Visteon Announces Third-Quarter 2019 Results

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited, Dollars in Millions)

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  Nine Months Ended  Estimated
  September 30  September 30  Full Year
Visteon: 2019  2018  2019  2018  2019
Net income attributable to Visteon Corporation$14  $21  $35  $121  $57 - $72
Depreciation and amortization25  22  74  67  99
Provision for income taxes13  9  16  42  30 -35
Non-cash, stock-based compensation expense3  4  14  4  20
Interest expense, net3  2  7   6     9
Net income attributable to non-controlling interests 4     3     7     8     10
Other     (4 )   1     (8 )   1
Restructuring expense 1     18     2     28     15
Income from discontinued operations, net of tax     (1 )       (2 )  
Equity in net income of non-consolidated affiliates (1 )   (3 )   (7 )   (10 )   (11)
Adjusted EBITDA $ 62     $ 71     $ 149     $ 256     $230 - $250
                                   

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.

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