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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Hasbro Inc | NASDAQ:HAS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 61.18 | 60.07 | 62.23 | 0 | 01:00:00 |
Growth in revenue, operating profit and earnings per share
Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the first quarter 2021.
"The global Hasbro team executed a very good quarter, driving strong sell in and demand in the Consumer Products segment; growing both analog and digital revenues in Wizards and our licensed digital gaming business; and positioning us to deliver growth for the full year in the Entertainment segment," said Brian Goldner, Hasbro’s chairman and chief executive officer. "We continue to target full-year double-digit revenue growth for Hasbro supported by innovation and quality execution throughout the business. Across Hasbro we are focused on unlocking the full potential value of our brands and capabilities as a play and entertainment leader."
"Our first quarter started the year well," said Deborah Thomas, Hasbro’s chief financial officer. "The team delivered revenue and profit gains, as well as strong cash generation, ending the quarter with $1.43 billion in cash, after retiring $300 million in debt and paying our quarterly dividend."
First Quarter 2021 Financial Results
$ Millions, except earnings per share
Q1 2021
Q1 2020
% Change
Net Revenues1
$
1,114.8
$
1,105.6
1
%
Operating Profit (Loss)
$
147.3
$
(23.3
)
>100%
Adjusted Operating Profit2
$
174.1
$
151.5
15
%
Net Earnings (Loss)
$
116.2
$
(69.7
)
>100%
Net Earnings (Loss) per Diluted Share
$
0.84
$
(0.51
)
>100%
Adjusted Net Earnings2
$
138.4
$
77.7
78
%
Adjusted Net Earnings per Diluted Share2
$
1.00
$
0.57
75
%
EBITDA2
$
235.3
$
43.3
>100%
Adjusted EBITDA2
$
252.0
$
203.9
24
%
1Foreign exchange had a positive $18.4 million impact on first quarter 2021 revenue.
2See the financial tables accompanying this press release for a reconciliation of GAAP and non-GAAP financial measures.
During the first quarter of 2021, the Company realized a gain of $25.6 million, $0.19 per diluted share, from a legal settlement. The gain is included in Other Income, Net within the Company's consolidated financial statements.
First Quarter 2021 Major Segment and Brand Performance
Beginning with the first quarter of 2021, Hasbro realigned its financial reporting segments and business units, in order to align its segment financial reporting more closely with its current business structure. The three principal reportable segments are: Consumer Products, Wizards of the Coast and Digital Gaming, and Entertainment. Reclassifications of certain prior year segment results have been made to conform to the current-year presentation. None of the segment changes impact the Company's previously reported consolidated net revenue, operating profits, net earnings or net earnings per share.
Major Segments ($ Millions)
Net Revenues
Operating Profit (Loss)
Adjusted Operating Profit (Loss) 1
Q1 2021
Q1 2020
% Change
Q1 2021
Q1 2020
Q1 2021
Q1 2020
Consumer Products
$
653.9
$
572.5
14
%
$
32.3
$
(9.7
)
$
32.3
$
(9.7
)
Wizards of the Coast and Digital Gaming
$
242.2
$
210.6
15
%
$
110.0
$
95.8
$
110.0
$
95.8
Entertainment
$
218.7
$
322.5
-32
%
$
17.0
$
(64.3
)
$
41.9
$
59.3
Brand Portfolio
Net Revenues ($ Millions)
Q1 2021
Q1 2020
% Change
Franchise Brands
$
491.5
$
396.5
24
%
Partner Brands
$
188.0
$
182.3
3
%
Hasbro Gaming2
$
136.3
$
140.1
-3
%
Emerging Brands
$
104.7
$
94.2
11
%
TV/Film/Entertainment
$
194.3
$
292.5
-34
%
1Reconciliations are included in the attached schedules under the heading "Reconciliation of Adjusted Operating Profit."
2Hasbro's total gaming category, including all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY, which are reported in the Franchise Brands portfolio, totaled $365.3 million for the first quarter 2021, up 7% compared to the respective period in 2020.
Revenues grew in Franchise Brands, including MAGIC: THE GATHERING, PLAY-DOH, NERF, TRANSFORMERS and BABY ALIVE. Partner Brands revenue increased behind gains in Hasbro products for Lucasfilm's Star Wars and The Mandalorian, Marvel's Spider-Man franchise and Marvel Studios content on Disney+, and Disney Princess. Emerging Brands revenue increased with several properties contributing and Hasbro Gaming declined slightly versus the strong growth reported in the first quarter of last year.
Dividend
The next quarterly cash dividend of $0.68 per common share is payable on May 17, 2021 to shareholders of record at the close of business on May 3, 2021. During the first quarter, Hasbro paid $93.4 million in cash dividends to shareholders.
Conference Call Webcast
Hasbro will webcast its first quarter 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 web site approximately 2 hours following completion of the call.
About Hasbro
Hasbro (NASDAQ: HAS) is a global play and entertainment company committed to making the world a better place for all children, fans and families. Hasbro delivers immersive brand experiences for global audiences through consumer products, including toys and games; entertainment through eOne, its independent studio; and gaming, led by the team at Wizards of the Coast, an award-winning developer of tabletop and digital games best known for fantasy franchises MAGIC: THE GATHERING and DUNGEONS & DRAGONS.
The company’s unparalleled portfolio of approximately 1,500 brands includes MAGIC: THE GATHERING, NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE, DUNGEONS & DRAGONS, POWER RANGERS, PEPPA PIG and PJ MASKS, as well as premier partner brands. For the past decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media and one of the World’s Most Ethical Companies by Ethisphere Institute. Important business and brand updates are routinely shared on our Investor Relations website, Newsroom and social channels (@Hasbro on Twitter, Instagram, Facebook and LinkedIn.)
© 2021 Hasbro, Inc. All Rights Reserved.
Safe Harbor
Certain statements in this 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 future performance and expectations for growth in future quarters and 2021; our ability to return television and film entertainment revenues to 2019 levels; the impact of the global coronavirus outbreak on our business; the ability to achieve our financial and business goals and objectives; the expected adequacy of supply and operation of our manufacturing facilities; product and entertainment plans, including the content and timing of entertainment production and releases; changes in the methods of content distribution; marketing and promotional efforts; anticipated expenses; working capital; liquidity; and the anticipated impact of acquisitions and dispositions. 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:
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 presentation or to update them to reflect events or circumstances occurring after the date of this presentation.
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 earnings per diluted share, which exclude, where applicable, the 2021 impact of purchased intangible amortization and stock compensation expense associated with acquisition-related grants, and for 2020, the impact of the eOne acquisition-related costs and purchased intangible amortization. Also included in the financial tables are the non-GAAP financial measures of EBITDA, and Adjusted EBITDA. EBITDA represents net earnings attributable to Hasbro, Inc. excluding interest expense, income taxes, depreciation and amortization. Adjusted EBITDA also excludes the impact of the charges/gains noted above, as well as non-cash stock compensation. 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 earnings per diluted share and Adjusted operating profit provides 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
(Unaudited)
(Millions of Dollars)
March 28, 2021
March 29, 2020
ASSETS
Cash and Cash Equivalents
$
1,430.4
$
1,237.9
Accounts Receivable, Net
810.4
963.8
Inventories
429.2
444.4
Prepaid Expenses and Other Current Assets
566.0
672.4
Total Current Assets
3,236.0
3,318.5
Property, Plant and Equipment, Net
482.7
455.9
Goodwill
3,691.4
3,572.7
Other Intangible Assets, Net
1,513.0
1,615.8
Other Assets
1,266.0
1,461.5
Total Assets
$
10,189.1
$
10,424.4
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Short-Term Borrowings
$
8.8
$
9.4
Current Portion of Long-Term Debt
148.9
64.5
Accounts Payable and Accrued Liabilities
1,595.7
1,664.7
Total Current Liabilities
1,753.4
1,738.6
Long-Term Debt
4,674.1
5,156.3
Other Liabilities
777.7
739.0
Total Liabilities
7,205.2
7,633.9
Redeemable Noncontrolling Interests
24.0
26.0
Total Shareholders' Equity
2,959.9
2,764.5
Total Liabilities, Noncontrolling Interests and Shareholders' Equity
$
10,189.1
$
10,424.4
HASBRO, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Millions of Dollars and Shares, Except Per Share Data)
Quarter Ended
March 28, 2021
% Net Revenues
March 29, 2020
% Net Revenues
Net Revenues
$
1,114.8
100.0
%
$
1,105.6
100.0
%
Costs and Expenses:
Cost of Sales
289.9
26.0
%
262.7
23.8
%
Program Cost Amortization
97.5
8.7
%
132.2
12.0
%
Royalties
108.9
9.8
%
112.8
10.2
%
Product Development
61.8
5.5
%
53.8
4.9
%
Advertising
87.9
7.9
%
101.7
9.2
%
Amortization of Intangibles
32.9
3.0
%
36.8
3.3
%
Selling, Distribution and Administration
288.6
25.9
%
279.1
25.2
%
Acquisition and Related Costs
—
0.0
%
149.8
13.5
%
Operating Profit (Loss)
147.3
13.2
%
(23.3
)
-2.1
%
Interest Expense
47.9
4.3
%
54.7
4.9
%
Other Income, Net
(30.1
)
-2.7
%
(6.0
)
-0.5
%
Earnings (Loss) before Income Taxes
129.5
11.6
%
(72.0
)
-6.5
%
Income Tax Expense (Benefit)
12.0
1.1
%
(4.1
)
-0.4
%
Net Earnings (Loss)
117.5
10.5
%
(67.9
)
-6.1
%
Net Earnings Attributable to Noncontrolling Interests
1.3
0.1
%
1.8
0.2
%
Net Earnings (Loss) Attributable to Hasbro, Inc.
$
116.2
10.4
%
$
(69.7
)
-6.3
%
Per Common Share
Net Earnings (Loss)
Basic
$
0.84
$
(0.51
)
Diluted
$
0.84
$
(0.51
)
Cash Dividends Declared
$
0.68
$
0.68
Weighted Average Number of Shares
Basic
137.7
137.1
Diluted
138.1
137.1
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Millions of Dollars)
Quarter Ended
March 28, 2021
March 29, 2020
Cash Flows from Operating Activities:
Net Earnings (Loss)
$
117.5
$
(67.9
)
Other Non-Cash Adjustments
193.8
249.5
Changes in Operating Assets and Liabilities
66.3
110.0
Net Cash Provided by Operating Activities
377.6
291.6
Cash Flows from Investing Activities:
Additions to Property, Plant and Equipment
(23.9
)
(30.8
)
Acquisition, Net of Cash Acquired
—
(4,403.9
)
Other
(1.6
)
4.2
Net Cash Utilized by Investing Activities
(25.5
)
(4,430.5
)
Cash Flows from Financing Activities:
Proceeds from Long-Term Debt
72.4
1,017.7
Repayments of Long-Term Debt
(344.9
)
(50.2
)
Net Proceeds from (Repayments of) Short-Term Borrowings
2.0
(1.4
)
Stock-Based Compensation Transactions
4.7
1.8
Dividends Paid
(93.4
)
(93.1
)
Payments Related to Tax Withholding for Share-Based Compensation
(9.3
)
(5.3
)
Redemption of Equity Instruments
—
(47.4
)
Other
(2.3
)
(2.6
)
Net Cash (Utilized) Provided by Financing Activities
(370.8
)
819.5
Effect of Exchange Rate Changes on Cash
(0.6
)
(23.1
)
Cash and Cash Equivalents at Beginning of Year
1,449.7
4,580.4
Cash and Cash Equivalents at End of Quarter
$
1,430.4
$
1,237.9
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED
(Unaudited)
(Millions of Dollars)
Effective in the first quarter of 2021, the Company reorganized its reportable segments to Consumer Products, Wizards of the Coast and Digital Gaming, Entertainment, and Corporate and Other. For comparability, segment results for the first quarter of 2020 are presented to align with the new reportable segments.
Operating Results
Quarter Ended March 28, 2021
Quarter Ended March 29, 2020
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company Results
External Net Revenues (1)
$
1,114.8
$
—
$
1,114.8
$
1,105.6
$
—
$
1,105.6
1
%
Operating Profit (Loss)
147.3
26.8
174.1
(23.3
)
174.8
151.5
15
%
Operating Margin
13.2
%
2.4
%
15.6
%
-2.1
%
15.8
%
13.7
%
EBITDA
235.3
16.7
252.0
43.3
160.6
203.9
24
%
Segment Results
Consumer Products:
External Net Revenues (2)
$
653.9
$
—
$
653.9
$
572.5
$
—
$
572.5
14
%
Operating Profit (Loss)
32.3
—
32.3
(9.7
)
—
(9.7
)
>100%
Operating Margin
4.9
%
—
4.9
%
-1.7
%
—
-1.7
%
EBITDA
59.4
6.5
65.9
8.1
7.6
15.7
>100%
Wizards of the Coast and Digital Gaming:
External Net Revenues
242.2
—
242.2
210.6
—
210.6
15
%
Operating Profit
110.0
—
110.0
95.8
—
95.8
15
%
Operating Margin
45.4
%
—
45.4
%
45.5
%
—
45.5
%
EBITDA
112.3
2.6
114.9
97.1
1.9
99.0
16
%
Entertainment:
External Net Revenues (3)
218.7
—
218.7
322.5
—
322.5
-32
%
Operating Profit (Loss)
17.0
24.9
41.9
(64.3
)
123.6
59.3
-29
%
Operating Margin
7.8
%
11.4
%
19.2
%
-19.9
%
38.3
%
18.4
%
EBITDA
68.2
4.1
72.3
(34.3
)
99.3
65.0
11
%
Corporate and Other:
Operating (Loss) Profit
(12.0
)
1.9
(10.1
)
(45.1
)
51.2
6.1
>-100%
EBITDA
(4.6
)
3.5
(1.1
)
(27.6
)
51.8
24.2
>-100%
Quarter Ended
March 28, 2021
March 29, 2020
% Change
(1) Net Revenues by Brand Portfolio
Franchise Brands
$
491.5
$
396.5
24
%
Partner Brands
188.0
182.3
3
%
Hasbro Gaming (i)
136.3
140.1
-3
%
Emerging Brands
104.7
94.2
11
%
TV/Film/Entertainment
194.3
292.5
-34
%
Total
$
1,114.8
$
1,105.6
(i) Hasbro's total gaming category, including all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY, which are reported in the Franchise Brands portfolio, totaled $365.3 for the quarter ended March 28, 2021, up 7% from revenues of $340.5 for the quarter ended March 29, 2020.
Quarter Ended
March 28, 2021
March 29, 2020
% Change
(2) Consumer Products Segment Net Revenues by Major Geographic Region
North America
$
362.7
$
321.8
13
%
Europe
188.5
156.7
20
%
Asia Pacific
64.8
58.2
11
%
Latin America
37.9
35.8
6
%
Total
$
653.9
$
572.5
Quarter Ended
March 28, 2021
March 29, 2020
% Change
(3) Entertainment Segment Net Revenues by Category
Film and TV
$
166.4
$
264.0
-37
%
Family Brands
18.8
25.9
-27
%
Music and Other
33.5
32.6
3
%
Total
$
218.7
$
322.5
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of Adjusted Operating Profit
Quarter Ended
March 28, 2021
March 29, 2020
Operating Profit (Loss)
$
147.3
$
(23.3
)
Consumer Products
32.3
(9.7
)
Wizards of the Coast and Digital Gaming
110.0
95.8
Entertainment
17.0
(64.3
)
Corporate and Other
(12.0
)
(45.1
)
Non-GAAP Adjustments (1)
$
26.8
$
174.8
Entertainment
24.9
123.6
Corporate and Other
1.9
51.2
Adjusted Operating Profit (Loss)
$
174.1
$
151.5
Consumer Products
32.3
(9.7
)
Wizards of the Coast and Digital Gaming
110.0
95.8
Entertainment
41.9
59.3
Corporate and Other
(10.1
)
6.1
(1) The Company's non-GAAP adjustments include the following:
Acquisition-related costs (i)
$
1.9
$
149.8
Acquired intangible amortization (ii)
24.9
25.0
Total
$
26.8
$
174.8
(i) In association with the Company's acquisition of eOne, the Company incurred related expenses of $1.9 ($1.7 after-tax) and $149.8 ($127.5 after-tax) in the quarters ended March 28, 2021 and March 29, 2020, respectively, comprised of the following:
(a) In the quarter ended March 28, 2021, the Company incurred stock compensation expense of $1.9 associated with acquisition-related grants. In 2021, this expense is included within Selling, Distribution and Administration.
(b) In the quarter ended March 29, 2020, the Company incurred expenses of $149.8, comprised of 1) acquisition and integration costs of $95.7, including expense associated with the acceleration of eOne stock-based compensation and advisor fees settled at the closing of the acquisition, as well as integration costs; and 2) restructuring and related costs of $54.1, including severance and retention costs, as well as impairment charges in the first quarter of 2020 for certain definite-lived intangible and production assets. In 2020, these expenses were included within Acquisition and Related Costs.
(ii) The Company incurred incremental intangible amortization costs related to the intangible assets acquired in the eOne acquisition.
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of EBITDA and Adjusted EBITDA
Quarter Ended
March 28, 2021
March 29, 2020
Net Earnings (Loss) Attributable to Hasbro, Inc.
$
116.2
$
(69.7
)
Interest Expense
47.9
54.7
Income Tax Expense (Benefit)
12.0
(4.1
)
Net Earnings Attributable to Noncontrolling Interests
1.3
1.8
Depreciation
25.0
23.8
Amortization of Intangibles
32.9
36.8
EBITDA
235.3
43.3
Non-GAAP Adjustments and Stock Compensation (1)
16.7
160.6
Adjusted EBITDA
$
252.0
$
203.9
(1) The Company's non-GAAP adjustments and stock compensation are comprised of the following:
Stock compensation
$
16.7
$
10.8
Acquisition-related costs
—
149.8
Total
$
16.7
$
160.6
Adjusted EBITDA by Segment:
Consumer Products
$
65.9
$
15.7
Wizards of the Coast and Digital Gaming
114.9
99.0
Entertainment
72.3
65.0
Corporate and Other
(1.1
)
24.2
Total Adjusted EBITDA
$
252.0
$
203.9
Consumer Products:
Operating Profit (Loss)
$
32.3
$
(9.7
)
Other Income (Expense)
6.2
(5.7
)
Depreciation
13.1
12.1
Amortization of Intangibles
7.8
11.4
EBITDA
59.4
8.1
Non-GAAP Adjustments and Stock Compensation
6.5
7.6
Adjusted EBITDA
$
65.9
$
15.7
Wizards of the Coast and Digital Gaming:
Operating Profit
$
110.0
$
95.8
Other Income (Expense)
(0.3
)
(1.0
)
Depreciation
2.6
2.3
EBITDA
112.3
97.1
Non-GAAP Adjustments and Stock Compensation
$
2.6
$
1.9
Adjusted EBITDA
$
114.9
$
99.0
Entertainment:
Operating Profit (Loss)
$
17.0
$
(64.3
)
Other Income (Expense)
23.3
3.0
Depreciation
2.8
1.7
Amortization of Intangibles
25.1
25.3
EBITDA
68.2
(34.3
)
Non-GAAP Adjustments and Stock Compensation
4.1
99.3
Adjusted EBITDA
$
72.3
$
65.0
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
Quarter Ended
(all adjustments reported after-tax)
March 28, 2021
Diluted Per Share Amount
March 29, 2020
Diluted Per Share Amount
Net Earnings (Loss) Attributable to Hasbro, Inc.
$
116.2
$
0.84
$
(69.7
)
$
(0.51
)
Acquisition-related costs
1.7
0.01
127.5
0.93
Acquired intangible amortization
20.5
0.15
19.9
0.15
Net Earnings Attributable to Hasbro, Inc., as Adjusted
$
138.4
$
1.00
$
77.7
$
0.57
View source version on businesswire.com: https://www.businesswire.com/news/home/20210427005572/en/
Investor Contact: Debbie Hancock | Hasbro, Inc. | (401) 727-5401 | debbie.hancock@hasbro.com Press Contact: Erin Pensa | Hasbro, Inc. | (401) 440-7627 | erin.pensa@hasbro.com
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