Compass Diversified Holdings
For the period ended Dec 31, 2023. Filed Feb 28, 2024.
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FY2023 · Filed Feb 28, 2024
CODI$11.93+0.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities: | |||
| Net income | $262,405 | $51,438 | $126,809 |
| Income from discontinued operations | 18,116 | 38,387 | 42,643 |
| Gain on sale of discontinued operations | 283,025 | 9,393 | 72,770 |
| Income (loss) from continuing operations | (38,736) | 3,658 | 11,396 |
| Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||
| Depreciation expense | 46,547 | 40,030 | 35,455 |
| Amortization expense - intangibles | 95,820 | 84,689 | 73,675 |
| Amortization expense - inventory step-up | 1,175 | 6,114 | 2,762 |
| Amortization of debt issuance costs | 4,038 | 3,740 | 2,896 |
| Impairment expense | 89,400 | 20,552 | — |
| Loss on debt extinguishment | — | 534 | 33,305 |
| Noncontrolling stockholder stock based compensation | 10,665 | 11,998 | 9,840 |
| Provision for receivable and inventory reserves | (34) | (472) | 5,600 |
| Deferred taxes | (21,707) | (2,511) | (11,770) |
| Other | 1,572 | 2,238 | 22 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (21,849) | (42,925) | (19,921) |
| Inventories | (58,269) | (158,416) | (94,552) |
| Other current and non-current assets | (1,080) | (12,078) | (6,663) |
| Accounts payable and accrued expenses | (72,112) | (11,168) | 52,971 |
| Net cash provided by (used in) operating activities - continuing operations | 35,430 | (54,017) | 95,016 |
| Net cash provided by operating activities - discontinued operations | 42,650 | 25,726 | 39,035 |
| Net cash provided by (used in) operating activities | 78,080 | (28,291) | 134,051 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | (3,907) | (569,028) | (356,851) |
| Purchases of property and equipment | (55,776) | (60,989) | (33,116) |
| Proceeds from sale of businesses | 500,305 | 9,393 | 101,039 |
| Other investing activities | (2,135) | (1,300) | (1,125) |
| Net cash provided by (used in) investing activities - continuing operations | 438,487 | (621,924) | (290,053) |
| Net cash provided by (used in) investing activities - discontinued operations | 132,016 | (4,801) | (27,443) |
| Net cash provided by (used in) investing activities | 570,503 | (626,725) | (317,496) |
| Year ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from financing activities: | |||
| Proceeds from the issuance of Trust common shares, net | 74,259 | 83,851 | 114,629 |
| Purchase of treasury shares, net | (9,339) | — | — |
| Borrowings under credit facility | 360,000 | 268,000 | 557,000 |
| Repayments under credit facility | (515,000) | (113,000) | (864,000) |
| Issuance of Senior Notes | — | — | 1,300,000 |
| Redemption of Senior Notes | — | — | (627,688) |
| Issuance of Term Loan | — | 400,000 | — |
| Repayments - Term Loan | (10,000) | (5,000) | — |
| Distributions paid - common shares | (71,967) | (70,845) | (150,946) |
| Distributions paid - preferred shares | (24,181) | (24,181) | (24,181) |
| Net proceeds provided by noncontrolling shareholders | 15,599 | 1,312 | 8,237 |
| Net proceeds provided by noncontrolling shareholders - acquisitions | — | 35,263 | 68,300 |
| Purchase of noncontrolling interest | (41,297) | (1,957) | (50,640) |
| Distributions to noncontrolling shareholders | (11,745) | (11,292) | (1,275) |
| Distributions paid - Allocation Interests | (26,475) | — | (34,058) |
| Debt issuance costs | — | (5,276) | (21,708) |
| Other | (17) | 10 | (464) |
| Net cash (used in) provided by financing activities | (260,163) | 556,885 | 273,206 |
| Foreign currency impact on cash | 786 | (1,331) | 228 |
| Net increase (decrease) in cash and cash equivalents | 389,206 | (99,462) | 89,989 |
| Cash and cash equivalents — beginning of period (1) | 61,271 | 160,733 | 70,744 |
| Cash and cash equivalents — end of period | $450,477 | $61,271 | $160,733 |
(1)Includes cash from discontinued operations of $4.7 million at January 1, 2023, $3.6 million at January 1, 2022 and $14.2 million at January 1, 2021.
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