ACCO Brands Corp (ACCO) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to ACCO Brands First Quarter 2026 Earnings Call. (Operator Instructions) I will now hand the conference over to Christopher McGinnis, Director of Investor Relations. Please go ahead.

各位好。感謝各位加入我們，歡迎參加 ACCO Brands 2026 年第一季財報電話會議。(接線員指示) 現在我將把會議交給投資人關係總監 Christopher McGinnis。請開始。

Thank you. Good morning, and welcome to the ACCO Brands conference call to review our first quarter 2026 results. Speaking on the call today is Tom Tedford, President and Chief Executive Officer of ACCO Brands; and Deb O'Connor, Executive Vice President and Chief Financial Officer. Slides that accompany this call have been posted to the Investor Relations section of accobrands.com.

謝謝。各位早安，歡迎參加 ACCO Brands 電話會議，一同回顧我們 2026 年第一季的業績。今天出席並發言的有 ACCO Brands 總裁暨執行長 Tom Tedford，以及執行副總裁暨財務長 Deb O'Connor。本次電話會議所搭配的簡報已發布於 accobrands.com 的投資人關係專區。

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, bargain purchase gain and other nonrecurring items and unusual tax items and include adjustments to reflect the estimated annual tax rate on quarterly earnings. 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.

在談及我們的業績時，我們可能會提到調整後結果。調整後結果排除攤銷與重整成本、非現金商譽及無形資產減損費用、廉價購買利益，以及其他非經常性項目與特殊稅務項目，並包含為反映以季度盈餘估計之年度有效稅率所作的調整。調整後結果及其他非 GAAP 財務衡量指標之明細表，以及這些指標與最直接可比 GAAP 指標之調節表，均載於新聞稿與本次電話會議的簡報中。

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

由於預測與量化某些金額本身具有困難性，我們不對前瞻性的非 GAAP 財務衡量指標提供調節。本次電話會議中的前瞻性陳述係基於管理階層在陳述當時可取得資訊所形成之信念與假設。我們的前瞻性陳述受風險與不確定性影響，實際結果可能出現重大差異。請參閱我們的財報新聞稿與向 SEC 提交之文件，以了解特定風險因素與假設之說明。我們的前瞻性陳述以今日為準，且我們不承擔日後更新之義務。

Now I will turn the call over to Tom Tedford.

現在我把電話交給 Tom Tedford。

Thank you, Chris. Good morning, everyone, and thank you for joining us today for ACCO Brands first quarter earnings call. Last night, we reported first quarter results with sales and adjusted EPS above our outlook. We also reiterated full-year guidance. We are pleased with the strong start to the year, and the results indicate we are executing well on our key operational and strategic initiatives.

謝謝你，Chris。各位早安，感謝各位今天參加 ACCO Brands 第一季財報電話會議。昨晚我們公布第一季業績，營收與調整後每股盈餘（adjusted EPS）均高於我們的展望。我們也重申全年指引。我們對今年強勁的開局感到滿意，結果顯示我們在關鍵營運與策略性計畫上執行良好。

First quarter consolidated sales grew 8%, higher than our expectations, driven by favorable comparable sales and better first quarter performance from the EPOS acquisition. Additionally, as expected, foreign exchange had a significant positive impact on revenue in the quarter.

第一季合併營收成長 8%，高於我們的預期，主要受惠於可比銷售表現良好，以及 EPOS 併購案在第一季的表現優於預期。此外，如同預期，外匯在本季對營收帶來顯著的正面影響。

In the Americas segment, sales growth was driven by favorable currency translation, computer accessories and the EPOS acquisition. Sales for computer accessories within the segment were strong, reflecting new products and a meaningful end-user pipeline.

在美洲事業部，銷售成長主要由有利的匯率換算、電腦周邊配件以及 EPOS 併購案所帶動。該事業部的電腦周邊配件銷售強勁，反映新產品推出以及具規模的終端用戶商機管線。

In North America, early purchases of back-to-school products were better than anticipated. While it is still early, we are confident in the upcoming back-to-school season due to increased listings and the absence of order cancellations due to tariffs in the prior year. For the season, we are expecting back-to-school sales to be flat to up low single digits. Sales of office products were down across the segment, but the rate of decline improved. In Latin America, sales improved due to a combination of a change in go-to-market strategies and new products.

在北美，返校季產品的提前採購優於預期。雖然目前仍屬早期階段，但由於上架品項增加，且不像前一年因關稅而出現訂單取消，我們對即將到來的返校季充滿信心。就本季而言，我們預期返校季銷售將持平至低個位數成長。辦公用品在整個事業部的銷售下滑，但下滑幅度已有改善。在拉丁美洲，銷售因調整市場進入策略與推出新產品的綜合作用而有所改善。

Turning to the International segment. Sales growth of 15% was driven by favorable currency translation and the EPOS acquisition, which I'll discuss in more detail shortly. The rate of decline improved in the quarter, reflecting the positive impact of price, broad-based improvement in core category demand and favorable mix. Our overall strategy remains focused on expanding our product range in faster-growing categories with an emphasis on technology peripherals. Our target for 2026 is for peripherals to grow to represent 25% of the company's projected revenue.

接著看國際事業部。銷售成長 15%，主要由有利的匯率換算與 EPOS 併購案帶動，我稍後會更詳細說明。本季下滑幅度有所改善，反映價格的正面影響、核心品類需求的廣泛回升，以及有利的產品組合。我們的整體策略仍聚焦於在成長較快的品類擴充產品範圍，並著重於科技周邊。我們 2026 年的目標是讓周邊產品成長至占公司預估營收的 25%。

In support of our strategy, our acquisition of EPOS was completed in the first quarter. We are excited about the potential of this addition to ACCO Brands. The integration is on track with expected 2026 sales of approximately $80 million over 11 months of the year and a modest contribution to profit.

為支持我們的策略，我們已於第一季完成對 EPOS 的收購。我們對這項加入 ACCO Brands 的新成員所帶來的潛力感到振奮。整合進度符合計畫，預期 2026 年在全年 11 個月期間的銷售約為 8,000 萬美元，並對獲利帶來小幅貢獻。

As a result of the acquisition, Jeppe Dalberg-Larsen, President of EPOS, will now lead Technology peripherals for ACCO Brands. Jeppe has over 20 years of experience leading technology peripheral businesses and is a strong operator who will drive our growth initiatives. This change in leadership is another step to better position ACCO Brands to execute on our strategy of expanding our global market shares and enhancing our product portfolio and technology peripherals through organic and inorganic initiatives in these large and growing categories.

因應此次收購，EPOS 總裁 Jeppe Dalberg-Larsen 將領導 ACCO Brands 的科技周邊業務。Jeppe 擁有超過 20 年領導科技周邊業務的經驗，是一位強而有力的營運管理者，將推動我們的成長計畫。這項領導層調整是另一個步驟，讓 ACCO Brands 能更好地執行我們的策略：透過有機與無機的方式，在這些規模龐大且持續成長的品類中擴大全球市占、強化產品組合與科技周邊布局。

Pivoting to gaming accessories. The global gaming market faced headwinds in the first quarter from broad industry challenges and softer consumer spending. Our PowerA brand is well positioned to capitalize on two significant catalysts that we believe will improve performance throughout the year. The continued adoption of Nintendo Switch two consoles by the consumer and the expected fourth quarter release of Grand Theft Auto 6. Additionally, our product pipeline is robust as we are expanding our gaming portfolio to include simulation as well as a revamped audio offering.

接著談遊戲配件。第一季全球遊戲市場受到產業整體挑戰與消費支出轉弱的逆風影響。我們的 PowerA 品牌具備良好定位，可把握兩項我們認為將在全年改善表現的重要催化因素。其一是消費者持續採用 Nintendo Switch 2 主機，其二是預期於第四季推出的《俠盜獵車手 6》（Grand Theft Auto 6）。此外，我們的產品開發管線相當強勁，正擴充遊戲產品組合，納入模擬類產品，並推出全面更新的音訊產品。

Our leading product portfolio, the important work we do with OEMs and our strong channel partnerships give us confidence in the back half of the year.

我們領先的產品組合、與 OEM 的重要合作，以及強健的通路夥伴關係，讓我們對今年下半年充滿信心。

In Computer accessories, the Americas delivered solid sales growth. In the International segment, sales were down versus the prior year as we comped a large government order in the U.K. in 2025. Normalized, computer accessory sales in the segment were up modestly year-over-year. We have an expansive range of new products and an improving pipeline throughout 2026 that will support our growth objectives.

在電腦周邊配件方面，美洲事業部交出穩健的銷售成長。在國際事業部，由於 2025 年英國曾有一筆大型政府訂單形成高基期，銷售較去年下滑。若以常態化口徑來看，該事業部的電腦周邊配件銷售年增小幅上升。我們擁有廣泛的新產品陣容，且 2026 年整體商機管線持續改善，將支持我們的成長目標。

Transitioning to our cost optimization work, we continue to execute on our cost reduction and footprint optimization program. We remain on track to achieve the $100 million cost reduction target by the end of the year. Some of our projected savings, however, may be offset by rising costs due to the ongoing conflict in the Middle East.

轉向成本優化工作，我們持續推進成本降低與據點（足跡）優化計畫。我們仍按計畫在年底前達成 1 億美元的成本降低目標。然而，我們部分預期節省金額可能會被中東持續衝突所導致的成本上升所抵銷。

We anticipate fuel costs and certain raw materials to increase globally with the impact weighted towards the back half of the year. The company is carefully monitoring the situation and has taken appropriate steps to mitigate these potential impacts. We have considered these developments in our guidance, however, recognize this is a dynamic situation that is evolving daily. While consumers and some customers may be more conservative in the near term due to economic uncertainties, our tight cost controls and growth initiatives give us confidence in the year.

我們預期燃料成本與部分原物料將在全球範圍內上升，且影響將偏向於今年下半年。公司正審慎監控情勢，並已採取適當措施以降低這些潛在影響。我們已在指引中納入這些發展因素，但也認知這是每日都在變化的動態情勢。雖然在經濟不確定性下，消費者與部分客戶短期內可能更為保守，但我們嚴謹的成本控管與成長計畫讓我們對今年充滿信心。

In summary, I am pleased with our first quarter results. I am proud of our strong execution against our value-enhancing initiatives and the progress we are making on our strategy to transform ACCO Brands into a more focused, efficient and growth-oriented company.

總結來說，我對第一季的業績感到滿意。我為我們在提升價值的各項計畫上的強勁執行力感到自豪，也為我們在推動策略、將 ACCO Brands 轉型為更聚焦、更高效率且更以成長為導向的公司所取得的進展感到振奮。

I will come back to answer your questions. Now let me turn the call over to Deb.

我稍後會回來回答各位的問題。現在讓我把電話交給 Deb。

Thank you, Tom, and good morning, everyone. As Tom mentioned, first quarter sales and adjusted EPS were above outlook. Comparable sales improved with a better mix of product sales as well as back-to-school order timing earlier than anticipated. Reported sales in the first quarter increased 8% with comparable sales down less than 3%. Growth in the quarter was driven by FX and the EPOS acquisition.

謝謝你，Tom，各位早安。如同 Tom 提到的，第一季銷售與調整後 EPS 均高於展望。同店銷售改善，受惠於產品銷售組合更佳，以及返校季訂單時點較預期提前。第一季公告銷售成長 8%，同店銷售下滑不到 3%。本季成長主要由外匯（FX）與收購 EPOS 所帶動。

Comparable sales reflect growth in Latin America and computer accessories in the Americas as well as lower declines in several core categories.

同店銷售反映拉丁美洲與美洲地區電腦配件的成長，以及數個核心品類的跌幅收斂。

Gross profit for the first quarter was $107 million, an increase of 7%, with the margin rate of 31.1%, down 30 basis points. The margin rate decline was attributable to lower priced product mix. Adjusted SG&A expense of $95 million is up modestly to the prior year, with the increase largely due to unfavorable FX and the EPOS acquisition, significantly offset by cost savings. Adjusted operating income for the first quarter was $12 million, up $5 million versus the prior year, reflecting cost savings somewhat mitigated by organic volume declines.

第一季毛利為 1.07 億美元，年增 7%，毛利率 31.1%，下滑 30 個基點。毛利率下滑主要歸因於較低單價的產品組合。調整後 SG&A 費用為 9,500 萬美元，較去年小幅增加，增幅主要來自不利的外匯影響與收購 EPOS，並被成本節省大幅抵銷。第一季調整後營業利益為 1,200 萬美元，較去年增加 500 萬美元，反映成本節省，但部分被有機銷量下滑所抵銷。

Before turning to segment results, let me provide some detail on the bargain purchase gain related to our acquisition of EPOS. This $38 million gain represents the purchase price of EPOS compared to the preliminary fair market value of the business, which is primarily from working capital.

在進入各事業部門結果之前，我先補充一些關於我們收購 EPOS 所產生的廉價購買利益（bargain purchase gain）的細節。這筆 3,800 萬美元的利益，代表 EPOS 的購買價格相較於該業務初步公允市價的差額，而該公允市價主要來自營運資金。

As Tom mentioned, the integration of EPOS is on track, and our outlook includes $80 million of 2026 sales with a slightly higher gross profit rate than our consolidated average and neutral to adjusted EPS. We remain on track to deliver the outlined $15 million in cost synergies in 12 to 18 months. We recorded $7 million in restructuring charges, primarily related to this acquisition, most of which will be paid out in the next year.

如同 Tom 提到的，EPOS 的整合進度如期，我們的展望包含 2026 年 8,000 萬美元的銷售，毛利率略高於我們合併平均水準，對調整後 EPS 影響為中性。我們仍按計畫在 12 到 18 個月內實現先前所述 1,500 萬美元的成本綜效。我們認列了 700 萬美元的重組費用，主要與本次收購相關，其中大部分將於未來一年內支付。

Let's turn to our segment results for the first quarter. In the Americas segment, sales were up 3% with comparable sales down 2%. We had good growth in computer accessories and in Latin America, which was offset by our core office products. The early purchase of back-to-school products was comparable to last year, and we expect the full season to be up modestly.

接著看第一季各事業部門表現。在美洲事業部，銷售成長 3%，同店銷售下滑 2%。電腦配件與拉丁美洲有良好成長，但被核心辦公用品所抵銷。返校季產品的提前採購與去年相當，我們預期整個返校季將小幅成長。

The Americas adjusted operating income was $13 million in the first quarter, up approximately $3 million with the margin rate improving 140 basis points to 7.2%. The margin rate improvement was driven by cost savings.

美洲事業部第一季調整後營業利益為 1,300 萬美元，約增加 300 萬美元，營業利益率提升 140 個基點至 7.2%。營業利益率改善主要由成本節省所帶動。

In the International segment for the first quarter, sales were up 15%, with comparable sales down approximately 3%. The improvement in the rate of the decline in comparable sales was driven by new products, and we also saw increased purchases of office products due to the lower year-end buying we highlighted in the fourth quarter. International adjusted operating income was $11 million, with the margin rate at 6.7%, consistent to the prior year. Free cash flow in the quarter was $1.4 million, comparable to last year and in line with our plan. Inventory was up $67 million since the start of the year.

國際事業部第一季銷售成長 15%，同店銷售約下滑 3%。同店銷售跌幅收斂主要由新產品帶動；此外，由於我們在第四季提到的年末採購偏低，本季也看到辦公用品採購增加。國際事業部調整後營業利益為 1,100 萬美元，營業利益率 6.7%，與去年一致。本季自由現金流為 140 萬美元，與去年相當並符合我們的計畫。存貨自年初以來增加 6,700 萬美元。

$27 million of that increase was related to EPOS, while the remaining increase was attributable to seasonal inventory build and higher tariff costs.

其中 2,700 萬美元的增加與 EPOS 有關，其餘增加則歸因於季節性備貨以及較高的關稅成本。

During the quarter, we returned $7 million to shareholders in the form of dividends. At quarter end, we had approximately $252 million available for borrowing under our revolver and finished the quarter with a consolidated leverage ratio of 4.1 times.

本季我們以股利形式向股東回饋 700 萬美元。季末時，我們在循環信貸（revolver）項下約有 2.52 億美元可供借款，並以合併槓桿比率 4.1 倍結束本季。

Now let's move to the outlook. For 2026, we are reiterating our expectation for full year reported sales to be flat to up 3% and adjusted EPS to be within the range of $0.84 to $0.89. This outlook reflects a prudent sales expectation in the back half of the year given the global environment. We also anticipate cost increases in the near term, which we have considered in our guidance. Free cash flow is expected to be within the range of $75 million to $85 million, with approximately $25 million in restructuring payments and $15 million in CapEx.

接著談展望。針對 2026 年，我們重申全年公告銷售預期為持平至成長 3%，調整後 EPS 預期區間為 0.84 至 0.89 美元。此展望在全球環境影響下，對下半年銷售採取審慎假設。我們也預期短期內成本將上升，並已納入指引考量。自由現金流預期介於 7,500 萬至 8,500 萬美元，其中約 2,500 萬美元為重組付款，資本支出（CapEx）約 1,500 萬美元。

Lastly, we anticipate a consolidated leverage ratio within a range of 3.7 times to 3.9 times. For the second quarter, we expect reported sales to be up within a range of 1% to 4% with a lesser benefit from FX. We expect adjusted earnings per share to be within the range of $0.24 to $0.28. While the current environment remains dynamic, we are confident in the future of our company. We have no debt maturities until 2029 and a long history of productivity savings and cost management.

最後，我們預期合併槓桿比率將落在 3.7 倍至 3.9 倍之間。第二季方面，我們預期公告銷售成長 1% 至 4%，外匯帶來的助益將較小。我們預期調整後每股盈餘介於 0.24 至 0.28 美元。儘管目前環境仍具變動性，我們對公司的未來充滿信心。我們直到 2029 年前都沒有到期債務，且在生產力節省與成本管理方面有長期的良好紀錄。

Our strategy pivot is an exciting opportunity for ACCO Brands to accelerate growth and potential value creation for our shareowners.

我們的策略轉向，為 ACCO Brands 加速成長並為股東創造潛在價值帶來令人振奮的機會。

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

現在進入問答環節，我和 Tom 很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Greg Burns, Sidoti.

Greg Burns，Sidoti。

Good morning. Go ahead. Yes. So with the guidance for the year, given the strong first quarter, why wasn't there more flow-through to the rest of the year? I know you talked about maybe some macro uncertainty, but why aren't we seeing maybe a little bit more of a flow-through for the balance of the year? And then how much FX and acquisition-related growth is baked into that flat to up 3% revenue for the year?

早安。請說。好的。那麼就全年指引而言，考量第一季表現強勁，為什麼沒有更多反映到今年其餘期間？我知道你們提到可能有一些總體不確定性，但為什麼我們沒有看到在今年剩餘期間有更多的延續效應？另外，全年營收「持平至成長 3%」這個數字中，外匯與併購相關的成長各占多少？

Hi, Greg, it's Deb. First of all, the first quarter for us is a pretty small quarter. As you know, we typically had the bulk of our profits come in 2Q through the rest of the year. So it's always a difficult quarter to gauge your full year on. We're pleased with how we ended the first quarter, obviously.

嗨，Greg，我是 Deb。首先，第一季對我們來說是相對較小的一季。如你所知，我們通常大部分的獲利會落在第二季到年底。因此，第一季一向很難用來衡量全年走勢。當然，我們對第一季的收尾表現感到滿意。

But in this environment and with all the global uncertainty with the Mid East and everything else, we just prudently left our and reaffirmed our guidance for the full year. And that's where we sit.

但在目前這樣的環境下，加上中東等各種全球不確定性，我們審慎地維持並重申全年指引。我們目前就是這樣的立場。

And if you look to the full year, we have about 5% still coming from the EPOS acquisition. So very consistently throughout all the quarters next year. Foreign exchange is about 1%. So this first quarter had 6%. Future quarters have anywhere from 1% to kind of flattish.

如果看全年，我們約有 5% 仍來自 EPOS 併購。因此在明年各季的貢獻都相當一致。外匯約為 1%。所以第一季是 6%。未來各季大約介於 1% 到接近持平。

So we end the year with about a 1% impact.

因此全年合計大約是 1% 的影響。

Okay. Great. And then in terms of EPOS could you talk about the opportunities to expand that brand globally, the timing of maybe some of the initiatives you have around that? And also, can you just help us better understand EPOS' position or position within the prior ownership? Like why wasn't the brand more successful in kind of growing into new markets?

了解。很好。另外，關於 EPOS，你能談談將該品牌在全球擴張的機會、以及你們相關措施的時程嗎？也請協助我們更了解 EPOS 在前一個所有權架構下的定位或角色。例如，為什麼這個品牌先前在拓展新市場方面沒有更成功？

Yes. Greg, this is Tom. Let me address the first part of your question initially, and then we can get into the second piece to the extent that we can. We are early in the integration process with EPOS. We're very pleased with what we've learned so far, and we certainly have growth synergies that we have targeted as a part of the acquisition thesis.

是的。Greg，我是 Tom。我先回應你問題的第一部分，然後在我們能夠的範圍內再談第二部分。我們與 EPOS 的整合流程仍在初期。我們對目前為止所了解的情況非常滿意，而且我們確實已將成長綜效作為此次收購論點的一部分並設定了目標。

We believe it's very complementary to our Kensington business. We recognize that it's a different product category. However, it likely goes through the same routes to market globally.

我們認為它與我們的 Kensington 業務非常互補。我們也認知到這是不同的產品類別。不過，它在全球很可能透過相同的市場通路。

And we think there's opportunities as we look ahead to pair the product along with our robust Kensington portfolio to offer a one-stop solution for enterprise attachments when laptops and desktops are deployed. So we think there's some significant opportunities as we look ahead to drive growth.

而且我們認為，展望未來，將該產品與我們強大的 Kensington 產品組合搭配，能在筆電與桌機部署時，為企業端配件提供一站式解決方案，存在機會。因此我們認為，展望未來，有一些相當重大的機會可推動成長。

Clearly, we're focused at the moment on integration and delivering the synergies while maintaining the growth initiatives that we have in both businesses. I don't want to comment on the historical performance of EPOS. It was under different ownership.

很明顯地，我們目前的重點在於整合並實現綜效，同時維持我們在兩項業務中的成長計畫。我不想評論 EPOS 的歷史表現。當時是在不同的所有權之下。

I don't know if it was a highly strategic element of the Demant business, and I don't want to speculate as to why they struggled.

我不確定它是否是 Demant 業務中高度策略性的要素，我也不想臆測他們為何表現不佳。

I just want to reiterate to you that we feel very confident in the business and the products and frankly, the leadership of the team. And that's why we've announced a change in leadership and a change in focus with our organizational structure, and we have Jeppe leading it. So we're optimistic about the future. We're excited about the brand, and we look forward to positive business results from EPOS this year and beyond.

我只想再次強調，我們對這項業務、產品，以及坦白說，團隊的領導力都非常有信心。也因此我們宣布了領導層變動，以及在組織架構上的聚焦方向調整，並由 Jeppe 來領導。所以我們對未來抱持樂觀。我們對這個品牌感到振奮，也期待 EPOS 今年及未來能帶來正面的營運成果。

All right, great. Thank you.

好的，很棒。謝謝。

Joe Gomes, Noble Capital.

Joe Gomes，Noble Capital。

Good morning. Congrats on the quarter.

早安。恭喜本季表現。

Thank you, Joe.

謝謝你，Joe。

So this is a follow up on EPOS. I don't know is there anything that you could point out that drove the segment outperforming expectations? Or did you just kind of go in with low expectations? I don't know if there's anything you can point out there, provide a little more color on that EPOS outperforming.

我想追問一下 EPOS。我不知道你是否能指出，是什麼因素推動該部門表現優於預期？還是你們一開始就採取較低的預期？我不確定你能否就 EPOS 優於預期這點再補充一些細節。

Yes. That's a good question, Joe. Candidly, we weren't really sure the uncertainty of an acquired business and the potential disruptions in integration. We just found it prudent to be careful with our guidance assumptions for the business. We're learning about it more and more.

是的。這是個好問題，Joe。坦白說，對於收購而來的業務，我們並不確定其不確定性，以及整合過程可能帶來的干擾。因此我們認為，在對該業務的指引假設上保持謹慎是明智之舉。我們也正在越來越深入地了解它。

As I said earlier, we're very optimistic about its contributions to our business this year and beyond. But candidly, it was just our lack of really visibility into their forecast given what we knew, we thought it was a prudent thing to do to be careful with the numbers that we included in our models.

如我先前所說，我們對它今年及未來對我們業務的貢獻非常樂觀。但坦白說，基於我們所掌握的資訊，我們對他們的預測能見度確實不足，因此我們認為在模型中納入的數字採取保守一些是審慎的作法。

Okay. And then maybe I don't know if you could provide any more color on the early back-to-school. It sounds like it's performing a little bit better than maybe people had initially anticipated. I don't know if you can talk about inventories and what your customers are saying to you, kind of feedback you're getting from them on the whole back-to-school program.

了解。另外，也許你能否再多談一些關於提前開跑的返校季。聽起來它的表現似乎比大家一開始預期的要好一些。我不確定你能否談談庫存狀況，以及你的客戶對你說了什麼、他們對整體返校季方案的回饋如何。

Okay. Yes, it's early, Joe, obviously. We're in the process of shipping early orders, which predominantly are direct import orders from Asia. As we spoke in our prepared remarks, we believe the season is going to be up modestly. We feel good about our brands based on their performance last year in which ACCO Brands' portfolio of brands took market share in the US and in Canada.

好的。是的，Joe，顯然現在還早。我們正在出貨早期訂單，主要是從亞洲直接進口的訂單。如同我們在事先準備的發言中提到的，我們認為本季將小幅成長。基於去年品牌表現，我們對自家品牌很有信心；去年 ACCO Brands 的品牌組合在美國與加拿大都取得了市占率。

So we're optimistic about the season. We have good line of sight to the initial orders. They're at or better than our current forecast. So early indications are strong, and we hope that the sell-through isn't impacted by some of the uncertainties and potential inflation based on the conflict in the Middle East.

因此我們對本季抱持樂觀。我們對初期訂單有相當清楚的掌握。這些訂單與我們目前的預測相當或更好。所以早期跡象強勁，我們也希望終端銷售不會受到中東衝突所帶來的一些不確定性與潛在通膨影響。

But given what we know today, we feel very good about back-to-school this year.

但就我們今天所了解的情況而言，我們對今年的返校季感到非常有信心。

Okay, great. Thanks. I'll get back in queue.

好的，很棒。謝謝。我回到等候隊列。

Okay, Joe. Thank you.

好的，Joe。謝謝你。

Kevin Steinke, Barrington Research.

Kevin Steinke，Barrington Research。

Good morning. You mentioned that you saw growth in Latin America. And I know that region was a bit more challenged last year. You talked about consumers trading down, product choices, et cetera. But you mentioned that, I think in your prepared remarks that you shifted your go-to-market strategy. So maybe can you comment on that a little bit more?

早安。你提到你們在拉丁美洲看到成長。我知道該地區去年挑戰較多。你談到消費者降級消費、產品選擇等等。但我記得你在事先準備的發言中提到，你們調整了市場進入策略。所以也許你能再多評論一下嗎？

And did that contribute to the growth you saw in the first quarter?

而這是否促成了你們第一季看到的成長？

Yes, Kevin, good question. Latin America was a good performing part of our business in the first quarter this year. And you're right, we managed it well. We implemented changes to meet the consumer where they are. We recognize that it's a constrained environment in both Mexico and Brazil.

是的，Kevin，問得好。拉丁美洲是我們今年第一季業務中表現良好的部分。你說得沒錯，我們管理得很好。我們推動了變革，以在消費者所在的位置滿足其需求。我們也認知到墨西哥與巴西的環境都相對受限。

We've adjusted our product assortment. We've adjusted our go-to-market strategies, our incentive plans for our sales reps, and we've adjusted pricing where it was appropriate. So the combination of the strategies that we deployed in the market at the back half of last year have better positioned our product assortment for growth. And we'll continue to refine it as things continue to change, but we feel really good about where we are today in Latin America.

我們已調整產品組合。我們已調整市場進入策略、業務代表的獎酬激勵方案，並在適當之處調整定價。因此，我們在去年下半年於市場上部署的這些策略組合，使我們的產品組合更有利於成長。隨著情勢持續變化，我們也會持續精進，但我們對目前在拉丁美洲的狀況感到非常滿意。

Okay. Great. And just following up on gaming accessories. You talked about the expectation of a stronger second half of 2026 and the reasons why it makes sense. You did mention some industry challenges currently.

好的。很棒。另外追問一下遊戲配件。你談到 2026 年下半年預期會更強勁，以及為何這樣的判斷合理。你也提到目前產業面臨一些挑戰。

Is that just related to softer consumer spending? Or is there anything else that you would mention in terms of just the challenges you mentioned for the industry?

那主要只是與消費支出轉弱有關嗎？或者就你提到的產業挑戰而言，還有其他你會補充的因素嗎？

Yes. We believe it's largely related to a softer consumer. In the first quarter, if you think about the sequencing of our annual sales, a lot of it is reliant upon holiday and holiday was relatively weak for gaming in Q4, which left some inventory opportunities for retailers, which presented some challenges for us in Q1. But what I do feel good about is our brand. Our brand has taken share each month in the first three months of the quarter.

是的。我們認為主要與消費者轉弱有關。第一季若從我們年度銷售的時序來看，其中很大一部分仰賴假期檔期，而遊戲類在第四季的假期表現相對疲弱，這使零售商有一些庫存調整空間，進而在第一季對我們造成一些挑戰。但我感到樂觀的是我們的品牌。我們的品牌在本季前三個月每個月都在提升市占率。

We think we're well positioned as we discussed in our prepared remarks for the balance of the year. And candidly, we're excited about our new product assortment. So we think a lot of good things are in store for PowerA in 2026.

如同我們在事先準備的發言中所討論的，我們認為在今年剩餘期間我們已做好良好布局。坦白說，我們對新的產品組合感到很振奮。因此我們認為 PowerA 在 2026 年將有許多好事可期。

Okay. Understood. And as you mentioned, you're kind of factoring the potential for a softening in customer demand. Given the macroeconomic uncertainties, which makes sense to be prudent. But have you actually seen any noticeable signs of softening demand yet?

好的。了解。而且如您所提到的，您某種程度上也把客戶需求可能轉弱的情況納入考量。鑑於總體經濟的不確定性，審慎一些也合理。但您目前是否已經看到任何明顯的需求轉弱跡象？

Or is that just at this point, just trying to be cautious given the environment?

還是說目前只是基於環境因素而採取較保守的態度？

Yes. We haven't to date. We think if there is a challenge with demand, it won't be felt until later in the year. And as Deb mentioned in her prepared remarks, we have seen some early indications of some cost increases, predominantly driven by fuel. And we are taking the necessary steps internally to protect profitability and to position ourselves to deliver the year based on what we see today.

是的。截至目前我們還沒有看到。我們認為如果需求面出現挑戰，可能要到今年稍晚才會感受到。另外，正如 Deb 在事先準備的發言中提到的，我們已看到一些成本上升的早期跡象，主要由燃料所帶動。我們也正在內部採取必要措施，以保護獲利能力，並根據我們今天所看到的情況，讓我們能夠達成全年目標。

But from a demand perspective, we have not seen pressures on demand yet.

但就需求面而言，我們目前尚未看到需求承壓。

Okay, so do you have planned price increases in the pipeline currently or just kind of monitoring the situation on the cost front?

好的，那你們目前是否已有規劃中的漲價措施在推進中，還是只是持續觀察成本端的情況？

Yes, a good question. It's actually both. We do have some planned price increases that we are going to market in different geographies across the globe, and we'll continue to monitor the cost environment, and we'll take actions if necessary.

是的，這是個好問題。其實兩者都有。我們確實有一些規劃中的漲價，將在全球不同地區推向市場；同時我們也會持續監控成本環境，必要時會採取行動。

Okay, makes sense. Thanks for taking the questions.

好的，合理。謝謝回答問題。

Okay, Kevin, thank you.

好的，Kevin，謝謝你。

William Reuter, Bank of America.

美國銀行的 William Reuter。

Good morning. My first one, clearly, you guys had some tariff cash payments last year. Can you share with us the magnitude of those? And in the event that you do get a refund, I guess, have you applied for refunds? And if you do get that, how would you allocate that cash?

早安。第一個問題，很明顯你們去年有一些關稅的現金支付。可以跟我們分享一下金額規模嗎？另外，如果你們確實能拿到退稅，我想問你們是否已經申請退稅？如果拿到這筆款項，你們會如何配置這筆現金？

Yes. So we have talked in the past about our claim and how we have put it forth and that we feel very comfortable with the amount. And we're talking somewhere in kind of the $25 million range. We don't expect anything in 2026, and we'll watch it as it goes.

是的。我們過去談過我們的申索（claim），以及我們如何提出申索，而且我們對金額非常有信心。大約是在 2,500 萬美元左右。我們不預期 2026 年會有任何進展，我們會持續觀察後續發展。

Okay. And then on that, not expecting anything in '26, is that based upon the status of your claim, whether it was liquidated or not liquidated and the timing of what that may be? Because I think that there are a lot of signs that indicate some refunds may be paid this year. So is it just conservatism on your part or based upon the unique attributes of your claim, you just know it won't be this year?

好的。那關於這點，你們不預期在 2026 年會有任何進展，是基於你們申索的狀態（例如是否已結算 liquidated 或未結算 not liquidated）以及可能的時間點嗎？因為我認為有很多跡象顯示今年可能會支付一些退稅。所以這只是你們比較保守，還是基於你們申索的特殊屬性，你們知道今年不會發生？

Yes. It's interesting. I would say maybe a little bit of both. But to be paid this year, there's a lot that has to happen at the government and different places like that. So who knows, to your point.

是的。這很有意思。我會說可能兩者都有一點。但若要在今年支付，政府端以及其他相關單位需要發生很多事情。所以如你所說，誰也說不準。

And then we do have some claims that are a little more complicated that we anticipate coming in later.

另外，我們確實也有一些較為複雜的申索，我們預期會在較晚的時間點才會進來。

Got it. That's helpful. And then as you see things now, I know that you manufacture a portion of your products and you also have third parties that manufacture others. Is there any sort of a sense for what the headwind based upon current oil prices may be this year in the back half?

了解。這很有幫助。接著就你們目前看到的情況，我知道你們有一部分產品是自製，另外也有第三方代工其他產品。以目前油價來看，今年下半年可能帶來的逆風，有沒有任何概略的判斷？

We've built our best thinking into our current guidance. That may be why you don't see us taking guidance up for the full year based on the over delivery in Q1. We've done our best to project what we think the impacts are going to be. But as you know, this has been a dynamic situation. We're optimistic that it ends relatively soon, but we've taken into account a prolonged disruption based on the conflict in the Middle East in our guidance.

我們已把我們目前最好的判斷納入現行的財測指引。這也可能是為什麼即使第一季表現超出預期，你也沒有看到我們上調全年指引。我們已盡力去預估我們認為可能產生的影響。但如你所知，這一直是個動態的情勢。我們樂觀認為它會相對較快結束，但在指引中我們也已把中東衝突可能造成的長期擾動納入考量。

Got it. And then just lastly for me. Is there anything any commentary about this computer peripherals growing to 25%? I'm not even sure what products you're including in that. But any comments about the competitive dynamics of those categories?

了解。最後一個問題。關於電腦周邊成長到 25% 這件事，有沒有任何評論？我甚至不太確定你們把哪些產品納入其中。但對於這些品類的競爭態勢，有沒有任何看法？

It would seem to me you may be going up against some big companies, but I'm certainly not a tech analyst. So anything you could share? That's it.

在我看來，你們可能會面對一些大型公司，但我當然不是科技產業分析師。所以你們能分享的任何資訊都很有幫助。以上。

Yes, happy to. So technology peripherals, let's start there. It consists of our brands, Kensington, PowerA, LucidSound and EPOS. So it's not just computer accessories, it's computer and gaming products that we sell globally. We think those are large TAMs, growing TAMs and TAMs in which we have relatively small shares in.

好的，很樂意。先從科技周邊說起。它包含我們的品牌：Kensington、PowerA、LucidSound 和 EPOS。所以不只是電腦配件，也包含我們在全球銷售的電腦與遊戲相關產品。我們認為這些都是龐大的 TAM（可服務總市場）、且仍在成長的 TAM，而我們在其中的市占相對較小。

And so we think the dynamics for future growth are very positive. And we're working hard to position our brands to take market share in each market that we compete in globally.

因此我們認為未來成長的動能非常正面。我們也正努力讓各品牌就位，以便在全球各個我們競爭的市場中取得市占。

Got it. Okay. I'll pass to others. Thank you.

了解。好的。我把時間留給其他人。謝謝。

Thank you.

謝謝。

At this time, there are no further questions. I will now turn the call over to Tom Tedford for closing remarks.

目前沒有其他提問。我現在把電話會議交回給 Tom Tedford 做結語。

Thank you, everyone, for joining us. We are pleased with our first quarter results and expect the combination of the EPOS acquisition, momentum from growth initiatives and positive foreign exchange to drive revenue improvement in 2026. Our commitment to operational excellence through continued cost management and productivity programs position us to deliver improved profits and cash flow.

謝謝各位參與。我們對第一季的業績表現感到滿意，並預期 EPOS 併購案、成長計畫帶來的動能，以及有利的外匯因素，將在 2026 年推動營收改善。我們透過持續的成本管理與生產力計畫，致力於營運卓越，這也讓我們有條件交出更佳的獲利與現金流。

With our optimized operational structure and momentum with leading brands, we have a strong platform to generate consistent free cash flow while strategically repositioning ACCO Brands towards faster-growing technology peripheral categories.

憑藉我們優化後的營運架構，以及領先品牌的動能，我們具備強健的平台，能在策略性地將 ACCO Brands 重新定位至成長更快的科技周邊品類的同時，持續創造穩定的自由現金流。

I want to thank our dedicated team and recognize their efforts and congratulate them on a strong first quarter. We appreciate your interest in ACCO Brands. I look forward to talking with you when we report our second quarter results in July.

我想感謝我們敬業的團隊，肯定他們的努力，並祝賀他們在第一季交出強勁表現。感謝各位對 ACCO Brands 的關注。我期待在 7 月我們公布第二季業績時，再與各位交流。

This concludes today's call. Thank you all for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以掛線。