Visteon Corporation (NASDAQ: VC) today reported fourth quarter and
full-year 2021 financial results that exceed its previous
outlook. Highlights include:
- $786 million Q4 net sales; 15%
growth-over-market1
- Net income of $31 million in Q4 or
$1.09 per diluted share
- Adjusted EBITDA of $92 million,
11.7% of sales in Q4
- Third electrification customer added
in Q4
- $102 million net cash position at
year end
Fourth Quarter Financial
ResultsFor the three months ending December 31, 2021,
Visteon reported net sales of $786 million, equal to prior year and
representing 15% growth-over-market as Visteon’s top customers'
vehicle production decreased 15% year over year. The sales
performance was driven by the ramp up of recently launched products
and favorable pricing.
Gross margin in the fourth quarter was $99
million, and net income attributable to Visteon was $31 million.
Adjusted EBITDA, a non-GAAP measure as defined below, was $92
million for the fourth quarter of 2021 or 11.7% of sales, a very
strong performance despite the global semiconductor shortages.
Adjusted EBITDA benefited from robust sales, favorable pricing,
lower net engineering, and a one-time customer recovery.
Full-Year Financial ResultsFor
the year ending December 31, 2021, Visteon reported net sales of
$2,773 million, a 7% increase compared to prior year when excluding
the favorable impact of currency. Compared to Visteon's customer
production, which decreased 2%, Visteon's sales outperformed its
customer production by nine percentage points.
Gross margin in 2021 was $254 million, and net
income attributable to Visteon was $41 million. Adjusted EBITDA was
$228 million in 2021 or 8.2% of sales, driven by higher sales,
favorable pricing, lower net engineering, partially offset by
higher costs related to the global semiconductor shortages.
Cash from operations for the twelve months ended
December 31, 2021 was $58 million and capital expenditures were $70
million. Adjusted free cash flow, a non-GAAP financial measure as
defined below, was $22 million for the full year. Adjusted free
cash flow benefited from strong adjusted EBITDA and continued
capital discipline, partially offset by an increase in inventory
due to uneven customer production schedules.
New Business Wins and Product Launch
HighlightsThe company won $5.1 billion of new business in
2021. Visteon launched 17 new products in the fourth quarter, 43 in
total for 2021, which continues to build the foundation for the
company’s sustainable market out-performance.
Visteon demonstrated its leadership in cockpit
electronics with wins across its key product categories, including
a win for a large and complex curved multi-display for a premium
brand with a Global OEM and a follow-on advanced SmartCore™ cockpit
domain controller win. Additionally, Visteon is proud to announce
its third customer win for electrification that will launch on
three premium vehicle brands of a global OEM starting in 2024.
Robust Growth in 2022"In 2021,
the Visteon team continued to build the foundation for sustainable
growth driven by the transformation of our product portfolio," said
President and CEO Sachin Lawande. "In 2022, we
anticipate we will grow sales, expand margins, and increase
adjusted free cash flow generation driven by continued market
out-performance of our next-generation products.”
Visteon's full-year 2022 guidance anticipates
sales in the range of $3.150 – $3.350 billion, Adjusted EBITDA in
the range of $295 – $335 million, and Adjusted Free Cash Flow in
the range of $85 – $115 million.
________________________1 Visteon Y/Y sales growth (ex. FX)
compared to production for Visteon customers weighted on Visteon
sales contribution
About VisteonVisteon is a
global technology company serving the mobility industry, dedicated
to creating a more enjoyable, connected and safe driving
experience. The company’s 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 and battery
management systems. The company is headquartered in Van Buren
Township, Michigan, and has approximately 10,000 employees at more
than 40 facilities in 18 countries. Visteon reported sales of
approximately $2.8 billion and booked $5.1 billion of new business
in 2021. Learn more at https://investors.visteon.com/.
Conference Call and
PresentationToday, Thursday, Feb. 17, 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: 844-535-3468Outside U.S./Canada:
720-405-0988Conference ID: 4635519
(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 855-859-2056
or 800-585-8367 (toll-free from the U.S. and Canada) or
404-537-3406 (outside U.S. and Canada). The conference ID for the
phone replay is 4635519. The phone replay will be available soon
after the completion of the call and until 11:59 p.m. ET on
Thursday, March 3.
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 2021, 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;
- 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;
- 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
execute on our transformational plans and cost-reduction
initiatives in the amounts and on the timing contemplated;
- 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;
- 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, 2021, 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 Dec.
31, 2021. New business wins and rewins 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/VisteonCorporationhttps://www.youtube.com/user/Visteonhttp://www.slideshare.net/VisteonCorporationhttps://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 Contacts
Media:Dianna
Ofiara734-258-4355dofiara@visteon.com
Investors:Kris
Doyle201-247-3050kdoyle@visteon.com
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, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
Net sales |
$ |
786 |
|
|
$ |
787 |
|
|
$ |
2,773 |
|
|
$ |
2,548 |
|
Cost of sales |
|
(687 |
) |
|
|
(698 |
) |
|
|
(2,519 |
) |
|
|
(2,303 |
) |
Gross margin |
|
99 |
|
|
|
89 |
|
|
|
254 |
|
|
|
245 |
|
Selling, general and
administrative expenses |
|
(44 |
) |
|
|
(53 |
) |
|
|
(175 |
) |
|
|
(193 |
) |
Restructuring and impairment
expense |
|
(16 |
) |
|
|
(7 |
) |
|
|
(14 |
) |
|
|
(76 |
) |
Interest expense |
|
(2 |
) |
|
|
(2 |
) |
|
|
(10 |
) |
|
|
(16 |
) |
Interest income |
|
— |
|
|
|
1 |
|
|
|
2 |
|
|
|
5 |
|
Equity in net income of
non-consolidated affiliates |
|
4 |
|
|
|
2 |
|
|
|
6 |
|
|
|
6 |
|
Other income, net |
|
5 |
|
|
|
(1 |
) |
|
|
18 |
|
|
|
9 |
|
Income (loss) before income
taxes |
|
46 |
|
|
|
29 |
|
|
|
81 |
|
|
|
(20 |
) |
Provision for income
taxes |
|
(11 |
) |
|
|
(9 |
) |
|
|
(31 |
) |
|
|
(28 |
) |
Net income (loss) from
continuing operations |
|
35 |
|
|
|
20 |
|
|
|
50 |
|
|
|
(48 |
) |
Net income (loss) from
discontinued operations, net of tax |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net income (loss) |
|
35 |
|
|
|
20 |
|
|
|
50 |
|
|
|
(48 |
) |
Net (income) loss attributable
to non-controlling interests |
|
(4 |
) |
|
|
(2 |
) |
|
|
(9 |
) |
|
|
(8 |
) |
Net income (loss) attributable
to Visteon Corporation |
$ |
31 |
|
|
$ |
18 |
|
|
$ |
41 |
|
|
$ |
(56 |
) |
|
|
|
|
|
|
|
|
Comprehensive income
(loss) |
$ |
118 |
|
|
$ |
2 |
|
|
$ |
128 |
|
|
$ |
(78 |
) |
Less: Comprehensive income
(loss) attributable to non-controlling interests |
|
6 |
|
|
|
6 |
|
|
|
12 |
|
|
|
15 |
|
Comprehensive income (loss)
attributable to Visteon Corporation |
$ |
112 |
|
|
$ |
(4 |
) |
|
$ |
116 |
|
|
$ |
(93 |
) |
|
|
|
|
|
|
|
|
Earnings per share data: |
|
|
|
|
|
|
|
Basic earnings (loss) per
share attributable to Visteon Corporation |
$ |
1.10 |
|
|
$ |
1.53 |
|
|
$ |
1.46 |
|
|
$ |
(2.01 |
) |
|
|
|
|
|
|
|
|
Diluted earnings (loss) per
share attributable to Visteon Corporation |
$ |
1.09 |
|
|
$ |
1.52 |
|
|
$ |
1.44 |
|
|
$ |
(2.01 |
) |
|
|
|
|
|
|
|
|
Average shares outstanding (in
millions) |
|
|
|
|
|
|
|
Basic |
|
28.0 |
|
|
|
27.8 |
|
|
|
28.0 |
|
|
|
27.9 |
|
Diluted |
|
28.4 |
|
|
|
28.2 |
|
|
|
28.4 |
|
|
|
27.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED BALANCE
SHEETS(In millions)
|
|
|
|
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
ASSETS |
|
|
|
Cash and equivalents |
$ |
452 |
|
|
$ |
496 |
|
Restricted cash |
|
3 |
|
|
|
4 |
|
Accounts receivable, net |
|
549 |
|
|
|
484 |
|
Inventories, net |
|
262 |
|
|
|
177 |
|
Other current assets |
|
158 |
|
|
|
180 |
|
Total current assets |
|
1,424 |
|
|
|
1,341 |
|
|
|
|
|
Property and equipment,
net |
|
388 |
|
|
|
436 |
|
Intangible assets, net |
|
118 |
|
|
|
127 |
|
Right-of-use assets |
|
139 |
|
|
|
172 |
|
Investments in
non-consolidated affiliates |
|
54 |
|
|
|
60 |
|
Other non-current assets |
|
111 |
|
|
|
135 |
|
Total assets |
$ |
2,234 |
|
|
$ |
2,271 |
|
|
|
|
|
LIABILITIES AND
EQUITY |
|
|
|
Short-term debt |
$ |
4 |
|
|
$ |
— |
|
Accounts payable |
|
522 |
|
|
|
500 |
|
Accrued employee
liabilities |
|
80 |
|
|
|
83 |
|
Current lease liability |
|
28 |
|
|
|
32 |
|
Other current liabilities |
|
218 |
|
|
|
209 |
|
Total current liabilities |
|
852 |
|
|
|
824 |
|
|
|
|
|
Long-term debt, net |
|
349 |
|
|
|
349 |
|
Employee benefits |
|
198 |
|
|
|
322 |
|
Non-current lease
liability |
|
117 |
|
|
|
146 |
|
Deferred tax liabilities |
|
27 |
|
|
|
28 |
|
Other non-current
liabilities |
|
75 |
|
|
|
92 |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
Common stock |
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
1,349 |
|
|
|
1,348 |
|
Retained earnings |
|
1,664 |
|
|
|
1,623 |
|
Accumulated other comprehensive loss |
|
(229 |
) |
|
|
(304 |
) |
Treasury stock |
|
(2,269 |
) |
|
|
(2,281 |
) |
Total Visteon Corporation
stockholders’ equity |
|
516 |
|
|
|
387 |
|
Non-controlling interests |
|
100 |
|
|
|
123 |
|
Total equity |
|
616 |
|
|
|
510 |
|
Total liabilities and
equity |
$ |
2,234 |
|
|
$ |
2,271 |
|
|
|
|
|
|
|
|
|
VISTEON CORPORATION AND
SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH
FLOWS (In millions)
|
(Unaudited) |
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
December 31, |
|
December 31, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
OPERATING |
|
|
|
|
|
|
|
Net income (loss) |
$ |
35 |
|
|
$ |
20 |
|
|
$ |
50 |
|
|
$ |
(48 |
) |
Adjustments to reconcile net
income (loss) to net cash provided from operating activities: |
|
|
|
|
|
|
|
Depreciation and amortization |
|
26 |
|
|
|
29 |
|
|
|
108 |
|
|
|
104 |
|
Non-cash stock-based compensation |
|
5 |
|
|
|
5 |
|
|
|
18 |
|
|
|
18 |
|
Equity in net income of non-consolidated affiliates, net of
dividends remitted |
|
(2 |
) |
|
|
(1 |
) |
|
|
12 |
|
|
|
(5 |
) |
Impairments |
|
9 |
|
|
|
— |
|
|
|
9 |
|
|
|
— |
|
Other non-cash items |
|
10 |
|
|
|
6 |
|
|
|
14 |
|
|
|
7 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
(128 |
) |
|
|
13 |
|
|
|
(78 |
) |
|
|
51 |
|
Inventories |
|
(10 |
) |
|
|
(7 |
) |
|
|
(92 |
) |
|
|
(2 |
) |
Accounts payable |
|
96 |
|
|
|
(24 |
) |
|
|
28 |
|
|
|
(13 |
) |
Other assets and other liabilities |
|
29 |
|
|
|
30 |
|
|
|
(11 |
) |
|
|
56 |
|
Net cash provided from operating activities |
|
70 |
|
|
|
71 |
|
|
|
58 |
|
|
|
168 |
|
INVESTING |
|
|
|
|
|
|
|
Capital expenditures,
including intangibles |
|
(16 |
) |
|
|
(21 |
) |
|
|
(70 |
) |
|
|
(104 |
) |
Contributions to equity method
investments |
|
(2 |
) |
|
|
(1 |
) |
|
|
(5 |
) |
|
|
(2 |
) |
Net investment hedge
transactions |
|
1 |
|
|
|
1 |
|
|
|
4 |
|
|
|
8 |
|
Loans to non-consolidated
affiliate, net of repayments |
|
4 |
|
|
|
— |
|
|
|
6 |
|
|
|
2 |
|
Other, net |
|
— |
|
|
|
— |
|
|
|
2 |
|
|
|
(2 |
) |
Net cash used by investing
activities |
|
(13 |
) |
|
|
(21 |
) |
|
|
(63 |
) |
|
|
(98 |
) |
FINANCING |
|
|
|
|
|
|
|
Borrowings on debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
400 |
|
Principal payments on
debt |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(400 |
) |
Repurchase of common
stock |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(16 |
) |
Short-term debt, net |
|
(2 |
) |
|
|
— |
|
|
|
4 |
|
|
|
(37 |
) |
Dividends paid to
non-controlling interests |
|
(2 |
) |
|
|
— |
|
|
|
(35 |
) |
|
|
(7 |
) |
Other |
|
1 |
|
|
|
2 |
|
|
|
2 |
|
|
|
2 |
|
Net cash used by financing
activities |
|
(3 |
) |
|
|
2 |
|
|
|
(29 |
) |
|
|
(58 |
) |
Effect of exchange rates |
|
— |
|
|
|
13 |
|
|
|
(11 |
) |
|
|
19 |
|
Net increase (decrease) in
cash, equivalents, and restricted cash |
|
54 |
|
|
|
65 |
|
|
|
(45 |
) |
|
|
31 |
|
Cash, equivalents, and
restricted cash at beginning of the period |
|
401 |
|
|
|
435 |
|
|
|
500 |
|
|
|
469 |
|
Cash, equivalents, and
restricted cash at end of the period |
$ |
455 |
|
|
$ |
500 |
|
|
$ |
455 |
|
|
$ |
500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 expense, net
interest expense, loss on divestiture, equity in net income of
non-consolidated affiliates, gain on non-consolidated affiliate
transactions, provision for income taxes, discontinued operations,
net income attributable to non-controlling interests, non-cash
stock-based compensation expense, 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: |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2022 |
|
Net income (loss) attributable
to Visteon Corporation |
$ |
31 |
|
|
$ |
18 |
|
|
$ |
41 |
|
|
$ |
(56 |
) |
|
$ |
121 |
|
Depreciation and amortization |
|
26 |
|
|
|
29 |
|
|
|
108 |
|
|
|
104 |
|
|
|
105 |
|
Restructuring expense and impairment |
|
16 |
|
|
|
7 |
|
|
|
14 |
|
|
|
76 |
|
|
|
5 |
|
Provision for income taxes |
|
11 |
|
|
|
9 |
|
|
|
31 |
|
|
|
28 |
|
|
|
40 |
|
Non-cash, stock-based compensation expense |
|
5 |
|
|
|
5 |
|
|
|
18 |
|
|
|
18 |
|
|
|
25 |
|
Net income attributable to non-controlling interests |
|
4 |
|
|
|
2 |
|
|
|
9 |
|
|
|
8 |
|
|
|
10 |
|
Interest expense, net |
|
2 |
|
|
|
1 |
|
|
|
8 |
|
|
|
11 |
|
|
|
10 |
|
Equity in net income (loss) of non-consolidated affiliates |
|
(4 |
) |
|
|
(2 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
|
|
(6 |
) |
Other |
|
1 |
|
|
|
6 |
|
|
|
5 |
|
|
|
9 |
|
|
|
5 |
|
Adjusted EBITDA |
$ |
92 |
|
|
$ |
75 |
|
|
$ |
228 |
|
|
$ |
192 |
|
|
$ |
3152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
________________________2 Based on mid-point of
the range of the Company's financial guidance.
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.
Free cash flow and adjusted free cash flow include amounts
associated with discontinued operations. 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: |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
2022 |
|
Cash provided from operating
activities |
$ |
70 |
|
|
$ |
71 |
|
|
$ |
58 |
|
|
$ |
168 |
|
|
$ |
200 |
|
Capital expenditures,
including intangibles |
|
(16 |
) |
|
|
(21 |
) |
|
|
(70 |
) |
|
|
(104 |
) |
|
|
(110 |
) |
Free cash flow |
$ |
54 |
|
|
$ |
50 |
|
|
$ |
(12 |
) |
|
$ |
64 |
|
|
$ |
90 |
|
Restructuring related
payments |
|
5 |
|
|
|
9 |
|
|
|
34 |
|
|
|
32 |
|
|
|
10 |
|
Adjusted free cash flow |
$ |
59 |
|
|
$ |
59 |
|
|
$ |
22 |
|
|
$ |
96 |
|
|
$ |
1003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
________________________3 Based on mid-point of
the range of the Company's financial guidance.
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 expense, impairment, loss on divestiture,
gain on non-consolidated affiliate transactions, discontinued
operations, 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, |
|
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
Net income (loss)
attributable to Visteon |
$ |
31 |
|
|
$ |
18 |
|
|
$ |
41 |
|
|
$ |
(56 |
) |
|
|
|
|
|
|
|
|
Diluted earnings
(loss) per share: |
|
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
31 |
|
|
$ |
18 |
|
|
$ |
41 |
|
|
$ |
(56 |
) |
Average shares outstanding,
diluted |
|
28.4 |
|
|
|
28.2 |
|
|
|
28.4 |
|
|
|
27.9 |
|
Diluted earnings (loss) per
share |
$ |
1.09 |
|
|
$ |
0.64 |
|
|
$ |
1.44 |
|
|
$ |
(2.01 |
) |
|
|
|
|
|
|
|
|
Adjusted net income (loss) and adjusted earnings (loss) per
share: |
|
|
|
|
|
|
Net income (loss) attributable
to Visteon |
$ |
31 |
|
|
$ |
18 |
|
|
$ |
41 |
|
|
$ |
(56 |
) |
Restructuring expense and
impairment |
|
16 |
|
|
|
7 |
|
|
|
14 |
|
|
|
76 |
|
Other, including tax impacts
of adjustments |
|
1 |
|
|
|
5 |
|
|
|
5 |
|
|
|
7 |
|
Adjusted net income
(loss) |
$ |
48 |
|
|
$ |
30 |
|
|
$ |
60 |
|
|
$ |
27 |
|
Average shares outstanding,
diluted |
|
28.4 |
|
|
|
28.2 |
|
|
|
28.4 |
|
|
|
27.9 |
|
Adjusted earnings (loss) per
share |
$ |
1.69 |
|
|
$ |
1.06 |
|
|
$ |
2.11 |
|
|
$ |
0.97 |
|
|
|
|
|
|
|
|
|
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