WESTPORT, Conn., Feb. 26, 2026 (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 and full year ended December 31, 2025.
“2025 was a challenging year as we navigated the Lugano investigation and completed the related restatement. Despite this, our operating companies, excluding Lugano, delivered solid performance in 2025, reflecting the strength of our diversified subsidiaries and our ability to perform across a range of economic conditions,” said Elias Sabo, CEO of Compass Diversified. “We remain focused on driving profitable growth while continuing to deleverage.”
Sabo continued, “Despite ongoing macro uncertainty, we are confident in our ability to generate top and bottom-line growth in 2026 for our remaining subsidiary companies. Our focus is on rebuilding investor confidence by creating consistent, long-term shareholder value through our differentiated business model, strong operating subsidiaries, and permanent capital base.”
On November 16, 2025, CODI deconsolidated Lugano Holding, Inc. (“Lugano”). GAAP results include Lugano’s operating results through that date and include a loss on deconsolidation of $111.9 million. Certain non-GAAP results excluding Lugano are also presented to help investors evaluate the performance of our remaining subsidiaries.
Each of CODI’s subsidiaries represents an operating segment. For ease of presentation, CODI has grouped its operating segments into Branded Consumer and Industrial groups for certain results described below.
Financial Summary – Including Lugano (GAAP)
Q4 2025 (GAAP – As reported)
Net revenues were $468.6 million, down 5.1% vs Q4 2024
Net loss from continuing operations was $79.4 million, compared to $70.5 million in Q4 2024
Full Year 2025 (GAAP – As reported)
Net revenues were $1,873.6 million, up 4.8% vs 2024
Branded Consumer: $1,114.1 million, up 5.2% vs 2024
Industrial: $759.5 million, up 4.1% vs 2024
Net loss from continuing operations was $296.6 million, compared to $327.8 million in 2024
Branded Consumer: net loss from continuing operations of $129.1 million compared to $309.5 million in 2024
Industrial: net income from continuing operations of $12.6 million compared to $17.3 million in 2024
Financial Summary – Excluding Lugano (non-GAAP)
Q4 2025 (excluding Lugano, non-GAAP)
Net revenues were $460.4 million, down 2.2% vs Q4 2024
Subsidiary adjusted EBITDA was $88.8 million, up 18.4% vs Q4 2024
Full Year 2025 (excluding Lugano, non-GAAP)
Net revenues were $1,794.5 million, up 3.9% vs 2024
Branded Consumer: $1,035.0 million, up 3.7% vs 2024
Industrial: $759.5 million, up 4.1% vs 2024
Subsidiary Adjusted EBITDA was $345.8 million, up 8.8% vs 2024
Branded Consumer: $219.7 million, up 13.8% vs 2024
Industrial: $126.1 million, up 1.1% vs 2024
Completed sale-leaseback of selected Altor facilities, generating approximately $11 million in proceeds used to pay down debt
Announced Amended Credit Facility
Restoring full access to $100 million of revolver capacity
Providing additional covenant flexibility to enable compliant deleveraging
Liquidity and Capital Resources
As of December 31, 2025, CODI had approximately $68.0 million in cash and cash equivalents and approximately $96 million in revolver availability.
The Company provides the following fiscal 2026 financial guidance:
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|
2026 Outlook |
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|
|
|
Low |
|
High |
||||
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|
|
|
|
|
|
||
|
Subsidiary Adjusted EBITDA |
|
|
|
|
|
|
||
|
Branded Consumer |
|
$ |
220.0 |
|
|
$ |
260.0 |
|
|
Industrial |
|
$ |
125.0 |
|
|
$ |
135.0 |
|
|
Subsidiary Adjusted EBITDA |
|
$ |
345.0 |
|
|
$ |
395.0 |
|
|
|
|
|
|
|
|
|
||
Subsidiary Adjusted EBITDA
Subsidiary Adjusted EBITDA
In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, CODI has not reconciled 2026 Subsidiary Adjusted EBITDA or 2026 Adjusted EBITDA to their comparable GAAP measure because it does not provide guidance on Income (Loss) from Continuing Operations and because management cannot predict, with sufficient certainty, all of the inputs necessary to provide such a reconciliation. For the same reasons, CODI is unable to address the probable significance of the unavailable information, which could be material to future results.
In conjunction with this announcement, CODI will host a conference call on February 26, 2026, at 5:00 p.m. E.T. / 2:00 p.m. PT with the Company’s Chief Executive Officer, Elias Sabo and the Company’s Chief Financial Officer, Stephen Keller. A live webcast of the call will be available on the Investor Relations section of CODI’s website. To avoid delays, we encourage participants to log into the webcast 15 minutes ahead of the scheduled start time. A replay of the webcast will also be available for a limited time on the Company’s website.
Note Regarding Use of Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted Earnings (Loss) 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 (Loss) 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 (Loss). Unless the context indicates otherwise, Subsidiary Adjusted EBITDA disclosed in the press release exclude Lugano, a deconsolidated subsidiary of the Company, and corporate expenses. We believe that Adjusted EBITDA and Adjusted Earnings (Loss) provide useful information to investors and reflect important financial measures as each of Adjusted EBITDA and Adjusted Earnings (Loss) excludes the effects of items that 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 (Loss) 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 (Loss) provides insight into our operating results. As used in this press release, Subsidiary Adjusted EBITDA refers to the sum of Adjusted EBITDA for the applicable period attributable to each and every consolidated subsidiary of the Company, excluding Lugano and disregarding corporate expense, unless the context indicates otherwise.
Net Revenues (excluding Lugano) is defined as net revenues excluding Lugano. Net Revenues (excluding Lugano) is reconciled to Net Revenues. We consider Net Revenues to be the most directly comparable GAAP financial measure to Net Revenues (excluding Lugano). We believe that Net Revenues (excluding Lugano) provides useful information to investors and reflects important financial measures as it helps investors evaluate the performance of our remaining subsidiaries.
In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled 2026 Adjusted EBITDA or 2026 Subsidiary Adjusted EBITDA to its comparable GAAP measure because we do not provide guidance on Net Income (Loss) from Continuing Operations 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 Net Revenues (excluding Lugano) 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.
CODI leverages its permanent capital base and long-term disciplined approach, maintaining controlling ownership interests in each of its subsidiaries and 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 seeks to generate strong returns through its culture of transparency, alignment and accountability.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, CODI’s expectations regarding its Adjusted EBITDA, subsidiary Adjusted EBITDA and its future performance, liquidity and leverage, and the future performance of CODI’s subsidiaries. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believe,” “expect,” “may,” “could,” “would,” “plan,” “intend,” “estimate,” “predict,” “future,” “potential,” “continue,” “should” or “anticipate” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on beliefs and assumptions by CODI’s Board of Directors and management, and on information currently available to CODI’s Board of Directors and management. These statements involve risks and uncertainties that could cause actual results and outcomes to differ, perhaps materially, including but not limited to: changes in the economy, financial markets and political environment, including changes in inflation, interest rates and U.S. tariff and import/export regulations; risks associated with possible disruption in CODI’s operations or the economy generally due to terrorism, war, natural disasters, or social, civil or political unrest; 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 labor costs; our business prospects and the prospects of our subsidiaries; the impact of, and ability to successfully complete and integrate, acquisitions that we have made or may make; the ability to successfully complete divestitures that we may execute; 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; CODI’s ability to regain compliance with NYSE continued listing requirements; the cooperation of, and future concessions granted by, CODI’s lenders; control deficiencies identified or that may be identified in the future that will result in material weaknesses in CODI’s internal control over financial reporting; and litigation relating to the Lugano investigation, including CODI’s representations regarding its financial statements, and current and future litigation, enforcement actions or investigations relating to CODI’s internal controls, restatement reviews, the Lugano investigation or related matters. Please see CODI’s Annual Report on Form 10-K filed with the SEC for other risk factors that you should consider in connection with such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements have been made. Except as required by law, CODI does not undertake any public obligation to update any forward-looking statements to reflect events, circumstances, or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
Compass Diversified Investor [email protected]
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Compass Diversified Holdings |
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(in thousands) |
December 31, 2025 |
|
December 31, 2024 |
|||
|
Assets |
|
|
|
|||
|
Current assets |
|
|
|
|||
|
Cash and cash equivalents |
$ |
68,015 |
|
$ |
59,659 |
|
|
Accounts receivable, net |
|
202,887 |
|
|
207,172 |
|
|
Inventories, net |
|
404,102 |
|
|
571,248 |
|
|
Prepaid expenses and other current assets |
|
78,398 |
|
|
126,692 |
|
|
Due from related parties |
|
20,757 |
|
|
— |
|
|
Due from unconsolidated affiliate |
|
71,000 |
|
|
— |
|
|
Total current assets |
|
845,159 |
|
|
964,771 |
|
|
Property, plant and equipment, net |
|
209,742 |
|
|
244,746 |
|
|
Goodwill |
|
895,421 |
|
|
895,916 |
|
|
Intangible assets, net |
|
892,811 |
|
|
983,396 |
|
|
Due from unconsolidated affiliate |
|
26,000 |
|
|
— |
|
|
Other non-current assets |
|
170,051 |
|
|
208,593 |
|
|
Total assets |
$ |
3,039,184 |
|
$ |
3,297,422 |
|
|
|
|
|
|
|||
|
Liabilities and stockholders’ equity |
|
|
|
|||
|
Current liabilities |
|
|
|
|||
|
Accounts payable |
$ |
96,335 |
|
$ |
103,239 |
|
|
Accrued expenses |
|
163,265 |
|
|
318,476 |
|
|
Due to related parties |
|
— |
|
|
18,036 |
|
|
Current portion, long-term debt |
|
37,500 |
|
|
1,774,290 |
|
|
Subsidiary financing arrangements |
|
— |
|
|
169,765 |
|
|
Other current liabilities |
|
52,519 |
|
|
49,617 |
|
|
Total current liabilities |
|
349,619 |
|
|
2,433,423 |
|
|
Deferred income taxes |
|
104,189 |
|
|
108,091 |
|
|
Long-term debt |
|
1,839,817 |
|
|
— |
|
|
Other non-current liabilities |
|
171,896 |
|
|
225,334 |
|
|
Total liabilities |
|
2,465,521 |
|
|
2,766,848 |
|
|
Stockholders’ equity |
|
|
|
|||
|
Total stockholders’ equity attributable to Holdings |
|
442,024 |
|
|
678,620 |
|
|
Noncontrolling interest |
|
131,639 |
|
|
(148,046 |
) |
|
Total stockholders’ equity |
|
573,663 |
|
|
530,574 |
|
|
Total liabilities and stockholders’ equity |
$ |
3,039,184 |
|
$ |
3,297,422 |
|
|
|
|
|
|
|||
Compass Diversified HoldingsCondensed Consolidated Balance Sheets
Prepaid expenses and other current assets
Due from unconsolidated affiliate
Property, plant and equipment, net
Due from unconsolidated affiliate
Liabilities and stockholders’ equity
Current portion, long-term debt
Subsidiary financing arrangements
Other non-current liabilities
Total stockholders’ equity attributable to Holdings
Total stockholders’ equity
Total liabilities and stockholders’ equity
|
|
|||||||||||||||
|
Compass Diversified Holdings |
|||||||||||||||
|
|
|||||||||||||||
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands, except per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net revenues |
$ |
468,557 |
|
|
$ |
493,929 |
|
|
$ |
1,873,584 |
|
|
$ |
1,788,013 |
|
|
Cost of revenues |
|
266,453 |
|
|
|
303,280 |
|
|
|
1,059,192 |
|
|
|
1,037,594 |
|
|
Gross profit |
|
202,104 |
|
|
|
190,649 |
|
|
|
814,392 |
|
|
|
750,419 |
|
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Selling, general and administrative expense |
|
168,870 |
|
|
|
166,257 |
|
|
|
660,674 |
|
|
|
587,521 |
|
|
Management fees |
|
(36,174 |
) |
|
|
19,453 |
|
|
|
17,937 |
|
|
|
74,767 |
|
|
Amortization expense |
|
23,434 |
|
|
|
23,500 |
|
|
|
93,156 |
|
|
|
94,817 |
|
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
31,515 |
|
|
|
8,182 |
|
|
Operating income (loss) |
|
45,974 |
|
|
|
(18,561 |
) |
|
|
11,110 |
|
|
|
(14,868 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
||||||||
|
Interest expense, net |
|
(38,602 |
) |
|
|
(36,319 |
) |
|
|
(175,270 |
) |
|
|
(122,802 |
) |
|
Amortization of debt issuance costs |
|
(1,130 |
) |
|
|
(1,004 |
) |
|
|
(4,052 |
) |
|
|
(4,018 |
) |
|
Loss on deconsolidation of Lugano |
|
(111,876 |
) |
|
|
— |
|
|
|
(111,876 |
) |
|
|
— |
|
|
Loss on sale of Crosman |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(24,218 |
) |
|
Loss on debt extinguishment |
|
— |
|
|
|
— |
|
|
|
(2,827 |
) |
|
|
— |
|
|
Other income (expense), net |
|
(353 |
) |
|
|
(17,451 |
) |
|
|
(14,664 |
) |
|
|
(143,304 |
) |
|
Net loss before income taxes |
|
(105,987 |
) |
|
|
(73,335 |
) |
|
|
(297,579 |
) |
|
|
(309,210 |
) |
|
Provision for income taxes |
|
(26,604 |
) |
|
|
(2,863 |
) |
|
|
(945 |
) |
|
|
18,612 |
|
|
Loss from continuing operations |
|
(79,383 |
) |
|
|
(70,472 |
) |
|
|
(296,634 |
) |
|
|
(327,822 |
) |
|
Loss from discontinued operations, net of income tax |
|
— |
|
|
|
(7,006 |
) |
|
|
— |
|
|
|
(6,905 |
) |
|
Gain on sale of discontinued operations |
|
580 |
|
|
|
8,612 |
|
|
|
2,906 |
|
|
|
11,957 |
|
|
Net loss |
|
(78,803 |
) |
|
|
(68,866 |
) |
|
|
(293,728 |
) |
|
|
(322,770 |
) |
|
Less: Net loss attributable to noncontrolling interest |
|
(7,613 |
) |
|
|
(23,545 |
) |
|
|
(67,313 |
) |
|
|
(111,025 |
) |
|
Less: Net loss from discontinued operations attributable to noncontrolling interest |
|
— |
|
|
|
(1,721 |
) |
|
|
— |
|
|
|
(2,884 |
) |
|
Net loss attributable to Holdings |
$ |
(71,190 |
) |
|
$ |
(43,600 |
) |
|
$ |
(226,415 |
) |
|
$ |
(208,861 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic income (loss) per common share attributable to Holdings |
|
|
|
|
|
|
|
||||||||
|
Continuing operations |
$ |
(1.21 |
) |
|
$ |
(0.75 |
) |
|
$ |
(3.63 |
) |
|
$ |
(3.94 |
) |
|
Discontinued operations |
|
0.01 |
|
|
|
2.45 |
|
|
|
0.04 |
|
|
|
0.11 |
|
|
|
$ |
(1.20 |
) |
|
$ |
1.70 |
|
|
$ |
(3.59 |
) |
|
$ |
(3.83 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average number of common shares outstanding |
|
75,236 |
|
|
|
75,505 |
|
|
|
75,236 |
|
|
|
75,454 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash distributions declared per Trust common share |
$ |
— |
|
|
$ |
0.25 |
|
|
$ |
0.50 |
|
|
$ |
1.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsConsolidated Statements of Operations
Three months ended December 31,
(in thousands, except per share data)
Selling, general and administrative expense
Amortization of debt issuance costs
Loss on deconsolidation of Lugano
Loss on debt extinguishment
Other income (expense), net
Net loss before income taxes
Provision for income taxes
Loss from continuing operations
Loss from discontinued operations, net of income tax
Gain on sale of discontinued operations
Less: Net loss attributable to noncontrolling interest
Less: Net loss from discontinued operations attributable to noncontrolling interest
Net loss attributable to Holdings
Basic income (loss) per common share attributable to Holdings
Basic weighted average number of common shares outstanding
Cash distributions declared per Trust common share
|
|
|||||||||||||||
|
Compass Diversified Holdings |
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net loss |
$ |
(78,803 |
) |
|
$ |
(68,866 |
) |
|
$ |
(293,728 |
) |
|
$ |
(322,770 |
) |
|
Loss from discontinued operations |
|
— |
|
|
|
(7,006 |
) |
|
|
— |
|
|
|
(6,905 |
) |
|
Gain on sale of discontinued operations |
|
580 |
|
|
|
8,612 |
|
|
|
2,906 |
|
|
|
11,957 |
|
|
Loss from continuing operations |
$ |
(79,383 |
) |
|
$ |
(70,472 |
) |
|
$ |
(296,634 |
) |
|
$ |
(327,822 |
) |
|
Less: loss from continuing operations attributable to noncontrolling interest |
|
(7,613 |
) |
|
|
(23,545 |
) |
|
|
(67,313 |
) |
|
|
(111,025 |
) |
|
Net loss attributable to Holdings – continuing operations |
$ |
(71,770 |
) |
|
$ |
(46,927 |
) |
|
$ |
(229,321 |
) |
|
$ |
(216,797 |
) |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
|
Distribution paid – preferred shares |
|
(9,714 |
) |
|
|
(6,967 |
) |
|
|
(37,577 |
) |
|
|
(25,458 |
) |
|
Amortization expense – intangibles and inventory step up |
|
23,434 |
|
|
|
25,106 |
|
|
|
93,156 |
|
|
|
100,112 |
|
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
31,515 |
|
|
|
8,182 |
|
|
Loss on deconsolidation of Lugano |
|
111,876 |
|
|
|
— |
|
|
|
111,876 |
|
|
|
— |
|
|
Loss on sale of Crosman |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
24,218 |
|
|
Tax effect – loss on sale of Crosman |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,254 |
|
|
Stock compensation |
|
3,854 |
|
|
|
4,057 |
|
|
|
16,128 |
|
|
|
16,345 |
|
|
Acquisition expenses |
|
— |
|
|
|
1,872 |
|
|
|
— |
|
|
|
5,351 |
|
|
Integration Services Fee |
|
— |
|
|
|
875 |
|
|
|
875 |
|
|
|
2,625 |
|
|
Other |
|
6,694 |
|
|
|
11,820 |
|
|
|
15,191 |
|
|
|
13,188 |
|
|
Adjusted Earnings |
$ |
64,374 |
|
|
$ |
(10,164 |
) |
|
$ |
1,843 |
|
|
$ |
(64,980 |
) |
|
Plus (less): |
|
|
|
|
|
|
|
||||||||
|
Depreciation |
|
11,065 |
|
|
|
12,642 |
|
|
|
45,312 |
|
|
|
43,889 |
|
|
Income taxes |
|
(26,604 |
) |
|
|
(2,863 |
) |
|
|
(945 |
) |
|
|
18,612 |
|
|
Interest expense, net |
|
38,602 |
|
|
|
36,319 |
|
|
|
175,270 |
|
|
|
122,802 |
|
|
Amortization of debt issuance |
|
1,130 |
|
|
|
1,004 |
|
|
|
4,052 |
|
|
|
4,018 |
|
|
Noncontrolling interest |
|
(7,613 |
) |
|
|
(23,545 |
) |
|
|
(67,313 |
) |
|
|
(111,025 |
) |
|
Preferred distributions |
|
9,714 |
|
|
|
6,967 |
|
|
|
37,577 |
|
|
|
25,458 |
|
|
Loss on debt modification |
|
— |
|
|
|
— |
|
|
|
2,827 |
|
|
|
— |
|
|
Tax effect – Loss on Sale of Crosman |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,254 |
) |
|
Other expense (income) |
|
354 |
|
|
|
17,451 |
|
|
|
14,664 |
|
|
|
143,304 |
|
|
Adjusted EBITDA |
$ |
91,022 |
|
|
$ |
37,811 |
|
|
$ |
213,287 |
|
|
$ |
174,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income to Non-GAAP Adjusted Earnings and Non-GAAP Adjusted EBITDA(unaudited)
Three months ended December 31,
Loss from discontinued operations
Gain on sale of discontinued operations
Loss from continuing operations
Less: loss from continuing operations attributable to noncontrolling interest
Net loss attributable to Holdings – continuing operations
Distribution paid – preferred shares
Amortization expense – intangibles and inventory step up
Loss on deconsolidation of Lugano
Tax effect – loss on sale of Crosman
Amortization of debt issuance
Tax effect – Loss on Sale of Crosman
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(in thousands) |
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Lugano |
|
PrimaLoft |
|
THP |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
||||||||||||||||||||
|
Net income (loss) from continuing operations |
|
$ |
(74,817 |
) |
|
|
9,863 |
|
|
|
6,296 |
|
|
$ |
(20,700 |
) |
|
$ |
(4,757 |
) |
|
$ |
1,876 |
|
|
$ |
(712 |
) |
|
$ |
(7,563 |
) |
|
$ |
211 |
|
|
$ |
10,920 |
|
|
$ |
(79,383 |
) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Provision (benefit) for income taxes |
|
|
(30,653 |
) |
|
|
3,188 |
|
|
|
1,761 |
|
|
|
— |
|
|
|
(2,556 |
) |
|
|
98 |
|
|
|
(136 |
) |
|
|
(1,545 |
) |
|
|
543 |
|
|
|
2,696 |
|
|
|
(26,604 |
) |
|
Interest expense, net |
|
|
36,170 |
|
|
|
(5 |
) |
|
|
(1 |
) |
|
|
2,493 |
|
|
|
(4 |
) |
|
|
2 |
|
|
|
(7 |
) |
|
|
(160 |
) |
|
|
114 |
|
|
|
— |
|
|
|
38,602 |
|
|
Intercompany interest |
|
|
(30,930 |
) |
|
|
3,655 |
|
|
|
3,202 |
|
|
|
8,284 |
|
|
|
3,975 |
|
|
|
2,159 |
|
|
|
1,548 |
|
|
|
4,174 |
|
|
|
2,157 |
|
|
|
1,776 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
(3,251 |
) |
|
|
5,298 |
|
|
|
5,396 |
|
|
|
3,838 |
|
|
|
5,357 |
|
|
|
4,156 |
|
|
|
1,427 |
|
|
|
6,723 |
|
|
|
2,889 |
|
|
|
3,797 |
|
|
|
35,630 |
|
|
EBITDA |
|
|
(103,481 |
) |
|
|
21,999 |
|
|
|
16,654 |
|
|
|
(6,085 |
) |
|
|
2,015 |
|
|
|
8,291 |
|
|
|
2,120 |
|
|
|
1,629 |
|
|
|
5,914 |
|
|
|
19,189 |
|
|
|
(31,755 |
) |
|
Other (income) expense |
|
|
— |
|
|
|
71 |
|
|
|
85 |
|
|
|
(521 |
) |
|
|
2 |
|
|
|
(50 |
) |
|
|
(1,267 |
) |
|
|
2,172 |
|
|
|
(45 |
) |
|
|
(94 |
) |
|
|
353 |
|
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
678 |
|
|
|
1,333 |
|
|
|
310 |
|
|
|
594 |
|
|
|
430 |
|
|
|
5 |
|
|
|
110 |
|
|
|
54 |
|
|
|
340 |
|
|
|
3,854 |
|
|
Loss on deconsolidation |
|
|
111,876 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111,876 |
|
|
Other(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
667 |
|
|
|
945 |
|
|
|
1,280 |
|
|
|
3,478 |
|
|
|
213 |
|
|
|
111 |
|
|
|
6,694 |
|
|
Adjusted EBITDA |
|
$ |
8,395 |
|
|
$ |
22,748 |
|
|
$ |
18,072 |
|
|
$ |
(6,296 |
) |
|
$ |
3,278 |
|
|
$ |
9,616 |
|
|
$ |
2,138 |
|
|
$ |
7,389 |
|
|
$ |
6,136 |
|
|
$ |
19,546 |
|
|
$ |
91,022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA ReconciliationThree Months Ended December 31, 2025(Unaudited)
Net income (loss) from continuing operations
Provision (benefit) for income taxes
Depreciation and amortization
Non-controlling shareholder compensation
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the fourth quarter of 2025, the calculation of Adjusted EBITDA for Altor includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam.
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(in thousands) |
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Lugano |
|
PrimaLoft |
|
THP |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
||||||||||||||||||||
|
Net income (loss) from continuing operations |
|
$ |
(8,045 |
) |
|
|
2,040 |
|
|
|
4,543 |
|
|
$ |
(57,564 |
) |
|
$ |
(5,314 |
) |
|
$ |
(1,997 |
) |
|
$ |
(1,483 |
) |
|
$ |
(441 |
) |
|
$ |
(9,138 |
) |
|
$ |
6,927 |
|
|
$ |
(70,472 |
) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Provision (benefit) for income taxes |
|
|
(2,095 |
) |
|
|
(266 |
) |
|
|
1,042 |
|
|
|
(137 |
) |
|
|
(2,010 |
) |
|
|
(305 |
) |
|
|
(264 |
) |
|
|
(912 |
) |
|
|
(196 |
) |
|
|
2,280 |
|
|
|
(2,863 |
) |
|
Interest expense, net |
|
|
29,134 |
|
|
|
(11 |
) |
|
|
(5 |
) |
|
|
7,130 |
|
|
|
(55 |
) |
|
|
(24 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
151 |
|
|
|
— |
|
|
|
36,319 |
|
|
Intercompany interest |
|
|
(41,740 |
) |
|
|
3,252 |
|
|
|
4,409 |
|
|
|
15,596 |
|
|
|
4,390 |
|
|
|
2,725 |
|
|
|
1,635 |
|
|
|
5,159 |
|
|
|
1,808 |
|
|
|
2,766 |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
51 |
|
|
|
5,536 |
|
|
|
5,343 |
|
|
|
1,528 |
|
|
|
5,331 |
|
|
|
4,163 |
|
|
|
1,363 |
|
|
|
9,303 |
|
|
|
2,511 |
|
|
|
3,623 |
|
|
|
38,752 |
|
|
EBITDA |
|
|
(22,695 |
) |
|
|
10,551 |
|
|
|
15,332 |
|
|
|
(33,447 |
) |
|
|
2,342 |
|
|
|
4,562 |
|
|
|
1,250 |
|
|
|
13,109 |
|
|
|
(4,864 |
) |
|
|
15,596 |
|
|
|
1,736 |
|
|
Other (income) expense |
|
|
(2 |
) |
|
|
(46 |
) |
|
|
489 |
|
|
|
18,146 |
|
|
|
176 |
|
|
|
8 |
|
|
|
(1,177 |
) |
|
|
24 |
|
|
|
— |
|
|
|
(167 |
) |
|
|
17,451 |
|
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
499 |
|
|
|
1,331 |
|
|
|
775 |
|
|
|
559 |
|
|
|
517 |
|
|
|
(153 |
) |
|
|
247 |
|
|
|
5 |
|
|
|
277 |
|
|
|
4,057 |
|
|
Acquisition expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,872 |
|
|
|
— |
|
|
|
— |
|
|
|
1,872 |
|
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
875 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
875 |
|
|
Other(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,500 |
|
|
|
696 |
|
|
|
9,546 |
|
|
|
78 |
|
|
|
11,820 |
|
|
Adjusted EBITDA |
|
$ |
(22,697 |
) |
|
$ |
11,004 |
|
|
$ |
17,152 |
|
|
$ |
(14,526 |
) |
|
$ |
3,077 |
|
|
$ |
5,962 |
|
|
$ |
1,420 |
|
|
$ |
15,948 |
|
|
$ |
4,687 |
|
|
$ |
15,784 |
|
|
$ |
37,811 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA ReconciliationThree Months Ended December 31, 2024(Unaudited)
Net income (loss) from continuing operations
Provision (benefit) for income taxes
Depreciation and amortization
Non-controlling shareholder compensation
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the fourth quarter of 2024, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold’s facilities in the United States.
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
(in thousands) |
|
Corporate |
|
|
5.11 |
|
|
BOA |
|
Lugano |
|
PrimaLoft |
|
THP |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
||||||||||||||||||||
|
Net income (loss) from continuing operations |
|
$ |
(180,185 |
) |
|
$ |
28,255 |
|
|
$ |
28,952 |
|
|
$ |
(175,353 |
) |
|
$ |
(9,467 |
) |
|
$ |
4,661 |
|
|
$ |
(6,125 |
) |
|
$ |
(7,071 |
) |
|
$ |
(7,184 |
) |
|
$ |
26,883 |
|
|
$ |
(296,634 |
) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Provision (benefit) for income taxes |
|
|
(21,052 |
) |
|
|
8,656 |
|
|
|
5,557 |
|
|
|
(255 |
) |
|
|
(3,067 |
) |
|
|
944 |
|
|
|
(95 |
) |
|
|
(1,168 |
) |
|
|
1,715 |
|
|
|
7,820 |
|
|
|
(945 |
) |
|
Interest expense, net |
|
|
151,576 |
|
|
|
(8 |
) |
|
|
(4 |
) |
|
|
23,339 |
|
|
|
(26 |
) |
|
|
(6 |
) |
|
|
1 |
|
|
|
(160 |
) |
|
|
558 |
|
|
|
— |
|
|
|
175,270 |
|
|
Intercompany interest |
|
|
(152,618 |
) |
|
|
14,565 |
|
|
|
14,437 |
|
|
|
56,644 |
|
|
|
16,155 |
|
|
|
9,530 |
|
|
|
6,552 |
|
|
|
18,154 |
|
|
|
8,343 |
|
|
|
8,238 |
|
|
|
— |
|
|
Loss on debt modification |
|
|
2,827 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,827 |
|
|
Depreciation and amortization |
|
|
(3,535 |
) |
|
|
22,044 |
|
|
|
21,145 |
|
|
|
7,631 |
|
|
|
21,307 |
|
|
|
16,631 |
|
|
|
5,517 |
|
|
|
26,510 |
|
|
|
10,951 |
|
|
|
14,319 |
|
|
|
142,520 |
|
|
EBITDA |
|
|
(202,987 |
) |
|
|
73,512 |
|
|
|
70,087 |
|
|
|
(87,994 |
) |
|
|
24,902 |
|
|
|
31,760 |
|
|
|
5,850 |
|
|
|
36,265 |
|
|
|
14,383 |
|
|
|
57,260 |
|
|
|
23,038 |
|
|
Other (income) expense |
|
|
13 |
|
|
|
(323 |
) |
|
|
308 |
|
|
|
12,495 |
|
|
|
22 |
|
|
|
(32 |
) |
|
|
(1,745 |
) |
|
|
4,349 |
|
|
|
(20 |
) |
|
|
(403 |
) |
|
|
14,664 |
|
|
Non-controlling shareholder compensation |
|
|
— |
|
|
|
2,416 |
|
|
|
5,422 |
|
|
|
2,495 |
|
|
|
2,347 |
|
|
|
1,256 |
|
|
|
132 |
|
|
|
836 |
|
|
|
66 |
|
|
|
1,158 |
|
|
|
16,128 |
|
|
Impairment expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,515 |
|
|
|
— |
|
|
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
31,515 |
|
||
|
Loss on deconsolidation |
|
|
111,876 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
111,876 |
|
|
Integration services fee |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
875 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
875 |
|
|
Other(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
667 |
|
|
|
945 |
|
|
|
1,280 |
|
|
|
9,421 |
|
|
|
2,487 |
|
|
|
391 |
|
|
|
15,191 |
|
|
Adjusted EBITDA |
|
$ |
(91,098 |
) |
|
$ |
75,605 |
|
|
$ |
75,817 |
|
|
$ |
(41,489 |
) |
|
$ |
27,938 |
|
|
$ |
34,804 |
|
|
$ |
5,517 |
|
|
$ |
50,871 |
|
|
$ |
16,916 |
|
|
$ |
58,406 |
|
|
$ |
213,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA ReconciliationYear ended December 31, 2025(Unaudited)
Net income (loss) from continuing operations
Provision (benefit) for income taxes
Depreciation and amortization
Non-controlling shareholder compensation
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold’s facilities in the United States and costs related to the retirement of the chief executive officer at Arnold. For Altor, other includes the add-back of certain expenses incurred related to restructuring of their facilities after the acquisition of Lifoam.
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
(in thousands) |
Corporate |
|
|
5.11 |
|
|
BOA |
|
Lugano |
|
PrimaLoft |
|
THP |
|
Velocity Outdoor |
|
Altor Solutions |
|
Arnold |
|
Sterno |
|
Consolidated |
|||||||||||||||||||
|
Net income (loss) from continuing operations |
$ |
(35,634 |
) |
|
$ |
20,634 |
|
|
$ |
20,791 |
|
|
$ |
(275,730 |
) |
|
$ |
(10,575 |
) |
|
$ |
(9,761 |
) |
|
$ |
(54,851 |
) |
|
$ |
5,635 |
|
$ |
(2,969 |
) |
|
$ |
14,638 |
|
|
$ |
(327,822 |
) |
|
Adjusted for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Provision (benefit) for income taxes |
|
(2,095 |
) |
|
|
4,526 |
|
|
|
4,962 |
|
|
|
904 |
|
|
|
(3,741 |
) |
|
|
(2,894 |
) |
|
|
6,810 |
|
|
|
2,280 |
|
|
2,986 |
|
|
|
4,874 |
|
|
|
18,612 |
|
|
Interest expense, net |
|
106,414 |
|
|
|
(14 |
) |
|
|
(21 |
) |
|
|
16,122 |
|
|
|
(70 |
) |
|
|
(52 |
) |
|
|
52 |
|
|
|
— |
|
|
371 |
|
|
|
— |
|
|
|
122,802 |
|
|
Intercompany interest |
|
(157,585 |
) |
|
|
13,366 |
|
|
|
20,125 |
|
|
|
56,013 |
|
|
|
17,916 |
|
|
|
10,552 |
|
|
|
9,255 |
|
|
|
10,771 |
|
|
7,121 |
|
|
|
12,466 |
|
|
|
— |
|
|
Depreciation and amortization |
|
675 |
|
|
|
22,734 |
|
|
|
21,594 |
|
|
|
5,391 |
|
|
|
21,318 |
|
|
|
18,974 |
|
|
|
8,042 |
|
|
|
21,553 |
|
|
9,265 |
|
|
|
18,473 |
|
|
|
148,019 |
|
|
EBITDA |
|
(88,225 |
) |
|
|
61,246 |
|
|
|
67,451 |
|
|
|
(197,300 |
) |
|
|
24,848 |
|
|
|
16,819 |
|
|
|
(30,692 |
) |
|
|
40,239 |
|
|
16,774 |
|
|
|
50,451 |
|
|
|
(38,389 |
) |
|
Other (income) expense |
|
460 |
|
|
|
40 |
|
|
|
511 |
|
|
|
139,623 |
|
|
|
181 |
|
|
|
3 |
|
|
|
24,557 |
|
|
|
2,746 |
|
|
(9 |
) |
|
|
(590 |
) |
|
|
167,522 |
|
|
Non-controlling shareholder compensation |
|
— |
|
|
|
2,129 |
|
|
|
5,683 |
|
|
|
2,437 |
|
|
|
2,382 |
|
|
|
1,674 |
|
|
|
403 |
|
|
|
988 |
|
|
18 |
|
|
|
631 |
|
|
|
16,345 |
|
|
Impairment expense |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
8,182 |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
8,182 |
|
||
|
Acquisition expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,479 |
|
|
|
— |
|
|
|
1,872 |
|
|
— |
|
|
|
— |
|
|
|
5,351 |
|
|
Integration services fee |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,625 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
2,625 |
|
|
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
90 |
|
|
|
1,500 |
|
|
|
696 |
|
|
10,426 |
|
|
|
476 |
|
|
|
13,188 |
|
|
Adjusted EBITDA |
$ |
(87,765 |
) |
|
$ |
63,415 |
|
|
$ |
73,645 |
|
|
$ |
(55,240 |
) |
|
$ |
27,411 |
|
|
$ |
24,690 |
|
|
$ |
3,950 |
|
|
$ |
46,541 |
|
$ |
27,209 |
|
|
$ |
50,968 |
|
|
$ |
174,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA ReconciliationYear ended December 31, 2024(Unaudited)
Net income (loss) from continuing operations
Provision (benefit) for income taxes
Depreciation and amortization
Non-controlling shareholder compensation
(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold’s facilities in the United States.
|
|
||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Branded Consumer |
|
|
|
|
|
|
|
|
||||||||
|
5.11 |
|
$ |
22,748 |
|
|
$ |
11,004 |
|
|
|
75,605 |
|
|
|
63,415 |
|
|
BOA |
|
|
18,072 |
|
|
|
17,152 |
|
|
|
75,817 |
|
|
|
73,645 |
|
|
Lugano |
|
|
(6,296 |
) |
|
|
(14,526 |
) |
|
|
(41,489 |
) |
|
|
(55,240 |
) |
|
PrimaLoft |
|
|
3,278 |
|
|
|
3,077 |
|
|
|
27,938 |
|
|
|
27,411 |
|
|
The Honey Pot Co.(1) |
|
|
9,616 |
|
|
|
5,962 |
|
|
|
34,804 |
|
|
|
24,690 |
|
|
Velocity Outdoor |
|
|
2,138 |
|
|
|
1,420 |
|
|
|
5,517 |
|
|
|
3,950 |
|
|
Total Branded Consumer |
|
$ |
49,556 |
|
|
$ |
24,089 |
|
|
$ |
178,192 |
|
|
$ |
137,871 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Industrial |
|
|
|
|
|
|
|
|
||||||||
|
Altor Solutions |
|
$ |
7,389 |
|
|
|
15,948 |
|
|
|
50,871 |
|
|
|
46,541 |
|
|
Arnold Magnetics |
|
|
6,136 |
|
|
|
4,687 |
|
|
|
16,916 |
|
|
|
27,209 |
|
|
Sterno |
|
|
19,546 |
|
|
|
15,784 |
|
|
|
58,406 |
|
|
|
50,968 |
|
|
Total Industrial |
|
$ |
33,071 |
|
|
$ |
36,419 |
|
|
$ |
126,193 |
|
|
$ |
124,718 |
|
|
Corporate expense |
|
|
8,395 |
|
|
|
(22,697 |
) |
|
|
(91,098 |
) |
|
|
(87,765 |
) |
|
Total Adjusted EBITDA |
|
$ |
91,022 |
|
|
$ |
37,811 |
|
|
$ |
213,287 |
|
|
$ |
174,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsAdjusted EBITDA(Unaudited)
Three months ended December 31,
(1) The above results for The Honey Pot Co. do not include management’s estimate of Adjusted EBITDA, before the Company’s ownership of $3.9 million for the year ended December 31, 2024. The Honey Pot Co. was acquired on January 31, 2024.
|
|
||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net Sales |
|
$ |
468,557 |
|
|
$ |
493,929 |
|
|
$ |
1,873,584 |
|
|
$ |
1,788,013 |
|
|
Less: Lugano net sales |
|
|
(8,146 |
) |
|
|
(23,358 |
) |
|
|
(79,113 |
) |
|
|
(60,445 |
) |
|
Net Sales excluding Lugano |
|
$ |
460,411 |
|
|
$ |
470,571 |
|
|
$ |
1,794,471 |
|
|
$ |
1,727,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsNet Sales to Non-GAAP Net Sales (excluding Lugano) Reconciliation(unaudited)
Three months ended December 31,
Net Sales excluding Lugano
|
|
||||||||||||
|
Compass Diversified Holdings |
||||||||||||
|
|
|
|
|
|
|
|
||||||
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||
|
(in thousands) |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
Branded Consumer |
|
|
|
|
|
|
|
|
||||
|
5.11 |
|
$ |
147,793 |
|
$ |
144,768 |
|
$ |
551,845 |
|
$ |
532,161 |
|
BOA |
|
|
49,303 |
|
|
48,141 |
|
|
190,489 |
|
|
190,811 |
|
Lugano(1) |
|
|
8,146 |
|
|
23,358 |
|
|
79,113 |
|
|
60,445 |
|
PrimaLoft |
|
|
14,719 |
|
|
12,708 |
|
|
76,512 |
|
|
74,226 |
|
The Honey Pot(2) |
|
|
35,973 |
|
|
28,697 |
|
|
139,689 |
|
|
104,589 |
|
Velocity Outdoor |
|
|
18,962 |
|
|
19,008 |
|
|
76,416 |
|
|
96,427 |
|
Total Branded Consumer(3) |
|
$ |
274,896 |
|
$ |
276,680 |
|
$ |
1,114,064 |
|
$ |
1,058,659 |
|
|
|
|
|
|
|
|
|
|
||||
|
Industrial |
|
|
|
|
|
|
|
|
||||
|
Altor Solutions |
|
|
63,635 |
|
|
81,323 |
|
|
303,021 |
|
|
239,069 |
|
Arnold Magnetics |
|
|
40,841 |
|
|
41,292 |
|
|
150,967 |
|
|
171,837 |
|
Sterno |
|
|
89,185 |
|
|
94,634 |
|
|
305,532 |
|
|
318,448 |
|
Total Industrial |
|
$ |
193,661 |
|
$ |
217,249 |
|
$ |
759,520 |
|
$ |
729,354 |
|
|
|
|
|
|
|
|
|
|
||||
|
Total Subsidiary Net Sales(3) |
|
$ |
468,557 |
|
$ |
493,929 |
|
$ |
1,873,584 |
|
$ |
1,788,013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compass Diversified HoldingsSubsidiary Net Sales(unaudited)
Three months ended December 31,
Total Subsidiary Net Sales(3)
(1) Lugano net sales for the three months and year ended December 31, 2025 are through November 16, 2025, on which date Lugano was deconsolidated.
(2) Net sales for The Honey Pot Co. do not include net sales prior to the Company’s ownership of $10.7 million in the year ended December 31, 2024. The Honey Pot Co. was acquired on January 31, 2024.
(3) Reconciliation of Total Branded Consumer Net Sales and Total Subsidiary Net Sales excluding Lugano:
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Total Branded Consumer |
$ |
274,896 |
|
|
$ |
276,680 |
|
|
$ |
1,114,064 |
|
|
$ |
1,058,659 |
|
|
Less: Lugano |
|
(8,146 |
) |
|
|
(23,358 |
) |
|
|
(79,113 |
) |
|
|
(60,445 |
) |
|
Total Branded Consumer |
|
266,750 |
|
|
|
253,322 |
|
|
|
1,034,951 |
|
|
|
998,214 |
|
|
Industrial |
$ |
193,661 |
|
|
$ |
217,249 |
|
|
$ |
759,520 |
|
|
$ |
729,354 |
|
|
Total Subsidiary Net Sales (excluding Lugano) |
$ |
460,411 |
|
|
$ |
470,571 |
|
|
$ |
1,794,471 |
|
|
$ |
1,727,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended December 31,
Total Subsidiary Net Sales (excluding Lugano)
|
|
||||||||||||||||
|
Compass Diversified Holdings |
||||||||||||||||
|
|
|
|
|
|
||||||||||||
|
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||
|
(in thousands) |
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net cash provided by (used in) operating activities |
|
$ |
47,002 |
|
|
$ |
(16,106 |
) |
|
$ |
(6,830 |
) |
|
$ |
(151,086 |
) |
|
Net cash used in investing activities |
|
|
(9,528 |
) |
|
|
(70,199 |
) |
|
|
(42,614 |
) |
|
|
(422,450 |
) |
|
Net cash provided by (used in) financing activities |
|
|
(30,967 |
) |
|
|
75,811 |
|
|
|
55,088 |
|
|
|
184,064 |
|
|
Foreign currency impact on cash |
|
|
369 |
|
|
|
(1,727 |
) |
|
|
2,712 |
|
|
|
(1,278 |
) |
|
Net increase (decrease) in cash and cash equivalents |
|
|
6,876 |
|
|
|
(12,221 |
) |
|
|
8,356 |
|
|
|
(390,750 |
) |
|
Cash and cash equivalents – beginning of the period(1) |
|
|
61,139 |
|
|
|
71,880 |
|
|
|
59,659 |
|
|
|
450,409 |
|
|
Cash and cash equivalents – end of the period |
|
$ |
68,015 |
|
|
$ |
59,659 |
|
|
$ |
68,015 |
|
|
$ |
59,659 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Compass Diversified HoldingsCondensed Consolidated Cash Flows
Three months ended December 31,
Net cash provided by (used in) operating activities
Net cash used in investing activities
Net cash provided by (used in) financing activities
Foreign currency impact on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents – beginning of the period(1)
Cash and cash equivalents – end of the period
(1) Includes cash from discontinued operations of $3.8 million at January 1, 2024.