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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, 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 October 26, 2022, there were 17,108,029 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, 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 September 30,Nine Months Ended September 30,
 2022202120222021
Sales$657,153 $526,690 $1,876,054 $1,728,842 
Cost of products sold618,594 534,817 1,800,577 1,669,610 
Gross profit (loss)38,559 (8,127)75,477 59,232 
Selling, administration & engineering expenses44,847 60,367 149,033 168,506 
Gain on sale of business, net   (696)
Gain on sale of fixed assets, net  (33,391) 
Amortization of intangibles1,693 1,819 5,176 5,524 
Restructuring charges1,701 1,573 13,014 34,251 
Impairment charges379 1,006 837 1,847 
Operating loss(10,061)(72,892)(59,192)(150,200)
Interest expense, net of interest income(20,747)(18,243)(57,378)(54,152)
Equity in (losses) earnings of affiliates(3,391)(1,114)(8,193)65 
Other income (expense), net146 (494)(2,574)(4,221)
Loss before income taxes(34,053)(92,743)(127,337)(208,508)
Income tax (benefit) expense(833)32,121 1,824 15,598 
Net loss(33,220)(124,864)(129,161)(224,106)
Net loss attributable to noncontrolling interests534 1,691 1,868 3,458 
Net loss attributable to Cooper-Standard Holdings Inc.$(32,686)$(123,173)$(127,293)$(220,648)
Loss per share:
Basic$(1.90)$(7.20)$(7.41)$(12.96)
Diluted$(1.90)$(7.20)$(7.41)$(12.96)
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 September 30,Nine Months Ended September 30,
2022202120222021
Net loss$(33,220)$(124,864)$(129,161)$(224,106)
Other comprehensive income (loss):
Currency translation adjustment(18,960)(6,215)(27,679)(4,074)
Benefit plan liabilities adjustment, net of tax2,398 4,978 5,445 8,328 
Fair value change of derivatives, net of tax2,422 (2,132)3,830 (1,952)
Other comprehensive (loss) income, net of tax(14,140)(3,369)(18,404)2,302 
Comprehensive loss(47,360)(128,233)(147,565)(221,804)
Comprehensive loss attributable to noncontrolling interests185 1,916 1,253 3,744 
Comprehensive loss attributable to Cooper-Standard Holdings Inc.$(47,175)$(126,317)$(146,312)$(218,060)
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, 2022December 31, 2021
 (unaudited)
Assets
Current assets:
Cash and cash equivalents$231,177 $248,010 
Accounts receivable, net366,824 317,469 
Tooling receivable, net93,832 88,900 
Inventories195,003 158,075 
Prepaid expenses31,348 26,313 
Income tax receivable and refundable credits12,474 82,813 
Other current assets74,525 73,317 
Total current assets1,005,183 994,897 
Property, plant and equipment, net667,117 784,348 
Operating lease right-of-use assets, net95,803 111,052 
Goodwill141,958 142,282 
Intangible assets, net48,413 60,375 
Other assets143,727 133,539 
Total assets$2,102,201 $2,226,493 
Liabilities and Equity
Current liabilities:
Debt payable within one year$48,890 $56,111 
Accounts payable373,481 348,133 
Payroll liabilities94,712 69,353 
Accrued liabilities130,257 101,466 
Current operating lease liabilities20,172 22,552 
Total current liabilities667,512 597,615 
Long-term debt978,435 980,604 
Pension benefits113,521 129,880 
Postretirement benefits other than pensions40,960 43,498 
Long-term operating lease liabilities79,222 92,760 
Other liabilities47,289 50,776 
Total liabilities1,926,939 1,895,133 
Equity:
Common stock, $0.001 par value, 190,000,000 shares authorized; 19,173,838 shares issued and 17,108,029 shares outstanding as of September 30, 2022, and 19,057,788 shares issued and 16,991,979 outstanding as of December 31, 202117 17 
Additional paid-in capital506,971 504,497 
Retained (loss) earnings(101,740)25,553 
Accumulated other comprehensive loss(224,203)(205,184)
Total Cooper-Standard Holdings Inc. equity181,045 324,883 
Noncontrolling interests(5,783)6,477 
Total equity175,262 331,360 
Total liabilities and equity$2,102,201 $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 
Share-based compensation, net6,908 — 909  — 909 — 909 
Net loss— — — (32,686)— (32,686)(534)(33,220)
Other comprehensive income (loss)— — — — (14,489)(14,489)349 (14,140)
Balance as of September 30, 202217,108,029 $17 $506,971 $(101,740)$(224,203)$181,045 $(5,783)$175,262 
 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 
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,
 20222021
Operating Activities:
Net loss$(129,161)$(224,106)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation88,997 99,497 
Amortization of intangibles5,176 5,524 
Gain on sale of business, net (696)
Gain on sale of fixed assets, net(33,391) 
Impairment charges837 1,847 
Share-based compensation expense2,593 4,781 
Equity in losses of affiliates, net of dividends related to earnings11,195 2,146 
Deferred income taxes(5,478)9,785 
Other2,383 2,219 
Changes in operating assets and liabilities46,489 (12,485)
Net cash used in operating activities(10,360)(111,488)
Investing activities:
Capital expenditures(58,491)(75,965)
Proceeds from sale of fixed assets52,956 3,095 
Other167 35 
Net cash used in investing activities(5,368)(72,835)
Financing activities:
Principal payments on long-term debt(3,786)(4,227)
Decrease in short-term debt, net(977)(597)
Taxes withheld and paid on employees' share-based payment awards(607)(777)
Other(688)884 
Net cash used in financing activities(6,058)(4,717)
Effects of exchange rate changes on cash, cash equivalents and restricted cash9,296 7,853 
Changes in cash, cash equivalents and restricted cash(12,490)(181,187)
Cash, cash equivalents and restricted cash at beginning of period251,128 443,578 
Cash, cash equivalents and restricted cash at end of period$238,638 $262,391 
Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheet:
Balance as of
September 30, 2022December 31, 2021
Cash and cash equivalents$231,177 $248,010 
Restricted cash included in other current assets5,846 961 
Restricted cash included in other assets1,615 2,157 
Total cash, cash equivalents and restricted cash$238,638 $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 September 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 nine months ended September 30, 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 nine months ended September 30, 2021, the Company recorded subsequent adjustments resulting in a net gain of $696.
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, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$343,012 $108,628 $129,167 $27,069 $ $607,876 
Commercial4,132 4,957 326 4 1,725 11,144 
Other3,867 85   34,181 38,133 
Revenue$351,011 $113,670 $129,493 $27,073 $35,906 $657,153 
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 nine months ended September 30, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Passenger and Light Duty$981,131 $354,689 $317,909 $74,838 $ $1,728,567 
Commercial11,855 16,426 1,114 15 5,047 34,457 
Other11,606 256 2  101,166 113,030 
Revenue$1,004,592 $371,371 $319,025 $74,853 $106,213 $1,876,054 
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 
The passenger and light duty customer group consists of sales to automotive OEMs and automotive suppliers, while the commercial customer 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, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$133,347 $91,078 $85,309 $21,654 $ $331,388 
Fuel and brake delivery systems113,755 19,572 27,540 3,715  164,582 
Fluid transfer systems103,909 3,020 16,644 1,704  125,277 
Other    35,906 35,906 
Revenue$351,011 $113,670 $129,493 $27,073 $35,906 $657,153 
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 nine months ended September 30, 2022 was as follows:
North AmericaEuropeAsia PacificSouth AmericaCorporate, Eliminations and OtherConsolidated
Sealing systems$388,244 $298,163 $198,219 $56,999 $ $941,625 
Fuel and brake delivery systems324,090 64,248 71,768 12,090  472,196 
Fluid transfer systems292,258 8,960 49,038 5,764  356,020 
Other