安朗杰 (ALLE) 2024 Q2 法說會逐字稿

Good morning, and welcome to the Allegion's second quarter 2024 earnings call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Josh Pokrzywinski, Vice President of Investor Relations. Please go ahead.

早安，歡迎參加 Allegion 2024 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。我現在想將會議交給投資者關係副總裁 Josh Pokrzywinski。請繼續。

Thank you, Jason. Good morning, everyone. Thank you for joining us for Allegion's second quarter 2024 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，傑森。大家，早安。感謝您參加 Allegion 2024 年第二季財報電話會議。今天與我在一起的有總裁兼執行長約翰‧史東 (John Stone)；和 Allegion 資深副總裁兼財務長 Mike Wagnes。

Our earnings release, which was issued earlier this morning and the presentation 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. Please go to slide 2.

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簡報可在我們的網站 Investor.allegion.com 上取得。此通話將被記錄並存檔在我們的網站上。請轉到投影片 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.

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，以了解可能導致實際結果與我們的預測有重大差異的一些因素的描述。

The company assumes no obligation to update these forward-looking statements. 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.

該公司不承擔更新這些前瞻性陳述的義務。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整表。

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

請前往投影片 3，我會將電話轉給約翰。

Thanks, Josh. Good morning, everybody. Thanks for joining today. I can sum up this call and this quarter with four words: stable markets, strong execution. And that strong execution was by the entire Allegion team and our distribution channel partners. That's the team that drove these record Q2 results. I'll briefly walk through some of the highlights for our quarter and updated full year outlook, and then we'll share more on each of these later in the presentation.

謝謝，喬許。大家早安。感謝您今天加入。我可以用四個字來總結這次電話會議和本季：穩定的市場、強勁的執行力。這種強大的執行力來自於整個 Allegion 團隊和我們的通路合作夥伴。這就是推動第二季業績創紀錄的團隊。我將簡要介紹本季度的一些亮點和更新的全年展望，然後我們將在簡報的後面部分分享更多內容。

Allegion Q2 revenue growth and margin expansion demonstrates the resilience of our business model. We see stability in demand given our broad market exposure and specification expertise. Our team continues to see strength in areas like institutional markets and data centers, further helped by our own investments in electronics and new product development. And as expected, we saw a return to volume growth and a seasonal bump in the quarter sequentially over Q1.

Allegion 第二季營收成長和利潤率擴張證明了我們業務模式的彈性。鑑於我們廣泛的市場知名度和規格專業知識，我們看到需求的穩定性。我們的團隊繼續在機構市場和資料中心等領域看到實力，這進一步得益於我們自己在電子產品和新產品開發方面的投資。正如預期的那樣，我們看到本季銷售恢復成長，並且比第一季連續出現季節性成長。

We are accelerating capital deployment. We're returning cash to shareholders and investing in accretive acquisitions. We've announced four acquisitions already this year with Krieger Specialty Products and Unicel Architectural in Q2.

我們正在加快資本佈局。我們正在向股東返還現金並投資於增值收購。今年第二季度，我們已經宣布了 Krieger Specialty Products 和 Unicel Architectural 的四次收購。

Overall, heading into the second half, we're executing at a high level. We're raising our full year guidance for reported revenue and adjusted earnings per share, and we're affirming our available cash flow outlook. I am very proud of how the Allegion team is living our values, while driving results for our customers and our shareholders. Please go to slide 4.

整體而言，進入下半年，我們的執行程度很高。我們正在提高對報告收入和調整後每股收益的全年指導，並確認我們的可用現金流前景。我對 Allegion 團隊如何實踐我們的價值觀、同時為我們的客戶和股東帶來成果感到非常自豪。請轉到投影片 4。

Allegion continues to pursue balanced, consistent capital allocation for the benefit of shareholders and to take advantage of the strong cash generation this business drives. We are investing for organic growth. In April, we introduced three new lines of Schlage indication solutions, a best-in-class lock portfolio with trims that allow users to more easily see the status of a door.

Allegion 繼續追求平衡、一致的資本配置，以造福股東，並利用該業務帶來的強勁現金產生。我們正在投資於有機成長。四月份，我們推出了三個新系列的 Schlage 指示解決方案，這是一流的鎖具產品組合，其裝飾使用戶可以更輕鬆地查看門的狀態。

Developed specifically with K-12 schools and higher education security needs in mind, our new locks have some of the largest indication windows on the market and differentiated 180-degree views. They offer unparalleled functionality and durability for grade 1 fire-rated applications in addition to tamper resistance and color blind friendly backgrounds.

我們的新鎖專為 K-12 學校和高等教育安全需求而開發，擁有市場上最大的指示窗口和獨特的 180 度視角。除了防篡改和色盲友善背景之外，它們還為 1 級防火應用提供無與倫比的功能和耐用性。

Combined, these features allow for quick confirmation that doors are secured, providing teachers and administrators peace of mind and time, their most valuable resource when it matters most when every second counts.

這些功能結合在一起，可以快速確認門是否安全，讓教師和管理人員安心並節省時間，這是他們在分秒必爭的關鍵時刻最寶貴的資源。

Allegion continues to be a dividend-paying stock. For the quarter, this amounted to approximately $42 million in cash returned to shareholders. We closed two bolt-on acquisitions in our Americas region in Q2, Krieger Specialty Products and Unicel Architectural.

Allegion 仍然是一檔派息股票。本季向股東返還的現金約為 4,200 萬美元。第二季度，我們在美洲地區完成了兩項補強收購：Krieger Specialty Products 和 Unicel Architectural。

Krieger is a leading specialty door manufacturer with expertise in highly engineered, acoustical, high-security, thermal and radio frequency applications. Krieger products complement our hollow metal portfolio and are used in a wide range of facilities, including government agencies, data centers, concert halls and healthcare.

Krieger 是一家領先的特殊門製造商，在高度工程化、隔音、高安全性、熱學和射頻應用方面擁有專業知識。 Krieger 產品補充了我們的空心金屬產品組合，並廣泛用於各種設施，包括政府機構、資料中心、音樂廳和醫療保健。

Unicel is a leading manufacturer of advanced glass wall systems that support privacy, safety, energy efficiency and sustainability across institutional markets. This business is a natural extension of our core door and window systems portfolio of TGP, AD Systems and Stanley Access Technologies. Both Krieger and Unicel expand our portfolio with fast-growing niche products for key verticals that will benefit from the strength of our spec writing capability and nationwide sales footprint.

Unicel 是先進玻璃牆系統的領先製造商，可支援機構市場的隱私、安全、能源效率和永續性。該業務是我們的核心門窗系統產品組合（TGP、AD Systems 和 Stanley Access Technologies）的自然延伸。 Krieger 和 Unicel 都透過針對關鍵垂直市場的快速成長的利基產品來擴展我們的產品組合，這些產品將受益於我們強大的規格編寫能力和全國銷售足跡。

On a combined basis, these businesses are accretive to overall Allegion growth rates and carry Allegion-like EBITDA margins in the low 20s. Total purchase price represents a valuation of approximately 10 times 2024 EBITDA. We're very pleased with the recent acquisitions we've made, strong management teams that have come on board and a great cultural fit with the employees that they bring to Allegion. We're excited to the future.

綜合來看，這些業務促進了 Allegion 的整體成長率，並且與 Allegion 類似的 EBITDA 利潤率約為 20 歲。總購買價相當於 2024 年 EBITDA 估值的約 10 倍。我們對最近進行的收購、加入的強大管理團隊以及與他們為 Allegion 帶來的員工的良好文化契合感到非常滿意。我們對未來感到興奮。

Lastly, in the quarter, we made additional share repurchases amounting to approximately $40 million. I'm happy with the balanced and shareholder-friendly capital allocation that you see here on the slide, and Allegion continues to invest in the core, grow the business and return cash to shareholders.

最後，在本季度，我們額外回購了約 4,000 萬美元的股票。我對您在幻燈片上看到的平衡且有利於股東的資本配置感到滿意，Allegion 繼續投資於核心、發展業務並向股東返還現金。

Mike will now walk you through the second quarter financial results, and I'll be back to provide an update on our outlook and some final thoughts.

麥克現在將向您介紹第二季的財務業績，我將回來提供有關我們前景的最新資訊和一些最終想法。

Thanks, John, and good morning, everyone. Thank you for joining today's call. Please go to slide number 5. As John shared, our Q2 results reflect solid performance from the entire Allegion team. We continue to execute at a high level, delivering another quarter of strong margin expansion with mid-single-digit top line growth, driven by both price and volume.

謝謝約翰，大家早安。感謝您參加今天的電話會議。請轉到第 5 張投影片。我們繼續保持高水準執行，在價格和銷售的推動下，利潤率又實現了一個季度的強勁成長，營收實現中個位數成長。

Revenue for the second quarter was $965.6 million, an increase of 5.8% compared to 2023. Organic revenue increased 5.2% in the quarter as a result of favorable price and volume. We saw strength across both our Americas and International regions.

第二季營收為 9.656 億美元，較 2023 年成長 5.8%。我們看到了美洲和國際地區的實力。

Q2 adjusted operating margin and adjusted EBITDA margin increased by 150 basis points and 170 basis points, respectively, driven by price and productivity in excess of inflation and investments, as well as favorable volume leverage. I'm very pleased with the operational execution and margin expansion in 2024.

第二季調整後營業利潤率和調整後 EBITDA 利潤率分別成長 150 個基點和 170 個基點，這得益於價格和生產力超過通膨和投資，以及有利的數量槓桿。我對 2024 年的營運執行和利潤率擴張感到非常滿意。

Adjusted earnings per share of $1.96 increased $0.20 or approximately 11.4% versus the prior year. Strong operational performance, accretive capital deployment and favorable interest and other more than offset the headwinds from higher tax.

調整後每股收益為 1.96 美元，與前一年相比增加了 0.20 美元，約 11.4%。強勁的營運業績、增值的資本配置和優惠利率等足以抵銷高稅收帶來的不利影響。

Finally, year-to-date 2024 available cash flow was $176 million, which was a 7.4% decrease versus last year. I will provide more details on our cash flow and balance sheet a little later in the presentation. Please go to slide number 6.

最後，2024 年年初至今的可用現金流為 1.76 億美元，比去年下降 7.4%。我將在稍後的演示中提供有關我們的現金流量和資產負債表的更多詳細資訊。請轉到第 6 投影片。

This slide provides an overview of our quarterly revenue. I will review our enterprise results here before turning to the respective regions. Organic revenue grew 5.2% in the quarter, comprised of price realization of 2.7% and volume growth of 2.5%.

這張投影片概述了我們的季度收入。在轉向各個地區之前，我將在這裡回顧一下我們的企業表現。本季有機收入成長 5.2%，其中價格成長 2.7%，銷量成長 2.5%。

As I mentioned last quarter, we are seeing the business return to expected seasonality in 2024 versus what we experienced last year. As John discussed earlier, we're accelerating capital deployment and have made investments in inorganic growth in both our Americas and International segments. As a result, acquisitions drove almost 1 point of growth in the quarter. Currency was a slight headwind, bringing total reported growth to 5.8%. Please go to slide number 7.

正如我上季度提到的，與去年相比，我們預計業務將在 2024 年恢復到預期的季節性。正如約翰之前討論的那樣，我們正在加速資本部署，並對美洲和國際部門的無機成長進行了投資。因此，收購推動了本季近 1 個百分點的成長。貨幣匯率是一個輕微的逆風，使報告的總成長率達到 5.8%。請轉到第 7 號投影片。

Our Americas segment delivered strong operating results in Q2. Revenue of $770.7 million was up 6% on a reported basis and up 5.7% organically as a result of favorable price and volume in the quarter. Reported revenue includes 0.4% growth from the acquisitions of Krieger and Unicel.

我們的美洲部門在第二季取得了強勁的經營業績。營收為 7.707 億美元，按報告計算增長 6%，由於本季有利的價格和銷量，有機增長 5.7%。報告收入包括收購 Krieger 和 Unicel 帶來的 0.4% 成長。

Our non-residential business, inclusive of Access Technologies, increased mid-single digits in the quarter as end markets remained stable. Our residential business was up low single digits in the quarter, showing an improvement versus the declines in Q1.

由於終端市場保持穩定，我們的非住宅業務（包括 Access Technologies）在本季實現了中個位數成長。我們的住宅業務在本季度實現了低個位數成長，與第一季的下降相比有所改善。

Demand for electronics in our Americas region remained strong. While electronics revenue was down low single digits in the quarter against a tough comparable, our business has grown well above 30% over the last two years for both the quarter and year-to-date.

美洲地區對電子產品的需求依然強勁。儘管電子產品收入在本季度與艱難的可比業績相比下降了較低的個位數，但在過去兩年中，本季和年初至今我們的業務成長均遠超 30%。

Americas' adjusted operating income of $226.2 million increased 9.9% versus the prior year period due to solid top line growth and strong operational execution. Adjusted operating margin and adjusted EBITDA margin for the quarter were up 110 basis points and 130 basis points, respectively, as we continue to drive margin expansion through price and productivity in excess of inflation and investments. Overall, our Americas team delivered another strong quarter. Please go to slide number 8.

由於穩健的營收成長和強勁的營運執行力，美洲地區的調整後營業收入為 2.262 億美元，較上年同期成長 9.9%。本季調整後營業利潤率和調整後 EBITDA 利潤率分別成長 110 個基點和 130 個基點，因為我們繼續透過價格和生產力超過通膨和投資來推動利潤率擴張。總體而言，我們的美洲團隊再次實現了強勁的季度業績。請轉到第 8 投影片。

Our International segment had a solid second quarter. Revenues of $194.9 million was up 5.2% on a reported basis and up 3.1% organically. Price realization and strength in our electronics business drove the growth in the quarter. Acquisitions were a tailwind this quarter, positively impacting reported revenues by 3.2%, driven by the DORCAS and Boss acquisitions announced earlier this year. Currency, however, was a headwind of 1.1%.

我們的國際業務第二季表現強勁。報告營收為 1.949 億美元，年增 5.2%，有機成長 3.1%。我們電子業務的價格實現和實力推動了本季的成長。在今年稍早宣布的 DORCAS 和 Boss 收購的推動下，收購是本季的一大推動因素，對報告收入產生了 3.2% 的正面影響。然而，貨幣匯率卻面臨 1.1% 的逆風。

International adjusted operating income of $23.6 million increased 12.9% versus the prior year period. Adjusted operating margin and adjusted EBITDA margin for the quarter both increased 80 basis points. Volume and favorable mix are driving the margin expansion, as well as margin accretion from our acquisitions. Please go to slide number 9.

國際調整後營業收入為 2,360 萬美元，較上年同期成長 12.9%。本季調整後營業利潤率和調整後 EBITDA 利潤率均成長 80 個基點。銷售和有利的組合正在推動利潤率的擴張，以及我們收購帶來的利潤率的增加。請轉到第 9 號投影片。

Year-to-date available cash flow came in at $176 million, down $14.1 million versus the prior year. We did see year-over-year growth in the second quarter this year. However, the first half of 2023 was particularly strong as it benefited from supply chain lead time reductions.

年初至今的可用現金流為 1.76 億美元，比上年減少 1,410 萬美元。我們確實看到今年第二季年增。然而，2023 年上半年的表現尤其強勁，因為受益於供應鏈交貨時間的縮短。

Next, working capital as a percent of revenue increased primarily driven by higher receivables as a result of the timing of revenue and collections within the quarter versus the prior year. Finally, our net debt to adjusted EBITDA remains at a healthy ratio of 1.9 times, consistent with where we finished 2023.

其次，營運資本佔收入的百分比增加主要是由於應收帳款增加，這是由於本季收入和收款時間較上年同期增加所致。最後，我們的淨負債與調整後 EBITDA 的比率保持在 1.9 倍的健康比率，與 2023 年結束時的情況一致。

It is worth noting that our gross debt and cash balances include the proceeds from our $400 million senior note issuance in the second quarter, which will be used to repay a $400 million senior note maturity in the back half of 2024.

值得注意的是，我們的總債務和現金餘額包括第二季發行的 4 億美元優先票據的收益，這些收益將用於償還 2024 年下半年到期的 4 億美元優先票據。

This resulted in slightly higher gross debt to adjusted EBITDA at the end of the second quarter, but has no impact on net debt to adjusted EBITDA. Our business continues to generate strong cash flow and our balance sheet supports continued capital deployment.

這導致第二季末調整後 EBITDA 的總債務略有增加，但對調整後 EBITDA 的淨債務沒有影響。我們的業務持續產生強勁的現金流，我們的資產負債表支援持續的資本部署。

I will now hand the call back over to John.

我現在將把電話轉回給約翰。

Thanks, Mike. Please go to slide 10. Allegion is on track for record full year revenue, adjusted operating income and adjusted earnings per share in 2024. We're increasing our full year outlook on reported revenue and adjusted EPS, tightening our organic revenue range and affirming available cash flow.

謝謝，麥克。請轉至投影片10。我們的有機收入範圍並確認可用現金週轉。

We now expect the Americas segment to be up 2.5% to 3.5% for total growth and 2% to 3% organically, led by our nonresidential business. For International, we expect revenue to be up 3% to 4% in total, including a 0.5% to 1.5% organically based on a solid start to the year, particularly in electronics and software.

我們現在預計，在非住宅業務的帶動下，美洲業務的總成長將成長 2.5% 至 3.5%，有機成長將成長 2% 至 3%。對於國際業務，我們預計總收入將成長 3% 至 4%，其中基於今年良好的開局，有機成長 0.5% 至 1.5%，特別是在電子和軟體領域。

All in, for the company, we are raising total growth to a range of 2.5% to 3.5%. Organically, we're tightening the range by 0.5 point on both ends to 1.5% to 2.5%. Based on our strong operational performance in the second quarter and capital deployment, we are increasing our adjusted earnings per share outlook by $0.15 to a range of $7.15 to $7.30. Lastly, we affirm our outlook on available cash flow to be in the range of $540 million to $570 million. Please go to slide 11.

總而言之，對於公司而言，我們將總成長率提高到 2.5% 至 3.5% 的範圍。有機地，我們將兩端的範圍收緊 0.5 個百分點，至 1.5% 至 2.5%。基於我們第二季強勁的營運業績和資本部署，我們將調整後每股收益預期上調 0.15 美元，至 7.15 美元至 7.30 美元之間。最後，我們確認可用現金流的前景為 5.4 億至 5.7 億美元。請轉到投影片 11。

Now two years into my role at Allegion, I want to take a moment to reflect. I feel very lucky and very humbled to have stepped into such a great team and business. We overcame supply chain and inflationary disruptions and are now putting up record revenues and margins.

現在，我在 Allegion 任職已經兩年了，我想花點時間進行反思。能夠加入如此優秀的團隊和企業，我感到非常幸運和謙卑。我們克服了供應鏈和通貨膨脹的干擾，目前收入和利潤創下了歷史新高。

We have two new factories ramping up production smoothly and safely. We have successfully integrated the largest acquisition in Allegion's history and have grown our business further with five additional bolt-on acquisitions. And earlier this year, we earned the Gallup Exceptional Workplace Award, an achievement that I would say is probably my proudest moment with Allegion so far.

我們有兩個新工廠，正在順利、安全地提高生產。我們成功整合了 Allegion 史上最大規模的收購，並透過另外五項補充收購進一步發展了我們的業務。今年早些時候，我們獲得了蓋洛普傑出工作場所獎，我想說，這項成就可能是迄今為止我在 Allegion 中最自豪的時刻。

It's helpful to step outside the market discussion at the moment, whether it's supply chain and inflation as it was two years ago or Fed policy and macro data today, with Allegion, you'll find a resilient business model, reflecting a strong value proposition as well as opportunities to further drive growth and reward shareholders. It starts with the front end and a spec engine that is always running and solving complex problems for our end user customers regardless of which non-res segment they're a part of.

目前跳出市場討論是有幫助的，無論是兩年前的供應鏈和通膨，還是今天的美聯儲政策和宏觀數據，透過 Allegion，您會發現一個有彈性的商業模式，反映了強大的價值主張：以及進一步推動成長和回報股東的機會。它從前端和一個始終運作的規範引擎開始，為我們的最終用戶客戶解決複雜的問題，無論他們屬於哪個非資源細分市場。

Plugging in bolt-ons like Krieger and Unicel into this spec engine creates additional value, as we bring heightened channel access to their strong niche products and help them grow. Our industry-leading margins are the hallmark of a strong culture of execution at Allegion. We have a long-standing track record of success on price and productivity that has created durable returns through the cycle.

將 Krieger 和 Unicel 等附加產品插入到這個規格引擎中會創造額外的價值，因為我們為他們強大的利基產品提供了更高的管道訪問並幫助他們成長。我們在業界領先的利潤率是 Allegion 強大執行文化的標誌。我們在價格和生產力方面擁有長期的成功記錄，在整個週期中創造了持久的回報。

Allegion's broad portfolio and end market exposure and mix of aftermarket and new construction further adds to the resiliency of our business. Our consistent balanced framework on capital allocation has allowed us to deploy approximately $280 million of cash flow year-to-date through accretive M&A and return of capital directly to shareholders.

Allegion 廣泛的產品組合和終端市場曝險以及售後市場和新建工程的組合進一步增強了我們業務的彈性。我們一貫的平衡資本配置框架使我們能夠透過增值併購和直接向股東返還資本，今年迄今部署了約 2.8 億美元的現金流。

In summary, stable demand and strong execution by the entire Allegion team and our channel partners drove record Q2 revenue and earnings per share results. We expanded margins and are accelerating capital deployment for the benefit of our shareholders, which supports our higher outlook for 2024.

總而言之，整個 Allegion 團隊和通路合作夥伴的穩定需求和強大執行力推動了第二季營收和每股盈餘創歷史新高。為了股東的利益，我們擴大了利潤率並加快了資本部署，這支持了我們對 2024 年更高的展望。

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

接下來，我們進入問答環節。

(Operator Instructions) Tim Wojs, Baird.

（操作員說明）Tim Wojs，Baird。

Maybe just first question, just, John, if you could maybe give us a little bit of color on what you're seeing on the spec side of the business within Americas. Just color on what you're seeing around like quoting and releases, and maybe anything specific on end markets. And then any sort of variances that you guys might be seeing from new construction and kind of remodeling activity.

也許只是第一個問題，約翰，您是否可以給我們一些關於您在美洲業務的規格方面所看到的情況的資訊。只需為您所看到的內容（例如報價和發布）以及終端市場上的任何特定內容塗上顏色即可。然後你們可能會從新建築和改建活動中看到任何類型的差異。

Yeah. Thanks, Tim. Appreciate the question. And I think channel checks recently have been out in the field with our sales teams and our end users and distributors, would indicate pretty much what we said at the outset that we're in, what we would just call, a stable demand environment really driven by the institutional segments and the stability there.

是的。謝謝，蒂姆。感謝這個問題。我認為最近我們的銷售團隊、最終用戶和分銷商已經在現場進行了通路檢查，這幾乎表明了我們一開始所說的，我們所處的環境，我們所說的，確實是一個穩定的需求環境由機構部門和那裡的穩定性驅動。

I think the specification activity is always on, just the way we said it in the prepared remarks. And our spec writers have the capability to flex to whichever vertical, whichever job that they need to. So whether it's an office building, whether it's a school, a university, a hospital, a data center, our spec writers can do it all. And so just think of that as a flywheel that doesn't stop.

我認為規範活動始終在進行，就像我們在準備好的評論中所說的那樣。我們的規範編寫者有能力靈活適應他們需要的任何垂直領域、任何工作。因此，無論是辦公大樓，或是學校、大學、醫院、資料中心，我們的規範編寫者都可以做到。因此，只需將其視為一個不會停止的飛輪。

I'd say on the -- just the demand side, certainly there's pockets of strength, pockets of weakness, like we've been saying for the last few quarters. That ebbs and flows, depending on where you are or which vertical you're looking at. But in general, I think we would just stick with a stable demand environment, and we feel like our strength and our execution will differentiate us and we'll outperform the market.

我想說的是——就需求而言，當然有一些強勢，也有一些弱勢，就像我們在過去幾個季度所說的那樣。潮起潮落取決於您所在的位置或您所關注的垂直方向。但總的來說，我認為我們會堅持穩定的需求環境，我們覺得我們的實力和執行力將使我們與眾不同，我們將跑贏大盤。

Okay. That's helpful. And then just on M&A, I'd say, historically, the pace of M&A has been kind of uneven at Allegion. It's kind of come in clusters in the past. And you've closed four acquisitions year-to-date and I'm just wondering if that represents a change in the underlying pace of activity from your perspective where we should expect a lot more kind of tuck-in activity or if that is just kind of a function of timing again. And really, what I'm asking is, should investors start to think about a much more regular cadence of M&A going forward for Allegion on an annualized basis?

好的。這很有幫助。然後就併購而言，我想說，從歷史上看，Allegion 的併購步伐一直有些參差不齊。過去它是成群結隊出現的。今年迄今為止，您已經完成了四項收購，我只是想知道，從您的角度來看，這是否代表了潛在活動節奏的變化，我們應該期待更多類型的收購活動，或者這是否只是又是一種計時功能。事實上，我要問的是，投資人是否應該開始考慮 Allegion 未來按年化計算的併購節奏是否更規律？

Yeah, it's a great question, Tim. And I appreciate that. And I would just reinforce, we are really pleased with the acquisitions we've tucked in this year. Every one accretive to EPS right out of the chute. We talked a little bit, gave a little bit of an indication on the kind of valuation that we were looking at here in the Americas recently.

是的，這是一個很好的問題，提姆。我很欣賞這一點。我想強調的是，我們對今年的收購感到非常滿意。每一項都直接增加 EPS。我們談了一點，對我們最近在美洲看到的估值類型給了一些指示。

And I'd say, way back as I first stepped in the seat, we talked about orienting Allegion more towards growth. We do want to be acquisitive. We don't want to become a serial acquirer that just wantonly buys anything. We want to be very strategic. We want to play to our strengths. We want to have acquisitions that complement our portfolio and bring benefits to our customers. We want to have returns that are accretive to our shareholders.

我想說，早在我第一次上任時，我們就討論過讓 Allegion 更注重成長。我們確實想變得貪婪。我們不想成為一個肆意收購任何東西的連續收購者。我們希望變得非常具有戰略意義。我們想發揮我們的優勢。我們希望進行收購來補充我們的產品組合併為我們的客戶帶來利益。我們希望獲得能為股東帶來增值的回報。

And so each acquisition, each deal, is going to take on a life of its own and so the timing is going to be what it is. But I would say in terms of activity, our view would be, my view would be the environment for strategics like Allegion is better than it was a year or two ago. We don't see that changing in the near term, and we do see a good pipeline of opportunity. So I think you can look forward to seeing more quarters like you've seen these last couple from Allegion.

因此，每筆收購、每筆交易都將具有自己的生命力，因此時機也將是這樣的。但我想說，就活動而言，我們的觀點是，像 Allegion 這樣的策略環境比一兩年前好。我們認為這種情況在短期內不會發生變化，而且我們確實看到了良好的機會。因此，我認為您可以期待看到更多像 Allegion 的最後幾款這樣的季度。

Joe Ritchie, Goldman Sachs.

喬·里奇，高盛。

Maybe we can touch on Americas margins to start off. It's about the best margin we've seen in some time. And I'm just wondering on the sustainability of that margin going forward, what are the key levers? Especially impressive, given that you have margin-dilutive mix coming through in the Access Tech business. And so any color that you can provide on the go forward would be helpful.

也許我們可以從美洲的邊緣開始。這是我們一段時間以來見過的最好的利潤率。我只是想知道未來該利潤率的可持續性，關鍵槓桿是什麼？尤其令人印象深刻的是，考慮到接入技術業務中存在利潤攤薄的組合。因此，您可以在前進中提供的任何顏色都會有所幫助。

Thanks for the question, Joe. We've been talking about this for some time. Our business, the way we manage it, we drive pricing to cover inflation. We're going to drive productivity to fund our investment. And in aggregate, that price productivity investments and inflations dynamic is a net positive for us. We've shown that over many quarters now. We expect that to continue.

謝謝你的提問，喬。我們已經討論這個問題有一段時間了。我們的業務，我們的管理方式，我們推動定價以應對通貨膨脹。我們將提高生產力來為我們的投資提供資金。總的來說，生產力投資和通膨動態的價格變化對我們來說是淨利好。我們已經在多個季度證明了這一點。我們預計這種情況會持續下去。

From a pricing perspective in the Americas, that non-res business, it's very sticky. So we feel comfortable about the resiliency of the margin profile. And that productivity DNA that we have, we expect that to continue. So I would expect us to maintain these margins that you see. There was that temporary decline in '21 and '22 where we had supply chain challenges, that's kind of behind us now and we're in a good place. And I think from here, think of Allegion that you've known us over the last decade, where we're going to be driving that price and productivity to maintain and expand margins.

從美洲的定價角度來看，非資源業務非常具有黏性。因此，我們對利潤率的彈性感到滿意。我們擁有的生產力 DNA 預計將持續下去。因此，我希望我們能夠維持您所看到的這些利潤。在 21 和 22 年，我們遇到了供應鏈挑戰，出現了暫時的下滑，但現在這種情況已經過去了，我們處於一個良好的位置。我認為從這裡開始，想想你在過去十年中認識我們的 Allegion，我們將推動價格和生產力以維持和擴大利潤。

Yeah. That's helpful. And John, maybe just along that point, we have seen some commodities deflate to start the year. I'm just curious like what are you seeing in your core commodities? And how do you see the cost side of the equation evolving as we progress through the year?

是的。這很有幫助。約翰，也許就在那時，我們已經看到一些大宗商品在年初出現通貨緊縮。我只是好奇你在核心商品中看到了什麼？隨著這一年的進展，您如何看待等式的成本方面的變化？

Yeah. It's a good question, Joe. And I think we had some rather extreme volatility in '21, '22. That volatility, for sure, has dampened. And I'd say, lately, it's kind of been not much of an event. You see little blips up and down, but generally within a range that's not concerning to us either way, the deflation or inflation on the raw mat side.

是的。這是個好問題，喬。我認為我們在 21 年、22 年經歷了一些相當極端的波動。當然，這種波動性已經減弱。我想說，最近這並不是什麼大事。你會看到上下有一些小波動，但一般都在一個與我們無關的範圍內，無論是生墊一側的通貨緊縮還是通貨膨脹。

And as Mike mentioned, I think we've got a whole host of pretty exciting productivity projects in the pipeline for our factories. And then again, two new factories ramping up that are going to drive more productivity in a couple of parts of the business that need it. So I'd say, raw mat has been stable enough recently. We don't see anything dramatic on the horizon.

正如麥克所提到的，我認為我們的工廠正在籌備一系列非常令人興奮的生產力項目。另一方面，兩家​​新工廠的投產將提高一些需要生產力的業務部門的生產力。所以我想說，生墊最近已經夠穩定了。我們看不到任何戲劇性的事情即將發生。

Joe O'Dea, Wells Fargo.

喬奧迪，富國銀行。

Can you start on the international side, I think this is the first quarter of volume growth in a couple of years. And so just in terms of expanding on what you're seeing there and confidence that things could have turned, and expectations for volumes as we move into the back half of the year.

您能從國際方面開始嗎？因此，就擴大你所看到的情況以及對事情可能發生轉變的信心，以及進入今年下半年時對銷售的預期而言。

Yeah. So it's a great question, Joe. I'm glad you asked us. We've been dying for the chance to brag on international, because we think they've been performing extremely well. I would call your attention to over the past couple of years, there has been some intentional pruning in international just to exit a couple of underperforming businesses. So let's not forget that.

是的。所以這是一個很好的問題，喬。我很高興你問我們。我們一直渴望有機會在國際比賽中吹噓，因為我們認為他們的表現非常好。我想提請您注意，在過去的幾年裡，國際上出現了一些有意的修剪，只是為了退出一些表現不佳的業務。所以我們不要忘記這一點。

The acquisitions made recently have been contributing favorably to growth in international as well. The demand for electronics and our software solutions has remained strong in the high single-digit range in international. Those businesses continue to outperform.

最近進行的收購也對國際業務的成長做出了積極貢獻。國際上對電子產品和我們的軟體解決方案的需求仍然強勁，處於高個位數範圍。這些企業繼續表現出色。

And then I'd say, even portable security, after many, many quarters of very tough end markets, turned positive on volume here in Q2. So really happy for them. They've done a great job managing margins over the past year, year and a half in really tough volume environments, and that turned positive as well.

然後我想說，即使是便攜式安全產品，在經歷了許多季度非常艱難的終端市場之後，在第二季度的銷售也出現了積極的變化。真的為他們感到高興。在過去的一年半里，在非常艱難的銷售環境中，他們在管理利潤方面做得很好，而且這也變得積極。

Overall, I would say there's been just a ton of self-help work going on, on the mechanical side of our international business in addition to continued strong demand and strong performance by our electronics and software teams.

總的來說，我想說，除了我們的電子和軟體團隊持續強勁的需求和強勁的表現之外，我們國際業務的機械方面還有大量的自助工作正在進行中。

And then also, I wanted to get your views on institutional in Americas. I think maybe some kind of contrasting data points out there when we look at the Dodge Momentum, institutional looks soft. I think recently we had the AIA come out with new forecasts for 2025, it's actually got institutional up 4%. So pretty good.

另外，我想了解您對美洲制度的看法。我認為，當我們觀察道奇動量時，也許某種對比數據表明，機構看起來很疲軟。我想最近我們讓 AIA 發布了 2025 年的新預測，實際上機構股上漲了 4%。非常好。

So I guess when you look at spec activity, when you peel back anything you understand about Dodge Momentum, just overall in terms of direction on institutional, and if you see sort of tailwinds, headwinds there based on spec activity.

因此，我想，當您查看投機活動時，當您剝離對道奇動量的任何了解時，就機構的整體方向而言，如果您看到基於投機活動的某種順風和逆風。

Yeah, it's a good question. And certainly, the -- we watch the same leading indicators that you referenced. They have been pretty volatile. Some of them have been flashing negative for a long, long time now. I would say, in general, our view would be the institutional segment has less volatility than maybe parts of the commercial segments. It's a bit more stable.

是的，這是一個好問題。當然，我們也關注您提到的相同領先指標。它們的走勢相當不穩定。其中一些人已經有很長一段時間呈現陰性了。我想說的是，總的來說，我們的觀點是機構部門的波動性可能比部分商業部門小。是比較穩定一點。

And I think something else to look at that maybe wouldn't make it into an ABI or a Dodge Dart is municipal bond issuance, which is up about 30% year-to-date versus prior year period, which goes to funds, school budgets and things like that.

我認為還有一個可能不會納入 ABI 或 Dodge Dart 的因素是市政債券發行，今年迄今與去年同期相比增加了約 30%，這些債券用於基金、學校預算諸如此類的事情。

Just something else to think about in terms of what's driving the activity, whether it's new construction or expansion or repair and maintenance, aftermarket type activity that's going on. I'd say, the headline from the beginning of the prepared remarks is still the best takeaway, Joe. We see stable demand, but we feel like we're executing at a very high level.

只是需要考慮其他因素來推動活動，無論是新建、擴建或維修和保養，以及正在進行的售後類型活動。我想說，喬，從準備好的演講開始的標題仍然是最好的外賣。我們看到了穩定的需求，但我們感覺我們的執行程度非常高。

Julian Mitchell, Barclays.

朱利安米切爾，巴克萊銀行。

Maybe just a first question around the operations kind of guidance on the EPS tailwind. So you raised that, I think, at the high end and the low end, the organic growth guide is unchanged. So maybe just help us understand kind of what moved around in that? Was there just some conservatism and a cushion that you don't need anymore? Given we're at the halfway point of the year, did something move around in terms of, say, expectations on cost inflation? Any help on that, please, why that kind of operating guide has moved up for the year?

也許只是關於每股獲利順風的營運指引的第一個問題。所以你提出，我認為，在高端和低端，有機成長指南沒有改變。那麼也許只是幫助我們理解其中發生了什麼事？是否只是一些你不再需要的保守主義和緩衝？鑑於我們正處於今年的中期，成本通膨預期等方面是否發生了變化？請問有什麼幫助嗎？

Yeah. Thanks for the question, Julian. If you look at our first half, we're doing quite well on the margin front. And we've been talking about it, and I mentioned it earlier to the earlier question. Just driving that price and productivity, the actions we can control to push margins, and we feel we've made good progress. So although organically we tightened the guide, we feel that the margin performance has really performed well. And so we did raise a $0.05, as you see, in our operational performance.

是的。謝謝你的提問，朱利安。如果你看看我們的上半場，我們在利潤方面做得很好。我們一直在討論這個問題，我在之前的問題中也提到過。只要推動價格和生產力，我們可以控制的行動來提高利潤，我們就覺得我們已經取得了良好的進展。因此，儘管我們有機地收緊了指導，但我們認為利潤率表現確實表現良好。如您所見，我們的營運表現確實提高了 0.05 美元。

That's great. And then maybe just my follow-up question would be around if we think about the residential outlook, surprising, I think, to see a positive result there in the second quarter. Maybe just update us how you're feeling about that market. The sort of consumer discretionary side seems very weak more broadly, understanding though that locks is not that discretionary. So maybe just some color on resi expectations for the year ahead.

那太棒了。如果我們考慮住宅前景，我認為第二季度出現積極的結果令人驚訝，那麼也許我的後續問題就是圍繞這個問題。也許只是告訴我們您對該市場的看法。從更廣泛的意義上講，消費者的可自由支配方面似乎非常薄弱，儘管鎖定並不是那麼可自由支配。因此，也許只是對未來一年的預期做出一些解釋。

Julian, this is John. That's a super insightful question. And I think a couple of different things going on in res. You're right. secondary home sales are at really low levels, really depressed levels. Housing completions has kind of maintained a decent pace. So we're hearing some better growth sentiment from large national builders. Interest rates, though, mortgage rates are still quite high depressing some activities.

朱利安，這是約翰。這是一個超級有洞察力的問題。我認為 res 中發生了一些不同的事情。你說得對。二手房銷售處於非常低的水平，非常低迷的水平。住房竣工量保持了不錯的速度。因此，我們從大型國家建築商那裡聽到了一些更好的成長情緒。不過，利率和抵押貸款利率仍然很高，抑制了一些活動。

So you sum all that up, we feel really good about how our resi business has executed the first half of the year. That being said, still a bit of a cautionary outlook, a bit of a flattish outlook is what we're contemplating. And then any relief in the interest rate environment would definitely be a positive for us. And I think that seems to be what the broader market is waiting for.

綜上所述，我們對今年上半年 Resi 業務的執行感到非常滿意。話雖這麼說，但我們正在考慮的前景仍然是謹慎的、平淡的。那麼利率環境的任何緩解肯定會對我們有利。我認為這似乎是更廣泛的市場正在等待的。

Brett Linzey, Mizuho.

布雷特·林澤，瑞穗。

Just a question on the electronic locks performance, better than I expected. The two-year stack did accelerate versus Q1. Would you attribute that to the improvement in the mix of the end markets, so multifamily, commercial softer; institutional, a little better? Or are you just seeing broader adoption across some of the different verticals?

只是一個關於電子鎖性能的問題，比我想像的還要好。與第一季相比，兩年的堆疊確實有加速。您是否會將其歸因於終端市場組合的改善，例如多戶住宅、商業市場的疲軟；制度化，好一點嗎？或者您只是看到一些不同垂直領域的更廣泛採用？

Yes, Brett, it's a really good question. And I appreciate you looking at the comps and the two-year stack. It is relevant to talk back given the tail of those supply chain disruptions that we've dealt with through first half of '23, et cetera. Demand is still strong, and it is broad-based, I would say, is the other conclusion. We see electronic locks being adopted in education, being adopted in healthcare, commercial office, multifamily, et cetera. It is broad-based adoption. The demand is still strong.

是的，布雷特，這是一個非常好的問題。我很感謝您查看比較和兩年的堆疊。考慮到我們在 23 年上半年處理過的供應鏈中斷等問題，進行反擊是有意義的。我想說，需求仍然強勁，而且基礎廣泛，這是另一個結論。我們看到電子鎖在教育、醫療保健、商業辦公、多戶住宅等領域被採用。這是基礎廣泛的採用。需求依然強勁。

And I think one of the key underlying growth drivers is still the leverage of the smartphone wallet, mobile credentials, digital credentials, digital identities that are now just increasing both the security of the access point as well as the convenience, which is right up the middle of our seamless access and safer world strategy.

我認為關鍵的潛在成長驅動力之一仍然是智慧型手機錢包、行動憑證、數位憑證、數位身分的槓桿作用，它們現在只是增加了接入點的安全性和便利性，這正是我們的無縫訪問和更安全的世界戰略的中間部分。

You hear things from large university customers of ours that inbound students just flat out refuse to carry a key or a plastic card these days, and smartphone is a natural extension of their persona. So I see still tailwinds there in terms of electronics demand and adoption. And the work that we're doing in our hardware, the work we're doing in our software, as well as credential technology, really feel like Allegion is in a leading position here in the space and can continue to drive growth and good results.

您從我們的大型大學客戶那裡聽說，如今入境學生完全拒絕攜帶鑰匙或塑膠卡，而智慧型手機是他們形象的自然延伸。因此，我認為電子產品的需求和採用方面仍然有利。我們在硬體方面所做的工作、在軟體方面所做的工作以及憑證技術，確實讓人感覺 Allegion 在該領域處於領先地位，可以繼續推動成長並取得良好成果。

That's great. And then just a follow-up on the sales performance between new versus aftermarket. I understand you lose track of it at some point through the channels. But just curious if you had any granular color on how new construction versus aftermarket performed that you could glean through, whether it's lock categories or some other metrics.

那太棒了。然後追蹤新車與售後市場之間的銷售業績。我知道您在某些時候透過管道失去了它的蹤跡。但只是好奇您是否對新建建築與售後市場的表現有任何詳細的了解，您可以收集這些信息，無論是鎖類別還是其他一些指標。

Yeah. It's a good question, Brett. And I think the most accurate way we can describe that as still think of us as roughly a 50-50 mix, and that -- those two 50s are not pinpoint precision numbers. You're right, selling through distribution and, in some cases, two-step distribution, you do lose sight of exactly where that goes.

是的。這是個好問題，布雷特。我認為最準確的描述方式仍然是將我們視為大約 50-50 的混合體，而這兩個 50 並不是精確的數字。你是對的，透過分銷進行銷售，在某些情況下，透過兩步驟分銷進行銷售，你確實忽略了具體的去向。

And I would say it probably also depends on where you are in the Americas. If you're in a place where there's net migration, like a Texas or Florida, a new construction is probably more than 50% right now. If you're in some more mature markets, regions, Midwest or Northeast or whichever maybe, it's more heavily weighted towards aftermarket. That's why I'd say on balance and in aggregate, it's still appropriate to think of us as about a 50-50 mix.

我想說這可能還取決於你在美洲的哪個地方。如果您所在的地方有淨移民，例如德克薩斯州或佛羅裡達州，那麼目前新建建築的比例可能會超過 50%。如果您位於一些較成熟的市場、地區，中西部或東北部或其他地區，那麼它更注重售後市場。這就是為什麼我想說，總的來說，將我們視為 50-50 的混合體仍然是合適的。

The other thing I would say is that once you spec yourself in to a large institution, university campus, school district, et cetera, that makes that aftermarket business really sticky. And so break fix, repair maintenance, new wing or whatever expansion, like-for-like replacement is quite prevalent.

我想說的另一件事是，一旦你將自己指定為大型機構、大學校園、學區等，這會使售後業務變得非常黏性。因此，故障修復、維修維護、新機翼或任何擴展、同類更換是相當普遍的。

And that's another important tailwind on the electronics side because we're seeing some early adopters of electronic locks now upgrading to a recent model after installing locks just six, seven years ago. So a faster replacement cycle is also showing up these days.

這是電子產品的另一個重要推動力，因為我們看到一些電子鎖的早期採用者在六、七年前安裝鎖後現在升級到最新型號。因此，最近也出現了更快的更換週期。

David MacGregor, Longbow Research.

大衛‧麥格雷戈，長弓研究中心。

Yeah, I guess we're going to be talking about tariffs a little more here over the next few months. So I was wondering if you could just remind us what was the tariff burden to earnings last time around? And what's changed since in terms of reshoring suppliers? And maybe what percentage of your North American COGS would now be sourced outside of North America?

是的，我想我們將在接下來的幾個月中更多地討論關稅問題。所以我想知道您是否可以提醒我們上次的關稅負擔對收入的影響是多少？供應商回流方面發生了什麼變化？也許現在您的北美銷貨成本有多少百分比是從北美以外購買的？

Yeah. Tough to break all that down. We'll see if Mike has anything to add, David. But this is John, I'll start. I'd say, for any global company like Allegion, tariffs in general are not helpful, right? That's not helpful to a company like Allegion.

是的。很難打破這一切。大衛，我們看看麥克是否有什麼要補充的。但這是約翰，我要開始了。我想說，對於像 Allegion 這樣的全球性公司來說，關稅總體上沒有幫助，對嗎？這對 Allegion 這樣的公司沒有幫助。

I would say -- I'd call you back to the near-shoring that Allegion invested in with our new factory in Querétaro, Mexico. The ramp-up is going well. Our people are safe. They're focused on quality. The numbers are coming through just like we thought. Great culture and a great team down there. And that's for a lot of our residential products are manufactured between Querétaro and our manufacturing campus in the Baja area that we have.

我想說的是——我想請您回到 Allegion 在墨西哥克雷塔羅投資的近岸工廠。爬升進展順利。我們的人民很安全。他們注重品質。數字就像我們想像的那樣。那裡有偉大的文化和偉大的團隊。這是因為我們的許多住宅產品都是在克雷塔羅和巴哈地區的製造園區之間製造的。

I'd say that investment did significantly derisk our supply chain, made our supply chain more resilient in terms of some product supply that used to be single-sourced and outsourced in China. And so we've acquired the IP, and we can produce that product wherever we want to now. We have that flexibility since we own the design, as well as shortening the supply lines, obviously, sourcing it close to home.

我想說，投資確實大大降低了我們供應鏈的風險，使我們的供應鏈在某些過去在中國單一來源和外包的產品供應方面更具彈性。所以我們已經獲得了知識產權，我們現在可以在任何我們想要的地方生產該產品。我們擁有這種靈活性，因為我們擁有設計權，並且縮短了供應線，顯然是在離家近的地方採購。

I would say now is not really the time to speculate about any future tariff regimes. We need to just wait and see how the policies evolve. But in terms of supply chain resiliency, I think the investments we've made over the past 18 months or so have been very well placed and are delivering the kind of results that we'd like to see.

我想說，現在還不是猜測任何未來關稅制度的時候。我們只需要等待，看看政策如何發展。但就供應鏈彈性而言，我認為我們在過去 18 個月左右的時間裡所做的投資非常到位，並且正在帶來我們希望看到的結果。

Mike, anything you'd add?

麥克，你還有什麼要補充的嗎？

Yeah. If you remember, David, we tend to manufacture in the region that we sell, right? So if you think of our Americas business, most of our non-residential business is really manufactured here in the United States. We do have some operations in Mexico, as John mentioned, but we don't have a large supply chain where we're manufacturing our product in Asia and shipping it over here. If it's sold in the US, we tend to make it here as well.

是的。大衛，如果你還記得的話，我們傾向於在我們銷售的地區生產，對嗎？因此，如果你想想我們的美洲業務，我們的大部分非住宅業務實際上都是在美國製造的。正如約翰所提到的，我們確實在墨西哥有一些業務，但我們沒有大型供應鏈，可以在亞洲製造產品並將其運送到這裡。如果它在美國銷售，我們也傾向於在美國生產。

Got it. And just as a follow-up, I guess, obviously not inventory in the specified business, but just wondering what you're seeing in terms of channel inventory in the commercial and the retail space.

知道了。我想，作為後續行動，顯然不是特定業務中的庫存，而是想知道您在商業和零售領域的通路庫存方面看到了什麼。

Yeah, it's a good question, David. And I think we operate, and our distribution channel operates in a made-to-order environment. And so in general, our channel does not hold a lot of inventory, unless that's specific to their business model, where they -- a particular distributor will want to hold some, whatever, unique or rarely ordered SKUs just to be that provider of choice in their market.

是的，這是個好問題，大衛。我認為我們的營運以及我們的分銷管道都是在客製化環境中運營的。因此，一般來說，我們的通路不會持有大量庫存，除非這是特定於他們的業務模式的，他們（特定的分銷商）會希望持有一些獨特或很少訂購的SKU，只是為了成為選擇的供應商在他們的市場。

So lead times over the course of 2023 progressed back down to the two to four-week range for most of our products that our channel is used to. Ordering patterns have adjusted pretty well, I think. And so I guess what I would feel like is, similar like you saw with Allegion's seasonality Q1 to Q2, I think just kind of back to a more normal environment on the inventory side.

因此，我們通路習慣的大多數產品的交貨時間在 2023 年回落至兩到四周的範圍。我認為訂購模式已經調整得很好。所以我想我的感覺是，就像你在 Allegion 第一季到第二季的季節性中看到的那樣，我認為庫存方面回到了更正常的環境。

And that's how we feel internally as well. I think our own inventory turns are up modestly this year. We feel good about that, good working capital discipline there. So my sense is our channel would feel the same.

這也是我們內心的感受。我認為今年我們自己的庫存週轉率略有上升。我們對此感覺良好，那裡有良好的營運資金紀律。所以我的感覺是我們的頻道也會有同樣的感覺。

(Operator Instructions) There are no more questions in the queue. 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.

（操作員說明）佇列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回總裁兼執行長約翰·斯通 (John Stone) 發表閉幕詞。

Thanks very much, everyone, for joining. Appreciate your time. I think in summary, stable demand, strong execution by the entire Allegion team. And it's worth to call out, what I would feel, is probably the best field sales and marketing team and distribution channel organization in the industry. Very proud of how they've executed in Q2. Very proud of our Q2 revenue and EPS results. And we definitely feel like Allegion's best days are still ahead.

非常感謝大家的加入。珍惜您的時間。我認為總結一下，穩定的需求，整個Allegion團隊的強大執行力。值得一提的是，我認為這可能是業內最好的現場銷售和行銷團隊以及分銷通路組織。對他們在第二季的表現感到非常自豪。我們對第二季的營收和每股盈餘結果感到非常自豪。我們確實覺得 Allegion 最好的日子還在後面。

Thanks --

謝謝 -

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。