Allegion Plc · NYSE:ALLE
Allegion — Q1 2022 Earnings Presentation
16 slides from Allegion's earnings presentation, Apr 26, 2022
Slide 1: First-Quarter 2022 Financial Results
First-Quarter 2022 Financial Results April 26, 2022
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, including statements regarding the continu
Slide 3: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The Company presents operating income, operating margin, net earnings and diluted earnings per share (EPS) on both a U.S. GAAP basis and on an adjusted (non-GAAP) basis, revenue growth on a U.S. GAAP basis and organic revenue growth on a non-GAAP basis, and adjust
Slide 4: Business Review
Business Review Market / Market demand remains robust, particularly in Allegion Americas non-residential Demand and Allegion International; Allegion Americas residential markets stable Supply Chain / Steady progress on product redesign and alternative sourcing; Electronics Electronic component chall
Slide 5: First-Quarter 2022 Financial Summary
First-Quarter 2022 Financial Summary Revenue1 Adjusted OI Adjusted YTD ACF1 $Millions Margin1 EPS1 $Millions +4.2% -240 bps -10.8% -88.8% $105.5 $723.6 $694.3 19.3% 16.9% $1.20 $1.07 $11.8 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 ▪ Organic revenue growth of 6.4% ▪ Margin decline driven by con
Slide 6: Allegion EPS Performance
First-Quarter 2022 Allegion EPS Performance 6 First-Quarter 2022 Results See press release for non-GAAP reconciliations
Slide 7: Revenue Results
First-Quarter 2022 Revenue Results 760.0 $Millions 30.0% 740.0 23.8% 25.0% 720.0 20.0% Q1'22 Q1'22 1 700.0 Reported Organic 15.0% 680.0 Growth Growth 10.0% 660.0 6.4% 5.0% Allegion Americas 5.9% 5.9% 640.0 0.5% -1.6% Allegion International 0.0% 7.6% 620.0 -1.4% 0.0% $694.3 $746.9 $717.0 $709.2 $723.
Slide 8: Allegion Americas Results
First-Quarter 2022 Allegion Americas Results Revenue1 Adjusted Operating Income1 $Millions $Millions +5.9% -8.6% $528.2 $135.5 $498.9 $123.9 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 Q1 Revenue Performance Adj OP Margin 27.2% 23.5% Adj EBITDA % 28.9% 25.1% ▪ Organic revenue growth of 5.9% ▪ Significant pr
Slide 9: Allegion International Results
First-Quarter 2022 Allegion International Results Revenue1 Adjusted Operating Income1 $Millions $Millions Flat +13.3% $195.4 $195.4 $18.0 $20.4 Q1 21 Q1 22 Q1 21 Q1 22 Q1 21 Q1 22 Adj OP Margin 9.2% 10.4% Q1 Revenue Performance Adj EBITDA % 14.4% 15.4% ▪ Organic revenue growth of 7.6% ▪ Organic grow
Slide 10: 2022 Allegion ACF
2022 Allegion ACF Available Cash Flow1 $Millions Notes: ▪ ACF generation in line with historical trends ▪ Lower net earnings than prior year ▪ Higher net working capital requirements (last year lower due to COVID) ▪ Slightly higher capital expenditures than prior year Cash generation as expected; He
Slide 11: Full-Year 2022 Revenue Outlook
Full-Year 2022 Revenue Outlook 2022 Revenue Outlook - Current Notes: Allegion Americas Allegion International Reported Reported: 10% to 11.5% Reported: 0.5% to 2% ▪ Robust Allegion Americas non- & Organic1 residential market demand Revenue Organic: 10% to 11.5% Organic: 5% to 6.5% Outlook ▪ Stable A
Slide 12: Full-Year 2022 EPS & ACF Outlook
Full-Year 2022 EPS & ACF Outlook 2022 EPS Reconciliation - Current 2022 EPS Reconciliation - Prior 2021 Reported EPS $5.34 2021 Reported EPS $5.34 Other Items: Adjustments¹ ($0.15) Adjustments¹ ($0.15) ▪ Full-year adjusted effective tax rate ~13% 2021 Adjusted EPS $5.19 2021 Adjusted EPS $5.19 ▪ Ave
Slide 13: Acquisition of Stanley Access Technologies Business
Acquisition of Stanley Access Technologies Business
Slide 14: Highly Strategic Combination
Highly Strategic Combination ✓ Strategic asset that further enhances Allegion’s seamless access strategy and presence in security markets ▪ Complementary non-residential specified business ▪ Fully integrated end-to-end solution provider with robust product portfolio across a range of end markets ✓ A
Slide 15: Delivering Value for Allegion Shareholders
Delivering Value for Allegion Shareholders Seamless Strong Disciplined M&A Strategy Financial Access Capital Consistency Profile Enhancement Allocation ▪ Further expansion of ▪ Strong business and ▪ Projected revenue ▪ Strong balance sheet and seamless access market fundamentals growth1 of high-sing
Slide 16: About Allegion
About Allegion™ Allegion (NYSE: ALLE) is a global pioneer in seamless access, with leading brands like CISA®, Interflex®, LCN®, Schlage®, SimonsVoss® and Von Duprin®. Focusing on security around the door and adjacent areas, Allegion secures people and assets with a range of solutions for homes, busi