$VC
VISTEON CORP

2023 Q2 Form 10-Q Financial Statement

#000111133523000022 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $983.0M $967.0M
YoY Change 15.92% 18.22%
Cost Of Revenue $879.0M $857.0M
YoY Change 13.57% 15.5%
Gross Profit $104.0M $110.0M
YoY Change 40.54% 44.74%
Gross Profit Margin 10.58% 11.38%
Selling, General & Admin $52.00M $52.00M
YoY Change 20.93% 18.18%
% of Gross Profit 50.0% 47.27%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $26.00M $29.00M
YoY Change 4.0% 7.41%
% of Gross Profit 25.0% 26.36%
Operating Expenses $62.00M $52.00M
YoY Change 44.19% 18.18%
Operating Profit $42.00M $58.00M
YoY Change 35.48% 81.25%
Interest Expense -$5.000M $5.000M
YoY Change -225.0% 66.67%
% of Operating Profit -11.9% 8.62%
Other Income/Expense, Net -$10.00M $3.000M
YoY Change -300.0% -40.0%
Pretax Income $36.00M $52.00M
YoY Change 20.0% 67.74%
Income Tax $13.00M $14.00M
% Of Pretax Income 36.11% 26.92%
Net Earnings $20.00M $34.00M
YoY Change -16.67% 54.55%
Net Earnings / Revenue 2.03% 3.52%
Basic Earnings Per Share $0.71 $1.21
Diluted Earnings Per Share $0.70 $1.18
COMMON SHARES
Basic Shares Outstanding 28.35M shares 28.19M shares
Diluted Shares Outstanding 28.70M shares 28.70M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $455.0M $484.0M
YoY Change 41.3% 20.4%
Cash & Equivalents $455.0M $484.0M
Short-Term Investments
Other Short-Term Assets $60.00M $124.0M
YoY Change -65.71% -29.55%
Inventory $329.0M $358.0M
Prepaid Expenses $20.00M $25.00M
Receivables $678.0M $695.0M
Other Receivables $75.00M $60.00M
Total Short-Term Assets $1.597B $1.664B
YoY Change 14.15% 14.68%
LONG-TERM ASSETS
Property, Plant & Equipment $489.0M $365.0M
YoY Change 40.52% -2.41%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $37.00M $44.00M
YoY Change -35.09% -24.14%
Other Assets $74.00M $110.0M
YoY Change -32.11% -0.9%
Total Long-Term Assets $724.0M $741.0M
YoY Change -3.08% -6.44%
TOTAL ASSETS
Total Short-Term Assets $1.597B $1.664B
Total Long-Term Assets $724.0M $741.0M
Total Assets $2.321B $2.405B
YoY Change 8.15% 7.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $564.0M $605.0M
YoY Change 15.1% 12.24%
Accrued Expenses $134.0M $140.0M
YoY Change 14.53% 21.74%
Deferred Revenue
YoY Change
Short-Term Debt $21.00M $3.000M
YoY Change
Long-Term Debt Due $18.00M $18.00M
YoY Change
Total Short-Term Liabilities $911.0M $964.0M
YoY Change 13.73% 13.55%
LONG-TERM LIABILITIES
Long-Term Debt $327.0M $331.0M
YoY Change -6.3% -5.16%
Other Long-Term Liabilities $275.0M $64.00M
YoY Change 358.33% -13.51%
Total Long-Term Liabilities $602.0M $395.0M
YoY Change 47.19% -6.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $911.0M $964.0M
Total Long-Term Liabilities $602.0M $395.0M
Total Liabilities $1.616B $1.359B
YoY Change 33.55% 6.84%
SHAREHOLDERS EQUITY
Retained Earnings $1.842B $1.822B
YoY Change 7.72% 8.07%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.266B $2.240B
YoY Change 0.31% -0.88%
Treasury Stock Shares
Shareholders Equity $705.0M $720.0M
YoY Change
Total Liabilities & Shareholders Equity $2.321B $2.405B
YoY Change 8.15% 7.22%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $20.00M $34.00M
YoY Change -16.67% 54.55%
Depreciation, Depletion And Amortization $26.00M $29.00M
YoY Change 4.0% 7.41%
Cash From Operating Activities $61.00M -$19.00M
YoY Change -219.61% -9.52%
INVESTING ACTIVITIES
Capital Expenditures $30.00M $21.00M
YoY Change -300.0% -200.0%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$1.000M
YoY Change -80.0% 0.0%
Cash From Investing Activities -$29.00M -$20.00M
YoY Change 190.0% -4.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -52.00M -$5.000M
YoY Change 25.0%
NET CHANGE
Cash From Operating Activities 61.00M -$19.00M
Cash From Investing Activities -29.00M -$20.00M
Cash From Financing Activities -52.00M -$5.000M
Net Change In Cash -20.00M -$36.00M
YoY Change -67.21% -28.0%
FREE CASH FLOW
Cash From Operating Activities $61.00M -$19.00M
Capital Expenditures $30.00M $21.00M
Free Cash Flow $31.00M -$40.00M
YoY Change -186.11%

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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect amounts reported herein. Considerable judgment is involved in making these determinations and the use of different estimates or assumptions could result in significantly different results. Management believes its assumptions and estimates are reasonable and appropriate. However, actual results could differ from those reported herein. Events and changes in circumstances arising after March 31, 2023, including those resulting from the impacts of COVID-19 and the subsequent semiconductor supply shortage, as further described in Note 14, "Commitments and Contingencies", will be reflected in management's estimates in future periods.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Segment: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s reportable segment is Electronics. The Electronics segment provides vehicle cockpit electronics products to customers, including digital instrument clusters, domain controllers with integrated advanced driver assistance systems ("ADAS"), displays, Android-based infotainment systems , and battery management systems. As the Company has one reportable segment, net sales, total assets, depreciation, amortization and capital expenditures are equal to consolidated results.</span></div>
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