Issues 2023 Guidance and Provides Update to
Medium and Long-term Financial Targets
Hasbro, Inc. (NASDAQ: HAS), a global branded entertainment
leader, today reported financial results for the fourth quarter and
full-year 2022.
Full-year revenues of $5.86 billion were down 9% year-over-year,
a decline of 6% on a constant currency basis. Operating profit of
$407.7 million, or 7.0% operating profit margin, and adjusted
operating profit of $922.5 million, or 15.8% adjusted operating
profit margin.
Fourth quarter revenues of $1.68 billion, down 17%
year-over-year, a decline of 14% on a constant currency basis.
Operating loss of $125.7 million, or -7.5% operating profit margin,
and adjusted operating profit of $269.2 million, or 16.0% adjusted
operating profit margin.
"As we announced previously, our fourth quarter and full-year
2022 results came in below our expectations," said Chris Cocks,
Hasbro chief executive officer. "Despite this, we delivered our
first billion-dollar brand in MAGIC: THE GATHERING and another
record year at Wizards of the Coast and Digital Gaming, we grew key
investment areas including licensing and direct to consumer, and we
improved adjusted operating profit margin. We also reduced owned
and retail inventory levels from the third quarter peak and we are
working to reduce them further this year. Only a few months in, we
have made meaningful progress in implementing Blueprint 2.0 with a
heightened focus on innovation, data driven investment in key
brands and disciplined cost management."
"For 2023, we have a focused plan to grow share in our key
categories and further improve our margins. We are capitalizing on
a fantastic entertainment slate, including Dungeons & Dragons:
Honor Among Thieves in March and exciting new product launches,
while facing a challenging consumer discretionary environment and
approximately $300 million in revenue headwinds from exited
licenses, brands and markets as well as foreign exchange," said
Cocks. "Our strategy is centered on what makes our brands great -
play, supported by compelling storytelling and disciplined brand
management."
"We are making significant headway in the execution of Blueprint
2.0 - including investing in higher return brands and projects,
ending low return initiatives, modernizing our organization and
lowering our cost base," said Deborah Thomas, Hasbro chief
financial officer. "We forecasted a challenging 2022, and that came
to fruition. We also invested to grow, including the $146 million
acquisition of D&D Beyond, which was earnings accretive in Q4,
and returned $510 million to shareholders through dividends and
share repurchase. Our current cash position adequately supports our
business needs in the short-term, and operating cash flow is
expected to nearly double in 2023."
Fourth Quarter and Full-Year 2022
Financial Results
$ Millions, except earnings per
share
Q4 2022
Q4 2021
% Change
FY 2022
FY 2021
% Change
Net Revenues1
$
1,678.5
$
2,013.4
-17%
$
5,856.7
$
6,420.4
-9%
Operating Profit (Loss)
$
(125.7
)
$
171.5
>-100%
$
407.7
$
763.3
-47%
Adjusted Operating Profit2
$
269.2
$
219.9
22%
$
922.5
$
995.2
-7%
Net Earnings (Loss)
$
(128.9
)
$
82.2
>-100%
$
203.5
$
428.7
-53%
Net Earnings (Loss) per Diluted
Share
$
(0.93
)
$
0.59
>-100%
$
1.46
$
3.10
-53%
Adjusted Net Earnings2
$
181.9
$
168.4
8%
$
618.1
$
723.4
-15%
Adjusted Net Earnings per Diluted
Share2
$
1.31
$
1.21
8%
$
4.45
$
5.23
-15%
EBITDA2
$
(61.4
)
$
203.9
>-100%
$
665.1
$
1,041.7
-36%
Adjusted EBITDA2
$
327.2
$
306.5
7%
$
1,173.1
$
1,310.2
-10%
1Foreign exchange had a negative $62.5
million impact, or 3%, on fourth quarter 2022 revenue and a
negative $166.3 million impact, or 3%, on full-year 2022 revenue.
2See the financial tables accompanying this press release for a
reconciliation of GAAP and non-GAAP financial measures.
Fourth quarter and full-year 2022 net earnings were impacted by
the following after-tax amounts, which are excluded from adjusted
net earnings, respectively:
- $228.3 million and $231.9 million for the quarter and full-year
2022, respectively, of asset impairments and charges related to the
Company's Blueprint 2.0 strategy focused on fewer, bigger brands.
In the fourth quarter 2022 these charges primarily relate to a
non-cash charge of $215.2 million related to a partial impairment
of POWER RANGERS due to changes in entertainment strategy and
plans; and incremental asset charges related to exiting brands,
consisting of inventory and asset write offs of $13.1 million.
- Charges of $64.6 million and $89.2 million for the fourth
quarter and full-year 2022, respectively, related to severance and
other employee charges, consultant fees and the program
transformation office associated with the Company's Operational
Excellence program.
- A full-year charge of $21.1 million related to the loss on the
sale of non-core businesses within the Entertainment segment.
- $13.9 million and $59.4 million of acquired intangible
amortization and $4.0 million and $12.9 million of
acquisition-related costs in the fourth quarter and full-year 2022,
respectively, in connection with the eOne acquisition.
Fourth Quarter and Full-Year 2022 Brand
Portfolio Performance
Brand Performance ($ Millions)
Net Revenues
Q4 2022
Q4 2021
% Change
FY 2022
FY 2021
% Change
Franchise Brands1
$
729.5
$
830.2
-12%
$
2,830.6
$
2,955.6
-4%
Partner Brands
$
276.2
$
394.3
-30%
$
1,052.0
$
1,161.0
-9%
Hasbro Gaming2
$
262.6
$
286.1
-8%
$
743.3
$
851.4
-13%
Emerging Brands
$
110.3
$
157.5
-30%
$
402.1
$
454.7
-12%
TV/Film/Entertainment
$
299.9
$
345.3
-13%
$
828.7
$
997.7
-17%
1Effective in the first quarter of 2022, the Company moved PEPPA
PIG into Franchise Brands from Emerging Brands. For comparability,
fourth quarter and full-year 2021 net revenues have been restated
to reflect the elevation of PEPPA PIG from Emerging Brands into
Franchise Brands resulting in a change of $60.9 million and $162.9
million, respectively. 2Hasbro's total gaming category, including
all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY,
totaled $581.8 million for the fourth quarter 2022, up 5% versus
the fourth quarter 2021 and $1,997.5 million, down 5% versus the
full-year 2021.
MAGIC: THE GATHERING had a record year and exceeded $1 billion
in revenue for the first time, led by strong growth in tabletop
gaming. Each tent pole set release through the first three quarters
crossed $100 million in revenue for the first time and the fourth
quarter release, The Brothers War, is on track to do so in 2023.
Warhammer 40K Universes Beyond Commander deck was reprinted three
times to meet robust player demand and Dominaria Remastered
released on January 13, 2023 and was supported by initial shipments
in the fourth quarter of 2022.
Net Revenues
$ Millions
Q4 2022
% Change
FY 2022
% Change
MAGIC: THE GATHERING
$263.20
+40%
$1,065.20
+7%
PEPPA PIG and PLAY-DOH, including the holiday feature item
PLAY-DOH Ice Cream Truck, were also strong performers in 2022.
Hasbro products for the partner brand Marvel portfolio delivered a
record year and Hasbro's product revenue for Star Wars was up
year-over-year. Despite growth in select new items, declines in
NERF, Hasbro Gaming and the transition out of select licenses
contributed to lower revenue.
Company Outlook
Reflecting on the current environment and an expected flat to
declining toy and game market in 2023, the Company's full-year 2023
guidance includes:
- Revenue down low-single digits
- Adjusted operating profit margin expansion of 50 to 70 basis
points, excluding Operational Excellence charges and other non-GAAP
items1
- Adjusted earnings per diluted share in the range of $4.45 to
$4.55
- Adjusted EBITDA approximately flat with 2022 Adjusted
EBITDA
- Operating cash flow in the range of $600 to $700 million
1The Company is not able to reconcile its forward-looking
non-GAAP adjusted operating profit margin, adjusted earnings per
diluted share 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.
Given the full-year 2022 results and its progress on
implementing Blueprint 2.0, Hasbro updated its medium and long-term
outlook with the following financial targets:
- Mid-single digit revenue CAGR through 2027
- High-single digit operating profit CAGR to achieve 20% adjusted
operating profit margin by full-year 2027
- Operating cash flow improvement with a target of $1 billion
annually by full-year 2025
- $250-$300 million annualized run-rate cost savings by year-end
2025
Targets are based off 2022 results and do not reflect the
potential sale of select entertainment assets. The Company plans to
update its outlook upon completion of this process if it results in
the sale of non-core entertainment assets.
Blueprint 2.0 & Operational Excellence
At the Company's investor day on October 4, 2022, Hasbro
unveiled its Blueprint 2.0. This new consumer-centric approach
focuses on fewer, bigger brands, expanded licensing, branded
entertainment, and driving high-margin growth in games, digital and
direct to consumer.
In support of the Blueprint 2.0, Hasbro announced an Operational
Excellence program to deliver $250-300 million in annualized
run-rate cost savings by year-end 2025. In 2022, $50 million of
run-rate cost savings was achieved with $20 million of actualized
savings. The Company remains on track to achieve $150 million in
run-rate cost savings for the full-year 2023. Expected cash costs
to implement the program are approximately $200 million, of which
$15 million was spent in 2022. A $89.2 million after-tax charge was
recorded in the full-year 2022 primarily from workforce reductions
and related fees associated with the execution of the Blueprint 2.0
strategy.
Fourth Quarter and Full-Year 2022 Major
Segment Performance
Q4 2022 Major Segments ($
Millions)
Net Revenues
Operating Profit
(Loss)
Adjusted Operating
Profit1
Q4 2022
Q4 2021
% Change
Q4 2022
Q4 2021
Q4 2022
Q4 2021
Consumer Products
$
1,004.7
$
1,355.8
-26%
$
78.4
$
140.9
$
102.1
$
140.9
Wizards of the Coast and Digital
Gaming
$
339.0
$
277.9
22%
$
104.1
$
84.7
$
104.1
$
84.7
Entertainment
$
334.8
$
379.7
-12%
$
25.1
$
(17.5
)
$
32.7
$
8.2
Q4 2022 Major Segments ($
Millions)
EBITDA
Adjusted EBITDA1
Q4 2022
Q4 2021
Q4 2022
Q4 2021
Consumer Products
$
141.8
$
173.0
$
165.7
$
182.0
Wizards of the Coast and Digital
Gaming
$
110.5
$
103.6
$
115.9
$
107.0
Entertainment
$
40.0
$
8.4
$
45.9
$
20.9
1Reconciliations are included in the attached schedules under
the heading "Reconciliation of Adjusted Operating Profit" and
“Reconciliation of EBITDA and Adjusted EBITDA.”
FY 2022 Major Segments ($
Millions)
Net Revenues
Operating Profit
(Loss)
Adjusted Operating
Profit1
FY 2022
FY 2021
% Change
FY 2022
FY 2021
FY 2022
FY 2021
Consumer Products
$
3,572.5
$
3,981.6
-10%
$
217.3
$
401.4
$
269.9
$
401.4
Wizards of the Coast and Digital
Gaming
$
1,325.1
$
1,286.6
3%
$
538.3
$
547.0
$
538.3
$
547.0
Entertainment
$
959.1
$
1,152.2
-17%
$
22.7
$
(91.8
)
$
82.6
$
102.1
FY 2022 Major Segments ($
Millions)
EBITDA
Adjusted EBITDA1
FY 2022
FY 2021
FY 2022
FY 2021
Consumer Products
$
442.7
$
532.5
$
491.2
$
565.1
Wizards of the Coast and Digital
Gaming
$
549.7
$
593.7
$
570.1
$
606.1
Entertainment
$
85.3
$
33.5
$
135.9
$
162.3
1Reconciliations are included in the attached schedules under
the heading "Reconciliation of Adjusted Operating Profit" and
“Reconciliation of EBITDA and Adjusted EBITDA.”
Full-Year 2022 Segment Commentary & 2023 Outlook
Consumer Products segment revenues decreased 10%.
- Revenue decreased 7% excluding a negative $117.5 million impact
of foreign exchange, $92.3 million of which was in Europe.
- The segment's decline in adjusted operating profit is the
result of lower revenue as well as higher allowances, close outs
and warehousing costs associated with higher inventory levels.
These items were partially offset by savings realized from the
Company’s Operational Excellence program within cost of sales and
distribution expense, as well as lower air freight, royalties,
advertising and incentive compensation expenses.
- For the full year 2023, revenue is expected to decline
mid-single digits from full-year 2022 with adjusted operating
profit margin improvement of 150 to 200 basis points from the
adjusted 7.6% in 2022.
Wizards of the Coast and Digital Gaming segment revenues
increased 3%.
- Revenues increased 5% excluding a negative $27.9 million impact
of foreign exchange.
- Tabletop gaming revenue increased 12%, more than offsetting the
23% decline in digital revenue due to fewer new digital gaming
releases in 2022 versus 2021.
- Operating profit of $538.3 million was down 2% and reflects
higher product cost, royalties due to Universes Beyond growth and
product development. These items were partially offset by lower
costs associated with the digital game Dark Alliance that released
in 2021 as well as lower incentive compensation.
- For the full year 2023, we expect mid-single digit revenue
growth. Operating profit margin is expected to be in the high 30%
range as we continue to build on the Universes Beyond franchise and
invest for long-term growth in these valuable brands.
Entertainment segment revenue decreased 17% and was down
12% excluding $65 million of music revenue associated with the
business sold in 2021.
- Revenues declined 15%, excluding a negative $21.0 million
impact of foreign exchange.
- Film & TV revenue declined 10% reflecting lower film
revenues with fewer new releases in 2022 vs. 2021 and the timing of
deliveries. TV revenues increased behind strong scripted TV
deliveries.
- Family Brands revenue declined 40% primarily due to the
delivery of My Little Pony: A New Generation film in the third
quarter 2021 which did not have a comparable film in 2022.
- Music and Other declined, including $65 million of revenues
associated with the music business sold in 2021.
- Adjusted operating profit decreased 19% on lower revenues.
These declines were partially offset by reductions in royalty,
advertising and promotion, and incentive compensation expense.
- For the full-year 2023, we expect revenue to increase
low-single digits and adjusted operating profit margin is expected
to increase slightly from 8.6% in 2022. Guidance will be updated
upon completion of the sale process of our non-core entertainment
assets.
Capital Priorities and
Dividend
During the fourth quarter, Hasbro paid $96.7 million in cash
dividends to shareholders. For the full-year 2022, the Company paid
$385.3 million in cash dividends to shareholders. The next dividend
of $0.70 per common share was previously declared and will be
payable on May 15, 2023 to shareholders of record at the close of
business on May 1, 2023.
Given the progress made toward reducing debt, the Company
repurchased 1.4 million shares of Hasbro common stock at a total
price of $125.0 million during the full-year 2022. $241.6 million
remains available in the Company's share repurchase program.
The Company continues to target Debt to EBITDA of 2.0 to 2.5
times. For 2023, progress is expected against this target. Pending
the outcome of the sale of non-core film and TV assets, the Company
anticipates prioritizing the sale proceeds toward paying down debt.
The Company remains committed to maintaining our investment grade
rating.
Conference Call Webcast
Hasbro will webcast its fourth quarter and full-year 2022
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 global branded entertainment leader whose mission is
to entertain and connect generations of fans through the wonder of
storytelling and exhilaration of play. Hasbro delivers engaging
brand experiences for global audiences through gaming, consumer
products and entertainment, with a portfolio of iconic brands
including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, Hasbro
Gaming, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as
premier partner brands.
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 corporate.hasbro.com.
© 2023 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
for growth; expectations relating to products, gaming and
entertainment; anticipated cost savings and cash costs to achieve
savings; financial targets; and anticipated financial performance
for 2023 and medium to long-term targets. 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 Blueprint 2.0
strategy, including to focus on and scale select business
initiatives and brands to drive profitability;
- our ability to design, develop, manufacture, and ship products
on a timely, cost-effective and profitable basis;
- our ability to successfully compete in the global play and
entertainment industry;
- our ability to successfully evolve and transform our business
and capabilities to successfully address the global consumer
landscape;
- 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 retail customers and
consumers, result in lower employment levels, consumer disposable
income, retailer inventories and spending, including lower spending
on purchases of our products;
- our dependence on third party relationships, including with
third party manufacturers, licensors of brands, studios, content
producers and entertainment distribution channels;
- 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;
- our ability to successfully develop and continue to execute
plans to mitigate the negative impact of the coronavirus on our
business;
- risks related to other 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 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;
- risks associated with international operations, such as
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;
- 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 products
and content we acquire and produce;
- risks relating to loss of data or security breaches;
- risks relating to investments, acquisitions and dispositions,
including the ability to realize the anticipated benefits of
acquired assets or businesses;
- fluctuations in our business due to seasonality;
- 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;
- 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 from time to
time 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 and related costs, acquired intangible
amortization, Blueprint 2.0 implementation charges; Operational
Excellence charges as well as 2021 losses on the music sale and
charges from UK tax reform. 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 (loss)
attributable to noncontrolling interests, depreciation and
amortization of intangibles. Segment EBITDA represents segment
operating profit (loss) plus other income or expense, less
depreciation and amortization of intangibles. Adjusted EBITDA also
excludes Blueprint 2.0 implementation charges, Operational
Excellence 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. The impact of changes in foreign currency
exchange rates used to translate the consolidated statements of
operations is quantified by translating the current period revenues
at the prior period exchange rates and comparing this amount to the
prior period reported revenues. The Company believes that the
presentation of the impact of changes in exchange rates, which are
beyond the Company’s control, is helpful to an investor’s
understanding of the performance of the underlying business. 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)
December 25, 2022
December 26, 2021
ASSETS
Cash and Cash Equivalents
$
513.1
$
1,019.2
Accounts Receivable, Net
1,132.4
1,500.4
Inventories
676.8
552.1
Prepaid Expenses and Other Current
Assets
676.8
656.4
Total Current Assets
2,999.1
3,728.1
Property, Plant and Equipment, Net
422.8
421.1
Goodwill
3,470.1
3,419.6
Other Intangible Assets, Net
814.6
1,172.0
Other Assets
1,589.3
1,297.0
Total Assets
$
9,295.9
$
10,037.8
LIABILITIES, NONCONTROLLING INTERESTS
AND SHAREHOLDERS' EQUITY
Short-Term Borrowings
$
142.4
$
0.8
Current Portion of Long-Term Debt
113.2
200.1
Accounts Payable and Accrued
Liabilities
1,934.1
2,255.0
Total Current Liabilities
2,189.7
2,455.9
Long-Term Debt
3,711.2
3,824.2
Other Liabilities
533.1
670.7
Total Liabilities
6,434.0
6,950.8
Redeemable Noncontrolling Interests
—
23.9
Total Shareholders' Equity
2,861.9
3,063.1
Total Liabilities, Noncontrolling
Interests and Shareholders' Equity
$
9,295.9
$
10,037.8
HASBRO, INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(Millions of Dollars and Shares Except Per
Share Data)
Quarter Ended
Year Ended
December 25, 2022
% Net Revenues
December 26, 2021
% Net Revenues
December 25, 2022
% Net Revenues
December 26, 2021
% Net Revenues
Net Revenues
$
1,678.5
100.0
%
$
2,013.4
100.0
%
$
5,856.7
100.0
%
$
6,420.4
100.0
%
Costs and Expenses:
Cost of Sales
580.6
34.6
%
683.1
33.9
%
1,911.8
32.6
%
1,927.5
30.0
%
Program Cost Amortization
189.8
11.3
%
232.5
11.5
%
555.5
9.5
%
628.6
9.8
%
Royalties
157.7
9.4
%
228.2
11.3
%
493.0
8.4
%
620.4
9.7
%
Product Development
76.7
4.6
%
86.6
4.3
%
307.9
5.3
%
315.7
4.9
%
Advertising
110.3
6.6
%
150.0
7.5
%
387.3
6.6
%
506.6
7.9
%
Amortization of Intangibles
24.1
1.4
%
26.5
1.3
%
105.3
1.8
%
116.8
1.8
%
Selling, Distribution and
Administration
666.0
39.7
%
428.0
21.3
%
1,666.1
28.4
%
1,432.7
22.3
%
Loss on Disposal of Business
(1.0
)
-0.1
%
7.0
0.3
%
22.1
0.4
%
108.8
1.7
%
Operating Profit (Loss)
(125.7
)
-7.5
%
171.5
8.5
%
407.7
7.0
%
763.3
11.9
%
Interest Expense
45.8
2.7
%
42.4
2.1
%
171.0
2.9
%
179.7
2.8
%
Other Expense (Income), Net
(7.3
)
-0.4
%
41.2
2.0
%
(24.8
)
-0.4
%
1.7
0.0
%
Earnings before Income Taxes
(164.2
)
-9.8
%
87.9
4.4
%
261.5
4.5
%
581.9
9.1
%
Income Tax Expense (Benefit)
(35.6
)
-2.1
%
3.1
0.2
%
58.5
1.0
%
146.6
2.3
%
Net Earnings (Loss)
(128.6
)
-7.7
%
84.8
4.2
%
203.0
3.5
%
435.3
6.8
%
Net Earnings (Loss) Attributable to
Noncontrolling Interests
0.3
0.0
%
2.6
0.1
%
(0.5
)
0.0
%
6.6
0.1
%
Net Earnings Attributable to Hasbro,
Inc.
$
(128.9
)
-7.7
%
$
82.2
4.1
%
$
203.5
3.5
%
$
428.7
6.7
%
Per Common Share
Net Earnings (Loss)
Basic
$
(0.93
)
$
0.59
$
1.47
$
3.11
Diluted
$
(0.93
)
$
0.59
$
1.46
$
3.10
Cash Dividends Declared
$
0.70
$
0.68
$
2.80
$
2.72
Weighted Average Number of Shares
Basic
138.3
138.3
138.7
138.0
Diluted
138.5
138.7
138.9
138.4
HASBRO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(Unaudited)
(Millions of Dollars)
Year Ended
December 25, 2022
December 26, 2021
Cash Flows from Operating Activities:
Net Earnings
$
203.0
$
435.3
Other Non-Cash Adjustments
1,047.7
1,203.8
Changes in Operating Assets and
Liabilities
(877.8
)
(821.2
)
Net Cash Provided by Operating
Activities
372.9
817.9
Cash Flows from Investing Activities:
Additions to Property, Plant and
Equipment
(174.2
)
(132.7
)
Investments and Acquisitions
(146.3
)
—
Proceeds from Sale of Business, Net of
Cash
—
378.5
Other
7.5
(3.8
)
Net Cash (Utilized) Provided by Investing
Activities
(313.0
)
242.0
Cash Flows from Financing Activities:
Proceeds from Long-Term Debt
3.8
144.0
Repayments of Long-Term Debt
(206.0
)
(1,220.1
)
Net Proceeds (Repayments) from Short-Term
Borrowings
141.7
(5.6
)
Purchases of Common Stock
(125.0
)
—
Stock-Based Compensation Transactions
74.2
30.6
Dividends Paid
(385.3
)
(374.5
)
Payments Related to Tax Withholding for
Share-Based Compensation
(24.0
)
(13.7
)
Debt Extinguishment Costs
—
(9.1
)
Other
(32.7
)
(11.4
)
Net Cash Utilized by Financing
Activities
(553.3
)
(1,459.8
)
Effect of Exchange Rate Changes on
Cash
(12.7
)
(30.6
)
Net Decrease in Cash and Cash
Equivalents
(506.1
)
(430.5
)
Cash and Cash Equivalents at Beginning of
Year
1,019.2
1,449.7
Cash and Cash Equivalents at End of
Year
$
513.1
$
1,019.2
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
SEGMENT RESULTS - AS REPORTED AND AS
ADJUSTED
(Unaudited)
(Millions of Dollars)
Operating
Results
Quarter Ended December 25,
2022
Quarter Ended December 26,
2021
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company
Results
External Net Revenues (1)
$
1,678.5
$
—
$
1,678.5
$
2,013.4
$
—
$
2,013.4
-17
%
Operating Profit (Loss)
(125.7
)
394.9
269.2
171.5
48.4
219.9
22
%
Operating Margin
-7.5
%
23.5
%
16.0
%
8.5
%
2.4
%
10.9
%
EBITDA
(61.4
)
388.6
327.2
203.9
102.6
306.5
7
%
Segment
Results
Consumer
Products:
External Net Revenues (2)
$
1,004.7
$
—
$
1,004.7
$
1,355.8
$
—
$
1,355.8
-26
%
Operating Profit
78.4
23.7
102.1
140.9
—
140.9
-28
%
Operating Margin
7.8
%
2.4
%
10.2
%
10.4
%
—
10.4
%
EBITDA
141.8
23.9
165.7
173.0
9.0
182.0
-9
%
Wizards of the Coast
and Digital Gaming:
External Net Revenues (3)
$
339.0
$
—
$
339.0
$
277.9
$
—
$
277.9
22
%
Operating Profit
104.1
—
104.1
84.7
—
84.7
23
%
Operating Margin
30.7
%
—
30.7
%
30.5
%
—
30.5
%
EBITDA
110.5
5.4
115.9
103.6
3.4
107.0
8
%
Entertainment:
External Net Revenues (4)
$
334.8
$
—
$
334.8
$
379.7
$
—
$
379.7
-12
%
Operating (Loss) Profit
25.1
7.6
32.7
(17.5
)
25.7
8.2
>100%
Operating Margin
7.5
%
2.3
%
9.8
%
-4.6
%
6.8
%
2.2
%
EBITDA
40.0
5.9
45.9
8.4
12.5
20.9
>100%
Corporate and
Other:
Operating (Loss) Profit
$
(333.3
)
$
363.6
$
30.3
$
(36.6
)
$
22.7
$
(13.9
)
>100%
EBITDA
(353.7
)
353.4
(0.3
)
(81.1
)
77.7
(3.4
)
91
%
Quarter Ended
December 25, 2022
December 26, 2021
% Change
(1)
Net Revenues by Brand
Portfolio
Franchise Brands (i)
$
729.5
$
830.2
-12
%
Partner Brands
276.2
394.3
-30
%
Hasbro Gaming (ii)
262.6
286.1
-8
%
Emerging Brands (i)
110.3
157.5
-30
%
TV/Film/Entertainment
299.9
345.3
-13
%
Total
$
1,678.5
$
2,013.4
(i) Effective in the first quarter of
2022, the Company moved PEPPA PIG into Franchise Brands from
Emerging Brands. For comparability, the quarter ended December 26,
2021 net revenues have been restated to reflect the elevation of
PEPPA PIG from Emerging Brands into Franchise Brands resulting in a
change of $60.9.
(ii) Hasbro's total gaming category,
including all gaming revenue, most notably MAGIC: THE GATHERING and
MONOPOLY, totaled $581.8 for the quarter ended December 25, 2022,
up 5% from revenues of $555.6 for the quarter ended December 26,
2021.
Quarter Ended
December 25, 2022
December 26, 2021
% Change
(2)
Consumer Products Segment Net Revenues by
Major Geographic Region
North America
$
533.0
$
756.8
-30
%
Europe
289.1
398.5
-27
%
Asia Pacific
91.8
101.4
-9
%
Latin America
90.8
99.1
-8
%
Total
$
1,004.7
$
1,355.8
Quarter Ended
December 25, 2022
December 26, 2021
% Change
(3)
Wizards of the Coast and Digital Gaming Net
Revenues by Category
Tabletop Gaming
$
266.7
$
190.5
40
%
Digital and Licensed Gaming
72.3
87.4
-17
%
Total
$
339.0
$
277.9
Quarter Ended
December 25, 2022
December 26, 2021
% Change
(4)
Entertainment Segment Net Revenues by
Category
Film and TV
$
310.6
$
346.4
-10
%
Family Brands
19.8
27.5
-28
%
Music and Other
4.4
5.8
-24
%
Total
$
334.8
$
379.7
Operating
Results
Year Ended December 25,
2022
Year Ended December 26,
2021
As Reported
Non-GAAP Adjustments
Adjusted
As Reported
Non-GAAP Adjustments
Adjusted
% Change
Total Company
Results
External Net Revenues (5)
$
5,856.7
$
—
$
5,856.7
$
6,420.4
$
—
$
6,420.4
-9
%
Operating Profit
407.7
514.8
922.5
763.3
231.9
995.2
-7
%
Operating Margin
7.0
%
8.8
%
15.8
%
11.9
%
3.6
%
15.5
%
EBITDA
665.1
508.0
1,173.1
1,041.7
268.5
1,310.2
-10
%
Segment
Results
Consumer
Products:
External Net Revenues (6)
$
3,572.5
$
—
$
3,572.5
$
3,981.6
$
—
$
3,981.6
-10
%
Operating Profit
217.3
52.6
269.9
401.4
—
401.4
-33
%
Operating Margin
6.1
%
1.5
%
7.6
%
10.1
%
—
10.1
%
EBITDA
442.7
48.5
491.2
532.5
32.6
565.1
-13
%
Wizards of the Coast
and Digital Gaming:
External Net Revenues (7)
$
1,325.1
$
—
$
1,325.1
$
1,286.6
$
—
$
1,286.6
3
%
Operating Profit
538.3
—
538.3
547.0
—
547.0
-2
%
Operating Margin
40.6
%
—
40.6
%
42.5
%
—
42.5
%
EBITDA
549.7
20.4
570.1
593.7
12.4
606.1
-6
%
Entertainment:
External Net Revenues (8)
$
959.1
$
—
$
959.1
$
1,152.2
$
—
$
1,152.2
-17
%
Operating (Loss) Profit
22.7
59.9
82.6
(91.8
)
193.9
102.1
-19
%
Operating Margin
2.4
%
6.2
%
8.6
%
-8.0
%
16.8
%
8.9
%
EBITDA
85.3
50.6
135.9
33.5
128.8
162.3
-16
%
Corporate and
Other:
Operating (Loss) Profit
$
(370.6
)
$
402.3
$
31.7
$
(93.3
)
$
38.0
$
(55.3
)
>100%
EBITDA
(412.6
)
388.5
(24.1
)
(118.0
)
94.7
(23.3
)
-3
%
Year Ended
December 25, 2022
December 26, 2021
% Change
(5)
Net Revenues by Brand
Portfolio
Franchise Brands (i)
$
2,830.6
$
2,955.6
-4
%
Partner Brands
1,052.0
1,161.0
-9
%
Hasbro Gaming (ii)
743.3
851.4
-13
%
Emerging Brands (i)
402.1
454.7
-12
%
TV/Film/Entertainment
828.7
997.7
-17
%
Total
$
5,856.7
$
6,420.4
(i) Effective in the first quarter of
2022, the Company moved PEPPA PIG into Franchise Brands from
Emerging Brands. For comparability, the year ended December 26,
2021 net revenues have been restated to reflect the elevation of
PEPPA PIG from Emerging Brands into Franchise Brands resulting in a
change of $162.9.
(ii) Hasbro's total gaming category,
including all gaming revenue, most notably MAGIC: THE GATHERING and
MONOPOLY, totaled $1,997.5 for the year ended December 25, 2022,
down 5% from revenues of $2,098.9 for the year ended December 26,
2021.
Year Ended
December 25, 2022
December 26, 2021
% Change
(6)
Consumer Products Segment Net Revenues by
Major Geographic Region
North America
$
2,064.8
$
2,315.9
-11
%
Europe
899.5
1,067.7
-16
%
Asia Pacific
293.4
310.1
-5
%
Latin America
314.8
287.9
9
%
Total
$
3,572.5
$
3,981.6
Year Ended
December 25, 2022
December 26, 2021
% Change
(7)
Wizards of the Coast and Digital Gaming Net
Revenues by Category
Tabletop Gaming
$
1,067.0
$
950.6
12
%
Digital and Licensed Gaming
258.1
336.0
-23
%
Total
$
1,325.1
$
1,286.6
Year Ended
December 25, 2022
December 26, 2021
% Change
(8)
Entertainment Segment Net Revenues by
Category
Film and TV
$
837.6
$
932.5
-10
%
Family Brands
79.4
132.9
-40
%
Music and Other
42.1
86.8
-51
%
Total
$
959.1
$
1,152.2
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of Adjusted Operating
Profit
Quarter Ended
Year Ended
December 25, 2022
December 26, 2021
December 25, 2022
December 26, 2021
Operating Profit (Loss)
$
(125.7
)
$
171.5
$
407.7
$
763.3
Consumer Products
78.4
140.9
217.3
401.4
Wizards of the Coast and Digital
Gaming
104.1
84.7
538.3
547.0
Entertainment
25.1
(17.5
)
22.7
(91.8
)
Corporate and Other
(333.3
)
(36.6
)
(370.6
)
(93.3
)
Non-GAAP Adjustments (1)
$
394.9
$
48.4
$
514.8
$
231.9
Consumer Products
23.7
—
52.6
—
Entertainment
7.6
25.7
59.9
193.9
Corporate and Other
363.6
22.7
402.3
38.0
Adjusted Operating Profit
(Loss)
$
269.2
$
219.9
$
922.5
$
995.2
Consumer Products
102.1
140.9
269.9
401.4
Wizards of the Coast and Digital
Gaming
104.1
84.7
538.3
547.0
Entertainment
32.7
8.2
82.6
102.1
Corporate and Other
30.3
(13.9
)
31.7
(55.3
)
(1) Non-GAAP Adjustments include the
following:
Acquisition-related costs (i)
$
4.5
$
1.9
$
14.6
$
7.7
Acquired intangible amortization (ii)
16.9
18.6
71.4
85.0
Loss on disposal of eOne music (iii)
—
7.0
—
118.3
Stock acceleration (iv)
—
20.9
—
20.9
Blueprint 2.0 implementation charges
(v)
Loss on disposal of non-core businesses
(a)
(1.0
)
—
22.1
—
Impairment of assets (b)
296.6
—
300.3
—
Operational Excellence charges (vi)
Severance and other employee charges
(c)
72.8
—
94.1
—
Transformation office and consultant fees
(c)
5.1
—
12.3
—
Total
$
394.9
$
48.4
$
514.8
$
231.9
(i) In association with the Company's acquisition of eOne, the
Company incurred stock compensation expenses of $4.5 ($4.0
after-tax) and $14.6 ($12.9 after-tax) in the quarter and year
ended December 25, 2022, respectively, and $1.9 ($1.6 after-tax)
and $7.7 ($6.6 after-tax) in the quarter and year ended December
26, 2021, respectively. The expense is included within Selling,
Distribution and Administration. (ii) Represents intangible
amortization costs related to the intangible assets acquired in the
eOne acquisition. Beginning in 2022, 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. In 2021, the intangible amortization
costs were recorded within the Entertainment segment. (iii)
On April 25, 2021, the Company entered into a definitive agreement
to sell the eOne music business for an aggregate sales price of
$385.0, subject to certain closing adjustments related to working
capital and net debt. As such, the assets and liabilities of eOne
music were revalued in the second quarter of 2021 and disclosed
separately on the balance sheet. In the quarter ended December 26,
2021, the Company finalized the closing working capital adjustment,
which resulted in an additional loss of $7.0. The total charge of
$118.3 is comprised of a goodwill impairment loss of $108.8
(included within Loss on Disposal of Business) and transaction
costs of $9.5 (included within Selling, Distribution and
Administration). The after-tax combined charge is $116.1 for the
year ended December 26, 2021. (iv) In the quarter and year
ended December 26, 2021, the Company incurred $20.9 of stock
compensation expense associated with the accelerated vesting of
certain equity awards as a result of the passing of its former CEO.
(v) 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. Charges of
$295.6 ($228.3 after-tax) and $322.4 ($253.1 after-tax) for the
quarter and year ended December 25, 2022, respectively, have been
recognized as the Company implements the new strategy, consisting
of:
(a) Loss on disposal of non-core
businesses for the year ended December 25, 2022 of $22.1 ($21.1
after-tax) related to the exit of non-core businesses within the
Entertainment segment. In the quarter ended December 25, 2022, the
Company completed the sale process, which resulted in a reduction
of the loss of $1.0 ($0.1 after-tax). The year to date charge is
comprised of a goodwill impairment loss of $11.8 and asset
impairments of $10.3 (included within Loss on Disposal of
Business).
(b) Assets impairments and charges of
$296.6 ($228.4 after-tax) and $300.3 ($232.0 after-tax) for the
quarter and year ended December 25, 2022, respectively, related to
charges incurred as a result of the Company's focused investment
strategy on fewer, bigger brands. In the fourth quarter of 2022,
the Company incurred a $281.3 impairment within the Corporate and
Other segment, of which, $281.0 related to a partial impairment of
the Company's definite-lived intangible, Power Rangers, in Selling,
Distribution and Administration; and incurred incremental asset
charges related to product cancellations, consisting of inventory
and asset write offs of $14.9 in Cost of Sales within the Consumer
Products segment. Within the Entertainment segment, the company
incurred strategy related asset impairments of certain discontinued
projects of $0.4 and $4.1 within Program Cost Amortization for the
quarter and year ended December 25, 2022, respectively.
(vi) In support of Blueprint 2.0, Hasbro announced an
Operational Excellence program to deliver significant annualized
savings. Charges of $77.9 ($64.6 after-tax) and $106.4 ($89.2
after-tax) for the quarter and year ended December 25, 2022,
respectively, relating to this program have been recognized,
consisting of:
(c) Severance and other employee charges
of $72.8 and $94.1 for the quarter and year ended December 25,
2022, respectively, associated with cost-savings initiatives across
the Company and program related transformation office and
consultant fees of $5.1 and $12.3 for the quarter and year ended
December 25, 2022, respectively, are included within Selling,
Distribution and Administration within the Corporate and Other
segment.
HASBRO, INC.
SUPPLEMENTAL FINANCIAL DATA
RECONCILIATION OF NON-GAAP FINANCIAL
MEASURES
(Unaudited)
(Millions of Dollars)
Reconciliation of
EBITDA and Adjusted EBITDA
Quarter Ended
Year Ended
December 25, 2022
December 26, 2021
December 25, 2022
December 26, 2021
Net Earnings (Loss) Attributable to
Hasbro, Inc.
$
(128.9
)
$
82.2
$
203.5
$
428.7
Interest Expense
45.8
42.4
171.0
179.7
Income Tax Expense (Benefit)
(35.6
)
3.1
58.5
146.6
Net Earnings (Loss) Attributable to
Noncontrolling Interests
0.3
2.6
(0.5
)
6.6
Depreciation
32.9
47.1
127.3
163.3
Amortization of Intangibles
24.1
26.5
105.3
116.8
EBITDA
$
(61.4
)
$
203.9
$
665.1
$
1,041.7
Non-GAAP Adjustments and Stock
Compensation (1)
388.6
102.6
508.0
268.5
Adjusted EBITDA
$
327.2
$
306.5
$
1,173.1
$
1,310.2
(1) Non-GAAP Adjustments and Stock
Compensation are comprised of the following:
Stock compensation
$
15.1
$
41.6
$
79.2
$
96.2
Loss on disposal of business and related
costs
—
7.0
—
118.3
Blueprint 2.0 implementation charges
(i)
295.6
—
322.4
—
Operational Excellence charges
77.9
—
106.4
—
Net loss on Discovery investment (ii)
—
54.0
—
54.0
Total
$
388.6
$
102.6
$
508.0
$
268.5
(i) Blueprint 2.0 implementation charges
includes a partial impairment of the Company's definite-lived
intangible, Power Rangers, of $281.0 (215.2 net of taxes).
(ii) The Company owns a 40% interest in a
joint venture, Discovery Family Channel, with Discovery
Communications, Inc. In the fourth quarter of 2021, the Company
recorded an impairment of $74.1. This resulted in a reduction to
the Discovery Option Liability of $20.1. Net loss of $54.0 million
($41.3 net of taxes).
Adjusted EBITDA by Segment:
Consumer Products
$
165.7
$
182.0
$
491.2
$
565.1
Wizards of the Coast and Digital
Gaming
115.9
107.0
570.1
606.1
Entertainment
45.9
20.9
135.9
162.3
Corporate and Other
(0.3
)
(3.4
)
(24.1
)
(23.3
)
Total Adjusted EBITDA
$
327.2
$
306.5
$
1,173.1
$
1,310.2
Consumer Products:
Operating Profit
$
78.4
$
140.9
$
217.3
$
401.4
Other Income
27.2
5.3
72.9
18.7
Depreciation
19.8
19.0
84.3
81.2
Amortization of Intangibles
16.4
7.8
68.2
31.2
EBITDA
$
141.8
$
173.0
$
442.7
$
532.5
Non-GAAP Adjustments and Stock
Compensation
23.9
9.0
48.5
32.6
Adjusted EBITDA
$
165.7
$
182.0
$
491.2
$
565.1
Wizards of the Coast and Digital
Gaming:
Operating Profit
$
104.1
$
84.7
$
538.3
$
547.0
Other (Expense) Income
1.3
(0.6
)
(3.2
)
(1.8
)
Depreciation
3.2
19.5
9.9
48.5
Amortization of Intangibles
1.9
—
4.7
—
EBITDA
$
110.5
$
103.6
$
549.7
$
593.7
Non-GAAP Adjustments and Stock
Compensation
5.4
3.4
20.4
12.4
Adjusted EBITDA
$
115.9
$
107.0
$
570.1
$
606.1
Entertainment:
Operating Profit (Loss)
$
25.1
$
(17.5
)
$
22.7
$
(91.8
)
Other Income
4.7
4.2
18.8
28.7
Depreciation
2.2
2.9
9.6
10.7
Amortization of Intangibles
8.0
18.8
34.2
85.9
EBITDA
$
40.0
$
8.4
$
85.3
$
33.5
Non-GAAP Adjustments and Stock
Compensation
5.9
12.5
50.6
128.8
Adjusted EBITDA
$
45.9
$
20.9
$
135.9
$
162.3
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)
December 25, 2022
Diluted Per Share
Amount
December 26, 2021
Diluted Per Share
Amount
Net Earnings (Loss) Attributable to
Hasbro, Inc.
$
(128.9
)
$
(0.93
)
$
82.2
$
0.59
Acquisition and related costs
4.0
0.03
1.6
0.01
Acquired intangible amortization
13.9
0.10
15.4
0.11
Loss on disposal of business and related
costs
—
—
7.0
0.05
Blueprint 2.0 implementation charges
(1)
228.3
1.64
—
—
Operational Excellence charges
64.6
0.47
—
—
Stock acceleration
—
—
20.9
0.15
Net loss on Discovery investment
—
—
41.3
0.30
Net Earnings Attributable to Hasbro, Inc.,
as Adjusted
$
181.9
$
1.31
$
168.4
$
1.21
Year Ended
(all adjustments reported after-tax)
December 25, 2022
Diluted Per Share
Amount
December 26, 2021
Diluted Per Share
Amount
Net Earnings Attributable to Hasbro,
Inc.
$
203.5
$
1.46
$
428.7
$
3.10
Acquisition and related costs
12.9
0.09
6.6
0.05
Acquired intangible amortization
59.4
0.43
70.4
0.51
Loss on disposal of business and related
costs
—
—
116.1
0.84
Blueprint 2.0 implementation charges
(1)
253.1
1.82
—
—
Operational Excellence charges
89.2
0.64
—
—
UK Tax Reform (2)
—
—
39.4
0.28
Stock acceleration
—
—
20.9
0.15
Net loss on Discovery investment
—
—
41.3
0.30
Net Earnings Attributable to Hasbro, Inc.,
as Adjusted
$
618.1
$
4.45
$
723.4
$
5.23
(1) Blueprint 2.0 implementation charges includes a partial
impairment of the Company's definite-lived intangible, Power
Rangers, of $215.2. (2) In the second quarter of 2021, the Company
recorded income tax expense of $39.4 as a result of the revaluation
of the Company's UK deferred taxes in accordance with Finance Act
2021 enacted by the United Kingdom on June 10, 2021. Effective
April 1, 2023, the new law increases the corporate income tax rate
to 25% from 19%.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230215005525/en/
Investors: Debbie Hancock | Hasbro, Inc. | (401) 727-5401 |
debbie.hancock@hasbro.com Media: Allison McEneaney | Hasbro, Inc. |
(917)-957-2421 | allison.mceneaney@hasbro.com
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