Results showcase solid execution, margin
expansion and balanced capital deployment
Quarterly Financial Highlights (All
comparisons against the fourth quarter of 2023, unless otherwise
noted)
- Net earnings per share (EPS) of $1.65, up 23.1% compared with
$1.34; Adjusted EPS of $1.86, up 10.7% compared with $1.68
- Revenues of $945.6 million, up 5.4% on a reported basis and up
3.5% on an organic basis
- Operating margin of 19.5%, compared with 17.8%; Adjusted
operating margin of 22.1%, up 10 basis points compared with
22.0%
Full-Year Financial Highlights (All comparisons against
the full year of 2023, unless otherwise noted)
- EPS of $6.82, up 11.4% compared with $6.12; Adjusted EPS of
$7.53, up 8.2% compared with $6.96
- Revenues of $3,772.2 million, up 3.3% on a reported basis and
up 2.1% on an organic basis
- Operating margin of 20.7%, compared with 19.4%; Adjusted
operating margin of 22.8%, up 70 basis points compared with
22.1%
- Available cash flow, which is defined as net cash from
operating activities minus capital expenditures, was $582.9 million
for 2024, an increase of 12.9%
2025 Full-Year Outlook Highlights
- Full-year reported revenue growth is estimated to be 1% to 3%,
with organic revenue growth estimated to be 1.5% to 3.5%
- Full-year adjusted EPS is estimated to be $7.65 to $7.85
- Available cash flow is estimated to be 85% to 90% of adjusted
net income
Allegion plc (NYSE: ALLE), a leading global security products
and solutions provider, today reported financial results for its
fourth quarter (ended Dec. 31, 2024).
“Allegion delivered a record year in 2024 – a year marked by
consistent, strong execution, solid margin expansion and balanced
capital deployment,” said Allegion President and CEO John H.
Stone.
“These results are a testament to our team of highly engaged
experts who, together with our distribution and channel partners,
solve complex problems for our end-user customers and work
tirelessly to make the world safer.”
Q4 2024 Company Results (All comparisons against the
fourth quarter of 2023, unless otherwise noted)
Allegion reported fourth-quarter 2024 net revenues of $945.6
million and net earnings of $144.1 million, or $1.65 per share.
Adjusted net earnings were $161.8 million, or $1.86 per share, up
10.7%, excluding items primarily related to restructuring,
acquisition and integration expenses, as well as amortization
expense related to acquired intangible assets.
Fourth-quarter 2024 net revenues increased 5.4%. On an organic
basis, which excludes impacts of acquisitions, divestitures and
foreign currency movements, net revenues increased 3.5%, led by the
Americas region. The organic revenue increase was driven by price
realization and volume growth. Reported revenue reflects a 2.0%
positive impact from acquisitions and a slight headwind from
foreign currency.
Fourth-quarter 2024 operating income was $184.6 million, an
increase of $24.9 million or 15.6%. Adjusted operating income in
fourth-quarter 2024 was $209.1 million, an increase of $11.9
million or 6.0%.
Fourth-quarter 2024 operating margin was 19.5%, compared with
17.8%. The adjusted operating margin in fourth-quarter 2024 was
22.1%, compared with 22.0%. The 10-basis-point increase in adjusted
operating margin is attributable to favorable volume leverage and
regional mix.
Q4 2024 Segment Results (All comparisons against the
fourth quarter of 2023, unless otherwise noted)
The Americas segment revenues were up 6.4% (up 4.6% on an
organic basis). The organic revenue increase was driven by price
realization as well as volume growth. The non-residential business
was up mid-single digits, and the residential business grew
high-single digits. The reported revenue reflects a 1.9% positive
impact from acquisitions and a slight headwind from foreign
currency. Adjusted operating margin in the region increased 70
basis points to 27.4%.
The International segment revenues increased 1.5% (down 0.7% on
an organic basis). The organic revenue decrease was driven by
volume decline offset partially by price realization. Reported
revenue reflects a positive impact from acquisitions of 2.4% and a
slight headwind from foreign currency. Adjusted operating margin in
the region decreased 100 basis points to 15.8% on reduced
volumes.
Full-Year 2024 Company Results (All comparisons against
the full year of 2023, unless otherwise noted)
Allegion reported full-year 2024 net revenues of $3,772.2
million and net earnings of $597.5 million, or $6.82 per share.
Adjusted net earnings were $659.7 million, or $7.53 per share, up
8.2%, excluding items primarily related to restructuring,
acquisition and integration expenses, as well as amortization
expense related to acquired intangible assets.
Full-year 2024 net revenues increased 3.3%. Net revenues
increased 2.1% on an organic basis, excluding impacts of
acquisitions, divestitures and foreign currency movements.
Favorable price was slightly offset by lower volumes, primarily in
Allegion International. The reported revenue reflects a positive
impact from acquisitions of 1.3% and a slight headwind from foreign
currency.
Full-year 2024 operating income was $780.7 million, an increase
of $72.3 million or 10.2%. Adjusted operating income for full-year
2024 was $860.8 million, an increase of $55.2 million or 6.9%.
Full-year 2024 operating margin was 20.7%, compared with 19.4%.
The adjusted operating margin for full-year 2024 was 22.8%,
compared with 22.1%. The 70-basis-point increase in adjusted
operating margin is attributable to positive price and productivity
net of inflation and investments. These increases were partially
offset by lower volumes.
Additional Items (All comparisons against the fourth
quarter of 2023, unless otherwise noted)
Interest expense for fourth-quarter 2024 was $25.2 million, an
increase of $2.3 million.
Other income, net for fourth-quarter 2024 was $2.9 million,
compared to other income, net of $0.1 million.
The company’s effective tax rate for fourth-quarter 2024 was
11.2%, compared with 13.4%. The company’s adjusted effective tax
rate for fourth-quarter 2024 was 13.1%, compared with 16.4%. The
company’s adjusted effective tax rate for full-year 2024 was 15.6%,
compared with 14.3% for full-year 2023.
Cash Flow and Liquidity
Year-to-date available cash flow for 2024 was $582.9 million, an
increase of $66.5 million versus the prior-year period. The company
ended fourth-quarter 2024 with cash and cash equivalents of $503.8
million, as well as total debt of $1,999.5 million.
Share Repurchase and Dividends
In the fourth quarter of 2024, the company repurchased
approximately 0.7 million shares for approximately $100 million and
paid quarterly dividends of $0.48 per ordinary share or $41.4
million.
2025 Full-Year Outlook (All comparisons against full-year
2024, unless otherwise noted)
The company expects full-year 2025 revenues to increase 1% to 3%
on a reported basis and increase 1.5% to 3.5% organically, when
compared to 2024, after excluding the expected impacts of
acquisitions, divestitures and foreign currency movements.
Full-year 2025 reported EPS is expected to be in the range of
$7.05 to $7.25, or $7.65 to $7.85 on an adjusted basis. The outlook
assumes a full-year adjusted effective tax rate of approximately
17% to 18%.
Adjustments to 2025 EPS include estimated impacts of
approximately $0.46 per share for acquisition-related amortization,
as well as $0.14 per share for restructuring and M&A.
The outlook assumes an average diluted share count for the full
year of approximately 86.7 million shares.
The company expects full-year available cash flow to be 85% to
90% of adjusted net income.
Conference Call Information
On Tuesday, Feb. 18, 2025, President and CEO John H. Stone and
Senior Vice President and Chief Financial Officer Mike Wagnes will
conduct a conference call for analysts and investors, beginning at
8 a.m. ET, to review the company's results.
A real-time, listen-only webcast of the conference call will be
broadcast live online. Individuals wishing to listen may access the
call through https://investor.allegion.com.
About Allegion
At Allegion (NYSE: ALLE), we design and manufacture innovative
security and access solutions that help keep people safe where they
live, learn, work and connect. We’re pioneering safety with our
strong legacy of leading brands like CISA®, Interflex®, LCN®,
Schlage®, SimonsVoss® and Von Duprin®. Our comprehensive portfolio
of hardware, software and electronic solutions is sold around the
world and spans residential and commercial locks, door closer and
exit devices, steel doors and frames, access control and workforce
productivity systems. Allegion had $3.8 billion in revenue in 2024.
For more, visit www.allegion.com.
Non-GAAP Measures
This news release includes adjusted non-GAAP financial
information which should be considered supplemental to, not a
substitute for or superior to, the financial measure calculated in
accordance with GAAP. The company presents operating income,
operating margin, earnings before income taxes, effective tax rate,
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, adjusted EBITDA and adjusted EBITDA margin (all non-GAAP
measures) and Available Cash Flow (“ACF,” a non-GAAP measure),
including in certain cases, on a segment basis. The company
presents these non-GAAP measures because management believes these
non-GAAP measures provide management and investors useful
perspective of the company’s underlying business results and trends
and a more comparable measure of period-over-period results. These
measures are also used to evaluate senior management and are a
factor in determining at-risk compensation. Investors should not
consider non-GAAP measures as alternatives to the related U.S. GAAP
measures. Further information about the adjusted non-GAAP financial
tables is attached to this news release. The Full-Year Outlook
Highlights and Updated Full-Year Outlook contain non-GAAP financial
measures that exclude or otherwise have been adjusted for non-GAAP
adjustment items from our U.S. GAAP financial statements. When we
provide forward-looking outlooks for any of the various non-GAAP
metrics described above, we do not provide reconciliations of the
U.S. GAAP measures as we are unable to predict with a reasonable
degree of certainty the actual impact of the non-GAAP adjustment
items. By their very nature, non-GAAP adjustment items are
difficult to anticipate with precision because they are generally
associated with unexpected and unplanned events that impact our
company and its financial results. Therefore, we are unable to
provide a reconciliation of these measures without unreasonable
efforts.
Forward-Looking Statements
This press release 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 under the headings “2025 Full-Year Outlook Highlights,”
“2025 Full-Year Outlook” and statements regarding the company's
2025 and future financial performance, the company’s business plans
and strategy, the company’s growth strategy, the company’s capital
allocation strategy, the company’s ability to successfully complete
and integrate acquisitions and achieve anticipated strategic and
financial benefits and the performance of the markets in which the
company operates. These forward-looking statements generally are
identified by the words “believe,” “aim,” “project,” “expect,”
“anticipate,” “estimate,” “forecast,” “outlook,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result”
or the negative thereof or variations thereon or similar
expressions generally intended to identify forward-looking
statements. Forward-looking statements may relate to such matters
as projections of revenue, margins, expenses, tax rate and
provisions, earnings, cash flows, benefit obligations, dividends,
share purchases or other financial items; any statements of the
plans, strategies and objectives of management for future
operations, including those relating to any statements concerning
expected development, performance or market share relating to our
products and services; any statements regarding future economic
conditions or our performance; any statements regarding pending
investigations, claims or disputes; any statements of expectation
or belief; and any statements of assumptions underlying any of the
foregoing. Undue reliance should not be placed on any
forward-looking statements, as these statements are based on the
company's currently available information and our current
assumptions, expectations and projections about future events. They
are subject to future events, risks and uncertainties - many of
which are beyond the company’s control - as well as potentially
inaccurate assumptions, that could cause actual results to differ
materially from those in the forward-looking statements. Important
factors and other risks that may affect the company's business or
that could cause actual results to differ materially are included
in filings the company makes with the Securities and Exchange
Commission from time to time, including its Annual Report on Form
10-K and its Quarterly Reports on Form 10-Q and in its other SEC
filings. All forward-looking statements in this press release are
expressly qualified by such cautionary statements and by reference
to the underlying assumptions. The company undertakes no obligation
to update these forward-looking statements, whether as a result of
new information, future events or otherwise, except as required by
law.
ALLEGION PLC
Condensed and Consolidated Income
Statements
(In millions, except per share
data)
UNAUDITED
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Net revenues
$
945.6
$
897.4
$
3,772.2
$
3,650.8
Cost of goods sold
528.9
512.1
2,103.7
2,069.3
Gross profit
416.7
385.3
1,668.5
1,581.5
Selling and administrative expenses
232.1
218.1
887.8
865.6
Impairment of intangible assets
—
7.5
—
7.5
Operating income
184.6
159.7
780.7
708.4
Interest expense
25.2
22.9
102.0
93.1
Other income, net
(2.9
)
(0.1
)
(20.1
)
(1.9
)
Earnings before income taxes
162.3
136.9
698.8
617.2
Provision for income taxes
18.2
18.3
101.3
76.6
Net earnings
144.1
118.6
597.5
540.6
Less: Net earnings attributable to
noncontrolling interests
—
—
—
0.2
Net earnings attributable to Allegion
plc
$
144.1
$
118.6
$
597.5
$
540.4
Basic earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.66
$
1.35
$
6.85
$
6.15
Diluted earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
1.65
$
1.34
$
6.82
$
6.12
Shares outstanding - basic
86.7
87.8
87.2
87.9
Shares outstanding - diluted
87.2
88.2
87.6
88.3
ALLEGION PLC
Condensed and Consolidated Balance
Sheets
(In millions)
UNAUDITED
December 31, 2024
December 31, 2023
ASSETS
Cash and cash equivalents
$
503.8
$
468.1
Accounts and notes receivables, net
418.9
412.8
Inventories
423.0
438.5
Other current assets
76.6
41.5
Total current assets
1,422.3
1,360.9
Property, plant and equipment, net
385.3
358.1
Goodwill
1,489.4
1,443.1
Intangible assets, net
569.0
572.8
Other noncurrent assets
621.8
576.6
Total assets
$
4,487.8
$
4,311.5
LIABILITIES AND EQUITY
Accounts payable
$
258.0
$
259.2
Accrued expenses and other current
liabilities
417.0
407.9
Short-term borrowings and current
maturities of long-term debt
21.9
412.6
Total current liabilities
696.9
1,079.7
Long-term debt
1,977.6
1,602.4
Other noncurrent liabilities
312.6
311.1
Equity
1,500.7
1,318.3
Total liabilities and equity
$
4,487.8
$
4,311.5
ALLEGION PLC
Condensed and Consolidated Statements
of Cash Flows
(In millions)
UNAUDITED
Year ended December
31,
2024
2023
Operating Activities
Net earnings
$
597.5
$
540.6
Depreciation and amortization
119.0
111.6
Changes in assets and liabilities and
other non-cash items
(41.5
)
(51.6
)
Net cash provided by operating
activities
675.0
600.6
Investing Activities
Capital expenditures
(92.1
)
(84.2
)
Acquisition of and equity investments in
businesses, net of cash acquired
(137.2
)
(31.7
)
Other investing activities, net
0.9
(13.2
)
Net cash used in investing activities
(228.4
)
(129.1
)
Financing Activities
Net repayments on debt
(13.3
)
(81.6
)
Debt financing costs
(7.6
)
—
Dividends paid to ordinary
shareholders
(167.0
)
(158.7
)
Repurchase of ordinary shares
(220.0
)
(59.9
)
Other financing activities, net
13.4
1.5
Net cash used in financing activities
(394.5
)
(298.7
)
Effect of exchange rate changes on cash
and cash equivalents
(16.4
)
7.3
Net increase in cash and cash
equivalents
35.7
180.1
Cash and cash equivalents - beginning of
period
468.1
288.0
Cash and cash equivalents - end of
period
$
503.8
$
468.1
SUPPLEMENTAL
SCHEDULES
ALLEGION PLC
SCHEDULE 1
SELECTED OPERATING SEGMENT
INFORMATION
(In millions)
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Net revenues
Allegion Americas
$
750.0
$
704.6
$
3,012.4
$
2,913.6
Allegion International
195.6
192.8
759.8
737.2
Total net revenues
$
945.6
$
897.4
$
3,772.2
$
3,650.8
Operating income (expense)
Allegion Americas
$
193.8
$
175.0
$
816.2
$
757.2
Allegion International
17.7
17.9
66.3
58.1
Corporate unallocated
(26.9
)
(33.2
)
(101.8
)
(106.9
)
Total operating income
$
184.6
$
159.7
$
780.7
$
708.4
ALLEGION PLC
SCHEDULE 2
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 adjusted EBITDA and adjusted EBITDA margin
(both non-GAAP measures). The Company presents these non-GAAP
measures because management believes they provide useful
perspective of the Company’s underlying business results and trends
and a more comparable measure of period-over-period results. These
measures are also used to evaluate senior management and are a
factor in determining at-risk compensation. Investors should not
consider non-GAAP measures as alternatives to the related U.S. GAAP
measures.
The Company defines the presented non-GAAP
measures as follows:
- Adjustments to operating income, operating margin, net
earnings, EPS and EBITDA include items such as goodwill,
indefinite-lived trade name and other asset impairment charges,
restructuring charges, acquisition and integration costs,
amortization of acquired intangible assets, debt financing costs,
gains or losses related to the divestiture of businesses or equity
method investments and non-operating investment gains or
losses;
- Organic revenue growth is defined as U.S. GAAP revenue growth
excluding the impact of acquisitions, divestitures and currency
effects; and
- Available cash flow is defined as U.S. GAAP net cash from
operating activities less capital expenditures.
These non-GAAP measures may not be defined and calculated the
same as similar measures used by other companies.
RECONCILIATION OF GAAP TO NON-GAAP NET
EARNINGS
(In millions, except per share
data)
Three Months Ended December
31, 2024
Three Months Ended December
31, 2023
Reported
Adjustments
Adjusted
(non-GAAP)
Reported
Adjustments
Adjusted
(non-GAAP)
Net revenues
$
945.6
$
—
$
945.6
$
897.4
$
—
$
897.4
Operating income
184.6
24.5
(1)
209.1
159.7
37.5
(1)
197.2
Operating margin
19.5
%
22.1
%
17.8
%
22.0
%
Earnings before income taxes
162.3
23.9
(2)
186.2
136.9
40.7
(2)
177.6
Provision for income taxes
18.2
6.2
(3)
24.4
18.3
10.8
(3)
29.1
Effective income tax rate
11.2
%
13.1
%
13.4
%
16.4
%
Net earnings attributable to Allegion
plc
$
144.1
$
17.7
$
161.8
$
118.6
$
29.9
$
148.5
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
1.65
$
0.21
$
1.86
$
1.34
$
0.34
$
1.68
(1)
Adjustments to operating income for the
three months ended December 31, 2024, consist of $10.0 million of
restructuring charges and acquisition and integration expenses, and
$14.5 million of amortization expense related to acquired
intangible assets. Adjustments to operating income for the three
months ended December 31, 2023, consist of $16.3 million of
restructuring charges and acquisition and integration expenses,
$13.7 million of amortization expense related to acquired
intangible assets and $7.5 million of impairment expense related to
intangible assets.
(2)
Adjustments to earnings before income
taxes for the three months ended December 31, 2024, consist of the
adjustments to operating income discussed above, as well as a $0.6
million non-operating gain. Adjustments to earnings before income
taxes for the three months ended December 31, 2023, consist of the
adjustments to operating income discussed above as well as a $3.2
million non-operating investment loss.
(3)
Adjustments to the provision for income
taxes for the three months ended December 31, 2024, and 2023,
consist of $6.2 million and $10.8 million of tax expense,
respectively, related to the excluded items discussed above.
Year ended December 31,
2024
Year ended December 31,
2023
Reported
Adjustments
Adjusted
(non-GAAP)
Reported
Adjustments
Adjusted
(non-GAAP)
Net revenues
$
3,772.2
$
—
$
3,772.2
$
3,650.8
$
—
$
3,650.8
Operating income
780.7
80.1
(1)
860.8
708.4
97.2
(1)
805.6
Operating margin
20.7
%
22.8
%
19.4
%
22.1
%
Earnings before income taxes
698.8
82.4
(2)
781.2
617.2
100.4
(2)
717.6
Provision for income taxes
101.3
20.2
(3)
121.5
76.6
25.9
(3)
102.5
Effective income tax rate
14.5
%
15.6
%
12.4
%
14.3
%
Net earnings
597.5
62.2
659.7
540.6
74.5
615.1
Noncontrolling interests
—
—
—
0.2
—
0.2
Net earnings attributable to Allegion
plc
$
597.5
$
62.2
$
659.7
$
540.4
$
74.5
$
614.9
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
6.82
$
0.71
$
7.53
$
6.12
$
0.84
$
6.96
(1)
Adjustments to operating income for the
year ended December 31, 2024, consist of $22.1 million of
restructuring charges and acquisition and integration expenses, and
$58.0 million of amortization expense related to acquired
intangible assets. Adjustments to operating income for the year
ended December 31, 2023, consist of $33.8 million of restructuring
charges and acquisition and integration expenses, $55.9 million of
amortization expense related to acquired intangible assets, and
$7.5 million of impairment expense related to intangible
assets.
(2)
Adjustments to earnings before income
taxes for the year ended December 31, 2024, consist of the
adjustments to operating income discussed above, as well as a $2.3
million non-operating investment loss. Adjustments to earnings
before income taxes for the year ended December 31, 2023, as well
as a $3.2 million non-operating investment loss.
(3)
Adjustments to the provision for income
taxes for the year ended December 31, 2024, and 2023, consist of
$20.2 million and $25.9 million of tax expense, respectively,
related to the excluded items discussed above.
ALLEGION PLC
SCHEDULE 3
RECONCILIATION OF GAAP TO NON-GAAP
REVENUE AND OPERATING INCOME BY REGION
(In millions)
Three Months Ended December
31, 2024
Three Months Ended December
31, 2023
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
750.0
$
704.6
Operating income (GAAP)
$
193.8
25.8
%
$
175.0
24.8
%
Restructuring charges
1.2
0.2
%
2.9
0.4
%
Acquisition and integration costs
1.3
0.2
%
2.1
0.3
%
Amortization of acquired intangible
assets
8.8
1.2
%
8.4
1.2
%
Adjusted operating income
205.1
27.4
%
188.4
26.7
%
Depreciation and amortization
9.8
1.3
%
8.9
1.3
%
Adjusted EBITDA
$
214.9
28.7
%
$
197.3
28.0
%
Allegion International
Net revenues (GAAP)
$
195.6
$
192.8
Operating income (GAAP)
$
17.7
9.0
%
$
17.9
9.3
%
Restructuring charges
7.3
3.7
%
1.2
0.6
%
Acquisition and integration costs
0.2
0.1
%
0.4
0.2
%
Amortization of acquired intangible
assets
5.7
3.0
%
5.3
2.8
%
Impairment of intangible assets
—
—
%
7.5
3.9
%
Adjusted operating income
30.9
15.8
%
32.3
16.8
%
Depreciation and amortization
4.5
2.3
%
4.3
2.2
%
Adjusted EBITDA
$
35.4
18.1
%
$
36.6
19.0
%
Corporate
Operating loss (GAAP)
$
(26.9
)
$
(33.2
)
Restructuring charges
—
1.0
Acquisition and integration costs
—
8.7
Adjusted operating loss
(26.9
)
(23.5
)
Depreciation and amortization
0.2
0.1
Adjusted EBITDA
$
(26.7
)
$
(23.4
)
Total
Net revenues
$
945.6
$
897.4
Adjusted operating income
$
209.1
22.1
%
$
197.2
22.0
%
Depreciation and amortization
14.5
1.5
%
13.3
1.5
%
Adjusted EBITDA
$
223.6
23.6
%
$
210.5
23.5
%
Year ended December 31,
2024
Year ended December 31,
2023
As Reported
Margin
As Reported
Margin
Allegion Americas
Net revenues (GAAP)
$
3,012.4
$
2,913.6
Operating income (GAAP)
$
816.2
27.1
%
$
757.2
26.0
%
Restructuring charges
1.3
—
%
3.7
0.1
%
Acquisition and integration costs
7.0
0.2
%
8.4
0.3
%
Amortization of acquired intangible
assets
35.1
1.2
%
33.7
1.1
%
Adjusted operating income
859.6
28.5
%
803.0
27.5
%
Depreciation and amortization
39.2
1.3
%
33.8
1.2
%
Adjusted EBITDA
$
898.8
29.8
%
$
836.8
28.7
%
Allegion International
Net revenues (GAAP)
$
759.8
$
737.2
Operating income (loss) (GAAP)
66.3
8.7
%
58.1
7.9
%
Restructuring charges
9.2
1.2
%
8.0
1.1
%
Acquisition and integration costs
0.7
0.1
%
0.8
0.1
%
Amortization of acquired intangible
assets
22.9
3.0
%
22.2
3.0
%
Impairment of intangible assets
—
—
%
7.5
1.0
%
Adjusted operating income
99.1
13.0
%
96.6
13.1
%
Depreciation and amortization
18.2
2.4
%
17.8
2.4
%
Adjusted EBITDA
$
117.3
15.4
%
$
114.4
15.5
%
Corporate
Operating loss (GAAP)
$
(101.8
)
$
(106.9
)
Restructuring charges
0.1
1.0
Acquisition and integration costs
3.8
11.9
Adjusted operating loss
(97.9
)
(94.0
)
Depreciation and amortization
0.9
1.3
Adjusted EBITDA
$
(97.0
)
$
(92.7
)
Total
Net revenues
$
3,772.2
$
3,650.8
Adjusted operating income
$
860.8
22.8
%
$
805.6
22.1
%
Depreciation and amortization
58.3
1.6
%
52.9
1.4
%
Adjusted EBITDA
$
919.1
24.4
%
$
858.5
23.5
%
ALLEGION PLC
SCHEDULE 4
RECONCILIATION OF CASH PROVIDED BY
OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO
ADJUSTED EBITDA
(In millions)
Year ended December
31,
2024
2023
Net cash from operating activities
$
675.0
$
600.6
Capital expenditures
(92.1
)
(84.2
)
Available cash flow
$
582.9
$
516.4
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Net earnings (GAAP)
$
144.1
$
118.6
$
597.5
$
540.6
Provision for income taxes
18.2
18.3
101.3
76.6
Interest expense
25.2
22.9
102.0
93.1
Amortization of acquired intangible
assets
14.5
13.7
58.0
55.9
Depreciation and amortization of
nonacquired intangible assets
14.5
13.3
58.3
52.9
EBITDA
216.5
186.8
917.1
819.1
Other income, net
(2.9
)
(0.1
)
(20.1
)
(1.9
)
Impairment of intangible assets
—
7.5
—
7.5
Acquisition and integration costs and
restructuring charges
10.0
16.3
22.1
33.8
Adjusted EBITDA
$
223.6
$
210.5
$
919.1
$
858.5
ALLEGION PLC
SCHEDULE 5
RECONCILIATION OF GAAP REVENUE GROWTH
TO NON-GAAP ORGANIC REVENUE GROWTH BY SEGMENT
Three months ended December
31,
Year ended December
31,
2024
2023
2024
2023
Allegion Americas
Revenue growth (GAAP)
6.4
%
3.7
%
3.4
%
15.1
%
Acquisitions
(1.9
)%
—
%
(1.0
)%
(7.9
)%
Currency translation effects
0.1
%
—
%
0.1
%
0.2
%
Organic growth (non-GAAP)
4.6
%
3.7
%
2.5
%
7.4
%
Allegion International
Revenue growth (GAAP)
1.5
%
5.9
%
3.1
%
(0.5
)%
Acquisitions
(2.4
)%
(2.8
)%
(2.5
)%
(0.7
)%
Currency translation effects
0.2
%
(4.4
)%
(0.2
)%
(1.3
)%
Organic growth (non-GAAP)
(0.7
)%
(1.3
)%
0.4
%
(2.5
)%
Total
Revenue growth (GAAP)
5.4
%
4.2
%
3.3
%
11.6
%
Acquisitions
(2.0
)%
(0.6
)%
(1.3
)%
(6.2
)%
Currency translation effects
0.1
%
(1.0
)%
0.1
%
(0.2
)%
Organic growth (non-GAAP)
3.5
%
2.6
%
2.1
%
5.2
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250218106817/en/
Media Contact: Whitney Moorman – Director, Global
Communications 317-810-3241 Whitney.Moorman@allegion.com
Analyst Contacts: Jobi Coyle – Director, Investor
Relations 317-810-3107 Jobi.Coyle@allegion.com
Josh Pokrzywinski – Vice President, Investor Relations
463-210-8595 Joshua.Pokrzywinski@allegion.com
Allegion (NYSE:ALLE)
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Allegion (NYSE:ALLE)
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