My question is, if you could talk to us about the borrowing base and the seasonality of how you expect it to trend through the year? Then we’ll open the call to your questions.Now, I would like to turn the call over to the company’s Chief Executive Officer, George Sherman.Thank you, Eric.
U.S. retailer GameStop plans to close at least 320 stores in 2020 as it pushes ahead with its "de-densification plan."
That’s where we’re different. It doesn’t seem like hardware alone gets you there. That will tend to P mix into or product mix into software, new software. Adjusted EBITDA is provided in addition to, and not as an alternative to, the Company’s financial results prepared in accordance with GAAP, and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. The average lease-up primarily here in the US remains around two years. As the pandemic spread, we leaned in on our upgraded omni-channel capabilities to fulfill customer orders through curbside pick-up where available, we reduced discretionary spending and enhanced our liquidity while continuing to advance our strategic priorities.
Sherman, concluded, “As we begin the second quarter, we are cautiously and prudently navigating the near-term, as we are operating in the last few months of the current generation console cycle and believe we have experienced a pull forward in demand for end-of-life inventory given a surge in gaming product demand following the global stay-at-home orders. But I don’t know, just kind of looking back at the history, typically, at least from what I can see, in quarters where you have constant launches, those aren’t great in terms of EBITDA, just given the sales mix into hardware and maybe less sales for some of the higher-margin products. But it’s revenue that flows through the model. WithFord Motor Company (NYSE: F) today announced its second quarter financial results for the period ended June 30, 2020. However, given the positive sales and profit transfer rates we continue to see, we are revising that estimate upwards by roughly 100 additional closures.Now turning to the balance sheet.
In keeping with our objective to maintain a strong and healthy balance sheet, last week, on June 4th, we announced the commencement of an exchange offer to certain holders of the remaining balance of the $414.6 million of our 6.75% senior notes, which are due in 2021. For those new release titles that did launch, we experienced strong growth, far exceeding our expectations. And in general, that’s kind of how it tracks.On the second one, the transfer rate is — it’s actually not something that we’ve published publicly.
This call will include forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from expectations.
Or is that the wrong way to think about it?
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