Cadre (CDRE) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 05, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-40698
Entity Registrant Name	CADRE HOLDINGS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	38-3873146
Entity Address, Address Line One	13386 International Pkwy
Entity Address, City or Town	Jacksonville,
Entity Address State Or Province	FL
Entity Address, Postal Zip Code	32218
City Area Code	904
Local Phone Number	741-5400
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	CDRE
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		37,586,031
Entity Central Index Key	0001860543
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 48,294	$ 45,286
Accounts receivable, net of allowance for doubtful accounts of $930 and $924, respectively	55,704	64,557
Inventories	76,343	70,273
Prepaid expenses	11,782	10,091
Other current assets	6,376	6,811
Total current assets	198,499	197,018
Property and equipment, net of accumulated depreciation and amortization of $44,840 and $42,694, respectively	45,095	45,285
Operating lease assets	7,691	8,489
Deferred tax assets, net	2,289	2,255
Intangible assets, net	48,761	50,695
Goodwill	81,292	81,576
Other assets	5,348	6,634
Total assets	388,975	391,952
Current liabilities
Accounts payable	27,313	23,406
Accrued liabilities	32,899	38,720
Income tax payable	4,086	4,584
Current portion of long-term debt	11,119	12,211
Total current liabilities	75,417	78,921
Long-term debt	135,098	137,476
Long-term operating lease liabilities	4,204	4,965
Deferred tax liabilities	3,606	3,508
Other liabilities	1,200	1,192
Total liabilities	219,525	226,062
Commitments and contingencies (Note 7)
Mezzanine equity
Preferred stock ($0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding as of March 31, 2023 and December 31, 2022)
Shareholders' equity
Common stock ($0.0001 par value, 190,000,000 shares authorized, 37,586,031 and 37,332,271 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively)	4	4
Additional paid-in capital	206,451	206,540
Accumulated other comprehensive income (loss)	1,720	2,087
Accumulated deficit	(38,725)	(42,741)
Total shareholders' equity	169,450	165,890
Total liabilities, mezzanine equity and shareholders' equity	$ 388,975	$ 391,952

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Accounts receivable, allowance for doubtful accounts	$ 930,000	$ 924,000
Property and equipment, accumulated depreciation and amortization	$ 44,840,000	$ 42,694,000
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	190,000,000	190,000,000
Common stock, shares issued	37,586,031	37,332,271
Common stock, shares outstanding	37,586,031	37,332,271

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Net sales	$ 111,748	$ 104,406
Cost of goods sold	65,130	64,217
Gross profit	46,618	40,189
Operating expenses
Selling, general and administrative	35,250	53,950
Restructuring and transaction costs		599
Related party expense	148	122
Total operating expenses	35,398	54,671
Operating income (loss)	11,220	(14,482)
Other expense
Interest expense	(1,641)	(1,490)
Other expense, net	364	(205)
Total other expense, net	(1,277)	(1,695)
Income (loss) before provision for income taxes	9,943	(16,177)
(Provision) benefit for income taxes	(2,941)	6,012
Net income (loss)	$ 7,002	$ (10,165)
Net income (loss) per share:
Basic	$ 0.19	$ (0.30)
Diluted	$ 0.19	$ (0.30)
Weighted average shares outstanding:
Basic	37,373,529	34,446,318
Diluted	37,629,498	34,446,318
Net income (loss)	$ 7,002	$ (10,165)
Other comprehensive income:
Unrealized holding (losses) gains, net of tax	(426)	3,077
Reclassification adjustments for gains included in net loss, net of tax(2)	(647)	131
Total unrealized (loss) gain on interest rate swaps, net of tax	(1,073)	3,208
Foreign currency translation adjustments, net of tax(3)	706	(360)
Other comprehensive (loss) income	(367)	2,848
Comprehensive income (loss), net of tax	$ 6,635	$ (7,317)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
Unrealized holding gains, net of tax (benefit) expense	$ (142,000)	$ 1,026,000
Reclassification adjustments for gains included in net of income tax (benefit) expense	(215,000)	44,000
Foreign currency translation adjustments, net of tax expense (benefit)	$ 81,000	$ (18,000)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash Flows From Operating Activities:
Net income (loss)	$ 7,002	$ (10,165)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	4,261	3,544
Amortization of original issue discount and debt issue costs	64	111
Deferred income taxes	183	(6,951)
Stock-based compensation	2,747	23,588
Gain on sale of fixed assets	(103)
Provision for (recoveries from) losses on accounts receivable	40	45
Foreign exchange loss	(213)	253
Changes in operating assets and liabilities, net of impact of acquisitions:
Accounts receivable	9,075	(1,693)
Inventories	(5,830)	(2,956)
Prepaid expenses and other assets	(556)	3,158
Accounts payable and other liabilities	(3,948)	(18)
Net cash provided by operating activities	12,722	8,916
Cash Flows From Investing Activities:
Purchase of property and equipment	(781)	(950)
Proceeds from disposition of property and equipment	201
Business acquisitions, net of cash acquired		(19,787)
Net cash used in investing activities	(580)	(20,737)
Cash Flows From Financing Activities:
Principal payments on term loans	(2,500)	(2,506)
Principal payments on insurance premium financing	(1,092)	(1,474)
Payment of capital leases		(11)
Taxes paid in connection with employee stock transactions	(2,725)	(6,216)
Dividends distributed	(2,986)	(2,750)
Net cash provided by (used in) financing activities	(9,303)	(12,957)
Effect of foreign exchange rates on cash and cash equivalents	169	798
Change in cash and cash equivalents	3,008	(23,980)
Cash and cash equivalents, beginning of period	45,286	33,857
Cash and cash equivalents, end of period	48,294	9,877
Supplemental Disclosure of Cash Flows Information:
Cash paid for income taxes, net	3,141	(100)
Cash paid for interest	2,359	1,282
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Accruals and accounts payable for capital expenditures	$ 238	$ 119

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at the beginning at Dec. 31, 2021	$ 3	$ 127,606	$ (1,917)	$ (37,052)	$ 88,640
Balance at the beginning (in shares) at Dec. 31, 2021	34,383,350
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				(10,165)	(10,165)
Dividends declared				(2,750)	(2,750)
Stock-based compensation		22,436			22,436
Common stock issued under employee compensation plans		1,152			1,152
Common stock issued under employee compensation plans (in shares)	580,990
Common stock withheld related to net share settlement of stock-based compensation		(6,216)			(6,216)
Common stock withheld related to net share settlement of stock-based compensation (in shares)	(182,069)
Foreign currency translation adjustments			(360)		(360)
Change in fair value of derivative instruments			3,208		3,208
Balance at the end at Mar. 31, 2022	$ 3	144,978	931	(49,967)	95,945
Balance at the end (in shares) at Mar. 31, 2022	34,782,271
Balance at the beginning at Dec. 31, 2022	$ 4	206,540	2,087	(42,741)	$ 165,890
Balance at the beginning (in shares) at Dec. 31, 2022	37,332,271				37,332,271
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				7,002	$ 7,002
Dividends declared				(2,986)	(2,986)
Stock-based compensation		2,636			2,636
Common stock issued under employee compensation plans (in shares)	395,837
Common stock withheld related to net share settlement of stock-based compensation		(2,725)			(2,725)
Common stock withheld related to net share settlement of stock-based compensation (in shares)	(142,077)
Foreign currency translation adjustments			706		706
Change in fair value of derivative instruments			(1,073)		(1,073)
Balance at the end at Mar. 31, 2023	$ 4	$ 206,451	$ 1,720	$ (38,725)	$ 169,450
Balance at the end (in shares) at Mar. 31, 2023	37,586,031				37,586,031

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
Dividend declared (in dollars per share)	$ 0.08	$ 0.08

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	1. SIGNIFICANT ACCOUNTING POLICIES Nature of Operations and Basis of Presentation Cadre Holdings, Inc., D/B/A The Safariland Group (the “Company”, “Cadre”, “we”, “us”, and “our”), a Delaware corporation, began operations on April 12, 2012. The Company, headquartered in Jacksonville, Florida, is a global leader in manufacturing and distributing safety and survivability products and other related products for the law enforcement, first responder and military markets. The business operates through 16 manufacturing plants within the U.S., Mexico, Canada, the United Kingdom, Italy, France, and Lithuania, and sells its products worldwide through its direct sales force, distribution channel and distribution partners, online stores, and third-party resellers. Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP" or “U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of the Company, its wholly owned subsidiaries, and other entities consolidated as required by GAAP. Accordingly, they do not include all of the information and footnotes required by GAAP for annual audited financial statements. The unaudited interim consolidated financial statements have been prepared on a basis consistent with the audited consolidated financial statements and include all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s most recently completed annual consolidated financial statements. All adjustments considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation. Emerging Growth Company We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, presenting only two years of audited financial statements, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation, and an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or golden parachute arrangements. 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 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. ​ Use of Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Fair Value Measurements The Company follows the guidance of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that reflect assumptions about what market participants would use in pricing assets or liabilities based on the best information available. The Company’s financial instruments consist principally of cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, income tax payable and debt. The carrying amounts of certain of these financial instruments, including cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities and income tax payable approximate their current fair value due to the relatively short-term nature of these accounts. The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ Carrying ​ Fair Value ​ Carrying ​ Fair Value ​ amount ​ Level 1 ​ Level 2 ​ Level 3 amount ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ $ 7,555 ​ $ — ​ $ 7,555 ​ $ — ​ $ 8,985 ​ $ — ​ $ 8,985 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ There were no transfers of assets or liabilities between levels during the three months ended March 31, 2023 and 2022. The carrying value of our long-term debt obligations approximates the fair value, as the long-term debt contains a floating interest rate component. Revenue Recognition The Company derives revenue primarily from the sale of physical products. The Company recognizes revenue when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied by transferring the goods or service to the customer. The performance obligation is considered satisfied when control transfers, which is generally determined when products are shipped or delivered to the customer but could be delayed until the receipt of customer acceptance, depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery for point of sale transactions. The Company enters into contractual arrangements primarily with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company has some long-term contracts that may contain research and development performance obligations that are satisfied over time. The Company invoices the customer once the billing milestone is reached and collects under customary short-term credit terms. For long-term contracts, the Company recognizes revenue using the input method based on costs incurred, as this method is an appropriate measure of progress toward the complete satisfaction of the performance obligation. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident. At the time of revenue recognition, the Company also provides for estimated sales returns and miscellaneous claims from customers as reductions to revenues. The estimates are based on historical rates of product returns and claims. The Company accrues for such estimated returns and claims with an estimated accrual and associated reduction of revenue. Additionally, the Company records inventory that it expects to be returned as part of inventories, with a corresponding reduction to cost of goods sold. Charges for shipping and handling fees billed to customers are included in net sales and the corresponding shipping and handling expenses are included in cost of goods sold in the accompanying consolidated statements of operations and comprehensive income (loss). We consider our costs related to shipping and handling after control over a product has transferred to a customer to be a cost of fulfilling the promise to transfer the product to the customer. Sales commissions paid to employees as compensation are expensed as incurred for contracts with service periods less than a year. For contracts with service periods greater than a year, these costs are capitalized and amortized over the life of the contract. These costs are recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income (loss). Product Warranty Some of the Company’s manufactured products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company’s history of warranty repairs and replacements, and is recorded in cost of goods sold in the Company’s consolidated statements of operations and comprehensive income (loss). The following table sets forth the changes in the Company’s accrued warranties, which is recorded in accrued liabilities in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Beginning accrued warranty expense ​ $ 1,234 ​ $ 1,256 Current period claims ​ (34) ​ (116) Provision for current period sales ​ 150 ​ 93 Ending accrued warranty expense ​ $ 1,350 ​ $ 1,233 ​ Net Income (Loss) per Share Basic income or loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted income or loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Net income (loss) ​ $ 7,002 ​ $ (10,165) ​ ​ ​ Weighted average shares outstanding - basic ​ 37,373,529 ​ 34,446,318 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock-based awards ​ ​ 255,969 ​ ​ — Weighted average shares outstanding - diluted ​ 37,629,498 ​ 34,446,318 Net income (loss) per share: ​ ​ Basic ​ $ 0.19 ​ $ (0.30) Diluted ​ $ 0.19 ​ $ (0.30) ​ For the three months ended March 31, 2022, 886,108 restricted stock awards and 357,479 stock options were excluded from diluted weighted average shares outstanding because the impact would be anti-dilutive due to a net loss in the period. Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. he adoption of this ASU did not have a material impact on our consolidated financial statements and disclosures Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments. This ASU provides temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-Bank Offered Rate (“LIBOR”) which began to be phased out in 2021, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The standard is currently effective and upon adoption may be applied to applicable contract modifications through December 31, 2024. The Company is in the process of evaluating the optional relief guidance provided within this ASU but we expect to avail ourselves of certain optional expedients related to the cash flow hedges on our floating rate debt. Management will continue its assessment and monitor regulatory developments during the LIBOR transition period. Currently, management does not believe that the impact of transitioning from LIBOR to SOFR will have a material impact on our consolidated financial statements.

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Mar. 31, 2023
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS Radar Acquisition On January 11, 2022, Safariland, LLC, a wholly-owned subsidiary of the Company, completed the acquisition of Radar Leather Division S.r.l. The acquisition was accounted for as a business combination. Total acquisition-related costs for the acquisition of Radar were $627 , of which $204 was incurred and recognized during 2022. Total consideration, net of cash acquired, was $19,365 for 100% of the equity interests in Radar. The total consideration was as follows: ​ ​ ​ ​ ​ Cash paid $ 20,844 Less: cash acquired ​ (1,479) Total consideration, net ​ $ 19,365 ​ The following table summarizes the total purchase price consideration and the amounts recognized for the assets acquired and liabilities assumed, which have been estimated at their fair values. Since our initial purchase price allocation and during the measurement period, we have increased goodwill by $390 for revisions made to cash paid, inventory acquired and deferred income taxes for certain book and tax basis differences as we completed the tax return filings for the pre-acquisition period. The excess of purchase consideration over the assets acquired and liabilities assumed is recorded as goodwill. Goodwill for the Radar acquisition is included in the Product segment and reflects synergies and additional legacy growth and profitability expected from this acquisition through expansion into new markets and customers. ​ ​ ​ ​ ​ Total consideration, net $ 19,365 ​ ​ ​ ​ Accounts receivable ​ $ 2,347 Inventories ​ ​ 1,874 Prepaid expenses ​ ​ 682 Other current assets ​ ​ 665 Property and equipment ​ ​ 3,053 Intangible assets ​ ​ 10,200 Goodwill ​ ​ 7,101 Total assets acquired ​ ​ 25,922 Accounts payable ​ ​ 1,120 Deferred tax liabilities ​ ​ 2,787 Accrued liabilities ​ ​ 2,106 Long-term debt ​ ​ 544 Total liabilities assumed ​ ​ 6,557 Net assets acquired ​ $ 19,365 ​ In connection with the acquisition, the Company acquired exclusive rights to Radar’s trademarks, customer relationships, and product technologies. The amounts assigned to each class of intangible asset and the related average useful lives are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Average Useful Life Customer relationships ​ $ 9,300 ​ ​ 15 Technology ​ ​ 600 ​ 10 Trademarks ​ ​ 300 ​ ​ 7 Total ​ $ 10,200 ​ ​ ​ ​ The full amount of goodwill of $7,101 is expected to be non-deductible for tax purposes. No pre-existing relationships existed between the Company and Radar prior to the acquisition. Radar revenue and cost of goods sold are included in the Product segment from the date of acquisition. The acquisition was not material to our consolidated financial statements and consequently we have not included any pro-forma information. Cyalume Acquisition On May 4, 2022, Safariland, LLC, a wholly-owned subsidiary of the Company, completed the acquisition of Cyalume Technologies, Inc, CT SAS Holdings, Inc. and Cyalume Technologies SAS (collectively “Cyalume”) engaged in the design and manufacture of proprietary chemical illumination solutions for a diverse range of products, including light sticks, infrared products, safety markings and non-pyrophoric training ammunition The acquisition was accounted for as a business combination. Acquisition-related costs for the acquisition of Cyalume were was incurred and recognized during 2022 Total consideration, net of cash acquired, was $36,178 for 100% of the equity interests in Cyalume. The total consideration was as follows: ​ ​ ​ ​ ​ Cash paid $ 38,012 Less: cash acquired ​ (1,834) Total consideration, net ​ $ 36,178 ​ The following table summarizes the total purchase price consideration and the preliminary fair value amounts recognized for the assets acquired and liabilities assumed, which have been estimated at their fair values. The fair value estimates for the purchase price allocation are based on the Company’s best estimates and assumptions as of the reporting date and are considered preliminary. Since our initial purchase price allocation, we have increased goodwill by $1,867 for revisions made to cash paid as a result of a working capital settlement, changes in assumptions used to fair value property and equipment, and deferred income taxes for certain book and tax basis differences as we complete the tax return filings for the pre-acquisition period. The fair value measurements of identifiable assets and liabilities, specifically deferred tax assets and liabilities, and the resulting goodwill related to the Cyalume acquisition, are subject to change as we complete our valuation process, and therefore the final purchase price allocation could be different from the amounts presented below. We expect to finalize the valuations as soon as practicable, but no later than one year from the date of the acquisition. The excess of purchase consideration over the assets acquired and liabilities assumed is recorded as goodwill. Goodwill for the Cyalume acquisition is included in the Product segment and reflects synergies and additional legacy growth and profitability expected from this acquisition through expansion into new markets and customers. ​ ​ ​ ​ ​ Total consideration, net $ 36,178 ​ ​ ​ ​ Accounts receivable ​ $ 3,302 Inventories ​ ​ 10,908 Prepaid expenses ​ ​ 255 Other current assets ​ ​ 10 Property and equipment ​ ​ 12,492 Intangible assets ​ ​ 8,300 Goodwill ​ ​ 8,508 Total assets acquired ​ ​ 43,775 Accounts payable ​ ​ 1,080 Deferred tax liabilities ​ ​ 4,652 Accrued liabilities ​ ​ 1,577 Other long-term liabilities ​ ​ 288 Total liabilities assumed ​ ​ 7,597 Net assets acquired ​ $ 36,178 ​ In connection with the acquisition, the Company acquired exclusive rights to Cyalume’s trademarks, customer relationships, and product technologies. The amounts assigned to each class of intangible asset and the related average useful lives are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Average Useful Life Customer relationships ​ $ 3,900 ​ ​ 15 Technology ​ ​ 3,600 ​ 10 Trademarks ​ ​ 800 ​ ​ Indefinite Total ​ $ 8,300 ​ ​ ​ ​ The full amount of goodwill of $8,508 is expected to be non-deductible for tax purposes. No pre-existing relationships existed between the Company and Cyalume prior to the acquisition. Cyalume revenue and cost of goods sold are included in the Product segment from the date of acquisition. The acquisition was not material to our consolidated financial statements and consequently we have not included any pro-forma information.

REVENUE RECOGNITION

REVENUE RECOGNITION	3 Months Ended
	Mar. 31, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	3. REVENUE RECOGNITION The following tables disaggregate net sales by channel and geography: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 U.S. state and local agencies (a) ​ ​ $ 66,502 ​ $ 57,923 Commercial ​ ​ 10,077 ​ 11,034 U.S. federal agencies ​ ​ 14,127 ​ 7,914 International ​ ​ 20,432 ​ 27,019 Other ​ ​ 610 ​ 516 Net sales ​ ​ $ 111,748 ​ $ 104,406 ​ (a) Includes all Distribution sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 United States ​ ​ $ 91,316 ​ $ 77,387 International ​ ​ 20,432 ​ 27,019 Net sales ​ ​ $ 111,748 ​ $ 104,406 ​ Contract Liabilities Contract liabilities are recorded as a component of other liabilities when customers remit cash payments in advance of the Company satisfying performance obligations. Contract liabilities are reversed into revenue when the performance obligation is satisfied. Contract liabilities are included in accrued liabilities in the Company’s consolidated balance sheets and totaled $4,257 and $4,615 as of March 31, 2023 and December 31, 2022, respectively. Revenue recognized during the three months ended March 31, 2023 from amounts included in contract liabilities as of December 31, 2022 was $1,805. Remaining Performance Obligations As of March 31, 2023, we had $26,731 of remaining performance obligations, which included amounts that will be invoiced and recognized in future periods. The remaining performance obligations are limited only to arrangements that meet the definition of a contract under ASC Topic 606, Revenue from Contracts with Customers

INVENTORIES

INVENTORIES	3 Months Ended
	Mar. 31, 2023
INVENTORIES
INVENTORIES	4. INVENTORIES The following table sets forth a summary of inventories stated at lower of cost or net realizable value, as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Finished goods ​ $ 27,583 ​ $ 25,208 Work-in-process ​ 8,751 ​ 7,466 Raw materials and supplies ​ 40,009 ​ 37,599 Total ​ $ 76,343 ​ $ 70,273 ​

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
GOODWILL AND OTHER INTANGIBLE ASSETS	5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill The following table summarizes the changes in goodwill for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product Distribution Total Balance, December 31, 2022 ​ $ 78,960 ​ $ 2,616 ​ $ 81,576 Measurement period adjustments ​ ​ (593) ​ ​ — ​ ​ (593) Foreign currency translation adjustments ​ 309 ​ — ​ 309 Balance, March 31, 2023 ​ $ 78,676 ​ $ 2,616 ​ $ 81,292 ​ Gross goodwill and accumulated impairment losses was $88,877 and $7,585, respectively, as of March 31, 2023 and $89,161 and $7,585, respectively, as of December 31, 2022. Intangible Assets Intangible assets such as certain customer relationships and patents on core technologies and product technologies are amortizable over their estimated useful lives. Certain trade names and trademarks which provide exclusive and perpetual rights to manufacture and sell their respective products are deemed indefinite-lived and are therefore not subject to amortization. Intangible assets consisted of the following as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Average ​ ​ Gross ​ ​ amortization ​ ​ Net Useful Life Definite lived intangibles: ​ ​ ​ Customer relationships ​ $ 86,181 $ (60,974) $ 25,207 11 Technology ​ 16,010 (11,835) 4,175 8 Tradenames ​ 6,545 (4,583) 1,962 4 Non-compete agreements ​ 986 (986) — 4 ​ ​ $ 109,722 $ (78,378) $ 31,344 ​ ​ Indefinite lived intangibles: ​ Tradenames ​ 17,417 — 17,417 Indefinite Total ​ $ 127,139 $ (78,378) $ 48,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Average ​ ​ Gross ​ ​ amortization ​ ​ Net Useful Life Definite lived intangibles: ​ ​ ​ Customer relationships ​ $ 85,847 ​ $ (59,122) $ 26,725 11 Technology ​ 15,629 (11,309) 4,320 8 Tradenames ​ 6,484 (4,254) 2,230 4 Non-compete agreements ​ 973 (973) — 4 ​ ​ $ 108,933 $ (75,658) $ 33,275 ​ ​ Indefinite lived intangibles: ​ Tradenames ​ 17,420 — 17,420 Indefinite Total ​ $ 126,353 $ (75,658) $ 50,695 ​ ​ The Company recorded amortization expense of $2,328 and $2,157 for the three months ended March 31, 2023 and 2022, respectively, of which $162 and $50 was included in cost of goods sold in the consolidated statements of operations and comprehensive income (loss) for the respective periods. The estimated amortization expense for definite-lived intangible assets for the remaining nine months of 2023, the next four years and thereafter is as follows: ​ ​ ​ ​ ​ Remainder of 2023 $ 5,508 2024 ​ 5,055 2025 ​ 3,091 2026 ​ 2,695 2027 ​ 2,517 Thereafter ​ 12,478 Total ​ $ 31,344 ​

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
DEBT
DEBT	6. DEBT The Company’s debt is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Short-term debt: ​ ​ Insurance premium financing ​ $ 1,119 ​ $ 2,211 Current portion of term loan ​ 10,000 ​ 10,000 ​ ​ $ 11,119 ​ $ 12,211 Long-term debt: ​ ​ Revolver ​ — ​ — Term loan ​ 136,064 ​ 138,564 Other ​ 523 ​ 512 ​ ​ $ 136,587 ​ $ 139,076 Unamortized debt discount and debt issuance costs ​ (1,489) ​ (1,600) Total long-term debt, net ​ $ 135,098 ​ $ 137,476 ​ The following summarizes the aggregate principal payments of our long-term debt, excluding debt discount and debt issuance costs, for the remaining nine months of 2023, the next four years and thereafter: ​ ​ ​ ​ ​ Remainder of 2023 $ 7,500 2024 ​ 10,131 2025 ​ 10,131 2026 ​ 118,695 2027 ​ 130 Total principal payments ​ $ 146,587 ​ 2021 Credit Facility On August 20, 2021 (the “Closing Date”), the Company refinanced its existing credit facilities and entered into a new credit agreement whereby Safariland, LLC, as borrower (the “Borrower”), the Company and certain domestic subsidiaries of the Borrower, as guarantors (the “Guarantors”), closed on and received funding under a credit agreement (initially entered into on July 23, 2021), pursuant to a First Amendment to Credit Agreement (collectively, the “2021 Credit Agreement”) with PNC Bank, National Association (“PNC”), as administrative agent, and the several lenders from time to time party thereto (together with PNC, the “Lenders”) pursuant to which the Borrower (i) borrowed $200,000 under a term loan (the “Term Loan”), and (ii) may borrow up to $100,000 under a revolving credit facility (including up to $15,000 for letters of credit and up to $10,000 for swing line loans) (the “Revolving Loan”). Each of the Term Loan and the Revolving Loan mature on July 23, 2026. Commencing December 31, 2021, the Term Loan requires scheduled quarterly payments in amounts equal to 1.25% per quarter of the original aggregate principal amount of the Term Loan, with the balance due at maturity. The 2021 Credit Agreement is guaranteed, jointly and severally, by the Guarantors and, subject to certain exceptions, secured by a first-priority security interest in substantially all of the assets of the Borrower and the Guarantors pursuant to a Security and Pledge Agreement and a Guaranty and Suretyship Agreement, each dated as of the Closing Date. There were no amounts outstanding under the Revolving Loan as of March 31, 2023 and December 31, 2022. As of March 31, 2023, there were $2,724 in outstanding letters of credit and $97,276 of availability. The Borrower may elect to have the Revolving Loan and Term Loan under the 2021 Credit Agreement bear interest at a base rate or LIBOR, in each case, plus an applicable margin. The applicable margin for these borrowings ranges from 0.50% to 1.50% per annum, in the case of base rate borrowings, and 1.50% to 2.50% per annum, in the case of LIBOR borrowings, in each case based upon the level of the Company’s consolidated total net leverage ratio. The 2021 Credit Agreement also requires the Borrower to pay a commitment fee on the unused portion of the loan commitments. Such commitment fee ranges between 0.175% and 0.25% per annum, and is also based upon the level of the Company’s consolidated total net leverage ratio. The 2021 Credit Agreement also contains customary representations and warranties, and affirmative and negative covenants, including limitations on additional indebtedness, dividends, and other distributions, entry into new lines of business, use of loan proceeds, capital expenditures, restricted payments, restrictions on liens on the assets of the Borrowers or any Guarantor, transactions with affiliates, amendments to organizational documents, accounting changes, sale and leaseback transactions, dispositions, and mandatory prepayments in connection with certain liquidity events. The 2021 Credit Agreement contains certain restrictive debt covenants, which require us to: (i) maintain a minimum fixed charge coverage ratio of 1.25 to 1.00, starting with the quarter ended December 31, 2021, which is to be determined for each quarter end on a trailing four quarter basis and (ii) maintain a quarterly maximum consolidated total net leverage ratio of 3.75 to 1.00 from the quarter ended December 31, 2022 until the quarter ended March 31, 2023, and thereafter 3.50 to 1.00, which is in each case to be determined on a trailing four quarter basis; provided that under certain circumstances and subject to certain limitations, in the event of a material acquisition, we may temporarily increase the consolidated total net leverage ratio by up to 0.50 to 1.00 for four fiscal quarters following such acquisition. The 2021 Credit Agreement contains customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the 2021 Credit Agreement may be accelerated and the Lenders could foreclose on their security interests in the assets of the Borrowers and the Guarantors. Canadian Credit Facility On October 14, 2021, Med-Eng Holdings ULC and Pacific Safety Products Inc., the Company’s Canadian subsidiaries, as borrowers (the “Canadian Borrowers”), and Safariland, LLC, as guarantor (the “Canadian Guarantor”), closed on a line of credit pursuant to a Loan Agreement (the “Canadian Loan Agreement”) and a Revolving Line of Credit Note (the “Note”) with PNC Bank Canada Branch (“PNC Canada”), as lender pursuant to which the Canadian Borrowers may borrow up to CDN$10,000 under a revolving line of credit (including up to $3,000 for letters of credit) (the “Revolving Canadian Loan”). The Revolving Canadian Loan matures on July 23, 2026. The Canadian Loan Agreement is guaranteed by the Canadian Guarantor pursuant to a Guaranty and Suretyship Agreement (the “Canadian Guaranty Agreement”). The Canadian Borrowers may elect to have borrowings either in United States dollars or Canadian dollars under the Canadian Loan Agreement, which will bear interest at a base rate or LIBOR, in each case, plus an applicable margin, in the case of borrowings in United States dollars, or at a Canadian Prime Rate (as announced from time to time by PNC Canada) or a Canadian deposit offered rate (“CDOR”) as determined from time to time by PNC Canada in accordance with the Canadian Loan Agreement. The applicable margin for these borrowings range from 0.50% to 1.50% per annum, in the case of base rate borrowings and Canadian Prime Rate borrowings, and 1.50% to 2.50% per annum, in the case of LIBOR borrowings and CDOR borrowings. The Canadian Loan Agreement also requires the Canadian Borrowers to pay (i) an unused line fee on the unused portion of the loan commitments in an amount ranging between 0.175% and 0.25% per annum, based upon the level of the Company’s consolidated total net leverage ratio, and (ii) an upfront fee equal to 0.25% of the principal amount of the Note. There were no amounts outstanding under the Revolving Canadian Loan as of March 31, 2023 and December 31, 2022. The Canadian Loan Agreement also contains customary representations and warranties, and affirmative and negative covenants, including, among others, limitations on additional indebtedness, entry into new lines of business, entry into guarantee agreements, making of any loans or advances to, or investments in, any other person, restrictions on liens on the assets of the Canadian Borrowers and mergers, transfers of assets and acquisitions. The Canadian Loan Agreement and Note also contain customary events of default that include, among others, non-payment of principal, interest or fees, violation of covenants, inaccuracy of representations and warranties, failure to make payment on, or defaults with respect to, certain other material indebtedness, bankruptcy and insolvency events, material judgments and change of control provisions. Upon the occurrence of an event of default, and after the expiration of any applicable grace period, payment of any outstanding loans under the Canadian Loan Agreement may be accelerated. Interest Rate Swaps In September 2021, we entered into an interest rate swap agreement to hedge forecasted monthly interest rate payments on our floating rate debt. As of March 31, 2023, we had the following interest rate swap agreement (the “Swap Agreement”): ​ ​ ​ ​ ​ ​ ​ ​ Effective date Notional amount Fixed rate September 30, 2021 through July 23, 2026 $ 100,000 0.875 % ​ Under the terms of the Swap Agreement, we receive payments based on the 1-month LIBOR (approximately 4.85% as of March 31, 2023). During the three months ended March 31, 2023, there were no interest rate swap agreements that expired. We designated this Swap Agreement as a cash flow hedge. A portion of the amount included in accumulated other comprehensive income is reclassified into interest expense, net as a yield adjustment as interest is either paid or received on the hedged debt. The fair value of our Swap Agreement is based upon Level 2 inputs. We have considered our own credit risk and the credit risk of the counterparties when determining the fair value of our Swap Agreement. It is our policy to execute such instruments with creditworthy banks and not to enter into derivative financial instruments for speculative purposes. We believe our interest rate swap counterparty will be able to fulfill their obligations under our agreement, and we believe we will have debt outstanding through the expiration date of the swap such that the occurrence of future cash flow hedges remains probable. The estimated fair value of our Swap Agreement in the consolidated balance sheets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Balance sheet accounts March 31, 2023 December 31, 2022 Other current assets ​ $ 3,429 ​ $ 3,619 Other assets ​ $ 4,126 ​ $ 5,366 ​ A cumulative gain, net of tax, of $5,666 and $6,739 as of March 31, 2023 and December 31, 2022, respectively, is recorded in accumulated other comprehensive income. For the three months ended March 31, 2023 and 2022, a $426 loss, net of tax, and a $3,077 gain, net of tax, respectively, was recognized in other comprehensive (loss) income. There was $647 and $131 reclassified from accumulated other comprehensive income into earnings for the three months ended March 31, 2023 and 2022, respectively. As of March 31, 2023, approximately $3,451 is expected to be reclassified from accumulated other comprehensive income into interest expense over the next 12 months.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Legal Proceedings In September 2021, Safariland, LLC, a wholly-owned subsidiary of the Company, received a jury verdict awarding $7,500 to a plaintiff relating to a personal injury case wherein the plaintiff alleged various product liability claims against Safariland, LLC. The plaintiff in the proceeding, Mr. David Hakim, instituted the proceeding on July 24, 2015, through the filing of a complaint with the United States District Court, Northern District of Illinois, Eastern Division. In the proceeding, the plaintiff, a SWAT officer with the DuPage County Sheriff’s Office (“DCSO”), alleged that he suffered injuries during a training exercise conducted by DCSO in which a Defense Technology Shotgun Breaching TKO round was deployed and passed through a door and lower-floor ceiling causing a fragment to strike plaintiff’s back resulting in injury. Prior to the jury rendering its verdict, the court deferred ruling on Safariland, LLC’s Motion for Judgment as a Matter of Law (“JMOL”). On November 8, 2021, Safariland, LLC filed its post-trial motions, including a supplemental JMOL, motion for new trial and remittitur. On April 18, 2022, the court denied Safariland, LLC’s JMOL, motion for new trial and remittitur and, accordingly, entered a judgment in favor of plaintiff, David Hakim, as to the Third Claim. In response, Safariland, LLC timely filed its notice of appeal with the United States Court of Appeals for the Seventh Circuit. Safariland and Plaintiff have filed their appeal briefs, and oral arguments were held on October 25, 2022. While any litigation contains an eleme nt of uncertainty, the Company believes it is reasonably possible, not probable, that the Company could incur losses related to this case, however, any losses would be indemnified by our insurance carrier under applicable policies The Company is also involved in various legal disputes and other legal proceedings and claims that arise from time to time in the ordinary course of business. The Company vigorously defends itself against all lawsuits and evaluates the amount of reasonably possible losses that the Company could incur as a result of these matters. While any litigation contains an element of uncertainty, the Company believes that the reasonably possible losses that the Company could incur in excess of insurance coverage would not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity. Insurance The Company has various insurance policies, including product liability insurance, covering risks and in amounts it considers adequate. There can be no assurance that the insurance coverage maintained by the Company is sufficient or will be available in adequate amounts or at a reasonable cost. International As an international company, we are, from time to time, the subject of investigations relation to the Company’s international operations, including under U.S. export control laws (such as ITAR), the FCPA and other similar U.S. and international laws. To the best of the Company’s knowledge, there are not any potential or pending investigations at this time.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
INCOME TAXES
INCOME TAXES	8. INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal, various state and local, and certain foreign jurisdictions. As of March 31, 2023, the Company’s tax years subsequent to 2016 are subject to examination by tax authorities with few exceptions. The 2018 and 2019 tax returns of a separate Canadian subsidiary of the Company are currently under examination by the Canadian Revenue Agency. The Company’s effective tax rate for the three months ended March 31, 2023 and 2022 was 29.6% and 37.2%, respectively, and was higher than the statutory rate due to state taxes and executive compensation, partially offset by research and development tax credits

COMPENSATION PLANS

COMPENSATION PLANS	3 Months Ended
	Mar. 31, 2023
COMPENSATION PLANS
COMPENSATION PLANS	9. COMPENSATION PLANS Long-Term Incentive Plan In March 2021, the Company initiated a cash-based long-term incentive plan. Each award granted under the plan shall be eligible to vest in three equal annual installments over a period of three consecutive one-year performance periods, with each installment of the award vesting on the last day of the applicable performance period, subject to the achievement of the performance metrics established by the board of directors for the applicable annual performance period. Compensation expense related to this plan $144 and $384 for the three months ended March 31, 2023 and 2022, respectively, and is . On March 9, 2022, the Company’s board of directors approved the common stock settlement of vested awards of the long-term incentive plan. The board of directors also approved the future settlement of unvested awards in common stock. Modification accounting was not applied as this change did not affect the fair value of the awards, vesting conditions, or the liability classification of the awards. Executive Compensation Plan The Company maintains a cash-based executive compensation plan for certain employees. The Company’s board of directors awarded 1,433,500 interests in the plan (“units”). Each unit represents an unfunded and unsecured right, subject to certain conditions as set forth by the plan. One-third of the units granted to any holder vest on each of the first, second, and third anniversaries of March 18, 2021 during the term of such holder’s employment with the Company. Payment of a holder’s vested balance is dependent upon a transaction or series of related transactions constituting a qualifying exit event, as defined by the executive compensation plan. The plan will expire on March 18, 2025, at which time the plan and all awarded units will be terminated for no consideration if a qualifying exit event has not occurred before that date. If a qualifying exit event becomes probable, the fair value of the units would be the closing stock price of the Company on the day the qualifying exit event becomes probable and compensation expense would be recognized at that time On March 9, 2022, the Company’s board of directors modified the performance condition, specifically the definition of a qualifying exit event, in the cash-based executive compensation plan. In addition, the board of directors approved the settlement of the majority of vested and unvested units in common stock rather than cash, which resulted in a change in classification of those outstanding units from liability to equity. As a result, modification of the units occurred on March 9, 2022 with a grant date fair value of $23.45 , the closing stock price of the Company on the date of modification. There were 632,500 units that vested on March 18, 2022 and 801,000 units that vest in equal amounts on the second and third anniversaries of the plan. The Company recognized compensation expense of $22,100 in selling, general and administrative in the on the modification date. Unrecognized compensation expense related to the unvested units was $11,516 as of the modification date.

LEASES

LEASES	3 Months Ended
	Mar. 31, 2023
LEASES
LEASES	10. LEASES The Company leases certain manufacturing and office space, retail locations, and equipment. Operating lease assets and liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. The Company has elected not to recognize a lease liability or right-of-use (“ROU”) asset for short-term leases (leases with a term of twelve months or less). The Company’s incremental borrowing rate is the rate for collateralized borrowings based on the current economic environment, credit history, credit rating, value of leases, currency in which the lease obligation is satisfied, rate sensitivity, lease term and materiality. The amount of assets and liabilities related to our operating leases were as follows: ​ ​ ​ ​ ​ ​ ​ Balance sheet accounts March 31, 2023 Assets: ​ ​ ​ ​ Operating lease assets Operating lease assets ​ $ 7,691 ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Current: ​ ​ ​ ​ Operating lease liabilities Accrued liabilities ​ $ 3,724 Long-term: ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ ​ 4,204 Total lease liabilities ​ ​ $ 7,928 ​ The components of lease expense are recorded to cost of sales and selling, general and administration expenses in the consolidated statements of comprehensive income. The components of lease expense were as follows: ​ ​ ​ ​ ​ March 31, 2023 Fixed operating lease costs (1) $ 1,033 Variable operating lease costs ​ ​ 366 Total ​ $ 1,399 (1) Includes short-term leases, which are immaterial. The weighted average remaining lease term and weighted average discount rate is as follows: ​ ​ ​ ​ ​ March 31, 2023 Weighted average remaining lease term (years): ​ ​ Operating leases ​ ​ 2.44 ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ Operating leases ​ ​ 2.99% ​ The approximate future minimum lease payments under operating leases as of March 31, 2023 are as follows: ​ ​ ​ ​ Remainder of 2023 ​ $ 3,139 2024 ​ 2,945 2025 ​ 1,564 2026 ​ 517 2027 ​ 77 Thereafter ​ — Total future lease payments ​ ​ 8,242 Less: Amount representing interest ​ ​ (314) Present value of lease liabilities ​ $ 7,928 ​ Supplemental cash flow information related to leases is as follows: ​ ​ ​ ​ ​ ​ March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows - operating leases ​ $ 1,049 ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ Operating leases ​ $ — ​

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	11. RELATED PARTY TRANSACTIONS The Company leases 4 distribution warehouses and retail stores from certain employees. The Company recorded rent expense related to these leases of $148 and $122 for the three months ended March 31, 2023 and 2022, respectively. Rent expense related to these leases is included in related party expense in the Company’s consolidated statements of operations and comprehensive income (loss).

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2023
SEGMENT DATA
SEGMENT DATA	12. SEGMENT DATA Our operations are comprised of two reportable segments: Product and Distribution. 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 is not provided asset information or operating expenses by segment. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Reconciling ​ ​ ​ ​ Product Distribution Items (1) Total Net sales $ 93,194 $ 24,660 ​ $ (6,106) $ 111,748 Cost of goods sold ​ ​ 52,608 ​ $ 18,697 ​ $ (6,175) ​ ​ 65,130 Gross profit ​ $ 40,586 ​ $ 5,963 ​ $ 69 ​ $ 46,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Reconciling ​ ​ ​ ​ Product Distribution Items (1) Total Net sales $ 85,386 $ 24,096 $ (5,076) $ 104,406 Cost of goods sold ​ ​ 51,120 ​ ​ 18,172 ​ ​ (5,075) ​ ​ 64,217 Gross profit ​ $ 34,266 ​ $ 5,924 ​ $ (1) ​ $ 40,189 (1)

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations and Basis of Presentation	Nature of Operations and Basis of Presentation Cadre Holdings, Inc., D/B/A The Safariland Group (the “Company”, “Cadre”, “we”, “us”, and “our”), a Delaware corporation, began operations on April 12, 2012. The Company, headquartered in Jacksonville, Florida, is a global leader in manufacturing and distributing safety and survivability products and other related products for the law enforcement, first responder and military markets. The business operates through 16 manufacturing plants within the U.S., Mexico, Canada, the United Kingdom, Italy, France, and Lithuania, and sells its products worldwide through its direct sales force, distribution channel and distribution partners, online stores, and third-party resellers.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP" or “U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting, and include the accounts of the Company, its wholly owned subsidiaries, and other entities consolidated as required by GAAP. Accordingly, they do not include all of the information and footnotes required by GAAP for annual audited financial statements. The unaudited interim consolidated financial statements have been prepared on a basis consistent with the audited consolidated financial statements and include all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. These interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s most recently completed annual consolidated financial statements. All adjustments considered necessary for a fair presentation have been included. All intercompany balances and transactions have been eliminated in consolidation.
Emerging Growth Company	Emerging Growth Company We are an “emerging growth company,” as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). As such, we are eligible for exemptions from various reporting requirements applicable to other public companies that are not emerging growth companies, including, but not limited to, presenting only two years of audited financial statements, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation, and an exemption from the requirements to obtain a non-binding advisory vote on executive compensation or golden parachute arrangements. 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 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.
Use of Estimates	Use of Estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates.
Fair Value Measurements	Fair Value Measurements The Company follows the guidance of Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurements and Disclosures, Level 1: Observable inputs that reflect unadjusted quoted prices for identical assets or liabilities traded in active markets. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. Level 3: Unobservable inputs that reflect assumptions about what market participants would use in pricing assets or liabilities based on the best information available. The Company’s financial instruments consist principally of cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, income tax payable and debt. The carrying amounts of certain of these financial instruments, including cash, accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities and income tax payable approximate their current fair value due to the relatively short-term nature of these accounts. The following table presents our fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ Carrying ​ Fair Value ​ Carrying ​ Fair Value ​ amount ​ Level 1 ​ Level 2 ​ Level 3 amount ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ $ 7,555 ​ $ — ​ $ 7,555 ​ $ — ​ $ 8,985 ​ $ — ​ $ 8,985 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ There were no transfers of assets or liabilities between levels during the three months ended March 31, 2023 and 2022. The carrying value of our long-term debt obligations approximates the fair value, as the long-term debt contains a floating interest rate component.
Revenue Recognition	Revenue Recognition The Company derives revenue primarily from the sale of physical products. The Company recognizes revenue when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied by transferring the goods or service to the customer. The performance obligation is considered satisfied when control transfers, which is generally determined when products are shipped or delivered to the customer but could be delayed until the receipt of customer acceptance, depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery for point of sale transactions. The Company enters into contractual arrangements primarily with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company has some long-term contracts that may contain research and development performance obligations that are satisfied over time. The Company invoices the customer once the billing milestone is reached and collects under customary short-term credit terms. For long-term contracts, the Company recognizes revenue using the input method based on costs incurred, as this method is an appropriate measure of progress toward the complete satisfaction of the performance obligation. Due to uncertainties inherent in the estimation process, it is possible that estimates of costs to complete a performance obligation will be revised in the near-term. For those performance obligations for which revenue is recognized using a cost-to-cost input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis in the period in which the revisions to the estimates are made. When the current estimate of total costs for a performance obligation indicates a loss, a provision for the entire estimated loss on the unsatisfied performance obligation is made in the period in which the loss becomes evident. At the time of revenue recognition, the Company also provides for estimated sales returns and miscellaneous claims from customers as reductions to revenues. The estimates are based on historical rates of product returns and claims. The Company accrues for such estimated returns and claims with an estimated accrual and associated reduction of revenue. Additionally, the Company records inventory that it expects to be returned as part of inventories, with a corresponding reduction to cost of goods sold. Charges for shipping and handling fees billed to customers are included in net sales and the corresponding shipping and handling expenses are included in cost of goods sold in the accompanying consolidated statements of operations and comprehensive income (loss). We consider our costs related to shipping and handling after control over a product has transferred to a customer to be a cost of fulfilling the promise to transfer the product to the customer. Sales commissions paid to employees as compensation are expensed as incurred for contracts with service periods less than a year. For contracts with service periods greater than a year, these costs are capitalized and amortized over the life of the contract. These costs are recorded in selling, general and administrative expenses in the Company’s consolidated statements of operations and comprehensive income (loss).
Product Warranty	Product Warranty Some of the Company’s manufactured products carry limited warranty provisions for defects in quality and workmanship. A warranty reserve is established at the time of sale to cover estimated costs based on the Company’s history of warranty repairs and replacements, and is recorded in cost of goods sold in the Company’s consolidated statements of operations and comprehensive income (loss). The following table sets forth the changes in the Company’s accrued warranties, which is recorded in accrued liabilities in the consolidated balance sheets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Beginning accrued warranty expense ​ $ 1,234 ​ $ 1,256 Current period claims ​ (34) ​ (116) Provision for current period sales ​ 150 ​ 93 Ending accrued warranty expense ​ $ 1,350 ​ $ 1,233 ​
Net Income (Loss) per Share	Net Income (Loss) per Share Basic income or loss per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the periods presented. Diluted income or loss per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Net income (loss) ​ $ 7,002 ​ $ (10,165) ​ ​ ​ Weighted average shares outstanding - basic ​ 37,373,529 ​ 34,446,318 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock-based awards ​ ​ 255,969 ​ ​ — Weighted average shares outstanding - diluted ​ 37,629,498 ​ 34,446,318 Net income (loss) per share: ​ ​ Basic ​ $ 0.19 ​ $ (0.30) Diluted ​ $ 0.19 ​ $ (0.30) ​ For the three months ended March 31, 2022, 886,108 restricted stock awards and 357,479 stock options were excluded from diluted weighted average shares outstanding because the impact would be anti-dilutive due to a net loss in the period.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) Measurement of Credit Losses on Financial Instruments. he adoption of this ASU did not have a material impact on our consolidated financial statements and disclosures Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and related amendments. This ASU provides temporary optional expedients and exceptions to existing guidance on contract modifications and hedge accounting to facilitate the market transition from existing reference rates, such as the London Inter-Bank Offered Rate (“LIBOR”) which began to be phased out in 2021, to alternate reference rates, such as the Secured Overnight Financing Rate (“SOFR”). The standard is currently effective and upon adoption may be applied to applicable contract modifications through December 31, 2024. The Company is in the process of evaluating the optional relief guidance provided within this ASU but we expect to avail ourselves of certain optional expedients related to the cash flow hedges on our floating rate debt. Management will continue its assessment and monitor regulatory developments during the LIBOR transition period. Currently, management does not believe that the impact of transitioning from LIBOR to SOFR will have a material impact on our consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ Carrying ​ Fair Value ​ Carrying ​ Fair Value ​ amount ​ Level 1 ​ Level 2 ​ Level 3 amount ​ Level 1 ​ Level 2 ​ Level 3 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ $ 7,555 ​ $ — ​ $ 7,555 ​ $ — ​ $ 8,985 ​ $ — ​ $ 8,985 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swap (Note 6) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​
Summary of changes in the accrued warranties and related costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Beginning accrued warranty expense ​ $ 1,234 ​ $ 1,256 Current period claims ​ (34) ​ (116) Provision for current period sales ​ 150 ​ 93 Ending accrued warranty expense ​ $ 1,350 ​ $ 1,233 ​
Summary of calculation of weighted average shares outstanding and net income (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 Net income (loss) ​ $ 7,002 ​ $ (10,165) ​ ​ ​ Weighted average shares outstanding - basic ​ 37,373,529 ​ 34,446,318 Effect of dilutive securities: ​ ​ ​ ​ ​ ​ Stock-based awards ​ ​ 255,969 ​ ​ — Weighted average shares outstanding - diluted ​ 37,629,498 ​ 34,446,318 Net income (loss) per share: ​ ​ Basic ​ $ 0.19 ​ $ (0.30) Diluted ​ $ 0.19 ​ $ (0.30)

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Radar
ACQUISITIONS
Schedule of total consideration	​ ​ ​ ​ ​ Cash paid $ 20,844 Less: cash acquired ​ (1,479) Total consideration, net ​ $ 19,365 ​
Summary of total purchase price consideration and preliminary fair value amounts recognized for assets acquired and liabilities assumed	​ ​ ​ ​ ​ Total consideration, net $ 19,365 ​ ​ ​ ​ Accounts receivable ​ $ 2,347 Inventories ​ ​ 1,874 Prepaid expenses ​ ​ 682 Other current assets ​ ​ 665 Property and equipment ​ ​ 3,053 Intangible assets ​ ​ 10,200 Goodwill ​ ​ 7,101 Total assets acquired ​ ​ 25,922 Accounts payable ​ ​ 1,120 Deferred tax liabilities ​ ​ 2,787 Accrued liabilities ​ ​ 2,106 Long-term debt ​ ​ 544 Total liabilities assumed ​ ​ 6,557 Net assets acquired ​ $ 19,365 ​
Schedule of acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Average Useful Life Customer relationships ​ $ 9,300 ​ ​ 15 Technology ​ ​ 600 ​ 10 Trademarks ​ ​ 300 ​ ​ 7 Total ​ $ 10,200 ​ ​ ​ ​
Cyalume
ACQUISITIONS
Schedule of total consideration	​ ​ ​ ​ ​ Cash paid $ 38,012 Less: cash acquired ​ (1,834) Total consideration, net ​ $ 36,178 ​
Summary of total purchase price consideration and preliminary fair value amounts recognized for assets acquired and liabilities assumed	​ ​ ​ ​ ​ Total consideration, net $ 36,178 ​ ​ ​ ​ Accounts receivable ​ $ 3,302 Inventories ​ ​ 10,908 Prepaid expenses ​ ​ 255 Other current assets ​ ​ 10 Property and equipment ​ ​ 12,492 Intangible assets ​ ​ 8,300 Goodwill ​ ​ 8,508 Total assets acquired ​ ​ 43,775 Accounts payable ​ ​ 1,080 Deferred tax liabilities ​ ​ 4,652 Accrued liabilities ​ ​ 1,577 Other long-term liabilities ​ ​ 288 Total liabilities assumed ​ ​ 7,597 Net assets acquired ​ $ 36,178 ​
Schedule of acquired intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ Gross Average Useful Life Customer relationships ​ $ 3,900 ​ ​ 15 Technology ​ ​ 3,600 ​ 10 Trademarks ​ ​ 800 ​ ​ Indefinite Total ​ $ 8,300 ​ ​ ​ ​

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	3 Months Ended
	Mar. 31, 2023
REVENUE RECOGNITION
Summary of disaggregation of net sales by channel and geography	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 U.S. state and local agencies (a) ​ ​ $ 66,502 ​ $ 57,923 Commercial ​ ​ 10,077 ​ 11,034 U.S. federal agencies ​ ​ 14,127 ​ 7,914 International ​ ​ 20,432 ​ 27,019 Other ​ ​ 610 ​ 516 Net sales ​ ​ $ 111,748 ​ $ 104,406 ​ (a) Includes all Distribution sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, ​ 2023 2022 United States ​ ​ $ 91,316 ​ $ 77,387 International ​ ​ 20,432 ​ 27,019 Net sales ​ ​ $ 111,748 ​ $ 104,406 ​

INVENTORIES (Tables)

INVENTORIES (Tables)	3 Months Ended
	Mar. 31, 2023
INVENTORIES
Summary of inventories stated at lower of cost or net realizable value	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Finished goods ​ $ 27,583 ​ $ 25,208 Work-in-process ​ 8,751 ​ 7,466 Raw materials and supplies ​ 40,009 ​ 37,599 Total ​ $ 76,343 ​ $ 70,273 ​

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
GOODWILL AND OTHER INTANGIBLE ASSETS
Summary of changes in goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Product Distribution Total Balance, December 31, 2022 ​ $ 78,960 ​ $ 2,616 ​ $ 81,576 Measurement period adjustments ​ ​ (593) ​ ​ — ​ ​ (593) Foreign currency translation adjustments ​ 309 ​ — ​ 309 Balance, March 31, 2023 ​ $ 78,676 ​ $ 2,616 ​ $ 81,292 ​
Summary of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Average ​ ​ Gross ​ ​ amortization ​ ​ Net Useful Life Definite lived intangibles: ​ ​ ​ Customer relationships ​ $ 86,181 $ (60,974) $ 25,207 11 Technology ​ 16,010 (11,835) 4,175 8 Tradenames ​ 6,545 (4,583) 1,962 4 Non-compete agreements ​ 986 (986) — 4 ​ ​ $ 109,722 $ (78,378) $ 31,344 ​ ​ Indefinite lived intangibles: ​ Tradenames ​ 17,417 — 17,417 Indefinite Total ​ $ 127,139 $ (78,378) $ 48,761 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Average ​ ​ Gross ​ ​ amortization ​ ​ Net Useful Life Definite lived intangibles: ​ ​ ​ Customer relationships ​ $ 85,847 ​ $ (59,122) $ 26,725 11 Technology ​ 15,629 (11,309) 4,320 8 Tradenames ​ 6,484 (4,254) 2,230 4 Non-compete agreements ​ 973 (973) — 4 ​ ​ $ 108,933 $ (75,658) $ 33,275 ​ ​ Indefinite lived intangibles: ​ Tradenames ​ 17,420 — 17,420 Indefinite Total ​ $ 126,353 $ (75,658) $ 50,695 ​
Summary of estimated amortization expense for definite lived intangible assets	​ ​ ​ ​ ​ Remainder of 2023 $ 5,508 2024 ​ 5,055 2025 ​ 3,091 2026 ​ 2,695 2027 ​ 2,517 Thereafter ​ 12,478 Total ​ $ 31,344

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
DEBT
Schedule of company's debt	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Short-term debt: ​ ​ Insurance premium financing ​ $ 1,119 ​ $ 2,211 Current portion of term loan ​ 10,000 ​ 10,000 ​ ​ $ 11,119 ​ $ 12,211 Long-term debt: ​ ​ Revolver ​ — ​ — Term loan ​ 136,064 ​ 138,564 Other ​ 523 ​ 512 ​ ​ $ 136,587 ​ $ 139,076 Unamortized debt discount and debt issuance costs ​ (1,489) ​ (1,600) Total long-term debt, net ​ $ 135,098 ​ $ 137,476 ​
Summary of aggregate principal payments of long-term debt	​ ​ ​ ​ ​ Remainder of 2023 $ 7,500 2024 ​ 10,131 2025 ​ 10,131 2026 ​ 118,695 2027 ​ 130 Total principal payments ​ $ 146,587 ​
Schedule of Interest rate swaps	​ ​ ​ ​ ​ ​ ​ ​ Effective date Notional amount Fixed rate September 30, 2021 through July 23, 2026 $ 100,000 0.875 % ​
Schedule of fair value swap agreement	​ ​ ​ ​ ​ ​ ​ ​ Balance sheet accounts March 31, 2023 December 31, 2022 Other current assets ​ $ 3,429 ​ $ 3,619 Other assets ​ $ 4,126 ​ $ 5,366 ​

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
LEASES
Schedule of operating lease expense	​ ​ ​ ​ ​ ​ ​ Balance sheet accounts March 31, 2023 Assets: ​ ​ ​ ​ Operating lease assets Operating lease assets ​ $ 7,691 ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ Current: ​ ​ ​ ​ Operating lease liabilities Accrued liabilities ​ $ 3,724 Long-term: ​ ​ ​ ​ Operating lease liabilities Long-term operating lease liabilities ​ ​ 4,204 Total lease liabilities ​ ​ $ 7,928 ​ The components of lease expense are recorded to cost of sales and selling, general and administration expenses in the consolidated statements of comprehensive income. The components of lease expense were as follows: ​ ​ ​ ​ ​ March 31, 2023 Fixed operating lease costs (1) $ 1,033 Variable operating lease costs ​ ​ 366 Total ​ $ 1,399 (1) Includes short-term leases, which are immaterial. The weighted average remaining lease term and weighted average discount rate is as follows: ​ ​ ​ ​ ​ March 31, 2023 Weighted average remaining lease term (years): ​ ​ Operating leases ​ ​ 2.44 ​ ​ ​ ​ Weighted average discount rate: ​ ​ ​ Operating leases ​ ​ 2.99% ​
Summary of future minimum lease payments required under operating leases	The approximate future minimum lease payments under operating leases as of March 31, 2023 are as follows: ​ ​ ​ ​ Remainder of 2023 ​ $ 3,139 2024 ​ 2,945 2025 ​ 1,564 2026 ​ 517 2027 ​ 77 Thereafter ​ — Total future lease payments ​ ​ 8,242 Less: Amount representing interest ​ ​ (314) Present value of lease liabilities ​ $ 7,928 ​
Schedule of supplemental cash flow information related leases	​ ​ ​ ​ ​ ​ March 31, 2023 Cash paid for amounts included in the measurement of lease liabilities: ​ ​ Operating cash flows - operating leases ​ $ 1,049 ​ ​ ​ ​ Right-of-use assets obtained in exchange for lease liabilities: ​ ​ ​ Operating leases ​ $ —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2023
SEGMENT DATA
Summary of segment data	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Reconciling ​ ​ ​ ​ Product Distribution Items (1) Total Net sales $ 93,194 $ 24,660 ​ $ (6,106) $ 111,748 Cost of goods sold ​ ​ 52,608 ​ $ 18,697 ​ $ (6,175) ​ ​ 65,130 Gross profit ​ $ 40,586 ​ $ 5,963 ​ $ 69 ​ $ 46,618 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended March 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Reconciling ​ ​ ​ ​ Product Distribution Items (1) Total Net sales $ 85,386 $ 24,096 $ (5,076) $ 104,406 Cost of goods sold ​ ​ 51,120 ​ ​ 18,172 ​ ​ (5,075) ​ ​ 64,217 Gross profit ​ $ 34,266 ​ $ 5,924 ​ $ (1) ​ $ 40,189 (1)

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 item
Nature of Operations and Basis of Presentation
Number of manufacturing plants	16

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Assets and liabilities measured at fair value on a recurring basis (Details) - Recurring - Interest Rate Swap - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Carrying amount
Assets:
Assets	$ 7,555	$ 8,985
Fair value | Level 2
Assets:
Assets	$ 7,555	$ 8,985

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES - Transfers of assets or liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Transfers between fair value measurement levels, amount	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES - Accrued warranties and related costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in the Company's accrued warranties and related costs
Beginning accrued warranty expense	$ 1,234,000	$ 1,256,000
Current period claims	(34,000)	(116,000)
Provision for current period sales	150,000	93,000
Ending accrued warranty expense	$ 1,350,000	$ 1,233,000

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES - Weighted average shares outstanding and net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator for basic and diluted earnings per share:
Net income (loss)	$ 7,002	$ (10,165)
Weighted average shares outstanding:
Weighted average shares outstanding - basic	37,373,529	34,446,318
Effect of dilutive securities:
Stock-based awards	255,969
Weighted average shares outstanding - diluted	37,629,498	34,446,318
Net income (loss) per share:
Basic	$ 0.19	$ (0.30)
Diluted	$ 0.19	$ (0.30)
Restricted Stock
Net income (loss) per share:
Anti-dilutive instruments excluded		886,108
Stock Options
Net income (loss) per share:
Anti-dilutive instruments excluded	357,479

ACQUISITIONS - Summary - Radar

ACQUISITIONS - Summary - Radar (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Jan. 11, 2022	Mar. 31, 2022	Dec. 31, 2022
Total consideration, net of cash acquired:
Total consideration, net		$ 19,787
Radar
ACQUISITIONS
Total acquisition-related costs			$ 627
Acquisition-related costs incurred during the period			$ 204
Percentage acquired	100%
Total consideration, net of cash acquired:
Cash paid	$ 20,844
Less: cash acquired	(1,479)
Total consideration, net	$ 19,365

ACQUISITIONS - Purchase Price C

ACQUISITIONS - Purchase Price Consideration and Fair Value - Radar (Details) - USD ($) $ in Thousands		3 Months Ended
	Jan. 11, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
ACQUISITIONS
Measurement period adjustments		$ (593)
Total purchase price consideration and preliminary fair value amounts recognized
Total consideration, net			$ 19,787
Goodwill		81,292		$ 81,576
Radar
ACQUISITIONS
Measurement period adjustments		$ 390
Total purchase price consideration and preliminary fair value amounts recognized
Total consideration, net	$ 19,365
Accounts receivable	2,347
Inventories	1,874
Prepaid expenses	682
Other current assets	665
Property and equipment	3,053
Intangible assets	10,200
Goodwill	7,101
Total assets acquired	25,922
Accounts payable	1,120
Deferred tax liabilities	2,787
Accrued liabilities	2,106
Long-term debt	544
Total liabilities assumed	6,557
Net assets acquired	$ 19,365

ACQUISITIONS - Intangible Asset

ACQUISITIONS - Intangible Assets - Radar (Details) - Radar $ in Thousands	Jan. 11, 2022 USD ($)
ACQUISITIONS
Gross	$ 10,200
Goodwill, non-deductible for tax purposes	7,101
Customer relationships
ACQUISITIONS
Gross	$ 9,300
Average Useful Life	15 years
Technology
ACQUISITIONS
Gross	$ 600
Average Useful Life	10 years
Trademarks
ACQUISITIONS
Gross	$ 300
Average Useful Life	7 years

ACQUISITIONS - Summary - Cyalum

ACQUISITIONS - Summary - Cyalume (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	May 04, 2022	Mar. 31, 2022	Dec. 31, 2022
Total consideration, net of cash acquired:
Total consideration, net		$ 19,787
Cyalume
ACQUISITIONS
Acquisition-related costs incurred during the period			$ 3,546
Percentage acquired	100%
Total consideration, net of cash acquired:
Cash paid	$ 38,012
Less: cash acquired	(1,834)
Total consideration, net	$ 36,178

ACQUISITIONS - Purchase Price_2

ACQUISITIONS - Purchase Price Consideration and Fair Value - Cyalume (Details) - USD ($) $ in Thousands		3 Months Ended
	May 04, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
ACQUISITIONS
Measurement period adjustments		$ (593)
Total purchase price consideration and preliminary fair value amounts recognized
Total consideration, net			$ 19,787
Goodwill		81,292		$ 81,576
Cyalume
ACQUISITIONS
Measurement period adjustments		$ 1,867
Total purchase price consideration and preliminary fair value amounts recognized
Total consideration, net	$ 36,178
Accounts receivable	3,302
Inventories	10,908
Prepaid expenses	255
Other current assets	10
Property and equipment	12,492
Intangible assets	8,300
Goodwill	8,508
Total assets acquired	43,775
Accounts payable	1,080
Deferred tax liabilities	4,652
Accrued liabilities	1,577
Other long-term liabilities	288
Total liabilities assumed	7,597
Net assets acquired	$ 36,178

ACQUISITIONS - Intangible Ass_2

ACQUISITIONS - Intangible Assets - Cyalume (Details) - Cyalume $ in Thousands	May 04, 2022 USD ($)
ACQUISITIONS
Gross	$ 8,300
Goodwill, non-deductible for tax purposes	8,508
Customer relationships
ACQUISITIONS
Gross	$ 3,900
Average Useful Life	15 years
Technology
ACQUISITIONS
Gross	$ 3,600
Average Useful Life	10 years
Trademarks
ACQUISITIONS
Gross	$ 800

REVENUE RECOGNITION - Net sales

REVENUE RECOGNITION - Net sales by channel and geography (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Net sales	$ 111,748	$ 104,406
U.S. state and local agencies
Revenue Recognition
Net sales	66,502	57,923
Commercial
Revenue Recognition
Net sales	10,077	11,034
U.S. federal agencies
Revenue Recognition
Net sales	14,127	7,914
International
Revenue Recognition
Net sales	20,432	27,019
Other
Revenue Recognition
Net sales	$ 610	$ 516

REVENUE RECOGNITION - Includes

REVENUE RECOGNITION - Includes all Distribution sales (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Net sales	$ 111,748	$ 104,406
United States
Revenue Recognition
Net sales	91,316	77,387
International.
Revenue Recognition
Net sales	$ 20,432	$ 27,019

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
REVENUE RECOGNITION
Contract liabilities, current	$ 4,615	$ 4,257
Revenue recognized from amounts included in contract liabilities	$ 1,805

REVENUE RECOGNITION - Additiona

REVENUE RECOGNITION - Additional information (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Revenue Recognition
Remaining performance obligations	$ 26,731
Percentage of remaining performance obligations expect to recognize	67%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue Recognition
Expected timing of satisfaction	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue Recognition
Expected timing of satisfaction	2 years

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
INVENTORIES
Finished goods	$ 27,583	$ 25,208
Work-in-process	8,751	7,466
Raw materials and supplies	40,009	37,599
Total	$ 76,343	$ 70,273

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of changes in goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Summary of changes in goodwill
Balance at beginning of period	$ 81,576
Measurement period adjustments	(593)
Foreign currency translation adjustments	309
Balance at end of period	81,292
Product.
Summary of changes in goodwill
Balance at beginning of period	78,960
Measurement period adjustments	(593)
Foreign currency translation adjustments	309
Balance at end of period	78,676
Distribution
Summary of changes in goodwill
Balance at beginning of period	2,616
Balance at end of period	2,616
Radar
Summary of changes in goodwill
Measurement period adjustments	390
Cyalume
Summary of changes in goodwill
Measurement period adjustments	$ 1,867

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Impairment of Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Gross goodwill	$ 88,877	$ 89,161
Accumulated impairment losses	$ 7,585	$ 7,585

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of intangible assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Summary of intangible assets
Definite lived intangibles, Gross	$ 109,722	$ 108,933
Definite lived intangibles, Accumulated amortization	(78,378)	(75,658)
Definite lived intangibles, Net	31,344	33,275
Indefinite lived intangibles	127,139	126,353
Indefinite lived intangibles, Net	48,761	50,695
Tradenames
Summary of intangible assets
Indefinite lived intangibles	17,417	17,420
Indefinite lived intangibles, Net	17,417	17,420
Customer relationships
Summary of intangible assets
Definite lived intangibles, Gross	86,181	85,847
Definite lived intangibles, Accumulated amortization	(60,974)	(59,122)
Definite lived intangibles, Net	$ 25,207	$ 26,725
Weighted Average Useful Life	11 years	11 years
Technology
Summary of intangible assets
Definite lived intangibles, Gross	$ 16,010	$ 15,629
Definite lived intangibles, Accumulated amortization	(11,835)	(11,309)
Definite lived intangibles, Net	$ 4,175	$ 4,320
Weighted Average Useful Life	8 years	8 years
Tradenames
Summary of intangible assets
Definite lived intangibles, Gross	$ 6,545	$ 6,484
Definite lived intangibles, Accumulated amortization	(4,583)	(4,254)
Definite lived intangibles, Net	$ 1,962	$ 2,230
Weighted Average Useful Life	4 years	4 years
Non-compete agreements
Summary of intangible assets
Definite lived intangibles, Gross	$ 986	$ 973
Definite lived intangibles, Accumulated amortization	$ (986)	$ (973)
Weighted Average Useful Life	4 years	4 years

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Additional information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
GOODWILL AND OTHER INTANGIBLE ASSETS
Amortization expense	$ 2,328	$ 2,157
Amortization expense included in cost of goods sold	$ 162	$ 50

GOODWILL AND OTHER INTANGIBLE_7

GOODWILL AND OTHER INTANGIBLE ASSETS - Amortization expense for definite lived intangible assets (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Estimated amortization expense for finite-lived intangible assets
Remainder of 2023	$ 5,508
2024	5,055
2025	3,091
2026	2,695
2027	2,517
Thereafter	12,478
Total	$ 31,344	$ 33,275

DEBT - Schedule of company's de

DEBT - Schedule of company's debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt
Short-term debt	$ 11,119	$ 12,211
Long-term debt	136,587	139,076
Unamortized debt discount and debt issuance costs	(1,489)	(1,600)
Total long-term debt, net	135,098	137,476
Term loan
Debt
Long-term debt	136,064	138,564
Other.
Debt
Long-term debt	523	512
Insurance premium financing
Debt
Short-term debt	1,119	2,211
Current portion of term loan
Debt
Short-term debt	$ 10,000	$ 10,000

DEBT - Summary of aggregate pri

DEBT - Summary of aggregate principal payment of long-term debt (Details) $ in Thousands	Mar. 31, 2023 USD ($)
DEBT
Remainder of 2023	$ 7,500
2024	10,131
2025	10,131
2026	118,695
2027	130
Total principal payments	$ 146,587

DEBT - 2021 Credit Facility (De

DEBT - 2021 Credit Facility (Details) - USD ($) $ in Thousands	Aug. 20, 2021	Mar. 31, 2023	Dec. 31, 2022
Debt
Outstanding borrowings		$ 136,587	$ 139,076
2021 Credit Facility
Debt
Minimum fixed charge coverage ratio	1.25
2021 Credit Facility | Minimum
Debt
Commitment Fee	0.175%
2021 Credit Facility | Maximum
Debt
Commitment Fee	0.25%
2021 Credit Facility | Each quarter starting with the quarter ended December 31, 2022
Debt
Total net leverage ratio	3.75
2021 Credit Facility | From the Quarter Ended December 31, 2022 until the quarter ended March 31, 2023 | Maximum
Debt
Total net leverage ratio	3.50
2021 Credit Facility | Period after the quarter ended March 31, 2023
Debt
Increase in total net leverage ratio	0.50
2021 Credit Facility | Base Rate | Minimum
Debt
Applicable margin (as a percent)	0.50%
2021 Credit Facility | Base Rate | Maximum
Debt
Applicable margin (as a percent)	1.50%
2021 Credit Facility | LIBOR | Minimum
Debt
Applicable margin (as a percent)	1.50%
2021 Credit Facility | LIBOR | Maximum
Debt
Applicable margin (as a percent)	2.50%
2021 Credit Facility | Revolving credit facility.
Debt
Maximum borrowing capacity	$ 100,000
Outstanding borrowings		0	$ 0
Available borrowing capacity		97,276
2021 Credit Facility | Term loan
Debt
Aggregate principal amount per quarter (in percent)	1.25%
Outstanding borrowings	$ 200,000
2021 Credit Facility | Letter of credit
Debt
Maximum borrowing capacity	15,000
Outstanding letters of credit		$ 2,724
2021 Credit Facility | Swing line loans
Debt
Maximum borrowing capacity	$ 10,000

DEBT - Canadian Credit Facility

DEBT - Canadian Credit Facility (Details) - Canadian Credit Facility $ in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Oct. 14, 2021 USD ($)	Oct. 14, 2021 CAD ($)
Minimum
Debt
Unused line fee (as a percent)	0.175%
Maximum
Debt
Unused line fee (as a percent)	0.25%
Base Rate | Minimum
Debt
Applicable margin (as a percent)	0.50%
Base Rate | Maximum
Debt
Applicable margin (as a percent)	1.50%
LIBOR | Minimum
Debt
Applicable margin (as a percent)	1.50%
LIBOR | Maximum
Debt
Applicable margin (as a percent)	2.50%
Revolving credit facility.
Debt
Maximum borrowing capacity				$ 10,000
Amount outstanding	$ 0	$ 0
Upfront Fee	0.25%
Letter of credit
Debt
Maximum borrowing capacity			$ 3,000

DEBT - Fair Value of Debt (Deta

DEBT - Fair Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding borrowings	$ 136,587	$ 139,076
Term loan
Debt Instrument [Line Items]
Outstanding borrowings	136,064	138,564
Other.
Debt Instrument [Line Items]
Outstanding borrowings	$ 523	$ 512

DEBT - Schedule of interest rat

DEBT - Schedule of interest rate swaps (Details) - Interest Rate Swap $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Interest Rate Swaps
Debt instrument, start maturity date	Sep. 30, 2021
Debt instrument, end maturity date	Jul. 23, 2026
Notional amount	$ 100,000
Fixed rate	0.875%
Variable rate	4.85%

DEBT - Schedule of fair value s

DEBT - Schedule of fair value swap agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Interest Rate Swaps
Cumulative gain, net of tax reflected in accumulated other comprehensive income (loss)	$ 5,666		$ 6,739
(Loss) gain recognized in other comprehensive income	(426)	$ 3,077
Amount reclassified from accumulated other comprehensive loss to earnings	647	$ (131)
Amount reclassified from AOCI into interest expense within next twelve months	3,451
Interest Rate Swap | Other current assets
Interest Rate Swaps
Derivative asset	$ 3,429		$ 3,619
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current		Other Assets, Current
Interest Rate Swap | Other assets
Interest Rate Swaps
Derivative asset	$ 4,126		$ 5,366
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent		Other Assets, Noncurrent

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Legal Proceedings (Details) $ in Thousands	1 Months Ended
	Sep. 30, 2021 USD ($)
COMMITMENTS AND CONTINGENCIES
Damage awarded	$ 7,500

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INCOME TAXES.
Effective tax rate	29.60%	37.20%

COMPENSATION PLANS - Long-Term

COMPENSATION PLANS - Long-Term Incentive Plan (Details) - Long-Term Incentive Plan $ in Thousands		3 Months Ended
	Mar. 31, 2021 installment	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Compensation Plans
Number of equal installments | installment	3
Vesting period for awards granted under the cash-based long-term incentive plan	3 years
Compensation expense related to the cash-based long-term incentive plan | $		$ 144	$ 384

COMPENSATION PLANS - Executive

COMPENSATION PLANS - Executive Compensation Plan (Details) - Executive Compensation Plan - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 18, 2022	Mar. 09, 2022
Compensation Plans
Number of awards granted under cash-based executive compensation plan	1,433,500
Grant date fair value per share of common stock of all vested and unvested units under the cash-based executive compensation plan			$ 23.45
Number of units expected to vest under cash-based executive compensation plan		632,500
Number of unvested units under cash-based executive compensation plan		801,000
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 11,516
Share based compensation expense	$ 22,100

LEASES - Schedule of operating

LEASES - Schedule of operating assets and liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases
Operating lease assets	$ 7,691	$ 8,489
Current lease liabilities	$ 3,724
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current
Long-term operating lease liabilities	$ 4,204	$ 4,965
Total lease liabilities	$ 7,928
Maximum
Leases
Remaining contractual terms	5 years
Optional lease extension terms	5 years

LEASES - Components of lease ex

LEASES - Components of lease expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
LEASES
Fixed operating lease costs	$ 1,033
Variable operating lease costs	366
Total	$ 1,399

LEASES - Weighted average remai

LEASES - Weighted average remaining lease term and discount rate (Details)	Mar. 31, 2023
LEASES
Operating leases weighted average remaining lease term (years):	2 years 5 months 8 days
Operating leases weighted average discount rate	2.99%

LEASES - Future minimum lease p

LEASES - Future minimum lease payments under operating leases (Details) $ in Thousands	Mar. 31, 2023 USD ($)
LEASES
Remainder of 2023	$ 3,139
2024	2,945
2025	1,564
2026	517
2027	77
Total future lease payments	8,242
Less: Amount representing interest	(314)
Present value of lease liabilities	$ 7,928

LEASES - Supplemental cash flow

LEASES - Supplemental cash flow information related to leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
LEASES
Operating cash flows - operating leases	$ 1,049

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) warehouse	Mar. 31, 2022 USD ($)
RELATED PARTY TRANSACTIONS
Number of distribution warehouses and retail stores | warehouse	4
Rent expense | $	$ 148	$ 122

SEGMENT DATA - Other (Details)

SEGMENT DATA - Other (Details)	3 Months Ended
	Mar. 31, 2023 segment
SEGMENT DATA
Number of reportable segments	2

SEGMENT DATA - asset informatio

SEGMENT DATA - asset information or operating expenses by segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Data
Net sales	$ 111,748	$ 104,406
Cost of goods sold	65,130	64,217
Gross profit	46,618	40,189
Reconciling Items
Segment Data
Net sales	(6,106)	(5,076)
Cost of goods sold	(6,175)	(5,075)
Gross profit	69	(1)
Product. | Operating segments
Segment Data
Net sales	93,194	85,386
Cost of goods sold	52,608	51,120
Gross profit	40,586	34,266
Distribution | Operating segments
Segment Data
Net sales	24,660	24,096
Cost of goods sold	18,697	18,172
Gross profit	$ 5,963	$ 5,924