Electronics growth, margin expansion and
increased cash flow lead to strong second-quarter performance;
Company raises full-year 2023 EPS outlook
Quarterly Financial Highlights
(All comparisons against the second quarter of 2022, unless
otherwise noted)
- Net earnings per share (EPS) of $1.61, compared with $1.30;
Adjusted EPS of $1.76, up 23.1% compared with $1.43
- Revenues of $912.5 million, up 18.0% on a reported basis and up
5.6% on an organic basis
- Operating margin of 20.2%, compared with 19.0%; Adjusted
operating margin of 22.2%, up 130 basis points compared with
20.9%
- Americas electronics growth of approximately 40%
Full-Year Outlook Highlights
- Raising full-year 2023 EPS outlook to a range of $6.10 to $6.20
and adjusted EPS outlook to a range of $6.70 to $6.80 (+11.9% to
+13.5%)
- Raising full-year 2023 available cash flow to a range of $500
to $520 million
- Tightening full-year 2023 reported revenue growth outlook to
11.5% to 12.5% and full-year 2023 organic revenue growth outlook to
5.5% to 6.5%
Allegion plc (NYSE: ALLE), a leading global security products
and solutions provider, today reported financial results for its
second quarter (ended June 30, 2023).
“Allegion delivered another quarter of outstanding operational
performance, margin expansion and increased cash flow,” said
President and CEO John H. Stone. “Q2 revenue growth was fueled by
electronics, as we continue to shape the transformation taking
place in our industry with our vision of enabling seamless access
and a safer world.
“On July 5, we passed the one-year milestone of acquiring
Stanley Access Technologies. Our teams have integrated very well
together, taking good care of our customers while delivering on the
business plan. This acquisition is accretive to adjusted EPS in its
first year.
“As we think about the second half of the year, we expect end
markets will be stable with continued strong demand for our
electronic solutions. We are raising Allegion’s full-year EPS
guidance. I’m confident in our outlook and very proud of the
Allegion team.”
Company Results
(All comparisons against the second quarter of 2022, unless
otherwise noted)
Allegion reported second-quarter 2023 net revenues of $912.5
million and net earnings of $142.0 million, or $1.61 per share.
Excluding charges related to restructuring, acquisition and
integration costs, as well as amortization expense related to
acquired intangible assets, adjusted net earnings were $155.4
million, or $1.76 per share, up 23.1%.
Second-quarter 2023 net revenues increased 18.0%. Excluding
impacts of acquisitions, divestitures and foreign currency
movements, net revenues increased 5.6% on an organic basis. This
organic revenue increase was driven by price realization, along
with strong growth in electronics offsetting lower volumes
experienced in the mechanical portfolio. Foreign currency exchange
rate impact was relatively flat.
Second-quarter 2023 operating income was $184.6 million, an
increase of $37.5 million or 25.5%. Adjusted operating income in
second-quarter 2023 was $202.6 million, an increase of $41.1
million or 25.4%.
Second-quarter 2023 operating margin was 20.2%, compared with
19.0%. The adjusted operating margin in second-quarter 2023 was
22.2%, compared with 20.9%. The 130-basis-point increase in
adjusted operating margin is attributable to positive price and
productivity net of inflation and investments. These increases were
partially offset by lower volumes, as well as the dilutive impact
of the Access Technologies acquisition.
Segment Results
(All comparisons against the second quarter of 2022, unless
otherwise noted)
The Americas segment revenues increased 23.8% (up 7.7% on an
organic basis). The organic increase was driven by price
realization across all businesses. The Access Technologies
acquisition contributed $96.1 million or more than 16% to total
Americas growth. The non-residential and residential businesses
both grew high-single digit percent, showcasing strength in
electronics volume partially offset by lower mechanical volume, as
customers adjust their ordering patterns to the company’s reduced
lead times due to its improved supply chain and operational
execution.
The International segment revenues were down 1.0% on an organic
basis. Strength in electronics and software solutions, as well as
positive price realization, were more than offset by soft end
markets, especially in the Global Portable Security business. The
reported revenue reflects a slight positive impact from foreign
currency.
Additional Items
(All comparisons against the second quarter of 2022, unless
otherwise noted)
Interest expense for second-quarter 2023 was $23.7 million, an
increase of $6.5 million. This was driven by increased debt from
the Access Technologies acquisition along with an increase in
variable interest rates. Interest expense in the prior year
included $4.3 million of debt financing fees related to the Access
Technologies acquisition, which was excluded from adjusted EPS.
Other income net for second-quarter 2023 was $1.6 million,
compared to other income net of $3.4 million.
The company’s effective tax rate for second-quarter 2023 was
12.6%, compared with 13.6%. The company’s adjusted effective tax
rate for second-quarter 2023 was 13.9%, compared with 14.7%.
Cash Flow and Liquidity
Year-to-date available cash flow for 2023 was $190.1 million, an
increase of $105.6 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 second-quarter 2023 with cash and cash equivalents of
$322.6 million, as well as total debt of $2,059.3 million. The
company repaid $60.0 million of borrowings on its revolving credit
facility during the second quarter of 2023 and ended the period
with a balance of $39.0 million outstanding on the facility, which
it repaid in July 2023.
During second-quarter 2023, the company repurchased
approximately 0.2 million shares for $19.9 million under its
previously authorized share repurchase program.
Updated Full-Year Outlook
The company is tightening its full-year 2023 revenue growth
outlook and expects it to be 11.5% to 12.5%, while also updating
its organic revenue growth outlook and expects it to be 5.5% to
6.5%, excluding the expected impacts of acquisitions, divestitures
and foreign currency movements.
The company is increasing its full-year 2023 reported EPS
outlook and expects it to be in the $6.10 to $6.20 range, with
adjusted EPS expected to be between $6.70 to $6.80.
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 a headwind of approximately $0.29 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 $500 to $520 million.
Conference Call Information
On Wednesday, July 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 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 Full Year Outlook,” and
statements regarding the company's 2023 financial performance, the
company’s business plans and strategy, the company’s growth
strategy, the company’s capital allocation strategy, 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,” “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 June
30,
Six months ended June
30,
2023
2022
2023
2022
Net revenues
$
912.5
$
773.1
$
1,835.5
$
1,496.7
Cost of goods sold
510.6
458.1
1,042.6
893.0
Gross profit
401.9
315.0
792.9
603.7
Selling and administrative expenses
217.3
167.9
437.3
339.6
Operating income
184.6
147.1
355.6
264.1
Interest expense
23.7
17.2
47.3
29.1
Other income, net
(1.6
)
(3.4
)
(1.9
)
(5.6
)
Earnings before income taxes
162.5
133.3
310.2
240.6
Provision for income taxes
20.5
18.1
44.6
32.3
Net earnings
142.0
115.2
265.6
208.3
Less: Net earnings attributable to
noncontrolling interests
—
0.1
0.1
0.2
Net earnings attributable to Allegion
plc
$
142.0
$
115.1
$
265.5
$
208.1
Basic earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.62
$
1.31
$
3.02
$
2.36
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.61
$
1.30
$
3.01
$
2.35
Shares outstanding - basic
87.9
87.9
88.0
88.0
Shares outstanding - diluted
88.3
88.2
88.3
88.4
ALLEGION PLC
Condensed and Consolidated Balance
Sheets
(In millions)
UNAUDITED
June 30, 2023
December 31, 2022
ASSETS
Cash and cash equivalents
$
322.6
$
288.0
Accounts and notes receivables, net
423.2
395.6
Inventories
483.1
479.0
Other current assets
46.3
48.5
Assets held for sale
—
3.5
Total current assets
1,275.2
1,214.6
Property, plant and equipment, net
329.1
308.7
Goodwill
1,439.1
1,413.1
Intangible assets, net
603.6
608.9
Other noncurrent assets
516.8
445.9
Total assets
$
4,163.8
$
3,991.2
LIABILITIES AND EQUITY
Accounts payable
$
265.2
$
280.7
Accrued expenses and other current
liabilities
383.0
410.3
Short-term borrowings and current
maturities of long-term debt
12.6
12.6
Total current liabilities
660.8
703.6
Long-term debt
2,046.7
2,081.9
Other noncurrent liabilities
315.8
261.2
Equity
1,140.5
944.5
Total liabilities and equity
$
4,163.8
$
3,991.2
ALLEGION PLC
Condensed and Consolidated Statements
of Cash Flows
(In millions)
UNAUDITED
Six months ended June
30,
2023
2022
Operating Activities
Net earnings
$
265.6
$
208.3
Depreciation and amortization
55.5
40.1
Changes in assets and liabilities and
other non-cash items
(91.0
)
(139.3
)
Net cash provided by operating
activities
230.1
109.1
Investing Activities
Capital expenditures
(40.0
)
(24.6
)
Acquisition of businesses, net of cash
acquired
(28.6
)
—
Other investing activities, net
7.4
0.7
Net cash used in investing activities
(61.2
)
(23.9
)
Financing Activities
Net proceeds from (repayments of) debt
(36.3
)
593.7
Debt financing costs
—
(9.1
)
Dividends paid to ordinary
shareholders
(79.3
)
(71.5
)
Repurchase of ordinary shares
(19.9
)
(61.0
)
Other financing activities, net
(2.9
)
(3.7
)
Net cash (used in) provided by financing
activities
(138.4
)
448.4
Effect of exchange rate changes on cash
and cash equivalents
4.1
(11.9
)
Net increase in cash and cash
equivalents
34.6
521.7
Cash and cash equivalents - beginning of
period
288.0
397.9
Cash and cash equivalents - end of
period
$
322.6
$
919.6
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 and
six months ended June 30, 2022, has been recast to conform with the
current year presentation.
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net revenues
Allegion Americas
$
727.2
$
587.3
$
1,468.1
$
1,109.2
Allegion International
185.3
185.8
367.4
387.5
Total net revenues
$
912.5
$
773.1
$
1,835.5
$
1,496.7
Operating income (loss)
Allegion Americas
$
195.4
$
153.3
$
382.0
$
275.9
Allegion International
13.9
11.7
24.5
32.6
Corporate unallocated
(24.7
)
(17.9
)
(50.9
)
(44.4
)
Total operating income
$
184.6
$
147.1
$
355.6
$
264.1
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 June 30,
2023
Three months ended June 30,
2022
Adjusted
Adjusted
Reported
Adjustments
(non-GAAP)
Reported
Adjustments
(non-GAAP)
Net revenues
$
912.5
$
—
$
912.5
$
773.1
$
—
$
773.1
Operating income
184.6
18.0
(1
)
202.6
147.1
14.4
(1
)
161.5
Operating margin
20.2
%
22.2
%
19.0
%
20.9
%
Earnings before income taxes
162.5
18.0
(2
)
180.5
133.3
14.7
(2
)
148.0
Provision for income taxes
20.5
4.6
(3
)
25.1
18.1
3.7
(3
)
21.8
Effective income tax rate
12.6
%
13.9
%
13.6
%
14.7
%
Net earnings
142.0
13.4
155.4
115.2
11.0
126.2
Noncontrolling interests
—
—
—
0.1
—
0.1
Net earnings attributable to Allegion
plc
$
142.0
$
13.4
$
155.4
$
115.1
$
11.0
$
126.1
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:
$
1.61
$
0.15
$
1.76
$
1.30
$
0.13
$
1.43
(1)
Adjustments to operating income for the
three months ended June 30, 2023, consist of $4.3 million of
restructuring charges and acquisition and integration expenses and
$13.7 million of amortization expense related to acquired
intangible assets. Adjustments to operating income for the three
months ended June 30, 2022, consist of $7.8 million of
restructuring charges and acquisition and integration expenses and
$6.6 million of amortization expense related to acquired intangible
assets.
(2)
Adjustments to earnings before income
taxes for the three months ended June 30, 2023, consist of the
adjustments to operating income discussed above. Adjustments to
operating income 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.
(3)
Adjustments to the provision for income
taxes for the three months ended June 30, 2023, and 2022, consist
of $4.6 million and $3.7 million, respectively, of tax expense
related to the excluded items discussed above.
Six months ended June 30,
2023
Six months ended June 30,
2022
Adjusted
Adjusted
Reported
Adjustments
(non-GAAP)
Reported
Adjustments
(non-GAAP)
Net revenues
$
1,835.5
$
—
$
1,835.5
$
1,496.7
$
—
$
1,496.7
Operating income
355.6
39.4
(1
)
395.0
264.1
26.8
(1
)
290.9
Operating margin
19.4
%
21.5
%
17.6
%
19.4
%
Earnings before income taxes
310.2
39.4
(2
)
349.6
240.6
25.1
(2
)
265.7
Provision for income taxes
44.6
10.0
(3
)
54.6
32.3
6.7
(3
)
39.0
Effective income tax rate
14.4
%
15.6
%
13.4
%
14.7
%
Net earnings
265.6
29.4
295.0
208.3
18.4
226.7
Noncontrolling interests
0.1
0.1
0.2
0.2
—
0.2
Net earnings attributable to Allegion
plc
$
265.5
$
29.3
$
294.8
$
208.1
$
18.4
$
226.5
Diluted earnings per ordinary share
attributable to Allegion plc shareholders:
$
3.01
$
0.33
$
3.34
$
2.35
$
0.21
$
2.56
(1)
Adjustments to operating income for the
six months ended June 30, 2023, consist of $11.6 million of
restructuring charges and acquisition and integration expenses and
$27.8 million of amortization expense related to acquired
intangible assets. Adjustments to operating income for the six
months ended June 30, 2022, consist of $13.3 million of
restructuring charges and acquisition and integration expenses and
$13.5 million of amortization expense related to acquired
intangible assets.
(2)
Adjustments to earnings before income
taxes for the six months ended June 30, 2023, consist of the
adjustments to operating income discussed above. Adjustments to
operating income 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.
(3)
Adjustments to the provision for income
taxes for the six months ended June 30, 2023, and 2022, consist of
$10.0 million and $6.7 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,
2023
Three months ended June 30,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
727.2
$
587.3
Operating income (GAAP)
$
195.4
26.9
%
$
153.3
26.1
%
Acquisition and integration costs
2.1
0.3
%
—
—
%
Amortization of acquired intangible
assets
8.4
1.1
%
1.6
0.3
%
Adjusted operating income
205.9
28.3
%
154.9
26.4
%
Depreciation and amortization of
nonacquired intangible assets
8.2
1.1
%
7.3
1.2
%
Adjusted EBITDA
$
214.1
29.4
%
$
162.2
27.6
%
Allegion International
Net revenues (GAAP)
$
185.3
$
185.8
Operating income (GAAP)
$
13.9
7.5
%
$
11.7
6.3
%
Restructuring charges
1.5
0.8
%
3.8
2.0
%
Acquisition and integration costs
0.2
0.1
%
—
—
%
Amortization of acquired intangible
assets
5.3
2.9
%
5.0
2.7
%
Adjusted operating income
20.9
11.3
%
20.5
11.0
%
Depreciation and amortization of
nonacquired intangible assets
4.4
2.4
%
4.3
2.3
%
Adjusted EBITDA
$
25.3
13.7
%
$
24.8
13.3
%
Corporate
Operating loss (GAAP)
$
(24.7
)
$
(17.9
)
Acquisition and integration costs
0.5
4.0
Adjusted operating loss
(24.2
)
(13.9
)
Depreciation and amortization of
nonacquired intangible assets
0.2
0.8
Adjusted EBITDA
$
(24.0
)
$
(13.1
)
Total
Net revenues
$
912.5
$
773.1
Adjusted operating income
$
202.6
22.2
%
$
161.5
20.9
%
Depreciation and amortization of
nonacquired intangible assets
12.8
1.4
%
12.4
1.6
%
Adjusted EBITDA
$
215.4
23.6
%
$
173.9
22.5
%
Six months ended June 30,
2023
Six months ended June 30,
2022
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
1,468.1
$
1,109.2
Operating income (GAAP)
$
382.0
26.0
%
$
275.9
24.9
%
Acquisition and integration costs
5.2
0.4
%
—
—
%
Amortization of acquired intangible
assets
16.8
1.1
%
3.3
0.3
%
Adjusted operating income
404.0
27.5
%
279.2
25.2
%
Depreciation and amortization of
nonacquired intangible assets
16.4
1.1
%
14.5
1.3
%
Adjusted EBITDA
$
420.4
28.6
%
$
293.7
26.5
%
Allegion International
Net revenues (GAAP)
$
367.4
$
387.5
Operating income (GAAP)
$
24.5
6.7
%
$
32.6
8.4
%
Restructuring charges
4.7
1.3
%
4.5
1.1
%
Acquisition and integration costs
0.4
0.1
%
0.1
—
%
Amortization of acquired intangible
assets
11.0
3.0
%
10.2
2.6
%
Adjusted operating income
40.6
11.1
%
47.4
12.2
%
Depreciation and amortization of
nonacquired intangible assets
9.1
2.4
%
8.8
2.3
%
Adjusted EBITDA
$
49.7
13.5
%
$
56.2
14.5
%
Corporate
Operating loss (GAAP)
$
(50.9
)
$
(44.4
)
Acquisition and integration costs
1.3
8.7
Adjusted operating loss
(49.6
)
(35.7
)
Depreciation and amortization of
nonacquired intangible assets
0.9
1.6
Adjusted EBITDA
$
(48.7
)
$
(34.1
)
Total
Net revenues
$
1,835.5
$
1,496.7
Adjusted operating income
$
395.0
21.5
%
$
290.9
19.4
%
Depreciation and amortization of
nonacquired intangible assets
26.4
1.5
%
24.9
1.7
%
Adjusted EBITDA
$
421.4
23.0
%
$
315.8
21.1
%
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,
2023
2022
Net cash provided by operating
activities
$
230.1
$
109.1
Capital expenditures
(40.0
)
(24.6
)
Available cash flow
$
190.1
$
84.5
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net earnings (GAAP)
$
142.0
$
115.2
$
265.6
$
208.3
Provision for income taxes
20.5
18.1
44.6
32.3
Interest expense
23.7
17.2
47.3
29.1
Amortization of acquired intangible
assets
13.7
6.6
27.8
13.4
Depreciation and amortization of
nonacquired intangible assets
12.8
12.4
26.4
25.0
EBITDA
212.7
169.5
411.7
308.1
Other income, net
(1.6
)
(3.4
)
(1.9
)
(5.6
)
Acquisition and integration costs and
restructuring charges
4.3
7.8
11.6
13.3
Adjusted EBITDA
$
215.4
$
173.9
$
421.4
$
315.8
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,
2023
2022
2023
2022
Allegion Americas
Revenue growth (GAAP)
23.8
%
8.2
%
32.4%
7.0
%
Acquisitions
(16.4
)%
—
%
(18.0)%
—
%
Currency translation effects
0.3
%
0.2
%
0.3%
0.1
%
Organic growth (non-GAAP)
7.7
%
8.4
%
14.7%
7.1
%
Allegion International
Revenue growth (GAAP)
(0.3
)%
(9.0
)%
(5.2)%
(4.1
)%
Acquisitions and divestitures
(0.1
)%
(0.5
)%
0.2%
0.1
%
Currency translation effects
(0.6
)%
10.5
%
2.0%
8.6
%
Organic growth (non-GAAP)
(1.0
)%
1.0
%
(3.0)%
4.6
%
Total
Revenue growth (GAAP)
18.0
%
3.5
%
22.6%
3.9
%
Acquisitions and divestitures
(12.5
)%
(0.1
)%
(13.2)%
—
%
Currency translation effects
0.1
%
3.0
%
0.8%
2.5
%
Organic growth (non-GAAP)
5.6
%
6.4
%
10.2%
6.4
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230726285096/en/
Media Contact: Whitney Moorman – Reputation Management
Leader 317-810-3241 Whitney.Moorman@allegion.com
Analyst Contact: Jobi Coyle – Director, Investor
Relations 317-810-3107 Jobi.Coyle@allegion.com
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