- First-quarter 2023 net earnings per share (EPS) of $1.40,
compared with 2022 EPS of $1.05; First-quarter 2023 adjusted EPS of
$1.58, up 39.8% compared with 2022 adjusted EPS of $1.13
- First-quarter 2023 revenues of $923.0 million, up 27.6% on a
reported basis and up 15.0% on an organic basis
- First-quarter 2023 operating margin of 18.5%, compared with
2022 operating margin of 16.2%; Adjusted operating margin of 20.8%,
up 290 basis points compared with 2022 adjusted operating margin of
17.9%
- Raising full-year 2023 reported revenue growth outlook to
11.5% to 13.5% and full-year 2023 organic revenue growth outlook to
a range of 5.5% to 7.5%
- Raising full-year 2023 EPS outlook to a range of $5.95 to
$6.15 and adjusted EPS outlook to a range of $6.55 to $6.75 (+9.3%
to +12.7% vs. prior year)
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today reported first-quarter 2023 net
revenues of $923.0 million and net earnings of $123.5 million, or
$1.40 per share. Excluding charges related to restructuring,
acquisition and integration costs, and amortization expense related
to acquired intangible assets, adjusted net earnings were $139.5
million, or $1.58 per share, up 39.8% when compared with
first-quarter 2022 adjusted EPS of $1.13. All comparisons in this
release are with the first quarter of fiscal year 2022 unless
otherwise stated.
First-quarter 2023 net revenues increased 27.6% when compared to
the prior-year period. Excluding impacts of acquisitions,
divestitures and foreign currency movements, net revenues increased
15% on an organic basis. The organic revenue increase was driven by
price realization across the portfolio to address ongoing
inflationary pressure along with strong volume in the Americas
non-residential business offsetting weakness experienced in
Americas residential mechanical and certain International
businesses. Foreign currency exchange rate headwinds continued with
more than an $11 million impact on reported revenues.
“Our first-quarter results reflect strong execution company-wide
and a great start for Allegion in 2023,” said John H. Stone,
Allegion president and CEO. “We are seeing resilience in our
Americas non-residential business coupled with continued growth in
electronics, where demand remains elevated.”
The Americas segment revenues increased 42% (up 22.6% on an
organic basis). The organic increase was driven by price
realization across all businesses and strong volume growth in the
non-residential business. The Access Technologies acquisition
contributed $103.1 million or nearly 20% to total Americas growth.
The non-residential business grew nearly 30%, excluding Access
Technologies, and the residential business grew mid-single digit
percent. Electronics growth exceeded 30% in the quarter, with
strength across both residential and non-residential markets.
The International segment revenues declined 9.7% (down 4.8% on
an organic basis). Soft end markets, especially in our Global
Portable Security business, resulted in lower volumes, partially
offset by strong electronic solutions growth and positive price
realization. The reported revenue reflects the negative impact of
foreign currency. As of Jan. 1, 2023, the Americas portion of the
Global Portable Security business is reflected within the
International segment, and 2022 full-year and quarterly results
have been recast to align with the new reporting structure. The
amount recast for first-quarter 2022 was approximately $6 million
in net revenue.
First-quarter 2023 operating income was $171.0 million, an
increase of $54.0 million or 46.2% compared to 2022. Adjusted
operating income in first-quarter 2023 was $192.4 million, an
increase of $63.0 million or 48.7% compared to 2022.
First-quarter 2023 operating margin was 18.5%, compared with
16.2% in 2022. The adjusted operating margin in first-quarter 2023
was 20.8%, compared with 17.9% in 2022. The 290-basis-point
increase in adjusted operating margin is attributable to positive
price and productivity net of inflation and investments; positive
business mix; and volume leverage associated with non-residential
growth in the Americas segment. These increases were partially
offset by the dilutive impact of the Access Technologies
acquisition and foreign currency pressure.
Additional Items
Interest expense for first-quarter 2023 was $23.6 million, an
increase from $11.9 million in 2022. This was driven by increased
debt as a result of the Access Technologies acquisition along with
an increase in variable interest rates.
Other income net for first-quarter 2023 was $0.3 million,
compared to other income net of $2.2 million in 2022.
The company’s effective tax rate for first-quarter 2023 was
16.3%, compared with 13.2% in 2022. The company’s adjusted
effective tax rate for first-quarter 2023 was 17.4%, compared with
14.6% in 2022.
Cash Flow and Liquidity
Year-to-date available cash flow for 2023 was $46.7 million, an
increase of $34.9 million versus the prior-year period. The
year-over-year increase in available cash flow is due to increased
year-to-date net earnings and lower cash used for net working
capital, partially offset by higher capital expenditures. The
company ended first-quarter 2023 with cash and cash equivalents of
$292.8 million, as well as total debt of $2,121.9 million.
Updated 2023 Outlook
The company is raising its full-year 2023 revenue growth outlook
and expects it to be 11.5% to 13.5%, while also increasing its
organic revenue growth outlook and expects it to be 5.5% to 7.5%,
excluding the expected impacts of acquisitions, divestitures and
foreign currency movements. The increase in the organic outlook is
driven primarily by strength in the Americas segment.
The company is revising its full-year 2023 reported EPS outlook
and expects it to be in the $5.95 to $6.15 range, with adjusted EPS
expected to be between $6.55 to $6.75.
Adjustments to 2023 EPS include estimated impacts of
approximately $0.40 per share for acquisition-related amortization,
as well as $0.20 per share for restructuring, M&A and
amortization expense related to acquired backlog (approximately $9
million pre-tax).
The outlook assumes approximately a $0.29 headwind for interest
and other income, a full-year adjusted effective tax rate of
approximately 15% to 15.5% and an average diluted share count for
the full year of approximately 88.3 million shares.
The company increases expectations for full-year 2023 available
cash flow to approximately $480 to $500 million.
“We are confident in our team’s performance,” Stone added.
“Allegion is positioned well to execute our increased 2023 outlook
and our long-term growth strategy."
Conference Call Information
On Wednesday, April 26, 2023, 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 $3.3 billion in revenue in 2022, 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, EBITDA, adjusted EBITDA and adjusted EBITDA margin
(all non-GAAP measures) and Available Cash Flow (“ACF”, a non-GAAP
measure). 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. 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, but not limited to,
statements under the heading “Updated 2023 Outlook,” and statements
regarding supply chain constraints, electronic component shortages,
the company's 2023 financial performance, the company’s business
plans and strategy, the company’s growth strategy, the company’s
capital allocation strategy, tax rate and the global tax
environment, competition, the company’s ability to successfully
complete and integrate acquisitions and achieve anticipated
strategic and financial benefits, and the performance of the
markets in which the company operates. These forward-looking
statements generally are identified by the words “believe,” “aim,”
“project,” “expect,” “anticipate,” “project,” “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 rate and 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. Undue reliance should
not be placed on any forward-looking statements, as 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. Important factors and other risks that
may affect the company's business or that could cause actual
results to differ materially are included in filings the company
makes with the Securities and Exchange Commission from time to
time, including its Annual Report on Form 10-K and its Quarterly
Reports on Form 10-Q and in its other SEC filings. All
forward-looking statements in this press release are expressly
qualified by such cautionary statements and by reference to the
underlying assumptions. The company undertakes no obligation to
update these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
ALLEGION PLC
Condensed and Consolidated Income
Statements
(In millions, except per share
data)
UNAUDITED
Three months ended March
31,
2023
2022
Net revenues
$
923.0
$
723.6
Cost of goods sold
532.0
434.9
Gross profit
391.0
288.7
Selling and administrative expenses
220.0
171.7
Operating income
171.0
117.0
Interest expense
23.6
11.9
Other income, net
(0.3
)
(2.2
)
Earnings before income taxes
147.7
107.3
Provision for income taxes
24.1
14.2
Net earnings
123.6
93.1
Less: Net earnings attributable to
noncontrolling interests
0.1
0.1
Net earnings attributable to Allegion
plc
$
123.5
$
93.0
Basic earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.40
$
1.05
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.40
$
1.05
Shares outstanding - basic
88.0
88.2
Shares outstanding - diluted
88.4
88.6
ALLEGION PLC
Condensed and Consolidated Balance
Sheets
(In millions)
UNAUDITED
March 31, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
292.8
$
288.0
Accounts and notes receivables, net
445.0
395.6
Inventories
472.7
479.0
Other current assets
42.9
48.5
Assets held for sale
—
3.5
Total current assets
1,253.4
1,214.6
Property, plant and equipment, net
319.6
308.7
Goodwill
1,441.3
1,413.1
Intangible assets, net
614.8
608.9
Other noncurrent assets
495.3
445.9
Total assets
$
4,124.4
$
3,991.2
LIABILITIES AND EQUITY
Accounts payable
$
277.8
$
280.7
Accrued expenses and other current
liabilities
378.1
410.3
Short-term borrowings and current
maturities of long-term debt
12.6
12.6
Total current liabilities
668.5
703.6
Long-term debt
2,109.3
2,081.9
Other noncurrent liabilities
302.0
261.2
Equity
1,044.6
944.5
Total liabilities and equity
$
4,124.4
$
3,991.2
ALLEGION PLC
Condensed and Consolidated Statements
of Cash Flows
(In millions)
UNAUDITED
Three months ended March
31,
2023
2022
Operating Activities
Net earnings
$
123.6
$
93.1
Depreciation and amortization
28.3
20.4
Changes in assets and liabilities and
other non-cash items
(82.9
)
(93.0
)
Net cash provided by operating
activities
69.0
20.5
Investing Activities
Capital expenditures
(22.3
)
(8.7
)
Acquisition of businesses, net of cash
acquired
(36.6
)
—
Other investing activities, net
7.5
2.4
Net cash used in investing activities
(51.4
)
(6.3
)
Financing Activities
Net proceeds from (repayments of) debt
26.9
(3.1
)
Dividends paid to ordinary
shareholders
(39.4
)
(35.8
)
Repurchase of ordinary shares
—
(61.0
)
Other financing activities, net
(2.9
)
(5.0
)
Net cash used in financing activities
(15.4
)
(104.9
)
Effect of exchange rate changes on cash
and cash equivalents
2.6
(2.1
)
Net increase (decrease) in cash and cash
equivalents
4.8
(92.8
)
Cash and cash equivalents - beginning of
period
288.0
397.9
Cash and cash equivalents - end of
period
$
292.8
$
305.1
SUPPLEMENTAL SCHEDULES
ALLEGION PLC
SCHEDULE 1
SELECTED OPERATING SEGMENT
INFORMATION
(In millions)
Due to a reporting change effective January 1, 2023, results for
the Company's Global Portable Security brands (inclusive of the
AXA, Kryptonite and Trelock businesses) are now fully reflected
within the Allegion International segment. Accordingly, the summary
of Net revenues and Operating income (loss) by reportable segment
as presented below for the three months ended March 31, 2022, has
been recast to conform with the current year presentation.
Three months ended March
31,
2023
2022
Net revenues
Allegion Americas
$
740.9
$
521.9
Allegion International
182.1
201.7
Total net revenues
$
923.0
$
723.6
Operating income (loss)
Allegion Americas
$
186.6
$
122.6
Allegion International
10.6
20.9
Corporate unallocated
(26.2
)
(26.5
)
Total operating income
$
171.0
$
117.0
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, EBITDA,
adjusted EBITDA and adjusted EBITDA margin (all non-GAAP measures),
and available cash flow ("ACF", a non-GAAP measure). 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:
•
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,
amortization of acquired intangible assets, debt financing costs,
gains or losses related to the divestiture of businesses or equity
method investments and non-operating investment gains or
losses;
•
Organic revenue growth is defined
as U.S. GAAP revenue growth excluding the impact of divestitures,
acquisitions and currency effects; and
•
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 March 31,
2023
Three months ended March 31,
2022
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
923.0
$
—
$
923.0
$
723.6
$
—
$
723.6
Operating income
171.0
21.4
(1
)
192.4
117.0
12.4
(1
)
129.4
Operating margin
18.5
%
20.8
%
16.2
%
17.9
%
Earnings before income taxes
147.7
21.4
(2
)
169.1
107.3
10.4
(2
)
117.7
Provision for income taxes
24.1
5.4
(3
)
29.5
14.2
3.0
(3
)
17.2
Effective income tax rate
16.3
%
17.4
%
13.2
%
14.6
%
Net earnings
123.6
16.0
139.6
93.1
7.4
100.5
Noncontrolling interests
0.1
—
0.1
0.1
—
0.1
Net earnings attributable to Allegion
plc
$
123.5
$
16.0
$
139.5
$
93.0
$
7.4
$
100.4
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.40
$
0.18
$
1.58
$
1.05
$
0.08
$
1.13
(1)
Adjustments to operating income
for the three months ended March 31, 2023, consist of $7.3 million
of restructuring charges and acquisition and integration expenses
and $14.1 million of amortization expense related to acquired
intangible assets. Adjustments to operating income for the three
months ended March 31, 2022, consist of $5.5 million of
restructuring charges and acquisition and integration expenses and
$6.9 million of amortization expense related to acquired intangible
assets.
(2)
Adjustments to earnings before
income taxes for the three months ended March 31, 2023, consist of
the adjustments to operating income discussed above. Adjustments to
operating income for the three months ended March 31, 2022, consist
of the adjustments to operating income discussed above and a
non-operating investment gain of $2.0 million.
(3)
Adjustments to the provision for
income taxes for the three months ended March 31, 2023, and 2022,
consist of $5.4 million and $3.0 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 March 31,
2023
Three months ended March 31,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
740.9
$
521.9
Operating income (GAAP)
$
186.6
25.2
%
$
122.6
23.5
%
Acquisition and integration costs
3.1
0.4
%
—
—
%
Amortization of acquired intangible
assets
8.4
1.1
%
1.7
0.3
%
Adjusted operating income
198.1
26.7
%
124.3
23.8
%
Depreciation and amortization of
nonacquired intangible assets
8.2
1.1
%
7.2
1.4
%
Adjusted EBITDA
$
206.3
27.8
%
$
131.5
25.2
%
Allegion International
Net revenues (GAAP)
$
182.1
$
201.7
Operating income (GAAP)
$
10.6
5.8
%
$
20.9
10.4
%
Restructuring charges
3.2
1.8
%
0.7
0.3
%
Acquisition and integration costs
0.2
0.1
%
0.1
—
%
Amortization of acquired intangible
assets
5.7
3.1
%
5.2
2.6
%
Adjusted operating income
19.7
10.8
%
26.9
13.3
%
Depreciation and amortization of
nonacquired intangible assets
4.7
2.6
%
4.5
2.3
%
Adjusted EBITDA
$
24.4
13.4
%
$
31.4
15.6
%
Corporate
Operating loss (GAAP)
$
(26.2
)
$
(26.5
)
Acquisition and integration costs
0.8
4.7
Adjusted operating loss
(25.4
)
(21.8
)
Depreciation and amortization of
nonacquired intangible assets
0.7
0.8
Adjusted EBITDA
$
(24.7
)
$
(21.0
)
Total
Net revenues
$
923.0
$
723.6
Adjusted operating income
$
192.4
20.8
%
$
129.4
17.9
%
Depreciation and amortization of
nonacquired intangible assets
13.6
1.5
%
12.5
1.7
%
Adjusted EBITDA
$
206.0
22.3
%
$
141.9
19.6
%
ALLEGION PLC
SCHEDULE 4
RECONCILIATION OF CASH PROVIDED BY
OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO
ADJUSTED EBITDA
(In millions)
Three months ended March
31,
2023
2022
Net cash provided by operating
activities
$
69.0
$
20.5
Capital expenditures
(22.3
)
(8.7
)
Available cash flow
$
46.7
$
11.8
Three months ended March
31,
2023
2022
Net earnings (GAAP)
$
123.6
$
93.1
Provision for income taxes
24.1
14.2
Interest expense
23.6
11.9
Amortization of acquired intangible
assets
14.1
6.9
Depreciation and amortization of
nonacquired intangible assets
13.6
12.5
EBITDA
199.0
138.6
Other income, net
(0.3
)
(2.2
)
Acquisition and integration costs and
restructuring charges
7.3
5.5
Adjusted EBITDA
$
206.0
$
141.9
ALLEGION PLC
SCHEDULE 5
RECONCILIATION OF GAAP REVENUE GROWTH
TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION
Three months ended March
31,
2023
2022
Allegion Americas
Revenue growth (GAAP)
42.0
%
5.6
%
Acquisitions
(19.8
)%
—
%
Currency translation effects
0.4
%
—
%
Organic growth (non-GAAP)
22.6
%
5.6
%
Allegion International
Revenue growth (GAAP)
(9.7
)%
0.9
%
Acquisitions and divestitures
0.5
%
0.8
%
Currency translation effects
4.4
%
6.6
%
Organic growth (non-GAAP)
(4.8
)%
8.3
%
Total
Revenue growth (GAAP)
27.6
%
4.2
%
Acquisitions and divestitures
(14.1
)%
0.3
%
Currency translation effects
1.5
%
1.9
%
Organic growth (non-GAAP)
15.0
%
6.4
%
ALLEGION PLC
SCHEDULE 6
Due to a reporting change effective January 1, 2023, results for
the Company's Global Portable Security brands (inclusive of the
AXA, Kryptonite and Trelock businesses) are now fully reflected
within the Allegion International segment. The following unaudited
pro forma financial information included within Schedule 6 for the
year ended December 31, 2022, and the fiscal quarters therein, are
included to reflect the impact of this recast on the
reconciliations of GAAP to Non-GAAP operating income and EBITDA.
The unaudited, pro forma financial information is presented for
illustrative and informational purposes only, and it is not
intended to be indicative of the future results of operations, nor
should it be construed as being representative of the future
results of operations.
The unaudited, pro forma financial information presented below
within Schedule 6 should be read in conjunction with the Company's
Consolidated Financial Statements and Notes thereto, as well as
"Part II, Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations" as part of our 2022 Annual
Report on Form 10-K filed with the SEC on February 22, 2023, as
well as the Company's Form 10-Q's for the quarterly periods within
fiscal year 2022, filed with the SEC on April 26, 2022; July 28,
2022; and, October 27, 2022.
RECONCILIATION OF GAAP TO NON-GAAP
REVENUE AND OPERATING INCOME BY REGION
(In millions)
Prior to recast
As recast
Three months ended March 31,
2022
Three months ended March 31,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
528.2
$
521.9
Operating income (GAAP)
$
123.9
23.5
%
$
122.6
23.5
%
Amortization of acquired intangible
assets
1.6
0.3
%
1.7
0.3
%
Adjusted operating income
125.5
23.8
%
124.3
23.8
%
Depreciation and amortization of
nonacquired intangible assets
7.3
1.3
%
7.2
1.4
%
Adjusted EBITDA
$
132.8
25.1
%
$
131.5
25.2
%
Allegion International
Net revenues (GAAP)
$
195.4
$
201.7
Operating income (GAAP)
$
19.6
10.0
%
$
20.9
10.4
%
Restructuring charges
0.7
0.3
%
0.7
0.3
%
Acquisition and integration costs
0.1
0.1
%
0.1
—
%
Amortization of acquired intangible
assets
5.2
2.7
%
5.2
2.6
%
Adjusted operating income
25.6
13.1
%
26.9
13.3
%
Depreciation and amortization of
nonacquired intangible assets
4.5
2.3
%
4.5
2.3
%
Adjusted EBITDA
$
30.1
15.4
%
$
31.4
15.6
%
Corporate
Operating loss (GAAP)
$
(26.5
)
$
(26.5
)
Acquisition and integration costs
4.7
4.7
Adjusted operating loss
(21.8
)
(21.8
)
Depreciation and amortization of
nonacquired intangible assets
0.8
0.8
Adjusted EBITDA
$
(21.0
)
$
(21.0
)
Total
Net revenues
$
723.6
$
723.6
Adjusted operating income
$
129.3
17.9
%
$
129.4
17.9
%
Depreciation and amortization of
nonacquired intangible assets
12.6
1.7
%
12.5
1.7
%
Adjusted EBITDA
$
141.9
19.6
%
$
141.9
19.6
%
Prior to recast
As recast
Three months ended June 30,
2022
Three months ended June 30,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
592.3
$
587.3
Operating income (GAAP)
$
153.6
25.9
%
$
153.3
26.1
%
Amortization of acquired intangible
assets
1.6
0.3
%
1.6
0.3
%
Adjusted operating income
155.2
26.2
%
154.9
26.4
%
Depreciation and amortization of
nonacquired intangible assets
7.3
1.2
%
7.3
1.2
%
Adjusted EBITDA
$
162.5
27.4
%
$
162.2
27.6
%
Allegion International
Net revenues (GAAP)
$
180.8
$
185.8
Operating income (GAAP)
$
11.4
6.3
%
$
11.7
6.3
%
Restructuring charges
3.8
2.1
%
3.8
2.0
%
Amortization of acquired intangible
assets
5.0
2.8
%
5.0
2.7
%
Adjusted operating income
20.2
11.2
%
20.5
11.0
%
Depreciation and amortization of
nonacquired intangible assets
4.3
2.4
%
4.3
2.3
%
Adjusted EBITDA
$
24.5
13.6
%
$
24.8
13.3
%
Corporate
Operating loss (GAAP)
$
(17.9
)
$
(17.9
)
Acquisition and integration costs
4.0
4.0
Adjusted operating loss
(13.9
)
(13.9
)
Depreciation and amortization of
nonacquired intangible assets
0.8
0.8
Adjusted EBITDA
$
(13.1
)
$
(13.1
)
Total
Net revenues
$
773.1
$
773.1
Adjusted operating income
$
161.5
20.9
%
$
161.5
20.9
%
Depreciation and amortization of
nonacquired intangible assets
12.4
1.6
%
12.4
1.6
%
Adjusted EBITDA
$
173.9
22.5
%
$
173.9
22.5
%
Prior to recast
As recast
Three months ended September
30, 2022
Three months ended September
30, 2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
747.2
$
741.9
Operating income (GAAP)
$
178.4
23.9
%
$
178.5
24.1
%
Acquisition and integration costs
5.9
0.8
%
5.9
0.8
%
Amortization of acquired intangible
assets
10.4
1.4
%
10.4
1.4
%
Amortization of inventory step-up
5.5
0.7
%
5.5
0.7
%
Adjusted operating income
200.2
26.8
%
200.3
27.0
%
Depreciation and amortization of
nonacquired intangible assets
8.3
1.1
%
8.3
1.1
%
Adjusted EBITDA
$
208.5
27.9
%
$
208.6
28.1
%
Allegion International
Net revenues (GAAP)
$
166.5
$
171.8
Operating income (GAAP)
$
14.9
8.9
%
$
14.8
8.6
%
Restructuring charges
0.2
0.2
%
0.2
0.1
%
Acquisition and integration costs
0.3
0.2
%
0.3
0.2
%
Amortization of acquired intangible
assets
4.7
2.8
%
4.7
2.7
%
Adjusted operating income
20.1
12.1
%
20.0
11.6
%
Depreciation and amortization of
nonacquired intangible assets
4.0
2.4
%
4.0
2.4
%
Adjusted EBITDA
$
24.1
14.5
%
$
24.0
14.0
%
Corporate
Operating loss (GAAP)
$
(30.4
)
$
(30.4
)
Acquisition and integration costs
12.4
12.4
Adjusted operating loss
(18.0
)
(18.0
)
Depreciation and amortization of
nonacquired intangible assets
0.8
0.8
Adjusted EBITDA
$
(17.2
)
$
(17.2
)
Total
Net revenues
$
913.7
$
913.7
Adjusted operating income
$
202.3
22.1
%
$
202.3
22.1
%
Depreciation and amortization of
nonacquired intangible assets
13.1
1.5
%
13.1
1.5
%
Adjusted EBITDA
$
215.4
23.6
%
$
215.4
23.6
%
Prior to recast
As recast
Three months ended December
31, 2022
Three months ended December
31, 2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
683.9
$
679.5
Operating income (GAAP)
$
157.4
23.0
%
$
156.8
23.1
%
Acquisition and integration costs
2.1
0.3
%
2.1
0.3
%
Amortization of acquired intangible
assets
10.7
1.6
%
10.7
1.5
%
Amortization of inventory step-up
0.5
0.1
%
0.5
0.1
%
Adjusted operating income
170.7
25.0
%
170.1
25.0
%
Depreciation and amortization of
nonacquired intangible assets
8.1
1.1
%
8.1
1.2
%
Adjusted EBITDA
$
178.8
26.1
%
$
178.2
26.2
%
Allegion International
Net revenues (GAAP)
$
177.6
$
182.0
Operating income (GAAP)
$
22.4
12.6
%
$
23.0
12.6
%
Restructuring charges
0.2
0.1
%
0.2
0.1
%
Acquisition and integration costs
0.7
0.4
%
0.7
0.4
%
Amortization of acquired intangible
assets
4.7
2.7
%
4.7
2.6
%
Adjusted operating income
28.0
15.8
%
28.6
15.7
%
Depreciation and amortization of
nonacquired intangible assets
4.2
2.3
%
4.2
2.3
%
Adjusted EBITDA
$
32.2
18.1
%
$
32.8
18.0
%
Corporate
Operating loss (GAAP)
$
(20.4
)
$
(20.4
)
Acquisition and integration costs
0.3
0.3
Adjusted operating loss
(20.1
)
(20.1
)
Depreciation and amortization of
nonacquired intangible assets
0.8
0.8
Adjusted EBITDA
$
(19.3
)
$
(19.3
)
Total
Net revenues
$
861.5
$
861.5
Adjusted operating income
$
178.6
20.7
%
$
178.6
20.7
%
Depreciation and amortization of
nonacquired intangible assets
13.1
1.6
%
13.1
1.6
%
Adjusted EBITDA
$
191.7
22.3
%
$
191.7
22.3
%
Prior to recast
As recast
Year ended December 31,
2022
Year ended December 31,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
2,551.6
$
2,530.7
Operating income (GAAP)
$
613.3
24.0
%
$
611.2
24.2
%
Acquisition and integration costs
8.0
0.3
%
8.0
0.3
%
Amortization of acquired intangible
assets
24.6
1.0
%
24.6
1.0
%
Amortization of inventory step-up
6.0
0.2
%
6.0
0.2
%
Adjusted operating income
651.9
25.5
%
649.8
25.7
%
Depreciation and amortization of
nonacquired intangible assets
30.7
1.3
%
30.7
1.2
%
Adjusted EBITDA
$
682.6
26.8
%
$
680.5
26.9
%
Allegion International
Net revenues (GAAP)
$
720.3
$
741.2
Operating income (GAAP)
$
68.3
9.5
%
$
70.4
9.5
%
Restructuring charges
4.9
0.7
%
4.9
0.7
%
Acquisition and integration costs
1.1
0.2
%
1.1
0.2
%
Amortization of acquired intangible
assets
19.6
2.6
%
19.6
2.6
%
Adjusted operating income
93.9
13.0
%
96.0
13.0
%
Depreciation and amortization of
nonacquired intangible assets
17.0
2.4
%
17.0
2.2
%
Adjusted EBITDA
$
110.9
15.4
%
$
113.0
15.2
%
Corporate
Operating loss (GAAP)
$
(95.2
)
$
(95.2
)
Acquisition and integration costs
21.4
21.4
Adjusted operating loss
(73.8
)
(73.8
)
Depreciation and amortization of
nonacquired intangible assets
3.2
3.2
Adjusted EBITDA
$
(70.6
)
$
(70.6
)
Total
Net revenues
$
3,271.9
$
3,271.9
Adjusted operating income
$
672.0
20.5
%
$
672.0
20.5
%
Depreciation and amortization of
nonacquired intangible assets
50.9
1.6
%
50.9
1.6
%
Adjusted EBITDA
$
722.9
22.1
%
$
722.9
22.1
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230426005223/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
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