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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, 2019
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
 
001-34927
 
57-6218917
 
 
(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)
 
Delaware
 
001-34926
 
20-3812051
 
 
(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 Class
 
Trading Symbol(s)
 
Name of Each Exchange on Which Registered
Shares representing beneficial interests in Compass Diversified Holdings
 
CODI
 
New York Stock Exchange
Series A Preferred Shares representing Series A Trust Preferred Interest in Compass Diversified Holdings
 
CODI PR A
 
New York Stock Exchange
Series B Preferred Shares representing Series B Trust Preferred Interest in Compass Diversified Holdings
 
CODI PR B
 
New 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 filer
 
x
 
Accelerated filer
 
¨
Non-accelerated filer
 
¨
 
 
Smaller reporting company
 
 
Emerging 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, 2019, there were 59,900,000 Trust common shares of Compass Diversified Holdings outstanding.
 



COMPASS DIVERSIFIED HOLDINGS
QUARTERLY REPORT ON FORM 10-Q
For the period ended September 30, 2019
TABLE OF CONTENTS
 
 
 
 
Page
Number
 
 
 
 
 
 
PART I. FINANCIAL INFORMATION
 
 
ITEM 1.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
ITEM 2.
 
 
ITEM 3.
 
 
 
 
 
 
 
ITEM 4.
 
 
 
 
 
 
 
PART II. OTHER INFORMATION
 
ITEM 1.
 
 
 
 
 
 
 
ITEM 1A.
 
 
 
 
 
 
 
ITEM 6.
 
 
 
 
 
 
 
 
 


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 "Company" refer to Compass Group Diversified Holdings LLC;
"businesses," "operating segments," "subsidiaries" and "reporting units" refer to, collectively, the businesses controlled by the Company;
the "Manager" refer to Compass Group Management LLC ("CGM");
the "Trust Agreement" refer to the Second Amended and Restated Trust Agreement of the Trust dated as of December 6, 2016;
the "2014 Credit Facility" refer to the credit agreement, as amended, entered into on June 14, 2014 with a group of lenders led by Bank of America N.A. as administrative agent, as amended from time to time, which provides for a Revolving Credit Facility and a Term Loan;
the "2018 Credit Facility" refer to the amended and restated credit agreement entered into on April 18, 2018 among the Company, the Lenders from time to time party thereto (the "Lenders"), Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer (the "agent") and other agents party thereto.
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 that matures in 2023;
the "2018 Term Loan" refer to the $500 million term loan provided by the 2018 Credit Facility that matures in April 2025;
the "LLC Agreement" refer to the fifth amended and restated operating agreement of the Company dated as of December 6, 2016; and
"we," "us" and "our" refer to the Trust, the Company 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. Forward-looking statements in this Quarterly Report on Form 10-Q are subject to a number of risks and uncertainties, some of which are beyond our control, including, among other things:
our ability to successfully operate our 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 regulatory environment in which our businesses operate;
trends in the industries in which our businesses operate;
changes in general economic or business conditions or economic or demographic trends in the United States and other countries in which we have a presence, including changes in interest rates and inflation;
environmental risks affecting the business or operations of our businesses;
our and CGM’s ability to retain or replace qualified employees of our businesses and CGM;
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 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,
2019
 
December 31,
2018
(in thousands)
 
(Unaudited)
 
 
Assets
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
285,838

 
$
48,771

Accounts receivable, net
 
221,423

 
205,545

Inventories
 
332,221

 
307,437

Prepaid expenses and other current assets
 
41,975

 
29,670

Current assets of discontinued operations
 

 
89,762

Total current assets
 
881,457

 
681,185

Property, plant and equipment, net
 
142,291

 
146,601

Goodwill
 
438,019

 
471,115

Intangible assets, net
 
575,354

 
615,592

Other non-current assets
 
97,099

 
8,378

Non-current assets of discontinued operations
 

 
449,464

Total assets
 
$
2,134,220

 
$
2,372,335

 
 
 
 
 
Liabilities and stockholders’ equity
 
 
 
 
Current liabilities:
 
 
 
 
Accounts payable
 
$
87,753

 
$
77,169

Accrued expenses
 
123,207

 
106,612

Due to related party
 
8,142

 
11,093

Current portion, long-term debt
 
5,000

 
5,000

Other current liabilities
 
30,648

 
6,912

Current liabilities of discontinued operations
 

 
52,494

Total current liabilities
 
254,750

 
259,280

Deferred income taxes
 
31,275

 
33,984

Long-term debt
 
680,513

 
1,098,871

Other non-current liabilities
 
87,427

 
12,615

Non-current liabilities of discontinued operations
 

 
48,243

Total liabilities
 
1,053,965

 
1,452,993

 
 
 
 
 
Commitments and contingencies
 
 
 
 
 
 
 
 
 
Stockholders’ equity
 
 
 
 
Trust preferred shares, 50,000 authorized; 8,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
 
 
 
 
Series A preferred shares, no par value; 4,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
 
96,417

 
96,417

Series B preferred shares, no par value; 4,000 shares issued and outstanding at September 30, 2019 and December 31, 2018
 
96,504

 
96,504

Trust common shares, no par value, 500,000 authorized; 59,900 shares issued and outstanding at September 30, 2019 and December 31, 2018
 
924,680

 
924,680

Accumulated other comprehensive loss
 
(6,063
)
 
(8,776
)
Accumulated deficit
 
(78,728
)
 
(249,453
)
Total stockholders’ equity attributable to Holdings
 
1,032,810

 
859,372

Noncontrolling interest
 
47,445

 
39,922

Noncontrolling interest of discontinued operations
 

 
20,048

Total stockholders’ equity
 
1,080,255

 
919,342

Total liabilities and stockholders’ equity
 
$
2,134,220

 
$
2,372,335

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)
2019
 
2018
 
2019
 
2018
Net revenues
$
388,313

 
$
360,283

 
$
1,063,254

 
$
986,402

Cost of revenues
251,778

 
236,286

 
684,601

 
640,039

Gross profit
136,535

 
123,997

 
378,653

 
346,363

Operating expenses:
 
 
 
 
 
 

Selling, general and administrative expense
82,027

 
79,577

 
243,736

 
241,253

Management fees
8,874

 
10,768

 
28,352

 
32,204

Amortization expense
13,520

 
12,788

 
40,632

 
35,533

Impairment expense
33,381

 

 
33,381

 

Operating income (loss)
(1,267
)
 
20,864

 
32,552

 
37,373

Other income (expense):
 
 
 
 
 
 
 
Interest expense, net
(11,525
)
 
(15,635
)
 
(48,424
)
 
(35,227
)
Loss on sale of securities (refer to Note C)
(4,893
)
 

 
(10,193
)
 

Amortization of debt issuance costs
(770
)
 
(927
)
 
(2,625
)
 
(2,978
)
Loss on debt extinguishment
(5,038
)
 

 
(5,038
)
 
(744
)
Other income (expense), net
(689
)
 
511

 
(1,213
)
 
(2,285
)
Income (loss) from continuing operations before income taxes
(24,182
)
 
4,813

 
(34,941
)
 
(3,861
)
Provision for income taxes
4,400

 
5,470

 
10,375

 
7,557

Income (loss) from continuing operations
(28,582
)
 
(657
)
 
(45,316
)
 
(11,418
)
Income from discontinued operations, net of income tax

 
6,423

 
16,901

 
14,931

Gain on sale of discontinued operations
2,039

 

 
330,203

 
1,165

Net income (loss)
(26,543
)
 
5,766

 
301,788

 
4,678

Less: Net income from continuing operations attributable to noncontrolling interest
1,242

 
688

 
3,997

 
2,475

Less: Net income (loss) from discontinued operations attributable to noncontrolling interest

 
352

 
(266
)
 
726

Net income (loss) attributable to Holdings
$
(27,785
)
 
$
4,726

 
$
298,057

 
$
1,477

 
 
 
 
 
 
 
 
Amounts attributable to Holdings
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
(29,824
)
 
$
(1,345
)
 
$
(49,313
)
 
$
(13,893
)
Income from discontinued operations, net of income tax

 
6,071

 
17,167

 
14,205

Gain on sale of discontinued operations, net of income tax
2,039

 

 
330,203

 
1,165

Net income (loss) attributable to Holdings
$
(27,785
)
 
$
4,726

 
$
298,057

 
$
1,477

 
 
 
 
 
 
 
 
Basic income (loss) per common share attributable to Holdings (refer to Note J)

 


 
 
 
 
Continuing operations
$
(1.33
)
 
$
(0.16
)
 
$
(1.95
)
 
$
(0.45
)
Discontinued operations
0.03

 
0.09

 
5.80

 
0.25

 
$
(1.30
)
 
$
(0.07
)
 
$
3.85

 
$
(0.20
)
 
 
 
 
 
 
 
 
Basic weighted average number of shares of common shares outstanding
59,900

 
59,900

 
59,900

 
59,900

Cash distributions declared per Trust common share (refer to Note J)
$
0.36

 
$
0.36

 
$
1.08

 
$
1.08





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)
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
Net income (loss)
$
(26,543
)
 
$
5,766

 
$
301,788

 
$
4,678

Other comprehensive income (loss)
 
 
 
 
 
 
 
Foreign currency translation adjustments
(861
)
 
1,603

 
(608
)
 
(2,424
)
Foreign currency amounts reclassified from accumulated other comprehensive income (loss) that increase (decrease) net income:
 
 
 
 
 
 
 
  Disposition of Manitoba Harvest

 

 
4,791

 

Pension benefit liability, net
(690
)
 
34

 
(1,470
)
 
643

Other comprehensive income (loss)
(1,551
)
 
1,637

 
2,713

 
(1,781
)
Total comprehensive income (loss), net of tax
$
(28,094
)
 
$
7,403

 
$
304,501

 
$
2,897

Less: Net income attributable to noncontrolling interests
1,242

 
1,040

 
3,731

 
3,201

Less: Other comprehensive income (loss) attributable to noncontrolling interests
(67
)
 
266

 
(97
)
 
(462
)
Total comprehensive income (loss) attributable to Holdings, net of tax
$
(29,269
)
 
$
6,097

 
$
300,867

 
$
158


See notes to condensed consolidated financial statements.


7


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

(in thousands)
Trust Preferred Shares
 
Trust Common Shares
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other
Comprehensive
Loss
 
Stockholders' Equity Attributable
to Holdings
 
Non-
Controlling
Interest
 
Non-
Controlling
Interest Attributable to Disc. Ops.
 
Total
Stockholders’
Equity
 
Series A
 
Series B
 
 
 
 
 
 
 
Balance — July 1, 2018
$
96,417

 
$
96,504

 
$
924,680

 
$
(195,318
)
 
$
(5,991
)
 
$
916,292

 
$
34,284

 
$
19,456

 
$
970,032

Net income

 

 

 
4,726

 

 
4,726

 
688

 
352

 
5,766

Total comprehensive income, net

 

 

 

 
1,637

 
1,637

 

 

 
1,637

Option activity attributable to noncontrolling shareholders

 

 

 

 

 

 
2,529

 

 
2,529

Effect of subsidiary stock option exercise

 

 

 

 

 

 
6,772

 

 
6,772

Purchase of noncontrolling interest

 

 

 

 

 

 
(6,372
)
 

 
(6,372
)
Distributions paid - Trust Common Shares

 

 

 
(21,564
)
 

 
(21,564
)
 

 

 
(21,564
)
Distributions paid - Trust Preferred Shares

 

 

 
(4,773
)
 

 
(4,773
)
 

 

 
(4,773
)
Balance — September 30, 2018
$
96,417

 
$
96,504

 
$
924,680

 
$
(216,929
)
 
$
(4,354
)
 
$
896,318

 
$
37,901

 
$
19,808

 
$
954,027

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance — July 1, 2019
$
96,417

 
$
96,504

 
$
924,680

 
$
17,715

 
$
(4,512
)
 
$
1,130,804

 
$
45,977

 
$

 
$
1,176,781

Net income (loss)

 

 

 
(27,785
)
 

 
(27,785
)
 
1,242

 

 
(26,543
)
Total comprehensive loss, net

 

 

 

 
(1,551
)
 
(1,551
)
 

 

 
(1,551
)
Option activity attributable to noncontrolling shareholders

 

 

 

 

 

 
936

 

 
936

Purchase of noncontrolling interest

 

 

 

 

 

 
(710
)
 

 
(710
)
Distributions paid - Allocation Interests

 

 

 
(43,313
)
 

 
(43,313
)
 

 

 
(43,313
)
Distributions paid - Trust Common Shares

 

 

 
(21,564
)
 

 
(21,564
)
 

 

 
(21,564
)
Distributions paid - Trust Preferred Shares

 

 

 
(3,781
)
 

 
(3,781
)
 

 

 
(3,781
)
Balance — September 30, 2019
$
96,417

 
$
96,504

 
$
924,680

 
$
(78,728
)
 
$
(6,063
)
 
$
1,032,810

 
$
47,445

 
$

 
$
1,080,255


See notes to condensed consolidated financial statements.

8


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

(in thousands)
Trust Preferred Shares
 
Trust Common Shares
 
Retained Earnings (Accumulated Deficit)
 
Accumulated Other
Comprehensive
Loss
 
Stockholders' Equity Attributable
to Holdings
 
Non-
Controlling
Interest
 
Non-
Controlling
Interest Attributable to Disc. Ops.
 
Total
Stockholders’
Equity
 
Series A
 
Series B
 
 
 
 
 
 
 
Balance — January 1, 2018
$
96,417

 
$

 
$
924,680

 
$
(145,316
)
 
$
(2,573
)
 
$
873,208

 
$
33,709

 
$
19,082

 
$
925,999

Net income

 

 

 
1,477

 

 
1,477

 
2,475

 
726

 
4,678

Total comprehensive loss, net

 

 

 

 
(1,781
)
 
(1,781
)
 

 

 
(1,781
)
Issuance of Trust preferred shares, net of offering costs

 
96,504

 

 

 

 
96,504

 

 

 
96,504

Option activity attributable to noncontrolling shareholders

 

 

 

 

 

 
7,694

 

 
7,694

Effect of subsidiary stock option exercise

 

 

 

 

 

 
395

 

 
395

Purchase of noncontrolling interest

 

 

 

 

 

 
(6,372
)
 

 
(6,372
)
Distributions paid - Trust Common Shares

 

 

 
(64,692
)
 

 
(64,692
)
 

 

 
(64,692
)
Distributions paid - Trust Preferred Shares

 

 

 
(8,398
)
 

 
(8,398
)
 

 

 
(8,398
)
Balance — September 30, 2018
$
96,417

 
$
96,504

 
$
924,680

 
$
(216,929
)
 
$
(4,354
)
 
$
896,318

 
$
37,901

 
$
19,808

 
$
954,027

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance — January 1, 2019
$
96,417

 
$
96,504

 
$
924,680

 
$
(249,453
)
 
$
(8,776
)
 
$
859,372

 
$