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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.71 | 4.41% | 64.23 | 62.35 | 63.95 | 63.89 | 61.25 | 62.31 | 2,088,409 | 00:58:05 |
Company Reports Growth in Profit and EPS in the Quarter and Raises Full Year Guidance Declares Quarterly Dividend
Hasbro, Inc. (NASDAQ: HAS), a leading toy and game company, today reported financial results for the second quarter 2024.
"We delivered a solid performance in games and digital licensing and substantial margin improvement this quarter,” said Chris Cocks, Hasbro Chief Executive Officer. “Hasbro is emerging as a more profitable, agile, and operationally excellent company delighting fans of all ages through the magic of play."
"We continued to make meaningful progress in our turnaround for Consumer Products in the second quarter," said Gina Goetter, Hasbro Chief Financial Officer. “The Hasbro team remains focused on back half execution and delivering on our updated full year commitments.”
Second Quarter 2024 Highlights
Second Quarter 2024 Segment Details
Year to Date 2024 Highlights
Year to Date 2024 Segment Details
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 now expects:
2024 Capital Allocation priorities:
1The Company is not able to reconcile its forward-looking non-GAAP adjusted operating 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 second quarter, the Company paid $97 million in cash dividends to shareholders. The Board of Directors has declared a quarterly cash dividend of $0.70 per common share payable on September 4, 2024, to shareholders of record at the close of business on August 21, 2024.
Conference Call Webcast
Hasbro will webcast its second 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 the 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; and financial targets and guidance. 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 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 operating margin, 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, Adjusted operating profit and Adjusted operating margin 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)
June 30, 2024
July 2, 2023
ASSETS
Cash and Cash Equivalents
$
626.8
$
216.6
Short-term Investments
483.0
—
Accounts Receivable, Net
789.0
877.0
Inventories
357.6
731.3
Prepaid Expenses and Other Current Assets
418.0
684.1
Total Current Assets
2,674.4
2,509.0
Property, Plant and Equipment, Net
542.9
515.4
Goodwill
2,278.8
3,239.2
Other Intangible Assets, Net
552.8
724.8
Other Assets
815.2
1,621.3
Total Assets
$
6,864.1
$
8,609.7
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Short-Term Borrowings
$
—
$
148.2
Current Portion of Long-Term Debt
500.0
69.4
Accounts Payable
297.5
363.4
Accrued Liabilities
1,032.6
1,369.4
Total Current Liabilities
1,830.1
1,950.4
Long-Term Debt
3,461.4
3,668.5
Other Liabilities
399.7
520.6
Total Liabilities
5,691.2
6,139.5
Total Shareholders' Equity
1,172.9
2,470.2
Total Liabilities, Noncontrolling Interests and Shareholders' Equity
$
6,864.1
$
8,609.7
(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)
Three Months Ended
Six Months Ended
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Amount
% of Net Revenues
Amount
% of Net Revenues
Amount
% of Net Revenues
Amount
% of Net Revenues
Net revenues
$
995.3
100.0
%
$
1,210.0
100.0
%
$
1,752.6
100.0
%
$
2,211.0
100.0
%
Costs and expenses:
Cost of sales
237.7
23.9
%
352.2
29.1
%
441.9
25.2
%
637.5
28.8
%
Program production cost amortization
8.5
0.9
%
134.4
11.1
%
16.6
0.9
%
256.9
11.6
%
Royalties
55.3
5.6
%
119.9
9.9
%
106.2
6.1
%
188.9
8.5
%
Product development
70.4
7.1
%
72.4
6.0
%
135.9
7.8
%
155.7
7.0
%
Advertising
60.4
6.1
%
85.1
7.0
%
111.9
6.4
%
167.9
7.6
%
Amortization of intangibles
17.1
1.7
%
22.8
1.9
%
34.1
1.9
%
45.9
2.1
%
Impairment of goodwill
—
—
%
231.2
19.1
%
—
—
%
231.2
10.5
%
Loss on disposal of business
15.3
1.5
%
—
—
%
24.4
1.4
%
—
—
%
Selling, distribution and administration
318.5
32.0
%
380.6
31.5
%
553.3
31.6
%
697.7
31.6
%
Total costs and expenses
783.2
78.7
%
1,398.6
115.6
%
1,424.3
81.3
%
2,381.7
107.7
%
Operating profit (loss)
212.1
21.3
%
(188.6
)
(15.6
)%
328.3
18.7
%
(170.7
)
(7.7
)%
Non-operating (income) expense:
—
%
Interest expense
43.0
4.3
%
46.6
3.9
%
81.5
4.7
%
92.9
4.2
%
Interest income
(13.0
)
(1.3
)%
(5.8
)
(0.5
)%
(21.3
)
(1.2
)%
(11.8
)
(0.5
)%
Other (income) expense, net
(0.8
)
(0.1
)%
(1.5
)
(0.1
)%
4.2
0.2
%
(2.9
)
(0.1
)%
Total non-operating expense, net
29.2
2.9
%
39.3
3.2
%
64.4
3.7
%
78.2
3.5
%
Earnings (loss) before income taxes
182.9
18.4
%
(227.9
)
(18.8
)%
263.9
15.1
%
(248.9
)
(11.3
)%
Income tax expense
44.4
4.5
%
7.0
0.6
%
66.3
3.8
%
7.7
0.3
%
Net earnings (loss)
138.5
13.9
%
(234.9
)
(19.4
)%
197.6
11.3
%
(256.6
)
(11.6
)%
Net earnings attributable to noncontrolling interests
—
—
%
0.1
—
%
0.9
0.1
%
0.5
—
%
Net earnings (loss) attributable to Hasbro, Inc.
$
138.5
13.9
%
$
(235.0
)
(19.4
)%
$
196.7
11.2
%
$
(257.1
)
(11.6
)%
Net earnings (loss) per common share:
Basic
$
0.99
$
(1.69
)
$
1.41
$
(1.85
)
Diluted
$
0.99
$
(1.69
)
$
1.41
$
(1.85
)
Cash Dividends Declared
$
—
$
0.70
$
0.70
$
1.40
Weighted Average Number of Shares
Basic
139.5
138.8
139.2
138.7
Diluted
140.0
138.8
139.6
138.7
(1) Amounts may not sum due to rounding
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1)
(Unaudited)
(Millions of Dollars)
Six months ended
June 30, 2024
July 2, 2023
Cash Flows from Operating Activities:
Net Earnings (Loss)
$
197.6
$
(256.6
)
Loss on Disposal of Business
24.4
—
Impairment of Goodwill and Intangible Assets
—
231.2
Other Non-Cash Adjustments
133.9
432.1
Changes in Operating Assets and Liabilities
9.2
(287.5
)
Net Cash Provided by Operating Activities
365.1
119.2
Cash Flows from Investing Activities:
Additions to Property, Plant and Equipment
(97.7
)
(112.1
)
Purchase of investments
(480.1
)
—
Other
2.4
(3.7
)
Net Cash Utilized by Investing Activities
(575.4
)
(115.8
)
Cash Flows from Financing Activities:
Proceeds from Long-Term Debt
500.0
1.6
Repayments of Long-Term Debt
—
(90.7
)
Net Repayments of Short-Term Borrowings
—
6.6
Dividends Paid
(194.6
)
(193.8
)
Payments Related to Tax Withholding for Share-Based Compensation
(11.9
)
(14.5
)
Stock-Based Compensation Transactions
4.0
—
Payments of Financing Costs
(6.7
)
—
Other
(2.3
)
(5.4
)
Net Cash Provided (Utilized) by Financing Activities
288.5
(296.2
)
Effect of Exchange Rate Changes on Cash
3.2
(3.7
)
Net Increase (Decrease) in Cash and Cash Equivalents
81.4
(296.5
)
Cash and Cash Equivalents at Beginning of Year
545.4
513.1
Cash and Cash Equivalents at End of Period
$
626.8
$
216.6
(1) Amounts may not sum due to rounding
HASBRO, INC.
SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED (1)
(Unaudited)
(Millions of Dollars)
Three Months Ended June 30, 2024
Three Months Ended July 2, 2023
Operating Results
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company Results
External Net Revenues
$
995.3
$
—
$
995.3
$
1,210.0
$
—
$
1,210.0
-18
%
Operating Profit (Loss)
212.1
36.7
248.8
(188.6
)
325.4
136.8
82
%
Operating Margin
21.3
%
3.7
%
25.0
%
-15.6
%
26.9
%
11.3
%
Segment Results
Consumer Products:
External Net Revenues
$
524.5
$
—
$
524.5
$
655.2
$
—
$
655.2
-20
%
Operating Profit (Loss)
(9.3
)
9.0
(0.3
)
11.4
10.8
22.2
>-100
%
Operating Margin
-1.8
%
1.7
%
-0.1
%
1.7
%
1.6
%
3.4
%
Wizards of the Coast and Digital Gaming:
External Net Revenues
$
452.0
$
—
$
452.0
$
375.6
$
—
$
375.6
20
%
Operating Profit
247.1
—
247.1
142.3
—
142.3
74
%
Operating Margin
54.7
%
—
54.7
%
37.9
%
—
37.9
%
Entertainment:
External Net Revenues
$
18.8
$
—
$
18.8
$
179.2
$
—
$
179.2
-90
%
Operating Profit (Loss)
(1.0
)
18.7
17.7
(324.2
)
303.4
(20.8
)
>100
%
Operating Margin
-5.3
%
99.5
%
94.1
%
>-100
%
>100
%
-11.6
%
Corporate and Other:
Operating Profit (Loss)
$
(24.7
)
$
9.0
$
(15.7
)
$
(18.1
)
$
11.2
$
(6.9
)
>-100
%
(1) Amounts within this section may not sum due to rounding
Three Months Ended
Net Revenues by Brand Portfolio
June 30, 2024
July 2, 2023
% Change
Franchise Brands (1)
$
786.6
$
788.4
0
%
Partner Brands
124.6
172.9
-28
%
Portfolio Brands (2)
84.1
107.9
-22
%
Non-Hasbro Branded Film & TV (2)
—
140.8
-100
%
Total
$
995.3
$
1,210.0
(1) Franchise Brands include: DUNGEONS & DRAGONS, Hasbro Gaming, MAGIC: THE GATHERING, NERF, PEPPA PIG, PLAY-DOH and TRANSFORMERS.
(2) 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 the three months ended June 30, 2024, has been restated to reflect the movement, resulting in a change of $0.8.
Three Months Ended
June 30, 2024
July 2, 2023
% Change
MAGIC: THE GATHERING
$
336.0
$
311.0
8
%
Hasbro Total Gaming (1)
548.4
491.2
12
%
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.
Three Months Ended
Consumer Products Segment Net Revenues by Major Geographic Region
June 30, 2024
July 2, 2023
% Change
North America
$
306.1
$
382.0
-20
%
Europe
92.0
131.9
-30
%
Asia Pacific
62.6
66.4
-6
%
Latin America
63.8
74.9
-15
%
Net revenues
$
524.5
$
655.2
Three Months Ended
Wizards of the Coast and Digital Gaming Net Revenues by Category
June 30, 2024
July 2, 2023
% Change
Tabletop Gaming
$
307.6
$
298.5
3
%
Digital and Licensed Gaming
144.4
77.1
87
%
Net revenues
$
452.0
$
375.6
Three Months Ended
Entertainment Segment Net Revenues by Category
June 30, 2024
July 2, 2023
% Change
Film and TV
$
1.8
$
153.3
-99
%
Family Brands
17.0
25.9
-34
%
Net revenues
$
18.8
$
179.2
Six Months Ended June 30, 2024
Six Months Ended July 2, 2023
Operating Results (1)
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company Results
External Net Revenues
$
1,752.6
$
—
$
1,752.6
$
2,211.0
$
—
$
2,211.0
-21
%
Operating Profit (Loss)
328.3
69.1
397.4
(170.7
)
354.7
184.0
>100
%
Operating Margin
18.7
%
3.9
%
22.7
%
-7.7
%
16.0
%
8.3
%
Segment Results
Consumer Products:
External Net Revenues
$
937.5
$
—
$
937.5
$
1,175.6
$
—
$
1,175.6
-20
%
Operating Profit (Loss)
(56.2
)
18.1
(38.1
)
(34.6
)
21.4
(13.2
)
>-100
%
Operating Margin
-6.0
%
1.9
%
-4.1
%
-2.9
%
1.8
%
-1.1
%
Wizards of the Coast and Digital Gaming:
External Net Revenues
$
768.3
$
—
$
768.3
$
670.8
$
—
$
670.8
15
%
Operating Profit
369.9
—
369.9
219.1
—
219.1
69
%
Operating Margin
48.1
%
—
48.1
%
32.7
%
—
32.7
%
Entertainment:
External Net Revenues
$
46.8
$
—
$
46.8
$
364.6
$
—
$
364.6
-87
%
Operating Profit (Loss)
4.8
31.1
35.9
(332.9
)
309.6
(23.3
)
>100
%
Operating Margin
10.3
%
66.5
%
76.7
%
-91.3
%
84.9
%
-6.4
%
Corporate and Other:
Operating Profit (Loss)
$
9.8
$
19.9
$
29.7
$
(22.3
)
$
23.7
$
1.4
>100
%
(1) Amounts within this section may not sum due to rounding
Six Months Ended
Net Revenues by Brand Portfolio
June 30, 2024
July 2, 2023
% Change
Franchise Brands (1)
$
1,393.1
$
1,401.8
-1
%
Partner Brands
212.3
305.6
-31
%
Portfolio Brands (2)
147.2
200.0
-26
%
Non-Hasbro Branded Film & TV (2)
—
303.6
-100
%
Total
$
1,752.6
$
2,211.0
(1) Franchise Brands include: DUNGEONS & DRAGONS, Hasbro Gaming, MAGIC: THE GATHERING, NERF, PEPPA PIG, PLAY-DOH and TRANSFORMERS.
(2) 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 the six months ended June 30, 2024, has been restated to reflect the movement, resulting in a change of $0.9.
Six Months Ended
June 30, 2024
July 2, 2023
% Change
MAGIC: THE GATHERING
$
573.9
$
540.1
6
%
Hasbro Total Gaming (1)
956.4
877.7
9
%
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming.
Six Months Ended
Consumer Products Segment Net Revenues by Major Geographic Region
June 30, 2024
July 2, 2023
% Change
North America
$
545.2
$
661.1
-18
%
Europe
179.5
263.5
-32
%
Asia Pacific
111.4
129.7
-14
%
Latin America
101.4
121.3
-16
%
Net revenues
$
937.5
$
1,175.6
Six Months Ended
Wizards of the Coast and Digital Gaming Net Revenues by Category
June 30, 2024
July 2, 2023
% Change
Tabletop Gaming
$
535.8
$
516.4
4
%
Digital and Licensed Gaming
232.5
154.4
51
%
Net revenues
$
768.3
$
670.8
Six Months Ended
Entertainment Segment Net Revenues by Category
June 30, 2024
July 2, 2023
% Change
Film and TV
$
1.8
$
321.7
-99
%
Family Brands
45.0
42.9
5
%
Net revenues
$
46.8
$
364.6
HASBRO, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Millions of Dollars)
Three Months Ended
Six Months Ended
Reconciliation of EBITDA and Adjusted EBITDA (1)
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Net Earnings (Loss) Attributable to Hasbro, Inc.
$
138.5
$
(235.0
)
$
196.7
$
(257.1
)
Interest expense
43.0
46.6
81.5
92.9
Income tax expense
44.4
7.0
66.3
7.7
Net earnings attributable to noncontrolling interests
—
0.1
0.9
0.5
Depreciation expense
28.4
30.6
49.6
54.6
Amortization of intangibles
17.1
22.8
34.1
45.9
EBITDA
$
271.4
$
(127.9
)
$
429.1
$
(55.5
)
Stock compensation
17.8
19.2
12.8
34.9
Operational Excellence charges
9.0
10.4
19.9
21.0
Blueprint 2.0 implementation charges
15.3
0.7
24.4
0.7
Impairment of goodwill and intangible assets
—
296.2
—
296.2
Adjusted EBITDA
$
313.5
$
198.6
$
486.2
$
297.3
(1) Amounts may not sum due to rounding
HASBRO, INC.
NON-GAAP RECONCILIATION
(Unaudited)
(Millions of Dollars)
Three Months Ended
Six Months Ended
Reconciliation of Adjusted Operating Profit (1)
June 30, 2024
July 2, 2023
June 30, 2024
July 2, 2023
Operating Profit (Loss)
$
212.1
$
(188.6
)
$
328.3
$
(170.7
)
Consumer Products
(9.3
)
11.4
(56.2
)
(34.6
)
Wizards of the Coast and Digital Gaming
247.1
142.3
369.9
219.1
Entertainment
(1.0
)
(324.2
)
4.8
(332.9
)
Corporate and Other
(24.7
)
(18.1
)
9.8
(22.3
)
Non-GAAP Adjustments
$
36.7
$
325.4
$
69.1
$
354.7
Consumer Products
9.0
10.8
18.1
21.4
Entertainment
18.7
303.4
31.1
309.6
Corporate and Other
9.0
11.2
19.9
23.7
Adjusted Operating Profit
$
248.8
$
136.8
$
397.4
$
184.0
Consumer Products
(0.3
)
22.2
(38.1
)
(13.2
)
Wizards of the Coast and Digital Gaming
247.1
142.3
369.9
219.1
Entertainment
17.7
(20.8
)
35.9
(23.3
)
Corporate and Other
(15.7
)
(6.9
)
29.7
1.4
Non-GAAP Adjustments include the following:
Acquisition-related costs (2)
$
—
$
—
$
—
$
1.9
Acquired intangible amortization (3)
12.4
18.1
24.8
34.9
Operational Excellence charges (4)
Transformation office and consultant fees (a)
7.3
10.4
12.5
21.0
Severance and other employee charges (b)
1.7
—
7.4
—
Blueprint 2.0 implementation charges (5)
Loss on disposal of business (a)
15.3
—
24.4
—
eOne TV and Film business sale process charges (b)
—
0.7
—
0.7
Impairment of goodwill and intangible assets (6)
—
296.2
—
296.2
Total
$
36.7
$
325.4
$
69.1
$
354.7
(1) Amounts may not sum due to rounding
(2) In association with the Company's acquisition of eOne, the Company incurred stock compensation expenses of $1.9 ($1.7 after-tax) in the six months ended July 2, 2023. The expense is included within Selling, Distribution and Administration.
(3) 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.
(4) 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 $7.3 ($5.6 after tax) and $12.5 ($9.6 after tax) for the three and six months ended June 30, 2024, respectively, and $10.4 ($8.0 after-tax) and $21.0 ($16.1 after tax) for the three and six months ended July 2, 2023, respectively, are included within Selling, Distribution and Administration within the Corporate and Other segment.
(b) Severance and other employee charges of $1.7 ($1.3 after-tax) and $7.4 ($5.7 after-tax) for the three and six months ended June 30, 2024, associated with cost-savings initiatives across the Company.
(5) 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 $15.3 ($15.3 after-tax) and $24.4 ($24.4 after-tax) for the three and six months ended June 30, 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.
(b) eOne TV and Film business sale process charges of $0.7 ($0.5 after-tax) for the three and six months ended July 2, 2023, as a result of the sale process for the part of its eOne TV and film business not directly supporting the Company's Branded Entertainment Strategy.
(6) Non-cash Goodwill and Asset impairment charges of $296.2 ($279.9 after tax) for the three and six months ended July 2, 2023 incurred within the Entertainment segment, of which $231.2 related to the goodwill impairment of Film & TV due to the expected economic impact of industry factors and $65.0 related to an impairment of the Company's definite-lived intangible, eOne Trademark, which is included in Selling, Distribution and Administration.
HASBRO, INC.NON-GAAP RECONCILIATION
(Unaudited)
(Millions of Dollars and Shares, Except Per Share Data)
Reconciliation of Net Earnings and Earnings per Share (1)
Three Months Ended
June 30, 2024
Diluted Per Share Amount
July 2, 2023
Diluted Per Share Amount
Net Earnings (Loss) Attributable to Hasbro
$
138.5
$
0.99
$
(235.0
)
$
(1.69
)
Acquisition and Related Costs
—
—
—
—
Acquired Intangible Amortization
9.3
0.07
14.3
0.10
Operational Excellence
7.0
0.05
8.0
0.06
Brand Blueprint implementation charges
15.3
0.11
0.5
—
Impairment of Goodwill and Intangible Assets
—
279.9
2.01
Net Earnings Attributable to Hasbro as Adjusted
$
170.1
$
1.22
$
67.7
$
0.49
Six Months Ended
June 30, 2024
Diluted Per Share Amount
July 2, 2023
Diluted Per Share Amount
Net Earnings (Loss) Attributable to Hasbro
$
196.7
$
1.41
$
(257.1
)
$
(1.85
)
Acquisition and Related Costs
—
—
1.7
0.01
Acquired Intangible Amortization
18.6
0.13
27.6
0.20
Operational Excellence
15.3
0.11
16.1
0.12
Brand Blueprint implementation charges
24.4
0.18
0.5
—
Impairment of Goodwill and Intangible Assets
—
—
279.9
2.02
Net Earnings Attributable to Hasbro as Adjusted
$
255.0
$
1.83
$
68.7
$
0.49
(1) Amounts may not sum due to rounding
View source version on businesswire.com: https://www.businesswire.com/news/home/20240724788818/en/
Investors: Kern Kapoor | Hasbro, Inc. | hasbro_investor_relations@hasbro.com Media: Roberta Thomson | Hasbro, Inc. | bertie.thomson@hasbro.com
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