• Compass Diversified Reports First Quarter 2023 Financial Results

    来源: Nasdaq GlobeNewswire / 03 5月 2023 15:15:01   America/Chicago

    Net Sales Growth of 6% Despite Challenging Economic Backdrop

    Raises Full-Year Outlook Given Strong First Quarter Performance

    WESTPORT, Conn., May 03, 2023 (GLOBE NEWSWIRE) -- 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 March 31, 2023.

    “The strength and durability of our diversified subsidiaries were especially apparent in the first quarter,” said Elias Sabo, CEO of Compass Diversified. “The fact that we were able to grow sales on a consolidated basis amidst the backdrop of broad and unique macroeconomic challenges is an extraordinary result for CODI. This certainly proves our thesis that our high-quality, premium brands can still take market share in difficult economic environments.”

    Mr. Sabo continued: “While our Q1 performance was outstanding, we cannot ignore market headwinds that continue to cloud our near-term outlook, such as inventory destocking trends at retail and rapidly changing monetary policy. But quarters like this give us confidence that CODI’s diversified subsidiaries are setup to drive strong long-term financial results, translating into meaningful shareholder value creation.”

    First Quarter 2023 Financial Summary vs. Same Year-Ago Period (where applicable)

    • Net sales up 6% and 1% on a pro forma basis to $542.2 million.
    • Branded consumer pro forma net sales up 2% to $365.6 million.
    • Niche industrial net sales down 1% to $176.6 million.
    • Net income of $109.6 million vs. $29.7 million, primarily due to the $98.0 million gain on the sale of Advanced Circuits in February 2023.
    • Income from continuing operations of $13.0 million vs. $18.4 million.
    • Adjusted Earnings, a non-GAAP financial measure, was $33.2 million vs. $36.0 million.
    • Adjusted EBITDA, a non-GAAP financial measure, was up 11% to $91.9 million.
    • Paid a first quarter 2023 cash distribution of $0.25 per share on CODI's common shares in April 2023.

    Recent Business Highlights

    • On January 19, 2023, CODI hosted an Investor Day in New York City, showcasing its consumer businesses as well as the Company’s newest acquisition, PrimaLoft.
    • On January 19, 2023, CODI announced a $50 million share repurchase program, the first in the Company’s history, through December 31, 2023.
    • On February 15, 2023, CODI announced the closing of the sale of Advanced Circuits for an enterprise value of $220 million. CODI realized an after-tax gain on the sale of Advanced Circuits of $98 million.
    • On March 28, 2023, CODI nominated Ms. Nancy B. Mahon as a new director candidate for election at the Company’s 2023 Annual Meeting of Shareholders to be held on May 25, 2023.
    • On April 4, 2023, subsequent to quarter-end, Marucci Sports, a subsidiary of CODI and leading designer and manufacturer of baseball and fastpitch equipment and apparel, announced the acquisition of Baum Enterprises LLC, a designer and manufacturer of composite wood bats.

    First Quarter 2023 Financial Results

    Net sales in the first quarter of 2023 were $542.2 million, up 6% compared to $510.5 million in the first quarter of 2022. The increase was primarily due to the Company’s acquisition of PrimaLoft in July 2022. On a pro forma basis, assuming CODI had acquired PrimaLoft on January 1, 2022, net sales were up 1% in the first quarter of 2023.

    Branded consumer net sales, pro forma for the PrimaLoft acquisition, increased 2% in the first quarter of 2023 to $365.6 million compared to the first quarter of 2022. Niche industrial net sales decreased 1% in the first quarter of 2023 to $176.6 million compared to the first quarter of 2022.

    Net income in the first quarter of 2023 was $109.6 million compared to $29.7 million in the first quarter of 2022 due to the $98.0 million gain on sale of Advanced Circuits in February 2023. Net income from continuing operations in the first quarter of 2023 was $13.0 million compared to $18.4 million in the first quarter of 2022. The decrease was primarily attributable to higher interest expenses in the first quarter of 2023. Operating income for the first quarter of 2023 was $48.9 million compared to $44.6 million in the first quarter of 2022 due to the higher net sales.

    Adjusted Earnings (see “Note Regarding Use of Non-GAAP Financial Measures” below) for the first quarter of 2023 was $33.2 million compared to $36.0 million a year ago. The decrease was a result of financing costs for the acquisition of PrimaLoft in July 2022. CODI's weighted average number of shares outstanding in the first quarter of 2023 was 72.2 million compared to 69.4 million in the prior year first quarter.

    Adjusted EBITDA (see “Note Regarding Use of Non-GAAP Financial Measures” below) in the first quarter of 2023 was $91.9 million, up 11% compared to $83.2 million in the first quarter of 2022. The increase was primarily due to the acquisition of PrimaLoft. The Company no longer adds back management fees in its calculation of Adjusted EBITDA. Management fees incurred during the first quarter of 2023 were $16.4 million.

    Liquidity and Capital Resources

    As of March 31, 2023, CODI had approximately $53.7 million in cash and cash equivalents, $8.0 million outstanding on its revolver, $392.5 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 March 31, 2023, the Company had no significant debt maturities until 2029 and had net borrowing availability of approximately $590 million under its revolving credit facility.

    First Quarter 2023 Distributions

    On April 3, 2023, CODI’s Board of Directors (the “Board”) declared a first quarter distribution of $0.25 per share on the Company's common shares. The cash distribution was paid on April 27, 2023, to all holders of record of common shares as of April 20, 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, January 30, 2023, up to, but excluding, April 30, 2023. The distribution for such period was payable on April 30, 2023, to all holders of record of Series A Preferred Shares as of April 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, January 30, 2023, up to, but excluding, April 30, 2023. The distribution for such period was payable on April 30, 2023, to all holders of record of Series B Preferred Shares as of April 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, January 30, 2023, up to, but excluding, April 30, 2023. The distribution for such period was payable on April 30, 2023, to all holders of record of Series C Preferred Shares as of April 15, 2023.

    2023 Outlook

    As a result of CODI’s strong financial performance in the first quarter, the Company is raising its Adjusted EBITDA 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 $430 million and $460 million. This estimate is based on the summation of the Company’s expectations for its current subsidiaries in 2023 and is absent additional acquisitions or divestitures, and excludes corporate expenses such as interest expense, management fees paid by CODI and corporate overhead. In addition, the Company is raising its Adjusted Earnings outlook. For the full year 2023, CODI now expects to earn between $110 million and $135 million in Adjusted Earnings (see “Note Regarding Use of Non-GAAP Financial Measures” below) for the full year 2023.

    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 Wednesday, May 3, 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) 886-7786 and the dial-in number for international callers is (416) 764-8658. The Conference ID is 91629076. 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 Wednesday, May 10, 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 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, 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); 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:Media Contact:
    irinquiry@compassdiversified.comThe IGB Group
     Leon Berman
    Cody Slach212.477.8438
    Gateway Grouplberman@igbir.com
    949.574.3860 
    CODI@gatewayir.com 


    Compass Diversified Holdings
    Condensed Consolidated Balance Sheets
        
     March 31, 2023 December 31, 2022
    (in thousands)(Unaudited)  
    Assets   
    Current assets   
    Cash and cash equivalents$53,656 $57,880
    Accounts receivable, net 326,744  331,396
    Inventories, net 764,029  728,083
    Prepaid expenses and other current assets 64,189  74,700
    Current assets of discontinued operations   18,126
    Total current assets 1,208,618  1,210,185
    Property, plant and equipment, net 202,729  198,525
    Goodwill 1,066,726  1,066,726
    Intangible assets, net 1,102,360  1,127,936
    Other non-current assets 177,492  166,412
    Non-current assets of discontinued operations   79,847
    Total assets$3,757,925 $3,849,631
        
    Liabilities and stockholders’ equity   
    Current liabilities   
    Accounts payable and accrued expenses$279,762 $286,643
    Due to related party 15,034  15,495
    Current portion, long-term debt 10,000  10,000
    Other current liabilities 40,075  36,545
    Current liabilities of discontinued operations   11,148
    Total current liabilities 344,871  359,831
    Deferred income taxes 139,645  145,643
    Long-term debt 1,675,571  1,824,468
    Other non-current liabilities 153,205  141,535
    Non-current liabilities of discontinued operations   16,192
    Total liabilities 2,313,292  2,487,669
    Stockholders' equity   
    Total stockholders' equity attributable to Holdings 1,214,941  1,136,920
    Noncontrolling interest 229,692  223,509
    Noncontrolling interest of discontinued operations   1,533
    Total stockholders' equity 1,444,633  1,361,962
    Total liabilities and stockholders’ equity$3,757,925 $3,849,631
        


    Compass Diversified Holdings
    Consolidated Statements of Operations
    (Unaudited)
      
     Three months ended
     March 31,
    (in thousands, except per share data) 2023   2022 
    Net sales$542,228  $510,513 
    Cost of sales 304,397   309,698 
    Gross profit 237,831   200,815 
    Operating expenses:   
    Selling, general and administrative expense 146,165   120,672 
    Management fees 16,395   14,436 
    Amortization expense 26,374   21,105 
    Operating income 48,897   44,602 
    Other income (expense):   
    Interest expense, net (26,180)  (17,419)
    Amortization of debt issuance costs (1,005)  (866)
    Other income (expense), net 1,127   2,036 
    Net income from continuing operations before income taxes 22,839   28,353 
    Provision for income taxes 9,836   9,976 
    Income from continuing operations 13,003   18,377 
    Income (loss) from discontinued operations, net of income tax (1,391)  5,370 
    Gain on sale of discontinued operations 97,989   5,993 
    Net income 109,601   29,740 
    Less: Net income from continuing operations attributable to noncontrolling interest 4,981   4,937 
    Less: Net income (loss) from discontinued operations attributable to noncontrolling interest (777)  1,041 
    Net income attributable to Holdings$105,397  $23,762 
        
    Amounts attributable to Holdings   
    Income from continuing operations$8,022  $13,440 
    Income (loss) from discontinued operations (614)  4,329 
    Gain on sale of discontinued operations, net of income tax 97,989   5,993 
    Net income attributable to Holdings$105,397  $23,762 
        
    Basic income (loss) per common share attributable to Holdings   
    Continuing operations$(0.06) $ 
    Discontinued operations 1.35   0.14 
     $1.29  $0.14 
        
    Basic weighted average number of common shares outstanding 72,178   69,375 
        
    Cash distributions declared per Trust common share$0.25  $0.25 


    Compass Diversified Holdings
    Net Income (Loss) to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted EBITDA
    (Unaudited)
      
     Three months ended
     March 31,
    (in thousands) 2023   2022 
    Net income$109,601  $29,740 
    Income (loss) from discontinued operations, net of tax (1,391)  5,370 
    Gain on sale of discontinued operations, net of tax 97,989   5,993 
    Income from continuing operations$13,003  $18,377 
    Less: income from continuing operations attributable to noncontrolling interest 4,981   4,937 
    Net income attributable to Holdings - continuing operations$8,022  $13,440 
    Adjustments:   
    Distributions paid - preferred shares (6,045)  (6,045)
    Amortization expense - intangibles and inventory step up 27,508   23,366 
    Stock compensation 2,045   2,681 
    Acquisition expenses    216 
    Integration services fee 1,188   563 
    Other 432   1,802 
    Adjusted Earnings$33,150  $36,023 
    Plus (less):   
    Depreciation expense 11,809   9,927 
    Income tax provision 9,836   9,976 
    Interest expense 26,180   17,419 
    Amortization of debt issuance costs 1,005   866 
    Income from continuing operations attributable to noncontrolling interest 4,981   4,937 
    Distributions paid - preferred shares 6,045   6,045 
    Other (income) expense (1,127)  (2,036)
    Adjusted EBITDA$91,879  $83,157 



    Compass Diversified Holdings
    Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
    Three months ended March 31, 2023
    (Unaudited)
                             
      Corporate  5.11  BOA Ergobaby Lugano Marucci
    Sports
     PrimaLoft Velocity
    Outdoor
     Altor Arnold Sterno Consolidated
    Income (loss) from continuing operations $(11,835) $2,150  $5,368  $(1,235) $9,968 $9,014 $(1,227) $(4,501) $2,701 $2,305  $295  $13,003 
    Adjusted for:                        
    Provision (benefit) for income taxes     726   622   (551)  3,387  2,916  1,949   (1,455)  1,094  1,040   108   9,836 
    Interest expense, net  26,051   (1)  (2)     4  1  (2)  124     5      26,180 
    Intercompany interest  (33,806)  4,799   1,792   2,149   6,284  2,339  4,322   3,128   2,874  1,649   4,470    
    Depreciation and amortization  279   6,452   5,693   2,039   2,850  3,051  5,360   3,387   4,165  2,019   5,027   40,322 
    EBITDA  (19,311)  14,126   13,473   2,402   22,493  17,321  10,402   683   10,834  7,018   9,900   89,341 
    Other (income) expense  (127)  (77)  114        32  (104)  (675)  204  (2)  (492)  (1,127)
    Non-controlling shareholder compensation     252   664   312   395  404  (708)  230   316  9   171   2,045 
    Integration services fee                  1,188              1,188 
    Other                             432   432 
    Adjusted EBITDA $(19,438) $14,301  $14,251  $2,714  $22,888 $17,757 $10,778  $238  $11,354 $7,025  $10,011  $91,879 


    Compass Diversified Holdings
    Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation
    Three months ended March 31, 2022
    (Unaudited)
                          
     Corporate  5.11  BOA Ergobaby Lugano Marucci
    Sports
     Velocity
    Outdoor
     Altor Arnold Sterno Consolidated
    Income (loss) from continuing operations$(14,981) $2,645  $14,199  $(1,479) $8,494 $6,134  $713 $1,936 $960 $(244) $18,377 
    Adjusted for:                     
    Provision (benefit) for income taxes    819   2,477   399   2,895  2,006   202  1,059  1,012  (893)  9,976 
    Interest expense, net 17,368   26   (5)  1   5  1   17    6     17,419 
    Intercompany interest (19,275)  2,920   2,028   787   2,125  1,517   1,853  2,465  1,267  4,313    
    Depreciation and amortization expense 336   5,454   5,317   2,008   2,254  4,189   3,269  3,990  2,226  5,116   34,159 
    EBITDA (16,552)  11,864   24,016   1,716   15,773  13,847   6,054  9,450  5,471  8,292   79,931 
    Other (income) expense    (548)  50   4   2  (1,810)  209  312    (255)  (2,036)
    Non-controlling shareholder compensation    411   635   413   240  276   251  268  13  174   2,681 
    Acquisition expenses                    216       216 
    Integration services fee             563              563 
    Other               1,802            1,802 
    Adjusted EBITDA$(16,552) $11,727  $24,701  $2,133  $16,578 $14,115  $6,514 $10,246 $5,484 $8,211  $83,157 


    Compass Diversified Holdings
    Non-GAAP Adjusted EBITDA
    (Unaudited)
     
      Three months ended March 31,
    (in thousands)  2023   2022 
         
    Branded Consumer    
    5.11 $14,301  $11,727 
    BOA  14,251   24,701 
    Ergobaby  2,714   2,133 
    Lugano  22,888   16,578 
    Marucci Sports  17,757   14,115 
    PrimaLoft(1)  10,778    
    Velocity Outdoor  238   6,514 
    Total Branded Consumer $82,927  $75,768 
         
    Niche Industrial    
    Altor Solutions  11,354   10,246 
    Arnold Magnetics  7,025   5,484 
    Sterno  10,011   8,211 
    Total Niche Industrial $28,390  $23,941 
    Corporate expense  (19,438)  (16,552)
    Total Adjusted EBITDA $91,879  $83,157 


    (1) The above results for PrimaLoft do not include management's estimate of Adjusted EBITDA, before the Company's ownership, of $11.3 million for the three months ended March 31, 2022. PrimaLoft was acquired on July 12, 2022.


    Compass Diversified Holdings
    Net Sales to Pro Forma Net Sales Reconciliation
    (unaudited)
     
         
      Three months ended March 31,
    (in thousands)  2023  2022
         
    Net Sales $542,228 $510,513
    Acquisitions(1)    25,748
    Pro Forma Net Sales $542,228 $536,261

    (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 March 31,
    (in thousands)  2023  2022
         
    Branded Consumer    
    5.11 $124,452 $104,023
    BOA  37,986  56,810
    Ergobaby  22,418  20,210
    Lugano  63,887  47,019
    Marucci Sports  58,295  52,092
    PrimaLoft(1)  24,529  25,748
    Velocity Outdoor  34,040  51,446
    Total Branded Consumer $365,607 $357,348
         
    Niche Industrial    
    Altor Solutions  61,512  63,828
    Arnold Magnetics  40,090  38,165
    Sterno  75,019  76,920
    Total Niche Industrial $176,621 $178,913
         
    Total Subsidiary Net Sales $542,228 $536,261

    (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 March 31,
    (in thousands) 2023   2022 
        
    Net cash provided by (used in) operating activities$15,545  $(33,529)
    Net cash provided by (used in) investing activities 154,724   (8,292)
    Net cash used in financing activities (178,446)  (14,452)
    Foreign currency impact on cash 562   (259)
    Net decrease in cash and cash equivalents (7,615)  (56,532)
    Cash and cash equivalents - beginning of the period 61,271   160,733 
    Cash and cash equivalents - end of the period$53,656  $104,201 


    Compass Diversified Holding
    Selected Financial Data - Cash Flows
    (unaudited)
         
      Three months ended March 31,
    (in thousands)  2023   2022 
         
    Changes in operating assets and liabilities $(31,545) $(95,717)
    Purchases of property and equipment $(16,080) $(10,391)
    Distributions paid - common shares $(18,051) $(17,352)
    Distributions paid - preferred shares $(6,045) $(6,045)

     


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