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    Hasbro Inc (HAS)

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    Business Description

    Hasbro, Inc. is a global company engaged in the development, marketing, licensing, and sale of toys, games, and entertainment content . The company operates through four main segments, focusing on consumer products, digital gaming, and entertainment . Hasbro sells a wide range of products, including toys, games, and entertainment content, with significant contributions from its Consumer Products and Wizards of the Coast and Digital Gaming segments .

    1. Consumer Products - Sources, markets, and sells toy and game products worldwide, significantly contributing to the company's revenue. Includes out-licensing of trademarks and intellectual property rights for branded consumer products like toys and apparel .

    2. Wizards of the Coast and Digital Gaming - Focuses on trading card, role-playing, and digital game experiences based on Hasbro and Wizards of the Coast properties. Notable brands include MAGIC: THE GATHERING and DUNGEONS & DRAGONS, with MAGIC: THE GATHERING being particularly profitable .

    3. Entertainment - Develops and produces Hasbro-branded entertainment content, including film, television, and digital content. Involves licensing intellectual property for use in various entertainment formats .

    4. Corporate and Other - Provides management and administrative services to the company's principal segments and includes unallocated corporate expenses .

    Key Metrics

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    Executive Team

    NamePositionStart DateShort Bio
    Christian CocksChief Executive OfficerFebruary 25, 2022Christian Cocks has served as the Chief Executive Officer of Hasbro since February 25, 2022. Before becoming CEO, he was the President and Chief Operating Officer of Wizards of the Coast and Digital Gaming from 2021, and prior to that, he served as President of Wizards of the Coast since 2016. He joined Hasbro from Microsoft .
    Gina GoetterExecutive Vice President and Chief Financial OfficerMay 18, 2023Gina Goetter serves as the Executive Vice President and Chief Financial Officer at Hasbro, Inc. She was appointed to this position effective May 18, 2023. Before joining Hasbro, Ms. Goetter was the Chief Financial Officer at Harley Davidson, Inc. from 2020 to 2023 .
    Tim KilpinPresident, Toys, Licensing & EntertainmentApril 24, 2023Tim Kilpin serves as the President, Toys, Licensing & Entertainment at Hasbro. He was appointed to this position on April 24, 2023. Before joining Hasbro, Kilpin was the Executive Chairman and Chief Executive Officer of PlayMonster Group, LLC from 2020 to 2023 .
    Cynthia WilliamsPresident and Chief Operating Officer of Wizards of the Coast and Digital Gaming2022Cynthia Williams has been serving as the President and Chief Operating Officer of Wizards of the Coast and Digital Gaming at Hasbro since 2022. Before joining Hasbro, she worked at Microsoft from 2018 to 2022 .
    Najuma AtkinsonChief People Officer2022Najuma Atkinson serves as the Chief People Officer at Hasbro, a position she has held since 2022. Before joining Hasbro, she worked at Dell Technologies .
    Matthew AustinChief Revenue Officer2023Matthew Austin is the Chief Revenue Officer at Hasbro, having started in this role in 2023. Prior to this position, he served in various capacities at Hasbro, including as Chief Commercial Officer from 2022 to 2023 .
    Tarrant SibleyExecutive Vice President, Chief Legal Officer, and Secretary2019Tarrant Sibley is the Executive Vice President, Chief Legal Officer, and Secretary at Hasbro, Inc. He has been serving in this role since 2019 .
    Frank GibeauBoard Member, Member of Finance and Capital Allocation Committee, and Cybersecurity and Data Privacy CommitteesMarch 21, 2024Frank Gibeau joined the Board of Directors of Hasbro, Inc. on March 21, 2024. He serves as a member of the Finance and Capital Allocation Committee and the Cybersecurity and Data Privacy Committees .
    Darin HarrisBoard Member, Member of Audit Committee, and Nominating, Governance and Social Responsibility Committees2024Darin S. Harris has been a director at Hasbro since 2024. He serves on the Audit Committee and the Nominating, Governance and Social Responsibility Committee .
    Owen MahoneyBoard Member, Member of Audit Committee, and Finance and Capital Allocation Committee2024Owen Mahoney has been a director at Hasbro since 2024. He serves on the Audit Committee and the Finance and Capital Allocation Committee .

    Questions to Ask Management

    1. You mentioned that half of the Q4 revenue call-down in Consumer Products is due to closeout volume reductions, and another 30%-40% is associated with Entertainment-backed brands like Star Wars. Could you elaborate on how these factors will impact your ability to achieve growth in the Consumer Products segment moving forward, especially considering the reliance on licensed brands?

    2. Given the significant decline in discounted toy volume, down 70% year-to-date, how do you plan to offset this decrease with "good" toy volume, and what strategies are in place to drive flat to up sales in nondiscounted products during the holiday season?

    3. With MAGIC: The Gathering outperforming expectations in the first three quarters but facing a decline in Q4 due to set timing and the absence of a holiday set like last year's Lord of the Rings release, how confident are you in MAGIC's ability to return to growth in 2025, and what initiatives are planned to sustain its momentum?

    4. You indicated that supply chain savings accounted for 60% of your cost reductions this year, shifting to a 50-50 split between supply chain and managed expenses next year. Can you provide more specifics on where these additional supply chain efficiencies will come from, and how realistic is it to expect continued significant savings from these areas?

    5. As you transition to a leaner inventory structure, you mentioned experiencing "growing pains" and execution issues that affected revenues. What are the specific challenges you're facing in inventory management, and how are you addressing them to prevent similar impacts on future quarters?

    Share Repurchase Program

    Program DetailsProgram 1
    Approval DateMay 2018
    End Date/DurationNo expiration
    Total additional amount$500 million
    Remaining authorization$241.6 million
    DetailsIncrease shareholder value; repurchases can be made in the open market or through privately negotiated transactions

    Debt Maturity Schedule

    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2024$500.0 3.00% Notes3.00 12.5% = (500.0 / 4000.0) * 100
    2026$675.0 3.55% Notes3.55 16.9% = (675.0 / 4000.0) * 100
    2027$500.0 3.50% Notes3.50 12.5% = (500.0 / 4000.0) * 100
    2028$109.9 6.60% Debentures6.60 2.7% = (109.9 / 4000.0) * 100
    2029$900.0 3.90% Notes3.90 22.5% = (900.0 / 4000.0) * 100
    2034$500.0 6.05% Notes6.05 12.5% = (500.0 / 4000.0) * 100
    2040$500.0 6.35% Notes6.35 12.5% = (500.0 / 4000.0) * 100
    2044$300.0 5.10% Notes5.10 7.5% = (300.0 / 4000.0) * 100

    Competitors

    Competitors mentioned in the company's latest 10K filing.

    • Large toy and game companies: Compete in product categories and offer private label products at lower prices .
    • Smaller United States and international toy and game designers, manufacturers, and marketers: Compete in product categories .
    • Digital gaming developers: Focus primarily on digital gaming products and services for gaming consoles, personal computers, and mobile devices .
    • Companies offering TV and film content and branded entertainment: Specific to children and their families .
    • Large retailers: Offer products under their own private labels, often at lower prices .
    • Major U.S. studios: Part of large, diversified corporate groups with in-house production and distribution capabilities .
    • Children's television networks: Compete with the Discovery Family Channel for viewers, advertising revenue, and distribution fees .
    • Technology companies: Makers of tablets, mobile devices, video games, and other digital gaming products and screens, and social media companies .

    Auditor

    NameStart DateEnd DateReason for Change
    KPMG LLPAt least 1968 PresentCurrent auditor