CARLISLE COMPANIES INCORPORATED Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before income, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin is intended to provide investors and others with information about Carlisle's and its segments' performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. This information differs from net income and operating income determined in accordance with U.S. GAAP and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. Carlisle's and its segments' EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin follows, which may not be comparable to similarly titled measures reported by other companies.
Twelve Months Ended December 31, | |||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||
Net income (GAAP) | $ | 320.1 | $ | 472.8 | $ | 611.1 | |||
Loss (income) from discontinued operations (GAAP) | 4.1 | 0.9 | (252.5) | ||||||
Income from continuing operations (GAAP) | 324.2 | 473.7 | 358.6 | ||||||
Provision for income taxes | 77.1 | 121.6 | 87.3 | ||||||
Interest expense, net | 76.6 | 66.1 | 64.7 | ||||||
Interest income | (4.8) | (7.9) | (11.2) | ||||||
EBIT | 473.1 | 653.5 | 499.4 | ||||||
Exit and disposal, and facility rationalization costs | 26.6 | 19.4 | 31.1 | ||||||
Inventory step-up amortization and acquisition costs | 4.4 | 11.4 | 5.6 | ||||||
Impairment charges | 6.0 | - | - | ||||||
Losses (gains) from acquisitions and disposals | 4.0 | (4.9) | 1.1 | ||||||
Gains from insurance | (0.7) | - | - | ||||||
Losses from litigation | - | - | 2.5 | ||||||
Losses on extinguishment of debt | 8.8 | - | - | ||||||
Total non-comparable items | 49.1 | 25.9 | 40.3 | ||||||
Adjusted EBIT | 522.2 | 679.4 | 539.7 | ||||||
Depreciation | 97.4 | 88.4 | 84.4 | ||||||
Amortization | 126.8 | 117.0 | 101.1 | ||||||
Adjusted EBITDA | $ | 746.4 | $ | 884.8 | $ | 725.2 | |||
Divided by: | |||||||||
Total revenues | $ | 4,245.2 | $ | 4,811.6 | $ | 4,479.5 | |||
Adjusted EBITDA margin | 17.6 % | 18.4 % | 16.2 % | ||||||
I
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
2020 | |||||||||||||
(in millions) | Q1 | Q2 | Q3 | Q4 | |||||||||
Net income (GAAP) | $ | 61.8 | $ | 75.4 | $ | 102.3 | $ | 80.6 | |||||
Loss from discontinued operations (GAAP) | - | - | - | 4.1 | |||||||||
Income from continuing operations (GAAP) | 61.8 | 75.4 | 102.3 | 84.7 | |||||||||
Provision for income taxes | 14.4 | 21.6 | 34.1 | 7.0 | |||||||||
Interest expense, net | 18.9 | 19.8 | 19.0 | 18.9 | |||||||||
Interest income | (0.7) | (2.7) | (0.6) | (0.8) | |||||||||
EBIT | 94.4 | 114.1 | 154.8 | 109.8 | |||||||||
Exit and disposal, and facility rationalization costs | 6.3 | 8.7 | 5.6 | 6.0 | |||||||||
Inventory step-up amortization and acquisition costs | 0.7 | 4.9 | 0.5 | (1.7) | |||||||||
Impairment charges | - | - | - | 6.0 | |||||||||
Losses from acquisitions and disposals | 0.2 | 2.0 | - | 1.8 | |||||||||
Gains from insurance | - | - | - | (0.7) | |||||||||
(Gains) losses from litigation | - | - | - | - | |||||||||
Losses on extinguishment of debt | 8.8 | - | - | - | |||||||||
Total non-comparable items | 16.0 | 15.6 | 6.1 | 11.4 | |||||||||
Adjusted EBIT | 110.4 | 129.7 | 160.9 | 121.2 | |||||||||
Depreciation | 24.6 | 24.5 | 24.2 | 24.1 | |||||||||
Amortization | 32.2 | 31.5 | 32.0 | 31.1 | |||||||||
Adjusted EBITDA | $ | 167.2 | $ | 185.7 | $ | 217.1 | $ | 176.4 | |||||
Divided by: | |||||||||||||
Total revenues | $ | 1,030.2 | $ | 1,024.2 | $ | 1,126.7 | $ | 1,064.1 | |||||
Adjusted EBITDA margin | 16.2 % | 18.1 % | 19.3 % | 16.6 % | |||||||||
2019 | |||||||||||||
(in millions) | Q1 | Q2 | Q3 | Q4 | |||||||||
Net income (GAAP) | $ | 79.4 | $ | 152.9 | $ | 137.9 | $ | 102.6 | |||||
(Income) loss from discontinued operations (GAAP) | (2.0) | 0.1 | 1.4 | 1.4 | |||||||||
Income from continuing operations (GAAP) | 77.4 | 153.0 | 139.3 | 104.0 | |||||||||
Provision for income taxes | 24.0 | 40.1 | 37.9 | 19.6 | |||||||||
Interest expense, net | 16.3 | 16.6 | 16.7 | 16.5 | |||||||||
Interest income | (2.6) | (1.9) | (1.7) | (1.7) | |||||||||
EBIT | 115.1 | 207.8 | 192.2 | 138.4 | |||||||||
Exit and disposal, and facility rationalization costs | 8.2 | 2.4 | 3.0 | 5.8 | |||||||||
Inventory step-up amortization and acquisition costs | 2.0 | 2.1 | 4.4 | 2.9 | |||||||||
Impairment charges | - | - | - | - | |||||||||
(Gains) losses from acquisitions and disposals | (3.0) | (0.3) | 0.7 | (2.3) | |||||||||
(Gains) losses from insurance | - | - | - | - | |||||||||
(Gains) losses from litigation | - | - | - | - | |||||||||
Losses on extinguishment of debt | - | - | - | - | |||||||||
Total non-comparable items | 7.2 | 4.2 | 8.1 | 6.4 | |||||||||
Adjusted EBIT | 122.3 | 212.0 | 200.3 | 144.8 | |||||||||
Depreciation | 21.3 | 22.5 | 21.8 | 22.8 | |||||||||
Amortization | 27.8 | 28.4 | 29.7 | 31.1 | |||||||||
Adjusted EBITDA | $ | 171.4 | $ | 262.9 | $ | 251.8 | $ | 198.7 | |||||
Divided by: | |||||||||||||
Total revenues | $ | 1,071.9 | $ | 1,314.8 | $ | 1,280.6 | $ | 1,144.3 | |||||
Adjusted EBITDA margin | 16.0 % | 20.0 % | 19.7 % | 17.4 % | |||||||||
II
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Carlisle Construction Materials
Twelve Months Ended December 31, | |||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||
Operating income (GAAP) | $ | 581.6 | $ | 576.0 | $ | 435.4 | |||
Non-operating expense (income)(1) | 3.8 | 0.5 | (0.1) | ||||||
EBIT | 577.8 | 575.5 | 435.5 | ||||||
Exit and disposal, and facility rationalization costs | 1.0 | 0.3 | - | ||||||
Inventory step-up amortization and acquisition costs | 0.1 | 2.6 | 2.2 | ||||||
Impairment charges | - | - | - | ||||||
Losses (gains) from acquisitions and disposals | 7.0 | 0.1 | (1.8) | ||||||
Gains from insurance | (0.7) | - | - | ||||||
(Gains) losses from litigation | - | - | - | ||||||
Losses on extinguishment of debt | - | - | - | ||||||
Total non-comparable items | 7.4 | 3.0 | 0.4 | ||||||
Adjusted EBIT | 585.2 | 578.5 | 435.9 | ||||||
Depreciation | 48.2 | 43.2 | 37.5 | ||||||
Amortization | 49.8 | 50.7 | 40.4 | ||||||
Adjusted EBITDA | $ | 683.2 | $ | 672.4 | $ | 513.8 | |||
Divided by: | |||||||||
Total revenues | $ | 2,995.6 | $ | 3,233.3 | $ | 2,880.3 | |||
Adjusted EBITDA margin | 22.8 % | 20.8 % | 17.8 % | ||||||
- Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.
III
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Carlisle Construction Materials
2020 | |||||||||||||
(in millions) | Q1 | Q2 | Q3 | Q4 | |||||||||
Operating income (GAAP) | $ | 107.7 | $ | 137.6 | $ | 181.3 | $ | 155.0 | |||||
Non-operating expense(1) | 0.3 | 2.6 | 0.3 | 0.6 | |||||||||
EBIT | 107.4 | 135.0 | 181.0 | 154.4 | |||||||||
Exit and disposal, and facility rationalization costs | 0.1 | 0.2 | 0.6 | 0.1 | |||||||||
Inventory step-up amortization and acquisition costs | 0.2 | - | 0.2 | (0.3) | |||||||||
Impairment charges | - | - | - | - | |||||||||
Losses from acquisitions and disposals | 0.3 | 2.0 | - | 4.7 | |||||||||
Gains from insurance | - | - | - | (0.7) | |||||||||
(Gains) losses from litigation | - | - | - | - | |||||||||
Losses on extinguishment of debt | - | - | - | - | |||||||||
Total non-comparable items | 0.6 | 2.2 | 0.8 | 3.8 | |||||||||
Adjusted EBIT | 108.0 | 137.2 | 181.8 | 158.2 | |||||||||
Depreciation | 12.2 | 12.5 | 11.8 | 11.7 | |||||||||
Amortization | 12.6 | 12.5 | 12.6 | 12.1 | |||||||||
Adjusted EBITDA | $ | 132.8 | $ | 162.2 | $ | 206.2 | $ | 182.0 | |||||
Divided by: | |||||||||||||
Total revenues | $ | 676.4 | $ | 734.9 | $ | 823.5 | $ | 760.8 | |||||
Adjusted EBITDA margin | 19.6 % | 22.1 % | 25.0 % | 23.9 % | |||||||||
2019 | |||||||||||||
(in millions) | Q1 | Q2 | Q3 | Q4 | |||||||||
Operating income (GAAP) | $ | 92.9 | $ | 182.5 | $ | 173.0 | $ | 127.6 | |||||
Non-operating (income) expense(1) | (0.1) | 0.2 | 0.7 | (0.3) | |||||||||
EBIT | 93.0 | 182.3 | 172.3 | 127.9 | |||||||||
Exit and disposal, and facility rationalization costs | 0.2 | - | - | 0.1 | |||||||||
Inventory step-up amortization and acquisition costs | 1.4 | 0.2 | 0.8 | 0.2 | |||||||||
Impairment charges | - | - | - | - | |||||||||
Losses (gains) from acquisitions and disposals | - | - | 0.8 | (0.7) | |||||||||
(Gains) losses from insurance | - | - | - | - | |||||||||
(Gains) losses from litigation | - | - | - | - | |||||||||
Losses on extinguishment of debt | - | - | - | - | |||||||||
Total non-comparable items | 1.6 | 0.2 | 1.6 | (0.4) | |||||||||
Adjusted EBIT | 94.6 | 182.5 | 173.9 | 127.5 | |||||||||
Depreciation | 10.1 | 10.8 | 11.0 | 11.3 | |||||||||
Amortization | 12.5 | 12.4 | 12.4 | 13.4 | |||||||||
Adjusted EBITDA | $ | 117.2 | $ | 205.7 | $ | 197.3 | $ | 152.2 | |||||
Divided by: | |||||||||||||
Total revenues | $ | 671.1 | $ | 915.0 | $ | 893.5 | $ | 753.7 | |||||
Adjusted EBITDA margin | 17.5 % | 22.5 % | 22.1 % | 20.2 % | |||||||||
- Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.
IV
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Carlisle Interconnect Technologies
Twelve Months Ended December 31, | |||||||||
(in millions) | 2020 | 2019 | 2018 | ||||||
Operating (loss) income (GAAP) | $ | (2.1) | $ | 131.6 | $ | 117.3 | |||
Non-operating (income) expense(1) | (0.2) | 0.2 | (0.4) | ||||||
EBIT | (1.9) | 131.4 | 117.7 | ||||||
Exit and disposal, and facility rationalization costs | 16.4 | 13.6 | 8.2 | ||||||
Inventory step-up amortization and acquisition costs | 0.4 | 3.1 | 0.1 | ||||||
Impairment charges | 6.0 | - | - | ||||||
Gains from acquisitions and disposals | - | (0.1) | (1.6) | ||||||
(Gains) losses from insurance | - | - | - | ||||||
Losses from litigation | - | - | 2.5 | ||||||
Losses on extinguishment of debt | - | - | - | ||||||
Total non-comparable items | 22.8 | 16.6 | 9.2 | ||||||
Adjusted EBIT | 20.9 | 148.0 | 126.9 | ||||||
Depreciation | 25.2 | 22.6 | 22.9 | ||||||
Amortization | 52.3 | 40.4 | 35.4 | ||||||
Adjusted EBITDA | $ | 98.4 | $ | 211.0 | $ | 185.2 | |||
Divided by: | |||||||||
Total revenues | $ | 731.6 | $ | 972.9 | $ | 933.8 | |||
Adjusted EBITDA margin | 13.4 % | 21.7 % | 19.8 % | ||||||
- Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.
V
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Carlisle Companies Inc. published this content on 22 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 April 2021 20:17:02 UTC.
