Cadre Holdings Inc (CDRE) 2025 Q4 法說會逐字稿

Ladies and gentlemen, good morning, and welcome to Cadre Holdings' Fourth Quarter 2025 Conference Call. Today's call is being recorded. (Operator Instructions)

各位女士先生，早安，歡迎參加 Cadre Holdings 2025 年第四季電話法說會。今天的電話會議將被錄音。（接線員指示）

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.

此刻，我想將會議交給 IGB Group 的 Matt Berkowitz 進行介紹並宣讀安全港聲明。先生，請開始。

Thank you, and welcome to today's conference call to discuss Cadre's fourth quarter results. Before we begin, I'd like to remind everyone that during today's call, we will be making several forward-looking statements, and we make these statements under the safe harbor 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 filed with the Securities and Exchange Commission.

謝謝，歡迎各位參加今天的電話會議，討論 Cadre 的第四季業績。在開始之前，我想提醒各位，在今天的電話會議中，我們將作出若干前瞻性陳述，且我們依據 1995 年《私人證券訴訟改革法案》的安全港條款作出這些陳述。這些前瞻性陳述反映我們基於對目前已知資訊之理解所作出的最佳估計與假設。這些前瞻性陳述受到 Cadre 以及我們所處產業與市場面臨之風險與不確定性影響。有關可能影響 Cadre 財務結果之潛在因素的更多資訊，將不時載於 Cadre 向美國證券交易委員會提交的公開報告中。

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.

另請注意，我們已在網站 www.cadre-holdings.com 上發布簡報資料，以補充我們今天上午的評論，並包含若干非 GAAP 財務衡量指標的調節表。

I'd like to remind everyone that this call will be available for replay through March 25, 2026. A webcast replay will also be available via the link provided in yesterday's press release as well as on Cadre's website.

我想提醒各位，本次電話會議將提供重播至 2026 年 3 月 25 日。網路直播重播也可透過昨日新聞稿所提供的連結以及 Cadre 的網站取得。

At this time, I would like to turn the call over to Cadre's Chairman and CEO, Warren Kanders.

此刻，我想將電話會議交給 Cadre 董事長兼執行長 Warren Kanders。

Good morning, and thank you for joining Cadre's earnings call to discuss our results for the fourth quarter and full year 2025. I am joined today by our President, Brad Williams; and Chief Financial Officer, Blaine Browers. Fiscal 2025 was another year of steady progress for Cadre. Our focus remains consistent, building a company that delivers mission-critical technologies for professionals operating in demanding environments while generating disciplined and sustainable growth for our shareholders. Throughout the year, we made progress in three areas: strengthening our portfolio, integrating our businesses and continuing to build demand across our core markets in public safety, defense, and nuclear safety.

早安，感謝各位參加 Cadre 的財報電話會議，討論我們 2025 年第四季及全年業績。今天與我一同出席的有總裁 Brad Williams，以及財務長 Blaine Browers。2025 會計年度對 Cadre 而言是穩健進展的又一年。我們的重點始終如一：打造一家能為在嚴苛環境中作業的專業人士提供任務關鍵技術的公司，同時為股東創造有紀律且可持續的成長。全年我們在三個方面取得進展：強化產品組合、整合旗下業務，並持續在公共安全、國防與核安等核心市場建立需求。

First, we expanded our capabilities with the acquisition of Carr's Engineering. Carr's is a well-regarded provider of engineered solutions serving the nuclear safety market. The business brings deep technical expertise and long-standing customer relationships, and that fits well with our strategy of investing in specialized companies that operate in highly demanding environments. During the year, we also signed an agreement to acquire TYR Tactical, a company widely recognized for its advanced protective equipment and strong reputation with military and law enforcement customers. That transaction closed earlier in 2026, and we are excited to welcome TYR to the Cadre platform.

首先，我們透過收購 Carr's Engineering 擴充了能力。Carr's 是核安市場中備受肯定的工程化解決方案供應商。該業務帶來深厚的技術專長與長期的客戶關係，這與我們投資於在高度嚴苛環境中運作之專業公司策略高度契合。同年，我們也簽署協議收購 TYR Tactical；該公司以先進防護裝備聞名，並在軍方與執法客戶間享有良好聲譽。該交易已於 2026 年初完成交割，我們很高興歡迎 TYR 加入 Cadre 平台。

We believe their capabilities and product portfolio are highly complementary to our existing businesses and further strengthen our position in mission-critical safety solutions. At the same time, we continue integrating the businesses we have brought into Cadre over the past several years. Building a strong portfolio is only the real first step. Real value comes from operating as a cohesive platform, aligning leadership, sharing engineering capabilities and strengthening how we go to market. We made solid progress on that front in 2025.

我們相信其能力與產品組合與我們既有業務高度互補，並進一步強化我們在任務關鍵安全解決方案領域的地位。同時，我們也持續整合過去數年納入 Cadre 的各項業務。建立強健的產品組合只是第一步。真正的價值來自於以一致的平台方式運作：對齊領導團隊、共享工程能力，並強化我們的市場推進方式。我們在 2025 年於此方面取得了扎實進展。

Operationally, we also saw strong demand across many of our end markets. Our team secured a number of meaningful contract wins during the year, particularly in advanced sensor technologies and blast mitigation seating, areas where performance and reliability are essential. These programs reinforce the trust our customers place in our technologies and in the Cadre brands. As a result, we continue to build backlog, providing increased visibility as we move forward. That backlog reflects both the strength of our portfolio and the long-term nature of many of our customer relationships.

在營運面，我們也看到多個終端市場需求強勁。我們的團隊在年度內取得多項重要合約，尤其是在先進感測技術與防爆緩衝座椅等領域，這些領域對性能與可靠性要求極高。這些專案強化了客戶對我們技術與 Cadre 品牌的信任。因此，我們持續累積在手訂單（backlog），在未來推進上提供更高的能見度。該在手訂單反映了我們產品組合的實力，以及我們與許多客戶關係的長期性。

Importantly, we entered the new year with a strong balance sheet. That financial strength allows us to remain disciplined, but also opportunistic, continue to invest in the businesses while pursuing acquisitions that expand our capabilities and market reach. We maintain an active M&A pipeline and are focused on opportunities that fit our strategy and meet our return thresholds. Stepping back, what's encouraging is the consistency of our progress. Year after year, we've continued to strengthen the platform, expanding our capabilities, integrating our businesses, and serving the markets where our technologies truly matter.

重要的是，我們以強健的資產負債表迎接新的一年。這樣的財務實力讓我們能保持紀律，同時也能把握機會：持續投資於各項業務，並追求能擴大我們能力與市場觸及的併購。我們維持活躍的併購（M&A）案源管線，並聚焦於符合我們策略且達到報酬門檻的機會。從更宏觀的角度來看，令人鼓舞的是我們進展的一致性。年復一年，我們持續強化平台、擴充能力、整合業務，並服務那些我們技術真正至關重要的市場。

I would like to thank our employees across the organization for their commitment and expertise as well as our customers and partners for their continued trust, and I want to thank our shareholders for their ongoing support.

我想感謝全體員工的投入與專業，也感謝我們的客戶與合作夥伴持續的信任，並感謝股東一路以來的支持。

With that, thank you for being with us today. I will turn the call over to Brad. Brad, over to you.

以上，感謝各位今天與會。我將把電話會議交給 Brad。Brad，交給你。

Thank you, Warren. On today's call, Blaine and I will provide a Q4 update and business overview, including recent trends and financial performance as well as our 2026 outlook, followed by a Q&A session. We'll begin on slide 5. We delivered on our strategic objectives in the fourth quarter, driven by strong and recurring demand for our mission-critical safety products combined with the continued implementation of our operating model. Favorable mix in the quarter reflected higher duty gear volume and lower distribution volume.

謝謝你，Warren。在今天的電話會議中，Blaine 和我將提供第四季更新與業務概覽，包括近期趨勢與財務表現，以及我們對 2026 年的展望，之後進行問答。我們將從第 5 頁投影片開始。在第四季，我們達成了策略目標，主要受惠於任務關鍵安全產品強勁且具重複性的需求，以及我們營運模式的持續落實。本季有利的產品組合反映了執勤裝備（duty gear）出貨量較高，以及通路分銷量較低。

Orders backlog was up significantly. 2025 order growth plus the addition of Carr's Engineering division in April resulted in a nearly 50% increase in our backlog versus last year. This includes the Blast Exposure Monitoring System, or BEMO, contract that we discussed last quarter. As a reminder, this is a $50 million IDIQ contract and represents a major achievement for our team and key milestone in our work with the US military.

在手訂單大幅上升。2025 年訂單成長，加上 4 月納入 Carr's Engineering 事業部，使我們的在手訂單相較去年增加近 50%。其中包含我們上季討論的爆震暴露監測系統（Blast Exposure Monitoring System，BEMO）合約。提醒各位，這是一份 5,000 萬美元的 IDIQ 合約，代表我們團隊的一項重大成就，也是我們與美國軍方合作的重要里程碑。

Based on the expectations we have previously outlined for 2025, you'll recall that we saw a higher mix of larger opportunities that had been delayed. In fact, our Med-Eng, ICOR Technology, duty gear, defense technology, and armor categories have been extremely busy and successful winning larger opportunities in South America, Eastern and Western Europe, UAE, and parts of Asia. Large opportunities typically bring challenges around visibility of closing and booking the opportunity. With that said, we continue to have additional larger opportunities that are still in play that we have not closed that we expect continued progress on and throughout 2026.

根據我們先前對 2025 年所概述的預期，各位會記得我們看到較高比例的、曾被延後的大型機會。事實上，我們的 Med-Eng、ICOR Technology、執勤裝備（duty gear）、國防科技與裝甲（armor）等類別非常忙碌，並成功在南美、東歐與西歐、阿聯（UAE）以及亞洲部分地區贏得較大型的機會。大型機會通常會在成交與入帳能見度方面帶來挑戰。即便如此，我們仍有其他尚在進行中的大型機會尚未完成結案；我們預期在 2026 年期間將持續取得進展。

Turning to M&A execution. As you heard from Warren, we completed the acquisition of TYR Tactical last month. Its addition to our portfolio advances Cadre's strategic focus on mission-critical products with high margins, strong cash flows, and compelling growth tailwinds. It also opens the door to international markets and provides access to new customers based on long-standing relationships. The integration process is underway, and we have started over -- our first 100 days of functional integration activities, which have included initial states, site visits by both TYR and Cadre teams.

接著談併購（M&A）執行。如同您從 Warren 那裡聽到的，我們已於上月完成對 TYR Tactical 的收購。將其納入我們的投資組合，推進 Cadre 對具任務關鍵性產品的策略聚焦，這些產品具備高毛利、強勁現金流，以及具吸引力的成長順風。此舉也為國際市場打開大門，並憑藉長期關係帶來接觸新客戶的機會。整合流程已在進行中，我們已啟動——我們前 100 天的職能整合活動，其中包括初步狀態盤點，以及由 TYR 與 Cadre 團隊共同進行的現場訪視。

Based on our initial diligence, we kicked off two projects to evaluate product opportunities to use TYR capabilities within two different Cadre businesses. TYR has shown an impressive dedication to manufacturing processes that deliver customers best-in-class solutions. We look forward to leveraging their engineering capabilities as well as employing core Cadre operating model tools to unlock additional opportunities across the organization. While TYR is our latest acquisition, and our teams are focused on integration, we are certainly not done when it comes to M&A, and we are actively evaluating a robust funnel and high-quality strategically aligned businesses to add to our portfolio.

根據我們初步的盡職調查，我們啟動了兩個專案，以評估在 Cadre 兩個不同業務中運用 TYR 能力的產品機會。TYR 在能提供客戶同級最佳解決方案的製造流程上，展現了令人印象深刻的投入。我們期待善用其工程能力，並運用 Cadre 核心營運模式工具，釋放組織內更多機會。雖然 TYR 是我們最新的收購案，且團隊正專注於整合，但在併購方面我們當然尚未結束；我們正積極評估一個強勁的案源漏斗，以及高品質、策略高度契合的企業，以納入我們的投資組合。

Critical to our success is Cadre's ability to generate significant free cash flows through cycles, which enables us to both pursue acquisitions and make strategic investments in core organic growth, while also returning capital to shareholders. We paid 17 consecutive quarterly dividend since going public and recently raised our dividend of $0.40 per share on an annualized basis.

我們成功的關鍵，在於 Cadre 能夠在景氣循環中持續產生可觀的自由現金流，使我們得以同時推動收購、在核心內生成長上進行策略性投資，並回饋資本給股東。自上市以來，我們已連續支付 17 季股利，並且近期將年度化股利提高至每股 0.40 美元。

Turning to slide 6. We continue to operate in two markets defined by durable long-term demand drivers. On the law enforcement side, we see rising safety threats globally, coupled with resilient and growing spend on production equipment. There is bipartisan commitment to public safety in the US and across Europe, supported by growing defense budgets.

接著看第 6 頁投影片。我們持續在兩個由長期且具韌性的需求驅動因素所界定的市場中營運。在執法端，我們看到全球安全威脅上升，同時在防護裝備上的支出具韌性且持續成長。美國及歐洲對公共安全皆有跨黨派承諾，並由持續增加的國防預算所支撐。

On the nuclear safety side, long term, demand is tied to policy and commercial tailwinds across our three market segments: environmental management, national security, and nuclear energy. I'll speak more about some of the dynamics we are seeing in the nuclear market in a moment.

在核安端，長期需求與政策及商業順風相關，涵蓋我們三個市場區隔：環境管理、國家安全與核能。我稍後會再談談我們在核能市場看到的一些動態。

The next two slides outline more current developments in our business environment. Trends in North America law enforcement remained positive, highlighted by significant federal investment in government agencies. From a geopolitical perspective, global conflict is on the rise, underscoring the importance of the work that we do. As we have discussed previously, however, the opportunity for Cadre to play a more meaningful role generally comes when hostilities end, and we can provide various EOD offerings to address unexploded ordinance. In our consumer channel, while oral consumer demand is down, we have benefited from the strength of the Safariland brand and new product introductions. During 2025, we saw growth in this channel of 7% for the full year and 15% growth in the second half of the year, both versus prior year.

接下來兩頁投影片概述我們商業環境中較近期的發展。北美執法趨勢仍然正向，亮點在於聯邦政府對政府機構的大量投資。從地緣政治角度來看，全球衝突升溫，凸顯我們所從事工作的關鍵性。然而，如同我們先前討論過的，Cadre 能夠扮演更具意義角色的機會通常出現在敵對行動結束後，屆時我們可提供各式 EOD（爆裂物處理）方案以處理未爆彈藥。在消費者通路方面，雖然整體消費需求下滑，但我們受惠於 Safariland 品牌的強勢以及新產品導入。2025 年全年該通路成長 7%，下半年成長 15%，兩者皆較前一年提升。

Turning next to the latest market trends affecting our nuclear vertical on slide 8. We continue to see multidirectional support driven by expanded government and commercial programs. On the National Defense front, expanding government mandates for weapons modernization and production are driving consistent and growing demand. The broader nuclear power space also continues to support growth opportunities for Cadre and the momentum in this market segment has only grown greater. Based on our follow the fuel strategy tied to the expanding nuclear fuel cycle, we are seeing stronger-than-expected opportunities in our funnel related to nuclear ventilation and containment systems and criticality alarm systems.

接著看第 8 頁投影片，影響我們核能垂直領域的最新市場趨勢。我們持續看到由政府與商業計畫擴張所帶動的多面向支持。在國防方面，政府對武器現代化與產能提升的授權擴大，正推動穩定且持續成長的需求。更廣泛的核電領域也持續支持 Cadre 的成長機會，而此市場區隔的動能更是愈發強勁。基於我們與擴大的核燃料循環相連結的「追隨燃料」策略，我們在案源漏斗中看到超出預期的機會，主要與核通風與圍阻系統、以及臨界警報系統相關。

Our third nuclear market segment is environmental management, where we support nuclear material processing, handling, and remediation. The development to call out in this area has been a recent executive order aimed at repurposing the US plutonium stockpile to fuel nuclear reactors. Historically, Alpha Safety products were used to transport, stabilize plutonium to sites where it was down blended with uranium and ultimately packaged in the criticality control overpacks per shipment. Following the executive order, this down blending program has slowed which has directly reduced demand for some Alpha Safety products.

我們第三個核能市場區隔是環境管理，我們在此支援核材料的處理、搬運與整治。此領域值得指出的發展，是近期一項行政命令，旨在將美國鈽庫存重新用途化，用作核反應爐燃料。過去，Alpha Safety 產品用於將鈽運輸並穩定至進行與鈾降混的場址，最終在每次出貨時封裝於臨界控制外包裝（overpacks）中。在該行政命令之後，此降混計畫已放緩，直接降低了對部分 Alpha Safety 產品的需求。

Additionally, we've seen a shift in priorities at multiple nuclear sites toward pit production programs. With resources heavily focused on rebuilding plutonium production infrastructure, waste disposition programs are currently receiving less operational focus. And as a result, plutonium material movement has slowed. While this will have a near-term financial impact, keep in mind this development pertains to only one subsegment of the nuclear group. Blaine will discuss this in greater detail, but overall, the broader Cadre nuclear group outlook remains positive.

此外，我們也看到多個核設施的優先事項轉向彈坑（pit）生產計畫。由於資源高度集中於重建鈽生產基礎設施，廢棄物處置計畫目前獲得的營運關注較少。因此，鈽材料的移動已放緩。雖然這將對短期財務造成影響，但請記住，這項發展僅涉及核能事業群中的一個子區隔。Blaine 將更詳細說明，但整體而言，Cadre 核能事業群的展望仍然正向。

Before I turn the call over to Blaine, I'd like to highlight another major win for Cadre's Med-Eng subsidiary that Warren alluded to in his introduction. Earlier this week, we announced that Med-Eng has been awarded $86 million in contracts by General Dynamics European Land Systems or GDELS, to provide blast attenuation seats. Designed to protect occupants for mine and roadside explosive threats, these are life-saving seats that highlight our differentiated expertise in blast physics and integration into military vehicles. We are honored to be awarded these contracts, which marked an important endorsement of Med-Eng's breadth of engineering and product development capabilities. Production and first delivery of the larger of the two programs will begin in 2026 and continue until 2031, while the second contract will run in parallel beginning in 2026 and continuing through 2029.

在我把電話會議交給 Blaine 之前，我想強調 Cadre 旗下 Med-Eng 子公司另一項重大勝利，Warren 在開場時也提到。本週稍早，我們宣布 Med-Eng 獲得通用動力歐洲陸地系統（General Dynamics European Land Systems，GDELS）授予總額 8,600 萬美元的合約，以提供爆炸衰減座椅。這些座椅旨在保護乘員免受地雷與路邊爆炸物威脅，是能挽救生命的座椅，彰顯我們在爆炸物理以及軍用車輛整合方面的差異化專業。我們很榮幸獲得這些合約，這也重要地肯定了 Med-Eng 廣泛的工程與產品開發能力。兩個計畫中規模較大的那一項將於 2026 年開始生產並首次交付，並持續至 2031 年；第二份合約將自 2026 年起同步進行並持續至 2029 年。

With that, I'll now turn the call over to our CFO, Blaine Browers, to speak more about M&A, Cadre's Q4 financial results and 2024 outlook.

接下來，我將把電話會議交給我們的財務長 Blaine Browers，請他進一步談談併購、Cadre 第四季財務結果以及 2024 年展望。

Thanks, Brad. I will kick off my comments by spending a moment to underscore Cadre's M&A track record and the momentum we expect to carry into 2026. As you can see on slide 9, the acquisition of TYR completed in February marks our sixth acquisition since going public. Each of these transactions has been in line with our thoughtful and patient approach and met our highly selective key criteria focused on strong margins, leading and defensible market positions, recurring revenues, and cash flows. Looking ahead, we maintain a robust acquisition pipeline in both the public safety and nuclear markets and intend to grow our diversified portfolio of mission-critical safety businesses through disciplined capital allocation.

謝謝，Brad。我將先用一點時間強調 Cadre 的併購（M&A）實績，以及我們預期延續至 2026 年的動能。如您在第 9 頁投影片所見，於 2 月完成的 TYR 收購案，是我們自上市以來的第六起收購。這些交易皆符合我們審慎且耐心的做法，並滿足我們高度嚴選的關鍵標準：聚焦於強勁毛利、領先且可防禦的市場地位、經常性收入與現金流。展望未來，我們在公共安全與核能市場皆維持強健的收購管線，並計畫透過嚴謹的資本配置，擴大我們多元化的任務關鍵安全業務投資組合。

Turning to slide 10. We highlight the criteria that guides our process when evaluating potential transactions. Overall, we anticipate additional M&A in 2026 and continue to see attractive opportunities to broaden our product range, enter new markets and increase customer wallet share. On the next two slides, we have provided a broader overview of the TYR acquisition, which represents another step forward in the strategy we have articulated over the last several years. As Brad discussed, we have begun the integration process and look forward to the beginning of this next phase of growth together.

接著看第 10 頁投影片。我們重點說明在評估潛在交易時，用以指引我們流程的準則。整體而言，我們預期 2026 年將有更多併購，並持續看到具吸引力的機會，以擴大產品範圍、進入新市場並提高客戶錢包占有率。在接下來兩頁投影片中，我們提供了對 TYR 收購案更全面的概述，這也代表我們過去數年所闡述策略的又一個向前步伐。如 Brad 所述，我們已開始整合流程，並期待共同邁入下一階段的成長。

TYR brings significant hard armor capabilities via their large presses and autoclaves that will be a significant resource addition to the Cadre armor businesses. We're excited about how the strengths of both companies will complement each other and enable new growth opportunities. Another key point to highlight is that the TYR Tactical customer base has minimal overlap with Cadre's existing Safariland armor business.

TYR 透過其大型壓機與高壓釜帶來顯著的硬式防護裝甲製造能力，將為 Cadre 的裝甲業務帶來重要的資源增量。我們對兩家公司優勢如何相互補強並帶來新的成長機會感到振奮。另一個需要強調的重點是，TYR Tactical 的客戶基礎與 Cadre 現有的 Safariland 裝甲業務重疊度極低。

On slide 11, we show TYR and Cadre armor revenue by customer channel, which illustrates how complementary the two brands will be in the marketplace. TYR serves a worldwide customer base, including top-tier special ops units, government agencies, and militaries. You can see that 66% of its revenue is derived from international customers while US federal and US military totaled 27%, both areas where Safariland does not have a major foothold today.

在第 11 頁投影片中，我們按客戶通路展示 TYR 與 Cadre 裝甲收入，說明兩個品牌在市場上將如何形成互補。TYR 服務全球客戶群，包括頂尖特種作戰單位、政府機構與各國軍方。你可以看到，其 66% 的收入來自國際客戶，而美國聯邦政府與美國軍方合計為 27%；這兩個領域目前 Safariland 都尚未建立主要據點。

Turning now to a summary of Cadre's financial performance. Slide 14 details our fourth quarter and full year results. Fourth quarter top- and bottom-line results were down versus last year's record Q4, our full year net sales, net income and adjusted EBITDA increased significantly year-over-year. In Q4, duty gear and armor product lines saw revenue and margins in line with our expectations, but we did experience revenue timing shifts in our nuclear businesses and EOD product lines, some distribution softness and run rate and a slight impact in our chemical luminescence product due to the government shutdown.

接下來總結 Cadre 的財務表現。第 14 頁投影片詳列我們第四季與全年業績。第四季的營收與獲利表現較去年創紀錄的第四季下滑，但全年淨銷售額、淨利與調整後 EBITDA 皆較去年同期顯著成長。在第四季，勤務裝備與裝甲產品線的營收與毛利率符合我們的預期，但我們確實在核能業務與 EOD 產品線出現營收時點移轉、部分通路需求走弱與運行水準偏軟，且因政府停擺使我們的化學冷光產品受到些微影響。

Notably, 2025 adjusted EBITDA of $111.7 million marked a record for the third consecutive year and 2025 gross margins improved 140 basis points. Similar to what we've seen in the past, irrespective of party, there can be uncertainty as a new administration gets their footing. We have seen similar impacts in the past but these impacts have been short-lived. We've also seen the resiliency of our business as we exit these transition periods. I would like to reiterate that we've had two significant wins in public safety that reinforce our optimistic view of the future with a blast sensor contract and the blast attenuation sear contract, both of which have multiyear horizons for our life-saving products and are two of the biggest contracts in our history.

值得注意的是，2025 年調整後 EBITDA 為 1.117 億美元，連續第三年創下新高，且 2025 年毛利率提升 140 個基點。如同我們過去所見，不論政黨，新政府上任初期往往會帶來不確定性。我們過去也曾看到類似影響，但通常都很短暫。在走出這些過渡期時，我們也看到了業務的韌性。我想再次強調，我們在公共安全領域取得兩項重大勝利，強化了我們對未來的樂觀看法：爆震感測器合約與爆震衰減阻鐵（sear）合約；兩者皆為我們救命產品提供多年期的能見度，並且是我們歷史上規模最大的合約之一。

I would also like to highlight the fact that the gross margins for the full year 2025 for public safety products, excluding distribution and nuclear, were up 188 basis points on a full year basis, which further reinforces the strong execution of the teams and sets the stage for strong EBITDA margins as we see more typical growth.

我也想強調，2025 年全年公共安全產品（不含通路分銷與核能）毛利率全年提升 188 個基點，進一步印證團隊強勁的執行力，並在我們看到更典型的成長時，為強勁的 EBITDA 利潤率奠定基礎。

Illustrated on slide 15 is net sales and adjusted EBITDA growth year-over-year including our 2026 guidance, which I'll discuss more in a moment. Our full year outlook implies year-over-year revenue and adjusted EBITDA growth of 22% and 24% respectively, at the midpoints. You can see that over the last several years, Cadre has delivered consistent and stable growth. Our resilience is a key differentiator with the businesses that are largely affected by economic, geopolitical, and other cycles.

第 15 頁投影片呈現淨銷售額與調整後 EBITDA 的年增成長（包含我們的 2026 年指引），我稍後會進一步說明。我們的全年展望在中位數下，意味著營收與調整後 EBITDA 年增分別為 22% 與 24%。你可以看到，過去幾年 Cadre 持續交出一致且穩健的成長。相較於那些高度受經濟、地緣政治及其他循環影響的企業，我們的韌性是關鍵差異化優勢。

On slide 16, we present our capital structure as of December 31, 2025. After completing the acquisition of TYR Tactical, our net leverage is just under 3 times, not including TYR's earnings. If you adjust for TYR's adjusted EBITDA contribution, our leverage dropped to about 2.5 times. We believe Cadre's strong free cash flow generation, coupled with the strength of our balance sheet gives us ample financial flexibility to continue to pursue organic and inorganic opportunities.

在第 16 頁投影片中，我們呈現截至 2025 年 12 月 31 日的資本結構。完成收購 TYR Tactical 後，我們的淨槓桿倍數略低於 3 倍（未計入 TYR 的獲利）。若調整納入 TYR 的調整後 EBITDA 貢獻，我們的槓桿倍數降至約 2.5 倍。我們相信 Cadre 強勁的自由現金流創造能力，加上資產負債表的實力，讓我們具備充足的財務彈性，得以持續追求有機與無機成長機會。

We provide 2026 guidance on slide 17. Net sales are expected to be between $736 million and $758 million. Our adjusted EBITDA guidance is between $136 million and $141 million, implying adjusted EBITDA margins of 18.5%. The guidance indicates organic growth for both public safety and the nuclear businesses to be in the 3% to 5% range as well as continued implementation of our pricing strategy of 1% price increase net of material inflation. Brad discussed near-term headwinds for one of our nuclear businesses, which is reflected in our guidance.

我們在第 17 頁投影片提供 2026 年指引。淨銷售額預期介於 7.36 億至 7.58 億美元。調整後 EBITDA 指引介於 1.36 億至 1.41 億美元，意味著調整後 EBITDA 利潤率為 18.5%。該指引顯示公共安全與核能業務的有機成長皆在 3% 至 5% 區間，同時也反映我們持續推動定價策略：在扣除材料通膨後，淨調價上調 1%。Brad 討論了我們其中一項核能業務的短期逆風，這也已反映在我們的指引中。

From a profitability perspective, these declines represent negative mix and that impact is considered an outlook. We believe, over time, as we realize these commercial nuclear opportunities in our funnel that our nuclear mix will return to what we've seen in the past.

從獲利角度來看，這些下滑代表不利的產品組合（mix），而該影響已納入展望考量。我們相信，隨著時間推進，當我們逐步實現管線中的商用核能機會，我們的核能業務組合將回到過去所見的水準。

As we look at the quarterly cadence of revenue, similar to the past, we expect the second half of the year to be heavier with a lighter Q1. Our public safety businesses have their larger opportunities timed for later in the year. For example, the blast sensor order isn't expected to ship until later in the year as the team ramps up production on this new product line. We expect Q1 to be up year-over-year, driven by [Zircaloy] and TYR, but organically down in the quarter driven primarily by Armor project timing combined with Armor material constraints, lower distribution revenue, and Alpha project timing.

就季度營收節奏而言，與過去類似，我們預期下半年比重較高，而第一季較輕。我們的公共安全業務較大的機會通常落在年內較後段。例如，爆震感測器訂單預期要到年內較後段才會出貨，因為團隊正在為這條新產品線提升產能。我們預期第一季將較去年同期成長，主要由 [Zircaloy] 與 TYR 帶動；但若以有機口徑來看，該季度將下滑，主要原因是裝甲專案時點、裝甲材料限制、較低的通路分銷收入，以及 Alpha 專案時點所致。

We expect Q1 to be very similar to Q3 of last year on the revenue line with margins around 39% due to volume and mix, as we've discussed. We do expect margins to climb as we exit Q1 as the mix improves and volume increases and EBITDA margins in the low teens in Q1 for the same reason. This doesn't include impact of the inventory step-up for TYR or amortization as part of the purchasing accounting. Overall, our businesses are performing well, and we expect continued strong demand in 2026 and across our core markets in public safety and nuclear safety.

我們預期第一季營收表現將非常接近去年第三季，且如我們所討論，受出貨量與產品組合影響，毛利率約為 39%。隨著我們走出第一季、產品組合改善且出貨量增加，我們確實預期毛利率將上升；基於同樣原因，第一季 EBITDA 利潤率預期落在 10% 出頭的區間。上述不包含 TYR 存貨公允價值調升（inventory step-up）或購買會計下的攤銷影響。整體而言，我們的業務表現良好，並預期 2026 年以及公共安全與核能安全核心市場將持續維持強勁需求。

I'll now turn it back to Brad for concluding comments.

接下來我把時間交回 Brad 做結語。

Thank you, Blaine. We continue to execute well against our strategic priorities, and our strong 2026 outlook reflects our confidence in the businesses, fundamentals, and the effectiveness of the Cadre operating model. We believe the combination of Cadre's track record of superior execution, resilience in the face of economic, political, and geopolitical and other cycles as well as the dedication of our talented teams around the world will continue to drive strong results moving forward. Beyond our core organic growth initiatives, we are actively evaluating compelling M&A opportunities and remain committed to targets with strong financial profiles, durable competitive advantages, and structural growth drivers. In conclusion, we're excited to continue to build our platform and further enhance our market leadership supported by Cadre's entrenched positions and favorable industry trends across our law enforcement, first responder, military, and nuclear end markets.

謝謝你，Blaine。我們持續在策略優先事項上執行到位，而我們對 2026 年的強勁展望反映了我們對業務、基本面以及 Cadre 營運模式有效性的信心。我們相信，Cadre 一貫卓越的執行紀錄、面對經濟、政治、地緣政治及其他循環時的韌性，以及全球各地優秀團隊的投入，將持續推動未來的強勁成果。除核心的有機成長計畫外，我們也正積極評估具吸引力的併購（M&A）機會，並持續聚焦於具備強健財務特徵、持久競爭優勢與結構性成長驅動因素的標的。最後，我們很期待持續打造我們的平台，並在 Cadre 深厚的市場地位與執法、第一線應變人員、軍事與核能終端市場的有利產業趨勢支持下，進一步強化我們的市場領導地位。

With that, operator, please open up the lines for Q&A.

那麼，接線員，請開放電話線進行問答。

(Operator Instructions) Larry Solow, CJS Securities.

(接線員指示) Larry Solow，CJS Securities。

My first kind of question, Brad, very encouraged to see the kind of organic outlook returning to a somewhat normalized rate there in the 3% to 5%. So if I do my math somewhat correctly, it looks like you were down about 2% organically in '25, and you kind of outlined bunch of larger orders pushed out. I'm just curious like in this environment or is it kind of a domino effect where some of the things that were pushed out from '25 into '26 or, then you're seeing stuff go from '26 to '27? Or doesn't -- is there any catch up? Just kind of curious on your visibility. Obviously, with geopolitical stuff, Iranian conflict, all that other stuff, eventually, something like that probably should be good. But in the short term, government shutdown, partial shutdown. Does some of this stuff also kind of impact your visibility for the current year?

Brad，我的第一個問題是，很高興看到有機成長展望回到某種正常化的水準，大約在 3% 到 5%。所以如果我算得沒錯，看起來你們在 '25 年的有機成長大約下滑 2%，而你也提到有一批較大的訂單被往後遞延。我只是好奇，在這樣的環境下，這會不會像骨牌效應一樣：有些原本從 '25 延到 '26 的事情，接著又看到從 '26 延到 '27？或者並不是——是否會有任何追趕效應？只是想了解你們的能見度。顯然，地緣政治因素、伊朗衝突以及其他事情，長期來看，這類事件可能反而會帶來利多。但短期內，政府關門、部分關門。這些事情是否也會影響你們對本年度的能見度？

Larry, it's Brad. Thanks for the question. The good news is when you look at -- when there's large opportunities within this business or quite frankly, many other businesses have been in, you have good visibility to those. So that mix of large opportunities that we talked about last year, we've closed a lot of those opportunities. They're sitting in our backlog now. We talked about blast seats we announced earlier this week. We just talked about it. That was something that we were expecting more toward the end of last year, but we've got that one in the bag now.

Larry，我是 Brad。謝謝你的問題。好消息是，當你看到——當這個業務中出現大型機會時，坦白說，許多其他企業也是如此，你對這些機會會有很好的能見度。所以我們去年談到的那一組大型機會，我們已經結案了很多。它們現在都在我們的在手訂單（backlog）裡。我們提到本週稍早宣布的防爆座椅（blast seats）。我們剛剛也談到了。那原本是我們預期在去年年底左右拿到的，但現在這筆已經到手了。

We also have the sensor program, which was the other one that, we thought we would get earlier in the year, last year, but we ended up having more towards the end of the year last year. And then we have other ones that we can't disclose the customer base for competitive reasons, but there's other larger opportunities within multiple categories that they're funded, but there's various details around those orders that have kept those orders from getting booked at the moment. So we continue to work those, working them hard. And I'm also proud to say, I mentioned in the prepared remarks that our international teams have been closing a lot of various orders within many different countries within not just a single business unit, but multiple business units, and we're really proud of the traction that we've been making there.

我們也有感測器專案，這是另一個我們原本以為去年年初會拿到的案子，但最後是在去年年底比較接近的時點才拿到。另外還有一些案子，基於競爭因素我們無法揭露客戶基礎，但在多個類別中還有其他更大型的機會；它們已經有資金支持（funded），但這些訂單在各種細節上仍有一些因素，導致目前尚未入帳（booked）。所以我們會持續推進，並且全力以赴。我也很自豪地說，我在事先準備的講稿中提到，我們的國際團隊在許多不同國家、且不只是單一事業單位而是多個事業單位中，已經拿下了不少不同的訂單，我們對於在那裡取得的進展感到非常自豪。

Right. So it certainly sounds like a temporary thing, right? I mean, it feels like your backlog continues to grow. Question just on the nuclear front. So I guess kind of that shift in prioritization, less cleanup on the plutonium side, more focused on plutonium build-out.

了解。所以聽起來確實是暫時性的因素，對吧？我的意思是，感覺你們的在手訂單持續成長。接著想問核能方面的問題。所以我想是優先順序的轉移：在鈽（plutonium）端的清理（cleanup）減少，更多聚焦在鈽的建置／擴建（build-out）。

I guess in theory, you're taking it from one hand and giving to the other hand, but that given the other hand, may take a little bit longer, so you have a plutonium build-out, so you have a temporary short-term negative impact. Is that kind of a good way to look at that in terms of how you view it?

我想理論上，你是從一隻手移到另一隻手，但另一隻手可能需要更長時間才會反映，所以你有鈽的建置／擴建，短期會有暫時性的負面影響。以你們的角度來看，這樣理解是否合理？

Yes. I think there's a timing difference when we think about like an existing revenue stream for nuclear related around that down blending and then the pickup on the commercial nuclear side. There is a timing lag just because of the size and significance of those projects for it to pick up. That's kind of point one, and then the second point, which Brad brought up is really just the mix change and the impact on margins that has that down blending is a very highly technical side of the business with margins that go with the kind of technical expertise required. So you kind of have this twofold kind of impact.

是的。我認為在時點上確實有差異：我們在核能相關既有的營收來源（例如那個 down blending），以及商用核能端的成長動能之間。由於這些專案的規模與重要性，要拉升起來會有時間落差。這是第一點；第二點，Brad 也提到的，是產品組合變化以及對毛利率的影響——down blending 是業務中技術含量非常高的一塊，其毛利率也反映了所需的技術專業。所以你會看到這種雙重影響。

What we are excited though is how robust that commercial energy, nuclear energy funnel has become since acquisition, right? If you kind of rewind back when we started, and I think this is the great thing about the platform is we play in all three of these end markets. So over the long run, we're comfortable. There's plenty of revenue opportunities not only to offset that loss but really to continue to drive growth in that segment.

不過我們感到興奮的是，自從併購以來，商用能源、核能能源的商機漏斗（funnel）變得非常強勁。如果你回頭看我們剛開始的時候，我認為這就是這個平台很棒的地方：我們同時布局這三個終端市場。所以從長期來看，我們很有信心。不僅有足夠的營收機會可以抵消那部分流失，還能持續推動該分部的成長。

Got you. And if I could slip one more, just margin outlook. It looks like the implied kind of midpoint slightly up, almost pretty flattish. Is that, and I know TYR is accretive, so is that most of that impact just on the mix side in nuclear, which is kind of dragging the margin this coming year?

了解。如果我可以再塞一個問題：關於毛利率展望。看起來隱含的中位數略微上升，幾乎相當持平。這是——我知道 TYR 是增厚（accretive）的——所以這個影響大多是來自核能業務的組合面，導致明年毛利率被拖累嗎？

That's really it. Yes, it's that mix impact.

就是這樣。是的，就是那個組合影響。

Eegan McDermott, Jefferies.

Eegan McDermott，Jefferies。

It sounds like some of those bigger orders are still being pushed to the right and we've seen some recent wins, but for the remaining contracts, what gives you confidence that they're delayed and not lost at this point?

聽起來有些較大的訂單仍在往後遞延，我們也看到近期一些得標，但對於剩下的合約，是什麼讓你們有信心它們只是延後、而不是在此時點已經流失？

100% Confidence that they're delayed and not lost at this point. That's the type of visibility that we have to those. Can't go through the details for those specific ones, but the visibility is 100% there, especially one -- two actually larger orders in one of our business units that that's in our -- has been awarded to us, let's call it, right? So when we look at the products that we have that have been specified no issue there. So definitely no losses, high confidence in those. It's just a timing situation and they are both two different specific situations taking place.

我們對它們是延後而非流失有 100% 的信心。我們對這些案子的能見度就是這麼高。我無法逐一說明那些特定案子的細節，但能見度是 100% 的，尤其是——其實是兩筆——在我們某個事業單位裡的兩筆更大型訂單，已經授予我們了，我們就這麼說吧，對吧？所以就我們的產品而言，規格已經被指定，沒有任何問題。因此絕對沒有流失，對它們非常有信心。只是時點問題，而且這兩筆各自有兩種不同的特定情況正在發生。

Understood. That's helpful. And maybe if I could follow up on CapEx, guided in the $10 million to $14 million range for '26 is obviously a step-up from recent years. And maybe just some commentary on that, if you could? And should we be thinking of that as going towards capacity expansion or focused on any specific area of the business?

了解。這很有幫助。另外我想追問資本支出（CapEx）：你們對 '26 年指引在 1,000 萬到 1,400 萬美元區間，顯然比近年高出一截。如果可以的話，能否就此提供一些說明？我們是否應該把它視為用於產能擴張，或是聚焦在業務的某個特定領域？

Really, the uplift from historical is around capacity, in particular, in the nuclear area or the nuclear businesses where we had some site build-outs. And if you go back in history, we have had periods where we're getting -- we get closer to, not quite 2% of revenue, but closer to 2% revenue as we talk about. And generally, what drives that is capacity expansion, buildings, and that's the case for this year. Outside of that investment in one of our sites, the CapEx is very, very typical for the rest of the businesses.

基本上，相較於歷史水準的增加主要是用在產能，特別是在核能領域或核能相關業務，我們在那裡做了一些廠址建置（site build-outs）。如果你回顧歷史，我們曾有一些期間的資本支出會接近——雖然不到——營收的 2%，但會更接近我們常提到的 2% 水準。而通常驅動因素就是產能擴張、建築物等，而今年就是這種情況。除了在我們其中一個廠址的那項投資之外，其餘業務的資本支出都非常、非常典型。

Matt Koranda, ROTH Capital.

Matt Koranda，ROTH Capital。

I appreciate the detail on the organic components of the '26 outlook. Just wondering what are you factoring in from TYR from a revenue contribution standpoint? It sounds like it's still going to be accretive on EBITDA margin, but I wanted to hear a little bit more about revenue and then cadence of revenue from TYR throughout the year?

感謝你對於 2026 年展望中有機成長組成的詳細說明。我想請教，你們在營收貢獻的角度，對 TYR 納入了哪些假設？聽起來它在 EBITDA 利潤率上仍會是增益性的，但我想再多聽一些關於營收，以及 TYR 全年營收節奏（cadence）的看法？

Yes. Yes. Our outlook with TYR out of the gates is a conservative approach as we do with all acquisitions. So -- we have them weighed in at about $100 million on a full year basis. Given that we closed in February, that would put them in the high 80s, low 90s for baked into guidance.

是的。是的。我們對 TYR 的展望在一開始採取保守作法，就像我們對所有併購案一樣。因此——我們以全年口徑估算，將其納入約 1 億美元。考量我們在 2 月完成交割，換算後納入指引的金額大約會落在 8,000 多萬到 9,000 多萬美元。

And then EBITDA margins, right, where we talked about in that 20% range. As we move forward in the year and you're getting a little closer to the team's process and develop more confidence in the funnel, we'll adjust accordingly from there. But we feel comfortable with where we're starting with them.

至於 EBITDA 利潤率，對，就是我們談到約 20% 的區間。隨著年度推進、你更貼近團隊的流程並對商機漏斗建立更多信心，我們會再據此調整。但我們對目前以這樣的起點納入他們感到放心。

Okay. And then on the blast seat contract, I was curious how that ramps up. I know you said there's contribution in '26. It sounds like probably later in the year. Maybe any color on how you're thinking about the ramp-up and contribution to the sales in the back half of '26.

了解。另外關於防爆座椅（blast seat）合約，我想了解它會如何爬坡。我知道你提到 2026 年會有貢獻。聽起來可能會在年內較後段。能否分享一下你們對 2026 年下半年爬坡與對銷售貢獻的思考？

And then just on a go-forward basis, I guess, is it kind of a run rate type deal through the two contracts terms that you gave in the press release? Any additional kind of thoughts on the way to thread that into the model would be helpful.

再者，就未來而言，我想問這是否有點像在你們新聞稿提到的兩段合約期間內、以 run rate 方式進行的案子？任何關於如何把它納入模型的額外想法都會很有幫助。

Matt, it's Brad. So think of it this way. New program, we wanted to get it out as soon as possible to actually getting the $86 million PO in our hands. So what the team is working on now with GDELS is the production planning side of things for 2026. So we actually have just started that here in March so that we can begin ordering parts and begin to get the supply chain cranked up.

Matt，我是 Brad。可以這樣想。這是新專案，我們希望盡快對外發布，並且實際把 8,600 萬美元的採購訂單（PO）拿到手。因此團隊目前與 GDELS 正在進行的是 2026 年的生產規劃。我們其實在 3 月才剛開始這項工作，好讓我們能開始下單採購零件，並把供應鏈動起來。

And then there's some sample deliverables as we go into the fourth quarter as we go into that phase of the project overall. So most of this revenue will be timed into 2027 and beyond for the schedule that I've mentioned earlier.

接著，當我們進入第四季、也進入整體專案的那個階段時，會有一些樣品交付項目。因此，依我先前提到的時程，大部分營收會落在 2027 年及之後。

Jeff Van Sinderen, B. Riley Securities.

Jeff Van Sinderen，B. Riley Securities。

Just wanted to circle back to down blending for a moment, if we could. Would you expect down blending funding to increase again at some point or might down blending be replaced by some other sort of disposal process? And is that one that Cadre could be involved with?

我想再回到「降混」（down blending）這件事問一下。你們預期未來某個時間點降混的資金會再度增加嗎？還是降混可能會被其他某種處置流程取代？而 Cadre 是否可能參與其中？

Jeff, overall, it's hard to tell what we're referencing is an executive order that went out last year that directed -- it was really -- it was directed from the DOE to decrease the down blending of excess plutonium except in areas that are required by law. So that's you can go read the executive order, but that's roughly what the executive order says. And then what we've seen by working with some of our customers like LANL and Savannah River and those folks is things have shifted more toward pit production programs like we've been talking about within our verticals with the goal of increasing pit production since the US has, quite frankly, been producing zero pits over many years since the cold war ended.

Jeff，整體來說，很難判斷。我們所指的是去年發布的一項行政命令，該命令指示——其實——是由能源部（DOE）指示，除非法律要求的範圍，否則要降低對多餘鈽的降混處理。你可以去閱讀那份行政命令，但大致內容就是如此。而我們與一些客戶合作（例如 LANL、Savannah River 等）所看到的是，重點已更多轉向我們在各垂直領域一直在談的「鈽坑（pit）生產」計畫，目標是提高 pit 的產量，因為坦白說，自冷戰結束以來，美國多年來幾乎沒有生產 pit。

So that seems to be the focus at the moment. That does drive additional opportunities. There are different opportunities compared to what cleanup activities would look like with our high-end containers that Blaine had already mentioned that bring higher margins within that product category for us. And what it shifted to is from a commercial nuclear standpoint and more of the nuclear ventilation and containment type systems that we have within the Alpha Safety business unit and then also criticality alarm systems, which is also within the Alpha Safety business unit.

所以目前看起來焦點就在這裡。這確實帶來額外機會。相較於清理活動（cleanup activities）會是什麼樣子，機會型態有所不同；例如 Blaine 先前提到的我們高階容器，能在該產品類別中帶來更高毛利。而目前轉向的是，從商用核能的角度，以及我們 Alpha Safety 事業單位所提供的核通風與圍阻（ventilation and containment）類系統，另外還有臨界警報系統（criticality alarm systems），這也屬於 Alpha Safety 事業單位。

The good news is the funnel for those two product categories have been growing significantly since this shift has been happening. We've got various companies that are in the enrichment side of things and also fabricators, that we have an extensive list of quotes that are going on with them that we're pursuing at the moment for these offsetting type opportunities.

好消息是，隨著這個轉變發生，這兩個產品類別的商機漏斗都顯著成長。我們與多家從事濃縮端以及製造加工（fabricators）的公司合作，目前有一長串報價案正在進行，我們也正積極爭取這些用以抵補的機會。

Okay. Good to hear. And then can you tell us a little bit more about the general dynamics seats attenuation product, what all you're supplying there, maybe a little more about the vehicles that the seats are going into? And also, is there potential for follow-on orders from General Dynamics, and just maybe what the overall outlook is for Med-Eng given the recent wins?

了解。很高興聽到。另外，你能否再多談一些 General Dynamics 的座椅衰減（attenuation）產品的整體動態：你們在那裡供應哪些內容？也請多介紹一下這些座椅會裝到哪些車輛上？此外，General Dynamics 是否可能有後續追加訂單？以及考量近期得標，Med-Eng 的整體展望如何？

Yes, great question. It's not a category that we've talked a lot about in the past., it is a category that we have approximately installed base, 13,000-plus seats are out there that we've designed and manufactured over time across 15 to 18 different distinct configuration. So we've been doing this for about 18 years. So the team at Med-Eng has a lot of experience on the crew survivability side of things. So think of it as the product is -- it's a purpose-built blast attenuation-type seats that's engineered to protect occupants of track and wheeled combat vehicles, and then also other vehicles within militaries.

是的，問得很好。這不是我們過去常談的類別。這個類別我們大約有 13,000 張以上的安裝基礎（installed base），是我們長期以來設計並製造的，涵蓋 15 到 18 種不同且明確的配置。我們做這件事大約 18 年了。因此 Med-Eng 團隊在乘員生存性（crew survivability）方面有非常多經驗。你可以把這個產品想成——它是專門打造的防爆衰減座椅，經工程設計用來保護履帶式與輪式戰鬥車輛的乘員，並且也適用於各國軍隊中的其他車輛。

So these vehicles anytime there's a blast that happens, it could be under the vehicle, it would be close to the vehicle, this is a way to protect the occupants that are sitting in these seats in the vehicle. We do have field-proven performance with various situations where vehicles that experience those type of blasts and lives have been saved due to these -- the blast seats that we have. So hopefully, that gives you a little more detail and a little more color around what we do in this category.

這些車輛在任何發生爆炸的情境下——可能在車底、也可能在車旁——這是一種保護車內坐在座椅上的乘員的方法。我們在多種情境中有經過實地驗證的表現：車輛遭遇這類爆炸時，因為我們的——防爆座椅而挽救了生命。希望這能讓你對我們在這個類別所做的事情有更多細節與脈絡。

The team -- very proud of this team, they've been working really, really hard to continue to build up the funnel and land some of these projects as they come about in these programs, and we're probably working with GDELS on this. It's a customer that we have a lot of experience with, whether it's General Dynamics USA, General Dynamics Canada, General Dynamics Europe, obviously the UK. We have experience working with them overall. So we're happy to have this program.

團隊——我們對這個團隊非常自豪，他們一直非常、非常努力地持續擴大商機漏斗，並在這些計畫出現時拿下專案；我們大概也正是與 GDELS 在這方面合作。這是一個我們很有合作經驗的客戶，不論是 General Dynamics USA、General Dynamics Canada、General Dynamics Europe，當然也包括英國。我們整體而言都有與他們合作的經驗。所以我們很高興能拿到這個專案。

Mark Smith, Lake Street.

Mark Smith，Lake Street。

First question for me. I just wanted to ask about TYR kind of synergies as we think about their facility and opportunities maybe with some of your current Safariland products. What's maybe built into the guidance, what opportunities there are as well as maybe cross-selling opportunities and if there's anything built into the guidance for that?

我這邊第一個問題。我想請教一下，當我們思考 TYR 的設施以及可能與你們現有 Safariland 產品的機會時，關於 TYR 的協同效益大概會是什麼樣子。指引中大概納入了哪些內容？還有哪些機會，包括可能的交叉銷售機會？以及指引中是否有把這些納入？

Mark, it's Brad. Great question. The short answer is there's zero built into the guidance related to TYR synergies. As you know, our first 100 days as we get out of the gates, we focus on all the functional-related activities, IT, finance, accounting, tax, treasury, compliance, you name it, that's the immediate focus with the teams as we bring people into the Cadre organization.

Mark，我是 Brad。問得很好。簡短回答是：指引中完全沒有納入任何與 TYR 協同效益相關的內容。如你所知，我們在起步後的前 100 天，會先聚焦所有功能面相關的工作：IT、財務、會計、稅務、資金管理、法遵等等，這些都是我們把人員納入 Cadre 組織時，團隊立即要優先處理的重點。

We have kicked off a couple of projects. I can't go into details of those projects because it would bring up some potential competitive type situations out there, but we've kicked off two projects that I've approved within actually two separate business units. One is within our Armor business unit, another words, with our Med-Eng business unit to work with the TYR folks together on looking at how TYR capabilities can be used within those two parts of those businesses. So we're really excited about those two projects. We think they're very, I would call them, lower complexity projects that have higher opportunities of success as we go forward to get our feet wet with the TYR team working with our Cadre business units.

我們已經啟動了幾個專案。我無法深入說明這些專案的細節，因為可能會牽涉到一些潛在的競爭情境，但我們已經啟動了兩個我已核准的專案，而且實際上分別在兩個不同的事業單位。一個在我們的 Armor 事業單位，另一個在我們的 Med-Eng 事業單位，與 TYR 團隊一起評估 TYR 的能力如何能運用在這兩個業務領域中。所以我們對這兩個專案非常興奮。我們認為它們屬於我所稱的低複雜度、但成功機會較高的專案，讓我們在與 TYR 團隊合作、並與 Cadre 各事業單位協作的過程中先累積經驗。

Perfect. And the second one for me is just kind of housekeeping and maybe for Blaine. Just can you just walk through a little bit more on that Q1, you gave some numbers around maybe Q1 on revenue margin. If you can just kind of review that. And then curious if there's some continued transaction costs that roll over into Q1?

很好。第二個問題比較像是例行事項，可能給 Blaine。你能不能再多說明一下第一季（Q1）？你剛剛提到一些關於 Q1 的營收、毛利率的數字。如果可以的話，請你再回顧一下。另外也想了解，是否有一些持續性的交易成本會延續到 Q1？

Yes, absolutely. So we said revenue really in line with Q3 of last year, which was right at $155.8 million, gross margins around 39%, with EBITDA margins in the low teens. And there will be some carryover on transaction costs into the year as we close the deal.

是的，當然可以。我們說營收大致與去年第三季（Q3）一致，約為 1.558 億美元；毛利率約 39%，EBITDA 利潤率在低十幾個百分點。而且在我們完成交易交割時，會有一些交易成本延續到今年。

Jordan Lyonnais, Bank of America.

Jordan Lyonnais，美國銀行。

On the organic backlog decline, is it fair to think that most of that should be from the environmental cleanup work inside of the nuclear business and then 2026, the verticals that we should see this 3% to 5% organic growth. If it's commercial versus true defense, what win do you guys have around the commercial side coming through that gives you the confidence we'll see that shift to make up for the environmental down?

關於有機積壓訂單（backlog）下滑，是否可以理解為主要來自核能業務內的環境清理工作？然後到 2026 年，我們應該會看到各垂直領域回到 3% 到 5% 的有機成長。如果是商用而非真正的國防需求，你們在商用端有哪些訂單勝出（win）正在落地，讓你們有信心會看到這個轉變，來彌補環境清理下滑的部分？

And your -- when you're talking backlog, Jordan, sequentially, is the question, right? Q3 to Q4?

Jordan，你在講積壓訂單時，問題是指環比（sequentially）對吧？從 Q3 到 Q4？

Yes.

是的。

Okay. It's kind of as we expect, there were a number of larger projects, right? Our backlog had increased coming into or at the end of Q3. And then as those large shipments went out. So it's duty gear had some large orders, Brad mentioned on some international wins that got shipped in Q4 that lowered their backlog.

好的。這大致符合我們的預期，因為有一些較大型的專案，對吧？我們的積壓訂單在進入 Q3 或在 Q3 結束時是增加的。然後隨著那些大型出貨完成。例如執勤裝備（duty gear）有一些大額訂單，Brad 也提到一些國際得標案在 Q4 出貨，因而降低了他們的積壓訂單。

Nothing alarming, but it's kind of a little bit spread amongst a lot of the businesses. Just calling attention to year-over-year, right, if we look back to where we were December of '24 we're still up organically pretty significantly. So I think kind of use that as a base point just to ground on that backlog growth on a year-on-year basis.

沒有什麼令人擔憂的，只是分散在許多業務之間都有一些影響。我們想提醒的是年對年（year-over-year）的比較，對吧？如果回頭看 2024 年 12 月，我們的有機成長仍然顯著為正。所以我認為可以把那個作為基準點，來理解積壓訂單在年對年基礎上的成長。

And then on the commercial nuclear side, we've always had these products, right, that we're talking about. So I think the, how do we comfort around the win is really relative to our past track record in this area. The real difference here is not that it's new products or new uses, it's just the sheer number that we're seeing. So if you think about ventilation containment as an example, Brad mentioned, right, that's something the business has done for many, many years, both in fuel production as well as in remediation. So this isn't a new application.

至於商用核能端，我們一直以來就有這些產品，對吧？也就是我們正在談的這些。所以，對於得標的把握，主要是基於我們過去在這個領域的歷史實績。這次真正的差異不在於新產品或新用途，而是我們看到的數量規模。以通風圍阻（ventilation containment）為例，Brad 提到過，對吧？這是該業務做了很多很多年的事情，涵蓋燃料生產以及整治（remediation）。所以這不是新的應用。

When you think about the competitor set, it's the same competitors they've competed about in the past, very similarly with the criticality accident alarm systems, same set of circumstances, same competitors same application. And that's what gives us comfort around those future wins. This isn't a new market for us by any means.

再看競爭者組合，與他們過去競爭的對手相同；臨界事故警報系統（criticality accident alarm systems）也是同樣的情況、同樣的競爭者、同樣的應用。這就是我們對未來得標更有把握的原因。這對我們來說絕不是一個新市場。

And that concludes our question-and-answer session. I will now turn the conference back over to Brad Williams for closing remarks.

以上結束我們的問答環節。接下來我將把電話會議交回給 Brad Williams 作結語。

I'd like to thank everyone for joining our call today and your continued support of Cadre Holdings. Operator, that'll conclude the call.

感謝各位今天參與我們的電話會議，以及持續支持 Cadre Holdings。接線員，電話會議到此結束。

Thank you. Ladies and gentlemen, this concludes today's conference call, and we thank you for your participation. You may now disconnect.

謝謝。各位女士、先生，今天的電話會議到此結束，感謝各位的參與。您現在可以掛線。