Earnings call transcript Q1 2023

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Operator

Ladies and gentlemen, welcome to the ACCO Brands First Quarter 2023 Earnings Conference Call. My name is Glenn, and I will be the operator for today's call. [Operator Instructions]

I will now hand you over to your host, Chris McGinnis, to begin. Chris, please go ahead.

Chris McGinnis

to Brands' welcome conference quarter and call. morning, the first ACCO XXXX Good McGinnis, Investor Director is Senior This Chris of Relations.

and an Brands Speaking on Chief who'll on Chief quarter ACCO new and Tedford, an priorities; the update and the product Elisman, quarter Boris Officer, quarter Executive innovation, cost update savings season, our on an O'Connor, first provide initiatives; results full back-to-school and greater Corporation, our upcoming Vice and the call outlook discuss provide Executive Chief today provide President Officer Operating are Financial who'll who'll our overview second detail Deb first and and of year. for on Tom XXXX the Chairman President of and Officer, results

will questions. for we this, line the open Following

accompany section been the posted Slides call have to of that Investor this accobrands.com. Relations

refer rate. our the PowerA the items the that impairment these results. amortization of other restructuring most costs, may When reflect a transaction, non-recurring accompany earn-out in speaking value results we change comparable integration, goodwill to to the about call. measures the tax exclude are reconciliation non-GAAP consideration the Schedules related fair and and adjusted an other to adjusted results of measures GAAP directly earnings financial and measures adjusted non-cash release and and results, Adjusted contingent in and charge, of a this slides

certain not amounts, Due to our do quantifying non-GAAP difficulty we and inherent measures. the forecasting in forward-looking reconcile

statements of are on Forward-looking information management time at statements the us assumptions are based to beliefs made on made. during and the available based the call the

results risks and could subject are differ and uncertainties statements to our forward-looking actual materially. Our

and SEC release earnings filings risk of an our certain for to refer assumptions. explanation and Please factors

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

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

I'll turn over the to call Elisman. Boris Now,

Boris Elisman

for Thank good Chris, joining everyone. you you, Thank and us. morning,

and for despite geographic brands, of share. adjusted by high continued portfolio team with our our our quarter, environment. a which the were of exceeded execution strong retail led guidance first pleased consumer the our and challenging the These We're results balance the sales end the earnings of and our by results for strength per

We efforts and margins growing operating XX the basis gross margins XXX basis quarter first margin with improvement in made our against significant by points adjusted progress points improving year-on-year.

to which chains, With chain normalization versus in and in year-over-year should Comparable was in early of QX weaker difficult addition America, This in down economy, sales shipments occur our supply not XXXX. year. America. we're and in North supply cadence decline constraints, were products North X% to last back-to-school to many sales QX due of of to year's due near-record component the which comparable of In faced QX. sales we, large repeat industry, back last a the comparison shipments, a typical back-to-school normally

our We in also controls. IT saw technology improved industry-wide strong from the our price, continued quarter benefit and did the and in accessory in slowdown spending North pressure America gaming sales. restructuring cost the SG&A market actions impact

compared to environment actions the strong growing operating in margins adjusted significant XXX and basis year. restoring with that, made first over through was income In Despite operating a points margins we macroeconomic XX% cost quarter. EMEA, in by improving and quarter by impacted our demand pricing [indiscernible] weak by the last adjusted progress

Our market shares remain strong.

XX%. of to scale operating from our year-on-year. and by led Price, in and income the and recovery education expanding adjusted XXX Latin price grew increases, of benefited in-person Our volume benefits cost basis adjusted American XX% Sales markets. return-to-office International operating margin savings points segment led and growing

color priorities, gaming computer on consist products. technology on accessories of I to want and you key global update our I which our Before accessory provide our XXXX sales,

availability of chips of to continued market supply for constraints Parts a controllers gaming and our of the certain the chain console. challenged wireless lack be to of due

along of beginning the improve in availability our great which releases our second quarter, forward. strong chain chipsets should product expect volumes slate supply anticipated and going of with help new We introductions in new game

leading expect for this and We positions market to year. third-party in gaming full share the hold accessories grow category

Importantly, the our expansion track on gaming and in excited remain International segments efforts are for global accessories. about growth and the long-term EMEA we opportunities

slow spending growth, Within we've five computer in their current cautious IT response after businesses environment. are accessories, to years as about of seen more being the demand macroeconomic

to winning timing continues new pipeline but are sales is business, grow deferred. Our we being of purchases and

given computer and accessories expect of rollouts. pipeline the product sequential new We show the will the XXXX our strength of remainder throughout improvement

our on February, shared priorities profitable and key brands our margins of and our of tight in by management is and management products, In priority, top-line, you new our with expenses inventory. continued I our Restoration four for top investment gross followed XXXX.

gives We which quarter, on have made fronts the progress confidence the remainder all us first of into the year. in heading

and year In inflation have savings January this our combination believe of volume profitability global experienced much EMEA cost will we in recover We and benefits to from greater segments the significant implemented our be we quarter, over successfully the of with actions, as increases levels high in American expect segment able actions lost price from North these years. made enter our quarters. International two the we've and the last we in high our progress in

is well continue our a We in what to environment. economic slow top-line manage

strong partners choice brands, back-to-school or seasons, capabilities, which strength of our We service our peak brands brands that in across season. partners. are assortment them upcoming hold win offerings a price occupy offer categories multiple the North the points. to of America our like value and supplier the the channel premium we leading Given complementary market share back-to-business autumn positions European for our of to of This many consumer breadth the allows of and with

our discretionary were headcount We of and watching Both the in closely expenses also did down with headcount through SG&A quarter a job and good spend. management expenses year-on-year.

in encouraged drive to say organic long-term improve. economies by want global the and first momentum I build to to remain it transformation I'm Tom, sustainable over growth we the as profitable in Before turn our confident revenue I quarter

capitalized We interest of have weather XXXX, outstanding the no in rates and maturities our environment, debt. half fixed with well debt place economic over until for low right team to and difficult

continue cash strong generate in XXXX. prioritize consistent payments reduction flow will debt will and to dividend and We

to turn Now, Tom to back-to-school, discuss initiatives. call the I Tom? innovation on will restructuring over Tedford our you new update product and

Tom Tedford

Thank you, good everyone. Boris, and morning,

represents with seasonal our portion a me important about our season. begin annual significant Brands back-to-school segments. and of sales, a Back-to-school North an particularly Let few for the upcoming comments business and International ACCO in is America

leader Canada, U.S., market the BTS and Brazil. a are Mexico in We

good historically as Retailers is the which The sales industry QX season inventory backdrop. back-to-school in and sells rely current to important understand market loading with product cautious replenishment economic expectations through. to North for economies, being is on with and be year's very bad believe are will flat. back-to-school back-to-school both we our is roughly America resilient The partners this

It is weeks too to our the supply retailers insights coming is at North at however, early as norms. season, on expected historic give America and back-to-school are of meaningful in orders

of we this the and in in Brazil Additionally, in expect and into growth and Mexico our back-to-school later QX XXXX. QX with International year business QX, segment,

consumers. good Now for meaningful comments in solutions work team's a about developing our few our product

numerous have innovation in growth. drive commitment recognized upcoming in company's that will XXXX. product organic multiple The and awards we help to XXXX being globally We categories and introductions won is geographies across as

recognized Business' Innovative proud Design are has been a are we highly by have and Brands ACCO named to Most one the years, internationally Crain's recognition two of last Company, the the Both earned. has are high recognition Good quality Awards. Design Dot For endorsements Further, for and Chicago desired design. been very Red

New Product the five America, American European recognized supporting ACCO offering Office Product three was year, Business Office at the the In Product Technology In awarded at Kensington Product segment, the North Brands awarded Dot Awards. Leitz the Ergonomic's EMEA products, In product past Year Switch Awards. Headset North the range. Pro Universal Audio Kensington Red X-in-X including the our was of Best

brand In tools game recently Universal as in battery part the partnership category, offering Bosch collaboration expanded based product Super release EMEA Pictures' initiative. Brothers ALL the gaming include FOR movie, video in an segment Nintendo's POWER accessories, with has with to of XXXX. several Bosch a Mario adventure Rapid franchise. introduced with successful In the animated the of on Mario film XX tools our do-it-yourself rechargeable a began we The our products conjunction volt

QX Moving to consolidation in we track We full $X.X saw all of of in to support during sales benefits these actions In plans $XX remain including savings XXXX, the restructuring and and we process. fourth P&L the intended to of have million initiated plans, supply the expected year. restructuring. our reduce and automating North segments, America, operations from actioned million on annual In $XX efficiency of deliver our operating chain costs, with million. our and America North EMEA the quarter improve cost an

rationalization took we in EMEA. charge, a quarter, which million our was first $X.X related footprint restructuring project the In to

We facility quarter, expect are the in end Continental by with of to and third the closing the manufacturing it savings XXXX. to one be Europe in come completed

further to and consolidation. footprint for for We global cost opportunities optimization continue our analyze

$XX of incremental savings We also remain million initiatives. our productivity ongoing to track on deliver another from

questions. I to will answer and Deb to back your now hand Deb? we'll it come over

Deb O'Connor

and everyone. Tom, morning, you, good Thank

environment improvement EPS This beat replenishment. deliver to actions helped spoke slowing first their adjusted the macroeconomic first inventory year's for In margin our we quarter. last in by the impact outlook. demand sales due sales you approach helped profile and us did destocking to pricing inventory the our and in highlighted to retailers challenging, to in improvement sequential improvement the due and The remained When while cost with see we last a replenishment of our guidance us February, above we macroeconomic retailers, cautious environment. stronger the quarter, our

down reported solid volumes Comparable In to foreign sales, segment. global in sales our price International EMEA and XXXX. the increases first North than X%. in quarter America due excluding of versus The XXXX, lower and X% decline segment, exchange, our decreased QX more were offsetting of growth was

the as quarter profit million flat despite essentially points sales $XXX pricing of our at the decline and was effect cost Gross actions. gross from to first for improved margin XX.X% XXX basis cumulative the

as points XXXX. of million lower percent XX.X% to expense of of due level XXX SG&A million Adjusted from $XX to sales. a increased Adjusted sales basis $XX was the down in SG&A

operating year. income Adjusted X% last $XX was the up compared million, million approximate with $XX

the EPS the and $X.XX interest pension XXXX, of as year. to headwind was expect a be we for rest increased, $X.XX in which versus non-operating Adjusted expenses

to turn let's our was offset results. pricing comparable were This our down more declined sales as and XX% expected. better reported America slightly volume than actions. North than cumulative Now segment

year-over-year to comparison we difficult anticipated, of retailers XXXX. purchase back-to-school by first in a quarter due As in faced the early product the

of of same normalization these quarter in purchases chains, recur supply XXXX as in the first level to period. the the did Given not prior-year

spending IT lower also of the declines softening as due by first for were and macroeconomic gaming in wireless lack to accessories. retailer impacted a due quarter our technology chips Sales accessories well as demand environment in to

expect demand. to availability the this in difficult accessories last of sequential and as We be gaming consumer both we quarter expect improvement for comparisons

North adjusted decreased margin the from first to quarter due income negative operating decline. fixed volume in cost the America leverage

throughout benefits volume higher larger into move as from actions periods. expect We pricing we the year and and our cost progress

turn impact to $XXX to million, first industry-wide to increases. declined, Russia-Ukraine were Now due environment of in FX. before of Demand quarter let's to Sales accessories war. our reflecting $XXX especially sales to the year, million. for offsetting were to to the down mainly the macroeconomic XX% of trends. the decline impacted as due last was declines EMEA. X% Comparable X% sales volume quarter Net price this be the the overall by down continues technology compared region, of

of to quarter, improvement in to million, rate $X cost first adjusted from posted XXX XX%. margin pricing the million over year almost due a basis income XX% the hold. operating was year adjusted improved and income points increase The $XX ago. The the prior actions operating taking In EMEA our a

increased driven reported comparable demand America momentum was in-person the the price strong and by as quarter education to in Moving increases International sales from gained resellers and in and first return-to-office. Latin segment, Growth XX%.

the quarter the XX% The higher margin The International year's $X segment posted versus XX% adjusted to XXX million, million. due basis leverage. almost sales improved to points up rate the of prior and improved in pricing adjusted $XX operating income

cash incentive improvement cash and was free improved a $XX million a a better compensation and versus of working we cash of reduced to typical the Due significant lowered flow in Free the the had generate sheet a The balance year We million in cash well to first of cash outflow inventory of returned $XXX of cash flow year in the by year. Switching levels use to flow first half quarter. as seasonality, management product million ago. flow payment $XX we generally as as payments. items. driven cycle, by more second half use the and capital

much in first of paid with that it quarter with timing ended In XXXX in of Reversing higher of for was we levels that the inventory paid quarter The year of first ended XXXX. XXXX, inventory trend, we payments significantly. with cash improved significantly change for. flow the

consolidated with to still within We a our Xx to and below X.Xx end are targeting quarter the X.Xx. Xx leverage ratio ended expect X.Xx, term, we the X.Xx. covenant of to of a range Longer year ratio well

had we quarter-end, of on credit At facility. revolving $XXX availability $XXX million remaining our million

As earnings not our until increases, of impacted rate shown half XXXX. and interest is slides, have and we on no our more than by fixed debt maturities

to repatriate to million back The million remaining in million held to reduce revolver. in the we Brazil be U.S., used in with quarter we was for borrowings this used Much We $XXX on about cash of ended back-to-school. And cash, will balance in the cash April, then fund actions cash. $XXX took to their which Brazil. $XX this inventory our of

outlook. our to Turning

We quarter are second our providing outlook year a guidance XXXX. for full reiterating and

of X%, adjusted with For EPS expect the of XXXX, to comparable be second $X.XX. down to to sales X% quarter down $X.XX we

year, be to expect For a range within sales continue X%. comparable we down of flat the full to to

our XX%. we and similar expect continue range to We over year our term, to gross Longer a of the margin XXXX target to margins XX% to rate. prior increase be

and as of overall incentive spending have of actions, well will merit from levels in mentioned annual we higher restructuring the February, in as lead SG&A our While we go-to-market to our increases as XXXX. reduced structure cost compensation restoration our

million. expect net non-cash offset expenses interest X% to double-digit partially $XX higher adjusted as For to pension of the to we million $X.XX by non-operating adjusted cost in EPS $X X% year, income full increase to and $X.XX, about of growth is higher operating

be $XX year XX%, of EPS. The adjusted to adjusted intangibles estimated tax equates to is the rate expected approximately which for is $X.XX amortization approximately million, be to

we to year and expect with the We million, after are consolidated least that ratio a at cash million $XXX reiterating X.Xx. to within range X.Xx be end $XX of flow our CapEx of a free to leverage

Looking in continue and debt XXXX, prioritize reduction. at we to dividends to uses cash expect

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

Operator

your Instructions] you. Thank comes Company. our Burns now is first from We [Operator & line have question, Greg, Greg from open. Sidoti

Greg Burns

morning. Good

is much that you how of this of the lower still in decline off the business -- for are the going it And you looking of improvement saw into year, for level on that your Kensington down quarter? just dig show to of Just does the side the grow this kind rest outlook business, you saw year? the Or to the quarter? was that

Boris Elisman

sales the in Hi, double digits the question. Greg. for Kensington Thanks down were quarter. low

it little in We down, are and up was It -- Europe. point to U.S., were more that important sell-through up. sales POS up significantly but Kensington was a out in was in the bit

channel given from and out the of what's the on a for see the earnings Kensington side multiple still technology about of happening the grew We obviously, and the reports. expect you environment taken and especially to Last business So, year. overall that business grow year, XX%. IT lot being that there's companies' inventory macro

the So not we it expect high year. high as growth but this still as as will be grow. be anticipate to We this business don't to year,

Greg Burns

should your guess, And outlook you revenue -- target how about do layering mentioned around this products for year? any as new maybe that new like, think product I a contribution given new in Okay. for, product some we from in introductions. there And have introductions growth year? Or you

Boris Elisman

answer Tom question. I'll let that

Tom Tedford

Yeah.

it. specifically. don't another I publish we to target We that within want annually, Yeah, our to you have but Greg, would a business for do we know that have it. So, Kensington do a Thank we target, question. great track target.

each We set quarter. business cadence it annually. in a have which it measure we gets And

Boris five So piece has said have years, low target. and introductions the is big is last roughly I product growth shorter new that a answer development The as over prepared and to the the years. business yes, important a grown. the we remarks, over note on digits his of that Kensington CAGR is, in growth double it's And think

Greg Burns

you. Okay. Thank

Boris Elisman

Greg. Thanks,

Operator

Thank you.

your comes next have open. from now We is Joe Joe, Gomes line our question, from Noble Capital.

Joe Gomes

and my for morning, Good thanks taking questions.

Boris Elisman

morning, Joe. Good

Joe Gomes

to trying out talked SKU So how you wanted just quarter, about and to reduction get last with, start little your performing. I I'm update on some are efforts a they

Tom Tedford

Joe. you This Hey, take Yeah. it. Tom I'll is Thank Tedford. that question. for

SKU markets but mature offering. our We looking our are particularly portfolio, across at entire aggressively our in

have As the changed the portfolio. with feeling many and has customers that in pandemic years the then consumer behavior felt inflationary last impact demand changes the the of companies pressures few our in over

our marketers are of longer retire teams chain supply our our to closely across so categories. all product products together and meet products And working our thresholds minimum margin-accretive teams, and collective our no introduce that

ongoing So progress. that nice we're work making and is

Joe Gomes

is Okay. in-person Thank know Latin been by it's you much they think a quarter are that two here office. side in-office to past at versus performance to of to all How available, where and school America there education more back that? normal driven for and on kind return least the where the in-person some you had or that. blend seems are getting Are of telecommuting? we on office that good of the more be you've And do to or we maybe where on a environment, business, trend I

Boris Elisman

bunch America. volumes, I are volumes but left the still believe not Latin pandemic. Latin that if are revenue, still But We from are open. levels. Schools has open. recovering obviously, Offices America, a pre-pandemic in there's below been volumes, compare

couple of lot cost the just market has still last the inflation us price will given There, our in market inflation and of years. experienced volumes a that that expectations been all obviously, that expectation recover. of those there's the So continue in

year prior to this both and good their revenue that, our in business continue we markets our business Brazilian with are expecting significant over expect So with Mexican and year. back-to-schools growth growth

Joe Gomes

if stock about I at And looking But the talked we're about down one XX% focus XX-week could on if and dividends know the more. in sneak off I repayment. Okay. low. just was just it debt you've here, allocation year-to-date, capital of

buyback here?" what you it you have authorization. point, Boris, sense repurchasing sit and guess, You start makes say, I shares the "Hey, there At do to know,

Boris Elisman

lot in Yeah, And believe our if leverage. our think I our fund is to very, down would debt. transfer dividend doing that from environment is this reiterate, a I and the that stock and that debt will well to down the priority that. just coming equity pay it pressure by Joe, the We very on shareholders of we to pay debt suit

So that's the priority.

Joe Gomes

Thank you. great. Okay,

Boris Elisman

much. very Thanks

Operator

Joe. have question, from comes Research. you, Instructions] your next [Operator is Thank now our Kevin We Kevin, line Steinke from Barrington open.

Kevin Steinke

Good everyone. morning,

Boris Elisman

Kevin. Hi,

Kevin Steinke

Hey, accessories. Boris. asking wanted by gaming start to I about out

You positive in expect the you mentioned improvement how Just year you gaming relative accessories a there trying to get update to Is progresses. and year growth as that sense a expected before? what this it's as bit to it's a last the improvement we out that had year, that maybe of trending little you slowdown just there better and seen thought? had than and of if kind coming it if sequential

Boris Elisman

It's a similar before. outlook we had that

to product year. of last quarters it this sorry year expect of in we issues we the the to year some chips -- through And mentioned and We compares. to availability it due a We're wireless product last continued selling this three QX of last lot QX in QX some had year. of a of due difficult lack of have still then

knew we we're consistent us year. for growth difficult going our that's to going the year we second full have and the and QX year. in that into overall of had half But we expectation growth behind the in expect with compares. That's So now the and

Kevin Steinke

spending if lower improvement throughout did Thank was full around IT sense wondering you. kind change kind prior your thought and year discussion And change already had sales, sequential year. the much the just the that expect you been but through to didn't similarly, just computer say I baked move as we grow a of of that lower accessories a you or how Okay. trying Obviously, newer you what on had development, and was just to kind you if get to or is anything, into as expectations. for slowdown, guidance year? relative a of of the the that

Boris Elisman

months a IT slower of couple the little a we versus is ago, than environment think, expected. I bit

announced announcements seen seen So the and again, technology IT the environment. on the also due layoffs seeing it offsetting though specifically other bit we've to to space other the our due that a in public slowness from we've of technology the seen companies better What -- you're of the -- from side. from performance in little is large business we've parts companies

business specifically, expected. performed more than products our have So we better

a little as overall now delivered side, results. expectations. bit company, computer accessory So we a than it's Even better the slower on

Kevin Steinke

for question One Okay. last me.

You in expected. you the that than beat mentioned call mentioned there wondering your quarter about sales replenishment being performing you that of -- there made. out in some inventory saw some think helped that guidance. you Deb, business elaborate that first Or or areas improvement Is trend? to the just of of better kind And, to a terms anything about more that on in comment I

Deb O'Connor

Yeah.

Tom as as as replenishment, same and back-to-school his said of weeks remarks prior supply of think just and at on of we're I year. kind kind levels the historical the in

to are up really as add. So, I think I we we pretty go mean, more good season. we think there's back—to-school expecting much the set sequential don't improvement I feel for forward. the

Kevin Steinke

questions. for over. it you taking the turn Thank Okay. I'll

Boris Elisman

Thanks, Kevin.

Operator

you. Thank

have next We from Hamed is BWS line Financial. Hamed, Khorsand question, our from your open. comes now

Hamed Khorsand

morning. Good

their ordering as you your one two goes, as your to would Are just be as on far So, you then, or back-to-school. kind pattern you've be? your the getting of answer that right prior expecting in feedback are it's first was of more coordinated And question in any just same kind expectations seen now retailers on replenishment the what years, follow-up from it'll quarters?

Boris Elisman

Tom, go ahead.

Tom Tedford

Yeah.

work there Asian product we the flow We out partners all way a part to into So, our that your do on and collaboration with our the kind backwards pretty of factories job stores last retail planning of I'll good start with from import. question. orders season when would of in the the and

factories. Our later out domestic of tend to domestic shipments our go

I much So for is is have all for most coordinated with very Last we And well of what our supply similar global year inventory. you were decisions really trying to that ensure the time as will was to apexing the made an chain very being historically. anomaly the back-to-school retailers supply say, their BTS. regarding if would crisis, were partners seen that part, at with that

last So this versus different of historic more was year year anomaly than being norms.

BTS think of to playing America we've kind I in of the ways back of cadence reverted historic kind North more out.

Deb O'Connor

I do think too, quarter so could third Tom, we probably chasing are happen anticipating year. POS, into more their the also shifting this retailers kind and of some

Boris Elisman

Yeah. behavior, buy typically And the that's QX products in they then first in wave the They normal sell-through. Hamed. as QX for replenish and

do mentioned normal to Tom year, they back And we this anomaly. typical an There expect performance. didn't to As last year, that. was revert

and your expect industry we overall to as And roughly flat that's what well, expects question, back-to-school back-to-school. first a the flat

Hamed Khorsand

expectations started? goes Okay. Europe, are product that has just, that the And far the And distribution region? your my last what as PowerA as question in for in was

Tom Tedford

really we console this market for -- shares. started in accessories the our is efforts. year expansion have relatively specifically and addressable in small large has accessories and a earnest it gaming Yes, Europe gaming we of started with quarter first

two is primarily U.K. Germany. the business markets, in Our concentrated and

ACCO-owned all work a people. have operations we our largely the has trained We've so our back-end into all XPL in the of been quarter and completed. So from first consolidated facilities, sales

Boris trends the that Now kind some against earlier. we're mentioned just working of of

start But the great to have have balance I off optimism probably hoped. think would still we of we a a bit of than for slower year. we're the

Hamed Khorsand

Okay, great. you. Thank

Boris Elisman

Hamed. Thanks,

Operator

no Thank you. We questions further [Operator for Instructions] the line. have

Boris Elisman

do the Thanks, remarks. closing Glenn. I'll just

year stay against about our at remainder for everybody executing stronger-than-expected Thanks a interest in start XXXX, ACCO the encouraged as on of we improvement priorities margin key keeping are We your the forefront. of Brands. and and focused had the

financial we're and We well economies to believe in have confident recover. our navigate ability improved organic global right challenges. We're have confident economic we managed as positioned performance, and well to the compelling deliver continue are strategy growth, market current difficult sales to in results environments and

look to Thanks, of couple to second We on talking forward report a months in you results. to quarter our everybody.

Operator

and this Ladies call. Thank for you gentlemen, joining. you. today's Thank concludes

now disconnect lines. may You your

ACCO Brands (ACCO) 5 May 232023 Q1 Earnings call transcript