Cooper-Standard Holdings Inc. Files 2023 Annual Report (10-K)
Ticker: CPS · Form: 10-K · Filed: Feb 16, 2024 · CIK: 1320461
Sentiment: neutral
Topics: 10-K, Cooper-Standard, Automotive Parts, Financial Report, Annual Filing
Related Tickers: CPS
TL;DR
<b>Cooper-Standard Holdings Inc. filed its 2023 10-K report, detailing financial performance with $1.93 billion in revenue and $154.8 million in net income.</b>
AI Summary
Cooper-Standard Holdings Inc. (CPS) filed a Annual Report (10-K) with the SEC on February 16, 2024. Cooper-Standard Holdings Inc. reported total assets of $1,282 million as of December 31, 2023. The company's total debt was $251.128 million at the end of fiscal year 2023. Revenue for the fiscal year ending December 31, 2023, was $1,926.3 million. Net income for the fiscal year ending December 31, 2023, was $154.8 million. Earnings per share (EPS) for the fiscal year ending December 31, 2023, was $4.65.
Why It Matters
For investors and stakeholders tracking Cooper-Standard Holdings Inc., this filing contains several important signals. The filing provides a comprehensive overview of Cooper-Standard's financial health and operational performance for the fiscal year 2023, including key metrics like revenue, net income, and debt levels. Investors and analysts can use this report to assess the company's stability, profitability, and strategic direction within the automotive parts industry.
Risk Assessment
Risk Level: medium — Cooper-Standard Holdings Inc. shows moderate risk based on this filing. The company's debt-to-equity ratio, while not explicitly stated, can be inferred from the provided asset and debt figures, suggesting a moderate level of financial leverage that warrants attention.
Analyst Insight
Monitor the company's debt management strategies and revenue growth in the upcoming fiscal year to gauge its financial resilience.
Financial Highlights
- revenue
- 1,926,300,000
- total Assets
- 1,282,000,000
- total Debt
- 251,128,000
- net Income
- 154,801,000
- eps
- 4.65
Key Numbers
- 1,926,300,000 — Revenue (Fiscal year ending December 31, 2023)
- 154,801,000 — Net Income (Fiscal year ending December 31, 2023)
- 4.65 — EPS (Fiscal year ending December 31, 2023)
- 1,282,000,000 — Total Assets (As of December 31, 2023)
- 251,128,000 — Total Debt (As of December 31, 2023)
Key Players & Entities
- Cooper-Standard Holdings Inc. (company) — Filer name
- 2023 (date) — Fiscal year end
- 1231 (date) — Fiscal year end
- 2024-02-16 (date) — Filing date
- Northville, MI (location) — Business address
FAQ
When did Cooper-Standard Holdings Inc. file this 10-K?
Cooper-Standard Holdings Inc. filed this Annual Report (10-K) with the SEC on February 16, 2024.
What is a 10-K filing?
A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by Cooper-Standard Holdings Inc. (CPS).
Where can I read the original 10-K filing from Cooper-Standard Holdings Inc.?
You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Cooper-Standard Holdings Inc..
What are the key takeaways from Cooper-Standard Holdings Inc.'s 10-K?
Cooper-Standard Holdings Inc. filed this 10-K on February 16, 2024. Key takeaways: Cooper-Standard Holdings Inc. reported total assets of $1,282 million as of December 31, 2023.. The company's total debt was $251.128 million at the end of fiscal year 2023.. Revenue for the fiscal year ending December 31, 2023, was $1,926.3 million..
Is Cooper-Standard Holdings Inc. a risky investment based on this filing?
Based on this 10-K, Cooper-Standard Holdings Inc. presents a moderate-risk profile. The company's debt-to-equity ratio, while not explicitly stated, can be inferred from the provided asset and debt figures, suggesting a moderate level of financial leverage that warrants attention.
What should investors do after reading Cooper-Standard Holdings Inc.'s 10-K?
Monitor the company's debt management strategies and revenue growth in the upcoming fiscal year to gauge its financial resilience. The overall sentiment from this filing is neutral.
Risk Factors
- Financial Risks [medium — financial]: The company faces risks related to its financial condition, including its ability to manage debt and access capital markets.
- Market Volatility [medium — market]: Fluctuations in the automotive industry, including demand for vehicles and raw material costs, can impact the company's performance.
- Operational Challenges [medium — operational]: The company may encounter operational risks such as supply chain disruptions, manufacturing issues, and labor relations.
Key Dates
- 2023-12-31: Fiscal Year End — End of the reporting period for financial statements.
- 2024-02-16: Filing Date — Date the 10-K report was officially submitted to the SEC.
Filing Stats: 4,328 words · 17 min read · ~14 pages · Grade level 15.5 · Accepted 2024-02-16 16:11:31
Key Financial Figures
- $0.001 — ich registered Common Stock, par value $0.001 per share CPS New York Stock Exchange
- $60 million — d operating efficiency of approximately $60 million each of the past five years. In additi
- $84.1 — les (Dollar amounts in millions) 2023 $84.1 3.0% 2022 $80.5 3.2% 2021 $90.0 3.9%
- $80.5 — nts in millions) 2023 $84.1 3.0% 2022 $80.5 3.2% 2021 $90.0 3.9% Intellectual Pr
- $90.0 — 2023 $84.1 3.0% 2022 $80.5 3.2% 2021 $90.0 3.9% Intellectual Property We believ
Filing Documents
- cps-20231231.htm (10-K) — 2715KB
- exhibit-211december2023.htm (EX-21.1) — 38KB
- exhibit-231december2023.htm (EX-23.1) — 4KB
- exhibit311q42023.htm (EX-31.1) — 17KB
- exhibit312q42023.htm (EX-31.2) — 17KB
- exhibit32q42023.htm (EX-32) — 9KB
- exhibit971cooperstandardho.htm (EX-97.1) — 36KB
- cps-20231231_g1.jpg (GRAPHIC) — 32KB
- cps-20231231_g2.jpg (GRAPHIC) — 26KB
- cps-20231231_g3.jpg (GRAPHIC) — 26KB
- cps-20231231_g4.jpg (GRAPHIC) — 24KB
- cps-20231231_g5.jpg (GRAPHIC) — 24KB
- cps-20231231_g6.jpg (GRAPHIC) — 23KB
- cps-20231231_g7.jpg (GRAPHIC) — 86KB
- 0001320461-24-000034.txt ( ) — 17374KB
- cps-20231231.xsd (EX-101.SCH) — 105KB
- cps-20231231_cal.xml (EX-101.CAL) — 110KB
- cps-20231231_def.xml (EX-101.DEF) — 808KB
- cps-20231231_lab.xml (EX-101.LAB) — 1459KB
- cps-20231231_pre.xml (EX-101.PRE) — 1155KB
- cps-20231231_htm.xml (XML) — 2946KB
Risk Factors 11
Item 1A. Risk Factors 11
Unresolved Staff Comments 21
Item 1B. Unresolved Staff Comments 21
Cybersecurity 21
Item 1C. Cybersecurity 21
Properties 23
Item 2. Properties 23
Legal Proceedings 23
Item 3. Legal Proceedings 23
Mine Safety Disclosures 23
Item 4. Mine Safety Disclosures 23 PART II
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 24
[Reserved] 25
Item 6. [Reserved] 25
Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk 42
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 42
Financial Statements and Supplementary Data 43
Item 8. Financial Statements and Supplementary Data 43
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90
Controls and Procedures 90
Item 9A. Controls and Procedures 90
Other Information 90
Item 9B. Other Information 90
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 90 PART III
Directors, Executive Officers and Corporate Governance 91
Item 10. Directors, Executive Officers and Corporate Governance 91
Executive Compensation 91
Item 11. Executive Compensation 91
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 91
Certain Relationships and Related Transactions, and Director Independence 91
Item 13. Certain Relationships and Related Transactions, and Director Independence 91
Principal Accounting Fees and Services 91
Item 14. Principal Accounting Fees and Services 91 PART IV
Exhibits and Financial Statement Schedules 92
Item 15. Exhibits and Financial Statement Schedules 92 Signatures 99 PART I
Business
Item 1. Business Cooper-Standard Holdings Inc. (together with its consolidated subsidiaries, the "Company," "Cooper Standard," "we," "our" or "us") is a leading manufacturer of sealing and fluid handling systems (consisting of fuel and brake delivery and fluid transfer systems). Our products are primarily for use in passenger vehicles and light trucks that are manufactured by global automotive original equipment manufacturers ("OEMs") and replacement markets. We conduct substantially all of our activities through our subsidiaries. Cooper Standard is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "CPS." The Company has approximately 23,000 employees, including 3,000 contingent workers, with 128 facilities in 21 countries. We believe that we are the largest global producer of sealing systems, the second largest global producer of the types of fuel and brake delivery products that we manufacture and the third largest global producer of the types of fluid transfer systems that we manufacture. We design and manufacture our products in each major region of the world through a disciplined and sustained approach to engineering and operational excellence. We operate in 78 manufacturing locations and 50 design, engineering, administrative and logistics locations. Approximately 84% of our sales in 2023 were to OEMs, including Ford Motor Company ("Ford"), General Motors Company ("GM"), Stellantis, Volkswagen Group, Daimler, Renault-Nissan, BMW, Toyota, Volvo, Jaguar/Land Rover, Honda and various other OEMs based in China. The remaining 16% of our 2023 sales were primarily to Tier I and Tier II automotive suppliers, non-automotive customers, and replacement market distributors. The Company's products can be found on over 440 nameplates globally. Our organizational structure primarily consists of a global automotive business ("Automotive") and the Industrial and Specialty Group ("ISG"). For the periods presented herein, our business was organized in th