Company Quick10K Filing
Cooper-Standard Holdings
Price41.56 EPS6
Shares17 P/E7
MCap719 P/FCF24
Net Debt410 EBIT151
TEV1,129 TEV/EBIT7
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-11
10-K 2019-12-31 Filed 2020-02-26
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-02
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-25
10-Q 2018-09-30 Filed 2018-11-02
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-20
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-03
10-K 2016-12-31 Filed 2017-02-17
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-05-04
10-K 2015-12-31 Filed 2016-02-23
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-24
10-Q 2014-09-30 Filed 2014-10-31
10-Q 2014-06-30 Filed 2014-08-01
10-Q 2014-03-31 Filed 2014-05-06
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-07
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-09
10-K 2011-12-31 Filed 2012-03-12
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-10
10-Q 2011-03-31 Filed 2011-05-10
10-K 2010-12-31 Filed 2011-03-21
10-Q 2010-09-30 Filed 2010-11-12
10-Q 2010-06-30 Filed 2010-08-16
10-Q 2010-03-31 Filed 2010-05-17
10-K 2009-12-31 Filed 2010-03-31
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-05-29
8-K 2020-05-21
8-K 2020-05-21
8-K 2020-05-19
8-K 2020-05-11
8-K 2020-04-30
8-K 2020-04-23
8-K 2020-03-24
8-K 2020-02-25
8-K 2019-11-05
8-K 2019-10-17
8-K 2019-08-01
8-K 2019-05-24
8-K 2019-05-16
8-K 2019-05-01
8-K 2019-04-05
8-K 2019-02-14
8-K 2018-11-07
8-K 2018-11-02
8-K 2018-07-31
8-K 2018-07-26
8-K 2018-06-20
8-K 2018-05-22
8-K 2018-05-01
8-K 2018-02-15

CPS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-10.1 exhibit101amendmentno2.htm
EX-10.2 exhibit102ussalarydefe.htm
EX-10.3 exhibit103europeansala.htm
EX-10.4 exhibit104supplementar.htm
EX-10.5 exhibit105-cooperannua.htm
EX-10.6 exhibit106amendmenttos.htm
EX-10.7 exhibit107cooperstanda.htm
EX-31.1 exhibit311q22020.htm
EX-31.2 exhibit312q22020.htm
EX-32 exhibit32q22020.htm

Cooper-Standard Holdings Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.92.31.71.20.60.02012201420172020
Assets, Equity
1.00.80.60.30.1-0.12012201420172020
Rev, G Profit, Net Income
0.30.20.10.0-0.1-0.22012201420172020
Ops, Inv, Fin

cps-20200630
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  ___________________________________ 
FORM 10-Q
  ___________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________.
Commission File Number: 001-36127
   ______________________________
COOPER-STANDARD HOLDINGS INC.
(Exact name of registrant as specified in its charter)
   ______________________________
Delaware20-1945088
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
40300 Traditions Drive
Northville, Michigan 48168
(Address of principal executive offices)
(Zip Code)
(248) 596-5900
(Registrant’s telephone number, including area code)
 ______________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001 per shareCPSNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
As of July 30, 2020, there were 16,896,453 shares of the registrant’s common stock, $0.001 par value, outstanding.



COOPER-STANDARD HOLDINGS INC.
Form 10-Q
For the period ended June 30, 2020
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
Item 1A.
Item 2.
Item 6.
2


PART I — FINANCIAL INFORMATION
Item 1.   Financial Statements
COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollar amounts in thousands except per share amounts) 
 Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Sales$340,467  $764,698  $995,357  $1,642,693  
Cost of products sold400,838  666,828  1,012,585  1,429,318  
Gross profit (loss)(60,371) 97,870  (17,228) 213,375  
Selling, administration & engineering expenses68,271  74,170  138,942  161,144  
Gain on sale of business  (189,910)   (189,910) 
Amortization of intangibles3,513  5,148  7,963  8,923  
Restructuring charges9,774  5,927  17,050  23,642  
Impairment of assets held for sale12,391    86,470    
Other impairment charges163  2,188  1,140  2,188  
Operating (loss) profit(154,483) 200,347  (268,793) 207,388  
Interest expense, net of interest income(12,771) (11,575) (23,008) (23,507) 
Equity in (losses) earnings of affiliates(3,011) 1,891  (1,580) 4,249  
Other expense, net(4,701) (1,781) (8,141) (2,577) 
(Loss) income before income taxes(174,966) 188,882  (301,522) 185,553  
Income tax (benefit) expense(38,982) 44,222  (53,099) 46,256  
Net (loss) income(135,984) 144,660  (248,423) 139,297  
Net loss attributable to noncontrolling interests1,765  545  3,616  493  
Net (loss) income attributable to Cooper-Standard Holdings Inc.$(134,219) $145,205  $(244,807) $139,790  
(Loss) earnings per share:
Basic$(7.93) $8.39  $(14.49) $8.02  
Diluted$(7.93) $8.36  $(14.49) $7.99  
The accompanying notes are an integral part of these financial statements.

3


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollar amounts in thousands) 
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net (loss) income$(135,984) $144,660  $(248,423) $139,297  
Other comprehensive income (loss):
Currency translation adjustment6,789  (5,828) (22,100) (3,858) 
Benefit plan liabilities adjustment, net of tax(716) (2,947) 1,966  (1,560) 
Fair value change of derivatives, net of tax6,238  828  (3,838) 2,081  
Other comprehensive income (loss), net of tax12,311  (7,947) (23,972) (3,337) 
Comprehensive (loss) income(123,673) 136,713  (272,395) 135,960  
Comprehensive loss attributable to noncontrolling interests1,675  1,172  4,033  749  
Comprehensive (loss) income attributable to Cooper-Standard Holdings Inc.$(121,998) $137,885  $(268,362) $136,709  
The accompanying notes are an integral part of these financial statements.

4


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands except share amounts)
June 30, 2020December 31, 2019
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$388,035  $359,536  
Accounts receivable, net270,925  423,155  
Tooling receivable, net117,849  148,175  
Inventories144,909  143,439  
Prepaid expenses36,449  34,452  
Income tax receivable and refundable credits61,371  32,763  
Other current assets64,802  60,750  
Assets held for sale30,337    
Total current assets1,114,677  1,202,270  
Property, plant and equipment, net884,576  988,277  
Operating lease right-of-use assets, net110,091  83,376  
Goodwill142,000  142,187  
Intangible assets, net70,872  84,369  
Other assets166,381  135,103  
Total assets$2,488,597  $2,635,582  
Liabilities and Equity
Current liabilities:
Debt payable within one year$56,358  $61,449  
Accounts payable243,903  426,055  
Payroll liabilities108,276  88,486  
Accrued liabilities101,938  119,841  
Current operating lease liabilities20,913  24,094  
Liabilities held for sale41,093    
Total current liabilities572,481  719,925  
Long-term debt982,897  746,179  
Pension benefits135,509  140,010  
Postretirement benefits other than pensions44,098  48,313  
Long-term operating lease liabilities88,995  60,234  
Other liabilities58,426  44,939  
Total liabilities1,882,406  1,759,600  
7% Cumulative participating convertible preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding    
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 18,959,899 shares issued and 16,894,090 shares outstanding as of June 30, 2020, and 18,908,566 shares issued and 16,842,757 outstanding as of December 31, 201917  17  
Additional paid-in capital494,628  490,451  
Retained earnings373,068  619,448  
Accumulated other comprehensive loss(277,296) (253,741) 
Total Cooper-Standard Holdings Inc. equity590,417  856,175  
Noncontrolling interests15,774  19,807  
Total equity606,191  875,982  
Total liabilities and equity$2,488,597  $2,635,582  
The accompanying notes are an integral part of these financial statements.
5


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
(Dollar amounts in thousands except share amounts)
 Total Equity
 Common SharesCommon StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossCooper-Standard Holdings Inc. EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 201916,842,757  $17  $490,451  $619,448  $(253,741) $856,175  $19,807  $875,982  
Cumulative effect of change in accounting principle—  —  —  (1,573) —  (1,573) —  (1,573) 
Share-based compensation, net41,785  —  1,874    —  1,874  —  1,874  
Net loss—  —  —  (110,588) —  (110,588) (1,851) (112,439) 
Other comprehensive loss—  —  —  —  (35,776) (35,776) (507) (36,283) 
Balance as of March 31, 202016,884,542  $17  $492,325  $507,287  $(289,517) $710,112  $17,449  $727,561  
Share-based compensation, net9,548  —  2,303    —  2,303  —  2,303  
Net loss—  —  —  (134,219) —  (134,219) (1,765) (135,984) 
Other comprehensive income—  —  —  —  12,221  12,221  90  12,311  
Balance as of June 30, 202016,894,090  $17  $494,628  $373,068  $(277,296) $590,417  $15,774  $606,191  
 Total Equity
 Common SharesCommon StockAdditional Paid-In CapitalRetained EarningsAccumulated Other Comprehensive LossCooper-Standard Holdings Inc. EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 201817,554,737  $17  $501,511  $569,215  $(245,937) $824,806  $26,669  $851,475  
Cumulative effect of change in accounting principle—  —  —  (2,607) —  (2,607) —  (2,607) 
Repurchase of common stock(118,774) —  (2,057) (3,880) —  (5,937) —  (5,937) 
Share-based compensation, net85,937  —  4  (214) —  (210) —  (210) 
Contribution from noncontrolling interests—  —    —  —    2,112  2,112  
Net (loss) income—  —  —  (5,415) —  (5,415) 52  (5,363) 
Other comprehensive income—  —  —  —  4,239  4,239  371  4,610  
Balance as of March 31, 201917,521,900  $17  $499,458  $557,099  $(241,698) $814,876  $29,204  $844,080  
Repurchase of common stock(626,305) —  (20,486) (9,514) —  (30,000) —  (30,000) 
Share-based compensation, net5,738  —  3,522  1  —  3,523  —  3,523  
Purchase of noncontrolling interest—  —  1,298  —  —  1,298  (6,057) (4,759) 
Dividends declared to noncontrolling interests—  —  —  —  —  —  (233) (233) 
Net income (loss)—  —  —  145,205  —  145,205  (545) 144,660  
Other comprehensive loss—  —  —  —  (7,320) (7,320) (627) (7,947) 
Balance as of June 30, 201916,901,333  $17  $483,792  $692,791  $(249,018) $927,582  $21,742  $949,324  
The accompanying notes are an integral part of these financial statements.
6


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollar amounts in thousands)
 Six Months Ended June 30,
 20202019
Operating Activities:
Net (loss) income$(248,423) $139,297  
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation72,260  65,550  
Amortization of intangibles7,963  8,923  
Gain on sale of business  (189,910) 
Impairment of assets held for sale86,470    
Other impairment charges1,140  2,188  
Share-based compensation expense4,935  6,482  
Equity in earnings of affiliates, net of dividends related to earnings6,825  668  
Deferred income taxes(29,052) 18,803  
Other2,053