Hasbro, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Hasbro, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

HASBRO, INC. (HAS) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Hasbro, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of the fiscal year. The company's fiscal year ends on December 29th. Hasbro's principal executive offices are located in Pawtucket, RI. The SIC code for Hasbro is 3944 (GAMES, TOYS & CHILDREN'S VEHICLES).

Why It Matters

For investors and stakeholders tracking HASBRO, INC., this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Hasbro, Inc. during the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential future performance in the toy and game industry.

Risk Assessment

Risk Level: medium — HASBRO, INC. shows moderate risk based on this filing. The company operates in the highly competitive toy and game industry, which is subject to changing consumer preferences and economic conditions, as indicated by its SIC code 3944.

Analyst Insight

Investors should review the financial statements and management's discussion and analysis in this 10-Q to understand Hasbro's performance and outlook.

Key Numbers

• 2024-03-31 — Period of Report (Conformed period of report)
• 2024-05-01 — Filed As Of Date (Filed as of date)
• 1229 — Fiscal Year End (Fiscal year end)

Key Players & Entities

• HASBRO, INC. (company) — Filer name
• 0000046080 (company) — Central Index Key
• PAWTUCKET (company) — Business address city
• RI (company) — Business address state
• 3944 (company) — Standard Industrial Classification code

FAQ

Industry Context

Hasbro operates within the broad entertainment and consumer products industry, with a specific focus on toys and games.

Regulatory Implications

The filing is a standard 10-Q, which is a quarterly report required by the SEC for public companies to provide updates on their financial condition.

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for Q1 2024.
2. Analyze management's discussion and analysis (MD&A) for insights into performance drivers and risks.
3. Compare current quarter results to historical data and industry trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the period ending March 31, 2024. Previous filings would cover earlier periods.

Key Financial Figures

• $0.50 — ange on which registered Common Stock, $0.50 par value per share HAS The NASDAQ Glob

Filing Documents

• has-20240331.htm (10-Q) — 1209KB
• has-q12024xex311.htm (EX-31.1) — 9KB
• has-q12024xex312.htm (EX-31.2) — 9KB
• has-q12024xex321.htm (EX-32.1) — 5KB
• has-q12024xex322.htm (EX-32.2) — 5KB
• 0000046080-24-000085.txt (&nbsp;) — 7366KB
• has-20240331.xsd (EX-101.SCH) — 54KB
• has-20240331_cal.xml (EX-101.CAL) — 83KB
• has-20240331_def.xml (EX-101.DEF) — 221KB
• has-20240331_lab.xml (EX-101.LAB) — 609KB
• has-20240331_pre.xml (EX-101.PRE) — 441KB
• has-20240331_htm.xml (XML) — 1258KB

Financial Information

Part I Financial Information 5

Financial Statements

Item 1. Financial Statements 5 Consolidated Balance Sheets 5 Consolidated Statements of Operations 6 Consolidated Statements of Comprehensive Earnings (Loss) 7 Consolidated Statements of Cash Flows 8 Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests 9 Condensed Notes to Consolidated Financial Statements 10

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 34

Controls and Procedures

Item 4. Controls and Procedures 34

Other Information

Part II Other Information 35

Legal Proceedings

Item 1. Legal Proceedings 35

Risk Factors

Item 1A. Risk Factors 35

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 35

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 35

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 36

Signatures

Signatures 37 2 Special Note Regarding Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q ("Quarterly Report") contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to: our business strategies and plans; products, gaming and entertainment; anticipated cost savings; and financial targets. Our actual actions or results may differ materially from those expected or anticipated in the forward-looking statements due to both known and unknown risks and uncertainties. Factors that might cause such a difference include, but are not limited to: our ability to successfully execute on our business strategy and transformation initiatives, and to achieve anticipated cost savings; our ability to successfully compete in the play industry; our ability to transform our business and capabilities to address the changing global consumer landscape; our ability to design, develop, manufacture, and ship products on a timely and profitable basis; the concentration of our customers, potentially increasing the negative impact to our business of difficulties experienced by any of our customers or changes in their purchasing or selling patterns; inflation and downturns in global and regional economic conditions impacting one or more of the markets in which we sell products, which can negatively impact our customers and consumers, result in lower employment levels, consumer disposable income, retailer inventories and spending, including lower spending on purchases of our products; risks related to economic and public health conditions or regulatory changes in the markets in which we and our customers, partners, licensees, suppliers and manufacturers operate, such as inflation, rising interest rates, higher commodity prices, labor costs or transportation costs, or outbreaks

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. HASBRO, INC. AND SUBSIDIARIES Consolidated Balance Sheets (Millions of Dollars Except Share Data) (Unaudited) March 31, 2024 April 2, 2023 December 31, 2023 ASSETS Current assets Cash and cash equivalents including restricted cash of $ 0.9 million, $ 13.4 million and $ 0.6 million $ 570.2 $ 386.2 $ 545.4 Accounts receivable, net 632.5 685.2 1,029.3 Inventories 336.2 713.4 332.0 Prepaid expenses and other current assets 456.5 754.4 416.9 Total current assets 1,995.4 2,539.2 2,323.6 Property, plant and equipment, less accumulated depreciation of $ 625.4 million, $ 637.8 million and $ 618.9 million 501.3 509.1 488.6 Other assets: Goodwill 2,278.8 3,470.1 2,279.2 Other intangible assets, net of accumulated amortization of $ 1,314.7 million, $ 1,165.3 million and $ 1,296.9 million 569.7 801.0 587.5 Other 857.8 1,604.3 862.0 Total other assets 3,706.3 5,875.4 3,728.7 Total assets $ 6,203.0 $ 8,923.7 $ 6,540.9 LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY Current liabilities Short-term borrowings $ — $ 134.5 $ — Current portion of long-term debt 500.0 109.0 500.0 Accounts payable 254.2 360.1 340.6 Accrued liabilities 1,038.0 1,293.8 1,215.8 Total current liabilities 1,792.2 1,897.4 2,056.4 Long-term debt 2,966.9 3,682.4 2,965.8 Other liabilities 414.0 585.2 431.7 Total liabilities $ 5,173.1 $ 6,165.0 $ 5,453.9 Commitments and contingencies (Note 14) Shareholders' equity Preference stock of $ 2.50 par value. Authorized 5,000,000 shares; none issued — — — Common stock of $ 0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at March 31, 2024, April 2, 2023, and December 31, 2023 110.1 110.1 110.1 Additional paid-in capital 2,569.9 2,535.7 2,590.6 Retained earnings 2,148.0 3,951.8 2,188.4 Accumulated other comprehensive loss ( 203.3 ) ( 237.4 ) ( 201.5 ) Treasury stock, at cost; 81,081,180 shares at March 31, 2024; 81,687,608 shares at April 2, 2023; a