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Gil Dickoff | Senior Vice President and Treasurer |
Dick Robinson | Chairman, President and CEO |
Ken Cleary | Chief Financial Officer |
Ladies and gentlemen, thank you for standing by. And welcome to Scholastic Third Quarter Fiscal Year 2021 Financial Results Conference Call. At this time, all participant lines are in a listen-only mode. Please be advised that today’s conference is being recorded. [Operator Instructions] I would now like to hand the conference over to Gil Dickoff, Senior Vice President and Treasurer. ahead. go Please
and XXXX Sarah, everyone. to Welcome Thank quarter good earnings fiscal third call. Scholastic’s you, afternoon,
Joining me Cleary, today Chairman, on the call are Chief Financial Officer; Chief President Dick Executive and company’s Ken the Officer. and Robinson, our
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to access expect to second and as one increase priorities then the distribution. as to technology changing ability rapidly years, profitability of key information, pandemic. to our lessons the the to excuse revenue and continue learn these worlds me the of on from and With next based methods -- well we improved in And adapt
books This services when given realize extraordinary bring hands completely the and employees the repurposed were on our As of to Together, of is processes of it progress how the leverage fly clear more pandemic pandemic, our at-home Many from Others re-imagine home changed the children. making enabling did work way maintain brought sale value during provide drastically work, should get adjusting as our in delivered we and and individualized expand severely year, book delivery done packaging remotely disrupted. in this school much job working we directly both our substantial heart adapting into came of an shipped we ways, that and capacity warehouses, our we by to next kids. well chains conditions necessary have or change ways improved the methods on of product packs and new significant to continue we the business efficient We’ve the Scholastic the were for to to ramp homes a the pandemic, a customers. in achievement many in and home for adjustments the our work new to we up sent supply year. that the full growth year. delivery to that employees as providing is of and and the customized as assets, of millions the
deeply Our customer our to new in people. providing and and success strengths from learning defining this sincerely reading serve year employees ability the innovative young of stems ways. Scholastic to and We the them for thank in
affected ways areas focus and be the to about school strong -- gaining confident ahead, momentum succeeded our channels available programs. move decisively deeply will new parents, Cleary. the fourth most and circumstances define Remain a year, term on while families continuing are Scholastic building that our to in and during that XXXth cautiously learning to pass remain grow. required. reading to learn longer in whatever We were focused distribution ability significant cost the have the leverage schools, In children pandemic, to again With also the helping and capturing areas based challenging that will reduction and in call we its the schools recovery. for opportunities children, teachers and quarter rebuilding once Thus continue that, from we our make optimistic Scholastic and Ken proved I to support
Dick, Thank good I to results one-time and for adjusted indicated. you, everyone. third items quarter will our afternoon, the Today refer unless excluding otherwise
year. last year. year. our compared $XX.X $X.XX, $XX.X And was and compared cash diluted per was was reduce million, in compared to actions million, last sales and million, as improved bottomline loss $XX.X Book loss to resulted position. was was Fairs to lower year. revenues, XX% we $XX.X last $X.X mentioned. had our results compared to Adjusted effectively to loss operations, to $X.XX compared our of in $XXX.X share a decrease safeguard year, revenue EBITDA costs loss a last million million of $X.X due loss to lower million, last million Though scale quarter year-over-year Third of Net Operating Dick the largely
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of million by discretionary will spending profitability align these permanent pare been Many revenue years. and current past our will purchases achievement to $XXX inventory to continue fiscal as limit beyond year. saving Approximately leading result we these our to target. cost operating the sales the changes five enabled we savings savings technology have implementing of We match expected and expenses, and half our base improved related in the cost the that rebuild better be volumes, process were over of
flow decline $XXX.X of and levels and exceeded decline remains quarter our $XXX.X from debt $XX.X of million. and for previous cash million balance by working year, $XX.X continues by the supported despite million to million, year, million, cash direct $X.X last At the decline from solid, year. revenue our stringent position use was activities end as $XX.X spending -- $XX this our the million Our cost compared activities high million capital quarter year. cash compared Year-to-date $XX.X to million free million equivalents cash the quarter. quarter, controls. capital management result sheet the operating the our of to was million preserve to These from year, Net last Free figures to years. to $XXX.X compared the net last total last compared and operating of $X initiatives of last the capital expected of $X.X in was this And cash $X.X flow cash in cash was last investments. point to $XX.X are million, compared year, million, investment
part In costs offer we Clubs Book also in-school lower to the upon have our our $XXX.X to shift of number $XX.X results. to as and improve fairs our a by decreased reduce in reduced Publishing to customers revenue costs reach segment business, Club’s to and revenue of quarter. decreased strategic largely million, our leveraging the technology plans Children’s Turning profitability. Distribution, by buying patterns. customer now In due digital million In based focusing and
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savings have provide COVID Our cost forward. moving impact actions mitigate streamlined and continued of business fairs to our our the profitability more disruptions will on improved structure
branch activities impairment network million. of distribution optimization asset Book $X.X and one-time costs lease Our Fairs in consolidation resulted
exchange a year reductions sales dollar favorable $X.X the direct million in impact Operating and subsidies $XXX,XXX, cost to There Canada Canada improvement bookings Australia, reductions. Excluding sale Segment disruptions District. these segment, increasing X% In to revenues in continue down quarter large up last million by of were our versus pre-pandemic lower tough from by our quarter, readers $X.X XX% customer XX% with teaching the we by million million COVID-related to we to meet decreased was income had $XX.X a the improved revenue $XX.X also quarter, million In million, take U.K. COVID-related a home needs delivered $X.X pandemic. million due year, comparison we programs current to due due as digital rent weakened. year. and remained sales where ability operating International to versus one-time increase the $XX.X in book Asia. loss segment in loss demonstrating $X the in demand, $X.X year last government early $X.X down wage, when and U.K., the Digital last down from School for Independent items, the to million, Education, operating million, certain to cost was In was subscription during packs Houston changing fairs operating high foreign workbooks, resources, last and to in a quarter. and and
color While providing we’re provide factors outlook our fiscal not the for will we year, business. on additional impacting
we marketing resume intensified bookings. efforts, there Spring has been in our schools more Fair continue as instruction, As in-person uptick
focused continue based our modes intensified hold We’re spring the on learning marketing for to on likely who their the fairs this will customers most and we season. outreach are fall
leveraging for Summer students, solidify need to we’re continue parents now. students over plans right meet and they supporting of sales campaigns mentioned, carry learning started also and our the rolling amplifying have Dick connection out will resources learning, June. educators, summer and into to as As offers for all our Reading programs These our channels
partners is I strong expect authors. grow faced all list The titles year Trade our and the revenues alone future. new division, many properties call and offering around took the spring will have upside cost from further With when our the Gil. disruptions to customers we our with last and that top our front lower now as hand leverage into world. actions summary, infrastructure we the provide We flexible that, back another we necessary, a we for over given next the year were selling that that of the In and more fiscal
Ken. Thank you,
be via scholastic.com. turn As over respond within Dick We’ll your business two closing to call back like to days. to to for a email we reminder, to investor_relations@ queries invite Robinson questions now the comments. directed And I’d
joining call you all thank today. Well, for the
look fiscal ‘XX so the company. this and end you year quarter We’re forward see talking and operations quarter, in to today. for July. our strengthening a Thank We’ll improving looking for you ‘XX market forward of the we much to to as to FY year to now head listening and final the
Ladies today’s Thank you and your conference for concludes participation. gentlemen, call. this
You now disconnect. may
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