$VC
VISTEON CORP

2024 Q3 Form 10-Q Financial Statement

#000111133524000121 Filed on July 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $980.0M $1.014B
YoY Change -3.35% 3.15%
Cost Of Revenue $849.0M $867.0M
YoY Change -2.53% -1.37%
Gross Profit $131.0M $147.0M
YoY Change -8.39% 41.35%
Gross Profit Margin 13.37% 14.5%
Selling, General & Admin $51.00M $49.00M
YoY Change -1.92% -5.77%
% of Gross Profit 38.93% 33.33%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $25.00M $24.00M
YoY Change 4.17% -7.69%
% of Gross Profit 19.08% 16.33%
Operating Expenses $51.00M $49.00M
YoY Change -1.92% -20.97%
Operating Profit $80.00M $98.00M
YoY Change -12.09% 133.33%
Interest Expense $4.000M $4.000M
YoY Change 0.0% -180.0%
% of Operating Profit 5.0% 4.08%
Other Income/Expense, Net $2.000M $3.000M
YoY Change -33.33% -130.0%
Pretax Income $51.00M $100.0M
YoY Change -44.57% 177.78%
Income Tax $11.00M $25.00M
% Of Pretax Income 21.57% 25.0%
Net Earnings $39.00M $71.00M
YoY Change -40.91% 255.0%
Net Earnings / Revenue 3.98% 7.0%
Basic Earnings Per Share $1.41 $2.57
Diluted Earnings Per Share $1.40 $2.54
COMMON SHARES
Basic Shares Outstanding 27.61M shares 27.60M shares
Diluted Shares Outstanding 27.90M shares 27.90M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $550.0M $505.0M
YoY Change 14.35% 10.99%
Cash & Equivalents $550.0M $505.0M
Short-Term Investments
Other Short-Term Assets $109.0M $127.0M
YoY Change -22.14% 111.67%
Inventory $321.0M $311.0M
Prepaid Expenses $18.00M $18.00M
Receivables $719.0M $695.0M
Other Receivables $60.00M $73.00M
Total Short-Term Assets $1.702B $1.641B
YoY Change 4.93% 2.76%
LONG-TERM ASSETS
Property, Plant & Equipment $438.0M $416.0M
YoY Change 16.18% -14.93%
Goodwill $35.00M
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000M $1.000M
YoY Change -97.22% -97.3%
Other Assets $79.00M $83.00M
YoY Change -36.29% 12.16%
Total Long-Term Assets $1.191B $1.090B
YoY Change 62.04% 50.55%
TOTAL ASSETS
Total Short-Term Assets $1.702B $1.641B
Total Long-Term Assets $1.191B $1.090B
Total Assets $2.893B $2.731B
YoY Change 22.74% 17.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $547.0M $529.0M
YoY Change -8.07% -6.21%
Accrued Expenses $156.0M $141.0M
YoY Change 9.86% 5.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $18.00M $18.00M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $937.0M $887.0M
YoY Change -1.16% -2.63%
LONG-TERM LIABILITIES
Long-Term Debt $306.0M $309.0M
YoY Change -5.26% -5.5%
Other Long-Term Liabilities $109.0M $71.00M
YoY Change 70.31% -74.18%
Total Long-Term Liabilities $415.0M $380.0M
YoY Change 7.24% -36.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $937.0M $887.0M
Total Long-Term Liabilities $415.0M $380.0M
Total Liabilities $1.352B $1.267B
YoY Change 1.27% -21.6%
SHAREHOLDERS EQUITY
Retained Earnings $2.426B $2.387B
YoY Change 27.15% 29.59%
Common Stock $1.000M $1.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.348B $2.349B
YoY Change 1.69% 3.66%
Treasury Stock Shares
Shareholders Equity $1.185B $1.113B
YoY Change
Total Liabilities & Shareholders Equity $2.893B $2.731B
YoY Change 22.74% 17.66%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $39.00M $71.00M
YoY Change -40.91% 255.0%
Depreciation, Depletion And Amortization $25.00M $24.00M
YoY Change 4.17% -7.69%
Cash From Operating Activities $98.00M $57.00M
YoY Change -22.83% -6.56%
INVESTING ACTIVITIES
Capital Expenditures $28.00M $31.00M
YoY Change -9.68% 3.33%
Acquisitions
YoY Change
Other Investing Activities -$48.00M -$4.000M
YoY Change -500.0%
Cash From Investing Activities -$76.00M -$35.00M
YoY Change 145.16% 20.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000M -5.000M
YoY Change -93.55% -90.38%
NET CHANGE
Cash From Operating Activities 98.00M 57.00M
Cash From Investing Activities -76.00M -35.00M
Cash From Financing Activities -4.000M -5.000M
Net Change In Cash 18.00M 17.00M
YoY Change -47.06% -185.0%
FREE CASH FLOW
Cash From Operating Activities $98.00M $57.00M
Capital Expenditures $28.00M $31.00M
Free Cash Flow $70.00M $26.00M
YoY Change -27.08% -16.13%

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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 June 30, 2024 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><div><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%">Accounts Receivable: </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Accounts receivable are stated at the invoiced amount, less an allowance for doubtful accounts for estimated amounts not expected to be collected, and do not bear interest. </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-weight:400;line-height:120%">The Company receives bank notes from certain customers in China to settle trade accounts receivable. The collection on such bank notes are included in operating cash flows based on the substance of the underlying transactions, which are operating in nature. The Company may hold such bank notes until maturity, exchange them with suppliers to settle liabilities, or sell them to third-party financial institutions in exchange for cash. The Company has entered into arrangements with financial institutions to sell certain bank notes, generally maturing within nine months. Bank notes are sold with recourse but qualify as a sale as all rights to the notes have passed to the financial institution. The Company redeemed $74 million of China bank notes during the three months ended June 30, 2024. Remaining amounts outstanding at third-party institutions related to sold bank notes will mature by December 31, 2024.</span></div>
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