Hasbro Reports Strong Revenue, Operating Profit and Earnings Growth for the Full-Year 2021

PAWTUCKET, R.I.--(BUSINESS WIRE)--Feb. 7, 2022-- Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the fourth quarter and full-year 2021.

"The Hasbro team finished the year strong and delivered an exceptional full-year 2021, including another record revenue year for Wizards of the Coast; strong revenue growth for consumer products; and a robust, progressively more Hasbro brand-led, content slate to return to 2019 levels of deliveries for entertainment," said Rich Stoddart, Hasbro interim chief executive officer. "Fans and consumers are increasingly interacting with brands in more ways than ever—our unique set of strategic assets across toys and games, entertainment, digital gaming and licensing provide the foundation for maximizing the value of both our existing franchises and new IP.

"It has been an honor to lead this talented team over the past several months and I am confident that Chris Cocks will bring tremendous vision and passion while accelerating our performance-driven culture as he takes over as CEO on February 25th," continued Stoddart.

"Throughout 2021, and finishing with focused execution in the fourth quarter, the Hasbro team did an excellent job in unprecedented circumstances," said Deborah Thomas, Hasbro chief financial officer. "We delivered strong results, including 17% revenue growth for the year, higher operating profit margins and $818 million in operating cash flow, while successfully navigating supply chain challenges, including higher fourth quarter input and freight costs across our business. This enabled us to continue investing in growth initiatives, pay off $1.08 billion in long-term debt in 2021 and continue supporting our dividend which the Board increased 3% today.

"Long-term investments in our brands and capabilities have built a differentiated business with diversified capabilities to drive long-term profitable growth and enhance shareholder value," continued Thomas.

Full-Year 2021

• Net revenues increased 17% to $6.42 billion
  Wizards of the Coast and Digital Gaming segment revenues up 42%
  • Entertainment segment revenues up 27%
  • Consumer Products segment revenues up 9%
• Operating profit of $763.3 million, or 11.9% of revenue, up from 9.2% of revenue in 2020
• Adjusted operating profit up 20% to $995.2 million, or 15.5% of revenue, an expansion of 40 basis points year-over-year
• Net earnings increased 93% to $428.7 million, or $3.10 per diluted share
• Adjusted net earnings increased 41% to $723.4 million, or $5.23 per diluted share
• EBITDA up 32% to $1.04 billion
• Adjusted EBITDA up 23% to $1.31 billion
• Year-end cash of $1.02 billion; Generated $817.9 million in operating cash flow for the full-year 2021 and paid down $1.08 billion in long-term debt
  Paid $374.5 million in dividends to shareholders during the year

Fourth Quarter 2021

• Net revenues increased 17% to $2.01 billion
  Entertainment segment revenues up 54%
  • Wizards of the Coast and Digital Gaming segment revenues up 18%
  • Consumer Products segment revenues up 9%
• Operating profit for the fourth quarter of $171.5 million, or 8.5% of revenues
• Adjusted operating profit of $219.9 million, or 10.9% of revenues
• Net earnings for the fourth quarter of $82.2 million, or $0.59 per diluted share
• Adjusted net earnings of $168.4 million, or $1.21 per diluted share
• EBITDA of $203.9 million
• Adjusted EBITDA of $306.5 million