Cadre Holdings Inc (CDRE) 2026 Q1 法說會逐字稿

Good morning, and welcome to Cadre Holdings' first-quarter 2026 conference call. Today's call is being recorded. (Operator Instructions)

早安，歡迎參加 Cadre Holdings 2026 年第一季電話法說會。今天的會議將被錄音。（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 first-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.

謝謝，歡迎各位參加今天的電話會議，討論 Cadre 第一季業績。在開始之前，我想提醒各位，今天的會議中我們將發表若干前瞻性陳述，且這些陳述係依據 1995 年《私人證券訴訟改革法案》的安全港條款作出。

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.

這些前瞻性陳述反映我們基於目前所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 以及我們所營運之產業與市場所面臨的風險與不確定性影響。可能影響 Cadre 財務結果之因素的更多資訊，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. I would like to remind everyone that this call will be available for replay through May 26, 2026. A webcast replay will also be available via the link provided in yesterday's press release as well as on Cadre's website.

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。我也想提醒各位，本次會議的重播將提供至 2026 年 5 月 26 日。網路直播重播亦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 first-quarter of 2026. I'm joined today by our President, Brad Williams; and Chief Financial Officer, Blaine Browers. Entering 2026 with greater scale and an expanded set of growth opportunities, we are pleased to have delivered another quarter of financial and operational progress to begin the year.

早安，感謝各位參加 Cadre 的財報電話會議，討論我們 2026 年第一季的業績。今天與會的還有我們的總裁 Brad Williams，以及財務長 Blaine Browers。以更大的規模與更廣泛的成長機會邁入 2026 年，我們很高興在年初再度交出一季財務與營運進展。

First-quarter net sales growth of 19% year-over-year reflected continued strong and recurring demand for our suite of leading mission-critical safety products across our law enforcement, first responder, military and nuclear categories. We ended the first-quarter with record orders backlog of $355 million, which included $108 million of organic increase from Q4 to Q1.

第一季淨銷售額年增 19%，反映我們在執法、第一線應變人員、軍事與核能等類別中，對一系列領先的關鍵任務安全產品持續強勁且具重複性的需求。第一季結束時，我們的訂單積壓達到創紀錄的 3.55 億美元，其中包含自第四季至第一季 1.08 億美元的有機成長。

Brad and Blaine will provide additional details on the backlog, but its substantial growth signals strong demand as we progress through the remainder of the year. We are on pace for record net sales and adjusted EBITDA in 2026 with 20-plus percent growth expected based upon the midpoints of our reaffirmed guidance ranges.

Brad 與 Blaine 將提供更多關於訂單積壓的細節，但其大幅成長顯示我們在今年剩餘期間需求強勁。依據我們重申之財測區間中點，2026 年我們可望達成創紀錄的淨銷售額與調整後 EBITDA，預期成長超過 20%。

Today's environment of heightened geopolitical tension and increased defense spending reinforces our belief in Cadre's growth trajectory. M&A has been and will continue to be a critical component of Cadre's long-term value creation strategy. Since our IPO, we have been very clear about our intent to build Cadre into a diversified multi-vertical provider of mission-critical safety products serving durable end markets.

當前地緣政治緊張升高與國防支出增加的環境，強化了我們對 Cadre 成長軌跡的信心。併購一直是、且將持續是 Cadre 長期價值創造策略的關鍵組成。自 IPO 以來，我們一直非常清楚表明，目標是將 Cadre 打造成多元化、跨多垂直領域的關鍵任務安全產品供應商，服務具韌性的終端市場。

Thus far in 2026, we have completed two acquisitions: TYR Tactical in January and Alien Gear Holsters in April. While the former was a $175 million strategic platform and the latter a $10 million bolt-on, the same principles guide our process. Our highly selective key criteria include leading and defensible market positions, strong margins, mission-critical products as well as recurring revenues and cash flows.

截至 2026 年目前為止，我們已完成兩項收購：1 月收購 TYR Tactical，以及 4 月收購 Alien Gear Holsters。前者為 1.75 億美元的策略性平台型收購，後者為 1,000 萬美元的補強型收購，但我們的流程遵循相同原則。我們高度嚴選的關鍵標準包括：領先且具防禦性的市場地位、強勁的利潤率、關鍵任務產品，以及經常性收入與現金流。

Looking ahead, we see attractive opportunities in both the public safety and nuclear markets and intend to grow our portfolio of mission-critical safety businesses through patient and disciplined capital allocation. As we assess the overall operating environment in 2026 and beyond, it is important to highlight Cadre's track record of consistent and stable growth through cycles.

展望未來，我們在公共安全與核能市場都看到具吸引力的機會，並計畫透過耐心且嚴謹的資本配置，擴大我們的關鍵任務安全業務組合。當我們評估 2026 年及其後的整體營運環境時，重要的是要強調 Cadre 在景氣循環中一貫且穩健成長的紀錄。

This is the defining characteristic of the businesses we own. Based on this resilience, we are confident in Cadre's long-term outlook and remain focused on taking advantage of both organic and inorganic opportunities, supported by a strong balance sheet, robust acquisition pipeline and the continued implementation of the Cadre operating model.

這是我們所擁有業務的決定性特徵。基於這種韌性，我們對 Cadre 的長期展望充滿信心，並將持續專注把握有機與非有機的機會；在強健的資產負債表、充沛的併購案源，以及 Cadre 營運模式持續落地的支持下推進。

In closing, I want to reiterate why this work matters. Our mission, together, we save lives, is the foundation of everything we do. We feel an extraordinary sense of purpose fulfilling this mission and look forward to continuing to provide the best-in-class equipment that protects the law enforcement, military and security professionals who keep us all safe every day.

最後，我想重申為何這項工作意義重大。我們的使命「Together, we save lives（我們攜手拯救生命）」是我們一切作為的基礎。能夠實現這項使命，我們深感使命感與目的性，並期待持續提供同級最佳的裝備，保護每天守護我們所有人安全的執法人員、軍事與安保專業人士。

With that, thank you for being with us today, and 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 Q1 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. Following a record-setting 2025, we carried this positive momentum into the new year, driven by ongoing progress embedding the Cadre operating model in everything we do together with strong and recurring demand for our suite of products across law enforcement, first responders, military and nuclear markets.

謝謝你，Warren。在今天的會議中，Blaine 與我將提供第一季更新與業務概覽，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。我們從第 5 頁開始。在創下紀錄的 2025 年之後，我們將這股正向動能延續到新的一年，動能來自於我們持續推進將 Cadre 營運模式深植於各項工作之中，以及在執法、第一線應變人員、軍事與核能市場對我們產品組合的強勁且具重複性的需求。

We continue to successfully implement our pricing strategy in the first-quarter, which is a testament to both the strength of our brands and the value our customers place in our mission-critical equipment. We experienced some headwinds year-over-year in mix for armor and nuclear, which was partially offset by lower distribution revenue in the quarter.

我們在第一季持續成功落實定價策略，這證明了我們品牌的實力，以及客戶對我們關鍵任務裝備價值的重視。在防彈裝甲與核能產品的組合方面，我們年對年遭遇一些逆風，但部分被本季較低的經銷收入所抵銷。

Turning to our orders backlog. It increased to $355 million at quarter end, which represented an all-time high. You'll hear more from me in a moment about our record backlog. But in short, it was driven by significant organic backlog growth from the blast attenuation seat contract award announced in March 2026 as well as a strong demand in duty gear and armor, the remaining growth from our acquisition of TYR Tactical.

接著談我們的訂單積壓。季末增至 3.55 億美元，創下歷史新高。稍後我會再更詳細說明我們創紀錄的積壓訂單；簡而言之，主要由 2026 年 3 月公布的爆炸衝擊緩解座椅合約得標所帶來的顯著有機積壓成長所驅動，另加上勤務裝備與防彈裝甲的強勁需求，其餘成長則來自我們收購 TYR Tactical。

Following our acquisition of TYR, a best-in-class brand delivering must-own tactical defense products, we completed the acquisition of Alien Gear Holsters last month. This was a compelling add-on opportunity to acquire a recognized holster brand with an established direct-to-consumer presence. Integration is underway, and we have begun working with the teams to develop strategies and action plans for functional, consumer, professional and operational integrations.

在收購 TYR 之後（該公司為同級最佳品牌，提供必備的戰術防護產品），我們於上月完成對 Alien Gear Holsters 的收購。這是一項具吸引力的補強機會，使我們得以收購一個具知名度、且已建立直面消費者（DTC）通路的槍套品牌。整合工作正在進行中，我們已開始與團隊合作，制定在職能、消費者、專業與營運層面的整合策略與行動計畫。

We remain committed to further enhancing Cadre's market leadership through disciplined M&A and a robust pipeline across both public safety and nuclear. As we think about capital allocation moving forward, our strong free cash flow generation enables Cadre to not only execute our M&A strategy, but also invest in organic growth initiatives and provide shareholders with consistent dividends.

我們仍致力於透過嚴謹的併購與在公共安全及核能領域的強勁案源管線，進一步強化 Cadre 的市場領導地位。就未來資本配置而言，我們強勁的自由現金流產生能力，使 Cadre 不僅能執行併購策略，也能投資有機成長計畫，並為股東提供穩定的股利。

Our May dividend payment will mark our 17th consecutive since our IPO. Turning to slide 6. We continue to see a highly supportive long-term demand environment across both our public safety and nuclear safety end markets, underpinned by durable industry tailwinds. On the public safety side, rising global security threats and increasingly complex operating environments are among the many factors driving long-term resilient spend among law enforcement and military customers worldwide.

我們 5 月的股利發放將是自 IPO 以來連續第 17 次。接著看第 6 頁。我們持續看到公共安全與核能安全終端市場的長期需求環境高度有利，並由具韌性的產業順風所支撐。在公共安全方面，全球安全威脅上升與日益複雜的作業環境等因素，正推動全球執法與軍事客戶的長期、具韌性的支出。

At the same time, we are benefiting from replacement cycles and mission-critical demand dynamics to support steady recurring revenue streams over the long term. Within nuclear safety, we believe the long-term outlook remains equally compelling. Governments and agencies globally continue to prioritize environmental remediation and nuclear clean-up initiatives, while national defense modernization programs support sustained investment in nuclear safety infrastructure and protective solutions.

同時，我們也受惠於汰換週期與關鍵任務需求動態，長期支撐穩定的經常性收入來源。在核能安全領域，我們認為長期展望同樣具吸引力。全球各國政府與機構持續優先推動環境整治與核能清理計畫，而國防現代化方案也支持對核能安全基礎設施與防護解決方案的持續投資。

In addition, growing momentum around commercial nuclear power and energy security is creating incremental opportunities as countries increasingly view nuclear energy as a critical component of the long-term global energy mix. Collectively, these trends reinforce our confidence in the durability of demand moving forward.

此外，商用核電與能源安全的動能日益增強，正創造額外機會，因為各國愈來愈將核能視為長期全球能源組合的關鍵構成。綜合而言，這些趨勢進一步強化我們對未來需求韌性的信心。

The next two slides outline more current trends. First, on slide 7, we see favorable dynamics supporting demand as we look across our core law enforcement safety end markets although there are certain near-term developments, we are monitoring. As we have discussed previously, Cadre stands to benefit from the current US administration's commitment to public safety reflected in significant investment in federal agencies.

接下來兩張投影片概述較近期的趨勢。首先，在第 7 張投影片中，我們看到在我們核心的執法安全終端市場中，整體而言有利的動態正在支撐需求，儘管有一些短期發展我們正在監測。正如我們先前討論過的，Cadre 可望受惠於現任美國政府對公共安全的承諾，這一點反映在對聯邦機構的大量投資上。

Zooming in on our company-owned Distribution segment, we have seen signs of softness in demand for discretionary-type items. For the first time since COVID and the Defund the Police movement, there has been an uptick in publicized budget challenges for various cities, which could translate into cuts in state and local law enforcement budgets.

聚焦於我們公司自營的分銷（Distribution）部門，我們已看到對偏向可選擇性（discretionary）品項的需求出現疲弱跡象。自 COVID 以及「削減警察經費」（Defund the Police）運動以來，這是首次出現多個城市公開的預算挑戰升溫，這可能轉化為州與地方執法預算的削減。

With that said, when budget challenges have happened historically, safety equipment spending has always been prioritized. Consistent with the historical trend, we have not seen any indication of a drop in spending for Cadre products given their mission-critical nature. In our consumer channel, the strength of the Safariland brand and new product introductions are driving market share gains despite a challenging overall consumer environment.

儘管如此，從歷史經驗來看，當預算挑戰發生時，安全裝備支出一向會被優先保障。與歷史趨勢一致，鑑於 Cadre 產品具任務關鍵（mission-critical）性質，我們尚未看到任何支出下滑的跡象。在我們的消費者通路中，Safariland 品牌的強勁力道與新產品導入，正帶動市占提升，儘管整體消費環境仍具挑戰。

In fact, this channel is up 6.7% Q1 year-over-year. After completing our strategic planning process entering the year, we're excited about the opportunities ahead and confident in our dedicated team's ability to continue fueling growth in our consumer business. We've also taken immediate steps to kick off the Safariland and Alien Gear team to evaluate how best to optimize the positioning of these two powerful consumer brands in the marketplace.

事實上，該通路第一季年增 6.7%。在年初完成策略規劃流程後，我們對未來機會感到振奮，並對我們專注投入的團隊能持續推動消費者業務成長充滿信心。我們也已立即採取行動，啟動 Safariland 與 Alien Gear 團隊評估，如何在市場上最佳化這兩個強大消費品牌的定位。

Turning to geopolitics, today's environment of heightened tension, conflict and increased defense spending reinforces our belief in Cadre's long-term growth trajectory. However, our view of near-term opportunities has not changed. Cadre is well positioned to play a more meaningful role when hostilities end, at which point we would expect to provide various EOD offerings to address unexploded ordnance.

談到地緣政治，當前緊張升高、衝突加劇以及國防支出增加的環境，強化了我們對 Cadre 長期成長軌跡的信念。然而，我們對短期機會的看法並未改變。Cadre 在敵對行動結束後將具備良好條件扮演更重要的角色，屆時我們預期將提供各式 EOD（爆裂物處理）方案，以處理未爆彈藥。

Turning next to the latest market trends affecting our nuclear vertical on slide 8. We continue to see multidirectional support across our three market segments. Environmental management, national security and nuclear energy. A development to call out here is the 2027 budget submitted to Congress from the DOE.

接著看第 8 張投影片，說明影響我們核能垂直領域的最新市場趨勢。我們持續看到三個市場區隔皆獲得多方向的支撐：環境管理、國家安全與核能。一項值得特別指出的發展，是能源部（DOE）提交國會的 2027 年預算。

Overall, the budget was up 10%, which is positive. However, non-NNSA funding, which is mostly inclusive of clean energy spending, was down 11%. This underpins our comments from last earnings related to the administration's shifting priorities. The new budget reflects a focus on defense-related applications, which could translate to increased demand for our CAS, ventilation, containment, robotic arms and container businesses.

整體而言，該預算年增 10%，屬正面。然而，非 NNSA 的資金（多數涵蓋潔淨能源支出）年減 11%。這印證了我們在上次財報中提到政府施政重點正在轉移。新預算反映出對國防相關應用的聚焦，這可能轉化為我們 CAS、通風、圍堵、機械手臂與容器業務的需求增加。

The budget does not change the view we shared last quarter for NFT. We expect rates to hold at current levels. Before I turn the call over to Blaine, I'd like to spend a moment to underscore the significant growth of our orders backlog since the start of the year. As you can see on slide 9, our backlog as of March 31 was at $355 million, a record for Cadre and an increase of $166 million from the prior quarter.

該預算並未改變我們上季對 NFT 的看法。我們預期費率將維持在目前水準。在我把電話會議交給 Blaine 之前，我想花一點時間強調自年初以來我們訂單積壓（orders backlog）的顯著成長。如第 9 張投影片所示，截至 3 月 31 日，我們的積壓訂單達 3.55 億美元，創 Cadre 新高，較前一季增加 1.66 億美元。

This was driven by a few factors. First was organic backlog growth of $108 million. As you will recall from our commentary last year, we saw a higher mix of large opportunities that have been delayed. Following a successful fourth-quarter of 2025 during which our teams delivered on larger opportunities on South America, Eastern and Western Europe, UAE and parts of Asia, we made further progress in Q1 2026 as evidenced by the organic growth illustrated on the slide.

這是由幾個因素所驅動。第一是有機積壓訂單成長 1.08 億美元。正如你們從我們去年評論中所記得的，我們看到較高比例的大型機會案被延後。在 2025 年第四季成功收官、我們團隊在南美、東歐與西歐、阿聯酋以及亞洲部分地區交付較大型機會案之後，我們在 2026 年第一季進一步取得進展，從投影片所示的有機成長即可見一斑。

We saw an $87 million increase from the blast attenuation seat contract booked in March. As a reminder, this is a seven-year contract with General Dynamics European Land Systems, representing a key milestone and evidence of increased European defense spending. The remaining $22 million of organic backlog growth was driven primarily by strong demand for duty gear and armor products directly related to the work we communicated last year to close out various larger opportunities in our funnel.

我們在 3 月入帳的爆炸衝擊緩解座椅（blast attenuation seat）合約帶來 8,700 萬美元的增加。提醒一下，這是一份與 General Dynamics European Land Systems 簽訂的七年期合約，代表一個關鍵里程碑，也證明歐洲國防支出增加。其餘 2,200 萬美元的有機積壓訂單成長，主要由值勤裝備（duty gear）與防護裝甲產品的強勁需求所帶動，這與我們去年所溝通、為結案漏斗中多個較大型機會案所做的工作直接相關。

We continue to have additional larger opportunities that are still in play that we have not closed that we expect continued progress on throughout 2026 across armor, duty gear, EOD and crowd control. Lastly, the acquisition of TYR drove another $57 million increase in orders backlog. We are excited about the opportunities that Safariland and TYR teams are currently engaged in evaluating which range from cross-selling to new products and go-to-market optimizations.

我們仍有其他尚在進行中的較大型機會案尚未結案，並預期在 2026 年期間於裝甲、值勤裝備、EOD 與群眾控制等領域持續取得進展。最後，收購 TYR 也使訂單積壓再增加 5,700 萬美元。我們對 Safariland 與 TYR 團隊目前正在評估的機會感到振奮，範圍涵蓋交叉銷售、新產品以及上市策略（go-to-market）最佳化。

The integration work with TYR is going exceptionally well, along with the progress the TYR team is making to achieve their commitments to us pre-acquisition. Taking a step back and putting the substantial backlog growth into context, it represents an important forward indicator and gives us confidence in our outlook as we progress through the remainder of 2026.

與 TYR 的整合作業進展非常順利，同時 TYR 團隊也在達成其收購前對我們所承諾事項方面持續推進。退一步從整體來看，這次大幅的積壓訂單成長提供了一項重要的前瞻指標，並在我們推進 2026 年剩餘期間時，增強了我們對展望的信心。

With that, I'll now turn the call over to our CFO, Blaine Browers, to speak more about M&A, Cadre's Q1 financial results and 2026 outlook.

接下來，我將把電話會議交給我們的財務長（CFO）Blaine Browers，請他進一步說明併購（M&A）、Cadre 第一季財務結果以及 2026 年展望。

Thanks, Brad. Before turning to the quarter, I want to briefly highlight Cadre's M&A track record to date and strong foundation we have created for the continued success in 2026 and beyond. As you can see on slide 10, the acquisition of Alien Gear Holsters completed in April, marked our seventh acquisition since going public.

謝謝，Brad。在談到本季之前，我想先簡要強調 Cadre 迄今的併購（M&A）紀錄，以及我們為 2026 年及更長期持續成功所建立的堅實基礎。如第 10 張投影片所示，我們於 4 月完成收購 Alien Gear Holsters，這是我們上市以來的第七起收購。

Since the start of 2024, Cadre has deployed over $400 million in targeted M&A, reflecting our conviction, financial strength and valuation discipline. Each of these seven transactions has been consistent with our thoughtful and patient approach. And more importantly, each has met our highly selective key criteria focused on strong margins, leading and defensible market positions and recurring revenues and cash flows.

自 2024 年初以來，Cadre 已投入超過 4 億美元進行具針對性的併購，反映我們的信念、財務實力與估值紀律。這七筆交易皆符合我們審慎且耐心的做法。更重要的是，每一筆都符合我們高度嚴格的關鍵標準，聚焦於高毛利、領先且具防禦性的市場地位，以及可重複的營收與現金流。

On slide 11, we provide additional details on our latest transaction, Alien Gear Holsters, which we acquired for $10.3 million through our court-supervised bankruptcy auction. A recognized holster brand, Alien Gear is a single-site business located in Idaho with fully integrated injection molding capabilities. Turning to the next slide, we highlight the key criteria that guide our process when evaluating potential transactions.

在第 11 張投影片中，我們提供最新交易 Alien Gear Holsters 的更多細節；我們透過法院監督的破產拍賣，以 1,030 萬美元收購。Alien Gear 是一個知名槍套品牌，為位於愛達荷州的單一據點業務，並具備完整整合的射出成型（injection molding）能力。接著到下一張投影片，我們將重點說明在評估潛在交易時引導我們流程的關鍵準則。

Alien Gear ticks many of the boxes that define our disciplined approach to M&A outlined on the right side of the slide. Looking ahead, we remain well positioned to capitalize on attractive growth opportunities, supported by a robust acquisition pipeline and significant financial flexibility. We anticipate additional M&A in 2026, and we'll target deals that broaden our product range and/or increase our customer wallet share.

Alien Gear 符合投影片右側所列、界定我們嚴謹併購策略的多項要件。展望未來，在強勁的收購案源管線與顯著的財務彈性支持下，我們仍具備良好條件把握具吸引力的成長機會。我們預期 2026 年將有更多併購，並將鎖定能擴大產品範圍及／或提升客戶錢包占有率（wallet share）的交易。

Turning now to a summary of Cadre's financial performance. slide 14 details our first-quarter results. Q1 net sales of $155.4 million increased 19% year-over-year. Of note, the first-quarter 2026 results included $2.6 million of inventory step-up amortization and $1 million of depreciation and amortization related to Zircaloy and TYR. Margins were in line with expectations in Q1.

接著總結 Cadre 的財務表現。第 14 張投影片詳列我們第一季的結果。第一季淨銷售額 1.554 億美元，年增 19%。值得注意的是，2026 年第一季結果包含 260 萬美元的存貨增值（inventory step-up）攤銷，以及與 Zircaloy 與 TYR 相關的 100 萬美元折舊與攤銷。第一季的利潤率符合預期。

We knew coming into the quarter, we had some mix headwind in armor and nuclear that was driven by the complexion of our backlog. Right now, we expect margins to improve as we move through the year, which is a function of improving mix and leverage on increasing revenues. Illustrated on slide 15 is net sales and adjusted EBITDA growth year-over-year, including our 2026 guidance, which I'll discuss in more detail in a moment.

我們在進入本季時就知道，裝甲與核能業務會因積壓訂單結構而面臨一些組合（mix）逆風。目前我們預期隨著年度推進，利潤率將改善，原因在於組合改善以及營收成長帶來的槓桿效益。第 15 張投影片呈現淨銷售額與調整後 EBITDA 的年增成長，包括我們的 2026 年指引，我稍後會更詳細說明。

Our full-year growth implies year-over-year revenue and adjusted EBITDA growth of 22.4% and 24%, respectively, at the midpoints. You can see over the last several years, Cadre has delivered consistent and stable growth. Our resilience is a key differentiator with businesses that are largely unaffected by economic, political, geopolitical and other cycles.

以中位數計算，我們的全年成長隱含營收與調整後 EBITDA 分別年增 22.4% 與 24%。你們可以看到，過去幾年 Cadre 持續交付一致且穩健的成長。我們的韌性是一項關鍵差異化優勢，因為我們的業務在很大程度上不受經濟、政治、地緣政治及其他循環影響。

On slide 16, we present our capital structure as of March 31, 2026. Our net leverage is just under 3x. After factoring in a full year of TYR earnings, our leverage is less than 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2026年3月31日的資本結構。我們的淨槓桿率略低於3倍。若納入TYR一整年的獲利貢獻後，我們的槓桿率低於2.5倍。我們相信，Cadre強勁的自由現金流創造能力，加上資產負債表的穩健，讓我們具備充足的財務彈性，得以持續追求有機與非有機的成長機會。

We provide our 2026 outlook 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%. We still expect organic revenue to be in the 3% to 5% range on a full year basis. As Brad mentioned earlier in the call, our strong backlog exiting Q1 gives us confidence in our full-year guidance.

我們在第17頁投影片提供2026年展望。淨銷售額預期介於7.36億美元至7.58億美元。我們的調整後EBITDA指引介於1.36億美元至1.41億美元，意味著調整後EBITDA利潤率為18.5%。我們仍預期以全年基礎計算，有機營收成長將落在3%至5%的區間。如Brad先前在電話會議中提到的，我們在第一季結束時的強勁在手訂單（backlog）讓我們對全年指引更具信心。

We expect Q2 revenue to be around $178 million with adjusted EBITDA margins around 17.5%, which implies the back half of the year will be about 55% of our full-year revenue. We expect the sequential increase from Q1 to Q2 to be driven by a full quarter of TYR, an uptick in Distribution, EOD and armor. Similarly, we expect adjusted EBITDA margins to increase in line with the volume throughout the rest of the year.

我們預期第二季營收約為1.78億美元，調整後EBITDA利潤率約為17.5%，這表示下半年將約占全年營收的55%。我們預期從第一季到第二季的季增，將由TYR完整一季的貢獻、Distribution（通路/經銷）業務回升，以及EOD與防彈裝甲的成長所帶動。同樣地，我們也預期在今年其餘期間，調整後EBITDA利潤率將隨著出貨量提升而同步上升。

Overall, our businesses are performing well, and we expect continued strong demand in 2026 across our core markets in public safety and nuclear safety.

整體而言，我們各項業務表現良好，並預期2026年在公共安全與核能安全等核心市場將持續維持強勁需求。

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

接下來我把時間交還給Brad做結語。

Thank you, Blaine. In closing, we are excited about the opportunities ahead. We continue to execute with discipline against our strategic priorities and our outlook for 2026 reflects confidence in the durability of our business, the resilience of our end markets and the effectiveness of the Cadre operating model. Across varied economic, political and geopolitical environments, we have consistently demonstrated an ability of Cadre to deliver strong, consistent results supported by our talented teams around the world. We remain focused on driving continuous improvement and building upon our market-leading positions.

謝謝你，Blaine。最後，我們對未來的機會感到振奮。我們持續以紀律執行各項策略優先事項，而我們對2026年的展望反映出我們對業務耐久性、終端市場韌性，以及Cadre營運模式有效性的信心。在多變的經濟、政治與地緣政治環境中，我們一再證明Cadre有能力交出強勁且穩健一致的成果，並由全球各地優秀的團隊所支持。我們仍專注於推動持續改善，並在既有的市場領先地位上再接再厲。

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

接下來，請接線員開放問答（Q&A）線路。

(Operator Instructions) Jeff Van Sinderen, B. Riley Securities.

（接線員指示）Jeff Van Sinderen，B. Riley Securities。

I guess I wanted to start with TYR. I realize the acquisition only closed in January, but I wonder if you could speak a little bit more about some of the opportunities you're seeing there and potential synergies?

我想先從TYR談起。我知道這項收購是在1月才完成交割，但想請你多談一些你們在那邊看到的機會，以及潛在的協同效益？

Yes. Jeff, it's Brad. As I stated a little bit earlier, the TYR acquisition is definitely meeting and exceeding expectations in many fronts, the commitments that they've made to us on a pre-acquisition basis continue to look really good. We have kicked off various projects, and I can't get into details on those externally, but those projects range anything from some new products that the teams are working on between TYR and Safariland and also our Med-Eng EOD business unit, along with other go-to-market strategies that we feel like we can use as we go forward to optimize what both companies are doing.

好的。Jeff，我是Brad。正如我稍早提到的，TYR的收購在多個面向確實達到甚至超越我們的預期；他們在收購前對我們所做的承諾，目前看起來也都非常不錯。我們已啟動多個專案，細節我無法對外透露，但這些專案涵蓋範圍很廣，包括TYR與Safariland團隊之間正在開發的一些新產品，以及與我們的Med-Eng EOD事業單位的合作，還有其他我們認為可在未來用來優化兩家公司運作的市場進入（go-to-market）策略。

Okay. Great. And then given that you -- I think you mentioned you're exceeding internal targets on pricing. I guess any more you can give us on the latest you're seeing on input costs and supply chain overall?

了解。很好。另外，鑑於你們——我想你提到在定價方面超出內部目標。那麼就你們最近看到的投入成本與整體供應鏈狀況，還能再多分享一些嗎？

Yes. Right now, we're not seeing any significant change on input pricing or material inflation. It's something we're staying close to. Certainly, more when you think about the sites in Europe, kind of staying close to energy prices. In many cases, we have fixed contracts that prevent us from being exposed to short-term higher energy prices. But up to this point, it has not been an impact, but something we'll follow closely.

可以。目前我們沒有看到投入品價格或原物料通膨有任何顯著變化。我們會持續密切關注。當然，特別是想到歐洲的據點，我們會更留意能源價格。在許多情況下，我們有固定合約，可避免短期能源價格上升帶來的曝險。到目前為止尚未造成影響，但我們會持續緊盯。

And I think more importantly, reiterating, we will be nimble when it comes to pricing, we've had over the last 5 or 6 years, a couple of examples, whether it was COVID or tariff announcements where we had to thoughtfully readdress pricing as things change. So the team certainly has the playbook and the capability to pivot if required. But right now, we're not seeing any pressure that would change our current course.

而且我認為更重要的是再次強調：在定價方面我們會保持靈活。過去5到6年我們有過幾個例子，不論是COVID或關稅公告，我們都必須在情勢變化時審慎地重新調整定價。因此團隊確實有既定的作戰手冊與必要時轉向的能力。但就目前而言，我們沒有看到任何會改變現行方向的壓力。

Okay. Good to hear. And then with backlog up pretty substantially, can you remind us how we should think about conversion to revenues there over the next year or so?

了解。很高興聽到。再來，在手訂單大幅增加的情況下，你能否提醒我們，未來一年左右應該如何看待這些在手訂單轉換為營收的節奏？

Yes, it's -- I think when we think about it, the easy one is to take off the blast attenuation seats. That's that $87 million contract that the EOD business won. There could be some small shipments this year, but for the most part, that will ship out into 2027. After that, some of the nuclear businesses will carry over backlog. But when you think about the shorter-term, the armor, the duty gear, the crowd control, all and even the chemical luminescence, that will ship in the current year.

可以——我想我們在思考時，最容易先把爆炸衝擊衰減座椅（blast attenuation seats）扣除。那是EOD業務拿下的8,700萬美元合約。今年可能會有少量出貨，但大部分將延續到2027年出貨。除此之外，部分核能相關業務也會有在手訂單延續。但若看較短期的部分，像是防彈裝甲、勤務裝備、群眾控制產品，甚至化學發光產品，將會在本年度出貨。

So when we look at it, majority of it is going to be shippable or is shippable in this year. And keep in mind, we have the blast sensor contract that we put in for $10 million last year that is expected to completely ship this year. So that's part of the reason, going back to comments that we feel bullish and confident in the full year guidance is we're seeing that backlog uptick and not just on blast attenuation seats, but fairly broadly across the portfolio. We've seen that increase in backlog, which is exciting for us and for the businesses to see.

因此我們的看法是，其中大多數在今年都將可出貨或正在出貨。並且請記得，我們去年簽下的1,000萬美元爆炸感測器（blast sensor）合約，預期今年會全部出貨完成。這也是我們回到先前評論、之所以對全年指引保持樂觀與信心的原因之一：我們看到在手訂單上升，而且不只是爆炸衝擊衰減座椅，而是整體產品組合相當廣泛地增加。我們看到在手訂單增加，這對我們以及各事業而言都令人振奮。

Larry Solow, CJS Securities.

Larry Solow，CJS Securities。

Great. Just on order and the outlook, it seems like the quarter was pretty much in line. Just a couple of questions. With the weakness you called out on the hard goods and on the distributor side, is that something new, something that concerns you?

很好。就訂單與展望來看，這一季似乎大致符合預期。我有幾個問題。你們提到硬體商品（hard goods）以及經銷商端的疲弱，這是新的現象嗎？會讓你們擔心嗎？

Larry, it's Brad. Is it new? It's new since COVID and the Defund the Police that was going on. So it's the first time we've seen a bit of softness in our company-owned distribution side of things. And keep in mind, within company-owned Distribution, there's a portion of that business -- the larger portion of that business is actually third-party products that we procure with various companies, anything from boots to uniforms to flashlights, you name it, various products like that.

Larry，我是Brad。算新嗎？自COVID以及當時的「削減警察經費（Defund the Police）」風潮以來，這算是新的——也就是說，這是我們第一次在自有通路（company-owned distribution）端看到一些疲軟。請記得，在自有Distribution業務中，有一部分——而且是較大的一部分——其實是我們向多家供應商採購的第三方產品，從靴子、制服到手電筒等各式各樣的產品都有。

And then the smaller part of that business is, I'll call it, Cadre products from our Product segment. When we look at the data around our Distribution segment, we're not seeing any weakness in the Cadre products side of things, which is good. That goes back to what we've talked about in previous years that that's why we like the safety product side of things because typically.

而該業務中較小的一部分，我稱之為來自我們產品事業群（Product segment）的Cadre自有產品。當我們檢視Distribution事業群的數據時，我們沒有看到Cadre產品端有任何疲弱，這點很好。這也呼應我們過去幾年談到的：我們之所以喜歡安全產品這一塊，是因為通常。

If there's a prioritization going on in budgets, you're going to make sure that you have folks with armor on, you're going to have holsters and other products of ours. So that's what we're seeing at the moment. We're watching it from that standpoint. But from a product segment perspective, we look good.

如果預算正在被重新排序，你一定會優先確保人員穿戴防彈裝備，並配備槍套以及我們的其他產品。這就是我們目前看到的情況。我們會從這個角度持續觀察。但就產品事業群而言，我們看起來表現良好。

Okay. And the organic growth kind of assumptions you have for the year, I think were -- I don't think you break out officially, but it was like 3% to 6%. Just curious, has anything changed there? Did the acquisitions that of Carr's or TYR add any more than expected, any less? Just has anything really changed in terms of kind of organic versus acquired growth this year?

了解。那你們對今年有機成長的假設，我想是——你們好像沒有正式拆分，但大概是3%到6%。想請教這部分有沒有任何變化？Carr's或TYR的收購，帶來的貢獻有比預期多或少嗎？也就是說，今年在有機成長與併購帶來的成長之間，有沒有什麼實質變化？

No, nothing's changed really on the organic growth side. So reaffirming guidance, still feel good about the organic side. As Brad mentioned, we'll watch the Distribution segment. The rest of the businesses are really performing well. Zircaloy, you asked about Zircaloy and TYR, largely in line with expectations. And so is TYR, but TYR, we're talking about two months.

不，從有機成長的角度來看，實際上沒有任何改變。所以我們重申指引，對有機面仍然很有信心。如 Brad 提到的，我們會關注經銷（Distribution）部門。其餘業務的表現都非常好。至於 Zircaloy，你問到 Zircaloy 和 TYR，整體大致符合預期。TYR 也是如此，不過 TYR 我們談的是兩個月。

So we'll continue to kind of monitor progress, both in revenue in the quarters as well as backlog in their funnel and adjust. But at this time, as Brad said, they've executed right where we expected to. And we don't expect any downward pressure from them.

所以我們會持續監控進展，包括各季度的營收以及他們漏斗中的在手訂單（backlog），並視情況調整。但就目前而言，如 Brad 所說，他們的執行正如我們預期。我們也不預期他們會帶來任何下行壓力。

Got you. And then just last one for you, Blaine. Just on the guide. So it kind of implies an EBITDA margin in the back half of the year. I know you're always kind of back-end loaded. But this time, it looks like it's going to have to be like 22% -- 21%, 22%. I guess you're comfortable with that in the back half?

了解。那最後一個問題，Blaine，關於指引。它似乎暗示下半年 EBITDA 利潤率。我知道你們一向偏向後段發力。但這次看起來下半年必須達到大約 22%——21%、22%。我想問你們對下半年達到這個水準有把握嗎？

We are. We always have operating leverage, right, as volume comes through. And then you think about the complexion of TYR, which is more in that ZIP code or area code. So we're comfortable looking at it. We have -- when you think about -- just thinking about the blast sensor, for an example, right, that's incremental volume at nice margin with no incremental OpEx coming through. So that's where we'll get a lot of that leverage in the back half as some of these larger orders ship.

有把握。我們一向有營運槓桿，對吧，隨著出貨量上來就會體現。再加上 TYR 的組合特性，它的利潤率大致就在那個區間或水準。所以我們看起來是有信心的。當你想到——例如爆炸感測器（blast sensor），對吧，那是額外的出貨量，毛利率不錯，而且不需要增加額外的營運費用（OpEx）。所以當下半年一些較大的訂單開始出貨時，我們會在那裡取得很多槓桿效益。

Matthew Koranda, ROTH Capital.

Matthew Koranda，ROTH Capital。

(technical difficulty) Hear what TYR and Carr contributed inorganically to sales in the quarter? And then just anything that you can call out that drove the organic headwind in the first-quarter, I guess, was it more alpha or more on the core safety products side of the business?

（技術問題）能否說明本季 TYR 和 Carr 以非有機方式對銷售的貢獻？另外，第一季有機面的逆風主要是什麼造成的？我想問，是更多來自 alpha，還是更多來自核心安全產品（core safety products）業務？

Yes. And we missed, I think, the first part of your question, Matt, I think you're asking about TYR contribution and Zircaloy contribution in the quarter?

可以。不過我們剛剛好像漏聽了你問題的第一部分，Matt，我想你是在問本季 TYR 的貢獻以及 Zircaloy 的貢獻，對嗎？

Yes.

是的。

Okay. Yes. So TYR, if you kind of run rate out their TTM, they were about there in the quarter and Zircaloy similarly was about the same. So kind of fairly level to expectations when you run rate them out. When you kind of unpeel the inorganic, which we knew coming in, we had a tough comp in particular, armor and Distribution are really the drivers. And Brad talked through the distribution challenges there.

好的。是的。TYR，如果你把他們過去十二個月（TTM）的水準按年化（run rate）推算，本季大概就是那個水準；Zircaloy 也差不多。所以按年化來看，大致符合預期。當你把非有機因素拆開來看（unpeel the inorganic），我們在進來之前就知道，對比基期（comp）很硬，尤其是防彈裝備（armor）和經銷（Distribution）是主要驅動因素。Brad 也已經說明了經銷端的挑戰。

And armor is really just timing the backlog complexion or timing of the orders coming through. So no concerns on the armor side. And to reiterate what Brad said on the Distribution side is, we're not seeing softness on the Cadre-made products, it's been much more around the discretionary-type products, which is consistent with what we've seen during Defund and COVID.

而防彈裝備（armor）主要只是時點問題，也就是在手訂單的組合或訂單進來的時間點。所以防彈裝備這邊沒有疑慮。再重申 Brad 對經銷端的說法：我們沒有看到 Cadre 自製產品的疲弱，更多是出現在偏自由裁量型（discretionary-type）的產品上，這與我們在 Defund 和 COVID 期間看到的情況一致。

Okay. And then on the 3% to 5% organic growth for the year, just wondering maybe a little bit more about the cadence of that growth for the rest of the year. I guess it implies that you see a pretty decent pickup. Maybe just anything on the seasonality of that organic growth that you expect and how the blast monitoring sensor contributes, maybe that's back half of the year, but just wanted to hear a little bit more about seasonality.

了解。那關於全年 3% 到 5% 的有機成長，想再請教一下今年剩餘期間的成長節奏。看起來意味著你們會看到相當不錯的回升。能否談談你們預期的有機成長季節性，以及爆炸監測感測器（blast monitoring sensor）的貢獻？我猜可能在下半年，但想多了解一些季節性。

Yes. So the -- I mean you're right on the blast sensor that is going to be a back-half shipment as we expected. Kind of looking across the rest of the portfolio, armor is back-half loaded this year as well, which was right in line with expectations coming into the year. And then duty gear will be -- looks to be heavy in the last quarter of the year.

好的。你對爆炸感測器的判斷沒錯，正如我們預期，它會在下半年出貨。再看整個產品組合，防彈裝備（armor）今年也會偏向下半年出貨，這與我們年初的預期一致。另外，執勤裝備（duty gear）看起來會在第四季特別集中。

So it's pretty discrete when we look at it, the places where the volume will come. And again having the backlog uptick in Q1 certainly gives us a lot of confidence in the rest of the year forecast and guidance.

所以當我們拆開來看，量會從哪些地方來其實相當明確。而且第一季在手訂單（backlog）上升，確實讓我們對今年剩餘期間的預測與指引更有信心。

Okay. And then just maybe last one on the distribution segment. I wanted to hear when exactly did the softness, that you've observed and called out pretty clearly here, show up during the first-quarter? And I guess what have you observed quarter-to-date in that business? Is it still kind of running a little softer on a year-over-year basis? How to think about sort of some of those third-party products that you're selling and any demand changes that you've seen?

了解。最後一個問題關於經銷（Distribution）部門。我想了解你們觀察到、也在這裡講得很清楚的那個疲弱，第一季到底是什麼時候開始出現的？另外，本季迄今（quarter-to-date）你們在該業務看到什麼？是否仍然在年對年基礎上偏弱？該如何看待你們銷售的那些第三方產品，以及你們看到的需求變化？

Yes. So the -- I think the good news when you look inside Q1, they stair-stepped each month on revenue. So January was a low point, picked up in February and then picked up again in March. So when we look out, that gives us some confidence there was a temporary lull in kind of early-year purchasing. And then we're obviously paying real close attention to it inside the quarter here.

好的。第一季內部來看，好消息是他們每個月的營收是逐月上台階（stair-stepped）的：一月是低點，二月回升，三月又再回升。所以往後看，這讓我們對年初採購出現短暫停頓（temporary lull）更有信心。當然，我們在本季也會非常密切地關注。

But nothing that would, at this point, give us any reason to doubt kind of the full year. And we've seen that recovery to a point where we're in line with guidance if it continues at the rate. So again, it's a very -- can be a very short cycle on the Distribution side. So we'll watch it closely. But that progress where we exited Q1 at a significantly higher revenue definitely gives us a lot of confidence going into Q2 that this was -- looks to be a temporary lull, but something we'll continue to monitor.

但就目前而言，沒有任何跡象會讓我們懷疑全年表現。而且我們已經看到回升，若以目前速度持續，將可符合指引。所以再說一次，經銷端的週期可能非常短。我們會密切觀察。不過第一季末的營收明顯更高，確實讓我們對進入第二季更有信心：這看起來是短暫的停頓，但我們仍會持續監控。

[Sheila Kahyaoglu], Jefferies.

[Sheila Kahyaoglu]，Jefferies。

This is [Jack] on for Sheila. I was just wondering if you could potentially provide an update on the plutonium down-blending suspension and maybe quantify the headwind if possible, and just discuss kind of the path to resumption of that business.

我是代 Sheila 的 [Jack]。我想請問你們是否可以更新一下鈽下混（plutonium down-blending）暫停的狀況，若可以的話也請量化一下逆風影響，並談談該業務恢復的路徑。

Yes, absolutely. So it's not changed since our last earnings update tied back to the executive order that went out. So pretty consistent with that side of things. However, what I will comment on is when you look at the long-term side of things, even though there's a bit of a lull in demand for that specific product and that application, there is a what I would call, fundamental time line mismatch that still exists between what the DOE has obligations to remove surplus plutonium by, I think it's like 2037, compared to reactor reuse scaling that is supposed to happen in the 2030 to 2040 range.

好的，當然可以。自從我們上次財報更新以來，情況沒有改變，仍與當時發布的行政命令（executive order）相關，因此這部分相當一致。不過我想補充的是，從長期來看，即使該特定產品與應用的需求目前有些停頓，我認為仍存在一個根本性的時間線不匹配：能源部（DOE）必須在大約 2037 年前履行移除多餘鈽的義務，相較之下，反應爐再利用（reactor reuse）的擴張預計是在 2030 到 2040 年區間發生。

So there's going to be some portion of excess plutonium that is going to have to be dealt with. So right now, we're continuing to forecast what we have in the plan for this year. And for next year, at this moment, we're -- we continue to look at it being consistent with that. So that's the way I would look at it at the moment as we go forward.

因此，仍會有一部分過剩鈽必須被處理。就目前而言，我們仍按照今年計畫中的內容持續預測。至於明年，在此刻我們也仍然認為會與此一致。我目前會用這樣的方式來看待未來的走向。

Got it. That makes a ton of sense. And just for a follow-up, M&A has been a big piece of the Cadre story, and I know you guys have talked about it today. I think historically, you had said maybe there's 100 potential M&A targets in nuclear alone, was just wondering on that, what specific engineering capabilities or product gaps you'd be prioritizing over the medium term in the nuclear field?

了解，這非常合理。再追問一個問題：併購一直是 Cadre 故事中的重要一環，我也知道你們今天有提到。我記得你們過去曾說過，光是在核能領域可能就有 100 個潛在併購標的。想請問在這方面，未來中期你們在核能領域會優先補強哪些特定工程能力或產品缺口？

Yes. No, great question. So some of the categories that we've talked about are not significantly different than some of the categories that we have today. We would just continue to build out those capabilities, whether it's geographically or within other customers that we don't reach today with certain specific product line expansion.

是的，這是個很好的問題。我們談過的一些類別，與我們目前已有的類別並沒有顯著不同。我們會持續擴建這些能力，不論是在地理覆蓋上，或是針對我們目前尚未觸及的其他客戶，透過特定產品線的擴張來深化。

So I would think of it that way. So it would be continued on the engineering container side of things. We've talked about the critical alarm systems, ventilation, containment type systems. We like the outlook of those when you look at the spending that's going on. And when you look at the budget that was just submitted by the DOE, there shows a significant increase in the defense side of things in the DOE budget and a lot of those product categories are related to those applications.

所以我會用這種方式來看待。也就是說，這將會在工程容器這一端持續推進。我們已經談過關鍵警報系統、通風、圍堵類系統。當你看目前正在進行的支出時，我們喜歡這些領域的前景。而當你看美國能源部（DOE）剛提交的預算時，可以看到 DOE 預算中國防相關部分顯著增加，而其中許多產品類別都與這些應用相關。

Mark Smith, Lake Street Capital Markets.

Mark Smith，Lake Street Capital Markets。

I know that it's smaller, but just wanted to dive a little deeper into Alien Gear. This acquisition, small cost, but can you just walk us through any thoughts around maybe revenue contribution, synergies that you expect with your other holster businesses and even maybe profitability of this business?

我知道它規模較小，但我想再更深入了解一下 Alien Gear。這項收購成本不高，但你能否帶我們梳理一下：可能的營收貢獻、與你們其他槍套業務預期的協同效益，甚至這項業務的獲利能力？

Yes. No, great question. And keep in mind, Alien Gear is coming through a bankruptcy process. So when we kind of look backwards, like I wouldn't think about it as a direct indicator for the current year just based on some of the challenges in that process, as I'm sure everyone is aware. But when you look at the numbers for last year, they're right around $20 million and about -- a little better.

是的。不，這是個好問題。請記住，Alien Gear 是透過破產程序而來。所以當我們回頭看時，我不會把它視為當年度的直接指標，因為該程序中有一些挑戰，我相信大家都知道。但如果看去年的數字，大約在 2,000 萬美元左右，而且大概——還稍微好一點。

But around just a little north of 10% EBITDA, which is not a bad business, but not -- certainly not at our standards. And we look forward -- right now, Alien Gear is not incorporated into the guidance that we just closed a few weeks ago. So we want to take our time, get to know the business, understand the implications and impact the bankruptcy process has had on the business.

但 EBITDA 大約略高於 10%，這不是一門差的生意，但也——當然還沒達到我們的標準。往前看，目前 Alien Gear 尚未納入我們幾週前剛完成的指引之中。所以我們想花點時間，先熟悉這門業務，了解破產程序對該業務造成的含意與影響。

But what we're excited about is you have the same manufacturing processes, really great focus on consumer and consumer marketing. And then we have -- we know a lot about their manufacturing processes, right? And we're excited to take some of the lessons we learned and improvements we made in our facilities and introduce those into the Alien Gear production line.

但讓我們感到興奮的是，他們擁有相同的製造流程，並且非常重視消費者與消費者行銷。然後我們也——我們對他們的製造流程其實很了解，對吧？我們很期待把我們在自家工廠學到的一些經驗與做出的改善，導入到 Alien Gear 的生產線中。

So we're looking forward to it. Great team, very happy with them out of the gates. And we're excited about what this can mean for the duty gear brands between Safariland and Alien Gear in the year.

所以我們很期待。團隊很棒，一開始我們就對他們非常滿意。我們也對這在今年能為 Safariland 與 Alien Gear 之間的勤務裝備品牌帶來的意義感到興奮。

Perfect. Then you gave some good info on kind of leverage and your comfort levels there. I'm just curious, as we think about your debt repayment, kind of how that sits as far as use of cash and maybe outlook of debt reduction, maybe over the next 12 months or so?

很好。你也提供了一些關於槓桿水準以及你們舒適區間的資訊。我想問的是，當我們思考你們的償債時，就現金使用以及未來 12 個月左右的降債展望而言，你們大概會怎麼安排？

Yes. I mean our free cash flow, right, we have an amount on the revolver. Free cash flow will generate over the coming months and year will be directed towards that, excluding any acquisitions. And that's really been kind of our play is dividend, right? It certainly takes a priority and then the rest of the cash generated is going to be focused around either delevering or acquisitions.

是的。我的意思是，我們的自由現金流，對吧，我們在循環信貸（revolver）上有一個餘額。未來幾個月到一年所產生的自由現金流，將會用來處理那部分，排除任何併購。這一直是我們的策略：股利，對吧？它確實是優先事項，然後其餘產生的現金會聚焦在去槓桿或併購上。

We're not at the top end of our leverage, but we've always said we think two times levered is about the right number in the long term. Right now, when you factor in the TYR earnings, we're just a little bit south of 2.5. So we're not far off that long-term target. So we certainly have some flexibility out there. But when we look at that free cash flow in the absence of deals for the rest of the year, it would be really focused around paying down the debt and delevering.

我們的槓桿並不在區間上緣，但我們一直說，長期來看約 2 倍槓桿是比較合適的數字。現在把 TYR 的獲利納入後，我們大概略低於 2.5 倍。所以距離長期目標不遠。因此我們確實還有一些彈性。但如果今年剩餘時間沒有交易，我們看這些自由現金流就會主要用於償還債務、降低槓桿。

Alex Preston, Bank of America.

Alex Preston，美國銀行（Bank of America）。

I just wanted to take a step back to the FY27 budget, right? You noted this mix between, call it, lower non-NNSA spending uplift on the defense side. I guess as you consider both your respective exposures to these line items and given the budgets are still in flux, I guess would you expect the longer-term dynamics to be more of a headwind or favorable? And going off that, to what extent is maybe the shift in administration priorities impacting opportunities you look at within nuclear going forward?

我想退一步回到 FY27 預算，對吧？你提到這種組合：可以說是較低的非 NNSA 支出上調，而國防端上調。我想問的是，考量你們各自對這些預算科目的曝險，以及預算仍在變動中，你會預期長期動態更像是逆風還是有利？另外，行政當局優先事項的轉變，在未來核能領域你們所看到的機會上，影響程度到什麼程度？

Yes. Great question. So you're right. There is the shift going on. When you look at the 2027 budget that the DOE submitted to Congress, they're showing overall up about 10%. And -- but then an 11% decline in non-NNSA funding. So the way we look at it when you break it up into the large increase side of things, which is for weapons and reactors being up 11%, we have four of our business units that are connected to those type of applications.

是的，這是個好問題。你說得對，確實正在發生轉變。當你看 DOE 提交給國會的 2027 年預算時，整體顯示約增加 10%。但是——非 NNSA 的資金則下降 11%。我們的看法是，把它拆開來看，在增幅較大的部分，也就是武器與反應爐增加 11% 這一塊，我們有四個事業單位與這類應用相連。

That's our NFT, which is more of our container side of things; our robotic arms, which is the Walischmiller business; our RPS business, which is ventilation and containment; and then our PSC business, which is our critical alarm systems that we've talked about. So we feel like those four directly related to the weapons and reactor side of things, and we look forward to seeing how that translates as -- if that budget gets approved as they go forward.

那就是我們的 NFT，偏向容器端；我們的機械手臂，也就是 Walischmiller 業務；我們的 RPS 業務，也就是通風與圍堵；以及我們的 PSC 業務，也就是我們談過的關鍵警報系統。所以我們認為這四個與武器與反應爐端直接相關，我們也期待看到——如果該預算獲得核准——在後續推進時會如何轉化。

And then on the environmental management side of things, that we've talked about, and we talked about last time, we talked about it a little bit this time. We feel like that one is going to be roughly flat, which is where we're sitting today as we've dialed in that forecast this year compared to last year, where we talked about a decline there in some of the container demand that we do have. So that's how we break it down, that's how we look at it. So we think it's a positive going forward because of that 10% budget increase on the weapons and reactor side of things.

然後在我們談過的環境管理端——上次談過，這次也稍微提到——我們認為那一塊大致會持平，這也符合我們今年相較去年所校準的預測；去年我們談到那邊會下滑，主要是我們所服務的一些容器需求下降。所以我們就是這樣拆解、這樣看待。我們認為往前看是正面的，因為武器與反應爐端的預算增加了 10%。

Got it. And then I guess back to how you look at the portfolio going forward? Is that sort of shifting how you look at nuclear assets on the market? Or is this playing into that strategically?

了解。那回到你們如何看待未來的投資組合？這是否會改變你們看待市場上核能資產的方式？或是這在策略上也會納入考量？

Not -- well, I mean, it depends. So from an M&A perspective, yes, we want to make sure that we're looking at the macros and where the focus is as things go forward. But take environmental management, for example, even though roughly flat, as I mentioned a little bit earlier with one of the other questions, there is an obligation for the clean-up that has to take place.

不——嗯，我的意思是，要看情況。從併購（M&A）的角度來看，是的，我們希望確保在往前走時，我們有在看總體環境以及重點所在。但以環境管理為例，即便如我稍早在其他問題中提到的大致持平，仍然存在必須進行清理的義務。

So right now, there's a lull in that clean-up. But as we go forward, there will have to be an inflection point where that clean-up activities begin to accelerate, I would call it, to the levels that we would expect before this year.

所以目前清理工作有一段空窗期。但往前看，必然會出現一個拐點，屆時清理活動將開始加速，我會說，回到我們在今年之前所預期的水準。

There are no further questions from the line at this time. I will now turn the call back over to Brad Williams for any closing remarks.

目前線上沒有其他提問。我現在把電話交回給 Brad Williams，請他做結語。

Thank you, operator. I'd like to thank everyone again for joining us on today's call, and your continued interest in Cadre Holdings. Thank you. Have a good day.

謝謝，接線員。我要再次感謝各位參加今天的電話會議，以及各位持續關注 Cadre Holdings。謝謝。祝各位有美好的一天。

This concludes today's conference call. Thank you, and have a great day.

今天的電話會議到此結束。謝謝，祝各位有美好的一天。