孩之寶 (HAS) 2023 Q1 法說會逐字稿

Good morning, and welcome to Hasbro's First Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早上好，歡迎來到孩之寶 2023 年第一季度收益電話會議。 （操作員說明）正在錄製今天的會議。如果您有異議，此時您可以斷開連接。

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

在這個時候，我想把電話轉給投資者關係高級副總裁黛比漢考克女士。請繼續。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Deb Thomas, Hasbro's Chief Financial Officer. Today, we will begin with Chris and Deb providing commentary on the company's performance. Then we will take your questions. 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，我們將從 Chris 和 Deb 開始對公司的業績發表評論。然後我們會回答你的問題。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. Today's guidance assumes we retain the noncore entertainment film and 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.

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。這些因素包括我們的 10-K 表格年度報告、我們最近的 10-Q、今天的新聞稿和我們其他公開披露的內容。今天的指導假設我們保留非核心娛樂電影和電視業務，儘管目前的營銷過程。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。

I would now like to introduce Chris Cocks. Chris?

我現在想介紹一下 Chris Cocks。克里斯？

Thanks, Debbie, and good morning. Six months ago, we unveiled our strategy for Hasbro, highlighting 3 priorities: focusing on fewer bigger brands and initiatives; building our consumer insight to grow share and drive innovation; and improving operational excellence to fuel bottom-line health and strategic reinvestment. It's a plan that recenters Hasbro on what has made us great for the past 100 years and which will serve as our foundation going forward: Play.

謝謝，黛比，早上好。六個月前，我們公佈了孩之寶的戰略，強調了 3 個優先事項：關注較少的大品牌和計劃；建立我們的消費者洞察力以增加份額並推動創新；提高卓越運營以推動底線健康和戰略再投資。這是一項計劃，讓孩之寶重新關注過去 100 年來讓我們變得偉大的東西，並將作為我們前進的基礎：玩。

Put simply, play is what we do. And as we celebrate our 100th anniversary, 2023 is about refocusing our teams to drive renewed leadership in toys and games, rightsizing our entertainment investments and driving fundamental improvements in our organization to deliver long-term success. With our strategy top of mind, let's review our Q1 results.

簡而言之，玩耍就是我們所做的。在我們慶祝成立 100 週年之際，2023 年將重新調整我們的團隊，以推動玩具和遊戲領域的新領導地位，合理調整我們的娛樂投資，並推動我們組織的根本性改進，以實現長期成功。考慮到我們的戰略，讓我們回顧一下第一季度的結果。

As anticipated, Q1 revenue was lower year-over-year, but ahead of expectations, driven by continued positive performance of Wizards of the Coast and Digital Gaming and another strong growth quarter for MAGIC: THE GATHERING. Revenue for the quarter was $1 billion, a year-over-year decline of 14%. Adjusted operating profit was $47.2 million, and adjusted earnings per share were $0.01. Wizards and Digital Gaming net revenue increased 12% year-over-year, with growth in both Magic and D&D. MAGIC: THE GATHERING was a standout performer, growing 16%, particularly impressive given its 40% growth in Q4. The fundamentals of Magic, Hasbro's first billion-dollar brand are strong with new player growth, player engagement and player sentiment all pointing in the right direction.

正如預期的那樣，第一季度收入同比下降，但超出預期，這得益於 Wizards of the Coast 和 Digital Gaming 的持續積極表現以及萬智牌的另一個強勁增長季度。本季度收入為 10 億美元，同比下降 14%。調整後營業利潤為 4720 萬美元，調整後每股收益為 0.01 美元。萬智牌和數字遊戲淨收入同比增長 12%，萬智牌和 D&D 均有增長。萬智牌表現出色，增長了 16%，尤其令人印象深刻，因為它在第四季度增長了 40%。孩之寶的第一個價值十億美元的品牌 Magic 的基本面強勁，新玩家增長、玩家參與度和玩家情緒都指向正確的方向。

We expect the positive momentum for Magic to continue with Q1 also seeing one of our most successful preorders ever for our upcoming Universes Beyond, The Lord of the Rings: Tales of the Middle-Earth set, which will launch in late Q2. Given our release calendar, we expect revenue for Magic to be down in Q2, but up solidly in Q3 and for the full year.

我們預計 Magic 的積極勢頭將在第一季度繼續，我們即將推出的《超越宇宙》、《指環王：中土傳說》套裝將成為我們有史以來最成功的預購之一，該套裝將於第二季度末推出。鑑於我們的發布日程，我們預計 Magic 的收入在第二季度會下降，但在第三季度和全年會穩步增長。

Consumer Products revenue declined 23% year-over-year. Point of sale was down for the quarter but improved from Q4 despite exiting several unprofitable businesses and licenses. PLAY-DOH, PEPPA PIG and Hasbro Gaming saw POS gains in Q1. And we drove late quarter growth in Action, particularly in Transformers as excitement amounts for the June release of the TRANSFORMERS: Rise of the Beast feature film.

消費品收入同比下降 23%。儘管退出了幾家無利可圖的業務和許可證，但本季度的銷售點有所下降，但比第四季度有所改善。 PLAY-DOH、PEPPA PIG 和 Hasbro Gaming 在第一季度實現了 POS 增長。我們推動了動作類游戲的季度末增長，尤其是變形金剛，因為 6 月上映的《變形金剛：野獸崛起》故事片令人興奮不已。

Beyond Transformers, we have a blockbuster lineup of content from our partners' brands helping to support sales in the back half of the year, including Season 3 of Lucasfilm; The Mandalorian, Star Wars: Ahsoka, Star Wars: Young Jedi Adventures, Indiana Jones and the Dial of Destiny, Marvel Studios' Guardians of the Galaxy 3 and Sony's Spider-Man: Across the Spider-Verse. Importantly, we ended the quarter with good progress on reducing retailer inventories and are on track for healthy improvements in our owned inventory in Q2 and Q3.

除了《變形金剛》之外，我們還擁有來自合作夥伴品牌的一系列重磅內容，有助於支持今年下半年的銷售，包括《盧卡斯影業》第 3 季；曼達洛人、星球大戰：阿索卡、星球大戰：少年絕地大冒險、奪寶奇兵與命運轉盤、漫威影業的銀河護衛隊 3 和索尼的蜘蛛俠：穿越蜘蛛俠宇宙。重要的是，我們在本季度結束時在減少零售商庫存方面取得了良好進展，並且有望在第二季度和第三季度實現自有庫存的健康改善。

Entertainment segment revenues were off 19%, driven by year-over-year shifts in release timing of new film and family brands content. Among new Hasbro content released, we debuted our new preschool brand, Kiya and the Kimoja Heroes on Disney Jr. and Disney+, and launched with our partners at Paramount, the new feature film Dungeons & Dragons: Honor Among Thieves. D&D took the #1 spot to the global office in its release week and has become Hasbro's best reviewed film ever, with an impressive 91% critic score and 93% audience score on Rotten Tomatoes. Based on the strong fan and audience response, we are expecting Honor Among Thieves to enjoy a long viewing life that introduces our newest franchise brand to tens of millions of new consumers globally via theaters, streaming and post theatrical sales.

娛樂部門的收入下降了 19%，原因是新電影和家庭品牌內容的發行時間同比發生變化。在孩之寶發布的新內容中，我們在 Disney Jr. 和 Disney+ 上首次展示了我們的新學前品牌 Kiya 和 Kimoja Heroes，並與派拉蒙的合作夥伴一起推出了新故事片《龍與地下城：盜賊榮耀》。 D&D 在其發行週內獲得了全球辦公室的第一名，並成為孩之寶有史以來評價最好的電影，在爛番茄上獲得了令人印象深刻的 91% 的評論評分和 93% 的觀眾評分。基於粉絲和觀眾的強烈反響，我們期待《盜賊榮耀》能夠通過影院、流媒體和影院後銷售向全球數千萬新消費者介紹我們最新的特許經營品牌，從而享受長期的觀看生活。

Our operational excellence program continues apace. As we execute our plans, we expect the cost savings to grow over the coming quarters. In Q1, we achieved $35 million of cost savings. We continue to expect $150 million of run rate gross cost savings this year, money we are using to reinvest in the business, offset margin impacts from inventory management programs, and help us achieve our full year target of 50 to 70 basis points of adjusted operating profit improvement.

我們的卓越運營計劃繼續快速推進。在執行我們的計劃時，我們預計未來幾個季度的成本節約將會增加。第一季度，我們節省了 3500 萬美元的成本。我們繼續預計今年將節省 1.5 億美元的運行率總成本，我們將資金用於對業務進行再投資，抵消庫存管理計劃對利潤率的影響，並幫助我們實現 50 至 70 個調整後運營基點的全年目標利潤改善。

We made significant progress in recasting our leadership team to drive our strategy. Gina Goetter, the CFO of Harley-Davidson and 25-plus year consumer packaged goods veteran, joins us in May as our new CFO and leader of our global operations disciplines. Gina has a long history with corporate transformations, which will serve Hasbro well. Tim Kilpin, a 30-plus-year veteran with leadership experiences across marquee toy, games and entertainment brands, joins us as our new President of Toy, Licensing and Entertainment. Jason Bunge, the former Chief Marketing Officer of Riot Games, joins us as our new global CMO, bringing new marketing firepower for our games and data-driven growth initiatives.

我們在重塑領導團隊以推動我們的戰略方面取得了重大進展。哈雷戴維森 (Harley-Davidson) 的首席財務官 Gina Goetter 和 25 年以上的包裝消費品資深人士，於 5 月加入我們，擔任我們的新首席財務官和全球運營學科的領導者。吉娜在企業轉型方面有著悠久的歷史，這對孩之寶很有幫助。 Tim Kilpin 是一位在大型玩具、遊戲和娛樂品牌領域擁有 30 多年領導經驗的資深人士，他加入我們，擔任我們的新任玩具、許可和娛樂總裁。 Riot Games 前首席營銷官 Jason Bunge 加入我們，成為我們新的全球 CMO，為我們的遊戲和數據驅動的增長計劃帶來新的營銷火力。

And Bertie Thompson, Chief Communications and Creative Officer at Notion and former Communications Executive at Meta, joins us as our new Chief Communications Officer, bringing cutting-edge technology, social media and financial markets communications expertise. These talented leaders joined an extended leadership team, hailing from technology, CPG, toys, games and entertainment companies to drive our strategy and build profitable blueprints across our Franchise and Partner Brands.

Notion 的首席傳播和創意官、Meta 的前傳播主管 Bertie Thompson 加入我們，擔任我們的新任首席傳播官，帶來尖端技術、社交媒體和金融市場傳播專業知識。這些才華橫溢的領導者加入了一個擴展的領導團隊，他們來自技術、CPG、玩具、遊戲和娛樂公司，以推動我們的戰略並在我們的特許經營和合作品牌中構建盈利藍圖。

Our growth initiatives continue to deliver. Hasbro's total games portfolio grew 2% in the quarter. Direct-to-consumer revenues increased 21%, led by a 46% increase at Hasbro Pulse, our fan-focused direct-to-consumer e-commerce platform. And on licensing, we just announced our first-ever agreement with Mattel, including crossovers for Barbie and MONOPOLY and Hot Wheels, UNO and Transformers. Partnerships like this, along with our previously announced licensing deals with LEGO on Transformers and D&D, expand our brands, introduce our toys and games into new categories and leverage our own category leadership for new growth opportunities.

我們的增長計劃繼續發揮作用。孩之寶的總遊戲組合在本季度增長了 2%。直接面向消費者的收入增長了 21%，其中孩之寶 Pulse 增長了 46%，這是我們以粉絲為中心的直接面向消費者的電子商務平台。在許可方面，我們剛剛宣布了與 Mattel 的第一份協議，包括芭比娃娃和大富翁以及風火輪、UNO 和變形金剛的跨界合作。像這樣的合作夥伴關係，以及我們之前宣布的與 LEGO 的變形金剛和 D&D 許可協議，擴大了我們的品牌，將我們的玩具和遊戲引入新的類別，並利用我們自己的類別領導地位獲得新的增長機會。

For the full year, we are maintaining our previous guidance of a low single-digit revenue decline and adjusted operating profit margin expansion of 50 to 70 basis points. We continue to expect Q2 to present headwinds as retailers return to traditional ordering and shipment patterns and release timings for new Magic sets favoring Q3 impacts Wizards of the Coast sales. We're cautiously optimistic with the progress we have made in Q1, but still maintain an outlook of a flat to down toy and games market where focus, share building and bottom line health are Hasbro priorities.

對於全年，我們維持之前的低個位數收入下降和調整後營業利潤率擴大 50 至 70 個基點的指導。我們繼續預計第二季度會出現逆風，因為零售商回歸傳統的訂購和發貨模式，並且新萬智牌套裝的發佈時間有利於第三季度影響威世智的銷售。我們對我們在第一季度取得的進展持謹慎樂觀態度，但仍維持玩具和遊戲市場持平至下滑的前景，其中重點、份額建立和底線健康是孩之寶的首要任務。

On the sale of our non Hasbro-branded E1 film and TV assets, we continue to be pleased by the progress and expect to provide an update in Q2. In summary, while Q1 is just the start, we delivered ahead of plan and continue to see steady progress in building our leadership team, focusing the company and improving our operational fundamentals. Magic is strong. The fan economy is proving resilient. Our entertainment calendar is robust, and our growth initiatives are on track.

關於我們非孩之寶品牌的 E1 電影和電視資產的出售，我們繼續對進展感到滿意，並希望在第二季度提供更新。總而言之，雖然第一季度只是一個開始，但我們提前交付了計劃，並繼續在領導團隊建設、專注於公司和改善運營基礎方面取得穩步進展。魔法很強。事實證明，粉絲經濟具有彈性。我們的娛樂日程很充實，我們的增長計劃也步入正軌。

I'd now like to turn over the call to our Chief Financial Officer, Deb Thomas, to share more details. Deb?

我現在想把電話轉給我們的首席財務官 Deb Thomas，以分享更多細節。德布？

Thank you, Chris, and good morning, everyone. As Chris said, first quarter results were ahead of our expectations and position us to meet our full year guidance. Wizards of the Coast, led by strong MAGIC: THE GATHERING demand, continued to perform well. Our consumer products teams are working through retail inventory and setting for major entertainment releases, and our operational excellence program is delivering savings and helping offset these expenses.

謝謝克里斯，大家早上好。正如克里斯所說，第一季度的業績超出了我們的預期，使我們能夠達到全年的指導目標。在強勁的萬智牌需求帶動下，威世智繼續表現出色。我們的消費品團隊正在處理零售庫存並為主要娛樂節目做準備，而我們的卓越運營計劃正在節省開支並幫助抵消這些費用。

As you know, the first quarter is a historically small quarter for our business and most of the year remains ahead. In Q1, our fixed cost base is disproportionate to revenue. This impacts our profit early in the year, but we see improvement in future quarters as revenue grows and as we begin to actualize more of our cost savings. In Q1, we realized an additional $35 million in savings and remain on track to deliver $150 million of run rate savings in 2023. In addition, this is a 53-week fiscal year, and the first quarter holds that extra week. And this equaled $14 million of incremental expense on Little revenue.

如您所知，第一季度是我們業務的歷史小季度，全年大部分時間都保持領先。在第一季度，我們的固定成本基數與收入不成比例。這會影響我們年初的利潤，但隨著收入的增長以及我們開始實現更多成本節約，我們預計未來幾個季度會有所改善。在第一季度，我們實現了 3500 萬美元的額外節省，並有望在 2023 年實現 1.5 億美元的運行率節省。此外，這是一個 53 週的財政年度，第一季度將多出一周。這相當於 Little 收入的 1400 萬美元增量費用。

Given our first quarter, we now expect revenue in the first half of 2023 to be down approximately 16% versus our previously forecasted 20% decline. For the full year, we continue to expect a low single-digit revenue decline in 50 to 70 basis points of adjusted operating profit margin improvement.

鑑於我們的第一季度，我們現在預計 2023 年上半年的收入將下降約 16%，而我們之前預測的下降幅度為 20%。對於全年，我們繼續預計調整後的營業利潤率將提高 50 至 70 個基點，收入將出現較低的個位數下降。

We started the year with a cash balance of $513 million. $89 million of operating cash flow in the quarter was offset by nonoperating outflows, including $30 million of long-term debt repayment, $53 million of CapEx led by investments in Wizards of the Coast for future gaming releases and a $97 million return of capital through dividends to our shareholders. We ended Q1 with $386 million in cash. We forecast operating cash flow for the year in the $600 million to $700 million range. We have sufficient cash flow and liquidity to operate our business, meet our CapEx needs, invest for growth and fund our dividend.

我們年初的現金餘額為 5.13 億美元。本季度 8,900 萬美元的運營現金流被非運營現金流出所抵消，其中包括 3,000 萬美元的長期債務償還、5,300 萬美元的資本支出（由對未來游戲發行的海岸奇才的投資以及 9,700 萬美元的股息資本回報）給我們的股東。我們以 3.86 億美元的現金結束了第一季度。我們預測全年的運營現金流量在 6 億至 7 億美元之間。我們有足夠的現金流和流動性來經營我們的業務、滿足我們的資本支出需求、投資增長和為我們的股息提供資金。

At quarter end, inventory at Hasbro is up from year-end, due primarily to 2 items: the first being higher Wizards of the Coast inventories given the timing of releases this year, with March of the Machine release mid-April and Universes Beyond: The Lord of the Rings, Tales of the Middle-Earth shortly before the start of Q3. By year-end, we expect Wizards' inventories to be down. The second increase comes from our Consumer Product inventories. While we're working through our own inventory from year-end, we purchased Action figures to set at retail for upcoming entertainment launches, including Transformers: Rise of the Beast.

在季度末，孩之寶的庫存比年底有所增加，這主要是由於 2 個項目：第一個是考慮到今年發佈時間的海岸奇才庫存增加，機器的三月發佈於 4 月中旬和 Universes Beyond： 《指環王》、《中土傳說》在第三季度開始前不久。到年底，我們預計威世智的庫存將會下降。第二個增長來自我們的消費品庫存。當我們從年底開始整理自己的庫存時，我們購買了可動人偶，為即將推出的娛樂產品（包括《變形金剛：野獸崛起》）做好零售準備。

We made good progress reducing retail inventories in Q1, and they are down from year-end. We continue to expect it will take the first half of the year to work through the excess. The cost savings work we began last year are heavily weighted to our supply chain and are offsetting these costs, resulting in slightly better cost of sales margins compared to Q1 2022. Once we work through the inventory and our sales allowances return to normalized levels, we expect those cost savings will begin to drop to the bottom line. This should begin in the second half of the year.

我們在第一季度減少零售庫存方面取得了良好進展，而且比年底有所下降。我們繼續預計將需要今年上半年才能解決過剩問題。我們去年開始的成本節約工作對我們的供應鏈有很大的影響，並且正在抵消這些成本，導致與 2022 年第一季度相比，銷售利潤成本略有提高。一旦我們處理完庫存並且我們的銷售津貼恢復到正常水平，我們預計這些成本節省將開始下降到底線。這應該在今年下半年開始。

The sale of the noncore TV and film assets is progressing. And while we expect to be able to provide an update on the transaction in the second quarter, a closing and related cash inflow is likely to happen in the second half of this year. We will prioritize the sale proceeds of the entertainment assets toward paying down debt, lowering our overall debt levels, reducing our ongoing interest expense and improving our debt-to-EBITDA ratio. We continue to target debt-to-EBITDA of 2 to 2.5x, and we remain committed to our investment-grade rating.

非核心電視和電影資產的出售正在進行中。雖然我們預計能夠在第二季度提供交易的最新情況，但今年下半年很可能會出現交易結束和相關現金流入。我們將優先將娛樂資產的出售收益用於償還債務，降低我們的整體債務水平，減少我們的持續利息支出並提高我們的債務與 EBITDA 比率。我們繼續將債務與 EBITDA 比率定為 2 至 2.5 倍，並且我們仍然致力於我們的投資級評級。

Looking at our adjusted results for the first quarter, revenue came in ahead of our plan, with strong MAGIC: THE GATHERING demand and slightly better shipments in our Consumer Products business. Foreign exchange had a negative $15.8 million impact on revenues. Cost of sales declined in line with revenue and decreased 10 basis points year-over-year. As I mentioned, the incremental expense for closeouts and allowances is being offset by operational excellence cost savings. Favorable product mix behind growth in Wizards of the Coast and Digital Gaming revenue, as well as CP licensing, contributed to improvements in cost of sales as a percentage of revenue.

從我們調整後的第一季度業績來看，由於對萬智牌的強勁需求和消費品業務的出貨量略有改善，收入超出了我們的計劃。外匯對收入產生了 1580 萬美元的負面影響。銷售成本與收入同步下降，同比下降 10 個基點。正如我所提到的，清算和津貼的增量費用正在被卓越運營成本的節省所抵消。 Wizards of the Coast 和數字遊戲收入增長背後的有利產品組合，以及 CP 許可，有助於提高銷售成本佔收入的百分比。

Program amortization expense declined on lower entertainment deliveries in the year, but increased 30 basis points as a percent of revenue. Royalty expense declined on lower partner brand revenues as we exited certain licenses and, to a lesser extent, from lower E1 revenues in title mix. In the second quarter, operating profit will be impacted as we expect royalty expense of approximately 10% of revenue. This is an additional $45 million versus Q1 as we ship products in support of Transformers: Rise of the Beast and MAGIC, Universes Beyond: The Lord of the Rings set. For the full year, we expect royalty expense to decline from 8.4% in 2022.

節目攤銷費用因當年娛樂交付量減少而下降，但佔收入的百分比增加了 30 個基點。由於我們退出了某些許可，並且在較小程度上，由於標題組合中較低的 E1 收入，特許權使用費支出因合作夥伴品牌收入下降而下降。在第二季度，營業利潤將受到影響，因為我們預計特許權使用費約佔收入的 10%。與第一季度相比，這是額外的 4500 萬美元，因為我們出貨產品以支持《變形金剛：野獸崛起》和《魔法》、《超越宇宙：指環王》系列。對於全年，我們預計特許權使用費支出將從 2022 年的 8.4% 下降。

Product development expense increased due to team supporting our Wizards of the Coast tabletop and digital development who joined the company in the back half of last year. Advertising investment increased on support for Dungeons & Dragons: Honor Among Thieves within our Entertainment segment, and at Wizards of the Coast for both D&D and MAGIC. Adjusted SG&A spend was essentially flat but increased as a percentage of revenue. Lower freight costs and cost savings from mid-Q1 workforce reductions were offset by higher investment in Wizards including personnel, organized play events such as conventions and tournaments and marketing for upcoming releases.

由於去年下半年加入公司的支持 Wizards of the Coast 桌面和數字開發的團隊，產品開發費用有所增加。廣告投資增加，以支持我們娛樂部門的龍與地下城：盜賊之間的榮譽，以及海岸奇才的 D&D 和 MAGIC。調整後的 SG&A 支出基本持平，但佔收入的百分比有所增加。第一季度中期裁員帶來的較低運費和成本節省被對威世智的更高投資所抵消，包括人員、有組織的遊戲活動（如會議和錦標賽）以及即將發布的營銷活動。

As a reminder, we expect to achieve more normalized levels of incentive compensation in 2023 throughout the year, which we estimate to be approximately $80 million versus 2022, with $65 million in SG&A and the balance in product development. Due to the mix of earnings and lower income in the quarter, combined with discrete items mostly related to stock-based compensation, our adjusted tax rate for the quarter at 83.8% is not indicative of the year. The outsized impact from small discrete items will normalize with higher income. For the full year 2023, we continue to expect our underlying adjusted rate to be between 20% and 21%.

提醒一下，我們預計到 2023 年全年將實現更正常的激勵薪酬水平，我們估計與 2022 年相比約為 8000 萬美元，其中 SG&A 為 6500 萬美元，其餘部分用於產品開發。由於本季度收益和較低收入的組合，再加上主要與股票薪酬相關的離散項目，我們調整後的本季度稅率為 83.8%，並不代表當年的情況。小型離散項目的巨大影響將隨著收入的增加而正常化。對於 2023 年全年，我們繼續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 and Digital Gaming revenue increased 14% in constant currency. The team is focused on creating gaming experiences MAGIC and D&D fans embrace. Tabletop revenues were up 13% behind popular MAGIC: THE GATHERING releases. Digital Gaming revenue increased 9%, led by the addition of D&D beyond. As we continue to invest in Wizards of the Coast, operating profit declined 28% due to higher product costs, product development, personnel costs, advertising expense and costs supporting the return of organized play. We continue to expect full year operating profit margin for the segment in the high 30% range, which reflects investment for future growth and expansion of our Universes Beyond products.

從我們的細分市場來看，Wizards of the Coast 和 Digital Gaming 收入按固定匯率計算增長了 14%。該團隊專注於創造 MAGIC 和 D&D 粉絲所喜愛的遊戲體驗。桌面遊戲收入比流行的萬智牌遊戲增長了 13%。數字遊戲收入增長了 9%，這主要得益於 D&D Beyond 的加入。隨著我們繼續投資海岸奇才，由於產品成本、產品開發、人員成本、廣告費用和支持有組織比賽回歸的成本增加，營業利潤下降了 28%。我們繼續預計該部門的全年營業利潤率將達到 30% 的高水平，這反映了我們對 Universe Beyond 產品未來增長和擴張的投資。

Consumer Products segment revenue decreased 21%, excluding a negative $8.3 million impact of foreign exchange, $6.2 million of which was in Europe. This performance was led by lower revenues in North America and Europe, partially offset by growth in Asia Pacific, Latin America and licensing. The segment's adjusted operating loss is the result of lower net revenue and includes higher allowances and closeouts to sell-through inventory. We expect these higher costs to continue in the second quarter. These items were partially offset by savings realized from the company's operational excellence program reflected primarily in cost of sales.

消費品部門收入下降 21%，不包括外彙的 830 萬美元負面影響，其中 620 萬美元來自歐洲。這一業績是由北美和歐洲收入下降帶動的，部分被亞太地區、拉丁美洲和許可業務的增長所抵消。該部門調整後的經營虧損是淨收入減少的結果，包括更高的津貼和清倉銷售存貨。我們預計這些較高的成本將在第二季度繼續。這些項目被公司卓越運營計劃實現的節省部分抵消，主要體現在銷售成本上。

Entertainment segment revenue decreased 17% in constant currency. TV revenues increased behind scripted TV deliveries including the new series, The Rookie: Feds and The Rookie, which ABC just renewed for a sixth season; Yellowjackets; and The Recruit, and lower unscripted TV revenue. Film revenues declined with fewer new releases in 2023 versus 2022. Family Brands revenue declined due to content sales timing year-over-year, including several multiyear licensing deals executed in Q1 2022 that did not repeat this year. Music and other decline as we exited the remainder of these businesses in late 2022. Adjusted operating loss was the result of lower revenues as well as higher advertising for Dungeons & Dragons: Honor Among Thieves, partially offset by lower royalty expense.

娛樂部門收入按固定匯率計算下降 17%。電視收入的增長得益於有劇本的電視交付，包括新劇集 The Rookie：Feds 和 ABC 剛剛續訂第六季的 The Rookie；黃夾克;和 The Recruit，以及較低的無劇本電視收入。與 2022 年相比，2023 年新發行的電影收入下降。家庭品牌收入下降的原因是內容銷售時間同比下降，包括 2022 年第一季度執行的幾項多年期許可交易，今年沒有重複。由於我們在 2022 年底退出了這些業務的其餘部分，因此音樂和其他業務出現下滑。調整後的運營虧損是由於《龍與地下城：盜賊之間的榮耀》收入下降和廣告增加所致，部分被較低的特許權使用費支出所抵消。

As I said upfront, Q1 was a good but small quarter with a lot of the year ahead of us. Our outlook is predicated on the second half that improves year-over-year. We remain cautious about the macro and the consumer environment, but the timing of theatrical releases, a strong MAGIC release schedule, the return to a more traditional and back half weighted shipment plan to retailers, innovation we have planned and we'll share more about this summer and engaging retail and advertising campaigns to improve point-of-sale all support our view.

正如我前面所說的，第一季度是一個不錯但規模較小的季度，今年還有很多事情要做。我們的展望基於下半年同比改善的預測。我們對宏觀和消費者環境仍然持謹慎態度，但影院上映的時間、強大的 MAGIC 上映時間表、回歸更傳統和後半加權的零售商發貨計劃、我們計劃的創新，我們將分享更多關於今年夏天，參與零售和廣告活動以改善銷售點都支持我們的觀點。

It's hard to imagine that this is my last earnings call as Hasbro's CFO. I have been here for 25 years, and we've been through the good and the tough. I've had the opportunity to work with outstanding people on amazing brands, and I know Chris, Gina and Tim and our entire team will take good care of Hasbro and its legacy. Thank you all for your support of Hasbro and for your partnership over the years.

很難想像這是我作為孩之寶首席財務官的最後一次財報電話會議。我在這裡已經 25 年了，我們經歷了風雨兼程。我有機會與優秀的人一起打造令人驚嘆的品牌，我知道 Chris、Gina 和 Tim 以及我們的整個團隊都會照顧好孩之寶及其遺產。感謝大家多年來對孩之寶的支持和夥伴關係。

Now one last time, I'll turn it back to Chris.

現在最後一次，我會把它轉回給克里斯。

Thanks, Deb. Before we turn it over to Q&A, I'd like to spend a minute thanking Deb Thomas for her 25 years of leadership at Hasbro. I started this company 7 years ago as the fresh-faced leader of an under-the-radar subsidiary called Wizards of the Coast. From my first day on the job, there was no bigger supporter of Wizards than Deb. She got it, and was always there for Rookie, helping me navigate the broader company and giving me and the team at Wizards the support we needed to turbocharge that business.

謝謝，德布。在我們進行問答環節之前，我想花一分鐘時間感謝黛布·托馬斯 (Deb Thomas) 在孩之寶 25 年的領導工作。 7 年前，我作為一家名為 Wizards of the Coast 的低調子公司的新任領導者創立了這家公司。從我上任的第一天起，德布就是奇才隊的最大支持者。她明白了，並且一直在 Rookie 身邊，幫助我駕馭更廣泛的公司，並為我和威世智的團隊提供推動該業務發展所需的支持。

My story is the same story thousands of people across the company have about Deb. She is the true definition of a servant leader: The first one in the office in the morning; the last one to turn the lights off in the evening; and a true believer in the power of our people and brands. Deb has been an invaluable partner who has helped Hasbro become one of the biggest and best companies in the toys and games and broader entertainment industry.

我的故事與全公司成千上萬的人所講述的關於 Deb 的故事相同。她是僕人式領導的真正定義：早上第一個來到辦公室；晚上最後一個關燈；並且堅信我們的員工和品牌的力量。 Deb 是一位寶貴的合作夥伴，幫助孩之寶成為玩具和遊戲以及更廣泛的娛樂行業中最大和最好的公司之一。

Deb, it's been an honor to work with, partner and learn from you over the years. Our company and our shareholders owe you a debt gratitude. On behalf of everyone at Hasbro, and especially me, thank you.

黛布，多年來與你共事、合作並向你學習是我的榮幸。我們公司和我們的股東欠你一份情。我代表孩之寶的每一個人，尤其是我，謝謝你們。

Now we will take your questions.

現在我們將回答您的問題。

(Operator Instructions) Our first question is from Andrew Uerkwitz with Jefferies.

（操作員說明）我們的第一個問題來自 Jefferies 的 Andrew Uerkwitz。

I guess a question on MAGIC. Could you just kind of help us understand like the audience segmentation with The Lord of the Rings set coming, who are you targeting? And it looks like the strategy around that set is a little different than what we've seen.

我猜是關於 MAGIC 的問題。你能幫我們理解一下指環王即將到來的觀眾群細分嗎，你的目標人群是誰？看起來圍繞該系列的策略與我們所看到的略有不同。

Yes. Thanks, Andrew. And hey, great report, by the way, on MAGIC. We all had a chance to read that earlier this week, but it was well researched and did a good job of reviewing the brand.

是的。謝謝，安德魯。嘿，順便說一句，關於 MAGIC 的報告很棒。本週早些時候我們都有機會讀到這篇文章，但它經過深入研究，並且在審查品牌方面做得很好。

So on Lord of the Rings, as we've talked about for our overall strategy for Universes Beyond, it's all about bringing in adjacent fandoms. We've had great success with this, with D&D, which was kind of a prototype for Universes Beyond that we did a couple of years ago, the summer set called Adventures in the Forgotten Realms. We've had one of our best-selling commander sets ever with Warhammer that we did this fall. We're already on our fourth reprint. And for Lord of the Rings, it's really about appealing to those -- that rabid fan base who loves Lord of the Rings, who loves J.R.R. Tolkien, and who also might love a game like MAGIC: THE GATHERING.

因此，在《指環王》中，正如我們所討論的 Universes Beyond 的總體戰略一樣，這一切都是為了引入相鄰的同人圈。我們在這方面取得了巨大的成功，D&D 是我們幾年前製作的 Universes Beyond 的原型，名為 Adventures in the Forgotten Realms 的夏季系列。今年秋天，我們推出了有史以來最暢銷的戰鎚指揮官套裝之一。我們已經進行了第四次重印。對於指環王來說，這真的是為了吸引那些熱愛指環王、熱愛 J.R.R. 的狂熱粉絲群。 Tolkien，他可能也喜歡 MAGIC: THE GATHERING 這樣的遊戲。

I think an important secondary component to that is that there's already a whole bunch of MAGIC: THE GATHERING fans who are big kind of fantasy, uber fans. They like The Lord of the Rings, and we see it as a great engagement opportunity for them and a special collector's experience for a set that we don't do very often.

我認為其中一個重要的次要組成部分是已經有一大群萬智牌粉絲，他們是狂熱的幻想，超級粉絲。他們喜歡指環王，我們認為這對他們來說是一個很好的參與機會，也是收藏家對我們不常做的系列的特殊體驗。

Got it. That's helpful. And then just my one follow-up. Could you kind of just give us an update? You have Baldur's Gate launching, I think, in Q3. Could you give us an update on expectations, how that will monetize through the income statement? And then just broadly an update on the video game strategy.

知道了。這很有幫助。然後只是我的一個跟進。你能給我們更新一下嗎？我認為博德之門將在第三季度推出。你能給我們更新一下預期嗎，這將如何通過損益表貨幣化？然後只是對視頻遊戲策略的廣泛更新。

Yes. So Baldur's Gate 3 is being done by our partners at Larian. Larian is probably one of the -- arguably one of the best independent role-playing game publishers in the world. And so we're really excited about what they can do. They released Baldur's Gate 3 into Early Access on Steam about 2.5, 3 years ago. To date, it's the most successful Early Access game in Steam's history with well over 1 million adopters, just in that kind of like preview period.

是的。所以博德之門 3 是由我們在 Larian 的合作夥伴完成的。 Larian 可能是其中之一——可以說是世界上最好的獨立角色扮演遊戲發行商之一。因此，我們對他們的能力感到非常興奮。 3 年前，他們在 Steam 上發布了 Baldur's Gate 3 的 Early Access 大約 2.5。迄今為止，它是 Steam 歷史上最成功的 Early Access 遊戲，擁有超過 100 萬的採用者，就在那種類似預覽的階段。

So we have pretty high expectations for Baldur's Gate 3. We think the quality is going to be very, very high. If you look at the reviews on Steam, they're excellent. It definitely is going to be a game of the year, or at least a role-playing game of the year contender, and it's going to release very broadly on consoles and PC. So we think it's going to be a pretty big release.

所以我們對博德之門 3 抱有很高的期望。我們認為質量會非常非常高。看看 Steam 上的評論，它們都很棒。它肯定會成為年度最佳遊戲，或者至少是年度最佳角色扮演遊戲的競爭者，而且它將在遊戲機和 PC 上廣泛發布。所以我們認為這將是一個相當大的版本。

In terms of how we participate in that, it's a license product for us. We like kind of the partnership that we have with Larian on that. So we'll start to see some contribution from that in the later, like probably September in Q3. And then more meaningfully just based on kind of the timing of when we recognize the license royalty-based revenue, in Q4 and Q1 of next year.

就我們參與的方式而言，它是我們的許可產品。我們喜歡與 Larian 就此建立的合作夥伴關係。因此，我們將在稍後開始看到一些貢獻，比如可能在第三季度的 9 月。然後更有意義的是基於我們在明年第四季度和第一季度確認基於許可使用費的收入的時間。

Our next question is from Eric Handler with ROTH MKM.

我們的下一個問題來自 Eric Handler 和 ROTH MKM。

I'll just say, Deb, just good luck in all your future endeavors, and you'll be missed. So first question, with regards to Consumer Products, the reported results were about over [100 million] better than what consensus was looking for. I wonder if you could just maybe give a little color as to where that upside came from? Was this a pull forward for maybe 2Q or another quarter? Or was -- are you just seeing more positive retail orders?

我只想說，Deb，祝你未來一切順利，我們會想念你的。所以第一個問題，關於消費品，報告的結果比共識預期的要好 [1 億] 多。我想知道您是否可以就這種優勢的來源給出一點顏色？這可能是第二季度或另一個季度的推動力嗎？或者是 - 你只是看到更多積極的零售訂單嗎？

No. I think we're seeing some underlying momentum in the business across the board. Certainly, Wizards of the Coast came in ahead of expectations. Our latest release based on Phyrexia did very, very well. And we continue to be bullish on what Wizards has in store, particularly The Lord of the Rings set in late Q2.

不，我認為我們在整個業務中都看到了一些潛在的動力。當然，Wizards of the Coast 的表現超出了預期。我們基於非瑞克西亞的最新版本表現非常非常好。我們繼續看好 Wizards 的產品，尤其是第二季度末的指環王。

On Consumer Products, I think our POS came in a bit better than planned. It's still not where we want it to be, but I think we're making steady progress. And just to give some perspective on it, based on our own internal numbers, and this doesn't include kind of discounting, we were down about 12% in Q4. We cut that roughly in half in Q1. We were down about 7% year-over-year. And when you take out some of our exited businesses, particularly Disney Princess and Frozen, we were down less than 4% which, by our math, is likely at or ahead of market. We're not satisfied with that, but that was ahead of what we planned. But I think it augurs well for what's going to happen in Q2, Q3 and Q4, where we add like our disciplined execution that we've been doing with our retailers. We add new products, and we add, what we think, is a pretty killer content slate from both ourselves with Transformers and our partners, particularly at Disney.

在消費品方面，我認為我們的 POS 比計劃的要好一些。它仍然不是我們想要的地方，但我認為我們正在穩步取得進展。根據我們自己的內部數據，只是給出一些看法，這不包括某種折扣，我們在第四季度下降了約 12%。我們在第一季度將其大致削減了一半。我們同比下降了約 7%。當你剔除我們退出的一些業務，尤其是迪士尼公主和冰雪奇緣時，我們的股價下跌不到 4%，根據我們的計算，這可能與市場持平或領先於市場。我們對此並不滿意，但這超出了我們的計劃。但我認為這預示著第二季度、第三季度和第四季度將要發生的事情，我們在其中添加了我們一直在與零售商合作的紀律執行。我們添加了新產品，並且我們添加了我們認為是來自我們與變形金剛和我們的合作夥伴（尤其是迪士尼）的非常殺手級的內容。

Okay. That's helpful. And then as a follow-up, can we talk a little bit about Dungeon & Dragons? You've now had a global launch of the movie. A lot of international markets haven't really been exposed to D&D before. Can you maybe talk about your marketing strategy here to bring the game to more markets and how that's going to play out?

好的。這很有幫助。然後作為後續，我們能談談龍與地下城嗎？你現在已經在全球發布了這部電影。許多國際市場之前並沒有真正接觸過 D&D。您能否在這裡談談將游戲推向更多市場的營銷策略以及如何發揮作用？

Yes. I mean we're very enthused by the critical response and the fan response to the movie. It is by far the best reviewed movie in Hasbro's history. And so we think it's going to have a very long life, and it's going to perform particularly well in post theatrical sales and streaming.

是的。我的意思是我們對電影的批評反應和影迷反應感到非常興奮。這是迄今為止孩之寶歷史上評價最好的電影。因此，我們認為它的壽命會很長，而且在院線後銷售和流媒體方面的表現會特別好。

And that's important for us because D&D is a very strong brand in North America. It's well known in Europe and Asia, but not highly engaged or highly penetrated in those markets. And so like a great reviewed movie that has a lot of fan enthusiasm is a perfect opportunity and a perfect entry point into the brand.

這對我們很重要，因為 D&D 在北美是一個非常強大的品牌。它在歐洲和亞洲廣為人知，但在這些市場中的參與度或滲透率並不高。因此，就像一部擁有大量粉絲熱情的好評如潮的電影是一個絕佳的機會，也是進入該品牌的完美切入點。

And then I think the way that we'll expand upon that over time is we're lowering the barriers to entry for the core game by initiatives that we have digitally, particularly the investments we're making in Dungeons & Dragons and Beyond, and kind of what we call a virtual tabletop, which is kind of like a video game like experience for being able to play the game. And then we have a very aggressive lineup of new digital content and video games coming out, starting with Baldur's Gate 3 this year, but then continuing on with other licenses that we haven't yet announced as well as owned content that we have in production at Wizard Studios.

然後我認為隨著時間的推移我們將擴展的方式是我們通過我們的數字化舉措降低核心遊戲的進入壁壘，特別是我們在龍與地下城及以後的投資，以及有點像我們所說的虛擬桌面，有點像視頻遊戲，因為能夠玩遊戲。然後我們推出了一系列非常激進的新數字內容和視頻遊戲，從今年的博德之門 3 開始，然後繼續我們尚未宣布的其他許可以及我們正在製作的自有內容在巫師工作室。

And so I think really that kind of one-two punch of have entertainment, which makes the brand broadly accessible. And then add on to that low barrier entry digital experiences is really going to be kind of the flywheel that drives the brand's growth over the next couple of years.

因此，我認為真正的那種一二擊的娛樂性，使該品牌更容易獲得。然後再加上低門檻的數字體驗真的會成為未來幾年推動品牌增長的飛輪。

Our next question is from Drew Crum with Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

Deb, best of luck. It was a real pleasure working with you over the years. So maybe to start, part of your original outlook, you had flagged $300 million of sales headwinds from outsourcing brands and foreign exchange. Is there an updated figure you can share there? How is the business tracking to that $300 million? And then I have a follow-up.

德布，祝你好運。多年來與您合作真的很愉快。因此，也許開始時，在您最初的展望中，您已經標記了來自外包品牌和外彙的 3 億美元的銷售逆風。您可以在那里分享更新的數字嗎？這 3 億美元的業務跟踪情況如何？然後我有一個後續行動。

Yes. So in Q1, we predicted that about $75 million of that $300 million would manifest, and that's the case. We're not operating in Russia. We're not doing Disney Princess or Trolls or Sesame Street, and we are starting to out-license some of our secondary properties.

是的。因此，在第一季度，我們預測這 3 億美元中約有 7500 萬美元會出現，事實就是如此。我們不在俄羅斯開展業務。我們不是在製作迪士尼公主、魔發精靈或芝麻街，而且我們開始對外授權我們的一些二級資產。

We anticipate about 60% or so of that $300 million will manifest in the first half of the year. And really, what we're seeing is, I think, better-than-anticipated strength in our overall gaming portfolio, particularly MAGIC and D&D. And then we're starting to see some impact around improved execution at retail, and across our marketing teams, particularly in our franchise brands that saw some decent POS across Transformers. We see some momentum in core NERF, we see momentum in core Hasbro Gaming, PEPPA PIG and PLAY-DOH as well.

我們預計這 3 億美元中的大約 60% 左右將在今年上半年出現。事實上，我認為我們看到的是我們整體遊戲產品組合的實力好於預期，尤其是 MAGIC 和 D&D。然後我們開始看到在零售和我們的營銷團隊中，尤其是在我們的特許經營品牌中，我們的特許經營品牌的執行力有所提高，這些品牌在 Transformers 中看到了一些不錯的 POS。我們在核心 NERF 中看到了一些勢頭，我們在核心 Hasbro Gaming、PEPPA PIG 和 PLAY-DOH 中也看到了勢頭。

Got it. And then maybe just my follow-up. Your forecast for the Wizards segment to achieve high 30s EBIT margin in '23, a little bit lower relative to the last few years. Is that a reasonable range over the longer term? Or would you anticipate margin expansion beyond '23, which feels like more of an investment year?

知道了。然後也許只是我的後續行動。您對 Wizards 部門的預測將在 23 年實現 30 多歲的高息稅前利潤率，與過去幾年相比略低。從長遠來看，這是一個合理的範圍嗎？或者您是否預計 23 年後的利潤率會擴大，這更像是一個投資年？

I would say high 30s is what we're targeting in the midterm, for sure. We're investing pretty significantly in building out our digital capacity. Some of that is capitalized, but not all of it. And so I think as we start to launch those games, you'll start to see kind of like the realization of those capitalized costs, which will impact kind of like the midterm outlook for our margins.

我會說高 30s 是我們在中期的目標，當然。我們在建設我們的數字能力方面投入了大量資金。其中一些是大寫的，但不是全部。所以我認為當我們開始推出這些遊戲時，你會開始看到這些資本化成本的實現，這將影響我們利潤率的中期前景。

And then as we expand Magic in particular with things like Universes Beyond, it's a great opportunity to bring in new players, but that's going to be a little bit of a margin impact, both in terms of the royalties that we spend as well as the development costs because those tend to be a little bit more intensive when you involve a second party.

然後當我們擴展 Magic，特別是 Universes Beyond 之類的東西時，這是引入新牌手的好機會，但這會對利潤產生一點影響，無論是在我們花費的版稅還是開發成本，因為當您涉及第二方時，這些成本往往會更加密集。

Now that said, we feel like that's a really wise investment. When we attract a new Magic player, they typically stick around for 5 to 7 years and they have an average revenue per user over that time in the $500 to $1,000 range. So giving up a little bit of margin upfront to attract a highly engaged, highly profitable fan segment, we think it's a nice trade-off that helps us and helps our shareholders win over the long term.

話雖如此，我們覺得這是一項非常明智的投資。當我們吸引一位新的 Magic 玩家時，他們通常會堅持 5 到 7 年，並且在此期間他們的每位用戶平均收入在 500 美元到 1,000 美元之間。因此，為了吸引高度參與、高利潤的粉絲群體而放棄一點利潤率，我們認為這是一個很好的權衡，可以幫助我們並幫助我們的股東贏得長期勝利。

Our next question is from Jason Haas with Bank of America.

我們的下一個問題來自美國銀行的 Jason Haas。

I'd also like to say congratulations to Deb as well on your retirement, and best of luck on your future endeavors. In terms of my questions, I was curious for Consumer Products. Are you expecting POS improvement through the remainder of the year to get to down mid-single-digit guidance? And can you just talk about what the drivers are in the rest of the year?

我還要祝賀 Deb 退休，並祝你在未來的工作中好運。就我的問題而言，我對消費品感到好奇。您是否期望在今年剩餘時間裡 POS 有所改善，以降低中等個位數的指導？你能談談今年剩餘時間的驅動因素嗎？

Yes. So in terms of POS, I think Q1 was really about execution. It was about nuts and bolts working with our retailers, improving our positioning, improving our inventory outlook. Through the end of Q1, our retail inventory is down about 15%, which we think is a good down payment on the year. And we'll continue to make steady progress in that in Q2 and Q3. Our owned inventory is up a bit, but most of that has to do with kind of the nature of Wizards production and load-in for our entertainment releases around Action figures. Outside of Wizards and Action figures, our owned inventory is actually down through Q1 as well.

是的。所以就 POS 而言，我認為第一季度真的是關於執行。這是關於與我們的零售商合作的具體細節，改善我們的定位，改善我們的庫存前景。到第一季度末，我們的零售庫存下降了約 15%，我們認為這是今年的首付。我們將在第二季度和第三季度繼續在這方面取得穩步進展。我們擁有的庫存有所增加，但其中大部分與威世智製作的性質有關，並加載了我們圍繞可動人偶的娛樂發行。除了奇才和可動人偶之外，我們自有的庫存實際上也在整個第一季度下降。

When we get into Q2 and Q3, I think we'll add to that kind of disciplined execution with increased marketing support and content support with a host of blockbuster movies and great streaming content, whether it's from us or from Disney. And then also, we're just going to have a lot more product innovation. Q1, we had a couple of new things that hit pretty well. Our Gel segment is doing pretty well inside of NERF. NERF Jr. launched, and that's doing pretty well to expand age segments inside of the NERF portfolio.

當我們進入第二季度和第三季度時，我認為我們將通過增加營銷支持和內容支持來增加這種有紀律的執行，包括大量大片電影和精彩的流媒體內容，無論是來自我們還是來自迪士尼。然後，我們將進行更多的產品創新。 Q1，我們有一些新東西很受歡迎。我們的凝膠部分在 NERF 內部做得很好。 NERF Jr. 推出，這在擴大 NERF 產品組合中的年齡段方面做得很好。

But really, it's Q2 and Q3, where all of our new games, a lot of our preschool innovation. I'm particularly excited for Young Jedi Adventures with our partnership with Star Wars in preschool and what we can do there. As well as across the board, several new pieces of innovation that we haven't announced yet, but we see a lot of retailer excitement for, that should add to the POS momentum.

但實際上，它是第二季度和第三季度，我們所有的新遊戲，我們的很多學前創新。我對 Young Jedi Adventures 與我們在學齡前階段與 Star Wars 的合作以及我們可以在那裡做的事情感到特別興奮。除了全面之外，我們還沒有宣布幾項新的創新，但我們看到很多零售商對此感到興奮，這應該會增加 POS 的勢頭。

That's great. And then can you just walk through the releases for Magic for 2Q versus 2Q last year? Because I thought it was -- I know you've said you're expecting to be down, I know that was the initial expectation for 2Q. But I just think we have loaded the range, which seems to be off to a good start. And then what's that up against? Was that Kamigawa last year? Can you just kind of help frame up what causes the difficult compare?

那太棒了。然後你能看看萬智牌第二季度和去年第二季度的發布情況嗎？因為我認為這是——我知道你說過你預計會下降，我知道這是對第二季度的最初預期。但我只是認為我們已經加載了範圍，這似乎是一個良好的開端。那有什麼反對的呢？那是去年的神河嗎？你能幫忙找出造成困難比較的原因嗎？

Well, Kamigawa was Q1 of last year. Double Masters was in, I believe, second quarter last year. Really, it's less around the sell-through of the releases because we actually think the sell-through is going to be quite strong in Q2, and it's the timing of the releases, particularly in the beginning of the quarter and then in Q3.

好吧，神河是去年的第一季度。我相信雙星大師賽是在去年的第二季度。實際上，它與發布的銷售量無關，因為我們實際上認為第二季度的銷售量會非常強勁，這是發布的時間，特別是在本季度初和第三季度。

So like our March of the Machines release this year comes a little bit earlier than last year's comparable release. So we had a little bit of Q1 shipped, which affects Q2. And then our major release for Q3 is about a month later year-over-year. So last year, we were able to ship a fair bit of our Q3 release at the end of Q2. Whereas this year, almost all of that Q3 release will be shipped solely in Q3.

所以就像我們今年的機器三月發布比去年的同類發布要早一點。所以我們有一些第一季度的發貨，這影響了第二季度。然後我們第三季度的主要版本比去年同期晚了大約一個月。所以去年，我們能夠在第二季度末發布相當一部分第三季度版本。而今年，幾乎所有第三季度發布的產品都將僅在第三季度發貨。

So while we're excited about the sell-through and the fan engagement potential of the Q2 releases, we actually for the quarter in terms of a sell-in perspective, are down about 1 set to 1.5 set year-over-year.

因此，儘管我們對第二季度發行版的銷量和粉絲參與潛力感到興奮，但實際上，就銷量而言，我們本季度同比下降了約 1 套至 1.5 套。

(Operator Instructions) Our next question is from Fred Wightman with Wolfe Research.

（操作員說明）我們的下一個問題來自 Wolfe Research 的 Fred Wightman。

I just wanted to follow up on the retail inventory performance. It sounded like in the prepared remarks, you expected that to be sort of cleaned up by the end of the first half. And then Chris, I thought you just made a comment that it could continue into 3Q. So when do you sort of think that will be normalized? And is it a little bit sooner than you would have thought exiting last quarter?

我只是想跟進零售庫存表現。聽起來就像在準備好的評論中，你希望在上半場結束時能夠清理乾淨。然後克里斯，我以為你剛剛發表評論說它可能會持續到第三季度。那麼你認為什麼時候會正常化？它比你上個季度想像的退出要早一點嗎？

Well, I would say we'll get to pretty normal levels by the end of Q2, but there will be some additional kind of cleanup into Q3. That's just the nature of the beast. In terms of our owned inventories, we made progress outside of action figures and Wizards in Q1, and we expect that to continue. I would say we'll be done with about 50% to 60% of the job by the end of Q2, and should be pretty clean on kind of our aged inventory by the end of Q3 and entering Q4 in a pretty clean state, both for retailers as well as our owned and operated. Our goal for the year continues to be our overall inventories are down 25% or more with comparable levels exiting 2023 to what we exited 2021 at, which was a historically low year for us.

好吧，我想說我們將在第二季度末達到相當正常的水平，但第三季度會有一些額外的清理。這就是野獸的本性。就我們擁有的庫存而言，我們在第一季度在可動人偶和奇才之外取得了進展，我們預計這種情況將繼續下去。我想說到第二季度末我們將完成大約 50% 到 60% 的工作，並且到第三季度末我們的陳舊庫存應該非常乾淨，並且以非常乾淨的狀態進入第四季度，兩者對於零售商以及我們擁有和經營的。我們今年的目標仍然是我們的整體庫存下降 25% 或更多，2023 年結束時的水平與我們 2021 年結束時的水平相當，這對我們來說是歷史最低的一年。

Makes sense. So if we think about the timing that you just touched on for the retail inventories and we think about sort of the year-over-year changes in some of the Magic releases, can you just help us think about the mix for the back half of the year as far as 3Q versus 4Q, like how do you sort of see that shaking out versus historical patterns? And how do you sort of see the back half of the year progressing versus that first half guide that you gave us?

說得通。因此，如果我們考慮一下您剛剛談到的零售庫存的時間，並且我們考慮一些 Magic 版本的同比變化，您能幫我們考慮一下後半部分的組合嗎？就第三季度和第四季度而言，這一年，比如你如何看待這種震盪與歷史模式的對比？與您給我們的上半年指南相比，您如何看待今年下半年的進展？

Deb, do you want to take the follow-up?

Deb，你想跟進嗎？

Sure. So historically, the back half of the year has always been like in the high 60% range, and we expect it to get back to that this year. As far as the mix, as we talked about, we expect Q3 to be the biggest quarter for Magic this year. We've got very strong releases.

當然。所以從歷史上看，今年下半年一直處於 60% 的高位，我們預計今年會回到這個水平。就組合而言，正如我們所說，我們預計第三季度將成為萬智牌今年最大的季度。我們有非常強大的版本。

Chris talked about the timing. And you'll certainly see more sell-through. We shipped Lord of the Rings late in Q2 but the sell-through comes in Q3. So when you think about the mix, we do expect the consumer to come back. We talked about that. It's just a function of the timing. But we do expect a bigger quarter for Magic, just looking at timing and releases. But overall, we expect it to get back to that normalized rate in the back half of the year.

克里斯談到了時機。你肯定會看到更多的銷售。我們在第二季度晚些時候發售了《指環王》，但在第三季度就實現了銷售。因此，當您考慮組合時，我們確實希望消費者回來。我們談過那個。這只是時間的函數。但我們確實希望 Magic 有更大的季度，只看時間和發布。但總的來說，我們預計它會在今年下半年恢復到正常水平。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Debbie for closing comments.

我們的問答環節已經結束。我想將會議轉回給 Debbie 以供結束評論。

Thank you, Sherry. And thank you, everyone, for joining our 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.

謝謝你，雪莉。感謝大家今天加入我們的電話會議。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。

I'd also like to let you know that Hasbro management will be participating in the Wolfe Research Leisure Conference on May 11 and 12; and the JPMorgan TMT Conference on May 22. Hope to see you there. Thank you.

我還想通知您，孩之寶管理層將於 5 月 11 日至 12 日參加沃爾夫研究休閒會議；以及 5 月 22 日的摩根大通 TMT 會議。希望在那裡見到你。謝謝。

Thank you. This does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day.

謝謝。今天的會議到此結束。此時您可以斷開線路，度過美好的一天。