Delaware | 001-08454 | 36-2704017 |
(State or other jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Four Corporate Drive Lake Zurich, IL 60047 | 60047 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12) |
o | Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b)) |
o | Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) |
(d) | Exhibits |
ACCO Brands Corporation (Registrant) | ||||
Date: | August 1, 2017 | By: | /s/ Neal V. Fenwick | |
Name: Neal V. Fenwick | ||||
Title: Executive Vice President | ||||
and Chief Financial Officer |
(unaudited) | |||||||
(in millions of dollars) | June 30, 2017 | December 31, 2016 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 102.2 | $ | 42.9 | |||
Accounts receivable, net | 419.0 | 391.0 | |||||
Inventories | 332.4 | 210.0 | |||||
Other current assets | 60.8 | 26.8 | |||||
Total current assets | 914.4 | 670.7 | |||||
Total property, plant and equipment | 632.5 | 528.0 | |||||
Less: accumulated depreciation | (350.3 | ) | (329.6 | ) | |||
Property, plant and equipment, net | 282.2 | 198.4 | |||||
Deferred income taxes | 138.8 | 27.3 | |||||
Goodwill | 687.3 | 587.1 | |||||
Identifiable intangibles, net | 841.9 | 565.7 | |||||
Other non-current assets | 18.7 | 15.3 | |||||
Total assets | $ | 2,883.3 | $ | 2,064.5 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Notes payable | $ | — | $ | 63.7 | |||
Current portion of long-term debt | 29.1 | 4.8 | |||||
Accounts payable | 229.0 | 135.1 | |||||
Accrued compensation | 40.8 | 42.8 | |||||
Accrued customer program liabilities | 102.1 | 94.0 | |||||
Accrued interest | 2.1 | 1.3 | |||||
Other current liabilities | 106.9 | 64.7 | |||||
Total current liabilities | 510.0 | 406.4 | |||||
Long-term debt, net | 1,067.2 | 627.7 | |||||
Deferred income taxes | 240.9 | 146.7 | |||||
Pension and post-retirement benefit obligations | 265.9 | 98.0 | |||||
Other non-current liabilities | 82.3 | 77.0 | |||||
Total liabilities | 2,166.3 | 1,355.8 | |||||
Stockholders' equity: | |||||||
Common stock | 1.1 | 1.1 | |||||
Treasury stock | (26.3 | ) | (17.0 | ) | |||
Paid-in capital | 2,018.8 | 2,015.7 | |||||
Accumulated other comprehensive loss | (432.9 | ) | (419.4 | ) | |||
Accumulated deficit | (843.7 | ) | (871.7 | ) | |||
Total stockholders' equity | 717.0 | 708.7 | |||||
Total liabilities and stockholders' equity | $ | 2,883.3 | $ | 2,064.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | ||||||||||||||
Net sales | $ | 490.0 | $ | 410.1 | 19% | $ | 849.8 | $ | 688.2 | 23% | |||||||||
Cost of products sold | 321.5 | 275.3 | 17% | 570.5 | 471.0 | 21% | |||||||||||||
Gross profit | 168.5 | 134.8 | 25% | 279.3 | 217.2 | 29% | |||||||||||||
Operating costs and expenses: | |||||||||||||||||||
Advertising, selling, general and administrative expenses | 101.8 | 79.6 | 28% | 193.8 | 150.8 | 29% | |||||||||||||
Amortization of intangibles | 9.0 | 5.4 | 67% | 17.0 | 10.1 | 68% | |||||||||||||
Restructuring charges | 12.3 | 4.4 | 180% | 13.8 | 4.4 | 214% | |||||||||||||
Total operating costs and expenses | 123.1 | 89.4 | 38% | 224.6 | 165.3 | 36% | |||||||||||||
Operating income | 45.4 | 45.4 | —% | 54.7 | 51.9 | 5% | |||||||||||||
Non-operating expense (income): | |||||||||||||||||||
Interest expense | 10.8 | 12.8 | (16)% | 20.6 | 23.5 | (12)% | |||||||||||||
Interest income | (2.0 | ) | (1.9 | ) | 5% | (3.3 | ) | (3.3 | ) | —% | |||||||||
Equity in earnings of joint-venture | — | (0.8 | ) | NM | — | (2.1 | ) | NM | |||||||||||
Other income, net | (1.5 | ) | (36.6 | ) | (96)% | (0.8 | ) | (35.5 | ) | (98)% | |||||||||
Income before income tax | 38.1 | 71.9 | (47)% | 38.2 | 69.3 | (45)% | |||||||||||||
Income tax expense | 14.6 | 10.0 | 46% | 11.1 | 2.6 | 327% | |||||||||||||
Net income | $ | 23.5 | $ | 61.9 | (62)% | $ | 27.1 | $ | 66.7 | (59)% | |||||||||
Per share: | |||||||||||||||||||
Basic income per share | $ | 0.21 | $ | 0.58 | (64)% | $ | 0.25 | $ | 0.63 | (60)% | |||||||||
Diluted income per share | $ | 0.21 | $ | 0.57 | (63)% | $ | 0.24 | $ | 0.61 | (61)% | |||||||||
Weighted average number of shares outstanding: | |||||||||||||||||||
Basic | 109.5 | 107.1 | 108.9 | 106.6 | |||||||||||||||
Diluted | 111.9 | 109.0 | 112.1 | 108.6 | |||||||||||||||
Statistics (as a % of Net sales, except Income tax rate) | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||||||
Gross profit (Net sales, less Cost of products sold) | 34.4 | % | 32.9 | % | 32.9 | % | 31.6 | % | |||||||||||
Advertising, selling, general and administrative | 20.8 | % | 19.4 | % | 22.8 | % | 21.9 | % | |||||||||||
Operating income | 9.3 | % | 11.1 | % | 6.4 | % | 7.5 | % | |||||||||||
Income before income tax | 7.8 | % | 17.5 | % | 4.5 | % | 10.1 | % | |||||||||||
Net income | 4.8 | % | 15.1 | % | 3.2 | % | 9.7 | % | |||||||||||
Income tax rate | 38.3 | % | 13.9 | % | 29.1 | % | 3.8 | % |
Six Months Ended June 30, | |||||||
(in millions of dollars) | 2017 | 2016 | |||||
Operating activities | |||||||
Net income | $ | 27.1 | $ | 66.7 | |||
Gain on revaluation of previously held joint-venture equity interest | — | (35.2 | ) | ||||
Amortization of inventory step-up | 0.9 | 0.2 | |||||
Loss on disposal of assets | — | 0.2 | |||||
Depreciation | 17.8 | 15.5 | |||||
Amortization of debt issuance costs | 1.9 | 1.8 | |||||
Amortization of intangibles | 17.0 | 10.1 | |||||
Stock-based compensation | 7.8 | 7.9 | |||||
Equity in earnings of joint-venture, net of dividends received | — | (1.6 | ) | ||||
Changes in balance sheet items: | |||||||
Accounts receivable | 51.2 | 60.6 | |||||
Inventories | (75.0 | ) | (70.7 | ) | |||
Other assets | (13.7 | ) | (8.7 | ) | |||
Accounts payable | 40.2 | 24.4 | |||||
Accrued expenses and other liabilities | (58.5 | ) | (65.4 | ) | |||
Accrued income taxes | (8.8 | ) | (4.1 | ) | |||
Net cash provided by operating activities | 7.9 | 1.7 | |||||
Investing activities | |||||||
Additions to property, plant and equipment | (13.0 | ) | (6.9 | ) | |||
Proceeds from the disposition of assets | 0.2 | 0.1 | |||||
Cost of acquisitions, net of cash acquired | (292.6 | ) | (85.4 | ) | |||
Net cash used by investing activities | (305.4 | ) | (92.2 | ) | |||
Financing activities | |||||||
Proceeds from long-term borrowings | 473.8 | 187.4 | |||||
Repayments of long-term debt | (104.8 | ) | (90.3 | ) | |||
Borrowings of notes payable, net | — | 32.8 | |||||
Payments for debt issuance costs | (3.5 | ) | (0.8 | ) | |||
Repurchases of common stock | (6.0 | ) | — | ||||
Payments related to tax withholding for stock-based compensation | (9.2 | ) | (5.0 | ) | |||
Proceeds from the exercise of stock options | 2.8 | 1.6 | |||||
Net cash provided by financing activities | 353.1 | 125.7 | |||||
Effect of foreign exchange rate changes on cash and cash equivalents | 3.7 | 5.6 | |||||
Net increase in cash and cash equivalents | 59.3 | 40.8 | |||||
Cash and cash equivalents | |||||||
Beginning of the period | 42.9 | 55.4 | |||||
End of the period | $ | 102.2 | $ | 96.2 |
Three Months Ended June 30, 2017 | Three Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||
Reported | % of | Adjusted | Adjusted | % of | Reported | % of | Adjusted | Adjusted | % of | % Change | ||||||||||||||||||||||||||||
GAAP | Sales | Items | Non-GAAP | Sales | GAAP | Sales | Items | Non-GAAP | Sales | Adjusted | ||||||||||||||||||||||||||||
Gross profit | $ | 168.5 | 34.4 | % | $ | — | $ | 168.5 | 34.4 | % | $ | 134.8 | 32.9 | % | $ | 0.2 | (A.1) | $ | 135.0 | 32.9 | % | 25 | % | |||||||||||||||
Advertising, selling, general and administrative expenses | $ | 101.8 | 20.8 | % | $ | (3.7 | ) | (A.2) | $ | 98.1 | 20.0 | % | $ | 79.6 | 19.4 | % | $ | (3.1 | ) | (A.2) | $ | 76.5 | 18.7 | % | 28 | % | ||||||||||||
Restructuring charges | 12.3 | (12.3 | ) | (A.3) | — | 4.4 | (4.4 | ) | (A.3) | — | NM | |||||||||||||||||||||||||||
Operating income | 45.4 | 9.3 | % | 16.0 | 61.4 | 12.5 | % | 45.4 | 11.1 | % | 7.7 | 53.1 | 12.9 | % | 16 | % | ||||||||||||||||||||||
Interest expense | 10.8 | — | 10.8 | 12.8 | (0.9 | ) | (A.4) | 11.9 | (9 | )% | ||||||||||||||||||||||||||||
Other (income) expense, net | (1.5 | ) | 2.3 | (A.5) | 0.8 | (36.6 | ) | 36.8 | (A.6) | 0.2 | 300 | % | ||||||||||||||||||||||||||
Income before income tax | 38.1 | 7.8 | % | 13.7 | 51.8 | 10.6 | % | 71.9 | 17.5 | % | (28.2 | ) | 43.7 | 10.7 | % | 19 | % | |||||||||||||||||||||
Income tax expense | 14.6 | 2.0 | (A.7) | 16.6 | 10.0 | 5.3 | (A.7) | 15.3 | 8 | % | ||||||||||||||||||||||||||||
Income tax rate | 38.3 | % | 32.0 | % | 13.9 | % | 35.0 | % | ||||||||||||||||||||||||||||||
Net income | $ | 23.5 | 4.8 | % | $ | 11.7 | $ | 35.2 | 7.2 | % | $ | 61.9 | 15.1 | % | $ | (33.5 | ) | $ | 28.4 | 6.9 | % | 24 | % | |||||||||||||||
Diluted income per share | $ | 0.21 | $ | 0.10 | $ | 0.31 | $ | 0.57 | $ | (0.31 | ) | $ | 0.26 | 19 | % | |||||||||||||||||||||||
Weighted average number of shares outstanding: | 111.9 | 111.9 | 109.0 | 109.0 | ||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | |||||||||||||||||||||||||||||||||||||
Reported | % of | Adjusted | Adjusted | % of | Reported | % of | Adjusted | Adjusted | % of | % Change | ||||||||||||||||||||||||||||
GAAP | Sales | Items | Non-GAAP | Sales | GAAP | Sales | Items | Non-GAAP | Sales | Adjusted | ||||||||||||||||||||||||||||
Gross profit | $ | 279.3 | 32.9 | % | $ | 0.9 | (A.1) | $ | 280.2 | 33.0 | % | $ | 217.2 | 31.6 | % | $ | 0.2 | (A.1) | $ | 217.4 | 31.6 | % | 29 | % | ||||||||||||||
Advertising, selling, general and administrative expenses | 193.8 | 22.8 | % | (8.1 | ) | (A.2) | 185.7 | 21.9 | % | 150.8 | 21.9 | % | (3.7 | ) | (A.2) | 147.1 | 21.4 | % | 26 | % | ||||||||||||||||||
Restructuring charges | 13.8 | (13.8 | ) | (A.3) | — | 4.4 | (4.4 | ) | (A.3) | — | NM | |||||||||||||||||||||||||||
Operating income | 54.7 | 6.4 | % | 22.8 | 77.5 | 9.1 | % | 51.9 | 7.5 | % | 8.3 | 60.2 | 8.7 | % | 29 | % | ||||||||||||||||||||||
Interest expense | 20.6 | — | 20.6 | 23.5 | (0.9 | ) | (A.4) | 22.6 | (9 | )% | ||||||||||||||||||||||||||||
Other (income) expense, net | (0.8 | ) | 2.0 | (A.5) | 1.2 | (35.5 | ) | 36.2 | (A.6) | 0.7 | 71 | % | ||||||||||||||||||||||||||
Income before income tax | 38.2 | 4.5 | % | 20.8 | 59.0 | 6.9 | % | 69.3 | 10.1 | % | (27.0 | ) | 42.3 | 6.1 | % | 39 | % | |||||||||||||||||||||
Income tax expense | 11.1 | 7.8 | (A.7) | 18.9 | 2.6 | 12.2 | (A.7) | 14.8 | 28 | % | ||||||||||||||||||||||||||||
Income tax rate | 29.1 | % | 32.0 | % | 3.8 | % | 35.0 | % | ||||||||||||||||||||||||||||||
Net income | $ | 27.1 | 3.2 | % | $ | 13.0 | $ | 40.1 | 4.7 | % | $ | 66.7 | 9.7 | % | $ | (39.2 | ) | $ | 27.5 | 4.0 | % | 46 | % | |||||||||||||||
Diluted income per share | $ | 0.24 | $ | 0.12 | $ | 0.36 | $ | 0.61 | $ | (0.36 | ) | $ | 0.25 | 44 | % | |||||||||||||||||||||||
Weighted average number of shares outstanding: | 112.1 | 112.1 | 108.6 | 108.6 |
A. | "Adjusted" results exclude restructuring charges, amortization of the step-up in value of finished goods, transaction and integration expenses associated with the acquisitions of Esselte Group Holdings AB ("Esselte") and Pelikan Artline, other one-time or non-recurring items and all unusual income tax items, including income taxes related to the aforementioned items; in addition, income taxes have been recalculated at a normalized effective tax rate of 32% for 2017 and 35% for 2016. |
1. | Represents the adjustment related to the amortization of step-up in the value of finished goods inventory associated with the acquisition of Esselte in 2017 and Pelikan Artline in 2016. |
2. | Represents the elimination of transaction and integration expenses associated with the acquisitions of Esselte and Pelikan Artline. An additional $2.0 million in Esselte transaction expenses that were incurred in the quarter ended June 30, 2016, but not previously identified as transaction-related, have been excluded from the three and six months ended June 30, 2016. |
3. | Represents restructuring charges. |
4. | Represents a loan breakage fee of $0.5 million incurred in the acquisition of Pelikan Artline and the write-off of debt issuance costs of $0.4 million due to a debt swap of part of our USD term loan for the new Australian dollar revolving loan in the second quarter of 2016. |
5. | Represents the foreign currency gain of $2.3 million related to the settlement of certain intercompany transactions in the second quarter of 2017 and the write-off of $0.3 million in debt issuance costs and other costs associated with the Company's refinancing in the first quarter of 2017. |
6. | Represents: |
i. | Fair value gain upon acquisition of Pelikan Artline of $35.2 million and |
ii. | The foreign currency losses/(gains), net related to the settlement of certain intercompany transactions. |
7. | Primarily reflects the tax effect of the adjustments outlined in items A.1-6 above and adjusts the company's effective tax rate to a normalized rate of 32% for 2017 and 35% for 2016. The lower normalized tax rate for 2017 is primarily due to the acquisition of Esselte. The Company's estimated long-term rate remains subject to variations from the mix of earnings across the Company's operating jurisdictions. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||||||
Net income | $ | 23.5 | $ | 61.9 | (62 | )% | $ | 27.1 | $ | 66.7 | (59 | )% | ||||||||||
Inventory step-up amortization | — | 0.2 | (100 | )% | 0.9 | 0.2 | 350 | % | ||||||||||||||
Transaction and integration expenses | 3.7 | 3.1 | 19 | % | 8.1 | 3.7 | 119 | % | ||||||||||||||
Restructuring charges | 12.3 | 4.4 | 180 | % | 13.8 | 4.4 | 214 | % | ||||||||||||||
Depreciation | 8.8 | 7.7 | 14 | % | 17.8 | 15.5 | 15 | % | ||||||||||||||
Stock-based compensation | 5.4 | 4.6 | 17 | % | 7.8 | 7.9 | (1 | )% | ||||||||||||||
Amortization of intangibles | 9.0 | 5.4 | 67 | % | 17.0 | 10.1 | 68 | % | ||||||||||||||
Interest expense, net | 8.8 | 10.9 | (19 | )% | 17.3 | 20.2 | (14 | )% | ||||||||||||||
Other income, net | (1.5 | ) | (36.6 | ) | (96 | )% | (0.8 | ) | (35.5 | ) | (98 | )% | ||||||||||
Income tax expense | 14.6 | 10.0 | 46 | % | 11.1 | 2.6 | 327 | % | ||||||||||||||
Adjusted EBITDA (non-GAAP) | $ | 84.6 | $ | 71.6 | 18 | % | $ | 120.1 | $ | 95.8 | 25 | % | ||||||||||
Adjusted EBITDA as a % of Net Sales | 17.3 | % | 17.5 | % | 14.1 | % | 13.9 | % |
Six Months Ended June 30, 2017 | Six Months Ended June 30, 2016 | 2017 Guidance | Twelve Months Ended December 31, 2016 | ||||||||||||
Net cash provided by operating activities | $ | 7.9 | $ | 1.7 | $ | 177 | $ | 167.1 | |||||||
Net cash (used) provided by: | |||||||||||||||
Additions to property, plant and equipment | (13.0 | ) | (6.9 | ) | (35 | ) | (18.5 | ) | |||||||
Proceeds from the disposition of assets | 0.2 | 0.1 | 2 | 0.7 | |||||||||||
Other | — | — | — | 0.2 | |||||||||||
Free cash flow (non-GAAP) | (4.9 | ) | (5.1 | ) | 144 | 149.5 | |||||||||
Accelerated interest payments from refinancing of senior unsecured notes | — | — | — | 6.5 | |||||||||||
Transaction and integration expenses - cash | 5.9 | — | 6 | 11.6 | |||||||||||
Adjusted free cash flow (non-GAAP) | $ | 1.0 | $ | (5.1 | ) | $ | 150 | $ | 167.6 |
2017 | 2016 | Changes | |||||||||||||||||||||||||||||||||||||||||||
Adjusted | Adjusted | ||||||||||||||||||||||||||||||||||||||||||||
Reported | Adjusted | Operating | Reported | Adjusted | Operating | Adjusted | Adjusted | ||||||||||||||||||||||||||||||||||||||
Operating | Operating | Income | Operating | Operating | Income | Operating | Operating | ||||||||||||||||||||||||||||||||||||||
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 North America | $ | 174.9 | $ | 6.6 | $ | 1.4 | $ | 8.0 | 4.6% | $ | 179.3 | $ | 10.0 | $ | — | $ | 10.0 | 5.6% | $ | (4.4 | ) | (2)% | $ | (2.0 | ) | (20)% | (100) | ||||||||||||||||||
ACCO Brands EMEA | 96.5 | 4.8 | 1.9 | 6.7 | 6.9% | 38.9 | 0.2 | — | 0.2 | 0.5% | 57.6 | 148% | 6.5 | NM | 640 | ||||||||||||||||||||||||||||||
ACCO Brands International | 88.4 | 10.1 | 0.6 | 10.7 | 12.1% | 59.9 | 5.6 | — | 5.6 | 9.3% | 28.5 | 48% | 5.1 | 91% | 280 | ||||||||||||||||||||||||||||||
Corporate | — | (12.2 | ) | 2.9 | (9.3 | ) | — | (9.3 | ) | 0.6 | (8.7 | ) | — | (0.6 | ) | ||||||||||||||||||||||||||||||
Total | $ | 359.8 | $ | 9.3 | $ | 6.8 | $ | 16.1 | 4.5% | $ | 278.1 | $ | 6.5 | $ | 0.6 | $ | 7.1 | 2.6% | $ | 81.7 | 29% | $ | 9.0 | 127% | 190 | ||||||||||||||||||||
Q2: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 280.6 | $ | 52.5 | $ | 2.8 | $ | 55.3 | 19.7% | $ | 295.4 | $ | 53.0 | $ | 1.1 | $ | 54.1 | 18.3% | $ | (14.8 | ) | (5)% | $ | 1.2 | 2% | 140 | |||||||||||||||||||
ACCO Brands EMEA | 128.5 | 0.7 | 8.5 | 9.2 | 7.2% | 41.3 | 1.6 | — | 1.6 | 3.9% | 87.2 | 211% | 7.6 | 475% | 330 | ||||||||||||||||||||||||||||||
ACCO Brands International | 80.9 | 4.0 | 3.9 | 7.9 | 9.8% | 73.4 | 3.1 | 3.8 | 6.9 | 9.4% | 7.5 | 10% | 1.0 | 14% | 40 | ||||||||||||||||||||||||||||||
Corporate | — | (11.8 | ) | 0.8 | (11.0 | ) | — | (12.3 | ) | 2.8 | (9.5 | ) | — | (1.5 | ) | ||||||||||||||||||||||||||||||
Total | $ | 490.0 | $ | 45.4 | $ | 16.0 | $ | 61.4 | 12.5% | $ | 410.1 | $ | 45.4 | $ | 7.7 | $ | 53.1 | 12.9% | $ | 79.9 | 19% | $ | 8.3 | 16% | (40) | ||||||||||||||||||||
Q3: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 289.1 | $ | 49.6 | $ | — | $ | 49.6 | 17.2% | ||||||||||||||||||||||||||||||||||||
ACCO Brands EMEA | 40.7 | 2.9 | — | 2.9 | 7.1% | ||||||||||||||||||||||||||||||||||||||||
ACCO Brands International | 101.5 | 15.9 | 0.8 | 16.7 | 16.5% | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (12.7 | ) | 4.4 | (8.3 | ) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 431.3 | $ | 55.7 | $ | 5.2 | $ | 60.9 | 14.1% | ||||||||||||||||||||||||||||||||||||
Q4: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 252.3 | $ | 40.7 | $ | 0.1 | $ | 40.8 | 16.2% | ||||||||||||||||||||||||||||||||||||
ACCO Brands EMEA | 50.9 | 7.9 | — | 7.9 | 15.5% | ||||||||||||||||||||||||||||||||||||||||
ACCO Brands International | 134.4 | 24.8 | 2.2 | 27.0 | 20.1% | ||||||||||||||||||||||||||||||||||||||||
Corporate | — | (13.7 | ) | 2.8 | (10.9 | ) | |||||||||||||||||||||||||||||||||||||||
Total | $ | 437.6 | $ | 59.7 | $ | 5.1 | $ | 64.8 | 14.8% | ||||||||||||||||||||||||||||||||||||
YTD: | |||||||||||||||||||||||||||||||||||||||||||||
ACCO Brands North America | $ | 455.5 | $ | 59.1 | $ | 4.2 | $ | 63.3 | 13.9% | $ | 1,016.1 | $ | 153.3 | $ | 1.2 | $ | 154.5 | 15.2% | |||||||||||||||||||||||||||
ACCO Brands EMEA | 225.0 | 5.5 | 10.4 | 15.9 | 7.1% | 171.8 | 12.6 | — | 12.6 | 7.3% | |||||||||||||||||||||||||||||||||||
ACCO Brands International | 169.3 | 14.1 | 4.5 | 18.6 | 11.0% | 369.2 | 49.4 | 6.8 | 56.2 | 15.2% | |||||||||||||||||||||||||||||||||||
Corporate | — | (24.0 | ) | 3.7 | (20.3 | ) | — | (48.0 | ) | 10.6 | (37.4 | ) | |||||||||||||||||||||||||||||||||
Total | $ | 849.8 | $ | 54.7 | $ | 22.8 | $ | 77.5 | 9.1% | $ | 1,557.1 | $ | 167.3 | $ | 18.6 | $ | 185.9 | 11.9% | |||||||||||||||||||||||||||
(A) See "Notes for Reconciliation of GAAP to Adjusted Non-GAAP Information (Unaudited)" for a description of adjusted items on page 10. |
Percent Change - Sales | ||||||||||||
GAAP | Non-GAAP | |||||||||||
Comparable | ||||||||||||
Net Sales | Currency | Net Sales | ||||||||||
Change | Translation | Acquisitions | Change (A) | Price | $ Volume/Mix | |||||||
Q1 2017: | ||||||||||||
ACCO Brands North America | (2.5)% | 0.3% | 1.6% | (4.4)% | 1.7% | (6.1)% | ||||||
ACCO Brands EMEA | 148.0% | (5.4)% | 165.8% | (12.4)% | 3.3% | (15.7)% | ||||||
ACCO Brands International | 47.6% | 6.0% | 42.9% | (1.3)% | 3.2% | (4.5)% | ||||||
Total | 29.4% | 0.8% | 33.5% | (4.9)% | 2.2% | (7.1)% | ||||||
Q2 2017: | ||||||||||||
ACCO Brands North America | (5.0)% | (0.5)% | 1.3% | (5.8)% | (0.3)% | (5.5)% | ||||||
ACCO Brands EMEA | 211.1% | (5.1)% | 224.5% | (8.3)% | 2.4% | (10.7)% | ||||||
ACCO Brands International | 10.2% | 1.4% | 12.4% | (3.6)% | 0.7% | (4.3)% | ||||||
Total | 19.5% | (0.6)% | 25.7% | (5.6)% | 0.1% | (5.7)% | ||||||
2017 YTD: | ||||||||||||
ACCO Brands North America | (4.0)% | (0.2)% | 1.4% | (5.2)% | 0.4% | (5.6)% | ||||||
ACCO Brands EMEA | 180.6% | (5.2)% | 196.0% | (10.2)% | 2.9% | (13.1)% | ||||||
ACCO Brands International | 27.0% | 3.5% | 26.1% | (2.6)% | 1.8% | (4.4)% | ||||||
Total | 23.5% | (0.1)% | 28.9% | (5.3)% | 1.0% | (6.3)% | ||||||
(A) Comparable net sales excluding acquisitions and with current period foreign operation sales translated at prior year currency rates. |
)
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MK$>M=N967,XJ,[9W%+N./L!<8#D)=C4_=/\ I W>U/CS4;^*D,&
MO;@^).-8PXB)$".,-'"AZ17P>^0TOQ5^6717?)FJHL1L3?F-EW