Cadre Holdings IPO Presentation Deck
HIGH RETURNS ON INVESTED CAPITAL
16.2% LTM ADJ. EBITDA MARGIN
✈
Attractive Margins and NOPAT ¹
• Profitable top line growth through new product
launches, price increases, gained customer
wallet share and international expansion
CADRE 2.
HOLDINGS 3.
19.5% RETURN ON INVESTED CAPITAL 3,4
+
20.5% OF LTM NET SALES
Low Working Capital 2
• Business not required to carry overly
burdensome amounts of working capital
. Minimal seasonality with working capital swings
of less than $10 million
+
0.8% OF LTM NET SALES
✓
• Asset-light business model with minimal capital
expenditure needs
Limited Capital Expenditures
• Low capital expenditures provide high FCF
conversion which can be utilized for expansion
initiatives and corporate finance alternatives
Non GAAP financial measure: NOPAT defined as Adi EBITDA-DRAY (1 tax rate: Assumes 28% tax te
Working Capital defined as accounts receivable, net+ inventories-accounts payatin
Nan GAAP financial measure: Return on invested Capital defined as NOPAT/(Total Debit + Book Value of Equity; also defined as NOPAT/(Net Working Capital PPC net+ Goodwill - Other Operating Assets)
LTM as of 6/30/2021 Assumes Total Debt of $2129 million, Total Shareholders' Equity of $2.4 million and NOPATY of $41.1 million
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