- Second-quarter 2020 net earnings per share (EPS) of $0.80,
compared with 2019 EPS of $1.16; Adjusted 2020 EPS of $0.92, down
27 percent compared with 2019 adjusted EPS of $1.26
- Second-quarter 2020 revenues of $589.5 million, down 19.4
percent compared to 2019, down 18.5 percent on an organic
basis
- Second-quarter 2020 operating margin of 16.4 percent,
compared with 2019 operating margin of 19.9 percent; Adjusted
operating margin of 18.9 percent, compared with 2019 adjusted
operating margin of 21.5 percent
- Full-year 2020 reported revenue now estimated to be down 9
to 10 percent with organic revenue decline at 8 to 9 percent;
Full-year 2020 EPS outlook of $2.70 to $2.95, and $4.15 to $4.30 on
an adjusted basis
Allegion plc (NYSE: ALLE), a leading global provider of security
products and solutions, today reported second-quarter 2020 net
revenues of $589.5 million and net earnings of $73.7 million, or
$0.80 per share. Excluding charges related to restructuring,
adjusted net earnings were $85.1 million, or $0.92 per share, down
27 percent when compared with second-quarter 2019 adjusted EPS of
$1.26.
Second-quarter 2020 net revenues decreased 19.4 percent when
compared to the prior-year period (down 18.5 percent on an organic
basis). Organic revenue declines were precipitous across all
regions as the COVID-19 pandemic forced government-mandated
shutdowns around the globe. Reported revenues also reflect
unfavorable impacts from foreign currency and divestitures.
Second-quarter 2020 operating income was $96.5 million, a
decrease of $49.2 million or 33.8 percent compared to 2019. The
decrease is related to reduced volume, driven by COVID-19, and
restructuring charges taken during the quarter. Adjusted operating
income in second-quarter 2020 was $111.2 million, representing a
decrease of $46.1 million or 29.3 percent compared to 2019.
Second-quarter 2020 operating margin was 16.4 percent, compared
with 19.9 percent in 2019. The adjusted operating margin in
second-quarter 2020 was 18.9 percent, compared with 21.5 percent in
2019. The 260-basis-point decrease in adjusted operating margin is
driven primarily by COVID-19 related volume impacts in all
regions.
“I’m pleased with our operational performance in difficult
circumstances and a challenging market,” Chairman, President and
CEO David D. Petratis said. “Early on, we took necessary and
prudent actions to reduce spending, secure our supply chain,
protect liquidity, as well as keep our people safe and our
operations running wherever possible. Our markets and business
performance showed continuous improvement throughout the
quarter.”
The Americas segment revenues decreased 18.5 percent (down 18.1
percent on an organic basis), driven by economic pressure related
to COVID-19. Americas non-residential business declined mid-teens,
and residential realized a mid-twenties revenue decline in the
quarter. The Americas also experienced electronics revenue decline
in the low twenties during the quarter.
The EMEA segment revenues were down 21.9 percent (down 20.4
percent on an organic basis), reflecting COVID-19 impacts
experienced in the quarter. Effects from the Turkey divestiture
last year and unfavorable foreign currency also contributed to the
total revenue decline.
The Asia-Pacific segment revenues decreased 22.1 percent (down
18 percent on an organic basis). The revenue decline in the quarter
was driven by COVID-19 impacts, weakness in China residential and
Australian markets, as well as unfavorable foreign currency
effects.
Restructuring
During the quarter, the company incurred restructuring expenses
of $14.7 million across all regions and its corporate entity. These
charges are primarily related to workforce reductions, intended to
optimize and simplify operations and cost structure, but also
include charges related to the prior-year closure of the company’s
production facility in Turkey.
Additional Items
Interest expense for second-quarter 2020 was $13 million, down
from $13.4 million for second-quarter 2019.
Other income net for second-quarter 2020 was $4.4 million,
compared to other expense net of $0.7 million in the same period of
2019.
The company’s effective tax rate for second-quarter 2020 was
16.2 percent, compared with 16.9 percent in 2019. The company’s
adjusted effective tax rate for second-quarter 2020 was 17.1
percent, compared with 16.7 percent in 2019.
Cash Flow and Liquidity
Year-to-date 2020 available cash flow was $103.6 million, an
increase of $25.9 million versus the prior year. The year-over-year
increase in available cash flow is due to improvements in net
working capital along with lower capital expenditures offsetting
lower net earnings.
The company ended second-quarter 2020 with cash and cash
equivalents of $302.4 million, as well as $483.7 million of
availability under its revolving credit facility.
2020 Outlook
The company is re-issuing outlooks for 2020 for revenue, EPS and
available cash flow. All the following estimates assume no further
disruptions related to COVID-19.
The company’s total revenue outlook is now projected to be down
9 to 10 percent, and organic revenue is estimated to be down 8 to 9
percent compared to 2019. All regions are now projected to
experience organic revenue declines, with Americas down 7.5 to 8.5
percent, EMEA down 9 to 10 percent and Asia Pacific down 10.5 to
12.5 percent.
The company’s EPS outlook now stands at $2.70 to $2.95 with an
adjusted EPS outlook of $4.15 to $4.30. Adjustments to 2020 EPS
include the non-cash charges related to goodwill and
indefinite-lived trade name impairments experienced in the first
quarter along with estimated impacts for restructuring costs. The
outlook assumes investment spend at approximately $0.05 per share;
a full-year adjusted effective tax rate of approximately 13.5 to
14.5 percent; and an average diluted share count for the full year
of approximately 93 million shares.
The company’s full-year available cash flow outlook is now
projected to be approximately $350 to $370 million.
“We are positioned well for long-term resiliency, with solid
underlying fundamentals and the ability to press forward on our
vision of seamless access and a safer world,” Petratis added.
“Moving into the second half of 2020, we will focus on our
strategy, our people and our business execution. We’ll continue to
be very disciplined in addressing our expenses, adapting to demand
and managing our cash flow and liquidity.”
Conference Call Information
On Thursday, July 23, 2020, David D. Petratis, chairman,
president and CEO, and Patrick Shannon, senior vice president and
chief financial officer, 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 the company's website at
https://investor.allegion.com.
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, businesses, schools and other institutions.
Allegion had $2.9 billion in revenue in 2019, and sells products in
almost 130 countries.
For more, visit www.allegion.com.
Non-GAAP Measures
This news release also 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, 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, 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 GAAP
measures. Further information about the adjusted non-GAAP financial
tables is attached to this news release.
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 statements regarding
the potential impacts of the global COVID-19 pandemic, the
company's 2020 financial performance, the company’s business plans
and strategy, the company’s growth strategy, the company’s capital
allocation strategy, the company’s tax planning strategies, and the
performance of the markets in which the company operates. These
forward-looking statements generally are identified by the words
“believe,” “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 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. 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.
Further information on these factors and other risks that may
affect the company's business is included in filings it makes with
the Securities and Exchange Commission from time to time, including
its Form 10-K for the year ended Dec. 31, 2019, Form 10-Q for the
quarters ended March 31, 2020, and June 30, 2020, and in its other
SEC filings. The company undertakes no obligation to update these
forward-looking statements.
ALLEGION PLC Condensed and Consolidated Income Statements (In
millions, except per share data)
UNAUDITED
Three months ended June
30,
Six months ended June
30,
2020
2019
2020
2019
Net revenues
$
589.5
$
731.2
$
1,264.2
$
1,386.2
Cost of goods sold
342.9
410.5
724.5
788.6
Gross profit
246.6
320.7
539.7
597.6
Selling and administrative expenses
150.1
175.0
318.0
343.9
Impairment of goodwill and
indefinite-lived trade names
—
—
96.3
—
Operating income
96.5
145.7
125.4
253.7
Interest expense
13.0
13.4
25.9
27.1
Other (income) expense, net
(4.4
)
0.7
(0.4
)
(0.4
)
Earnings before income taxes
87.9
131.6
99.9
227.0
Provision for income taxes
14.2
22.2
25.7
37.3
Net earnings
73.7
109.4
74.2
189.7
Less: Net earnings attributable to
noncontrolling interests
—
0.1
0.1
0.2
Net earnings attributable to Allegion
plc
$
73.7
$
109.3
$
74.1
$
189.5
Basic earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
0.80
$
1.17
$
0.80
$
2.01
Diluted earnings per ordinary
share
attributable to Allegion plc
shareholders:
$
0.80
$
1.16
$
0.80
$
2.00
Shares outstanding - basic
92.3
93.8
92.5
94.1
Shares outstanding - diluted
92.7
94.5
93.0
94.8
ALLEGION PLC Condensed and Consolidated Balance Sheets (In
millions)
UNAUDITED
June 30, 2020
December 31, 2019
ASSETS
Cash and cash equivalents
$
302.4
$
355.3
Restricted cash
1.9
3.4
Accounts and notes receivables, net
329.2
329.8
Inventories
293.6
269.9
Other current assets
50.0
43.4
Total current assets
977.1
1,001.8
Property, plant and equipment, net
292.5
291.4
Goodwill
777.7
873.3
Intangible assets, net
488.9
510.9
Other noncurrent assets
297.7
289.8
Total assets
$
2,833.9
$
2,967.2
LIABILITIES AND EQUITY
Accounts payable
$
195.5
$
221.0
Accrued expenses and other current
liabilities
267.4
285.9
Short-term borrowings and current
maturities of long-term debt
0.8
0.1
Total current liabilities
463.7
507.0
Long-term debt
1,428.5
1,427.6
Other noncurrent liabilities
261.7
272.2
Equity
680.0
760.4
Total liabilities and equity
$
2,833.9
$
2,967.2
ALLEGION PLC Condensed and Consolidated Statement of Cash
Flows (In millions)
UNAUDITED
Six months ended June
30,
2020
2019
Operating Activities
Net earnings
$
74.2
$
189.7
Depreciation and amortization
39.7
41.4
Impairment of goodwill and
indefinite-lived trade names
96.3
—
Changes in assets and liabilities and
other non-cash items
(82.2
)
(124.1
)
Net cash provided by operating
activities
128.0
107.0
Investing Activities
Capital expenditures
(24.4
)
(29.3
)
Acquisition of and equity investments in
businesses, net of cash acquired
—
(4.6
)
Other investing activities, net
(6.2
)
(2.3
)
Net cash used in investing activities
(30.6
)
(36.2
)
Financing Activities
Debt proceeds (repayments), net
0.6
(17.9
)
Dividends paid to ordinary
shareholders
(58.7
)
(50.5
)
Repurchase of ordinary shares
(94.1
)
(133.6
)
Other financing activities, net
3.0
1.4
Net cash used in financing activities
(149.2
)
(200.6
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(2.6
)
0.4
Net decrease in cash, cash equivalents and
restricted cash
(54.4
)
(129.4
)
Cash, cash equivalents and restricted cash
- beginning of period
358.7
290.6
Cash, cash equivalents and restricted cash
- end of period
$
304.3
$
161.2
SUPPLEMENTAL
SCHEDULES
ALLEGION PLC
SCHEDULE 1
SELECTED OPERATING SEGMENT
INFORMATION
(In millions)
Three months ended June
30,
Six months ended June
30,
2020
2019
2020
2019
Net revenues
Americas
$
444.3
$
545.1
$
956.4
$
1,020.4
EMEA
111.0
142.2
240.9
285.1
Asia Pacific
34.2
43.9
66.9
80.7
Total net revenues
$
589.5
$
731.2
$
1,264.2
$
1,386.2
Operating income (loss)
Americas
$
120.8
$
161.2
$
267.4
$
282.1
EMEA
(5.6
)
1.6
(4.5
)
12.4
Asia Pacific
(3.6
)
1.3
(101.5
)
(0.2
)
Corporate unallocated
(15.1
)
(18.4
)
(36.0
)
(40.6
)
Total operating income
$
96.5
$
145.7
$
125.4
$
253.7
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, debt
refinancing costs and charges related to the divestiture of
businesses;
- Organic revenue growth is defined as U.S. GAAP revenue growth
excluding the impact of divestitures, acquisitions 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 June 30,
2020
Three months ended June 30,
2019
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
589.5
$
—
$
589.5
$
731.2
$
—
$
731.2
Operating income
96.5
14.7
(1)
111.2
145.7
11.6
(1)
157.3
Operating margin
16.4
%
18.9
%
19.9
%
21.5
%
Earnings before income taxes
87.9
14.7
(2)
102.6
131.6
11.6
(2)
143.2
Provision for income taxes
14.2
3.3
(3)
17.5
22.2
1.7
(3)
23.9
Effective income tax rate
16.2
%
17.1
%
16.9
%
16.7
%
Net earnings
73.7
11.4
85.1
109.4
9.9
119.3
Non-controlling interests
—
—
—
0.1
—
0.1
Net earnings attributable to Allegion
plc
$
73.7
$
11.4
$
85.1
$
109.3
$
9.9
$
119.2
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
0.80
$
0.12
$
0.92
$
1.16
$
0.10
$
1.26
(1)
Adjustments to operating income for the
three months ended June 30, 2020, consist of $14.7 million of
restructuring charges. Adjustments to operating income for the
three months ended June 30, 2019, consist of $11.6 million of
restructuring charges and acquisition and integration expenses.
(2)
Adjustments to earnings before income
taxes for the three months ended June 30, 2020 and 2019, consist of
the adjustments to operating income discussed above.
(3)
Adjustments to the provision for income
taxes for the three months ended June 30, 2020 and 2019, consist of
$3.3 million and $1.7 million, respectively, of tax expense related
to the excluded items discussed above.
Six months ended June 30,
2020
Six months ended June 30,
2019
Reported
Adjustments
Adjusted (non-GAAP)
Reported
Adjustments
Adjusted (non-GAAP)
Net revenues
$
1,264.2
$
—
$
1,264.2
$
1,386.2
$
—
$
1,386.2
Operating income
125.4
114.0
(1)
239.4
253.7
15.7
(1)
269.4
Operating margin
9.9
%
18.9
%
18.3
%
19.4
%
Earnings before income taxes
99.9
114.0
(2)
213.9
227.0
15.7
(2)
242.7
Provision for income taxes
25.7
5.6
(3)
31.3
37.3
2.5
(3)
39.8
Effective income tax rate
25.7
%
14.6
%
16.4
%
16.4
%
Net earnings
74.2
108.4
182.6
189.7
13.2
202.9
Non-controlling interests
0.1
—
0.1
0.2
—
0.2
Net earnings attributable to Allegion
plc
$
74.1
$
108.4
$
182.5
$
189.5
$
13.2
$
202.7
Diluted earnings per ordinary share
attributable to
Allegion plc shareholders:
$
0.80
$
1.16
$
1.96
$
2.00
$
0.14
$
2.14
(1)
Adjustments to operating income for the
six months ended June 30, 2020, consist primarily of $96.3 million
of goodwill and indefinite-lived trade name impairment charges, as
well as $17.7 million of restructuring charges and acquisition and
integration expenses. Adjustments to operating income for the six
months ended June 30, 2019 consist of $15.7 million of
restructuring charges and acquisition and integration expenses.
(2)
Adjustments to earnings before income
taxes for the six months ended June 30, 2020 and 2019, consist of
the adjustments to operating income discussed above.
(3)
Adjustments to the provision for income
taxes for the six months ended June 30, 2020 and 2019, consist of
$5.6 million and $2.5 million, respectively, of tax expense 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 June 30,
2020
Three months ended June 30,
2019
As Reported
Margin
As Reported
Margin
Americas
Net revenues (GAAP)
$
444.3
$
545.1
Operating income (GAAP)
$
120.8
27.2
%
$
161.2
29.6
%
Restructuring charges
3.3
0.7
%
1.0
0.2
%
Acquisition and integration costs
—
—
%
0.2
—
%
Adjusted operating income
124.1
27.9
%
162.4
29.8
%
Depreciation and amortization
8.7
2.0
%
9.3
1.7
%
Adjusted EBITDA
$
132.8
29.9
%
$
171.7
31.5
%
EMEA
Net revenues (GAAP)
$
111.0
$
142.2
Operating (loss) income (GAAP)
$
(5.6
)
(5.0
)%
$
1.6
1.1
%
Restructuring charges
7.1
6.4
%
9.8
6.9
%
Adjusted operating income
1.5
1.4
%
11.4
8.0
%
Depreciation and amortization
8.2
7.3
%
8.1
5.7
%
Adjusted EBITDA
$
9.7
8.7
%
$
19.5
13.7
%
Asia Pacific
Net revenues (GAAP)
$
34.2
$
43.9
Operating (loss) income (GAAP)
$
(3.6
)
(10.5
)%
$
1.3
3.0
%
Restructuring charges
2.4
7.0
%
0.5
1.1
%
Adjusted operating (loss) income
(1.2
)
(3.5
)%
1.8
4.1
%
Depreciation and amortization
1.1
3.2
%
1.3
3.0
%
Adjusted EBITDA
$
(0.1
)
(0.3
)%
$
3.1
7.1
%
Corporate
Operating loss (GAAP)
$
(15.1
)
$
(18.4
)
Restructuring charges
1.9
—
Acquisition and integration costs
—
0.1
Adjusted operating loss
(13.2
)
(18.3
)
Depreciation and amortization
1.1
1.1
Adjusted EBITDA
$
(12.1
)
$
(17.2
)
Total
Net revenues
$
589.5
$
731.2
Adjusted operating income
111.2
18.9
%
157.3
21.5
%
Depreciation and amortization
19.1
3.2
%
19.8
2.7
%
Adjusted EBITDA
$
130.3
22.1
%
$
177.1
24.2
%
Six months ended June 30,
2020
Six months ended June 30,
2019
As Reported
Margin
As Reported
Margin
Americas
Net revenues (GAAP)
$
956.4
$
1,020.4
Operating income (GAAP)
267.4
28.0
%
282.1
27.6
%
Restructuring charges
3.3
0.3
%
2.8
0.3
%
Acquisition and integration costs
—
—
%
0.6
0.1
%
Adjusted operating income
270.7
28.3
%
285.5
28.0
%
Depreciation and amortization
17.2
1.8
%
18.4
1.8
%
Adjusted EBITDA
$
287.9
30.1
%
$
303.9
29.8
%
EMEA
Net revenues (GAAP)
$
240.9
$
285.1
Operating (loss) income (GAAP)
(4.5
)
(1.9
)%
12.4
4.3
%
Restructuring charges
7.8
3.3
%
10.6
3.8
%
Acquisition and integration costs
—
—
%
0.1
—
%
Impairment of indefinite-lived trade
name
1.5
0.6
%
—
—
%
Adjusted operating income
4.8
2.0
%
23.1
8.1
%
Depreciation and amortization
16.3
6.8
%
16.4
5.8
%
Adjusted EBITDA
$
21.1
8.8
%
$
39.5
13.9
%
Asia Pacific
Net revenues (GAAP)
$
66.9
$
80.7
Operating loss (GAAP)
(101.5
)
(151.7
)%
(0.2
)
(0.2
)%
Restructuring charges
3.9
5.8
%
0.5
0.6
%
Acquisition and integration costs
—
—
%
0.8
1.0
%
Impairment of goodwill and
indefinite-lived trade names
94.8
141.7
%
—
—
%
Adjusted operating (loss) income
(2.8
)
(4.2
)%
1.1
1.4
%
Depreciation and amortization
2.3
3.5
%
2.5
3.1
%
Adjusted EBITDA
$
(0.5
)
(0.7
)%
$
3.6
4.5
%
Corporate
Operating loss (GAAP)
$
(36.0
)
$
(40.6
)
Restructuring charges
1.9
—
Acquisition and integration costs
0.8
0.3
Adjusted operating loss
(33.3
)
(40.3
)
Depreciation and amortization
2.2
2.2
Adjusted EBITDA
$
(31.1
)
$
(38.1
)
Total
Net revenues
$
1,264.2
$
1,386.2
Adjusted operating income
239.4
18.9
%
269.4
19.4
%
Depreciation and amortization
38.0
3.0
%
39.5
2.9
%
Adjusted EBITDA
$
277.4
21.9
%
$
308.9
22.3
%
ALLEGION PLC
SCHEDULE 4
RECONCILIATION OF CASH PROVIDED BY
OPERATING ACTIVITIES TO AVAILABLE CASH FLOW AND NET EARNINGS TO
ADJUSTED EBITDA
(In millions)
Six months ended June
30,
2020
2019
Net cash provided by operating activities $
128.0
$
107.0
Capital expenditures
(24.4
)
(29.3
)
Available cash flow $
103.6
$
77.7
Three months ended June
30,
Six months ended June
30,
2020
2019
2020
2019
Net earnings (GAAP) $
73.7
$
109.4
$
74.2
$
189.7
Provision for income taxes
14.2
22.2
25.7
37.3
Interest expense
13.0
13.4
25.9
27.1
Depreciation and amortization
19.1
19.8
38.0
39.5
EBITDA
120.0
164.8
163.8
293.6
Other (income) expense, net
(4.4
)
0.7
(0.4
)
(0.4
)
Impairment of goodwill and indefinite-lived trade names
—
—
96.3
—
Acquisition and integration costs and restructuring charges
14.7
11.6
17.7
15.7
Adjusted EBITDA $
130.3
$
177.1
$
277.4
$
308.9
ALLEGION PLC
SCHEDULE 5
RECONCILIATION OF GAAP REVENUE GROWTH
TO NON-GAAP ORGANIC REVENUE GROWTH BY REGION
Three months ended June
30,
Six months ended June
30,
2020
2019
2020
2019
Americas
Revenue growth (GAAP)
(18.5)
%
3.5
%
(6.3)
%
5.7
%
Acquisitions and divestitures
0.3
%
(0.4)
%
0.4
%
(0.6)
%
Currency translation effects
0.1
%
0.2
%
0.1
%
0.2
%
Organic growth (non-GAAP)
(18.1)
%
3.3
%
(5.8)
%
5.3
%
EMEA
Revenue growth (GAAP)
(21.9)
%
(3.8)
%
(15.5)
%
(4.4)
%
Acquisitions and divestitures
0.2
%
—
%
0.3
%
(0.4)
%
Currency translation effects
1.3
%
5.5
%
1.9
%
6.5
%
Organic growth (non-GAAP)
(20.4)
%
1.7
%
(13.3)
%
1.7
%
Asia Pacific
Revenue growth (GAAP)
(22.1)
%
45.8
%
(17.1)
%
49.7
%
Acquisitions
—
%
(47.3)
%
—
%
(54.2)
%
Currency translation effects
4.1
%
6.2
%
5.1
%
6.2
%
Organic growth (non-GAAP)
(18.0)
%
4.7
%
(12.0)
%
1.7
%
Total
Revenue growth (GAAP)
(19.4)
%
3.8
%
(8.8)
%
5.2
%
Acquisitions and divestitures
0.3
%
(2.3)
%
0.3
%
(2.8)
%
Currency translation effects
0.6
%
1.5
%
0.8
%
1.9
%
Organic growth (non-GAAP)
(18.5)
%
3.0
%
(7.7)
%
4.3
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200723005282/en/
Media Contact: Whitney Moorman – Reputation Management
Leader 317-810-3241 Whitney.Moorman@allegion.com
Analyst Contact: Tom Martineau – Vice President, Investor
Relations, and Treasurer 317-810-3759
Tom.Martineau@allegion.com
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