DRIVE FOR PROFITABLE GROWTH Investor Day October 30, 2013 |
TOP 30 / TOP 5 Today’s Presentation - Glenn Dong, Vice President and Treasurer - Jeff Edwards, Chairman and Chief Executive Officer - Keith Stephenson, Executive Vice President and Chief Operating Officer - Allen Campbell, Executive Vice President and Chief Financial Officer • Welcome and Introductions • Cooper Standard Overview and Strategic Direction • Avenues for Growth • Financial Overview and Guidance 3 |
TOP 30 / TOP 5 Forward-Looking Statements This presentation includes “forward-looking statements” within the meaning of U.S. federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. We make forward-looking statements in this presentation and may make such statements in future filings with the SEC. We may also make forward-looking statements in our press releases or other public or stockholder communications. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, business trends, and other information that is not historical information. When used in this presentation, the words “estimates,” “expects,” “anticipates,” “projects,” “plans,” “intends,” “believes,” “forecasts,” or future or conditional verbs, such as “will,” “should,” “could,” or “may,” and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements, including, without limitation, management’s examination of historical operating trends and data are based upon our current expectations and various assumptions. Our expectations, beliefs, and projections are expressed in good faith and we believe there is a reasonable basis for them. However, no assurances can be made that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks and uncertainties that may cause actual results or achievements to be materially different from the future results or achievements expressed or implied by the forward-looking statements. There are a number of risks and uncertainties that could cause our actual results to differ materially from the forward-looking statements contained in this presentation. Important factors that could cause our actual results to differ materially from the forward-looking statements we make herein include, but are not limited to: cyclicality of the automotive industry with the possibility of further material contractions in automotive sales and production effecting the viability of our customers and financial condition of our customers; global economic uncertainty, particularly in Europe; loss of large customers or significant platforms; supply shortages; escalating pricing pressures and decline of volume requirements from our customers; our ability to meet significant increases in demand; availability and increasing volatility in cost of raw materials or manufactured components; our ability to continue to compete successfully in the highly competitive automotive parts industry; risks associated with our non-U.S. operations; foreign currency exchange rate fluctuations; our ability to control the operations of joint ventures for our benefit; the effectiveness of our lean manufacturing and other cost savings plans; product liability and warranty and recall claims that may be brought against us; work stoppages or other labor conditions; natural disasters; our ability attract and retain key personnel; our ability to meet our customers’ needs for new and improved products in a timely manner or cost-effective basis; the possibility that our acquisition strategy may not be successful; our legal rights to our intellectual property portfolio; environmental and other regulations; legal proceedings or commercial and contractual disputes that we may be involved in; the possible volatility of our annual effective tax rate; our ability to generate sufficient cash to service our indebtedness, and obtain future financing; our underfunded pension plans; significant changes in discount rates and the actual return on pension assets; the possibility of future impairment charges to our goodwill and long-lived assets; and operating and financial restrictions imposed on us by our bond indentures and credit agreement. There may be other factors that may cause our actual results to differ materially from the forward-looking statements. All forward-looking statements attributable to us or persons acting on our behalf apply only as of the date of this presentation and are expressly qualified in their entirety by the cautionary statements included herein. We undertake no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. 4 |
Jeff Edwards Chairman and Chief Executive Officer 5 |
Allen Campbell Executive Vice President & CFO Presenting Team and Regional Presidents Keith Stephenson Executive Vice President & COO Song Min Lee President, Asia Pacific Fernando de Miguel President, Europe Bill Pumphrey President, North America Jeff Edwards Chairman and CEO TOP 30 / TOP 5 6 |
TOP 30 / TOP 5 Corporate Vice Presidents in Attendance Helen T Yantz Vice President & Corporate Controller Glenn Dong Vice President & Treasurer Sharon Wenzl Vice President, Corporate Communications Tim Hefferon Vice President & General Counsel 7 |
8 Company Snapshot 1 Automotive News 2 Does not include approximately $400 M in unconsolidated JV revenue Product Business Units: Sealing & Trim Fuel & Brake Delivery Fluid Transfer Thermal & Emissions Anti-Vibration 8 TOP 30 / TOP 5 Headquarters: Novi, MI Established: 1960 Employees: 22,000 Global Suppliers: Rank 69 1 Global Footprint: 75+ in 19 Countries 7 Design / Engineering Centers Equity Ticker: NYSE: CPS Financial: 2012 revenue: $2.88B 2 2013 E revenue: $3,050 - $3,075M Customers: 81% Direct OEM 19% Tiers / Other |
9 Cooper Standard’s Journey 2004 Divestment 2005 – 2008 Expansion 2008 – 2011 Survival 2011 - 2013 Recovery 2014 and Beyond Growth Divested from Cooper Tire & Rubber Company SEC Registrant TOP 30 / TOP 5 9 |
TOP 30 / TOP 5 Cooper Standard’s Journey 2004 Divestment 2005 – 2008 Expansion 2008 – 2011 Survival 2011 - 2013 Recovery 2014 and Beyond Growth Strategic Acquisitions: • Metzeler Automotive Profiles - Sealing • ITT - Fluid Handling • ACH - Fuel Rail • Gates Corp. Automotive - Fluid Transfer Systems 10 |
TOP 30 / TOP 5 Cooper Standard’s Journey Global economic / auto industry downturn Managed for near-term Downsized engineering & overhead Tempered capital spending Restructured debt 2004 Divestment 2005 – 2008 Expansion 2008 – 2011 Survival 2011 - 2013 Recovery 2014 and Beyond Growth 11 |
TOP 30 / TOP 5 Cooper Standard’s Journey 2004 Divestment 2005 – 2008 Expansion 2008 – 2011 Survival 2011 - 2013 Recovery 2014 and Beyond Growth Rebuilding capabilities and adding management talent Expanding in Romania, Brazil, India and Thailand Entering Serbia and Restructuring European Footprint Rebuilding and re-staffing plants and functions Investing in IT infrastructure 12 |
Cooper Standard’s Journey 2004 Divestment 2005 – 2008 Expansion 2008 – 2011 Survival 2011 - 2013 Recovery 2014 and Beyond Growth Focusing business for profitable growth Tripling our investment in innovation Creating world-class manufacturing operations Growing Asia and other expanding markets Doubling the size of the Company by 2020 TOP 30 / TOP 5 13 |
Extensive Product Portfolio *Global Market Share Booz & Company Static Systems Glass Run Channels Waist belts Encapsulation Day Light Systems Dynamic Systems On Body Seals On Door Seals Convertible Occupant Detection Systems (ODS) Trim Systems Appliqués Bright trim Garnish moldings Decorative interior trim Specialty Elastomer #1 Globally Fuel Lines Brake Lines Bundles Fuel Rails Tank Lines #2 Globally North American Leader Fluid Delivery Hoses Sensors Connectors Quick-Connects Engine Tubes Transmission Oil Cooler (TOC) TOC Lines TOC Modules AC Lines / Bundles Power Management Power Steering Lines Convertible Lines Cabin Tilt Lines Sealing & Trim Systems 17%* Fuel & Brake Delivery Systems 11%* Fluid Transfer Systems 5%* TOP 30 / TOP 5 14 |
Revenue is Growing $1,945.3 Global Sales 15 TOP 30 / TOP 5 $2,414.1 $2,853.5 $2,880.9 $3,050 – $3,075 $98.3 $282.3 $312.2 $409.7 $435 – $450 Non-Consolidated JVs CS Sales 2009 2010 2011 2012 2013 E $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 $4,000 |
16 TOP 30 / TOP 5 Sales are Diversifying includes non-consolidated JV sales 2004 Sales 2012 Sales Ford GM Chrysler 37% 22% 16% 5% 3% 10% 24% 18% 12% 4% 7% 6% 13% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% |
17 TOP 30 / TOP 5 Global Automotive Industry Growth Source: IHS Global volume to exceed 105 million vehicles by 2020 • China: greatest global growth from 2015 – 2020; positioned to be #1 light vehicle market +30 million vehicles • India: poised to produce more than 5 million vehicles by 2020 • Continued strong growth of other developing countries: Indonesia, Thailand, Mexico, Turkey and Argentina • Europe: to recover in 2015 – 2017 • North America: modest growth aided by global vehicle platforms • Top 10 global platforms expected to account for about 20% of world volume |
18 TOP 30 / TOP 5 Cooper Standard Products Well Represented on Global Platforms 2013 #6 GM Tahoe/Yukon/ Escalade #2 Ford Explorer #19 Ford Fusion/Mondeo/MKZ #1 Ford F-150 #5 GM LaCrosse / Malibu #8 Chrysler 200 Mid - Size CUV #16 Chrysler Dodge Challenger/Charger #7 PSA Picasso/C3 #15 Fiat Giulietta / Dart #3 Ford Fiesta / Fusion #4 Ford Focus/Escape #11 GM Cruze/Volt/Astra #9 Chrysler Ram #13 Volvo S60/V70 #10 PSA 408 / C4 #20 Chrysler Jeep Wrangler #17 VW Jetta #18 Chrysler Town &Country/ Dodge Caravan #14 Ford F-Series Super Duty #12 GM Silverado/Sierra Denotes Global Platform Cooper Standard Products are Consistently on the Top Selling Global Platforms *While the Volvo models on this platform are not global, the platform when viewed in total is (includes Ford, Mazda, Tata, and Geely models) |
19 TOP 30 / TOP 5 Sealing & Trim Systems Fluid Transfer Systems Fuel & Brake Systems 2020E 2012 2020E 2012 2020E 2012 % represents compound annual growth rate The Cooper Standard Vision Growth platforms 2012-2020: Drive for Profitable Growth Top 30 - Top 5 * *Non-consolidated sales $1.8B $0.4B $0.6B >10% |
20 TOP 30 / TOP 5 Cooper Standard is Aligned with and Well-Positioned to Capitalize on Industry Trends 2. Long-term Growth in Emerging Markets 4. Trend Toward Global Platforms 3. North America and Europe Market Recovery 1. Capture China Growth 5. Innovation Avenues for Profitable Growth 6. Capture Strategic M&A Opportunities |
21 Keith Stephenson Executive Vice President and Chief Operating Officer |
22 TOP 30 / TOP 5 Avenues for Profitable Growth: Long-term Growth in Emerging Markets Brazil India China Production (million) Source: September 2013 IHS volumes 3.2 3.9 4.6 CAGR: 4.0% 3.2 4.5 6.7 CAGR: 7.7% 30.0 14.7 24.2 CAGR: 7.4% |
23 TOP 30 / TOP 5 Avenues for Profitable Growth: North America and Europe Market Recovery North America Production (million) Source: September 2013 IHS volumes 11.9 17.4 18.2 CAGR: 4.3% 19.0 20.4 23.2 CAGR: 1.9% Europe |
24 TOP 30 / TOP 5 Global Footprint Evolution 2008 |
25 TOP 30 / TOP 5 Global Footprint Evolution 2013 Expansion • Opened two new plants in Brazil • Added two plants in NA via acquisition • Launching new JV plant in Mexico Consolidation • Closed Bowling Green, OH plant Expansion • Established plant in Romania • Expanded Poland facilities • Opening Serbia plant 1Q 2014 Consolidation • Closed plants in France, Spain and Belgium Expansion • Added plant in China via acquisition • Added plant in Thailand via JV • Opening two facilities in India • Expanding two plants in China Consolidation • Downsizing in Korea Asia Europe Americas |
26 TOP 30 / TOP 5 • Industry leading line-up of sealing products – Alternative materials for weight reduction and recyclability • Value added trim, encapsulation and SafeSeal™ technology – Enhanced appearance, safety and increased content per vehicle • Complete range of fluid transfer systems Introduction of alternative materials New generation of coatings and connectors to improve product life Development of smart systems Avenues for Profitable Growth: New Technology and Product Development |
27 TOP 30 / TOP 5 Innovation is a Core Capability: – Internal and external idea generation – Detailed gate review designed for “Fast-to-Fail / Fast-to-Win” – Formal go-to-market plans Cooper Standard’s Unique Innovation Process is a Key Differentiator Avenues for Profitable Growth: New Technology and Product Development Established separate organization dedicated to “skip-generation” technologies/products; radical change Global team of product / materials / process innovators Structured process designed for deep and quick investigation, development & commercialization |
28 Avenues for Profitable Growth: Disciplined M&A Strategy Drives In-Organic Growth • Demonstrated competency with integrating into Cooper Standard and realizing synergies M&A Process Tied to Company Strategy • Constantly identifying and evaluating opportunities to accelerate strategy |
29 TOP 30 / TOP 5 Building Worldwide Capabilities Program Management Global launch process Product Engineering Standardizing product specifications / launching low cost engineering center Innovation Management Developing “skip generation” technology Purchasing Effectively leveraging scale IT Systems IT / business systems (SAP, PLM and HRIS) Best Business Practices Global operating system and standardization |
30 Allen Campbell Executive Vice President and Chief Financial Officer |
31 TOP 30 / TOP 5 Source: IHS AutoInsight Global Light Vehicle Sales Outlook By Region 0 20 40 60 80 100 Others BRIC Japan/ Korea Western Europe US 81.9 15.6 million in 2020 16.7 million in 2020 106.7 |
TOP 30 / TOP 5 32 Market Dynamics Prospects for North American Output Source: IHS Automotive Light Vehicle Production Forecast 11 years 15.8 17.2 15.1 8.6 15.4 5 years 0 4 8 12 16 20 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Others German 3 Asian 4 Fiat Ford GM |
33 TOP 30 / TOP 5 Year-to-Date 2013 Performance Note: Numbers subject to rounding $ USD Millions, except EPS / % Year-to-Date 2012 2013 Sales $2,183.8 $2,296.3 Gross Profit 339.2 367.6 % Margin 15.5% 16.0% SGA 206.4 220.8 Operating Profit 105.4 127.5 % Margin 4.8% 5.6% Net Income $ 110.3 $ 66.3 Adjusted EBITDA 227.1 228.7 % Margin 10.4% 10.0% |
34 TOP 30 / TOP 5 Year-to-Date 2013 Revenue Up 5.2 % $ USD Millions Note: Numbers subject to rounding $302 $335 $132 $146 $170 $189 Unconsolidated JV Revenue $2,184 $1,139 $781 $107 $156 $2,296 $1,192 $806 $139 $160 $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 Consolidated North America Europe South America Asia Pacific 2012 YTD Cooper Standard Revenue 2013 YTD Cooper Standard Revenue |
35 TOP 30 / TOP 5 Cash Flow and Liquidity as of September 30, 2013 Liquidity Cash Balance as of Sep 30, 2013 ABL Revolver Letters of Credit Total Liquidity Note: Numbers subject to rounding $ 119.2 150.0 (26.4) $ 242.8 ($ USD Millions) |
36 TOP 30 / TOP 5 Capital Structure as of September 30, 2013 (1) Before OID and underwriting fees Cash & equivalents $119.2 Total Debt Capital leases & other 33.0 Revolving Credit Facility - Total Secured Debt 33.0 Senior Unsecured Notes 450.0 Holdco PIK Toggle Notes (1) 200.0 Total Debt 683.0 Convertible Preferred Stock 103.6 Equity 496.7 Total Capitalization $ 1,402.5 |
37 TOP 30 / TOP 5 2013 Guidance Key Assumptions: North American production 16.2 million Europe (including Russia) production 19.0 million Average full year exchange rate $1.32/Euro $3,050 - $3,075 $ USD Millions $ USD Millions $ USD Millions $ USD Millions *Guidance Capital Expenditures Cash Restructuring Cash Taxes Revenues 2009A 2010A 2011A 2012A 2013* 2009A 2010A 2011A 2012A 2013* 2009A 2010A 2011A 2012A 2013* 2009A 2010A 2011A 2012A 2013* $1,945 $2,414 $2,854 $2,881 $46 $77 $108 $131 $180-$190 $43 $19 $27 $43 $20-$25 ($1) $11 $21 $18 $5-$10 |
38 TOP 30 / TOP 5 Investment Highlights NYSE: CPS Advantaged global footprint and strong track record of operating performance Free cash flow supports investment in expansion, innovation, M&A Long-standing customer relationships Significant growth available by product, customer, geography Superior innovation and engineering capabilities Management team focused on profitable growth Drive for Profitable Growth Top 30 - Top 5 |
39 Appendix |
40 TOP 30 / TOP 5 EBITDA and Adjusted EBITDA Reconciliation – 2009 2009 Net Loss $(356.1) Income tax benefit (55.7) EBITDA $(233.7) Restructuring 32.4 Adjusted EBITDA $ 176.5 Interest expense, net of interest income 64.3 Depreciation and amortization 113.8 Bond repurchase (9.1) Foreign exchange gains (4.0) Reorganization / Fresh Start/ Impairment EBITDA excl. Reorg & Impairment 147.2 380.9 Reorganization related fees 7.7 Other 0.9 Stock based compensation 1.4 ($ USD Millions) |
41 TOP 30 / TOP 5 EBITDA and Adjusted EBITDA Reconciliation – 2010 and 2011 2010 2011 Net income $ 320.3 $ 102.8 Income tax expense 45.0 EBITDA $ 537.2 $ 288.2 Restructuring 6.4 32.3 Adjusted EBITDA $ 276.5 $ 324.1 20.8 Interest expense, net of interest income 69.5 40.5 Depreciation and amortization 102.4 124.1 Stock based compensation 6.6 Other / foreign exchange 21.6 10.8 (7.9) Reorganization / Fresh Start -- Inventory write-up 8.1 0.7 EBITDA excl. Reorganization 288.2 233.8 (303.4) ($ USD Millions) |
42 TOP 30 / TOP 5 EBITDA and Adjusted EBITDA Reconciliation – 2012 ($ USD Millions) (1) Includes cash and non-cash restructuring. (2) (3) Non-cash stock amortization expense and non-cash stock option expense for grants issued at emergence from bankruptcy. (4) Impairment charges related to goodwill ($2.8 million) and fixed assets ($7.3 million) (5) Executive compensation for retired CEO and recruiting costs related to search for new CEO (6) Noncontrolling interest deferred tax valuation reversal Note: Numbers subject to rounding Three Months Ended Twelve Months Ended Mar 31, 2012 Jun 30, 2012 Sep 30, 2012 Dec 31, 2012 Dec 31, 2012 Net income (loss) $ 23.8 $ 77.3 $ 11.6 $ (9.9) $ 102.8 Income tax expense (benefit) 8.1 (46.2) 5.4 1.2 (31.5) Interest expense, net of interest income 11.2 10.8 11.3 11.5 44.8 Depreciation and amortization 31.6 30.5 29.1 31.5 122.7 EBITDA $ 74.7 $ 72.4 $ 57.4 $ 34.3 $ 238.8 Restructuring (1) 6.1 (0.5) 10.2 13.0 28.8 Noncontrolling interest restructuring (2) (0.3) - (0.2) (2.5) (3.0) Stock-based compensation (3) 2.7 2.2 2.4 2.5 9.8 Impairment charges (4) - - - 10.1 10.1 Payment to former CEO and transition cost (5) - - - 11.5 11.5 Noncontrolling deferred tax valuation reversal (6) - - - 2.0 2.0 Adjusted EBITDA $ 83.2 $ 74.1 $ 69.8 $ 70.9 $ 298.0 Sales 765.3 734.5 684.0 697.1 2,880.9 Adjusted EBITDA as a percent of Sales 10.9% 10.1% 10.2% 10.2% 10.3% Proportionate share of restructuring costs related to FMEA joint venture. |
43 TOP 30 / TOP 5 Net Leverage Ratio and Adj. EBITDA % Margin as of September 30, 2013 ($ USD Millions) (1) Includes noncash restructuring. (2) Proportionate share of restructuring costs related to Cooper Standard France joint venture. (3) Non-cash stock amortization expense and non-cash stock option expense for grants issued at time of the Company's 2010 reorganization. (4) Impairment charges related to goodwill ($2.8 million) and fixed assets ($7.3 million) (5) Executive compensation for retired CEO and costs related to search for new CEO (6) Noncontrolling interest deferred tax valuation reversal (7) Write-up of inventory to fair value for the Jyco acquisition (8) Costs incurred in relation to the Jyco acquisition Three Months Ended Twelve Months Ended Dec 31, 2012 Mar 31, 2013 Jun 30, 2013 Sep 30, 2013 Sep 30, 2013 Net income (loss) $ (9.9) $ 20.7 $ 27.4 $ 20.6 $ 58.8 Income tax expense 1.2 7.9 12.2 4.5 25.8 Interest expense, net of interest income 11.5 11.2 13.6 15.2 51.5 Depreciation and amortization 31.5 29.8 28.2 25.2 114.7 EBITDA $ 34.3 $ 69.6 $ 81.4 $ 65.5 $ 250.8 Restructuring 13.0 4.8 1.0 1.9 20.7 Noncontrolling interest restructuring (2.5) (0.7) (0.1) - (3.3) Stock-based compensation 2.5 2.7 0.5 1.1 6.8 Impairment charges 10.1 - - - 10.1 Payment to former CEO and transition cost 11.5 - - - 11.5 2.0 - - - 2.0 Inventory write-up - - - 0.3 0.3 Acquisition costs - - - 0.7 0.7 Other - 0.3 (0.3) - - Adjusted EBITDA $ 70.9 $ 76.7 $ 82.5 $ 69.5 $ 299.6 Net Leverage Debt payable within one year 30.3 Long-term debt 649.0 Less: cash and cash equivalents (119.2) Net Leverage $ 560.1 Net Leverage Ratio 1.9 Sales $ 697.1 $ 747.6 $ 784.7 $ 764.1 $ 2,993.5 Adjusted EBITDA as a percent of Sales 10.2% 10.3% 10.5% 9.1% 10.0% Note: Numbers subject to rounding (1) (2) (3) (4) (5) (7) (8) Noncontrolling deferred tax valuation reversal (6) |
44 TOP 30 / TOP 5 LTM EBITDA and Adjusted EBITDA Reconciliation as of September 30, 2012 Note: Numbers subject to rounding (1) Includes cash and noncash restructuring. (2) Proportionate share of restructuring costs related to Cooper Standard France joint venture. (3) Non-cash stock amortization expense and non-cash stock option expense for grants issued at time of the Company’s 2010 reorganization. (4) Costs related to corporate development activities. ($ USD Millions) Three Months Ended Twelve Months Ended Dec 31, 2011 Mar 31, 2012 Jun 30, 2012 Sep 30, 2012 Sep 30, 2012 Net income $ 23.2 $ 23.8 $ 77.3 $ 11.6 $ 135.9 Income tax expense (benefit) (6.0) 8.1 (46.2) 5.4 (38.7) Interest expense, net of interest income 10.3 11.2 10.8 11.3 43.6 Depreciation and amortization 32.1 31.6 30.5 29.1 123.3 EBITDA $ 59.6 $ 74.7 $ 72.4 $ 57.4 $ 264.1 Restructuring (1) 4.1 6.1 (0.5) 10.2 19.9 Noncontrolling interest restructuring (2) (0.9) (0.3) - (0.2) (1.4) Stock-based compensation (3) 2.5 2.7 2.2 2.4 9.8 Other (4) 1.3 - - - 1.3 Adjusted EBITDA $ 66.6 $ 83.2 $ 74.1 $ 69.8 $ 293.7 Sales $ 695.7 $ 765.3 $ 734.5 $ 684.0 $ 2,879.5 Adjusted EBITDA as a percent of Sales 10.2% |
45 TOP 30 / TOP 5 EBITDA and Adjusted EBITDA – Nine Months Ended September 30, 2013 Note: Numbers subject to rounding (1) Includes noncash restructuring. (2) Proportionate share of restructuring costs related to Cooper Standard France joint venture. (3) Non-cash stock amortization expense and non-cash stock option expense for grants issued at time of the Company’s 2010 reorganization. (4) Write-up of inventory to fair value for the Jyco acquisition (5) Costs incurred in relation to the Jyco acquisition ($ USD Millions) Three Months Ended Nine Months Ended Mar 31, Jun 31, Sep 30, Sep 30, 2013 2013 2013 2013 Net income $ 20.7 $ 27.4 $ 20.6 $ 68.7 Income tax expense 7.9 12.2 4.5 24.6 Interest expense, net of interest income 11.2 13.6 15.2 40.0 Depreciation and amortization 29.8 28.2 25.2 83.2 EBITDA $ 69.6 $ 65.5 $ 216.5 Restructuring (1) 4.8 1.0 1.9 7.7 Noncontrolling interest restructuring (2) (0.7) (0.1) - (0.8) Stock-based compensation (3) 2.7 0.5 1.1 4.3 Inventory write- up (4) - - 0.3 0.3 Acquisition costs (5) - - 0.7 0.7 Others 0.3 (0.3) - - Adjusted EBITDA $ 76.7 $ 82.5 $ 69.5 $ 228.7 Sales 747.6 784.7 764.1 2,296.3 Adjusted EBITDA as a percent of Sales 10.3% 10.5% 9.1% 10.0% $ 81.4 |
46 TOP 30 / TOP 5 EBITDA and Adjusted EBITDA – Nine Months Ended September 30, 2012 Note: Numbers subject to rounding (1) Includes cash and noncash restructuring. (2) Proportionate share of restructuring costs related to Cooper Standard France joint venture. (3) Non-cash stock amortization expense and non-cash stock option expense for grants issued at time of the Company’s 2010 reorganization. ($ USD Millions) Three Months Ended Nine Months Ended Mar 31, Jun 31, Sep 30, Sep 30, 2012 2012 2012 2012 Net income $ 23.8 $ 77.3 $ 11.6 $ 112.7 Income tax expense (benefit) 8.1 (46.2) 5.4 (32.8) Interest expense, net of interest income 11.2 10.8 11.3 33.3 Depreciation and amortization 31.6 30.5 29.1 91.2 EBITDA 74.7 72.4 57.4 204.4 Restructuring (1) 6.1 (0.5) 10.2 15.8 Noncontrolling interest restructuring (2) (0.3) - (0.2) (0.5) Stock-based compensation (3) 2.7 2.2 2.4 7.4 Adjusted EBITDA $ 83.2 $ 74.1 $ 69.8 $ 227.1 Sales $ 765.3 $ 734.5 $ 684.0 $ 2,183.8 Adjusted EBITDA as a percent of Sales 10.9% 10.1% 10.2% 10.4% |