8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________________ 

FORM 8-K

_____________________________________________________ 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 _____________________________________________________ 

Date of Report (Date of earliest event reported): April 22, 2022

www.carlisle.com 

CARLISLE COMPANIES INCORPORATED

(Exact name of registrant as specified in its charter)

Delaware	001-09278	31-1168055
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

16430 North Scottsdale Road, Suite 400, Scottsdale, Arizona 85254

(Address of principal executive offices, including zip code)

480-781-5000

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of exchange on which registered
Common stock, $1 par value	CSL	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐    Emerging growth company

☐    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 7.01.            Regulation FD Disclosure.

On February 10, 2022, Carlisle Companies Incorporated (the "Company") announced that it has realigned its construction materials businesses ("Legacy CCM") into two segments organized around its products and applications for the sustainable building envelope. The two segments are Carlisle Construction Materials ("CCM") and Carlisle Weatherproofing Technologies ("CWT"). The realignment will be reflected in the Company’s quarterly and full-year 2022 financial results. No changes have been made to either of the Company’s other two segments – Carlisle Interconnect Technologies or Carlisle Fluid Technologies.

The Company is furnishing certain supplemental historical segment data for CCM and CWT, together with the previously furnished segment data for Legacy CCM, which is attached hereto as Exhibit 99.1 and incorporated herein by reference, to reflect the presentation of the Company's new segments to facilitate with the comparability of information to be presented in the Company's earnings release for the quarter ended March 31, 2022.

The information in this Item 7.01 of this Current Report on Form 8-K, including Exhibit 99.1, is being furnished herewith and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01.            Financial Statements and Exhibits.

(d)          Exhibits

  

Exhibit Number	Exhibit Title
99.1	Supplemental historical segment data of Carlisle Companies Incorporated.
104	Cover page interactive data file (embedded within the inline XBRL document).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		CARLISLE COMPANIES INCORPORATED
Date:	April 22, 2022	By:	/s/ Kevin P. Zdimal
			Kevin P. Zdimal
			Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Carlisle Companies Incorporated

New Segment Structure

As announced on February 10, 2022, Carlisle Companies Incorporated (the “Company”) has realigned its construction materials businesses (“Legacy CCM”) into two segments organized around its products and applications for the sustainable Building Envelope.

Carlisle Construction Materials (“CCM”) is a leading manufacturer and supplier of a complete line of premium single-ply roofing products and warranted roof systems and accessories for the commercial building industry, including polyiso insulation and engineered metal roofing and wall panel systems. This segment markets its products primarily under the Carlisle SynTec, Versico Roofing, WeatherBond Roofing, Hunter Panels, CCM Europe, Drexel Metals and PAC-CLAD Petersen brands.

Carlisle Weatherproofing Technologies (“CWT”) is a leading supplier of building envelope solutions that effectively drive energy efficiency and sustainability in commercial and residential applications. Products include high-performance waterproofing and moisture protection products, protective roofing underlayments, fully integrated liquid and sheet applied air/vapor barriers, sealants/primers and flashing systems, roof coatings and mastics, spray polyurethane foam and coating systems for a wide variety of thermal protection applications and other premium polyurethane products, block-molded expanded polystyrene insulation, engineered products for HVAC applications, and premium rubber products for a variety of industrial and surfacing applications. This segment markets its products primarily under the Carlisle Coatings & Waterproofing, Henry Company, Blueskin, Carlisle WIP Products, Carlisle Spray Foam Insulation, Carlisle Polyurethane Systems, Carlisle TyrFil, Insulfoam, Carlisle Roof Foam and Coatings, Gripnail, Hardcast, Dynair and Ultimate RB brands.

The following pages present selected historical financial data recast to reflect the new segment structure. The historical data includes the results of the ASP Henry Holdings, Inc. (“Henry”) acquisition beginning on the date of acquisition, September 1, 2021.

Carlisle Companies Incorporated

Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin

Earnings before interest and taxes ("EBIT"), adjusted EBIT, adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") and adjusted EBITDA margin are intended to provide investors and others with information about the Company’s and its segments’ performance without the effect of items that, by their nature, tend to obscure core operating results due to potential variability across periods based on the timing, frequency and magnitude of such items. As a result, management believes that these measures enhance the ability of investors to analyze trends in the Company’s business and evaluate the Company’s performance relative to similarly-situated companies. This information differs from net income and operating income determined in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and should not be considered in isolation or as a substitute for measures of performance determined in accordance with U.S. GAAP. EBIT, adjusted EBIT, adjusted EBITDA and adjusted EBITDA margin for CCM, CWT and Legacy CCM follows, which may not be comparable to similarly titled measures reported by other companies.

I

Carlisle Companies Incorporated

Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin

	Carlisle Construction Materials
(in millions)	FY19			1Q20			2Q20			3Q20			4Q20			FY20			1Q21			2Q21			3Q21			4Q21			FY21
Operating income (GAAP)	$	538.6		$	101.5		$	126.2		$	159.7		$	136.8		$	524.2		$	110.7		$	155.0		$	181.1		$	173.1		$	619.9
Non-operating expense (income)(1)	—			0.4			2.3			0.2			0.5			3.4			2.3			—			0.3			(0.1)			2.5
EBIT	538.6			101.1			123.9			159.5			136.3			520.8			108.4			155.0			180.8			173.2			617.4
Exit and disposal, and facility rationalization costs	—			—			0.1			0.3			—			0.4			—			—			0.1			—			0.1
Inventory step-up amortization and acquisition costs	1.6			0.2			—			—			—			0.2			—			—			—			—			—
Impairment charges	—			—			—			—			—			—			—			—			—			—			—
Losses (gains) from acquisitions and disposals	—			1.1			2.0			—			—			3.1			2.3			(0.1)			(0.1)			0.1			2.2
Losses (gains) from insurance	—			—			—			—			—			—			—			0.3			—			—			0.3
Losses (gains) from litigation	—			—			—			—			—			—			—			—			—			—			—
Losses on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			—
Total non-comparable items	1.6			1.3			2.1			0.3			—			3.7			2.3			0.2			—			0.1			2.6
Adjusted EBIT	540.2			102.4			126.0			159.8			136.3			524.5			110.7			155.2			180.8			173.3			620.0
Depreciation	33.3			8.7			9.0			8.9			9.0			35.6			9.2			9.1			9.1			9.2			36.6
Amortization	16.1			4.1			4.0			4.1			4.1			16.3			4.0			4.0			4.2			3.9			16.1
Adjusted EBITDA	$	589.6		$	115.2		$	139.0		$	172.8		$	149.4		$	576.4		$	123.9		$	168.3		$	194.1		$	186.4		$	672.7
Divided by:
Total revenues	$	2,543.2		$	519.8		$	578.6		$	646.3		$	590.7		$	2,335.4		$	556.4		$	722.8		$	783.9		$	783.1		$	2,846.2
Adjusted EBITDA margin	23.2		%	22.2		%	24.0		%	26.7		%	25.3		%	24.7		%	22.3		%	23.3		%	24.8		%	23.8		%	23.6		%

(1)Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.

II

Carlisle Companies Incorporated

Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin

	Carlisle Weatherproofing Technologies(1)
(in millions)	FY19			1Q20			2Q20			3Q20			4Q20			FY20			1Q21			2Q21			3Q21			4Q21			FY21
Operating income (GAAP)	$	37.4		$	6.2		$	11.4		$	21.6		$	18.2		$	57.4		$	10.6		$	22.4		$	6.0		$	25.4		$	64.4
Non-operating expense (income)(2)	0.5			(0.1)			0.3			0.1			0.1			0.4			(0.1)			0.1			0.1			(0.5)			(0.4)
EBIT	36.9			6.3			11.1			21.5			18.1			57.0			10.7			22.3			5.9			25.9			64.8
Exit and disposal, and facility rationalization costs	0.3			0.1			0.1			0.3			0.1			0.6			—			—			—			0.4			0.4
Inventory step-up amortization and acquisition costs	1.0			—			—			0.2			(0.3)			(0.1)			—			—			22.3			2.1			24.4
Impairment charges	—			—			—			—			—			—			—			—			—			—			—
Losses (gains) from acquisitions and disposals	0.1			(0.8)			—			—			4.7			3.9			—			—			0.1			(0.1)			—
Losses (gains) from insurance	—			—			—			—			(0.7)			(0.7)			—			0.2			—			0.2			0.4
Losses (gains) from litigation	—			—			—			—			—			—			—			—			—			—			—
Losses on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			—
Total non-comparable items	1.4			(0.7)			0.1			0.5			3.8			3.7			—			0.2			22.4			2.6			25.2
Adjusted EBIT	38.3			5.6			11.2			22.0			21.9			60.7			10.7			22.5			28.3			28.5			90.0
Depreciation	9.9			3.5			3.5			2.9			2.7			12.6			2.7			2.9			3.8			6.3			15.7
Amortization	34.6			8.5			8.5			8.5			8.0			33.5			7.5			7.5			14.3			16.3			45.6
Adjusted EBITDA	$	82.8		$	17.6		$	23.2		$	33.4		$	32.6		$	106.8		$	20.9		$	32.9		$	46.4		$	51.1		$	151.3
Divided by:
Total revenues	$	690.1		$	156.6		$	156.3		$	177.2		$	170.1		$	660.2		$	162.9		$	214.5		$	281.9		$	331.2		$	990.5
Adjusted EBITDA margin	12.0		%	11.2		%	14.8		%	18.8		%	19.2		%	16.2		%	12.8		%	15.3		%	16.5		%	15.4		%	15.3		%

(1)Includes the results of Henry acquisition beginning September 1, 2021.

(2)Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.

III

Carlisle Companies Incorporated

Unaudited Non-GAAP Financial Measures - EBIT, Adjusted EBIT, Adjusted EBITDA and Adjusted EBITDA Margin

	Legacy Carlisle Construction Materials
(in millions)	FY19			1Q20			2Q20			3Q20			4Q20			FY20			1Q21			2Q21			3Q21			4Q21			FY21
Operating income (GAAP)	$	576.0		$	107.7		$	137.6		$	181.3		$	155.0		$	581.6		$	121.3		$	177.4		$	187.1		$	198.5		$	684.3
Non-operating expense(income)(1)	0.5			0.3			2.6			0.3			0.6			3.8			2.2			0.1			0.4			(0.6)			2.1
EBIT	575.5			107.4			135.0			181.0			154.4			577.8			119.1			177.3			186.7			199.1			682.2
Exit and disposal, and facility rationalization costs	0.3			0.1			0.2			0.6			0.1			1.0			—			—			0.1			0.4			0.5
Inventory step-up amortization and acquisition costs	2.6			0.2			—			0.2			(0.3)			0.1			—			—			22.3			2.1			24.4
Impairment charges	—			—			—			—			—			—			—			—			—			—			—
Losses (gains) from acquisitions and disposals	0.1			0.3			2.0			—			4.7			7.0			2.3			(0.1)			—			—			2.2
Losses (gains) from insurance	—			—			—			—			(0.7)			(0.7)			—			0.5			—			0.2			0.7
Losses (gains) from litigation	—			—			—			—			—			—			—			—			—			—			—
Losses on extinguishment of debt	—			—			—			—			—			—			—			—			—			—			—
Total non-comparable items	3.0			0.6			2.2			0.8			3.8			7.4			2.3			0.4			22.4			2.7			27.8
Adjusted EBIT	578.5			108.0			137.2			181.8			158.2			585.2			121.4			177.7			209.1			201.8			710.0
Depreciation	43.2			12.2			12.5			11.8			11.7			48.2			11.9			12.0			12.9			15.5			52.3
Amortization	50.7			12.6			12.5			12.6			12.1			49.8			11.5			11.5			18.5			20.2			61.7
Adjusted EBITDA	$	672.4		$	132.8		$	162.2		$	206.2		$	182.0		$	683.2		$	144.8		$	201.2		$	240.5		$	237.5		$	824.0
Divided by:
Total revenues	$	3,233.3		$	676.4		$	734.9		$	823.5		$	760.8		$	2,995.6		$	719.3		$	937.3		$	1,065.8		$	1,114.3		$	3,836.7
Adjusted EBITDA margin	20.8		%	19.6		%	22.1		%	25.0		%	23.9		%	22.8		%	20.1		%	21.5		%	22.6		%	21.3		%	21.5		%

(1)Includes other non-operating (income) expense, which may be presented in separate line items on the Condensed Consolidated Statements of Income.

IV

XML

Cover Page Statement	Apr. 22, 2022
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Apr. 22, 2022
Entity Registrant Name	CARLISLE COMPANIES INCORPORATED
Entity Incorporation, State or Country Code	DE
Entity File Number	001-09278
Entity Tax Identification Number	31-1168055
City Area Code	480
Local Phone Number	781-5000
Entity Address, Address Line One	16430 North Scottsdale Road
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Scottsdale
Entity Address, State or Province	AZ
Entity Address, Postal Zip Code	85254
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000790051
Amendment Flag	false
Common stock, $1 par value
Entity Information [Line Items]
Title of 12(b) Security	Common stock, $1 par value
Trading Symbol	CSL
Security Exchange Name	NYSE