安朗杰 (ALLE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the Allegion Second Quarter 2023 Earnings Call. (Operator Instructions) Please note, this event is being recorded.

早上好，歡迎參加 Allegion 2023 年第二季度財報電話會議。 （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 Jobi Coyle, Director of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係總監喬比·科伊爾 (Jobi Coyle)。請繼續。

Thank you, [Andrew]. Good morning, everyone. Thank you for joining us for Allegion's Second 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. 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.

謝謝你，[安德魯]。大家，早安。感謝您參加 Allegion 2023 年第二季度財報電話會議。今天與我在一起的有總裁兼首席執行官約翰·斯通 (John Stone)；和 Allegion 高級副總裁兼首席財務官 Mike Wagnes。我們今天早上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 上獲取。此通話將被記錄並存檔在我們的網站上。

Please go to Slide 2. 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。今天的電話會議中所做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做出的。請參閱我們最近向 SEC 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的描述。該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.

今天的演示和評論包括非公認會計準則財務指標。如需了解更多詳情，請參閱我們新聞稿中財務表格中的調節表。

Please go to Slide 3, and I'll turn the call over to John.

請轉到幻燈片 3，我會將電話轉給約翰。

Thanks, Jobi. Good morning, everyone. Thanks for joining us today. My, how time flies. It's hard to believe this time last year, I was joining you from my first Allegion earnings call. I shared then my belief in our company's mission, our people, our culture and my excitement around this chapter that we're writing in Allegion's history together. One year in, I'm even more energized about Allegion's future and even more proud of our global team, who has just delivered another quarter of outstanding operational performance.

謝謝，喬比。大家，早安。感謝您今天加入我們。我的天，時間過得真快。很難相信去年的這個時候，我參加了我的第一次 Allegion 財報電話會議。然後我分享了我對我們公司使命、我們的員工、我們的文化的信念，以及我對我們共同書寫 Allegion 歷史篇章的興奮之情。一年過去了，我對 Allegion 的未來更加充滿活力，對我們的全球團隊更加感到自豪，他們剛剛又取得了一個季度的出色運營業績。

Let's go to Slide 3 and talk about some of the highlights. The Allegion team delivered 18% total growth, and we drove strong margin expansion. In Q2, we increased margins across Americas and International business segments both sequentially and year-over-year, resulting in a 130 basis point increase in adjusted operating income margin for the quarter. We see electronics continuing to be a key growth driver for Allegion. Demand was strong for our electronic solutions in the second quarter, fueling Allegion's overall revenue growth.

讓我們轉到幻燈片 3 來討論一些亮點。 Allegion 團隊實現了 18% 的總增長，我們推動了利潤率的強勁擴張。第二季度，我們美洲和國際業務部門的利潤率環比和同比均有所提高，導致該季度調整後營業收入利潤率增長了 130 個基點。我們認為電子產品仍然是 Allegion 的主要增長動力。第二季度我們的電子解決方案需求強勁，推動了 Allegion 的整體收入增長。

In Q2, strength across both residential and nonresidential business in our Americas segment totaled nearly 40% electronics growth over the prior period. We also saw a strong electronics and software solutions performance in our International segment. As we work to shape the transformation taking place in our industry, we continue to see electronics as key to our overall growth.

第二季度，我們美洲業務的住宅和非住宅業務的實力總計較上一時期增長了近 40%。我們在國際業務領域還看到了強勁的電子和軟件解決方案表現。在我們努力塑造行業轉型的同時，我們仍然將電子產品視為我們整體增長的關鍵。

Our nonresidential markets remained stable and electronics demand continues to be a bright spot in both Americas and International segments. However, we did see some softness in nonresidential and mechanical demand as customers and distribution partners adjust their ordering patterns to our reduced lead times due to much improved supply chain and operational execution. The Americas residential business was bolstered by very strong electronic sales, but we're still seeing soft mechanical demand.

我們的非住宅市場保持穩定，電子產品需求仍然是美洲和國際市場的亮點。然而，我們確實看到非住宅和機械需求出現一些疲軟，因為供應鍊和運營執行的大幅改善，客戶和分銷合作夥伴根據我們縮短的交貨時間調整了訂購模式。美洲住宅業務受到非常強勁的電子銷售的支撐，但我們仍然看到機械需求疲軟。

Certain international end markets, particularly in the portable security business, also remained soft. Overall, our team delivered another strong quarter, resulting in a solid first half of 2023. We are operating at a high level, and as a result, we're raising our outlook for the year for adjusted EPS, which is now expected to be in a range of $6.70 to $6.80. I am very proud of the Allegion team's operational performance. I'll provide more color on the outlook during the presentation.

某些國際終端市場，特別是便攜式安全業務，也依然疲軟。總體而言，我們的團隊再次實現了強勁的季度業績，從而在 2023 年上半年實現了穩健的業績。我們的運營水平很高，因此，我們上調了今年調整後每股收益的預期，目前預計為範圍為 6.70 美元至 6.80 美元。我對 Allegion 團隊的運營表現感到非常自豪。我將在演示過程中提供更多關於前景的信息。

Please go to Slide 4. Now let's move to our Vision and Strategy. This is a slide we talked through at our Investor Day, and while it's a simple overview, it reflects an important foundation for our company. Our vision of enabling seamless access in a safer world, what does that mean? It means if you have the right credentials, whether that's a metal key, an encrypted proximity card or a digital identity in a mobile wallet, we will provide you the most convenient and secure experience possible.

請轉到幻燈片 4。現在讓我們轉向我們的願景和戰略。這是我們在投資者日討論的一張幻燈片，雖然它是一個簡單的概述，但它反映了我們公司的重要基礎。我們的願景是在一個更安全的世界中實現無縫訪問，這意味著什麼？這意味著，如果您擁有正確的憑證，無論是金屬鑰匙、加密的感應卡還是移動錢包中的數字身份，我們將為您提供最方便、最安全的體驗。

Why is this the right strategy and why is this the right strategy now? Because our world is increasingly digital, mobile and connected. Because touchless and contactless experiences and technology will clearly live well beyond COVID, because digital credentials and smart hardware not only provide more seamless access experiences, they also provide more rich data to the end-user customer and added layers of security.

為什麼這是正確的策略以及為什麼現在這是正確的策略？因為我們的世界日益數字化、移動化和互聯化。因為非接觸式和非接觸式體驗和技術顯然將在新冠疫情之後繼續存在，因為數字憑證和智能硬件不僅可以提供更無縫的訪問體驗，還可以為最終用戶客戶提供更豐富的數據並增加安全層。

We feel this transformation has a long runway ahead. Our vision is supported by a strategy of creating value as a pure-play provider of security and access solutions. This is how we differentiate our company and drive innovation for a safer world forward, building on our legacy, delivering new value and access, being the partner of choice and operating with excellence.

我們認為這種轉變還有很長的路要走。作為安全和訪問解決方案的純粹提供商，創造價值的戰略為我們的願景提供了支持。這就是我們如何使我們的公司脫穎而出，推動創新，打造一個更安全的世界，以我們的傳統為基礎，提供新的價值和機會，成為首選合作夥伴並以卓越的方式運營。

Please go to Slide 5. I -- so this month also reflects the first anniversary of the Stanley Access Technologies acquisition. Acquiring the Access Technologies business was a direct reflection of our seamless access strategy, making the world more accessible, expanding our presence in access and security markets and unlocking greater long-term value for our customers, our shareholders and our employees alike. In year 1, our teams have integrated very well together. We've taken very good care of our customers, and you can see this in our results, which reflects operational performance In line with the business plan, Access Technologies generated revenues of approximately $385 million, which represented approximately 10% growth. This was $0.11 accretive to adjusted EPS release during this first 12 months.

請看幻燈片 5。I——所以這個月也是 Stanley Access Technologies 收購一周年紀念日。收購接入技術業務是我們無縫接入戰略的直接體現，讓世界變得更加無障礙，擴大我們在接入和安全市場的影響力，並為我們的客戶、股東和員工釋放更大的長期價值。在第一年，我們的團隊已經很好地融合在一起。我們非常關心我們的客戶，您可以在我們的業績中看到這一點，這反映了運營績效 根據業務計劃，Access Technologies 產生了約 3.85 億美元的收入，增長了約 10%。前 12 個月調整後每股收益增加了 0.11 美元。

In addition, when we made this acquisition, which is our largest to date, we've committed to deleveraging quickly. You can see the results. Our leverage ratios are back to pre-acquisition levels. Overall, we feel great about this highly strategic combination. The automatic doors product portfolio is a hand-in-glove fit with our demand creation and specification engine. This acquisition has greatly enhanced Allegion's service capabilities, and we look forward to much more long-term profitable growth opportunities together.

此外，當我們進行這次迄今為止規模最大的收購時，我們承諾迅速去槓桿化。您可以看到結果。我們的槓桿率回到了收購前的水平。總體而言，我們對這種高度戰略性的組合感到非常滿意。自動門產品組合與我們的需求創造和規格引擎緊密結合。此次收購極大增強了 Allegion 的服務能力，我們期待共同獲得更多長期盈利增長機會。

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

我現在請邁克向您介紹第二季度的財務業績，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.

謝謝約翰，大家早上好。感謝您參加今天的電話會議。

Please go to Slide #6. Allegion delivered another strong quarter with both top and bottom line growth as well as improving cash flows. Revenue for the second quarter was $912.5 million, an increase of 18% compared to 2022. Organic growth of 5.6% was driven by price realization, along with strong growth in electronics offsetting lower volumes in mechanical products. Our Access Technologies acquisition contributed approximately 12% of total growth. Adjusted operating margin and adjusted EBITDA margin in the second quarter increased by 130 and 110 basis points, respectively. These increases were attributable to strong operational execution and favorable price and productivity, which more than offset inflation and investments. Excluding our acquisition of Access Technologies, adjusted operating margin was up 270 basis points.

請轉到幻燈片#6。 Allegion 再次實現強勁的季度業績，營收和利潤均實現增長，現金流也有所改善。第二季度收入為 9.125 億美元，較 2022 年增長 18%。價格實現推動了 5.6% 的有機增長，同時電子產品的強勁增長抵消了機械產品銷量的下降。我們的 Access Technologies 收購貢獻了約 12% 的總增長。第二季度調整後營業利潤率和調整後 EBITDA 利潤率分別增長 130 和 110 個基點。這些增長歸功於強勁的運營執行力以及有利的價格和生產率，這足以抵消通貨膨脹和投資。不包括我們對 Access Technologies 的收購，調整後的營業利潤率上升了 270 個基點。

Adjusted earnings per share of $1.76 increased $0.33 or approximately 23% versus the prior year. Operational performance drove 20% earnings per share growth, with additional earnings per share growth coming from acquisitions, offset by the unfavorable impact of anticipated higher interest. Details of our earnings per share performance versus the prior year are in the appendix. Year-to-date available cash flow was $190.1 million, up nearly 125% versus last year.

調整後每股收益為 1.76 美元，與上年相比增加了 0.33 美元，即約 23%。運營業績推動每股收益增長 20%，每股收益的額外增長來自收購，但被預期利息上漲的不利影響所抵消。我們與上一年相比的每股收益表現的詳細信息參見附錄。年初至今可用現金流為 1.901 億美元，比去年增長近 125%。

Please go to Slide #7. I will start by reviewing the revenue results for the enterprise here before turning to our respective regions. In Q2, we delivered 5.6% organic growth driven by price realization across the portfolio. Strong volume growth in electronics was more than offset by volume declines in our mechanical products. Our Access Technologies acquisition served as the primary driver of our 12.5% growth in net acquisitions and divestitures. Currency pressure were minimal in the quarter, bringing total reported growth to 18%. First half organic revenue growth was 10.2% overall, driven by strength in electronics. Americas operating growth was nearly 15% and International was down 3%.

請轉到幻燈片 #7。我將首先回顧一下這裡企業的收入結果，然後再轉向我們各自的地區。第二季度，在整個投資組合的價格實現的推動下，我們實現了 5.6% 的有機增長。電子產品銷量的強勁增長被機械產品銷量的下降所抵消。我們對 Access Technologies 的收購是淨收購和資產剝離增長 12.5% 的主要推動力。本季度貨幣壓力很小，報告的總增長率達到 18%。受電子產品強勁推動，上半年有機收入總體增長 10.2%。美洲業務增長近 15%，國際業務下降 ​​3%。

Please go to Slide #8. Our Americas segment continued to deliver strong operating results in the second quarter with revenues of $727.2 million, up 23.8% on a reported basis and up 7.7% organically. During the second quarter, we achieved double-digit price realization. Our electronics growth for the Americas was nearly 40% as we continue to see both improvements in our supply chain and strong demand. Electronic component availability was significantly challenged in the first half of 2022, making the quarter an easier comparison versus the prior year as our supply chains are much healthier now. In the second quarter, we saw soft mechanical volumes as customers adjust to our reduced lead times to our improved supply chain and operational execution. Organic growth was up high single digits for both our nonresidential and residential Americas businesses.

請轉到幻燈片 #8。我們的美洲業務第二季度繼續取得強勁的運營業績，收入達 7.272 億美元，按報告計算增長 23.8%，有機增長 7.7%。第二季度，我們實現了兩位數的價格實現。我們在美洲的電子產品增長了近 40%，因為我們不斷看到供應鏈的改善和強勁的需求。 2022 年上半年，電子元件的供應量受到了重大挑戰，由於我們的供應鏈現在更加健康，因此該季度與上一年相比更容易進行比較。在第二季度，隨著客戶適應我們縮短的交貨時間以改善供應鍊和運營執行，我們看到機械銷量疲軟。我們的美洲非住宅和住宅業務的有機增長均實現高個位數增長。

As John mentioned earlier, Access Technologies has now been part of Allegion for just over a year, and we are pleased with the ongoing integration and results. This business had pro forma revenue growth of approximately 9.5% versus Q2 2022 and contributed over 16% to the Americas reported growth. Our adjusted operating income of $205.9 million increased 32.9% versus the prior year period, while adjusted operating margin and adjusted EBITDA margin for the quarter were up 190 and 180 basis points, respectively. Excluding Access Technologies, our Americas segment drove a 460 basis point improvement in operating margin versus the prior year. Our team is executing well, and we were able to drive price and productivity in excess of inflation and investments to deliver this strong margin expansion.

正如 John 之前提到的，Access Technologies 成為 Allegion 的一部分已經一年多了，我們對正在進行的整合和結果感到滿意。與 2022 年第二季度相比，該業務預計收入增長約 9.5%，對美洲報告的增長貢獻超過 16%。我們的調整後營業收入為 2.059 億美元，較上年同期增長 32.9%，本季度調整後營業利潤率和調整後 EBITDA 利潤率分別增長 190 和 180 個基點。不包括 Access Technologies，我們的美洲業務部門的營業利潤率比上一年提高了 460 個基點。我們的團隊執行良好，我們能夠推動價格和生產力超過通貨膨脹和投資，從而實現強勁的利潤增長。

Please go to Slide #9. Our International business had a solid second quarter with revenues of $185.3 million, flat on a reported basis and down 1% organically. In the quarter, price realization was more than offset by lower volumes primarily associated with our Global Portable Securities business. As we've discussed previously, this business benefited from a COVID-related demand surge in the first half of last year. We expect this market will normalize and be less of a headwind to our International segment in the second half of this year. Our electronics and software solutions are performing well and continue to be a growth driver for our international segment. In addition, currency was a slight tailwind this quarter and positively impacted reported revenue by 0.6%.

請轉到幻燈片 #9。我們的國際業務第二季度表現強勁，收入為 1.853 億美元，與報告基礎上持平，有機下降 1%。本季度，價格實現被主要與我們的全球可移動證券業務相關的銷量下降所抵消。正如我們之前討論的，該業務受益於去年上半年與新冠病毒相關的需求激增。我們預計該市場將在今年下半年正常化，對我們國際業務的阻力將減少。我們的電子和軟件解決方案表現良好，並繼續成為我們國際市場的增長動力。此外，本季度匯率略有推動，對報告收入產生了 0.6% 的積極影響。

International adjusted operating income of $20.9 million increased 2% versus the prior year period. We saw significant improvement in adjusted operating margin and adjusted EBITDA margins of 30 and 40 basis points, respectively, when compared to last year. The margin improvement was primarily driven by favorable price and productivity in excess of inflation and investment, reflecting strong execution by the team.

國際調整後營業收入為 2090 萬美元，比上年同期增長 2%。與去年相比，我們發現調整後營業利潤率和調整後 EBITDA 利潤率分別顯著提高了 30 和 40 個基點。利潤率的提高主要是由於優惠的價格和生產力超過了通貨膨脹和投資，反映出團隊的強大執行力。

Please go to Slide #10. Year-to-date available cash flow came in at $190.1 million, up $105.6 million versus the prior year. This increase is driven by higher earnings and lower cash used for net working capital, primarily offset by higher capital expenditures. Working capital as a percent of revenue increased versus the prior year, partially driven by our Access Technologies business, which was not owned in the first half of last year. Working capital management remains a priority of our company as we efficiently turn earnings to cash. As committed, we deleveraged following the acquisition of Access Technologies and our net debt to adjusted EBITDA is back down to 2.1x. We repaid $60 million on our revolving credit facility in the second quarter and the remaining $30 million outstanding was repaid in the month of July. This means we have completed our repayments of short-term borrowings for the acquisition demonstrating our ability to effectively deploy capital and maintain an investment-grade credit rating. Our business continues to generate strong cash flow and our balance sheet continues to be in a healthy position.

請轉到幻燈片#10。年初至今的可用現金流為 1.901 億美元，比上年增加 1.056 億美元。這一增長是由收入增加和用於淨營運資本的現金減少推動的，但主要被資本支出增加所抵消。營運資本佔收入的百分比較上年有所增加，部分原因是我們的接入技術業務，該業務在去年上半年尚未擁有。隨著我們有效地將收益轉化為現金，營運資金管理仍然是我們公司的首要任務。我們按照承諾，在收購 Access Technologies 後進行了去槓桿化，我們的淨債務與調整後 EBITDA 之比回落至 2.1 倍。我們在第二季度償還了 6,000 萬美元的循環信貸額度，剩餘的 3,000 萬美元已於 7 月份償還。這意味著我們已經完成了收購所需的短期借款的償還，證明了我們有效部署資本和維持投資級信用評級的能力。我們的業務繼續產生強勁的現金流，我們的資產負債表繼續保持健康的狀態。

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

現在我將把它交還給 John，以更新我們 2023 年全年展望的情況。

Thanks, Mike. Please go to Slide 11. And as we look at the remainder of 2023, we're tightening our full year revenue outlook while also increasing our earnings per share outlook. We now expect the Americas segment to be between 15% to 16% for total growth and 7.5% to 8.5% organically. Within the Americas, we expect to see nonresidential organic growth up high single to low double digits. We expect the residential business to be relatively flat as electronics growth is expected to offset mechanical weakness in that segment. As a reminder, our supply chain challenges in our Americas business began to recover in the second half of last year. So we'll have a tougher comparable period in the second half of 2023. Additionally, due to our improved lead times this year and their impact on our nonresidential customers ordering patterns, seasonality is expected to be somewhat flatter than what Allegion's history would imply.

謝謝，邁克。請轉到幻燈片 11。當我們展望 2023 年剩餘時間時，我們正在收緊全年收入預期，同時上調每股收益預期。我們現在預計美洲市場的總增長將在 15% 至 16% 之間，有機增長將在 7.5% 至 8.5% 之間。在美洲，我們預計非住宅有機增長將出現高個位數到低兩位數的增長。我們預計住宅業務將相對持平，因為電子產品的增長預計將抵消該領域機械設備的疲軟。提醒一下，我們美洲業務的供應鏈挑戰從去年下半年開始恢復。因此，我們將在 2023 年下半年經歷一個更加艱難的時期。此外，由於我們今年的交貨時間有所改善及其對非住宅客戶訂購模式的影響，預計季節性將比 Allegion 的歷史暗示的更加平穩。

For International, we expect revenue to be down 1% to flat in total and down 1% to 2% organically. The comparison for the International business is somewhat easier in the second half of 2023 as weaker market conditions really started to set in during the second half of last year. All in, for the company, our growth outlook reflects total revenue growth to be between 11.5% to 12.5% with organic revenue growth of 5.5% to 6.5%. As a result of our team's strong operational execution and favorable first half margin performance, we're raising our adjusted EPS outlook for the year and believe it will be between $6.70 and $6.80, which is approximately 12% to 13.5% over the prior year period. And as you heard from Mike, this is primarily driven by operations execution. Lastly, we're increasing our outlook on available cash flow for 2023 to be in the $500 million to $520 million range.

對於國際業務，我們預計總收入將下降 1% 至持平，有機收入將下降 1% 至 2%。 2023 年下半年，國際業務的比較要容易一些，因為去年下半年市場狀況才真正開始出現疲軟。總而言之，對於公司而言，我們的增長前景反映了總收入增長在 11.5% 至 12.5% 之間，有機收入增長在 5.5% 至 6.5% 之間。由於我們團隊強大的運營執行力和良好的上半年利潤率表現，我們上調了今年調整後的每股收益預期，並認為其將在 6.70 美元至 6.80 美元之間，比上年同期增長約 12% 至 13.5% 。正如您從邁克那裡聽到的，這主要是由運營執行驅動的。最後，我們將 2023 年可用現金流的預期提高到 5 億至 5.2 億美元之間。

Please go to Slide 12. So in summary, Allegion delivered a solid first half of 2023. Like we said at Investor Day, we've returned to a high operating level. Our teams are executing very well. Also at Investor Day, we laid out the Allegion operating model that I'd like to go back and revisit a little bit about driving organic growth, compounding that organic growth with both margin expansion and capital deployment resulting in double-digit EPS growth. And I feel we're well on track to deliver all of that for 2023.

請參閱幻燈片 12。總而言之，Allegion 在 2023 年上半年的業績表現強勁。正如我們在投資者日所說，我們已經恢復到較高的運營水平。我們的團隊執行得非常好。同樣在投資者日，我們提出了 Allegion 的運營模式，我想回顧並重新審視一下如何推動有機增長，將有機增長與利潤率擴張和資本部署相結合，從而實現兩位數的每股收益增長。我認為我們正在順利地在 2023 年實現所有這些目標。

Our end markets are stable. Demand is steady. Electronics will continue to fuel our overall revenue growth as we stay focused on our vision of enabling seamless access in a safer world. I'm confident in our outlook and very proud of what our team and our distribution partners delivered this quarter and in my first year with Allegion.

我們的終端市場穩定。需求穩定。隨著我們繼續專注於在更安全的世界中實現無縫訪問的願景，電子產品將繼續推動我們的整體收入增長。我對我們的前景充滿信心，並對我們的團隊和分銷合作夥伴本季度以及我在 Allegion 的第一年所交付的成果感到非常自豪。

So with that, we can open up the Q&A.

這樣，我們就可以開始問答了。

(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 -- first question to try and understand the organic sales guidance development, first off. So you raised the guidance in late April on organic sales, and you've taken it down a little bit today. So was it that you saw channel partners and customers suddenly start to destock sort of late in the second quarter? Maybe help us understand sort of what the process was behind that guidance revision.

也許只是——首先嘗試理解有機銷售指導開發的第一個問題。因此，您在 4 月下旬提高了有機銷售的指導值，今天又將其降低了一點。那麼您是否看到渠道合作夥伴和客戶在第二季度末突然開始減少庫存？也許可以幫助我們了解指導修訂背後的過程。

And then also on the nonresidential market specifically, it seems that the macro drivers in the Americas are still very good. So perhaps a little bit puzzled that you're not seeing new orders coming in to sort of offset the destocking that seems to be happening in some areas.

然後，特別是在非住宅市場上，美洲的宏觀驅動因素似乎仍然非常好。因此，您可能有點困惑，因為您沒有看到新訂單的到來，以抵消某些地區似乎正在發生的庫存減少。

Yes, Julian, if you think about the guide, the last few years we really struggled with lead times, and we got considerably better at the end of last year. Our channel partners were maybe a little late to adjust to our reduced lead times. So what we saw in the second quarter is they're starting to adjust that ordering pattern to our reduced lead times. Especially on the mechanical side, they're back down to normal. And we're -- let's say, at March 31st, it took a little longer for them to adjust their ordering. So they're burning through some of the work that they previously ordered. As you know, we're mostly a made-to-order business. The channel partners will order based on what they think manufacturers can provide product [debt.] And so we did have some of that choppiness in the second quarter that you saw.

是的，朱利安，如果你想想指南，過去幾年我們確實在交貨時間方面遇到了困難，去年年底我們的情況有了很大改善。我們的渠道合作夥伴可能有點晚了才適應我們縮短的交貨時間。因此，我們在第二季度看到的是，他們開始調整訂購模式，以適應我們縮短的交貨時間。特別是在機械方面，它們已恢復正常。比如說，在 3 月 31 日，他們花了更長的時間來調整訂單。因此，他們正在燒毀之前訂購的一些工作。如您所知，我們主要是一家定制企業。渠道合作夥伴將根據他們認為製造商可以提供的產品[債務]進行訂購。因此，我們在第二季度確實遇到了您所看到的一些波動。

When you think of our business in general, I talked about this at the Investor Day. Expect for us to be a total company roughly 50-50 first half to back half. And as you look at our guide right now, you would say it's roughly 50-50 as a company. So I do think in the second quarter, we did see that channel partners are adjusting to our improvement operationally, which is great because we put a lot of effort to get back to operating at a high level. And then the second part of your question related to markets, I'll kind of let John answer that.

當你總體考慮我們的業務時，我在投資者日談到了這一點。預計我們公司上半年到下半年的員工總數約為 50-50 人。當您現在查看我們的指南時，您可能會說作為一家公司大約有 50-50 個。因此，我確實認為在第二季度，我們確實看到渠道合作夥伴正在調整我們的運營改進，這很好，因為我們付出了很多努力來恢復高水平運營。然後你的問題的第二部分與市場有關，我會讓約翰來回答。

Yes, Julian, thanks for the question. And we see some of those same things and that I think, when I look, if you disaggregate Americas nonres a little bit, the institutional segment in particular shows -- continues to flash signals of resilience, health care, education, even airports that probably are still in the benefiting phase from the infrastructure bill because airport terminal renewal was one of the funding principles there of that bill.

是的，朱利安，謝謝你的提問。我們看到了一些同樣的事情，我認為，當我看時，如果你稍微分解一下美洲的非經濟體，特別是機構部門，就會繼續閃現出韌性、醫療保健、教育、甚至機場的信號，這些信號可能是仍處於基礎設施法案的受益階段，因為機場航站樓更新是該法案的融資原則之一。

But the institutional segment continues to show good signals, positive signals. And as you know, that's where our business is a bit heavily weighed. Now that being said, are there pockets of weakness? Major metro, commercial office, I mean that's been soft for sure. That's no secret. But we're also late cycle. We're heavily weighted towards institutional, that segment seems pretty resilient. So in general, yes, we feel, again, that our exposure in nonres is quite stable. The end markets are stable there.

但機構部門繼續表現出良好的信號、積極的信號。如您所知，這就是我們的業務壓力較大的地方。話雖如此，是否存在弱點？主要的地鐵、商業辦公樓，我的意思是，這肯定是軟的。這不是什麼秘密。但我們的周期也較晚。我們非常重視機構，該細分市場似乎相當有彈性。所以總的來說，是的，我們再次感到，我們在非資源方面的暴露相當穩定。那裡的終端市場穩定。

That's helpful. And then just my follow-up, just to make sure we sort of calibrated properly within the second half. Clearly, seasonality is abnormal this year. Your revenues were down sequentially in Q2, which is unusual. And you talked in the prepared remarks about flatter seasonality this year. So should we assume that you have a much narrower sort of variability between the third and fourth quarter earnings as we look at that and maybe sort of sales and margins also not that different across the 2.

這很有幫助。然後是我的後續行動，只是為了確保我們在下半場進行適當的校準。顯然，今年的季節性不正常。你們的收入在第二季度連續下降，這是不尋常的。您在準備好的發言中談到了今年季節性的平淡。因此，我們是否應該假設第三季度和第四季度收益之間的變異性要小得多，也許兩者的銷售額和利潤率也沒有那麼不同。

Yes. Thanks for the question, Julian. Historically, you know us, we are -- we don't guide quarters. But if you think about our business, usually have a step down in Q4 versus Q3 in the Americas and it's reversed in international. If you think of the Americas this year, we would expect that to be more flatter than normal. So the way you're thinking about it, without giving numbers, is correct. You shouldn't see as big a drop off from Q3 to Q4 when you model this versus, let's say, historical norms.

是的。謝謝你的提問，朱利安。從歷史上看，你了解我們，我們不指導宿舍。但如果你考慮一下我們的業務，美洲地區的第四季度與第三季度相比通常會有所下降，而國際市場的情況則相反。如果你想想今年的美洲，我們預計會比往年更加平坦。因此，您在不提供數字的情況下思考這個問題的方式是正確的。當您根據歷史標准進行建模時，您不應該看到從第三季度到第四季度的大幅下降。

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 guess in terms of that last point and as we think about what's going on with channel partners and volume trends and the swing from 1Q to 2Q, as we think about the back half of the year and how you're thinking about channel inventory levels and given maybe not as much seasonality from 3Q to 4Q, is that based on sort of an expectation that at the end of the third quarter, these channel inventories are sort of roughly normalized? Or just any views on timing of when those channel inventories get to a more or less normal state?

我想就最後一點而言，當我們考慮渠道合作夥伴的情況和銷量趨勢以及從第一季度到第二季度的波動時，當我們考慮今年下半年以及您如何考慮渠道庫存水平時鑑於第三季度到第四季度的季節性可能不那麼明顯，這是否基於第三季度末這些渠道庫存大致正常化的預期？或者只是對這些渠道庫存何時達到大致正常狀態的時間有什麼看法？

Yes, [July], I think you would find -- and we find on our channel checks and customer visits a very wide range of answers there. I think our 2-step distribution partners, our wholesalers would have a different answer than some of the more traditional contract hardware distributors. And our integrated hardware distributors might have a bit different answer. I think in aggregate, we still hear comments like aftermarket activity is very strong, particularly in the nonres space.

是的，[7 月]，我想您會發現——我們在渠道檢查和客戶訪問中發現了非常廣泛的答案。我認為我們的兩步分銷合作夥伴、我們的批發商會比一些更傳統的合同硬件分銷商有不同的答案。我們的集成硬件經銷商可能會有不同的答案。我認為總的來說，我們仍然聽到諸如售後市場活動非常強勁之類的評論，特別是在非維修領域。

Again -- and then the leading macros would say the institutional segment is still pretty resilient. So we still see, I'd say, good levels of sell-through. And the inventory state of the business is going to be different within the channel. Overall, I think the best way to think about it is you just listen to what Mike said and think first half, second half, 50-50 is kind of the way we see 2023 working out.

再次，領先的宏觀經濟體會說機構部門仍然具有相當的彈性。所以我想說，我們仍然看到良好的銷售水平。渠道內企業的庫存狀態將會有所不同。總的來說，我認為最好的思考方式是聽聽邁克所說的，並認為上半場、下半場、50-50 就是我們看到 2023 年的方式。

And then on the Americas margin ex Access Tech at 31%, clearly a really strong margin level. I guess the -- just sort of framing that relative to some of the comments at the Investor Day and targets to grow margins, 50 to 100 bps kind of annually, is there anything about the mix that you're seeing or price cost dynamics that make kind of growing off of this space a little bit more challenging? Just kind of want to understand some of the strength behind that margin in the quarter.

然後在美洲，除 Access Tech 外的利潤率為 31%，顯然是一個非常強勁的利潤水平。我想，相對於投資者日的一些評論和每年 50 到 100 個基點的利潤率增長目標，您所看到的組合或價格成本動態是否有任何變化？讓這個空間的成長變得更具挑戰性？只是想了解本季度利潤率背後的一些實力。

Yes. So Joe, great question. As you know, obviously, the back half of the year won't have as much margin expansion year-over-year as first half, just because the back half of last year was pretty strong. And so as a result, we still expect to see margin expansion in the back half in total. But it won't be as strong as what you saw in the last 2 quarters just due to the prior year comp. If you think of last year, we started to really pick up operationally back half.

是的。喬，好問題。如您所知，顯然，今年下半年的利潤率同比增幅不會像上半年那麼大，因為去年下半年相當強勁。因此，我們仍然預計下半年利潤率總體會擴張。但由於去年的比較，它不會像你在過去兩個季度看到的那樣強勁。如果你想想去年，我們的運營開始真正回升。

Long term, on Investor Day, I talked about that 50 to 100 basis point improvement. That's part of our operating model, and we still believe on a long-term basis, we can deliver margin expansion in those levels. Quarter-to-quarter, it could change by a prior year comp. But think of the operating model where we're going to drive pricing productivity to offset and fund that inflation and investment, drive some expansion with that and the volume leverage. So in total, the operating model I talked about in length at Investor Day still holds, and we feel good about the progress we've made in our operational execution over the last 4 quarters.

從長期來看，在投資者日，我談到了 50 到 100 個基點的改善。這是我們運營模式的一部分，我們仍然相信從長遠來看，我們可以實現這些水平的利潤率擴張。按季度計算，上一年的比較可能會發生變化。但想想我們將提高定價效率的運營模式，以抵消和資助通貨膨脹和投資，並以此和數量槓桿推動一定的擴張。因此，總的來說，我在投資者日詳細討論的運營模式仍然有效，我們對過去 4 個季度在運營執行方面取得的進展感到滿意。

The next question comes from Joe Ritchie with Goldman Sachs.

下一個問題來自高盛的喬·里奇。

John, congrats on the 1-year anniversary.

約翰，祝賀一周年紀念日。

Thank you, my friend.

謝謝，我的朋友。

Yes. So maybe let's just start on pricing. Obviously, very strong this quarter. Americas was, what, 10% and you had international pricing that actually accelerated in 2Q. Maybe just tell us a little bit about what do you expect as we progress through the year and whether you're putting additional pricing actions in either regions?

是的。那麼也許讓我們從定價開始吧。顯然，本季度非常強勁。美洲是 10%，而國際定價實際上在第二季度加速了。也許只是告訴我們一些您對今年進展的期望，以及您是否會在這兩個地區採取額外的定價行動？

Yes, Joe, we've talked about this in the past. We fell behind starting in the back half of '21, and we put efforts into catch up to that inflation dynamic that we struggled within and years passed. I feel like we did a pretty good job and have caught up now. The last pricing actions we put in, in our nonres business were earlier this year, as we discussed in previous earnings calls. So you should think about back half pricing, you will see it step down in the realization percentage only because the prior year comps started to accelerate last year.

是的，喬，我們過去討論過這個問題。我們從 21 世紀下半年開始就落後了，但我們努力追趕我們在過去幾年中苦苦掙扎的通貨膨脹動態。我覺得我們做得很好，現在已經迎頭趕上了。正如我們在之前的財報電話會議中所討論的那樣，我們在非雷斯業務中採取的最後一次定價行動是在今年早些時候。因此，您應該考慮後半定價，您會看到它的實現百分比下降，只是因為去年的比較去年開始加速。

So if you take a look at last year Q2 to Q3 to Q4, you get an idea of what happened, then you can model the price realization this year on knowing that the pricing actions have been put in the marketplace. I think it's important to note, we drive pricing actions to kind of recover that inflationary pressures, coupled with productivity and investments. So that's where -- for item dynamic I've talked about over the last year, that still holds. But you will see a step down in the realization percentage due to the prior year comparable.

因此，如果您查看去年第二季度到第三季度到第四季度，您就會了解發生了什麼，然後您可以根據已在市場上採取的定價行動對今年的價格實現進行建模。我認為值得注意的是，我們推動定價行動是為了恢復通脹壓力以及生產力和投資。這就是我去年談到的項目動態，這一點仍然成立。但您會看到由於上一年的可比性，實現百分比有所下降。

Got it. That's helpful, Mike. And my follow-on, since you referenced that equation, that price and productivity net of inflation and investments is the strongest, I think, we've seen in really many years. And so can you maybe just break down a little bit what you're seeing on the productivity versus the investment side? And again, how that's expected, the cadence for that going forward through the remainder of the year?

知道了。這很有幫助，邁克。我的後續內容，既然你提到了這個方程式，我認為扣除通貨膨脹和投資的價格和生產率是我們多年來所見過的最強勁的。那麼您能否稍微分解一下您在生產力和投資方面所看到的情況？再說一次，預計今年剩餘時間的節奏如何？

Yes, Joe, I really don't want to give individual numbers, but I will say you are seeing an improvement in our productivity and in our efficiency, right? So as we -- our supply chains normalized and we operate at a higher level, we are driving a higher level of productivity than what you saw in '22, '21. And so we're really excited about the momentum we have in productivity. We expect that to continue as an organization. And we do expect to continue to invest in our business to drive that top line growth, thinking about the great opportunity that electronics and software provides us. So we'll continue to invest in the business. But what you saw this quarter, you do have better operational efficiency and productivity as that has been a focus for us.

是的，喬，我真的不想提供具體數字，但我會說您看到我們的生產力和效率有所提高，對嗎？因此，當我們的供應鏈正常化並且我們的運營水平更高時，我們正在推動比您在 22 年、21 年看到的更高水平的生產力。因此，我們對生產力方面的勢頭感到非常興奮。我們希望作為一個組織能夠繼續下去。考慮到電子和軟件為我們提供的巨大機會，我們確實希望繼續投資於我們的業務，以推動營收增長。因此，我們將繼續投資該業務。但從本季度的情況來看，您確實擁有更好的運營效率和生產力，因為這一直是我們關注的焦點。

Absolutely.

絕對地。

But that -- just to be clear, that equation is expected to remain like pretty strongly positive in the back half of the year, correct?

但需要明確的是，預計該方程在今年下半年將保持相當強勁的正值，對嗎？

Yes. I don't want to forecast or guide that dynamic. Just make sure you get the margin rate right as you look at our EPS guide and revenue. I kind of gave you the pricing as well so you can back into the -- all the dynamics you need for your model. But expect to see margin expansion in the back half. And then as you look at quarters, just be cognizant of our Q3, Q4 comparables of last year as well.

是的。我不想預測或引導這種動態。只要確保您在查看我們的每股收益指南和收入時獲得正確的保證金率即可。我也給了你定價，這樣你就可以回到模型所需的所有動態。但預計下半年利潤率將會擴大。然後，當您查看季度時，請注意我們去年第三季度、第四季度的可比數據。

The next question comes from Josh Pokrzywinski with Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Pokrzywinski。

Just want to tease out if we can some of the supply versus demand signals on the mechanical side. I think we've heard elsewhere in terms of lead time normalizations and destocking. I guess those could be 2 separate things, the same concept. But any indicators that you're getting from distributors or maybe specifying architects on demand signals or sell-through in June? Maybe just to kind of match up that supply versus demand dynamic a bit better?

只是想弄清楚我們是否可以得到機械方面的一些供需信號。我想我們已經在其他地方聽到過關於交貨時間正常化和去庫存的消息。我想這可能是兩個不同的東西，同一個概念。但是您從分銷商那裡得到的任何指標，或者可能指定建築師的需求信號或 6 月份的銷售情況？也許只是為了更好地匹配供需動態？

Yes. Josh, we'll segment this down a little bit. So I think when you look at mechanical products broadly, as we indicated in the comments, residential, mechanical for us is indeed soft, offset by very strong electronics performance. In the nonres side, I think that dynamic -- again, you can imagine if for the last 8, 9, 10 months, you're placing your orders and you're not getting delivery for 15, 20 weeks and then suddenly you're getting delivery in 2 to 4 weeks, it takes a little bit to work through that.

是的。喬什，我們將其細分一下。所以我認為，當你廣泛地看待機械產品時，正如我們在評論中指出的那樣，住宅機械對我們來說確實很軟，被非常強大的電子性能所抵消。在非響應方面，我認為這種動態 - 再說一次，你可以想像一下，如果在過去 8、9、10 個月裡，你下了訂單，但 15、20 週都沒有收到貨，然後突然你“ 2 到 4 週內就能收到貨，需要一點時間才能完成。

I think on a channel checks have anecdotally indicated things to us like when you look across the Americas, places like the Midwest, South, Southeast, really, really strong. If you go to some major metro areas that are probably a bit heavy commercial office, they're pretty light. So it's pockets of strength, pockets of weakness on balance. We still see good sell-through. We still see that the nonres market is stable, primarily supported by the institutional segment.

我認為在頻道上的檢查已經向我們表明了一些事情，比如當你縱觀整個美洲，像中西部、南部、東南部這樣的地方，真的非常非常強大。如果你去一些主要的都市區，那裡的商業辦公樓可能有點密集，但它們的面積卻相當輕。所以總的來說，這是強項和弱項。我們仍然看到良好的銷售情況。我們仍然認為非可再生能源市場穩定，主要受到機構部門的支持。

Super helpful. And then just to pick up some comments that you made, and I guess, congrats on the quick delevering post Access Technologies. I think at the Analyst Day, a lot more focus on growth and inorganic growth was a piece of that. How would you characterize the pipeline right now and what you guys are seeing out there, especially with now higher interest rates and maybe some less PE competition?

超級有幫助。然後，我想回顧一下您發表的一些評論，我想，祝賀您在訪問技術帖子中的快速去槓桿化。我認為在分析師日，更多地關注增長和無機增長是其中的一部分。您如何描述現在的管道以及你們所看到的情況，特別是現在利率更高，而且私募股權競爭可能更少？

Yes. I'd say short of talking about any specific targets or anything, I would feel very good about the top of our funnel in terms of looking for acquisition targets. I think, again, think of us as a pure-play provider of security and access solutions. We talked a lot about the importance of electronics, the importance of controlling software, really driven by the increasing use of smartphone wallets and mobile credentials. That, as a macro tailwind, really propelling and giving new uses for smart hardware, electronic access control solutions.

是的。我想說的是，除了談論任何具體目標或其他任何事情，我對尋找收購目標方面的漏斗頂部感覺非常好。我再次認為，將我們視為安全和訪問解決方案的純粹提供商。我們談論了很多電子產品的重要性，控制軟件的重要性，這實際上是由智能手機錢包和移動憑證的日益使用所推動的。作為宏觀順風，真正推動並賦予智能硬件、電子訪問控制解決方案新用途。

We feel, again, as an industry, that's still -- all the signals we can find, that's still high single-digit growth that we can tend to outperform by a point or 2 and get a leasing performance in the low double-digit range. And certainly, acquisitions plays a part in that. And I think as we've said now, you can look for us to be acquisitive, you can look and expect us to also be a disciplined buyer. But we do see acquisitions playing a key role in our overall growth strategy.

我們再次感到，作為一個行業，我們能找到的所有信號仍然是高單位數增長，我們往往可以超越一兩個點，並獲得低兩位數範圍內的租賃業績。當然，收購在其中發揮了一定作用。我認為正如我們現在所說的，你可以認為我們是一個收購者，你可以期待我們也是一個有紀律的買家。但我們確實看到收購在我們的整體增長戰略中發揮著關鍵作用。

The next question comes from Andrew Obin with Bank of America.

下一個問題來自美國銀行的安德魯·奧賓。

Just a question on international market volumes. You highlighted portable security weakness, but it seems like underlying volumes got sequentially a little bit better. Can you just -- I know that it's a fairly diverse group of countries, but can you just highlight dynamic maybe by region, Italy, Spain, I don't know, France, Central Europe, Korea, Australia, just any granularity on what's happening there?

只是關於國際市場量的問題。您強調了便攜式安全弱點，但基礎卷似乎逐漸好一些。我知道這是一個相當多元化的國家集團，但您能否強調一下按地區劃分的動態，意大利、西班牙，我不知道，法國、中歐、韓國、澳大利亞，只是任何具體的粒度發生在那裡？

Yes. I'll take a little bit different angle and hope it still answers your question, Andrew, but it's a good one...

是的。我會採取一點不同​​的角度，希望它仍然能回答你的問題，安德魯，但這是一個很好的......

Of course.

當然。

So I'd say the portable security business, without a doubt, volume drag. No doubt about it. As Mike mentioned in the prepared comments, the post-COVID demand spike that you saw in that space was quite dramatic. We do expect that market is going to normalize as you get into 2024 and '25. But I'd say -- and we're not alone and seeing this or commenting on it, but residential in general in Europe is rather weak. And that's, by and large, a mechanical business. So those volumes are under pressure. There's no doubt.

所以我想說，毫無疑問，便攜式安全業務會拖累銷量。毫無疑問。正如邁克在準備好的評論中提到的那樣，您在該領域看到的新冠疫情后的需求激增非常引人注目。我們確實預計，隨著 2024 年和 25 年的到來，市場將會正常化。但我想說——我們並不孤單地看到這一點或對此發表評論，但歐洲的住宅總體而言相當薄弱。總的來說，這是一個機械行業。因此，這些數量面臨壓力。毫無疑問。

Our electronics and software solutions would still be in probably the low double to mid-teens organic growth. So we feel really good there, which is, again, more in the commercial side of our business, the nonres side of our business. APAC, for us, we do have some China exposure. It's not a lot, but there's no doubt, China is under a lot of pressure. And so our relatively small but profitable business there is certainly lower, relatively speaking. Australia and New Zealand, pretty steady, pretty stable, kind of falling in line with what you see in the Americas. Just stable end markets. Our teams are performing well there.

我們的電子產品和軟件解決方案仍可能處於較低的兩倍至十幾歲的有機增長水平。所以我們在那裡感覺非常好，這更多的是我們業務的商業方面，我們業務的非雷斯方面。對於我們來說，亞太地區確實有一些中國業務。雖然不是很多，但毫無疑問，中國面臨著很大的壓力。因此，相對而言，我們相對較小但利潤豐厚的業務肯定較低。澳大利亞和新西蘭，非常穩定，非常穩定，有點與你在美洲看到的情況一致。只是穩定終端市場。我們的團隊在那裡表現良好。

Okay. And just maybe a follow-up question related to institutional, A, if you could sort of differentiate between what's happening in hospitals and schools because it seems the dynamic is somewhat different; and B, a more interesting question, and you guys turned me on to this years ago. But if you look at muni bond issuance and tax receipts, what's your latest read on the environment going to second half and '24? Because I know you guys have an educated view there.

好的。也許是與機構相關的後續問題，A，您是否可以區分醫院和學校發生的事情，因為動態似乎有所不同； B，一個更有趣的問題，你們幾年前就讓我開始關注這個問題。但如果你看看市政債券發行和稅收收入，你對下半年和 24 年環境的最新看法是什麼？因為我知道你們有受過教育的觀點。

You're very kind in your comments, Andrew. I'd say, looking at the institutional segment, you don't see quite the amplitude of volatility that you might see in other parts of the commercial business. It's a little bit steadier, it's a little bit more stable. That is the segment that we perform very well in. That's a segment where codes, compliance, safety standards for your building really matter. And that's where Allegion differentiates and I think really excels.

你的評論非常友善，安德魯。我想說的是，看看機構部門，你看不到商業業務其他部分可能看到的波動幅度。稍微穩定一點，穩定一點。這是我們表現非常出色的領域。在這個領域，您的建築的規範、合規性和安全標準非常重要。這就是 Allegion 的與眾不同之處，我認為它確實非常出色。

Health care has been pretty resilient. Education has been pretty resilient, and that's both higher ed and K-12. School safety is always important. Allegion has for a long time been a very proud and vocal advocate for proper standards, proper codes and compliance. We've increased our human resources, human capital in that space and continue to be, I think, a very positive participant in the industry for school safety there.

醫療保健一直相當有彈性。教育一直相當有彈性，包括高等教育和 K-12。學校安全始終很重要。長期以來，Allegion 一直是正確標準、正確準則和合規性的非常自豪且直言不諱的倡導者。我們增加了該領域的人力資源和人力資本，並且我認為我們將繼續成為該領域學校安全行業的非常積極的參與者。

When we look at things to the second half of your question, like muni bonds and state tax revenues, the picture is actually pretty stable, pretty favorable. I'd say state tax revenues look to be relatively high unlike what you saw back in the '08, '09 crash. The environment is a little different this year. Maybe some COVID stimulus, maybe just good economic growth, very low unemployment, et cetera. The tax revenues at the state level seems to be pretty good from the data that we see. Bond issuance in '21 and '22 was very high. And obviously, it has taken a bit of a dip here, but seems to be sequentially recovering somewhat.

當我們看你問題的後半部分時，比如市政債券和國家稅收收入，情況實際上相當穩定，非常有利。我想說的是，州稅收收入看起來相對較高，與您在 08 年、09 年經濟崩潰時看到的情況不同。今年的環境有點不同。也許是一些新冠刺激措施，也許只是良好的經濟增長、非常低的失業率等等。從我們看到的數據來看，州一級的稅收收入似乎相當不錯。 21 年和 22 年的債券發行量非常高。顯然，它在這裡有所下降，但似乎正在逐漸恢復。

Then also, remember, Andrew, Allegion is a late cycle. So from bond issuance to budget development to projects being firmed up to shovel in the dirt, so to speak, to finally doors and door hardware going on, that can take some time. And so I think, in general, looking at bond issuance over the long term, drawing a trend line there, you can kind of understand why that segment we see is particularly stable. And yes, so I'd say, again, flashing signals of resilience in the institutional segment would be the way we'd see it.

然後，安德魯，請記住，Allegion 是一個晚期週期。因此，從債券發行到預算制定，再到項目的鞏固和鏟土，可以說，到最終門和門五金件的安裝，這可能需要一些時間。所以我認為，總的來說，從長期來看債券發行，在那裡畫一條趨勢線，你可以理解為什麼我們看到的這個部分特別穩定。是的，所以我想說，機構部門閃爍的彈性信號將是我們看到的方式。

The next question comes from Ryan Merkel with William Blair.

下一個問題來自瑞安·默克爾和威廉·布萊爾。

Two questions for me. Any way to quantify the impact of the order pattern adjustment for mechanical for the full year? And then on electronics, when do you see the lead times normalizing there? And could we see a similar order pattern adjustment at some point there?

有兩個問題問我。有什麼辦法可以量化全年機械訂單格局調整的影響？然後在電子產品方面，您什麼時候會看到交貨時間正常化？我們是否會在某個時候看到類似的訂單模式調整？

Yes. So I'll talk about the first one. If you think about our business, Ryan, I keep on talking about that roughly 50-50 first half to back half, we -- so if you think about it for the full year guide, that will be completed by the end of the year. So it really won't have an impact on full year, but you could see a flatter quarter-to-quarter variance like we talked about earlier in the call. So for a full year, it's really not applicable. But when you think about quarterly timing, it does result in a little more smoothing quarter-to-quarter over the last 3 than you would normally expect. And then remind me again, your second question?

是的。那麼我就談談第一個。如果你考慮我們的業務，Ryan，我一直在談論大約 50-50 上半年到下半年，我們 - 所以如果你考慮全年指南，這將在年底完成。因此，這確實不會對全年產生影響，但您可能會看到季度與季度之間的差異更加平坦，就像我們在電話會議之前討論的那樣。所以一整年，確實不適用。但是，當您考慮季度時間時，它確實會導致過去 3 個季度之間的平滑程度比您通常預期的要稍微平滑一些。然後再次提醒我，你的第二個問題？

Electronics.

電子產品。

Yes, electronics.

是的，電子產品。

Yes, the electronics, should we expect to see a similar ordering pattern adjustment and lead time, et cetera? Lead times have been coming down. I'd say that is the portion of our business where lead times are still a little bit extended, certainly down for the peaks that we saw in the middle of last year, but maybe not yet back to normal but have been on a pretty good glide path getting back to a more normal, say, 4- to 6-week kind of lead time for those products.

是的，在電子產品方面，我們是否應該期望看到類似的訂購模式調整和交貨時間等？交貨時間一直在縮短。我想說的是，這是我們業務的一部分，交貨時間仍然有點延長，肯定比我們去年年中看到的峰值有所下降，但可能尚未恢復正常，但一直處於相當好的狀態。這些產品的交貨時間將恢復到更正常的水平，例如 4 到 6 週。

And backlogs are still a little bit elevated there. Demand is still strong. If you see the -- our Investor Day material talking about the non-res mechanical segment being a low single-digit growth industry, the electronics portion would be high single-digit growth. So I think that's the main thing, as we see that as the key growth driver. So will that same dynamic pop up on the channel? It certainly could. Yet to be seen. And I think as we all get a little bit smarter here, having gone through there is quite volatile and dynamic times of the supply chain, maybe with good work, we can mitigate it, but yet to be seen. I guess I don't have a real good detailed forecast for you there, but we'll be watching out for it.

那裡的積壓仍然有點多。需求依然強勁。如果您看到我們的投資者日材料談到非資源機械領域是一個低個位數增長的行業，那麼電子部分將是高個位數增長的行業。所以我認為這是最重要的，因為我們認為這是關鍵的增長動力。那麼頻道上也會出現同樣的動態嗎？當然可以。還有待觀察。我認為，隨著我們都變得更加聰明，經歷了供應鏈相當不穩定和動態的時期，也許通過良好的工作，我們可以減輕它，但還有待觀察。我想我沒有為您提供真正詳細的預測，但我們會密切關注。

Yes. And just to add, Ryan, just remember, that electronics, we talked about it extensively at Investor Day about what a real strong long-term growth driver that is for us. So demand there, as John mentioned, is still really strong. So as you think about that business moving forward, that electronics business should be a double-digit growth long-term driver for us. So this is not a couple quarters of growth. This is a long-term growth opportunity for us.

是的。補充一點，瑞安，請記住，電子產品，我們在投資者日廣泛討論了它對我們來說是一個真正強大的長期增長動力。因此，正如約翰提到的，那裡的需求仍然非常強勁。因此，當你考慮該業務的發展時，電子業務應該成為我們兩位數增長的長期驅動力。所以這不是幾個季度的增長。這對我們來說是一個長期增長的機會。

The next question comes from David MacGregor with Longbow Research.

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

I just wanted to maybe build off Ryan's question on the electronics. And obviously, 40% number is a huge number. There's a lot of backlog clearance going on there. Can you -- and you talked about kind of the, Mike, about the high single-digit growth that's underlying that. Is there any way to sort of trifurcate that down between institutional, commercial and residential and just give us a better feel for what the second half of this year demand in electronics is likely to look like by sort of that framework?

我只是想也許能進一步解答瑞安關於電子產品的問題。顯然，40%的數字是一個巨大的數字。那裡有大量積壓的訂單正在清理中。你能——邁克，你談到了其背後的高個位數增長。有沒有什麼方法可以將機構、商業和住宅三部分分開，讓我們更好地了解今年下半年電子產品的需求可能會是什麼樣子？

Yes. What you'll see, David, a couple of dynamics in the second quarter. And I talked about it earlier in the prepared remarks. Admittedly, Q2 last year was a little weaker. So you do have some growth here due to a weaker previous year. But still, this is now 4 quarters in a row, really strong growth in electronics. We saw strength in both electronics growth in resi as well as nonres. So both were strong in the quarter. And as we look forward to the end of the year, the back half, we expect to see good growth in electronics. The one thing I'll remind you is the comps in the back half of last year get much tougher, particularly in electronics, right? So if you remember last year, we threw some pretty robust numbers up in the back half. So just make sure you take that into consideration when you model your electronics. But overall, I still expect to have some good growth this year and beyond this year on electronics in both res and nonres.

是的。大衛，你會看到第二季度的一些動態。我之前在準備好的發言中談到過這一點。不可否認，去年第二季度的情況有些疲軟。因此，由於上一年的疲軟，這裡確實有一些增長。但電子產品領域目前已連續四個季度實現強勁增長。我們看到了樹脂和非樹脂電子產品增長的強勁勢頭。因此，兩者在本季度都表現強勁。當我們展望今年下半年時，我們預計電子產品將出現良好增長。我要提醒您的一件事是去年下半年的比賽變得更加艱難，特別是在電子領域，對嗎？因此，如果您還記得去年，我們在後半段提出了一些相當強勁的數字。因此，請確保在為電子產品建模時考慮到這一點。但總體而言，我仍然預計今年及以後電子產品在可解析和非可解析方面都會有良好的增長。

Okay. And then secondly, just a question on Access Technologies. And I wonder if you could just talk about the extent to which you've been successful in building out the recurring service revenues in the first year of ownership. And maybe just also remind us on the scale of the international business for AT and your growth with that business over the first year.

好的。其次，只是一個關於接入技術的問題。我想知道您是否可以談談您在擁有的第一年在多大程度上成功地建立了經常性服務收入。也許還提醒我們 AT 國際業務的規模以及您在第一年的業務增長。

Yes. Really good question, David, and we're always thrilled to talk about Access Technologies. It's been a great add to the Allegion portfolio. I'd say the service side of the business has historically been about 40% of the total. It has also historically grown around the low double-digit rate, high single, low double-digit rate. And so we feel really good about that. We see lots of future opportunities and potential there as our overall, our total Allegion service capabilities continue to expand and grow. Then I'd say in terms of an international presence with Access Technologies, it's quite small. So it's not zero but it's quite small. This is mainly in Americas business and where we really focus the investments for new product development and just really staying close to those customer requirements.

是的。大衛，這是一個非常好的問題，我們總是很高興談論接入技術。它是 Allegion 產品組合的重要補充。我想說，服務方面的業務歷來佔總業務的 40% 左右。從歷史上看，它也圍繞低兩位數增長率、高個位數增長率、低兩位數增長率增長。所以我們對此感覺非常好。隨著我們整體 Allegion 服務能力的不斷擴大和增長，我們看到了未來的大量機遇和潛力。然後我想說，就 Access Technologies 的國際影響力而言，它的規模相當小。所以它不是零，但相當小。這主要是在美洲業務，我們真正專注於新產品開發的投資，並真正貼近這些客戶的要求。

Are you focused on putting more feet on the street and building the service offering in that sense? Or maybe just talk about how you're investing in that business?

您是否專注於在街上投入更多精力並建立這種意義上的服務產品？或者只是談談您如何投資該業務？

Yes. So I think certainly it's a human capital-intensive business, right? These are very highly qualified, very highly trained, very professional service technicians that go out and do this work. I'd say it's a lot of things. We've got to put better productivity tools in their hands, better diagnostic tools in their hands. We're working on a variety of technology there, and then as we work together with certain channel partners as well, making sure we've got the right coverage and the right people to take care of those customers. So the human element is important, absolutely. Technology is also important there.

是的。所以我認為這肯定是一個人力資本密集型行業，對吧？這些都是非常合格、訓練有素、非常專業的服務技術人員，他們出去從事這項工作。我想說的是很多事情。我們必須為他們提供更好的生產力工具、更好的診斷工具。我們正在那裡開發各種技術，然後我們也與某些渠道合作夥伴合作，確保我們擁有正確的覆蓋範圍和合適的人員來照顧這些客戶。因此，人為因素絕對重要。技術在那裡也很重要。

Are you able to find those people? I mean, I'm just wondering how much of a struggle it is to identify and recruit and retain those people.

你能找到那些人嗎？我的意思是，我只是想知道識別、招募和留住這些人有多麼困難。

Okay. So 3 follow-ons. All right. Yes, I'd say obviously...

好的。所以有3個後續。好的。是的，我會說顯然...

You said you'd like to talk about Access Technologies.

您說您想談談接入技術。

Yes, yes. Don't take advantage of me, come on. Well, these -- again, these people are hard to find. I won't sugarcoat it. These are very highly skilled, very professional technicians. But we put a lot of investment into training and support as well. And so we have to be very choosy because these technicians are the ones keeping our customers up and running. So it's not just hire as many as you can, it's hire the best, and that's what we focus on doing.

是的是的。別想占我便宜，來吧。好吧，這些人——再說一次，這些人很難找到。我不會粉飾它。這些都是技術非常高超、非常專業的技術人員。但我們也在培訓和支持方面投入了大量資金。因此，我們必須非常挑剔，因為這些技術人員是讓我們的客戶保持正常運行的人。因此，我們不僅要雇用盡可能多的人，還要雇用最好的人，這就是我們專注於做的事情。

The next question comes from Brett Linzey with Mizuho America.

下一個問題來自 Mizuho America 的 Brett Linzey。

Just a question on electronics versus mechanical. I know historically, you've said that margin profile is similar. But curious, as you get more scale in that category and considering all the redesigns and the reengineering you did last year, is there headroom for the e-lock gross margin to move higher over time?

只是一個關於電子與機械的問題。我知道，從歷史上看，您曾說過保證金狀況是相似的。但好奇的是，隨著您在該類別中獲得更大的規模，並考慮到去年所做的所有重新設計和重新設計，電子鎖的毛利率是否有隨著時間的推移而提高的空間？

Brett, we think about gross margins for the organization moving higher over time as we drive the price productivity in excess of the inflation and investments and we leverage volume growth. So I don't think it's just in electronics. I think as an organization, we're going to drive margin expansion. With respect to electronics, I would say they're roughly similar percentages. But with a higher selling price, electronics will give us a little more dollars per every unit of sale. That's a dynamic we've talked about in the past. So it's great when we get upsell to an electronic device, and it's something we're focused to drive long term.

布雷特，我們認為隨著時間的推移，隨著我們推動價格生產率超過通貨膨脹和投資，並且我們利用銷量增長，該組織的毛利率會上升。所以我認為這不僅僅是在電子領域。我認為作為一個組織，我們將推動利潤率擴張。就電子產品而言，我想說它們的百分比大致相似。但由於售價較高，電子產品每銷售一單位就能給我們帶來更多的美元。這是我們過去討論過的動態。因此，當我們對電子設備進行追加銷售時，這是很棒的，而且這是我們長期致力於推動的事情。

Great. And then just on the international side, clearly volumes continue to be weak but margin is pretty solid in the quarter on price and productivity. Assuming the volume environment remains soft, do you think Tim and team can defend operating margins in that low double-digit range? Just curious what the sensitivity might be on the upside of the downside.

偉大的。然後就國際方面而言，顯然銷量繼續疲弱，但本季度的價格和生產率利潤率相當穩定。假設銷量環境仍然疲軟，您認為蒂姆和團隊能否將營業利潤率維持在兩位數的低水平？只是好奇，上行和下行的敏感性可能是什麼。

Yes. I appreciate the question because we were really proud of what the International team put up in 2Q. Flat revenues roughly and still driving margin expansion. To your point, price productivity net of inflation and investments is a positive dynamic for that group. I'd say like previous quarters, at least the International business is on a much more firm foundation as a business, and we're continuing to find improvement opportunities. So Tim and the team are performing very, very well. We're proud of what they're accomplishing. And I think we're making good progress against the goals that we've got set out for international. I appreciate you calling that out.

是的。我很欣賞這個問題，因為我們對國際團隊在第二季度的表現感到非常自豪。收入大致持平，但仍在推動利潤率擴張。就您而言，扣除通貨膨脹和投資後的價格生產率對該群體來說是一個積極的動力。我想說，與前幾個季度一樣，至少國際業務的業務基礎更加牢固，而且我們正在繼續尋找改進機會。所以蒂姆和團隊的表現非常非常好。我們為他們所取得的成就感到自豪。我認為我們在實現國際賽事目標方面取得了良好進展。我很感激你這麼說。

This concludes our question-and-answer session. 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。我想將會議轉回總裁兼首席執行官約翰·斯通 (John Stone) 發表閉幕詞。

Thanks very much, and thanks, everyone, for a really great Q&A. And just to really quickly wrap up the main themes you heard today. Electronics continues to be a strong growth engine for us, and we believe we're in the early innings of adoption there within the industry. The driver here is the flexibility and added layers of security that are available when you adopt smart hardware and mobile credentials. Our end markets are stable. And while we saw a softening in volumes this quarter as customers adjusted to our improved lead times, indication from our channels show steady demand, stable end markets.

非常感謝，也感謝大家的精彩問答。快速總結一下您今天聽到的主題。電子產品仍然是我們強大的增長引擎，我們相信我們正處於行業內採用的早期階段。這裡的驅動因素是採用智能硬件和移動憑證時可用的靈活性和附加的安全層。我們的終端市場穩定。儘管隨著客戶適應我們改進的交貨時間，本季度銷量有所疲軟，但我們渠道的跡象顯示需求穩定，終端市場穩定。

The Allegion team continues to deliver outstanding operational performance. Our team is controlling the things they can control, and they're executing very well in my opinion. This is marked by strong margin expansion and increased cash flow. With this, we're confident in our performance for the remainder of the year and raising our full year EPS outlook as a result.

Allegion 團隊繼續提供出色的運營績效。我們的團隊正在控制他們可以控制的事情，而且在我看來他們執行得非常好。其特點是利潤率強勁擴張和現金流增加。因此，我們對今年剩餘時間的業績充滿信心，並因此提高了全年每股收益預期。

Thanks very much. Have a nice day.

非常感謝。祝你今天過得愉快。

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。