WESTPORT, Conn., Dec. 08, 2025 (GLOBE NEWSWIRE) -- Compass Diversified (NYSE: CODI) (“CODI” or the “Company”), an owner of leading middle-market branded consumer and industrial businesses, today announced the filing of its restated financial results for fiscal years 2022, 2023, and 2024 and the financial information for each of the interim periods included within those years.

康涅狄格州韦斯特波特，2025年12月8日（GLOBE NEWSWIRE）——Compass Diversified（纽约证券交易所代码：CODI）（“CODI” 或 “公司”），一家拥有领先的中型市场品牌消费和工业企业的公司，今天宣布提交了 2022、2023 和 2024 财年的重述财务结果以及这些年份中各个中期的财务信息。

“We are pleased to have completed this extensive restatement process. The financial and accounting fraud perpetrated by the former CEO of Lugano Holding, Inc. (“Lugano”) was pervasive, complex and isolated to Lugano. Our restatement is an important step in putting this chapter behind us,” said Elias Sabo, CEO of CODI. “We are focused on reducing our leverage and continuing to execute on the strategy that has made CODI successful since inception: managing and growing high-quality middle-market companies to generate durable, long-term value for our shareholders.”

“我们很高兴完成了这一广泛的重述过程。前首席执行官在 Lugano Holding, Inc.（“Lugano”）实施的财务和会计欺诈行为是普遍的、复杂的，并且仅限于 Lugano。我们的重述是将这一章节抛在脑后的重要一步，” CODI 首席执行官 Elias Sabo 表示。“我们专注于降低杠杆，并继续执行自成立以来使 CODI 成功的战略：管理和发展高质量的中型市场公司，以为我们的股东创造持久的长期价值。”

“Importantly, our eight other subsidiaries were not involved with the events at Lugano and, collectively, continue to perform well. Their execution highlights the strength of these businesses and the resilience of our business model,” Sabo continued. “As a result, we are adjusting our full year 2025 guidance for Subsidiary Adjusted EBITDA to between $330 million and $360 million, which is consistent with our prior guidance, when you exclude Lugano.”

“重要的是，我们的其他八家子公司与 Lugano 的事件无关，并且整体上继续表现良好。它们的执行突显了这些企业的实力和我们商业模式的韧性，” Sabo 继续说道。“因此，我们正在调整 2025 年全年的子公司调整后 EBITDA 指导范围至 3.3 亿至 3.6 亿美元，这与我们之前的指导一致，排除 Lugano 的影响。”

Sabo added, “We are in active discussions with our senior lenders regarding an amendment to our credit agreement that would provide additional relief and flexibility with respect to our current leverage profile and certain other covenants. We currently anticipate announcing an amendment in the coming weeks.”

Sabo 补充道：“我们正在与我们的高级贷款方进行积极讨论，关于对我们的信贷协议进行修订，以提供额外的缓解和灵活性，涉及我们当前的杠杆状况和某些其他契约。我们目前预计将在未来几周内宣布修订。”

In the coming weeks CODI also expects to file 2025 first, second and third quarter financial results on Form 10-Q, which will bring the Company back into compliance with the Securities and Exchange Commission’s annual and quarterly filing requirements.

在接下来的几周内，CODI 还预计将提交 2025 年第一、第二和第三季度的财务结果，采用 10-Q 表格，这将使公司重新符合证券交易委员会的年度和季度报告要求。

Note Regarding Use of Non-GAAP Financial Measures

关于非 GAAP 财务指标的说明

Adjusted EBITDA is a non-GAAP measure used by the Company to assess its performance. We have reconciled Adjusted EBITDA to Income (Loss) from Continuing Operations on the attached schedules. We consider Income (Loss) from Continuing Operations to be the most directly comparable GAAP financial measure to Adjusted EBITDA. We believe that Adjusted EBITDA provides useful information to investors and reflects important financial measures as it excludes the effects of items which reflect the impact of long-term investment decisions, rather than the performance of near-term operations. When compared to Income (Loss) from Continuing Operations, Adjusted EBITDA is limited in that it does not reflect the periodic costs of certain capital assets used in generating revenues of our businesses or the non-cash charges associated with impairments, as well as certain cash charges. The presentation of Adjusted EBITDA allows investors to view the performance of our businesses in a manner similar to the methods used by us and the management of our businesses, provides additional insight into our operating results and provides a measure for evaluating targeted businesses for acquisition.

调整后 EBITDA 是公司用来评估其业绩的非 GAAP 指标。我们已在附表中将调整后 EBITDA 与持续经营的收入（损失）进行了调节。我们认为持续经营的收入（损失）是与调整后 EBITDA 最直接可比的 GAAP 财务指标。我们相信调整后 EBITDA 为投资者提供了有用的信息，并反映了重要的财务指标，因为它排除了反映长期投资决策影响的项目，而不是短期运营的表现。与持续经营的收入（损失）相比，调整后 EBITDA 的局限在于它未能反映用于产生我们业务收入的某些资本资产的周期性成本或与减值相关的非现金费用，以及某些现金费用。调整后 EBITDA 的呈现使投资者能够以类似于我们及我们业务管理层使用的方法来查看我们业务的表现，提供了对我们运营结果的额外洞察，并为评估目标企业的收购提供了一个衡量标准。

In reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K, we have not reconciled 2025 Subsidiary Adjusted EBITDA to its comparable GAAP measure because we do not provide guidance on Net Income (Loss) from Continuing Operations or the applicable reconciling items as a result of the uncertainty regarding, and the potential variability of, these items. For the same reasons, we are unable to address the probable significance of the unavailable information, which could be material to future results.

根据 S-K 法规第 10(e)(1)(i)(B) 条款提供的非合理努力例外，我们未将 2025 年子公司调整后 EBITDA 与其可比的 GAAP 指标进行调节，因为我们不提供持续经营的净收入（损失）或适用的调节项目的指导，原因在于这些项目的不确定性和潜在的变动性。出于同样的原因，我们无法说明不可用信息的可能重要性，这可能对未来的结果具有重大影响。

Adjusted EBITDA is not meant to be a substitute for GAAP measures and may be different from or otherwise inconsistent with non-GAAP financial measures used by other companies.

调整后 EBITDA 并不意味着替代 GAAP 指标，可能与其他公司使用的非 GAAP 财务指标不同或不一致。

Forward Looking Statements

前瞻性声明

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including without limitation, CODI’s expectations with respect to the timing of its delinquent financial statements, CODI’s expectations regarding its future performance, liquidity and leverage, the future performance of CODI’s subsidiaries, potential amendments to CODI’s credit agreement and potential relief granted by CODI’s lenders and the filing or delay of CODI’s periodic reports. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believe,” “expect,” “may,” “could,” “would,” “plan,” “intend,” “estimate,” “predict,” “potential,” “continue,” “should” or “anticipate” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. These statements are based on beliefs and assumptions by CODI’s Board of Directors and management, and on information currently available to CODI’s Board of Directors and management. These statements involve risk and uncertainties that could cause CODI’s actual results and outcomes to differ, perhaps materially, including but not limited to: the discovery of additional information relevant to the Lugano investigation; a further material delay in CODI’s financial reporting or ability to hold an annual meeting of stockholders; the impacts of restatement; CODI’s ability to regain compliance with NYSE continued listing requirements; the cooperation of, and future concessions granted by, CODI’s lenders; control deficiencies identified or that may be identified in the future that will result in material weaknesses in CODI’s internal control over financial reporting; and litigation relating to the investigation, including CODI’s representations regarding its financial statements, and current and future litigation, enforcement actions or investigations relating to CODI’s internal controls, restatement reviews, the Lugano investigation or related matters. Please see CODI’s Amendment No. 1 to Annual Report on Form 10-K/A for the year ended December 31, 2024 filed with the SEC on December 8, 2025 for other risk factors that you should consider in connection with such forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date such statements have been made. Except as required by law, CODI does not undertake any public obligation to update any forward-looking statements to reflect events, circumstances, or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

本新闻稿包含根据《1933 年证券法》第 27A 条及《1934 年证券交易法》第 21E 条的定义的前瞻性声明，包括但不限于，CODI 对其逾期财务报表的时间预期，CODI 对其未来表现、流动性和杠杆的预期，CODI 子公司的未来表现，CODI 信贷协议的潜在修订以及 CODI 贷方可能给予的潜在救济，以及 CODI 定期报告的提交或延迟。这些前瞻性声明可以通过使用诸如 “相信”、“期望”、“可能”、“能够”、“将”、“计划”、“打算”、“估计”、“预测”、“潜在”、“继续”、“应该” 或 “预期” 等前瞻性术语，或其否定形式或其他变体，或通过涉及风险和不确定性的战略讨论来识别。这些声明基于 CODI 董事会和管理层的信念和假设，以及目前可用的信息。这些声明涉及风险和不确定性，可能导致 CODI 的实际结果和结果发生重大差异，包括但不限于：与卢加诺调查相关的额外信息的发现；CODI 财务报告或召开年度股东大会能力的进一步重大延迟；重述的影响；CODI 恢复符合纽约证券交易所持续上市要求的能力；CODI 贷方的合作及未来给予的让步；识别或可能在未来识别的控制缺陷，这将导致 CODI 在财务报告内部控制方面的重大弱点；以及与调查相关的诉讼，包括 CODI 关于其财务报表的陈述，以及与 CODI 的内部控制、重述审查、卢加诺调查或相关事项的当前和未来诉讼、执法行动或调查。请参见 CODI 于2025年12月8日向 SEC 提交的《年度报告修正案第 1 号（Form 10-K/A）》，以获取您在考虑这些前瞻性声明时应考虑的其他风险因素。投资者被警告不要对前瞻性声明过度依赖，这些声明仅在作出时有效。除法律要求外，CODI 不承担任何公开义务，更新任何前瞻性声明，以反映本新闻稿日期之后的事件、情况或新信息，或反映意外事件的发生。

Investor Relations

投资者关系

Compass Diversified

irinquiry@compassdiversified.com


Compass Diversified Holdings Condensed Consolidated Balance Sheets

(in thousands)	December 31, 2024 (As Restated)		December 31, 2023 (As Restated)
Assets
Current assets
Cash and cash equivalents	$	59,659		$	446,616
Accounts receivable, net		207,172			185,237
Inventories, net		571,248			522,509
Prepaid expenses and other current assets		126,692			77,769
Current assets of discontinued operations		—			36,915
Total current assets		964,771			1,269,046
Property, plant and equipment, net		244,746			191,283
Goodwill		895,916			773,569
Intangible assets, net		983,396			808,344
Other non-current assets		208,593			195,016
Non-current assets of discontinued operations		—			87,883
Total assets	$	3,297,422		$	3,325,141

Liabilities and stockholders’ equity
Current liabilities
Accounts payable	$	103,239		$	90,708
Accrued expenses		318,476			237,817
Due to related parties		18,036			16,025
Current portion, long-term debt		1,774,290			1,671,879
Subsidiary financing arrangements		169,765			100,741
Other current liabilities		49,617			34,812
Current liabilities of discontinued operations		—			8,986
Total current liabilities		2,433,423			2,160,968
Deferred income taxes		108,091			103,264
Other non-current liabilities		225,334			203,207
Non-current liabilities of discontinued operations		—			1,277
Total liabilities		2,766,848			2,468,716
Stockholders' equity
Total stockholders' equity attributable to Holdings		678,620			929,660
Noncontrolling interest		(148,046	)		(89,991	)
Noncontrolling interest of discontinued operations		—			16,756
Total stockholders' equity		530,574			856,425
Total liabilities and stockholders’ equity	$	3,297,422		$	3,325,141


Compass Diversified Holdings
合并资产负债表

(以千为单位)	2024年12月31日
（已重述）		2023年12月31日
（已重述）
资产
流动资产
现金及现金等价物	$	59,659		$	446,616
应收账款，净额		207,172			185,237
存货，净额		571,248			522,509
预付费用及其他流动资产		126,692			77,769
停业业务的流动资产		—			36,915
流动资产总计		964,771			1,269,046
不动产、厂房及设备，净额		244,746			191,283
商誉		895,916			773,569
无形资产，净额		983,396			808,344
其他非流动资产		208,593			195,016
停业业务的非流动资产		—			87,883
资产总计	$	3,297,422		$	3,325,141

负债和股东权益
流动负债
应付账款	$	103,239		$	90,708
应计费用		318,476			237,817
应付关联方		18,036			16,025
长期债务的流动部分		1,774,290			1,671,879
子公司融资安排		169,765			100,741
其他流动负债		49,617			34,812
停业业务的流动负债		—			8,986
流动负债总计		2,433,423			2,160,968
递延所得税		108,091			103,264
其他非流动负债		225,334			203,207
停业业务的非流动负债		—			1,277
负债总计		2,766,848			2,468,716
股东权益
归属于控股公司的股东权益总额		678,620			929,660
非控股权益		(148,046	)		(89,991	)
停业业务的非控股权益		—			16,756
股东权益总额		530,574			856,425
负债和股东权益总计	$	3,297,422		$	3,325,141


Compass Diversified Holdings Consolidated Statements of Operations

	Year ended December 31,
(in thousands, except per share data)	2024 (As Restated)		2023 (As Restated)
Net revenues	$	1,788,013		$	1,689,920
Cost of revenues		1,037,594			1,015,200
Gross profit		750,419			674,720
Operating expenses:
Selling, general and administrative expense		587,521			502,013
Management fees		74,767			67,945
Amortization expense		94,817			83,574
Impairment expense		8,182			90,597
Operating income (loss)		(14,868	)		(69,409	)
Other income (expense):
Interest expense, net		(122,802	)		(109,892	)
Amortization of debt issuance costs		(4,018	)		(4,038	)
Loss on sale of Crosman		(24,218	)		—
Other income (expense), net		(143,304	)		(83,114	)
Net income (loss) before income taxes		(309,210	)		(266,453	)
Provision for income taxes		18,612			8,198
Income (loss) from continuing operations		(327,822	)		(274,651	)
Income (loss) from discontinued operations, net of income tax		(6,905	)		24,208
Gain on sale of discontinued operations		11,957			283,025
Net income		(322,770	)		32,582
Less: Net income (loss) attributable to noncontrolling interest		(111,025	)		(75,761	)
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest		(2,884	)		(304	)
Net income attributable to Holdings	$	(208,861	)	$	108,647

Basic income (loss) per common share attributable to Holdings
Continuing operations	$	(3.94	)	$	(3.57	)
Discontinued operations		0.11			4.27
	$	(3.83	)	$	0.70

Basic weighted average number of common shares outstanding		75,454			72,105

Cash distributions declared per Trust common share	$	1.00		$	1.00


Compass Diversified Holdings
合并经营报表

	截至 12 月 31 日的年度
(以千为单位，除每股数据外)	2024
（已重述）		2023
（已重述）
净收入	$	1,788,013		$	1,689,920
收入成本		1,037,594			1,015,200
毛利润		750,419			674,720
营业费用：
销售、一般和行政费用		587,521			502,013
管理费用		74,767			67,945
摊销费用		94,817			83,574
减值费用		8,182			90,597
营业收入（损失）		(14,868	)		(69,409	)
其他收入（费用）：
利息费用，净额		(122,802	)		(109,892	)
债务发行成本摊销		(4,018	)		(4,038	)
Crosman 出售损失		(24,218	)		—
其他收入（费用），净额		(143,304	)		(83,114	)
税前净收入（损失）		(309,210	)		(266,453	)
所得税费用		18,612			8,198
持续经营的收入（损失）		(327,822	)		(274,651	)
停业经营的收入（损失），扣除所得税		(6,905	)		24,208
停业经营出售收益		11,957			283,025
净收入		(322,770	)		32,582
减：归属于非控股权益的净收入（损失）		(111,025	)		(75,761	)
减：归属于非控股权益的停业经营净收入（损失）		(2,884	)		(304	)
归属于控股公司的净收入	$	(208,861	)	$	108,647

归属于控股公司的基本每股收益（损失）
持续经营	$	(3.94	)	$	(3.57	)
停业经营		0.11			4.27
	$	(3.83	)	$	0.70

基本加权平均流通普通股数量		75,454			72,105

每信托普通股现金分配	$	1.00		$	1.00

Restatement of Previously Issued Consolidated Financial Statements

已发布合并财务报表的重述

The Company has restated its consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 below. Below is a summary description of the significant adjustments made in connection with the restatement of the Consolidated Balance Sheet and Consolidated Statement of Operations for the fiscal years ended December 31, 2024 and 2023:

公司已对截至 2024 年和2023年12月31日的财务年度的合并财务报表进行了重述。以下是与合并资产负债表和合并经营报表重述相关的重大调整的摘要描述：


*Consolidated Balance Sheets*
ADJ 1	Accounts Receivable - amounts were recorded at Lugano as accounts receivable which did not represent activity associated with a valid revenue transaction.

ADJ 2	Inventory and Other Current Assets - amounts were recorded at Lugano as purchases of inventory or vendor prepayments which did not represent valid purchases. Invalid inventory transactions were also recorded in connection with barter purchases of jewelry or gems from customers in exchange for reducing accounts receivable transactions, and in connection with invalid revenue transactions. Other current assets increased as a result of the revised Lugano tax provision and a tax receivable that was recorded in each of the years presented in the consolidated financial statements.

ADJ 3	Goodwill and Intangible Assets - the purchase price allocation of the assets acquired and liabilities assumed in the acquisition of Lugano in September 2021 was based upon materially incorrect financial information. As a result, the Company re-performed the purchase price allocation, which resulted in a change in the fair value of the intangible assets acquired and the calculation of goodwill. Additionally, due to the adjustments to historical financial information that resulted from the Lugano Investigation, the Company determined that a triggering event had occurred as of December 31, 2021 and December 31, 2022 and performed impairment testing of the goodwill and definite lived intangibles at Lugano as of these dates, resulting in the impairment of these balances.

ADJ 4	Accrued expenses - Unrecorded liabilities related to inventory transactions at Lugano and accrued interest associated with the Lugano Financing Arrangements have been recorded in the consolidated balance sheets

ADJ 5	Financing arrangements - Lugano entered into various financing arrangements with third parties that were not previously recorded in the historical financial statements of Lugano as debt. In connection with the Lugano Investigation, the Company determined that certain cash recorded as reduction of accounts receivable or purchases of inventory actually represented unrecorded financing arrangements made with third parties to purportedly jointly invest with Lugano in the purchase of a specified jewelry piece. These arrangements represent debt that has been recorded on the Company's consolidated balance sheets as such.

ADJ 6	Noncontrolling interest - the correction of the misstatements resulted in a decrease in the balance of noncontrolling interest at Lugano, and reduced the noncontrolling income that previously had been recorded related to Lugano.
*Consolidated Statement of Operations*
ADJ 7	Net revenues - net revenues at Lugano were overstated in each of the periods presented as a result of the recording of invalid revenue transactions or the misrepresentation of funds received as revenue.

ADJ 8	Cost of revenues - cost of revenues at Lugano was overstated in each of the periods presented as a result of the recording of the cost of revenues associated with invalid revenue transactions and the misapplication of funds paid as inventory purchases.

ADJ 9	Interest expense, net - interest expense associated with the Lugano financing arrangements described above have been recorded in the consolidated statement of operations in each of the periods presented.

ADJ 10	Other income (expense), net - reflects the expense recognized at Lugano related to losses resulting from the accounting for the transactions associated with the Lugano financing arrangements.

ADJ 11	Income tax provision (benefit) - the income tax provision (benefit) at Lugano has been recalculated in each of the periods presented as a result of the effect of the aforementioned adjustments to the consolidated statement of operations.


*合并资产负债表*
ADJ 1	应收账款 - 在卢加诺记录的金额作为应收账款，并未代表与有效收入交易相关的活动。

ADJ 2	存货和其他流动资产 - 在卢加诺记录的金额作为存货采购或供应商预付款，并未代表有效采购。与客户以减少应收账款交易为交换的珠宝或宝石的以物易物采购相关的无效存货交易也被记录。此外，其他流动资产因修订的卢加诺税务准备和在合并财务报表中每年记录的税收应收款而增加。

ADJ 3	商誉和无形资产 - 2021 年 9 月收购卢加诺时所获得资产和承担负债的购买价格分配是基于实质上不正确的财务信息。因此，公司重新进行了购买价格分配，导致无形资产的公允价值和商誉的计算发生变化。此外，由于卢加诺调查导致的历史财务信息的调整，公司确定截至2021年12月31日和2022年12月31日发生了触发事件，并对这些日期的卢加诺商誉和有限寿命无形资产进行了减值测试，导致这些余额的减值。

ADJ 4	应计费用 - 与卢加诺的存货交易相关的未记录负债和与卢加诺融资安排相关的应计利息已在合并资产负债表中记录。

ADJ 5	融资安排 - 卢加诺与第三方签订了多项融资安排，这些安排在卢加诺的历史财务报表中未被记录为债务。与卢加诺调查相关，公司确定某些记录为应收账款减少或存货采购的现金实际上代表与第三方未记录的融资安排，这些安排声称与卢加诺共同投资购买特定珠宝。这些安排代表已在公司合并资产负债表中记录的债务。

ADJ 6	非控股权益 - 更正错误陈述导致卢加诺的非控股权益余额减少，并减少了之前与卢加诺相关的非控股收入。
*合并经营报表*
ADJ 7	净收入 - 卢加诺的净收入在所呈现的每个期间均被高估，原因是记录了无效收入交易或将收到的资金错误地表示为收入。

ADJ 8	收入成本 - 卢加诺的收入成本在所呈现的每个期间均被高估，原因是记录了与无效收入交易相关的收入成本和将支付的资金错误地应用为存货采购。

ADJ 9	利息费用，净额 - 与上述卢加诺融资安排相关的利息费用已在所呈现的每个期间的合并经营报表中记录。

ADJ 10	其他收入（费用），净额 - 反映了卢加诺因与卢加诺融资安排相关的交易会计处理而确认的损失所产生的费用。

ADJ 11	所得税准备（收益）- 卢加诺的所得税准备（收益）因上述调整对合并经营报表的影响而在所呈现的每个期间重新计算。


Compass Diversified Holdings Consolidated Balance Sheet
	December 31, 2024
	ADJ Reference	As Reported		Adjustments	As Restated
Assets
Current assets:
Cash and cash equivalents		$	59,727			(68	)	$	59,659
Accounts receivable, net	ADJ 1		444,386			(237,214	)		207,172
Inventories, net	ADJ 2		962,408			(391,160	)		571,248
Prepaid expenses and other current assets	ADJ 2		101,129			25,563			126,692
Total current assets			1,567,650			(602,879	)		964,771
Property, plant and equipment, net			244,746			—			244,746
Goodwill	ADJ 3		982,253			(86,337	)		895,916
Intangible assets, net	ADJ 3		1,049,186			(65,790	)		983,396
Other non-current assets			208,587			6			208,593
Total assets		$	4,052,422		$	(755,000	)	$	3,297,422

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			104,304			(1,065	)		103,239
Accrued expenses	ADJ 4		197,829			120,647			318,476
Due to related parties			18,036			—			18,036
Current portion, long-term debt (1)			15,000			1,759,290			1,774,290
Subsidiary financing arrangements	ADJ 5		—			169,765			169,765
Other current liabilities			49,617			—			49,617
Total current liabilities			384,786			2,048,637			2,433,423
Deferred income taxes			119,948			(11,857	)		108,091
Long-term debt (1)			1,759,290			(1,759,290	)		—
Other non-current liabilities			225,334			—			225,334
Total liabilities			2,489,358			277,490			2,766,848

Stockholders’ equity
Trust preferred shares, 50,000 authorized; 17,497 shares issued and outstanding at December 31, 2024
Series A preferred shares, no par value, 4,551 shares issued and outstanding at December 31, 2024			109,159			—			109,159
Series B preferred shares, no par value, 6,192 shares issued and outstanding at December 31, 2024			147,906			—			147,906
Series C preferred shares, no par value, 6,754 shares issued and outstanding at December 31, 2024			161,767			—			161,767
Trust common shares, no par value, 500,000 authorized; 76,135 shares issued and 75,236 shares outstanding at December 31, 2024			1,289,010			—			1,289,010
Treasury shares, at cost			(18,910	)		—			(18,910	)
Accumulated other comprehensive income (loss)			(5,815	)		478			(5,337	)
Accumulated deficit			(386,324	)		(618,651	)		(1,004,975	)
Total stockholders’ equity attributable to Holdings			1,296,793			(618,173	)		678,620
Noncontrolling interest	ADJ 6		266,271			(414,317	)		(148,046	)
Total stockholders’ equity			1,563,064			(1,032,490	)		530,574
Total liabilities and stockholders’ equity		$	4,052,422		$	(755,000	)	$	3,297,422

(1) In retrospectively testing financial covenant compliance under the Company's 2022 Credit Facility in each of the years ended December 31, 2024, 2023 and 2022 in reliance on the restated consolidated financial information, the Company would not have been in compliance with such financial covenants as of the years ended December 31, 2024 and 2023. As a result, the 2022 Term Loan and 2022 Revolving Credit Facility have been classified as current in the Consolidated Financial Statements as of December 31, 2024 and 2023. Additionally, because the 2029 Senior Notes and 2032 Senior Notes may have been subject to acceleration had the lenders under the 2022 Credit Facility exercised their acceleration rights during such historical periods, the 2029 Senior Notes and 2032 Senior Notes have also been classified as current at December 31, 2024 and 2023.


Compass Diversified Holdings
合并资产负债表
	2024年12月31日
	调整
参考		报告		调整		重述
资产
流动资产：
现金及现金等价物			$	59,727				(68	)	$	59,659
应收账款，净额	调整 1			444,386				(237,214	)		207,172
存货，净额	调整 2			962,408				(391,160	)		571,248
预付费用及其他流动资产	调整 2			101,129				25,563			126,692
流动资产总计				1,567,650				(602,879	)		964,771
不动产、厂房及设备，净额				244,746				—			244,746
商誉	调整 3			982,253				(86,337	)		895,916
无形资产，净额	调整 3			1,049,186				(65,790	)		983,396
其他非流动资产				208,587				6			208,593
资产总计			$	4,052,422			$	(755,000	)	$	3,297,422

负债和股东权益
流动负债：
应付账款				104,304				(1,065	)		103,239
应计费用	调整 4			197,829				120,647			318,476
应付关联方				18,036				—			18,036
长期债务的流动部分 (1)				15,000				1,759,290			1,774,290
子公司融资安排	调整 5			—				169,765			169,765
其他流动负债				49,617				—			49,617
流动负债总计				384,786				2,048,637			2,433,423
递延所得税				119,948				(11,857	)		108,091
长期债务 (1)				1,759,290				(1,759,290	)		—
其他非流动负债				225,334				—			225,334
负债总计				2,489,358				277,490			2,766,848

股东权益
信托优先股，授权 50,000 股；截至2024年12月31日已发行并流通 17,497 股
A 系列优先股，无面值，截止2024年12月31日已发行并流通 4,551 股				109,159				—			109,159
B 系列优先股，无面值，截止2024年12月31日已发行并流通 6,192 股				147,906				—			147,906
C 系列优先股，无面值，截止2024年12月31日已发行并流通 6,754 股				161,767				—			161,767
信托普通股，无面值，授权 500,000 股；
截至2024年12月31日已发行 76,135 股，流通 75,236 股				1,289,010				—			1,289,010
库存股，按成本计				(18,910	)			—			(18,910	)
累计其他综合收益（损失）				(5,815	)			478			(5,337	)
累计亏损				(386,324	)			(618,651	)		(1,004,975	)
归属于控股公司的股东权益总计				1,296,793				(618,173	)		678,620
非控股权益	调整 6			266,271				(414,317	)		(148,046	)
股东权益总计				1,563,064				(1,032,490	)		530,574
负债和股东权益总计			$	4,052,422			$	(755,000	)	$	3,297,422

(1) 在回顾公司 2022 年信贷协议下的财务契约合规性时，基于重述的合并财务信息，截止 2024 年、2023 年和2022年12月31日的每个年度，公司均未能遵守该财务契约。因此，2022 年定期贷款和 2022 年循环信贷额度在 2024 年和2023年12月31日的合并财务报表中被归类为流动负债。此外，由于 2029 年高级票据和 2032 年高级票据在历史期间内可能受到加速，如果 2022 年信贷协议的贷款人行使其加速权利，2029 年高级票据和 2032 年高级票据也被归类为 2024 年和2023年12月31日的流动负债。


Compass Diversified Holdings Consolidated Statement of Operations

	Year Ended December 31, 2024
	ADJ Reference	As Reported		Adjustments	As Restated
Net revenues	ADJ 7	$	2,198,233		$	(410,220	)	$	1,788,013
Cost of revenues	ADJ 8		1,197,873			(160,279	)		1,037,594
Gross profit			1,000,360			(249,941	)		750,419
Operating expenses:
Selling, general and administrative expense			587,521			—			587,521
Management fees			74,767			—			74,767
Amortization expense	ADJ 3		99,760			(4,943	)		94,817
Impairment expense			8,182			—			8,182
Operating income (loss)			230,130			(244,998	)		(14,868	)
Other income (expense):
Interest expense, net	ADJ 9		(106,683	)		(16,119	)		(122,802	)
Amortization of debt issuance costs			(4,018	)		—			(4,018	)
Loss on sale of Crosman			(24,218	)		—			(24,218	)
Other income (expense), net	ADJ 10		(3,902	)		(139,402	)		(143,304	)
Income (loss) from continuing operations before income taxes			91,309			(400,519	)		(309,210	)
Provision for income taxes	ADJ 11		49,012			(30,400	)		18,612
Income (loss) from continuing operations			42,297			(370,119	)		(327,822	)
Loss from discontinued operations, net of income tax			(6,905	)		—			(6,905	)
Gain on sale of discontinued operations, net of income tax			11,957			—			11,957
Net income (loss)			47,349			(370,119	)		(322,770	)
Less: Net income (loss) from continuing operations attributable to noncontrolling interest			37,426			(148,451	)		(111,025	)
Less: Net loss from discontinued operations attributable to noncontrolling interest			(2,884	)		—			(2,884	)
Net income (loss) attributable to Holdings		$	12,807		$	(221,668	)	$	(208,861	)

Amounts attributable to common shares of Holdings:
Income (loss) from continuing operations		$	4,871		$	(221,668	)	$	(216,797	)
Loss from discontinued operations, net of income tax			(4,021	)		—			(4,021	)
Gain on sale of discontinued operations, net of income tax			11,957			—			11,957
Net income (loss) attributable to Holdings		$	12,807		$	(221,668	)	$	(208,861	)
Basic and fully diluted income (loss) per share attributable to Holdings
Continuing operations			(1.25	)		(2.69	)		(3.94	)
Discontinued operations			0.11			—			0.11
		$	(1.14	)	$	(2.69	)	$	(3.83	)


Compass Diversified Holdings
合并运营报表

	截至2024年12月31日的年度
	调整
参考		报告		调整		重述
净收入	调整 7		$	2,198,233			$	(410,220	)	$	1,788,013
收入成本	调整 8			1,197,873				(160,279	)		1,037,594
毛利润				1,000,360				(249,941	)		750,419
营业费用：
销售、一般和行政费用				587,521				—			587,521
管理费用				74,767				—			74,767
摊销费用	调整 3			99,760				(4,943	)		94,817
减值费用				8,182				—			8,182
营业收入（损失）				230,130				(244,998	)		(14,868	)
其他收入（费用）：
利息费用，净额	调整 9			(106,683	)			(16,119	)		(122,802	)
债务发行成本摊销				(4,018	)			—			(4,018	)
Crosman 出售损失				(24,218	)			—			(24,218	)
其他收入（费用），净额	调整 10			(3,902	)			(139,402	)		(143,304	)
持续经营的收入（损失）在所得税之前				91,309				(400,519	)		(309,210	)
所得税费用	调整 11			49,012				(30,400	)		18,612
持续经营的收入（损失）				42,297				(370,119	)		(327,822	)
停业经营损失，扣除所得税				(6,905	)			—			(6,905	)
停业经营出售收益，扣除所得税				11,957				—			11,957
净收入（损失）				47,349				(370,119	)		(322,770	)
减：来自持续经营的净收入（损失）
归属于非控股权益				37,426				(148,451	)		(111,025	)
减：来自停业经营的净损失归属于非控股权益				(2,884	)			—			(2,884	)
归属于控股公司的净收入（损失）			$	12,807			$	(221,668	)	$	(208,861	)

归属于控股公司普通股的金额：
持续经营的收入（损失）			$	4,871			$	(221,668	)	$	(216,797	)
停业经营损失，扣除所得税				(4,021	)			—			(4,021	)
停业经营出售收益，扣除所得税				11,957				—			11,957
归属于控股公司的净收入（损失）			$	12,807			$	(221,668	)	$	(208,861	)
归属于控股公司的基本和完全摊薄每股收入（损失）
持续经营				(1.25	)			(2.69	)		(3.94	)
停业经营				0.11				—			0.11
			$	(1.14	)		$	(2.69	)	$	(3.83	)


Compass Diversified Holdings Consolidated Balance Sheet

	December 31, 2023
	ADJ Reference	As Reported		Adjustments	As Restated
Assets
Current assets:
Cash and cash equivalents			446,684			(68	)		446,616
Accounts receivable, net	ADJ 1		308,183			(122,946	)		185,237
Inventories, net	ADJ 2		723,194			(200,685	)		522,509
Prepaid expenses and other current assets	ADJ 2		88,844			(11,075	)		77,769
Current assets of discontinued operations			36,915			—			36,915
Total current assets			1,603,820			(334,774	)		1,269,046
Property, plant and equipment, net			191,283			—			191,283
Goodwill	ADJ 3		859,907			(86,338	)		773,569
Intangible assets, net	ADJ 3		879,078			(70,734	)		808,344
Other non-current assets			195,010			6			195,016
Non-current assets of discontinued operations			87,883			—			87,883
Total assets		$	3,816,981		$	(491,840	)	$	3,325,141
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable			91,089			(381	)		90,708
Accrued expenses	ADJ 4		151,443			86,374			237,817
Due to related parties			16,025			—			16,025
Current portion, long-term debt (1)			10,000			1,661,879			1,671,879
Subsidiary financing arrangements	ADJ 5		—			100,741			100,741
Other current liabilities			34,812			—			34,812
Current liabilities of discontinued operations			8,986			—			8,986
Total current liabilities			312,355			1,848,613			2,160,968
Deferred income taxes			118,882			(15,618	)		103,264
Long-term debt (1)			1,661,879			(1,661,879	)		—
Other non-current liabilities			203,207			—			203,207
Non-current liabilities of discontinued operations			1,277			—			1,277
Total liabilities			2,297,600			171,116			2,468,716
Stockholders’ equity
Trust preferred shares, 50,000 authorized; 12,600 shares issued and outstanding at December 31, 2023
Series A preferred shares, no par value, 4,000 shares issued and outstanding at December 31, 2023			96,417			—			96,417
Series B preferred shares, no par value, 4,000 shares issued and outstanding at December 31, 2023			96,504			—			96,504
Series C preferred shares, no par value, 4,600 shares issued and outstanding at December 31, 2023			110,997			—			110,997
Trust common shares, no par value, 500,000 authorized; 75,753 shares issued and 75,270 shares outstanding at December 31, 2023			1,281,303			—			1,281,303
Treasury shares, at cost			(9,339	)		—			(9,339	)
Accumulated other comprehensive income (loss)			111			(108	)		3
Accumulated deficit			(249,243	)		(396,982	)		(646,225	)
Total stockholders’ equity attributable to Holdings			1,326,750			(397,090	)		929,660
Noncontrolling interest	ADJ 6		175,875			(265,866	)		(89,991	)
Noncontrolling interest of discontinued operations			16,756			—			16,756
Total stockholders’ equity			1,519,381			(662,956	)		856,425
Total liabilities and stockholders’ equity		$	3,816,981		$	(491,840	)	$	3,325,141

(1) In retrospectively testing financial covenant compliance under the Company's 2022 Credit Facility in each of the years ended December 31, 2024, 2023 and 2022 in reliance on the restated consolidated financial information, the Company would not have been in compliance with such financial covenants as of the years ended December 31, 2024 and 2023. As a result, the 2022 Term Loan and 2022 Revolving Credit Facility have been classified as current in the Consolidated Financial Statements as of December 31, 2024 and 2023. Additionally, because the 2029 Senior Notes and 2032 Senior Notes may have been subject to acceleration had the lenders under the 2022 Credit Facility exercised their acceleration rights during such historical periods, the 2029 Senior Notes and 2032 Senior Notes have also been classified as current at December 31, 2024 and 2023.


Compass Diversified Holdings
合并资产负债表

	截至2023年12月31日
	调整
参考		报告		调整		重述
资产
流动资产：
现金及现金等价物				446,684				(68	)		446,616
应收账款，净额	调整 1			308,183				(122,946	)		185,237
存货，净额	调整 2			723,194				(200,685	)		522,509
预付费用及其他流动资产	调整 2			88,844				(11,075	)		77,769
停业业务的流动资产				36,915				—			36,915
流动资产总计				1,603,820				(334,774	)		1,269,046
不动产、厂房及设备，净额				191,283				—			191,283
商誉	调整 3			859,907				(86,338	)		773,569
无形资产，净额	调整 3			879,078				(70,734	)		808,344
其他非流动资产				195,010				6			195,016
停业业务的非流动资产				87,883				—			87,883
资产总计			$	3,816,981			$	(491,840	)	$	3,325,141
负债及股东权益
流动负债：
应付账款				91,089				(381	)		90,708
应计费用	调整 4			151,443				86,374			237,817
应付关联方				16,025				—			16,025
长期债务的流动部分 (1)				10,000				1,661,879			1,671,879
子公司融资安排	调整 5			—				100,741			100,741
其他流动负债				34,812				—			34,812
停业业务的流动负债				8,986				—			8,986
流动负债总计				312,355				1,848,613			2,160,968
递延所得税				118,882				(15,618	)		103,264
长期债务 (1)				1,661,879				(1,661,879	)		—
其他非流动负债				203,207				—			203,207
停业业务的非流动负债				1,277				—			1,277
负债总计				2,297,600				171,116			2,468,716
股东权益
信托优先股，授权 50,000 股；截至2023年12月31日已发行并流通 12,600 股
A 系列优先股，无面值，已发行 4,000 股
并于2023年12月31日流通				96,417				—			96,417
B 系列优先股，无面值，已发行 4,000 股
并于2023年12月31日流通				96,504				—			96,504
C 系列优先股，无面值，已发行 4,600 股
并于2023年12月31日流通				110,997				—			110,997
信托普通股，无面值，授权 500,000 股；
截至2023年12月31日已发行 75,753 股，流通 75,270 股				1,281,303				—			1,281,303
库存股，按成本计				(9,339	)			—			(9,339	)
累计其他综合收益（损失）				111				(108	)		3
累计亏损				(249,243	)			(396,982	)		(646,225	)
归属于控股公司的股东权益总计				1,326,750				(397,090	)		929,660
非控股权益	调整 6			175,875				(265,866	)		(89,991	)
停业业务的非控股权益				16,756				—			16,756
股东权益总计				1,519,381				(662,956	)		856,425
负债和股东权益总计			$	3,816,981			$	(491,840	)	$	3,325,141

(1) 在回顾性测试公司 2022 年信贷协议下的财务契约合规性时，基于重述的合并财务信息，截止 2024 年、2023 年和2022年12月31日的各年度，公司未能遵守该财务契约。因此，2022 年定期贷款和 2022 年循环信贷协议在 2024 年和2023年12月31日的合并财务报表中被归类为流动负债。此外，由于 2029 年高级票据和 2032 年高级票据在这些历史期间可能会受到加速，如果 2022 年信贷协议的贷款方行使其加速权利，2029 年高级票据和 2032 年高级票据也在 2024 年和2023年12月31日被归类为流动负债。


Compass Diversified Holdings Consolidated Statement of Operations

	Year Ended December 31, 2023
	ADJ Reference	As Reported		Adjustments	As Restated
Net revenues	ADJ 7	$	1,965,017		$	(275,097	)	$	1,689,920
Cost of revenues	ADJ 8		1,132,014			(116,814	)		1,015,200
Gross profit			833,003			(158,283	)		674,720
Operating expenses:
Selling, general and administrative expense			502,013			—			502,013
Management fees			67,945			—			67,945
Amortization expense	ADJ 3		88,396			(4,822	)		83,574
Impairment expense			89,400			1,197			90,597
Operating income (loss)			85,249			(154,658	)		(69,409	)
Other income (expense):
Interest expense, net	ADJ 9		(105,179	)		(4,713	)		(109,892	)
Amortization of debt issuance costs			(4,038	)		—			(4,038	)
Other income (expense), net	ADJ 10		1,779			(84,893	)		(83,114	)
Income (loss) from continuing operations before income taxes			(22,189	)		(244,264	)		(266,453	)
Provision for income taxes	ADJ 11		22,639			(14,441	)		8,198
Income (loss) from continuing operations			(44,828	)		(229,823	)		(274,651	)
Income (loss) from discontinued operations, net of income tax			24,208			—			24,208
Gain on sale of discontinued operations, net of income tax			283,025			—			283,025
Net income			262,405			(229,823	)		32,582
Less: Net income from continuing operations attributable to noncontrolling interest			16,423			(92,184	)		(75,761	)
Less: Net income (loss) from discontinued operations attributable to noncontrolling interest			(304	)		—			(304	)
Net income attributable to Holdings		$	246,286		$	(137,639	)	$	108,647

Amounts attributable to common shares of Holdings:
Loss from continuing operations		$	(61,251	)	$	(137,639	)	$	(198,890	)
Income from discontinued operations, net of income tax			24,512			—			24,512
Gain on sale of discontinued operations, net of income tax			283,025			—			283,025
Net income attributable to Holdings		$	246,286		$	(137,639	)	$	108,647
Basic and fully diluted income (loss) per share attributable to Holdings
Continuing operations			(1.81	)		(1.76	)		(3.57	)
Discontinued operations			4.27			—			4.27
		$	2.46		$	(1.76	)	$	0.70


Compass Diversified Holdings
合并运营报表

	截至2023年12月31日的年度
	调整参考	报告金额		调整	重述后金额
净收入	ADJ 7	$	1,965,017		$	(275,097	)	$	1,689,920
收入成本	ADJ 8		1,132,014			(116,814	)		1,015,200
毛利润			833,003			(158,283	)		674,720
营业费用：
销售、一般和行政费用			502,013			—			502,013
管理费用			67,945			—			67,945
摊销费用	ADJ 3		88,396			(4,822	)		83,574
减值费用			89,400			1,197			90,597
营业收入（损失）			85,249			(154,658	)		(69,409	)
其他收入（费用）：
利息费用，净额	ADJ 9		(105,179	)		(4,713	)		(109,892	)
债务发行成本摊销			(4,038	)		—			(4,038	)
其他收入（费用），净额	ADJ 10		1,779			(84,893	)		(83,114	)
持续经营的收入（损失）在所得税之前			(22,189	)		(244,264	)		(266,453	)
所得税费用	ADJ 11		22,639			(14,441	)		8,198
持续经营的收入（损失）			(44,828	)		(229,823	)		(274,651	)
停业经营的收入（损失），净额			24,208			—			24,208
停业经营的出售收益，净额			283,025			—			283,025
净收入			262,405			(229,823	)		32,582
减：来自持续经营的净收入归属于非控股权益			16,423			(92,184	)		(75,761	)
减：来自停业经营的净收入（损失）归属于非控股权益			(304	)		—			(304	)
归属于控股公司的净收入		$	246,286		$	(137,639	)	$	108,647

归属于控股公司普通股的金额：
来自持续经营的损失		$	(61,251	)	$	(137,639	)	$	(198,890	)
来自停业经营的收入，净额			24,512			—			24,512
来自停业经营的出售收益，净额			283,025			—			283,025
归属于控股公司的净收入		$	246,286		$	(137,639	)	$	108,647
归属于控股公司的基本和完全摊薄每股收益（损失）
持续经营			(1.81	)		(1.76	)		(3.57	)
停业经营			4.27			—			4.27
		$	2.46		$	(1.76	)	$	0.70


Compass Diversified Holdings Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation Year ended December 31, 2024 (Unaudited)

(in thousands)	Corporate		5.11		BOA	Lugano (Restated)	PrimaLoft	THP	Velocity Outdoor	Altor Solutions	Arnold	Sterno	Consolidated (Restated)
Net income (loss) from continuing operations	$	(35,634	)	$	20,634		$	20,791		$	(275,730	)	$	(10,575	)	$	(9,761	)	$	(54,851	)	$	5,635	$	(2,969	)	$	14,638		$	(327,822	)
Adjusted for:
Provision (benefit) for income taxes		(2,095	)		4,526			4,962			904			(3,741	)		(2,894	)		6,810			2,280		2,986			4,874			18,612
Interest expense, net		106,414			(14	)		(21	)		16,122			(70	)		(52	)		52			—		371			—			122,802
Intercompany interest		(157,585	)		13,366			20,125			56,013			17,916			10,552			9,255			10,771		7,121			12,466			—
Depreciation and amortization		675			22,734			21,594			5,391			21,318			18,974			8,042			21,553		9,265			18,473			148,019
EBITDA		(88,225	)		61,246			67,451			(197,300	)		24,848			16,819			(30,692	)		40,239		16,774			50,451			(38,389	)
Other (income) expense		460			40			511			139,623			181			3			24,557			2,746		(9	)		(590	)		167,522
Non-controlling shareholder compensation		—			2,129			5,683			2,437			2,382			1,674			403			988		18			631			16,345
Impairment expense		—			—			—			—			—						8,182			—		—			—			8,182
Acquisition expenses		—			—			—			—			—			3,479			—			1,872		—			—			5,351
Integration services fee		—			—			—			—			—			2,625			—			—		—			—			2,625
Other (1)		—			—			—			—			—			90			1,500			696		10,426			476			13,188
Adjusted EBITDA	$	(87,765	)	$	63,415		$	73,645		$	(55,240	)	$	27,411		$	24,690		$	3,950		$	46,541	$	27,209		$	50,968		$	174,824

(1) Other represents non-recurring operating expenses that are included by management in the calculation of Adjusted EBITDA when analyzing monthly operating results of our subsidiaries. In the current year, the calculation of Adjusted EBITDA for Arnold includes the add-back of certain expenses that have been incurred related to the relocation of two of Arnold's facilities in the United States.


Compass Diversified Holdings
持续经营的净收入（亏损）与非 GAAP 合并调整后的 EBITDA 的调节
截至2024年12月31日的年度
**（未经审计）

(以千为单位)	企业		5.11		BOA	卢加诺
（重述）	PrimaLoft	THP	Velocity
户外	Altor Solutions	Arnold	Sterno	合并
（重述）
来自持续经营的净收入（亏损）	$	(35,634	)	$	20,634		$	20,791		$	(275,730	)	$	(10,575	)	$	(9,761	)	$	(54,851	)	$	5,635	$	(2,969	)	$	14,638		$	(327,822	)
调整为：
所得税的准备（收益）		(2,095	)		4,526			4,962			904			(3,741	)		(2,894	)		6,810			2,280		2,986			4,874			18,612
利息费用，
净额		106,414			(14	)		(21	)		16,122			(70	)		(52	)		52			—		371			—			122,802
关联公司
利息		(157,585	)		13,366			20,125			56,013			17,916			10,552			9,255			10,771		7,121			12,466			—
折旧和
摊销		675			22,734			21,594			5,391			21,318			18,974			8,042			21,553		9,265			18,473			148,019
EBITDA		(88,225	)		61,246			67,451			(197,300	)		24,848			16,819			(30,692	)		40,239		16,774			50,451			(38,389	)
其他（收入）
费用		460			40			511			139,623			181			3			24,557			2,746		(9	)		(590	)		167,522
非控股
股东
补偿		—			2,129			5,683			2,437			2,382			1,674			403			988		18			631			16,345
减值
费用		—			—			—			—			—						8,182			—		—			—			8,182
收购
费用		—			—			—			—			—			3,479			—			1,872		—			—			5,351
整合
服务费		—			—			—			—			—			2,625			—			—		—			—			2,625
其他 (1)		—			—			—			—			—			90			1,500			696		10,426			476			13,188
调整后的 EBITDA	$	(87,765	)	$	63,415		$	73,645		$	(55,240	)	$	27,411		$	24,690		$	3,950		$	46,541	$	27,209		$	50,968		$	174,824

(1) 其他代表管理层在分析我们子公司的月度经营结果时，纳入调整后的 EBITDA 计算的非经常性经营费用。在当前年度，Arnold 的调整后 EBITDA 计算包括与 Arnold 在美国的两个设施搬迁相关的某些费用的回加。


Compass Diversified Holdings Net Income (Loss) from Continuing Operations to Non-GAAP Consolidated Adjusted EBITDA Reconciliation Year ended December 31, 2023 (Unaudited)

(in thousands)	Corporate		5.11		BOA	Lugano (Restated)	PrimaLoft	Velocity Outdoor	Altor Solutions	Arnold	Sterno	Consolidated (Restated)
Net income (loss) from continuing operations	$	(60,454	)	$	21,690		$	16,496		$	(177,508	)	$	(69,883	)	$	(40,045	)	$	16,504	$	10,434		$	8,115		$	(274,651	)
Adjusted for:
Provision (benefit) for income taxes		301			4,994			2,863			148			(5,673	)		(5,616	)		5,890		4,185			1,106			8,198
Interest expense, net		104,856			(8	)		(18	)		4,716			(11	)		352			—		5			—			109,892
Intercompany interest		(126,240	)		20,244			7,580			32,837			18,123			13,510			10,486		6,806			16,654			—
Depreciation and amortization		1,498			26,009			22,932			3,232			21,478			13,282			16,741		8,441			19,959			133,572
EBITDA		(80,039	)		72,929			49,853			(136,575	)		(35,966	)		(18,517	)		49,621		29,871			45,834			(22,989	)
Other (income) expense		(130	)		(515	)		98			84,815			62			(1,210	)		1,440		(5	)		(1,441	)		83,114
Non-controlling shareholder compensation		—			1,191			3,019			1,474			980			914			986		27			860			9,451
Impairment expense		—			—			—			1,197			57,810			31,590			—		—			—			90,597
Integration services fee		—			—			—			—			2,375			—			—		—			—			2,375
Other		—			—			3,072			—			—			—			—		—			1,434			4,506
Adjusted EBITDA	$	(80,169	)	$	73,605		$	56,042		$	(49,089	)	$	25,261		$	12,777		$	52,047	$	29,893		$	46,687		$	167,054


Compass Diversified Holdings 持续经营的净收入（亏损）与非 GAAP 合并调整后的 EBITDA 的调节截至2023年12月31日的年度（未经审计）

(以千为单位)	企业		5.11		BOA	卢加诺（重述）	PrimaLoft	Velocity 户外	Altor 解决方案	阿诺德	斯特诺	合并（重述）
来自持续经营的净收入（亏损）	$	(60,454	)	$	21,690		$	16,496		$	(177,508	)	$	(69,883	)	$	(40,045	)	$	16,504	$	10,434		$	8,115		$	(274,651	)
调整项：
所得税的准备（收益）		301			4,994			2,863			148			(5,673	)		(5,616	)		5,890		4,185			1,106			8,198
利息费用，净额		104,856			(8	)		(18	)		4,716			(11	)		352			—		5			—			109,892
公司间利息		(126,240	)		20,244			7,580			32,837			18,123			13,510			10,486		6,806			16,654			—
折旧和摊销		1,498			26,009			22,932			3,232			21,478			13,282			16,741		8,441			19,959			133,572
EBITDA		(80,039	)		72,929			49,853			(136,575	)		(35,966	)		(18,517	)		49,621		29,871			45,834			(22,989	)
其他（收入）费用		(130	)		(515	)		98			84,815			62			(1,210	)		1,440		(5	)		(1,441	)		83,114
非控股股东补偿		—			1,191			3,019			1,474			980			914			986		27			860			9,451
减值费用		—			—			—			1,197			57,810			31,590			—		—			—			90,597
整合服务费		—			—			—			—			2,375			—			—		—			—			2,375
其他		—			—			3,072			—			—			—			—		—			1,434			4,506
调整后的 EBITDA	$	(80,169	)	$	73,605		$	56,042		$	(49,089	)	$	25,261		$	12,777		$	52,047	$	29,893		$	46,687		$	167,054

Compass Diversified 完成了对先前发布的财务报表的重述 | CODI 股票新闻