Cadre Holdings Reports Third Quarter 2023 Financial Results
- Record adjusted EBITDA and EBITDA margin for the second consecutive quarter
- Increased net sales and net income sequentially and year-over-year
- Raised full-year 2023 net sales guidance to $477-$481 million
- Declared quarterly cash dividend of $0.08 per share
- None.
Increased Quarterly Revenue, Net Income, and Gross Margin Sequentially and Year-Over-Year
Second Consecutive Quarter of Record Adjusted EBITDA and Adjusted EBITDA Margin
Expects Record Full-Year 2023 Net Sales Between
-
Net sales of
for the third quarter; net sales of$125.1 million for the nine months ended September 30, 2023$357.9 million -
Gross profit margin of
42.8% for the third quarter; gross profit margin of42.2% for the nine months ended September 30, 2023 -
Net income of
, or$11.1 million per diluted share, for the third quarter; net income of$0.29 , or$29.0 million per diluted share, for the nine months ended September 30, 2023$0.77 -
Adjusted EBITDA of
for the third quarter; Adjusted EBITDA of$23.7 million for the nine months ended September 30, 2023$65.1 million -
Adjusted EBITDA margin of
19.0% for the third quarter; Adjusted EBITDA margin of18.2% for the nine months ended September 30, 2023 -
Declared quarterly cash dividend of
per share in October 2023$0.08
“Cadre’s outstanding third quarter is a testament to our team’s continued strategic execution, together with strong, sustained demand for our mission-critical safety and survivability equipment,” said Warren Kanders, CEO and Chairman. “The implementation of the Cadre operating model, focused on constant improvement and the optimization of outcomes, continued to drive our strong financial performance, highlighted by record Adjusted EBITDA margins and gross margins. For the second consecutive quarter, we achieved our highest Adjusted EBITDA in history, while generating increased net sales and net income both sequentially and year-over-year.”
Mr. Kanders added, “We are pleased to once again raise our full year Adjusted EBITDA outlook based on Cadre’s outperformance to date and confidence in our businesses’ fundamentals for the remainder of 2023. In both the US and internationally, we have seen a broad push to prioritize public safety and believe Cadre is ideally positioned to capitalize on these secular tailwinds over the medium and long term. We continue to actively pursue M&A opportunities to either enhance our market dominance or enter attractive, new adjacencies consistent with our key criteria. With entrenched positions in law enforcement, first responder and military markets, we are on pace to deliver record full year net sales in 2023 and remain excited about the opportunity to further grow our leading platform of premium safety brands moving forward.”
Third Quarter and Nine-Month 2023 Operating Results
For the quarter ended September 30, 2023, Cadre generated net sales of
For the nine months ended September 30, 2023, Cadre generated net sales of
For the quarter ended September 30, 2023, Cadre generated gross profit of
Gross profit margin was
Net income was
Net income was
Cadre generated
Cadre generated
Product segment gross margin was
Distribution segment gross margin was
Liquidity, Cash Flows and Capital Allocation
-
Cash and cash equivalents increased by
from$24.1 million as of December 31, 2022 to$45.3 million as of September 30, 2023.$69.4 million -
Total debt decreased by
from$6.1 million as of December 31, 2022, to$149.7 million as of September 30, 2023.$143.6 million -
Net debt (total debt net of cash and cash equivalents) decreased by
from$30.3 million as of December 31, 2022, to$104.4 million as of September 30, 2023.$74.2 million -
Capital expenditures totaled
for the third quarter and$1.8 million for the nine months ended September 30, 2023, compared with$4.3 million for the third quarter and$0.7 million for the nine months ended September 30, 2022.$3.2 million
Dividend
On October 24, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of
2023 Outlook Update
As a result of the Company's third-quarter performance and management's outlook for the remainder of the year, Cadre raised the midpoint of its full-year Adjusted EBITDA guidance range and increased net sales guidance. For the full year 2023, Cadre expects to generate net sales in the range of
Conference Call
Cadre management will host a conference call on Wednesday, November 8, 2023, at 5:00 PM EST to discuss the latest corporate developments and financial results. The dial-in number for callers in the US is (888)-510-2553 and the dial-in number for international callers is 646-960-0473. The access code for all callers is 1410384. A live webcast will also be available on the Company’s website at https://www.cadre-holdings.com/.
A replay of the call will be available through November 22, 2023. To access the replay, please dial 800-770-2030 in the
About Cadre
Headquartered in
Use of Non-GAAP Measures
The Company reports its financial results in accordance with
Forward-Looking Statements
Except for historical information, certain matters discussed in this press release may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to all projections and anticipated levels of future performance. Forward-looking statements involve risks, uncertainties and other factors that may cause our actual results to differ materially from those discussed herein. Any number of factors could cause actual results to differ materially from projections or forward-looking statements, including without limitation, changes to global, social and political economic conditions, spending patterns of government agencies, competitive pressures, the impact of acquisitions and related integration activities, logistical challenges related to disruptions and delays, product liability claims, the success of new product introductions, currency exchange rate fluctuations and the risks of doing business in the markets in which we operate, including foreign countries. More information on potential factors that could affect the Company’s financial results are more fully described from time to time in the Company’s public reports filed with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.
CADRE HOLDINGS, INC. |
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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(In thousands, except share and per share amounts) |
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September 30, 2023 |
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December 31, 2022 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
69,412 |
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$ |
45,286 |
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Accounts receivable, net of allowance for doubtful accounts of |
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61,261 |
|
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|
64,557 |
|
Inventories |
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82,546 |
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70,273 |
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Prepaid expenses |
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14,667 |
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|
10,091 |
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Other current assets |
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8,836 |
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|
6,811 |
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Total current assets |
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236,722 |
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|
197,018 |
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Property and equipment, net of accumulated depreciation and amortization of |
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43,657 |
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45,285 |
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Operating lease assets |
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6,643 |
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8,489 |
|
Deferred tax assets, net |
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|
2,299 |
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|
2,255 |
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Intangible assets, net |
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|
44,333 |
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50,695 |
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Goodwill |
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81,212 |
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|
81,576 |
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Other assets |
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5,639 |
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6,634 |
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Total assets |
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$ |
420,505 |
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$ |
391,952 |
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Liabilities, Mezzanine Equity and Shareholders' Equity |
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Current liabilities |
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Accounts payable |
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$ |
30,733 |
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$ |
23,406 |
|
Accrued liabilities |
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|
38,673 |
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|
38,720 |
|
Income tax payable |
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|
7,049 |
|
|
|
4,584 |
|
Liabilities held for sale |
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— |
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— |
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Current portion of long-term debt |
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13,251 |
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|
12,211 |
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Total current liabilities |
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|
89,706 |
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78,921 |
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Long-term debt |
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130,309 |
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|
137,476 |
|
Long-term operating lease liabilities |
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|
3,603 |
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|
4,965 |
|
Deferred tax liabilities |
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|
5,047 |
|
|
|
3,508 |
|
Other liabilities |
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|
1,843 |
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|
1,192 |
|
Total liabilities |
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230,508 |
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226,062 |
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Mezzanine equity |
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Preferred stock ( |
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— |
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— |
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Shareholders' equity |
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Common stock ( |
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4 |
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4 |
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Additional paid-in capital |
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210,543 |
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206,540 |
|
Accumulated other comprehensive income |
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|
2,143 |
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|
2,087 |
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Accumulated deficit |
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(22,693 |
) |
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(42,741 |
) |
Total shareholders’ equity |
|
|
189,997 |
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|
165,890 |
|
Total liabilities, mezzanine equity and shareholders' equity |
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$ |
420,505 |
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$ |
391,952 |
|
CADRE HOLDINGS, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Unaudited) |
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(In thousands, except share and per share amounts) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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2023 |
|
2022 |
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Net sales |
|
$ |
125,114 |
|
|
$ |
111,554 |
|
|
$ |
357,949 |
|
|
$ |
334,192 |
|
Cost of goods sold |
|
|
71,511 |
|
|
|
67,814 |
|
|
|
206,981 |
|
|
|
207,042 |
|
Gross profit |
|
|
53,603 |
|
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|
43,740 |
|
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|
150,968 |
|
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|
127,150 |
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Operating expenses |
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Selling, general and administrative |
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36,314 |
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|
31,732 |
|
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|
105,615 |
|
|
|
118,431 |
|
Restructuring and transaction costs |
|
|
439 |
|
|
|
1,578 |
|
|
|
1,132 |
|
|
|
3,380 |
|
Related party expense |
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|
116 |
|
|
|
112 |
|
|
|
379 |
|
|
|
1,346 |
|
Total operating expenses |
|
|
36,869 |
|
|
|
33,422 |
|
|
|
107,126 |
|
|
|
123,157 |
|
Operating income |
|
|
16,734 |
|
|
|
10,318 |
|
|
|
43,842 |
|
|
|
3,993 |
|
Other expense |
|
|
|
|
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|
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Interest expense |
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|
(1,073 |
) |
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|
(1,567 |
) |
|
|
(3,727 |
) |
|
|
(4,496 |
) |
Other (expense) income, net |
|
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(315 |
) |
|
|
(1,851 |
) |
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|
395 |
|
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(2,812 |
) |
Total other expense, net |
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(1,388 |
) |
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(3,418 |
) |
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(3,332 |
) |
|
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(7,308 |
) |
Income (loss) before provision for income taxes |
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|
15,346 |
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|
6,900 |
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|
40,510 |
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|
|
(3,315 |
) |
(Provision) benefit for income taxes |
|
|
(4,293 |
) |
|
|
(1,959 |
) |
|
|
(11,463 |
) |
|
|
2,536 |
|
Net income (loss) |
|
$ |
11,053 |
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|
$ |
4,941 |
|
|
$ |
29,047 |
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|
$ |
(779 |
) |
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Net income (loss) per share: |
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Basic |
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$ |
0.29 |
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$ |
0.13 |
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$ |
0.77 |
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$ |
(0.02 |
) |
Diluted |
|
$ |
0.29 |
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$ |
0.13 |
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|
$ |
0.77 |
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|
$ |
(0.02 |
) |
Weighted average shares outstanding: |
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Basic |
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37,586,031 |
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37,289,880 |
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|
37,515,976 |
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|
35,697,891 |
|
Diluted |
|
|
37,930,888 |
|
|
|
37,747,614 |
|
|
|
37,830,790 |
|
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|
35,697,891 |
|
CADRE HOLDINGS, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Unaudited) |
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(In thousands) |
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Nine Months Ended September 30, |
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2023 |
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2022 |
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Cash Flows From Operating Activities: |
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Net income (loss) |
|
$ |
29,047 |
|
|
$ |
(779 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Depreciation and amortization |
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|
12,385 |
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|
11,319 |
|
Amortization of original issue discount and debt issue costs |
|
|
359 |
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|
554 |
|
Amortization of inventory step-up |
|
|
— |
|
|
|
3,055 |
|
Deferred income taxes |
|
|
1,317 |
|
|
|
(2,755 |
) |
Stock-based compensation |
|
|
7,060 |
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|
28,988 |
|
Gain on sale of fixed assets |
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|
(98 |
) |
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|
— |
|
Provision for losses on accounts receivable |
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|
37 |
|
|
|
245 |
|
Foreign exchange (gain) loss |
|
|
(243 |
) |
|
|
3,006 |
|
Other |
|
|
(296 |
) |
|
|
— |
|
Changes in operating assets and liabilities, net of impact of acquisitions: |
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|
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Accounts receivable |
|
|
3,429 |
|
|
|
(3,271 |
) |
Inventories |
|
|
(12,229 |
) |
|
|
(7,187 |
) |
Prepaid expenses and other assets |
|
|
(3,131 |
) |
|
|
986 |
|
Accounts payable and other liabilities |
|
|
8,623 |
|
|
|
(4,660 |
) |
Net cash provided by operating activities |
|
|
46,260 |
|
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|
29,501 |
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Cash Flows From Investing Activities: |
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Purchase of property and equipment |
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|
(4,248 |
) |
|
|
(2,938 |
) |
Proceeds from disposition of property and equipment |
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|
206 |
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|
|
— |
|
Business acquisitions, net of cash acquired |
|
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— |
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|
(55,039 |
) |
Net cash used in investing activities |
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|
(4,042 |
) |
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|
(57,977 |
) |
Cash Flows From Financing Activities: |
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|
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Proceeds from revolving credit facilities |
|
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— |
|
|
|
43,000 |
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Principal payments on revolving credit facilities |
|
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— |
|
|
|
(43,000 |
) |
Principal payments on term loans |
|
|
(7,500 |
) |
|
|
(7,514 |
) |
Proceeds from insurance premium financing |
|
|
3,949 |
|
|
|
3,989 |
|
Principal payments on insurance premium financing |
|
|
(2,909 |
) |
|
|
(3,878 |
) |
Payment of capital leases |
|
|
— |
|
|
|
(26 |
) |
Taxes paid in connection with employee stock transactions |
|
|
(2,725 |
) |
|
|
(6,216 |
) |
Proceeds from secondary offering, net of underwriter discounts |
|
|
— |
|
|
|
56,329 |
|
Deferred offering costs |
|
|
— |
|
|
|
(2,953 |
) |
Dividends distributed |
|
|
(8,999 |
) |
|
|
(8,521 |
) |
Net cash (used in) provided by financing activities |
|
|
(18,184 |
) |
|
|
31,210 |
|
Effect of foreign exchange rates on cash and cash equivalents |
|
|
92 |
|
|
|
(241 |
) |
Change in cash and cash equivalents |
|
|
24,126 |
|
|
|
2,493 |
|
Cash and cash equivalents, beginning of period |
|
|
45,286 |
|
|
|
33,857 |
|
Cash and cash equivalents, end of period |
|
$ |
69,412 |
|
|
$ |
36,350 |
|
Supplemental Disclosure of Cash Flows Information: |
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|
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Cash paid for income taxes, net |
|
$ |
7,923 |
|
|
$ |
710 |
|
Cash paid for interest |
|
$ |
7,389 |
|
|
$ |
3,860 |
|
Supplemental Disclosure of Non-Cash Investing and Financing Activities: |
|
|
|
|
|
|
||
Accruals and accounts payable for capital expenditures |
|
$ |
24 |
|
|
$ |
272 |
|
CADRE HOLDINGS, INC. |
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SEGMENT INFORMATION |
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(Unaudited) |
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(In thousands) |
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Three Months Ended September 30, 2023 |
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Reconciling |
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Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
108,495 |
|
$ |
24,208 |
|
$ |
(7,589 |
) |
|
$ |
125,114 |
Cost of goods sold |
|
|
60,380 |
|
|
18,724 |
|
|
(7,593 |
) |
|
|
71,511 |
Gross profit |
|
$ |
48,115 |
|
$ |
5,484 |
|
$ |
4 |
|
|
$ |
53,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2022 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
92,718 |
|
$ |
26,012 |
|
$ |
(7,176 |
) |
|
$ |
111,554 |
Cost of goods sold |
|
|
54,125 |
|
|
20,859 |
|
|
(7,170 |
) |
|
|
67,814 |
Gross profit |
|
$ |
38,593 |
|
$ |
5,153 |
|
$ |
(6 |
) |
|
$ |
43,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
305,057 |
|
$ |
74,594 |
|
$ |
(21,702 |
) |
|
$ |
357,949 |
Cost of goods sold |
|
|
171,204 |
|
|
57,200 |
|
|
(21,423 |
) |
|
|
206,981 |
Gross profit |
|
$ |
133,853 |
|
$ |
17,394 |
|
$ |
(279 |
) |
|
$ |
150,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2022 |
|||||||||||
|
|
|
|
|
|
|
|
Reconciling |
|
|
|
||
|
|
Product |
|
Distribution |
|
Items(1) |
|
Total |
|||||
Net sales |
|
$ |
277,941 |
|
$ |
73,836 |
|
$ |
(17,585 |
) |
|
$ |
334,192 |
Cost of goods sold |
|
|
166,192 |
|
58,437 |
|
(17,587 |
) |
|
|
207,042 |
||
Gross profit |
|
$ |
111,749 |
|
$ |
15,399 |
|
$ |
2 |
|
|
$ |
127,150 |
_________________ | ||
(1) | Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. |
CADRE HOLDINGS, INC. |
||||||||||||||||||||||||||||
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||
(In thousands) |
||||||||||||||||||||||||||||
|
|
Year ended |
|
Three Months |
|
Three Months Ended |
|
Nine Months Ended |
|
Last Twelve |
||||||||||||||||||
|
|
December 31, |
|
Ended June 30, |
|
September 30, |
|
September 30, |
|
Months |
||||||||||||||||||
|
|
2022 |
|
2023 |
|
2023 |
|
|
2022 |
|
|
2023 |
|
2022 |
|
September 30, 2023 |
||||||||||||
Net income (loss) |
|
$ |
5,820 |
|
|
$ |
10,992 |
|
|
$ |
11,053 |
|
$ |
4,941 |
|
$ |
29,047 |
|
|
$ |
(779 |
) |
|
$ |
35,646 |
|
||
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Depreciation and amortization |
|
|
15,651 |
|
|
|
3,959 |
|
|
|
4,165 |
|
|
3,939 |
|
|
12,385 |
|
|
|
11,319 |
|
|
|
16,717 |
|
||
Interest expense |
|
|
6,206 |
|
|
|
1,013 |
|
|
|
1,073 |
|
|
1,567 |
|
|
3,727 |
|
|
|
4,496 |
|
|
|
5,437 |
|
||
Provision (benefit) for income taxes |
|
|
3,553 |
|
|
|
4,229 |
|
|
|
4,293 |
|
|
1,959 |
|
|
11,463 |
|
|
|
(2,536 |
) |
|
|
17,552 |
|
||
EBITDA |
|
$ |
31,230 |
|
|
$ |
20,193 |
|
|
$ |
20,584 |
|
$ |
12,406 |
|
$ |
56,622 |
|
|
$ |
12,500 |
|
|
$ |
75,352 |
|
||
Add back: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Restructuring and transaction costs(1) |
|
|
5,355 |
|
|
|
693 |
|
|
|
439 |
|
|
1,578 |
|
|
1,132 |
|
|
|
4,380 |
|
|
|
2,107 |
|
||
Other general income(2) |
|
|
(159 |
) |
|
|
— |
|
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(159 |
) |
||
Other expense (income), net(3) |
|
|
1,137 |
|
|
|
(346 |
) |
|
|
315 |
|
|
1,851 |
|
|
(395 |
) |
|
|
2,812 |
|
|
|
(2,070 |
) |
||
Stock-based compensation expense(4) |
|
|
32,239 |
|
|
|
2,105 |
|
|
|
2,208 |
|
|
2,820 |
|
|
7,060 |
|
|
|
29,361 |
|
|
|
9,938 |
|
||
Stock-based compensation payroll tax expense(5) |
|
|
305 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
220 |
|
|
|
305 |
|
|
|
220 |
|
||
LTIP bonus(6) |
|
|
1,369 |
|
|
|
160 |
|
|
|
185 |
|
|
375 |
|
|
489 |
|
|
|
933 |
|
|
|
925 |
|
||
Amortization of inventory step-up(7) |
|
|
4,255 |
|
|
|
— |
|
|
|
— |
|
|
1,711 |
|
|
— |
|
|
|
3,055 |
|
|
|
1,200 |
|
||
Adjusted EBITDA |
|
$ |
75,731 |
|
|
$ |
22,805 |
|
|
$ |
23,731 |
|
$ |
20,741 |
|
$ |
65,128 |
|
|
$ |
53,346 |
|
|
$ |
87,513 |
|
||
Adjusted EBITDA margin(8) |
|
|
16.5 |
% |
|
18.8 |
% |
|
19.0 |
% |
|
18.6 |
% |
|
18.2 |
% |
|
16.0 |
% |
|
|
_________________ | ||
(1) |
Reflects the “Restructuring and transaction costs” line item on our condensed consolidated statement of operations, which primarily includes transaction costs composed of legal and consulting fees, and |
|
(2) |
Reflects the “Other general income” line item on our condensed consolidated statement of operations and includes a gain from a long-lived asset sale. |
|
(3) |
Reflects the “Other (income) expense, net” line item on our condensed consolidated statement of operations and primarily includes gains and losses on foreign currency transactions. |
|
(4) |
Reflects compensation expense related to equity and liability classified stock-based compensation plans. |
|
(5) |
Reflects payroll taxes associated with vested stock-based compensation awards. |
|
(6) |
Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years. |
|
(7) |
Reflects amortization expense related to the step-up inventory adjustment recorded as a result of our recent acquisitions. |
|
(8) |
Reflects Adjusted EBITDA / Net Sales for the relevant periods. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20231108483737/en/
Gray Hudkins
Cadre Holdings, Inc.
203-550-7148
gray.hudkins@cadre-holdings.com
Investor Relations:
The IGB Group
Leon Berman / Matt Berkowitz
212-477-8438 / 212-227-7098
lberman@igbir.com / mberkowitz@igbir.com
Media:
Jonathan Keehner / Andrew Siegel
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449
Source: Cadre Holdings, Inc.
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