Full Year
- Net sales were $1.95 billion, down 4 percent; comparable sales
up 1 percent
- Gained market share across multiple product categories in North
America in 2022
- Achieved quarterly sequential margin improvement in EMEA as
pricing actions took hold
- Realized double-digit sales and profit growth in the
International segment
- Generated $78 million of cash from operations; adjusted free
cash flow of $78 million
- During fourth quarter of 2022 actioned annual cost savings of
$13 million from significant restructuring initiatives
- Full year 2023 outlook anticipates margin expansion and profit
growth
ACCO Brands Corporation (NYSE: ACCO) today announced its fourth
quarter and full year results for the period ended December 31,
2022.
"We delivered 1% comparable sales growth in 2022 as we continue
to execute on our strategic transformation, including expanding our
product categories, broadening our geographic reach and bringing
innovative new consumer-centric products to market. This enabled us
to achieve market share gains with many of our brands, including
Five Star®, Kensington®, Mead®, Quartet® and AT-A-GLANCE®. These
successes give us confidence that our strategy of being a more
consumer, brand and technology centric company and our portfolio of
strong brands will position us to deliver sustainable organic
growth over the long-term,” said Boris Elisman, Chairman and Chief
Executive Officer of ACCO Brands.
“In 2023 our top priority is to restore our margin profile
through incremental pricing actions implemented in January of 2023,
the restructuring initiatives undertaken during the fourth quarter
of 2022 and the additional productivity programs we will implement
in 2023. We expect these actions will drive margin expansion and
profit growth for the full year of 2023. With our expected
continued strong cash flow in 2023, we will support our quarterly
dividend, pay down debt and continue to invest in new product
development and go-to-market initiatives, which we expect will
better position us for future growth,” added Elisman.
Fourth Quarter Results
Net sales declined 12.4 percent to $499.4 million from $570.3
million in 2021. Adverse foreign exchange reduced sales $25.5
million, or 4.5 percent. Comparable sales fell 7.9 percent. Both
reported and comparable sales declines were due to weaker sales of
gaming accessories, lower inventory replenishment by our retailer
customers and reduced volumes due to a deterioration in the
macroeconomic environment. These more than offset global price
increases.
Operating income was $35.6 million versus $63.6 million in 2021,
and adjusted operating income decreased to $52.3 million from $79.1
million in the prior year. Both reported and adjusted operating
income reflect the impact of lower sales volumes and higher
inflation on raw materials, finished goods and transportation
costs, which was partially offset by price increases, and reduced
SG&A expense due to lower incentive compensation expense.
Adverse foreign exchange reduced operating income by $2.2
million.
The Company reported net income of $18.8 million, or $0.20 per
share, compared with prior year net income of $53.5 million, or
$0.55 per share, which included $13.0 million of favorable discrete
tax items. Adjusted net income was $30.5 million, or $0.32 per
share, compared with $53.1 million, or $0.54 per share in 2021. The
remaining declines in underlying reported net income, as well as
adjusted net income were due to the items noted above in operating
income.
Full Year Results
Net sales decreased 3.8 percent to $1.95 billion from $2.03
billion in 2021. The unfavorable impact of foreign exchange reduced
sales by $93.9 million, or 4.6 percent. Comparable sales increased
0.8 percent. Both reported and comparable sales reflect the benefit
of higher prices in all segments and strong volume growth in the
International segment, partially offset by weaker sales of gaming
accessories, and lower volumes in North America and EMEA due to the
challenging macroeconomic environment.
Operating income was $34.8 million compared to $151.0 million in
2021, with the decline primarily due to the non-cash goodwill
impairment charge of $98.7 million, partially offset by the
favorable change in fair value of $28.0 million related to the
PowerA contingent earnout. Adjusted operating income declined to
$175.8 million from $227.9 million in 2021. The declines in both
reported and adjusted operating income also reflect the impact of
inflation that exceeded the benefit of price increases, and reduced
volumes, partially offset by reduced SG&A expense which
includes lower incentive compensation expense. Unfavorable foreign
exchange reduced operating income by $6.3 million.
Net loss was $13.2 million, or ($0.14) per share, compared with
net income of $101.9 million, or $1.05 per share, in 2021. The
current year net loss includes $98.7 million in non-cash goodwill
impairment charges, mitigated by the favorable change in fair value
of the contingent earnout consideration of $20.9 million. Prior
year net income also included $19.7 million of additional favorable
discrete tax items, partially offset by $9.9 million of expenses
related to the debt refinancing. Adjusted net income was $101.0
million, compared with $136.8 million in 2021, and adjusted
earnings per share were $1.04 compared with $1.41 in 2021. The
remaining declines in reported net income and adjusted net income
reflect the changes noted above for adjusted operating income,
partially offset by higher interest income due to higher cash
balances and increased interest rates in Brazil. Interest expense
was similar to the prior year.
Capital Allocation and Dividend
For the full year, the Company's cash generated by operating
activities was $77.6 million versus $159.6 million in the prior
year. Adjusted free cash flow in 2022 was $77.5 million, reflecting
net investing activity and excluding the operating component of the
contingent earnout payment. In 2022 the Company paid $28.6 million
in dividends, repurchased 2.7 million shares for $19.4 million and
fully paid $27.0 million related to the 2021 PowerA contingent
earnout.
ACCO Brands announced on February 17, 2023, that its board of
directors declared a regular quarterly cash dividend of $0.075 per
share. The dividend will be paid on April 5, 2023, to stockholders
of record at the close of business on March 10, 2023.
Restructuring Actions
During the fourth quarter of 2022, the Company developed
restructuring plans for both its North America and EMEA operating
segments, intended to expand margins through initiatives focused on
improving operating efficiency and reducing cost. In the Company's
North America segment, the plan is focused on consolidation of
supply chain operations, SKU reduction, automating our sales
support process, and sourcing optimization. In the Company's EMEA
segment, the focus is on reducing redundancy and enhancing
productivity in its operations, SKU reduction, and sourcing
initiatives. The Company anticipates these initiatives will create
operating efficiencies and improve profitability, as well as
provide for future growth investments. The Company has the
following expectations for the restructuring plans:
- Targeted annualized operating profit improvement of $13
million, with the vast majority of these savings delivered in
2023
- Total profit improvements to be realized approximately 75%
through lower SG&A costs and 25% through reduced cost of goods
sold
- Pre-tax restructuring charges of approximately $7 million were
recorded in the fourth quarter, primarily comprised of severance
and employee related costs
In addition, the Company has implemented plans to reduce
inventory levels, increase inventory turns and improve cash flow
and working capital.
Business Segment Results
ACCO Brands North America – Fourth quarter segment net sales of
$225.7 million decreased 16.7 percent versus the prior year's
segment net sales of $271.0 million. Adverse foreign exchange
reduced sales by 0.6 percent. Comparable sales of $227.3 million
were down 16.1 percent. The decrease was primarily due to lower
demand for gaming accessories and channel inventory destocking,
more than offsetting price increases.
Fourth quarter operating income in North America was $8.9
million versus $34.2 million a year earlier, and adjusted operating
income was $18.7 million compared to $41.9 million a year ago, with
the decline in both primarily reflecting the impact of lower sales,
reduced gross margin rates from negative fixed cost leverage and
higher inflation on raw materials, finished goods and
transportation costs. In addition, we incurred one-off items in the
quarter of $7.8 million, reducing the margin rate by 340 basis
points. We anticipate stabilization of product costs in select
areas and improved ocean freight rates, which should benefit our
margin profile in future periods.
For the full year, 2022 North America net sales of $998.0
million decreased 4.3 percent from $1,042.4 million in 2021, and
comparable sales declined 3.9 percent. Higher sales and market
share gains in many brands and product categories were more than
offset by weaker demand for gaming accessories. Sales were stronger
in the first half of 2022, driven by early demand for
back-to-school products as retailers pulled their shipments to
earlier in the year seeking to secure product for the selling
season, while second half sales were challenged by both this pull
forward, as well as inventory destocking and a slowdown in demand
related to the macroeconomic environment.
In North America, the full year operating loss was $4.9 million
versus operating income of $121.9 million in 2021. The loss was
primarily due to the $98.7 million non-cash goodwill impairment
charge. Adjusted operating income of $121.5 million decreased from
$154.6 million in 2021. The decreases to reported operating
loss/income and adjusted operating income reflect lower sales
volumes and reduced gross margin from higher inflation on raw
materials, finished goods and transportation costs.
ACCO Brands EMEA - Fourth quarter segment net sales of $156.0
million decreased 17.0 percent versus the prior year's segment
revenue of $187.9 million. Adverse foreign exchange reduced sales
by 11.7 percent. Comparable sales of $177.9 million decreased 5.3
percent versus the prior-year period. Both reported and comparable
sales declines were due to lower volumes which more than offset
price increases. In Europe, the current energy crisis and
significant inflation have created a challenging macroeconomic
environment impacting sales.
Fourth quarter operating income in EMEA was $12.7 million versus
$21.6 million a year earlier, and adjusted operating income was
$18.4 million compared to $24.9 million a year ago. The decreases
in both reported operating income and adjusted operating income
were due primarily to lower sales and reduced gross margins
reflecting negative fixed cost leverage and higher costs for
finished goods, raw materials and freight due to significant
inflation. In the fourth quarter, EMEA’s operating margin improved
on a sequential basis benefiting from pricing actions and deflation
in certain product and transportation costs.
Net sales for the full year in the EMEA segment of $580.3
million decreased 12.5 percent from $662.9 million in 2021. The
impact of adverse foreign exchange reduced sales $78.2 million, or
11.8 percent. Comparable sales of $658.5 million decreased $4.4
million or 0.7 percent. Both reported and comparable sales declines
reflect stronger sales volumes in early 2022 driven by computer
accessories and business products, offset by persistent inflation
and a challenging demand environment in the second half of the
year, as well as the stoppage of sales to Russia.
The EMEA segment posted full-year operating income of $21.7
million compared with operating income of $61.7 million in 2021.
Adjusted operating income was $37.0 million, down from $77.2
million in 2021. The declines in both reflects the impact of lower
sales volumes and reduced gross margins reflecting higher costs for
finished goods, raw materials and freight due to significant
inflation and negative fixed cost leverage.
ACCO Brands International - Fourth quarter segment sales of
$117.7 million increased 5.7 percent versus the prior year's
segment revenue of $111.4 million. Adverse foreign exchange reduced
sales by 1.8 percent. Comparable sales of $119.7 million increased
7.5 percent versus the year-ago period. Both reported and
comparable sales increased primarily due to price increases, more
than offsetting lower volumes. Strong sales in Brazil benefited
from a return to in-person education.
Fourth quarter operating income in the International segment was
$22.7 million versus $20.9 million a year earlier, and adjusted
operating income was $24.3 million compared to $22.9 million a year
ago. The increases in both operating income and adjusted operating
income were due primarily to price increases, and the strong
performance in our Brazil business.
International segment sales of $369.3 million for the full year
increased 15.4 percent from $320.0 million in 2021. Adverse foreign
exchange reduced sales by $11.4 million. Comparable sales were
$380.7 million, up 19.0 percent, due to increased volume and higher
prices, primarily in Latin America from a return of in-person
education and work.
Operating income of $50.5 million increased from $31.6 million
in 2021. Adjusted operating income of $58.3 million increased from
$40.6 million. The increases in both operating and adjusted
operating income were primarily due to higher sales volumes,
pricing and improved expense leverage.
Commentary and Outlook for 1Q and Full Year 2023
"Our priority in 2023 is to improve our operating profitability
and free cash flow through pricing, productivity and restructuring
initiatives and more efficient use of working capital. We
anticipate that these actions, along with a moderating rate of
inflation, will allow us to deliver margin expansion and profit and
cash flow growth in 2023. We achieved comparable sales growth in
2022 and are confident in the long term sales potential of our
business. Our proven business strategy, which includes geographic
diversity, and our strong portfolio of brands and innovative
products have us well positioned for continued long term profitable
growth," added Elisman.
“While the current economic environment remains fluid, we have
an experienced management team with a proven track record of
navigating periods of economic uncertainties. We are also
well-capitalized, with no near-term debt maturities and generate
consistent free cash flow. We remain confident in our strategic
transformation and believe we have taken the right actions to drive
long-term shareholder value,” Elisman concluded.
The Company is providing full year 2023 and 1Q outlook. For the
full year, we expect comparable sales to be down 3 percent to flat,
reflecting a challenging near-term demand environment. Foreign
exchange is expected to be neutral to reported revenue. Full year
adjusted EPS is expected to rise 4 percent to 8 percent, to $1.08
to $1.12, approaching low double-digit growth in adjusted operating
income, partially offset by higher interest and non-cash
non-operating pension expenses. 2023 free cash flow is expected to
grow to at least $100 million.
Our quarterly sales and profit projection for 2023 will reflect
a different cadence than last year. In 2022, the Company
experienced good sales growth in the first half of the year
reflecting strong demand from the post-pandemic economic recovery.
In addition, North America sales benefited from the pull forward of
purchases by retailers to ensure product availability for
back-to-school. Concerns about the economy, the war in Ukraine and
related energy crisis in EMEA challenged demand and our sales in
the second half of 2022. In addition, our retail customers
proactively curtailed purchases in the back half of the year to
aggressively reduce their inventory levels. Against these
comparisons, we are projecting our sales to be down in both the
first quarter and first half of 2023, with growth anticipated in
the second half of the year.
In the first quarter, we expect comparable sales to decline 10
percent to 7 percent, primarily due to the timing of back-to-school
shipments and lower sales of gaming accessories in North America,
partially offset by higher sales in our International segment.
First quarter adjusted EPS is expected to be $0.05 to $0.07 with
higher gross margins offset by sales deleveraging, higher interest
and non-cash, non-operating pension expenses.
Webcast
At 8:30 a.m. ET on February 24, 2023, ACCO Brands Corporation
will host a conference call to discuss the Company's fourth quarter
and full year 2022 results. The call will be broadcast live via
webcast. The webcast can be accessed through the Investor Relations
section of www.accobrands.com. The
webcast will be in listen-only mode and will be available for
replay following the event.
About ACCO Brands Corporation
ACCO Brands, the Home of Great Brands Built by Great People,
designs, manufactures and markets consumer and end-user products
that help people work, learn, play and thrive. Our widely
recognized brands include AT-A-GLANCE®, Five Star®, Kensington®,
Leitz®, Mead®, PowerA®, Swingline®, Tilibra® and many others. More
information about ACCO Brands Corporation (NYSE: ACCO) can be found
at www.accobrands.com.
Non-GAAP Financial Measures
In addition to financial results reported in accordance with
generally accepted accounting principles (GAAP), we have provided
certain non-GAAP financial information in this earnings release to
aid investors in understanding the Company's performance. Each
non-GAAP financial measure is defined and reconciled to its most
closely related GAAP financial measure in the "About Non-GAAP
Financial Measures" section of this earnings release.
Forward-Looking Statements
Statements contained herein, other than statements of historical
fact, particularly those anticipating future financial performance,
business prospects, growth, strategies, business operations and
similar matters, results of operations, liquidity and financial
condition, are “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are based on the beliefs and assumptions of management
based on information available to us at the time such statements
are made. These statements, which are generally identifiable by the
use of the words “will,” “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “forecast,” “project,” “plan,” and
similar expressions, are subject to certain risks and
uncertainties, are made as of the date hereof, and we undertake no
duty or obligation to update them. Because actual results may
differ materially from those suggested or implied by such
forward-looking statements, you should not place undue reliance on
them when deciding whether to buy, sell or hold the company’s
securities.
Our outlook is based on certain assumptions, which we believe to
be reasonable under the circumstances. These include, without
limitation, assumptions regarding the impact of the COVID-19
pandemic and the war in Ukraine; the impact of inflation and global
economic uncertainties, fluctuations in foreign currency exchange
rates and acquisitions; and the other factors described below.
Among the factors that could cause our actual results to differ
materially from our forward-looking statements are: our ability to
successfully execute our restructuring plans and realize the
benefits of our productivity initiatives; our ability to obtain
additional price increases and realize longer-term cost reductions;
the ongoing impact of the COVID-19 pandemic; a relatively limited
number of large customers account for a significant percentage of
our sales; issues that influence customer and consumer
discretionary spending during periods of economic uncertainty or
weakness; risks associated with foreign currency exchange rate
fluctuations; challenges related to the highly competitive business
environment in which we operate; our ability to develop and market
innovative products that meet consumer demands and to expand into
new and adjacent product categories that are experiencing higher
growth rates; our ability to successfully expand our business in
emerging markets and the exposure to greater financial,
operational, regulatory, compliance and other risks in such
markets; the continued decline in the use of certain of our
products; risks associated with seasonality; the sufficiency of
investment returns on pension assets, risks related to actuarial
assumptions, changes in government regulations and changes in the
unfunded liabilities of a multi-employer pension plan; any
impairment of our intangible assets; our ability to secure, protect
and maintain our intellectual property rights, and our ability to
license rights from major gaming console makers and video game
publishers to support our gaming business; continued disruptions in
the global supply chain; risks associated with inflation and other
changes in the cost or availability of raw materials,
transportation, labor, and other necessary supplies and services
and the cost of finished goods; the continued global shortage of
microchips which are needed in our gaming and computer accessories
businesses; risks associated with outsourcing production of certain
of our products, information technology systems and other
administrative functions; the failure, inadequacy or interruption
of our information technology systems or its supporting
infrastructure; risks associated with a cybersecurity incident or
information security breach, including that related to a disclosure
of personally identifiable information; our ability to grow
profitably through acquisitions; our ability to successfully
integrate acquisitions and achieve the financial and other results
anticipated at the time of acquisition, including planned
synergies; risks associated with our indebtedness, including
limitations imposed by restrictive covenants, our debt service
obligations, and our ability to comply with financial ratios and
tests; a change in or discontinuance of our stock repurchase
program or the payment of dividends; product liability claims,
recalls or regulatory actions; the impact of litigation or other
legal proceedings; our failure to comply with applicable laws,
rules and regulations and self-regulatory requirements, the costs
of compliance and the impact of changes in such laws; our ability
to attract and retain qualified personnel; the volatility of our
stock price; risks associated with circumstances outside our
control, including those caused by public health crises, such as
the occurrence of contagious diseases like COVID-19, severe weather
events, war, terrorism and other geopolitical incidents; and other
risks and uncertainties described in “Part I, Item 1A. Risk
Factors” in our Annual Report on Form 10-K for the year ended
December 31, 2021, "Part II, Item 1A Risk Factors" in our Quarterly
Report on Form 10-Q for the quarter ended September 30, 2022 and in
other reports we file with the Securities and Exchange
Commission.
ACCO Brands Corporation and
Subsidiaries
Condensed Consolidated Balance
Sheets
December 31, 2022
December 31, 2021
(in millions)
Assets
Current assets:
Cash and cash equivalents
$
62.2
$
41.2
Accounts receivable less allowances of
$26.6 and $27.6, respectively
384.1
416.1
Inventories
395.2
428.0
Other current assets
40.8
39.6
Total current assets
882.3
924.9
Total property, plant and equipment
589.2
656.4
Less: accumulated depreciation
(404.1
)
(441.8
)
Property, plant and equipment, net
185.1
214.6
Right of use asset, leases
88.8
105.2
Deferred income taxes
99.7
115.9
Goodwill
671.5
802.5
Identifiable intangibles, net of
accumulated amortization of $380.7 and $346.1, respectively
847.0
902.2
Other non-current assets
20.3
26.0
Total assets
$
2,794.7
$
3,091.3
Liabilities and Stockholders'
Equity
Current liabilities:
Notes payable
$
10.3
$
9.4
Current portion of long-term debt
49.7
33.6
Accounts payable
239.5
308.2
Accrued compensation
38.3
56.9
Accrued customer program liabilities
103.3
101.4
Lease liabilities
21.2
24.4
Current portion of contingent
consideration
—
24.8
Other current liabilities
126.7
149.9
Total current liabilities
589.0
708.6
Long-term debt, net of debt issuance costs
of $8.4 and $9.6, respectively
936.5
954.1
Long-term lease liabilities
75.2
89.0
Deferred income taxes
144.1
145.2
Pension and post-retirement benefit
obligations
155.5
222.3
Contingent consideration
—
12.0
Other non-current liabilities
84.3
95.3
Total liabilities
1,984.6
2,226.5
Stockholders' equity:
Preferred stock, $0.01 par value,
25,000,000 shares authorized; none issued and none outstanding
—
—
Common stock, $0.01 par value, 200,000,000
shares authorized; 98,851,581 and 100,118,494 shares issued and
94,260,926 and 95,817,946 outstanding, respectively
1.0
1.0
Treasury stock, 4,590,655 and 4,300,548
shares, respectively
(43.4
)
(40.9
)
Paid-in capital
1,897.2
1,902.2
Accumulated other comprehensive loss
(540.3
)
(535.5
)
Accumulated deficit
(504.4
)
(462.0
)
Total stockholders' equity
810.1
864.8
Total liabilities and stockholders'
equity
$
2,794.7
$
3,091.3
ACCO Brands Corporation and
Subsidiaries
Consolidated Statements of
Income (Loss) (Unaudited)
(In millions, except per share
data)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
% Change
2022
2021
% Change
Net sales
$
499.4
$
570.3
(12.4)%
$
1,947.6
$
2,025.3
(3.8)%
Cost of products sold
354.1
392.2
(9.7)%
1,395.3
1,410.4
(1.1)%
Gross profit
145.3
178.1
(18.4)%
552.3
614.9
(10.2)%
Operating costs and expenses:
Selling, general and administrative
expenses
92.4
99.1
(6.8)%
376.7
392.6
(4.0)%
Amortization of intangibles
10.0
11.1
(9.9)%
41.5
46.3
(10.4)%
Restructuring charges
7.3
1.8
305.6 %
9.6
6.0
60.0 %
Goodwill impairment
—
—
NM
98.7
—
NM
Change in fair value of contingent
consideration
—
2.5
NM
(9.0)
19.0
NM
Total operating costs and expenses
109.7
114.5
(4.2)%
517.5
463.9
11.6 %
Operating income
35.6
63.6
(44.0)%
34.8
151.0
(77.0)%
Non-operating expense (income):
Interest expense
13.0
10.3
26.2 %
45.6
46.3
(1.5)%
Interest income
(2.1)
(0.7)
NM
(8.3)
(1.9)
NM
Non-operating pension income
(1.3)
(2.3)
(43.5)%
(4.5)
(7.9)
(43.0)%
Other (income) expense, net
(2.7)
(0.9)
NM
(12.9)
3.1
NM
Income before income tax
28.7
57.2
(49.8)%
14.9
111.4
(86.6)%
Income tax expense
9.9
3.7
NM
28.1
9.5
NM
Net income (loss)
$
18.8
$
53.5
(64.9)%
$
(13.2)
$
101.9
NM
Per share:
Basic income (loss) per share
$
0.20
$
0.56
(64.3)%
$
(0.14)
$
1.07
NM
Diluted income (loss) per share
$
0.20
$
0.55
(63.6)%
$
(0.14)
$
1.05
NM
Weighted average number of shares
outstanding:
Basic
94.5
95.8
95.3
95.5
Diluted
95.7
97.5
95.3
97.1
Cash dividends declared per common
share
$
0.075
$
0.075
$
0.300
$
0.270
Statistics (as a % of Net sales, except
Income tax rate)
Three Months Ended December
31,
Twelve Months Ended December
31,
2022
2021
2022
2021
Gross profit (Net sales, less Cost of
products sold)
29.1 %
31.2 %
28.4 %
30.4 %
Selling, general and administrative
expenses
18.5 %
17.4 %
19.3 %
19.4 %
Operating income
7.1 %
11.2 %
1.8 %
7.5 %
Income before income tax
5.7 %
10.0 %
0.8 %
5.5 %
Net income (loss)
3.8 %
9.4 %
(0.7)%
5.0 %
Income tax rate
34.5 %
6.5 %
188.6 %
8.5 %
ACCO Brands Corporation and
Subsidiaries
Condensed Consolidated
Statements of Cash Flows (Unaudited)
Year Ended December
31,
(in millions)
2022
2021
Operating activities
Net (loss) income
$
(13.2
)
$
101.9
Amortization of inventory step-up
—
3.0
Payments of contingent consideration
(9.2
)
—
Gain (loss) on disposal of assets
(3.6
)
0.1
Deferred income tax expense (benefit)
1.3
(21.0
)
Change in fair value of contingent
liability
(9.0
)
19.0
Depreciation
37.9
39.4
Amortization of debt issuance costs
2.7
2.8
Amortization of intangibles
41.5
46.3
Stock-based compensation
9.5
15.2
Loss on debt extinguishment
—
3.7
Non-cash charge for goodwill
impairment
98.7
—
Other non-cash items
—
—
Changes in balance sheet items:
Accounts receivable
31.6
(77.6
)
Inventories
23.2
(131.8
)
Other assets
0.4
(1.2
)
Accounts payable
(66.0
)
131.2
Accrued expenses and other liabilities
(57.5
)
26.3
Accrued income taxes
(10.7
)
2.3
Net cash provided by operating
activities
77.6
159.6
Investing activities
Additions to property, plant and
equipment
(16.5
)
(21.2
)
Proceeds from the disposition of
assets
7.2
—
Cost of acquisitions, net of cash
acquired
—
15.4
Net cash used by investing activities
(9.3
)
(5.8
)
Financing activities
Proceeds from long-term borrowings
236.7
659.7
Repayments of long-term debt
(220.5
)
(766.3
)
Proceeds of notes payable, net
0.7
3.7
Payment for debt premium
—
(9.8
)
Payments for debt issuance costs
(1.2
)
(10.5
)
Dividends paid
(28.6
)
(25.8
)
Payments of contingent consideration
(17.8
)
(0.4
)
Repurchases of common stock
(19.4
)
—
Payments related to tax withholding for
stock-based compensation
(2.5
)
(0.9
)
Proceeds from the exercise of stock
options
4.3
3.1
Net cash (used) provided by financing
activities
(48.3
)
(147.2
)
Effect of foreign exchange rate changes on
cash and cash equivalents
1.0
(2.0
)
Net increase in cash and cash
equivalents
21.0
4.6
Cash and cash equivalents
Beginning of the period
41.2
36.6
End of the period
$
62.2
$
41.2
About Non-GAAP Financial Measures
We explain below how we calculate each of our non-GAAP financial
measures and a reconciliation of our current period and historical
non-GAAP financial measures to the most directly comparable GAAP
financial measures follows.
We use our non-GAAP financial measures both to explain our
results to stockholders and the investment community and in the
internal evaluation and management of our business. We believe our
non-GAAP financial measures provide management and investors with a
more complete understanding of our underlying operational results
and trends, facilitate meaningful period-to-period comparisons and
enhance an overall understanding of our past and future financial
performance.
Our non-GAAP financial measures exclude certain items that may
have a material impact upon our reported financial results such as
restructuring charges, transaction and integration expenses
associated with material acquisitions, the impact of foreign
currency exchange rate fluctuations and acquisitions, unusual tax
items, goodwill impairment charges, and other non-recurring items
that we consider to be outside of our core operations. These
measures should not be considered in isolation or as a substitute
for, or superior to, the directly comparable GAAP financial
measures and should be read in connection with the Company’s
financial statements presented in accordance with GAAP.
Our non-GAAP financial measures include the following:
Comparable Sales: Represents
net sales excluding the impact of material acquisitions with
current-period foreign operation sales translated at prior-year
currency rates. We believe comparable sales are useful to investors
and management because they reflect underlying sales and sales
trends without the effect of acquisitions and fluctuations in
foreign exchange rates and facilitate meaningful period-to-period
comparisons. We sometimes refer to comparable sales as comparable
net sales.
Adjusted Gross Profit:
Represents gross profit excluding the effect of the amortization of
the step-up in inventory from material acquisitions. We believe
adjusted gross profit is useful to investors and management because
it reflects underlying gross profit without the effect of inventory
adjustments resulting from acquisitions that we consider to be
outside our core operations and facilitates meaningful
period-to-period comparisons.
Adjusted Selling, General and
Administrative (SG&A) Expenses: Represents selling,
general and administrative expenses excluding transaction and
integration expenses related to material acquisitions. We believe
adjusted SG&A expenses are useful to investors and management
because they reflect underlying SG&A expenses without the
effect of expenses related to acquiring and integrating
acquisitions that we consider to be outside our core operations and
facilitate meaningful period-to-period comparisons.
Adjusted Operating Income/Adjusted
Income Before Taxes/Adjusted Net Income/Adjusted Net Income Per
Diluted Share: Represents operating income, income
before taxes, net income, and net income per diluted share
excluding restructuring and goodwill impairment charges, the
amortization of intangibles, the amortization of the step-up in
value of inventory, the change in fair value of contingent
consideration, transaction and integration expenses associated with
material acquisitions, non-recurring items in interest expense or
other income/expense such as expenses associated with debt
refinancing, a bond redemption, or a pension curtailment, and other
non-recurring items as well as all unusual and discrete income tax
adjustments, including income tax related to the foregoing. We
believe these adjusted non-GAAP financial measures are useful to
investors and management because they reflect our underlying
operating performance before items that we consider to be outside
our core operations and facilitate meaningful period-to-period
comparisons. Senior management’s incentive compensation is derived,
in part, using adjusted operating income and adjusted net income
per diluted share, which is derived from adjusted net income. We
sometimes refer to adjusted net income per diluted share as
adjusted earnings per share or adjusted EPS.
Adjusted Income Tax
Expense/Rate: Represents income tax expense/rate
excluding the tax effect of the items that have been excluded from
adjusted income before taxes, unusual income tax items such as the
impact of tax audits and changes in laws, significant reserves for
cash repatriation, excess tax benefits/losses, and other discrete
tax items. We believe our adjusted income tax expense/rate is
useful to investors because it reflects our baseline income tax
expense/rate before benefits/losses and other discrete items that
we consider to be outside our core operations and facilitates
meaningful period-to-period comparisons.
Adjusted EBITDA: Represents
net income excluding the effects of depreciation, stock-based
compensation expense, amortization of intangibles, the change in
fair value of contingent consideration, interest expense, net,
other (income) expense, net, and income tax expense, the
amortization of the step-up in value of inventory, transaction and
integration expenses associated with material acquisitions,
restructuring and goodwill impairment charges, non-recurring items
in interest expense or other income/expense such as expenses
associated with debt refinancing, a bond redemption, or a pension
curtailment and other non-recurring items. We believe adjusted
EBITDA is useful to investors because it reflects our underlying
cash profitability and adjusts for certain non-cash charges, and
items that we consider to be outside our core operations and
facilitates meaningful period-to-period comparisons.
Adjusted Free Cash Flow:
Represents cash flow from operating activities, excluding cash
payments made for contingent earnouts, less cash used for additions
to property, plant and equipment, plus cash proceeds from the
disposition of assets. We believe adjusted free cash flow is useful
to investors because it measures our available cash flow for paying
dividends, funding strategic material acquisitions, reducing debt,
and repurchasing shares.
Consolidated Leverage Ratio:
Represents balance sheet debt, plus debt origination costs and less
any cash and cash equivalents divided by adjusted EBITDA. We
believe that consolidated leverage ratio is useful to investors
since the company has the ability to, and may decide to use a
portion of its cash and cash equivalents to retire debt.
We also provide forward-looking non-GAAP comparable sales,
adjusted earnings per share, adjusted free cash flow, adjusted
EBITDA, and adjusted tax rate, and historical and forward-looking
consolidated leverage ratio. We do not provide a reconciliation of
these forward-looking and historical non-GAAP measures to GAAP
because the GAAP financial measure is not currently available and
management cannot reliably predict all the necessary components of
such non-GAAP measures without unreasonable effort or expense due
to the inherent difficulty of forecasting and quantifying certain
amounts that are necessary for such a reconciliation, including
adjustments that could be made for restructuring, integration and
acquisition-related expenses, the variability of our tax rate and
the impact of foreign currency fluctuation and material
acquisitions, and other charges reflected in our historical
results. The probable significance of each of these items is high
and, based on historical experience, could be material.
ACCO Brands Corporation and
Subsidiaries
Reconciliation of GAAP to
Adjusted Non-GAAP Information (Unaudited)
(In millions, except per share
data)
The following tables set forth a
reconciliation of certain Consolidated Statements of Operations
information reported in accordance with GAAP to adjusted Non-GAAP
Information for the three months ended December 31, 2022 and
2021.
Three Months Ended December
31, 2022
SG&A
% of Sales
Operating Income
% of Sales
Income before Tax
% of Sales
Income Tax Expense (I)
Tax Rate
Net Income
% of Sales
Reported GAAP
$
92.4
18.5 %
$
35.6
7.1 %
$
28.7
5.7 %
$
9.9
34.5 %
$
18.8
3.8 %
Reported GAAP diluted income per share
(EPS)
$
0.20
Release of charge for Russia business
(A)
0.6
(0.6)
(0.6)
(0.1)
(0.5)
Restructuring charges
—
7.3
7.3
1.9
5.4
Amortization of intangibles
—
10.0
10.0
2.6
7.4
Gain on sale of property
—
—
(3.5)
(0.9)
(2.6)
Other discrete tax items
(I)
—
—
—
(2.0)
2.0
Adjusted Non-GAAP
$
93.0
18.6 %
$
52.3
10.5 %
$
41.9
8.4 %
$
11.4
27.2 %
$
30.5
6.1 %
Adjusted diluted income per share
(Adjusted EPS)
$
0.32
Three Months Ended December
31, 2021
SG&A
% of Sales
Operating Income
% of Sales
Income before
Tax
% of Sales
Income Tax Expense (I)
Tax Rate
Net Income
% of Sales
Reported GAAP
$
99.1
17.4 %
$
63.6
11.2 %
$
57.2
10.0 %
$
3.7
6.5 %
$
53.5
9.4 %
Reported GAAP diluted income per share
(EPS)
$
0.55
Inventory step-up amortization
(C)
—
—
—
—
—
Transaction and integration expenses
(D)
(0.1)
0.1
0.1
—
0.1
Restructuring charges
—
1.8
1.8
0.2
1.6
Amortization of intangibles
—
11.1
11.1
2.0
9.1
Change in fair value of contingent
consideration
(B)
—
2.5
2.5
(0.2)
2.7
Operating tax gain
(H)
—
—
(1.6)
(0.5)
(1.1)
Other
0.2
—
0.2
Other discrete tax items
(J)
—
—
—
13.0
(13.0)
Adjusted Non-GAAP
$
99.0
17.4 %
$
79.1
13.9 %
$
71.3
12.5 %
$
18.2
25.5 %
$
53.1
9.3 %
Adjusted diluted income per share
(Adjusted EPS)
$
0.54
See "Notes to Reconciliations of GAAP to
Adjusted Non-GAAP Information and Net (Loss) Income to Adjusted
EBITDA (Unaudited)" for further information regarding adjusted
items.
ACCO Brands Corporation and
Subsidiaries
Reconciliation of GAAP to
Adjusted Non-GAAP Information (Unaudited)
(In millions, except per share
data)
The following tables set forth a
reconciliation of certain Consolidated Statements of Operations
information reported in accordance with GAAP to adjusted Non-GAAP
Information for the twelve months ended December 31, 2022 and
2021
Year Ended December 31,
2022
SG&A
% of Sales
Operating Income
% of Sales
Income before Tax
% of Sales
Income Tax Expense (I)
Tax Rate
Net (Loss) Income
% of Sales
Reported GAAP
$
376.7
19.3 %
$
34.8
1.8 %
$
14.9
0.8 %
$
28.1
188.6 %
$
(13.2)
(0.7)%
Reported GAAP diluted income per share
(EPS)
$
(0.14)
Charge for Russia business
(A)
(0.2)
0.2
0.2
0.1
0.1
Restructuring charges
—
9.6
9.6
2.5
7.1
Goodwill impairment charge
—
98.7
98.7
—
98.7
Amortization of intangibles
—
41.5
41.5
10.9
30.6
Change in fair value of contingent
consideration
(B)
—
(9.0)
(9.0)
(2.3)
(6.7)
Gain on sale of property
—
—
(3.5)
(0.9)
(2.6)
Operating tax gains
(H)
—
—
(11.2)
(3.8)
(7.4)
Other discrete tax items
(I)
—
—
—
5.6
(5.6)
Adjusted Non-GAAP
$
376.5
19.3 %
$
175.8
9.0 %
$
141.2
7.2 %
$
40.2
28.5 %
$
101.0
5.2 %
Adjusted diluted income per share
(Adjusted EPS)
$
1.04
Year Ended December 31,
2021
Gross Profit
% of Sales
SG&A
% of Sales
Operating Income
% of Sales
Income before Tax
% of Sales
Income Tax Expense (I)
Tax Rate
Net Income
% of Sales
Reported GAAP
$
614.9
30.4 %
$
392.6
19.4 %
$
151.0
7.5 %
$
111.4
5.5 %
$
9.5
8.5 %
$
101.9
5.0 %
Reported GAAP diluted income per share
(EPS)
$
1.05
Inventory step-up amortization
(C)
3.0
—
3.0
3.0
0.9
2.1
Transaction and integration expenses
(D)
—
(2.6)
2.6
2.6
0.7
1.9
Restructuring charges
—
—
6.0
6.0
1.5
4.5
Amortization of intangibles
—
—
46.3
46.3
12.6
33.7
Change in fair value of contingent
consideration
(B)
—
—
19.0
19.0
4.8
14.2
Refinancing costs
(E)
—
—
—
3.7
1.0
2.7
Operating tax gains
(H)
—
—
—
(10.9)
(3.6)
(7.3)
Bond redemption
(F)
—
—
—
9.8
2.6
7.2
Pension curtailment
(G)
—
—
—
1.4
0.4
1.0
Other
—
—
0.2
—
0.2
Other discrete tax items
(I)
—
—
—
—
25.3
(25.3)
Adjusted Non-GAAP
$
617.9
30.5 %
$
390.0
19.3 %
$
227.9
11.3 %
$
192.5
9.5 %
$
55.7
28.9 %
$
136.8
6.8 %
Adjusted diluted income per share
(Adjusted EPS)
$
1.41
See "Notes to Reconciliations of GAAP to
Adjusted Non-GAAP Information and Net (Loss) Income to Adjusted
EBITDA (Unaudited)" for further information regarding adjusted
items.
ACCO Brands Corporation and
Subsidiaries
Reconciliation of Net (Loss)
Income to Adjusted EBITDA (Unaudited)
(In millions)
The following table sets forth a reconciliation of net (loss)
income reported in accordance with GAAP to Adjusted EBITDA.
Three Months Ended December
31,
Year Ended December
31,
2022
2021
% Change
2022
2021
% Change
Net income (loss)
$
18.8
$
53.5
(64.9)%
$
(13.2)
$
101.9
NM
Inventory step-up amortization
(C)
—
—
NM
—
3.0
(100.0)%
Transaction and integration expenses
(D)
—
0.1
(100.0)%
—
2.6
(100.0)%
Stock-based compensation
1.7
3.0
(43.3)%
9.5
15.2
(37.5)%
Depreciation
9.3
10.0
(7.0)%
37.9
39.4
(3.8)%
(Release) charge for Russia business
(A)
(0.6)
—
NM
0.2
—
NM
Amortization of intangibles
10.0
11.1
(9.9)%
41.5
46.3
(10.4)%
Restructuring charges
7.3
1.8
305.6 %
9.6
6.0
60.0 %
Goodwill impairment charge
—
—
NM
98.7
—
NM
Change in fair value of contingent
consideration
(B)
—
2.5
(100.0)%
(9.0)
19.0
NM
Pension curtailment
(G)
—
—
NM
—
1.4
(100.0)%
Interest expense, net
10.9
9.6
13.5 %
37.3
44.4
(16.0)%
Other (income) expense, net
(2.7)
(0.9)
NM
(12.9)
3.1
NM
Income tax expense
9.9
3.7
167.6 %
28.1
9.5
195.8 %
Adjusted EBITDA (non-GAAP)
$
64.6
$
94.4
(31.6)%
$
227.7
$
291.8
(22.0)%
Adjusted EBITDA as a % of Net Sales
12.9 %
16.6 %
11.7 %
14.4 %
See "Notes to Reconciliations of
GAAP to Adjusted Non-GAAP Information and Net (Loss) Income to
Adjusted EBITDA (Unaudited)" for further information regarding
adjusted items.
Reconciliation of Net Cash
Provided (Used) by Operating Activities to Adjusted Free Cash Flow
(Unaudited)
(In millions)
The following table sets forth a
reconciliation of net cash provided (used) by operating activities
reported in accordance with GAAP to Adjusted Free Cash Flow.
Three Months Ended December
31, 2022
Three Months Ended December
31, 2021
Year Ended December 31,
2022
Year Ended December 31,
2021
Net cash provided by operating
activities
$
87.2
$
115.6
$
77.6
$
159.6
Net cash (used) provided by:
Additions to property, plant and
equipment
(4.7)
(7.3)
(16.5)
(21.2)
Proceeds from the disposition of
assets
7.0
—
7.2
—
Payments of contingent consideration
—
—
9.2
—
Adjusted free cash flow (non-GAAP)
$
89.5
$
108.3
$
77.5
$
138.4
Notes to Reconciliations of
GAAP to Adjusted Non-GAAP Information and Net (Loss) Income to
Adjusted EBITDA (Unaudited)
A.
Represents an impact to operating expense
related to our Russia business.
B.
Represents the change in fair value of the
contingent consideration for the PowerA acquisition. The change in
fair value of the contingent consideration is assessed every
quarter and is included as expense/income in the consolidated
statements of income.
C.
Represents the amortization of step-up in
the value of inventory associated with the PowerA acquisition.
D.
Represents transaction and integration
expenses associated with our acquisitions.
E.
Represents the write-off of debt issuance
costs and other costs associated with the Company's 2021 debt
refinancing and discharge of its obligations on the senior
unsecured notes due in 2024.
F.
Represents a call premium on the 2021
redemption of the senior unsecured notes due in 2024.
G.
Represents a pension curtailment related
to restructuring projects.
H.
Represents certain indirect tax credits in
Brazil and gains related to the release of unneeded reserves for
certain operating taxes.
I.
The adjustments to income tax expense
include the effects of the adjustments outlined above and discrete
tax adjustments.
ACCO Brands Corporation and
Subsidiaries
Supplemental Business Segment
Information and Reconciliation (Unaudited)
(In millions)
2022
2021
Changes
Reported Net
Sales
Reported Operating
Income (Loss)
Adjusted Items
Adjusted Operating Income
(Loss)
Adjusted Operating Income (Loss)
Margin
Reported Net
Sales
Reported Operating
Income (Loss)
Adjusted Items
Adjusted Operating Income
(Loss)
Adjusted Operating Income (Loss)
Margin
Net Sales $
Net Sales %
Adjusted Operating Income (Loss)
$
Adjusted Operating Income (Loss)
%
Margin Points
Q1:
ACCO Brands North America
$
208.5
$
13.9
$
5.9
$
19.8
9.5%
$
188.8
$
(0.7)
$
11.9
$
11.2
5.9%
$
19.7
10.4%
$
8.6
76.8%
360
ACCO Brands EMEA
156.1
5.6
3.5
9.1
5.8%
156.9
16.8
4.4
21.2
13.5%
(0.8)
(0.5)%
(12.1)
(57.1)%
(770)
ACCO Brands International
77.0
4.2
2.0
6.2
8.1%
64.8
0.6
2.5
3.1
4.8%
12.2
18.8%
3.1
100.0%
330
Corporate
—
(16.9)
4.4
(12.5)
—
(17.8)
6.9
(10.9)
—
(1.6)
Total
$
441.6
$
6.8
$
15.8
$
22.6
5.1%
$
410.5
$
(1.1)
$
25.7
$
24.6
6.0%
$
31.1
7.6%
$
(2.0)
(8.1)%
(90)
Q2:
ACCO Brands North America
$
306.6
$
50.7
$
6.5
$
57.2
18.7%
$
295.1
$
53.8
$
6.1
$
59.9
20.3%
$
11.5
3.9%
$
(2.7)
(4.5)%
(160)
ACCO Brands EMEA
137.9
(1.5)
3.6
2.1
1.5%
157.0
9.9
3.9
13.8
8.8%
(19.1)
(12.2)%
(11.7)
(84.8)%
(730)
ACCO Brands International
76.5
6.3
2.3
8.6
11.2%
65.7
2.8
2.0
4.8
7.3%
10.8
16.4%
3.8
79.2%
390
Corporate
—
(0.1)
(9.7)
(9.8)
—
(16.6)
5.3
(11.3)
—
1.5
Total
$
521.0
$
55.4
$
2.7
$
58.1
11.2%
$
517.8
$
49.9
$
17.3
$
67.2
13.0%
$
3.2
0.6%
$
(9.1)
(13.5)%
(180)
Q3:
ACCO Brands North America
$
257.2
$
(78.4)
$
104.2
$
25.8
10.0%
$
287.5
$
34.6
$
7.0
$
41.6
14.5%
$
(30.3)
(10.5)%
$
(15.8)
(38.0)%
(450)
ACCO Brands EMEA
130.3
4.9
2.5
7.4
5.7%
161.1
13.4
3.9
17.3
10.7%
(30.8)
(19.1)%
(9.9)
(57.2)%
(500)
ACCO Brands International
98.1
17.3
1.9
19.2
19.6%
78.1
7.3
2.5
9.8
12.5%
20.0
25.6%
9.4
95.9%
710
Corporate
—
(6.8)
(2.8)
(9.6)
—
(16.7)
5.0
(11.7)
—
2.1
Total
$
485.6
$
(63.0)
$
105.8
$
42.8
8.8%
$
526.7
$
38.6
$
18.4
$
57.0
10.8%
$
(41.1)
(7.8)%
$
(14.2)
(24.9)%
(200)
Q4:
ACCO Brands North America
$
225.7
$
8.9
$
9.8
$
18.7
8.3%
$
271.0
$
34.2
$
7.7
$
41.9
15.5%
$
(45.3)
(16.7)%
$
(23.2)
(55.4)%
(720)
ACCO Brands EMEA
156.0
12.7
5.7
18.4
11.8%
187.9
21.6
3.3
24.9
13.3%
(31.9)
(17.0)%
(6.5)
(26.1)%
(150)
ACCO Brands International
117.7
22.7
1.6
24.3
20.6%
111.4
20.9
2.0
22.9
20.6%
6.3
5.7%
1.4
6.1%
—
Corporate
—
(8.7)
(0.4)
(9.1)
—
(13.1)
2.5
(10.6)
—
1.5
Total
$
499.4
$
35.6
$
16.7
$
52.3
10.5%
$
570.3
$
63.6
$
15.5
$
79.1
13.9%
$
(70.9)
(12.4)%
$
(26.8)
(33.9)%
(340)
YTD:
ACCO Brands North America
$
998.0
$
(4.9)
$
126.4
$
121.5
12.2%
$
1,042.4
$
121.9
$
32.7
$
154.6
14.8%
$
(44.4)
(4.3)%
$
(33.1)
(21.4)%
(260)
ACCO Brands EMEA
580.3
21.7
15.3
37.0
6.4%
662.9
61.7
15.5
77.2
11.6%
(82.6)
(12.5)%
(40.2)
(52.1)%
(520)
ACCO Brands International
369.3
50.5
7.8
58.3
15.8%
320.0
31.6
9.0
40.6
12.7%
49.3
15.4%
17.7
43.6%
310
Corporate
—
(32.5)
(8.5)
(41.0)
—
(64.2)
19.7
(44.5)
—
3.5
Total
$
1,947.6
$
34.8
$
141.0
$
175.8
9.0%
$
2,025.3
$
151.0
$
76.9
$
227.9
11.3%
$
(77.7)
(3.8)%
$
(52.1)
(22.9)%
(230)
See "Notes to Reconciliations of GAAP to
Adjusted Non-GAAP Information and Net (Loss) Income to Adjusted
EBITDA (Unaudited)" for further information regarding adjusted
items.
ACCO Brands Corporation and
Subsidiaries
Supplemental Net Sales Change
Analysis (Unaudited)
% Change - Net Sales
$ Change - Net Sales (in
millions)
GAAP
Non-GAAP
GAAP
Non-GAAP
Comparable
Comparable
Net Sales
Currency
Net Sales
Net Sales
Currency
Net Sales
Comparable
Change
Translation
Change
Change
Translation
Change
Net Sales
Q1 2022:
ACCO Brands North America
10.4 %
— %
10.4 %
$
19.7
$
—
$
19.7
$
208.5
ACCO Brands EMEA
(0.5)%
(7.9)%
7.4 %
(0.8)
(12.4)
11.6
168.5
ACCO Brands International
18.8 %
(3.9)%
22.7 %
12.2
(2.5)
14.7
79.5
Total
7.6 %
(3.6)%
11.2 %
$
31.1
$
(14.9)
$
46.0
$
456.5
Q2 2022:
ACCO Brands North America
3.9 %
(0.5)%
4.4 %
$
11.5
$
(1.4)
$
12.9
$
308.0
ACCO Brands EMEA
(12.2)%
(12.6)%
0.4 %
(19.1)
(19.8)
0.7
157.7
ACCO Brands International
16.4 %
(3.7)%
20.1 %
10.8
(2.4)
13.2
78.9
Total
0.6 %
(4.6)%
5.2 %
$
3.2
$
(23.6)
$
26.8
$
544.6
Q3 2022:
ACCO Brands North America
(10.5)%
(0.5)%
(10.0)%
$
(30.3)
$
(1.3)
$
(29.0)
$
258.5
ACCO Brands EMEA
(19.1)%
(15.0)%
(4.1)%
(30.8)
(24.1)
(6.7)
154.4
ACCO Brands International
25.6 %
(5.8)%
31.4 %
20.0
(4.5)
24.5
102.6
Total
(7.8)%
(5.7)%
(2.1)%
$
(41.1)
$
(29.9)
$
(11.2)
$
515.5
Q4 2022:
ACCO Brands North America
(16.7)%
(0.6)%
(16.1)%
$
(45.3)
$
(1.6)
$
(43.7)
$
227.3
ACCO Brands EMEA
(17.0)%
(11.7)%
(5.3)%
(31.9)
(21.9)
(10.0)
177.9
ACCO Brands International
5.7 %
(1.8)%
7.5 %
6.3
(2.0)
8.3
119.7
Total
(12.4)%
(4.5)%
(7.9)%
$
(70.9)
$
(25.5)
$
(45.4)
$
524.9
2022 YTD:
ACCO Brands North America
(4.3)%
(0.4)%
(3.9)%
$
(44.4)
$
(4.3)
$
(40.1)
$
1,002.3
ACCO Brands EMEA
(12.5)%
(11.8)%
(0.7)%
(82.6)
(78.2)
(4.4)
658.5
ACCO Brands International
15.4 %
(3.6)%
19.0 %
49.3
(11.4)
60.7
380.7
Total
(3.8)%
(4.6)%
0.8 %
$
(77.7)
$
(93.9)
$
16.2
$
2,041.5
(A) Comparable net sales represents net
sales excluding material acquisitions and with current-period
foreign operation sales translated at the prior-year currency
rates.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230223005708/en/
Christopher McGinnis Investor Relations (847) 796-4320
Julie McEwan Media Relations (937) 974-8162
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