CompoSecure Inc
For the period ended Dec 31, 2023. Filed Mar 12, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Mar 12, 2024
GPGI$14.95-2.6%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
COMPOSECURE, INC.
Consolidated Statements of Cash Flows
($ in thousands)
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $112,520 | $131,815 | $83,414 |
| Adjustments to reconcile net income to net cash provided | |||
| by operating activities | |||
| Depreciation | 8,387 | 8,575 | 10,428 |
| Equity-based compensation expense | 17,562 | 11,465 | 6,113 |
| Inventory reserve | (1,182) | 1,668 | 600 |
| Amortization of deferred finance costs | 1,546 | 2,345 | 1,654 |
| Change in fair value of earnout consideration liability | (14,237) | (23,337) | (9,575) |
| Revaluation of warrant liability | (8,047) | (18,930) | (3,485) |
| Change in fair value of derivative liability | 139 | (266) | — |
| Deferred tax (benefit) expense | 2,667 | 3,193 | (857) |
| Changes in assets and liabilities | |||
| Accounts receivable | (3,216) | (9,347) | (19,133) |
| Inventories | (8,984) | (18,237) | 3,792 |
| Prepaid expenses and other assets | (1,309) | (1,228) | (1,519) |
| Accounts payable | (1,934) | 68 | 4,637 |
| Accrued expenses | 1,833 | 23 | 1,665 |
| Deposits and other assets | — | (14) | — |
| Other liabilities | (1,433) | 4,990 | 46 |
| Net cash provided by operating activities | 104,312 | 92,783 | 77,780 |
| Cash flows from investing activities | |||
| Acquisition of property and equipment | (10,944) | (9,053) | (4,746) |
| Net cash used in investing activities | (10,944) | (9,053) | (4,746) |
| Cash flows from financing activities | |||
| Business combination and PIPE financing | — | — | 60,826 |
| Proceeds from employee stock purchase plan and exercise of equity awards | 1,196 | 82 | — |
| Proceeds from convertible notes | — | — | 127,400 |
| Payment of line of credit | — | (15,000) | (5,000) |
| Proceeds from term loan | — | — | 250,000 |
| Payment of term loan | (22,810) | (16,878) | (240,000) |
| Payments for taxes related to net share settlement of equity awards | (3,126) | — | — |
| Payment of tax receivable agreement liability | (2,436) | (110) | — |
| Deferred finance costs related to debt modification | (256) | — | (1,860) |
| Distributions pursuant to the business combination | — | — | (218,300) |
| Distributions | (38,362) | (36,293) | (22,334) |
| Issuance cost related to business combination | — | (23,833) | (15,244) |
| Net cash used in financing activities | (65,794) | (92,032) | (64,512) |
| Net increase (decrease) in cash and cash equivalents | 27,574 | (8,302) | 8,522 |
| Cash and cash equivalents, beginning of period | 13,642 | 21,944 | 13,422 |
| Cash and cash equivalents, end of period | $41,216 | $13,642 | $21,944 |
| Supplementary disclosure of cash flow information: | |||
| Cash paid for interest expense | $27,247 | $21,379 | $10,101 |
| Cash paid for income taxes | $2,760 | $858 | $— |
| Supplemental disclosure of non-cash financing activities: | |||
| Derivative asset - interest rate swap | $5,258 | $8,651 | $— |
| Issuance costs payable | $— | $— | $23,107 |
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