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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 September 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 October 29, 2021, there were 16,991,217 shares of the registrant’s common stock, $0.001 par value, outstanding.
1


COOPER-STANDARD HOLDINGS INC.
Form 10-Q
For the period ended September 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 September 30,Nine Months Ended September 30,
 2021202020212020
Sales$526,690 $683,200 $1,728,842 $1,678,557 
Cost of products sold534,817 598,714 1,669,610 1,611,299 
Gross (loss) profit(8,127)84,486 59,232 67,258 
Selling, administration & engineering expenses60,367 60,059 168,506 199,001 
Gain on sale of business, net (2,314)(696)(2,314)
Amortization of intangibles1,819 1,669 5,524 9,632 
Restructuring charges1,573 6,186 34,251 23,236 
Impairment charges1,006 100 1,847 87,710 
Operating (loss) profit(72,892)18,786 (150,200)(250,007)
Interest expense, net of interest income(18,243)(17,985)(54,152)(40,993)
Equity in (losses) earnings of affiliates(1,114)738 65 (842)
Other (expense) income, net(494)2,784 (4,221)(5,357)
(Loss) income before income taxes(92,743)4,323 (208,508)(297,199)
Income tax expense (benefit) 32,121 (2,386)15,598 (55,485)
Net (loss) income(124,864)6,709 (224,106)(241,714)
Net loss (income) attributable to noncontrolling interests1,691 (2,328)3,458 1,288 
Net (loss) income attributable to Cooper-Standard Holdings Inc.$(123,173)$4,381 $(220,648)$(240,426)
(Loss) earnings per share:
Basic$(7.20)$0.26 $(12.96)$(14.22)
Diluted$(7.20)$0.26 $(12.96)$(14.22)
The accompanying notes are an integral part of these financial statements.

3


COOPER-STANDARD HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited)
(Dollar amounts in thousands) 
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Net (loss) income$(124,864)$6,709 $(224,106)$(241,714)
Other comprehensive (loss) income:
Currency translation adjustment(6,215)17,488 (4,074)(4,612)
Benefit plan liabilities adjustment, net of tax4,978 (853)8,328 1,113 
Fair value change of derivatives, net of tax(2,132)2,072 (1,952)(1,766)
Other comprehensive (loss) income, net of tax(3,369)18,707 2,302 (5,265)
Comprehensive (loss) income(128,233)25,416 (221,804)(246,979)
Comprehensive loss (income) attributable to noncontrolling interests1,916 (2,970)3,744 1,063 
Comprehensive (loss) income attributable to Cooper-Standard Holdings Inc.$(126,317)$22,446 $(218,060)$(245,916)
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)
September 30, 2021December 31, 2020
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$253,281 $438,438 
Accounts receivable, net308,907 379,564 
Tooling receivable, net97,500 82,150 
Inventories198,180 143,742 
Prepaid expenses30,052 29,748 
Income tax receivable and refundable credits83,089 85,977 
Other current assets100,629 100,110 
Total current assets1,071,638 1,259,729 
Property, plant and equipment, net808,666 892,309 
Operating lease right-of-use assets, net102,698 109,795 
Goodwill142,668 142,250 
Intangible assets, net61,980 67,679 
Other assets130,941 140,182 
Total assets$2,318,591 $2,611,944 
Liabilities and Equity
Current liabilities:
Debt payable within one year$40,102 $40,731 
Accounts payable336,440 385,284 
Payroll liabilities87,280 112,727 
Accrued liabilities122,400 110,827 
Current operating lease liabilities21,407 21,711 
Total current liabilities607,629 671,280 
Long-term debt981,010 982,760 
Pension benefits141,562 152,230 
Postretirement benefits other than pensions49,936 49,613 
Long-term operating lease liabilities84,891 90,517 
Other liabilities47,111 41,433 
Total liabilities1,912,139 1,987,833 
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,056,439 shares issued and 16,990,630 shares outstanding as of September 30, 2021, and 18,962,894 shares issued and 16,897,085 outstanding as of December 31, 202017 17 
Additional paid-in capital502,864 498,719 
Retained earnings129,622 350,270 
Accumulated other comprehensive loss(239,308)(241,896)
Total Cooper-Standard Holdings Inc. equity393,195 607,110 
Noncontrolling interests13,257 17,001 
Total equity406,452 624,111 
Total liabilities and equity$2,318,591 $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 
Share-based compensation, net2,116 — 1,516  — 1,516 — 1,516 
Net loss— — — (123,173)— (123,173)(1,691)(124,864)
Other comprehensive loss— — — — (3,144)(3,144)(225)(3,369)
Balance as of September 30, 202116,990,630 $17 $502,864 $129,622 $(239,308)$393,195 $13,257 $406,452 
 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 
Share-based compensation, net2,363 — 1,840  — 1,840 — 1,840 
Deconsolidation of noncontrolling interest— — — — — — (2,112)(2,112)
Net income— — — 4,381 — 4,381 2,328 6,709 
Other comprehensive income— — — — 18,065 18,065 642 18,707 
Balance as of September 30, 202016,896,453 $17 $496,468 $377,449 $(259,231)$614,703 $16,632 $631,335 
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)
 Nine Months Ended September 30,
 20212020
Operating Activities:
Net loss$(224,106)$(241,714)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation99,497 107,095 
Amortization of intangibles5,524 9,632 
Gain on sale of business, net(696)(2,314)
Impairment charges1,847 87,710 
Share-based compensation expense4,781 6,977 
Equity in earnings of affiliates, net of dividends related to earnings2,146 6,087 
Deferred income taxes9,785 (32,308)
Other2,219 4,354 
Changes in operating assets and liabilities(12,485)27,949 
Net cash used in operating activities(111,488)(26,532)
Investing activities:
Capital expenditures(75,965)(73,407)
Proceeds from sale of business, net of cash divested (17,006)
Proceeds from sale of fixed assets and other3,130 963 
Net cash used in investing activities(72,835)(89,450)
Financing activities:
Proceeds from issuance of long-term debt, net of discount
 245,000 
Principal payments on long-term debt(4,227)(4,792)
Decrease in short-term debt, net(597)(6,897)
Debt issuance costs (6,722)
Taxes withheld and paid on employees' share-based payment awards(777)(533)
Other884 (925)
Net cash (used in) provided by financing activities(4,717)225,131 
Effects of exchange rate changes on cash, cash equivalents and restricted cash7,853 (5,718)
Changes in cash, cash equivalents and restricted cash(181,187)103,431 
Cash, cash equivalents and restricted cash at beginning of period443,578 361,742 
Cash, cash equivalents and restricted cash at end of period$262,391 $465,173 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
September 30, 2021December 31, 2020
Cash and cash equivalents$253,281 $438,438 
Restricted cash included in other current assets6,467 4,089 
Restricted cash included in other assets2,643 1,051 
Total cash, cash equivalents and restricted cash$262,391 $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 September 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. Acquisition and Divestitures
2020 Joint Venture Deconsolidation
In the third quarter of 2020, management approved and completed a plan to sell the Company’s entire controlling equity interest of a joint venture in the Asia Pacific region. Upon finalizing the sale, the Company recorded a gain on deconsolidation of the business of $1,334. In the third quarter of 2021, the Company recorded an allowance for credit loss of $11,218 in selling, administration and engineering expenses. The credit loss resulted from the bankruptcy proceedings of the divested joint venture and represented accounts receivable balances with the divested joint venture. These accounts receivable amounts primarily represented sales to the joint venture prior to deconsolidation in the third quarter of 2020.
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.
Upon finalizing the sale during the three months ended September 30, 2020, the Company recorded a loss on deconsolidation of the business of $167. During the nine months ended September 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)
2019 Divestiture
During the second quarter of 2019, the Company completed its sale of the AVS product line to Continental AG. In the third quarter of 2020, the Company finalized adjustments to the gain recorded in 2019 by recording an additional gain on divestiture of $1,147, primarily due to working capital adjustments.
Subsequent Event
In the fourth quarter of 2018, the Company acquired 80.1% of LS Mtron Ltd.’s South Korean automotive parts business. The acquisition agreement included an option for LS Mtron Ltd. to sell its remaining 19.9% noncontrolling interest to the Company, beginning three years from the acquisition date. Subsequent to the third quarter of 2021, LS Mtron Ltd. exercised its option, requiring the Company to purchase the remaining 19.9% interest. The transaction price is subject to adjustments that are expected to be finalized at closing in the fourth quarter of 2021.
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 September 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$262,821 $93,766 $109,187 $15,973 $ $481,747 
Commercial3,341 4,773 337 8 1,333 9,792 
Other4,430 143 2  30,576 35,151 
Revenue$270,592 $98,682 $109,526 $15,981 $31,909 $526,690 
Revenue by customer group for the nine months ended September 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$834,545 $380,519 $325,178 $45,597 $ $1,585,839 
Commercial11,027 16,125 2,484 23 4,029 33,688 
Other11,581 435 4  97,295 109,315 
Revenue$857,153 $397,079 $327,666 $45,620 $101,324 $1,728,842 
9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
Revenue by customer group for the three months ended September 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$350,016 $141,754 $129,822 $17,558 $ $639,150 
Commercial3,179 4,066 1,190 6 911 9,352 
Other5,812 209 51 16 28,610 34,698 
Revenue$359,007 $146,029 $131,063 $17,580 $29,521 $683,200 
Revenue by customer group for the nine months ended September 30, 2020 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$796,937 $383,288 $312,871 $41,878 $ $1,534,974 
Commercial8,328 12,846 3,149 16 2,868 27,207 
Other14,880 13,942 113 38 87,403 116,376 
Revenue$820,145 $410,076 $316,133 $41,932 $90,271 $1,678,557 
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.
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 September 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$102,636 $75,824 $69,872 $12,114 $ $260,446 
Fuel and brake delivery systems80,549 18,989 23,446 2,286  125,270 
Fluid transfer systems87,407 3,869 16,208 1,581  109,065 
Other    31,909 31,909 
Consolidated$270,592 $98,682 $109,526 $15,981 $31,909 $526,690 
Revenue by product line for the nine months ended September 30, 2021 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$313,985 $310,063 $201,873 $34,921 $ $860,842 
Fuel and brake delivery systems275,594 73,770 76,981 7,299  433,644 
Fluid transfer systems267,574 13,246 48,812 3,400  333,032 
Other    101,324 101,324 
Consolidated$857,153 $397,079 $327,666 $45,620 $101,324 $1,728,842 
10

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)