Hasbro brands Thank engaging good and in and Consumers you, our a is good content. Brian, position. morning with are audiences everyone. and financial
profitable. are We
necessary expenses spend steps with current We and our have take liquidity, cash the to substantial the environment. we continue to and align
with early fiscal in and work, earnings our a historical close team combined release. XXXX and Globally, outstanding XXXX provided did first completed as in in accounting quarterly accordance our eOne performed We for acquisition we today’s finance company combined eOne the quarter remotely. results GAAP U.S. and
we will as be which impacting accounting We in our through coming over may further and as progress we have XXXX. year, valuations booked results, the highlight our opening items amounts, complete purchase we there
before We we amortization discussion targets of share. current our continue earnings, of forma but XXXX. the or we in reflect one-time year-end achieve million including set, activities will My have slowed of tax to and expenses. XXXX per pace XXXX $XX early savings certain by an track $X.XX exclude to impact of $XXX of we We the reflected million numbers, $XXX the remain In acquisition-related pro year and expenses amortization. million cost environment, versus be approximately after eOne today and acquisition expenses the adjusted on to target one-time synergies reported
I’ll priority, highlighted, top As is on start our things. our community. Brian with four organization focused
Their said, have our world of ingenuity to are and each showcased their proud teams during for in to our families. a world testament I doing we’re which place like but children our the to better guide the other and reiterate around not It’s belief a what teams am every decision. XXXX. making and safety their purpose I’d in tremendous the of operating. resilience support only the work health, Our tremendously well-being Brian communities
the on cash Moving sheet. liquidity, in balance to ended $X.X the quarter with we billion
our our We through have financial are and covenants. $X.X billion well available within credit revolving facility,
period our a As November fourth reminder, low October quarter, cash in the timeframe. in traditionally and the occurs
cash also planned live to and significant our few These just planned and increases, have and travel These we reduce headcount and to scale merit have expenses moving identified opportunities our of include, We and expenses taking. are future additions cash pausing the are reducing a liquidity spend. events virtual. broad actions
of debt next maturity remains of is May of the February, first the May. our Board XXXX. The to major already committed million declared the with Our $XXX year, and next we in payment paid due dividend, dividend for in
eOne is entertainment lower-than-planned most business. in driving of As spend areas content for for at a their production discussed, cash is XXXX. This Brian shutdown
well in our half spending spend return projects to for to for expenditures. About reduced the of renovation, planned, for approximately million. than that the to digital closely spend reviewed quarter development, capital production, as is facility a we of $XXX also third We’ve early $XXX product half range spend million the investments to of We’ve $XXX million to is within year of to originally reviewed the less expect million $XXX and and year. gaming million an periods, tooling and second related our capital this future our XXXX year. timing and $XXX weighted IT Assuming to expectations as
include and which of Accounts $X relates $XXX Moving $XXX to million million receivable from overall, eOne. eOne. million, approximately approximately balance sheet; the inventories to declined increased
forma For in seeing we the more When from the coming XXXX, XXXX much we’ve to remainder, the and the direct shift quarter, were pro is XXXX. the to we sales imports U.S. and revenues March driven of the versus by DSO in two timing of domestic DSO of end at the is the that increased of compare increase days. comparable the measure
We closely for are customers. credit monitoring our
should and we Walmart, recognize, However, largest customers our three remain Amazon. Target
Next, let’s discuss demand.
and including growth with in X% along in for product AND working X Latin which was Disney’s growth JENGA, was OF revenues LIFE, by and Canada segment Asia-Pacific, last; slate growth and versus quarter, impacted quarter; through later GATHERING, by declines XX% such our Frozen as than FX. first DUNGEONS offset THE and and X%, was THE in eOne, retail gaming this CONNECT absent inventory. the more the for a MONOPOLY, the in excess Europe For declined including others, COVID-XX the U.S. GAME DRAGONS, MAGIC: America, deliveries year planned which is during X, which
the of chain currently release more disruption, changing impact due and the theatrical retail store closures, We shutdowns, schedules. to expect second significant COVID-XX be quarter, live-action supply in production to
aggressively to that However, we’re consumer and demand has continued April and creatively working to through be up, meet demand.
our which for is Brian engagement. we’ve brand driving high As seen content, highlighted, viewership
of and we done and has levels looking operations, levels. XX% and In warehouses chain customers consumers can states of normal factories. and other returned supply. production have team varying to is China the Finally, our global The are ensure working to including About and product make we our for. currently closed countries, supply some in deliver operations is
our across longer We’ve than the As costs positioned be and to our to catch support meet this facility product incremental could challenging. supply we coming last production over outlined chain Should of network. the global shipping demand. anticipated, release, up the be months, closures to expect movement on holiday more also recorded in
but incredibly able For well majority animation get production are teams to of business, and the TV not perform creative film as work production on happening. pitch done, eOne development the is ideas. and They how are being as work, to
live-action earlier, quarter. I have mentioned early in production our As resuming plans the us currently third
moving to gaming, on decreased me cost basis, China, quarter. a declined points, touch reopens. air favorable Cost cost amortization. amortization freight sales costs by a the once both the program lower let strong cost of items of with due and X%, Gross entertainment by in mix forma of forma a product and pro higher factories mix on program deliveries mentioned, Finally, GATHERING, THE few the increased associated on including basis. MAGIC: XXX expense production the to production favorable due partially offset out profit pro sales product aided amortization, XX% margin, Program including on lower basis
the the On advertising and accounting was aligning Hasbro’s line, higher due eOne rate to year-over-year policies.
current demand to of and we We both while and their be variable to are well aligning environment. reflect spends line one most This the prepared appropriately reducing campaigns is and third deliver timing levels, and are the cash advertising fourth lower top-line quarters. adjusting to outlay, our items, for will drive the our and we
SG&A increased X%.
We’re compensation live services, the costs In implementing as accounting compensation, eOne. professional and well other such related to policies cost areas, which on to and resulted cost events shipping stock we as as saving discretionary ones. virtual quarter, admin hiring, higher capitalization, aligned activities in travel for
expense. to due shipping in in from warehousing also savings the increase offset higher decline unplanned which a experienced sales, game expense, We significant
scenario global good as a various COVID-XX more our how to done to for returns and a the of and our the to our operating well to planning that of drove We’ve withdraw manage of impact them, on normalized out the XXXX mapping Despite the vary in guidance. full-year outcomes business, impact recession. activities, implications understanding extensive understand as having factors decision the widely,
holiday good innovation season, entertainment reopening move for our and portfolio. across we with toward we planning a economies, are As great
advantages global profitable model, as to navigate entertainment long-term term in near confidence strategic to business the drive the We both and have and of company play a our growth.
take to happy are questions. I and your Brian Now,
