Carlisle Companies Incorporated · NYSE:CSL
Carlisle Companies — J.P. Morgan 2023 Industrials Conference
22 slides from Carlisle Companies's conference presentation, Mar 15, 2023
Slide 1: Investor Presentation
Investor Presentation Loop Capital Markets’ 2023 Investor Conference - March 14, 2023 J.P. Morgan 2023 Industrials Conference - March 15, 2023 NYSE: CSL
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 Building Products Challenges Remain
First Quarter Building Products Challenges Remain Challenging year over year comps Return to normal buying pattern continues Weather impacting inventory destocking 1Q23 spring “load in” to distribution unlikely Lower production volumes Residential exposure significant headwind 3
Slide 4: FY 2023 Outlook (Unchanged)
FY 2023 Outlook (Unchanged) Business Segment 2023 Revenue Growth Primary Drivers • Strong re-roofing activity Carlisle Construction Materials +LSD y/y • Pricing to the value of The Carlisle Experience • Increasing demand for energy-efficient building products • Headwinds in residential markets Carli
Slide 5: Progress Since Vision 2025 Launch
Progress Since Vision 2025 Launch 2016 $6.78 Adj EPS* Exceeded Vision 2025 Target Vision 2030 Leverage Early realization The “Pivot” ESG Mega of Vision 2025 Enhanced Pivot to Building Trends Applying these Products foundational M&A Roofing systems, CCM Price insulation, and pillars, Processe
Slide 6: 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 2022 EPS: Organic $17.58** Growth Carlisle GAAP Strategic Operating System M&A vs Returns Vision Driven Exceptional Opportunistic 2025 Talent Share Repurchases Target of Margin Improvement $15+ EARNINGS PER SHARE ** G
Slide 7: Best in Class Financial Performance With Multi-Year Runway
Best in Class Financial Performance With Multi-Year Runway Driving above-market organic revenue growth, EBITDA* Margin and ROIC* Durable Revenue Growth Expanding Adj. EBITDA* Margin Exceptional Return on Capital $0.7B $6.6B 24% $2.3B 21% 6% +900 bps CAGR +800 bps $3.6B 15% 13% 2012 Organic M&A, 2022
Slide 8: Portfolio Transformation Ongoing With Pivot to a Premier Diversified Building Products Platform
Portfolio Transformation Ongoing With Pivot to a Premier Diversified Building Products Platform Pre-Pivot: Carlisle was a Diversified Industrial Today: A Focused Platform 2% 4% 3% 7% 7% 17% 5% 5% 7% $2.6B 43% $3.7B $6.6B 7% Revenue Revenue Revenue in 2006 in 2016 56% 24% in 2022 59% 7% 23% 24% Const
Slide 9: The Carlisle Experience and Earning Price Drives Consistently Strong Performance
The Carlisle Experience and Earning Price Drives Consistently Strong Performance Building Products businesses generate highly resilient EBITDA during economic downturns 27% 30% $MM $5,449 $6,000 21% 25% 23% 23% $5,000 21% $3,837 20% 19% 18% 18% 20% $4,000 $3,233 16% 17% $2,996 16% 15% $2,880 14% 15%
Slide 10: Carlisle's Business Model is at Forefront of Global ESG Mega Trends
Carlisle’s Business Model is at Forefront of Global ESG Mega Trends In order to meet climate targets, there is increasing demand for more energy-efficient products to significantly reduce the >30% of global annual greenhouse gas emissions from buildings Our 3-Pillar Strategy • Develop energy efficie
Slide 11: Returns-Focused Capital Deployment – Dividends and Share Repurchases
Returns-Focused Capital Deployment – Dividends and Share Repurchases Dividends Per Share Share Repurchases $MM 14% CAGR $460 $3.00 $400 $382 $382 $2.10 $2.16 $316 $2.00 $268 $1.60 $1.40 $1.48 $1.20 $1.00 $0.80 $0.88 $0.72 $75 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2016 2017 2018
Slide 12: Carlisle Building Products' "Normal" Cash Flow Seasonality
Carlisle Building Products’ “Normal” Cash Flow Seasonality Seasonally higher construction activity 2Q 3Q 4Q 1Q Peak Building Season Sales ramp-up with warmer weather Back-half weighted cash collections on seasonally high Carlisle 1Q 2Q 3Q 4Q summer sales Free Cash Flow months Channel inventory is ty
Slide 13: Financial Reconciliations
Lt CF ARLISL 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 Year Ended December 31, (in millions) 2022 2012 Net income (GAAP) $ 924.0 $ 270.2 Less: (loss) income from discontinued operations (GAAP) (1.2) 2.9 Income from continuing operations (GAAP) 925.2Senior 267.3 Provision for income taxes 270.4 Note 131.5 Interest expens
Slide 16: Reconciliation to ROIC
Reconciliation to ROIC Year Ended December 31, (in millions) 2012 Net income (GAAP) $ 270.2 Less: (loss) income from discontinued operations (GAAP) 2.9 Income from continuing operations (GAAP) Senior 267.3 Provision for income taxes Note 131.5 Interest expense, net $750 26.0 Interest income M (0.5)
Slide 17: Reconciliation to ROIC
Reconciliation to ROIC Year Ended December 31, (in millions) 2022 Net income (GAAP) $ 924.0 Less: (loss) income from discontinued operations (GAAP) (1.2) Income from continuing operations (GAAP) Senior 925.2 Provision for income taxes Note 270.4 Interest expense, net $750 85.9 Interest income M (7.1
Slide 18: Reconciliation to Adjusted EBITDA – Building Products
Reconciliation to Adjusted EBITDA – Building Products* Twelve Months Ended December 31, (in millions) 2008 2009 2010 2011 2012 2013 2014 Operating income (GAAP) $ 151.1 $ 155.1 $ 159.1 $ 178.2 $ 273.4 $ 264.3 $ 269.8 Non-operating (income) expense(1) — (0.1) (0.1) 0.3 — Senior 0.3 0.9 EBIT 151.1 155
Slide 19: Reconciliation to Adjusted EBITDA – Building Products
Reconciliation to Adjusted EBITDA – Building Products* Twelve Months Ended December 31, (in millions) 2015 2016 2017 2018 2019 2020 2021 2022 Operating income (GAAP) $ 351.1 $ 430.3 $ 421.9 $ 435.4 $ 576.0 $ 581.6 $ 684.3 $ 1,303.6 Non-operating (income) expense(1) — (0.1) 0.8 (0.1) 0.5 3.8 2.1 2.8
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
Slide 22: Investor Presentation
Investor Presentation Jim Giannakouros, CFA NYSE: CSL Vice President, Investor Relations Carlisle Companies Incorporated Email: jgiannakouros@carlisle.com
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