Visteon Announces Second-Quarter 2019 Results

Free Cash Flow and Adjusted Free Cash Flow: Free cash flow and Adjusted free cash flow are presented as supplemental measures of the Company's liquidity that management believes are useful to investors in analyzing the Company's ability to service and repay its debt. The Company defines Free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles.  The Company defines Adjusted free cash flow as cash flow provided from operating activities less capital expenditures, including intangibles as further adjusted for restructuring related payments. Free cash flow and Adjusted free cash flow include amounts associated with discontinued operations. Because not all companies use identical calculations, this presentation of Free cash flow and Adjusted free cash flow may not be comparable to other similarly titled measures of other companies.

  Three Months Ended  Six Months Ended  Estimated
  June 30  June 30  Full Year
Total Visteon: 2019  2018  2019  2018  2019
Cash provided from operating activities$57  $45  $61  $126  $150 - $160
Capital expenditures, including intangibles(34) (25) (71) (69) (145 - 135)
Free cash flow$23  $20  $(10) $57  $5 - $25
Restructuring related payments5  9  8  20  25
Adjusted free cash flow$28  $29  $(2) $77   $30 - $50

Free cash flow and Adjusted free cash flow are not recognized terms under U.S. GAAP and do not purport to be a substitute for cash flows from operating activities as a measure of liquidity. Free cash flow and Adjusted free cash flow have limitations as analytical tools as they do not reflect cash used to service debt and do not reflect funds available for investment or other discretionary uses. In addition, the Company uses Free cash flow and Adjusted free cash flow (i) as factors in incentive compensation decisions and (ii) for planning and forecasting future periods.

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