Carlisle Companies Inc (CSL) 2025 Q1 法說會逐字稿

Good afternoon. My name is John, and I will be your operator for today. At this time, I would like to welcome everyone to Carlisle company's first quarter 2025 earnings conference call. (Operator Instructions)

午安.我叫約翰，今天我將擔任您的接線生。現在，我歡迎大家參加卡萊爾公司2025年第一季財報電話會議。（操作員指示）

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

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

Thank you, and good afternoon, everyone. Welcome to Carlisle's first quarter 2025 earnings call. I'm Mehul Patel, Vice President of Investor Relations for Carlisle. We released our first quarter 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.

謝謝大家，下午好。歡迎參加卡萊爾 2025 年第一季財報電話會議。我是卡萊爾投資者關係副總裁 Mehul Patel。我們今天發布了第一季的財務業績，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 are Chris Koch, our Board Chair, President and CEO; along with Kevin Zdimal, our CFO.

今天與我一起通話的有我們的董事會主席、總裁兼執行長 Chris Koch 以及我們的財務長 Kevin Zdimal。

Today's call will begin with Chris providing key highlights of our first quarter. Kevin will follow Chris with an overview of our Q1 financial performance and a reaffirmed outlook for 2025. Following our prepared remarks, we will open up the line for questions.

今天的電話會議將由克里斯介紹我們第一季的主要亮點開始。凱文將跟隨克里斯概述我們第一季的財務業績並重申對 2025 年的展望。在我們準備好發言之後，我們將開放提問熱線。

Before we begin, please refer to slide 2 of our presentation, where we note that comments today will include forward-looking statements based on our 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.

在我們開始之前，請參閱我們簡報的第 2 張投影片，我們在此指出，今天的評論將包括基於我們目前預期的前瞻性陳述。由於一些風險和不確定因素，實際結果可能與這些聲明有重大差異，這些風險和不確定因素已在我們的新聞稿和美國證券交易委員會文件中討論過。

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.

由於卡萊爾提供的是非 GAAP 財務信息，我們在新聞稿和演示材料的附錄中提供了 GAAP 和非 GAAP 指標之間的對賬，這些對賬可在我們的網站上找到。

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

說完這些，我會把電話轉給克里斯。

Thank you, Mehul. Good afternoon, everyone, and thank you for joining us today.

謝謝你，梅胡爾。大家下午好，感謝大家今天的參與。

Starting with slide 3 of the presentation, where we highlight our first quarter performance and progress. I'm pleased to report that the Carlisle team showed superb perseverance in driving our key initiatives in the first quarter of 2025, overcoming significant challenges and post-election turmoil to deliver solid results.

從簡報的第 3 張投影片開始，我們將重點放在第一季的業績和進展。我很高興地報告，卡萊爾團隊在 2025 年第一季推動我們的關鍵舉措時表現出了非凡的毅力，克服了重大挑戰和選舉後的動盪，取得了堅實的成果。

The first quarter challenges included the continued weakness in the residential construction markets, the negative impact of this winter's weather, especially in January and February and the significant economic uncertainty and instability created by the ongoing US tariff actions.

第一季的挑戰包括住宅建築市場的持續疲軟、今年冬季天氣（尤其是 1 月和 2 月）的負面影響以及美國持續的關稅行動造成的巨大經濟不確定性和不穩定性。

With tough year-over-year comparisons and with an ever-increasingly complex macroeconomic backdrop, revenue of $1.1 billion was essentially flat year-over-year. Diluted EPS for Q1 was $3.13 and adjusted EPS was $3.61. As anticipated and consistent with the trends we experienced as we exited 2024, the first quarter began with a slower start, primarily due to unfavorable weather conditions in January and February across many of our key markets. Fortunately, improved weather conditions in March and healthy reroofing activity helped to offset much of the unfavorable impact experienced in those first two months.

由於年比情況艱難且宏觀經濟背景日益複雜，11 億美元的營收與去年同期基本持平。第一季攤薄每股收益為3.13美元，調整後每股收益為3.61美元。如預期，且與我們2024年即將結束之際的趨勢一致，第一季開局放緩，主要原因是1月和2月我們許多主要市場的天氣狀況不佳。幸運的是，三月天氣狀況的改善和健康的屋頂翻修活動有助於抵消前兩個月所遭受的大部分不利影響。

In our CCM segment, in addition to the strong reroofing activity, Carlisle also benefited from our 2024 MTL acquisition. Both of these factors helped offset softer conditions in the new commercial construction activity, challenging prior year weather comps and as anticipated, low single-digit price declines in CCM. The ongoing strength in reroofing demand, which represents 70% of CCM's commercial business continues to be a key driver of our resilient performance, helping to offset the more negative macro environment.

在我們的 CCM 部門，除了強勁的屋頂翻修活動外，卡萊爾還受益於我們 2024 年的 MTL 收購。這兩個因素都有助於抵消新商業建築活動的疲軟條件、對去年同期天氣狀況的挑戰以及預期的 CCM 價格低個位數下跌。屋頂翻修需求持續強勁，佔 CCM 商業業務的 70%，這仍然是我們業績保持強勁的關鍵驅動力，有助於抵消更負面的宏觀環境的影響。

For CWT, we continue to face headwinds in residential end markets due to buyer uncertainty, affordability challenges, higher interest rates and lower housing turnover. As we've discussed previously, these residential market challenges were largely anticipated, impacted most market participants and are well understood. While we are optimistic that the underlying drivers of the residential end markets will ultimately bring significant growth and margin expansion in our CWT business.

對於 CWT 而言，由於買家的不確定性、負擔能力的挑戰、更高的利率和更低的房屋週轉率，我們在住宅終端市場繼續面臨阻力。正如我們之前所討論的，這些住宅市場挑戰在很大程度上是可以預見的，影響了大多數市場參與者，並且是眾所周知的。我們樂觀地認為，住宅終端市場的根本驅動力最終將為我們的 CWT 業務帶來顯著的成長和利潤率的擴大。

For now, we will continue to focus on areas in our control. We are making progress on many of our key investments in seeing gains in areas such as new product introductions and factory automation within CDT. These efforts are expected to provide $3 million to $4 million of incremental adjusted EBITDA per quarter starting this quarter, along with share gain initiatives.

目前，我們將繼續關注我們能夠控制的領域。我們在許多關鍵投資上都取得了進展，在 CDT 的新產品推出和工廠自動化等領域取得了收益。這些努力預計將從本季開始每季帶來 300 萬至 400 萬美元的增量調整後 EBITDA，同時帶來份額成長舉措。

When we look at pricing across both CCM and CWT, we experienced modest declines as expected during the quarter, with low single-digit price declines in both CCM and CWT. Based on the announced price increases and the start of the summer season, contractor expectations are that price increases will gain traction in the second quarter, and we expect year-over-year pricing to be neutral for both CCM and CWT in the second quarter.

當我們查看 CCM 和 CWT 的價格時，我們發現本季的價格出現了預期中的小幅下降，CCM 和 CWT 的價格均出現了低個位數下降。根據宣布的價格上漲和夏季的開始，承包商預計價格上漲將在第二季度獲得動力，我們預計第二季 CCM 和 CWT 的同比價格將保持中性。

Turning to the much discussed subject of tariffs. As we alluded to in the Q4 2024 earnings call, over 90% of our raw materials are sourced within North America. Additionally, many of our materials that are sourced from Mexico and Canada are covered by USMCA and are not subject to tariffs. Additionally, we import very little directly from China, approximately 5% of purchases. Because of Carlisle's predominantly North American sourcing position, we currently expect a negligible direct impact from tariffs in 2025.

談到備受討論的關稅話題。正如我們在 2024 年第四季財報電話會議上提到的那樣，我們 90% 以上的原料都來自北美。此外，我們的許多來自墨西哥和加拿大的材料都受到 USMCA 的保護，因此不受關稅約束。此外，我們從中國直接進口的量很少，約佔採購量的 5%。由於卡萊爾的採購主要在北美，我們目前預期 2025 年關稅的直接影響可以忽略不計。

Turning to the indirect impact to tariffs. The indirect impact is much more difficult to quantify and forecast due to the complexity and many moving parts involved. Nonetheless, the current indirect impact of tariffs is minor for Carlisle overall and should remain so for the rest of 2025.

談到對關稅的間接影響。由於涉及的複雜性和許多活動部件，間接影響更難以量化和預測。儘管如此，目前關稅對卡萊爾的間接影響總體較小，並且在 2025 年剩餘時間內應該會保持這種影響。

While the impact from tariffs, both direct and indirect may be limited, we do remain concerned that there may be unforeseen indirect consequences of the tariffs for our contractors, distributors and suppliers, along with the increased potential for a US recession, the longer these conditions remain unresolved and businesses remain uncertain about the future.

雖然關稅的直接和間接影響可能有限，但我們仍然擔心，關稅可能會對我們的承包商、分銷商和供應商產生無法預見的間接後果，而且這些情況得不到解決的時間越長，企業對未來的不確定性就越大，美國經濟衰退的可能性也就越大。

Nonetheless, we have increased conviction in our well-understood drivers to our businesses and our market intelligence, and we remain committed to our 2025 outlook. Our 2025 outlook is reinforced by the data from our latest Carlisle market survey conducted in early April. Feedback from those surveyed reinforces our positive outlook on the 2025 roofing season and our belief that commercial roofing volumes will be up low single digits.

儘管如此，我們對我們的業務和市場情報的充分理解的驅動因素更加有信心，並且我們仍然致力於我們的 2025 年展望。我們在 4 月初進行的最新卡萊爾市場調查的數據強化了我們對 2025 年的展望。受訪者的回饋強化了我們對 2025 年屋頂季節的正面展望，以及我們對商業屋頂銷售將成長個位數的信念。

This low single-digit increase will be more heavily weighted to reroofing the new construction demand, which we believe will be essentially flat for the full year. Additionally, pricing in our non-resi markets is showing signs of traction and our survey participants expect pricing to improve as the year progresses.

這一較低的個位數成長將更多地體現在翻修新建築的需求上，我們認為全年這一需求將基本持平。此外，非住宅市場的定價也顯示出上漲的跡象，我們的調查參與者預計隨著時間的推移，定價將會改善。

Consistent with what we experienced starting in the second quarter of 2024, 2025 full year residential volumes are expected to be down low single digits due to the continued negative impact of buyer uncertainty, affordability challenges, higher interest rates and lower housing turnover. Comments also suggest that inventory in the channel remains low by historical comparisons due to higher carrying costs and economic uncertainty.

與我們從 2024 年第二季度開始經歷的情況一致，由於買家不確定性、負擔能力挑戰、利率上升和住房週轉率下降的持續負面影響，預計 2025 年全年住宅銷量將下降個位數。評論還表明，由於持有成本較高和經濟不確定性，與歷史相比，通路庫存仍然較低。

During the quarter, we maintained our commitment to returning capital to our shareholders repurchasing 1.2 million shares for $400 million, bringing the total share repurchases since 2017 to $5 billion. Additionally, following the $1.6 billion in share repurchases in 2024, we now expect to deploy approximately $1 billion into share repurchases in 2025, an increase over our original projected share repurchases of $800 million.

本季度，我們履行了向股東返還資本的承諾，以 4 億美元回購了 120 萬股股票，使 2017 年以來的股票回購總額達到 50 億美元。此外，繼 2024 年回購 16 億美元股票後，我們預計 2025 年將回購約 10 億美元股票，高於我們最初預期的 8 億美元股票回購金額。

As a reminder, we also increased our dividend by 17.6% last August, our 48 consecutive year of increasing our dividends to our shareholders. These actions underscore our confidence in Carlisle's future growth prospects and our ability to generate significant free cash flow.

提醒一下，去年 8 月我們也將股利提高了 17.6%，這是我們連續第 48 年增加對股東的股利。這些舉措凸顯了我們對卡萊爾未來成長前景和創造大量自由現金流的能力的信心。

We believe our approach to capital allocation continues to be a source of competitive advantage. We are disciplined, have always been disciplined and will remain disciplined with an aim to keep our ROIC above 25%. Additionally, we will continue to allocate capital towards strategic M&A to enhance our leadership position within the building envelope, invest in our key strategic initiatives, and invest in significant capital expenditures to support growth, innovation and further operating efficiencies.

我們相信，我們的資本配置方法將繼續成為競爭優勢的來源。我們嚴守紀律，一直以來都嚴守紀律，並將繼續嚴守紀律，力爭將我們的投資資本回報率保持在 25% 以上。此外，我們將繼續向策略併購分配資金，以增強我們在建築領域內的領導地位，投資於我們的關鍵策略舉措，並投資於大量資本支出以支持成長、創新和進一步提高營運效率。

Touching on M&A for a moment. Our acquisition of MTL continues to exceed our expectations. We are on track to exceed $20 million of synergies well above our originally announced $13 million of synergies as the Carlisle integration playbook delivers substantial value through a disciplined approach.

暫時談談併購。我們對 MTL 的收購繼續超出我們的預期。由於卡萊爾整合計畫透過嚴謹的方法實現了巨大的價值，我們有望實現超過 2000 萬美元的協同效應，遠高於我們最初宣布的 1300 萬美元的協同效應。

Similarly, we are utilizing the same playbook on our integrations of both Plasti-Fab and ThermoFoam. ThermoFoam as a reminder, continues to build our vertically integrated expanded polystyrene capabilities and adds geographic coverage in Texas and the South Central United States.

同樣，我們在 Plasti-Fab 和 ThermoFoam 的整合中也採用了相同的策略。需要提醒的是，ThermoFoam 將繼續建造我們的垂直整​​合發泡聚苯乙烯產能，並擴大在德克薩斯州和美國中南部的地理覆蓋範圍。

Please turn to slide 4 as I discuss the strong structural trends that continue to support our businesses. Approximately 5.9 million buildings exist in the United States, according to the 2018 commercial building's energy consumption survey. Of those, roughly 70% of US nonresidential buildings are now over 25 years old and represent a significant pool of potential buildings requiring reroofing activity. Based on our internal data, more than 80% of reroofing permits come from buildings over 25 years old.

請翻到投影片 4，我將討論繼續支持我們業務的強勁結構性趨勢。根據2018年商業建築能源消耗調查，美國約有590萬棟建築。其中，約 70% 的美國非住宅建築已超過 25 年歷史，這意味著大量潛在建築需要重新進行屋頂翻修。根據我們的內部數據，超過 80% 的翻修屋頂許可證來自 25 年以上的建築。

This pool of potential reroofing demand creates a consistent and somewhat predictable demand pattern. That demand pattern is demonstrated in CCM sales data from 2008 to 2025. It is extremely important to remember, and I want to emphasize that Carlisle is an imperative business with a leading market share position in North America and what we believe is the world's best market for building products.

這種潛在的翻修屋頂需求形成了一致且某種程度上可預測的需求模式。2008 年至 2025 年的 CCM 銷售資料證明了這種需求模式。需要記住的是，我想強調的是，卡萊爾是一家重要的企業，在北美擁有領先的市場份額，我們認為北美是全球最好的建築產品市場。

By using the words imperative business, what we mean is that Carlisle provides key products and solutions to address a basic need of society, the need for buildings that protect and house us and are essential to our daily lives. Roofing, insulation and weatherproofing are largely nondiscretionary and necessary components of the built environment.

我們所說的「重要業務」是指卡萊爾提供關鍵產品和解決方案來滿足社會的基本需求，即對保護和安置我們、對我們的日常生活至關重要的建築的需求。屋頂、隔熱和防風雨基本上是建築環境中不可或缺的必要組成部分。

This fundamental need for our products and solutions, combined with our market-leading position, provides resilience for Carlisle even during periods of economic uncertainty. It's also important to recognize that many of these older buildings will undergo multiple reroofing cycles during their lifetime. Buildings over 35 years old or 55% of the building footprint in the US and require their second or often third roof replacement. And as the 30% of building is under 25 years old, steadily roll into our addressable reroofing market, they reinforce the expanding pipeline of recurring revenue for decades to come.

對我們的產品和解決方案的這種基本需求，加上我們的市場領先地位，使卡萊爾即使在經濟不確定時期也能保持韌性。還需要認識到的是，許多老建築在其使用壽命期間將經歷多次翻修屋頂的循環。超過 35 年歷史的建築物或占美國建築面積 55% 的建築物需要第二次或通常第三次更換屋頂。由於 30% 的建築年齡在 25 年以下，它們穩步進入我們可尋址的屋頂翻修市場，從而增強了未來幾十年不斷擴大的經常性收入管道。

Turning to slide 5. Beyond the dependable base of recurring reroofing projects, Carlisle is also benefiting from increasing revenue and profitability per square foot. This increased content is driven by several factors, stricter building codes, increasing energy efficiency regulations, more severe weather events leading to higher specification roofs and the growing adoption of 20-year warranties which require more comprehensive systems and materials.

翻到幻燈片 5。除了可靠的經常性翻修屋頂專案基礎之外，卡萊爾還受益於每平方英尺收入和獲利能力的提高。屋頂數量的增加是由多種因素造成的，包括更嚴格的建築規範、不斷增加的能源效率法規、更嚴重的天氣事件導致屋頂規格更高，以及 20 年保固期的日益普及，這需要更全面的系統和材料。

This trend of increasing content per square foot is not new to Carlisle. In fact, it is directly aligned with one of our key pillars of our Vision 2030 strategy, innovation. Innovation drives differentiated products by first understanding the job to be done and how we can provide a better solution based on strong voice of the customer content.

這種每平方英尺內容增加的趨勢對於卡萊爾來說並不新鮮。事實上，它與我們「2030願景」策略的關鍵支柱之一——創新直接相關。創新首先要了解要完成的工作以及如何根據客戶內容的強烈呼聲提供更好的解決方案，從而推動差異化產品的發展。

These products are then designed to create value for our customers. This results in creating a preference for Carlisle's products and solutions and allows us to price to that value and increase the dollar content per square foot when compared to existing products. The ability to better address customer needs and wants, in turn, enables Carlisle to capture a greater share of wallet and deliver superior margins.

這些產品的設計旨在為我們的客戶創造價值。這使得人們對卡萊爾的產品和解決方案產生了偏好，並使我們能夠根據該價值定價，並且與現有產品相比提高每平方英尺的美元含量。更好地滿足客戶需求和願望的能力反過來又使卡萊爾能夠獲得更大的市場份額並提供更高的利潤。

Our comprehensive warranties further enhance our ability to drive content growth. Carlisle warranties are a highly valued benefit desired by building owners who prefer complete system solutions rather than individual components. Over 80% of our warranties sold now have 20-year terms, up significantly from previous years. These market dynamics present tremendous opportunities for Carlisle. And we're strategically positioning our innovation capabilities and initiatives to capitalize on them.

我們全面的保證進一步增強了我們推動內容成長的能力。卡萊爾保固是那些喜歡完整系統解決方案而不是單一組件的建築物業主所期望的一項高度重視的福利。在我們銷售的保固產品中，超過 80% 的保固期為 20 年，與前幾年相比有大幅增加。這些市場動態為卡萊爾帶來了巨大的機會。我們正在策略性地定位我們的創新能力和舉措，以充分利用它們。

By developing products that deliver superior energy efficiency require less labor to install and enable us to sell more value-added solutions per square foot. We're directly addressing the key needs of building owners and contractors while driving our own growth and profitability.

透過開發具有卓越能源效率的產品，安裝所需的勞動力更少，並使我們能夠在每平方英尺的面積內銷售更多增值解決方案。我們直接滿足建築業主和承包商的關鍵需求，同時推動我們自身的成長和獲利能力。

Turning to slide 6. We remain committed to accelerating our innovation efforts to deliver margin enhancing, energy-efficient and labor-saving solutions for our customers. As outlined in our Vision 2030 strategy, we're investing significantly in R&D with our new state-of-the-art research and innovation center in Carlisle PA, representing a critical part of this commitment.

翻到幻燈片 6。我們將持續致力於加速創新力度，為客戶提供提高利潤、節能和節省勞力的解決方案。正如我們的「2030 願景」策略所述，我們將在賓州卡萊爾建立新的最先進的研究和創新中心，大力投資研發，這是這項承諾的關鍵部分。

We continue to focus our innovation pipeline on three key areas: evolutionary improvements to existing products, transformational new solutions and business life cycle innovations that enhance efficiency and reduce costs.

我們繼續將創新重點放在三個關鍵領域：對現有產品的革命性改進、變革性的新解決方案以及提高效率和降低成本的業務生命週期創新。

Our product development efforts are yielding positive results across both CCM and CWT segments with new products gain traction in the market. In prior calls, we've highlighted several recent product introductions, including Seam Shield, Blue Skin VP Tech and UltraTouch. All 3 rollouts are resonating with customers responding to their VOC stated needs, meeting our price-to-value objectives and are margin accretive to our portfolio.

我們的產品開發工作在 CCM 和 CWT 領域都取得了積極成果，新產品在市場上獲得了關注。在先前的電話會議中，我們重點介紹了幾款最新推出的產品，包括 Seam Shield、Blue Skin VP Tech 和 UltraTouch。所有 3 項產品的推出都引起了客戶的共鳴，滿足了他們的 VOC 需求，滿足了我們的價格價值目標，並增加了我們產品組合的利潤。

As we continue to work with customers to grow our pipeline innovation opportunities, we remain disciplined in our approach. Our rigorous underwriting process ensures that every R&D investment is aligned with our financial and strategic objectives to drive profitable growth and maximize returns.

在我們繼續與客戶合作以擴大我們的管道創新機會的同時，我們仍堅持嚴謹的方法。我們嚴格的核保流程確保每項研發投資都符合我們的財務和策略目標，以推動獲利成長並最大化回報。

Simply put, we built the right infrastructure to consistently bring margin-enhancing, energy-efficient and labor-saving solutions for our customers. Our innovation investments are a critical component of our Vision 2030 strategy, and we expect our efforts to contribute meaningfully to our goal of generating 25% of revenues from new products by 2030.

簡而言之，我們建立了正確的基礎設施，持續為我們的客戶提供提高利潤、節能和節省勞動力的解決方案。我們的創新投資是我們「2030 願景」策略的重要組成部分，我們希望我們的努力能為實現到 2030 年新產品創造 25% 收入的目標做出有意義的貢獻。

And with that, I'll turn it over to Kevin to provide additional financial details and color on our outlook for 2025. Kevin?

接下來，我將把時間交給凱文 (Kevin)，讓他提供更多財務細節以及我們對 2025 年前景的展望。凱文？

Thank you, Chris. Starting with slide 7, I'll review our first quarter 2025 financial results. In the first quarter, we delivered revenue of $1.1 billion, essentially flat compared to the first quarter of 2024. The acquisitions of MTL, Plasti-Fab and Thermofom contributed $50 million in the first quarter, however, were offset by a soft residential end market, unfavorable weather in 2025 compared to favorable weather in 2024 as well as lower pricing in the first quarter from carryover pricing from 2024.

謝謝你，克里斯。從第 7 張投影片開始，我將回顧我們 2025 年第一季的財務表現。第一季度，我們的營收為 11 億美元，與 2024 年第一季基本持平。MTL、Plasti-Fab 和 Thermofom 的收購在第一季度貢獻了 5000 萬美元，然而，疲軟的住宅終端市場、2025 年不利的天氣（與 2024 年有利的天氣相比）以及第一季度價格低於 2024 年的結轉價格抵消了這一貢獻。

Adjusted EBITDA margin for the quarter was 21.8%, down 240 basis points from the first quarter of 2024. Adjusted EPS was $3.61 and a 3% decrease from the prior year. The margin and EPS decline was due to a combination of lower volume in the quarter, negative price cost and investments in the business.

本季調整後的 EBITDA 利潤率為 21.8%，較 2024 年第一季下降 240 個基點。調整後的每股收益為 3.61 美元，較前一年下降 3%。利潤率和每股盈餘的下降是由於本季銷量下降、價格成本為負以及業務投資等多種因素造成的。

Turning to our segment performance, starting with CCM on slide 8. First quarter revenues were $799 million, up 2% year-over-year. The contribution from MTL was partially offset by a 1% decline in organic revenue. Revenue in the quarter was supported by recurring reroofing activity and customers accelerating approximately $15 million of orders to get ahead of anticipated tariff-related price increases. However, these increases were not enough to offset softer new commercial construction, prior year weather comps and lower carryover pricing from 2024.

談到我們的分部表現，從投影片 8 上的 CCM 開始。第一季營收為 7.99 億美元，年增 2%。MTL 的貢獻被有機收入 1% 的下降部分抵消。本季的收入得益於經常性的翻修屋頂活動以及客戶加速約 1500 萬美元的訂單以領先於預期的關稅相關價格上漲。然而，這些增長不足以抵消新商業建築疲軟、去年天氣狀況不佳以及 2024 年結轉價格下降的影響。

CCM's adjusted EBITDA was $217 million, down 5% compared to the first quarter of 2024 with an adjusted EBITDA margin of 27.1%, a decrease of 180 basis points year-over-year.

CCM 的調整後 EBITDA 為 2.17 億美元，與 2024 年第一季相比下降 5%，調整後的 EBITDA 利潤率為 27.1%，年減 180 個基點。

This margin compression was primarily due to lower carryover pricing and targeted investments in innovation and enhancement to the Carlisle experience. However, we continue to realize synergies from the MTL acquisition, which partially offset these headwinds.

利潤率壓縮主要是由於結轉定價較低以及針對創新和增強卡萊爾體驗的有針對性的投資。然而，我們繼續從 MTL 收購中實現協同效應，這部分抵消了這些不利因素。

Moving to slide 9 and our CWT segment. First quarter revenues were $297 million, down 5% compared to the prior year, with organic revenue declining by 12%. This decrease was primarily due to softer residential end markets impacted by affordability challenges, higher interest rates and lower housing turnover along with lower demand for roof coatings impacted by fewer rain events.

轉到投影片 9 和我們的 CWT 部分。第一季營收為 2.97 億美元，較前一年下降 5%，其中有機收入下降 12%。下降的主要原因是，受負擔能力挑戰、利率上升和住房週轉率下降的影響，住宅終端市場疲軟，以及降雨減少導致屋頂塗料需求下降。

CWT's adjusted EBITDA was $46 million, down 28% year-over-year with an adjusted EBITDA margin of 15.6%, a decrease of 510 basis points. This decline was a result of deleverage on lower revenue and negative price costs in the quarter. We remain confident in the investments we made, including our automation projects and share gain initiatives.

CWT 調整後的 EBITDA 為 4,600 萬美元，年減 28%，調整後的 EBITDA 利潤率為 15.6%，下降了 510 個基點。這一下降是由於本季收入下降和價格成本為負導致的去槓桿作用。我們對我們所做的投資仍然充滿信心，包括我們的自動化項目和份額成長計劃。

Our automation and factories, cross-selling initiatives in the retail chains, M&A synergies and new product introductions are all progressing well. They should deliver benefits starting in the second quarter and accelerate into the second half of 2025, positioning CWT for improved performance going forward.

我們的自動化和工廠、零售連鎖店的交叉銷售計劃、併購協同效應和新產品的推出都進展順利。它們應該從第二季開始帶來效益，並在 2025 年下半年加速成長，為 CWT 未來的業績提升做好準備。

Slide 10 provides our first quarter 2025 adjusted EPS bridge for your reference.

投影片 10 提供了我們 2025 年第一季調整後的 EPS 橋，供您參考。

Moving to slide 11. Our balance sheet remains strong with a net debt-to-EBITDA ratio of 1.2 times within our target range of 1 times to 2 times. We ended the quarter with $220 million in cash and $1 billion available under our revolving credit facility. The strong liquidity position provides us with ample flexibility to continue investing in our businesses while also returning capital to shareholders.

移至投影片 11。我們的資產負債表依然強勁，淨負債與 EBITDA 比率為 1.2 倍，在我們 1 倍至 2 倍的目標範圍內。本季末，我們擁有 2.2 億美元現金和 10 億美元循環信貸額度。強大的流動性狀況為我們提供了充足的靈活性，可以繼續投資我們的業務，同時向股東返還資本。

We maintain a balanced debt maturity schedule with a weighted average interest rate of 2.9% and a weighted average maturity of 4.8 years. Our EBITDA to interest ratio stands at 19.5 times reflecting our strong cash flow generation and modest debt levels.

我們維持平衡的債務到期計劃，加權平均利率為 2.9%，加權平均到期日為 4.8 年。我們的 EBITDA 與利息比率為 19.5 倍，反映了我們強勁的現金流量產生和適度的債務水準。

Turning to slide 12 and our cash flow performance. The first quarter is typically our lightest cash-generating quarter as we pay down liabilities that grow throughout the year like accrued customer rebates and employee incentive compensation and we temporarily deploy more cash into working capital to prepare for the construction season.

翻到第 12 張投影片，看看我們的現金流表現。第一季通常是我們現金流最弱的季度，因為我們要償還全年不斷增長的負債，例如累計客戶回饋和員工獎勵薪酬，我們暫時將更多現金投入營運資金，為施工季節做準備。

Cash generation this year was lighter than usual due to first quarter payments for higher year-end liabilities as well as the dynamics of the first quarter shipping pattern. January and February shipments were negatively impacted by weather and were followed by a very strong March, which shifted the time and cash provided by normal operating activities compared to the prior year.

由於第一季支付的年終債務較高以及第一季航運模式的動態變化，今年的現金產生量比往年少。一月和二月的出貨量受到天氣的負面影響，但三月的出貨量非常強勁，與前一年相比，正常經營活動所提供的時間和現金發生了變化。

This will correct itself in the second quarter, we expect to generate full year free cash flow of approximately $1 billion for 2025, providing us with the financial flexibility to pursue our balanced capital deployment strategy.

這將在第二季度得到糾正，我們預計 2025 年全年自由現金流將達到約 10 億美元，為我們提供財務靈活性以推行平衡的資本配置策略。

Looking ahead to our 2024 outlook on slide 13. We are reaffirming our expectations for mid-single-digit revenue growth for the full year with adjusted EBITDA margin expansion of approximately 50 basis points. While we continue to monitor the potential impacts of tariffs, interest rate movements and consumer behavior, we remain focused on executing Vision 2030 and delivering on our full year guidance.

展望第 13 張投影片中的 2024 年前景。我們重申對全年營收實現中等個位數成長的預期，調整後的 EBITDA 利潤率將擴大約 50 個基點。在我們繼續監控關稅、利率變動和消費者行為的潛在影響的同時，我們仍然專注於執行「2030願景」並實現全年預期。

For CCM, we expect mid-single-digit revenue growth driven by continued strength in reroofing activity and the full year benefit from the MTL acquisition. We anticipate expanding margins through price increases, volume leverage and operational efficiencies through the Carlisle Operating System.

對於 CCM，我們預計其收入將實現中等個位數成長，這得益於屋頂翻修活動的持續強勁以及 MTL 收購帶來的全年收益。我們預計，透過卡萊爾作業系統，利潤率將透過價格上漲、數量槓桿和營運效率提高而擴大。

The second quarter for CCM will reflect a negative impact of the estimated $15 million of revenue that positively impacted the first quarter from accelerated purchases ahead of anticipated tariff-related price increases. For CWT, we expect high single-digit revenue growth primarily driven by share gains and the full year impact of the Plasti-Fab and ThermoForm acquisitions.

CCM 第二季度將反映出預計 1500 萬美元收入的負面影響，而該收入因在預期的關稅相關價格上漲之前加速採購而對第一季度產生了積極影響。對於 CWT，我們預計其營收將實現高個位數成長，這主要得益於股價上漲以及 Plasti-Fab 和 ThermoForm 收購對全年的影響。

We anticipate margin improvements from acquisition synergies and the continued focus on the Carlisle Operating System, including the automation initiatives that we mentioned earlier. We expect total corporate and unallocated expenses of approximately $110 million for the full year.

我們預計，收購協同效應和對卡萊爾作業系統的持續關注（包括我們之前提到的自動化計畫）將提高利潤率。我們預計全年公司及未分配支出總額約為 1.1 億美元。

Capital expenditures are projected to be approximately $150 million with depreciation and amortization of around $200 million and net interest expense of approximately $50 million. We anticipate our base tax rate to be between 23% and 24%.

預計資本支出約 1.5 億美元，折舊和攤提約 2 億美元，淨利息支出約 5,000 萬美元。我們預計基準稅率在 23% 至 24% 之間。

Overall, we remain on track to deliver record adjusted EPS for the full year 2025, with growth expected to exceed 10% year-over-year. We also expect to maintain our ROIC above 25% and free cash flow margin above 15%.

總體而言，我們仍有望在 2025 年全年實現創紀錄的調整後每股收益，預計將年成長超過 10%。我們也希望將 ROIC 維持在 25% 以上，將自由現金流利潤率維持在 15% 以上。

Moving to slide 14. I want to emphasize that our Vision 2030 adjusted EPS target of $40-plus remains firmly on track. We have multiple paths to achieve an adjusted EPS growth rate in the mid-teens through 2030, backed by our target organic revenue CAGR of over 5%, consistent free cash flow margin above 15% and disciplined capital deployment.

移至投影片 14。我想強調的是，我們 2030 願景調整後的每股盈餘目標 40 美元以上仍保持穩定。我們有多種途徑實現到 2030 年調整後每股收益增長率達到十幾歲的水平，這得益於我們超過 5% 的目標有機收入複合年增長率、超過 15% 的持續自由現金流利潤率以及嚴格的資本配置。

Based on our Vision 2030 financial targets introduced in late 2023, we expect to generate cumulative free cash flow of more than $6 billion through 2030. This provides significant flexibility for share repurchases and accretive M&A representing a combination of organic and inorganic paths to achieve our EPS target. We have a proven track record of effectively deploying capital to drive shareholder value as evidenced by our robust share repurchase program and successful M&A playbook.

根據我們在 2023 年底推出的「2030 願景」財務目標，我們預計到 2030 年將產生超過 60 億美元的累積自由現金流。這為股票回購和增值併購提供了極大的靈活性，代表了實現每股盈餘目標的有機和無機途徑的結合。我們擁有有效部署資本以推動股東價值的良好記錄，這從我們強大的股票回購計劃和成功的併購策略中可見一斑。

In summary, while the first quarter presented some weather and market-related challenges, our underlying business fundamentals remain strong. We're confident in our ability to navigate the current market environment and continue delivering solid results for our shareholders in 2025 and beyond.

總而言之，儘管第一季出現了一些天氣和市場相關的挑戰，但我們的基本業務基礎仍然強勁。我們有信心應對當前的市場環境，並在 2025 年及以後繼續為股東帶來穩健的業績。

With that, I'll turn the call back to Chris for closing remarks.

說完這些，我將把電話轉回給克里斯，請他做最後發言。

Thank you, Kevin. In conclusion, we remain confident in our full year outlook and our progress towards our Vision 2030 goal of $40 of EPS and exceeding 25% ROIC. I would once again like to take this opportunity to thank all of our Carlisle employees for their exceptional efforts and perseverance throughout this complex quarter. Your dedication has been instrumental in delivering resilient results.

謝謝你，凱文。總之，我們對全年前景以及實現 2030 年願景目標（即每股收益 40 美元和投資資本回報率超過 25%）的進展充滿信心。我想再次藉此機會感謝所有卡萊爾員工在這個複雜的季度中所做的卓越努力和堅持不懈。您的奉獻精神對於持久成果起到了重要作用。

And thank you to all of you who are listening as well for your continued support and interest in Carlisle.

也感謝所有聽眾對卡萊爾的持續支持與關注。

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，我們現在可以回答問題了。

(Operator Instructions) Tim Wojs, Baird.

（操作員指示）Tim Wojs，Baird。

Maybe just kind of first on maybe the volume cadence within maybe CCM through the quarter and kind of into April. If you could just give us a little bit of color on that? And kind of what you're hearing from a season perspective from some of the contractors around things like backlog and stuff like that kind of heading into the busier season.

可能只是先了解整個季度以及 4 月份 CCM 內的交易量節奏。您能給我們稍微解釋一下嗎？從季節角度來看，您可能會聽到一些承包商談論諸如積壓訂單之類的事情，這些事情即將進入繁忙季節。

Tim, thanks. Interesting question. We had our Carlisle market survey. We tried to publish as much as we could about that to let you know what's happening there. I think we look at that. There's a good tone out in the market of optimism despite what we have seen in the press and that our contractor base is pretty optimistic. And the volumes seem to be building.

提姆，謝謝。有趣的問題。我們進行了卡萊爾市場調查。我們盡力發布盡可能多的相關信息，以便讓您了解那裡發生的事情。我想我們會考慮這一點。儘管我們在媒體上看到的情況和我們的承包商群體相當樂觀，但市場仍然充滿樂觀的氣氛。而且數量似乎還在增加。

When -- I was just in -- with about 125 contractors at one of the CDM signature events where they recognize contractors, and I was really surprised at how many people are optimistic about the construction season and the jobs are out there. Arguably, the new construction is a little bit less -- we are less optimistic about that, but I think we know the reasons why there, but the reroofing is strong as we go into the summer. Kevin will hit on the actual volumes a little bit as well.

當我剛剛與大約 125 名承包商一起參加 CDM 標誌性活動之一時，他們在活動中表彰承包商，我真的很驚訝有這麼多人對建築季節和工作機會感到樂觀。可以說，新建築的數量稍微少了一點——我們對此不太樂觀，但我認為我們知道其中的原因，但隨著進入夏季，屋頂翻修工程進展順利。凱文 (Kevin) 也會稍微談一下實際數量。

January and February started slow. Those were both challenged by weather was the biggest challenge in both those months. But then once we got to March, it really picked up. Part of that was making up for some of that weather days that were lost in the first couple of months of the year. So that picked up in March, and it continues into April. We're seeing favorable order patterns as we are three weeks into the second quarter. So that's been favorable.

一月和二月開始時發展緩慢。這兩個月都面臨天氣的挑戰，這是最大的挑戰。但到了三月份，情況才真正好轉。其中一部分是為了彌補今年頭幾個月失去的一些天氣狀況。因此，這種情況在三月開始回升，並持續到四月。進入第二季三週以來，我們看到了良好的訂單模式。這是有利的。

Okay. Okay. And then I guess just on the cost basket, has anything changed in terms of the composition of that? I think last quarter, you had kind of outlined that cost in CCM might be, call it, neutral-ish, plus or minus. I guess you've got some sourcing of maybe MDI from China. I guess, is that a headwind. How about like kind of TPO polymers, those types of things. I guess some of the underlying basket has changed at all and kind of what you're expecting now for the full year?

好的。好的。然後我想就成本籃而言，其組成方面有什麼變化嗎？我認為上個季度您已經概述了 CCM 中的成本可能是中性的，正或負。我猜你們可能從中國購買了一些 MDI。我猜，這是逆風吧。像 TPO 聚合物之類的東西怎麼樣？我想一些基礎籃子已經發生了變化，您對全年的預期是什麼？

Well, with respect to tariffs, Tim, we did say there was basically zero impact. And I want to hit tariffs first, and then Kevin can hit the underlying things. When we look at Q2 again, not much impact there. And three and four, it looks like there might not be as much impact there as well, but that's going to be pretty fluid. I think three and four, given when we see some the administration each day on what we're going to do with China and that.

嗯，關於關稅，蒂姆，我們確實說過影響基本上是零。我想先談關稅問題，然後凱文可以談一些基本問題。當我們再次審視第二季度時，並沒有太大的影響。第三和第四，看起來可能也不會有那麼大的影響，但這將會非常不穩定。我認為是第三和第四個，因為我們每天都會看到一些政府在談論我們將如何對待中國等等。

On MDI specifically, there really wasn't any impact in the change in the pricing basket in Q1. That gets locked in for 90 days. We had that, let's call it, an RFP in Q4, and that was for the first quarter. Locked in locked in Q1 -- or excuse me, Q2 at the end of March, slight increases, low single digit. And then Q3 gets locked in, in June.

具體來說，對於 MDI 而言，第一季定價籃子的變化實際上並沒有產生任何影響。鎖定期為 90 天。我們在第四季有一份 RFP，我們稱之為 RFP，這是針對第一季的。鎖定在第一季度——或者不好意思，是三月底的第二季度，略有增長，低個位數。然後第三季將在六月確定。

One of the impacts on MDI that I think if you take a look at those, is that there -- in addition to the tariffs, and one of the major producers of Chinese there. There's also the -- an antidumping case that BASF, I believe, and Dow brought against the imports. So we're getting a little bit of upward pricing pressure. And I would think that the all the industry participants would use that, and we would see some upward pricing pressure as we get through the year. But for us, through Q2, maybe a little impact, low single digits.

我認為，如果你看一下這些，你會發現對 MDI 的影響之一是——除了關稅之外，中國是那裡的主要生產商之一。我相信，還有巴斯夫和陶氏針對進口產品提起的反傾銷訴訟。因此，我們面臨一點價格上漲的壓力。我認為所有行業參與者都會利用這一點，隨著今年的到來，我們會看到一些上漲的價格壓力。但對我們來說，到第二季度，可能會有一點影響，低於個位數。

Tim, this is Kevin. On the raw materials for the year, we still expect them exclusive of any further tariff increases. We expect raw materials to be neutral for the year. First half, we'd say slightly positive in the first half of the year and then slightly negative in the second half of the year.

提姆，這是凱文。對於今年的原材料，我們仍然預計不會有任何進一步的關稅上調。我們預計今年的原物料價格將保持中性。上半年，我們認為上半年會略有積極，下半年會略為消極。

Susan Maklari, Goldman Sachs.

高盛的蘇珊馬克拉里 (Susan Maklari)。

My first question is you talked about the momentum that you're seeing on a lot of the new products and the innovation that you're bringing to the market in this kind of a macro environment, how are some of your customers thinking about the value that those offerings bring? And is that actually helping or perhaps offsetting any perhaps shift to some of the repair side versus a full replacement of the roof in this kind of an environment?

我的第一個問題是，您談到了在這種宏觀環境下您看到的許多新產品的勢頭以及您為市場帶來的創新，您的一些客戶如何看待這些產品帶來的價值？在這種環境下，這是否真的有助於或抵消部分修復工作與完全更換屋頂之間的差異？

I don't think that anybody is delaying a replacement if they need to do. It might be on the margin, but I think with most of our customers, they've been in the queue for a while. We -- I'll go back to the biggest constraint, I think, which is labor. We know labor-constrained. And so I think whether it's in resi or non-resi, if you're in the queue to get a roof done and you've been planning it and expecting it and getting anything arranged for, let's say, many months, if not a year, to delay it or to jump out of the queue, it might put you back so far that it's not -- it's not really viable.

我認為，如果需要的話，任何人都不會推遲更換。這可能只是邊緣問題，但我認為我們的大多數客戶都已經排隊一段時間了。我們——我想回到最大的限制因素，那就是勞動力。我們知道勞動力受限。所以我認為，無論是在住宅區還是非住宅區，如果你在排隊修屋頂，並且你一直在計劃、期待並安排好一切，比如說，幾個月甚至一年的時間，如果要推遲或跳出隊列，那麼可能會讓你落後太遠，以至於不可行——這實際上不可行。

So I think that bleeds into innovation and what we're seeing, and that is we're seeing a lot of people talking about labor efficiency, right? How can you get off the roof faster? How can we get more jobs done with the existing labor. And that manifests itself, and I think helps us to gain share and maintain share with the things we've done. Now arguably, most of our innovation has been around the Carlisle experience and delivering the right product at the right place, right time.

所以我認為這會影響創新以及我們所看到的，那就是我們看到很多人在談論勞動效率，對嗎？如何才能更快地從屋頂下來？我們如何利用現有的勞動力完成更多的工作。我認為這體現了我們自身的實力，有助於我們透過所做的事情獲得份額並保持份額。現在可以說，我們的大部分創新都圍繞著卡萊爾的經驗以及在正確的時間和地點提供正確的產品。

We also have a lot of work in operational improvements in innovation where we're producing, I think, a better product that has less quality defects and is going to be on the roof for longer and it's going to be a less of a hassle to put down. You can look at the 16-foot line, and it's just less labor and also less seams and less opportunity to leak.

我們在創新營運改進方面也做了很多工作，我認為我們正在生產出更好的產品，它有更少的品質缺陷，可以在屋頂上使用更長時間，而且拆卸起來也不會那麼麻煩。您可以看看 16 英尺長的生產線，它所需的勞動力更少，接縫也更少，洩漏的機會也更少。

And then I think the one we're really working on is this hard core innovation around new products that will be game changing, like, let's say, doubling our value of insulation or something like that, where we can get the same more value with half the content on the roof, which means you need the people to -- that you have on a job site to take it up. But I think right now, people are concentrating on that. They're looking at AI solutions.

然後我認為我們真正致力於的是圍繞新產品的硬核創新，這些創新將改變遊戲規則，比如說，將我們的隔熱價值翻一番或類似的東西，我們可以用屋頂上一半的內容獲得相同的價值，這意味著你需要在工作現場的人來承擔這項工作。但我認為現在人們正集中精力於此。他們正在尋找人工智慧解決方案。

I think contractors are looking at ways they can interface with their manufacturers quicker and back office operations. So it's all out there. I think what we talk about most of all is on the product side, and we tend to exact all the improvements we've made on the customer experience side and on the operational side, but they're all meaningful.

我認為承包商正在尋找能夠更快地與製造商對接並進行後台操作的方法。所以一切都在那裡。我認為我們談論最多的是在產品方面，我們傾向於在客戶體驗方面和營運方面做出所有改進，但它們都是有意義的。

Yes. Okay. That's really helpful. And then maybe switching to the cash generation of the business. When you think about the changes that have come through in the profile and the businesses that you're in today, how do you think about your ability to generate really strong cash and positive free cash flow, even if the macro does further weaken in there?

是的。好的。這真的很有幫助。然後也許轉向業務的現金創造。當您考慮到公司概況和目前所從事的業務中發生的變化時，您如何看待自己產生真正強勁的現金和正自由現金流的能力，即使宏觀經濟進一步減弱？

I know you reiterated your guide for this year, but can you just talk about some of those levers that you can pull? And how we should think about what this business can do, even if things don't turn out as we currently anticipate.

我知道您重申了今年的指導方針，但您能否談談您可以採取的一些措施？以及我們應該如何思考這項業務可以做些什麼，即使事情沒有像我們目前預期的那樣發展。

Yes. So what we've seen in past years when we've had any dips in revenue, we end up having really good cash flow years. If you go back, you can go back to 2008 and see when the dip in the revenue was then and we had excellent cash flow generation, a lot of it because we're bringing down working capital and get that benefit. So not something we're looking to have happened. But if it did happen, that's where we're pretty strong on the cash flow side.

是的。因此，我們看到過去幾年裡，當我們的收入下降時，我們的現金流最終都會非常好。如果你回顧一下，你可以回到 2008 年，看看當時收入下降的情況，我們擁有出色的現金流產生能力，其中很大一部分是因為我們降低了營運資本並獲得了收益。所以這不是我們所希望發生的事情。但如果確實發生了，那麼我們的現金流就會相當強勁。

Our business hasn't changed that much from 2008 now when you take out nonbuilding products companies. So just talking about where we are today with building products, we're confident that we'll be able to generate this positive cash flow this year.

如果除去非建築產品公司，我們的業務與 2008 年相比並沒有太大變化。因此，僅談論我們目前在建築產品方面的狀況，我們相信今年我們將能夠產生正現金流。

We're looking at they have 15% of sales, so about $1 billion of free cash flow and really don't have concerns on that even if there was that dip in revenue because of what we can do on the working capital side. Longer term when we look at Vision 2030. So through that period, we're expecting to generate $6 billion of free cash flow between now and then.

我們看到他們有 15% 的銷售額，也就是大約 10 億美元的自由現金流，即使收入下降我們也不必擔心，因為我們可以在營運資金方面做些什麼。當我們展望 2030 願景時，我們會看得更長遠。因此，我們預計在此期間將產生 60 億美元的自由現金流。

Bryan Blair, Oppenheimer.

布萊恩布萊爾，奧本海默。

You mentioned pricing being roughly neutral for Q2 and full year cost being neutral-ish given our reads a bit more accommodated than that. I'm just curious how team is thinking about Q2 price cost and then the phasing for the full year.

您提到，第二季的定價大致中性，而全年成本也基本上是中性，因為我們的解讀比這更寬鬆。我只是好奇團隊如何考慮第二季的價格成本以及全年的分階段措施。

Yes. As we look at Q2, we think both price and cost will basically be neutral and then second half of the year consistent with what we're thinking on our year-end call is that we see pricing up low single digits in the second half of the year. And that -- and with the raw material costs being neutral, we're seeing a positive 1% on the year from price cost.

是的。當我們展望第二季度時，我們認為價格和成本基本上都是中性的，而下半年的情況與我們在年終電話會議上的想法一致，即我們預計下半年價格將上漲個位數。而且 — — 由於原料成本保持中性，我們看到今年的價格成本將上漲 1%。

Okay. Fair enough. MTL updates have been very consistently positive. We knew that was a really good asset that you guys acquired and clearly synergistic with your metals platform, with the updates have been, I guess, exceedingly positive.

好的。很公平。MTL 更新一直非常積極。我們知道你們獲得的是一筆非常好的資產，並且與你們的金屬平台有明顯的協同作用，而且我認為更新非常積極。

Just curious if you're willing to speak to revenue run rates, current margin where you now see that business over the next couple of years in terms of financial contribution. And then a quick follow-up just how the M&A pipeline is looking given the uncertainty of the macro backdrop, how that is -- play that for that?

我只是好奇您是否願意談談收入運行率、當前利潤率以及您現在對該業務在未來幾年的財務貢獻的看法。然後快速跟進一下，鑑於宏觀背景的不確定性，併購管道看起來如何，這是如何進行的？

Yes. Brian, I'll try to give you the MTL thing. Extremely pleased with the MTL team without the integration went. Our team that worked on the integration, as you know, I think the last couple of weeks -- we've exceeded our expectations, our deal model expectations. MTL is no different.

是的。布萊恩，我會嘗試給你 MTL 的東西。對沒有進行整合的 MTL 團隊感到非常滿意。如您所知，我們負責整合的團隊在過去幾週內已經超出了我們的預期，超出了我們的交易模式預期。MTL 也不例外。

But the team there have a lot of confidence in the team. Tony -- who ran MTL before is taking over the metal business. So we had that change. We've had some people from within Carlisle, some experts in both the market side, the customer service side and operations side come in and augment Tony's already good team.

但那裡的球隊對這支球隊很有信心。之前負責 MTL 業務的 Tony 正在接手金屬業務。所以我們就做出了這樣的改變。我們從卡萊爾內部邀請了一些人員，包括市場方面、客戶服務方面和營運方面的一些專家，來增強托尼原本就很優秀的團隊。

So we're doing things like spreading COS into the culture, and it's being well received. We've got a safety culture that we take great pride in, and you know the results there. I think we're in the upper probably 15%, 10% of manufacturing companies, and we're spreading that in there, again, well received.

因此，我們正在做一些事情，例如將 COS 傳播到文化中，並且受到了好評。我們擁有引以為傲的安全文化，而且您也知道其成果。我認為我們大概處於製造公司中的前 15% 到 10%，而且我們正在向這些公司推廣，再次獲得了好評。

What's been really need to see is the collaboration. We've got a couple of projects recently that Tony's team has led where they're bringing in other Carlisle products, both Henry and CCM products, and we're putting packages together that are getting into the specification and are creating that solution that we talk so much about that's going to give us additional stickiness, give us some probably better margin profiles, new customers. So that's going well.

真正需要看到的是合作。我們最近有幾個由 Tony 的團隊領導的項目，他們引入了其他 Carlisle 產品，包括 Henry 和 CCM 產品，我們正在將符合規範的軟體包組合在一起，並創建我們經常討論的解決方案，這將為我們提供額外的黏性，為我們提供更好的利潤率，並為新客戶帶來好處。一切進展順利。

We're also seeing MTL continually increase their integration with CCM. So one of the things we did not have in our portfolio is what we would put on our roots for CCM, the edge metal was well, it might have been MTL, but it wasn't ours. Now MTL is working with CCM to get that in the spec. We're making good progress on that.

我們也看到 MTL 不斷加強與 CCM 的整合。因此，我們的投資組合中缺少的其中一項就是我們會為 CCM 注入的根基，邊緣金屬很好，它可能是 MTL，但它不是我們的。現在 MTL 正在與 CCM 合作將其納入規格。我們在這方面取得了良好的進展。

Obviously, we can do it pretty easily with the architect. We have to make sure our contractors are pulled along as well, and it works for them, but making great strides in there. The MTL team continues to innovate. That was one of the big strengths of MTL was they had something like 30-plus patents, which we haven't seen in the metal business before. So that's going well.

顯然，我們可以與建築師一起輕鬆完成這項工作。我們必須確保我們的承包商也能參與其中，這對他們有用，而且能取得長足進步。MTL團隊不斷創新。MTL 的一大優勢是他們擁有 30 多項專利，這在金屬行業以前是從未見過的。一切進展順利。

And we're leveraging our Peterson and Drexel metal businesses that started this off. Drexel Metals business started it all off a couple of years ago. And so things are good. I would imagine we will continue to expand that portfolio. There are many other opportunities in architectural metals that we can -- especially on the commercial side of the side, the -- metal building panels, roofing, things like that, that I think Tony and the team will continue to expand in and we'll leverage both the Henry business and the CCM business to continue to further that.

我們正在利用 Peterson 和 Drexel 金屬業務來啟動這項計畫。德雷克塞爾金屬公司幾年前就開始了這項業務。所以一切都很好。我想我們會繼續擴大該投資組合。我們在建築金屬領域還有很多其他機會，特別是在商業方面，例如金屬建築面板、屋頂等等，我認為 Tony 和團隊將繼續擴大這些領域，我們將利用 Henry 業務和 CCM 業務繼續推進這一領域。

The M&A pipeline has been good. We're getting -- we had, I would say, looks at deals and some at various stages, but I would say that the uncertainty created by some of the actions taken over the last few months has made it a little bit more difficult to make things progress.

併購通路一直很好。我想說，我們正在研究一些處於不同階段的交易，但我想說，過去幾個月採取的一些行動所造成的不確定性使事情的進展變得更加困難。

I think there's obviously some disconnect there on risk that buyers probably don't want to include in their offer or may reduce it that sellers don't want to have happen. So that happens. And then there's just the whole idea of how do you project your returns going out if indeed tariffs stay in place or they don't stay in place.

我認為，顯然存在一些風險脫節，買家可能不想在報價中包含這些風險，或者可能會降低賣家不希望發生的風險。事情就是這樣的。然後還有一個問題：如果關稅確實保持不變或不保持不變，你如何預測你的回報。

So when we look at these deal models, I think it's hard for the two parties to get together. And I would expect, though, that when this stuff gets resolved, which it will. We're confident of that. We get some certainty. A lot of these deals will come to market there.

因此，當我們審視這些交易模式時，我認為雙方很難達成一致。但我希望，當這個問題得到解決時，它就會得到解決。我們對此充滿信心。我們得到了一些確定性。許多此類交易將在那裡上市。

Yes. Very helpful color on MTL. And all on the deal environment and understood on that front.

是的。MTL 上非常有用的顏色。所有這些都與交易環境有關，並且在這方面有所了解。

Garik Shmois, Loop Capital Markets.

Garik Shmois，Loop Capital Markets。

Just wanted to follow up on the comment around the $15 million of pre-buying that you saw in the first quarter. I just wanted to get your observation of whether or not you consider that normal level of prebuying? Or are you seeing anything unusual just given the strength in March and April to far? And then maybe some color on how inventories are distribution.

我只是想跟進一下您在第一季看到的有關 1500 萬美元預購的評論。我只是想了解您的觀察，您是否認為這是正常的預購水準？或者您是否看到了任何異常情況，因為三月和四月的強度太高了？然後也許可以介紹一下庫存如何分配。

I would say the pre-buy is really related to -- I mean, isolated to Canada for the most part. I'm sure there's somebody could find, there's $1 somewhere that wasn't. But most of it was Canada. And I think that the impact was pretty minimal. I mean we had no issue supplying it.

我想說的是，預購確實與——我的意思是，大部分與加拿大有關。我確信有人能找到，在某個地方有 1 美元不見了。但其中大部分是加拿大。我認為其影響非常小。我的意思是我們在供應它方面沒有任何問題。

We understood the rationale for doing it. I don't think it will be a meaningful impact as we go forward. It might be a little bit of an impact couple of pennies or something in Q2, but it's not going to disturb anything happening in a major way.

我們理解這樣做的理由。我認為這不會對我們未來產生重大影響。這可能會對第二季的幾分錢或其他事情產生一點影響，但不會對任何正在發生的事情造成重大影響。

Yes. I can't remember your -- second part of your question. I apologize. You asked me about...?

是的。我不記得你的問題的第二部分了。我很抱歉。你問我關於…的事？

Yes, it was just on inventories.

是的，只是庫存問題。

Yes, of course. Yes. inventories, I mean, we said it in our current market survey, we thought inventories were still fairly light. That had been an assumption we had coming into the year. I think one of the things we communicated was that if inventory stayed light and we had a fairly good roofing season, it would be beneficial to pricing and some other things as well.

是的當然。是的，庫存，我的意思是，我們在目前的市場調查中說過，我們認為庫存仍然相當少。這是我們今年初做出的假設。我認為我們傳達的訊息之一是，如果庫存保持較少，並且我們有一個相當好的屋頂季節，這將有利於定價和其他一些事情。

And in fact, we were going to build a bit of inventory going into the seats and to make sure we could address we thought was going to be a pretty decent season, which is turning out as we -- March and April are turning out to be pretty good.

事實上，我們打算建立一些庫存來購買座位，以確保我們能夠應對我們認為會是一個相當不錯的季節，事實證明，三月和四月的表現相當不錯。

So I would say there's still some lightness of inventory in the channel, is the interest rates and some uncertainty as well as the big thing that Bill has really talked about at least as its impact on inventories, the QXO deal in Beacon. Beacon is a major distributor in the country, and I can't imagine that during lead up to an acquisition, you're building inventory, I think you're trying to probably keep it as clean as you can and then we'll see what happens after the deal closes.

因此我想說的是，渠道中的庫存仍然有些緊張，包括利率和一些不確定性，以及比爾真正談到的至少對庫存影響的大事，即 Beacon 的 QXO 交易。Beacon 是該國的主要分銷商，我無法想像在收購之前你會建立庫存，我認為你可能會盡可能保持庫存清潔，然後我們再看看交易結束後會發生什麼。

But I would say, in general, inventory is probably where it was in the first quarter to quarter and people are wary and they're thinking about the carrying cost and working capital associated with higher levels of inventory. And certainly, you don't want to sit on if the season doesn't turn out to be what you thought it was.

但我想說，總體而言，庫存可能與第一季的水準相當，人們保持警惕，並考慮與更高庫存水準相關的持有成本和營運資本。當然，如果這個賽季的結果不如你所想，你肯定不想袖手旁觀。

Okay. That's super helpful. Just my follow-up question is just on the cost basket, specifically related to non-North America costs and MDI specifically -- just we're getting to a ton of questions on MDI. And I'm just wondering how you're thinking about sourcing and if you're looking to move your supplier base away from China and just kind of any mitigation efforts that you're planning on coming in place?

好的。這非常有幫助。我的後續問題是關於成本籃，特別是與非北美成本和 MDI 相關——我們收到了很多關於 MDI 的問題。我只是想知道您是如何考慮採購的，以及您是否希望將您的供應商基地遷出中國，以及您計劃採取什麼緩解措施？

Yes, I don't think our strategy is changing much. I mean we've always had a pretty, I would say, competitive RFP process. Our purchasing team does a great job. We've been a big supply -- our big -- excuse me, purchaser of MDI for a long time. We have good relationships with all the major manufacturers.

是的，我認為我們的策略不會有太大改變。我的意思是，我們一直有一個相當有競爭力的 RFP 流程。我們的採購團隊做得非常好。長期以來，我們一直是 MDI 的主要供應商——對不起，是 MDI 的主要購買者。我們與所有主要製造商都保持著良好的關係。

They do move around from time to time. But I would also say you get in formulation embedded in what you're producing in the factory and there is some stickiness there that you're not are inclined to change. I mean we can't change and we do when we need to, but I think the team is a good job of balancing that.

它們確實會時不時地四處走動。但我也想說，你會把配方嵌入到你在工廠生產的產品中，並且會有一些黏性，你不願意改變。我的意思是我們不能改變，我們只有在需要的時候才會改變，但我認為團隊在平衡這一點上做得很好。

So as I explained earlier, really, because we're doing this in 90-day blocks, for us, I'd say with what we're seeing in terms of potential price increases, we'll probably stick to our strategy. But that doesn't mean that if things change, we won't take action. We always think of these things in a couple of ways, right, probably three ways. When you have this happen, is it temporary? Do you pass it through or do; two not do anything, just absorb it a margin; or three, do you make a transition to a new supplier and move it around.

正如我之前解釋的那樣，因為我們是以 90 天為一個時間段來執行此操作的，所以對於我們來說，根據我們所看到的潛在價格上漲情況，我們可能會堅持我們的策略。但這並不意味著如果情況發生變化，我們就不會採取行動。我們總是從幾個方面來思考這些事情，對吧，大概是三個面向。當發生這種情況時，它是暫時的嗎？您是將其傳遞出去還是採取其他措施；二是不採取任何措施，只是吸收一部分利潤；三，您是否轉向新的供應商並將其轉移。

And so we have those options, and I think we're in a good position. Like I said, I think our team has always done a good job of keeping us in supply of MDI, not having any shortages. We're able to fulfill our obligations to our customers and at the same time, producing what I think is probably the -- we probably buy one of the lowest costs in the industry.

所以我們有這些選擇，我認為我們處於有利地位。正如我所說，我認為我們的團隊一直很好地保證了我們的 MDI 供應，沒有任何短缺。我們能夠履行對客戶的義務，同時生產我認為可能是——我們可能是業內成本最低的產品之一。

Adam Baumgarten, Zelman & Associates.

亞當‧鮑姆加滕 (Adam Baumgarten)，澤爾曼與合夥人公司。

Just on the maintained guidance for the year, just have implied a decent step up on a year-over-year basis for revenue growth and EBITDA margin expansion to get to that target. I guess, how much visibility do you have to that improvement? And maybe more specifically on the CWT organic growth and just margins across both businesses?

僅就今年維持的指導方針而言，就意味著收入成長和 EBITDA 利潤率擴張將同比大幅提升，以達到該目標。我猜，你對這種改進有多認識？也許更具體地說，是關於 CWT 的有機成長和兩家企業的利潤率？

Yes. As we look at the range we put out there, I mean, we do mid-single-digit revenue growth, approximately 50 basis points of improvement on EBITDA as we went into the year, we were probably on the higher end of those ranges and now we're probably at the lower end of those ranges, but we're still confident in those numbers overall as we look at the individual businesses, yet we see CCM for sure, at that 50 basis points of improvement, they do need the pricing in the second half of the year to happen CWT.

是的。當我們查看我們提出的範圍時，我的意思是，我們的收入實現了中等個位數增長，EBITDA 實現了約 50 個基點的提高，進入今年以來，我們可能處於這些範圍的高端，現在我們可能處於這些範圍的低端，但當我們查看各個業務時，我們仍然對這些數字充滿信心，但我們確信，在 50 個基點的定價下，40 個基

We think we'll be back in that 22% range starting in Q2 and through the balance of the year. So showing improvement in that business as well for the full year. And then overall, on a consolidated basis, looking at that 50 basis points of improvement.

我們認為，從第二季開始並在今年餘下時間裡，我們的成長率將回到 22% 左右。因此，全年該業務也呈現改善趨勢。然後總體而言，從合併的基礎來看，改善了 50 個基點。

David McGregor, Longbow Research.

大衛麥格雷戈，長弓研究公司。

Just to stay on that last question -- I hope everything is going well with you guys. I want to stay on that last question. And specifically with respect to CWT, you're guiding to up high single digits. When we talked last quarter's call, you were expecting that residential markets which show moderate and half recovery. Is that still the expectation or what's changing in terms of the composition of the expectations that leave the guidance change?

繼續回答最後一個問題——我希望你們一切順利。我想繼續回答最後一個問題。具體來說，就 CWT 而言，您指導的是高個位數。當我們談到上個季度的電話會議時，您預計住宅市場將出現溫和且半復甦。這仍然是預期嗎？或者就導致指導發生變化的預期組成而言，發生了什麼變化？

Yes. We look at the business overall, we have new first half of the year, we would have new on the resi side, down mid-single digits second half of your obviously much harder to predict on it, flat to up low single digits overall, down low single digits for the new resi R&R. When we look at that on the resi side, down the single digits first half of the year. We have in the second half of the year to low single digits, which makes it flat for the year.

是的。我們來看看整體業務，我們有今年上半年的新業務，在住宅方面，下半年將出現中等個位數的下降，顯然更難預測，總體上持平或上升低個位數，新住宅 R&R 將出現低個位數的下降。當我們從住宅方面來看時，今年上半年的降幅為個位數。下半年我們的銷售額將達到個位數的低位，這使得全年的銷售額持平。

So R&R looking flat, new being down. And as we look at commercial, on the reroofing side on commercial is up mid-single digits for the full year, each of the quarters. And then on commercial, we have that down low single digits first half of the year and up low singles in the second half of the year is flat for the year.

因此 R&R 看起來持平，新品正在下降。從商業角度來看，商業屋頂翻修業務全年、每季都實現了中等個位數的成長。然後在商業方面，我們發現上半年商業收入下降了個位數，下半年商業收入上升了個位數，全年持平。

And David, I think there's a couple of other things that should help us as we move through the year. Ultra Touch, which we've been talking about, continues to expand its presence resignation and our relationship with the major retailer. We have some other things, VP Tech that's taking hold. All these are labor reducing and more I would call efficient from an ROIC perspective. that's been good.

大衛，我認為，在這一年中，還有一些其他的事情應該會對我們有所幫助。我們一直在談論的 Ultra Touch 繼續擴大其影響力以及與主要零售商的關係。我們還有一些其他的事情，技術副總裁正在處理。所有這些都減少了勞動力，而且從投資回報率的角度來看，我認為它們更有效率。這很好。

We continue to make some channel gains as the team expanded EPS, expanded polystyrene footprint. We've got obviously the addition of Plasti-Fab and Thermoform that once we get through the integration, they should pick up speed. And they have some sales synergies there, some things in Canada that Glass team can work on. I hopefully show some results as the US team helps them with their relationships up there.

隨著團隊擴大 EPS、擴大聚苯乙烯足跡，我們繼續獲得一些通路效益。顯然，我們已經增加了 Plasti-Fab 和 Thermoform，一旦我們完成整合，它們就會加快速度。他們在那裡有一些銷售協同效應，Glass 團隊可以在加拿大進行一些工作。我希望能取得一些成果，因為美國隊幫助他們改善那裡的關係。

So we've got some good things there. Weather is another one. Mehul educates Kevin and I on how dry weather is great for CCM, but it may not be great for roof coatings, where you need rainy weather for people to identify that they have a roof leakage problem on the resi side and then they had to one of the major pick up the Henry product. And we know we've had some dry weather. Obviously, it's been helping CCM but it hasn't been helping CWT on that side.

所以我們在那裡得到了一些好東西。天氣是另一個原因。Mehul 告訴我 Kevin 和我，乾燥的天氣對 CCM 來說非常好，但對屋頂塗層來說可能不是很好，因為需要下雨的天氣才能讓人們發現他們的屋頂在住宅區有漏水問題，然後他們就必須選擇 Henry 的產品。我們知道我們遇到了一些乾燥的天氣。顯然，它一直在幫助 CCM，但並沒有幫助 CWT。

And we also think that when there's that extended period, it usually takes about four to six months for that to recover, which -- with what we see and puts us into that second half. So there are some positives in the second half, and then we have the normal things we're doing around automation in the factories we've got projects like the Kingman project I talked about, that's a full factory automation project underway right now that will also have some impact on margins.

我們還認為，當出現這一延長期時，通常需要大約四到六個月的時間才能恢復，根據我們所看到的情況，這將使我們進入下半場。因此，下半年會有一些積極的跡象，然後我們會在工廠自動化方面做一些正常的事情，我們有像我談到的金曼項目這樣的項目，這是一個目前正在進行的全面工廠自動化項目，它也會對利潤率產生一些影響。

So Yes, we're a little bit more positive as go along. It's been three years, I think, since we've had Henry and the team has come in and we continue to find things for them to work on. And even they're being pulled down pretty remarkably in a lot of ways with negative energy in the resi markets.

是的，我們進展得更積極一些。我想，自從亨利和團隊加入以來已經三年了，我們一直在為他們尋找工作。甚至它們在許多方面都因房地產市場的負能量而受到顯著拖累。

The team is pretty resilient. They keep making a lot of progress on new product development and other things. So hopefully, their initiatives will pay off and we think they gain momentum through the year.

這支球隊非常有韌性。他們在新產品開發和其他方面不斷取得很大進展。因此，我們希望他們的舉措能夠獲得回報，並且我們相信他們在今年會獲得更大的發展動力。

Got it. That's helpful. And then I guess a follow-up question. I was hoping within the context of that mid-single-digit growth guide that you're providing for the year. you could just talk about membrane versus polyiso and what you're seeing in terms of market dynamics and how you're expecting each of those to contribute to that mid-single-digit number.

知道了。這很有幫助。然後我想問一個後續問題。我希望在您提供的今年中等個位數成長指南的背景下。您可以談談膜與聚異氰酸酯的比較，以及您在市場動態方面所看到的，以及您預計它們將如何為中等個位數的成長做出貢獻。

Yes. We don't really break that out, David, going through it. I mean we do Polyhas been growing faster than the membrane has just from the more energy-efficient buildings and putting more Poly, so on each of the jobs, and that's when we look at price per square foot on a content for each of our jobs. That's been going up, and that's really been driven by a polyiso piece of it, but breaking out the individual revenue growth numbers. We haven't put that part out.

是的。大衛，我們並沒有真正打破這個僵局，也沒有真正經歷過這件事。我的意思是，我們所做的 Poly 的增長速度比膜的增長速度要快，這得益於更節能的建築和在每項工作中投入更多的 Poly，那時我們會查看每項工作中每平方英尺的價格。這一數字一直在上升，這實際上是由聚異戊二烯部分推動的，但要細分單一收入成長數字。我們還沒有把那部分放出來。

[There's anyway] you could talk about market conditions there? Any kind of general commentary?

[無論如何]您可以談談那裡的市場狀況嗎？有任何一般性評論嗎？

General commentary on the different product categories. Yes. I mean I think if we go through the big ones, at least, in CCM. Mehul can talk on CWT. But I mean in CCM and our product categories you look at EPDM. I still think EPDM is a great solution. We're seeing that despite what people talked about years ago that EPDM was going to be replaced by PVC and poly and TPO. We haven't seen that. We've seen EPDM continue to have a real submarket presence. And in fact, I would just say we've seen some positive growth there here in Q1.

不同產品類別的一般評論。是的。我的意思是，我認為如果我們至少在 CCM 中經歷大事。Mehul 可以在 CWT 上發言。但我的意思是在 CCM 和我們的產品類別中你會看到 EPDM。我仍然認為 EPDM 是一個很好的解決方案。我們看到，儘管人們多年前就談論過 EPDM 將被 PVC、聚乙烯和 TPO 取代。我們還沒見過這種情況。我們已經看到 EPDM 繼續在子市場中佔據真正的地位。事實上，我想說我們在第一季看到了一些積極的成長。

TPO continues to be a big solution of choice for people. It's reflective. We get a lot of positive share and gains against modified (technical difficulty) in the south where you get the reflectivity and obviously, the insulation properties from the polysome. Kevin mentioned how polyiso is growing.

TPO 繼續成為人們的首選解決方案。它具有反射性。我們在南方獲得了很多積極的份額和收益，在那裡你可以獲得反射率，顯然還有多聚核醣體的絕緣性能。凱文 (Kevin) 提到了聚異戊二烯 (polyiso) 的生長情況。

PBC has been a nice grower for us. It serves a certain part of the market. When we look at our Architectural Metals business, again, that is growing at a nice clip and people like the recyclability of metal, the ability, the ability to use colors, the ability to produce a different architecture look to the to the business.

PBC 對我們來說是一個很好的成長者。它服務於某一特定部分市場。當我們再次審視我們的建築金屬業務時，我們發現它正在以良好的速度成長，人們喜歡金屬的可回收性、使用顏色的能力、以及為企業帶來不同建築外觀的能力。

So I think on the CCM side, it's really been a positive story in all the categories. And our job here on innovation is continue to innovate and add to that category. I think what we really like to see is in five years, we have another roofing membrane we can talk about with some pretty remarkable benefits, whether they be labor savings or energy efficiency.

因此我認為從 CCM 方面來看，所有類別都呈現正態勢。我們在創新方面的工作就是繼續創新並擴大這個類別。我認為我們真正希望看到的是，五年後，我們將擁有另一種屋頂膜，它具有一些非常顯著的優勢，無論是節省勞動力還是提高能源效率。

And obviously, polyiso is something that is a great insulated product, but we'd like to see another product category that perhaps has, let's say, 2 times the value of polyisone has some other benefits, whether it's enhance flame retardancy or something like that. So do you want to talk a little bit about product categories in --

顯然，聚異氰酸酯是一種很好的絕緣產品，但我們希望看到另一種產品類別，其價值可能是聚異氰酸酯的 2 倍，並且還具有其他一些優點，無論是增強阻燃性還是類似的東西。那你想談談產品類別嗎？--

The same secular drivers that Chris went over around energy of labor savings. So as you guys know, -- CWT broad portfolio.

克里斯討論的同樣的世俗驅動因素是圍繞勞動力節約的能源。所以，正如你們所知，CWT 的投資組合非常廣泛。

I think all this -- We're just trying to get -- yes, I think we got all this. We're just trying to get some color on market conditions and dynamics. I think we understand the big picture.

我認為這一切——我們只是想得到——是的，我認為我們已經得到了這一切。我們只是想了解一些市場狀況和動態。我想我們了解總體情況。

Yes. I think, David, I think we've been pretty clear about the market dynamics. I mean we referenced the fact that reroofing continues to do well. We were at the contractor event. I mentioned that.

是的。大衛，我想我們已經非常清楚市場動態了。我的意思是，我們提到了屋頂翻修業務持續表現良好的事實。我們參加了承包商活動。我提到過這一點。

Our Carlisle market survey continue to show positives. I mean really, in resi markets, I mean, you know what it is that remodeling or building new houses, it's a pretty direct correlation between how market conditions are. And I think that's been pretty well stated.

我們的卡萊爾市場調查繼續顯示出積極跡象。我的意思是，在住宅市場中，你知道改造或建造新房子是什麼，這與市場狀況有相當直接的關聯。我認為這一點已經表達得很清楚了。

But if you have something specific, and I'm sorry, I took you on a wild use case there. But if you have something really specific you want to answer, we could try to answer it, I would say we're a little bit hesitant to give out what we consider confidential information considering we've had some talk of competitors coming to market from places like overseas and that. So we are a little bit more guarded on some of these numbers, but down to specific thing in -- .

但是如果你有具體的東西，我很抱歉，我帶你去了一個瘋狂的用例。但是，如果您確實有具體的問題想要回答，我們可以嘗試回答，我想說，我們有點猶豫是否要透露我們認為的機密信息，因為我們曾談到來自海外等地的競爭對手進入市場。因此，我們對其中一些數字更加謹慎，但具體到-- 。

In that case, maybe I'll take it up with you offline. But maybe just last quick question. Could you just talk about the cadence on the tax line over the balance of the year to get to the '23, '24?

如果這樣的話，也許我會在線下和你討論這個問題。但也許這只是最後一個快速問題。您能否談談今年餘下的稅收節奏，以達到 23 年和 24 年的水平？

Pretty steady throughout the year. I wouldn't say it'd be anything different than the first quarter that continue through each of the next three quarters.

全年相當穩定。我不會說它會與第一季有任何不同，並且會持續到接下來的三個季度。

Keith Hughes, Truist.

基斯·休斯，Truist。

What was the pricing number in the CWT segment in the first quarter?

第一季 CWT 部門的定價數字是多少？

It was down a bit -- just about 1%.

下降了一點——大約只有 1%。

Just about 1%. Was that coming specifically out of spray foam or what's with product in there?

大約只有1%。這是噴霧泡沫產生的嗎，還是裡面含有什麼產品？

You're spot on. It is the spray foam product line that is down in the first quarter.

你說得完全正確。第一季度，噴塗泡沫產品線出現下滑。

Okay. There's a lot of price increases there, particularly with increases in the fire retardant, I guess, do you think that will turn back around positive in the second quarter? Or will it take more in the second half? What's your view?

好的。那裡的價格上漲了很多，特別是阻燃劑的價格上漲，我猜，您認為第二季價格會回升嗎？或者說下半年會需要更多努力？您的看法是什麼？

I think on the ATO that we've got, I think we'll continue to see it into the second quarter. I think we'll also continue to see the fasteners and plates that we mentioned that those were a significant industry impact. That was across the board for everybody. I think that's putting on a roof, at least our type of roof. And then yes, so that will go through to the second quarter.

我認為，就我們獲得的 ATO 而言，我們將在第二季繼續看到它。我認為我們也將繼續看到我們提到的緊固件和板材對該行業產生重大影響。這對每個人來說都是全面的。我認為那是在蓋屋頂，至少是我們這種類型的屋頂。是的，這將持續到第二季​​。

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。我將把電話交給克里斯·科赫 (Chris Koch) 來做結束語。請繼續。

Well, thank you, and thanks, everybody, on this first quarter earnings call. We really appreciate all the questions. Hopefully, we've provided substantial details to help with the understanding of Carlisle. We again thank you for your participation and look forward to speaking to you on the next earnings call. Thanks very much.

好吧，謝謝大家參加第一季財報電話會議。我們非常感謝大家提出的問題。希望我們提供的詳細資料能幫助大家了解卡萊爾。我們再次感謝您的參與，並期待在下次財報電話會議上與您交談。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。