安朗杰 (ALLE) 2025 Q2 法說會逐字稿

Good day, and welcome to the Allegion second quarter 2025 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.

大家好，歡迎參加 Allegion 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Josh Pokrzywinski。請繼續。

Thanks, Jason. Good morning, everyone. Thank you for joining us for Allegion's second quarter 2025 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，傑森。大家早安。感謝您參加 Allegion 2025 年第二季財報電話會議。今天與我一起的還有總裁兼執行長約翰·斯通 (John Stone) 和 Allegion 高級副總裁兼首席財務官邁克·瓦格尼斯 (Mike Wagnes)。

Our earnings release, which was issued earlier this morning and the presentation, which we will refer to in today's call, are available on our website at investor.allegion.com. This call will be recorded and archived on our website.

我們今天早上發布的收益報告以及我們將在今天的電話會議上引用的簡報均可在我們的網站 investor.allegion.com 上查閱。本次電話會議將被錄音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.

請翻到投影片 2。今天電話會議中所作的非歷史事實的陳述被視為前瞻性陳述，並根據聯邦證券法的安全港條款作出。請參閱我們最近提交給美國證券交易委員會 (SEC) 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. Please go to slide 3, and I'll turn the call over to John.

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。請參閱我們新聞稿中的財務表中的對帳以了解更多詳情。請翻到投影片 3，我會把電話轉給約翰。

Thanks, Josh. Good morning, everyone, and thanks for joining us. Q2 was a strong quarter, once again demonstrating the agility of our team, durability of our business and execution of our capital allocation strategy. We also achieved an exciting milestone. This was Allegion's first quarter of revenue in excess of $1 billion, and we certainly don't think it will be our last.

謝謝，喬希。大家早安，感謝大家的參與。第二季表現強勁，再次證明了我們團隊的敏捷性、業務的持久性以及資本配置策略的執行力。我們也實現了一個令人興奮的里程碑。這是 Allegion 收入超過 10 億美元的第一個季度，我們當然不認為這會是最後一個季度。

I'm very proud of our team's performance. The high single-digit Americas non-res organic growth and continued segment margin expansion speaks to the resiliency of our business model, our broad end market exposure and the depth of our relationships with channel partners and end users.

我對我們團隊的表現感到非常自豪。美洲非住宅業務的高個位數有機成長和持續的分部利潤率擴張證明了我們業務模式的彈性、廣泛的終端市場曝光度以及與通路合作夥伴和終端用戶關係的深度。

We continue to take advantage of our business' strong cash generation, returning cash to shareholders and growing our business through accretive acquisitions that complement our core and create long-term value. Midway through the year, our team's strong execution and continued demand momentum in our core non-res Americas market gives us confidence in our full year performance.

我們繼續利用我們業務強大的現金產生能力，向股東返還現金，並透過補充我們的核心並創造長期價值的增值收購來發展我們的業務。今年年中，我們團隊的強大執行力以及核心非住宅美洲市場持續的需求動能讓我們對全年業績充滿信心。

We're raising our 2025 full year outlook for adjusted earnings per share to $8 to $8.15. I'll be back later to provide more color on our markets and the outlook. Please go to slide 4. Let's take a look at capital allocation for the second quarter, starting with investments for organic growth.

我們將2025年全年調整後每股盈餘預期上調至8美元至8.15美元。稍後我會繼續分享更多關於市場和前景的資訊。請翻到幻燈片 4。讓我們來看看第二季的資本配置，從有機成長投資開始。

As you may have seen at our recent Investor Day in New York, our SimonsVoss business continues to be a great success story for Allegion. A known pioneer in our industry, SimonsVoss is a leader in electronics, leveraging the global long-term growth trends we see across security and access. Most recently, SimonsVoss has introduced a new portfolio of products called FORTLOX, which is launching with some of our key SimonsVoss customers this year.

正如您可能在我們最近於紐約舉行的投資者日上看到的那樣，我們的 SimonsVoss 業務繼續成為 Allegion 的偉大成功故事。SimonsVoss 是我們行業公認的先驅，也是電子產品領域的領導者，利用了我們在安全和訪問領域看到的全球長期成長趨勢。最近，SimonsVoss 推出了名為 FORTLOX 的新產品組合，今年將與我們的一些主要 SimonsVoss 客戶一起推出。

FORTLOX's is Allegion's first batteryless electronic cylinder, offering customers the high quality and ease of use that SimonsVoss is known for and now without the need for a battery to power it. It's an incredible evolution of SimonsVoss technology that expands applications and market segments that we can serve.

FORTLOX 是 Allegion 的首款無電池電子氣缸，為客戶提供 SimonsVoss 聞名的高品質和易用性，現在無需電池供電。這是 SimonsVoss 技術的一次令人難以置信的進步，它擴展了我們可以服務的應用和細分市場。

Turning to M&A. Since we spoke at Q1 earnings, Allegion has announced four additional acquisitions. Novas closed in Q2, while ELATEC, Gatewise and Waitwhile closed early in the third quarter. I'll spend some time on the next slide discussing these recent additions to the portfolio and how they support our long-term growth strategy.

轉向併購。自從我們在第一季財報會議上發表講話以來，Allegion 已宣布了另外四項收購。Novas 於第二季關閉，而 ELATEC、Gatewise 和 Waitwhile 於第三季初關閉。我將在下一張投影片上花一些時間討論投資組合中最近新增的部分以及它們如何支持我們的長期成長策略。

Allegion continues to be a dividend-paying stock. And in the second quarter, this amounted to $0.51 per share or approximately $44 million. And lastly, we made share repurchases in the quarter of approximately $40 million. We remain consistent to balanced -- we remain committed to balance consistent capital allocation with a clear priority of investing for growth.

Allegion 繼續成為一支派息股票。而第二季度，這一數字達到每股 0.51 美元，約 4,400 萬美元。最後，我們在本季回購了約 4,000 萬美元的股票。我們始終保持一致和平衡——我們仍然致力於平衡一致的資本配置，並明確優先投資於成長。

Please go to slide 5, where I'll discuss our recent acquisitions. These acquisition categories should look familiar to those of you who tuned in for Investor Day. At that meeting, we outlined a capital allocation strategy that takes advantage of Allegion's demand generation model, channel and distribution strength and solid relationships.

請翻到投影片 5，我將在這裡討論我們最近的收購。對於參加投資者日的各位來說，這些收購類別應該看起來很熟悉。在那次會議上，我們概述了一項資本配置策略，該策略利用了 Allegion 的需求生成模型、通路和分銷實力以及穩固的關係。

This framework also includes growing our portfolio with additional electronics products as well as software and services that differentiate our hardware in security and access environments where Allegion has a right to win.

該框架還包括透過額外的電子產品以及軟體和服務來擴大我們的產品組合，使我們的硬體在 Allegion 有權取勝的安全和存取環境中脫穎而出。

Starting with additions to our mechanical portfolio, Allegion recently completed the acquisition of Trimco in the Americas, which we announced prior to Q1 earnings and Novas in the International segment. Both of these businesses leverage existing go-to-market channel strength in their respective geographies while broadening the high-quality hardware offerings we provide to our customers. Trimco expands our accessories portfolio in non-res Americas markets, while Novas adds to our residential offering in Australia.

從增加我們的機械產品組合開始，Allegion 最近完成了對美洲地區 Trimco 的收購（我們在第一季收益之前宣布了這一消息），以及國際部門 Novas 的收購。這兩項業務都利用了各自地區現有的市場通路優勢，同時擴大了我們為客戶提供的高品質硬體產品。Trimco 擴大了我們在美洲非住宅市場的配件組合，而 Novas 則增加了我們在澳洲的住宅產品組合。

Moving to our electronics portfolio. Allegion closed our acquisition of Germany-based ELATEC in the third quarter, adding to our International segment. Similar to our existing electronics portfolio, ELATEC has an attractive growth profile in the high single to low double-digit range with strong profitability. ELATEC's readers and credentials bolster Allegion's electronics portfolio globally, including in the US and expands our reach into new applications and customers.

轉向我們的電子產品組合。Allegion 在第三季完成了對德國 ELATEC 的收購，增強了我們的國際業務。與我們現有的電子產品組合類似，ELATEC 的成長前景十分誘人，成長率在高個位數至低兩位數之間，獲利能力強勁。ELATEC 的讀取器和憑證增強了 Allegion 在全球（包括美國）的電子產品組合，並擴大了我們在新應用和新客戶的覆蓋範圍。

Lastly, we'll continue to look to acquire complementary software and service businesses that differentiate our hardware and drive adoption in security and access environments where Allegion has a right to win. Our two most recent July acquisitions highlight this.

最後，我們將繼續尋求收購互補的軟體和服務業務，以使我們的硬體脫穎而出，並推動 Allegion 有權獲勝的安全和訪問環境中的採用。我們最近七月份的兩次收購就凸顯了這一點。

We added Gatewise, a Software-as-a-Service provider that offers a modern and retrofit-friendly gate entry system for multifamily communities. This business is a hand-in-glove fit with Allegion's electronic locks and Zentra multifamily property access solution, bringing together expanded perimeter security with unit and common area security.

我們增加了 Gatewise，這是一個軟體即服務提供商，為多戶社區提供現代化且易於改造的門禁系統。這項業務與 Allegion 的電子鎖和 Zentra 多戶住宅門禁解決方案緊密結合，將擴展的周邊安全與單元和公共區域安全結合在一起。

We also acquired Waitwhile, a leading Software-as-a-Service provider that specializes in cloud-based appointment scheduling and queue management. With Waitwhile, we can connect the virtual queue to secure and seamless physical access at the door in core nonresidential markets that we know well, ultimately providing the right access to the right people at the right time, all while streamlining operations for the building of the campus.

我們還收購了 Waitwhile，一家領先的軟體即服務提供商，專門從事基於雲端的預約安排和隊列管理。借助 Waitwhile，我們可以將虛擬排隊與我們熟悉的核心非住宅市場門口的安全、無縫的物理訪問連接起來，最終在正確的時間為正確的人提供正確的訪問，同時簡化園區建設的運營。

Both of these SaaS businesses have strong growth fundamentals and deliver recurring value to our customers in a way that differentiates and supports our electronic hardware business. Collectively, we expect these acquisitions to be accretive to 2026 adjusted earnings per share and increase the long-term growth potential of Allegion at attractive margins. Mike will now walk you through the second quarter financial results.

這兩項 SaaS 業務都具有強勁的成長基礎，並以差異化和支援我們電子硬體業務的方式為我們的客戶提供經常性價值。總的來說，我們預計這些收購將增加 2026 年調整後每股收益，並以可觀的利潤率提高 Allegion 的長期成長潛力。麥克現在將向您介紹第二季的財務表現。

Thanks, John, and good morning, everyone. Thank you for joining today's call. Please go to slide 6. As John shared, our Q2 results reflect continued strong execution from the Allegion team, delivering another quarter with mid-single-digit top line growth. Revenue for the second quarter was over $1 billion, an increase of 5.8% compared to 2024.

謝謝，約翰，大家早安。感謝您參加今天的電話會議。請翻到第 6 張投影片。正如約翰所分享的，我們的第二季業績反映了 Allegion 團隊持續強勁的執行力，再次實現了本季中等個位數的營收成長。第二季營收超過 10 億美元，較 2024 年成長 5.8%。

Organic revenue increased 3.2% in the quarter as a result of favorable price and volume led by our Americas nonresidential business, where demand remains strong. Q2 adjusted operating margin was 23.7%, flat to the prior year. Both our segments had margin expansion, which was offset by increased corporate expenses, primarily for incentive compensation.

由於美洲非住宅業務需求依然強勁，價格和銷售量均呈現良好勢頭，本季有機收入成長 3.2%。第二季調整後的營業利益率為 23.7%，與前一年持平。我們兩個部門的利潤率均有所擴大，但被企業費用（主要用於激勵薪酬）的增加所抵消。

Volume leverage and mix were accretive to margins, driven by our Americas nonresidential business. Price and productivity, net of inflation and investment was a headwind in the quarter of $5.3 million for the enterprise.

在我們美洲非住宅業務的推動下，銷售槓桿和產品組合增加了利潤率。扣除通貨膨脹和投資後的價格和生產力是該企業本季面臨的 530 萬美元的阻力。

Adjusted earnings per share of $2.04 increased $0.08 or 4.1% versus the prior year. Operational performance and accretive capital deployment were more than offset by higher tax. Our Q2 tax rate was negatively impacted by discrete items. We still anticipate the full year tax rate to be in the range of 17% to 18%. Finally, year-to-date available cash flow was $275.4 million, which was up 56.5% as we continue to generate strong cash flow. I'll provide more details on the balance sheet and cash flow a little later in the presentation.

調整後每股收益為 2.04 美元，較前一年增加 0.08 美元，即 4.1%。營運績效和增值資本配置被更高的稅收所抵銷。我們第二季的稅率受到離散項目的負面影響。我們仍然預計全年稅率將在17%至18%之間。最後，年初至今的可用現金流為 2.754 億美元，由於我們持續產生強勁的現金流，成長了 56.5%。我將在稍後的演示中提供有關資產負債表和現金流的更多詳細資訊。

Please go to slide number 7. This slide provides an overview of our quarterly revenue. I will review our enterprise results here before turning to our respective regions. Organic revenue grew 3.2% in the quarter, which included volume growth of [0.6%] and price realization of 2.6% as we are taking pricing actions to offset inflationary pressures. Acquisitions drove 1.9 points of growth as both the Americas and international businesses benefited from acquired growth. Currency was a tailwind of [0.7%], bringing the total reported growth to 5.8% in the quarter.

請翻到第 7 張投影片。這張投影片概述了我們的季度收入。在轉向各自的區域之前，我將在這裡回顧一下我們的企業表現。本季有機收入成長 3.2%，其中包括銷售成長 [0.6%] 和價格實現成長 2.6%，因為我們正在採取定價措施來抵銷通膨壓力。收購推動了 1.9 個點的成長，因為美洲和國際業務都受益於收購的成長。貨幣起到了順風作用 [0.7%]，使本季總成長率達到 5.8%。

Please go to slide number 8. Our Americas segment delivered strong operating results in Q2. Revenue of $821.5 million was up 6.6% on a reported basis and up 4.5% on an organic basis. Organic growth included both favorable price and volume in the quarter. Reported revenue includes 2.1 points of growth from acquisitions. Pricing in our Americas business was 3% in the quarter. This includes a combination of core pricing actions and surcharge revenue as we cover inflation related to tariffs.

請翻到第 8 張投影片。我們的美洲分部在第二季取得了強勁的經營業績。營收為 8.215 億美元，以報告基礎計算成長 6.6%，以有機基礎計算成長 4.5%。有機成長包括本季有利的價格和銷量。報告的收入包括來自收購的 2.1 個百分點的成長。本季度，我們美洲業務的定價上漲了 3%。這包括核心定價行動和附加費收入的組合，因為我們涵蓋了與關稅相關的通貨膨脹。

Our nonresidential business increased high single digits organically as demand for our products remain healthy, supported by our broad end market exposure. Our residential business declined mid-single digits in the quarter as markets remain soft in the current high interest rate environment.

由於我們產品的需求保持健康，並受到我們廣泛的終端市場影響，我們的非住宅業務實現了高個位數有機成長。由於當前高利率環境下市場依然疲軟，我們的住宅業務在本季下降了中等個位數。

Electronics revenue was up low double digits and continues to be a long-term growth driver for Allegion as we highlighted at our Investor Day in May. Americas adjusted operating income of $245.6 million increased 8.6% versus the prior year. Adjusted operating margin was up 50 basis points as volume leverage and favorable mix from stronger nonresidential growth were accretive to margins.

正如我們在五月的投資者日上所強調的，電子產品收入成長了兩位數，並繼續成為 Allegion 的長期成長動力。美洲調整後營業收入為 2.456 億美元，較上年增長 8.6%。調整後的營業利潤率上升了 50 個基點，因為銷售槓桿和非住宅業務成長強勁帶來的有利組合增加了利潤率。

Price and productivity net of inflation and investment and inclusive of transactional FX were a tailwind to margin rates. Similar to what we discussed on our Q1 call, we had a slight tailwind from transactional FX, primarily related to our Mexican operations, where a portion of our local costs were favorably impacted by the sizable year-over-year decline in the peso compared to the US dollar.

扣除通貨膨脹和投資並包含交易外匯的價格和生產力對保證金率起到了推動作用。與我們在第一季電話會議上討論的情況類似，交易外匯給我們帶來了輕微的順風，這主要與我們的墨西哥業務有關，其中我們的部分當地成本受到比索兌美元同比大幅下跌的積極影響。

Please go to slide number 9. Our International segment delivered revenue of $200.5 million, which was up 2.9% on a reported basis and down 2.2% organically. Our electronic businesses continue to grow organically, but were more than offset by pressure in the mechanical portfolio. Acquisitions contributed 1.1% to international revenue. Currency was also a tailwind, positively impacted reported revenue by 4%.

請翻到第 9 張投影片。我們的國際部門實現了 2.005 億美元的收入，按報告基礎計算增長 2.9%，但有機下降 2.2%。我們的電子業務持續有機成長，但被機械產品組合的壓力所抵消。收購為國際收入貢獻了1.1%。貨幣也是一個順風因素，對報告收入產生了 4% 的正面影響。

International adjusted operating income of $26.2 million increased 11% versus the prior year. Adjusted operating margin for the quarter increased 100 basis points, driven by favorable price and productivity net of inflation and investment as well as accretive acquisitions.

國際調整後營業收入為 2,620 萬美元，較上年增長 11%。本季調整後的營業利潤率增加了 100 個基點，這得益於扣除通貨膨脹和投資以及增值收購後的有利價格和生產力。

Earlier in July, we agreed to divest our API business, a small noncore locksmithing operation in Australia, which we expect to close in early August. The API business had approximately $6 million of revenue in the first half of 2025.

7 月初，我們同意剝離 API 業務，這是一家位於澳洲的小型非核心鎖匠業務，我們預計將於 8 月初關閉該業務。2025 年上半年，API 業務的收入約為 600 萬美元。

Please go to slide number 10, and I will provide an overview of our cash flow and our balance sheet. Year-to-date available cash flow was approximately $275 million, up nearly $100 million versus last year. This increase is driven by higher earnings, lower capital expenditures and improvements in working capital. I am pleased with the strong cash generation in '25.

請翻到第 10 張投影片，我將概述我們的現金流量和資產負債表。年初至今可用現金流約 2.75 億美元，比去年增加近 1 億美元。這一成長是由更高的收益、更低的資本支出和營運資本的改善所推動的。我對 25 年強勁的現金創造能力感到滿意。

Next, working capital as a percent of revenue improved as we continue to effectively convert earnings to cash. Finally, our balance sheet remains strong, and our net debt to adjusted EBITDA is at a healthy ratio of 1.5 times. Our balance sheet -- I'm sorry, our business continues to generate strong cash flow and our balance sheet supports continued capital deployment. I will now hand the call back over to John.

其次，隨著我們繼續有效地將收益轉換為現金，營運資本佔收入的百分比有所提高。最後，我們的資產負債表依然強勁，我們的淨負債與調整後的 EBITDA 比率處於 1.5 倍的健康水準。我們的資產負債表—很抱歉，我們的業務繼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。我現在將把電話交還給約翰。

Thank you, Mike. Please go to slide 11, and I'll share our updated outlook. Starting with the Americas, the nonresidential markets, particularly institutional verticals remain resilient, and Allegion is performing very well in the aftermarket. Our spec activity has grown steadily over 2024 and year-to-date 2025, driven by broad end market exposure and supports our outlook.

謝謝你，麥克。請翻到第 11 張投影片，我將分享我們最新的展望。從美洲開始，非住宅市場，特別是機構垂直市場仍然保持彈性，而 Allegion 在售後市場表現非常出色。在廣泛的終端市場曝光的推動下，我們的規格活動在 2024 年以及 2025 年年初至今穩步增長，並支持我們的前景。

Residential markets have been soft thus far in 2025 with interest rates as the key swing factor. We are increasing our organic outlook for the Americas to mid-single digits due to strength in the nonresidential business as well as the inclusion of surcharge revenue from tariffs.

到 2025 年為止，住宅市場一直疲軟，利率是關鍵的波動因素。由於非住宅業務的強勁表現以及關稅附加費收入的納入，我們將美洲地區的有機成長預期上調至中等個位數。

International markets have been largely unchanged year-to-date, and we continue to expect roughly flat organic performance. However, we are updating the outlook for completed acquisitions as well as foreign currency changes resulting from the weaker US dollar.

今年迄今為止，國際市場基本上沒有變化，我們仍然預期有機業績將大致持平。不過，我們正在更新已完成收購的前景以及因美元疲軟而導致的外幣變化。

We now estimate approximately $40 million of tariff surcharge revenue in the outlook. And as I noted earlier, this is included in our organic revenue outlook in the Americas. We continue to expect tariffs to be neutral at the EPS level as we shared with you in Q1.

我們現在估計，未來關稅附加費收入約為 4000 萬美元。正如我之前提到的，這包含在我們對美洲的有機收入展望中。正如我們在第一季與您分享的那樣，我們繼續預期關稅對每股盈餘水準的影響將保持中性。

As a result, we're raising our 2025 adjusted EPS outlook to $8 to $8.15 based on our strong operational execution thus far in the year, continued strong demand in nonresidential, accretive acquisitions announced to date and updated foreign exchange rates. You can find additional details as well as below-the-line model items in the appendix.

因此，基於我們今年迄今為止強勁的營運執行力、非住宅市場持續強勁的需求、迄今為止宣布的增值收購以及最新的外匯匯率，我們將 2025 年調整後每股收益預期上調至 8 美元至 8.15 美元。您可以在附錄中找到更多詳細資訊以及線下模型項目。

Please go to slide 12. In summary, I feel Allegion is executing at a very high level while staying agile and steadily delivering on the long-term commitments we shared with you at our Investor Day. We've delivered strong performance led by an enduring business model in nonresidential Americas, double-digit electronics growth and accretive capital deployment as we acquire good businesses in markets where we have a right to win. I'm very proud of our team's performance in this dynamic environment, which gives us the confidence to raise our EPS outlook for the year.

請翻到第 12 張投影片。總而言之，我認為 Allegion 的執行程度非常高，同時保持敏捷並穩步履行我們在投資者日與您分享的長期承諾。我們取得了強勁的業績，這得益於我們在美洲非住宅市場持久的商業模式、兩位數的電子產品增長以及在我們有權取勝的市場中收購優秀企業的增值資本部署。我對我們團隊在這種動態環境中的表現感到非常自豪，這使我們有信心提高今年的每股盈餘預期。

With that, we'll take your questions.

這樣，我們就可以回答您的問題了。

(Operator Instructions)

（操作員指示）

Joe O'Dea, Wells Fargo.

富國銀行的喬·奧迪亞。

Hi, good morning. Thanks for taking my question. Just a little bit of a two part question in terms of activity levels in non-res and Americas. First, just with the overall kind of tariff backdrop, any signs of pull forward that you saw in the quarter to get ahead of some of the pricing? And then just bigger picture, you touched on specification activity that's up year-to-date. Just what you saw in Q2 versus Q1? Any indications of elevated uncertainty and impacts on specification activity?

嗨，早安。感謝您回答我的問題。關於非住宅區和美洲的活動水平，這只是一個由兩部分組成的問題。首先，就整體關稅背景而言，您是否在本季看到任何提前定價的跡象？然後從更大的角度來看，您談到了今年迄今為止的規範活動。與第一季相比，您在第二季看到了什麼？有任何跡象表明不確定性增加並對規範活動產生影響嗎？

Yeah. Joe, this is John. That's I think both really good, really timely questions. And in terms of any abnormal ordering or pull ahead because of tariffs, I would say no. We look for that. We watch that. We monitor sell-through very closely, and there's no evidence of that on the non-res side.

是的。喬，這是約翰。我認為這兩個問題都非常好，而且非常及時。對於因關稅而出現的任何異常訂購或提前交貨，我的回答是“否”。我們正在尋找它。我們看著那個。我們密切監控銷售情況，在非住宅方面沒有出現這種情況的證據。

Project demand, project work for our customers and their customers is humming along pretty well. So we don't see evidence of pull ahead. On the spec activity, like we shared last couple of quarters, specs, spec writing accelerated through 2024. That momentum has continued year-to-date 2025. And I would say continues to be strong, continues to grow and very much supports the outlook. So there's new tariff news just about every week, but I think the project activity in non-res is humming along pretty well.

我們客戶及其客戶的專案需求和專案工作進展順利。因此，我們沒有看到領先跡象。關於規格活動，就像我們在過去幾季分享的那樣，規格、規格編寫將在 2024 年加速。這一勢頭一直持續到 2025 年。我想說的是，它將繼續保持強勁，繼續成長，並極大地支持前景。因此幾乎每週都會有新的關稅新聞，但我認為非住宅領域的專案活動進展順利。

Perfect. And then I wanted to touch on Americas margin. It was really good in Q1 and then saw sequential growth off of that. Can you talk about the timing of price cost with tariffs? Because I think the framework was that could be a little bit of a headwind in Q2 and then a little bit better in the back half of the year, if that's still the case with a lower tariff amount. And then just unpack the mix that you saw in the quarter, the degree to which some of that doesn't continue into the back half or if that's just broadly kind of non-res mix that's favorable.

完美的。然後我想談談美國的優勢。第一季表現非常好，並且隨後出現了連續成長。能談談價格成本與關稅的時間關係嗎？因為我認為，如果關稅金額較低且情況仍然如此，那麼在第二季度可能會遇到一些阻力，而在今年下半年，情況可能會好一些。然後，只需解開您在本季度看到的組合，其中一些不會延續到下半年的程度，或者這只是一種廣泛有利的非住宅組合。

Yeah. Joe, if you think about tariffs, when we met on the Q1 call, we originally had an estimate out there of $80 million, and we said there would be about a month lag. Overall tariffs are about half of that because the trade regulations have changed, right? So we've updated our assumptions to that $40 million for 2025. That month lag is still relevant.

是的。喬，如果你考慮關稅，當我們在第一季電話會議上開會時，我們最初的估計是 8000 萬美元，我們說會有大約一個月的延遲。由於貿易法規發生了變化，總體關稅大約是這個數字的一半，對嗎？因此，我們將假設更新為 2025 年的 4000 萬美元。那個月的滯後仍然存在。

So you could think of that as $5 million a month. So if you think about for us, that's about 1/4 of our total tariff revenue we expect to recover in the second quarter with the remaining amount being rest of year. That helps you understand how to kind of model that on the top line. And obviously, when you think about fall-through, we would offset that at the operating income level on a neutral basis as we've been discussing for some time.

所以你可以認為這是每月 500 萬美元。因此，如果你想想我們，我們預計第二季將恢復約占我們總關稅收入的 1/4，剩餘部分將在今年剩餘時間恢復。這有助於您了解如何在頂線上建立模型。顯然，當你考慮到跌幅時，我們會在營業收入水平上以中性方式抵消這一影響，正如我們一段時間以來所討論的那樣。

The second piece related to mix, I'll kind of send you over to our 10-Q where we outline the components of our operating income and margin bridge. You'll see we had favorable mix in the second quarter and the first half. And that is primarily the result of the non-residential growing as well as it is, right? Non-residential is a stronger, more profitable business than the residential.

第二部分與組合有關，我會將您發送給我們的 10-Q，其中我們概述了我們的營業收入和利潤橋的組成部分。您會看到，我們在第二季和上半年的業績表現良好。這主要是非住宅成長的結果，對嗎？非住宅業務比住宅業務更強大、利潤更高。

If you think of rest of year, I would say it would be imprudent to assume in the outlook that level of margin expansion. So I wouldn't say we've included it. But I would say we do expect non-residential to grow to be the driver of growth in the back half of the year as well. That's the market that's really humming, as John mentioned.

如果你考慮今年剩餘的時間，我會說，在前景中假設利潤率擴張水平是不明智的。所以我不會說我們已經將其包括在內。但我想說，我們確實預期非住宅用電也將成為今年下半年成長的動力。正如約翰所提到的，這是一個真正活躍的市場。

Understood. Thank you.

明白了。謝謝。

Jeff Sprague, Vertical Research.

傑夫·斯普拉格（Jeff Sprague），垂直研究公司。

Hi, thanks. Good morning. Also just wanted -- and I didn't get a chance to look at the Q yet, Mike, so I'll do that. But just thinking about some of these moving pieces, right? I would imagine deals are negative to margin rate and price cost parity on surcharge is negative to margin rate. So is that uplift in solid-looking margin performance all mix? Is there some other kind of cost actions that are supporting that?

你好，謝謝。早安.也只是想──我還沒機會看 Q，麥克，所以我會這樣做。但只是想想這些移動的部分，對嗎？我認為交易對保證金率有負面影響，附加費的價格成本平價對保證金率也有負面影響。那麼，利潤率表現的穩健提升是否都是由多種因素造成的呢？是否有其他類型的成本行動可以支持這一點？

Yeah. On the enterprise level, obviously, the segment margin performance in the second quarter was positive, yet the offset in corporate, as I mentioned. In the case of the Americas, which I think is where you're going.

是的。在企業層面，顯然，第二季的部門利潤率表現為正值，但正如我所提到的，企業利潤率有所抵銷。就美洲而言，我認為那是你要去的地方。

Yeah, that's where I'm going, yes.

是的，那就是我要去的地方，是的。

Yeah. You see that strong incremental driven by mix. We did cover, price and productivity did cover the inflation and the investments and a slight tailwind from the transactional FX, which I talked about on the first quarter. So I think you have to remember that as well. And then as far as acquisitions, you got to look at them by regions. They are accretive in international, and they're not enough to really call out either way for the Americas in the first half.

是的。您會看到，強勁的增量是由混合驅動的。我們確實涵蓋了價格和生產力，確實涵蓋了通貨膨脹和投資，以及交易外匯的輕微順風，我在第一季談到了這些。所以我認為你也必須記住這一點。至於收購，你必須按地區來看待它們。他們在國際上取得了成長，但還不足以在上半年為美洲帶來真正的發展。

I see. Great. Thanks. And then, John, just back to kind of market conditions, you are kind of later cycle. I mean it sounds like from the spec activity, though, that stuff entering the pipeline is still reasonably positive. How do you -- and I know we kind of talked about this before, but how do you square that relative to the weak ABI and these folks like Sherwin-Williams missing and things like that? I mean, do you think you're gaining share? Or is there just some other dynamic at play here?

我懂了。偉大的。謝謝。然後，約翰，回到市場狀況，你處於後期週期。我的意思是，從規範活動來看，進入管道的東西仍然相當積極。你如何——我知道我們之前討論過這個問題，但是你如何解決這個問題與弱 ABI 以及像 Sherwin-Williams 這樣的人的缺失以及諸如此類的事情有關？我的意思是，您認為您的市場佔有率正在增加嗎？或者這裡只是有其他動態在運作？

Yeah, Jeff, it's a good question. I think there's lots of factors going into that. I think the ABI has been rather depressed for pretty much my entire tenure here with Allegion. And I think the snapback in demand from the pandemic, followed by labor shortages, followed by rapid inflation, just really disrupted some of these more traditional leading indicators. And I think you had a dynamic to where construction backlog remained pretty high.

是的，傑夫，這是個好問題。我認為有很多因素會導致這個結果。我認為在我任職 Allegion 期間，ABI 幾乎一直處於低迷狀態。我認為，疫情導致的需求反彈，隨後出現的勞動力短缺，以及快速通貨膨脹，確實擾亂了一些較為傳統的領先指標。我認為，存在著一種動態，即建築積壓量仍然相當高。

Projects were delayed because of labor. So that long tail got a little bit longer on an individual project basis even. And then you've got where a lot of projects went through the planning phase, went through the design phase and hit pause, waiting for some interest rate relief.

由於勞動力問題，項目被推遲。因此，從單一項目的角度來看，長尾效應甚至會變得更長一些。然後你會發現很多專案經歷了規劃階段、設計階段然後暫停，等待利率減免。

You see now today, Jeff, you've got segments that have been depressed for a long time, like commercial office, actually showing little signs of growth here and there, particularly in major metro areas where you're seeing tenant turnover, tenant fit-out starting to come back in places where it was really flatlined.

傑夫，你今天看到，一些領域已經長期處於低迷狀態，比如商業辦公室，實際上到處都顯示出增長的跡象，特別是在主要的大都市地區，你會看到租戶流動率和租戶裝修開始回升，而之前這些地區的租戶裝修水平一直處於停滯狀態。

I think you've got a mix of end-user verticals where some might be depressed, some might be up. The institutional, as we highlighted, health care education, in particular, have been hanging in there very well. A lot of work in both of those verticals, both from the spec activity and from the project work. So I think institutional has remained quite positive.

我認為，最終用戶垂直市場的情況多種多樣，有些可能不景氣，有些則可能會上漲。正如我們所強調的，機構，尤其是醫療保健教育，一直堅持得很好。這兩個垂直領域都有大量的工作，包括規範活動和專案工作。所以我認為機構仍然保持相當積極的態度。

Data center is, of course, growing very nicely. It is small for us, but growing nicely. And so you add all that together, and we're still seeing high single-digit organic growth in non-res Americas. I do feel that Allegion is finding our way to gain some share, probably at the expense of the smaller players in the industry, not so much our largest competitor. And that's just due to better supply chain performance, better operational performance in the factory, so we can really get out and compete for some more of the discretionary work. But all in all, I'd say project work remains very healthy.

當然，資料中心正在發展得非常好。對我們來說它很小，但生長得很好。所以，把所有這些加在一起，我們仍然看到美洲非住宅領域實現了高個位數的有機成長。我確實覺得 Allegion 正在尋找方法來獲得一些市場份額，這可能是以犧牲行業中較小的參與者（而不是我們最大的競爭對手）為代價的。這只是由於供應鏈績效更好、工廠營運績效更好，所以我們才能真正走出去，去競爭更多的自由裁量工作。但總而言之，我認為專案工作仍然非常健康。

Thanks. I'll leave it there. I appreciate it.

謝謝。我就把它留在那裡。我很感激。

Julian Mitchell, Barclays.

巴克萊銀行的朱利安·米切爾。

Hi, good morning. Maybe first off, I just wanted to try and understand that slide 18 is kind of very useful. Maybe if you could help us with kind of that EPS guide raise, $0.30 plus or so versus a few months ago, which are sort of the biggest pieces there sort of moved around? And maybe just clarify for us what's embedded now for FX effects versus previous?

嗨，早安。首先，我只是想嘗試理解幻燈片 18 非常有用。也許您可以幫助我們提高 EPS 指導值，與幾個月前相比增加 0.30 美元左右，其中最大的部分是哪些？也許您能為我們解釋一下現在嵌入的 FX 效果與以前相比有什麼區別？

Yeah. Thanks for the question, Julian. First, on the FX, obviously, there's been a big swing in currency rates hitting our international business, the largest. You see it impacting top line. FX will fall to the bottom line based on normal translational impact. So you can calculate that, but that is impacting EPS.

是的。謝謝你的提問，朱利安。首先，關於外匯，顯然，貨幣匯率的大幅波動對我們的國際業務造成了最大的衝擊。您會看到它對營收產生影響。根據正常的平移影響，FX 將降至底線。所以你可以計算出來，但這會影響每股盈餘。

In addition, we put in the acquisitions on the EPS side, right? And you can calculate what year-to-date is. We put that in the previous page. And you see the full year on the page of $0.15 to $0.20. So you have an idea between FX and acquisitions, the increase of the raise associated with both of those.

此外，我們在 EPS 方面也進行了收購，對嗎？您還可以計算今年迄今為止的情況。我們將其放在上一頁。您在頁面上看到的全年數據是0.15美元到0.20美元。所以您可以了解外匯和收購之間的影響，以及兩者相關的加薪幅度。

The last item, obviously, the first half performance has been quite strong. So that's been a big driver in our operational income -- operating income number you see there on the first bar. So those three items are the big drivers of the EPS raise. This was not an EPS raise where it's all back-end loaded. It's those three big items that are driving the majority of it.

最後一項，顯然，上半年的表現相當強勁。因此，這是我們營業收入的一大推動力——您在第一條長條圖上看到的營業收入數字。因此，這三項是每股收益成長的主要驅動因素。這並不是一次全部由後端載入的 EPS 提升。正是這三大因素推動了其中的大部分。

That's helpful. Thank you. And maybe just on the more sort of operational part of it, homing in on that for a second. You've got a slight acceleration, I suppose, in organic sales growth dialed in for the second half versus the first half performance, and that's really in the Americas. Maybe sort of flesh out to what extent that's kind of price versus volume driven or something in non-res versus res? Any sense of kind of why that second half is a little bit stronger than the first half?

這很有幫助。謝謝。也許只是關於它的更具操作性的部分，我們花一點時間來討論它。我認為，與上半年相比，下半年的有機銷售額成長略有加快，而且這主要發生在美洲。也許可以具體說明這在多大程度上是由價格與數量驅動的，或者非房地產與房地產之間的驅動關係？有沒有理由認為後半部比前半部稍微強一點？

Yeah. I would say on the tariff piece, the biggest item is what I discussed earlier. It's now included in the outlook, and you have three quarters of that $40 million in the back half versus only one quarter in the first half. So that's a big driver of it. You could think of that driving the full year outlook of $40 million. That's 1 point plus as you think about the Americas. And then as far as other accelerations, I would just say non-residential continues to be strong, and we expect that to be the driver of growth in the back half for us.

是的。我想說，關於關稅問題，最重要的就是我之前討論過的內容。現在它已被納入展望中，下半年有 4000 萬美元的四分之三，而上半年只有一個季度。所以這是其主要驅動力。您可以認為這將推動全年 4000 萬美元的預期。如果你考慮美洲，那麼這個數字就是 1 分以上。至於其他加速，我只想說非住宅業務繼續保持強勁，我們預計這將成為我們下半年成長的動力。

Great. Thank you.

偉大的。謝謝。

Brett Linzey, Mizuho.

瑞穗的布雷特‧林齊 (Brett Linzey)。

Hey, good morning. Congrats on the quarter.

嘿，早安。恭喜本季取得佳績。

Thanks, Brett.

謝謝，布雷特。

I wanted to revisit the organic sales outlook one more time here. So the $40 million surcharge and the revenue contribution, I guess, how did that compare relative to the original expectation on a netting basis? Were there any surcharge rollbacks you had to do on the de-escalation? And then -- or do you think you're pretty well covered for the balance of the year?

我想在這裡再次重新審視有機銷售前景。那麼，我想，4000 萬美元的附加費和收入貢獻與最初的淨額預期相比如何？在降級過程中，您是否需要取消任何附加費？然後——或者您是否認為您已經為今年的剩餘時間做好了充分的準備？

Yeah. We actually have updated our surcharge, not only in our estimates to you, but even the announcements to our channel partners and customers. So as this moves, these surcharges allow us to be flexible and agile to our customer base. And Brett, continue to think of it as neutral. We're going to drive the surcharge to offset the inflationary pressures.

是的。我們實際上已經更新了我們的附加費，不僅在我們向您提供的估算中，甚至在向我們的通路合作夥伴和客戶的公告中。因此，隨著這項進程的推進，這些附加費使我們能夠靈活、敏捷地滿足客戶群的需求。而布雷特，繼續認為它是中性的。我們將推行附加費來抵銷通膨壓力。

And I think as you saw in the first quarter, that price productivity inflation investment for the Americas was pretty close to that. So it was breakeven. So look for us to continue to drive that to offset it at the enterprise level, such that when you think of the full year, also expect PPII to be breakeven to slightly positive at the enterprise level.

我認為，正如您在第一季看到的，美洲的價格生產力通膨投資與此非常接近。所以這是收支平衡。因此，我們將繼續推動這項舉措，在企業層面上抵銷這項影響，這樣，當你考慮全年時，也會預期 PPII 在企業層面上將達到損益兩平或略微正值。

Okay. Great. And then just on the acquisition side, so four additional here, encouraging to see. I know your long-term framework target the 3 points of annual acquired growth, certainly running ahead here. I guess as you look at the scope and the size of the pipeline, was there some pull forward on deals you thought you had a shot on? Or should we think of it as maybe a little bit upside to that target as we look out over the next 12 months to 24 months?

好的。偉大的。然後就收購方面而言，這裡有另外四個，令人鼓舞。我知道您的長期框架目標是每年實現 3 個百分點的成長，這肯定是遙遙領先的。我想，當您考慮通路的範圍和規模時，您是否會對您認為自己有機會達成的交易進行一些提前的考慮？或者，當我們展望未來 12 個月到 24 個月時，我們是否應該認為這可能比該目標略有上升？

This is John, Brett. Appreciate the question. And I'd say each acquisition takes on a life of its own. Certainly, we had several acquisitions that came to the point of closure in a pretty tight time window. But if you just take a look at ELATEC, I mean, that's a company we've had our eye on for a long time. And so really excited to bring that into the portfolio here. Very excited to have them on the team.

這是約翰，布雷特。感謝你的提問。我想說的是，每一次收購都有自己的生命。當然，我們有幾個收購都是在相當緊迫的時間內完成的。但如果你看一下 ELATEC，我的意思是，這是一家我們長期關注的公司。我很高興將其納入我們的投資組合中。非常高興他們能加入團隊。

I think our pipeline remains active in both of our segments in international and in the Americas. It remains active in mechanical as well as electronic products. So it looks pretty good. I think our team is performing very well. I think our integration muscle, our synergy capture is accelerating, and I think this will be a source of continued profitable growth for the company.

我認為我們的產品線在國際和美洲兩個領域都保持活躍。該公司在機械和電子產品領域仍然活躍。所以它看起來相當不錯。我認為我們的團隊表現非常出色。我認為我們的整合能力、綜效正在加速增強，我認為這將成為公司持續獲利成長的來源。

Alright. Great. Thanks for the insight.

好吧。偉大的。謝謝你的見解。

Thank you.

謝謝。

David MacGregor, Longbow Research.

麥格雷戈（David MacGregor），長弓研究公司（Longbow Research）。

Hi, good morning. This is Joe Nolan on for David.

嗨，早安。喬諾蘭 (Joe Nolan) 代替大衛上場。

Hi, Joe.

你好，喬。

Hi, I was just going to ask, price/cost remained modestly positive in the quarter. Just your view into the second half and what you're seeing with some of the different cost buckets, if you could talk through some of those. Thanks.

你好，我只是想問一下，本季價格/成本仍然保持適度正值。您對下半年的看法以及您對一些不同成本區間的看法，您可以談談其中的一些嗎？謝謝。

Yes. Thanks for the question. As I mentioned earlier, obviously, there's going to be more tariffs coming, which we're going to offset with the associated revenue. And then as you think about pricing actions, look for us to continue to take, right, the necessary actions to cover inflationary pressures. I try not to get into the details of providing an outlook for any one individual item, but rather just say, look for us in totality to cover that by a combination of pricing and productivity covering the cost pressure.

是的。謝謝你的提問。正如我之前提到的，顯然，將會有更多的關稅，我們將用相關收入來抵銷這些關稅。然後，當您考慮定價行動時，請注意我們將繼續採取必要的行動來應對通膨壓力。我盡量不去詳細闡述對任何單一專案的展望，而只是說，從整體來看，我們可以透過結合定價和生產力來彌補成本壓力。

Got it. And then non-res, strong outlook into the second half. Just with the tariff surcharges, have you seen any sort of demand elasticity related to that? Or it doesn't sound so much like it, but just wanted to check on that.

知道了。下半年非資源前景強勁。僅就關稅附加費而言，您是否曾看過與之相關的任何形式的需求彈性？或者聽起來不太像，但只是想檢查一下。

No, it's a fair question. And I'd say no. Project activity in the non-res space has been strong. Demand has been good. As a business, we operate predominantly in a short lead time made-to-order environment, book and ship kind of business. Our customers operate in a similar manner. And that's really the dynamic today. So I think project work continues on and have not seen that elasticity impact that you asked about.

不，這是一個公平的問題。而我的答案是「不」。非房地產領域的專案活動一直很活躍。需求一直很好。作為一家企業，我們主要在短交貨期的客製化環境中開展預訂和運輸業務。我們的客戶也採用類似的方式運作。這就是今天的真正動態。因此我認為專案工作仍在繼續，並且沒有看到您所詢問的彈性影響。

Great. Thank you.

偉大的。謝謝。

Tomo Sano, JPMorgan.

摩根大通的 Tomo Sano。

Hi, good morning, everyone.

大家好，早安。

Good morning.

早安.

Thank you. So I'd like to ask you about the international business for the second half outlook, especially. So you had a volume decline 3.2%. Any changes that you see from the past quarters? And how do you see the flattish market outlook in a full year basis? Any things that we should look at in the second half for this business, please?

謝謝。所以我想問您關於下半年國際業務的展望。因此交易量下降了 3.2%。與過去幾季相比，您發現有什麼變化嗎？您如何看待全年市場前景平淡？請問我們在下半年應該關注這項業務的哪些方面？

Yeah. I would just -- I know you've been following us a little less than maybe others on the call. Tomo, if you think of our business, our fourth quarter in international tends to be our strongest business. So as you think about modeling this, just take a look at the historic quarterly phasing for seasonality.

是的。我只是——我知道你對我們的關注可能比電話中的其他人少一些。Tomo，如果你考慮我們的業務，那麼我們在國際業務的第四季往往是我們最強勁的業務。因此，當您考慮對此進行建模時，只需查看歷史季度季節性變化。

And then with respect to the outlook, I would say still think the year is around flat. We talked about that Q1 on our outlook at the beginning of the year and still expect full year to be roughly around that flat organic outlook. Obviously, we have the benefit of currency rates and acquisitions, which you need to make sure you take into account, and we give that detail as well.

就前景而言，我仍然認為今年的前景將基本持平。我們在年初的展望中談到了第一季的情況，並且仍然預計全年的有機前景將大致持平。顯然，我們有匯率和收購方面的優勢，您需要確保考慮到這一點，我們也會提供這些詳細資訊。

Yeah. That's very helpful. And just a follow-up on the margin side on the international business. So in terms of the recent acquisitions accretive to margins, how should we think about the levels of the margins from the recent acquisition into 2026 for international business? If you have some thoughts of like how it's actually exciting in terms of the margin side of synergies, please?

是的。這非常有幫助。這只是對國際業務利潤的後續關注。那麼，就最近的收購對利潤率的提升而言，我們應該如何看待從最近的收購到 2026 年國際業務的利潤率水平？如果您對協同效應的利潤方面實際上如何令人興奮有什麼想法，可以嗎？

Yeah. The biggest acquisition, obviously, ELATEC, that is margin accretive for international. We gave some details when we put out the earnings release where you can calculate that and see that you're thinking mid-20s percent, which is certainly accretive to international on that business. So as I think about margin rates on M&A for international, think of it as accretive to the margin rate.

是的。最大的收購顯然是 ELATEC，這將為國際公司增加利潤。我們在發布收益報告時提供了一些細節，您可以計算一下，您會發現增長率約為 25% 左右，這對該業務的國際業務無疑具有增值作用。因此，當我考慮國際併購的保證金率時，我認為它會提高保證金率。

Alright. Thank you very much. That's all.

好吧。非常感謝。就這樣。

(Operator Instructions)

（操作員指示）

Chris Snyder, Morgan Stanley.

摩根士丹利的克里斯·斯奈德。

Thank you. I just wanted to ask on price. I think the company in April was pushing surcharges for about $80 million of tariffs. Obviously, you guys are kind of now putting that number at $40 million. So like is Q3 price effectively lower than Q2 price? I think Q2 came in at plus 3% because of that rollback. Just any thoughts on that price trajectory intra-quarter Q2 and then as we kind of go into the back half?

謝謝。我只是想問價格。我認為該公司四月正在推動徵收約 8000 萬美元的關稅附加費。顯然，你們現在把這個數字定為 4000 萬美元。那麼 Q3 的價格是否實際上低於 Q2 的價格？我認為由於這次回滾，第二季的銷售額將成長 3%。您對第二季以及下半年的價格走勢有何看法？

No. If you think about our tariffs, think of 25% of the full year, so 25% of the $40 million will be in the second quarter, and then the remaining 75% will be pretty even over the last six months of the year. So that can kind of give you an idea of the tariff revenue.

不。如果你考慮我們的關稅，想想全年的 25%，那麼 4000 萬美元中的 25% 將在第二季度，剩下的 75% 將在今年最後六個月內均勻分佈。這樣您就可以大致了解關稅收入。

Okay. So the company wasn't really realizing price on that -- on the surcharges at the $80 million level in Q2?

好的。那麼，該公司實際上並沒有意識到第二季 8,000 萬美元附加費的價格嗎？

Yeah. Let me kind of walk this back for you, Chris. We came out with the $80 million. Shortly thereafter, the government changed their policy on what tariffs were, and we immediately adjusted what we went to the marketplace and adjusted the surcharge. Think of it as, number one, we're going to offset it on a dollar basis, and then I gave you the components for you to model it throughout the year.

是的。讓我為你回顧一下，克里斯。我們拿出了8000萬美元。此後不久，政府改變了關稅政策，我們也立即調整了進入市場的商品並調整了附加費。想像一下，首先，我們要以美元為基礎來抵消它，然後我會給你提供組件，讓你全年對其進行建模。

Thank you. I appreciate that. And then -- so if we kind of look at the guide, I guess it's up 150 bps at the midpoint, 4% organic from 2.5% organic. Price is one point of that, the $40 million. And then I guess there's just like modestly better volumes in some other piece of the business. I guess where do you guys see the volumes getting better versus prior? Thank you.

謝謝。我很感激。然後 — — 如果我們看一下指南，我猜中間點是上漲 150 個基點，從 2.5% 有機增長到 4%。價格是其中的一個點，即 4000 萬美元。然後我想其他業務領域的交易量也會稍微好一點。我想你們覺得與以前相比，現在的銷售在哪裡變得更好了？謝謝。

I think it's fair to say non-residential, as you think about this versus the beginning of the year, our nonresidential business in the Americas is performing quite well, even better than we expected.

我認為可以公平地說，非住宅業務與年初相比，我們在美洲的非住宅業務表現相當不錯，甚至比我們預期的還要好。

Thank you. I appreciate that.

謝謝。我很感激。

This concludes our question-and-answer session. I would like to turn the conference back over to John Stone for any closing remarks.

我們的問答環節到此結束。我想將會議交還給約翰·斯通，請他作最後發言。

Thanks very much for the engagement and the questions. Again, I would just reiterate I feel that Allegion is performing very well, executing at a high level and steadily delivering on the commitments we made to you at our Investor Day. Thank you very much.

非常感謝您的參與和提問。我再次重申，我認為 Allegion 表現非常出色，執行力很強，並且穩步履行了我們在投資者日向您做出的承諾。非常感謝。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。