孩之寶 (HAS) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Hasbro Fourth Quarter and Full Year 2022 Earnings Conference Call. (Operator Instructions) As a reminder, 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, Senior Vice President of Investor Relations. Please go ahead.

早上好，歡迎來到孩之寶第四季度和 2022 年全年收益電話會議。 （操作員說明）提醒一下，今天的會議正在錄製中。如果您有異議，此時您可以斷開連接。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. 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.

謝謝大家，早上好。今天加入我的是孩之寶的首席執行官 Chris Cocks；和孩之寶的首席財務官 Deb Thomas。今天，我們將首先由 Chris 和 Deb 對公司的業績發表評論，然後我們將回答您的問題。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。

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 GAAP 調整。新聞稿和演示文稿中包含 GAAP 與非 GAAP 措施的對賬。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.

在我們開始之前，我想提醒您，在本次電話會議和隨後的問答環節中，孩之寶管理層的成員可能會就管理層的期望、目標、目標和類似事項做出前瞻性陳述。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。這些因素包括我們在 10-K 表格年度報告、今天新聞稿中的最新 10-Q 以及我們其他公開披露的內容中列出的因素。

Today's guidance assumes to retain the noncore entertainment, Film & TV business, notwithstanding the current marketing process. While there is no guarantee of such an outcome, if this process results in a sale, we will update our guidance. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call. I would now like to introduce Chris Cocks. Chris?

今天的指引假設保留非核心娛樂、電影和電視業務，儘管目前的營銷流程是這樣。雖然不能保證會出現這樣的結果，但如果此過程促成銷售，我們將更新我們的指南。我們沒有義務更新今天作出的任何前瞻性陳述以反映本次電話會議之後發生的事件或情況。我現在想介紹一下 Chris Cocks。克里斯？

Thank you, Debbie, and good morning. In October, we laid out our new strategic plan for Hasbro, Blueprint 2.0, built on fewer, bigger, more profitable brands; a sharpened focus on the categories where Hasbro can be best-in-class; an Operational Excellence program to speed our agility

謝謝你，黛比，早上好。 10 月，我們為孩之寶制定了新的戰略計劃 Blueprint 2.0，建立在更少、更大、更有利可圖的品牌之上；更加關注孩之寶可以成為同類最佳的類別；卓越運營計劃，以加快我們的敏捷性

and improve our cost competitiveness; and growth initiatives in digital games, Hasbro content, direct-to-consumer and licensing.

並提高我們的成本競爭力；以及數字遊戲、孩之寶內容、直接面向消費者和許可方面的增長計劃。

While Q4 proved to be a disappointment, particularly in our traditional toys and games segment, we made progress under the hood that meaningfully improved our bottom line and sets us up for margin expansion in 2023 despite what we anticipate will be a continued challenging consumer environment.

儘管事實證明第四季度令人失望，尤其是在我們的傳統玩具和遊戲領域，但我們在幕後取得了重大進展，顯著改善了我們的底線，並為我們在 2023 年實現利潤率擴張做好了準備，儘管我們預計消費者環境將持續充滿挑戰。

Our transformation efforts are positioning Hasbro for success. In 2022, we identified $50 million in run-rate cost savings that improved our Q4 earnings by over $20 million. In 2023, we anticipate our operational transformation will generate $150 million in run rate savings, money we are using to both reinvest in the business and improve our profit profile. We are also undertaking a significant organizational redesign that streamlines decision-making, puts the consumer at the center of everything we do and aligns the company behind core competencies in games and toys.

我們的轉型努力使孩之寶走向成功。 2022 年，我們確定了 5000 萬美元的運營成本節省，使我們的第四季度收益提高了超過 2000 萬美元。到 2023 年，我們預計我們的運營轉型將產生 1.5 億美元的運行率節省，我們將這些資金用於對業務進行再投資並改善我們的利潤狀況。我們還進行了重大的組織重新設計，以簡化決策制定，將消費者置於我們所做一切的中心，並使公司與遊戲和玩具的核心競爭力保持一致。

Within our growth initiatives, our direct business comprised of Magic Arena, D&D Beyond, Hasbro Pulse and Magic Secret Lair was up 15% in 2022. Hasbro Pulse was our fastest-growing channel, increasing 70% on robust fan demand across premier industry entertainment properties. D&D Beyond delivered user growth in excess of 20% since we acquired the service in May of 2022 and, as forecasted, was EPS-accretive in Q4. Wizards of the Coast and Digital Gaming grew 5% in constant currency, outperforming a games market that, by most measurements, was flat to down, with Magic Tabletop leading the growth.

在我們的增長計劃中，我們的直接業務包括 Magic Arena、D&D Beyond、Hasbro Pulse 和 Magic Secret Lair 在 2022 年增長了 15%。Hasbro Pulse 是我們增長最快的渠道，增長了 70%，這得益於一流行業娛樂資產的強勁粉絲需求.自我們在 2022 年 5 月收購該服務以來，D&D Beyond 的用戶增長超過 20%，而且正如預測的那樣，第四季度的 EPS 增長。以固定匯率計算，Wizards of the Coast 和 Digital Gaming 增長了 5%，表現優於遊戲市場，根據大多數衡量標準，該市場表現持平甚至下滑，其中 Magic Tabletop 引領增長。

Importantly, we celebrated our first $1 billion brand in MAGIC: THE GATHERING, a huge milestone, not just for Hasbro, but for the thousands of hobby shops, our most important and fastest growing channel for the brand and millions of fans who make both Magic and D&D more than just games, but vibrant global communities. Our growth in Wizards was not without challenges. We navigated significant supply chain disruptions that we'll resolve for 2023, compressed our set release schedules in 2022, particularly in Q4. We were too aggressive in some of our pricing assumptions, notably our 30th anniversary edition of MAGIC and pulled back on available supply impacting Q4 results.

重要的是，我們在萬智牌中慶祝了我們第一個價值 10 億美元的品牌，這是一個巨大的里程碑，不僅對孩之寶，而且對成千上萬的愛好商店，我們最重要和增長最快的品牌渠道以及數百萬製作魔術的粉絲D&D 不僅僅是遊戲，還有充滿活力的全球社區。我們在威世智的成長並非沒有挑戰。我們解決了我們將在 2023 年解決的重大供應鏈中斷問題，並壓縮了我們在 2022 年設定的發佈時間表，尤其是在第四季度。我們在某些定價假設中過於激進，特別是我們的 MAGIC 30 週年紀念版，並減少了影響第四季度業績的可用供應。

Lastly, on D&D, we misfired on updating our open game license, a key vehicle for creators to share or commercialize their D&D inspired content. Our best practice is to work collaboratively with our community, gather feedback and build experiences that inspire players and creators alike. It's how we make our games among the best in the industry. We have since course-corrected and are delivering a strong outcome for the community and game.

最後，在 D&D 上，我們在更新我們的開放遊戲許可證時失敗了，這是創作者分享或商業化他們的 D&D 靈感內容的關鍵工具。我們的最佳做法是與我們的社區合作，收集反饋並打造能夠激發玩家和創作者等方面靈感的體驗。這就是我們如何讓我們的遊戲躋身業內最佳之列。從那以後，我們已經糾正了方向，並為社區和遊戲帶來了豐碩的成果。

Our licensing business was up 5% for the year. Over the past several months, we've announced multiple strategic licensing partnerships, -- and we're excited to have top partners taking on iconic brands like FUR REAL FRIENDS , LITTLEST PET SHOP and EASY-BAKE OVEN , to name just a few. Our teams are focused on growing market share in the categories where we can lead. We had success in preschool with PEPPA PIG, creativity with PLAY-DOH and action with strong growth in Hasbro's products from Partner Brands, Marvel, which had a record year; and Star Wars.

我們的許可業務全年增長了 5%。在過去的幾個月裡，我們宣布了多項戰略許可合作夥伴關係，我們很高興有頂級合作夥伴與 FUR REAL FRIENDS、LITTLEST PET SHOP 和 EASY-BAKE OVEN 等標誌性品牌合作，僅舉幾例。我們的團隊專注於在我們可以領先的類別中增加市場份額。我們在 PEPPA PIG 的學前班取得了成功，在 PLAY-DOH 的創造力方面取得了成功，在孩之寶的 Partner Brands 和 Marvel 產品方面取得了強勁增長，創下了創紀錄的一年；和星球大戰。

Our focus on content is centering around Hasbro IP for the long term. Our sales process for the majority of eOne Film & TV is well underway, with strong interest in these valuable assets. We expect to have an update in the second quarter. Our content pipeline for Hasbro IP is set for growth in 2023 with the upcoming release of the feature films, DUNGEONS & DRAGONS: Honor Among Thieves; and TRANSFORMERS Rise of the Beast, and a host of new and continuing preschool and kids shows from TRANSFORMERS: Earthspark to the new seasons of MY LITTLE PONY and PEPPA PIG to the new Kiya And The Kimoja Heroes on Disney Jr. and Disney+.

從長遠來看，我們對內容的關注以孩之寶 IP 為中心。我們對大部分 eOne 影視的銷售過程正在順利進行，對這些有價值的資產有濃厚的興趣。我們預計將在第二季度進行更新。我們的孩之寶 IP 內容管道將於 2023 年隨著即將上映的故事片《龍與地下城：盜賊的榮譽》而增長；和變形金剛野獸的崛起，以及一系列新的和持續的學前班和兒童節目，從變形金剛：地球火花到新一季的小馬寶莉和小豬佩奇，再到 Disney Jr. 和 Disney+ 上的新 Kiya 和 The Kimoja Heroes。

Looking ahead, we are excited about the recently announced D&D live action series; and for next year, the animated TRANSFORMERS feature film with our partners at Paramount. For 2023, we expect the toy and game market to continue the trends of Q4 into the first 2 to 3 quarters of the year, given the lingering effects of consumer inflation. We also see approximately $300 million of revenue headwinds from foreign exchange and exiting low-profit brands, licenses and businesses as part of the fewer, bigger, better pillar of our strategy. As a result, we anticipate revenue for the company to be down low single digits for the year, with consumer products down mid-single digits, Wizards of the Coast and digital games up mid-single digits and entertainment up low single digits.

展望未來，我們對最近宣布的 D&D 真人版系列感到興奮；明年，我們將與派拉蒙的合作夥伴一起製作動畫《變形金剛》故事片。對於 2023 年，鑑於消費者通脹的揮之不去的影響，我們預計玩具和遊戲市場將在今年前 2 至 3 季度延續第 4 季度的趨勢。我們還看到大約 3 億美元的收入逆風來自外彙和退出低利潤品牌、許可和業務，這是我們戰略中更少、更大、更好的支柱的一部分。因此，我們預計公司今年的收入將下降到低個位數，其中消費產品收入下降到中個位數，《海岸奇才》和數字遊戲收入下降到中個位數，娛樂收入下降到個位數。

The progress we are making in our cost savings, Operational Excellence and focusing on key brand initiatives is expected to drive continued operating margin expansion of 50 to 70 basis points. We made progress on both our owned and retail inventory in the fourth quarter but have more work to do. The teams are focused on clearing inventory in addition to supporting our innovation. This will impact our growth rates and profits, most notably during the first 2 quarters of the year, which Deb will provide detailed comments on.

我們在節約成本、卓越運營和專注於關鍵品牌計劃方面取得的進展預計將推動營業利潤率持續增長 50 至 70 個基點。我們在第四季度在自有庫存和零售庫存方面都取得了進展，但還有更多工作要做。除了支持我們的創新之外，這些團隊還專注於清理庫存。這將影響我們的增長率和利潤，尤其是在今年前兩個季度，Deb 將對此提供詳細評論。

We ended the year with $513 million in cash. As we sell through inventory and drive profit expansion, our cash flow is projected to grow during the year. As we announced earlier this week, we are maintaining our current category-leading dividend. We continue to prioritize investing to grow, delevering the balance sheet and returning cash to shareholders.

我們以 5.13 億美元的現金結束了這一年。由於我們通過庫存銷售並推動利潤擴張，我們的現金流預計將在年內增長。正如我們本週早些時候宣布的那樣，我們將維持目前領先類別的股息。我們繼續優先考慮投資以實現增長，去槓桿化資產負債表並將現金返還給股東。

Given the challenging market context, our focus this year will be on increasing our operating profit margins and growing share in our focused categories. In outdoor, we are taking targeted pricing actions on NERF to compete at every price point, expanding the market with the introduction of NERF Jr. to kids 5 to 7 and winning share in the fast-growing Gel segment with all new innovations starting at a segment low of 1999.

鑑於充滿挑戰的市場環境，我們今年的重點將是提高我們的營業利潤率和增加我們重點類別的份額。在戶外，我們正在對 NERF 採取有針對性的定價行動，以在每個價位上展開競爭，通過將 NERF Jr. 引入 5 至 7 歲的兒童來擴大市場，並通過從1999 年的低點。

In action, we have one of our strongest content lineups in a decade, including 6 blockbuster films, a host of new streaming series and some of the strongest new product innovation for TRANSFORMERS in years, set against the launch of the Rise of the Beasts feature film in June. In preschool, we are excited by the continued global appeal of PEPPA PIG and our new line based on the upcoming hit series Star Wars:Young Jedi Adventures from Lucasfilm.

在行動中，我們擁有十年來最強大的內容陣容之一，包括 6 部大片、一系列新的流媒體系列和多年來變形金剛的一些最強大的新產品創新，與野獸崛起功能的推出相映成趣六月的電影。在學前班，我們對 PEPPA PIG 的持續全球吸引力以及我們基於盧卡斯影業即將上映的熱門劇集《星球大戰：少年絕地大冒險》的新系列感到興奮。

In creativity, PLAY-DOH is growing share, and we are adding new compounds like Nickelodeon Slime and bringing best-selling innovation, our PLAY-DOH Ice Cream Truck, into the new year. And in games, we are adding all new innovation like the casual AR game, Twister Air, building on the best-selling clue escape room series extending our audiences in Magic with our newest Universes Beyond based on J.R.R. Tolkien's Lord of the Rings series, Tales of Middle-Earth, growing our distribution for Magic Arena with our upcoming launch on Steam, and reaching all new global audience scale for D&D with our new blockbuster movie, DUNGEONS & DRAGONS: Honor Among Thieves; and AAA video game, Baldur's Gate 3, from our partners at Larian later this year. Over the next 12 months, we will share more about some of the innovation we have coming to market in 2024 and beyond.

在創造力方面，PLAY-DOH 的份額越來越大，我們正在添加 Nickelodeon Slime 等新化合物，並在新的一年中推出最暢銷的創新產品，即我們的 PLAY-DOH 冰淇淋車。在遊戲方面，我們正在添加所有新的創新，例如休閒 AR 遊戲 Twister Air，建立在最暢銷的線索逃生室系列的基礎上，通過我們基於 J.R.R.托爾金的指環王系列，中土傳說，隨著我們即將在 Steam 上發布，擴大了我們的 Magic Arena 發行量，並通過我們的新大片，龍與地下城：盜賊的榮譽，擴大了 D&D 的所有新的全球觀眾規模；以及今年晚些時候我們在拉瑞安的合作夥伴推出的 AAA 視頻遊戲博德之門 3。在接下來的 12 個月裡，我們將更多地分享我們在 2024 年及以後推向市場的一些創新。

To give you a sense of a few, in creativity, we see an amazing opportunity to grow that market and maintain audiences as they age up with new, innovative, character-centric and story-based play. In video games, we are excited to reveal an all-new sci-fi IP from Archetype Studios in Austin that we believe will be one of Hasbro's biggest in over 20 years. Selfie Series, our new custom action figure line gives a glimpse of the possible and Hasbro's early leadership investments in high-fidelity custom 3D printing, which has a long-term potential to introduce the concept of mass customization for toys and collectibles.

為了讓您了解一些，在創造力方面，我們看到了一個絕佳的機會，可以通過新穎、創新、以角色為中心和以故事為基礎的遊戲來發展市場並留住觀眾。在視頻遊戲方面，我們很高興地展示奧斯汀 Archetype Studios 的全新科幻 IP，我們相信這將是孩之寶 20 多年來最大的作品之一。 Selfie 系列，我們新的定制可動人偶系列讓我們得以一窺孩之寶在高保真定制 3D 打印方面的可能和早期領導投資，這具有為玩具和收藏品引入大規模定制概念的長期潛力。

In traditional role play, we see exciting possibilities in all new virtual tabletops that unlocks new consumer value choices, bring imaginations to life, taps into the scale effects of user-generated content and create seamless remote and in-play play possibilities across phones, PCs and tablets with AAA graphics and intuitive controls. And last but not least, we have some fun new twists on old favorites that will delight new generations of fans and introduce amazing new low price points supported by magical play innovation.

在傳統的角色扮演中，我們在所有新的虛擬桌面中看到了令人興奮的可能性，這些桌面可以解鎖新的消費者價值選擇，將想像力帶入生活，利用用戶生成內容的規模效應，並在手機、PC 上創造無縫的遠程和遊戲中游戲可能性以及具有 AAA 級圖形和直觀控件的平板電腦。最後但並非最不重要的一點是，我們對舊有的熱門遊戲進行了一些有趣的新改動，這將取悅新一代的粉絲，並引入神奇的遊戲創新支持的驚人的新低價位。

As we think beyond 2023, our focus remains on growing more of our Franchise Brands to $1 billion businesses, extending our blueprints through partnerships, content and new digital experiences and driving significant bottom line and margin growth through a more focused, agile and leaner organization. In the near term, we will execute our focus category and inventory reduction plans to grow share, transform our organization and cost structure to drive innovation and improve margins and continue to invest in new categories, competencies and partnerships to set up Hasbro for robust long-term growth as we celebrate our 100th anniversary in 2023.

我們認為 2023 年以後，我們的重點仍然是將更多的特許經營品牌發展到 10 億美元的業務，通過合作夥伴關係、內容和新的數字體驗擴展我們的藍圖，並通過更專注、更敏捷和更精簡的組織來推動顯著的底線和利潤增長。在短期內，我們將執行我們的重點類別和庫存減少計劃以增加份額，轉變我們的組織和成本結構以推動創新和提高利潤率，並繼續投資於新的類別、能力和合作夥伴關係以建立孩之寶穩健的長期-我們在 2023 年慶祝成立 100 週年之際實現長期增長。

I'll now turn the call over to Deb Thomas, Hasbro's Chief Financial Officer. Deb?

我現在將電話轉給孩之寶的首席財務官 Deb Thomas。德布？

Thanks, Chris, and good morning, everyone. Over the course of 2022, we made meaningful progress to strengthen Hasbro by completing our strategy review, unveiling and beginning to implement Blueprint 2.0 and undertaking a significant transformation project to streamline our organization and priorities.

謝謝，克里斯，大家早上好。在 2022 年期間，我們通過完成戰略審查、公佈並開始實施藍圖 2.0 以及開展重大轉型項目以簡化我們的組織和優先事項，在加強孩之寶方面取得了有意義的進展。

While the end of 2022 did not meet our expectations, our focus on controlling what we can and making decisions to strengthen Hasbro for the future improved operating profit margin in a challenging environment. Let me start with the balance sheet and our focus on disciplined cash management.

雖然 2022 年底沒有達到我們的預期，但我們專注於控制我們所能做的，並做出加強孩之寶的決策，以應對未來在充滿挑戰的環境中提高的營業利潤率。讓我從資產負債表和我們對紀律嚴明的現金管理的關注開始。

Lower sales resulted in higher inventories on hand. At year-end, we had reduced our on-hand inventory levels by $168 million from the third quarter, but they were up $125 million from last year or 23%. This was driven by last year's revenue timing with early retailer purchases and our softer-than-planned Q4 sales.

較低的銷售額導致手頭庫存增加。到年底，我們的現有庫存水平比第三季度減少了 1.68 億美元，但比去年增加了 1.25 億美元，增幅為 23%。這是由於去年的收入時間與早期零售商購買和我們比計劃的第四季度銷售疲軟所推動的。

The timing of Magic releases in early 2023 and the increase in paper stock on hand also contributed to the growth. At retail, inventories. were on single digits across our top global markets, and Q4 POS trends indicate churn has slowed and refund has increased. As a result, we estimate approximately $135 million of this is excess toy and game inventory at retail. Given our higher level of opening retail inventory as well as that from others in the industry, we expect a negative impact on first half retail orders. When we combine this with the fact that 60% of our approximately $300 million in revenue headwinds are in the first half of this year and the early timing of retail orders and shipments last year arising from supply chain challenges, we anticipate our first half revenue to be down approximately 20% compared to the first half of 2022 with Q1 revenue down approximately 25%.

萬智牌在 2023 年初的發佈時間和手頭紙質庫存的增加也促進了增長。在零售方面，庫存。在我們的全球主要市場中處於個位數，第四季度 POS 趨勢表明客戶流失已經放緩，退款有所增加。因此，我們估計其中約 1.35 億美元是零售玩具和遊戲庫存過剩。鑑於我們以及業內其他公司的開放零售庫存水平較高，我們預計上半年零售訂單將受到負面影響。當我們將這一點與我們大約 3 億美元的收入逆風中的 60% 發生在今年上半年以及去年由於供應鏈挑戰導致零售訂單和發貨時間提前的事實相結合時，我們預計我們上半年的收入與 2022 年上半年相比下降約 20%，第一季度收入下降約 25%。

Operating cash flow was $373 million. We're forecasting 2023 operating cash flow in the historical $600 million to $700 million range. We continue to believe we'll reach a $1 billion-plus in operating cash flow level, but this is now most likely 2025 and beyond. We have sufficient cash to operate our business, meet our CapEx needs, including investing for growth, and funding our dividend. We continue to target debt-to-EBITDA of 2 to 2.5x.

經營現金流為 3.73 億美元。我們預測 2023 年的運營現金流將處於 6 億至 7 億美元的歷史範圍內。我們仍然相信我們將達到 10 億美元以上的運營現金流水平，但現在很可能是 2025 年及以後。我們有足夠的現金來經營我們的業務，滿足我們的資本支出需求，包括投資增長和為我們的股息提供資金。我們繼續將債務與 EBITDA 比率定為 2 至 2.5 倍。

For 2023, we expect to make progress against this target. Pending the outcome of the sale of noncore Film & TV assets, we plan to prioritize the sale proceeds towards paying down debt We remain committed to maintaining our investment-grade rating.

到 2023 年，我們希望在實現這一目標方面取得進展。在非核心影視資產的出售結果出來之前，我們計劃優先將出售所得用於償還債務。我們仍然致力於維持我們的投資級評級。

At the same time, we're intensely focused on our cost savings goals and improving margins. Last year, we increased adjusted operating profit margin by 30 basis points, and we believe we have the potential to add an additional 50 to 70 basis points this year. We achieved approximately $50 million in run rate cost savings and actualized $20 million in 2022, but this was partially offset in the year-end results due to the volume decline in consumer products.

與此同時，我們非常關注我們的成本節約目標和提高利潤率。去年，我們將調整後的營業利潤率提高了 30 個基點，我們相信今年我們有可能再提高 50 到 70 個基點。我們節省了大約 5000 萬美元的運營成本，並在 2022 年實現了 2000 萬美元，但由於消費品銷量下降，這在年終業績中被部分抵消。

We remain on track for $150 million in annualized run rate cost savings for year-end 2023. This progress keeps us on the path to reach our targeted 20% operating profit margin in 2027, if not sooner, while also growing our existing business earnings and earnings per share over the period. As Chris mentioned earlier, the process for selling our noncore entertainment business remains on track, and we plan to update our guidance for our continuing business following the close of the transaction.

我們仍有望在 2023 年底實現 1.5 億美元的年化運行成本節約。這一進展使我們能夠在 2027 年（甚至更早）實現 20% 的營業利潤率目標，同時增加我們現有的業務收益和期內每股收益。正如克里斯之前提到的，出售我們的非核心娛樂業務的過程仍在進行中，我們計劃在交易結束後更新我們對持續業務的指導。

With a portion of our cost savings, we're continuing to invest in our core initiatives: innovation, digital, direct and insights. We're focusing on higher-margin brands, moving out of lower churn businesses and simplifying our organization. We're in the middle of this transition and, as a result, reported charges last year for transformation activities, including severance and noncash after impairments. In the fourth quarter, this included an impairment for POWER RANGERS. The impairment was triggered by our focused strategic approach to prioritize other brands in film development in the near term. Although the impairment charge has occurred, the brand continues to generate value and remains an important part of our brand portfolio.

通過節省部分成本，我們將繼續投資於我們的核心計劃：創新、數字化、直接和洞察力。我們專注於利潤率較高的品牌，退出低流失率業務並簡化我們的組織。我們正處於這一轉變過程中，因此，去年報告了轉型活動的費用，包括遣散費和減值後的非現金費用。在第四季度，這包括 POWER RANGERS 的減值。減值是由我們在短期內優先考慮電影開發中的其他品牌的重點戰略方法引發的。儘管發生了減值費用，但該品牌仍在繼續創造價值，並且仍然是我們品牌組合的重要組成部分。

POWER RANGERS revenue grew last year. It's celebrating its 30th anniversary this year with a new scripted special on Netflix, the third season of Dino Fury and continued development on the adult scripted series with writer/showrunner and Jenny Klein and Jonathan Entwistle.

去年 POWER RANGERS 的收入有所增長。它今年慶祝成立 30 週年，在 Netflix 上推出了新的劇本特別節目、恐龍之怒的第三季，並繼續開發與作家/節目主持人、珍妮·克萊恩和喬納森·恩特威斯爾合作的成人劇本系列。

Looking at our adjusted results for full year 2022 revenue, profit and earnings were impacted by lower-than-expected fourth quarter sales. Foreign exchange had a negative $166 million impact on full year revenue. Cost of sales was up 240 basis points due to higher product costs, inventory obsolescence, sales allowances and closeouts in our toy and game products. We benefited from higher product prices early in the year and lower freight expense as we moved through 2022. We anticipate an improvement in cost of sales to revenue share driven by our ongoing transformation efforts.

看看我們調整後的 2022 年全年收入、利潤和收益受到低於預期的第四季度銷售額的影響。外匯對全年收入產生了 1.66 億美元的負面影響。由於玩具和遊戲產品的產品成本增加、庫存過時、銷售津貼和清倉，銷售成本上升了 240 個基點。我們受益於年初較高的產品價格和 2022 年較低的運費。我們預計，在我們正在進行的轉型努力的推動下，銷售成本佔收入份額的比例將有所改善。

Program amortization dollars declined on lower entertainment deliveries in the year. Royalties since declined on lower Partner Brand and entertainment revenue. At year-end 2022, we exited several third-party licenses, which will lower Partner Brand revenue and our royalty obligation this year while benefiting operating margin.

節目攤銷美元因年內娛樂交付量減少而下降。此後，由於合作夥伴品牌和娛樂收入下降，特許權使用費有所下降。在 2022 年底，我們退出了幾個第三方許可，這將降低合作夥伴品牌收入和我們今年的特許權使用費義務，同時有利於營業利潤率。

We spent less on advertising last year, aligned with our focus on fewer brands and lower film advertising in our entertainment segment as we comped the MY LITTLE PONY movie in 2021 and supported to our film releases in 2022. The team plans to increase advertising support of our key brands and categories in 2023, increasing the overall spend but with a much more targeted approach.

去年我們在廣告上的支出減少了，這與我們在娛樂領域減少品牌和減少電影廣告的重點一致，因為我們在 2021 年製作了我的小馬駒電影並支持我們在 2022 年上映的電影。團隊計劃增加廣告支持我們在 2023 年的主要品牌和類別，增加了總體支出，但採用了更有針對性的方法。

SG&A declined in dollars in line with revenue, primarily due to lower bonus and equity compensation expense given the outcome of the year and lower depreciation related to 2021 video game launches. We also saw lower freight distribution expenses plan but have higher warehousing cost to consume it with increased levels of inventory. In 2023, while we're achieving cost savings in this line item, given the timing to achieve the run rate on those savings, this line is forecasted to increase with more normalized compensation expenses planned. We expect this to impact 2023 by approximately $80 million with approximately $65 million impacting SG&A and the remainder in product development.

SG&A 以美元計算與收入一致下降，這主要是由於考慮到當年的結果以及與 2021 年視頻遊戲發布相關的折舊減少，獎金和股權補償費用減少。我們還看到較低的貨運配送費用計劃，但隨著庫存水平的增加，倉儲成本會更高。到 2023 年，雖然我們在這個項目中實現了成本節約，但考慮到實現這些節省的運行率的時間，預計該項目會隨著計劃的更多標準化薪酬支出而增加。我們預計這將對 2023 年產生約 8000 萬美元的影響，其中約 6500 萬美元將影響 SG&A 以及產品開發的其餘部分。

For the current year, our outlook translates to an adjusted operating profit margin improvement of 50 to 70 basis points.

對於本年度，我們的展望轉化為調整後的營業利潤率提高 50 至 70 個基點。

Our adjusted underlying tax rate for 2022, excluding discrete items, was 21.8%, in line with our projected rate for the year. In 2023, we expect our underlying adjusted rate to be between 20% to 21%.

我們調整後的 2022 年基本稅率（不包括離散項目）為 21.8%，與我們今年的預期稅率一致。到 2023 年，我們預計我們的基礎調整後利率將在 20% 至 21% 之間。

Looking at our segments, Wizards of the Coast, Digital Gaming revenues increased 5% in constant currency. Tabletop revenues were up 12% behind strong MAGIC: THE GATHERING releases. Digital declined 23%, which is expected given the comparison with 2021 launches of the premium game, Dark Alliance and MAGIC: THE GATHERING Arena Mobile. In 2023, digital revenue is forecast to increase with the launch of Baldur's Gate 3 from Larian with some revenue expected in the third quarter and increasing in the fourth quarter. MAGIC, D&D and digital remain investment priorities for Hasbro.

看看我們的細分市場，Wizards of the Coast，數字遊戲收入按固定匯率計算增長了 5%。桌上游戲收入在強勁的《萬智牌》發行後增長了 12%。與 2021 年推出的付費遊戲《黑暗聯盟》和《萬智牌：競技場手游》相比，數字遊戲下降了 23%，這在意料之中。到 2023 年，隨著 Larian 推出 Baldur's Gate 3，預計數字收入將增加，預計第三季度和第四季度會有一些收入增加。 MAGIC、D&D 和數字仍然是孩之寶的投資重點。

Adjusted operating profit was $538.3 million, down 2% driven primarily by higher product costs, increased royalties due to MAGIC Universes Beyond and increased product development partially offset by decreases in advertising, promotional and depreciation expense versus 2021 gaming launches as well as lower incentive compensation. As forecasted, adjusted operating profit margin decreased almost 40.6%. For the full year 2023, we expect mid-single-digit revenue growth in the segment. Also, as we continue to invest for future growth and expand our Universes Beyond products, we expect adjusted operating profit margin in the high 30% range.

調整後營業利潤為 5.383 億美元，下降 2%，主要原因是產品成本增加、MAGIC Universe Beyond 帶來的特許權使用費增加以及產品開發增加，部分被廣告、促銷和折舊費用相對於 2021 年遊戲發布的減少以及較低的激勵補償所抵消。正如預測的那樣，調整後的營業利潤率下降了近 40.6%。對於 2023 年全年，我們預計該部門的收入將實現中個位數增長。此外，隨著我們繼續投資於未來增長並擴展我們的 Universes Beyond 產品，我們預計調整後的營業利潤率將達到 30% 的高水平。

Consumer Products segment revenue decreased 7%, excluding a [negative $117.5 million] (corrected by company after the call) impact of foreign exchange, $92.3 million of which was in Europe. The segment's declined was led by lower revenues in North America and Europe, partially offset by growth in licensing in Latin America. Lower revenue, higher sales allowances, closeout and warehousing contributed to a decline in adjusted operating profit margin of 7.6%, which was partially offset by savings realized from our operational excellence program, within after sales and distribution expense as well as lower airfreight, royalties, advertising and incentive compensation.

消費品部門收入下降 7%，不包括外彙的 [負 1.175 億美元]（公司在電話會議後更正）影響，其中 9230 萬美元在歐洲。該部門的下滑主要是由於北美和歐洲的收入下降，部分被拉丁美洲許可業務的增長所抵消。較低的收入、較高的銷售津貼、清倉和倉儲導致調整後的營業利潤率下降 7.6%，這部分被我們卓越運營計劃實現的節餘、售後和分銷費用以及較低的空運、特許權使用費、廣告和激勵補償。

For the full year 2023, Consumer Products revenue is expected to decline mid-single digits from full year 2022 with adjusted operating profit margin improvement of 150 to 200 basis points from the adjusted Operating margin in 2022. The teams are executing against a robust entertainment plan and strong innovation, but we're facing significant headwinds from exiting certain third-party licenses, transitioning several house of brands from an in-house to license model, reducing recent inventory at retail, rightsizing certain markets and continued FX headwinds.

對於 2023 年全年，消費品收入預計將比 2022 年全年下降個位數，調整後的營業利潤率比 2022 年調整後的營業利潤率提高 150 至 200 個基點。團隊正在執行一項穩健的娛樂計劃和強大的創新，但我們面臨著退出某些第三方許可、將多個品牌從內部模式轉變為許可模式、減少近期零售庫存、調整某些市場規模以及持續的外匯逆風等重大阻力。

As noted earlier, a significant portion of these headwinds are in the first half. Entertainment segment revenue decreased 15% in constant currency. When adjusting for music , the segment declined 12%. Revenue was impacted by the timing of deliveries to partners in the TV side of the business and fewer film releases this year versus last. The TV business grew building on several successful scripted series, including The Rookie, Yellowjackets and Cruel Summer with several new shows like The Rookie: Feds and The Recruit.

如前所述，這些不利因素中有很大一部分發生在上半年。娛樂部門收入按固定匯率計算下降 15%。在針對音樂進行調整後，該細分市場下降了 12%。收入受到電視業務合作夥伴交付時間的影響，以及今年發行的電影數量少於去年。電視業務的增長建立在幾個成功的劇本系列的基礎上，包括新秀、黃衫軍和殘酷的夏天，以及新秀，如新秀：聯邦調查局和新兵。

Family Brands revenue decrease given My Little Pony: A New Generation was delivered to Netflix in 2021 without a comparable release in 2022 combined with decreases in digital revenue and content delivery. The decrease in Music and Other primarily relates to the sale of the music business in the third quarter of 2021. For 2023, this revenue should be close to 0 as we have exited these businesses.

由於《我的小馬駒：新一代》在 2021 年交付給 Netflix 而沒有在 2022 年發布類似的版本，加上數字收入和內容交付的減少，家族品牌的收入減少。音樂和其他業務的減少主要與 2021 年第三季度音樂業務的銷售有關。到 2023 年，由於我們已經退出這些業務，該收入應該接近於 0。

Total Entertainment segment adjusted operating profit decreased 19%. Lower revenues impacted profit and were partially offset by lower royalty, advertising promotion and compensation expense. For the full year 2023, we expect entertainment revenue to increase low single digits, and adjusted operating profit margin is expected to increase slightly from 8.6% in 2022.

娛樂部門調整後的營業利潤總額下降了 19%。較低的收入影響了利潤，並被較低的特許權使用費、廣告促銷和補償費用部分抵消。對於 2023 年全年，我們預計娛樂收入將增長低個位數，調整後的營業利潤率預計將從 2022 年的 8.6% 小幅增長。

As Chris mentioned, DUNGEONS & DRAGONS: Honor Among Thieves premieres in March. We co-funded this film with Paramount and will participate in the box office and associated entertainment revenues. Based on our share of box office, we expect entertainment revenue to begin being recognized in late Q3 and Q4 of this year. We expect the majority of the related cash receipts to occur in 2024.

正如 Chris 所提到的，龍與地下城：盜賊之間的榮譽將於 3 月首映。我們與派拉蒙共同資助了這部電影，並將參與票房和相關娛樂收入。根據我們的票房份額，我們預計娛樂收入將在今年第三季度末和第四季度開始確認。我們預計大部分相關現金收入將在 2024 年發生。

As we look ahead, the sales process for select Film & TV entertainment assets is ongoing. The outcome will inform our long-term financials. We continue to anticipate growing revenue at a mid-single-digit CAGR and improving operating margins to 20% and potentially greater level in 2027.

展望未來，部分影視娛樂資產的銷售過程正在進行中。結果將為我們的長期財務狀況提供信息。我們繼續預計收入將以中等個位數的複合年增長率增長，並將營業利潤率提高到 20%，並可能在 2027 年達到更高水平。

I couldn't be prouder of the work and dedication as teams have put into the business this past year. In the past several years, it's been dynamic, but they never shy away from a challenge. And while the year didn't end as we had planned, the Blueprint 2.0 strategy is in place, our teams are aligned behind it, and we are well along on the path of executing that plan.

我為團隊在過去一年中投入的工作和奉獻精神感到無比自豪。在過去的幾年裡，它一直充滿活力，但他們從不迴避挑戰。雖然這一年沒有按我們的計劃結束，但 Blueprint 2.0 戰略已經到位，我們的團隊在它的支持下保持一致，並且我們在執行該計劃的道路上進展順利。

Before I close, since we last spoke in October, I announced my plans to retire from Hasbro. I remain committed to this company and team and will stay until my successor is in place and there is an orderly transition. During my time at Hasbro, we've accomplished more than I could have imagined. And I know this company has even more amazing accomplishments ahead of it. Thank you for your partnership and support of Hasbro all these years. It was a hard decision, but I am confident that Hasbro is in good hands. We are now happy to take your questions.

在我結束之前，自從我們上次談話是在 10 月份，我宣布了我從孩之寶退休的計劃。我仍然致力於這家公司和團隊，並將一直待到我的繼任者到位並進行有序的交接。在孩之寶工作期間，我們取得的成就超出了我的想像。我知道這家公司還有更多令人驚嘆的成就。感謝您多年來對孩之寶的合作與支持。這是一個艱難的決定，但我相信孩之寶會得到妥善處理。我們現在很樂意回答您的問題。

(Operator Instructions) Our first questions come from the line of Arpine Kocharyan with UBS.

（操作員說明）我們的第一個問題來自瑞銀集團的 Arpine Kocharyan。

So down 20% in the first half means that back half needs to be up mid-single digits for the year -- for the second half. I guess, what visibility you have on that 5% to 6% growth in the second half? And does that include any assumption for a recession or not particularly sort of steady-state macro picture? And then I have a quick follow-up.

因此，上半年下降 20% 意味著下半年後半年需要增長中等個位數。我想，你對下半年 5% 到 6% 的增長有什麼看法？這是否包括對經濟衰退的任何假設或不是特別穩態的宏觀圖景？然後我有一個快速跟進。

No worries, Arpine, Yes. So we look at the first half, we look at a couple of different factors. The first is we see -- we saw a difficult Q4 in the consumer discretionary sector as a whole and in toys and games, in particular. We would anticipate that, that's going to continue in Q1 and Q2 and potentially roll into at least part of Q3 as well before starting to normalize in Q4 back to a more traditional growth level. So that's one set of headwinds that we factored in.

別擔心，Arpine，是的。所以我們看上半年，我們看幾個不同的因素。首先是我們看到的——我們看到整個非必需消費品行業的第四季度艱難，尤其是玩具和遊戲行業。我們預計，這將在第一季度和第二季度繼續，並可能至少進入第三季度的一部分，然後在第四季度開始正常化，回到更傳統的增長水平。所以這是我們考慮的一組逆風。

The other one that we're looking at is [2022] (corrected by company after the call) had historically an unusual sales pattern with it. Retailers were buying much earlier in the year. We were playing catch-up from 2020, particularly in Q1, in terms of fulfilling orders, and we don't see that happening this time. Actually, we see retail inventory not unhealthy but still having a little bit of an overhang given the slowing consumer demand that we saw in Q4. So we see kind of demand starting to normalize, I think something like -- we were something like 57% of our sales were for the second half last year. And this year, we probably see that in the 60% to 65% range, which is more historically normal for 2019 and before. So that has something at play.

我們正在查看的另一個是 [2022]（在電話會議後由公司更正）在歷史上具有不尋常的銷售模式。零售商在今年早些時候採購。我們從 2020 年開始追趕，特別是在第一季度，在履行訂單方面，我們這次沒有看到這種情況發生。實際上，我們認為零售庫存並非不健康，但鑑於我們在第四季度看到的消費者需求放緩，零售庫存仍略有過剩。所以我們看到某種需求開始正常化，我認為是這樣的——我們大約 57% 的銷售額來自去年下半年。而今年，我們可能會看到這一比例在 60% 至 65% 的範圍內，這在 2019 年及之前的歷史上更為正常。所以這在起作用。

And then we just look at our overall release calendar across Wizards of the Coast, across our Entertainment segment and across Consumer Products. And we have a pretty exciting Q3 in terms of new products across all of them and a lot of entertainment that's going to be coming out in Q2 and having a nice kind of halo effect into Q3 and Q4. So that's kind of what informed our overall quarterly mix and half mix and some of the assumptions we made in it. Deb, do you have anything to add?

然後我們只看我們整個海岸奇才、娛樂部門和消費產品的整體發布日曆。就所有新產品而言，我們有一個非常令人興奮的第三季度，第二季度將推出許多娛樂活動，並在第三季度和第四季度產生一種很好的光環效應。所以這就是我們整體季度組合和半組合以及我們在其中做出的一些假設的信息。 Deb，你有什麼要補充的嗎？

Yes. No, I would just agree, Chris. I think we see 2022 was a bit of an anomaly in the order pattern early in the year. And we do expect to get back to those historical shipment patterns. We think retailers will, closer to the holiday season, that's typical, and we also see that in our business. And with all the entertainment, we're really excited.

是的。不，我只是同意，克里斯。我認為我們看到 2022 年年初的訂單模式有點反常。我們確實希望回到那些歷史運輸模式。我們認為零售商會在臨近假期時出現這種情況，這很典型，我們在我們的業務中也看到了這一點。有了所有的娛樂，我們真的很興奮。

Great. Arpine, you had a follow-up.

偉大的。 Arpine，你有跟進。

Yes. This is super helpful, perhaps partially answers my second question, but I'm still going to ask this because I've been getting a lot of feedback from investors as well on this sort of math. So I'm calculating about 5 percentage points of revenue headwind from just giving up the Disney Princess present license for the Consumer Product business, plus you have about 3 to 4 points of inventory overhang. And you're guiding that segment, Consumer Products business, to be down mid-single digit.

是的。這非常有幫助，也許部分回答了我的第二個問題，但我仍然會問這個問題，因為我也從投資者那裡得到了很多關於此類數學的反饋。因此，我計算出，僅僅放棄迪士尼公主消費品業務的現有許可，就會帶來大約 5 個百分點的收入逆風，再加上你還有大約 3 到 4 個百分點的庫存過剩。你正在引導消費品業務這一細分市場下降到中等個位數。

Could you just walk us through what is growing to offset that 4 points of overhang? I think you had a good rundown on some of the TRANSFORMERS stuff, obviously, D&D. And also while we are added, could you give us a sense where the D&D merchandise is going to be reported? Is this going to be -- is there anything in Consumer Products? Or all of that is going to be within the Wizard segment?

您能否向我們介紹一下正在增長的內容以抵消這 4 個懸垂點？我認為你對一些變形金剛的東西有很好的了解，顯然，D&D。另外，在添加我們的同時，您能否告訴我們將在何處報告 D&D 商品？這會是——消費品中有什麼內容嗎？或者所有這些都將屬於嚮導部分？

Yes. So I think as we've reported in the past, the average that we experienced over the last several years on Disney Princesses was about $250 million of revenue with the peak in around 2019 with the last Frozen movie. Last year, we were well off that peak as we were starting to exit that business and it transitioned to another company. So that would be how I would think about in modeling that.

是的。所以我認為正如我們過去報導的那樣，過去幾年我們在迪士尼公主身上的平均收入約為 2.5 億美元，在 2019 年左右的最後一部冰雪奇緣電影中達到頂峰。去年，當我們開始退出該業務並將其轉移到另一家公司時，我們已經遠離了那個高峰。這就是我在建模時的想法。

And then, yes, we see about $135 million of inventory overhang at retail. And then we have a little bit less than that in terms of inventory that we're holding on to as well. We think that will take the full year to kind of move through, but I think we'll move through a good hunk of that and our fair share in the first 2 quarters of the year.

然後，是的，我們看到大約 1.35 億美元的零售庫存積壓。然後就我們持有的庫存而言，我們的庫存也比這少一點。我們認為這將需要一整年的時間才能完成，但我認為我們將在今年的前兩個季度完成其中的大部分和我們的公平份額。

And then when we look at kind of what the growth vectors are, we have a strategy where we want to grow in 5 focus categories, and we have a plan for each of those categories. In outdoor action, which is helmed by NERF, we have an exciting lineup of new gel blasters that go after older consumers. We launched that in fall of last year, and the Mythic was our #1 item. And I think one of the #1 items in the category after that launch, we're going to be building out that category. And then on the opposite side of the market for kids 5 to 7, we have an all-new lineup of NERF Jr. products. that expands the markets down to lower age ranges with greater economics and I think really strong consumer insights associated with that. And then we're also doing some fairly aggressive pricing actions to make sure that we have compelling products at every winning price point from $10 to $20 to $30 on up.

然後當我們看看增長向量是什麼時，我們有一個戰略，我們希望在 5 個重點類別中增長，並且我們對每個類別都有一個計劃。在由 NERF 掌舵的戶外活動中，我們推出了一系列令人興奮的新型凝膠噴射器，以迎合年長的消費者。我們在去年秋天推出了它，而 Mythic 是我們的第一款產品。而且我認為在該類別中排名第一的項目之一，我們將建立該類別。然後在 5 至 7 歲兒童市場的對面，我們有全新的 NERF Jr. 產品系列。這將市場擴大到較低的年齡範圍，具有更大的經濟效益，我認為與此相關的消費者洞察力非常強。然後我們還採取了一些相當激進的定價行動，以確保我們在每個獲勝的價格點上都有引人注目的產品，從 10 美元到 20 美元到 30 美元不等。

On action, we have a very robust entertainment slate. Between 6 blockbuster films and a host of new streaming series and kids animation supporting it, it's fair to say, you could quote me, that I think we have a stacked lineup. And that's going to help us in Q2. It's not going to fully offset some of the headwinds that we see in Q2, but it's going to help. And I think that's going to have dividends in Q3 and Q4.

在行動上，我們有一個非常強大的娛樂板塊。在 6 部大片和一系列新的流媒體系列以及支持它的兒童動畫之間，可以公平地說，你可以引用我的話，我認為我們有一個堆積的陣容。這將在第二季度幫助我們。它不會完全抵消我們在第二季度看到的一些逆風，但它會有所幫助。我認為這將在第三季度和第四季度產生紅利。

Then in creativity, PLAY-DOH was one of our top-performing growth brands last year. It grew share inside of the creativity space. We have new compounds. I think we have some best sellers that we're going to be annualizing this year and expanding distribution on. So we feel pretty good about where PLAY-DOH is going to go.

然後在創意方面，培樂多是我們去年表現最好的增長品牌之一。它在創意空間中的份額越來越大。我們有新化合物。我認為我們有一些暢銷書，我們將在今年對其進行年度化並擴大分銷範圍。所以我們對 PLAY-DOH 的發展方向感到非常滿意。

On preschool, PEPPA PIG continues to be one of the top entertainment brands for little kids of any stripe and we continue to feel good about that product line. And our partnership in Disney has never been stronger. Spidey and his Amazing Friends was one of the top new properties in preschool. And we feel really bullish on Star Wars: Young Jedi Adventures. We think that's going to be an amazing show and a super compelling product line that will come out later this year.

在學前班，PEPPA PIG 仍然是適合各種類型的小孩的頂級娛樂品牌之一，我們繼續對該產品線感到滿意。我們與迪士尼的合作關係從未如此牢固。 Spidey and his Amazing Friends 是學前班最熱門的新作品之一。我們非常看好《星球大戰：少年絕地大冒險》。我們認為這將是一個令人驚嘆的節目和一個超級引人注目的產品線，將於今年晚些時候推出。

In games, when you look at our games portfolio, we feel pretty good about the innovation we have there. We just came back from Nuremberg Toy Fair. Got great feedback on TWISTER RAVE, really strong feedback on CLUE and kind of the balance of the line. So we're feeling good about the innovation there. And then certainly, Wizards of the Coast, continues to crank out really strong products. Phyrexia , our latest Phyrexia set is doing quite well out of the gates. Early on in Q1, Dominaria Remastered was our January set release and that sold very, very well. So we feel good about the fundamentals of magic. D&D continues to grow at pace, and we have a fantastic entertainment lineup there and really starting to build out the 4 quadrant nature of our products across that lineup.

在遊戲方面，當您查看我們的遊戲組合時，我們對我們的創新感到非常滿意。我們剛從紐倫堡玩具展回來。在 TWISTER RAVE 上得到了很好的反饋，在 CLUE 上得到了非常強烈的反饋，並且在某種程度上平衡了這條線。所以我們對那裡的創新感覺很好。然後當然，Wizards of the Coast 繼續推出真正強大的產品。非瑞克西亞，我們最新的非瑞克西亞套裝在開箱即用時表現相當出色。在第 1 季度初期，多明納里亞重製版是我們 1 月份發布的系列，銷量非常非常好。所以我們對魔術的基礎感覺很好。 D&D 繼續快速增長，我們在那裡擁有出色的娛樂陣容，並真正開始在該陣容中構建我們產品的 4 象限性質。

And then we have a several new products that we've talked about in certain toy fairs and with retailers that we haven't yet had a chance to announce yet, but I think people will be pretty pleased with those. And the retailer reaction that we're getting I think, indicates some incremental growth vectors that we'll talk about more later this year. Deb, anything to add? .

然後我們有幾個新產品，我們已經在某些玩具展上和零售商討論過，我們還沒有機會宣布，但我認為人們會對這些產品感到非常滿意。我認為我們得到的零售商反應表明我們將在今年晚些時候更多地討論一些增量增長向量。 Deb，有什麼要補充的嗎？ .

Yes. I would just -- just to comment on the D&D. We will see some revenue coming through our Consumer Products division as well as Wizards of the Coast. And as I commented earlier, from an entertainment standpoint, based on when the movie is released and our share of the box office, we expect to see that later in the year, maybe some in the third quarter, probably more in the fourth quarter. And the cash that's associated with that will come really in 2024 in a meaningful way. So we're very excited about that release.

是的。我只想 - 只是評論 D&D。我們將看到一些收入來自我們的消費品部門以及海岸奇才。正如我之前評論的那樣，從娛樂的角度來看，根據電影上映的時間和我們在票房中所佔的份額，我們預計會在今年晚些時候看到，也許在第三季度會有一些，第四季度可能會更多。與此相關的現金將在 2024 年以有意義的方式真正到來。所以我們對該版本感到非常興奮。

So Arpine, that's the first thing you're going to see traveling through the Blueprint. And well, it's a great brand, and we're very excited, and we're looking forward to bringing more fans into this brand who can really enjoy it for years to come because it is a great brand that can be enjoyed by people of all ages.

所以 Arpine，這是你在藍圖中旅行時首先要看到的東西。好吧，這是一個偉大的品牌，我們非常興奮，我們期待著為這個品牌帶來更多的粉絲，他們可以在未來幾年真正享受它，因為它是一個偉大的品牌，可以被人們所喜愛所有年齡段。

our next questions come from the line of Eric Handler with Roth MKM.

我們的下一個問題來自 Eric Handler 與 Roth MKM 的對話。

First, with regards to Wizards of the Coast, do you expect MAGIC to grow in 2022? And then as we think about the cadence, I imagine it will look a little bit different than Consumer Products, I would think your toughest comp for MAGIC is in the fourth quarter, your easiest comp is in the third quarter. I'm not sure how to think about the first half of the year.

首先，關於 Wizards of the Coast，您預計 MAGIC 會在 2022 年有所增長嗎？然後當我們考慮節奏時，我想它看起來與消費產品有點不同，我認為你對 MAGIC 最艱難的比賽是在第四季度，你最簡單的比賽是在第三季度。我不確定如何看待今年上半年。

Sure. Eric, yes, I think the question was will a grow in 2023. It grew pretty well in 2022. Yes, we expect MAGIC to grow. I think the growth will be a bit moderated versus what we saw in prior years. We're taking some of the feedback to heart. We had some supply chain issues last year, which forced us to compress our release schedules, particularly in October of this year due to a couple of releases slipping from April and August into October along with our regularly scheduled releases. We're going to be spacing those out in a more even basis. We think we've got to handle on all the supply chain issues that we had with paper stock and local paper production.

當然。埃里克，是的，我認為問題是 2023 年會增長。它在 2022 年增長得很好。是的，我們預計 MAGIC 會增長。我認為與前幾年相比，增長會有所緩和。我們將一些反饋牢記在心。去年我們遇到了一些供應鏈問題，這迫使我們壓縮了我們的發佈時間表，特別是在今年 10 月，因為一些發布從 4 月和 8 月推遲到 10 月，以及我們的定期發布。我們將在更均勻的基礎上將它們分開。我們認為我們必須處理我們在紙庫存和本地紙張生產方面遇到的所有供應鏈問題。

So that will change the nature of what our revenue distribution is by quarter. In general, I think we expect MAGIC and Wizards to have a good Q1. Q2 is actually our toughest comp of the year, and we think that will actually be down just given the nature of moving some releases around. Q3 should be a very strong quarter. And actually, we think Q4 will be a pretty solid quarter as well when you look across the Wizards business.

因此，這將改變我們按季度分配收入的性質。總的來說，我認為我們希望魔術隊和奇才隊有一個好的第一季度。 Q2 實際上是我們今年最艱難的比賽，我們認為，考慮到移動某些版本的性質，這實際上會有所下降。第三季度應該是一個非常強勁的季度。事實上，我們認為第四季度也將是一個非常穩固的季度，當你縱觀奇才業務時。

Great. And then just as a follow-up to that. When you look at MAGIC and the vectors for growth, you have a very full release slate, you pulled a lot of levers there. So is the growth for MAGIC now pretty much just predicated on expanding the player base? And what do you do to keep that player base growing?

偉大的。然後作為後續行動。當你看 MAGIC 和增長的載體時，你有一個非常完整的發佈板，你在那里拉了很多槓桿。那麼，現在 MAGIC 的增長是否僅僅取決於擴大玩家群？你如何保持玩家群的增長？

Well, MAGIC is arguably one of our most innovative product and design teams. I would never discount their ability to figure out new ways to engage players and delight our fans. They've had a pretty good track record. We've grown that brand for 13 out of the last 14 years. And I think the one year, it was down, it was down maybe 2% or 3%. That was actually my first year on the business. We turned that around pretty significantly, I think, over the last 5 years.

好吧，MAGIC 可以說是我們最具創新性的產品和設計團隊之一。我永遠不會低估他們找到新方法來吸引球員和取悅我們球迷的能力。他們有一個很好的記錄。在過去的 14 年中，我們已經發展了 13 年的品牌。我認為那一年，它下降了，可能下降了 2% 或 3%。那實際上是我從事這項業務的第一年。我認為，在過去的 5 年裡，我們非常顯著地扭轉了這一局面。

So as we think about growing MAGIC, we always think about, okay, how can we engage our existing players more, how can we find new fans and then how can we attract lapsed fans. And I think that's going to be the magic formula for this year as well. I think we have some exciting new initiatives. I think one of -- the one I'm most looking forward to, and I think we've seen some early success is Universes Beyond. Our Warhammer set that we released in October of last year, we couldn't keep in stock. That's on its third reprint it's doing very, very well. I think our hobby shops and our retail partners are thrilled by it. And as big of a IP as Warhammer is, we're going to be going out with the OG of fantasy with Lord of the Rings come this June.

所以當我們考慮發展 MAGIC 時，我們總是在想，好吧，我們如何才能更多地吸引現有玩家，我們如何才能找到新的粉絲，然後我們如何才能吸引流失的粉絲。我認為這也將成為今年的神奇公式。我認為我們有一些令人興奮的新舉措。我認為其中之一——我最期待的，我認為我們已經看到了一些早期的成功，那就是 Universes Beyond。我們去年 10 月發布的戰鎚套裝，我們無法保持庫存。這是它的第三次再版，它做得非常非常好。我認為我們的愛好商店和我們的零售合作夥伴對此感到非常興奮。和戰鎚一樣重要的 IP，我們將在今年 6 月與指環王一起推出奇幻原作。

We think that's a big fan base. It's a very ripe adjacency for MAGIC: THE GATHERING. And we think it's a great opportunity for Lord of the Rings to introduce them to our fan base and help kind of grow their business. and an awesome opportunity to introduce Lord of the Rings fans who love Fantasy into a deep strategic game like MAGIC. So I think that will be both an opportunity to attract new fans and also add some collector surprises as well for our existing fans.

我們認為這是一個很大的粉絲群。對於萬智牌來說，這是一個非常成熟的鄰接關係。我們認為這是指環王將他們介紹給我們的粉絲群並幫助他們發展業務的絕佳機會。以及將熱愛 Fantasy 的指環王粉絲引入像 MAGIC 這樣的深度戰略遊戲的絕好機會。所以我認為這既是吸引新粉絲的機會，也為我們現有的粉絲增加了一些收藏驚喜。

Our next questions come 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。

Maybe just ask Arpine's question in a little bit of a different way. So is the $300 million that you cited in brand exits and market exits, is that all in Consumer Products? And if so, the excess inventory and that $300 million would represent a 12-point headwind which would suggest you expect core growth maybe in that high single-digit range in the context of the overall Consumer Products guide. So first, is that right? And then if so, can you maybe tell us how that compares to what those brands, the core brands, did in 2022? And what drives your expectation for such strong share gains relative to your expectation for the industry to be flat to down?

也許只是以不同的方式問 Arpine 的問題。那麼，您在品牌退出和市場退出中提到的 3 億美元是否全部用於消費品？如果是這樣，庫存過剩和 3 億美元將代表 12 點逆風，這表明您預計核心增長可能在整體消費品指南的背景下處於高個位數範圍內。那麼首先，是這樣嗎？如果是這樣，您能否告訴我們這與這些品牌（核心品牌）在 2022 年的表現相比如何？相對於您對該行業持平或下降的預期，是什麼促使您對如此強勁的份額增長的預期？

Sure. If you -- in our investor deck, we have a waterfall, which walks through our expectations of $300 million of headwinds in the -- on the slide that says 2023 outlook, just in case you want to take a look at it after the call. We do see that $300 million headwind spread across our business, but it is concentrated in Consumer Products. We're exiting several rather significant licenses this year like Disney Princesses and SESAME STREETs and Trolls. Those were pretty low margin businesses for us. Frankly, they were negative margin businesses for us in aggregate, but it does have a top line effect.

當然。如果你 - 在我們的投資者甲板上，我們有一個瀑布，它通過我們對 3 億美元逆風的預期 - 在幻燈片上說 2023 年展望，以防你想在電話會議後看一下.我們確實看到 3 億美元的不利因素席捲了我們的業務，但主要集中在消費品領域。我們今年將退出幾個相當重要的許可，例如 Disney Princesses 和 SESAME STREETs and Trolls。對我們來說，這些業務的利潤率很低。坦率地說，它們對我們來說總體上是負利潤業務，但它確實具有頂線效應。

We've transitioned several of our in-house brands like Easy-Bake Oven, LITTLEST PET SHOP into an out-licensing model. So we think that will be accretive on a bottom line basis, but it will impact our top line because some of those brands drive meaningful revenue. And we'd likely have a few more planned that we have yet to announce.

我們已經將幾個內部品牌（如 Easy-Bake Oven、LITTLEST PET SHOP）轉變為對外許可模式。因此，我們認為這將在底線的基礎上增加，但它會影響我們的收入，因為其中一些品牌帶來了可觀的收入。我們可能還有一些尚未宣布的計劃。

FX is certainly a continued headwind that we're anticipating certainly in the first half of the year, more notably than the second half as we comp FX, and that will affect all of our businesses. But CP tends to be our most internationally exposed. We exited a couple of entertainment businesses last year. One that's called Secret Location, had meaningful top line, not so meaningful bottom line, that was a location-based business, and then a couple of digital businesses and also some theatrical distribution that will impact entertainment. And then, of course, Russia, we exited Russia in March of last year. And so that comp will be most difficult in Q1.

外匯肯定是一個持續的逆風，我們預計在今年上半年肯定會出現這種情況，比我們計算外彙的下半年更明顯，這將影響我們所有的業務。但是 CP 往往是我們最國際化的。去年我們退出了一些娛樂業務。一個叫做 Secret Location 的公司，它的頂線很有意義，但底線並不那麼有意義，這是一個基於位置的業務，然後是一些數字業務，還有一些會影響娛樂的戲劇發行。然後，當然是俄羅斯，我們在去年 3 月退出了俄羅斯。因此，第一季度的比賽將是最困難的。

So when we add all that together, it adds up to about $300 million of total revenue headwinds. We see about 60% of that hitting in the first half of the year and the balance in the second half. But then when we look at kind of like our release calendar for entertainment, for Wizards and for our Consumer Products business, we look at kind of the retail promotions we have lined up, the feedback we're getting and the volumetric testing that we're doing on the items because we've expanded that basically threefold this year versus what we did for 2022, we feel like the second half of the year, when you combine that with an input what we anticipate will be improving macroeconomic conditions, should yield the growth that we have projected.

因此，當我們將所有這些加在一起時，總收入逆風加起來約為 3 億美元。我們看到大約 60% 的影響發生在今年上半年，其餘部分發生在下半年。但是當我們查看我們的娛樂、威世智和消費品業務的發布日曆時，我們會查看我們已經安排好的零售促銷活動、我們得到的反饋以及我們的容量測試。之所以重新處理這些項目，是因為我們今年的規模基本上是 2022 年的三倍，我們覺得下半年，當你將其與我們預期將改善宏觀經濟狀況的投入結合起來時，應該會產生我們預測的增長。

Okay. And maybe a follow-up for Deb. When you look at the expected margin improvement, can you just talk through some of the puts and takes? It seems like from what you said, you should have SG&A deleverage, advertising, deleverage, so the improvements coming mostly from cost of sales and royalties? And can you maybe give any more color on the phasing or timing of that improvement considering the retail overhang and your owned inventory being a bit higher?

好的。也許是 Deb 的後續行動。當您查看預期的利潤率改善時，您能談談一些看跌期權嗎？從你所說的看來，你應該有 SG&A 去槓桿化、廣告、去槓桿化，所以改善主要來自銷售成本和特許權使用費？考慮到零售過剩和您的自有庫存略高，您能否在改進的階段或時間上給出更多顏色？

Right, of course. And you actually have hit it. I mean we're spending more on advertising, and we're making it much more focused. And again, if you look at Blueprint 2.0 and our focus on the consumer, you'll see more of that spend clearly against the consumer as we go forward. In 2022, we had a significant amount of sales allowances, and we talked about that in our prepared remarks. And we had a significant amount of closeouts. We do have some additional inventory. We'll be looking at closing out over the course of this year. That's built into our assumptions. We have that every year. And our inventory build, if we look at it, a big piece of it was preparing for the early releases of MAGIC: THE GATHERING and making sure we have paper on stock to print because that was in shortage -- short supply last year.

對，當然。而你實際上已經擊中了它。我的意思是我們在廣告上花費更多，而且我們正在讓它更加集中。再一次，如果你看看 Blueprint 2.0 和我們對消費者的關注，你會發現隨著我們的前進，更多的支出顯然是針對消費者的。 2022 年，我們有大量的銷售配額，我們在準備好的評論中談到了這一點。我們有大量的清倉。我們確實有一些額外的庫存。我們將考慮在今年結束。這是我們的假設。我們每年都有。而我們的庫存構建，如果我們看一下，其中很大一部分是在為萬智牌的早期發布做準備，並確保我們有庫存的紙張可供印刷，因為紙張短缺——去年供不應求。

So as we look at that, the closeouts that are in our own inventory, we see sending -- selling those out at the right time for both us and for retailers to maximize the profit on that. So you see the impact on our gross margin won't be as significant as it was in 2022 and all of the sales allowances. I mean it was important for us to reduce our inventory on hand at retail from where it's at in the third quarter. And we did have a lot of sales allowances in 2022 associated with that.

因此，當我們看到這一點時，我們自己庫存中的清倉，我們看到發送 - 在正確的時間為我們和零售商銷售這些產品，以最大限度地提高利潤。因此，您會看到對我們毛利率的影響不會像 2022 年和所有銷售津貼那樣顯著。我的意思是，對我們來說，減少第三季度零售庫存非常重要。我們在 2022 年確實有很多與之相關的銷售津貼。

So when you look at the reduction in sales allowances, you look at maximizing our closeouts go forward and, honestly, our cost savings. And we have a slide on this as well in our presentation. I think it's on Page 24. We continue to expect a very large percentage of our cost savings initiatives as part of our Operational Excellence program to come out of our cost of sales line. So it's a the piece that -- and I'm sorry, I apologize if we're getting some feedback. It seems to be me. That's not -- that gets a fuzzy -- it gets a fuzzy sound, but that's okay.

因此，當您查看銷售津貼的減少時，您會看到最大限度地推進我們的清倉，老實說，我們的成本節約。我們的演示文稿中也有關於此的幻燈片。我認為它在第 24 頁上。作為我們卓越運營計劃的一部分，我們繼續期望我們的成本節約計劃中有很大一部分來自我們的銷售成本線。所以這是一篇文章 - 很抱歉，如果我們收到一些反饋，我深表歉意。好像是我。那不是——那會變得模糊——它會發出模糊的聲音，但這沒關係。

As we look at that, we do see a significant portion of our cost savings coming out of our cost of sales line. So we expect cost of sales to be much more normalized as a percent of revenue in 2023 than we did in 2022 because of all those actions we took to make sure that we are being a better positioned for 2023 as well as retail.

當我們看到這一點時，我們確實看到我們節省的成本中有很大一部分來自我們的銷售成本。因此，我們預計 2023 年銷售成本佔收入的百分比將比 2022 年更加正常化，因為我們採取了所有這些行動來確保我們在 2023 年和零售業處於更好的定位。

Okay. So just to put a fine point on that, it doesn't sound like you -- the profit improvement is as heavily weighted to the second half as the revenue is. Is that fair?

好的。因此，為了說明這一點，這聽起來不像你——下半年利潤的改善與收入一樣重要。這公平嗎？

I think the challenge -- we expect to get the profit improvement throughout the year. I will say, based on some of the actions we've taken in connection with our Operational Excellence program, you will see more of the savings in the back half of the year. And that was really the comment we were trying to make on SG&A and admin. We'll see that impact in product development and in SG&A. However, we do have some headwinds in those lines, too. Overall, the first half of the year is a smaller part of the year for us. So the impacts are a bit greater when you look at the overall revenue.

我認為挑戰——我們希望全年都能提高利潤。我要說的是，根據我們在卓越運營計劃方面採取的一些行動，您將在今年下半年看到更多的節省。這確實是我們試圖對 SG&A 和管理髮表的評論。我們將在產品開發和 SG&A 中看到這種影響。然而，我們在這些方面也確實遇到了一些不利因素。總的來說，上半年對我們來說是一年中較小的一部分。因此，當您查看總收入時，影響會更大一些。

Our next questions come 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 wanted to pick apart the $300 million revenue headwind just a little bit more, in particular, the brands that you're out-licensing to other toy partners. What portion of that $300 million is that? Because I thought you said on your Analyst Day that it will be about $250 million to $300 million or somewhere in that range or $200 million to $250 million maybe. So what will it be this year of that $300 million?

我想進一步分析 3 億美元的收入逆風，特別是您將授權給其他玩具合作夥伴的品牌。那是那 3 億美元中的哪一部分？因為我以為你在你的分析師日說過，這將是大約 2.5 億到 3 億美元，或者在這個範圍內的某個地方，或者可能是 2 億到 2.5 億美元。那麼今年這 3 億美元會是什麼呢？

Of the $300 million this year, it would be slightly -- it would be maybe about -- it will be bit less than 1/3. Think about the timing of it. So we said, over time, we expect that revenue to be about $250 million. You're 100% right. If I look at that impact from '21, it would be about $100 million. This year, it would be -- from 2022, it would be less than that. And the reason why is we're providing an orderly transition to a license model. That's what's helping our operating profit as well. So we are losing revenue on that. We still will have some in 2022, but you'll see us transition out of that over time, and it will be a lower revenue number but a more profitable revenue number for us.

在今年的 3 億美元中，它會略微 - 它可能會 - 它會略低於 1/3。想想它的時機。所以我們說，隨著時間的推移，我們預計收入約為 2.5 億美元。你是 100% 正確的。如果我看一下 21 年的影響，那將是大約 1 億美元。今年，它將是——從 2022 年開始，它將少於這個數字。原因是我們提供了向許可模式的有序過渡。這也是幫助我們提高營業利潤的原因。所以我們正在失去收入。我們在 2022 年仍然會有一些，但隨著時間的推移，你會看到我們從這種情況中過渡出來，這將是一個較低的收入數字，但對我們來說是一個更有利可圖的收入數字。

For instance, FurReal would be a handoff throughout the year. Right.

例如，FurReal 將在全年進行交接。正確的。

Sorry, what was that, Chris? .

抱歉，那是什麼，克里斯？ .

For instance, Fur Real Friends would be a handoff that would happen throughout the year and a couple of the ones that we haven't announced what yet would be a handoff throughout the year with the full transition by 2024.

例如，Fur Real Friends 將是全年進行的交接，還有一些我們尚未宣布的交接將在全年進行，到 2024 年將完全過渡。

Right, right. It's going to take them a little while. I got it. Okay. Then my second question would be on the inventory number, the $676 million of inventory. Also your channel inventory why couldn't you be more aggressive in liquidating your owned inventory? Why couldn't you be more aggressive in in-store promotions to get rid of the inventory at retail? It just didn't seem like you were very aggressive in in-store promotions.

是的是的。這需要他們一些時間。我得到了它。好的。那麼我的第二個問題是關於庫存數量，即 6.76 億美元的庫存。此外，您的渠道庫存為什麼不能更積極地清算您擁有的庫存？您為什麼不能更積極地進行店內促銷以消除零售庫存？只是看起來您在店內促銷方面並不十分積極。

Well, we can. I think it's just a choice of how do we maximize the asset and maximize the returns for it. So our view is by being a bit more parsimonious about how we dole out quarter-over-quarter, we'll be able to maximize the margin return that we have on the inventory.

好吧，我們可以。我認為這只是我們如何最大化資產並最大化其回報的選擇。因此，我們的觀點是，通過更加節儉地了解我們如何按季度分配，我們將能夠最大限度地提高我們在庫存上的利潤率回報。

Our next questions come from the line of Jamie Katz with Morningstar.

我們的下一個問題來自 Jamie Katz 與 Morningstar 的合作。

I have a couple of clarifications, actually. I think during the prepared comments, you guys had noted that Q4 POS turns had slowed, but I don't know if you delineated whether that meant they went negative or if they were still positive at retail. So would you be able to clarify that?

實際上，我有幾點需要澄清。我想在準備好的評論中，你們已經註意到第四季度 POS 轉變已經放緩，但我不知道你們是否描述了這是否意味著它們轉為負值或者它們在零售方面是否仍然是正值。那麼你能澄清一下嗎？

Yes. Our POS was down in toys and games last year by the mid-teens kind of mark overall, which was slower than what we saw for the balance of the year. So that's kind of where that comment was generated. Wizards of the Coast saw strong turns, but that's not captured in our POS tracking, at least the public POS tracking. And our direct business and our licensors saw healthy gains as well.

是的。去年，我們的 POS 在玩具和遊戲方面整體下降了十幾歲，這比我們今年餘下時間看到的要慢。這就是該評論產生的地方。 Wizards of the Coast 經歷了強勁的轉折，但我們的 POS 跟踪沒有捕捉到這一點，至少公共 POS 跟踪沒有捕捉到。我們的直接業務和我們的許可人也看到了健康的收益。

Okay. And then I think there was a comment that EBIT could be higher than 20%. And I want to make sure that's not contingent on the sale or divestiture of that entertainment business that, that comment was made sort of as the business is as is. But theoretically, if you guys did divest that entertainment business, that cost structure or profit structure would actually have more upside opportunity if I'm thinking about that right.

好的。然後我認為有評論說息稅前利潤可能高於 20%。而且我想確保這不取決於該娛樂業務的出售或剝離，即該評論是按照業務現狀進行的。但從理論上講，如果你們確實剝離了娛樂業務，如果我考慮的是正確的，那麼成本結構或利潤結構實際上會有更多的上行機會。

Yes. So I think all of our forward guidance is on an as-is basis, where it's assumed that entertainment stays with us. Now obviously, we're in a sales process, and that's pretty far advanced. So we feel like, by midyear, we'll be able to have a significant update on where we see that going.

是的。因此，我認為我們所有的前瞻性指導都是基於現狀，假設娛樂與我們同在。現在很明顯，我們處於銷售過程中，這已經非常先進了。所以我們覺得，到年中，我們將能夠對我們看到的進展情況進行重大更新。

The comment that Deb made was we're still targeting 2027 for a 20% operating profit margin. We might be able to beat that by a couple of quarters. But right now, we're maintaining 2027 as a target. Assuming a sale happens as the majority of the noncore TV and film assets, I think we could accelerate that target quite significantly.

Deb 發表的評論是，我們仍將 2027 年的營業利潤率定為 20%。我們也許可以領先幾個季度。但現在，我們將 2027 年作為目標。假設出售大部分非核心電視和電影資產，我認為我們可以大大加快實現這一目標。

Our next questions come from the line of Linda Bolton-Weiser with D.A. Davidson.

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

I got on a little bit late. So sorry if like I missed this. But I think the thing that was surprising the most about the fourth quarter results we all understand what was going on with toys. But the miss on the entertainment revenue, to me, that's something that was projectable because you have deliveries, et cetera. So can -- you sorry, again, if I missed it, but what are the key reasons that you had trouble projecting what the revenue would be for entertainment in the fourth quarter?

我上車有點晚了。很抱歉，如果我錯過了這個。但我認為第四季度業績最令人驚訝的是我們都明白玩具的情況。但對我來說，娛樂收入的損失是可以預測的，因為你有交付等等。那麼可以 - 再次抱歉，如果我錯過了，但是你無法預測第四季度娛樂收入的主要原因是什麼？

No problem. Linda, thanks for joining the call. For entertainment, it really just had to do with timing of deliveries that our partners, our network partners wanted. And to a certain degree, we're a vendor working on their behalf, and they have a fair degree of flexibility about when they'll accept deliveries on products. We had assumptions that we would be able to achieve by end of December some of these deliveries. And some of them got moved out not just by a couple of weeks but by several quarters as they're managing their own P&Ls. And so that's what really drove the material difference.

沒問題。琳達，感謝您加入電話會議。對於娛樂，它實際上只與我們的合作夥伴、我們的網絡合作夥伴想要的交付時間有關。在某種程度上，我們是代表他們工作的供應商，他們在何時接受產品交付方面具有相當大的靈活性。我們假設我們能夠在 12 月底之前完成其中一些交付。他們中的一些人在管理自己的損益表時不僅搬走了幾個星期，而且搬走了幾個季度。所以這才是真正推動物質差異的原因。

Okay. And then just -- there's just so many things going on here in 2023. But if you had to just boil it down to maybe the one or 2 key things that you have to execute in order to drive the top line and then the same question on the margin performance, like what would be the key thing in your mind out of all these different things you need to that are the most critical to succeed at?

好的。然後 - 2023 年這裡發生了很多事情。但是如果你不得不將它歸結為可能你必須執行的一兩件關鍵事情才能推動頂線，然後是同樣的問題關於利潤率表現，比如在你需要的所有這些不同的事情中，你認為最關鍵的是什麼是成功的關鍵？

Well, I think on the top line, when you're looking at a market that's flat to potentially down for a year, it's share gain. So we need to execute against our 5 focus categories and deliver the right pricing, the right promotion at retail and make sure we get our product in there and well assorted. -- we missed our marks on that in 2022 in too many areas. We grew in 2. We grew in creativity and preschool, but we need to grow more fulsomely across all of them.

嗯，我認為最重要的是，當你看到一個持平甚至可能下跌一年的市場時，它就是股票收益。因此，我們需要針對我們的 5 個重點類別執行，並提供正確的定價、正確的零售促銷，並確保我們的產品在那裡銷售並得到很好的分類。 ——我們在 2022 年的很多領域都沒有達到我們的目標。我們在 2 年成長。我們在創造力和學前教育方面成長，但我們需要在所有這些方面更加全面地成長。

And so when we look at our product road map, when we look at the quantitative testing we've been doing and we look at the promotions we have in place, both pricing as well as what we're doing just to drive kind of availability of product, we feel better positioned for that for 2023.

因此，當我們查看我們的產品路線圖時，當我們查看我們一直在進行的定量測試時，我們會查看我們進行的促銷活動，包括定價以及我們正在做的只是為了推動某種可用性的產品，我們覺得 2023 年的定位更好。

I think the second thing we have to do to drive the top line is responsibly manage down our inventory. And we'll be doing a good hunk of that in Q1 and Q2, but I think that also gets back to your bottom line question, which is, hey, we need to do that responsibly and not just make a fire sale because that's not going to help our bottom line and ultimately not help our capacity to be able to fund our growth initiatives.

我認為要推動收入增長，我們必須做的第二件事就是負責任地管理我們的庫存。我們將在第一季度和第二季度做很多事情，但我認為這也回到了你的底線問題，那就是，嘿，我們需要負責任地做這件事，而不僅僅是進行大甩賣，因為那不是將有助於我們的底線，最終不會幫助我們為我們的增長計劃提供資金的能力。

And then the last thing I think you really need to look at for bottom line, last 2 things, internally, this wouldn't be as available to you, but it's a big area of focus for us. It's making sure we have really robust demand planning and supply chain management in place. I feel really good about the team that we're building around that, but that's going to be something that we need to improve our marks on and then driving our savings goals. We have $150 million gross savings goal for this year. We'll be reporting on that every quarter in terms of progress. And that's going to be a meaningful bucket of money that will drive both bottom line performance and help to fund increases in our advertising and promotion budget and our ability to be price competitive.

然後我認為你真正需要考慮的最後一件事是底線，最後兩件事，在內部，這對你來說不可用，但它是我們關注的一個大領域。它確保我們擁有真正強大的需求計劃和供應鏈管理。我對我們圍繞它建立的團隊感覺非常好，但這將是我們需要提高我們的分數然後推動我們的儲蓄目標的事情。我們今年的總儲蓄目標為 1.5 億美元。我們將每個季度就進展情況進行報告。這將是一筆有意義的錢，它將推動底線業績，並有助於為我們的廣告和促銷預算的增加以及我們的價格競爭力提供資金。

Our next questions come from the line of Jason Haas with Bank of America.

我們的下一個問題來自美國銀行的 Jason Haas。

I had one follow-up on -- I think the question was asked on the cadence of Wizards of the Coast segment revenue. I think you said -- or I think the guidance is for a mid-single-digit revenue. It sounds like, last year, there were some releases that got pushed to the second half of the year. So I was just curious is the expectation that Wizards will again have sort of a back half weighted year? Or is that mid-single digits is sort of a fair run rate to use in each of the quarters? Just trying to get a sense of the cadence there.

我有一個後續行動——我認為這個問題是關於海岸奇才部門收入的節奏。我想你說過 - 或者我認為指導是針對中個位數的收入。聽起來，去年有一些版本被推遲到了下半年。所以我很好奇奇才隊會再次有一個後半年加權的期望嗎？還是每個季度使用中等個位數是一種公平的運行率？只是想了解那裡的節奏。

Yes. So on Wizards of the Coast and MAGIC in particular, as I talked in Eric's question, I think you should expect it up Q1 down Q2, a significant up Q3 and then a fair up in Q4. And that's just based on release timing. Last year, we had an April release that had to push by about 6 months into October, and we had an August release that had to push about 2 months into October. We don't feel like we're going to have that issue again. We feel like we're pretty well ahead of our supply chain issues, and the capacity of our vendors is pretty good. But that's generally how I think about it.

是的。因此，特別是在 Wizards of the Coast 和 MAGIC 上，正如我在 Eric 的問題中所說的那樣，我認為你應該期望它在 Q1 下降到 Q2，在 Q3 顯著上升，然後在 Q4 公平上升。這只是基於發佈時間。去年，我們有一個 4 月的版本，必須將大約 6 個月推到 10 月，而我們有一個 8 月的版本，必須將大約 2 個月推到 10 月。我們不覺得我們會再次遇到這個問題。我們覺得我們已經很好地解決了供應鏈問題，而且我們供應商的能力也很好。但這通常是我的想法。

Wizards doesn't have the seasonality of the overall Consumer Products business. It's more release-driven. So that's how I would look at it. MAGIC is going to be a pretty big component of their revenue for this year.

威世智沒有整個消費品業務的季節性。它更受發布驅動。這就是我的看法。 MAGIC 將成為他們今年收入的重要組成部分。

The other thing I'd note -- the only other thing I'd note is there is quite a big D&D component that will happen in Q3 and Q4 with the release of Baldur's Gate 3. Even though that's a licensed product, it's a pretty -- we have fair sized expectations about what that product is going to do. It was one of the most successful early access products and history on steam. And that will have meaningful revenue impact starting in Q3 and even more so in Q4 for D&D.

我要注意的另一件事——我唯一要注意的另一件事是，隨著博德之門 3 的發布，第 3 季度和第 4 季度將出現相當大的 D&D 組件。儘管這是一個許可產品，但它非常漂亮——我們對該產品的功能抱有相當大的期望。它是 Steam 上最成功的搶先體驗產品和歷史之一。從第三季度開始，這將對 D&D 的收入產生重大影響，對第四季度的收入影響更大。

That's helpful. And then you mentioned -- I think you described it as a misfiring on some of the proposed changes for the OGL. Was there any sort of financial impact to that in the first quarter? I think that, I guess, the controversy is kind of behind us at this point, but just curious if there's anything to look out for in 1Q.

這很有幫助。然後你提到 - 我認為你將其描述為對 OGL 的一些提議更改的失敗。第一季度是否對此產生了任何財務影響？我想，我想，爭議在這一點上已經過去了，但只是想知道第一季度是否有什麼需要注意的地方。

Yes. I mean we had some subscription cancellations, but they were comparatively minor in the totality of both the D&D, P&L and the Wizards P&L. Of course, we take anything like that seriously. We're in contact with the people who canceled. And in general, what we're finding is a lot of them are very open to restarting their subscriptions. D&D Beyond is a great platform. It's a really good value. And it's something that's been a good growth vector for us. We find it -- we feel about 8 months into owning the asset, it's been a really good purchase for us. It was EPS accretive within 6 months of joining the company. and we had over 20% user growth through the end of 2022, and the revenue growth was roughly commensurate with the user growth as well. So I think D&D should be on pace for a healthy 2023 with everything we have going on.

是的。我的意思是我們取消了一些訂閱，但它們在 D&D、P&L 和 Wizards P&L 的總體上相對較小。當然，我們會認真對待任何類似的事情。我們正在與取消預訂的人聯繫。總的來說，我們發現他們中的很多人都非常願意重新開始他們的訂閱。 D&D Beyond 是一個很棒的平台。這是一個非常好的價值。這對我們來說是一個很好的增長載體。我們發現它——我們覺得擁有該資產大約 8 個月，這對我們來說是一次非常好的購買。加入公司後 6 個月內 EPS 增加。到 2022 年底，我們的用戶增長超過 20%，收入增長也與用戶增長大致相當。因此，我認為 D&D 應該按照我們正在進行的一切，在 2023 年保持健康。

Our next questions come from the line of Matthew Catton with Jefferies.

我們的下一個問題來自 Matthew Catton 與 Jefferies 的對話。

The only question that I have left would be around -- you talked about some of the impacts of D&D Beyond being fully in the model for 2023 as well as the impact in the back half from Baldur's Gate. But is there any initiatives to maybe jump start revenue again within MAGIC: THE GATHERING Arena on mobile and PC during 2023? Or are some of those initiatives further out in the out years?

我留下的唯一問題是——你談到了 D&D Beyond 完全包含在 2023 年模型中的一些影響，以及博德之門後半部分的影響。但是，是否有任何舉措可能會在 2023 年期間在移動和 PC 上再次增加 MAGIC：THE GATHERING Arena 的收入？還是其中一些舉措在未來幾年會更進一步？

Matt, thanks for joining. Yes, I think the biggest thing on Arena is going to be the release on Steam in, I think, we're targeting Q3. the reason for the timeline to get to Q3 is we're reinventing what the new player experience is as we start to expand that so that it's an easier onboarding and a more fun way to learn how to play what is a super deep but can be a difficult learning curve game.

馬特，感謝您的加入。是的，我認為 Arena 上最重要的事情將是在 Steam 上發布，我認為我們的目標是第三季度。時間線到 Q3 的原因是我們正在重塑新玩家體驗，因為我們開始擴展它，這樣它是一種更容易的入門和更有趣的方式來學習如何玩超深但可以一個困難的學習曲線遊戲。

So we think Steam is going to help open up the game to more users. Obviously, we think there will be some decent revenue growth associated with that. Over the midterm, we continue to evaluate consoles, particularly Xbox and PlayStation platforms. And I think that will be an interesting opportunity for us but likely in 2024 and beyond.

所以我們認為 Steam 將幫助向更多用戶開放遊戲。顯然，我們認為與此相關的收入會有一些可觀的增長。在中期，我們將繼續評估遊戲機，尤其是 Xbox 和 PlayStation 平台。我認為這對我們來說將是一個有趣的機會，但可能在 2024 年及以後。

And then we continue to invest in figuring out new ways in which we can express MAGIC digitally. I mean if you think about the success of MAGIC over the last 5 years, the success really has been driving like this, what we call, a segmentation strategy where we are offering bespoke products to new segments of consumers that we either were underserving before or not serving it all before. And there's formats like Commander, which is a 4-player version of the game that's highly social. I'm enthused, as I know Cynthia and the team is, figuring out how we can get like a true multiplayer experience beyond 2 players for MAGIC digitally. And then I think we're still intrigued by digital collectability. I don't think you'll find us kind of going after the passing fad at the minute. But we do think digital collectability is going to be a thing, and it's going to stick. And so we continue to invest R&D about what the right approach is for that, whether doing it ourselves or doing it through a partner.

然後我們繼續投資尋找新的方式來以數字方式表達 MAGIC。我的意思是，如果你想想過去 5 年 MAGIC 的成功，成功真的是像這樣推動的，我們稱之為細分策略，我們向新的消費者細分市場提供定制產品，而這些細分市場之前我們要么服務不足，要么之前沒有全部提供。還有像 Commander 這樣的格式，這是一款高度社交的 4 人遊戲版本。正如我對 Cynthia 和團隊的了解，我很興奮地弄清楚我們如何才能以數字方式為 MAGIC 提供超越 2 名玩家的真正多人遊戲體驗。然後我認為我們仍然對數字收藏感興趣。我不認為你會發現我們正在追隨一時的時尚。但我們確實認為數字可收藏性將會成為一件事，而且它會堅持下去。因此，我們繼續投資研發，了解正確的方法是什麼，無論是自己做還是通過合作夥伴做。

We have reached the end of our question-and-answer session. I would now like to hand the call back over to Debbie Hancock for any closing comments.

我們的問答環節已經結束。我現在想將電話轉回給 Debbie Hancock 以徵求任何結束意見。

Thank you, 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. Thank you.

謝謝，也謝謝大家今天加入電話會議。重播將在大約 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佈在我們的網站上。謝謝。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。感謝您的參與。此時您可以斷開線路。享受你剩下的一天。