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    Sheila Kahyaoglu • Jefferies

    Sheila Kahyaoglu's questions to Cadre Holdings Inc (CDRE) leadership

    Sheila Kahyaoglu's questions to Cadre Holdings Inc (CDRE) leadership • Q2 2025

    Question

    Sheila Kahyaoglu from Jefferies questioned the current pricing environment across the portfolio, its expected impact in the second half, and the key opportunities and conversion timelines for the European defense market.

    Answer

    CFO Blaine Browers stated that pricing achieved a net 1% increase over material inflation in Q2 and this trend is expected to continue, with a Q2 price increase starting to impact results in Q3 and Q4 as backlog is worked through. President Brad Williams addressed the European defense market, specifically EOD, noting that significant cleanup opportunities in conflict zones like Ukraine are contingent on the conflicts winding down, though Cadre maintains existing relationships and is preparing demining products.

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    Sheila Kahyaoglu's questions to VSE Corp (VSEC) leadership

    Sheila Kahyaoglu's questions to VSE Corp (VSEC) leadership • Q2 2025

    Question

    Sheila Kahyaoglu of Jefferies asked about the sustainability of free cash flow generation, given the strong first-half performance, and requested an update on the Kaelstrom acquisition's performance and the strategic shift in the USM business.

    Answer

    CFO Adam Cohn confirmed expectations for strong free cash flow improvement in the second half, citing working capital seasonality and the less capital-intensive nature of recent acquisitions. President & CEO John Cuomo added that Kaelstrom's distribution and MRO businesses are performing strongly. He explained the USM strategy is shifting from opportunistic trading to an integrated "new, used, and repair" model to better support distribution and repair services, which will improve margins despite some top-line pruning.

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