Good morning. I'm Ryan Wentling, Vice President of Investor Relations and Treasurer. Welcome to our earnings call for the Fourth Quarter and Full Year 2023. Please note this call is being recorded and all lines have been placed on listen-only mode to prevent background noise. Before we begin this morning's call, I'd like to remind you, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future results and conditions, but rather are subject to various factors, risks, and uncertainties that could cause our actual results to differ materially from those expressed in these statements. Please refer to the page entitled Forward-Looking Information for additional details. Presentation materials for today's call were posted on the Investors section of Visteon's website this morning. Please visit investors.visteon.com to download the material if you have not already done so. Joining us today are Sachin Lawande, President and Chief Executive Officer; and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We have scheduled the call for one hour and we'll open the lines for your questions after Sachin and Jerome's remarks. Please limit your questions to one question and one follow-up. Thank you for joining us. Now, I will turn the call over to Sachin.

Thank you, Ryan, and good morning, everyone. Thank you for joining our fourth quarter and full year 2023 earnings call. I would like to start with a summary of our full year performance as outlined on Page 2. In 2023, our team demonstrated our commitment to excellence across customers, operations, and financials. We delivered a record performance across many of our metrics and further strengthened our foundation for long-term growth. We increased our base sales by about $400 million, or 12%, when removing the impact of supply chain recoveries. Our full year sales reached $3.95 billion. The demand for our products is strong as carmakers respond to the trends of digitalization and electrification, and the company delivered another year of strong product sales growth with digital clusters up more than 30%, smart core up by more than 20%, and BMS more than doubling compared to the prior year. Adjusted EBITDA was $434 million at a margin of 11% of sales. We improved our margin by 170 basis points over the prior year, driven by strong growth as well as our excellent operational performance. Our adjusted EBITDA came in about the mid-point of our guidance issued last year, and at the beginning of the year. Adjusted free cash flow was $150 million in 2023. Our focus on cash flow conversion has yielded great results with a 35% conversion of adjusted EBITDA to adjusted free cash flow for the year. We also performed very well in strengthening our foundation for future growth. We launched a high number of products on vehicle models in 2023, which will drive our sales growth in the coming quarters. We also won over $7 billion of new business, a record performance for the company, which will help sustain our growth in the mid-term as these programs get…

Thank you, Sachin, and good morning, everyone. Visteon posted a solid set of results in the fourth quarter, demonstrating another quarter of robust commercial and operational execution. Q4 sales were $990 million. When excluding the impact of supply chain recoveries, base sales grew 1% against a difficult prior comparable. Our base sales performance was supported by the strong customer demand we continue to see for digital clusters, cockpit domain controllers, displays, and the ongoing ramp of our BMS program. Several factors impacted our fourth quarter sales. We experienced approximately $20 million in lost sales from the UAW strike. We were also impacted by the timing of roll-offs and the slower ramp up of new roll-ons as mentioned by Sachin earlier on. We expect these headwinds to be largely transitory. Consistent with the first three quarters of the year, we continue to experience customer mix headwinds in China. We expect these to ease in 2024 as we continue to increase our exposure to domestic OEMs. The semiconductor supply situation has improved significantly compared to the fourth quarter of last year. Supply chain recoveries declined by roughly $85 million year-over-year. This has mostly been the result of our reduced reliance on open market purchases and related recoveries. Open market purchases were minimal in the second half of 2023 and we expect this trend to continue in 2024. As a reminder, recoveries, although bucketed as pricing are pass-through in nature, increasing sales neutral for adjusted EBITDA but diluting margin percentages. Adjusted EBITDA was $117 million for the quarter, an improvement of $14 million versus the prior year. Adjusted EBITDA benefited from operational improvements and manufacturing efficiencies as well as lower engineering spending partially offset by a headwind from foreign exchange. Lower engineering in the quarter was mostly the result of good cost controls,…

Thank you. [Operator Instructions]. And we will take our first question from Joe Spak with UBS. Your line is open.

Thanks. Good morning, everyone. Maybe just --

Good morning.

Maybe just to start a couple on the revised 2026, I think the prior commentary from you guys was that you weren't necessarily taking management's targets for some of the EV programs. You were sort of making your own assessment. Now, obviously sort of the world has drastically changed even since those comments, but maybe you could provide a little bit more color as to sort of what type of planning went into the revised 2026 top-line targets.

I'll take that, too. So first of all, it's actually not all BMS or the EV production that is driving the reduction. There are really three factors. The first driver is actually the overall lower vehicle production outlook for our customers, and I would say that is contributing about half of the reduction. Then the second driver is lowered EV production again, and that affects both our digital cockpit products as well as BMS. And the last one is the customer mix in China, which has impacted us all through 2023 and more, I would say specifically in Q4 of 2023. We expect this mix to moderate a little bit, but still continue to be a headwind going forward into 2026. Now, if you look at just the specific BMS-related revenues, the volume projection for 2026 has not come down significantly from our lower expectations from earlier in 2023. But we are being a little more conservative than the volume that has been shared with us by our customers. I would say that our expectations now are more in line with those vehicle models and their production outlooks, as per S&P Global, for example. So I would say really three factors, right, overall, a reduction in vehicle production. Number two, lowered EV production at our customers. That is digital cockpit [ph] BMS sales and then the customer mix that is affecting us more in China. Having said that, we're expecting all of our product lines still to grow, and this new target that we have means that our base sales would grow for each one of those three years at a low-double-digit level as compared to 2023 sales.

Okay. Sachin, thanks for that. Maybe just to follow-on to that and I'll pass it on, but the low-double-digit growth over market, you're sort of assuming, I guess, like a relatively fledged environment, some negative mixes, as you mentioned, but with growth over market, and we're seeing this across the supply base like, you can't control that part of that relative comparison. Now, obviously, some of that -- it sounds like you're sort of counting on some of that negative mix, but -- and share loss at some of your customers is clearly still possible. But would you say that based on what you know now and the content you have for what you won, this sort of translates to like a high-single-digit, low-double digit organic growth rate and like understanding that if some of those customers or you don't have exposure for grow faster, like your growth over market is going to look worse, even if your organic growth might still be a little bit relatively steadier.

The first thing I would say, Joe is that we have already factored in, like you would expect, that some of the customers with whom we don't have, not customers, but OEMs that we don't have business with especially on EVs are going to grow faster in this time period than our customers as far as EVs are concerned. So our EV vehicle production assumptions are certainly already taking into account this dynamic that you talked about. Now, obviously, the market overall can grow even faster because we don't control that and we don't have necessarily full exposure to that, but we've been looking more specifically at our customers. Like for us, 2026 is not that far away in terms of being able to understand what vehicles we are on and what those production volumes are likely going to be at. With the year that has passed since last year, beginning of last year, when we gave our 2026 guidance, what I can say is that a year in it has largely transpired the way we would have expected it to, except that the BMS sales has been more suppressed. So the ramp up has been slower in 2023 than we expected. It's almost like a year delayed. And so we are expecting 2024 to look more like what we thought 2023 would look like in terms of BMS is in other words. Now 2025 and 2026, there is a certain level of ramp up of production that we have in our assumption, and that has to come to pass for us to be able to get to where we have set our targets. But I believe that those are a reasonable assumption in terms of what our customers would and should be able to accomplish.

I guess maybe just to slightly rephrase the question. I appreciate that those comments, but when you say negative mix or faster growing with customers, you don't have exposure for that that also factored into your expectation for the volume for the programs you are on. So like that, some of your customers may lose share.

[indiscernible]

Okay. Thank you.

Absolutely, absolutely.

Yes. Thank you.

And we will take our next question from Itay Michael -- pardon me, Michaeli with Citi. Your line is open.

Great. Thanks. This is Justin for Itay. So maybe a quick one on Slide 14. You're providing the high-level overview, I guess, of the base and kind of giving the recovery bucket that's in there. Can you maybe let us know what the implied recoveries are for 2024 and then maybe what you're assuming in that 2026 guide as well?

Yes. Good morning. It's Jerome. I'll take that. Maybe let me step back a little bit on recoveries, generally, we have seen recoveries coming down over the last few quarters of 2023, and that's largely because our open market purchases have declined and therefore the associated recoveries have declined as well. So we were as you recall -- we recovered, including open market purchases close to $500 million in 2022. In 2023, we'll have recovered close to $300 million of recoveries. So a fairly substantial reduction and most of it is driven by open market purchases. There is a second factor that is now impacting us in a positive way, which is the fact that we have some positive impact as we go into 2024, as it relates to surcharges, we see some programs rolling off that are more burdened than the programs rolling on, and therefore, we have that positive mix coming into play again as we go into 2024. So the two lead us to a plan for 2024, which is going to contemplate a little bit less than $200 million of recoveries. And then we see that as well coming down, because also of cost reductions from suppliers into 2026. And we've kept our assumptions the same for 2026 as we had them back in March of 2023, and it is $100 million. So a slow reduction from the very high levels that we had in 2022, all the way down to $1 million in 2026.

Perfect. Super helpful. And then maybe sticking to 2026, do you have the percentage of target already booked in terms of sales? Or if you can help us out, maybe --

Yes. We can talk a little about it. So, typically, when we look at the targets of sales that need to be booked, we have a range between 75% to 80% of the sales three years out. And I would say that we are within that for 2026. And as you know, we had a pretty good robust level of new business wins in 2023 that exceeded our initial expectations, which is also helping and we also believe, on account of some of the changes that have happened with EVs, that we would see some program extensions which are going to be helpful in the near-term, as some of these ICE and hybrid vehicles will need to be extended by our customers as they rethink their EV model portfolio and go-to-market.

And we will take our next question from Dan Levy with Barclays. Your line is open.

Hi, good morning. Thank you for taking the question. First, wanted to ask a question about the margin. So, fourth quarter you did 11.8%. That was weighed down by the strike. You're guiding to an 11.8% mid-point for 2024. Perhaps you could give us basically a bridge. I recognize we shouldn't extrapolate too much from one quarter, but a bridge from the 4Q run rate to 2024. What are maybe some of the offsets that make the 11.8% that you did in the fourth quarter not necessarily representative of the true run rate, which I think you said was closer to 11%.

Yes. Thanks, Dan. So we always try to normalize EBITDA margin as we report our earnings, and I've done that now for the last few quarters, just because they are anomalies or exceptional items impacting EBITDA positively or negatively. So for Q4 specifically, we had 11.8%, as you mentioned. And most of that was or came from the fact that we had a pretty low engineering spend in Q4, and it's fairly traditional, I would say, we were probably a little bit surprised by the amount of recoveries that we were able to book in Q4, but that essentially improved our EBITDA for Q4. So when you take that out and take out as well, some level of negative effect that we had in Q4, our normalized EBITDA is closer to 11%, maybe slightly higher. So that's kind of the run rate with as well a sales level slightly below $1 billion. So as we go into next year, we've got an 8 basis point improvement. Most of the improvement is going to come from the additional sales that we'll get in 2024. We are growing at a level of 8% at face value and 10% if you exclude the recoveries. So that's a fairly significant improvement that will flow through EBITDA. We are continuing to see a fairly good level of operational efficiencies, and I got to say that we've been seeing that now for the last few quarters. And then finally, we've got an offset by coming from engineering and as well as G&A, which are, let's say, flattish in terms of percentage, but increasing in dollar terms. And that's kind of the offset or partial offset to our EBITDA going into 2024. I think generally, I would say that we've been running pretty well and ahead of the curve or ahead of our original guidance in 2023. We -- you may remember that we had guided to 10.5% EBITDA the mid-point of our guidance, and we finished the year closer to 11%. So it kind of helps going into next year. And therefore, we feel pretty comfortable with the 10.8% that we put.

Great. I'll just kind of follow-up on that and then a second question, just the follow-up is maybe you could just comment on, within the decline of recoveries, what the net EBITDA impact is -- if it's neutral, it's reduced recoveries on reduced cost. And then my second question is maybe you could just talk about the environment for uptake of the products, ex-BMS. We've heard about some extension of ICE platforms as automakers are delaying EVs. I think we know there's generally the trend that EVs are adopting more of the premium content. So to what extent does your 2026 outlook contemplate, maybe some extension of the platform? To what extent are the other products like digital clusters or domain controllers still intact despite slower EV uptake? Thank you.

Thanks. I will take the first question and give the second to Sachin. So in terms of recovery, that's a very good point. In fact, we are seeing a reduction in recoveries in 2024 as well, all the way to 2026, generally, we are not assuming any negative P&L impact, largely because the two reasons for the decrease in 2024 are the fact that we're going to buy less open market purchases, and therefore, we're going to recover less, so it's neutral. And the second reason I gave earlier on is the fact that we have this positive mix, in some cases impacting us in a favorable way, and therefore, the associated recoveries are matching as well the reduction in cost. So there is virtually no P&L impact on that side as we go into 2024. We have assumed a normal level of pricing like we normally give to our customers. That has obviously an impact on P&L, but not the reduction in recoveries per se.

Thank you, Jerome. And regarding this topic of content on ICE and perhaps hybrid vehicles, which are expected to grow in the near-term as ICE, sorry, -- as full electric, perhaps slowdown in their growth, we are extremely well-positioned to take advantage of that, right. We have a very good digital cockpit portfolio of products that's already engineered and launched on many of the programs that are going to benefit from the extension or introduction of new models. And the content increase that we're seeing is not just restricted to EVs by the way. We are seeing a general increase in a cockpit content, even on ICE vehicles. That has been, if you look at the last couple of years, the major driver of our growth over market, right, we have had 18 consecutive quarters of growth over market, driven largely by the content increase that is happening in the cockpit and mostly on ICE/in hybrid vehicles, where with our customers we are extremely well represented. One data point is our digital clusters growth, right, if you look at 2023, roughly half of our shipments of clusters were all digital, compared to about 30%, 35% for the industry. So there's a lot of runway ahead in terms of growth for digital content in general. And I think to answer your question about how much of that has been very factored into our 2026 guidance, there are a few programs where we know those extensions are happening and we have factored those in. And I would say there is some further potential that we have not accounted for and we will only do so once we have more formal confirmation with the customers about the extensions. So I would say if EVs are slightly depressed, that's a net positive for us because majority of our revenue today is on ICE and on the kind of content that is expected to grow to have these vehicles remain competitive.

And we will take our next question from Luke Junk with Baird. Your line is open.

Good morning. Thanks for taking the questions. To start, I'm hoping you could just disaggregate the 2024 growth of our market drivers you highlighted in Slide 6 specifically. Within that, just want to better understand your approach to forecasting EV volumes this year, both in terms of electronic launches as well as BMS incrementally this year. And then, within that, maybe if you could touch on China mix exiting 2023 and the view to moderating impacts in 2024 here. Thank you.

Yes. Sure, Luke. And so what I would like to say again is to reiterate our expectations for 2024 from a vehicle production viewpoint, as we have said on Slide 6, we expect discount customers to continue to face some headwind and we will see a negative customer mix also in 2024, but it will moderate as compared to what we saw in 2023 and largely we expect that moderation to occur in China, as I said, still negative, but less so. And as you look at the slide on the right, we have identified the major drivers of growth of our market, of which the number one driver continues to be the high number of new products that we launched in 2023, as well as continuing into 2024. And as they start to ramp up in production, that's the first major driver of our growth of our market. The non-recurrence of the one timers, that's contributing to about 1% to 2% of growth over market. And then the third one, which is this BMS sales, which I mentioned were sort of delayed in terms of their ramp up all through 2023. Towards the end of 2023, we started to see them grow. We expect that growth to continue into 2024. We have launched on, I would say, about seven vehicles with GM so far already, and more are planned also in 2024. In addition to that, we are diversifying our BMS business with two additional OEMs with whom we will be having our first launches this year. So BMS is going to be a strong growth driver for us, even though it is lower than our expectations earlier in the beginning of 2023 still a strong growth. And I would say there's 10% to 12% GOM. If you think about 1% to 2% for the non-recurrence of the one timers, the rest is split between the other two factors. There's new model launches and the growth of BMS, although BMS also includes new model launches.

Got it. That was helpful, Sachin. And then for my follow-up, hoping you could just comment on the award environment as we go into the beginning of the year here, obviously, OEMs grappling with evolving dynamics around EV. Thinking about some of the things you mentioned in terms of maybe extensions to existing ICE and hybrid platforms. Just hoping you could put a finer point on what that means, good, bad or otherwise, for the number of awards. And should we still be gearing to kind of a $6 billion plus number this year as a good starting point?

Yes, Luke, absolutely. And if you go back to what I've said earlier, if you think about our product portfolio and with the additions we have made to it, we have continuously expanded the market that is available to us. And so in terms of the digital cockpit product line itself, the pipeline of new business opportunities that we see is pretty robust, similar, I would say, to what we had for 2023, and I would expect us to perform well there as well. One of the things that we are seeing is that infotainment in particular is going through a lot of changes from a technology viewpoint with Android and connected services and vision services that are all coming together not just at the upper end of the market, but now going more into the mass market vehicles. So very strong pipeline of opportunities there. Now when it comes to electrification beyond BMS, as we discussed, we have expanded our product line into power electronics, and we hope that we have a repeat this year as well with an extension of the win that we had last year and other customers as well. So I would say that we would feel pretty comfortable saying that we would have a similar year from a new business win performance this year as last year.

And we will take our next question from John Babcock with Bank of America. Your line is open.

Hey, good morning, guys. Thanks for taking my questions. I guess just starting out as it pertains to the content that you guys provide and as you're talking to OEMs, I'm just kind of curious, I mean, how much -- obviously, a lot of this content has been much more used in higher end vehicles, and I'm kind of curious as to what demand you're starting to see for mass market vehicles and how much of this technology might carry down into those vehicles and how quickly over time. Then I have a follow-up on that.

Yes, great question. And if you look at the cockpit content, especially digital clusters and infotainment, a lot of our wins are coming now for more mass market vehicles, right? The upper end of the market either has these products already, and if we see opportunities, these are successor follow-on opportunities. But the new opportunities that's growing the market in terms of adding more content is all coming at the mass market segments. The segment B and C vehicles, which you would think in the past, were not typically the targets. Now what's driving that, number one is the digitalization trend, right? And within that, we talk about larger displays, talk about infotainment content that brings in downloadable apps, more connected services and OTA, and that requires fundamentally more capable electronics. And so that trend we expect to see continue somewhat irrespective of the powertrain. It is -- whether it is a small EV or an ICE or a hybrid, this trend is cutting across the powertrain and will continue to drive our business opportunities as we go-forward.

Okay. Thanks for that. And then just a quick follow-up here is there a way to frame how much cost ultimately needs to come down for that to be carried into the mass market segment?

I think, as we have demonstrated, in fact, with the two wins that we talked about on this call, those are two infotainment wins. Both are for mass market segments. So the good work that Visteon has done is in working with the semiconductor supply base as well as the display supply base to drive the cost of the systems to where it is now very affordable for that segment of the market, okay? And so we believe as a result of that, we have a good set of software technologies, hardware platforms, the manufacturing integration, the vertical integration that we have done, especially for displays is putting us in a position to offer products at price points that are very competitive and affordable. So we do not see that as a hurdle for the industry taking more of it as we go-forward.

And we'll take our next question from Colin Langan with Wells Fargo. Your line is open.

Great. Thanks for taking my question. Sorry, just to recap, I just want to make sure I get the puts and takes in the year. So sales is going to be up $150 million, but thinking of it more like $300 million if we exclude the impact of the lower semi recoveries. Is that right? And then that would imply about $50 million increase in EBIT about a 17% conversion on that EBIT. Any other puts and takes we should be thinking on that conversion. I know there was the recall impact is R&D and SG&A up. It looks like those ratios look about flat. And then you also mentioned in Q4 there was some normalization help is that a headwind as we go into next year, or is that sort of still a continuing help?

Yes. Hi, Colin, it's Jerome. Yes, so you're right. We -- our sales at face value increased, I think, by 4% year-over-year. But once you back out, the impact of the recoveries, which are coming down, you're in the low -- just below $300 million of additional sales. So in term -- and that's obviously contributing to EBITDA. So in terms of other factors, we do have engineering going up year-over-year. We've finished the year with engineering being a little bit lower than what we had originally expected. We were at 5.3% of sales, and we are forecasting for 2024 a mid-5%. So an increase -- a slight increase in percentage, but as well, obviously, in dollar term, given the percentage increase as well as the sales increase. So that's a negative as we go into next year. But we are obviously continuing to invest in engineering, as we've done in the last few years. SG&A will be fairly flat in percentage, but again, it will be a slight increase in dollar terms. You have then in terms of other puts and takes, slight negative effects that we've accounted for, and then as well, our normal pricing that we give to customers. All this is offset as well by operational efficiencies that we've been able to deliver over the last few years and will continue to deliver in 2024. So overall, we've got incremental, maybe that's another way to look at it, on base sales of about, in high-single-digits -- high-double-digits, I'm sorry, going into next year. And that's very consistent with the way we've been progressing in the last few years. And that's as well, the kind of incrementals we have going all the way to 2026.

So you mentioned negative effects. What are you referring to there the negative effects?

Yes. We do have a little bit of -- with the assumptions we've made for some currency, we do have a little bit of the negative effects going into 2024 on sales and as well EBITDA.

Just a quick question. You mentioned tax wasn't changed. I mean, I got to make your tax rates all over the place a bit. What should we be thinking? Kind of backing into like 23%, 24%, is that the right range and why doesn't it change; if you're releasing it to per tax asset usually that's when you start paying higher.

Yes. No, it's a good question. So we've had a large one-timer in Q4 with our valuation allowance release in the U.S. to the tune of $313 million. So that's really a non-cash tax item. I think the key takeaway is that, from a cash tax standpoint, our profile will look very similar as we go into 2024 than what we've seen in prior years. And generally our ETR is in the mid-20s. It varies, obviously, some variability, as you said. But I think if you can count on a mid-20 as a good proxy for ETR generally as well, our cash taxes converge over time towards our income tax expense. So I think that's a good proxy if you need to evaluate what cash taxes are going to be for 2024.

We will take our next question from Mark Delaney with Goldman Sachs. Your line is open.

Yes. Good morning. Thank you very much for taking my questions. The company expects customer mix to remain somewhat of a headwind. Can you comment more on how Visteon is positioned with the Chinese domestic auto OEMs? And do you see an opportunity to improve your exposure with the Chinese domestic OEMs?

Yes. That's a very good question, Mark. And as you know, in China, there has been what some might call a little bit of a wild list type of an environment, a lot of OEMs fighting it out for market share. And it's going to be very important for us not to be caught in that environment with the ultimately what might prove to be the wrong set of customers. We do not believe that this level of number of OEMs and what's happening there in the market is sustainable in the long run, we expect that to consolidate. So that's one thing. Now, having said that, there is also a mix shift between domestic and JV OEMs that we have touched upon previously as well. That mix in 2023 was even more pronounced in favor of the domestic OEMs. It's about roughly now 60:40, and not too long ago, it used to be the other way around. So we have been addressing that by growing our business with domestic OEMs and with domestic OEMs that we believe have a longer-term play like Geely and others, we talked about the launch with JMC-Ford. They're very excited about the potential with them, and we have very good content and a set of vehicles that are planned for launch. So we are taking very measured steps to grow our exposure to the domestic OEMs without necessarily, perhaps falling into some of the pitfalls. So far, it has worked out well. In the interim, we will see some mix -- negative mix dynamic, which will improve from what we saw in Q4 will still be negative, but we believe we are in a very good position to navigate those waters and deliver the growth with profitability that we desire.

Thanks, Sachin. My next question was with regards to the new 2026 forecast, what percent of your digital electronics revenue is coming from EV programs? And can you give us a sense of how agnostic you might be? And if your own EV -- excuse me, if your own OEM customers ship ICE or hybrid vehicles instead of EVs, do you think you'd sell similar digital electronics revenue onto those ICE and hybrids to say your customers do mix faster than you currently anticipate away from EVs?

Yes. As I had mentioned earlier already, we have been growing our sales on EVs with our customers in line with the market. And in 2023, just over 10% of our total sales came from EVs, right? And only a small portion of that low-single-digits was BMS. So we are today well-positioned with respect to the exposure to EVs outside China. As I mentioned, channel is somewhat different in that regard. But outside of China, we are very well-positioned and we expect to grow with the market outside of China as our customers launch new EV models. Now, added to that, our BMS revenues are going to see a faster acceleration, that's net incremental revenue to us. And in addition to the ramp up of production of models with GM and the new launches that we will see with them this year, I mentioned also that we are launching with two other OEMs this year, which will further diversify and grow our BMS business. So 2026, what we have assumed is largely a similar sort of exposure to EVs outside of BMS that we have with customers in Europe and Americas. And then the BMS growth that will follow on account of the launches, which is one of the faster growing parts of our business.

This concludes our earnings call for the fourth quarter and full year 2023 results. Thank you, everyone, for participating in today's call and your ongoing interest in Visteon. Thank you.

And ladies and gentlemen, this concludes Visteon's fourth quarter and full year 2023 results earnings call. You may now disconnect.