pass Diversified LLC(CODI)
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pass Diversified LLC(CODI) - 2024 Q3 - Quarterly Report
2024-10-30 20:18
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, 2024 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) Delaware (State or other jurisdiction of incorporationororganization) | --- | ...
pass Diversified LLC(CODI) - 2024 Q3 - Quarterly Results
2024-10-30 20:18
Exhibit 99.1 Compass Diversified Reports Third Quarter 2024 Financial Results Westport, Conn., October 30, 2024 – 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, 2024. "Despite a dynamic macroeconomic environment, we had another great quarter," said Elias Sabo, CEO of Compass Diversified. "Our differentiated business model and strong operating companies positi ...
JADEX COMPLETES SALE OF LIFOAM TO ALTOR SOLUTIONS
Prnewswire· 2024-10-02 12:25
NEW YORK, Oct. 2, 2024 /PRNewswire/ -- Jadex Inc. ("Jadex"), a manufacturer and material sciences company, today announced it has completed the previously announced sale of Lifoam Industries, LLC ("Lifoam" or the "Company") to Altor Solutions ("Altor"), a subsidiary of Compass Diversified (NYSE: CODI), for $137 million in cash (excluding working capital and certain other adjustments). Lifoam is a leading manufacturer of temperature-controlled packaging products such as thermal shippers and refrigerant gel p ...
JADEX TO SELL LIFOAM TO ALTOR SOLUTIONS
Prnewswire· 2024-08-19 12:05
NEW YORK, Aug. 19, 2024 /PRNewswire/ -- Jadex Inc. ("Jadex"), a manufacturer and material sciences company, today announced it has entered into a definitive agreement to sell Lifoam Industries, LLC ("Lifoam" or the "Company") to Altor Solutions ("Altor"), a subsidiary of Compass Diversified (NYSE: CODI), for $137 million in cash. Post-tax net proceeds from the sale are expected to be used to pay down debt and fund investment in the remaining business. Lifoam is a leading manufacturer of temperature-controll ...
pass Diversified LLC(CODI) - 2024 Q2 - Earnings Call Transcript
2024-08-01 00:09
Compass Diversified (NYSE:CODI) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET Company Participants Cody Slach - IR, Gateway Group Elias Sabo - CEO Ryan Faulkingham - CFO Pat Maciariello - COO of Compass Group Management Conference Call Participants Larry Solow - CJS Securities Matt Koranda - ROTH Capital Derek Sommers - Jefferies Robert Dodd - Raymond James Matthew P. Howlett - B. Riley Operator Good afternoon, and welcome to Compass Diversified Second Quarter 2024 Conference Call. Today's call ...
pass Diversified LLC(CODI) - 2024 Q2 - Quarterly Results
2024-07-31 20:20
Net Sales Performance - Net sales increased 11% to $542.6 million in Q2 2024, with pro forma net sales up 6%[1][3] - Branded Consumer net sales rose 11% on a pro forma basis to $373.5 million, while Industrial net sales declined 4% to $169.1 million[1][4] - Net sales for the six months ended June 30, 2024, were $1.066885 billion, compared to $970.822 million in the same period in 2023, an increase of 9.9%[22] - Pro Forma Net Sales for the six months ended June 30, 2023, were $1.03 billion, reflecting a $56.89 million contribution from The Honey Pot Co. acquisition[30] - Total Branded Consumer Net Sales for the six months ended June 30, 2023, were $675.45 million, with Lugano contributing $124.84 million and 5.11 contributing $250.48 million[31] - Total Niche Industrial Net Sales for the six months ended June 30, 2023, were $352.26 million, with Altor Solutions contributing $122.40 million and Sterno contributing $149.63 million[31] Adjusted EBITDA and Earnings - Adjusted EBITDA increased 27% to $105.4 million, driven by strong performance at BOA and Lugano, and the addition of The Honey Pot Co.[5] - Adjusted Earnings grew 36% to $39.8 million compared to $29.2 million in the prior year[5] - CODI expects full-year 2024 Subsidiary Adjusted EBITDA between $480 million and $520 million, with Branded Consumer vertical revised upward to $365 million-$395 million and Industrial vertical revised downward to $115 million-$125 million[9] - Full-year 2024 Adjusted EBITDA guidance is maintained at $390 million-$430 million, including management fees and corporate expenses[10] - Adjusted EBITDA for the six months ended June 30, 2024, was $200.268 million, compared to $157.060 million in the same period in 2023, an increase of 27.5%[24] - Consolidated Adjusted EBITDA for Q2 2024 was $105.42 million, compared to $82.94 million in Q2 2023, reflecting a 27.1% increase[25][26] - Adjusted EBITDA for the six months ended June 30, 2024, was $200.27 million, compared to $150.22 million in EBITDA, showing a 33.3% increase after adjustments[27] - Consolidated Adjusted EBITDA for the six months ended June 30, 2023, was $157.06 million, with significant contributions from Lugano ($42.36 million) and BOA ($28.73 million)[28] - Total Branded Consumer Adjusted EBITDA for the six months ended June 30, 2023, was $133.66 million, with Lugano contributing $42.36 million and 5.11 contributing $32.13 million[29] Financial Position and Cash Flow - As of June 30, 2024, CODI had $68.4 million in cash and cash equivalents, with net borrowing availability of $543.6 million under its revolving credit facility[6] - Cash and cash equivalents decreased from $450.477 million in December 2023 to $68.370 million in June 2024, a decline of 84.8%[19] - Accounts receivable increased from $318.241 million in December 2023 to $358.530 million in June 2024, a growth of 12.7%[19] - Inventories increased from $740.387 million in December 2023 to $843.634 million in June 2024, a growth of 13.9%[19] - Long-term debt increased from $1.661879 billion in December 2023 to $1.712084 billion in June 2024, a growth of 3.0%[20] - Total stockholders' equity decreased from $1.519381 billion in December 2023 to $1.468752 billion in June 2024, a decline of 3.3%[20] - Net cash used in operating activities for the six months ended June 30, 2023, was $48.38 million, while net cash used in investing activities was $336.07 million[33] - Cash and cash equivalents at the end of the period for the six months ended June 30, 2023, were $67.35 million, down from $450.48 million at the beginning of the period[33] - Changes in operating assets and liabilities for the six months ended June 30, 2023, resulted in a net outflow of $92.11 million[34] - Distributions paid to common shares for the six months ended June 30, 2023, totaled $36.04 million, while distributions paid to preferred shares were $12.09 million[34] - Purchases of property and equipment for the six months ended June 30, 2023, amounted to $28.60 million[34] Profitability and Income - Gross profit for the six months ended June 30, 2024, was $500.941 million, compared to $421.705 million in the same period in 2023, an increase of 18.8%[22] - Operating income for the six months ended June 30, 2024, was $99.919 million, compared to $76.670 million in the same period in 2023, an increase of 30.3%[22] - Net income (loss) attributable to Holdings for the six months ended June 30, 2024, was $(21.177) million, compared to $119.003 million in the same period in 2023[22] - Velocity Outdoor reported a significant loss of $(39.23) million in Q2 2024, compared to $(3.48) million in Q2 2023, indicating a 1027.3% increase in losses[25][26] - Lugano's income from continuing operations increased to $14.78 million in Q2 2024 from $6.92 million in Q2 2023, a 113.6% growth[25][26] - Corporate income from continuing operations improved to $(7.19) million in Q2 2024 from $(12.95) million in Q2 2023, a 44.5% reduction in losses[25][26] Expenses and Taxes - Depreciation and amortization expenses for Q2 2024 totaled $40.15 million, up from $37.11 million in Q2 2023, an 8.2% increase[25][26] - Interest expense, net, for Q2 2024 was $26.56 million, slightly lower than $26.61 million in Q2 2023, a 0.2% decrease[25][26] - Provision for income taxes in Q2 2024 was $21.52 million, compared to $4.32 million in Q2 2023, a 398.1% increase[25][26] - Noncontrolling shareholder compensation in Q2 2024 was $3.93 million, up from $3.21 million in Q2 2023, a 22.4% increase[25][26] - Integration services fee in Q2 2024 was $875,000, compared to $1.19 million in Q2 2023, a 26.5% decrease[25][26] Divestitures and Acquisitions - The company divested Crosman Corporation, resulting in a $24.6 million loss, contributing to a net loss of $(13.7) million[1][4] - The company acquired The Honey Pot Co. in January 2024, contributing to strong sales growth and Adjusted EBITDA performance[3][5] Distributions and Shareholder Payments - CODI paid a Q2 2024 cash distribution of $0.25 per share on common shares and declared quarterly distributions on Series A, B, and C Preferred Shares[7][8]
pass Diversified LLC(CODI) - 2024 Q2 - Quarterly Report
2024-07-31 20:15
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 June 30, 2024 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) Delaware (State or other jurisdiction of incorporation or organization) | --- | --- ...
Compass Diversified Announces Second Quarter 2024 Earnings and Conference Call Information
Newsfilter· 2024-07-17 20:15
Since its 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 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 ...
Compass Diversified Declares Second Quarter 2024 Distributions on Common and Series A, B and C Preferred Shares
Newsfilter· 2024-07-02 20:15
The Board also declared a quarterly cash distribution of $0.4921875 per share on the Company's 7.875% Series B Preferred Shares (the "Series B Preferred Shares"). The distribution on the Series B Preferred Shares covers the period from, and including, April 30, 2024, up to, but excluding, July 30, 2024. The distribution for such period is payable on July 30, 2024, to all holders of record of Series B Preferred Shares as of July 15, 2024. CODI anticipates, but is not certain, that all 2024 distributions will ...
pass Diversified LLC(CODI) - 2024 Q1 - Earnings Call Transcript
2024-05-02 02:14
Compass Diversified (NYSE:CODI) Q1 2024 Earnings Conference Call May 1, 2024 5:00 PM ET Company Participants Cody Slach - IR, Gateway Group Elias Sabo - Partner & CEO Ryan Faulkingham - EVP & CFO Pat Maciariello - Partner & COO Conference Call Participants Larry Solow - CJS Securities Marc Feldman - William Blair Derek Sommers - Jefferies Matt Koranda - ROTH MKM Robert Dodd - Raymond James Matt Howlett - B. Riley Securities Operator Good afternoon, and welcome to Compass Diversified First Quarter 2024 Confe ...