Company Reports Improved Profitability and EPS
Growth in the quarter
Hasbro, Inc. (NASDAQ: HAS), a leading toy and game company,
today reported financial results for the first quarter 2024.
"The first quarter was a good start to the year for Hasbro; we
are continuing to see the results of our transformation work," said
Chris Cocks, Hasbro Chief Executive Officer. "Performance from our
licensing portfolio shows the strength of our brands and we
continue to fuel innovation in games and toys as we expand our
reach across play patterns to fans of all ages."
"We made solid progress in our turnaround efforts in the first
quarter," said Gina Goetter, Hasbro, Chief Financial Officer. "We
landed revenue where we expected and drove significant operating
profit improvement led by our operational excellence program and
improved business mix. We remain on track for our full-year
commitments."
First Quarter 2024 Highlights
- First quarter Hasbro, Inc. revenue declined 24% driven
primarily by the eOne film and television divestiture; excluding
the divestiture, revenue decline 9% with growth in the Wizards of
the Coast and Digital Gaming segment (+7%) and Entertainment (+65%)
more than offset by declines in Consumer Products (-21%).
- Operating profit of $116.2 million includes $32.4 million of
intangible amortization associated with eOne, loss on disposal of
business and costs associated with the Company's transformation;
Operating Margin of 15.3%
- Adjusted operating profit of $148.6 million (+$101.4 million
vs. PY) and adjusted operating margin of 19.6% (+14.9 points vs.
PY), driven by favorable business mix, supply chain productivity
and reduced operating costs.
- Hasbro owned inventory down 53% versus prior year, including a
57% decline in Consumer Products inventory versus the first quarter
2023.
- Reported net earnings of $0.42 per diluted share; adjusted net
earnings of $0.61 per diluted share benefiting from improved
operations and favorability from a stock compensation adjustment
and net interest expense reduction.
- Operating cash flow of $177.8 million vs. $88.8 million in the
prior year driven by improved operating results and benefits from
working capital.
- Paid $97.2 million in cash dividends to shareholders in the
quarter.
First Quarter 2024 Segment Details
- Consumer Products Segment
- Revenue decrease of 21% driven by broader industry trends,
exited businesses and reduced closeout sales as a result of last
year's inventory clean-up.
- Operating margin of -11.4% and adjusted operating margin of
-9.2%; cost savings and productivity gains offset by volume
declines.
- FURBY continued to perform well in the quarter supported by the
launch of FURBLETS in December 2023.
- Wizards of the Coast and Digital Gaming Segment
- Revenue increase of 7% driven by increase in Licensed Digital
Gaming revenue behind Baldur's Gate 3 and Monopoly Go!.
- Tabletop revenue increased 5% behind growth in MAGIC: THE
GATHERING shipment timing to support the Outlaws of Thunder
Junction release and strong demand for the Universes Beyond Fallout
Commander set.
- Operating profit increased 60% and operating profit margin of
38.8% due to higher digital licensing revenue mix of revenues and
cost management.
- Entertainment Segment
- Revenue decline of 85% impacted by the sale of eOne Film and TV
in December 2023; Absent this impact, revenue grew 65% driven by
the delivery of PEPPA PIG content.
- Operating profit of $5.8 million compared to operating loss of
$8.7 million in the first quarter 2023.
- Adjusted operating profit of $18.2 million compared to adjusted
operating loss of $2.5 million in 2023.
See the financial tables accompanying the press release for a
reconciliation of GAAP to non-GAAP financial measures.
2024 Company Outlook1
For the full year, the Company maintains annual guidance and
continues to expect:
- Consumer Products Segment revenue down 7% to 12% with 4 points
of the decline coming from businesses shifting to an out-license
model; Operating margin 4% to 6%.
- Wizards of the Coast Segment revenue down 3% to 5%; Operating
margin 38% to 40%.
- Pro-Forma Entertainment segment revenue down $15 million;
Adjusted operating margin of approximately 60%.
- Total Hasbro, Inc Adjusted EBITDA of $925M to $1B.
- Gross savings target to $750M by year end 2025.
2024 Capital Allocation priorities:
- Invest in core business.
- Return cash to shareholders through the dividend.
- Continue to pay down debt and progress towards leverage
target.
1The Company is not able to reconcile its forward-looking
non-GAAP adjusted operating profit margin and adjusted EBITDA
measures because the Company cannot predict with certainty the
timing and amounts of discrete items such as charges associated
with its cost-savings program, which could impact GAAP results.
Dividend Announcement During
the first quarter, the Company paid $97.2 million in cash dividends
to shareholders. As previously announced, the next dividend will be
payable on May 15, 2024 to shareholders of record at the close of
business on May 1, 2024. In 2024, to align with industry best
practice, the Company expects future dividend declarations will be
made closer to the record date.
Conference Call Webcast
Hasbro will webcast its first quarter 2024 earnings conference call
at 8:30 a.m. Eastern Time today. To listen to the live webcast and
access the accompanying presentation slides, please go to
https://investor.hasbro.com. The replay of the call will be
available on Hasbro’s website approximately 2 hours following
completion of the call.
About Hasbro Hasbro is a leading toy and game company
whose mission is to entertain and connect generations of fans
through the wonder of storytelling and exhilaration of play. Hasbro
delivers play experiences for fans of all ages around the world,
through toys, games, licensed consumer products, digital games and
services, location-based entertainment, film, TV, and more. With a
portfolio of over 1,800 iconic brands including MAGIC: THE
GATHERING, DUNGEONS & DRAGONS, Hasbro Gaming, NERF,
TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner
brands, Hasbro brings fans together wherever they are, from
tabletop to screen.
Hasbro is guided by our Purpose to create joy and community for
all people around the world, one game, one toy, one story at a
time. For more than a decade, Hasbro has been consistently
recognized for its corporate citizenship, including being named one
of the 100 Best Corporate Citizens by 3BL Media, one of the World’s
Most Ethical Companies by Ethisphere Institute and one of the 50
Most Community-Minded Companies in the U.S. by the Civic 50. For
more information, visit https://corporate.hasbro.com or @Hasbro on
LinkedIn.
© 2024 Hasbro, Inc. All Rights Reserved.
Forward Looking Statement Safe Harbor Certain statements
in this press release contain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements, which may be identified by the use of
forward-looking words or phrases, include statements relating to
our business strategies and plans; expectations relating to
products, gaming and entertainment; anticipated cost savings;
financial targets; capital allocation priorities; dividend
declarations; and anticipated financial performance for 2024 and
beyond. Our actual actions or results may differ materially from
those expected or anticipated in the forward-looking statements due
to both known and unknown risks and uncertainties. Factors that
might cause such a difference include, but are not limited to:
- our ability to successfully execute on our business strategy
and transformation initiatives, including to focus on and scale
select business initiatives and brands to drive profitability and
to achieve anticipated cost savings;
- our ability to successfully compete in the play industry and
further develop our digital gaming and licensing business;
- our ability to transform our business and capabilities to
address the changing global consumer landscape;
- our ability to design, develop, manufacture, and ship products
on a timely, cost-effective and profitable basis;
- the concentration of our customers, potentially increasing the
negative impact to our business of difficulties experienced by any
of our customers or changes in their purchasing or selling
patterns;
- inflation and downturns in global and regional economic
conditions impacting one or more of the markets in which we sell
products, which can negatively impact our customers and consumers,
result in lower employment levels, consumer disposable income,
retailer inventories and spending, including lower spending on
purchases of our products;
- risks related to economic and public health conditions or
regulatory changes in the markets in which we and our customers,
partners, licensees, suppliers and manufacturers operate, such as
inflation, rising interest rates, higher commodity prices, labor
costs or transportation costs, or outbreaks of illness or disease,
the occurrence of which could create work slowdowns, delays or
shortages in production or shipment of products, increases in costs
or delays in revenue;
- our dependence on third party relationships, including with
third party partners, manufacturers, distributors, studios, content
producers, licensors, licensees, and outsourcers, which creates
reliance on others and loss of control;
- risks relating to the concentration of manufacturing for many
of our products in the People’s Republic of China and our ability
to successfully diversify sourcing of our products to reduce
reliance on sources of supply in China;
- risks associated with international operations, such as
conflict in territories in which we operate, currency conversion,
currency fluctuations, the imposition of tariffs, quotas, shipping
delays or difficulties, border adjustment taxes or other
protectionist measures, and other challenges in the territories in
which we operate;
- the success of our key partner brands, including the ability to
secure, maintain and extend agreements with our key partners or the
risk of delays, increased costs or difficulties associated with any
of our or our partners’ planned digital applications or media
initiatives;
- risks related to our leadership changes;
- our ability to attract and retain talented and diverse
employees, particularly following recent workforce reductions;
- our ability to realize the benefits of cost-savings and
efficiency and/or revenue and operating profit enhancing
initiatives;
- risks relating to the impairment and/or write-offs of
businesses, products and content we acquire and/or produce;
- the risk that acquisitions, dispositions and other investments
we complete may not provide us with the benefits we expect, or the
realization of such benefits may be significantly delayed;
- our ability to protect our assets and intellectual property,
including as a result of infringement, theft, misappropriation,
cyber-attacks or other acts compromising the integrity of our
assets or intellectual property;
- fluctuations in our business due to seasonality;
- the risk of product recalls or product liability suits and
costs associated with product safety regulations;
- changes in tax laws or regulations, or the interpretation and
application of such laws and regulations, which may cause us to
alter tax reserves or make other changes which significantly impact
our reported financial results;
- the impact of litigation or arbitration decisions or settlement
actions;
- the bankruptcy or other lack of success of one or more of our
significant retailers, licensees and other partners; and
- other risks and uncertainties as may be detailed in our public
announcements and U.S. Securities and Exchange Commission (“SEC”)
filings.
The statements contained herein are based on our current beliefs
and expectations. We undertake no obligation to make any revisions
to the forward-looking statements contained in this press release
or to update them to reflect events or circumstances occurring
after the date of this press release.
Non-GAAP Financial Measures The financial tables
accompanying this press release include non-GAAP financial measures
as defined under SEC rules, specifically Adjusted operating profit,
Adjusted net earnings and Adjusted net earnings per diluted share,
which exclude, where applicable, acquisition-related costs,
acquired intangible amortization, Operational Excellence and
Blueprint 2.0 implementation charges; and certain non-cash asset
impairment charges. Also included in this press release are the
non-GAAP financial measures of EBITDA and Adjusted EBITDA. EBITDA
represents net earnings attributable to Hasbro, Inc. excluding
interest expense, income tax expense, net earnings attributable to
noncontrolling interests, depreciation and amortization of
intangibles. Adjusted EBITDA also excludes Operational Excellence
and Blueprint 2.0 implementation charges, certain non-cash asset
impairment charges and the impact of stock compensation (including
acquisition-related stock expense). As required by SEC rules, we
have provided reconciliations on the attached schedules of these
measures to the most directly comparable GAAP measure. Management
believes that Adjusted net earnings, Adjusted net earnings per
diluted share and Adjusted operating profit provide investors with
an understanding of the underlying performance of our business
absent unusual events. Management believes that EBITDA and Adjusted
EBITDA are appropriate measures for evaluating the operating
performance of our business because they reflect the resources
available for strategic opportunities including, among others, to
invest in the business, strengthen the balance sheet and make
strategic acquisitions. These non-GAAP measures should be
considered in addition to, not as a substitute for, or superior to,
net earnings or other measures of financial performance prepared in
accordance with GAAP as more fully discussed in our consolidated
financial statements and filings with the SEC. As used herein,
"GAAP" refers to accounting principles generally accepted in the
United States of America.
HAS-E
(Tables Attached)
HASBRO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(1)
(Unaudited)
(Millions of Dollars)
March 31, 2024
April 2, 2023
ASSETS
Cash and Cash Equivalents
$
570.2
$
386.2
Accounts Receivable, Net
632.5
685.2
Inventories
336.2
713.4
Prepaid Expenses and Other Current
Assets
456.5
754.4
Total Current Assets
1,995.4
2,539.2
Property, Plant and Equipment, Net
501.3
509.1
Goodwill
2,278.8
3,470.1
Other Intangible Assets, Net
569.7
801.0
Other Assets
857.8
1,604.3
Total Assets
$
6,203.0
$
8,923.7
LIABILITIES, NONCONTROLLING INTERESTS
AND SHAREHOLDERS' EQUITY
Short-Term Borrowings
$
—
$
134.5
Current Portion of Long-Term Debt
500.0
109.0
Accounts Payable
254.2
360.1
Accrued Liabilities
1,038.0
1,293.8
Total Current Liabilities
1,792.2
1,897.4
Long-Term Debt
2,966.9
3,682.4
Other Liabilities
414.0
585.2
Total Liabilities
5,173.1
6,165.0
Total Shareholders' Equity
1,029.9
2,758.7
Total Liabilities, Noncontrolling
Interests and Shareholders' Equity
$
6,203.0
$
8,923.7
(1) Amounts may not sum due to
rounding
HASBRO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(1)
(Unaudited)
(Millions of Dollars and Shares Except Per
Share Data)
Quarter Ended
March 31, 2024
% Net Revenues
April 2, 2023
% Net Revenues
Net Revenues
$
757.3
100.0
%
$
1,001.0
100.0
%
Costs and Expenses:
Cost of Sales
204.2
27.0
%
285.3
28.5
%
Program Cost Amortization
8.1
1.1
%
122.5
12.2
%
Royalties
50.9
6.7
%
69.0
6.9
%
Product Development
65.5
8.6
%
83.3
8.3
%
Advertising
51.5
6.8
%
82.8
8.3
%
Amortization of Intangibles
17.0
2.2
%
23.1
2.3
%
Selling, Distribution and
Administration
234.8
31.0
%
317.1
31.7
%
Loss on Disposal of Business
9.1
1.2
%
—
0.0
%
Operating Profit
116.2
15.3
%
17.9
1.8
%
Non-operating expense (income):
Interest Expense
38.5
5.1
%
46.3
4.6
%
Interest Income
(8.3
)
-1.1
%
(6.0
)
-0.6
%
Other Expense (Income), Net
5.0
0.7
%
(1.4
)
-0.1
%
Total non-operating expense, net
35.2
4.6
%
38.9
3.9
%
Earnings (Loss) before Income Taxes
81.0
10.7
%
(21.0
)
-2.1
%
Income Tax Expense
21.9
2.9
%
0.7
0.1
%
Net Earnings (Loss)
59.1
7.8
%
(21.7
)
-2.2
%
Net Earnings Attributable to
Noncontrolling Interests
0.9
0.1
%
0.4
0.0
%
Net Earnings (Loss) Attributable to
Hasbro, Inc.
$
58.2
7.7
%
$
(22.1
)
-2.2
%
Per Common Share
Net Earnings (Loss)
Basic
$
0.42
$
(0.16
)
Diluted
$
0.42
$
(0.16
)
Cash Dividends Declared
$
0.70
$
0.70
Weighted Average Number of Shares
Basic
139.1
138.6
Diluted
139.3
138.6
(1) Amounts may not sum due to
rounding
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (1)
(Unaudited)
(Millions of Dollars)
Quarter Ended
March 31, 2024
April 2, 2023
Cash Flows from Operating Activities:
Net Earnings (Loss)
$
59.1
$
(21.7
)
Loss on Disposal of Business
9.1
—
Other Non-Cash Adjustments
60.9
181.9
Changes in Operating Assets and
Liabilities
48.7
(71.4
)
Net Cash Provided by Operating
Activities
177.8
88.8
Cash Flows from Investing Activities:
Additions to Property, Plant and
Equipment
(45.8
)
(53.2
)
Other
(2.3
)
(2.4
)
Net Cash Utilized by Investing
Activities
(48.1
)
(55.6
)
Cash Flows from Financing Activities:
Proceeds from Long-Term Debt
—
1.2
Repayments of Long-Term Debt
—
(35.5
)
Net Repayments of Short-Term
Borrowings
—
(7.7
)
Stock-Based Compensation Transactions
0.2
—
Dividends Paid
(97.2
)
(96.7
)
Payments Related to Tax Withholding for
Share-Based Compensation
(10.2
)
(14.0
)
Other
(1.7
)
(3.9
)
Net Cash Utilized by Financing
Activities
(108.9
)
(156.6
)
Effect of Exchange Rate Changes on
Cash
4.0
(3.5
)
Net Increase (Decrease) in Cash and Cash
Equivalents
24.8
(126.9
)
Cash and Cash Equivalents at Beginning of
Year
545.4
513.1
Cash and Cash Equivalents at End of
Period
$
570.2
$
386.2
(1) Amounts may not sum due to
rounding
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
SEGMENT RESULTS - AS REPORTED AND AS
ADJUSTED (5)
(Unaudited)
(Millions of Dollars)
Operating
Results
Quarter Ended March 31,
2024
Quarter Ended April 2,
2023
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company
Results
External Net Revenues (1)
$
757.3
$
—
$
757.3
$
1,001.0
$
—
$
1,001.0
-24
%
Operating Profit
116.2
32.4
148.6
17.9
29.3
47.2
>100%
Operating Margin
15.3
%
4.3
%
19.6
%
1.8
%
2.9
%
4.7
%
Segment
Results
Consumer
Products:
External Net Revenues (2)
$
413.0
$
—
$
413.0
$
520.4
$
—
$
520.4
-21
%
Operating Profit (Loss)
(46.9
)
9.1
(37.8
)
(46.0
)
10.6
(35.4
)
-7
%
Operating Margin
-11.4
%
2.2
%
-9.2
%
-8.8
%
2.0
%
-6.8
%
Wizards of the Coast
and Digital Gaming:
External Net Revenues (3)
$
316.3
$
—
$
316.3
$
295.2
$
—
$
295.2
7
%
Operating Profit
122.8
—
122.8
76.8
—
76.8
60
%
Operating Margin
38.8
%
—
38.8
%
26.0
%
—
26.0
%
Entertainment:
External Net Revenues (4)
$
28.0
$
—
$
28.0
$
185.4
$
—
$
185.4
-85
%
Operating Profit (Loss)
5.8
12.4
18.2
(8.7
)
6.2
(2.5
)
>100%
Operating Margin
20.7
%
44.3
%
65.0
%
-4.7
%
3.3
%
-1.3
%
Corporate and
Other:
Operating Profit (Loss)
$
34.5
$
10.9
$
45.4
$
(4.2
)
$
12.5
$
8.3
>100%
Net Revenues
Quarter Ended
March 31, 2024
April 2, 2023
% Change
(1)
Net Revenues by Brand
Portfolio
Franchise Brands (a)
$
606.5
$
613.4
-1
%
Partner Brands
87.7
132.7
-34
%
Portfolio Brands (b)
63.1
92.1
-31
%
Non-Hasbro Branded Film & TV (b)
—
162.8
-100
%
Total
$
757.3
$
1,001.0
(a) Franchise Brands include: DUNGEONS
& DRAGONS, Hasbro Gaming, MAGIC: THE GATHERING, NERF, PEPPA
PIG, PLAY-DOH and TRANSFORMERS.
(b) Effective in the first quarter of
2024, the Company moved the remaining Non-Hasbro Branded Film &
TV brands into Portfolio Brands to align with the Company's Brand
Strategy. For comparability net revenues for quarter ended April 2,
2023, has been restated to reflect the movement, resulting in a
change of $0.10.
Net Revenues
Quarter Ended
March 31, 2024
April 2, 2023
% Change
MAGIC: THE GATHERING
$
237.9
$
229.1
4
%
Hasbro Total Gaming (c)
408.0
386.5
6
%
(c) Hasbro Total Gaming includes all
gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE
GATHERING and Hasbro Gaming.
Net Revenues
Quarter Ended
March 31, 2024
April 2, 2023
% Change
(2)
Consumer Products Segment Net Revenues by
Major Geographic Region
North America
$
239.1
$
279.1
-14
%
Europe
87.5
131.6
-34
%
Asia Pacific
48.8
63.3
-23
%
Latin America
37.6
46.4
-19
%
Total
$
413.0
$
520.4
Net Revenues
Quarter Ended
March 31, 2024
April 2, 2023
% Change
(3)
Wizards of the Coast and Digital Gaming Net
Revenues by Category
Tabletop Gaming
$
228.2
$
217.9
5
%
Digital and Licensed Gaming
88.1
77.3
14
%
Total
$
316.3
$
295.2
Net Revenues
Quarter Ended
March 31, 2024
April 2, 2023
% Change
(4)
Entertainment Segment Net Revenues by
Category
Film and TV
$
—
$
168.4
-100
%
Family Brands
28.0
17.0
65
%
Total
$
28.0
$
185.4
(5) Amounts within this section may not
sum due to rounding
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of
EBITDA and Adjusted EBITDA (1)
Quarter Ended
March 31, 2024
April 2, 2023
Net Earnings (Loss) Attributable to
Hasbro, Inc.
$
58.2
$
(22.1
)
Interest Expense
38.5
46.3
Income Tax Expense
21.9
0.7
Net Earnings Attributable to
Noncontrolling Interests
0.9
0.4
Depreciation
21.3
24.0
Amortization of Intangibles
17.0
23.1
EBITDA
$
157.8
$
72.4
Non-GAAP Adjustments and Stock
Compensation (2)
15.0
26.3
Adjusted EBITDA
$
172.8
$
98.7
(2) Non-GAAP Adjustments and Stock
Compensation are comprised of the following:
Stock compensation
$
(5.0
)
$
15.7
Operational Excellence charges
10.9
10.6
Blueprint 2.0 implementation charges
9.1
—
Total
$
15.0
$
26.3
(1) Amounts may not sum due to
rounding
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of
Adjusted Operating Profit (1)
Quarter Ended
March 31, 2024
April 2, 2023
Operating Profit (Loss)
$
116.2
$
17.9
Consumer Products
(46.9
)
(46.0
)
Wizards of the Coast and Digital
Gaming
122.8
76.8
Entertainment
5.8
(8.7
)
Corporate and Other
34.5
(4.2
)
Non-GAAP Adjustments (2)
$
32.4
$
29.3
Consumer Products
9.1
10.6
Entertainment
12.4
6.2
Corporate and Other
10.9
12.5
Adjusted Operating Profit
(Loss)
$
148.6
$
47.2
Consumer Products
(37.8
)
(35.4
)
Wizards of the Coast and Digital
Gaming
122.8
76.8
Entertainment
18.2
(2.5
)
Corporate and Other
45.4
8.3
(2) Non-GAAP Adjustments include the
following:
Acquisition-related costs (i)
$
—
$
1.9
Acquired intangible amortization (ii)
12.4
16.8
Operational Excellence charges (iii)
Transformation office and consultant fees
(a)
5.2
10.6
Severance and other employee charges
(b)
5.7
—
Blueprint 2.0 implementation charges
(iv)
Loss on disposal of business (a)
9.1
—
Total
$
32.4
$
29.3
(i) In association with the Company's
acquisition of eOne, the Company incurred stock compensation
expenses of $1.9 ($1.7 after-tax) in the quarter ended April 2,
2023. The expense is included within Selling, Distribution and
Administration.
(ii) Represents intangible amortization
costs related to the intangible assets acquired in the eOne
acquisition. The Company has allocated certain of these intangible
amortization costs between the Consumer Products and Entertainment
segments, to match the revenue generated from such intangible
assets. While amortization of acquired intangibles is being
excluded from the related GAAP financial measure, the revenue of
the acquired company is reflected within the Company's operating
results to which these assets contribute.
(iii) These costs relate to the
comprehensive review of the Company's operations and development of
a transformation plan to support the organization in identifying,
realizing and capturing savings to create efficiencies and improve
business processes and operations. These charges consist of:
(a) Program related consultant and
transformation office fees of $5.2 ($3.9 after tax) for the quarter
ended March 31, 2024 and $10.6 ($8.1 after-tax) for the quarter
ended April 2, 2023, respectively, are included within Selling,
Distribution and Administration within the Corporate and Other
segment.
(b) Severance and other employee charges
of $5.7 ($4.4 after-tax) for the quarter ended March 31, 2024,
associated with cost-savings initiatives across the Company.
(iv) The Company announced the results of
its strategic review, Blueprint 2.0, a consumer-centric approach
focusing on fewer, bigger brands, expanded licensing, branded
entertainment, and high-margin growth in games, digital and direct.
As the Company implements the new strategy, charges recognized
consist of:
(a) Loss on disposal of a business of $9.1
($9.1 after-tax) for the quarter ended March 31, 2024 related to
the sale of the eOne Film and TV business not directly supporting
the Company's Entertainment Strategy within the Entertainment
segment, which was executed on December 27, 2023. The year to date
charge is included within Loss on Disposal of Business.
(1) Amounts may not sum due to
rounding
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Millions of Dollars and Shares, Except
Per Share Data)
Reconciliation of
Net Earnings and Earnings per Share (1)
Quarter Ended
(all adjustments reported after-tax)
March 31, 2024
Diluted Per Share
Amount
April 2, 2023
Diluted Per Share
Amount
Net Earnings (Loss) Attributable to
Hasbro, Inc.
$
58.2
$
0.42
$
(22.1
)
$
(0.16
)
Acquisition-related costs
—
—
1.7
0.01
Acquired intangible amortization
9.3
0.07
13.3
0.10
Operational Excellence charges
8.3
0.06
8.1
0.06
Blueprint 2.0 implementation charges
9.1
0.07
—
—
Net Earnings Attributable to Hasbro, Inc.,
as Adjusted
$
84.9
$
0.61
$
1.0
$
0.01
(1) Amounts may not sum due to
rounding
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423732355/en/
Investors: Kern Kapoor | Hasbro, Inc. |
hasbro_investor_relations@hasbro.com Media: Roberta Thomson |
Hasbro, Inc. | bertie.thomson@hasbro.com
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