Operator: Your next question comes from the line of David MacGregor from Longbow Research.
David MacGregor: Yes. Just to start off with a quick one — any sense of what benefit the extended days in December may have represented to the quarter?
Chris Koch: Yes, we think it picked up probably about two days of positive weather.
David MacGregor: Okay. Two days. Secondly, I wanted to ask you about market share in CCM. And clearly, during the pandemic, you guys won share. And so I guess the question is, if the market is stabilizing, how do you defend that share now that they want it back, and they’re likely prepared to use price to get it? And then maybe within the context of that answer, you can just talk about what you expect in terms of CCM market share in 2024.
Chris Koch: Yes. I think for market share, I don’t know, I don’t want to get contentious. I would say that during COVID, I would say there were a couple of phases to it. And maybe in the first phase when we came out, if you might recall, we had actually built inventory going into COVID when others were declining. And when we came out, we captured a lot of share. So there was demand we had at others weren’t able to provide. And that was part — attributed to our belief of the Carlisle experience, providing a lot of value to our contractors, the right place, right product, right time, right? So we picked up share then. Then we did get through and is the time went on. We had others that implemented different types of techniques to get out into the market and to sell things.
They handle their approach to direct sales to contractor may be different? Or are they funded distribution in a different way. And I think you’re right. As we chose a path under, I think we call it our MSP program, we made some decisions. And one decision was we felt it was better to I would say, be more democratic in our approach to funding distributors, we didn’t put all the eggs with the biggest distributors of contract because we make sure that all of our long-standing customers got a little bit so that everybody could survive. So we may have suffered a little bit there. And then I think there was some pricing as we came out into ’23, that some attempts to gain share through that in the first quarter — in the first quarter of the year, which could acerbated the destocking.
But ultimately, things guide, as we’ve already touched on, it was a very stable year for pricing so things came back. And so really, when I look at the time I’ve been a COO to now 2014 to ’24, I would say that overall market shares have remained relatively stable. There’s ebbs and flows in each segment is very specific TPOs different than EPDM. EPDM is different than PBC. But on the whole, I think one of the reasons it stays relatively stable for us is our great network of architect specifications, distributors and then this warranty and specifying these things and viewing the whole thing as a system, which is what Mehul talks a lot about with Henry as well. This idea that we’re having a specified system. So I don’t think ’24 will be any different.
I think ’24 will probably play out in a similar way and market share will be relatively consistent around the big buckets of our business. The three roofing membranes, the insulation, the accessories at ESI and seals of that.
David MacGregor: And then the last question I had for you was just with regard to the backlog that you referenced in your prepared remarks. Can you size that roof in backlog for us? And what would it normally be — so to what extent are you above normalized levels? And — and how are you thinking about [indiscernible] on that?
Chris Koch: I would or — I guess without — I don’t want to share too much, and I would go back to maybe more of a public figure. And I think it’s — ABI, I think. Contractor — so that’s steady 8.6 that Kevin referenced is pretty similar to what we’ve seen for the last few years. 9.1, I think, was there for a while. I don’t think it’s really dipped below 8.5. So I think backlog has remained relatively consistent, which is kind of what we talked about with labor constraints that people aren’t paying resume, but there’s a healthy backlog of demand there.
Operator: Your next question comes from the line of Adam Baumgarten from Zelman.
Adam Baumgarten: Just looking at the margin guidance, the EBITDA margin expanding overall 50 bps — is that a bit more weighted or higher than the total company at CWT given the stronger starters, is it relatively balanced across both businesses for the year?
Chris Koch: Yes, it’s relatively balanced across both CCM and CWT.
Adam Baumgarten: And then just a couple of others. One, you mentioned the positive weather in 4Q just a moment ago was weather a headwind perhaps in January? And then also just on CapEx, kind of coming up a good amount, and I know you guys noted some growth investments. Can you give maybe some more specifics on where you’re spending that incremental CapEx?
