孩之寶 (HAS) 2022 Q3 法說會逐字稿

Good morning, and welcome to the Hasbro Third Quarter 2022 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. At this time, I'd like to turn the call over to Ms. Debbie Hancock, Vice President of Investor Relations. Please go ahead.

早上好，歡迎參加孩之寶 2022 年第三季度收益電話會議。 （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。在這個時候，我想把電話轉給投資者關係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. Eric Nyman, Hasbro's President and Chief Operating Officer; Cynthia Williams, President of Wizards of the Coast and Digital Gaming; Darren Throop, President and CEO of eOne; and Steve Bertram, President eOne Film and TV, 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，我們將首先介紹 Chris 和 Deb 對公司業績的評論。然後我們會回答你的問題。孩之寶總裁兼首席運營官 Eric Nyman；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； eOne 影視總裁 Steve Bertram 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.

我們今天電話會議的收益發布和演示幻燈片已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。

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.

我們今天的電話會議將討論某些調整後的措施，其中不包括這些非公認會計原則的調整。 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.

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。

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.

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. We expected Q3 to be our most challenging quarter of 2022 based on product release and ship timings in our Consumer Products segment as well as release cadences in our Games and Entertainment businesses.

謝謝你，黛比，早上好。根據我們消費品部門的產品發布和發貨時間以及我們遊戲和娛樂業務的發布節奏，我們預計第三季度將是我們 2022 年最具挑戰性的季度。

Revenue for the quarter was $1.68 billion, down 12% in constant currency and down 15% at actual rates versus 2021. Adjusted operating profit was $271 million or a 16.1% OP margin, down 31%. Revenues were impacted due to innovation timing, including later product releases in NERF and games this year versus last, accelerated direct import shipments in our Consumer Products segment, which shifted revenues from Q3 to Q2 and release calendar more heavily Q2 and Q4 weighted for our Wizards and Digital Gaming and Entertainment businesses.

本季度收入為 16.8 億美元，按固定匯率計算下降 12%，與 2021 年相比下降 15%。調整後的營業利潤為 2.71 億美元，營業利潤率為 16.1%，下降 31%。收入受到創新時機的影響，包括今年 NERF 和遊戲的後期產品發布與去年相比，我們的消費品部門的直接進口出貨量加速，這將收入從第三季度轉移到第二季度，並且發布日曆對我們的奇才隊的加權第二季度和第四季度更為重要以及數字遊戲和娛樂業務。

We've also seen the average consumer become increasingly price-sensitive as the year has progressed, impacting point-of-sale trends. Promotions and entertainment field demand have become increasingly important and will be key in the quarters ahead. For instance, our most recent Prime Day last week saw Hasbro volume increased mid-double digits year-over-year, among the top toy and game performances.

隨著時間的推移，我們還看到普通消費者對價格越來越敏感，這影響了銷售點的趨勢。促銷和娛樂領域的需求變得越來越重要，並將成為未來幾個季度的關鍵。例如，上週我們最近的 Prime Day 看到孩之寶的銷量同比增長了兩位數，在頂級玩具和遊戲表現中名列前茅。

The ongoing growth of key brands like PEPPA PIG and MY LITTLE PONY speak to the power of driving great entertainment to reach audiences and inspire demand. In Q4, we will be kicking off an unprecedented lineup of entertainment, starting with Marvel Studios' Black Panther: Wakanda Forever and extending well into 2023.

PEPPA PIG 和 MY LITTLE PONY 等主要品牌的持續增長說明了推動精彩娛樂以吸引觀眾並激發需求的力量。在第四季度，我們將推出前所未有的娛樂陣容，從漫威工作室的《黑豹：永遠的瓦坎達》開始，一直延續到 2023 年。

Operating profit margins were impacted by a combination of more aggressive closeout actions in Consumer Products and the shift in mix of deliveries in our Wizards and Digital Gaming and Entertainment segments. For Q4, we are projecting Hasbro's revenue to be approximately flat on a constant currency basis, buoyed by growth in MY LITTLE PONY, PEPPA PIG, Marvel, starting lineup and key gaming brands, in particular, our Wizards and Digital Gaming segment behind one of our best Q4 MAGIC slates ever, as we kick off the brand's 30th anniversary and celebrate Hasbro's first ever $1 billion brand.

營業利潤率受到消費品領域更積極的清算行動以及我們的奇才和數字遊戲和娛樂部門交付組合轉變的影響。對於第四季度，我們預計孩之寶的收入在固定貨幣基礎上大致持平，這得益於小馬寶莉、小豬佩奇、漫威、首發陣容和主要遊戲品牌的增長，特別是我們的奇才和數字遊戲部門落後於其中之一我們有史以來最好的 Q4 MAGIC 石板，因為我們啟動了該品牌的 30 週年紀念日，並慶祝孩之寶的第一個價值 10 億美元的品牌。

Fourth quarter adjusted operating profit for the company is expected to improve by mid-double digits year-over-year driven by a more favorable product mix, improvements in distribution, disposal of low-profit noncore businesses and the impact of our new operational excellence program we announced at our Investor Day on October 4. For the year, we are expecting revenues for Hasbro to be flat to slightly down on a constant currency basis.

由於更有利的產品組合、分銷改善、低利潤非核心業務的處置以及我們新的卓越運營計劃的影響，公司第四季度調整後的營業利潤預計將同比增長中位數兩位數我們在 10 月 4 日的投資者日宣布了這一消息。今年，我們預計孩之寶的收入在固定匯率基礎上將持平或略有下降。

We continue to expect adjusted operating profit margin to increase 50 basis points to 16%. We also expect inventory levels to be up low single digits year-over-year. We have a strong balance sheet and a plan that accelerates cash generation going forward. Deb will speak to this in more detail shortly.

我們繼續預計調整後的營業利潤率將增加 50 個基點至 16%。我們還預計庫存水平將同比增長低個位數。我們擁有強大的資產負債表和加速未來現金產生的計劃。 Deb 稍後將對此進行更詳細的說明。

At our Investor Day, we introduced our new strategic approach to our blueprint, Blueprint 2.0, which positions us to accelerate growth with a focus on games, digital and direct and demonstrates our commitment to deliver superior shareholder return with a plan to grow adjusted operating profit by 50% by year-end 2025. This profit improvement will be driven by a focus on fewer, bigger brands with billion-dollar potential, growing our high-profit Games and Licensing businesses and driving significant savings via our operational excellence program.

在我們的投資者日，我們為我們的藍圖 Blueprint 2.0 介紹了我們的新戰略方法，這使我們能夠以遊戲、數字和直接遊戲為重點來加速增長，並表明我們致力於通過計劃增加調整後的營業利潤來提供卓越的股東回報到 2025 年底將增長 50%。這種利潤增長將通過關注更少、具有數十億美元潛力的更大品牌、發展我們的高利潤遊戲和授權業務以及通過我們的卓越運營計劃節省大量資金來推動。

This initiative will help us drive $250 million to $300 million of annual run rate savings by year-end 2025, including a $50 million run rate level already achieved in 2022 that is helping to fuel our bottom line growth in Q4.

這一舉措將幫助我們在 2025 年底之前每年節省 2.5 億美元至 3 億美元的運行率，其中包括 2022 年已經實現的 5000 萬美元運行率水平，這有助於推動我們在第四季度的利潤增長。

This management team isn't satisfied with our performance in Q3. Our new plan has already begun and will gather momentum over the coming quarters. Our high-margin Games business is on track for growth in Q4, anchored by a must-have MAGIC lineup, including the first time our fans can buy the iconic card, the Black Lotus, in over 25 years.

該管理團隊對我們在第三季度的表現不滿意。我們的新計劃已經開始，並將在未來幾個季度積聚動力。我們的高利潤遊戲業務在第四季度有望實現增長，這得益於必備的 MAGIC 陣容，包括我們的粉絲 25 年來首次購買標誌性卡片 Black Lotus。

We added the viral sensation Wordle: The Party Game for fans of all ages to our industry-leading games portfolio for this holiday. We are innovating in key brands like NERF with our new GelFire blasters for fans 14 and older.

我們為這個假期在我們行業領先的遊戲組合中添加了病毒轟動的 Wordle：適合所有年齡段粉絲的派對遊戲。我們正在為 NERF 等主要品牌進行創新，推出適用於 14 歲及以上粉絲的全新 GelFire 衝擊波。

We will extend our growing leadership in high-margin, high-potential categories like preschool with leading brands, including PEPPA PIG and our products for Marvel's Spidey and His Amazing Friends as well as creativity with PLAY-DOH, brands where we have revenue and POS momentum like the already hot-selling PLAY-DOH Ice Cream Truck.

我們將通過領先品牌（包括 PEPPA PIG 和我們為 Marvel's Spidey 和 His Amazing Friends 提供的產品）以及我們擁有收入和 POS 的品牌 PLAY-DOH 來擴大我們在高利潤、高潛力類別中日益增長的領導地位就像已經熱銷的PLAY-DOH冰淇淋車一樣。

And we will drive a multi-quarter flywheel of momentum with one of our best entertainment lineup ever starting this November with Marvel Studios' Black Panther: Wakanda Forever and extending into 2023 with 6 more blockbuster films and 20 scripted and unscripted shows we are merchandising behind, including the upcoming Hasbro event films, Dungeons & Dragons: Honor Among Thieves in March and Transformers Rise of the Beast in June.

從今年 11 月開始，我們將通過漫威影業的《黑豹：永遠的瓦坎達》推出我們有史以來最好的娛樂陣容之一，推動多季度的發展勢頭，並延續到 2023 年，再推出 6 部大片和 20 部有劇本和無劇本的節目，我們正在背後推銷，包括即將上映的孩之寶活動電影《龍與地下城：3 月的盜賊榮耀》和 6 月的《變形金剛崛起》。

The plan we laid out earlier this month has us on path to drive growth and accelerated profits through focus and scale and enhanced operational excellence. We are concentrating on the brands that give us the biggest growth potential and where we can truly lead and innovate in the category.

我們本月早些時候制定的計劃使我們走上了通過專注和規模以及增強卓越運營來推動增長和加速利潤的道路上。我們專注於為我們提供最大增長潛力以及我們可以在該類別中真正引領和創新的品牌。

We will license out brands where we can make a greater return through a partner model, in some cases, extracting value from dormant assets. And we will exit businesses that don't drive branded entertainment through our Blueprint 2.0. We will pair this operational discipline and entertainment-fueled innovation with a continued emphasis on returning cash to shareholders and driving superior long-term shareholder returns.

我們將授權品牌，我們可以通過合作夥伴模式獲得更大的回報，在某些情況下，從休眠資產中提取價值。我們將退出不通過我們的 Blueprint 2.0 推動品牌娛樂的業務。我們將把這種運營紀律和娛樂驅動的創新與繼續強調向股東返還現金和推動卓越的長期股東回報相結合。

Hasbro's commitment to our category-leading dividend is rock solid. And when paired with the potential of our brands, the growing impact of our operational excellence program and an outstanding entertainment lineup, we believe it positions Hasbro as an exceptional value for shareholders with strong near- and long-term potential returns.

孩之寶對我們類別領先的股息的承諾堅如磐石。再加上我們品牌的潛力、我們卓越運營計劃日益增長的影響力和出色的娛樂產品陣容，我們相信這將孩之寶定位為具有強勁近期和長期潛在回報的股東的非凡價值。

With that, I will turn it over to our Chief Financial Officer, Deb Thomas. Deb?

有了這個，我將把它交給我們的首席財務官 Deb Thomas。德布?

Good morning, everyone. The third quarter results reflect the timing shifts we forecasted since early in the year. These include release timing for MAGIC: THE GATHERING card sets, entertainment deliveries and several product launches and key brands happening in early fourth quarter as well as a shift in retail promotional period.

大家，早安。第三季度業績反映了我們自年初以來預測的時間變化。其中包括 MAGIC: THE GATHERING 卡組的發佈時間、娛樂交付和幾個產品發布以及第四季度初發生的主要品牌以及零售促銷期的轉變。

Foreign exchange has negatively impacted revenue by $104 million year-to-date, with $54 million of that impact in the third quarter. And as we've projected, the macro environment for the consumer has been challenging, increasingly so as the year has progressed.

迄今為止，外匯對收入的負面影響為 1.04 億美元，其中第三季度的影響為 5400 萬美元。正如我們預測的那樣，消費者的宏觀環境一直充滿挑戰，隨著時間的推移，這種挑戰越來越大。

As we shared earlier this month, we've set an aggressive and achievable plan to drive profitable growth over both the near and long term. We're focusing on fewer brands where we see the biggest potential. Essential in the delivery of this plan is an operational excellence program to deliver $250 million to $300 million in annualized run rate cost savings by year-end 2025.

正如我們本月早些時候分享的那樣，我們制定了一項積極且可實現的計劃，以推動近期和長期的盈利增長。我們專注於我們認為潛力最大的少數品牌。實施該計劃的關鍵是一項卓越運營計劃，該計劃將在 2025 年底之前實現 2.5 億至 3 億美元的年度運營成本節約。

We recorded a $55.3 million charge this quarter associated with the implementation of this program primarily from the impairment of assets from noncore businesses we're exiting within the Entertainment segment as well as severance and employee-related costs.

本季度我們記錄了與該計劃實施相關的 5530 萬美元費用，主要來自我們在娛樂部門退出的非核心業務的資產減值以及遣散費和與員工相關的成本。

We continue to believe we can deliver a 16% adjusted operating profit margin for this year. This reflects the favorable mix of revenue and leaning into above-average margin businesses like Wizards and Digital Gaming, including the continued activation of D&D Beyond, which is expected to be earnings accretive in Q4. We coupled this with a heightened focus on bottom line discipline, including the operational excellence savings we're driving across our business.

我們仍然相信我們今年可以實現 16% 的調整後營業利潤率。這反映了有利的收入組合，並傾向於像奇才和數字遊戲這樣的利潤率高於平均水平的業務，包括 D&D Beyond 的持續激活，預計這將在第四季度實現盈利增長。我們將這一點與對底線紀律的高度關注相結合，包括我們在整個業務中推動的卓越運營節省。

Our balance sheet remains strong and is well positioned to meet demand in the fourth quarter. Our early commitment to inventories impacted our cash generation in the near term. The quarter-end cash balance was $551.6 million compared to $1.2 billion in last year's third quarter with operating cash flows year-to-date of $262.2 million.

我們的資產負債表依然強勁，並且能夠很好地滿足第四季度的需求。我們對庫存的早期承諾在短期內影響了我們的現金產生。季度末現金餘額為 5.516 億美元，而去年第三季度為 12 億美元，年初至今的經營現金流為 2.622 億美元。

Cash is at a lower than historical level, and this is typically the low point in our cash balances during the year. We expect a lower cash balance this year end in 2021 as we have returned $125 million to shareholders through share repurchase, paid $289 million in dividends thus far, bolstered our digital strategy with $146 million acquisition of D&D Beyond and repaid $73 million of long-term debt.

現金低於歷史水平，這通常是我們今年現金餘額的低點。我們預計到 2021 年底現金餘額將減少，因為我們已通過股票回購向股東返還 1.25 億美元，迄今已支付 2.89 億美元的股息，以 1.46 億美元收購 D&D Beyond 來支持我們的數字戰略，並償還 7300 萬美元的長期債務。

Incremental year-over-year promotional activity is occurring behind our key holiday toy and game items to drive our newest innovation while also reducing inventory on hand at Hasbro and at retail. Overall, our inventory continues to be of high quality, but our goal is to work down the balance by year-end, and you'll see that in our outlook and results.

在我們的主要節日玩具和遊戲項目背後，正在進行逐年遞增的促銷活動，以推動我們的最新創新，同時減少孩之寶和零售店的庫存。總體而言，我們的庫存繼續保持高質量，但我們的目標是在年底前減少餘額，您將在我們的展望和結果中看到這一點。

While cash at year-end is projected to be below historical levels, our go-forward plan accelerates our cash generation with a high-end target of $1 billion in operating cash flow next year increasing annually off that level as we move forward toward our 2027 target. We remain committed to delevering our balance sheet, maintaining our investment-grade rating and are on track to meet our debt-to-EBITDA target of 2 to 2.5x next year. We continue to return cash to you, our shareholders, through our dividend program and anticipate increasing share repurchase in future years.

雖然預計年底的現金將低於歷史水平，但我們的前進計劃加速了我們的現金生成，隨著我們邁向 2027 年，明年運營現金流的高端目標為 10 億美元，每年從該水平增加目標。我們仍然致力於去槓桿化我們的資產負債表，維持我們的投資級評級，並有望在明年實現我們 2 至 2.5 倍的債務對 EBITDA 的目標。我們將繼續通過我們的股息計劃向您，我們的股東返還現金，並預計未來幾年將增加股票回購。

Looking more closely at the quarter, operating profit declined in dollars and as a percentage of revenue from the same period last year. This primarily reflects lower gross margin and lower revenue. This is largely in our Consumer Products business, which incurred a greater amount of sales allowances in the third quarter of this year versus last, lowering net revenues and higher product costs.

更仔細地觀察該季度，營業利潤以美元計和與去年同期相比佔收入的百分比有所下降。這主要反映了較低的毛利率和較低的收入。這主要是在我們的消費品業務中，與去年相比，該業務在今年第三季度產生了更多的銷售津貼，從而降低了淨收入和更高的產品成本。

Additionally, we increased provisions on some slower-moving inventory in certain markets. The impact of foreign exchange had a pass-through effect of negative 3% on gross margin due to translation. These factors are reflected in a 380 basis point increase in cost of sales to revenue that was partially offset by lower program amortization on lower entertainment deliveries. Lower entertainment deliveries in the quarter also resulted in lower royalties.

此外，我們增加了對某些市場中一些滯銷庫存的撥備。由於換算，外匯影響對毛利率產生了負 3% 的傳遞效應。這些因素反映在銷售成本與收入相比增加了 380 個基點，這部分被娛樂交付減少導致的節目攤銷減少所抵消。本季度娛樂交付量減少也導致特許權使用費減少。

Product development increases reflect investment in key talent, particularly within Wizards of the Coast and Digital Gaming. Advertising was down versus Q3 of last year, which included spend behind the MY LITTLE PONY movie, and we shifted our consumer product advertising spend closer to the holiday and closer to retailers' planned promotional periods.

產品開發的增長反映了對關鍵人才的投資，特別是在威世智和數字遊戲領域。廣告與去年第三季度相比有所下降，其中包括《小馬寶莉》電影背後的支出，我們將消費品廣告支出轉移到更接近假期和零售商計劃的促銷期。

Adjusted intangible amortization increased, reflecting the D&D Beyond acquisition. This added $1.7 million in the quarter and is forecasted to be $7.5 million next year.

調整後的無形攤銷增加，反映了收購 D&D Beyond。這在本季度增加了 170 萬美元，預計明年將達到 750 萬美元。

SG&A dollars declined in the quarter on an adjusted basis but increased as a percentage of revenue. Below operating profit, nonoperating income was $13.2 million, up from an expense of $1.2 million last year. This was primarily the result of a favorable net gain on foreign exchange, which we do not expect to repeat in Q4.

SG&A 美元在調整後的基礎上在本季度有所下降，但佔收入的百分比有所增加。低於營業利潤，非營業收入為 1320 萬美元，高於去年的 120 萬美元。這主要是由於有利的外匯淨收益，我們預計第四季度不會重複。

Last year's third quarter, we had a $9.1 million cost from the early repayment of debt. The underlying adjusted tax rate, excluding discrete items, was 19.9% versus 23.4% last year. And we expect the full year underlying rate in a range of 20.5% to 21.5%.

去年第三季度，我們因提前償還債務而產生了 910 萬美元的成本。不包括離散項目的基本調整後稅率為 19.9%，而去年為 23.4%。我們預計全年基本利率在 20.5% 至 21.5% 之間。

Looking at our segments, Wizards of the Coast and Digital Gaming revenues declined 13% in constant currency. Tabletop revenues declined 9% as a result of release timing but are up 5% through the first 9 months of the year.

從我們的細分市場來看，Wizards of the Coast 和數字遊戲的收入按固定匯率計算下降了 13%。由於發佈時間的原因，桌面遊戲收入下降了 9%，但今年前 9 個月增長了 5%。

As Cynthia said earlier this month, we're forecasting double-digit growth for MAGIC: THE GATHERING this year led by strong growth in tabletop. Digital and licensed gaming declined 37% based on release timing and reflecting the difficult comparison with the launch of the premium game Dark Alliance and the tail end of the launch impact from MAGIC: THE GATHERING Arena Mobile last year. We continue to invest in Digital Gaming initiatives and talent to support long-term growth in this segment.

正如 Cynthia 本月早些時候所說，我們預測 MAGIC：THE GATHERING 今年將實現兩位數的增長，這主要得益於桌面領域的強勁增長。基於發佈時間，數字和授權遊戲下降了 37%，這反映了與高級遊戲 Dark Alliance 的發布以及去年 MAGIC: THE GATHERING Arena Mobile 發布影響的尾端相比的困難。我們將繼續投資於數字遊戲計劃和人才，以支持該領域的長期增長。

Operating profit of $102.2 million was down 36%. This reflects the revenue decline, higher costs in paper and freight and incremental royalty expense with new universes beyond sets like Warhammer 40,000. We've also added the amortization of D&D Beyond I spoke to earlier. These costs were partially offset by lower launch-related product development, advertising and depreciation associated with Dark Alliance that released in 2021.

營業利潤為 1.022 億美元，下降 36%。這反映了收入下降、紙張和運費成本增加以及戰鎚 40,000 等新宇宙之外的新宇宙增加的特許權使用費。我們還添加了我之前談到的 D&D Beyond 的攤銷。這些成本被與 2021 年發布的 Dark Alliance 相關的較低的發布相關產品開發、廣告和折舊部分抵消。

For the full year, on a constant currency basis, we expect high single-digit revenue growth with operating profit margin over 40%, down from 42.5% for full year 2021 as we continue investing for long-term growth in these valuable brands.

全年，按固定匯率計算，我們預計收入將實現高個位數增長，營業利潤率將超過 40%，低於 2021 年全年的 42.5%，因為我們將繼續投資於這些有價值品牌的長期增長。

Consumer Products segment revenues decreased 6%, excluding a negative $40 million impact of foreign exchange, $31.1 million of which was in Europe. Latin America grew 15%, and Asia Pacific was up 10%. But this growth was more than offset by a 14% decline in North America and an 11% decline in the European region, which was flat absent foreign exchange.

消費品部門的收入下降了 6%，不包括 4,000 萬美元的外匯負面影響，其中 3,110 萬美元來自歐洲。拉丁美洲增長 15%，亞太地區增長 10%。但這一增長被北美地區 14% 的下降和歐洲地區 11% 的下降所抵消，在沒有外彙的情況下持平。

As a reminder, for the full year 2021, our revenue in Russia was $115 million with approximately 70% earned in the second half of the year. We do not have this revenue and associated operating profit in 2022. The segment's 31% decline in adjusted operating profit is the result of the lower revenue, higher allowances, price adjustments related to closeouts and obsolescence expense associated with moving higher inventory levels.

提醒一下，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 年沒有此收入和相關營業利潤。該部門調整後營業利潤下降 31% 是由於收入減少、備抵增加、與清倉相關的價格調整以及與提高庫存水平相關的報廢費用。

For the full year, revenue is expected to decline low single digits from full year 2021 in constant currency, with operating profit margin down slightly from 2021's 10.1%. From a brand perspective, each brand portfolio category in the segment, Franchise Brands, Partner Brands, Hasbro Gaming and Emerging Brands, declined in the quarter.

全年，按固定匯率計算，預計收入將較 2021 年全年下降低個位數，營業利潤率較 2021 年的 10.1% 略有下降。從品牌角度來看，該細分市場中的每個品牌組合類別，特許經營品牌、合作夥伴品牌、孩之寶遊戲和新興品牌，在本季度均有所下降。

Key growth franchises, PEPPA PIG and PLAY-DOH, were up, growing revenue and point of sale. MY LITTLE PONY consumer product revenue and POS grew a year after the movie debuted. Hasbro products for Marvel and Star Wars positively contributed to revenue and POS in the quarter.

關鍵增長特許經營權，PEPPA PIG 和 PLAY-DOH，增長，收入和銷售點增長。 《小馬寶莉》消費產品收入和 POS 在電影上映一年後增長。孩之寶用於漫威和星球大戰的產品為本季度的收入和 POS 做出了積極貢獻。

Where we've had our most challenging comps are NERF and Hasbro Gaming, 2 important areas where we have long-term growth plans. Chris spoke to several important new initiatives in these brands for the holiday, and the team shared longer-term plans earlier this month at our Investor Day.

我們最具挑戰性的比賽是 NERF 和孩之寶遊戲，這是我們制定長期增長計劃的兩個重要領域。克里斯談到了這些品牌在假期中的幾項重要新舉措，該團隊本月早些時候在我們的投資者日分享了長期計劃。

Entertainment segment revenues reflected the anticipated timing of deliveries and were down 34% in constant currency. Film and TV revenue declined 26%. Last year, we released films Come From Away and Finch direct to streaming and did not have any comparable films this year. Also, Yellowjackets is later this year versus last.

娛樂部門的收入反映了預期的交付時間，按固定匯率計算下降了 34%。影視收入下降26%。去年，我們將電影《來自遠方》和《芬奇》直接發佈到流媒體上，今年沒有任何可比的電影。此外，黃夾克是今年晚些時候與去年相比。

Family Brands revenue declined 78% primarily due to the delivery of My Little Pony: A New Generation in the third quarter 2021, which did not have a comparable film release this year. We have significant fourth quarter entertainment revenue for scripted TV, including The Rookie, The Rookie: Feds, Yellowjackets and Cool Summer and the launch of Transformers: EarthSpark on Nickelodeon and Paramount+ as well as continued animation for MY LITTLE PONY, PEPPA PIG and PJ MASKS.

Family Brands 的收入下降了 78%，這主要是由於 2021 年第三季度《我的小馬駒：新一代》的交付，而今年沒有類似的電影上映。我們在第四季度的劇本電視節目中獲得了可觀的娛樂收入，包括《新秀》、《新秀：聯邦調查局》、《黃夾克》和《酷夏》，以及在 Nickelodeon 和派拉蒙+ 上推出的變形金剛：EarthSpark，以及為我的小馬駒、小豬佩奇和 PJ MASKS 繼續製作的動畫.

Adjusted operating profit decreased 86% on the lower revenues and the mix of content. This was partially offset by reductions in program amortization expense, lower advertising versus the MY LITTLE PONY movie release and lower royalty expense.

由於收入下降和內容混合，調整後的營業利潤下降了 86%。這部分被節目攤銷費用的減少、與《小馬寶莉》電影上映相比廣告費用的減少以及版稅費用的減少所抵消。

For the full year, on a constant currency basis and excluding music, we expect revenue to decline in the mid-single digits as we divest of certain noncore businesses and certain deliveries of scripted TV and film releases moved to the first quarter of 2023. Adjusted operating profit is expected to be in line with or slightly up from last year's adjusted operating profit margin absent music of 7.8%.

對於全年，按固定匯率計算，不包括音樂，我們預計收入將下降中個位數，因為我們剝離了某些非核心業務，並且某些劇本電視和電影發行的交付移至 2023 年第一季度。調整後預計營業利潤將與去年調整後的營業利潤率（7.8%）持平或略有上升。

In closing, we're focused on driving our business in the fourth quarter to meet consumer demand, end the year with clean inventories and to achieve our run rate cost savings. We expect full year revenue to be flat to down slightly in constant currency and to expand adjusted operating profit margin by 50 basis points to 16%.

最後，我們專注於在第四季度推動我們的業務，以滿足消費者的需求，以清潔庫存結束年底，並實現我們的運行率成本節約。我們預計全年收入按固定匯率計算將持平或略有下降，調整後的營業利潤率將擴大 50 個基點至 16%。

This also sets us up for growth we're planning in 2023 and beyond. We have a plan that builds on our strength in branded entertainment, in gaming and in our direct-to-consumer relationships. We have the brands, the team and the strategy to successfully execute this plan.

這也為我們計劃在 2023 年及以後的增長奠定了基礎。我們有一個計劃，建立在我們在品牌娛樂、遊戲和直接面向消費者的關係方面的實力之上。我們擁有成功執行該計劃的品牌、團隊和戰略。

I'll now turn it back to Chris.

我現在把它轉回給克里斯。

Thanks, Deb. Before we turn to Q&A, let me take a minute to recognize Darren Throop. Today is Darren's last earnings call as he is leaving Hasbro at the end of the year. Darren grew eOne into an accomplished studio with strong talent, a rich library of content and production capabilities across mediums. Over the past few years, he has served an invaluable role in the integration of eOne with Hasbro during an unprecedented environment. The D&D film next year and the robust pipeline in development is the direct result of his hard work. Thank you, Darren, for your leadership, and we wish you tremendous success in the future.

謝謝，德布。在我們轉向問答之前，讓我花點時間認識一下 Darren Throop。今天是達倫的最後一次財報電話會議，因為他將在年底離開孩之寶。 Darren 將 eOne 發展成為一個成就卓著的工作室，擁有強大的人才、豐富的內容庫和跨媒體製作能力。在過去的幾年裡，他在 eOne 與孩之寶在前所未有的環境中的整合中發揮了寶貴的作用。明年的 D&D 電影和強大的開發流程是他辛勤工作的直接結果。謝謝你，達倫，你的領導，我們祝你在未來取得巨大的成功。

Now we will take your questions.

現在我們將回答您的問題。

(Operator Instructions) Our first question today comes from the line of Eric Handler with MKM Partners.

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

I guess start with Eric. Wonder if you could talk a little bit about the state of retail right now. Last quarter, we had a bunch of pull forwards with direct shipment. This quarter, we're talking about higher allowances and promotional activity. Are a lot of the issues just isolated with NERF and gaming? Or is there some sort of broader macro situation going on here?

我想從埃里克開始。想知道您是否可以談談現在的零售狀況。上個季度，我們通過直接發貨進行了一系列拉動。本季度，我們談論的是更高的津貼和促銷活動。 NERF 和遊戲中是否存在很多問題？或者這裡是否存在某種更廣泛的宏觀情況？

Well, Eric, hey, first off, thanks for the question. I will turn it over to Eric, as you asked. Generally speaking, we're seeing a great partnership with our retail partners. We have a very high percentage of our promotions and advertising budget focused on Q4 with our new innovation coming out. And so we remain optimistic about what our prospects look like for that new innovation and what it sets us up for 2023 and beyond. Eric, I'll turn it over to you for the balance.

好吧，埃里克，嘿，首先，謝謝你的問題。我會把它交給埃里克，就像你問的那樣。一般來說，我們與零售合作夥伴建立了良好的合作夥伴關係。隨著我們新的創新出現，我們的促銷和廣告預算中有很大一部分集中在第四季度。因此，我們對這項新創新的前景以及它為我們在 2023 年及以後的發展前景保持樂觀。埃里克，我會把它交給你來平衡。

Sure. Thanks, Eric, for the question. Maybe just to build on what Chris is saying, Eric, as we roll into Q4, we talked about how specifically for Hasbro our big innovations were back half loaded. We feel very positive about the innovations that we've recently launched.

當然。謝謝，埃里克，這個問題。也許只是為了建立克里斯所說的，埃里克，當我們進入第四季度時，我們談到了我們的重大創新是如何專門針對孩之寶的。我們對我們最近推出的創新感到非常積極。

And if you look at retail right now, we started off quarter 4 with the big promotion with Amazon where they did their Prime Day early access sale, and Hasbro performed very strongly. So I think you will see a promotional environment in Q4. We built excellent programs around the world with all of our retail partners. And I expect that we'll continue to see POS momentum as we go forward.

如果你現在看看零售業，我們從第 4 季度開始與亞馬遜進行了大規模促銷，他們在那裡進行了 Prime 會員日搶先體驗銷售，孩之寶的表現非常強勁。所以我認為你會在第四季度看到一個促銷環境。我們與所有零售合作夥伴在世界各地建立了出色的計劃。我預計隨著我們的前進，我們將繼續看到 POS 的勢頭。

Great. And then just as a follow-up going on a completely different topic. As we look to next year and the opportunities for growth for Dungeons & Dragons, today, D&D, correct me if I'm wrong, it's been mainly a North American-driven product. We'll have a global movie launch for the brand. Wondering if you could talk about some of your international growth strategies and how -- where you think you can attack best and sort of expanding the addressable market for the game.

偉大的。然後就像一個完全不同的話題的後續行動。當我們展望明年以及龍與地下城的增長機會時，今天，D&D，如果我錯了，請糾正我，它主要是北美驅動的產品。我們將為該品牌推出全球電影。想知道您是否可以談論您的一些國際增長戰略以及如何 - 您認為您可以在哪些方面進行最佳攻擊，並在某種程度上擴大遊戲的潛在市場。

Yes. We're certainly bullish about D&D's prospects. The film has had a fantastic introduction at Comic-Con. I think it's one of the highest viewed trailers that Paramount has ever released. There's a nice buzz about it, both at Comic-Con and on the general Internet and among fans. And so we think that's going to be a great launching platform for international expansion and category expansion across licensing, merchandising, digital games as well as driving the core business.

是的。我們當然看好 D&D 的前景。這部電影在Comic-Con上有了精彩的介紹。我認為這是派拉蒙發布的收視率最高的預告片之一。無論是在 Comic-Con 上，還是在普通互聯網上以及在粉絲中，都有一個很好的討論。因此，我們認為這將是一個很好的啟動平台，可以在授權、商品銷售、數字遊戲以及推動核心業務方面進行國際擴張和類別擴張。

I think I'll turn this one over to Eric. And then, Cynthia, if you have anything to add, feel free about the international dimension to Eric's question.

我想我會把這個交給 Eric。然後，Cynthia，如果您有什麼要補充的，請隨意考慮 Eric 問題的國際層面。

Sure. Yes, Eric, I think we talked a bit at Investor Day how we see this event, the scale to be determined, but similar to how we saw Transformers when we launched theatrical behind that brand in 2007. We have a great expansion across new categories of product where Cynthia has done, along with the Wizards team, a terrific job in the publishing genre. But we're really excited about expanding D&D behind the theatrical launch into action figures. We have a terrific line that the team has put together.

當然。是的，埃里克，我想我們在投資者日談了一點，我們如何看待這次活動，規模有待確定，但類似於我們在 2007 年推出該品牌背後的影院時看到的變形金剛。我們在新類別方面有很大的擴張辛西婭與奇才團隊一起完成的產品，在出版類型中做得非常出色。但我們真的很高興將戲劇發行背後的 D&D 擴展到動作人物。我們有一條很棒的線路，團隊已經整合在一起。

We have a line of NERF products that we're very proud of as well as core games. So you'll see D&D go into more of a board game genre for the first time with Hasbro. So we do feel really positive about the category expansion and with that geographic expansion. So as you can imagine, the teams around the globe are very motivated to make sure that we have a positive win on the board with D&D in Q1 of next year. Cynthia, do you want to add anything to that?

我們擁有一系列引以為豪的 NERF 產品以及核心遊戲。因此，您將看到 D&D 第一次與孩之寶一起進入更多棋盤遊戲類型。因此，我們確實對品類擴張和地域擴張感到非常樂觀。所以你可以想像，全球的團隊非常有動力確保我們在明年第一季度與 D&D 一起在董事會上取得積極的勝利。辛西婭，你想補充什麼嗎？

Yes. The one thing I would add is when you think about Dungeons & Dragons Beyond and it being the premier digital tool set for the -- it gives us a great opportunity to expand both internationally, but also the tools and capabilities we give all of our players, it's going to give us a wonderful opportunity to monetize more of our player base than the Dungeon Masters that we are monetizing today.

是的。我要補充的一件事是，當您想到《龍與地下城》時，它是首屈一指的數字工具集——它為我們提供了在國際上擴展的絕佳機會，同時也為我們為所有玩家提供了工具和能力，這將為我們提供一個絕妙的機會，讓我們通過更多的玩家群獲利，而不是我們今天通過的地牢大師。

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

我們的下一個問題來自瑞銀的 Arpine Kocharyan。

I have a quick clarification maybe. The guidance for full year before today implied Q4 could be down 3% to up 6%, which at midpoint would imply some growth in Q4. And today, revenue guidance is flat year-over-year. Did something actually change in your outlook versus what you said on Analyst Day or there's actually no change how you were seeing Q4 to play out? How to look at it from where we sit? And I have a quick follow-up.

也許我有一個快速的澄清。今天之前的全年指引暗示第四季度可能下降 3% 至上升 6%，這在中點意味著第四季度會有一些增長。而今天，收入指引與去年同期持平。與您在分析師日所說的相比，您的前景是否確實發生了變化，或者您對第四季度的看法實際上沒有變化？如何從我們坐的地方看它？我有一個快速跟進。

No problem. Thanks for the question. Yes, our outlook has not changed since our Investor Day. We continue to feel like there's a lot of green shoots in the portfolio. There's some exciting innovation coming out across NERF, across games, a ton of innovation coming out on MAGIC: THE GATHERING, our first $1 billion brand. Our approximately flat guidance just looks at kind of all factors put together, inclusive of what the macroeconomic environment looks like and what the state of the consumer looks like.

沒問題。謝謝你的問題。是的，自投資者日以來，我們的前景沒有改變。我們仍然覺得投資組合中有很多新芽。 NERF 和遊戲中出現了一些令人興奮的創新，我們第一個 10 億美元的品牌 MAGIC: THE GATHERING 也出現了大量創新。我們大致持平的指引只著眼於所有因素，包括宏觀經濟環境和消費者狀況。

And then in the slides, you noted expectations of North America POS improvement. Does that mean you've started seeing some improvement outside of those 2 days of Prime Day overall or expect Q4 to record overall improvement when all said and done versus Q3? Because to finish inventory up low single digits, say, up 2% would mean positive POS in Q4. Am I actually calculating that correctly? Am I thinking about it correctly that you need to see sort of POS come close to positive in Q4?

然後在幻燈片中，您提到了對北美 POS 改進的預期。這是否意味著您已經開始看到在 Prime 會員日的這 2 天之外的總體情況有所改善，或者預計第四季度與第三季度相比會記錄總體改善？因為要完成低個位數的庫存，比如說，增加 2% 將意味著第四季度的積極 POS。我真的計算正確嗎？我是否正確地認為您需要在第四季度看到某種 POS 接近積極？

Yes. So there's 2 components to inventory. There's Wizards of the Coast and Digital, which we have a lot of set releases coming out. So there will be some decline in inventory there that should be fairly significant. And then there's what our Consumer Products team is doing. I'm going to turn it over to Eric to talk about recent POS trends that we're seeing across the G5 markets and North America.

是的。所以庫存有 2 個組件。有《海岸奇才》和《數字版》，我們有很多系列發行。因此，那裡的庫存會有所下降，這應該是相當顯著的。然後是我們的消費品團隊正在做的事情。我將把它交給 Eric 來談談我們在 G5 市場和北美看到的最近的 POS 趨勢。

Yes. Thanks, Chris. Thanks, Arpine. Yes, with regards to POS and market share, we talked quite a bit at Investor Day about how Q4 was really our focus, and we're back half loaded with regards to innovation.

是的。謝謝，克里斯。謝謝，阿平。是的，關於 POS 和市場份額，我們在投資者日上談了很多關於第四季度如何真正成為我們關注的焦點，而我們在創新方面又半途而廢。

We're seeing, as Chris mentioned, good green shoots at this point, in addition to just Amazon and the Prime Day early access sale. So for example, across the EU 5, Australia, our market share and POS trends are improving, flat to slightly up over the last month. And we're also seeing the same level or different levels, but positive improvement in the U.S. over the past several weeks. And that's something that we're obviously motivated to continue to build on.

正如克里斯所提到的，除了亞馬遜和 Prime 會員日的搶先體驗銷售之外，我們現在看到了良好的綠芽。例如，在歐盟 5 國和澳大利亞，我們的市場份額和 POS 趨勢正在改善，與上個月持平或略有上升。而且我們也看到了相同或不同的水平，但過去幾周美國的情況出現了積極的改善。這顯然是我們有動力繼續發展的東西。

And it should be noted, 67% of our advertising and promotional budget is in the remaining, what, 12 weeks left of the year.

應該注意的是，我們 67% 的廣告和促銷預算都在一年中剩下的 12 週內。

Q4.

Q4。

And so we've seen a highly promotional sensitive environment. Actually, the markets where we're seeing the best share trends are where we started a little earlier on that promotion.

因此，我們看到了一個高度促銷敏感的環境。實際上，我們看到最好的份額趨勢的市場是我們更早開始促銷的地方。

Next question is from the line of Drew Crum from Stifel.

下一個問題來自 Stifel 的 Drew Crum。

So I have 2 questions on Wizards. Maybe to start, last quarter, you suggested the segment would perform at the upper end of your guidance range, which was low double digits growth. Today, you're suggesting high single digits growth. What has changed versus the previous commentary? Is this a business that's seeing any sensitivity around price that you alluded to earlier? And then I have a follow-up.

所以我有兩個關於奇才的問題。也許從上個季度開始，您建議該細分市場將在您的指導範圍的高端表現，這是低兩位數的增長。今天，您建議的是高個位數增長。與之前的評論相比有什麼變化？這家企業是否對您之前提到的價格敏感？然後我有一個跟進。

Yes. So I'll take that. And Cynthia, feel free to fill in anything that I might not cover. We're continuing to see the Wizards of the Coast business performing well, particularly the MAGIC business, which year-to-date is up 5%, whereas the general games category are down as low as much as negative 8%, depending on which source you look at.

是的。所以我會接受的。辛西婭，請隨意填寫我可能未涵蓋的任何內容。我們繼續看到《海岸奇才》業務表現良好，尤其是 MAGIC 業務，今年迄今增長了 5%，而一般遊戲類別則低至負 8%，具體取決於哪個你看的來源。

So MAGIC is a great fan base, very resilient. And we find the fans in the MAGIC segment and in our overall collector segment, they have a great personal balance sheet and a capacity to spend when they're motivated and driving something that they really enjoy. And so that's kind of like underscoring the bullishness on our outlook on MAGIC moving forward.

所以 MAGIC 是一個很棒的粉絲群，非常有彈性。我們發現 MAGIC 細分市場和我們整個收藏家細分市場的粉絲，他們擁有出色的個人資產負債表，並且在他們有動力並駕駛他們真正喜歡的東西時有能力花錢。所以這有點像強調我們對 MAGIC 未來前景的樂觀。

Our digital business has been a little softer year-over-year, in line with the rest of the Digital Gaming category. Dungeons & Dragons has performed well. But again, we don't have a comp of the premium game that we launched with Dark Alliance next year.

與其他數字遊戲類別一樣，我們的數字業務同比略有下降。龍與地下城的表現不錯。但同樣，我們沒有明年與黑暗聯盟推出的高級遊戲的組合。

And we continue to have a little bit of play in logistics around kind of access of card stock and production because the general trading card market, whether it's sports collectibles or playable trading cards remains a hot and very resilient category. Cynthia, anything to add on the outlook?

我們繼續圍繞卡片庫存和生產的訪問在物流方面發揮一些作用，因為一般交易卡市場，無論是體育收藏品還是可玩的交易卡，仍然是一個熱門且非常有彈性的類別。辛西婭，有什麼要補充的嗎？

I think the other thing I'd say is just what a great lineup we have for Q4, kicking off with this -- we have Warhammer 40,000 from our universes beyond, Brothers Wars coming up, 2 strong secret layers, one featuring the platinum selling music artist Post Malone, the other being a 30th anniversary countdown kit.

我想我要說的另一件事就是我們在第四季度的陣容非常棒，從這個開始——我們有來自我們宇宙之外的戰鎚 40,000，即將到來的兄弟戰爭，2 個強大的秘密層，一個以白金銷售為特色音樂藝術家 Post Malone，另一個是 30 週年倒計時套件。

And of course, we've got the high-end collectible MAGIC 30th Anniversary Edition, which was inspired by MAGIC's beta set and includes some of MAGIC's really iconic cards like Black Lotus. And finally, I'd say all 5 Tentpole releases we've had this year have all done more than $100 million in revenue. And this is the first year that's happened.

當然，我們還有高端收藏 MAGIC 30 週年紀念版，它的靈感來自 MAGIC 的測試版，包括一些 MAGIC 真正標誌性的卡片，例如黑蓮花。最後，我想說我們今年發布的所有 5 個 Tentpole 版本的收入都超過了 1 億美元。這是發生的第一年。

Okay. Very helpful. And then my follow-up is more longer-term focused. Mobile as a category has been pretty challenged over the last 18 months. As you think about the next several years, is this going to be a focal point for investment spend across this segment?

好的。非常有幫助。然後我的後續行動更加關注長期。在過去的 18 個月中，移動作為一個類別受到了相當大的挑戰。當您考慮未來幾年時，這將成為該領域投資支出的焦點嗎？

Well, as we talked at our Investor Day, we have a plan to double the size of the Wizards of the Coast and Digital segment over the next 5 years by 2027. That growth will be powered by continued resilience in our tabletop business and brands like MAGIC and D&D.

好吧，正如我們在投資者日上所說的那樣，我們計劃到 2027 年在未來 5 年內將海岸奇才和數字業務的規模擴大一倍。這種增長將由我們的桌面業務和品牌的持續彈性推動，例如魔法和 D&D。

But we're planning to double the percentage of the segment that's driven digitally. And we have a fairly balanced approach to how we think about where our digital investments are.

但我們計劃將數字驅動的細分市場的百分比翻倍。我們有一個相當平衡的方法來思考我們的數字投資在哪裡。

We have a large and growing license business, where the majority of our mobile products are done. We work with some of the best names in the business, Scopely being one very big one. And then we're leaning in a lot into Games as a Service or game platforms as a service like we have with D&D Beyond as well as a bunch of really high-caliber studios that are building some great AAA games that we're looking forward to sharing more about over the coming quarters.

我們擁有龐大且不斷增長的許可業務，我們的大部分移動產品都在此完成。我們與業內一些最知名的公司合作，Scopely 是其中之一。然後我們非常傾向於遊戲即服務或遊戲平台即服務，就像我們在 D&D Beyond 中所擁有的那樣，以及一群真正高水平的工作室，他們正在開發一些我們期待的優秀 AAA 遊戲分享更多關於未來幾個季度的信息。

So while the digital games market might have its ups or downs in any given quarter or any given year, I think the trend is decisively in the direction that interactive entertainment is the future of entertainment. And I like how we're positioned as a company.

因此，儘管數字遊戲市場在任何特定季度或任何特定年份都可能有起有落，但我認為趨勢決定性地朝著互動娛樂是娛樂未來的方向發展。我喜歡我們作為一家公司的定位。

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

下一個問題來自摩根大通的梅根亞歷山大。

I want to spend some time on Consumer Products and maybe how you're thinking about it beyond 4Q. You expect inventory up low single digits. Previously, you had expected it flat. You do talk about a lot of entertainment and innovation coming next year.

我想花一些時間在消費產品上，也許你在第 4 季度之後是如何看待它的。您預計庫存會增加個位數。以前，您預計它會持平。你確實談到了明年即將到來的許多娛樂和創新。

But how do you think about the risk of retailer destocking, especially in the first half, as you're lapping some late-arriving shipments last year? And then how should we think about the phasing of the brands you expect to exit and move to licensing revenue? Should that flow in commensurately?

但是您如何看待零售商去庫存的風險，尤其是在上半年，因為您去年要處理一些遲到的貨物？然後我們應該如何考慮您希望退出並轉向許可收入的品牌的分階段？應該相應地流入嗎？

Yes. So a couple of things. I'll start and then turn it over to Eric. And thanks, by the way, for the question, Megan.

是的。所以有幾件事。我會開始，然後把它交給埃里克。順便說一句，感謝梅根的問題。

First off, in the beginning of the year, we and the entire industry were chasing inventory at retail after a difficult holiday season. It's a big reason why we pushed inventory into the Q2 period to make sure that we didn't have that again so that we could promote aggressively in Q4 like our plan is today.

首先，在年初，我們和整個行業在經歷了艱難的假期後都在零售店追逐庫存。這是我們將庫存推入第二季度以確保我們不再有庫存的一個重要原因，以便我們可以像我們今天的計劃一樣在第四季度積極推廣。

I think the other thing to note is we have a lot of new innovation that's very on trend that's coming out in Q4 that we think will comp very favorably in the first half of next year. And then last but not least, I think whatever happens on the macroeconomic front, we have 7 blockbuster films and 20 TV shows coming out that are very front half loaded that are giving us a tremendous amount of tailwinds to be able to handle whatever curve balls that the economy might throw our way. Eric?

我認為要注意的另一件事是，我們有很多非常流行的新創新，這些創新將在第四季度出現，我們認為這些創新將在明年上半年非常有利。最後但並非最不重要的一點是，我認為無論宏觀經濟方面發生什麼，我們都有 7 部大片和 20 部電視節目即將上映，它們的前期工作量非常大，這給我們帶來了巨大的順風，能夠應對任何曲線球經濟可能會讓我們失望。埃里克?

Yes. I think excellent points. And I think if you look at the trends that we've seen, Megan, we continue to believe in our lineup for 2023. Retailers, regardless of macro trends, are always very interested in supporting and promoting our great entertainment and our partners' great entertainment.

是的。我認為優秀的點。而且我認為，如果您看看我們所看到的趨勢，梅根，我們將繼續相信我們的 2023 年陣容。無論宏觀趨勢如何，零售商總是對支持和推廣我們出色的娛樂和合作夥伴的出色表現非常感興趣娛樂。

So at risk of repeating, when you have a lineup like ours next spring, which starts with The Mandalorian 3 from our partners on Disney+, we then have all those movies that Chris talked about from Ant-Man and the Wasp: Quantumania, D&D, which we talked about already Honor Among Thieves, Guardians of the Galaxy Volume 3, Across the Spiderverse in June, Transformers later in June, Indiana Jones at the end of the month in June, turning into July and then the Marvels, which was recently announced on Disney+ Day by the Disney folks.

因此，冒著重複的風險，當你明年春天有像我們這樣的陣容時，從我們在 Disney+ 上的合作夥伴的《曼達洛人 3》開始，我們就會擁有克里斯談到的《蟻人與黃蜂女》中的所有電影：Quantumania、D&D、我們已經談到了盜賊中的榮譽，銀河護衛隊第 3 卷，6 月的蜘蛛宇宙，6 月晚些時候的變形金剛，6 月月底的印第安納瓊斯，變成 7 月，然後是最近宣布的漫威迪斯尼人在迪斯尼+日。

That's a heck of a lineup, and we have products and great programs supporting all of them. So we do expect that we'll have a really nice start to retail going through Q1 and Q2 in that midterm period that you asked about going into next year.

這是一個非常棒的陣容，我們擁有支持所有這些的產品和出色的程序。因此，我們確實希望在您詢問明年進入的那個中期期間，我們將在第一季度和第二季度有一個非常好的零售開端。

Awesome. So I guess just to tie that all together, is it fair to expect that you believe Consumer Products can be up next year despite exiting some of the brands that you've talked about?

驚人的。所以我想只是為了把這一切聯繫在一起，儘管退出了你談到的一些品牌，但期望你相信消費者產品明年會上升，這是否公平？

Yes. I think that's right, Megan. When you look at what we're doing as a business, what we do -- what we certainly expect is that we're going to see some good growth, particularly across our action brands next year, which is really the predominance of what I just highlighted.

是的。我認為這是對的，梅根。當你看看我們作為一家企業所做的事情時，我們所做的——我們當然期望的是，我們將會看到一些良好的增長，尤其是明年我們的動作品牌，這確實是我的優勢剛剛突出顯示。

And I also want to point out that a big reason for what we're doing from a strategic standpoint is to improve our profit story. So certainly, from a Consumer Product standpoint, we not only expect to have that improvement that you asked about with regards to net revenue, but we expect and we'll continue to focus on that operating margin expansion, which you will see from the Consumer Products unit next year as we exit businesses, but also work on our operational excellence program that both Chris and Deb mentioned in their opening remarks.

而且我還想指出，從戰略角度來看，我們正在做的一個重要原因是改善我們的利潤故事。因此，當然，從消費產品的角度來看，我們不僅希望在淨收入方面取得您所問的改善，而且我們希望並且我們將繼續關注營業利潤率的擴大，您將從消費者身上看到這一點隨著我們明年退出業務，產品部門也將致力於我們的卓越運營計劃，克里斯和黛佈在開幕詞中都提到了這一點。

Awesome. And then maybe a quick follow-up for Deb. The guide implies 4Q operating margin above 3, which is usually typical for your business. Is that all mix to Wizards and then the cost savings you've talked about?

驚人的。然後也許是對 Deb 的快速跟進。該指南暗示 4Q 營業利潤率高於 3，這通常是您的業務的典型值。這就是奇才和你所說的成本節約的混合體嗎？

Or are there some additional drivers of improvement? I guess maybe more specifically, like how should we think about what's built into the guide from a cost of sales perspective in terms of are you confident the inventory actions you've taken in 3Q are sufficient? Or is there further risk in 4Q?

還是有一些額外的改進驅動因素？我想也許更具體地說，比如我們應該如何從銷售成本的角度考慮指南中包含的內容，您是否確信您在第三季度採取的庫存行動是足夠的？還是第四季度還有進一步的風險？

So thanks, Megan. No, as we talked about, is we have a very strong mix of revenue. Much of that inventory we have on hand now coming from our different groups. We are actually seeing reduced distribution costs. So we're seeing some things come down now on the distribution side.

所以謝謝，梅根。不，正如我們所說，我們的收入組合非常強勁。我們手頭的大部分庫存現在來自我們不同的團隊。我們實際上看到了分銷成本的降低。所以我們現在在分銷方面看到了一些事情。

I think all supply chain is easing up a bit. The one exception, I would say, is still paper, which is still a bit of a challenge. And we've stocked up on paper so we can make sure we have supply. So you're seeing some of that in our inventory balance as well.

我認為所有的供應鏈都在放鬆一點。我想說的一個例外仍然是紙，這仍然是一個挑戰。我們已經儲備了紙張，因此我們可以確保我們有供應。所以你在我們的庫存餘額中也看到了一些。

So between mix, our cost savings, we'll start to see the benefit of cost savings. In fact, we've said we're going to see about $20 million of that impact predominantly coming in the fourth quarter. And a big piece of that is actually coming in Consumer Products as well.

所以在混合，我們的成本節約之間，我們將開始看到成本節約的好處。事實上，我們已經說過我們將看到大約 2000 萬美元的影響主要出現在第四季度。其中很大一部分實際上也出現在消費品中。

So between mix, cost savings actions we've taken to date to make sure we have product on stock, that's how we look at our margin for the fourth quarter and why we remain confident in the fact that we can hit 16% on a full year basis.

因此，在我們迄今為止為確保產品有庫存而採取的混合、成本節約措施之間，這就是我們如何看待第四季度的利潤率，以及為什麼我們仍然對我們可以達到 16% 的全面增長充滿信心的原因年為基礎。

Our next question comes from the line of Mike Ng with Goldman Sachs.

我們的下一個問題來自高盛的 Mike Ng。

I just have 2. First, I want to follow up on Eric's question and just ask about some of the commentary around closeouts and allowances and promotional activity. Was that concentrated in any particular brand or category? Or was this an industry-wide toy issue that other players may have seen?

我只有 2 個。首先，我想跟進 Eric 的問題，並詢問有關收尾和津貼以及促銷活動的一些評論。這是否集中在任何特定的品牌或類別中？或者這是其他玩家可能已經看到的全行業玩具問題？

And then second, I was just wondering if you could talk a little bit about the Disney Princess impact to revenue and margins within Consumer Products. Is that a product that is effectively winding down and approaching 0? And is that the right way to think about it for the fourth quarter?

其次，我只是想知道您是否可以談談迪士尼公主對消費品收入和利潤率的影響。那是一種有效地減少並接近 0 的產品嗎？這是考慮第四季度的正確方式嗎？

Sure. Thanks, Mike. It's Eric. I'll answer in order. And if I forget anything, you can jump in again, Mike.

當然。謝謝，邁克。是埃里克。我會按順序回答。如果我忘記了什麼，你可以再跳進去，邁克。

But your first question was about closeouts, allowances and promotional activity. I'd say we pride ourselves on making sure that we continue to stay ahead of our inventory situation. And as we worked through Q3, as Chris already mentioned, we brought in some inventory in Q2. And we wanted to make sure that we started early activations with our retail partners, which we did.

但你的第一個問題是關於收尾、津貼和促銷活動。我想說我們為確保我們繼續領先於我們的庫存情況而感到自豪。正如克里斯已經提到的，當我們在第三季度工作時，我們在第二季度引入了一些庫存。我們希望確保與我們的零售合作夥伴開始早期激活，我們做到了。

I expect Q4 to be in line with where we've been and we'll work through our inventory again to finish the year in that low to mid-single-digit area that we talked about. And that's what is built into our story that we've already discussed this morning.

我預計第四季度將與我們一直以來的情況保持一致，我們將再次通過我們的庫存工作，以在我們談到的那個中低個位數區域結束這一年。這就是我們今天早上已經討論過的故事中所包含的內容。

I think with regards to businesses we're exiting, which is the second part of your question, we do expect that as we exit those businesses, both this year in Q4 as well as throughout next year, that we'll manage that decline through the growth in other brands focused on our Franchise Brands.

我認為關於我們正在退出的業務，這是您問題的第二部分，我們確實希望隨著我們在今年第四季度和明年全年退出這些業務，我們將通過其他品牌的增長集中在我們的特許經營品牌上。

We talked a lot at our Investor Day on fewer and bigger as our strategy, and that's not going to change. So you're going to see us with that growth in those Franchise Brands and the Partner Brands that we're going to stay behind like Star Wars and Marvel. And we're going to exit some others. And as we exit some of those other brands, as I already mentioned to a prior question, you'll see an increase in operating margin. So I think it's an excellent thesis to invest in for Hasbro.

我們在我們的投資者日上談了很多關於更少和更大的戰略，這不會改變。所以你會看到我們在那些特許經營品牌和合作夥伴品牌方面的增長，我們將像星球大戰和漫威一樣留下來。我們將退出其他一些。正如我在之前的問題中已經提到的那樣，當我們退出一些其他品牌時，您會看到營業利潤率有所增加。所以我認為這是一個為孩之寶投資的優秀論文。

Our next question is 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 just wanted to follow up on sort of Chris and Eric's comments about the price sensitivity and maybe dig into what that means for how you guys are thinking about price in the CPG business. Eric, you sort of gave some color on '23, but then you guys also have this midterm target about 15% within that CPG business. So given some of that softer consumer backdrop, is price still a lever you guys feel confident about? Or is it more mix and cost saves that get you there?

我只是想跟進 Chris 和 Eric 關於價格敏感性的評論，並可能深入了解這對你們如何看待 CPG 業務中的價格意味著什麼。埃里克，你在 23 年給了一些顏色，但是你們也有這個 CPG 業務中大約 15% 的中期目標。因此，考慮到一些較為疲軟的消費者背景，價格仍然是你們有信心的槓桿嗎？還是更多的混合和成本節省讓您到達那裡？

Yes, thanks for the question. No, I think it's a couple of things. So as we look at price, we look at a couple of different factors. First, we look at consumer segmentation. And so you have the mass consumer, and then you have the collector and the fan segment.

是的，謝謝你的提問。不，我認為這是幾件事。因此，當我們查看價格時，我們會查看幾個不同的因素。首先，我們來看消費者細分。所以你有大眾消費者，然後你有收藏家和粉絲部分。

Collector and the fans segment tends to be very price inelastic. It's a very resilient segment that's very passion-driven. And as long as you build a great product and a great play system and continue to invest behind it, we find our fans stick with us. And that's been a major driver of growth for us.

收藏家和粉絲細分市場往往價格缺乏彈性。這是一個非常有彈性的部分，非常受激情驅動。只要您構建了出色的產品和出色的遊戲系統並繼續對其進行投資，我們就會發現我們的粉絲會堅持下去。這一直是我們增長的主要動力。

Our 2 fastest-growing businesses this year are our Pulse business and MAGIC: THE GATHERING. And those are very high-margin businesses and very lucrative segments for us that we'll continue to lean in, in the years to come.

我們今年增長最快的 2 個業務是我們的 Pulse 業務和 MAGIC: THE GATHERING。這些對我們來說是非常高利潤的業務和非常有利可圖的細分市場，我們將在未來幾年繼續傾斜。

On our mass side of the business, at our Investor Day, we talked about this concept of play systems and play system-based innovation. And really, that's a high-low strategy of product development, where you have great opening price points. And you pair that with ladder-up opportunities for great giftable items and great kind of stretch items for fans of all ages.

在我們的大眾業務方面，在我們的投資者日，我們談到了遊戲系統的概念和基於遊戲系統的創新。真的，這是一種產品開發的高低策略，你有很好的開盤價。您還可以將其與上梯機會配對，以獲得適合所有年齡段粉絲的精美禮品和彈力物品。

And I think what you're going to see is us investing more and more in both sides of those segments. And we think that will be on trend with where we see the market going.

我認為你會看到我們在這些領域的雙方都進行越來越多的投資。我們認為隨著我們看到市場的走向，這將是趨勢。

Yes. I think if I could add to that, Fred, I think the other thing that you're seeing in the industry right now is that brands are a bit more resilient and private label is not. In fact, we've seen a lot of noise in the industry over the last, call it, quarter where retailers are closing out a lot of private label, shifting that private label to closeout shops around the country and around the world.

是的。我想如果我可以補充一點，弗雷德，我認為你現在在行業中看到的另一件事是品牌更具彈性，而自有品牌則不然。事實上，我們在上個季度看到了該行業的很多噪音，稱為這個季度，零售商正在關閉許多自有品牌，將自有品牌轉移到全國和世界各地的關閉商店。

So I think for us, we're clearly a branded house, and we have some very strong brands at Hasbro. And we're seeing pricing sticking and being able to be stronger through this environment. And as Chris mentioned, a lot of that is due to the consumer and the way that we segment our consumers.

所以我認為對我們來說，我們顯然是一個品牌公司，我們在孩之寶擁有一些非常強大的品牌。我們看到定價保持不變，並且能夠在這種環境下變得更強大。正如克里斯所提到的，這在很大程度上要歸功於消費者以及我們對消費者進行細分的方式。

Makes sense. And then just a quick follow-up. The mid-double-digit POS that you guys touched on for Prime Day, is that on a year-over-year basis? Are you comparing that to prior Prime Days? What exactly is the comparison there?

說得通。然後只是快速跟進。你們在 Prime Day 上提到的中兩位數的 POS，是按年計算的嗎？您是否將其與之前的 Prime 會員日進行比較？那裡的比較到底是什麼？

Yes. Prior Prime Days.

是的。之前的黃金時段。

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

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

My question is on the Entertainment segment and the projection or outlook for fourth quarter. Sorry if you explained it already, but it looks to me like the Film and TV segment has just as hard, even a harder comparison in the fourth quarter. So then can you just reiterate again what are the specific things that are going to happen in the fourth quarter to make the decline smaller against a harder comparison?

我的問題是關於娛樂領域以及第四季度的預測或展望。對不起，如果你已經解釋過了，但在我看來，電影和電視部分在第四季度也同樣困難，甚至更難比較。那麼，您能否再次重申第四季度將發生哪些具體事情，以使跌幅更小，以進行更嚴格的比較？

And then the second thing is the shifting of certain things into the first quarter of 2023. What causes that shifting? Is that just production delays or personnel issues or what is that exactly? And is there anything you can do to rectify that phenomenon in the future?

然後第二件事是將某些事情轉移到 2023 年第一季度。是什麼導致了這種變化？這只是生產延誤或人員問題，還是那究竟是什麼？將來你能做些什麼來糾正這種現象嗎？

Thanks, Linda. Yes, so our Entertainment segment has a very strong lineup in Q4, particularly in TV production. Now the nature of TV productions often have with what's the dating with the network. And so we're seeing a little bit of slippage on when things are being dated inside of the streamers or the various networks that we're working with.

謝謝，琳達。是的，所以我們的娛樂部門在第四季度擁有非常強大的陣容，尤其是在電視製作方面。現在電視製作的性質往往與網絡約會有什麼關係。因此，我們看到在流媒體或我們正在使用的各種網絡中日期的事情發生了一些偏差。

That affects payment timings and delivery timings of the content. And that's what I think you see going on in Q4 of this year. That said, we see our Entertainment segment ex music being down about mid-single digits, maybe high, low -- maybe low single digits. But a lot of that is just deferred revenue that goes from Q4 into Q1 and points to continued growth and good prospects in 2023.

這會影響內容的支付時間和交付時間。這就是我認為你在今年第四季度看到的情況。也就是說，我們看到我們的娛樂部門前音樂下降了大約中個位數，可能是高，低 - 可能是低個位數。但其中很多只是從第四季度到第一季度的遞延收入，並指出 2023 年的持續增長和良好前景。

Our next question comes 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。

I have a couple here. First, I just wanted to clarify what you're saying on inventory because sometimes I'm confused as to whether you're talking about company inventory or channel inventory. So what's the channel inventory situation look like right now or at the end of the quarter? And where do you expect that to be at the end of the year? Is that what's supposed to be up low to mid-single digits?

我這裡有一對。首先，我只是想澄清一下您在庫存方面所說的內容，因為有時我對您是在談論公司庫存還是渠道庫存感到困惑。那麼現在或季度末的渠道庫存情況如何？你預計年底會在哪裡？那應該是低到中個位數嗎？

So Gerrick, when we talk about inventory, we talk about company inventory. And we talk about it across our CP and Wizard segments.

所以 Gerrick，當我們談論庫存時，我們談論的是公司庫存。我們在 CP 和 Wizard 細分市場中談論它。

So as Eric mentioned, we see the CP inventory up either low single digits or mid-single digits. And we see our Wizards inventory likely down in Q4, which contributes to up low single digits for a company as a whole. I'll turn it over to Deb to talk about where we see the broader mix of inventory across our channel partners.

正如 Eric 所提到的，我們看到 CP 庫存增加了低個位數或中個位數。而且我們看到我們的奇才股票可能會在第四季度下降，這導致整個公司的低個位數增長。我將把它交給 Deb 來談談我們在哪些渠道看到了更廣泛的渠道合作夥伴的庫存組合。

Right. So retail inventory is up, as we said at the end of the quarter, but it's of good quality. And we have a lot of promotional activity planned for the fourth quarter.

正確的。因此，正如我們在本季度末所說的那樣，零售庫存增加了，但質量很好。我們計劃在第四季度進行很多促銷活動。

So our specific guidance was on our inventory is exactly as Chris said. But retail inventory, we're working with our retailers on promotional activity, and much of it was setting for a lot of this new innovation that we're having in the fourth quarter.

因此，我們對庫存的具體指導與克里斯所說的完全一樣。但是零售庫存，我們正在與我們的零售商合作開展促銷活動，其中大部分是為我們在第四季度進行的許多新創新奠定了基礎。

Okay. And I'll add on to what Mike was asking about closeouts and obsolescence. Perhaps you could pinpoint exactly where those issues were and also, Deb, perhaps sales allowances as a percent of Consumer Product sales this year compared to last year. How did that look?

好的。我將補充邁克所詢問的關於收尾和過時的問題。也許你可以準確地指出這些問題出在哪裡，Deb 還可以指出，與去年相比，今年的銷售津貼佔消費品銷售額的百分比。那看起來怎麼樣？

Sure. Well, let me take the sales allowance question. And then I can answer some of the closeout question, and then Eric can as well. But we are seeing price allowances a bit higher, all sales allowances period, right, whether price or not a bit higher this year than last year.

當然。好吧，讓我來回答一下銷售津貼的問題。然後我可以回答一些收尾問題，然後 Eric 也可以。但是我們看到價格補貼有點高，所有銷售補貼期間，對，今年的價格是否比去年高一點。

And the reason for that is if you think about it, we couldn't even get stock last year. So our retailers were selling what they could get for less promotional activity with the consumer, and that was the consumer takeaway last year.

原因是，如果你仔細想想，我們去年甚至都沒有庫存。因此，我們的零售商正在銷售他們可以通過與消費者進行較少促銷活動而獲得的東西，這就是去年的消費者外賣。

So this year, I would say we're returning to a more normal level of sales allowances. Nothing unusually high, but last year was unusually low. And we talked about that and the benefit from that.

所以今年，我想說我們正在恢復到更正常的銷售津貼水平。沒有什麼異常高，但去年異常低。我們談到了這一點以及從中獲得的好處。

With respect to just certain territories, we've had some high levels of inventory in pockets that just weren't working that well. So as we look around the globe, we've moved some of that inventory. Some of it's been in the U.S., but some of it's been in various places in Europe and in certain territories, particularly in the Pacific region.

僅就某些地區而言，我們的口袋裡有一些高水平的庫存，但效果並不好。因此，當我們環顧全球時，我們已經轉移了一些庫存。其中一些在美國，但一些在歐洲和某些地區的不同地方，特別是在太平洋地區。

Yes. I'd also just add, Gerrick, that we have some Q4 elements that we didn't have from a comp last year. So not only are we comping a fairly nontraditional comp, as Deb mentioned, we were in chase mode significantly last year. But we also have a big theatrical movie this fourth quarter with Wakanda Forever from Disney. And that's something that we didn't have in Q4 last year as well as some new brands.

是的。我還想補充一下，Gerrick，我們有一些去年的比賽中沒有的 Q4 元素。因此，正如 Deb 提到的，我們不僅演奏了相當非傳統的演奏，而且去年我們還處於追逐模式。但我們在第四季度還有一部大型戲劇電影，來自迪士尼的 Wakanda Forever。這是我們去年第四季度以及一些新品牌所沒有的東西。

Last year, we were really at the very early stages of our eOne integration of PEPPA PIG and PJ MASKS and now we have really good flow for that inventory. So we're feeling good again about where we are. And I think, as Deb mentioned, it will be a traditional sales and allowances cadence as we work through inventory this fourth quarter.

去年，我們確實處於 eOne 整合 PEPPA PIG 和 PJ MASKS 的早期階段，現在我們的庫存流量非常好。所以我們再次對我們所處的位置感覺良好。而且我認為，正如 Deb 所提到的，當我們在第四季度處理庫存時，這將是一種傳統的銷售和補貼節奏。

Our final question, this is coming from the line of Jason Haas with Bank of America.

我們的最後一個問題來自美國銀行的 Jason Haas。

First, I'm curious if you could provide some outlook by segment for next year. I think at your recent Analyst Day, you talked about Consumer Products being up low single digits, Wizards high single digits to low double digits, and then I think Entertainment was up low single digits. So is that a good framework to use? I know that was a multiyear target. Is that a good framework to use for next year?

首先，我很好奇您是否可以按細分市場提供明年的展望。我認為在您最近的分析師日上，您談到消費產品上漲低個位數，奇才高個位數到低兩位數，然後我認為娛樂業上漲了低個位數。那麼這是一個很好的框架嗎？我知道這是一個多年的目標。這是明年使用的好框架嗎？

Jason, we haven't shared a specific by segment guidance for next year. We only shared kind of longer-term 2025 to 2027 guidance.

傑森，我們還沒有分享明年的具體細分指導。我們只分享了 2025 年至 2027 年的長期指導。

That said, we feel really good about where we're positioned for Consumer Products, both on the innovation we have coming out this Q4 and how that comps into the first half of next year, a stacked entertainment lineup, which creates a lot of tailwinds for us that I think more than compensates for the business exits that we have.

也就是說，我們對我們在消費品領域的定位感到非常滿意，無論是我們在第四季度推出的創新，還是明年上半年的創新，一個堆疊的娛樂陣容，這創造了很多順風對我們來說，我認為這不僅可以彌補我們現有的業務退出。

And then we continue to believe in our game segment. And as we just talked, entertainment is going to have some revenue that moved out from Q4 into Q1, which certainly represents at least a modest tailwind helping that business as well.

然後我們繼續相信我們的遊戲部分。正如我們剛剛談到的，娛樂將從第四季度轉移到第一季度的一些收入，這肯定至少代表了適度的順風，也有助於該業務。

Yes. I'd also just add, Jason, as you think about the future, I do want to mention, since we haven't talked much about it, our operational excellence program and just note that we believe we'll be a stronger, more disciplined, more profitable company going forward. And we have the $250 million to $300 million cost savings plan in that mid- to longer-term outlook that we feel very confident in as well.

是的。我還想補充一點，傑森，當你想到未來時，我確實想提一下，因為我們沒有太多談論它，我們的卓越運營計劃，請注意我們相信我們會變得更強大，更多紀律嚴明、盈利能力更強的公司。我們有 2.5 億至 3 億美元的中長期成本節約計劃，我們對此也充滿信心。

Great. And then as a follow-up, there's been some investor concern that there's maybe been too many MAGIC releases in a short time frame. There's some talk of wallet fatigue among the players out there. We've seen the secondary market prices come down a bit. So I'm curious just what's your response to that concern that there's just a lot of MAGIC product coming all at once?

偉大的。然後作為後續行動，有一些投資者擔心在短時間內可能會有太多的 MAGIC 版本。那裡的球員中有一些關於錢包疲勞的話題。我們已經看到二級市場價格有所下降。所以我很好奇你對同時出現大量 MAGIC 產品的擔憂有何反應？

Well, we've had a great growth for MAGIC: THE GATHERING. Since I started back in 2016, the business has almost tripled. And as I said, we're up through the first 9 months of this year by 5%. And the general gaming category is down by most measures close to double digits.

好吧，我們在 MAGIC: THE GATHERING 方面取得了長足的進步。自從我在 2016 年開始工作以來，這項業務幾乎增長了兩倍。正如我所說，今年前 9 個月我們增長了 5%。從大多數衡量標準來看，一般遊戲類別的下降幅度接近兩位數。

And we think that MAGIC will be up double digits by the end of the year. Cynthia, I don't know if you want to talk a little bit more about this, particularly what we have coming in Q4, but we remain bullish on the product.

我們認為 MAGIC 將在今年年底前達到兩位數。辛西婭，我不知道你是否想多談談這個，特別是我們在第四季度推出的產品，但我們仍然看好該產品。

Yes. I think a couple of things that I'd say is we did have one of our products sort of slip out a little bit into Q3, which was Infinity. And that was a supply chain issue. But other than that, our releases that are coming up for this year with Brothers War with our secret layer drops, which are direct-to-consumer, our MAGIC 30th addition is also direct-to-consumer.

是的。我想我想說的幾件事是，我們確實有一種產品有點滑到第三季度，那就是 Infinity。那是一個供應鏈問題。但除此之外，我們將在今年與 Brothers War 一起發布我們的秘密層下降，這是直接面向消費者的，我們的 MAGIC 30th 添加也是直接面向消費者的。

So I would say that within the channel, you've got the same number of sets happening in a year in the hobby channel. They've just shifted a little bit in timing due to some supply chain issues.

所以我想說，在頻道內，你在業餘愛好頻道中一年內發生的套數相同。由於一些供應鏈問題，他們只是稍微改變了時間。

And I'd say just one last thought as you think about Wizards. MAGIC has been incredibly important to the growth of Wizards, but D&D -- as much as MAGIC has grown, D&D since the release of fifth edition back in 2014, gosh, it's probably 10x the size it was back then.

當你想到奇才時，我只想說最後一個想法。 MAGIC 對奇才隊的發展非常重要，但 D&D - 與 MAGIC 的發展一樣多，D&D 自 2014 年第五版發布以來，天哪，它的規模可能是當時的 10 倍。

And we have an amazing road map ahead for D&D with AAA films, some exciting TV projects that we are going to announce shortly, AAA video games, big partnerships, huge merchandising and licensing efforts.

我們在 AAA 電影、一些激動人心的電視項目、AAA 視頻遊戲、大型合作夥伴關係、巨大的商品銷售和授權努力等方面為 D&D 制定了令人驚嘆的路線圖。

And so I really think that Wizards of the Coast is positioned to become a 2 foundation business over the next several months. That just will get better and better, driving our blueprint over time.

因此，我真的認為威世智在未來幾個月內將成為一家 2 基金會企業。這只會越來越好，隨著時間的推移推動我們的藍圖。

At this time, I will turn the floor back to Debbie Hancock for closing remarks.

在這個時候，我將請黛比漢考克發言結束髮言。

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 following this call. 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此次電話會議後發布。謝謝你。

This will conclude 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。