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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  2,030  
Changes in operating assets and liabilities(30,405) (62,997) 
Net cash used in operating activities(126,234) (8,966) 
Investing activities:
Capital expenditures(62,874) (95,496) 
Acquisition of businesses, net of cash acquired  (452) 
Proceeds from sale of business  243,362  
Proceeds from sale of fixed assets and other817  2,099  
Net cash (used in) provided by investing activities(62,057) 149,513  
Financing activities:
Proceeds from issuance of long-term debt, net of discount
245,000    
Principal payments on long-term debt(3,081) (2,067) 
Decrease in short-term debt, net(3,042) (47,351) 
Debt issuance costs(4,904)   
Purchase of noncontrolling interests  (4,797) 
Repurchase of common stock  (36,550) 
Taxes withheld and paid on employees' share-based payment awards(516) (2,733) 
Other(807) 2,277  
Net cash provided by (used in) financing activities232,650  (91,221) 
Effects of exchange rate changes on cash, cash equivalents and restricted cash(4,036) (2,882) 
Changes in cash, cash equivalents and restricted cash40,323  46,444  
Cash, cash equivalents and restricted cash reclassified to assets held for sale(11,278)   
Cash, cash equivalents and restricted cash at beginning of period361,742  267,399  
Cash, cash equivalents and restricted cash at end of period$390,787  $313,843  
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
June 30, 2020December 31, 2019
Cash and cash equivalents$388,035  $359,536  
Restricted cash included in other current assets16  12  
Restricted cash included in other assets2,736  2,194  
Total cash, cash equivalents and restricted cash shown in the statement of cash flows$390,787  $361,742  
The accompanying notes are an integral part of these financial statements.
7

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)

1. Overview
Basis of Presentation
Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the “Company” or “Cooper Standard”), through its wholly-owned subsidiary, Cooper-Standard Automotive Inc. (“CSA U.S.”), is a leading manufacturer of sealing, fuel and brake delivery, and fluid transfer systems. The Company’s products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers (“OEMs”) and replacement markets. The Company conducts substantially all of its activities through its subsidiaries.
During the first quarter of 2019 and in prior periods, the Company also operated an anti-vibration systems (“AVS”) product line. On April 1, 2019, the Company completed the divestiture of its AVS product line.
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial information and should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), as filed with the SEC. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These financial statements include all adjustments (consisting of normal, recurring adjustments) considered necessary for a fair presentation of the financial position and results of operations of the Company. The operating results for the interim period ended June 30, 2020 are not necessarily indicative of results for the full year. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.
Immaterial Correction of Errors
During the year ended December 31, 2019, the Company identified errors primarily related to periods prior to fiscal year 2019. The Company concluded these errors were not material individually or in the aggregate to any of the previously reported periods and, therefore, amendments of previously filed reports were not required. Corrections were made to the applicable prior periods reflected in the financial information herein.
The following table presents the impact of these corrections on the Company’s condensed consolidated statements of operations:
Three Months Ended June 30, 2019Six Months Ended June 30, 2019
As previously reportedAdjustmentAs correctedAs previously reportedAdjustmentAs corrected
Sales$764,806  $(108) $764,698  $1,644,844  $(2,151) $1,642,693  
Income tax expense 44,239  (17) 44,222  46,570  (314) 46,256  
Net loss attributable to noncontrolling interests545    545  702  (209) 493  
Net income attributable to Cooper-Standard Holdings Inc.145,296  (91) 145,205  141,836  (2,046) 139,790  
Earnings per share:
Basic$8.39  $  $8.39  $8.14