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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, 2021
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, 2021, there were 16,989,177 shares of the registrant’s common stock, $0.001 par value, outstanding.
1


COOPER-STANDARD HOLDINGS INC.
Form 10-Q
For the period ended June 30, 2021
 
  Page
Item 1.
Item 2.
Item 3.
Item 4.
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,
 2021202020212020
Sales$533,185 $340,467 $1,202,152 $995,357 
Cost of products sold534,118 400,838 1,134,793 1,012,585 
Gross (loss) profit(933)(60,371)67,359 (17,228)
Selling, administration & engineering expenses50,085 68,271 108,139 138,942 
Gain on sale of business, net195  (696) 
Amortization of intangibles1,933 3,513 3,705 7,963 
Restructuring charges11,631 9,774 32,678 17,050 
Impairment charges841 12,554 841 87,610 
Operating loss(65,618)(154,483)(77,308)(268,793)
Interest expense, net of interest income(18,125)(12,771)(35,909)(23,008)
Equity in earnings (losses) of affiliates393 (3,011)1,179 (1,580)
Other income (expense), net1,362 (4,701)(3,727)(8,141)
Loss before income taxes(81,988)(174,966)(115,765)(301,522)
Income tax benefit (17,459)(38,982)(16,523)(53,099)
Net loss(64,529)(135,984)(99,242)(248,423)
Net loss attributable to noncontrolling interests918 1,765 1,767 3,616 
Net loss attributable to Cooper-Standard Holdings Inc.$(63,611)$(134,219)$(97,475)$(244,807)
Loss per share:
Basic$(3.73)$(7.93)$(5.74)$(14.49)
Diluted$(3.73)$(7.93)$(5.74)$(14.49)
The accompanying notes are an integral part of these financial statements.

3


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(Dollar amounts in thousands) 
Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net loss$(64,529)$(135,984)$(99,242)$(248,423)
Other comprehensive income (loss):
Currency translation adjustment8,713 6,789 2,141 (22,100)
Benefit plan liabilities adjustment, net of tax611 (716)3,350 1,966 
Fair value change of derivatives, net of tax751 6,238 180 (3,838)
Other comprehensive income (loss), net of tax10,075 12,311 5,671 (23,972)
Comprehensive loss(54,454)(123,673)(93,571)(272,395)
Comprehensive loss attributable to noncontrolling interests727 1,675 1,828 4,033 
Comprehensive loss attributable to Cooper-Standard Holdings Inc.$(53,727)$(121,998)$(91,743)$(268,362)
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, 2021December 31, 2020
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$335,494 $438,438 
Accounts receivable, net321,770 379,564 
Tooling receivable, net92,514 82,150 
Inventories186,422 143,742 
Prepaid expenses33,835 29,748 
Income tax receivable and refundable credits87,296 85,977 
Other current assets95,640 100,110 
Total current assets1,152,971 1,259,729 
Property, plant and equipment, net849,392 892,309 
Operating lease right-of-use assets, net103,228 109,795 
Goodwill142,769 142,250 
Intangible assets, net64,143 67,679 
Other assets164,794 140,182 
Total assets$2,477,297 $2,611,944 
Liabilities and Equity
Current liabilities:
Debt payable within one year$55,738 $40,731 
Accounts payable323,315 385,284 
Payroll liabilities109,326 112,727 
Accrued liabilities116,920 110,827 
Current operating lease liabilities23,514 21,711 
Total current liabilities628,813 671,280 
Long-term debt981,643 982,760 
Pension benefits147,870 152,230 
Postretirement benefits other than pensions50,539 49,613 
Long-term operating lease liabilities83,086 90,517 
Other liabilities52,177 41,433 
Total liabilities1,944,128 1,987,833 
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,054,323 shares issued and 16,988,514 shares outstanding as of June 30, 2021, and 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 202017 17 
Additional paid-in capital501,348 498,719 
Retained earnings252,795 350,270 
Accumulated other comprehensive loss(236,164)(241,896)
Total Cooper-Standard Holdings Inc. equity517,996 607,110 
Noncontrolling interests15,173 17,001 
Total equity533,169 624,111 
Total liabilities and equity$2,477,297 $2,611,944 
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, 202016,897,085 $17 $498,719 $350,270 $(241,896)$607,110 $17,001 $624,111 
Share-based compensation, net45,467 — 952  — 952 — 952 
Net loss— — — (33,864)— (33,864)(849)(34,713)
Other comprehensive loss— — — — (4,152)(4,152)(252)(4,404)
Balance as of March 31, 202116,942,552 $17 $499,671 $316,406 $(246,048)$570,046 $15,900 $585,946 
Share-based compensation, net45,962 — 1,677  — 1,677 — 1,677 
Net loss— — — (63,611)— (63,611)(918)(64,529)
Other comprehensive income— — — — 9,884 9,884 191 10,075 
Balance as of June 30, 202116,988,514 $17 $501,348 $252,795 $(236,164)$517,996 $15,173 $533,169 
 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 loss— — — — 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 
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,
 20212020
Operating Activities:
Net loss$(99,242)$(248,423)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation65,267 72,260 
Amortization of intangibles3,705 7,963 
Gain on sale of business, net(696) 
Impairment charges841 87,610 
Share-based compensation expense3,002 4,935 
Equity in earnings of affiliates, net of dividends related to earnings1,032 6,825 
Deferred income taxes(21,709)(29,052)
Other1,192 2,053 
Changes in operating assets and liabilities(14,126)(30,405)
Net cash used in operating activities(60,734)(126,234)
Investing activities:
Capital expenditures(55,599)(62,874)
Proceeds from sale of fixed assets and other3,035 817 
Net cash used in investing activities(52,564)(62,057)
Financing activities:
Proceeds from issuance of long-term debt, net of discount
 245,000 
Principal payments on long-term debt(2,895)(3,081)
Increase (decrease) in short-term debt, net14,811 (3,042)
Debt issuance costs (4,904)
Taxes withheld and paid on employees' share-based payment awards(744)(516)
Other532 (807)
Net cash provided by financing activities11,704 232,650 
Effects of exchange rate changes on cash, cash equivalents and restricted cash4,179 (4,036)
Changes in cash, cash equivalents and restricted cash(97,415)40,323 
Cash, cash equivalents and restricted cash reclassified to assets held for sale (11,278)
Cash, cash equivalents and restricted cash at beginning of period443,578 361,742 
Cash, cash equivalents and restricted cash at end of period$346,163 $390,787 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
June 30, 2021December 31, 2020
Cash and cash equivalents$335,494 $438,438 
Restricted cash included in other current assets8,506 4,089 
Restricted cash included in other assets2,163 1,051 
Total cash, cash equivalents and restricted cash$346,163 $443,578 
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.
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, 2020 (the “2020 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, 2021 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.
2. Divestiture
2020 Divestiture
In the fourth quarter of 2019, management approved a plan to sell its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations. The entities and the associated assets and liabilities met the criteria for presentation as held for sale as of March 31, 2020, and depreciation of long-lived assets ceased. The divestiture did not meet the criteria for presentation as a discontinued operation.
Upon meeting the criteria for held for sale classification and during the six months ended June 30, 2020, the Company recorded non-cash impairment charges of $86,470 to reduce the carrying value of the held for sale entities to fair value less costs to sell. Fair value, which is categorized within Level 3 of the fair value hierarchy, was determined using a market approach, estimated based on expected proceeds. The fair value less costs to sell were assessed each reporting period that the asset group remained classified as held for sale.
On July 1, 2020, the Company completed the divestiture of its European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations, to Mutares SE & Co. KGaA (“Mutares”). The transaction included payment denominated in Euro of €9,000, which consisted of €6,500 in cash paid and €2,500 in deferred payment obligations, payable in December 2021.
During the six months ended June 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.
8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
3. Revenue
Revenue is recognized for manufactured parts at a point in time, generally when products are shipped or delivered. The Company usually enters into agreements with customers to produce products at the beginning of a vehicle’s life. Blanket purchase orders received from customers and related documents generally establish the annual terms, including pricing, related to a vehicle model. Customers typically pay for parts based on customary business practices with payment terms generally between 30 and 90 days.
Revenue by customer group for the three months ended June 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$240,111 $126,972 $102,950 $14,145 $ $484,178 
Commercial3,405 5,471 965 8 1,445 11,294 
Other4,009 178   33,526 37,713 
Revenue$247,525 $132,621 $103,915 $14,153 $34,971 $533,185 
Revenue by customer group for the six months ended June 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$571,724 $286,753 $215,991 $29,624 $ $1,104,092 
Commercial7,686 11,352 2,147 15 2,696 23,896 
Other7,151 292 2  66,719 74,164 
Revenue$586,561 $298,397 $218,140 $29,639 $69,415 $1,202,152 
Revenue by customer group for the three months ended June 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$120,939 $70,753 $104,307 $3,881 $ $299,880 
Commercial1,971 3,223 1,413  823 7,430 
Other3,427 4,829 6  24,895 33,157 
Revenue$126,337 $78,805 $105,726 $3,881 $25,718 $340,467 
Revenue by customer group for the six months ended June 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$446,921 $241,534 $183,049 $24,320 $ $895,824 
Commercial5,149 8,780 1,959 10 1,957 17,855 
Other9,068 13,733 62 22 58,793 81,678 
Revenue$461,138 $264,047 $185,070 $24,352 $60,750 $995,357 
The passenger and light duty group consists of sales to automotive OEMs and automotive suppliers, while the commercial group represents sales to OEMs of on- and off-highway commercial equipment and vehicles. The other customer group includes sales related to specialty and adjacent markets.
Substantially all of the Company’s revenues were generated from sealing, fuel and brake delivery and fluid transfer systems for use in passenger vehicles and light trucks manufactured by global OEMs.
9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
A summary of the Company’s products is as follows:
Product LineDescription
Sealing SystemsProtect vehicle interiors from weather, dust and noise intrusion for improved driving experience; provide aesthetic and functional class-A exterior surface treatment
Fuel & Brake Delivery SystemsSense, deliver and control fluids to fuel and brake systems
Fluid Transfer SystemsSense, deliver and control fluids and vapors for optimal powertrain & HVAC operation
Revenue by product line for the three months ended June 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$90,174 $104,878 $62,328 $11,533 $ $268,913 
Fuel and brake delivery systems82,389 23,991 25,166 2,148  133,694 
Fluid transfer systems74,962 3,752 16,421 472  95,607 
Other    34,971 34,971 
Consolidated$247,525 $132,621 $103,915 $14,153 $34,971 $533,185 
Revenue by product line for the six months ended June 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$211,349 $234,239 $132,001 $22,807 $ $600,396 
Fuel and brake delivery systems195,045 54,781 53,535 5,013  308,374 
Fluid transfer systems180,167 9,377 32,604 1,819  223,967 
Other    69,415 69,415 
Consolidated$586,561 $298,397 $218,140 $29,639 $69,415 $1,202,152 
Revenue by product line for the three months ended June 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$48,952 $53,330 $69,517 $2,791 $ $174,590 
Fuel and brake delivery systems42,272 11,298 25,366 826  79,762 
Fluid transfer systems35,113 9,557 10,843 264  55,777 
Other 4,620   25,718 30,338 
Consolidated$126,337 $78,805 $105,726 $3,881 $25,718 $340,467 
Revenue by product line for the six months ended June 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$173,508 $180,576 $118,541 $16,340 $ $488,965 
Fuel and brake delivery systems147,206 39,860 45,184 6,573  238,823 
Fluid transfer systems140,424 31,502 21,345 1,439  194,710 
Other 12,109   60,750 72,859 
Consolidated$461,138 $264,047 $185,070 $24,352 $60,750 $995,357 
10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
Contract Estimates
The amount of revenue recognized is usually based on the purchase order price and adjusted for variable consideration, including pricing concessions. The Company accrues for pricing concessions by reducing revenue as products are shipped or delivered. The accruals are based on historical experience, anticipated performance and management’s best judgment. The Company also generally has ongoing adjustments to customer pricing arrangements based on the content and cost of its products. Such pricing accruals are adjusted as they are settled with customers. Customer returns, which are infrequent, are usually related to quality or shipment issues and are recorded as a reduction of revenue. The Company generally does not recognize significant return obligations due to their infrequent nature.
Contract Balances
The Company’s contract assets consist of unbilled amounts associated with variable pricing arrangements in its Asia Pacific region. Once pricing is finalized, contract assets are transferred to accounts receivable. As a result, the timing of revenue recognition and billings, as well as changes in foreign exchange rates, will impact contract assets on an ongoing basis. Contract assets were not materially impacted by any other factors during the six months ended June 30, 2021.
The Company’s contract liabilities consist of advance paym