EX-99.1 2 acco-ex99_1.htm EX-99.1 EX-99.1

Exhibit 99.1

Supplemental Business Segment Information and Reconciliation (Unaudited)

 

About Non-GAAP Financial Measures

We use our non-GAAP financial measures both to explain our results to stockholders and the investment community and in the internal evaluation and management of our business. We believe our non-GAAP financial measures provide management and investors with a more complete understanding of our underlying operational results and trends, facilitate meaningful period-to-period comparisons and enhance an overall understanding of our past and future financial performance.

 

Our non-GAAP financial measures exclude certain items that may have a material impact upon our reported financial results such as restructuring charges, the impact of foreign currency exchange rate fluctuations, unusual tax items, goodwill impairment charges, and other non-recurring items that we consider to be outside of our core operations. These measures should not be considered in isolation or as a substitute for, or superior to, the directly comparable GAAP financial measures and should be read in connection with the Company’s financial statements presented in accordance with GAAP.

 

ACCO Brands Corporation and Subsidiaries

Supplemental Business Segment Information and Reconciliation (Unaudited)

(In millions)

 

 

2023

 

2022

 

Changes

 

 

 

 

 

 

 

 

 

Adjusted

 

 

 

 

 

 

 

 

 

Adjusted

 

 

 

 

 

 

 

 

 

 

 

 

 

Reported

 

 

 

Adjusted

 

Operating

 

 

 

Reported

 

 

 

Adjusted

 

Operating

 

 

 

 

 

Adjusted

 

Adjusted

 

 

 

 

 

Operating

 

 

 

Operating

 

Income

 

 

 

Operating

 

 

 

Operating

 

Income

 

 

 

 

 

Operating

 

Operating

 

Adjusted

 

Reported

 

Income

 

Adjusted

 

Income

 

(Loss)

 

Reported

 

Income

 

Adjusted

 

Income

 

(Loss)

 

Net Sales

 

Net Sales

 

Income

 

Income

 

Margin

 

Net Sales

 

(Loss)

 

Items

 

(Loss) - (A)

 

Margin - (A)

 

Net Sales

 

(Loss)

 

Items

 

(Loss) - (A)

 

Margin - (A)

 

$

 

%

 

(Loss) $

 

(Loss) %

 

Points

Q1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$230.0

 

$12.3

 

$6.4

 

$18.7

 

8.1%

 

$244.4

 

$15.3

 

$6.6

 

$21.9

 

9.0%

 

$(14.4)

 

(5.9)%

 

$(3.2)

 

(14.6)%

 

(90)

ACCO Brands International

172.6

 

9.7

 

7.8

 

17.5

 

10.1%

 

197.2

 

8.4

 

4.8

 

13.2

 

6.7%

 

(24.6)

 

(12.5)%

 

4.3

 

32.6%

 

340

Corporate

—

 

(11.9)

 

—

 

(11.9)

 

 

 

—

 

(16.9)

 

4.4

 

(12.5)

 

 

 

—

 

 

 

0.6

 

 

 

 

Total

$402.6

 

$10.1

 

$14.2

 

$24.3

 

6.0%

 

$441.6

 

$6.8

 

$15.8

 

$22.6

 

5.1%

 

$(39.0)

 

(8.8)%

 

$1.7

 

7.5%

 

90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$336.4

 

$60.4

 

$6.4

 

$66.8

 

19.9%

 

$345.6

 

$54.4

 

$7.6

 

$62.0

 

17.9%

 

$(9.2)

 

(2.7)%

 

$4.8

 

7.7%

 

200

ACCO Brands International

157.2

 

7.1

 

4.6

 

11.7

 

7.4%

 

175.4

 

1.1

 

4.8

 

5.9

 

3.4%

 

(18.2)

 

(10.4)%

 

5.8

 

98.3%

 

400

Corporate

—

 

(12.3)

 

—

 

(12.3)

 

 

 

—

 

(0.1)

 

(9.7)

 

(9.8)

 

 

 

—

 

 

 

(2.5)

 

 

 

 

Total

$493.6

 

$55.2

 

$11.0

 

$66.2

 

13.4%

 

$521.0

 

$55.4

 

$2.7

 

$58.1

 

11.2%

 

$(27.4)

 

(5.3)%

 

$8.1

 

13.9%

 

220

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q3:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$284.4

 

$33.8

 

$6.2

 

$40.0

 

14.1%

 

$311.7

 

$(67.0)

 

$105.2

 

$38.2

 

12.3%

 

$(27.3)

 

(8.8)%

 

$1.8

 

4.7%

 

180

ACCO Brands International

163.6

 

9.4

 

7.6

 

17.0

 

10.4%

 

173.9

 

10.8

 

3.4

 

14.2

 

8.2%

 

(10.3)

 

(5.9)%

 

2.8

 

19.7%

 

220

Corporate

—

 

(11.0)

 

—

 

(11.0)

 

 

 

—

 

(6.8)

 

(2.8)

 

(9.6)

 

 

 

—

 

 

 

(1.4)

 

 

 

 

Total

$448.0

 

$32.2

 

$13.8

 

$46.0

 

10.3%

 

$485.6

 

$(63.0)

 

$105.8

 

$42.8

 

8.8%

 

$(37.6)

 

(7.7)%

 

$3.2

 

7.5%

 

150

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q4:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$284.9

 

$(62.6)

 

$112.2

 

$49.6

 

17.4%

 

$298.7

 

$26.0

 

$10.5

 

$36.5

 

12.2%

 

$(13.8)

 

(4.6)%

 

$13.1

 

35.9%

 

520

ACCO Brands International

203.7

 

23.4

 

8.3

 

31.7

 

15.6%

 

200.7

 

18.3

 

6.6

 

24.9

 

12.4%

 

3.0

 

1.5%

 

6.8

 

27.3%

 

320

Corporate

—

 

(13.6)

 

0.6

 

(13.0)

 

 

 

—

 

(8.7)

 

(0.4)

 

(9.1)

 

 

 

—

 

 

 

(3.9)

 

 

 

 

Total

$488.6

 

$(52.8)

 

$121.1

 

$68.3

 

14.0%

 

$499.4

 

$35.6

 

$16.7

 

$52.3

 

10.5%

 

$(10.8)

 

(2.2)%

 

$16.0

 

30.6%

 

350

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

YTD:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ACCO Brands Americas

$1,135.7

 

$43.9

 

$131.2

 

$175.1

 

15.4%

 

$1,200.4

 

$28.7

 

$129.9

 

$158.6

 

13.2%

 

$(64.7)

 

(5.4)%

 

$16.5

 

10.4%

 

220

ACCO Brands International

697.1

 

49.6

 

28.3

 

77.9

 

11.2%

 

747.2

 

38.6

 

19.6

 

58.2

 

7.8%

 

(50.1)

 

(6.7)%

 

19.7

 

33.8%

 

340

Corporate

—

 

(48.8)

 

0.6

 

(48.2)

 

 

 

—

 

(32.5)

 

(8.5)

 

(41.0)

 

 

 

—

 

 

 

(7.2)

 

 

 

 

Total

$1,832.8

 

$44.7

 

$160.1

 

$204.8

 

11.2%

 

$1,947.6

 

$34.8

 

$141.0

 

$175.8

 

9.0%

 

$(114.8)

 

(5.9)%

 

$29.0

 

16.5%

 

220

 

(A) Adjusted Operating Income (Loss)/Margin: Represents operating income (loss), excluding restructuring and goodwill impairment charges, the amortization of intangibles, the change in fair value of contingent consideration and non-recurring items. We believe these adjusted non-GAAP financial measures are useful to investors and management because they reflect our underlying operating performance before items that we consider to be outside our core operations and facilitate meaningful period-to-period comparisons. Senior management’s incentive compensation is derived, in part, using adjusted operating income (loss).