孩之寶 (HAS) 2022 Q2 法說會逐字稿

Good morning, and welcome to the Hasbro Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎參加孩之寶 2022 年第二季度收益電話會議。 （操作員說明）今天的會議正在錄製中。如果您有任何異議，您可以在此時斷開連接。

At this time, I'd like to turn the call over to Ms. Debbie Hancock, Senior Vice President of Investor Relations. Please go ahead.

在這個時候，我想把電話轉給投資者關係高級副總裁黛比漢考克女士。請繼續。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Deb Thomas, Hasbro's Chief Financial Officer. Today, we will begin with Chris and Deb providing commentary on the company's performance, then we will take your questions. Cynthia Williams, President of Wizards of the Coast and Digital Gaming; Darren Throop, President and CEO of eOne; and Eric Nyman, Hasbro's President and Chief Operating Officer, will join for the Q&A portion of the call.

謝謝大家，大家早上好。今天加入我的是孩之寶的首席執行官克里斯·科克斯（Chris Cocks）；和孩之寶的首席財務官 Deb Thomas。今天，我們將從 Chris 和 Deb 對公司業績的評論開始，然後我們將回答您的問題。海岸奇才和數字遊戲總裁辛西婭·威廉姆斯（Cynthia Williams）； eOne 總裁兼首席執行官 Darren Throop；孩之寶總裁兼首席運營官 Eric Nyman 將參加電話會議的問答環節。

Our earnings release and presentation slides for today's call are posted on our Investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures. Our call today will discuss certain adjusted measures which exclude these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share or EPS, we are referring to earnings per diluted share.

我們今天電話會議的收益發布和演示幻燈片發佈在我們的投資者網站上。新聞稿和演示文稿包括有關非 GAAP 調整和非 GAAP 財務措施的信息。我們今天的電話會議將討論排除這些非公認會計原則調整的某些調整後的措施。 GAAP 與非 GAAP 措施的對賬包含在新聞稿和演示文稿中。請注意，每當我們討論每股收益或每股收益時，我們指的是每股攤薄收益。

Before we begin, I would like to remind you that during this call and the question-and-answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

在開始之前，我想提醒您，在本次電話會議和隨後的問答環節中，孩之寶管理層成員可能會就管理層的期望、目標、目的和類似事項發表前瞻性陳述。有許多因素可能導致實際結果或事件與這些前瞻性陳述中表達的預期結果或其他預期存在重大差異。這些因素包括在我們最新的 10-Q 表格 10-K 年度報告、今天的新聞稿和我們的其他公開披露中列出的因素。我們不承擔更新今天做出的任何前瞻性陳述以反映本次電話會議日期之後發生的事件或情況的義務。

I would now like to introduce Chris Cocks. Chris?

我現在想介紹一下 Chris Cocks。克里斯？

Thank you, Debbie, and good morning. Since our first quarter earnings call, the executive leadership team and I have been undergoing a multi-month strategic review of the business. While the review is still in process, it's already clear we're an organization with a bright future.

謝謝你，黛比，早上好。自第一季度財報電話會議以來，我和執行領導團隊一直在對業務進行為期數月的戰略審查。雖然審查仍在進行中，但很明顯我們是一個擁有光明未來的組織。

Led by an unmatched brand portfolio that spans fans of all ages; an industry-leading gaming business, which is a top investment priority for us; a growing direct-to-consumer business; and unique assets and entertainment creation all knitted together by talented global teams working with a clear sense of purpose and value creation. We see big opportunities to scale our Franchise Brands, drive all-new play platform innovation and transform our operations to improve our agility, focus and profitability.

由涵蓋所有年齡段粉絲的無與倫比的品牌組合領導；行業領先的遊戲業務，這是我們的首要投資重點；不斷增長的直接面向消費者的業務；獨特的資產和娛樂創作都由才華橫溢的全球團隊編織而成，他們有著明確的目標和價值創造意識。我們看到了擴大我們的特許經營品牌、推動全新遊戲平台創新和轉變我們的運營以提高我們的敏捷性、專注力和盈利能力的巨大機會。

Games, digital, expanding the age ranges of our portfolio and harnessing direct connections with our consumers are all compelling growth opportunities for Hasbro. We'll share more about our plans in October at our Investor Day, but I'm energized with what we have accomplished to date as we focus on driving long-term profitable growth and environmentally responsible, sustainable business and superior shareholder returns.

遊戲、數字化、擴大我們產品組合的年齡範圍以及利用與消費者的直接聯繫都是孩之寶極具吸引力的增長機會。我們將在 10 月的投資者日分享更多有關我們計劃的信息，但我對我們迄今為止所取得的成就充滿活力，因為我們專注於推動長期盈利增長和對環境負責、可持續的業務和卓越的股東回報。

While we've been advancing our long-term strategic work, our teams have been busy delivering a strong second quarter, with 4% revenue growth, absent FX; 14% adjusted operating profit growth and 200 basis points of margin expansion; adjusted earnings per share of $1.15; and 6% growth in adjusted EBITDA. Deb Thomas will speak to our results in more detail, but let me share a few highlights.

雖然我們一直在推進我們的長期戰略工作，但我們的團隊一直在忙於實現強勁的第二季度，在沒有外彙的情況下實現了 4% 的收入增長；調整後營業利潤增長 14%，利潤率增長 200 個基點；調整後每股收益為 1.15 美元；調整後 EBITDA 增長 6%。 Deb Thomas 將更詳細地介紹我們的結果，但讓我分享一些亮點。

Revenues grew for Consumer Products and the Wizards and Digital Gaming segments. Entertainment segment revenue was down in the quarter mostly due to the timing of deliveries, but is up year-to-date, absent the Music business we sold last year. As we projected in our Q1 earnings call, Wizards delivered its biggest quarter ever in Q2, successfully comping last year's Q2, our prior record.

消費產品以及奇才和數字遊戲部門的收入增長。娛樂部門的收入在本季度有所下降，主要是由於交付時間，但今年迄今有所增長，沒有我們去年出售的音樂業務。正如我們在第一季度財報電話會議中預測的那樣，威世智在第二季度實現了有史以來最大的季度業績，成功超越了去年的第二季度，這是我們之前的記錄。

Tabletop revenues grew 15%. MAGIC: THE GATHERING led with 11% revenue gains and is up 10% year-to-date. For the first time in history, every major set this year has crossed $100 million in sales. The underlying business and demand for MAGIC remains strong. And we continue to expect the Wizards business to grow at the high end of our beginning-of-year forecast, a range of high single digits to low double-digit year-over-year growth on a constant currency basis.

桌面收入增長了 15%。 MAGIC: THE GAGHERING 帶來了 11% 的收入增長，今年迄今增長了 10%。歷史上第一次，今年每部主要套裝的銷售額都超過了 1 億美元。 MAGIC 的基礎業務和需求依然強勁。我們繼續預計奇才業務將在我們年初預測的高端增長，按固定匯率計算，同比增長在高個位數到低兩位數的範圍內。

In the quarter, our overall games portfolio grew 2% or 4% in constant currency. We enhanced an already powerful portfolio during the quarter, completing our acquisition of D&D Beyond to bolster our direct digital platform for DUNGEONS & DRAGONS, adding key capabilities in 2 areas of focus: gaming and direct. We expect the acquisition to be immaterial this year and accretive to EPS in 2023 and beyond.

在本季度，我們的整體遊戲組合按固定匯率計算增長了 2% 或 4%。我們在本季度增強了已經強大的產品組合，完成了對 D&D Beyond 的收購，以支持我們的 DUNGEONS & DRAGONS 直接數字平台，在兩個重點領域增加關鍵功能：遊戲和直接。我們預計今年的收購將無關緊要，並在 2023 年及以後增加每股收益。

As we forecasted, our digital revenues were down for the quarter and are expected to be down for the full year as we comp both Dark Alliance for DUNGEONS & DRAGONS and Magic: The Gathering Arena's mobile launch last year. Digital remains an investment priority for Hasbro. Arena is entering its fourth year of availability since its open beta in 2018, and it's a profitable vital platform for new player acquisition in MAGIC. Later this year, the game will be available on Steam for the first time, and in 2023, we expected to launch on major consoles.

正如我們預測的那樣，我們的數字收入在本季度有所下降，並且預計全年都將下降，因為我們將黑暗聯盟的龍與地下城與魔術：聚會競技場的移動版去年同期推出。數字化仍然是孩之寶的投資重點。自 2018 年公開測試版以來，Arena 已進入第四個年頭，它是 MAGIC 中獲取新玩家的一個有利可圖的重要平台。今年晚些時候，該遊戲將首次登陸 Steam，預計 2023 年將登陸主流遊戲機。

D&D Beyond is in the early stages of integration into our Wizards business, and we are pleased with the early results. We expect D&D Beyond to be a growth platform, particularly as we turbocharge the DUNGEONS & DRAGONS brand with blockbuster entertainment, digital games and consumer products in 2023, leading into the brand's 50th anniversary in 2024. We also expect several exciting new game announces in the coming quarters across D&D, MAGIC and new brands we have in development.

D&D Beyond 正處於整合到我們奇才業務的早期階段，我們對早期結果感到滿意。我們預計 D&D Beyond 將成為一個增長平台，特別是隨著我們在 2023 年為 DUNGEONS & DRAGONS 品牌提供重磅娛樂、數字遊戲和消費產品，從而在 2024 年迎來該品牌成立 50 週年。我們還預計將在未來幾個季度，我們正在開發 D&D、MAGIC 和新品牌。

Consumer Products segment revenues grew behind gains in several Hasbro brands, including PLAY-DOH, PEPPA PIG, POWER RANGERS and MY LITTLE PONY as well as Hasbro products for the Marvel portfolio and Star Wars. As we look to the remainder of the year, we have innovative new initiatives, and are in a much better position this year versus last with inventory at retail and on-hand at Hasbro to mitigate supply chain disruptions and meet demand.

消費品部門的收入增長落後於多個孩之寶品牌的增長，包括 PLAY-DOH、PEPPA PIG、POWER RANGERS 和 MY LITTLE PONY 以及用於 Marvel 產品組合和星球大戰的孩之寶產品。展望今年餘下的時間，我們有創新的新舉措，今年與去年相比，零售庫存和孩之寶手頭的庫存要好得多，以減輕供應鏈中斷並滿足需求。

Retailers increased direct import orders by approximately $60 million in the second quarter versus our plans, taking product earlier to ensure availability and proactively manage the supply chain. While our inventory levels are up year-over-year at the end of Q2, the inventory is of high quality, positioning us to meet consumer demand and promote our new product innovation aggressively.

與我們的計劃相比，零售商在第二季度將直接進口訂單增加了約 6000 萬美元，提前採購產品以確保可用性並主動管理供應鏈。雖然我們的庫存水平在第二季度末同比上升，但庫存質量很高，使我們能夠滿足消費者需求並積極推動我們的新產品創新。

For instance, our early read on our first of 2 Prime Days at Amazon last week is positive, with consumer deal takeaway up 20% year-over-year. Our newest game announcement, Wordle: The Party Game, is off to a record start for gaming preorders. As such, we expect inventory by year-end to be approximately flat year-over-year and to see reductions in on-hand supply by the end of Q3.

例如，我們上週在亞馬遜的 2 個 Prime Day 中的第一個是積極的，消費者交易外賣同比增長 20%。我們最新的遊戲公告 Wordle: The Party Game 的遊戲預訂量創下歷史新高。因此，我們預計到年底的庫存將與去年同期持平，並且到第三季度末庫存量將減少。

Our Entertainment business is up year-to-date and on track for full year revenue and profit margin growth, absent the sale of the Music business last year. With over 200 projects in development across film, scripted and unscripted television, the eOne team is working on over 35 development projects for Hasbro brands, including content for TRANSFORMERS, MAGIC, D&D, PEPPA PIG, MY LITTLE PONY, POWER RANGERS and PLAY-DOH, among many others.

我們的娛樂業務今年迄今保持增長，並有望實現全年收入和利潤率增長，但去年沒有出售音樂業務。 eOne 團隊正在開發超過 200 個電影、有劇本和無劇本電視項目，正在為孩之寶品牌開發超過 35 個項目，包括 TRANSFORMERS、MAGIC、D&D、PEPPA PIG、MY LITTLE PONY、POWER RANGERS 和 PLAY-DOH 的內容，等等。

Last week, we received 7 Primetime Emmy Award nominations for Yellowjackets, including Outstanding Drama Series. We are in production on Season 2, with deliveries slated to begin later this year. In Q2, we delivered Season 4 of another hit show, The Rookie, for ABC. This fall, The Rookie will return for Season 5, and previous seasons will begin syndicated broadcast in the U.S. ABC also ordered a spin-off, The Rookie: Feds, to series where it is set to premiere September 27.

上週，我們憑藉《黃夾克》獲得了 7 項黃金時段艾美獎提名，其中包括傑齣戲劇系列。我們正在製作第 2 季，預計將於今年晚些時候開始交付。在第二季度，我們為 ABC 提供了另一部熱門節目 The Rookie 的第 4 季。今年秋天，《新秀》第 5 季將回歸，前幾季將開始在美國聯合播出。ABC 還訂購了衍生劇《新秀：聯邦調查局》，將於 9 月 27 日首播。

As we look to the full year, we began 2022 with what we felt was an appropriately measured outlook for growth that reflected a challenging economy, and we're maintaining our guidance. We continue to expect low single-digit revenue growth in constant currency as we see exchange rates, particularly in the Eurozone, as a potential headwind that Deb will speak to further.

展望全年，我們在 2022 年伊始，我們認為這是一個適當衡量的增長前景，反映了充滿挑戰的經濟，我們將維持我們的指導。我們繼續預計以固定匯率計算的低個位數收入增長，因為我們認為匯率，特別是歐元區的匯率，是 Deb 將進一步談到的潛在逆風。

We are prioritizing profitable growth and expect adjusted operating profit to grow faster than revenue as higher-margin product lines, including games, grow at a faster rate, combined with cost savings we have identified in our business. Our target remains a 16% adjusted operating profit margin for 2022 versus 15.5% last year.

我們正在優先考慮盈利性增長，並預計調整後的營業利潤增長速度將超過收入，因為包括遊戲在內的利潤率更高的產品線以更快的速度增長，再加上我們在業務中發現的成本節約。我們的目標仍然是 2022 年調整後的營業利潤率為 16%，而去年為 15.5%。

The team and I are looking forward to sharing with you our long-term plans and vision at our upcoming Investor Day on October 4. We've spoken with many of you over the past several months, and we've taken to heart your excitement and feedback.

我和我的團隊期待在即將到來的 10 月 4 日投資者日上與您分享我們的長期計劃和願景。在過去的幾個月裡，我們與你們中的許多人進行了交談，我們深深地感受到了你們的興奮和反饋。

We remain laser focused on producing profitable growth, articulating our updated vision, continuing to drive industry leadership in sustainability and governance and positioning Hasbro to deliver superior total shareholder return over the long term. Put simply, our aim is to do good while we do well.

我們仍然專注於實現盈利性增長，闡明我們更新的願景，繼續推動可持續發展和治理方面的行業領導地位，並定位孩之寶以提供卓越的長期股東總回報。簡而言之，我們的目標是在做好的同時做好事。

I'd now like to turn the call over to Deb to share more details about our performance in the second quarter and our outlook for the year ahead. Deb?

我現在想將電話轉給 Deb，以分享有關我們第二季度業績和未來一年展望的更多細節。德布?

Thank you, Chris, and good morning, everyone. Our second quarter results have us on track to achieve our full year guidance, including low single-digit revenue growth in constant currency, operating margin expansion to 16% and operating cash flow at the low end of the $700 million to $800 million range.

謝謝你，克里斯，大家早上好。我們第二季度的業績使我們有望實現全年指導，包括按固定匯率計算的低個位數收入增長、營業利潤率擴大至 16% 以及運營現金流處於 7 億美元至 8 億美元範圍的低端。

The second quarter, the team delivered revenue growth, margin expansion and $1.15 in adjusted earnings per share while returning $221 million to shareholders through our quarterly dividend and share repurchases, and adding an important growth engine to both our gaming business and our direct-to-fan capabilities with the acquisition of D&D Beyond. Importantly, we proactively managed our supply chain and inventory purchases to mitigate disruption.

第二季度，該團隊實現了收入增長、利潤率擴張和 1.15 美元的調整後每股收益，同時通過我們的季度股息和股票回購向股東返還了 2.21 億美元，並為我們的遊戲業務和我們的直銷業務增加了重要的增長引擎。通過收購 D&D Beyond 獲得粉絲能力。重要的是，我們主動管理我們的供應鍊和庫存採購，以減少中斷。

We're much better positioned to meet demand this year versus last. This action resulted in higher-than-typical inventory levels at Hasbro for this time of the year. To avoid the out-of-stock positions of the last year holiday season due to supply chain disruptions, retailers also shifted some consumer product direct shipments into the second quarter from the third quarter.

與去年相比，我們今年更有能力滿足需求。這一行動導致孩之寶在一年中這個時候的庫存水平高於典型水平。為避免去年假期因供應鏈中斷而出現缺貨狀況，零售商還將部分消費品直接發貨從第三季度轉移至第二季度。

Both our inventory and that at retail is of extremely high quality. We have product to meet demand, including significant new releases in MAGIC: THE GATHERING and in our toy and game business. Based on our plan to drive point-of-sale growth in the second half of the year, we believe we will end the year with inventory levels similar to year-end 2021.

我們的庫存和零售庫存都具有極高的質量。我們有滿足需求的產品，包括 MAGIC: THE GATHERING 以及我們的玩具和遊戲業務中的重要新版本。根據我們在下半年推動銷售點增長的計劃，我們相信年底的庫存水平將與 2021 年底相似。

While product and freight costs are up, we're beginning to see a reduction in port congestion delays. And lead times have come down, although they remain 2x higher than historical levels. We also have begun to see the offset to higher input and freight costs from price increases in our CP business that went into effect in the second quarter and will be increasingly impactful in the third and fourth quarters.

雖然產品和貨運成本上升，但我們開始看到港口擁堵延誤的減少。交貨時間已經下降，儘管它們仍然比歷史水平高出 2 倍。我們還開始看到，CP 業務的價格上漲抵消了較高的投入和運費成本，該價格上漲在第二季度生效，並將在第三和第四季度產生越來越大的影響。

Price increases also went into effect at the beginning of July for select MAGIC: THE GATHERING sets and will begin to be reflected in results in the third quarter. As Chris spoke to, we are managing costs and finding efficiencies in our business, leaning into the theme of focus and scale. We have already begun to identify and see some of this work reflect favorably in our results.

精選 MAGIC: THE GATHERING 套裝的價格上漲也於 7 月初生效，並將開始反映在第三季度的業績中。正如克里斯所說，我們正在管理成本並在業務中尋找效率，傾向於關注焦點和規模的主題。我們已經開始識別並看到其中一些工作在我們的結果中得到了積極的反映。

In the quarter, we more than offset the 230 basis point decline in gross margin with lower and more efficient spending. This included a 170 basis point decline in advertising to revenue, primarily from lower spending on digital gaming launches and no longer supporting the Music business sold in 2021. Adjusted SG&A to revenue reflects the 180 basis point reduction, driven by lower compensation and depreciation as well as the sale of the Music business. This was partially offset by higher costs associated with our annual meeting.

在本季度，我們以更低和更有效的支出抵消了毛利率下降 230 個基點的影響。這包括廣告收入下降 170 個基點，主要是由於數字遊戲發布的支出減少，並且不再支持 2021 年銷售的音樂業務。調整後的 SG&A 收入反映了 180 個基點的下降，這也是由於薪酬和折舊減少所致作為音樂業務的出售。這部分被與我們的年度會議相關的更高成本所抵消。

Intangible amortization includes an incremental $900,000 from the acquisition of D&D Beyond. We anticipate $4.7 million this year and $7.5 million next year in amortization expense associated with the acquisition. Adjusted operating profit grew 14%, driving 200 basis points of margin expansion to 18% of revenue.

無形攤銷包括從收購 D&D Beyond 中增加的 900,000 美元。我們預計今年與收購相關的攤銷費用為 470 萬美元，明年為 750 萬美元。調整後的營業利潤增長 14%，推動利潤率增長 200 個基點至收入的 18%。

Below operating profit, interest expense declined $4.5 million as we progress toward achieving our debt-to-adjusted EBITDA target of 2 to 2.5x in the second half of next year, if not sooner. The underlying adjusted tax rate, excluding discrete items, was 21.6% versus 23.2% last year. And we expect the full year rate in a range of 20.5% to 21.5%.

低於營業利潤，利息支出下降了 450 萬美元，因為我們在明年下半年（如果不是更早的話）實現我們的債務調整後 EBITDA 目標 2 至 2.5 倍。不包括離散項目的基本調整後稅率為 21.6%，而去年為 23.2%。我們預計全年利率在 20.5% 至 21.5% 之間。

Looking at our segments. Wizards of the Coast and Digital Gaming revenues were up 5%, absent FX. This was led by a 15% increase in tabletop revenues. Digital Gaming revenues were down 36%, as planned, reflecting the year-over-year comparison to the 2021 Digital Gaming launches of Dark Alliance and Magic: The Gathering Arena on mobile. Total MAGIC: THE GATHERING revenues grew 11%.

看看我們的細分市場。威世智和數字遊戲的收入增長了 5%，沒有外匯。這主要是由於桌面收入增長了 15%。數字遊戲收入按計劃下降了 36%，這與 2021 年數字遊戲推出的《黑暗聯盟》和《萬智牌》移動版相比，同比下降了 36%。 Total MAGIC: THE GAGHERING 收入增長了 11%。

Operating profit in the segment increased 17% to 53.7% of revenue. We continue to invest to grow Wizards for the long term, including in Digital Gaming and talent. Cost of sales increased behind higher paper and freight costs, and we continue to prepurchase paper stock to help meet our printing needs for future set releases.

該部門的營業利潤增長了 17% 至收入的 53.7%。我們將繼續投資以長期發展威世智，包括在數字遊戲和人才方面。銷售成本隨著紙張和運費的上漲而增加，我們繼續預購紙張庫存，以幫助滿足我們未來套裝發行的印刷需求。

Operating margin improvement reflected both revenue growth and lower costs from Digital Gaming launches and depreciation and advertising as well as lower compensation accruals this year versus last. The team remains on track to deliver high single-digit to low double-digit revenue growth for the year and operating margins that are down from last year but remaining above 40%.

營業利潤率的提高反映了數字遊戲推出、折舊和廣告帶來的收入增長和成本降低，以及今年與去年相比較低的應計薪酬。該團隊今年仍有望實現高個位數至低兩位數的收入增長，營業利潤率較去年有所下降，但仍保持在 40% 以上。

Consumer Products revenue grew 9%, absent FX. In constant currency, North America revenues were up 11%, Europe was flat, Latin American revenues were up 38% and Asia Pacific was up 1%. Of the $19.1 million negative impact from foreign exchange in the segment, $14.9 million of it was in Europe.

在沒有外彙的情況下，消費品收入增長了 9%。按固定匯率計算，北美收入增長 11%，歐洲持平，拉丁美洲收入增長 38%，亞太地區增長 1%。在該領域外匯帶來的 1,910 萬美元負面影響中，有 1,490 萬美元來自歐洲。

For the first time in 20 years, the euro and the U.S. dollar are now at parity. And the euro is our largest international currency. If we look at the back half of our year, we expect this to have an additional negative impact to CP revenue of $30 million to $40 million versus our expectations as we enter the year. Given hedges we have in place, we expect less of an impact to operating profit.

歐元和美元 20 年來首次處於平價狀態。歐元是我們最大的國際貨幣。如果我們回顧今年下半年，我們預計這將對 CP 收入產生 3,000 萬至 4,000 萬美元的額外負面影響，而我們進入今年時的預期是。鑑於我們已經實施了對沖，我們預計對營業利潤的影響較小。

The other item impacting results is Russia. For the full year 2021, our revenue in Russia was $115 million, with approximately 70% earned in the second half of the year. We will not have this revenue and associated operating profit in 2022.

另一個影響結果的項目是俄羅斯。 2021 年全年，我們在俄羅斯的收入為 1.15 億美元，其中約 70% 來自下半年。我們在 2022 年不會有這筆收入和相關的營業利潤。

From a brand perspective, each brand portfolio category in the segment Franchise Brands, Partner Brands, Hasbro Gaming and Emerging Brands were up in the quarter. Our products for Marvel are on track for another tremendous year, with strong growth in the quarter and year-to-date. New entertainment releases and innovation are driving this business. PLAY-DOH, PEPPA PIG, POWER RANGERS, PJ MASKS, MY LITTLE PONY and Hasbro Gaming titles were among the Hasbro brands driving quarter growth.

從品牌的角度來看，特許經營品牌、合作品牌、孩之寶遊戲和新興品牌中的每個品牌組合類別在本季度都有所增長。我們為 Marvel 提供的產品有望迎來又一個豐收的一年，本季度和年初至今均實現強勁增長。新的娛樂發布和創新正在推動這項業務。 PLAY-DOH、PEPPA PIG、POWER RANGERS、PJ MASKS、MY LITTLE PONY 和 Hasbro Gaming 遊戲是推動季度增長的孩之寶品牌之一。

Higher product and freight costs were partially offset by price increases taken at the beginning of the quarter. Adjusted operating profit was $3.1 million, down $14.7 million, reflecting these higher costs as pricing will phase in during the coming quarters. Our full year view for CP remains low single-digit revenue growth in constant currency, with operating margins flat to up slightly from last year's 10.1%.

較高的產品和運費成本被本季度初的價格上漲部分抵消。調整後的營業利潤為 310 萬美元，下降了 1470 萬美元，這反映了這些較高的成本，因為定價將在未來幾個季度逐步實施。我們對 CP 的全年看法仍然是按固定匯率計算的低個位數收入增長，營業利潤率與去年的 10.1% 持平至小幅上升。

Entertainment segment revenues reflect the 2021 sale of the Music business and timing of deliveries. Segment revenue, absent Music, declined 4%. And our view for growth in the year remains unchanged. Our Film and TV business was down 10% as deliveries shifted between quarters. And Family Brands revenue was down slightly, absent FX.

娛樂部門的收入反映了 2021 年音樂業務的銷售和交付時間。沒有音樂的部門收入下降了 4%。我們對今年增長的看法保持不變。由於交付量在季度之間轉移，我們的電影和電視業務下降了 10%。家庭品牌的收入略有下降，沒有外匯。

With the lower deliveries, program amortization declined, and the mix of revenue is favorable. Adjusted operating profit increased more than 100% to $23 million or 12.4% of revenue. For the full year, we continue to expect revenue growth in mid-single digits and operating profit margin expansion from 8%, both absent the Music business sold last year.

由於交付量減少，計劃攤銷下降，收入組合有利。調整後的營業利潤增長了 100% 以上，達到 2300 萬美元，佔收入的 12.4%。對於全年，我們繼續預計收入增長中個位數，營業利潤率將從 8% 增長，這兩者都沒有去年出售的音樂業務。

As you think about the full year, the third quarter is the most difficult comparison for our business. Retailers place more direct import orders in Q2 of this year than planned, about $60 million more of CP revenue. In Wizards, we're up against a more difficult release slate and could see a flat to slightly down quarter as we've discussed with you previously.

當您考慮全年時，第三季度是我們業務最困難的比較。零售商在今年第二季度的直接進口訂單比計劃的要多，CP 收入增加了約 6000 萬美元。在威世智中，我們面臨著更困難的發布計劃，並且可能會看到一個持平或略微下降的季度，正如我們之前與您討論的那樣。

And Entertainment delivery timing is unfavorable in the third quarter, including comparisons to several film releases to streaming platforms last year, including My Little Pony: A New Generation, Finch and Come From Away and a heavier slate of scripted TV deliveries in Q4 this year versus Q3 last year. We also expect many retailers to return to a more traditional promotional calendar, with more holiday activations in the fourth quarter.

第三季度的娛樂交付時間不利，包括與去年在流媒體平台上發布的幾部電影進行比較，包括《我的小馬駒：新一代》、《芬奇》和《來自遠方》，以及今年第四季度的劇本電視交付量與去年第三季度。我們還預計，許多零售商將恢復更傳統的促銷日曆，第四季度會有更多的假日活動。

Our cash balance was $628.2 million compared to $1.2 billion in last year's second quarter. During the quarter, we spent $146.3 million for a highly strategic acquisition, $97.4 million in dividends, and we resumed share repurchase to the total of $124 million. We have paid down $50 million of share and debt and remain committed to investments in talent, innovation and key strategic initiatives.

我們的現金餘額為 6.282 億美元，而去年第二季度為 12 億美元。在本季度，我們花費了 1.463 億美元用於高度戰略性的收購，9740 萬美元的股息，我們恢復了總計 1.24 億美元的股票回購。我們已經償還了 5000 萬美元的股份和債務，並繼續致力於對人才、創新和關鍵戰略計劃的投資。

Our operating cash flows for the first half of the year were $147.8 million and continue to reflect the advanced inventory purchasing I spoke to earlier. DSOs were flat with last year at 59 days. Our expectation is that inventory will end the year around last year's levels and that will generate operating cash flow toward the low end of our targeted range. Our plan continues to have us returning to approximately $1 billion in operating cash flow next year.

我們上半年的經營現金流為 1.478 億美元，繼續反映我之前談到的高級庫存採購。 DSO 與去年持平，為 59 天。我們的預期是庫存將在去年結束時保持在去年的水平，這將產生朝向我們目標範圍低端的運營現金流。我們的計劃繼續讓我們明年的運營現金流恢復到大約 10 億美元。

As we head into the second half of the year, we are in a strong position to meet demand and to deliver the year. While economic conditions are challenging, we took that into account in our full year plan. And our businesses of toys, games, including MAGIC, and content are historically very resilient during down economic periods.

隨著我們進入下半年，我們處於滿足需求和交付年度的有利位置。儘管經濟狀況充滿挑戰，但我們在全年計劃中考慮到了這一點。我們的玩具、遊戲（包括 MAGIC）和內容業務在經濟低迷時期歷來具有很強的彈性。

Importantly, we've made significant progress in our strategic review. We look forward to speaking with you during the coming weeks and seeing many of you in New York on October 4 for our Investor Day. We are now happy to take your questions.

重要的是，我們在戰略審查方面取得了重大進展。我們期待在接下來的幾週內與您交談，並期待在 10 月 4 日在紐約的投資者日見到你們中的許多人。我們現在很高興回答您的問題。

(Operator Instructions) And our first question is from the line of Eric Handler with MKM Partners.

（操作員說明）我們的第一個問題來自 MKM Partners 的 Eric Handler。

One of the things you've been highlighting of late has been the fan collectibles segment. And I'm curious to get your sense of what's the size of this market and sort of the overall expected growth of this industry. And then what's Hasbro share in that business, your growth potential over the next several years and sort of the key drivers of that incremental growth?

您最近一直強調的一件事是粉絲收藏品部分。我很想知道這個市場的規模以及這個行業的整體預期增長情況。那麼孩之寶在該業務中的份額是什麼，您在未來幾年的增長潛力以及這種增量增長的主要驅動力是什麼？

Eric, thanks for the question. Yes, we see fan -- the fan economy, in general, as a huge growth area for us, it's one of our fastest-growing categories overall. And I really think you can think of this segment as multiple segments put together.

埃里克，謝謝你的問題。是的，我們看到粉絲——總的來說，粉絲經濟對我們來說是一個巨大的增長領域，它是我們整體增長最快的類別之一。我真的認為你可以把這個部分看作是多個部分放在一起。

There's kind of classic fan collectibles like plastic figurines and action figures. There's sports memorabilia. And then there's a very wide trading card industry that deals with both playable trading card games, like MAGIC, as well as sports card trading games.

有一些經典的粉絲收藏品，如塑料小雕像和動作玩偶。有體育紀念品。然後是一個非常廣泛的交易卡行業，既涉及可玩的交易卡遊戲，例如 MAGIC，也涉及運動卡交易遊戲。

Over the last couple of years, this has been probably our fastest-growing segment of the company, and we continue to be very bullish on this sector. It's a highly resilient sector in terms of down economic times or up economic times. It tends to be focused and concentrated on a target consumer with a very high discretionary income.

在過去的幾年裡，這可能是我們公司增長最快的部分，我們繼續非常看好這個領域。就經濟下行或經濟上行而言，這是一個具有高度彈性的行業。它傾向於專注於具有非常高的可自由支配收入的目標消費者。

And it's a passion-driven industry. So people are very engaged in it. On your specific question on kind of like sizing, I'm going to turn that over to Eric a little bit to give you kind of a little bit of a sense of where we see it going and what we think our key initiatives are. Eric?

這是一個激情驅動的行業。所以人們非常投入。關於你關於大小的具體問題，我將把它交給 Eric 一點，讓你對我們看到它的發展方向以及我們認為我們的關鍵舉措有什麼了解。埃里克?

Thanks, Chris. So with regards to market sizing, which is a part of your question, as Chris mentioned, there's a lot of different dynamics at play and different ways to look at it. In the collectibles business, we anticipate that, through our research, to be about $4 billion to $5 billion in overall market size. So it is a very sizable market.

謝謝，克里斯。所以關於市場規模，這是你問題的一部分，正如克里斯提到的那樣，有很多不同的動態和不同的方式來看待它。在收藏品業務中，通過我們的研究，我們預計整體市場規模約為 40 億至 50 億美元。所以這是一個非常大的市場。

Our momentum continues. We don't break out our share publicly, but we can say that, with our Hasbro Pulse platform as an example, we were up 69% in the first half of the year. So we have good, strong momentum that we expect to continue throughout.

我們的勢頭仍在繼續。我們沒有公開披露我們的份額，但我們可以說，以我們的孩之寶 Pulse 平台為例，我們在今年上半年上漲了 69%。因此，我們擁有良好、強勁的勢頭，我們預計將在整個過程中繼續保持這種勢頭。

And we also had some great launches. This week, you'll see at San Diego Comic-Con some really incredible new innovations from the team. One piece of that, which we're really excited about, we talked about it last week, is called Hasbro Selfie Series, which allows you to basically put yourself on your shelf and turn yourself into an action figure. So we expect that to be a very strong new innovation for Hasbro as we launch this week.

我們還推出了一些很棒的產品。本週，您將在聖地亞哥動漫展上看到該團隊的一些真正令人難以置信的新創新。其中一件我們非常興奮的事情，我們上週談到了它，稱為孩之寶自拍系列，它可以讓你基本上把自己放在架子上，把自己變成一個動作人物。因此，當我們本週推出時，我們預計這對孩之寶來說將是一項非常強大的新創新。

Our next question comes from the line of Steph Wissink with Jefferies.

我們的下一個問題來自 Jefferies 的 Steph Wissink。

We have 2 questions. Chris, the first one is for you. It's just on helping us dimensionalize the Wizards of the Coast business between MAGIC and D&D. I think you've said in the past that you expect incremental growth to be coming from D&D over time. So share with us a little bit about the size of that business relative to MAGIC and what your expectations are.

我們有 2 個問題。克里斯，第一個是給你的。它只是幫助我們將 MAGIC 和 D&D 之間的海岸奇才業務維度化。我認為您過去曾說過，隨著時間的推移，您預計 D&D 將實現增量增長。因此，請與我們分享一下該業務相對於 MAGIC 的規模以及您的期望。

And then if you could just remind us what percentage of the Wizards business is domestic. And is there a big international opportunity? And then just a quick clarification for you, Deb, on the program amortization. Can you help us think through back half Q3 versus Q4? We just want to make sure we're modeling that line correctly going forward.

然後，如果你能提醒我們奇才的業務中有多少是國內的。有很大的國際機會嗎？然後，Deb 為您簡要說明一下程序攤銷問題。你能幫助我們思考第三季度與第四季度的後半部分嗎？我們只是想確保我們正確地對這條線進行建模。

Great. Thanks for the questions. Yes, I mean, Wizards of the Coast is an important and vital business for us. It's been a major growth driver for the company. And we've had a great first half of the year for the Wizards business overall.

偉大的。感謝您的提問。是的，我的意思是，威世智對我們來說是一項重要且至關重要的業務。這一直是公司的主要增長動力。今年上半年，我們整個奇才隊的業務都表現出色。

For the first half of the year, we see it up 5%, and we're continuing to project at the high end of our range of upper single digits to lower double digits growth for the entire year. In terms of the composition of that business, Wizards tends to be very MAGIC-heavy. MAGIC is probably about 70% to 80% of that business overall.

今年上半年，我們看到它增長了 5%，並且我們將繼續在我們的上個位數範圍的高端進行預測，以降低全年的兩位數增長。就該業務的構成而言，Wizards 往往非常重視 MAGIC。 MAGIC 可能佔整個業務的 70% 到 80%。

And we tend to be -- between the D&D brand and the MAGIC brand, it tends to be very North American-centric. About 75% of our overall sales take place in the U.S., Canada and Mexico. So we see a lot of growth vectors for both of those opportunities. We see -- Europe has been one of our key growth drivers for the MAGIC brand.

而且我們傾向於 - 在 D&D 品牌和 MAGIC 品牌之間，它往往非常以北美為中心。我們大約 75% 的總銷售額發生在美國、加拿大和墨西哥。因此，我們看到這兩個機會都有很多增長向量。我們看到——歐洲一直是我們 MAGIC 品牌的主要增長動力之一。

We just started localizing D&D product internationally just this past year. We see a huge opportunity for products like D&D Beyond to go beyond North America. Over 85% of the registered users for D&D Beyond, for instance, right now are based in the U.S. or Canada. We see a big growth opportunity there.

就在去年，我們剛剛開始在國際上本地化 D&D 產品。我們看到了像 D&D Beyond 這樣的產品超越北美的巨大機會。例如，目前超過 85% 的 D&D Beyond 註冊用戶位於美國或加拿大。我們在那裡看到了巨大的增長機會。

And when we look moving forward, we continue to see the tabletop industry as being very vital and robust. I think you can see that in the 15% growth that we saw in our tabletop revenues in Q2. And we see a big opportunity to open up these brands over time as we really start to leverage our Brand Blueprint assets.

當我們展望未來時，我們繼續認為桌面行業非常重要和強大。我認為您可以從我們在第二季度的桌面收入中看到的 15% 的增長中看到這一點。隨著我們真正開始利用我們的品牌藍圖資產，隨著時間的推移，我們看到了開放這些品牌的巨大機會。

If you just look at what we're going to do with DUNGEONS & DRAGONS in 2023, we have an all-new blockbuster movie that will be coming out in March of next year. We're going to be previewing that in Comic-Con later this week in a sold out Hall H preview. We'll even have like a little bit of an interactive tavern that people can go to and experience the world of D&D firsthand.

如果您只看一下我們將在 2023 年與 Dungeons & DRAGONS 合作的內容，就會發現一部全新的大片將於明年 3 月上映。我們將在本週晚些時候的 Comic-Con 中以售罄的 H 廳預覽版進行預覽。我們甚至會有一個互動小酒館，人們可以去那裡親身體驗 D&D 的世界。

And then we're going to be complementing that blockbuster entertainment with follow-on streaming entertainment, a huge consumer products push, all-new tabletop games and some really cool new video game innovation that will be coming out shortly following the film. So I think the Wizards business and the future for that business continues to be bright. And I see both MAGIC and D&D growing, and maybe even D&D picking up some share inside of the overall Wizards business in terms of its future and its potential.

然後，我們將通過後續的流媒體娛樂、巨大的消費產品推動、全新的桌面遊戲和一些非常酷的新視頻遊戲創新來補充這一重磅娛樂，這些創新將在電影上映後不久推出。所以我認為奇才的業務和該業務的未來仍然是光明的。而且我看到 MAGIC 和 D&D 都在增長，甚至 D&D 就其未來和潛力而言，甚至可能在整個奇才業務中獲得一些份額。

Right, Chris. So let me pick up on the amortization point. So if we think about program amortization, we said at the beginning of the year, we expected it to be in that 9% to 10% range. We still expect that. And I think in the quarter, we were just under 9%, the amortization as a percent of revenue.

對，克里斯。所以讓我來談談攤銷點。因此，如果我們考慮計劃攤銷，我們在年初說過，我們預計它會在 9% 到 10% 的範圍內。我們仍然期待這一點。我認為在本季度，攤銷佔收入的百分比略低於 9%。

And if I look back on last year and just think about the phasing of our expected deliveries this year, as we mentioned, we had a much bigger Q3 from a delivery phasing last year than we expected this year. So my expectation is the rate would be slightly higher in the fourth quarter than it is in the third quarter, but we still expect to be within that range. And our expectation is probably more towards the lower end of that range based on all the things that we're delivering this year.

如果我回顧去年，想想我們今年的預期交付階段，正如我們所提到的，我們去年的交付階段比我們今年預期的要大得多。所以我的預期是第四季度的利率會比第三季度略高，但我們仍然希望在這個範圍內。根據我們今年交付的所有內容，我們的預期可能更接近該範圍的低端。

Our next question is from the line of Arpine Kocharyan with UBS.

我們的下一個問題來自瑞銀的 Arpine Kocharyan。

Margins were quite a bit stronger than we thought for the quarter. And of course, you had MTG up nicely, so that underpins strong margins. But in terms of advertising, G&A, as you look at Q2 versus kind of back half of the year, anything in Q2 that is not repeatable in the [second] half that we should take into account? And then I have a quick follow-up.

本季度的利潤率比我們想像的要強得多。當然，你有很好的 MTG，所以這支撐了強勁的利潤率。但就廣告、G&A 而言，當您查看第二季度與今年下半年的情況時，我們應該考慮到第二季度在 [下半年] 不可重複的任何事情？然後我有一個快速跟進。

I don't see anything that was different in Q2 than what you should expect for the balance of the year. Eric, any comments?

我認為第二季度與您對今年餘下時間的預期沒有什麼不同。埃里克，有什麼意見嗎？

No, I agree, Chris. I don't think there's anything there, Arpine, to worry about.

不，我同意，克里斯。我不認為那裡有什麼可擔心的，Arpine。

I think the biggest difference between Q2 this year and Q2 last year, Arpine, was we leaned into 2 rather large digital launches with Magic: The Gathering Arena mobile, which was in April. And then we started doing all the presell and advertising for the launch of DUNGEONS & DRAGONS Dark Alliance, which came out in late June. So year-over-year, we didn't comp those, and that's what drove kind of the favorability on A&P.

我認為今年第二季度和去年第二季度最大的不同是，Arpine 是我們在 4 月推出了 2 次相當大的數字遊戲《萬智牌：競技場》移動版。然後我們開始為 6 月下旬推出的 Dungeons & DRAGONS Dark Alliance 做所有的預售和廣告。因此，與去年同期相比，我們沒有對這些進行比較，這就是推動 A&P 受到青睞的原因。

Yes.

是的。

Okay. That's very helpful. And then just a quick follow-up on revenue. Is it possible to give us a sense of how much D&D Beyond is adding to revenue for the year? Or is the guidance now kind of low single digit up -- ex FX is excluding that and is more organic?

好的。這很有幫助。然後只是對收入的快速跟進。是否有可能讓我們了解 D&D Beyond 這一年的收入增加了多少？還是現在的指引有點低個位數——前外匯不包括在內，而且更加有機？

I was not sure whether that guidance includes the acquisition. And if you could detail how much exactly that's heading for the year. I think you've said before that it's really immaterial to EPS. So I'm not worried about EPS, just asking about revenue here.

我不確定該指導是否包括收購。如果你能詳細說明這一年到底有多少。我想你之前說過這對 EPS 來說真的無關緊要。所以我不擔心每股收益，只是在這裡詢問收入。

Yes. I'm going to turn most of this answer over to Cynthia. If you want to opine, Cynthia. It's relatively small for the balance of the year. We -- and it was certainly very small for the quarter. But we do see it being material as we get into 2023 and beyond on a top line and bottom line basis. But a lot of that's going to have to do with the revenue synergies that we see with the business as we start to integrate it, which is still relatively early days.

是的。我將把這個答案的大部分交給辛西婭。如果你想發表意見，辛西婭。對於今年的餘額而言，它相對較小。我們 - 這個季度肯定非常小。但我們確實認為，隨著我們進入 2023 年及以後，在頂線和底線的基礎上，它是重要的。但這在很大程度上與我們在開始整合業務時看到的收入協同效應有關，這仍處於相對早期的階段。

Cynthia, anything to add from the Wizards vantage point?

辛西婭，從奇才隊的角度來看，有什麼要補充的嗎？

Thanks, Chris. Yes, the one thing I'd say is D&D Beyond performed consistent to our expectations. It's only been -- we've only owned it for a month now, but we are super excited about the opportunities it gives us to better serve our fans. Chris mentioned a moment ago that about 85% of their current audience on DUNGEONS & DRAGONS Beyond is based in North America.

謝謝，克里斯。是的，我要說的一件事是 D&D Beyond 的表現符合我們的預期。它只是——我們現在才擁有它一個月，但我們對它給我們提供更好地為我們的粉絲服務的機會感到非常興奮。 Chris 剛才提到，他們目前在 Dungeons & DRAGONS Beyond 上的觀眾中約有 85% 來自北美。

So we see a big opportunity to unlock the global audience with regional translations and culturalized content. We see an opportunity to create multiple experiences that will cater to different player segments, especially those that will tap into that awareness we'll build with our entertainment offerings. So while it's small right now, we see a bright future with Wizards owning DUNGEONS & DRAGONS Beyond.

因此，我們看到了通過區域翻譯和文化化內容釋放全球受眾的大好機會。我們看到了創造多種體驗的機會，這些體驗將迎合不同的玩家群體，尤其是那些將利用我們將通過我們的娛樂產品建立的意識的人。因此，雖然它現在很小，但我們看到了威世智擁有 DUNGEONS & DRAGONS Beyond 的光明未來。

Right. And just to add, looking at our financials overall, we do expect it to be dilutive for the full year. However, it will be accretive to next year.

正確的。另外，從我們的整體財務狀況來看，我們確實預計它會稀釋全年。但是，它將增加到明年。

The next question is from the line of Michael Ng with Goldman Sachs.

下一個問題來自高盛的 Michael Ng。

I just have 2. First, I was wondering if you could just help bookend what the 3Q revenue could look like. It sounds like there's an implication that it should be down year-over-year, just given the direct import revenue shift and the slowing growth or slower growth in Wizards of the Coast. But I was just wondering if you could talk a little bit about that.

我只有 2 個。首先，我想知道您是否可以幫助預訂 3Q 收入的樣子。僅僅考慮到直接進口收入的轉變以及海岸奇才的增長放緩或增長放緩，這聽起來似乎意味著它應該同比下降。但我只是想知道你能不能談談這個。

And then secondly, I was just wondering if you could just give us a little bit more detail around Wizard margins in the quarter. Obviously, a record high. Was that simply operating leverage because of the record revenues? Or were there any mix benefits? And what's driving the drag on margins for the remainder of the year in Wizards relative to the second quarter?

其次，我只是想知道你是否可以在本季度向我們提供更多關於巫師利潤率的細節。顯然，創歷史新高。由於創紀錄的收入，這僅僅是運營槓桿嗎？或者有什麼混合好處？與第二季度相比，是什麼導致奇才隊今年剩餘時間的利潤率受到拖累？

Got you. Yes. So for Q3, I think you're reading our guidance correctly, Michael. I think a couple of things are going on. First off, it's just kind of more release timing associated with what we're releasing across our Film and TV teams and our Family Brand teams and Entertainment.

得到你。是的。所以對於第三季度，我認為你正確地閱讀了我們的指導，邁克爾。我認為有幾件事正在發生。首先，這只是與我們在電影和電視團隊以及我們的家族品牌團隊和娛樂部門發布的內容相關的更多發佈時間。

I think it has to do -- like we actually feel the underlying growth in Wizards is very strong. Our tabletop revenues were up 15% in Q2. So we see good momentum in that business. But based on the quirks of when we're going to release different sets, we feel like Q3 is going to be a little bit of a breather for that business.

我認為必須這樣做——就像我們實際上感覺到奇才隊的潛在增長非常強勁一樣。我們的桌面收入在第二季度增長了 15%。因此，我們看到該業務的良好勢頭。但根據我們何時發布不同系列的怪癖，我們覺得第三季度會為該業務提供一點喘息機會。

And we'll start seeing growth again in Q4, particularly as we lead into our 30th anniversary for the -- for MAGIC going into 2023. And then our overall CP business, like you said, we had a little bit of a shift of some of our direct imports from Q3 into Q2. I think that really reflects strong retailer enthusiasm for our back half of the year innovation.

我們將在第四季度再次開始看到增長，特別是在我們即將迎來 MAGIC 成立 30 週年之際——因為 MAGIC 進入 2023 年。然後我們的整體 CP 業務，就像你說的那樣，我們有一些轉變我們從第三季度到第二季度的直接進口。我認為這確實反映了零售商對我們下半年創新的強烈熱情。

It's going to allow our teams to be able to really lean into advertising and promotions and really be able to solve some of the issues that we've had for the last couple of years on out-of-stocks because we feel like that inventory is very high quality and has a lot of upside potential for us in terms of POS.

這將使我們的團隊能夠真正投入到廣告和促銷活動中，並且真正能夠解決我們在過去幾年中遇到的一些缺貨問題，因為我們覺得庫存是質量非常高，在 POS 方面對我們來說有很大的上升潛力。

I'll turn over the balance of the question over to Deb.

我會將問題的餘數交給 Deb。

Right. And we did talk a bit about Entertainment as well, some of the deliveries that we have in Q4 versus Q3 a year ago. Interestingly, and we tried to highlight this in our release, when we release movies directly to streaming, revenue recognition just has us take it right at that point in time.

正確的。我們也確實談到了娛樂，我們在第四季度與一年前第三季度的一些交付。有趣的是，我們試圖在我們的發布中強調這一點，當我們將電影直接發佈到流媒體時，收入確認只是讓我們在那個時間點正確對待。

And we have more releases that are -- or actual theatrical coming in the third quarter, which will have that same revenue. It just gets spread out over the period with all of the ultimates and the library value that comes to that as well.

而且我們有更多的版本 - 或第三季度的實際戲劇，它們將具有相同的收入。它只是隨著所有終極技能以及隨之而來的圖書館價值在整個時期內傳播開來。

So we're very excited about what's coming up in Entertainment, but our delivery timing is a bit more Q4 from a revenue recognition standpoint and beyond than it was in Q3 a year ago. We also had the MY LITTLE PONY movie as well. So when you think about all those things, it really is just a timing issue.

因此，我們對娛樂業即將發生的事情感到非常興奮，但從收入確認的角度來看，我們的交付時間比一年前的第三季度要多一些。我們也有 MY LITTLE PONY 電影。因此，當您考慮所有這些事情時，這實際上只是一個時間問題。

And the only thing I would add to what Chris said is, as we look at our retailers and what they're expecting over the holiday period, they're looking to have more holiday promotions this year. And we're actually seeing that. You're seeing people actually going into shops more.

我要補充克里斯所說的唯一一件事是，當我們審視我們的零售商以及他們對假期的期望時，他們希望今年有更多的假期促銷活動。我們實際上看到了這一點。你看到人們實際上更多地進入商店。

Well, we're very excited about direct-to-consumer. And Eric talked earlier about Pulse in the market that we have there and how excited we are about all that innovation. I think we're going to see more holiday promotions at retail. And we are well positioned this year with the inventory to meet that demand, whereas last year, we were short and retailers were short.

好吧，我們對直接面向消費者感到非常興奮。 Eric 早些時候談到了我們在市場上的 Pulse，以及我們對所有這些創新感到多麼興奮。我認為我們將在零售店看到更多的假日促銷活動。今年我們的庫存很好，可以滿足這種需求，而去年，我們很短缺，零售商也很短缺。

Yes. And so from your second part of your question was margins on the Wizards business. For Q2, a great deal of that upside was the lack of amortization or realized kind of amortization for our digital launches, particularly Dark Alliance and Arena mobile and a much lower A&P spend associated with the business because we tend to heavy up and front load the marketing spends for those kinds of releases.

是的。因此，從您問題的第二部分來看，奇才業務的利潤。對於第二季度，很大的好處是我們的數字發布缺乏攤銷或實現攤銷，特別是黑暗聯盟和競技場移動，以及與業務相關的 A&P 支出低得多，因為我們傾向於加重和預先加載此類版本的營銷支出。

For the back half of the year, I think what you see is we continue to invest heavily in building out the infrastructure for digital games, in particular, with the Wizards business. And we also have, as the economy starts to open up, we're starting to resume some of our more historical spending on organized play and helping to support that. So those costs are starting to come back into the Wizards business and something that we're factoring in on our guidance.

在今年下半年，我想你看到的是我們繼續大力投資建設數字遊戲的基礎設施，特別是奇才業務。而且，隨著經濟開始開放，我們也開始恢復我們在有組織的比賽上的一些歷史性支出，並幫助支持這一點。所以這些成本開始重新回到奇才的業務中，我們在指導中考慮到了這一點。

Our next question comes from the line of Megan Alexander with JPMorgan.

我們的下一個問題來自摩根大通的梅根亞歷山大。

In the slides, you mentioned POS was down again in 2Q. You did mention the Amazon Prime shift. So did that drive POS down in the quarter? And maybe can you just talk about how that trended versus 1Q and maybe what it looks like quarter-to-date, given you are expecting growth in POS in the second half?

在幻燈片中，您提到 POS 在第二季度再次下降。你確實提到了亞馬遜 Prime 的轉變。那麼這是否導致本季度的 POS 下降？鑑於您預計下半年 POS 將增長，您能否談談與第一季度相比的趨勢以及季度至今的情況？

Yes. Certainly, having a Prime Day shift from June to July did have an impact. And we're very pleased with the results of Prime Day this year. 20% increase in sell-through felt pretty good to us and was generally on track with what we're looking for.

是的。當然，從 6 月到 7 月的 Prime Day 輪班確實產生了影響。我們對今年 Prime 會員日的結果感到非常滿意。銷售量增加 20% 對我們來說感覺非常好，並且總體上符合我們的預期。

In terms of our overall POS, we have long guided that our product innovation is back half of the year weighted. Like we have some great new products coming out. Eric talked about Selfie Series. We just announced Wordle: The Party Game. It's our best-selling presale ever in the board game category.

就我們的整體 POS 而言，我們長期以來一直認為我們的產品創新是下半年加權的。就像我們推出了一些很棒的新產品一樣。 Eric 談到了自拍系列。我們剛剛發布了 Wordle：派對遊戲。這是我們在棋盤遊戲類別中最暢銷的預售。

We've got a lot of new innovation coming out across our brands, whether it's the PLAY-DOH ice cream cart, which we think is an amazing giftable item; NERF GelFire, which is going to be some of the best new innovation in the blaster category we think there's ever been, frankly; and then all-new product lines like STARTING LINEUP for the sports memorabilia fan, we feel pretty good about where our product innovation is coming from.

我們的品牌推出了許多新的創新，無論是我們認為是令人驚嘆的贈品的 PLAY-DOH 冰淇淋車； NERF GelFire，坦率地說，這將是我們認為有史以來最好的衝擊波類別中的一些新創新；然後是全新的產品線，比如體育紀念品愛好者的STARTING LINEUP，我們對我們的產品創新來自哪裡感到非常滿意。

Also, we had a relatively light first half in terms of our entertainment lineup. And the back half of the year, I think, really starts a fantastic cadence of new entertainment releases. Probably one that I'm most looking forward to is Black Panther: Wakanda Forever. That's probably going to be one of the biggest blockbusters of 2022.

此外，就我們的娛樂陣容而言，我們上半年的表現相對較輕。我認為，今年下半年真的開始了新娛樂發布的奇妙節奏。我最期待的可能是《黑豹：永遠的瓦坎達》。這可能會成為 2022 年最大的重磅炸彈之一。

And I think that's just kind of -- as big as that product -- as big as that movie is going to be, it's just an appetizer for what's going to be a fantastic first half to next year, including the DUNGEONS & DRAGONS: Honor Among Thieves movie, some fantastic new releases from our partners at Disney and then Transformers: Rise of the Beasts come next June.

而且我認為這只是一種 - 和那個產品一樣大 - 和那部電影一樣大，它只是一個開胃菜，為明年上半年將是一個美妙的事情，包括 Dungeons & Dragons: Honor在盜賊電影中，我們在迪士尼的合作夥伴以及變形金剛：野獸崛起將於明年 6 月推出一些精彩的新片。

Eric, anything to add?

埃里克，有什麼要補充的嗎？

No, you hit most of them, Chris. I think just to finish that, Megan, we really do feel like after some headwinds in the first half, we have a strong second half plan. We're proud of our teams and their innovation.

不，你擊中了他們中的大多數，克里斯。我想為了完成這一點，梅根，我們真的覺得在上半場遇到一些逆風之後，我們有一個強有力的下半場計劃。我們為我們的團隊和他們的創新感到自豪。

Even in addition to all the great innovations Chris mentioned, we also have some big programs at retail in August behind Star Wars and the Obi-Wan product line, which is sitting behind their extremely popular Disney+ series. And across the board, the strength continues across the Marvel portfolio.

除了 Chris 提到的所有偉大創新之外，我們還在 8 月份推出了一些大型零售項目，位於《星球大戰》和 Obi-Wan 產品線之後，這些產品線位於他們極受歡迎的 Disney+ 系列之後。總體而言，Marvel 產品組合的實力仍在繼續。

So we really do feel like we're poised to have some positive POS versus where we've been. And I think the innovation you're going to continue to see from Hasbro is very, very strong.

所以我們真的覺得我們已經準備好有一些積極的 POS 與我們一直在的地方。而且我認為您將繼續從孩之寶看到的創新非常非常強大。

Got it. That's really helpful. And then maybe as a follow-up, again, on the Wizards margin, it had very strong performance in 2Q. And it does seem like you raised the top line guide a bit for that segment. You talked about potential to reach low double-digit versus -- but now you are including that in the guide.

知道了。這真的很有幫助。然後也許作為跟進，再次在奇才隊的邊緣，它在第二季度的表現非常強勁。看起來您確實為該部分提高了頂線指南。您談到了達到低兩位數的潛力 - 但現在您將其包含在指南中。

So that would imply just higher operating margin on mix in the back half, but you did keep the overall profit outlook unchanged. So are you just seeing higher costs in other areas of the business? And are you still thinking about COGS being around 30% of sales for the year?

因此，這意味著後半部分混合業務的營業利潤率更高，但您確實保持整體利潤前景不變。那麼，您是否只是看到其他業務領域的成本更高？您是否還在考慮 COGS 佔全年銷售額的 30% 左右？

So overall, we are seeing higher costs. As we mentioned, there was pressure on gross margin from our -- particularly our MAGIC business, but also the D&D business when you think about Wizards in the quarter. We just had much lower advertising and depreciation expense as we talked about.

所以總的來說，我們看到了更高的成本。正如我們所提到的，我們的毛利率面臨壓力——尤其是我們的 MAGIC 業務，以及當你考慮本季度的奇才時的 D&D 業務。正如我們所說，我們的廣告和折舊費用要低得多。

So when we see the mix as we head into the back half of the year, we do have pricing on select MAGIC: THE GATHERING releases we have had to take just to compensate for paper costs. We've invested to make sure we have paper to support the demand that we expect in both D&D and MAGIC: THE GATHERING as well.

因此，當我們進入今年下半年時，當我們看到這些組合時，我們確實為精選的 MAGIC：THE GATHERING 版本定價，我們不得不採取只是為了補償紙張成本。我們已經投資以確保我們有紙張來支持我們對 D&D 和 MAGIC: THE GATHERING 的預期需求。

But overall, as we see the mix and the things that impacted us back half of the year, while we could be surprised, we are expecting margins to be slightly down from a year ago overall for the full year. However, we agree, the second quarter was an exceptional quarter given the mix of business.

但總的來說，當我們看到今年下半年影響我們的情況和因素時，雖然我們可能會感到驚訝，但我們預計全年的利潤率將比一年前略有下降。但是，我們同意，考慮到業務組合，第二季度是一個特殊的季度。

Our next question comes from the line of Fred Wightman with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Fred Wightman。

I know that you made the comment that you had assumed some macro challenges when you guys issued guidance start of the year. But could you just give us sort of a quick sense of the high level for how you see each of the main categories performing if we do move into a recession?

我知道你們發表評論說，當你們在年初發布指導時，你們已經承擔了一些宏觀挑戰。但是，如果我們確實陷入衰退，您能否讓我們快速了解一下您如何看待每個主要類別的表現？

I think that we can go back and sort of look at what the toy business did in '08 and '09, but for some of the newer pieces of the business that might not have been broken out previously or that were part of Hasbro, could you sort of give us a sense for how you see the elasticities or peak to trough or however you want to frame it?

我認為我們可以回過頭來看看玩具業務在 08 年和 09 年做了什麼，但對於之前可能沒有突破或屬於孩之寶的一些較新的業務，可以你讓我們了解你如何看待彈性或峰值到谷底，或者你想如何構建它？

Yes. Certainly, we came into the year feeling like there is a mix of headwinds and tailwinds for the consumer. But we were very cognizant of the inflationary environment we were operating in, both from a consumer takeaway as well as its impact on our supply chain. I think net new headwinds that emerged through the year has been the Russia conflict and the effects of that; and then the currency dynamics with the strengthening dollar, which particularly affects our CP segment in markets like EMEA; and our Wizards segment, with a very strong dollar versus the Japanese yen.

是的。當然，我們進入這一年感覺對消費者來說是逆風和順風。但我們非常清楚我們所處的通貨膨脹環境，無論是從消費者的外賣還是它對我們供應鏈的影響。我認為全年出現的淨新逆風是俄羅斯衝突及其影響；然後是美元走強的貨幣動態，這尤其影響了我們在歐洲、中東和非洲等市場的 CP 部門；和我們的奇才部分，美元兌日元非常強勢。

So as we look at our segments moving forward, I think what we feel fortunate as, as a company is that we have very resilient segments across toys, games and entertainment. These tend to be small luxuries that consumers value pretty highly. Our CP segment in prior economic downturns has done relatively well. It has been affected, but not nearly as much as those economic downturns would affect the macro economy.

所以當我們看到我們的細分市場向前發展時，我認為我們感到幸運的是，作為一家公司，我們在玩具、遊戲和娛樂領域擁有非常有彈性的細分市場。這些往往是消費者非常看重的小型奢侈品。在之前的經濟低迷時期，我們的消費品板塊表現相對較好。它受到了影響，但遠沒有那些經濟衰退對宏觀經濟的影響那麼大。

The games business tends to be very resilient. MAGIC: THE GATHERING started -- MAGIC has grown 12 out of the last 13 years, and that growth vector started back in 2008 during the last financial crisis. And we continue to see that consumer being very resilient, with a deep well of savings and a large amount of passion for pursuing what they love.

遊戲業務往往非常有彈性。 MAGIC: THE GAGHERING 開始了——在過去的 13 年中，MAGIC 已經增長了 12 年，而這種增長向量始於 2008 年上一次金融危機期間。我們繼續看到消費者非常有彈性，有大量的儲蓄和對追求他們所愛的東西的極大熱情。

And then in the Entertainment segment, we continue to see that to be rebounding from the pandemic. Our Film and TV business is up in the first half of the year. We continue to project our overall Entertainment segment, ex the sale of our Music business, up for the full year. So we feel pretty good about where our outlook is and maintaining our guidance from prior quarters.

然後在娛樂領域，我們繼續看到它正在從大流行中反彈。上半年我們的影視業務有所增長。我們繼續將我們的整體娛樂部門（不包括我們的音樂業務的銷售）預測到全年。因此，我們對我們的前景和維持前幾個季度的指導感到非常滿意。

Makes sense. And then you called out the $60 million shift just from the direct import timing. Is there anything else that you're seeing or hearing from retailers that could cause some impact as far as 3Q, 4Q split in the back half of the year?

說得通。然後你從直接進口的時間點就叫出了 6000 萬美元的轉變。您從零售商那裡看到或聽到的其他任何事情可能會對下半年的 3Q、4Q 拆分產生一些影響嗎？

Eric, anything to add?

埃里克，有什麼要補充的嗎？

I think, Fred -- I think with regards to retail, Deb already mentioned some of the dynamics. I think we're feeling actually pretty comfortable from a supply chain standpoint, which is the one thing Chris didn't touch on in the last narrative that conditions are improving.

我認為，弗雷德——我認為關於零售，Deb 已經提到了一些動態。我認為從供應鏈的角度來看，我們實際上感覺很舒服，這是 Chris 在上一次關於情況正在改善的敘述中沒有提到的一件事。

And while things are more expensive and transit times do take a little bit longer than they have in the past, our teams are managing through those challenges. Retailers are managing through those challenges.

雖然東西更貴，運輸時間確實比過去要長一些，但我們的團隊正在應對這些挑戰。零售商正在應對這些挑戰。

And I think you'll see, as Deb mentioned, as we get into the Q3 and Q4, a stronger environment, where our position amongst retailer promotions and their advertising is favorable. And we're certainly optimistic about that.

正如 Deb 所說，隨著我們進入第三季度和第四季度，我認為你會看到一個更強大的環境，我們在零售商促銷活動和他們的廣告中的地位是有利的。我們當然對此持樂觀態度。

Our next question is from the line of Drew Crum with Stifel.

我們的下一個問題來自 Drew Crum 和 Stifel。

So on the Wizards business, I think, in some recent correspondence, you indicated that you've expended over $1 billion on this business over the last 5 years. Can you address what the planned cadence of spending will be going forward? And Deb, I think you suggested that you're going to focus on digital and talent. But any more specifics you can provide in terms of where you intend to invest?

因此，關於奇才業務，我認為，在最近的一些通信中，您表示您在過去 5 年中在這項業務上花費了超過 10 億美元。您能否說明計劃中的支出節奏將如何發展？ Deb，我認為你建議你將專注於數字和人才。但是，您可以提供更多關於您打算在哪裡投資的細節嗎？

Well, I would say, at a top level, and then I'll turn it over to Deb and/or Cynthia if they'd like to chime in, we continue to invest behind the Wizards business and our games business as a whole. Digital will be an area of focus for us. I think we will, at least, maintain our production spending on digital. I think over the next couple of years, you'll see us announcing more products and introducing new innovation.

好吧，我想說，在最高級別，然後如果 Deb 和/或 Cynthia 願意插話，我會把它交給他們，我們將繼續投資於奇才業務和整個遊戲業務。數字化將是我們關注的一個領域。我認為我們至少會維持我們在數字方面的生產支出。我認為在接下來的幾年中，您會看到我們發布更多產品並引入新的創新。

I think games as a service is going to be a big area of focus inside of that digital business with what we call digital tabletop, what are we doing and where are we taking platforms like Magic: The Gathering Arena. I think we've already announced some platform expansion, but we see some upside potential in new gaming formats and new quadrants of players.

我認為遊戲即服務將成為數字業務中的一個重要領域，我們稱之為數字桌面，我們在做什麼，以及我們將把萬智牌：The Gathering Arena 等平台帶到哪裡去。我認為我們已經宣布了一些平台擴展，但我們看到了新遊戲形式和新玩家象限的一些上升潛力。

I think D&D Beyond will be a major area of investment for us and development. We see a lot of upside in kind of content to commerce synergies with our Hasbro Pulse platform, international growth and really doing something special to make screens such -- in a more and more important part of even face-to-face kind of in-person play.

我認為 D&D Beyond 將成為我們投資和發展的主要領域。我們看到內容與我們的孩之寶 Pulse 平台的商業協同效應、國際增長以及真正做一些特別的事情來製作這樣的屏幕——在甚至面對面的交流中越來越重要的部分——人玩。

And then we're also fascinated with what we can do with the balance of our gaming portfolio based on some of the learnings that we've had with some of our "hard-core tabletop games." I think there's some interesting opportunities for digitization of our overall board gaming assets that I know the team is investigating. And then beyond that, video games continues to be an area of focus for us. I think we'll have a couple of really interesting announces coming up within the next 3 to 4 quarters.

然後，我們也著迷於我們可以根據我們從一些“硬核桌面遊戲”中獲得的一些經驗來平衡我們的遊戲組合。我認為我們的整體棋盤遊戲資產數字化存在一些有趣的機會，我知道團隊正在調查。除此之外，視頻遊戲仍然是我們關注的一個領域。我認為我們將在接下來的 3 到 4 個季度內發布一些非常有趣的公告。

We've got some just killer talent working on those games. And those games will span announcements that we have for established brands like DUNGEONS & DRAGONS and then some new innovation that we have being cooked up by people who are almost household names inside of the gaming industry: James Ohlen and the team at Archetype Studios being one of them that I'm particularly excited about.

我們有一些殺手級的天才正在開發這些遊戲。這些遊戲將涵蓋我們為 DUNGEONS & DRAGONS 等知名品牌發布的公告，然後是一些由遊戲行業內家喻戶曉的人炮製的新創新：James Ohlen 和 Archetype Studios 的團隊就是其中之一其中我特別興奮的。

So I would say we're going to continue to lean in on investments in games. I think digital will be a particular focus of that investment. And you should expect us to at least maintain our current spending outlook, if not leaning in further as we see upside potential.

所以我想說我們將繼續依靠對遊戲的投資。我認為數字化將是該投資的一個特別重點。你應該期望我們至少維持我們目前的支出前景，如果我們看到上行潛力不進一步傾斜的話。

Got it. Very helpful. And then just a quick follow-up, Deb. You're forecasting the cash flow to come in at the lower end of the range. Anything specific to call out there that's driving that updated guidance?

知道了。非常有幫助。然後只是快速跟進，Deb。您正在預測現金流量將進入該範圍的低端。有什麼具體的內容可以推動更新的指導嗎？

Really just that you're seeing the reflection of our preorders on the inventory and the operating cash flow number. From an investing standpoint, we just -- which is part of our free cash flow. We did make that very strategic acquisition of D&D Beyond, which we're very excited about the future for that, as Chris just said, for the platform for many things that we have in our view going forward.

真的只是你看到我們的預購在庫存和經營現金流量上的反映。從投資的角度來看，我們只是——這是我們自由現金流的一部分。我們確實對 D&D Beyond 進行了非常具有戰略意義的收購，正如 Chris 剛才所說，我們對未來感到非常興奮，因為我們認為該平台可以用於我們未來的許多事情。

So as we look at that, we do expect the inventory to turn. But in the back half of the year, we expect our cash flow generation to actually improve in the back half of the year.

因此，當我們看到這一點時，我們確實預計庫存會發生變化。但在今年下半年，我們預計我們的現金流量在下半年會有所改善。

Next question comes from the line of Linda Bolton-Weiser with D.A. Davidson.

下一個問題來自 Linda Bolton-Weiser 與 D.A.戴維森。

I was wondering if you could comment on what you're seeing like on the toy side of the business in terms of raw material input costs. I know that for the toys being produced for this Christmas, the costs are up, but we're seeing like spot prices for some things like plastic resin are starting to roll over. So can you just kind of comment on kind of like what you're seeing on a longer-term basis? And do you think next year kind of bodes well in terms of cost comparisons on the raw material side?

我想知道您是否可以就原材料投入成本方面的玩具業務發表評論。我知道今年聖誕節生產的玩具成本上漲了，但我們看到塑料樹脂等一些東西的現貨價格開始上漲。那麼，您能否就您所看到的長期情況發表評論？你認為明年在原材料方面的成本比較方面是個好兆頭嗎？

Yes. Thanks for the question, Linda. I'm going to turn it over to Eric to give you an overview on what we see going on in the supply chain. Eric?

是的。謝謝你的問題，琳達。我將把它交給 Eric，讓您大致了解我們在供應鏈中看到的情況。埃里克?

Thanks, Chris. So a couple of things to hit with regards to your question, Linda. The first was with regards to input costs. We do see those rising, and both Deb and Chris talked about them in our prepared remarks a bit.

謝謝，克里斯。琳達，關於你的問題，有幾件事要解決。首先是關於投入成本。我們確實看到了這些上升，Deb 和 Chris 在我們準備好的評論中談到了它們。

We have taken pricing to cover that, and we feel comfortable that we continue to make the right decisions with regards to pricing to cover those input cost increases. And we're working with our partners as we look -- go forward to continue to manage and mitigate some of those headwinds.

我們已經採取了定價來彌補這一點，我們感到很舒服，我們繼續就定價做出正確的決定來彌補這些投入成本的增加。正如我們所期待的那樣，我們正在與我們的合作夥伴合作——繼續管理和緩解其中一些不利因素。

With regards to transit, which is kind of the other big piece that we've talked about in the past, we are seeing some of the transit times and transit costs easing a bit. And we expect that trend to continue as well as we go into the fall. So I think some puts and takes across the board there, but we feel like we have our hands wrapped around it, and the teams are managing it well.

關於過境，這是我們過去討論過的另一大問題，我們看到一些過境時間和過境成本有所緩解。我們預計這種趨勢將在我們進入秋季時繼續下去。所以我認為那裡有一些全面的投入和接受，但我們覺得我們已經掌握了它，並且團隊管理得很好。

Great. And just switching a little bit. We've seen a lot of talk about the Toys "R" Us store within stores expanding to all the Macy's. Can you talk about -- does that move the needle at all for you? And how are you thinking about that opportunity in terms of some expanded distribution in the channels?

偉大的。只是稍微切換一下。我們已經看到很多關於玩具反斗城商店的討論，這些商店擴展到所有梅西百貨。你能談談 - 這對你有幫助嗎？您如何看待在渠道中擴大分銷的機會？

Sure. I'll just continue on that one. Clearly, Toys "R" Us is making another comeback. And we're always excited when we see toy space and toy merchandising increase in retail footprints around the world. We're certainly encouraged by what we're seeing as Toys "R" Us partners up with Macy's.

當然。我會繼續那個。顯然，玩具反斗城又一次捲土重來。當我們看到玩具空間和玩具商品銷售在全球範圍內的零售足跡增加時，我們總是很興奮。隨著玩具反斗城與梅西百貨的合作，我們當然感到鼓舞。

And we saw the announcements, obviously, that you did. And we clearly have been in conversations with them for quite some time that they're going to expand that footprint for this Q3 and Q4. They're good partners of ours. And -- but when I say they, I'll talk about Macy's because it's really a footprint store-within-a-store concept, and we'll continue to supply them as needed.

很明顯，我們看到了你所做的公告。我們顯然已經與他們進行了相當長的對話，他們將在第三季度和第四季度擴大這一足跡。他們是我們的好夥伴。而且 - 但是當我說他們時，我會談論梅西百貨，因為它實際上是一個店中店概念，我們將繼續根據需要供應它們。

I don't expect it to be significantly material for this year. But we are excited that we're continuing to see the toy footprint expanding. And we think that any time you have the chance to put more toys and games in the hands of consumers around the world at holiday, it's a good thing.

我不認為它對今年有重要意義。但我們很高興看到玩具足跡繼續擴大。而且我們認為，只要有機會在假期將更多玩具和遊戲交到世界各地的消費者手中，這都是一件好事。

Our next question is from the line of Gerrick Johnson with BMO Capital Markets.

我們的下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

Great. I have one follow-up. First, on Wizards, there's a lot of noise in the Wizards segment this quarter. Can you please talk about the performance of the core Magic Arena on its own, excluding mobile launches and DUNGEONS & DRAGONS, et cetera?

偉大的。我有一個跟進。首先，關於奇才，本季度奇才部分有很多噪音。你能談談核心魔法競技場本身的表現嗎，不包括移動發射和龍與地下城等？

Yes. I'll start. And then, Cynthia, if you want to add, please do. So Arena Mobile launched last year. We saw a nice surge of new users and new revenue associated with that. Revenue for the platform was down after seeing kind of that surge, but still up on a pre kind of mobile basis.

是的。我會開始的。然後，辛西婭，如果你想添加，請添加。因此 Arena Mobile 於去年推出。我們看到了與此相關的新用戶和新收入的大幅增長。在看到這種激增之後，該平台的收入有所下降，但在移動之前的基礎上仍然有所上升。

We're entering the fourth year of the platform. So it's -- we would expect it to be starting to get to a maturing aspect. We think things like Steam, things like consoles will be nice revenue kickers and user kickers for us.

我們正在進入該平台的第四個年頭。所以它 - 我們希望它開始走向成熟。我們認為 Steam 之類的東西、遊戲機之類的東西對我們來說將是不錯的收入增長點和用戶增長點。

Moving forward, we see a relatively stable outlook for the revenue for Arena. We see it maintaining as the most important acquisition vehicle inside of the MAGIC brand in terms of bringing new people in and training them on the brand. And then long -- mid and longer term, we see some nice innovation opportunities, which potentially could change that revenue curve and kind of that outlook.

展望未來，我們認為 Arena 的收入前景相對穩定。我們認為它一直是 MAGIC 品牌內部最重要的收購工具，可以吸引新人加入並培訓他們。然後長期 - 中期和長期，我們看到了一些不錯的創新機會，這可能會改變收入曲線和那種前景。

Cynthia, anything you'd like to add?

辛西婭，你有什麼要補充的嗎？

Yes, I think you covered most of it. The only other thing I would say is we will continue to listen to our customers and the community as we are working on that road map for innovation. We're super excited about how Arena will continue to contribute to the overall MAGIC ecosystem.

是的，我認為你涵蓋了大部分內容。我要說的唯一另一件事是，我們將繼續傾聽我們的客戶和社區的意見，因為我們正在製定創新路線圖。我們對 Arena 將如何繼續為整個 MAGIC 生態系統做出貢獻感到非常興奮。

Great. You had a follow-up, too?

偉大的。你也有後續嗎？

Yes, I did. On a consolidated basis, you guys have commented over and over that you're maintaining guidance. But the fact of it is, you've lowered revenue outlook because of FX, right? It's in constant currency now. Before, it's just in dollars.

是的，我做到了。在綜合的基礎上，你們一遍又一遍地評論說你們正在維持指導。但事實是，由於外匯，您已經降低了收入前景，對吧？現在是固定貨幣。以前，它只是以美元為單位。

Your operating margin guidance is maintained. So is it FX hedges below the operating line or share buyback or lower interest? What is it that gets you to maintaining guidance?

維持您的營業利潤率指導。那麼是操作線以下的外匯對沖還是股票回購或降低利息？是什麼讓你保持指導？

Sure. Gerrick, you're right. I mean, as we said in the first quarter, we warned that currency was a headwind. And in fact, we saw the euro for the first time in 20 years reach parity. I think it's up a tick this morning, right? But on a translation basis, that impacts our revenue, right?

當然。格里克，你是對的。我的意思是，正如我們在第一季度所說的那樣，我們警告說貨幣是逆風。事實上，我們看到歐元 20 年來首次達到平價。我想今天早上起來了，對吧？但在翻譯的基礎上，這會影響我們的收入，對吧？

But the underlying business is healthy. Our -- we do hedge our costs. Most of our costs for products are denominated in U.S. dollars. So we hedge that. We're probably 65%, 70% hedged at a given time. So it does have less of an impact to operating profit.

但基礎業務是健康的。我們——我們確實對沖成本。我們的大部分產品成本以美元計價。所以我們對沖這一點。在特定時間，我們可能有 65%、70% 的對沖。因此，它對營業利潤的影響確實較小。

In addition to that, we are very focused on controlling our costs and implementing cost savings initiatives wherever we can. And we're excited to actually talk more about that when we get to Investor Day and how we view the long-term impact of that. But overall, we continue to invest in our business for long-term growth and do the smart business things to protect our margin on the bottom line and cut costs where we don't need to expend them.

除此之外，我們非常專注於控製成本並儘可能實施成本節約計劃。當我們到達投資者日以及我們如何看待其長期影響時，我們很高興能夠更多地談論這一點。但總的來說，我們繼續投資於我們的業務以實現長期增長，並採取明智的業務措施來保護我們的利潤，並在我們不需要花費它們的地方削減成本。

At this time, we've reached the end of the question-and-answer session. And I'll turn the call over to Debbie Hancock for closing remarks.

此時，我們已經到了問答環節的尾聲。我將把電話轉給黛比漢考克做結束語。

Thank you, Rob, and thank you, everyone, for joining the call today. The replay will be available on our website in approximately 2 hours, and management's prepared remarks will be posted on our website following this call. As Deb and Chris both mentioned, we look forward to sharing more about our strategic plans at our Investor Day on October 4 in New York. Thank you.

謝謝你，Rob，謝謝大家今天加入電話會議。回放將在大約 2 小時後在我們的網站上提供，管理層準備好的評論將在本次電話會議後發佈在我們的網站上。正如 Deb 和 Chris 都提到的，我們期待在 10 月 4 日於紐約舉行的投資者日上分享更多關於我們戰略計劃的信息。謝謝你。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。