Cadre Holdings, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cadre Holdings, Inc. has filed its 2023 10-K report detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Cadre Holdings, Inc. (CDRE) filed a Annual Report (10-K) with the SEC on March 12, 2024. Cadre Holdings, Inc. filed its 2023 Form 10-K on March 12, 2024. The filing covers the fiscal year ending December 31, 2023. The company's SIC code is 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies. Cadre Holdings, Inc. is incorporated in Delaware. The company's principal business address is 13386 International Pkwy, Jacksonville, FL 32218.

Why It Matters

For investors and stakeholders tracking Cadre Holdings, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cadre Holdings' financial health, operational performance, and strategic direction for the past fiscal year, crucial for investors and stakeholders to assess the company's current standing and future prospects. As a public company, Cadre Holdings is required to disclose detailed financial information, including revenue, expenses, assets, liabilities, and equity, which are essential for market analysis and investment decisions.

Risk Assessment

Risk Level: low — Cadre Holdings, Inc. shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not contain immediate red flags.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Cadre Holdings' performance and potential challenges.

Key Numbers

• 20231231 — Conformed Period of Report (Fiscal Year End)
• 20240312 — Filed as of Date (Filing Date)
• 0001860543 — Central Index Key (Company Identifier)
• 383873146 — IRS Number (Tax Identification)
• 001-40698 — SEC File Number (Regulatory Filing Number)

Key Players & Entities

• Cadre Holdings, Inc. (company) — Filer
• 3842 (dollar_amount) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 13386 International Pkwy (company) — Business Address Street 1
• JACKSONVILLE (company) — Business Address City
• FL (company) — Business Address State
• 32218 (company) — Business Address Zip
• (904) 741-5400 (company) — Business Phone

FAQ

Industry Context

Cadre Holdings, Inc. operates within the Orthopedic, Prosthetic & Surgical Appliances & Supplies industry, as indicated by its SIC code 3842.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, as evidenced by its filing of a Form 10-K.

What Investors Should Do

1. Analyze the company's financial statements for the fiscal year ended December 31, 2023.
2. Review the business description and risk factors outlined in the 10-K.
3. Note the company's incorporation in Delaware and its principal business address.

Key Dates

• 2024-03-12: 10-K Filing — Annual report submission date
• 2023-12-31: Fiscal Year End — Period covered by the 10-K
• 2021-11-03: IPO — Initial Public Offering date

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior periods.

Key Financial Figures

• $0.0001 — ) On Which Registered Common Stock, $0.0001 Par Value per Share CDRE New York S
• $21.80 — 0,482,938 based on the closing price of $21.80 as reported by the New York Stock Excha
• $0 — 7,436 shares of common stock, par value $0.0001, outstanding Documents Incorporat
• $870 million — actical soft armor) to be approximately $870 million. We also estimate explosive ordnance di
• $245 million — an addressable market of approximately $245 million over the seven-to-ten year life cycle o
• $380 million — litary is estimated to be approximately $380 million. The international law enforcement mar
• $528 billion — dated cleanup from the DoE related to a $528 billion liability that exists from legacy defen
• $3 billion — r nuclear safety products to be between $3 billion and $6 billion based on the need for ou
• $6 billion — y products to be between $3 billion and $6 billion based on the need for our products by t

Filing Documents

• cdre-20231231x10k.htm (10-K) — 2687KB
• cdre-20231231xex19d1.htm (EX-19.1) — 54KB
• cdre-20231231xex21d1.htm (EX-21.1) — 29KB
• cdre-20231231xex23d1.htm (EX-23.1) — 6KB
• cdre-20231231xex31d1.htm (EX-31.1) — 11KB
• cdre-20231231xex31d2.htm (EX-31.2) — 11KB
• cdre-20231231xex32d1.htm (EX-32.1) — 8KB
• cdre-20231231xex32d2.htm (EX-32.2) — 7KB
• cdre-20231231xex97d1.htm (EX-97.1) — 51KB
• cdre-20231231x10k001.jpg (GRAPHIC) — 21KB
• cdre-20231231x10k002.jpg (GRAPHIC) — 30KB
• cdre-20231231x10k003.jpg (GRAPHIC) — 14KB
• cdre-20231231x10k004.jpg (GRAPHIC) — 38KB
• cdre-20231231xex19d1001.jpg (GRAPHIC) — 7KB
• 0001558370-24-002995.txt (&nbsp;) — 13141KB
• cdre-20231231.xsd (EX-101.SCH) — 72KB
• cdre-20231231_cal.xml (EX-101.CAL) — 86KB
• cdre-20231231_def.xml (EX-101.DEF) — 328KB
• cdre-20231231_lab.xml (EX-101.LAB) — 731KB
• cdre-20231231_pre.xml (EX-101.PRE) — 614KB
• cdre-20231231x10k_htm.xml (XML) — 2475KB

Business

Item 1. Business 5

Risk Factors

Item 1A. Risk Factors 13

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 32

Properties

Item 2. Properties 33

Legal Proceedings

Item 3. Legal Proceedings 33

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 33 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 34

[Reserved]

Item 6. [Reserved] 35

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 36

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 45

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 47

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 80

Controls and Procedures

Item 9A. Controls and Procedures 80

Other Information

Item 9B. Other Information 81 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 81

Executive Compensation

Item 11. Executive Compensation 82

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 82

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 82 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 82 2 Table of Contents CAUTIONARY STATEMENT This Annual Report on Form 10-K (this "Report") contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Except where the context otherwise requires or where otherwise indicated, the terms the "Company", "Cadre", "we," "us," and "our," refer to the consolidated business of Cadre Holdings, Inc. and its consolidated subsidiaries. All statements in this Report, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on management's current expectations, assumptions, hopes, beliefs, intentions, and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. In some cases, you can identify forward-looking statements because they contain words such as "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "would," "could," "plan," "predict," "potential," "seem," "seek," "future," "outlook," or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, incident to its business. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These forward-looking statements are based on information available as of the date of this Report (or, in the case of forward-looking statements incorporated herein by reference, if any, as of the date of the applicable filed document), and any accompanyi

BUSINESS

BUSINESS Business Overview For over 60 years, we have been a global leader in the manufacturing and distribution of safety equipment for professionals. Our equipment provides critical protection which allows its users to safely perform their duties and protect those around them in hazardous or life-threatening situations. Through our dedication to superior quality, we establish a direct covenant with end users that our products will perform and keep them safe when they are most needed. We sell a wide range of products including body armor, explosive ordnance disposal equipment, duty gear and nuclear safety products through both direct and indirect channels. In addition, through our owned distribution, we serve as a one-stop shop for first responders providing equipment we manufacture as well as third-party products including uniforms, optics, boots, firearms, and ammunition. The majority of our diversified product offering is governed by rigorous safety standards and regulations. Demand for our products is driven by technological advancement as well as recurring modernization and replacement cycles for the equipment to maintain its efficiency, effective performance, and regulatory compliance. Domestically, we are a top provider of safety holsters and soft body armor for first responders, as well as a top provider of nuclear safety solutions. Globally, we are a leading provider of explosive ordnance disposal technician equipment. We believe we have achieved these positions through our high-quality standards, innovation and a direct connection to the end users. We service the ever-changing needs of our end users by investing in research and development for new product innovation and technical advancements that continually raise the standards for safety equipment in the markets we serve. Our target end user base includes state, local, and international law enforcement, fire and rescue, explosive ordnance disposal technicians, commercial nuclear power plants, emergen

View Full Filing

View this 10-K filing on SEC EDGAR