Cooper-standard Holdings Inc. · NYSE:CPS
Cooper-standard — Q2 2010 Earnings Presentation
18 slides from Cooper-standard's earnings presentation, Aug 18, 2010
Slide 1: Introduction & Agenda
Introduction & Agenda Introduction Glenn Dong Vice President and Treasurer Executive Overview Jim McElya Chairman and Chief Executive Officer Commercial Highlights Ed Hasler President Financial Overview Allen Campbell Chief Financial Officer Question & Answers
Slide 2: Safe Harbor
Safe Harbor In addition to historical information, certain statements contained herein are forward-looking statements within the meaning of federal securities laws, and Cooper Standard Automotive (Cooper Standard) intends that such forward-looking statements be subject to the safe-harbor created the
Slide 3: Safe Harbor
Safe Harbor There are a number of risks and uncertainties that could cause the company’s actual results to differ materially from the forward-looking statements contained herein. Such risks and uncertainties and other important factors include, but are not limited to: Cooper Standard’s dependence on
Slide 4: Executive Overview
• Uncertain volumes • Global economic concerns Executive Overview • Solid first half performance • Four straight quarters of double digit adjusted EBITDA margins
Slide 5: Cooper Standard Well Positioned for the Future
Cooper Standard Well Positioned for the Future Executive Overview • Successful reorganization • Reduced debt by $650 million • Improved overall cost structure • Managed customer and supplier relationships
Slide 6: Commercial Highlights
Commercial Highlights • Sales up with strong gains in emerging markets • New business wins across diverse customer base • Launched several new programs • Presenting new innovations at major customers • Maintained strong relationships with strategic OEMs Strong Customer Relationships
Slide 7: Technology Drivers for Future Growth
Technology Drivers for Future Growth Body Sealing: Safe Seal Fuel, Brake and Emissions: Direct Injection Anti-Vibration: Multi-State Mount Thermal Management: Series 4 Pump
Slide 8: Global Product Launches
Global Product Launches • Launched over 30 programs during the first half of the year – Chrysler Jeep Grand Cherokee (North America): Thermal products – Ford Fiesta (North America, Europe): Diesel fuel bundle; fuel, brake and vapor lines; vent hose; dynamic sealing – Porsche Cayenne (Europe): Sealin
Slide 9: Cooper Standard's Top Platforms Q2-2010
Cooper Standard’s Top 20 Platforms Q2-2010 Top 20 as of Q2 2010 Cooper Standard products on all top 20 selling vehicles in North America and on 19 of the 20 top-selling vehicle models in Europe. IHS Worldwide source for top selling vehicles Includes JV Partners #5 GM Vectra/Malibu #2 Ford Tribute/Es
Slide 10: Q2 and YTD June 2010 Performance
Q2 and YTD June 2010 Performance $ Millions Q-2 2009 Q- 2 2010 Net Sales $448.0 $628.4 Operating Profit (Loss) $(369.1) $36.6 Gross Profit $55.3 $106.2 YTD 2009 YTD 2010 $849.8 $1,224.8 $(406.2) $87.6 $93.1 $210.7 Net Income (Loss) $(349.3) $637.8 $(404.3) $641.2 Adjusted EBITDA 73.8 $47.1 $147.6 $3
Slide 11: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA Reconciliation $ USD Millions Net Income (Loss) $(404.3) $ 641.2 Provision for income tax expense (35.1) EBITDA $ (335.5) $ 774.6 Restructuring 28.5 6.3 Adjusted EBITDA $ 47.1 $ 147.6 40.9 6 Months Ended June 30th Net Interest expense 41.7 48.0 Depreciation and amortizatio
Slide 12: Non-GAAP Financial Measures
Non-GAAP Financial Measures EBITDA and adjusted EBITDA are measures not recognized under Generally Accepted Accounting Principles (GAAP) which exclude certain non-cash and non- recurring items. When analyzing the company’s operating performance, investors should use EBITDA and adjusted EBITDA in add
Slide 13: Cash Flow 2010 Year-to-Date
Cash Flow 2010 Year-to-Date (1) Excludes reorganization costs millions $USD Cash 12/31/2009 $380.3 DIP Borrowings (175.0) Net Cash Available 205.3 Cash from Operations (1) 43.7 Capital Expenditures (29.1) 14.6 Cash Net of Ops 219.9 Capital Raise less Reorg & Related Costs (37.6) FX/Other 6.4 Ending
Slide 14: Liquidity as of June 30, 2010
Liquidity as of June 30, 2010 Cash on Balance Sheet $188.7M ABL Revolver $125.0M Letters of Credit $(34.5)M Total Liquidity $279.2 M Sufficient liquidity to support operations & future growth
Slide 15: Net Debt Summary
Net Debt Summary ($ in millions) $1,026 $284 Net Debt Net debt = 1x LTM Adjusted EBITDA $1,291 $265 $473 $189 $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 Q1-10 Q2-10 Debt Cash
Slide 16: Summary
Summary • Four consecutive quarters of double digit adjusted EBITDA margins • Strong 1 st half 2010 results • Ample liquidity • Conservative debt structure • Reduced operating leverage Well positioned for current market and continued success.
Slide 17: Questions & Answers
Questions & Answers
Slide 18: Closing Comments
Closing Comments • Reduced operating costs • Strong 1 st half results • Solid customer and supplier relationships • nd half volumes uncertain • Global economic concerns • Raw material headwinds Industry Remains Fragile
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