Hasbro Reports Fourth Quarter and Full Year 2024 Financial Results
Company Reports Improved Profitability and Earnings Growth
Issues 2025 Guidance and Declares Quarterly Dividend
Pawtucket, RI — Hasbro reported financial results for the fourth quarter and full year 2024.“The Hasbro team delivered our 2024 plan, significantly improved profitability and strengthened the balance sheet while continuing to invest in the business and return cash to shareholders,” said Gina Goetter, Hasbro’s Chief Financial Officer and Chief Operating Officer. “We are optimistic about growth opportunities in 2025 and beyond as we execute our strategy behind a powerful portfolio of brands.”
Full Year 2024 Highlights
- Full year Hasbro revenue declined 17% driven primarily by the eOne divestiture; excluding this impact, revenue declined 7%. Growth of 4% in the Wizards of the Coast and Digital Gaming segment was offset by declines in Consumer Products (-12%) and Entertainment (-88%, or -4%) excluding the eOne divestiture).
- Operating profit of $690 million and operating margin of 16.7% includes $149 million of costs for acquired intangible amortization, loss on disposal of business, and costs associated with the Company’s transformation.
- Adjusted operating profit of $839 million (+$362 million vs. PY) and adjusted operating margin of 20.3% (+10.8 points vs. PY), driven by the lap of 2023 non-recurring inventory costs, favorable business mix and cost savings.
- Reported net earnings of $2.75 per diluted share; adjusted net earnings of $4.01 per diluted share benefiting from improved operations, business mix and tax favorability.
- Delivered $370 million of gross cost savings and $227 million of net cost savings; Hasbro owned inventory down 17% versus prior year.
- Paid $390 million in cash dividends to shareholders and reduced debt by $83 million.
- Operating cash flow of $847 million vs. $726 million in the prior year driven by improved profitability and working capital.
Full Year 2024 Segment Details
Wizards of the Coast and Digital Gaming Segment
- Revenue increase of 4% driven by strength in Licensed and Digital Gaming.
- MAGIC: THE GATHERING revenues decreased -1% due to the lap of the Lord of the Rings set.
- Digital and Licensed Gaming increased 22% with Monopoly Go! contributing $112 million for the full year 2024.
- Operating profit increased 20% and operating margin of 41.8% was 5.7 points higher than last year due to digital licensing revenue mix, productivity gains and lower royalty expense.
Consumer Products Segment
- Revenue decrease of -12% driven by softer volume, exited brands and reduced closeouts, offsetting growth in licensed consumer products.
- Operating margin of 4.5% and adjusted operating margin of 6.0% driven by lapping Q4 2023 non-recurring inventory costs, cost savings and supply chain productivity.
Entertainment Segment
- Revenue decline of 88% impacted by the eOne divestiture; absent this impact, revenue decreased 4% driven by the timing of the delivery of deals.
- Operating margin of -2.0% and adjusted operating margin of 61.4%.
See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.
Fourth Quarter 2024 Highlights
- Fourth quarter Hasbro, Inc. revenue declined 15%; excluding the eOne divestiture, revenue declined 3%. Wizards of the Coast and Digital Gaming segment declined 7% due to the lap of The Lord of the Rings holiday set and Consumer Products declined 1% behind reduced volume, partially offset by growth in licensed consumer products.
- Operating profit of $60 million and operating margin of 5.4% includes $53 million of costs for acquired intangible amortization, loss on disposal of business and costs associated with the Company’s transformation.
- Adjusted operating profit of $113 million ($163 million vs. PY) and adjusted operating margin of 10.2% (+14.1 points vs. PY), driven by lap of Q4 2023 non-recurring items, favorable business mix and supply chain productivity.
- Reported net loss of $0.25 per share; adjusted net earnings of $0.46 per diluted share benefiting from favorable business mix and improved profitability.
2025 Company Outlook1
For the full year, the Company expects:
- Total Hasbro revenue up slightly in constant currency.
- Adjusted operating margin of 21%-22%.
- Adjusted EBITDA of $1.1 billion to $1.15 billion.
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.
Details on Hasbro’s Playing to Win strategy and medium-term objectives can be found in the press release issued this morning, Hasbro Unveils New Strategy-Playing to Win.
Dividend Announcement
The Board of Directors has declared a quarterly cash dividend of $0.70 per common share payable on March 12, 2025, to shareholders of record at the close of business on March 3, 2025.
1Our guidance includes the anticipated impact of US tariffs on imports from China and potential tariffs on Mexico and Canada imports as announced on February 1, 2025, and reflects mitigating actions we plan to take including leveraging the strength of our supply chain and potential pricing. It does not reflect any further tariff actions by the US or other countries after February 1, 2025, as the impacts of such actions remain uncertain.
Adjusted operating margin, adjusted EBITDA and constant currency are non-GAAP financial measures, for more information, see below under the heading Non-GAAP Financial Measures.
(Tables Attached)
|
HASBRO, INC. |
|||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS (1) |
|||||
|
(Unaudited) |
|||||
|
(Millions of Dollars) |
|||||
|
|
December 29, 2024 |
|
December 31, 2023 |
||
|
ASSETS |
|
|
|
||
|
Cash and Cash Equivalents |
$ |
695.0 |
|
$ |
545.4 |
|
Accounts Receivable, Net |
|
919.8 |
|
|
1,029.3 |
|
Inventories |
|
274.2 |
|
|
332.0 |
|
Prepaid Expenses and Other Current Assets |
|
353.5 |
|
|
416.9 |
|
Total Current Assets |
|
2,242.5 |
|
|
2,323.6 |
|
Property, Plant and Equipment, Net |
|
302.6 |
|
|
334.3 |
|
Goodwill |
|
2,278.2 |
|
|
2,279.2 |
|
Other Intangible Assets, Net |
|
518.4 |
|
|
587.5 |
|
Other Assets |
|
998.6 |
|
|
1,016.3 |
|
Total Assets |
$ |
6,340.3 |
|
$ |
6,540.9 |
|
|
|
|
|
||
|
|
|
|
|
||
|
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY |
|||||
|
Current Portion of Long-Term Debt |
$ |
— |
|
$ |
500.0 |
|
Accounts Payable and Accrued Liabilities |
|
1,401.3 |
|
|
1,556.4 |
|
Total Current Liabilities |
|
1,401.3 |
|
|
2,056.4 |
|
Long-Term Debt |
|
3,380.8 |
|
|
2,965.8 |
|
Other Liabilities |
|
373.2 |
|
|
431.7 |
|
Total Liabilities |
|
5,155.3 |
|
|
5,453.9 |
|
Total Shareholders’ Equity |
|
1,185.0 |
|
|
1,087.0 |
|
Total Liabilities, Noncontrolling Interests and Shareholders’ Equity |
$ |
6,340.3 |
|
$ |
6,540.9 |
|
(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 |
|
Year Ended |
||||||||||||||||||||||||
|
|
|
December 29, 2024 |
|
December 31, 2023 |
|
December 29, 2024 |
|
December 31, 2023 |
||||||||||||||||||||
|
|
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
|
Amount |
|
% of Net Revenues |
||||||||||||
|
Net revenues |
|
$ |
1,101.6 |
|
|
100.0 |
% |
|
$ |
1,288.9 |
|
|
100.0 |
% |
|
$ |
4,135.5 |
|
|
100.0 |
% |
|
$ |
5,003.3 |
|
|
100.0 |
% |
|
Costs and expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of sales |
|
|
358.7 |
|
|
32.6 |
% |
|
|
574.0 |
|
|
44.5 |
% |
|
|
1,179.5 |
|
|
28.5 |
% |
|
|
1,706.0 |
|
|
34.1 |
% |
|
Program cost amortization |
|
|
24.8 |
|
|
2.3 |
% |
|
|
123.6 |
|
|
9.6 |
% |
|
|
49.3 |
|
|
1.2 |
% |
|
|
448.9 |
|
|
9.0 |
% |
|
Royalties |
|
|
80.0 |
|
|
7.3 |
% |
|
|
132.5 |
|
|
10.3 |
% |
|
|
284.2 |
|
|
6.9 |
% |
|
|
428.3 |
|
|
8.6 |
% |
|
Product development |
|
|
81.9 |
|
|
7.4 |
% |
|
|
74.5 |
|
|
5.8 |
% |
|
|
294.1 |
|
|
7.1 |
% |
|
|
306.9 |
|
|
6.1 |
% |
|
Advertising |
|
|
105.7 |
|
|
9.6 |
% |
|
|
108.6 |
|
|
8.4 |
% |
|
|
319.5 |
|
|
7.7 |
% |
|
|
358.4 |
|
|
7.2 |
% |
|
Amortization of intangible assets |
|
|
17.1 |
|
|
1.6 |
% |
|
|
17.9 |
|
|
1.4 |
% |
|
|
68.3 |
|
|
1.7 |
% |
|
|
83.0 |
|
|
1.7 |
% |
|
Impairment of goodwill |
|
|
— |
|
|
0.0 |
% |
|
|
960.0 |
|
|
74.5 |
% |
|
|
— |
|
|
0.0 |
% |
|
|
1,191.2 |
|
|
23.8 |
% |
|
Loss on disposal of business |
|
|
13.0 |
|
|
1.2 |
% |
|
|
66.0 |
|
|
5.1 |
% |
|
|
37.4 |
|
|
0.9 |
% |
|
|
539.0 |
|
|
10.8 |
% |
|
Selling, distribution and administration |
|
|
360.6 |
|
|
32.7 |
% |
|
|
430.4 |
|
|
33.4 |
% |
|
|
1,213.2 |
|
|
29.3 |
% |
|
|
1,480.4 |
|
|
29.6 |
% |
|
Total costs and expenses |
|
|
1,041.8 |
|
|
94.6 |
% |
|
|
2,487.5 |
|
|
>100% |
|
|
3,445.5 |
|
|
83.3 |
% |
|
|
6,542.1 |
|
|
>100% |
||
|
Operating profit (loss) |
|
|
59.8 |
|
|
5.4 |
% |
|
|
(1,198.6 |
) |
|
-93.0 |
% |
|
|
690.0 |
|
|
16.7 |
% |
|
|
(1,538.8 |
) |
|
-30.8 |
% |
|
Non-operating (income) expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest expense |
|
|
43.5 |
|
|
3.9 |
% |
|
|
46.3 |
|
|
3.6 |
% |
|
|
171.2 |
|
|
4.1 |
% |
|
|
186.3 |
|
|
3.7 |
% |
|
Interest income |
|
|
(11.3 |
) |
|
-1.0 |
% |
|
|
(7.4 |
) |
|
-0.6 |
% |
|
|
(47.3 |
) |
|
-1.1 |
% |
|
|
(23.0 |
) |
|
-0.5 |
% |
|
Other (Income) expense, net |
|
|
84.8 |
|
|
7.7 |
% |
|
|
7.7 |
|
|
0.6 |
% |
|
|
69.1 |
|
|
1.7 |
% |
|
|
7.0 |
|
|
0.1 |
% |
|
Total non-operating expense, net |
|
|
117.0 |
|
|
10.6 |
% |
|
|
46.6 |
|
|
3.6 |
% |
|
|
193.0 |
|
|
4.7 |
% |
|
|
170.3 |
|
|
3.4 |
% |
|
Earnings (loss) before income taxes |
|
|
(57.2 |
) |
|
-5.2 |
% |
|
|
(1,245.2 |
) |
|
-96.6 |
% |
|
|
497.0 |
|
|
12.0 |
% |
|
|
(1,709.1 |
) |
|
-34.2 |
% |
|
Income tax expense (benefit) |
|
|
(30.7 |
) |
|
-2.8 |
% |
|
|
(184.4 |
) |
|
-14.3 |
% |
|
|
102.6 |
|
|
2.5 |
% |
|
|
(221.3 |
) |
|
-4.4 |
% |
|
Net earnings (loss) |
|
|
(26.5 |
) |
|
-2.4 |
% |
|
|
(1,060.8 |
) |
|
-82.3 |
% |
|
|
394.4 |
|
|
9.5 |
% |
|
|
(1,487.8 |
) |
|
-29.7 |
% |
|
Net earnings attributable to noncontrolling interests |
|
|
7.8 |
|
|
0.7 |
% |
|
|
0.3 |
|
|
0.0 |
% |
|
|
8.8 |
|
|
0.2 |
% |
|
|
1.5 |
|
|
0.0 |
% |
|
Net earnings (loss) attributable to Hasbro, Inc. |
|
$ |
(34.3 |
) |
|
-3.1 |
% |
|
$ |
(1,061.1 |
) |
|
-82.3 |
% |
|
$ |
385.6 |
|
|
9.3 |
% |
|
$ |
(1,489.3 |
) |
|
-29.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net Earnings (Loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
|
$ |
(0.25 |
) |
|
|
|
$ |
(7.64 |
) |
|
|
|
$ |
2.77 |
|
|
|
|
$ |
(10.73 |
) |
|
|
||||
|
Diluted |
|
$ |
(0.25 |
) |
|
|
|
$ |
(7.64 |
) |
|
|
|
$ |
2.75 |
|
|
|
|
$ |
(10.73 |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Dividends Declared |
|
$ |
0.70 |
|
|
|
|
$ |
0.70 |
|
|
|
|
$ |
2.10 |
|
|
|
|
$ |
2.80 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
|
|
139.6 |
|
|
|
|
|
138.9 |
|
|
|
|
|
139.4 |
|
|
|
|
|
138.8 |
|
|
|
||||
|
Diluted |
|
|
139.6 |
|
|
|
|
|
138.9 |
|
|
|
|
|
140.3 |
|
|
|
|
|
138.8 |
|
|
|
||||
|
(1) Amounts may not sum due to rounding |
|
HASBRO, INC. |
|||||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) |
|||||||
|
(Unaudited) |
|||||||
|
(Millions of Dollars) |
|||||||
|
|
Year Ended |
||||||
|
|
December 29, 2024 |
|
December 31, 2023 |
||||
|
Cash Flows from Operating Activities: |
|
|
|
||||
|
Net Earnings (Loss) |
$ |
394.4 |
|
|
$ |
(1,487.8 |
) |
|
Impairment of Goodwill |
|
— |
|
|
|
1,191.2 |
|
|
Loss on Disposal of Business |
|
37.4 |
|
|
|
539.0 |
|
|
Other Non-Cash Adjustments |
|
356.1 |
|
|
|
689.6 |
|
|
Changes in Operating Assets and Liabilities |
|
59.5 |
|
|
|
(206.4 |
) |
|
Net Cash Provided by Operating Activities |
|
847.4 |
|
|
|
725.6 |
|
|
|
|
|
|
||||
|
Cash Flows from Investing Activities: |
|
|
|
||||
|
Additions to Property, Plant and Equipment |
|
(87.2 |
) |
|
|
(135.5 |
) |
|
Additions to Software Development |
|
(110.3 |
) |
|
|
(73.8 |
) |
|
Net (Settlement) Proceeds from Sale of Business |
|
(12.0 |
) |
|
|
329.6 |
|
|
Purchase of Investments |
|
(571.0 |
) |
|
|
— |
|
|
Maturity of Investments |
|
583.0 |
|
|
|
— |
|
|
Other |
|
(6.2 |
) |
|
|
(2.7 |
) |
|
Net Cash (Utilized) Provided by Investing Activities |
|
(203.7 |
) |
|
|
117.6 |
|
|
|
|
|
|
||||
|
Cash Flows from Financing Activities: |
|
|
|
||||
|
Proceeds from Long-Term Debt |
|
498.6 |
|
|
|
2.6 |
|
|
Repayments of Long-Term Debt |
|
(581.3 |
) |
|
|
(359.6 |
) |
|
Net (Repayments of) Proceeds from Short-Term Borrowings |
|
— |
|
|
|
(41.6 |
) |
|
Stock-Based Compensation Transactions |
|
7.6 |
|
|
|
— |
|
|
Dividends Paid |
|
(389.9 |
) |
|
|
(388.0 |
) |
|
Payments Related to Tax Withholding for Share-Based Compensation |
|
(14.4 |
) |
|
|
(16.8 |
) |
|
Debt Issuance Costs |
|
(5.3 |
) |
|
|
— |
|
|
Other |
|
(12.8 |
) |
|
|
(14.7 |
) |
|
Net Cash Utilized by Financing Activities |
|
(497.5 |
) |
|
|
(818.1 |
) |
|
|
|
|
|
||||
|
Effect of Exchange Rate Changes on Cash |
|
3.4 |
|
|
|
7.2 |
|
|
|
|
|
|
||||
|
Net Increase in Cash and Cash Equivalents |
|
149.6 |
|
|
|
32.3 |
|
|
|
|
|
|
||||
|
Cash and Cash Equivalents at Beginning of Year |
|
545.4 |
|
|
|
513.1 |
|
|
|
|
|
|
||||
|
Cash and Cash Equivalents at End of Year |
$ |
695.0 |
|
|
$ |
545.4 |
|
|
(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 December 29, 2024 |
|
Three Months Ended December 31, 2023 |
|
|
||||||||||||||||||||
|
Operating Results |
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
External Net Revenues |
$ |
1,101.6 |
|
|
$ |
— |
|
|
$ |
1,101.6 |
|
|
$ |
1,288.9 |
|
|
$ |
— |
|
|
$ |
1,288.9 |
|
|
-15% |
|
Operating Profit (Loss) |
|
59.8 |
|
|
|
52.9 |
|
|
|
112.7 |
|
|
|
(1,198.6 |
) |
|
|
1,148.5 |
|
|
|
(50.1 |
) |
|
>100% |
|
Operating Margin |
|
5.4 |
% |
|
|
4.8 |
% |
|
|
10.2 |
% |
|
|
-93.0 |
% |
|
|
89.1 |
% |
|
|
-3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
External Net Revenues |
$ |
746.3 |
|
|
$ |
— |
|
|
$ |
746.3 |
|
|
$ |
753.9 |
|
|
$ |
— |
|
|
$ |
753.9 |
|
|
-1% |
|
Operating Profit (Loss) |
|
50.5 |
|
|
|
9.1 |
|
|
|
59.6 |
|
|
|
(126.2 |
) |
|
|
11.0 |
|
|
|
(115.2 |
) |
|
>100% |
|
Operating Margin |
|
6.8 |
% |
|
|
1.2 |
% |
|
|
8.0 |
% |
|
|
-16.7 |
% |
|
|
1.5 |
% |
|
|
-15.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
$ |
339.0 |
|
|
$ |
— |
|
|
$ |
339.0 |
|
|
$ |
363.2 |
|
|
$ |
— |
|
|
$ |
363.2 |
|
|
-7% |
|
Operating Profit |
|
80.9 |
|
|
|
— |
|
|
|
80.9 |
|
|
|
103.2 |
|
|
|
— |
|
|
|
103.2 |
|
|
-22% |
|
Operating Margin |
|
23.9 |
% |
|
|
— |
|
|
|
23.9 |
% |
|
|
28.4 |
% |
|
|
— |
|
|
|
28.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
$ |
16.3 |
|
|
$ |
— |
|
|
$ |
16.3 |
|
|
$ |
171.8 |
|
|
$ |
— |
|
|
$ |
171.8 |
|
|
-91% |
|
Operating Profit (Loss) |
|
(16.2 |
) |
|
|
16.4 |
|
|
|
0.2 |
|
|
|
(1,110.1 |
) |
|
|
1,079.3 |
|
|
|
(30.8 |
) |
|
>100% |
|
Operating Margin |
|
-99.4 |
% |
|
>100% |
|
|
1.2 |
% |
|
>-100% |
|
>100% |
|
|
-17.9 |
% |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating Profit (Loss) |
$ |
(55.4 |
) |
|
$ |
27.4 |
|
|
$ |
(28.0 |
) |
|
$ |
(65.5 |
) |
|
$ |
58.2 |
|
|
$ |
(7.3 |
) |
|
>-100% |
|
(1) Amounts within this section may not sum due to rounding |
|
|
|
Three Months Ended |
|||||||
|
Net Revenues by Brand Portfolio |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Franchise Brands (1) |
|
$ |
786.2 |
|
$ |
843.7 |
|
-7 |
% |
|
Partner Brands |
|
|
181.0 |
|
|
154.0 |
|
18 |
% |
|
Portfolio Brands (2) |
|
|
134.4 |
|
|
151.2 |
|
-11 |
% |
|
Non-Hasbro Branded Film & TV (2) |
|
|
— |
|
|
140.0 |
|
-100 |
% |
|
Total |
|
$ |
1,101.6 |
|
$ |
1,288.9 |
|
|
|
|
(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 December 31, 2023, have been restated to reflect the movement, resulting in a change of ($0.7). |
|
|
|
Three Months Ended |
|||||||
|
|
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
208.4 |
|
$ |
258.3 |
|
-19 |
% |
|
Hasbro Total Gaming (1) |
|
|
542.5 |
|
|
568.7 |
|
-5 |
% |
|
(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 |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
North America |
|
$ |
421.0 |
|
$ |
414.4 |
|
2 |
% |
|
Europe |
|
|
177.9 |
|
|
197.3 |
|
-10 |
% |
|
Asia Pacific |
|
|
93.4 |
|
|
64.8 |
|
44 |
% |
|
Latin America |
|
|
54.0 |
|
|
77.4 |
|
-30 |
% |
|
Net revenues |
|
$ |
746.3 |
|
$ |
753.9 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
207.0 |
|
$ |
265.6 |
|
-22 |
% |
|
Digital and Licensed Gaming |
|
|
132.0 |
|
|
97.6 |
|
35 |
% |
|
Net revenues |
|
$ |
339.0 |
|
$ |
363.2 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Entertainment Segment Net Revenues by Category |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Film and TV |
|
$ |
3.2 |
|
$ |
151.7 |
|
-98 |
% |
|
Family Brands |
|
|
13.1 |
|
|
20.1 |
|
-35 |
% |
|
Net revenues |
|
$ |
16.3 |
|
$ |
171.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Year Ended December 29, 2024 |
|
Year Ended December 31, 2023 |
|
|
||||||||||||||||||||
|
Operating Results (1) |
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
As Reported |
|
Non-GAAP Adjustments |
|
Adjusted |
|
% Change |
||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
External Net Revenues |
$ |
4,135.5 |
|
|
$ |
— |
|
|
$ |
4,135.5 |
|
|
$ |
5,003.3 |
|
|
$ |
— |
|
|
$ |
5,003.3 |
|
|
-17% |
|
Operating Profit (Loss) |
|
690.0 |
|
|
|
148.8 |
|
|
|
838.8 |
|
|
|
(1,538.8 |
) |
|
|
2,015.3 |
|
|
|
476.5 |
|
|
76% |
|
Operating Margin |
|
16.7 |
% |
|
|
3.6 |
% |
|
|
20.3 |
% |
|
|
-30.8 |
% |
|
|
40.3 |
% |
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
External Net Revenues |
$ |
2,543.9 |
|
|
$ |
— |
|
|
$ |
2,543.9 |
|
|
$ |
2,886.4 |
|
|
$ |
— |
|
|
$ |
2,886.4 |
|
|
-12% |
|
Operating Profit (Loss) |
|
115.3 |
|
|
|
36.3 |
|
|
|
151.6 |
|
|
|
(64.7 |
) |
|
|
43.3 |
|
|
|
(21.4 |
) |
|
>100% |
|
Operating Margin |
|
4.5 |
% |
|
|
1.4 |
% |
|
|
6.0 |
% |
|
|
-2.2 |
% |
|
|
1.5 |
% |
|
|
-0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
$ |
1,511.3 |
|
|
$ |
— |
|
|
$ |
1,511.3 |
|
|
$ |
1,457.6 |
|
|
$ |
— |
|
|
$ |
1,457.6 |
|
|
4% |
|
Operating Profit |
|
632.0 |
|
|
|
— |
|
|
|
632.0 |
|
|
|
525.7 |
|
|
|
— |
|
|
|
525.7 |
|
|
20% |
|
Operating Margin |
|
41.8 |
% |
|
|
— |
|
|
|
41.8 |
% |
|
|
36.1 |
% |
|
|
— |
|
|
|
36.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
$ |
80.3 |
|
|
$ |
— |
|
|
$ |
80.3 |
|
|
$ |
659.3 |
|
|
$ |
— |
|
|
$ |
659.3 |
|
|
-88% |
|
Operating Profit (Loss) |
|
(1.6 |
) |
|
|
50.9 |
|
|
|
49.3 |
|
|
|
(1,911.5 |
) |
|
|
1,865.5 |
|
|
|
(46.0 |
) |
|
>100% |
|
Operating Margin |
|
-2.0 |
% |
|
|
63.4 |
% |
|
|
61.4 |
% |
|
>-100% |
|
>100% |
|
|
-7.0 |
% |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Operating Profit (Loss) |
$ |
(55.7 |
) |
|
$ |
61.6 |
|
|
$ |
5.9 |
|
|
$ |
(88.3 |
) |
|
$ |
106.5 |
|
|
$ |
18.2 |
|
|
-68% |
|
(1) Amounts within this section may not sum due to rounding |
|
|
|
Year Ended |
|||||||
|
Net Revenues by Brand Portfolio |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Franchise Brands (1) |
|
$ |
3,120.9 |
|
$ |
3,256.5 |
|
-4 |
% |
|
Partner Brands |
|
|
583.4 |
|
|
687.8 |
|
-15 |
% |
|
Portfolio Brands (2) |
|
|
431.2 |
|
|
521.8 |
|
-17 |
% |
|
Non-Hasbro Branded Film & TV (2) |
|
|
— |
|
|
537.2 |
|
-100 |
% |
|
Total |
|
$ |
4,135.5 |
|
$ |
5,003.3 |
|
|
|
|
(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 year ended December 31, 2023, have been restated to reflect the movement, resulting in a change of $0.5. |
|
|
|
Year Ended |
|||||||
|
|
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
1,078.6 |
|
$ |
1,085.8 |
|
-1 |
% |
|
Hasbro Total Gaming (1) |
|
|
2,092.1 |
|
|
2,074.4 |
|
1 |
% |
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|
|
|
Year Ended |
|||||||
|
Consumer Products Segment Net Revenues by Major Geographic Region |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
North America |
|
$ |
1,493.0 |
|
$ |
1,649.1 |
|
-9 |
% |
|
Europe |
|
|
519.7 |
|
|
669.5 |
|
-22 |
% |
|
Asia Pacific |
|
|
286.7 |
|
|
256.3 |
|
12 |
% |
|
Latin America |
|
|
244.5 |
|
|
311.5 |
|
-22 |
% |
|
Net revenues |
|
$ |
2,543.9 |
|
$ |
2,886.4 |
|
|
|
|
|
|
Year Ended |
|||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
1,039.6 |
|
$ |
1,072.5 |
|
-3 |
% |
|
Digital and Licensed Gaming |
|
|
471.7 |
|
|
385.1 |
|
22 |
% |
|
Net revenues |
|
$ |
1,511.3 |
|
$ |
1,457.6 |
|
|
|
|
|
|
Year Ended |
|||||||
|
Entertainment Segment Net Revenues by Category |
|
December 29, 2024 |
|
December 31, 2023 |
|
% Change |
|||
|
Film and TV |
|
$ |
6.6 |
|
$ |
575.5 |
|
-99 |
% |
|
Family Brands |
|
|
73.7 |
|
|
83.8 |
|
-12 |
% |
|
Net revenues |
|
$ |
80.3 |
|
$ |
659.3 |
|
|
|
|
HASBRO, INC. |
||||||||||||||
|
SUPPLEMENTAL FINANCIAL DATA |
||||||||||||||
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
||||||||||||||
|
(Unaudited) |
||||||||||||||
|
(Millions of Dollars) |
||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||
|
Reconciliation of EBITDA and Adjusted EBITDA (1) |
|
|
|
|
|
|
|
|||||||
|
|
Quarter Ended |
|
Year Ended |
|||||||||||
|
|
December 29, 2024 |
|
December 31, 2023 |
|
December 29, 2024 |
|
December 31, 2023 |
|||||||
|
Net Earnings (Loss) Attributable to Hasbro, Inc. |
$ |
(34.3 |
) |
|
$ |
(1,061.1 |
) |
|
$ |
385.6 |
|
$ |
(1,489.3 |
) |
|
Interest Expense |
|
43.5 |
|
|
|
46.3 |
|
|
|
171.2 |
|
|
186.3 |
|
|
Income Tax Expense (Benefit) |
|
(30.7 |
) |
|
|
(184.4 |
) |
|
|
102.6 |
|
|
(221.3 |
) |
|
Net Earnings Attributable to Noncontrolling Interests |
|
7.8 |
|
|
|
0.3 |
|
|
|
8.8 |
|
|
1.5 |
|
|
Depreciation |
|
20.7 |
|
|
|
39.8 |
|
|
|
94.7 |
|
|
127.8 |
|
|
Amortization of Intangibles |
|
17.1 |
|
|
|
17.9 |
|
|
|
68.3 |
|
|
83.0 |
|
|
EBITDA |
$ |
24.1 |
|
|
$ |
(1,141.2 |
) |
|
$ |
831.2 |
|
$ |
(1,312.0 |
) |
|
|
|
|
|
|
|
|
|
|||||||
|
Stock compensation |
$ |
22.1 |
|
|
$ |
16.5 |
|
|
$ |
49.0 |
|
$ |
70.6 |
|
|
Strategic transformation initiatives (2) |
|
9.8 |
|
|
|
5.9 |
|
|
|
28.3 |
|
|
35.3 |
|
|
Restructuring and severance costs (3) |
|
14.4 |
|
|
|
34.2 |
|
|
|
22.2 |
|
|
34.2 |
|
|
Loss on disposal of business (4) |
|
13.0 |
|
|
|
66.0 |
|
|
|
37.4 |
|
|
539.0 |
|
|
eOne Film and TV business divestiture related costs (5) |
|
3.2 |
|
|
|
18.2 |
|
|
|
11.1 |
|
|
35.1 |
|
|
Impairment of goodwill and intangible assets (6) |
|
— |
|
|
|
1,011.0 |
|
|
|
— |
|
|
1,307.2 |
|
|
Net loss on Discovery investment (7) |
|
78.2 |
|
|
|
— |
|
|
|
78.2 |
|
|
— |
|
|
Adjusted EBITDA |
$ |
164.8 |
|
|
$ |
10.6 |
|
|
$ |
1,057.4 |
|
$ |
709.4 |
|
|
(1) Amounts may not sum due to rounding |
|
(2) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. |
|
(3) Restructuring and severance costs associated with cost-savings initiatives across the Company. |
|
(4) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. |
|
(5) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. |
|
(6) Impairment of goodwill and intangible assets represent non-cash charges incurred within the Entertainment segment related to the eOne Film and TV business. |
|
(7) Net loss on Discovery investment represent non-cash charges incurred within Corporate and Other related to the impairment of the Discovery JV investment. |
|
HASBRO, INC. |
|||||||||||||||
|
NON-GAAP RECONCILIATION |
|||||||||||||||
|
(Unaudited) |
|||||||||||||||
|
(Millions of Dollars) |
|||||||||||||||
|
|
Three Months Ended |
|
Year Ended |
||||||||||||
|
Reconciliation of Adjusted Operating Profit (1) |
December 29, 2024 |
|
December 31, 2023 |
|
December 29, 2024 |
|
December 31, 2023 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Profit (Loss) |
$ |
59.8 |
|
|
$ |
(1,198.6 |
) |
|
$ |
690.0 |
|
|
$ |
(1,538.8 |
) |
|
Consumer Products |
|
50.5 |
|
|
|
(126.2 |
) |
|
|
115.3 |
|
|
|
(64.7 |
) |
|
Wizards of the Coast and Digital Gaming |
|
80.9 |
|
|
|
103.2 |
|
|
|
632.0 |
|
|
|
525.7 |
|
|
Entertainment |
|
(16.2 |
) |
|
|
(1,110.1 |
) |
|
|
(1.6 |
) |
|
|
(1,911.5 |
) |
|
Corporate and Other |
|
(55.4 |
) |
|
|
(65.5 |
) |
|
|
(55.7 |
) |
|
|
(88.3 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments |
$ |
52.9 |
|
|
$ |
1,148.5 |
|
|
$ |
148.8 |
|
|
$ |
2,015.3 |
|
|
Consumer Products |
|
9.1 |
|
|
|
11.0 |
|
|
|
36.3 |
|
|
|
43.3 |
|
|
Entertainment |
|
16.4 |
|
|
|
1,079.3 |
|
|
|
50.9 |
|
|
|
1,865.5 |
|
|
Corporate and Other |
|
27.4 |
|
|
|
58.2 |
|
|
|
61.6 |
|
|
|
106.5 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Operating Profit (Loss) |
$ |
112.7 |
|
|
$ |
(50.1 |
) |
|
$ |
838.8 |
|
|
$ |
476.5 |
|
|
Consumer Products |
|
59.6 |
|
|
|
(115.2 |
) |
|
|
151.6 |
|
|
|
(21.4 |
) |
|
Wizards of the Coast and Digital Gaming |
|
80.9 |
|
|
|
103.2 |
|
|
|
632.0 |
|
|
|
525.7 |
|
|
Entertainment |
|
0.2 |
|
|
|
(30.8 |
) |
|
|
49.3 |
|
|
|
(46.0 |
) |
|
Corporate and Other |
|
(28.0 |
) |
|
|
(7.3 |
) |
|
|
5.9 |
|
|
|
18.2 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments include the following: |
|
|
|
|
|
|
|
||||||||
|
Acquisition-related costs (2) |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.9 |
|
|
Acquired intangible amortization (3) |
|
12.5 |
|
|
|
13.2 |
|
|
|
49.8 |
|
|
|
62.6 |
|
|
Strategic transformation initiatives (4) |
|
9.8 |
|
|
|
5.9 |
|
|
|
28.3 |
|
|
|
35.3 |
|
|
Restructuring and severance costs (5) |
|
14.4 |
|
|
|
34.2 |
|
|
|
22.2 |
|
|
|
34.2 |
|
|
Loss on disposal of business (6) |
|
13.0 |
|
|
|
66.0 |
|
|
|
37.4 |
|
|
|
539.0 |
|
|
eOne Film and TV business divestiture related costs (7) |
|
3.2 |
|
|
|
18.2 |
|
|
|
11.1 |
|
|
|
35.1 |
|
|
Impairment of goodwill and intangible assets (8) |
|
— |
|
|
|
1,011.0 |
|
|
|
— |
|
|
|
1,307.2 |
|
|
Total |
$ |
52.9 |
|
|
$ |
1,148.5 |
|
|
$ |
148.8 |
|
|
$ |
2,015.3 |
|
|
(1) Amounts may not sum due to rounding |
|
(2) In association with the Company’s acquisition of eOne, the Company incurred stock compensation expenses 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) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. |
|
(5) Restructuring and severance costs associated with cost-savings initiatives across the Company. |
|
(6) Loss on disposal of a business related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. |
|
(7) eOne Film and TV business divestiture related costs as a result of the sale of the eOne Film and TV business and certain retained liabilities. |
|
(8) Impairment of goodwill and intangible assets represent non-cash charges incurred within the Entertainment segment related to the eOne Film and TV business. |
| 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 |
||||||||||||||
|
(all adjustments reported after-tax) |
December 29, 2024 |
|
Diluted Per Share Amount |
|
December 31, 2023 |
|
Diluted Per Share Amount |
||||||||
|
Net Loss Attributable to Hasbro |
$ |
(34.3 |
) |
|
$ |
(0.25 |
) |
|
$ |
(1,061.1 |
) |
|
$ |
(7.64 |
) |
|
Acquired intangible amortization (3) |
|
9.4 |
|
|
|
0.07 |
|
|
|
10.2 |
|
|
|
0.07 |
|
|
Strategic transformation initiatives (4) |
|
7.5 |
|
|
|
0.05 |
|
|
|
4.5 |
|
|
|
0.03 |
|
|
Restructuring and severance costs (5) |
|
11.0 |
|
|
|
0.08 |
|
|
|
28.7 |
|
|
|
0.21 |
|
|
Loss on disposal of business (6) |
|
8.5 |
|
|
|
0.06 |
|
|
|
50.7 |
|
|
|
0.37 |
|
|
eOne Film and TV divestiture related costs (7) |
|
2.4 |
|
|
|
0.02 |
|
|
|
21.0 |
|
|
|
0.15 |
|
|
Impairment of goodwill and intangible assets (8) |
|
— |
|
|
|
— |
|
|
|
998.3 |
|
|
|
7.18 |
|
|
Net loss on Discovery investment (9) |
|
59.8 |
|
|
|
0.43 |
|
|
|
— |
|
|
|
— |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
64.3 |
|
|
$ |
0.46 |
|
|
$ |
52.3 |
|
|
$ |
0.38 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Year Ended |
||||||||||||||
|
(all adjustments reported after-tax) |
December 29, 2024 |
|
Diluted Per Share Amount |
|
December 31, 2023 |
|
Diluted Per Share Amount |
||||||||
|
Net Earnings (Loss) Attributable to Hasbro |
$ |
385.6 |
|
|
$ |
2.75 |
|
|
$ |
(1,489.3 |
) |
|
$ |
(10.73 |
) |
|
Acquisition-related Costs (2) |
|
— |
|
|
|
— |
|
|
|
1.7 |
|
|
|
0.01 |
|
|
Acquired intangible amortization (3) |
|
37.4 |
|
|
|
0.27 |
|
|
|
48.8 |
|
|
|
0.35 |
|
|
Strategic transformation initiatives (4) |
|
21.6 |
|
|
|
0.15 |
|
|
|
27.0 |
|
|
|
0.19 |
|
|
Restructuring and severance costs (5) |
|
17.0 |
|
|
|
0.12 |
|
|
|
28.7 |
|
|
|
0.21 |
|
|
Loss on disposal of business (6) |
|
32.9 |
|
|
|
0.23 |
|
|
|
419.7 |
|
|
|
3.02 |
|
|
eOne Film and TV divestiture related costs (7) |
|
8.5 |
|
|
|
0.06 |
|
|
|
34.0 |
|
|
|
0.24 |
|
|
Impairment of goodwill and intangible assets (8) |
|
— |
|
|
|
— |
|
|
|
1,278.2 |
|
|
|
9.20 |
|
|
Net loss on Discovery investment (9) |
|
59.8 |
|
|
|
0.43 |
|
|
|
— |
|
|
|
— |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
562.8 |
|
|
$ |
4.01 |
|
|
$ |
348.8 |
|
|
$ |
2.51 |
|
|
(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) for the year ended December 31, 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) Strategic transformation initiatives costs represent non-recurring expenses for strategic projects with anticipated long-term benefits to support the organization in identifying, realizing and capturing savings to create efficiencies and improve business processes and operations. These costs primarily consist of third party consulting of $9.8 ($7.5 after-tax) and $28.3 ($21.6 after-tax) for the three and twelve months ended December 29, 2024, respectively, and $5.9 ($4.5 after-tax) and $35.3 ($27.0 after-tax) for the three months and year ended December 31, 2023, respectively. |
|
(5) Restructuring and severance costs of $14.4 ($11.0 after-tax) and $22.2 ($17.0 after-tax) for the three months and year ended December 29, 2024, respectively, and $34.2 ($28.7 after-tax) for the three months and year ended December 31, 2023, respectively, associated with cost-savings initiatives across the Company. |
|
(6) Loss on disposal of a business of $13.0 ($8.5 after-tax) and $37.4 (32.9 after-tax) for the three months and year ended December 29, 2024, respectively, and $66.0 ($50.7 after-tax) and $539.0 ($419.7 after-tax) for the three months and year ended December 31, 2023, respectively, related to the sale of the eOne Film and TV business executed on December 27, 2023. The costs are included in Loss on Disposal of Business within the Entertainment segment. |
|
(7) eOne Film and TV business divestiture related costs of $3.2 ($2.4 after-tax) and $11.1 ($8.5 after-tax) for three months and year ended December 29, 2024 and $18.2 ($21.0 after-tax) and $35.1 ($34.0 after-tax) for the three months and full year ended December 31, 2023, respectively, as a result of the sale of the eOne Film and TV business and certain retained liabilities. |
|
(8) Impairment of goodwill and intangible assets represent non-cash charges of $1,011 ($998.3 after tax) and $1,307.2 ($1,278.2 after-tax) for the three months and year ended December 31, 2023 incurred within the Entertainment segment related to the eOne Film and TV business. |
|
(9) In the fourth quarter of 2024, the Company recorded an impairment of $78.2 ($59.8 after tax) related to it’s Discovery JV investment. This cost is included in other (income) expense, net within the Corporate and Other. |
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