Cooper Standard Third Quarter 2023 Earnings Presentation
Adjusted Net Income (Loss) and Adjusted EPS
(Unaudited, dollar amounts in thousands except share and per share amounts)
Net income (loss) attributable to Cooper-Standard Holdings Inc. $
Restructuring charges
Deconsolidation of joint venture (1)
Three Months Ended September 30,
2023
11,363 $
2,046
2022
(32,686) $
1,701
Nine Months Ended September 30,
2023
(146,833) $
12,924
2022
(127,293)
13,014
2,257
Impairment charges (2)
Loss on sale of businesses, net (3)
379
334
Gain on sale of fixed assets, net (4)
Indirect tax adjustments (5)
569
654
334
(33,391)
1,477
837
Loss on refinancing and extinguishment of debt (6)
81,885
Tax impact of adjusting items (7)
Adjusted net income (loss)
Weighted average shares outstanding:
Basic
Diluted
1,210
581
(145)
14,953 $
(29,456) $
(51,181) $
3,765
(139,334)
17,427,082
17,560,221
17,218,165
17,218,165
17,331,199
17,331,199
17,181,534
17,181,534
Income (loss) per share:
Basic
Diluted
Adjusted income (loss) per share:
Basic
Diluted
SS
69 69
0.65 $
(1.90) $
(8.47) $
(7.41)
0.65
$
(1.90) $
(8.47) $
(7.41)
0.86
$
0.85
$
(1.71)
(1.71) $
(2.95) $
(8.11)
(2.95) $
(8.11)
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.
Loss on sale of businesses related to divestitures in 2023.
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.
Impact of indirect tax adjustments in 2022.
1.
2.
3.
4.
599
5.
6.
Loss on refinancing and extinguishment of debt relating to refinancing transactions in 2023.
7.
CooperStandard
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.
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