# EDGAR Filing Document

**Accession Number:** 0001860543
**File Stem:** 0001558370-23-003877
**Filing Date:** 2023-3
**Character Count:** 53236
**Document Hash:** ff2e4534ddd50e1a57bd1f56ad81535c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001558370-23-003877.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001558370-23-003877

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 36

**CONFORMED PERIOD OF REPORT**: 20230315

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cadre Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001860543
- **STANDARD INDUSTRIAL CLASSIFICATION:** ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES [3842]
- **IRS NUMBER:** 383873146
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-40698
- **FILM NUMBER:** 23735493

**BUSINESS ADDRESS:**
- **STREET 1:** 13386 INTERNATIONAL PKWY
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32218
- **BUSINESS PHONE:** (904) 741-5400

**MAIL ADDRESS:**
- **STREET 1:** 13386 INTERNATIONAL PKWY
- **CITY:** JACKSONVILLE
- **STATE:** FL
- **ZIP:** 32218

?xml version='1.0' encoding='UTF-8'?

------

**United States**

**Securities and Exchange Commission**

**Washington, D.C. 20549**

**Form 8-K**

**Current Report**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported): March 15, 2023

CADRE HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| Delaware | 001-40698 | 38-3873146 |
| (State or other jurisdiction | (Commission File Number) | (IRS Employer |
| of incorporation) |  | Identification Number) |

---

---

| | |
|:---|:---|
| 13386 International Pkwy | 32218 |
| Jacksonville, Florida  | (Zip Code) |
| (Address of principal executive offices) |  |

---

Registrant's telephone number, including area code: (904) 741-5400

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock, par value $0.0001  | CDRE | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**Item 2.02 Results of Operations and Financial Condition**

On March 15, 2023, Cadre Holdings, Inc. (the "Company") issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Attached hereto as Exhibit 99.2 and incorporated herein by reference is a presentation regarding the Company's financial results for the fourth quarter and year ended December 31, 2022.

The press release and presentation contain the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin and (iv) adjusted EBITDA conversion rate. The Company believes that the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. The non-GAAP measures are reconciled to comparable GAAP financial measures within the press release and the presentation. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

The information in Items 2.02 and 7.01 of this Current Report on Form 8-K (including Exhibits 99.1 and 99.2 attached hereto) shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

**Item 7.01. Regulation FD Disclosure**

The information set forth under Item 2.02 "Results of Operations and Financial Condition" is incorporated into this Item 7.01 by reference.

**Item 9.01. Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| Exhibit | Description |
| 99.1 | [Press Release, dated March 15, 2023 (furnished only).](cdre-20230315xex99d1.htm) |
| 99.2 | [Slide Presentation for Conference Call held on March 15, 2023 (furnished only).](cdre-20230315xex99d2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 15, 2023

---

| | |
|:---|:---|
| **CADRE HOLDINGS, INC.** | **CADRE HOLDINGS, INC.** |
| By: | /s/ Blaine Browers |
|  | Name:Blaine Brower |
|  | Title:Chief Financial Officer |

---

## Exhibit 99.1

#### Exhibit 99.1
**Cadre Holdings Reports Fourth Quarter and Full Year 2022 Financial Results**

*Generated Record Full Year Net Sales and Adjusted EBITDA*

*Exceeded Pricing Growth Target Above Inflation in Q4 and Full Year*

*Expects Full Year 2023 Net Sales of $463 to $493 million and adjusted EBITDA of $76 to $82 million*

**JACKSONVILLE, Fla., March 15, 2023** – Cadre Holdings, Inc. (NYSE: CDRE) ("Cadre" or "the Company"), a global leader in the manufacturing and distribution of safety and survivability equipment for first responders, announced today its consolidated operating results for the quarter and year ended December 31, 2022.

**Fourth Quarter and Year Ended 2022 Highlights**

● Net sales of $123.6 million for the fourth quarter; net sales of $457.8 million for the year ended December 31, 2022

● Gross profit margin of 39.2% for the fourth quarter; gross profit margin of 38.4% for the year ended December 31, 2022

● Net income of $6.6 million, or $0.17 per diluted share, for the fourth quarter; net income of $5.8 million, or $0.16 per diluted share, for the year ended December 31, 2022

● Adjusted EBITDA of $22.4 million for the fourth quarter; Adjusted EBITDA of $75.7 million for the year ended December 31, 2022

● Adjusted EBITDA margin of 18.1% for the fourth quarter; Adjusted EBITDA margin of 16.5% for the year ended December 31, 2022

● Adjusted EBITDA conversion of 93% for the fourth quarter; Adjusted EBITDA conversion of 94% for the year ended December 31, 2022

● Declared quarterly cash dividend of $0.08 per share in January 2023

"Cadre's strong Q4 results capped off an outstanding year for the Company, as we continued to capitalize on our entrenched positions in law enforcement, first responder and military markets," said Warren Kanders, CEO and Chairman. "Against a backdrop of persistent supply chain disruptions and inflationary pressures, Cadre once again exceeded our 1% pricing growth target above inflation and generated record full year net sales and adjusted EBITDA. Consistent with our strategic focus on adding high margin companies with leading market positions and strong recurring revenues and cash flows, we completed two accretive acquisitions in 2022 and are pleased with their efficient integration and favorable prospects."

Mr. Kanders added, "Looking ahead in 2023, we anticipate our resilient operating model to continue to drive strong free cash flows that enable us to capitalize on attractive opportunities. Executing targeted M&A is a core tenet of Cadre's strategy and remains a top priority. As we navigate the current M&A environment, we are focused on actively evaluating deals in line with our key criteria and maintaining our disciplined approach, complemented by our core organic growth initiatives. Going forward we believe Cadre is ideally positioned to further enhance our leadership in providing mission-critical safety and survivability equipment, as we seek to execute our strategic objectives and build significant value, while driving margin expansion over the long term."

**Fourth Quarter and Year Ended 2022 Operating Results** 

For the quarter ended December 31, 2022, Cadre generated net sales of $123.6 million, as compared to $103.5 million for the quarter ended December 31, 2021. The increase in the Product segment was primarily the result of recent acquisitions but we also experienced double digit percent increases for armor products, duty gear products and crowd control products, which were offset by project timing in our EOD products The increase in the Distribution segment was primarily the result of agency demand for hard goods.

For the year ended December 31, 2022, Cadre generated net sales of $457.8 million, as compared to $427.3 million for the prior year period, mainly driven by recent acquisitions, armor and duty gear products demand, and agency demand for hard goods through our Distribution segment.

------

For the quarter ended December 31, 2022, Cadre generated gross profit of $48.5 million, as compared to $39.2 million for the quarter ended December 31, 2021. For the year ended December 31, 2022, Cadre generated gross profit of $175.7 million, as compared to $170.7 million for the prior year period.

Gross profit margin was 39.2% for the quarter ended December 31, 2022, as compared to 37.9% for the quarter ended December 31, 2021 mainly driven by favorable pricing above inflation and product mix.

Gross profit margin was 38.4% for the year ended December 31, 2022, as compared to 39.9% for the prior year period, mainly driven by 110 basis points from the amortization of inventory step-up recorded as part of the recent acquisitions and unfavorable channel and portfolio mix, partially offset by pricing in excess of material inflation.

Net income was $6.6 million for the quarter ended December 31, 2022, as compared to net income of $4.3 million for the quarter ended December 31, 2021. The increase resulted primarily from improved revenue partially offset by increased stock-based compensation expense.

Net income was $5.8 million for the year ended December 31, 2022, as compared to net income of $12.7 million for the prior year period, primarily as a result of increased stock-based compensation expense, partially offset by an increase in net sales and the loss on extinguishment of debt related to the August 2021 debt refinance.

Cadre generated $22.4 million of Adjusted EBITDA for the quarter ended December 31, 2022, as compared to $15.3 million for the quarter ended December 31, 2021. Adjusted EBITDA margin was 18.1% for the quarter ended December 31, 2022, as compared to 14.7% for the prior year period.

Cadre generated $75.7 million of Adjusted EBITDA for the year ended December 31, 2022, as compared to $71.4 million for the prior year period. Adjusted EBITDA margin was 16.5% for the year ended December 31, 2022, as compared to 16.7% for the prior year period.

Product segment gross profit margin was 40.4% for the fourth quarter and 40.3% for the year ended December 31, 2022. This compares to 38.8% and 40.9% for the respective prior year periods.

Distribution segment gross profit margin was 21.8% for the fourth quarter and 21.1% for the year ended December 31, 2022. This compares to 23.9% and 24.9% for the respective prior year periods.

**Liquidity, Cash Flows and Capital Allocation**

● Cash and cash equivalents increased by $11.4 million from $33.9 million as of December 31, 2021 to $45.3 million as of December 31, 2022.

● Total debt decreased by $10.0 million from $159.7 million as of December 31, 2021, to $149.7 million as of December 31, 2022.

● Net debt (total debt net of cash and cash equivalents) decreased by $21.4 million from $125.8 million as of December 31, 2021, to $104.4 million as of December 31, 2022.

● Capital expenditures totaled $1.5 million for the fourth quarter and $4.7 million for the year ended December 31, 2022, compared with $0.8 million for the fourth quarter and $3.0 million for the year ended December 31, 2021.

**Dividend**

On January 24, 2023, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.08 per share, or $0.32 per share on an annualized basis. Cadre's dividend payment was made on February 17, 2023, to shareholders of record as of the close of business on the record date of February 3, 2023. The declaration of any future dividend is subject to the discretion of the Company's Board of Directors.

**2023 Outlook**

------

For the full year 2023, Cadre expects to generate net sales in the range of $463 million to $493 million and Adjusted EBITDA in the range of $76 million and $82 million. Cadre expects Adjusted EBITDA conversion in the range of 87-90% for the full year.

**Conference Call**

Cadre management will host a conference call on Wednesday, March 15, 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 <u>https://www.cadre-holdings.com/</u><u>.</u>

A replay of the call will be available through March 29, 2023. To access the replay, please dial 800-770-2030 in the U.S. or +1-647-362-9199 if outside the U.S., and then enter the access code 1410384.

**About Cadre**

Headquartered in Jacksonville, Florida, Cadre is a global leader in the manufacturing and distribution of safety and survivability products for first responders. Cadre's equipment provides critical protection to allow users to safely and securely perform their duties and protect those around them in hazardous or life-threatening situations. The Company's core products include body armor, explosive ordnance disposal equipment, and duty gear. Our highly engineered products are utilized in over 100 countries by federal, state and local law enforcement, fire and rescue professionals, explosive ordnance disposal teams, and emergency medical technicians. Our key brands include Safariland® and Med-Eng®, amongst others.

**Use of Non-GAAP Measures**

The Company reports its financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). The press release contains the non-GAAP measures: (i) earnings before interest, taxes, other income or expense, depreciation and amortization ("EBITDA"), (ii) adjusted EBITDA, (iii) adjusted EBITDA margin and (iv) adjusted EBITDA conversion rate. The Company believes the presentation of these non-GAAP measures provides useful information for the understanding of its ongoing operations and enables investors to focus on period-over-period operating performance, and thereby enhances the user's overall understanding of the Company's current financial performance relative to past performance and provides, along with the nearest GAAP measures, a baseline for modeling future earnings expectations. Non-GAAP measures are reconciled to comparable GAAP financial measures within this press release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company's reported GAAP results. Additionally, the Company notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

**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 in this press release, including, but not limited to, those risks and uncertainties more fully described from time to time in the Company's public reports filed with the Securities and Exchange Commission, including under the section titled "Risk Factors" in the Company's Annual Report on Form 10-K, and/or Quarterly Reports on Form 10-Q, as well as in the Company's 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.

**Contact:**

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 Contact:**

Jonathan Keehner / Andrew Siegel

Joele Frank, Wilkinson Brimmer Katcher

212-355-4449

------

#### CADRE HOLDINGS, INC.

#### CONSOLIDATED BALANCE SHEETS
**(Unaudited)**

**(In thousands, except share and per share amounts)**

---

| | | |
|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** |
| **Assets** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $45286 | $33857 |
| &nbsp;&nbsp;Accounts receivable, net  | 64557 | 48344 |
| &nbsp;&nbsp;Inventories | 70273 | 63978 |
| &nbsp;&nbsp;Prepaid expenses | 10091 | 10353 |
| &nbsp;&nbsp;Other current assets | 6811 | 3171 |
| &nbsp;&nbsp;Assets held for sale  |  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | 197018 | 159981 |
| Property and equipment, net  | 45285 | 33053 |
| Operating lease assets | 8489 |  |
| Deferred tax assets, net | 2255 | 7059 |
| Intangible assets, net | 50695 | 42415 |
| Goodwill | 81576 | 66262 |
| Other assets | 6634 | 3026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $391952 | $311796 |
| **Liabilities, Mezzanine Equity and Shareholders' Equity** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;Accounts payable | $23406 | $19328 |
| &nbsp;&nbsp;Accrued liabilities | 38720 | 40736 |
| &nbsp;&nbsp;Income tax payable | 4584 | 1255 |
| &nbsp;&nbsp;Liabilities held for sale  |  | 128 |
| &nbsp;&nbsp;Current portion of long-term debt | 12211 | 13174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | 78921 | 74621 |
| Long-term debt | 137476 | 146516 |
| Long-term operating lease liabilities | 4965 |  |
| Deferred tax liabilities | 3508 | 1297 |
| Other liabilities | 1192 | 722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 226062 | 223156 |
| Mezzanine equity |  |  |
| &nbsp;&nbsp;Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and December 31, 2021) |  |  |
| Shareholders' equity |  |  |
| &nbsp;&nbsp;Common stock ($0.0001 par value, 190,000,000 shares authorized, 37,332,271 and 34,383,350 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) | 4 | 3 |
| &nbsp;&nbsp;Additional paid-in capital | 206540 | 127606 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss) | 2087 | (1917) |
| &nbsp;&nbsp;Accumulated deficit | (42741) | (37052) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total shareholders' equity** | 165890 | 88640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities, mezzanine equity and shareholders' equity** | $391952 | $311796 |

---

------

#### CADRE HOLDINGS, INC.
**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

**(In thousands, except share and per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,**  | **Three Months Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2022** | **2021** | **2022** | **2021** |
| Net sales | $123645 | $103537 | $457837 | $427288 |
| Cost of goods sold | 75117 | 64342 | 282159 | 256598 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Gross profit** | 48528 | 39195 | 175678 | 170690 |
| Operating expenses |  |  |  |  |
| &nbsp;&nbsp;Selling, general and administrative | 34857 | 27794 | 153288 | 114962 |
| &nbsp;&nbsp;Restructuring and transaction costs | 975 | 1939 | 4355 | 3430 |
| &nbsp;&nbsp;Related party expense | 132 | 142 | 1478 | 579 |
| &nbsp;&nbsp;Other general income | (159) |  | (159) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total operating expenses** | 35805 | 29875 | 158962 | 118971 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Operating income** | 12723 | 9320 | 16716 | 51719 |
| Other expense |  |  |  |  |
| &nbsp;&nbsp;Interest expense | (1710) | (2296) | (6206) | (16425) |
| &nbsp;&nbsp;Loss on extinguishment of debt |  |  |  | (15155) |
| &nbsp;&nbsp;Other expense, net | 1675 | (66) | (1137) | (947) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total other expense, net** | (35) | (2362) | (7343) | (32527) |
| Income before provision for income taxes | 12688 | 6958 | 9373 | 19192 |
| Provision for income taxes | (6089) | (2670) | (3553) | (6531) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net income** | $6599 | $4288 | $5820 | $12661 |
| **Net income per share:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.18 | $0.13 | $0.16 | $0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.17 | $0.13 | $0.16 | $0.44 |
| **Weighted average shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 37332271 | 31908350 | 36109844 | 28598692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 37887600 | 31908350 | 36122374 | 28598692 |

---

------

#### CONSOLIDATED STATEMENTS OF CASH FLOWS
**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,**  | **Year Ended December 31,**  |
|  | **2022** | **2021** |
| **Cash Flows From Operating Activities:** |  |  |
| &nbsp;&nbsp;Net income | $5820 | $12661 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 15651 | 13718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of original issue discount and debt issue costs | 740 | 3193 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of inventory step-up | 4255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (1087) | 4772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 31858 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of fixed assets | (170) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for (recoveries from) losses on accounts receivable | 417 | (188) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss | 1517 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of impact of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (11536) | (4641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1162 | (3189) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (7711) | (4564) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 5493 | 2720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 46409 | 40094 |
| **Cash Flows From Investing Activities:** |  |  |
| &nbsp;&nbsp;Purchase of property and equipment | (4494) | (2832) |
| &nbsp;&nbsp;Proceeds from disposition of property and equipment | 411 |  |
| &nbsp;&nbsp;Business acquisitions, net of cash acquired | (55543) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (59626) | (2832) |
| **Cash Flows From Financing Activities:** |  |  |
| &nbsp;&nbsp;Proceeds from revolving credit facilities | 43000 | 257980 |
| &nbsp;&nbsp;Principal payments on revolving credit facilities | (43000) | (258612) |
| &nbsp;&nbsp;Proceeds from term loans |  | 198716 |
| &nbsp;&nbsp;Principal payments on term loans | (10116) | (266000) |
| &nbsp;&nbsp;Proceeds from insurance premium financing | 3989 | 5010 |
| &nbsp;&nbsp;Principal payments on insurance premium financing | (4952) | (3061) |
| &nbsp;&nbsp;Payment of capital leases | (25) | (43) |
| &nbsp;&nbsp;Payments for debt issuance costs |  | (2198) |
| &nbsp;&nbsp;Payments on extinguishment of debt |  | (4217) |
| &nbsp;&nbsp;Taxes paid in connection with employee stock transactions | (6300) |  |
| &nbsp;&nbsp;Proceeds from initial public offering, net of underwriter discounts |  | 83421 |
| &nbsp;&nbsp;Proceeds from secondary offering, net of underwriter discounts | 56329 |  |
| &nbsp;&nbsp;Deferred offering costs | (2953) | (4841) |
| &nbsp;&nbsp;Dividends distributed | (11509) | (12751) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | 24463 | (6596) |
| Effect of foreign exchange rates on cash and cash equivalents | 183 | 318 |
| Change in cash and cash equivalents | 11429 | 30984 |
| Cash and cash equivalents, beginning of period | 33857 | 2873 |
| Cash and cash equivalents, end of period | $45286 | $33857 |
| **Supplemental Disclosure of Cash Flows Information:** |  |  |
| &nbsp;&nbsp;Cash paid for income taxes, net  | $1395 | $1158 |
| &nbsp;&nbsp;Cash paid for interest | $6109 | $13336 |
| **Supplemental Disclosure of Non-Cash Investing and Financing Activities:** |  |  |
| &nbsp;&nbsp;Accruals and accounts payable for capital expenditures | $172 | $197 |

---

------

#### CADRE HOLDINGS, INC.

#### SEGMENT INFORMATION
**(Unaudited)**

**(In thousands)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** | **Three months ended December 31, 2022** |
|  | <br>**Product** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>**Total** |
| Net sales | $107482 | $23270 | $(7107) | $123645 |
| Cost of goods sold | 64053 | 18196 | (7132) | 75117 |
| &nbsp;&nbsp;Gross profit | $43429 | $5074 | $25 | $48528 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** | **Three months ended December 31, 2021** |
|  | <br>**Product** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>**Total** |
| Net sales | $88150 | $20957 | $(5570) | $103537 |
| Cost of goods sold | 53957 | 15953 | (5568) | 64342 |
| &nbsp;&nbsp;Gross profit | $34193 | $5004 | $(2) | $39195 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** | **Year ended December 31, 2022** |
|  | <br>**&nbsp;&nbsp;&nbsp;&nbsp;Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>**&nbsp;&nbsp;&nbsp;&nbsp; Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $385423 | $97106 | $(24692) | $457837 |
| Cost of goods sold | 230245 | 76633 | (24719) | 282159 |
| &nbsp;&nbsp;Gross profit | $155178 | $20473 | $27 | $175678 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** | **Year ended December 31, 2021** |
|  | <br>**&nbsp;&nbsp;&nbsp;&nbsp;Product&nbsp;&nbsp;&nbsp;&nbsp;** | <br>**Distribution** | **Reconciling**<br> **Items**<sup>(1)</sup> | <br>**&nbsp;&nbsp;&nbsp;&nbsp; Total&nbsp;&nbsp;&nbsp;&nbsp;**  |
| Net sales | $362189 | $90043 | $(24944) | $427288 |
| Cost of goods sold | 213881 | 67649 | (24932) | 256598 |
| &nbsp;&nbsp;Gross profit | $148308 | $22394 | $(12) | $170690 |

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------

&nbsp;&nbsp;&nbsp;&nbsp;(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)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**  | **Three Months Ended**  | **Year Ended** | **Year Ended** |
|  | **December 31,**  | **December 31,**  | **December 31,**  | **December 31,**  |
|  | **2022** | **2021** | **2022** | **2021** |
| Net income | $6599 | $4288 | $5820 | $12661 |
| &nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4332 | 3292 | 15651 | 13718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 1710 | 2296 | 6206 | 16425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 6089 | 2670 | 3553 | 6531 |
| **EBITDA** | $18730 | $12546 | $31230 | $49335 |
| &nbsp;&nbsp;Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring and transaction costs<sup>(1)</sup> | 975 | 1939 | 5355 | 3430 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other general income<sup>(2)</sup> | (159) |  | (159) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt<sup>(3)</sup> |  |  |  | 15155 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net<sup>(4)</sup> | (1675) | 66 | 1137 | 947 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense<sup>(5)</sup> | 2878 | 355 | 32239 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation payroll tax expense<sup>(6)</sup> |  |  | 305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;LTIP bonus<sup>(7)</sup> | 436 | 358 | 1369 | 2162 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of inventory step-up<sup>(8)</sup> | 1200 |  | 4255 |  |
| **Adjusted EBITDA** | $22385 | $15264 | $75731 | $71384 |
| Less: Capital expenditures | (1456) | (804) | (4666) | (3029) |
| Adjusted EBITDA less capital expenditures | $20929 | $14460 | $71065 | $68355 |
| **Adjusted EBITDA conversion rate**<sup>(9)</sup> | **93%** | **95%** | **94%** | **96%** |
| **Adjusted EBITDA margin**<sup>(10)</sup> | **18.1%** | **14.7%** | **16.5%** | **16.7%** |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the "Restructuring and transaction costs" line item on our consolidated statement of operations, which primarily includes transaction costs composed of legal and consulting fees, and $1.0 million paid to Kanders & Company, Inc., a company controlled by our Chief Executive Officer, for services related to the acquisition of Cyalume, which is included in related party expense in the Company's consolidated statements of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Reflects the "Other general income" line item on our consolidated statement of operations and includes a gain from a long-lived asset sale.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Reflects losses incurred in connection with the August 2021 debt refinance.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Reflects the "Other expense, net" line item on our consolidated statement of operations and primarily includes losses on foreign currency transactions .

&nbsp;&nbsp;&nbsp;&nbsp;(5) Reflects compensation expense related to equity and liability classified stock-based compensation plans.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Reflects payroll taxes associated with vested stock-based compensation awards.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Reflects amortization expense related to the step-up inventory adjustment recorded as part of the recent acquisitions.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Reflects (Adjusted EBITDA less capital expenditures) / Adjusted EBITDA.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Reflects Adjusted EBITDA / Net Sales for the relevant periods.

------

## Exhibit 99.2

#### Exhibit 99.2

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FOURTH QUARTER 2022 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 FORWARD-LOOKING STATEMENTS Except for historical information, certain matters discussed in this presentation 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 economic, social and political 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 presentation are based upon information available to the Company as of the date of this presentation, 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 presentation. 2 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TODAY'S PRESENTERS 3 BRAD WILLIAMS President BLAINE BROWERS Chief Financial Officer WARREN KANDERS Chief Executive Officer and Chairman of the Board |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 AGENDA • Q4 and FY22 Highlights • Business Overview • Financial Summary • Full Year 2023 Outlook • Conclusion and Q&A |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 CONTINUED EXECUTION IN Q4 Cadre continues to deliver on strategic objectives in a challenging supply chain and inflationary environment Pricing Growth: ✓ Exceeded 1% target above material inflation Adjusted EBITDA Conversion:1 ✓ Generated Adj. EBITDA conversion of 93% in Q4, within our guidance range Q4 Mix: ✓ Higher Duty Gear and EOD shipments resulted in continued product mix improvement as expected Orders Backlog: ✓ Maintained strong orders backlog of $117.9 million as of December 31, 2022 Healthy M&A Funnel: ✓ Continue to actively evaluate pipeline of opportunities Returned Capital to Shareholders: ✓ Declared sixth consecutive quarterly dividend of $0.08 Commentary: 1. Adj. EBITDA conversion (%) defined as (Adj. EBITDA –capital expenditure) / Adj. EBITDA. Adjusted EBITDA is a non-GAAP financial measure. See slide 22 for definitions and reconciliations to the nearest GAAP measures |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 MACRO TAILWINDS SUPPORT LONG TERM SUSTAINABLE GROWTH OPPORTUNITY Two-thirds of all NATO countries spend less than 2% of GDP targets on defense and security Amidst current geopolitical turmoil, European leaders have advocated for significant increases in defense budgets Police protection expenditures have continued to trend upward even during previous financial and industrial recessions Major US cities continue to increase police budgets The American Rescue Plan provides $350 billion to hire more police  |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 • Spend per officer increasing but police departments still struggling to fill open positions • Anticipate larger opportunities to provide safety and survivability equipment as conflict de-escalates • Conditions improving but continue to experience pockets of extended lead times • Managing labor force for long-term • Demand remains stable but monitoring macro consumer demand weakness/uncertainty North American Law Enforcement Geopolitical Landscape Supply Chain/ Labor Consumer LATEST MARKET TRENDS |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 SAFARI-VAULT: FEATURES & BENEFITS New Shell Architecture • Thicker Material • Bolted Construction Classic Optic Cover Reused Proven Weapon Retention Feature Open Bottom Design for Debris Added Features for Firearm Clearing and Longer Weapons Stabilization and Guiding Modern Industrial Design • Streamlined to Prevent Snags • Protected Internal Components Fits more Lights and Optics Industry Leading Mounting Platform |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 HYPERX TACTICAL ARMOR PLATFORM: KEY FEATURES • Designed to capture the functionality of a plate rack, but with the additional protection offered by full-coverage armor systems • Capitalize on our strengths in Hard Armor and Soft Ballistics technology to form a purpose-built system that eliminates excess material, weight, and bulk • Innovative design creating market leading adaptability which sets a new standard in customization and scalability in a tactical armor system |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g011.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111320 CADRE'S KEY M&ACRITERIA Niche market No large-cap competition Leading market position Cost structurewherematerial> labor Leading and defensible technology High cost of substitution Mission-critical tocustomer Recurring revenueprofile Asset-light Business Financial Market Strong brandrecognition Attractive ROIC Resiliency through market cycles CADRE'S KEY M&A CRITERIA 11 |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g012.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 1. Includes $32.2 million stock-based compensation expense 2. Includes $15.2 million loss on extinguishment of debt 3. A non-GAAP financial measure. See slide 22 for definitions and reconciliations to the nearest GAAP measures FOURTH QUARTER AND FULL YEAR 2022 HIGHLIGHTS Q4 2022 Q4 2021 FY 2022 FY 2021 NET SALES $123.6M $103.5M $457.8M $427.3M GROSS MARGIN 39.2% 37.9% 38.4% 39.9% NET INCOME $6.6M / $0.17 per diluted share $4.3M / $0.13 per diluted share $5.8M1 / $0.16 per diluted share $12.7M2 / $0.44 per diluted share ADJUSTED EBITDA 3 $22.4M $15.3M $75.7M $71.4M ADJUSTED EBITDA 3 MARGIN 18.1% 14.7% 16.5% 16.7% ADJUSTED EBITDA 3 CONVERSION 93% 95% 94% 96% • Achieved pricing growth that exceeded target and generated strong gross margin and adjusted EBITDA conversion • Increased net sales, net income, and adjusted EBITDA from Q3 to Q4 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g013.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 NET SALES AND ADJUSTED EBITDA 1. A non-GAAP financial measure. See slide 22 for definitions and reconciliations to the nearest GAAP measures NET SALES ($MM) $404.6 $427.3 $457.8 2020 2021 2022 % CAGR 6.4% % Y/Y GROWTH 7.1% ADJ. EBITDA1 ($MM) $58.0 $71.4 $75.7 2020 2021 2022 Adj. EBITDA Margin1 14.3% 16.7% 16.5% % CAGR 14.3% % Y/Y GROWTH 6.1% |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g014.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 Q4 2022 CAPITAL STRUCTURE 1. Non-GAAP financial measures. See slide 22 for definitions and reconciliations to the nearest GAAPmeasures December 31, 2022 (in thousands) Cash and cash equivalents $45,286 Debt: Revolver $— Current portion of long-term debt 12,211 Long-term debt 139,076 Capitalized discount/issuance costs (1600) Total debt, net $149,687 Net debt (Total debt net of cash) $104,401 Total debt / Adj. EBITDA(1) 2.0 Net debt / Adj. EBITDA(1) 1.4 Adj. EBITDA(1) $75,731 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g015.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 2023 MANAGEMENT OUTLOOK 2023 GUIDANCE NET SALES $463M to $493M Adj. EBITDA $76.0M to $82.0M Adj. EBITDA Conversion 87% to 90% 1. A non-GAAP financial measure. See slide 22 for definitions and reconciliations to the nearest GAAP measures |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g016.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONCLUSION 16 Record 2022 net Sales and Adj. EBITDA Completed two accretive acquisitions in 2022 Exceeded 1% target above material inflation Committed to improving gross and Adj. EBITDA margins Capitalizing on strong macro tailwinds driving demand and visibility for Cadre's mission-critical products Continuously focused on M&A opportunities |

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|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g017.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 APPENDIX |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g018.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 BALANCE SHEET UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) December 31, 2022 December 31, 2021 Assets Current assets Cash and cash equivalents $45,286 $33,857 Accounts receivable, net 64,557 48,344 Inventories 70,273 63,978 Prepaid expenses 10,091 10,353 Other current assets 6,811 3,171 Assets held for sale — 278 Total current assets 197,018 159,981 Property and equipment, net 45,285 33,053 Operating lease assets 8,489 — Deferred tax assets, net 2,255 7,059 Intangible assets, net 50,695 42,415 Goodwill 81,576 66,262 Other assets 6,634 3,026 Total assets $391,952 $311,796 Liabilities, Mezzanine Equity and Shareholders' Equity Current liabilities Accounts payable $23,406 $19,328 Accrued liabilities 38,720 40,736 Income tax payable 4,584 1,255 Liabilities held for sale — 128 Current portion of long-term debt 12,211 13,174 Total current liabilities 78,921 74,621 Long-term debt 137,476 146,516 Long-term operating lease liabilities 4,965 — Deferred tax liabilities 3,508 1,297 Other liabilities 1,192 722 Total liabilities 226,062 223,156 Mezzanine equity Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of December 31, 2022 and December 31, 2021) — — Shareholders' equity Common stock ($0.0001 par value, 190,000,000 shares authorized, 37,332,271 and 34,383,350 shares issued and outstanding as of December 31, 2022 and December 31, 2021, respectively) 4 3 Additional paid-in capital 206,540 127,606 Accumulated other comprehensive income (loss) 2,087 (1917) Accumulated deficit (42741) (37052) Total shareholders' equity 165,890 88,640 Total liabilities, mezzanine equity and shareholders' equity $391,952 $311,796 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g019.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 STATEMENT OF OPERATIONS UNAUDITED (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Net sales $123,645 $103,537 $457,837 $427,288 Cost of goods sold 75,117 64,342 282,159 256,598 Gross profit 48,528 39,195 175,678 170,690 Operating expenses Selling, general and administrative 34,857 27,794 153,288 114,962 Restructuring and transaction costs 975 1,939 4,355 3,430 Related party expense 132 142 1,478 579 Other general income (159) — (159) — Total operating expenses 35,805 29,875 158,962 118,971 Operating income 12,723 9,320 16,716 51,719 Other expense Interest expense (1710) (2296) (6206) (16425) Loss on extinguishment of debt — — — (15155) Other expense, net 1,675 (66) (1137) (947) Total other expense, net (35) (2362) (7343) (32527) Income before provision for income taxes 12,688 6,958 9,373 19,192 Provision for income taxes (6089) (2670) (3553) (6531) Net income $6,599 $4,288 $5,820 $12,661 Net income per share: Basic $0.18 $0.13 $0.16 $0.44 Diluted $0.17 $0.13 $0.16 $0.44 Weighted average shares outstanding: Basic 37,332,271 31,908,350 36,109,844 28,598,692 Diluted 37,887,600 31,908,350 36,122,374 28,598,692 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g020.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 STATEMENT OF CASH FLOWS UNAUDITED (IN THOUSANDS) Year Ended December 31, 2022 2021 Cash Flows From Operating Activities: Net income $5,820 $12,661 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 15,651 13,718 Amortization of original issue discount and debt issue costs 740 3,193 Amortization of inventory step-up 4,255 — Loss on extinguishment of debt — 15,155 Deferred income taxes (1087) 4,772 Stock-based compensation 31,858 355 Gain on sale of fixed assets (170) — Provision for (recoveries from) losses on accounts receivable 417 (188) Foreign exchange loss 1,517 102 Changes in operating assets and liabilities, net of impact of acquisitions: Accounts receivable (11536) (4641) Inventories 1,162 (3189) Prepaid expenses and other assets (7711) (4564) Accounts payable and other liabilities 5,493 2,720 Net cash provided by operating activities 46,409 40,094 Cash Flows From Investing Activities: Purchase of property and equipment (4494) (2832) Proceeds from disposition of property and equipment 411 — Business acquisitions, net of cash acquired (55543) — Net cash used in investing activities (59626) (2832) Continued on next slide |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g021.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 STATEMENT OF CASH FLOWS - CONTINUED UNAUDITED (IN THOUSANDS) Year Ended December 31, 2022 2021 Cash Flows From Financing Activities: Proceeds from revolving credit facilities 43,000 257,980 Principal payments on revolving credit facilities (43000) (258612) Proceeds from term loans — 198,716 Principal payments on term loans (10116) (266000) Proceeds from insurance premium financing 3,989 5,010 Principal payments on insurance premium financing (4952) (3061) Payment of capital leases (25) (43) Payments for debt issuance costs — (2198) Payments on extinguishment of debt — (4217) Taxes paid in connection with employee stock transactions (6300) — Proceeds from initial public offering, net of underwriter discounts — 83,421 Proceeds from secondary offering, net of underwriter discounts 56,329 — Deferred offering costs (2953) (4841) Dividends distributed (11509) (12751) Net cash provided by (used in) financing activities 24,463 (6596) Effect of foreign exchange rates on cash and cash equivalents 183 318 Change in cash and cash equivalents 11,429 30,984 Cash and cash equivalents, beginning of period 33,857 2,873 Cash and cash equivalents, end of period $45,286 $33,857 Supplemental Disclosure of Cash Flows Information: Cash paid for income taxes, net $1,395 $1,158 Cash paid for interest $6,109 $13,336 Supplemental Disclosure of Non-Cash Investing and Financing Activities: Accruals and accounts payable for capital expenditures $172 $197 |

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| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](cdre-20230315xex99d2g022.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 1. Reflects the "Restructuring and transaction costs" line item on our consolidated statement of operations, which primarily includes transaction costs composed of legal and consulting fees, and $1.0 million paid to Kanders& Company, Inc., a company controlled by our Chief Executive Officer, for services related to the acquisition of Cyalume, which is included in related party expense in the Company's consolidated statements of operations. 2. Reflects the "Other general income" line item on our consolidated statement of operations and includes a gain from a long-lived asset sale. 3. Reflects losses incurred in connection with the August 2021 debt refinance. 4. Reflects the "Other expense, net" line item on our consolidated statement of operations and primarily includes losses on foreign currency transactions. 5. Reflects compensation expense related to equity and liability classified stock-based compensation plans. 6. Reflects payroll taxes associated with vested stock-based compensation awards. 7. Reflects the cost of a cash-based long-term incentive plan awarded to employees that vests over three years. 8. Reflects amortization expense related to the step-up inventory adjustment recorded as part of the recent acquisitions. 9. Reflects (Adjusted EBITDA less capital expenditures) / Adjusted EBITDA. 10. Reflects Adjusted EBITDA / Net Sales for the relevant periods. 22 (IN THOUSANDS) NON-GAAP RECONCILIATION Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 2020 Net income $6,599 $4,288 $5,820 $12,661 $38,453 Add back: Depreciation and amortization 4,332 3,292 15,651 13,718 14,733 Interest expense 1,710 2,296 6,206 16,425 24,388 Provision for income taxes 6,089 2,670 3,553 6,531 (10578) EBITDA $18,730 $12,546 $31,230 $49,335 $66,996 Add back: Restructuring and transaction costs(1) 975 1,939 5,355 3,430 5,822 Other general income(2) (159) — (159) — (10950) Loss on extinguishment of debt(3) — — — 15,155 200 Other expense, net(4) (1675) 66 1,137 947 (2659) Stock-based compensation expense(5) 2,878 355 32,239 355 (1427) Stock-based compensation payroll tax expense(6) — — 305 — — LTIP bonus(7) 436 358 1,369 2,162 — Amortization of inventory step-up(8) 1,200 — 4,255 — — Adjusted EBITDA $22,385 $15,264 $75,731 $71,384 $57,982 Less: Capital expenditures (1456) (804) (4666) (3029) (4708) Adjusted EBITDA less capital expenditures $20,929 $14,460 $71,065 $68,355 $53,274 Adjusted EBITDA conversion rate(9) 93 % 95 % 94 % 96 92% Adjusted EBITDA margin(10) 18.1 % 14.7 % 16.5 % 16.7 14.3% |

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