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Compass Group Diversified Holdings Llc (1345122) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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Compass Group Diversified Holdings Llc

CIK: 1345122

Exhibit 99.1

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Compass Diversified Reports Record Second Quarter 2022 Financial Results

Net Sales Growth of 19% Drives Record Quarterly Earnings

Raises Full-Year Outlook Given Continued Strong Performance and PrimaLoft Acquisition

Westport, Conn., August 3, 2022
– 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 June 30, 2022.
“The second quarter marks our sixth consecutive quarter of record financial performance, which is a continued testament to the strength of our management teams and quality of the companies we own,” said Elias Sabo, CEO of Compass Diversified. “Despite the significant macroeconomic challenges that have curbed consumer discretionary spending, ongoing global supply chain constraints, and inflationary concerns, CODI reported another quarter of double-digit sales and earnings growth. Based on our strong performance and our current view of the economy, we are raising our full-year outlook. We believe we remain well-positioned to drive continued value for our shareholders.”
Second Quarter 2022 Financial Highlights vs. Same Year-Ago Quarter (where applicable)
Net sales up 19% to $515.6 million, and up 13% on a pro forma basis.
Branded consumer net sales up 21% to $326.5 million, and up 12% on a pro forma basis.
Niche industrial net sales up 16% to $189.1 million.
Operating income up 38% to $50.3 million.
Income from continuing operations up considerably to $26.5 million vs. $(21.6) million.
Net income up considerably to $31.0 million vs. $(11.3) million.
Adjusted Earnings, a non-GAAP financial measure, up 41% to $39.3 million.
Adjusted EBITDA, a non-GAAP financial measure, up 26% to $87.4 million.
Paid a second quarter 2022 cash distribution of $0.25 per share on CODI's common shares in July 2022.
Second Quarter 2022 Business Highlights
Joined the Russell 2000 and 3000 Indexes, providing the Company with increased visibility in the public markets.
Announced the acquisition of PrimaLoft Technologies Holdings, Inc., the parent company of PrimaLoft, Inc. ("PrimaLoft"), a leading provider of branded, high-performance synthetic insulation and materials used primarily in outerwear and accessories. The Company completed the acquisition on July 12, 2022.
Second Quarter 2022 Financial Results
Net sales in the second quarter of 2022 were $515.6 million, up 19% compared to $431.5 million in the second quarter of 2021. The increase was due to strong performance at its branded consumer and niche industrial subsidiaries. On a pro forma basis, assuming CODI had acquired Lugano on January 1, 2021, net sales were up 13% compared to the prior year period.


The following information was filed by Compass Group Diversified Holdings Llc on Wednesday, August 3, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Compass Group Diversified Holdings Llc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income (Loss)
Condensed Consolidated Statements Of Operations
- Narrative (Details)
Acquisition
Acquisition - Additional Information (Detail)
Acquisition - Pro Forma Information (Details)
Acquisition - Schedule Of Assets Acquired And Liabilities Assumed As Of The Acquisition Date (Detail)
Acquisition - Schedule Of Intangible Assets Recorded As Part Of Acquisition (Detail)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Components Of Operating Leases (Details)
Commitments And Contingencies - Lease Term And Discount Rate (Details)
Commitments And Contingencies - Maturity Of Lease Liabilities (Details)
Commitments And Contingencies - Supplemental Cash Flow Information Related To Leases (Details)
Commitments And Contingencies Supplemental Balance Sheet Information (Details)
Debt
Debt (Tables)
Debt - Additional Information (Detail)
Debt - Issuance Costs (Details)
Debt - Summary Of Debt Holdings (Detail)
Defined Benefit Plan
Defined Benefit Plan (Tables)
Defined Benefit Plan - Additional Information (Detail)
Defined Benefit Plan - Summary Of Net Periodic Benefit Cost (Detail)
Discontinued Operations
Discontinued Operations (Details)
Discontinued Operations (Tables)
Discontinued Operations - Summarized Balance Sheet Information (Details)
Discontinued Operations - Summarized Operating Results (Details)
Discontinued Operations Discontinued Operations (Policies)
Fair Value Measurement
Fair Value Measurement (Tables)
Fair Value Measurement - Additional Information (Detail)
Fair Value Measurement - Reconciliations Of Change In Carrying Value Of Level 3 Fair Value Measurements (Detail)
Fair Value Measurement - Summary Of Liabilities Carried At Fair Value Measured On Recurring Basis (Detail)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Additional Information (Detail)
Goodwill And Other Intangible Assets - Summary Of Estimated Charges To Amortization Expense Of Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Summary Of Other Intangible Assets (Detail)
Goodwill And Other Intangible Assets - Summary Of Reconciliation Of Change In Carrying Value Of Goodwill (Detail)
Income Taxes
Income Taxes (Tables)
Income Taxes - Reconciliation Between Federal Statutory Rate And Effective Income Tax Rate (Detail)
Noncontrolling Interest
Noncontrolling Interest (Tables)
Noncontrolling Interest - Company's Ownership Percentage Of Its Majority Owned Operating Segments And Related Noncontrolling Interest (Detail)
Noncontrolling Interest Noncontrolling Interest- Additional Information (Details)
Operating Segment Data
Operating Segment Data (Tables)
Operating Segment Data - Additional Information (Detail)
Operating Segment Data - Summary Of Depreciation, Goodwill And Identifiable Assets Of Operating Segments (Detail)
Operating Segment Data - Summary Of Net Sales Of Operating Segments (Detail)
Operating Segment Data - Summary Of Profit (Loss) Of Operating Segments (Detail)
Presentation And Principles Of Consolidation
Presentation And Principles Of Consolidation (Policies)
Presentation And Principles Of Consolidation - Narrative (Details)
Property, Plant And Equipment And Inventory
Property, Plant And Equipment And Inventory (Tables)
Property, Plant And Equipment And Inventory - Summary Of Inventory (Detail)
Property, Plant And Equipment And Inventory - Summary Of Property, Plant And Equipment (Detail)
Related Party Transactions
Revenue
Revenue (Tables)
Revenue - Disaggregation Of Revenue (Details)
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Detail)
Stockholders' Equity - Summary Of Basic And Diluted Earnings Per Share (Detail)
Subsequent Event
Subsequent Event (Detail)
Subsequent Events
Subsequent Events (Details)
Warranties
Warranties (Tables)
Warranties - Change In Carrying Value Of Company's Warranty Liability (Detail)

Material Contracts, Statements, Certifications & more

Compass Group Diversified Holdings Llc provided additional information to their SEC Filing as exhibits

CIK: 1345122
Form Type: 10-Q Quarterly Report
Accession Number: 0001345126-22-000047
Submitted to the SEC: Wed Aug 03 2022 4:17:16 PM EST
Accepted by the SEC: Wed Aug 03 2022
Period: Thursday, June 30, 2022
Industry: Miscellaneous Products Of Petroleum And Coal

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