CARLISLE COMPANIES INC
For the period ended Sep 30, 2024. Filed Oct 25, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 25, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| (in millions) | 2024 | 2023 |
| Operating activities: | ||
| Net income | $1,149.0 | $561.9 |
| Reconciliation of net income to net cash provided by operating activities: | ||
| Depreciation | 51.7 | 66.9 |
| Amortization | 74.9 | 102.4 |
| Lease expense | 18.9 | 22.0 |
| Stock-based compensation | 22.9 | 30.2 |
| Deferred taxes | (5.7) | (35.5) |
| (Gain) loss on sale of discontinued operations | (456.7) | 49.9 |
| Other operating activities, net | 8.7 | 26.9 |
| Changes in assets and liabilities, excluding effects of acquisitions: | ||
| Receivables | (157.1) | (145.3) |
| Inventories | (103.9) | 117.0 |
| Contract assets | 10.2 | 13.2 |
| Prepaid expenses and other assets | (5.9) | 7.4 |
| Accounts payable | 66.5 | 49.4 |
| Accrued and other current liabilities | (11.0) | (41.4) |
| Contract liabilities | 18.5 | 14.0 |
| Other long-term liabilities | (21.3) | (26.6) |
| Net cash provided by operating activities | 659.7 | 812.4 |
| Investing activities: | ||
| Proceeds from sale of discontinued operations, net of cash disposed | 1,998.0 | — |
| Acquisitions, net of cash acquired | (414.3) | — |
| Capital expenditures | (76.7) | (106.3) |
| Investment in securities | 0.6 | 0.9 |
| Other investing activities, net | 1.3 | 18.7 |
| Net cash provided by (used in) investing activities | 1,508.9 | (86.7) |
| Financing activities: | ||
| Repayment of notes | — | (300.0) |
| Borrowings from revolving credit facility | 22.0 | 84.0 |
| Repayments of revolving credit facility | (22.0) | (84.0) |
| Repurchases of common stock | (1,166.1) | (580.0) |
| Dividends paid | (127.4) | (119.3) |
| Proceeds from exercise of stock options | 73.1 | 17.7 |
| Withholding tax paid related to stock-based compensation | (17.7) | (10.4) |
| Other financing activities, net | (4.8) | (2.5) |
| Net cash used in financing activities | (1,242.9) | (994.5) |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (0.6) | — |
| Change in cash and cash equivalents | 925.1 | (268.8) |
| Less: change in cash and cash equivalents of discontinued operations | (28.8) | (12.0) |
| Cash and cash equivalents at beginning of period | 576.7 | 364.8 |
| Cash and cash equivalents at end of period | $1,530.6 | $108.0 |
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)
| Common Stock · Additional Paid-In Capital · Accumulated Other Comprehensive Income (Loss) · Retained Earnings · Shares in Treasury · Total Stockholders' Equity | ||||||||
|---|---|---|---|---|---|---|---|---|
| (in millions, except per share amounts) · Shares · Amount · Shares · Cost | ||||||||
| Balance as of June 30, 2023 | 50.0 | $78.7 | $531.6 | $(143.5) | $5,246.1 | 28.4 | $(2,680.9) | $3,032.0 |
| Net income | — | — | — | — | 265.6 | — | — | 265.6 |
| Other comprehensive loss, net of tax | — | — | — | (15.5) | — | — | — | (15.5) |
| Dividends - $0.85 per share | — | — | — | — | (42.2) | — | — | (42.2) |
| Repurchases of common stock | (1.2) | — | — | — | — | 1.2 | (333.2) | (333.2) |
| Issuances and deferrals, net for stock based compensation(1) | — | — | 12.8 | — | — | — | 4.3 | 17.1 |
| Balance as of September 30, 2023 | 48.8 | $78.7 | $544.4 | $(159.0) | $5,469.5 | 29.6 | $(3,009.8) | $2,923.8 |
| Balance as of June 30, 2024 | 46.4 | $78.7 | $570.3 | $(113.0) | $6,456.9 | 32.2 | $(3,988.6) | $3,004.3 |
| Net income | — | — | — | — | 244.3 | — | — | 244.3 |
| Other comprehensive income, net of tax | — | — | — | 10.7 | — | — | — | 10.7 |
| Dividends - $1.00 per share | — | — | — | — | (45.9) | — | — | (45.9) |
| Repurchases of common stock | (1.1) | — | — | — | — | 1.1 | (470.5) | (470.5) |
| Issuances and deferrals, net for stock based compensation(1) | 0.1 | — | 10.4 | — | — | (0.1) | 9.6 | 20.0 |
| Balance as of September 30, 2024 | 45.4 | $78.7 | $580.7 | $(102.3) | $6,655.3 | 33.2 | $(4,449.5) | $2,762.9 |
(1)Issuances and deferrals, net for stock-based compensation reflects share activity related to option exercises, restricted and performance shares vested, and net issuances and deferrals associated with deferred compensation equity.
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