Hasbro, Inc. Q3 FY2023 results: revenue $1.5 billion, down 10.3% on the year

Hasbro, Inc. (HAS) reported revenue of $1.5 billion for Q3 FY2023, the quarter ended 1 October 2023, down 10.3% on the same quarter a year earlier. Net income was -$171 million, and diluted earnings per share $-1.23. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$1.5 billiondown 10.3%

Net income-$171 million

Diluted EPS$-1.23

QuarterQ3 FY2023ended 1 October 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	1,503	n/a	n/a	n/a
Cost of revenue	494	n/a	n/a	n/a
Gross profit	1,009	n/a	n/a	n/a
Gross margin	67.1%	n/a	n/a
Research and development	76.7	n/a	n/a	n/a
Selling, general and administrative	352	n/a	n/a	n/a
Operating income	-170	n/a	n/a	n/a
Operating margin	-11.3%	n/a	n/a
Interest expense	47.1	n/a	n/a	n/a
Pre-tax income	-215	n/a	n/a	n/a
Income tax	-44.6	n/a	n/a	n/a
Net income	-171	n/a	n/a	n/a
Net margin	-11.4%	n/a	n/a
Diluted EPS	-$1.23	n/a	n/a	n/a

$ million except per share. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	216	n/a	n/a	n/a
Capital expenditure	48.3	n/a	n/a	n/a
Free cash flow	167	n/a	n/a	n/a
Free cash flow margin	11.1%	n/a	n/a
Depreciation and amortisation	52.6	n/a	n/a	n/a
Share-based compensation	19.3	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	97.1	n/a	n/a	n/a
Dividend per share	$0.70	n/a	n/a	n/a
Diluted shares, weighted	139m	n/a	n/a	n/a
Shares outstanding at period end	139m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	8,340	n/a	n/a	n/a
Cash and equivalents	186	n/a	n/a	n/a
Receivables	1,102	n/a	n/a	n/a
Inventory	618	n/a	n/a	n/a
Goodwill	3,239	n/a	n/a	n/a
Long-term debt	3,655	n/a	n/a	n/a
Borrowings, as the company tags them	3,735	n/a	n/a	n/a
Operating lease liabilities	118	n/a	n/a	n/a
Shareholders' equity	2,223	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	1,503	1,289	757	995	1,281	1,712	1,006	1,134	1,590	1,636	1,113	1,290
Cost of revenue	494	574	204	238	379	359	204	225	414	452	236	272
Gross profit	1,009	715	553	758	902	1,353	802	909	1,176	1,184	877	1,018
Gross margin	67%	55%	73%	76%	70%	79%	80%	80%	74%	72%	79%	79%
R&D	76.7	74.5	65.5	70.4	76.3	81.9	80.5	77.5	97.6	130	78.0	93.6
SG&A	352	430	235	318	299	361	270	283	287	334	259	339
Operating income	-170	-1,199	116	212	302	59.8	171	-798	341	298	270	252
Operating margin	-11%	-93%	15%	21%	24%	3%	17%	-70%	21%	18%	24%	20%
Interest expense	47.1	46.3	38.5	43.0	46.2	43.5	41.6	40.6	40.8	40.4	41.8	46.5
Pre-tax income	-215	-1,245	81.0	183	290	-57.2	137	-815	305	271	244	209
Tax rate	n/a	n/a	27%	24%	23%	n/a	27%	n/a	23%	25%	18%	23%
Net income	-171	-1,061	58.2	138	223	-34.3	98.6	-856	233	202	198	161
Net margin	-11%	-82%	8%	14%	17%	-2%	10%	-75%	15%	12%	18%	12%
Diluted EPS	-$1.23	-$7.65	$0.42	$0.99	$1.59	-$0.25	$0.70	-$6.10	$1.64	$1.46	$1.39	$1.12
Operating cash flow	216	391	178	187	222	260	138	71.3	281	403	338	267
Capital expenditure	48.3	48.9	45.8	51.9	48.5	n/a	13.8	16.1	19.7	13.7	22.2	19.0
Free cash flow	167	342	132	135	174	n/a	124	55.2	261	390	316	248
Buybacks	0.0	n/a	n/a	n/a	n/a	n/a	0.0	0.0	n/a	n/a	7.7	33.8
Dividends paid	97.1	97.1	97.2	97.4	97.6	97.7	97.9	98.1	98.2	98.3	98.5	99.1
Shares outstanding	139m	139m	139m	139m	140m	140m	140m	140m	140m	141m	141m	141m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 1 October 2023, filed 1 November 2023, accession 0000046080-23-000095: the filing on EDGAR. All of Hasbro, Inc.'s filings: EDGAR company page.

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