- Second-quarter 2022 net earnings per share (EPS) of $1.30,
compared with 2021 EPS of $1.31; Second-quarter 2022 adjusted EPS
of $1.37, up 3.8 percent compared with 2021 adjusted EPS of
$1.32
- Second-quarter 2022 revenues of $773.1 million, up 3.5
percent on a reported basis and up 6.4 percent on an organic
basis
- Second-quarter 2022 operating margin of 19 percent, compared
with 2021 operating margin of 19.5 percent; Adjusted operating
margin of 20 percent, up 40 basis points compared with 2021
adjusted operating margin of 19.6 percent
- Revising 2022 full-year revenue growth outlook to a range of
13 to 14 percent on a reported basis and 9 to 10 percent
organically, inclusive of recently closed Stanley Access
Technologies LLC (“Access Technologies”) acquisition
- Revising full-year 2022 EPS outlook to a range of $5.05 to
$5.15 and adjusted EPS outlook to a range of $5.35 to $5.45,
inclusive of recently closed Access Technologies
acquisition
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today reported second-quarter 2022 net
revenues of $773.1 million and net earnings of $115.1 million, or
$1.30 per share. Excluding charges related to restructuring,
acquisition and integration expenses, debt financing, as well as
non-operating investment gains, adjusted net earnings were $121.1
million, or $1.37 per share, up 3.8 percent when compared with
second-quarter 2021 adjusted EPS of $1.32.
Second-quarter 2022 net revenues increased 3.5 percent when
compared to the prior-year period (up 6.4 percent on an organic
basis). The organic revenue increase was driven by significant and
improving price realization across the portfolio along with strong
volume in the Allegion Americas non-residential business offsetting
weakness experienced in Allegion Americas residential and Allegion
International businesses. Reported revenues reflect over $22
million in foreign currency exchange rate headwinds.
“Allegion continues to deliver sequential improvements with the
second-quarter results in the face of tough macroeconomic
conditions,” said Allegion Executive Chairman David D. Petratis,
who served as Allegion president and CEO through second-quarter
2022. “Americas non-residential markets were strong, and we were
able to deliver significant price realization in all regions. While
electronic components challenges continue, our supply chain
actions, over the last year, are resulting in improving components
availability.”
The Allegion Americas segment revenues increased 7.8 percent (up
8 percent on an organic basis). The organic increase was driven by
strong price realization that was slightly offset by lower volumes
in the residential business. The non-residential business grew
high-teens percent, driven by price realization and volume. The
residential business declined mid-teens percent, driven by
continued electronic parts shortages and a prior-year catch-up on
COVID-related backlogs that built during 2020, both of which more
than offset price.
The Allegion International segment revenues declined 8.5 percent
(up 1.9 percent on an organic basis). The organic increase was
driven by price realization in the region offsetting softening
volumes that were driven by COVID-19 lockdowns in China and
geopolitical challenges. The reported revenue reflects the negative
impact of currency movements in the region.
Second-quarter 2022 operating income was $147.1 million, an
increase of $1.7 million or 1.2 percent compared to 2021. Adjusted
operating income in second-quarter 2022 was $154.9 million, an
increase of $8.7 million or 6 percent compared to 2021.
Second-quarter 2022 operating margin was 19 percent, compared
with 19.5 percent in 2021. The adjusted operating margin in
second-quarter 2022 was 20 percent, compared with 19.6 percent in
2021. The 40-basis-point increase in adjusted operating margin is
attributable to price and productivity exceeding inflation and
positive business mix offsetting pressure from incremental
investments.
Additional Items
Interest expense for second-quarter 2022 was $17.2 million, an
increase from $12.4 million for second-quarter 2021. The increase
was driven by $4.3 million of debt financing fees related to the
previously announced Access Technologies business acquisition,
which are excluded from adjusted EPS.
Other income net for second-quarter 2022 was $3.4 million,
compared to other income net of $3.2 million in the same period of
2021. The 2022 figure includes $4 million of non-operating
investment gains that are excluded from adjusted EPS.
The company’s effective tax rate for second-quarter 2022 was
13.6 percent, compared with 12.8 percent in 2021. The company’s
adjusted effective tax rate for second-quarter 2022 was 14.3
percent, compared with 12.8 percent in 2021.
Cash Flow and Liquidity
Year-to-date available cash flow for 2022 was $84.5 million, a
decrease of $165.1 million versus the prior year. The
year-over-year decrease in available cash flow is due to increases
in net working capital and lower year-to-date net earnings.
Available cash flow is consistent with historical year-to-date
trends, excluding 2021.
The company ended second-quarter 2022 with cash and cash
equivalents of $919.6 million, as well as total debt of $2,030.7
million. These amounts are inclusive of the issuance of $600
million of senior notes in June, which the company issued to help
finance its acquisition of the Access Technologies business in
July, together with an additional $340 million drawn in July on its
2021 revolving facility.
While the financing of this acquisition has increased its
leverage, Allegion remains comfortably within all of its financial
covenants. Further, the company does not believe this acquisition,
or the related financing, will diminish Allegion’s sound financial
position or ability to meet short-term financing needs.
Closing of the Access Technologies Business
Acquisition
On Tuesday, July 5, 2022, Allegion completed the acquisition of
the Access Technologies business and assets related to the
automatic entrance solutions business from Stanley Black &
Decker, Inc. (NYSE: SWK). This business is operating as part of the
Allegion Americas segment.
For additional information on this acquisition, review the
company’s July 5, 2022, press release.
President and CEO Transition
On Monday, July 11, 2022, John H. Stone assumed the role of
Allegion president and CEO, succeeding Petratis, who announced his
retirement on May 31, 2022.
Most recently, Stone served as president of Deere &
Company’s Worldwide Construction, Forestry and Power Systems
business, where he was responsible for the sustainable, profitable
growth of the company's construction and forestry equipment
business as well as the continued success of the Wirtgen Group.
Stone previously headed Deere's Intelligent Solutions Group, the
company's precision-ag technology arm, where he led the acquisition
of tech startup Blue River Technology, the establishment of the San
Francisco John Deere Labs office and the precision-ag headquarters
in Urbandale, Iowa. He holds a bachelor's degree in mechanical
engineering from the United States Military Academy and an MBA from
Harvard Business School.
“Allegion is entering a new chapter, where we will build on our
powerful legacy of great products and operational excellence, as
well as layer in new technology and innovations that will benefit
those we serve,” Stone said. “I am grateful and excited to be a
part of the Allegion story and work with this strong team of
experts, who are delivering on our vision of seamless access and a
safer world.”
Updated 2022 Outlook
The company is raising its full-year 2022 revenue outlook and
now expects reported revenue growth of 13 to 14 percent and organic
revenue growth of 9 to 10 percent, when compared with 2021, after
excluding the expected impacts of acquisitions, divestitures and
foreign currency movements. The increase in the organic outlook is
driven primarily by additional pricing actions to mitigate
inflationary pressures.
The company is revising its full-year 2022 reported EPS to be in
the $5.05 to $5.15 range, with adjusted EPS between $5.35 to $5.45.
The revised outlook includes an additional $0.09 per share pressure
related to currency movements from the prior outlook. The revised
outlook also assumes approximately negative $0.10 adjusted EPS
impact for the balance of the year related to the Access
Technologies business and costs related to the acquisition, broken
down as approximately $0.20 per share from operations,
approximately negative $0.13 per share for intangible asset
amortization and approximately negative $0.17 per share for
interest expense.
Adjustments to 2022 EPS of approximately $0.30 per share include
expected charges for restructuring, acquisition and integration
expenses and debt financing costs, as well as non-operating
investment gains and losses.
The outlook includes incremental investment of approximately
$0.20 per share; 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 88.5 million shares.
The company expects full-year 2022 available cash flow of
approximately $420 to $440 million. The decrease from the prior
outlook is primarily driven by investing in inventory to build
supply chain resiliency.
Conference Call Information
On Thursday, July 28, 2022, Executive Chairman David D.
Petratis, President and CEO John H. Stone and Senior Vice President
and Chief Financial Officer Mike Wagnes 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, impacts of Russia’s invasion of
Ukraine including further supply chain disruptions and the
increased risk of cyber-attacks in connection with such invasion,
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, 2022, and June 30, 2022, 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 June
30,
Six months ended June
30,
2022
2021
2022
2021
Net revenues
$
773.1
$
746.9
$
1,496.7
$
1,441.2
Cost of goods sold
458.1
426.4
893.0
823.3
Gross profit
315.0
320.5
603.7
617.9
Selling and administrative expenses
167.9
175.1
339.6
341.2
Operating income
147.1
145.4
264.1
276.7
Interest expense
17.2
12.4
29.1
24.7
Other income, net
(3.4
)
(3.2
)
(5.6
)
(6.7
)
Earnings before income taxes
133.3
136.2
240.6
258.7
Provision for income taxes
18.1
17.4
32.3
31.7
Net earnings
115.2
118.8
208.3
227.0
Less: Net earnings attributable to
noncontrolling interests
0.1
0.1
0.2
0.3
Net earnings attributable to Allegion
plc
$
115.1
$
118.7
$
208.1
$
226.7
Basic earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.31
$
1.32
$
2.36
$
2.51
Diluted earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.30
$
1.31
$
2.35
$
2.49
Shares outstanding - basic
87.9
90.0
88.0
90.4
Shares outstanding - diluted
88.2
90.6
88.4
90.9
ALLEGION PLC
Condensed and Consolidated Balance
Sheets
(In millions)
UNAUDITED
June 30, 2022
December 31, 2021
ASSETS
Cash and cash equivalents
$
919.6
$
397.9
Accounts and notes receivables, net
333.3
283.3
Inventories
428.4
380.4
Other current assets
71.7
56.0
Total current assets
1,753.0
1,117.6
Property, plant and equipment, net
278.0
283.7
Goodwill
781.0
803.8
Intangible assets, net
412.1
447.5
Other noncurrent assets
429.6
398.4
Total assets
$
3,653.7
$
3,051.0
LIABILITIES AND EQUITY
Accounts payable
$
278.4
$
259.1
Accrued expenses and other current
liabilities
319.4
329.5
Short-term borrowings and current
maturities of long-term debt
12.6
12.6
Total current liabilities
610.4
601.2
Long-term debt
2,018.1
1,429.5
Other noncurrent liabilities
245.5
257.9
Equity
779.7
762.4
Total liabilities and equity
$
3,653.7
$
3,051.0
ALLEGION PLC
Condensed and Consolidated Statements
of Cash Flows
(In millions)
UNAUDITED
Six months ended June
30,
2022
2021
Operating Activities
Net earnings
$
208.3
$
227.0
Depreciation and amortization
40.1
41.9
Changes in assets and liabilities and
other non-cash items
(139.3
)
(1.4
)
Net cash provided by operating
activities
109.1
267.5
Investing Activities
Capital expenditures
(24.6
)
(17.9
)
Other investing activities, net
0.7
(0.8
)
Net cash used in investing activities
(23.9
)
(18.7
)
Financing Activities
Debt repayments, net
(6.3
)
(0.1
)
Proceeds from issuance of senior notes
600.0
—
Net proceeds from (repayments of) debt
593.7
(0.1
)
Debt financing costs
(9.1
)
—
Dividends paid to ordinary
shareholders
(71.5
)
(64.6
)
Repurchase of ordinary shares
(61.0
)
(199.8
)
Other financing activities, net
(3.7
)
(0.6
)
Net cash provided by (used in) financing
activities
448.4
(265.1
)
Effect of exchange rate changes on cash
and cash equivalents
(11.9
)
(3.9
)
Net increase (decrease) in cash and cash
equivalents
521.7
(20.2
)
Cash and cash equivalents - beginning of
period
397.9
480.4
Cash and cash equivalents - end of
period
$
919.6
$
460.2
SUPPLEMENTAL
SCHEDULES
ALLEGION PLC
SCHEDULE 1
SELECTED OPERATING SEGMENT
INFORMATION
(In millions)
Three months ended June
30,
Six months ended June
30,
2022
2021
2022
2021
Net revenues
Allegion Americas
$
592.3
$
549.4
$
1,120.5
$
1,048.3
Allegion International
180.8
197.5
376.2
392.9
Total net revenues
$
773.1
$
746.9
$
1,496.7
$
1,441.2
Operating income (loss)
Allegion Americas
$
153.6
$
150.4
$
277.5
$
285.8
Allegion International
11.4
18.1
31.0
33.5
Corporate unallocated
(17.9
)
(23.1
)
(44.4
)
(42.6
)
Total operating income
$
147.1
$
145.4
$
264.1
$
276.7
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 financing costs, gains or losses related to the divestiture of
businesses or equity method investments and 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 June 30,
2022
Three months ended June 30,
2021
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
773.1
$
—
$
773.1
$
746.9
$
—
$
746.9
Operating income
147.1
7.8
(1)
154.9
145.4
0.8
(1)
146.2
Operating margin
19.0
%
20.0
%
19.5
%
19.6
%
Earnings before income taxes
133.3
8.1
(2)
141.4
136.2
0.8
(2)
137.0
Provision for income taxes
18.1
2.1
(3)
20.2
17.4
0.2
(3)
17.6
Effective income tax rate
13.6
%
14.3
%
12.8
%
12.8
%
Net earnings
115.2
6.0
121.2
118.8
0.6
119.4
Noncontrolling interests
0.1
—
0.1
0.1
—
0.1
Net earnings attributable to Allegion
plc
$
115.1
$
6.0
$
121.1
$
118.7
$
0.6
$
119.3
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
1.30
$
0.07
$
1.37
$
1.31
$
0.01
$
1.32
(1)
Adjustments to operating income for the
three months ended June 30, 2022 and 2021, consist of $7.8 million
and $0.8 million, respectively, of restructuring charges and
acquisition and integration expenses.
(2)
Adjustments to earnings before income
taxes for the three months ended June 30, 2022 consist of the
adjustments to operating income discussed above, as well as $4.0
million in non-operating investment gains and $4.3 million of debt
financing costs. Adjustments to operating income for the three
months ended June 30, 2021, consist of the adjustments to operating
income discussed above.
(3)
Adjustments to the provision for income
taxes for the three months ended June 30, 2022 and 2021, consist of
$2.1 million and $0.2 million, respectively, of tax expense related
to the excluded items discussed above.
Six months ended June 30,
2022
Six months ended June 30,
2021
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
1,496.7
$
—
$
1,496.7
$
1,441.2
$
—
$
1,441.2
Operating income
264.1
13.3
(1)
277.4
276.7
3.5
(1)
280.2
Operating margin
17.6
%
18.5
%
19.2
%
19.4
%
Earnings before income taxes
240.6
11.6
(2)
252.2
258.7
3.5
(2)
262.2
Provision for income taxes
32.3
3.4
(3)
35.7
31.7
1.3
(3)
33.0
Effective income tax rate
13.4
%
14.2
%
12.3
%
12.6
%
Net earnings
208.3
8.2
216.5
227.0
2.2
229.2
Noncontrolling interests
0.2
—
0.2
0.3
—
0.3
Net earnings attributable to Allegion
plc
$
208.1
$
8.2
$
216.3
$
226.7
$
2.2
$
228.9
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
2.35
$
0.10
$
2.45
$
2.49
$
0.03
$
2.52
(1)
Adjustments to operating income for the
six months ended June 30, 2022 and 2021, consist of $13.3 million
and $3.5 million, respectively, of restructuring charges and
acquisition and integration expenses.
(2)
Adjustments to earnings before income
taxes for the six months ended June 30, 2022, consist of the
adjustments to operating income discussed above, as well as $6.0
million in non-operating investment gains and $4.3 million of debt
financing costs. Adjustments to earnings before income taxes for
the six months ended June 30, 2021, consist of the adjustments to
operating income discussed above.
(3)
Adjustments to the provision for income
taxes for the six months ended June 30, 2022 and 2021, consist of
$3.4 million and $1.3 million, respectively, of tax expense 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 June 30,
2022
Three months ended June 30,
2021
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
592.3
$
549.4
Operating income (GAAP)
$
153.6
25.9
%
$
150.4
27.4
%
Acquisition and integration costs
—
—
%
0.1
—
%
Adjusted operating income
153.6
25.9
%
150.5
27.4
%
Depreciation and amortization
8.9
1.5
%
8.8
1.6
%
Adjusted EBITDA
$
162.5
27.4
%
$
159.3
29.0
%
Allegion International
Net revenues (GAAP)
$
180.8
$
197.5
Operating income (GAAP)
$
11.4
6.3
%
$
18.1
9.2
%
Restructuring charges
3.8
2.1
%
0.4
0.2
%
Adjusted operating income
15.2
8.4
%
18.5
9.4
%
Depreciation and amortization
9.3
5.2
%
9.6
4.8
%
Adjusted EBITDA
$
24.5
13.6
%
$
28.1
14.2
%
Corporate
Operating loss (GAAP)
$
(17.9
)
$
(23.1
)
Restructuring charges
—
0.1
Acquisition and integration costs
4.0
0.2
Adjusted operating loss
(13.9
)
(22.8
)
Depreciation and amortization
0.8
1.2
Adjusted EBITDA
$
(13.1
)
$
(21.6
)
Total
Net revenues
$
773.1
$
746.9
Adjusted operating income
$
154.9
20.0
%
$
146.2
19.6
%
Depreciation and amortization
19.0
2.5
%
19.6
2.6
%
Adjusted EBITDA
$
173.9
22.5
%
$
165.8
22.2
%
Six months ended June 30,
2022
Six months ended June 30,
2021
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
1,120.5
$
1,048.3
Operating income (GAAP)
$
277.5
24.8
%
$
285.8
27.3
%
Restructuring charges
—
—
%
0.1
—
%
Acquisition and integration costs
—
—
%
0.1
—
%
Adjusted operating income
277.5
24.8
%
286.0
27.3
%
Depreciation and amortization
17.8
1.6
%
17.6
1.7
%
Adjusted EBITDA
$
295.3
26.4
%
$
303.6
29.0
%
Allegion International
Net revenues (GAAP)
$
376.2
$
392.9
Operating income (GAAP)
$
31.0
8.2
%
$
33.5
8.5
%
Restructuring charges
4.5
1.2
%
3.0
0.8
%
Acquisition and integration costs
0.1
0.1
%
—
—
%
Adjusted operating income
35.6
9.5
%
36.5
9.3
%
Depreciation and amortization
19.0
5.0
%
19.7
5.0
%
Adjusted EBITDA
$
54.6
14.5
%
$
56.2
14.3
%
Corporate
Operating loss (GAAP)
$
(44.4
)
$
(42.6
)
Restructuring charges
—
0.1
Acquisition and integration costs
8.7
0.2
Adjusted operating loss
(35.7
)
(42.3
)
Depreciation and amortization
1.6
2.3
Adjusted EBITDA
$
(34.1
)
$
(40.0
)
Total
Net revenues
$
1,496.7
$
1,441.2
Adjusted operating income
$
277.4
18.5
%
$
280.2
19.4
%
Depreciation and amortization
38.4
2.6
%
39.6
2.8
%
Adjusted EBITDA
$
315.8
21.1
%
$
319.8
22.2
%
ALLEGION PLC
SCHEDULE 4
RECONCILIATION OF CASH PROVIDED BY
OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO
ADJUSTED EBITDA
(In millions)
Six months ended June
30,
2022
2021
Net cash provided by operating
activities
$
109.1
$
267.5
Capital expenditures
(24.6
)
(17.9
)
Available cash flow
$
84.5
$
249.6
Three months ended June
30,
Six months ended June
30,
2022
2021
2022
2021
Net earnings (GAAP)
$
115.2
$
118.8
$
208.3
$
227.0
Provision for income taxes
18.1
17.4
32.3
31.7
Interest expense
17.2
12.4
29.1
24.7
Depreciation and amortization
19.0
19.6
38.4
39.6
EBITDA
169.5
168.2
308.1
323.0
Other income, net
(3.4
)
(3.2
)
(5.6
)
(6.7
)
Acquisition and integration costs and
restructuring charges
7.8
0.8
13.3
3.5
Adjusted EBITDA
$
173.9
$
165.8
$
315.8
$
319.8
ALLEGION PLC
SCHEDULE 5
RECONCILIATION OF GAAP REVENUE GROWTH
TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION
Three months ended June
30,
Six months ended June
30,
2022
2021
2022
2021
Allegion Americas
Revenue growth (GAAP)
7.8
%
23.7
%
6.9
%
9.6
%
Currency translation effects
0.2
%
(0.8
)%
0.1
%
(0.5
)%
Organic growth (non-GAAP)
8.0
%
22.9
%
7.0
%
9.1
%
Allegion International
Revenue growth (GAAP)
(8.5
)%
36.0
%
(4.3
)%
27.6
%
Acquisitions and divestitures
(0.5
)%
3.2
%
0.2
%
2.3
%
Currency translation effects
10.9
%
(12.6
)%
8.8
%
(11.6
)%
Organic growth (non-GAAP)
1.9
%
26.6
%
4.7
%
18.3
%
Total
Revenue growth (GAAP)
3.5
%
26.7
%
3.9
%
14.0
%
Acquisitions and divestitures
(0.1
)%
0.8
%
—
%
0.6
%
Currency translation effects
3.0
%
(3.7
)%
2.5
%
(3.3
)%
Organic growth (non-GAAP)
6.4
%
23.8
%
6.4
%
11.3
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220728005209/en/
Media Contact: Whitney Moorman – Reputation Management
Leader 317-810-3241 Whitney.Moorman@allegion.com
Analyst Contact: Tom Martineau – Vice President, Investor
Relations, and Treasurer 317-810-3759
Tom.Martineau@allegion.com
Allegion (NYSE:ALLE)
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