8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) November 6, 2018

 

 

VISTEON CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   1-15827   38-3519512
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

One Village Center Drive, Van Buren Township, Michigan   48111
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code (800)-VISTEON

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


SECTION 2 – FINANCIAL INFORMATION

 

Item 2.02.

Results of Operations and Financial Condition.

Senior executives of Visteon Corporation (the “Company”) will make a presentation on November 6, 2018 to investors and security analysts at the Baird Global Industrial Conference in Chicago, Illinois, which includes a discussion of the Company’s strategy, financial profile and related matters, including certain financial information. In connection with such presentation, the Company is making available the presentation slides attached hereto as Exhibit 99.1, which are incorporated herein by reference.

The information contained in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

SECTION 7 – REGULATION FD

 

Item 7.01.

Regulation FD Disclosure.

See “Item 2.02. Results of Operations and Financial Condition” above.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

 

Item 9.01.

Financial Statements and Exhibits.

 

Exhibit
No.
  

Description

99.1    Presentation slides from the Company’s presentation at the Baird Global Industrial Conference on November 6, 2018

 

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    VISTEON CORPORATION
Date: November 6, 2018     By:  

/s/ Brett D. Pynnonen

      Brett D. Pynnonen
      Senior Vice President and General Counsel

 

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EX-99.1

Slide 1

Baird Global Industrial Conference Sachin Lawande, President and CEO November 2018 Exhibit 99.1


Slide 2

Visteon Corporation Leading supplier of cockpit electronics and autonomous driving systems to carmakers across the world $3.15B annual sales 10,000 employees 18 countries 19 manufacturing locations 18 technical centers


Slide 3

A Broad and Diversified Customer Base Global automotive technology company with more than 25 customers worldwide


Slide 4

Automotive Technology Trends Favor Visteon Visteon well-positioned to capitalize in evolving automotive industry environment Automotive Electronics Trends Distributed to centralized computing OEM investment in new EV platforms Electrical architecture increasing pace of digital cockpit Connected Digital cockpit Power consumption Low weight Increased interest at OEMs in Level 3 ADAS Level 3 systems require centralized computing Display Audio Digital Cluster ECU Consolidation Electric Vehicles Autonomous Vehicles Macro Trends Autonomous Driving


Slide 5

Strong Growth in New Business Wins YTD New Business Wins (1) 2018 YTD Breakdown Highlights (Dollars in billions) (1) YTD new business wins represent nine months ended September 30th. YTD new business wins increased 17% Y/Y 75% conquest wins 2 new OEM nameplates 49% Y/Y increase in average award size 4 SmartCoreTM wins 35% All-Digital Clusters / Complex Displays 35% Display Audio / Embedded Infotainment ~$1 billion powered by SmartCoreTM 70% from next-generation digital products


Slide 6

Operational Excellence Delivering cost efficiencies while investing for long-term growth New Product Launches Net Engineering Spend (Dollars in millions) Note: YTD figures for nine months ended September 30th. 35% 67% Y/Y increase in product launches Y/Y increase in average lifetime revenue per launch Advanced R&D 5% Y/Y increase in net engineering 1% Y/Y decrease in labor, overhead & launch costs Labor, Overhead & Launch


Slide 7

Progress Transitioning into Level 3 autonomous driving technologies via partnership with GAC Three Eras of Enhanced Safety DriveCoreTM Update DriveCoreTM Ecosystem – China Advanced Driver Assistance 2010-2016 Partially Automated Safety 2016-2025 Fully Automated Safety 2025+ Level 1 and Level 2 Features Lane Change Assist Traffic Jam Assist Self-Park Highway Autopilot City Autopilot Partnerships with key China technology leaders Level 2 features complete Engagement with lead customer Working on development of Level 3 capabilities, with end of 2019 target


Slide 8

Artificial Intelligence in the Cockpit Voice Enabled Smart Assistant Driver Monitoring Systems Image recognition error rates now better for algorithms than humans due to AI advances Required for Euro NCAP 5-star safety rating Key requirement for level-3 self-driving Machine learning vs. computer vision Algorithm voice recognition accuracy has reached threshold for human accuracy Natural language interaction Edge vs. cloud-based smart assistant Optimized for in-car experience “AI in Cockpit” Developing edge AI for autonomous and cockpit applications Integration of DMS into cluster and Voice Smart Assistant into infotainment Partnering with Tencent for China market


Slide 9

Building the Foundation Through Long-Term Vision Customer Engagement Technology Portfolio Return Enhancement 17% Y/Y increase in YTD new business wins 70% of YTD new business wins from next-generation digital products Executed $250 million in open-market repurchases and ASR in 2018 YTD 75% of YTD new business wins are conquest wins SmartCoreTM wins of nearly $1 billion YTD $450 million remaining in authorized share buyback programs


Slide 10