ACCO - Earnings call transcript Q3 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Hello and welcome to the Third Quarter 2021 ACCO Brands Earnings Call. My name is Emma and I'll be your operator today. [Operator Instructions] It is now my pleasure to hand you over to Christine Hanneman to begin today's call. Christine, please over to you.

Christine Hanneman

Good morning. Senior Investor Hanneman, Christine is Director Relations. of This quarter call. to ACCO conference third Brands Welcome XXXX

that transaction, and the Adjusted today we and measures. about When rate. the on Slides other to the Officer to refer a Vice Speaking and the call do non-GAAP may financial adjusted and GAAP our release that of amounts, results Chief Chairman nonrecurring items President restructuring in adjusted accompany costs integration, difficulty section to quantifying have and forward-looking to inherent ACCO slides certain results, in and directly Executive most accompany and Investor reflect not other this and this Schedules an amortization we Brands been tax are Financial Relations call. reconciliation and speaking Corporation Chief Neal measures our measures exclude earnings measures results Due of these call Executive are reconcile Fenwick, results. forecasting comparable Officer. of adjusted the Boris non-GAAP posted Elisman, accobrands.com. of and

the on during us the made the the time and the statements on statements management are including COVID-XX to pandemic statements Forward-looking on impacts of company of assumptions made. are beliefs information based concerning available based the call, the at

an Please statements certain subject of assumptions. materially. earnings actual to refer to factors filings explanation differ are risk forward-looking could our for Our and risks our and and of results uncertainties and release these SEC

we going to them are statements forward. assume today made no forward-looking as obligation and Our of update

session. Q&A hold remarks, prepared our Following will a we

Boris Elisman. over Now, I to will turn call the

Boris Elisman

EMEA, strength organic segments of will sellout and our I a it's and improvement the flow provide our double-digit the take All minutes operating environment morning, your numbers including in on good quarter balance on with comments and the America Neal growth, outlook. Thank based on sales overall comparable and us. continued a impacting will we'll a in our PowerA, posted in Then spend North sales few for had follow details in discussing Good addition in solid everyone. additional segment. growth EMEA. cash in you we're questions. sheet, how business. me We International back-to-school joining

During to demand COVID-XX incidences during see the continued quarter, despite we higher improving and overall steadily August of September.

sales increase products commercial we variant commercial in the and in while would more However, quarter in orders otherwise. solid, product replenishment back-to-school resulted were were less the than replenishment Delta have up demand the muted back-to-school for and seen

and the will high semiconductor kept some end-user which those shipments the and backwaters improving continue that fourth believe throughout saw the challenges, in steady delayed recovery economic In addition, quarter. issues availability supply recovery our demand chain and also in global quarter. quarter Despite we

begin business. on me I'll some give our Let you color PowerA. now with

orders have demand shipments There the supply continues not for quarter We of are products business end to good are over we and channels. are been chip be and pleased likely our PowerA. accessories to had back online expected were for time console expectations. year in a this We of console a expect performance which shelves shortages, the sales few throughout but console the quarter driver low to have did the through gaming There were sold availability any gaming and major console the sales had video the issues mostly on third extent. significant console by a product quarter. hampered to demand video improve immediately, retail sales availability with producers fourth but to it but are sold in at whatever still to Due products by strong improve received

from XX% we're PowerA this growth sales outlook XX%. our result, to a year for reducing As

seasonally strong it's Our positioned sell business has meet and fourth enough we are to well quarter in demand. to product

expect We expansion latter plan incremental in from domestically to see part XXXX the and performance to a begin organic internationally PowerA strong of to continue next year.

impacted Moving that the sell-through we by solid inventory the an was on; preliminary to back-to-school noted school the from U.S. this external sales school overhang information as XX% sell from XXXX in was last supply year quarter, with according sources. growing

has in and X-star inventory overall a back-to-school school for were incidence America. replenishment to XX% in again Delta through. of somewhat last pleased replenishment performance. overhang however, took variant, amount Our notebook sources. third been North from branded share we brand growing customers products the with increased conservative Due reasonable soft very The in had We leading quarter year's external I'm our were to But still back-to-school the according of making sales sellout our sold orders. the with

We will and year be excess for as more position next in normalized XXXX expectations good a enter and back-to-school a channel for sell-in the have season should circumstances this without finished season inventory. strong the

brand. Kensington our Moving now to

last order robust. recall that we XX% to sale, had increased so we growth up quarter largest sales with focus had of difficult fuel growth EMEA last XX% sales had of a If Kensington large business very development to quarter. double-digit year, versus on continues top X%. of it's ever, quarter products growth third and and the of for a year. this year XXXX organic You comparable last that total another comparison may strong pipeline it's that instead against Kensington new exclude on is were excellent our

in take of and growth branded Leitz portfolio, We our continue strong in part share especially products. to with Derwent Kensington, Rapid, every

there expect our Our team performance an excellent is in doing I EMEA continue. and job to would strong

the places, a seeing. and past chain truck whether port been is business closures, high. have talk in delays over still Logistics and disruptions, freight have me factory it's Every and we containers supply congestion, are costs shipping facing chain and our commodity shortages, shortages, rail very increased supply driver commodity and rapidly costs let the chassis year the etc. wrong high bit Finally, about

predict, hard XXXX. see until half to is it improving of we the situation the second don't While perhaps

markets. this that products XX% We've our we approximately price inventory businesses offset increases very and carrying chain more globally announce for cost of of situation It Our our supply to We're across well. managing our possible all manufacture employees difficult been of we because where additional also help elevated lead times. have XXXX. local several will price the in higher taken increases helps

we mitigate lags continued We offset generally of inflation year expect to of improved because increases. won't price current believe until profitability increases our In in the our that fully demand lead substantially next but business. growth organic recovering will effects XXXX pricing sales and they to cost summary, them

and and full Overall, on our performance. sales continue our year, the profitability channels. a record more we consumer-centric shifting by to long-term focus profit continue we For to towards strong of executing improving strategy sales and faster-growing products business expect growth

Our such PowerA share gains. well growth market as sales acquisitions, from will organic demand from as and products as recovery, new come innovative

think investing recently aggressively home the in play changes video opportunities we will made some computer to work, long-term accessories, learn gaming the grow are enhance such products. or pursuing rapidly, We strategy. and our as of We leadership from most accessories and execution

approved our in Roxanne Officer remain and Tedford, consumer operations marketing Operating strong that financial We to to dividend have our strong confidence to President [ph] Chief shares especially Tom our who and our has quarterly flow XX% We our to North per confident solid who our to and a and North that I'm Bernstein, strategy has run our hired experience consistent, Board free share. ran and cash position, increase America segment. report America promoted $X.XXX generation. pleased

your our a segments, detailed and outlook Now, Neal commentary to review Neal? questions. financial of I the I'll in for will answering turn more the and then call him over other join

Neal Fenwick

Thank everyone. and morning, you, good Boris

Our contribution third PowerA largely sales to reported to which due XX% of $XX quarter added $XXX million. net increased million, the

most as sales demand improved in comparable Our markets. saw X% rose we

income million income or was share. million Adjusted share. was per and net quarter adjusted $XX Third per $X.XX $X.XX $XX EPS was net

from $X.XX adjusted forecast. than adversely our EPS tax in adjusted the have higher would adjusted rate was been Without originally Our $X.XX. rate, a much impacted tax change EPS by

goods points higher Reported with XXXX from offset slightly and higher operating income high and expenditure by last with expenses the in versus largely increase gross product SG&A million an million cost compared sales. XX% $XXX and XXXX. XX% was a SG&A in The result March last roughly better sales, for was of in in change mix company value in to expenses margin two pandemic-related with we the amortization. the and was more Our level XXXX our addition earn-out impacted in year and Each met. due earn-out many $XX $XX as if percent with a efforts targets sales from basis X% year's XXX $XX any in close to expense to were Results income normal compared operating XXXX rose cost XXXX payable are of reductions. of sales, over million are profit equal benefited XX% compared reflect quarter, of last the X% but of at reduction also certain both a year temporary dilution installments that and earn-out year. The cost This has almost million, sold. was PowerA as statement. PowerA. recognize the and the even expense, fair is was margin SG&A our PowerA

We earn-out charges expect quarterly period. throughout the

increased XX%. $X.XX PowerA. a $X resulted amortization from contribution our our expense year $X to adjusted booked and expense charges, XXXX, slight the changes acquisition, XX% full the in related mix a of PowerA level related forecasted increased limitations which, earn-out our tax This We to those quarter, of burden. EPS. GILTI in Without profit million of contributed only a reflect to income, estimate million for projection in with from tax along we to resulted operating previous interest the geographic This

have tax projection. first For XX% reflected the quarter, the two quarters third year-to-date as the reflects the the expense XX.X%

Now, higher increased million let's for Net $XX PowerA. million, the results. primarily sales, last of commercial to and to in the turn operating lower-margin partially a America of America better income $XXX the the by product XX% segment increased rose large computer and Kensington accessories X%, sales. details year. of back-to-school of sales order million absence largely North of adjusted $XX Comparable higher sales, due organic result quarter our as and primarily offset contribution absence mainly from margin sales Kensington PowerA to to shipped North in due mix, that third a some

$XXX from levels. to well million rose above general product market of Now, are the to sales benefit million let's economic strong gains, which the both sales EMEA. result as the the XXXX including of comparable rose line. $XXX increases acquisition recovery The XX% turn share the were to XX% and as Net Franklin

strong have more SG&A normalized We improvement expenses and But five EMEA. profit consecutive posted a commodity higher quarters and well to lower margin in seen as operating logistics business due of as now EMEA EMEA costs raised see versus likely take some should so improvement to prices XXXX inflation. the need year. quarter. to we will in X, increases last offset EMEA effective fourth price margin in additional October

PowerA because have to Net sales did be price Mexico Comparable exchange. International foreign as COVID-XX, X%, are impacted the higher continue not prices. sales segment. rates XX% we vaccination Mexico have improvement of a increased to and to by although had Moving favorable Brazil back-to-school more increased increases, seeing essentially primarily due increased. season.

are hopeful to Brazil fall this with will season more it's better We as fare back-to-school returned in-person that education. have children

the back-to-school be season than the to expect prior in We larger year. Brazil

is in that of we year has into move and historically what quarter less which this opposite likely anticipate fourth more to quarter the of the sales However, are occurred. XXXX first the

population Wales markedly, The which entire mid-single in by Despite in Australia South in return our in third is has adjusted sales to Australia negatively over based where long-term lockdowns so quarter. and pricing. was cost better are than we and quarter. good a higher reductions quarter. are most relatively international impacted digits the occur, impacted operating lockdowns year, have business the Australia profit $XX to fourth Our and have largest of that, expecting primarily up million, the posted New last an The of the improved sales vaccination were lockdowns now segment a much on rates

had the dividends $X to approximately from from activities $XX paid million net we flow. of CapEx generated third sheet of cash free million In was million free generated cash cash quarter, cash of activities in $XX now flow. To-date, We and and net generated operating and cash we and operating Let's million $X $XX million $XX million. balance flow. our move in

million was paid dividends and $XX of $XX million. CapEx We have

than year-to-date Our higher million last $XX cash year. flow free is

to As the planned and cash for will use this reduce free be of dividend. fund we before, noted have flow debt our year our

quarter. $XXX outlook for million credit $XXX debt XXXX the in had end, Our repaid million. $XXX than is in At less CapEx available million on we $XX We million facility. quarter revolving our

net incremental forma $XXX,XXX and months. savings pro leverage of is four bank line for the in what with ratio interest improved in Our expected next over to which X.XX results we

outlook. turn to let's our Now,

fourth at last companies mode. to to a expected return more Our to improve least especially compared quarter continue expected hybrid in with is demand year, to to offices,

Foreign a the been expected third exchange quarter which much not dollar add the U.S. benefit, to since fourth strongly to has during quarter. is our recovered

As Australia a quarter and very PowerA, fourth both EMEA seasonally is in reminder, strong back-to-school and the normally Brazil. for

We fourth quarter, commodity in expect margins and cost mainly the to operating continued inflation. on pressure due logistics

However, XXXX the our remain impact they fully although price should expand fourth see increases recent below will not in of will we still the and inflation, results but benefit cumulative margins offset they will the levels. quarter

incorporated have our We this guidance. into

to we PowerA end the top EPS modifying of sales We the outlook full rate. adjusted higher our tax year and reducing for of are to reflect our reflect impact availability console are the

full favorable EBITDA using still of which our $XXX cash a bring year of levels. expected year $X XX% the forecast expected of expect the $X.XX. XXXX to would tax $X.XX, sales impact before where X.X% rate. of to billion. forecast debt, foreign adjusted goal $X.XX high range adjusted of includes us our EPS year, of mainly PowerA. $X.XX year be on We for we lower sales on to end, outlook $XXX million year-end; to is back or range use With to our full free the higher achieve be range and exchange at $X.XX adjusted the was in For be is X.XX to leverage full a to the billion EPS outlook EPS. Full in to rate the is reduce tax million adjusted The to similar flow The it on of at we to the purchase impact in

million year is equates can The programs free which $X.XX million in normal $XX confident that least basis. on expense feel estimated approximately to EPS at our we year exclusion to deliver be expect full productivity $XX will amortization flow. We approximately pretax cash savings. the $XXX full for adjusted an in million We deliver

and less expect year million flow million. for the to at full generate CapEx cash of be expected $XX $XXX operating We than is least to

Now, on let's move happy Operator? where to will Boris and take be Q&A, I to your questions.

Operator

from go first Our question from you. today Thomas Please Brad. Capital Thank Markets. comes [Operator Instructions] Brad KeyBanc ahead,

now is line Your open.

Brad Thomas

all will going how talk was I think you margin gross up with should margin. Hi. Good gross about morning, we around cut as bit little maybe focus and logistics at the world the given my for XXXX I puts a Boris that and costs hoping transportation question more Neal. operating Thanks And that details. and thinking year. about the for we're in up. going input and next on could about we be first costs takes a and

Neal Fenwick

Neal. it's Brad,

that products. that other particularly is ocean And as escalation developing in of though all it's cost probably to seeing see commodity from is So And like together into companies, for every in feeding company, a heard and you worldwide we're costs, has costs freight story with continuing increases, even perhaps now international freight, stabilized. commodity escalation. domestic other our

So catch with we playing up are pricing.

on of particularly, it's significant You prices wasn't for beginning able see our in third if fairly until gross to see you example, impact quarter EMEA you raise a And that which segment October. margin. the look, at

increase other in. we're get two segments, able the The to price

level to need don't offset. on increases to that absorb have enough gross of -- committed we're it. will pass no the have seeing. future but We We in to we make profit raise to choice cost to we fundamentally And again prices the

we next to year our and continue catch so playing we recover. see up will expect to margins on cost And do through be

in improved getting where perhaps they're to year-over-year, in just they So back but were long-term the XXXX.

Brad Thomas

declines have lesser just gross a trying to to good Just a continuing so the shot from We're things? again? quarter be follow-up -- start still gross if just you of a that nice productivity recovery clear, some this Neal, or environment. not potential, at there the to magnitude as still margin to expand of these you because initiatives. on at a And you forward, you see going tailwinds Do margin understand there's topic, to some than and is believe rate each

Neal Fenwick

Yes.

at third actually If pricing look total, offset in quarter the cost. you didn't

was a cost So margin. actually drag on

margins higher thing the was that together our volume drove up with So initiatives. cost-saving product and mix, own

So better cost own is still cost improvement a sales in and fundamentally of commodities volume from catch the our of price and on versus the margins we're sales perspective reduction up. What's product the and mix driving efforts. freight, our higher playing

Boris Elisman

Brad. We point, do expect your to improvement,

as improvement, to maybe of margins expected expect of just for inflation we're year. the productivity and recovery much improve given through, originally just it continue given expect not do level to because our we seeing. we're we But the passing the as We volume pricing planned initiatives, next

Brad Thomas

Very helpful. get I the to will to others over turn back it in queue.

Boris Elisman

Thanks, Brad.

Operator

you. Thank

today question Sidoti from next from go comes Chris ahead. Company. Please & McGinnis Our

now line Your open. is

Chris McGinnis

the QX. But I question morning. nice will just on some a related I could have you obviously if just like Hey, provide if to think issues think or sounds going guess maybe manufacturers. you PowerA where just it's forecast below your gave one. know taking -- there? you'll you It know don't to for PowerA Thanks good year in my Do QX. I missed quarter. the expectation you and have to for and I end touch don't up may console above for in that

Boris Elisman

quarter. our first growth. through expectations just XX% We maintained incredibly entered PowerA of let the with quarter, of for We [ph]. happened that through year back XX% this a an in second We what for the me year. we quarter. go the had And an year raised this the strong first expectation growth Overall, kind to of of Yes. little bit

We better That based tight And to expected the QX with supply. console console on availability still was very, They're in information did accessory product not in that very be happen. sales. drive markets. really shared sales

of that, year. I we outstanding the and entered taken we're signed It's reducing would because as our grow said, and for mentioned, to for to So XXXX, X-X, have if told PowerA still are XX% growth. And it we it great. XX%, forecast as me going anybody

in there we we're PowerA to growth to though expect we XX% quarter, XX% quarter really availability. took reducing still some is product it uncertainty from even and outstanding And fourth that's but why from it XX%, a XX%. strong So strong is from console

Chris McGinnis

guess that just strong in back-to-school. for color Thanks color. around competitive you about replenishment? Can And I maybe the the Could in with maybe just little more a share sell-through that the And market? just the performance you in landscape? -- talk take or

Boris Elisman

branded good sales Sure, one overhang, Yes. in school normal. is are supply overall etc. is and strong And XX% the still going to Yes, grew our manufacturers back-to-school school return very seller fastest-growing school which normal. we share last year of share the definitely XX%. kind From products inventory grew almost then a There's took it Sure. number Chris. We recovery. supply was versus notebooks took of one season, perspective, North a five were by was almost during school to The America. star in

that channel sell-out very that is perspective. pleased from of exiting left with So incremental additional is we're over. not inventory very, a level clean. a season There's the also this back-to-school We're the pleased

clean. is that really optimistic So, next be to going we're the channel sell-in very because year's is good

Chris McGinnis

my much for and in very QX. questions taking luck good Thanks Great.

Boris Elisman

you, Thank Chris.

Operator

next from from NOBLE comes Please Joe Capital. ahead, Our Joe. go question Gomes today

open. Your now line is

Joe Gomes

taking the thanks Good quarter Congrats on for morning. question. my and

Boris Elisman

Joe. morning, Good

Joe Gomes

stand side you. at how be positive more much is have? on is insight, top-line to to and a some think impact same wanted more five on reopening mean North How do return for you've ACCO? slower that here, in consecutive Thank and and it just quarters think commercial If How come here much how to and left more still at talk look there bit much little where much that you you seems had bit that get EMEA, to little So America the what positive can you there. where of normality. -- we the Boris, in commercial can a the reopening

Boris Elisman

think in tailwind We still a commercial there's the sales.

market next tailwind in there work, QX sorry, year especially been to at the our spiked. come next have have on We're least happening Delta sales the If but EMEA in And are comps, at a difficult your in case point, the sales some you concept returning good QX to from is back seeing comps, there's remotely, that America, third-party these because offices, in space, in commercial QX We internationally sales well. as lot given have commercial most in in work variant of and for information to very, in strong for five people row. offices beginning sales and people and to as quantify the To very in had America to North it's of is QX where example, more are office year. North things, EMEA back sales should the be a we and mode, some EMEA. for in offices, going thing that's People more But in in research quarters North beginning same can't hybrid of a enterprise when are are commercial America. quarter do but to in more we going in especially I tailwind now we to positive that QX, still sales. look be positive a the too, some return to operating this believe see growth. a I so you return more more for QX

Joe Gomes

back Thanks I'll queue. Boris. get in that, for

Boris Elisman

Thank Joe. you,

Operator

Thank you.

from comes today Reuter question next William. from ahead, go William of America. Bank Our Please

is line open. Your now

William Reuter

morning. Good

on guess, growth being that And valuations? pipeline you Where to acquisitions. I at point? leverage are does given this to is the like ready you take your continue to look in from What going come guys So remarks down mentioned prepared larger a are acquisition?

Boris Elisman

our moment strong. the still consistent what seen types with high opportunities. Thanks There's board. we've pipeline question. a for this fairly The across in of of still at Valuations is are the markets lot

QX. Our X.X ratio of the at down was net debt-to-EBITDA end to

we So to we it's to anything like it before still improving to but do would ready improve are continue big.

So that That to our we case. X.X. the target X.X still previously is range said is

We to to are of not sure is more do big. strategy this and more for both want but we're building will prudently something delever, We balance sheet. our make year changing. important an the opportunity But acquisitions an component managing of the strategy that think next. our to we continue delever And us our over growth it and we

William Reuter

commentary. Thanks. helpful Very

Boris Elisman

Thanks, Bill.

Operator

you. Thank

Our from Hamed. next question Hamed Kosan comes today from ahead, BWS Financial. Please go

Your line is open. now

Hamed Khorsand

Good morning.

wanted So does free more strong year? play on for inventory? I be just flow -- to need extra so just you're that of so ask, kind expecting are have demand you do inventory you that to -- carrying if what this next Or drag cash abilities

Neal Fenwick

one up also is just increases unpredictability the that both the the we've things driving Obviously, chain of and inventory that's seeing. commodity of cost the supply been

what inflation, so your doing But get been obviously, free year of up, So you a receivables With same the perspective, fact and for the is drag that on on when cash a you you're offset that. a payables. goes free increase that, from correct in flow flow. statement also inventory as pointing this working it's part for payables a comes cash we've that out partial

year, target together going that's strong. cash so still free our the to effectively which to very is allow our And remaining for flow with EBITDA us achieve

the CapEx. as are taxes a our than coming lower from forecast our actually perspective, so for original is up, the tax And rate in tax year our cash although went

But our and puts million are free we're on several $XXX So for deliver overall, takes. track flow cash still year. the there to

Hamed Khorsand

And enough going XXXX? inventory into

Neal Fenwick

in got, my We've inventory. a view, of Yes. lot

so to last lot go more going And compared we're an year. become if but XXXX in reliable, opportunity with inventory a into see XXXX we to supply that's of chains

Hamed Khorsand

Thank you. Okay.

Boris Elisman

Hamed. Thanks,

Operator

Our Please next Steinke question Kevin from Barrington Research. today comes from go ahead.

is line now open. Your

Kevin Steinke

XXXX? rollout if impacted Good into of on morning. for your all PowerA's as plans console I rollout touch international could And are the products lack at or plans you the availability. further was by those of you wondering move

Boris Elisman

with are with Asia expansion the The focused on We question. legacy a ACCO. for we or Asia. have the really and thanks incremental for have on in kind international ground feet presence significant Kevin, of don't presence plans PowerA

are at look We there impact if information the not of So have of there XXXX, consults, to the to second now, hope contrary, obviously, much and We we're half little is better more second with you all half of To really we be we half But a think second that certainly with it opportunity, that part incremental countries Asia expect we will product Japan, opportunities But your China. launches. in there'll the PowerA get not of rollout. it's our that your availability of terrific XXXX, India, in and planning. planning. like question, will world gaming the given our right scale participation very think by there.

So, a growth we think it's terrific opportunity incremental for for us.

Kevin Steinke

Okay, great. question. Thank you for the taking

Boris Elisman

Thanks, Kevin.

Operator

you. Thank

go Please today Thomas KeyBanc Markets. ahead, Brad. from is Brad Capital a question from Our next follow-up

is open. now line Your

Brad Thomas

a Neal, Boris thanks. more and was could about little you I Great, CapEx. hoping talk bit

had bigger million. lowered you for with had think the that I of And to, little I said I plan $XX believe originally under the you you year. spent. lean now being business historically in think guys a That's I coming $XX pretty million what still this think PowerA. been

you talk a normal basis CapEx was could a some I more needs of probably of annual wondering the just little So the bit there? about the priorities for if are what and business on

Neal Fenwick

Yes, Brad.

is PowerA we we'd spent money about able core putting things a to nice the leverage in. systems were of that the One lot of all

together are replacement on really the by of driven the higher productivity, machinery have ERP for ones doing this year drive two is rollouts of cost year, with fundamentally, CapEx years. with just in on is to is working CapEx ERP that this of a things. What to PowerA significantly IT the business projects CapEx our fundamentally CapEx transitions product we're next make. part that us It's for which add transitioning smaller for of doesn't take we does new apart had so couple from burden spent And our associated and we basically level a it And certain going we forward. preceding IT. U.S./Canadian which

be And a are comfortable $XX that million. on will pretty so basis go-forward CapEx we around

Brad Thomas

Great. me. for Really That's so Thanks it much. helpful.

Boris Elisman

Brad. Thanks,

Operator

currently [Operator have you. questions. We no Thank further Instructions]

call So, back the I'll hand for remarks. any Elisman closing to Boris

Boris Elisman

Thank you, ACCO thank interest your Emma for you, brand. in and everyone,

see to which to continue product solid a expect many from quarter. recovery the lines We and COVID-XX steady fourth is our seasonally continue the our strongest quarter increases impacts in of of that in with

to higher and to Thank a our of significant you We amount it company expect future flow we'll use returns you shareholders. growth as reduce next to be for to and our strong continue time. our to remain generate cash We position more long-term to we confident the talk and debt. free product-oriented about consumer we'll

Operator

concludes This call. today's

disconnect now may your You lines.

ACCO Brands (ACCO) 27 Oct 212021 Q3 Earnings call transcript