Allegion Plc · NYSE:ALLE
Allegion — Q1 2023 Earnings Presentation
16 slides from Allegion's earnings presentation, Apr 26, 2023
Slide 1: First-Quarter 2023 Financial Results
First-Quarter 2023 Financial Results April 26, 2023
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, but not limited to, statements
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, EBITDA, ad
Slide 4: Business Review: Outstanding Operational Performance
Business Review: Outstanding Operational Performance Market / Americas non-residential demand robust; Residential mechanical and certain international Demand markets continue to be soft; Electronics demand remains strong globally Revenue Organic revenue growth of 15%; Americas electronics growth of
Slide 5: First-Quarter 2023 Financial Summary
First-Quarter 2023 Financial Summary Revenue1 Adjusted OI Adjusted EBITDA Adjusted ACF1 $Millions Margin1 Margin1 EPS1 YTD +27.6% +290 bps +270 bps +39.8% +295.8% $923.0 $1.58 $46.7 20.8% 22.3% $723.6 17.9% 19.6% $1.13 $11.8 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 ▪ Organic reven
Slide 6: Allegion EPS Performance
First-Quarter 2023 Allegion EPS Performance $0.13 $0.46 $1.58 $0.11 $0.03 $1.40 $0.18 $0.08 $1.13 $1.05 Access Technologies interest: ($0.09) Higher rates: ($0.02) M&A: ($0.03) Restructuring: ($0.03) Amortization1: ($0.12) M&A: $0.04 Restructuring: $0.01 Inv. gain: ($0.02) Amortization: $0.05 Q1 22
Slide 7: Revenue Results
First-Quarter 2023 Revenue Results $Millions 18.6% 15.0% Q1'23 Q1'23 1 Reported Organic 11.4% Growth Growth Allegion Americas 42.0% 22.6% 6.4% 6.4% Allegion International -9.7% -4.8% Total 27.6% 15.0% $724 $773 $914 $862 $923 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 1 Current Quarter Revenue Prior Qu
Slide 8: Allegion Americas Results
First-Quarter 2023 Allegion Americas Results Revenue1 Adjusted OI%1 Adjusted EBITDA%1 $Millions +42.0% +290 bps +260 bps $740.9 26.7% 27.8% $521.9 23.8% 25.2% Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Ex-AT 23.8% 28.8% Ex-AT 25.2% 30.0% Q1 Revenue Performance ▪ Organic revenue growth of 22.6%; Price reali
Slide 9: Allegion International Results
First-Quarter 2023 Allegion International Results Revenue1 Adjusted OI%1 Adjusted EBITDA%1 $Millions -9.7% -260 bps -220 bps $201.7 13.4% 15.6% $182.1 10.8% 13.4% Q1 22 Q1 23 Q1 22 Q1 23 Q1 22 Q1 23 Q1 Revenue Performance Q1 Adjusted Margin Performance ▪ Organic revenue decline of 4.8%; Price realiz
Slide 10: 2023 Allegion ACF / Balance Sheet
2023 Allegion ACF / Balance Sheet Available Cash Flow1 Working Capital2 $Millions $Millions Notes: $46.7 ▪ Higher ACF driven by favorable Working Capital % of Revenue earnings 7.5% ▪ Working capital percent increase due to Access Technologies 5.1% (“AT”) acquisition and increased $11.8 inventory ▪ I
Slide 11: Full-Year 2023 Revenue Outlook
Full-Year 2023 Revenue Outlook 2023 Revenue Outlook - Current Allegion Americas Allegion International Total Allegion Reported & Organic1 Reported: 15% to 17% Reported: -1% to 1% Reported: 11.5% to 13.5% Revenue Outlook Organic: 7.5% to 9.5% Organic: -2% to flat Organic: 5.5% to 7.5% 2023 Revenue Ou
Slide 12: Full-Year 2023 EPS Outlook
Full-Year 2023 EPS Outlook EPS Reconciliation Current Outlook Prior Outlook 2022 Reported EPS $5.19 $5.19 Adjustments 1 $0.50 $0.50 Notes: Acquired Intangible Asset Amortization2 $0.30 $0.30 ▪ Operational performance 2022 Adjusted EPS As Recasted $5.99 $5.99 driving higher outlook Operational Perfor
Slide 13: Summary
Summary ▪ Strength in Americas non-residential business ▪ Electronic solutions driving sustained growth opportunity globally ▪ Access Technologies integration and performance going well ▪ Continued margin expansion; Cash flow improving ▪ Team is executing well Great start to 2023; Raising full-year
Slide 14: 2023 Allegion Investor & Analyst Day
2023 Allegion Investor & Analyst Day Join us on Tuesday, May 2, at 12 p.m. ET in Carmel, Indiana Or watch formal presentations, held from 12:30 p.m. to 2:30 p.m. ET, via our real-time, listen-only webcast of the meeting. Individuals can access the webcast through Allegion’s website at https://invest
Slide 15: Allegion: Pioneering Safety
ALLEGION’ PIONEERING SAFETY
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