ACCO Brands Corp (ACCO) 2025 Q1 法說會逐字稿

Hello, everybody, and welcome to the ACCO Brands first-quarter 2025. My name is Elliot, and I'll be your coordinator today. (Operator Instructions)

大家好，歡迎來到 ACCO Brands 2025 年第一季。我叫艾略特，今天我將擔任您的協調員。（操作員指示）

I'd now like to hand over to Chris McGinnis, Senior Director of Investor Relations. Please go ahead.

現在我想把麥克風交給投資者關係高級總監 Chris McGinnis。請繼續。

Good morning, and welcome to the ACCO Brands first-quarter 2025 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 first-quarter results and provide an update on our 2025 priorities.

早安，歡迎參加 ACCO Brands 2025 年第一季電話會議。我是投資者關係高級總監克里斯·麥金尼斯 (Chris McGinnis)。今天參加電話會議的演講者是 ACCO Brands Corporation 總裁兼執行長湯姆·泰德福德 (Tom Tedford)。湯姆將概述我們的第一季業績並提供我們 2025 年優先事項的最新資訊。

Also speaking today is Deb O'Connor, Executive Vice President and Chief Financial Officer, who will provide greater detail on our first-quarter results and second-quarter outlook. We will then open the lines for questions. Slides that accompany this call have been posted to the Investor Relations section of accobrands.com.

今天發言的還有執行副總裁兼財務長 Deb O'Connor，他將詳細介紹我們的第一季業績和第二季展望。然後我們將開放提問熱線。本次電話會議附帶的幻燈片已發佈至accobrands.com 的投資者關係部分。

When speaking about our results, we may refer to adjusted results. Adjusted results exclude amortization and restructuring costs, noncash goodwill and intangible asset impairment charges, and other nonrecurring items and unusual tax items, and include adjustments to reflect the estimated annual tax rate on the quarterly earnings.

當談到我們的結果時，我們可能會參考調整後的結果。調整後的結果不包括攤銷和重組成本、非現金商譽和無形資產減損費用以及其他非經常性項目和不尋常的稅項，並包括反映季度收益的預計年稅率的調整。

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.

調整後績效和其他非 GAAP 財務指標的附表以及這些指標與最直接可比較的 GAAP 指標的對帳表均包含在本次電話會議的收益報告和幻燈片中。

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.

由於預測和量化某些金額本身有困難，我們不會調整前瞻性的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，基於我們在做出陳述時所掌握的資訊。

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.

我們的前瞻性陳述受風險和不確定性的影響，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美國證券交易委員會 (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截至今天所做的，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·泰德福德。

Thank you, Chris. Good morning, everyone, and welcome to ACCO Brands first-quarter 2025 earnings call. Last night, we reported first quarter sales in line with our outlook and adjusted EPS above our outlook. A combination of favorable sales mix and our proactive approach to managing costs enables us to expand our gross margin by 60 basis points.

謝謝你，克里斯。大家早安，歡迎參加 ACCO Brands 2025 年第一季財報電話會議。昨晚，我們報告的第一季銷售額符合我們的預期，調整後的每股盈餘高於我們的預期。良好的銷售組合和積極主動的成本管理方法使我們的毛利率提高了 60 個基點。

Overall, demand trends were largely consistent with our expectations across most categories and geographies, highlighted by growth in computer accessories and a return to growth in Brazil.

總體而言，大多數類別和地區的需求趨勢與我們的預期基本一致，其中突出的是電腦配件的成長和巴西的恢復成長。

We made progress on our $100 million multi-year cost reduction program, realizing $7 million of additional savings in the first quarter. During the quarter, we repurchased $15 million in stock and closed on a small acquisition. We ended the quarter with a leverage ratio of 3.65 times, which is well below our covenant of 4.5 times.

我們在 1 億美元的多年成本削減計劃上取得了進展，第一季實現了 700 萬美元的額外節省。本季度，我們回購了價值 1500 萬美元的股票並完成了一項小規模收購。本季末，我們的槓桿率為 3.65 倍，遠低於我們約定的 4.5 倍。

Before I review in more detail our first quarter results, let me give you an update on the actions the company is taking in response to the recently announced US tariffs.

在我更詳細地回顧我們的第一季業績之前，讓我先向您介紹一下公司針對最近宣布的美國關稅所採取的行動。

Over the last five years, we have lessened our dependency on China. We have had a China Plus One approach that today enables us to react quickly to the changing tariff landscape. This strategy has diversified our supplier base by establishing outsourced manufacturing in other countries besides China.

過去五年來，我們減少了對中國的依賴。我們採取了「中國加一」的方針，這使我們能夠對不斷變化的關稅形勢做出快速反應。這項策略使我們在中國以外的其他國家建立外包製造，實現了供應商基礎的多樣化。

However, we are similar to other companies and continue to purchase a meaningful amount of goods globally from China, as it has been the cheapest source of high-quality manufactured products. Our relationships with these manufacturing partners are strong, and we have collaborated with them to accelerate US production into other countries and out of China.

然而，我們與其他公司類似，繼續從中國購買大量全球商品，因為中國一直是高品質製成品最便宜的來源。我們與這些製造合作夥伴的關係非常牢固，我們與他們合作加速美國生產向其他國家和中國以外的轉移。

We are confident in our ability to move most of these purchases in the next few months. We are also evaluating our manufacturing network to utilize existing capacity where it makes economic sense. We are temporarily investing in inventory, utilizing the 90-day pause on reciprocal tariffs outside of China to mitigate current-year financial impacts in the US.

我們有信心在未來幾個月內完成大部分採購。我們也正在評估我們的製造網絡，以便在經濟合理的情況下利用現有產能。我們正在暫時投資庫存，利用中國境外 90 天的互惠關稅暫停期來減輕美國當年的財務影響。

In addition to our work to optimize the supply chain supporting the US, we are implementing price increases in North America. We have communicated two increases to customers, and depending on the ultimate tariff resolution, we will adjust the price as appropriate.

除了優化支援美國的供應鏈之外，我們還在北美實施漲價。我們已向客戶傳達了兩次漲價的消息，並將根據最終的關稅解決方案適當調整價格。

It is difficult to gauge the demand impact from these pricing actions due to the uncertainties related to inflation, consumer confidence, and business spending. I do want to remind everyone that about 60% of our business is outside the United States, which is much less impacted by the current tariff situation.

由於通膨、消費者信心和商業支出等不確定因素，很難衡量這些定價措施對需求的影響。我確實想提醒大家，我們約 60% 的業務在美國以外，受當前關稅狀況的影響要小得多。

Through the strength of our brands and management team, we are confident in our ability to navigate through these uncertainties. Our teams are focused on mitigating the cost due to the global trade dynamics and positioning our brands to better serve our customers and take share in this disruptive time.

憑藉我們品牌和管理團隊的實力，我們有信心克服這些不確定性。我們的團隊致力於降低全球貿易動態帶來的成本，並定位我們的品牌，以便更好地服務我們的客戶，並在這個動盪的時期佔有一席之地。

Now, let me highlight our first quarter results. As a reminder, the first quarter is seasonally our smallest in terms of sales and profitability. First quarter comparable sales were down 8%.

現在，讓我重點介紹一下我們的第一季業績。提醒一下，就銷售額和獲利能力而言，第一季是季節性最小的。第一季可比銷售額下降了8%。

The demand environment was challenging throughout the quarter, but consistent with our planning assumptions, impacted by soft consumer and business demand.

整個季度的需求環境充滿挑戰，但與我們的計劃假設一致，受到疲軟的消費者和商業需求的影響。

In the Americas, sales were favorably impacted by early purchases of back-to-school products in the US and growth in Brazil, but were more than offset by weakness in all other categories. Forecasting for this year's upcoming back-to-school season in North America is challenging due to the uncertainty surrounding tariffs. Our prior expectation was for the categories we compete in to be down in low single digits.

在美洲，美國返校產品的提前購買和巴西的成長對銷售產生了積極影響，但其他所有類別的疲軟抵消了這種影響。由於關稅的不確定性，今年北美即將到來的返校季節的預測具有挑戰性。我們之前預計，我們參加的比賽類別的跌幅將達到個位數。

Following the tariff announcements by the US government, our customers have slowed purchases, and there remains a lot of uncertainty about how the tariffs will impact the consumer. Retailers are responding by being more cautious with inventories, but we are in close contact with them as we prepare for this important time of year.

在美國政府宣布關稅之後，我們的客戶已經放慢了購買速度，關稅將如何影響消費者仍然存在許多不確定性。零售商對此的反應是更加謹慎地管理庫存，但我們在為一年中這個重要的時刻做準備時，會與他們保持密切聯繫。

Going into this season, our team won several new placements with retailers and, as we have previously mentioned, has expanded distribution with alternative channels. Brazil did return to volume growth as it ended its back-to-school season in Q1 due to the strength of its premium notebooks and products with popular licenses. We are encouraged by the start of the year in Brazil and are pleased with the work our team is doing to enhance the value we offer in our product portfolio.

進入這個季節，我們的團隊贏得了幾個新的零售商合作機會，並且正如我們之前提到的，我們已經透過替代管道擴大了分銷範圍。由於高端筆記型電腦和獲得熱門許可的產品的強勁表現，巴西在第一季結束返校季後確實恢復了銷售成長。我們對巴西今年的開局感到鼓舞，並對我們的團隊為提升我們產品組合的價值所做的工作感到滿意。

In the International segment, the bright spot was computer and gaming accessories, which grew mid-single digits in the quarter, driven by a large B2B computer accessory sale and our international expansion in gaming. Sales of office products remained sluggish in the segment across most markets. Our share is stable, and we continue to be leaders in bringing innovative solutions to our customers.

在國際領域，亮點是電腦和遊戲配件，本季實現了中等個位數成長，這得益於 B2B 電腦配件的大量銷售以及我們在遊戲領域的國際擴張。在大多數市場中，辦公產品銷售依然低迷。我們的份額穩定，我們繼續在為客戶提供創新解決方案方面處於領先地位。

In 2025, we are introducing several exciting new products that support the hybrid work environment and our ergonomics product line. We also made a small acquisition in the Australia and New Zealand markets that expands our product portfolio and gives us greater scale in that region.

2025 年，我們將推出幾款令人興奮的新產品，支援混合工作環境和我們的人體工學產品線。我們還在澳洲和紐西蘭市場進行了小規模收購，擴大了我們的產品組合，並使我們在該地區的規模更大。

Now, let me touch on our global technology accessories businesses, Kensington and PowerA. Kensington had a strong quarter with mid-single-digit growth. As expected, sales for our PowerA brand were down in the first quarter due to aging consoles and low consumer spending trends, as well as the overall gaming accessories category being down almost 20%.

現在，讓我談談我們的全球技術配件業務 Kensington 和 PowerA。肯辛頓本季表現強勁，實現了中等個位數的成長。正如預期的那樣，由於遊戲機老化和消費者支出趨勢低迷，以及整體遊戲配件類別下降近 20%，我們的 PowerA 品牌第一季的銷售額下降。

We are excited to support the Nintendo Switch 2 launch, which is expected to be in June, with several new licensed products. We expect gaming accessories sales to be down in the first half before rebounding later in the year as our new products gain traction in the market.

我們很高興能夠透過幾款新的授權產品來支援預計將於 6 月推出的 Nintendo Switch 2。我們預計遊戲配件銷售在上半年會下降，但隨著我們新產品在市場上獲得關注，銷售量將在今年稍後反彈。

Now, let me touch on the progress we are making to improve our revenue trends. We continue to be energized by the response from our channel partners to our initiatives. I previously mentioned we are expanding our ergonomics line in the International segment, which has been a highly successful endeavor for us in some of our EMEA markets.

現在，讓我談談我們在改善收入趨勢方面所取得的進展。我們的通路夥伴對我們舉措的回應持續激勵著我們。我之前提到過，我們正在國際領域擴大我們的人體工學產品線，這對我們在歐洲、中東和非洲地區的一些市場來說是一項非常成功的嘗試。

We are evaluating other countries and channels to introduce these innovative new products. In Brazil, we have repositioned key products with features and prices to meet a more constrained consumer as we aim to maintain our category-leading position in student note-taking.

我們正在評估其他國家和通路來引進這些創新的新產品。在巴西，我們重新定位了主要產品的功能和價格，以滿足更受限的消費者的需求，我們的目標是保持我們在學生筆記領域的領先地位。

We are looking for additional opportunities to expand our share with existing and new channel partners through new product introductions and category-leading service. We continue our strategic focus on optimizing our cost structure, realizing more than $7 million in savings in the quarter, building upon the $25 million of savings achieved in 2024.

我們正在尋找更多機會，透過推出新產品和提供領先的服務來擴大我們與現有和新通路合作夥伴的份額。我們繼續將策略重點放在優化成本結構上，在 2024 年實現 2,500 萬美元節省的基礎上，本季實現了超過 700 萬美元的節省。

In response to the increased uncertainties, we are deferring most discretionary spending and pausing CapEx spend, except for new product development and certain IT projects, until we have a firm understanding of the impact of tariffs on consumer and business spending. I'm confident that we are taking the right actions to protect and reposition our business as we navigate this dynamic period.

為了應對日益增加的不確定性，我們將推遲大部分可自由支配的支出，並暫停資本支出（新產品開發和某些 IT 項目除外），直到我們完全了解關稅對消費者和企業支出的影響。我相信，在度過這個充滿活力的時期時，我們正在採取正確的行動來保護和重新定位我們的業務。

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 Deb，然後我們會回來回答您的問題。黛布？

Thank you, Tom, and good morning, everyone. As Tom mentioned, first-quarter sales were in line with our outlook, and EPS was better than our outlook. In the first quarter, the overall demand environment remains soft as discretionary spending by both consumers and businesses remained constrained due to the heightened uncertainty in the markets.

謝謝你，湯姆，大家早安。正如湯姆所提到的，第一季的銷售額符合我們的預期，每股盈餘也比我們的預期好。第一季度，整體需求環境仍然疲軟，因為市場不確定性加劇，消費者和企業的可自由支配支出仍受到限制。

Reported sales in the first quarter decreased approximately 12%. Comparable sales, excluding foreign exchange, were down 8% versus the prior year. The sales decline was due to lower volumes globally. Gross profit for the first quarter was $100 million, a decrease of 10%, with the margin rate expanding 60 basis points. This improvement reflected a favorable mix of sales as well as cost savings from our footprint rationalization program.

據報道，第一季銷售額下降了約 12%。不包括外匯的可比銷售額與上年相比下降了 8%。銷售額下降是由於全球銷量下降。第一季毛利為1億美元，下降10%，利潤率擴大60個基點。這項改善反映了良好的銷售組合以及我們足跡合理化計畫帶來的成本節約。

SG&A expense of $93 million was down versus the prior year as cost reduction actions were partially offset by higher inflation and merit. Adjusted operating income for the first quarter was $7 million versus $16 million a year ago.

銷售、一般及行政費用為 9,300 萬美元，較前一年下降，因為成本削減措施被通貨膨脹和績效工資的提高部分抵消。第一季調整後的營業收入為 700 萬美元，去年同期為 1,600 萬美元。

Now let's turn to our segment results for the first quarter. In the Americas segment, sales declined 12% and comparable sales declined 8%. This decline was due to lower sales of technology accessories and office products. Early back-to-school shipments were higher as certain customers took delivery earlier than last year. This shift will reduce second-quarter sales.

現在讓我們來看看第一季的分部業績。在美洲地區，銷售額下降了 12%，可比銷售額下降了 8%。下降的原因是科技配件和辦公產品銷售下降。由於某些顧客比去年更早收貨，開學初期的出貨量增加。這一轉變將會減少第二季的銷售額。

The Americas adjusted operating income margin for the first quarter decreased 40 basis points to 5.8% compared to the prior year, as our higher gross margins and cost savings were more than offset by fixed cost deleveraging from lower volume.

美洲第一季調整後營業利潤率較上年同期下降 40 個基點至 5.8%，因為我們的毛利率和成本節約有所提高，但因銷量下降而產生的固定成本去槓桿作用被抵消了。

Now let's turn to our International segment. For the first quarter, comparable sales declined 8% as the demand environment remains soft for our business essential categories. This was somewhat offset by growth in technology accessories driven by the large B2B sales that Tom mentioned.

現在讓我們轉向國際部分。由於我們業務必需品類別的需求環境依然疲軟，第一季可比銷售額下降了 8%。這在一定程度上被湯姆提到的 B2B 銷售大增所推動的技術配件成長所抵消。

International adjusted operating income margin for the first quarter decreased to 6.7% due to volume declines and fixed cost deleveraging, as well as higher foreign exchange and inflation.

由於銷售下降、固定成本去槓桿、以及外匯和通貨膨脹加劇，第一季國際調整後營業收入利潤率下降至 6.7%。

In the quarter, we generated free cash flow of $3 million, which was in line with our expectations, but as anticipated, down from the prior year due to the timing and performance of our sales in Brazil for their back-to-school season.

本季度，我們產生了 300 萬美元的自由現金流，這符合我們的預期，但正如預期的那樣，由於我們在巴西返校季的銷售時間和表現，自由現金流較上年有所下降。

At quarter end, we had almost $236 million available for borrowing under our revolver, which is more than adequate for our needs. We finished the quarter with a consolidated leverage ratio of 3.65 times, well below our 4.5 times covenant ratio.

截至本季末，我們擁有近 2.36 億美元的循環信貸可供借貸，這足以滿足我們的需求。本季結束時，我們的綜合槓桿率為 3.65 倍，遠低於 4.5 倍的契約比率。

During the quarter, we returned $15 million to shareholders in the form of share repurchases while also using $7 million to support our dividend. While we continue to believe a balanced capital allocation is appropriate, in the near term, we will be focused on paying down debt.

本季度，我們以股票回購的形式向股東返還了 1500 萬美元，同時也使用了 700 萬美元來支持我們的股息。雖然我們仍然認為平衡的資本配置是適當的，但在短期內，我們將專注於償還債務。

The dynamics of the changing tariff landscape have caused the current economic environment to be uncertain. Given this uncertainty, we are not providing full-year guidance until we gain more clarity. Customer demand, price elasticity, and various tariff scenarios, as well as the outcome of changing our sourcing locations, make it difficult to predict our sales volume beyond the second quarter.

不斷變化的關稅格局導致當前的經濟環境變得不確定。鑑於這種不確定性，在獲得更清晰的資訊之前，我們不會提供全年指導。客戶需求、價格彈性、各種關稅情境以及改變採購地點的結果使得我們很難預測第二季之後的銷售量。

In certain circumstances, we are seeing customers limit purchases as they lower inventory levels and, in some cases, are pausing purchases until there is greater clarity on tariffs and consumer demand. As Tom said, we are uniquely positioned to accelerate our sourcing to lower-cost countries due to the initiatives put in place prior to the tariff announcement.

在某些情況下，我們看到客戶在降低庫存水準時限制購買，在某些情況下，甚至暫停購買，直到關稅和消費者需求更加明朗。正如湯姆所說，由於在關稅公告發布之前的舉措，我們在加快向低成本國家採購方面具有獨特的優勢。

By the end of 2025, there will remain an insignificant amount of high-tariff China-sourced products, which will represent slow-moving, low-volume, and secularly declining categories. Given our broad and diverse product portfolio, we will take advantage of this opportunity to rationalize our SKUs and offer item substitutions for high-cost products.

到2025年底，仍將剩下數量很少的來自中國的高關稅產品，這些產品將屬於流通緩慢、產量低且長期下降的類別。鑑於我們廣泛且多樣化的產品組合，我們將利用這個機會合理化我們的SKU並為高成本產品提供替代品。

In addition, the teams have passed price and anticipate that more pricing actions may be needed. We are providing an outlook for the second quarter based on what we currently know. We have assumed that sales will be impacted by muted consumer and business demand.

此外，團隊已經通過了價格並預計可能需要採取更多的定價行動。根據目前所知，我們將對第二季做出展望。我們預計銷售額將受到消費者和商業需求低迷的影響。

The second quarter will be impacted by changes in buying patterns for back-to-school. There were significant back-to-school purchases in the first quarter, which were pulled forward in anticipation of the tariffs.

第二季將受到返校購買模式變化的影響。第一季返校購物活動量較大，因預期關稅而提前進行。

We are also anticipating that orders may be delayed or canceled as customers wait to gain additional clarity on demand. For the second quarter, we expect reported sales to be down 8% to 12% with a lessening foreign exchange impact from the weakening of the US dollar.

我們還預計，由於客戶等待獲得有關需求的更多明確信息，訂單可能會被延遲或取消。對於第二季度，我們預計報告銷售額將下降 8% 至 12%，因為美元疲軟帶來的外匯影響將減弱。

We anticipate adjusted EPS to be in the range of $0.28 to $0.32. Even though the current year poses challenges, we remain confident in the long-term future of our company and our ability to navigate this dynamic period.

我們預計調整後的每股盈餘將在 0.28 美元至 0.32 美元之間。儘管今年充滿挑戰，但我們對公司的長期未來以及我們度過這段動態時期的能力仍然充滿信心。

We have a strong balance sheet with no debt maturities until 2029 and a long history of productivity gains and cost management. We continue to anticipate longer term that we can grow sales modestly from organic and inorganic initiatives with a target gross margin rate of 33% to 34% and consistent cash flow generation.

我們的資產負債表強勁，2029 年之前沒有債務到期，並且長期保持生產力成長和成本管理的良好歷史。我們繼續預計，從長遠來看，我們可以透過有機和無機措施適度增加銷售額，目標毛利率為 33% 至 34%，並產生持續的現金流。

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你們的問題。操作員？

(Operator Instructions) Joe Gomes, NOBLE Capital.

（操作員指示）NOBLE Capital 的 Joe Gomes。

Good morning.

早安.

Hey, Joe.

嘿，喬。

So the first question I wanted to ask on the large B2B contract that you discussed is whether you're going to have any additional impact in the second or third quarter? Or was that all complete in the first quarter? And I don't know if you can give us any more color as to what that added. I think you said Kensington was up mid-single digits. What would have been if we hadn't gotten that one contract?

因此，關於您討論的大型 B2B 合同，我想問的第一個問題是，您是否會在第二季度或第三季度產生任何額外影響？或者這一切在第一季就完成了？我不知道您是否可以向我們提供更多有關其添加內容的詳細資訊。我認為您說的是肯辛頓的成長率在個位數左右。如果我們沒有得到那份合同，情況會怎樣？

Good question, Joe. So first of all, to answer the first part of your question, we will not see an incremental impact to sales in the balance of the year. It was a one-time shipment that we realized in the first quarter. Had the one-time B2P order not been realized, the business would have been roughly flat.

問得好，喬。首先，回答你問題的第一部分，我們不會看到對今年餘下的銷售額產生增量影響。這是我們在第一季實現的一次性發貨。如果沒有實現一次性的 B2P 訂單，業務將大致持平。

But as a reminder, we have significant one-time events with Kensington throughout the years, throughout the quarters. So this isn't a unique thing. It was just a bit bigger than what we typically get.

但需要提醒的是，多年來，我們與肯辛頓一起舉辦過許多重大的一次性活動。所以這並不是什麼獨特的事。它只是比我們通常得到的要大一點。

And you talked about internationally, you benefited from some price increases. And I don't know if you could give us any more details or quantify what they were? And I know you just mentioned, I think you indicated 2 price increases here in the Americas. I don't know if you can give us any more details on those.

正如您所說，在國際上，您從一些價格上漲中受益。我不知道您是否可以提供更多細節或量化它們是什麼？我知道您剛才提到，我認為您指的是美洲的兩次價格上漲。我不知道您是否可以提供更多有關這些的詳細資訊。

Sure. So for the International segment, roughly 2% was the price increase that was communicated to customers going into this year. That is likely going to be the only price actions we'll take in most of those markets, as we don't anticipate further inflationary pressures to impact the business outside of the United States. Obviously, the US business is under some unique circumstances as we navigate the tariff environment.

當然。因此，對於國際市場而言，今年我們向客戶傳達的價格上漲幅度約為 2%。這很可能是我們在大多數市場採取的唯一價格行動，因為我們預期進一步的通膨壓力不會影響美國以外的業務。顯然，在我們應對關稅環境時，美國業務面臨一些特殊情況。

We have announced price increases already this year. We anticipate another price increase in response to the reciprocal tariffs to be implemented by July. So there is a lot of price action happening across all of our categories in the US market.

我們今年已經宣布漲價了。我們預計，為響應 7 月實施的互惠關稅，價格將再次上漲。因此，在美國市場上，我們所有產品類別的價格都出現了大幅波動。

Okay. Thank you for that. And you mentioned the acquisition. I'm assuming it was relatively small since you didn't really speak much about it. I was just wondering if you could give us a little more color about that acquisition, what it was. I know you mentioned Australia and New Zealand, but sizing and where you think that's going to benefit the company?

好的。謝謝你。您提到了收購。我假設它相對較小，因為你實際上並沒有談論太多。我只是想知道您是否可以向我們詳細介紹一下此次收購的情況。我知道您提到了澳洲和紐西蘭，但您認為規模和哪些方面會為公司帶來好處呢？

So our team has done some nice strategic work, particularly in Australia, looking at categories that they believe are growing, and we are either under-indexed or have no presence in. And so this opportunity came about through some strategic work that they had done, and we acquired the business to enter a category, which is ergonomic seating and business seating, so chairs and other types of seating accessories in the market.

因此，我們的團隊做了一些很好的策略工作，特別是在澳大利亞，研究他們認為正在成長的類別，而我們要么被低估，要么沒有參與其中。因此，這個機會是透過他們所做的一些策略性工作而產生的，我們收購了這項業務，進入了一個類別，即人體工學座椅和商務座椅，因此市場上有椅子和其他類型的座椅配件。

So we're excited about that. I think the Australian team has done a nice job of integrating. And we're looking now at what we can do to potentially expand the offering into other markets. That likely won't be near term, as we want to make sure we stabilize and take advantage of all the opportunities in Australia and New Zealand. But long term, we see that as an opportunity to expand into that category in other markets globally.

所以我們對此感到很興奮。我認為澳洲隊的融合工作做得很好。我們現在正在研究如何將產品擴展到其他市場。這可能不會在短期內實現，因為我們希望確保穩定並利用澳洲和紐西蘭的所有機會。但從長遠來看，我們認為這是一個在全球其他市場拓展該類別的機會。

Okay. Great. Thanks for that. I'll get back in queue.

好的。偉大的。謝謝。我會回到隊列中。

Okay, Joe. Thank you.

好的，喬。謝謝。

Greg Burns, Sidoti.

格雷格·伯恩斯，西多蒂。

Okay. Just to, I guess, follow-up on the acquisition. I know that was a small deal. Given the demand environment, what's your appetite still for acquisitions? And maybe what the funnel of opportunities looks like for you?

好的。我猜，只是為了跟進收購。我知道那隻是一件小事。考慮到需求環境，您對收購還有多大興趣？那麼對您來說，機會漏斗是什麼樣的呢？

Yeah, Greg. So obviously, that's a good question. We still believe that acquisitions will be a part of our future strategy. I will say that we'll probably be a bit more cautious in the near term until we get a better understanding of all that is going to happen as a result of the trade dynamics that we're currently navigating through. But to reiterate, long term, we still think that that's an important part of our strategy.

是的，格雷格。顯然，這是一個好問題。我們仍然相信收購將成為我們未來策略的一部分。我想說的是，在我們更了解目前正在經歷的貿易動態將會帶來的所有後果之前，我們近期可能會更加謹慎。但要重申的是，從長遠來看，我們仍然認為這是我們策略的重要組成部分。

And then in terms of some of the new product development that you mentioned, what is the timing of the introduction of some of these new products? When do you expect to start to see revenue flowing from them? And do you have a target on how much growth or X percent of revenue you'd like to generate from new products in any given year?

那麼就您提到的一些新產品開發而言，這些新產品的推出時間是什麼時候？您預計什麼時候開始看到它們的收入？您是否有一個目標，即希望在某一年從新產品中實現多少成長或 X % 的收入？

Yeah. So let me take the first part of the question first. We have in our business plan for 2025 revenue from new products in most of our markets. So they are hitting the shelves literally as we speak. Our probably most notable line is going to be products that are going to support the Switch 2.0 launch in June.

是的。那麼讓我先回答問題的第一部分。我們的 2025 年商業計劃涵蓋了大多數市場新產品的收入。所以，正如我們所說，它們已經上架了。我們最引人注目的產品線可能是支援 6 月推出的 Switch 2.0 的產品。

So those products are starting to leave the factory, and they'll be in the market and on a shelf in time to support the launch in June. But we have a product that we'll be launching throughout the year in most of our markets, both for retail and commercial customers. So that work is robust.

因此，這些產品開始出廠，並將及時進入市場和貨架，以支持六月的上市。但我們有一款產品將於全年在大多數市場推出，並針對零售和商業客戶。所以這項工作是穩健的。

I think our pipeline has improved quite significantly over the last couple of years, particularly in our Kensington business, where the expectation is going to be almost 2x of new product, not revenue, but new product coming out of their product pipeline. So good progress is being made really across the business on new product development.

我認為我們的產品線在過去幾年中已經有了顯著的改善，特別是在我們的肯辛頓業務中，我們預計新產品的數量將幾乎增加兩倍，不是收入，而是來自其產品線的新產品。整個企業在新產品開發方面確實取得了良好的進展。

And yeah, we do have a target. We're working with an outside consultant to refine how we think about NPD and how we think about product vitality on a move-forward basis. I don't believe we're ready to publicly talk about that at the moment, but we will be at some point in the near future.

是的，我們確實有一個目標。我們正在與外部顧問合作，改進我們對新產品開發 (NPD) 的看法以及我們對產品活力的看法。我認為我們目前還沒有準備好公開談論這個問題，但我們會在不久的將來的某個時候這樣做。

But that is a part of our business, part of our business planning. We build in revenue from new products annually, and we anticipate that to grow moving forward.

但這是我們業務的一部分，也是我們業務規劃的一部分。我們每年都會透過新產品創造收入，我們預計未來收入還會繼續成長。

And then lastly, I just wanted to understand the dynamic in the first quarter. I know on a consolidated level, you hit your number or were in line from a revenue perspective, but segment it shaped up differently than you were looking for with a little bit of pull forward.

最後，我只是想了解第一季的動態。我知道，從綜合水平來看，您達到了您的目標，或者從收入角度來看，您達到了預期目標，但是細分市場的情況與您所期望的不同，並且略有提前。

And I guess, based on my model, the international was a little bit lighter than we were looking for. So maybe if you could just talk about some of the segment dynamics and how they shaped up versus maybe what the expectations were going in?

而且我猜，根據我的模型，國際情況比我們期望的要輕。那麼，您是否可以談談部分細分市場的動態以及它們是如何形成的，以及預期如何？

International got off to a bit of a slow start this year, predominantly driven by our business in EMEA. And what we're seeing there is really driven by two factors. One, at the end of 2024, we had certain customers to decided to chase rebate targets. So they pulled in some inventory, pulled in some purchases from the first part of this year, which obviously impacted sales in January and February.

今年國際業務起步有些緩慢，主要受歐洲、中東和非洲地區的業務影響。我們所看到的情況實際上是由兩個因素所驅動的。首先，在 2024 年底，我們有一些客戶決定追求返利目標。因此，他們從今年上半年開始就吸收了一些庫存和採購，這顯然影響了 1 月和 2 月的銷售。

And two, in Germany, we're seeing a bit of softness in our categories. And I think those two factors really were the drivers of soft performance in Q1 in the international segment. The rest of the markets, I think, performed close enough to our expectations, but those two factors were really the key drivers in international markets.

其次，在德國，我們發現我們的產品類別有些疲軟。我認為這兩個因素確實是導致第一季國際市場表現疲軟的原因。我認為，其他市場的表現與我們的預期足夠接近，但這兩個因素才是國際市場真正的關鍵驅動因素。

And then, looking forward, are those dynamics normalized? Or where are we at in terms of what you're seeing so far in the first part of this quarter?

那麼，展望未來，這些動態是否正常化了？或者就您在本季第一部分所看到的情況而言，我們處於什麼位置？

I mean, as you see, we've given our Q2 guidance. It's close to the way we finished the first quarter. So we haven't seen any drastic changes in the trend in Germany. And again, the rest of the markets internationally are performing pretty consistently.

我的意思是，正如你所見，我們已經給出了第二季度的指導。這與我們第一季的結束方式很接近。因此，我們尚未看到德國趨勢有任何劇烈變化。而且，其他國際市場的表現也相當穩定。

We do think that international will perform a little bit better than the first quarter, offset by some of the North America challenges.

我們確實認為，國際市場的表現將比第一季略好一些，但會被北美市場的一些挑戰所抵消。

Okay. All right. Great. Thank you.

好的。好的。偉大的。謝謝。

Kevin Steinke, Barrington Research.

凱文‧史坦克，巴靈頓研究中心。

Thank you. I just wanted to start off by asking about the favorable sales mix in the first quarter that you mentioned helped gross margin. Was that the large Kensington sale? Or was there something else at play there?

謝謝。我首先想問您提到的第一季有利的銷售組合對毛利率的增加有何影響。那是肯辛頓的大型促銷活動嗎？或者還有其他因素在起作用？

No, I think that was part of it, but we also had a pull forward of some of our back-to-school, which is a bit more profitable, that happened in the first quarter this year, just due to the timing of when it was purchased. That helped the North American side.

不，我認為這是其中的一部分，但我們也提前完成了部分返校活動，這會帶來更高的利潤，這發生在今年第一季度，只是因為購買的時間。這對北美方面有幫助。

Okay. Thank you. And you mentioned a target gross margin of 33% to 34%. Now, I think that's up from the prior target of 32% to 33%. So maybe if you can just talk about what's driving that increase to the longer-term gross margin target?

好的。謝謝。您提到目標毛利率為 33% 至 34%。現在，我認為這比之前的目標 32% 到 33% 有所上升。那麼，您能否談談推動長期毛利率目標上升的因素是什麼？

Yeah. So we have been on a journey to optimize our cost structure and reduce our fixed costs. And as we realize those savings, that should positively impact gross margins for the mid- to long term.

是的。因此，我們一直在努力優化成本結構並降低固定成本。當我們實現這些節省時，這將對中長期的毛利率產生正面影響。

Okay. Great. And then I know you said you'd be able to move most purchasing out of China within the next few months. But could you just maybe give us a ballpark on the size of purchasing out of China currently, maybe in terms of the dollar amount of cost of products sold, or some other way could quantify it.

好的。偉大的。然後我知道您說過您將能夠在未來幾個月內將大部分採購轉移出中國。但是，您能否給我們一個大概的數字，告訴我們目前從中國購買產品的規模，也許是以銷售產品成本的美元金額來表示，或者用其他方式來量化。

Yeah. So just to make sure we're clear on the statement that we made. We're moving products supporting the US business out of China. As a reminder, and an important note, 60% of our business roughly is outside of the United States, and China is still a very viable option for the other markets that aren't impacted by the current tariffs.

是的。所以只是為了確保我們清楚地了解我們所做的聲明。我們正在將支援美國業務的產品移出中國。需要提醒的是，重要的是，我們的業務大約 60% 在美國以外，對於不受當前關稅影響的其他市場來說，中國仍然是一個非常可行的選擇。

So the work that we're doing right now is really to optimize the supply chain supporting the US business. So by the end of the year, Kevin, we anticipate an insignificant amount of products supporting the US coming out of China. That work will be moved to either lower-tariff markets, including markets like Vietnam, or our own manufacturing assets, likely in the Americas.

因此，我們現在所做的工作實際上是優化支援美國業務的供應鏈。因此，凱文，到今年年底，我們預計會有少量支持美國的產品從中國出口。這項工作將轉移到低關稅市場，包括越南等市場，或我們自己的製造資產，很可能在美洲。

So hopefully, that adds a little bit more color. But it's important to note that the work that we do supporting the businesses outside the United States, that is, if China, is not being resourced at the moment.

所以希望這能增添一點色彩。但值得注意的是，我們為美國以外（即中國）企業提供支援的工作目前尚未得到資源支持。

Okay. Got it. And just lastly, you mentioned $7 million of cost savings in the first quarter from the restructuring program. Is the target for 2025 still about $40 million? I believe that's what you had talked about previously.

好的。知道了。最後，您提到重組計劃在第一季節省了 700 萬美元的成本。2025 年的目標仍然是 4000 萬美元嗎？我相信這就是您之前談到的。

Yeah, that's right, Kevin. We're still targeting the $40 million. And the $7 million was in the first quarter, and it was nicely split between the COGS and SG&A.

是的，沒錯，凱文。我們的目標仍然是 4000 萬美元。這 700 萬美元是在第一季產生的，並且很好地分配在了銷售成本和銷售、一般和行政費用之間。

Okay. Great, that's helpful. Thanks for taking the questions.

好的。太好了，很有幫助。感謝您回答這些問題。

Thank you, Kevin.

謝謝你，凱文。

Hale Holden, Barclays.

巴克萊銀行的黑爾霍爾頓。

Hi. Good morning. I had, I guess, two questions. The pull forward in sales for US back-to-school from 2Q into 1Q, how much of normal order flow for back-to-school would that be? Because there's typically a replenishment process, and it would be a couple of months early. So curious what your big partners there are planning for?

你好。早安.我想我有兩個問題。美國返校銷售從第二季度提前到第一季度，這會是返校正常訂單流的多少？因為通常有一個補貨過程，而且會提早幾個月。那麼好奇你們的大夥伴在計畫什麼嗎？

And if you think there's a scenario where we're just short product in that channel, and/or how that would get filled. I know you're very cautious about giving us thoughts on what that looks like, but conceptually, how would you walk through it?

如果您認為存在這樣的情況，即我們在該通路中缺少產品，以及/或如何填補這一缺口。我知道您非常謹慎地向我們提供關於它是什麼樣子的想法，但從概念上講，您將如何實現它？

Yeah. So the timing of back-to-school orders, both for the first and the second quarter, often sits right on the quarter end. And so this year, we saw a little bit more of an aggressive approach by a certain retailer to pull orders forward into Q1 in anticipation of avoiding the tariffs and potential supply chain disruptions due to the tariffs.

是的。因此，第一季和第二季的返校訂單時間通常恰好在季度末。因此，今年，我們看到某家零售商採取了更積極的做法，將訂單提前到第一季度，以期避免關稅以及關稅可能造成的供應鏈中斷。

And so, it's not uncommon that we see this. So it's just a call out that we made because it did happen where we had orders that we had planned to happen in Q2, move forward into Q1.

所以，我們看到這種情況並不罕見。所以這只是我們發出的一個呼籲，因為它確實發生了，我們原本計劃在第二季度進行的訂單，現在卻進入了第一季。

So I think it's a relatively insignificant amount for the full season over the 3 quarters that we support back-to-school. So the second piece of your question, the answer would be that we don't see an environment where retailers will be short on our inventory.

因此，我認為對於我們支持返校的三個季度的整個季節來說，這個數字相對來說微不足道。所以對於你問題的第二部分，答案是，我們並不認為零售商會出現庫存短缺的情況。

We're well inventoried to support the season. And if they come in late with orders, we'll be prepared to assist them in replenishment to ensure that they're supporting their consumers. So I think we're uniquely positioned with a really balanced supply chain to react quickly to increased demand or order shortages by our customers.

我們有充足的庫存來支持這個季節。如果他們的訂單遲到，我們會準備協助他們補貨，以確保他們能夠為消費者提供支援。因此，我認為我們擁有獨特的優勢，擁有真正平衡的供應鏈，可以對客戶增加的需求或訂單短缺做出快速反應。

That's great. And then, I was wondering if the two price increases you've taken and the one that you've announced, if you'd be willing to share what the quantum is on that?

那太棒了。然後，我想知道，對於您已實施的兩次價格上漲以及您已宣布的一次價格上漲，您是否願意分享具體幅度？

Yeah. So the big one, obviously, is the one sitting in front of us as we react to reciprocal tariffs. We are working through that as we speak. We want to be a bit cautious in talking about that until we understand where the reciprocal tariffs ultimately end up. But what we can reinforce is that we're going to protect our gross margins through our pricing efforts and our resourcing efforts.

是的。因此，顯然，當我們對互惠關稅作出反應時，我們面臨的最大問題就是這個問題。我們正在努力解決這個問題。在我們了解互惠關稅最終結果之前，我們希望在談論這個問題時保持謹慎。但我們可以強調的是，我們將透過定價努力和資源努力來保護我們的毛利率。

And I think that's the important message to deliver. The exact percentage is still a bit in limbo, but we are absolutely going to protect our margins through this work.

我認為這是需要傳達的重要訊息。確切的百分比仍然有點不確定，但我們絕對會透過這項工作來保護我們的利潤。

So that depends on what happens on the 90-day expiration.

所以這取決於 90 天到期時發生的情況。

Exactly.

確切地。

Got it. All right. Thank you very much.

知道了。好的。非常感謝。

Thank you.

謝謝。

(Operator Instructions) William Reuter, Bank of America.

（操作員指示）美國銀行威廉·路透。

Good morning. I appreciate that 60% of your sales are outside of the US. Can you share with us at this point, what percentage of your cost of goods sold is sourced in China and then sold in the US?

早安.我很欣賞你們 60% 的銷售額來自美國以外。您能否與我們分享一下，您的銷售成本中有多少比例是在中國採購然後銷往美國的？

I think the answer to that question is that we typically have sourced quite a bit from China because of its low-cost, high-quality aspect of it. As Tom said, we're currently moving a lot of the production out of China and into other countries in Asia so that by the time we get to the end of the year, we'll have an insignificant amount coming out of China. So we're in the process of moving all of that. And so it's difficult to give any percentages before and after because there's so much work being done.

我認為這個問題的答案是，我們通常從中國採購相當多的產品，因為中國成本低、品質高。正如湯姆所說，我們目前正在將大量生產從中國轉移到亞洲其他國家，這樣到今年年底，來自中國的產品數量將非常少。所以我們正在把所有這些都轉移過來。因此很難給出前後的任何百分比，因為要做的工作太多了。

And Will, just another note on that point that I think is important that we haven't said is we are doing some pre-buying ahead of tariffs to build up inventories in certain categories to mitigate any intermediate impact on our cost. So we should have sufficient inventory from low-tariff countries while we're transitioning production to other markets out of China. So I think we're uniquely positioned to navigate this challenge in 2025.

威爾，關於這一點，我認為還有一點很重要，我們還沒有說，那就是我們在關稅實施前進行一些預先購買，以建立某些類別的庫存，從而減輕對我們成本的任何中間影響。因此，當我們將生產轉移到中國以外的其他市場時，我們應該擁有來自低關稅國家的足夠庫存。因此我認為我們在 2025 年擁有獨特的優勢來應對這項挑戰。

Coo. Thank you. I know that certain products, other Southeast countries have gotten pretty good at producing and are at least somewhat price competitive with China. I thought about a lot of computer accessory products, there were still pretty substantial price premiums if you went to Vietnam or other countries. Can you talk about when you move to those other countries, what types of price increases or cost increases you may be seeing?

酷。謝謝。我知道，對於某些產品，其他東南亞國家已經相當擅長生產，並且至少在某種程度上與中國具有價格競爭力。我想到了很多電腦配件產品，如果你去越南或其他國家，價格溢價仍然相當可觀。您能談談當您搬到其他國家時，您可能會看到哪些類型的價格上漲或成本增加嗎？

Yeah, there's a modest cost increase as we move out of China to other countries. And obviously, we're doing things that make the most economic sense for the company. So if the benefit of moving, which in most cases, the benefit is far better than staying for US production, is there. We realize that, but any inflation from our baseline costs, we're going to pass through in price.

是的，當我們從中國轉向其他國家時，成本會略有增加。顯然，我們正在做的事情對公司來說是最經濟合理的。因此，如果搬遷帶來好處的話，在大多數情況下，好處遠大於留在美國進行生產。我們意識到了這一點，但是任何相對於我們基準成本的通膨，我們都會透過價格來反映。

And so I want to reiterate, our objective is to support the long-term 33% to 34% gross margin targets while remaining competitive at shelf with the consumer or in business spend. So it's important to note that any increase in costs will be offset by a price.

因此我想重申，我們的目標是支持長期 33% 至 34% 的毛利率目標，同時保持在消費者或商業支出方面的競爭力。因此，需要注意的是，任何成本的增加都將被價格所抵消。

The supply chain has evolved pretty significantly over the past five years. And so we have good alternatives outside of China, in Southeast Asia, including Vietnam and Malaysia. And our Kensington business has been deploying the same strategy as the rest of our business in the US, China Plus One.

過去五年來，供應鏈發生了相當大的變化。因此，除了中國之外，我們在東南亞，包括越南和馬來西亞，還有很好的替代方案。我們的肯辛頓業務一直採用與我們在美國其他業務相同的策略，即「中國+1」。

And so we have a good footprint and we're well-positioned to navigate these challenges. And I think, as Deb said, by the end of the year, we're going to have an insignificant amount of our volume coming from China.

因此，我們擁有良好的足跡，並且我們有能力應對這些挑戰。我認為，正如黛布所說，到今年年底，我們的出口量中只有很小一部分來自中國。

Got it. And I apologize for a little bit revisiting Hale's question and I appreciate that the largest increase in prices will be the reciprocal tariffs. What you've put through thus far has been in the 10% range in the first round that's already been put in place, and then the subsequent one that you've communicated, but is not in place yet. Is that the context it's in?

知道了。我很抱歉再次回答了黑爾的問題，我知道價格上漲幅度最大的將是互惠關稅。到目前為止，您所做的已經在第一輪達到了 10% 左右，然後是後續的輪次，雖然您已經溝通過，但尚未到位。這是它所處的背景嗎？

Yeah. So I would say the context on the first round is in the single digits from a price increase, and then our reciprocals will be up to 20%, depending on where it ultimately ends.

是的。因此我想說，第一輪的價格上漲幅度為個位數，然後我們的倒數將高達 20%，具體取決於最終的漲幅。

Great. Thanks so much. That's all from me.

偉大的。非常感謝。我要說的就這些。

Okay. Good. Thank you.

好的。好的。謝謝。

We have no further questions. I'll now hand back to Tom Tedford for any final remarks.

我們沒有其他問題了。現在我將把最後的發言權交還給湯姆·泰德福德 (Tom Tedford)。

Thank you, everyone, for joining us. We are pleased to deliver first-quarter sales in line with our outlook and loss per share better than our outlook. I am confident that our proactive actions are better positioning us for long-term growth.

謝謝大家的參與。我們很高興看到第一季的銷售額符合我們的預期，每股虧損也比我們的預期好。我相信，我們的積極行動將使我們更好地實現長期成長。

We have a strong balance sheet and generate consistent cash flows, which we will use to invest in both organic and inorganic revenue growth opportunities. We appreciate your interest in ACCO Brands and look forward to talking with you when we report our second-quarter results in August.

我們擁有強大的資產負債表並產生穩定的現金流，我們將利用這些現金流投資於有機和無機收入成長機會。我們感謝您對 ACCO Brands 的關注，並期待在我們 8 月報告第二季業績時與您交談。

Ladies and gentlemen, today's call has now concluded. We'd like to thank you for your participation. You may now disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與。現在您可以斷開線路了。