4Q21 Operating Results. ACCO reported record 4Q21 revenue of $570.3 million, up 24.0% and up 8.4% on a comparable basis, with all segments posting growth. Consensus was $561 million and we had forecast $545 million. Adjusted EPS was $0.54, compared to $0.39 last year. We had forecast adjusted EPS of $0.50 and consensus was $0.48.Segments. NA sales up 47% to $271 million, with comp sales up 13% in the quarter. Adjusted operating income rose 99% to $42 million. EMEA sales of $188 million, up 9% with comp sales up 5%. Adjusted operating income down 15% to $25 million due to higher logistics and commodity costs. International sales rose 7% to $11 million and were up 6% on a comp basis. Adjusted operating income rose 72% to $23 million.Full Year. Revenue was a record $2.03 billion, up 22.4%, with comparable sales up 5.0%. PowerA added $249.6 million, or 15.1%. Net income was $101.9 million, or $1.03 per share, up from $62.0 million and $0.65, respectively, in 2020. Adjusted EPS was $1.41 compared with $0.95 last year. Year-end 2021 net leverage ratio declined to 3.3x from 5.2x at the end of 2020.Outlook. Management expects to have another year of record sales and record adjusted EPS, with significant free cash flow growth. Management projects revenue to grow 1%-6%, including a 1% negative impact from foreign exchange. Adjusted EPS is expected to be in the $1.48-$1.58 range, including a 2 cent adverse impact from foreign exchange. ACCO is projecting at least $165 million of free cash flow for 2022.Earnings Call. Management will host a call to discuss results this morning at 8:30am est. Dial-in is (844) 200-6205. We will update our models and provide additional commentary following the call. Read More >>