Cooper Standard Third Quarter 2023 Earnings Presentation
EBITDA and Adjusted EBITDA Reconciliation
(Unaudited, dollar amounts in thousands)
Three Months Ended September 30,
Nine Months Ended September 30,
2023
2022
2023
2022
Net income (loss) attributable to Cooper-Standard Holdings Inc. $
Income tax expense (benefit)
11,363
4,338
$
(32,686)
$
(146,833) $
(127,293)
(833)
9,461
1,824
Interest expense, net of interest income
33,803
20,747
98,057
57,378
Depreciation and amortization
EBITDA
Restructuring charges
Deconsolidation of joint venture (1)
Impairment charges
(2)
Loss on sale of businesses, net (3)
27,219
30,628
83,017
94,173
76,723
$
17,856
43,702
$
26,082
2,046
1,701
12,924
13,014
2,257
837
379
654
334
334
Gain on sale of fixed assets, net (4)
Indirect tax adjustments (5)
569
(33,391)
1,477
Loss on refinancing and extinguishment of debt (6)
Adjusted EBITDA
79,103
$
20,505
$
81,885
139,499
$
10,276
Sales
Net income (loss) margin (Net income/loss / sales)
Adjusted EBITDA margin (Adjusted EBITDA / sales)
736,038
1.5 %
10.7 %
657,153 $
(5.0)%
2,142,236 $
(6.9)%
1,876,054
(6.8)%
3.1 %
6.5 %
0.5 %
1.
2.
Loss attributable to deconsolidation of a joint venture in the Asia Pacific region, which required adjustment to fair value.
Non-cash impairment charges in 2023 related to certain assets in Asia Pacific and North America, and non-cash impairment charges in 2022 related
to idle assets in Europe.
3.
Loss on sale of businesses related to divestitures in 2023.
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.
Impact of indirect tax adjustments in 2022.
6.
Loss on refinancing and extinguishment of debt relating to refinancing transactions in 2023.
CooperStandard
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