Compass Group Diversified Holdings LLC 2025年季度报告

Form 10-Q QUARTERLY REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period fromto (Exact name of registrant as specified in its charter) Delaware001-3492757-6218917(State or other jurisdiction ofincorporation or organization)(Commissionfile number)(I.R.S. employeridentification number) COMPASS GROUP DIVERSIFIED HOLDINGS LLC(Exact name of registrant as specified in its charter) Delaware001-3492620-3812051(State or other jurisdiction ofincorporation or organization)(Commissionfile number)(I.R.S. employeridentification number) 301 Riverside Avenue, Second Floor, Westport, CT 06880(Address of principal executive office)(203)221-1703(Registrant's telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or anemerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growthcompany" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act).Yes☐No As of December 15, 2025, there were 75,235,966 Trust common shares of Compass Diversified Holdings outstanding. COMPASS DIVERSIFIED HOLDINGS QUARTERLY REPORT ON FORM10-QFor the period ended March31, 2025 TABLE OF CONTENTS FORWARD-LOOKING STATEMENTS ITEM 1.FINANCIAL STATEMENTS (UNAUDITED)CONDENSED CONSOLIDATED BALANCE SHEETSCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONSCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITYCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSNOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS54ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK81ITEM 4.CONTROLS AND PROCEDURES81 PART II. OTHER INFORMATION ITEM 1.LEGAL PROCEEDINGSITEM 1A.RISK FACTORSITEM 6.EXHIBITSSIGNATURES NOTE TO READER In reading this Quarterly Report on Form 10-Q, references to: •the “Trust” and “Holdings” refer to Compass Diversified Holdings;•the “LLC” refers to Compass Group Diversified Holdings LLC;•the "Company" refers to Compass Diversified Holdings and Compass Group Diversified Holdings LLC,collectively;•“businesses”, “operating segments”, “subsidiaries” and “reporting units” all refer to, collectively, the businessescontrolled by the Company;•the “Manager” refers to Compass Group Management LLC (“CGM”);•the "TrustAgreement" refers to the Third Amended and Restated TrustAgreement of the Trust dated as of August3, 2021, as further amended;•the "2022 Credit Facility" refers to the third amended and restated credit agreement entered into on July 12, 2022,as further amended, among the LLC, the lenders from time to time party thereto, Bank of America, N.A., asAdministrative Agent, Swing Line Lender and letter of credit issuer (the "agent")•the "2022 Revolving Credit Facility" refers to the $600 million in revolving loans, swing line loans and letters ofcredit provided by the 2022 Credit Facility that matures in 2027;•the "2022 Term Loan" refers to the $400 million term loan provided by the 2022 Credit Facility, plus the additional$200 million term loan provided pursuant to a First Incremental Facility Amendment dated as of January 9, 2025(“First Amendment”), plus up to $100 million delay draw term loan that could be drawn and provided pursuant tothe First Amendment;•the "LLC Agreement" refers to the Sixth Amended and Restated Operating Agreement of the Company dated asof August 3, 2021, as further amended;•the “Management Services Agreement” or “MSA” refer to the Management Services Agreement with CGMeffective May 16, 2006, as amended; and•"we," "us" and "our" refer to the Trust, the Company and the