Allegion (ALLE) FY2022 results: revenue $3.3 billion, up 14.1% on the year

Allegion plc (ALLE) reported revenue of $3.3 billion for fiscal 2022, the year ended 31 December 2022, up 14.1% on the year before. Net income was $458 million, down 5.2%, and diluted earnings per share $5.19. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2023.

Revenue

$3.3 billion

+14.1% on the year

FY2015FY2022

Operating margin

17.9%

18.5% a year earlier

FY2015FY2022

Net income

$458 million

-5.2% on the year

FY2015FY2022

Diluted EPS

$5.19

-2.8% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	3,272	2,867	2,720	+14.1%
Cost of revenue	1,950	1,662	1,541	+17.3%
Gross profit	1,322	1,205	1,179	+9.8%
Gross margin	40.4%	42.0%	43.3%
Research and development	74.5	73.3	54.4	+1.6%
Selling, general and administrative	736	675	636	+9.1%
Operating income	586	530	404	+10.6%
Operating margin	17.9%	18.5%	14.8%
Interest expense	75.9	50.2	51.1	+51.2%
Pre-tax income	514	524	365	-1.8%
Income tax	56.2	40.7	50.9	+38.1%
Effective tax rate	10.9%	7.8%	13.9%
Net income	458	483	314	-5.2%
Net margin	14.0%	16.8%	11.6%
Diluted EPS	$5.19	$5.34	$3.39	-2.8%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	460	489	490	-6.0%
Capital expenditure	64.0	45.4	47.1	+41.0%
Free cash flow	396	443	443	-10.8%
Free cash flow margin	12.1%	15.5%	16.3%
Cash from investing	-994	-31.6	-56.7
Cash from financing	437	-529	-322
Depreciation and amortisation	95.1	79.2	78.0	+20.1%
Share-based compensation	24.5	23.4	20.8	+4.7%
Buybacks	61.0	413	209	-85.2%
Dividends paid	144	129	117	+11.6%
Dividend per share	$1.64	$1.44	$1.28	+13.9%
Diluted shares, weighted	88m	90m	93m	-2.4%
Shares outstanding at period end	88m	88m	91m	-0.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	942	759	829	+24.1%
Non-controlling interest	2.7	3.3	3.2	-18.2%
Debt	2,094	1,442	1,429	+45.2%
Operating lease liabilities	69.5	63.3	66.3	+9.8%
Other liabilities	883	783	741	+12.7%
Total liabilities and equity	3,991	3,051	3,069	+30.8%
Fixed assets	309	284	295	+8.8%
Goodwill	1,413	804	819	+75.8%
Intangible assets	609	448	487	+36.1%
Cash and equivalents	288	398	480	-27.6%
Receivables	396	283	322	+39.6%
Inventory	479	380	283	+25.9%
Other assets	498	454	383	+9.6%
Total assets	3,991	3,051	3,069	+30.8%

10-K for the year ended 31 December 2022, filed 22 February 2023: the filing.