孩之寶 (HAS) 2021 Q4 法說會逐字稿

Good morning, and welcome to the Hasbro Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

早安，歡迎參加孩之寶 2021 年第四季和全年財報電話會議。 （操作員指示）今天的會議正在錄音。如果您有任何異議，您可以此時斷開連接。

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

現在，我想將電話轉給投資者關係高級副總裁 Debbie Hancock 女士。請繼續。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's incoming Chief Executive Officer; Rich Stoddart, Hasbro's Interim Chief Executive Officer; and Deb Thomas, Hasbro's Chief Financial Officer. Today, we will begin with Chris, Rich and Deb providing commentary on the company's performance, then we will take your questions. Eric Nyman, Hasbro's incoming President and Chief Operating Officer, will be joining us for Q&A.

謝謝大家，大家早安。今天加入我的是克里斯·科克斯 (Chris Cocks)，他是孩之寶 (Hasbro) 即將上任的首席執行官。 Rich Stoddart，孩之寶臨時執行長；以及孩之寶財務長 Deb Thomas。今天，我們將首先由 Chris、Rich 和 Deb 對公司業績進行評論，然後我們將回答您的問題。孩之寶即將上任的總裁兼營運長 Eric Nyman 將參加我們的問答活動。

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

我們今天電話會議的收益發布和簡報投影片已發佈在我們的投資者網站上。新聞稿和簡報包括有關非公認會計原則調整和非公認會計原則財務措施的資訊。我們今天的電話會議將討論某些調整後的措施，其中不包括這些非公認會計準則調整。新聞稿和簡報中包含了 GAAP 與非 GAAP 指標的調整表。請注意，每當我們討論每股盈餘或每股盈餘時，我們指的是稀釋後每股盈餘。

Before we begin, I would like to remind you that during this call and the question-and-answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements.

在我們開始之前，我想提醒您，在本次電話會議和隨後的問答環節中，孩之寶管理層成員可能會就管理層的期望、目的、目的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期望有重大差異。

These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

這些因素包括我們的 10-K 表格年度報告、最新的 10-Q 表格、今天的新聞稿以及我們其他公開揭露的內容。我們沒有義務更新今天發表的任何前瞻性聲明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?

現在我想介紹克里斯·考克斯。克里斯？

Thanks, Debbie, and welcome, everyone, joining today. I'm thrilled to be starting as Hasbro's CEO later this month and overwhelmed by the outpouring of well wishes from employees, partners and stakeholders since the announcement. The positive response is a testament to this amazing company and the wonderful people, brands and fan communities around the world that make it so special.

謝謝黛比，歡迎大家今天加入。我很高興本月晚些時候開始擔任孩之寶的首席執行官，自宣布這一消息以來，我對員工、合作夥伴和利益相關者紛紛表達的良好祝愿感到不知所措。積極的回應證明了這家令人驚嘆的公司以及世界各地優秀的員工、品牌和粉絲社區，使其如此特別。

Hasbro is unique in our ability to create cherished childhood memories that translate into lifelong favorites. Our brands span toys that inspire wonder to collectibles that showcase fashion, board games that bring families together, to gaming systems with thriving global fandoms, and animation that delights children, to feature films and video games that engage audiences of all ages.

孩之寶的獨特之處在於我們能夠創造珍貴的童年回憶，並將其轉化為終生的最愛。我們的品牌涵蓋激發好奇心的玩具、展示時尚的收藏品、讓家人團聚的棋盤遊戲、擁有蓬勃發展的全球粉絲的遊戲系統、令兒童愉悅的動畫、吸引各個年齡段觀眾的電影和視頻遊戲。

As CEO, I'll be working with our team focused on 3 long-term priorities. First and foremost is driving growth with the Brand Blueprint. At the heart of Hasbro is the Brand Blueprint. It enables us to expand the value of our brands and capabilities as we engage our fans across all aspects of play and entertainment, from consumer products to games to streaming TV shows, executing through our owned and operated assets and the best partners in the industry. We've seen significant success with this strategy with brands as varied as PEPPA PIG; TRANSFORMERS; and most recently, MY LITTLE PONY. And I'm excited as we extend its benefits to more brands from PLAY-DOH to MAGIC: THE GATHERING, to our upcoming blockbuster movie and AAA video games with DUNGEONS & DRAGONS.

作為首席執行官，我將與我們的團隊合作，重點關注 3 個長期優先事項。首先也是最重要的是透過品牌藍圖來推動成長。孩之寶的核心是品牌藍圖。它使我們能夠擴大我們的品牌和能力的價值，因為我們透過我們擁有和經營的資產以及行業中最好的合作夥伴，在遊戲和娛樂的各個方面（從消費產品到遊戲到串流電視節目）吸引我們的粉絲。我們已經看到這項策略取得了巨大成功，品牌包括 PEPPA PIG、PEPPA PIG、變形金剛；最近還有《我的小馬駒》。我很高興我們將其優勢擴展到更多品牌，從 PLAY-DOH 到萬智牌，再到我們即將上映的大片和《龍與地下城》的 AAA 電玩遊戲。

Our next focus area will be multigenerational fan engagement. Play isn't just for kids anymore. It's a lifelong pursuit. Gen Z's favorite brands are the ones they play with, that surround them with engaging experiences, and millennials and Gen X aren't far off. We are creating omnimedia play and entertainment that spans age ranges, connect people together and is passed along generation to generation.

我們的下一個重點領域將是多代粉絲的參與。玩耍不再只是孩子的專利。這是一生的追求。 Z 世代最喜歡的品牌是他們玩過的品牌，這些品牌為他們提供了引人入勝的體驗，千禧世代和 X 世代也相去不遠。我們正在創造跨越年齡層、將人們聯繫在一起並代代相傳的全媒體遊戲和娛樂。

Lastly, new growth opportunities, specifically games and direct. At $2.1 billion and 19% year-over-year growth, Hasbro is one of the biggest and fastest-growing games publishers in the world. Our investments in digital and direct-to-consumer give us an amazing opportunity to forge tighter relationships with our most valued customers, to learn from them in real time via cutting-edge data analytics and to reinvent how we bring product to market and customize it for our most passionate fans. While the whole Blueprint generates immense value for Hasbro, look for us with particular focus on these fast-growing businesses as we take our portfolio to the next level.

最後，新的成長機會，特別是遊戲和直接成長機會。孩之寶 (Hasbro) 的營收達 21 億美元，年增 19%，是全球最大、成長最快的遊戲發行商之一。我們對數位化和直接面向消費者的投資為我們提供了絕佳的機會，可以與最有價值的客戶建立更緊密的關係，透過尖端的數據分析實時向他們學習，並重塑我們將產品推向市場和客製化產品的方式獻給我們最熱情的粉絲。雖然整個藍圖為孩之寶創造了巨大的價值，但當我們將我們的產品組合提升到新的水平時，我們會特別關注這些快速成長的業務。

Underlying these priorities will be a laser focus on capital allocation, how we invest in the business, prioritize our brands and drive total shareholder return while paying down debt, maintaining an investment-grade rating and returning cash to shareholders. We'll be sharing more insights about how we will drive our Blueprint strategy, extend our fan engagements and grow our gaming and direct-to-consumer assets in the quarters to come, underpinned by a strong sense of purpose and commitment to our planet and people.

這些優先事項的基礎將是高度關注資本配置、我們如何投資業務、優先考慮我們的品牌並提高股東總回報，同時償還債務、維持投資等級並向股東返還現金。我們將分享更多關於如何在未來幾季推動我們的藍圖策略、擴大我們的粉絲參與度以及發展我們的遊戲和直接面向消費者的資產的見解，並以對我們的星球和環境的強烈使命感和承諾為基礎。

In the meantime, my focus will be squarely on partnering with Deb, Darren, Cynthia and Eric on executing with excellence to deliver our growth plans as well as meeting with the stakeholders who help make Hasbro, Hasbro.

同時，我的重點將是與 Deb、Darren、Cynthia 和 Eric 合作，以卓越的方式執行我們的成長計劃，並與幫助打造孩之寶的利益相關者會面。

I want to end with a special thank you to Rich Stoddart. Rich came on board 5 months ago after the tragic loss of Brian Goldner, our beloved leader of nearly 15 years. Using uncommon care, a natural insight from his time serving on our Board and strong and steady leadership, he helped guide us to exceptional results. Rich, your insights and leadership will be amazing assets as the new Chair of our Board of Directors, and I'm looking forward to working with and learning from you as we grow Hasbro in the years to come.

最後，我要特別感謝里奇‧斯托達特。 5 個月前，在我們敬愛的領導人布萊恩·戈德納 (Brian Goldner) 不幸去世後，里奇 (Rich) 加入了公司，他是我們敬愛的領導人近 15 年。他以非凡的關懷、在董事會任職期間的自然洞察力以及強大而穩定的領導力，幫助引導我們取得了卓越的成果。 Rich，作為我們新任董事會主席，您的見解和領導力將是令人驚嘆的資產，我期待在未來幾年發展孩之寶的過程中與您合作並向您學習。

Thank you, Chris.

謝謝你，克里斯。

The global Hasbro team finished the year strong, delivering full year results above our guidance, including 17% revenue growth, a 40 basis point improvement in adjusted operating profit margin, 23% growth to $1.3 billion in adjusted EBITDA and over $800 million in operating cash flow. Deb and I are very proud of the Hasbro team and all they accomplished in the past several months.

全球孩之寶團隊強勁地完成了這一年，全年業績超出了我們的指導，包括收入增長17%、調整後營業利潤率提高40 個基點、調整後EBITDA 增長23% 至13 億美元，以及超過8 億美元的營運現金流動。黛布和我對孩之寶團隊以及他們在過去幾個月所取得的成就感到非常自豪。

Throughout the year, and especially in the fourth quarter, we successfully navigated supply chain challenges across the business, delivering another record Wizards of the Coast, growing consumer products revenue for the year and fourth quarter and achieving robust content deliveries above 2019 levels in our Entertainment business.

在這一年中，特別是在第四季度，我們成功應對了整個業務的供應鏈挑戰，創造了海岸威世智的又一紀錄，消費產品收入在今年和第四季度不斷增長，並在娛樂領域實現了高於2019 年水準的強勁內容交付商業。

The Brand Blueprint strategy is driving profitable growth across our diversified portfolio, and Hasbro's unique set of strategic assets provide the foundation for maximizing the value of both our existing franchises and new IP. We have and are investing significant capital around the Blueprint, expanding and growing our powerful gaming portfolio, including in MAGIC: THE GATHERING and DUNGEONS & DRAGONS, building deeper and more valuable brands, telling compelling stories to global audiences and in developing our talented teams.

品牌藍圖策略正在推動我們多元化投資組合的獲利成長，而孩之寶獨特的策略資產為最大化我們現有特許經營權和新智慧財產權的價值奠定了基礎。我們已經並正在圍繞藍圖投入大量資金，擴大和發展我們強大的遊戲產品組合，包括《萬智牌》和《龍與地下城》，打造更深入、更有價值的品牌，向全球觀眾講述引人入勝的故事，並發展我們的才華橫溢的團隊。

Our commitment to disciplined strategic investments over the long term has built a differentiated business with diversified capabilities to drive profitable growth and enhance shareholder value. This is evident in our performance the last year.

我們致力於長期嚴格的策略性投資，建立了具有多元化能力的差異化業務，以推動獲利成長並提高股東價值。這從我們去年的表現可以明顯看出。

First, gaming. With a portfolio of $2.1 billion that grew 19%, Hasbro's gaming portfolio is among the biggest, most profitable and fastest-growing combinations of gaming brands across face-to-face, tabletop and digital platforms in the world. It's led by MAGIC: THE GATHERING, and 2021 was MAGIC's best year ever. Over the past 5 years, we've invested close to $1 billion to drive 150% growth in high-margin revenue and position us for growth in the coming years across tabletop and Digital Gaming. These investments are meaningfully expanding our tabletop products and creating best-in-class digital game capabilities, while recruiting and retaining world-class talent.

首先，遊戲。孩之寶的遊戲組合規模達 21 億美元，成長了 19%，是全球規模最大、利潤最高且成長最快的遊戲品牌組合之一，涵蓋面對面、桌上型和數位平台。它由萬智牌 (MAGIC: THE GATHERING) 領導，2021 年是萬智牌 (MAGIC) 有史以來表現最好的一年。在過去 5 年裡，我們投資了近 10 億美元，推動高利潤收入成長 150%，並為我們在未來幾年桌面遊戲和數位遊戲領域的成長奠定了基礎。這些投資有意義地擴展了我們的桌面產品並創造了一流的數位遊戲功能，同時招募和留住了世界一流的人才。

We are very excited to have Cynthia Williams joining us later this month from Microsoft as President of Wizards of the Coast in Digital Gaming to lead this team as Chris transitions to CEO of Hasbro. Chris orchestrated a tremendous period of growth and expansion for Wizards and has invested to position the business and team for continued success.

我們非常高興辛西婭·威廉姆斯(Cynthia Williams) 於本月晚些時候從微軟加入我們，擔任數字遊戲領域威世智(Wizards of the Coast) 的總裁，並在克里斯(Chris) 轉任孩之寶(Hasbro) 執行長期間領導該團隊。克里斯為威世智精心策劃了一段巨大的成長和擴張時期，並進行了投資，以確保業務和團隊持續成功。

The consistent growth of MAGIC is a testament to the long-term durability of our strategy, led by doubling down on collectibility, expanding the MAGIC product suite to maximize relevance across consumer segments and giving players exciting and compelling worlds to participate in.

MAGIC 的持續成長證明了我們策略的長期持久性，我們的策略是加倍重視收藏性、擴展MAGIC 產品套件以最大限度地提高與消費者細分市場的相關性，並為玩家提供令人興奮且引人入勝的世界參與。

In digital, MAGIC: THE GATHERING Arena's launch on mobile has been impressive, generating significant growth with continued high engagement from our players of around 9 hours per week. The launch of mobile more than doubled our prelaunch monthly average users at its peak and has since settled into a sustained 50% increase in our average monthly active users, as mobile has become a key way for our fans to access their favorite strategy game.

在數位領域，《萬智牌競技場》在行動裝置上的發布令人印象深刻，我們的玩家每週約 9 小時的持續高參與度帶來了顯著的成長。行動裝置的推出使我們的預發布月平均用戶數量在高峰期增加了一倍多，此後我們的平均每月活躍用戶數持續增長了50%，因為行動裝置已成為我們的粉絲訪問他們最喜歡的策略遊戲的關鍵方式。

We have only begun to unlock the value of the Digital Gaming potential of the Wizards brand and capabilities of the team. In 2021, Digital Gaming revenue, including the high-margin license Digital Gaming business, grew 36% and represented 26% of the segment. Tabletop gaming revenue represents the largest piece of the segment at 74% of the total and grew 44% for the year.

我們才剛開始釋放巫師品牌和團隊能力的數位遊戲潛力的價值。 2021 年，包括高利潤授權數位遊戲業務在內的數位遊戲收入成長了 36%，佔該細分市場的 26%。桌上遊戲收入佔該細分市場的最大份額，佔總收入的 74%，並且全年增長了 44%。

We have significant plans to leverage the power of Wizards' brands across the Blueprint for both current fans and to expand our reach to new players and fans. This begins with MAGIC: THE GATHERING Netflix series coming later this year; and in 2023, the planned theatrical release of the DUNGEONS & DRAGONS feature film.

我們制定了重大計劃，在整個藍圖中利用威世智品牌的力量為現有球迷服務，並擴大我們對新球員和球迷的影響力。這要從今年稍後推出的 Netflix 系列《萬智牌》開始；預定 2023 年在戲院上映《龍與地下城》劇情片。

Furthermore, these upcoming releases will harness the full potential of our Brand Blueprint. With a comprehensive sales and marketing plan across our organization, including special edition tabletop and card set releases, digital games, a robust Hasbro toy line and expansive licensed consumer products. Our many years of investment in these brands and in building assets to drive growth around the Blueprint position us to leverage them in bigger and more powerful ways for years to come.

此外，這些即將發布的版本將充分發揮我們品牌藍圖的潛力。我們在整個組織內制定了全面的銷售和行銷計劃，包括特別版桌面和卡片套裝發布、數位遊戲、強大的孩之寶玩具系列和廣泛的授權消費產品。我們多年來對這些品牌和資產建設的投資，以推動藍圖的成長，使我們能夠在未來幾年以更大、更強大的方式利用它們。

Last year also marked the successful relaunch of another iconic Hasbro franchise brand. Led by the expertise of the eOne team, My Little Pony: A New Generation drove the MY LITTLE PONY brand through the animated feature film that was #1 in the Netflix Kid's top 10 in more than 80 countries on opening weekend, driving high viewership and audience engagement. The film fueled greater-than-100% growth in toy and game point of sale in the fourth quarter versus last year and double-digit growth in licensed consumer products for the year.

去年也標誌著另一個標誌性孩之寶特許經營品牌的成功重新推出。在eOne 團隊專業知識的帶領下，《My Little Pony: A New Generation》透過這部動畫長片推動了MY LITTLE PONY 品牌的發展，該片在首映週末在80 多個國家/地區的Netflix 兒童影片前10 名中排名第一，帶動了高收視率和觀眾參與度。該影片推動第四季玩具和遊戲銷售點較去年成長超過 100%，並且全年授權消費產品達到兩位數成長。

With a significant multiyear content road map led by eOne and a deep and innovative merchandise program, we believe MY LITTLE PONY is positioned to reclaim its place as a leading global lifestyle brand through expansive Blueprint activation.

憑藉 eOne 主導的重要的多年內容路線圖以及深入而創新的商品計劃，我們相信 MY LITTLE PONY 能夠透過廣泛的藍圖來活化重新奪回其作為全球領先生活方式品牌的地位。

PEPPA PIG and PJ MASKS are further examples of valuable brands for which the combination of Hasbro and eOne is accelerating the growth and opportunity. In August, we launched the first Hasbro toys and games for these leading preschool brands. We had a very strong first few quarters in the market and have gained share in preschool toys. PEPPA PIG was one of our top brand growers last year. And as we shifted licensed revenue to in-sourced revenue in toys and games, the team was still able to grow licensed consumer products revenue double digits, highlighting the powerful reach of PEPPA PIG across categories.

PEPPA PIG 和 PJ MASKS 是有價值品牌的另一個例子，孩之寶和 eOne 的合併正在加速這些品牌的成長和機會。八月，我們為這些領先的學齡前品牌推出了首款孩之寶玩具和遊戲。我們在前幾個季度的市場表現非常強勁，並在學前玩具領域獲得了份額。 PEPPA PIG 去年是我們的頂級品牌種植者之一。當我們將授權收入轉向玩具和遊戲的內源收入時，該團隊仍然能夠以兩位數的速度增長授權消費產品收入，凸顯了 PEPPA PIG 跨類別的強大影響力。

In recognition of the relevance and success of the brand, combined with the opportunity ahead, we have elevated PEPPA PIG to a franchise brand, and we'll begin reporting this with our first quarter earnings. It is a clear indication of the potential value of this brand we acquired with eOne.

認識到該品牌的相關性和成功，結合未來的機遇，我們已將 PEPPA PIG 提升為特許經營品牌，我們將在第一季收益中開始報告這一點。這清楚地表明了我們透過 eOne 收購的這個品牌的潛在價值。

As we think about powerful brands, our Partner Brand portfolio is activating some of the most valuable entertainment brands in the industry. We grew Partner Brand revenue 8% last year with significant growth in Hasbro products for the Marvel portfolio, led by the Spider-Man franchise, including products in support of the feature film, Spider-Man: No Way Home, and the animated new show, Spidey and His Amazing Friends.

當我們考慮強大的品牌時，我們的合作夥伴品牌組合正在激活業內一些最有價值的娛樂品牌。去年，我們的合作夥伴品牌收入成長了8%，以《蜘蛛人》系列為首的漫威產品組合的孩之寶產品顯著增長，其中包括支援長片《蜘蛛人：無路回家》和動畫新劇的產品、蜘蛛人和他的神奇朋友。

We also grew revenue for Hasbro's line of Star Wars products, despite a strong fourth quarter last year with season 2 of The Mandalorian. We recently announced an extension of our Star Wars license and are excited to have added the Indiana Jones franchise with product in the market next year, supporting the theatrical release.

儘管去年第四季《曼達洛人》第二季表現強勁，但孩之寶星際大戰系列產品的營收也有所成長。我們最近宣布延長《星際大戰》許可，並很高興明年在市場上添加印第安納瓊斯系列產品，以支持影院上映。

Hasbro is proud to maintain a strong connection with the Walt Disney Company, the creator of some of the most celebrated and everlasting entertainment franchises and looks forward to continuing its storied relationship with new product lines for Star Wars, Indiana Jones and Marvel, including Marvel's Avengers and Marvel's Spider-Man in the future.

孩之寶很自豪能夠與華特迪士尼公司保持緊密的聯繫，華特迪士尼公司是一些最著名和最永恆的娛樂特許經營權的創造者，並期待繼續與星球大戰、印第安納瓊斯和漫威的新產品線（包括漫威的復仇者聯盟）保持傳奇般的合作關係以及未來漫威的蜘蛛人。

In addition, we have exciting initiatives with new and expanding partners as diverse as Fortnite to Roblox, and we see a bright future for our Partner Brand portfolio with higher profit growth in the mid to long term.

此外，我們也與《堡壘之夜》和《Roblox》等不同的新合作夥伴和不斷擴大的合作夥伴開展了令人興奮的舉措，我們看到我們的合作夥伴品牌組合有著光明的未來，中長期利潤成長將更高。

Finally, while I've highlighted several entertainment successes that are driving brands today and in the future, the Entertainment segment had a very successful year, delivering revenues above 2019 levels when adjusted for the music business, which we divested during 2021, with amazing shows like Yellowjackets, Cruel Summer, Graymail and The Rookie, and the return of film deliveries, including Clifford the Big Red Dog and Finch, the eOne team delivered compelling content across platforms.

最後，雖然我強調了推動當今和未來品牌發展的幾項娛樂成功，但娛樂部門度過了非常成功的一年，根據音樂業務進行調整後的收入高於2019 年的水平，我們在2021 年剝離了音樂業務，並提供了精彩的節目eOne 團隊在《黃衫隊》、《殘酷夏天》、《灰色郵件》和《新秀》等電影交付中回歸，包括《大紅狗克利福德》和《芬奇》，在各個平台上交付了引人入勝的內容。

Importantly, eOne has been focused on developing a strong pipeline of content for Hasbro brands, and we've seen an incredible response from the market. In 2021, we started to see that pipeline converted into green lights, production and releases to be activated across the Brand Blueprint.

重要的是，eOne 一直致力於為孩之寶品牌開發強大的內容管道，我們看到了市場的令人難以置信的反應。 2021 年，我們開始看到該管道轉變為綠燈，生產和發布將在整個品牌藍圖中啟動。

In closing, it has been a true honor to work with the Hasbro team as interim CEO over these past several months. The entire Hasbro family has my deep gratitude for their tremendous focus on delivering at a high level. I especially want to thank Deb Thomas for her strong and steady leadership during such an important time.

最後，在過去的幾個月裡，我非常榮幸能夠作為臨時執行長與孩之寶團隊合作。我對整個孩之寶家族深表感謝，感謝他們對高水準交付的巨大關注。我特別要感謝黛布·托馬斯（Deb Thomas）在如此重要的時刻所展現的強大而穩定的領導力。

This year's results position Hasbro for continued growth and to continue driving shareholder value. With consumers, brands and storytelling at the center and purpose at our core, we have made and are making significant investments across the business and in our people to drive capabilities, insights and innovation to support our long-term growth. I am excited to see Chris and Eric take on their new roles later this month and confident that Hasbro will thrive under their leadership.

今年的業績使孩之寶能夠持續成長並繼續推動股東價值。以消費者、品牌和故事為中心，以目標為核心，我們已經並正在對整個業務和員工進行重大投資，以推動能力、洞察力和創新，以支持我們的長期成長。我很高興看到克里斯和埃里克在本月晚些時候擔任新職務，並相信孩之寶將在他們的領導下蓬勃發展。

I'll now turn the call over to Deb. Deb?

我現在將電話轉給黛布。德布？

Good morning, everyone. As Rich said, we're incredibly proud of the performance by the Hasbro team over the past several months to turn in an outstanding year. This includes full year double-digit growth in revenue, operating profit, earnings and adjusted EBITDA. We grew revenue across segments, brand portfolios and geographies. Wizards in Digital Gaming had its best year ever, doubling the size of the Wizards business 2 years earlier than anticipated. We furthered the integration of eOne, launching new increasingly Hasbro brand-led content campaigns as well as Hasbro's line for PEPPA PIG and PJ MASKS. We remain on track to achieve the $130 million run rate of cost and in-sourcing synergies by the end of this year.

大家早安。正如里奇所說，我們對孩之寶團隊過去幾個月的表現感到無比自豪，他們迎來了出色的一年。這包括全年收入、營業利潤、收益和調整後 EBITDA 的兩位數成長。我們在各個細分市場、品牌組合和地區實現了收入成長。數字遊戲領域的奇才隊迎來了有史以來最好的一年，比預期提前兩年將奇才隊的業務規模擴大了一倍。我們進一步整合了 eOne，推出了越來越多以孩之寶品牌為主導的新內容活動以及孩之寶的 PEPPA PIG 和 PJ MASKS 系列。我們仍有望在今年年底前實現 1.3 億美元的成本運行率和內包協同效應。

We strengthened our balance sheet, paying down over $1 billion in debt, ending the year with over $1 billion in cash. And after reducing our debt-to-adjusted EBITDA last year by 1.7x to 3.1, we are on track to hit our target of 2 to 2.5x by year-end 2023. And we invested across Hasbro to profitably grow for the long term while returning cash to shareholders, including a 3% increase in the quarterly dividend announced today and effective with our next dividend payment in May.

我們加強了資產負債表，償還了超過 10 億美元的債務，年底現金超過 10 億美元。去年，我們將債務與調整後 EBITDA 降低了 1.7 倍至 3.1 倍，我們預計在 2023 年底前實現 2 至 2.5 倍的目標。 ，包括今天宣布的季度股息增加3%，並於5 月支付下一次股息時生效。

Our 2021 results and current year outlook support our view to growth and value creation over the coming years.

我們的 2021 年業績和今年展望支持了我們對未來幾年成長和價值創造的看法。

For the year, revenue grew 17% year-over-year and 8% versus pro forma 2019. MAGIC: THE GATHERING, NERF, PEPPA PIG, MY LITTLE PONY, TRANSFORMERS and Hasbro products for the Marvel portfolio led the year-over-year growth, along with the return of Entertainment production and deliveries, notably in TV, streaming and animation.

今年營收年增17%，與預計2019 年相比成長8%。之寶產品同比增長領先增長，以及娛樂製作和交付的回歸，特別是在電視、串流媒體和動畫領域。

The Wizards of the Coast in Digital Gaming segment had a phenomenal year, growing revenue, 42%; operating profit, 30%; ending the year with an operating profit margin of 42.5%, and adjusted EBITDA was higher by 36%.

海岸巫師隊在數位遊戲領域度過了驚人的一年，收入成長了 42%；營業利潤，30%；截至年底，營業利潤率為 42.5%，調整後 EBITDA 高出 36%。

We had success in both tabletop and Digital Gaming, led by MAGIC: THE GATHERING and DUNGEONS & DRAGONS. We have significantly invested to drive these brands for current and future growth.

在《萬智牌》和《龍與地下城》的帶領下，我們在桌上遊戲和數位遊戲領域都取得了成功。我們投入了大量資金來推動這些品牌當前和未來的成長。

Consumer Products segment revenues grew 9% year-over-year. Robust demand for Hasbro products, strategic pricing actions and significantly improved execution in markets like Latin America and Asia drove a 170 basis point operating margin expansion, more than offsetting the higher freight and input costs as well as supply chain challenges incurred during the year. Adjusted EBITDA grew 18%.

消費品部門營收年增 9%。對孩之寶產品的強勁需求、策略性定價行動以及拉丁美洲和亞洲等市場執行力的顯著改善推動了營業利潤率增長170 個基點，足以抵消年內較高的貨運和投入成本以及供應鏈挑戰。調整後 EBITDA 成長 18%。

The team managed supply and delivered strong revenue growth, but our product in-stock levels were lower than target. Part of this was due to demand above our plan and part due to continuing supply chain disruption. To help us maintain Consumer Products segment operating profit margins at or above 2021 levels, we have price increases scheduled to take effect in the second quarter to offset the anticipated continuation of supply chain challenges and resulting higher input and freight costs.

該團隊管理供應並實現強勁的收入成長，但我們的產品庫存水準低於目標。部分原因是需求超出了我們的計劃，部分原因是供應鏈持續中斷。為了幫助我們將消費品部門的營業利潤率維持在2021 年或以上的水平，我們計劃在第二季度實施提價，以抵消預期持續存在的供應鏈挑戰以及由此帶來的更高的投入和貨運成本。

Entertainment segment revenue increased 27% for the year, exceeding 2019 pro forma levels of revenue when adjusted for the sale of the music business.

娛樂部門營收全年成長 27%，超過 2019 年經音樂業務出售調整後的預估營收水準。

Adjusted operating profit grew 13%, and adjusted EBITDA increased 76% for the full year 2021. Adjusted operating profit increased due to higher revenue and lower administrative costs, partially offset by higher program cost amortization associated with more deliveries, the mix of content and higher overall costs related to COVID.

2021 年全年調整後營業利潤成長13%，調整後EBITDA 成長76%。工程成本攤銷所抵銷。

Overall, adjusted operating profit grew 20% and operating profit margin expanded on a favorable mix of revenues, strategic pricing, which partially offset higher costs, at the same time, investing in product innovation and advertising behind brands and entertainment.

總體而言，調整後的營業利潤成長了 20%，營業利潤率因收入和策略定價的有利組合而擴大，部分抵消了較高的成本，同時投資於品牌和娛樂背後的產品創新和廣告。

On a reported basis, other income expense net included a $54 million pretax noncash, nonoperating charge associated with our investment in the Discovery Family Channel. The pandemic has accelerated changes in the cable distribution industry, and networks have seen a decline in linear subscribers.

根據報告，其他收入支出淨額包括與我們投資探索家庭頻道相關的 5,400 萬美元稅前非現金非營運費用。疫情加速了有線電視發行產業的變革，網路線性用戶數量下降。

During the over 10-year life of our investment, we've recorded more than $1.1 billion of merchandise revenue related to Hasbro programming on the channel, averaging more than $100 million per year. Since reducing our ownership from 50% to 40% in 2014, we've recorded approximately $130 million of nonoperating investment income or an $18.5 million annual average. This investment has delivered a strong return for Hasbro.

在我們超過 10 年的投資期間，我們已記錄了超過 11 億美元的與孩之寶頻道節目相關的商品收入，平均每年超過 1 億美元。自從 2014 年將我們的所有權從 50% 減少到 40% 以來，我們已經記錄了約 1.3 億美元的非經營性投資收入，即年平均 1,850 萬美元。這項投資為孩之寶帶來了豐厚的回報。

Turning to tax. The full year underlying tax rate, absent non-GAAP charges and discrete items, was 21.3%. The lower adjusted rate of 15.8% was the result of favorable discrete items from audit settlements, synergies from the integration of eOne and tax planning.

轉向稅收。扣除非 GAAP 費用和離散項目後，全年基本稅率為 21.3%。調整後的稅率較低，為 15.8%，這是由於審計結算中的有利離散項目以及 eOne 和稅務規劃整合產生的協同效應的結果。

For 2022, our underlying rate, absent non-GAAP charges and discrete items, is expected to decline to approximately 20.5%, with an adjusted rate expected in the 18% to 20% range as we do not predict the same level of favorable discrete items we had in 2021.

到2022 年，我們的基本利率（不包括非GAAP 費用和離散項目）預計將下降至約20.5%，調整後的利率預計在18% 至20% 範圍內，因為我們預計不會出現相同水準的有利離散項目我們在 2021 年有過。

As I said to start, our balance sheet is strong. Accounts receivable increased 8% versus 17% revenue growth as collections remained strong. After declining 17 days last year, DSO declined another 6 days to 68 days with improvement across Hasbro, led by our Entertainment business and international commercial markets.

正如我一開始所說的，我們的資產負債表很強勁。由於收款依然強勁，應收帳款成長 8%，而營收成長 17%。繼去年下降 17 天后，DSO 又下降了 6 天，達到 68 天，孩之寶在娛樂業務和國際商業市場的帶動下有所改善。

The inventory we had at year-end is of very high quality. Our aged inventory is well below historical levels, but the levels we have on hand and at retail are higher than last year. For both owned and retail inventory, this reflects a significant increase in the amount of inventory in transit as lead times from China have increased about 3x on average. Hasbro-owned inventory also reflects higher fleet and product costs. These higher capitalized costs are expected to have a negative impact on gross margin in the first quarter prior to price increases taking effect.

我們年底的庫存品質非常高。我們的老化庫存遠低於歷史水平，但我們現有和零售的水平高於去年。對於自有庫存和零售庫存而言，這反映出運輸中的庫存量顯著增加，因為來自中國的交貨時間平均增加了約 3 倍。孩之寶擁有的庫存也反映出更高的車隊和產品成本。在價格上漲生效之前，這些較高的資本成本預計將對第一季的毛利率產生負面影響。

For 2021, we reported an adjusted EPS of $5.23 per share. As you think about 2022 EPS, I want to walk through several items. First, as a reminder, in the first quarter of 2021, we realized a nonoperating gain of $25.6 million from a legal settlement. This translated to $0.19 per share in Q1 2021, and this will not have a comp in the current year.

2021 年，我們報告調整後每股收益為 5.23 美元。當您思考 2022 年每股收益時，我想介紹幾個項目。首先，提醒一下，2021 年第一季度，我們透過法律和解實現了 2,560 萬美元的非營業收益。這相當於 2021 年第一季每股 0.19 美元，今年不會有比較。

Second, we sold the eOne music business in Q3 of last year. This represented $65.2 million in revenue and $16.9 million in adjusted operating profit during the first half of 2021, which would equate to approximately $0.08 per share on the full year.

其次，我們在去年第三季出售了 eOne 音樂業務。這意味著 2021 年上半年的收入為 6,520 萬美元，調整後營業利潤為 1,690 萬美元，相當於全年每股收益約 0.08 美元。

Finally, following Brian's passing, there was an accelerated contractual vesting of certain equity awards in the fourth quarter. Diluted share count is expected to increase from 138.4 million for the full year 2021 to approximately 141 million for full year 2022 on a weighted average basis.

最後，在布萊恩過世後，第四季某些股權獎勵的合約歸屬加速。以加權平均計算，稀釋後股份數量預計將從 2021 年全年的 1.384 億股增加至 2022 年全年的約 1.41 億股。

As we look ahead, we're investing today to build bigger, more powerful brands around the Brand Blueprint. These investments are in innovation, in capabilities, in storytelling and in our people.

展望未來，我們今天正在投資，圍繞品牌藍圖打造更大、更強大的品牌。這些投資涉及創新、能力、說故事和我們的員工。

Coming off a year of double-digit revenue and operating profit growth, for 2022, we expect revenue and adjusted operating profit to grow in the low single digits and deliver operating profit margin expansion as well as operating cash flow in the range of $700 million to $800 million. Adjusted EBITDA is expected to be in line with the $1.3 billion achieved in 2021.

在經歷了兩位數收入和營業利潤增長的一年後，我們預計2022 年收入和調整後營業利潤將以低個位數增長，營業利潤率擴大，營業現金流在7 億至7 億美元之間8億美元。調整後 EBITDA 預計將與 2021 年實現的 13 億美元持平。

Looking at our segments in 2022, we expect the Wizards in Digital Gaming segment to grow in the mid-single digits. We continue to invest to grow this high-return business over the near and the long term.

展望 2022 年我們的細分市場，我們預計數位遊戲領域的巫師隊將實現中個位數成長。我們將繼續投資，以在短期和長期內發展這項高回報業務。

Over the medium term, as we expect to see acceleration beginning in 2023, we're targeting compound annual revenue growth in the high single to low double digits and operating margins to remain above 40%. The toy and game industry has grown at an above-trend growth rate the past 2 years, and we expect that to slow or decline in the coming year, but we are well positioned with new initiatives and great content.

從中期來看，我們預計從 2023 年開始將出現加速成長，我們的目標是實現高個位數到低兩位數的複合年收入成長，並將營業利潤率保持在 40% 以上。過去兩年，玩具和遊戲產業的成長速度高於趨勢水平，我們預計來年成長將放緩或下降，但我們已做好準備，推出新措施和精彩內容。

We believe we can continue to grow the Consumer Products segment through innovative brand campaigns, including a full year of PEPPA PIG and PJ MASKS, continued growth in MY LITTLE PONY as we accelerate around the Blueprint through a strategic and well-placed content road map from eOne supporting merchandise plans, and new entertainment for key partner brands like Marvel and Star Wars.

我們相信，透過創新的品牌活動，包括全年的PEPPA PIG 和PJ MASKS，以及MY LITTLE PONY 的持續成長，我們可以透過策略性且佈局合理的內容路線圖來加速圍繞藍圖的發展，從而繼續發展消費品領域。

While our rights expire for Disney Princess and Frozen at the end of 2022, we are very excited about our continuing relationships with Disney, from Marvel, Star Wars and Indiana Jones and the product offerings around these brands.

雖然我們對《迪士尼公主》和《冰雪奇緣》的版權將於2022 年底到期，但我們對與迪士尼（漫威、星球大戰和印第安納瓊斯）的持續合作關係以及圍繞這些品牌提供的產品感到非常興奮。

The Disney Princess and Frozen business has averaged approximately $250 million in revenue per year for Hasbro, peaking in 2019 with the last Frozen film.

孩之寶的迪士尼公主和《冰雪奇緣》業務平均每年收入約 2.5 億美元，在 2019 年上一部《冰雪奇緣》電影中達到頂峰。

We expect to grow our Consumer Products segment revenue in the low single digits in 2022 as we execute the rich and valuable portfolio of Hasbro and Partner Brands and increasing to a mid-single-digit growth rate over the medium term, including greater operating profit margin expansion in 2023 and beyond.

我們預計，隨著我們執行孩之寶和合作夥伴品牌豐富而有價值的產品組合，並在中期內將增長率提高至中個位數，包括提高營業利潤率，我們預計2022 年我們的消費品部門收入將實現低個位數成長2023 年及以後的擴張。

In the Entertainment segment, with high demand for content as well as theatrical improving, the entertainment industry is expected to continue growing. Combined with our robust entertainment slate, we anticipate 2022 growth in the Entertainment segment in the mid-single digits, absent the music business, which was sold in 2021.

在娛樂領域，隨著對內容的高需求以及戲劇的改進，娛樂業預計將繼續增長。結合我們強大的娛樂業務，我們預計 2022 年娛樂業務將實現中個位數成長，不包括 2021 年出售的音樂業務。

As we activate more Hasbro-branded content, we expect revenue to grow in the high single to low double digits over the medium term with higher growth in operating profit and adjusted EBITDA to drive margin expansion. Our cash spend on content for this year is expected in the range of $725 million to $825 million to support content development and deliveries over a multiyear period.

隨著我們啟動更多孩之寶品牌內容，我們預計中期內收入將以高個位數到低兩位數的速度增長，營業利潤和調整後 EBITDA 的增長將加快，以推動利潤率擴張。我們今年在內容上的現金支出預計在 7.25 億至 8.25 億美元之間，以支持多年內的內容開發和交付。

Notably, we're planning significant initiatives executed across the Brand Blueprint in Consumer Products, gaming and Entertainment, including feature films for Transformers: Rise of the Beast and DUNGEONS & DRAGONS that are expected to accelerate revenue and operating profit growth in 2023.

值得注意的是，我們正在計劃在消費品、遊戲和娛樂領域的品牌藍圖中實施重大舉措，包括《變形金剛：野獸崛起》和《龍與地下城》的故事片，預計將在2023 年加速收入和營業利潤的成長。

For the medium term through 2024, we expect revenue growth in the mid-single digits on a compounding annual basis. Each segment has strength on its own. But as we have seen over time, the greatest return comes from the broad portfolio that is part of our Brand Blueprint strategy delivers greater value. Importantly, we expect the financial benefits of our combined capabilities to grow over time. By year-end 2023, operating profit margin is expected to exceed 16% and operating cash flow should reach approximately $1 billion.

從中期來看，到 2024 年，我們預期收入複合年增長率將達到中個位數。每個細分市場都有自己的優勢。但正如我們隨著時間的推移所看到的，最大的回報來自廣泛的產品組合，這是我們品牌藍圖策略的一部分，可以帶來更大的價值。重要的是，我們預計我們綜合能力的財務效益將隨著時間的推移而增長。 2023年底，營業利潤率預計將超過16%，營業現金流將達到約10億美元。

In closing, long-term investments in our brands and capabilities have built a differentiated business with diversified capabilities to drive long-term profitable growth and enhance shareholder value. These investments have benefited not only 2021, but are designed to benefit years to come.

最後，對我們品牌和能力的長期投資建立了具有多元化能力的差異化業務，以推動長期獲利成長並提高股東價值。這些投資不僅使 2021 年受益，而且旨在使未來幾年受益。

After delivering a high-quality year, we're positioned for further growth in 2022 and on track for greater revenue growth and greater operating profit expansion in 2023 and beyond as we leverage our investments and building brands and capabilities across the Brand Blueprint to drive profitable growth for the long term under a strong leadership team.

在實現高品質的一年後，我們將在2022 年實現進一步成長，並預計在2023 年及以後實現更大的收入成長和更大的營業利潤擴張，因為我們利用我們的投資並在整個品牌藍圖中建立品牌和能力來推動盈利在強大的領導團隊的領導下實現長期發展。

(Operator Instructions) And our first question comes from the line of Steph Wissink with Jefferies.

（操作員說明）我們的第一個問題來自 Steph Wissink 和 Jefferies 的電話。

Chris, I have a question for you, and then, Deb, one clarification. Chris, my question is really regarding your #3 initiative from your prepared remarks, the gaming and DTC strategy. I'm hoping you can connect those to some of the growth targets that Deb just laid out. I think she mentioned for Wizards and gaming, the expectation was high single to low double-digit growth. So maybe help us think through the DTC component of that? And just remind us how much of the business is DTC today, if any at all?

克里斯，我有一個問題要問你，然後黛布，請澄清一下。克里斯，我的問題實際上是關於您準備好的發言中的#3 倡議、遊戲和 DTC 策略。我希望您能將這些與黛布剛剛制定的一些成長目標聯繫起來。我想她提到了巫師隊和博彩業的預期是高個位數到低兩位數的成長。那麼也許可以幫助我們思考其中的 DTC 部分？請提醒我們，目前 DTC 業務佔了多大比例（如果有的話）？

Well, so on games, when we look at 2023 and beyond, we look at continued growth in our tabletop business, consistent with our historical norms, and we look at a robust slate of new digital games that will be coming to market. Both as we've talked in the past, Steph, digital tabletop, which is kind of an extension of our core games, as well as extensions into more traditional video game categories like role-playing games, action adventure and strategy. And so we'll be sharing more details about that over the next several quarters, and we expect some significant growth from those initiatives as we've been putting in significant investment in them.

那麼，在遊戲方面，當我們展望 2023 年及以後時，我們會看到我們的桌面業務將持續成長，這與我們的歷史標準一致，並且我們會看到大量即將上市的新數位遊戲。正如我們過去所說的那樣，Steph，數位桌上遊戲是我們核心遊戲的延伸，也是對角色扮演遊戲、動作冒險和策略等更傳統電玩遊戲類別的延伸。因此，我們將在接下來的幾季分享更多有關這方面的細節，我們預計這些舉措將帶來顯著成長，因為我們一直在對這些舉措進行大量投資。

On direct-to-consumer, we have a variety of direct-to-consumer initiatives across the company. Wizards of the Coast and digital games drive several of those. We would consider Arena to be an example of a direct-to-consumer business because we run that service and primarily adjudicate payments through our own -- with our own proprietary means. We also have our Secret Lair business, which has grown significantly over the last several years for MAGIC.

在直接面向消費者方面，我們在整個公司範圍內採取了各種直接面向消費者的措施。 《海岸奇才》和數位遊戲推動了其中的一些發展。我們認為 Arena 是直接面向消費者的業務的一個例子，因為我們經營該服務，並且主要透過我們自己的方式——用我們自己的專有方式來裁決付款。我們還有 Secret Lair 業務，在過去幾年為 MAGIC 帶來了顯著成長。

And then I'm going to turn, I think, the second half of the question over to Eric Nyman, who can talk a little bit more about what we've been doing on the Consumer Product side with Hasbro Pulse, which has also had tremendous growth. Eric?

然後，我想，我將把問題的後半部分交給埃里克·尼曼 (Eric Nyman)，他可以多談談我們在消費品方面與孩之寶 Pulse 所做的事情，該公司也有巨大的增長。艾瑞克？

Thanks, Chris. So Steph, I think you know our Hasbro Pulse business, we don't disclose that amount for the Pulse, but we have seen great growth. We did double it again in 2021. We have some incredible new announcements coming in 2022, and we look forward to sharing those with you in the upcoming months.

謝謝，克里斯。所以史蒂芬，我想你知道我們的孩之寶脈衝業務，我們沒有透露脈衝的金額，但我們看到了巨大的成長。我們在 2021 年再次將其翻倍。 我們將在 2022 年發布一些令人難以置信的新公告，我們期待在接下來的幾個月中與您分享這些內容。

Great. Very helpful. And then, Deb, I wanted to just go back to your comments on comparability in the quarters in 2022, recognizing you have some onetime items that won't repeat. But also, can you help us just think through maybe in semesters, if you'd like, versus quarters, how to think about the first half versus the second half? I know June was an unusual comparison with a few things in that quarter specifically. So just help us think through maybe the sequencing of this year for our models.

偉大的。非常有幫助。然後，黛布，我想回顧一下您對 2022 年各季度可比性的評論，認識到您有一些不會重複的一次性項目。而且，如果您願意的話，您能否幫助我們思考一下，也許在學期中，與季度相比，如何考慮上半場與下半場？我知道六月與該季度的一些事情相比是一個不尋常的比較。因此，請幫助我們思考今年模型的排序。

Sure. So absolutely. Let me just start with the Entertainment business. As you know, Entertainment is so dependent on when deliveries take place, right? So I would think a little bit about that similar to the cadence of 2021 from an Entertainment standpoint. As you mentioned, June was a big quarter. The second quarter was a very big quarter for us in Wizards of the Coast, in Digital Gaming and also, we have some exciting initiatives in Consumer Products as well.

當然。絕對是如此。讓我從娛樂業開始。如您所知，娛樂非常依賴交付時間，對吧？所以我會從娛樂的角度來思考類似 2021 年的節奏。正如您所提到的，六月是一個重要的季度。第二季度對我們來說是威世智、數位遊戲領域非常重要的一個季度，而且我們在消費產品領域也有一些令人興奮的舉措。

So as I think about the year, I think the most difficult comps for us this year from a cost standpoint are really in the first quarter. We've got high capitalized freight and input costs. And as we mentioned, our price increases don't take effect to cover some of that until the second quarter. So if you think about cost pressure standpoint, it's really the first quarter. And from a comp standpoint, given the success of MAGIC: THE GATHERING and the releases that we have planned this year, really, the third quarter is going to be a bit tougher as well. We had some digital that launched and went into that third quarter and an extra release. We have the same number of tabletop releases this year. We just don't have the extra digital release that we had in 2021.

因此，當我思考今年時，我認為從成本角度來看，今年對我們來說最困難的比較實際上是在第一季。我們的運費和投入成本很高。正如我們所提到的，我們的價格上漲要到第二季才會生效以彌補其中的一部分。因此，如果您考慮成本壓力的角度，這實際上是第一季。從比較的角度來看，鑑於《萬智牌》的成功以及我們今年計畫發布的版本，實際上，第三季也會變得更加艱難。我們推出了一些數位產品並進入了第三季度，還有一個額外的版本。今年我們發布了相同數量的桌面版本。我們只是沒有 2021 年的額外數位版本。

So as I think about comps, the first quarter and the third quarter are a little bit tougher comps than the rest of the year.

因此，當我考慮比較時，第一季和第三季的比較比今年剩餘時間要艱難一些。

Our next question comes from the line of Eric Handler with MKM Partners.

我們的下一個問題來自 Eric Handler 和 MKM Partners 的電話。

Deb, I wonder if you could dig in maybe a little bit on the entertainment side of the business again. As we think about where the growth is coming from in the business in 2022, can you maybe give us a little breakdown of live-action TV versus movies versus animated programming? Where are going to be sort of like the puts and takes for those segments? And how much of the business is coming from frontline versus catalog?

黛布，我想知道你是否可以再次深入研究娛樂方面的業務。當我們思考 2022 年業務的成長來自何處時，您能否給我們簡單介紹一下真人電視、電影和動畫節目？這些部分的賣權和賣出選擇權會在哪裡？與目錄相比，有多少業務來自一線？

Sure, Eric. As we kind of look out over the business, we had a great year of deliveries, and we saw theatrical start to come back in 2021. Still wasn't anywhere near the levels of pre-pandemic, but it's starting to come back.

當然，埃里克。從我們對業務的關注來看，我們今年的交付情況非常好，我們看到影院在 2021 年開始回歸。

So as we think about deliveries moving into 2022, we do have a few movies that are scheduled to be delivered. We have a couple in the early part of the year from eOne and one in the later part of the year, it's still in production right now. And we think as we move into 2023, obviously, that will be a bigger year as we did production on DUNGEONS & DRAGONS with our partners at Paramount, and Transformers: Rise of the Beast. So those will be out in 2023 as long as movies from our -- as well as moves from our partner at Disney and the Marvel, Guardians of the Galaxy and Indiana Jones and a new Star Wars movie. So very excited about moving into 2023, and then our partners at Disney later in 2022 with Doctor Strange; Thor; Spider-Man; and of course, we're all excited for a Black Panther: Wakanda Forever coming in the fall.

因此，當我們考慮 2022 年的交付時，我們確實有幾部電影計劃交付。我們在今年年初推出了 eOne 的幾款產品，在今年下半年推出了一款，目前仍在生產中。我們認為，進入 2023 年，顯然這將是更重要的一年，因為我們與派拉蒙的合作夥伴一起製作了《龍與地下城》和《變形金剛：野獸崛起》。因此，這些內容將在 2023 年上映，只要我們的電影以及我們的迪士尼和漫威合作夥伴、《銀河守護隊》和《法櫃奇兵》以及一部新的《星際大戰》電影都將上映。對於進入 2023 年感到非常興奮，然後我們在迪士尼的合作夥伴將在 2022 年推出《奇異博士》；托爾；蜘蛛人；當然，我們都對秋天上映的《黑豹：永遠的瓦幹達》感到興奮。

So as we think about our Entertainment business, we have that, but we continue to distribute live-action content. We have many unscripted and scripted television or streaming coming out throughout the year. So much of that is dependent on deliveries, which is why I said earlier, if we kind of think about the delivery and the cadence being similar to 2021, just from a delivery standpoint, that will continue to come out as we go through.

因此，當我們考慮我們的娛樂業務時，我們已經做到了這一點，但我們仍然繼續分發真人內容。我們全年都會推出許多無劇本和有劇本的電視或串流節目。這在很大程度上取決於交付量，這就是為什麼我之前說過，如果我們認為交付量和節奏與2021 年類似，僅從交付的角度來看，隨著我們的經歷，這一點將繼續出現。

And from an animated standpoint, we have MAGIC: THE GATHERING coming in the fall. We're very excited about that as well. And we have more deliveries from -- for PEPPA and PJ. But just as a reminder, in the third quarter of last year, we had the MY LITTLE PONY movie. So while we have a robust content road map coming from MY LITTLE PONY go forward, that delivery in the third quarter is probably will have a bit of a blip on the animation side, which is, again, why I think the third quarter is probably the one that has probably the toughest comp as I think about the year ahead of us.

從動畫的角度來看，我們將在秋季推出《萬智牌》。我們對此也感到非常興奮。我們還有更多來自 PEPPA 和 PJ 的交付。但提醒一下，去年第三季度，我們上映了《MY LITTLE PONY》電影。因此，雖然我們有《MY LITTLE PONY》的強大內容路線圖，但第三季的交付可能會在動畫方面出現一些問題，這也是我認為第三季可能會出現的原因。比賽可能是最艱難的。

From a library standpoint, while we did have some sales of library, in particular, we've done -- just done a deal in the Nordic countries to distribute some library content. The vast majority was from new series delivery of our revenue as we think about the past year.

從圖書館的角度來看，雖然我們確實進行了一些圖書館銷售，但特別是，我們剛剛在北歐國家達成了分發一些圖書館內容的協議。回顧過去的一年，絕大多數收入來自新系列的收入。

Okay. And just as a follow-up, as we think about the Hasbro Gaming segment, and that's stripping out MAGIC and whatever else is in -- and MONOPOLY, which go into Franchise Brands, you've had excellent growth over the last 2 years. Is that a segment that probably we'll see challenging comparisons for 2022?

好的。作為後續行動，當我們考慮孩之寶遊戲細分市場時，剔除《魔法》和其他任何產品，以及進入特許經營品牌的《地產大亨》，您在過去兩年中取得了出色的增長。到 2022 年，我們可能會看到這個細分市場具有挑戰性的比較嗎？

Yes. So I think -- thanks for the question, Eric. So look, the gaming portfolio is extraordinarily strong and has been a real leader. As we pointed out, we would point you to the $2.1 billion at 19% growth. And we've got some powerful brands in there. Clearly, gaming has had some robust demand as we were in a COVID environment. And so very tough comps, and yet we're still growing that business, and we see upside for the business go forward.

是的。所以我想——謝謝你的提問，艾瑞克。所以看，遊戲產品組合非常強大，並且一直是真正的領導者。正如我們所指出的，我們會向您指出 21 億美元，成長率為 19%。我們在那裡有一些強大的品牌。顯然，在新冠疫情環境下，遊戲需求強勁。競爭非常激烈，但我們仍在發展該業務，我們看到了該業務未來的上行空間。

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

我們的下一個問題來自瑞銀集團的 Arpine Kocharyan。

And Chris, congrats on the new role. We look forward to working with you.

克里斯，恭喜你擔任新角色。我們期待與您合作。

I was wondering if you could talk about current POS trends for the industry and Hasbro and what is sort of general retail inventory situation? I know you alluded to perhaps better retail inventory versus on hand. But just a bit of more detail would be helpful. And then I have a quick follow-up on gaming.

我想知道您能否談談行業和孩之寶當前的 POS 趨勢以及一般零售庫存情況如何？我知道您提到零售庫存可能比現有庫存更好。但只要提供更多細節就會有所幫助。然後我對遊戲進行了快速跟進。

Maybe Arpine, I will have Deb take the inventory question first.

也許阿平，我會讓黛布先回答庫存問題。

Sure. So just from an inventory standpoint, as we mentioned, both our inventory, our owned inventory and retail inventory was up a bit at the end of the year. And that's really because of inventory in transit and the input and freight costs that are capitalized in that inventory. Now the good part is what's in transit is our new spring releases for MAGIC and for our Consumer Products business. So it's an excellent quality and it is being slightly impacted though by those higher input costs as we think about inventory.

當然。因此，從庫存的角度來看，正如我們所提到的，我們的庫存、我們的自有庫存和零售庫存在年底都有所上升。這實際上是因為運輸中的庫存以及該庫存中資本化的投入和貨運成本。現在最好的部分是我們為 MAGIC 和我們的消費品業務推出的新春季版本。因此，它的品質非常好，但在我們考慮庫存時，它受到了較高的投入成本的輕微影響。

And then, Arpine, as it relates to POS, so we did include a summary of POS in the presentation. So please take a look at that. But North America was up low single digits for Q4 and full year. And double-digit growth, maybe back to Eric's point on games, double-digit growth for games in Q4. International declined. And clearly, low in-stock levels was a driver and a headwind for POS sort of across the portfolio.

然後，Arpine，因為它與 POS 相關，所以我們在演示中確實包含了 POS 的摘要。所以請看一下。但北美地區第四季和全年的成長率較低。兩位數的成長，也許回到了艾瑞克關於遊戲的觀點，第四季遊戲的兩位數成長。國際下降。顯然，庫存水準低是 POS 整個投資組合的推動因素和阻力。

I may ask Eric to just anything you want to add on POS?

我可以請 Eric 提供您想在 POS 上添加的任何內容嗎？

Yes, I'll just include maybe some highlights. Thanks, Rich. Arpine, if you think about some of the good stories we had in 2021, some highlights include things like MY LITTLE PONY, which grew more than 100% in Q4 following the movie release that Deb and Rich both mentioned, grew double digits for the full year. Our TRANSFORMERS POS was up in Q4, which contributed to double-digit POS growth for the year. Deb mentioned Marvel and how that strong partnership. Marvel POS, led by Spider-Man, was up high teens for the year. And we had things like Ghostbusters and G.I. Joe, both which were propelled by theatrical launches, which were up more than 100% for the year.

是的，我可能只包括一些亮點。謝謝，里奇。 Arpine，如果你想想我們2021 年的一些好故事，一些亮點包括《MY LITTLE PONY》等，在黛布和里奇都提到的電影上映後，該片在第四季度增長了100% 以上，全年成長了兩位數。我們的《變形金剛》POS 在第四季度有所成長，為全年 POS 成長帶來了兩位數的成長。黛布提到了漫威以及這種牢固的合作關係。以《蜘蛛人》為首的 Marvel POS 今年的業績成長高達十幾歲。我們還有《捉鬼敢死隊》和《特種部隊》之類的作品。喬，這兩家公司都受到院線上映的推動，全年票房漲幅超過 100%。

In addition, we had growth in brands like PLAY-DOH and FurReal Friends and PLAYSKOOL, which increased. And we also talked about the POS growth for PEPPA PIG and PJ MASKS, which we started shipping in the second half of the year and really started seeing POS in the fourth quarter.

此外，我們的 PLAY-DOH 和 FurReal Friends 以及 PLAYSKOOL 等品牌也有所成長。我們還討論了 PEPPA PIG 和 PJ MASKS 的 POS 成長，我們在下半年開始出貨，並在第四季度真正開始看到 POS。

Great. Great. I was hoping you could add some color on current POS trends. But just quickly, my gaming question. What is implied for the gaming business operating margin for 2022? Because clearly, for the full year, for 2021, that business came in substantially above the 39% guidance you had initially given. Where do you think those margins could get to for 2022?

偉大的。偉大的。我希望您能為當前 POS 趨勢增添一些色彩。但很快，我的遊戲問題。 2022 年遊戲業務營運利潤率意味著什麼？因為很明顯，就 2021 年全年而言，該業務的成長遠高於您最初給出的 39% 的指導值。您認為 2022 年這些利潤率會達到什麼水準？

Sure. So absolutely, Arpine, as we launch games, we did see the higher depreciation we expected. As we talked about, we continue investing for that long-term growth. So our higher admin costs reflects hiring people to do that. And we did have that. That being said, our gaming portfolio -- overall, our gaming -- Hasbro Gaming has high teens, low-20s margins. And when you look at our total gaming portfolio, it's in the low-30s operating profit margin.

當然。所以絕對，Arpine，當我們推出遊戲時，我們確實看到了我們預期的更高的折舊。正如我們所說，我們將繼續投資以實現長期成長。因此，我們較高的管理成本反映了僱用人員來做到這一點。我們確實做到了。話雖這麼說，我們的遊戲產品組合——總體而言，我們的遊戲——孩之寶遊戲的利潤率高達十幾歲，二十幾歲以下。當你查看我們的總遊戲投資組合時，你會發現它的營業利潤率只有 30 美元以上。

So as we grow that category -- and that's why it's important that we said today, despite the fact that we're growing, our gaming portfolio overall is continued to expect to have operating profit margins in the low 30s as we go forward. And our Wizards of the Coast and Digital Gaming segment is expected to not only grow revenue and, as Chris mentioned earlier, at a greater pace in '23 and beyond as some of the games that we've been investing in come to market, but we expect that segment to maintain operating profit margins over 40%.

因此，隨著我們對該類別的成長，這就是為什麼我們今天說的很重要，儘管我們正在成長，但隨著我們的發展，我們的遊戲投資組合總體營業利潤率仍預計將在30 多歲以下。我們的《海岸奇才》和數位遊戲部門預計不僅會增加收入，而且正如克里斯之前提到的，隨著我們一直投資的一些遊戲進入市場，在 23 年及以後會以更快的速度增長，而且我們預計該部門的營業利潤率將維持在40% 以上。

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

下一個問題來自 Drew Crum 和 Stifel。

Deb, can you remind us what the plans are for debt reduction in '22 and '23? Will you be paying down debt this year? Or is the -- your aspiration to get to the 2 to 2.5x leverage multiple in '23 just a function of improved adjusted EBITDA?

Deb，您能提醒我們 22 年和 23 年的債務削減計劃是什麼嗎？今年你會還清債務嗎？或者，您在 23 年實現 2 至 2.5 倍槓桿倍數的願望只是改善調整後 EBITDA 的函數嗎？

And then separately, you mentioned the noncash charge taken related to the Discovery Family Channel during the quarter. Given the changes across the cable industry that were referenced, can you comment on your commitment to this business? And does it make sense to maintain the 40% stake going forward?

然後，您另外提到了本季與探索家庭頻道相關的非現金費用。鑑於所提到的整個電纜行業的變化，您能否評論一下您對這項業務的承諾？未來維持40%的股權是否有意義？

Thanks, Drew. Well, first, the debt-to-EBITDA question, yes, we intend to pay down debt this year. We expect to hit our targets of 2 to 2.5x through a combination of EBITDA growth as well as debt repayment.

謝謝，德魯。嗯，首先是債務與 EBITDA 的比率問題，是的，我們打算今年償還債務。我們預計透過 EBITDA 成長和債務償還相結合，實現 2 至 2.5 倍的目標。

That being said, we maintain our capital allocation strategy. First and foremost, we invest in the business. We've talked about how some of those investments, particularly in our gaming portfolio, have delivered growth of 150% and above in revenue. We continue to plan to make those long-term investments in the business around the Blueprint to drive that profitable revenue growth going forward.

話雖如此，我們維持資本配置策略。首先，我們投資於業務。我們已經討論過其中一些投資（尤其是我們的遊戲投資組合）如何實現 150% 及以上的收入成長。我們繼續計劃圍繞藍圖對業務進行長期投資，以推動未來可獲利的收入成長。

That being said, right now, those targets are the right targets for us. We think, given our current projections, we'll hit them in 2023. And that's -- so that's how we look at it. But it is a combination of debt paydown -- additional debt paydowns as well as EBITDA growth.

話雖如此，目前這些目標對我們來說是正確的目標。我們認為，根據我們目前的預測，我們將在 2023 年實現這一目標。但這是債務償還——額外債務償還以及 EBITDA 成長的結合。

With respect to the investment in Discovery Family Channel, listen, it was a great investment for us. We made it over 10 years ago. It allowed us to get our programming on the air. It really drove the beginning of the Brand Blueprint strategy. And you think about MY LITTLE PONY coming back in again, well, we've reinvented it now. It had a great run for a long time. It's been a terrific investment for us. It's driven over $1 billion in revenue for the company. It's returned a significant amount.

關於對探索家庭頻道的投資，聽著，這對我們來說是一筆巨大的投資。我們十多年前就做到了。它使我們能夠播出我們的節目。它確實推動了品牌藍圖策略的開始。當你想到《MY LITTLE PONY》再次回歸時，好吧，我們現在已經重新發明了它。它在很長一段時間內表現出色。這對我們來說是一筆了不起的投資。它為公司帶來了超過 10 億美元的收入。它已返回大量金額。

Listen, there's just changes happening in the cable industry. I think as we look around us, we see it too, more people moving to streaming, more people moving on to different things.

聽著，有線電視產業正在改變。我認為當我們環顧四周時，我們也看到了這一點，越來越多的人轉向串流媒體，越來越多的人轉向不同的事物。

That being said, Discovery runs a great network, and all of their network is terrific. And it's been a great investment for Hasbro as we continue evaluating what we're going to do with it. We'll continue looking at what's happening. But it's been a fantastic investment for us over time. It's had a really great return. And just because of the way the accounting function works, we had a noncash non-op charge in the quarter.

話雖這麼說，Discovery 經營著一個很棒的網絡，而且他們所有的網路都很棒。這對孩之寶來說是一項巨大的投資，因為我們將繼續評估我們將如何利用它。我們將繼續關注正在發生的事情。但隨著時間的推移，這對我們來說是一筆很棒的投資。它得到了非常好的回報。正是由於會計職能的運作方式，我們在本季度產生了非現金非營運費用。

Our next question is from the line of Jaime Katz with Morningstar.

我們的下一個問題來自晨星公司的 Jaime Katz。

I don't think there was any information on how you guys are thinking about capital spending this year in the deck. But can you give us an update on that? And on what you see as a working capital demand changes that we might see this year?

我認為甲板上沒有任何關於你們如何考慮今年資本支出的資訊。但可以為我們介紹一下最新情況嗎？您認為今年我們可能會看到營運資金需求發生什麼變化？

Sure. Absolutely. Jaime, from a CapEx standpoint, just straight CapEx, our expectation is it would be about $150 million to $180 million in 2022. And that changed from a year ago. If you recall, it's usually -- the majority is spent on tooling, but our increase is really due to digital game development as we sit and look forward, and that's driven us a bit higher over time. But that's really where the increase is coming from in our CapEx estimates for 2022.

當然。絕對地。 Jaime，從資本支出的角度來看，就直接資本支出而言，我們的預期是 2022 年約為 1.5 億至 1.8 億美元。如果你還記得的話，通常大部分都花在工具上，但我們的成長實際上是由於我們坐下來展望的數位遊戲開發，隨著時間的推移，這推動了我們的進步。但這確實是我們對 2022 年資本支出預測的成長來源。

From a programming standpoint, I think we mentioned we expect $725 million to $825 million in content spend, up a tick from 2021, but that's multiyear content spend. So as we look out past '22, we have a lot of new animated programming coming, including new brands. So when you think about that, it's a multiyear spend that we're seeing this year. So hopefully, that helps.

從節目製作的角度來看，我們提到我們預計內容支出將達到 7.25 億至 8.25 億美元，比 2021 年有所增加，但這是多年的內容支出。展望 22 年，我們將迎來許多新的動畫節目，其中包括新品牌。因此，當你考慮到這一點時，我們今年看到的是一項多年支出。希望這會有所幫助。

Okay. It did. And then I think originally, the 2023 outlook was for above 15.7% for operating margin, and that's been lifted a little bit. Is that primarily due to just the mix of the portfolio and where the returns are coming from? Or is there something else we should be thinking about?

好的。確實如此。我認為最初 2023 年營業利潤率的前景是 15.7% 以上，現在已經有所提高。這主要是由於投資組合的組合以及回報的來源嗎？或者還有什麼我們應該思考的嗎？

No, absolutely. And that's a great question. Yes, we have been saying that we saw nothing holding us back from getting to over 16% operating profit margins. And we see that in 2023 and beyond. When we look at the mix of what we expect to have in our product line, we expect a greater mix of franchise brands, a mix of -- I talked a bit about the movies coming out in 2023, like Indiana Jones and TRANSFORMERS and Guardians and new Star Wars and DUNGEONS & DRAGONS. When we think about that and the growth we expect in our gaming portfolio, we expect to see operating profit margins based on that mix of greater than 16%.

不，絕對是。這是一個很好的問題。是的，我們一直在說沒有任何因素阻礙我們實現超過 16% 的營業利潤率。我們會在 2023 年及以後看到這一點。當我們審視我們期望在產品線中擁有的產品組合時，我們期望有更多的特許經營品牌組合，我談到了2023 年上映的電影，例如《法櫃奇兵》、《變形金剛》和《銀河守護隊》以及新的《星際大戰》和《龍與地下城》。當我們考慮到這一點以及我們對遊戲投資組合的預期成長時，我們預計基於該組合的營業利潤率將超過 16%。

Next question comes from the line of Gerrick Johnson with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Gerrick Johnson。

I was hoping you could talk a little bit more about Wizards of the Coast in the quarter. You gave us some good detail on the year, but discuss the operating margin decline to 30% or so. And if gaming -- if digital gaming grew in the quarter year-over-year?

我希望您能在本季度更多地談論海岸奇才隊。您向我們提供了有關這一年的一些詳細信息，但討論了營業利潤率下降至 30% 左右的情況。如果遊戲——數字遊戲在本季同比增長嗎？

Sure. So as we think about margins, operating margins in the quarter, we did have depreciation. Not every quarter is the same, right? So we had some digital depreciation in the quarter. And that's really kind of what you're seeing from a quarter-on-quarter. That being said, it's still a very healthy and high operating profit margin within the quarter.

當然。因此，當我們考慮本季的利潤率和營業利潤率時，我們確實出現了折舊。不是每季都一樣，對嗎？因此，我們在本季出現了一些數字折舊。這確實是你從季度環比中看到的情況。話雖如此，本季營業利潤率仍然非常健康且較高。

And Chris, do you want to talk about...

克里斯，你想談談...

Yes. So I think within the quarter, it was just the quirks of when we depreciate, when we capitalize and then also some advertising expenses related to an incremental release that we had, Crimson Vow, during the quarter, as well as continuous support of Arena and scaling Arena mobile.

是的。因此，我認為在本季度內，這只是我們貶值時的怪癖，當我們資本化時，還有與本季我們增量發布的 Crimson Vow 相關的一些廣告費用，以及對 Arena 和 的持續支持。 Arena 行動裝置。

The growth of the business has been very strong, exceeding our expectations. We continue to have a very positive outlook on it, both on the tabletop side and long term on the digital side for 2022 and beyond.

業務成長非常強勁，超出了我們的預期。我們仍然對 2022 年及以後的桌面端和數位端的長期前景抱有非常正面的看法。

Okay. Was the depreciation in the quarter, was that related to Magic: Legends?

好的。本季的貶值與《萬智牌：傳奇》有關嗎？

Magic: Legends was a license game done by Perfect World. So we weren't a part of that. We took royalties from that and a minimum guarantee but didn't invest anything in development or marketing.

《萬智牌：傳奇》是完美世界製作的正版遊戲。所以我們沒有參與其中。我們從中獲取特許權使用費和最低保證，但沒有在開發或行銷方面進行任何投資。

The depreciation was really just related to our games. The only other thing I would point out is people don't think about that -- think about this very often, but our Wizards of the Coast business, and not so much the digital side, but the tabletop side was also impacted by the freight and input cost issues that we saw in the Consumer Products business. So that card business from a manufacturing standpoint, if we look at components, the highest growth of components of our overall inventory this year was in paperboard and print, right? And we think about the printing of the cards and the freight in for the cards as well. So that was the other thing that impacted us in the quarter. And we do expect to have a bit of an impact in the first quarter as well.

貶值實際上只與我們的遊戲有關。我要指出的唯一另一件事是人們不會考慮這一點 - 經常考慮這一點，但我們的海岸奇才業務，並不是數字方面，而是桌面方面也受到了貨運的影響以及我們在消費品業務中看到的投入成本問題。因此，從製造的角度來看，卡片業務，如果我們看看零件，今年我們整體庫存中成長最快的零件是紙板和印刷品，對吧？我們也考慮卡片的印刷和卡片的運送。這是本季影響我們的另一件事。我們確實預計第一季也會產生一些影響。

Okay. Great. Can I ask about taxes real quick? Your tax rate seemed a little bit low in the quarter. I mean your op income hit my number, but your EPS blew it away. So what did I get wrong in taxes? And did you have a benefit in the quarter on taxes?

好的。偉大的。我可以快速詢問稅務問題嗎？你們這個季度的稅率似乎有點低。我的意思是你的營運收入達到了我的數字，但你的每股盈餘超出了我的數字。那麼我在稅務方面做錯了什麼？本季您在稅務方面有好處嗎？

We had -- we did have some adjustments on discrete items for the quarter. I mean, typically, we do file our tax returns, as most companies do, in that October time frame. So to the extent we have discrete return to provision items, we tend to see those in the quarter. As we are going through the integration of eOne, we probably had higher impact from that in 2021 than we would expect go forward.

我們確實對本季的離散項目進行了一些調整。我的意思是，通常我們會像大多數公司一樣，在十月的時間範圍內提交納稅申報表。因此，就我們對撥備專案的離散回報而言，我們傾向於在本季看到這些回報。由於我們正在進行 eOne 的整合，因此 2021 年的影響可能比我們預期的更大。

The next question is from the line of Fred Wightman with Wolfe Research.

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

I was hoping you could just give a quick overview on how you see the new management structure going forward. You guys did not have a COO after John's retirement and would love to sort of get the latest thinking on delegation of responsibilities and sort of where you see the relative strengths across the management team today.

我希望您能快速概述您如何看待新的管理結構的未來。約翰退休後，你們就沒有營運長了，你們很想了解有關責任委派的最新想法，以及當今管理團隊的相對優勢。

Yes, sure. So I feel very fortunate in the management team that I'm both inheriting and that we're bringing on board. In terms of our business unit leaders, Darren Throop will continue to lead entertainment in eOne. I think we have a fantastic new hire with Cynthia Williams coming on board at Wizards of the Coast, and she'll be augmented by Tim Fields.

是的，當然。因此，我對我所繼承的管理團隊感到非常幸運，我們正在聘請他們。至於我們的業務部門領導者，Darren Throop 將繼續領導 eOne 的娛樂業務。我認為我們有一位出色的新員工，辛西婭·威廉姆斯將加入海岸奇才隊，蒂姆·菲爾茲將補充她的能力。

Cynthia has a great digital and direct experience from Amazon, where she helped to found the Fulfillment by Amazon business and then most recently, on the Xbox team, working on a lot of their cloud services.

Cynthia 在 Amazon 擁有豐富的數位化和直接經驗，她幫助創建了 Amazon Fulfillment by Amazon 業務，最近在 Xbox 團隊中參與了許多雲端服務的工作。

Tim was the CEO of Kabam, one of the most successful mobile game developers in North America and I think brings a lot of great production experience as we scale our digital investments.

Tim 是 Kabam 的首席執行官，Kabam 是北美最成功的手機遊戲開發者之一，我認為他在我們擴大數位投資的過程中帶來了許多出色的製作經驗。

And then, of course, we have Eric, who, in addition to being COO, will continue to run our Consumer Products team. Eric has been doing a fantastic job driving that business, growing our relationships with partners and thinking about the future of where that goes. In his expanded remit, he'll be taking on more and more strategic opportunities and operational opportunities across the company, including running all of our global sales and marketing.

當然，我們還有艾瑞克，他除了擔任營運長之外，還將繼續管理我們的消費品團隊。艾瑞克（Eric）在推動該業務、發展我們與合作夥伴的關係以及思考該業務的未來發展方面做得非常出色。在擴大的職權範圍內，他將在公司範圍內承擔越來越多的策略機會和營運機會，包括負責我們所有的全球銷售和行銷工作。

And then in addition to that, we have Deb who continues as, I think, one of the best CFOs in the business, helping us think about strategic planning, helping us think about finance and accounting and then, of course, our Investor Relations.

除此之外，我認為黛布仍然是業界最好的財務長之一，幫助我們思考策略規劃，幫助我們思考財務和會計，當然還有我們的投資人關係。

We have Tarrant Sibley, who will continue as our Head of Legal Affairs. We have Kathrin Belliveau, who is our Chief Purpose Officer and will run a lot of our CSR and ESG initiatives. And then we have joining us from Dell, Naj Atkinson, who will be our new Chief People Officer, helping us drive and scale this organization and grow the talent that we have within it.

Tarrant Sibley 將繼續擔任我們的法律事務主管。我們有凱瑟琳貝利沃 (Kathrin Belliveau)，她是我們的首席目標官，將負責我們的許多企業社會責任和 ESG 計劃。然後，來自戴爾的 Naj Atkinson 也加入了我們，他將成為我們新任首席人力官，幫助我們推動和擴展這個組織，並培養我們內部的人才。

Super helpful. And Deb, just a clarification. I think you guys said you were on track for the $130 million of eOne synergies. I think previously, you were expecting $70 million of incremental savings in '22. Is that still a good assumption? Or did the timing of those benefits sort of shift?

超有幫助。黛布，只是澄清一下。我想你們說過你們有望實現 1.3 億美元的 eOne 協同效應。我認為之前，您預計 22 年將節省 7000 萬美元。這仍然是一個很好的假設嗎？或者這些好處的時機是否改變了？

No, Fred, that is a good assumption still. I mean we're still on track for the $130 million, and we're still on track for the in-sourcing. We had a little bit of a challenging supply chain, like everything else with our in-sourcing, for PEPPA and PJ. And we've continued to work with some of our really terrific license partners, actually, our consumer product license partners, as we move forward and deal with some of the supply chain challenges. But we are on track for the $130 million in the additional amount in 2022.

不，弗雷德，這仍然是一個很好的假設。我的意思是，我們仍然有望獲得 1.3 億美元，並且我們仍然有望實現內包。對於 PEPPA 和 PJ，我們的供應鏈有點具有挑戰性，就像我們的內包供應鏈一樣。隨著我們前進並應對一些供應鏈挑戰，我們繼續與一些非常出色的授權合作夥伴（實際上是我們的消費品授權合作夥伴）合作。但我們預計在 2022 年獲得 1.3 億美元的額外資金。

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

我們的下一個問題來自高盛的 Mike Ng。

I was just wondering if you could talk a little bit more about some of the puts and takes in the Wizards business over the next couple of years. Specifically, what are some of the key things creating tough comps for 2021? Is it some of the digital deliveries? I think there was a DUNGEONS & DRAGONS game. And then -- I think it's Dark Alliance. And are you guys on track to deliver a new D&D game over -- each year over the next couple of years?

我只是想知道你是否可以多談談奇才隊未來幾年業務中的一些看跌期權和買入期權。具體來說，為 2021 年創造艱難的競爭的一些關鍵因素是什麼？是一些數位交付嗎？我認為有一款《龍與地下城》遊戲。然後——我認為是黑暗聯盟。你們是否預計在接下來的幾年裡每年推出一款新的 D&D 遊戲？

Yes. Mike, I'll take this one. So on the tabletop side of the business, we predict more historical norm growth after an extraordinary 2021. A big part of -- a big function of that is last year, we had 6 of what we call premier releases, which are our large MAGIC set releases versus 5 historically. This year, we'll also have 6, but you're comping those 2. So it's more about base underlying growth in the business in the user base.

是的。麥克，我要這個。因此，在桌面業務方面，我們預測，在非凡的2021 年之後，將會出現更多的歷史常態成長。 ，這是我們的大型MAGIC設定版本與歷史上的 5 個版本相比。今年，我們也將有 6 個，但您將這 2 個進行比較。

On the digital side of the house, last year, we had Dark Alliance, which shipped at the end of Q2, beginning of Q1 -- sorry, beginning of Q3. And then so we won't be comping that this year. And then we also had MAGIC: THE GATHERING online, which is our older -- or our original trading -- digital trading card game that we've converted to a license model as opposed to an owned and operating bottle, and that will be operated by our partners at Daybreak Studios. So those 2 could create some headwinds that Arena and continued growth in our digital RPG business will continue to work against.

在數位方面，去年我們有《黑暗聯盟》，它在第二季末、第一季初出貨——抱歉，是第三季初。那麼今年我們就不會再進行比較了。然後我們還推出了《萬智牌》線上版，這是我們較舊的（或我們最初的交易）數位集換式卡牌遊戲，我們已將其轉換為許可模式，而不是擁有和經營的瓶子，並且將進行營運由 Daybreak Studios 的合作夥伴製作。因此，這兩者可能會帶來一些阻力，而 Arena 和我們數位 RPG 業務的持續成長將繼續對抗這些阻力。

Longer term, we expect to have a new release, at least 1 every year starting in 2023 through the foreseeable future. Our 2023 release will likely be in the back half of the year, and then we'll be sharing more details on what those future releases are likely in the second half of 2022.

從長遠來看，我們預計從 2023 年開始，在可預見的未來，每年至少發布一個新版本。我們的 2023 年版本可能會在今年下半年發布，然後我們將在 2022 年下半年分享更多有關這些未來版本的詳細資訊。

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

我們的下一個問題來自摩根大通的梅根·亞歷山大。

I was hoping you just talk more about the puts and takes on the operating margin for the full year. You spoke to some gross margin pressure in 1Q before the pricing actions go into effect. But do you ultimately think you can recoup the freight pressure as we get kind of to the back half of the year, especially as you lap some of the unusual air freight expenses?

我希望您能更多地談論全年營業利潤率的看跌期權和認購期權。您談到了定價行動生效之前第一季的一些毛利率壓力。但您最終是否認為，隨著下半年的到來，您可以彌補貨運壓力，特別是當您承受一些不尋常的空運費用時？

Yes, absolutely. As we said, we expect operating profit margin expansion in 2022, just not reaching our full goal of in excess of 16% by 2023. We do expect continued challenges with freight costs and input costs for the better part of this year. We do have the pricing coming into play, but it still remains a challenging environment, we think, in 2022. So as we think about that, the first quarter is difficult, but just because the price increases come into play in the second quarter and beyond. And we're very excited about the new launches and all the innovation that we have coming out throughout the year, but in particular, around the holiday season.

是的，絕對是。正如我們所說，我們預計 2022 年營業利潤率將擴大，但尚未達到 2023 年超過 16% 的全部目標。我們確實會考慮定價，但我們認為，到2022 年，這仍然是一個充滿挑戰的環境。作用，超過。我們對全年推出的新產品和所有創新感到非常興奮，尤其是在假期期間。

Great. That's really helpful. And then just as a follow-up, could you maybe talk a little bit about what you've seen in POS trends as they lap the stimulus payments in January? And maybe how does that inform your expectations as we lap the double stimulus payments coming up in March and April?

偉大的。這真的很有幫助。作為後續行動，您能否談談您在 1 月刺激付款結束後看到的 POS 趨勢？當我們接受三月和四月即將推出的雙重刺激付款時，這可能會如何影響您的預期？

Sure. Absolutely. As we mentioned in our prepared remarks earlier, the toy and game industry has had incredible growth the past couple of years, really above trend. And when you look at things like stimulus payments going away, inflation, right? I always like to say around the table, guys, look how much milk costs today versus how much it costs a year ago, I think everyone is seeing inflation. That's why we expect the industry to be more muted this year, maybe even down.

當然。絕對地。正如我們在之前準備好的發言中提到的，玩具和遊戲行業在過去幾年中取得了令人難以置信的增長，確實高於趨勢。當你看到諸如刺激付款消失之類的事情時，通貨膨脹，對吧？我總是喜歡在餐桌旁說，夥計們，看看今天的牛奶價格與一年前的價格相比，我認為每個人都看到了通貨膨脹。這就是為什麼我們預計今年該行業將更加平靜，甚至可能下滑。

I mean we have a lot of innovation and a lot of new things coming, we have a lot of great entertainment coming this year, which we believe is going to drive a lot of our demand, and that's why we think our business can grow. But we do expect to see a bit more muting in the toy and game industry in 2022 just because of all these things that aren't hitting global inflation and stimulus payments, as you mentioned it, in other parts.

我的意思是，我們有很多創新和很多新事物即將到來，今年我們將有很多精彩的娛樂活動，我們相信這將推動我們的大量需求，這就是為什麼我們認為我們的業務可以成長。但我們確實預計 2022 年玩具和遊戲產業會更加平靜，因為所有這些因素都不會影響全球通膨和刺激支出，正如您在其他方面提到的那樣。

That being said, we expect the entertainment industry to grow this year, as theater is coming back online and people are going back out and content demand continues to be at an all-time high, as well as digital gaming and gaming industry overall, we expect to continue to grow. So that's the benefit of all of the parts of our business working together around our Blueprint. And that's what we think gives us a distinct advantage in this type of market.

話雖這麼說，我們預計娛樂業今年將會成長，因為劇院正在重新上線，人們正在回歸，內容需求繼續處於歷史最高水平，數字遊戲和遊戲行業整體也如此，我們預計將繼續增長。這就是我們業務的所有部分圍繞我們的藍圖共同努力的好處。我們認為這使我們在此類市場中具有明顯的優勢。

Our next question is 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 was just thinking about the Consumer Products business more longer term. And I guess we don't have your segments going -- your profitability going back to 2016, but that's when your overall company margin kind of peaked at 16.4% operating margin.

我只是從更長遠的角度考慮消費品業務。我想我們沒有讓你們的細分市場繼續下去——你們的盈利能力可以追溯到 2016 年，但那時你們公司的整體利潤率達到了 16.4% 營業利潤率的峰值。

How does the Consumer Products margin kind of very roughly compare back then to what it is today? So I guess it's around 10% operating margin today. Was it much higher back then? Moderately higher? Just trying to think of what the profitability potential of consumer products is longer term beyond where we are today.

當時的消費品利潤率與現在相比如何？所以我猜今天的營業利益率大約是 10%。那時的水平高很多嗎？適度較高？只是想一下，從長遠來看，消費品的獲利潛力比我們今天的水平有多大。

Sure. Well, we expect our Consumer Products business operating profit margin to continue expanding. I think in 2022, we've talked a lot about the cost pressures that hit that business. And we've talked about in 2023 and beyond, we expect our operating profit margin as a company as a whole to expand above 16%. We expect a bit faster expansion in Consumer Products operating profit margin in 2023 and beyond.

當然。嗯，我們預計我們的消費品業務營業利潤率將繼續擴大。我認為到 2022 年，我們已經討論了許多該業務面臨的成本壓力。我們已經談到，在 2023 年及以後，我們預計整個公司的營業利潤率將擴大到 16% 以上。我們預計 2023 年及以後消費產品營業利潤率將出現更快的擴張。

So while I can't go back to 2016, because our business had many facets to it at the time, and it's our business as a whole, we do expect that our business will continue to grow. As a company we'll be in excess of 16% operating profit margin, similar to those levels, in 2023, and our Consumer Products operating profit margin will expand over time.

因此，雖然我無法回到 2016 年，因為當時我們的業務有很多方面，而且這是我們的整體業務，但我們確實預期我們的業務將繼續成長。作為一家公司，到 2023 年，我們的營業利潤率將超過 16%，與這些水準類似，而且我們的消費品營業利潤率將隨著時間的推移而擴大。

Next question is from the line of Alok Patel with Berenberg.

下一個問題來自阿洛克·帕特爾 (Alok Patel) 和貝倫貝格 (Berenberg) 的系所。

I wanted to ask about the Disney Princess license. I think I heard Deb said that at the peak, it was contributing about $250 million in revenue. Can you comment on how much of the revenue contribution is coming from Star Wars and the Marvel portfolio?

我想問一下迪士尼公主的授權。我想我聽 Deb 說過，在高峰期，它貢獻了大約 2.5 億美元的收入。您能否評論一下《星際大戰》和漫威系列的收入貢獻有多少？

So we did say that, over the term of the Disney Princess and Frozen license, it's averaged about $250 million per year of revenue. And the peak was in 2019 with the Frozen movie. So if you just think about that on a revenue standpoint, we continue to remain very excited about our partnership with the Disney company and continuing with Marvel and Star Wars. And we're all very excited for Indiana Jones. We had a license for Indiana Jones many years ago. And I've had the opportunity to look at some of the products we're bringing out, and it's just fantastic. So we're very excited about our partnership continuing with the Disney Company.

所以我們確實說過，在《迪士尼公主》和《冰雪奇緣》許可期限內，平均每年的收入約為 2.5 億美元。高峰期是 2019 年《冰雪奇緣》電影。因此，如果你只從收入的角度考慮這一點，我們仍然對與迪士尼公司的合作夥伴關係以及繼續與漫威和星際大戰的合作感到非常興奮。我們都為印第安納瓊斯感到非常興奮。很多年前我們就獲得了《法櫃奇兵》的授權。我有機會看到了我們推出的一些產品，這真是太棒了。因此，我們對繼續與迪士尼公司合作感到非常興奮。

We have not specifically talked about profitability in those lines in total. But I will say, we've said in the past, our Partner Brand portfolio in total in the past has had mid-single-digit operating profit margins. But our expectation, as we move beyond 2023, is that would grow to high single, low double-digit operating profit margins in 2023 and beyond.

我們沒有具體討論這些產品線的整體獲利能力。但我要說的是，我們過去說過，我們的合作夥伴品牌組合過去的營業利潤率為中個位數。但隨著 2023 年之後的到來，我們的預期是，到 2023 年及以後，營業利潤率將成長至高個位數、低兩位數營業利潤率。

Okay. So just as a follow-up, would you say that the Disney Princess license compares favorably to Star Wars or the Marvel one? I just kind of want to get an understanding of how this changes things just have a compare -- for comparative purposes.

好的。那麼作為後續，您是否認為迪士尼公主的許可與星際大戰或漫威的許可相比更有優勢？我只是想了解這如何改變事物，只是為了比較的目的而進行比較。

Each license is different. And depending on what goes into content creation within those brands, each license has a different margin profile as you look at it. So what I would say is in 2023 and beyond, we expect our Partner Brand operating profit margins to expand to high single, low double digits, more in line with some of the other parts of the portfolios of our business.

每個許可證都不同。根據這些品牌內內容創作的內容，每個授權都有不同的利潤概況。因此，我想說的是，在 2023 年及以後，我們預計我們的合作夥伴品牌營運利潤率將擴大到高個位數、低兩位數，與我們業務組合的其他部分更加一致。

We have reached the end of the question-and-answer session. I'll now turn the floor back over to Debbie Hancock for closing remarks.

我們的問答環節已經結束。現在我將把發言權交還給黛比·漢考克，讓其致閉幕詞。

Thank you, Rob, and thank you, everyone, for joining the call today. The replay will be available on our website in approximately 2 hours. And management's prepared remarks will be posted on our website following this call. Thank you.

謝謝羅布，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。在此次電話會議後，管理層準備好的評論將發佈在我們的網站上。謝謝。

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

今天的會議到此結束。此時您可以斷開線路。我們感謝您的參與。