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Operating Segment Data
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Operating Segment Data Operating Segment Data
At September 30, 2022, the Company had eleven reportable operating segments. Each operating segment represents a platform acquisition. The Company’s operating segments are strategic business units that offer different products and services. While each is actively managed by the Company, they are managed separately because each business requires different technology and marketing strategies. A description of each of the reportable segments and the types of products and services from which each segment derives its revenues is as follows:
•5.11 is a leading provider of purpose-built technical apparel and gear for law enforcement, firefighters, EMS, and military special operations as well as outdoor and adventure enthusiasts. 5.11 is a brand known for innovation and authenticity, and works directly with end users to create purpose-built apparel and gear designed to enhance the safety, accuracy, speed and performance of tactical professionals and enthusiasts worldwide. Headquartered in Irvine, California, 5.11 operates sales offices and distribution centers globally, and 5.11 products are widely distributed in uniform stores, military exchanges, outdoor retail stores, its own retail stores and on 511tactical.com.
•BOA, creator of the revolutionary, award-winning, patented BOA Fit System, partners with market-leading brands to make the best gear even better. Delivering fit solutions purpose-built for performance, the BOA Fit System is featured in footwear across snow sports, cycling, outdoor, athletic, workwear as well as performance headwear and medical bracing. The system consists of three integral parts: a micro-adjustable dial, high-tensile lightweight laces, and low friction lace guides combined with unique configuration applications, which
together create a superior alternative to laces, buckles, hook and loop (Velcro), and other traditional closure and fit systems. Each configuration is designed and engineered to deliver superior fit and performance, and is backed by The BOA Lifetime Guarantee. BOA is headquartered in Denver, Colorado and has offices in Austria, Greater China, South Korea, and Japan.
•Ergobaby, headquartered in Torrance, California, is a designer, marketer and distributor of wearable baby carriers and accessories, blankets and swaddlers, nursing pillows, strollers and related products.  Ergobaby primarily sells its Ergobaby and Baby Tula branded products through brick-and-mortar retailers, national chain stores, online retailers, its own websites and distributors and derives more than 50% of its sales from outside of the United States.
•Lugano Diamonds is a leading designer, manufacturer and marketer of high-end, one-of-a-kind jewelry sought after by some of the world’s most discerning clientele. Lugano conducts sales via its own retail salons as well as pop-up showrooms at Lugano-hosted or sponsored events in partnership with influential organizations in the equestrian, art and philanthropic community. Lugano is headquartered in Newport Beach, California.
•Marucci Sports is a leading designer, manufacturer, and marketer of premium wood and metal baseball bats, fielding gloves, batting gloves, bags, protective gear, sunglasses, on and off-field apparel, and other baseball and softball equipment used by professional and amateur athletes. Marucci also develops retail and sports training facilities, both as a corporate owned entity as well as licensing these facilities as franchises. Marucci is headquartered in Baton Rouge, Louisiana.
•PrimaLoft is a leading provider of branded, high-performance synthetic insulation and materials used primarily in consumer outerwear, and accessories. The portfolio of PrimaLoft synthetic insulations offers products that can both mimic natural down aesthetics and provide the freedom to design garments ranging from stylish puffers to lightweight performance apparel. PrimaLoft insulations also offer superior economics to the brand partner and enable better sustainability characteristics through the use of recycled, low-carbon inputs. PrimaLoft is headquartered in Latham, New York.
•Velocity Outdoor is a leading designer, manufacturer, and marketer of airguns, archery products, laser aiming devices, hunting apparel and related accessories. Velocity Outdoor offers its products under the highly recognizable Crosman, Benjamin, Ravin, LaserMax and CenterPoint and King's brands that are available through national retail chains, mass merchants, dealer and distributor networks. Velocity Outdoor is headquartered in Bloomfield, New York.
•Advanced Circuits is an electronic components manufacturing company that provides small-run, quick-turn and volume production rigid printed circuit boards. ACI manufactures and delivers custom printed circuit boards to customers primarily in North America. ACI is headquartered in Aurora, Colorado.
•Altor Solutions is a designer and manufacturer of custom molded protective foam solutions and original equipment manufacturer components made from expanded polystyrene and expanded polypropylene. Altor provides products to a variety of end markets, including appliances and electronics, pharmaceuticals, health and wellness, automotive, building and other products. Altor is headquartered in Scottsdale, Arizona and operates 17 molding and fabricating facilities across North America subsequent to the acquisition of Polyfoam.
•Arnold is a global solutions provider and manufacturer of engineered electric motor and magnetic solutions for a wide range of specialty applications and end-markets, including aerospace and defense, general industrial, motorsport/transportation, oil and gas, medical, energy, reprographics and advertising specialties. Arnold engineers solutions for and produces high performance permanent magnets (PMAG), stators, rotors and full electric motors ("Ramco"), precision foil products (Precision Thin Metals or "PTM"), and flexible magnets (Flexmag™) that are mission critical in motors, generators, sensors and other systems and components. Based on its long-term relationships, Arnold has built a diverse and blue-chip customer base totaling more than 2,000 customers and leading systems-integrators worldwide with a focus on North America, Europe, and Asia. Arnold has built a preferred rare earth supply chain and has leading rare earth and other permanent magnet production capabilities. Arnold is headquartered in Rochester, New York.
•Sterno is a manufacturer and marketer of portable food warming fuel and creative table lighting solutions for the foodservice industry and flameless candles, outdoor lighting products, scented wax cubes and warmer products for its consumers. Sterno's products include wick and gel chafing fuels, butane stoves and accessories, liquid and traditional wax candles, scented wax cubes and warmer products used for home decor
and fragrance systems, catering equipment and outdoor lighting products. Sterno is headquartered in Corona, California.
The tabular information that follows shows data for each of the operating segments reconciled to amounts reflected in the consolidated financial statements. The results of operations of each of the operating segments are included in consolidated operating results as of their date of acquisition. Segment operating income (loss) is the measure used to assess the performance of each business. Corporate consists of corporate overhead and management fees which are not allocated to any of the Company's reportable segments. There were no significant inter-segment transactions.
Summary of Operating Segments
Net RevenuesThree months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
5.11 $126,537 $111,099 $350,608 $321,009 
BOA50,019 39,496 166,215 120,033 
Ergobaby21,540 19,816 68,256 69,100 
Lugano51,145 10,823 137,229 10,823 
Marucci42,753 25,040 122,481 86,328 
PrimaLoft10,712 — 10,712 — 
Velocity Outdoor75,482 76,901 180,774 205,891 
Advanced Circuits21,788 23,182 67,194 67,209 
Altor69,618 44,122 199,590 122,582 
Arnold39,377 36,852 116,319 101,893 
Sterno88,636 100,827 249,745 267,398 
Total segment revenue597,607 488,158 1,669,123 1,372,266 
Corporate — — — — 
Total consolidated revenues$597,607 $488,158 $1,669,123 $1,372,266 
Segment operating income (loss) Three months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
5.11 $12,091 $10,088 $30,301 $27,893 
BOA12,975 7,091 50,237 25,798 
Ergobaby593 246 3,866 5,964 
Lugano12,635 1,583 35,885 1,583 
Marucci7,692 3,580 14,141 15,267 
PrimaLoft(8,469)— (8,469)— 
Velocity Outdoor10,225 12,905 18,721 33,039 
Advanced Circuits4,973 6,791 17,303 18,610 
Altor6,561 5,380 18,303 13,612 
Arnold5,462 4,611 14,075 10,104 
Sterno 2,795 4,232 13,783 15,094 
Total segment operating income67,533 56,507 208,146 166,964 
Corporate(18,786)(14,648)(52,156)(41,826)
Total consolidated operating income48,747 41,859 155,990 125,138 
Reconciliation of segment operating income to consolidated income from continuing operations before income taxes:
Interest expense, net(22,799)(13,855)(57,737)(42,607)
Amortization of debt issuance costs(1,004)(759)(2,735)(2,167)
Loss on debt extinguishment(534)— (534)(33,305)
Other income (expense), net(2,141)1,031 606 (1,906)
Total consolidated income from continuing operations before income taxes$22,269 $28,276 $95,590 $45,153 

Depreciation and Amortization ExpenseThree months ended September 30,Nine months ended September 30,
(in thousands)2022202120222021
5.11 $5,701 $5,792 $16,648 $16,493 
BOA5,517 5,082 16,161 14,818 
Ergobaby2,008 2,042 5,998 6,354 
Lugano2,976 41 8,090 41 
Marucci2,467 2,127 9,446 6,290 
PrimaLoft4,107 — 4,107 — 
Velocity Outdoor3,327 3,093 9,740 9,311 
Advanced Circuits508 527 1,544 1,568 
Altor4,062 3,148 12,069 8,845 
Arnold 1,895 1,965 5,942 5,702 
Sterno4,956 5,610 14,934 15,976 
Total37,524 29,427 104,679 85,398 
Reconciliation of segment to consolidated total:
Amortization of debt issuance costs 1,004 759 2,735 2,084 
Consolidated total$38,528 $30,186 $107,414 $87,482 
Accounts ReceivableIdentifiable Assets
September 30,December 31,September 30,December 31,
(in thousands)20222021
2022 (1)
2021 (1)
5.11 $52,068 $50,461 $421,307 $354,666 
BOA2,318 2,387 247,049 263,052 
Ergobaby13,095 11,167 86,786 86,530 
Lugano50,914 27,812 307,773 233,720 
Marucci29,472 23,261 181,367 146,087 
PrimaLoft2,512 — 259,934 — 
Velocity Outdoor51,548 36,017 240,119 219,545 
Advanced Circuits9,902 9,717 22,415 24,120 
Altor45,032 38,457 204,714 205,631 
Arnold 23,417 20,372 101,066 101,591 
Sterno 61,209 72,179 235,038 244,338 
Allowance for doubtful accounts(15,221)(14,120)— — 
Total326,266 277,710 2,307,568 1,879,280 
Reconciliation of segment to consolidated total:
Corporate and other identifiable assets
— — 13,212 105,188 
Consolidated total$326,266 $277,710 $2,320,780 $1,984,468 

(1)Does not include accounts receivable balances per schedule above or goodwill balances - refer to Note G - "Goodwill and Other Intangible Assets".