Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an
owner of leading middle market businesses, announced today its
consolidated operating results for the three months ended September
30, 2023.
“Our third quarter results were remarkably
strong, driven by Lugano’s continued outperformance and the
majority of our companies performing above expectations,” said
Elias Sabo, CEO of Compass Diversified. “The consistent resilience
of our results against a challenging economic backdrop reflects not
only the diversification of our subsidiaries, but our ability to
find strong businesses that produce above-trend growth. Given our
strong performance, we remain confident that our diversified group
of subsidiaries will continue to drive value for our shareholders
in 2023 and beyond.”
Mr. Sabo continued: “As announced today, we have
made the strategic decision to sell Marucci to Fox Factory Holding
Corp. We purchased the business in 2020 for $200 million and after
approximately $70 million in add-on acquisitions, have agreed to
sell the brand for $572 million. Our ability to sell this business
for a large premium in the current consumer discretionary market
further underscores the strength of our brands, as well as our
ability to drive uncorrelated market returns. Ultimately, this
fuels our lower cost of capital, deepens our economic moat, and
provides us the greater ability to increase shareholder
returns.”
Third Quarter 2023 Financial Summary vs.
Same Year-Ago Period (where applicable)
- Net sales down 1% and down 1% on a
pro forma basis to $569.6 million.
- Branded consumer pro forma net
sales up 2% to $388.3 million.
- Niche industrial net sales down 8%
to $181.2 million.
- Net loss of $3.8 million vs. net
income of $2.6 million primarily due to a $32.6 million non-cash
impairment expense associated with the Company’s Velocity Outdoor
subsidiary and higher interest expense.
- Loss from continuing operations of
$5.0 million vs. $3.0 million.
- Adjusted Earnings, a non-GAAP
financial measure, was $41.0 million vs. $41.6 million.
- Adjusted EBITDA, a non-GAAP
financial measure, was up 13% to $103.9 million.
- Paid a third quarter 2023 cash
distribution of $0.25 per share on CODI's common shares in October
2023.
Recent Business Highlights
- Today, CODI announced the sale of
Marucci Sports to Fox Factory Holding Corp. (Nasdaq: FOXF) for an
enterprise value of $572 million.
- On July 5, 2023, CODI announced
that Mr. C. Sean Day retired from the Board of Directors (the
“Board”) of Compass Group Diversified Holdings LLC, effective June
30, 2023. The Board elected Ms. Heidi Locke Simon to fill the
vacancy resulting from Mr. Day’s departure from the Board. Ms.
Locke Simon’s election became effective as of July 5, 2023.
- On July 17, 2023, The Sterno Group,
a subsidiary of CODI and manufacturer and marketer of portable food
warming systems, creative indoor and outdoor lighting, and home
fragrance solutions for the foodservice industry and consumer
markets, announced the appointment of Geoffrey Feil as CEO.
Third Quarter 2023 Financial
Results
Net sales in the third quarter of 2023 were
$569.6 million, down 1% compared to $575.8 million in the third
quarter of 2022. Strong performance at Lugano and Marucci roughly
offset lower sales at BOA due to inventory destocking in the
footwear industry and lower sales at Velocity Outdoor in the third
quarter of 2023. On a pro forma basis, assuming CODI had acquired
PrimaLoft on January 1, 2022, net sales were down 1% in the third
quarter of 2023 as compared to the prior year.
Branded consumer net sales, pro forma for the
PrimaLoft acquisition, increased 2% in the third quarter of 2023 to
$388.3 million compared to the third quarter of 2022. Niche
industrial net sales decreased 8% in the third quarter of 2023 to
$181.2 million compared to the third quarter of 2022.
Operating income for the third quarter of 2023
was $28.4 million compared to $43.8 million in the third quarter of
2022. The decline was due primarily to a $32.6 million non-cash
impairment expense associated with the Company’s Velocity Outdoor
subsidiary in the third quarter of 2023. Net loss in the third
quarter of 2023 was $3.8 million compared to net income of $2.6
million in the third quarter of 2022. Net loss from continuing
operations in the third quarter of 2023 was $5.0 million compared
to $3.0 million in the third quarter of 2022. The increases in net
loss and net loss from continuing operations are due to the
non-cash impairment expense, as well as higher interest
expense.
Adjusted Earnings (see “Note Regarding Use of
Non-GAAP Financial Measures” below) for the third quarter of 2023
was $41.0 million compared to $41.6 million a year ago. CODI's
weighted average number of shares outstanding in the third quarter
of 2023 was 71.88 million compared to 71.91 million in the prior
year third quarter.
Adjusted EBITDA (see “Note Regarding Use of
Non-GAAP Financial Measures” below) in the third quarter of 2023
was $103.9 million, up 13% compared to $91.9 million in the third
quarter of 2022. The increase was primarily due to strong results
at Lugano, Marucci, Sterno and Altor. The Company no longer adds
back management fees in its calculation of Adjusted EBITDA.
Management fees incurred during the third quarter of 2023 were
$18.6 million.
Liquidity and Capital
Resources
As of September 30, 2023, CODI had approximately
$64.7 million in cash and cash equivalents, $112.0 million
outstanding on its revolver, $387.5 million outstanding in term
loans, $1.0 billion outstanding in 5.250% Senior Notes due 2029 and
$300.0 million outstanding in 5.000% Senior Notes due 2032.
As of September 30, 2023, the Company had no
significant debt maturities until 2027 and had net borrowing
availability of approximately $486 million under its revolving
credit facility.
Third Quarter 2023
Distributions
On October 3, 2023, CODI’s Board declared a
third quarter distribution of $0.25 per share on the Company's
common shares. The cash distribution was paid on October 26, 2023,
to all holders of record of common shares as of October 19,
2023.
The Board also declared a quarterly cash
distribution of $0.453125 per share on the Company’s 7.250% Series
A Preferred Shares (the “Series A Preferred Shares”). The
distribution on the Series A Preferred Shares covers the period
from, and including, July 30, 2023, up to, but excluding, October
30, 2023. The distribution for such period was payable on October
30, 2023, to all holders of record of Series A Preferred Shares as
of October 15, 2023.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
B Preferred Shares (the “Series B Preferred Shares”). The
distribution on the Series B Preferred Shares covers the period
from, and including, July 30, 2023, up to, but excluding, October
30, 2023. The distribution for such period was payable on October
30, 2023, to all holders of record of Series B Preferred Shares as
of October 15, 2023.
The Board also declared a quarterly cash
distribution of $0.4921875 per share on the Company’s 7.875% Series
C Preferred Shares (the “Series C Preferred Shares”). The
distribution on the Series C Preferred Shares covers the period
from, and including, July 30, 2023, up to, but excluding, October
30, 2023. The distribution for such period was payable on October
30, 2023, to all holders of record of Series C Preferred Shares as
of October 15, 2023.
2023 Outlook
As a result of CODI’s strong financial
performance in the third quarter, the Company is raising its
Adjusted EBITDA and Adjusted Earnings outlook (see “Note Regarding
Use of Non-GAAP Financial Measures” below). For the full year 2023,
CODI now expects consolidated subsidiary Adjusted EBITDA of between
$450 million and $465 million. This estimate is based on the
summation of the Company’s expectations for its current
subsidiaries in 2023, including Marucci, and is absent additional
acquisitions or divestitures, and excludes corporate expenses such
as interest expense, management fees paid by CODI and corporate
overhead. For the full year 2023, including Marucci, CODI now
expects to earn between $130 million and $140 million in Adjusted
Earnings (see “Note Regarding Use of Non-GAAP Financial Measures”
below).
In reliance on the unreasonable efforts
exception provided under Item 10(e)(1)(i)(B) of Regulation S-K,
CODI has not reconciled 2023 Adjusted EBITDA or 2023 Adjusted
Earnings to their comparable GAAP measure because it does not
provide guidance on Income (Loss) from Continuing Operations or Net
Income (Loss) or the applicable reconciling items as a result of
the uncertainty regarding, and the potential variability of, these
items. For the same reasons, CODI is unable to address the probable
significance of the unavailable information, which could be
material to future results.
Conference Call
Management will host a conference call on
Thursday, November 2, 2023, at 5:00 p.m. ET to discuss the latest
corporate developments and financial results. The dial-in number
for callers in the U.S. is (888) 259-6580 and the dial-in number
for international callers is (416) 764-8624. The Conference ID is
90701822. The conference call will also be available via a live
listen-only webcast and can be accessed through the Investor
Relations section of CODI's website. An online replay of the
webcast will be available on the same website following the call.
Please allow extra time prior to the call to visit the site and
download any necessary software that may be needed to listen to the
Internet broadcast. A replay of the call will be available through
Thursday, November 9, 2023. To access the replay, please dial (877)
674-7070 in the U.S. and (416) 764-8692 outside the U.S.
Note Regarding Use of Non-GAAP Financial
Measures
Adjusted EBITDA and Adjusted Earnings are
non-GAAP measures used by the Company to assess its performance. We
have reconciled Adjusted EBITDA to Income (Loss) from Continuing
Operations and Adjusted Earnings to Net Income (Loss) on the
attached schedules. We consider Income (Loss) from Continuing
Operations to be the most directly comparable GAAP financial
measure to Adjusted EBITDA and Net Income (Loss) to be the most
directly comparable GAAP financial measure to Adjusted Earnings. We
believe that Adjusted EBITDA and Adjusted Earnings provides useful
information to investors and reflect important financial measures
as each excludes the effects of items which reflect the impact of
long-term investment decisions, rather than the performance of
near-term operations. When compared to Net Income (Loss) and Income
(Loss) from Continuing Operations, Adjusted Earnings and Adjusted
EBITDA, respectively, are each limited in that they do not reflect
the periodic costs of certain capital assets used in generating
revenues of our businesses or the non-cash charges associated with
impairments, as well as certain cash charges. The presentation of
Adjusted EBITDA allows investors to view the performance of our
businesses in a manner similar to the methods used by us and the
management of our businesses, provides additional insight into our
operating results and provides a measure for evaluating targeted
businesses for acquisition. The presentation of Adjusted Earnings
provides insight into our operating results and provides a measure
for evaluating earnings from continuing operations available to
common shareholders. We believe Adjusted EBITDA and Adjusted
Earnings are also useful in measuring our ability to service debt
and other payment obligations.
Pro forma net sales is defined as net sales
including the historical net sales relating to the pre-acquisition
periods of PrimaLoft, assuming that the Company acquired PrimaLoft
on January 1, 2022. We have reconciled pro forma net sales to net
sales, the most directly comparable GAAP financial measure, on the
attached schedules. We believe that pro forma net sales is useful
information for investors as it provides a better understanding of
sales performance, and relative changes thereto, on a comparable
basis. Pro forma net sales is not necessarily indicative of what
the actual results would have been if the acquisition had in fact
occurred on the date or for the periods indicated nor does it
purport to project net sales for any future periods or as of any
date.
In reliance on the unreasonable efforts
exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, we
have not reconciled 2023 Adjusted EBITDA or 2023 Adjusted Earnings
to their comparable GAAP measures because we do not provide
guidance on Net Income (Loss) from Continuing Operations or Net
Income (Loss) or the applicable reconciling items as a result of
the uncertainty regarding, and the potential variability of, these
items. For the same reasons, we are unable to address the probable
significance of the unavailable information, which could be
material to future results.
Adjusted EBITDA, Adjusted Earnings and pro forma
net sales are not meant to be a substitute for GAAP measures and
may be different from or otherwise inconsistent with non-GAAP
financial measures used by other companies.
About Compass Diversified
Since its founding in 1998, and IPO in 2006,
CODI has consistently executed on its strategy of owning and
managing a diverse set of highly defensible, middle-market
businesses across the niche industrial, branded consumer and
healthcare sectors. The Company leverages its permanent capital
base, long-term disciplined approach, and actionable expertise to
maintain controlling ownership interests in each of its
subsidiaries, maximizing its ability to impact long-term cash flow
generation and value creation. The Company provides both debt and
equity capital for its subsidiaries, contributing to their
financial and operating flexibility. CODI utilizes the cash flows
generated by its subsidiaries to invest in the long-term growth of
the Company and has consistently generated strong returns through
its culture of transparency, alignment and accountability. For more
information, please visit compassdiversified.com.
Forward Looking Statements
Certain statements in this press release may be
deemed forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include, but are not limited to, statements as to our
future performance or liquidity, such as expectations regarding our
results of operations and financial condition, our 2023 Adjusted
EBITDA, our 2023 Adjusted Earnings, our pending divestiture of
Marucci, and other statements with regard to the future performance
of CODI. We may use words such as “plans,” “anticipate,” “believe,”
“expect,” “intend,” “will,” “should,” “may,” “seek,” “look,” and
similar expressions to identify forward-looking statements. The
forward-looking statements contained in this press release involve
risks and uncertainties. Actual results could differ materially
from those implied or expressed in the forward-looking statements
for any reason, including the factors set forth in “Risk Factors”
and elsewhere in CODI’s annual report on Form 10-K and its
quarterly reports on Form 10-Q. Other factors that could cause
actual results to differ materially include: changes in the
economy, financial markets and political environment, including
changes in inflation and interest rates; risks associated with
possible disruption in CODI’s operations or the economy generally
due to terrorism, natural disasters, social, civil and political
unrest or the COVID-19 pandemic; future changes in laws or
regulations (including the interpretation of these laws and
regulations by regulatory authorities; environmental risks
affecting the business or operations of our subsidiaries;
disruption in the global supply chain, labor shortages and high
labor costs; our business prospects and the prospects of our
subsidiaries; the impact of, and ability to successfully complete
and integrate, acquisitions that we may make; the ability to
successfully complete divestitures (including the divestiture of
Marucci) when we’ve executed divestitures agreements; the
dependence of our future success on the general economy and its
impact on the industries in which we operate; the ability of our
subsidiaries to achieve their objectives; the adequacy of our cash
resources and working capital; the timing of cash flows, if any,
from the operations of our subsidiaries; and other considerations
that may be disclosed from time to time in CODI’s publicly
disseminated documents and filings. Undue reliance should not be
placed on such forward-looking statements as such statements speak
only as of the date on which they are made. Although, except as
required by law, CODI undertakes no obligation to revise or update
any forward-looking statements, whether as a result of new
information, future events or otherwise, you are advised to consult
any additional disclosures that CODI may make directly to you or
through reports that it in the future may file with the SEC,
including annual reports on Form 10-K, quarterly reports on Form
10-Q and current reports on Form 8-K.
Investor
Relations:irinquiry@compassdiversified.comCody
SlachGateway Group949.574.3860 |
Media Contact:The IGB Group Leon Berman
212.477.8438 lberman@igbir.com |
CODI@gateway-grp.com |
|
|
Compass Diversified HoldingsCondensed
Consolidated Balance Sheets |
|
|
September 30, 2023 |
|
December 31, 2022 |
(in thousands) |
(Unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
64,737 |
|
$ |
57,880 |
Accounts receivable, net |
|
349,839 |
|
|
331,396 |
Inventories, net |
|
801,887 |
|
|
728,083 |
Prepaid expenses and other
current assets |
|
98,974 |
|
|
74,700 |
Current assets of discontinued
operations |
|
— |
|
|
18,126 |
Total current assets |
|
1,315,437 |
|
|
1,210,185 |
Property, plant and equipment,
net |
|
203,512 |
|
|
198,525 |
Goodwill |
|
1,041,469 |
|
|
1,066,726 |
Intangible assets, net |
|
1,069,995 |
|
|
1,127,936 |
Other non-current assets |
|
180,399 |
|
|
166,412 |
Non-current assets of
discontinued operations |
|
— |
|
|
79,847 |
Total
assets |
$ |
3,810,812 |
|
$ |
3,849,631 |
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued
expenses |
$ |
291,294 |
|
$ |
286,643 |
Due to related party |
|
17,230 |
|
|
15,495 |
Current portion, long-term
debt |
|
10,000 |
|
|
10,000 |
Other current liabilities |
|
35,795 |
|
|
36,545 |
Current liabilities of
discontinued operations |
|
— |
|
|
11,148 |
Total current liabilities |
|
354,319 |
|
|
359,831 |
Deferred income taxes |
|
133,118 |
|
|
145,643 |
Long-term debt |
|
1,775,776 |
|
|
1,824,468 |
Other non-current
liabilities |
|
157,850 |
|
|
141,535 |
Non-current liabilities of
discontinued operations |
|
— |
|
|
16,192 |
Total liabilities |
|
2,421,063 |
|
|
2,487,669 |
Stockholders'
equity |
|
|
|
Total stockholders' equity
attributable to Holdings |
|
1,139,580 |
|
|
1,136,920 |
Noncontrolling interest |
|
250,169 |
|
|
223,509 |
Noncontrolling interest of
discontinued operations |
|
— |
|
|
1,533 |
Total stockholders'
equity |
|
1,389,749 |
|
|
1,361,962 |
Total liabilities and
stockholders’ equity |
$ |
3,810,812 |
|
$ |
3,849,631 |
|
|
|
|
|
Compass Diversified HoldingsConsolidated
Statements of Operations(Unaudited) |
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in thousands, except per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net sales |
$ |
569,565 |
|
|
$ |
575,819 |
|
|
$ |
1,635,952 |
|
|
$ |
1,601,929 |
|
Cost of sales |
|
315,347 |
|
|
|
346,260 |
|
|
|
907,013 |
|
|
|
959,798 |
|
Gross
profit |
|
254,218 |
|
|
|
229,559 |
|
|
|
728,939 |
|
|
|
642,131 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
147,962 |
|
|
|
144,040 |
|
|
|
442,345 |
|
|
|
390,336 |
|
Management fees |
|
18,596 |
|
|
|
16,592 |
|
|
|
51,911 |
|
|
|
45,929 |
|
Amortization expense |
|
26,657 |
|
|
|
25,152 |
|
|
|
79,708 |
|
|
|
67,178 |
|
Impairment expense |
|
32,568 |
|
|
|
— |
|
|
|
32,568 |
|
|
|
— |
|
Operating
income |
|
28,435 |
|
|
|
43,775 |
|
|
|
122,407 |
|
|
|
138,688 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
(27,560 |
) |
|
|
(22,799 |
) |
|
|
(80,355 |
) |
|
|
(57,737 |
) |
Amortization of debt issuance costs |
|
(1,005 |
) |
|
|
(1,004 |
) |
|
|
(3,034 |
) |
|
|
(2,735 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
(534 |
) |
|
|
— |
|
|
|
(534 |
) |
Other income (expense), net |
|
1,043 |
|
|
|
(1,917 |
) |
|
|
2,069 |
|
|
|
856 |
|
Net income from
continuing operations before income taxes |
|
913 |
|
|
|
17,521 |
|
|
|
41,087 |
|
|
|
78,538 |
|
Provision for income taxes |
|
5,947 |
|
|
|
20,493 |
|
|
|
20,227 |
|
|
|
36,601 |
|
Income (loss) from
continuing operations |
|
(5,034 |
) |
|
|
(2,972 |
) |
|
|
20,860 |
|
|
|
41,937 |
|
Income (loss) from discontinued operations, net of income tax |
|
— |
|
|
|
4,078 |
|
|
|
(1,391 |
) |
|
|
14,452 |
|
Gain on sale of discontinued operations |
|
1,274 |
|
|
|
1,479 |
|
|
|
103,495 |
|
|
|
6,893 |
|
Net income
(loss) |
|
(3,760 |
) |
|
|
2,585 |
|
|
|
122,964 |
|
|
|
63,282 |
|
Less: Net income from continuing operations attributable to
noncontrolling interest |
|
6,394 |
|
|
|
3,675 |
|
|
|
14,892 |
|
|
|
12,247 |
|
Less: Net income (loss) from discontinued operations attributable
to noncontrolling interest |
|
— |
|
|
|
684 |
|
|
|
(777 |
) |
|
|
2,680 |
|
Net income (loss)
attributable to Holdings |
$ |
(10,154 |
) |
|
$ |
(1,774 |
) |
|
$ |
108,849 |
|
|
$ |
48,355 |
|
|
|
|
|
|
|
|
|
Amounts attributable
to Holdings |
|
|
|
|
|
|
|
Income (loss) from continuing operations |
$ |
(11,428 |
) |
|
$ |
(6,647 |
) |
|
$ |
5,968 |
|
|
$ |
29,690 |
|
Income (loss) from discontinued operations |
|
— |
|
|
|
3,394 |
|
|
|
(614 |
) |
|
|
11,772 |
|
Gain on sale of discontinued operations, net of income tax |
|
1,274 |
|
|
|
1,479 |
|
|
|
103,495 |
|
|
|
6,893 |
|
Net income (loss)
attributable to Holdings |
$ |
(10,154 |
) |
|
$ |
(1,774 |
) |
|
$ |
108,849 |
|
|
$ |
48,355 |
|
|
|
|
|
|
|
|
|
Basic income (loss) per common share attributable to
Holdings |
|
|
|
|
|
|
|
Continuing operations |
$ |
(0.35 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.74 |
) |
|
$ |
(0.04 |
) |
Discontinued operations |
|
0.02 |
|
|
|
0.06 |
|
|
|
1.43 |
|
|
|
0.24 |
|
|
$ |
(0.33 |
) |
|
$ |
(0.21 |
) |
|
$ |
0.69 |
|
|
$ |
0.20 |
|
|
|
|
|
|
|
|
|
Basic
weighted average number of common shares outstanding |
|
71,881 |
|
|
|
71,910 |
|
|
|
71,996 |
|
|
|
70,514 |
|
|
|
|
|
|
|
|
|
Cash
distributions declared per Trust common share |
$ |
0.25 |
|
|
$ |
0.25 |
|
|
$ |
0.75 |
|
|
$ |
0.75 |
|
|
Compass Diversified HoldingsNet Income
(Loss) to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted
EBITDA(Unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months Ended September
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Net income (loss) |
$ |
(3,760 |
) |
|
$ |
2,585 |
|
|
$ |
122,964 |
|
|
$ |
63,282 |
|
Income (loss) from
discontinued operations, net of tax |
|
— |
|
|
|
1,479 |
|
|
|
(1,391 |
) |
|
|
6,893 |
|
Gain on sale of discontinued
operations, net of tax |
|
1,274 |
|
|
|
4,078 |
|
|
|
103,495 |
|
|
|
14,452 |
|
Income (loss) from continuing
operations |
$ |
(5,034 |
) |
|
$ |
(2,972 |
) |
|
$ |
20,860 |
|
|
$ |
41,937 |
|
Less: income from continuing
operations attributable to noncontrolling interest |
|
6,394 |
|
|
|
3,675 |
|
|
|
14,892 |
|
|
|
12,247 |
|
Net income (loss) attributable
to Holdings - continuing operations |
$ |
(11,428 |
) |
|
$ |
(6,647 |
) |
|
$ |
5,968 |
|
|
$ |
29,690 |
|
Adjustments: |
|
|
|
|
|
|
|
Distributions paid - preferred
shares |
|
(6,045 |
) |
|
|
(6,045 |
) |
|
|
(18,136 |
) |
|
|
(18,136 |
) |
Amortization expense -
intangibles and inventory step up |
|
26,658 |
|
|
|
26,241 |
|
|
|
80,843 |
|
|
|
72,078 |
|
Impairment expense |
|
32,568 |
|
|
|
— |
|
|
|
32,568 |
|
|
|
— |
|
Tax effect - impairment
expense |
|
(4,308 |
) |
|
|
— |
|
|
|
(4,308 |
) |
|
|
— |
|
Loss on debt
extinguishment |
|
— |
|
|
|
534 |
|
|
|
— |
|
|
|
534 |
|
Stock compensation |
|
3,174 |
|
|
|
3,118 |
|
|
|
8,885 |
|
|
|
8,479 |
|
Acquisition expenses |
|
28 |
|
|
|
5,902 |
|
|
|
392 |
|
|
|
6,118 |
|
Integration services fee |
|
— |
|
|
|
1,626 |
|
|
|
2,375 |
|
|
|
2,751 |
|
Held for sale corporate tax
impact |
|
— |
|
|
|
16,457 |
|
|
|
— |
|
|
|
12,119 |
|
Other |
|
349 |
|
|
|
434 |
|
|
|
1,129 |
|
|
|
3,263 |
|
Adjusted Earnings |
$ |
40,996 |
|
|
$ |
41,620 |
|
|
$ |
109,716 |
|
|
$ |
116,896 |
|
Plus
(less): |
|
|
|
|
|
|
|
Depreciation expense |
|
12,690 |
|
|
|
10,776 |
|
|
|
37,264 |
|
|
|
31,058 |
|
Income tax provision |
|
5,947 |
|
|
|
20,493 |
|
|
|
20,227 |
|
|
|
36,601 |
|
Held for sale corporate tax
impact |
|
— |
|
|
|
(16,457 |
) |
|
|
— |
|
|
|
(12,119 |
) |
Interest expense |
|
27,560 |
|
|
|
22,799 |
|
|
|
80,355 |
|
|
|
57,737 |
|
Amortization of debt issuance
costs |
|
1,005 |
|
|
|
1,004 |
|
|
|
3,034 |
|
|
|
2,735 |
|
Tax effect - impairment
expense |
|
4,308 |
|
|
|
— |
|
|
|
4,308 |
|
|
|
— |
|
Income from continuing
operations attributable to noncontrolling interest |
|
6,394 |
|
|
|
3,675 |
|
|
|
14,892 |
|
|
|
12,247 |
|
Distributions paid - preferred
shares |
|
6,045 |
|
|
|
6,045 |
|
|
|
18,136 |
|
|
|
18,136 |
|
Other (income) expense |
|
(1,043 |
) |
|
|
1,917 |
|
|
|
(2,069 |
) |
|
|
(856 |
) |
Adjusted EBITDA |
$ |
103,902 |
|
|
$ |
91,872 |
|
|
$ |
285,863 |
|
|
$ |
262,435 |
|
|
Compass Diversified HoldingsNet Income
(Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted
EBITDA ReconciliationThree Months Ended September
30, 2023(Unaudited) |
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergobaby |
|
Lugano |
|
Marucci Sports |
|
PrimaLoft |
|
Velocity Outdoor |
|
Altor |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations |
|
$ |
(11,506 |
) |
|
$ |
5,834 |
|
|
$ |
4,257 |
|
|
$ |
(261 |
) |
|
$ |
14,584 |
|
$ |
6,706 |
|
$ |
(4,893 |
) |
|
$ |
(28,881 |
) |
|
$ |
5,042 |
|
|
$ |
2,103 |
|
$ |
1,981 |
|
|
$ |
(5,034 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
1,920 |
|
|
|
865 |
|
|
|
(620 |
) |
|
|
4,210 |
|
|
2,110 |
|
|
(2,566 |
) |
|
|
(2,951 |
) |
|
|
1,460 |
|
|
|
876 |
|
|
643 |
|
|
|
5,947 |
|
Interest expense, net |
|
|
27,524 |
|
|
|
(2 |
) |
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
1 |
|
|
(3 |
) |
|
|
38 |
|
|
|
— |
|
|
|
6 |
|
|
— |
|
|
|
27,560 |
|
Intercompany interest |
|
|
(36,908 |
) |
|
|
5,477 |
|
|
|
1,571 |
|
|
|
2,144 |
|
|
|
8,930 |
|
|
2,200 |
|
|
4,635 |
|
|
|
3,633 |
|
|
|
2,549 |
|
|
|
1,706 |
|
|
4,063 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
Depreciation and amortization |
|
|
335 |
|
|
|
6,573 |
|
|
|
5,930 |
|
|
|
2,033 |
|
|
|
2,081 |
|
|
3,443 |
|
|
5,361 |
|
|
|
3,272 |
|
|
|
4,215 |
|
|
|
2,126 |
|
|
4,984 |
|
|
|
40,353 |
|
EBITDA |
|
|
(20,555 |
) |
|
|
19,802 |
|
|
|
12,619 |
|
|
|
3,296 |
|
|
|
29,805 |
|
|
14,460 |
|
|
2,534 |
|
|
|
(24,889 |
) |
|
|
13,266 |
|
|
|
6,817 |
|
|
11,671 |
|
|
|
68,826 |
|
Other (income) expense |
|
|
2 |
|
|
|
98 |
|
|
|
(63 |
) |
|
|
— |
|
|
|
71 |
|
|
— |
|
|
(9 |
) |
|
|
(425 |
) |
|
|
(362 |
) |
|
|
8 |
|
|
(363 |
) |
|
|
(1,043 |
) |
Non-controlling shareholder compensation |
|
|
— |
|
|
|
258 |
|
|
|
736 |
|
|
|
312 |
|
|
|
472 |
|
|
424 |
|
|
262 |
|
|
|
228 |
|
|
|
234 |
|
|
|
8 |
|
|
240 |
|
|
|
3,174 |
|
Impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
32,568 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
32,568 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
28 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
28 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
349 |
|
|
|
349 |
|
Adjusted
EBITDA |
|
$ |
(20,553 |
) |
|
$ |
20,158 |
|
|
$ |
13,292 |
|
|
$ |
3,608 |
|
|
$ |
30,348 |
|
$ |
14,912 |
|
$ |
2,787 |
|
|
$ |
7,482 |
|
|
$ |
13,138 |
|
|
$ |
6,833 |
|
$ |
11,897 |
|
|
$ |
103,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income
(Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted
EBITDA ReconciliationThree Months Ended September
30, 2022(Unaudited) |
|
|
|
Corporate |
|
|
5.11 |
|
BOA |
|
Ergobaby |
|
Lugano |
|
Marucci Sports |
|
PrimaLoft |
|
Velocity Outdoor |
|
Altor |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations |
|
$ |
(31,602 |
) |
|
$ |
5,905 |
|
$ |
8,935 |
|
|
$ |
(759 |
) |
|
$ |
8,095 |
|
$ |
4,230 |
|
|
$ |
(8,492 |
) |
|
$ |
4,679 |
|
$ |
2,765 |
|
$ |
3,475 |
|
$ |
(203 |
) |
|
$ |
(2,972 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
16,457 |
|
|
|
1,906 |
|
|
1,776 |
|
|
|
(410 |
) |
|
|
1,166 |
|
|
1,609 |
|
|
|
(3,570 |
) |
|
|
1,416 |
|
|
805 |
|
|
537 |
|
|
(1,199 |
) |
|
|
20,493 |
|
Interest expense, net |
|
|
22,725 |
|
|
|
2 |
|
|
(7 |
) |
|
|
— |
|
|
|
3 |
|
|
3 |
|
|
|
(4 |
) |
|
|
70 |
|
|
— |
|
|
7 |
|
|
— |
|
|
|
22,799 |
|
Intercompany interest |
|
|
(27,141 |
) |
|
|
3,503 |
|
|
1,808 |
|
|
|
1,737 |
|
|
|
3,263 |
|
|
1,812 |
|
|
|
3,251 |
|
|
|
2,997 |
|
|
2,821 |
|
|
1,402 |
|
|
4,547 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
534 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
534 |
|
Depreciation and amortization |
|
|
315 |
|
|
|
5,766 |
|
|
5,577 |
|
|
|
2,033 |
|
|
|
3,083 |
|
|
2,504 |
|
|
|
4,194 |
|
|
|
3,420 |
|
|
4,124 |
|
|
1,936 |
|
|
5,069 |
|
|
|
38,021 |
|
EBITDA |
|
|
(18,712 |
) |
|
|
17,082 |
|
|
18,089 |
|
|
|
2,601 |
|
|
|
15,610 |
|
|
10,158 |
|
|
|
(4,621 |
) |
|
|
12,582 |
|
|
10,515 |
|
|
7,357 |
|
|
8,214 |
|
|
|
78,875 |
|
Other (income) expense |
|
|
(72 |
) |
|
|
709 |
|
|
403 |
|
|
|
— |
|
|
|
— |
|
|
(1 |
) |
|
|
260 |
|
|
|
971 |
|
|
110 |
|
|
— |
|
|
(463 |
) |
|
|
1,917 |
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
381 |
|
|
621 |
|
|
|
362 |
|
|
|
356 |
|
|
537 |
|
|
|
— |
|
|
|
240 |
|
|
375 |
|
|
13 |
|
|
232 |
|
|
|
3,117 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
5,680 |
|
|
|
222 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
5,902 |
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
563 |
|
|
— |
|
|
|
1,063 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,626 |
|
Other |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
434 |
|
|
|
434 |
|
Adjusted
EBITDA |
|
$ |
(18,784 |
) |
|
$ |
18,172 |
|
$ |
19,113 |
|
|
$ |
2,963 |
|
|
$ |
16,529 |
|
$ |
10,694 |
|
|
$ |
2,382 |
|
|
$ |
14,015 |
|
$ |
11,000 |
|
$ |
7,370 |
|
$ |
8,417 |
|
|
$ |
91,871 |
|
|
Compass Diversified HoldingsNet Income
(Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted
EBITDA ReconciliationNine Months Ended September
30, 2023(Unaudited) |
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergobaby |
|
Lugano |
|
Marucci Sports |
|
PrimaLoft |
|
Velocity Outdoor |
|
Altor |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations |
|
$ |
(33,858 |
) |
|
$ |
11,850 |
|
|
$ |
15,151 |
|
|
$ |
(1,114 |
) |
|
$ |
31,468 |
|
|
$ |
16,125 |
|
$ |
(5,500 |
) |
|
$ |
(36,862 |
) |
|
$ |
12,244 |
|
$ |
6,911 |
|
|
$ |
4,445 |
|
|
$ |
20,860 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
3,990 |
|
|
|
2,224 |
|
|
|
(1,272 |
) |
|
|
10,295 |
|
|
|
5,150 |
|
|
(3,125 |
) |
|
|
(5,905 |
) |
|
|
4,094 |
|
|
3,264 |
|
|
|
1,512 |
|
|
|
20,227 |
|
Interest expense, net |
|
|
80,122 |
|
|
|
(4 |
) |
|
|
(9 |
) |
|
|
— |
|
|
|
4 |
|
|
|
3 |
|
|
(9 |
) |
|
|
232 |
|
|
|
— |
|
|
16 |
|
|
|
— |
|
|
|
80,355 |
|
Intercompany interest |
|
|
(106,361 |
) |
|
|
15,698 |
|
|
|
5,032 |
|
|
|
6,484 |
|
|
|
22,660 |
|
|
|
6,928 |
|
|
13,343 |
|
|
|
10,070 |
|
|
|
8,183 |
|
|
5,078 |
|
|
|
12,885 |
|
|
|
— |
|
Depreciation and amortization |
|
|
929 |
|
|
|
19,866 |
|
|
|
17,436 |
|
|
|
6,112 |
|
|
|
6,971 |
|
|
|
9,898 |
|
|
16,084 |
|
|
|
10,023 |
|
|
|
12,558 |
|
|
6,248 |
|
|
|
15,016 |
|
|
|
121,141 |
|
EBITDA |
|
|
(59,168 |
) |
|
|
51,400 |
|
|
|
39,834 |
|
|
|
10,210 |
|
|
|
71,398 |
|
|
|
38,104 |
|
|
20,793 |
|
|
|
(22,442 |
) |
|
|
37,079 |
|
|
21,517 |
|
|
|
33,858 |
|
|
|
242,583 |
|
Other (income) expense |
|
|
(126 |
) |
|
|
(103 |
) |
|
|
117 |
|
|
|
29 |
|
|
|
(5 |
) |
|
|
29 |
|
|
130 |
|
|
|
(1,179 |
) |
|
|
201 |
|
|
(1 |
) |
|
|
(1,161 |
) |
|
|
(2,069 |
) |
Non-controlling shareholder compensation |
|
|
— |
|
|
|
988 |
|
|
|
2,069 |
|
|
|
936 |
|
|
|
1,312 |
|
|
|
1,287 |
|
|
219 |
|
|
|
686 |
|
|
|
800 |
|
|
26 |
|
|
|
562 |
|
|
|
8,885 |
|
Impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
32,568 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
32,568 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
392 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
392 |
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2,375 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
2,375 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
1,129 |
|
|
|
1,129 |
|
Adjusted
EBITDA |
|
$ |
(59,294 |
) |
|
$ |
52,285 |
|
|
$ |
42,020 |
|
|
$ |
11,175 |
|
|
$ |
72,705 |
|
|
$ |
39,812 |
|
$ |
23,517 |
|
|
$ |
9,633 |
|
|
$ |
38,080 |
|
$ |
21,542 |
|
|
$ |
34,388 |
|
|
$ |
285,863 |
|
|
Compass Diversified HoldingsNet Income
(Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted
EBITDA ReconciliationNine Months Ended September
30, 2022(Unaudited) |
|
|
|
Corporate |
|
|
5.11 |
|
BOA |
|
Ergobaby |
|
Lugano |
|
Marucci Sports |
|
PrimaLoft |
|
Velocity Outdoor |
|
Altor |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations |
|
$ |
(56,373 |
) |
|
$ |
15,540 |
|
$ |
37,122 |
|
|
$ |
(634 |
) |
|
$ |
21,871 |
|
$ |
8,374 |
|
|
$ |
(8,492 |
) |
|
$ |
7,826 |
|
$ |
7,149 |
|
$ |
7,217 |
|
$ |
2,337 |
|
|
$ |
41,937 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income
taxes |
|
|
12,119 |
|
|
|
4,999 |
|
|
6,819 |
|
|
|
432 |
|
|
|
5,863 |
|
|
2,821 |
|
|
|
(3,570 |
) |
|
|
2,372 |
|
|
2,907 |
|
|
2,768 |
|
|
(929 |
) |
|
|
36,601 |
|
Interest expense, net |
|
|
57,559 |
|
|
|
12 |
|
|
(19 |
) |
|
|
2 |
|
|
|
12 |
|
|
13 |
|
|
|
(4 |
) |
|
|
142 |
|
|
— |
|
|
20 |
|
|
— |
|
|
|
57,737 |
|
Intercompany interest |
|
|
(66,876 |
) |
|
|
9,501 |
|
|
5,634 |
|
|
|
4,000 |
|
|
|
7,841 |
|
|
4,649 |
|
|
|
3,251 |
|
|
|
6,987 |
|
|
7,844 |
|
|
3,947 |
|
|
13,222 |
|
|
|
— |
|
Loss on debt
extinguishment |
|
|
534 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
534 |
|
Depreciation and
amortization |
|
|
952 |
|
|
|
16,804 |
|
|
16,345 |
|
|
|
6,061 |
|
|
|
8,385 |
|
|
9,558 |
|
|
|
4,194 |
|
|
|
9,981 |
|
|
12,254 |
|
|
6,065 |
|
|
15,272 |
|
|
|
105,871 |
|
EBITDA |
|
|
(52,085 |
) |
|
|
46,856 |
|
|
65,901 |
|
|
|
9,861 |
|
|
|
43,972 |
|
|
25,415 |
|
|
|
(4,621 |
) |
|
|
27,308 |
|
|
30,154 |
|
|
20,017 |
|
|
29,902 |
|
|
|
242,680 |
|
Other (income) expense |
|
|
(72 |
) |
|
|
93 |
|
|
498 |
|
|
|
4 |
|
|
|
2 |
|
|
(1,829 |
) |
|
|
260 |
|
|
|
1,154 |
|
|
219 |
|
|
— |
|
|
(1,185 |
) |
|
|
(856 |
) |
Non-controlling shareholder
compensation |
|
|
— |
|
|
|
1,210 |
|
|
1,889 |
|
|
|
1,154 |
|
|
|
800 |
|
|
1,089 |
|
|
|
— |
|
|
|
742 |
|
|
910 |
|
|
38 |
|
|
647 |
|
|
|
8,479 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
5,680 |
|
|
|
222 |
|
|
216 |
|
|
— |
|
|
— |
|
|
|
6,118 |
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
1,688 |
|
|
— |
|
|
|
1,063 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
2,751 |
|
Other |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
250 |
|
|
|
— |
|
|
1,802 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
1,211 |
|
|
|
3,263 |
|
Adjusted
EBITDA |
|
$ |
(52,157 |
) |
|
$ |
48,159 |
|
$ |
68,288 |
|
|
$ |
11,269 |
|
|
$ |
46,462 |
|
$ |
26,477 |
|
|
$ |
2,382 |
|
|
$ |
29,426 |
|
$ |
31,499 |
|
$ |
20,055 |
|
$ |
30,575 |
|
|
$ |
262,435 |
|
|
Compass Diversified HoldingsNon-GAAP
Adjusted EBITDA(Unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months Ended September
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Branded
Consumer |
|
|
|
|
|
|
|
5.11 |
$ |
20,158 |
|
|
$ |
18,172 |
|
|
$ |
52,285 |
|
|
$ |
48,159 |
|
BOA |
|
13,292 |
|
|
|
19,113 |
|
|
|
42,020 |
|
|
|
68,288 |
|
Ergobaby |
|
3,608 |
|
|
|
2,963 |
|
|
|
11,175 |
|
|
|
11,269 |
|
Lugano |
|
30,348 |
|
|
|
16,529 |
|
|
|
72,705 |
|
|
|
46,462 |
|
Marucci Sports |
|
14,912 |
|
|
|
10,694 |
|
|
|
39,812 |
|
|
|
26,477 |
|
PrimaLoft
(1) |
|
2,787 |
|
|
|
2,382 |
|
|
|
23,517 |
|
|
|
2,382 |
|
Velocity Outdoor |
|
7,482 |
|
|
|
14,015 |
|
|
|
9,633 |
|
|
|
29,426 |
|
Total Branded
Consumer |
$ |
92,587 |
|
|
$ |
83,868 |
|
|
$ |
251,147 |
|
|
$ |
232,463 |
|
|
|
|
|
|
|
|
|
Niche
Industrial |
|
|
|
|
|
|
|
Altor Solutions |
|
13,138 |
|
|
|
11,000 |
|
|
|
38,080 |
|
|
|
31,499 |
|
Arnold Magnetics |
|
6,833 |
|
|
|
7,370 |
|
|
|
21,542 |
|
|
|
20,055 |
|
Sterno |
|
11,897 |
|
|
|
8,417 |
|
|
|
34,388 |
|
|
|
30,575 |
|
Total Niche
Industrial |
$ |
31,868 |
|
|
$ |
26,787 |
|
|
$ |
94,010 |
|
|
$ |
82,129 |
|
Corporate expense |
|
(20,553 |
) |
|
|
(18,784 |
) |
|
|
(59,294 |
) |
|
|
(52,157 |
) |
Total Adjusted
EBITDA |
$ |
103,902 |
|
|
$ |
91,871 |
|
|
$ |
285,863 |
|
|
$ |
262,435 |
|
(1) |
The above results for PrimaLoft do not include management's
estimate of Adjusted EBITDA, before the Company's ownership, of
$1.4 million and $24.8 million, respectively, for the three and
nine months ended September 30, 2022. PrimaLoft was acquired on
July 12, 2022. |
|
Compass Diversified HoldingsNet Sales to
Pro Forma Net Sales
Reconciliation(unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months Ended September
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net Sales |
$ |
569,565 |
|
|
$ |
575,819 |
|
|
$ |
1,635,952 |
|
|
$ |
1,601,929 |
|
Acquisitions
(1) |
|
— |
|
|
|
2,319 |
|
|
|
— |
|
|
|
55,185 |
|
Pro Forma Net Sales |
$ |
569,565 |
|
|
$ |
578,138 |
|
|
$ |
1,635,952 |
|
|
$ |
1,657,114 |
|
(1) |
Acquisitions reflects the net sales for PrimaLoft on a pro forma
basis as if the Company had acquired PrimaLoft on January 1,
2022. |
|
Compass Diversified HoldingsSubsidiary Pro
Forma Net Sales(unaudited) |
|
|
Three Months EndedSeptember
30, |
|
Nine Months EndedSeptember
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Branded
Consumer |
|
|
|
|
|
|
|
5.11 |
$ |
135,213 |
|
|
$ |
126,537 |
|
|
$ |
385,695 |
|
|
$ |
350,608 |
|
BOA |
|
37,281 |
|
|
|
50,019 |
|
|
|
113,390 |
|
|
|
166,215 |
|
Ergobaby |
|
23,218 |
|
|
|
21,540 |
|
|
|
71,785 |
|
|
|
68,256 |
|
Lugano |
|
78,735 |
|
|
|
51,145 |
|
|
|
203,571 |
|
|
|
137,229 |
|
Marucci Sports |
|
48,500 |
|
|
|
42,753 |
|
|
|
144,065 |
|
|
|
122,481 |
|
PrimaLoft
(1) |
|
10,930 |
|
|
|
13,031 |
|
|
|
57,619 |
|
|
|
65,897 |
|
Velocity Outdoor |
|
54,469 |
|
|
|
75,482 |
|
|
|
126,348 |
|
|
|
180,774 |
|
Total Branded Consumer |
$ |
388,346 |
|
|
$ |
380,507 |
|
|
$ |
1,102,473 |
|
|
$ |
1,091,460 |
|
|
|
|
|
|
|
|
|
Niche
Industrial |
|
|
|
|
|
|
|
Altor Solutions |
|
59,215 |
|
|
|
69,618 |
|
|
|
181,613 |
|
|
|
199,590 |
|
Arnold Magnetics |
|
41,819 |
|
|
|
39,377 |
|
|
|
122,047 |
|
|
|
116,319 |
|
Sterno |
|
80,185 |
|
|
|
88,636 |
|
|
|
229,819 |
|
|
|
249,745 |
|
Total Niche Industrial |
$ |
181,219 |
|
|
$ |
197,631 |
|
|
$ |
533,479 |
|
|
$ |
565,654 |
|
|
|
|
|
|
|
|
|
Total Subsidiary Net
Sales |
$ |
569,565 |
|
|
$ |
578,138 |
|
|
$ |
1,635,952 |
|
|
$ |
1,657,114 |
|
(1) |
Net sales for PrimaLoft are pro forma as if the Company had
acquired this business on January 1, 2022. |
|
Compass Diversified HoldingsCondensed
Consolidated Cash Flows (unaudited) |
|
|
Three Months Ended September
30, |
|
Nine Months Ended September
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating
activities |
$ |
19,713 |
|
|
$ |
(4,586 |
) |
|
$ |
56,952 |
|
|
$ |
(39,923 |
) |
Net cash provided by (used in) investing
activities |
|
(13,538 |
) |
|
|
(576,713 |
) |
|
|
104,291 |
|
|
|
(598,951 |
) |
Net cash provided by (used in) financing
activities |
|
(8,308 |
) |
|
|
538,531 |
|
|
|
(157,927 |
) |
|
|
542,128 |
|
Foreign currency impact on cash |
|
(484 |
) |
|
|
(1,603 |
) |
|
|
150 |
|
|
|
(2,735 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
(2,617 |
) |
|
|
(44,371 |
) |
|
|
3,466 |
|
|
|
(99,481 |
) |
Cash and cash equivalents -
beginning of the period |
|
67,354 |
|
|
|
105,623 |
|
|
|
61,271 |
|
|
|
160,733 |
|
Cash and cash
equivalents - end of the period |
$ |
64,737 |
|
|
$ |
61,252 |
|
|
$ |
64,737 |
|
|
$ |
61,252 |
|
Compass Diversified Holding |
Selected Financial Data - Cash Flows |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember
30, |
|
Nine Months Ended September
30, |
(in thousands) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities |
$ |
(48,685 |
) |
|
$ |
(62,803 |
) |
|
$ |
(113,882 |
) |
|
$ |
(221,998 |
) |
Purchases of property and
equipment |
$ |
(12,108 |
) |
|
$ |
(15,036 |
) |
|
$ |
(43,648 |
) |
|
$ |
(39,471 |
) |
Distributions paid - common
shares |
$ |
(17,974 |
) |
|
$ |
(17,931 |
) |
|
$ |
(54,012 |
) |
|
$ |
(52,794 |
) |
Distributions paid - preferred
shares |
$ |
(6,045 |
) |
|
$ |
(6,045 |
) |
|
$ |
(18,136 |
) |
|
$ |
(18,136 |
) |
Compass Diversified (NYSE:CODI)
過去 株価チャート
から 1 2025 まで 2 2025
Compass Diversified (NYSE:CODI)
過去 株価チャート
から 2 2024 まで 2 2025