Cadre Holdings, Inc. Segments Disclosure
19.SEGMENT DATA
Our segment disclosure is intended to provide the users of our consolidated financial statements with a view of the business that is consistent with management of the Company.
Our operations are comprised of two operating and reportable segments: Product and Distribution. The Product segment is comprised of components that manufacture and sell products, while the Distribution segment is comprised of our business that serves as a one-stop shop for law enforcement agencies that sells goods produced by the Product segment, as well as other third-party products. Segment information is consistent with how the chief operating decision maker (“CODM”), our chief executive officer, reviews the business, makes investing and resource allocation decisions and assesses operating performance. The CODM evaluates segment performance and decides how to allocate resources based on segment gross profit. The CODM is not regularly provided asset information or operating expenses by segment as that information is not available.
| Year Ended December 31, 2024 | |||||||||||
Reconciling | ||||||||||||
| Product |
| Distribution |
| Items(1) |
| Total | |||||
Net sales |
| $ | 497,624 | $ | 105,397 | $ | (35,460) |
| $ | 567,561 | ||
Cost of goods sold | 287,864 | 81,631 | (35,415) | 334,080 | ||||||||
Gross profit | $ | 209,760 | $ | 23,766 | $ | (45) | $ | 233,481 | ||||
| Year Ended December 31, 2023 | |||||||||||
Reconciling | ||||||||||||
| Product |
| Distribution |
| Items(1) |
| Total | |||||
Net sales |
| $ | 410,825 | $ | 102,371 | $ | (30,664) |
| $ | 482,532 | ||
Cost of goods sold | 233,937 | 78,335 | (30,466) | 281,806 | ||||||||
Gross profit | $ | 176,888 | $ | 24,036 | $ | (198) | $ | 200,726 | ||||
| Year Ended December 31, 2022 | |||||||||||
Reconciling | ||||||||||||
| Product |
| Distribution |
| Items(1) |
| Total | |||||
Net sales |
| $ | 385,423 |
| $ | 97,106 | $ | (24,692) |
| $ | 457,837 | |
Cost of goods sold | 230,245 | 76,633 | (24,719) | 282,159 | ||||||||
Gross profit | $ | 155,178 | $ | 20,473 | $ | 27 | $ | 175,678 | ||||
| (1) | Reconciling items consist primarily of intercompany eliminations and items not directly attributable to operating segments. |
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.