Cooper Standard ລາຍງານຜົນໄດ້ຮັບໃນໄຕມາດທີສອງ, ຢືນຢັນຄືນຄໍາແນະນໍາເຕັມປີສໍາລັບການປັບ EBITDA

NORTHVILLE, Mich. –News Direct– Cooper Standard Holdings Inc.

Cooper-Standard Holdings Inc. (NYSE: CPS) today reported results for the second quarter 2022.

Second Quarter 2022 Summary

• Sales totaled $605.9 million, an increase of 13.6% compared to second quarter 2021

• Net loss amounted to $33.2 million or $(1.93) per diluted share

• Adjusted EBITDA totaled $(10.4) million

• Quarter-end cash balance of $250 million; continuing strong total liquidity of $407 million

• Net new business awards of $57 million, notably with $39 million on electric vehicle platforms

“We began to see some improvement in global market conditions and production levels in the final four weeks of the quarter,” said Jeffrey Edwards, chairman and CEO, Cooper Standard. “With China production coming back on line, European markets and operations beginning to stabilize from Ukraine war-related disruptions, and increasing inflation recoveries from our customers, we saw adjusted EBITDA margins and cash flow turn positive in June. With further improvements in global production volume expected in the remainder of the year, combined with continuing cost reduction initiatives and anticipated incremental positive impact from our enhanced commercial agreements, we continue to expect to deliver full year adjusted EBITDA in line with our original guidance.”

ຜົນໄດ້ຮັບລວມ

The year-over-year increase in second quarter sales was primarily attributable to favorable volume and mix as well as realized recoveries of material cost inflation, which are reflected in price adjustments. These were partially offset by foreign exchange and the deconsolidation of a joint venture in the Asia Pacific region.

ເລື່ອງຍັງສືບຕໍ່

Net loss for the second quarter 2022 was $(33.2) million, including a gain on the sale of fixed assets of $33.4 million, restructuring charges of $3.5 million and other special items. Net loss for the second quarter 2021 was $(63.6) million, including restructuring charges of $11.6 million and other special items. Adjusted net loss, which excludes restructuring, other special items and their related tax impact, was $(58.5) million in the second quarter 2022 compared to $(51.1) million in the second quarter of 2021. The year-over-year change was primarily due to continuing increases in commodity and material costs, wages, general inflation and higher income tax expense. These were partially offset by favorable volume and mix, manufacturing efficiencies, and the positive impact of our enhanced commercial agreements and material cost inflation recovery initiatives.

Adjusted net loss, adjusted EBITDA and adjusted loss per diluted share are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”), are provided in the attached supplemental schedules.

Automotive New Business Awards

The Company continues to leverage its world-class engineering and manufacturing capabilities, its innovation programs and its reputation for quality and service to win new business awards with its customers. During the second quarter of 2022, the Company received net new business awards representing approximately $57 million in incremental anticipated future annualized sales. Notably, the net new business awards for the quarter included $39 million on electric vehicle platforms. Since the beginning of 2020, the Company has received net new business awards on electric vehicle platforms totaling over $250 million in expected incremental annualized sales.

Cost Recovery Initiatives

The Company continues to work with its customers to recover incremental costs associated with increasing raw material prices, higher wages, general inflation and other market challenges. Through a combination of expanded index-based agreements and other commercial enhancements, the Company now expects to realize material cost recoveries at a rate exceeding the historical range of 40 – 60%. The expanded index-based agreements have been established to cover a significant majority of the Company’s revenue base. These agreements cover both oil-based materials and metals and are expected to largely reduce the Company’s exposure to commodity price volatility going forward. In addition, certain of the agreements provide for retroactive recovery of a portion of commodity cost increases already incurred.

Segment Results of Operations

Sales

^* Net of customer price adjustments

• Volume and mix, net of customer price adjustments, including recoveries, was driven by vehicle production volume increases due to the lessening impact of semiconductor-related supply issues, partially offset by the impact of COVID-19 shutdowns in China and the Ukraine conflict in Europe.

• The impact of foreign currency exchange was primarily related to the Euro, Chinese Renminbi, Korean Won and Brazilian Real.

ປັບ EBITDA

Three Months Ended June 30,

Variance Due To:

2022

2021

ການປ່ຽນແປງ

Volume/ Mix*

ອັດຕາແລກປ່ຽນ

Cost (Increases)/ Decreases**

(dollar amounts in thousands)

ປັບສ່ວນ EBITDA

ອາ​ເມລິ​ກາ​ເຫນືອ

$ 15,441

$ 756

$ 14,685

$ 34,180

$ (723)

$ (18,772)

ເອີຣົບ

(15,316​)

(14,391​)

(925​)

11,328

2,096

(14,349​)

ອາ​ຊີ​ປາ​ຊີ​ຟິກ

(7,799​)

(2,302​)

(5,497​)

3,862

(2,688​)

(6,671​)

ອາ​ເມລິ​ກາ​ໃຕ້

(1,298​)

(726​)

(572​)

2,967

(2,297​)

(1,242​)

Total Automotive

(8,972​)

(16,663​)

7,691

52,337

(3,612​)

(41,034​)

Corporate, eliminations and other

(1,402​)

1,937

(3,339​)

2,621

(124​)

(5,836​)

Consolidated adjusted EBITDA

$ (10,374)

$ (14,726)

$ 4,352

$ 54,958

$ (3,736)

$ (46,870)

^* Net of customer price adjustments

^** Net of deconsolidation

• Volume and mix, net of customer price adjustments, including recoveries, was driven by vehicle production volume increases due to a lessening impact on customer production schedules for semi-conductor-related supply issues in the current year period partially offset by the impact of COVID-19 shutdowns in China and the Ukraine conflict in Europe.

• The impact of foreign currency exchange was primarily related to the Euro, Chinese Renminbi, Korean Won and Brazilian Real.

• The Cost (Increases) / Decreases category above includes:

  • Commodity cost and inflationary economics;

  • Manufacturing efficiencies and purchasing savings through lean initiatives;

  • Increased compensation-related expenses; and

  • Decreased costs related to ongoing salaried headcount initiatives and restructuring savings.

Cash and Liquidity

As of June 30, 2022, Cooper Standard had cash and cash equivalents totaling $250.5 million. Total liquidity, including availability under the Company’s amended senior asset-based revolving credit facility, was $406.7 million at the end of the second quarter.

Based on current expectations for light vehicle production and customer demand for our products, the Company expects its current solid cash balance and access to flexible credit facilities will provide sufficient resources to support ongoing operations and the execution of planned strategic initiatives for the foreseeable future.

ການຄາດຄະເນ

Current customer schedules and industry forecasts have production volumes improving in the second half of 2022. The projected ramp up, however, remains dependent on the capacity and efficiency of the global supply chain and the availability of key components and commodities.

Based on the Company’s outlook for the global automotive industry, macroeconomic conditions, current customer production schedules and its own operating plans, the Company is reiterating 2022 full year guidance for adjusted EBITDA. Other aspects of guidance have been adjusted as follows:

2022 ການຊີ້ ນຳ¹

¹ Guidance is representative of management’s estimates and expectations as of the date it is published. Current guidance as presented in this press release considers June 2022 IHS Markit production forecasts for relevant light vehicle platforms and models, customers’ planned production schedules and other internal assumptions.

² Adjusted EBITDA is a non-GAAP financial measure. The Company has not provided a reconciliation of projected adjusted EBITDA to projected net income because full-year net income will include special items that have not yet occurred and are difficult to predict with reasonable certainty prior to year-end. Due to this uncertainty, the Company cannot reconcile projected adjusted EBITDA to U.S. GAAP net income without unreasonable effort.

ລາຍລະອຽດການໂທກອງປະຊຸມ

Cooper Standard management will host a conference call and webcast on August 5, 2022 at 10:00 a.m. ET to discuss its second quarter 2022 results, provide a general business update and respond to investor questions. A link to the live webcast of the call (listen only) and presentation materials will be available on Cooper Standard’s Investor Relations website at www.ir.cooperstandard.com/events.cfm.

To participate by phone, callers in the United States and Canada should dial toll-free (800) 715-9871. International callers should dial (646) 307-1963. Provide the conference ID 8473329 or ask to be connected to the Cooper Standard conference call. Representatives of the investment community will have the opportunity to ask questions after the presentation. Callers should dial in at least five minutes prior to the start of the call.

Individuals unable to participate during the live call may visit the investor relations portion of the Cooper Standard website (www.ir.cooperstandard.com) for a replay of the webcast.

ກ່ຽວກັບມາດຕະຖານການຮ່ວມມື

Cooper Standard, headquartered in Northville, Mich., with locations in 21 countries, is a leading global supplier of sealing and fluid handling systems and components. Utilizing our materials science and manufacturing expertise, we create innovative and sustainable engineered solutions for diverse transportation and industrial markets. Cooper Standard’s approximately 22,600 employees are at the heart of our success, continuously improving our business and surrounding communities. Learn more at www.cooperstandard.com or follow us on Twitter @CooperStandard.

Forward Looking Statements

ການປ່ອຍຂ່າວນີ້ປະກອບມີ "ຄໍາຖະແຫຼງທີ່ເບິ່ງໄປຂ້າງຫນ້າ" ໃນຄວາມຫມາຍຂອງສະຫະລັດ ກົດໝາຍວ່າດ້ວຍຫຼັກຊັບຂອງລັດຖະບານກາງ, ແລະພວກເຮົາຕັ້ງໃຈໃຫ້ຄຳຖະແຫຼງທີ່ເບິ່ງໄປຂ້າງໜ້າດັ່ງກ່າວເປັນໄປຕາມທ່າເຮືອທີ່ປອດໄພທີ່ສ້າງຂຶ້ນໂດຍວິທີນີ້. ການນໍາໃຊ້ຄໍາສັບຂອງພວກເຮົາ "ຄາດຄະເນ," "ຄາດຫວັງ", "ຄາດ", "ໂຄງການ," "ແຜນການ," "ຕັ້ງໃຈ," "ເຊື່ອ," "ການຄາດຄະເນ," "ຄໍາແນະນໍາ," "ຄາດຄະເນ," ຫຼືຄໍາກິລິຍາໃນອະນາຄົດຫຼືເງື່ອນໄຂ, ເຊັ່ນ: "ຈະ," "ຄວນ," "ສາມາດ," "ຈະ," ຫຼື "ອາດຈະ," ແລະການປ່ຽນແປງຂອງຄໍາສັບຕ່າງໆຫຼືການສະແດງອອກທີ່ຄ້າຍຄືກັນແມ່ນມີຈຸດປະສົງເພື່ອກໍານົດຄໍາຖະແຫຼງທີ່ຄາດຫມາຍໄວ້ຂ້າງຫນ້າ. ທຸກໆຄໍາຖະແຫຼງທີ່ເບິ່ງໄປຂ້າງຫນ້າແມ່ນອີງໃສ່ຄວາມຄາດຫວັງຂອງພວກເຮົາໃນປະຈຸບັນແລະການສົມມຸດຕິຖານຕ່າງໆ. ຄວາມຄາດຫວັງ, ຄວາມເຊື່ອ, ແລະການຄາດຄະເນຂອງພວກເຮົາແມ່ນສະແດງອອກໂດຍຄວາມເຊື່ອທີ່ດີແລະພວກເຮົາເຊື່ອວ່າມີພື້ນຖານທີ່ສົມເຫດສົມຜົນສໍາລັບພວກມັນ. ຢ່າງໃດກໍຕາມ, ພວກເຮົາບໍ່ສາມາດຮັບປະກັນທ່ານວ່າຄວາມຄາດຫວັງ, ຄວາມເຊື່ອແລະການຄາດຄະເນເຫຼົ່ານີ້ຈະບັນລຸໄດ້. ຖະແຫຼງການທີ່ເບິ່ງໄປຂ້າງໜ້າບໍ່ແມ່ນການຮັບປະກັນການປະຕິບັດໃນອະນາຄົດ ແລະມີຄວາມສ່ຽງ ແລະຄວາມບໍ່ແນ່ນອນອັນໃຫຍ່ຫຼວງທີ່ອາດເຮັດໃຫ້ຜົນໄດ້ຮັບຕົວຈິງ ຫຼືຜົນສໍາເລັດທີ່ແຕກຕ່າງຈາກຜົນໄດ້ຮັບ ຫຼືຜົນສໍາເລັດໃນອະນາຄົດທີ່ສະແດງອອກ ຫຼືສະແດງໂດຍຄໍາຖະແຫຼງທີ່ຄາດຄະເນລ່ວງໜ້າ.

ທ່ານບໍ່ຄວນວາງຄວາມເພິ່ງພາອາໄສທີ່ບໍ່ສົມຄວນຢູ່ໃນຄໍາຖະແຫຼງທີ່ເບິ່ງໄປຂ້າງຫນ້າເຫຼົ່ານີ້. ຖະແຫຼງການຂອງພວກເຮົາແມ່ນເວົ້າໃນວັນທີຂອງຂ່າວນີ້ເທົ່ານັ້ນແລະພວກເຮົາບໍ່ມີພັນທະທີ່ຈະປັບປຸງສາທາລະນະຫຼືຖ້າບໍ່ດັ່ງນັ້ນຈະທົບທວນຄືນຄໍາຖະແຫຼງທີ່ຄາດຄະເນໃນອະນາຄົດ, ບໍ່ວ່າຈະເປັນຜົນມາຈາກຂໍ້ມູນໃຫມ່, ເຫດການໃນອະນາຄົດຫຼືອື່ນໆ, ຍົກເວັ້ນບ່ອນທີ່ພວກເຮົາສະແດງອອກ. ຈໍາເປັນຕ້ອງເຮັດແນວນັ້ນຕາມກົດຫມາຍ.

This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.

CPS_F

Financial statements and related notes follow:

ມາດຕະການທີ່ບໍ່ແມ່ນ GAAP

EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share and free cash flow are measures not recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company’s core financial activities. Net new business is a measure not recognized under U.S. GAAP which is a representation of potential incremental future revenue but which may not fully reflect all external impacts to future revenue. Management considers EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business to be key indicators of the Company’s operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company’s performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company’s financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income (loss) adjusted to reflect income tax expense (benefit), interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted net income (loss) is defined as net income (loss) adjusted to reflect certain items that management does not consider to be reflective of the Company’s core operating performance. Adjusted basic and diluted earnings (loss) per share is defined as adjusted net income (loss) divided by the weighted average number of basic and diluted shares, respectively, outstanding during the period. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company’s ability to service and repay its debt. Net new business reflects anticipated sales from formally awarded programs, less lost business, discontinued programs and replacement programs and is based on IHS Markit forecast production volumes. The calculation of “net new business” does not reflect customer price reductions on existing programs and may be impacted by various assumptions embedded in the respective calculation, including actual vehicle production levels on new programs, foreign exchange rates and the timing of major program launches.

When analyzing the Company’s operating performance, investors should use EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business as supplements to, and not as alternatives for, net income (loss), operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company’s liquidity. EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company’s results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted net income (loss), adjusted earnings (loss) per share, free cash flow and net new business differently and therefore the Company’s results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income (loss), it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income (loss) should not be construed as an inference that the Company’s future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted net income (loss) and free cash flow follow.

ການປອງດອງກັນຂອງມາດຕະການທີ່ບໍ່ແມ່ນ GAAP

EBITDA ແລະປັບ EBITDA

(ບໍ່ໄດ້ລົງທະບຽນ)

(Dollar amounts in thousands)

The following table provides a reconciliation of EBITDA and adjusted EBITDA from net loss:

1. Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

2. Non-cash impairment charges in 2022 and 2021 related to idle assets in Europe.

3. During 2021, we recorded subsequent adjustments to the net gain on sale of business, which related to the 2020 divestiture of our European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations.

4. In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities, and a gain was recognized in the second quarter of 2022.

5. Lease termination costs no longer recorded as restructuring charges in accordance with ASC 842.

6. Impact of prior period indirect tax adjustments.

Adjusted Net Loss and Adjusted Loss Per Share

(ບໍ່ໄດ້ລົງທະບຽນ)

(Dollar amounts in thousands except per share and share amounts)

The following table provides a reconciliation of net loss to adjusted net loss and the respective loss per share amounts:

1. Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.

2. Non-cash impairment charges in 2022 and 2021 related to idle assets in Europe.

3. During 2021, we recorded subsequent adjustments to the net gain on sale of business, which related to the 2020 divestiture of our European rubber fluid transfer and specialty sealing businesses, as well as its Indian operations.

4. In the first quarter of 2022, the Company signed a sale-leaseback agreement on one of its European facilities, and a gain was recognized in the second quarter of 2022.

5. Lease termination costs no longer recorded as restructuring charges in accordance with ASC 842.

6. Impact of prior period indirect tax adjustments.

7. Represents the elimination of the income tax impact of the above adjustments by calculating the income tax impact of these adjusting items using the appropriate tax rate for the jurisdiction where the charges were incurred and other discrete tax expense.

ກະແສເງິນສົດຟຣີ

(ບໍ່ໄດ້ລົງທະບຽນ)

(Dollar amounts in thousands)

The following table defines free cash flow:

ລາຍລະອຽດການຕິດຕໍ່

ສື່ມວນຊົນຕິດຕໍ່

Chris Andrews

+ 1 248-596-6217

[email protected]

ຕິດຕໍ່ນັກວິເຄາະ

Roger Hendriksen

+ 1 248-596-6465

[email protected]

ເວັບໄຊທ໌ຂອງບໍລິສັດ

http://www.cooperstandard.com/

ເບິ່ງສະບັບແຫຼ່ງໃນ newsdirect.com: https://newsdirect.com/news/cooper-standard-reports-second-quarter-results-reaffirms-full-year-guidance-for-adjusted-ebitda-830503397