Long-term debt 1,057,839 1,044,736
Pension benefits 89,253 100,578
Postretirement
benefits other than
pensions 26,336 28,940
Long-term operating
lease liabilities 71,907 76,482
Deferred tax
liabilities 3,801 5,208
Other liabilities 40,516 52,845
--------------------------- ---------------------------
Total
liabilities 1,866,435 1,962,032
Preferred stock,
$0.001 par value,
10,000,000 shares
authorized; no shares
issued and
outstanding -- --
Equity:
Common stock, $0.001
par value,
190,000,000 shares
authorized;
19,392,340 shares
issued and
17,326,531
outstanding as of
December 31, 2024,
and 19,263,288
shares issued and
17,197,479
outstanding as of
December 31, 2023 17 17
Additional paid-in
capital 518,208 512,164
Retained deficit (470,562) (391,816)
Accumulated other
comprehensive loss (173,432) (201,665)
--------------------------- ---------------------------
Total
Cooper-Standard
Holdings Inc.
equity (125,769) (81,300)
Noncontrolling
interests (7,601) (8,433)
--------------------------- ---------------------------
Total equity (133,370) (89,733)
--------------------------- ---------------------------
Total
liabilities and
equity $ 1,733,065 $ 1,872,299
=========================== ===========================
COOPER-STANDARD HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
Year Ended December 31,
2024 2023 2022
------------- ----------- -----------
(Unaudited)
Operating activities:
Net loss $ (78,130) $ (203,316) $ (217,791)
Adjustments to reconcile net
loss to net cash provided by
(used in) operating activities:
Depreciation 97,053 103,127 115,761
Amortization of intangibles 6,512 6,804 6,715
Gain on sale of businesses,
net (1,971) (586) --
Gain on sale of buildings
and land, net (3,317) -- (33,391)
Impairment charges 713 4,768 43,710
Pension settlement and
curtailment charges 44,553 16,035 2,682
Share-based compensation
expense 9,161 7,718 3,259
Equity in (earnings) losses
of affiliates, net of
dividends related to
earnings (3,246) (982) 12,450
Loss on refinancing and
extinguishment of debt -- 81,885 --
Payment-in-kind interest 12,367 58,808 --
Deferred income taxes (45,466) (5,813) 5,653
Other 5,291 4,838 (10,887)
Changes in operating assets and
liabilities:
Accounts and tooling
receivable 67,761 (12,333) (65,712)
Inventories (3,125) 6,412 (2,221)
Prepaid expenses 1,119 2,924 (5,658)
Income tax receivable and
refundable credits (836) 2,603 68,251
Accounts payable (18,440) 6,743 20,591
Payroll and accrued
liabilities (19,968) 16,924 46,177
Other 6,338 20,718 (25,739)
------------- ----------- -----------
Net cash provided by (used
in) operating activities 76,369 117,277 (36,150)
Investing activities:
Capital expenditures (50,498) (80,743) (71,150)
Proceeds from sale of
businesses, net of cash
divested 763 15,351 --
Proceeds from sale of fixed
assets 4,328 -- 53,288
Other 287 424 (30)
------------- ----------- -----------
Net cash used in investing
activities (45,120) (64,968) (17,892)
Financing activities:
Proceeds from issuance of
long-term debt, net of debt
issuance costs -- 924,299 --
Repayment and refinancing of
long-term debt -- (927,046) --
Principal payments on long-term
debt (2,464) (2,127) (4,178)
(Decrease) increase in
short-term debt, net (7,288) (1,234) 4,093
Debt issuance costs and other
fees (1,936) (74,376) (4,229)
Taxes withheld and paid on
employees' share-based payment
awards (612) (214) (607)
Contribution from noncontrolling
interests and other 38 (439) 655
Proceeds from other financing
activities 2,617 -- --
------------- ----------- -----------
Net cash used in financing
activities (9,645) (81,137) (4,266)
Effects of exchange rate changes
on cash, cash equivalents and
restricted cash (5,968) (918) (13)
------------- ----------- -----------
Changes in cash, cash equivalents
and restricted cash 15,636 (29,746) (58,321)
Cash, cash equivalents and
restricted cash at beginning of
period 163,061 192,807 251,128
------------- ----------- -----------
Cash, cash equivalents and
restricted cash at end of
period $ 178,697 $ 163,061 $ 192,807
============= =========== ===========
Reconciliation of cash, cash equivalents and restricted cash
to the consolidated balance sheets:
Cash and cash equivalents $ 170,035 $ 154,801 $ 186,875
Restricted cash included in other
current assets 7,590 7,244 4,650
Restricted cash included in other
assets 1,072 1,016 1,282
------------- ----------- -----------
Total cash, cash equivalents and
restricted cash $ 178,697 $ 163,061 $ 192,807
============= =========== ===========
Supplemental disclosure:
Cash paid for interest $ 101,514 $ 78,699 $ 80,163
Cash paid (received) for income
taxes, net of refunds 19,085 10,301 (56,393)
Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted EBITDA margin, 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 EBITDA margin, 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 EBITDA margin is defined as adjusted EBITDA as a percentage of sales. Adjusted basic and diluted earnings (loss) per share is defined as adjusted net income (loss) divided by the weighted
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