安朗杰 (ALLE) 2023 Q1 法說會逐字稿

Good morning, and welcome to the Allegion First Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Tom Martineau, Vice President of Investor Relations and Treasurer. Please go ahead.

早上好，歡迎來到 Allegion 2023 年第一季度財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在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, Andrew. Good morning, everyone. Thank you for joining us for Allegion's First Quarter 2023 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，安德魯。大家，早安。感謝您參加我們的 Allegion 2023 年第一季度財報電話會議。今天和我在一起的是總裁兼首席執行官約翰斯通； 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和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 上獲取。此通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，並且是根據聯邦證券法的安全港條款作出的。請參閱我們最近提交給美國證券交易委員會的文件，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的描述。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 GAAP 財務措施。有關詳細信息，請參閱我們新聞稿中財務表中的調節表。

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

請轉到幻燈片 4，我會將電話轉給約翰。

Thanks, Tom. Good morning, everyone. Thanks for joining us today. Allegion delivered another quarter of outstanding operational performance. We reported revenue roughly 27% up and adjusted EPS growth of nearly 40%.

謝謝，湯姆。大家，早安。感謝您今天加入我們。 Allegion 又交付了四分之一的出色運營業績。我們報告收入增長約 27%，調整後每股收益增長近 40%。

Looking at our markets, we see ongoing robust demand in our North America nonresidential business, along with strong demand globally for our electronic solutions. We're seeing improvement in electronics components availability. And although supply is still short of demand, Americas Electronics Solutions grew by more than 30% this quarter.

放眼我們的市場，我們看到北美非住宅業務的持續強勁需求，以及全球對我們電子解決方案的強勁需求。我們看到電子元件可用性的改善。儘管供不應求，但美洲電子解決方案本季度增長了 30% 以上。

Residential markets remain rather soft in the quarter, particularly for the mechanical products and certain international markets also remain soft, particularly our global portable security business, which Mike will address in a few slides.

本季度住宅市場仍然相當疲軟，尤其是機械產品，某些國際市場也保持疲軟，尤其是我們的全球便攜式安全業務，Mike 將在幾張幻燈片中介紹這一點。

We expanded margins substantially, up 290 basis points versus prior year. This now represents the fourth quarter in a row of margin expansion for Allegion as pricing momentum continues and efficiency and productivity are accelerating.

我們大幅擴大了利潤率，比上一年增加了 290 個基點。這是 Allegion 連續第四個季度的利潤增長，因為定價勢頭持續，效率和生產力正在加速。

We remain committed to expanding margins for 2023 and beyond, as you'll hear on our Investor Day next week. We also realized significant improvement in cash flow year-over-year driven by favorable earnings and better operating efficiencies.

我們仍然致力於擴大 2023 年及以後的利潤率，正如您將在下週的投資者日上聽到的那樣。在有利的收益和更好的運營效率的推動下，我們還實現了現金流的同比顯著改善。

We're raising our outlook for the year on revenue, EPS and cash flow given strong Q1 execution, resilient market demand in nonresidential segments, improving electronics availability amid the ongoing industry transformation to electronic smart hardware.

鑑於第一季度的強勁執行、非住宅領域的彈性市場需求、在行業向電子智能硬件的持續轉型中電子產品可用性的提高，我們上調了今年的收入、每股收益和現金流量預期。

Please go to Slide 5. Revenue for the first quarter was $923 million, an increase of 27.6% compared to '22. Organic growth of 15% was driven by favorable volume in the Americas nonresidential business and strong price realization across the portfolio.

請轉到幻燈片 5。第一季度的收入為 9.23 億美元，與 22 年相比增長了 27.6%。美洲非住宅業務的有利銷量和整個投資組合的強勁價格實現推動了 15% 的有機增長。

The Access Technologies acquisition contributed approximately 14% to total growth and currency impacts remained a headwind. Adjusted operating margin and adjusted EBITDA margins in the first quarter increased by 290 basis points and 270 basis points, respectively. The increases were attributable to favorable price and productivity, positive business mix and volume leverage associated with America's nonresidential growth.

收購 Access Technologies 對總增長貢獻了約 14%，貨幣影響仍然是不利因素。第一季度調整後的營業利潤率和調整後的 EBITDA 利潤率分別增長了 290 個基點和 270 個基點。增長歸因於有利的價格和生產率、積極的業務組合以及與美國非住宅增長相關的數量槓桿。

Excluding the acquisition of Access Technologies, adjusted operating income margins were up 380 basis points. Adjusted earnings per share of $1.58 increased $0.45 or approximately 40% versus the prior year. Strong operational performance more than offset the unfavorable impact of anticipated higher interest and tax expense.

不包括對 Access Technologies 的收購，調整後的營業收入利潤率上升了 380 個基點。調整後的每股收益為 1.58 美元，較上年增加 0.45 美元或約 40%。強勁的運營業績足以抵消預期更高的利息和稅收支出的不利影響。

As previously mentioned, available cash flow was $46.7 million in the quarter, up nearly 300% versus the prior year.

如前所述，本季度可用現金流為 4670 萬美元，比上年增長近 300%。

Mike will now walk you through the financial results, and I'll be back to discuss our updated 2023 outlook.

邁克現在將向您介紹財務結果，我將回來討論我們更新的 2023 年展望。

Thanks, John, and good morning, everyone. Thank you for joining today's call. Please go to Slide #6. This slide reflects our earnings per share reconciliation for the first quarter. For the first quarter of 2022, reported earnings per share was $1.05.

謝謝，約翰，大家早上好。感謝您參加今天的電話會議。請轉到幻燈片#6。這張幻燈片反映了我們第一季度的每股收益對賬。 2022 年第一季度，報告的每股收益為 1.05 美元。

After $0.08 of adjustments for the items noted on this slide, 2022 adjusted EPS was $1.13. Operational results were strong in the quarter, adding $0.46 per share, which drove approximately 40% growth. This was driven by double-digit organic revenue growth, favorable operating execution and positive business mix, which more than offset currency headwinds.

在對這張幻燈片上註明的項目進行 0.08 美元的調整後，2022 年調整後的每股收益為 1.13 美元。本季度的經營業績強勁，每股增加 0.46 美元，推動了約 40% 的增長。這是由兩位數的有機收入增長、有利的運營執行和積極的業務組合推動的，這些都抵消了貨幣逆風。

Acquisitions and divestitures delivered $0.13 to earnings -- of earnings per share. This was primarily driven by Access Technologies, which continues to deliver strong results. Interest expense reduced earnings per share by $0.11, driven by increased debt to finance the acquisition of Access Technologies and higher variable interest rates versus Q1 2022.

收購和資產剝離為每股收益帶來了 0.13 美元的收益。這主要是由 Access Technologies 推動的，它繼續提供強勁的業績。利息支出使每股收益減少 0.11 美元，原因是為收購 Access Technologies 融資的債務增加以及與 2022 年第一季度相比更高的可變利率。

A higher year-over-year tax rate reduced earnings by $0.03. This resulted in first quarter 2023 adjusted earnings per share of $1.58, an increase of $0.45 or 39.8% compared to the prior year.

較高的同比稅率使收益減少了 0.03 美元。這導致 2023 年第一季度調整後每股收益為 1.58 美元，比上年增長 0.45 美元或 39.8%。

Lastly, as detailed on the page, we have an $0.18 per share reduction from adjusted EPS to arrive at reported EPS. As we discussed in our last earnings call, this amount now includes an adjustment for all acquisition-related amortization. After giving effect to these items, you arrive at first quarter 2023 reported earnings per share of $1.40.

最後，如本頁所述，我們從調整後的每股收益中每股減少 0.18 美元，以得出報告的每股收益。正如我們在上次財報電話會議上討論的那樣，這一數額現在包括對所有與收購相關的攤銷的調整。使這些項目生效後，您將得出 2023 年第一季度報告的每股收益 1.40 美元。

Please go to Slide #7. This slide depicts our revenue growth for the first quarter. I will talk to the results in total on this slide and address the regions on their respective slides. We delivered 15% organic growth driven by price realization across the portfolio and strong volume growth in the Americas nonresidential business.

請轉到幻燈片#7。這張幻燈片描述了我們第一季度的收入增長。我將在這張幻燈片上全面討論結果，並在各自的幻燈片上介紹這些區域。在整個投資組合的價格實現和美洲非住宅業務的強勁銷量增長的推動下，我們實現了 15% 的有機增長。

Net acquisition and divestitures contributed 14.1% growth driven by Access Technologies. Currency pressures continue to be a headwind, primarily impacting our International segment bringing the total reported growth to 27.6% in the quarter.

在 Access Technologies 的推動下，淨收購和資產剝離貢獻了 14.1% 的增長。貨幣壓力仍然是一個不利因素，主要影響我們的國際業務，使本季度報告的總增長率達到 27.6%。

Please go to Slide #8. First quarter revenue for the Americas segment was $740.9 million, up 42% on a reported basis and up 22.6% organically. During the first quarter, price realization remained strong, offsetting ongoing inflationary pressures.

請轉到幻燈片 #8。美洲分部第一季度收入為 7.409 億美元，按報告基礎增長 42%，有機增長 22.6%。第一季度，價格實現依然強勁，抵消了持續的通脹壓力。

In nonresidential, we continue to see strong end market demand and volume growth, which benefited from the catch-up of improved electronic component supply. When coupled with price, this drove organic growth to approximately 30%.

在非住宅領域，我們繼續看到強勁的終端市場需求和銷量增長，這得益於電子元件供應的改善。加上價格，這將有機增長推至約 30%。

Our residential business was up mid-single digits with favorable price offsetting lower volumes. Residential electronics volume growth was strong, but we continue to see weakness in end markets for mechanical products. Electronics growth exceeded 30% for the quarter as we continue to see both improvements in our supply chain and strong demand. Backlogs for nonresidential electronic solutions remain elevated as we exit Q1, as demand is still limited by supply availability.

我們的住宅業務增長了中個位數，優惠的價格抵消了銷量的下降。家用電子產品銷量增長強勁，但我們繼續看到機械產品終端市場疲軟。由於我們繼續看到供應鏈的改善和強勁的需求，本季度電子產品增長超過 30%。隨著我們結束第一季度，非住宅電子解決方案的積壓仍然很高，因為需求仍然受到供應可用性的限制。

Additionally, we expect residential electronics demand to be more aligned to retail point of sale as we go forward. We are pleased with the ongoing Access Technologies integrations and results. This business had pro forma revenue growth of approximately 15% versus Q1 2022 and contributing nearly 20% to the Americas reported growth number.

此外，我們預計隨著我們的發展，住宅電子產品需求將更加符合零售銷售點。我們對正在進行的 Access Technologies 集成和結果感到滿意。與 2022 年第一季度相比，該業務的預估收入增長了約 15%，對美洲報告的增長數字貢獻了近 20%。

We continue to see the benefits of a stable high-growth service business that Access Technologies provides us and the business is performing as well as we anticipated when we purchased it.

我們繼續看到 Access Technologies 為我們提供的穩定高增長服務業務的好處，並且該業務的表現與我們購買時的預期一樣。

Americas adjusted operating income of $198.1 million increased 59.5% versus the prior year period, while adjusted operating margins and adjusted EBITDA margins for the quarter were up 290 and 260 basis points, respectively.

美洲調整後營業收入為 1.981 億美元，比去年同期增長 59.5%，而本季度調整後營業利潤率和調整後 EBITDA 利潤率分別上升 290 和 260 個基點。

Excluding Access Technologies, the Americas segment drove 500 basis point improvement in operating margins versus the prior year. Pricing productivity in excess of inflation and investments, volume leverage, along with positive mix, contributed to the margin improvement.

不包括 Access Technologies，美洲分部的營業利潤率比上一年提高了 500 個基點。定價生產力超過通貨膨脹和投資、數量槓桿以及積極的組合，有助於提高利潤率。

Please go to Slide #9. First quarter revenue for Allegion International segment was $182.1 million, down 9.7% on a reported basis and down 4.8% organically. In the quarter, solid price realization was more than offset by lower volumes, primarily associated with our Portable Securities business.

請轉到幻燈片#9。 Allegion International 部門第一季度收入為 1.821 億美元，按報告基礎下降 9.7%，有機下降 4.8%。在本季度，穩定的價格實現被銷量下降所抵消，這主要與我們的便攜式證券業務有關。

This business benefited from a COVID-related demand surge that extended into the first half of 2022. This resulted in the first half of 2023 having a more difficult comp as the market works its way back to a more normal cycle. Notably, the demand for our electronics and software solutions remained strong in Allegion International.

該業務受益於與 COVID 相關的需求激增，該需求激增一直持續到 2022 年上半年。這導致 2023 年上半年隨著市場回歸更正常的周期而變得更加困難。值得注意的是，Allegion International 對我們的電子和軟件解決方案的需求依然強勁。

In addition, currency headwinds persisted this quarter and reduced reported revenues by 4.4%. International adjusted operating income of $19.7 million decreased 27% versus the prior year period. Compared to 2022, adjusted operating margins and adjusted EBITDA margins declined 260 and 220 basis points, respectively. The margin decline was primarily driven by reduced volumes.

此外，本季度貨幣逆風持續存在，報告的收入減少了 4.4%。國際調整後營業收入為 1,970 萬美元，較上年同期下降 27%。與 2022 年相比，調整後的營業利潤率和調整後的 EBITDA 利潤率分別下降了 260 和 220 個基點。利潤率下降主要是由於銷量下降。

Please go to Slide #10. Year-to-date available cash flow for the first quarter came in at $46.7 million, up $34.9 million versus the prior year. This increase is driven by higher earnings and lower cash used for net working capital, partially offset by higher capital expenditures that were mostly related to our new manufacturing facility in Mexico, which is scheduled to come online in the second half of 2023.

請轉到幻燈片#10。第一季度年初至今的可用現金流為 4670 萬美元，比去年同期增加 3490 萬美元。這一增長是由更高的收益和更少的用於淨營運資本的現金推動的，部分被更高的資本支出所抵消，資本支出主要與我們在墨西哥的新製造工廠有關，該工廠計劃於 2023 年下半年上線。

Working capital as a percent of revenue increased versus the prior year. This is driven partially by the Access Technologies business, which was not owned in Q1 '22. Working capital has also increased from Q1 2022 as a result of the investments in inventory we made in the second half of last year to increase our safety stock and protect our customers.

營運資金佔收入的百分比與上一年相比有所增加。這在一定程度上是由 Access Technologies 業務推動的，該業務在 22 年第一季度不屬於該業務。由於我們在去年下半年為增加安全庫存和保護客戶而進行的庫存投資，營運資金也從 2022 年第一季度開始增加。

We saw a year-over-year and sequential improvement in inventory turns as we remain committed to manage our working capital more efficiently and drive improvement. The business continues to generate strong cash flow, and the balance sheet continues to be in a healthy position.

由於我們繼續致力於更有效地管理我們的營運資金並推動改進，我們看到庫存周轉率逐年改善。該業務繼續產生強勁的現金流，資產負債表繼續處於健康狀態。

I will now hand it back over to John for an update on our full year 2023 outlook.

我現在將把它交還給約翰，讓他了解我們 2023 年全年展望的最新情況。

Thanks, Mike. Please go to Slide 11. We continue to expect strong electronics growth, and the nonresidential market demand in the Americas remains robust. Given the late cycle nature of our business, we expect this strength to continue through 2023. As a result, we're raising our 2023 outlook for the Americas segment, where we expect organic growth to be between 7.5% to 9.5%.

謝謝，邁克。請轉到幻燈片 11。我們繼續預計電子產品將強勁增長，美洲的非住宅市場需求依然強勁。鑑於我們業務的後期週期性質，我們預計這種優勢將持續到 2023 年。因此，我們提高了美洲部門 2023 年的前景，我們預計該地區的有機增長率將在 7.5% 至 9.5% 之間。

We expect total growth inclusive of our Access Technologies acquisition to be between 15% and 17%. We expect to see nonresidential organic growth to be up low double digits with favorability in both price and volume. We still expect the residential business to be down with price mostly offsetting volume declines, which are expected to be in the low- to mid-single-digit range.

我們預計包括收購 Access Technologies 在內的總增長率將在 15% 至 17% 之間。我們預計非住宅有機增長將呈低兩位數增長，價格和數量都將受到青睞。我們仍然預計住宅業務將下降，價格主要抵消銷量下降，預計銷量下降將在中低個位數範圍內。

Based on the strength we saw in the second half of 2022, we expect stronger growth in the first half of 2023, which we believe may moderate later in the year against those tougher comparables. There's no change in our outlook for the International segment. We expect revenue in that segment to be relatively flat in soft end markets.

根據我們在 2022 年下半年看到的強勁勢頭，我們預計 2023 年上半年將實現更強勁的增長，我們認為與那些更艱難的可比對象相比，增長可能會在今年晚些時候放緩。我們對國際業務的展望沒有變化。我們預計該細分市場的收入在軟終端市場將相對持平。

All in for the company, we're raising our outlook and expect total revenue growth to be between 11.5% to 13.5% with organic revenue growth of 5.5% to 7.5%.

總而言之，我們正在上調公司的前景，預計總收入增長率將在 11.5% 至 13.5% 之間，有機收入增長率為 5.5% 至 7.5%。

Please go to Slide 12. As a result of our favorable revenue outlook and strong operational execution, we're raising our adjusted EPS outlook for the year and believe it will be between $6.55 and $6.75. Adjusted operational earnings are expected to increase approximately 13% to 16%.

請轉到幻燈片 12。由於我們有利的收入前景和強勁的運營執行力，我們提高了今年調整後的每股收益預期，並相信它將在 6.55 美元至 6.75 美元之間。調整後的運營收益預計將增長約 13% 至 16%。

Interest is still expected to be around a $0.24 per share headwind, reflecting a full year of acquisition-related borrowings and increases to variable interest rates. Tax still expected to be a $0.20 headwind and other income still expected to be around a $0.05 headwind.

預計利息仍將在每股 0.24 美元左右，這反映了全年與收購相關的借款和浮動利率的增加。稅收預計仍將是 0.20 美元的不利因素，而其他收入預計仍將是 0.05 美元左右的不利因素。

The outlook continues to assume approximately $0.20 per share for costs related to restructuring and M&A and amortization expense related to acquired backlog. In addition, it excludes approximately $0.40 per share for acquired intangible asset amortization.

展望繼續假設與重組和併購相關的成本以及與收購積壓相關的攤銷費用約為每股 0.20 美元。此外，它不包括每股約 0.40 美元的收購無形資產攤銷。

As a result, reported EPS is now projected to be between $5.95 to $6.15. Lastly, we're increasing our outlook on available cash flow for the year to be in the $480 million to $500 million range.

因此，報告的每股收益現在預計在 5.95 美元到 6.15 美元之間。最後，我們將今年的可用現金流量預期提高到 4.8 億美元至 5 億美元之間。

Please go to Slide 13. To summarize, we see strength in our Americas nonresidential business and our global electronics solutions continue to provide us with significant growth opportunities, both near and long term. We're very pleased with the performance of our Access Technologies acquisition. The business is performing well, and we love the synergies with our nonres business.

請轉到幻燈片 13。總而言之，我們看到美洲非住宅業務的實力和我們的全球電子解決方案繼續為我們提供近期和長期的重要增長機會。我們對 Access Technologies 收購的表現非常滿意。該業務表現良好，我們喜歡與非資源業務的協同作用。

We've expanded margins for the fourth quarter in a row and remain committed to doing so moving forward. We saw significant improvements in cash flow, and it's worth mentioning again that we saw improvements in inventory turns in the first quarter of 2023.

我們已經連續第四個季度擴大了利潤率，並將繼續致力於向前邁進。我們看到現金流有顯著改善，值得再次提及的是，我們在 2023 年第一季度看到了庫存周轉率的改善。

Overall, we're off to a great start. In 2023, our team is executing well, and Allegion's best days are still ahead of us.

總的來說，我們有了一個良好的開端。 2023年，我們的團隊執行力不錯，Allegion最好的日子還在前面。

Please go to Slide 14. And before we turn the call over to Q&A, I'd like to provide a final reminder that you're all invited to join Mike and myself as well as other members of our executive team next week on Tuesday, May 2, for 2023 Investor and Analyst Day at our Americas headquarters in Carmel, Indiana. There you'll have the opportunity to learn about our leadership team, our strategy and our exciting work driving seamless access.

請轉到幻燈片 14。在我們將電話轉為問答環節之前，我想最後提醒一下，我們邀請大家在下週二加入 Mike 和我以及我們執行團隊的其他成員， 5 月 2 日，2023 年投資者和分析師日在我們位於印第安納州卡梅爾的美洲總部舉行。在那裡，您將有機會了解我們的領導團隊、我們的戰略以及我們推動無縫訪問的激動人心的工作。

Formal presentations will be held 12:30 to 2:30 Eastern Time. And those who attend in person will also get a pretty exciting tour through our technical center following the presentations. This is a really exciting time in our company's history. We're a few months away from turning 10 years old, and our current executive team's first Investor Day together. We hope to see you there.

正式報告將在東部時間 12:30 至 2:30 舉行。那些親自參加的人也將在演示後通過我們的技術中心進行一次非常激動人心的參觀。這是我們公司歷史上真正激動人心的時刻。我們距離 10 歲還有幾個月的時間，我們現在的執行團隊將一起舉辦第一個投資者日。我們希望看到你在那裡。

With that, let's turn to Q&A.

有了這個，讓我們轉向問答。

(Operator Instructions) The first question comes from Julian Mitchell with Barclays.

（操作員說明）第一個問題來自巴克萊銀行的 Julian Mitchell。

Maybe just a first question around that nonresidential Americas outlook and sort of an update there. So I heard you call out, I think, low double-digit revenue growth assumed for nonresi Americas this year. Maybe help us understand kind of what's the split between price and volume versus your prior assumption?

也許只是關於非住宅美洲前景的第一個問題以及那裡的更新。所以我聽到你大聲疾呼，我認為今年非美國的收入增長率將達到兩位數。也許可以幫助我們了解價格和數量與您之前的假設之間的區別是什麼？

And also, it seems that your revenues, you're getting this big sort of boost from component supply issues easing? And give us some clarity perhaps about how you're looking at sort of the spec writing the order flow? There's obviously a lot of investor consternation about commercial construction. So any signs of any change in customer appetite there?

而且，似乎你的收入，你正在從組件供應問題的緩解中獲得這種巨大的提升？並讓我們清楚地了解您如何看待編寫訂單流程的規範？顯然有很多投資者對商業建築感到驚愕。那麼有任何跡象表明客戶的胃口有任何變化嗎？

Yes. So Julian, why don't I tackle the kind of the components of the guide, and John can talk to the general business dynamics. If you look at our nonres business, we expect to see both revenue growth driven by price and volume. As you know, we've been committed to fight that inflationary pressure. So pricing should be good for the full year. You saw a good pricing in Q1.

是的。所以朱利安，為什麼我不處理指南的組成部分，約翰可以談談一般的業務動態。如果你看看我們的非資源業務，我們預計會看到價格和數量推動收入增長。如您所知，我們一直致力於抗擊通貨膨脹壓力。因此全年的定價應該是好的。你在第一季度看到了一個很好的定價。

And then as you look at a full year basis for volume, we will have growth, but not to the level you saw in Q1, obviously. We are running up against that tough comparable in the back half of the year. If you recall, nonresi grew 30% and I think in the third quarter and then greater than 25% in the fourth quarter. So we do have a tougher comparable. And then, John, do you want to talk to the spec activity and other items?

然後，當您查看全年的銷量基礎時，我們將會有所增長，但顯然不會達到您在第一季度看到的水平。我們在今年下半年遇到了那個艱難的對手。如果你還記得的話，nonresi 增長了 30%，我認為在第三季度增長了 30%，然後在第四季度增長了 25% 以上。所以我們確實有一個更強硬的可比對象。然後，約翰，你想談談規範活動和其他項目嗎？

Yes. Good morning, Julian, thanks for the questions. I think on the supply chain, you're exactly right. Component supply has been, I'd say, steadily improving, including on the electronic side. And what we've been really happy to see is how quickly the Allegion team has essentially compounded every incremental improvement in the supply chain with better productivity, better operating efficiency in the factory. And our distribution channel sell-through has been quite rapid as lead times have come down.

是的。早上好，朱利安，謝謝你的提問。我認為在供應鏈上，你是完全正確的。我想說，組件供應一直在穩步改善，包括在電子方面。我們真正高興地看到，Allegion 團隊以多快的速度將供應鏈中的每一次增量改進與更高的生產力和工廠的運營效率相結合。隨著交貨時間的縮短，我們的分銷渠道銷售速度非常快。

So happy to see that. I would say if you look back to the prepared remarks, Mike had some comments around electronics, particularly on the nonres side of electronics, still have elevated lead times, still have elevated backlogs. Supply has improved, quantity has improved. It's still not as linear as we would like to see it, a bit choppy in terms of deliveries.

很高興看到這一點。我想說，如果你回顧一下準備好的評論，邁克對電子產品有一些評論，特別是在電子產品的非資源方面，仍然有較長的交貨時間，仍然有較高的積壓。供應有所改善，數量有所改善。它仍然不像我們希望看到的那樣線性，在交付方面有點不穩定。

But demand is still very strong, very robust and exciting future there. On just the general activity, I'd say, leading demand indicators: ABI, Dodge new starts, Dodge Construction Index, AIA consensus still reading rather favorable, honestly, choppy. It's been mixed last few months.

但需求仍然非常強勁，非常強勁和令人興奮的未來存在。就一般活動而言，我想說，領先的需求指標：ABI、道奇新開工、道奇建築指數、AIA 共識仍然相當有利，老實說，起伏不定。最近幾個月情況喜憂參半。

But some of those indices are, again, tipping back favorable here and there. For us, we do see strong spec writing activity, and that's a flywheel that turns all year, every year. And the time between engaging with the architect, writing a specification and turning that into revenue, that can sometimes be 18 to 24 months even.

但其中一些指數再次出現了有利的回落。對我們來說，我們確實看到了強大的規範編寫活動，這是一個每年都在轉動的飛輪。從與架構師接洽、編寫規範到將其轉化為收入之間的時間，有時甚至需要 18 到 24 個月。

But the spec engine is always running. And right now, it's running very hard. When you think about quoting, bidding, et cetera, that activity is quite robust as well. So again, we feel good about the nonres business. We feel good about our position in the nonres business through 2023.

但是規範引擎始終在運行。而現在，它的運行非常困難。當您考慮報價、投標等時，該活動也非常活躍。因此，我們再次對 nonres 業務感到滿意。到 2023 年，我們對我們在非資源業務中的地位感到滿意。

And you did have a very good tailwind in the Americas from that sort of line price and productivity versus inflation and investment spend. I think it was over 300 points in the first quarter as a margin tailwind.

從那種線路價格和生產率與通貨膨脹和投資支出相比，你在美洲確實有很好的順風。我認為第一季度利潤超過 300 點。

So maybe as we think about the balance of the year, how does that -- how quickly does that tailwind shrink? Should it still be a tailwind overall in the fourth quarter or is it more kind of back to neutral there? Just trying to understand some of those moving pieces in what you're guiding for margins this year?

因此，也許當我們考慮今年的餘額時，順風收縮的速度有多快？第四季度總體上應該還是順風還是更像是回歸中性？只是想了解您今年指導的利潤率中的一些移動部分？

Yes. So if you look at margins for the year, I expect our margins to be up, say, 50 to 100 basis points full year. And in every year moving forward, look for us to drive that margin expansion. You will hear this at Investor Day next week. We're going to be driving margin expansion moving forward, and we're committed to doing so.

是的。所以如果你看一下今年的利潤率，我預計我們的利潤率全年會上升 50 到 100 個基點。在未來的每一年，期待我們推動利潤率的增長。您將在下週的投資者日聽到這個消息。我們將推動利潤率擴張向前發展，我們致力於這樣做。

If you look at price productivity inflation investments, that is a big tailwind in Q1. We do have an easier comp in Q1. Obviously, Q3 and Q4, it's a more challenging comp. I would just add, we expect that to be positive on a dollar basis in the back half of the year. We expect margin expansion for the full year, as I mentioned earlier. And as you think about our business, we are driving the necessary pricing actions to fight the inflationary pressures. We fell a little behind, let's say, in '21 and early '22, we've taken the necessary actions to ensure that, that doesn't happen again.

如果你看看價格生產率通脹投資，那將是第一季度的一大利好因素。我們在第一季度確實有一個更容易的組合。顯然，Q3 和 Q4，這是一個更具挑戰性的比賽。我只想補充一點，我們預計今年下半年以美元計價將是積極的。正如我之前提到的，我們預計全年利潤率將擴大。當您考慮我們的業務時，我們正在推動必要的定價行動來對抗通脹壓力。我們落後了一點，比方說，在 21 世紀和 22 年初，我們已經採取了必要的行動來確保這種情況不會再次發生。

The next question comes from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛的 Joe Ritchie。

So can we maybe just follow-on on that pricing discussion? Look, it's been great to see, particularly in the Americas business here, you've had double-digit pricing now for 3 quarters in a row. I'm just curious, like, have you put additional price increases through for this year? And then like how do you see pricing specifically in Americas progressing as the year goes along?

那麼我們可以繼續進行定價討論嗎？看，很高興看到，特別是在這裡的美洲業務，你已經連續三個季度獲得兩位數的定價。我只是好奇，比如，你今年有沒有額外提價？然後你如何看待美洲的定價隨著時間的推移而取得進展？

Hey, Joe, thanks for the question. If you think about our Americas business, starting late '21 and all of '22, we've put in a substantial amount of pricing actions. We are starting to comp up against those pricing actions in '23. So as you move through the year, the realization percentage will be highest in the first quarter and then less as you proceed through the year.

嘿，喬，謝謝你的提問。如果你想想我們的美洲業務，從 21 年底和 22 年全年開始，我們已經採取了大量定價行動。我們開始與 23 年的那些定價行動進行比較。因此，隨著這一年的推進，第一季度的實現百分比將最高，然後隨著這一年的推進而降低。

You're still going to sell the product at a higher value, but the incremental price realization percent will come down. We do expect our pricing to be very sticky. As you remember, our nonresidential business, we do list price adjustments that tend to stick. So we feel good about our pricing, but the magnitude will decline the amount of price realization as we progress through the year.

您仍將以更高的價值出售產品，但增量價格實現百分比會下降。我們確實希望我們的定價非常有粘性。您還記得，我們的非住宅業務確實列出了往往會堅持的價格調整。因此，我們對我們的定價感覺良好，但隨著我們在這一年的進展，價格實現量將下降。

Okay. All right. Great. Helpful. And then my follow-on question, like back to the consternation in the market right now on nonres. Your commentary so far have been very positive as you think about the year. I guess maybe just provide a little bit more color how you're thinking about the potential risk of a slowdown associated with middle market banking concerns and when you would potentially see that in your business with the leading indicators are that you're looking at?

好的。好的。偉大的。有幫助。然後是我的後續問題，比如回到市場上目前對 nonres 的驚愕。到目前為止，您對這一年的評論是非常積極的。我想也許只是提供更多的顏色，你是如何考慮與中間市場銀行業擔憂相關的經濟放緩的潛在風險的，以及你什麼時候可能會在你的業務中看到你正在看的領先指標？

Yes, Joe, this is John. It's a good question. And it's top of mind for everyone. I would say, again, if you think about Allegion's business model, we are late cycle. We are a bit heavily weighted to the institutional segment, which tends to have sources of financing like bond referendums, public finance or these mega projects with large bank finance. So there's part of the business that maybe is not all that susceptible to the regional banks.

是的，喬，這是約翰。這是個好問題。這是每個人的首要考慮。我想再說一次，如果你考慮一下 Allegion 的商業模式，我們是晚週期。我們對機構部分的權重有點高，這些部分往往有債券公投、公共財政或這些擁有大型銀行融資的大型項目等融資來源。因此，部分業務可能不太容易受到區域銀行的影響。

And certainly, a lot of the business is susceptible to regional bank lending and credit conditions. So could that become an issue? Of course. Are we seeing a big impact right now? No, we're not.

當然，很多業務都容易受到地區銀行貸款和信貸條件的影響。那麼這會成為一個問題嗎？當然。我們現在看到了很大的影響嗎？沒有，我們沒有。

Again, think about engaging with the architect, writing specifications of the classic pull strategy to pull the product through the channel. The timing from spec to project initiation to when doors and door hardware goes in the building can be 12, 18, 24 months. And so projects that have been started tend to get completed, and I think we're seeing that right now.

再一次，考慮與架構師合作，編寫經典拉動策略的規範，以通過渠道拉動產品。從規範到項目啟動到門和門五金進入建築物的時間可能是 12、18、24 個月。因此，已經開始的項目往往會完成，我認為我們現在正在看到這一點。

The next question comes from Jeff Sprague with Vertical Research Partners.

下一個問題來自 Vertical Research Partners 的 Jeff Sprague。

My question actually kind of picks up a little bit on some of that last point, John. Can you actually see kind of stimulus flowing into those institutional markets or kind of anything else that gives you maybe more visibility than you would typically have at this point in time?

約翰，我的問題實際上與最後一點有關。你真的能看到某種刺激流入那些機構市場或其他任何讓你比你通常在這個時間點擁有更多知名度的東西嗎？

Yes, that's a good question. And I think it's always tricky to see. When we sell through distribution, you're not quite sure the source of the project, the source of the financing. We're -- like -- anyway, I'd say you see stimulus in airport terminal renewals, that was a big part of the Infrastructure and Jobs Act.

是的，這是個好問題。而且我認為它總是很難看。當我們通過分銷進行銷售時，你不太確定項目的來源，融資的來源。我們 - 就像 - 無論如何，我會說你看到機場航站樓更新的刺激，這是基礎設施和就業法案的重要組成部分。

You know there's funding going to higher ed through the emergency relief fund back from the COVID days to help with contactless, touchless, which goes very well into seamless access and electronic locks and credentials, et cetera. So I think, certainly, that's flowing.

你知道，從 COVID 時代開始，通過緊急救濟基金向高等教育機構提供資金，以幫助實現非接觸式、非接觸式，這非常適合無縫訪問、電子鎖和憑證等。所以我認為，當然，那是流動的。

I think there's still stimulus dollars left. Those tend to take a long time to work their way through the system. I would say, again, the leading indicators for our nonres industry still read positive. Our spec writing activity is quite robust. Our quoting, bidding activity in the channel is still robust.

我認為還有剩餘的刺激資金。這些往往需要很長時間才能通過系統。我要說的是，我們的非資源行業的領先指標仍然是積極的。我們的規範編寫活動非常強大。我們在渠道中的報價、投標活動仍然很活躍。

And given the fact that mechanical supply chain has improved, we're back to a book and ship, we're back to made-to-order there. Sell-through on the channel has been pretty strong. And so I think at least now, we would just still continue to reiterate, we feel good about nonres through 2023.

鑑於機械供應鏈有所改善，我們又回到了書本和發貨，我們又回到了那裡的定制。該渠道的銷售量非常強勁。所以我認為至少現在，我們仍然會繼續重申，我們對 nonres 到 2023 年感覺良好。

Great. And then not to steal the thunder from next week, but have people walking out of there next week, what -- if they took away one thing from the meeting that maybe they didn't know or understand about Allegion or was important to accentuate, what would that be?

偉大的。然後不是為了搶下下週的風頭，而是讓人們在下週離開那裡，如果他們從會議中拿走了一件他們可能不了解或不了解 Allegion 或需要強調的事情，那會是什麼？

Yes. I appreciate the prelude to that question, Jeff. It's good. No, I'd say let's hold the fireworks around the strategy and the technology and all that for now. What I'm really excited about is getting all of you over here. You can come in and see what we're doing, see what we're all about and get some more time with this new leadership team. That's important to us. We just appreciate the chance to spend some time with you and share with you what we're working on.

是的。傑夫，我很欣賞這個問題的前奏。很好。不，我想說讓我們暫時圍繞戰略和技術等等放煙花。讓我真正興奮的是讓你們所有人都到這裡來。您可以進來看看我們在做什麼，了解我們的一切，並花更多時間與這個新的領導團隊相處。這對我們很重要。我們很高興有機會與您共度時光，並與您分享我們正在做的事情。

The next question comes 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 Americas margin, excluding Access Tech. This looks like, I think, maybe the strongest first quarter ever and seems like a faster recovery in those margins than you anticipated earlier this year. So could you talk a little bit about the factors that contributed to that this quarter? And I think then moving forward, anything unusual about the quarter that wouldn't persist as we continue to move through the year?

我想從美洲利潤開始，不包括 Access Tech。我認為，這看起來可能是有史以來最強勁的第一季度，而且這些利潤率的複蘇似乎比你今年早些時候預期的要快。那麼，您能否談談本季度造成這種情況的因素？而且我認為然後向前邁進，隨著我們繼續度過這一年，這個季度有什麼不尋常的地方不會持續存在嗎？

Yes, Joe, if you look at the first quarter, we had an extremely strong nonresidential revenue quarter. As you know, that is our strongest margin business. So we had positive mix there and a very elevated revenue number versus what we were in the previous Q1. So we had both combinations working in our favor.

是的，喬，如果你看一下第一季度，我們的非住宅收入季度非常強勁。如您所知，這是我們最強大的保證金業務。因此，與上一季度相比，我們在那裡有積極的組合，收入數字非常高。所以我們讓這兩種組合都對我們有利。

As we move through the year, the one item I do want to highlight, we are ramping up that new manufacturing facility in Mexico. Q1 doesn't have any real cost there. But as we move through the year, there is investment in start-up costs that are going to be a headwind to margin rate that's in the assumed guide. And obviously, we're going to be conservative when you think about start-up costs of the new plant so that we're adequately prudent in that guidance.

在我們度過這一年的過程中，我確實想強調的一個項目是，我們正在擴大在墨西哥的新製造工廠。 Q1 那裡沒有任何實際成本。但隨著我們度過這一年，對啟動成本的投資將成為假定指南中的保證金率的逆風。顯然，當您考慮新工廠的啟動成本時，我們將保持保守，以便我們在該指導中充分謹慎。

But in general, I would say the factors that drive margin expansion, the productivity that is accelerating from what it was last year; the pricing actions, which we feel good about, I think the activity we're driving is sustainable and should be a long-term margin expansion driver for the business.

但總的來說，我想說的是推動利潤率增長的因素，即與去年相比正在加速的生產率；我們感覺良好的定價行為，我認為我們正在推動的活動是可持續的，應該成為業務的長期利潤擴張驅動力。

And maybe just a clarifying point on that, I think, given seasonality, the first quarter margin tends to be one of the lower of the year, but given the sort of Mexico factory considerations, is it still reasonable to think about just kind of volume seasonality where we would see margins improve or are those costs such that we wouldn't?

也許只是一個澄清點，我認為，考慮到季節性因素，第一季度利潤率往往是今年較低的利潤率之一，但考慮到墨西哥工廠的那種考慮，僅考慮某種數量是否仍然合理我們會看到利潤率提高的季節性因素，還是那些我們不會看到的成本？

Yes. I would say if you think about the margin percentage in Q1, historically, less. However, if you look at that dollar amount of revenue for commercial, you would not have the same size of margin uplift delta versus Q1 than maybe historically you've seen. And then the investments -- think of the investment for the plant, you could see 10, 20 basis points full year impact from that level of investment.

是的。我會說，如果你考慮第一季度的保證金百分比，從歷史上看，更少。但是，如果您查看商業收入的美元數額，與第一季度相比，您可能不會有與歷史上看到的相同大小的利潤率提升增量。然後是投資——想想工廠的投資，你可以看到該投資水平對全年產生 10、20 個基點的影響。

Yes. I would add, I think looking at Allegion's historic seasonality, both for volumes and then obviously resulting margins and operating leverage and whatnot, given how the supply chain disruptions of late '21, early '22, somewhat moved sales volume from one quarter to the next. I think we've got to be a little bit careful on applying just direct historic seasonality.

是的。我想補充一點，我認為看看 Allegion 的歷史季節性，無論是銷量，還是明顯產生的利潤率和經營槓桿等等，考慮到 21 世紀末、22 年初的供應鏈中斷如何將銷量從一個季度轉移到下一個。我認為我們在僅應用直接的歷史季節性時必須小心一點。

But that being said, we feel confident in the guide and feel confident that we're in a position to continue to expand margins, like Mike said, 50 to 100 bps, and continue to do that in future years as well.

但話雖這麼說，我們對指南充滿信心，並相信我們能夠繼續擴大利潤率，就像邁克所說的那樣，50 到 100 個基點，並在未來幾年繼續這樣做。

And Joe, just to clarify that number for the plant, that would be closer to 20 basis points.

喬，只是為了澄清工廠的數字，這將接近 20 個基點。

Got it. And then, John, maybe on your point, just as we think about sort of backlog that you have to burn and you have supply chain improving, but on top of it sounds like sort of underlying demand conditions remain pretty healthy. And so how do we sort of combine all those factors as we do think about seasonality and we would think that as you go into the middle of the year, you do improve, given what should be a pretty solid backlog in this underlying demand? But I just want to make sure that you think about those factors all correctly.

知道了。然後，約翰，也許就你的觀點而言，就像我們考慮你必須燃燒的積壓訂單和改善供應鏈一樣，但最重要的是，聽起來潛在的需求狀況仍然非常健康。那麼，我們如何在考慮季節性因素時將所有這些因素結合起來，我們會認為，當你進入年中時，你確實會有所改善，因為這種潛在需求應該是相當穩固的積壓？但我只是想確保你正確地考慮了這些因素。

Yes. I think that's why we took the organic growth guide up, the total growth guide up, EPS guide up that we do feel like we got off to a really good start. We do feel that nonres demand is robust. And I think, again, quarter-to-quarter looks different just because of the comps last year. But full year, we feel good about the guidance.

是的。我認為這就是為什麼我們提高了有機增長指南，提高了總增長指南，提高了 EPS 指南，我們確實覺得我們有了一個非常好的開始。我們確實認為非資源需求強勁。而且我認為，僅僅因為去年的比較，季度與季度之間看起來有所不同。但全年，我們對指導感覺良好。

The next question comes from David MacGregor with Longbow Research.

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

Yes. Congratulations on the results. Great quarter.

是的。祝賀結果。偉大的季度。

Thanks David.

謝謝大衛。

I want to ask about pricing in the nonres business and specifically in your spec writing business because this is a business that, at least as I understand, it doesn't rely as much on MSRP as much as it's a negotiated price. And obviously, very strong price realization there. Is it just a more competitively rational space right now and that's really facilitating the price realization? Or maybe just talk about what you're seeing competitively in that spec writing space?

我想問一下 nonres 業務的定價，特別是您的規範編寫業務的定價，因為至少據我所知，這是一項業務，它不像協商價格那樣依賴建議零售價。顯然，那裡的價格實現非常強勁。它現在是否只是一個更具競爭性的理性空間，而這真的促進了價格的實現？或者也許只是談論您在該規範編寫空間中看到的競爭性內容？

Yes, David, if you think about the nonres business, new construction tends to be quoted work where it is bid. Historically, it is an industry where everyone competes on value or the market leaders, I should say, compete on value, not price. And so as there's inflation, market participants drive pricing actions to cover inflationary pressures. And since there's a higher inflationary pressure, we're able to get more pricing.

是的，大衛，如果你考慮非資源業務，新建築往往在投標時被引用。從歷史上看，這是一個每個人都在價值上競爭的行業，或者我應該說，市場領導者在價值而不是價格上競爭。因此，由於存在通貨膨脹，市場參與者推動定價行為以應對通貨膨脹壓力。而且由於通貨膨脹壓力更高，我們能夠獲得更多定價。

But the key takeaway on this industry is everyone competes on value. It's not a race to the bottom on pricing in the nonresidential business. It tends to be a very complex configured offering and that allows everyone to compete on the value of their portfolio.

但這個行業的關鍵要點是每個人都在價值上競爭。在非住宅業務中，這不是一場價格戰。它往往是一種配置非常複雜的產品，允許每個人就其產品組合的價值展開競爭。

Yes. I mean I think that's always been the case. It just seems like right now, it's a more rational space and maybe your -- there's just enough business to go around that everybody [doesn't have to compete quite as] harder. But I don't know if you can comment on that or not.

是的。我的意思是我認為情況一直如此。現在看來，這是一個更理性的空間，也許你的 - 有足夠多的業務可以解決，每個人 [不必] 更加努力地競爭。但我不知道你是否可以對此發表評論。

I would just say for us, and our perspective, I don't want to talk about anyone else. It's the inflationary pressures that we felt the last 2 years and the pricing is catching up to some of those pressures. And so you really have to look at it over the last few years, and we've been able to mitigate some of those pricing -- I'm sorry, the inflationary pressures that we felt end of '21-'22 and into early '23.

我只想為我們和我們的觀點說，我不想談論其他任何人。這是我們在過去 2 年感受到的通脹壓力，而定價正在趕上其中一些壓力。所以你真的必須在過去幾年裡看看它，我們已經能夠減輕其中的一些定價——對不起，我們在 21-22 年底和早期感受到的通脹壓力'23。

Okay. Great. Second question, just on the distribution channel. In terms of sort of the commercial 2-step distributors, are they restocking at this point? Was that a contributing dynamic this quarter?

好的。偉大的。第二個問題，關於分銷渠道。就商業兩步分銷商而言，他們此時是否正在補貨？這是本季度的貢獻動力嗎？

Yes. We do field visits all the time. And I think -- again, let's divide this a bit between electronic products and mechanical products. So on mechanical products, most of our lead times would be back to a normal level, which puts us in our distribution channel and kind of a made-to-order book and ship type model.

是的。我們一直進行實地考察。我認為 - 再一次，讓我們將其分為電子產品和機械產品。因此，在機械產品上，我們的大部分交貨時間將恢復到正常水平，這使我們處於分銷渠道和一種定製書和船型模型中。

And so destocking, restocking is not really a dynamic we see in the majority of the channel. In some of the 2 steps, some of the large wholesalers, perhaps. But I think the evidence that we have seen and the anecdotal evidence, at least, is demand is pretty robust, sell-through is pretty rapid. And again, as lead times normalize, ordering behavior adjusts and adapts back to that more normal lead time.

因此，去庫存、補庫存並不是我們在大多數渠道中看到的真正動態。在這 2 個步驟中，一些大型批發商可能會這樣做。但我認為我們所看到的證據和軼事證據至少是需求非常強勁，銷售非常迅速。而且，隨著交貨時間正常化，訂購行為會調整併適應更正常的交貨時間。

There are -- some of our electronic products, our commercial electronic products, like we said, still elevated lead times, elevated backlogs and that we're just working hard with the supply base and our redesigns and new suppliers are coming on board just to catch up to demand and get that part of the business back into this book and ship normal lead time space. We're just -- we're not quite there yet.

我們的一些電子產品，我們的商業電子產品，就像我們說的那樣，仍然延長了交貨時間，增加了積壓，我們只是在努力與供應基地合作，我們的重新設計和新供應商的加入只是為了趕上需求並將這部分業務重新納入本書並交付正常的提前期空間。我們只是——我們還沒有到那一步。

The next question comes from Brian Ruttenbur with Imperial Capital.

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

Yes. Let me talk a little bit about pricing plans for the rest of the year and what you have built into your guidance. It sounds like there's less pricing increases, trying to read the tea leaves here, in the second half of 2023 in your guidance. Is that correct?

是的。讓我談談今年剩餘時間的定價計劃以及您在指南中所構建的內容。在您的指導下，在 2023 年下半年嘗試閱讀這裡的茶葉，聽起來價格上漲幅度較小。那是對的嗎？

We would always announce a price increase to the channel before we would on an earnings call. I would just say, if you look at our pricing and you try to model it for the back half of the year, you got to just take a look at how much price started to accelerate Q2, Q3 and Q4 last year, which is driving some of the reduction in the overall realization. But it's important to note, you're still selling the product at the same price. So it's not like you're selling it for less dollar value, it's just the incremental realization percentage will decline versus a more challenging comparable.

在召開財報電話會議之前，我們總是會宣布渠道提價。我只想說，如果你看看我們的定價並嘗試為今年下半年建模，你只需要看看去年第二季度、第三季度和第四季度開始加速多少價格，這正在推動整體實現中的一些減少。但需要注意的是，您仍在以相同的價格銷售產品。因此，這並不是說您以較低的美元價值出售它，只是與更具挑戰性的可比產品相比，增量實現百分比會下降。

Okay. And then my next question is about Q2. I know you don't normally comment specifically on a quarter, but maybe you can give us a bigger than a breadbox, smaller than a tractor trailer kind of guidance in the second quarter. In terms of versus Q1, should we be seeing revenues and gross margins at relatively similar levels to Q1 and Q2?

好的。然後我的下一個問題是關於第二季度的。我知道你通常不會對一個季度發表具體評論，但也許你可以在第二季度給我們一個比麵包箱大、比拖拉機拖車小的指導。與第一季度相比，我們是否應該看到收入和毛利率與第一季度和第二季度處於相對相似的水平？

Yes, I really not -- don't really want to give specifics on a quarter per se, but a full year. The only thing I would say is Q1 obviously a little higher than historically we would do in the first quarter. But I wouldn't anticipate, don't model something where the summer season is significantly less than Q1. We still have summers that tend to be pretty strong.

是的，我真的不是——我不想具體說明一個季度本身，而是一整年。我唯一要說的是第一季度顯然比我們在第一季度所做的歷史要高一些。但我不會預料，不要在夏季明顯低於第一季度的情況下建模。我們仍然有往往非常強勁的夏天。

This concludes our question-and-answer session. And at this time, I would like to turn the conference back over to John Stone, President and CEO, for any closing remarks.

我們的問答環節到此結束。此時，我想將會議轉回給總裁兼首席執行官 John Stone，聽取任何閉幕詞。

Okay. Well, thanks, everyone, for joining. Thank you for your questions. And again, I would like to reiterate our invitation to all of you for next week's Investor and Analyst Day. I hope to see you all here in person, both for our management presentations and the tour through the tech center. Very excited about that.

好的。嗯，謝謝大家的加入。謝謝你的問題。再一次，我想再次邀請大家參加下週的投資者和分析師日。我希望能在這裡親自見到你們所有人，無論是參加我們的管理演示還是參觀技術中心。對此非常興奮。

And just to summarize, continue to see strength in Americas nonres and global electronic solutions. Very pleased, very happy with the Access Technologies acquisition and how that's starting to perform. Very happy and remain committed about our margin expansion, and we'll continue that into the future. Improvements in cash flow. And just overall, I am really proud of the entire Allegion team and our distribution partners to get us off to such a great start in 2023.

總而言之，繼續看到美洲非資源和全球電子解決方案的實力。非常高興，對 Access Technologies 的收購及其開始執行的方式非常滿意。非常高興並繼續致力於我們的利潤率擴張，我們將在未來繼續這樣做。現金流的改善。總的來說，我為整個 Allegion 團隊和我們的分銷合作夥伴讓我們在 2023 年取得如此好的開端感到非常自豪。

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。