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Hasbro Reports First Quarter 2022 Financial Results

April 19, 2022 6:30 AM

Revenue growth in all segments highlighting strength of the Brand Blueprint

Company provides updated full-year guidance including mid-single digit adjusted operating profit growth

First Quarter 2022

PAWTUCKET, R.I.--(BUSINESS WIRE)-- Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the first quarter 2022.

"The Hasbro teams executed well in the first quarter, growing revenue across segments and positioning us to increase our profit outlook for the year. Based on our current plans, we now believe mid-single digit adjusted operating profit growth and a 16% adjusted operating profit margin is achievable on revenue growth of low-single digits," said Chris Cocks, Hasbro chief executive officer. "As I assumed the role of Hasbro CEO on February 25, we began a thorough review of our business with a theme of focus and scale. We are leaning into our strengths and greatest growth opportunities, including in gaming, multi-generational brands and direct to consumer.

"Hasbro has carefully assembled an unmatched portfolio of brand-building capabilities and valuable brands to drive profitable growth and long-term shareholder returns," continued Cocks.

"Our first quarter results were in line with our plans, as the team continued to manage supply chain disruptions, positioning us to meet or exceed our outlook for the year," said Deborah Thomas, Hasbro chief financial officer. "As we discussed at year end, pricing increases went into effect in our consumer products business at the beginning of the second quarter and will help offset the higher input and freight costs in future quarters. Given our cash position and positive outlook, we are resuming our share repurchase program with a plan to repurchase $75 to $150 million this year and remain on target to reach our gross debt to adjusted EBITDA target of 2.0 to 2.5X during 2023."

First Quarter 2022 Financial Results

$ Millions, except earnings per share

Q1 2022

Q1 2021

% Change

Net Revenues1

$

1,163.1

$

1,114.8

4

%

Operating Profit

$

120.0

$

147.3

-19

%

Adjusted Operating Profit2

$

141.8

$

174.1

-19

%

Net Earnings

$

61.2

$

116.2

-47

%

Net Earnings per Diluted Share

$

0.44

$

0.84

-48

%

Adjusted Net Earnings2

$

79.4

$

138.4

-43

%

Adjusted Net Earnings per Diluted Share2

$

0.57

$

1.00

-43

%

EBITDA2

$

174.0

$

235.3

-26

%

Adjusted EBITDA2

$

192.1

$

252.0

-24

%

1Foreign exchange had a negative $17.4 million impact, or 2%, on first quarter 2022 revenue
2See the financial tables accompanying this press release for a reconciliation of GAAP and non-GAAP financial measures.

First Quarter 2022 Major Segment Performance

Q1 2022 Major Segments ($ Millions)

Net Revenues

Operating Profit

Adjusted

Operating Profit1

Q1 2022

Q1 2021

% Change

Q1 2022

Q1 2021

Q1 2022

Q1 2021

Consumer Products

$

672.8

$

653.9

3

%

$

8.6

$

32.3

$

18.9

$

32.3

Wizards of the Coast and Digital Gaming

$

262.8

$

242.2

9

%

$

106.4

$

110.0

$

106.4

$

110.0

Entertainment

$

227.5

$

218.7

4

%

$

12.2

$

17.0

$

21.0

$

41.9

Q1 2022 Major Segments ($ Millions)

EBITDA

Adjusted EBITDA1

Q1 2022

Q1 2021

Q1 2022

Q1 2021

Consumer Products

$

41.3

$

59.4

$

48.8

$

65.9

Wizards of the Coast and Digital Gaming

$

107.6

$

112.3

$

112.2

$

114.9

Entertainment

$

25.9

$

68.2

$

31.4

$

72.3

1Reconciliations are included in the attached schedules under the heading "Reconciliation of Adjusted Operating Profit" and “Reconciliation of EBITDA and Adjusted EBITDA.”

Consumer Products segment revenues increased 3%. Revenue increased 5% excluding a negative $13.5 million impact of foreign exchange, $12.0 million of which was in Europe.

Wizards of the Coast and Digital Gaming segment revenues increased 9%. Revenues increased 10% excluding a negative $2.9 million impact of foreign exchange.

Entertainment segment revenue increased 4%. Revenue increased 5% excluding a negative $1.0 million impact of foreign exchange.

First Quarter 2022 Brand Portfolio Performance

Brand Performance ($ Millions)

Net Revenues

Q1 2022

Q1 2021

% Change

Franchise Brands1

$

543.1

$

523.1

4

%

Partner Brands

$

206.5

$

188.0

10

%

Hasbro Gaming2

$

143.6

$

136.3

5

%

Emerging Brands

$

76.4

$

73.1

5

%

TV/Film/Entertainment3

$

193.5

$

194.3

0

%

1Effective in the first quarter of 2022, the Company moved PEPPA PIG into Franchise Brands from Emerging Brands. For comparability, the quarter ended March 28, 2021 net revenues have been restated to reflect the elevation of PEPPA PIG from Emerging Brands into Franchise Brands resulting in a change of $31.6 million.
2Hasbro's total gaming category, including all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY, which are reported in the Franchise Brands portfolio, totaled $378.8 million for the first quarter 2022, up 4% compared to the respective period in 2021.
3First quarter 2021 TV/Film/Entertainment includes $31.8 million of Music revenue which was sold at the beginning of the third quarter 2021.

Brand Blueprint Leadership

Hasbro is executing significant campaigns around the Brand Blueprint, investing in key growth initiatives and positioning the Company for continued profitable growth.

For the first quarter 2022, revenues grew in Franchise Brands, Partner Brands, Hasbro Gaming, and Emerging Brands. TV/Film/Entertainment revenues were flat, but increased 19% excluding Music revenues. Top brand performances included MAGIC: THE GATHERING, MY LITTLE PONY, PEPPA PIG and Hasbro products for the Marvel portfolio, led by the Spider-Man franchise including products in support of Marvel Studios' Spider-Man: No Way Home and the new animated show Marvel's Spidey and His Amazing Friends, plus Avengers franchise support with the upcoming Marvel Studios' Doctor Strange in the Multiverse of Madness.

Industry-leading Gaming Portfolio

End-to-End Brand Executions

Company Outlook

Coming off a strong year in 2021, the Company has a plan for continued growth in 2022, including low-single digit revenue growth despite the strengthening of the U.S. dollar and potential risk of approximately $100 million in Russia; mid-single digit growth in operating profit to achieve adjusted operating profit margin of 16%, which is above prior guidance; and operating cash flow in the range of $700 to $800 million.

Dividend and Share Repurchase Plan

During the first quarter, Hasbro paid $94.5 million in cash dividends to shareholders. As previously announced in February, the Board of Directors approved an increase of 3% to $0.70 per common share for the next quarterly dividend. This dividend will be payable on May 16, 2022 to shareholders of record at the close of business on May 2, 2022.

A share repurchase program continues to be an important long-term component of Hasbro’s capital allocation strategy and Hasbro has $367 million available under its authorized share repurchase programs. Given the progress made toward reducing debt, we plan to resume repurchases this quarter, with a target of repurchasing $75-$150 million of Hasbro common stock in the open market this year. This repurchase does not change the expectation of returning to the gross debt to adjusted EBITDA target of 2.0 to 2.5X in the second half of 2023 or sooner, depending on business performance and other factors.

Conference Call Webcast

Hasbro will webcast its first quarter 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 (NASDAQ: HAS) is a global play and entertainment company committed to making the world a better place for all children, fans and families. Hasbro delivers immersive brand experiences for global audiences through consumer products, including toys and games; entertainment through eOne, its independent studio; and gaming, led by the team at Wizards of the Coast, an award-winning developer of tabletop and digital games best known for fantasy franchises MAGIC: THE GATHERING and DUNGEONS & DRAGONS.

The Company’s unparalleled portfolio of approximately 1,500 brands includes MAGIC: THE GATHERING, NERF, MY LITTLE PONY, TRANSFORMERS, PLAY-DOH, MONOPOLY, BABY ALIVE, DUNGEONS & DRAGONS, POWER RANGERS, PEPPA PIG and PJ MASKS, as well as premier partner brands. For the past decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media and one of the World’s Most Ethical Companies by Ethisphere Institute. Important business and brand updates are routinely shared on our Investor Relations website, Newsroom and social channels (@Hasbro on Twitter, Instagram, Facebook and LinkedIn.)

© 2022 Hasbro, Inc. All Rights Reserved.

Safe Harbor

Certain statements in this release contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our future performance and outlook for growth in 2022; expectations relating to products, gaming and entertainment to be developed and delivered throughout the year; our plans relating to our share repurchase program; our ability to achieve our other financial and business goals; and our liquidity. 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. Specific factors that might cause such a difference include, but are not limited to:

The statements contained herein are based on our current beliefs and expectations. We undertake no obligation to make any revisions to the forward-looking statements contained in this release or to update them to reflect events or circumstances occurring after the date of this 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 and, acquired intangible amortization. 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 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. 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.

Additional Information and Where to Find It

Hasbro has filed with the SEC a preliminary proxy statement on Schedule 14A, containing a form of WHITE proxy card, with respect to its solicitation of proxies for Hasbro’s 2022 Annual Meeting of Shareholders (the “2022 Annual Meeting”). The proxy statement is in preliminary form and Hasbro intends to file and mail a definitive proxy statement to stockholders of Hasbro. This communication is not a substitute for any proxy statement or other document that Hasbro has filed or may file with the SEC in connection with any solicitation by Hasbro. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) FILED BY HASBRO AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT ANY SOLICITATION. Investors and security holders may obtain copies of these documents and other documents filed with the SEC by Hasbro free of charge through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by Hasbro are also available free of charge by accessing Hasbro’s website at www.hasbro.com.

Participants

This communication is neither a solicitation of a proxy or consent nor a substitute for any proxy statement or other filings that may be made with the SEC. Nonetheless, Hasbro, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies with respect to a solicitation by Hasbro. Information about Hasbro’s executive officers and directors is available in Hasbro’s preliminary proxy statement for the 2022 Annual Meeting, which was filed with the SEC on April 4, 2022, and will be included in Hasbro’s definitive proxy statement, once available. To the extent holdings of Hasbro securities reported in the proxy statement for the 2022 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at www.sec.gov.

HAS-E

(Tables Attached)

HASBRO, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Millions of Dollars)

March 27, 2022

March 28, 2021

ASSETS

Cash and Cash Equivalents

$

1,057.9

$

1,430.4

Accounts Receivable, Net

931.7

810.4

Inventories

644.3

429.2

Prepaid Expenses and Other Current Assets

621.4

566.0

Total Current Assets

3,255.3

3,236.0

Property, Plant and Equipment, Net

422.6

482.7

Goodwill

3,419.3

3,691.4

Other Intangible Assets, Net

1,136.6

1,513.0

Other Assets

1,284.9

1,266.0

Total Assets

$

9,518.7

$

10,189.1

LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY

Short-Term Borrowings

$

104.1

$

8.8

Current Portion of Long-Term Debt

155.8

148.9

Accounts Payable and Accrued Liabilities

1,783.1

1,595.7

Total Current Liabilities

2,043.0

1,753.4

Long-Term Debt

3,737.9

4,674.1

Other Liabilities

633.6

777.7

Total Liabilities

6,414.5

7,205.2

Redeemable Noncontrolling Interests

23.5

24.0

Total Shareholders' Equity

3,080.7

2,959.9

Total Liabilities, Noncontrolling Interests and Shareholders' Equity

$

9,518.7

$

10,189.1

HASBRO, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Millions of Dollars and Shares Except Per Share Data)

Quarter Ended

March 27, 2022

% Net Revenues

March 28, 2021

% Net Revenues

Net Revenues

$

1,163.1

100.0

%

$

1,114.8

100.0

%

Costs and Expenses:

Cost of Sales

333.1

28.6

%

289.9

26.0

%

Program Cost Amortization

138.5

11.9

%

97.5

8.7

%

Royalties

90.1

7.7

%

108.9

9.8

%

Product Development

69.6

6.0

%

61.8

5.5

%

Advertising

77.6

6.7

%

87.9

7.9

%

Amortization of Intangibles

27.1

2.3

%

32.9

3.0

%

Selling, Distribution and Administration

307.1

26.4

%

288.6

25.9

%

Operating Profit

120.0

10.3

%

147.3

13.2

%

Interest Expense

41.6

3.6

%

47.9

4.3

%

Other Expense (Income), Net

(1.8

)

-0.2

%

(30.1

)

-2.7

%

Earnings before Income Taxes

80.2

6.9

%

129.5

11.6

%

Income Tax Expense

17.3

1.5

%

12.0

1.1

%

Net Earnings

62.9

5.4

%

117.5

10.5

%

Net Earnings Attributable to Noncontrolling Interests

1.7

0.1

%

1.3

0.1

%

Net Earnings Attributable to Hasbro, Inc.

$

61.2

5.3

%

$

116.2

10.4

%

Per Common Share

Net Earnings

Basic

$

0.44

$

0.84

Diluted

$

0.44

$

0.84

Cash Dividends Declared

$

0.70

$

0.68

Weighted Average Number of Shares

Basic

139.3

137.7

Diluted

139.6

138.1

HASBRO, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Millions of Dollars)

Quarter Ended

March 27, 2022

March 28, 2021

Cash Flows from Operating Activities:

Net Earnings

$

62.9

$

117.5

Other Non-Cash Adjustments

179.3

193.8

Changes in Operating Assets and Liabilities

(107.5

)

66.3

Net Cash Provided by Operating Activities

134.7

377.6

Cash Flows from Investing Activities:

Additions to Property, Plant and Equipment

(29.2

)

(23.9

)

Other

5.3

(1.6

)

Net Cash Utilized by Investing Activities

(23.9

)

(25.5

)

Cash Flows from Financing Activities:

Proceeds from Long-Term Debt

1.3

72.4

Repayments of Long-Term Debt

(133.9

)

(344.9

)

Net Proceeds from Short-Term Borrowings

103.3

2.0

Stock-Based Compensation Transactions

70.2

4.7

Dividends Paid

(94.5

)

(93.4

)

Payments Related to Tax Withholding for Share-Based Compensation

(19.3

)

(9.3

)

Other

(4.6

)

(2.3

)

Net Cash Utilized by Financing Activities

(77.5

)

(370.8

)

Effect of Exchange Rate Changes on Cash

5.4

(0.6

)

Cash and Cash Equivalents at Beginning of Year

1,019.2

1,449.7

Cash and Cash Equivalents at End of Period

$

1,057.9

$

1,430.4

HASBRO, INC.

SUPPLEMENTAL FINANCIAL DATA

SEGMENT RESULTS - AS REPORTED AND AS ADJUSTED

(Unaudited)

(Millions of Dollars)

Operating Results

Quarter Ended March 27, 2022

Quarter Ended March 28, 2021

As Reported

Non-GAAP
Adjustments

Adjusted

As Reported

Non-GAAP
Adjustments

Adjusted

% Change

Total Company Results

External Net Revenues (1)

$

1,163.1

$

$

1,163.1

$

1,114.8

$

$

1,114.8

4

%

Operating Profit

120.0

21.8

141.8

147.3

26.8

174.1

-19

%

Operating Margin

10.3

%

1.9

%

12.2

%

13.2

%

2.4

%

15.6

%

EBITDA

174.0

18.1

192.1

235.3

16.7

252.0

-24

%

Segment Results

Consumer Products:

External Net Revenues (2)

$

672.8

$

$

672.8

$

653.9

$

$

653.9

3

%

Operating Profit

8.6

10.3

18.9

32.3

32.3

-41

%

Operating Margin

1.3

%

1.5

%

2.8

%

4.9

%

4.9

%

EBITDA

41.3

7.5

48.8

59.4

6.5

65.9

-26

%

Wizards of the Coast and Digital Gaming:

External Net Revenues (3)

$

262.8

$

$

262.8

$

242.2

$

$

242.2

9

%

Operating Profit

106.4

106.4

110.0

110.0

-3

%

Operating Margin

40.5

%

40.5

%

45.4

%

45.4

%

EBITDA

107.6

4.6

112.2

112.3

2.6

114.9

-2

%

Entertainment:

External Net Revenues (4)

$

227.5

$

$

227.5

$

218.7

$

$

218.7

4

%

Operating Profit

12.2

8.8

21.0

17.0

24.9

41.9

-50

%

Operating Margin

5.4

%

3.9

%

9.2

%

7.8

%

11.4

%

19.2

%

EBITDA

25.9

5.5

31.4

68.2

4.1

72.3

-57

%

Corporate and Other:

Operating (Loss) Profit

$

(7.2

)

$

2.7

$

(4.5

)

$

(12.0

)

$

1.9

$

(10.1

)

55

%

EBITDA

(0.8

)

0.5

(0.3

)

(4.6

)

3.5

(1.1

)

73

%

Quarter Ended

March 27, 2022

March 28, 2021

% Change

(1) Net Revenues by Brand Portfolio

Franchise Brands (i)

$

543.1

$

523.1

4

%

Partner Brands

206.5

188.0

10

%

Hasbro Gaming (ii)

143.6

136.3

5

%

Emerging Brands (i)

76.4

73.1

5

%

TV/Film/Entertainment

193.5

194.3

0

%

Total

$

1,163.1

$

1,114.8

(i) Effective in the first quarter of 2022, the Company moved Peppa Pig into Franchise Brands from Emerging Brands. For comparability, the quarter ended March 28, 2021 net revenues have been restated to reflect the elevation of Peppa Pig from Emerging Brands in to Franchise Brands resulting in a change of $31.6.

(ii) Hasbro's total gaming category, including all gaming revenue, most notably MAGIC: THE GATHERING and MONOPOLY, totaled $378.8 for the quarter ended March 27, 2022, up 3.7% from revenues of $365.3 for the quarter ended March 28, 2021.

Quarter Ended

March 27, 2022

March 28, 2021

% Change

(2) Consumer Products Segment Net Revenues by Major Geographic Region

North America

$

405.2

$

362.7

12

%

Europe

176.7

188.5

-6

%

Asia Pacific

52.2

64.8

-19

%

Latin America

38.7

37.9

2

%

Total

$

672.8

$

653.9

Quarter Ended

March 27, 2022

March 28, 2021

(3) Wizards of the Coast and Digital Gaming Net Revenues by Category

Tabletop Gaming

$

192.2

$

175.3

10

%

Digital and Licensed Gaming

70.6

66.9

6

%

Total

$

262.8

$

242.2

Quarter Ended

March 27, 2022

March 28, 2021

% Change

(4) Entertainment Segment Net Revenues by Category

Film and TV

$

190.2

$

166.4

14

%

Family Brands

23.2

18.8

23

%

Music and Other

14.1

33.5

-58

%

Total

$

227.5

$

218.7

HASBRO, INC.

SUPPLEMENTAL FINANCIAL DATA

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

(Millions of Dollars)

Reconciliation of Adjusted Operating Profit

Quarter Ended

March 27, 2022

March 28, 2021

Operating Profit (Loss)

$

120.0

$

147.3

Consumer Products

8.6

32.3

Wizards of the Coast and Digital Gaming

106.4

110.0

Entertainment

12.2

17.0

Corporate and Other

(7.2

)

(12.0

)

Non-GAAP Adjustments (1)

$

21.8

$

26.8

Consumer Products (ii)

10.3

Entertainment (ii)

8.8

24.9

Corporate and Other

2.7

1.9

Adjusted Operating Profit (Loss)

$

141.8

$

174.1

Consumer Products

18.9

32.3

Wizards of the Coast and Digital Gaming

106.4

110.0

Entertainment

21.0

41.9

Corporate and Other

(4.5

)

(10.1

)

(1) Non-GAAP Adjustments include the following:

Acquisition-related costs (i)

$

2.7

$

1.9

Acquired intangible amortization (ii)

19.1

24.9

Total

$

21.8

$

26.8

( i ) In association with the Company's acquisition of eOne, the Company incurred related expenses of $2.7 ($2.3 after-tax) and $1.9 ($1.7 after-tax) in the quarter ended March 27, 2022 and March 28, 2021, respectively, associated with acquisition-related grants. These expenses are 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.

HASBRO, INC.

SUPPLEMENTAL FINANCIAL DATA

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited)

(Millions of Dollars)

Reconciliation of EBITDA and Adjusted EBITDA

Quarter Ended

March 27, 2022

March 28, 2021

Net Earnings Attributable to Hasbro, Inc.

$

61.2

$

116.2

Interest Expense

41.6

47.9

Income Tax Expense

17.3

12.0

Net Earnings Attributable to Noncontrolling Interests

1.7

1.3

Depreciation

25.1

25.0

Amortization of Intangibles

27.1

32.9

EBITDA

$

174.0

$

235.3

Non-GAAP Adjustments and Stock Compensation (1)

18.1

16.7

Adjusted EBITDA

$

192.1

$

252.0

(1) Non-GAAP Adjustments and Stock Compensation are comprised of the following:

Stock compensation

$

18.1

$

16.7

Total

$

18.1

$

16.7

Adjusted EBITDA by Segment:

Consumer Products

$

48.8

$

65.9

Wizards of the Coast and Digital Gaming

112.2

114.9

Entertainment

31.4

72.3

Corporate and Other

(0.3

)

(1.1

)

Total Adjusted EBITDA

$

192.1

$

252.0

Consumer Products:

Operating Profit

$

8.6

$

32.3

Other (Expense) Income

0.8

6.2

Depreciation

13.9

13.1

Amortization of Intangibles

18.0

7.8

EBITDA

41.3

59.4

Non-GAAP Adjustments and Stock Compensation

7.5

6.5

Adjusted EBITDA

$

48.8

$

65.9

Wizards of the Coast and Digital Gaming:

Operating Profit

$

106.4

$

110.0

Other (Expense) Income

(0.7

)

(0.3

)

Depreciation

1.9

2.6

EBITDA

107.6

112.3

Non-GAAP Adjustments and Stock Compensation

4.6

2.6

Adjusted EBITDA

$

112.2

$

114.9

Entertainment:

Operating Profit

$

12.2

$

17.0

Other (Expense) Income

1.9

23.3

Depreciation

2.8

2.8

Amortization of Intangibles

9.0

25.1

EBITDA

25.9

68.2

Non-GAAP Adjustments and Stock Compensation

5.5

4.1

Adjusted EBITDA

$

31.4

$

72.3

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)

March 27, 2022

Diluted Per Share Amount

March 28, 2021

Diluted Per Share Amount

Net Earnings Attributable to Hasbro, Inc.

$

61.2

$

0.44

$

116.2

$

0.84

Acquisition and Related Costs

2.3

0.02

1.7

0.01

Acquired Intangible Amortization

15.9

0.11

20.5

0.15

Net Earnings Attributable to Hasbro, Inc., as Adjusted

$

79.4

$

0.57

$

138.4

$

1.00

Investors: Debbie Hancock | Hasbro, Inc. | (401) 727-5401 | [email protected]

Media: Carrie Ratner | Hasbro, Inc. | (401) 556-2720 | [email protected]

Source: Hasbro, Inc.

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