ACCO Brands Corp (ACCO) 2023 Q4 法說會逐字稿

Thank you all for joining. I would like to welcome you all to the ACCO Brands fourth quarter and full-year 2023 earnings conference call. My name is Prika, and I'll be your moderator for today. (Operator Instructions)

感謝大家的加入。歡迎大家參加 ACCO Brands 2023 年第四季和全年財報電話會議。我叫 Prika，我將擔任今天的主持人。（操作員說明）

I would now like to turn the conference over to your host, Chris McGinnis, Senior Director of Investor Relations, to begin. Hey, Chris, please go ahead.

現在我想將會議交給主持人投資者關係高級總監 Chris McGinnis 開始。嘿，克里斯，請繼續。

Good morning, and welcome to the ACCO Brands' fourth quarter and full-year 2023 conference call. This is Chris McGinnis, Senior Director of Investor Relations. Speaking on the call today is Tom Tedford, President and Chief Executive Officer of ACCO Brands Corporation. Tom will provide an overview of our fourth quarter and full-year results and our 2024 priorities. Also speaking today is Deb O'Connor, Executive Vice President and Chief Financial Officer, who will provide greater detail on our fourth quarter and full-year results and our 2024 and first-quarter outlook. We will then open the lines for questions.

早上好，歡迎參加 ACCO Brands 2023 年第四季和全年電話會議。我是投資者關係高級總監克里斯·麥金尼斯。ACCO Brands Corporation 總裁兼執行長 Tom Tedford 在今天的電話會議上發表講話。Tom 將概述我們第四季和全年的業績以及我們 2024 年的優先事項。今天發表演說的還有執行副總裁兼財務長 Deb O'Connor，他將提供有關我們第四季和全年業績以及 2024 年和第一季度展望的更多詳細資訊。然後我們將開放提問熱線。

Slides that accompany this call have been posted to the Investor Relations section of accobrands.com. When speaking about our results, we may refer to adjusted results. Adjusted results exclude amortization and restructuring costs, noncash goodwill impairment charges, the change in fair value of the contingent consideration related to the Power A earn-out, and other non-recurring items and reflect an adjusted tax rate.

本次電話會議隨附的幻燈片已發佈到 accobrands.com 的投資者關係部分。當談到我們的結果時，我們可能會提到調整後的結果。調整後的結果不包括攤銷和重組成本、非現金商譽減損費用、與 Power A 盈利相關的或有對價的公允價值變動以及其他非經常性項目，並反映調整後的稅率。

Schedules of adjusted results and other non-GAAP financial measures and a reconciliation of these measures to the most directly comparable GAAP measures are in the earnings release and slides that accompany this call. Due to the inherent difficulty in forecasting and quantifying certain amounts, we do not reconcile our forward-looking non-GAAP measures. Forward-looking statements made during the call are based on the beliefs and assumptions of management based on information available to us at the time the statements are made.

調整後的績效表和其他非公認會計原則財務指標以及這些指標與最直接可比較的公認會計原則指標的調節表均包含在本次電話會議隨附的收益發布和幻燈片中。由於預測和量化某些金額的固有困難，我們不調整我們的前瞻性非公認會計準則指標。電話會議期間所做的前瞻性陳述是基於管理階層的信念和假設，這些信念和假設是基於我們在做出陳述時可獲得的資訊。

Our forward-looking statements are subject to risks and uncertainties, and our actual results could differ materially. Please refer to our earnings release and SEC filings for an explanation of certain risk factors and assumptions. Our forward-looking statements are made as of today, and we assume no obligation to update them going forward.

我們的前瞻性陳述存在風險和不確定性，我們的實際結果可能有重大差異。請參閱我們的收益報告和 SEC 文件，以了解某些風險因素和假設的解釋。我們的前瞻性陳述是從今天起作出的，我們不承擔未來更新這些陳述的義務。

Now I will turn the call over to Tom Tedford.

現在我將把電話轉給湯姆·特德福德。

Thank you, Chris. Good morning, everyone, and welcome to our fourth quarter and full-year 2023 call. Last night we reported fourth quarter and full-year results with reported sales as well as adjusted EPS and free cash flow exceeding our full-year outlook. The stronger finish allowed us to end the year with a lower consolidated net leverage ratio at 3.4 times, an improvement of 0.8 times compared to last year.

謝謝你，克里斯。大家早上好，歡迎參加我們的 2023 年第四季和全年電話會議。昨晚，我們報告了第四季度和全年業績，報告的銷售額以及調整後的每股收益和自由現金流都超過了我們的全年預期。強勁的業績使我們在年底時綜合淨槓桿率較低，為 3.4 倍，比去年提高了 0.8 倍。

These results reflect our team's strong execution against the priorities we laid out at the beginning of 2023. Our top priority in 2023 was to restore our gross margin rates which were challenged throughout 2022 due to the extreme levels of inflation. Through the cumulative effect of our pricing and cost actions, we successfully restored our gross margins to pre-pandemic levels, ending the year at a rate of 32.6%, a 420-basis-point improvement compared to 2022.

這些結果反映了我們團隊對 2023 年初制定的優先事項的強大執行力。我們 2023 年的首要任務是恢復毛利率，而毛利率在 2022 年全年因極端通膨水準而受到挑戰。透過定價和成本行動的累積效應，我們的毛利率成功恢復到疫情前的水平，年末毛利率達到 32.6%，比 2022 年提高了 420 個基點。

Additionally, as the demand environment remained challenging, we accelerated our efforts to rationalize our global footprint, announcing the closure of four facilities over the course of the year. We delivered $29 million in cost savings from our restructuring and productivity actions slightly ahead of the target we set at the start of 2023. Our broad assortment of value-to-premium offerings allowed us to win in back to school, especially in a price-conscious environment. In addition, we gained market share during the US back-to-school season in both dollars and units.

此外，由於需求環境仍然充滿挑戰，我們加快了合理化全球足跡的努力，宣佈在一年內關閉四家工廠。我們透過重組和生產力行動節省了 2,900 萬美元的成本，略高於我們在 2023 年初設定的目標。我們種類繁多的超值產品讓我們贏得了重返校園的機會，尤其是在價格敏感的環境中。此外，我們在美國返校季期間獲得了以美元和單位計算的市場份額。

We continued to invest in growth by supporting our key brands and brought new and refreshed products to market. As I mentioned on our third-quarter call, we are sharpening our focus on innovation and new product development. As a part of our restructuring, I have put leaders with the best track records in charge of these initiatives. Lastly, we managed our SG&A expenses and inventory well, as we remained laser-focused on controlling costs and prudently managing headcount. For the year, we reduced inventory by 17% or almost $68 million versus the prior year.

我們繼續透過支持我們的主要品牌來投資於成長，並將新的和更新的產品推向市場。正如我在第三季電話會議中提到的，我們正在加強對創新和新產品開發的關注。作為我們重組的一部分，我任命了擁有最佳業績記錄的領導人來負責這些舉措。最後，我們很好地管理了銷售、行政管理費用和庫存，因為我們仍然專注於控製成本和審慎管理員工人數。今年，我們的庫存比前一年減少了 17%，即近 6,800 萬美元。

Before touching on our 2024 priorities, let me discuss our comparable sales results for the full year, which were down 6.5% from the prior year, reflecting soft demand in many of our categories. Our two global technology businesses, Kensington and PowerA, were also challenged by category-specific factors. Globally, lower IT spend and PC purchasing continued to impact sales of our Kensington-branded computer accessories in the fourth quarter and with a significant headwind for the full year.

在談到我們 2024 年的優先事項之前，讓我先討論一下我們全年的可比銷售業績，比上年下降 6.5%，反映出我們許多類別的需求疲軟。我們的兩家全球科技企業 Kensington 和 PowerA 也受到了特定類別因素的挑戰。在全球範圍內，IT 支出和 PC 採購量的下降繼續影響第四季度 Kensington 品牌電腦配件的銷售，並給全年帶來了巨大的阻力。

One of our largest product categories is Universal Docking Stations. Over the last year, the docking station market has changed considerably. Two consecutive years of disruption in the PC market led to an oversupply of product as well as significant competitive discounting. While PC sales are expected to rebound late in 2024, we anticipate that the demand for third-party docking stations will remain soft, with partial recovery beginning late in 2024 and full recovery in 2025.

我們最大的產品類別之一是通用擴充座。去年，塢站市場發生了很大變化。個人電腦市場連續兩年的混亂導致產品供應過剩以及大幅競爭性折扣。雖然 PC 銷售量預計將在 2024 年底反彈，但我們預計對第三方擴充座的需求將保持疲軟，部分復甦將在 2024 年底開始，全面復甦將在 2025 年出現。

Regarding our PowerA-branded gaming accessories category, the recovery in third-party gaming accessories was uneven throughout 2023 due to lower consumer demand and industry-specific competitive dynamics. Earlier this week, we announced the licensing agreement with Epic Games, the maker of Fortnite, one of the most popular video game franchises, and we are excited about this opportunity.

至於我們的 PowerA 品牌遊戲配件類別，由於消費者需求下降和行業特定的競爭動態，第三方遊戲配件的復甦在 2023 年全年並不均衡。本週早些時候，我們宣布了與最受歡迎的電玩遊戲系列之一《要塞英雄》的製造商 Epic Games 的授權協議，我們對這個機會感到非常興奮。

In addition, in 2023, we made considerable progress on our international expansion efforts. We recently announced licensing agreements to sell PowerA accessories in Japan with both Nintendo and Sony. The Japanese market represents a significant gamer base for consoles and a growth opportunity for PowerA. Near term, the agreements will be small on a revenue basis, but we expect as we strengthen these partnerships, they will provide revenue growth long term.

此外，2023年，我們的國際擴張工作取得了長足進展。我們最近宣布了與任天堂和索尼在日本銷售 PowerA 配件的授權協議。日本市場是遊戲機的重要玩家基礎，也是 PowerA 的成長機會。短期內，這些協議的收入規模將很小，但我們預計，隨著我們加強這些合作夥伴關係，它們將帶來長期的收入成長。

On a segment basis, we finished the year strong in our international segment, with revenue up 5% in 2023 on a comparable basis, led by the recovery of back-to-school sales in Latin America. In EMEA, the demand environment remained muted, reflecting the economic and inflationary pressures. North America was also affected by the macroeconomic environment as retailers continued to manage inventory tightly and to POS, which was down.

從細分市場來看，我們的國際細分市場今年表現強勁，在拉丁美洲返校銷售復甦的帶動下，2023 年營收可比成長 5%。在歐洲、中東和非洲地區，需求環境仍低迷，反映經濟和通膨壓力。北美地區也受到宏觀經濟環境的影響，零售商繼續嚴格管理庫存，POS 數量下降。

Our commercial channel sales were lower than anticipated because of the lack of white collar workers returning to end office work. Office occupancy rates have stabilized at 40% to 50% of pre-pandemic levels in the US. We do not expect tailwinds from a material improvement in office occupancy rates going forward.

由於缺乏返回辦公室工作的白領員工，我們的商業通路銷售額低於預期。美國辦公室入住率穩定在疫情前水準的 40% 至 50%。我們預計未來辦公室入住率的實質改善不會帶來推動作用。

Now, I'd like to highlight the actions we are taking in 2024 as we reposition the company for long-term, sustainable, profitable growth. I have been in the CEO role for four months, and we are acting quickly to implement changes to reset our cost structure and expand our growth prospects. In late January, we announced a multi-year cost restructuring program targeting at least $60 million. The program will simplify and delayer the company's operating structure while reducing costs.

現在，我想強調我們在 2024 年重新定位公司以實現長期、可持續、獲利成長時所採取的行動。我擔任執行長已有四個月了，我們正在迅速採取行動實施變革，以重置我們的成本結構並擴大我們的成長前景。一月下旬，我們宣布了一項多年成本重組計劃，目標至少為 6000 萬美元。該計劃將簡化和推遲公司的營運結構，同時降低成本。

We also accelerated work on our global footprint rationalization program, announcing the closure of our Sydney, New York, manufacturing facility. In 2023, we announced a total of four facility closures and continued to review our footprint, with the goal of improving our profitability and asset utilization. Given our global scale, we are also identifying ways to better leverage our sourcing capabilities. We recently consolidated our supply chain to operate globally under one leader. This will reduce supply chain complexity, leverage best practices, deliver cost savings, and better meet our customers' needs.

我們也加快了全球足跡合理化計畫的工作，宣布關閉雪梨、紐約的製造工廠。2023 年，我們宣布總共關閉四家工廠，並繼續審查我們的足跡，目標是提高我們的獲利能力和資產利用率。鑑於我們的全球規模，我們還在尋找更好地利用我們的採購能力的方法。我們最近整合了我們的供應鏈，以便在一位領導者的領導下在全球範圍內運作。這將降低供應鏈的複雜性、利用最佳實踐、節省成本並更好地滿足客戶的需求。

As a result of our restructuring program, key business leaders will be closer to commercial activities. This will allow them to engage with our customers more frequently and focus on opportunities to gain incremental market share, drive innovation, ideation, and execution of new and refreshed products, and channel expansion while supporting our category-leading brands.

由於我們的重組計劃，主要業務領導者將更接近商業活動。這將使他們能夠更頻繁地與我們的客戶互動，並專注於獲得增量市場份額的機會，推動新產品和更新產品的創新、構思和執行，以及通路擴張，同時支持我們的類別領先品牌。

Additionally, our cost actions will provide important resources to invest in growth. We are looking to improve the cadence of new and refreshed product introductions. We see opportunities across our portfolio to bring new products to market, which will help reinvigorate our growth profile. There is a pipeline of projects to bring products to market that we are excited about.

此外，我們的成本行動將為投資成長提供重要資源。我們希望提高新產品和更新產品推出的節奏。我們在我們的產品組合中看到了將新產品推向市場的機會，這將有助於重振我們的成長前景。我們對一系列將產品推向市場的項目感到興奮。

Before I turn the call over to Deb, I want to close by emphasizing how excited I am about the opportunity we have at ACCO Brands as we reposition the company for long-term, sustainable, profitable growth. I am confident our actions will improve our potential for sales growth and strengthen our future profits and cash flows. Our portfolio is geographically diverse, with iconic brands that resonate with local consumers.

在將電話轉給 Deb 之前，我想最後強調一下，在我們重新定位公司以實現長期、可持續、盈利增長的過程中，我對 ACCO Brands 所擁有的機會感到非常興奮。我相信我們的行動將提高我們的銷售成長潛力，並增強我們未來的利潤和現金流。我們的產品組合遍佈各地，擁有與當地消費者產生共鳴的標誌性品牌。

We deliver unmatched customer service and sell our products in over 100 countries. Our products range from value to premium price points, which appeal to the vast needs of today's consumers. This broad assortment allows our retail customers to win in key seasonal sets, which has strengthened these important relationships and made ACCO Brands a trusted supplier.

我們提供無與倫比的客戶服務，並在 100 多個國家/地區銷售我們的產品。我們的產品價格從超值到高端，能夠滿足當今消費者的廣泛需求。這種廣泛的品種使我們的零售客戶能夠在關鍵的季節性產品中獲勝，從而加強了這些重要的關係，並使 ACCO Brands 成為值得信賴的供應商。

Over the years, we have also reduced our dependence on commercial channels in mature markets and have repositioned the company around key retailers. While we have expanded our portfolio beyond traditional commercial products, they remain an important part of the portfolio, generating significant cash flow to reinvest for future growth. We have always been a consistent generator of strong free cash flow and will continue to prioritize dividend payments and reduce debt.

多年來，我們也減少了對成熟市場商業管道的依賴，並圍繞主要零售商重新定位公司。儘管我們已將投資組合擴展到傳統商業產品之外，但它們仍然是投資組合的重要組成部分，可產生大量現金流用於再投資以實現未來成長。我們一直是強勁自由現金流的持續創造者，並將繼續優先考慮股息支付和減少債務。

Our balance sheet is strong, with no debt maturities until 2026 and low fixed interest rates on over half of our outstanding debt. Lastly, we have an experienced leadership team with a deep knowledge of the categories we compete in and strong customer relationships. They have the experience to execute on the actions we are taking, and I am confident we will successfully position ACCO Brands to deliver long-term, sustainable, profitable growth.

我們的資產負債表穩健，2026 年之前沒有債務到期，超過一半的未償債務固定利率較低。最後，我們擁有一支經驗豐富的領導團隊，對我們的競爭類別有深入的了解，並且擁有強大的客戶關係。他們擁有執行我們正在採取的行動的經驗，我相信我們將成功定位 ACCO Brands，實現長期、可持續、有利可圖的成長。

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

我現在將其交給黛布，我們將回來回答您的問題。德布？

Thank you, Tom, and good morning, everyone. When we last spoke in November, we highlighted a slow demand environment due to the current macroeconomic backdrop. While this continued in the fourth quarter, we were able to report sales ahead of our outlook, and we did benefit slightly from favorable foreign currency exchange. We continue to make great progress in recovering our lost margin from the extreme inflation that challenged the company's margin profile in 2022.

謝謝你，湯姆，大家早安。當我們上次在 11 月講話時，我們強調了當前宏觀經濟背景導致的需求放緩。雖然這種情況在第四季度持續存在，但我們能夠在展望之前報告銷售情況，而且我們確實從有利的外匯兌換中略微受益。我們在挽回因極端通膨而損失的利潤方面繼續取得重大進展，極端通膨對 2022 年公司的利潤狀況構成挑戰。

Our gross margin profile significantly improved in the fourth quarter and full year, and we managed costs well, which allowed us to deliver adjusted EPS and cash flow above our outlook. I want to provide more detail on the cost reduction program. As Tom discussed earlier, the program is targeting at least $60 million in pre-tax annual savings at the completion of the programs in late 2026.

我們的毛利率在第四季度和全年顯著改善，我們很好地管理了成本，這使我們能夠實現調整後的每股收益和現金流高於我們的預期。我想提供有關成本削減計劃的更多細節。正如 Tom 之前討論的那樣，該計劃的目標是在 2026 年底完成時每年節省至少 6000 萬美元的稅前費用。

In the fourth quarter, we recognized restructuring charges of $21 million related to the program, largely in our North America segment. Total cash expenditures are expected to be $18 million in 2024. We expect to realize over $20 million of cost savings in 2024 specifically from this program. These savings will help offset merit and overall inflation, stabilizing profitability in a challenging sales environment.

第四季度，我們確認了與該計劃相關的 2,100 萬美元重組費用，主要發生在我們的北美部門。2024 年現金支出總額預計為 1,800 萬美元。我們預計到 2024 年，該計劃將節省超過 2000 萬美元的成本。這些節省將有助於抵消績效和整體通膨，從而在充滿挑戰的銷售環境中穩定獲利能力。

In 2025 and 2026, we expect a greater benefit to both profits and cash flows while positioning the company for growth. We are also moving from three operating segments to two, and will begin reporting under the New Americas and International segments, beginning with the first quarter of 2024.

2025年和2026年，我們預期利潤和現金流將獲得更大收益，同時為公司的成長做好準備。我們也將從三個營運部門轉變為兩個部門，並將從 2024 年第一季開始在新美洲和國際部門下進行報告。

In addition, in the fourth quarter, we took a noncash goodwill impairment charge of $90 million. The charge is reflected in our North America segment, which carries a significant amount of goodwill from previous acquisitions. It reflects the market challenges that have impacted the segment over the past few years.

此外，在第四季度，我們提列了 9,000 萬美元的非現金商譽減損費用。該費用反映在我們的北美部門，該部門從先前的收購中獲得了大量商譽。它反映了過去幾年影響該領域的市場挑戰。

Now turning to sales. Reported sales in the fourth quarter of 2023 decreased 2.5% versus the prior year. Comparable sales, excluding foreign exchange, were down 5% versus the prior year. The sales decline was due to lower volumes in North America and EMEA, more than offsetting global price increases and growth in the International segment. The declines largely reflect a more challenging macroeconomic environment especially relating to our computer accessories offering.

現在轉向銷售。2023 年第四季報告銷售額較前一年下降 2.5%。不計外匯的可比銷售額比上年下降 5%。銷售額下降是由於北美和歐洲、中東和非洲銷量下降，足以抵消全球價格上漲和國際市場的成長。下降很大程度上反映了更具挑戰性的宏觀經濟環境，尤其是與我們的電腦配件產品相關的環境。

Growth profit for the fourth quarter was $170 million, an increase of 17% despite lower sales, as growth margin improved 570 basis points from the cumulative effect of our pricing and cost reduction actions and moderating input costs. Adjusted SG&A expense of $102 million was up from $93 million in the fourth quarter. Adjusted SG&A as a percent of sales increased to 20.8% due to the lower level of sale.

第四季的成長利潤為 1.7 億美元，儘管銷售額下降，但成長了 17%，由於我們的定價和成本削減行動以及降低投入成本的累積效應，成長率提高了 570 個基點。調整後的 SG&A 費用為 1.02 億美元，高於第四季的 9,300 萬美元。由於銷售水準較低，調整後的 SG&A 佔銷售額的百分比增加至 20.8%。

Strong cost controls were more than offset by loading back in a normalized level of incentive compensation expense. Adjusted operating income for the fourth quarter was $68 million, up 31%, compared with the $52 million last year. Adjusted EPS was $0.39 per share versus $0.32 for share in 2022 as our growth in adjusted operating income was somewhat offset by increases in interest and nonoperating pension expense.

強而有力的成本控制被恢復到正常水準的激勵補償費用所抵銷。第四季調整後營業收入為 6,800 萬美元，較去年同期的 5,200 萬美元成長 31%。調整後每股收益為 0.39 美元，而 2022 年每股收益為 0.32 美元，因為我們調整後營業收入的成長在一定程度上被利息和非營業退休金費用的成長所抵消。

Now let's turn to our segment results. I will highlight the full-year results as quarterly trends were similar throughout the course of the year. In North America, reported and comparable sales both declined 11% as volume declines more than offset a cumulative pricing action. Sales for the full year were impacted by lower business and consumer demand. Much of the decline was related to our computer accessories offering as IT spending was constricted throughout the year, especially for PCs. Outside of computer accessories, the product category declines were less. Sales of our products were also challenged by a lower than anticipated return to office trend, and retailers continued to manage their inventory tightly, replenishing only to POS.

現在讓我們看看我們的細分結果。我將重點介紹全年業績，因為全年的季度趨勢相似。在北美，報告銷售額和可比銷售額均下降了 11%，因為銷售量下降超過了累積定價行動的影響。全年銷售受到商業和消費者需求下降的影響。下降的主要原因與我們的電腦配件產品有關，因為 IT 支出全年都受到限制，尤其是個人電腦。除電腦配件外，產品類別下降幅度較小。我們的產品銷售也受到低於預期的重返辦公室趨勢的挑戰，零售商繼續嚴格管理庫存，僅向 POS 補貨。

In our gaming accessories category, demand was uneven throughout the year and saw a decline for the full year due to weaker consumer spending trends and increased competition. North America adjusted operating income margin for the full year increased 160 basis points to 13.8% from the prior year with adjusted operating income growing 1% despite the sales decline. The increase in both was due to the cumulative effect of our pricing and cost actions.

在我們的遊戲配件類別中，全年需求不平衡，由於消費者支出趨勢疲軟和競爭加劇，全年需求下降。北美地區全年調整後營業利潤率較上年增長 160 個基點，達到 13.8%，儘管銷售額下降，但調整後營業收入仍增長 1%。兩者的成長是由於我們的定價和成本行動的累積效應。

Now let's turn to EMEA. For the full year, reported sales declined 6% and comparable sales were down 7% due to volume declines. Lower sales of technology accessories were the main driver of the decline, largely due to weaker IT and gaming spend. Demand for our commercial products remain challenged due to the economic environment. EMEA's adjusted operating income margin for the full year increased 500 basis points to 11.4% with adjusted operating income growing almost 70% for the full year.

現在讓我們轉向歐洲、中東和非洲地區。全年報告銷售額下降 6%，由於銷量下降，可比銷售額下降 7%。技術配件銷售下降是銷售下降的主要原因，這主要是由於 IT 和遊戲支出疲軟。由於經濟環境，對我們商業產品的需求仍面臨挑戰。歐洲、中東和非洲地區全年調整後營業利潤率成長了 500 個基點，達到 11.4%，全年調整後營業收入成長了近 70%。

The improvement in adjusted operating income was due to our pricing and cost reduction actions as well as moderating input costs. Our pricing actions lagged the impact of extreme inflation last year, but this year we have successfully recovered most of our margins.

調整後營業收入的改善歸功於我們的定價和成本削減行動以及投入成本的控制。去年我們的定價行動落後於極端通膨的影響，但今年我們成功恢復了大部分利潤。

Moving to the International segment, for the full year, reported sales increased 8% and comparable sales increased 5%. The growth in both reflects price increases and volume growth in Latin America as back to school continued its recovery. These were partially offset by reduced demand for technology accessories and lower overall demand due to weaker economies in Australia and Asia.

轉向國際業務，全年報告銷售額成長 8%，可比銷售額成長 5%。兩者的增長反映了拉丁美洲隨著返校繼續復甦而出現的價格上漲和銷售增長。由於澳洲和亞洲經濟疲軟，對技術配件的需求減少以及整體需求下降，部分抵消了這些影響。

For the full year, the international segment posted an adjusted operating margin of 17.1%, an increase of 130 basis points and adjusted operating income of $68 million, an increase of 17%. The improvements were due to pricing and cost actions which more than offset higher go-to-market spending and increased people costs and incentive compensation.

全年國際業務調整後營業利益率為 17.1%，成長 130 個基點，調整後營業收入為 6,800 萬美元，成長 17%。這些改善歸因於定價和成本行動，這遠遠抵消了更高的進入市場支出以及增加的人員成本和激勵薪酬。

Switching to cash flow and balance sheet items, as we have previously discussed due to our seasonality, we generally use cash in the first half of the year and generate significant cash flow in the second half of the year. In 2023, adjusted free cash flow was $118 million versus $78 million in 2022. The $40 million improvement was driven by improved working capital management as we lowered inventory by 17% and had lower prior-year incentives payouts. We ended the quarter with a consolidated leverage ratio of 3.4 times, down from the 4.2 times at the end of '22 and well below our 4.25 times covenant ratio. Longer term, we are still targeting a ratio of 2 to 2.5 times.

轉向現金流和資產負債表項目，正如我們之前討論的，由於季節性，我們通常在上半年使用現金，並在下半年產生大量現金流。2023 年，調整後自由現金流為 1.18 億美元，而 2022 年為 7,800 萬美元。4000 萬美元的改善是由於我們將庫存降低了 17% 並降低了上一年的激勵支出，從而改善了營運資金管理。本季結束時，我們的綜合槓桿率為 3.4 倍，低於 22 年末的 4.2 倍，也遠低於我們的 4.25 倍契約比率。長期來看，我們的目標仍是2至2.5倍。

At year end, we had $566 million of remaining availability on our $600 million revolving credit facility. As shown on our earning slide, more than half of our debt is at a fixed interest rate of 4.25% and does not mature until 2029. We ended the year with total growth debt of $926 million, $88 million lower than the same time last year, and our cash balance was $66 million.

截至年底，我們 6 億美元的循環信貸額度還剩 5.66 億美元。正如我們的獲利幻燈片所示，我們一半以上的債務的固定利率為 4.25%，並且要到 2029 年才會到期。截至年底，我們的成長債務總額為 9.26 億美元，比去年同期減少 8,800 萬美元，現金餘額為 6,600 萬美元。

Turning to 2024, we are anticipating softer sales given economic indications of muted consumer demand and the uncertainty of business spending. In addition, industry expectations for our back-to-school products are to be down modestly. While Tom spoke earlier about our expectation of an extended recovery in our Kensington-branded computer accessories, we also believe that PowerA will continue to recover at a choppier, slower pace.

展望 2024 年，鑑於消費者需求疲軟和商業支出的不確定性等經濟跡象，我們預期銷售將放緩。此外，業界對我們的返校產品的期望將適度下降。雖然 Tom 早些時候談到了我們對 Kensington 品牌電腦配件的長期復甦的預期，但我們也相信 PowerA 將繼續以更不穩定、更緩慢的速度復甦。

We expect demand for our gaming accessories to remain muted as consoles approach the end of their product life cycles. At the beginning of the year, we made decisions to optimize our product portfolio by exiting low-margin business and strategically reducing distribution in certain channels. These actions were primarily in the North American segments. Our full-year outlook calls for demand trends to improve in the second half of 2024 as the economic environment improves and technology spends rebound.

隨著遊戲機產品生命週期接近尾聲，我們預計對遊戲配件的需求將保持低迷。今年年初，我們決定透過退出低利潤業務並策略性減少某些管道的分銷來優化我們的產品組合。這些行動主要針對北美市場。我們的全年展望預計，隨著經濟環境改善和技術支出反彈，2024 年下半年需求趨勢將有所改善。

Therefore, we are providing an outlook of reported sales to be within a range of down 2% to down 5% for the full year. We do expect 2024 to be a reset year as we believe the actions we have currently undertaken when implemented will better position us to deliver longer-term growth.

因此，我們預計全年報告銷售額將下降 2% 至 5%。我們確實預計 2024 年將是重置年，因為我們相信，我們目前採取的行動一旦實施，將使我們能夠更好地實現長期成長。

For the full year, we expect adjusted EPS to be comparable to 2023 and are guiding to a range of $1.07 to $1.11 per share. We expect full-year growth margins to be flat to modestly improve compared to 2023. SG&A costs will be consistent or slightly down to the prior year as savings from our cost actions are somewhat offset by inflationary pressures related to labor and other costs. The adjusted tax rate is expected to be approximately 29%, and tangible amortization for the full year is estimated to be $42 million, which equates to approximately $0.30 of adjusted EPS. We expect our free cash flow to be at least $120 million after CapEx of $15 million.

對於全年，我們預計調整後每股收益將與 2023 年相當，指導範圍為每股 1.07 美元至 1.11 美元。我們預計全年成長率與 2023 年相比將持平並略有改善。SG&A 成本將與前一年持平或略有下降，因為我們的成本行動節省的成本在一定程度上被與勞動力和其他成本相關的通膨壓力所抵消。調整後的稅率預計約為 29%，全年有形攤銷預計為 4,200 萬美元，相當於調整後每股收益約 0.30 美元。我們預計，扣除 1,500 萬美元的資本支出後，我們的自由現金流量將至少為 1.2 億美元。

Looking at cash uses in 2024, we expect to continue to prioritize dividends and debt reduction and expect to end 2024 with a consolidated leverage ratio of approximately 3 to 3.2 times. As typical, our first quarter has the lowest level of sales and EPS compared to the other quarters. There is also more sales variability in the first and second quarter given the timing of shipments for back to school. The portfolio optimization in North America that I discussed earlier will disproportionately impact the first and second quarters. Therefore, we expect reported sales to be down 6.5% to down 8% in the first quarter.

考慮到2024年的現金使用情況，我們預計將繼續優先考慮股利和債務削減，並預計到2024年底綜合槓桿率約為3至3.2倍。通常，與其他季度相比，我們第一季的銷售額和每股收益水準最低。考慮到返校的出貨時間，第一季和第二季的銷售波動也更大。我之前討論的北美投資組合優化將對第一季和第二季產生不成比例的影響。因此，我們預計第一季報告銷售額將下降 6.5% 至 8%。

In addition, due to a change phasing of our incentive compensation expense, our SG&A will be higher in the first half of 2024 versus the prior year. While this change will reduce first half EPS, the difference will be made up entirely in the back half of the year. Our first quarter outlook is for adjusted EPS to be in a range of $0.01 to $0.04 per share.

此外，由於我們的激勵薪酬費用分階段發生變化，我們 2024 年上半年的銷售、管理及管理費用將高於上年。雖然這項變動將減少上半年每股收益，但這一差異將在下半年完全彌補。我們預計第一季調整後每股收益將在 0.01 美元至 0.04 美元之間。

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

現在，讓我們進入問答環節，湯姆和我很樂意回答您的問題。操作員？

(Operator Instructions) Gregory Burns, Sidoti & Co.

（操作員說明）Gregory Burns，Sidoti & Co.

The goodwill impairment, was that tied to any one acquisition in particular, or was it just broad based across the portfolio of acquisitions you've done?

商譽減損是否與任何一項特定收購有關，還是只是廣泛存在於您所進行的收購組合中？

No, that's right, Greg. It's Deb. Hi. Thanks for joining. It was across the board. Really, we look at goodwill on a segment basis and the cash flows given some of the forecasting challenges that we've had just warranted that review. And once you get into it, unfortunately, our WAC was higher given interest rates and things like that, but it's broad based.

不，沒錯，格雷格。這是黛布。你好。感謝您的加入。這是全面的。事實上，考慮到我們剛剛需要進行審查的一些預測挑戰，我們會按部門來檢視商譽和現金流。不幸的是，一旦你進入這個領域，考慮到利率和類似因素，我們的 WAC 會更高，但它的基礎廣泛。

Okay. And then when you look at the outlook for technology spending, what gives you confidence that you see it either stabilize or rebound as we go into the back half of this year? Are you seeing anything in particular that gives you confidence in that view?

好的。然後，當您審視技術支出的前景時，是什麼讓您有信心在今年下半年看到技術支出穩定或反彈？您是否看到任何特別的東西讓您對這種觀點充滿信心？

Yeah, Greg. Let me give you a couple of insights or points of insights that may help address that question. So first of all, yeah, we are starting to see some signs of life within parts of our technology accessories business. So that's the first reason for optimism. Number two, right, we're cycling through a fairly significant dip in a historically consistent industry, right.

是的，格雷格。讓我給你一些可能有助於解決這個問題的見解或觀點。首先，是的，我們開始在部分技術配件業務中看到一些生機跡象。這是樂觀的第一個理由。第二，對吧，我們正在經歷一個歷史上一致的行業相當顯著的下滑，對吧。

The laptop PC industry has historically been kind of a 3% to 5% CAGR business, and we saw that dip pretty significantly. So history would tell you that it will return and rebound. In addition, you have AI computing, Windows 11, you have a number of different other developments that are going to require new deployments of PCs in the near term. So a number of different factors give us confidence that it will return. We are being cautious in our view, and we think it likely is a late 2024 story before we get into more robust spend.

筆記型電腦產業歷來都是複合年增長率為 3% 到 5% 的行業，我們發現這一數字下降相當顯著。所以歷史會告訴你，它會回歸並反彈。此外，還有人工智慧運算、Windows 11，以及許多不同的其他開發，這些開發將需要在短期內部署新的 PC。因此，許多不同的因素讓我們相信它會回歸。我們持謹慎態度，我們認為這可能要等到 2024 年末才會出現更強勁的支出。

How much is that business down for the peak, maybe in absolute dollars if you give it or percentage wise?

該業務在高峰時期下降了多少，如果您給出的話，可能是絕對美元或百分比？

Yeah, are you speaking to the computer accessories specifically, Greg?

是的，你是在專門談論電腦配件嗎，格雷格？

Yeah, Kensington.

是的，肯辛頓。

Yeah, we're down a good double digit in that category over the last year.

是的，去年我們在這一類別中下降了兩位數。

Okay, and then on the gaming side, what's the nature of your partnership with Epic? Is it a global licensing agreement? Is it North America-specific? Can you just give us some more details there?

好的，那麼在遊戲方面，您與 Epic 的合作性質是什麼？這是全球授權協議嗎？是北美特有的嗎？您能給我們更多詳細資訊嗎？

And then when you look at the growth potential for PowerA, how much of that business is levered to the Switch? I think there's a new Switch coming out from Nintendo. And maybe also we're starting about three years past the pandemic now. Is there a potential replacement cycle with some of those bubble of pandemic activity that happened a few years ago?

然後，當您考慮 PowerA 的成長潛力時，該業務中有多少是透過 Switch 實現的？我認為任天堂將推出一款新的 Switch。也許我們現在也是在疫情大流行三年後才開始。幾年前發生的一些大流行活動泡沫是否存在潛在的替代週期？

Sure. So, first, let me take the Fortnite question. It is a global license. We just announced it. So we're in the early stages of commercializing it in the markets in which we compete in.

當然。首先，讓我回答《要塞英雄》的問題。這是全球許可證。我們剛剛宣布了這一消息。因此，我們正處於在我們參與競爭的市場中將其商業化的早期階段。

And then in terms of gaming in general, it is fairly cyclical, and it is tied to console launches. And our business is tied disproportionately to Xbox and Nintendo, Microsoft and Nintendo. We have not heard definitively when new console releases will hit the market, so it's difficult for us to comment specifically. But we do see rebounds, nice rebounds, and attach rates when new consoles are introduced. And so that is definitely an opportunity for us to expand sales when those consoles hit the market.

就一般遊戲而言，它具有相當的周期性，並且與遊戲機的發布相關。我們的業務與 Xbox 和任天堂、微軟和任天堂的聯繫不成比例。我們還沒有確切消息新遊戲機何時上市，因此我們很難具體發表評論。但當新遊戲機推出時，我們確實看到了反彈，不錯的反彈和附加率。因此，當這些遊戲機上市時，這絕對是我們擴大銷售的機會。

So we're excited about that. We keep a close eye on it, but we don't have any insights definitively as to when Xbox and Nintendo will drop new consoles.

所以我們對此感到興奮。我們密切關注此事，但對於 Xbox 和任天堂何時放棄新遊戲機，我們沒有任何明確的見解。

Okay.

好的。

Joe Gomes, NOBLE Capital.

喬·戈麥斯，NOBLE Capital。

Just wanted to see if you could dive in a little bit more detail into what drove the better than expected fourth-quarter top line?

只是想看看您是否可以更詳細地了解是什麼推動了第四季度營收好於預期？

Sure. I think we saw a little bit of demand moderating in the fourth quarter throughout the organization. And I think, as we look to the future, or hopefully that continues, as we talk about the first and second quarter being a little bit more pressured but kind of longer term in the year, reflecting more like that fourth quarter.

當然。我認為我們在第四季度看到整個組織的需求放緩。我認為，當我們展望未來時，或者希望這種情況繼續下去時，當我們談論第一季度和第二季度的壓力有點大，但從長遠來看，這一年的情況更像是第四季度的情況。

Okay, and have you seen any significant or material switch to the generic products from branded?

好的，您是否看到任何從品牌產品到通用產品的重大或實質轉變？

Joe, this is Tom. We watch market shares across all of our key categories quite closely, and we haven't seen any significant or material shifts in trend and market share. So that is something we pay very close attention to, and candidly, it's a big focus of ours in 2024 and beyond is to take market share in each of our categories. But to answer the question specifically, we haven't seen a material shift or change in trend in market shares in these uncertain economic times. Our brands have held up quite well.

喬，這是湯姆。我們非常密切地關注所有關鍵類別的市場份額，並且我們沒有看到趨勢和市場份額出現任何重大或實質變化。因此，這是我們非常密切關注的事情，坦白說，我們 2024 年及以後的重點是在每個類別中佔據市場份額。但具體回答這個問題，在這個不確定的經濟時期，我們還沒有看到市佔率趨勢發生重大轉變或變化。我們的品牌一直保持得很好。

Okay, great. And one last one for me, I'll get back in the queue. In the release, you talked about exiting low margin businesses. Again, I'm wondering if you could give us a little more color on what specifically are you exiting?

好的，太好了。最後一件事是我的，我會回到隊列中。在新聞稿中，您談到了退出低利潤業務。再次，我想知道您是否可以給我們更多的資訊來說明您具體要退出什麼？

Yeah, another solid question, Joe. So the concentration of those business exits is predominantly in our US business, and there is a range that we have exited globally, and I'll talk about that in a moment. But it's predominantly private-label business, and it's predominantly around the back-to-school season, so it's disproportionately impacting us in the first half of the year, as Deb mentioned earlier. While we're exiting those businesses, it frees up, frankly capacity of our marketing team and our sales team to focus on more value-added revenue streams, and frankly, it's going to impact our gross margin in a positive way. So we view that net as a positive development even though it does impact the top line in the short term.

是的，另一個可靠的問題，喬。因此，這些業務退出主要集中在我們的美國業務，我們在全球範圍內退出了一系列業務，我稍後會討論這一點。但它主要是自有品牌業務，而且主要是在返校季節，所以正如黛布之前提到的，它在今年上半年對我們的影響不成比例。當我們退出這些業務時，坦白說，它釋放了我們的行銷團隊和銷售團隊的能力，讓他們能夠專注於更多增值收入流，坦白說，這將對我們的毛利率產生積極的影響。因此，我們認為該淨值是一個積極的發展，儘管它確實會在短期內影響營收。

And then specifically to global product exits, we have exited certain products within our wellness category. And that was a category that was really impacted by the pandemic where we saw a number of competitors, mostly from Asia, come into the market and really drive down the price points into the category that we just believe were unsustainable for us. And so we made a tough decision, but we believe the right business decision to exit certain categories in the wellness space globally.

然後，特別是在全球產品退出方面，我們已經退出了健康類別中的某些產品。這是一個真正受到大流行影響的類別，我們看到許多競爭對手（主要來自亞洲）進入市場，並將價格點真正壓低到我們認為對我們來說不可持續的類別。因此，我們做出了一個艱難的決定，但我們相信退出全球健康領域的某些類別是正確的商業決策。

So those are the two primary drivers that impact that piece of the conversation. And we think they both better position us long term.

這些是影響該對話的兩個主要驅動因素。我們認為，從長遠來看，它們都能更好地定位我們。

William Reuter, Bank of America.

威廉·路透，美國銀行。

So firstly, you mentioned some increased competition in terms of gaming accessories. What's going on there? Is it new entrants who are producing products that are competing with your own, or are the branded manufacturers making additional products that are somehow in competition with yours?

首先，您提到遊戲配件的競爭加劇。那裡發生了什麼事？是新進業者正在生產與您自己的產品競爭的產品，還是品牌製造商正在生產與您的產品競爭的其他產品？

Yeah, Bill, thank you for the question. So it's a bit of both. It is some existing competitors getting a bit more aggressive in certain channels and with certain customers in certain markets. And it is some new entrants into certain markets. They're not new into the category globally, but they've entered into new countries as they've expanded their efforts. And so it's a combination of both of those factors that we are dealing with in the category at the moment.

是的，比爾，謝謝你的提問。所以兩者兼而有之。一些現有的競爭對手在某些通路和某些市場的某些客戶上變得更加激進。這是一些新進入者進入某些市場。他們在全球範圍內並不是新進入該類別的公司，但隨著他們擴大努力，他們已經進入了新的國家。因此，這是我們目前在該類別中處理的這兩個因素的結合。

Is the new competition that is not necessarily the branded guys, but more like yourself, are they introducing products that have greater functionality, or are they trying to either introduce lower list prices, are they being more promotional? What is their strategy?

新的競爭者不一定是品牌商，而是更像你自己，他們是否推出了功能更強大的產品，或者他們是否試圖推出更低的標價，他們是否進行了更多促銷？他們的策略是什麼？

Yeah, it's really driven on promotions and some pricing actions to take peg space in retail. We're not seeing globally new entrants into the competitive set. However, we are seeing some competitors act differently as they are likely trying to move through excess inventory and gain market share in a declining cycle of the category. So we have good plans in place.

是的，它確實是由促銷和一些定價行為推動的，以在零售業中佔據一定的空間。我們沒有看到全球新的競爭者加入。然而，我們看到一些競爭對手的行為有所不同，因為他們可能試圖在該類別的下降週期中擺脫過剩庫存並獲得市場份額。所以我們已經制定了良好的計劃。

We think we're well positioned long term with our retail partners. We think our products add more value to the gaming experience. We think we're a better value for all of the consumers who choose PowerA. So we think we're well positioned long term, but we have seen some things that are a little bit different than what we've seen historically in the last 12 months.

我們認為，從長遠來看，我們與零售合作夥伴處於有利地位。我們認為我們的產品可以為遊戲體驗增添更多價值。我們認為，對於所有選擇 PowerA 的消費者來說，我們具有更好的價值。因此，我們認為從長遠來看，我們處於有利地位，但我們看到的一些事情與過去 12 個月的歷史情況略有不同。

Okay. And then on the traditional office products or computer accessories business is, how were POS in those categories in the fourth quarter? And if you could talk about how inventory levels are at retail due to the selling sales, are they working to reduce their inventory such that your sell-in is actually below sell-through? How do those two compares?

好的。那麼在傳統的辦公產品或電腦配件業務上，第四季度POS在這些品類上表現如何？如果您能談談由於銷售而造成的零售庫存水平如何，他們是否正在努力減少庫存，以便您的銷售實際上低於售出率？這兩者相比如何？

Okay. Yeah. It's a good question though. So POS, as Deb mentioned earlier, moderated a bit in Q4, which was an encouraging development for the business. And I think that was reflected in our sales performance. We saw kind of mixed POS depending on the category, which isn't inconsistent with what we typically see, but we did see improvement in trends and a number of key business categories for us.

好的。是的。不過，這是一個好問題。因此，正如 Deb 之前提到的，POS 在第四季度有所放緩，這對該業務來說是一個令人鼓舞的發展。我認為這反映在我們的銷售業績上。我們看到了不同類別的混合 POS，這與我們通常看到的情況並不矛盾，但我們確實看到了趨勢和一些關鍵業務類別的改善。

The POS being down is reflected in our current inventory positions with our key customers. We track that information fairly closely, particularly here in the US, and our weeks of supply are pretty consistent year over year. However they are buying to POS with POS being down and obviously purchases are down as well.

POS 的停機反映在我們目前與主要客戶的庫存狀況。我們相當密切地追蹤這些訊息，尤其是在美國，而且我們的供應週數逐年相當穩定。然而，他們正在透過 POS 進行購買，但 POS 下降了，顯然購買量也下降了。

Great. I'll pass it on.

偉大的。我會把它傳遞下去。

Hale Holden, Barclays.

黑爾·霍頓，巴克萊銀行。

Tom, that was a pretty full-throated kind of embrace of innovation. So I was wondering if you could give us some categories that you guys were focused on or how much you thought new products could move the needle?

湯姆，這是對創新的一種非常全面的擁抱。所以我想知道你們能否給我們一些你們關注的類別，或者您認為新產品可以在多大程度上發揮作用？

Yes, Hale, it is a big emphasis of our senior leadership team at ACCO Brands, leaning in more heavily than we have historically into product development and new product innovation. We see opportunities for growth really in the entire portfolio. Now the strategies that we're going to deploy are going to be a bit different in categories that have some secular headwinds. It's going to be about market share gains. And so what can we do? What can we introduce to better position us to take market share?

是的，Hale，這是我們 ACCO Brands 高階領導團隊的重點，比以往更重視產品開發和新產品創新。我們在整個投資組合中真正看到了成長的機會。現在，我們將要部署的策略在存在一些長期阻力的類別中會有所不同。這將關係到市場份額的成長。那我們能做什麼呢？我們可以推出什麼來更好地佔據市場份額？

And then in certain categories, obviously, we're going to follow form factor changes in computer accessories. For example, we'll follow console development and gaming, but we will lean in across each of them and not the same, right? We'll disproportionately distort resources and investments to where we believe the highest growth opportunities reside.

顯然，在某些類別中，我們將遵循電腦配件的外形尺寸變化。例如，我們將專注於控制台開發和遊戲，但我們會在每個方面進行傾斜，但並不相同，對嗎？我們將不成比例地將資源和投資分配到我們認為具有最高成長機會的地方。

So in the near term, we're clearly focused on computer accessories and gaming accessories. Those businesses provide us the long-term growth opportunities and with the reset that we've seen in the marketplace provide opportunities for us to lean in with some product options for consumers and businesses. That doesn't mean the rest of the portfolio will be starved. We'll absolutely invest in other categories, but those two categories will get distorted investments compared to others.

因此，在短期內，我們顯然會專注於電腦配件和遊戲配件。這些業務為我們提供了長期成長機會，我們在市場上看到的重置為我們提供了為消費者和企業提供一些產品選擇的機會。這並不意味著投資組合的其餘部分將挨餓。我們絕對會投資其他類別，但與其他類別相比，這兩個類別的投資將會扭曲。

Great. And then, Deb, can you, I guess, give us a sense of the dollar shift between first half and second half on incentive comp? Is that stock-based comp or cash comp that's coming out of SG&A in terms of the swing?

偉大的。然後，黛布，我想你可以為我們介紹一下上半年和下半年激勵補償的美元變化嗎？就波動而言，SG&A 是基於股票的補償還是現金補償？

Sure. Yeah, it's the swing. I mean, we had a half year plan historically that we aren't having anymore, and so our whole way of looking at it and incentive comp kind of takes us back to how most companies do it, which is the pro rata way. And it's probably a couple a cent shifts out of the first half into the second.

當然。是的，就是鞦韆。我的意思是，我們歷史上有一個半年計劃，但現在我們不再有了，所以我們看待它和激勵補償的整個方式讓我們回到了大多數公司的做法，這是按比例的方式。從上半場到下半場的轉移可能有幾美分。

(Operator Instructions) We have had no further questions, so I'd like to hand it back to Tom Tedford for any final remarks.

（操作員說明）我們沒有進一步的問題，因此我想將其交還給 Tom Tedford 以供最後評論。

Thank you for your interest in ACCO Brands. We look forward to talking to you in a couple of months to report on our first-quarter results.

感謝您對 ACCO 品牌的興趣。我們期待在幾個月後與您交談，報告我們第一季的業績。

Thank you for joining. I can confirm that does conclude today's ACCO Brands fourth quarter and full-year 2023 earnings conference call. You may now disconnect your lines. And please enjoy the rest of your day.

感謝您的加入。我可以確認今天的 ACCO Brands 第四季和 2023 年全年財報電話會議確實結束了。現在您可以斷開線路。請享受您今天剩下的時間。