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Hasbro pays down $1 billion of debt; target leverage expected in 2023
By Devika Patel
Knoxville, Tenn., April 19 – Hasbro, Inc. paid down more than $1 billion of debt in the last year and is on track to reach management’s targeted leverage ratio range of 2x to 2.5x in 2023.
“We remain on-track to achieve our gross debt to adjusted EBITDA target of 2x to 2.5x in the second half of 2023 or sooner,” executive vice president and chief financial officer Deborah M. Thomas said on the company’s first quarter ended March 27 earnings conference call on Tuesday.
Adjusted EBITDA was $192.1 million for the three months ended March 27, 2022, compared to $252 million for the three months ended March 28, 2021.
Cash and cash equivalents were $1,057,900,000 as of March 27, 2022, compared to $1,430,400,000 as of March 28, 2021.
Long-term debt was $3,737,900,000 as of March 27, 2022, compared to $4,674,100,000 as of March 28, 2021.
Current portion of long-term debt was $155.8 million as of March 27, 2022, compared to $148.9 million as of March 28, 2021.
The toy and game company is based in Pawtucket, R.I.
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