即時リリース
ハスブロは2024年第3四半期の財務結果を報告しています
全年のEBITDAガイダンスを維持し、四半期配当を宣言します
2024年10月24日、リソース島パウタケット -- 主要なおもちゃとゲーム会社であるハスブロ社（NASDAQ: HAS）は、2024年第3四半期の財務結果を今日発表しました。
"第3四半期におけるゲームとライセンス事業のアウトパフォーマンスは、私たちの最も収益性の高い2つの分野の強さを強調しています。"と述べたのは、ハスブロの最高経営責任者であるクリス・コックス氏です。"デジタル、ライセンス、製品革新の取り組みは、実を結んでいます。"
"ターンアラウンドの取り組みを継続し、利益、キャッシュフロー、運営の厳格さを改善して年度を締め括る準備が整っています"と、ハスブロのchief financial officerであるジーナ・ゲッター氏は述べています。
2024年第3四半期のハイライト
•ハズブロ社の第3四半期売上高は15%減少しました。イーワン売却を除くと、売上高は9%減少しました。ウィザーズ・オブ・ザ・コーストとデジタルゲーム部門は、ラップの影響により5%減少しました。 バルダーズ・ゲート 3 消費関連製品は、需要の低迷により出来高が10%減少しました。
•営業利益は30200万ドルで、営業利益率は23.6%で、そのうち27億ドルがeOneに関連する無形資産の減価償却費や企業の変革に関連する費用が含まれています。百万 eOneに関連する無形資産の減価償却費や企業の変革に関連する費用には、何か発生しています。
•調整後の営業利益は$32900万（前年比-$1400万）、営業利益率は25.7%（前年比+2.9ポイント）であり、好ましいビジネスミックス、サプライチェーンの生産性、および低い運営コストによって推進されています。
•純コスト削減額は8700万ドルを達成し、年初から約17700万ドルを達成。全年の純節約目標に向けて順調。
•ハスブロが所有する在庫は前年比で39%減少し、2023年第3四半期に比べて消費関連在庫が40%減少しました。
•希薄化後1株当たり1.59ドルの純利益を報告し、希薄化後1株当たり1.73ドルの調整後純利益を報告しました 有利なビジネスミックスと改善された収益性に恵まれています。
•四半期に株主に現金配当として$9800万を支払いました。
2024年第3四半期セグメントの詳細
•ウィザーズ・オブ・ザ・コーストとデジタル・ゲームセグメント
•売上高はMAGIC: THE GATHERINGの成長によるものを相殺する形で、ライセンスとデジタルゲームの予想通りの減少により5％減少しました。 Baldur's Gate 3 2023年第3四半期に、『Baldur's Gate 3 』のリリースによるライセンスとデジタルゲームの期待される減少もあり、売上高が減少しました。
•『MAGIC: THE GATHERING』の売上高は、テーブルトップとARENAの成長に後押しされて3%増加しました。
•モノポリー Go! 売上高はガイダンスに従い、3000万ドルを貢献しました。
•営業利益は11％減少し、営業利益率は44.9％で、デジタルライセンスの収益の低下により3.1ポイント減少しました。
•消費関連製品セグメント
•売上高10%の減少は、撤退したブランド、削減された廉売品、予想よりも軟調な出来高によるものです。一部は新製品の革新と消費関連製品ライセンスの強さによって相殺されました。
•営業利益率は14.1％で、調整後の営業利益率は15.1％（前年比+3.9ポイント）で、好ましいミックス、サプライチェーンコストの生産性向上、および減少した営業費用が、出来高のデリーバレージを相殺しました。
•ベイブレード、トランスフォーマー、ファービー、およびマイリトルポニーのライセンス消費関連製品で成長しました。
•エンターテイメントセグメント
•売上高は、eOneの売却による86%の減少の影響を受けています。この影響を除くと、取引の提供のタイミングにより、売上高は17%減少しました。
•2023年第3四半期の営業利益は1000万ドルに対し、営業損失は4億6900万ドルと比較しています。
•2023年第3四半期の調整後営業利益が800万ドルだったのに対し、1300万ドルの調整後営業利益と比較しています。
2024年のハイライト
•ハスブロの年間売上高は主にeOneの売却により18％減少しました。この影響を除くと、売上高は8％減少しました。ウィザーズ･オブ･ザ･コーストとデジタルゲームセグメントの成長は7％増加し、消費関連製品（-16％）とエンターテイメント（-87％、eOneの売却を除くと+1％）での減少によって相殺されました。
•営業利益は63000万ドルで、営業利益率は20.8%で、96ドルを含んでいます百万 EOne関連の無形償却費用、事業売却に伴う損失、および会社の変革に関連する費用が含まれています。
•調整後の営業利益は72600万ドル（前年比＋20000万ドル）、営業利益率は23.9％（前年比＋9.8ポイント）であり、好適なビジネスミックス、低ロイヤリティ費用、サプライチェーンの生産性向上、低い運営コストによって推進されました。
•希薄化後1株当たり3.00ドルの純利益を報告しました。調整後の希薄化後1株当たり3.56ドルの純利益は、改善された運営とビジネスミックスの恩恵を受けています。
•前年の$3,3500万に対し、利益改善と運転資本からの好影響により、$5,8800万の営業キャッシュフローが達成されました。
2024年の累計セグメント詳細
•ウィザーズ・オブ・ザ・コーストとデジタルゲームセグメント
•売上高はMAGIC: THE GATHERINGの成長とライセンスおよびデジタルゲームの強化による7%の増加に推動されました。
•テーブルトップの売上高は、MAGIC: THE GATHERINGの成長を背景に3％増加しました。.
•モノポリーゴー！は年初から$7400万の貢献をしました。
•営業利益は30%増加し、売上高のデジタルライセンス収益の割合が高くなり、ロイヤルティを含む経費が低かったことにより、営業利益率は47.0%となりました。
•消費関連製品セグメント
•売上高売上高はライセンス消費関連製品の成長を相殺する、退却したブランド、削減された処分品、予想よりもソフトな出来高によって16％減少しました。
•3.6%の営業利益率と調整後の営業利益率5.1%は、好ましいライセンスミックス、コスト削減、生産性の向上によって推進されました。
•エンターテイメントセグメント
•売上高はeOneの売却による収益減少により87%減少しました。この影響を除くと、取引の納品のタイミングにより売上高は1%増加しました。
•2023年の累計営業利益は1億5000万ドルで、営業損失は8億1000万ドルです。
•2023年の累計では、調整後の営業利益は4,900万ドルで、調整後の営業損失の1,500万ドルに対して比較されました。
プレスリリースに添付されている財務表を参照して、GAAPから非GAAPの財務指標の調整を確認してください。
2024年の企業の展望1
会社は今年のフルイヤーについて次のように期待しています：
•消費関連製品セグメントの売上高は12％減の14％に低下しました。調整後の営業利益率は4％から6％になりました。
•ウィザーズ・オブ・ザ・コーストとデジタルゲームセグメントの売上高は横ばいから1%減少しました。営業利益率は約42%です。
•エンターテイメントセグメントの売上高は1500万ドル減少しました。営業利益率は約60％に調整されました。
•ハスブロの調整後のEBITDAは97500万ドルから10.25億ドルです。
•2025年末までに75000万ドルの総貯蓄目標。
2024年の資本配分の優先事項:
•コアビジネスに投資してください。
•配当を通じて株主に現金を還元する。
•負債の返済を続け、レバレッジ目標に向けて進捗を続けてください。
1会社は、コスト削減プログラムに関連する費用などの特定の項目の発生時期および金額を確実に予測できないため、前向きな非GAAP調整後の営業利益率および調整後のEBITDA指標を調整することができません。これはGAAPの結果に影響を与える可能性があります。
配当発表
第3四半期に、会社は株主に9800万ドルの現金配当を支払いました。取締役会は1株につき0.70ドルの四半期現金配当を宣言し、2024年11月20日の取引終了時に保有株主に支払われる予定です。
Conference Call Webcast
Hasbro will webcast its third quarter 2024 earnings conference call at 8:30 a.m. Eastern Time today. To listen to the live webcast and access the accompanying presentation slides, please go to https://investor.hasbro.com. The replay of the call will be available on Hasbro’s website approximately 2 hours following completion of the call.
About Hasbro
Hasbro is a leading toy and game company whose mission is to entertain and connect generations of fans through the wonder of storytelling and the exhilaration of play. Hasbro delivers play experiences for fans of all ages around the world through toys, games, licensed consumer products, digital games and
services, location-based entertainment, film, TV, and more. With a portfolio of over 1,800 iconic brands including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, Hasbro Gaming, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands, Hasbro brings fans together wherever they are, from tabletop to screen.
Hasbro is guided by our Purpose to create joy and community for all people around the world, one game, one toy, one story at a time. For more than a decade, Hasbro has been consistently recognized for its corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, one of the World’s Most Ethical Companies by Ethisphere Institute, and one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50. For more information, visit https://corporate.hasbro.com or @Hasbro on LinkedIn.
© 2024 Hasbro, Inc. All Rights Reserved.
Forward Looking Statement Safe Harbor
Certain statements in this press release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which may be identified by the use of forward-looking words or phrases, include statements relating to our business strategies and plans; expectations relating to products, gaming and entertainment; anticipated cost savings; and financial targets and guidance. 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;
•our ability to successfully compete in the play industry and further develop our digital gaming, licensing business and partnerships;
•our ability to transform our business and capabilities to address the changing global consumer landscape, including evolving demographics for our products and advancements in technology;
•our ability to design, develop, manufacture, and ship products on a timely, cost-effective 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;
•uncertain and unpredictable 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 political, 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, tariffs, higher commodity prices, labor strikes, labor costs or transportation costs, or outbreaks of illness or disease, the occurrence of which could create work slowdowns, delays or shortages in production or shipment of products, increases in costs or delays in revenue;
•our dependence on third party relationships, including with third party partners, manufacturers, distributors, studios, content producers, licensors, licensees, and outsourcers, which creates reliance on others and loss of control;
•risks relating to the concentration of manufacturing for many of our products in the People’s Republic of China and our ability to successfully diversify sourcing of our products to reduce reliance on sources of supply in China;
•risks associated with international operations, such as conflict in territories in which we operate, currency conversion, currency fluctuations, the imposition or threat of tariffs, quotas, shipping delays or difficulties, border adjustment taxes or other protectionist measures, and other challenges in the territories in which we operate;
•the success of our key partner brands, including the ability to secure, maintain and extend agreements with our key partners or the risk of delays, increased costs or difficulties associated with any of our or our partners’ planned digital applications or media initiatives;
•risks related to our leadership changes;
•our ability to attract and retain talented and diverse employees, particularly following recent workforce reductions;
•our ability to realize the benefits of cost-savings and efficiency and/or revenue and operating profit enhancing initiatives;
•risks relating to the impairment and/or write-offs of businesses, products and content we acquire and/or produce;
•the risk that acquisitions, dispositions and other investments we complete may not provide us with the benefits we expect, or the realization of such benefits may be significantly delayed;
•our ability to protect our assets and intellectual property, including as a result of infringement, theft, misappropriation, cyber-attacks or other acts compromising the integrity of our assets or intellectual property;
•fluctuations in our business due to seasonality;
•the risk of product recalls or product liability suits and costs associated with product safety regulations;
•changes in accounting treatment, tax laws or regulations, or the interpretation and application of such laws and regulations, which may cause us to alter reserves or make other changes which significantly impact our reported financial results;
•the impact of litigation or arbitration decisions or settlement actions;
•the bankruptcy or other lack of success of one or more of our significant retailers, licensees and other partners; and
•other risks and uncertainties as may be detailed in our public announcements and U.S. Securities and Exchange Commission (“SEC”) filings.
The statements contained herein are based on our current beliefs and expectations. We undertake no obligation to make any revisions to the forward-looking statements contained in this press release or to update them to reflect events or circumstances occurring after the date of this press release.
Non-GAAP Financial Measures
The financial tables accompanying this press release include non-GAAP financial measures as defined under SEC rules, specifically Adjusted operating profit, Adjusted operating margin, Adjusted net earnings and Adjusted net earnings per diluted share, which exclude, where applicable, acquisition-related costs, acquired intangible amortization, strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs and certain non-cash asset impairment costs. 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 attributable to noncontrolling interests, depreciation and amortization of intangibles. Adjusted EBITDA also excludes strategic transformation initiatives, restructuring and severance costs, loss on disposal of business, eOne Film and TV business divestiture related costs, certain non-cash asset impairment charges and the impact of stock compensation (including acquisition-related stock expense). As required by SEC rules, we have provided reconciliations on the attached schedules of these measures to the most directly comparable GAAP measure. Management believes that Adjusted net earnings, Adjusted net earnings per diluted share, Adjusted operating profit and Adjusted operating margin 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.
HAS-E
Investors: Kern Kapoor | Hasbro, Inc. | hasbro_investor_relations@hasbro.com
Media: Roberta Thomson | Hasbro, Inc. | communications@hasbro.com
# # #
(Tables Attached)
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 Revenues | Amount | % of Net Revenues | Amount | % of Net Revenues | Amount | % of Net Revenues | ||||||||||||||||||||||||||||||||||||||||
| 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, 2024 | October 1, 2023 | ||||||||||
| 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 Adjustments | Adjusted | As Reported | Non-GAAP Adjustments | Adjusted | % Change | |||||||||||||||||||||||||||||||||||||
| 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, 2024 | October 1, 2023 | % 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, 2023 | % 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, 2023 | % 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, 2023 | % 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, 2023 | % 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 Adjustments | Adjusted | As Reported | Non-GAAP Adjustments | 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, 2024 | October 1, 2023 | % 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, 2024 | October 1, 2023 | % 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, 2024 | October 1, 2023 | % 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, 2024 | October 1, 2023 | % 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, 2023 | % 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, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | ||||||||||||||||||||||
| 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, 2024 | October 1, 2023 | September 29, 2024 | October 1, 2023 | ||||||||||||||||||||||
| 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, 2024 | Diluted Per Share Amount | October 1, 2023 | Diluted Per Share Amount | ||||||||||||||||||||
| 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, 2024 | Diluted Per Share Amount | October 1, 2023 | Diluted Per Share Amount | ||||||||||||||||||||
| 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.