On February 1, 2024, Allegion acquired Boss Door Controls, a door solutions provider in the United Kingdom. On March 4, 2024, Allegion acquired Montajes electronicos Dorcas S.L. ("Dorcas"), a manufacturer of electro-mechanical access control solutions based in Spain. Total consideration for these acquisitions was approximately $19.3 million.

Net revenues from non-residential products for the three months ended March 31, 2024, decreased by a mid-single digits percent compared to the same period in the prior year, driven by lower volumes partially offset by price.

Net revenues from residential products for the three months ended March 31, 2024, decreased by a low-single digits percent compared to the same period in the prior year. The company expects continued softness in demand for residential products in 2024.

The increase in operating income and operating margin was driven by pricing and productivity improvements in excess of inflation and investment spending, indicating effective cost management and pricing strategies.

The company expects the availability on the 2021 Revolving Facility, along with cash on hand, will provide sufficient liquidity to repay the 3.200% Senior Notes due in the fourth quarter of 2024, if needed.

As of March 31, 2024, the company was in compliance with all applicable covenants under the credit agreement. This indicates sound financial management and adherence to debt obligations.

The company highlights ongoing macroeconomic challenges and continued economic instability as factors that could cause actual results to differ materially from expectations.

The company identifies volatility and uncertainty in the political, economic, and regulatory environments in which it operates as a significant risk factor.

The company acknowledges the proper functioning of its information technology and operational technology systems, including disruption or breaches of its information systems, such as cybersecurity attacks, as a risk factor.

The company identifies increased competition, including from technological developments, as a factor that could cause actual results to differ materially from expectations.

The company identifies changes in customer and consumer preferences and its ability to maintain beneficial relationships with large customers as factors that could impact results.

For the three months ended March 31, 2024, Net revenues from the sale of electronic products in the Allegion Americas segment decreased by a low-single digits percent compared to the same period in the prior year.

The increase in Operating income and Operating margin was driven by pricing and productivity improvements in excess of inflation and investment spending.

Disruptions in the global supply chain, including product manufacturing and logistical services provided by supplier partners, are a risk factor.

The company states its business operates with strong operating cash flows, low leverage and low capital intensity, providing financial flexibility and access to credit markets.

The company identifies the development, commercialization and acceptance of new products and services as a factor that could impact results.

Demand for electronic security products has remained healthy.

Growth in electronic security products and solutions is a metric that is actively monitored by management and a focus of our investors.

During the three months ended March 31, 2024, the company repurchased approximately 0.3 million shares for $40.0 million.

On April 11, 2024, the Company's Board of Directors declared a quarterly dividend of $0.48 per ordinary share.

Cash provided by operating activities is used to invest in new product development and fund capital expenditures and working capital requirements.

The company identifies its ability to effectively manage real or perceived issues related to product quality, safety, corporate social responsibility and other reputational matters as a risk factor.

In the first quarter of 2024, we experienced a modest decline in revenue as compared to the same period in 2023, which was a seasonally stronger first quarter than normal due to previously experienced supply chain disruptions and recoveries.

The company identifies the strength and stability of the institutional, commercial and residential construction and remodeling markets as a factor that could impact results.

The company identifies fluctuations in currency exchange rates as a factor that could impact results.