Follow Visteon: VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)(In millions except per share amounts)(Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net sales$1,014 $983 $1,947 $1,950 Cost of sales (867) (879) (1,681) (1,736)Gross margin 147 104 266 214 Selling, general and administrative expenses (49) (52) (101) (104)Restructuring, net (1) (1) (3) (2)Interest expense, net — (3) — (6)Equity in net income (loss) of non-consolidated affiliates — (2) (4) (7)Other income (expense), net 3 (10) 5 (7)Income (loss) before income taxes 100 36 163 88 Provision for income taxes (25) (13) (44) (27)Net income (loss) 75 23 119 61 Less: Net (income) loss attributable to non-controlling interests (4) (3) (6) (7)Net income (loss) attributable to Visteon Corporation$71 $20 $113 $54 Comprehensive income (loss)$55 $3 $84 $56 Less: Comprehensive (income) loss attributable to non-controlling interests (2) 1 (3) (2)Comprehensive income (loss) attributable to Visteon Corporation$53 $4 $81 $54 Basic earnings (loss) per share attributable to Visteon Corporation$2.57 $0.71 $4.09 $1.91 Diluted earnings (loss) per share attributable to Visteon Corporation$2.54 $0.70 $4.05 $1.88 Average shares outstanding (in millions) Basic 27.6 28.3 27.6 28.3 Diluted 27.9 28.7 27.9 28.7 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In millions) (Unaudited) June 30, December 31, 2024 2023 ASSETS Cash and equivalents$505 $515 Restricted cash 3 3 Accounts receivable, net 695 666 Inventories, net 311 298 Other current assets 127 134 Total current assets 1,641 1,616 Property and equipment, net 416 418 Intangible assets, net 84 90 Right-of-use assets 111 109 Investments in non-consolidated affiliates 25 35 Deferred tax assets 371 384 Other non-current assets 83 75 Total assets$2,731 $2,727 LIABILITIES AND EQUITY Short-term debt$18 $18 Accounts payable 529 551 Accrued employee liabilities 81 99 Current lease liability 31 30 Other current liabilities 228 233 Total current liabilities 887 931 Long-term debt, net 309 318 Employee benefits 149 160 Non-current lease liability 83 79 Deferred tax liabilities 34 31 Other non-current liabilities 71 85 Stockholders’ equity: Common stock 1 1 Additional paid-in capital 1,360 1,356 Retained earnings 2,387 2,274 Accumulated other comprehensive loss (286) (254)Treasury stock (2,349) (2,339)Total Visteon Corporation stockholders’ equity 1,113 1,038 Non-controlling interests 85 85 Total equity 1,198 1,123 Total liabilities and equity$2,731 $2,727 VISTEON CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(In millions)(Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 OPERATING Net income (loss)$75 $23 $119 $61 Adjustments to reconcile net income (loss) to net cash provided from (used by) operating activities: Depreciation and amortization 24 26 46 55 Non-cash stock-based compensation 11 9 21 17 Equity in net loss (income) of non-consolidated affiliates, net of dividends remitted — 2 4 7 Other non-cash items 4 (2) 7 (4)Changes in assets and liabilities: Accounts receivable (52) 6 (49) (7)Inventories 28 22 (23) 17 Accounts payable (29) (30) 8 (89)Other assets and other liabilities (4) 5 (7) (15)Net cash provided from (used by) operating activities 57 61 126 42 INVESTING Capital expenditures, including intangibles (31) (30) (68) (51)Loan provided to non-consolidated affiliate (5) — (5) — Other 1 1 1 2 Net cash used by investing activities (35) (29) (72) (49)FINANCING Dividends to non-controlling interests — (7) — (15)Short-term debt, net — — — 3 Repurchase of common stock — (30) (20) (30)Stock based compensation tax withholding payments — (15) (7) (15)Proceeds from the exercise of stock options — 4 — 4 Principal repayment of term debt facility (5) (4) (9) (4)Net cash used by financing activities (5) (52) (36) (57)Effect of exchange rate changes on cash (16) (8) (28) — Net decrease in cash, equivalents, and restricted cash 1 (28) (10) (64)Cash, equivalents, and restricted cash at beginning of the period 507 487 518 523 Cash, equivalents, and restricted cash at end of the period$508 $459 $508 $459 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.
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 geopolitical conflicts and related supply chain disruptions, including but not limited to the conflicts in the Middle East, Russia and East Asia and the possible imposition of sanctions;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; andthose factors identified in our filings with the SEC (including our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our subsequent filings with the Securities and Exchange Commission).
VISTEON CORPORATION AND SUBSIDIARIESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES(In millions except per share amounts) (Unaudited) 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.
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