Cadre Holdings IPO Presentation Deck
EBITDA RECONCILIATION
ADJUSTED EBITDA AND EBITDA CONVERSION RECONCILIATION
(SMM)
Net Sales
Net Income (Loss)
Depreciation & Amortization
Interest Expense
Provision (Benefit) For Income Taxes
EBITDA
1 Restructuring and Transaction Costs
2 Other General Income
3 Other (Expense) Income, Net
4 Contingent Consideration and Other
5 LTIP Bonus
6 Goodwill Impairment
Adj. EBITDA - Total¹
Adj. EBITDA Margin (%) ²
Capital Expenditures
Adj. EBITDA - Capex
Adj. EBITDA Conversion Rate (%)³
CADRE
HOLDINGS
1.
2019A
420.7
($1.9)
15.4
(0.1)
$43.2
0.9
(7.6)
(0.4)
0.0
0.0
7.6
$43.7
10.4%
(3.1)
$40.6
92.9%
2020A
$404.6
$38.5
14.7
(10.6)
$67.0
5.8
(11.0)
(2.7)
(1.2)
$58.0
14.3%
(4.7)
$53.3
91.9%
LTM
6/30/2021
$438.5
$35.9
14.1
(5.7)
$66.8
0.0
(1.2)
1.3
0.0
$71.2
16.2%
(3.6)
$67.7
95.0%
2020
$191.3
$16.2
12.6
1.1
$37.6
3.0
(11.0)
(2.1)
$27.4
14.3%
(2.6)
$24.8
90.4%
2021
$225.1
$13.7
7.0
10.7
6.0
$37.3
Adj. EBITDA defined as earnings before interest, taxes, depreciation and amortization + adjustments
Adj. EBITDA margin (%) defined as Adj. EBITDA/ net sales
Adi EBITDA conversion rate (N) defined as (Adj. EBITDA-capex)/Ad. EBITDA
1.5
0.5
1.3
0.0
$40.7
18.1%
(1.5)
$39.2
96.3%
DESCRIPTION OF ADJUSTMENTS
1
2 Includes a gain from a long-lived asset sale and earn-out stock payments in
2020A and gain from Mustang sale and earn-out stock payments in
2019A.
3
Transaction costs composed of legal and consulting fees in 2020A and
termination benefits and relocation of employees associated with
consolidating or closing of facilities in 2019A.
Includes realized gain on equity securities offset in part by a stock collar
transaction entered into in order to mitigate the impact of market volatility
in 2020A and unrealized gains on equity securities offset by losses on
foreign currency transactions in 2019A.
4 Reflects a gain on the settlement of contingent consideration offset
partially by debt extinguishment write-offs.
6
5
Reflects the cost of a cash-based long-term incentive plan awarded to
employees that vest over three years.
Reflects primarily goodwill impairment expense in 2019A relating to the
distribution reporting unit.View entire presentation