10-Q 1 codi-20220930.htm 10-Q codi-20220930
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
COMPASS DIVERSIFIED HOLDINGS
(Exact name of registrant as specified in its charter)
Delaware001-3492757-6218917
(State or other jurisdiction of
incorporation or organization)
(Commission
file number)
(I.R.S. employer
identification number)
COMPASS GROUP DIVERSIFIED HOLDINGS LLC
(Exact name of registrant as specified in its charter)
Delaware001-3492620-3812051
(State or other jurisdiction of
incorporation or organization)
(Commission
file number)
(I.R.S. employer
identification number)
301 Riverside Avenue, Second Floor, Westport, CT 06880
(203) 221-1703
(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerxAccelerated filer¨Non-accelerated filer¨
Smaller reporting companyEmerging 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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý

As of October 28, 2022, there were 72,202,729 Trust common shares of Compass Diversified Holdings outstanding.



COMPASS DIVERSIFIED HOLDINGS
QUARTERLY REPORT ON FORM 10-Q
For the period ended September 30, 2022
TABLE OF CONTENTS

2


NOTE TO READER
In reading this Quarterly Report on Form 10-Q, references to:
the “Trust” and “Holdings” refer to Compass Diversified Holdings;
the “LLC” refer to Compass Group Diversified Holdings LLC;
the "Company" refer to Compass Diversified Holdings and Compass Group Diversified Holdings LLC, collectively;
“businesses”, “operating segments”, “subsidiaries” and “reporting units” all refer to, collectively, the businesses controlled by the Company;
the “Manager” refer to Compass Group Management LLC (“CGM”);
the "Trust Agreement" refer to the Third Amended and Restated Trust Agreement of the Trust dated as of August 3, 2021;
the "2022 Credit Facility" refer to the third amended and restated credit agreement entered into on July 12, 2022 among the LLC, the lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and letter of credit issuer (the "agent")
the "2022 Revolving Credit Facility" refers to the $600 million in revolving loans, swing line loans and letters of credit provided by the 2022 Credit Facility that matures in 2027;
the "2022 Term Loan" refer to the $400 million term loan provided by the 2022 Credit Facility;
the "2021 Credit Facility" refer to the second amended and restated credit agreement entered into on March 23, 2021 among the LLC, the lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the "agent") and other agents party thereto;
the "2021 Revolving Credit Facility" refers to the $600 million in revolving loans, swing line loans and letters of credit provided by the 2021 Credit Facility that matured in 2026;
the "2018 Credit Facility" refer to the amended and restated credit agreement entered into on April 18, 2018 among the LLC, the lenders from time to time party thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the "agent") and other agents party thereto, which was subsequently amended and restated by the 2021 Credit Facility;
the "2018 Revolving Credit Facility" refers to the $600 million in revolving loans, swing line loans and letters of credit provided by the 2018 Credit Facility;
the "2018 Term Loan" refer to the $500 million term loan provided by the 2018 Credit Facility;
the "LLC Agreement" refer to the Sixth Amended and Restated Operating Agreement of the LLC dated as of August 3, 2021, as further amended; and
"we," "us" and "our" refer to the Trust, the LLC and the businesses together.

3


FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q, contains both historical and forward-looking statements. We may, in some cases, use words such as "project," "predict," "believe," "anticipate," "plan," "expect," "estimate," "intend," "should," "would," "could," "potentially," "may," or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws. Forward looking statements include, among other things, (i) statements as to our future performance or liquidity, such as expectations for our results of operation, net income, adjusted EBITDA, adjusted earnings, and ability to make quarterly distributions and (ii) our plans, strategies and objectives for future operations, including our planned capital expenditures. Forward-looking statements in this Quarterly Report on Form 10-Q are subject to a number of risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the SEC, including, but not limited to, those described under the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the United States Securities and Exchange Commission (“SEC”) on February 24, 2022, as such factors may be updated from time to time in our filings with the SEC. Many of these risks and uncertainties are beyond our control. Important factors that could cause our actual results, performance and achievements to differ materially from those estimates or projections contained in our forward-looking statements include, among other things:
the adverse impact on the U.S. and global economy, including the markets in which we operate, of the novel coronavirus, which causes the Coronavirus disease 2019 (COVID-19), and the impact in the near, medium and long-term on our business, results of operations, financial position, liquidity or cash flows;
disruption in the global supply chain, labor shortages and high labor costs;
difficulties and delays in integrating, or business disruptions following, acquisitions or an inability to fully realize cost savings and other benefit related thereto;
our ability to successfully operate our subsidiary businesses on a combined basis, and to effectively integrate and improve future acquisitions;
our ability to remove CGM and CGM’s right to resign;
our organizational structure, which may limit our ability to meet our dividend and distribution policy;
our ability to service and comply with the terms of our indebtedness;
our cash flow available for distribution and reinvestment and our ability to make distributions in the future to our shareholders;
our ability to pay the management fee and profit allocation if and when due;
our ability to make and finance future acquisitions;
our ability to implement our acquisition and management strategies;
the legal and regulatory environment in which our subsidiaries operate;
trends in the industries in which our subsidiaries operate;
changes in general economic, political or business conditions or economic, political or demographic trends in the United States and other countries in which we have a presence, including changes in interest rates and inflation;
risks associated with possible disruption in operations or the economy generally due to terrorism or natural disaster or social, civil or political unrest;
environmental risks affecting the business or operations of our subsidiaries;
our and CGM’s ability to retain or replace qualified employees of our subsidiaries and CGM;
the impact of the tax reclassifications of the Trust;
costs and effects of legal and administrative proceedings, settlements, investigations and claims; and
extraordinary or force majeure events affecting the business or operations of our subsidiary businesses.
Our actual results, performance, prospects or opportunities could differ materially from those expressed in or implied by the forward-looking statements. Additional risks of which we are not currently aware or which we currently deem immaterial could also cause our actual results to differ.
In light of these risks, uncertainties and assumptions, you should not place undue reliance on any forward-looking statements. The forward-looking events discussed in this Quarterly Report on Form 10-Q may not occur. These forward-looking statements are made as of the date of this Quarterly Report on Form 10-Q. We undertake no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, whether as a result of new information, future events or otherwise, except as required by law.

4


PART I
FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS

COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2022
December 31,
2021
(in thousands)(Unaudited)
Assets
Current assets:
Cash and cash equivalents$61,252 $160,733 
Accounts receivable, net326,266 277,710 
Inventories, net725,902 565,743 
Prepaid expenses and other current assets81,130 57,006 
Total current assets1,194,550 1,061,192 
Property, plant and equipment, net193,749 186,477 
Goodwill1,194,251 882,083 
Intangible assets, net1,096,020 872,690 
Other non-current assets162,727 141,819 
Total assets$3,841,297 $3,144,261 
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$100,511 $124,203 
Accrued expenses211,633 190,348 
Due to related party15,368 12,802 
Current portion, long-term debt 10,000  
Other current liabilities39,378 34,269 
Total current liabilities376,890 361,622 
Deferred income taxes153,202 97,763 
Long-term debt1,784,365 1,284,826 
Other non-current liabilities134,857 115,520 
Total liabilities2,449,314 1,859,731 
Commitments and contingencies
Stockholders’ equity
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at September 30, 2022 and December 31, 2021
Series A preferred shares, no par value; 4,000 shares issued and outstanding at September 30, 2022 and December 31, 2021
96,417 96,417 
Series B preferred shares, no par value; 4,000 shares issued and outstanding at September 30, 2022 and December 31, 2021
96,504 96,504 
Series C preferred shares, no par value; 4,600 shares issued and outstanding at September 30, 2022 and December 31, 2021
110,997 110,997 
Trust common shares, no par value, 500,000 authorized; 72,203 shares issued and outstanding at September 30, 2022 and 68,738 issued and outstanding at December 31, 2021
1,207,082 1,123,193 
Accumulated other comprehensive loss(2,593)(1,028)
Accumulated deficit(336,842)(314,267)
Total stockholders’ equity attributable to Holdings1,171,565 1,111,816 
Noncontrolling interest220,418 172,714 
Total stockholders’ equity1,391,983 1,284,530 
Total liabilities and stockholders’ equity$3,841,297 $3,144,261 
See notes to condensed consolidated financial statements.
5


COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three months ended 
 September 30,
Nine months ended 
 September 30,
(in thousands, except per share data)2022202120222021
Net revenues $597,607 $488,158 $1,669,123 $1,372,266 
Cost of revenues358,291 296,027 996,210 818,307 
Gross profit239,316 192,131 672,913 553,959 
Operating expenses:
Selling, general and administrative expense148,700 118,818 403,428 337,815 
Management fees16,717 12,398 46,304 34,504 
Amortization expense25,152 19,056 67,191 56,502 
Operating income 48,747 41,859 155,990 125,138 
Other income (expense):
Interest expense, net(22,799)(13,855)(57,737)(42,607)
Amortization of debt issuance costs(1,004)(759)(2,735)(2,167)
Loss on debt extinguishment(534) (534)(33,305)
Other income (expense), net(2,141)1,031 606 (1,906)
Income from continuing operations before income taxes22,269 28,276 95,590 45,153 
Provision for income taxes21,163 9,556 39,201 24,662 
Income from continuing operations1,106 18,720 56,389 20,491 
Income (loss) from discontinued operations, net of income taxes (1,309) 7,665 
Gain on sale of discontinued operations, net of income taxes1,479 72,745 6,893 72,745 
Net income 2,585 90,156 63,282 100,901 
Less: Net income from continuing operations attributable to noncontrolling interest4,359 2,201 14,927 7,915 
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest (145) 522 
Net income (loss) attributable to Holdings$(1,774)$88,100 $48,355 $92,464 
Amounts attributable to Holdings
Income (loss) from continuing operations$(3,253)$16,519 $41,462 $12,576 
Income (loss) from discontinued operations, net of income tax (1,164) 7,143 
Gain on sale of discontinued operations, net of income tax1,479 72,745 6,893 72,745 
Net income (loss) attributable to Holdings$(1,774)$88,100 $48,355 $92,464 
Basic income (loss) per common share attributable to Holdings (refer to Note J)
Continuing operations$(0.23)$(0.13)$0.10 $(0.46)
Discontinued operations0.02 1.10 0.10 1.23 
Basic income (loss) per common share attributable to Holdings (refer to Note J)$(0.21)$0.97 $0.20 $0.77 
Basic weighted average number of shares of common shares outstanding71,910 65,008 70,514 64,936 
Cash distributions declared per Trust common share (refer to Note J)$0.25 $1.24 $0.75 $1.96 




See notes to condensed consolidated financial statements.
6


COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three months ended 
 September 30,
Nine months ended 
 September 30,
(in thousands)2022202120222021
Net income $2,585 $90,156 $63,282 $100,901 
Other comprehensive income (loss)
Foreign currency translation adjustments(2,144)(1,339)(3,620)(734)
Pension benefit liability, net216 (16)2,055 885 
Other comprehensive income (loss)(1,928)(1,355)(1,565)151 
Total comprehensive income, net of tax$657 $88,801 61,717 101,052 
Less: Net income attributable to noncontrolling interests4,359 2,056 14,927 8,437 
Less: Other comprehensive income (loss) attributable to noncontrolling interests(30)7 (32)30 
Total comprehensive income (loss) attributable to Holdings, net of tax $(3,672)$86,738 $46,822 $92,585 

See notes to condensed consolidated financial statements.

7


COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)

(in thousands)Trust Preferred SharesTrust Common SharesAccumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Stockholders' Equity Attributable
to Holdings
Non-
Controlling
Interest
Non-
Controlling
Interest Attributable to Disc. Ops.
Total
Stockholders’
Equity
Series ASeries BSeries C
Balance — July 1, 2021$96,417 $96,504 $110,997 $1,008,564 $(270,671)$50 $1,041,861 $126,619 $4,517 $1,172,997 
Net income (loss)— — — — 88,100 — 88,100 2,201 (145)90,156 
Total comprehensive loss, net— — — — — (1,355)(1,355)— — (1,355)
Issuance of Trust common shares— — — 18,522 — — 18,522 — — 18,522 
Option activity attributable to noncontrolling shareholders— — — — — — — 2,892 3 2,895 
Effect of subsidiary stock option exercise— — — — — — — 837 — 837 
Purchase of noncontrolling interest— — — — (8,632)— (8,632)(40,458)— (49,090)
Acquisition of Lugano— — — — — — — 68,000 — 68,000 
Disposition of Liberty— — — — — — — — (4,375)(4,375)
Distributions paid to noncontrolling shareholders— — — — — — — (1,275)— (1,275)
Distributions paid - Allocation interests— — — — (12,075)— (12,075)— — (12,075)
Distributions paid - Trust Common Shares— — — — (80,476)— (80,476)— — (80,476)
Distributions paid - Trust Preferred Shares— — — — (6,045)— (6,045)— — (6,045)
Balance — September 30, 2021$96,417 $96,504 $110,997 $1,027,086 $(289,799)$(1,305)$1,039,900 $158,816 $ $1,198,716 
Balance — July 1, 2022$96,417 $96,504 $110,997 $1,185,348 $(311,092)$(665)$1,177,509 $177,337 $ $1,354,846 
Net income (loss)— — — — (1,774)— (1,774)4,359 — 2,585 
Total comprehensive loss, net— — — — — (1,928)(1,928)— — (1,928)
Issuance of Trust common shares— — — 21,734 — — 21,734 — — 21,734 
Option activity attributable to noncontrolling shareholders— — — — — — — 3,241 — 3,241 
Effect of subsidiary stock option exercise— — — — — — — 642 — 642 
Purchase of noncontrolling interest— — — — — — — (424)— (424)
Acquisition of PrimaLoft— — — — — — — 35,263 — 35,263 
Distributions paid - Trust Common Shares— — — — (17,931)— (17,931)— — (17,931)
Distributions paid - Trust Preferred Shares— — — — (6,045)— (6,045)— — (6,045)
Balance — September 30, 2022$96,417 $96,504 $110,997 $1,207,082 $(336,842)$(2,593)$1,171,565 $220,418 $ $1,391,983 

8



COMPASS DIVERSIFIED HOLDINGS
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
(in thousands)Trust Preferred SharesTrust Common SharesAccumulated DeficitAccumulated Other
Comprehensive
Income (Loss)
Stockholders' Equity Attributable
to Holdings
Non-
Controlling
Interest
Non-
Controlling
Interest Attributable to Disc. Ops.
Total
Stockholders’
Equity
Series ASeries BSeries C
Balance — January 1, 2021$96,417 $96,504 $110,997 $1,008,564 $(211,002)$(1,456)$1,100,024 $116,288 $3,836 $1,220,148 
Net income — — — — 92,464 — 92,464 7,915 522 100,901 
Total comprehensive income, net— — — — — 151 151 — — 151 
Issuance of Trust common shares— — — 18,522 — — 18,522 — — 18,522