management believes are useful to investors in analyzing the
Company's profitability, providing comparability between periods by
excluding certain items that may not be indicative of recurring
business operating results. The Company believes management and
investors benefit from referring to these supplemental measures in
assessing company performance and when planning, forecasting and
analyzing future periods. The Company defines adjusted net income
as net income attributable to Visteon adjusted to eliminate the
impact of restructuring and impairment expense, loss on
divestiture, gain on non-consolidated affiliate transactions, other
gains and losses not reflective of the Company's ongoing operations
and related tax effects. The Company defines adjusted earnings per
share as adjusted net income divided by diluted shares. Because not
all companies use identical calculations, this presentation of
adjusted net income and adjusted earnings per share may not be
comparable to other similarly titled measures of other
companies.
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income (loss)
attributable to Visteon |
$ |
34 |
|
|
$ |
31 |
|
|
$ |
124 |
|
|
$ |
41 |
|
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share: |
|
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
34 |
|
|
$ |
31 |
|
|
$ |
124 |
|
|
$ |
41 |
|
Average shares outstanding,
diluted |
|
28.7 |
|
|
|
28.4 |
|
|
|
28.5 |
|
|
|
28.4 |
|
Diluted earnings (loss) per
share |
$ |
1.18 |
|
|
$ |
1.09 |
|
|
$ |
4.35 |
|
|
$ |
1.44 |
|
|
|
|
|
|
|
|
|
Adjusted
net income (loss) and adjusted earnings (loss) per
share: |
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
34 |
|
|
$ |
31 |
|
|
$ |
124 |
|
|
$ |
41 |
|
Restructuring and impairment |
|
2 |
|
|
|
16 |
|
|
|
14 |
|
|
|
14 |
|
Other, including tax impacts
of adjustments |
|
2 |
|
|
|
1 |
|
|
|
14 |
|
|
|
5 |
|
Adjusted net income
(loss) |
$ |
38 |
|
|
$ |
48 |
|
|
$ |
152 |
|
|
$ |
60 |
|
Average shares outstanding,
diluted |
|
28.7 |
|
|
|
28.4 |
|
|
|
28.5 |
|
|
|
28.4 |
|
Adjusted earnings (loss) per
share |
$ |
1.32 |
|
|
$ |
1.69 |
|
|
$ |
5.33 |
|
|
$ |
2.11 |
|
|
|
|
|
|
|
|
|
1 Based on mid-point of the range of the Company's financial
guidance.2 Based on mid-point of the range of the Company's
financial guidance.
Visteon Contacts
Media:
Media@Visteon.com
Investors:
Kris Doyle
201-247-3050
kdoyle@Visteon.com
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