0001345126-23-000055.txt : 20231102 0001345126-23-000055.hdr.sgml : 20231102 20231102161818 ACCESSION NUMBER: 0001345126-23-000055 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231102 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231102 DATE AS OF CHANGE: 20231102 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Compass Diversified Holdings CENTRAL INDEX KEY: 0001345126 STANDARD INDUSTRIAL CLASSIFICATION: HOUSEHOLD FURNITURE [2510] IRS NUMBER: 576218917 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34927 FILM NUMBER: 231372591 BUSINESS ADDRESS: STREET 1: 301 RIVERSIDE AVENUE CITY: WESTPORT STATE: CT ZIP: 06880 BUSINESS PHONE: 203-221-1703 MAIL ADDRESS: STREET 1: 301 RIVERSIDE AVENUE CITY: WESTPORT STATE: CT ZIP: 06880 FORMER COMPANY: FORMER CONFORMED NAME: Compass Diversified Trust DATE OF NAME CHANGE: 20051122 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Compass Group Diversified Holdings LLC CENTRAL INDEX KEY: 0001345122 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 203812051 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34926 FILM NUMBER: 231372592 BUSINESS ADDRESS: STREET 1: 301 RIVERSIDE AVENUE CITY: WESTPORT STATE: CT ZIP: 06880 BUSINESS PHONE: 203-221-1703 MAIL ADDRESS: STREET 1: 301 RIVERSIDE AVENUE CITY: WESTPORT STATE: CT ZIP: 06880 8-K 1 codi-20231102.htm 8-K codi-20231102
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2023
COMPASS DIVERSIFIED HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware 001-34927 57-6218917
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
COMPASS GROUP DIVERSIFIED HOLDINGS LLC
(Exact name of registrant as specified in its charter)
Delaware 001-34926 20-3812051
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
301 Riverside Avenue, Second Floor, Westport, CT 06880
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (203) 221-1703
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Shares representing beneficial interests in Compass Diversified HoldingsCODINew York Stock Exchange
Series A Preferred Shares representing beneficial interests in Compass Diversified HoldingsCODI PR ANew York Stock Exchange
Series B Preferred Shares representing beneficial interests in Compass Diversified HoldingsCODI PR BNew York Stock Exchange
Series C Preferred Shares representing beneficial interests in Compass Diversified HoldingsCODI PR CNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Section 2     Financial Information
Item 2.02    Results of Operations and Financial Condition
    On November 2, 2023, Compass Diversified Holdings (NYSE: CODI) and Compass Group Diversified Holdings LLC (collectively “CODI”) issued a press release announcing its consolidated operating results for the three and nine months ended September 30, 2023. A copy of the press release is furnished within this report as Exhibit 99.1.

Section 7     Regulation FD
Item 7.01    Regulation FD Disclosure

    CODI has updated its investor presentation and will make it available on its website at ir.compassdiversified.com. CODI management uses this presentation from time to time when interacting with investors and analysts to discuss the operations and strategies of our businesses.

Section 9     Financial Statements and Exhibits
Item 9.01    Financial Statements and Exhibits
(d)    Exhibits.
Exhibit NumberDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)






SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 2, 2023COMPASS DIVERSIFIED HOLDINGS
By:/s/ Ryan J. Faulkingham
Ryan J. Faulkingham
Regular Trustee
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: November 2, 2023COMPASS GROUP DIVERSIFIED HOLDINGS LLC
By:/s/ Ryan J. Faulkingham
Ryan J. Faulkingham
Chief Financial Officer


 EX-99.1 2 exhibit991earningsreleaseq.htm EX-99.1 Document

Exhibit 99.1
codilogo2020a02a.jpg

Compass Diversified Reports Third Quarter 2023 Financial Results
Raises Full-Year Outlook Given Strong Third Quarter Performance
Westport, Conn., November 2, 2023 – 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:Media Contact:
Compass DiversifiedThe IGB Group
irinquiry@CompassDiversified.comLeon Berman
212.477.8438
lberman@igbir.com
Cody Slach
Gateway Group
949.574.3860
CODI@gateway-grp.com



Compass Diversified Holdings
Condensed Consolidated Balance Sheets
September 30, 2023December 31, 2022
(in thousands)(Unaudited)
Assets
Current assets
Cash and cash equivalents
$64,737 $57,880 
Accounts receivable, net
349,839 331,396 
Inventories, net801,887 728,083 
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, net203,512 198,525 
Goodwill1,041,469 1,066,726 
Intangible assets, net1,069,995 1,127,936 
Other non-current assets180,399 166,412 
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 party17,230 15,495 
Current portion, long-term debt10,000 10,000 
Other current liabilities35,797 36,545 
Current liabilities of discontinued operations— 11,148 
Total current liabilities
354,321 359,831 
Deferred income taxes133,118 145,643 
Long-term debt1,775,776 1,824,468 
Other non-current liabilities157,850 141,535 
Non-current liabilities of discontinued operations— 16,192 
Total liabilities
2,421,065 2,487,669 
Stockholders' equity
Total stockholders' equity attributable to Holdings1,139,578 1,136,920 
Noncontrolling interest 250,169 223,509 
Noncontrolling interest of discontinued operations— 1,533 
Total stockholders' equity
1,389,747 1,361,962 
Total liabilities and stockholders’ equity$3,810,812 $3,849,631 



Compass Diversified Holdings
Consolidated Statements of Operations
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands, except per share data)2023202220232022
Net sales$569,565 $575,819 $1,635,952 $1,601,929 
Cost of sales315,347 346,260 907,013 959,798 
Gross profit254,218 229,559 728,939 642,131 
Operating expenses:
Selling, general and administrative expense147,962 144,040 442,345 390,336 
Management fees18,596 16,592 51,911 45,929 
Amortization expense26,657 25,152 79,708 67,178 
Impairment expense32,568 — 32,568 — 
Operating income 28,435 43,775 122,407 138,688 
Other income (expense):
Interest expense, net(27,560)(22,799)(80,355)(57,737)
Amortization of debt issuance costs(1,005)(1,004)(3,034)(2,735)
Loss on debt extinguishment— (534)— (534)
Other income (expense), net1,043 (1,917)2,069 856 
Net income from continuing operations before income taxes913 17,521 41,087 78,538 
Provision for income taxes5,947 20,493 20,227 36,601 
Income (loss) from continuing operations(5,034)(2,972)20,860 41,937 
Income (loss) from discontinued operations, net of income tax— 4,078 (1,391)14,452 
Gain on sale of discontinued operations1,274 1,479 103,495 6,893 
Net income (loss)(3,760)2,585 122,964 63,282 
Less: Net income from continuing operations attributable to noncontrolling interest6,394 3,675 14,892 12,247 
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest— 684 (777)2,680 
Net income (loss) attributable to Holdings$(10,154)$(1,774)$108,849 $48,355 
Amounts attributable to Holdings
Income (loss) from continuing operations$(11,428)$(6,647)$5,968 $29,690 
Income (loss) from discontinued operations— 3,394 (614)11,772 
Gain on sale of discontinued operations, net of income tax1,274 1,479 103,495 6,893 
Net income (loss) attributable to Holdings$(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 operations0.02 0.06 1.43 0.24 
$(0.33)$(0.21)$0.69 $0.20 
Basic weighted average number of common shares outstanding71,881 71,910 71,996 70,514 
Cash distributions declared per Trust common share$0.25 $0.25 $0.75 $0.75 


Compass Diversified Holdings
Net Income (Loss) to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted EBITDA
(Unaudited)


Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Net income (loss)$(3,760)$2,585 $122,964 $63,282 
Income (loss) from discontinued operations, net of tax— 1,479 (1,391)6,893 
Gain on sale of discontinued operations, net of tax1,274 4,078 103,495 14,452 
Income (loss) from continuing operations$(5,034)$(2,972)$20,860 $41,937 
Less: income from continuing operations attributable to noncontrolling interest6,394 3,675 14,892 12,247 
Net income (loss) attributable to Holdings - continuing operations$(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 up26,658 26,241 80,843 72,078 
Impairment expense32,568 — 32,568 — 
Tax effect - impairment expense (4,308)— (4,308)— 
Loss on debt extinguishment— 534 — 534 
Stock compensation3,174 3,118 8,885 8,479 
Acquisition expenses28 5,902 392 6,118 
Integration services fee— 1,626 2,375 2,751 
Held for sale corporate tax impact— 16,457 — 12,119 
 Other349 434 1,129 3,263 
Adjusted Earnings$40,996 $41,620 $109,716 $116,896 
Plus (less):
Depreciation expense12,690 10,776 37,264 31,058 
Income tax provision5,947 20,493 20,227 36,601 
Held for sale corporate tax impact— (16,457)— (12,119)
Interest expense27,560 22,799 80,355 57,737 
Amortization of debt issuance costs1,005 1,004 3,034 2,735 
Tax effect - impairment expense4,308 — 4,308 — 
Income from continuing operations attributable to noncontrolling interest6,394 3,675 14,892 12,247 
Distributions paid - preferred shares6,045 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 Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2023
(Unaudited)




Corporate5.11BOAErgobabyLuganoMarucci SportsPrimaLoftVelocity OutdoorAltor ArnoldSternoConsolidated
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, net27,524 (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) expense2 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 Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Three Months Ended September 30, 2022
(Unaudited)


Corporate5.11BOAErgobabyLuganoMarucci SportsPrimaLoftVelocity OutdoorAltor ArnoldSternoConsolidated
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 taxes16,457 1,906 1,776 (410)1,166 1,609 (3,570)1,416 805 537 (1,199)20,493 
Interest expense, net22,725 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 extinguishment534 — — — — — — — — — — 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— 381 621 362 356 538 — 240 375 13 232 3,118 
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 $10,695 $2,382 $14,015 $11,000 $7,370 $8,417 $91,872 





Compass Diversified Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2023
(Unaudited)



Corporate5.11BOAErgobabyLuganoMarucci SportsPrimaLoftVelocity OutdoorAltor ArnoldSternoConsolidated
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, net80,122 (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 Holdings
Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
Nine Months Ended September 30, 2022
(Unaudited)



Corporate5.11BOAErgobabyLuganoMarucci SportsPrimaLoftVelocity OutdoorAltor ArnoldSternoConsolidated
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 taxes12,119 4,999 6,819 432 5,863 2,821 (3,570)2,372 2,907 2,768 (929)36,601 
Interest expense, net57,559 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 extinguishment534 — — — — — — — — — — 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 Holdings
Non-GAAP Adjusted EBITDA
(Unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Branded Consumer
5.11 $20,158 $18,172 $52,285 $48,159 
BOA 13,292 19,113 42,020 68,288 
Ergobaby3,608 2,963 11,175 11,269 
Lugano30,348 16,529 72,705 46,462 
Marucci Sports
14,912 10,695 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 $83,869 $251,147 $232,463 
Niche Industrial
Altor Solutions13,138 11,000 38,080 31,499 
Arnold Magnetics6,833 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 $91,872 $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 Holdings
Net Sales to Pro Forma Net Sales Reconciliation
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
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 Holdings
Subsidiary Pro Forma Net Sales
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
Branded Consumer
5.11 $135,213 $126,537 $385,695 $350,608 
BOA 37,281 50,019 113,390 166,215 
Ergobaby23,218 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 Solutions59,215 69,618 181,613 199,590 
Arnold Magnetics41,819 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 Holdings
Condensed Consolidated Cash Flows
(unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
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(1)
67,354 105,623 61,271 160,733 
Cash and cash equivalents - end of the period(2)
$64,737 $61,252 $64,737 $61,252 

(1) Includes cash from discontinued operations of $3.4 million at January 1, 2023 and $3.6 million at January 1, 2022.
(2) Includes cash from discontinued operations of $3.7 million at September 30, 2022.



Compass Diversified Holding
Selected Financial Data - Cash Flows
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
(in thousands)2023202220232022
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)

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    Cover Document
    Nov. 02, 2023
    Document Information [Line Items]  
    Entity Central Index Key 0001345126
    Entity Emerging Growth Company false
    Written Communications false
    Entity Incorporation, State or Country Code DE
    Document Period End Date Nov. 02, 2023
    Entity File Number 001-34927
    Entity Tax Identification Number 57-6218917
    Entity Registrant Name COMPASS DIVERSIFIED HOLDINGS
    Entity Address, Address Line One 301 Riverside Avenue
    Entity Address, Address Line Two Second Floor
    Entity Address, City or Town Westport
    Entity Address, State or Province CT
    Entity Address, Postal Zip Code 06880
    City Area Code 203
    Local Phone Number 221-1703
    Soliciting Material false
    Pre-commencement Tender Offer false
    Pre-commencement Issuer Tender Offer false
    Amendment Flag false
    Document Type 8-K
    Shares Representing Beneficial Interests In Compass Diversified Holdings [Member]  
    Document Information [Line Items]  
    Title of 12(b) Security Shares representing beneficial interests in Compass Diversified Holdings
    Trading Symbol CODI
    Security Exchange Name NYSE
    Series A Preferred Shares Representing Series A Trust Preferred Interest In Compass Diversified Holdings [Member]  
    Document Information [Line Items]  
    Title of 12(b) Security Series A Preferred Shares representing beneficial interests in Compass Diversified Holdings
    Trading Symbol CODI PR A
    Security Exchange Name NYSE
    Series B Preferred Shares Representing Series B Trust Preferred Interest In Compass Diversified Holdings [Member]  
    Document Information [Line Items]  
    Title of 12(b) Security Series B Preferred Shares representing beneficial interests in Compass Diversified Holdings
    Trading Symbol CODI PR B
    Security Exchange Name NYSE
    Series C Preferred Shares Representing Series C Trust Preferred Interest In Compass Diversified Holdings [Member] [Domain]  
    Document Information [Line Items]  
    Title of 12(b) Security Series C Preferred Shares representing beneficial interests in Compass Diversified Holdings
    Trading Symbol CODI PR C
    Security Exchange Name NYSE
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