Core Viewpoint - Cadre Holdings, Inc. is viewed as a buy from a fundamental perspective despite recent challenges, including a cybersecurity incident and shareholder dilution [3][8]. Financial Performance - Sales grew by 19.2%, driven by acquisitions and increased demand for armor and duty gear products [4]. - Cost of goods increased by 21.8%, impacting gross margins, which decreased to 40.6% from 41.9% in the previous year [4]. - Operating income rose by 25.6% to nearly $20 million, with adjusted EBITDA growing by 24% to $28.3 million [4]. Guidance and Projections - For 2024, Cadre Holdings expects sales between $571 million and $582 million, indicating a 19.5% growth at the mid-point [5]. - Adjusted EBITDA is projected to be between $103 million and $109 million, reflecting a year-on-year growth of 23.5% [5]. - The guidance for adjusted EBITDA has not been raised due to a cybersecurity incident affecting Q3 productivity [5]. Risks and Opportunities - The company faces risks related to potential shareholder dilution from M&A activities and a significant amount of debt maturing in 2026 [6]. - Opportunities exist due to a heightened global threat environment driving budgets for public safety services and the potential for margin expansion through M&A [6]. Stock Valuation - EBITDA estimates for 2024 and 2025 have been increased by approximately 17% and 30% for free cash flow estimates, respectively [7]. - The price target has been lifted to $46.25, indicating a 28% upside from current levels, with projections showing potential for 70% upside in the coming years [7]. Conclusion - Cadre Holdings is considered an attractive investment opportunity, with ongoing growth potential through acquisitions and margin expansion despite recent challenges [8].

Q2 2024 Financial Highlights - Net sales for Q2 2024 were $144.3 million, compared to $121.1 million in Q2 2023, representing a year-over-year growth of 19%[7] - Adjusted EBITDA for Q2 2024 was $28.3 million, compared to $22.8 million in Q2 2023, a 24% increase year-over-year[7] - Adjusted EBITDA margin improved by 80 basis points year-over-year and 180 basis points sequentially, reaching 19.6% in Q2 2024[7] - Net income for Q2 2024 was $12.6 million, or $0.31 per diluted share, compared to $11.0 million, or $0.29 per diluted share in Q2 2023[7] Full Year 2024 Guidance - The company projects net sales between $571 million and $582 million[8, 13] - Adjusted EBITDA is expected to be in the range of $103 million to $109 million[8, 13] - Capital expenditures are estimated to be between $7 million and $9 million[13] Capital Structure - As of June 30, 2024, the company had cash and cash equivalents of $105.903 million[11] - Total debt, net of capitalized discount/issuance costs, was $211.361 million[11] - Net debt (total debt net of cash) was $105.458 million[11]

Cadre Holdings, Inc. (NYSE:CDRE) Q2 2024 Earnings Conference Call August 12, 2024 11:00 AM ET Company Participants Matthew Berkowitz - IGB Group Warren Kanders - Chairman & CEO Brad Williams - President Blaine Browers - CFO Conference Call Participants Lawrence Solow - CJS Securities Jeffrey Van Sinderen - B. Riley Securities Matthew Koranda - ROTH Capital Jordan Lyonnais - Bank of America Mark Smith - Lake Street Bert Subin - Stifel Operator Good morning, and welcome to the Cadre Holdings Second Quarter 20 ...

分组1 - Cadre Holdings, Inc. reported quarterly earnings of $0.31 per share, exceeding the Zacks Consensus Estimate of $0.27 per share, and showing an increase from $0.29 per share a year ago, resulting in an earnings surprise of 14.81% [1] - The company achieved revenues of $144.31 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 1.59% and increasing from $121.09 million year-over-year [2] - Over the last four quarters, Cadre Holdings has exceeded consensus EPS estimates three times and topped revenue estimates four times [2] 分组2 - The stock has gained approximately 4% since the beginning of the year, while the S&P 500 has increased by 11.5%, indicating underperformance relative to the broader market [3] - The current consensus EPS estimate for the upcoming quarter is $0.32 on revenues of $145.49 million, and for the current fiscal year, it is $1.07 on revenues of $569.61 million [7] - The Zacks Industry Rank places the Security and Safety Services sector in the top 24% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

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: June 30, 2024 or ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _________ Commission File Number: 001-40698 CADRE HOLDINGS, INC. (Exact name of registrant as specified in its charter) Delaware 38-387314 ...

Exhibit 99.1 Cadre Holdings Reports Second Quarter 2024 Financial Results Grew Quarterly Net Sales 19% and Net Income 14% Year-Over-Year Increased Quarterly Adjusted EBITDA of $28.3 Million and Adjusted EBITDA Margin of 19.6% JACKSONVILLE, Fla., August 9, 2024 – Cadre Holdings, Inc. (NYSE: CDRE) ("Cadre" or "Company"), a global leader in the manufacturing and distribution of safety equipment and other related products for the law enforcement, first responder, military and nuclear markets, announced today it ...

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Financial Performance - Net sales for the three months ended March 31, 2024, were $137.9 million, representing a 23.4% increase from $111.7 million in the same period of 2023[111]. - Gross profit for the same period was $57.6 million, up 23.6% from $46.6 million year-over-year[111]. - Net income for the three months ended March 31, 2024, was $6.9 million, a slight decrease of 1.1% from $7.0 million in the prior year[111]. - Operating income for the three months ended March 31, 2024, was $12.0 million, reflecting a 6.8% increase from $11.2 million in the previous year[111]. - Adjusted EBITDA for the three months ended March 31, 2024, was $24,488, up from $18,592 in the same period of 2023, reflecting a growth of 31.5%[238]. Expenses and Costs - Selling, general and administrative expenses increased by 15.5% to $40.7 million, up from $35.3 million in the same period last year[111]. - The company incurred $3,087,000 in restructuring and transaction costs during the quarter, indicating ongoing strategic adjustments[132]. - The company incurred acquisition-related costs of $4,399 for the acquisition of Alpha Safety, all recognized during the three months ended March 31, 2024[177]. Cash Flow and Financing - Cash provided by operating activities was $2,137,000, a significant decrease from $12,722,000 in the same period last year[134]. - Net cash used in investing activities totaled $142,636,000, compared to $580,000 in the prior year, primarily due to business acquisitions[134]. - Net cash provided by financing activities was $139,786,000, a substantial increase from a net cash used of $9,303,000 in the previous year[134]. - The company issued 2,200,000 shares of common stock at $35.00 per share, resulting in net proceeds of $72,813 thousand after expenses[165]. Assets and Liabilities - As of March 31, 2024, total assets increased to $599,442 thousand from $431,179 thousand as of December 31, 2023, representing a growth of approximately 39.1%[156]. - Current assets rose to $269,328 thousand, up from $245,843 thousand, indicating an increase of about 9.5%[156]. - Long-term debt rose significantly to $200,601 thousand from $127,812 thousand, marking an increase of about 56.8%[156]. - The company had $215.8 million in outstanding debt, an increase from $140.1 million as of December 31, 2023[266]. Acquisitions - The company acquired ICOR Technology Inc. for $40.4 million in January 2024, contributing to the increase in orders backlog[105]. - The company completed the acquisition of ICOR on January 9, 2024, and Alpha Safety on February 29, 2024, as part of its strategy to expand into new markets and enhance product offerings[174][177]. - The acquisition of Alpha Safety Intermediate, LLC had a total consideration of $102,011, with customer relationships valued at $17,000, technology at $35,800, and trademarks at $4,700[177][179]. Orders and Backlog - Orders backlog increased by $32.4 million to $159.1 million as of March 31, 2024, compared to $126.7 million on December 31, 2023[88][109]. - The company’s orders backlog may experience volatility due to customer order volumes and fulfillment speed[264]. Shareholder Information - The company reported a basic net income per share of $0.18 for the three months ended March 31, 2024, compared to $0.19 for the same period in 2023[132]. - Shareholders' equity increased to $270,701 thousand as of March 31, 2024, compared to $197,162 thousand at the end of 2023, reflecting a growth of approximately 37.3%[156]. Legal and Compliance - The company is involved in various legal disputes but believes that reasonably possible losses would not have a material adverse effect on its financial position[225]. - The effective tax rate for the three months ended March 31, 2024, was 22.1%, down from 29.6% in the same period of 2023[249].

Cadre Holdings, Inc. (NYSE:CDRE) Q1 2024 Earnings Conference Call May 7, 2024 5:00 PM ET Company Participants Matt Berkowitz - IGB Group Warren Kanders - Chairman & Chief Executive Officer Brad Williams - President Blaine Browers - Chief Financial Officer Conference Call Participants Jeff Van Sinderen - B. Riley Matt Koranda - ROTH MKM Mark Smith - Lake Street Operator Good afternoon, and welcome to the Cadre Holdings First Quarter 2024 Conference Call. Today's call is being recorded. All lines have been pl ...

Q1 2024 Financial Highlights - Net sales for Q1 2024 were $137.9 million[36], compared to $111.7 million in Q1 2023[36] - Adjusted EBITDA for Q1 2024 was $24.5 million[36], a 23% increase year-over-year at guidance midpoint[21] - Adjusted EBITDA margin for Q1 2024 was 17.8%[36], a 120 bps improvement year-over-year[36] - Net income for Q1 2024 was $6.9 million, or $0.18 per diluted share[36] Full Year 2024 Outlook - The company projects net sales to be in the range of $553 million to $572 million[21, 54] - The company projects adjusted EBITDA to be in the range of $104 million to $108 million[21, 54] - Capital expenditures are expected to be between $8 million and $10 million[54] Balance Sheet - Cash and cash equivalents totaled $87.052 million as of March 31, 2024[23, 42] - Total debt, net of capitalized discount/issuance costs, was $215.835 million[23] - Net debt (total debt net of cash) was $128.783 million[23] M&A Activities - Completed acquisitions of ICOR Technology in January and Alpha Safety in March[13] - The company continues to actively evaluate pipeline of M&A opportunities[29]