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.

康涅狄格州韋斯特波特，2025年12月8日（GLOBE NEWSWIRE）——Compass Diversified（紐約證券交易所代碼：CODI）（“CODI” 或 “公司”），一家擁有領先的中型市場品牌消費和工業企業的公司，今天宣佈提交了 2022、2023 和 2024 財年的重述財務結果以及這些年份中各個中期的財務信息。

“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.”

“我們很高興完成了這一廣泛的重述過程。前首席執行官在 Lugano Holding, Inc.（“Lugano”）實施的財務和會計欺詐行為是普遍的、複雜的，並且僅限於 Lugano。我們的重述是將這一章節拋在腦後的重要一步，” CODI 首席執行官 Elias Sabo 表示。“我們專注於降低槓桿，並繼續執行自成立以來使 CODI 成功的戰略：管理和發展高質量的中型市場公司，以為我們的股東創造持久的長期價值。”

“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，我們的其他八家子公司與 Lugano 的事件無關，並且整體上繼續表現良好。它們的執行突顯了這些企業的實力和我們商業模式的韌性，” Sabo 繼續説道。“因此，我們正在調整 2025 年全年的子公司調整後 EBITDA 指導範圍至 3.3 億至 3.6 億美元，這與我們之前的指導一致，排除 Lugano 的影響。”

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 補充道：“我們正在與我們的高級貸款方進行積極討論，關於對我們的信貸協議進行修訂，以提供額外的緩解和靈活性，涉及我們當前的槓桿狀況和某些其他契約。我們目前預計將在未來幾周內宣佈修訂。”

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.

在接下來的幾周內，CODI 還預計將提交 2025 年第一、第二和第三季度的財務結果，採用 10-Q 表格，這將使公司重新符合證券交易委員會的年度和季度報告要求。

Note Regarding Use of Non-GAAP Financial Measures

關於非 GAAP 財務指標的説明

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.

調整後 EBITDA 是公司用來評估其業績的非 GAAP 指標。我們已在附表中將調整後 EBITDA 與持續經營的收入（損失）進行了調節。我們認為持續經營的收入（損失）是與調整後 EBITDA 最直接可比的 GAAP 財務指標。我們相信調整後 EBITDA 為投資者提供了有用的信息，並反映了重要的財務指標，因為它排除了反映長期投資決策影響的項目，而不是短期運營的表現。與持續經營的收入（損失）相比，調整後 EBITDA 的侷限在於它未能反映用於產生我們業務收入的某些資本資產的週期性成本或與減值相關的非現金費用，以及某些現金費用。調整後 EBITDA 的呈現使投資者能夠以類似於我們及我們業務管理層使用的方法來查看我們業務的表現，提供了對我們運營結果的額外洞察，併為評估目標企業的收購提供了一個衡量標準。

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.

根據 S-K 法規第 10(e)(1)(i)(B) 條款提供的非合理努力例外，我們未將 2025 年子公司調整後 EBITDA 與其可比的 GAAP 指標進行調節，因為我們不提供持續經營的淨收入（損失）或適用的調節項目的指導，原因在於這些項目的不確定性和潛在的變動性。出於同樣的原因，我們無法説明不可用信息的可能重要性，這可能對未來的結果具有重大影響。

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.

調整後 EBITDA 並不意味着替代 GAAP 指標，可能與其他公司使用的非 GAAP 財務指標不同或不一致。

Forward Looking Statements

前瞻性聲明

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.

本新聞稿包含根據《1933 年證券法》第 27A 條及《1934 年證券交易法》第 21E 條的定義的前瞻性聲明，包括但不限於，CODI 對其逾期財務報表的時間預期，CODI 對其未來表現、流動性和槓桿的預期，CODI 子公司的未來表現，CODI 信貸協議的潛在修訂以及 CODI 貸方可能給予的潛在救濟，以及 CODI 定期報告的提交或延遲。這些前瞻性聲明可以通過使用諸如 “相信”、“期望”、“可能”、“能夠”、“將”、“計劃”、“打算”、“估計”、“預測”、“潛在”、“繼續”、“應該” 或 “預期” 等前瞻性術語，或其否定形式或其他變體，或通過涉及風險和不確定性的戰略討論來識別。這些聲明基於 CODI 董事會和管理層的信念和假設，以及目前可用的信息。這些聲明涉及風險和不確定性，可能導致 CODI 的實際結果和結果發生重大差異，包括但不限於：與盧加諾調查相關的額外信息的發現；CODI 財務報告或召開年度股東大會能力的進一步重大延遲；重述的影響；CODI 恢復符合紐約證券交易所持續上市要求的能力；CODI 貸方的合作及未來給予的讓步；識別或可能在未來識別的控制缺陷，這將導致 CODI 在財務報告內部控制方面的重大弱點；以及與調查相關的訴訟，包括 CODI 關於其財務報表的陳述，以及與 CODI 的內部控制、重述審查、盧加諾調查或相關事項的當前和未來訴訟、執法行動或調查。請參見 CODI 於2025年12月8日向 SEC 提交的《年度報告修正案第 1 號（Form 10-K/A）》，以獲取您在考慮這些前瞻性聲明時應考慮的其他風險因素。投資者被警告不要對前瞻性聲明過度依賴，這些聲明僅在作出時有效。除法律要求外，CODI 不承擔任何公開義務，更新任何前瞻性聲明，以反映本新聞稿日期之後的事件、情況或新信息，或反映意外事件的發生。

Investor Relations

投資者關係

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
合併資產負債表

(以千為單位)	2024年12月31日
（已重述）		2023年12月31日
（已重述）
資產
流動資產
現金及現金等價物	$	59,659		$	446,616
應收賬款，淨額		207,172			185,237
存貨，淨額		571,248			522,509
預付費用及其他流動資產		126,692			77,769
停業業務的流動資產		—			36,915
流動資產總計		964,771			1,269,046
不動產、廠房及設備，淨額		244,746			191,283
商譽		895,916			773,569
無形資產，淨額		983,396			808,344
其他非流動資產		208,593			195,016
停業業務的非流動資產		—			87,883
資產總計	$	3,297,422		$	3,325,141

負債和股東權益
流動負債
應付賬款	$	103,239		$	90,708
應計費用		318,476			237,817
應付關聯方		18,036			16,025
長期債務的流動部分		1,774,290			1,671,879
子公司融資安排		169,765			100,741
其他流動負債		49,617			34,812
停業業務的流動負債		—			8,986
流動負債總計		2,433,423			2,160,968
遞延所得税		108,091			103,264
其他非流動負債		225,334			203,207
停業業務的非流動負債		—			1,277
負債總計		2,766,848			2,468,716
股東權益
歸屬於控股公司的股東權益總額		678,620			929,660
非控股權益		(148,046	)		(89,991	)
停業業務的非控股權益		—			16,756
股東權益總額		530,574			856,425
負債和股東權益總計	$	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
合併經營報表

	截至 12 月 31 日的年度
(以千為單位，除每股數據外)	2024
（已重述）		2023
（已重述）
淨收入	$	1,788,013		$	1,689,920
收入成本		1,037,594			1,015,200
毛利潤		750,419			674,720
營業費用：
銷售、一般和行政費用		587,521			502,013
管理費用		74,767			67,945
攤銷費用		94,817			83,574
減值費用		8,182			90,597
營業收入（損失）		(14,868	)		(69,409	)
其他收入（費用）：
利息費用，淨額		(122,802	)		(109,892	)
債務發行成本攤銷		(4,018	)		(4,038	)
Crosman 出售損失		(24,218	)		—
其他收入（費用），淨額		(143,304	)		(83,114	)
税前淨收入（損失）		(309,210	)		(266,453	)
所得税費用		18,612			8,198
持續經營的收入（損失）		(327,822	)		(274,651	)
停業經營的收入（損失），扣除所得税		(6,905	)		24,208
停業經營出售收益		11,957			283,025
淨收入		(322,770	)		32,582
減：歸屬於非控股權益的淨收入（損失）		(111,025	)		(75,761	)
減：歸屬於非控股權益的停業經營淨收入（損失）		(2,884	)		(304	)
歸屬於控股公司的淨收入	$	(208,861	)	$	108,647

歸屬於控股公司的基本每股收益（損失）
持續經營	$	(3.94	)	$	(3.57	)
停業經營		0.11			4.27
	$	(3.83	)	$	0.70

基本加權平均流通普通股數量		75,454			72,105

每信託普通股現金分配	$	1.00		$	1.00

Restatement of Previously Issued Consolidated Financial Statements

已發佈合併財務報表的重述

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:

公司已對截至 2024 年和2023年12月31日的財務年度的合併財務報表進行了重述。以下是與合併資產負債表和合並經營報表重述相關的重大調整的摘要描述：


*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.


*合併資產負債表*
ADJ 1	應收賬款 - 在盧加諾記錄的金額作為應收賬款，並未代表與有效收入交易相關的活動。

ADJ 2	存貨和其他流動資產 - 在盧加諾記錄的金額作為存貨採購或供應商預付款，並未代表有效採購。與客户以減少應收賬款交易為交換的珠寶或寶石的以物易物採購相關的無效存貨交易也被記錄。此外，其他流動資產因修訂的盧加諾税務準備和在合併財務報表中每年記錄的税收應收款而增加。

ADJ 3	商譽和無形資產 - 2021 年 9 月收購盧加諾時所獲得資產和承擔負債的購買價格分配是基於實質上不正確的財務信息。因此，公司重新進行了購買價格分配，導致無形資產的公允價值和商譽的計算發生變化。此外，由於盧加諾調查導致的歷史財務信息的調整，公司確定截至2021年12月31日和2022年12月31日發生了觸發事件，並對這些日期的盧加諾商譽和有限壽命無形資產進行了減值測試，導致這些餘額的減值。

ADJ 4	應計費用 - 與盧加諾的存貨交易相關的未記錄負債和與盧加諾融資安排相關的應計利息已在合併資產負債表中記錄。

ADJ 5	融資安排 - 盧加諾與第三方簽訂了多項融資安排，這些安排在盧加諾的歷史財務報表中未被記錄為債務。與盧加諾調查相關，公司確定某些記錄為應收賬款減少或存貨採購的現金實際上代表與第三方未記錄的融資安排，這些安排聲稱與盧加諾共同投資購買特定珠寶。這些安排代表已在公司合併資產負債表中記錄的債務。

ADJ 6	非控股權益 - 更正錯誤陳述導致盧加諾的非控股權益餘額減少，並減少了之前與盧加諾相關的非控股收入。
*合併經營報表*
ADJ 7	淨收入 - 盧加諾的淨收入在所呈現的每個期間均被高估，原因是記錄了無效收入交易或將收到的資金錯誤地表示為收入。

ADJ 8	收入成本 - 盧加諾的收入成本在所呈現的每個期間均被高估，原因是記錄了與無效收入交易相關的收入成本和將支付的資金錯誤地應用為存貨採購。

ADJ 9	利息費用，淨額 - 與上述盧加諾融資安排相關的利息費用已在所呈現的每個期間的合併經營報表中記錄。

ADJ 10	其他收入（費用），淨額 - 反映了盧加諾因與盧加諾融資安排相關的交易會計處理而確認的損失所產生的費用。

ADJ 11	所得税準備（收益）- 盧加諾的所得税準備（收益）因上述調整對合並經營報表的影響而在所呈現的每個期間重新計算。


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
合併資產負債表
	2024年12月31日
	調整
參考		報告		調整		重述
資產
流動資產：
現金及現金等價物			$	59,727				(68	)	$	59,659
應收賬款，淨額	調整 1			444,386				(237,214	)		207,172
存貨，淨額	調整 2			962,408				(391,160	)		571,248
預付費用及其他流動資產	調整 2			101,129				25,563			126,692
流動資產總計				1,567,650				(602,879	)		964,771
不動產、廠房及設備，淨額				244,746				—			244,746
商譽	調整 3			982,253				(86,337	)		895,916
無形資產，淨額	調整 3			1,049,186				(65,790	)		983,396
其他非流動資產				208,587				6			208,593
資產總計			$	4,052,422			$	(755,000	)	$	3,297,422

負債和股東權益
流動負債：
應付賬款				104,304				(1,065	)		103,239
應計費用	調整 4			197,829				120,647			318,476
應付關聯方				18,036				—			18,036
長期債務的流動部分 (1)				15,000				1,759,290			1,774,290
子公司融資安排	調整 5			—				169,765			169,765
其他流動負債				49,617				—			49,617
流動負債總計				384,786				2,048,637			2,433,423
遞延所得税				119,948				(11,857	)		108,091
長期債務 (1)				1,759,290				(1,759,290	)		—
其他非流動負債				225,334				—			225,334
負債總計				2,489,358				277,490			2,766,848

股東權益
信託優先股，授權 50,000 股；截至2024年12月31日已發行並流通 17,497 股
A 系列優先股，無面值，截止2024年12月31日已發行並流通 4,551 股				109,159				—			109,159
B 系列優先股，無面值，截止2024年12月31日已發行並流通 6,192 股				147,906				—			147,906
C 系列優先股，無面值，截止2024年12月31日已發行並流通 6,754 股				161,767				—			161,767
信託普通股，無面值，授權 500,000 股；
截至2024年12月31日已發行 76,135 股，流通 75,236 股				1,289,010				—			1,289,010
庫存股，按成本計				(18,910	)			—			(18,910	)
累計其他綜合收益（損失）				(5,815	)			478			(5,337	)
累計虧損				(386,324	)			(618,651	)		(1,004,975	)
歸屬於控股公司的股東權益總計				1,296,793				(618,173	)		678,620
非控股權益	調整 6			266,271				(414,317	)		(148,046	)
股東權益總計				1,563,064				(1,032,490	)		530,574
負債和股東權益總計			$	4,052,422			$	(755,000	)	$	3,297,422

(1) 在回顧公司 2022 年信貸協議下的財務契約合規性時，基於重述的合併財務信息，截止 2024 年、2023 年和2022年12月31日的每個年度，公司均未能遵守該財務契約。因此，2022 年定期貸款和 2022 年循環信貸額度在 2024 年和2023年12月31日的合併財務報表中被歸類為流動負債。此外，由於 2029 年高級票據和 2032 年高級票據在歷史期間內可能受到加速，如果 2022 年信貸協議的貸款人行使其加速權利，2029 年高級票據和 2032 年高級票據也被歸類為 2024 年和2023年12月31日的流動負債。


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
合併運營報表

	截至2024年12月31日的年度
	調整
參考		報告		調整		重述
淨收入	調整 7		$	2,198,233			$	(410,220	)	$	1,788,013
收入成本	調整 8			1,197,873				(160,279	)		1,037,594
毛利潤				1,000,360				(249,941	)		750,419
營業費用：
銷售、一般和行政費用				587,521				—			587,521
管理費用				74,767				—			74,767
攤銷費用	調整 3			99,760				(4,943	)		94,817
減值費用				8,182				—			8,182
營業收入（損失）				230,130				(244,998	)		(14,868	)
其他收入（費用）：
利息費用，淨額	調整 9			(106,683	)			(16,119	)		(122,802	)
債務發行成本攤銷				(4,018	)			—			(4,018	)
Crosman 出售損失				(24,218	)			—			(24,218	)
其他收入（費用），淨額	調整 10			(3,902	)			(139,402	)		(143,304	)
持續經營的收入（損失）在所得税之前				91,309				(400,519	)		(309,210	)
所得税費用	調整 11			49,012				(30,400	)		18,612
持續經營的收入（損失）				42,297				(370,119	)		(327,822	)
停業經營損失，扣除所得税				(6,905	)			—			(6,905	)
停業經營出售收益，扣除所得税				11,957				—			11,957
淨收入（損失）				47,349				(370,119	)		(322,770	)
減：來自持續經營的淨收入（損失）
歸屬於非控股權益				37,426				(148,451	)		(111,025	)
減：來自停業經營的淨損失歸屬於非控股權益				(2,884	)			—			(2,884	)
歸屬於控股公司的淨收入（損失）			$	12,807			$	(221,668	)	$	(208,861	)

歸屬於控股公司普通股的金額：
持續經營的收入（損失）			$	4,871			$	(221,668	)	$	(216,797	)
停業經營損失，扣除所得税				(4,021	)			—			(4,021	)
停業經營出售收益，扣除所得税				11,957				—			11,957
歸屬於控股公司的淨收入（損失）			$	12,807			$	(221,668	)	$	(208,861	)
歸屬於控股公司的基本和完全攤薄每股收入（損失）
持續經營				(1.25	)			(2.69	)		(3.94	)
停業經營				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
合併資產負債表

	截至2023年12月31日
	調整
參考		報告		調整		重述
資產
流動資產：
現金及現金等價物				446,684				(68	)		446,616
應收賬款，淨額	調整 1			308,183				(122,946	)		185,237
存貨，淨額	調整 2			723,194				(200,685	)		522,509
預付費用及其他流動資產	調整 2			88,844				(11,075	)		77,769
停業業務的流動資產				36,915				—			36,915
流動資產總計				1,603,820				(334,774	)		1,269,046
不動產、廠房及設備，淨額				191,283				—			191,283
商譽	調整 3			859,907				(86,338	)		773,569
無形資產，淨額	調整 3			879,078				(70,734	)		808,344
其他非流動資產				195,010				6			195,016
停業業務的非流動資產				87,883				—			87,883
資產總計			$	3,816,981			$	(491,840	)	$	3,325,141
負債及股東權益
流動負債：
應付賬款				91,089				(381	)		90,708
應計費用	調整 4			151,443				86,374			237,817
應付關聯方				16,025				—			16,025
長期債務的流動部分 (1)				10,000				1,661,879			1,671,879
子公司融資安排	調整 5			—				100,741			100,741
其他流動負債				34,812				—			34,812
停業業務的流動負債				8,986				—			8,986
流動負債總計				312,355				1,848,613			2,160,968
遞延所得税				118,882				(15,618	)		103,264
長期債務 (1)				1,661,879				(1,661,879	)		—
其他非流動負債				203,207				—			203,207
停業業務的非流動負債				1,277				—			1,277
負債總計				2,297,600				171,116			2,468,716
股東權益
信託優先股，授權 50,000 股；截至2023年12月31日已發行並流通 12,600 股
A 系列優先股，無面值，已發行 4,000 股
並於2023年12月31日流通				96,417				—			96,417
B 系列優先股，無面值，已發行 4,000 股
並於2023年12月31日流通				96,504				—			96,504
C 系列優先股，無面值，已發行 4,600 股
並於2023年12月31日流通				110,997				—			110,997
信託普通股，無面值，授權 500,000 股；
截至2023年12月31日已發行 75,753 股，流通 75,270 股				1,281,303				—			1,281,303
庫存股，按成本計				(9,339	)			—			(9,339	)
累計其他綜合收益（損失）				111				(108	)		3
累計虧損				(249,243	)			(396,982	)		(646,225	)
歸屬於控股公司的股東權益總計				1,326,750				(397,090	)		929,660
非控股權益	調整 6			175,875				(265,866	)		(89,991	)
停業業務的非控股權益				16,756				—			16,756
股東權益總計				1,519,381				(662,956	)		856,425
負債和股東權益總計			$	3,816,981			$	(491,840	)	$	3,325,141

(1) 在回顧性測試公司 2022 年信貸協議下的財務契約合規性時，基於重述的合併財務信息，截止 2024 年、2023 年和2022年12月31日的各年度，公司未能遵守該財務契約。因此，2022 年定期貸款和 2022 年循環信貸協議在 2024 年和2023年12月31日的合併財務報表中被歸類為流動負債。此外，由於 2029 年高級票據和 2032 年高級票據在這些歷史期間可能會受到加速，如果 2022 年信貸協議的貸款方行使其加速權利，2029 年高級票據和 2032 年高級票據也在 2024 年和2023年12月31日被歸類為流動負債。


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
合併運營報表

	截至2023年12月31日的年度
	調整參考	報告金額		調整	重述後金額
淨收入	ADJ 7	$	1,965,017		$	(275,097	)	$	1,689,920
收入成本	ADJ 8		1,132,014			(116,814	)		1,015,200
毛利潤			833,003			(158,283	)		674,720
營業費用：
銷售、一般和行政費用			502,013			—			502,013
管理費用			67,945			—			67,945
攤銷費用	ADJ 3		88,396			(4,822	)		83,574
減值費用			89,400			1,197			90,597
營業收入（損失）			85,249			(154,658	)		(69,409	)
其他收入（費用）：
利息費用，淨額	ADJ 9		(105,179	)		(4,713	)		(109,892	)
債務發行成本攤銷			(4,038	)		—			(4,038	)
其他收入（費用），淨額	ADJ 10		1,779			(84,893	)		(83,114	)
持續經營的收入（損失）在所得税之前			(22,189	)		(244,264	)		(266,453	)
所得税費用	ADJ 11		22,639			(14,441	)		8,198
持續經營的收入（損失）			(44,828	)		(229,823	)		(274,651	)
停業經營的收入（損失），淨額			24,208			—			24,208
停業經營的出售收益，淨額			283,025			—			283,025
淨收入			262,405			(229,823	)		32,582
減：來自持續經營的淨收入歸屬於非控股權益			16,423			(92,184	)		(75,761	)
減：來自停業經營的淨收入（損失）歸屬於非控股權益			(304	)		—			(304	)
歸屬於控股公司的淨收入		$	246,286		$	(137,639	)	$	108,647

歸屬於控股公司普通股的金額：
來自持續經營的損失		$	(61,251	)	$	(137,639	)	$	(198,890	)
來自停業經營的收入，淨額			24,512			—			24,512
來自停業經營的出售收益，淨額			283,025			—			283,025
歸屬於控股公司的淨收入		$	246,286		$	(137,639	)	$	108,647
歸屬於控股公司的基本和完全攤薄每股收益（損失）
持續經營			(1.81	)		(1.76	)		(3.57	)
停業經營			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
持續經營的淨收入（虧損）與非 GAAP 合併調整後的 EBITDA 的調節
截至2024年12月31日的年度
**（未經審計）

(以千為單位)	企業		5.11		BOA	盧加諾
（重述）	PrimaLoft	THP	Velocity
户外	Altor Solutions	Arnold	Sterno	合併
（重述）
來自持續經營的淨收入（虧損）	$	(35,634	)	$	20,634		$	20,791		$	(275,730	)	$	(10,575	)	$	(9,761	)	$	(54,851	)	$	5,635	$	(2,969	)	$	14,638		$	(327,822	)
調整為：
所得税的準備（收益）		(2,095	)		4,526			4,962			904			(3,741	)		(2,894	)		6,810			2,280		2,986			4,874			18,612
利息費用，
淨額		106,414			(14	)		(21	)		16,122			(70	)		(52	)		52			—		371			—			122,802
關聯公司
利息		(157,585	)		13,366			20,125			56,013			17,916			10,552			9,255			10,771		7,121			12,466			—
折舊和
攤銷		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）
費用		460			40			511			139,623			181			3			24,557			2,746		(9	)		(590	)		167,522
非控股
股東
補償		—			2,129			5,683			2,437			2,382			1,674			403			988		18			631			16,345
減值
費用		—			—			—			—			—						8,182			—		—			—			8,182
收購
費用		—			—			—			—			—			3,479			—			1,872		—			—			5,351
整合
服務費		—			—			—			—			—			2,625			—			—		—			—			2,625
其他 (1)		—			—			—			—			—			90			1,500			696		10,426			476			13,188
調整後的 EBITDA	$	(87,765	)	$	63,415		$	73,645		$	(55,240	)	$	27,411		$	24,690		$	3,950		$	46,541	$	27,209		$	50,968		$	174,824

(1) 其他代表管理層在分析我們子公司的月度經營結果時，納入調整後的 EBITDA 計算的非經常性經營費用。在當前年度，Arnold 的調整後 EBITDA 計算包括與 Arnold 在美國的兩個設施搬遷相關的某些費用的回加。


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 持續經營的淨收入（虧損）與非 GAAP 合併調整後的 EBITDA 的調節截至2023年12月31日的年度（未經審計）

(以千為單位)	企業		5.11		BOA	盧加諾（重述）	PrimaLoft	Velocity 户外	Altor 解決方案	阿諾德	斯特諾	合併（重述）
來自持續經營的淨收入（虧損）	$	(60,454	)	$	21,690		$	16,496		$	(177,508	)	$	(69,883	)	$	(40,045	)	$	16,504	$	10,434		$	8,115		$	(274,651	)
調整項：
所得税的準備（收益）		301			4,994			2,863			148			(5,673	)		(5,616	)		5,890		4,185			1,106			8,198
利息費用，淨額		104,856			(8	)		(18	)		4,716			(11	)		352			—		5			—			109,892
公司間利息		(126,240	)		20,244			7,580			32,837			18,123			13,510			10,486		6,806			16,654			—
折舊和攤銷		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）費用		(130	)		(515	)		98			84,815			62			(1,210	)		1,440		(5	)		(1,441	)		83,114
非控股股東補償		—			1,191			3,019			1,474			980			914			986		27			860			9,451
減值費用		—			—			—			1,197			57,810			31,590			—		—			—			90,597
整合服務費		—			—			—			—			2,375			—			—		—			—			2,375
其他		—			—			3,072			—			—			—			—		—			1,434			4,506
調整後的 EBITDA	$	(80,169	)	$	73,605		$	56,042		$	(49,089	)	$	25,261		$	12,777		$	52,047	$	29,893		$	46,687		$	167,054

Compass Diversified 完成了對先前發佈的財務報表的重述 | CODI 股票新聞