ACCO Brands Reports Third Quarter Results
ACCO Brands reported Q3 2024 results with net sales of $420.9 million, down 6.0% from $448.0 million in 2023. Earnings per share were $0.09, with adjusted EPS of $0.23. The company is on track to achieve over $20 million in cost savings for 2024 through its multi-year program. Net operating cash flow improved by $25 million, and the consolidated leverage ratio reduced to 3.5x. The company maintained its 2024 outlook, expecting reported sales to decline 8-9% with adjusted EPS of $1.04-$1.09. ACCO successfully refinanced its credit facilities, extending maturity to 2029.
ACCO Brands ha riportato i risultati del terzo trimestre 2024, con vendite nette di $420,9 milioni, in calo del 6,0% rispetto ai $448,0 milioni del 2023. L'utile per azione è stato di $0,09, con un EPS adattato di $0,23. L'azienda è sulla strada giusta per ottenere oltre $20 milioni di risparmi sui costi per il 2024 tramite il suo programma pluriennale. Il flusso di cassa operativo netto è migliorato di $25 milioni, e il rapporto di indebitamento consolidato si è ridotto a 3,5x. L'azienda ha mantenuto le previsioni per il 2024, prevedendo un calo delle vendite riportate dell'8-9% con un EPS adattato di $1,04-$1,09. ACCO ha rifinanziato con successo le proprie linee di credito, estendendo la scadenza al 2029.
ACCO Brands informó los resultados del tercer trimestre de 2024, con ventas netas de $420,9 millones, una disminución del 6,0% respecto a los $448,0 millones en 2023. Las ganancias por acción fueron de $0,09, con un EPS ajustado de $0,23. La compañía está en camino de lograr más de $20 millones en ahorros de costos para 2024 a través de su programa a varios años. El flujo de caja operativo neto mejoró en $25 millones y la relación de apalancamiento consolidado se redujo a 3,5x. La empresa mantuvo su perspectiva para 2024, esperando que las ventas reportadas disminuyan entre un 8-9% con un EPS ajustado de $1,04-$1,09. ACCO refinanció con éxito sus facilidades de crédito, extendiendo el vencimiento hasta 2029.
ACCO Brands는 2024년 3분기 실적을 발표했으며, 순매출은 4억 2090만 달러로 2023년의 4억 4800만 달러 대비 6.0% 감소했습니다. 주당 순익은 0.09달러, 조정 주당 순익은 0.23달러였습니다. 회사는 다년 계획을 통해 2024년까지 2000만 달러 이상 비용 절감을 달성할 것으로 예상하고 있습니다. 순 운영 현금 흐름은 2500만 달러 개선되었고, 통합 레버리지 비율은 3.5배로 감소했습니다. 회사는 2024년 전망을 유지하며, 보고된 매출이 8-9% 감소하고 조정된 EPS가 1.04달러에서 1.09달러 사이일 것으로 예상하고 있습니다. ACCO는 신용 시설을 성공적으로 재융자하여 만기를 2029년까지 연장했습니다.
ACCO Brands a rapporté ses résultats du troisième trimestre 2024, avec des ventes nettes de 420,9 millions de dollars, en baisse de 6,0 % par rapport à 448,0 millions de dollars en 2023. Le bénéfice par action s'élevait à 0,09 dollar, avec un BPA ajusté de 0,23 dollar. L'entreprise est en bonne voie pour réaliser plus de 20 millions de dollars d'économies de coûts pour 2024 grâce à son programme pluriannuel. Le flux de trésorerie d'exploitation net s'est amélioré de 25 millions de dollars, et le ratio d'endettement consolidé a été réduit à 3,5x. L'entreprise a maintenu ses prévisions pour 2024, s'attendant à ce que les ventes déclarées diminuent de 8 à 9 % avec un BPA ajusté compris entre 1,04 et 1,09 dollar. ACCO a réussi à refinancer ses lignes de crédit, prolongeant l’échéance jusqu’en 2029.
ACCO Brands berichtete über die Ergebnisse des dritten Quartals 2024 mit Nettoumsätzen von 420,9 Millionen USD, was einem Rückgang von 6,0% im Vergleich zu 448,0 Millionen USD im Jahr 2023 entspricht. Der Gewinn pro Aktie betrug 0,09 USD, das bereinigte EPS lag bei 0,23 USD. Das Unternehmen ist auf Kurs, über 20 Millionen USD an Kosteneinsparungen für 2024 durch sein mehrjähriges Programm zu erzielen. Der Nettobetriebscashflow verbesserte sich um 25 Millionen USD, und das konsolidierte Verschuldungsverhältnis reduzierte sich auf 3,5x. Das Unternehmen behielt seine Prognose für 2024 bei und erwartet, dass die gemeldeten Umsätze um 8-9% zurückgehen und das bereinigte EPS zwischen 1,04 und 1,09 USD liegt. ACCO hat seine Kreditfazilitäten erfolgreich refinanziert und die Laufzeit bis 2029 verlängert.
- Net operating cash flow improved by $25 million
- Reduced leverage ratio from 3.8x to 3.5x year-over-year
- On track for $20 million cost savings in 2024
- Successfully refinanced credit facilities with extended maturity to 2029
- Growth in technology accessories categories
- Net sales declined 6.0% to $420.9 million
- Operating income decreased to $26.3 million from $32.2 million
- Comparable sales decreased 5.0%
- Softer back-to-school purchases in Latin America and North America
- Weaker global demand for office-related products
Insights
ACCO Brands' Q3 results reveal concerning trends with
The
-
Reported net sales of
at the mid-point of outlook$421 million -
Earnings per share of
; adjusted EPS of$0.09 $0.23 -
On track to achieve over
in cost savings for the full year 2024 through a multi-year cost savings program$20 million -
Net operating cash flow improved by
$25 million - Reduced consolidated leverage ratio to 3.5x at quarter-end
- Maintaining 2024 outlook for sales, adjusted EPS and cash flow
- Refinanced the credit facilities, extending the maturity date to 2029
"We are pleased to report third quarter results that were in line with our expectations, with overall sales trends improving in the third quarter compared to the first half of the year. We continue to make progress on our cost reduction and infrastructure initiatives, which allowed us to deliver another quarter of improved gross margin and cash flow. Our robust cash flow enabled us to reduce debt and return capital to shareholders through dividends and share repurchases. We ended the quarter with a lower leverage ratio than the prior year and successfully refinanced our credit facilities. We now have no significant debt maturities until 2029," stated ACCO Brands' President and Chief Executive Officer, Tom Tedford.
"We're advancing our strategy as we continue to improve our innovation and new product development processes, expand into new points of distribution and extend our product offering into adjacent categories. In addition, given our improved balance sheet and strong cash flow, we are able to consider potential acquisitions. These initiatives, combined with our
Third Quarter Results
Net sales were
Operating income was
Net income was
Business Segment Results
ACCO Brands Americas – Third quarter segment net sales of
Third quarter operating income was
ACCO Brands International – Third quarter segment net sales of
Third quarter operating income was
Nine Month Results
Net sales were
Operating loss was
Net loss was
Capital Allocation
Year to date, the Company improved its operating cash flow to
In the third quarter, the Company repurchased 2.4 million shares for
On October 25, 2024, ACCO Brands announced that its board of directors declared a regular quarterly cash dividend of
Bank Refinancing
Effective October 30, 2024, the Company extended the maturity of its credit facilities to 2029.
Full Year 2024 Outlook
The Company is reaffirming its full year 2024 outlook. For the full year, the Company expects reported sales to be down in the range of
"As we approach year-end and look ahead to next year, our cost reduction actions should allow us the ability to maintain our solid margins, contain expenses and generate strong cash flow. I remain confident in our team's ability to continue to successfully execute on our
Webcast
At 8:30 a.m. ET on November 1, 2024, ACCO Brands Corporation will host a conference call to discuss the Company's third quarter 2024 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, and play. 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 directly comparable 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, and those relating to cost reductions and anticipated pre-tax savings and restructuring costs 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. Forward-looking statements are subject to the occurrence of events outside the Company's control and actual results and the timing of events may differ materially from those suggested or implied by such forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements 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 inflation and global geopolitical and economic uncertainties and fluctuations in foreign currency exchange rates; and the other factors described below.
Among the factors that could cause our actual results to differ materially from our forward-looking statements are: a limited number of large customers account for a significant percentage of our sales; sales of our products are affected by general economic and business conditions globally and in the countries in which we operate; 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; the long-term impacts of the COVID-19 pandemic; 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 accessories business; our ability to successfully execute our multi-year restructuring and cost savings program and realize the anticipated benefits; 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; 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, and successfully integrate them; 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; the impact of additional tax liabilities stemming from our global operations and changes in tax laws, regulations and tax rates; 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 telecommunication failures, labor strikes, power and/or water shortages, public health crises, such as the occurrence of contagious diseases, 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, 2023, and in other reports we file with the Securities and Exchange Commission.
ACCO Brands Corporation and Subsidiaries
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September 30, 2024 |
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December 31, 2023 |
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(in millions) |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
102.0 |
|
|
$ |
66.4 |
|
Accounts receivable, net |
|
|
325.7 |
|
|
|
430.7 |
|
Inventories |
|
|
324.8 |
|
|
|
327.5 |
|
Other current assets |
|
|
41.5 |
|
|
|
30.8 |
|
Total current assets |
|
|
794.0 |
|
|
|
855.4 |
|
Total property, plant and equipment |
|
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577.6 |
|
|
|
599.6 |
|
Less: accumulated depreciation |
|
|
(423.9 |
) |
|
|
(429.5 |
) |
Property, plant and equipment, net |
|
|
153.7 |
|
|
|
170.1 |
|
Right of use asset, leases |
|
|
86.3 |
|
|
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91.0 |
|
Deferred income taxes |
|
|
102.7 |
|
|
|
104.7 |
|
Goodwill |
|
|
459.0 |
|
|
|
590.0 |
|
Identifiable intangibles, net |
|
|
740.9 |
|
|
|
815.7 |
|
Other non-current assets |
|
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20.9 |
|
|
|
17.9 |
|
Total assets |
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$ |
2,357.5 |
|
|
$ |
2,644.8 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Notes payable |
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$ |
7.9 |
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$ |
0.2 |
|
Current portion of long-term debt |
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|
51.3 |
|
|
|
36.5 |
|
Accounts payable |
|
|
182.4 |
|
|
|
183.7 |
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Accrued compensation |
|
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42.4 |
|
|
|
53.3 |
|
Accrued customer program liabilities |
|
|
77.4 |
|
|
|
104.0 |
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Lease liabilities |
|
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22.3 |
|
|
|
20.5 |
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Other current liabilities |
|
|
114.0 |
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|
|
143.8 |
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Total current liabilities |
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497.7 |
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542.0 |
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Long-term debt, net |
|
|
849.8 |
|
|
|
882.2 |
|
Long-term lease liabilities |
|
|
71.3 |
|
|
|
76.8 |
|
Deferred income taxes |
|
|
118.1 |
|
|
|
125.6 |
|
Pension and post-retirement benefit obligations |
|
|
143.9 |
|
|
|
157.6 |
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Other non-current liabilities |
|
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61.2 |
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|
|
73.6 |
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Total liabilities |
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1,742.0 |
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|
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1,857.8 |
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Stockholders' equity: |
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Common stock |
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1.0 |
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|
|
1.0 |
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Treasury stock |
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(47.0 |
) |
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(45.1 |
) |
Paid-in capital |
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1,911.1 |
|
|
|
1,913.4 |
|
Accumulated other comprehensive loss |
|
|
(548.9 |
) |
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(526.3 |
) |
Accumulated deficit |
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(700.7 |
) |
|
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(556.0 |
) |
Total stockholders' equity |
|
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615.5 |
|
|
|
787.0 |
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Total liabilities and stockholders' equity |
|
$ |
2,357.5 |
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|
$ |
2,644.8 |
|
ACCO Brands Corporation and Subsidiaries
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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(in millions, except per share data) |
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2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
Net sales |
|
$ |
420.9 |
|
|
$ |
448.0 |
|
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(6.0)% |
|
$ |
1,218.1 |
|
|
$ |
1,344.2 |
|
|
(9.4)% |
Cost of products sold |
|
|
284.0 |
|
|
|
303.2 |
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(6.3)% |
|
|
818.2 |
|
|
|
915.9 |
|
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(10.7)% |
Gross profit |
|
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136.9 |
|
|
|
144.8 |
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(5.5)% |
|
|
399.9 |
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|
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428.3 |
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(6.6)% |
Operating costs and expenses: |
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Selling, general and administrative expenses |
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92.2 |
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|
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98.8 |
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(6.7)% |
|
|
274.4 |
|
|
|
291.8 |
|
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(6.0)% |
Amortization of intangibles |
|
|
11.7 |
|
|
|
10.8 |
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8.3 % |
|
|
33.2 |
|
|
|
32.7 |
|
|
1.5 % |
Restructuring |
|
|
6.7 |
|
|
|
3.0 |
|
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123.3 % |
|
|
6.1 |
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|
|
6.3 |
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(3.2)% |
Impairment of goodwill and intangible assets |
|
|
— |
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|
|
— |
|
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NM |
|
|
165.2 |
|
|
|
— |
|
|
NM |
Total operating costs and expenses |
|
|
110.6 |
|
|
|
112.6 |
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(1.8)% |
|
|
478.9 |
|
|
|
330.8 |
|
|
44.8 % |
Operating income (loss) |
|
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26.3 |
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|
|
32.2 |
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(18.3)% |
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(79.0 |
) |
|
|
97.5 |
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NM |
Non-operating expense (income): |
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Interest expense |
|
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13.7 |
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|
|
15.6 |
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(12.2)% |
|
|
40.8 |
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|
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45.0 |
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(9.3)% |
Interest income |
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(2.0 |
) |
|
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(1.6 |
) |
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25.0 % |
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(6.1 |
) |
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(6.2 |
) |
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(1.6)% |
Non-operating pension expense |
|
|
0.4 |
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|
|
0.2 |
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100.0 % |
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5.6 |
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|
|
0.5 |
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NM |
Other expense (income), net |
|
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0.4 |
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(3.6 |
) |
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NM |
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(0.4 |
) |
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(2.1 |
) |
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(81.0)% |
Income (loss) before income tax |
|
|
13.8 |
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|
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21.6 |
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(36.1)% |
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(118.9 |
) |
|
|
60.3 |
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NM |
Income tax expense |
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4.5 |
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|
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6.7 |
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(32.8)% |
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|
3.3 |
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|
|
22.7 |
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(85.5)% |
Net income (loss) |
|
$ |
9.3 |
|
|
$ |
14.9 |
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(37.6)% |
|
$ |
(122.2 |
) |
|
$ |
37.6 |
|
|
NM |
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Per share: |
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Basic income (loss) per share |
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$ |
0.10 |
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$ |
0.16 |
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(37.5)% |
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$ |
(1.27 |
) |
|
$ |
0.40 |
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NM |
Diluted income (loss) per share |
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$ |
0.09 |
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$ |
0.15 |
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(40.0)% |
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$ |
(1.27 |
) |
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$ |
0.39 |
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NM |
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Weighted average number of shares outstanding: |
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Basic |
|
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96.0 |
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|
|
95.4 |
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|
|
|
96.2 |
|
|
|
95.2 |
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|
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Diluted |
|
|
97.5 |
|
|
|
96.7 |
|
|
|
|
|
96.2 |
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|
|
96.8 |
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Cash dividends declared per common share |
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$ |
0.075 |
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$ |
0.075 |
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|
|
$ |
0.225 |
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$ |
0.225 |
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Statistics (as a % of Net sales, except Income tax rate) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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|
2024 |
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|
2023 |
|
|
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Gross profit (Net sales, less Cost of products sold) |
|
|
32.5 |
% |
|
|
32.3 |
% |
|
|
|
|
32.8 |
% |
|
|
31.9 |
% |
|
|
Selling, general and administrative expenses |
|
|
21.9 |
% |
|
|
22.1 |
% |
|
|
|
|
22.5 |
% |
|
|
21.7 |
% |
|
|
Operating income (loss) |
|
|
6.2 |
% |
|
|
7.2 |
% |
|
|
|
|
(6.5 |
)% |
|
|
7.3 |
% |
|
|
Income (loss) before income tax |
|
|
3.3 |
% |
|
|
4.8 |
% |
|
|
|
|
(9.8 |
)% |
|
|
4.5 |
% |
|
|
Net income (loss) |
|
|
2.2 |
% |
|
|
3.3 |
% |
|
|
|
|
(10.0 |
)% |
|
|
2.8 |
% |
|
|
Income tax rate |
|
|
32.6 |
% |
|
|
31.0 |
% |
|
|
|
|
(2.8 |
)% |
|
|
37.6 |
% |
|
|
ACCO Brands Corporation and Subsidiaries
|
||||||||
|
|
Nine Months Ended September 30, |
||||||
(in millions) |
|
2024 |
|
2023 |
||||
Operating activities |
|
|
|
|
|
|
||
Net (loss) income |
|
$ |
(122.2 |
) |
|
$ |
37.6 |
|
Loss (gain) on disposal of assets |
|
|
0.2 |
|
|
|
(0.3 |
) |
Depreciation |
|
|
21.2 |
|
|
|
25.2 |
|
Amortization of debt issuance costs |
|
|
2.2 |
|
|
|
2.3 |
|
Amortization of intangibles |
|
|
33.2 |
|
|
|
32.7 |
|
Stock-based compensation |
|
|
9.2 |
|
|
|
10.4 |
|
Non-cash charge for impairment of goodwill and intangible assets |
|
|
165.2 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
88.5 |
|
|
|
30.9 |
|
Inventories |
|
|
(3.1 |
) |
|
|
35.5 |
|
Other assets |
|
|
(7.6 |
) |
|
|
(5.4 |
) |
Accounts payable |
|
|
1.3 |
|
|
|
(72.8 |
) |
Accrued expenses and other liabilities |
|
|
(63.5 |
) |
|
|
(17.8 |
) |
Accrued income taxes |
|
|
(29.1 |
) |
|
|
(7.6 |
) |
Net cash provided by operating activities |
|
|
95.5 |
|
|
|
70.7 |
|
Investing activities |
|
|
|
|
|
|
||
Additions to property, plant and equipment |
|
|
(8.6 |
) |
|
|
(9.7 |
) |
Proceeds from the disposition of assets |
|
|
0.1 |
|
|
|
2.2 |
|
Net cash used by investing activities |
|
|
(8.5 |
) |
|
|
(7.5 |
) |
Financing activities |
|
|
|
|
|
|
||
Proceeds from long-term borrowings |
|
|
96.1 |
|
|
|
121.9 |
|
Repayments of long-term debt |
|
|
(117.2 |
) |
|
|
(145.4 |
) |
Borrowings (repayments) of notes payable, net |
|
|
7.5 |
|
|
|
(7.3 |
) |
Dividends paid |
|
|
(21.5 |
) |
|
|
(21.4 |
) |
Repurchases of common stock |
|
|
(12.5 |
) |
|
|
— |
|
Payments related to tax withholding for stock-based compensation |
|
|
(1.9 |
) |
|
|
(1.7 |
) |
Net cash used by financing activities |
|
|
(49.5 |
) |
|
|
(53.9 |
) |
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
(1.9 |
) |
|
|
2.2 |
|
Net increase in cash and cash equivalents |
|
|
35.6 |
|
|
|
11.5 |
|
Cash and cash equivalents |
|
|
|
|
|
|
||
Beginning of the period |
|
$ |
66.4 |
|
|
$ |
62.2 |
|
End of the period |
|
$ |
102.0 |
|
|
$ |
73.7 |
|
About Non-GAAP Financial Measures
We explain below how we calculate each of our non-GAAP financial measures. This is followed by a reconciliation of our current period and historical non-GAAP financial measures to the most directly comparable GAAP financial measures.
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, the impact of foreign currency exchange rate fluctuations, unusual tax items, goodwill and indefinite lived trade name impairments and charges, and other non-recurring items that we consider to be outside of our core operations. On an interim basis, we also calculate adjusted income tax expense using our estimated annual income tax rate. 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, if any, 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 material 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 Operating Income (Loss)/Adjusted Income (Loss) Before Taxes/Adjusted Net Income (Loss)/Adjusted Net Income (Loss) Per Diluted Share: Represents operating income (loss), income (loss) before taxes, net income (loss), and net income (loss) per diluted share excluding restructuring and goodwill and indefinite lived trade name impairment charges, the amortization of intangibles, non-recurring items, other income/expense, adjustments to reflect the estimated annual tax rate 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 (Benefit): Represents income tax expense (benefit) calculated using the estimated annual income tax rate and excludes the tax effect of the items that have been excluded from adjusted income (loss) before taxes, unusual income tax items such as the impact of tax audits and changes in laws, and other discrete tax items. We believe our adjusted income tax expense (benefit) is useful to investors because it reflects our income tax calculated using the estimated annual tax rate before 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, interest expense, net, other (income) expense, net, and income tax expense, restructuring and goodwill and indefinite lived trade name impairment charges, 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 other items that we consider to be outside our core operations and facilitates meaningful period-to-period comparisons. In addition, this calculation of adjusted EBITDA is used in our loan agreement to calculate our leverage ratio covenant.
Free Cash Flow: Free cash flow represents cash flow from operating activities less cash used for additions to property, plant and equipment. We believe free cash flow is useful to investors because it measures our available cash flow for paying dividends, reducing debt, repurchasing shares and funding acquisitions.
Consolidated Leverage Ratio: Represents balance sheet debt plus unamortized debt origination costs and less any cash and cash equivalents divided by adjusted EBITDA.
We also provide forward-looking non-GAAP comparable sales, adjusted earnings per share, free cash flow, adjusted EBITDA 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
|
||||||||||||||||
The following tables set forth a reconciliation of certain Consolidated Statements of Income (Loss) information reported in accordance with GAAP to Adjusted Non-GAAP Information for the three months ended September 30, 2024 and 2023. |
||||||||||||||||
|
|
Three Months Ended September 30, 2024 |
||||||||||||||
|
|
Operating Income |
|
% of Sales |
|
Income before Tax |
|
% of Sales |
|
Income Tax Expense |
|
Tax Rate |
|
Net Income |
|
% of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP |
|
|
|
6.2 % |
|
|
|
3.3 % |
|
|
|
32.6 % |
|
|
|
2.2 % |
Reported GAAP diluted loss per share (EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
6.7 |
|
|
|
6.7 |
|
|
|
1.8 |
|
|
|
4.9 |
|
|
Amortization of intangibles |
|
11.7 |
|
|
|
11.7 |
|
|
|
3.2 |
|
|
|
8.5 |
|
|
Discrete tax items and adjustments to annual tax rate |
(A) |
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
(0.2) |
|
|
Adjusted Non-GAAP |
|
|
|
10.6 % |
|
|
|
7.7 % |
|
|
|
30.0 % |
|
|
|
5.3 % |
Adjusted net income per diluted share (Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, 2023 |
||||||||||||||
|
|
Operating Income |
|
% of Sales |
|
Income before Tax |
|
% of Sales |
|
Income Tax Expense |
|
Tax Rate |
|
Net Income |
|
% of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP |
|
|
|
7.2 % |
|
|
|
4.8 % |
|
|
|
31.0 % |
|
|
|
3.3 % |
Reported GAAP diluted income per share (EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
3.0 |
|
|
|
3.0 |
|
|
|
0.7 |
|
|
|
2.3 |
|
|
Amortization of intangibles |
|
10.8 |
|
|
|
10.8 |
|
|
|
2.8 |
|
|
|
8.0 |
|
|
Gain on sale of property |
|
— |
|
|
|
(1.5) |
|
|
|
(0.5) |
|
|
|
(1.0) |
|
|
Operating tax gains |
(C) |
— |
|
|
|
(1.3) |
|
|
|
(0.4) |
|
|
|
(0.9) |
|
|
Discrete tax items and adjustments to annual tax rate |
(A) |
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
(0.2) |
|
|
Adjusted Non-GAAP |
|
|
|
10.3 % |
|
|
|
7.3 % |
|
|
|
29.1 % |
|
|
|
5.2 % |
Adjusted net income per diluted share (Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Corporation and Subsidiaries
|
||||||||||||||||
The following tables set forth a reconciliation of certain Consolidated Statements of Income (Loss) information reported in accordance with GAAP to Adjusted Non-GAAP Information for the nine months ended September 30, 2024 and 2023. |
||||||||||||||||
|
|
Nine Months Ended September 30, 2024 |
||||||||||||||
|
|
Operating (Loss) Income |
|
% of Sales |
|
(Loss) Income before Tax |
|
% of Sales |
|
Income Tax Expense |
|
Tax Rate |
|
Net (Loss) Income |
|
% of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP |
|
|
|
(6.5)% |
|
|
|
(9.8)% |
|
|
|
(2.8)% |
|
|
|
(10.0)% |
Reported GAAP diluted loss per share (EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
6.1 |
|
|
|
6.1 |
|
|
|
1.6 |
|
|
|
4.5 |
|
|
Goodwill impairment charge |
|
127.5 |
|
|
|
127.5 |
|
|
|
— |
|
|
|
127.5 |
|
|
Intangible assets impairment charge |
|
37.7 |
|
|
|
37.7 |
|
|
|
9.6 |
|
|
|
28.1 |
|
|
Amortization of intangibles |
|
33.2 |
|
|
|
33.2 |
|
|
|
9.0 |
|
|
|
24.2 |
|
|
Pension settlement |
(B) |
— |
|
|
|
4.4 |
|
|
|
1.1 |
|
|
|
3.3 |
|
|
Net operating tax gains and losses |
(C) |
— |
|
|
|
(1.8) |
|
|
|
(0.6) |
|
|
|
(1.2) |
|
|
Discrete tax items and adjustments to annual tax rate |
(A) |
— |
|
|
|
— |
|
|
|
2.5 |
|
|
|
(2.5) |
|
|
Adjusted Non-GAAP |
|
|
|
10.3 % |
|
|
|
7.2 % |
|
|
|
30.0 % |
|
|
|
5.1 % |
Adjusted net income per diluted share (Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
||||||||||||||
|
|
Operating Income |
|
% of Sales |
|
Income (Loss) before Tax |
|
% of Sales |
|
Income Tax Expense |
|
Tax Rate |
|
Net (Loss) Income |
|
% of Sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported GAAP |
|
|
|
7.3 % |
|
|
|
4.5 % |
|
|
|
37.6 % |
|
|
|
2.8 % |
Reported GAAP diluted loss per share (EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring |
|
6.3 |
|
|
|
6.3 |
|
|
|
1.6 |
|
|
|
4.7 |
|
|
Amortization of intangibles |
|
32.7 |
|
|
|
32.7 |
|
|
|
8.6 |
|
|
|
24.1 |
|
|
Other asset write-off |
(D) |
— |
|
|
|
1.1 |
|
|
|
0.3 |
|
|
|
0.8 |
|
|
Gain on sale of property |
|
— |
|
|
|
(1.5) |
|
|
|
(0.5) |
|
|
|
(1.0) |
|
|
Operating tax gains |
(C) |
— |
|
|
|
(1.3) |
|
|
|
(0.4) |
|
|
|
(0.9) |
|
|
Discrete tax items and adjustments to annual tax rate |
(A) |
— |
|
|
|
— |
|
|
|
(2.8) |
|
|
|
2.8 |
|
|
Adjusted Non-GAAP |
|
|
|
10.2 % |
|
|
|
7.3 % |
|
|
|
30.2 % |
|
|
|
5.1 % |
Adjusted net income per diluted share (Adjusted EPS) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Loss to Adjusted EBITDA (Unaudited) |
||
A. |
The income tax impact of discrete tax items. The Company adjusts its tax rate to |
|
B. |
Settlement due to the wind-up of the ACCO Brands Canada Salaried and Hourly pension plans. |
|
C. |
Represents certain indirect tax credits in Brazil. |
|
D. |
Represents the write off of assets related to a capital project. |
ACCO Brands Corporation and Subsidiaries
|
||||||||||||
The following table sets forth a reconciliation of net loss reported in accordance with GAAP to Adjusted EBITDA. |
||||||||||||
|
|
Three months ended September 30, |
|
|
|
Nine months ended September 30, |
|
|
||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
Net income (loss) |
|
|
|
|
|
(37.6)% |
|
|
|
|
NM |
|
Stock-based compensation |
|
1.6 |
|
1.5 |
|
6.7 % |
9.2 |
|
10.4 |
|
(11.5)% |
|
Depreciation |
|
7.1 |
|
7.9 |
|
(10.1)% |
21.2 |
|
25.2 |
|
(15.9)% |
|
Amortization of intangibles |
|
11.7 |
|
10.8 |
|
8.3 % |
33.2 |
|
32.7 |
|
1.5 % |
|
Restructuring |
|
6.7 |
|
3.0 |
|
123.3 % |
6.1 |
|
6.3 |
|
(3.2)% |
|
Impairment of goodwill and intangible assets |
|
— |
|
— |
|
NM |
165.2 |
|
— |
|
NM |
|
Pension Settlement |
|
— |
|
— |
|
NM |
4.4 |
|
— |
|
NM |
|
Interest expense, net |
|
11.7 |
|
14.0 |
|
(16.4)% |
34.7 |
|
38.8 |
|
(10.6)% |
|
Other expense (income), net |
|
0.4 |
|
(3.6) |
|
NM |
(0.4) |
|
(2.1) |
|
(81.0)% |
|
Income tax expense |
|
4.5 |
|
6.7 |
|
(32.8)% |
3.3 |
|
22.7 |
|
(85.5)% |
|
Adjusted EBITDA (non-GAAP) |
|
|
|
|
|
(4.0)% |
|
|
|
|
(9.8)% |
|
Adjusted EBITDA as a % of Net Sales |
|
12.6 % |
|
12.3 % |
|
|
12.7 % |
|
12.8 % |
|
|
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited)
|
||||||||
The following table sets forth a reconciliation of net cash provided by operating activities reported in accordance with GAAP to Free Cash Flow. |
||||||||
|
|
Three months ended September 30, 2024 |
|
Three months ended September 30, 2023 |
|
Nine months ended September 30, 2024 |
|
Nine months ended September 30, 2023 |
Net cash provided by operating activities |
|
|
|
|
|
|
|
|
Net (used) provided by: |
|
|
|
|
|
|
|
|
Additions to property, plant and equipment |
|
(3.7) |
|
(3.6) |
|
(8.6) |
|
(9.7) |
Free Cash Flow (non-GAAP) |
|
|
|
|
|
|
|
|
ACCO Brands Corporation and Subsidiaries
|
|||||||||||||||||||||||||||||
|
2024 |
|
2023 |
|
Changes |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
Adjusted |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported |
|
|
|
Adjusted |
|
Operating |
|
|
|
Reported |
|
|
|
Adjusted |
|
Operating |
|
|
|
|
|
Adjusted |
|
Adjusted |
|
|
|
|
|
Operating |
|
|
|
Operating |
|
Income |
|
|
|
Operating |
|
|
|
Operating |
|
Income |
|
|
|
|
|
Operating |
|
Operating |
|
Adjusted |
|
Reported |
|
Income |
|
Adjusted |
|
Income |
|
(Loss) |
|
Reported |
|
Income |
|
Adjusted |
|
Income |
|
(Loss) |
|
Net Sales |
|
Net Sales |
|
Income |
|
Income |
|
Margin |
|
Net Sales |
|
(Loss) |
|
Items |
|
(Loss) |
|
Margin |
|
Net Sales |
|
(Loss) |
|
Items |
|
(Loss) |
|
Margin |
|
$ |
|
% |
|
(Loss) $ |
|
(Loss) % |
|
Points |
Q1: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14.3)% |
|
|
|
(34.2)% |
|
(190) |
ACCO Brands International |
161.7 |
|
12.8 |
|
4.1 |
|
16.9 |
|
|
|
172.6 |
|
9.7 |
|
7.8 |
|
17.5 |
|
|
|
(10.9) |
|
(6.3)% |
|
(0.6) |
|
(3.4)% |
|
40 |
Corporate |
— |
|
(13.0) |
|
— |
|
(13.0) |
|
|
|
— |
|
(11.9) |
|
— |
|
(11.9) |
|
|
|
— |
|
|
|
(1.1) |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(10.9)% |
|
|
|
(33.3)% |
|
(150) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(13.1)% |
|
|
|
(5.4)% |
|
170 |
ACCO Brands International |
146.0 |
|
7.8 |
|
3.9 |
|
11.7 |
|
|
|
157.2 |
|
7.1 |
|
4.6 |
|
11.7 |
|
|
|
(11.2) |
|
(7.1)% |
|
— |
|
|
|
60 |
Corporate |
0.0 |
|
(10.3) |
|
— |
|
(10.3) |
|
|
|
— |
|
(12.3) |
|
— |
|
(12.3) |
|
|
|
— |
|
|
|
2.0 |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11.2)% |
|
|
|
(2.4)% |
|
130 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(8.9)% |
|
|
|
(8.2)% |
|
10 |
ACCO Brands International |
161.8 |
|
9.5 |
|
7.6 |
|
17.1 |
|
|
|
163.6 |
|
9.4 |
|
7.6 |
|
17.0 |
|
|
|
(1.8) |
|
(1.1)% |
|
0.1 |
|
|
|
20 |
Corporate |
— |
|
(9.1) |
|
— |
|
(9.1) |
|
|
|
— |
|
(11.0) |
|
— |
|
(11.0) |
|
|
|
— |
|
|
|
1.9 |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6.0)% |
|
|
|
(2.8)% |
|
30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(12.0)% |
|
|
|
(10.6)% |
|
20 |
ACCO Brands International |
469.5 |
|
30.1 |
|
15.6 |
|
45.7 |
|
|
|
493.4 |
|
26.2 |
|
20.0 |
|
46.2 |
|
|
|
(23.9) |
|
(4.8)% |
|
(0.5) |
|
(1.1)% |
|
30 |
Corporate |
0.0 |
|
(32.4) |
|
— |
|
(32.4) |
|
|
|
— |
|
(35.2) |
|
— |
|
(35.2) |
|
|
|
— |
|
|
|
2.8 |
|
|
|
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(9.4)% |
|
|
|
(8.1)% |
|
10 |
See "Notes to Reconciliations of GAAP to Adjusted Non-GAAP Information and Net Loss to Adjusted EBITDA (Unaudited)" for further information regarding adjusted items. |
ACCO Brands Corporation and Subsidiaries
|
||||||||||||||
|
|
% Change - Net Sales |
|
$ Change - Net Sales (in millions) |
|
|
||||||||
|
|
GAAP |
Non-GAAP |
|
GAAP |
Non-GAAP |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales Change |
|
Currency Translation |
|
Comparable Sales Change (A) |
|
Net Sales Change |
|
Currency Translation |
|
Comparable Sales Change (A) |
|
Comparable Sales |
Q1 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
(14.3)% |
|
1.0 % |
|
(15.3)% |
|
|
|
|
|
|
|
|
ACCO Brands International |
|
(6.3)% |
|
(0.4)% |
|
(5.9)% |
|
(10.9) |
|
(0.7) |
|
(10.2) |
|
162.4 |
Total |
|
(10.9)% |
|
0.4 % |
|
(11.3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
(13.1)% |
|
(0.4)% |
|
(12.7)% |
|
|
|
|
|
|
|
|
ACCO Brands International |
|
(7.1)% |
|
(2.0)% |
|
(5.1)% |
|
(11.2) |
|
(3.2) |
|
(8.0) |
|
149.2 |
Total |
|
(11.2)% |
|
(1.0)% |
|
(10.2)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
(8.9)% |
|
(2.3)% |
|
(6.6)% |
|
|
|
|
|
|
|
|
ACCO Brands International |
|
(1.1)% |
|
1.2 % |
|
(2.3)% |
|
(1.8) |
|
2.0 |
|
(3.8) |
|
159.8 |
Total |
|
(6.0)% |
|
(1.0)% |
|
(5.0)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 YTD: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCO Brands Americas |
|
(12.0)% |
|
(0.6)% |
|
(11.4)% |
|
|
|
|
|
|
|
|
ACCO Brands International |
|
(4.8)% |
|
(0.4)% |
|
(4.4)% |
|
(23.9) |
|
(1.9) |
|
(22.0) |
|
471.4 |
Total |
|
(9.4)% |
|
(0.6)% |
|
(8.8)% |
|
|
|
|
|
|
|
|
(A) Comparable sales represents net sales excluding material acquisitions, if any, 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/20241031241755/en/
Christopher McGinnis
Investor Relations
(847) 796-4320
Kori Reed
Media Relations
(224) 501-0406
Source: ACCO Brands Corporation
FAQ
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