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Compass Diversified Holdings LLC (CODI) CEO Elias Sabo on Q1 2020 Results - Earnings Call Transcript

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Compass Diversified Holdings LLC (NYSE:CODI) Q1 2020 Earnings Conference Call April 30, 2020 5:00 PM ET

Company Participants

Matthew Berkowitz - IR

Elias Sabo - CEO & Director

Pat Maciariello - COO

Ryan Faulkingham - EVP, CFO & Co-Compliance Officer

Conference Call Participants

Kyle Joseph - Jefferies

Lawrence Solow - CJS Securities

Robert Todd - Raymond James


Good afternoon, and welcome to the Compass Diversified Holdings' First Quarter 2020 Conference Call. Today's call is being recorded. [Operator Instructions]

At this time, I would like to turn the conference over to Matt Berkowitz of the IGB Group for introductions and the reading of the safe harbor statement. Please go ahead, sir.

Matthew Berkowitz

Thank you, and welcome to Compass Diversified Holdings First Quarter 2020 Conference Call. Representing the company today are Elias Sabo, CODI's CEO; Ryan Faulkingham, CODI's CFO; and Pat Maciariello, COO of Compass Group management.

Before we begin, I would like to point out that the Q1 2020 press release, including the financial tables and non-GAAP financial measure reconciliations are available at the Investor Relations section on the company's website at www.compassequity.com.

The company also filed its Form 10-Q with the SEC today after the market closed, which includes reconciliations of non-GAAP financial measures discussed on this call. Please note that references to EBITDA in the following discussions refer to adjusted EBITDA, as reconciled to net income in the company's financial filings.

Throughout this call, we will refer to Compass Diversified Holdings as CODI or the Company. Now allow me to read the following safe harbor statement.

During this conference call, we may make certain forward-looking statements, including statements with regard to the future performance of CODI and its subsidiaries, 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

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Comments (6)

ca7711 profile picture
I am good. Expecting them to put money to work over the next months or so as the situation/cash flows visibility begins to occur. Like that they took minimal government assistance given their position. Always good having a company that thinks ethically about things.
If they are doing so good then what is justifying a 10% drop in share price? Evidently they aren’t getting a pass on the quarter due to the virus.
David.options.2021 profile picture
10% from where? Everyone has seen declines. It bottomed out at about $11. So now up about 80% since then. I had held for many years and SOLD last time at about $22. So in my mind pretty fairly priced already and you missed out on the best buying opportunity for this and its preferred already. But still a good buy for that income.
spielman profile picture
My wife and I have owned shares in CODI since 2009. In addition to reinvesting the dividends, every few years it seems the market gives you a chance to pick up shares of CODI at a pretty deep discount. We always add pretty aggressively to our position when those price breaks occur. This time was no exception. We added shares aggressively between $10.90 and $13.00. So for us, we are up quite nicely on all those new shares.

It will be interesting to watch how CODI (and other PE/BDC's) perform on the other side of the pandemic. As noted on the conference call, on the other side of the pandemic, there may well be fewer remaining competitors in some of their markets. If this occurs, it will provide the opportunity for their current portfolio of companies to add market share.
Ummm today for starters and yesterday also. Share price seems to run up the flag pole the week prior to earnings and then get the wind knocked out of the sails when they miss expectations.If they are such a great company the share price shouldn’t move so much in my opinion.
CODI is doing just fine, given the circumstances.
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