• Fourth-quarter 2021 net earnings per share (EPS) of $1.26,
compared with 2020 EPS of $1.01; Fourth-quarter 2021 adjusted EPS
of $1.11, down 25.5 percent compared with 2020 adjusted EPS of
$1.49
• Fourth-quarter 2021 revenues of $709.2 million, down 2.5
percent compared to 2020 and down 1.4 percent on an organic
basis
• Full-year 2021 EPS of $5.34, compared with 2020 EPS of
$3.39; Full-year 2021 adjusted EPS of $5.19, up 1.6 percent
compared with 2020 adjusted EPS of $5.11
• Full-year 2021 revenue of $2.87 billion, up 5.4 percent
compared with 2020 and up 4.5 percent on an organic basis
• Full-year 2021 available cash flow was flat to the prior
year at $443.2 million
• Company introduces positive 2022 outlook, reflecting
expected strong end-market demand and a return to margin
expansion
• Full-year 2022 reported revenue growth is estimated to be 6
to 7.5 percent, with organic revenue growth projected to be 7 to
8.5 percent; Full-year 2022 EPS outlook of $5.50 to $5.70 and $5.55
to $5.75 on an adjusted basis
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today reported fourth-quarter 2021 net
revenues of $709.2 million and net earnings of $112.7 million, or
$1.26 per share. Excluding charges related to restructuring,
acquisition and integration, debt refinancing and a non-cash
investment gain, adjusted net earnings were $99.7 million, or $1.11
per share, down 25.5 percent when compared with fourth-quarter 2020
adjusted EPS of $1.49. Reported net earnings for fourth-quarter
2021 include a $0.17 per share gain related to the re-measurement
of one of our Allegion Ventures investments. Reported net earnings
for fourth-quarter 2020 include a $0.41 per share charge for assets
held for sale related to our former QMI business.
Fourth-quarter 2021 net revenues decreased 2.5 percent when
compared to the prior-year period (down 1.4 percent on an organic
basis). The organic revenue decrease was driven by the Allegion
Americas business, offset by growth in the Allegion International
business. Reported revenues reflect impacts from foreign currency
and divestitures that offset the benefits of acquisitions.
“Our fourth-quarter results reflect the challenging operating
environment that we faced throughout the second half of the year,”
said David D. Petratis, Allegion chairman, president and CEO.
“While end-market demand has remained strong, continued supply
chain challenges caused operational inefficiencies and constrained
revenue, especially in the Americas segment. We expect sequential
improvements in revenue growth, EPS and operating margin
performance throughout 2022 as we drive aggressive pricing and work
to reduce elevated lead times. The continued strength in market
demand, along with record backlog levels entering this year,
support future growth well into 2023.”
The Allegion Americas segment revenues decreased 4.2 percent
(down 4.3 percent on an organic basis). The non-residential
business was up low-single digits percent, and the residential
business was down mid-teens percent reflecting the comparison to
the large prior-year channel load-in. The segment also faced
headwinds due to continued supply chain challenges and shortages in
materials and components (including electronic components), which
have slowed the pace of revenue realization and extended product
lead times. The supply chain headwinds along with robust market
demand have led to record backlogs.
The Allegion International segment revenues increased 1.7
percent (up 5.8 percent on an organic basis). The organic growth
was driven by continued strength in our Global Portable Security
business. Reported revenues reflect the impact of foreign
currency.
Fourth-quarter 2021 operating income was $115.1 million, a
decrease of $2.6 million or 2.2 percent compared to 2020. Adjusted
operating income in fourth-quarter 2021 was $116.3 million, a
decrease of $47.2 million or 28.9 percent compared to 2020.
Fourth-quarter 2021 operating margin was 16.2 percent, flat
compared to 2020. The adjusted operating margin in fourth-quarter
2021 was 16.4 percent, compared with 22.5 percent in 2020. The
610-basis-point decrease in adjusted operating margin is
attributable to increased costs for material, freight, packaging,
labor, and operational inefficiencies, driven by continued supply
chain pressures which more than offset higher price realization.
The adjusted operating margin decrease also reflects increases to
variable compensation, more normalized levels of other
discretionary spend and higher investment spending, all of which
were reduced during 2020 due to the economic uncertainty
surrounding the COVID-19 pandemic.
Full-year Results
Full-year 2021 net revenues of $2.87 billion increased 5.4
percent, compared with the prior year (up 4.5 percent on an organic
basis). The revenue increases were primarily driven by continued,
strong end-market demand and COVID-19 pandemic related pressures in
the prior year, which more than offset the impact of supply-chain
related revenue delays noted above.
Full-year 2021 net earnings were $483 million or $5.34 per
share, compared with $314.3 million or $3.39 per share for the
prior year. Full-year 2021 adjusted net earnings were $469.4
million or $5.19 per share, compared with $474.1 million or $5.11
per share in 2020. Reported EPS for 2021 includes $0.24 per share
of gains related to equity method and other investments during the
year. Reported EPS for 2020 includes $1.07 per share for charges
related to goodwill and intangible asset impairment, as well as a
$0.41 per share charge for assets held for sale related to our QMI
business.
Full-year 2021 operating margin was 18.5 percent, compared with
14.8 percent in 2020. The adjusted operating margin for full-year
2021 was 18.8 percent, compared with 21 percent in 2020. The
220-basis-point decline was driven primarily by inflation exceeding
price and productivity, which reflects the impact of increased
commodity, material component, packaging, freight and labor
inflation, inefficiencies caused by supply chain challenges, as
well as the increases to variable compensation, other discretionary
spend and incremental investments noted above.
Additional Items
Interest expense for fourth-quarter 2021 was $13.2 million,
compared to $12.3 million for fourth-quarter 2020. During the
quarter, the company entered into a new $750 million unsecured
credit agreement consisting of a $250 million Term Facility and a
$500 million Revolving Facility. The new agreement fully replaced
the prior credit facility.
Other income net for fourth-quarter 2021 was $22.6 million,
compared to other income net of $0.4 million in the same period of
2020. Included within other income, net for the fourth-quarter 2021
was $20.7 million for the investment gain discussed above, which is
excluded from fourth-quarter adjusted net earnings and adjusted
EPS.
The company’s effective tax rate for fourth-quarter 2021 was 9.5
percent, compared with 11.7 percent in 2020. The company’s adjusted
effective tax rate for fourth-quarter 2021 was 6.1 percent,
compared with 9.5 percent in 2020.
Cash Flow and Liquidity
Available cash flow for 2021 was $443.2 million, flat versus the
prior year. The company ended 2021 with cash and cash equivalents
of $397.9 million, as well as total debt of $1,442.1 million.
Share Repurchase and Dividends
During fourth-quarter 2021, the company repurchased
approximately 1.5 million shares for approximately $200.1 million
under its previously authorized share-repurchase program approved
by the company's board of directors in February 2020. For the year,
the company repurchased approximately 3.3 million shares for
approximately $412.8 million. As announced on Feb. 4, 2022,
Allegion’s board of directors declared a quarterly dividend of
$0.41 per ordinary share of the company, an increase of 14 percent
over the prior dividend. The dividend is payable March 31, 2022, to
shareholders of record on March 16, 2022.
2022 Outlook
The company expects full-year 2022 revenues to increase 6 to 7.5
percent on a reported basis and increase 7 to 8.5 percent
organically, when compared with 2021, after excluding the expected
impacts of acquisitions, divestitures and foreign currency
movements.
Full-year 2022 reported EPS is expected to be in the range of
$5.50 to $5.70, or $5.55 to $5.75 on an adjusted basis. Adjustments
to 2022 EPS include estimated impacts of approximately $0.05 per
share for restructuring costs. The outlook includes incremental
investment of approximately $0.15 to $0.20 per share to support
future growth opportunities in electronics and seamless access;
assumes a full-year adjusted effective tax rate of approximately 13
percent; and assumes an average diluted share count for the full
year of approximately 88 million shares.
The company is targeting full-year available cash flow of
approximately $465 to $485 million.
“Allegion’s long-term business fundamentals are sound, and we
continue to invest in our future,” Petratis said. “Strong economic
demand, particularly in recovering non-residential markets, is
encouraging. I am proud of how our employees responded to numerous
challenges in 2021 and am confident Allegion is well-positioned to
drive solid results in 2022 and beyond.”
Conference Call Information
On Tuesday, Feb. 15, 2022, David D. Petratis, chairman,
president and CEO, and Patrick Shannon, senior vice president and
chief financial officer, will conduct a conference call for
analysts and investors, beginning at 8 a.m. ET, to review the
company's results.
A real-time, listen-only webcast of the conference call will be
broadcast live online. Individuals wishing to listen may access the
call through the company's website at
https://investor.allegion.com.
About Allegion
Allegion (NYSE: ALLE) is a global pioneer in seamless access,
with leading brands like CISA®, Interflex®, LCN®, Schlage®,
SimonsVoss® and Von Duprin®. Focusing on security around the door
and adjacent areas, Allegion secures people and assets with a range
of solutions for homes, businesses, schools and institutions.
Allegion had $2.9 billion in revenue in 2021, and its security
products are sold around the world.
For more, visit www.allegion.com.
Non-GAAP Measures
This news release also includes adjusted non-GAAP financial
information which should be considered supplemental to, not a
substitute for or superior to, the financial measure calculated in
accordance with GAAP. The company presents operating income,
operating margin, net earnings and diluted earnings per share (EPS)
on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis,
revenue growth on a U.S. GAAP basis and organic revenue growth on a
non-GAAP basis, and adjusted EBITDA and adjusted EBITDA margin
(both non-GAAP measures). The company presents these non-GAAP
measures because management believes they provide useful
perspective of the company’s underlying business results, trends
and a more comparable measure of period-over-period results. These
measures are also used to evaluate senior management and are a
factor in determining at-risk compensation. Investors should not
consider non-GAAP measures as alternatives to the related GAAP
measures. Further information about the adjusted non-GAAP financial
tables is attached to this news release.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, and Section 21E of
the Securities Exchange Act of 1934, including statements regarding
the continued impacts of the global COVID-19 pandemic, supply chain
constraints, electronic component and labor shortages, inflation,
rising freight and material costs, the company's 2022 financial
performance, the company’s business plans and strategy, the
company’s growth strategy, the company’s capital allocation
strategy, the company’s tax planning strategies, and the
performance of the markets in which the company operates. These
forward-looking statements generally are identified by the words
“believe,” “project,” “expect,” “anticipate,” “estimate,”
“forecast,” “outlook,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result” or the negative thereof or
variations thereon or similar expressions generally intended to
identify forward-looking statements. Forward-looking statements may
relate to such matters as projections of revenue, margins,
expenses, tax provisions, earnings, cash flows, benefit
obligations, dividends, share purchases or other financial items;
any statements of the plans, strategies and objectives of
management for future operations, including those relating to any
statements concerning expected development, performance or market
share relating to our products and services; any statements
regarding future economic conditions or our performance; any
statements regarding pending investigations, claims or disputes;
any statements of expectation or belief; and any statements of
assumptions underlying any of the foregoing. These statements are
based on the company's currently available information and our
current assumptions, expectations and projections about future
events. They are subject to future events, risks and uncertainties
- many of which are beyond the company’s control - as well as
potentially inaccurate assumptions, that could cause actual results
to differ materially from those in the forward-looking statements.
Further information on these factors and other risks that may
affect the company's business is included in filings it makes with
the Securities and Exchange Commission from time to time, including
its Form 10-K for the year ended Dec. 31, 2021, Form 10-Q for the
quarters ended March 31, 2021, June 30, 2021, and Sept. 30, 2021,
and in its other SEC filings. The company undertakes no obligation
to update these forward-looking statements.
ALLEGION PLC
Condensed and Consolidated Income
Statements
(In millions, except per share
data)
UNAUDITED
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
Net revenues
$
709.2
$
727.3
$
2,867.4
$
2,719.9
Cost of goods sold
422.7
407.4
1,662.5
1,541.1
Gross profit
286.5
319.9
1,204.9
1,178.8
Selling and administrative expenses
171.4
161.5
674.7
635.7
Impairment of goodwill and intangible
assets
—
2.8
—
101.7
Loss on assets held for sale
—
37.9
—
37.9
Operating income
115.1
117.7
530.2
403.5
Interest expense
13.2
12.3
50.2
51.1
Other income, net
(22.6
)
(0.4
)
(44.0
)
(13.0
)
Earnings before income taxes
124.5
105.8
524.0
365.4
Provision for income taxes
11.8
12.4
40.7
50.9
Net earnings
112.7
93.4
483.3
314.5
Less: Net earnings attributable to
noncontrolling interests
—
0.1
0.3
0.2
Net earnings attributable to Allegion
plc
$
112.7
$
93.3
$
483.0
$
314.3
Basic earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.26
$
1.02
$
5.37
$
3.41
Diluted earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.26
$
1.01
$
5.34
$
3.39
Shares outstanding - basic
89.2
91.8
89.9
92.3
Shares outstanding - diluted
89.7
92.3
90.5
92.8
ALLEGION PLC
Condensed and Consolidated Balance
Sheets
(In millions)
UNAUDITED
December 31, 2021
December 31, 2020
ASSETS
Cash and cash equivalents
$
397.9
$
480.4
Accounts and notes receivables, net
283.3
321.8
Inventories
380.4
283.1
Other current assets
56.0
53.9
Assets held for sale
—
5.8
Total current assets
1,117.6
1,145.0
Property, plant and equipment, net
283.7
294.9
Goodwill
803.8
819.0
Intangible assets, net
447.5
487.1
Other noncurrent assets
398.4
323.4
Total assets
$
3,051.0
$
3,069.4
LIABILITIES AND EQUITY
Accounts payable
$
259.1
$
220.4
Accrued expenses and other current
liabilities
329.5
293.7
Short-term borrowings and current
maturities of long-term debt
12.6
0.2
Liabilities held for sale
—
7.2
Total current liabilities
601.2
521.5
Long-term debt
1,429.5
1,429.4
Other noncurrent liabilities
257.9
285.9
Equity
762.4
832.6
Total liabilities and equity
$
3,051.0
$
3,069.4
ALLEGION PLC
Condensed and Consolidated Statements
of Cash Flows
(In millions)
UNAUDITED
Year ended December
31,
2021
2020
Operating Activities
Net earnings
$
483.3
$
314.5
Depreciation and amortization
83.1
81.0
Impairment of goodwill and intangible
assets
—
101.7
Loss on assets held for sale
—
37.3
Changes in assets and liabilities and
other non-cash items
(77.8
)
(44.2
)
Net cash provided by operating
activities
488.6
490.3
Investing Activities
Capital expenditures
(45.4
)
(47.1
)
Acquisition of and equity investments in
businesses, net of cash acquired
(6.5
)
(12.5
)
Other investing activities, net
20.3
2.9
Net cash used in investing activities
(31.6
)
(56.7
)
Financing Activities
Proceeds from (repayments of) debt,
net
11.1
(0.2
)
Dividends paid to ordinary
shareholders
(129.0
)
(117.3
)
Repurchase of ordinary shares
(412.8
)
(208.8
)
Other financing activities, net
1.4
4.4
Net cash used in financing activities
(529.3
)
(321.9
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(10.2
)
10.0
Net (decrease) increase in cash, cash
equivalents and restricted cash
(82.5
)
121.7
Cash, cash equivalents and restricted cash
- beginning of period
480.4
358.7
Cash and cash equivalents - end of
period
$
397.9
$
480.4
SUPPLEMENTAL
SCHEDULES
ALLEGION PLC
SCHEDULE 1
SELECTED OPERATING SEGMENT
INFORMATION
(In millions)
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
Net revenues
Allegion Americas
$
499.5
$
521.2
$
2,072.2
$
2,016.7
Allegion International
209.7
206.1
795.2
703.2
Total net revenues
$
709.2
$
727.3
$
2,867.4
$
2,719.9
Operating income (loss)
Allegion Americas
$
105.5
$
147.8
$
525.0
$
580.2
Allegion International
28.4
(9.3
)
82.4
(102.1
)
Corporate unallocated
(18.8
)
(20.8
)
(77.2
)
(74.6
)
Total operating income
$
115.1
$
117.7
$
530.2
$
403.5
ALLEGION PLC
SCHEDULE 2
The Company presents operating income,
operating margin, net earnings and diluted earnings per share (EPS)
on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis,
revenue growth on a U.S. GAAP basis and organic revenue growth on a
non-GAAP basis, and adjusted EBITDA and adjusted EBITDA margin
(both non-GAAP measures). The Company presents these non-GAAP
measures because management believes they provide useful
perspective of the Company’s underlying business results and trends
and a more comparable measure of period-over-period results. These
measures are also used to evaluate senior management and are a
factor in determining at-risk compensation. Investors should not
consider non-GAAP measures as alternatives to the related U.S. GAAP
measures.
The Company defines the presented non-GAAP
measures as follows:
(1)
Adjustments to operating income,
operating margin, net earnings, EPS and EBITDA include items such
as goodwill, indefinite-lived trade name and other asset impairment
charges, restructuring charges, acquisition and integration costs,
debt refinancing costs, gains or losses related to the divestiture
of businesses or equity method investments and significant
non-operating investment gains or losses;
(2)
Organic revenue growth is defined
as U.S. GAAP revenue growth excluding the impact of divestitures,
acquisitions and currency effects; and
(3)
Available cash flow is defined as
U.S. GAAP net cash from operating activities less capital
expenditures.
These non-GAAP measures may not be defined
and calculated the same as similar measures used by other
companies.
RECONCILIATION OF GAAP TO NON-GAAP NET
EARNINGS
(In millions, except per share
data)
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted
(non-GAAP)
Net revenues
$
709.2
$
—
$
709.2
$
727.3
$
—
$
727.3
Operating income
115.1
1.2
(1)
116.3
117.7
45.8
(1)
163.5
Operating margin
16.2
%
16.4
%
16.2
%
22.5
%
Earnings before income taxes
124.5
(18.3
)
(2)
106.2
105.8
45.8
(2)
151.6
Provision for income taxes
11.8
(5.3
)
(3)
6.5
12.4
2.0
(3)
14.4
Effective income tax rate
9.5
%
6.1
%
11.7
%
9.5
%
Net earnings
112.7
(13.0
)
99.7
93.4
43.8
137.2
Noncontrolling interests
—
—
—
0.1
—
0.1
Net earnings attributable to Allegion
plc
$
112.7
$
(13.0
)
$
99.7
$
93.3
$
43.8
$
137.1
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
1.26
$
(0.15
)
$
1.11
$
1.01
$
0.48
$
1.49
(1)
Adjustments to operating income for the
three months ended December 31, 2021, consist of $1.2 million of
restructuring charges and acquisition and integration expenses.
Adjustments to operating income for the three months ended December
31, 2020, consist of a $37.9 million loss on assets held for sale
related to our QMI business, $5.1 million of restructuring charges
and acquisition and integration expenses and a $2.8 million
intangible asset impairment charge.
(2)
Adjustments to earnings before income
taxes for the three months ended December 31, 2021, consist of the
adjustments to operating income discussed above and $1.2 million of
debt refinancing costs, which are offset by a non-cash investment
gain of $20.7 million. Adjustments to earnings before income taxes
for the three months ended December 31, 2020, consist of the
adjustments to operating income discussed above.
(3)
Adjustments to the provision for income
taxes for the three months ended December 31, 2021 and 2020,
consist of $5.3 million of tax benefit and $2.0 million of tax
expense, respectively, related to the excluded items discussed
above.
Year ended December 31,
2021
Year ended December 31,
2020
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
2,867.4
$
—
$
2,867.4
$
2,719.9
$
—
$
2,719.9
Operating income
530.2
9.5
(1)
539.7
403.5
168.8
(1)
572.3
Operating margin
18.5
%
18.8
%
14.8
%
21.0
%
Earnings before income taxes
524.0
(16.4
)
(2)
507.6
365.4
168.8
(2)
534.2
Provision for income taxes
40.7
(2.8
)
(3)
37.9
50.9
9.0
(3)
59.9
Effective income tax rate
7.8
%
7.5
%
13.9
%
11.2
%
Net earnings
483.3
(13.6
)
469.7
314.5
159.8
474.3
Noncontrolling interests
0.3
—
0.3
0.2
—
0.2
Net earnings attributable to Allegion
plc
$
483.0
$
(13.6
)
$
469.4
$
314.3
$
159.8
$
474.1
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
5.34
$
(0.15
)
$
5.19
$
3.39
$
1.72
$
5.11
(1)
Adjustments to operating income for the
year ended December 31, 2021, consist of $9.5 million of
restructuring charges and acquisition and integration expenses.
Adjustments to operating income for the year ended December 31,
2020, consist of $101.7 million of goodwill and intangible asset
impairment charges, a $37.9 million loss on assets held for sale
related to our QMI business and $29.2 million of restructuring
charges and acquisition and integration expenses.
(2)
Adjustments to earnings before income
taxes for the year ended December 31, 2021, consist of the
adjustments to operating income discussed above and $1.2 million of
debt refinancing costs, which are offset by a non-cash investment
gain of $20.7 million and a $6.4 million gain on sale of the
Company's interest in an equity method affiliate. Adjustments to
earnings before income taxes for the year ended December 31, 2020,
consist of the adjustments to operating income discussed above.
(3)
Adjustments to the provision for income
taxes for the year ended December 31, 2021 and 2020, consist of
$2.8 million of tax benefit and $9.0 million of tax expense,
respectively, related to the excluded items discussed above.
ALLEGION PLC
SCHEDULE 3
RECONCILIATION OF GAAP TO NON-GAAP
REVENUE AND OPERATING INCOME BY REGION
(In millions)
Three Months Ended December
31, 2021
Three Months Ended December
31, 2020
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
499.5
$
521.2
Operating income (GAAP)
$
105.5
21.1
%
$
147.8
28.4
%
Restructuring charges
—
—
%
0.7
0.1
%
Adjusted operating income
105.5
21.1
%
148.5
28.5
%
Depreciation and amortization
8.7
1.8
%
8.7
1.7
%
Adjusted EBITDA
$
114.2
22.9
%
$
157.2
30.2
%
Allegion International
Net revenues (GAAP)
$
209.7
$
206.1
Operating income (loss) (GAAP)
$
28.4
13.5
%
$
(9.3
)
(4.5
) %
Restructuring charges
0.9
0.4
%
1.7
0.8
%
Acquisition and integration costs
0.1
0.1
%
—
—
%
Impairment of goodwill and intangible
assets
—
—
%
2.8
1.4
%
Loss on assets held for sale
—
—
%
37.9
18.4
%
Adjusted operating income
29.4
14.0
%
33.1
16.1
%
Depreciation and amortization
10.5
5.0
%
10.4
5.0
%
Adjusted EBITDA
$
39.9
19.0
%
$
43.5
21.1
%
Corporate
Operating loss (GAAP)
$
(18.8
)
$
(20.8
)
Restructuring charges
—
1.1
Acquisition and integration costs
0.2
1.6
Adjusted operating loss
(18.6
)
(18.1
)
Depreciation and amortization
0.8
1.1
Adjusted EBITDA
$
(17.8
)
$
(17.0
)
Total
Net revenues
$
709.2
$
727.3
Adjusted operating income
$
116.3
16.4
%
$
163.5
22.5
%
Depreciation and amortization
20.0
2.8
%
20.2
2.8
%
Adjusted EBITDA
$
136.3
19.2
%
$
183.7
25.3
%
Year ended December 31,
2021
Year ended December 31,
2020
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
2,072.2
$
2,016.7
Operating income (GAAP)
$
525.0
25.3
%
$
580.2
28.8
%
Restructuring charges
0.1
—
%
5.6
0.2
%
Acquisition and integration costs
0.1
—
%
—
—
%
Adjusted operating income
525.2
25.3
%
585.8
29.0
%
Depreciation and amortization
34.8
1.7
%
34.5
1.8
%
Adjusted EBITDA
$
560.0
27.0
%
$
620.3
30.8
%
Allegion International
Net revenues (GAAP)
$
795.2
$
703.2
Operating income (loss) (GAAP)
$
82.4
10.4
%
$
(102.1
)
(14.5
) %
Restructuring charges
4.7
0.6
%
17.9
2.5
%
Acquisition and integration costs
0.1
—
%
—
—
%
Impairment of goodwill and intangible
assets
—
—
%
101.7
14.5
%
Loss on assets held for sale
—
—
%
37.9
5.4
%
Adjusted operating income
87.2
11.0
%
55.4
7.9
%
Depreciation and amortization
39.9
5.0
%
39.0
5.5
%
Adjusted EBITDA
$
127.1
16.0
%
$
94.4
13.4
%
Corporate
Operating loss (GAAP)
$
(77.2
)
$
(74.6
)
Restructuring charges
0.3
3.3
Acquisition and integration costs
4.2
2.4
Adjusted operating loss
(72.7
)
(68.9
)
Depreciation and amortization
4.0
4.5
Adjusted EBITDA
$
(68.7
)
$
(64.4
)
Total
Net revenues
$
2,867.4
$
2,719.9
Adjusted operating income
$
539.7
18.8
%
$
572.3
21.0
%
Depreciation and amortization
78.7
2.8
%
78.0
2.9
%
Adjusted EBITDA
$
618.4
21.6
%
$
650.3
23.9
%
ALLEGION PLC
SCHEDULE 4
RECONCILIATION OF CASH PROVIDED BY
OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO
ADJUSTED EBITDA
(In millions)
Year ended December
31,
2021
2020
Net cash from operating activities
$
488.6
$
490.3
Capital expenditures
(45.4
)
(47.1
)
Available cash flow
$
443.2
$
443.2
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
Net earnings (GAAP)
$
112.7
$
93.4
$
483.3
$
314.5
Provision for income taxes
11.8
12.4
40.7
50.9
Interest expense
13.2
12.3
50.2
51.1
Depreciation and amortization
20.0
20.2
78.7
78.0
EBITDA
157.7
138.3
652.9
494.5
Other income, net
(22.6
)
(0.4
)
(44.0
)
(13.0
)
Impairment of goodwill and intangible
assets
—
2.8
—
101.7
Loss on assets held for sale
—
37.9
—
37.9
Acquisition and integration costs and
restructuring charges
1.2
5.1
9.5
29.2
Adjusted EBITDA
$
136.3
$
183.7
$
618.4
$
650.3
ALLEGION PLC
SCHEDULE 5
RECONCILIATION OF GAAP REVENUE GROWTH
TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION
Three months ended December
31,
Year ended December
31,
2021
2020
2021
2020
Allegion Americas
Revenue growth (GAAP)
(4.2
) %
(1.0
) %
2.8
%
(4.6
) %
Acquisitions and divestitures
—
%
0.3
%
—
%
0.4
%
Currency translation effects
(0.1
) %
—
%
(0.4
) %
—
%
Organic growth (non-GAAP)
(4.3
) %
(0.7
) %
2.4
%
(4.2
) %
Allegion International
Revenue growth (GAAP)
1.7
%
6.6
%
13.1
%
(4.9
) %
Acquisitions and divestitures
1.1
%
—
%
2.0
%
0.1
%
Currency translation effects
3.0
%
(6.9
) %
(4.7
) %
(1.6
) %
Organic growth (non-GAAP)
5.8
%
(0.3
) %
10.4
%
(6.4
) %
Total
Revenue growth (GAAP)
(2.5
) %
1.1
%
5.4
%
(4.7
) %
Acquisitions and divestitures
0.3
%
0.2
%
0.5
%
0.3
%
Currency translation effects
0.8
%
(1.9
) %
(1.4
) %
(0.4
) %
Organic growth (non-GAAP)
(1.4
) %
(0.6
) %
4.5
%
(4.8
) %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220215005361/en/
Media: Doshia Stewart – Vice President, Global Corporate
Communications +1.317.810.3512 Doshia.Stewart@allegion.com or
PR@allegion.com
Analysts: Tom Martineau – Vice President, Investor Relations,
and Treasurer +1.317.810.3759 Tom.Martineau@allegion.com
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