Cadre (CDRE) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Good morning, and welcome to Cagery Holdings First Quarter twenty twenty five Conference Call. Today's call is being recorded. 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. Speaker1 Thank you, and welcome to today's conference call to discuss Cadre's first quarter results. Before we begin, I'd like to remind eve ...

Cadre Holdings, Inc. (CDRE) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.13 per share. This compares to earnings of $0.18 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 76.92%. A quarter ago, it was expected that this company would post earnings of $0.48 per share when it actually produced earnings of $0.32, delivering a surprise of -33.33%.Over the last four quarters, the co ...

FIRST QUARTER 2025 FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a numbe ...

or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended: March 31, 2025 For the transition period from _________ to _________ Commission File Number: 001-40698 CADRE HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 38-38731 ...

Exhibit 99.1 Cadre Holdings Reports First Quarter 2025 Financial Results Capitalizes on Continued Strong Demand for Mission Critical Safety Equipment Completes Acquisition of Multiple Leading Nuclear Brands, Expanding Geographic Footprint Increased Guidance Reflects Completed Acquisition and Reaf irmed Organic Growth Expectations 2025 Outlook: Net Sales of $618 to $648 Million and Adjusted EBITDA of $112 to $122 Million JACKSONVILLE, Fla., May 6, 2025 – Cadre Holdings, Inc. (NYSE: CDRE) ("Cadre" or "Company ...

Cadre (CDRE) Q4 2024 Earnings Call March 12, 2025 07:47 PM ET Company Participants Matthew Berkowitz - Managing DirectorWarren Kanders - Chairman and CEOBrad Williams - PresidentBlaine Browers - CFOSheila Kahyaoglu - Managing Director Conference Call Participants Larry Solow - Partner & Managing director - Equity AnalystJeff Van Sinderen - Senior AnalystMatthew Koranda - MD & Senior Research AnalystMark Smith - Senior Research Analyst Operator Good morning, and welcome to Cadre Holdings Fourth Quarter of tw ...

Cadre Holdings, Inc. (NYSE:CDRE) Q4 2024 Earnings Conference Call March 12, 2025 10:00 AM ET Company Participants Matt Berkowitz - Investor Relations, IGB Group Warren Kanders - Chief Executive Officer and Chairman Brad Williams - President Blaine Browers - Chief Financial Officer Conference Call Participants Lawrence Solow - CJS Securities Jeff Van Sinderen - B. Riley Securities Sheila Kahyaoglu - Jefferies Matt Koranda - ROTH Capital Mark Smith - Lake Street Capital Markets Operator Good morning and welco ...

FOURTH QUARTER 2024 FORWARD-LOOKING STATEMENTS Please note that in this presentation we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a numb ...

Financial Performance - The company reported a net income of $6.1 million for the year ended December 31, 2024, compared to a net loss of $16.1 million in 2023, indicating a turnaround in profitability[326]. - Net income for 2024 was $36,133, a decrease of 6.5% compared to $38,641 in 2023[328]. - Basic earnings per share for 2024 was $0.90, down from $1.03 in 2023, while diluted earnings per share also decreased to $0.90 from $1.02[395]. - The total provision for income taxes for 2024 was $18.1 million, up from $14.3 million in 2023, indicating a year-over-year increase of 26.5%[484]. - The effective tax rate for 2024 was 33.4%, significantly higher than 27.0% in 2023, primarily due to changes in state income taxes and permanent items[484]. Revenue and Sales - Net sales for 2024 reached $567,561, an increase of 17.6% compared to $482,532 in 2023[328]. - Total net sales for the year ended December 31, 2024, reached $567,561, an increase of 17.7% compared to $482,532 in 2023[413]. - Gross profit for 2024 was $233,481, reflecting a gross margin of 41.1%, up from $200,726 in 2023[328]. - The gross profit for 2024 was $233.5 million, compared to $200.7 million in 2023, reflecting a gross margin improvement from 41.6% to 41.1%[502]. Assets and Liabilities - As of December 31, 2024, the company reported total assets of $652.7 million, an increase from $431.2 million in 2023, representing a growth of approximately 51.3%[326]. - Long-term debt increased significantly to $211.8 million in 2024 from $127.8 million in 2023, which is an increase of 65.7%[326]. - The company’s total shareholders' equity increased to $311.5 million in 2024 from $197.2 million in 2023, reflecting a growth of 57.8%[326]. - The company reported a significant increase in intangible assets, which rose to $107.5 million in 2024 from $43.5 million in 2023, representing a growth of 147.5%[326]. - The company's total long-term debt increased to $211,830 as of December 31, 2024, compared to $127,812 in 2023, reflecting a significant rise of 65.6%[428]. Cash Flow and Investments - Cash flows from operating activities were $31,777 in 2024, down from $73,209 in 2023[332]. - The company reported a net cash used in investing activities of $147,426 in 2024, significantly higher than $6,520 in 2023, primarily due to business acquisitions[332]. - Cash and cash equivalents increased to $124.9 million in 2024 from $87.7 million in 2023, reflecting a growth of 42.5%[326]. - Cash and cash equivalents at the end of 2024 totaled $124,933, an increase from $87,691 at the end of 2023[332]. Acquisitions - The company completed the acquisition of ICOR Technology Inc. for total consideration of $41,508, which included $40,350 in cash paid[403]. - The acquisition of Alpha Safety Intermediate, LLC was completed for total consideration of $102,531, with cash paid amounting to $107,138[409]. - The Company entered into a share purchase agreement to acquire Carr's Engineering Limited and Carr's Engineering, Inc. for approximately $91.5 million[503]. - The acquisition targets provide engineering solutions, including manufacturing and technical services[503]. Debt and Financing - The company has $225.0 million in outstanding floating rate debt, with an interest rate of 4.38% plus 1.75% as of December 31, 2024[310]. - The Company entered into an Incremental Facility Amendment to the 2021 Credit Agreement for an incremental term loan of $80,000 to fund the acquisition of Alpha Safety on March 1, 2024[432]. - The term loan outstanding principal balance was $225,000, with an interest rate of 6.13%[443]. - The Company recorded a loss on debt modification of $139 for the year ended December 31, 2024, in connection with the refinancing[440]. Shareholder Information - The company declared dividends of $0.0875 per share in 2024, totaling $13.948 million, compared to $12.006 million in 2023, representing an increase of approximately 16.2%[334]. - The Company completed a secondary offering on March 19, 2024, issuing 2,200,000 shares at $35.00 per share, resulting in net proceeds of $72,813 after expenses[460]. Research and Development - Total research and development costs for the year ended December 31, 2024, were $8,380 million, compared to $6,954 million in 2023 and $7,086 million in 2022, indicating a year-over-year increase of approximately 20.4% from 2023 to 2024[379]. Operational Metrics - The company operates 20 manufacturing plants across multiple countries, including the U.S., Mexico, Canada, the UK, Italy, France, and Lithuania, enhancing its global distribution capabilities[337]. - The Company established a warranty reserve at the time of sale to cover estimated costs based on historical warranty repairs and replacements[372]. - The ending accrued warranty expense increased to $1,760 million in 2024 from $1,610 million in 2023, reflecting a rise of approximately 9.3%[373].

Financial Performance - Cadre achieved annual net sales of $568 million for 2024, with a gross margin of 41.1% and net income of $36 million[1][4][5]. - For Q4 2024, net sales were $176 million, up from $124.6 million in Q4 2023, driven by recent acquisitions and strong demand for Armor and Duty Gear[3][4]. - Adjusted EBITDA for 2024 was $104.8 million, with an adjusted EBITDA margin of 18.5%, compared to $85.8 million and 17.8% in the prior year[10][11]. - The company expects full-year 2025 net sales to range from $572 million to $601 million and adjusted EBITDA between $105 million and $115 million[19]. - Cadre's gross profit margin for Q4 2024 was 43.9%, compared to 39.9% in Q4 2023, reflecting higher shipment volumes[7][10]. - Cadre's gross profit for the year was $233.5 million, up from $200.7 million in 2023, driven by increased sales and favorable pricing[6][9]. - Net sales for Q4 2024 reached $175,984, a 41% increase from $124,583 in Q4 2023[28]. - Gross profit for the year ended December 31, 2024, was $233,481, up 16.3% from $200,726 in 2023[28]. - The company reported a net income of $36,133 for the year 2024, a decrease of 6.5% from $38,641 in 2023[29]. - Basic net income per share for 2024 was $0.90, down from $1.03 in 2023[28]. - Net income for Q4 2024 was $12,983,000, an increase of 35.5% compared to $9,594,000 in Q4 2023[32]. - EBITDA for Q4 2024 reached $29,002,000, up 74.8% from $16,570,000 in Q4 2023[32]. - Adjusted EBITDA for the year ended December 31, 2024 was $104,840,000, representing a 22.1% increase from $85,818,000 in 2023[32]. - Adjusted EBITDA margin improved to 21.9% in Q4 2024, compared to 16.6% in Q4 2023[32]. Cash Flow and Assets - Cash and cash equivalents increased by $37.2 million to $124.9 million as of December 31, 2024, while total debt rose to $223.2 million[15][16]. - Cash and cash equivalents at the end of 2024 were $124,933, up 42.5% from $87,691 in 2023[29]. - Total current assets increased to $327,571 in 2024, compared to $245,843 in 2023, reflecting a 33.2% growth[27]. Debt and Liabilities - Long-term debt increased significantly to $211,830 in 2024, compared to $127,812 in 2023, marking a 65.7% rise[27]. - The company’s total liabilities rose to $341,198 in 2024, up from $234,017 in 2023, indicating a 45.8% increase[27]. Investments and Acquisitions - The company announced the acquisition of Carr's Engineering Division for an enterprise value of £75 million, enhancing its nuclear safety business and international presence[17]. - The company invested $141,813 in business acquisitions during 2024, significantly impacting cash flows from investing activities[29]. - The company incurred a contingent consideration expense of $1,185,000 related to the acquisition of ICOR for the year ended December 31, 2024[32]. Expenses - Interest expense for Q4 2024 was $2,191,000, significantly higher than $804,000 in Q4 2023[32]. - Provision for income taxes in Q4 2024 was $9,733,000, compared to $2,820,000 in Q4 2023, indicating a substantial increase[32]. - Restructuring and transaction costs for the year ended December 31, 2024 totaled $7,757,000, up from $3,192,000 in 2023[32]. - Stock-based compensation expense for the year ended December 31, 2024 was $8,369,000, down from $9,368,000 in 2023[32]. - The company reported a depreciation and amortization expense of $16,420,000 for the year ended December 31, 2024, compared to $15,737,000 in 2023[32]. Dividends - A quarterly cash dividend of $0.095 per share was declared, representing an 8.6% increase over the previous annualized dividend[18]. Strategic Focus - The company is focused on expanding its market presence through both organic growth and strategic acquisitions[2][17].