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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2023
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to .
Commission File Number 001-08454
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ACCO Brands Corporation |
(Exact Name of Registrant as Specified in Its Charter) |
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Delaware |
36-2704017 |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
Four Corporate Drive
Lake Zurich, Illinois 60047
(Address of Registrant’s Principal Executive Office, Including Zip Code)
(847) 541-9500
(Registrant’s Telephone Number, Including Area Code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
ACCO |
NYSE |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
☐ |
Non-accelerated filer |
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Smaller reporting company |
☐ |
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Emerging growth company |
☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x
As of July 31, 2023, the registrant had outstanding 94,917,374 shares of Common Stock.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements contained in this Quarterly Report on Form 10-Q other than statements of historical fact, particularly those anticipating future financial performance, business prospects, growth, operating strategies and similar matters, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of management based on information available to us at the time such statements are made. These statements, which are generally identifiable by the use of the words "will," "believe," "expect," "intend," "anticipate," "estimate," "forecast," "project," "plan," and similar expressions, are subject to certain risks and uncertainties, are made as of the date hereof, and we undertake no duty or obligation to update them. Because actual results may differ materially from those suggested or implied by such forward-looking statements, you should not place undue reliance on them when deciding whether to buy, sell or hold the Company's securities.
Some of the factors that could affect our results or cause our plans, actions and results to differ materially from those expressed in the forward-looking statements contained in this Quarterly Report on Form 10-Q are detailed in "Part I, Item 1. Business" and "Part I, Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, as well as in "Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations" and from time to time in our other Securities and Exchange Commission (the "SEC") filings.
Website Access to Securities and Exchange Commission Reports
The Company’s Internet website can be found at www.accobrands.com. The Company makes available free of charge on or through its website its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as practicable after the Company files them with, or furnishes them to, the SEC.
2
TABLE OF CONTENTS
3
PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
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June 30, 2023 |
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December 31, 2022 |
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(in millions) |
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(unaudited) |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ |
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82.4 |
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$ |
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62.2 |
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Accounts receivable, net |
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426.1 |
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384.1 |
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Inventories |
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398.0 |
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395.2 |
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Other current assets |
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47.6 |
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40.8 |
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Total current assets |
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954.1 |
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882.3 |
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Total property, plant and equipment |
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594.7 |
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589.2 |
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Less: accumulated depreciation |
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(417.3 |
) |
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(404.1 |
) |
Property, plant and equipment, net |
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177.4 |
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185.1 |
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Right of use asset, leases |
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85.7 |
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88.8 |
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Deferred income taxes |
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97.7 |
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99.7 |
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Goodwill |
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662.0 |
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671.5 |
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Identifiable intangibles, net |
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833.2 |
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847.0 |
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Other non-current assets |
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15.7 |
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20.3 |
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Total assets |
$ |
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2,825.8 |
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$ |
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2,794.7 |
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Notes payable |
$ |
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7.9 |
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$ |
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10.3 |
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Current portion of long-term debt |
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53.9 |
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49.7 |
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Accounts payable |
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194.6 |
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239.5 |
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Accrued compensation |
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41.3 |
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38.3 |
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Accrued customer program liabilities |
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100.0 |
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103.3 |
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Lease liabilities |
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20.4 |
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21.2 |
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Other current liabilities |
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115.9 |
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126.7 |
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Total current liabilities |
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534.0 |
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589.0 |
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Long-term debt, net |
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1,015.8 |
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936.5 |
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Long-term lease liabilities |
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72.3 |
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75.2 |
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Deferred income taxes |
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142.7 |
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144.1 |
|
Pension and post-retirement benefit obligations |
|
|
149.4 |
|
|
|
155.5 |
|
Other non-current liabilities |
|
|
81.2 |
|
|
|
84.3 |
|
Total liabilities |
|
|
1,995.4 |
|
|
|
1,984.6 |
|
Stockholders' equity: |
|
|
|
|
|
|
Common stock |
|
|
1.0 |
|
|
|
1.0 |
|
Treasury stock |
|
|
(45.0 |
) |
|
|
(43.4 |
) |
Paid-in capital |
|
|
1,906.8 |
|
|
|
1,897.2 |
|
Accumulated other comprehensive loss |
|
|
(535.7 |
) |
|
|
(540.3 |
) |
Accumulated deficit |
|
|
(496.7 |
) |
|
|
(504.4 |
) |
Total stockholders' equity |
|
|
830.4 |
|
|
|
810.1 |
|
Total liabilities and stockholders' equity |
$ |
|
2,825.8 |
|
$ |
|
2,794.7 |
|
See Notes to Condensed Consolidated Financial Statements (Unaudited).
4
ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in millions, except per share data) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net sales |
$ |
|
493.6 |
|
$ |
|
521.0 |
|
$ |
|
896.2 |
|
$ |
|
962.6 |
|
Cost of products sold |
|
|
329.4 |
|
|
|
371.0 |
|
|
|
612.7 |
|
|
|
693.0 |
|
Gross profit |
|
|
164.2 |
|
|
|
150.0 |
|
|
|
283.5 |
|
|
|
269.6 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
|
|
98.0 |
|
|
|
91.6 |
|
|
|
193.0 |
|
|
|
190.4 |
|
Amortization of intangibles |
|
|
11.0 |
|
|
|
10.5 |
|
|
|
21.9 |
|
|
|
21.6 |
|
Restructuring charges |
|
|
— |
|
|
|
1.9 |
|
|
|
3.3 |
|
|
|
2.2 |
|
Change in fair value of contingent consideration |
|
|
— |
|
|
|
(9.4 |
) |
|
|
— |
|
|
|
(6.8 |
) |
Total operating costs and expenses |
|
|
109.0 |
|
|
|
94.6 |
|
|
|
218.2 |
|
|
|
207.4 |
|
Operating income |
|
|
55.2 |
|
|
|
55.4 |
|
|
|
65.3 |
|
|
|
62.2 |
|
Non-operating expense (income): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
15.5 |
|
|
|
10.8 |
|
|
|
29.4 |
|
|
|
20.5 |
|
Interest income |
|
|
(2.2 |
) |
|
|
(2.2 |
) |
|
|
(4.6 |
) |
|
|
(3.6 |
) |
Non-operating pension expense (income) |
|
|
0.2 |
|
|
|
(1.3 |
) |
|
|
0.3 |
|
|
|
(2.7 |
) |
Other (income) expense, net |
|
|
(0.3 |
) |
|
|
(3.7 |
) |
|
|
1.5 |
|
|
|
(2.8 |
) |
Income before income tax |
|
|
42.0 |
|
|
|
51.8 |
|
|
|
38.7 |
|
|
|
50.8 |
|
Income tax expense |
|
|
15.6 |
|
|
|
12.4 |
|
|
|
16.0 |
|
|
|
14.1 |
|
Net income |
$ |
|
26.4 |
|
$ |
|
39.4 |
|
$ |
|
22.7 |
|
$ |
|
36.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per share |
$ |
|
0.28 |
|
$ |
|
0.41 |
|
$ |
|
0.24 |
|
$ |
|
0.38 |
|
Diluted income per share |
$ |
|
0.27 |
|
$ |
|
0.40 |
|
$ |
|
0.23 |
|
$ |
|
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
95.4 |
|
|
|
96.2 |
|
|
|
95.1 |
|
|
|
96.2 |
|
Diluted |
|
|
96.3 |
|
|
|
97.4 |
|
|
|
96.7 |
|
|
|
98.0 |
|
See Notes to Condensed Consolidated Financial Statements (Unaudited).
5
ACCO Brands Corporation and Subsidiaries
Consolidated Statements of Comprehensive Income
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
(in millions) |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net income |
$ |
|
26.4 |
|
$ |
|
39.4 |
|
$ |
|
22.7 |
|
$ |
|
36.7 |
|
Other comprehensive (loss) income, net of tax: |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized loss on derivative instruments, net of tax (expense) benefit of $(0.2) and $(1.6) and $0.1 and $(0.9), respectively |
|
|
0.6 |
|
|
|
3.9 |
|
|
|
(0.3 |
) |
|
|
2.5 |
|
Foreign currency translation adjustments, net of tax benefit of $0.1 and $1.5 and $0.2 and $2.1, respectively |
|
|
(1.7 |
) |
|
|
(37.2 |
) |
|
|
7.2 |
|
|
|
(21.9 |
) |
Recognition of deferred pension and other post-retirement items, net of tax benefit (expense) of $0.2 and $(3.5) and $0.6 and $(4.9), respectively |
|
|
(0.8 |
) |
|
|
10.8 |
|
|
|
(2.3 |
) |
|
|
15.6 |
|
Other comprehensive (loss) income, net of tax: |
|
|
(1.9 |
) |
|
|
(22.5 |
) |
|
|
4.6 |
|
|
|
(3.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income |
$ |
|
24.5 |
|
$ |
|
16.9 |
|
$ |
|
27.3 |
|
$ |
|
32.9 |
|
See Notes to Condensed Consolidated Financial Statements (Unaudited).
6
ACCO Brands Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
(in millions) |
|
2023 |
|
|
2022 |
|
Operating activities |
|
|
|
|
|
|
Net income |
$ |
|
22.7 |
|
$ |
|
36.7 |
|
Payments of contingent consideration |
|
|
— |
|
|
|
(9.2 |
) |
Loss on disposal of assets |
|
|
1.2 |
|
|
|
(0.2 |
) |
Change in fair value of contingent liability |
|
|
— |
|
|
|
(6.8 |
) |
Depreciation |
|
|
17.3 |
|
|
|
19.6 |
|
Amortization of debt issuance costs |
|
|
1.5 |
|
|
|
1.4 |
|
Amortization of intangibles |
|
|
21.9 |
|
|
|
21.6 |
|
Stock-based compensation |
|
|
8.9 |
|
|
|
7.2 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(33.4 |
) |
|
|
(12.4 |
) |
Inventories |
|
|
10.1 |
|
|
|
(51.4 |
) |
Other assets |
|
|
(9.0 |
) |
|
|
(18.7 |
) |
Accounts payable |
|
|
(55.1 |
) |
|
|
(47.2 |
) |
Accrued expenses and other liabilities |
|
|
(19.1 |
) |
|
|
(34.8 |
) |
Accrued income taxes |
|
|
(6.3 |
) |
|
|
(3.7 |
) |
Net cash used by operating activities |
|
|
(39.3 |
) |
|
|
(97.9 |
) |
Investing activities |
|
|
|
|
|
|
Additions to property, plant and equipment |
|
|
(6.1 |
) |
|
|
(7.0 |
) |
Proceeds from the disposition of assets |
|
|
— |
|
|
|
0.2 |
|
Net cash used by investing activities |
|
|
(6.1 |
) |
|
|
(6.8 |
) |
Financing activities |
|
|
|
|
|
|
Proceeds from long-term borrowings |
|
|
107.9 |
|
|
|
218.0 |
|
Repayments of long-term debt |
|
|
(28.2 |
) |
|
|
(25.6 |
) |
Repayments of notes payable, net |
|
|
(2.4 |
) |
|
|
11.3 |
|
Dividends paid |
|
|
(14.2 |
) |
|
|
(14.4 |
) |
Payments of contingent consideration |
|
|
— |
|
|
|
(17.8 |
) |
Repurchases of common stock |
|
|
— |
|
|
|
(19.4 |
) |
Payments related to tax withholding for stock-based compensation |
|
|
(1.7 |
) |
|
|
(2.5 |
) |
Proceeds from the exercise of stock options |
|
|
— |
|
|
|
4.3 |
|
Net cash provided by financing activities |
|
|
61.4 |
|
|
|
153.9 |
|
Effect of foreign exchange rate changes on cash and cash equivalents |
|
|
4.2 |
|
|
|
1.3 |
|
Net increase in cash and cash equivalents |
|
|
20.2 |
|
|
|
50.5 |
|
Cash and cash equivalents |
|
|
|
|
|
|
Beginning of the period |
|
|
62.2 |
|
|
|
41.2 |
|
End of the period |
$ |
|
82.4 |
|
$ |
|
91.7 |
|
Cash paid during the year for: |
|
|
|
|
|
|
Interest |
$ |
|
30.3 |
|
$ |
|
18.9 |
|
Income taxes |
$ |
|
22.1 |
|
$ |
|
17.9 |
|
See Notes to Condensed Consolidated Financial Statements (Unaudited).
7
ACCO Brands Corporation and Subsidiaries
Consolidated Statement of Stockholders' Equity
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
|
|
Treasury Stock |
|
Accumulated Other |
|
|
|
|
(in millions) |
|
Shares |
|
Value |
|
Paid-in Capital |
|
Shares |
|
Value |
|
Comprehensive (Loss) Income |
|
Accumulated Deficit |
|
Total |
Balance at December 31, 2022 |
|
98.9 |
$ |
1.0 |
$ |
1,897.2 |
|
4.6 |
$ |
(43.4) |
$ |
(540.3) |
$ |
(504.4) |
$ |
810.1 |
Net loss |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(3.7) |
|
(3.7) |
Loss on derivative financial instruments, net of tax |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(0.9) |
|
— |
|
(0.9) |
Translation impact, net of tax |
|
— |
|
— |
|
— |
|
— |
|
— |
|
8.9 |
|
— |
|
8.9 |
Pension and post-retirement adjustment, net of tax |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(1.5) |
|
— |
|
(1.5) |
Stock-based compensation |
|
— |
|
— |
|
6.2 |
|
— |
|
— |
|
— |
|
(0.6) |
|
5.6 |
Common stock issued, net of shares withheld for employee taxes |
|
0.9 |
|
— |
|
— |
|
0.3 |
|
(1.7) |
|
— |
|
— |
|
(1.7) |
Dividends declared, $0.075 per share |
|
— |
|
— |
|
— |
|
— |
|
— |
|
— |
|
(7.1) |
|
(7.1) |
Other |
|
— |
|
— |
|
(0.1) |
|
— |
|
0.1 |
|
— |
|
0.1 |
|
0.1 |
Balance at March 31, 2023 |
|
99.8 |
$ |
1.0 |
$ |
1,903.3 |
|
4.9 |
$ |
(45.0) |
$ |
(533.8) |
$ |
(515.7) |
$ |
|