ACCO Brands Corp (ACCO) 2025 Q2 法說會逐字稿

Hello, everyone, and welcome to the ACCO Brands second quarter 2025 conference call. My name is Ezra, and I will be your coordinator today. (Operator Instructions)

大家好，歡迎參加 ACCO Brands 2025 年第二季電話會議。我叫伊茲拉，今天我將擔任您的協調員。（操作員指示）

I will now hand over to Chris McGinnis Head of Investor Relations, to begin. Please go ahead.

現在我將把發言權交給投資者關係主管 Chris McGinnis。請繼續。

Good morning, and welcome to the ACCO Brands second 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.

早安，歡迎參加 ACCO Brands 2025 年第二季電話會議。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)。

Tom will provide an overview of our second quarter results and provide an update on our 2025 priorities. Also speaking today is Deb O'Connor, Executive Vice President and Chief Financial Officer, who will provide greater detail on our second quarter results and our outlook for the third quarter and full year. We will then open the line for questions.

湯姆將概述我們的第二季業績並提供我們 2025 年優先事項的最新資訊。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二季業績以及對第三季和全年的展望。然後我們將開放問答熱線。

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 and intangible asset impairment charges and other nonrecurring items and unusual tax items and include adjustments to reflect the estimated annual tax rate on quarterly earnings.

本次電話會議的幻燈片已發佈至accobrands.com的「投資者關係」板塊。在討論業績時，我們可能會提及調整後的績效。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度稅率的調整。

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在做出陳述時所掌握的資訊而形成的信念和假設。

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 second quarter 2025 earnings call. Last night, we reported second quarter sales and adjusted EPS in line with our outlook. Sales in the quarter improved sequentially as customers and consumers digested the evolving global trade environment. We continue to make excellent progress on our $100 million multiyear cost reduction program, realizing additional savings in the second quarter that brought the cumulative program total to over $40 million. We are also making great progress on our tariff mitigation actions.

謝謝你，克里斯。大家早安，歡迎參加 ACCO Brands 2025 年第二季財報電話會議。昨晚，我們報告了第二季的銷售額和調整後的每股收益，符合我們的預期。隨著客戶和消費者逐漸適應不斷變化的全球貿易環境，本季銷售額將較上季成長。我們持續在 1 億美元的多年期成本削減計劃上取得優異進展，並在第二季度實現了額外節省，使該計劃的累計總額超過 4,000 萬美元。我們的關稅減免行動也取得了巨大進展。

As a multinational company, approximately 60% of sales are outside the US, which are not impacted by US tariffs. For those markets, our current supply chain provides excellent value. As we mentioned last quarter, our proactive China plus one approach in the US has positioned us well to navigate the evolving trade landscape.

作為一家跨國公司，約 60% 的銷售額來自美國以外，不受美國關稅的影響。對於這些市場，我們目前的供應鏈提供了卓越的價值。正如我們上個季度提到的，我們在美國積極主動的「中國加一」政策使我們能夠很好地應對不斷變化的貿易格局。

To date, we have announced two strategic price increases while maintaining our competitive position, secured improved terms with third-party manufacturing partners and accelerated production shifts to cost-competitive countries for US bound products. These efforts are critical to protect profitability and to ensure ACCO Brands has a balanced supply chain optimized for cost, quality and service.

迄今為止，我們在保持競爭地位的同時，已宣布了兩次戰略性提價，與第三方製造合作夥伴達成了更好的協議，並加快了將美國產品生產轉移到具有成本競爭力的國家的步伐。這些努力對於保護獲利能力和確保 ACCO Brands 擁有針對成本、品質和服務進行最佳化的平衡供應鏈至關重要。

Now turning to our second quarter performance. Consolidated second quarter comparable sales were down 10.5% and within our guidance range. As expected sales in the Americas segment were disrupted due to the tariff announcements in the US, particularly early in the quarter as our customers adjusted their purchasing plans and monitor the impact to the consumer.

現在談談我們第二季的表現。第二季合併可比銷售額下降 10.5%，在我們的指導範圍內。正如預期的那樣，由於美國宣布徵收關稅，美洲地區的銷售受到了影響，尤其是在本季度初，我們的客戶調整了採購計劃並監控其對消費者的影響。

Gaming accessories grew modestly in the segment, driven by our leading third-party accessory product assortment, supporting the release of Nintendo Switch 2 console. Sales for back-to-school products were down in the quarter as US retailers were cautious with their early season orders. We forecast our US and Canada back-to-school season to be down mid- to high single digits, but it is still early in the season and stronger consumer demand could improve the forecasted results.

受我們領先的第三方配件產品組合的推動，遊戲配件在該領域實現了小幅增長，支持了 Nintendo Switch 2 遊戲機的發布。由於美國零售商對季初訂單持謹慎態度，本季返校產品銷售下降。我們預測美國和加拿大的返校季銷售額將下降中高個位數，但現在仍處於返校季初期，更強勁的消費者需求可能會改善預測結果。

We have sufficient inventory to support potential upside from replenishment orders and our teams are working closely with customers to support their back-to-school demand. In Latin America, sales were weaker than expected, particularly in Mexico due to a constrained consumer and competition at lower price points.

我們有足夠的庫存來支援補貨訂單的潛在上漲空間，我們的團隊正在與客戶密切合作以滿足他們的返校需求。在拉丁美洲，銷售額低於預期，尤其是在墨西哥，原因是消費者受到限制以及低價競爭。

However, we are encouraged by the recent performance with trends improving in June. In Brazil, sales were down modestly in what is a seasonally low sales quarter. Back-to-school sales occurred later in the year in Brazil, and we are closely watching order input and remain positive about our expanded product offering for the upcoming season. We are also paying close attention to an increase in low-priced product entering Latin America from China, and we will react accordingly with price and assortment.

然而，我們對近期的表現感到鼓舞，六月的趨勢有所改善。在巴西，由於季節性銷售低迷，銷售額略有下降。巴西的返校銷售活動於今年稍後舉行，我們正密切關注訂單輸入，並對即將到來的季節擴大產品供應保持樂觀。我們也密切關注從中國進入拉丁美洲的低價產品數量的成長，並將在價格和產品種類上做出相應反應。

In the International segment, sales declined but at an improved rate compared to the first quarter. Gaming accessories grew mid-single digits, driven by the Nintendo Switch 2 launch and our continued international expansion. While sales of office products remained soft in certain European markets like Germany, the UK and France. We maintained or grew share in most categories across the region.

在國際領域，銷售額有所下降，但與第一季相比有所改善。受任天堂 Switch 2 的推出和我們持續的國際擴張的推動，遊戲配件的銷售額實現了中等個位數成長。而在德國、英國和法國等某些歐洲市場，辦公產品的銷售仍疲軟。我們在該地區大多數類別中的份額保持或增長。

Looking at our global technology businesses, Kensington computer accessories sales declined modestly in the quarter. We expect improving trends in the second half of the year led by a stabilized market dynamic, a growing pipeline and revenue from new product introductions.

縱觀我們的全球技術業務，肯辛頓電腦配件銷售額在本季略有下降。我們預計，在市場動態穩定、產品線不斷擴大以及新產品推出帶來的收入的帶動下，下半年趨勢將有所改善。

In gaming accessories, PowerA delivered modest growth across both segments this quarter, highlighted by our role as an Nintendo license third-party manufacturer of accessories for the Switch 2 console which launched globally on June 5.

在遊戲配件方面，PowerA 本季在兩個細分市場均實現了適度成長，其中最突出的是，我們作為任天堂授權的 Switch 2 遊戲機的第三方配件製造商，該遊戲機於 6 月 5 日在全球推出。

Our comprehensive product assortment at launch included a wide range of controllers, cases and other accessories. Many of these products have exclusive IP related to Nintendo games. While Switch 2 related sales were modest in the second quarter given the timing of the June release, we expect more meaningful sales in the coming quarters as adoption increases and as our product portfolio expands. Global sales of office products were soft in the quarter.

我們推出的綜合產品系列包括各種控制器、外殼和其他配件。其中許多產品都擁有與任天堂遊戲相關的獨家IP。雖然由於 Switch 2 於 6 月發布，其第二季的相關銷售額並不大，但隨著採用率的提高和我們產品組合的擴大，我們預計未來幾季的銷售額將更加可觀。本季全球辦公產品銷售疲軟。

We have good syndication of our product assortment and the lower rate of sales is from our core offerings and due to lower demand. We continue to refine our new product development approach to enhance our category positions and enter faster-growing adjacencies. Now let me highlight the progress we're making on our revenue growth initiatives.

我們的產品組合非常完善，銷售率較低是由於我們的核心產品需求較低所造成的。我們將繼續完善新產品開發方法，以提升我們的產品類別地位並進入更快成長的領域。現在讓我重點介紹一下我們在收入成長計劃方面取得的進展。

Within computer accessories, we've improved our innovation pipeline with a number of new product introductions set to double in 2025 compared to 2024. One key product I would like to highlight is our new Thunderbolt 5 docking station supporting Apple users.

在電腦配件領域，我們改進了創新管道，預計 2025 年推出的新產品數量將比 2024 年翻倍。我想重點介紹的重要產品是我們支援 Apple 用戶的全新 Thunderbolt 5 擴充座。

This feature-rich docking station expands our reach into the premium Apple ecosystem. We are focused on strategically expanding our assortment into higher-growth categories through organic and inorganic efforts. The repeat tools product line in Europe has entered the work lights category offering professional-grade solutions for do-it-yourself enthusiasts and small business owners. These products leverage our highly trusted repeat brand while maintaining competitive price points.

這款功能豐富的擴充塢擴展了我們在高階 Apple 生態系統中的影響力。我們專注於透過有機和無機努力，策略性地將我們的產品系列擴展到更高成長的類別。歐洲的重複工具產品線已進入工作燈類別，為 DIY 愛好者和小型企業主提供專業級解決方案。這些產品利用我們高度信賴的重複品牌，同時保持具有競爭力的價格。

Additionally, in Europe, we're expanding our successful ergonomics product portfolio with an innovative new compact Sit Stand desktop series, specifically designed for the hybrid work environment, along with other complementary ergonomic accessories. Our recent acquisition of Buro Seating has been fully integrated, strengthening our position in Australia and New Zealand. Given the success we are evaluating expansion opportunities in additional markets where we see potential for the brand and the product category.

此外，在歐洲，我們正在擴大我們成功的人體工學產品組合，推出專為混合工作環境設計的創新新型緊湊型坐立式桌面系列以及其他互補的人體工學配件。我們最近收購的 Buro Seating 已完全整合，鞏固了我們在澳洲和紐西蘭的地位。鑑於這一成功，我們正在評估其他市場的擴張機會，我們認為這些市場對品牌和產品類別具有潛力。

Now let me update you on our multiyear cost reduction program. In the quarter, we realized $8 million in cost savings and since the program's inception have achieved annualized cost savings totaling more than $40 million. Savings have primarily come from optimizing our manufacturing footprint, headcount reductions and delayering the organizational structure. As a part of these planned efforts, we have recently announced changes to our leadership team with key appointments. Jed Peters and Rubens Passos assumed leadership positions for North America and Latin America, respectively, effective in July.

現在讓我向您介紹我們多年的成本削減計劃。本季度，我們實現了 800 萬美元的成本節約，自該計劃啟動以來，我們已實現年度成本節約總額超過 4000 萬美元。節省主要來自於優化我們的製造足跡、減少員工數量和精簡組織結構。作為這些計劃工作的一部分，我們最近宣布了領導團隊的變動和重要任命。傑德彼得斯 (Jed Peters) 和魯本斯帕索斯 (Rubens Passos) 分別擔任北美和拉丁美洲的領導職務，該任命於 7 月生效。

And A.J. Spijkervet will lead our International segment beginning in 2026. They bring a vast amount of commercial experience, deep product knowledge and a strong customer relationships that will help accelerate our transformation.

A.J. Spijkervet 將從 2026 年開始領導我們的國際部門。他們帶來了豐富的商業經驗、深厚的產品知識和強大的客戶關係，這將有助於加速我們的轉型。

These important initiatives, combined with improving demand trends and favorable FX tailwinds position us for sequential improvement in the third quarter, with sales declines moderating from current levels. The foundational work we're doing today, streamlining our operations, investing in higher growth categories and optimizing our cost structure is building a platform for sustainable, profitable growth. While we remain focused on navigating the current market dynamics with discipline and agility, I'm confident we're making the right strategic decisions to enhance our competitive position and improve our revenue performance.

這些重要舉措，加上不斷改善的需求趨勢和有利的外匯順風，使我們在第三季度實現了連續改善，銷售額下降幅度將從當前水準有所緩和。我們今天所做的基礎工作，包括精簡營運、投資高成長類別和優化成本結構，正在建立一個可持續獲利成長的平台。雖然我們仍然專注於以紀律和敏捷性來應對當前的市場動態，但我相信我們正在做出正確的策略決策，以增強我們的競爭地位並提高我們的收入表現。

Before I hand the call over to Deb, I would like to thank the employees of ACCO Brands for their tireless efforts in support of our strategy. I am proud of our team and the work we are doing to transform our company. I will come back to answer your questions. Deb?

在將電話交給 Deb 之前，我想感謝 ACCO Brands 的員工為支持我們的策略所做的不懈努力。我為我們的團隊以及我們為改變公司所做的工作感到自豪。我會回來回答你的問題。黛布？

Thank you, Tom, and good morning, everyone. As Tom mentioned, second quarter sales and adjusted EPS were in line with the outlook we provided in May. Reported sales in the second quarter decreased 10% with a slightly favorable FX impact. This decline reflects a quickly changing US marketplace given the tariff announcements.

謝謝你，湯姆，大家早安。正如湯姆所提到的，第二季的銷售額和調整後的每股盈餘與我們 5 月提供的預期一致。報告顯示，第二季銷售額下降了 10%，受外匯影響略有改善。這一下降反映出，鑑於關稅公告，美國市場正在迅速變化。

Initially, there was uncertainty about the environment and the ultimate cost of goods, and many customers cease purchasing until some clarity developed. This uncertainty lessened as the reciprocal tariffs were delayed and as we progressed throughout the quarter.

最初，人們對環境和商品的最終成本存在不確定性，許多顧客停止購買，直到情況明朗為止。隨著互惠關稅的延遲以及我們整個季度的進展，這種不確定性有所減少。

Overall demand remains soft for our consumer and business products as well as for computer accessories. Gross profit for the second quarter was $130 million, a decrease of 15% with the margin rate contracting about 200 basis points to 32.9%.

我們的消費品、商業產品以及電腦配件的整體需求仍然疲軟。第二季毛利為 1.3 億美元，下降 15%，利潤率收縮約 200 個基點至 32.9%。

The decline was driven by the impact of the tariff announcements and a combination of lower volumes and reduced fixed cost absorption. Due to the strength of our first quarter margin rate our year-to-date margin rate is down much less an 80 basis points decline.

下降的原因是關稅公告的影響以及銷售下降和固定成本吸收減少等因素。由於我們第一季的保證金率強勁，今年迄今的保證金率下降幅度遠小於 80 個基點的下降。

SG&A expense of $83 million was down versus the prior year due to cost reduction actions and lower incentive compensation expense. Adjusted operating income for the second quarter was $47 million versus $65 million a year ago. The operating income ratio to sales has been impacted by the lower volumes, deleveraging our SG&A costs.

由於成本削減措施和激勵薪酬費用降低，銷售、一般及行政費用為 8,300 萬美元，較前一年下降。第二季調整後的營業收入為 4,700 萬美元，去年同期為 6,500 萬美元。營業收入與銷售額的比率受到銷售下降的影響，降低了我們的銷售、一般和行政費用。

Now let's turn to our segment results for the second quarter. In the Americas segment, comparable sales declined 14%, largely due to the purchasing disruption I mentioned earlier as well as soft demand in most of our categories. The Americas adjusted operating income margin for the second quarter was 17.4% below last year.

現在讓我們來看看第二季的分部業績。在美洲地區，可比銷售額下降了 14%，這主要是由於我之前提到的採購中斷以及我們大多數類別的需求疲軟。美洲地區第二季調整後的營業利潤率比去年同期低 17.4%。

The margin rate in the quarter was impacted by softer volumes, lower fixed cost absorption and the impact from tariffs, more than offsetting cost savings. Before moving to the International segment, I want to call out that we have successfully settled the long-standing tax assessments in Brazil. Our reserve of $20 million has been completely resolved for $7 million. We are pleased to have this matter behind us.

本季的利潤率受到銷量疲軟、固定成本吸收減少以及關稅的影響，超過了成本節約的影響。在進入國際領域之前，我想指出的是，我們已經成功解決了巴西長期以來的稅務評估問題。我們的2000萬美元儲備金已全部解決，剩下700萬美元。我們很高興這件事已經過去了。

Now let's turn to our International segment. For the second quarter, comparable sales declined 4%, an improvement from the first quarter. Demand was soft in Europe, especially in Germany, UK and France, which are the largest markets in EMEA, due to continuing pressure and business essential products. Australia benefited from the Buro Seating acquisition, and we saw good growth in Asia.

現在讓我們轉向國際部分。第二季可比銷售額下降 4%，較第一季有所改善。由於持續的壓力和商業必需產品，歐洲的需求疲軟，尤其是歐洲、中東和非洲地區最大的市場德國、英國和法國。澳洲受益於對 Buro Seating 的收購，我們在亞洲也看到了良好的成長。

International adjusted operating income margin for the second quarter increased to 8.5% due to the benefit of pricing, cost savings and lower incentive compensation expense more than offsetting the volume decline. Year-to-date, adjusted free cash flow was an outflow of $24 million, which was in line with our expectations. This includes $17 million in cash proceeds from the sale of two owned facilities.

由於定價、成本節約和激勵薪酬費用降低的好處足以抵銷銷售下降的影響，第二季國際調整後營業利潤率上升至 8.5%。年初至今，調整後的自由現金流為 2,400 萬美元，符合我們的預期。其中包括出售兩處自有設施所得的 1,700 萬美元現金收益。

The second quarter is historically the peak of our borrowing needs to support the seasonal aspects of our business. We began generating positive cash flow late in the third quarter and throughout the rest of the year.

從歷史上看，第二季是我們借貸需求的高峰期，以支持我們業務的季節性。我們在第三季末以及今年剩餘時間內開始產生正現金流。

During the quarter, we returned $7 million to shareholders in the form of dividends. While we continue to believe a balanced capital allocation is appropriate, in the near term, we will be focused on paying down debt. At quarter end, we had approximately $200 million available for borrowing under our revolver, and we finished the quarter with a consolidated leverage ratio of 4.3 times.

本季度，我們以股息的形式向股東返還了 700 萬美元。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。截至本季末，我們擁有約 2 億美元循環信貸可供借款，本季末我們的綜合槓桿率為 4.3 倍。

Given the impact of tariffs on second quarter results and a high level of uncertainty in the markets, we decided to be prudent and get additional cushion in our leverage covenants. We amended our bank credit agreement, increasing our leverage covenant by 50 basis points for the remainder of 2025 and by 25 basis points throughout 2026.

鑑於關稅對第二季業績的影響以及市場的高度不確定性，我們決定採取謹慎態度，並在槓桿契約中獲得額外的緩衝。我們修改了銀行信貸協議，將 2025 年剩餘時間的槓桿率提高 50 個基點，並將 2026 年全年的槓桿率提高 25 個基點。

Now turning to the outlook. We are providing an outlook for both the third quarter and the full year. The evolving tariff environment continues to lead to an uncertain demand environment and muted economies, especially for our Americas segment. We expect this uncertainty to continue for the remainder of the year. Our outlook reflects our price increases, which will cover the tariff costs and maintain margin.

現在談談展望。我們正在提供第三季和全年的展望。不斷變化的關稅環境繼續導致需求環境不確定和經濟低迷，尤其是對於我們的美洲地區。我們預計這種不確定性將在今年剩餘時間內持續下去。我們的前景反映了我們的價格上漲，這將覆蓋關稅成本並保持利潤率。

Pricing was announced in the second quarter and takes effect in the third and fourth quarters. We anticipate our pricing actions will partially mitigate the continued softness in consumer and business spending with the rate of decline improving in the second half of the year.

定價於第二季公佈，並將於第三季和第四季生效。我們預計，我們的定價行動將部分緩解消費者和企業支出的持續疲軟，下半年下降速度將會改善。

For the full year, we expect reported sales to be down 7% to 8.5% and adjusted EPS to be within the range of $0.83 to $0.90. We expect adjusted free cash flow to be approximately $100 million, including the proceeds from the sale of assets. We anticipate a leverage ratio of 3.8 times to 3.9 times at year-end. For the third quarter, we expect reported sales to be down 5% to 8%, with FX having a positive impact from the weakening of the US dollar. We anticipate adjusted EPS to be in the range of $0.21 to $0.24.

我們預計全年報告銷售額將下降7%至8.5%，調整後每股收益將介於0.83美元至0.90美元之間。我們預計調整後自由現金流約為1億美元，其中包括資產出售收益。我們預期年底槓桿率為3.8倍至3.9倍。對於第三季度，我們預計報告銷售額將下降 5% 至 8%，美元走弱將對外匯產生正面影響。我們預計調整後的每股盈餘將在 0.21 美元至 0.24 美元之間。

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. We have a strong balance sheet with no debt maturities until 2029 and a long history of productivity savings and cost management. We continue to anticipate that in the longer term, 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.

儘管今年充滿挑戰，但我們對公司的長遠未來以及我們度過這段充滿活力的時期的能力仍然充滿信心。我們擁有強勁的資產負債表，直到 2029 年都沒有債務到期，並且擁有長期的生產力節約和成本管理歷史。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)

（操作員指示）

Greg Burns, Sidoti & Co.

伯恩斯（Greg Burns），Sidoti & Co.

Morning. When we look at how the back-to-school season is playing out, can you just quantify how much of the decline you would attribute to, I think last quarter, you mentioned that maybe there was some prebuying or early buying to the first quarter? And then also, the tariff demand dynamic that you mentioned at the beginning of the quarter versus maybe just lower market demand for the product categories that you're selling?

早晨。當我們觀察返校季的進展時，您能否量化一下下降的程度，我想上個季度您提到第一季可能有一些預購或早期購買？另外，您在本季初提到的關稅需求動態與您銷售的產品類別的市場需求較低有關嗎？

And also, when we look at how the full season is going to play out. How are channel inventories at your retailers? And are they such that you think that maybe the back-to-school season gets spread out maybe more over the second and third quarter versus maybe more localized in the second quarter. Thank you.

而且，當我們觀察整個賽季將如何進行時。你們零售商的通路庫存如何？您是否認為返校季可能分散在第二季和第三季度，而不是集中在第二季？謝謝。

Good morning. This is Tom. So first, let me address kind of the decline question. And the decline really is a mix of different things compared to our expectations. So certainly, we mentioned the shifts into the first quarter.

早安.這是湯姆。首先，讓我來回答一下衰退的問題。與我們的預期相比，這種下降確實是由多種因素造成的。當然，我們提到了第一季的轉變。

We also did see some softness with the orders from our customers, including cancellations. And then we saw some shifts, very modest shifts into the third quarter. So if you compare it to our expectations, those were the three primary drivers of the kind of changes in expectations.

我們也確實看到客戶訂單有所疲軟，包括取消訂單。然後我們看到了一些變化，進入第三季後變化非常小。因此，如果將其與我們的預期進行比較，就會發現這些是預期變化的三個主要驅動因素。

As we think about looking ahead, we're early in the season. We're less than 10% through the sell-through season, which really will dictate any demand replenishment that we get later in the season. We've ensured that we have good inventory positions in the event that our customers' demand increases above expectations or above forecast. We're hopeful that, that will be the case. But at this point, it's uncertain, and it'd probably be premature to comment.

當我們展望未來時，我們正處於賽季初期。我們的銷售旺季還不到 10%，這實際上將決定我們在本季後期獲得的任何需求補充。我們確保在客戶需求超出預期或預測的情況下擁有良好的庫存狀況。我們希望情況確實如此。但目前還不確定，現在發表評論可能還為時過早。

Lastly, I will say our customers continue to manage inventory tightly, their replenishment expectations are relatively low in our forecast. But we hope that, that will obviously materialize differently and we'll see, right? Again, it's early in the season, and it's too early to tell exactly what our customers are going to do.

最後，我想說的是，我們的客戶繼續嚴格管理庫存，我們的預測顯示他們的補貨預期相對較低。但我們希望，這顯然會以不同的方式實現，我們會看到，對嗎？再說一次，現在還處於季節初期，現在確切地判斷我們的客戶將要做什麼還為時過早。

Okay thanks and then in terms of new product development, you highlighted a couple of products that you're going to be bringing on in the second half. How should we think about those products contributing to revenue in the second half? Is it more of a 2026 kind of upside from these products as you see the market? Or will there be a benefit in the second half?

好的，謝謝，然後就新產品開發而言，您重點介紹了下半年將推出的幾款產品。我們該如何看待那些產品對下半年的營收貢獻？從您的角度來看，這些產品是否更有可能在 2026 年實現市場上漲？還是下半年會有好處？

Yeah, the benefit will be very modest, Greg. It takes time for us to get syndication of a product, get listings of product. We should see some benefit from the Switch 2 accessories that are entering the market in the second half. But beyond that, it's really 2026 and beyond, where we'll see impact from revenue with the new product introductions that are happening this year.

是的，收益會非常有限，格雷格。我們需要時間來聯合產品、列出產品清單。我們應該會看到下半年進入市場的 Switch 2 配件帶來一些好處。但除此之外，真正影響我們的是 2026 年及以後，我們將看到今年推出的新產品對營收的影響。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Kevin Steinke, Barrington Research.

凱文‧史坦克，巴靈頓研究中心。

Yeah, good morning. So just going back to back-to-school, I'm wondering if you can make adjustments with your product assortment in terms of price points, et cetera, given the demand environment, if that's something you think about in light of, again, the current trends?

是的，早安。所以回到開學季，我想知道您是否可以根據需求環境，在價格點等方面調整產品組合，如果您再次考慮到當前的趨勢，這是您考慮的事情嗎？

Yeah, So Kevin, it's a good question. We feel consistently that we have a good offering of price choices in our portfolio supported by our meat and Five Star brand here in the US and our Hilroy and Five Star brand in Canada. So we think North America, we have a good offering that touches on each one of the price points.

是的，凱文，這是一個很好的問題。我們始終認為，我們的產品組合提供了良好的價格選擇，這得益於我們在美國提供的肉類和 Five Star 品牌以及在加拿大提供的 Hilroy 和 Five Star 品牌。因此，我們認為在北美，我們提供的產品能夠覆蓋每個價格點。

We collaborate with our customers at the beginning of the season to ensure that we're hitting the price targets that they think will move during the season. And we've done a nice job of that this year again. It really will -- our performance will really depend upon consumer demand. And right now, it's kind of wait and see. We're still early in the season, as I mentioned earlier.

我們在季節開始時與客戶合作，以確保我們達到他們認為會在季節期間變動的價格目標。今年我們又出色地完成了這項工作。確實如此——我們的業績確實取決於消費者的需求。現在，我們只能拭目以待。正如我之前提到的，我們仍處於賽季初期。

As it relates to back-to-school and other markets, which are important such as Brazil, we are going to have to reposition some of our product and make sure that we are competitive and evolving price points as lower-cost competitors from China particularly or entering the market aggressively, and we're doing so right now. So we're adjusting those assortments. We're making sure that we have the features that the consumers need at those price points, and those offerings will be in market this BTS in Brazil.

由於它與返校市場和其他重要市場（例如巴西）有關，我們將不得不重新定位我們的部分產品，並確保我們具有競爭力，並隨著來自中國的低成本競爭對手或積極進入市場的步伐不斷調整價格點，我們現在正在這樣做。因此我們正在調整這些分類。我們確保我們擁有消費者在這些價位上所需的功能，並且這些產品將在巴西的 BTS 市場上銷售。

Okay, and that Chinese competition, I mean, is that something that you expect to persist? Or what kind of -- what do you think is driving that? Is it just the environment that's opening the door for lower-cost competitors or -- just wondering about the sustainability of that trend, I guess?

好的，我的意思是，您認為中國的競爭會持續下去嗎？或是什麼樣的－您認為是什麼推動了這個現象？這是否只是為低成本競爭對手打開大門的環境，或者——我只是想知道這種趨勢的可持續性？

Yeah, that's a hard one for us to predict. I mean we certainly see low-cost competitors entering and exiting markets all across the globe consistently. This may be a little different because of the trade dynamics, particularly impacting the US market for Chinese suppliers. We'll just have to wait and see.

是的，這對我們來說很難預測。我的意思是，我們確實看到低成本競爭對手不斷進入和退出全球各地的市場。由於貿易動態，情況可能會有所不同，尤其是對中國供應商的美國市場產生影響。我們只能拭目以待。

The key for us is just reacting, making sure that we have the right product, the right price, the right assortment to compete in every market that we sell product in.

對我們來說，關鍵在於做出反應，確保我們擁有正確的產品、正確的價格、正確的組合，以便在我們銷售產品的每個市場中競爭。

And you mentioned that you expect your price increases to, I think, fully offset tariff costs in the second half of the year. Just thinking about gross margin, you talked about that 33% to 34% target. I know you typically have seasonal strength in the fourth quarter in gross margin. But I guess we should expect some improvement in the second half in gross margin. And I don't know if you might be trending towards the lower end of that 33%, 34% range or how you're thinking about that?

您提到，我認為您預計價格上漲將在下半年完全抵銷關稅成本。僅考慮毛利率，您談到了 33% 到 34% 的目標。我知道你們的毛利率通常在第四季呈現季節性優勢。但我想我們應該期待下半年毛利率會有所改善。我不知道您是否可能趨向於 33%、34% 範圍的低端，或者您對此有何看法？

Yeah, I think that's right. I think we're expecting it to modestly improve in the back half gross margin and we have put our pricing initiatives out there so that we are covering the cost of the tariff as well as maintaining our margin. So as we think about the full year, we took a couple of hits here in the first half, but back half, we do expect to come back.

是的，我認為是這樣。我認為我們預計下半年毛利率會略有提高，而且我們已經推出了定價計劃，以便我們能夠覆蓋關稅成本並保持利潤率。因此，當我們考慮全年時，我們在上半年遭受了一些打擊，但下半年，我們確實有望恢復。

Okay, thanks. And then just lastly, did you mention the benefit from foreign currency that you baked into the sales outlook for both the third quarter and the full year?

好的，謝謝。最後，您是否提到了外匯帶來的好處已納入第三季和全年的銷售前景中？

Right. Yes, we did. And if you kind of go back to our slides and stuff, you'll see that out there, but we do expect a favorable benefit from FX, primarily -- or particularly in the fourth quarter, but third as well.

正確的。是的，我們做到了。如果你回顧我們的幻燈片和其他內容，你會看到這一點，但我們確實預計外匯會帶來有利的收益，主要是——特別是在第四季度，但第三季度也是如此。

Okay, it's in the slides, okay. Alright, thanks. That's all I Had. Thank you.

好的，它在幻燈片裡，好的。好的，謝謝。這就是我所擁有的一切。謝謝。

Thank you, Kevin,

謝謝你，凱文，

(Operator Instructions)

（操作員指示）

Joe Gomes, Noble Capital.

喬‧戈麥斯 (Joe Gomes)，Noble Capital。

Good morning.

早安.

Hey, good morning, First question on the PowerA. The Nintendo Switch was the fastest-selling console in US history when it came out here 1.5 months ago or so. Same in Japan. Just trying to get a better -- some more color on how that is impacting your guy's PowerA subsidiary? Are you seeing that same time? I know it's early days, but we've had at least the month of July there demand for your products?

嘿，早上好，第一個問題是關於 PowerA 的。大約一個半月前，任天堂 Switch 在美國上市，成為美國史上銷售最快的遊戲機。日本也一樣。只是想更了解這對您的 PowerA 子公司有何影響？您看到的是同一時間嗎？我知道現在還太早，但至少在七月份，你們的產品就有需求了？

Yeah, Joe, great question. We're really pleased with our partnership with Nintendo and our PowerA team. They've done a great job of getting product to market as quickly as possible. So as we noted in our prepared remarks, the launch was on June 5. And so second quarter was really not impacted much by the Switch 2 accessory sales.

是的，喬，這個問題問得好。我們對與任天堂和 PowerA 團隊的合作感到非常高興。他們出色地完成了盡快將產品推向市場的工作。正如我們在準備好的演講中所提到的，發射時間是 6 月 5 日。因此，第二季度實際上並沒有受到 Switch 2 配件銷售的太大影響。

The big season for us is holiday. And so you'll see Q4 being a strong PowerA quarter for ACCO Brands. We're well positioned to capitalize on the demand. We understand how the demand curve works. As consoles get launched, get into market, first party typically realizes sales early in the maturity cycle and third party then steps in shortly thereafter.

對我們來說最重要的季節是假期。因此，您會看到第四季度對於 ACCO Brands 來說是一個強勁的 PowerA 季度。我們已做好準備，充分利用這項需求。我們了解需求曲線如何運作。隨著遊戲機的推出和進入市場，第一方通常會在成熟週期的早期實現銷售，然後第三方隨後不久介入。

So we feel like we're very well positioned. We're excited about the accessories that we're bringing to market, and we're in a great position with Nintendo. So again, really pleased with our team and have high expectations for our accessories business supporting the launch.

因此，我們覺得自己處於非常有利的位置。我們對即將推向市場的配件感到非常興奮，我們與任天堂的關係非常密切。所以，我們再次對我們的團隊感到非常滿意，並對我們的配件業務支持此次發布寄予厚望。

Great, thanks for that. And on the $100 million cost reduction program, as you mentioned, you've gotten $40 million since the beginning of the program. What do you think is possible for the second half of this year?

太好了，謝謝。正如您所說，關於 1 億美元的成本削減計劃，自該計劃開始以來，您已經獲得了 4000 萬美元。您認為今年下半年可能出現哪些狀況？

Yeah. Well, if you think about the first half, we've got about $16 million in because we had about $8 million in the first and $8 million in the second. So if you just think of that kind of playing out through the rest of the year, Joe, you're probably pretty close, maybe a little bit more just because of the later impact of some of our actions.

是的。好吧，如果你想想上半年，我們已經賺了大約 1600 萬美元，因為第一季我們賺了大約 800 萬美元，第二季我們賺了 800 萬美元。因此，喬，如果你只是考慮一下這種情況在今年剩餘時間裡的表現，那麼你的猜測可能非常接近，甚至可能更接近，這僅僅是因為我們的一些行動後來產生的影響。

Okay great and then in the release you talked about an asset sale. Maybe you could just give us a little bit more color on what that was or you're planning on having any more asset sales?

好的，太好了，然後在發布會上您談到了資產出售。也許您可以向我們詳細介紹那是什麼，或者您計劃進行更多資產出售？

No, we don't have any on the horizon. What that really was is the majority of it was our New York location that if you remember, Joe, we took a charge for this year as we were shutting that up as part of our footprint rationalization as part of the cost savings initiative. So that facility was closed and sold at a nice gain and a nice cash flow profit. That's primarily what was in there.

不，我們目前還沒有任何跡象。事實上，大部分業務都集中在我們的紐約分店，如果你還記得的話，喬，我們今年關閉了這家分店，作為我們成本節約計劃的一部分，作為足跡合理化的一部分。因此，該設施關閉並以不錯的收益和現金流利潤出售。這就是裡面主要的內容。

Okay great thanks I'll get back into you.

好的，非常感謝，我會回覆您的。

(Operator Instructions)

（操作員指示）

Hale Holden, Barclays.

巴克萊銀行的黑爾·霍爾頓。

Just two quick ones. Deb, the Brazilian tax release. Is that sort of cash that comes back to you or just an accounting credit?

只需簡單兩句話。Deb，巴西稅務發布。這些現金會回饋給您嗎？還是只是會計信用？

Actually, we resolved it. If you remember, the reserve was really large a couple of years ago, and we've been dwindling it down with negotiations and with government coming out with new laws. But it ended up being about $20 million of a liability on our books. And we are going to end up paying about $7 million out. So that $13 million that's going through the income statement is just an accounting adjustment, but will have $7 million go out over the next year to the government.

事實上，我們已經解決了這個問題。如果你還記得的話，幾年前保護區的面積非常大，隨著談判和政府推出新法律，保護區面積一直在縮小。但最終我們的帳面上卻出現了約 2,000 萬美元的負債。我們最終將支付約 700 萬美元。因此，損益表中的 1,300 萬美元只是會計調整，但明年將有 700 萬美元流向政府。

Got it. And then the second question was on the blended pricing increases that you've taken to offset tariffs. Any sense on a percentage basis, like what the consumer would see on shelf versus maybe where you were last year or your enterprise customers?

知道了。第二個問題是關於你們為抵銷關稅而採取的混合定價上漲措施。從百分比來看，有什麼意義嗎？例如消費者在貨架上看到的產品與您或您的企業客戶去年看到的產品相比如何？

Yeah. It's hard to say because we've got the China and the non-China product coming in that we're pricing accordingly for. And we're not pricing really every single item because we do have on-hand inventory as well. So we're passing on a good price increase, as I said, to cover the cost and the cover to make sure we maintain our margin.

是的。這很難說，因為我們有中國產品和非中國產品，我們會相應地定價。而且我們實際上並沒有對每一件商品都進行定價，因為我們確實也有庫存。因此，正如我所說，我們正在轉嫁價格上漲，以彌補成本和保險，確保我們保持利潤率。

Yeah Maybe put another way, would you guys expect in elasticity hit? Or do you think you're going to be able to sort of realize most of it back to you?

是的，也許換句話說，你們會期待彈性打擊嗎？或者您認為您能夠以某種方式將其中的大部分實現回饋給自己嗎？

Yeah, Hale, this is Tom. That's sometimes difficult to address because there's so many other macro issues that go into modeling elasticity. We do model a modest volume decline as we put through price increases. But to give specific numbers, it's too speculative from my perspective. So the forecast that we've given appropriately balances price elasticity in it particularly here in the US.

是的，黑爾，這是湯姆。這有時很難解決，因為建模彈性涉及許多其他宏觀問題。隨著價格上漲，我們確實預測銷量將出現適度下降。但從我的角度來看，給出具體的數字太過於推測了。因此，我們給出的預測適當地平衡了價格彈性，特別是在美國。

Great, I definitely can respect that. I appreciate it. Thank you.

太好了，我絕對尊重這一點。我很感激。謝謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

William Reuter, Bank of America.

威廉·路透，美國銀行。

Good morning. The first, given the stressed consumer environment, have you seen your US customers allocating a different amount of shelf space for back-to-school products or traditional office products that the non-branded competition that's out there?

早安.首先，考慮到緊張的消費環境，您是否發現美國客戶為返校產品或傳統辦公產品分配的貨架空間與非品牌競爭對手的貨架空間不同？

Yeah. That ebbs and flows, Bill, every year. So the decisions to set BTS typically happen before the turn of the calendar year. So those decisions were made well in advance of the Liberation Day tariff announcement. I would say this year, our listings are pretty constant to the prior year.

是的。比爾，每年都是如此。因此，設定 BTS 的決定通常在日曆年到來之前做出。因此，這些決定是在解放日關稅公告之前做出的。我想說，今年我們的上市情況與去年基本一致。

In fact, they're up modestly, what we believe is going to impact our sales a little more is just the conservative nature in which our retailers are approaching inventory with all the uncertainties that they're trying to manage through. And so that's why we think BTS sales will be a little depressed compared to our past performance.

事實上，它們只是小幅上漲，我們認為對我們的銷售產生更大影響的只是我們的零售商在處理庫存時的保守態度，他們試圖應對所有不確定因素。因此，我們認為 BTS 的銷量與過去的表現相比會略有下降。

Got it. And then I mean I know you said that only 10% of sell-through has occurred to this point. So this may be a difficult question to answer, but do you believe that in the US you will have gained or lost market share this season for back-to-school?

知道了。然後我的意思是我知道你說過到目前為止只發生了 10% 的銷售。所以這可能是一個很難回答的問題，但您是否認為在美國，今年返校季您的市佔率會增加還是會減少？

Yeah, Bill, it's way too premature to project whether or not we will or we will not. We're well positioned. I can tell you that our brands historically have performed very, very well in back-to-school, particularly Five Star. We're confident in our feature-rich assortment and our price points.

是的，比爾，現在預測我們是否會這樣做還為時過早。我們處於有利地位。我可以告訴你們，我們的品牌在開學季的表現歷來都非常出色，尤其是五星。我們對我們的功能豐富的產品系列和價格點充滿信心。

We think we hit all the major price points, and we have great relationships with our customers. So the things that we can control, we think we've executed against very well going into this season. Now we just have to see how it plays out.

我們認為我們達到了所有主要的價格點，並且與客戶保持良好的關係。因此，我們認為，對於我們能夠控制的事情，我們在本賽季中已經執行得非常好了。現在我們只需要看看結果如何。

Got it. And then lastly for me, I'm not sure what you might be willing to provide or not provide, but can you give us any sense for magnitude of the dollar of incremental sales of gaming accessories you might see either in the first quarter of this year or I'm sure in fiscal year '26 based upon all the momentum behind Switch. Just trying to figure out kind of -- is this like a $10 million opportunity, $20? I don't have a sense for context.

知道了。最後，對我來說，我不確定您願意提供什麼或不提供什麼，但您能否告訴我們，基於 Switch 背後的所有發展勢頭，您可能會在今年第一季或我確信在 26 財年看到的遊戲配件銷售額增量的規模。只是想弄清楚——這是一個價值 1000 萬美元還是 2000 萬美元的機會？我對上下文沒有感覺。

Yeah. Again, it's a little early on that topic as well. Holiday season is our biggest season in support of the Switch 2 launch. We're starting to get orders in now. We have a demand forecast provided to us.

是的。再次強調，現在討論這個話題還為時過早。假期是我們支持 Switch 2 發布的最大季節。我們現在開始收到訂單。我們已收到一份需求預測。

We're excited about that, but I think it would be premature for us to give a specific dollar amount simply because we don't really know yet. But so far, reception has been very strong with our assortment.

我們對此感到很興奮，但我認為現在給出具體的金額還為時過早，因為我們還不清楚。但到目前為止，我們的產品系列的反應非常強烈。

Got it. All right, that's all for me. Thank you.

知道了。好的，我就講到這裡。謝謝。

Thank you very much. We currently have no further questions. So I will hand back over to Tom for any closing remarks.

非常感謝。目前我們沒有其他問題。因此我將把發言權交還給湯姆，讓他做最後的總結發言。

Thank you, everyone, for joining us. we are pleased to have delivered second quarter sales and adjusted EPS in line with our outlook. I am confident that our proactive actions are better positioning us for long-term profitable growth.

感謝大家的參與。我們很高興看到第二季的銷售額和調整後的每股盈餘符合我們的預期。我相信，我們的積極行動將使我們更好地實現長期獲利成長。

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

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收入成長機會。我們感謝您對 ACCO Brands 的關注，並期待在 10 月報告第三季業績時與您交談。

Thank you very much, Tom, and thank you, Deb and Chris, for being our speakers on today's call. We appreciate everyone for joining. You may now disconnect your lines.

非常感謝湯姆，也感謝黛布和克里斯擔任我們今天電話會議的發言人。我們感謝大家的加入。現在您可以斷開線路了。