Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — Q1 2025 Earnings Presentation
23 slides from Carlisle Companies's earnings presentation, Apr 23, 2025
Slide 1: First Quarter 2025 Earnings Call
First Quarter 2025 Earnings Call April 23, 2025
Slide 2: Forward Looking Statements & Non-GAAP Financial Measures
Forward Looking Statements & Non-GAAP Financial Measures 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," "anticipate," "believe," "project," "
Slide 3: First Quarter 2025 Overview
First Quarter 2025 Overview • Revenues flat despite weather and market-related headwinds $1.1B Revenues • Resilient profitability with adjusted EPS of $3.61 • Returned $445M to shareholders through dividends 21.8% and share buybacks Adj. EBITDA Margin* • Completed acquisition of ThermaFoam, a Texas
Slide 4: Mature Non-Residential Building Stock Driving Recurring Re-roofing Demand
Mature Non-Residential Building Stock Driving Recurring Re-roofing Demand Combined With... U.S. Non-Residential Building Footprint by Period Built ~80% of re-roofing 55% permits for buildings >35 Years 25+ years old, including buildings 35+ years old with 2+ ~30% ~15% re-roofs <25 Years 25-35 Years
Slide 5: Increasing Content Per Roof Drivers and Benefits
…Increasing Content Drivers of Increasing Benefits of Increasing Per Sq. Ft. Producing Content Per Roof Content to Carlisle an Expected MSD Re-roofing CAGR Adoption of newer building codes and regulatory push to Increasing insulation thickness per sq. ft., growing ~3% through 2030 build more energy
Slide 6: Accelerating R&D Investments to Achieve 25% of Revenue From New Products
Accelerating R&D Investments to Achieve 25% of Revenue From New Products and Innovations R&D Spend as % of Revenue New Products as % of Revenue Note: New products defined as products introduced within the past five years. 6
Slide 7: First Quarter 2025 Results
First Quarter 2025 Results Revenue Adj. EBITDA Margin* Adj. EPS* -0.1% (-4% Organic*) -240 bps -3% 24.2% $1,097M $1,096M 21.8% $3.72 $3.61 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 • Acquisitions • Lower volumes • Lower organic earnings • Residential market headwinds • Negative price/cost • Share repurchases •
Slide 8: Carlisle Construction Materials (CCM) Segment First Quarter 2025 Performance
Carlisle Construction Materials (CCM) Segment First Quarter 2025 Performance Revenue Adj. EBITDA* Adj. EBITDA Margin* +2% (-1% Organic*) -5% -180 bps $784M $799M $227M $217M 28.9% 27.1% 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 Notable Revenue Drivers: • MTL acquisition, stable recurring re-roof activity, and a
Slide 9: Carlisle Weatherproofing Technologies (CWT) Segment First Quarter 2025 Performance
Carlisle Weatherproofing Technologies (CWT) Segment First Quarter 2025 Performance Revenue Adj. EBITDA* Adj. EBITDA Margin* -5% (-12% Organic*) -28% -510 bps $313M $297M $65M 20.7% $46M 15.6% 1Q24 1Q25 1Q24 1Q25 1Q24 1Q25 Notable Revenue Drivers: • Softer residential end-market impacted by slower ne
Slide 10: First Quarter 2025 Adjusted EPS Bridge
First Quarter 2025 Adjusted EPS* Bridge $0.24 $0.06 $3.72 $0.11 $3.61 $(0.52) 1Q24 Adj. EPS* Organic Acquisitions Share Repurchases Net Interest/Tax 1Q25 Adj. EPS* * Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 10
Slide 11: Strong Balance Sheet to Execute Growth and High-Return Capital Deployment Strategy
Strong Balance Sheet to Execute Growth and High-Return Capital Debt Maturity Schedule Deployment Strategy Total Liquidity Net Debt to Senior EBITDA* Ratio Note $750M $1.2B 1.2x Senior Note 2.75% Senior Senior Including cash of $220M and Within 1.0x-2.0x target $600M NoteNote 3.75% $550M $550M $1.0B
Slide 12: First Quarter 2025 Cash Flow Performance
First Quarter 2025 Cash Flow Performance 1Q'24 1Q'25 Operating cash flow* $156.0M $(1.4)M CapEx* $24.0M $29.0M Free cash flow* $132.0M $(30.4)M * Continuing Operations; Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 12
Slide 13: 2025 Full-Year Growth Outlook
2025 Full-Year Growth Outlook Primary Drivers • CCM revenue up MSD YoY on continued strength in re- roofing and full year of MTL MSD ~50 bps • CWT revenue up HSD YoY on share gains and Revenue Adj. EBITDA acquisitions of Plasti-Fab and ThermaFoam Growth Margin Growth • Additional Items: • Corporate
Slide 14: Multiple Paths to Vision 2030 Adjusted EPS Target
Strong Cash Flow and Disciplined Deployment Produce Multiple Paths to Vision 2030 Adjusted EPS Target Organic Revenue Cash Flow Cash Deployment Adjusted EPS 5%+ 15%+ $6B+ $40+ Organic revenue CAGR Multi-year track record Expected cumulative Multiple paths to expected through 2030 of 15%+ free cash f
Slide 15: Appendix
CARLISLE Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the
Slide 17: Reconciliation to Organic Revenue
Reconciliation to Organic Revenue Three Months Ended March 31, (in millions, except percentages) CSL CCM CWT 2024 Revenues (GAAP) $ 1,096.5 $ 783.6 $ 312.9 Organic (47.5) (4.4)% (11.0) (1.4)% (36.5) (11.7)% Acquisitions 50.0 4.6 % 27.6 3.5 % 22.4 7.2 % FX impact (3.2) (0.3)% (1.7) (0.2)% (1.5) (0.5)
Slide 18: Reconciliation to Free Cash Flow
Reconciliation to Free Cash Flow Three Months Ended March 31, (in millions) 2025 2024 Operating cash flow (GAAP) $ 1.8 $ 163.5 Less: operating cash flow from discontinued operations 3.2 7.5 Operating cash flow from continuing operations $ (1.4) $ 156.0 Capital expenditures (GAAP) $ (29.0) $ (32.5) L
Slide 19: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended March 31, (in millions, except percentages) 2025 2024 Net income (GAAP) $ 143.3 $ 192.3 Less: Income from discontinued operations 3.2 Senior 21.4 Income from continuing operations (GAAP) 140.1 Note 170.9 Provision for income taxes 34.9 $750 43.9 I
Slide 20: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended March 31, 2025 Corporate and (in millions) CCM CWT unallocated Senior Operating income (loss) (GAAP) $ 194.8 $ 16.2 $ (27.4) Note Non-operating expense (income), net (0.1) — 0.3 $750 EBIT 194.9 16.2 (27.7) M Plus (gains)/losses and costs related t
Slide 21: Reconciliation to Adjusted EBITDA
Reconciliation to Adjusted EBITDA Three Months Ended March 31, 2024 Corporate and (in millions) CCM CWT unallocated Operating income (loss) (GAAP) $ 211.2 $ 42.2 $ (28.2) Non-operating expense (income), net 0.4 — (0.7) EBIT 210.8 42.2 (27.5) Plus (gains)/losses and costs related to: Acquisitions — —
Slide 22: Reconciliation to Adjusted EPS
Reconciliation to Adjusted EPS Three Months Ended March 31, 2025 Three Months Ended March 31, 2024 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) $ 143.3 $ 3.20 $ 192.3 $
Slide 23: Reconciliation of Debt Covenant Ratios
Reconciliation of Debt Covenant Ratios (in millions, except ratios) LTM 3/31/2025 Income from continuing operations (GAAP) $ 834.3 Income tax expense 236.8 Interest expense 69.5 Depreciation and amortization 181.5 Non-cash stock-based compensation expense 33.8 EBITDA per debt covenants $ 1,355.9 Con