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Cadre Holdings, Inc.
11/5/2025
Good morning, and welcome to Kadri Holdings' third quarter 2025 conference call. Today's call is being recorded. All lines have been placed on mute. If you would like to ask a question at the end of the prepared remarks, please press star key, then the number one on your touchtone phone. 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.
Thank you, and welcome to today's conference call to discuss CADRE's third quarter results. Before we begin, I'd like to remind everyone that during today's call, we'll be making several forward-looking statements, and we make these statements under the state proper provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our best estimates and assumptions based on our understanding of information known to us today. These forward-looking statements are subject to the risks and uncertainties that face CADRE and the industries and markets in which we operate. More information on potential factors that could affect CADRE's financial results is included from time to time in CADRE's public reports followed by the Securities and Exchange Commission. Please also note that we have posted presentation materials on our website at www.cadre-holdings.com, which supplement our comments this morning and include a reconciliation of certain non-GAAP financial measures. I'd like to remind everyone that this call will be available for replay through November 19, 2025. A webcast replay will also be available via the link provided in yesterday's press release, as well as on CADRE's website. At this time, I would like to turn the call over to CADRE's Chairman and CEO, Warren Kanders.
Good morning, and thank you for joining CADRE's third quarter earnings call. I am joined today by our President, Brad Williams, and Chief Financial Officer Blaine Browers. This continues to be an exciting time for CADRE, marked by outstanding execution, disciplined growth, and meaningful progress against our strategic objectives. The CADRE operating model is driving improvement every day, which is clearly reflected in another quarter of strong results. In addition to delivering financial performance above expectations in Q3, which Brad and Blaine will outline, we continue to capitalize on CADRE's robust M&A funnel. With the agreement announced last week to acquire Tier Tactical, a leading manufacturer of mission critical protective equipment, we again delivered on our commitment to expand our portfolio and enhance CADRE's market leadership across categories. TIR Tactical brings world-class engineering capabilities and global reach, which importantly includes relationships with key military customers in Northern Europe that we believe will help CADRE unlock new growth opportunities in high-value end markets. Under the leadership of Jason and Jane Beck, TIR has seen impressive growth since its founding in 2010 and shares with CADRE a long-standing commitment to innovation, quality, and a lifesaving mission. We are excited to partner with Jason and Jane and welcome them both as significant shareholders. For CADRE, this agreement marks our sixth and largest acquisition since going public. Along with our recent deals in the nuclear and robotics markets, it underscores our relentless focus on disciplined M&A that strengthens our diversified platform of durable safety businesses. In total, Over the past 24 months, we have deployed more than 400 million consistent with this strategy. Looking ahead, we continue to see robust acquisition pipelines in both the public safety and nuclear markets. We will remain patient and disciplined in our approach to identify high quality, high margin businesses that align with our operating model and can deliver sustainable growth and strong cash flow generation over time. Before I turn it over to Brad, I want to thank our employees for their hard work and dedication in upholding our mission. Together, we save lives. The results this quarter once again demonstrate the strength of our culture, the resilience of our businesses, and our team's ability to deliver consistent execution. We are confident that the foundations we have built will continue to drive long-term value creation for our shareholders. With that, thank you for being with us today, and I will turn the call over to Brad. Brad, over to you.
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