Slides
Page 1
Investor Presentation May 2025
Page 2
2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally use words such as "expect," "foresee," "anticipate," "believe," "project," "should," "estimate," "will," "plans," "intends," "forecast," and similar expressions, and reflect our expectations concerning the future. Such statements are made based on known events and circumstances at the time of publication and, as such, are subject in the future to unforeseen risks and uncertainties. It is possible that our future performance may differ materially from current expectations expressed in these forward-looking statements, due to a variety of factors such as: increasing price and product/service competition by foreign and domestic competitors, including new entrants; technological developments and changes; the ability to continue to introduce competitive new products and services on a timely, cost-effective basis; our mix of products/services; increases in raw material costs that cannot be recovered in product pricing; domestic and foreign governmental and public policy changes including environmental and industry regulations; the ability of our customers to maintain appropriate labor levels under U.S. immigration laws, policies and practices; the ability to meet our goals relating to our intended reduction of greenhouse gas emissions, including our net zero commitments; threats associated with and efforts to combat terrorism; protection and validity of patent and other intellectual property rights; the identification of strategic acquisition targets and our successful completion of any transaction and integration of our strategic acquisitions; our successful completion of strategic dispositions; the cyclical nature of our businesses; the impact of information technology, cybersecurity, artificial intelligence or data security breaches at our businesses or third parties; the outcome of pending and future litigation and governmental proceedings; the emergence or continuation of widespread health emergencies, including, for example, expectations regarding their impact on our businesses, including on customer demand, supply chains and distribution systems, production, our ability to maintain appropriate labor levels, our ability to ship products to our customers, our future results, or our full-year financial outlook; and the other factors discussed in the reports we file with or furnish to the Securities and Exchange Commission from time to time. In addition, such statements could be affected by general industry and market conditions and growth rates, the condition of the financial and credit markets and general domestic and international economic conditions, including inflation and interest rate and currency exchange rate fluctuations. Further, any conflict in the international arena, including the Russian invasion of Ukraine and war in the Middle East, may adversely affect general market conditions and our future performance. Any forward-looking statement speaks only as of the date on which that statement is made, and we undertake no duty to update any forward-looking statement to reflect events or circumstances, including unanticipated events, after the date on which that statement is made, unless otherwise required by law. New factors emerge from time to time and it is not possible for management to predict all of those factors, nor can it assess the impact of each of those factors on the business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement. The slides contained in this presentation refer to certain non-GAAP financial measures. The Company believes that providing these non-GAAP financial measures enhances the Company’s and investors’ understanding of the Company’s and its segments’ financial performance. Non-GAAP financial measures should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. Please refer to the appendix for the Company’s definitions of its non-GAAP financial measures, which may not be comparable to similarly titled measures reported by other companies, and reconciliations of historical non-GAAP financial measures to the most comparable GAAP financial measures. The Company is not providing reconciliations for forward-looking non-GAAP financial measures because the Company does not provide GAAP financial measures on a forward-looking basis as the Company is unable to predict with reasonable certainty the ultimate outcome of adjusted items without unreasonable effort. These items are uncertain, depend on various factors, and could be material to the Company’s financial results computed in accordance with GAAP. Forward Looking Statements & Non-GAAP Financial Measures
Page 3
90% 82% 61% 74% 10% 18% 39% 26% 3 ~5,500 Employees $5.0B Revenue1 26.6% Adj. EBITDA Margin1,2 18.8% FCF Margin1,2 ~$16B Market Cap3 $70B TAM4 $20.20 Adj. EPS1,2 28.5% ROIC1,2 Revenue Mix1 CONSTRUCTION MATERIALS WEATHERPROOFING TECHNOLOGIES REPLACE & REMODEL NEW CONSTRUCTION COMMERCIAL RESIDENTIAL Note: 1) 2024 results. 2) Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 3) Market cap as of 5/1/2025. 4) Management estimate based on 3rd party data. U.S. INT’L Carlisle Financial Data at-a-Glance Leading supplier of innovative building envelope products and solutions for more energy-efficient buildings
Page 4
4 Growth Drivers and Outlook $19B3 addressable market in attractive industry. Leading market position with repeatable re- roofing cycles supported with system warranties. Increasing demand for energy efficiency drives need for innovative products to help lower >30% of global annual greenhouse gas emissions from buildings. Broad product offering to address rising demand for comprehensive system solutions. The Carlisle Experience and Carlisle Operating System deliver a superior customer experience and the ability to deliver premium margins vs. the industry. Revenue Mix1 Note: 1) 2024 results. 2) Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 3) Management estimate based on 3rd party data. $3.7B Revenue1 31.4% Adj. EBITDA Margin1,2 92% 67% 8% 33% REPLACE & REMODEL NEW CONSTRUCTION COMMERCIAL RESIDENTIAL Carlisle Construction Materials (CCM) Leading manufacturer of complete single-ply roofing systems and architectural metal building envelope solutions
Page 5
Carlisle Weatherproofing Technologies (CWT) 5 Growth Drivers and Outlook $14B3 addressable market across fragmented product categories – AVB, Waterproofing, EPS & SPF Insulation Attractive long-term outlook supported by existing housing shortage, resilient replace & remodel demand and increasing need for energy efficient system solutions Comprehensive portfolio and strong cross- selling capabilities to deliver integrated building envelope solutions Synergistic bolt on acquisitions to expand building envelope offerings $1.3B Revenue1 20.6% Adj. EBITDA Margin1,2 Revenue Mix1 55% 44% 45% 56% REPLACE & REMODEL NEW CONSTRUCTION COMMERCIAL RESIDENTIAL Note: 1) 2024 results. 2) Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 3) Management estimate based on 3rd party data. Leading supplier of building envelope solutions that minimize building failures and maximize energy efficiency
Page 6
HVAC Sealants & Adhesives EPDM Roofing Membrane Air & Vapor Barrier Insulation Below-Grade Waterproofing HVAC Sealants & Adhesives Air & Vapor Barrier Wall Insulation Airflow Hardware Thermoplastic Roofing Membrane Metal Roofing & Wall Panels Vegetated Roofing Systems Comprehensive Solutions for Commercial Buildings 6
Page 7
And Comprehensive Solutions for Residential Buildings 7 Spray Foam Roofing Underlayment Water Resistive Barrier, Flashing & Sealant HVAC Duct Sealant Roof Coatings & Sealants Foundation Waterproofing EPS Insulation
Page 8
• We live in a physical world and buildings will continue to be built, improved and maintained and require building envelope products • Recurring revenue stream from re-roofing demand • Attractive trends around energy efficiency, labor savings, growing re-roofing demand and housing shortage • Attractive industry and Carlisle’s solid positioning drive superior, sustainable margin power • Infrastructure in place to invest in innovation to achieve above market growth and additional price for value • Scalable platform with pipeline of repeatable, synergistic M&A • Results have demonstrated margin resilience through cycles, which we believe is sustainable • Best-in-class financial metrics: 5%+ organic growth, with 25%+ adjusted EBITDA margins and 25%+ ROIC 8 Carlisle Value Creation Remains Attractive Carlisle’s pivot to pure- play building products enables laser focus on delivering industry- leading building envelope solutions Imperative business in attractive markets with excellent prospects
Page 9
9 Recurring Re-roofing Demand has a Long Runway 55% >35 Years ~15% 25-35 Years ~30% <25 Years ~80% of re-roofing permits for buildings 25+ years old, including buildings 35+ years old with 2+ re-roofs U.S. Non-Residential Building Footprint by Period Built Company estimates using data sourced from the 2018 CBECS Company estimates using data sourced from ATTOM
Page 10
Increasing insulation thickness per sq. ft., growing ~3% annually over last 10 years Higher performing membranes delivering better price to value Over 80% of warranties sold now have 20-yr terms LSD Recurring Re-roof Permit CAGR Benefits of Increasing Content to Carlisle Drivers of Increasing Content Per Roof Adoption of newer building codes and regulatory push to build more energy efficient buildings More severe weather events leading to higher-spec roofs to withstand climate impacts Widespread growth of 20-year warranties brings more stringent specifications which require more content to ensure roofs last longer +150-200bps Growth Per Year in Content Per Sq. Ft. MSD Re-roofing Volume CAGR ` Increasing Content Per Square Ft. Growing re-roofing demand combined with increasing content will drive MSD re-roofing volume growth 10
Page 11
Note: 1) Public companies include all Russel 3000 companies classified by FactSet as building products, construction materials and forest products, plus OC, AWI, and HVAC-related (JCI, AAON, LII). Financial data for public companies based on trailing twelve months as of calendar Q4 2024. 2) 2024 results. 3) Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 11 35+ 20+ 3 1 COMPANIES1 Building Products & Light Commercial Public companies $2B+ Revenue 15%+ FCF Margin 25%+ ROIC $5.0B2 18.8%2,3 28.5%2,3 Carlisle has leading financial attributes in a class of its own Unparalleled Building Products Performance
Page 12
12% 16% 15% 14% 18% 17% 16% 19% 23% 20% 18% 21% 23% 21% 27% 28% 29% 0% 5% 10% 15% 20% 25% 30% $182 $182 $183 $205 $309 $295 $304 $388 $467 $473 $514 $672 $683 $824 $1,479 $1,262 $1,432$1,472 $1,126 $1,224 $1,484 $1,696 $1,776 $1,935 $2,003 $2,053 $2,336 $2,880 $3,233 $2,996 $3,837 $5,449 $4,587 $5,004 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Revenue Segment Adj. EBITDA* Segment Adj. EBITDA Margin* *Reference the financial reconciliations of non-GAAP financial measures to the related GAAP financial measures. 12 Post Pandemic Supply Chain Disruptions Global Financial Crisis Covid-19 Pandemic Financial Track Record Tells the Story Sustaining margins through cycles and delivering consistent growth
Page 13
13 Vision 2030 Value Creation Drivers and Targets $40+ Adjusted EPS 25%+ ROIC 5% Organic Revenue 25%+ Adj. EBITDA Margin 15%+ FCF Margin Vision 2030 Key Financial TargetsCarlisle Operating System The Carlisle Experience Innovation Driven Organic Growth Drive operational excellence across entire organization to achieve growth, margin and sustainability goals Win with customers through exceptional service and labor-saving efficiencies to generate price for value Energy-efficiency and contractor labor savings to sustain above market growth Strategic M&A Disciplined Capital Allocation Exceptional Talent & Leadership Pursue and integrate accretive acquisitions that strengthen our presence in the building envelope Robust free cash flow to build on record of high ROIC through value- enhancing investments Attract, develop, retain and invest in leading talent who share our mission and purpose Focus on delivering innovative building envelope solutions and driving above market growth to unlock shareholder value
Page 14
14 Key Drivers of The Carlisle Experience Award-winning customer service Outstanding supply chain and procurement teams National manufacturing footprint with world-class production capabilities Industry-leading logistics management Ensures our customers receive the right product, at the right place, at the right time Achieved through consistent and exceptional execution across continuous customer touch points
Page 15
• Under Vision 2030, we will: • Ensure consistent applications of COS across every function in the enterprise • Continue to drive operational efficiencies through clear and ambitious metrics • Deploy “Next Gen” automation and technology • Expected future savings, benefits, and cost avoidance of 1-2% of sales annually • Commitment to Path to Zero • 2024 OSHA incident rate of 1.07 was nearly three times better than the industry average Carlisle Operating System (COS) 15 Our Continuous Improvement Culture To Drive Operating Efficiencies
Page 16
16 Note: New products defined as products introduced within the past five years. R&D Spend as % of Revenue New Products as % of Revenue Energy Efficiency Labor Savings Integrated Solutions Accelerating R&D Investments to Achieve 25% of Revenue From New Products and Innovations Innovation Driven Organic Growth
Page 17
17 MTL is a best-in-class provider of high-performance, prefabricated perimeter edge metal systems and non-insulated architectural metal wall systems for commercial, institutional, and industrial buildings • Establishes Carlisle as an industry leader in architectural metal • Expect synergies of $20M Acquisitions Aligned with Vision 2030 M&A Playbook Pursue and integrate accretive acquisitions that strengthen Carlisle's presence in the building envelope Plasti-Fab is a leading, vertically integrated manufacturer of expanded polystyrene insulation products across Canada and the Midwest U.S., serving commercial, residential and infrastructure markets • Adds scale, supports retail channel growth, fills geographic gaps and provides vertically integrated polystyrene manufacturing capabilities • Expect synergies of $14M ThermaFoam manufactures expanded polystyrene insulation products in Texas and fills a key geographic gap for Carlisle’s Insulfoam business
Page 18
Dividends Per Share • 48 years of consecutive and increasing dividends • Amounts represent annual dividend rate as of 12/31 each year Share Repurchases (in millions) • Reduced total shares outstanding by 28% since 2018 • Remain committed to share repurchases $0.72 $0.80 $0.88 $1.00 $1.20 $1.40 $1.48 $1.60 $2.00 $2.10 $2.16 $3.00 $3.40 $4.00 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 14% CAGR $75 $268 $460 $382 $382 $316 $400 $900 $1,600 $1,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Actual Planned 18 Commitment to returning capital back to shareholders while continuing to invest in our business Disciplined Capital Allocation
Page 19
19 5%+ Organic Revenue Organic revenue CAGR expected through 2030 versus $4.6B in 2023 Cash Flow 15%+ Multi-year track record of 15%+ free cash flow margin expected to continue through 2030 Expected cumulative free cash flow from 2024 to 2030 provides flexibility for share repurchases and accretive M&A Multiple paths to achieve adj. EPS growth rate in the mid-teens through 2030 $6B+ Cash Deployment Adjusted EPS $40+ Strong Cash Flow and EPS Growth Provide Multiple Paths to Vision 2030 $40+ Adjusted EPS Target
Page 20
20 • CCM revenue up MSD YoY on continued strength in re-roofing and full year of MTL • CWT revenue up HSD YoY on share gains and acquisitions of Plasti-Fab and ThermaFoam • Additional Items: • Corporate & Unallocated Expense: ~$110M • Capital Expenditures: ~$150M • Depreciation and Amortization: ~$200M • Net Interest Expense: ~$50M • Base Tax Rate: 23-24% 2025 Full-Year Growth Outlook Primary Drivers 25%+ ROIC MSD Revenue Growth ~50 bps Adj. EBITDA Margin Growth 15%+ FCF Margin Expect to deliver record EPS for FY 2025, exceeding 10% YoY growth
Page 21
Financial Reconciliations
Page 22
22 Non-GAAP Financial Measures The Company uses the following definitions of financial measures that are not presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”): 1. Organic revenue: Revenues excluding revenue from acquisitions completed in the last 12 months and the impact of changes in foreign exchange rates versus the U.S. Dollar 2. Free cash flow: Net cash provided by operating activities less capital expenditures 3. Free cash flow margin: Free cash flow from continuing operations divided by total revenues 4. EBIT: Net income excluding income/loss from discontinued operations, interest expense, interest income, and provision for income taxes 5. Adjusted EBIT: EBIT excluding exit and disposal and facility rationalization costs, inventory step-up amortization and transaction costs, impairment charges, gains/losses from acquisitions and disposals, gains/losses from insurance, gains/losses from litigation, losses from pension settlement, and losses from debt extinguishment 6. Adjusted EBITDA: Adjusted EBIT excluding depreciation and amortization 7. Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues 8. Adjusted net income: Net income excluding income/loss from discontinued operations, exit and disposal and facility rationalization costs, inventory step-up amortization and transaction costs, impairment charges, gains/losses from acquisitions and disposals, gains/losses from insurance, gains/losses from litigation, losses from pension settlement, losses from debt extinguishment, acquisition-related amortization, and discrete tax items 9. Adjusted EPS: Diluted EPS excluding the impact per share of income/loss from discontinued operations, exit and disposal and facility rationalization costs, inventory step-up amortization and transaction costs, impairment charges, gains/losses from acquisitions and disposals, gains/losses from insurance, gains/losses from litigation, losses from pension settlement, losses from debt extinguishment, acquisition-related amortization, and discrete tax items 10. ROIC: EBIT excluding acquisition-related amortization less the tax impact (provision for income taxes plus the tax impact of interest expense, interest income, and acquisition-related amortization at a base rate of 25%) divided by average invested capital (stockholders' equity plus debt, less cash, less equity of businesses held for sale) 11. Net debt to EBITDA: Net debt per debt covenants (total senior note debt less cash) divided by EBITDA per debt covenants (income from continuingoperations excluding interest expense, income tax expense, depreciation, amortization, and non-cash stock compensation expense) 12. EBITDA to interest: EBITDA per debt covenants divided by interest expense
Page 23
23 Reconciliation to Free Cash Flow Year Ended December 31, (in millions) 2024 Operating cash flow (GAAP) $ 1,030.3 Less: operating cash flow from discontinued operations (8.9) Operating cash flow from continuing operations $ 1,039.2 Capital expenditures (GAAP) $ (113.3) Less: capital expenditures at discontinued operations (12.4) Capital expenditures at continuing operations $ (100.9) Operating cash flow from continuing operations $ 1,039.2 Capital expenditures at continuing operations (100.9) Free cash flow from continuing operations $ 938.3 Revenues $ 5,003.6 Free cash flow margin 18.8 %
Page 24
24 Reconciliation to Adjusted EBITDA Senior Note $350 M 3.75% Senior Note $300 M 0.55% Senior Note $400 M 3.50% Senior Note $600 M 3.75% Senior Note $750 M 2.75% Senior Note $550 M 2.20% Year Ended December 31, (in millions, except percentages) 2024 Net income (GAAP) $ 1,311.8 Less: Income from discontinued operations 446.7 Income from continuing operations (GAAP) 865.1 Provision for income taxes 245.8 Interest expense, net 73.3 Interest income (60.3) EBIT 1,123.9 Exit and disposal, and facility rationalization costs 2.9 Inventory step-up amortization and transaction costs 15.0 Impairment charges — Losses (gains) from acquisitions and disposals (0.4) Gains from insurance (5.0) Losses from litigation 2.6 Losses from pension settlement 21.1 Total non-comparable items 36.2 Adjusted EBIT 1,160.1 Depreciation 70.2 Amortization 102.4 Adjusted EBITDA $ 1,332.7 Divided by: Total revenues $ 5,003.6 Adjusted EBITDA margin 26.6 %
Page 25
25 Reconciliation to Adjusted EBITDA Senior Note $350 M 3.75% Senior Note $300 M 0.55% Senior Note $400 M 3.50% Senior Note $600 M 3.75% Senior Note $750 M 2.75% Year Ended December 31, 2024 (in millions) CCM CWT Corporate and unallocated Operating income (loss) (GAAP) $ 1,084.3 $ 173.6 $ (114.8) Non-operating expense (income), net 0.8 (1.3) 19.7 EBIT 1,083.5 174.9 (134.5) Exit and disposal, and facility rationalization costs 1.7 1.2 — Inventory step-up amortization and transaction costs 1.9 2.7 10.4 Gains from acquisitions and disposals — (0.4) — Gains from insurance (5.0) — — Losses from litigation 1.0 1.6 — Losses from pension settlement — — 21.1 Total non-comparable items (0.4) 5.1 31.5 Adjusted EBIT 1,083.1 180.0 (103.0) Depreciation 51.5 17.1 1.6 Amortization 29.2 71.2 2.0 Adjusted EBITDA $ 1,163.8 $ 268.3 $ (99.4) Total revenues $ 3,704.3 $ 1,299.3 $ — Adjusted EBITDA margin 31.4 % 20.6 % NM
Page 26
26 Reconciliation to Adjusted Diluted EPS Year Ended December 31, 2024 (in millions, except per share amounts) Pre-tax Impact After-tax Impact(1) Impact to Diluted EPS(2) Net income (GAAP) $ 1,311.8 $ 27.82 Less: Income from discontinued operations (GAAP) 446.7 9.48 Income from continuing operations (GAAP) 865.1 18.34 Exit and disposal, and facility rationalization costs 2.9 2.3 0.05 Inventory step-up amortization and transaction costs 15.0 11.4 0.24 Impairment charges — — — (Gains) losses from acquisitions and disposals (0.4) (0.3) — Gains from insurance (5.0) (3.8) (0.08) Losses from litigation 2.6 2.0 0.04 Losses from pension settlement 21.1 16.1 0.34 Acquisition-related amortization(3) 96.3 73.2 1.55 Discrete tax items(4) — (13.1) (0.28) Total adjustments 87.8 1.86 Adjusted net income $ 952.9 $ 20.20 (1)The impact to net income reflects the tax effect of noted items, which is based on the statutory rate in the jurisdiction in which the expense or income is deductible or taxable. (2)The per share impact of adjustments to each period is based on diluted shares outstanding using the two- class method. (3)Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangible assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and t he amortization of these assets will recur until such intangible assets are fully amortized. (4)Discrete tax items include current period tax expense or benefit related to prior year items, excess tax benefits from stock compensation, the tax impact of foreign currency gains and losses, or changes in tax laws or rates.
Page 27
27 Reconciliation to ROIC (in millions, except percentages) Year Ended December 31, 2024 Net income (GAAP) $ 1,311.8 Less: income from discontinued operations (GAAP) 446.7 Income from continuing operations (GAAP) 865.1 Provision for income taxes 245.8 Interest expense, net 73.3 Interest Income (60.3) EBIT 1,123.9 Acquisition-related amortization(1) 96.3 Earnings before interest, taxes and amortization 1,220.2 Less: tax impact(2) 273.1 Earnings before interest and amortization 947.1 (in millions, except percentages) Year Ended December 31, 2023 Year Ended December 31, 2024 Average 2023 - 2024 Stockholders' Equity $ 2,829.0 $ 2,463.3 $ 2,646.2 Debt 2,289.4 1,890.6 $ 2,090.0 Less: cash 576.7 753.5 $ 665.1 Less: equity of held for sale businesses 1,506.8 — $ 753.4 Invested Capital 3,034.9 3,600.4 $ 3,317.7 ROIC 947,100,000.0 28.5 % (1) Acquisition-related amortization includes the amortization of customer relationships, technology, trade names and other intangi ble assets recorded in purchase accounting in connection with a business combination. These intangible assets contribute to revenue generation and the amorti zation of these assets will recur until such intangible assets are fully amortized. (2) Tax impact reflects provision for income taxes plus the tax impact of interest expense, interest income and amortization at a base rate of 25%.
Page 28
28 Reconciliation to Adjusted EBITDA – Building Products(1) Year Ended December 31, (in millions, except percentages) 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Operating income (GAAP) $151.1 $155.1 $159.4 $178.2 $273.4 $264.3 $269.8 $351.1 $430.3 $421.9 $435.4 $576.0 $581.6 $684.3 $1,303.6 $1,101.8 $1,257.9 Non-operating (income) expense, net — (0.1) (0.1) 0.3 — 0.3 0.9 — (0.1) 0.8 (0.1) 0.5 3.8 2.1 2.8 (0.2) (0.5) EBIT 151.1 155.2 159.2 177.9 273.4 264.0 268.9 351.1 430.4 421.1 435.5 575.5 577.8 682.2 1,300.8 1,102.0 1,258.4 Exit and disposal, and facility rationalization costs 1.6 — — — 0.8 0.9 0.9 — — — — 0.3 1.0 0.5 0.2 7.8 2.9 Inventory step-up amortization and transaction costs — — — 3.0 1.9 — — — 0.5 9.5 2.2 2.6 0.1 24.4 — 0.5 4.6 Impairment charges 4.2 1.6 — — — — — — — — — — — — 25.0 1.8 — Losses (gains) from acquisitions and disposals — 0.3 — — 5.1 (0.3) — — — — (1.8) 0.1 7.0 2.2 0.3 2.9 (0.4) (Gains) losses from insurance — — — — — — — — — — — — (0.7) 0.7 0.3 — (5.0) (Gains) losses from litigation — — — — — (0.6) — — — — — — — — — 1.5 2.6 Total non-comparable items 5.8 1.9 — 3.0 7.8 — 0.9 — 0.5 9.5 0.4 3.0 7.4 27.8 25.8 14.5 4.7 Adjusted EBIT 156.9 157.1 159.2 180.9 281.2 264.0 269.8 351.1 430.9 430.6 435.9 578.5 585.2 710.0 1,326.6 1,116.5 1.263.1 Depreciation 23.6 23.8 22.2 21.5 22.5 25.4 28.6 31.2 31.1 31.7 37.5 43.2 48.2 52.3 62.8 62.5 68.6 Amortization 1.2 1.2 1.1 2.2 5.4 5.6 6.0 5.2 4.5 10.2 40.4 50.7 49.8 61.7 89.9 82.6 100.4 Adjusted EBITDA $181.7 $182.1 $182.5 $204.6 $309.1 $295.0 $304.4 $387.5 $466.5 $472.5 $513.8 $672.4 $683.2 $824.0 $1,479.3 $1,261.6 $1,432.1 Divided by: Total revenues $1,472.3 $1,125.9 $1,223.6 $1,484.0 $1,695.8 $1,776.5 $1,935.4 $2,002.6 $2,052.6 $2,336.2 $2,880.3 $3,233.3 $2,995.6 $3,836.7 $5,449.4 $4,586.9 $5,003.6 Adjusted EBITDA margin 12.3% 16.2% 14.9% 13.8% 18.2% 16.6% 15.7% 19.3% 22.7% 20.2% 17.8% 20.8% 22.8% 21.5% 27.1% 27.5% 28.6% (1) Represents combined results of CCM and CWT