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 ...

Visteon Corporation (NASDAQ:VC) Q4 2022 Earnings Conference Call February 16, 2023 9:00 AM ET Company Participants Ryan Ghazaeri - Director, Capital Markets and Strategic Planning Sachin Lawande - President and CEO Jerome Rouquet - SVP and CFO Kristopher Doyle - IR Conference Call Participants Emmanuel Rosner - Deutsche Bank Luke Junk - Baird David Kelley - Jefferies James Picariello - BNP Paribas Colin Langan - Wells Fargo Itay Michaeli - Citi Ryan Ghazaeri Good morning. I'm Ryan Ghazaeri, Director of Capi ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) Visteon is a global automotive technology company specializing in cockpit electronics and connected car solutions for major OEMs, operating through a single Electronics segment - Visteon is a global automotive technology company focused on creating digital, electric, and autonomous solutions for major automotive customers like BMW, Ford, GM, and Mercedes-Benz[11](index=11&type=chunk) - The company's business is aligned with major automotive industry trends, including the growth of electronic content, electric vehicles, ADAS, and vehicle standardization[12](index=12&type=chunk) Key Product Offerings | Product Category | Description | | :--- | :--- | | Instrument Clusters | Full range from analog to all-digital, 3D display-based devices | | Information Displays | High-performance displays including large, curved multi-display modules and microZone™ technology | | Audio/Infotainment | Android-based systems with seamless connectivity and AI-based voice assistants | | Battery Management Systems (BMS) | Configurable systems supporting both wired and wireless battery sensing | | SmartCore™ Domain Controller | Integrates infotainment, cluster, and other features on a single multi-core chip | Sales Concentration - Ford Motor Company | Year | Percentage of Total Net Sales | | :--- | :--- | | 2022 | 22% | | 2021 | 22% | | 2020 | 22% | - The company's workforce consists of approximately **10,000 employees**, with **39% being female** globally as of December 31, 2022, and Visteon has a multi-year roadmap for ESG initiatives[33](index=33&type=chunk)[36](index=36&type=chunk)[41](index=41&type=chunk) [Risk Factors](index=11&type=section&id=Item%201A.%20Risk%20Factors) Visteon faces significant risks from supply chain disruptions like the semiconductor shortage, industry cyclicality, customer dependency, and cybersecurity threats - The company is highly dependent on single or limited sources for certain components, including **semiconductor chips**, and expects shortages to persist into 2023, which could impact production schedules and financial results[52](index=52&type=chunk) - Substantial international operations expose the company to risks such as trade tariffs, currency fluctuations, and political instability, with significant investments in Chinese joint ventures[58](index=58&type=chunk)[60](index=60&type=chunk)[61](index=61&type=chunk) - The automotive industry's cyclical nature and significant declines in customer production levels can harm profitability, and the company is highly dependent on **Ford**, which accounted for **22% of sales** in 2022, 2021, and 2020[66](index=66&type=chunk)[71](index=71&type=chunk) - The company faces inherent risks of warranty claims, product liability, and recalls, which could have materially adverse effects, while increasing software content elevates **cybersecurity risks**[74](index=74&type=chunk) - The company's ability to fully utilize its **U.S. net operating losses (NOLs)** and other tax attributes could be limited if a change of ownership under IRC Sections 382 and 383 were to occur[82](index=82&type=chunk) - A disruption in IT systems due to a **cyberattack** could result in business disruption, theft of intellectual property, and unauthorized access to personal information, adversely affecting the company's reputation and financial performance[85](index=85&type=chunk) [Unresolved Staff Comments](index=21&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - None[89](index=89&type=chunk) [Properties](index=21&type=section&id=Item%202.%20Properties) Visteon operates 30 leased technical centers and 14 manufacturing facilities globally, with the majority of these facilities being leased - As of December 31, 2022, the Company owned or leased **30 corporate offices**, technical/engineering centers, and customer service centers in 13 countries (all leased) and **14 manufacturing/assembly facilities** in nine countries (11 leased, 3 owned)[89](index=89&type=chunk)[90](index=90&type=chunk) [Legal Proceedings](index=21&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various legal proceedings, with detailed information provided in Note 18 of the consolidated financial statements - Details regarding legal proceedings are discussed in Note 18, "Commitments and Contingencies" to the consolidated financial statements in Part II, Item 8 of this Form 10-K[90](index=90&type=chunk) [Mine Safety Disclosures](index=21&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reports no mine safety disclosures - None[90](index=90&type=chunk) [Executive Officers](index=22&type=section&id=Item%204A.%20Executive%20Officers) This section provides information about the executive officers of Visteon Corporation as of February 1, 2023 Executive Officers as of February 1, 2023 | Name | Age | Position | | :--- | :--- | :--- | | Sachin S. Lawande | 55 | Director, President and Chief Executive Officer | | Jerome J. Rouquet | 55 | Senior Vice President and Chief Financial Officer | | Abigail S. Fleming | 41 | Vice President and Chief Accounting Officer | | Brett D. Pynnonen | 54 | Senior Vice President and Chief Legal Officer | | Joao Paulo Ribeiro | 53 | Senior Vice President, Manufacturing, Supply Chain, and Purchasing | | Kristin E. Trecker | 57 | Senior Vice President and Chief People Officer | | Robert R. Vallance | 62 | Senior Vice President, Global Customer Business Groups, New Technology Product Lines, and General Manager APAC Region | Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=24&type=section&id=Item%205.%20Market%20For%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Visteon's common stock (NASDAQ: VC) performance is presented, noting no dividends were paid in 2021-2022 due to credit agreement limits - **No dividends were paid** on common stock during the years ended December 31, 2022 and 2021, as the company's credit agreements limit cash payments for dividends[102](index=102&type=chunk) Stock Performance Comparison (2017-2022) | | Dec 31, 2017 | Dec 31, 2018 | Dec 31, 2019 | Dec 31, 2020 | Dec 31, 2021 | Dec 31, 2022 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Visteon Corporation | $100.00 | $48.17 | $69.19 | $100.30 | $88.81 | $104.55 | | Dow Jones U.S. Auto Parts Index | $100.00 | $68.30 | $85.56 | $99.27 | $118.94 | $87.05 | | S&P 500 | $100.00 | $93.76 | $120.84 | $140.49 | $178.27 | $143.61 | [Selected Financial Data](index=25&type=section&id=Item%206.%20Selected%20Financial%20Data) This item is not applicable as the company has not provided selected financial data - None[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Net sales rose to **$3.76 billion** in 2022, driven by higher volumes and pricing, with strong liquidity and **$6 billion** in new business wins [Executive Summary](index=26&type=section&id=Executive%20Summary) The company's strategy drove 2022 sales to **$3.76 billion** and Adjusted EBITDA to **$348 million**, securing **$6 billion** in new business wins - Strategic priorities include technology innovation in cockpit electronics, achieving long-term growth, and enhancing shareholder returns while maintaining a strong balance sheet[112](index=112&type=chunk) 2022 Company Highlights | Metric | Value | Note | | :--- | :--- | :--- | | Net Sales | $3,756 million | 40% YoY increase (excluding currency) | | Adjusted EBITDA | $348 million | 9.3% of sales | | New Products Launched | 45 | - | | New Business Wins | $6 billion | Strong performance across all product categories | [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Net sales increased by **$983 million** to **$3.76 billion** in 2022, boosting gross margin and net income, with Adjusted EBITDA rising to **$348 million** Consolidated Results of Operations (2022 vs. 2021) | (In millions) | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Net sales | $3,756 | $2,773 | $983 | | Gross margin | $368 | $254 | $114 | | Net income attributable to Visteon | $124 | $41 | $83 | | Adjusted EBITDA | $348 | $228 | $120 | Net Sales Change Analysis (2021 to 2022) | (In millions) | Amount | Description | | :--- | :--- | :--- | | 2021 Net Sales | $2,773 | - | | Volume, mix, and net new business | +$722 | Increased customer production and market outperformance | | Customer pricing, net | +$395 | Primarily customer recoveries | | Currency | -$136 | Unfavorable impact from EUR, CNY, JPY | | 2022 Net Sales | $3,756 | - | - Cost of sales increased by **$869 million** in 2022, primarily due to higher volumes and **$390 million** in unfavorable cost performance related to supply chain and material costs from the semiconductor shortage[120](index=120&type=chunk) - In 2022, the company closed its Russian facility due to the geopolitical situation, resulting in a **$5 million** non-cash impairment charge and a **$3 million** charge for foreign currency translation losses[123](index=123&type=chunk)[127](index=127&type=chunk) Adjusted EBITDA Reconciliation (2022 vs. 2021) | (In millions) | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Net income attributable to Visteon | $124 | $41 | $83 | | Depreciation and amortization | $108 | $108 | $0 | | Restructuring and impairment | $14 | $14 | $0 | | Provision for income taxes | $45 | $31 | $14 | | Non-cash, stock-based compensation | $26 | $18 | $8 | | Interest expense, net | $10 | $8 | $2 | | Other adjustments | $21 | $8 | $13 | | **Adjusted EBITDA** | **$348** | **$228** | **$120** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains strong liquidity with **$523 million** in cash and a fully available **$400 million** revolving credit facility as of year-end 2022 - As of December 31, 2022, the company had total cash and equivalents of **$523 million**, with **$356 million** held in jurisdictions outside the U.S[149](index=149&type=chunk) - The company has access to a **$400 million** revolving credit facility, which was fully available as of year-end 2022, and affiliate working capital lines had an additional **$192 million** of availability[148](index=148&type=chunk) Cash Flow Summary (2022 vs. 2021) | (In millions) | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided from operating activities | $167 | $58 | | Net cash used by investing activities | ($68) | ($63) | | Net cash used by financing activities | ($9) | ($29) | [Critical Accounting Estimates](index=36&type=section&id=Critical%20Accounting%20Estimates) Key estimates include impairment of long-lived assets, revenue recognition, product warranties, restructuring, pension obligations, and deferred tax asset valuation - Key critical accounting estimates include: Impairment of Long-lived Assets, Revenue Recognition, Product Warranty and Recall, Restructuring, Pension Plans, Income Taxes, and Fair Value Measurements[166](index=166&type=chunk) - In 2022, the company recorded a **$5 million** non-cash impairment charge related to the closure of its Russian facility, and in 2021, a **$9 million** impairment charge was recorded for long-lived assets in Brazil[168](index=168&type=chunk)[169](index=169&type=chunk) - The determination of pension obligations is highly dependent on assumptions for discount rates and the expected long-term rate of return on plan assets, with approximately **$92 million** in unfunded net pension liabilities as of Dec 31, 2022[174](index=174&type=chunk) Pension Assumption Sensitivity (2023 Pretax Expense) | Change in Assumption | Impact on U.S. Pretax Pension Expense | Impact on Non-U.S. Pretax Pension Expense | | :--- | :--- | :--- | | 25 bps decrease in discount rate | Less than -$1 million | Less than -$1 million | | 25 bps increase in discount rate | Less than +$1 million | Less than +$1 million | | 25 bps decrease in expected return on assets | +$1.6 million | Less than +$1 million | | 25 bps increase in expected return on assets | -$1.6 million | Less than -$1 million | [Quantitative and Qualitative Disclosures About Market Risk](index=42&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to foreign currency, interest rate, and commodity price risks, which it manages using derivative instruments for non-speculative purposes - The company's primary market risks are changes in foreign currency exchange rates, interest rates, and commodity prices, which are managed through derivative instruments and operational actions[190](index=190&type=chunk) - Primary foreign currency exposures are to the euro, Chinese renminbi, Brazilian real, Mexican peso, Thai baht, Indian rupee, Japanese yen, and Bulgarian lev[84](index=84&type=chunk) - A hypothetical **10% adverse change** in quoted currency exchange rates would result in a pretax loss of approximately **$21 million** on the fair value of foreign currency derivative financial instruments as of December 31, 2022[193](index=193&type=chunk) [Financial Statements and Supplementary Data](index=43&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the audited consolidated financial statements for 2022, reporting net sales of **$3.76 billion** and net income of **$124 million** Consolidated Statements of Operations Highlights | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net sales | $3,756 | $2,773 | $2,548 | | Gross margin | $368 | $254 | $245 | | Net income (loss) attributable to Visteon | $124 | $41 | ($56) | | Diluted earnings (loss) per share | $4.35 | $1.44 | ($2.01) | Consolidated Balance Sheets Highlights | (In millions) | Dec 31, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | Total current assets | $1,710 | $1,424 | | Total assets | $2,450 | $2,234 | | Total current liabilities | $1,035 | $852 | | Total liabilities | $1,676 | $1,618 | | Total equity | $774 | $616 | Consolidated Statements of Cash Flows Highlights | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Net cash provided from operating activities | $167 | $58 | $168 | | Net cash used by investing activities | ($68) | ($63) | ($98) | | Net cash used by financing activities | ($9) | ($29) | ($58) | [Note 2: Non-Consolidated Affiliates](index=57&type=section&id=NOTE%202.%20Non-Consolidated%20Affiliates) The company's primary non-consolidated affiliate is YFVIC, and in 2022 it incurred **$19 million** in program costs and a **$9 million** settlement charge - The company's investment in its 50%-owned joint venture, Yanfeng Visteon Investment Co., Ltd. (YFVIC), was valued at **$25 million** as of December 31, 2022[268](index=268&type=chunk) - In the fourth quarter of 2022, the company incurred approximately **$19 million** in charges for program management costs and other items associated with a joint venture, recorded within Cost of Sales[275](index=275&type=chunk) - In the second quarter of 2022, a **$9 million** settlement charge related to a one-time contract dispute with a joint venture partner was recorded in Cost of Sales[276](index=276&type=chunk) [Note 3: Restructuring and Impairments](index=59&type=section&id=NOTE%203.%20Restructuring%20and%20Impairments) The company initiated a restructuring plan in 2022, resulting in **$6 million** in costs and a **$5 million** impairment charge for its Russian facility - In 2022, due to the geopolitical situation in Eastern Europe, the company closed its Russian facility, resulting in a **$5 million** non-cash impairment charge and a **$3 million** charge for related foreign currency translation losses[283](index=283&type=chunk) - The company approved a restructuring plan in 2022, mainly impacting Europe, and recorded **$6 million** in restructuring expenses for severance and termination costs[279](index=279&type=chunk) Restructuring Reserve Activity | (In millions) | Amount | | :--- | :--- | | Balance at Dec 31, 2021 | $18 | | Expense | $6 | | Change in estimates | $3 | | Utilization | ($15) | | Foreign currency | ($1) | | **Balance at Dec 31, 2022** | **$11** | [Note 10: Debt](index=65&type=section&id=NOTE%2010.%20Debt) Total debt was **$349 million** at year-end 2022, and the company extended its credit facility maturity to 2027, transitioning from LIBOR to SOFR - On July 19, 2022, the company amended its Credit Agreement, extending the maturity of its Term Facility and Revolving Credit Facility to July 19, 2027, and changing the interest rate base from LIBOR to SOFR[301](index=301&type=chunk) - The company has no outstanding borrowings on its **$400 million** Revolving Credit Facility as of December 31, 2022[305](index=305&type=chunk) Debt Structure as of Dec 31, 2022 | (In millions) | Carrying Value | | :--- | :--- | | Current portion of long-term debt | $13 | | Term facility, net | $336 | | **Total Debt** | **$349** | [Note 11: Employee Benefit Plans](index=67&type=section&id=NOTE%2011.%20Employee%20Benefit%20Plans) The company's pension plans had a net unfunded status of **$92 million** at year-end 2022, with most U.S. and UK plans frozen - The company expects to make contributions of **$5 million** to its non-U.S. defined benefit pension plans during 2023[316](index=316&type=chunk) - Expense for defined contribution plans was approximately **$3 million** in 2022, **$6 million** in 2021, and **$5 million** in 2020[322](index=322&type=chunk) Pension Plan Funded Status (as of Dec 31) | (In millions) | 2022 | 2021 | | :--- | :--- | :--- | | **U.S. Plans** | | | | Benefit Obligation | $603 | $829 | | Plan Assets | $532 | $693 | | Funded Status | ($71) | ($136) | | **Non-U.S. Plans** | | | | Benefit Obligation | $178 | $299 | | Plan Assets | $157 | $258 | | Funded Status | ($21) | ($41) | [Note 12: Stock-Based Compensation](index=70&type=section&id=NOTE%2012.%20Stock-Based%20Compensation) Total stock-based compensation expense was **$27 million** in 2022, with **$29 million** of unrecognized expense remaining to be recognized over 1.7 years - As of December 31, 2022, there was **$29 million** in total unrecognized stock-based compensation expense, which will be recognized over a weighted-average period of approximately 1.7 years[326](index=326&type=chunk)[327](index=327&type=chunk)[332](index=332&type=chunk) Total Stock-Based Compensation Expense | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Performance based share units | $7 | $5 | $6 | | Restricted stock units | $20 | $12 | $10 | | Stock options | $0 | $1 | $2 | | **Total** | **$27** | **$18** | **$18** | [Note 13: Income Taxes](index=74&type=section&id=NOTE%2013.%20Income%20Taxes) The 2022 income tax provision was **$45 million**, and the company maintains a **$1.12 billion** valuation allowance against its deferred tax assets - The company has a valuation allowance of **$1,120 million** against its gross deferred tax assets of **$1,265 million** as of December 31, 2022[351](index=351&type=chunk) - As of December 31, 2022, the company had available U.S. federal net operating loss carryforwards of **$1.4 billion**[351](index=351&type=chunk) - Gross unrecognized tax benefits were **$18 million** at December 31, 2022, and the company is involved in a tax dispute with the Indian Tax Authority[355](index=355&type=chunk)[358](index=358&type=chunk) Provision for Income Taxes | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Income (loss) before income taxes | $176 | $75 | ($26) | | Provision for income taxes | $45 | $31 | $28 | [Note 18: Commitments and Contingencies](index=86&type=section&id=NOTE%2018.%20Commitments%20and%20Contingencies) The company faces legal contingencies including litigation over bond payments and potential claims related to supply chain disruptions - The company is in litigation with the Charter Township of Van Buren, Michigan, which is claiming damages of **$28 million** related to alleged shortfalls on bond payments for the company's headquarters[392](index=392&type=chunk) - Certain customers have reserved their rights to claim damages arising from supply shortages caused by the global semiconductor shortage, though the company believes it has legal defenses[396](index=396&type=chunk) Product Warranty and Recall Liability Reconciliation | (In millions) | 2022 | 2021 | | :--- | :--- | :--- | | Beginning balance | $50 | $64 | | Provisions | $21 | $16 | | Settlements | ($18) | ($25) | | Other (Currency, estimates) | ($2) | ($5) | | **Ending balance** | **$51** | **$50** | [Note 19: Revenue and Geographical Information](index=89&type=section&id=NOTE%2019.%20Revenue%20recognition%20and%20Geographical%20Information) Instrument Clusters were the largest product line at **$1.78 billion** in 2022, while Europe was the largest geographic region with **$1.30 billion** in sales Net Sales by Geographic Region (where sale originates) | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | North America | $971 | $641 | $565 | | Europe | $1,297 | $962 | $967 | | Total China | $870 | $775 | $675 | | Other Asia-Pacific | $625 | $424 | $378 | | South America | $143 | $80 | $71 | | **Total (after eliminations)** | **$3,756** | **$2,773** | **$2,548** | Net Sales by Product Line | (In millions) | 2022 | 2021 | 2020 | | :--- | :--- | :--- | :--- | | Instrument clusters | $1,782 | $1,356 | $1,197 | | Infotainment | $498 | $370 | $384 | | Information displays | $490 | $402 | $423 | | Cockpit domain controller | $473 | $226 | $155 | | Body and security | $205 | $127 | $99 | | Telematics | $67 | $64 | $57 | | Other | $241 | $228 | $233 | | **Total** | **$3,756** | **$2,773** | **$2,548** | [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=91&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[412](index=412&type=chunk) [Controls and Procedures](index=91&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls, procedures, and internal control over financial reporting were effective as of December 31, 2022 - Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of December 31, 2022[414](index=414&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2022, which was audited by Deloitte & Touche LLP[416](index=416&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=91&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information is incorporated by reference from the 2023 Proxy Statement, except for executive officer details provided in Part I - Information required by this item is incorporated by reference from the company's 2023 Proxy Statement, with the exception of executive officer information which is located in Item 4A of this report[418](index=418&type=chunk) [Executive Compensation](index=91&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive and director compensation is incorporated by reference from the company's 2023 Proxy Statement - Information required by this item is incorporated by reference from the company's 2023 Proxy Statement[420](index=420&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=92&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership is incorporated by reference from the company's 2023 Proxy Statement - Information required by this item is incorporated by reference from the company's 2023 Proxy Statement[421](index=421&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=92&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related transactions and director independence is incorporated by reference from the company's 2023 Proxy Statement - Information required by this item is incorporated by reference from the company's 2023 Proxy Statement[422](index=422&type=chunk) [Principal Accountant Fees and Services](index=92&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2023 Proxy Statement - Information required by this item is incorporated by reference from the company's 2023 Proxy Statement[423](index=423&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=93&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists the financial statements, schedules, and exhibits filed as part of the Form 10-K - This section includes Financial Statements, Financial Statement Schedule II — Valuation and Qualifying Accounts, and a list of all filed exhibits[425](index=425&type=chunk)[426](index=426&type=chunk) [Form 10-K Summary](index=93&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company has not provided a Form 10-K summary - None[427](index=427&type=chunk)

Visteon, Corp. (NASDAQ:VC) Q3 2022 Earnings Conference Call October 27, 2022 9:00 AM ET Company Participants Ryan Ghazaeri - DCM & SP Sachin Lawande - President & CEO Jerome Rouquet - SVP & CFO Kristopher Doyle - IR Conference Call Participants Shreyas Patil - Wolfe Research Mark Delaney - Goldman Sachs James Picariello - BNP Paribas Exane Research Luke Junk - Baird Emmanuel Rosner - Deutsche Bank David Kelley - Jefferies Ryan Ghazaeri Good morning. I'm Ryan Ghazaeri, Director of Capital Markets and Strateg ...