安朗杰 (ALLE) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Allegion Q3 2022 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Allegion 2022 年第三季度收益電話會議。 （操作員說明）請注意，此事件正在記錄中。

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

我想將會議轉交給投資者關係副總裁兼財務主管 Tom Martineau。請繼續。

Thank you, Francesca. Good morning, everyone. Thank you for joining us for Allegion's Third Quarter 2022 Earnings Call. With me today are John Stone, President and Chief Executive Officer; and Mike Wagnes, Senior Vice President and Chief Financial Officer of Allegion.

謝謝你，弗朗西斯卡。大家，早安。感謝您參加 Allegion 2022 年第三季度財報電話會議。今天和我在一起的是總裁兼首席執行官約翰·斯通；以及 Allegion 高級副總裁兼首席財務官 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.

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及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 and 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前瞻性陳述，並根據聯邦證券法的安全港條款作出。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.

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。

John and Mike will now discuss our third quarter 2022 results, which will be followed by a Q&A session. (Operator Instructions)

約翰和邁克現在將討論我們 2022 年第三季度的業績，隨後將舉行問答環節。 （操作員說明）

Please go to Slide 4, and I'll turn the call over to John.

請轉到幻燈片 4，我將把電話轉給約翰。

Thanks, Tom. Good morning, and thank you all for joining us today.

謝謝，湯姆。早上好，感謝大家今天加入我們。

Allegion delivered a very strong third quarter. And as we look at the market dynamics, we continue to see strength in the Americas nonresidential sector. Leading indicators for that business like the ABI and AIA consensus are positive and continue to be an expansionary territory, particularly for institutional verticals.

Allegion 第三季度表現非常強勁。當我們審視市場動態時，我們繼續看到美洲非住宅領域的實力。該業務的領先指標，如 ABI 和 AIA 共識，是積極的，並且繼續是一個擴張領域，特別是對於機構垂直領域。

On the Americas residential side, our business grew nicely in the quarter, but we are seeing signs of a slowing market. Certainly, new construction is impacted by rising mortgage rates, and retail point-of-sale for our industry is returning to more normal levels.

在美洲住宅方面，我們的業務在本季度增長良好，但我們看到了市場放緩的跡象。當然，新建築受到抵押貸款利率上升的影響，我們行業的零售銷售點正在恢復到更正常的水平。

Although, Allegion International is experiencing broader weakness in many of its markets, we continue to see strength and demand for our electronics and software solutions. Allegion delivered record revenue during the third quarter. This is due to the hard work and dedication of our team as we've made significant progress on product redesign and other supply chain improvements that are driving strong operational performance across the company. Top line revenue was also aided by robust price realization in the quarter across the world.

儘管 Allegion International 在其許多市場中都經歷了更廣泛的疲軟，但我們繼續看到對我們的電子和軟件解決方案的實力和需求。 Allegion 在第三季度實現了創紀錄的收入。這是由於我們團隊的辛勤工作和奉獻精神，因為我們在產品重新設計和其他供應鏈改進方面取得了重大進展，從而推動了整個公司的強勁運營績效。頂線收入也得益於本季度全球強勁的價格實現。

I do want to highlight that while we've made some progress, there's still choppiness in the electronic supply chain. Backlogs in electronics are still elevated as demand for those products has remained strong.

我確實想強調，雖然我們已經取得了一些進展，但電子供應鏈仍然不穩定。由於對這些產品的需求仍然強勁，電子產品的積壓仍然很高。

At the beginning of the year, we underscored our commitment to aggressively pursue price across all products and in all channels. The result of this effort is evident in the quarterly results. While we continue to experience inflationary headwinds, our price, productivity and inflation dynamic was positive this quarter, both on a dollar and margin basis. Allegion will continue to assess the need for future price increases.

今年年初，我們強調了我們在所有產品和所有渠道中積極追求價格的承諾。這一努力的結果在季度業績中顯而易見。儘管我們繼續面臨通脹阻力，但本季度我們的價格、生產力和通脹動態是積極的，無論是在美元還是利潤率的基礎上。 Allegion 將繼續評估未來價格上漲的必要性。

Lastly, the currency pressures impacting our International businesses persist. The reported revenues in the third quarter reflect $26 million of pressure related to foreign exchange rates.

最後，影響我們國際業務的貨幣壓力持續存在。第三季度報告的收入反映了與匯率相關的 2600 萬美元壓力。

Please go to Slide 5. At the beginning of the quarter, on July 5, in fact, we officially welcomed the Access Technologies business into the Allegion family. Together, we will deliver long-term value for customers, shareholders and employees alike, and we're already moving in that direction. The operational performance of the business was in line with the expectations shared with you in last quarter's earnings call, and our teams are getting well aligned on culture, vision and strategy.

請轉至幻燈片 5。在本季度初，即 7 月 5 日，我們正式歡迎 Access Technologies 業務加入 Allegion 大家庭。我們將為客戶、股東和員工等共同創造長期價值，我們已經朝著這個方向前進。該業務的運營業績與您在上一季度財報電話會議中與您分享的預期一致，我們的團隊在文化、願景和戰略方面取得了良好的一致。

Just as important, our early work together affirms that Access Technologies and Allegion are a great combination. We have unique opportunities to accelerate our seamless access strategy, with innovation that will create new value around doors and entrances.

同樣重要的是，我們早期的合作證實了 Access Technologies 和 Allegion 是一個很好的組合。我們有獨特的機會來加速我們的無縫訪問戰略，創新將在門和入口周圍創造新的價值。

This is where I get to say a picture says a thousand words, and we now have a well-established recurring service business that positions us to meet new customer needs as devices become more connected and technology advances. And we have an expanded portfolio of products that fills gaps, complements our business and takes full advantage of our demand generation and specification engine in the Americas.

這就是我要說的一張照片說一千個字的地方，我們現在擁有完善的經常性服務業務，隨著設備變得更加互聯和技術進步，我們可以滿足新的客戶需求。我們擁有擴展的產品組合來填補空白，補充我們的業務，並充分利用我們在美洲的需求生成和規範引擎。

Bottom line, Access Technologies is a strong business. It's another category market leader for Allegion. We're off to a great start and excited about the opportunities ahead.

歸根結底，Access Technologies 是一項強大的業務。它是 Allegion 的另一個類別市場領導者。我們有了一個良好的開端，並對未來的機會感到興奮。

Now let's turn to Slide 6 and take a look at the quarter performance for more details. Revenue for the third quarter was $914 million, an increase of 27.4% compared to last year. Organic revenue growth was 18.6%, attributed to both significant price realization worldwide and strong volume growth in the Americas. The Access Technologies acquisition contributed approximately 12% to the total growth number, and currency impacts remain a significant headwind. Mike will share more details on the segment reporting in a moment.

現在讓我們轉到幻燈片 6 並查看該季度的表現以了解更多詳細信息。第三季度收入為 9.14 億美元，同比增長 27.4%。有機收入增長 18.6%，這歸因於全球價格的顯著實現和美洲的強勁銷量增長。對 Access Technologies 的收購對總增長數貢獻了約 12%，而貨幣影響仍然是一個重大不利因素。 Mike 將在稍後分享有關細分報告的更多詳細信息。

Adjusted operating margin and adjusted EBITDA margins increased by 100 basis points each in the third quarter. The increase was driven by volume leverage in the Americas as well as price and productivity exceeding inflation. These more than offset the margin dilution related to Access Technologies. Excluding the Access Technologies, business adjusted operating income margins were up 240 basis points.

第三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 100 個基點。這一增長是由美洲的數量槓桿以及價格和生產率超過通貨膨脹推動的。這些足以抵消與 Access Technologies 相關的利潤稀釋。不包括接入技術，業務調整後的營業利潤率上升了 240 個基點。

Adjusted EPS of $1.64 increased $0.08 or approximately 5% versus the prior year. Robust operational performance more than offset the unfavorable tax rate impact, which is compared against the prior year that had substantial nonrecurring benefits.

調整後的每股收益為 1.64 美元，較上年增加 0.08 美元或約 5%。穩健的運營業績抵消了不利的稅率影響，與具有大量非經常性收益的上一年相比。

Mike will now walk you through the financials, and I'll be back later to discuss our 2022 outlook.

邁克現在將帶您了解財務狀況，我稍後會回來討論我們的 2022 年展望。

Thanks, John, and good morning, everyone. Thank you for joining today's call.

謝謝，約翰，大家早上好。感謝您加入今天的電話會議。

Please go to Slide #7. This slide reflects our earnings per share reconciliation for the third quarter. For the third quarter of 2021, reported earnings per share was $1.59 and adjusted earnings per share was $1.56. Operational results were very strong in the quarter, adding $0.49 per share, reflecting 31.4% growth. This was driven by strong pricing, volume and operational execution, which more than offset significant inflationary and currency pressures.

請轉到幻燈片 #7。這張幻燈片反映了我們第三季度的每股收益對賬。 2021 年第三季度，報告的每股收益為 1.59 美元，調整後的每股收益為 1.56 美元。本季度的經營業績非常強勁，每股增加 0.49 美元，增長 31.4%。這是由強勁的定價、銷量和運營執行推動的，這足以抵消巨大的通脹和貨幣壓力。

Access Technologies delivered $0.06 to earnings per share as operational results of $0.10 per share offset $0.04 of intangible amortization. The operational results were as expected, and amortization was favorable. A year-over-year tax rate reduced earnings by $0.28 per share. This decline was driven by tax benefits in 2021 that were nonrecurring. As anticipated, interest expense was a $0.12 per share drag on earnings, primarily driven by increased debt to finance the acquisition of Access Technologies.

由於每股 0.10 美元的經營業績抵消了 0.04 美元的無形攤銷，Access Technologies 的每股收益為 0.06 美元。經營業績符合預期，攤銷良好。同比稅率使每股收益減少 0.28 美元。這種下降是由 2021 年的非經常性稅收優惠推動的。正如預期的那樣，利息支出對收益造成每股 0.12 美元的拖累，這主要是由於為收購 Access Technologies 融資而增加的債務。

Other income was an $0.08 per share reduction as the prior year had some favorable items that did not repeat in 2022. Favorable share count offset the impact of investment spending in the quarter. This results in adjusted third quarter 2022 earnings per share of $1.64, an increase of $0.08 or 5.1% compared to the prior year.

其他收入為每股減少 0.08 美元，因為上一年有一些在 2022 年沒有重複的有利項目。有利的股票數量抵消了本季度投資支出的影響。這導致調整後的 2022 年第三季度每股收益為 1.64 美元，比上年增加 0.08 美元或 5.1%。

Lastly, we have a $0.34 per share reduction from adjusted EPS to arrive at reported EPS. This reduction is attributable to M&A and additional nonpurchase accounting items related to Access Technologies, along with the loss on the divestiture of our Milre business in South Korea. After giving effect to these items, you arrive at third quarter 2022 reported earnings per share of $1.30.

最後，我們從調整後的每股收益減少了 0.34 美元，以得出報告的每股收益。這一減少歸因於與 Access Technologies 相關的併購和額外的非採購會計項目，以及剝離我們在韓國的 Milre 業務的損失。實施這些項目後，您將得出 2022 年第三季度報告的每股收益 1.30 美元。

Please go to Slide #8. 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.

請轉到幻燈片#8。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。

As indicated, we experienced a robust 18.6% organic revenue growth in the third quarter, driven by both price and volume. Strength in the Allegion Americas, both nonresidential and residential led to volume growth. Net acquisition and divestitures delivered 12.4% growth driven by Access Technologies. Currency pressures continue to be a significant headwind, primarily impacting our International segment, bringing the total reported growth to 27.4% in the quarter.

如前所述，在價格和數量的推動下，我們在第三季度實現了 18.6% 的強勁有機收入增長。 Allegion Americas（非住宅和住宅）的實力導致銷量增長。在 Access Technologies 的推動下，淨收購和資產剝離實現了 12.4% 的增長。貨幣壓力仍然是一個重大逆風，主要影響我們的國際部門，使本季度報告的總增長達到 27.4%。

Please go to Slide #9. Third quarter revenues for the Americas segment was $747.2 million, up 42.5% on a reported basis and up 25.8% organically. The segment delivered significant price realization in both our nonresidential and residential businesses as we remain committed to addressing inflation. Aided by substantial price and strong volume, nonresidential grew approximately 30% in the quarter. Residential was up mid-teens, also driven by both price and volume. A portion of our growth was fueled by backlog reductions as the actions our team undertook helped us improve component availability and shipments in the quarter.

請轉到幻燈片#9。美洲部門第三季度收入為 7.472 億美元，按報告基礎增長 42.5%，有機增長 25.8%。由於我們仍然致力於解決通貨膨脹問題，該部門在我們的非住宅和住宅業務中實現了顯著的價格實現。得益於可觀的價格和強勁的銷量，非住宅在本季度增長了約 30%。住宅價格上漲了十幾歲，也受到價格和數量的推動。我們的部分增長是由積壓減少推動的，因為我們團隊採取的行動幫助我們提高了本季度的組件可用性和出貨量。

Electronics revenue was up approximately 30% and was a significant improvement from the growth rates experienced in the past few quarters. This was supported by continued strength in demand and the timing of component availability. While it is important to note that electronic component supply chains remain choppy, our reengineering and alternate supply efforts are providing improved flexibilities to our supply capabilities.

電子產品收入增長了約 30%，與過去幾個季度的增長率相比有了顯著改善。這得到了需求持續強勁和組件供應時間的支持。雖然重要的是要注意電子元件供應鏈仍然不穩定，但我們的再造和替代供應努力正在為我們的供應能力提供更高的靈活性。

Access Technologies contributed mid-teens percent to the Americas reported number -- reported growth numbers. Americas adjusted operating margins and adjusted EBITDA margins for the quarter were up 50 basis points and 80 basis points, respectively. This includes Access Technologies, which we previously stated would be dilutive to margins. Excluding Access Technologies, the business drove a 300 basis point improvement in operating margins versus the prior year. Volume leverage contributed to the margin increase and for the quarter, price, productivity, inflation dynamic was positive both on dollars and margins.

Access Technologies 為美洲報告的數字（報告的增長數字）貢獻了 10% 左右。本季度美洲調整後的營業利潤率和調整後的 EBITDA 利潤率分別上升了 50 個基點和 80 個基點。這包括 Access Technologies，我們之前曾說過這會稀釋利潤率。不包括 Access Technologies，該業務的營業利潤率與上一年相比提高了 300 個基點。交易量槓桿促進了利潤率的增長，並且在本季度，價格、生產力、通貨膨脹動態對美元和利潤率都是積極的。

Please go to Slide #10. Third quarter revenue for our Allegion International segment was $166.5 million, down 13.6% on a reported basis and down 0.8% organically. In the quarter, strong price realization mostly offset lower volumes. Lower volumes are attributable to end market softening. However, demand for our electronics and software solutions remain stable. Currency headwinds persisted this quarter and reduced reported revenue by 12.8%.

請轉至幻燈片 #10。我們的 Allegion 國際部門第三季度收入為 1.665 億美元，按報告基礎下降 13.6%，有機下降 0.8%。在本季度，強勁的價格實現主要抵消了銷量下降。銷量下降歸因於終端市場疲軟。然而，對我們的電子和軟件解決方案的需求保持穩定。本季度貨幣逆風持續存在，使報告的收入減少了 12.8%。

Third quarter International adjusted -- third quarter international adjusted operating margins decreased 180 basis points compared to last year, and adjusted EBITDA margins were down 160 basis points. The margin decline was driven by reduced volume and FX pressures, which more than offset favorable impacts of the combined -- combination of price, productivity and inflation.

第三季度國際調整後——第三季度國際調整後的營業利潤率與去年相比下降了 180 個基點，調整後的 EBITDA 利潤率下降了 160 個基點。利潤率下降是由交易量減少和外匯壓力推動的，這抵消了價格、生產力和通貨膨脹的綜合影響。

Please go to Slide #11. Year-to-date available cash flow is $225.6 million, which is a decrease of more than $102 million compared to the prior year period. This year's available cash flow continues to be in line with pre-pandemic levels.

請轉到幻燈片 #11。年初至今可用現金流為 2.256 億美元，與去年同期相比減少了 1.02 億美元以上。今年的可用現金流繼續與大流行前的水平一致。

We continue to operate with a strong debt structure, with 80% of our debt having fixed interest rates. We currently have $199 million outstanding on our revolving borrowings. And during the third quarter, we repaid approximately $140 million from the initial draw used to help fund the acquisition of Access Technologies.

我們繼續以強大的債務結構運營，我們 80% 的債務具有固定利率。我們目前有 1.99 億美元的循環借款未償還。在第三季度，我們從用於幫助資助收購 Access Technologies 的初始提取中償還了大約 1.4 億美元。

We have a strong leverage profile, with our net debt-to-EBITDA ratio at 2.9x at the end of the quarter. We still plan to use the excess cash generated during the remainder of the year to pay down the revolver. This would be after paying expected dividends, which are subject to Board approval, and other debt payments.

我們的槓桿率很高，本季度末我們的淨債務與 EBITDA 比率為 2.9 倍。我們仍計劃使用今年剩餘時間產生的多餘現金來償還左輪手槍。這將是在支付預期股息（須經董事會批准）和其他債務支付之後。

The 2022 full year available cash flow outlook is unchanged from our prior outlook, remaining at a range of $420 million to $440 million.

2022 年全年可用現金流展望與我們之前的展望沒有變化，仍保持在 4.2 億美元至 4.4 億美元之間。

I will now hand it back to John for an update on our full year 2022 outlook.

我現在將把它交還給約翰，以了解我們 2022 年全年展望的最新情況。

Thanks, Mike. So please go to Slide 12 and looking at our full year 2022 outlook. To to reiterate a few things said earlier in the call, we see nonresidential market demand in the Americas as remaining strong. Leading indicators remain favorable. Further, while demand for electronics products remain strong, residential markets in the Americas are indeed softening. As you've heard, the Allegion team has made significant progress on supply chain challenges. Our electronics growth was strong this quarter, and we continue to navigate the choppiness of component supply. Long term, we expect electronics adoption to remain a growth driver for Allegion.

謝謝，邁克。因此，請轉到幻燈片 12 並查看我們的 2022 年全年展望。為了重申電話會議早些時候所說的幾件事，我們認為美洲的非住宅市場需求仍然強勁。領先指標仍然有利。此外，雖然對電子產品的需求依然強勁，但美洲的住宅市場確實在走軟。如您所知，Allegion 團隊在應對供應鏈挑戰方面取得了重大進展。本季度我們的電子產品增長強勁，我們繼續應對零部件供應的波動。從長遠來看，我們預計電子產品的採用仍將是 Allegion 的增長動力。

Given this backdrop, we're raising the outlook for Americas and are now projecting total growth to be between 22.5% and 23.5%, with organic revenue to be up 13.5% to 14.5% for the year.

在這種背景下，我們提高了美洲的前景，現在預計全年總增長將在 22.5% 至 23.5% 之間，有機收入將增長 13.5% 至 14.5%。

Allegion International experienced another quarter of solid price realization and stable demand for our electronics and software solutions. However, we see the broader markets continue to soften, driven by macroeconomic and geopolitical factors and currency pressures are anticipated to remain. For the Allegion International segment, we're revising our outlook for total revenue to be down 10.5% to 11.5%, with approximately flat organic growth.

Allegion International 的電子和軟件解決方案再次實現了穩定的價格實現和穩定的需求。然而，在宏觀經濟和地緣政治因素的推動下，我們看到大盤繼續走軟，預計貨幣壓力將持續存在。對於 Allegion 國際部門，我們將總收入的預期下調 10.5% 至 11.5%，有機增長大致持平。

All in, for total Allegion, we expect revenue growth to be in the 13% to 14% range, with organic revenues increasing 9.5% to 10.5%.

總而言之，對於整個 Allegion，我們預計收入增長將在 13% 至 14% 的範圍內，有機收入將增長 9.5% 至 10.5%。

Please go to Slide 13. We are expecting reported EPS to come in at a range of $4.90 to $5 per share, and adjusted EPS to be between $5.40 to $5.50. The adjusted EPS increase from the prior outlook is driven by lower Access Technologies and tangible amortization, the revised amortization takes the outlook for the acquisition impact to negative $0.05 per share versus negative $0.10 per share we communicated last quarter.

請轉到幻燈片 13。我們預計報告的每股收益將在 4.90 美元至 5 美元之間，調整後的每股收益將在 5.40 美元至 5.50 美元之間。與先前展望相比調整後的每股收益增加是由較低的 Access Technologies 和有形攤銷推動的，修訂後的攤銷使收購影響的前景為每股負 0.05 美元，而我們上個季度傳達的為負每股 0.10 美元。

Our updated outlook assumes incremental investments of approximately $0.17 per share, and, as a reminder, the incremental investment spend is predominantly related to R&D and technology investments to further accelerate our growth and support our seamless access strategy.

我們更新後的展望假設增量投資約為每股 0.17 美元，並且提醒一下，增量投資支出主要與研發和技術投資相關，以進一步加速我們的增長並支持我們的無縫訪問戰略。

The $0.20 per share increase in reported to non-GAAP adjustments from the previous outlook is driven by the loss on the Milre divestiture and noncash purchase accounting adjustments, which were primarily recorded in this quarter.

與之前的展望相比，報告的非公認會計原則調整每股增加 0.20 美元，這是由主要在本季度記錄的 Milre 資產剝離和非現金購買會計調整的損失推動的。

Please go to Slide 14, and let's wrap this up. Here's the main themes I hope you heard today. Allegion had a very strong third quarter. Our operational performance was exceptional. The entire Allegion team deserves a lot of credit for this. The Access Technologies acquisition is off to a great start and performing as expected. We're excited to have this business and the people as a part of the Allegion family and to have automated entrance solutions in our portfolio. We've made significant progress on supply chain challenges, although choppiness in electronics components persist. Americas nonresidential demand is still strong, leading indicators are still positive, and we continue to see strength in demand for our global electronics products.

請轉到第 14 張幻燈片，讓我們總結一下。這是我希望你今天聽到的主要主題。 Allegion 第三季度表現非常強勁。我們的運營表現非常出色。整個 Allegion 團隊在這方面都值得稱讚。對 Access Technologies 的收購有了一個良好的開端，並且表現符合預期。我們很高興能將這項業務和員工加入 Allegion 大家庭，並在我們的產品組合中擁有自動化入口解決方案。我們在供應鏈挑戰方面取得了重大進展，儘管電子元件的波動仍然存在。美洲非住宅需求仍然強勁，領先指標仍然積極，我們繼續看到對我們全球電子產品的需求強勁。

To reiterate, we see electronics adoption as a long-term growth driver for Allegion. I'm very proud of the dedication and resiliency of our entire team and the results we've delivered this quarter.

重申一下，我們將電子產品的採用視為 Allegion 的長期增長動力。我為我們整個團隊的奉獻精神和韌性以及本季度取得的成果感到非常自豪。

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

有了這個，邁克和我很樂意回答你的問題。

(Operator Instructions) The first question comes from Josh Pokrzywinski with Morgan Stanley.

（操作員說明）第一個問題來自摩根士丹利的 Josh Pokrzywinski。

Just wanted to get a little bit on this kind of non-resi backlog phenomenon. It's not really a metric you guys talked about as much, but with the growth in the quarter, clearly, supply chain improving, everybody get some product out the door. Can you maybe contextualize how much of the excess backlog you worked off? And how should we think about maybe kind of a normalized margin because I would imagine the mix on that influences things a lot once we get past that backlog period?

只是想了解一下這種非 resi 積壓現象。這不是你們談論的真正指標，但隨著本季度的增長，顯然，供應鏈的改善，每個人都會得到一些產品。您能否具體說明您處理了多少多餘的積壓工作？我們應該如何考慮可能的標準化保證金，因為我會想像一旦我們超過了積壓期，這對事情的影響很大？

Yes, Josh. As you know, we had built backlog starting the end of last year and most of that driven by some supply chain as well as really strong demand. As you look at the third quarter, we have better component availability, as we talked about on the call, that helped drive more revenue in the Americas non-res at 30%, and not all of that, obviously, is demand. So we did reduce backlog levels. We don't disclose the exact amounts, but we did have a very strong volume growth, which we provided and that's driven by both demand being strong as well as backlog reductions.

是的，喬什。如您所知，我們從去年年底開始積壓，其中大部分是由一些供應鏈以及非常強勁的需求驅動的。當您查看第三季度時，正如我們在電話會議上談到的那樣，我們擁有更好的組件可用性，這有助於將美洲非資源的收入提高到 30%，而顯然，並非所有這些都是需求。所以我們確實減少了積壓水平。我們沒有透露確切的數量，但我們確實有非常強勁的銷量增長，這是我們提供的，這是由於需求強勁以及積壓減少所致。

With respect to margins, the key thing about margins for us is we're driving that price realization to offset the inflationary pressures that we've been seeing. This quarter, we finally turned the corner on the margin percent. Last quarter, it was offsetting on dollars. So we've made significant progress here as we progressed over the last few quarters on that element. So it's those key items, I think, that have led to the margin expansion you saw.

關於利潤率，對我們來說，利潤率的關鍵是我們正在推動價格實現以抵消我們一直看到的通脹壓力。本季度，我們終於在利潤率百分比上扭轉了局面。上個季度，它抵消了美元。因此，隨著過去幾個季度在該要素上取得進展，我們在這方面取得了重大進展。所以我認為，正是這些關鍵項目導致了你看到的利潤率擴張。

Josh, this is John. I would just add one thing that probably every manufacturer has dealt with. When we talk about choppiness in the supply chain, without a doubt, that injects this or the other inefficiency into the factory. So that's -- there's been some cost inefficiencies over time that we've been working through. And certainly, that's on the way towards improvement as well. But just one other nuance there to your question, but that's a good one. Thank you.

喬希，這是約翰。我只想補充一件可能每個製造商都處理過的事情。當我們談論供應鏈中的不穩定時，毫無疑問，這會給工廠帶來這種或其他的低效率。因此，隨著時間的推移，我們一直在努力解決一些成本效率低下的問題。當然，這也在改進的路上。但是，您的問題還有另一個細微差別，但這是一個很好的問題。謝謝你。

Got it. And then just a quick follow-up on the pricing dynamic. I know you guys and the industry in general honors existing quotes out there. So price kind of layers in over time. What inning are we in, in terms of being caught up on price versus having these outstanding older price quotes?

知道了。然後只是對定價動態的快速跟進。我知道你們和整個行業都尊重現有的報價。因此，隨著時間的推移，價格類型的層。就價格而言，我們處於什麼階段，而不是擁有這些出色的舊價格報價？

Yes. We've been raising price pretty consistently over the last year as we've had such challenges in the inflationary environment. I would say the dynamic of price, productivity and inflation will be positive moving forward. So I wouldn't expect a situation where we turn the other way. We've had the dynamic positive and expected to be positive moving forward.

是的。去年我們一直在相當一致地提高價格，因為我們在通脹環境中遇到了這樣的挑戰。我想說價格、生產力和通貨膨脹的動態將是積極的。所以我不希望出現我們反過來的情況。我們有動態的積極性，並有望積極向前發展。

The next question is from Julian Mitchell with Barclays.

下一個問題來自巴克萊銀行的 Julian Mitchell。

This is Kiran Patel-O'Connor on for Julian Mitchell. So I just wanted to ask on residential. So it looks like residential growth in the Americas inflected positively. And I just wanted to get a sense of, is this more of a function of supply chains easing versus underlying demand? And to what extent do you see this growth as sustainable going forward, given what we're seeing in the housing market?

這是 Julian Mitchell 的 Kiran Patel-O'Connor。所以我只想問住宅。因此，看起來美洲的住宅增長出現了積極影響。我只是想了解一下，這是否更像是供應鏈放鬆而不是潛在需求的一種功能？鑑於我們在房地產市場上看到的情況，您認為這種增長在多大程度上是可持續的？

Yes. Thanks for the question. This is John. I would say, going back to our comments, certainly, the Americas residential market is softening. We're reading the same headlines that you are. Higher mortgage rates is certainly going to have an impact there. I would say our performance in the quarter is, without a doubt, due to strong demand for our products. We have good products. People like them. We get good reviews. Our electronics growth you saw was very strong, which is quite prevalent in the residential sector. But yes, the broader market is softening without a doubt. I think electronics remains a tailwind for us. And yes, so what more to say there. I think that's it. Yes, broader markets softening a little bit. Electronics is favorable. That's a tailwind. And yes, so we're still chugging along.

是的。謝謝你的問題。這是約翰。我想說，回到我們的評論，當然，美國住宅市場正在走軟。我們正在閱讀與您相同的頭條新聞。更高的抵押貸款利率肯定會在那裡產生影響。我想說，毫無疑問，我們在本季度的表現是由於對我們產品的強勁需求。我們有好的產品。人們喜歡他們。我們得到很好的評價。您看到的我們的電子產品增長非常強勁，這在住宅領域非常普遍。但是，是的，毫無疑問，大盤正在走軟。我認為電子產品對我們來說仍然是順風。是的，所以還有什麼要說的。我想就是這樣。是的，大盤略有走軟。電子產品是有利的。那是順風。是的，所以我們仍在努力。

That's helpful. And then my follow-up is just kind of what you're seeing in the channel? Based on our results today, it doesn't seem as if you're seeing any signs of destocking, which we're seeing in some other industrial markets. So can you give us a color of what you're seeing in channel from an inventories perspective, and what underlying demand is looking like relative to that?

這很有幫助。然後我的跟進就是你在頻道中看到的那種？根據我們今天的結果，您似乎沒有看到任何去庫存的跡象，我們在其他一些工業市場也看到了這種跡象。那麼，您能否從庫存的角度告訴我們您在渠道中看到的情況，以及與此相關的潛在需求是什麼樣的？

Yes, you bet, very, very relevant question. Thanks for that. I'd say we'd liken it to more normal levels. I wouldn't necessarily say destocking, restocking, just more normal point-of-sale pull-through based on retail demand. And I think that's the environment we're getting back to as lead times normalize to more of what the industry is used to. Retail demand pull-through is what's going to drive the stocking levels.

是的，你打賭，非常非常相關的問題。感謝那。我會說我們會把它比作更正常的水平。我不一定會說去庫存，補充庫存，只是基於零售需求的更正常的銷售點拉動。我認為這就是我們正在回到的環境，因為交貨時間正常化到更多的行業習慣。零售需求拉動將推動庫存水平。

The next question is from Ryan Merkel with William Blair.

下一個問題來自 Ryan Merkel 和 William Blair。

My first question is on 4Q. It looks like guidance implies a little bit of a cut there. Can you unpack any changes you made versus prior expectations?

我的第一個問題是關於 4Q。看起來指導意味著那裡有一點削減。你能解開你所做的任何改變與之前的期望相比嗎？

Yes. Ryan, if you look at Allegion, we always guide for the full year. In July, we put a guide out there. And essentially, we reiterated the guide this quarter for the full year because we're a full year guiding company. With respect to Q4, you can back into some math, see strength in the Americas, right? Americas' top line guide implied in the high teens. We are seeing, obviously, some weakness in that guide internationally, right, which we called out.

是的。 Ryan，如果您查看 Allegion，我們將始終為您提供全年指導。 7 月，我們在那裡發布了一份指南。本質上，我們在本季度重申了全年指南，因為我們是一家全年指導公司。關於第四季度，你可以回到一些數學，看看美洲的實力，對吧？美洲的頂級指南隱含在青少年中。顯然，我們在國際上看到了該指南的一些弱點，對，我們指出了這一點。

So overall, our business is seeing strength in Americas led by, obviously, non-res, which we talked about, and seeing some softening internationally. Full year, in line with what we said in July. So I don't think there's major changes from what we told you previously, but you do have some mix between the 2 regions.

所以總的來說，我們的業務在美洲看到了實力，顯然，我們談到了非資源，並且在國際上看到了一些軟化。全年，與我們在 7 月所說的一致。所以我認為我們之前告訴你的內容沒有重大變化，但你確實在這兩個地區之間有一些混合。

Got it. That's helpful. And then, for my follow-up, you mentioned progress on supply chain, but still some choppiness. Where are there still issues? And when do you expect to fully catch up?

知道了。這很有幫助。然後，在我的後續行動中，您提到了供應鏈方面的進展，但仍然有些不穩定。哪裡還有問題？你預計什麼時候能完全趕上？

Yes, that's the question of the year, I think, on fully catch up. But I would think of it like this. If 3 or 4 quarters ago, we had like 50 suppliers on the severely delinquent list, today that would be 7 or 8, just to kind of quantify it for you. I think the choppiness still exists primarily in semiconductors, microprocessors.

是的，我認為這是今年的問題，完全趕上。但我會這樣想。如果 3 或 4 個季度前，我們有 50 家供應商在嚴重拖欠名單上，今天將是 7 或 8 家，只是為了給你量化一下。我認為波動仍然主要存在於半導體、微處理器中。

Now the redesign work that Allegion did is obviously having benefits. We're seeing strong electronics growth. Some of those suppliers are performing quite well. Some are still having a lot of issues. And it comes up both in terms of quantity that we need to fully meet retail demand, but then also, linearity that we need to really have a productive manufacturing operation.

現在，Allegion 所做的重新設計工作顯然是有好處的。我們看到強勁的電子產品增長。其中一些供應商的表現相當不錯。有些仍然有很多問題。它既體現在我們完全滿足零售需求所需的數量方面，也體現在我們真正擁有生產性製造業務所需的線性度方面。

So that's kind of if we double-click into what we mean by choppiness, I'd say this is definitely continuing on into 2023. But we're making progress, and we feel good about the progress we've made. We feel good about the improving flexibility and resiliency of our supply base. And I think the improvement trend will continue.

所以這就是如果我們雙擊我們所說的波濤洶湧的意思，我會說這肯定會持續到 2023 年。但我們正在取得進展，我們對我們取得的進展感到滿意。我們對提高供應基地的靈活性和彈性感到滿意。而且我認為改善趨勢將繼續下去。

Next question comes from Brett Linzey with Mizuho America.

下一個問題來自瑞穗美國的布雷特林澤。

Congrats on a great quarter. Just back to the pricing and productivity and specifically within the Americas business, it did step up nicely from what, $6 million in Q2 to $24 million here in the third quarter. Should we see that continue to move higher into Q4? And then given the wrap around price you should be able to get next year -- I mean, should we think of $25 million in Q1 and Q2 of next year at a minimum?

祝賀一個偉大的季度。回到定價和生產力，特別是在美洲業務中，它確實從第二季度的 600 萬美元增加到第三季度的 2400 萬美元。我們是否應該看到第四季度繼續走高？然後考慮到明年你應該能夠獲得的總價——我的意思是，我們是否應該考慮在明年第一季度和第二季度至少達到 2500 萬美元？

Yes. Brett, with respect to next year, we'll give an outlook when we come back in Feb. I'm certainly not on the third quarter call going to get that specific of price, productivity, inflation. However, in general, think of this dynamic as progressively improving to this point, right? We were weaker last year, negative, got back to positive this quarter on a substantial way. Obviously, volume drives more ability to get that price because you have more revenue. But, in general, we're going to fight that inflation and have that dynamic positive moving forward.

是的。布雷特，關於明年，我們將在 2 月回來時給出展望。我當然不會在第三季度電話會議上獲得具體的價格、生產力和通貨膨脹。然而，總的來說，認為這種動態正在逐漸改善到這一點，對吧？去年我們表現較弱，消極，本季度大幅恢復積極。顯然，因為你有更多的收入，所以銷量推動了獲得這個價格的能力。但是，總的來說，我們將與通脹作鬥爭，並保持積極向上的勢頭。

Got it. And then just back to the backlog question. So you're obviously working here to uncork that specifically on the electronic side. As these supplier additions are ramping here, should we think of the electronics growth normalizing back to that double-digit plus level that Allegion has really observed pretty consistently for several years before the pandemic, so going forward, kind of double digit in that territory?

知道了。然後回到積壓問題。因此，您顯然正在這里工作，特別是在電子方面打開軟木塞。隨著這些供應商的增加在這裡增加，我們是否應該考慮電子產品的增長正常化回到大流行前幾年 Allegion 真正持續觀察到的兩位數以上的水平，所以展望未來，在那個領域是兩位數？

Yes, especially long term, this is a great growth driver for us, and that be a double-digit growth business for us as you think about the long term. We talked about choppiness, right? But long-term, this is a double-digit growth opportunity for us.

是的，特別是從長遠來看，這對我們來說是一個巨大的增長動力，從長遠來看，這對我們來說是一個兩位數的增長業務。我們談到了波濤洶湧，對吧？但從長遠來看，這對我們來說是一個兩位數的增長機會。

And just a quick follow-up. So do you think you have enough availability to kind of sustain that into Q4 here?

只是一個快速的跟進。那麼你認為你有足夠的可用性來維持到第四季度嗎？

Yes, I'm not going to guide a specific quarter, but as you looked at our results for the Americas in particular, we have a pretty healthy top line guide in Q4. So you can draw your conclusions to that particular item, but we still see strength in Q4, as indicated in our guide.

是的，我不會指導特定季度，但是當您特別查看我們在美洲的業績時，我們在第四季度有一個非常健康的頂級指南。因此，您可以對該特定項目得出結論，但正如我們的指南中所示，我們仍然看到第四季度的實力。

The next question is from Joe O'Dea with Wells Fargo.

下一個問題來自富國銀行的 Joe O'Dea。

I wanted to start on the operational and FX piece of the guide. And if you could just sort of bridge from prior guide to revised guide, I mean the numbers didn't change, but what some of the moving parts are. And given the strength we saw in the third quarter, would have expected to see that, that could have moved up, but if you could just talk kind of the Americas piece, the international piece, the FX piece in terms of what moved from last guide to this one?

我想從指南的操作和 FX 部分開始。如果你可以從以前的指南到修訂指南的某種橋樑，我的意思是數字沒有改變，但一些活動部分是什麼。考慮到我們在第三季度看到的實力，預計會看到這一點，這可能會上升，但如果你能談談美洲部分、國際部分、外匯部分，就從上一季度的變化來看這個指南？

Yes. So, Joe, if you think about FX, we actually took down our guidance in July when we reported our Q2 results for currency. So a good chunk of the currency pressure you've seen with the dollar strengthening, we anticipated and put in that guidance that we put out in July. Currency rates have gotten a little worse since that period of time, but a good chunk of the FX pressure we called out previously. And then with respect to operations, we're right on line with what we said in July for the year. Obviously, like I mentioned earlier, a little more strength in Americas, as we took up the revenue outlook there, and a little more pressure from the markets internationally.

是的。所以，喬，如果你考慮外匯，我們實際上在 7 月份報告了第二季度貨幣結果時取消了我們的指導。因此，隨著美元走強，你所看到的貨幣壓力很大一部分是我們預期並提出了我們在 7 月份發布的指導意見。自那段時間以來，貨幣匯率有所惡化，但我們之前提到的很大一部分外匯壓力。然後在運營方面，我們與今年 7 月所說的一致。顯然，就像我之前提到的那樣，隨著我們在那裡討論收入前景，美洲的實力更強，國際市場的壓力更大。

Okay. And then I wanted to ask on the Americas margin, excluding Access Tech. Clearly, some nice progress that we saw sequentially. But when we go back to where kind of pre-pandemic margins were, there still appears to be some good opportunity there. So again, kind of bridging to that, I mean, what are the keys to sort of get back to those kinds of margins? Pretty good volume this quarter. I'm not sure sort of mix side of things. If still from a price, productivity, inflation, there's room to go and you have visibility into that, is kind of a timeline to getting back to where your margins were?

好的。然後我想問一下美洲的利潤，不包括 Access Tech。顯然，我們依次看到了一些不錯的進展。但是，當我們回到大流行前的利潤率時，那裡似乎仍然存在一些好機會。再說一次，我的意思是，回到那種邊緣的關鍵是什麼？本季度銷量不錯。我不確定事情的混合方面。如果仍然從價格、生產力、通貨膨脹來看，還有空間，而且你可以看到這一點，是不是回到你的利潤水平的時間表？

Yes. If you think about the margin profile in Americas, the strong contribution margin those businesses have, as we grow, we should get margin expansion. We've done a much better job this year driving the price realization to offset the inflation. We've been talking about this all year on these calls. We expect that to continue. So we think that there's margin runway for the Americas, and we'll continue to drive that pricing to offset inflation, with an understanding that this has been the most significant inflationary environment I've ever personally experienced, and we're going to have to just combat that with the pricing actions.

是的。如果您考慮美洲的利潤率狀況，這些業務具有的強勁邊際貢獻率，隨著我們的發展，我們應該會擴大利潤率。今年我們在推動價格實現以抵消通貨膨脹方面做得更好。在這些電話會議上，我們一整年都在討論這個問題。我們預計這種情況會繼續下去。因此，我們認為美洲有利潤空間，我們將繼續推動定價以抵消通脹，並理解這是我個人經歷過的最嚴重的通脹環境，我們將擁有只是通過定價行動來解決這個問題。

And, Joe, this is John. I'd add that, again, there's an electronics angle to this as well. Electrified and connected products are delivering substantially higher value to the end customer, which then should also be not just organic growth on the top line, but also a margin expansion opportunity, too, as electronics adoption continues. So that's an element as well that we're really keen to continue to grow and deliver more value to the customer.

而且，喬，這是約翰。我要再次補充一點，這也有一個電子角度。電氣化和互聯產品正在為最終客戶帶來更高的價值，隨著電子產品的繼續採用，這不僅應該是收入的有機增長，而且還應該是一個利潤率擴張的機會。因此，這也是我們非常渴望繼續發展並為客戶提供更多價值的要素。

Just related to that, do you think you're capturing that value proposition today? Or do you think there are opportunities to sort of better capture that margin opportunity on the electronics side?

與此相關的是，您認為您今天是否抓住了這個價值主張？還是您認為有機會更好地抓住電子產品方面的利潤機會？

I think both. I think we're doing very well today. And I think there's continued opportunity. That's a tailwind for Allegion.

我認為兩者兼而有之。我認為我們今天做得很好。我認為還有持續的機會。這對 Allegion 來說是順風。

The next question is from David MacGregor with Longbow Research.

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

This is Joe Nolan on for David MacGregor. First, I just wanted to ask, within the Americas Group, can you talk about volume versus price trends for both the non-res and residential businesses?

這是大衛麥格雷戈的喬諾蘭。首先，我只是想問一下，在美洲集團內部，您能談談非資源和住宅業務的數量與價格趨勢嗎？

Yes. Historically, we don't disclose those individual components. What we did share for the quarter was they were both up on pricing and volume, for each segment. But the individual numbers, historically, we have not and don't anticipate disclosing that level of detail.

是的。從歷史上看，我們不會披露這些單獨的組件。我們在本季度所做的分享是，每個細分市場的價格和銷量都上升了。但是，從歷史上看，我們沒有也不預期會披露這些詳細程度的個別數字。

Okay. Got it. And then just on the Access Technologies business, I realize it's still early from an integration standpoint. But can you just give any update about how that's going in terms of the integration?

好的。知道了。然後就訪問技術業務而言，我意識到從集成的角度來看還為時過早。但是，您能否就集成方面的進展提供任何更新？

Yes. I appreciate that question. I think, as we said in the prepared comments, off to a great start. Our teams are jelling very well. There's this or the other small project win here and there. So -- and I think the early work on some of the heavy lift in terms of systems and things like this will continue for the next many months. But off to a very good start. Cultural fit is very good. Strategic fit is very good. The automatic doors is an excellent complementary portfolio to the rest of Allegion. And just really excited for that team and really excited for the services business that comes along with that. And we're quite bullish on the future there.

是的。我很欣賞這個問題。正如我們在準備好的評論中所說，我認為這是一個良好的開端。我們的團隊打得很好。到處都有這個或其他小項目的勝利。所以——我認為在系統和類似事情方面的一些繁重工作的早期工作將在接下來的幾個月中繼續進行。但有了一個非常好的開始。文化契合度非常好。戰略契合度非常好。自動門是 Allegion 其他產品的絕佳補充產品組合。真的為那個團隊感到興奮，也為隨之而來的服務業務感到興奮。我們非常看好那裡的未來。

Next question is from Brian Ruttenbur with Imperial Capital.

下一個問題來自 Imperial Capital 的 Brian Ruttenbur。

Can we talk a little bit about the competitive landscape right now, what you're seeing given the ASSA ABLOY, HII spectrum? Transaction appears to be at least held up some with the DOJ. Can you talk about the opportunity that you see out there with Allegion in the competitive environment? Are you gaining market share or losing market share because of this transaction, or it doesn't impact you at all?

我們可以談談現在的競爭格局嗎？鑑於 ASSA ABLOY、HII 頻譜，您看到了什麼？與司法部的交易似乎至少被擱置了一些。您能談談您在競爭環境中看到的與 Allegion 合作的機會嗎？您是因為這筆交易而獲得市場份額還是失去市場份額，或者它根本不會影響您？

Yes. It's certainly not appropriate for us to comment on that particular situation. I would say we feel good about our product portfolio, about our brands, about our competitive position in the market. I think our third quarter results reflect that, that as we made the supply chain improvements we've continued to talk about, we generate good results. We've been saying for several quarters now, we were supply constrained versus demand constrained, and I think that continued to prove itself out. And so, yes, we'll continue to compete vigorously in the segments where we compete. And I think Allegion's best days are still ahead.

是的。我們當然不適合對這種特殊情況發表評論。我想說我們對我們的產品組合、我們的品牌、我們在市場上的競爭地位感覺良好。我認為我們的第三季度業績反映了這一點，隨著我們不斷談論的供應鏈改進，我們產生了良好的結果。幾個季度以來，我們一直在說，我們的供應受限與需求受限，我認為這繼續證明自己。因此，是的，我們將繼續在我們競爭的細分市場中激烈競爭。我認為 Allegion 最好的日子還在後面。

Okay. As a follow-up, I'll go in a different direction, then. Can we talk about -- you addressed it a little bit, but price increases going forward, are you starting to see a pushback on the nonresidential market yet in the Americas on price increases and that kind of tells you when you're done. And I just want to get kind of an indication from you what you see in terms of price indication -- price increases going forward if you feel like you can push more through, or you feel like that you're at the top end of that market?

好的。作為後續，我將朝著不同的方向前進。我們可以談談 - 你稍微解決了這個問題，但是未來價格上漲，你是否開始看到非住宅市場對價格上漲的阻力，而在美洲，價格上漲會告訴你什麼時候完成。我只是想從你那裡得到一種關於價格指示的暗示——如果你覺得你可以推動更多，或者你覺得你處於最高端，那麼價格就會上漲市場？

Yes. We put a number of increases in. I would say it all depends on what the future inflationary environment is. But as we sit here today, we would always communicate future price increases to the channel before an earnings call. But expect us -- if inflation persists, expect us to pass along pricing to mitigate that, but it all depends on the inflationary environment moving forward.

是的。我們增加了一些。我想說這完全取決於未來的通脹環境。但是當我們今天坐在這裡時，我們總是會在財報電話會議之前將未來的價格上漲傳達給渠道。但請期待我們——如果通脹持續存在，預計我們會通過定價來緩解這種情況，但這一切都取決於未來的通脹環境。

This concludes our Q&A session. I would like to turn the conference back over to John Stone for any closing remarks.

我們的問答環節到此結束。我想把會議轉回給約翰·斯通做任何閉幕詞。

Thanks very much, and thanks, everyone, for attending today. I would just like to again reiterate. We feel like we delivered an outstanding performance this quarter, the entire Allegion team and our distribution partners deserve credit for that. Access Technologies, awesome acquisition off to a great start. We are making the supply chain improvements that we've been promising for a while, and you'd see that reflected in our results. And we see continued strength in the Americas nonresidential end markets and global electronics demand. Allegion's best days are still ahead. Thanks very much.

非常感謝，也感謝大家今天的出席。我只想再次重申。我們覺得我們本季度的表現非常出色，整個 Allegion 團隊和我們的分銷合作夥伴都值得稱讚。 Access Technologies，令人敬畏的收購有了一個良好的開端。我們正在改進供應鏈，這是我們一直承諾的，您會在我們的結果中看到這一點。我們看到美洲非住宅終端市場和全球電子產品需求持續強勁。 Allegion 最好的日子還在後面。非常感謝。

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

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。