Cadre Holdings, Inc.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
CDRE$32.60+1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001104659-26-091151
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001104659-26-122697
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 95 previous paragraphs and 95 current paragraphs.
53 unchanged; 37 reworded; 4 added; 4 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 20 previous and 17 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (4)
Current report
Net income increased by $5.0 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily as a result of increased gross profit, partially offset by acquisition operating expenses, increased tax expense, and increased compensation expense.
Current report
Comparison of Nine months ended September 30, 2026 to Nine months ended September 30, 2025
Current report
*Net sales.*Product segment net sales increased by $127.7 million, or 32.6%, from $391.7 million to $519.4 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily due to increases of $114.8 million from current and prior year acquisitions, $7.6 million from EOD products, $3.2 million from crowd control products, and $2.1 million from chemiluminescent solutions. Distribution segment net sales decreased by $8.9 million, or 11.0%, from $79.9 million to $71.0 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily due to lower demand for hard and soft goods.
Current report
Distribution segment cost of goods sold decreased by $6.9 million, or 11.1%, from $62.3 million to $55.4 million for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to decreased volume. Distribution segment gross profit as a percentage of net sales increased by 8 basis points to 22.1% for the nine months ended September 30, 2026 from 22.0% for the nine months ended September 30, 2025, mainly driven by favorable mix.
Removed paragraphs (4)
Previous report
Net income decreased by $8.1 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily as a result of increased contingent consideration expense, compensation expense, and interest expense, as well as adverse foreign currency fluctuations, partially offset by increased gross profit.
Previous report
*Net sales.*Product segment net sales increased by $49.9 million, or 35.6%, from $140.1 million to $190.0 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to increases of $36.6 million from current year acquisitions, $8.4 million from higher demand for nuclear safety products, of which $3.3 million is organic, $3.2 million from increased demand for existing armor products, and $2.3 million from higher demand for duty gear products. Distribution segment net sales increased by $1.6 million, or 6.3%, from $25.5 million to $27.1 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to higher demand for hard goods. Reconciling items consist primarily of intercompany eliminations.
Previous report
Distribution segment cost of goods sold increased by $1.3 million, or 6.8%, from $19.6 million to $20.9 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to increased volume. Distribution segment gross profit as a percentage of net sales decreased by 30 basis points to 22.8% for the three months ended June 30, 2026 from 23.1% for the three months ended June 30, 2025, mainly driven by unfavorable mix. Reconciling items consist primarily of intercompany eliminations.
Previous report
Comparison of Six Months Ended June 30, 2026 to Six Months Ended June 30, 2025
Reworded paragraphs (37)
Previous wording
In January 2026, the Company acquired TYR Tactical, LLC (“TYR”) for $185.2 million.
Current wording
In January 2026, the Company acquired TYR Tactical, LLC (“TYR”) for $186.1 million.
Previous wording
Net sales increased by $50.0 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily as a result of current year acquisitions and increased demand for nuclear safety, armor, and duty gear products.
Current wording
Net sales increased by $47.0 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily as a result of current year acquisitions and increased demand for EOD products.
Previous wording
Net sales increased by $75.3 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily as a result of current and prior year acquisitions, partially offset by lower agency demand for hard goods in the Distribution segment.
Current wording
Net sales increased by $122.3 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily as a result of current and prior year acquisitions and higher demand for EOD, crowd control and chemiluminescent products.
Previous wording
Net income decreased by $0.8 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily as a result of increased contingent consideration expense, increased compensation expense, and adverse foreign currency fluctuations, partially offset by increased gross profit.
Current wording
Net income decreased by $3.0 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily as a result of acquisition operating expenses, increased compensation expense, interest expense, and adverse foreign currency fluctuations, partially offset by increased gross profit.
Previous wording
Orders backlog increased by $177.9 million as of June 30, 2026 compared to December 31, 2025, primarily due to increases of $107.0 million from orders of vehicle blast attenuation seats, blast exposure monitoring sensors, and remotely operated vehicles, $56.1 million from current year acquisitions, $12.6 million from nuclear safety products, and $7.6 million due to international and domestic channels for duty gear holsters, partially offset by a $4.7 million decrease in international and domestic orders for crowd control products.
Current wording
Orders backlog increased by $148.4 million as of September 30, 2026 compared to December 31, 2025, primarily due to increases of $93.4 million from orders of vehicle blast attenuation seats, blast exposure monitoring sensors, and remotely operated vehicles, $39.7 million from current year acquisition, $10.6 million from nuclear safety products, and $9.7 million from international, domestic and government channels for duty gear holsters, partially offset by a $6.5 million decrease from the Distribution segment.
Previous wording
The following table presents data from our results of operations for the three and six months ended June 30, 2026 and 2025 (in thousands unless otherwise noted):
Current wording
The following table presents data from our results of operations for the three and nine months ended September 30, 2026 and 2025 (in thousands unless otherwise noted):
Previous wording
The following tables present segment data for the three and six months ended June 30, 2026 and 2025 (in thousands):
Current wording
The following tables present segment data for the three and nine months ended September 30, 2026 and 2025 (in thousands):
Previous wording
*Net sales.*Product segment net sales increased by $77.8 million, or 30.8%, from $252.9 million to $330.7 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase of $78.5 million from current and prior year acquisitions. Distribution segment net sales decreased by $6.0 million, or 11.2%, from $53.4 million to $47.4 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to lower demand for hard goods. Reconciling items consist primarily of intercompany eliminations.
Current wording
*Net sales.*Product segment net sales increased by $49.9 million, or 36.0%, from $138.8 million to $188.7 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily due to increases of $36.2 million from current year acquisitions and $13.4 million from increased demand for EOD products. Distribution segment net sales decreased by $2.9 million, or 10.8%, from $26.5 million to $23.6 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily due to lower demand for hard and soft goods.
Previous wording
*Cost of goods sold and gross profit.*Product segment cost of goods sold increased by $27.4 million, or 33.5%, from $81.7 million to $109.1 million for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to current year acquisitions, increased volume, inventory step-up amortization and increased costs to manufacture product, partially offset by continuous improvement projects. Product segment gross profit as a percentage of net sales increased by 90 basis points to 42.6% for the three months ended June 30, 2026 from 41.7% for the three months ended June 30, 2025, mainly driven by favorable pricing, net of material inflation, and favorable product mix, partially offset by an increase in inventory step-up amortization.
Current wording
*Cost of goods sold and gross profit.*Product segment cost of goods sold increased by $28.3 million, or 36.4%, from $77.9 million to $106.2 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025, primarily due to current year acquisitions, increased volume, and increased costs to manufacture product, partially offset by continuous improvement projects. Product segment gross profit as a percentage of net sales decreased by 20 basis points to 43.7% for the three months ended September 30, 2026 from 43.9% for the three months ended September 30, 2025, mainly driven by unfavorable operating leverage, partially offset by favorable pricing.
Previous wording
Distribution segment cost of goods sold decreased by $4.3 million, or 10.1%, from $41.5 million to $37.2 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to decreased volume. Distribution segment gross profit as a percentage of net sales decreased by 91 basis points to 21.4% for the six months ended June 30, 2026 from 22.3% for the six months ended June 30, 2025, mainly driven by unfavorable mix. Reconciling items consist primarily of intercompany eliminations.
Current wording
Distribution segment cost of goods sold decreased by $2.7 million, or 13.1%, from $20.8 million to $18.1 million for the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to decreased volume. Distribution segment gross profit as a percentage of net sales increased by 210 basis points to 23.4% for the three months ended September 30, 2026 from 21.3% for the three months ended September 30, 2025, mainly driven by favorable mix.
Previous wording
*Selling, general and administrative.*Selling, general and administrative increased by $18.1 million, or 40.1%, for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to current year acquisitions, higher employee compensation and associated benefits, and professional services expenses.
Current wording
*Selling, general and administrative.*Selling, general and administrative increased by $13.3 million, or 29.0%, for the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to current year acquisitions, higher employee compensation and associated benefits.
Previous wording
*Restructuring and transaction costs.*Restructuring and transaction costs decreased by $1.9 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher transaction costs associated with the Zircaloy acquisition in 2025.
Current wording
*Restructuring and transaction costs.*Restructuring and transaction costs decreased by $1.4 million for the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to higher transaction costs incurred in 2025 associated with acquisitions.
Previous wording
*Related party expense.*Related party expense, which primarily consists of one-time fees paid to related parties for transaction related services, decreased by $1.1 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to a $1.0 million decrease in transaction fees paid to Kanders & Company, Inc., a company controlled by our Chief Executive Officer, in connection with acquisitions.
Current wording
*Related party expense.*Related party expense, which primarily consists of one-time fees paid to related parties for transaction related services, remained consistent for the three months ended September 30, 2026 as compared to the same period in 2025.
Previous wording
*Interest expense, net.*Interest expense, net increased by $1.4 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to the debt assumed as part of acquisitions.
Current wording
*Interest expense, net.*Interest expense, net increased by $2.4 million for the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to additional borrowings used to finance acquisitions.
Previous wording
*Other (expense) income, net.*Other (expense), net was $0.5 million for the three months ended June 30, 2026 as compared to Other income, net of $6.1 million for the three months ended June 30, 2025, primarily due to changes in foreign currency exchange rates.
Current wording
*Other income (expense), net.*Other income, net was $1.0 million for the three months ended September 30, 2026 as compared to Other (expense), net of $0.8 million for the three months ended September 30, 2025, primarily due to changes in foreign currency exchange rates.
Previous wording
Provision for income taxes. Provision for income taxes was $5.5 million for the three months ended June 30, 2026 compared to $5.0 million for the three months ended June 30, 2025. The effective tax rate was 32.6%% for the three months ended June 30, 2026 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation. The effective tax rate was 29.0% for the three months ended June 30, 2025 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation.
Current wording
Provision for income taxes. Provision for income taxes was $7.9 million for the three months ended September 30, 2026 compared to $3.9 million for the three months ended September 30, 2025. The effective tax rate was 33.2% for the three months ended September 30, 2026 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation. The effective tax rate was 26.3% for the three months ended September 30, 2025 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation.
Previous wording
*Cost of goods sold and gross profit.*Product segment cost of goods sold increased by $49.2 million, or 34.1%, from $144.3 million to $193.5 million for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to current and prior year acquisitions, inventory step-up amortization and increased costs to manufacture product, partially offset by continuous improvement projects. Product segment gross profit as a percentage of net sales decreased by 145 basis points to 41.5% for the six months ended June 30, 2026 from 42.9% for the six months ended June 30, 2025, mainly driven by an increase in inventory step-up amortization and unfavorable product mix, partially offset by favorable pricing, net of material inflation.
Current wording
*Cost of goods sold and gross profit.*Product segment cost of goods sold increased by $77.5 million, or 34.9%, from $222.2 million to $299.7 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025, primarily due to current and prior year acquisitions, inventory step-up amortization and increased costs to manufacture product, partially offset by continuous improvement projects. Product segment gross profit as a percentage of net sales decreased by 97 basis points to 42.3% for the nine months ended September 30, 2026 from 43.3% for the nine months ended September 30, 2025, mainly driven by an increase in inventory step-up amortization, partially offset by favorable pricing, net of material inflation.
Previous wording
*Selling, general and administrative.*Selling, general and administrative increased by $25.2 million, or 29.0%, for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to current and prior year acquisitions and higher employee compensation and associated benefits.
Current wording
*Selling, general and administrative.*Selling, general and administrative increased by $38.4 million, or 29.0%, for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to current and prior year acquisitions and higher employee compensation and associated benefits.
Previous wording
*Restructuring and transaction costs.*Restructuring and transaction costs decreased by $0.7 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to higher transaction costs associated with the Zircaloy acquisition in 2025.
Current wording
*Restructuring and transaction costs.*Restructuring and transaction costs decreased by $2.1 million for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to higher transaction costs incurred in 2025 associated with acquisitions.
Previous wording
*Related party expense.*Related party expense, which primarily consists of one-time fees paid to related parties for transaction related services, increased by $0.8 million for the six months ended June 30, 2026 as comparedto the same period in 2025, primarily due to a $1.0 million increase in transaction fees paid to Kanders & Company, Inc., a company controlled by our Chief Executive Officer, in connection with acquisitions.
Current wording
*Related party expense.*Related party expense, which primarily consists of one-time fees paid to related parties for transaction related services, increased by $0.7 million for the nine months ended September 30, 2026 as comparedto the same period in 2025, primarily due to a $1.0 million increase in transaction fees paid to Kanders & Company, Inc., a company controlled by our Chief Executive Officer, in connection with acquisitions.
Previous wording
*Interest expense, net.*Interest expense, net increased by $3.5 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to the debt assumed as part of acquisitions.
Current wording
*Interest expense, net.*Interest expense, net increased by $5.8 million for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to additional borrowings used to finance acquisitions.
Previous wording
*Other (expense) income, net.*Other (expense), net was $0.9 million for the six months ended June 30, 2026 as compared to Other income, net of $7.4 million for the six months ended June 30, 2025, primarily due to changes in foreign currency exchange rates.
Current wording
*Other income (expense), net.*Other income, net was $0.1 million for the nine months ended September 30, 2026 as compared to Other income, net of $6.6 million for the nine months ended September 30, 2025, primarily due to changes in foreign currency exchange rates.
Previous wording
Provision for income taxes. Provision for income taxes was $6.4 million for the six months ended June 30, 2026 compared to $8.4 million for the six months ended June 30, 2025. The effective tax rate was 32.2% for the six months ended June 30, 2026 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation. The effective tax rate was 28.0% for the six months ended June 30, 2025 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation.
Current wording
Provision for income taxes. Provision for income taxes was $14.3 million for the nine months ended September 30, 2026 compared to $12.3 million for the nine months ended September 30, 2025. The effective tax rate was 32.8% for the nine months ended September 30, 2026 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation. The effective tax rate was 27.5% for the nine months ended September 30, 2025 and was higher than the statutory rate primarily due to state taxes and non-deductible executive compensation.
Previous wording
ended June 30, 2026 and a $1.0 million fee paid to Kanders & Company, Inc. for services related to the acquisition of Zircaloy for the three and six months ended June 30, 2025, which is included in related party expense in the Company’s condensed consolidated statements of operations and comprehensive income.
Current wording
ended September 30, 2026 and a $1.0 million fee paid to Kanders & Company, Inc. for services related to the acquisition of Zircaloy for the nine months ended September 30, 2025, which is included in related party expense in the Company’s condensed consolidated statements of operations and comprehensive income.
Previous wording
Adjusted EBITDA increased by $15.0 million for the three months ended June 30, 2026 as compared to the same period in 2025, primarily due to an increase in gross profit from current year acquisitions, partially offset by an increase in selling, general and administrative expenses from current year acquisitions. Adjusted EBITDA increased by $15.6 million for the six months ended June 30, 2026 as compared to the same period in 2025, primarily due to an increase in gross profit from current and prior year acquisitions, partially offset by an increase in selling, general and administrative expenses from current and prior year acquisitions.
Current wording
Adjusted EBITDA increased by $11.3 million for the three months ended September 30, 2026 as compared to the same period in 2025, primarily due to an increase in gross profit from current year acquisitions and pre-existing businesses, partially offset by an increase in selling, general and administrative expenses from current year acquisitions. Adjusted EBITDA increased by $26.9 million for the nine months ended September 30, 2026 as compared to the same period in 2025, primarily due to an increase in gross profit from current and prior year acquisitions, partially offset by an increase in selling, general and administrative expenses from current and prior year acquisitions.
Previous wording
For the six months ended June 30, 2026, net cash provided by operating activities totaled $44.7 million and as of June 30, 2026, cash and cash equivalents totaled $54.0 million. We believe that our cash flows from operations and cash on hand, and available borrowing capacity under our existing credit facilities (as described below) will be adequate to meet our liquidity requirements for at least the 12 months following the date of this Quarterly Report on Form 10-Q. Our future capital requirements will depend on several factors, including future acquisitions and investments in our manufacturing facilities and equipment. We could be required, or could elect, to seek additional funding through public or private equity or debt financings; however, additional funds may not be available on terms acceptable to us, if at all.
Current wording
For the nine months ended September 30, 2026, net cash provided by operating activities totaled $67.6 million and as of September 30, 2026, cash and cash equivalents totaled $63.9 million. We believe that our cash flows from operations and cash on hand, and available borrowing capacity under our existing credit facilities (as described below) will be adequate to meet our liquidity requirements for at least the 12 months following the date of this Quarterly Report on Form 10-Q. Our future capital requirements will depend on several factors, including future acquisitions and investments in our manufacturing facilities and equipment. We could be required, or could elect, to seek additional funding through public or private equity or debt financings; however, additional funds may not be available on terms acceptable to us, if at all.
Previous wording
As of June 30, 2026 and December 31, 2025, we had $374.3 million and $307.3 million in outstanding debt, net of debt discounts and debt issuance costs, respectively, primarily related to the term loan facilities.
Current wording
As of September 30, 2026 and December 31, 2025, we had $369.5 million and $307.3 million in outstanding debt, net of debt discounts and debt issuance costs, respectively, primarily related to the term loan facilities.
Previous wording
On December 20, 2024 (the “2024 Credit Agreement Closing Date”), the Company refinanced its existing credit facilities and entered into an Amended and Restated Credit Agreement (the “2024 Credit Agreement”), whereby Safariland, LLC, as borrower (the “2024 Borrower”), the Company, and certain domestic subsidiaries of the 2024 Borrower, as guarantors (the “2024 Guarantors”), closed on and received funding under the 2024 Credit Agreement with PNC, as administrative agent, swingline lender, and issuing lender, along with several other lenders (collectively, the “2024 Lenders”). The 2024 Credit Agreement amends and restates the 2021 Credit Agreement in its entirety.
Current wording
On December 20, 2024 (the “2024 Credit Agreement Closing Date”), the Company refinanced its existing credit facilities and entered into an Amended and Restated Credit Agreement (the “2024 Credit Agreement”), whereby Safariland, LLC, as borrower (the “2024 Borrower”), the Company, and certain domestic subsidiaries of the 2024 Borrower, as guarantors (the “2024 Guarantors”), closed on and received funding under the 2024 Credit Agreement with PNC, as administrative agent, swingline lender, and issuing lender, along
Previous wording
During the six months ended June 30, 2026, net cash provided by operating activities of $44.7 million resulted primarily from net income of $13.4 million, add-backs to net income of $11.9 million for depreciation and amortization, $4.9 million for amortization of inventory step-up, $4.9 million for stock-based compensation, $5.9 million for remeasurement of contingent consideration, and $5.6 million for changes in operating assets and liabilities. Changes in operating assets and liabilities were primarily driven by an increase in accounts receivable of $7.3 million, an increase in inventories of $8.3 million and an increase in accounts payable and other liabilities of $24.7 million.
Current wording
During the nine months ended September 30, 2026, net cash provided by operating activities of $67.6 million resulted primarily from net income of $29.4 million, add-backs to net income of $18.3 million for depreciation and amortization, $5.1 million for amortization of inventory step-up, $10.0 million for stock-based compensation, $6.1 million for remeasurement of contingent consideration, and $1.6 million for changes in operating assets and liabilities. Changes in operating assets and liabilities were primarily driven by an increase in accounts receivable of $6.2 million, an increase in inventories of $6.3 million, an increase in prepaid expenses and other assets of $3.8 million, and an increase in accounts payable and other liabilities of $14.8 million.
Previous wording
During the six months ended June 30, 2025, net cash provided by operating activities of $20.0 million resulted primarily from net income of $21.5 million, add-backs to net income of a $8.5 million for depreciation and amortization, and $4.4 million for stock-based compensation, primarily offset by deductions to net income of $3.5 million for unrealized foreign currency transaction gains and $13.4 million for changes in operating assets and liabilities. Changes in operating assets and liabilities were primarily driven by a decrease in accounts receivable of $10.4 million, an increase in inventories of $11.3 million and a decrease in accounts payable and other liabilities of $15.8 million.
Current wording
During the nine months ended September 30, 2025, net cash provided by operating activities of $42.5 million resulted primarily from net income of $32.4 million, add-backs to net income of $13.9 million for depreciation and amortization, and $6.8 million for stock-based compensation, primarily offset by deductions to net income of $4.2 million for deferred income taxes, $2.3 million for unrealized foreign currency transaction gains and $7.7 million for changes in operating assets and liabilities. Changes in operating assets and liabilities were primarily driven by a decrease in accounts receivable of $19.4 million, an increase in inventories of $14.8 million and a decrease in accounts payable and other liabilities of $16.9 million.
Previous wording
During the three months ended June 30, 2026, we used $170.0 million of cash in investing activities, consisting of $153.6 million for the acquisition of TYR, $10.3 million for the acquisition of Alien Gear, and $6.1 million for thepurchase of property and equipment.
Current wording
During the nine months ended September 30, 2026, we used $174.6 million of cash in investing activities, primarily consisting of $154.5 million for the acquisition of TYR, $10.3 million for the acquisition of Alien Gear, and $9.2 million for thepurchase of property and equipment.
Previous wording
During the six months ended June 30, 2025, we used $92.3 million of cash in investing activities, primarily consisting of $89.6 million for the acquisition of Zircaloy.
Current wording
During the nine months ended September 30, 2025, we used $93.2 million of cash in investing activities, primarily consisting of $89.6 million for the acquisition of Zircaloy.
Previous wording
During the three months ended June 30, 2026, net cash provided by financing activities of $57.3 million resulted primarily from proceeds from term debt of $75.0 million, partially offset by principal payments on term loans of $8.1 million and dividends distributed of $8.6 million.
Current wording
During the nine months ended September 30, 2026, net cash provided by financing activities of $50.1 million resulted primarily from proceeds from term debt of $75.0 million, partially offset by principal payments on term loans of $13.1 million and dividends distributed of $12.8 million.
Previous wording
During the six months ended June 30, 2025, net cash provided by financing activities of $82.9 million resulted primarily from proceeds from term loans of $97.5 million, partially offset by principal payments on term loans of $5.7 million and dividends distributed of $7.7 million.
Current wording
During the nine months ended September 30, 2025, net cash provided by financing activities of $75.4 million resulted primarily from proceeds from term loans of $97.5 million, partially offset by principal payments on term loans of $9.7 million and dividends distributed of $11.6 million.
Previous wording
Our long-term contractual obligations generally include our debt and related interest payments and operating and finance lease payments for our property and equipment, and are expected to be funded from cash-on-hand, cash from operations and availability under our existing credit facilities. There were no significant changes to our contractual obligations from those disclosed in the Quarterly Report on Form 10-Q for the three months ended March 31, 2026, other than for the following obligations:
Current wording
Our long-term contractual obligations generally include our debt and related interest payments and operating and finance lease payments for our property and equipment, and are expected to be funded from cash-on-hand, cash from operations and availability under our existing credit facilities. There were no significant changes to our contractual obligations from those disclosed in the Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
Previous wording
Recently issued and adopted accounting pronouncements are described in notes to our audited consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
Recently issued accounting pronouncements are described in the notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
In addition, an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging
Current wording
In addition, an emerging growth company can take advantage of an extended transition period for complying with new or revised accounting standards. This provision allows an emerging growth company to delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to avail ourselves of this provision of the JOBS Act. As a result, we will not be subject to new or revised accounting standards at the same time as other public companies that are not emerging growth companies. Therefore, our condensed consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates. We will cease to be an emerging growth company no later than December 31, 2026, the last day of the fiscal year in which the fifth anniversary of our initial public offering occurs. Following that date, we will no longer be entitled to rely on the reduced disclosure and other accommodations available to emerging growth companies.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
with several other lenders (collectively, the “2024 Lenders”). The 2024 Credit Agreement amends and restates the 2021 Credit Agreement in its entirety.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
growth companies. Therefore, our condensed consolidated financial statements may not be comparable to those of companies that comply with new or revised accounting pronouncements as of public company effective dates. We will cease to be an emerging growth company no later than December 31, 2026, the last day of the fiscal year in which the fifth anniversary of our initial public offering occurs. Following that date, we will no longer be entitled to rely on the reduced disclosure and other accommodations available to emerging growth companies.