安朗杰 (ALLE) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Allegion Q2 2022 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

早上好，歡迎參加 Allegion 2022 年第二季度收益電話會議。 （操作員說明）請注意正在記錄此事件。

I would now like to turn the conference over to Tom Martineau, Vice President of Investor Relations. Please go ahead.

我現在想將會議轉交給投資者關係副總裁 Tom Martineau。請繼續。

Good morning, everyone. Thank you for joining us for Allegion's Second Quarter 2022 Earnings Call. With me today are Executive Chairman, Dave Petratis; President and Chief Executive Officer, John Stone; and Senior Vice President and Chief Financial Officer, Mike Wagnes. Our earnings release, which was issued earlier this morning and the presentation which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website.

大家，早安。感謝您參加 Allegion 2022 年第二季度財報電話會議。今天和我在一起的是執行主席戴夫·佩特拉蒂斯；總裁兼首席執行官約翰·斯通；高級副總裁兼首席財務官 Mike Wagnes。我們今天上午早些時候發布的收益報告以及我們將在今天的電話會議中提到的演示文稿，可在我們的網站investor.allegion.com 上找到。該電話將被記錄並存檔在我們的網站上。

Please go to Slides 2 and 3. Statements made in today's call that are not historical facts are considered forward-looking statements that are made pursuant to the safe harbor provisions of federal securities law. Please see our most recent SEC filings for a description of some of the factors that may cause actual results to differ materially from our projections. The company assumes no obligation to update these forward-looking statements.

請轉到幻燈片 2 和 3。在今天的電話會議中做出的非歷史事實的陳述被視為根據聯邦證券法的安全港條款做出的前瞻性陳述。請參閱我們最近向美國證券交易委員會提交的文件，了解可能導致實際結果與我們的預測存在重大差異的一些因素。公司不承擔更新這些前瞻性陳述的義務。

Today's presentation and commentary include non-GAAP financial measures. Please refer to the reconciliation in the financial tables of our press release for further details. We will now discuss our second quarter 2022 results, which will be followed by a Q&A session. (Operator Instructions)

今天的介紹和評論包括非公認會計準則財務指標。有關詳細信息，請參閱我們新聞稿財務表中的對賬。我們現在將討論 2022 年第二季度的業績，隨後將舉行問答環節。 （操作員說明）

Now I'll turn the call over to Dave.

現在我將把電話轉給戴夫。

Thanks, Tom. Good morning, and thank you for joining us today. Please go to Slide #4.

謝謝，湯姆。早上好，感謝您今天加入我們。請轉到幻燈片#4。

Before we provide our business and financial overview for the quarter, I want to start by acknowledging 2 significant announcements from the last few months. In May, I shared my plans to retire from Allegion, announcing John Stone as the incoming President and CEO of Allegion. John is the right leader to take Allegion into its next chapter. And I'm happy to say, Allegion has the right talent, right strategy and right foundation to successfully execute its vision of seamless access in a safer world under John's leadership. It's been a privilege to know John and learned about his service to our country as a West Point graduate, army officer and veteran. He also has a background in engineering and manufacturing with a track record of leading sustainable, profitable growth, building from the core business by layering on new innovation and technology.

在我們提供本季度的業務和財務概覽之前，我想首先感謝過去幾個月的兩項重要公告。 5 月，我分享了我從 Allegion 退休的計劃，宣布 John Stone 成為 Allegion 的新任總裁兼首席執行官。約翰是帶領 Allegion 進入新篇章的正確領導者。我很高興地說，Allegion 擁有合適的人才、合適的戰略和合適的基礎，可以在 John 的領導下成功實現其在更安全的世界中實現無縫訪問的願景。認識約翰並了解他作為西點軍校畢業生、軍官和退伍軍人為我們國家服務的經歷是一種榮幸。他還擁有工程和製造方面的背景，在引領可持續、盈利增長方面有著良好的記錄，從核心業務開始，通過對新的創新和技術進行分層。

We are particularly impressed by John's experience, leading Deere & Company’s Intelligent Solutions Group. John is first in connectivity, having guiding the company through the digital transformation for agriculture. He drove value through digital tools, helping the industry become more productive through innovative technologies like automation, artificial intelligence and machine learning. He leveraged the IoT to deliver wireless data, sensing technologies as well as innovative remote service capabilities. All of this enhanced the performance and value of traditional mechanical equipment and allowed customers to drive their own operational efficiencies.

John 領導 Deere & Company 智能解決方案集團的經歷給我們留下了特別深刻的印象。 John 是連接領域的第一人，指導公司完成農業數字化轉型。他通過數字工具推動價值，通過自動化、人工智能和機器學習等創新技術幫助行業提高生產力。他利用物聯網提供無線數據、傳感技術以及創新的遠程服務功能。所有這些都提高了傳統機械設備的性能和價值，並使客戶能夠提高自己的運營效率。

Most of all, John is experienced at managing complexity. Deere & Company is a complex global business, and his leadership opened an important route to precision agriculture during his time there. In many ways, John has already driven growth and success utilizing CMOS access strategies. John, would you like to say a few words?

最重要的是，John 在管理複雜性方面經驗豐富。 Deere & Company 是一家複雜的全球企業，在他任職期間，他的領導開闢了一條通往精準農業的重要途徑。在許多方面，John 已經利用 CMOS 訪問策略推動了增長和成功。約翰，你想說幾句話嗎？

Yes. Thank you, Dave, and good morning, everyone. Thank you for joining our call. I'm looking forward to getting to know each of you a lot better over the coming quarters. Dave, I am super energized to be here. I'm highly motivated by our higher purpose of pioneering safety and motivated by our vision of seamless access for a safer world. I agree with you that Allegion has a very sound foundation. We've got great brands, great products, a strong team, strong culture and customer relationships that have stood the test of time.

是的。謝謝你，戴夫，大家早上好。感謝您加入我們的電話。我期待著在接下來的幾個季度裡更好地了解你們每一個人。戴夫，我很興奮能來到這裡。我對我們開創安全的崇高目標以及我們為更安全的世界無縫訪問的願景感到非常興奮。我同意你的觀點，Allegion 有著非常堅實的基礎。我們擁有經得起時間考驗的偉大品牌、優質產品、強大的團隊、強大的文化和客戶關係。

I'm looking forward to visiting more of our sites in the coming weeks, getting to know our employees, our investors and our customers and learning the business at a deeper level right alongside our experts. I feel it's a really exciting time to be part of Allegion.

我期待在接下來的幾週內訪問我們更多的網站，了解我們的員工、投資者和客戶，並與我們的專家一起更深入地了解業務。我覺得加入 Allegion 是一個非常激動人心的時刻。

Back to you, Dave.

回到你身邊，戴夫。

Thank you, John. Leading Allegion has been an honor and one of the most rewarding experiences of my professional career, and I'm proud to turn over the reins of this incredible organization to you, John Stone.

謝謝你，約翰。領導 Allegion 是一種榮譽，也是我職業生涯中最有價值的經歷之一，我很自豪能將這個令人難以置信的組織的韁繩交給你，約翰·斯通。

Please go to Slide #5. In the second quarter, we shared Allegion's intent to acquire the Access Technologies business from Stanley. I'm happy to announce that as of July 5, Access Technologies is now a part of the Allegion family. The Access Technologies business bolsters Allegion's seamless access strategy with a category market leader that has more than 90 years of history and innovation. Automatic entrance solutions is a strategic investment that addresses a gap in our portfolio. We're adding a high-growth service and support network to our North American portfolio, which will position us better as devices become more connected.

請轉到幻燈片#5。在第二季度，我們分享了 Allegion 從 Stanley 收購 Access Technologies 業務的意圖。我很高興地宣布，自 7 月 5 日起，Access Technologies 現已成為 Allegion 大家庭的一員。接入技術業務通過擁有 90 多年曆史和創新的類別市場領導者支持 Allegion 的無縫接入戰略。自動入口解決方案是一項戰略投資，可解決我們產品組合中的差距。我們正在為我們的北美產品組合添加一個高增長的服務和支持網絡，這將使我們在設備變得更加互聯時處於更好的位置。

Importantly, bringing the Access Technologies business to Allegion also provides clear synergy and incremental revenue opportunities. And we believe we're creating a stronger long-term financial profile for our company that will deliver long-term value creation for Allegion shareholders. Simply put, with Access Technologies as a part of Allegion, we are now able to offer our customers broader solutions and services and continuing to grow profitably.

重要的是，將 Access Technologies 業務引入 Allegion 還提供了明顯的協同效應和增加的收入機會。我們相信我們正在為我們的公司創造更強大的長期財務狀況，這將為 Allegion 股東創造長期價值。簡而言之，通過 Access Technologies 作為 Allegion 的一部分，我們現在能夠為客戶提供更廣泛的解決方案和服務，並繼續實現盈利增長。

At this time, I want to go over Access Technologies' expected financial impacts for the second half of 2022. We expect the business to deliver approximately 9% growth in the full year top line number for the Americas segment. We are also projecting the business will be dilutive by -- to adjusted EPS by approximately $0.10 per share in 2022. Breaking down that impact further, the Access Technologies business is expected to deliver $0.20 per share of operational earnings offset by non-cash intangible asset amortization of negative $0.13 per share and increased interest expense related to financing the deal is expected to drive a negative $0.17 per share impact.

此時，我想回顧一下 Access Technologies 對 2022 年下半年的預期財務影響。我們預計該業務將實現美洲部分全年收入增長約 9%。我們還預計，到 2022 年，該業務將被稀釋，調整後每股收益約為 0.10 美元。進一步分解這種影響，Access Technologies 業務預計將提供每股 0.20 美元的運營收益，被非現金無形資產所抵消每股負 0.13 美元的攤銷以及與交易融資相關的利息費用增加預計將帶來每股 0.17 美元的負影響。

I want to reiterate that the Allegion team is proud to welcome the Access Technologies' dedicated employees who bring in talent and expertise in safety, security and service to our Americas segment as well as our global organization. We're excited to have you here.

我想重申，Allegion 團隊很自豪地歡迎 Access Technologies 的敬業員工，他們為我們的美洲部門以及我們的全球組織帶來了安全、安保和服務方面的人才和專業知識。我們很高興有你在這裡。

Please go to Slide #6. As we look at business conditions, American non-residential market demand remains very strong, and we expect that to continue. Leading indicators are showing expansionary readings. On the flip side, we are beginning to see some softening in the Allegion International segment and Americas residential markets from previous robust levels. In International, we are seeing the impacts of geopolitical instability and zero-tolerance COVID policies in China that have negatively impacted volume.

請轉到幻燈片#6。從商業狀況來看，美國非住宅市場需求仍然非常強勁，我們預計這種情況會持續下去。領先指標顯示擴張性讀數。另一方面，我們開始看到 Allegion 國際部門和美洲住宅市場從之前的強勁水平開始出現一些疲軟。在國際上，我們看到地緣政治不穩定和中國的零容忍 COVID 政策對交易量產生了負面影響。

We continue to make progress on our supply chain actions, which have resulted in improving component availability for mechanical products. Electronic component challenges continue, however, the product redesigns and alternative sourcing actions we have taken set us up better for the remainder of the year and 2023.

我們繼續在供應鏈行動方面取得進展，從而提高了機械產品的組件可用性。電子元件挑戰仍在繼續，然而，我們採取的產品重新設計和替代採購行動使我們在今年剩餘時間和 2023 年變得更好。

Looking at price versus cost. We delivered strong price in the quarter across the entire portfolio. Price realization accelerated again in Q2 and was the driver of organic growth in the quarter. Price exceeded inflation in the quarter, and we expect that to continue for the remainder of the year. Allegion will assess the need for future price increases. We remain vigilant to increase -- to ensure that price and productivity exceeds inflation.

看價格與成本。我們在本季度為整個投資組合提供了強勁的價格。第二季度價格實現再次加速，是該季度有機增長的驅動力。本季度物價超過通脹，我們預計今年剩餘時間這種情況將持續。 Allegion 將評估未來價格上漲的必要性。我們保持警惕，以確保價格和生產力超過通貨膨脹。

Lastly, our Allegion International business is experiencing significant currency pressure as the dollar strengthens. In the second quarter, reported revenues reflect $22 million of currency pressure related to foreign exchange rates. And as noted in our press release, currency headwinds are driving a reduction in our full year EPS outlook to the effect of $0.09 per share.

最後，隨著美元走強，我們的 Allegion International 業務正面臨巨大的貨幣壓力。在第二季度，報告的收入反映了與匯率相關的 2200 萬美元的貨幣壓力。正如我們在新聞稿中指出的那樣，貨幣逆風正在推動我們的全年每股收益展望下調至每股 0.09 美元。

Now let's turn to the quarterly performance for more details. Please go to Slide 7. Revenue for the second quarter was $773 million, an increase of 3.5% compared to last year. Organic revenue growth was 6.4%. The organic revenue increase in the quarter was driven by significant price realization of 8.4%. The negative volume was driven by the Allegion Americas residential business, which was comparing against a robust Q2 2021 growth rate associated with prior year catch-up on COVID-related backlog. It was also impacted by the current year electronic part shortages. Allegion International delivered organic growth driven by price but faced volume declines that were driven by COVID-19 lockdowns in China and softening European markets. Mike will share more detail on the business segments in a moment.

現在讓我們轉向季度業績以了解更多細節。請轉至幻燈片 7。第二季度的收入為 7.73 億美元，比去年同期增長 3.5%。有機收入增長為 6.4%。本季度的有機收入增長是由 8.4% 的顯著價格實現推動的。負銷量是由 Allegion Americas 住宅業務推動的，該業務與 2021 年第二季度強勁的增長率相比，與上一年赶超 COVID 相關積壓相關。它還受到本年度電子零件短缺的影響。 Allegion International 在價格推動下實現了有機增長，但由於中國 COVID-19 封鎖和歐洲市場疲軟，銷量下降。 Mike 稍後將分享有關業務部門的更多詳細信息。

Adjusted operating margin and adjusted EBITDA margins increased by 40 basis points and 30 basis points, respectively, in the second quarter. The increase was driven by price, productivity exceeding inflation, which include favorable corporate cost and favorable business mix, which more than offset the negative impacts of volume deleverage and incremental investments.

第二季度調整後的營業利潤率和調整後的 EBITDA 利潤率分別增加了 40 個基點和 30 個基點。這一增長是由價格、生產率超過通貨膨脹推動的，其中包括有利的企業成本和有利的業務組合，這足以抵消去槓桿和增量投資的負面影響。

Adjusted earnings per share of $1.37 increased $0.05 or approximately 4% versus the prior year. Strong operational performance and favorable share count more than offset and favorable impacts from FX, investments, other income and tax rate.

調整後每股收益為 1.37 美元，比上年增加 0.05 美元或約 4%。強勁的運營業績和有利的股票數量足以抵消外匯、投資、其他收入和稅率的有利影響。

Mike will now walk you through the financials and our updated '22 outlook.

Mike 現在將帶您了解財務狀況和我們更新的 22 年展望。

Thanks, Dave, and good morning, everyone. I want to echo Dave's comments in welcoming John as our new President and CEO and in welcoming Access Technology (sic) [Access Technologies] employees to Allegion.

謝謝，戴夫，大家早上好。我想回應 Dave 的評論，歡迎 John 成為我們的新總裁兼首席執行官，並歡迎 Access Technology (sic) [Access Technologies] 員工加入 Allegion。

Please go to Slide #8. This slide reflects our earnings per share reconciliation for the second quarter. For the second quarter of 2021, reported earnings per share was $1.31. Adjusting $0.01 for charges related to restructuring and acquisition expenses, the 2021 adjusted earnings per share was $1.32. Strong operational results increased earnings per share by $0.13, and net of $0.05 per share pressure related to FX. The performance was driven by significant price, which exceeded inflation and business mix driven by the strength of the Americas non-residential business.

請轉到幻燈片#8。這張幻燈片反映了我們第二季度的每股收益對賬。 2021 年第二季度，報告的每股收益為 1.31 美元。將與重組和收購費用相關的費用調整為 0.01 美元，2021 年調整後的每股收益為 1.32 美元。強勁的運營業績使每股收益增加了 0.13 美元，並扣除了與外匯相關的每股 0.05 美元的壓力。業績受到顯著價格的推動，價格超過了由美洲非住宅業務實力推動的通貨膨脹和業務組合。

Favorable share count increased earnings per share by $0.03 and the impact of acquisition and divestitures drove another $0.01 per share. A higher year-over-year tax rate reduced earnings by $0.02 per share and the combination of interest and other income drove another $0.05 reduction. Investment spending had a $0.05 per share drag on earnings as we continue to invest in the business to fuel long-term growth, expand our electronic capabilities and drive our seamless access strategy. This results in an adjusted second quarter 2022 earnings per share of $1.37 and an increase of $0.05 or 3.8% compared to the prior year.

有利的股票數量使每股收益增加了 0.03 美元，收購和資產剝離的影響又推動了每股 0.01 美元。較高的同比稅率使每股收益減少了 0.02 美元，而利息和其他收入的結合又推動了 0.05 美元的減少。投資支出拖累了每股 0.05 美元的收益，因為我們繼續投資該業務以推動長期增長、擴展我們的電子功能並推動我們的無縫訪問戰略。這導致調整後的 2022 年第二季度每股收益為 1.37 美元，比上一年增加 0.05 美元或 3.8%。

Lastly, we had a $0.07 per share reduction from the net of non-operating gains and charges related to restructuring, acquisitions and debt financing costs. After given effect to these items, you arrive at the second quarter 2022 reported earnings per share of $1.30.

最後，扣除與重組、收購和債務融資成本相關的非經營性收益和費用後，我們每股減少了 0.07 美元。在這些項目生效後，您將得出 2022 年第二季度報告的每股收益為 1.30 美元。

Please go to Slide #9. This slide depicts the components of our revenue performance for the quarter. I'll focus on total Allegion results and cover the regions on their respective slides. As indicated, we experienced 6.4% organic revenue growth in the second quarter, driven by strong price realization. Although the total company volume was down, we did see significant strength in our Americas non-residential business, which is starting to benefit from our supply chain actions over the last year. As mentioned previously, currency headwinds were significant in the quarter and reduced reported revenue by 3%. There was a small impact from acquisitions, bringing the total reported growth to 3.5% for Q2.

請轉到幻燈片#9。這張幻燈片描述了我們本季度收入表現的組成部分。我將重點關注 Allegion 的總體結果，並在各自的幻燈片上介紹各個區域。如前所述，由於價格實現強勁，我們在第二季度實現了 6.4% 的有機收入增長。儘管公司總銷量下降，但我們確實看到了美洲非住宅業務的顯著優勢，該業務開始受益於我們去年的供應鏈行動。如前所述，本季度的貨幣逆風很大，使報告的收入減少了 3%。收購的影響很小，使第二季度報告的總增長達到 3.5%。

Please go to Slide #10. Second quarter revenue for the Americas segment was $592.3 million, up 7.8% on a reported basis and up 8% organically. The segment delivered significant price realization coming in at 9.4% in the quarter. Both the non-residential and residential businesses delivered strong pricing. Pricing helped the non-residential business grow high-teens when combined with volume growth. Residential was down mid-teens, driven by a prior year catch-up on COVID-related backlogs and continued pressure in electronic components availability.

請轉至幻燈片 #10。美洲部門第二季度收入為 5.923 億美元，按報告基礎增長 7.8%，有機增長 8%。該部門在本季度實現了 9.4% 的顯著價格實現。非住宅和住宅業務都提供了強勁的定價。與銷量增長相結合，定價幫助非住宅業務增長了十幾倍。由於前一年趕上與 COVID 相關的積壓以及電子元件可用性的持續壓力，住宅價格下降了十幾歲。

Electronics revenue was down low single digits, driven primarily by electronic component shortages that limit our ability to fully meet demand. Americas adjusted operating margin and adjusted EBITDA margins for the quarter were down 150 basis points and 160 basis points, respectively. The Q2 margin performance was a sequential improvement from Q1. For the quarter, price exceeded inflation and productivity headwinds on a dollar basis but were dilutive to operating margins.

電子產品收入下降了個位數，主要是由於電子元件短缺限制了我們完全滿足需求的能力。本季度美洲調整後的營業利潤率和調整後的 EBITDA 利潤率分別下降了 150 個基點和 160 個基點。第二季度的利潤率表現比第一季度有所改善。本季度，按美元計算，價格超過了通脹和生產力逆風，但稀釋了營業利潤率。

Please go to Slide #11. Second quarter revenue for our Allegion International segment was $180.8 million, down 8.5% on a reported basis and up 1.9% organically. The organic growth was driven by solid price realization, which more than offset the volume declines experienced as a result of COVID shutdowns in China and geopolitical pressures in Europe. The negative impact related to currency headwinds reduced reported revenues by 10.9% as the U.S. dollar has strengthened substantially against other foreign currencies.

請轉到幻燈片 #11。我們 Allegion International 部門的第二季度收入為 1.808 億美元，在報告的基礎上下降 8.5%，有機增長 1.9%。有機增長是由穩定的價格實現推動的，這遠遠抵消了由於中國 COVID 關閉和歐洲地緣政治壓力而導致的銷量下降。由於美元兌其他外幣大幅走強，與貨幣逆風相關的負面影響使報告的收入減少了 10.9%。

Second quarter International adjusted operating margins decreased 100 basis points compared to last year, and adjusted EBITDA margins were down 60 basis points. The margin decline was driven by unfavorable impacts from volume and mix, FX and incremental investments that more than offset the favorable impact of price and productivity exceeding inflation.

第二季度國際調整後的營業利潤率與去年相比下降了 100 個基點，調整後的 EBITDA 利潤率下降了 60 個基點。利潤率下降的原因是數量和組合、外彙和增量投資的不利影響，抵消了價格和生產率超過通脹的有利影響。

Please go to Slide #12. Year-to-date available cash flow for the first half of '22 came in at $84.5 million, which is a decrease of more than $165 million compared to the prior year. The $84.5 million is more in line with historical levels. Last year's cash flow was driven primarily by lower working capital due to the pandemic. We are now projecting that 2022 full year available cash flow to be between $420 million and $440 million. The reduction in ACF from the prior outlook is primarily related to investing in inventory to create supply chain resiliency and to better serve our customers. This will position us to manage backlogs, which are expected to be elevated entering 2023 due to strong non-residential demand. The revised cash flow outlook includes the impact of the Access Technologies business inclusive of operational cash flows, offset by acquisition and integration costs related to the transaction.

請轉到幻燈片 #12。 22 年上半年的年初至今可用現金流為 8450 萬美元，與去年相比減少了 1.65 億美元。 8450萬美元更符合歷史水平。去年的現金流主要是由於大流行導致營運資金減少。我們現在預計 2022 年全年可用現金流量將在 4.2 億美元至 4.4 億美元之間。與先前展望相比，ACF 的減少主要與投資庫存以創造供應鏈彈性並更好地為我們的客戶服務有關。這將使我們能夠管理積壓，由於強勁的非住宅需求，預計到 2023 年將增加。修訂後的現金流前景包括 Access Technologies 業務的影響，包括運營現金流，但被與交易相關的收購和整合成本所抵消。

As discussed earlier, we closed on the acquisition of Access Technologies business on July 5. The transaction was funded by issuing senior notes and utilization of our revolver. As mentioned when we announced the acquisition, we expect to use excess cash generated during the remainder of the year to pay down short-term debt taken on to complete the transaction. This would be after paying expected dividends, which are subject to Board approval.

如前所述，我們於 7 月 5 日完成了對 Access Technologies 業務的收購。該交易的資金來自發行優先票據和使用我們的左輪手槍。正如我們在宣布收購時所提到的，我們預計將利用今年剩餘時間內產生的多餘現金來償還為完成交易而承擔的短期債務。這將是在支付預期股息之後，該股息須經董事會批准。

Please go to Slide #13. We now turn our attention to the revised revenue outlook. Non-residential markets in the Americas continue to be robust. Leading indicators remain positive, and the level of specifications continues to be strong. Consistent with the broader macro industry, we are beginning to see signs of residential softening from robust COVID level peaks. However, we remain positive on the long-term growth opportunity in residential due to the undersupply of homes to meet demand and the long-term trend of electronic adoption. We have been aggressive in pursuing price in all channels and products and, as a result, expected to deliver solid price realization for the remainder of the year that will more than offset substantial inflationary headwinds.

請轉至幻燈片 #13。我們現在將注意力轉向修訂後的收入前景。美洲的非住宅市場繼續強勁。領先指標保持積極，規範水平繼續走強。與更廣泛的宏觀行業一致，我們開始看到住宅從強勁的 COVID 水平峰值走軟的跡象。然而，由於住宅供應不足以滿足需求以及電子採用的長期趨勢，我們仍然看好住宅的長期增長機會。我們一直在積極追求所有渠道和產品的價格，因此，預計將在今年剩餘時間內實現穩定的價格實現，這將抵消巨大的通脹阻力。

As noted previously, we expect the newly acquired Access Technologies business to deliver approximately 9% growth for the full year reported Americas revenue. With these parameters in place, we are now projecting total growth for the Americas to be up 21% to 22% and organic revenue to be up 12% to 13%. The increase in the Americas organic revenue outlook is primarily driven by price to offset the ongoing inflationary pressures.

如前所述，我們預計新收購的接入技術業務將實現全年報告的美洲收入增長約 9%。有了這些參數，我們現在預計美洲的總增長將增長 21% 至 22%，有機收入將增長 12% 至 13%。美洲有機收入前景的增長主要受價格推動，以抵消持續的通脹壓力。

Allegion International experienced sequential improvement in price realization. However, we are beginning to see market soften and currency pressures are anticipated to continue. For Allegion International, we are revising our outlook for total revenue to be down 7% to 8% with organic growth coming in at 2% to 3%. All in for total Allegion, we expect revenue growth to be in the 13% to 14% range with organic revenue increasing 9% to 10%.

Allegion International 在價格實現方面經歷了連續改善。然而，我們開始看到市場疲軟，預計貨幣壓力將持續。對於 Allegion International，我們將總收入預期下調 7% 至 8%，有機增長將達到 2% 至 3%。就 Allegion 而言，我們預計收入增長將在 13% 至 14% 之間，有機收入將增長 9% 至 10%。

Please go to Slide 14. For our EPS outlook, we are expecting reported EPS to come in to a range of $5.05 to $5.15 per share and adjusted EPS to be between $5.35 to $5.45. These ranges include the approximately negative 10% impact related to Access Technologies acquisition, as discussed earlier. The updated outlook also includes a $0.09 per share reduction from the prior outlook related to currency pressure. This outlook assumes incremental investments of approximately $0.20 per share. As a reminder, the incremental investment spend is predominantly related to R&D and technology investments to accelerate future growth and support our seamless access strategy.

請轉到幻燈片 14。對於我們的每股收益前景，我們預計報告的每股收益將在 5.05 美元至 5.15 美元之間，調整後的每股收益將在 5.35 美元至 5.45 美元之間。如前所述，這些範圍包括與 Access Technologies 收購相關的大約 10% 的負面影響。更新後的展望還包括與先前與貨幣壓力相關的展望相比每股減少 0.09 美元。該展望假設增量投資約為每股 0.20 美元。提醒一下，增量投資支出主要與研發和技術投資有關，以加速未來的增長並支持我們的無縫接入戰略。

Also included in the revised outlook is a slight increase in interest expense driven by an increase in variable interest rates on the base business. This does not include the Access Technologies acquisition, which will have a $0.17 per share negative impact related to financing we secured to close the transaction. That impact is included in the overall $0.10 per share dilution from the acquisition.

修訂後的展望中還包括由於基礎業務的浮動利率增加而導致的利息支出略有增加。這不包括對 Access Technologies 的收購，這將對我們為完成交易而獲得的融資產生每股 0.17 美元的負面影響。這種影響包含在收購帶來的每股 0.10 美元的整體稀釋中。

I will now hand it back to Dave for some closing remarks.

我現在將把它交還給戴夫做一些結束語。

Thank you, Mike. Please go to Slide #15. To wrap up the main themes you heard today, Allegion is excited to welcome John Stone as President and CEO. He brings a wealth of knowledge and expertise that will help Allegion on its seamless access journey. We are also excited to welcome Access Technologies to Allegion. This is a category market leader with a strategic investment that expands our core business.

謝謝你，邁克。請轉至幻燈片 #15。總結您今天聽到的主要主題，Allegion 很高興歡迎 John Stone 擔任總裁兼首席執行官。他帶來了豐富的知識和專業知識，將幫助 Allegion 實現無縫訪問之旅。我們也很高興歡迎 Access Technologies 加入 Allegion。這是一個類別市場領導者，其戰略投資擴大了我們的核心業務。

Globally, Allegion is driving significant price realization and has turned the price productivity inflation dynamic positive. The supply chain actions we have taken will help efficiency and productivity in our manufacturing locations and along with ongoing price realization, we'll continue to drive pricing and productivity to exceed inflation.

在全球範圍內，Allegion 正在推動顯著的價格實現，並將價格生產率通脹動態轉為積極。我們採取的供應鏈行動將有助於提高製造地點的效率和生產力，隨著價格的持續實現，我們將繼續推動定價和生產力超過通貨膨脹。

Non-residential markets in the Americas continue to be robust. Leading indicators have been positive for over a year. And given the late-cycle nature of that business, this bodes well for the near-term future. Plus, we are still sitting on healthy backlog levels that should fuel future growth as supply chains normalize.

美洲的非住宅市場繼續強勁。領先指標已經持續一年多。鑑於該業務的後期性質，這對近期的未來來說是個好兆頭。此外，隨著供應鏈的正常化，我們仍處於健康的積壓水平，這將推動未來的增長。

With that, Mike and I would now be happy to take your questions.

有了這個，邁克和我現在很樂意回答你的問題。

(Operator Instructions) The first question is from the line of Julian Mitchell with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Julian Mitchell。

Wish Dave all the best, and thanks for the help and look forward to working with you, John. In terms of -- I guess the first question would probably be around on the residential business. I understand you've had sort of several quarters of very tough comps and sort of a destock that had to happen. Maybe help us understand on residential today where are you on the inventories kind of in the channel, the comps should get easier in the second half year-on-year, but the broader U.S. resi demand backdrop is probably worse than you had thought a few months ago. So maybe help us understand kind of what slope of residential revenue growth we should get in the second half of the year and the assumptions behind it?

祝戴夫一切順利，感謝您的幫助，期待與您合作，約翰。就——我想第一個問題可能是關於住宅業務的。我知道你已經經歷了好幾個季度的非常艱難的比賽，並且不得不去庫存。也許可以幫助我們了解今天的住宅，您在渠道中的庫存在哪裡，下半年同比應該會變得更容易，但更廣泛的美國 resi 需求背景可能比您想像的要糟糕一些幾個月前。因此，也許可以幫助我們了解我們應該在今年下半年獲得什麼樣的住宅收入增長斜率及其背後的假設？

I think -- so thank you for your comments, Julian, and for your questions and support over the years. When I think about the residential market, we've moved through this -- with through the supply chain, which has been pretty dramatic over the last 24, 36 months. I continue to be positive on residential. We still have some noise, but there's an undersupply of housing. We'll see some softening in the R&R. But we have maybe been hit harder in res because of the lack of electronic chips. We'll build momentum back over the second half and into '23. I think the nation's got to build between 800,000 and 1 million single-family homes. So I think that's net opportunity as we look at the change.

我想——謝謝你的評論，朱利安，以及你多年來的問題和支持。當我想到住宅市場時，我們已經通過了供應鏈，在過去的 24 和 36 個月中，這非常引人注目。我繼續看好住宅。我們仍然有一些噪音，但住房供應不足。我們將看到 R&R 有所軟化。但由於缺乏電子芯片，我們可能在資源方面受到的打擊更大。我們將在下半場和 23 年重新建立勢頭。我認為這個國家必須建造 800,000 到 100 萬套單戶住宅。因此，當我們看到變化時，我認為這是淨機會。

And Julian, if you think about guide, we don't guide the residential business. We do give outlooks for Americas in total. But just -- I'll just agree with you. We had that prior year comp in the second quarter that went up against last year. The second half for next -- for this year is much easier comps versus last year.

朱利安，如果您考慮指導，我們不會指導住宅業務。我們確實給出了對美洲的總體展望。但只是 - 我會同意你的看法。我們在第二季度進行了上一年的比較，與去年相比有所上升。下半場——今年比去年更容易。

That's helpful. And then I guess my second question would be around the sort of the price/cost dynamics. Any updated thoughts around how that plays out in terms of margin impact in the back half? And I suppose, based on the recent declines in spot commodity prices, when do you see those perhaps rolling into your gross margins in terms of the timing of those lower costs starting to help the gross margin? And do you think you can retain those savings when they come through or they might have to be passed back to the customer?

這很有幫助。然後我想我的第二個問題是關於價格/成本動態的。關於這在後半場的利潤率影響方面如何發揮作用的任何更新想法？而且我想，根據最近現貨商品價格的下跌，您何時會看到那些可能會影響您的毛利率的時間，因為這些較低的成本開始幫助毛利率？您是否認為您可以保留這些節省下來的錢，或者可能不得不將它們轉回給客戶？

Yes. So Julian, as you think about price/cost, we struggled at the end of last year. We got slightly behind, and we put efforts to raise prices to get that price productivity inflation positive. We had improvement in Q1. In Q2, we are now positive like we said we would be. As we look to the back half, that continues to be positive for both quarters in the back half, we'll be positive for the full year in price productivity inflation. We do have substantial inflationary pressures in the back half, and we've taken additional pricing actions to mitigate that.

是的。所以朱利安，當你考慮價格/成本時，我們在去年年底遇到了困難。我們稍微落後了，我們努力提高價格，以使價格生產率通脹為正。我們在第一季度有所改善。在第二季度，我們現在是積極的，就像我們說的那樣。當我們展望後半部分時，後半部分的兩個季度仍然是積極的，我們將對全年的價格生產率通脹持積極態度。我們確實在後半部分面臨著巨大的通脹壓力，我們已經採取了額外的定價措施來緩解這種壓力。

As a result, you'll see that price productivity inflation-positive as well as margin expansion in the back half. If you think about commodity prices, those spot prices are coming down as you see from the public markets, they're still elevated versus, say, historic norms. Any decrease in commodity prices is not something 2022 we'd feel because we've been putting in those purchase orders to ensure that we had adequate parts and inventory to meet that demand that we have.

結果，您將看到價格生產率通脹為正以及後半部分的利潤率擴張。如果您考慮商品價格，正如您從公開市場看到的那樣，這些現貨價格正在下降，但與歷史標準相比，它們仍然處於較高水平。商品價格的任何下降都不是我們在 2022 年感受到的，因為我們一直在下這些採購訂單，以確保我們有足夠的零件和庫存來滿足我們的需求。

So as you think about price productivity inflation, think of it as a net plus in the back half, full year, and we're back to expanding margins.

因此，當您考慮價格生產率通脹時，請將其視為後半年全年的淨加值，我們將重新開始擴大利潤率。

Next question is from the line of David McGregor with Longbow Research.

下一個問題來自 Longbow Research 的 David McGregor。

This is Joe Nolan on for David. Congrats on the nice quarter, guys. So I was just wondering, within the Americas non-residential business, can you just talk about how distributor inventories look? And also just wondering, are you seeing any increase in order cancellations or signs that distributors may be getting more cautious about holding inventory in a slowing macro environment.

這是大衛的喬諾蘭。伙計們，恭喜這個美好的季度。所以我只是想知道，在美洲非住宅業務中，你能談談分銷商庫存的情況嗎？而且只是想知道，您是否看到訂單取消的增加或有跡象表明分銷商可能在宏觀環境放緩的情況下對持有庫存更加謹慎。

I would say as we think about distributor inventory and wholesale pull-through, I would say it's normalized. Remember, there was a big pull back 15 months ago as we entered COVID. I would say it's normalized. Wholesalers typically play the price increase game intelligently. They'll bring in those orders earlier ahead of a price increase to create a margin opportunity for themselves, but I would say they are solid. There are some deficiencies within our portfolio, which would be electronics, which will improve over the second half of the year. I would say -- second the question?

我想說，當我們考慮分銷商庫存和批發直銷時，我會說這是正常化的。請記住，15 個月前我們進入 COVID 時出現了大幅回調。我會說它是標準化的。批發商通常聰明地玩價格上漲遊戲。他們會在價格上漲之前提前收到這些訂單，為自己創造利潤機會，但我會說他們是可靠的。我們的產品組合中存在一些缺陷，比如電子產品，這將在今年下半年得到改善。我會說——第二個問題？

Cancellations.

取消。

Yes. I would say that the -- if you think of our business, we've had such supply chain challenges last year. So as we move forward to this year, our distribution base is looking for product. So we have very healthy backlogs. Demand is very strong, elevated backlog. So as we move forward, we feel very confident about the non-residential business.

是的。我想說的是——如果你想想我們的業務，去年我們就遇到了這樣的供應鏈挑戰。因此，隨著我們邁向今年，我們的分銷基地正在尋找產品。所以我們有非常健康的積壓工作。需求非常旺盛，積壓增加。因此，隨著我們前進，我們對非住宅業務充滿信心。

I would also say touch base with our teams on cancellations, not seeing it. There's a demand for product flow. There's a very strong construction backlog right at 9 months. And the indicators would suggest we're in for a good 12 to 18 months of non-residential activity.

我還要說與我們的團隊聯繫取消，而不是看到它。對產品流有需求。在 9 個月內有一個非常強大的建設積壓。這些指標表明我們將進行 12 到 18 個月的非住宅活動。

Got it. Okay. And then just as a quick follow-up on the Access Technologies business. Can you just talk about what this acquisition adds revenue-wise to your aftermarket business and whether it would be accretive or dilutive to margins on the existing business?

知道了。好的。然後作為訪問技術業務的快速跟進。您能否談談此次收購為您的售後業務增加了哪些收入，以及它是否會增加或稀釋現有業務的利潤率？

Yes. If you think about Access Technologies, when we announced it in April, we talked about that 38% of the business was service revenue. Our business today, we don't have service revenue to a substantial level, especially in the Americas. We have some out in the International. But in the Americas, we don't have that service capability. So this is a great asset to add to our existing portfolio as we leverage their strengths with our Allegion Americas strengths.

是的。如果你想想 Access Technologies，當我們在 4 月份宣布它時，我們談到了 38% 的業務是服務收入。我們今天的業務，我們沒有達到可觀的服務收入水平，尤其是在美洲。我們在國際上有一些。但是在美洲，我們沒有這種服務能力。因此，當我們利用 Allegion Americas 的優勢利用他們的優勢時，這是添加到我們現有產品組合中的一項重要資產。

I would add that in our vision of seamless access and smart connected edge devices on the doors, the service component becomes required by our customers and the ability to grow recurring revenues through services, we like the opportunity.

我要補充一點，在我們對門上的無縫訪問和智能連接邊緣設備的願景中，我們的客戶需要服務組件以及通過服務增加經常性收入的能力，我們喜歡這個機會。

And I think you also asked about margins. When you think about Access Technologies, we gave some guidance in the April call how that business is. Think of it as a mid-teen EBITDA margin.

而且我認為您還詢問了利潤率。當您考慮 Access Technologies 時，我們在 4 月的電話會議中提供了一些指導，該業務是如何發展的。將其視為青少年 EBITDA 利潤率。

Next question is on the line of Brett Linzey with Mizuho.

下一個問題是瑞穗的布雷特林澤。

Congrats today, best of luck, and welcome to John. Just wanted to come back to the electronics activity still continues to show just kind of uneven performance here with the chip constraints. I guess as you've gotten closer to the redesigns and some of these new suppliers coming -- ramping up here, I mean should we see the electronic growth snap back here in the second half? Or do you expect this to be still uneven for the next few quarters as you kind of work through some of those new product designs?

今天恭喜，祝你好運，歡迎來到約翰。只是想回到電子產品活動，但由於芯片限制，這裡的表現仍然不平衡。我想隨著您越來越接近重新設計以及其中一些新供應商的到來——在這裡加速增長，我的意思是我們是否應該在下半年看到電子增長迅速回到這裡？或者您是否預計在接下來的幾個季度中這仍然不平衡，因為您正在研究其中一些新產品設計？

Brett, as you think about revenue growth, so much of it has to do with the prior year comparable. Electronics growth should be better in the back half from a growth percentage as you think about prior year. In addition, we are seeing signs of improvement related to the activity we've been driving on the product redesign. So both those areas should lead to better second half growth than what we experienced in the first half.

布雷特，當您考慮收入增長時，這在很大程度上與上一年的可比性有關。與上一年相比，後半部分的電子產品增長應該會好於增長百分比。此外，我們看到與我們一直在推動的產品重新設計活動相關的改進跡象。因此，這兩個領域都應該會導致下半年的增長比我們上半年的增長要好。

Okay. Got it. And just coming back to the reporting convention and thinking about the guidance framework and now rolling in Access Technologies, have you considered ever moving to [XE] amortization? I mean it is a big number. So that's question one. And just the follow-up would be, within this new framework, are there any onetime items related to integration or anything that we should be thinking about that maybe don't repeat in sort of the second half of the year ownership?

好的。知道了。回到報告慣例並考慮指導框架，現在進入 Access Technologies，您是否考慮過轉向 [XE] 攤銷？我的意思是這是一個很大的數字。所以這是問題一。只是後續行動將是，在這個新框架內，是否有任何與集成相關的一次性項目或我們應該考慮的任何事情，可能不會在下半年的所有權中重複？

Yes. So if you think about the one-timers, we backed that out of reported EPS to get to our adjusted EPS, right? So if you look at our guide, we have that at the bottom of the schedule.

是的。因此，如果您考慮一次性投資者，我們會從報告的每股收益中支持這一點，以獲得我們調整後的每股收益，對嗎？因此，如果您查看我們的指南，我們會將其列在日程表的底部。

With respect to amortization expense, we started the year, obviously, with our guide. We're using the same presentation that we have when we started the year, but clearly identifying that amortization drag because it is significant for Access Technologies. We're going to get through 2022 using this presentation. With respect to the future, we can tackle that in the future. But when you think about 2022, we're going to have that amortization in the adjusted EPS, but we're going to clearly show it to you and provide it to you so you can have all those details.

關於攤銷費用，很明顯，我們以我們的指南開始了這一年。我們使用與年初時相同的演示文稿，但清楚地確定了攤銷拖累，因為它對 Access Technologies 很重要。我們將使用此演示文稿度過 2022 年。關於未來，我們可以在未來解決這個問題。但是當你想到 2022 年時，我們將在調整後的每股收益中進行攤銷，但我們會清楚地向你展示並提供給你，這樣你就可以獲得所有這些細節。

Next question is from the line of Brian Ruttenbur with Imperial Capital.

下一個問題來自於帝國首都的 Brian Ruttenbur。

A couple of quick questions. In your guidance for '22, what do you assume the supply chain will do? Will it get better, worse, the same? Just want to know what your assumptions are around the supply chain.

幾個快速的問題。在您對 '22 的指導中，您認為供應鏈會做什麼？它會變得更好，更糟，還是一樣嗎？只想知道您對供應鏈的假設是什麼。

Yes. As you look at our guide for the back half of '22, we are seeing improvement, especially in the mechanical space, in the non-residential business. This is attributable to all the sourcing actions we've taken over the last year. So as we think about that non-res growth, right, that high-teens that we had, part of that is attributable to a better supply chain due to our activity. Our back half is taking into account what we've known we've done and chips that our partners have committed to get to us or provided us. Chips are always fragile, as you know, that can move. But this is not seeing a sea change of improvement that we don't have line of sight to. So if you think about back half, think of it as the activity we've driven is helping provide better confidence in our ability to meet our customers' needs.

是的。當您查看我們的 22 年後半部分指南時，我們看到了改進，尤其是在機械空間和非住宅業務方面。這要歸功於我們去年採取的所有採購行動。因此，當我們考慮非資源增長時，對，我們擁有的高青少年，部分原因在於我們的活動帶來了更好的供應鏈。我們的後半部分考慮了我們所知道的我們已經完成的事情以及我們的合作夥伴承諾提供給我們或提供給我們的籌碼。如您所知，芯片總是很脆弱，可以移動。但這並沒有看到我們沒有看到的改進的巨大變化。因此，如果您考慮後半部分，請將其視為我們推動的活動正在幫助增強我們對滿足客戶需求的能力的信心。

I would add to that, if you look at some of the macro numbers, institutes of supply management, deliveries across the board to all industrial players have improved. I'd say, number two, the system of all manufacturers remain fragile, a port strike, COVID surge puts a level of uncertainty that we've grown to navigate, but it remains fragile. And I'd say the extensive work Allegion has done on the mechanical and electronics positions us nicely for the second half. We factored that in. I think we're not alone. The electronic flows for chips and other components is improving, and that will benefit Allegion in '22 and nicely steps up in '23.

我還要補充一點，如果你看看一些宏觀數據，供應管理機構，對所有工業參與者的全面交付都有所改善。我想說，第二，所有製造商的系統仍然脆弱，港口罷工，COVID 激增帶來了我們已經學會駕馭的一定程度的不確定性，但它仍然脆弱。我要說的是，Allegion 在機械和電子方面所做的大量工作使我們在下半年處於有利地位。我們考慮到了這一點。我認為我們並不孤單。芯片和其他組件的電子流程正在改善，這將使 Allegion 在 22 年受益，並在 23 年得到很好的提升。

This concludes our question-and-answer session. I would now like to turn the conference back to our Executive Chairman, Dave Petratis, for any closing remarks.

我們的問答環節到此結束。我現在想把會議轉回給我們的執行主席戴夫·佩特拉蒂斯（Dave Petratis）來做閉幕詞。

Thank you. This concludes my 56th earnings call as a CEO, the balance here at Allegion. This will likely be my last call. I want to thank our shareholders and the financial community for their support over the years. I also want to thank Nelson Peltz and Mike Lamach for the opportunity to create and lead Allegion. I want to thank Kirk Hachigian, and the Allegion Board. Kirk has been with me since day 1. Kirk and the Allegion Board has helped create this company and guide us to where we are today.

謝謝你。這結束了我作為首席執行官的第 56 次財報電話會議，這是 Allegion 的餘額。這可能是我最後一次打電話了。我要感謝我們的股東和金融界多年來的支持。我還要感謝 Nelson Peltz 和 Mike Lamach 提供了創建和領導 Allegion 的機會。我要感謝 Kirk Hachigian 和 Allegion 董事會。 Kirk 從第一天起就和我在一起。Kirk 和 Allegion 董事會幫助創建了這家公司，並指導我們取得了今天的成就。

Last, a heartfelt thank you to the people of Allegion worldwide. You have a great new leader in John Stone. We have done some great work together. Allegion, your best days are ahead of you, be safe, be healthy, and thanks for all your contributions. Have a great day.

最後，衷心感謝 Allegion 全球員工。你有一個偉大的新領袖約翰斯通。我們一起做了一些偉大的工作。 Allegion，您最好的日子即將到來，請注意安全，保持健康，並感謝您的所有貢獻。祝你有美好的一天。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。