Carlisle Companies Inc (CSL) 2024 Q1 法說會逐字稿

Good afternoon. My name is Constantine and I will be your conference operator today. At this time, I would like to welcome everyone to the Carlisle Companies First Quarter 2024 Earnings Conference Call. (Operator Instructions)

午安.我叫康斯坦丁，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 2024 年第一季財報電話會議。 （操作員說明）

I would like to turn the call over to Mr. Jim Giannakouros, Carlisle's Vice President of Investor Relations, Jim, please go ahead.

我想將電話轉給卡萊爾投資者關係副總裁 Jim Giannakouros 先生，Jim，請繼續。

Thank you, and good afternoon, everyone. I want to welcome all of you today to Carlisle's First Quarter 2024 Earnings Call. I am Mehul Patel, I'm Head of Investor Relations.

謝謝大家，大家下午好。我今天歡迎大家參加卡萊爾 2024 年第一季財報電話會議。我是 Mehul Patel，投資人關係主管。

We released today our first quarter 2024 financial results, and you can find both our press release and the presentation for today's call in the Investors Relations section of our website.

我們今天發布了 2024 年第一季財務業績，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。

On the call with me today, we have Chris Koch. He is our Board Chair, President and CEO; along with Kevin Zdimal, who is our CFO.

今天與我通話的嘉賓是克里斯·科赫。他是我們的董事會主席、總裁兼執行長；以及我們的財務長 Kevin Zdimal。

Today's call will begin with Chris. He will provide highlights of our results along with an update on our key accomplishments and then Kevin will follow up with an overview on our financial performance and provide an update on our outlook for 2024.

今天的電話會議將由克里斯開始。他將重點介紹我們的業績以及我們主要成就的最新情況，然後 Kevin 將概述我們的財務表現並提供我們 2024 年展望的最新情況。

Following our prepared remarks, we will open up the line for questions. But 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've 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。但在我們開始之前，請參閱我們簡報的投影片 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，因此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，這些資訊可在我們的網站上找到。

And 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 for Carlisle's First Quarter 2024 Earnings Call.

謝謝你，梅胡爾。大家下午好，感謝您參加卡萊爾 2024 年第一季財報電話會議。

To start, I'd like to direct your attention to Slide 3 of the presentation. We were pleased with our overall sales growth and margin expansion during the first quarter which reinforces the underlying themes and key strategies we've outlined in Vision 2030.

首先，我想讓您注意簡報的幻燈片 3。我們對第一季的整體銷售成長和利潤率擴張感到滿意，這強化了我們在 2030 年願景中概述的基本主題和關鍵策略。

First quarter sales of $1.1 billion reflect a 23% year-over-year increase and were in line with our previous comments that destocking ended in Q4 of 2023. We also indicated that we expected a benefit of approximately $200 million of year-over-year sales as a result of a return to normal ordering levels, rebounding as predicted from a Q1 of 2023 that had been negatively affected by destocking. This return to normal ordering patterns was primarily experienced in our CCM business, which demonstrated substantial year-over-year sales growth of 36%.

第一季銷售額為 11 億美元，年成長 23%，與我們先前關於去庫存將於 2023 年第四季結束的評論一致。 ，銷售額與受到去庫存負面影響的2023 年第一季相比出現反彈。這種恢復正常訂購模式的情況主要發生在我們的 CCM 業務中，該業務的銷售額同比大幅增長 36%。

Robust reroofing activity from pent-up demand and favorable weather conditions fostering healthy construction activity were additional positive factors that assisted our first quarter performance and more than offset the impact from negative price in Q1 that we had stated in our year-end earnings call.

被壓抑的需求帶來的強勁屋頂翻修活動和促進健康建築活動的有利天氣條件是額外的積極因素，有助於我們第一季度的業績，並遠遠抵消了我們在年終財報電話會議中所說的第一季負價格的影響。

In addition to a positive sales story, the Q1 margin story was also a success. Our relentless focus on improving operational efficiency, our commitment to delivering the unparalleled value in the Carlisle experience to our customers and our COS efforts contributed to a strong bottom line result.

除了積極的銷售故事外，第一季的利潤率也取得了成功。我們不懈地致力於提高營運效率，致力於為客戶提供卡萊爾體驗中無與倫比的價值，我們的 COS 努力為實現強勁的利潤做出了貢獻。

Improved margins across both CCM and CWT drove adjusted EBITDA of over $260 million marking an increase of well over 50% year-over-year. The focus on continuously improving adjusted EBITDA performance was underpinned in Q1 by robust margin expansion bolstered by the increased Henry integration synergies, our commitment to our Lean Sigma initiatives under our flagship Carlisle Operating System and efficiencies gained by leveraging our higher volumes in our operations.

CCM 和 CWT 的利潤率提高，調整後 EBITDA 超過 2.6 億美元，較去年同期成長超過 50%。第一季對不斷提高調整後EBITDA 業績的關注得益於亨利整合協同效應的增強、我們對旗艦產品卡萊爾操作系統下精益西格瑪計劃的承諾以及通過利用我們更高的業務量所獲得的效率，強勁的利潤率擴張得到了支撐。

Pricing continues to be in line with our expectations where we anticipated pricing would be down 2% to 3% for the full year, with substantially all of the impact in the first half of the year. We are bullish on the pricing outlook for the balance of the year based on the recent price increases announced by the major competitors in our industry. Additionally, we achieved substantial growth in adjusted EPS of over 80% year-over-year. Our steadfast dedication to the Carlisle experience, operational excellence, innovation, synergistic acquisitions and organic investments continues to contribute to our superior performance and solidify Carlisle's position for sustained success in the future.

定價持續符合我們的預期，我們預計全年定價將下降 2% 至 3%，大部分影響都在上半年。根據我們行業主要競爭對手最近宣布的價格上漲，我們對今年剩餘時間的定價前景感到樂觀。此外，我們的調整後每股盈餘較去年同期大幅成長超過 80%。我們對卡萊爾經驗、卓越營運、創新、協同收購和有機投資的堅定奉獻繼續為我們的卓越業績做出貢獻，並鞏固卡萊爾在未來持續成功的地位。

Carrying on with the theme of positioning Carlisle for sustained success in the future, we were pleased to follow the delivery of our Vision 2030 plan in December of last year with the announcement that we are selling the Carlisle Interconnect business and taking the final step in delivering on our commitment to become a pure-play building products company.

秉承卡萊爾在未來持續取得成功的主題，我們很高興在去年 12 月交付我們的 2030 年願景計劃，宣布我們將出售卡萊爾互連業務，並邁出實現這一目標的最後一步。純粹的建築產品公司。

In January, we reached an agreement with the Amphenol Corporation to acquire our CIT business. We expect the transaction to close in the second quarter of this year. The anticipated proceeds from the sale of nearly $2 billion will be strategically deployed to fund further acquisitions, execute approximately $1 billion in share repurchases and fuel additional organic growth initiatives.

1月份，我們與安費諾公司達成協議，收購我們的CIT業務。我們預計交易將於今年第二季完成。預計出售近 20 億美元的收益將策略性地用於為進一步收購提供資金、執行約 10 億美元的股票回購並推動其他有機成長計劃。

In our pursuit of generating significant value creation through strategic investments, we're excited to announce the acquisition of MTL, a Wisconsin-based specialty manufacturer of high-performance metal edge and wall systems. The acquisition of MTL is perfectly aligned with Carlisle's Vision 2030 strategy and our four criteria for all acquisitions. And as a reminder, those criteria are: one, a solid organic growth story; two, meaningful hard synergies; three, a talented management team, and lastly, a clear and easily actionable integration playbook.

為了透過策略投資創造顯著的價值，我們很高興地宣布收購 MTL，位於威斯康辛州的高性能金屬邊緣和牆壁系統專業製造商。收購 MTL 完全符合卡萊爾的 2030 年願景策略以及我們所有收購的四個標準。提醒一下，這些標準是：第一，堅實的有機成長故事；二、有意義的硬協同；第三，一支才華洋溢的管理團隊，最後，一本清晰且易於操作的整合手冊。

Our acquisitions are always aimed at enriching and expanding our building envelope product offerings. The planned MTL acquisition and CIT divestiture reinforce our commitment to our pure-play building product strategy, our philosophy of superior capital allocation and ultimately driving best-in-class ROIC.

我們的收購始終旨在豐富和擴大我們的建築圍護結構產品系列。計畫中的 MTL 收購和 CIT 剝離強化了我們對純粹建築產品策略、卓越資本配置理念以及最終推動一流 ROIC 的承諾。

And lastly, we are very pleased to have continued our long-standing tradition of returning value to our shareholders through dividends and share buybacks in Q1. During Q1, we completed $150 million in share repurchases as part of our plan to repurchase $1.4 billion worth of shares in 2024. We also paid $42 million in dividends in the first quarter as we continue to be proud of our history of having raised our dividend for over 47 consecutive years. These actions underscore our commitment to enhancing shareholder value and our confidence in Carlisle's long-term growth trajectory.

最後，我們很高興能夠在第一季繼續透過股利和股票回購為股東回報價值的長期傳統。在第一季度，我們完成了1.5 億美元的股票回購，作為我們在2024 年回購價值14 億美元股票的計劃的一部分。為我們提高股利的歷史感到自豪連續超過 47 年。這些行動強調了我們對提高股東價值的承諾以及我們對卡萊爾長期成長軌跡的信心。

Please turn to Slide 4 as I discuss our Vision 2030 value creation drivers and targets. After completing Vision 2025 3 years early, we are now fully engaged in building on Vision 2025 success and the execution of Vision 2030. As outlined in our Vision 2030 video, we plan to continue delivering on the foundational strategies that have produced such positive results under Vision 2025. 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.

請參閱投影片 4，我將討論我們的 2030 年願景價值創造驅動因素和目標。在提前三年完成《2025 年願景》後，我們現在正全力以赴，在《2025 年願景》的成功和《2030 年願景》的執行基礎上再接再厲。計劃繼續實施已在《2030 年願景》下取得如此積極成果的基本策略。並在卡萊爾增長之旅的下一個重要階段為股東釋放額外價值。

The key pillars of Vision 2030 include enhanced levels of innovation with a commitment to investing 3% of sales to drive the creation of new products and solutions that add value to our customers through advancements in sustainability, energy and labor efficiency. A continued emphasis on synergistic M&A as demonstrated by our recent agreement to acquire MTL, which aligns seamlessly with our strategy to enhance and expand our building envelope product portfolio, attracting and retaining top talent to ensure we have the best talent to execute our strategic initiatives and drive above-market growth, and holding steadfast to our sustainability commitments as evidenced by our progress in 2023 against our stated objectives, which you can find in our latest corporate sustainability report.

2030 年願景的關鍵支柱包括提高創新水平，並承諾投資 3% 的銷售額來推動新產品和解決方案的開發，透過提高永續性、能源和勞動效率為客戶增加價值。我們最近收購MTL 的協議證明了我們對協同併購的持續重視，這與我們增強和擴大建築圍護結構產品組合的戰略無縫契合，吸引和留住頂尖人才，以確保我們擁有最優秀的人才來執行我們的策略計劃並推動高於市場的成長，並堅定地履行我們的永續發展承諾，我們在2023 年對照既定目標取得的進展就證明了這一點，您可以在我們最新的企業永續發展報告中找到這些目標。

As we move forward, we are confident that the execution of Vision 2030 will drive superior shareholder returns and position Carlisle as a premier investment opportunity in the building products sector.

隨著我們的前進，我們相信 2030 年願景的執行將帶來卓越的股東回報，並使卡萊爾成為建築產品領域的首要投資機會。

Turning to Slide 5. Our planned acquisition of MTL is directly aligned with our goal to invest prudently in high-returning businesses with best-in-class building envelope products and solutions that expand and complement our existing system offerings. With an expected close in the second quarter of 2024, MTL reinforces Carlisle as an industry leader in the multibillion dollar architectural metal market and is expected to add approximately $0.60 of adjusted EPS in 2025 with over $13 million of hard cost synergies expected within the first 3 years. MTL's values are highly aligned with Carlisle's, especially with respect to MTL's superior customer focus and solid track record of above-market growth.

轉向投影片 5。 MTL 預計將於2024 年第二季交割，鞏固了Carlisle 作為數十億美元建築金屬市場行業領導者的地位，預計到2025 年調整後每股收益將增加約0.60 美元，預計前3 個季度將產生超過1300 萬美元的硬成本綜效年。 MTL 的價值觀與 Carlisle 的價值觀高度一致，尤其是 MTL 卓越的客戶關注度和高於市場成長的良好記錄。

Now please turn to Slide 6 as I share recent updates on our progress with Carlisle sustainability initiatives. We seek to positively impact the environment while creating value for all our stakeholders through the 3 pillars of our sustainability strategy, which are: one, manufacturing energy-efficient products; two, minimizing our value chain greenhouse gas emissions; and three, diverting waste and end-of-life materials from landfills.

現在請轉到投影片 6，我將分享我們在卡萊爾永續發展計畫方面取得的最新進展。我們力求透過永續發展策略的三大支柱，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：一、製造節能產品；第二，最大限度地減少我們價值鏈的溫室氣體排放；第三，將廢棄物和報廢材料從垃圾掩埋場轉移。

Under our first pillar, we provide our end user customers access to solutions that drive energy efficiency in their buildings. As I mentioned earlier, in 2023, we made significant progress against this pillar with $3.2 billion in lead qualified product sales, representing an impressive 70% of our total revenue, which is up from 65% in 2022, reflecting the increasing demand and trends for more energy-efficient buildings.

在我們的第一個支柱下，我們為最終用戶客戶提供提高其建築物能源效率的解決方案。正如我之前提到的，2023 年，我們在這一支柱上取得了重大進展，領先合格產品銷售額達到32 億美元，占我們總收入的70%，高於2022 年的65%，反映出不斷成長的需求和趨勢更節能的建築。

Our second pillar, reducing our operational and value chain emissions, helps Carlisle reduce our carbon footprint and environmental impacts. Carlisle began Phase 1 of metering the significant energy users or SEUs at our major manufacturing facilities. The data that results from metering this equipment will enable our plants to conduct real-time energy analysis and make more informed decisions on energy efficiency. In Q1, Carlisle installed metering at our Tooele, Utah, polyiso and membrane facility.

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環境影響。卡萊爾開始對我們主要製造工廠的重要能源用戶或 SEU 進行計量的第一階段。計量該設備產生的數據將使我們的工廠能夠進行即時能源分析，並就能源效率做出更明智的決策。第一季度，Carlisle 在我們猶他州 Tooele 的聚異戊二烯和薄膜工廠安裝了計量裝置。

Lastly, our third pillar focuses on the reduction of construction waste entering landfills. In 2023, Carlisle's recycling initiatives enabled the diversion of over 90,000 metric tons of waste from landfills through operational scrap reduction, purchase recycled raws and rooftop takeoffs. Significant contributors were the purchased recycled content of polyiso facer paper and polyols as well as 30,000 tons of recycled metal from the CAM business unit.

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。 2023 年，卡萊爾的回收措施透過減少廢棄物、購買回收原料和屋頂起飛，從垃圾掩埋場轉移了超過 90,000 噸廢棄物。重要的貢獻者是從 CAM 業務部門購買的聚異面紙和多元醇的回收成分以及 30,000 噸回收金屬。

Sustainability is a very important focus for Carlisle. As an organization, we remain committed to being a responsible environmental stakeholder and our products continue to offer a strong value proposition in a world looking for energy-efficient, value-added solutions.

永續發展是卡萊爾非常重要的關注點。作為一個組織，我們仍然致力於成為負責任的環境利益相關者，我們的產品繼續在尋求節能、增值解決方案的世界中提供強大的價值主張。

Our first quarter results reinforced many of the themes we discussed in our Vision 2030 presentation, including being well positioned to leverage megatrends in energy efficiency, labor savings and growing reroof demand within the building envelope marketplace. With this in mind and in combination with the strength of our first quarter results, we are increasing our full year 2024 growth outlook.

我們第一季的業績強化了我們在《2030 年願景》演示中討論的許多主題，包括充分利用建築圍護結構市場中能源效率、勞動力節省和不斷增長的屋頂翻修需求的大趨勢。考慮到這一點，並結合我們第一季的強勁業績，我們提高了 2024 年全年成長預期。

And with that, I'll turn it over to Kevin to provide additional financial details. Kevin?

然後，我會將其轉交給凱文，以提供更多財務詳細資訊。凱文？

Thank you, Chris.

謝謝你，克里斯。

Our first quarter financial results reflect the strength of our business model and the successful execution of our strategic priorities to start off 2024 on solid footing.

我們第一季的財務表現反映了我們業務模式的實力以及我們策略重點的成功執行，為 2024 年奠定了堅實的基礎。

Looking at our first quarter results on Slide 7. We grew revenue by 23% year-over-year to $1.1 billion, driven by normalization of inventory in the channels, growing reroofing activity, which benefited from pent-up demand, increasing residential starts and favorable weather across the U.S. We leveraged our strong topline performance to expand our EBITDA margins by 530 basis points to 24.2%. Furthermore, we grew our earnings 85% year-over-year to an adjusted EPS of $3.72. The EPS increase was driven by sales growth, margin expansion and share repurchases.

看看幻燈片7 上我們第一季的業績。量的增加和美國各地天氣良好。此外，我們的獲利年增 85%，調整後每股收益為 3.72 美元。每股盈餘的成長是由銷售成長、利潤率擴張和股票回購所推動的。

Looking at our segment highlights, starting with CCM on Slide 8. CCM delivered first quarter revenues of $784 million, up 36% from the first quarter of 2023. The increase was driven by a return to normalization of order patterns, including the end of destocking in the channel, positive reroof activity and favorable weather. CCM adjusted EBITDA increased 66% to $227 million with adjusted EBITDA margin of 510 basis points to 28.9%. This was driven by a combination of leveraging higher volume growth and continued operating efficiencies 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。 ，包括去庫存的結束在通道中，積極的屋頂翻修活動和有利的天氣。 CCM 調整後 EBITDA 成長 66%，達到 2.27 億美元，調整後 EBITDA 利潤率成長 510 個基點，達到 28.9%。這是透過卡萊爾作業系統利用更高的銷售成長和持續的營運效率共同推動的。

Moving to Slide 9. Revenues at CWT decreased 1% year-over-year, primarily due to lower carryover prices from 2023 in select categories. However, despite the revenue decline, we were able to drive adjusted EBITDA growth of 20% to $65 million. This represented an adjusted EBITDA margin of 20.7%, expanding 370 basis points from the first quarter of 2023. The margin improvement was driven by operational efficiencies gained through COS, lower input costs through strategic sourcing and the realization of synergies from the Henry acquisition. Synergies from the Henry acquisition are expected to exceed $50 million in 2024, significantly above our deal model estimate of $30 million.

轉到幻燈片 9。然而，儘管營收下降，我們仍能夠推動調整後 EBITDA 成長 20%，達到 6,500 萬美元。這意味著調整後的EBITDA 利潤率的提高是由COS 提高的營運效率、透過策略採購降低投入成本以及收購Henry 實現的協同效應推動的。收購 Henry 帶來的綜效預計將在 2024 年超過 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 first quarter adjusted EPS bridge items for your reference.

投影片 10 提供了同比第一季調整後的 EPS 橋項供您參考。

Moving to Slides 11 through 13. Carlisle ended the first quarter of 2024 with $553 million of cash on hand. We have $1 billion of availability under our revolving credit facility, which we amended in April to extend the maturity to 2029. We generated operating cash flow from continuing operations of $156 million and invested $24 million in capital expenditures. We achieved solid cash flow performance for the quarter with a free cash flow margin of 12%, and we remain on pace for a free cash flow margin of over 15% for the full year. We ended the quarter with a net leverage ratio of 1.4x within our target of 1 to 2x.

轉到幻燈片 11 至 13。我們的循環信貸安排下有10 億美元的可用資金，我們於4 月份對其進行了修改，將期限延長至2029 年。萬美元的資本支出。我們本季實現了穩健的現金流表現，自由現金流利潤率為 12%，並且全年自由現金流利潤率仍將保持在 15% 以上。本季結束時，我們的淨槓桿率為 1.4 倍，符合我們 1 至 2 倍的目標。

We are already making significant progress against the capital allocation goals outlined in our Vision 2030 strategy. We are doing so by reinvesting in our high ROIC building products businesses through continued investment in growth CapEx and returning value to shareholders through dividends including $42 million in dividends paid and repurchasing $150 million of shares during the first quarter of 2024. We are also making synergistic acquisitions that will deliver significant opportunities for value creation such as our recently announced agreement to acquire MTL for $410 million. These actions are collectively aligned with our disciplined capital allocation framework, which forms an integral part of delivering ROIC in excess of 25% and ultimately reaching $40 plus of adjusted EPS by 2030.

我們已經在實現 2030 年願景策略中概述的資本配置目標方面取得了重大進展。為此，我們透過持續投資成長資本支出，對我們的高ROIC 建築產品業務進行再投資，並透過股利（包括2024 年第一季支付的4,200 萬美元股利和回購1.5 億美元股票）向股東回報價值。這些行動與我們嚴格的資本配置框架一致，該框架是實現投資回報率超過 25% 並最終在 2030 年達到 40 美元以上調整後每股收益的不可或缺的一部分。

Following the repurchase of $150 million of shares during the first quarter, we have 6.9 million shares remaining under our share repurchase program. Our robust financial position is underpinned by a solid balance sheet and a prudent approach to leverage. This conservative capital structure affords us the ability to strategically allocate resources in pursuit of superior returns. Complemented by our substantial liquidity of approximately $1.6 billion, we are well equipped to capitalize on opportunities that arise, unlocking additional value for our stakeholders in the coming quarters and years. And as a reminder, we expect to receive an additional $2 billion of gross proceeds from the CIT sale in the second quarter further enhancing our financial flexibility. We believe we are well positioned to drive additional value creation in the quarters and years ahead.

繼第一季回購價值 1.5 億美元的股票後，我們的股票回購計畫還剩 690 萬股。我們穩健的財務狀況得益於穩健的資產負債表和審慎的槓桿方法。這種保守的資本結構使我們能夠策略性地配置資源以追求卓越的回報。加上我們約 16 億美元的大量流動性，我們有能力利用出現的機會，在未來幾季和幾年為我們的利害關係人釋放額外價值。提醒一下，我們預計第二季將透過 CIT 出售獲得額外 20 億美元的總收益，進一步增強我們的財務靈活性。我們相信，我們有能力在未來幾季和幾年內推動額外價值創造。

Turning to Slide 14. I will discuss our full year financial outlook. We are raising our full year 2024 revenue outlook to approximately 10% growth over the prior year which is double our outlook at year-end when we were expecting a 5% increase. This increase in outlook is driven by a combination of our solid first quarter and stronger reroofing demand for the balance of the year. Leveraging the additional revenue through the Carlisle Operating System along with a more positive outlook on pricing, we now expect adjusted EBITDA margins to expand by at least 100 basis points as compared to our previous guidance of 50 basis points.

轉向幻燈片 14。我們將 2024 年全年營收預期上調至比上一年成長約 10%，這是我們年底預期成長 5% 的兩倍。這一前景的提高是由於第一季的強勁表現和今年餘下的屋頂翻修需求的強勁推動的。憑藉卡萊爾作業系統帶來的額外收入以及更積極的定價前景，我們現在預計調整後的 EBITDA 利潤率將比我們先前指導的 50 個基點擴大至少 100 個基點。

Additionally, we maintain our expectations to deliver free cash flow margins of at least 15% and ROIC in excess of 25%. As such, we continue to expect double-digit EPS growth in 2024. This is directly aligned with the objectives outlined in our Vision 2030 strategy and we are experiencing a strong start towards our 2030 goal of $40 plus of adjusted EPS.

此外，我們維持自由現金流利潤率至少 15% 和投資回報率超過 25% 的預期。因此，我們繼續預計2024 年每股盈餘將實現兩位數成長。強勁的開端。

Looking at the components of the outlook for CCM, we now expect year-over-year revenue to grow in the low double digits in 2024. The primary drivers are tailwinds from the return to normalization and order patterns that was absent during 2023 due to destocking and strong contractor backlogs from the pent-up reroofing demand. For CWT, we now expect year-over-year revenue to grow in the mid-single digits in 2024 from strong sales execution on key growth initiatives as well as stronger trends in our markets.

看看 CCM 前景的組成部分，我們現在預計 2024 年收入同比增長將呈低兩位數增長。壓抑的屋頂翻修需求導致承包商積壓大量訂單。對於 CWT，我們現在預計，由於關鍵成長計畫的強勁銷售執行力以及市場的強勁趨勢，到 2024 年營收將實現中個位數成長。

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.

謝謝，凱文。

In conclusion, I want to reiterate our confidence in Carlisle's strategic direction under Vision 2030 and reinforced by our strong first quarter results.

最後，我想重申我們對卡萊爾在 2030 年願景下的策略方向充滿信心，並透過我們強勁的第一季業績加強。

As we move forward, 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 simplification of our Building Products portfolio, combined with a robust free cash flow engine and the anticipated proceeds from the sale of CIT places us in an excellent position to create further significant value for our shareholders.

隨著我們的前進，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了推動高於市場成長的正確道路，從而帶來了卓越的財務業績。我們建築產品組合的簡化，加上強大的自由現金流引擎以及 CIT 出售的預期收益，使我們處於有利地位，可以為股東創造進一步的重大價值。

I would also like to take this opportunity to once again express my sincere gratitude to all of Carlisle's employees. The exceptional efforts of all of our team members have ensured a strong start to what we expect will be another exceptional year for Carlisle in 2024. And with Vision 2030 already deeply embedded in our operations, I'm incredibly optimistic about Carlisle's long-term success. Our strong brand, solid capital position and superb cash flow generation provides us with the flexibility to successfully execute our strategy and unlock additional value for all our stakeholders.

我也想藉此機會再次向卡萊爾的全體員工表達誠摯的謝意。我們所有團隊成員的卓越努力確保了卡萊爾 2024 年又一個不平凡的一年的良好開端。我們強大的品牌、堅實的資本狀況和卓越的現金流生成為我們提供了成功執行策略並為所有利害關係人釋放額外價值的靈活性。

Thank you, everyone, for your continued support. Together, we are building a brighter future for Carlisle.

謝謝大家一直以來的支持。我們共同為卡萊爾建立更光明的未來。

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

（操作員說明）您的第一個問題來自 Baird 的 Tim Wojs。

Nice Job. Maybe just my first question. So when you look at CCM, I mean, it just seems like the tone around reroofing is a lot better than what it was 60 to 90 days ago. So I guess what have you seen in your business to kind of get comfort or confidence that there is kind of pent-up demand on the reroofing side?

不錯的工作。也許只是我的第一個問題。因此，當你看到 CCM 時，我的意思是，圍繞屋頂翻修的基調似乎比 60 到 90 天前要好得多。所以我想您在您的業務中看到了什麼，讓您對屋頂翻修方面存在被壓抑的需求感到安慰或信心？

Yes. Tim, it really goes back to COVID. I mean we've been talking about this for a while that during COVID with regroup, you weren't able -- or contractors weren't able to get on the routes initially. And then when we came out of COVID, we had a strong period of new construction in the last couple of years, and we talked about just due to the lack of labor that some of the reroof was being deferred. They were doing some patch work and some of that resulted in this pent-up demand that we're now seeing come through. And frankly, that's the reason we raised our forecast that a good chunk of the increase, about half of that, was due to the reroof improvement.

是的。提姆，這確實可以追溯到新冠疫情。我的意思是，我們已經討論這個問題有一段時間了，在新冠疫情期間，重組期間，你無法——或者承包商最初無法進入路線。然後，當我們走出新冠疫情後，過去幾年我們經歷了新建築的強勁時期，我們談到，由於缺乏勞動力，一些屋頂翻修工程被推遲。他們正在進行一些修補工作，其中一些工作導致了我們現在看到的被壓抑的需求。坦白說，這就是我們提高預測的原因，即成長的很大一部分（大約一半）是由於屋頂翻修的改善。

Okay. Okay. Got you. And I guess on that point, Kevin, just if you can maybe go through the revenue bridge, just within CCM, I mean, last quarter, it was 6%. Now it's low double digits. What are the pieces if you go through the restocking the underlying volume and then just your updated price assumptions.

好的。好的。明白你了。我想在這一點上，凱文，如果你能通過收入橋樑，就在 CCM 內，我的意思是，上個季度，它是 6%。現在是低兩位數。如果您重新補貨基礎數量，然後只是更新的價格假設，那麼具體內容是什麼。

Yes. The destocking didn't change. We had at about 11% increase for the full year. We still expect it to be about 11%. We had said the dollar amount was $375 million for the year, $200 million in the first quarter, and that's what we saw, the $200 million in the first quarter. So nothing changed on the destock. What did change is both the volume and the price.

是的。去庫存沒有改變。我們全年的成長率約為 11%。我們仍預計該比例約為 11%。我們說過全年的金額為 3.75 億美元，第一季為 2 億美元，這就是我們所看到的，第一季為 2 億美元。所以去庫存沒有任何改變。變化的是數量和價格。

On the volume side, I just talked about the reroofing coming into the year, we had said we thought the total end market would be down 2% to 3%. Now we think it'll be up slightly. We still think new construction will be down high single digits, but reroof, we think, will be up mid-single digits. And then on pricing, we recently announced some price increases, and we now think that will only be down about 1% for the full year on price where, as you may recall, at the beginning of the year, we thought we'd be down 2% to 3%. So when you sum that all up, we pretty much doubled that 6% of what we're talking about at the beginning of the year for CCM.

在銷售方面，我剛剛談到了今年的屋頂翻修，我們曾說過我們認為終端市場總量將下降 2% 至 3%。現在我們認為它會略有上升。我們仍然認為新建築將下降高個位數，但我們認為翻修屋頂將上升中個位數。然後在定價方面，我們最近宣布了一些提價，我們現在認為全年價格只會下降約 1%，正如您可能還記得，在今年年初，我們認為我們會下降2%至3%。因此，當您總結所有內容時，我們幾乎將 CCM 的數量比年初討論的 6% 增加了一倍。

Okay. Okay. Great. And then maybe just the last question just to sneak in here. I mean, how would you characterize the pace of what you're seeing on the input cost side, MDI, polyiso. I guess does the price cost math change? Or are you just seeing a little bit more inflation and so net-net on the EBITDA line, it sums to 0?

好的。好的。偉大的。然後也許只是最後一個問題，只是為了偷偷溜進來。我的意思是，您如何描述您在投入成本方面所看到的速度，MDI，聚異戊二烯。我想價格成本數學會改變嗎？或者您只是看到通貨膨脹增加了一點，因此 EBITDA 線上的淨額總和為 0？

Yes. When we came into the year, we had said that cost was going to be pretty flat for the year. The raws has been a little bit of a mixed bag on raw materials, some raw materials are up, some are down. So not too much has changed there, but now with pricing getting a little bit better pricing, we think that number will be positive for the full year, maybe a full year up of about $20 million on price cost.

是的。當我們進入這一年時，我們曾說過今年的成本將相當穩定。原物料價格參差不齊，有的原物料上漲，有的原物料下跌。因此，那裡沒有太大變化，但現在隨著定價變得更好一些，我們認為全年的數字將是積極的，也許全年的價格成本將增加約 2000 萬美元。

Your next question comes from the line of Susan Maklari from Goldman Sachs.

您的下一個問題來自高盛的 Susan Maklari。

My first question is on CCM as well. Appreciating that you've got this reroofing tailwind that is coming through. But can you also talk a bit about some of your own initiatives around some of the products and the work that you've done with the customers? And do you think that that's also incrementally adding to this? And how do you think about the sustainability of that through this year and maybe the cadence as we move through the next couple of quarters for the revenues there?

我的第一個問題也是關於 CCM 的。感謝您已經獲得了翻修屋頂的順風。但您能否也談談您自己圍繞某些產品採取的一些舉措以及您與客戶所做的工作？您認為這也會逐漸增加這一點嗎？您如何看待今年的可持續性，以及我們未來幾季收入的節奏？

Well, overall Susan, as we really look at three areas on the initiatives. I think we talked about margin -- or customer intimacy, really this involves a lot of contractor training, architect training. Our digital experience is getting better and better. We've done a lot of work with the -- enhancing the sales excellence of our teams. Things like optimizing our quote process really cross-selling, trying to increase dollars per square foot. And I think it is taking a hold. We've really got into a lot of the selling initiatives last year, and I do think they're starting to show up in sales.

好吧，總的來說，蘇珊，我們確實關注了這些舉措的三個領域。我想我們討論了利潤——或者客戶親密度，這實際上涉及大量的承包商培訓、建築師培訓。我們的數位體驗越來越好。我們做了很多工作——提高我們團隊的卓越銷售能力。像優化我們的報價流程這樣的事情實際上是交叉銷售，試圖增加每平方英尺的美元。我認為它正在停滯不前。去年我們確實採取了許多銷售舉措，我確實認為它們已經開始體現在銷售中。

We also talk about innovation. Innovation is, for us, under Vision 2030 is a longer, obviously, a much longer total play. But we're already seeing new products at the market at a higher rate. We're investing a little bit more, as you can see in our SG&A. And I think that will continue to gain momentum.

我們也談論創新。對我們來說，2030 年願景下的創新顯然是一個更長的整體過程。但我們已經看到新產品以更高的速度進入市場。正如您在我們的 SG&A 中看到的那樣，我們的投資有所增加。我認為這將繼續獲得動力。

Last year, in January, we introduced a 16-foot TPO, had a product called ReadyFlash in April, and we're going to introduce some other products coming out. One of them is SeamShield, that's going to be introduced in Q2 of '24. So we continue to build momentum there. Obviously, our commitment to moving up to 3% is going to take a couple of years, but we should see increased momentum every quarter as we continue to drive innovator CCM and frankly, CWT.

去年一月份，我們推出了一款 16 英尺 TPO，四月推出了一款名為 ReadyFlash 的產品，我們還將推出一些其他產品。其中之一是 SeamShield，它將在 24 年第二季推出。因此，我們繼續在那裡建立勢頭。顯然，我們對提高到 3% 的承諾將需要幾年的時間，但隨著我們繼續推動創新者 CCM 和坦率地說，CWT，我們每個季度都應該看到成長的勢頭。

And then lastly, it's really this operational excellence, and that's just an ongoing expectation that we're getting in that 1% to 2% of sales through COS every year. AI in our factories are still starting to work on to improve efficiency, everything from the quote process to actually how we deal with the data coming off the line to become a little bit more -- maybe anticipate any quality issues that may come about by looking at the data.

最後，這確實是卓越的運營，這只是我們每年透過 COS 獲得 1% 到 2% 的銷售額的持續期望。我們工廠中的人工智慧仍在開始致力於提高效率，從報價流程到我們實際如何處理下線數據的一切都變得更加複雜——也許可以透過查看來預測可能出現的任何品質問題在數據上。

We also are trying to do a better job of forecasting through using AI and then really driving the sustainability efforts through our factories too, to drive efficiency. So trying to use less product in the whole process, trying to have less waste throughout it, whether it's freight or whether it's actually movement of goods within the factories, just trying to reduce waste. And in turn, I think that produces a nice efficiency program there not just for energy, but in all ways, and we're starting to see returns there.

我們也嘗試透過使用人工智慧來更好地進行預測，然後透過我們的工廠真正推動永續發展工作，以提高效率。因此，嘗試在整個過程中使用更少的產品，嘗試減少整個過程中的浪費，無論是貨運還是工廠內的實際貨物移動，只是為了減少浪費。反過來，我認為這不僅在能源方面，而且在所有方面都產生了一個很好的效率計劃，而且我們開始在那裡看到回報。

So when we look at the gains that we've had over the last 5 to 10 years, a lot of these things have played into it. I think we're doing a better job of articulating it, but we continue to see some pretty good margin expansion. And I think Henry is probably the latest, best example where in each quarter, we continue to see margin expansion. And in this last one, even on doubt sales. So a bit of a long answer for you, but I try to be a little more context and maybe Kevin wants to give more granularity.

因此，當我們回顧過去 5 到 10 年所取得的成果時，會發現其中許多因素都發揮了作用。我認為我們在闡明這一點方面做得更好，但我們繼續看到一些相當不錯的利潤率擴張。我認為亨利可能是每個季度我們繼續看到利潤率擴張的最新、最好的例子。在這最後一項中，即使銷售有疑問。所以對你來說，這個答案有點長，但我試圖提供更多的背景信息，也許凱文想給出更多的粒度。

Second part of your question, '24 is playing out to be a more normal year for us from the seasonality standfront. At the beginning of the year, we had said sales would be for the second quarter, about 29% of full year sales and Q3, we said about 27% of full year sales, and that seasonality still looks to be holding strong for us. So that would be the best estimate for quarterly revenue for the CCM business. And as far as CWT, that's still consistent with what we talked about in the year-end call as well.

你問題的第二部分，從季節角度來看，24 年對我們來說是更正常的一年。今年年初，我們曾表示第二季的銷售額將佔全年銷售額的29% 左右，而第三季我們表示將佔全年銷售額的27% 左右，而且季節性因素對我們來說仍然很強勁。因此，這將是 CCM 業務季度收入的最佳估計。就 CWT 而言，這仍然與我們在年終電話會議中討論的內容一致。

Okay. That's great color. That's very helpful. And then maybe just following up on that. I think you mentioned that you expect to now exceed $50 million in synergies at Henry versus the $30 million guide that you had given before. Can you just talk about what's driving that incremental $20 million in there? And any thoughts on how that will come through?

好的。那顏色真棒。這非常有幫助。然後也許只是跟進。我想你提到過，你預計亨利現在的協同效應將超過 5000 萬美元，而你之前給出的指導值為 3000 萬美元。您能談談是什麼推動了這 2000 萬美元的增量嗎？對於如何實現這一點有什麼想法嗎？

Yes. In terms of what we're working at, the cross-selling is helping some new initiatives around sales, automation within the factories. We're doing a better job of I think managing our efficiency within our factories. How it comes through on the P&L, I would defer to Kevin on that one.

是的。就我們正在進行的工作而言，交叉銷售正在幫助工廠內圍繞銷售和自動化開展一些新舉措。我認為我們在工廠效率管理方面做得更好。損益表是如何實現的，我會聽從凱文的意見。

Yes. So the $50 million that we see, that's pretty well. We're at that run rate in the first quarter. So about $14 million a quarter is what we're going to get. First quarter of last year was about half of that number. So we did see those synergies in Q1, but we did ramp up as the year went on last year.

是的。所以我們看到的 5000 萬美元已經相當不錯了。我們第一季的運行速度就是這樣。因此，我們每季將獲得約 1400 萬美元。去年第一季約為該數字的一半。因此，我們確實在第一季看到了這些協同效應，但隨著去年的進展，我們確實有所增加。

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。

Decent quarter. Wanted to ask, first off, I think in the release, you spoke to lower carryover prices in CWT. Was there any new downward pricing pressure during the quarter? And how should we think of pricing moving forward and potentially when would you anniversary some of the carryover pricing pressure?

體面的季度。我想問，首先，我認為在新聞稿中，您談到了 CWT 較低的結轉價格。本季是否有新的價格下行壓力？我們應該如何考慮未來的定價，以及您可能什麼時候才能擺脫一些結轉定價壓力？

Yes, I don't think there's any price pressure you weren't aware of that came through. We just lapped that. And as we detailed that it will -- the way pricing would work, we were probably down 4%, 5% around the first quarter, we'll move to probably 2%, 3% in the second. Then if you think about the third quarter, it will be flat. And then based upon what we're seeing on the pricing increases that have come out ours and others, Garik, I think it works, it doesn't hit on day 1. It takes a little bit to get into the bidding and that. And so we would anticipate then that we might be up 1% to 2% in the fourth quarter.

是的，我認為您沒有意識到有任何價格壓力。我們剛剛完成了這一點。正如我們詳細介紹的那樣——定價的運作方式，第一季我們可能下降 4%、5%，第二季我們可能會下降 2%、3%。然後如果你想想第三季度，就會持平。然後，根據我們所看到的我們和其他人的價格上漲情況，加里克，我認為它有效，但在第一天就沒有實現。因此，我們預計第四季度的成長率可能會達到 1% 到 2%。

Got it. And I wanted to just kind of circle back to the 1Q volume strength in CCM. Recognizing it's a recently slower quarter, but I think that the variance was pretty notable relative to what we were expecting. You saw the lapping of the destock, that track as expected. But you also said weather as being favorable. So just wanted to see do you think some of the benefit was weather? How much of the 1Q outperformance was a stronger market? Did you see any inventory build at either distribution or a contractor level? Just any additional color as to the 1Q strength would be great.

知道了。我想回到 CCM 中第一季的成交量強度。認識到這是最近一個較慢的季度，但我認為相對於我們的預期，差異非常顯著。你看到了去庫存的研磨，正如預期的那樣。但你也說天氣有利。所以只是想看看你認為天氣是其中的一些好處嗎？第一季的優異表現有多少是市場走強造成的？您是否看到經銷或承包商層面有任何庫存增加？只要任何關於 1Q 強度的附加顏色都會很棒。

Yes, let me hit a couple of those and Kevin will pick some up, too. I think on weather, maybe 2 to 3 days depending on where you were in the country, obviously, that has a big -- whether in the Northwest or your volume, I mean, compared to some others. I know some have people have announced that they had a weaker impact due to weather. So I think that depends on where you're at. For us about 2 to 3 days. The destock being over -- that was a big deal going into the end of the year. I think we were a little conservative around that. Now we had talked about $200 million in Q1. As you're sitting there in the Q1 call and you're not seeing much of it unfold yet, you want to be conservative, and I was pretty pleased that we got all of that. And then the destocking was over.

是的，讓我打幾個，凱文也會選一些。我認為就天氣而言，可能需要2 到3 天，具體取決於您在該國的哪個地方，顯然，與其他一些地區相比，無論是在西北地區還是在您的數量上，這都有很大的影響。我知道有些人已經宣布，由於天氣原因，他們的影響較弱。所以我認為這取決於你所處的位置。對我們來說大約2到3天。去庫存已經結束——這是進入年底的一件大事。我認為我們在這方面有點保守。現在我們已經討論了第一季的 2 億美元。當你坐在第一季電話會議上時，你還沒有看到太多進展，你想保持保守，我很高興我們得到了所有這些。然後去庫存就結束了。

We also picked up, we think, some extra reroofing, which was good. That seemed to build in the quarter. So overall, I think that might have had a little bit to do, especially the conservatism around the $200 million around why we might be a little bit heavier than expected.

我們認為，我們還進行了一些額外的屋頂翻修，這很好。這似乎是在本季建立的。所以總的來說，我認為這可能有一點關係，特別是圍繞著 2 億美元的保守主義，為什麼我們可能會比預期重一點。

Got it. Okay. That's great...

知道了。好的。那太棒了...

You asked about inventory building. I think with our data, what are conversations on that are showing in the first quarter is that really a lot of the channel, while the destock is over, we're not seeing a huge build in inventory. I think as we get closer to the season, people are still concerned about, obviously, the carrying cost of inventory or higher now than they have been. Maybe a little bit of conservatism around getting burned again on having too much inventory.

您詢問了庫存建設的問題。我認為根據我們的數據，第一季所顯示的對話是，雖然去庫存已經結束，但實際上很多渠道都沒有看到庫存的巨大增加。我認為，隨著季節的臨近，人們顯然仍然擔心庫存的持有成本或現在比以前更高。也許是因為庫存過多而再次陷入困境，這有點保守。

So if demand holds up, obviously, they're all -- that will need to be addressed, and we think we're in a good position to be able to address that increased demand even if distributors aren't carrying and contractors aren't carrying as much inventories maybe we would like them to have going into the season.

因此，如果需求持續成長，顯然，這些問題都需要解決，我們認為，即使分銷商不運輸、承包商不運輸，我們也處於有利位置，能夠滿足不斷增長的需求。我們希望他們進入這個季節。

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）。

Pleasant start to the year.

新年的美好開始。

Thanks, Bryan.

謝謝，布萊恩。

Kevin, you walked through the full year bridge for CCM revenue. And I apologize if -- in all the detail that you offered during the script and Q&A, I missed this. But can you do the same for CWT, so we have that kind of level set? And then it would be great if you guys could offer some more color on what you're seeing in commercial versus residential applications specific to the CWT segment.

Kevin，您走過了 CCM 收入的全年橋樑。如果我錯過了您在劇本和問答中提供的所有細節，我深表歉意。但是你能為 CWT 做同樣的事情嗎，這樣我們就有了這樣的水平集？如果你們能夠就您在特定於 CWT 細分市場的商業應用與住宅應用中所看到的情況提供更多的信息，那就太好了。

Yes. Let me take the first one. Kevin can give you that walk through the year. And what we're seeing out in the CWT market is really -- on the resi side, just this idea that there still is an underlying need for additional housing units. When we look at and we see builders still buying land and still making investments in that, addressing that demand, we're optimistic about that for the year. I think could there be a blip? Could there be some hesitation as people digest things around the stuff we've seen today, like the GDP or first were 2 or 3 cuts and now we're headed perhaps to not as many. But I think resi again, that underlying demand is going to continue to be a drumbeat as we go through the year or the need for additional housing units.

是的。讓我拿第一個。凱文可以帶你回顧這一年。我們在 CWT 市場上看到的情況是，在 Resi 方面，仍然存在對額外住房單位的潛在需求。當我們看到建築商仍在購買土地並仍在進行投資，以滿足這一需求時，我們對今年的情況感到樂觀。我想，會不會有一個閃點？當人們消化我們今天看到的東西時，是否會有些猶豫，例如 GDP，或者首先是 2 到 3 次削減，現在我們的削減幅度可能不會那麼大。但我再次認為，隨著我們度過這一年，潛在的需求將繼續成為對額外住房單位的需求。

We get to the commercial, I think it's really -- it depends on the segment. Obviously, the office and retail side for CWT has been a bit tough, not to be, I think, expected. I think it could be expected, excuse me. Warehousing a little bit tough, too. And then when you get into health care, education, government spending, those tended to be positive. So as we look across that portfolio segments, kind of a mixed bag.

我們進入廣告，我認為這確實取決於細分市場。顯然，CWT 的辦公室和零售方面有點困難，我認為這並不符合預期。我認為這是可以預料的，請原諒。倉儲也有點困難。然後當你涉及醫療保健、教育、政府支出時，這些往往是正面的。因此，當我們檢視這些投資組合細分市場時，會發現魚龍混雜。

And then really when we looked out at the margin, and we continue to anticipate driving improved margin, it's really around automation, first of all, and that's something that I think Carlisle brought to the table, and you've seen it in CCM, and you're going to see it run through CWT this year, next year is just this idea that we're approving the factories. We've talked about it before, being more efficient, applying COS and Lead Sigma.

然後，當我們關注利潤率時，我們將繼續預期推動利潤率的提高，首先，這實際上是圍繞自動化的，我認為這是卡萊爾帶來的東西，你已經在 CCM 中看到了，今年你會看到它在CWT 中運行，明年就是我們批准工廠的想法。我們之前已經討論過，應用 COS 和 Lead Sigma 來提高效率。

And then innovation. We've got innovation running as well and building in CWT. And then lastly, this positive price/cost spread that they're seeing should be helpful in the year too. I think we were probably a little bit more to the cost savings side on raw materials in the first quarter than the negative impact on price. So -- and we should also see as volume continues to improve that 1% volume, we get more volume to the factories, we see some benefits from that, too.

然後是創新。我們也在 CWT 中進行創新和建設。最後，他們看到的這種正面的價格/成本價差在今年也應該有所幫助。我認為第一季我們可能更專注於原材料成本節約方面，而不是對價格的負面影響。因此，我們也應該看到，隨著銷量持續提高 1%，我們將為工廠帶來更多的銷量，我們也從中看到了一些好處。

So Kevin, do you want to talk about the [walks]?

凱文，你想談談[散步]嗎？

Yes. And the seasonality, you know that both our businesses very much the summer months as the stronger months. But as we look at CWT specifically, it's really the same as we talked about at the end of the year where we think about 22% of the full year sales would be in Q1 and then Q2 and Q3 are both about 27%. and then you exit with the balance into Q4. As far as EBITDA drop-through, we still see CWT in the low to mid-30s for incrementals and CCM, they're at about 40% on the incrementals.

是的。就季節性而言，您知道我們的業務在夏季月份中表現最為強勁。但當我們具體觀察 CWT 時，這確實與我們在年底談到的情況相同，我們認為全年銷售額的 22% 將來自第一季度，然後第二季度和第三季度都約為 27%。然後您退出，餘額進入第四季度。就 EBITDA 下降而言，我們仍然看到 CWT 增量在 30 左右，而 CCM 則約為增量的 40%。

Understood. Very helpful detail. Perhaps offer a little more on the strategic fit of MTL and how the asset strengthens the product suite of the metals platform and growth potential looking forward?

明白了。非常有幫助的細節。也許可以提供更多關於 MTL 的策略契合度以及該資產如何增強金屬平台的產品套件和未來成長潛力的資訊？

Right. Well, MTL is just a great company. The leader of MTL, Tony Mallinger, has done a great job over the years of driving some wonderful performance. And it really centers around edge metal, which as we've talked about before, edge metal goes on basically every low roof that we put on. And so that's something that MTL brings to us. We think that's a big benefit to get that into the Carlisle specification, to get that into the Carlisle warranty. You know what happens there.

正確的。嗯，MTL 是一家很棒的公司。 MTL 的領導者 Tony Mallinger 多年來表現出色，取得了一些精彩的業績。它確實以邊緣金屬為中心，正如我們之前討論過的，邊緣金屬基本上出現在我們安裝的每個低屋頂上。這就是 MTL 帶給我們的東西。我們認為將其納入 Carlisle 規範、納入 Carlisle 保固是一個很大的優點。你知道那裡會發生什麼事。

Also, there's some architectural and other metal products that they have that are value accretive. They actually have patents on a lot of things, something that you wouldn't expect in an edge metal or perhaps an architectural metal business. But this patented technology just shows you the type of innovation that Tony and his team have been bringing to the market through the years.

此外，他們擁有的一些建築和其他金屬產品具有增值作用。他們實際上擁有很多東西的專利，這是你在邊緣金屬或建築金屬業務中意想不到的。但這項專利技術只是向您展示了托尼和他的團隊多年來一直為市場帶來的創新類型。

So the addition really fits when we look right down the line from the specification, integrating it into our portfolio, being able to train our contractors, being able to offer to our contractors. And we also think there are going to be some good synergies by bringing MTL into the Drexel and Peterson group as well and having a much, much more complete product line in metal as well as the synergies when we think about raw material purchases, the volume of that metal adds when we think about shipping and other things like that. So a good addition.

因此，當我們從規範中直接查看，將其整合到我們的產品組合中，能夠培訓我們的承包商，能夠向我們的承包商提供服務時，這項補充確實很合適。我們也認為，透過將 MTL 納入 Drexel 和 Peterson 集團，並擁有更完整的金屬產品線，以及當我們考慮原料採購、產量時的協同效應，將會產生一些良好的協同效應。類似的事情時，這種金屬的含量就會增加。這是一個很好的補充。

And I think when we look back to what we said it would be -- I think we had about $0.25 accretion in -- on EPS in '24 and then something like $0.60 in 2025. So right away, some good benefits there. And I think are targeted and stated savings and synergies was going to be up $13 million. But my expectation, and I think as the team gets into it, is that we'll exceed that just like we did with Henry.

我認為，當我們回顧我們所說的時，我認為我們在 24 年的每股收益上增加了大約 0.25 美元，然後在 2025 年增加了大約 0.60 美元。我認為目標明確的節省和協同效應將增加 1300 萬美元。但我的期望，我認為隨著團隊的投入，我們會超越這個目標，就像我們對亨利所做的那樣。

Your next question comes from the line of Saree Boroditsky from Jefferies.

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

Just a couple of questions here. So first, just to build on the price cost, you talked about a positive $20 million. Could you just provide any detail on how that plays out through the year?

這裡只有幾個問題。首先，在價格成本的基礎上，您提到了 2000 萬美元。您能否提供有關這一年的具體情況？

Yes. The first quarter, we got about half of that. And then through the balance of the year, it's pretty much pro rata.

是的。第一季度，我們得到了大約一半。然後在這一年的剩餘時間裡，這幾乎是按比例計算的。

Perfect. And then going on MTL, can you just provide more details on the architectural metals market. I believe in the past, you talked about a growing 2x GDP, but it would be great to get an update on that.

完美的。然後，關於 MTL，您能否提供有關建築金屬市場的更多詳細資訊？我相信過去您談到 GDP 成長 2 倍，但如果能了解最新情況那就太好了。

Yes, I definitely think that it's growing at a higher rate. I think you could probably say -- probably stick with your 2x GDP. One of the things that the metals business brings to us is obviously the flexibility of the product line, and that's something that obviously is a huge benefit.

是的，我確實認為它正在以更高的速度成長。我想你可能會說——可能堅持你的 2 倍 GDP。金屬業務為我們帶來的好處之一顯然是產品線的靈活性，這顯然是一個巨大的優勢。

The metals market is -- I think we had 800 -- $1 billion market, there's plenty for us to go after. We also want to go after more what I would say, prefab applications where we're doing it in the factory and we're getting more standardization along product lines and shipping that out.

金屬市場——我認為我們有 800——10 億美元的市場，有很多東西值得我們去追求。我們還想追求更多我想說的，我們在工廠裡做的預製應用程序，我們正在沿著產品線獲得更多的標準化並將其運送出去。

So I can give you more information, Saree, if you want to ask -- that's about where I would stop or I'll just keep talking about the metal business. But it's a good business. It's very complementary. We talked about edge metal. The other thing I would just add is that when we look at a lot of the buildings that have flat roofs on them, especially warehouses and small manufacturing facilities and things like that, a lot of the time, people will put on an office building on the side in the front. Maybe it's 2 stories on the warehouse or 3 and they'll put a one-story office building.

所以我可以給你更多的信息，Saree，如果你想問的話——那就是我會停下來的地方，或者我會繼續談論金屬業務。但這是一門好生意。這是非常互補的。我們討論了邊緣金屬。我要補充的另一件事是，當我們看到很多有平屋頂的建築物時，特別是倉庫和小型製造設施之類的東西，很多時候，人們會在上面蓋上辦公大樓。 。也許倉庫有 2 層或 3 層，他們會建造一棟單層辦公大樓。

A lot of the time when they seek to add differentiation, they'll do it with an architectural metal set up either on the roof or the roof on the wall. And again, value-add, highly specified and wrapping it into that whole warranty system that Carlisle can provide really gives us some great expanded market potential to go after.

很多時候，當他們尋求增加差異化時，他們會使用安裝在屋頂或屋頂牆上的建築金屬來實現。再說一次，卡萊爾可以提供的增值、高度指定並將其納入整個保固系統確實為我們提供了一些巨大的擴展市場潛力。

I appreciate the color. And then just one last one, just so we're on the same page. You have net interest expense guidance for the year of $20 million. You had $10 million of interest expense this quarter. So just how you're getting to build that interest income through the year would be helpful.

我很欣賞它的顏色。然後是最後一個，這樣我們就可以達成共識了。您今年的淨利息支出指導為 2000 萬美元。本季您有 1000 萬美元的利息支出。因此，了解全年如何建立利息收入將會有所幫助。

Yes. It really comes down to the timing of CIT. When we closed, we're expecting to close at the end of May, sometime in that range as far as CIT, hard to say with regulatory approvals, out of our control, but all is going well there, and we have no concerns.

是的。這實際上取決於 CIT 的時機。當我們關閉時，我們預計在 5 月底關閉，就 CIT 而言，在這個範圍內的某個時間，很難說監管部門的批准，這是我們無法控制的，但一切進展順利，我們沒有任何擔憂。

But as far as forecasting interest income when you're getting $2 billion, makes it a little bit more challenging. So what we had this year, we did have the acquisition of MTL for $410 million. So we have to take that into consideration as well that we expect to close early May.

但就預測當你獲得 20 億美元時的利息收入而言，就變得更具挑戰性了。所以今年我們確實以 4.1 億美元收購了 MTL。因此，我們也必須考慮到這一點，我們預計將在五月初關閉。

And then the interest rate, we're not expecting the cuts now that we might have been looking at, at the beginning of the year, so that will increase our interest income. So net that positive against the MTL use of cash. We still think the net interest expense of around $20 million is a good number to use.

然後是利率，我們現在預計不會像年初那樣削減利率，因此這將增加我們的利息收入。因此，淨利對 MTL 使用現金不利。我們仍然認為 2000 萬美元左右的淨利息支出是一個不錯的數字。

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。

Congratulations on the great quarter. Yes, really strong results. I guess on the CWT, excuse me, business, I just wanted to get a sense of the lower carryover prices for 2023. What percentage of segment revenues were that represented?

恭喜這個偉大的季度。是的，結果非常強勁。我想在 CWT 上，請問，業務，我只是想了解 2023 年較低的結轉價格。

So as far as the carryover in the first quarter was down mid-single digits.

就第一季的結轉而言，下降了中個位數。

David, from the segment side of it, it's probably roughly 30% of the business. That's where the selected price decreases were last year.

David，從細分市場的角度來看，它可能約佔業務的 30%。這就是去年選定的降價幅度。

Right. Okay. That was the question, 30%. And then Kevin has provided a little bit of granularity around kind of the price cost and you talked a little bit about the volume leverage, but just trying to piece it all together here. So let me just ask you if you could just talk directly on that 66% EBITDA growth. How much of that was volume leverage? How much of it was favorable price/cost? Can I guess, get you to go back and just provide some numbers around that?

正確的。好的。這就是問題所在，30%。然後凱文提供了一些有關價格成本的詳細信息，您也談到了銷售槓桿，但只是想在這裡將它們拼湊在一起。那麼我想問您是否可以直接談論 66% 的 EBITDA 成長。其中有多少是成交量槓桿？其中有多少是優惠的價格/成本？我可以猜一下，讓你回去提供一些相關的數字嗎？

You're looking at Q1?

你在看Q1嗎？

Q1, yes.

Q1，是的。

Yes. So on Q1, yes, substantially all of it on the CCM side, you can just put the 40% incrementals in there and then price cost pretty much offset each other on the CCM side. And that number would drop right to the bottom line on EBITDA in the 40%, and that explains that segment.

是的。因此，在第一季度，是的，基本上所有這些都在 CCM 方面，您可以將 40% 的增量放在那裡，然後價格成本在 CCM 方面幾乎相互抵消。這個數字將直接下降至 EBITDA 的底線 40%，這解釋了該細分市場。

On the CWT side, also ultimately that slight volume increase, but then most of their pickup was a combination of these operating efficiencies with the synergies that we talked about and then the balance is price cost. So that they had positive price cost that CWT in the first quarter, close to $10 million.

在 CWT 方面，最終銷量也略有增加，但他們的大部分成長都是這些營運效率與我們談到的協同效應的結合，然後平衡就是價格成本。因此，他們在第一季的 CWT 成本為正，接近 1000 萬美元。

$10 million. Yes, you referenced that earlier.

1000萬美元。是的，您之前提到過。

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 thinking about the full year outlook and maybe how it tracks back to 1Q, looks like you're expecting kind of flattish end markets ex the destocking and pricing. And if I back out the destocking in 1Q and CCM and there's some little modestly negative price, it looks like volumes were up maybe 5% or so or mid-single digits. So do you expect that to kind of -- as you get tougher comps maybe come down throughout the year? Just given the strong start to the year.

只要考慮一下全年前景，以及它如何回溯到第一季度，看起來您預計庫存和定價之外的終端市場會持平。如果我取消第一季和 CCM 的去庫存，價格出現一些適度的負值，看起來銷售量可能會增加 5% 左右或中等個位數。那麼，你是否認為隨著你的薪水變得更加嚴格，全年的薪水可能會下降？剛剛迎來了今年的強勁開局。

So as you remove the destock number, we just -- we won't talk about that, but just talking end markets, we're expecting reroof to be up mid-single digits. And then we do expect new construction down high single digits. So overall, that might be a slight positive on the end markets.

因此，當您刪除去庫存數字時，我們只是 - 我們不會談論這一點，但只是談論終端市場，我們預計屋頂翻修將達到中個位數。然後我們確實預計新建築數量會下降高個位數。總體而言，這可能對終端市場略有正面影響。

Yes. I was just trying to get it. I think the first quarter was a bit better than that, it seems, right?

是的。我只是想得到它。我認為第一季似乎比這要好一些，對吧？

Yes, we had some positive weather in the first quarter as well. I think if you take that out, then it's going to be pretty consistent.

是的，第一季我們也有一些正面的天氣。我認為如果你把它去掉，那麼它會非常一致。

Perfect. Got it. And then just on pricing, it sounds like it's playing out as you expected. Things have been stable since year-end last year throughout the first quarter?

完美的。知道了。然後就定價而言，聽起來就像你預期的那樣。從去年年底到第一季度，情況一直很穩定？

Yes. I think pricing is playing out. I mean there's a couple of things. One, the destock, we're super pleased that it ended up being around $200 million. We think our projections there on the pricing was right in line the carryover and things seem to be -- there's a lot of turmoil out there around -- in the broader economy that you know about. I don't need to tell you about that from GDP or that. But in our markets, things are progressing pretty much as planned and I'd say stable.

是的。我認為定價正在發揮作用。我的意思是有幾件事。第一，去庫存，我們非常高興最終達到了 2 億美元左右。我們認為我們對定價的預測與結轉相符，而且在你所了解的更廣泛的經濟中，情況似乎存在著許多動盪。我不需要從 GDP 或其他方面告訴你這一點。但在我們的市場中，事情的進展幾乎按計劃進行，我想說的是穩定。

There are no further questions at this time. I'll hand the call over to Chris Koch for closing remarks. Please go ahead.

目前沒有其他問題。我將把電話轉交給克里斯·科赫（Chris Koch）做總結發言。請繼續。

This concludes the fourth quarter and full year -- I'm sorry, this concludes our first quarter, excuse me, call and thanks for your participation. And obviously, we look forward to speaking with you on our second quarter call coming up. Thank you.

第四季和全年的工作到此結束——抱歉，第一季到此結束，請致電並感謝您的參與。顯然，我們期待在即將到來的第二季電話會議上與您交談。謝謝。

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。