Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Baird 2023 Global Industrial Conference
21 slides from Carlisle Companies's conference presentation, Nov 7, 2023
Slide 1: Baird 2023 Global Industrial Conference
Baird 2023 Global Industrial Conference November 7, 2023 Chris Koch, CEO Kevin Zdimal, CFO Mehul Patel, VP IR
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures This press release 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," "anticipate," "believe," "project,"
Slide 3: CSL Overview
CSL Overview » Carlisle’s roots start in 1917, as Carlisle Tire and Rubber Company, a manufacturer of bicycle inner tubes…led to the innovation of single ply roofing membranes in the late 60’s » Carlisle evolved into a diversified industrial enterprise using an aggressive M&A strategy, a decentraliz
Slide 4: Q3 Earnings Summary
Q3 Earnings Summary » Revenue of $1.3 billion, -16% YoY impacted by challenging macro environment $1.3B Revenue » Adj EBITDA margin improvement of 100 bps YoY » CCM adj EBITDA margin above 30% for the second 27% consecutive quarter Adj. EBITDA » CWT adj EBITDA margin grew 890 bps YoY Margin* » Repur
Slide 5: Effectively Completed Transformation to a Premier Building Products Portfolio
Effectively Completed Transformation to a Premier Building Products Portfolio Pre-Pivot: Carlisle was a Diversified Today: A Premier Building Products Industrial Portfolio in 2016 Portfolio 7% 7% 7% 12% ROIC* 23%+ ROIC** 56% 23% 100% Building Products Interconnect Technologies Building Products Food
Slide 6: Today…Carlisle Is A Best-In-Class Large Cap Building Products Company
Today…Carlisle Is A Best-In-Class Large Cap Building Products Company Leading supplier of innovative building envelope products and solutions for more energy efficient buildings Leading manufacturer of Leading provider of high- premium single-ply and performance metal roofing systems weatherproo
Slide 7: Carlisle Construction Materials – Overview
Carlisle Construction Materials – Overview Overview Leading manufacturer of premium single-ply and metal roofing systems for the commercial building industry Headquartered in Carlisle, PA supported by ~ 3,500 employees Value Drivers Market growing mid-single digits Avg. age of existing roofs
Slide 8: Carlisle Weatherproofing Technologies - Overview
Carlisle Weatherproofing Technologies - Overview Overview Leading provider of high-performance weatherproofing, insulation and moisture protection products for the building envelope Headquartered in Kimberton, PA supported by ~1,500 employees Value Drivers Addressaarket growing mid-single digi
Slide 9: Comprehensive Energy Efficiency Solutions From the Ground Up
Comprehensive Energy Efficiency Solutions From the Ground Up HVAC Sealants & Adhesives EPDM Roofing Membrane Thermoplastic Air & Vapor Roofing Barrier Membrane Airflow Hardware Insulation Vegetated Roofing Systems Below-Grade Metal Roofing Waterproofing & Wall Panels Air & Wall HVAC Sealants Vapor I
Slide 10: In 2018 Launched Vision 2025 With a Goal to Accelerate Returns and Earnings Growth
In 2018 Launched Vision 2025 With a Goal to Accelerate Returns and Earnings Growth Organic 2025 Growth Carlisle Strategic Operating Target M&A System Returns Exceptional Driven Opportunistic of $15+ Talent Share EARNINGS Repurchases PER SHARE* Margin Improvement * GAAP diluted EPS from continuing op
Slide 11: Our Journey Since Vision 2025
Our Journey Since Vision 2025 Deployed $3B+ in capex, dividends, and repurchases Delivered $20.01* Divested underperforming businesses Built scale with synergistic In 2022 M&A Utilized COS ADJ EPS to drive efficiencies Leveraged Carlisle Experience Vision 2025 provided a clear roadmap CEO Transition
Slide 12: Carlisle's Long-Term Value Creation Drivers
Carlisle’s Long-Term Value Creation Drivers » Mega trends around energy efficiency, labor savings and re-roofing » Innovation to deliver higher performing and easier to install system solutions » Brand strength from Carlisle Experience » Margin expansion through Carlisle Operating System » Financial
Slide 13: Financial Reconciliations
Lt CARL ISL E 2025 THE NEXT 100 YEARS Financial Reconciliations
Slide 14: Non-GAAP Financial Metrics
Non-GAAP Financial Metrics 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 income excluding income/loss from d
Slide 15: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended September 30, (in millions, except percentages) 2023 2022 Net income (GAAP) $ 265.6 $ 254.7 Less: Income from discontinued operations (GAAP) 48.7 21.4 Income from continuing operations (GAAP) 216.9 233.3 Provision for income taxes 66.6 69.1 Intere
Slide 16: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended September 30, 2023 Corporate and (in millions, except percentages) CCM CWT unallocated Operating income (loss) (GAAP) $ 272.5 $ 58.8 $ (31.4) Non-operating expense (income), net(1) 0.3 Senior (0.2) 0.5 EBIT 272.2 59.0Note (31.9) Exit and disposal,
Slide 17: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended September 30, 2022 Corporate and (in millions, except percentages) CCM CWT unallocated Operating income (loss) (GAAP) $ 341.7 $ 9.6 $ (27.3) Non-operating expense, net(1) 1.2 0.2 0.5 EBIT 340.5 9.4 (27.8) Inventory step-up amortization and transac
Slide 18: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS Three Months Ended September 30, 2023 Three Months Ended September 30, 2022 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) Net income (GAAP) $ 265.6 $
Slide 19: Reconciliation to ROIC
Reconciliation to ROIC Year Ended December 31, (in millions) 2016 Net income (GAAP) $ 250.1 Less: loss from discontinued operations (GAAP) (0.7) Income from continuing operations (GAAP) 250.8 Provision for income taxes 159.7 Interest expense, net 31.9 Interest income (1.3) EBIT 441.1 Amortization 63
Slide 20: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS Year Ended December 31, 2016 Pre-tax Post-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 250.1 $ 3.86 Less: loss from discontinued operations (GAAP) (0.7) (0.01) Income from continuing operations (GAAP)
Slide 21: Reconciliation to Adjusted Diluted EPS
Reconciliation to Adjusted Diluted EPS Year Ended December 31, 2022 Pre-tax Post-tax Impact to (in millions, except per share amounts) Impact Impact(1) Diluted EPS(2) Net income (GAAP) $ 924.0 $ 17.56 Less: loss from discontinued operations (GAAP) (1.2) (0.02) Income from continuing operations (GAAP
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