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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, 2022
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 29, 2022, there were 17,106,178 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, 2022
 
  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,
 2022202120222021
Sales$605,917 $533,185 $1,218,901 $1,202,152 
Cost of products sold590,541 534,118 1,181,983 1,134,793 
Gross profit (loss)15,376 (933)36,918 67,359 
Selling, administration & engineering expenses52,282 50,085 104,186 108,139 
Loss (gain) on sale of business, net 195  (696)
Gain on sale of fixed assets, net(33,391) (33,391) 
Amortization of intangibles1,737 1,933 3,483 3,705 
Restructuring charges3,482 11,631 11,313 32,678 
Impairment charges3 841 458 841 
Operating loss(8,737)(65,618)(49,131)(77,308)
Interest expense, net of interest income(18,454)(18,125)(36,631)(35,909)
Equity in (losses) earnings of affiliates(3,446)393 (4,802)1,179 
Other (expense) income, net(1,509)1,362 (2,720)(3,727)
Loss before income taxes(32,146)(81,988)(93,284)(115,765)
Income tax expense (benefit)2,005 (17,459)2,657 (16,523)
Net loss(34,151)(64,529)(95,941)(99,242)
Net loss attributable to noncontrolling interests904 918 1,334 1,767 
Net loss attributable to Cooper-Standard Holdings Inc.$(33,247)$(63,611)$(94,607)$(97,475)
Loss per share:
Basic$(1.93)$(3.73)$(5.51)$(5.74)
Diluted$(1.93)$(3.73)$(5.51)$(5.74)
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,
2022202120222021
Net loss$(34,151)$(64,529)$(95,941)$(99,242)
Other comprehensive income (loss):
Currency translation adjustment(17,084)8,713 (8,719)2,141 
Benefit plan liabilities adjustment, net of tax2,063 611 3,047 3,350 
Fair value change of derivatives, net of tax(1,023)751 1,408 180 
Other comprehensive (loss) income, net of tax(16,044)10,075 (4,264)5,671 
Comprehensive loss(50,195)(54,454)(100,205)(93,571)
Comprehensive loss attributable to noncontrolling interests627 727 1,068 1,828 
Comprehensive loss attributable to Cooper-Standard Holdings Inc.$(49,568)$(53,727)$(99,137)$(91,743)
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, 2022December 31, 2021
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$250,458 $248,010 
Accounts receivable, net350,001 317,469 
Tooling receivable, net87,414 88,900 
Inventories183,568 158,075 
Prepaid expenses30,360 26,313 
Income tax receivable and refundable credits26,838 82,813 
Other current assets70,467 73,317 
Total current assets999,106 994,897 
Property, plant and equipment, net702,507 784,348 
Operating lease right-of-use assets, net102,407 111,052 
Goodwill142,213 142,282 
Intangible assets, net51,015 60,375 
Other assets143,134 133,539 
Total assets$2,140,382 $2,226,493 
Liabilities and Equity
Current liabilities:
Debt payable within one year$51,016 $56,111 
Accounts payable357,327 348,133 
Payroll liabilities94,646 69,353 
Accrued liabilities121,416 101,466 
Current operating lease liabilities21,177 22,552 
Total current liabilities645,582 597,615 
Long-term debt979,227 980,604 
Pension benefits120,438 129,880 
Postretirement benefits other than pensions42,525 43,498 
Long-term operating lease liabilities84,940 92,760 
Other liabilities45,957 50,776 
Total liabilities1,918,669 1,895,133 
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,166,930 shares issued and 17,101,121 shares outstanding as of June 30, 2022, and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 202117 17 
Additional paid-in capital506,062 504,497 
Retained (loss) earnings(69,054)25,553 
Accumulated other comprehensive loss(209,714)(205,184)
Total Cooper-Standard Holdings Inc. equity227,311 324,883 
Noncontrolling interests(5,598)6,477 
Total equity221,713 331,360 
Total liabilities and equity$2,140,382 $2,226,493 
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 Earnings (Loss)Accumulated Other Comprehensive LossCooper-Standard Holdings Inc. EquityNoncontrolling InterestsTotal Equity
Balance as of December 31, 202116,991,979 $17 $504,497 $25,553 $(205,184)$324,883 $6,477 $331,360 
Share-based compensation, net69,716 — 437  — 437 — 437 
Deconsolidation of noncontrolling interest— — — — — — (11,007)(11,007)
Net loss— — — (61,360)— (61,360)(430)(61,790)
Other comprehensive income (loss)— — — — 11,791 11,791 (11)11,780 
Balance as of March 31, 202217,061,695 $17 $504,934 $(35,807)$(193,393)$275,751 $(4,971)$270,780 
Share-based compensation, net39,426 — 1,128  — 1,128 — 1,128 
Net loss— — — (33,247)— (33,247)(904)(34,151)
Other comprehensive income (loss)— — — — (16,321)(16,321)277 (16,044)
Balance as of June 30, 202217,101,121 $17 $506,062 $(69,054)$(209,714)$227,311 $(5,598)$221,713 
 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 
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,
 20222021
Operating Activities:
Net loss$(95,941)$(99,242)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation60,062 65,267 
Amortization of intangibles3,483 3,705 
Gain on sale of business, net (696)
Gain on sale of fixed assets, net(33,391) 
Impairment charges458 841 
Share-based compensation expense1,625 3,002 
Equity in losses of affiliates, net of dividends related to earnings7,804 1,032 
Deferred income taxes(5,096)(21,709)
Other1,178 1,192 
Changes in operating assets and liabilities59,583 (14,126)
Net cash used in operating activities(235)(60,734)
Investing activities:
Capital expenditures(44,278)(55,599)
Proceeds from sale of fixed assets52,633 3,000 
Other32 35 
Net cash provided by (used in) investing activities8,387 (52,564)
Financing activities:
Principal payments on long-term debt(2,536)(2,895)
(Decrease) increase in short-term debt, net(1,666)14,811 
Taxes withheld and paid on employees' share-based payment awards(526)(744)
Other651 532 
Net cash (used in) provided by financing activities(4,077)11,704 
Effects of exchange rate changes on cash, cash equivalents and restricted cash7,103 4,179 
Changes in cash, cash equivalents and restricted cash11,178 (97,415)
Cash, cash equivalents and restricted cash at beginning of period251,128 443,578 
Cash, cash equivalents and restricted cash at end of period$262,306 $346,163 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
June 30, 2022December 31, 2021
Cash and cash equivalents$250,458 $248,010 
Restricted cash included in other current assets9,893 961 
Restricted cash included in other assets1,955 2,157 
Total cash, cash equivalents and restricted cash$262,306 $251,128 
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, 2021 (the “2021 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, 2022 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. Deconsolidation and Divestiture
2022 Joint Venture Deconsolidation
In the first quarter of 2022, a joint venture in the Asia Pacific region that was previously consolidated with a noncontrolling interest amended the governing document underlying the joint venture. The amendment to the agreement did not change the Company’s 51% ownership. However, as a result of the amendment and effective as of January 1, 2022, the joint venture was deconsolidated and accounted for as an investment under the equity method. The Company remeasured the retained investment using the income approach method and performed a discounted cash flow analysis of the projected free cash flows of the joint venture. As a result of the deconsolidation, during the three months ended March 31, 2022, the Company recorded a loss of $2,257, included in other income (expense), net in the condensed consolidated statements of operations.
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. On July 1, 2020, the Company completed the divestiture to Mutares SE & Co. KGaA (“Mutares”). During the three and six months ended June 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $891 and $696, respectively.
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, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$323,532 $120,693 $85,338 $26,256 $ $555,819 
Commercial4,049 5,546 441 5 1,665 11,706 
Other4,106 48   34,238 38,392 
Revenue$331,687 $126,287 $85,779 $26,261 $35,903 $605,917 
8

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
Revenue by customer group for the six months ended June 30, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$638,119 $246,061 $188,742 $47,769 $ $1,120,691 
Commercial7,723 11,469 788 11 3,322 23,313 
Other7,739 171 2  66,985 74,897 
Revenue$653,581 $257,701 $189,532 $47,780 $70,307 $1,218,901 
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 
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 June 30, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$127,345 $101,951 $49,874 $19,235 $ $298,405 
Fuel and brake delivery systems107,614 21,638 20,481 4,814  154,547 
Fluid transfer systems96,728 2,698 15,424 2,212  117,062 
Other    35,903 35,903 
Revenue$331,687 $126,287 $85,779 $26,261 $35,903 $605,917 
9

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-(Continued)
(Unaudited)
(Dollar amounts in thousands except per share and share amounts)
Revenue by product line for the six months ended June 30, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$254,897 $207,085 $112,910 $35,345 $ $610,237 
Fuel and brake delivery systems210,335 44,676 44,228 8,375  307,614 
Fluid transfer systems188,349 5,940 32,394 4,060  230,743 
Other    70,307 70,307 
Revenue$653,581 $257,701 $189,532 $47,780 $70,307 $1,218,901 
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 
Revenue$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 
Revenue$586,561 $298,397 $218,140 $29,639 $69,415