Carlisle Companies Inc 8-K, filed Apr 22, 2022
Carlisle Companies Inc (CSL)
8-K
2022-04-22
For: 2022-04-22
View Original
Added on
April 11, 2026
About this 8-K
Carlisle Companies Inc filed this 8-K on April 22, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________________
FORM 8-K
_____________________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
_____________________________________________________
Date of Report (Date of earliest event reported): April 22, 2022
www.carlisle.com
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation or organization) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 7.01. Regulation FD Disclosure.
On February 10, 2022, Carlisle Companies Incorporated (the "Company") announced that it has realigned its construction materials businesses ("Legacy CCM") into two segments organized around its products and applications for the sustainable building envelope. The two segments are Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"). The realignment will be reflected in the Company’s quarterly and full-year 2022 financial results. No changes have been made to either of the Company’s other two segments – Carlisle Interconnect Technologies or Carlisle Fluid Technologies.
The Company is furnishing certain supplemental historical segment data for CCM and CWT, together with the previously furnished segment data for Legacy CCM, which is attached hereto as Exhibit 99.1 and incorporated herein by reference, to reflect the presentation of the Company's new segments to facilitate with the comparability of information to be presented in the Company's earnings release for the quarter ended March 31, 2022.
The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Exhibit Title | |||||||
| Supplemental historical segment data of Carlisle Companies Incorporated. | ||||||||
| 104 | Cover page interactive data file (embedded within the inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARLISLE COMPANIES INCORPORATED | |||||||||||
| Date: | April 22, 2022 | By: | /s/ Kevin P. Zdimal | ||||||||
| Kevin P. Zdimal | |||||||||||
| Vice President and Chief Financial Officer | |||||||||||
Exhibit 99.1
Carlisle Companies Incorporated
New Segment Structure
As announced on February 10, 2022, Carlisle Companies Incorporated (the “Company”) has realigned its construction materials businesses (“Legacy CCM”) into two segments organized around its products and applications for the sustainable Building Envelope.
Carlisle Construction Materials (“CCM”) is a leading manufacturer and supplier of a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including polyiso insulation and engineered metal roofing and wall panel systems. This segment markets its products primarily under the Carlisle SynTec, Versico Roofing, WeatherBond Roofing, Hunter Panels, CCM Europe, Drexel Metals and PAC-CLAD Petersen brands.
Carlisle Weatherproofing Technologies (“CWT”) is a leading supplier of building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium rubber products for a variety of industrial and surfacing applications. This segment markets its products primarily under the Carlisle Coatings & Waterproofing, Henry Company, Blueskin, Carlisle WIP Products, Carlisle Spray Foam Insulation, Carlisle Polyurethane Systems, Carlisle TyrFil, Insulfoam, Carlisle Roof Foam and Coatings, Gripnail, Hardcast, Dynair and Ultimate RB brands.
The following pages present selected historical financial data recast to reflect the new segment structure. The historical data includes the results of the ASP Henry Holdings, Inc. (“Henry”) acquisition beginning on the date of acquisition, September 1, 2021.
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 interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about the Company’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. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to similarly-situated companies. This information differs from net income and operating income determined in accordance with accounting principles generally accepted in the United States of America (“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. EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin for CCM, CWT and Legacy CCM follows, which may not be comparable to similarly titled measures reported by other companies.
I
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
| Carlisle Construction Materials | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | FY19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | FY20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (GAAP) | $ | 538.6 | $ | 101.5 | $ | 126.2 | $ | 159.7 | $ | 136.8 | $ | 524.2 | $ | 110.7 | $ | 155.0 | $ | 181.1 | $ | 173.1 | $ | 619.9 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(1) | — | 0.4 | 2.3 | 0.2 | 0.5 | 3.4 | 2.3 | — | 0.3 | (0.1) | 2.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBIT | 538.6 | 101.1 | 123.9 | 159.5 | 136.3 | 520.8 | 108.4 | 155.0 | 180.8 | 173.2 | 617.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exit and disposal, and facility rationalization costs | — | — | 0.1 | 0.3 | — | 0.4 | — | — | 0.1 | — | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory step-up amortization and acquisition costs | 1.6 | 0.2 | — | — | — | 0.2 | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment charges | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from acquisitions and disposals | — | 1.1 | 2.0 | — | — | 3.1 | 2.3 | (0.1) | (0.1) | 0.1 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from insurance | — | — | — | — | — | — | — | 0.3 | — | — | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from litigation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses on extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total non-comparable items | 1.6 | 1.3 | 2.1 | 0.3 | — | 3.7 | 2.3 | 0.2 | — | 0.1 | 2.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBIT | 540.2 | 102.4 | 126.0 | 159.8 | 136.3 | 524.5 | 110.7 | 155.2 | 180.8 | 173.3 | 620.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 33.3 | 8.7 | 9.0 | 8.9 | 9.0 | 35.6 | 9.2 | 9.1 | 9.1 | 9.2 | 36.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization | 16.1 | 4.1 | 4.0 | 4.1 | 4.1 | 16.3 | 4.0 | 4.0 | 4.2 | 3.9 | 16.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 589.6 | $ | 115.2 | $ | 139.0 | $ | 172.8 | $ | 149.4 | $ | 576.4 | $ | 123.9 | $ | 168.3 | $ | 194.1 | $ | 186.4 | $ | 672.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 2,543.2 | $ | 519.8 | $ | 578.6 | $ | 646.3 | $ | 590.7 | $ | 2,335.4 | $ | 556.4 | $ | 722.8 | $ | 783.9 | $ | 783.1 | $ | 2,846.2 | ||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 23.2 | % | 22.2 | % | 24.0 | % | 26.7 | % | 25.3 | % | 24.7 | % | 22.3 | % | 23.3 | % | 24.8 | % | 23.8 | % | 23.6 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.
II
Carlisle Companies Incorporated
Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin
Carlisle Weatherproofing Technologies(1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | FY19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | FY20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (GAAP) | $ | 37.4 | $ | 6.2 | $ | 11.4 | $ | 21.6 | $ | 18.2 | $ | 57.4 | $ | 10.6 | $ | 22.4 | $ | 6.0 | $ | 25.4 | $ | 64.4 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense (income)(2) | 0.5 | (0.1) | 0.3 | 0.1 | 0.1 | 0.4 | (0.1) | 0.1 | 0.1 | (0.5) | (0.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBIT | 36.9 | 6.3 | 11.1 | 21.5 | 18.1 | 57.0 | 10.7 | 22.3 | 5.9 | 25.9 | 64.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exit and disposal, and facility rationalization costs | 0.3 | 0.1 | 0.1 | 0.3 | 0.1 | 0.6 | — | — | — | 0.4 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory step-up amortization and acquisition costs | 1.0 | — | — | 0.2 | (0.3) | (0.1) | — | — | 22.3 | 2.1 | 24.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment charges | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from acquisitions and disposals | 0.1 | (0.8) | — | — | 4.7 | 3.9 | — | — | 0.1 | (0.1) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from insurance | — | — | — | — | (0.7) | (0.7) | — | 0.2 | — | 0.2 | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from litigation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses on extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total non-comparable items | 1.4 | (0.7) | 0.1 | 0.5 | 3.8 | 3.7 | — | 0.2 | 22.4 | 2.6 | 25.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBIT | 38.3 | 5.6 | 11.2 | 22.0 | 21.9 | 60.7 | 10.7 | 22.5 | 28.3 | 28.5 | 90.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 9.9 | 3.5 | 3.5 | 2.9 | 2.7 | 12.6 | 2.7 | 2.9 | 3.8 | 6.3 | 15.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization | 34.6 | 8.5 | 8.5 | 8.5 | 8.0 | 33.5 | 7.5 | 7.5 | 14.3 | 16.3 | 45.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 82.8 | $ | 17.6 | $ | 23.2 | $ | 33.4 | $ | 32.6 | $ | 106.8 | $ | 20.9 | $ | 32.9 | $ | 46.4 | $ | 51.1 | $ | 151.3 | ||||||||||||||||||||||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 690.1 | $ | 156.6 | $ | 156.3 | $ | 177.2 | $ | 170.1 | $ | 660.2 | $ | 162.9 | $ | 214.5 | $ | 281.9 | $ | 331.2 | $ | 990.5 | ||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 12.0 | % | 11.2 | % | 14.8 | % | 18.8 | % | 19.2 | % | 16.2 | % | 12.8 | % | 15.3 | % | 16.5 | % | 15.4 | % | 15.3 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes the results of Henry acquisition beginning September 1, 2021.
(2)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
| Legacy Carlisle Construction Materials | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | FY19 | 1Q20 | 2Q20 | 3Q20 | 4Q20 | FY20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | FY21 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating income (GAAP) | $ | 576.0 | $ | 107.7 | $ | 137.6 | $ | 181.3 | $ | 155.0 | $ | 581.6 | $ | 121.3 | $ | 177.4 | $ | 187.1 | $ | 198.5 | $ | 684.3 | ||||||||||||||||||||||||||||||||||||||||||||||
Non-operating expense(income)(1) | 0.5 | 0.3 | 2.6 | 0.3 | 0.6 | 3.8 | 2.2 | 0.1 | 0.4 | (0.6) | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EBIT | 575.5 | 107.4 | 135.0 | 181.0 | 154.4 | 577.8 | 119.1 | 177.3 | 186.7 | 199.1 | 682.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exit and disposal, and facility rationalization costs | 0.3 | 0.1 | 0.2 | 0.6 | 0.1 | 1.0 | — | — | 0.1 | 0.4 | 0.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Inventory step-up amortization and acquisition costs | 2.6 | 0.2 | — | 0.2 | (0.3) | 0.1 | — | — | 22.3 | 2.1 | 24.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Impairment charges | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from acquisitions and disposals | 0.1 | 0.3 | 2.0 | — | 4.7 | 7.0 | 2.3 | (0.1) | — | — | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from insurance | — | — | — | — | (0.7) | (0.7) | — | 0.5 | — | 0.2 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses (gains) from litigation | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Losses on extinguishment of debt | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total non-comparable items | 3.0 | 0.6 | 2.2 | 0.8 | 3.8 | 7.4 | 2.3 | 0.4 | 22.4 | 2.7 | 27.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBIT | 578.5 | 108.0 | 137.2 | 181.8 | 158.2 | 585.2 | 121.4 | 177.7 | 209.1 | 201.8 | 710.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | 43.2 | 12.2 | 12.5 | 11.8 | 11.7 | 48.2 | 11.9 | 12.0 | 12.9 | 15.5 | 52.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization | 50.7 | 12.6 | 12.5 | 12.6 | 12.1 | 49.8 | 11.5 | 11.5 | 18.5 | 20.2 | 61.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 672.4 | $ | 132.8 | $ | 162.2 | $ | 206.2 | $ | 182.0 | $ | 683.2 | $ | 144.8 | $ | 201.2 | $ | 240.5 | $ | 237.5 | $ | 824.0 | ||||||||||||||||||||||||||||||||||||||||||||||
| Divided by: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total revenues | $ | 3,233.3 | $ | 676.4 | $ | 734.9 | $ | 823.5 | $ | 760.8 | $ | 2,995.6 | $ | 719.3 | $ | 937.3 | $ | 1,065.8 | $ | 1,114.3 | $ | 3,836.7 | ||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted EBITDA margin | 20.8 | % | 19.6 | % | 22.1 | % | 25.0 | % | 23.9 | % | 22.8 | % | 20.1 | % | 21.5 | % | 22.6 | % | 21.3 | % | 21.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||
(1)Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.
IV