<SEC-DOCUMENT>0001320461-25-000116.txt : 20250829
<SEC-HEADER>0001320461-25-000116.hdr.sgml : 20250829
<ACCEPTANCE-DATETIME>20250612162113
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001320461-25-000116
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250612

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Cooper-Standard Holdings Inc.
		CENTRAL INDEX KEY:			0001320461
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLE PARTS & ACCESSORIES [3714]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				201945088
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		40300 TRADITIONS DRIVE
		CITY:			NORTHVILLE
		STATE:			MI
		ZIP:			48168
		BUSINESS PHONE:		248-596-5900

	MAIL ADDRESS:	
		STREET 1:		40300 TRADITIONS DRIVE
		CITY:			NORTHVILLE
		STATE:			MI
		ZIP:			48168

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CSA Acquisition Corp.
		DATE OF NAME CHANGE:	20050311
</SEC-HEADER>
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<TYPE>CORRESP
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<title>Document</title></head><body><div id="i7792449946be470b9e76e47fec89d46e_1"></div><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Cooper-Standard Holdings Inc.</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">40300 Traditions Drive</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Northville, Michigan 48168</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">June 12, 2025</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">VIA EDGAR</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">United States Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Office of Manufacturing</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Mail Stop 3561</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">100 F Street, N.E.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Washington, D.C. 20549</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Re&#58; Cooper-Standard Holdings Inc.</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Form 10-K for the Year Ended December 31, 2024</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Filed February 14, 2025</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">File No. 001-36127</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Dear Ms. Gilmore and Ms. Erlanger,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On behalf of Cooper-Standard Holdings Inc. (the &#8220;Company&#8221;), we are providing the following responses to the comments contained in the comment letter of the Staff of the United States Securities and Exchange Commission (the &#8220;Staff&#8221;) to the Company, dated June 5, 2025 (the &#8220;Comment Letter&#8221;), relating to the Company&#8217;s above-referenced filing (the &#8220;Form 10-K&#8221;). For convenience of reference, the text of the comments in the Staff&#8217;s letter has been reproduced in italics herein. Except to the extent otherwise indicated below, we agree with and intend to comply with these comments in our future filings and, to the extent material to an investor&#8217;s understanding, to provide the information requested in the comments.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We respectfully submit our responses for your review. Our responses are aligned with the sequential numbering of the comments in the Comment Letter.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Form 10-K for the Year Ended December 31, 2024</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Segment Results of Operations, page 33</font></div><div><font><br></font></div><div style="padding-left:17pt;text-indent:-16.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.1pt">We note your disclosure on page 34 of total segment adjusted EBITDA for the reportable segments. We also note that this amount differs from the consolidated Adjusted EBITDA disclosed on page 38 which is reconciled to your net loss. Please note that a total of segment profitability measures, when disclosed outside the notes to the financial statements, represents a non-GAAP financial measure and must be disclosed as such and be presented in accordance with our non-GAAP guidance. In this regard, it appears that this amount may exclude some normal recurring operating expenses. Please advise or revise accordingly. Refer to Question 104.04 of the SEC Staff's Compliance &#38; Disclosure Interpretation on Non-GAAP Financial Measures.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We acknowledge the Staff&#8217;s comment and respectfully advise that the segment Adjusted EBITDA amounts presented on page 34 of the Form 10-K reflect the segment profit measure used by our Chief Operating Decision Maker to assess performance and allocate resources, as required under ASC 280. These amounts are presented on a reportable segment basis and do not include results from non-reportable segments and certain corporate-level activity. </font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Separately, the consolidated Adjusted EBITDA amounts disclosed on page 38 of the Form 10-K represent a company-wide non-GAAP performance measure that includes contributions from non-reportable segments and corporate-level activity not reflected in the reportable segment-level results. We acknowledge that the total of reportable segment Adjusted EBITDA differs from consolidated Adjusted EBITDA and recognize that disclosing a subtotal of segment Adjusted EBITDA outside the financial statement footnotes could be viewed as a separate non-GAAP measure requiring its own reconciliation to the most directly comparable GAAP financial measure.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To address the Staff&#8217;s comment, we will revise our presentation in future filings, beginning with our Quarterly Report on Form 10-Q for the period ending June 30, 2025, by removing the &#8220;Total for reportable segments&#8221; line item from the segment adjusted EBITDA table in our Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations (&#8220;MD&#38;A&#8221;) as currently presented on page 34 of the Form 10-K. Additionally, we will present line items for &#8220;Corporate, eliminations and other&#8221; and &#8220;Consolidated Adjusted EBITDA,&#8221; with the latter aligning with the consolidated </font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:49.5pt;width:100%"><div><font><br></font></div></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Adjusted EBITDA measure that is reconciled to net loss as currently presented in our non-GAAP reconciliation table on page 38 of the Form 10-K. The &#8220;Corporate, eliminations and other&#8221; line item will capture corporate-level expenses, earnings from non-reportable segments, and other activity necessary to reconcile the segment-level amounts to consolidated Adjusted EBITDA.</font></div><div><font><br></font></div><div id="i7792449946be470b9e76e47fec89d46e_4"></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Liquidity and Capital Resources</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Cash Flows, page 35</font></div><div><font><br></font></div><div style="padding-left:17pt;text-indent:-16.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.1pt">Please provide a more informative analysis and discussion of changes in operating, investing, and financing cash flows for each period presented in future filings. In doing so, explain the underlying reasons and implications of material changes between periods to provide investors with an understanding of trends and variability in cash flows. Ensure that your disclosures are not merely a recitation of changes evident from the financial statements. Refer to Item 5.B.1 of Form 20-F and Section IV.B of SEC Release No. 33-8350.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Response&#58;</font><font style="color:#ee2724;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">We acknowledge the Staff&#8217;s comment and will expand our MD&#38;A discussion of cash flows in future filings, beginning with our Quarterly Report on Form 10-Q for the period ending June 30, 2025. Specifically, we intend to provide more substantive insights into the primary drivers of changes in cash flows across operating, investing, and financing activities, including relevant operational or business context where appropriate.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Notes to Consolidated Financial Statements</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">21. Business Segments, page 82</font></div><div><font><br></font></div><div style="padding-left:17pt;text-indent:-16.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.1pt">We note you include a line item in your reconciliation for consolidated EBITDA. Please note that as this does not appear to be a segment measure of profitability, it would be considered a non-GAAP financial measure and should not be disclosed in the notes to the financial statements in accordance with Item 10(e)(1)(ii)(C). We refer you to Comment 3 in our letter to you dated May 21, 2024.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We acknowledge the Staff&#8217;s comment and will remove both the consolidated EBITDA and consolidated Adjusted EBITDA line items from the segment note to the financial statements in future filings.</font></div><div><font><br></font></div><div style="padding-left:17pt;text-indent:-16.6pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;padding-left:9.1pt">We note your line item of other segment items which you describe in footnote (a) as including other income and expenses and other non-comparable items to derive at total reportable segment adjusted EBITDA. Please provide us, and revise future filings to include, a more detailed description of what is included in the &#34;other segment items&#34;. Refer to ASC 280-10-50-26B.</font></div><div style="text-indent:1.4pt"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration:underline">Response&#58;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> We acknowledge the Staff&#8217;s comment and will enhance our segment disclosures in future filings to include a more detailed and qualitative description of the components included in &#8220;other segment items,&#8221; in accordance with ASC 280-10-50-26B. As cost of products sold is the only significant segment expense disclosed under ASC 280-10-50-26A, &#8220;other segment items&#8221; represent the remaining expenses and income items included in the segment profit measure used by our Chief Operating Decision Maker. Specifically, beginning with our Quarterly Report on Form 10-Q for the period ending June 30, 2025, we will revise footnote (a) to read as follows&#58;</font></div><div><font><br></font></div><div style="padding-left:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#8220;(a) Other segment items represent income and expenses that are included in the segment Adjusted EBITDA measure, such as selling, administration and engineering expenses and foreign currency gains and losses.&#8221;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Thank you for your letter, and we hope that the foregoing has been responsive to the Staff&#8217;s comment. If you have any questions or comments about this letter or need any further information, please email the undersigned at jon.banas&#64;cooperstandard.com.</font></div><div style="text-align:center"><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sincerely,</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">&#47;S&#47; JONATHAN P. BANAS</font></div><div><img alt="image_0a.jpg" src="image_0a.jpg" style="height:0px;margin-bottom:5pt;vertical-align:text-bottom;width:169px"></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Jonathan P. Banas</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Chief Financial Officer</font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(Principal Financial Officer)</font></div><div style="height:49.5pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2</font></div></div></div></body></html>
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