ACCO - Earnings call transcript Q2 2022

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Operator

Good morning or good afternoon all and welcome to the Second Quarter 2022 ACCO Brands Earnings Call. My name is Adam, and I will be your operator today. [Operator Instructions] I will now hand the call over to Chris McGinnis to begin.

So, Chris, Please go ahead when you are ready.

Chris McGinnis

Good morning, and welcome to ACCO Brands second quarter 2022 conference call. Senior Investor McGinnis, Chris is Director Relations. of This

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

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

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

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

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

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

Boris Elisman

products, growth We by innovative Thank everyone. joining demand Good our sales diversity. strength quarter consecutive morning, channel for of for geographic the of strong our comparable and brands, and delivered our our driven us. fifth you

anticipated, greater adverse expected successes detail. the currency mainly than each reflecting more and comment and affected give segment U.S. I greater in to short very our high a in inflation will then difficult challenges stronger on slower by a than were of Deb our macroeconomic growth, a effects. led results quarter results economic will previously of translation environment However, that overview the dollar and

Let was in with North very me continued in America, Comparable X%, successes. pricing, pleased back achieved, return economic increased in and slower growth. many challenges. by X% to recovery rate sales markets. our a Latin begin chain post-COVID improved of it despite supply I'm comparable selling overall office with sales Since momentum America, growth, strong to grade school and driven the of

strength, orientation its to our Our sales towards global breadth, speaks performance product balance sustainable the of portfolio growth. organic and and

gross last and development to the were in product and reported Both Leitz, did and job [ph] investments led Quartet, [BTS] associated higher quarter. U.S; U.S. and shipments we sales, gaming, the in and Germany for pressuring Excluding the up in Kensington struggling in Mexico. categories. and products expenses we activities X% PowerA sales quarter expenses market by the Five with we go compared a With Swingline, in even increased new were in in to were up our investments inflation in [indiscernible] managing the down, only Shares many recovery sales. comparable did gross share capital good and of also in market after to margins, and UK. Star, U.S. AT-AGLANCE, brands a Brazil comparable Not year, drive

in of inflationary additional We will cost the are with in defend originally the check a on globally Likewise, than million magnitude greater of and given price commodity the expect to enough let's the energy EMEA increases were dollar. proven lead remainder half. passed true U.S. given July in of inflation quarter they pace pressures currency sales translation $XX challenges. second anticipated. the to to but moderating headwind was effect actions in the reduced grow year by took be cumulative through foreign April than the all X that impacts price combined especially the was Now, particularly The not in in or the of strength second were the anticipated currency increases quarter. margin second profitability, higher pricing of and increases. we This expansion We XX%,

currency for expect remainder continue to We impacts unfavorable year. the of the

a regarding been great I'd PowerA gaming addition video comments company. accessories. to Now, our make to has like some

substantially Over in it gaming demand chips. demand resetting of the the rate. pandemic levels continues and high from supply as challenged semiconductor rest of the for year, believe This during long-term, the be by growth PowerA’s to the industry, will we the increase organic our lack of

with these improvement gradual supply temporary to year. the rest and remainder We the demand for remain the expect throughout chain in issues largely XXXX of of place

result, a for to expect we now to XX% down sales approximately full-year. As be XX% the PowerA

a expectation with rates. of organic our I'm of of long-term difficult breadth leverage continue industry, accelerate growth geographically mitigate summary, the to to circumstances. historically return In environment. brand diverse such centric the strength the team the in Our which to footprint we be growth. more helped consumer were product of be our challenging our pleased operating confident our to in is to to The and execution line our categories to pre-pandemic our low trends strategy company in start-up for transform double-digit growth

appropriately questions. and be back will our will We Deb? we with will I customers. be invest continue control it spending, our your in the to best new brands over what hand will to our to now we are controlling marketing products, and and answer innovate can while programs prudent and partner to Deb to to we come

Deb O'Connor

Thank you, good and everyone. Boris, morning,

reflect saw in sell-in and in volume back America. return quarter up pricing X% America a comparable Sales the to was last were compared income million year. compared increased in taking in-person versus X% was business by to XXXX note We $X.XX $XX $X.XX increased net school decrease. as education XXXX $XX XXXX. sales accessories, North almost Our million, second operating offset strong X%, volumes reported and $XX sales higher to income and partially in X% Latin million to products. Adjusted products, was $XX computer in Adjusted EPS adjusted million, was

inflation I'd XXXX the last Now, of margin] began in the over more the six the see [pressuring like of to third months. pace context inflationary about to inflation the environment provide [ph]. quarter We of accelerating with impact

the has by Our margin cumulative price rate increases. price gap been numerous impacted despite cost

half X moderating price reflecting recent price pressures. inflationary our July increase stronger year, including second most expect margins of cost the our and the in of the We full increases, effect

programs. a adjusted FX, due and XXXX, to quarter compared year's percent XX% as with SG&A was incentive of expense result $XX lower a cost higher partially offset to the XX%, Second as savings our in million sales expenses below as well sales in positive by market as SG&A accruals, go of compensation expenses. continued of investment last lower benefit were million, overall and $XX primarily

balance last profit related As million we that we PowerA on two on liability have we based paid on a the results, $XX was approximately sheet. and the the the spoken earned forecast, earn-out the sales reduced earn-out the have by leaving in million established XXXX quarter. latest on the achieving is past, Based $X that to on targets. and there balance year second year acquisition PowerA million out is $X reflected contingent Based in sheet

to offset was Now, our XXX due details in declines results million. let's in the volume of the sales increase to for volume some Comparable X% by turn The North partially and gaming majority on to higher products, increased segment accessories. net year. of America pricing

set North selling and accessories. and was Excluding gaming school year strong to America school season to school date. did the for chain back to important they and ensure forward performed demand grew the in volume some in accessories, the concerns. increased business and to Back Retailers well orders given supply products pull computer as quarter were

and We costs. North higher margin are adjusted freight of managing monitoring operating due expected and America increased inbound as closely including decreased outbound retailers the income materials, inventory. activity their commodity to paper, prices replenishment are

the However, margins prior six were the flat, to months for compared year.

of season. back-to-school orders addition, of the placement our reflect our fully pricing In the did the impact increased early sell-in for given not

Now, at inflation let's to Comparable were mainly XXX XX% by volume offset sales were declines. million, flat was Net in this region increases, associated in EMEA. currency million, XXX demand. impacts. were and unfavorable in relatively by Volume down reflecting sales high segment turn due impacted which an to reduction to price negatively the

locally also sales sourced against margin enough not comparisons strong inflation price generally, energy a and posted to year to have XX% more our and prior income In related and increases lower And large faced costs. accelerated cost on were but increases operating previous we grew specifically addition, raw the as materials offset difficult we

require of to increases a our Our period notification as lagged pricing contracts has effect. many prior the customer taking

expect increases price our to As overall mitigate mentioned July earlier, meaningfully cost of inflationary impact these increases. we the

and control. operating of in driven result stronger the to International product rose segment, sales and volume. rebound taking] especially higher higher now These and posted adjusted the and were America, Brazil. are strong growth income This was segment and operating increased demand education improvements between XX% equally in and the by sales [in Moving adjusted work. driven The cost improved a open XX%, margin mix, for comparable [ph] as Latin business net in-person sales, by International higher and schools pricing split note products, improved as Mexico

than Let's seasonally had free first higher which and use million our now move to flow. prior to grow year. in was inventory use date, We Year a we cash in balance the the flow, $XX sheet half. cash of a the

order However, supply as in-transit higher due in we we high level than to anticipated, chain safety a has chain inventory stock XXXX disruptions. more the continue supply started have inventory issues. mitigate remained also to and ongoing Inventory of with to

Given proportion there these greater a paid inventory. factors, of is

year. we the inventory and we a down, some cash shift supply quarter ratio year. into inventory normal base not as will year net should bring have improved of with seasonality, we we ago. as business quickly chain leverage expected, of the a Due ended stock to Since at to hold X.Xx As X.XXx, the the pattern. incremental a in half issues compared of payment first used end in-transit to the We everyone safety continue more

at year be year-end million. As the X.Xx we half, generate we Xx expect date approximately end to XXXX. in at versus $X of to was flow that CapEx cash second ratio the

repurchasing dividends of stock paid quarter-end, of At our to date, shares credit $XX also used facility. million $XXX of had million million. we revolving $XX year while million We also million for X.X $XXX

outlook. to Turning our

is this guidance foreign our cost due remainder remain committed We inflation, and ongoing returning level, to We margin of and costs reflect an to adjusted exchange. to the of a the view environment, adverse more including demand year, a magnitude a and gross XX% updating conservative but our moderating for higher are challenge continuing to the inflation. persistence more longer-term

the to we gross gross anticipate half, adjusted full-year expect performance, be are for adjusted now flat XXXX. to margin adjusted in XX% slightly year. be improvement second down We to under first While half in SG&A margins given the expected the

foreign more EPS. sales impact expect we headwind had this to impact also a negative currency and on year adjusted a earlier with $X.XX be on We a anticipated X.X% of than impact negative

million, For is comparable the sales to estimated to adjusted be our The Intangible's down XX%. adjusted is effective sales reported is equates tax to growth rate is expected adjusted to up with year growth $X.XX for X.X% $XX for be expected range EPS amortization approximately the $X.XX Full-year the X% of of to X.X% to approximately to in be of EPS. X%. $X.XX. range full-year, the which outlook in of being

to of after the free CapEx $XX our within range flow million. be million $XXX million expect $XXX We to of cash

Looking uses we prioritize at debt expect the XXXX cash and of reduction. to for remainder dividends

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

Operator

from today please comes Gomes Noble Capital. Joe, [Operator Instructions] go ahead. first question The Joe from

Joe Gomes

morning, Deb. Boris Good and

Boris Elisman

Good morning, Joe.

Deb O'Connor

morning. Good

Joe Gomes

which increases. So, declines first with want is just quarter volume when from volume saw I start-off on first reversal the EMEA to you there, the

here due elasticity that – price and you product, concern increased a more starting maybe just one there July, pricing? price gaining to any April is prices steam in had there been the being buying have as that in little maybe You there's here be is to increased people the the cautious said increases in

Boris Elisman

fact. first with somewhat Europe, the really in that. war of was full Yes, energy of that the Joe, felt watchful on prices We're being we're Ukraine concerned the about quarter effect in specifically. very QX

situation macro as high consumer result the in a I is negative So, as is is difficult very sentiment The think there. a Europe fairly inflation result.

EMEA think rather price we issue just So, of demand. more in macroeconomic than and a that's elasticity, pricing affecting it's

other is inflation margins order of remarks, think mentioned positive an level there. that just high the we're of costs. of is take the higher elasticity As which her maintain world, significantly I due And seeing in Deb in of the concerns there, energy to to to very price because and prepared that overcome parts any needs we than assemblance need inflation to primarily

Joe Gomes

And at look the year? was looking on XXX only price improving you have two, to color was gross can it I you be think half improved increases, you you basis though as give in gross points, second maybe putting obviously, to should here sequential at quarter points basis, quarter a on If how margin those the a us the in of XXX decline year-over-year little for the just down down first year-over-year. Even the that. second just Thank Okay. in if I'm been more that but in the margin, ninety basis QX, QX

Deb O'Connor

Okay, Joe.

of So, seasonally. talk more the us year, know, quarter quarter equivalent. the third expansion, similar the about we stronger did to historically Volumes is about quarter we for the quarter. back margin but cadence as fourth is you kind are a half think typically And sequentially current as much

So, pricing a take half, back to as methods going we little take hold. while are think the to the about

later So, year comments, as in inflation, again, that kind in anticipating, also year my kind more goes the which, in then to of of we're moderation mitigate I as to inflation. said progresses. And pushing the

kind quarter, ever it's increasing as going to see about that why some take fourth I and that's think there get time of you'll to margin. think third So, you and

Boris Elisman

Joe. And year, started last feel the half year Yes, is in second of when inflation. to thing other last is, the we then incremental

year. said, that when be as So, last margins compare And a from standpoint, the that's to started will improving Deb this down sequentially go year.

Joe Gomes

you one your today about belief raised sales we if a guidance of hybrid three and a first Okay. so the your talked baked talked may, or said obviously then to and return more in on here then stronger performance of I a was those comp from in-office, back-to-school the pretty about in stronger color was call, the just, the last you sales things the here know, to today significant one, quarter return to projections Boris, continuing school in, detail QX's a the try quarter. and in, all some back And last and things growth get we little on growth season, season you QX mode change you the sit baked to

Just you. there a little could, you more color if I'd Thank appreciate it.

Boris Elisman

Sure.

comparable So, mentioned quarters numbers. our being back our to and case, good the the the to at school, of for QX the return obviously a a to we guided office X.X% sales down of X.X% to of look we between if to the there's X% then that quarter in all baked to into growth still The difference X%, you and things though you this accessories. That's it is quarter ago, expectations took terms still gaming expectation.

XX% the for prepared took for to in given the accessories are what we just and market of the that in to remainder this mentioned where minus we've the year XX% demand growth down the for expectations As is remarks, year. gaming

terms bringing inventory. seeing and have channel with quarter, cautious that primary then and has their the the cautious the last concerned for watching bit growth. then reported more macro what conservative really Fed the So, done more they're their little a what secondary the given They're reason partners in replenishment. just bit in a inventory of in and is the situation is over of about And little more consumer. on in we're the being narrowing what the inventory

the primary still, be But to be back would would accessories. game sales X% would that and the to X% going it. year, we the about Any smile comparable growth. take and So, secondaries that

happy So, comparable with it's very sales level a still good we're and growth of that growth.

Joe Gomes

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

Boris Elisman

Thank you, Joe.

Operator

is The your Hamed open. next line Khorsand from question from BWS Hamed, Financial. comes

Hamed Khorsand

your was wanted adjustments happen assumption just you sales April in were lowering of and you good reversing taking April, to May, to Hi, were guidance? to early going your I end what what that and guidance you're ask, thought now morning. as giving if was in pricing

Boris Elisman

about comment, more Be specific assumptions what?

Hamed Khorsand

when what the already sounds guidance, adjustments Your you numbers sales issued price like plan? full-year didn't for in you Because happen assumptions it were for taking to the April?

Boris Elisman

Yes.

in to XXXX. in of mentioned minus to demand Joe's minus year answer during what change the We're just major happened in low-single-digit question, accessories for to assumptions now growth I really my And is XX%. the fundamental As accessories. in gaming guiding expecting gaming gaming a we're the accessories and quarter is difference the XX% still for

conditions, XX% of minus mentioned to our in will have half. And to space secondary given growth first Our rest expectation what the of in I call what the other be industry the given is what from reporting, previously is is of recover back-to-school, analysts, that that's our macro [will return and gaming X% will gaming that] demand especially the that the that the as in this, accessories. concerned XX% year. now assumed was assumptions. market all in between office, industry expectations second effect things in the the still those hence, And quarter, to just it is [ph] we're and terms seeing some more but from minor. growth QX The base are and the reported additional for companies change major strong strong plus about tailwinds we expectation down gaming the And fairly it quarter,

Deb O'Connor

we're that Yes. on to and I clear. the down tightened sales kind tightened now year. range larger would be our We much midway a we've guidance through had the up just say range that we of

is had the lose as talked continue assumptions changed. and quarter. first either. And don’t we Pricing of that to at we pricing just as I expected want the pricing people sight our So, haven't do

Hamed Khorsand

then insights on you XX given And with provide retailers months, seeing the Okay. to has conversation the for could orders what and you're some next fall the what environment? from retail

Boris Elisman

look XX management months far channel but is too with at, is conservative the just if replenishment. happening to we now at, is right what's look being

heard we last of Target, out what Given months. Walmart the and in of couple

We are in forecast. everyday about carry, especially much for sets. that's inventory how partially cautious And reflective. they being their our

As secondary that kind factor. a mentioned, was, I of

Hamed Khorsand

free you front? the as outlook to level M&A cash of flow what Does on change Okay. would do your the

Boris Elisman

to don't I think related that's it.

We're we're know a portfolio. sales now happy we're single-digit thinking We as is. portfolio growth capable low-to-mid our more organic right think organic economic I entering with of with we're difficult times.

on paying debt. priority is Our down delivering and

deliver we $XXX whether So, and cash of the change. $XXX in million cash flow, million free priority free doesn't

that… So

Deb O'Connor

rising Yes, rate we're I prioritize uncertainty, debt And Boris. agree. environment macro I with going this down. interest and totally with the agree to pay

Hamed Khorsand

Great thank you.

Boris Elisman

Hamed. Thanks

Operator

is Sidoti. Greg, Burns ahead. question from from Next Greg go please

Greg Burns

morning. Good

or With the is have it in I overall? Was for issue that? the on semiconductor demand of downshift in than been a PowerA, know still revision it more shortages that was it an more demand space,

Boris Elisman

impact a still want and down other PlayStation gaming places been demand X well in It's [events seeing gone Semiconductor get post-COVID, for that's [ph] travel] well that’s with being the up players. doing or it, Greg. out, opening a things. have Certainly, Xbox demand people on, multiple has can of playing we're with by the [indiscernible] Switch economy reported most continuing. and as shortages going the been than And both. but an you or there's Hi, consults you a while a for also

Turtle they're saw the thing. reporting Beach from we recently, Coursera, from all earnings release same NVIDIA NVIDIA, from Just from

that's prospect still the The positive. demand of as is gaming people is We long-term are doing over So, billions still world. very gaining other the down have all people things. of

but during resetting this are be for process and normal And demand expectations. gaming where a kind of anyone's [ph] accessories it'd normalized you build-up exceeded demand [coated long-term years] way of gaming now, to, and the got So, positive, trend. the huge

to we're levels coming of So, normal down from demand. highs

Greg Burns

Okay.

the there get if comes off to base trend, to it pre-COVID downside year, that is off to is like of grow So, that? XX% back XX% still to or there more is this more to

Boris Elisman

and that XX% a with the in to to to it we think was get XX% we pre-COVID it can get trend XXXX. blow we of to think off what will No,

Greg Burns

mind, into what Okay. of are that? and in And in timing then beyond America of that North terms the and with maybe Asia, there Europe the expanding plans

Boris Elisman

the That and it impact of doing Yes, that products. and well. accelerating great we've gaming QX growing was, the are in It EMEA. is and really was going is and to on in is demand flattish Europe fairly actually question. reduction more EMEA U.S., use specifically. sell seen our Asia our, Asia business kind of sales well ground we plans the The Most in in to force in Asia

for for in accelerating make incremental progress can for those we of us, in there That's sales, expectation additional still hopefully regions. we're about half the is and XX% certainly So, regions. small the two second in [indiscernible] but drive It's those efforts growth but our sales us. certainly

Greg Burns

but And lastly, stock radar then know the were buyback something debt reduction prioritizing I of that you a dividends, Okay. that's you on did screen said this now? you is quarter, and little bit

Deb O'Connor

price As we the buy where and we opportunistic opportunity stock given shares. to took talked the took approach we trading, where it was that and was our about,

So, as [ph] shares. X million saw] [said, you've

Going approach, forward, opportunistic allocation, a always but and we've we'll and so, balanced debt. the dividends have prioritizing capital said,

Greg Burns

Okay. Thank you.

Boris Elisman

ahead. Bank America. The William, please William next Craig. of is go Reuter from Thanks, question from

William Reuter

morning. good Hi,

Boris Elisman

morning, Good Will.

William Reuter

is and – – first hi, implied what's comparable sales Boris the for how much is of My growth, in in that the to units? question X% X% pricing

Boris Elisman

are Price and is that down. higher than units

William Reuter

Okay.

Boris Elisman

raising said higher assume you'd And the in be it for and the X% volume the up year, even with than prices quarter, was Deb That's assumption. prices, we the that since raised – negative. that our were would that.

William Reuter

Got it.

Yes. Okay.

one July recent price X increase, most the X%? that was So,

Boris Elisman

than But X%. pricing, plus lower Speakers] think X% It is average. [Multiple last It I that. QX varied. year It was depends on really country. don't on it was

Deb O'Connor

of A cumulative pricing. effect

Boris Elisman

Yes.

William Reuter

you're you are in outlook continue data games? that video that don't outlook? about or what right talking amount? gives that I hearing the What that longer-term the that confidence long-term Okay. then suggest when is to enough for think things – you know low-double-digit the I the expect be And you would about points will industry growth, the PowerA, the

Boris Elisman

Yes.

at look track you If the historically, industry. faster record, they’ve PowerA’s grown than

the you mid-single-digit grown that, certainly has they're have If year, as of for [ph], at an industry last exceeded and historically look growth from you We've analysts industry PowerA example, seen forecasting if [the remember roughly group] – XX%. and about estimates industry, XX% That share, to incremental be in forward. we should is should expand for going efforts think we growing the than our EMEA, and which low-double-digit we growth us that was growth at think in think growing underrepresented Asia, the be we we faster in rates.

William Reuter

of Okay. being sure lastly work, when I'm now for And at where or call office products supply a would just of then less pre-pandemic normalization me, much you offset for office of home are not more permanently where you been if do the environments? point reduced that may How business, but you at purchased by we're relative and think it we have components business hybrid or work to levels? those that's office your being look

Boris Elisman

we us. where in a you Yes. vis-à-vis positive basis, degree recovery from at on overall a look of the depends and were below COVID-XX for it and a where Specific their region office, to that's still Overall, we from they if are pandemic. XXXX comparable slightly are of kind

returning are in at We our they commercial look to work. X% still quarter, to so were the you year. If seeing people compared or up last sales

occupancy. to it to a direction was of XXXX, fact, occupancy tailwind We expect includes of in office significantly occupancy. supplies, tracker home don't that. thing in channel It's perspective, that's has them future moving for work below for at two of people whether sales. you us. continue. but and a In thing the from, they sales that good a office high They never is a where that's us of look is hybrid right three at positive days proxy a week. it the hit the model, perspective office the And in hybrid office or Castle still and if we'll but office certainly We a the for business being XXX% that think And kind recently because and think a demand the be at office supplies in for the it's we use

William Reuter

me. That's you. Great. for Thank all

Boris Elisman

Excellent.

Operator

go question next Jefferies. Instructions] [Operator please The Karru, comes Martinson ahead. from Karru from

Karru Martinson

When how at to you begin in replenishment, [ph] morning. the retail back school Where the ordering being inventories Good today? to was at service look with with? are retailers [conservative] at we

Boris Elisman

Yes, back-to-school was good.

of in supply. her remarks, As products early. assurance mentioned took retailers wanted Deb They

we a historically QX. lot little little in inventory had earlier and a season. to bit They bit for in they QX like loading, So, the know need a have

the set, they see any folks bit – little [ph], the with] delays set. challenge being we being were to So, conservative school of everyday more is are back where didn't [a the in on everyday and replenishment the

Karru Martinson

have Okay. And or happen, like orders you back-to-school into when replenishment figure? that normally do when would insights

Boris Elisman

of the school. week through, week third August. still a Normally, This week We're roughly season second come or we to back happening see this or when is normally in. next but the should quarter it They of be week as or speak. next we in so, is still orders early

Karru Martinson

the the right. look rest certainly sales All at at of commercial for outlook orders, what’s the growth for office your overall look then year? And when we up the commercial when X%, guidance you

Boris Elisman

it we mean, growth. sure not way, down we're I overall, X% to Karru. I'm that X% broke at looking

have is with to growth exact expectation the my a positive there's you So, comparable for I any? but if Deb don't have X% X% magnitude. don't I for growth know the office year,

Deb O'Connor

I don’t any currently. have

Boris Elisman

at We don’t didn't that at for way look it it look that We the year. way.

Karru Martinson

pay the pay revolver, priorities, correct? worries then we No here cash assuming at down free with down the debt flow, the I'm all. Okay. And

Deb O'Connor

right. Yes. Yes, that's

Karru Martinson

Thank you very it. Appreciate much.

Boris Elisman

you. Thank

Operator

closing As hand no I'll questions, we for back have remarks. further to any the team management

Boris Elisman

interest for you ACCO in Brands. Thank everybody Thank you, your Adam.

competitive economic advantage and company our well of proven has Our increasing uncertainty. a periods track managing record of in

the strategy in continue We market we results. beyond. talking quarter you. are to right well-positioned half forward our to of confident report and results We performance, improved year sales and and on you believe financial deliver have to organic second we this growth, compelling couple look of are the Thank to third months a to in

Operator

call. much Thank This concludes very for you today's attendance. your

lines. your may now disconnect You

ACCO Brands (ACCO) 12 Aug 222022 Q2 Earnings call transcript