Visteon Corporation (NASDAQ:VC) Q4 2023 Earnings Conference Call February 20, 2024 9:00 AM ET Company Participants Ryan Wentling - VP, IR & Treasurer Sachin Lawande - President & CEO Jerome Rouquet - SVP & CFO Conference Call Participants Joe Spak - UBS Justin Barell - Citi Dan Levy - Barclays Luke Junk - Baird John Babcock - Bank of America Colin Langan - Wells Fargo Mark Delaney - Goldman Sachs Ryan Wentling Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to ou ...

Visteon Q4 and Full-Year 2023 Earnings 2023 in Review | --- | --- | --- | |-----------|-----------------|--------------| | | | | | Net Sales | Adjusted EBITDA | Adjusted FCF | 2 (1) Excludes Y/Y impact of supply chain recoveries. Added ~$1 billion in base sales over two years (Dollars in millions) | --- | --- | |-------|--------------------------------------------------------------------------------------------------------------------------| | | 2023 Achievements | | | Gaining Share in Digital Clusters Exte ...

Financial Performance - Visteon reported net sales of $3,954 million for the year ended December 31, 2023, representing a year-over-year increase of 5% and a base sales growth of 12% when excluding pricing impacts from supply chain recoveries [130]. - Adjusted EBITDA for 2023 was $434 million, or 11% of sales, reflecting operational leverage from higher volumes and cost discipline, an increase of $86 million compared to 2022 [130]. - Visteon's gross margin improved to $487 million in 2023, up from $368 million in 2022, driven by favorable cost performance and design changes [133]. - Net income attributable to Visteon Corporation for 2023 was $486 million, a significant increase of $362 million compared to $124 million in 2022 [133]. - Adjusted EBITDA for the year ended December 31, 2023, was $434 million, an increase of $86 million from $348 million in 2022, driven by favorable volumes and mix [147]. Cash Flow and Investments - The company generated $267 million in cash from operating activities in 2023, up from $167 million in 2022, reflecting a $100 million increase [160]. - Net cash used in investing activities increased to $123 million in 2023 from $68 million in 2022, primarily due to a $44 million rise in capital expenditures [162]. - Net cash used in financing activities rose to $156 million in 2023 compared to $9 million in 2022, mainly due to $106 million in common stock repurchases and $29 million in dividends paid [163]. - The company has committed to invest $15 million in two entities focused on the automotive sector, having contributed $12 million towards this commitment as of December 31, 2023 [154]. Balance Sheet and Shareholder Returns - The company maintained a strong balance sheet and announced a $300 million share repurchase program, having repurchased $106 million of common stock in 2023 [127]. - As of December 31, 2023, the company had total cash and equivalents of $518 million, with $383 million located outside the U.S. [151]. - The corporate credit rating as of December 31, 2023, is BB- by Standard & Poor's, influencing access to additional capital [150]. Tax and Pension Obligations - The company recorded a benefit from income taxes of $248 million in 2023, an increase of $293 million compared to the previous year, largely due to a non-cash tax benefit related to deferred tax assets [143]. - The company expects to make contributions of $9 million to its U.S. defined benefit pension plans and $7 million to its non-U.S. plans during 2024 [152]. - The company has approximately $142 million in unfunded net pension liabilities as of December 31, 2023, with $113 million attributable to U.S. plans [174]. Market Conditions and Risks - The global automotive market is expected to grow faster than vehicle production volumes as the industry shifts towards digital, electric, and autonomous vehicles [126]. - Visteon faced challenges from semiconductor shortages but continued proactive initiatives to increase product availability and minimize cost impacts [131]. - The company is exposed to significant risks from supply chain disruptions due to the ongoing conflict between Russia and Ukraine [187]. - The company faces potential impacts from a shortage of critical components, including semiconductors, from suppliers [187]. Currency and Commodity Risk Management - The hypothetical pretax gain or loss from a 10% favorable or adverse change in quoted currency exchange rates is estimated to be approximately $21 million for foreign currency derivative financial instruments as of December 31, 2023 [192]. - The company manages market risks through fixed price contracts and derivative instruments strictly for hedging purposes, not for speculative trading [189]. - The company does not enter into foreign exchange contracts to mitigate translation exposure from foreign operating income into U.S. dollars [191]. - The company may utilize derivatives in the future to manage select commodity risks if acceptable hedging instruments are identified [194]. Operational Challenges - Selling, general, and administrative expenses increased to $207 million in 2023, representing 5.2% of net sales, primarily due to higher personnel costs [137]. - The company recorded a non-cash impairment charge of $5 million in 2022 due to the closure of its Russian facility [169]. - A 25 basis point decrease in the discount rate is expected to have a pretax pension expense impact of less than -$1 million for both U.S. and Non-U.S. plans in 2024 [179]. - A 25 basis point increase in the discount rate is projected to result in a pretax pension expense increase of +$16 million for the U.S. plan in 2023 [179]. - The company anticipates a pretax pension expense increase of +$1.6 million with a 25 basis point decrease in expected return on assets [179]. - The company regularly audits its tax provisions and accrues for contingencies related to income tax risks [183].

Visteon Corporation (NASDAQ:VC) Q3 2023 Earnings Conference Call October 26, 2023 9:00 AM ET Company Participants Ryan Wentling - Vice President of Investor Relations and Treasurer Sachin Lawande - President and Chief Executive Officer Jerome Rouquet - Senior Vice President and Chief Financial Officer Conference Call Participants Luke Junk - Baird Dan Levy - Barclays Joe Spak - UBS Mark Delaney - Goldman Sachs John Babcock - Bank of America Emmanuel Rosner - Deutsche Bank James Picariello - BNP Paribas Exan ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) State of Delaware 38-3519512 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer One V ...

Visteon Q2 2023 Earnings August 3, 2023 Q2 2023 in Review Visteon | --- | --- | --- | --- | --- | |---------------------------------------------|---------------------------------|------------------------------------------------------------------|-------------------------------------|----------------------------------------------------| | Net Sales $983 Million 18% Y/Y Growth (1) | | Adjusted EBITDA $90 Million Includes $15 Million Recall Charge | | Adjusted FCF $32 Million $459 Million Total Cash | | CONTIN ...

Visteon Corporation (NASDAQ:VC) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants Ryan Wentling - Vice President of Investor Relations and Treasurer Sachin Lawande - President and Chief Executive Officer Jerome Rouquet - Senior Vice President and Chief Financial Officer Conference Call Participants Gautam Narayan - RBC Capital Markets James Picariello - BNP Paribas Ronald Jewsikow - Guggenheim Securities Mark Delaney - Goldman Sachs Shreyas Patil - Wolfe Research Dan Levy - Bar ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 001-15827 VISTEON CORPORATION (Exact name of registrant as specified in its charter) State of Delaware 38-3519512 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ...

Visteon Corporation (NASDAQ:VC) Q1 2023 Earnings Conference Call April 27, 2023 9:00 AM ET Company Participants Ryan Wentling - Vice President, Investor Relations & Treasurer Sachin Lawande - President & Chief Executive Officer Jerome Rouquet - Senior Vice President & Chief Financial Officer Conference Call Participants Tom Narayan - RBC Mark Delaney - Goldman Sachs Dan Levy - Barclays James Picariello - BNP Paribas Luke Junk - Baird Emmanuel Rosner - Deutsche Bank Operator Ladies and gentlemen thank you fo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington D.C. 20549 ________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________ to ____________ Commission file number 001-15827 VISTEON CORPORATION (Exact name of registrant as specified in its charter) State ...