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 June 30,
2022.
“The second quarter marks our sixth consecutive
quarter of record financial performance, which is a continued
testament to the strength of our management teams and quality of
the companies we own,” said Elias Sabo, CEO of Compass Diversified.
“Despite the significant macroeconomic challenges that have curbed
consumer discretionary spending, ongoing global supply chain
constraints, and inflationary concerns, CODI reported another
quarter of double-digit sales and earnings growth. Based on our
strong performance and our current view of the economy, we are
raising our full-year outlook. We believe we remain well-positioned
to drive continued value for our shareholders.”
Second Quarter 2022 Financial Highlights
vs. Same Year-Ago Quarter (where applicable)
- Net sales up 19% to $515.6 million,
and up 13% on a pro forma basis.
- Branded consumer net sales up 21%
to $326.5 million, and up 12% on a pro forma basis.
- Niche industrial net sales up 16%
to $189.1 million.
- Operating income up 38% to $50.3
million.
- Income from continuing operations
up considerably to $26.5 million vs. $(21.6) million.
- Net income up considerably to $31.0
million vs. $(11.3) million.
- Adjusted Earnings, a non-GAAP
financial measure, up 41% to $39.3 million.
- Adjusted EBITDA, a non-GAAP
financial measure, up 26% to $87.4 million.
- Paid a second quarter 2022 cash
distribution of $0.25 per share on CODI's common shares in July
2022.
Second Quarter 2022 Business
Highlights
- Joined the Russell 2000 and 3000
Indexes, providing the Company with increased visibility in the
public markets.
- Announced the acquisition of
PrimaLoft Technologies Holdings, Inc., the parent company of
PrimaLoft, Inc. ("PrimaLoft"), a leading provider of branded,
high-performance synthetic insulation and materials used primarily
in outerwear and accessories. The Company completed the acquisition
on July 12, 2022.
Second Quarter 2022 Financial
Results
Net sales in the second quarter of 2022 were
$515.6 million, up 19% compared to $431.5 million in the second
quarter of 2021. The increase was due to strong performance at its
branded consumer and niche industrial subsidiaries. On a pro forma
basis, assuming CODI had acquired Lugano on January 1, 2021, net
sales were up 13% compared to the prior year period.
Branded consumer net sales increased 21% in the
second quarter of 2022 to $326.5 million. On a pro forma basis,
assuming CODI had acquired Lugano on January 1, 2021, branded
consumer net sales were up 12% compared to the prior year period.
Niche industrial net sales increased 16% in the second quarter of
2022 to $189.1 million compared to $162.5 million in the second
quarter of 2021.
Net income for the second quarter of 2022
increased to $31.0 million compared to a net loss of $11.3 million
in the second quarter of 2021. Income from continuing operations
for the second quarter of 2022 increased to $26.5 million compared
to a loss from continuing operations of $21.6 million in the second
quarter of 2021. The increases in both were due to the strong
performance across the branded consumer and niche industrial
businesses on a combined basis. In addition, the second quarter of
2021 included a loss on debt extinguishment of $33.3 million in
connection with the redemption of CODI’s 8.000% Senior Notes due
2026 on April 1, 2021. Operating income for the second quarter of
2022 increased $14.0 million to a record $50.3 million compared to
$36.4 million in the second quarter of 2021.
Adjusted Earnings (see “Note Regarding Use of
Non-GAAP Financial Measures” below) for the second quarter of 2022
was $39.3 million, up 41% compared to $27.9 million in the second
quarter of 2021. CODI's weighted average number of shares
outstanding for the quarter ended June 30, 2022, was 70.2 million
and, for the quarter ended June 30, 2021, was 64.9 million.
Adjusted EBITDA (see "Note Regarding Use of
Non-GAAP Financial Measures" below) in the second quarter of 2022
was $87.4 million, up 26% compared to $69.5 million in the second
quarter of 2021. The increase was primarily due to the strong
performance across the branded consumer and niche industrial
businesses on a combined basis. The Company no longer adds back
management fees in its calculation of Adjusted EBITDA. Management
fees incurred during the second quarter were $14.9 million.
Liquidity and Capital
Resources
As of June 30, 2022, CODI had approximately
$102.7 million in cash and cash equivalents, no borrowings
outstanding on its revolver, $1.0 billion outstanding in 5.250%
Senior Notes due 2029 and $300 million outstanding in 5.000% Senior
Notes due 2032.
As of June 30, 2022, the Company had no
significant debt maturities until 2029 and had net borrowing
availability of $597.7 million under its revolving credit
facility.
On July 12, 2022, the Company amended and
restated its credit agreement, which now provides a new $400
million term loan with the final installment payment due July 2027,
in addition to a maximum aggregate amount of $600 million in
revolving loans. The due date of all amounts outstanding under the
revolving line of credit has also been extended to July 2027. The
credit agreement also permits the Company, prior to the maturity
date, to increase the revolving loan commitment and/or obtain
additional term loans in an aggregate amount of up to $250 million,
subject to certain restrictions and conditions.
Second Quarter 2022
Distributions
On July 1, 2022, CODI's Board of Directors (the
“Board”) declared a second quarter distribution of $0.25 per share
on the Company's common shares. The cash distribution was paid on
July 28, 2022, to all holders of record of common shares as of July
21, 2022.
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, April 30, 2022, up to, but excluding, July 30,
2022. The distribution for such period was payable on July 30,
2022, to all holders of record of Series A Preferred Shares as of
July 15, 2022. The payment occurred on August 1, 2022, the next
business day following the payment date.
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, April 30, 2022, up to, but excluding, July 30,
2022. The distribution for such period was payable on July 30,
2022, to all holders of record of Series B Preferred Shares as of
July 15, 2022. The payment occurred on August 1, 2022, the next
business day following the payment date.
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, April 30, 2022, up to, but excluding, July 30,
2022. The distribution for such period was payable on July 30,
2022, to all holders of record of Series C Preferred Shares as of
July 15, 2022. The payment occurred on August 1, 2022, the next
business day following the payment date.
Increases 2022 Outlook
As a result of CODI’s strong financial
performance in the second quarter, its expectations for the
remainder of 2022 and its current view of the economy, the Company
is raising its outlook. CODI expects its current subsidiaries,
including PrimaLoft, to produce consolidated subsidiary Adjusted
EBITDA for the full year 2022 of between $445 million and $470
million. This estimate is based on the summation of the Company’s
expectations for its current subsidiaries in 2022, absent
additional acquisitions or divestitures, includes a reduction for
management fees paid at the subsidiaries of approximately $8
million and excludes corporate expenses such as interest expense,
management fees paid at CODI and corporate overhead. In addition,
the Company expects to earn between $130 million and $145 million
in Adjusted Earnings for the full year 2022, including PrimaLoft,
and including Advanced Circuits as a result of the expectation of
reclassifying Advanced Circuits to continuing operations during the
third quarter.
Conference Call
Management will host a conference call on
Wednesday, August 3, 2022, 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) 396-8049 and the dial-in number
for international callers is (416) 764-8646. The Conference ID is
68393459. 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. 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 Wednesday, August 10, 2022. 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 reflects important financial measures
as it 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 Lugano, assuming that the Company acquired Lugano on
January 1, 2021. 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 2022 Adjusted EBITDA or 2022 Adjusted Earnings
to their comparable GAAP measure 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
(“CODI”)
Since its founding in 1998, CODI has
consistently executed on its strategy of owning and managing a
diverse set of highly defensible, middle-market businesses across
the niche industrial and branded consumer 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 2022 Adjusted
EBITDA, our 2022 Adjusted Earnings, our pending acquisitions and
divestitures, 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; 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); general considerations associated with the COVID-19
pandemic and its impact on the markets in which we operate;
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 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@gatewayir.com |
|
Compass Diversified
HoldingsCondensed Consolidated Balance
Sheets
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021 |
(in thousands) |
(Unaudited) |
|
|
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
102,709 |
|
|
$ |
157,125 |
|
Accounts receivable, net |
|
268,530 |
|
|
|
268,262 |
|
Inventories, net |
|
695,687 |
|
|
|
562,084 |
|
Prepaid expenses and other current assets |
|
66,530 |
|
|
|
56,575 |
|
Current assets held-for-sale |
|
96,227 |
|
|
|
99,423 |
|
Total current assets |
|
1,229,683 |
|
|
|
1,143,469 |
|
Property, plant and equipment,
net |
|
182,989 |
|
|
|
178,393 |
|
Goodwill and intangible
assets, net |
|
1,649,174 |
|
|
|
1,688,082 |
|
Other non-current assets |
|
141,487 |
|
|
|
134,317 |
|
Total
assets |
$ |
3,203,333 |
|
|
$ |
3,144,261 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued expenses |
$ |
292,278 |
|
|
$ |
295,206 |
|
Due to related party |
|
13,501 |
|
|
|
11,705 |
|
Other current liabilities |
|
32,286 |
|
|
|
45,490 |
|
Current liabilities held-for-sale |
|
27,270 |
|
|
|
29,127 |
|
Total current liabilities |
|
365,335 |
|
|
|
381,528 |
|
Deferred income taxes |
|
79,357 |
|
|
|
84,344 |
|
Long-term debt |
|
1,285,747 |
|
|
|
1,284,826 |
|
Other non-current
liabilities |
|
118,048 |
|
|
|
109,033 |
|
Total liabilities |
|
1,848,487 |
|
|
|
1,859,731 |
|
Stockholders'
equity |
|
|
|
Total stockholders' equity
attributable to Holdings |
|
1,177,509 |
|
|
|
1,111,816 |
|
Noncontrolling interest |
|
177,707 |
|
|
|
175,328 |
|
Noncontrolling interest
held-for-sale |
|
(370 |
) |
|
|
(2,614 |
) |
Total stockholders' equity |
|
1,354,846 |
|
|
|
1,284,530 |
|
Total liabilities and
stockholders’ equity |
$ |
3,203,333 |
|
|
$ |
3,144,261 |
|
|
|
|
|
Compass Diversified
HoldingsConsolidated Statements of
Operations(Unaudited)
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands, except per
share data) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net sales |
$ |
515,597 |
|
|
$ |
431,525 |
|
|
$ |
1,026,110 |
|
|
$ |
840,081 |
|
Cost of sales |
|
303,840 |
|
|
|
257,961 |
|
|
|
613,538 |
|
|
|
497,969 |
|
Gross
profit |
|
211,757 |
|
|
|
173,564 |
|
|
|
412,572 |
|
|
|
342,112 |
|
Operating expenses: |
|
|
|
|
|
|
|
Selling, general and administrative expense |
|
125,624 |
|
|
|
107,317 |
|
|
|
246,296 |
|
|
|
211,369 |
|
Management fees |
|
14,901 |
|
|
|
11,058 |
|
|
|
29,337 |
|
|
|
21,856 |
|
Amortization expense |
|
20,921 |
|
|
|
18,837 |
|
|
|
42,026 |
|
|
|
37,426 |
|
Operating
income |
|
50,311 |
|
|
|
36,352 |
|
|
|
94,913 |
|
|
|
71,461 |
|
Other income (expense): |
|
|
|
|
|
|
|
Interest expense, net |
|
(17,519 |
) |
|
|
(14,947 |
) |
|
|
(34,938 |
) |
|
|
(28,752 |
) |
Amortization of debt issuance costs |
|
(865 |
) |
|
|
(722 |
) |
|
|
(1,731 |
) |
|
|
(1,408 |
) |
Loss on debt extinguishment |
|
— |
|
|
|
(33,305 |
) |
|
|
— |
|
|
|
(33,305 |
) |
Other income (expense), net |
|
737 |
|
|
|
(642 |
) |
|
|
2,773 |
|
|
|
(2,870 |
) |
Net income from
continuing operations before income taxes |
|
32,664 |
|
|
|
(13,264 |
) |
|
|
61,017 |
|
|
|
5,126 |
|
Provision for income taxes |
|
6,132 |
|
|
|
8,344 |
|
|
|
16,108 |
|
|
|
13,652 |
|
Income (loss) from
continuing operations |
|
26,532 |
|
|
|
(21,608 |
) |
|
|
44,909 |
|
|
|
(8,526 |
) |
Income from discontinued operations, net of income tax |
|
5,004 |
|
|
|
10,357 |
|
|
|
10,374 |
|
|
|
19,271 |
|
Gain (loss) on sale of discontinued operations |
|
(579 |
) |
|
|
— |
|
|
|
5,414 |
|
|
|
— |
|
Net
income |
|
30,957 |
|
|
|
(11,251 |
) |
|
|
60,697 |
|
|
|
10,745 |
|
Less: Net income from continuing operations attributable to
noncontrolling interest |
|
3,635 |
|
|
|
1,967 |
|
|
|
8,572 |
|
|
|
3,870 |
|
Less: Net income from discontinued operations attributable to
noncontrolling interest |
|
955 |
|
|
|
1,412 |
|
|
|
1,996 |
|
|
|
2,511 |
|
Net income (loss)
attributable to Holdings |
$ |
26,367 |
|
|
$ |
(14,630 |
) |
|
$ |
50,129 |
|
|
$ |
4,364 |
|
|
|
|
|
|
|
|
|
Basic income (loss) per common
share attributable to Holdings |
|
|
|
|
|
|
|
Continuing operations |
$ |
0.13 |
|
|
$ |
(0.50 |
) |
|
$ |
0.19 |
|
|
$ |
(0.53 |
) |
Discontinued operations |
|
0.04 |
|
|
|
0.12 |
|
|
|
0.18 |
|
|
|
0.24 |
|
|
$ |
0.17 |
|
|
$ |
(0.38 |
) |
|
$ |
0.37 |
|
|
$ |
(0.29 |
) |
|
|
|
|
|
|
|
|
Basic weighted average number
of common shares outstanding |
|
70,227 |
|
|
|
64,900 |
|
|
|
69,804 |
|
|
|
64,900 |
|
|
|
|
|
|
|
|
|
Cash distributions declared
per Trust common share |
$ |
0.25 |
|
|
$ |
0.36 |
|
|
$ |
0.50 |
|
|
$ |
0.72 |
|
Compass Diversified
HoldingsNet Income (Loss) to Non-GAAP Adjusted
Earnings and Non-GAAP Adjusted
EBITDA(Unaudited)
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Net income (loss) |
$ |
30,957 |
|
|
$ |
(11,251 |
) |
|
$ |
60,697 |
|
|
$ |
10,745 |
|
Gain (loss) on sale of
discontinued operations |
|
(579 |
) |
|
|
— |
|
|
|
5,414 |
|
|
|
— |
|
Income from discontinued
operations, net of tax |
|
5,004 |
|
|
|
10,357 |
|
|
|
10,374 |
|
|
|
19,271 |
|
Income (loss) from continuing
operations |
$ |
26,532 |
|
|
$ |
(21,608 |
) |
|
$ |
44,909 |
|
|
$ |
(8,526 |
) |
Less: income from continuing
operations attributable to noncontrolling interest |
|
3,635 |
|
|
|
1,903 |
|
|
|
8,572 |
|
|
|
3,870 |
|
Net income (loss) attributable
to Holdings - continuing operations |
$ |
22,897 |
|
|
$ |
(23,511 |
) |
|
$ |
36,337 |
|
|
$ |
(12,396 |
) |
Adjustments: |
|
|
|
|
|
|
|
Distributions paid - Preferred Shares |
|
(6,046 |
) |
|
|
(6,046 |
) |
|
|
(12,091 |
) |
|
|
(12,091 |
) |
Amortization expense - intangibles and inventory step up |
|
22,471 |
|
|
|
18,837 |
|
|
|
45,837 |
|
|
|
37,426 |
|
Loss on debt extinguishment |
|
|
|
33,305 |
|
|
|
— |
|
|
|
33,305 |
|
Stock compensation |
|
2,680 |
|
|
|
2,716 |
|
|
|
5,361 |
|
|
|
5,356 |
|
Acquisition expenses |
|
— |
|
|
|
11 |
|
|
|
216 |
|
|
|
310 |
|
Integration Services Fee |
|
563 |
|
|
|
1,600 |
|
|
|
1,125 |
|
|
|
3,200 |
|
Held for Sale corporate tax impact |
|
(4,338 |
) |
|
|
— |
|
|
|
(4,338 |
) |
|
|
— |
|
Other |
|
1,027 |
|
|
|
1,032 |
|
|
|
2,829 |
|
|
|
(1,069 |
) |
Adjusted
Earnings |
$ |
39,254 |
|
|
$ |
27,880 |
|
|
$ |
75,276 |
|
|
$ |
54,041 |
|
Plus (less): |
|
|
|
|
|
|
|
Depreciation |
|
10,355 |
|
|
|
8,946 |
|
|
|
20,282 |
|
|
|
17,503 |
|
Income taxes |
|
6,132 |
|
|
|
8,344 |
|
|
|
16,108 |
|
|
|
13,652 |
|
Held-for-sale tax impact - corporate |
|
4,338 |
|
|
|
— |
|
|
|
4,338 |
|
|
|
— |
|
Interest expense, net |
|
17,519 |
|
|
|
14,947 |
|
|
|
34,938 |
|
|
|
28,752 |
|
Amortization of debt issuance |
|
865 |
|
|
|
722 |
|
|
|
1,731 |
|
|
|
1,408 |
|
Noncontrolling interest |
|
3,635 |
|
|
|
1,967 |
|
|
|
8,572 |
|
|
|
3,870 |
|
Preferred distributions |
|
6,046 |
|
|
|
6,046 |
|
|
|
12,091 |
|
|
|
12,091 |
|
Other expense (income) |
|
(737 |
) |
|
|
642 |
|
|
|
(2,773 |
) |
|
|
2,870 |
|
Adjusted
EBITDA |
$ |
87,407 |
|
|
$ |
69,494 |
|
|
$ |
170,563 |
|
|
$ |
134,187 |
|
Compass Diversified
HoldingsNet Income (Loss) from Continuing
Operations to Non-GAAP Consolidated Adjusted EBITDA
ReconciliationThree months ended June 30,
2022(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergo |
|
Lugano |
|
Marucci Sports |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations (1) |
|
$ |
(9,790 |
) |
|
$ |
6,990 |
|
|
$ |
13,988 |
|
|
$ |
1,604 |
|
$ |
5,282 |
|
$ |
(1,990 |
) |
|
$ |
2,434 |
|
|
$ |
2,448 |
|
|
$ |
2,782 |
|
$ |
2,784 |
|
|
$ |
26,532 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
(4,338 |
) |
|
|
2,274 |
|
|
|
2,566 |
|
|
|
443 |
|
|
1,802 |
|
|
(794 |
) |
|
|
754 |
|
|
|
1,043 |
|
|
|
1,219 |
|
|
1,163 |
|
|
|
6,132 |
|
Interest expense, net |
|
|
17,466 |
|
|
|
(16 |
) |
|
|
(7 |
) |
|
|
1 |
|
|
4 |
|
|
9 |
|
|
|
55 |
|
|
|
— |
|
|
|
7 |
|
|
— |
|
|
|
17,519 |
|
Intercompany interest |
|
|
(20,460 |
) |
|
|
3,078 |
|
|
|
1,798 |
|
|
|
1,476 |
|
|
2,453 |
|
|
1,320 |
|
|
|
2,137 |
|
|
|
2,558 |
|
|
|
1,278 |
|
|
4,362 |
|
|
|
— |
|
Depreciation and amortization expense |
|
|
301 |
|
|
|
5,584 |
|
|
|
5,451 |
|
|
|
2,020 |
|
|
3,048 |
|
|
2,865 |
|
|
|
3,292 |
|
|
|
4,140 |
|
|
|
1,903 |
|
|
5,087 |
|
|
|
33,691 |
|
EBITDA |
|
|
(16,821 |
) |
|
|
17,910 |
|
|
|
23,796 |
|
|
|
5,544 |
|
|
12,589 |
|
|
1,410 |
|
|
|
8,672 |
|
|
|
10,189 |
|
|
|
7,189 |
|
|
13,396 |
|
|
|
83,874 |
|
Other (income) expense |
|
|
— |
|
|
|
(68 |
) |
|
|
45 |
|
|
|
— |
|
|
— |
|
|
(18 |
) |
|
|
(26 |
) |
|
|
(203 |
) |
|
|
— |
|
|
(467 |
) |
|
|
(737 |
) |
Non-controlling shareholder compensation |
|
|
— |
|
|
|
418 |
|
|
|
633 |
|
|
|
379 |
|
|
204 |
|
|
276 |
|
|
|
251 |
|
|
|
267 |
|
|
|
12 |
|
|
240 |
|
|
|
2,680 |
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
563 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
563 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
777 |
|
|
|
1,027 |
|
Adjusted
EBITDA (2) |
|
$ |
(16,821 |
) |
|
$ |
18,260 |
|
|
$ |
24,474 |
|
|
$ |
6,173 |
|
$ |
13,356 |
|
$ |
1,668 |
|
|
$ |
8,897 |
|
|
$ |
10,253 |
|
|
$ |
7,201 |
|
$ |
13,946 |
|
|
$ |
87,407 |
|
(1) Income (loss) from continuing operations
does not include income from discontinued operations for the three
months ended June 30, 2022.
(2) As a result of the classification of ACI as
Held for Sale at June 30, 2022, Adjusted EBITDA for the three
months ended June 30, 2022 does not include $6.4 million in
Adjusted EBITDA from ACI.
Compass Diversified
HoldingsNet Income (Loss) from Continuing
Operations to Non-GAAP Consolidated Adjusted EBITDA
ReconciliationThree months ended June 30,
2021(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergo |
|
Marucci Sports |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations (1) |
|
$ |
(46,509 |
) |
|
$ |
7,096 |
|
|
$ |
7,108 |
|
$ |
2,559 |
|
$ |
(278 |
) |
|
$ |
5,364 |
|
$ |
1,083 |
|
$ |
636 |
|
$ |
1,333 |
|
|
$ |
(21,608 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
2,259 |
|
|
|
2,172 |
|
|
681 |
|
|
(109 |
) |
|
|
1,541 |
|
|
596 |
|
|
468 |
|
|
735 |
|
|
|
8,343 |
|
Interest expense, net |
|
|
14,892 |
|
|
|
7 |
|
|
|
— |
|
|
— |
|
|
2 |
|
|
|
46 |
|
|
— |
|
|
— |
|
|
— |
|
|
|
14,947 |
|
Intercompany interest |
|
|
(15,694 |
) |
|
|
2,799 |
|
|
|
2,076 |
|
|
507 |
|
|
641 |
|
|
|
1,866 |
|
|
1,680 |
|
|
1,353 |
|
|
4,772 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
33,305 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
33,305 |
|
Depreciation and amortization |
|
|
253 |
|
|
|
5,439 |
|
|
|
4,917 |
|
|
2,102 |
|
|
2,053 |
|
|
|
3,200 |
|
|
3,193 |
|
|
2,056 |
|
|
5,293 |
|
|
|
28,506 |
|
EBITDA |
|
|
(13,753 |
) |
|
|
17,600 |
|
|
|
16,273 |
|
|
5,849 |
|
|
2,309 |
|
|
|
12,017 |
|
|
6,552 |
|
|
4,513 |
|
|
12,133 |
|
|
|
63,493 |
|
Other (income) expense |
|
|
29 |
|
|
|
(289 |
) |
|
|
25 |
|
|
— |
|
|
894 |
|
|
|
227 |
|
|
131 |
|
|
— |
|
|
(375 |
) |
|
|
642 |
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
659 |
|
|
|
523 |
|
|
403 |
|
|
276 |
|
|
|
262 |
|
|
256 |
|
|
8 |
|
|
329 |
|
|
|
2,716 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
11 |
|
|
— |
|
|
|
11 |
|
Integration services fees |
|
|
— |
|
|
|
— |
|
|
|
1,100 |
|
|
— |
|
|
500 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,600 |
|
Other |
|
|
699 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
333 |
|
|
|
1,032 |
|
Adjusted
EBITDA (2) |
|
$ |
(13,025 |
) |
|
$ |
17,970 |
|
|
$ |
17,921 |
|
$ |
6,252 |
|
$ |
3,979 |
|
|
$ |
12,506 |
|
$ |
6,939 |
|
$ |
4,532 |
|
$ |
12,420 |
|
|
$ |
69,494 |
|
(1) Income (loss) from continuing operations
does not include income from discontinued operations for the three
months ended June 30, 2021.
(2) As a result of the sale of Liberty Safe in
August 2021, and the classification of ACI as Held for Sale at
December 31, 2021, Adjusted EBITDA for the three month ended June
30, 2021 does not include $ 6.5 million in Adjusted EBITDA from
Liberty and $7.1 million in Adjusted EBITDA from ACI.
Compass Diversified
HoldingsNet Income (Loss) from Continuing
Operations to Non-GAAP Consolidated Adjusted EBITDA
ReconciliationSix months ended June 30,
2022(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergo |
|
Lugano |
|
Marucci Sports |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations (1) |
|
$ |
(24,771 |
) |
|
$ |
9,635 |
|
|
$ |
28,187 |
|
|
$ |
125 |
|
$ |
13,776 |
|
$ |
4,144 |
|
|
$ |
3,147 |
|
$ |
4,384 |
|
$ |
3,742 |
|
$ |
2,540 |
|
|
$ |
44,909 |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
(4,338 |
) |
|
|
3,093 |
|
|
|
5,043 |
|
|
|
842 |
|
|
4,697 |
|
|
1,212 |
|
|
|
956 |
|
|
2,102 |
|
|
2,231 |
|
|
270 |
|
|
|
16,108 |
|
Interest expense, net |
|
|
34,834 |
|
|
|
10 |
|
|
|
(12 |
) |
|
|
2 |
|
|
9 |
|
|
10 |
|
|
|
72 |
|
|
— |
|
|
13 |
|
|
— |
|
|
|
34,938 |
|
Intercompany interest |
|
|
(39,735 |
) |
|
|
5,998 |
|
|
|
3,826 |
|
|
|
2,263 |
|
|
4,578 |
|
|
2,837 |
|
|
|
3,990 |
|
|
5,023 |
|
|
2,545 |
|
|
8,675 |
|
|
|
— |
|
Depreciation and amortization expense |
|
|
637 |
|
|
|
11,038 |
|
|
|
10,768 |
|
|
|
4,028 |
|
|
5,302 |
|
|
7,054 |
|
|
|
6,561 |
|
|
8,130 |
|
|
4,129 |
|
|
10,203 |
|
|
|
67,850 |
|
EBITDA |
|
|
(33,373 |
) |
|
|
29,774 |
|
|
|
47,812 |
|
|
|
7,260 |
|
|
28,362 |
|
|
15,257 |
|
|
|
14,726 |
|
|
19,639 |
|
|
12,660 |
|
|
21,688 |
|
|
|
163,805 |
|
Other (income) expense |
|
|
— |
|
|
|
(616 |
) |
|
|
95 |
|
|
|
4 |
|
|
2 |
|
|
(1,828 |
) |
|
|
183 |
|
|
109 |
|
|
— |
|
|
(722 |
) |
|
|
(2,773 |
) |
Non-controlling shareholder compensation |
|
|
— |
|
|
|
829 |
|
|
|
1,268 |
|
|
|
792 |
|
|
444 |
|
|
552 |
|
|
|
502 |
|
|
535 |
|
|
25 |
|
|
414 |
|
|
|
5,361 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
216 |
|
|
— |
|
|
— |
|
|
|
216 |
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
1,125 |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,125 |
|
Other |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
250 |
|
|
— |
|
|
1,802 |
|
|
|
— |
|
|
— |
|
|
— |
|
|
777 |
|
|
|
2,829 |
|
Adjusted
EBITDA (2) |
|
$ |
(33,373 |
) |
|
$ |
29,987 |
|
|
$ |
49,175 |
|
|
$ |
8,306 |
|
$ |
29,933 |
|
$ |
15,783 |
|
|
$ |
15,411 |
|
$ |
20,499 |
|
$ |
12,685 |
|
$ |
22,157 |
|
|
$ |
170,563 |
|
(1) Income (loss) from continuing operations
does not include income from discontinued operations for the six
months ended June 30, 2022.
(2) As a result of the classification of ACI as
Held for Sale at June 30, 2022, Adjusted EBITDA for the six months
ended June 30, 2022 does not include $13.6 million in Adjusted
EBITDA from ACI.
Compass Diversified
HoldingsNet Income (Loss) from Continuing
Operations to Non-GAAP Consolidated Adjusted EBITDA
ReconciliationSix months ended June 30,
2021(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Ergo |
|
Marucci Sports |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
Income (loss) from continuing operations (1) |
|
$ |
(57,916 |
) |
|
$ |
9,095 |
|
|
$ |
12,652 |
|
$ |
3,602 |
|
$ |
7,250 |
|
$ |
10,589 |
|
|
$ |
3,298 |
|
|
$ |
1,594 |
|
$ |
1,310 |
|
|
$ |
(8,526 |
) |
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit) for income taxes |
|
|
— |
|
|
|
3,027 |
|
|
|
1,465 |
|
|
1,028 |
|
|
2,289 |
|
|
3,047 |
|
|
|
1,531 |
|
|
|
1,004 |
|
|
260 |
|
|
|
13,651 |
|
Interest expense, net |
|
|
28,651 |
|
|
|
7 |
|
|
|
— |
|
|
— |
|
|
4 |
|
|
90 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
28,752 |
|
Intercompany interest |
|
|
(31,825 |
) |
|
|
5,783 |
|
|
|
4,362 |
|
|
1,073 |
|
|
1,193 |
|
|
3,684 |
|
|
|
3,418 |
|
|
|
2,815 |
|
|
9,497 |
|
|
|
— |
|
Loss on debt extinguishment |
|
|
33,305 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
33,305 |
|
Depreciation and amortization |
|
|
459 |
|
|
|
10,894 |
|
|
|
9,884 |
|
|
4,327 |
|
|
4,222 |
|
|
6,328 |
|
|
|
5,816 |
|
|
|
3,817 |
|
|
10,591 |
|
|
|
56,338 |
|
EBITDA |
|
|
(27,326 |
) |
|
|
28,806 |
|
|
|
28,363 |
|
|
10,030 |
|
|
14,958 |
|
|
23,738 |
|
|
|
14,063 |
|
|
|
9,230 |
|
|
21,658 |
|
|
|
123,520 |
|
Other (income) expense |
|
|
149 |
|
|
|
(301 |
) |
|
|
80 |
|
|
— |
|
|
892 |
|
|
2,613 |
|
|
|
(133 |
) |
|
|
— |
|
|
(430 |
) |
|
|
2,870 |
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
1,287 |
|
|
|
1,083 |
|
|
807 |
|
|
551 |
|
|
524 |
|
|
|
513 |
|
|
|
8 |
|
|
583 |
|
|
|
5,356 |
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
310 |
|
|
— |
|
|
|
310 |
|
Integration services fees |
|
|
— |
|
|
|
— |
|
|
|
2,200 |
|
|
— |
|
|
1,000 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
3,200 |
|
Other |
|
|
898 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
(2,300 |
) |
|
|
— |
|
|
|
— |
|
|
333 |
|
|
|
(1,069 |
) |
Adjusted
EBITDA (2) |
|
$ |
(26,279 |
) |
|
$ |
29,792 |
|
|
$ |
31,726 |
|
$ |
10,837 |
|
$ |
17,401 |
|
$ |
24,575 |
|
|
$ |
14,443 |
|
|
$ |
9,548 |
|
$ |
22,144 |
|
|
$ |
134,187 |
|
(1) Income (loss) from
continuing operations does not include income from discontinued
operations for the six months ended June 30, 2021.
(2) As a result of the sale of
Liberty Safe in August 2021, and the classification of ACI as Held
for Sale at December 31, 2021, Adjusted EBITDA for the six months
ended June 30, 2021 does not include $12.5 million in Adjusted
EBITDA from Liberty and $13.1 million in Adjusted EBITDA from
ACI.
Compass Diversified
HoldingsNon-GAAP Adjusted
EBITDA(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Branded
Consumer |
|
|
|
|
|
|
|
|
5.11 |
|
$ |
18,260 |
|
|
$ |
17,970 |
|
|
$ |
29,987 |
|
|
$ |
29,792 |
|
BOA |
|
|
24,474 |
|
|
|
17,921 |
|
|
|
49,175 |
|
|
|
31,726 |
|
Ergobaby |
|
|
6,173 |
|
|
|
6,252 |
|
|
|
8,306 |
|
|
|
10,837 |
|
Lugano
(1) |
|
|
13,356 |
|
|
|
— |
|
|
|
29,933 |
|
|
|
— |
|
Marucci Sports |
|
|
1,668 |
|
|
|
3,979 |
|
|
|
15,783 |
|
|
|
17,401 |
|
Velocity Outdoor |
|
|
8,897 |
|
|
|
12,506 |
|
|
|
15,411 |
|
|
|
24,575 |
|
Total Branded Consumer |
|
$ |
72,828 |
|
|
$ |
58,628 |
|
|
$ |
148,595 |
|
|
$ |
114,331 |
|
|
|
|
|
|
|
|
|
|
Niche
Industrial |
|
|
|
|
|
|
|
|
Altor Solutions |
|
$ |
10,253 |
|
|
$ |
6,939 |
|
|
|
20,499 |
|
|
|
14,443 |
|
Arnold Magnetics |
|
|
7,201 |
|
|
|
4,532 |
|
|
|
12,685 |
|
|
|
9,548 |
|
Sterno |
|
|
13,946 |
|
|
|
12,420 |
|
|
|
22,157 |
|
|
|
22,144 |
|
Total Niche Industrial |
|
$ |
31,400 |
|
|
$ |
23,891 |
|
|
$ |
55,341 |
|
|
$ |
46,135 |
|
Corporate expense |
|
|
(16,821 |
) |
|
|
(13,025 |
) |
|
|
(33,373 |
) |
|
|
(26,279 |
) |
Total Adjusted EBITDA |
|
$ |
87,407 |
|
|
$ |
69,494 |
|
|
$ |
170,563 |
|
|
$ |
134,187 |
|
(1 |
) |
|
The above results for Lugano do not include management's estimate
of Adjusted EBITDA, before the Company’s ownership, of $7.1 million
and $18.6 million, respectively, for the three and six months ended
June 30, 2021. Lugano was acquired on September 3, 2021. |
Compass Diversified
HoldingsNet Sales to Pro Forma Net Sales
Reconciliation(unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net Sales |
|
$ |
515,597 |
|
$ |
431,525 |
|
$ |
1,026,110 |
|
$ |
840,081 |
Acquisitions (1) |
|
|
— |
|
|
22,944 |
|
|
— |
|
|
52,383 |
Pro Forma Net Sales |
|
$ |
515,597 |
|
$ |
454,469 |
|
$ |
1,026,110 |
|
$ |
892,464 |
(1) Acquisitions reflects the
net sales for Lugano on a pro forma basis as if the Company had
acquired this business on January 1, 2021.
Compass Diversified
HoldingsSubsidiary Pro Forma Net
Sales(unaudited)
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
|
|
|
|
|
|
Branded
Consumer |
|
|
|
|
|
|
|
|
5.11 |
|
$ |
120,048 |
|
$ |
110,033 |
|
$ |
224,071 |
|
$ |
209,910 |
BOA |
|
|
59,386 |
|
|
44,085 |
|
|
116,196 |
|
|
80,537 |
Ergobaby |
|
|
26,506 |
|
|
26,956 |
|
|
46,716 |
|
|
49,284 |
Lugano
(1) |
|
|
39,065 |
|
|
22,944 |
|
|
86,084 |
|
|
52,383 |
Marucci Sports |
|
|
27,636 |
|
|
24,640 |
|
|
79,728 |
|
|
61,288 |
Velocity Outdoor |
|
|
53,846 |
|
|
63,358 |
|
|
105,292 |
|
|
128,990 |
Total Branded Consumer |
|
$ |
326,487 |
|
$ |
292,016 |
|
$ |
658,087 |
|
$ |
582,392 |
|
|
|
|
|
|
|
|
|
Niche
Industrial |
|
|
|
|
|
|
|
|
Altor Solutions |
|
$ |
66,144 |
|
$ |
40,640 |
|
$ |
129,972 |
|
$ |
78,460 |
Arnold Magnetics |
|
|
38,777 |
|
|
32,556 |
|
|
76,942 |
|
|
65,041 |
Sterno |
|
|
84,189 |
|
|
89,257 |
|
|
161,109 |
|
|
166,571 |
Total Niche Industrial |
|
$ |
189,110 |
|
$ |
162,453 |
|
$ |
368,023 |
|
$ |
310,072 |
|
|
|
|
|
|
|
|
|
Total Subsidiary Net
Sales |
|
$ |
515,597 |
|
$ |
454,469 |
|
$ |
1,026,110 |
|
$ |
892,464 |
(1) Net sales for Lugano are pro forma as if
the Company had acquired this business on January 1, 2021.
Compass Diversified
HoldingsCondensed Consolidated Cash Flows
(unaudited)
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net cash provided by
(used in) operating activities |
$ |
(1,808 |
) |
|
$ |
73,044 |
|
|
$ |
(35,337 |
) |
|
$ |
109,434 |
|
Net cash used in
investing activities |
|
(13,946 |
) |
|
|
(10,429 |
) |
|
|
(22,238 |
) |
|
|
(52,696 |
) |
Net cash provided by
(used in) financing activities |
|
18,049 |
|
|
|
(15,830 |
) |
|
|
3,597 |
|
|
|
(17,323 |
) |
Foreign currency impact on
cash |
|
(873 |
) |
|
|
190 |
|
|
|
(1,132 |
) |
|
|
8 |
|
Net increase (decrease) in
cash and cash equivalents |
|
1,422 |
|
|
|
46,975 |
|
|
|
(55,110 |
) |
|
|
39,423 |
|
Cash and cash equivalents -
beginning of the period (1) |
|
104,201 |
|
|
|
63,192 |
|
|
|
160,733 |
|
|
|
70,744 |
|
Cash and cash
equivalents - end of the period (2) |
$ |
105,623 |
|
|
$ |
110,167 |
|
|
$ |
105,623 |
|
|
$ |
110,167 |
|
(1) Includes cash from
discontinued operations of $3.6 million at January 1, 2022 and
$10.7 million at January 1, 2021.
(2) Includes cash from discontinued operations
of $2.9 million at June 30, 2022 and $5.3 million at June 30,
2021.
Compass Diversified Holding |
Selected Financial Data - Cash Flows |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
Six months ended June 30, |
(in thousands) |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities |
|
$ |
(63,478 |
) |
|
$ |
23,241 |
|
|
$ |
(159,195 |
) |
|
$ |
(2,318 |
) |
Purchases of property and
equipment |
|
$ |
(14,044 |
) |
|
$ |
(8,793 |
) |
|
$ |
(24,435 |
) |
|
$ |
(16,096 |
) |
Distributions paid - common
shares |
|
$ |
(17,511 |
) |
|
$ |
(23,364 |
) |
|
$ |
(34,863 |
) |
|
$ |
(46,728 |
) |
Distributions paid - preferred
shares |
|
$ |
(6,046 |
) |
|
$ |
(6,046 |
) |
|
$ |
(12,091 |
) |
|
$ |
(12,091 |
) |
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