Carlisle Companies Inc (CSL) 2023 Q4 法說會逐字稿

Good afternoon. My name is J.P. and I will be your conference operator today. At this time, I would like to welcome everyone to the Carlisle Companies' Fourth Quarter 2023 Earnings Conference Call. (Operator Instructions) I would like to turn the call over to Mr. Mehul Patel, Carlisle's Vice President of Investor Relations. Mehul, please go ahead.

午安.我叫 J.P.，今天我將擔任你們的會議操作員。現在，我歡迎大家參加卡萊爾公司 2023 年第四季財報電話會議。 （操作員指示） 我想將電話轉給卡萊爾投資者關係副總裁 Mehul Patel 先生。梅胡爾，請繼續。

Thank you, and good afternoon, everyone. Welcome to Carlisle's Fourth Quarter 2023 Earnings Call. I'm Mehul Patel, Head of Investor Relations for Carlisle. We released our fourth quarter and full year 2023 financial results today, and you can find both our press release and the presentation for today's call in the Investor Relations section of our website. On the call with me today are Chris Koch, our Board Chair, President and CEO; along with Kevin Zdimal, our CFO. Today's call will begin with Chris. He will provide highlights of our results and accomplishments followed by Kevin, who will provide an overview on our financial performance and an update on our outlook for 2024.

謝謝大家，大家下午好。歡迎參加 Carlisle 的 2023 年第四季財報電話會議。我是卡萊爾投資者關係主管 Mehul Patel。我們今天發布了 2023 年第四季度和全年財務業績，您可以在我們網站的投資者關係部分找到我們的新聞稿和今天電話會議的簡報。今天與我通話的是我們的董事會主席、總裁兼執行長 Chris Koch；以及我們的財務長 Kevin Zdimal。今天的電話會議將由克里斯開始。他將重點介紹我們的成果和成就，隨後 Kevin 將概述我們的財務表現以及我們 2024 年展望的最新情況。

Following our prepared remarks, we will open up the line for questions. Before we begin, please refer to Slide 2 of our presentation, where we note that comments today will include forward-looking statements based on current expectations. Actual results could differ materially from these statements due to a number of risks and uncertainties, which are discussed in our press release and SEC filings. As Carlisle provides non-GAAP financial information, we provided reconciliations between GAAP and non-GAAP measures in our press release and in the appendix of our presentation materials, which are available on our website.

在我們準備好的發言之後，我們將開放提問熱線。在開始之前，請參閱我們簡報的幻燈片 2，其中我們注意到今天的評論將包括基於當前預期的前瞻性陳述。由於許多風險和不確定性，實際結果可能與這些陳述有重大差異，這些風險和不確定性在我們的新聞稿和 SEC 文件中進行了討論。由於卡萊爾提供非 GAAP 財務信息，我們在新聞稿和簡報資料附錄中提供了 GAAP 和非 GAAP 指標之間的調整表，這些資料可在我們的網站上找到。

With that, I will turn the call over to Chris.

這樣，我會將電話轉給克里斯。

Thank you, Mehul. Good afternoon, everyone, and thank you for joining us on Carlisle's Fourth Quarter 2023 Earnings Call. Turning to Slide 3. I would like to start by extending my sincere appreciation to all of our team members for their dedication and commitment in executing our Vision 2025 strategy over the past 5 years and helping to drive significant progress and value creation during 2023.

謝謝你，梅胡爾。大家下午好，感謝您參加卡萊爾 2023 年第四季財報電話會議。轉向幻燈片3。首先，我謹向我們所有團隊成員致以誠摯的謝意，感謝他們在過去5 年裡為執行我們的2025 年願景戰略所做的奉獻和承諾，並幫助推動2023 年取得重大進展和價值創造。

The past year represented a challenging and dynamic year for Carlisle. The first half of the year was impacted by continued destocking in our markets and the related challenges driven by supply chain constraints for many building products, including ours in 2022. Despite those first half challenges, markets began a return to a more normalized order pattern beginning in the third quarter of 2023. This resulted in the second half of 2023 that was marked by increasingly positive momentum.

過去的一年對卡萊爾來說是充滿挑戰和充滿活力的一年。今年上半年受到我們市場持續去庫存以及許多建築產品（包括 2022 年我們的產品）供應鏈限制帶來的相關挑戰的影響。儘管上半年面臨這些挑戰，但市場開始恢復到更正常化的訂單模式2023 年第三季。這導致2023 年下半年的勢頭日益積極。

In addition to delivering a record fourth quarter, Carlisle finished 2023 with one of the most significant events in our 106-year history. The completion of our well-communicated pivot from a diversified industrial portfolio of businesses to a pure-play building products company. Accompanying that strategic pivot was the successful achievement of our goals under Vision 2025 and the much anticipated release of our Vision 2030 strategy, which builds on Vision 2025 as new key initiatives such as an increased emphasis on innovation, and further unlocks the full potential of our pure-play building products portfolio. We are very pleased to have finished 2023 on a record note despite the very dynamic and uncertain market conditions we experienced through the year.

除了創造創紀錄的第四季業績外，卡萊爾還以我們 106 年歷史上最重要的事件之一結束了 2023 年。透過良好的溝通，我們完成了從多元化工業業務組合到純粹建築產品公司的轉型。伴隨這一策略支點的是我們成功實現了「2025 年願景」下的目標，以及備受期待的「2030 年願景」策略的發布，該策略以「2025 年願景」為基礎，提出了新的關鍵舉措，例如更加重視創新，並進一步釋放了我們的全部潛力。純粹的建築產品組合。儘管我們在這一年經歷了充滿活力和不確定的市場狀況，但我們很高興以創紀錄的成績結束了 2023 年。

Our fourth quarter results surpassed the expectations we communicated on our last earnings call in October, largely driven by better-than-expected CCM sales and better profitability in CWT. We achieved record fourth quarter adjusted EPS of $4.17, which was an increase of 30% year-over-year. Our EBITDA margin of 26.4% improved by an impressive 440 basis points year-over-year on 2% lower sales, clearly demonstrating our ability to maintain our margins through economic cycles.

我們第四季的業績超出了我們在 10 月上次財報電話會議上傳達的預期，這主要是由於好於預期的 CCM 銷售和 CWT 更好的盈利能力。我們實現了創紀錄的第四季度調整後每股收益 4.17 美元，年增 30%。我們的 EBITDA 利潤率為 26.4%，銷售額下降 2%，年比提高了 440 個基點，這清楚地表明我們有能力在整個經濟週期中保持利潤率。

In the fourth quarter, we benefited from more favorable weather conditions, solid contractor backlogs, stronger operating efficiencies and the power of the Carlisle experience to drive favorable price-to-value in our businesses. CCM and CWT continue to produce industry-leading margin and EBITDA results despite lower volumes and continue to deliver consistent value creation. The strength of our building products segment financials are now fully unmasked and on display with the pivot.

第四季度，我們受益於更有利的天氣條件、穩定的承包商積壓、更強的營運效率以及卡萊爾經驗的力量，推動了我們業務的有利性價比。儘管銷量下降，CCM 和 CWT 仍繼續創造業界領先的利潤率和 EBITDA 業績，並繼續創造持續的價值。我們的建築產品部門的財務實力現已完全暴露出來，並透過樞軸展示出來。

Looking at our full year 2023 sales, despite a 16% decline in sales, we maintained an EBITDA margin in excess of 25%. Importantly, most of the lower volumes were mainly attributable to channel destocking, interest rate-driven project delays and weather headwinds we experienced predominantly in the first 9 months of 2023. We are very pleased to be entering 2024 on a positive note with destocking behind us and with positive momentum.

看看我們 2023 年全年的銷售額，儘管銷售額下降了 16%，但我們的 EBITDA 利潤率仍保持在 25% 以上。重要的是，銷量下降的主要原因是渠道去庫存、利率驅動的項目延誤以及我們在2023 年前9 個月主要經歷的天氣不利因素。我們很高興以積極的姿態進入2024 年，去庫存已經過去。並具有積極的勢頭。

Furthermore, we achieved a stellar ROIC for the year of 27%, which is aligned with our stated goal under Vision 2030 of exceeding 25% per year. This performance is a testament to our focused execution at CCM and CWT. The efficiencies derived through the Carlisle Operating System, the Carlisle Experience and our ability to price our products consistent with the value they create for our customers, reinforced daily by delivering an innovative and compelling value proposition.

此外，我們今年的投資回報率達到了 27%，這與我們在 2030 年願景中規定的每年超過 25% 的目標一致。這項業績證明了我們 CCM 和 CWT 的專注執行力。透過卡萊爾作業系統、卡萊爾體驗以及我們根據產品為客戶創造的價值對產品進行定價的能力所帶來的效率，透過提供創新且引人注目的價值主張而得到每天的加強。

Now let's turn to Slide 4 and 5. Following the release of our Vision 2030 strategy in December, we were pleased to announce in late January that we had reached an agreement to sell our CIT business to Amphenol just over $2 billion. The sale of CIT represents the final step in our successful strategic pivot from a diversified portfolio of general industrial businesses to a premier pure-play building products company. This sale is an important milestone in that it showcases our financials and allows our building products segment's historical track record of growth and best-in-class returns to be clearly seen.

現在讓我們轉向幻燈片4 和5。繼12 月發布2030 年願景策略後，我們很高興於1 月下旬宣布，我們已達成協議，將我們的CIT 業務出售給安費諾，價值略高於20億美元。出售 CIT 是我們從多元化的一般工業業務組合向一流的純粹建築產品公司成功策略轉型的最後一步。此次出售是一個重要的里程碑，因為它展示了我們的財務狀況，並讓我們的建築產品部門的歷史成長記錄和一流的回報清晰可見。

With the expected proceeds from the CIT sale, combined with our 15% plus free cash flow margin, we now have an even stronger capital base that provides exceptional flexibility to execute on our highest returning capital allocation priorities and supports the investments contemplated in Vision 2030. In 2018, we embarked on our Vision 2025 journey with the goal of being superior capital allocators, while seeking to drive 5-plus percent organic growth, leveraging that growth into earnings, making synergistic acquisitions, driving efficiencies through the Carlisle Operating System, investing in talented people, returning capital to our shareholders and ultimately, creating value for all our shareholders.

憑藉CIT 出售的預期收益，加上我們15% 以上的自由現金流利潤率，我們現在擁有更強大的資本基礎，可以提供卓越的靈活性來執行我們最高回報的資本配置優先事項，並支持2030 年願景中設想的投資。2018 年，我們踏上了2025 年願景之旅，目標是成為卓越的資本配置者，同時尋求推動5% 以上的有機增長，將這種增長轉化為收益，進行協同收購，透過卡萊爾作業系統提高效率，投資人才，回報股東資本，最終為所有股東創造價值。

During 2021, to further demonstrate our desire to be a superior capital allocator, we made the decision to pivot our portfolio to our highest returning building products businesses. Since the introduction of Vision 2025, we have nearly doubled revenue in our building products segment, more than doubled the EBITDA in those segments and increased free cash flow by over 200%. Furthermore, we exceeded our earnings target of over $15 per share 3 years ahead of our commitment in our Vision 2025 plan.

2021 年，為了進一步展現我們成為卓越資本配置者的願望，我們決定將投資組合轉向回報率最高的建築產品業務。自從推出 Vision 2025 以來，我們的建築產品細分市場收入幾乎翻了一番，這些細分市場的 EBITDA 增加了一倍多，自由現金流增加了 200% 以上。此外，我們比 2025 年願景計畫中的承諾提前了 3 年，超越了每股 15 美元以上的獲利目標。

We are proud of these accomplishments, which we view as significant milestones that validate our strategies and actions over the last 6 years. And clearly demonstrate our commitment to an ROIC-focused capital allocation strategy. One of our key drivers of success is our ability to offer a compelling value proposition through what we call Carlisle Experience. The Carlisle Experience can be defined simply as getting the right product to the right place at the right time. In other words, delivering on our commitments to our customers. We complement the Carlisle Experience with a strong focus on innovation and specifically innovation that delivers energy efficient and labor-saving solutions.

我們為這些成就感到自豪，我們認為這是一個重要的里程碑，驗證了我們過去 6 年的策略和行動。並明確表明我們對以投資報酬率為中心的資本配置策略的承諾。我們成功的關鍵驅動力之一是我們能夠透過我們所謂的卡萊爾體驗提供令人信服的價值主張。卡萊爾體驗可以簡單地定義為在正確的時間將正確的產品送到正確的地點。換句話說，兌現我們對客戶的承諾。我們透過高度關注創新，特別是提供節能和節省勞動力的解決方案的創新來補充卡萊爾經驗。

This focus has aligned well with the increasing demand for green buildings and products, the increasing needs of customers to reduce GHG emissions and to conserve energy and the need for our customers to address the forecasted significant labor constraints through improved job site productivity. As we move on from the success of Vision 2025, we now turn our attention to Vision 2030 and our emphasis on our building products portfolio of businesses. As we stated in our Vision 2030 video released in December, we plan to continue to deliver on our foundational strategies that produce such positive results these last few years under Vision 2025.

這一重點與對綠色建築和產品不斷增長的需求、客戶對減少溫室氣體排放和節約能源日益增長的需求以及我們的客戶透過提高工作現場生產力來解決預計的重大勞動力限制的需求非常吻合。隨著 2025 年願景的成功，我們現在將注意力轉向 2030 年願景，並將重點放在建立業務產品組合上。正如我們在 12 月發布的《2030 年願景》影片中所述，我們計劃繼續實施我們的基本策略，這些策略在過去幾年中在《2025 年願景》下取得瞭如此積極的成果。

Coupled with major secular tailwinds, we are committed to delivering innovative building envelope solutions, driving above-market growth and unlocking additional value for shareholders in this next important phase of Carlisle's growth journey. The key pillars of Vision 2030 include enhanced levels of innovation, a continued emphasis on synergistic M&A, attracting and retaining top talent and holding steadfast to our sustainability commitments. As we look to fulfilling our commitments under Vision 2030, a key lever in our pursuit of higher margins will be increased spending on innovation.

加上主要的長期順風，我們致力於提供創新的建築圍護結構解決方案，推動高於市場的成長，並在卡萊爾成長之旅的下一個重要階段為股東釋放額外價值。 2030 年願景的關鍵支柱包括提高創新水平、持續強調協同併購、吸引和留住頂尖人才以及堅定地履行我們的永續發展承諾。當我們希望履行 2030 年願景中的承諾時，我們追求更高利潤的關鍵槓桿將是增加創新支出。

As such, Carlisle is differentiating itself with a goal of investing 3% of sales to drive the creation of new products and solutions that add value through advancements in sustainability, energy and labor efficiency. Additionally, we aim to continue to enhance our customer relationships through continued investments in the Carlisle Experience. This includes advancing our digital experience for customers and is exemplified by our recently released mobile-friendly customer success portal at CCM. This portal provides Carlisle customers with a unified and mobile platform for real-time engagement, including access to product catalogs, personalized pricing, order status, delivery tracking and enhanced communication with our customer service and operations teams.

因此，卡萊爾的目標是投資 3% 的銷售額來推動新產品和解決方案的開發，透過永續發展、能源和勞動力效率的進步來增加價值，從而使自己與眾不同。此外，我們的目標是透過對卡萊爾體驗的持續投資，持續增強我們的客戶關係。這包括提升我們為客戶提供的數位體驗，我們最近在 CCM 發布的行動友善客戶成功入口網站就是例證。該入口網站為卡萊爾客戶提供了一個統一的行動平台，用於即時參與，包括存取產品目錄、個人化定價、訂單狀態、交付追蹤以及增強與我們的客戶服務和營運團隊的溝通。

Overall, we delivered a strong finish to 2023, maintained our historically strong margins and exited the year on an extremely positive note. Our Vision 2030 strategy is in place, and we are now a focused and simplified building products company. We are motivated to leverage the industry mega trends, drive innovation and demonstrate margin resiliency through economic cycles to deliver superior ROIC and compounding EPS growth.

總體而言，我們在 2023 年取得了強勁的成績，保持了歷史上強勁的利潤率，並以極其積極的態度結束了這一年。我們的 2030 年願景策略已經到位，我們現在是一家專注且簡化的建築產品公司。我們有動力利用產業大趨勢，推動創新，並在經濟週期中展現利潤彈性，以實現卓越的投資報酬率和複合每股盈餘成長。

With our solid foundation and a strong team in place, we are confident in achieving our goals set under Vision 2030. As we begin 2024, we are optimistic about the positive momentum building in our end markets. The inventory destocking headwinds we faced over the past year, largely in commercial roofing, are now behind us, setting the stage for a more normalized buying profile in 2024. We expect combined benefits from the tailwind of prior year customer destocking and a strong backlog of reroofing projects due in part to constrained labor to collectively mitigate potential risks in the year ahead. As such, we have a positive growth outlook for 2024 that we believe is reasonable achievable and fully supported by our Vision 2030 strategic objectives. Kevin will touch further on our 2024 growth expectations and outlook later in the call.

憑藉著堅實的基礎和強大的團隊，我們有信心實現 2030 年願景中設定的目標。在 2024 年伊始，我們對終端市場的積極勢頭感到樂觀。我們過去一年面臨的庫存去庫存逆風（主要是商業屋頂）現在已經成為過去，為2024 年更加正常化的購買狀況奠定了基礎。我們預計，上一年客戶去庫存的順風和大量積壓的訂單將帶來綜合效益。翻修屋頂專案的部分原因是勞動力有限，以共同減輕未來一年的潛在風險。因此，我們對 2024 年的成長前景抱持著正面的態度，我們認為這是可以合理實現的，並得到我們的 2030 年願景策略目標的充分支持。 Kevin 將在稍後的電話會議中進一步談到我們 2024 年的成長預期和前景。

Now please turn to Slide 6 as I share some updates on our progress with Carlisle's sustainability initiatives. Sustainability is a core focus for our organization. We seek to positively impact the environment while creating value for all our stakeholders through our 3-pillar sustainability strategy. The 3 pillars are: manufacturing energy-efficient products, minimizing our value chain greenhouse gas emissions and diverting waste and end-of-life materials from landfills.

現在請翻到投影片 6，我將分享我們在卡萊爾永續發展計畫方面取得的一些最新進展。永續發展是我們組織的核心關注點。我們力求透過三大支柱永續發展策略，對環境產生正面影響，同時為所有利害關係人創造價值。這三大支柱分別是：製造節能產品、最大限度地減少價值鏈溫室氣體排放以及將廢棄物和報廢材料從垃圾掩埋場轉移。

Under our first pillar, we provide end users access to solutions that drive energy efficiency in their buildings. As an example, adding 1 inch of polyiso insulation to a 50,000 square foot roof can save building owners as much as $110,000 in avoided energy costs over the service life of the building.

在我們的第一個支柱下，我們為最終用戶提供了提高其建築物能源效率的解決方案。例如，在 50,000 平方英尺的屋頂上添加 1 英寸的聚異戊二烯絕緣材料，可以在建築物的使用壽命期間為建築物業主節省高達 110,000 美元的能源成本。

Our second pillar, reducing our operational and value chain emissions helps Carlisle reduce our carbon footprint and the negative environmental impacts. As an example, let's take our blowing agents in our spray foam operations. We finished the year converting over 50% of our HFC legacy spray foam products to a more environmentally friendly HFO formulation, amounting to over 250,000 metric tons of greenhouse gases avoided, a compelling achievement.

我們的第二個支柱是減少營運和價值鏈排放，幫助卡萊爾減少碳足跡和負面環境影響。我們以噴塗泡沫操作中的發泡劑為例。去年，我們將超過 50% 的 HFC 傳統噴塗泡沫產品轉換為更環保的 HFO 配方，總計避免了超過 250,000 噸溫室氣體排放，這是一項引人注目的成就。

As a reminder, HFCs are 1,000x more carbon-intensive than HFOs. Carlisle also obtained 5 additional ISO 14001 certifications through 2023, bringing our enterprise-wide total to 26. Additionally, our Montgomery polyiso plant recently obtained ISCC PLUS certification, clearing the plant to run bio-based MDI and polyol on a mass balanced approach. This is a pivotal achievement in Carlisle's ability to manufacture and extend the credits of bio-based polyiso to its customers.

需要提醒的是，HFC 的碳排放強度是 HFO 的 1,000 倍。到2023 年，卡萊爾還獲得了5 項額外的ISO 14001 認證，使我們全企業的認證總數達到26 項。此外，我們的蒙哥馬利聚異戊二烯工廠最近獲得了ISCC PLUS 認證，使該工廠能夠以質量平衡的方式運行生物基MDI 和多元醇。這是卡萊爾生產生物基聚異戊二烯並將其信用擴展到客戶的能力的關鍵成就。

Lastly, our third pillar focuses on the reduction of construction waste entering landfills. As an update here, Carlisle's rooftop takeoff program diverted over 1 million square feet or 120 metric tons of reclaimed insulation and membrane materials from landfills throughout 2023. We have also expanded incentives for the program, which we believe will further expedite its growth and adoption amongst our customers.

最後，我們的第三個支柱重點是減少進入垃圾掩埋場的建築廢棄物。這裡更新一下，卡萊爾的屋頂起飛計劃在2023 年從垃圾掩埋場轉移了超過100 萬平方英尺或120 公噸的回收隔熱材料和薄膜材料。我們還擴大了對該計劃的激勵措施，我們相信這將進一步加速其發展和採用我們的顧客。

I personally take great pride in Carlisle's sustainability legacy spanning over 100 years. Carlisle's commitment to operating efficiently, minimizing waste and offering solutions to empower end users and reducing energy consumption has been ingrained in our culture and will be essential to our success in the future. And with that, I'll turn it over to Kevin to provide additional financial details as well as our 2024 outlook. Kevin?

我個人對卡萊爾 100 多年來的可持續發展遺產感到非常自豪。 Carlisle 致力於高效運作、最大限度地減少浪費並提供解決方案以增強最終用戶的能力並減少能源消耗，這項承諾已深深植根於我們的文化中，並且對於我們未來的成功至關重要。接下來，我會將其轉交給 Kevin，以提供更多財務詳細資訊以及我們的 2024 年展望。凱文？

Thank you, Chris. Looking at our fourth quarter results on Slide 7. Despite a 1.9% decline in revenue, we were able to expand our EBITDA margins by 440 basis points to 26.4%. Furthermore, we achieved record fourth quarter earnings with an adjusted EPS of $4.17, an increase of 30% year-over-year.

謝謝你，克里斯。看看幻燈片 7 上我們第四季的業績。儘管收入下降了 1.9%，但我們的 EBITDA 利潤率仍提高了 440 個基點，達到 26.4%。此外，我們第四季獲利創歷史新高，調整後每股收益為 4.17 美元，年增 30%。

Looking at our segment highlights, starting with CCM on Slide 8. CCM delivered fourth quarter revenues of $816 million, up 1.9% from the fourth quarter of 2022. The increase was driven by favorable weather and the return to normalization of order patterns, including the end of destocking in the channel. CCM EBITDA increased 12% to $255 million, with EBITDA margin up 270 basis points to 31.2%. This was driven by a combination of leveraging higher volume growth, favorable input costs and realizing cost savings through the Carlisle Operating System.

看看我們的細分市場亮點，從幻燈片8 上的CCM 開始。CCM 第四季營收為8.16 億美元，比2022 年第四季成長1.9%。這一成長是由有利的天氣和訂單模式恢復正常化推動的，包括渠道去庫存結束。 CCM EBITDA 成長 12%，達到 2.55 億美元，EBITDA 利潤率成長 270 個基點，達到 31.2%。這是透過利用更高的銷售成長、有利的投入成本以及透過卡萊爾作業系統實現成本節約的結合所推動的。

Moving to Slide 9. Revenues at CWT decreased 11% year-over-year, primarily due to the well-known declines in residential demand and the exit of a noncore business in the first quarter of 2023. However, despite the revenue decline, we were able to drive EBITDA growth of 54% to $69 million. This represented an EBITDA margin of 22.2%, expanding at an impressive 940 basis points from the fourth quarter of 2022. The margin improvement was bolstered by operational efficiencies gained through targeted restructuring actions, strategic sourcing and the realization of synergies from the Henry acquisition. Synergies now exceed $50 million, significantly above our deal model estimate of $30 million.

轉向幻燈片 9。CWT 的收入同比下降 11%，主要是由於眾所周知的住宅需求下降以及 2023 年第一季非核心業務的退出。然而，儘管收入下降，我們使EBITDA 增長54%，達到6,900 萬美元。這意味著EBITDA 利潤率為22.2%，較2022 年第四季成長了940 個基點，令人印象深刻。透過有針對性的重組行動、策略採購和亨利收購帶來的協同效應實現的協同效應，營運效率提高了利潤率的提高。綜效現已超過 5,000 萬美元，遠高於我們交易模型估計的 3,000 萬美元。

Slide 10 provides a year-over-year fourth quarter adjusted EPS bridge items for your reference. Moving to Slides 11 through 13. Carlisle ended the fourth quarter of 2023 with $577 million of cash on hand. We had $1 billion of availability under our revolving credit facility. We generated operating cash flow from continuing operations of $1 billion and invested $142 million in capital expenditures. Our free cash flow margin was 20% in 2023, and we ended the year with a solid net leverage of 1.6x, comfortably below our 2 to 3x long-term target.

第10張投影片提供了同比第四季調整後的EPS橋樑工程供您參考。轉到幻燈片 11 至 13。截至 2023 年第四季度，卡萊爾手頭現金為 5.77 億美元。我們的循環信貸額度下有 10 億美元的可用資金。我們透過持續經營產生了 10 億美元的營運現金流，並投資了 1.42 億美元的資本支出。 2023 年，我們的自由現金流利潤率為 20%，年底時我們的淨槓桿率為 1.6 倍，遠低於我們 2 至 3 倍的長期目標。

Our disciplined capital allocation framework remains focused on delivering ROIC in excess of 25%. As stated in Vision 2030, we continue to focus on being a superior capital allocator by investing in our high ROIC building products businesses, making synergistic acquisitions that deliver significant opportunities for value creation and repurchasing shares given our attractive valuation. We deployed $900 million towards share repurchases during 2023 and paid $160 million in dividends. This represented our 47th straight year of dividend increases.

我們嚴格的資本配置框架仍然致力於實現超過 25% 的投資回報率。正如《2030 年願景》所述，我們繼續專注於成為卓越的資本配置者，投資於我們的高ROIC 建築產品業務，進行協同收購，為價值創造提供重大機會，並鑑於我們具有吸引力的估值而回購股票。 2023 年，我們部署了 9 億美元用於股票回購，並支付了 1.6 億美元的股息。這是我們連續 47 年增加股利。

Expanding on share repurchases, at the end of the fourth quarter, we have 7.4 million shares available under our share repurchase program. Notably, the $2 billion of expected proceeds from the CIT sale provides us with additional dollars and flexibility to execute further share repurchases and fund our high-returning capital allocation priorities. Overall, we believe our pristine balance sheet, conservative leverage profile and ample liquidity positions us to drive additional value creation in 2024 and beyond.

擴大股票回購範圍，截至第四季末，我們的股票回購計畫中有 740 萬股可用股票。值得注意的是，企業所得稅出售的 20 億美元預期收益為我們提供了額外的資金和靈活性，以執行進一步的股票回購並為我們的高回報資本配置優先事項提供資金。總體而言，我們相信我們原始的資產負債表、保守的槓桿狀況和充足的流動性使我們能夠在 2024 年及以後推動額外的價值創造。

Turn to Slide 14 to see our full year 2024 financial outlook. We expect 2024 revenues to increase by approximately 5% versus 2023 and EBITDA margins to expand by 50 basis points. We remain focused on disciplined pricing as we leverage greater operational efficiencies and effectively manage costs through our continuous improvement efforts. Additionally, we expect to deliver free cash flow margins of 15% and ROIC in excess of 25%. As such, we expect double-digit EPS growth in 2024. This is directly aligned with the objectives outlined in our Vision 2030 strategy and a positive first step towards a $40-plus EPS target.

請參閱投影片 14，查看我們的 2024 年全年財務展望。我們預計 2024 年營收將比 2023 年成長約 5%，EBITDA 利潤率將擴大 50 個基點。我們仍然專注於嚴格的定價，透過持續改進努力提高營運效率並有效管理成本。此外，我們預期自由現金流利潤率為 15%，ROIC 超過 25%。因此，我們預計 2024 年每股收益將實現兩位數成長。這與我們 2030 年願景策略中概述的目標直接一致，也是朝著 40 美元以上每股收益目標邁出的積極的第一步。

Looking at the components of the outlook. For CCM, we expect year-over-year revenue to grow approximately 6% in 2024. The primary drivers are the tailwinds from the return to normalization in order patterns that was absent during 2023 due to destocking. For CWT, we expect year-over-year revenue to grow approximately 4% in 2024. Strong sales execution on key growth initiatives and stronger trends in residential should more than offset any headwinds posed by nonresidential markets.

看看前景的組成部分。對於 CCM，我們預計 2024 年營收將同比增長約 6%。主要驅動力是訂單模式恢復正常化帶來的推動力，而 2023 年由於去庫存而沒有實現訂單模式正常化。對於 CWT，我們預計 2024 年營收將年增約 4%。關鍵成長計畫的強勁銷售執行力和住宅市場的強勁趨勢應該足以抵消非住宅市場帶來的任何阻力。

With that, I turn it over to Chris for closing remarks.

說完，我把它交給克里斯做總結發言。

Thanks, Kevin. In closing, I am grateful for the hard work and dedication of Carlisle's employees that was demonstrated throughout 2023. As they have in the past, our teams demonstrated their resilience, perseverance and a commitment to excellence and delivering value in a difficult environment. I would also like to specifically call out and thank John Berlin and the entire team at CIT for their many years of significant contributions to Carlisle.

謝謝，凱文。最後，我對卡萊爾員工在 2023 年所表現出的辛勤工作和奉獻精神表示感謝。與過去一樣，我們的團隊表現出了韌性、毅力以及對卓越的承諾，並在困難的環境中創造了價值。我還要特別感謝 John Berlin 和 CIT 的整個團隊多年來為卡萊爾做出的重大貢獻。

CIT was one of the longest owned assets in the Carlisle portfolio and began with our acquisition of the Tensolite Company in 1959. Through a commitment to innovation, industry-leading operations and a unique combination of organic growth and synergistic acquisitions, CIT embodied the key tenets of value creation at Carlisle. We wish John and the entire team the best as they become part of the Amphenol family.

CIT 是 Carlisle 投資組合中擁有最久的資產之一，始於 1959 年收購 Tensolite 公司。透過致力於創新、業界領先的營運以及有機成長和協同收購的獨特結合，CIT 體現了以下關鍵原則：卡萊爾的價值創造。我們祝福約翰和整個團隊在成為安費諾大家庭的一員後一切順利。

Turning to 2024. We have entered the year with significant positive momentum and a clear focus on the goals outlined in our recently launched Vision 2030 growth strategy. We are confident that our ability to innovate with a focus on energy efficiency and labor-saving solutions puts us on the right path to drive above-market growth and in return, drive superior financial results. The improved profitability by our simplified building products portfolio, a robust free cash flow engine and the expected proceeds from the sale of CIT leave us well positioned to achieve significant value creation for shareholders and deliver another year of industry-leading ROIC in excess of 25%.

展望 2024 年。我們以顯著的積極勢頭進入了這一年，並明確關注我們最近推出的 2030 年願景增長戰略中概述的目標。我們相信，我們以能源效率和節省勞動力的解決方案為重點的創新能力使我們走上正確的道路，推動高於市場的成長，從而帶來卓越的財務表現。我們簡化的建築產品組合、強大的自由現金流引擎以及出售 CIT 的預期收益提高了盈利能力，使我們能夠為股東實現重大價值創造，並在一年內實現行業領先的超過 25% 的投資回報率。

That concludes our formal comments. Operator, we are now ready for questions.

我們的正式評論到此結束。接線員，我們現在準備好提問了。

(Operator Instructions)

（操作員說明）

Your first question comes from the line of Tim Wojs from Baird.

你的第一個問題來自貝爾德 (Baird) 的 Tim Wojs。

Maybe just to start on CCM. Is there a way to maybe bridge some of the underlying assumptions on the 6% revenue growth. So -- just really kind of interested in how much you're kind of baking in for the lapping of destocking kind of what the underlying implied kind of volume growth is. What would kind of be on the roof or sell-through? And then how are you thinking about pricing as well?

也許只是開始 CCM。有沒有辦法可以彌補 6% 收入成長的一些基本假設。所以，我真的很感興趣的是，你為去庫存而做的準備工作有多少，以及潛在的銷售成長是什麼。屋頂或銷售會是什麼樣的？那麼您是如何考慮定價的呢？

Yes, Tim. So overall, expecting CCM to be up about 6% in 2024. We have the destock benefit. That's about a 11% benefit. And then pricing, we expect to be down really from the carryover from 2023, which was about 2% to 3%. And then the overall end market, also down about 2% to 3%.

是的，提姆。因此，總體而言，預計 2024 年 CCM 將上漲約 6%。我們有去庫存的好處。大約有 11% 的收益。然後是定價，我們預計 2023 年的結轉會將真正下降，約 2% 至 3%。然後整體終端市場，也下跌了2%到3%左右。

Okay. Okay. Good. And then I guess on pricing, where do you think the industry kind of stands there? I guess we've heard mixed anecdotes around where kind of pricing stands. I'm just kind of curious how you see it. I mean, you said carryover pricing which would assume that maybe things have stabilized, but just kind of curious on your comments on price.

好的。好的。好的。然後我想在定價方面，您認為該行業處於什麼位置？我想我們已經聽說過有關定價的各種軼事。我只是有點好奇你怎麼看它。我的意思是，您所說的結轉定價可能會假設情況已經穩定下來，但只是對您對價格的評論感到好奇。

Yes. I think, Tim, we thought 2023, given the significant sales declines, we thought pricing held up really well through most of the year. It fluctuated, but I would say it was stable. When we look back, we've got a couple of components in there too. We've got the core roofing. We've got the CAM, we've got Europe and we've got some mix.

是的。蒂姆，我認為，考慮到銷量大幅下降，我們認為 2023 年的定價在這一年的大部分時間都保持得很好。它有波動，但我會說它是穩定的。當我們回頭看時，我們也有一些組件。我們已經有了核心屋頂。我們有 CAM，我們有歐洲，我們有一些混合。

And so I think, overall, I'd characterize it as stable. And we're going to -- this year, I think it'll be pretty much the same thing as what Kevin's talking about with the 2% to 3%. But again, it's early. It's Q1. It's January. But I think definitely, given all the declines last year, I thought the pricing held in there and maybe that gets to some of this pricing to value and what we're providing and others are providing.

所以我認為，總的來說，我認為它是穩定的。今年，我認為這將與凱文所說的 2% 至 3% 幾乎相同。但話又說回來，現在還早。這是第一季。現在是一月。但我認為，考慮到去年的所有下降，我認為定價保持不變，也許這會導致部分定價的價值以及我們提供的和其他人提供的服務。

Okay. Okay. Good. And then just on, I guess, reroofing, how visibility do you kind of walk into a year with on the reroofing side? I'm just trying to kind of think through the ability of a building owner or a contract that kind of pushed that around based on other dynamics. But how would you kind of think about kind of the underlying reroofing backlog and just your visibility to that as you go into '24?

好的。好的。好的。然後，我想，翻修屋頂，你在翻修屋頂方面的能見度如何？我只是想思考一下建築物業主的能力或基於其他動態推動這一點的合約。但是，當您進入 24 世紀時，您會如何考慮潛在的翻修屋頂積壓工作以及您對此的可見性？

Well, I think it's still -- there's a good backlog. Obviously, when new construction was cooking there, we had some backlog. We've got the labor constraints. We tend to look at it at a macro level. We've gone through the chart with -- looking back 20 years and what's coming due. We know we have our share of the market that -- when it is warranty, we also know when those roofs are coming due. We think that the average roof in the industry is a 20-year roof based upon our warranties. I mean, there are longer warranties you can buy. But on average, it could be about 20 years. So we track all that.

嗯，我認為仍然有大量的積壓。顯然，當新建築在那裡施工時，我們有一些積壓。我們有勞動力限制。我們傾向於從宏觀層面來看它。我們瀏覽了這張圖表——回顧 20 年以及即將發生的事情。我們知道我們擁有自己的市場份額——在保固期內，我們也知道這些屋頂何時到期。根據我們的保修，我們認為業內屋頂的平均壽命為 20 年。我的意思是，您可以購買更長的保固期。但平均而言，可能需要20年左右。所以我們追蹤這一切。

I think the thing is you're talking about a very dispersed demand pallet across the entire United States as this reroofing. And you've got some things in there where you can patch and some people will repair and the place early. Others may delay a variety of functions. But I think, overall, we try to get a sense through surveys. We talked about 2 surveys we did last year with about 600 contractors, talking about what was happening in their markets around the country.

我認為問題是，您談論的是整個美國的一個非常分散的需求托盤，就像這次翻修屋頂一樣。那裡有一些東西可以修補，有些人會儘早修復。其他人可能會延遲多種功能。但我認為，總的來說，我們試圖透過調查來了解情況。我們討論了去年對大約 600 名承包商進行的兩項調查，討論了他們在全國各地的市場發生的情況。

And then obviously, Steve Schwar, Frank Ready and their sales teams are out there every day talking to them. So we think the visibility is pretty good. I think those other things just create some difficulty in pinning it down. So as we go in, as Kevin said, we're looking at that 11% on the tailwind from destocking. And I think if we looked at the industry in general, we're back at that mid-single digits that we've been at historically, the combination between reroofing and new construction, and we think reroofing is holding up well.

顯然，史蒂夫·施瓦 (Steve Schwar)、弗蘭克·雷迪 (Frank Ready) 和他們的銷售團隊每天都會在那裡與他們交談。所以我們認為能見度非常好。我認為其他事情只會給確定它帶來一些困難。因此，正如凱文所說，當我們進入時，我們會看到去庫存帶來的 11% 的增長。我認為，如果我們從總體上看整個行業，我們會回到歷史上的中個位數，即屋頂翻新和新建築的結合，我們認為屋頂翻新保持得很好。

Okay. So then just to confirm, if volumes should be down 2% to 3%, and then just based on your mix, I mean, you probably have reroofing flat to upsell and then new construction kind of down in the high single digits or something like that?

好的。因此，為了確認一下，如果銷量應該下降 2% 到 3%，然後根據您的組合，我的意思是，您可能會翻修屋頂以進行追加銷售，然後新建建築會下降高個位數或類似的情況那？

Yes, yes. I think going in the year, that's how we're thinking about it. A little pressure on new construction from interest rates and the economy and then reroofing, picking that up with the backlogs. Yes, exactly.

是的是的。我認為今年，這就是我們的想法。利率和經濟對新建築造成了一些壓力，然後屋頂翻修，積壓的訂單增加了。對，就是這樣。

Your next question comes from the line of Bryan Blair from Oppenheimer.

你的下一個問題來自奧本海默的布萊恩布萊爾（Bryan Blair）。

Nice finish to the year.

給這一年畫上了美好的句點。

Bryan, thanks.

布萊恩，謝謝。

Your guidance strikes us as a touch conservative, especially given the momentum you have coming through Q4 and knowing the comps that you've said. But it's early in, waiting for some certainty to the upside is certainly fine. But the level set on the framework, maybe walk us through how you're thinking about the cadence of sales and margin throughout the year. And if you can speak to those dynamics by segment, that would be extremely helpful.

您的指導讓我們覺得有點保守，特別是考慮到您在第四季度的勢頭並且了解您所說的比較。但現在還處於早期階段，等待一些確定性的上漲肯定是可以的。但框架上設定的水平可能會引導我們了解您如何考慮全年的銷售和利潤節奏。如果你能按細分來談論這些動態，那將非常有幫助。

Yes. So let's start with sales. And we're looking at sales, it is really what our historical seasonality has been. So if you go back pre-COVID, the 3-year average on sales at CCM, the first quarter is typically about 20% of full year sales. Then the second quarter is about 29%. Third quarter was 27% and the fourth quarter was 24%. And those were the historical averages, and we think '24 is going to be a more normal year, and that's what we're expecting on the CCM side.

是的。那麼就讓我們從銷售開始吧。我們正在關注銷售情況，這確實是我們歷史上的季節性。因此，如果你回顧一下新冠疫情之前的情況，CCM 的 3 年平均銷售額，第一季通常約為全年銷售額的 20%。那麼第二季大概是29%。第三季為27%，第四季為24%。這些是歷史平均值，我們認為 24 年將是更正常的一年，這就是我們對 CCM 方面的期望。

For CWT, they're pretty much the same on the quarterly. The only difference is the first half of the year, where CWT historically has been a little bit stronger in the first quarter, so about 22% of sales. And then 27% of sales in the second quarter and then the second half of the year was the same as CCM. Then if you look at the EBITDA margin, overall, we would expect the -- really the incrementals that we've talked about to drop through based on those sales numbers.

對於 CWT，季度數據幾乎相同。唯一的區別是今年上半年，從歷史上看，CWT 第一季的表現稍強一些，約佔銷售額的 22%。然後第二季和下半年的27%銷售額與CCM持平。然後，如果你看一下 EBITDA 利潤率，總體而言，我們預計我們所討論的增量會根據這些銷售數字而下降。

At CCM, it's about 40% incrementals. CWT's, low to mid-30s and incrementals. Only difference out of all of that is the first quarter for CWT. That one, just based on just how the numbers are playing out, if you look at it, CWT should increase a couple of hundred basis points in Q1, so that's one exception to what I just talked about. And that improvement is really from the carryover of all the synergies that they picked up in '23.

在 CCM，增量約為 40%。 CWT，30 歲左右和增量。其中唯一的區別是 CWT 的第一季。那個，僅僅根據數字的表現，如果你看一下，CWT 應該在第一季增加幾百個基點，所以這是我剛才談到的例外。這種進步實際上是來自他們在 23 年所獲得的所有協同效應的延續。

Okay. Appreciate the detail. That's very helpful. How did price cost shake down for CCM and CWT in 2023? And then what have you baked into guidance on that front? And just running the simple math, we assume that all of growth is volume-based. And thinking about the normalized incrementals that you just referenced, the 50 basis points seems to come exclusively from growth in that drop through, but I suspect price/cost remains a good guy for you guys coming into the year, and it's certainly a -- typically a lever for the Carlisle story. So just curious how you're thinking about that, but starting with how price cost shook out last year.

好的。欣賞細節。這非常有幫助。 2023 年 CCM 和 CWT 的價格成本如何下降？那麼您在這方面製定了哪些指導方針？只需進行簡單的數學計算，我們就假設所有成長都是基於數量的。考慮一下您剛才提到的標準化增量，50 個基點似乎完全來自於下降過程中的增長，但我懷疑價格/成本對您來說仍然是今年的一個好因素，而且這肯定是——通常是卡萊爾故事的槓桿。所以只是好奇你是如何看待這個問題的，但首先要從去年的價格成本如何變化開始。

Yes. For 2023, we had given a range in the third quarter, and we hit the top end of that range where we came in for CCM at $80 million benefit. That's for the full year. CWT for the full year was $40 million benefit. As we get into 2024, as you said, maybe a little of the numbers were conservative. This is one where we're pretty much looking at price, raws to be flat for both segments. And that -- offsetting that 2%, right, 2% to 3% price down, so obviously, there's a benefit of the raws take that a flat number.

是的。對於 2023 年，我們在第三季度給出了一個範圍，我們達到了該範圍的上限，即我們以 8000 萬美元的收益獲得 CCM。這是全年的情況。 CWT 全年效益為 4000 萬美元。正如您所說，當我們進入 2024 年時，也許有些數字是保守的。這是我們非常關注價格的地方，兩個細分市場的原材料都持平。這抵消了 2%，對，2% 到 3% 的價格下降，所以顯然，原始數據保持不變是有好處的。

Okay. Understood. Appreciate the clarification. And then last one, staying on the margin bridge, how much of a step-up in R&D expense are you factoring in for this year? We know the 3% target kind of medium to long term. How's that being phased in? And what's the near-term focus for the team. We've kind of come to the conclusion that it's more evolutionary focus in terms of product development for the time being and perhaps more revolutionary over time? Just curious about the sale.

好的。明白了。感謝您的澄清。最後一個，留在利潤橋樑上，今年考慮的研發費用增加了多少？我們知道 3% 的中長期目標。是如何逐步實施的？團隊近期的重點是什麼？我們得出的結論是，目前在產品開發方面更具進化性，並且隨著時間的推移可能會更具革命性？只是好奇銷售狀況。

Yes. So R&D expense overall is about 80 basis points as a percent of sales, and we're looking to nearly double that in 2024.

是的。因此，整體研發費用佔銷售額的百分比約為 80 個基點，我們希望在 2024 年將這一數字增加近一倍。

(technical difficulty)

（技術難度）

Operator? Everyone can hear. The operator was dropped from the call. So we're just waiting to have the operator rejoin and then we'll resume the questions. So if you can hear, please be patient, and we will get this technical issue resolved momentarily.

操作員？每個人都能聽到。接線員掛斷了通話。所以我們只是等待接線員重新加入，然後我們將繼續提問。因此，如果您能聽到，請耐心等待，我們將立即解決此技術問題。

And your next question comes from the line of Saree Boroditsky from Jefferies.

你的下一個問題來自 Jefferies 的 Saree Boroditsky。

Glad you got the technical issue fixed, because we want to talk a little bit about cash. You're about to receive almost $2 billion in proceeds, so just -- and you did a lot of share buybacks already. But what's the appetite this year for share repurchases? And then what are you seeing from an M&A pipeline perspective? And then just ultimately, how are you thinking about the optimal capital structure for your business?

很高興您解決了技術問題，因為我們想談談現金。您即將收到近 20 億美元的收益，所以您已經進行了大量股票回購。但今年股票回購的興趣如何？那麼您從併購通路的角度看到了什麼？最後，您如何考慮適合您企業的最佳資本結構？

Yes. So from the cash, one piece we do have in 2024 is $400 million of debt coming due in the fourth quarter. So we'll use some of the cash there. We have dividends, that's about $160 million. And then at that point, we'll invest in the R&D and some of the capital expenditures. Capital expenditures, we put out $160 million to $180 million. And then it comes down to share buybacks versus acquisitions. We've been doing about $400 million a year in share buybacks. We'd expect to do that plus we're allocating right now is about half of the CIT proceeds to put that also towards share buybacks this year.

是的。因此，從現金來看，我們在 2024 年確實擁有的一項是第四季到期的 4 億美元債務。所以我們將在那裡使用一些現金。我們有股息，大約是1.6億美元。然後，我們將投資於研發和一些資本支出。資本支出，我們投入了 1.6 億至 1.8 億美元。然後歸結為股票回購與收購。我們每年進行約 4 億美元的股票回購。我們預計會這樣做，而且我們現在分配的企業所得稅收益的一半左右也將用於今年的股票回購。

I can talk about the pipeline, if you want me to. Saree, did you want to ask any more about the share repurchases? You got 3 things that I think maybe we'd just pause and make sure you get everything you need on share repurchases.

如果你願意的話，我可以談談管道。 Saree，您想再問一下有關股票回購的問題嗎？我想我們可能會暫停一下，確保您獲得股票回購所需的一切。

No, that's good. M&A pipeline next would be great.

不，那很好。接下來的併購管道將會很棒。

Yes. And then we'll get this optimal capital structure. Yes. The M&A pipeline has been a little bit, I think, all the way around slow. We are seeing deals. We'd like to see more. Hopefully, we see things free up a little bit more as the spring gets here, interest rates change a little bit. But I think we're following kind of the same pattern you're seeing with everyone else that just '23 was not a great year for M&A and probably not a great year for people selling their businesses.

是的。然後我們就會得到這個最優的資本結構。是的。我認為，併購通路一直有點緩慢。我們正在看到交易。我們希望看到更多。希望隨著春天的到來，我們會看到事情變得更加自由，利率也發生了一些變化。但我認為我們遵循的模式與您在其他所有人身上看到的模式相同，即23 年對於併購來說並不是一個偉大的一年，對於出售業務的人來說可能也不是一個偉大的一年。

So we're still optimistic. There are things out there we can add to the building products portfolio and the envelope. I mean, as a reminder, as we said in Vision 2030, we're going to be really -- we have some really specific hurdles, 4 of them. We want to have an organic growth story within the asset that we're buying. We want to make sure that there are really hard synergies like we had with Henry, not just sales synergies and things that are hoped for, but real raw material savings and plant savings like we did with Henry.

所以我們還是樂觀的。我們可以將一些東西添加到建築產品組合和外殼中。我的意思是，提醒一下，正如我們在《2030 年願景》中所說，我們將面臨一些非常具體的障礙，其中有 4 個。我們希望我們購買的資產能夠實現有機成長。我們希望確保像我們與亨利一樣產生真正的協同效應，不僅僅是銷售協同效應和所希望的事情，而是真正的原材料節約和工廠節約，就像我們與亨利所做的那樣。

We want to have a really good management team. And this is the one that I think in the Henry acquisition has been the hardest, in the past, is to get that type of management team that we had coming in with Henry, that just right off the bat picks up the integration playbook, which is #4. And then they run with it, and we get -- I don't know if you've heard recently, but the synergies we estimated of $30 million with the Henry deal, now we've exceeded $50 million.

我們希望擁有一支非常優秀的管理團隊。我認為，在過去收購亨利的過程中，最困難的就是獲得我們與亨利一起加入的那種類型的管理團隊，他們立即採取了整合策略，這是#4。然後他們就這麼做了，我們得到——我不知道你最近是否聽說過，我們估計亨利交易帶來的協同效應為 3000 萬美元，現在我們已經超過了 5000 萬美元。

And a lot of that really is to that great management team, that great integration playbook and no pause once they were acquired. So when you layer those things on, I think we're a little bit more picky than most, but I think Henry is a great example of what we want to do with M&A, and I think there are more out there like that, just harder to find. And then Kevin will pick up on the capital structure.

其中很大一部分確實是為了那個偉大的管理團隊，那個偉大的整合劇本，一旦被收購就沒有停頓。因此，當你將這些事情分層時，我認為我們比大多數人都更挑剔，但我認為亨利是我們想要進行併購的一個很好的例子，而且我認為還有更多這樣的例子，只是更難找到。然後凱文將了解資本結構。

Yes, capital structure, we're looking to have net debt-to-EBITDA in the range of 1 to 2x. And at times, we'll flex above that if it's the right acquisition, like we did with Henry. And then our plan is to pay that back within 18 to 24 months to get us back in that 1 to 2x net debt-to-EBITDA ratio.

是的，就資本結構而言，我們希望淨債務與 EBITDA 比率在 1 到 2 倍之間。有時，如果這是正確的收購，我們會在這一點上做出調整，就像我們對亨利所做的那樣。然後我們的計劃是在 18 至 24 個月內償還債務，使我們恢復 1 至 2 倍的淨債務與 EBITDA 比率。

And so I guess, given where kind of the M&A pipeline is, you talked about half of the proceeds for buybacks. So within your guidance, you have about $20 million of net interest expense, but given that you're expecting to hold on to some of these cash proceeds, should you not realize some interest income on that? And how do you think about earnings interest income within your guidance?

所以我想，考慮到併購通路的類型，您談到了回購收益的一半。因此，在您的指導下，您有大約 2000 萬美元的淨利息支出，但考慮到您預計保留其中一些現金收益，您是否應該從中獲得一些利息收入？您如何看待您指導下的獲利利息收入？

Yes. So interest expense is around $70 million. And then yes, we have about $50 million of interest income. So $70 million, $50 million and then the net $20 million.

是的。因此利息支出約為 7000 萬美元。是的，我們有大約 5000 萬美元的利息收入。因此，7000 萬美元、5000 萬美元，然後是淨額 2000 萬美元。

Your next question comes from the line of Garik Shmois from Loop Capital.

您的下一個問題來自 Loop Capital 的 Garik Shmois。

Great. Just wondering if you could just speak to a little bit more of your view of the market in CCM being down 2 to 3 points. I appreciate that the view is that the repair side could be flat to slightly up; and the new, down high single digits or so. But just curious as where are you're seeing maybe some upside or downside risk to that market outlook. Would it be more repair versus new? Or anything you can add as to how you're assessing variance around the market outlook?

偉大的。只是想知道您是否可以多談談您對 CCM 下跌 2 到 3 個點的市場的看法。我很欣賞修復面可以平坦或稍微向上的觀點；而新的，則下降了高個位數左右。但只是好奇你在哪裡看到了市場前景可能存在的上行或下行風險。修復的次數會比新的多嗎？或者您可以補充有關如何評估市場前景差異的任何資訊？

Yes. I think, Garik, the biggest thing for me is this idea that this interest rate environment that we've been facing in the economy, I mean, we're not unique in this idea that we're going into the year. First, we hear there's going to be 3 interest rate cuts. Okay, that's super positive. We like that. Then we hear no, we're going to pull back on that. I think Neel Kashkari came out in Minneapolis and said maybe it's too soon to talk about that, so we've got that. We've got the economy that everybody is on pins and needles about with, obviously, employment and other things like that.

是的。我認為，加里克，對我來說最重要的是我們在經濟中面臨的利率環境，我的意思是，我們在今年的這個想法上並不是獨一無二的。首先，我們聽說將有 3 次降息。好吧，這非常積極。我們喜歡這樣。然後我們聽到不，我們將收回這一點。我認為尼爾·卡什卡里 (Neel Kashkari) 在明尼阿波利斯出來表示也許現在談論這個還為時過早，所以我們已經做到了。我們的經濟讓每個人都如坐針氈，顯然，就業和其他類似的事情。

So I think as we sit here, the hard thing for us to do is to be sitting in January, which is, in the first quarter, our lightest, as Kevin mentioned, 20% of overall sales and trying to forecast that with the real construction season is going to be in the spring and summer. So right now, we're saying, as we did on the 2030 video, that things are relatively stable and they're moving along as we expect. And so we're kind of looking at historical averages, really what we get from the market, what our sales teams are telling us, what we're seeing in project pipeline. We also get to things like Dodge. We actually read your reports. When you do your surveys and your pulse checks and those kind of things and take all into account.

因此，我認為，當我們坐在這裡時，對我們來說最困難的事情是坐在1 月份，正如凱文所提到的，這是我們在第一季最輕的銷售額，佔總銷售額的20%，並試圖用實際銷售額來預測這一數字。施工季節為春季和夏季。所以現在，正如我們在 2030 年影片中所做的那樣，事情相對穩定，並且正在按照我們的預期發展。因此，我們正在關注歷史平均值，實際上是我們從市場中獲得的信息，我們的銷售團隊告訴我們的信息，以及我們在項目管道中看到的信息。我們還談到了像道奇這樣的東西。我們實際上閱讀了您的報告。當你進行調查和脈搏檢查以及諸如此類的事情時，請考慮所有因素。

So I think the biggest thing for us is just it all feels optimistic right now, and we like that. But when we get down to granularity, I'm looking at the economy to be the biggest variable. And then we look at specifically into some of the verticals. And when you look at '24, we see that continued, I'd say, pressure on warehouses, specifically. If I had to call out one that seems to be the biggest decliner would probably be warehouses. I think Dodge has it somewhere in the high teens, low 20s forecast for '24. Education looks pretty good. Retail stores, health care, we still think there's a trend there. And seems to be happening with aging population that we'll see more long-term care. Medical seems to be good. There seems to be a lot of money in medical.

所以我認為對我們來說最重要的是現在一切都讓人感到樂觀，我們喜歡這樣。但當我們細細分析時，我認為經濟是最大的變數。然後我們專門研究一些垂直領域。當你看看 24 年時，我們會看到，我想說的是，特別是對倉庫的壓力持續存在。如果我必須指出跌幅最大的一個可能是倉庫。我認為道奇 24 年的預測值在 10 多歲到 20 多歲之間。教育看起來還不錯。零售店、醫療保健，我們仍然認為那裡有趨勢。人口老化似乎正在發生，我們將看到更多的長期照護。看來醫療還不錯。看來醫療方面的錢還蠻多的。

And then we get the reshoring of manufacturing, which I think Dodge estimated it was somewhere around 8% in '23. And then I think the last one really is the office building. So we don't deal on the tall buildings that we had City Corps and there was a lot of distress there with the work from home, but we're more in the low 3-, 4-story buildings, and we think that's good. And suburban office buildings have been pretty good. So that's kind of how we see the verticals. Then I think we just layer in the reroofing on top of that.

然後我們看到製造業回流，我認為道奇估計 23 年回流率約為 8%。然後我想最後一棟確實是辦公大樓。因此，我們不處理城市軍團的高層建築，在家工作會帶來很多困擾，但我們更多的是在低矮的 3 層、4 層建築中，我們認為這很好。而郊區的辦公室已經相當不錯了。這就是我們看待垂直產業的方式。然後我想我們只需在其上蓋上屋頂即可。

And obviously, that's a little bit less vertical dependent and more dependent on the age of the roof. So again, optimistic about '24. I think specifically, if we are -- continue to see the economy perform as it is, and we do get a couple of cuts, it could be a pretty good year going forward. Especially with the fact that I would say that there's been -- we have the destocking, but we haven't really had, in this winter period, a return to restocking, which, typically, back 4 or 5 years ago before COVID, there was always a load-in, in the spring in the March, April time frame. So there may be some of that, too, if the economy turns around and things look good.

顯然，這對垂直方向的依賴性較小，而更多地取決於屋頂的年齡。再次強調，對 24 年持樂觀態度。我具體認為，如果我們繼續看到經濟按現狀運行，並且我們確實進行了幾次削減，那麼未來的一年可能會非常好。特別是我想說的是，我們已經去庫存了，但在今年冬季，我們還沒有真正恢復庫存，這通常是在 4 或 5 年前新冠疫情爆發之前，總是在春季的三月、四月時間範圍內載入。因此，如果經濟好轉並且情況看起來不錯，也可能會出現一些問題。

I appreciate the plug. I guess a follow-up question is just on CWT, maybe similar, you touched on some of these things in the prior answer. But coming down to 3Q, you specifically indicated that there were some more project delays than you anticipated and CWT certainly is more on the commercial side than residential. But just curious, has that, maybe, pacing continued? Or maybe from the sounds of it, you're seeing some stabilization, but just wondering if you could address some of those project delays in CWT and what occurred in the fourth quarter.

我很欣賞這個插頭。我想後續問題只是關於 CWT，也許類似，您在先前的答案中提到了其中一些內容。但到了第三季度，您特別指出專案延遲比您預期的要多，而且 CWT 肯定更多的是商業方面而不是住宅方面。但只是好奇，也許，這種節奏還在繼續嗎？或者也許從聲音來看，您看到了一些穩定，但只是想知道您是否可以解決 CWT 中的一些專案延遲以及第四季度發生的情況。

Yes. Garik, it's Mehul here. I'll take that one. So overall, to your point, 2023 was very challenging, given the dynamic nature of the macro environment. That's what impacted the project delays in 2023. The way we see it now, it's basically stabilized. I think more or less, the economy is kind of what it is around higher interest rates and what's going on with nonresidential. So I'd characterize it as being stable. And then overall, on the CWT side, specifically on the commercial side, we're mainly focused around the institutions, medical, education and government. So those tend to be a little bit more stable as well.

是的。加里克，我是梅胡爾。我會接受那個。因此，總體而言，鑑於宏觀環境的動態性質，2023 年非常具有挑戰性。這就是影響2023年專案延期的原因。從我們現在來看，它基本上已經穩定下來。我認為或多或少，經濟是圍繞著更高的利率和非住宅的情況展開的。所以我認為它是穩定的。然後總體而言，在 CWT 方面，特別是在商業方面，我們主要關注機構、醫療、教育和政府。所以這些往往也比較穩定一些。

Your next question comes from the line of David MacGregor from Longbow Research.

您的下一個問題來自 Longbow Research 的 David MacGregor。

Just to start off with a quick one. Chris, any sense of what benefit the extended days in December may have represented to the quarter?

只是從快速開始。克里斯，您是否知道 12 月延長的日子可能為本季帶來什麼好處？

Yes, we think it picked up probably about 2 days of positive weather.

是的，我們認為可能是持續了 2 天的好天氣。

Two days. Secondly, I wanted to ask you about market share in CCM. And clearly, during the pandemic, you guys won share. And so I guess the question is, if the market is stabilizing, how do you defend that share now that they want it back, and they're likely prepared to use price to get it? And then maybe within the context of that answer, you can just talk about what you expect in terms of CCM market share in 2024.

兩天。其次，我想問CCM的市佔率。顯然，在大流行期間，你們贏得了份額。所以我想問題是，如果市場穩定下來，既然他們想要回它，而且他們可能準備好用價格來獲得它，你如何捍衛這個份額？然後也許在這個答案的背景下，您可以談談您對 2024 年 CCM 市場份額的期望。

Yes. I think for market share, I don't know, I don't want to get contentious. I would say that during COVID, I would say there were a couple of phases to it. And maybe in the first phase, when we came out, if you might recall, we had actually built inventory going into COVID when others were declining. And when we came out, we captured a lot of share. So there was demand we had that others weren't able to provide. And that was part -- attribute it to our belief of the Carlisle Experience, providing a lot of value to our contractors, the right place, right product, right time, right? So we picked up share then.

是的。我認為對於市場份額，我不知道，我不想引起爭議。我想說，在新冠疫情期間，我想說有幾個階段。也許在第一階段，當我們推出時，如果你還記得的話，當其他人在衰退時，我們實際上已經建立了新冠病毒庫存。當我們出來時，我們獲得了很多份額。因此，我們有一些其他人無法提供的需求。這就是一部分 - 將其歸因於我們對卡萊爾體驗的信念，為我們的承包商提供了很多價值，正確的地點，正確的產品，正確的時間，對嗎？所以我們當時就拿起了份額。

Then we did get through, and as the time went on, we had others that implemented different types of techniques to get out into the market and to sell things. They handle -- their approach to direct sales and contractor may be different or they funded distribution in a different way. And I think you're right. As we chose a path under, I think we call it our MSP program, we made some decisions. And one decision was we felt it was better to, I would say, be more democratic in our approach to funding distributors. We didn't put all the eggs with the biggest distributors or contractors. We made sure that all of our long-standing customers got a little bit so that everybody could survive. So we may have suffered a little bit there.

然後我們確實成功了，隨著時間的推移，我們有其他人實施了不同類型的技術來進入市場並銷售產品。他們處理直銷和承包商的方法可能不同，或者他們以不同的方式資助分銷。我認為你是對的。當我們選擇一條路徑（我認為我們稱之為 MSP 計劃）時，我們做出了一些決定。我想說，我們的一個決定是，在資助經銷商的方式上採取更民主的方式會更好。我們並沒有把所有的雞蛋交給最大的經銷商或承包商。我們確保所有長期客戶都能得到一點好處，讓每個人都能存活下來。所以我們可能在那裡遭受了一些痛苦。

And then I think there was some pricing as we came out into '23, that some attempts to gain share through that in the first quarter -- in the first quarter of the year, which exacerbated the destocking. But ultimately, [thank God], as we've already touched on, it was a very stable year for pricing, so things came back. And so really, when I look at the time I've been a COO to now 2014 to '24, I would say that, overall, market shares have remained relatively stable. There's ebbs and flows and each segment is very specific. TPOs are different than EPDM. EPDM is different than PBC.

然後我認為，當我們進入 23 年時，有些人試圖透過第一季的定價來獲得份額——今年第一季度，這加劇了去庫存。但最終，[感謝上帝]，正如我們已經提到的，這是定價非常穩定的一年，所以情況又回來了。事實上，當我回顧我擔任營運長至今的 2014 年至 24 年時，我想說，總體而言，市佔率保持相對穩定。有潮起潮落，每個部分都非常具體。 TPO 與 EPDM 不同。 EPDM 與 PBC 不同。

But on the whole, I think one of the reasons it stays relatively stable for us is our great network of architect specifications, distributors and then its warranty and specifying these things and viewing the whole thing as a system, which is what Mehul talks a lot about with Henry as well. This idea that we're having a specified system. So I don't think '24 will be any different. I think '24 will probably play out in a similar way and market share will be relatively consistent around the big buckets of our business. The 3 roofing membranes, the insulation, the accessories, adhesives and sealants on that.

但總的來說，我認為它對我們來說保持相對穩定的原因之一是我們龐大的架構師規範、分銷商網絡，然後是它的保固和指定這些東西並將整個東西視為一個系統，這就是Mehul 常談論的內容也和亨利有關。我們有一個特定的系統。所以我認為'24'不會有什麼不同。我認為 '24 可能會以類似的方式發揮作用，並且我們業務的主要領域的市場份額將相對一致。 3 層屋頂膜、絕緣材料、配件、黏合劑和密封劑。

Great. And then the last question I had for you was just with regard to the backlog that you referenced in your prepared remarks. Can you size that roofing backlog for us? And what would it normally be? So to what extent are you above normalized levels? And how are you thinking about how to operate on that?

偉大的。我問你的最後一個問題是關於你在準備好的發言中提到的積壓問題。您能為我們確定屋頂積壓的數量嗎？通常會是什麼？那麼您在多大程度上高於正常水平呢？您如何考慮如何對此進行操作？

I think -- I would -- I guess without -- I don't want to share too much, and I would go back to maybe more of a public figure. And I think it's -- ABI, I think, has…

我想——我會——我想沒有——我不想分享太多，我可能會更多地回到公眾人物的身邊。我認為 ABI 已經…

ABC contractor.

ABC 承包商。

ABC, sorry, contractor. So that's steady $8.6 million that Kevin references is pretty similar to what we've seen for the last few years. $9.1 million, I think, was there for a while. I don't think it's really dipped below $8.5 million. So I think backlog has remained relatively consistent, which is kind of what we talked about with labor constraints that people aren't putting roofs on, but there's a healthy backlog of demand there.

ABC，對不起，承包商。凱文提到的穩定的 860 萬美元與我們過去幾年看到的非常相似。我認為 910 萬美元已經存在了一段時間了。我認為它並沒有真正跌破 850 萬美元。因此，我認為積壓一直保持相對穩定，這就是我們談到的勞動力限制，人們沒有蓋上屋頂，但那裡有大量的需求積壓。

Your next question comes from the line of Adam Baumgarten from Zelman.

您的下一個問題來自 Zelman 的 Adam Baumgarten。

Just looking at the margin guidance, the EBITDA margin expanding overall 50 bps. Is that a bit more weighted or higher than the total company at CWT given the stronger starters? Is it relatively balanced across both businesses for the year?

僅看利潤率指引，EBITDA 利潤率整體擴大了 50 個基點。考慮到較強勁的首發公司，這是否比 CWT 的公司總權重稍大一些或更高？今年兩項業務相對平衡嗎？

Yes, it's relatively balanced across both CCM and CWT.

是的，CCM 和 CWT 都相對平衡。

Okay. Got it. And then just a couple of others. One, you mentioned the positive weather in 4Q just a moment ago. Was weather a headwind perhaps in January? And then also just on CapEx, kind of coming up a good amount, and I know you guys noted some growth investments. Can you give maybe some more specifics on where you're spending that incremental CapEx?

好的。知道了。然後還有其他幾個。一，您剛才提到了第四季的積極天氣。一月的天氣可能是逆風嗎？然後，就資本支出而言，也出現了相當大的數額，我知道你們注意到了一些成長投資。您能否提供更多關於您將增量資本支出花在哪裡的具體資訊？

Yes, CapEx is going to be a couple of key areas. One, the R&D. We're going to continue to invest in the innovation and doing expansion there. We have -- certainly with COS, there's always cost reduction programs, whether it's through automation and those types of investments. And we also -- for future growth, there will be some capacity. Not new lines or anything like that, but additional investments that will enhance some of our growth overall.

是的，資本支出將成為幾個關鍵領域。一、研發。我們將繼續投資創新並在那裡進行擴張。當然，對於 COS，我們總是有降低成本的計劃，無論是透過自動化還是此類投資。為了未來的成長，我們也會有一定的能力。不是新生產線或類似的東西，而是額外的投資，這將增強我們的整體成長。

Okay. And just on the January weather, if that was anything notable?

好的。就一月份的天氣而言，有什麼值得注意的嗎？

Not really. I would say not that we've heard from the division. I think one thing is this rain in California, and this atmospheric River that they talk about. I know Frank, in the CWT team, do a lot there on the retail side. Once those kind of things hit, obviously, leaks appear and things like that, and that tends to be something that gets stocked up. So probably would have more of an impact here as we get into February a little bit further.

並不真地。我想說的是，我們沒有收到該部門的消息。我認為一件事是加州的這場雨，以及他們談論的這條大氣的河流。我知道 CWT 團隊中的 Frank 在零售方面做了很多工作。一旦發生這些事情，顯然就會出現洩漏之類的事情，而這些東西往往會被庫存起來。因此，當我們進入二月時，可能會產生更大的影響。

There are no further questions at this time. Please continue.

目前沒有其他問題。請繼續。

Thanks, operator. Well, that concludes our fourth quarter '23 conference call. I appreciate all the questions and the interest, and we look forward to talking to everyone soon. Thanks very much.

謝謝，接線生。好吧，我們的 23 年第四季電話會議到此結束。我感謝所有的問題和興趣，我們期待很快與大家交談。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。