Cooper Standard Reports Record 2017 Results
NOVI, Mich., Feb. 15, 2018 /PRNewswire/ -- Cooper-Standard Holdings Inc. (NYSE: CPS) today reported record results for the fourth quarter and full year 2017.
Fourth Quarter 2017 Highlights
-- Sales increased 7.1 percent to a record $937.9 million
-- Net income totaled $28.5 million or $1.53 per fully diluted share
-- Adjusted net income totaled $63.6 million or $3.42 per fully diluted
share
-- Adjusted EBITDA totaled $131.2 million, up 26.4 percent year-over-year
-- Cash flow from operations totaled $208.9 million; free cash flow
generated was $159.6 million
Full Year 2017 Highlights
-- Sales increased 4.2 percent to a record $3.62 billion
-- Strong net income of $135.3 million or $7.21 per fully diluted share
-- Adjusted net income totaled $208.0 million or $11.08 per fully diluted
share
-- Adjusted EBITDA totaled $452.0 million, up 8.5 percent year-over-year
-- Cash flow from operations totaled $313.5 million; free cash flow
generated was $126.7 million
"Cooper Standard had another outstanding year in 2017," stated Jeffrey Edwards, Company chairman and CEO. "It was our best year ever in terms of employee safety and we set new all-time highs in sales, adjusted EBITDA and adjusted EBITDA margin. In addition, our progress in material science and product innovation and the establishment of our adjacent markets business are creating new and exciting opportunities for the future. Our outlook is positive and our global team of highly engaged employees remains focused on making further advancements toward world-class performance."
During the fourth quarter 2017, Cooper Standard generated net income of $28.5 million, or $1.53 per diluted share on sales of $937.9 million. These results included a $33.5 million charge related to recent tax reform legislation in the United States. Adjusted EBITDA for the quarter was $131.2 million. These results compare to a net income of $31.1 million or $1.65 per diluted share and adjusted EBITDA of $103.8 million on sales of $875.4 million in the fourth quarter of 2016. The Company's adjusted EBITDA margin for the fourth quarter 2017 was 14.0 percent compared to 11.9 percent in the fourth quarter 2016.
Fourth quarter 2017 net income excluding restructuring and other special items ("adjusted net income") totaled $63.6 million, or $3.42 per diluted share, compared to $48.1 million, or $2.56 per diluted share in the fourth quarter 2016.
For the full year 2017, the Company reported net income of $135.3 million, or $7.21 per diluted share on sales of $3.62 billion. These results included the $33.5 million charge in the fourth quarter related to recent tax reform legislation in the United States. Adjusted EBITDA for the year was $452.0 million. By comparison, the Company reported net income of $139.0 million, or $7.42 per diluted share, and adjusted EBITDA of $416.7 million on sales of $3.47 billion in 2016. The Company's adjusted EBITDA margin for 2017 was 12.5 percent compared to 12.0 percent in 2016.
Adjusted net income for the full year 2017 was $208.0 million or $11.08 per diluted share. This compares to adjusted net income of $194.9 million or $10.41 per diluted share in 2016.
Adjusted net income, adjusted EBITDA, adjusted EBITDA margin, adjusted earnings per share and free cash flow are non-GAAP measures. Reconciliations to the most directly comparable financial measures, calculated and presented in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"), are provided in the attached supplemental schedules.
Notable Developments
During the fourth quarter, Cooper Standard launched 42 new customer programs and was awarded $107.6 million in annual net new business. For the full year 2017, the Company's annual net new business awards totaled $453.0 million, an increase of 13.8 percent compared to 2016.
New contract awards for the Company's recent product innovations totaled $45.1 million in the quarter, including the Company's fourth production contract for Fortrex(TM) sealing products. Since the first quarter of 2016, contract awards for innovation products total $464.0 million. Commercialized innovation products include: MagAlloy(TM); ArmorHose(TM); ArmorHose(TM) TPV; Gen III Posi-Lock(TM); TP Microdense; and Fortrex(TM).
Fourth Quarter Operational Overview
Consolidated
Fourth quarter 2017 sales increased by $62.5 million or 7.1 percent compared to the fourth quarter of 2016. The year-over-year increase is largely attributable to favorable volume and mix, favorable foreign exchange and the net positive impact of acquisitions and divestitures, partially offset by customer price adjustments.
Fourth quarter adjusted EBITDA increased by $27.4 million or 26.4 percent compared to the fourth quarter of 2016. The year-over-year variance is primarily attributable to favorable volume and mix, lower compensation related expense, restructuring savings and net material cost savings. These favorable items were partially offset by customer price adjustments and inflation.
North America
Cooper Standard's North America segment reported sales of $479.4 million in the fourth quarter of 2017, an increase of 5.3 percent when compared to $455.3 million in sales recorded in the fourth quarter of 2016. The increase was primarily attributable to improved volume and mix, and the acquisition of AMI, partially offset by customer price adjustments.
North America segment profit was $65.2 million, or 13.6 percent of sales, in the fourth quarter of 2017. This compared to segment profit of $49.9 million, or 11.0 percent of sales in the fourth quarter of 2016. The increase was primarily attributable to lower compensation related expense, favorable volume and mix, improved supply chain performance and net material costs, the acquisition of AMI and foreign exchange. These favorable items were partially offset by customer price adjustments, investments in innovation, and inflation.
Europe
Cooper Standard's Europe segment reported sales of $267.4 million in the fourth quarter of 2017 compared to $237.1 million in the fourth quarter of 2016. The increase was attributable to favorable volume and mix, and foreign exchange, partially offset by customer price adjustments.
The Europe segment reported a segment profit of $1.8 million in the fourth quarter of 2017, compared to a segment loss of $8.5 million in the fourth quarter of 2016. The year-over-year improvement was largely attributable to favorable volume and mix, and cost reductions related to restructuring, partially offset by customer price adjustments, commodity price pressure and inflation.
Asia Pacific
Cooper Standard's Asia Pacific segment reported sales of $163.2 million in the fourth quarter of 2017, an increase of 1.9 percent compared to $160.2 million in the fourth quarter of 2016.
The Asia Pacific segment reported segment loss of $1.1 million in the fourth quarter of 2017, compared to segment profit of $3.1 million in the fourth quarter 2016. The year-over-year change was primarily attributable to fixed asset impairment charges, wage inflation and customer price adjustments, partially offset by improved supply chain performance and net material costs.
South America
Cooper Standard's South America segment reported sales of $27.9 million in the fourth quarter of 2017 compared to $22.8 million in the fourth quarter of 2016. The increase was primarily attributable to favorable volume and mix.
The South America segment incurred a segment loss of $2.6 million in the fourth quarter of 2017 compared to a loss of $1.5 million in the fourth quarter of 2016. The year-over-year change is primarily attributable to expenses related to a tax amnesty program and foreign exchange, partially offset by improved operating efficiency and favorable volume and mix.
Liquidity and Cash Flow
At December 31, 2017, Cooper Standard had cash and cash equivalents totaling $516.0 million. Net cash provided by operating activities in the fourth quarter 2017 was $208.9 million compared to $181.7 million in the fourth quarter of 2016. Free cash flow (defined as net cash provided by operating activities minus capital expenditures) improved to $159.6 million in the fourth quarter of 2017 compared to $134.1 million in the fourth quarter of 2016. For the full year 2017, net cash provided by operating activities was $313.5 million compared to $363.7 million in 2016. Free cash flow for the full year 2017 was $126.7 million compared to $199.3 million in 2016.
In addition to cash and cash equivalents, the Company had $198.4 million available under its senior amended asset-based revolving credit facility ("ABL facility") for total liquidity of $714.3 million at December 31, 2017.
Total debt at December 31, 2017 was $758.2 million compared to $762.9 million at December 31, 2016. Net debt (defined as total debt minus cash and cash equivalents) at December 31, 2017 was $242.3 million compared to $282.8 million at December 31, 2016. Cooper Standard's net leverage ratio (defined as net debt divided by adjusted EBITDA) at December 31, 2017 was 0.5 times trailing 12 months adjusted EBITDA.
Outlook
The Company has issued 2018 full year guidance as follows:
Current Guidance
----------------
Sales $3.55 - $3.60 billion
----- ---------------------
Adjusted EBITDA Margin(1) 12.7% - 13.3%
------------------------ ------------
Capital Expenditures as a percent of
sales 5.5% - 5.9%
------------------------------------ ----------
Cash Restructuring $25 - $35 million
------------------ -----------------
Effective Tax Rate 20% - 24%
------------------ --------
(1) Adjusted EBITDA Margin is a
non-GAAP financial measure.
We do not provide guidance
on net income margin. Full-
year net income will include
special items that have not
yet occurred and are
difficult to predict with
reasonable certainty prior
to year-end.
Conference Call Details
Cooper Standard management will host a conference call and webcast on February 16 at 9 a.m. ET to discuss its fourth quarter and full year 2017 results, provide a general business update and respond to investor questions.
To participate in the live question-and-answer session, callers in the United States and Canada should dial toll-free 800-949-4315 (international callers dial 678-825-8315) and provide the conference ID 95008496 or ask to be connected to the Cooper Standard teleconference. Callers should dial in at least five minutes prior to the start of the call. Financial and automotive analysts are invited to ask questions after the presentations are made.
The interactive webcast and slide presentation can be accessed live or in replay on the investor relations page of the Cooper Standard website at www.ir.cooperstandard.com/events.cfm.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include rubber and plastic sealing, fuel and brake lines, fluid transfer hoses and anti-vibration systems. Cooper Standard employs approximately 32,000 people globally and operates in 20 countries around the world. For more information, please visit www.cooperstandard.com.
Forward-Looking Statements
This press release 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. Our use of words "estimate," "expect," "anticipate," "project," "plan," "intend," "believe," "forecast," or future or conditional verbs, such as "will," "should," "could," "would," or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. All forward-looking statements 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, we cannot assure you that these expectations, beliefs and projections will be achieved. Forward-looking statements are not guarantees of future performance and are subject to significant risks, uncertainties and other factors 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. Among other items, such factors may include: prolonged or material contractions in automotive sales and production volumes; our inability to realize sales represented by awarded business; escalating pricing pressures; loss of large customers or significant platforms; our ability to successfully compete in the automotive parts industry; availability and increasing volatility in costs of manufactured components and raw materials; disruption in our supply base; entering new markets; possible variability of our working capital requirements; risks associated with our international operations; foreign currency exchange rate fluctuations; our ability to control the operations of our joint ventures for our sole benefit; our substantial amount of indebtedness; our ability to obtain adequate financing sources in the future; operating and financial restrictions imposed on us under our debt instruments; the underfunding of our pension plans; significant changes in discount rates and the actual return on pension assets; effectiveness of continuous improvement programs and other cost savings plans; manufacturing facility closings or consolidation; our ability to execute new program launches; our ability to meet customers' needs for new and improved products; the possibility that our acquisitions and divestitures may not be successful; product liability, warranty and recall claims brought against us; laws and regulations, including environmental, health and safety laws and regulations; legal proceedings, claims or investigations against us; work stoppages or other labor disruptions; the ability of our intellectual property to withstand legal challenges; cyber-attacks or other disruptions in our information technology systems; the possible volatility of our annual effective tax rate; changes in our assumptions used for evaluation of deemed repatriation tax and the remeasurement of our deferred tax assets and liabilities, including as a result of IRS issuing guidance on the Tax Cuts and Jobs Act that may change our assumptions; the possibility of future impairment charges to our goodwill and long-lived assets; and our dependence on our subsidiaries for cash to satisfy our obligations.
You should not place undue reliance on these forward-looking statements. We undertake no obligation to publicly update or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except where we are expressly required to do so by law.
This press release also contains estimates and other information that is based on industry publications, surveys and forecasts. This information involves a number of assumptions and limitations, and we have not independently verified the accuracy or completeness of the information.
CPS_F
Contact for Analysts: Contact for Media:
Roger Hendriksen Sharon Wenzl
Cooper Standard Cooper Standard
(248) 596-6465 (248) 596-6211
roger.hendriksen@cooperstandard.com sswenzl@cooperstandard.com
Financial statements and related notes follow:
COOPER-STANDARD HOLDINGS INC.
CONSOLIDATED STATEMENTS OF NET INCOME
(Dollar amounts in thousands except share and per share amounts)
Quarter Ended December 31, Year Ended December 31,
2017 2016 2017 2016
---- ---- ---- ----
(Unaudited) (Unaudited) (Unaudited)
Sales $937,914 $875,434 $3,618,126 $3,472,891
Cost of products sold 759,770 707,049 2,946,828 2,808,049
------- ------- --------- ---------
Gross profit 178,144 168,385 671,298 664,842
Selling, administration &
engineering expenses 81,613 91,284 349,496 359,782
Amortization of intangibles 3,493 3,592 14,056 13,566
Impairment charges 10,493 1,273 14,763 1,273
Restructuring charges 6,917 12,563 35,137 46,031
Other operating loss - - - 155
--- --- --- ---
Operating profit 75,628 59,673 257,846 244,035
Interest expense, net of interest
income (10,324) (11,528) (42,112) (41,389)
Equity in earnings of affiliates 1,784 2,054 5,519 7,877
Loss on refinancing and
extinguishment of debt - (5,104) (1,020) (5,104)
Other expense, net (3,858) (2,070) (7,133) (10,659)
------ ------ ------ -------
Income before income taxes 63,230 43,025 213,100 194,760
Income tax expense 34,269 11,009 74,527 54,321
------ ------ ------ ------
Net income 28,961 32,016 138,573 140,439
Net income attributable to
noncontrolling interests (460) (902) (3,270) (1,451)
---- ---- ------ ------
Net income attributable to Cooper-
Standard Holdings Inc. $28,501 $31,114 $135,303 $138,988
======= ======= ======== ========
Weighted average shares outstanding
Basic 17,815,292 17,671,669 17,781,272 17,459,710
Diluted 18,591,378 18,809,223 18,776,653 18,730,378
Earnings per share:
Basic $1.60 $1.76 $7.61 $7.96
===== ===== ===== =====
Diluted $1.53 $1.65 $7.21 $7.42
===== ===== ===== =====
COOPER-STANDARD HOLDINGS INC.
CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands)
December 31,
2017 2016
---- ----
Assets (Unaudited)
------
Current assets:
Cash and cash
equivalents $515,952 $480,092
Accounts
receivable,
net 494,049 460,503
Tooling
receivable 112,561 90,974
Inventories 170,196 146,449
Prepaid
expenses 33,205 37,142
Other current
assets 100,778 81,021
------- ------
Total current
assets 1,426,741 1,296,181
Property,
plant and
equipment,
net 952,178 832,269
Goodwill 171,852 167,441
Intangible
assets, net 69,091 81,363
Deferred tax
assets 33,834 46,419
Other assets 71,952 68,029
------ ------
Total assets $2,725,648 $2,491,702
========== ==========
Liabilities and Equity
----------------------
Current liabilities:
Debt payable
within one
year $34,921 $33,439
Accounts
payable 523,296 475,426
Payroll
liabilities 123,090 144,812
Accrued
liabilities 145,650 105,665
------- -------
Total current
liabilities 826,957 759,342
Long-term debt 723,325 729,480
Pension
benefits 180,173 172,950
Postretirement
benefits other
than pensions 61,921 54,225
Deferred tax
liabilities 9,511 9,241
Other
liabilities 68,672 44,673
------ ------
Total
liabilities 1,870,559 1,769,911
7% Cumulative
participating
convertible
preferred
stock - -
Equity:
Common stock 18 17
Additional
paid-in
capital 512,815 513,934
Retained
earnings 511,367 425,972
Accumulated
other
comprehensive
loss (197,631) (242,563)
-------- --------
Total Cooper-
Standard
Holdings Inc.
equity 826,569 697,360
Noncontrolling
interests 28,520 24,431
------ ------
Total equity 855,089 721,791
------- -------
Total
liabilities
and equity $2,725,648 $2,491,702
========== ==========
COOPER-STANDARD HOLDINGS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollar amounts in thousands)
Year Ended December 31,
2017 2016 2015
---- ---- ----
(Unaudited)
Operating Activities:
Net income $138,573 $140,439 $111,770
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation 124,032 109,094 100,535
Amortization of intangibles 14,056 13,566 13,892
Impairment charges 14,763 1,273 21,611
Share-based compensation expense 24,963 24,032 13,955
Equity in earnings, net of
dividends related to earnings (137) (4,855) (3,766)
Loss on refinancing and
extinguishment of debt 1,020 5,104 -
Gain on divestitures and sale of
investment in affiliate - - (8,033)
Gain on remeasurement of
previously held equity interest - - (14,199)
Deferred income taxes 11,076 9,082 (2,698)
Other 1,286 1,591 725
Changes in operating assets and liabilities:
Accounts and tooling receivable (26,428) (579) (72,546)
Inventories (13,929) 6,651 12,848
Prepaid expenses 5,981 (7,010) 5,348
Accounts payable 11,415 70,066 61,063
Payroll and accrued liabilities 8,879 5,612 75,424
Other (2,066) (10,369) (45,544)
------ ------- -------
Net cash provided by operating
activities 313,484 363,697 270,385
Investing activities:
Capital expenditures (186,795) (164,368) (166,267)
Proceeds from divestitures and
sale of investment in affiliate - - 33,500
Acquisition of businesses, net
of cash acquired (478) (37,478) (34,396)
Investment in joint ventures - - (4,300)
Cash from consolidation of joint
venture - 3,395 -
Other (13,349) 185 5,069
------- --- -----
Net cash used in investing
activities (200,622) (198,266) (166,394)
Financing activities:
Proceeds from issuance of long-
term debt, net of debt issuance
costs - 393,060 -
Repayment and refinancing of
term loan facility - (397,196) -
Principal payments on long-term
debt (19,866) (10,747) (8,863)
Purchase of noncontrolling
interest - - (1,262)
Repurchase of common stock (55,123) (23,800) -
Proceeds from exercise of
warrants 2,373 2,810 9,277
Increase (decrease) in short
term debt, net 10,683 (12,223) (9,008)
Borrowings on long-term debt - - 151
Taxes withheld and paid on
employees' share-based payment
awards (13,297) (12,624) (2,028)
Other (297) (2,196) 143
---- ------ ---
Net cash used in financing
activities (75,527) (62,916) (11,590)
Effects of exchange rate changes
on cash and cash equivalents (1,475) (666) 18,572
------ ---- ------
Changes in cash and cash
equivalents 35,860 101,849 110,973
Cash and cash equivalents at
beginning of period 480,092 378,243 267,270
------- ------- -------
Cash and cash equivalents at end
of period $515,952 $480,092 $378,243
======== ======== ========
Non-GAAP Measures
EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow are measures not recognized under U.S. GAAP and which exclude certain non-cash and special items that may obscure trends and operating performance not indicative of the Company's core financial activities. Management considers EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow to be key indicators of the Company's operating performance and believes that these and similar measures are widely used by investors, securities analysts and other interested parties in evaluating the Company's performance. In addition, similar measures are utilized in the calculation of the financial covenants and ratios contained in the Company's financing arrangements and management uses these measures for developing internal budgets and forecasting purposes. EBITDA is defined as net income adjusted to reflect income tax expense, interest expense net of interest income, depreciation and amortization, and adjusted EBITDA is defined as EBITDA further adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted EBITDA margin is adjusted EBITDA presented as percentage of sales. Adjusted net income is defined as net income adjusted to reflect certain items that management does not consider to be reflective of the Company's core operating performance. Adjusted earnings per share is defined as adjusted net income divided by the weighted average number of basic and diluted shares. Free cash flow is defined as net cash provided by operating activities minus capital expenditures and is useful to both management and investors in evaluating the Company's ability to service and repay its debt.
When analyzing the Company's operating performance, investors should use EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow as supplements to, and not as alternatives for, net income, operating income, or any other performance measure derived in accordance with U.S. GAAP, and not as an alternative to cash flow from operating activities as a measure of the Company's liquidity. EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow have limitations as analytical tools and should not be considered in isolation or as substitutes for analysis of the Company's results of operations as reported under U.S. GAAP. Other companies may report EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted earnings per share and free cash flow differently and therefore the Company's results may not be comparable to other similarly titled measures of other companies. In addition, in evaluating adjusted EBITDA and adjusted net income, it should be noted that in the future the Company may incur expenses similar to or in excess of the adjustments in the below presentation. This presentation of adjusted EBITDA and adjusted net income should not be construed as an inference that the Company's future results will be unaffected by special items. Reconciliations of EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted net income and free cash flow follow.
Reconciliation of Non-GAAP Measures
EBITDA and Adjusted EBITDA
The following table provides reconciliation of EBITDA and adjusted EBITDA from net income (unaudited):
Quarter Ended December 31, Year Ended December 31,
2017 2016 2017 2016
---- ---- ---- ----
(dollar amounts in thousands)
Net income attributable to Cooper-Standard Holdings Inc. $28,501 $31,114 $135,303 $138,988
Income tax expense 34,269 11,009 74,527 54,321
Interest expense, net of interest income 10,324 11,528 42,112 41,389
Depreciation and amortization 38,675 30,961 138,088 122,660
------ ------ ------- -------
EBITDA $111,769 $84,612 $390,030 $357,358
Restructuring charges 6,917 12,563 35,137 46,031
Impairment charges (1) 10,493 1,273 14,763 1,273
Settlement charges (2) 525 281 6,427 281
Foreign tax amnesty program (3) 1,502 - 4,623 -
Loss on refinancing and extinguishment of debt (4) - 5,104 1,020 5,104
Secondary offering underwriting fees and other expenses
(5) - - - 6,500
Other - - - 155
Adjusted EBITDA $131,206 $103,833 $452,000 $416,702
======== ======== ======== ========
Sales $937,914 $875,434 $3,618,126 $3,472,891
Adjusted EBITDA Margin 14.0% 11.9% 12.5% 12.0%
(1) Impairment charges related to fixed
assets.
(2) Non-cash settlement charges incurred
related to certain of our non-U.S.
pension plans.
(3) Relates to indirect taxes recorded in
cost of products sold.
(4) Loss on refinancing and
extinguishment of debt relating to
the May 2017 amendment of the Term
Loan Facility and the refinancing of
our Term Loan Facility in 2016.
(5) Fees and other expenses associated
with the March 2016 secondary
offering.
Adjusted Net Income and Adjusted Earnings Per Share
The following table provides reconciliation of net income to adjusted net income and the respective earnings per share amounts:
(Unaudited; Dollar amounts in thousands, except per share amounts)
Quarter Ended December 31, Year Ended December 31,
2017 2016 2017 2016
---- ---- ---- ----
Net income attributable to Cooper-
Standard Holdings Inc. $28,501 $31,114 $135,303 $138,988
Restructuring charges 6,917 12,563 35,137 46,031
Impairment charges (1) 10,493 1,273 14,763 1,273
Settlement charges (2) 525 281 6,427 281
Foreign tax amnesty program (3) 1,502 - 4,623 -
Loss on refinancing and
extinguishment of debt (4) - 5,104 1,020 5,104
Secondary offering underwriting fees
and other expenses (5) - - - 6,500
Other - - - 155
Tax impact of adjusting items (6) (3,912) (2,253) (8,855) (3,385)
Impact of U.S. tax reform (7) 33,484 - 33,484 -
Worthless security tax deduction (8) (13,947) - (13,947) -
Adjusted net income $63,563 $48,082 $207,955 $194,947
======= ======= ======== ========
Weighted average shares outstanding
Basic 17,815,292 17,671,669 17,781,272 17,459,710
Diluted 18,591,378 18,809,223 18,776,653 18,730,378
Earnings per share:
Basic $1.60 $1.76 $7.61 $7.96
===== ===== ===== =====
Diluted $1.53 $1.65 $7.21 $7.42
===== ===== ===== =====
Adjusted earnings per share:
Basic $3.57 $2.72 $11.70 $11.17
===== ===== ====== ======
Diluted $3.42 $2.56 $11.08 $10.41
===== ===== ====== ======
(1) Impairment charges related to fixed
assets.
(2) Non-cash settlement charges incurred
related to certain of our non-U.S.
pension plans.
(3) Relates to indirect taxes recorded in
cost of products sold.
(4) Loss on refinancing and
extinguishment of debt relating to
the May 2017 amendment of the Term
Loan Facility and the refinancing of
our Term Loan Facility in 2016.
(5) Fees and other expenses associated
with the March 2016 secondary
offering.
(6) 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.
(7) Tax impact of the transition tax on
undistributed foreign earnings and
the tax effect of adjusting deferred
taxes for the Tax Cuts and Jobs Act
enacted into law on December 22,
2017.
(8) Discrete tax benefit recorded in Q4
2017.
Free Cash Flow
The following table defines free cash flow:
(Unaudited; Dollar amounts in thousands)
Quarter Ended December 31, Year Ended December 31,
2017 2016 2017 2016
---- ---- ---- ----
Net cash provided by operating activities $208,934 $181,652 $313,484 $363,697
Capital expenditures (49,349) (47,580) (186,795) (164,368)
------- ------- -------- --------
Free cash flow $159,585 $134,072 $126,689 $199,329
======== ======== ======== ========
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SOURCE Cooper-Standard Holdings Inc.
