Earnings call transcript Q4 2022

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Operator

Good morning, ladies and gentlemen, and welcome to the Cooper Standard Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions].

As a reminder, this conference call is being recorded, and the webcast will be available for replay later today. I would now like to turn the call over to Roger Hendriksen, Director of Investor Relations.

Roger Hendriksen

Thanks, Josh, and good morning, everyone. interest the Standard, our time morning. continued you we call your taking for to appreciate in and Cooper thank this We participate in

members Vice Edwards, Chairman be Chief Executive who this The Jon this Chief and leadership Banas, Financial and you Executive call Jeff with and on will are morning Officer; our of President speaking team Officer.

begin, that this forward-looking statements. you need presentation remind to I Before we contains

currently based made uncertainties. and on current to and statements information these assumptions management and are factual plans certain do that they believes risks reasonable, be While involve

more ask this to For information statements with you on the Commission. and and we forward-looking included of that X Securities periodic filings statements, the Slide company's in refer presentation Exchange

of most the formalities to over the non-GAAP This Edwards. now also With the way, presentation financial I'll directly included the in GAAP turn Reconciliations their measures appendix are to of the those presentation. call contains non-GAAP out measures. Jeff comparable measures to financial

Jeffrey Edwards

good morning, our outlook the year provide on update Roger, quarter opportunity an XXXX XXXX results Thanks, and full fourth our everyone. for beyond. and and review and to appreciate We

begin we continued to values. are points of data the of on that our highlight I'd operational Slide key to So like our excellence to strong some company commitment reflective and believe X, core

quality our XXXX, continue This product reflected XX% customers. and to program is world-class green to and results deliver launches in our green In service we scorecards. scorecards quality, terms of program product by launch XX%

we our to of as come safety, day. our year terms best and priority employee work Even had each shout-out always ever is a our plant to more we managers, importantly, which in top

the X.XX rate our safety well hours For X.XX. the full of benchmark worked, incident per was world-class XXX,XXX XXXX, year below

safety of proud reported of zero perfect record are completed We a the XX year incidents. that with the plants especially

of every efficiency. operating of industry business we rightsizing focused further aspect view on and In headwinds, continuing our improving

lean defined savings initiatives. $XX teams programs million in our through XXXX, delivered manufacturing and purchasing and During cost other

in our by XXXX reduced restructuring from savings actions. million also successfully $X compared expense our to SGA&E past We $XX million and realized

total, we our we successful commitment, had cost in for sustainable certainly proud and hard of for their By in very So million work year, continued the delivered and many very year. team $XXX we're measures, a reductions engagement.

X. integrity. focus right manufacturing we Frankly, of commitment our This culture. who core Page our to transparency on it's the just honesty, is important an to and values of our one Turning with company Complementing excellence is business uncompromised way and doing our overall are. component

And Newsweek's to in the A for of the year once few America's list pleased Most 'XX to Most year. Ethisphere by One consecutive third named again the Responsible also weeks we named Companies ago, be Ethical were of Companies. we World's earlier are

talent best customers an business with the further, in and factor the retaining important when culture ourselves around retaining in and of to from recruiting industry. company We see this recognition type and external the every is acknowledgment of believe an and We service, culture how our it's world-class combined our our we world. day. winning conduct quality customer of the technology And is key

in Turning this in XX% to increased customers EV traditional versus on see adjustments. you Slide challenging awards Significantly, on over our platforms time awards us negotiations exceeded And to internal at combustion platforms engine the support XXXX new our can XXXX. first engaging business significant cost which by business and customers we X. slide, the this recoveries how On in awards, awards time. new have same with increase occurred our continued for were new price

their technology most providing their platforms. for critical of We components want and to entrusting thank some with our customers support vehicle continued important and for us

and the Jon financial details Now of to through you walk over turn quarter to I'll the the the call year.

Jonathan Banas

few next the slides, our Jeff, quarterly for Thanks, the items context and key and some full talking the earnings some financial that I'll everyone. details liquidity and before balance provide put around expectations of XXXX. and about then of results, our cover color our morning, on sheet impacted year good In some

remain of result we strong quarter of continue ongoing commercial On year improve. comparisons and mix sales recovery favorable results for included Fourth cost our also year. X, the full show The our X% chain Slide as issues negotiations for a our of all the quarter and XXXX. mix improvement automotive versus in of to quarter Volume an and of summary million, positive to volume with the fourth XXXX $XXX totaled and a was and segments prior demand initiatives. XXXX our fourth supply increase the impact products of

efficiency, XXXX quarter of positive sales impact X.X% and lower driven commercial Adjusted quarter X.X% favorable improved primarily of fourth recoveries. or $X to in the EBITDA as and operational the The compared sales the $XX.X of expense mix as fourth XXXX. agreements of was cost million well and or SGA&E our by for year-over-year was enhanced of increase volume million

a restructuring On This on the a valuation loss included U.S. charges, quarter. million of in $XX allowances certain deferred tax net incurred settlement basis, and GAAP noncash net pension assets, fourth we charges. asset impairments,

of $XX.X compared million of and quarter per Excluding million diluted per of quarter net share to share fourth $X.XX adjusted This an in XXXX. items, loss these $X.XX adjusted or loss in we special $XX.X or incurred other the XXXX. the net an diluted fourth of

recoveries. of partially versus totaled Again, and foreign billion, favorable were XXXX. of unfavorable factors an of increase For commercial XXXX. exchange and joint of our enhanced by sales at our mix the positive $X.XX beginning deconsolidation the volume on the year Asian main an full offset drivers venture the XXXX, the were increase X.X% cost These efforts

were costs, in and These partially result, expense. well came $XX.X $X positive recoveries costs Significantly as wages at that included operational of drove mix year general commercial higher to by compared compensation-related included as inflation. in the offset improved other and material lower the for EBITDA loss volume favorable Adjusted a million and while XXXX. factors million efficiency SGA&E cost increased

loss impairment deferred asset allowances European charges, Full the year items. one including asset special on costs, valuation a net gain at of $XXX.X facilities, and million, restructuring leaseback noncash recognized was sale other our tax

Adjusted a for net of per diluted year $XXX.X This to items, the adjusted million net $X.XX of incurred net share. for diluted per in of an loss impact XXXX. compares or the or we $XX.XX million these loss $XXX.X share

focus million lower launches perspective, This in in utilization. of we From sales. million capital is asset a XXXX. X.X% XXXX of which improved to primarily sales intense cash The and and preservation our or around spending of reduction CapEx program spent to during XXXX, $XX compared $XX.X due CapEx in X.X% on was continued

quarter. The year-over-year Moving quantifies XX. changes on XX our adjusted for drivers charts sales significant to Slide the the Slide fourth of EBITDA in the and

and For sales, price adjustments by of mix, and increased favorable customer sales recoveries $XX million. volume net

Foreign exchange was a partial negative of $XX offset million.

increases, other million $X restructuring million mix, recoveries results. the initiatives items. EBITDA, $X added in $XX net purchasing favorable and Manufacturing and and variance million. SGA&E $XX a million savings inflation $XX of in million and $XX than adjusted costs of These added positive and from expense more another volume price efficiencies and the quarter. for material general of wage was improved improvements accounted offset and increased compensation-related from were For million by

XX. Moving to Slide

and mix, $XX of by partial exchange $XXX offset in joint full deconsolidation million was further the price million. volume Asia sales venture net and a and our favorable sales of Unfavorable $XX of the customer in offset year, increased by foreign For growth a adjustments recoveries million.

including purchasing and $XXX manufacturing full SGA&E mix, million and million profitability, from and higher were savings our year adjusted other EBITDA, compensation-related offset including $XX positive $XX lower number million million improved efficiencies, higher in from and of For wages, and from adjustments a costs These by customer improved volume recoveries. $XX initiatives. and costs $X partially million inflation. factors restructuring benefited price $XXX million material in expense general in earlier improvements from

to Slide XX. Moving

impacted industry flow, we due In challenging and outflow terms $XX quarter. the be to quarter, by $XX.X cash million net capital, to which working primarily the was free operations in an in used of continued Net conditions. changes of cash the million in earnings recorded in cash

cash previously additional on of $XXX million revolving mentioned, $XXX $XXX in we an million. cash our the $XX.X on quarter, With came facility, our CapEx utilization. to As for and availability asset focus credit just and with liquidity year million, hand ended preservation million the of of on at owing improving total

Subsequent maturity refinancing our us balance further of importantly, Slide and provide required the sheet to XX. flexibility our current initiatives. our debt completed successfully vehicle our the refinancing will provides expect Turning of the support our customers, and in balances sufficient light facilities on the ongoing the to strategic end products to extend the price the our with to XXXX. and credit fourth for to transactions on we business. and to cash of our production, and closing of After cash sustainable access utilization the we added that planned The conjunction our quarter, grow optimize operations resources expectations strengthens and execution transactions financial from demand support for significant with that of commercial long-term majority based refinancing flexible

along Turning to expectations light Slide XX. annual for basis for with our vehicle that provide regional guidance we our production our for the initial form plan. slide, XXXX On this

We of given we range and believe to the industry, and key $XXX estimates the continuing regions. uncertainties our our in operating to the adjusted billion appropriately year, EBITDA conservative $XXX the this $X.X billion range For of of $X.X expect each million. trends are in these sales in million macroeconomic within

in in in We range million expect to $XX CapEx roughly XXXX, to be of $XX million line XXXX. with the

X%. would put a As us this below of sales, percent

disciplined monitoring support to So overall and in continuing program asset investment while managing launches, the business carefully new utilization.

be XXXX we rightsizing this million laid and elsewhere profitability and segments. focused world, the fixed further million. our in loss-making Europe and is have estimated out $XX investment to consistent will $XX strategy with The the overhead restore majority restructuring in to of around operations on at our Cash

$XX cash feature PIK in the of in XXXX issued million to expect levels to the a interest, of flexibility month. million pay notes the from XXXX, reduction terms last refinancing we we Toggle given in the In $XX

provides Moving to Slide factors and for These XXXX current some estimates on the and around our outlook. our remainder provided. the detail based main we reflect broad additional the midpoint market of XX. range the adjusted This of year EBITDA the are EBITDA own impacting have chart assumptions conditions

price customers drive profitability improved sustainable adjustments including of and recoveries in volume XXXX. further anticipated continue to improving of to support customer that from $XXX the expect pressures the impacts in of of million This pricing positive absorb. cost and mix, includes way we inflationary We our

continuing from expect our anticipated gains higher These manufacturing we are approximately inflation driving in approximately XXXX, by aggressive teams With general $XX partially in savings continue planned to the and purchasing expected combined volume, $XX year. offset million initiatives of headwinds improving their lean for and also wages. to million be

As erratic regions, in continuing such chain mentioned XXXX we is appropriately labor believe initial given our our conservative as guidance production supply the challenges the key and marketplace, for earlier, in market the schedules. uncertainties tight

We or level of are cost higher business, the of factoring fair on but in guarantees there's the will adjustments a share imposed no ultimately our on of achieve. recovery the being recovery we price

there all Having said back the production believe concludes be upside come potentially will if we XXXX hand, stronger On other That could us comments. expect. free cash that volumes that, to than positive flow. we some return opportunity my currently

back I'll to So Jeff. turn it over

Jeffrey Edwards

Jon. Thanks,

discussion thoughts I remain a longer-term our about and extremely want few optimistic our our to why near-term ahead. concluding this opportunities outlook share Before morning, and I regarding

Moving to XX. Slide

last I'm reasons key $XXX and expect basis, a XXXX the out out years, into structure. than cumulative costs, savings annual the cost forward we've carry our beyond. these million operating we've of significantly is optimistic more On and that over we to leaned taken One X in

market returns. demand to our that segments exit XXXX. expect remain footprint lean aligned manufacturing also going And either those with of our business our adequate are efficiencies further and want customer focus We we to we forward. continue provide laser operating of committed initiatives, to We don't optimization or on in fix ensure and that

XX. Slide to Turning

enhanced commercial past agreements we've our Another the the customers with key over year. optimism for established is that reason

through manage have commodity before. We fluctuations ever than are we better cost to now positioned been

commodity agreements, With will indexed-based inputs proportion under majority a in key customers of now any share impacts our greater further from inflation. of the our commodity

with our working pricing adjust are other cover of beyond In to cost inflation are we to customers elements that control. addition, our

initiative underway our progress. of cost but have is phase recovery made we still good second The

terms the my years, in said recognized have the of supportive, I As numerous us customers in awarding and terms over provided we well have comments, necessary. they've both that value by where concessions been our in give they us them the new opening as as price evidenced business of awards

at for we customers, the service for well provide than to that bodes products today confident that and our any other technology, paid fairly more time, I'm be certainly our will that and we world-class future.

XX. Slide to Turning

Because platforms On platform. components top The look innovative industry's our and and of to desirable XXXX. to anticipated on strong XX, us our the list service of on continue programs key each world-class lead nameplates. of to a names and some the vehicle our for Slide and customer popular technology, we relationships, customers XX provide nameplate most reflect vehicle supply vehicle images critical

We are strong our content per vehicle us strong sales on and weighting proud maintains provides of mix the SUVs increase programs, with which to and mix opportunity heavy continued maximum over top product This of global trucks, platforms. time. a

across top be $XXX vehicle of revenue. would our for time, top XX% Combined, our vehicle list. made our XX represent planned is these top has to expected an On an also electric basis, note unweighted this per platforms year. I the XX approximately XXXX content platforms these first approximately

to Slide Turning XX.

on trucks benefit the a Our position continuing and from us puts strategic market great focus in trends. light light vehicle to global

left, is X to expected years. shown trucks car significantly As passenger outpace the and the segment growth chart the in the the over SUV of in next segment market the on

Cooper come nearly and was America. expected XX% Standard, global in to SUVs XX% our of North XXXX trucks from -- come to For revenue and back

benefit to the We market from expect growth higher rate.

our market as per trucks also on growth trends On vehicle opportunity market than continue. from our on the significant to volume, vehicle addition In creating SUVs cars, a per content is we more average, double perspective. and content benefit content

Turning to Slide XX.

trends electric also creating segment us. The vehicle are for in opportunities

key And these received to well specifically innovative continue have innovations our customers. introduce EV technologies, We for applications. been by

X X top nameplates We XX are the currently top and the EV a supplier on X of of globally.

vehicle X million the future than more business Over past platforms. in we've annualized electric years, been new $XXX on awarded

current wins, the awards a vehicles awards outpacing total In X. on XXXX, EV growth expect XX% on drive of our Based sales traditional EV net factor significantly production. new at compound business outlook, over new years, business we on our electric will in expected fact, in next the increase rate recent segment annual a exceeded our in in to X vehicles by and train X of

total further adding will the growth products In addition, The market technical in we are that opportunities. also expand management highly fluid sophisticated, progressing that electric margin our product and the solutions strategy new vehicles provide efficiency. and improves for our our addressable overall segment, to

Turning to Slide XX.

this drive we and company results streamlined morning, to expect our summarize discussion our culture, To our improving XXXX. leverage core our values cost to structure in

expect the that to to Over that and beginning are the we customer-focused, into innovations from longer see production. incremental value-added introduced many launch have term, benefits we

well includes technology, for nonautomotive in This technology as electric automotive vehicles as for footwear. innovation specifically

shelves shoes announce our Fortrex to should launched that pleased production our the and technology using footwear are has of on customer shoes be store We recently late mass spring. by

quality the on business day customers, their with course, technology earn service, continued our to dependent every support strive business is innovation. we and our Of of and

value ongoing proud and them our develop for customers confidence. trust thank to with and we are sustainable solutions to their together, partner and We

want to excellence business. thank continued the world for their in also dedication, and commitment their around hard aspect We our employees of work to every our

job circumstances. company work have more news do been a we off, open fantastic beginning the prepared This successful is for hard stepped and difficult challenging The and the all our let's that XXXX. forward team and up comments, questions. the a the concludes to Our look so a is has to overall in pandemic, up to pay year very period good industry despite through our since

Operator

[Operator Instructions].

DiRubbio with Our first Brian question Baird. comes from

Brian DiRubbio

couple my a end. Just on questions of

guidance in EBITDA are positive 'XX? X all that regions the with you be anticipating Jeff, you fiscal to all, of gave, First

Jeffrey Edwards

mentioned, not sit Clearly, that's what here we that negotiations we have, expect. yet. we we today, As commercial as have concluded

We those end expect But we've that make the here call, of that of significant is in and what uplift we're used, conservative, those of in quarter. need quarter. volumes kind the the I profitable. the the think reflect will then that Jon mentioned first first be And the completed as albeit be result concluded regions seeing the expectation to we in by each will our

we're So extremely optimistic.

you. tell I'll

I think 'XX. and the predict have as real to setting good is that concluded to and where last that a negotiations we a year 'XX we're able stabilized gave us those year here start up negotiations things confidence commercial for

the and be So deliver it look positive, the of to to I results world to type the future. we around that's footprint expect into forward going well to financial creating sustainable continue

Brian DiRubbio

schedules you you your have. fixed Is that's lack saying customers get of issues steady from Got production has been of last already? issues it. customers one That's the on are that that year love has the just a given end on Just been and the and -- the a your changing helpful. perspective the last sense And customer of your that what that of that cadence couple so -- faced most Do chain how expect years to end? perspective supply of your developing.

Jeffrey Edwards

I in improved. Well, 'XX and significantly to comparison 'XX, guess,

think shows America vehicles North the North anyway. between being America forecast Europe and I between and still Europe missed

million for X the last are X being if under significantly the shortage, predicted hurt you chip will, years. units us Just that

releases, they're it's number ability So vehicles while to to dramatically the And be I their large closer then missed, a get that's better whole than scheduling still is and that also a was. it of lot would improved. to forecasting suggest the

at perfect the we yet, better to both. I continue but through year, not as think we'll that go So get

Brian DiRubbio

final Two ones.

out you occurring in see most in do the Or you that can think on you to future restructuring want do in just you wrap of XXXX? laid First, XXXX? you what further actions, restructuring Do up 'XX.

Jonathan Banas

beyond already to currently -- that a any there. the don't all just that will way we now. spend reduction you at on predicting see We're about into footprint and more be to flight to major the sure that in fairly sight significantly if be first one. on this getting optimize headcount If executing otherwise there's we've on in And would done. 'XX and cause on happen, to of as us we've line compensated overall discussion XXXX price that our to make we've talking point, of Brian, anything in plans a so as lot than But 'XX the the it's will initiatives rightsizing at Jon. Jeff here. ago. in those we're But I'll announced mainly been take programs described things regions, have this we'll needs money profitability in significant right to help in those minute continue then look don't going

Brian DiRubbio

enough. Fair Jon. final for And then one you,

the recap of board. new post on was like What placed the looking debt liquidity today? is that Just

Jonathan Banas

as about the Brian, certainly can we we on dive milestone. my overall But you executing refinancing some give of But give and don't come always with And the balance ABL like us our no the prepared we back details current sheet, our we're liquidity hand typically updates. under did good intra-period focusing terms we're situation comfortable creation. getting in a go facility, balance to cash said deep with now good QX in able and call be we'll the value that we pretty do. running on have was I and remarks, liquidity behind the business availability feeling our to

Operator

Our comes next Briggs StoneX Financial. from Ben with question

Ben Briggs

contract to manufacturer what is going of do XXXX? more revenue kind just guys performance that of business. kind that on to little is details And in can your financial the the curious So impact contribute give to how the footwear I'm concrete prepared listening percentage going remarks, you guidance through of footwear going you and a the of any think

Jonathan Banas

again. Jon It's Ben. Sure,

guaranteed around in revenue It in from under booked XXXX, you a of footwear million year. of we actually If that recall, minimum last contract, some QX $XX we was QX deal. that the recorded

So commitment. at point, it's this a minimum volume

dependent recorded. any quantities anticipating significant there'll then volume they be not order And already the future. XXXX. that into minimum exceed on in change we're from what So material volumes, certainly It's the the upside we've to if all

guaranteed start it's point, once them, buying nothing material start factory XXXX. cash this But at at start So the leaving then point, come minimum. shoes we'll in for seeing this just incrementally people on the that the and

Ben Briggs

Okay.

So of about number $XX to about? million right is the revenue think

Jonathan Banas

Yes. XXXX. But last again, already year, recorded

Operator

Instructions]. [Operator

Capital. with Sheffield next comes from Our question Point Beach Patrick

Patrick Sheffield

and items. Just housekeeping a the couple of the fees in much how share you refinancing costs quarter? One, of first could kind

Jonathan Banas

again. Jon Patrick,

as gone and senior think the taking financial then for customary issued on discounts to the affect through when fees way did the refinancing in secured the haven't say, to notes, premium and were attorney and costs. there previously other but you We costs in advisories existing backstop bills the fees the customary out fees, however, that incur the the disclosed have about and also notes, and of I'll newly disclosed, other we closing prepayment

those couple our months. the about of there, of rest most out we'll flow fees cash here have and costs, are up those we're of in So that in those we'll publicly QX already and a talk racking

Patrick Sheffield

'XX? on that's And there cash about be think Okay. then -- you working any is capital, source whether share do in can or of use you a going framework you to

Jonathan Banas

Yes, will schedules indicated inventory a Patrick, help little as positive that free order described to stabilize. remarks, Jeff release of better. on cash schedules further going all the be once able with. That we're bit free with our We much year. in a flow quantities this and of balances. think positive optimization current and stable that we'll hand more be my EDI operating minimum cash will safety have And better that have -- assumptions prepared us we of flow a part inventory manage be I need looking the to things stock to only those is

positive So component capital. be a of working that will

looking And to to we are drive continue tooling balances our also, down.

reimbursed once the get by and ultimately tools reminder, and we customers of tooling on those As approved customer. dollars built behalf our a PPAP spend are and

for from customers, help more foot balance up waiting in tools own. our until using we're on customers to the end to tying ongoing and the our bill of our So tools. progressive tools Instead, for ultimately our we're assistance we're -- they rather fund on payments those sheet and Standard part the with looking Cooper than conversations Capital looking

the frame of we about sheet not conversations opportunities with there's customers to use balances and with with cost our there. of else balance reference, down think resources, capital, our the XXXX most the we as our owns. So efficient drive our And on of somebody of ended tools tooling hike a that hence, $XXX current million

items, X always some those a capital working between at benefit. course, up capital will effect year-end. line accounts we a be capital should a up receivable offsetting rising of and see So lot With us. environment, and have the you for tie working of that sales go positive But net-net working

Patrick Sheffield

it. Got

commercial on $XXX And Okay. XXXX the was volume -- $XXX of benefit and in million finalizing have agreements how incremental that that EBITDA already from is some in you much your curious taking In still And that achieved? does is to QX? then assumption progress mix million bridge other QX what reflect you've commercial words, discussion. subject price. Or bridge, just I on in positive

Jonathan Banas

on expectations. forward-looking is It our Yes.

sight a minutes of have those ago, QX better customer of have and up. as of line a couple locked described and closes we'll lot Jeff As negotiated here, we agreements

go, the million our how about but of not yet. will as expectations $XXX So solidified those includes

you So we'll again, close have here a better once update for QX. we

Patrick Sheffield

been versus the number 'XX? is that like it's And your this how And entire cost get final with in is broadly, is to hard of customers? your locked already had agreed commodity XXXX of much much trying Or quantify in? how stuff, just but to kind at negotiations was your year Or have to of structure? across -- in play just effort just broader going Okay. strokes indexing to this already probably -- greater every that across you the are your do to you something

Jeffrey Edwards

of try here answer Jeff. Patrick, succinctly. that this to is all I'll

customer are So confident we'll with are are in going world. we every that prepared in point the Per we -- negotiations virtually remarks, one, my those well.

really with and through we're we've I those November. very discussions think been since probably going transparent them,

an going preserved got expect believe And that to expectation. going to will we we forward. positive be that relationships And outcome continue have today we that be our early So we is start. for the That's us. the

quarter Related then we'll you to on that, we give the our the that and a wait we'll quantify first closing summary just until out when how in quarter, report we'll results.

deal I the with think it. way best it's to

Patrick Sheffield

is have? every just year last something and of Or continuation change a you you do And work? couple last years? is the before efforts it This an this more the and to the it try like is a annual year seemed or from big discussion like change later year the contracts there's that of --

Jeffrey Edwards

It certainly region. And we'll I the like each will year don't, sustainable this seems the to in businesses it's agree. we having discussion, in an Where intend is we're annual leave. we that intent now, discussions right create But do, stay. where we we

Operator

It are would I more over Hendriksen. now back questions. the turn no appears that call there Roger to to like

Roger Hendriksen

for our your today. everybody, Thanks, Okay. joining call appreciate We continued interest.

touch. questions please to Thanks road. the Happy you'd again reach If share a This you down and whatever in to or call. like me, participating. didn't be in morning, engage out to our this we'll concludes get chance to questions ask for your comments

Operator

Thank participating. This you for conference you. today's concludes call. Thank

may You now disconnect.

Cooper-Standard (CPS) 16 Feb 232022 Q4 Earnings call transcript