CompoSecure Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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FY2023 · Filed Mar 12, 2024
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Consolidated Statements of Operations
COMPOSECURE, INC.
Consolidated Statements of Operations
($ in thousands except per share amounts)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Net sales | $390,629 | $378,476 | $267,948 |
| Cost of sales | 181,547 | 158,832 | 123,099 |
| Gross profit | 209,082 | 219,644 | 144,849 |
| Operating expenses: | |||
| Selling, general and administrative expenses | 89,995 | 104,749 | 63,424 |
| Income from operations | 119,087 | 114,895 | 81,425 |
| Other income (expense): | |||
| Revaluation of warrant liability | 8,047 | 18,930 | 3,485 |
| Revaluation of earnout consideration liability | 14,237 | 23,337 | 9,575 |
| Change in fair value of derivative liability - convertible notes redemption make-whole provision | (139) | 266 | — |
| Interest expense, net of interest income of $4,977, $1,249 and $0 in 2023, 2022 and 2021, respectively | (22,548) | (20,129) | (10,235) |
| Amortization of deferred financing costs | (1,608) | (2,415) | (1,693) |
| Other income | — | 1,291 | — |
| Total other income (expense), net | (2,011) | 21,280 | 1,132 |
| Income before income taxes | 117,076 | 136,175 | 82,557 |
| Income tax (expense) benefit | (4,556) | (4,360) | 857 |
| Net income | 112,520 | 131,815 | 83,414 |
| Net income attributable to redeemable non-controlling interests (1) | $93,281 | $113,158 | $80,260 |
| Net income attributable to CompoSecure, Inc (1) | $19,239 | $18,657 | $3,154 |
| Net income per share attributable to Class A common stockholders - basic (2) | $1.03 | $1.21 | $0.21 |
| Net income per share attributable to Class A common stockholders - diluted (2) | $0.96 | $1.13 | $0.12 |
| Weighted average shares used to compute net income per share attributable to Class A common stockholders - basic | 18,661 | 15,372 | 14,930 |
| Weighted average shares used to compute net income per share attributable to Class A common stockholders - diluted | 35,312 | 32,555 | 94,570 |
(1)Net income attributable to CompoSecure, Inc. for the year ended December 31, 2021 is equal to net income for the period subsequent to the Business Combination for the prorated period from December 27, 2021 (the date of the Business Combination) through December 31, 2021. Net income attributable to non-controlling for the year ended December 31, 2021 is equal to net income for the period from January 1, 2021 through December 31, 2021. Effective April 1, 2022, the Company changed its methodology to apply its accounting policy to allocate the net income to redeemable non-controlling interest and CompoSecure, Inc. for the year ended December 31, 2021. See Note 1 and Note 15.
(2)The amounts for the year ended December 31, 2021 represent basic and diluted net income per share of Class A common stock and weighted average shares of Class A common stock outstanding for the prorated period from December 27, 2021 (the date of the Business Combination) through December 31, 2021, the period following the Business Combination. Effective April 1, 2022, the Company changed its methodology to apply its accounting policy to calculate the basic and diluted earnings per share for the periods presented. See Note 1 and Note 15.
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