Compass Diversified Holdings
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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) | 2025 | 2024 | 2023 |
| Cash flows from operating activities: | |||
| Net income (loss) | $(293,728) | $(322,770) | $32,582 |
| Income (loss) from discontinued operations, net of income tax | — | (6,905) | 24,208 |
| Gain on sale of discontinued operations, net of income tax | 2,906 | 11,957 | 283,025 |
| Loss from continuing operations | (296,634) | (327,822) | (274,651) |
| Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | |||
| Depreciation expense | 45,312 | 43,891 | 45,960 |
| Amortization expense - intangibles | 93,156 | 94,817 | 83,574 |
| Amortization expense - inventory step-up | — | 5,295 | — |
| Amortization of debt issuance costs | 4,052 | 4,018 | 4,038 |
| Paid-in-kind interest | 38,182 | — | — |
| Loss on debt extinguishment | 2,827 | — | — |
| Impairment expense | 31,515 | 8,182 | 90,597 |
| Loss on deconsolidation of Lugano | 111,876 | — | — |
| Loss on sale of Crosman | — | 24,218 | — |
| Noncontrolling stockholder stock based compensation | 16,128 | 16,345 | 9,451 |
| Provision for receivable and inventory reserves | 760 | (5,026) | 3,173 |
| Deferred taxes | (3,966) | (14,118) | (15,003) |
| Other | 4,065 | 1,756 | 1,551 |
| Changes in operating assets and liabilities, net of acquisitions: | |||
| Accounts receivable | (3,864) | (14,940) | 8,921 |
| Inventories | 2,578 | (40,909) | 37,091 |
| Other current and non-current assets | (53,446) | 3,132 | (1,945) |
| Accounts payable and accrued expenses | 629 | 45,082 | (39,089) |
| Net cash used in operating activities - continuing operations | (6,830) | (156,079) | (46,332) |
| Net cash provided by operating activities - discontinued operations | — | 4,993 | 62,973 |
| Net cash provided by (used in) operating activities | (6,830) | (151,086) | 16,641 |
| Cash flows from investing activities: | |||
| Acquisitions, net of cash acquired | 495 | (517,856) | — |
| Purchases of property and equipment | (44,315) | (56,701) | (55,016) |
| Proceeds from sale of businesses | 3,653 | 74,719 | 500,305 |
| Other investing activities | (2,447) | (4,296) | (1,742) |
| Net cash provided by (used in) investing activities - continuing operations | (42,614) | (504,134) | 443,547 |
| Net cash provided by investing activities - discontinued operations | — | 81,684 | 126,956 |
| Net cash provided by (used in) investing activities | (42,614) | (422,450) | 570,503 |
| Year ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from financing activities: | |||
| Proceeds from the issuance of Trust Common Shares, net | (59) | 7,707 | 74,259 |
| Proceeds and expenses from issuance of Trust Preferred Shares, net | 58,998 | 114,914 | — |
| Purchase of treasury shares, net | — | (9,571) | (9,339) |
| Borrowings under credit facility | 134,000 | 585,000 | 360,000 |
| Repayments under credit facility | (244,000) | (475,000) | (515,000) |
| Issuance of Term Loan | 200,000 | — | — |
| Repayments - Term Loan | (22,500) | (10,000) | (10,000) |
| Subsidiary financing arrangements - borrowings | 26,982 | 153,646 | 121,806 |
| Subsidiary financing arrangements - repayments | (8,360) | (70,196) | (60,367) |
| Distributions paid - common shares | (37,618) | (75,490) | (71,967) |
| Distributions paid - preferred shares | (37,577) | (25,458) | (24,181) |
| Net proceeds provided by noncontrolling shareholders | 2,304 | 41,947 | 15,599 |
| Purchase of noncontrolling interest | (7,720) | (4,490) | (41,297) |
| Distributions to noncontrolling shareholders | — | — | (11,745) |
| Distributions paid - Allocation Interests | — | (48,941) | (26,475) |
| Debt issuance costs | (9,206) | — | — |
| Other | (156) | (4) | (17) |
| Net cash provided by (used in) financing activities | 55,088 | 184,064 | (198,724) |
| Foreign currency impact on cash | 2,712 | (1,278) | 786 |
| Net increase (decrease) in cash and cash equivalents | 8,356 | (390,750) | 389,206 |
| Cash and cash equivalents — beginning of period (1) | 59,659 | 450,409 | 61,203 |
| Cash and cash equivalents — end of period | $68,015 | $59,659 | $450,409 |
(1)Includes cash from discontinued operations of $3.8 million at January 1, 2024, and $8.5 million at January 1, 2023.
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