Cadre (CDRE) - 2024 Q4 - Annual Results

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].