ACCO Brands Corp (ACCO) 2026 Q3 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to the ACCO Brands third quarter 2026 earnings call. After today's prepared remarks, we will host a question-and-answer session. (Operator Instructions)

大家好。感謝各位加入我們，歡迎參加 ACCO Brands 2026 年第三季財報電話會議。在今天的預先準備發言之後，我們將進行問答環節。(接線員指示)

I will now hand the conference over to Chris McGinnis, Senior Director of Investor Relations. Chris, please go ahead.

現在我將把會議交給投資人關係資深總監 Chris McGinnis。Chris，請開始。

Thank you. Good morning, and welcome to ACCO Brands conference call to review our third quarter results. Speaking on the call today is Tom Tedford, President, 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 的電話會議，一同回顧我們第三季的業績表現。今天出席並發言的有 ACCO Brands 總裁兼執行長 Tom Tedford，以及執行副總裁兼財務長 Deb O'Connor。本次電話會議所搭配的簡報已上傳至 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, non-cash goodwill and intangible asset impairment charges, bargain purchase gain, unusual tax items, and other non-recurring items, and include adjustments to reflect the estimated annual tax rate on quarterly earnings.

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組成本、非現金商譽及無形資產減損費用、廉價購買利益、特殊稅務項目及其他非經常性項目，並包含為反映以季度盈餘估計之年度有效稅率所做的調整。

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

調整後結果及其他非 GAAP 財務衡量指標的明細表，以及這些指標與最直接可比的 GAAP 指標之調節表，均載於新聞稿與本次電話會議所搭配的簡報中。由於某些金額在預測與量化上具有固有困難，我們不對前瞻性的非 GAAP 財務衡量指標提供調節。

Forward-looking statements made during the call are based on the beliefs and assumptions of management based on the information we have 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.

本次電話會議中的前瞻性陳述係基於管理層在陳述當時所掌握資訊之信念與假設。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 提交的文件，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'll turn the call over to Tom Tedford.

現在，我把電話會議交給 Tom Tedford。

Thank you, Chris. Good morning, everyone, and thank you for joining us today for the ACCO Brands third quarter earnings call. Our third quarter results demonstrate continued progress against our strategic priorities. Sales were in line with our outlook, underlying operating performance met our expectations, and adjusted EPS benefited from net tariff refunds.

謝謝你，Chris。各位早安，感謝各位今天參加 ACCO Brands 第三季財報電話會議。我們第三季的結果顯示，我們在策略優先事項上持續取得進展。銷售表現符合我們的展望，基礎營運表現達到預期，而調整後每股盈餘（EPS）則受惠於淨關稅退稅。

Back-to-school performance was solid in North America and Mexico. Workspace solutions trends continue to stabilize, and we remain disciplined in navigating cautious enterprise and consumer spending in Technology Peripherals. Importantly, we used tariff refund proceeds to reduce debt, and on October 1, completed the acquisition of Trust, our second technology peripherals acquisition of the year. Deb will provide additional financial details on the transaction later in the call.

北美與墨西哥的返校季表現穩健。工作空間解決方案的趨勢持續趨於穩定，而在科技周邊產品方面，我們仍以紀律方式因應企業與消費者支出偏審慎的環境。更重要的是，我們運用關稅退稅所得來降低負債，並於 10 月 1 日完成對 Trust 的收購，這是我們今年第二起科技周邊產品的併購案。Deb 將在稍後的會議中提供該交易的更多財務細節。

We are executing a clear strategy built around three priorities: scaling technology peripherals as a growth platform, stabilizing our Learning & Creative and Workspace Solutions categories, and expanding earnings and cash flow through disciplined cost management and debt reduction. We made meaningful progress on each priority this quarter, and I will address them in turn.

我們正執行一項清晰的策略，圍繞三大優先事項：將科技周邊產品擴大為成長平台、穩定我們的 Learning & Creative 與 Workspace Solutions 類別，以及透過嚴謹的成本管理與降低負債來提升獲利與現金流。本季我們在各項優先事項上都取得了實質進展，我將依序說明。

The first of our near-term strategic priorities is to scale Technology Peripherals to improve the long-term growth profile of the company. The acquisition of Trust marks another important step in building this growth platform. Trust is a 40-year-old brand that designs and markets computer and gaming peripherals across Europe and Latin America through retail, e-commerce, and B2B channels. The Trust acquisition broadens our portfolio, strengthens our position in consumer channels, and creates attractive cross-selling opportunities across our global platform.

我們近期策略優先事項的第一項，是擴大科技周邊產品規模，以改善公司長期的成長輪廓。收購 Trust 是打造此成長平台的另一個重要里程碑。Trust 是一個擁有 40 年歷史的品牌，透過零售、電商與 B2B 通路，在歐洲與拉丁美洲設計並行銷電腦與遊戲周邊產品。收購 Trust 擴充了我們的產品組合、強化我們在消費通路的地位，並在全球平台上創造具吸引力的交叉銷售機會。

Our Technology Peripherals portfolio now includes Kensington, EPOS, PowerA, and Trust. Together, pro forma sales from these categories will approach $500 million annually, or about 30% of our future sales. We now offer a complete range of computer and gaming accessories with greater scale across both B2B and consumer channels. This provides a strong foundation for organic growth through innovation, broader distribution, market share gains, cross-selling, and disciplined strategic expansion.

我們的科技周邊產品組合目前包含 Kensington、EPOS、PowerA 與 Trust。合計後，這些類別的擬制（pro forma）年銷售額將接近 5 億美元，約占我們未來銷售額的 30%。我們如今在 B2B 與消費通路皆具更大規模，提供完整的電腦與遊戲配件產品線。這為我們透過創新、更廣的通路覆蓋、市占提升、交叉銷售，以及有紀律的策略性擴張來推動有機成長，奠定了堅實基礎。

Over the longer term, we expect technology peripherals to deliver mid-single-digit growth. The near-term operating environment remains challenging, and we are managing it with focus and discipline. Higher hardware cost and limited memory availability are affecting computer accessory purchases, while enterprise budgets are shifting towards AI priorities. Gaming accessories are also experiencing pressure from higher console prices and cautious consumer discretionary spending.

從較長期來看，我們預期科技周邊產品可帶來中個位數的成長。短期營運環境仍具挑戰，我們正以專注與紀律加以管理。較高的硬體成本與記憶體供應有限，正在影響電腦配件的購買，同時企業預算也正轉向 AI 優先事項。遊戲配件亦因主機價格上升與消費者可支配支出偏審慎而承受壓力。

These conditions do not change our conviction in the long-term growth opportunity. We compete in large technology categories with durable growth drivers. In computer accessories, hybrid work and duplicate setups, multi-monitor workstations, ergonomics and wellness, and security and privacy continue to support demand. In gaming accessories, the expanding player base, new console launches, technology upgrades, and major AAA game releases provide compelling avenues for growth.

這些情況並不改變我們對長期成長機會的信心。我們所競爭的是具備持久成長動能的大型科技類別。在電腦配件方面，混合辦公與重複配置、多螢幕工作站、人體工學與健康，以及安全與隱私等趨勢，持續支撐需求。在遊戲配件方面，玩家基數擴大、新主機上市、技術升級，以及大型 AAA 遊戲發行，提供了具吸引力的成長途徑。

As hardware costs normalize and category demand improves, we believe ACCO Brands will be well-positioned to capture the recovery through new product innovation, expanded distribution, and cross-selling across our global channels. We are expecting several positive near-term catalysts, such as the fourth quarter release of Grand Theft Auto 6 and continued Switch 2 adoption, as well as our own new product introductions. EPOS, our premium audio offering, continues to perform in line with expectations.

隨著硬體成本正常化、類別需求改善，我們相信 ACCO Brands 將能透過新產品創新、擴大通路，以及在全球通路的交叉銷售，良好掌握復甦機會。我們預期近期將出現數項正面催化因素，例如第四季《俠盜獵車手 6》（Grand Theft Auto 6）推出、Switch 2 持續普及，以及我們自身的新產品上市。EPOS 作為我們的高階音訊產品，持續以符合預期的表現推進。

The integration is progressing well. EPOS is now being sold alongside Kensington in both the US and EMEA, and we are already seeing early cross-selling wins. Our recent acquisitions have added exceptional industry talent and deep category expertise. We retained key leaders from EPOS and Trust to lead our technology platform, bringing proven knowledge of the markets, consumers, and channels we serve.

整合進展順利。EPOS 目前已在美國與 EMEA（歐洲、中東及非洲）與 Kensington 一同銷售，我們也已看到早期的交叉銷售成果。我們近期的併購為公司帶來卓越的產業人才與深厚的類別專業能力。我們留任 EPOS 與 Trust 的關鍵領導團隊來帶領科技平台，帶來對我們所服務市場、消費者與通路的成熟洞察。

The platform serves retail and enterprise customers, each with a tailored go-to-market approach, innovation roadmap, and service model. With the right leadership, portfolio, and operating structure now in place, we are confident in our ability to execute with greater focus and speed to unlock the full potential of these businesses and to return the categories to sustainable growth.

該平台服務零售與企業客戶，並針對不同客群採取量身打造的上市策略、創新藍圖與服務模式。在具備合適的領導團隊、產品組合與營運架構後，我們有信心以更高的專注度與速度執行，釋放這些業務的全部潛力，並使相關類別回到可持續的成長軌道。

Our second priority is to stabilize Learning & Creative and Workspace Solutions. In these categories, we are established category leaders with trusted brands, resilient market positions, and strong cash flow generation that supports investment and growth and debt reduction. Learning & Creative represents approximately 30% of pro forma annualized sales.

我們的第二項優先事項，是穩定 Learning & Creative 與 Workspace Solutions。在這些類別中，我們是具領導地位的業者，擁有值得信賴的品牌、具韌性的市場地位，以及強勁的現金流創造能力，可支持投資與成長並用於降低負債。Learning & Creative 約占擬制年化銷售額的 30%。

This back-to-school season, the categories grew in North America and Mexico, with early improvement emerging in Brazil. Over the longer term, we expect the category to remain stable or grow modestly through innovation, market share gains, and pricing actions. In Workspace Solutions, the rate of decline moderated in 2026, and the category now represents approximately 40% of annualized pro forma sales.

在本次返校季，該類別在北美與墨西哥成長，巴西也開始出現早期改善跡象。從較長期來看，我們預期該類別將維持穩定或小幅成長，動能來自創新、市占提升與定價措施。在 Workspace Solutions 方面，2026 年下滑幅度已趨緩，而該類別目前約占年化擬制銷售額的 40%。

We are managing the categories for value through SKU rationalization, disciplined cost control, pricing, and a greater emphasis on attractive adjacent categories such as ergonomics and wellness. Our third priority is to improve earnings and cash flow. We remain on track to deliver $100 million multi-year cost reduction target.

我們透過 SKU 精簡、嚴謹的成本控管、定價，以及更著重於人體工學與健康等具吸引力的相鄰類別，來以價值導向管理這些類別。我們的第三項優先事項，是提升獲利與現金流。我們仍按計畫達成多年期 1 億美元的成本削減目標。

This program is simplifying our operating platform and strengthening profitability, cash generation, and earnings power. Additionally, we are realizing EPOS cost synergies, with $6 million of annualized savings expected in 2026 and approximately $15 million expected by the end of 2027. For Trust, we have identified $5 million to $8 million of cost synergies to be realized during the first 18 months of ownership.

此計畫正在簡化我們的營運平台，並強化獲利能力、現金創造能力與獲利動能。此外，我們正實現 EPOS 的成本綜效，預期 2026 年可帶來年化 600 萬美元的節省，並在 2027 年底前達到約 1,500 萬美元。就 Trust 而言，我們已辨識出 500 萬至 800 萬美元的成本綜效，預計在持有後前 18 個月內實現。

Our capital allocation priorities remain debt reduction in support of the dividend. We will maintain a disciplined approach to leverage. Any near-term transaction must meet rigorous financial and strategic criteria and be leverage neutral.

我們的資本配置優先順序仍是降低負債，以支持股利發放。我們將維持對槓桿的嚴謹紀律。任何短期交易都必須符合嚴格的財務與策略標準，且在槓桿水準上保持中性。

Let me close with three key takeaways. First, our established categories are stabilizing and generating meaningful cash flow, providing a strong foundation for the company. Second, our cost actions are expanding earnings power and cash flow, making ACCO Brands leaner, more resilient, and better positioned for the future.

最後我用三個重點作結。第一，我們既有的品類正在趨於穩定並產生可觀的現金流，為公司提供堅實基礎。第二，我們的成本行動正在擴大獲利能力與現金流，使 ACCO Brands 更精實、更具韌性，並為未來做好更佳準備。

Third, we are building a scaled Technology Peripherals platform across Kensington, EPOS, PowerA, and Trust in categories with significant long-term growth and earnings potential. As market conditions improve and hardware costs normalize, we believe we are well-positioned to accelerate performance. I am confident in our strategy, encouraged by our progress, and energized by the opportunities ahead.

第三，我們正於 Kensington、EPOS、PowerA 與 Trust 之間，打造具規模的科技周邊平台，聚焦於具顯著長期成長與獲利潛力的品類。隨著市場狀況改善且硬體成本回歸常態，我們相信我們已具備加速表現的良好條件。我對我們的策略充滿信心，對我們的進展感到鼓舞，也對前方的機會充滿動能。

With that, let me turn the call over to Deb, our Chief Financial Officer, who will review the financial results and our outlook.

接下來，我把電話交給我們的財務長 Deb，由她回顧財務結果與展望。

Thank you, Tom, and good morning, everyone. We delivered third-quarter sales in line with outlook. EPS was greater than our outlook due to the tariff refund, as underlying adjusted EPS was at the low end of our guidance. Soft market conditions in several of our categories continued, with the timing and mix of sales negatively impacting our margin in the quarter. Our cost management initiatives remain in place with good controls on our spend.

謝謝你，Tom，各位早安。我們第三季銷售表現符合展望。由於關稅退稅，EPS 高於我們的展望；若以基礎的調整後 EPS 來看，則落在我們指引區間的低端。我們若干品類的疲弱市場狀況仍在延續，且銷售時點與組合對本季毛利率造成負面影響。我們的成本管理措施仍在執行中，並對支出維持良好控管。

During the quarter, we received $21 million in cash tariff refunds. These refunds increased our gross margin rate by 520 basis points, improved adjusted operating income by $15 million, and EPS by $0.11. This week, we received almost $5 million in additional tariff refunds, but have not included them in our outlook. In the fourth quarter, we acquired Trust, a European-centric Technology Peripherals company, which generates approximately $100 million in annual revenue. Trust has a broad assortment in computer and gaming accessories. We expect the acquisition to be modestly accretive to EPS in the first 12 months, with a seasonally strong fourth quarter. We also expect to realize $5 million to $8 million in synergies within the first 18 months of closing.

本季我們收到 2,100 萬美元的關稅退稅現金。這些退稅使我們的毛利率提高 520 個基點，調整後營業利益增加 1,500 萬美元，EPS 增加 0.11 美元。本週我們又收到將近 500 萬美元的額外關稅退稅，但尚未納入我們的展望。在第四季，我們收購了 Trust，一家以歐洲為主的科技周邊公司，年營收約 1 億美元。Trust 在電腦與遊戲配件方面擁有廣泛的產品組合。我們預期該收購在前 12 個月對 EPS 將有小幅增益，且第四季具季節性強勁表現。我們也預期在交割後 18 個月內可實現 500 萬至 800 萬美元的綜效。

Turning to our third-quarter results, reported sales declined 1%, while comparable sales decreased nearly 6%. The decline in the quarter was primarily driven by industry headwinds across Technology Peripherals, which were partially offset by growth from the EPOS acquisition and favorable foreign exchange. Adjusted gross profit increased 8% to $136 million, and adjusted gross margin expanded 290 basis points to 35.9%. The tariff refunds increased the margin rate, which more than offset unfavorable product and customer mix.

接著看第三季結果，報告口徑銷售下滑 1%，而可比銷售下降近 6%。本季下滑主要由科技周邊領域的產業逆風所致，部分被 EPOS 收購帶來的成長與有利的匯率因素所抵銷。調整後毛利增加 8% 至 1.36 億美元，調整後毛利率擴張 290 個基點至 35.9%。關稅退稅推升了毛利率，且其效果超過不利的產品與客戶組合影響。

Our quarterly margin rate was impacted by the disruption from last year's tariff and the timing of other associated costs, as well as the lag in our pricing initiatives. Our rate on a year-to-date basis is more in line with our historical trends, and we anticipate an improved rate in the fourth quarter.

我們本季毛利率受到去年關稅造成的干擾及其他相關成本時點的影響，此外也受到我們定價措施落後效應的影響。以年初至今來看，我們的毛利率更符合歷史趨勢，我們預期第四季毛利率將有所改善。

Adjusted SG&A expense was $89 million, a modest increase to the prior year, reflecting the addition of EPOS and higher incentive compensation expense. Importantly, our disciplined cost management has offset inflationary pressures. Our cost savings program delivered more than $10 million of savings in the quarter, bringing our year-to-date savings to over $30 million. Adjusted operating income increased to $48 million as tariff refunds and cost savings more than offset the impact of a lower gross margin rate, as well as fixed cost deleveraging from organic volumes.

調整後 SG&A 費用為 8,900 萬美元，較去年小幅增加，反映納入 EPOS 以及較高的激勵薪酬費用。重要的是，我們嚴謹的成本管理已抵銷通膨壓力。我們的成本節省計畫本季帶來超過 1,000 萬美元的節省，使年初至今節省金額超過 3,000 萬美元。調整後營業利益增至 4,800 萬美元，因關稅退稅與成本節省的效益，超過較低毛利率以及有機銷量造成的固定成本去槓桿化影響。

I'll now turn to our third quarter segment performance. In the Americas, reported sales declined 3% and comparable sales decreased 6%. The comparable sales decline reflects lower demand for Technology Peripherals, as well as customer timing and product mix. A highlight is that North America back-to-school sales increased mid-single digits for the full season, and we gained share in the note-taking category.

接下來我說明第三季各事業部門表現。在美洲地區，報告口徑銷售下滑 3%，可比銷售下降 6%。可比銷售下滑反映科技周邊需求較弱，以及客戶拉貨時點與產品組合因素。亮點是北美返校季整體銷售在整個季節期間呈現中個位數成長，且我們在筆記書寫品類的市占率有所提升。

Americas adjusted operating income increased to $38 million, and the adjusted operating margin rate expanded 290 basis points to 17.3%. This includes the benefit from tariff refunds. As mentioned previously, the decline in the underlying margin rate reflects timing and mix issues. Strategic pricing actions have been implemented, which will benefit future quarters. We maintained rigorous cost controls throughout the segment. In the international segment, reported sales increased 3% while comparable sales declined 6%.

美洲地區調整後營業利益增至 3,800 萬美元，調整後營業利益率擴張 290 個基點至 17.3%，其中包含關稅退稅的效益。如先前所述，基礎毛利率下滑反映時點與組合問題。我們已實施策略性定價措施，將在未來季度帶來效益。我們在該事業部門全程維持嚴格的成本控管。在國際事業部門，報告口徑銷售成長 3%，而可比銷售下降 6%。

The EPOS acquisition drove reported growth, while the comparable sales decline reflected lower Technology Peripheral sales and an improved rate of decline in Workspace Solutions. International adjusted operating income was $17 million, with a margin rate at 10.6%. Both increased versus the prior year, driven by pricing and cost reductions. Consistent with our normal seasonality, we generally use cash in the first half of the year and generate significant cash flow in the second half of the year.

EPOS 的收購帶動報告口徑成長，而可比銷售下滑反映科技周邊銷售較低，以及 Workspace Solutions 的下滑幅度有所改善。國際事業部門調整後營業利益為 1,700 萬美元，利益率為 10.6%。兩者皆較去年增加，主要由定價與成本降低所帶動。依我們正常的季節性，我們通常在上半年使用現金，並在下半年產生可觀的現金流。

Year-to-date free cash flow was $89 million, an increase of $63 million from the prior year, which includes the $21 million benefit from tariff refunds. The remaining increase reflects improved working capital and disciplined spending. We ended the quarter with an unusually high cash balance of $175 million, which included the funds to purchase Trust on October 1. During the quarter, we returned $7 million to shareholders through dividends. We ended the quarter with approximately $254 million of available borrowing capacity under our revolver and a consolidated leverage ratio of 3.6 times, below our debt covenant of 4.25 times.

年初至今自由現金流為 8,900 萬美元，較去年增加 6,300 萬美元，其中包含關稅退稅帶來的 2,100 萬美元效益。其餘增幅反映營運資金改善與嚴謹的支出管理。本季結束時，我們的現金餘額達到異常偏高的 1.75 億美元，其中包含 10 月 1 日收購 Trust 所需資金。本季我們透過股利向股東回饋 700 萬美元。本季結束時，我們在循環信貸（revolver）下約有 2.54 億美元可用借款額度，合併槓桿比率為 3.6 倍，低於我們債務契約限制的 4.25 倍。

Turning to our outlook, our underlying operations continue to perform in line with our expectations. We are raising our 2026 full-year outlook to reflect the impact of tariff refunds and the Trust acquisition. We now expect reported sales growth of 4% to 6% and adjusted EPS of $0.98 to $1.02. We expect free cash flow to be approximately $100 million and to end the year with a consolidated leverage ratio of approximately 3.5 times.

談到展望，我們的基礎營運持續依照預期表現。我們上調 2026 全年展望，以反映關稅退稅與 Trust 收購的影響。我們目前預期報告口徑銷售成長 4% 至 6%，調整後 EPS 為 0.98 至 1.02 美元。我們預期自由現金流約為 1 億美元，並在年底使合併槓桿比率約為 3.5 倍。

While the near-term demand environment remains constrained in parts of our portfolio, we remain confident in our long-term outlook. With our established brands, broader global channels, and a more efficient operating platform, we believe ACCO Brands is well-positioned to capitalize as markets improve.

儘管短期需求環境在我們部分產品組合中仍受限，我們對長期展望仍具信心。憑藉我們既有品牌、更廣泛的全球通路，以及更高效率的營運平台，我們相信 ACCO Brands 已具備在市場改善時把握機會的良好定位。

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

現在我們進入問答環節，Tom 和我很樂意回答各位的問題。接線員？

(Operator Instructions)

（接線員指示）

Joe Gomez, Noble Capital.

Joe Gomez，Noble Capital。

Good morning. Thanks for taking my questions. I want to start off with the holiday season here for the Technology Peripherals and gaming products. I was just wondering, what kind of gives you confidence there? What are your concerns there? At what point here, we're already through October, do you get a clear idea of how that season is going to actually play out?

早安。謝謝讓我提問。我想先從科技周邊與遊戲產品的假期旺季談起。我只是想請教，是什麼讓你們對那段期間有信心？你們的疑慮是什麼？目前已經過了十月，在什麼時間點你們會更清楚知道那個旺季實際會如何發展？

Yeah, Joe. Good question. First, let me just talk a little bit about our concerns, which we mentioned in our prepared remarks. We believe that, particularly in the US, the consumer environment is constrained, right? Discretionary spending is down, and obviously gaming accessories are discretionary. As we go into holiday, there are some macro trends that are favorable for us, including some nice game releases, most notably the GTA 6 release that is anticipated in November.

是的，Joe。問得很好。首先我先談談我們的疑慮，我們在事先準備的談話中也提到過。我們認為，特別是在美國，消費環境是受限的，對吧？非必需性支出正在下降，而遊戲配件顯然屬於非必需性消費。進入假期旺季時，有一些宏觀趨勢對我們有利，包括一些不錯的遊戲上市，最值得注意的是預計在 11 月推出的 GTA 6。

So it's early in terms of sellout. Our position is about as we anticipated in terms of retail with the number of peg positions that we've earned with our new product releases. So we're cautiously optimistic that it's going to perform to our expectations, but it's still early, and a lot of it will depend on sell-through and POS, and we really won't know that until after the quarter ends.

所以就售罄而言，現在還算早期。就零售端而言，我們的布局大致符合預期，因為我們透過新產品上市已取得一定數量的陳列掛鉤（peg）位置。因此，我們審慎樂觀地認為表現將符合我們的預期，但目前仍屬早期，很多將取決於終端銷售速度（sell-through）與POS數據，而這要等到本季結束後我們才會真正知道。

Thanks. With the back-to-school, it sounded a little, maybe a little better than originally anticipated. Where were the ending inventory levels at retailers? Would you say that they are kind of where you expected, lower or better, or higher than expected? We have a little idea of what things might look like as we start to turn the page into '27.

謝謝。關於返校季，聽起來可能比原先預期稍微好一些。零售商端的期末庫存水位如何？你會說大致符合你們預期、低於或優於預期，還是高於預期？我們想稍微了解一下，當我們開始翻到2027年的篇章時，情況可能會是什麼樣子。

Sure. Let me comment on back-to-school first, and then we will talk a little bit about inventory. Really pleased with the season overall. Mexico was our shining star. Their back-to-school season, our business was up almost 20%. Both in the US and Canada, our businesses performed well, up mid-single digits. All of our back-to-school brands grew this year, and our brands took market share. So, we had what we would determine as an exceptional back-to-school season. Our inventory positions that we get visibility to with the large retailers here in the US, they exited the season essentially in line with their expectations.

當然。讓我先評論一下返校季，然後我們再談一點庫存。我們對整體旺季表現非常滿意。墨西哥是我們最亮眼的市場。在他們的返校季，我們的業務成長了將近20%。在美國與加拿大，我們的業務也表現良好，成長中個位數。我們所有返校季品牌今年都成長，而且我們的品牌也取得了市占率。所以，我們認為這是一個非常出色的返校季。就我們在美國與大型零售商可見的庫存狀況而言，他們在旺季結束時的庫存基本上符合其預期。

We are in the season in which we present our assortments for 2027 here in the US, so we are getting feedback now. It is a bit early for us to talk about what positions we have earned, what positions are potentially at risk, but we feel really good about our season. We feel good about the retailers' inventory positions in our categories, and we are optimistic about next year.

我們目前正處於在美國展示2027年商品組合（assortments）的季節，因此我們正在收到回饋。現在談我們已取得哪些位置、哪些位置可能有風險，對我們來說還有點早，但我們對這個季節的表現感到非常好。我們對零售商在我們品類中的庫存水位感到放心，並且對明年抱持樂觀。

Great. One more, if I may. Fourth quarter free cash flow, you talked about year-to-date, it has been adding $89 million, and the goal is $100 million. It seems like that is a little muted. Maybe you could remind us. I know, obviously, it is a second-half story every year for free cash flow. This fourth quarter, is it a little bit less than historically when you look at the overall for the year, or is that more in line?

很好。如果可以的話，我再問一個。關於第四季自由現金流，你提到年初至今已增加8,900萬美元，目標是1億美元。看起來那有點偏保守。也許你可以再提醒我們一下。我知道，自由現金流每年顯然都是下半年才會比較明顯。今年第四季，若看全年總體，是否比歷史水準略低，還是其實差不多？

Yeah. No, good question, Joe. I think we looked at the fourth quarter this year with a conservative view, quite frankly, just given the integrations that we are doing and some of the restructurings, and the uncertainty on some of our working capital items. But, generally, it is a little bit lower. It is a little more muted than what we have seen historically, but like I said, I think we went into it with a pretty conservative view.

是的。Joe，這是個好問題。坦白說，我們今年對第四季採取較保守的看法，主要是考量我們正在進行的整合以及部分重組，還有一些營運資金項目的不確定性。不過，整體而言確實會略低一些。相較於我們過去的歷史表現，會稍微偏溫和，但如我所說，我們一開始就是以相當保守的角度來看待。

Greg Burns, Sidoti & Company

Greg Burns，Sidoti & Company

Morning. You mentioned the rate of decline in the Workspace Solutions improving. How much was it down this quarter?

早安。你提到Workspace Solutions的下滑幅度正在改善。這一季下滑了多少？

Yeah. First, we have seen moderation from Workspace Solutions, and that wasn't just by accident, right? Our team has done a really nice job of protecting market shares, gaining listings, introducing new products, really across the globe. Really pleased in particular with our European colleagues and the new product development work that they've done over the last couple years, and its contributions to revenue. In fact, in Europe, our largest brand, Leitz, is essentially flat year-to-date, which is almost exclusively in our Workspace Solutions categories. We're doing a really nice job organically of the work that needed to take place and to ensure that our business performed better than it has historically.

是的。首先，我們確實看到Workspace Solutions的趨勢趨緩，而這並不是偶然，對吧？我們的團隊在維護市占、爭取上架（listings）、推出新產品方面做得非常好，且是全球範圍內的努力。我特別對我們歐洲同仁以及他們過去幾年所做的新產品開發工作感到非常滿意，這些也對營收有所貢獻。事實上，在歐洲，我們最大的品牌Leitz年初至今基本持平，而它幾乎完全屬於我們的Workspace Solutions品類。我們在有機成長方面做得很好，完成了必須做的工作，並確保我們的業務表現優於過往。

It's down low single digits, really across the globe. It's different by market, and different by category. We have some categories that are actually up this year in Workspace Solutions. It's really a good trend to see, and I'm excited about the future.

全球整體是下滑低個位數。各市場不同、各品類也不同。在Workspace Solutions中，我們有些品類今年其實是成長的。看到這樣的趨勢非常好，我也對未來感到興奮。

Could you just maybe give us more detail on that? So, like, how much the declining categories, what percent of that business of that 40% is in declining categories, and what percent of that business is in those more defensible categories like Leitz or maybe some of these others that are actually growing? Just trying to get a sense of the trajectory of the overall segment.

你能否再多提供一些細節？例如，在那40%的業務中，下滑的品類占比是多少？而在像Leitz這類較具防禦性的品類、或其他實際在成長的品類中，又各占多少？只是想更了解整個部門的走勢軌跡。

Yeah. That's a little bit more of a difficult question to answer. I would anticipate next year, as we think about looking ahead, the work that we're doing to continue to add new products into the portfolio in key categories like wellness and ergonomics are going to offset some of the headwinds that we see in some of our paper-based product categories. But even those this year, Greg, performed quite well. We saw, for example, stapling is roughly flat year-to-date in sales across the globe. So, it depends on the year, it depends on our market position, it depends on our listings, it depends on what we've gained in category reviews.

是的。這個問題比較難回答。展望明年，隨著我們往前看，我預期我們持續在健康（wellness）與人體工學（ergonomics）等關鍵品類把新產品納入產品組合的工作，將能抵消我們在部分紙本相關產品品類所面臨的逆風。但即便如此，今年那些品類的表現也相當不錯，Greg。例如，我們看到釘書（stapling）在全球的銷售年初至今大致持平。所以，這取決於年度、取決於我們的市場地位、取決於上架情況，也取決於我們在品類檢視（category reviews）中爭取到什麼。

It's a little bit of a difficult answer to give you, but I can tell you the work that we're doing is shifting more of our focus to categories like ergonomics and wellness, and lamination, all of which are showing good signs of growth, not only internally at ACCO Brands, but in the market.

這題不太容易給你一個精確的答案，但我可以告訴你，我們正在做的工作是把更多重點轉向人體工學、健康，以及護貝（lamination）等品類；這些品類不僅在ACCO Brands內部，也在市場上都呈現良好的成長跡象。

Okay. The Technology Peripherals category, could you give us how much that was down this quarter, and then by category, by gaming and by computer?

好的。Technology Peripherals（科技周邊）品類方面，你能否提供這一季下滑了多少？另外能否按品類拆分，分別說明遊戲（gaming）與電腦（computer）？

Yeah, it was down. Unfortunately, it was down kind of low double digits in the global business, and they were about down the same. Gaming and enterprise products were down about the same, but they have very different drivers. Our business in gaming is largely dependent on consoles. Console demand has been muted pretty significantly this year. Switch 2 has underperformed expectations in the market. We're optimistic as we look ahead that the adoption of Switch 2 will improve. Got new console releases scheduled for the next two years, and we have much better gaming titles that are being introduced this holiday season. We're optimistic that the rate of decline will improve in Q4 and 2027 in gaming.

是的，是下滑。很不幸地，全球業務大約下滑低雙位數，而且兩者的下滑幅度差不多。遊戲與企業（enterprise）產品下滑幅度大致相同，但驅動因素非常不同。我們的遊戲業務很大程度取決於主機（consoles）。今年主機需求明顯偏弱。Switch 2在市場上的表現低於預期。展望未來，我們對Switch 2的採用率提升仍抱持樂觀。未來兩年也排定了新的主機發售，而且今年假期季將推出更強的遊戲大作。我們樂觀認為，遊戲業務的下滑幅度將在第四季與2027年有所改善。

In Technology Peripherals for computer accessories, it's really a story of laptops, right? Global laptop sales are down 20%. We tend to attach more to new laptop deployments than perhaps others, and that has really been an issue all year for us. It has muted demand for our products. As that improves, obviously demand for our products should follow.

在Technology Peripherals的電腦配件方面，這其實就是筆電的故事，對吧？全球筆電銷售下滑了20%。相較於其他同業，我們更傾向於隨著新筆電部署而帶動銷售，這點今年一整年對我們來說確實是個問題。它抑制了我們產品的需求。當這部分改善時，我們產品的需求當然也應該會隨之回升。

Kevin Steinke, Barrington Research Associates.

Kevin Steinke，Barrington Research Associates。

Wanted to start out by asking just about the Technology Peripherals acquisitions you have made. You have done EPOS and Trust now. In your earnings release, you mentioned that you now have a scaled platform, and that your focus is on integrating the brand. Do you feel like you have the footprint you need now in the Technology Peripherals space, or are you going to still be looking to add potentially through more acquisitions?

我想先從你們在Technology Peripherals方面所做的併購談起。你們現在已經做了EPOS和Trust。在你們的財報新聞稿中，你提到你們現在已擁有具規模的平台，並且重點放在品牌整合上。你是否覺得你們目前在Technology Peripherals領域已具備所需的版圖（footprint），還是仍會透過更多併購來尋求擴張？

We are excited to add EPOS and Trust into the portfolio. They addressed a couple of strategic weaknesses in our legacy product assortment. First, EPOS is premium audio, which the Kensington portfolio just did not offer, and we thought that was an important product category to round out our enterprise assortment. So that was the strategic rationale behind EPOS.

我們很高興將 EPOS 和 Trust 納入投資組合。它們解決了我們既有產品組合中的幾項策略性弱點。首先，EPOS 屬於高階音訊產品，而 Kensington 的產品組合過去並未涵蓋；我們認為這是一個重要的產品類別，可使我們的企業端產品組合更為完整。因此，這就是收購 EPOS 的策略性理由。

As we look at Trust, that enables us to really broaden our channel approach in gaming and computer accessories. Our computer accessories is predominantly in enterprise deployments, and our gaming assortment is predominantly in the US and predominantly through mass retail. So it is a channel diversity play for us. We think with the additional categories and the additional channels that we have acquired, and the additional concentration of sales in different markets outside of the US, we think it gives us a scalable platform that is balanced from a product and a channel perspective globally.

至於 Trust，它讓我們得以在電競與電腦周邊領域大幅拓展通路策略。我們的電腦周邊主要來自企業端部署，而我們的電競產品組合主要集中在美國，且主要透過大眾零售通路銷售。因此，對我們而言這是一項通路多元化的布局。我們認為，透過新增的品類與通路，以及在美國以外不同市場更分散的銷售集中度，將使我們在全球從產品與通路角度來看，擁有一個均衡且可擴展的平台。

That was really the intent. As it relates to future acquisitions, I think we will be opportunistic. We will look at those, but they do have to meet very rigorous, both strategic and financial rationale. Candidly, we have some work to do to finalize the integration of EPOS and then complete the integration of Trust. So we have got plenty of work sitting in front of us, but we will look if there is something that is available, and it is hard to commit to if there will be or when it might present itself, but we will certainly look opportunistically in the future.

這確實是我們的初衷。至於未來的併購，我想我們會採取機會主義的方式。我們會評估相關機會，但必須同時符合非常嚴格的策略與財務理由。坦白說，我們還有一些工作要做，先完成 EPOS 的整合，接著完成 Trust 的整合。所以我們眼前已經有很多工作要處理；但若未來有合適的機會出現，我們也會把握評估。至於是否會有、以及何時會出現，確實很難承諾，但我們未來一定會以機會主義方式審視。

Okay. Great. That makes sense. You kind of touched on it, but when you think about Technology Peripherals and potentially hardware costs normalizing, do you kind of have a line of sight into that or any thoughts on kind of when the market starts to normalize a bit?

好的，很好。這很合理。你剛才有稍微提到，但當你們思考科技周邊（Technology Peripherals）以及硬體成本可能回歸常態時，你們是否已經有一些能見度？或對市場何時開始稍微正常化有什麼看法？

Yeah. We get data from external sources that we trust and we feel confident in, and the future-looking data suggests that the trends improve throughout 2027. While that is encouraging, that is not going to be our only source of growth opportunities. We are working hard to leverage the additional capabilities that we have acquired through the two companies in 2026. We think there are some significant growth synergy opportunities ahead as we look at the expansion of Trust globally, the co-selling of EPOS and Kensington to enterprise customers. We are going to leverage things that we can control to drive growth in 2027, and hopefully the market backdrop will improve.

是的。我們會取得我們信任且有信心的外部資料來源數據，而前瞻性數據顯示，相關趨勢在 2027 年將逐步改善。雖然這令人鼓舞，但這不會是我們唯一的成長機會來源。我們正努力在 2026 年善用透過這兩家公司所取得的新增能力。我們認為，隨著 Trust 在全球擴張，以及 EPOS 與 Kensington 對企業客戶的聯合銷售（co-selling），前方有一些顯著的成長綜效機會。我們將運用我們可控的因素來推動 2027 年成長，也希望市場大環境能有所改善。

Okay. Thanks. I wanted to just maybe delve a little bit more into the gross margin, excluding the tariff refund. I think you said tariff refund was a benefit of 520 basis points. You had mentioned unfavorable product and customer mix, so just any more color on that? I think you mentioned you expect improvement in the fourth quarter.

好的，謝謝。我想再深入了解一下毛利率（不含關稅退稅）。我記得你提到關稅退稅帶來 520 個基點的正面影響。你也提到不利的產品與客戶組合，能否再多補充一些細節？我想你也提到預期第四季會改善。

That is right. I think with the tariffs last year and all the disruptions in the second and third quarters, we have had some ups and downs, I guess I would say. If you look at the year-to-date, it is much better than what the quarter was. The single biggest issue really was kind of our customer and product mix, which we do see improving in the fourth quarter, which should raise that margin rate.

沒錯。我想由於去年關稅以及第二、第三季的各種干擾，我們的表現有些起伏。如果看年初至今（YTD），其實比單季表現好很多。最大的問題主要是客戶與產品組合；我們確實看到第四季會改善，這應該會拉升毛利率水準。

We are also still seeing some fixed cost deleveraging because our organic volumes are down. It has been a bit of a promotional environment for some of our categories in the quarter. So, we are expecting it to get better. Year-to-date was better than the quarter, and kind of get back to more historical rates.

此外，由於我們的有機出貨量下滑，我們仍看到一些固定成本攤提不足（fixed cost deleveraging）。本季在部分品類上，促銷環境也較為明顯。因此，我們預期情況會轉好。年初至今的表現優於單季，我們也會逐步回到較為歷史性的水準。

William Reuter, Bank of America.

美國銀行（Bank of America）的 William Reuter。

My first question, I think there continue to be challenges with chip shortages. Are you experiencing this? I guess, do you anticipate potentially having any supply chain disruption if demand surrounding Grand Theft Auto 6's launch is robust?

我的第一個問題是，我認為晶片短缺的挑戰仍在持續。你們有遇到這個情況嗎？另外，如果《俠盜獵車手 6》（Grand Theft Auto 6）上市帶動的需求很強勁，你們是否預期供應鏈可能會出現任何中斷？

It's a good question, Bill. Our supply chain teams and commercial teams have aligned to forecast, and we think that the good work that they've done and our work with our suppliers have put us in a really good position, better than competitive position in terms of chip availability. We don't anticipate any issues, even with potential increased demand, really through the next few quarters. We're in a good position.

這是個好問題，Bill。我們的供應鏈團隊與商務團隊已對需求預測達成一致；我們認為他們做得很好，加上我們與供應商的合作，使我們在晶片供應可得性方面處於非常有利的位置，甚至優於競爭對手。即使需求可能增加，我們也不預期未來幾個季度會有任何問題。我們目前的狀況很好。

Good to hear. Deb, you had mentioned some deleveraging of fixed costs due to volume declines. I know that there is such a breadth of products that trying to look at volume versus price is a little bit challenging, but is there any context you can provide for what price did to your revenue in the quarter?

很高興聽到。Deb，你提到因為出貨量下滑導致固定成本攤提不足。我知道產品範圍很廣，要區分量與價的影響有點難，但你能否提供一些背景，說明本季價格對營收的影響？

Yeah. I think we had a couple points of price. As we look out, we're continuing to look at the cost environment and just what's happening, because I think, as you know better than me, all companies are struggling with where costs are going to go in the near term. But we have priced appropriately. We still have some to go, and I'd say it's a couple percent.

好的。我想我們大概有幾個百分點的價格因素。往前看，我們會持續關注成本環境與各種變化，因為我想你比我更清楚，所有公司都在為短期內成本走向而苦惱。但我們的定價是適當的。我們仍有一些調整空間，我會說大約是幾個百分點。

Got it. A couple percent in total, if I were to look at the benefit to the quarter?

了解。如果我看本季的正面影響，合計大約是幾個百分點？

Yeah, and throughout the year-to-date, more or less.

是的，年初至今大致也是如此。

Got it. I guess just lastly, and this is kind of a counterpoint to my first question, but GTA 6 has been delayed multiple times. If that were to be delayed into very close to the holiday season, do you think that your earnings would be at significant risk?

了解。最後一個問題，這可能和我第一個問題有點相反，但 GTA 6 已經多次延期。如果它又延到非常接近假期旺季，你認為你們的獲利會面臨顯著風險嗎？

I don't. We've got pretty good line of sight into October. There's certainly some revenue risk, but I think the revenue that we are expecting from the GTA 6 launch is back half of the quarter dependent based on what we don't see, meaning we have to have strong POS, and we're talking weeks, Bill, not months. We've sold in a big portion of what the initial sets will be, and it'll be a POS-driven last few weeks of the year. While we're excited about it, while we think it's important, particularly to build momentum into 2027, I don't see material risk to the quarter if it's delayed or if it under-indexes expectations.

我不這麼認為。我們對 10 月的情況有相當好的能見度。當然會有一些營收風險，但我們預期來自 GTA 6 上市的營收，取決於本季後半段的表現，因為我們還需要看到強勁的 POS（終端銷售）；而且我們談的是「幾週」的差異，不是「幾個月」。我們已經完成初期鋪貨（initial sets）中很大一部分的出貨，接下來會是由 POS 驅動的年底最後幾週表現。雖然我們對此感到興奮，也認為它很重要，特別是為了在 2027 年建立動能，但如果它延期或表現低於預期，我不認為會對本季造成重大風險。

This concludes our Q&A. I will now turn the call back to Tom Tedford for closing remarks.

問答環節到此結束。我現在把電話交回給 Tom Tedford 作結語。

Thank you, everyone, for joining us. Our third quarter results were in line with our outlook, and our priorities remain clear. Integrate EPOS and Trust, deliver our cost and synergy commitments, and reduce debt. Continued cost discipline and productivity improvements position us to deliver improved profits and cash flow.

感謝各位今天加入我們。第三季業績符合我們的展望，而我們的優先事項依然明確。整合 EPOS 與 Trust、達成我們在成本與綜效上的承諾，並降低負債。持續的成本紀律與生產力提升，使我們有條件實現更佳的獲利與現金流。

With a streamlined operating structure and leading brands, we have a strong platform to generate free cash flow while repositioning ACCO Brands toward faster-growing Technology Peripherals categories. I want to thank the ACCO Brands team for its dedication and good work. We appreciate your interest in ACCO Brands, and I look forward to speaking with you when we report our fourth quarter results in February.

憑藉精簡的營運架構與領先品牌，我們擁有強健的平台，在重新定位 ACCO Brands、朝向成長更快的科技周邊（Technology Peripherals）品類之際，仍能創造自由現金流。我要感謝 ACCO Brands 團隊的投入與出色的工作。感謝各位對 ACCO Brands 的關注，我也期待在 2 月公布第四季業績時再與各位交流。

This concludes today's call. Thank you 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。