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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
 
FORM 8-K
 
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 1, 2019
 
 
 
COMPASS DIVERSIFIED HOLDINGS
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
001-34927
 
57-6218917
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
 
 
 
COMPASS GROUP DIVERSIFIED
HOLDINGS LLC
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
 
001-34926
 
20-3812051
(State or other jurisdiction
of incorporation)
 
(Commission
File Number)
 
(I.R.S. Employer
Identification No.)
301 Riverside Avenue
Second Floor
Westport, CT 06880
(Address of principal executive offices and zip code)
Registrant’s telephone number, including area code: (203) 221-1703
 
 
 
Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
 
 
 
Emerging growth company
o
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 new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o




Section 2     Financial Information
Item 2.02    Results of Operations and Financial Condition

On May 1, 2019, Compass Diversified Holdings and Compass Group Diversified Holdings LLC (NYSE: CODI) (collectively “CODI”) issued a press release announcing its consolidated operating results for the three months ended March 31, 2019. A copy of the press release is furnished within this report as Exhibit 99.1.


Section 9     Financial Statements and Exhibits
Item 9.01    Financial Statements and Exhibits
(d)    Exhibits.
99.1 Press Release of CODI dated May 1, 2019





SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 1, 2019
COMPASS DIVERSIFIED HOLDINGS
 
 
 
 
By:
 
/s/ Ryan J. Faulkingham
 
 
 
 
 
 
Ryan J. Faulkingham
 
 
 
Regular Trustee
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: May 1, 2019
COMPASS GROUP DIVERSIFIED HOLDINGS LLC
 
 
 
 
By:
 
/s/ Ryan J. Faulkingham
 
 
 
 
 
 
Ryan J. Faulkingham
 
 
 
Chief Financial Officer



Exhibit


Exhibit 99.1
https://cdn.kscope.io/51775a14ae5f7219e7a7d661e747c86d-codilogof2a27.jpg

Compass Diversified Holdings
Ryan J. Faulkingham
Chief Financial Officer
203.221.1703
ryan@compassequity.com 
Investor Relations and Media Contact:
The IGB Group
Leon Berman
212.477.8438
lberman@igbir.com
Compass Diversified Holdings Reports First Quarter 2019 Financial Results

Reports Growth of Consolidated Revenues, Net Income and Adjusted EBITDA; Provides Shareholders with Stable and Sizable Distributions

Realizes Benefits from Investments in Branded Consumer Subsidiaries
Westport, Conn., May 1, 2019 - Compass Diversified Holdings (NYSE: CODI) (“CODI,” “we,” “our” or the “Company”), an owner of leading middle market businesses, announced today its consolidated operating results for the three months ended March 31, 2019.

First Quarter 2019 Highlights
•
Reported net sales of $402.5 million;
•
Reported net income of $110.2 million;
•
Reported non- GAAP Adjusted EBITDA of $56.7 million;
•
Reported Cash Used in Operating Activities of $8.9 million, and Generated Cash Flow Available for Distribution and Reinvestment (“CAD”) of $17.6 million for the first quarter of 2019;
•
Completed the sale of our Manitoba Harvest subsidiary for a $121.7 million gain;
•
Paid a first quarter 2019 cash distribution of $0.36 per share on CODI’s common shares in April 2019, bringing cumulative distributions paid to $17.8752 per common share since CODI’s IPO in May of 2006;
•
Paid a quarterly cash distribution of $0.453125 per share on the Company’s 7.250% Series A Preferred Shares and $0.4921875 per share on the Company's 7.875% Series B Preferred Shares in April 2019;
•
Subsequent to the end of the quarter, promoted Pat Maciariello to newly created position of Chief Operating Officer.

“Our operating results in the first quarter exceeded our expectations, as we reported solid consolidated revenues, net income and adjusted EBITDA growth across our group of leading, niche middle market business,” said Elias Sabo, CEO of Compass Diversified Holdings. “During the first quarter, we also realized tangible benefits from previous investments in the management, sales and marketing functions at several of our branded consumer businesses, highlighted by the sale of Manitoba Harvest at a highly attractive valuation and 5.11 Tactical’s improving EBITDA margins.”

Mr. Sabo continued, “Our success monetizing Manitoba Harvest resulted in CODI realizing a sizeable gain in just over three years of ownership, increasing total realized gains to over $870 million for shareholders




since our IPO. Complementing our focus on building long-term and sustainable value in CODI and its leading subsidiaries, we are pleased to have promoted long-time partner at Compass Group Management Pat Maciariello to the newly created position of Chief Operating Officer. Going forward, our focus remains on continuing to work with our world-class management teams to best capitalize on growth opportunities, implementing our proven and disciplined acquisition strategy, opportunistically divesting businesses and providing sizable distributions.”

Operating Results
Net sales for the quarter ended March 31, 2019 was $402.5 million, as compared to $344.4 million for the quarter ended March 31, 2018. The March 31, 2018 net sales do not include Rimports, Foam Fabricators and Ravin net sales prior to CODI’s ownership.

Net income for the quarter ended March 31, 2019 was $110.2 million, as compared to net loss of $1.6 million for the quarter ended March 31, 2018. Current quarter net income includes the $121.7 million gain on the sale of Manitoba Harvest, offset by a loss on the sale of the Tilray shares received at closing of $5.3 million.

Adjusted EBITDA (see Note Regarding Use of Non-GAAP Financial Measures below) for the quarter ended March 31, 2019 was $56.7 million, as compared to $42.9 million for the quarter ended March 31, 2018. March 31, 2018 Adjusted EBITDA does not include Rimports, Foam Fabricators and Ravin results prior to CODI’s ownership.

CODI reported CAD (see Note Regarding Use of Non-GAAP Financial Measures below) of $17.6 million for the quarter ended March 31, 2019, as compared to $14.0 million for the prior year’s comparable quarter. CODI’s CAD is calculated after taking into account all interest expense, cash taxes paid and maintenance capital expenditures, and includes the operating results of each of our businesses for the periods during which CODI owned them. However, CAD excludes the gains from monetizing interests in CODI’s subsidiaries, which have totaled over $870 million since going public in 2006. The increase in CAD over the prior year quarter is primarily the result of the operating performance of our 2018 acquistions of Foam Fabricators, Rimports and Ravin, offset by the additional interest cost on our $400 million Senior Notes issued in April 2018.
  
Liquidity and Capital Resources
For the quarter ended March 31, 2019, CODI reported Cash Used in Operating Activities of $8.9 million, as compared to Cash Provided by Operating Activities of $6.6 million for the quarter ended March 31, 2018.
CODI’s weighted average number of shares outstanding for the quarters ended March 31, 2019 and March 31, 2018 were 59.9 million.

As of March 31, 2019, CODI had approximately $39.8 million in cash and cash equivalents, $495 million outstanding on its term loan facility, $400 million outstanding in Senior Notes and $85 million in outstanding borrowings under its revolving credit facility.

The Company has no significant debt maturities until 2023 and had net borrowing availability of approximately $515 million at March 31, 2019 under its revolving credit facility.

First Quarter 2019 Distributions
On April 4, 2019, CODI’s Board of Directors (the “Board”) declared a first quarter distribution of $0.36 per share on the Company’s common shares (the “Common Shares”). The cash distribution was paid on April 25, 2019 to all holders of record of Common Shares as of April 18, 2019. Since its IPO in May of 2006, CODI has paid a cumulative distribution of $17.8752 per common share.
The Board also declared a quarterly cash distribution of $0.453125 per share on the Company’s 7.250% Series A Preferred Shares (the “Preferred Shares”). The distribution on the Preferred Shares covered the




period from and including January 30, 2019, up to, but excluding, April 30, 2019. The distribution for such period was paid on April 30, 2019 to all holders of record of Preferred Shares as of April 15, 2019.
The Board also declared a quarterly cash distribution of $0.4921875 per share on the Company's 7.875% Series B Preferred Shares (the "Series B Preferred Shares"). The distribution on the Series B Preferred Shares covered the period from and including January 30, 2019, up to, but excluding, April 30, 2019. The distribution for such period was paid on April 30, 2019 to all holders of record of Series B Preferred Shares as of April 15, 2019.
Note Regarding Use of Non-GAAP Financial Measures
CAD, or Cash Flow, is a non-GAAP measure used by the Company to assess its performance, as well as its ability to sustain and increase quarterly distributions. A number of CODI’s businesses have seasonal earnings patterns. Accordingly, the Company believes that the most appropriate measure of its performance is over a trailing or expected 12-month period. We have reconciled CAD, or Cash Flow, to Net Income and Cash Flow from Operating Activities on the attached schedules. We consider Net Income and Cash Flow from Operating Activities to be the most directly comparable GAAP financial measures to CAD, or Cash Flow.

About Compass Diversified Holdings (“CODI”)
CODI owns and manages a diverse family of established North American middle market businesses. Each of its current subsidiaries is a leader in its niche market.
CODI maintains controlling ownership interests in each of its subsidiaries in order to maximize its ability to impact long term cash flow generation and value. The Company provides both debt and equity capital for its subsidiaries, contributing to their financial and operating flexibility. CODI utilizes the cash flows generated by its subsidiaries to invest in the long-term growth of the Company and to make cash distributions to its shareholders.

Our nine majority-owned subsidiaries are engaged in the following lines of business:
•
The design and marketing of purpose-built tactical apparel and gear serving a wide range of global customers (5.11);
•
The manufacture of quick-turn, small-run and production rigid printed circuit boards (Advanced Circuits);
•
The manufacture of engineered magnetic solutions for a wide range of specialty applications and end-markets (Arnold Magnetic Technologies);
•
Environmental services for a variety of contaminated materials including soils, dredged material, hazardous waste and drill cuttings (Clean Earth);
•
The design and marketing of wearable baby carriers, strollers and related products (Ergobaby);
•
The design and manufacture of custom molded protective foam solutions and OE components (Foam Fabricators);
•
The design and manufacture of premium home and gun safes (Liberty Safe);
•
The manufacture and marketing of branded, hemp-based food products (Manitoba Harvest);
•
The manufacture and marketing of portable food warming fuels for the hospitality and consumer markets, flameless candles and house and garden lighting for the home decor market, and wickless candle products used for home decor and fragrance systems (The Sterno Group); and




•
The design, manufacture and marketing of airguns, archery products, optics and related accessories (Velocity Outdoor)

This press release may contain certain forward-looking statements, including statements with regard to the future performance of CODI. Words such as "believes," "expects," "projects," and "future" or similar expressions, are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. Certain factors could cause actual results to differ materially from those projected in these forward-looking statements, and some of these factors are enumerated in the risk factor discussion in the Form 10-K filed by CODI with the SEC for the year ended December 31, 2018 and other filings with the SEC. Except as required by law, CODI undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.







Compass Diversified Holdings
Condensed Consolidated Statements of Operations
(unaudited)


 
 
 
 
 
Three Months Ended March 31,
(in thousands, except per share data)
2019
 
2018
Net sales
$
402,489

 
$
344,352

Cost of sales
266,300

 
225,186

Gross profit
136,189

 
119,166

Operating expenses:
 
 
 
Selling, general and administrative expense
93,199

 
91,300

Management fees
11,082

 
10,762

Amortization expense
17,040

 
11,537

Operating income
14,868

 
5,567

Other income (expense):
 
 
 
Interest expense, net
(18,582
)
 
(6,182
)
Amortization of debt issuance costs
(927
)
 
(1,098
)
Loss on sale of Tilray shares
(5,300
)
 
—

Other expense, net
(571
)
 
(1,374
)
Income (loss) from continuing operations before income taxes
(10,512
)
 
(3,087
)
Provision (benefit) for income taxes
403

 
(1,860
)
Net loss from continuing operations
(10,915
)
 
(1,227
)
Loss from discontinued operations, net of tax
(586
)
 
(394
)
Gain on sale of discontinued operations, net of tax
121,659

 
—

 Net income (loss)
110,158

 
(1,621
)
Less: Income from continuing operations attributable to noncontrolling interest
1,300

 
359

Less: Income (loss) from discontinued operations attributable to noncontrolling interest
(450
)
 
361

Net income (loss) attributable to Holdings
$
109,308

 
$
(2,341
)
 
 
 
 
Basic income (loss) per common share attributable to Holdings
 
 
 
Continuing operations
$
(0.31
)
 
$
(0.08
)
Discontinued operations
2.03

 
(0.01
)
 
$
1.72

 
$
(0.09
)
 
 
 
 
Basic weighted average number of common shares outstanding
59,900

 
59,900

 
 
 
 
Cash distributions declared per Trust common share
$
0.36

 
$
0.36

 
 
 
 






Compass Diversified Holdings
Net Sales to Pro Forma Net Sales Reconciliation
(unaudited)
 
 
 
 
 
 
 
Three months ended March 31,
 
 
2019
 
2018
 
 
 
 
 
Net Sales
 
$
402,489

 
$
344,352

Acquisitions (1)
 
—

 
39,828

Pro Forma Net Sales
 
$
402,489

 
$
384,180

 
 
 
 
 
(1)
 
Net sales of Foam Fabricators and Rimports (Sterno Group add-on) as if those businesses were acquired January 1, 2018.
Compass Diversified Holdings
Subsidiary Pro Forma Net Sales
(unaudited)
 
 
 
 
 
 
 
Three months ended March 31,
(in thousands)
 
2019
 
2018
 
 
 
 
 
Branded Consumer
 
 
 
 
5.11 Tactical
 
$
88,089

 
$
83,957

Ergobaby
 
22,452

 
22,162

Liberty
 
22,204

 
23,453

Velocity Outdoor (2)
 
31,137

 
24,408

Total Branded Consumer
 
$
163,882

 
$
153,980

 
 
 
 
 
Niche Industrial
 
 
 
 
Advanced Circuits
 
$
23,069

 
$
22,063

Arnold Magnetics
 
30,028

 
29,399

Clean Earth
 
63,632

 
58,221

Foam Fabricators (1)
 
30,682

 
30,490

Sterno Group (1)
 
91,196

 
90,027

Total Niche Industrial
 
$
238,607

 
$
230,200

 
 
 
 
 
 
 
$
402,489

 
$
384,180


(1)
 
Foam Fabricators and Rimports (Sterno Group add-on) are proforma as if those businesses were acquired January 1, 2018.
 
 
 
(2)
 
The above 2018 results exclude management's estimate of net sales, before our ownership, of $10.9 million at Ravin which was acquired in August 2018.





Compass Diversified Holdings
Net Income to Adjusted EBITDA and Cash flow Available for Distribution and Reinvestment
(Unaudited)
 
 
 
 
 
 
 
Three Months Ended March 31,
(in thousands)
 
2019
 
2018
Net income (loss)
 
$
110,158

 
$
(1,621
)
Loss from discontinued operations, net of income tax
 
(586
)
 
(394
)
Gain on sale of discontinued operations
 
121,659

 
—

Income (loss) from continuing operations
 
$
(10,915
)
 
$
(1,227
)
Provision (benefit) for income taxes
 
403

 
(1,860
)
Income (loss) from continuing operations before income taxes
 
$
(10,513
)
 
$
(3,087
)
Other income (expense), net
 
(571
)
 
(1,374
)
Amortization of debt issuance costs
 
(927
)
 
(1,098
)
Gain (loss) on sale of securities
 
(5,300
)
 
—

Interest expense, net
 
(18,582
)
 
(6,182
)
Operating Income
 
$
14,867

 
$
5,567

Adjusted For:
 
 
 
 
Depreciation
 
10,581

 
9,104

Amortization
 
17,040

 
12,208

Non-controlling shareholder compensation
 
2,116

 
2,340

Acquisition expenses
 
366

 
2,189

Integration services fees
 
281

 
656

Management fees
 
11,082

 
10,762

Other
 
414

 
80

Adjusted EBITDA
 
$
56,747

 
$
42,906

Interest at Corporate, net of unused fee (1)
 
(16,944
)
 
(8,395
)
Swap payment
 
(94
)
 
(706
)
Management fees
 
(11,082
)
 
(10,762
)
Capital expenditures (maintenance)
 
(4,997
)
 
(5,886
)
Current tax expense (cash taxes) (2)
 
(2,029
)
 
(1,783
)
Preferred share distributions
 
(3,781
)
 
(1,813
)
Discontinued operations
 
(171
)
 
695

Miscellaneous items
 
—

 
(238
)
Cash Available for Distribution or Reinvestment ('CAD')
 
$
17,649

 
$
14,018

 
 
 
(1)
 
Interest expense at Corporate reflects consolidated interest expense less non-cash components such as, unrealized gains and losses on our swap and original issue discount amortization. We include the cash component of our swap payment above in our reconciliation to CAD.
 
 
 
(2)
 
Current tax expense is calculated by deducting the change in deferred tax from the statement of cash flows from the income tax provision on the statement of operations





Compass Diversified Holdings
Adjusted EBITDA (1)
(unaudited)
 
 
 
 
 
 
 
Three months ended March 31,
(in thousands)
 
2019
 
2018
 
 
 
 
 
Branded Consumer
 
 
 
 
5.11 Tactical
 
$
8,305

 
$
5,896

Ergobaby
 
5,597

 
4,698

Liberty
 
2,222

 
3,346

Velocity Outdoor (2)
 
3,987

 
3,147

Total Branded Consumer
 
$
20,111

 
$
17,087

 
 
 
 
 
Niche Industrial
 
 
 
 
Advanced Circuits
 
$
7,339

 
$
6,865

Arnold Magnetics
 
3,210

 
3,398

Clean Earth
 
8,260

 
6,733

Foam Fabricators (2)
 
7,226

 
3,503

Sterno Group (2)
 
13,900

 
8,908

Total Niche Industrial
 
$
39,935

 
$
29,407

 
 
 
 
 
Corporate expense (3)
 
(3,299
)
 
(3,588
)
Total Adjusted EBITDA
 
$
56,747

 
$
42,906

(1)
 
Please refer to our recently filed 10-Q for detail on subsidiary pro forma adjusted EBITDA, and reconciliation to net income.
 
 
 
(2)
 
The above 2018 results exclude management's estimate of adjusted EBITDA, before our ownership, of $5.5 million at Rimports, $2.8 million at Foam Fabricators and $2.9 million at Ravin.
 
 
 
(3)
 
Please refer to the recently filed 10-Q for a reconciliation of our Corporate expense to Net Income.





Compass Diversified Holdings
Summarized Statement of Cash Flows
(unaudited)



 
 
 
 
 
Three Months Ended March 31,
(in thousands)
2019
 
2018
Net cash (used in) provided by operating activities
$
(8,936
)
 
$
6,643

Net cash provided by (used in) investing activities
168,944

 
(415,628
)
Net cash (used in) provided by financing activities
(172,448
)
 
413,418

Effect of foreign currency on cash
(1,049
)
 
2,007

Net increase (decrease) in cash and cash equivalents
(13,489
)
 
6,440

Cash and cash equivalents — beginning of period
53,326

 
39,885

Cash and cash equivalents — end of period
$
39,837

 
$
46,325

 
 
 
 





Compass Diversified Holdings
Condensed Consolidated Table of Cash Flows Available for Distribution and Reinvestment
(unaudited)
 
Three Months Ended March 31,
(in thousands)
2019
 
2018
Net income (loss)
$
110,158

 
$
(1,621
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
Depreciation and amortization
28,638

 
22,933

Gain on sale of business
(121,659
)
 
—

Amortization of debt issuance costs and original issue discount
1,079

 
1,353

Unrealized (gain) loss on derivatives
1,099

 
(2,901
)
Noncontrolling stockholder charges
2,205

 
2,551

Provision for loss on receivables
696

 
328

Other
334

 
(177
)
Deferred taxes
(2,323
)
 
(4,311
)
Changes in operating assets and liabilities
(29,163
)
 
(11,512
)
Net cash (used in) provided by operating activities
(8,936
)
 
6,643

Plus:
 
 
 
Unused fee on revolving credit facility
387

 
452

Successful acquisition costs
366

 
2,189

Integration services fee (1)
281

 
656

Realized loss from foreign currency effect (2)
363

 
1,339

Changes in operating assets and liabilities
29,163

 
11,512

Loss on sale of Tilray shares
5,300

 
—

Less:
 
 
 
Maintenance capital expenditures (3)
4,997

 
5,972

Payment of interest rate swap
94

 
706

Preferred share distributions
3,781

 
1,813

Other
403

 
282

CAD
$
17,649

 
$
14,018

 
 
 
 
Distribution paid in April 2019/ 2018
$
21,564

 
$
21,564


(1)
Represents fees paid by newly acquired companies to the Manager for integration services performed during the first year of ownership, payable quarterly.
(2)
Reflects the foreign currency transaction gain/ loss resulting from the Canadian dollar intercompany loans issued to Manitoba Harvest.
(3) 
Excludes growth capital expenditures of approximately $2.5 million and $6.2 million for the three months ended March 31, 2019 and 2018, respectively.





Compass Diversified Holdings
Maintenance Capital Expenditures
(unaudited)
 
 
 
 
 
Three months ended March 31,
(in thousands)
 
2019
 
2018
Niche Industrial
 
 
 
 
Advanced Circuits
 
$
188

 
$
97

Arnold Magnetics
 
1,112

 
1,252

Clean Earth
 
1,350

 
1,257

Foam Fabricators
 
498

 
398

Sterno Group
 
452

 
384

Total Niche Industrial
 
$
3,600

 
$
3,388

 
 
 
 
 
Branded Consumer
 
 
 
 
5.11 Tactical
 
$
212

 
$
1,362

Ergobaby
 
71

 
288

Liberty
 
126

 
61

Velocity Outdoor
 
988

 
787

Total Branded Consumer
 
$
1,397

 
$
2,498

 
 
 
 
 
 
 
$
4,997

 
$
5,886






Compass Diversified Holdings
Condensed Consolidated Balance Sheets
 
 
 
 
 
March 31, 2019
 
December 31, 2018
(in thousands)
(unaudited)
 
 
Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
39,837

 
$
50,749

Accounts receivable, net
263,494

 
265,234

Inventories
313,910

 
307,437

Prepaid expenses and other current assets
87,964

 
35,810

Current assets of discontinued operations
—

 
21,955

Total current assets
705,205

 
681,185

Property, plant and equipment, net
203,549

 
208,661

Goodwill and intangible assets, net
1,345,230

 
1,361,014

Other non-current assets
115,642

 
12,008

Non-current assets of discontinued operations
—

 
109,467

Total assets
$
2,369,626

 
$
2,372,335

 
 
 
 
Liabilities and stockholders’ equity
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued expenses
$
207,165

 
$
226,424

Due to related party
10,609

 
11,093

Current portion, long-term debt
5,000

 
5,000

Other current liabilities
27,338

 
7,334

Current liabilities of discontinued operations
—

 
9,429

Total current liabilities
250,112

 
259,280

Deferred income taxes
61,023

 
62,284

Long-term debt
955,395

 
1,098,871

Other non-current liabilities
102,315

 
17,790

Non-current liabilities of discontinued operations
—

 
14,768

Total liabilities
1,368,845

 
1,452,993

Stockholders' equity
 
 
 
Total stockholders' equity attributable to Holdings
948,594

 
859,372

Noncontrolling interest
52,187

 
48,810

Noncontrolling interest of discontinued operations
—

 
11,160

Total stockholders' equity
1,000,781

 
919,342

Total liabilities and stockholders’ equity
$
2,369,626

 
$
2,372,335