Adjusted free cash flow benefited from strong adjusted EBITDA and continued capital expenditure discipline, partially offset by an increase in working capital due to an increase in inventory as a result of uneven customer production schedules caused by the semiconductor shortages.
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Adjusted free cash flow, a non-GAAP financial measure as defined below, was $101 million for the full year. Positive pricing mostly offset the incremental costs caused by the ongoing global semiconductor shortages and other supply chain challenges.Ĭash provided by operations for the 12 months ending Decemwas $167 million and cash used for capital expenditures was $81 million. Adjusted EBITDA was $348 million in 2022 or 9.3% of sales, driven by higher sales while leveraging a lean cost base with modest increases in engineering and other fixed costs. Gross margin in 2022 was $368 million, and net income attributable to Visteon was $124 million. Adjusted EBITDA benefited from robust sales and the ongoing benefits of cost and commercial discipline.įor the year ending December 31, 2022, Visteon reported net sales of $3,756 million, representing year-over-year growth of 35%, or 40% when excluding the impact of currency. Adjusted EBITDA, a non-GAAP measure as defined below, was $103 million for the fourth quarter of 2022 or 9.7% of sales, representing a very strong performance despite global semiconductor shortages impacting production throughout the quarter.
Gross margin in the fourth quarter was $114 million, and net income attributable to Visteon was $34 million.
Market out-performance in the quarter represents the 15th consecutive quarter of growth-over-market relative to customer weighted vehicle production. Sales performance was driven by the ramp up of recently launched products, favorable pricing, and customer vehicle production growth. For the three months ending December 31, 2022, Visteon reported net sales of $1,064 million, representing a year-over-year growth of 35%, or 43% when excluding the impact of currency, from the prior year.
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