Hasbro Reports Third Quarter 2024 Financial Results
Maintains Full Year EBITDA Guidance & Declares Quarterly Dividend
Pawtuckett, RI — -Hasbro, Inc. reported financial results for the third quarter 2024.
“Outperformance within our gaming and licensing businesses in the third quarter highlights the strength in two of our highest profit areas,” said Chris Cocks, Hasbro Chief Executive Officer. “Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit.”
“We continue to execute our turnaround efforts and are poised to finish the year with improved profitability, cash flow and operational rigor,” said Gina Goetter, Hasbro’s Chief Financial Officer.
Third Quarter 2024 Highlights
- Third quarter Hasbro, Inc. revenue declined 15%; excluding the eOne divestiture, revenue declined 9%. Wizards of the Coast and Digital Gaming segment declined 5% due to the lap of Baldur’s Gate 3 and Consumer Products declined 10% behind softer volume.
- Operating profit of $302 million and operating margin of 23.6% includes $27 million of costs for intangible amortization associated with eOne and costs associated with the Company’s transformation.
- Adjusted operating profit of $329 million (-$14 million vs. PY) and adjusted operating margin of 25.7% (+2.9 points vs. PY), driven by favorable business mix, supply chain productivity, and lower operating costs.
- Delivered approximately $87 million of net cost savings and approximately $177 million year to date; on track for full-year net savings commitment.
- Hasbro owned inventory down 39% versus prior year, including a 40% decline in Consumer Products inventory versus the third quarter 2023.
- Reported net earnings of $1.59 per diluted share; adjusted net earnings of $1.73 per diluted share benefiting from favorable business mix and improved profitability.
- Paid $98 million in cash dividends to shareholders in the quarter.
Third Quarter 2024 Segment Details
- Wizards of the Coast and Digital Gaming Segment
- Revenue decreased 5% as growth in MAGIC: THE GATHERING was offset by expected declines in Licensed and Digital Gaming due to the launch of Baldur’s Gate 3 in the third quarter 2023.
- MAGIC: THE GATHERING revenue increased 3% behind growth in tabletop and ARENA.
- Monopoly Go! contributed $30M of revenue, in line with guidance.
- Operating profit declined 11% and operating margin of 44.9%, down 3.1 points due to lower digital licensing revenue.
- Consumer Products Segment
- Revenue decrease of 10% driven by exited brands, reduced closeouts and softer than anticipated volume; declines partially offset by new product innovation and strength in consumer products licensing.
- Operating margin of 14.1% and adjusted operating margin of 15.1% (+3.9 points vs. PY) behind favorable mix, supply chain cost productivity and reduced operating expenses offsetting the volume deleverage.
- Growth in Beyblade, TRANSFORMERS and FURBY and in licensed consumer products for MY LITTLE PONY.
- Entertainment Segment
- Revenue decline of 86% impacted by the eOne divestiture; absent this impact, revenue declined 17% driven by the timing of the delivery of deals.
- Operating profit of $10 million compared to operating loss of $469 million in the third quarter 2023.
- Adjusted operating profit of $13 million compared to adjusted operating profit of $8 million in the third quarter 2023.
Year to Date 2024 Highlights
- Year to date Hasbro revenue declined 18% driven primarily by the eOne divestiture; excluding this impact, revenue declined 8%. Growth of 7% in the Wizards of the Coast and Digital Gaming segment was offset by declines in Consumer Products (-16%) and Entertainment (-87%, or +1% excluding the eOne divestiture).
- Operating profit of $630 million and operating margin of 20.8% includes $96 million of costs for intangible amortization associated with eOne, loss on disposal of business and costs associated with the Company’s transformation.
- Adjusted operating profit of $726 million (+$200 million vs. PY) and adjusted operating margin of 23.9% (+9.8 points vs. PY), driven by favorable business mix, lower royalty expense, supply chain productivity and lower operating costs.
- Reported net earnings of $3.00 per diluted share; adjusted net earnings of $3.56 per diluted share benefiting from improved operations and business mix.
- Operating cash flow of $588 million vs. $335 million in the prior year driven by the profitability improvement and favorability from working capital.
Year to Date 2024 Segment Details
- Wizards of the Coast and Digital Gaming Segment
- Revenue increase of 7% driven by growth in MAGIC: THE GATHERING and strength in Licensed and Digital Gaming.
- Tabletop revenue increased 3% behind growth in MAGIC: THE GATHERING.
- Monopoly Go! contributed $74 million year to date.
- Operating profit increased 30% and operating margin of 47.0% due to higher digital licensing revenue mix of revenues and lower expenses, including royalties.
- Consumer Products Segment
- Revenue decrease of 16% driven by exited brands, reduced closeouts, and softer than anticipated volume offsetting growth in licensed consumer products.
- Operating margin of 3.6% and adjusted operating margin of 5.1% driven by favorable licensing mix, cost savings and productivity gains.
- Entertainment Segment
- Revenue decline of 87% impacted by the sale of eOne divestiture; absent this impact, revenue increased 1% driven by the timing of the delivery of deals.
- Operating profit of $15 million compared to operating loss of $801 million year to date 2023.
- Adjusted operating profit of $49 million compared to adjusted operating loss of $15 million year to date 2023.
See the financial tables accompanying the press release for a reconciliation of GAAP to non-GAAP financial measures.
2024 Company Outlook1
For the full year, the Company now expects:
- Consumer Products Segment revenue down 12% to 14%; Adjusted operating margin 4% to 6%.
- Wizards of the Coast and Digital Gaming Segment revenue flat to down 1%; Operating margin of approximately 42%.
- Pro-Forma Entertainment segment revenue down $15 million; Adjusted operating margin of approximately 60%.
- Total Hasbro Adjusted EBITDA of $975 million to $1.025 billion.
- Gross savings target of $750 million by year end 2025.
2024 Capital Allocation priorities:
- Invest in core business.
- Return cash to shareholders through the dividend.
- Continue to pay down debt and progress towards leverage target.
1The Company is not able to reconcile its forward-looking non-GAAP adjusted operating 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 third quarter, the Company paid $98 million in cash dividends to shareholders. The Board of Directors has declared a quarterly cash dividend of $0.70 per common share payable on December 4, 2024, to shareholders of record at the close of business on November 20, 2024.
|
HASBRO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (1) (Unaudited) (Millions of Dollars) |
|||||
|
|
September 29, 2024 |
|
October 1, 2023 |
||
|
ASSETS |
|
|
|
||
|
Cash and Cash Equivalents |
$ |
696.1 |
|
$ |
185.5 |
|
Short-term Investments |
|
489.3 |
|
|
— |
|
Accounts Receivable, Net |
|
1,069.2 |
|
|
1,102.0 |
|
Inventories |
|
375.4 |
|
|
617.7 |
|
Prepaid Expenses and Other Current Assets |
|
391.6 |
|
|
286.2 |
|
Assets Held for Sale |
|
— |
|
|
1,048.7 |
|
Total Current Assets |
|
3,021.6 |
|
|
3,240.1 |
|
Property, Plant and Equipment, Net |
|
564.2 |
|
|
474.6 |
|
Goodwill |
|
2,278.9 |
|
|
3,238.8 |
|
Other Intangible Assets, Net |
|
539.5 |
|
|
655.1 |
|
Other Assets |
|
825.7 |
|
|
731.6 |
|
Total Assets |
$ |
7,229.9 |
|
$ |
8,340.2 |
|
|
|
|
|
||
|
|
|
|
|
||
|
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY |
|||||
|
Current Portion of Long-Term Debt |
$ |
500.0 |
|
$ |
60.0 |
|
Accounts Payable |
|
420.3 |
|
|
371.4 |
|
Accrued Liabilities |
|
1,132.5 |
|
|
985.4 |
|
Liabilities Held for Sale |
|
— |
|
|
607.4 |
|
Total Current Liabilities |
|
2,052.8 |
|
|
2,024.2 |
|
Long-Term Debt |
|
3,462.6 |
|
|
3,654.6 |
|
Other Liabilities |
|
404.8 |
|
|
438.2 |
|
Total Liabilities |
|
5,920.2 |
|
|
6,117.0 |
|
Total Shareholders’ Equity |
|
1,309.7 |
|
|
2,223.2 |
|
Total Liabilities, Noncontrolling Interests and Shareholders’ Equity |
$ |
7,229.9 |
|
$ |
8,340.2 |
|
(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 |
|
Nine Months Ended |
||||||||||||||||||||||||
|
|
September 29, 2024 |
|
October 1, 2023 |
|
September 29, 2024 |
|
October 1, 2023 |
||||||||||||||||||||
|
|
Amount |
|
% of Net |
|
Amount |
|
% of Net |
|
Amount |
|
% of Net |
|
Amount |
|
% of Net |
||||||||||||
|
Net revenues |
$ |
1,281.3 |
|
|
100.0 |
% |
|
$ |
1,503.4 |
|
|
100.0 |
% |
|
$ |
3,033.9 |
|
|
100.0 |
% |
|
$ |
3,714.4 |
|
|
100.0 |
% |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cost of sales |
|
378.9 |
|
|
29.6 |
% |
|
|
494.5 |
|
|
32.9 |
% |
|
|
820.8 |
|
|
27.1 |
% |
|
|
1,132.0 |
|
|
30.5 |
% |
|
Program production cost amortization |
|
7.9 |
|
|
0.6 |
% |
|
|
68.4 |
|
|
4.5 |
% |
|
|
24.5 |
|
|
0.8 |
% |
|
|
325.3 |
|
|
8.8 |
% |
|
Royalties |
|
98.0 |
|
|
7.6 |
% |
|
|
106.9 |
|
|
7.1 |
% |
|
|
204.2 |
|
|
6.7 |
% |
|
|
295.8 |
|
|
8.0 |
% |
|
Product development |
|
76.3 |
|
|
6.0 |
% |
|
|
76.7 |
|
|
5.1 |
% |
|
|
212.2 |
|
|
7.0 |
% |
|
|
232.4 |
|
|
6.3 |
% |
|
Advertising |
|
101.9 |
|
|
8.0 |
% |
|
|
81.9 |
|
|
5.4 |
% |
|
|
213.8 |
|
|
7.0 |
% |
|
|
249.8 |
|
|
6.7 |
% |
|
Amortization of intangibles |
|
17.1 |
|
|
1.3 |
% |
|
|
19.2 |
|
|
1.3 |
% |
|
|
51.2 |
|
|
1.7 |
% |
|
|
65.1 |
|
|
1.8 |
% |
|
Impairment of goodwill |
|
— |
|
|
— |
% |
|
|
— |
|
|
— |
% |
|
|
— |
|
|
— |
% |
|
|
231.2 |
|
|
6.2 |
% |
|
Loss on disposal of business |
|
— |
|
|
— |
% |
|
|
473.0 |
|
|
31.5 |
% |
|
|
24.4 |
|
|
0.8 |
% |
|
|
473.0 |
|
|
12.7 |
% |
|
Selling, distribution and administration |
|
299.3 |
|
|
23.4 |
% |
|
|
352.3 |
|
|
23.4 |
% |
|
|
852.6 |
|
|
28.1 |
% |
|
|
1,050.0 |
|
|
28.3 |
% |
|
Total costs and expenses |
|
979.4 |
|
|
76.4 |
% |
|
|
1,672.9 |
|
|
111.3 |
% |
|
|
2,403.7 |
|
|
79.2 |
% |
|
|
4,054.6 |
|
|
109.2 |
% |
|
Operating profit (loss) |
|
301.9 |
|
|
23.6 |
% |
|
|
(169.5 |
) |
|
(11.3 |
)% |
|
|
630.2 |
|
|
20.8 |
% |
|
|
(340.2 |
) |
|
(9.2 |
)% |
|
Non-operating (income) expense: |
|
|
|
|
|
|
— |
% |
|
|
|
|
|
|
|
|
|||||||||||
|
Interest expense |
|
46.2 |
|
|
3.6 |
% |
|
|
47.1 |
|
|
3.1 |
% |
|
|
127.7 |
|
|
4.2 |
% |
|
|
140.0 |
|
|
3.8 |
% |
|
Interest income |
|
(14.7 |
) |
|
(1.1 |
)% |
|
|
(3.8 |
) |
|
(0.3 |
)% |
|
|
(36.0 |
) |
|
(1.2 |
)% |
|
|
(15.6 |
) |
|
(0.4 |
)% |
|
Other (income) expense, net |
|
(19.9 |
) |
|
(1.6 |
)% |
|
|
2.2 |
|
|
0.1 |
% |
|
|
(15.7 |
) |
|
(0.5 |
)% |
|
|
(0.7 |
) |
|
— |
% |
|
Total non-operating expense, net |
|
11.6 |
|
|
0.9 |
% |
|
|
45.5 |
|
|
3.0 |
% |
|
|
76.0 |
|
|
2.5 |
% |
|
|
123.7 |
|
|
3.3 |
% |
|
Earnings (loss) before income taxes |
|
290.3 |
|
|
22.7 |
% |
|
|
(215.0 |
) |
|
(14.3 |
)% |
|
|
554.2 |
|
|
18.3 |
% |
|
|
(463.9 |
) |
|
(12.5 |
)% |
|
Income tax expense (benefit) |
|
67.0 |
|
|
5.2 |
% |
|
|
(44.6 |
) |
|
(3.0 |
)% |
|
|
133.3 |
|
|
4.4 |
% |
|
|
(36.9 |
) |
|
(1.0 |
)% |
|
Net earnings (loss) |
|
223.3 |
|
|
17.4 |
% |
|
|
(170.4 |
) |
|
(11.3 |
)% |
|
|
420.9 |
|
|
13.9 |
% |
|
|
(427.0 |
) |
|
(11.5 |
)% |
|
Net earnings attributable to noncontrolling interests |
|
0.1 |
|
|
— |
% |
|
|
0.7 |
|
|
— |
% |
|
|
1.0 |
|
|
— |
% |
|
|
1.2 |
|
|
— |
% |
|
Net earnings (loss) attributable to Hasbro, Inc. |
$ |
223.2 |
|
|
17.4 |
% |
|
$ |
(171.1 |
) |
|
(11.4 |
)% |
|
$ |
419.9 |
|
|
13.8 |
% |
|
$ |
(428.2 |
) |
|
(11.5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net earnings (loss) per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
$ |
1.60 |
|
|
|
|
$ |
(1.23 |
) |
|
|
|
$ |
3.01 |
|
|
|
|
$ |
(3.09 |
) |
|
|
||||
|
Diluted |
$ |
1.59 |
|
|
|
|
$ |
(1.23 |
) |
|
|
|
$ |
3.00 |
|
|
|
|
$ |
(3.09 |
) |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Cash Dividends Declared |
$ |
0.70 |
|
|
|
|
$ |
0.70 |
|
|
|
|
$ |
1.40 |
|
|
|
|
$ |
2.10 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Weighted Average Number of Shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Basic |
|
139.5 |
|
|
|
|
|
138.8 |
|
|
|
|
|
139.3 |
|
|
|
|
|
138.7 |
|
|
|
||||
|
Diluted |
|
140.5 |
|
|
|
|
|
139.2 |
|
|
|
|
|
140.0 |
|
|
|
|
|
139.0 |
|
|
|
||||
|
(1) Amounts may not sum due to rounding |
|||||||||||||||||||||||||||
|
HASBRO, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (1) (Unaudited) (Millions of Dollars) |
|||||||
|
|
Nine months ended |
||||||
|
|
September 29, |
|
October 1, |
||||
|
Cash Flows from Operating Activities: |
|
|
|
||||
|
Net Earnings (Loss) |
$ |
420.9 |
|
|
$ |
(427.0 |
) |
|
Loss on Disposal of Business |
|
24.4 |
|
|
|
473.0 |
|
|
Impairment of Goodwill and Intangible Assets |
|
— |
|
|
|
231.2 |
|
|
Other Non-Cash Adjustments |
|
185.8 |
|
|
|
545.6 |
|
|
Changes in Operating Assets and Liabilities |
|
(43.5 |
) |
|
|
(487.9 |
) |
|
Net Cash Provided by Operating Activities |
|
587.6 |
|
|
|
334.9 |
|
|
|
|
|
|
||||
|
Cash Flows from Investing Activities: |
|
|
|
||||
|
Additions to Property, Plant and Equipment |
|
(146.2 |
) |
|
|
(160.4 |
) |
|
Purchase of investments |
|
(571.0 |
) |
|
|
— |
|
|
Proceeds from sale of investments |
|
91.0 |
|
|
|
— |
|
|
Net (settlement) proceeds from sale of business |
|
(12.0 |
) |
|
|
— |
|
|
Other |
|
2.8 |
|
|
|
(2.2 |
) |
|
Net Cash Utilized by Investing Activities |
|
(635.4 |
) |
|
|
(162.6 |
) |
|
|
|
|
|
||||
|
Cash Flows from Financing Activities: |
|
|
|
||||
|
Proceeds from Long-Term Debt |
|
498.6 |
|
|
|
2.5 |
|
|
Repayments of Long-Term Debt |
|
— |
|
|
|
(107.0 |
) |
|
Net Proceeds from Short-Term Borrowings |
|
— |
|
|
|
0.3 |
|
|
Dividends Paid |
|
(292.2 |
) |
|
|
(290.9 |
) |
|
Payments Related to Tax Withholding for Share-Based Compensation |
|
(13.0 |
) |
|
|
(15.7 |
) |
|
Stock-Based Compensation Transactions |
|
7.6 |
|
|
|
— |
|
|
Payments of Financing Costs |
|
(5.3 |
) |
|
|
— |
|
|
Other |
|
(4.9 |
) |
|
|
(7.2 |
) |
|
Net Cash Provided (Utilized) by Financing Activities |
|
190.8 |
|
|
|
(418.0 |
) |
|
Effect of Exchange Rate Changes on Cash |
|
7.7 |
|
|
|
(11.5 |
) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
150.7 |
|
|
|
(257.2 |
) |
|
Net Decrease in Cash Balances Held For Sale |
|
— |
|
|
|
(70.4 |
) |
|
Net Increase (Decrease) in Cash and Cash Equivalents |
|
150.7 |
|
|
|
(327.6 |
) |
|
Cash and Cash Equivalents at Beginning of Year |
|
545.4 |
|
|
|
513.1 |
|
|
Cash and Cash Equivalents at End of Period |
$ |
696.1 |
|
|
$ |
185.5 |
|
|
(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 September 29, 2024 |
|
Three Months Ended October 1, 2023 |
|
|
|||||||||||||||||||||
|
Operating Results |
|
As Reported |
|
Non-GAAP |
|
Adjusted |
|
As Reported |
|
Non-GAAP |
|
Adjusted |
|
% |
|||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
1,281.3 |
|
|
$ |
— |
|
|
$ |
1,281.3 |
|
|
$ |
1,503.4 |
|
|
$ |
— |
|
|
$ |
1,503.4 |
|
|
-15 |
% |
|
Operating Profit (Loss) |
|
|
301.9 |
|
|
|
26.8 |
|
|
|
328.7 |
|
|
|
(169.5 |
) |
|
|
512.1 |
|
|
|
342.6 |
|
|
-4 |
% |
|
Operating Margin |
|
|
23.6 |
% |
|
|
2.1 |
% |
|
|
25.7 |
% |
|
|
-11.3 |
% |
|
|
34.1 |
% |
|
|
22.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
860.1 |
|
|
$ |
— |
|
|
$ |
860.1 |
|
|
$ |
956.9 |
|
|
$ |
— |
|
|
$ |
956.9 |
|
|
-10 |
% |
|
Operating Profit |
|
|
121.0 |
|
|
|
9.1 |
|
|
|
130.1 |
|
|
|
96.1 |
|
|
|
10.9 |
|
|
|
107.0 |
|
|
22 |
% |
|
Operating Margin |
|
|
14.1 |
% |
|
|
1.1 |
% |
|
|
15.1 |
% |
|
|
10.0 |
% |
|
|
1.1 |
% |
|
|
11.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
404.0 |
|
|
$ |
— |
|
|
$ |
404.0 |
|
|
$ |
423.6 |
|
|
$ |
— |
|
|
$ |
423.6 |
|
|
-5 |
% |
|
Operating Profit |
|
|
181.2 |
|
|
|
— |
|
|
|
181.2 |
|
|
|
203.4 |
|
|
|
— |
|
|
|
203.4 |
|
|
-11 |
% |
|
Operating Margin |
|
|
44.9 |
% |
|
|
— |
|
|
|
44.9 |
% |
|
|
48.0 |
% |
|
|
— |
|
|
|
48.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
17.2 |
|
|
$ |
— |
|
|
$ |
17.2 |
|
|
$ |
122.9 |
|
|
$ |
— |
|
|
$ |
122.9 |
|
|
-86 |
% |
|
Operating Profit (Loss) |
|
|
9.8 |
|
|
|
3.4 |
|
|
|
13.2 |
|
|
|
(468.5 |
) |
|
|
476.6 |
|
|
|
8.1 |
|
|
63 |
% |
|
Operating Margin |
|
|
57.0 |
% |
|
|
19.8 |
% |
|
|
76.7 |
% |
|
>-100% |
|
>100% |
|
|
6.6 |
% |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating Profit (Loss) |
|
$ |
(10.1 |
) |
|
$ |
14.3 |
|
|
$ |
4.2 |
|
|
$ |
(0.5 |
) |
|
$ |
24.6 |
|
|
$ |
24.1 |
|
|
-83 |
% |
|
(1) Amounts within this section may not sum due to rounding |
|||||||||||||||||||||||||||
|
|
|
Three Months Ended |
|||||||
|
Net Revenues by Brand Portfolio |
|
September 29, |
|
October 1, |
|
% Change |
|||
|
Franchise Brands (1) |
|
$ |
941.6 |
|
$ |
1,011.0 |
|
-7 |
% |
|
Partner Brands |
|
|
190.1 |
|
|
228.2 |
|
-17 |
% |
|
Portfolio Brands (2) |
|
|
149.6 |
|
|
170.6 |
|
-12 |
% |
|
Non-Hasbro Branded Film & TV (2) |
|
|
— |
|
|
93.6 |
|
-100 |
% |
|
Total |
|
$ |
1,281.3 |
|
$ |
1,503.4 |
|
|
|
|
(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 October 1, 2023, have been restated to reflect the movement, resulting in a change of $0.3. |
|
|
|
Three Months Ended |
|||||||
|
|
|
September 29, 2024 |
|
October 1, |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
296.3 |
|
$ |
287.4 |
|
3 |
% |
|
Hasbro Total Gaming (1) |
|
|
593.2 |
|
|
628.0 |
|
-6 |
% |
|
(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 |
|
September 29, 2024 |
|
October 1, |
|
% Change |
|||
|
North America |
|
$ |
526.8 |
|
$ |
573.6 |
|
-8 |
% |
|
Europe |
|
|
162.3 |
|
|
208.7 |
|
-22 |
% |
|
Asia Pacific |
|
|
81.9 |
|
|
61.8 |
|
33 |
% |
|
Latin America |
|
|
89.1 |
|
|
112.8 |
|
-21 |
% |
|
Net revenues |
|
$ |
860.1 |
|
$ |
956.9 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
|
September 29, 2024 |
|
October 1, |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
296.8 |
|
$ |
290.5 |
|
2 |
% |
|
Digital and Licensed Gaming |
|
|
107.2 |
|
|
133.1 |
|
-19 |
% |
|
Net revenues |
|
$ |
404.0 |
|
$ |
423.6 |
|
|
|
|
|
|
Three Months Ended |
|||||||
|
Entertainment Segment Net Revenues by Category |
|
September 29, 2024 |
|
October 1, |
|
% Change |
|||
|
Film and TV |
|
$ |
1.6 |
|
$ |
102.1 |
|
-98 |
% |
|
Family Brands |
|
|
15.6 |
|
|
20.8 |
|
-25 |
% |
|
Net revenues |
|
$ |
17.2 |
|
$ |
122.9 |
|
|
|
|
|
|
Nine Months Ended September 29, 2024 |
|
Nine Months Ended October 1, 2023 |
|
|
|||||||||||||||||||||
|
Operating Results (1) |
|
As Reported |
|
Non-GAAP |
|
Adjusted |
|
As Reported |
|
Non-GAAP |
|
Adjusted |
|
% Change |
|||||||||||||
|
Total Company Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
3,033.9 |
|
|
$ |
— |
|
|
$ |
3,033.9 |
|
|
$ |
3,714.4 |
|
|
$ |
— |
|
|
$ |
3,714.4 |
|
|
-18 |
% |
|
Operating Profit (Loss) |
|
|
630.2 |
|
|
|
95.9 |
|
|
|
726.1 |
|
|
|
(340.2 |
) |
|
|
866.8 |
|
|
|
526.6 |
|
|
38 |
% |
|
Operating Margin |
|
|
20.8 |
% |
|
|
3.2 |
% |
|
|
23.9 |
% |
|
|
-9.2 |
% |
|
|
23.3 |
% |
|
|
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Consumer Products: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
External Net Revenues |
|
$ |
1,797.6 |
|
|
$ |
— |
|
|
$ |
1,797.6 |
|
|
$ |
2,132.5 |
|
|
$ |
— |
|
|
$ |
2,132.5 |
|
|
-16 |
% |
|
Operating Profit |
|
|
64.8 |
|
|
|
27.2 |
|
|
|
92.0 |
|
|
|
61.5 |
|
|
|
32.3 |
|
|
|
93.8 |
|
|
-2 |
% |
|
Operating Margin |
|
|
3.6 |
% |
|
|
1.5 |
% |
|
|
5.1 |
% |
|
|
2.9 |
% |
|
|
1.5 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Wizards of the Coast and Digital Gaming: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
1,172.3 |
|
|
$ |
— |
|
|
$ |
1,172.3 |
|
|
$ |
1,094.4 |
|
|
$ |
— |
|
|
$ |
1,094.4 |
|
|
7 |
% |
|
Operating Profit |
|
|
551.1 |
|
|
|
— |
|
|
|
551.1 |
|
|
|
422.5 |
|
|
|
— |
|
|
|
422.5 |
|
|
30 |
% |
|
Operating Margin |
|
|
47.0 |
% |
|
|
— |
|
|
|
47.0 |
% |
|
|
38.6 |
% |
|
|
— |
|
|
|
38.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Entertainment: |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
External Net Revenues |
|
$ |
64.0 |
|
|
$ |
— |
|
|
$ |
64.0 |
|
|
$ |
487.5 |
|
|
$ |
— |
|
|
$ |
487.5 |
|
|
-87 |
% |
|
Operating Profit (Loss) |
|
|
14.6 |
|
|
|
34.5 |
|
|
|
49.1 |
|
|
|
(801.4 |
) |
|
|
786.2 |
|
|
|
(15.2 |
) |
|
>100% |
|
|
Operating Margin |
|
|
22.8 |
% |
|
|
53.9 |
% |
|
|
76.7 |
% |
|
>-100% |
|
>100% |
|
|
-3.1 |
% |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Corporate and Other: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Operating Profit (Loss) |
|
$ |
(0.3 |
) |
|
$ |
34.2 |
|
|
$ |
33.9 |
|
|
$ |
(22.8 |
) |
|
$ |
48.3 |
|
|
$ |
25.5 |
|
|
33 |
% |
|
(1) Amounts within this section may not sum due to rounding |
|||||||||||||||||||||||||||
|
|
|
Nine Months Ended |
|||||||
|
Net Revenues by Brand Portfolio |
|
September 29, |
|
October 1, |
|
% Change |
|||
|
Franchise Brands (1) |
|
$ |
2,334.7 |
|
$ |
2,412.8 |
|
-3 |
% |
|
Partner Brands |
|
|
402.4 |
|
|
533.8 |
|
-25 |
% |
|
Portfolio Brands (2) |
|
|
296.8 |
|
|
370.6 |
|
-20 |
% |
|
Non-Hasbro Branded Film & TV (2) |
|
|
— |
|
|
397.2 |
|
-100 |
% |
|
Total |
|
$ |
3,033.9 |
|
$ |
3,714.4 |
|
|
|
|
(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 nine months ended October 1, 2023, have been restated to reflect the movement, resulting in a change of $1.2. |
|
|
|
Nine Months Ended |
|||||||
|
|
|
September 29, |
|
October 1, |
|
% Change |
|||
|
MAGIC: THE GATHERING |
|
$ |
870.2 |
|
$ |
827.5 |
|
5 |
% |
|
Hasbro Total Gaming (1) |
|
|
1,549.6 |
|
|
1,505.7 |
|
3 |
% |
|
(1) Hasbro Total Gaming includes all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming. |
|
|
|
Nine Months Ended |
|||||||
|
Consumer Products Segment Net Revenues by Major Geographic Region |
|
September 29, |
|
October 1, |
|
% Change |
|||
|
North America |
|
$ |
1,072.0 |
|
$ |
1,234.7 |
|
-13 |
% |
|
Europe |
|
|
341.8 |
|
|
472.2 |
|
-28 |
% |
|
Asia Pacific |
|
|
193.3 |
|
|
191.5 |
|
1 |
% |
|
Latin America |
|
|
190.5 |
|
|
234.1 |
|
-19 |
% |
|
Net revenues |
|
$ |
1,797.6 |
|
$ |
2,132.5 |
|
|
|
|
|
|
Nine Months Ended |
|||||||
|
Wizards of the Coast and Digital Gaming Net Revenues by Category |
|
September 29, |
|
October 1, |
|
% Change |
|||
|
Tabletop Gaming |
|
$ |
832.6 |
|
$ |
806.9 |
|
3 |
% |
|
Digital and Licensed Gaming |
|
|
339.7 |
|
|
287.5 |
|
18 |
% |
|
Net revenues |
|
$ |
1,172.3 |
|
$ |
1,094.4 |
|
|
|
|
|
|
Nine Months Ended |
|||||||
|
Entertainment Segment Net Revenues by Category |
|
September 29, 2024 |
|
October 1, |
|
% Change |
|||
|
Film and TV |
|
$ |
3.4 |
|
$ |
423.8 |
|
-99 |
% |
|
Family Brands |
|
|
60.6 |
|
|
63.7 |
|
-5 |
% |
|
Net revenues |
|
$ |
64.0 |
|
$ |
487.5 |
|
|
|
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) |
||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||
|
Reconciliation of EBITDA and Adjusted EBITDA (1) |
|
September 29, |
|
October 1, |
|
September 29, |
|
October 1, |
||||||
|
Net Earnings (Loss) Attributable to Hasbro, Inc. |
|
$ |
223.2 |
|
$ |
(171.1 |
) |
|
$ |
419.9 |
|
$ |
(428.2 |
) |
|
Interest expense |
|
|
46.2 |
|
|
47.1 |
|
|
|
127.7 |
|
|
140.0 |
|
|
Income tax expense (benefit) |
|
|
67.0 |
|
|
(44.6 |
) |
|
|
133.3 |
|
|
(36.9 |
) |
|
Net earnings attributable to noncontrolling interests |
|
|
0.1 |
|
|
0.7 |
|
|
|
1.0 |
|
|
1.2 |
|
|
Depreciation expense |
|
|
24.4 |
|
|
33.4 |
|
|
|
74.0 |
|
|
88.0 |
|
|
Amortization of intangibles |
|
|
17.1 |
|
|
19.2 |
|
|
|
51.2 |
|
|
65.1 |
|
|
EBITDA |
|
$ |
378.0 |
|
$ |
(115.3 |
) |
|
$ |
807.1 |
|
$ |
(170.8 |
) |
|
|
|
|
|
|
|
|
|
|
||||||
|
Stock compensation |
|
|
14.1 |
|
|
19.2 |
|
|
|
26.9 |
|
|
54.1 |
|
|
Strategic transformation initiatives (2) |
|
|
6.0 |
|
|
8.4 |
|
|
|
18.5 |
|
|
29.4 |
|
|
Restructuring and severance costs (3) |
|
|
0.4 |
|
|
— |
|
|
|
7.8 |
|
|
— |
|
|
Loss on disposal of business (4) |
|
|
— |
|
|
473.0 |
|
|
|
24.4 |
|
|
473.0 |
|
|
eOne Film and TV business divestiture related costs (5) |
|
|
7.9 |
|
|
16.2 |
|
|
|
7.9 |
|
|
16.9 |
|
|
Impairment of goodwill and intangible assets (6) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
296.2 |
|
|
Adjusted EBITDA |
|
$ |
406.4 |
|
$ |
401.5 |
|
|
$ |
892.6 |
|
$ |
698.8 |
|
|
(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 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. |
|
HASBRO, INC. NON-GAAP RECONCILIATION (Unaudited) (Millions of Dollars) |
||||||||||||||||
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
Reconciliation of Adjusted Operating Profit (1) |
|
September 29, |
|
October 1, |
|
September 29, |
|
October 1, |
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Profit (Loss) |
|
$ |
301.9 |
|
|
$ |
(169.5 |
) |
|
$ |
630.2 |
|
|
$ |
(340.2 |
) |
|
Consumer Products |
|
|
121.0 |
|
|
|
96.1 |
|
|
|
64.8 |
|
|
|
61.5 |
|
|
Wizards of the Coast and Digital Gaming |
|
|
181.2 |
|
|
|
203.4 |
|
|
|
551.1 |
|
|
|
422.5 |
|
|
Entertainment |
|
|
9.8 |
|
|
|
(468.5 |
) |
|
|
14.6 |
|
|
|
(801.4 |
) |
|
Corporate and Other |
|
|
(10.1 |
) |
|
|
(0.5 |
) |
|
|
(0.3 |
) |
|
|
(22.8 |
) |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments |
|
$ |
26.8 |
|
|
$ |
512.1 |
|
|
$ |
95.9 |
|
|
$ |
866.8 |
|
|
Consumer Products |
|
|
9.1 |
|
|
|
10.9 |
|
|
|
27.2 |
|
|
|
32.3 |
|
|
Entertainment |
|
|
3.4 |
|
|
|
476.6 |
|
|
|
34.5 |
|
|
|
786.2 |
|
|
Corporate and Other |
|
|
14.3 |
|
|
|
24.6 |
|
|
|
34.2 |
|
|
|
48.3 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Adjusted Operating Profit (Loss) |
|
$ |
328.7 |
|
|
$ |
342.6 |
|
|
$ |
726.1 |
|
|
$ |
526.6 |
|
|
Consumer Products |
|
|
130.1 |
|
|
|
107.0 |
|
|
|
92.0 |
|
|
|
93.8 |
|
|
Wizards of the Coast and Digital Gaming |
|
|
181.2 |
|
|
|
203.4 |
|
|
|
551.1 |
|
|
|
422.5 |
|
|
Entertainment |
|
|
13.2 |
|
|
|
8.1 |
|
|
|
49.1 |
|
|
|
(15.2 |
) |
|
Corporate and Other |
|
|
4.2 |
|
|
|
24.1 |
|
|
|
33.9 |
|
|
|
25.5 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-GAAP Adjustments include the following: |
|
|
|
|
|
|
|
|
||||||||
|
Acquisition-related costs (2) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1.9 |
|
|
Acquired intangible amortization (3) |
|
|
12.5 |
|
|
|
14.5 |
|
|
|
37.3 |
|
|
|
49.4 |
|
|
Strategic transformation initiatives (4) |
|
|
6.0 |
|
|
|
8.4 |
|
|
|
18.5 |
|
|
|
29.4 |
|
|
Restructuring and severance costs (5) |
|
|
0.4 |
|
|
|
— |
|
|
|
7.8 |
|
|
|
— |
|
|
Loss on disposal of business (6) |
|
|
— |
|
|
|
473.0 |
|
|
|
24.4 |
|
|
|
473.0 |
|
|
eOne Film and TV business divestiture related costs (7) |
|
|
7.9 |
|
|
|
16.2 |
|
|
|
7.9 |
|
|
|
16.9 |
|
|
Impairment of goodwill and intangible assets (8) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
296.2 |
|
|
Total |
|
$ |
26.8 |
|
|
$ |
512.1 |
|
|
$ |
95.9 |
|
|
$ |
866.8 |
|
|
(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 |
||||||||||||
|
|
September 29, |
|
Diluted Per |
|
October 1, |
|
Diluted Per |
||||||
|
Net Earnings (Loss) Attributable to Hasbro |
$ |
223.2 |
|
$ |
1.59 |
|
$ |
(171.1 |
) |
|
$ |
(1.23 |
) |
|
Acquired Intangible Amortization (3) |
|
9.4 |
|
|
0.07 |
|
|
11.0 |
|
|
|
0.08 |
|
|
Strategic transformation initiatives (4) |
|
4.6 |
|
|
0.03 |
|
|
6.4 |
|
|
|
0.05 |
|
|
Restructuring and severance costs (5) |
|
0.3 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
Loss on disposal of business (6) |
|
— |
|
|
— |
|
|
369.0 |
|
|
|
2.66 |
|
|
eOne Film and TV business sale process charges (7) |
|
6.1 |
|
|
0.04 |
|
|
12.5 |
|
|
|
0.09 |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
243.6 |
|
$ |
1.73 |
|
$ |
227.8 |
|
|
$ |
1.64 |
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Nine Months Ended |
||||||||||||
|
|
September 29, |
|
Diluted Per |
|
October 1, |
|
Diluted Per |
||||||
|
Net Earnings (Loss) Attributable to Hasbro |
$ |
419.9 |
|
$ |
3.00 |
|
$ |
(428.2 |
) |
|
$ |
(3.09 |
) |
|
Acquisition and Related Costs (2) |
|
— |
|
|
— |
|
|
1.7 |
|
|
|
0.01 |
|
|
Acquired Intangible Amortization (3) |
|
28.0 |
|
|
0.20 |
|
|
38.6 |
|
|
|
0.28 |
|
|
Strategic transformation initiatives (4) |
|
14.1 |
|
|
0.10 |
|
|
22.5 |
|
|
|
0.16 |
|
|
Restructuring and severance costs (5) |
|
5.9 |
|
|
0.04 |
|
|
— |
|
|
|
— |
|
|
Loss on disposal of business (6) |
|
24.4 |
|
|
0.17 |
|
|
369.0 |
|
|
|
2.66 |
|
|
eOne Film and TV business sale process charges (7) |
|
6.1 |
|
|
0.04 |
|
|
13.0 |
|
|
|
0.09 |
|
|
Impairment of Goodwill and Intangible Assets (8) |
|
— |
|
|
— |
|
|
279.9 |
|
|
|
2.01 |
|
|
Net Earnings Attributable to Hasbro as Adjusted |
$ |
498.4 |
|
$ |
3.56 |
|
$ |
296.5 |
|
|
$ |
2.13 |
|
|
(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 nine months ended October 1, 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 $6.0 ($4.6 after-tax) and $18.5 ($14.1 after-tax) for the three and nine months ended September 29, 2024, respectively, and $8.4 ($6.4 after-tax) and $29.4 ($22.5 after-tax) for the three and nine months ended October 1, 2023, respectively. |
|
|
|
(5) Restructuring and severance costs $0.4 ($0.3 after-tax) and $7.8 ($5.9 after-tax) for the three and nine months ended September 29, 2024, associated with cost-savings initiatives across the Company. |
|
|
|
(6) Loss on disposal of a business of $24.4 ($24.4 after-tax) for the nine months ended September 29, 2024 and $473.0 ($369.0 after-tax) for the three and nine months ended October 1, 2023, 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 $7.9 ($6.1 after-tax) for three months and nine months ended September 29, 2024 and $16.2 ($12.5 after-tax) and $16.9 ($13.0 after-tax) for the three and nine months ended October 1, 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 $296.2 ($279.9 after tax) for the three and nine months ended October 1, 2023 incurred within the Entertainment segment related to the eOne Film and TV business. |
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