Technology
Spin Master Reports Q3 2024 Financial Results
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Q3 2024 Revenue increases 25%; Reiterates 2024 Outlook
TORONTO, Oct. 30, 2024 /PRNewswire/ – Spin Master Corp. (“Spin Master” or the “Company”) (TSX: TOY) (www.spinmaster.com), a leading global children’s entertainment company, today announced its financial results for the three and nine months ended September 30, 2024. The Company’s full Management’s Discussion and Analysis (“MD&A”) for the three and nine months ended September 30, 2024 is available under the Company’s profile on SEDAR+ (www.sedarplus.com) and posted on the Company’s web site at www.spinmaster.com. All financial information is presented in United States dollars (“$”, “dollars” and “US$”) and has been rounded to the nearest hundred thousand, except per share amounts and where otherwise indicated.
Consolidated Financial Highlights for Q3 2024 as compared to the same period in 2023
Revenue was $885.7 million, an increase of 24.7% from $710.2 million, and includes Melissa & Doug Revenue of $155.0 million.Revenue by operating segment reflected an increase of 34.8% in Toys and declines of 41.5% in Entertainment and 16.8% in Digital Games.Toy Revenue was $810.9 million compared to $601.5 million. Toy Gross Product Sales1 were $922.7 million, an increase of $244.1 million or 36.0% from $678.6 million, and includes Melissa & Doug Toy Gross Product Sales1 of $182.3 million. Toy Gross Product Sales, excluding Melissa & Doug1 were $740.4 million, an increase of $61.8 million or 9.1%.Operating income was $203.2 million compared to $197.2 million.Adjusted EBITDA1 was $277.5 million, including Melissa & Doug Adjusted EBITDA1 of $49.4 million, compared to $234.9 million, an increase of $42.6 million. Adjusted EBITDA Margin1 was 31.3% compared to 33.1%. Adjusted EBITDA, excluding Melissa & Doug1 was $228.1 million compared to $234.9 million. Included in Q3 2023 was distribution revenue of $15.6 million related to the initial delivery of PAW Patrol: The Mighty Movie. Excluding this distribution revenue, Adjusted EBITDA, excluding Melissa & Doug1 increased by $8.8 million, driven by higher Toy Revenue, partially offset by fewer Entertainment content deliveries and a decrease in the Digital Games Segment. Adjusted EBITDA Margin, excluding Melissa & Doug1 was 31.2%. Adjusted EBITDA Margin, excluding Melissa & Doug1 and the accretive effect of PAW Patrol: The Mighty Movie distribution revenue in the prior year, decreased by 40 basis points. The decrease is due to a higher proportion of Adjusted EBITDA1 contributed by the Toys Segment and a decrease in the Digital Games Segment.Net Income was $140.1 million or $1.32 per share (diluted) compared to $155.4 million or $1.45 per share (diluted).Adjusted Net Income1 was $169.7 million or $1.60 per share (diluted) compared to $143.6 million or $1.34 per share (diluted).Achieved $3.1 million in Net Cost Synergies2 and continues to expect to achieve approximately $6 million in Net Cost Synergies2 in 2024.Cash provided by operating activities was $74.9 million compared to $144.3 million.Free Cash Flow1 was $44.7 million compared to $118.9 million.Repurchased and cancelled 952,142 subordinate voting shares for $21.4 million (C$29.2 million) through the Company’s Normal Course Issuer Bid (the “NCIB”) program.Subsequent to September 30, 2024, the Company declared a quarterly dividend of C$0.12 per outstanding subordinate voting share and multiple voting share, payable on January 10, 2025.
“We are pleased with our revenue growth in third quarter, which was primarily driven by our Toys creative centre, including incremental revenue from Melissa & Doug,” said Max Rangel, Spin Master’s Global President & CEO. “Although the broader economic conditions remain a challenge, we generated toy sales growth across major markets reflecting our continued commitment to creating innovative products, powerful brands and magical play experiences. Both Entertainment and Digital Games revenue declined this quarter as a result of comparisons against the highly successful PAW Movie last year as well as lower in-game purchases in Toca Boca World. As part of our strategy of leveraging our IP across our creative centres, we launched Rubik’s Match, a match-3 mobile digital game. We believe we are well positioned to continue to grow market share and maintain our leadership position within the children’s entertainment industry through the execution of our long-term strategy and focus on reimagining everyday play.”
“We delivered revenue growth of 25% in the third quarter, driven by an increase in gross product sales in our Toys creative centre,” said Mark Segal, Spin Master’s Chief Financial Officer. “Melissa & Doug performed well, with revenue of $155 million and Adjusted EBITDA of $49 million. We are executing effectively on the integration, delivering $4.5 million in net cost synergies year to date and we are continuing to identify revenue growth opportunities. Adjusted EBITDA for the quarter was up just under $9 million comparatively, excluding Melissa & Doug and the PAW Movie in the prior year. We are maintaining our outlook for 2024 for both Spin Master and Melissa & Doug. We continued to execute our capital allocation strategy and by the end of Q3, we repurchased over 2 million shares under our NCIB. Over the long term, we will continue to invest to drive growth, while also managing our costs and preserving financial flexibility to maximize shareholder value.”
2024 Outlook
The Company continues to expect for 2024:
Toy Gross Product Sales, excluding Melissa & Doug1 to be in line with 2023.Revenue, excluding Melissa & Doug1, to be in line with 2023.Adjusted EBITDA Margin, excluding Melissa & Doug1 and Net Cost Synergies2 realized, to be in line with 2023.
Incrementally, the Company continues to expect for 2024:
Melissa & Doug Toy Gross Product Sales1 to be between $420 million to $430 million.Melissa & Doug Revenue to be between $370 million to $375 million.Melissa & Doug Adjusted EBITDA Margin1 of approximately 19.5%.To achieve in addition approximately $6 million in Net Cost Synergies2 towards the target of approximately $25 million to $30 million in Run-rate Net Cost Synergies2 by the end of 2026.
Consolidated Financial Results as compared to the same period in 2023
Effective January 2, 2024, Melissa & Doug’s operating results for the three months ended September 30, 2024 are included in the Company’s consolidated results.
(US$ millions, except per share information)
Q3 2024
Q3 2023
$ Change
Consolidated Results
Revenue4
$
885.7
$
710.2
$
175.5
Operating Income
$
203.2
$
197.2
$
6.0
Operating Margin2
22.9 %
27.8 %
Adjusted Operating Income1,3
$
243.4
$
190.2
$
53.2
Adjusted Operating Margin1
27.5 %
26.8 %
Net Income
$
140.1
$
155.4
$
(15.3)
Adjusted Net Income1,3
$
169.7
$
143.6
$
26.1
Adjusted EBITDA1,3,4
$
277.5
$
234.9
$
42.6
Adjusted EBITDA Margin1
31.3 %
33.1 %
Earnings Per Share (“EPS”)
Basic EPS
$
1.36
$
1.50
Diluted EPS
$
1.32
$
1.45
Adjusted Basic EPS1
$
1.65
$
1.39
Adjusted Diluted EPS1
$
1.60
$
1.34
Weighted average number of shares (in millions)
Basic
103.0
103.6
Diluted
105.9
107.3
Selected Cash Flow Data
Cash provided by operating activities
$
74.9
$
144.3
$
(69.4)
Cash used in investing activities
$
(30.2)
$
(25.1)
$
(5.1)
Cash used in financing activities
$
(88.5)
$
(8.4)
$
(80.1)
Free Cash Flow1
$
44.7
$
118.9
$
(74.2)
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
2 Operating Margin is calculated as Operating Income divided by Revenue.
3 Refer to the “Reconciliation of Non-GAAP Financial Measures” section for further details on the adjustments.
4 Included in the operating results of the three months ended September 30, 2024 is Melissa & Doug Revenue of $155.0 million and Melissa & Doug Adjusted EBITDA1 of $49.4 million.
The following summarizes the impact of Melissa & Doug’s operating results on the three months ended September 30, 2024 consolidated results:
(US$ millions)
Q3 2024
Q3 2023
Revenue
885.7
710.2
Melissa & Doug Revenue
155.0
—
Revenue, excluding Melissa & Doug1
730.7
710.2
Toys Gross Product Sales1
922.7
678.6
Melissa & Doug Toy Gross Product Sales1
182.3
—
Toys Gross Product Sales, excluding Melissa & Doug1
740.4
678.6
Adjusted EBITDA1
277.5
234.9
Melissa & Doug Adjusted EBITDA1
49.4
—
Adjusted EBITDA, excluding Melissa & Doug1
228.1
234.9
Adjusted EBITDA Margin1
31.3 %
33.1 %
Adjusted EBITDA Margin, excluding Melissa & Doug1
31.2 %
33.1 %
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Segmented Financial Results as compared to the same period in 2023
(US$ millions)
Q3 2024
Q3 2023
Toys
Entertainment
Digital
Games
Corporate
& Other1
Total
Toys
Entertainment
Digital
Games
Corporate
& Other1
Total
Revenue
$ 810.9
$ 37.1
$ 37.7
$ —
$ 885.7
$ 601.5
$ 63.4
$ 45.3
$ —
$ 710.2
Operating Income
(Loss)
$ 183.5
$ 19.9
$ 5.1
$ (5.3)
$ 203.2
$ 149.0
$ 23.3
$ 13.6
$ 11.3
197.2
Adjusted Operating
Income (Loss)2
$ 219.0
$ 20.9
$ 7.3
$ (3.8)
$ 243.4
$ 154.0
$ 24.0
$ 15.5
$ (3.3)
$ 190.2
Adjusted EBITDA2
$ 242.2
$ 30.0
$ 9.1
$ (3.8)
$ 277.5
$ 166.8
$ 53.8
$ 17.6
$ (3.3)
$ 234.9
1 Corporate & Other includes certain corporate costs, foreign exchange and merger and acquisition-related costs, as well as fair value gains and losses.
2 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Toys Segment Results
The following table provides a summary of the Toys segment operating results, for the three months ended September 30, 2024 and 2023:
(US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Preschool, Infant & Toddler and Plush1
$
469.6
$
301.4
$
168.2
55.8 %
Activities, Games & Puzzles and Dolls & Interactive
$
294.5
$
218.7
$
75.8
34.7 %
Wheels & Action
$
152.9
$
151.2
$
1.7
1.1 %
Outdoor
$
5.7
$
7.3
$
(1.6)
(21.9) %
Toy Gross Product Sales2,5
$
922.7
$
678.6
$
244.1
36.0 %
Sales Allowances3
$
(112.7)
$
(77.1)
$
(35.6)
46.2 %
Sales Allowances % of Toy Gross Product Sales2
12.2 %
11.4 %
0.8 %
Toy Net Sales
$
810.0
$
601.5
$
208.5
34.7 %
Toy – Other Revenue
$
0.9
$
—
$
0.9
n.m.
Toy Revenue
$
810.9
$
601.5
$
209.4
34.8 %
Toys Operating Income
$
183.5
$
149.0
$
34.5
23.2 %
Toys Operating Margin4
22.6 %
24.8 %
(2.2) %
Toys Adjusted EBITDA2
$
242.2
$
166.8
$
75.4
45.2 %
Toys Adjusted EBITDA Margin2
29.9 %
27.7 %
2.2 %
1 Melissa & Doug is included within the Preschool, Infant & Toddler and Plush product categories beginning from the date of acquisition.
2 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
3 The Company enters arrangements to provide sales allowances requested by customers relating to cooperative advertising, contractual and negotiated promotional discounts, volume rebates, markdowns, and costs incurred by customers to sell the Company’s products.
4 Operating Margin is calculated as segment Operating Income divided by segment Revenue.
5 Effective January 1, 2024, the Company has changed its product categories to align with the Company’s product offerings going forward. Prior year comparative information has been updated to conform with the current disclosure. Refer to Addendum section for more details.
(US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Toy Revenue
810.9
601.5
209.4
34.8 %
Melissa & Doug Revenue
155.0
—
155.0
n.m.
Toy Revenue, excluding Melissa & Doug1
655.9
601.5
54.4
9.0 %
Toys Adjusted EBITDA1
242.2
166.8
75.4
45.2 %
Melissa & Doug Adjusted EBITDA1
49.4
—
49.4
n.m.
Toys Adjusted EBITDA, excluding Melissa & Doug1
192.8
166.8
26.0
15.6 %
Toys Adjusted EBITDA Margin1
29.9 %
27.7 %
Toys Adjusted EBITDA Margin, excluding Melissa & Doug1
29.4 %
27.7 %
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Toy Revenue increased by $209.4 million or 34.8% to $810.9 million.Toy Gross Product Sales1 was $922.7 million, an increase of $244.1 million or 36.0% from $678.6 million, including Melissa & Doug Toy Gross Product Sales1 of $182.3 million. Toy Gross Product Sales1 increased primarily as a result of the inclusion of Melissa & Doug, higher shipment volume driven by enhanced product innovation and a shift of customer orders into the third quarter from the second quarter. Toy Gross Product Sales, excluding Melissa & Doug1 was $740.4 million, an increase of $61.8 million or 9.1% from $678.6 million.Sales Allowances increased by $35.6 million to $112.7 million. As a percentage of Toy Gross Product Sales1, Sales Allowances increased to 12.2% from 11.4%, due to retail trade promotions related to Melissa & Doug.Toys Operating income was $183.5 million compared to Toy Operating Income of $149.0 million.Toys Operating Margin was 22.6% compared to 24.8%.Toys Adjusted EBITDA Margin1 was 29.9% compared to 27.7%. The increase in Toys Adjusted EBITDA Margin1 was driven primarily by the higher Toy Revenue and the inclusion of Melissa & Doug, resulting in improved operating leverage.
Entertainment Segment Results
The following table provides a summary of Entertainment segment operating results, for the three months ended September 30, 2024 and 2023:
(US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Entertainment Revenue
$
37.1
$
63.4
$
(26.3)
(41.5) %
Entertainment Operating Income
$
19.9
$
23.3
$
(3.4)
(14.6) %
Entertainment Operating Margin
53.6 %
36.8 %
16.8 %
Entertainment Adjusted Operating Income1
$
20.9
$
24.0
$
(3.1)
(12.9) %
Entertainment Adjusted Operating Margin1
56.3 %
37.9 %
18.4 %
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Entertainment Revenue decreased by $26.3 million or 41.5% to $37.1 million, primarily due to fewer Entertainment content deliveries. Distribution revenue in Q3 2023 included the initial delivery of PAW Patrol: The Mighty Movie ($15.6 million) and the delivery of Unicorn Academy.Entertainment Operating Income decreased by $3.4 million or 14.6% to $19.9 million. Entertainment Operating Margin increased to 53.6% from 36.8%.Entertainment Adjusted Operating Income1 decreased by $3.1 million or 12.9% to $20.9 million from $24.0 million, primarily due to fewer Entertainment content deliveries.Entertainment Adjusted Operating Margin1 increased to 56.3% from 37.9%, primarily due to fewer Entertainment content deliveries.
Digital Games Segment Results
The following table provides a summary of Digital Games segment operating results, for the three months ended September 30, 2024 and 2023:
(US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Digital Games Revenue
$ 37.7
$ 45.3
$ (7.6)
(16.8) %
Digital Games Operating Income
$ 5.1
$ 13.6
$ (8.5)
(62.5) %
Digital Games Operating Margin
13.5 %
30.0 %
(16.5) %
Digital Games Adjusted Operating Income1
$ 7.3
$ 15.5
$ (8.2)
(52.9) %
Digital Games Adjusted Operating Margin1
19.4 %
34.2 %
(14.8) %
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Digital Games Revenue declined by $7.6 million or 16.8% to $37.7 million, due to lower in-game purchases in Toca Boca World. Despite continued strong consumer engagement, increased competition in the marketplace has led to lower in-game spending per user. The revenue decline in Toca Boca World was offset in part by growth in subscription revenue in both Piknik and PAW Patrol Academy.Digital Games Operating Income decreased by $8.5 million or 62.5% to $5.1 million. Digital Games Adjusted Operating Income1 decreased by $8.2 million or 52.9% to $7.3 million from $15.5 million. Digital Games Operating Margin decreased from 30.0% to 13.5% and Digital Games Adjusted Operating Margin1 decreased from 34.2% to 19.4%.The decrease in Digital Games Operating Income, Adjusted Operating Income1, Operating Margin and Adjusted Operating Margin1 was due to the decline in revenue and increased investments in marketing across the Digital Games portfolio.
Capitalization
The Company’s Board of Directors declared a dividend of C$0.12 per outstanding subordinate voting share and multiple voting share, payable on January 10, 2025 to shareholders of record at the close of business on December 27, 2024. The dividend is designated to be an eligible dividend for purposes of section 89(1) of the Income Tax Act (Canada).
The weighted average basic and diluted shares outstanding as at September 30, 2024 were 103.6 million and 106.1 million, compared to 103.4 million and 105.3 million in the prior year, respectively.
During the nine months ended September 30, 2024, the Company repurchased and cancelled, through the Company’s NCIB program, 2,063,723 (2023 – 397,700 shares) subordinate voting shares for $47.3 million (C$64.4 million) (2023 – $10.5 million). Subsequent to September 30, 2024, the Company repurchased and cancelled 265,900 subordinate voting shares for $6.3 million (C$8.5 million).
1 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
2 Supplementary financial measure. See “Non-GAAP Financial Measures and Ratios and Supplementary Financial Measures”.
Forward-Looking Statements
Certain statements, other than statements of historical fact, contained in this Press Release constitute “forward-looking information” within the meaning of certain securities laws, including the Securities Act (Ontario), and are based on expectations, estimates and projections as of the date on which the statements are made in this Press Release. The words “plans”, “expects”, “projected”, “estimated”, “forecasts”, “anticipates”, “indicative”, “intend”, “guidance”, “outlook”, “potential”, “prospects”, “seek”, “strategy”, “targets” or “believes”, or variations of such words and phrases or statements that certain future conditions, actions, events or results “will”, “may”, “could”, “would”, “should”, “might” or “can”, or negative versions thereof, “be taken”, “occur”, “continue” or “be achieved”, and other similar expressions, identify statements containing forward-looking information. Statements of forward-looking information in this Press Release include, without limitation, statements with respect to: the acquisition of Melissa & Doug, including its expected impact on the Company’s business, financial performance and creation of value; the Company’s outlook for 2024; future financial performance and growth expectations, as well as the drivers and trends in respect thereof; the Company’s priorities, plans and strategies; content, digital game and product pipeline and launches, as well as their impacts; deployment of cash; dividend policy and future dividends; financial position, cash flows, liquidity and financial performance, and the creation of long term shareholder value.
Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by management as of the date on which the statements are made in this Press Release, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being incorrect. In addition to any factors and assumptions set forth above in this Press Release, the material factors and assumptions used to develop the forward-looking information include, but are not limited to: the Company will be able to successfully integrate the acquisition; the Company will be able to successfully expand its portfolio across new channels and formats, and internationally; achieve other expected benefits through this acquisition; management’s estimates and expectations in relation to future economic and business conditions and other factors in relation to the Company’s financial performance in addition to the proposed transaction and resulting impact on growth in various financial metrics; the realization of the expected strategic, financial and other benefits of the proposed transaction in the timeframe anticipated; the absence of significant undisclosed costs or liabilities associated with the transactions; Melissa & Doug’s business will perform in line with the industry; there are no material changes to Melissa & Doug’s core customer base; Net Cost Synergies towards the target of approximately $25 million to $30 million in Run-rate Net Cost Synergies by the end of 2026; implementation of certain information technology systems and other typical acquisition related cost savings; the Company’s dividend payments being subject to the discretion of the Board of Directors and dependent on a variety of factors and conditions existing from time to time; seasonality; ability of factories to manufacture products, including labour size and allocation, tooling, raw material and component availability, ability to shift between product mix, and customer acceptance of delayed delivery dates; the steps taken will create long term shareholder value; the expanded use of advanced technology, robotics and innovation the Company applies to its products will have a level of success consistent with its past experiences; the Company will continue to successfully secure, maintain and renew broader licenses from third parties for premiere children’s properties consistent with past practices, and the success of the licenses; the expansion of sales and marketing offices in new markets will increase the sales of products in that territory; the Company will be able to successfully identify and integrate strategic acquisition and minority investment opportunities; the Company will be able to maintain its distribution capabilities; the Company will be able to leverage its global platform to grow sales from acquired brands; the Company will be able to recognize and capitalize on opportunities earlier than its competitors; the Company will be able to continue to build and maintain strong, collaborative relationships; the Company will maintain its status as a preferred collaborator; the culture and business structure of the Company will support its growth; the current business strategies of the Company will continue to be desirable on an international platform; the Company will be able to expand its portfolio of owned branded intellectual property and successfully license it to third parties; use of advanced technology and robotics in the Company’s products will expand; the Company will be able to continue to develop and distribute entertainment content in the form of movies, TV shows and short form content; the Company will be able to continue to design, develop and launch mobile digital games to be distributed globally via app stores; access of entertainment content on mobile platforms will expand; fragmentation of the market will continue to create acquisition opportunities; the Company will be able to maintain its relationships with its employees, suppliers, retailers and license partners; the Company will continue to attract qualified personnel to support its development requirements; the Company’s key personnel will continue to be involved in the Company products, mobile digital games and entertainment properties will be launched as scheduled; and the availability of cash for dividends and that the risk factors noted in this Press Release, collectively, do not have a material impact on the Company.
By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities will not be achieved. Known and unknown risk factors, many of which are beyond the control of the Company, could cause actual results to differ materially from the forward-looking information in this Press Release. Such risks and uncertainties include, without limitation, risks relating to the inability to successfully integrate the Melissa & Doug business; the potential failure to realize anticipated benefits from the proposed transaction; concentration of manufacturing and geopolitical risks; uncertainty and adverse changes in general economic conditions and consumer spending habits; and the factors discussed in the Company’s disclosure materials, including the Annual or subsequent, most recent interim MD&A and the Company’s most recent Annual Information Form, filed with the securities regulatory authorities in Canada and available under the Company’s profile on SEDAR+ (www.sedarplus.com). These risk factors are not intended to represent a complete list of the factors that could affect the Company and investors are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future, including the expected performance of the Company. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.
Conference call
Max Rangel, Global President and Chief Executive Officer and Mark Segal, Chief Financial Officer will host a conference call to discuss the financial results on Thursday, October 31, 2024 at 9:30 a.m. (ET).
The call-in numbers for participants are (437) 900-0527 or (888) 510-2154. A live webcast of the call will be accessible via Spin Master’s website at: http://www.spinmaster.com/events.php. Following the call, both an audio recording and transcript of the call will be archived on the same website page for 12 months.
About Spin Master
Spin Master Corp. (TSX:TOY) is a leading global children’s entertainment company, creating exceptional play experiences through its three creative centres: Toys, Entertainment and Digital Games. With distribution in over 100 countries, Spin Master is best known for award-winning brands PAW Patrol®, Bakugan®, Kinetic Sand®, Air Hogs®, Melissa & Doug®, Hatchimals®, Rubik’s Cube® and GUND®, and is the global toy licensee for other popular properties. Spin Master Entertainment creates and produces compelling multiplatform content, through its in-house studio and partnerships with outside creators, including the preschool franchise PAW Patrol and numerous other original shows, short-form series and feature films. The Company has an established presence in digital games, anchored by the Toca Boca® and Sago Mini® brands, offering open-ended and creative game and educational play in digital environments. Through Spin Master Ventures, the Company makes minority investments globally in emerging companies and start-ups. With 31 offices spanning nearly 20 countries, Spin Master employs approximately 3,000 team members globally. For more information visit spinmaster.com or follow-on Instagram, Facebook and Twitter @spinmaster.
Spin Master Corp.
Condensed consolidated interim statements of financial position
Sep 30,
Dec 31,
(Unaudited, in US$ millions)
2024
2023
Assets
Current assets
Cash and cash equivalents
114.2
705.7
Trade receivables, net
643.5
414.4
Other receivables
56.5
60.0
Inventories, net
264.2
98.0
Income tax receivable
14.0
—
Prepaid expenses and other assets
46.2
40.9
1,138.6
1,319.0
Non-current assets
Intangible assets
835.3
281.3
Goodwill
381.4
165.9
Right-of-use assets
160.7
53.6
Property, plant and equipment
63.5
32.6
Deferred income tax assets
162.6
110.8
Other assets
36.5
26.5
1,640.0
670.7
Total assets
2,778.6
1,989.7
Liabilities
Current liabilities
Trade payables and accrued liabilities
528.6
385.4
Loans and borrowings
408.8
—
Provisions
24.7
32.1
Lease liabilities
28.3
11.4
Deferred revenue
11.2
11.0
Income tax payable
—
6.6
1,001.6
446.5
Non-current liabilities
Deferred income tax liabilities
217.6
59.1
Lease liabilities
125.9
50.7
Provisions
12.1
14.3
355.6
124.1
Total liabilities
1,357.2
570.6
Shareholders’ equity
Share capital
768.0
783.4
Retained earnings
612.8
604.5
Contributed surplus
40.0
27.4
Accumulated other comprehensive income
0.6
3.8
Total shareholders’ equity
1,421.4
1,419.1
Total liabilities and shareholders’ equity
2,778.6
1,989.7
Spin Master Corp.
Condensed consolidated interim statements of earnings and comprehensive income
Nine Months Ended Sep 30,
(Unaudited, in US$ millions, except earnings per share)
Q3 2024
Q3 2023
2024
2023
Revenue
885.7
710.2
1,613.9
1,402.3
Cost of sales
416.4
323.3
788.5
625.9
Gross Profit
469.3
386.9
825.4
776.4
Expenses
Selling, general and administrative
247.0
202.1
645.0
530.9
Depreciation and amortization
18.7
6.0
53.8
18.3
Other expense, net
1.6
0.8
5.0
5.2
Foreign exchange (gain) loss, net
(1.2)
(19.2)
3.2
(3.5)
Operating Income
203.2
197.2
118.4
225.5
Interest income
(1.0)
(7.2)
(3.4)
(20.4)
Interest expense
14.4
4.8
39.4
11.2
Income before income tax expense
189.8
199.6
82.4
234.7
Income tax expense
49.7
44.2
21.6
53.2
Net Income
140.1
155.4
60.8
181.5
Earnings per share
Basic
1.36
1.50
0.59
1.75
Diluted
1.32
1.45
0.57
1.72
Weighted average number of shares (in millions)
Basic
103.0
103.6
103.6
103.4
Diluted
105.9
107.3
106.1
105.3
Nine Months Ended Sep 30,
(Unaudited, in US$ millions)
Q3 2024
Q3 2023
2024
2023
Net Income
140.1
155.4
60.8
181.5
Items that may be subsequently reclassified to Net Income
Foreign currency translation gain (loss)
5.7
(30.5)
(3.2)
(10.2)
Other comprehensive income (loss)
5.7
(30.5)
(3.2)
(10.2)
Total comprehensive income
145.8
124.9
57.6
171.3
Spin Master Corp.
Condensed consolidated interim statements of cash flows
Nine Months Ended Sep 30,
(Unaudited, in US$ millions)
2024
2023
Operating activities
Net Income
60.8
181.5
Adjustments to reconcile net income to cash provided by operating activities
Income tax expense
21.6
53.2
Interest expense
29.3
—
Interest income
(3.4)
(20.4)
Depreciation and amortization
102.5
88.4
Loss on disposal of non-current assets
0.1
1.0
Accretion expense
8.1
3.9
Amortization of Facility fee costs
1.0
0.3
Gain on investment in limited partnership, net
0.3
(0.3)
Impairment of non-current assets
2.2
3.6
Loss on minority interest and other investments
0.5
—
Unrealized foreign exchange loss, net
3.8
8.3
Share-based compensation expense
22.4
15.4
Net changes in non-cash working capital
(101.9)
(131.9)
Net change in non-cash provisions and other assets
(22.5)
(0.7)
Fair value adjustment on inventory sold
66.3
—
Income taxes paid
(50.7)
(64.1)
Income taxes received
4.1
0.6
Interest (paid) received
(19.9)
20.3
Cash provided by operating activities
124.6
159.1
Investing activities
Investment in property, plant and equipment
(25.1)
(22.3)
Investment in intangible assets
(60.0)
(61.5)
Business acquisitions, net of cash acquired
(952.9)
(26.5)
Investment distribution income
—
0.3
Minority interest and other investments
—
(2.0)
Cash used in investing activities
(1,038.0)
(112.0)
Financing activities
Proceeds from loans and borrowings
525.0
—
Repayment of loans and borrowings
(115.0)
—
Payment of lease liabilities
(28.4)
(11.4)
Dividends paid
(18.3)
(14.0)
Change in restricted cash
3.1
—
Repurchase of subordinate voting shares
(46.7)
(10.5)
Cash provided by (used in) financing activities
319.7
(35.9)
Effect of foreign currency exchange rate changes on cash
2.1
(4.8)
Net decrease in cash during the period
(591.5)
6.4
Cash, beginning of period
705.7
644.3
Cash, end of period
114.2
650.7
Non-GAAP Financial Measures and Ratios, Supplementary Financial Measures
In addition to using financial measures prescribed under International Financial Reporting Standards (“IFRS”), references are made in this Press Release to the following terms, each of which is a non-GAAP financial measure:
Toy Gross Product SalesMelissa & Doug Toy Gross Product SalesToy Revenue, excluding Melissa & DougRevenue, excluding Melissa & DougAdjusted EBITDAMelissa & Doug Adjusted EBITDAToys Adjusted EBITDAEntertainment Adjusted EBITDADigital Games Adjusted EBITDAAdjusted Operating Income (Loss)Toys Adjusted Operating Income (Loss)Entertainment Adjusted Operating Income (Loss)Digital Games Adjusted Operating Income (Loss)Adjusted Net Income (Loss)Free Cash FlowAdjusted EBITDA, excluding Melissa & DougToys Adjusted EBITDA, excluding Melissa & DougToy Gross Product Sales, excluding Melissa & Doug
Non-GAAP financial measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.
Additionally, references are made in this Press Release to the following terms, each of which is a non-GAAP financial ratio:
Adjusted EBITDA MarginMelissa & Doug Adjusted EBITDA MarginToys Adjusted EBITDA MarginEntertainment Adjusted EBITDA MarginDigital Games Adjusted EBITDA MarginToys Adjusted Operating MarginEntertainment Adjusted Operating MarginDigital Games Adjusted Operating MarginAdjusted Operating MarginAdjusted Basic EPSAdjusted Diluted EPSSales Allowance as a percentage of Toy Gross Product SalesAdjusted EBITDA Margin, excluding Melissa & DougToys Adjusted EBITDA Margin, excluding Melissa & Doug
Non-GAAP financial ratios are ratios or percentages that are calculated using a Non-GAAP financial measure. Non-GAAP financial ratios do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers.
References are made in this MD&A to the following terms, each of which is a supplementary financial measures:
Net Cost SynergiesRun-rate Net Cost Synergies
Management believes the Non-GAAP financial measures, Non-GAAP financial ratios, and Supplementary financial measures defined above are important supplemental measures of operating performance and highlight trends in the business. Management believes that these measures allow for assessment of the Company’s operating performance and financial condition on a basis that is consistent and comparable between reporting periods. The Company believes that investors, lenders, securities analysts and other interested parties frequently use these Non-GAAP financial measures, Non-GAAP financial ratios, and Supplementary financial measures in the evaluation of issuers.
Non-GAAP Financial Measures
Toy Gross Product Sales represent Toy Revenue, excluding the impact of Sales Allowances. As Sales Allowances are generally not associated with individual products, the Company uses Toy Gross Product Sales to provide meaningful comparisons across product categories and geographical results to highlight trends in Spin Master’s business. For a reconciliation of Toy Gross Product Sales to Revenue, the closest IFRS measure, refer to the revenue tables for the three and nine months ended September 30, 2024, as compared to the same period in 2023 in this Press Release.
Melissa & Doug Toy Gross Product Sales represent Toy revenue contributed by Melissa & Doug, excluding the impact of Sales Allowances, to measure the underlying financial performance of the business on a consistent basis over time. For a reconciliation of Melissa & Doug Toy Gross Product Sales to Melissa & Doug Revenue, the closest IFRS measure, refer to “Reconciliation of Non-GAAP Financial Measures” section.
Toy Revenue, excluding Melissa & Doug represents Toy Revenue, excluding Melissa & Doug Toy Revenue, to measure the underlying financial performance of the business on a consistent basis over time. Refer to “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Toy Revenue, the closest IFRS measure.
Revenue, excluding Melissa & Doug is calculated as revenue excluding Melissa & Doug Revenue, to measure the underlying financial performance of the business on a consistent basis over time. Refer to “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Revenue, the closest IFRS measure.
Adjusted EBITDA is calculated as Operating Income before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company’s underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment distribution income, loss on Minority interest and other investments, acquisition related deferred incentive compensation, net unrealized gain or loss on investment, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Adjusted EBITDA is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.
Melissa & Doug Adjusted EBITDA is calculated as Melissa & Doug Operating Income (Loss) before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company’s underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment distribution income, loss on Minority interest and other investments, acquisition related deferred incentive compensation, net unrealized gain or loss on investment, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Melissa & Doug Adjusted EBITDA is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Melissa & Doug Operating Income (Loss), the closest IFRS measure.
Toys Adjusted EBITDA is calculated as Toy Operating Income (Loss) before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company’s underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment distribution income, loss on Minority interest and other investments, acquisition related deferred incentive compensation, net unrealized gain or loss on investment, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Toys Adjusted EBITDA is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Toys Operating Income (Loss), the closest IFRS measure.
Entertainment Adjusted EBITDA is calculated as Entertainment Operating Income (Loss) before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company’s underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment distribution income, loss on Minority interest and other investments, acquisition related deferred incentive compensation, net unrealized gain or loss on investment, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Entertainment Adjusted EBITDA is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.
Digital Games Adjusted EBITDA is calculated as Digital Games Operating Income (Loss) before interest income and interest expense and depreciation and amortization (EBITDA) excluding adjustments that do not necessarily reflect the Company’s underlying financial performance. These adjustments include restructuring and other related costs, foreign exchange gains or losses, share based compensation expenses, acquisition related contingent consideration, impairment of intangible assets, impairment of goodwill, investment distribution income, loss on Minority interest and other investments, acquisition related deferred incentive compensation, net unrealized gain or loss on investment, impairment of property, plant and equipment, legal settlement, transaction cost and gain on disposal of asset. Digital Games Adjusted EBITDA is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.
Adjusted Operating Income (Loss) is calculated as Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Adjusted Operating Income (Loss) is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.
Toys Adjusted Operating Income (Loss) is calculated as Toys Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Toys Adjusted Operating Income (Loss) is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Toys Operating Income (Loss), the closest IFRS measure.
Entertainment Adjusted Operating Income (Loss) is calculated as Entertainment Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Entertainment Adjusted Operating Income (Loss) is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Entertainment Operating Income (Loss), the closest IFRS measure.
Digital Games Adjusted Operating Income (Loss) is calculated as Digital Games Operating Income (Loss) excluding adjustments (as defined in Adjusted EBITDA). Digital Games Adjusted Operating Income (Loss) is used by management as a measure of the Company’s profitability. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Digital Games Operating Income (Loss), the closest IFRS measure.
Adjusted Net Income (Loss) is calculated as Net Income (Loss) excluding adjustments (as defined in Adjusted EBITDA), the corresponding impact these items have on income tax expense. Management uses Adjusted Net Income (Loss) to measure the underlying financial performance of the business on a consistent basis over time. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.
Free Cash Flow is calculated as cash flows provided by/used in operating activities reduced by cash flows used in investing activities and adding back cash used for business acquisitions, advance paid for business acquisitions, asset acquisitions, investment in limited partnership, Minority interest and other investments, proceeds from sale of manufacturing operations and net of investment distribution income. Management uses the Free Cash Flow metric to analyze the cash flows being generated by the Company’s business. Refer to the “Reconciliation of Non-GAAP Financial Measures” section for a reconciliation of this metric to Cash flow from operating activities, the closest IFRS measure.
Adjusted EBITDA, excluding Melissa & Doug is calculated as Adjusted EBITDA excluding Melissa & Doug Adjusted EBITDA. Adjusted EBITDA, excluding Melissa & Doug is used by management as a measure of the Company’s profitability on a consistent basis over time. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Operating Income (Loss), the closest IFRS measure.
Toys Adjusted EBITDA, excluding Melissa & Doug is calculated as Toys Adjusted EBITDA excluding Melissa & Doug Adjusted EBITDA. Toys Adjusted EBITDA, excluding Melissa & Doug is used by management as a measure of the Company’s profitability on a consistent basis over time. Refer to the “Reconciliation of Non-GAAP Financial Measures” section below for a reconciliation of this metric to Toys Operating Income (Loss), the closest IFRS measure.
Toy Gross Product Sales, excluding Melissa & Doug represent Toy Revenue, excluding Melissa & Doug Toy Gross Product Sales and the impact of Sales Allowances, to measure the underlying financial performance of the business on a consistent basis.
Non-GAAP Financial Ratios
Sales Allowances as a percentage of Toy Gross Product Sales is calculated by dividing Sales Allowances by Toy Gross Product Sales. Management uses Sales Allowance as a percentage of Toy Gross Product Sales to identify and compare the cost of doing business with individual retailers, different geographic markets and amongst various distribution channels.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Revenue. Management uses Adjusted EBITDA Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Melissa & Doug Adjusted EBITDA Margin is calculated as Melissa & Doug Adjusted EBITDA divided by Melissa & Doug Revenue. Management uses Melissa & Doug Adjusted EBITDA Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Toys Adjusted EBITDA Margin is calculated as Toys Adjusted EBITDA divided by Toy Revenue. Management uses Toys Adjusted EBITDA Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Entertainment Adjusted EBITDA Margin is calculated as Entertainment Adjusted EBITDA divided by Entertainment Revenue. Management uses Entertainment Adjusted EBITDA Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Digital Games Adjusted EBITDA Margin is calculated as Digital Games Adjusted EBITDA divided by Digital Games Revenue. Management uses Digital Games Adjusted EBITDA Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Adjusted Operating Margin is calculated as Adjusted Operating Income (Loss) divided by Revenue. Management uses Adjusted Operating Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Toys Adjusted Operating Margin is calculated as Toys Adjusted Operating Income (Loss) divided by Toy Revenue. Management uses Toys Adjusted Operating Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Entertainment Adjusted Operating Margin is calculated as Entertainment Adjusted Operating Income (Loss) divided by Toy Revenue. Management uses Entertainment Adjusted Operating Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Digital Games Adjusted Operating Margin is calculated as Digital Games Adjusted Operating Income (Loss) divided by Digital Games Revenue. Management uses Digital Games Adjusted Operating Margin to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Adjusted Basic EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted average number of shares outstanding during the period. Adjusted Diluted EPS is calculated by dividing Adjusted Net Income (Loss) by the weighted average number of common shares outstanding, assuming the conversion of all dilutive securities were exercised during the period. Management uses Adjusted Basic EPS and Adjusted Diluted EPS to measure the underlying financial performance of the business on a consistent basis over time.
Sales Allowances as a percentage of Toy Gross Product Sales is calculated by dividing Sales Allowances by Toy Gross Product Sales. Management uses Sales Allowance as a percentage of Toy Gross Product Sales to identify and compare the cost of doing business with individual retailers, different geographic markets and amongst various distribution channels.
Adjusted EBITDA Margin, excluding Melissa & Doug is calculated as Adjusted EBITDA, excluding Melissa & Doug divided by Revenue, excluding Melissa & Doug. Management uses Adjusted EBITDA Margin, excluding Melissa & Doug to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitors.
Toys Adjusted EBITDA Margin, excluding Melissa & Doug is calculated as Toys Adjusted EBITDA, excluding Melissa & Doug divided by Toy Revenue, excluding Melissa & Doug. Management uses Toys Adjusted EBITDA Margin, excluding Melissa & Doug to evaluate the Company’s performance compared to internal targets and to benchmark its performance against key competitor.
Supplementary Financial Measures
Net Cost Synergies represent cost savings, net of costs to achieve, attributable to the integration of Melissa & Doug.
Run-rate Net Cost Synergies represent the expected ongoing cost savings, net of costs to achieve, attributable to the integration of Melissa & Doug.
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of Operating Income to Adjusted Operating Income, Adjusted EBITDA, Adjusted Net Income, and cash used in operating activities and investing activities to Free Cash Flow for the three months ended September 30, 2024 and 2023:
(in US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Operating Income
203.2
197.2
6.0
3.0 %
Adjustments:
Fair value adjustment for inventories acquired1
21.5
—
21.5
n.m.
Share based compensation2
9.3
5.1
4.2
82.4 %
Transaction and integration costs3
3.9
5.2
(1.3)
(25.0) %
Restructuring and other related costs4
2.7
0.8
1.9
237.5 %
Amortization of intangible assets acquired5
1.8
—
1.8
n.m.
Acquisition related deferred incentive compensation6
0.9
1.8
(0.9)
(50.0) %
Net unrealized loss (gain) on investment7
0.4
—
0.4
n.m.
Acquisition related contingent consideration8
0.4
—
0.4
n.m.
Legal settlement expense (recovery)
0.4
(0.7)
1.1
(157.1) %
Impairment of property, plant and equipment9
0.1
—
0.1
n.m.
Impairment of intangible assets10
—
0.2
(0.2)
(100.0) %
Net realized gain on investment11
—
(0.2)
0.2
(100.0) %
Foreign exchange gain12
(1.2)
(19.2)
18.0
(93.8) %
Adjusted Operating Income
243.4
190.2
53.2
28.0 %
Depreciation and amortization13
34.1
44.7
(10.6)
(23.7) %
Adjusted EBITDA
277.5
234.9
42.6
18.1 %
Income tax expense
(49.7)
(44.2)
(5.5)
12.4 %
Interest (expense) income
(13.4)
2.4
(15.8)
(658.3) %
Depreciation and amortization12
(34.1)
(44.7)
10.6
(23.7) %
One-time income tax recovery
—
(6.6)
6.6
(100.0) %
Tax effect of normalization adjustments14
(10.6)
1.8
(12.4)
(688.9) %
Adjusted Net Income
169.7
143.6
26.1
18.2 %
Cash provided by operating activities
74.9
144.3
(69.4)
(48.1) %
Cash used in investing activities
(30.2)
(25.1)
(5.1)
20.3 %
Add:
Cash (used in) provided by business acquisitions, asset acquisitions, investment in
limited partnership, investment in associate and Minority interest and other
investments, net of investment distribution income
—
(0.3)
0.3
(100.0) %
Free Cash Flow
44.7
118.9
(74.2)
(62.4) %
_________________________________
1 Relates to fair value adjustment to Melissa & Doug inventory recorded as part of the acquisition on January 2, 2024.
2 Related to non-cash expenses associated with the Company’s long-term incentive plan and the mark to market (gain)/loss related to DSUs.
3 Professional fees and integration costs incurred relating to acquisitions (including Melissa & Doug), including $(1.0) million of transaction costs.
4 Restructuring expense in the prior year primarily relates to changes in personnel.
5 Relates to the amortization of intangible assets acquired with Melissa & Doug.
6 Deferred incentive compensation associated with acquisitions.
7 Net unrealized loss (gain) related to investment in limited partnership and minority interest and investments.
8 Recovery associated with contingent consideration for acquisitions.
9 Impairment of property plant and equipment related to tooling.
10 Impairment of intangible assets related to content development projects.
11 Net realized gain related to investment in limited partnership.
12 Includes foreign exchange losses (gains) generated by the translation and settlement of monetary assets/liabilities denominated in a currency other than the functional currency of the applicable entity and losses (gains) related to the Company’s hedging programs.
13 Depreciation and amortization for the calculation of Adjusted EBITDA excludes $1.8 million of amortization of intangible assets acquired with Melissa & Doug.
14 Tax effect of adjustments (Footnotes 1-11). Adjustments are tax effected at the effective tax rate of the given period.
Segment Results
The Company’s results from operations by reportable segment for the three months ended September 30, 2024 and 2023 are as follows:
(US$ millions)
Q3 2024
Q3 2023
Toys
Entertainment
Digital
Games
Corporate
& Other1
Total
Toys
Entertainment
Digital
Games
Corporate
& Other1
Total
Revenue
810.9
37.1
37.7
—
885.7
601.5
63.4
45.3
—
710.2
Operating Income (Loss)
183.5
19.9
5.1
(5.3)
203.2
149.0
23.3
13.6
11.3
197.2
Adjusting items:
Fair value adjustment for inventories
acquired2
21.5
—
—
—
21.5
—
—
—
—
—
Share based compensation
6.6
0.5
1.1
1.1
9.3
3.7
0.4
0.7
0.3
5.1
Transaction and integration costs3
2.7
—
—
1.2
3.9
—
—
—
5.2
5.2
Restructuring and other related costs
2.0
0.1
0.6
—
2.7
0.6
0.1
0.1
—
0.8
Amortization of intangible assets acquired
1.8
—
—
—
1.8
—
—
—
—
—
Acquisition related deferred incentive
compensation
0.4
—
0.5
—
0.9
0.7
—
1.1
—
1.8
Net unrealized loss on investment
—
—
—
0.4
0.4
—
—
—
—
—
Legal settlement expense (recovery)
—
0.4
—
—
0.4
—
—
—
(0.7)
(0.7)
Acquisition related contingent consideration
0.4
—
—
—
0.4
—
—
—
—
—
Impairment of property, plant and equipment
0.1
—
—
—
0.1
—
—
—
—
—
Impairment of intangible assets
—
—
—
—
—
—
0.2
—
—
0.2
Net realized gain on investment
—
—
—
—
—
—
—
—
(0.2)
(0.2)
Foreign exchange gain
—
—
—
(1.2)
(1.2)
—
—
—
(19.2)
(19.2)
Adjusted Operating Income (Loss)4
219.0
20.9
7.3
(3.8)
243.4
154.0
24.0
15.5
(3.3)
190.2
Adjusted Operating Margin4
27.0 %
56.3 %
19.4 %
n.m.
27.5 %
25.6 %
37.9 %
34.2 %
n.m.
26.8 %
Depreciation and amortization5
23.2
9.1
1.8
—
34.1
12.8
29.8
2.1
—
44.7
Adjusted EBITDA4
242.2
30.0
9.1
(3.8)
277.5
166.8
53.8
17.6
(3.3)
234.9
Adjusted EBITDA Margin4
29.9 %
80.9 %
24.1 %
n.m.
31.3 %
27.7 %
84.9 %
38.9 %
n.m.
33.1 %
1 Corporate & Other includes certain corporate costs, foreign exchange and merger and acquisition-related costs, as well as fair value gains and losses.
2 Relates to the fair value adjustment to Melissa & Doug’s inventory recorded as part of the acquisition on January 2, 2024.
3 Professional fees and integration costs incurred relating to acquisitions, including $(1.0) million of transaction cost recovery for the acquisition of Melissa and Doug.
4 Non-GAAP financial measure or ratio. See “Non-GAAP Financial Measures and Ratios”.
5 Depreciation and amortization for the calculation of adjusted EBITDA excludes $1.8 million (Q3 2023 – $nil) of amortization of intangible assets acquired with Melissa & Doug.
The following table presents a reconciliation of Melissa & Doug’s Operating Income to Adjusted EBITDA for the three months ended September 30, 2024:
(US$ millions)
Q3 2024
Melissa & Doug Toy Gross Product Sales
182.3
Melissa & Doug Sales Allowance
(27.3)
Melissa & Doug Revenue
155.0
Melissa & Doug Operating Income
37.4
Depreciation and amortization
5.9
Melissa & Doug EBITDA
43.3
Adjustments1
6.1
Melissa & Doug Adjusted EBITDA
49.4
Melissa & Doug Adjusted EBITDA Margin
31.9 %
1 Includes foreign exchange (gain) loss, restructuring and other related costs, and transaction and integration costs.
The following table presents a reconciliation of Revenue to Revenue, excluding Melissa & Doug, Toy Gross Product Sales to Toy Gross Product Sales, excluding Melissa & Doug, Consolidated Adjusted EBITDA to Adjusted EBITDA, excluding Melissa & Doug, Toy Revenue to Toy Revenue, excluding Melissa & Doug, and Toys Adjusted EBITDA to Toys Adjusted EBITDA, excluding Melissa & Doug for the three months ended September 30, 2024:
(US$ millions)
Q3 2024
Q3 2023
$ Change
% Change
Revenue
885.7
710.2
175.5
24.7 %
Melissa & Doug Revenue
155.0
—
155.0
n.m.
Revenue, excluding Melissa & Doug
730.7
710.2
20.5
2.9 %
Toys Gross Product Sales
922.7
678.6
244.1
36.0 %
Melissa & Doug Toy Gross Product Sales
182.3
—
182.3
n.m.
Toys Gross Product Sales, excluding Melissa & Doug
740.4
678.6
61.8
9.1 %
Adjusted EBITDA
277.5
234.9
42.6
18.1 %
Melissa & Doug Adjusted EBITDA
49.4
—
49.4
n.m.
Adjusted EBITDA, excluding Melissa & Doug
228.1
234.9
(6.8)
(2.9) %
Adjusted EBITDA Margin, excluding Melissa & Doug
31.2 %
33.1 %
Toy Revenue
810.9
601.5
209.4
34.8 %
Melissa & Doug Revenue
155.0
—
155.0
n.m.
Toy Revenue, excluding Melissa & Doug
655.9
601.5
54.4
9.0 %
Toys Adjusted EBITDA
242.2
166.8
75.4
45.2 %
Toys Adjusted EBITDA Margin
29.9 %
27.7 %
Toys Adjusted EBITDA, excluding Melissa & Doug
192.8
166.8
26.0
15.6 %
Toys Adjusted EBITDA Margin, excluding Melissa & Doug
29.4 %
27.7 %
ADDENDUM
Effective January 1, 2024, Spin Master has changed its product categories to align with the Company’s product offerings going forward. The following table restates 2023 Toy Gross Product Sales1 in the same format that the Company presents Toy Gross Product Sales1 in 2024:
(US$ millions)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Total
Preschool, Infant & Toddler and Plush
$
82.6
$
164.9
$
301.4
$
169.3
$
718.2
Activities, Games & Puzzles and Dolls & Interactive
$
62.6
$
109.7
$
218.7
$
196.0
$
587.0
Wheels & Action
$
43.7
$
101.1
$
151.2
$
113.3
$
409.3
Outdoor
$
27.4
$
14.3
$
7.3
$
23.7
$
72.7
Gross Product Sales1
$
216.3
$
390.0
$
678.6
$
502.3
$
1,787.2
View original content:https://www.prnewswire.com/news-releases/spin-master-reports-q3-2024-financial-results-302291984.html
SOURCE Spin Master Corp.
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New Jersey Coffee School Unveils Home Roasting and Latte Art Classes to Meet Surging DIY Coffee Trend
Published
54 mins agoon
October 30, 2024By
Coffee enthusiasts and professionals are upping the ante to create their custom brews and artful presentations. The New Jersey Coffee School’s just-launched Home Roasting and Latte Art classes are three-hour, interactive courses for elevating personal skills and experiences with different brews.
HOBOKEN, N.J., Oct. 30, 2024 /PRNewswire-PRWeb/ — In response to the surging number of coffee-crazed consumers seeking the thrill of creating their own signature brews, Hoboken, N.J.-based New Jersey Coffee School (NJCS) has introduced two new hands-on classes: Home Roasting and Latte Art.
The interactive three-hour Home Roasting class is designed for coffee enthusiasts looking to elevate their personal experiences with different brews and professionals seeking to broaden their knowledge of coffee roast profiles. Students learn the basics of coffee beans from farm to cup, taste selected beans and roast their chosen green beans to take home, all using the school’s commercial-quality equipment.
“Today, many coffee lovers are no longer satisfied to just sip and savor their brews – they want to create a magical morning ritual,” says Jim Conti, NJCS Co-President. “Plus, roasting their own beans can significantly reduce their coffee costs.”
The Latte Art class, fueled by the increasing popularity of visually appealing coffee, equips baristas and enthusiasts with the skills to create consistent, high-quality latte art. Students learn milk science for perfecting milk streaming, texturing and pouring – culminating in innovative designs ranging from hearts and tulips to rosettas and landscapes. “In three hours, we turn coffee enthusiasts and baristas into creative latte artists,” says NJCS Co-President Bernie Rosenstein.
These courses complement the school’s popular two-day Barista Training class and the three-day Professional Coffee Business class for those hoping to achieve the dream of owning their own coffee shop and current owners who want to enhance their operations.
About the New Jersey Coffee School
Launched in 2023, the New Jersey Coffee School serves current and aspiring coffee professionals plus home coffee aficionados. The school empowers coffee entrepreneurs with hands-on training, practical business skills and key decision-making tools, in addition to offering professional barista training. Enthusiasts learn top-level preparation and presentation techniques worthy of the best baristas.
All of the school’s dynamic and hands-on programs for prospective and current café owners, managers, and baristas – as well as its classes for coffee enthusiasts – are led by top instructors who are accomplished coffee and hospitality professionals. Co-owners Jim Conti and Bernie Rosenstein, boyhood friends and former New York City financial executives driven by a passion for high-quality education, are committed to paving the path to success for their students.
The New Jersey Coffee School is located at 720 Monroe St., Suite C508, Hoboken, N.J. 07030. Visit www.NewJerseyCoffeeSchool.com or reach out at 201.367.9506 or info@newjerseycoffeeschool.com.
Media Contact
Ken Hunter, PowerStation Communications, 1 908-295-8946, khunter1@embarqmail.com, www.powerstationcomms.com
Jack Appleman, Successful Business Writing, 1 845-781-0019, jack@successfulbusinesswriting.com, https://successfulbusinesswriting.com
View original content to download multimedia:https://www.prweb.com/releases/new-jersey-coffee-school-unveils-home-roasting-and-latte-art-classes-to-meet-surging-diy-coffee-trend-302291355.html
SOURCE New Jersey Coffee School
Technology
Attenuators Market to Grow by USD 434.7 Million (2024-2028) as Demand for Wave Protection in Marine Environments Increases; AI-Powered Market Evolution Report – Technavio
Published
54 mins agoon
October 30, 2024By
NEW YORK, Oct. 30, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global attenuators market size is estimated to grow by USD 434.7 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.4% during the forecast period. Need for protection against wave action in marine environments is driving market growth, with a trend towards expanding innovation in material technology. However, uncertainty in producing accurate measurements poses a challenge.Key market players include Amphenol Corp., Analog Devices Inc., Bird, Eravant, HUBER SUHNER AG, HYPERLABS INC., Infinite Electronics International, Inc., JFW Industries Inc, MECA Electronics Inc, Narda MITEQ, Qorvo Inc., Renesas Electronics Corp., RF Industries Ltd., RF Lambda, Roho Connector Ltd, Scientific Components Corp, Smiths Interconnect Group Ltd, Spectrum Control Ltd, TTM Technologies Inc., and Valtir LLC.
AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis– View your snapshot now
Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Type (Fixed attenuators and Variable attenuators), Application (Telecommunications, Broad casting, Data centers, Automotive, and Others), and Geography (APAC, North America, Europe, South America, and Middle East and Africa)
Region Covered
APAC, North America, Europe, South America, and Middle East and Africa
Key companies profiled
Amphenol Corp., Analog Devices Inc., Bird, Eravant, HUBER SUHNER AG, HYPERLABS INC., Infinite Electronics International, Inc., JFW Industries Inc, MECA Electronics Inc, Narda MITEQ, Qorvo Inc., Renesas Electronics Corp., RF Industries Ltd., RF Lambda, Roho Connector Ltd, Scientific Components Corp, Smiths Interconnect Group Ltd, Spectrum Control Ltd, TTM Technologies Inc., and Valtir LLC
Key Market Trends Fueling Growth
The global attenuators market is experiencing significant growth due to advancements in material technology, specifically in the development of terahertz attenuators. Traditional attenuators have faced challenges in achieving effective performance in the terahertz band. However, recent innovations, such as the use of aerogels made from cellulose and conducting polymer PEDOT:PSS, are revolutionizing the industry. These aerogels offer unique benefits, including the ability to switch between conducting and insulating states, enabling precise control over THz signal transmission. This capability results in a substantial increase in performance, with modulation ranging from 2% to 90%. The reversible nature of this process makes aerogel attenuators highly adaptable for various applications. The use of biocompatible and durable PEDOT:PSS, combined with the renewable and cost-effective cellulose, enhances the sustainability of these materials. The aqueous fabrication process simplifies production and supports large-scale manufacturing. As the demand for high-performance attenuators in advanced communication systems continues to rise, the integration of innovative materials like conducting polymer-cellulose aerogels is poised to redefine industry standards, aligning with broader sustainability goals and driving the growth of the global attenuators market.
The Attenuators Market is experiencing significant growth due to increasing trends in Data Centers, Data Transmission, and Network Communication. With the rise of Cloud Computing and IoT, the need for maintaining Signal Integrity in Wireless Infrastructure and 5G Technology is crucial. Attenuators, as passive devices, play a vital role in reducing signal power and ensuring Quality of Service (QoS) in various applications. Single-channel and Multi-channel Jitter Attenuators find extensive use in Telecommunications and Data Center Applications. Digital Attenuators, using Voltage Divider Network and Semiconductor Devices, offer precise amplitude reduction. The Telecommunication Industry’s shift towards 5G, LTE Networks, and IoT applications necessitates advanced solutions like Active Attenuators, Variable Attenuators, and Power Wattage management. Attenuators find applications in Military Applications, Consumer Electronics, and Test and Measurement equipment. High Bandwidth Technologies, Smart Grid Technology, and Time-sensitive Smart Meters require precise attenuation for Financial Security and Digital Transformation. Attenuators are essential components in various industries, including Telecommunications, Automotive (Autonomous and Connected Cars), and Supply Chain.
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Market Challenges
The global attenuators market encounters challenges in obtaining accurate measurements, especially with direct reading attenuators. These instruments are vital in test labs and production settings for precise attenuation settings in component and system characterizations. However, the reliability of these measurements can be affected by the non-linearity issues of power sensing devices, such as power sensors and detectors. This concern results in the need for consistent power exposure levels to ensure measurement accuracy. To achieve this, a precise attenuation value is necessary. The standard method involves using direct reading attenuators to establish the desired attenuation level, enabling accurate gain or loss readings. However, the accuracy of these readings for the Device Under Test (DUT) depends on the precision of the attenuation readings. Discrepancies in attenuator accuracy can lead to significant measurement errors. Furthermore, applications like bit error rate testing in communication systems and sensitivity assessments in radar systems necessitate extremely high accuracy and attenuation levels, often surpassing 120 dB. This demand adds complexity, as a flat attenuation response across the entire waveguide operating bandwidth is crucial for reliable performance in broadband components and subsystems. The uncertainties in producing accurate measurements may hinder the growth of the global attenuators market during the forecast period.The Attenuators Market encompasses passive devices designed for signal power reduction in various industries. Digital Attenuators, a modern solution, offer precise amplitude reduction for applications like Test and Measurement and Communication Equipment. Maximum Rated Attenuation varies for Semiconductor Devices and Driver Circuitry, including Transistor-Transistor Logic (TTL). Challenges include meeting the power wattage requirements for Military Applications and Consumer Electronics, as well as the demands of High Bandwidth Technologies in the Telecommunication Industry, such as LTE Network and 5G. Active Attenuators and Variable Attenuators cater to different use cases. Vibration Dampers and Machine Learning Algorithms ensure optimal performance. Financial Security, Digital Transformation, Supply Chain, and emerging technologies like 5G, Autonomous Cars, Connected Cars, Silicon-based Timing Devices, Data Centers, and Smart Grid Technology also present significant opportunities.
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Segment Overview
This attenuators market report extensively covers market segmentation by
Type1.1 Fixed attenuators1.2 Variable attenuatorsApplication2.1 Telecommunications2.2 Broad casting2.3 Data centers2.4 Automotive2.5 OthersGeography3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa
1.1 Fixed attenuators- Fixed attenuators are essential devices in signal management, providing consistent attenuation across various applications. These devices reduce signal amplitude by a fixed amount, typically measured in decibels (dB), using a fixed resistance network to dissipate excess power as heat. The market for fixed attenuators includes various types, such as standard, cryogenic, space-grade, superconducting, and microwave models. Manufacturers rigorously test these devices in thermal vacuum chambers and radiation testing facilities to ensure reliability under extreme conditions. The use of high-reliability materials is crucial to resist degradation from radiation and temperature variations. The growing demand for advanced communication systems and space exploration technologies is driving the expansion of the fixed attenuators segment and the global attenuators market. Innovations in materials and design continue to enhance their performance and reliability.
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Research Analysis
The Attenuators Market encompasses a range of passive devices used to reduce signal power while maintaining signal integrity in various applications, including Data Centers, Data Transmission, Network Communication, Cloud Computing, Internet of Things (IoT), Wireless Infrastructure, and 5G Technology. Attenuators are essential in managing QoS (Quality of Service) and mitigating jitter in these systems. They come in different types, such as Single-channel Jitter Attenuators, Multi-channel Jitter Attenuators, Digital Attenuators, and Passive Devices like Voltage Divider Networks. Semiconductor devices, Driver Circuitry, CMOS Logic, and Transistor-Transistor Logic (TTL) are commonly used in attenuator designs. Maximum Rated Attenuation and Amplitude Reduction are critical specifications for these components. Test and Measurement equipment and Communication Equipment industries, Telecommunications, and Silicon-based Timing Devices also rely on attenuators for signal management.
Market Research Overview
The Attenuators Market encompasses a range of passive devices used to reduce signal power, primarily in data centers, data transmission, and network communication applications. These devices ensure signal integrity and improve Quality of Service (QoS) in various industries, including telecommunications, cloud computing, IoT, wireless infrastructure, and 5G technology. Attenuators come in different types such as single-channel and multi-channel jitter attenuators, digital attenuators, and active or variable attenuators. They are used in data center applications, test and measurement equipment, communication equipment, and military applications. Semiconductor devices, driver circuitry, and voltage divider networks are essential components of these attenuators. With the advent of high bandwidth technologies like 5G, LTE networks, and the Internet of Things (IoT), the demand for attenuators is increasing in various sectors like consumer electronics, autonomous cars, and connected cars. Silicon-based timing devices, smart grid technology, time-sensitive smart meters, financial security, digital transformation, and supply chain are other potential applications. Vibration dampers and machine learning algorithms are also being integrated into attenuators to improve their performance. In summary, the Attenuators Market is a significant and growing sector, driven by the increasing demand for reliable and high-performance signal transmission in various industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Type Fixed AttenuatorsVariable AttenuatorsApplication TelecommunicationsBroad CastingData CentersAutomotiveOthersGeography APACNorth AmericaEuropeSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/attenuators-market-to-grow-by-usd-434-7-million-2024-2028-as-demand-for-wave-protection-in-marine-environments-increases-ai-powered-market-evolution-report—technavio-302290505.html
SOURCE Technavio
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State Collection Service Donates $10,000 for Hurricane Recovery Efforts
Published
54 mins agoon
October 30, 2024By
As hurricane recovery efforts continue throughout the Southeast, State is supporting those providing direct assistance.
MADISON, Wis, Oct. 30, 2024 /PRNewswire-PRWeb/ — As hurricane recovery efforts continue throughout the Southeast, State is supporting those providing direct assistance. The company has donated $10,000 to organizations assisting those in North Carolina and Florida, as well as a fund providing cash assistance to those impacted who work in the receivables management/revenue cycle industry. Many of our team members also have made contributions.
A portion of State’s donation went to a GoFundMe created by agency owners Rick Doane and Diane Doane Plowman to provide cash assistance to those impacted within the receivables management industry. Donations are still being accepted here to assist our industry colleagues who were impacted.
“In addition to working closely with our clients located in the impacted areas, ceasing outbound contact campaigns and adjusting scripts, our team quickly jumped in to provide financial assistance to those impacted by the hurricanes,” said Tim Haag, State’s president and chief executive officer. “Our thoughts for a full recovery go out to everyone impacted by these disasters.”
About State
State improves the financial picture for healthcare providers by delivering increased financial results while ensuring a positive patient experience. Rooted in a tradition of ethics, integrity and innovation since 1949, State uses data analytics to drive performance and speech analytics with ongoing training to ensure patient satisfaction. A family-owned company now in its third generation of leadership, State assists healthcare organizations with services spanning the complete revenue cycle, including Pre-Service Financial Clearance, Early Out Self-Pay Resolution, Insurance Follow-Up and Bad Debt Collection. To learn more, visit: www.statecollectionservice.com.
Media Contact
Heather Taylor, State Collection Service, Inc., 1 7657306632, heathert@stcol.com, www.statecollectionservice.com
View original content:https://www.prweb.com/releases/state-collection-service-donates-10-000-for-hurricane-recovery-efforts-302289773.html
SOURCE State Collection Service, Inc.
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