Carlisle Incorporated : Presentation PDF 1.17 MB

1st Quarter

2021 Earnings Conference Call

April 22, 2021

Safe Harbor and Regulation G Disclosures

Forward-Looking Statements:

During this presentation, we make certain forward-looking statements concerning plans and expectations for Carlisle Companies Incorporated. We caution you that actual events or results may differ materially from our plans and expectations based on various factors and uncertainties, including risks from the global coronavirus (COVID-19) pandemic. The risk factors are contained in Carlisle's Securities and Exchange Commission filings. Carlisle undertakes no duty to update forward-looking statements.

Non-GAAP Financial Measures:

Our management uses non-GAAP financial measures in assessing and evaluating the Company's and

its segments' performance, which exclude items we consider non-comparable items. We believe the use of such financial measures and information may be useful to investors. Non-GAAP financial measures should be read in conjunction with the GAAP financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures. Please refer to the appendix (slides 20 through 27) for a reconciliation of non-GAAP financial measures to the related GAAP financial measures. Throughout this presentation each non-GAAP measure is denoted with an *.

2

Vision 2025 Remains On Track

• Drive >5% organic growth
• • CCM, CBF, CFT +5%
• Utilize COS to drive operating leverage, reducing costs annually 1-2% of sales
• • Delivered savings of 1.2% of sales
• Re-shapeportfolio with synergistic acquisitions
• • Maintaining robust M&A pipeline
• Continue to invest in and develop exceptional talent
• • Launched revamped Carlisle Leadership System
• Invest in our highest returning businesses and return capital to shareholders
• • Planning to nearly double capital spending in 2021
  • Repurchased $150M of shares in 1Q1
  • Paid $28M in dividends in 1Q1

*Refer to the appendix for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.	3

Q1 2021 Results

• Q1 revenue flat y/y
• • Organic revenue down 1.4% driven by the impacts of COVID pandemic on the commercial aerospace industry at CIT
  • 0.4% acquisition growth
  • FX had a favorable 0.9% impact
• Operating income declined 12.9% driven by:
• • Higher volumes at CCM, CFT, CBF and savings from COS
  • Offset by volume declines at CIT

Financial Summary

(in millions, except per share amounts)		1Q21		1Q20
Revenues	$1,029.0	$1,030.2	-0.1%
Operating income	$89.5	$102.7	-12.9%
Operating margin	8.7%	10.0%		-130 bps
Adjusted EBITDA*	$148.2	$167.2	-11.4%
Adjusted EBITDA margin*	14.4%	16.2%		-180 bps
Diluted EPS	$0.97	$1.09	-11.0%
Adjusted diluted EPS*	$1.47	$1.67	-12.0%

The first quarter of 2021 demonstrated yet again Carlisle's ability to navigate varying economic cycles while delivering strong financial performance

*Refer to the appendix for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.

4

The Exceptional and Sustainable Earnings Power of CCM

• CCM delivers consistent organic growth, sustained Adjusted EBITDA and Adjusted EBITDA margin* expansion
• CCM continues to deliver majority of Carlisle's earnings
• CCM has consistently delivered ROIC of over 30%

*Refer to the appendix for a reconciliation of non-GAAP financial measures to the related GAAP financial measures.	5