2Q21 Operating Results. Revenue increased 41.1% to $517.8 million. Consensus was $474 million and we had forecast $465 million. Adjusted EPS was $0.43, compared to $0.18 last year. We had forecast adjusted EPS of $0.29 and consensus was $0.26.North America. Revenue of $295 million rose 27% with PowerA adding $41 million. Comparable sales rose 8% y-o-y to $251 million. Commercial product sales were up significantly as offices reopened while back-to-school sales came in as expected. Adjusted op. inc. was up 32% to $60 million. Higher volume and lower reserves were partially offset by higher logistics and commodity costs and a more normal expense level.EMEA. Sales jumped 78% to $157 million while comparable sales increased 54% y-o-y to $136 million. Market share gains and higher demand from economic recovery drove the increased top line. Adjusted op. inc. was $14 million versus $2 million. Improved op. inc. was driven by higher sales, partially offset by higher logistics and commodity costs and more normal expense levels.International. Sales were up 40% y-o-y to $66 million, driven by higher demand due to offices and schools reopening. Comparable sales rose 21% y-o-y to $57 million. Adjusted op. inc. rose to $5 million from a small loss. Higher sales, lower restructuring charges, lower bad debt and inventory reserves were partially offset by more normal expense levels.Earnings Call. Management will host a call to discuss results this morning at 8:30am est. Dial-in is (833) 476-0950. We will update our models and provide additional commentary following the call. Read More >>