Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q1 2024 Earnings Presentation
23 slides from Carlisle Companies's earnings presentation, Apr 25, 2024
Slide 1: First Quarter 2024 Earnings Call
First Quarter 2024 Earnings Call April 25, 2024
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures First Quarter 2024 Earnings Call This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "ant
Slide 3: First Quarter 2024 Overview
First Quarter 2024 Overview First Quarter 2024 Earnings Call » Revenue growth of 23% YoY » Adjusted EBITDA margin of 24.2% $1.1B » Expanded 530 bps YoY Revenues » Signed agreement to sell CIT for $2.025B » Expected close in Q2 2024 24.2% Adj. EBITDA » Completes strategic pivot Margin* » Signed agree
Slide 4: Vision 2030 Value Creation Drivers and Targets
Vision 2030 Value Creation Drivers and Targets First Quarter 2024 Earnings Call Vision 2030 Key Financial Targets » Vision 2030 builds on record of success and $40+ pivot to a pure play building products portfolio 5% » Mega trends around energy efficiency, labor Organic Revenue savings and re-roofin
Slide 5: MTL Acquisition to Establish Carlisle as an Industry Leader in Architectural Metal
MTL Acquisition to Establish Carlisle as an Industry Leader in Architectural Metal First Quarter 2024 Earnings Call Planned acquisition of a best-in-class provider of high-performance, pre-fabricated perimeter edge metal systems and non-insulated architectural metal wall systems Acquisition Overview
Slide 6: Carlisle Is Committed To Achieve Net Zero GHG Emissions By 2050
Carlisle Is Committed To Achieve Net Zero GHG Emissions By 2050 First Quarter 2024 Earnings Call Our 3 Pillars And Near-Term Targets 2023 Progress 1 $3.2B in LEED qualified product sales 1 2 Implementing metering of significant energy users - or “SEUs” - at our major manufacturing facilities 3 Carli
Slide 7: First Quarter 2024 Results
First Quarter 2024 Results First Quarter 2024 Earnings Call Revenue Adj. EBITDA Margin* Adj. EPS* +22.8% (+22.3% Organic*) +530 bps +85.1% $1.1B 24.2% $3.72 $0.9B 18.9% $2.01 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 » Normalization of channel inventory » Adjusted EBITDA margin » Strong revenue and adjusted » G
Slide 8: Carlisle Construction Materials (CCM) Segment First Quarter 2024 Performance
Carlisle Construction Materials (CCM) Segment First Quarter 2024 Performance First Quarter 2024 Earnings Call Revenue Adj. EBITDA* Adj. EBITDA Margin* +36.0% (+35.9% Organic*) +65.8% +510 bps $784M $227M 28.9% $576M 23.8% $137M 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 Notable Revenue Drivers: » Normalization o
Slide 9: Carlisle Weatherproofing Technologies (CWT) Segment First Quarter 2024 Performance
Carlisle Weatherproofing Technologies (CWT) Segment First Quarter 2024 Performance First Quarter 2024 Earnings Call Revenue Adj. EBITDA* Adj. EBITDA Margin* -1.2% (-2.5% Organic*) +20.0% +370 bps $317M $313M $65M $54M 20.7% 17.0% 1Q23 1Q24 1Q23 1Q24 1Q23 1Q24 Notable Revenue Drivers: » Lower carryov
Slide 10: First Quarter 2024 Adjusted EPS Bridge
First Quarter 2024 Adjusted EPS* Bridge First Quarter 2024 Earnings Call $0.23 $0.09 $0.67 $(0.04) $(0.21) $3.72 $0.97 $2.01 1Q23 Adj. EPS* Volume/Price/Mix Materials/Freight/Labor COS Share Repurchases Interest/Tax Opex/Other 1Q24 Adj. EPS* * Reference the financial reconciliations of non-GAAP fina
Slide 11: First Quarter 2024 Cash Flow Performance
First Quarter 2024 Cash Flow Performance First Quarter 2024 Earnings Call $156.0 $24.0 $123.1 $33.4 $132.0 $89.7 1Q24 1Q23 Operating Cash Flow* Capital Expenditures* Free Cash Flow* » On track to achieve 15%+ FCF margin in 2024, aligned with Vision 2030 target * Continuing Operations; Reference the
Slide 12: Strong Balance Sheet to Execute Growth and High-Return Capital Deployment Strategy
Strong Balance Sheet to Execute Growth and High-Return Capital Deployment Strategy First Quarter 2024 Earnings Call Debt Maturity Schedule Total Liquidity Net Debt to Adj. EBITDA* Ratio Senior Senior NoteNote $1.6B 1.4x $750M $750M 2.75% 2.75% Within 1.0x-2.0x target Senior Senior Including cash of
Slide 13: Disciplined Capital Deployment Approach to Drive Superior Returns
Disciplined Capital Deployment Approach to Drive Superior Returns First Quarter 2024 Earnings Call $40+ 25%+ Adj. EPS ROIC • Repurchased 0.5M shares for $150M in 1Q24 Share • 6.9M shares remaining under authorization as Repurchases of March 31, 2024 • $42M in dividends paid in 1Q24 Dividends • 47th
Slide 14: Improved 2024 Growth Outlook
Improved 2024 Growth Outlook First Quarter 2024 Earnings Call Full Year 2024 Outlook Primary Drivers » CCM revenue up low double digits YoY on channel ~10% >100 bps tailwinds following 2023 de-stocking and pent-up re-roof demand driving strong contractor backlogs Revenue Adj. EBITDA » CWT revenue up
Slide 15: Financial Reconciliations
CARLISLE Financial Reconciliations
Slide 16: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics First Quarter 2024 Earnings Call This presentation includes the following financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Adjusted EBITDA, which the Company defines as net in
Slide 17: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue First Quarter 2024 Earnings Call Three Months Ended March 31, (in millions, except percentages) CSL CCM CWT 2023 Revenue (GAAP) $ 892.6 $ 576.0 $ 316.6 Organic 199.2 22.3 % 207.1 35.9 % (7.9) (2.5)% Acquisitions 4.0 0.4 % — —% 4.0 1.2 % FX impact 0.7 0.1 % 0.5 0.1 %
Slide 18: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow First Quarter 2024 Earnings Call Three Months Ended March 31, (in millions) 2024 2023 Operating cash flow (GAAP) $ 163.5 $ 149.6 Less: operating cash flow from discontinued operations 7.5 26.5 Operating cash flow from continuing operations $ 156.0 $ 123.1 Capital exp
Slide 19: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA First Quarter 2024 Earnings Call Three Months Ended March 31, (in millions, except percentages) 2024 2023 Net income (GAAP) $ 192.3 $ 101.7 Less: Income from discontinued operations (GAAP) 21.4 18.1 Income from continuing operations (GAAP) 170.9Senior 83.6 Provision
Slide 20: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA First Quarter 2024 Earnings Call Three Months Ended March 31, 2024 Corporate and (in millions, except percentages) CCM CWT unallocated Operating income (loss) (GAAP) $ 211.2 $ 42.2 $ (28.2) (1) Senior Non-operating expense (income), net 0.4 — (0.7) Note EBIT 210.8 4
Slide 21: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA First Quarter 2024 Earnings Call Three Months Ended March 31, 2023 Corporate and (in millions, except percentages) CCM CWT unallocated Operating income (loss) (GAAP) $ 122.4 $ 24.1 $ (25.8) Non-operating income, net(1) (0.1) (0.2) (0.7) EBIT 122.5 24.3 (25.1) Exit a
Slide 22: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS First Quarter 2024 Earnings Call Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Pre-tax Post-tax Impact to Pre-tax Post-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Impact Impact(1) Diluted EPS(2) Ne
Slide 23: Reconciliation of Unaudited Leverage Ratios and Net Debt to Capital Ratios
Reconciliation of Unaudited Leverage Ratios and Net Debt to Capital Ratios First Quarter 2024 Earnings Call Unaudited Leverage Ratios Net Debt to Capital Ratio (in millions, except ratios) LTM 3/31/2024 (in millions, except percentages) 3/31/2024 Income from continuing operations (GAAP) $ 798.0 Long