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Hasbro, Inc. (HAS) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 27, 2020

Hasbro Inc

CIK: 46080 Ticker: HAS

EXHIBIT 99.1
hasbro20logo11.jpg

For Immediate Release

Hasbro Reports Third Quarter 2020 Financial Results
Third quarter 2020 revenues were $1.78 billion, down 4% on a pro forma basis
Revenue grew 9% in the U.S. and Canada segment and 7% in the European region; revenue grew 50% in ecomm channels globally
eOne TV and Film revenue decline reflects entertainment delivery delays due to live-action production shutdowns and the ongoing, gradual return to production
Operating profit of $336.6 million or 18.9% of revenues; Net earnings of $220.9 million or $1.61 per diluted share
Adjusted operating profit of $367.2 million or 20.7% of revenues, an expansion of 230 basis points year-over-year
Adjusted net earnings of $258.9 million, or $1.88 per diluted share
Substantial liquidity and access to cash, including quarter ending cash of $1.13 billion and year-to-date operating cash flow of $494.3 million
Pawtucket, R.I., October 26, 2020 -- Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the third quarter 2020.

Net revenues for the third quarter 2020 were $1.78 billion versus $1.86 billion pro forma revenues in 2019, a decline of 4%. Foreign exchange had a $1.0 million negative impact on third quarter 2020 revenues. 2019 pro forma results reflect the combination of the results of Hasbro and Entertainment One Ltd. (eOne) for periods prior to Hasbro’s acquisition of eOne in the first quarter of 2020.

Net earnings for the third quarter 2020 were $220.9 million, or $1.61 per diluted share, versus pro forma net earnings of $216.5 million, or $1.57 per diluted share, in 2019. Third quarter 2020 net earnings included $19.6 million after tax of purchased intangible amortization associated with the eOne acquisition, $13.7 million of incremental tax expense related to a change in the U.K. tax code and $4.7 million after tax of acquisition and related costs. Excluding these items, adjusted net earnings for the third quarter 2020 were $258.9 million, or $1.88 per diluted share. Third quarter 2019 pro forma net earnings included $19.1 million after tax of purchased intangible amortization at eOne and $3.5 million after tax associated with non-GAAP adjustments at eOne. Excluding these items, adjusted pro forma net earnings for the third quarter 2019 were $239.1 million, or $1.74 per diluted share. See the financial tables accompanying this press release for a reconciliation of as reported to pro forma and adjusted results, and a reconciliation of GAAP and non-GAAP financial measures.

"Hasbro's third quarter performance was the result of great work from our global team and continued growing consumer demand for Hasbro brands in most markets," said Brian Goldner,
1

The following information was filed by Hasbro Inc (HAS) on Monday, October 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Hasbro Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Earnings
Consolidated Statements Of Operations
Consolidated Statements Of Shareholder's Equity And Redeemable Noncontrolling Interests
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Basis Of Presentation
Basis Of Presentation (Details)
Basis Of Presentation (Policies)
Basis Of Presentation (Tables)
Business Combination
Business Combination (Tables)
Business Combination - Changes In Carrying Amount Of Goodwill (Details)
Business Combination - Narrative (Details)
Business Combination - Preliminary Allocation Of Purchase Price (Details)
Business Combination - Supplemental Pro Forma Results Of Operations (Details)
Business Combination - Total Consideration Transferred (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Fair Values Of Undesignated Derivative Financial Instruments (Details)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Schedule Of Foreign Currency Forward Contracts Designated As Cash Flow Hedges (Details)
Derivative Financial Instruments - Schedule Of Net Gains (Losses) On Cash Flow Hedges Activities (Details)
Derivative Financial Instruments - Summary Of Cash Flow Hedging Instruments (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Details)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Eone Investments In Productions And Investments In Acquired Content Rights
Eone Investments In Productions And Investments In Acquired Content Rights (Tables)
Eone Investments In Productions And Investments In Acquired Content Rights - Program Costs Amortization (Details)
Eone Investments In Productions And Investments In Acquired Content Rights - Program Production Costs (Details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (Tables)
Fair Value Of Financial Instruments - Fair Value Hierarchy (Details)
Fair Value Of Financial Instruments - Narrative (Details)
Fair Value Of Financial Instruments - Reconciliation Of Level 3 Fair Value (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Long-Term Debt Instruments (Details)
Financial Instruments - Narrative (Details)
Financial Instruments - Production Financing Loans (Details)
Financial Instruments - Schedule Of Line Of Credit Facilities (Details)
Financial Instruments - Schedule Of Production Financing Loan And Other Loans (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Lease Cost (Details)
Leases - Maturities Of Operating Lease Liabilities (Details)
Leases - Narrative (Details)
Other Comprehensive Earnings (Loss)
Other Comprehensive Earnings (Loss) (Tables)
Other Comprehensive Earnings (Loss) - Narrative (Details)
Other Comprehensive Earnings (Loss) - Schedule Of Accumulated Other Comprehensive Earnings (Loss) (Details)
Other Comprehensive Earnings (Loss) - Schedule Of Other Comprehensive Income (Loss) (Details)
Restructuring Actions
Restructuring Actions (Tables)
Restructuring Actions - Narrative (Details)
Restructuring Actions - Schedule Of Restructuring And Related Costs (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Contract Assets And Liabilities (Details)
Revenue Recognition - Narrative (Details)
Segment Reporting
Segment Reporting (Tables)
Segment Reporting - Narrative (Details)
Segment Reporting - Net Revenues By Product Category (Details)
Segment Reporting - Net Revenues By Segment (Details)
Segment Reporting - Operating Profit (Loss) By Segments (Details)
Segment Reporting - Schedule Of International Segment Net Revenues By Major Geographic Region (Details)
Segment Reporting - Total Assets By Segments (Details)
Ticker: HAS
CIK: 46080
Form Type: 10-Q Quarterly Report
Accession Number: 0000046080-20-000106
Submitted to the SEC: Wed Nov 04 2020 2:16:37 PM EST
Accepted by the SEC: Wed Nov 04 2020
Period: Sunday, September 27, 2020
Industry: Games Toys And Childrens Vehicles No Dolls And Bicycles

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