孩之寶 (HAS) 2021 Q3 法說會逐字稿

Good morning. Welcome to the Hasbro Third Quarter 2021 Earnings Conference Call. (Operator Instructions)

早安.歡迎參加孩之寶 2021 年第三季財報電話會議。 （操作員說明）

Today's conference is being recorded. (Operator Instructions)

今天的會議正在錄製中。 （操作員說明）

At this time, I'd like to turn the call over to Ms. Debbie Hancock, Senior Vice President of 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. Good morning, everyone. Joining me today are Rich Stoddart, Hasbro's Interim Chief Executive Officer; and Deb Thomas, Hasbro's Chief Financial Officer.

謝謝。大家早安。今天加入我的是孩之寶臨時執行長里奇‧斯托達特 (Rich Stoddart)；以及孩之寶財務長 Deb Thomas。

Today, we will begin with Rich 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. 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.

今天，我們將首先由 Rich 和 Deb 對公司業績進行評論，然後我們將回答您的問題。我們今天電話會議的收益發布和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。

Our discussion will be based on adjusted results, which exclude several items associated with the eOne acquisition outlined in our release today. Please note that whenever we discuss earnings per share, or EPS, we are referring to earnings per diluted share.

我們的討論將基於調整後的結果，其中不包括我們今天發布的新聞稿中概述的與 eOne 收購相關的幾個項目。請注意，每當我們討論每股盈餘（EPS）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. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

在我們開始之前，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。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 Rich Stoddart. Rich?

現在我想介紹里奇·斯托達特。富有的？

Thank you, Debbie, and welcome to everyone joining us today. I'm Rich Stoddart, Interim CEO at Hasbro. Before we officially begin the remarks on the call today, I want to take a moment to reflect on the passing of our beloved leader and friend, Brian Goldner. I know many of you share in our sadness for his untimely passing.

謝謝你，黛比，歡迎大家今天加入我們。我是里奇·斯托達特，孩之寶臨時執行長。在我們今天正式開始電話會議發言之前，我想花點時間回顧一下我們敬愛的領導人和朋友布萊恩·戈德納的去世。我知道你們中的許多人都對他的英年早逝感到悲傷。

Brian was not only an accomplished CEO, he was a true visionary who transformed an almost 100-year-old toy and game company into a leading global play and entertainment company, but his impact can be felt well beyond Hasbro. He changed the game completely. He believed in the power of a story, seeing the potential for omnichannel storytelling and content built on powerful brands. He architected a compelling road map for Hasbro's growth in the Brand Blueprint strategy, and was so proud of where it has taken Hasbro, but even more so in its power and future potential now with eOne as an integrated part of the family.

布萊恩不僅是一位卓有成就的首席執行官，還是一位真正的遠見卓識者，他將一家擁有近100 年曆史的玩具和遊戲公司轉變為全球領先的遊戲和娛樂公司，但他的影響力遠遠超出了孩之寶。他徹底改變了比賽。他相信故事的力量，看到了基於強大品牌的全通路講故事和內容的潛力。他為孩之寶的品牌藍圖策略發展制定了引人注目的路線圖，並對孩之寶所取得的成就感到非常自豪，更對孩之寶的實力和未來潛力感到自豪，因為eOne 已成為該家族的一部分。

I had the privilege to work together with Brian and the Hasbro team for the last 7 years, and serve on the company Board, most recently as Lead Independent Director. During that time, the company transformed its talent, its culture, its brands and its potential as it executed the Brand Blueprint. In my new role as interim CEO, I will continue to work with a talented leadership team Brian put in place over the last 13 years, along with the powerful culture at Hasbro to supercharge the Blueprint and build on the company's strong momentum.

在過去的 7 年裡，我有幸與 Brian 和孩之寶團隊一起工作，並在公司董事會任職，最近擔任首席獨立董事。在此期間，公司在執行品牌藍圖時轉變了人才、文化、品牌和潛力。在擔任臨時執行長的新職位上，我將繼續與布萊恩在過去 13 年中組建的才華橫溢的領導團隊以及孩之寶強大的文化一起工作，以增強藍圖並鞏固公司的強勁勢頭。

Hasbro is performing at a high level and with a clear, well-understood strategy. To ensure our success continues, I will be focused on 5 key priorities: supporting the amazing people at Hasbro; ensuring they have what they need to succeed while advancing our purpose-driven culture; executing the Brand Blueprint. This strategy is central to continuing Hasbro's transformation as a global play and entertainment company. We are beginning to see the full Blueprint execution come to life with significant potential to grow revenue and profit in the years ahead.

孩之寶表現出色，策略清晰、易於理解。為了確保我們繼續取得成功，我將專注於 5 個關鍵優先事項：支持孩之寶的優秀員工；確保他們擁有成功所需的一切，同時推進我們以目標為導向的文化；執行品牌藍圖。這項策略對於孩之寶持續轉型為全球遊戲和娛樂公司至關重要。我們開始看到完整的藍圖執行變得栩栩如生，在未來幾年中具有增加收入和利潤的巨大潛力。

Accelerating the growth of our Entertainment and Wizards of the Coast businesses, where we have unique and distinct advantages in the market and a differentiated business model relative to our competitors. Delivering the guidance established for the year while helping the organization manage through supply chain challenges and continuing to drive strong cash generation in the business to pay down debt and fund the dividend.

加速我們的娛樂和威世智業務的成長，我們在市場上擁有獨特而明顯的優勢，並且相對於我們的競爭對手有差異化的商業模式。交付今年制定的指導方針，同時幫助組織應對供應鏈挑戰，並繼續推動業務強勁的現金生成，以償還債務並為股息提供資金。

This should sound familiar to many of you as it is what the leadership team has been focused on as well. It's fitting that the strong third quarter results reflect the power of the Blueprint with significant growth in Entertainment as it returns to pre-pandemic levels, with another strong quarter in both tabletop and Digital Gaming from Wizards of the Coast, and with only a small decline in our Consumer Products business as we work to meet robust demand for Hasbro brands despite supply chain disruption.

這對你們許多人來說應該很熟悉，因為這也是領導團隊一直在關注的重點。強勁的第三季業績反映了藍圖的力量，隨著娛樂業恢復到大流行前的水平，娛樂業顯著增長，威世智的桌面遊戲和數字遊戲另一個季度表現強勁，並且僅出現小幅下降，這是恰當的。

The diversification of the business enabled us to deliver a very strong quarter with 11% revenue growth, 6% adjusted operating profit growth, 5% gains in adjusted EBITDA and earnings and to generate significant cash. Deb will speak shortly in more detail to the third quarter performance.

業務的多元化使我們能夠實現非常強勁的季度業績，收入增長 11%，調整後營業利潤增長 6%，調整後 EBITDA 和收益增長 5%，並產生大量現金。 Deb 很快就會詳細介紹第三季的業績。

A clear proof point of the Brand Blueprint strategy and the omnichannel storytelling opportunity for our brands is in the success of the CGI animated feature, MY LITTLE PONY: A New Generation, which debuted on Netflix September 24. In its first weekend, the movie reached #1 on Netflix in the kid's top 10 across 86 countries. It also reached the #1 spot for movies regardless of genre or target demo in 20 countries, including the U.K., Germany, Brazil and Mexico.

CGI 動畫長片《MY LITTLE PONY：新一代》的成功清楚地證明了我們品牌的品牌藍圖策略和全通路講故事的機會，該片於 9 月 24 日在 Netflix 首播。的Netflix 兒童節目前10 名中排名第一。它還在英國、德國、巴西和墨西哥等 20 個國家的電影中排名第一，無論類型或目標演示如何。

The success of the film was made possible by the collaboration and partnership of the talented brand teams at Hasbro with the teams at eOne, who together created a beautiful engaging film for fans around the world to enjoy. The film's success is also a testament to their agility to successfully market and launch a picture originally planned for theatrical release on a streaming platform. The movie's success builds deeper connections with consumers, driving incredible engagement on social media across Instagram and TikTok.

這部電影的成功得益於孩之寶才華橫溢的品牌團隊與 eOne 團隊的合作與夥伴關係，他們共同創作了一部供世界各地粉絲欣賞的精美引人入勝的電影。這部電影的成功也證明了他們成功行銷和推出原本計劃在串流平台上院線上映的影片的敏捷性。這部電影的成功與消費者建立了更深的聯繫，推動了 Instagram 和 TikTok 等社交媒體上令人難以置信的參與。

The brand's relaunch powered by an all-new main 5 cast of ponies drove revenue growth for the franchise for the second straight quarter and the first positive quarter since the fourth quarter of 2017. Third quarter point-of-sale momentum began to rebound as the merchandise tied to the brand introduction and movie began to hit shelves. In the 4 weeks leading up to the movie, POS was up mid-single digits globally, and the week following the movie resulted in global POS gains of more than 150%. This trend has remained very strong in the weeks following.

該品牌的重新推出由全新的5 匹小馬主力陣容推動，該品牌的營收連續第二季成長，也是自2017 年第四季以來第一個正成長的季度。反彈，因為與品牌介紹和電影相關的商品開始上架。在電影上映前 4 週內，全球 POS 成長了中個位數，而電影上映後一周，全球 POS 成長超過 150%。在接下來的幾周里，這種趨勢仍然非常強勁。

The movie launch was further supported with a robust licensing program, including a dedicated MY LITTLE PONY shop on Amazon and cross-category campaigns at several major global retailers. We've seen a favorable response from retailers and consumers, and the entertainment plan is only beginning as we are supporting the film with a robust content road map from eOne, including Netflix specials and new series as well as digital content in the coming year.

電影的推出得到了強大的授權計劃的進一步支持，包括亞馬遜上專門的《MY LITTLE PONY》商店以及在全球幾家主要零售商的跨類別活動。我們看到了零售商和消費者的積極響應，娛樂計劃才剛剛開始，我們將透過 eOne 強大的內容路線圖來支持這部電影，包括 Netflix 特輯、新劇集以及來年的數位內容。

Another significant milestone this quarter was the launch of Hasbro's PEPPA PIG and PJ MASKS toy and games lines in markets around the world. Brought into the Hasbro portfolio via the eOne acquisition, these brands significantly strengthened Hasbro's presence in the preschool market. We developed deep lines for each brand as well as expanding their licensed consumer products presence.

本季的另一個重要里程碑是孩之寶的 PEPPA PIG 和 PJ MASKS 玩具和遊戲系列在全球市場推出。這些品牌透過收購 eOne 納入孩之寶產品組合，顯著增強了孩之寶在學前市場的影響力。我們為每個品牌開發了深入的產品線，並擴大了他們的授權消費產品的存在。

Each of these launches are off to strong starts and contributed to growth in the quarter. But they, among many other brand campaigns, were limited in their upside in the short term due to the supply chain challenges global companies are facing. In the third quarter, we had orders for approximately $100 million, which did not shift by quarter end. The vast majority of this has already been delivered in the fourth quarter.

每項產品的推出都取得了良好的開局，並為本季的成長做出了貢獻。但由於全球公司面臨供應鏈挑戰，與許多其他品牌活動一樣，它們在短期內的上升空間有限。第三季度，我們的訂單金額約為 1 億美元，到季度末沒有變化。其中絕大多數已在第四季交付。

These factors were more than offset by the contribution of our Entertainment business, which is up substantially versus last year's third quarter, and up versus 2019, as well as the continuing momentum in the Wizards of the Coast business. Through our differentiated strategy, they delivered the revenue and profit growth for the quarter.

這些因素被我們的娛樂業務的貢獻所抵消，娛樂業務的貢獻比去年第三季度和 2019 年都有大幅增長，而且威世智業務的持續增長勢頭也足以抵消這些因素。透過我們的差異化策略，他們實現了本季的營收和利潤成長。

As we look to the fourth quarter and the holiday season, there is strong demand for Hasbro toys and games. We are expertly managing the supply chain to ensure the shelves will be filled with Hasbro products this holiday. As a result, we believe we will grow revenue in the fourth quarter through the combination of our 3 business segments, and deliver full year double-digit revenue growth in the range of 13% to 16%, along with adjusted operating profit margins in line with last year's adjusted rate of approximately 15%.

展望第四季和假期，對孩之寶玩具和遊戲的需求強勁。我們正在專業地管理供應鏈，以確保這個假期貨架上擺滿孩之寶產品。因此，我們相信，我們將透過三大業務板塊的合併，在第四季度實現收入成長，並實現全年兩位數的收入成長，範圍在13% 至16% 之間，調整後的營業利潤率也將與去年調整後的利率約為15%。

Before turning the call to Deb, I want to touch briefly on the plan for naming a permanent CEO. Our Board is and always has been actively engaged in succession planning for the CEO and other senior executive roles. This work provides a strong foundation for the naming of a new long-term leader for Hasbro and is well underway. Until that time, I am working closely with the outstanding group of talented individuals making up our senior management team.

在打電話給黛布之前，我想簡單談談任命永久執行長的計劃。我們的董事會始終積極參與執行長和其他高階管理職位的繼任計畫。這項工作為孩之寶任命新的長期領導者奠定了堅實的基礎，並且正在順利進行中。在那之前，我一直在與組成我們高階管理團隊的傑出人才密切合作。

In addition to Deb, joining me today for the Q&A portion, we have Chris Cocks, President and COO of Wizards of the Coast and Digital Gaming; Eric Nyman, Chief Consumer Officer and COO of Hasbro Consumer Products; and Darren Throop, CEO of eOne.

除了今天和我一起參與問答部分的 Deb 之外，我們還有 Wizards of the Coast 和 Digital Gaming 的總裁兼營運長 Chris Cocks； Eric Nyman，孩之寶消費品公司首席消費者長兼營運長；以及 eOne 執行長 Darren Throop。

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

現在我將把電話轉給黛布。德布？

Good morning, everyone. On behalf of Hasbro employees globally, I would like to thank Rich for stepping up at this time for us, our Board, our shareholders and our company. The past couple of weeks have been difficult for all of us at Hasbro. Brian is missed, but the impact he made is unmistakable. We heard from so many of you remarking on Brian's leadership and your positive personal interactions with him. Thank you for sharing these memories with us.

大家早安。我謹代表孩之寶全球員工，並感謝 Rich 此時為我們、我們的董事會、我們的股東和我們的公司挺身而出。過去幾週對於孩之寶的所有人來說都是艱難的。人們懷念布萊恩，但他所產生的影響是毋庸置疑的。我們聽到很多人對布萊恩的領導能力以及你們與他積極的個人互動的評價。感謝您與我們分享這些回憶。

Brian empowered me and the executive team to run Hasbro, and together we are, and will continue doing that. Brian was proud of our third quarter results. They showcased the strength of Hasbro's unique business model with growth in Entertainment and at Wizards in both tabletop and digital gaming. Our results also show the strength of our global teams as they expertly manage through supply chain disruptions, and position us for growth in the fourth quarter and for the year. Brian believed, as we do, in investing to grow to unlock Hasbro's full potential and create value for our shareholders. Our priorities remain the same, and we are executing against those priorities.

布萊恩授權我和執行團隊運營孩之寶，我們正在並將繼續這樣做。布萊恩對我們第三季的業績感到自豪。他們展示了孩之寶獨特的商業模式的優勢，以及娛樂業和威世智桌上遊戲和數位遊戲領域的成長。我們的業績也顯示了我們全球團隊的實力，他們熟練地管理供應鏈中斷，並為我們在第四季度和全年的成長做好了準備。布萊恩和我們一樣相信，投資可以實現成長，以釋放孩之寶的全部潛力並為我們的股東創造價值。我們的優先事項保持不變，並且我們正在根據這些優先事項執行。

The quarter highlighted our focus on delevering our balance sheet as we repaid an additional $400 million of debt, bringing our year-to-date total to $972.5 million of long-term debt retired. We also paid the dividend, which has been maintained following the eOne acquisition and throughout the pandemic. At quarter end, cash on hand was $1.2 billion, and we continue to make significant progress toward our goal of returning to our target of 2 to 2.5x debt to EBITDA and maintaining our investment-grade rating.

本季凸顯了我們對資產負債表去槓桿化的重視，我們額外償還了 4 億美元的債務，使我們年初至今的長期債務償還總額達到 9.725 億美元。我們還支付了股息，該股息在 eOne 收購後和整個大流行期間保持不變。截至季末，手頭現金為 12 億美元，我們繼續在實現 EBITDA 債務 2 至 2.5 倍的目標並維持投資等級評級方面取得重大進展。

For the quarter, revenue grew 11% versus last year and 6% versus pro forma 2019. MAGIC: THE GATHERING, MY LITTLE PONY, PEPPA PIG and PJ MASKS were among our largest revenue gaining properties globally in the quarter, further supported by significant Entertainment deliveries. These include MY LITTLE PONY: A New Generation for Netflix, Yellowjackets for showtime; Fear the Walking Dead for international markets; Come from Away and Finch for Apple TV as well as The Rookie for ABC. Entertainment segment revenues grew 76%, with gains in scripted and unscripted television, live action and animated film, and animated content.

本季營收較去年成長11%，較預計2019 年成長6%。一，這得益於重要的娛樂業務的進一步支持交貨。其中包括 Netflix 的《MY LITTLE PONY: A New Generation》、放映時間的《Yellowjackets》；國際市場的《陰屍路》；來自 Apple TV 的 Away 和 Finch 以及 ABC 的 The Rookie。娛樂部門收入成長了 76%，其中有腳本和無腳本電視、真人電影和動畫電影以及動畫內容的成長。

This performance has us well on the way to reach 2019 levels of Entertainment revenue for the full year, excluding the music business over the second half of the year. The segment delivered adjusted operating profit of $42.1 million or 12.9% operating profit margin, up from an adjusted loss of $3.6 million last year. We're developing over 200 projects across film and TV, including content for over 30 Hasbro brands for the coming years. Year-to-date through September, we've invested approximately $526 million in content development, and continue to anticipate a full year spend range of $675 million to $750 million.

這項業績使我們全年娛樂收入（不包括下半年的音樂業務）預計將達到 2019 年的水準。該部門調整後營業利潤為 4,210 萬美元，營業利益率為 12.9%，高於去年調整後虧損 360 萬美元。我們正在開發 200 多個電影和電視項目，其中包括未來幾年針對 30 多個孩之寶品牌的內容。今年迄今為止，截至 9 月份，我們已在內容開發上投資了約 5.26 億美元，並繼續預計全年支出範圍為 6.75 億至 7.5 億美元。

For the fourth quarter, we have significant deliveries planned including Graymail, a new scripted program for Netflix; additional episodes of The Rookie and Yellowjackets, and the films, Clifford the Big Red Dog and Mrs. Harris Goes to Paris.

第四季度，我們計劃進行大量交付，包括 Netflix 的新腳本程式 Graymail； 《新秀》和《黃衫隊》的附加影集，以及電影《大紅狗克利福德》和《哈里斯夫人去巴黎》。

Wizards of the Coast and Digital Gaming segment revenues increased 32%. Wizards had a great third quarter, and we expect the business to deliver its goal of doubling from its 2018 revenue by the end of 2021, 2 years ahead of plan.

威世智和數位遊戲部門的收入成長了 32%。奇才隊第三季業績出色，我們預計該業務將在 2021 年底前實現收入比 2018 年翻一番的目標，比計劃提前 2 年。

MAGIC: THE GATHERING and DUNGEONS & DRAGONS led this growth, both in the quarter and over the past few years, with gains in both tabletop and digital gaming revenues. It was the second largest quarter in Wizards' history behind only Q2 of this year. Among the MAGIC releases in the quarter, our third quarter premier set, Adventures in the Forgotten Realms, launched July 23, and became our first co-branded premier set. Fans of both MAGIC and DUNGEONS & DRAGONS embrace the product, and it's on track to be our best-selling summer release of all time.

無論是在本季度還是過去幾年，《萬智牌》和《龍與地下城》均引領了這一增長，桌面遊戲和數位遊戲收入均有所增長。這是巫師隊史上僅次於今年第二季的第二季。在本季發布的 MAGIC 系列中，我們的第三季首發系列《被遺忘的國度歷險記》於 7 月 23 日推出，成為我們的首個聯合品牌首發系列。 《萬智牌》和《龍與地下城》的粉絲都喜歡這款產品，它有望成為我們有史以來最暢銷的夏季版本。

Importantly, our digital investments are driving revenue growth. MAGIC: THE GATHERING Arena Mobile continues to grow. It's a meaningful source of new players, and our leases were bolstered by their engagement in the game.

重要的是，我們的數位投資正在推動收入成長。萬智牌競技場行動版持續成長。這是新玩家的重要來源，他們對遊戲的參與度也增強了我們的租約。

Our licensed Digital Gaming business also delivered strong growth in the quarter. Operating profit in the segment increased on the higher revenues. Investments in future game development and support of new game launches as well as increased digital gaming depreciation reduced operating profit margin from last year.

我們的授權數位遊戲業務在本季也實現了強勁成長。該部門的營業利潤因收入增加而增加。對未來遊戲開發的投資和新遊戲發布的支持以及數字遊戲折舊的增加降低了去年的營業利潤率。

Consumer Products revenue declined 3%. There is strong demand for our brands, but we were unable to fulfill approximately $100 million of product we had orders for during the quarter. Including these missed shipments, revenue would have increased 5%. In September, we shipped the most volume ever domestically in a single month. And through today, we've shipped the majority of what we didn't deliver in the third quarter. This achievement is remarkable given it was accomplished in the middle of a global pandemic, with unprecedented supply chain challenges across the globe.

消費品收入下降 3%。我們的品牌需求強勁，但我們無法履行本季約 1 億美元的產品訂單。如果算上這些錯過的發貨，收入將增加 5%。 9 月份，我們實現了國內單月出貨量最高紀錄。截至今天，我們已經交付了第三季未交付的大部分產品。這項成就是非凡的，因為它是在全球大流行期間取得的，全球供應鏈面臨前所未有的挑戰。

As we shared last quarter, we took steps early to mitigate risk, including activating alternate ports in China and the U.S., expanding our shipping capacity, working closely with customers to provide support where we can, and prioritize supply based on inventory and customer needs, and, in certain instances, using air freight to ensure delivery. The team has done an amazing job and continues to work nonstop.

正如我們上季度分享的那樣，我們儘早採取措施降低風險，包括激活中國和美國的備用港口，擴大我們的運輸能力，與客戶密切合作以盡可能提供支持，並根據庫存和客戶需求優先考慮供應，並且在某些情況下，使用空運來確保交貨。該團隊已經完成了出色的工作，並將繼續不間斷地工作。

Global point of sale declined mid-single digits. As we improve our in-stock levels and see the effects of a significant increase in advertising spend and out of aisle execution, we expect significant improvement.

全球銷售點下降了中個位數。隨著我們提高庫存水準並看到廣告支出和過道執行大幅增加的影響，我們預計會有顯著改善。

Within Consumer Products, Hasbro Gaming revenues grew in the quarter, led by demand across our gaming portfolio, and Emerging Brands revenue was up, fueled by our toy and game launches of PEPPA PIG and PJ MASKS. In our franchise brands, Rich already spoke to the success of MY LITTLE PONY, and how this positions us well in the relaunch of the brand. TRANSFORMERS' revenue increased in the quarter. The final chapter of the War for Cybertron Trilogy launched July 29 on Netflix, driving continued demand in our generation fan product.

在消費品領域，本季孩之寶遊戲營收在我們遊戲產品組合的需求帶動下實現成長，而新興品牌營收則在我們推出 PEPPA PIG 和 PJ MASKS 玩具和遊戲的推動下實現成長。在我們的特許經營品牌中，Rich 已經談到了 MY LITTLE PONY 的成功，以及這如何使我們在品牌的重新推出中處於有利地位。 《變形金剛》的營收在本季有所成長。 《塞伯坦之戰》三部曲的最終章於 7 月 29 日在 Netflix 上線，推動了我們這一代粉絲產品的持續需求。

We also celebrated a new milestone for the TRANSFORMERS franchise when Universal Studios, Beijing, opened TRANSFORMERS Metro base, the first-ever TRANSFORMERS themed land. In partnership with Paramount production on TRANSFORMERS, Rise of The Beast continues for theatrical release next summer.

我們也慶祝了變形金剛系列的一個新里程碑，北京環球影城開設了變形金剛地鐵基地，這是有史以​​來第一個變形金剛主題樂園。與派拉蒙製作公司合作製作《變形金剛》，《野獸崛起》將在明年夏天繼續在戲院上映。

Partner Brand revenue declined, but Hasbro products for the Marvel portfolio grew, including Marvel Legends and the new preschool product line launch supporting Spidey and His Amazing Friends. We also introduced new products to support Marvel Studios Disney+ Series, and the theatrical release of Marvel Studios, Shang-Chi and the Legend of the Ten Rings. Ghostbusters revenue increased with the primary launch of the toy line in August for the feature film Ghostbusters: Afterlife from Sony Pictures coming to theaters November 19.

合作夥伴品牌收入下降，但孩之寶漫威產品組合的產品有所增長，包括漫威傳奇和支持蜘蛛人和他的神奇朋友的新學前產品線的推出。我們也推出了新產品來支持漫威影業的 Disney+ 系列，以及漫威影業、《上氣》和《十環傳奇》的院線上映。隨著索尼影業的長片《捉鬼敢死隊：來世》於 11 月 19 日上映，8 月首次推出該玩具系列，捉鬼敢死隊的收入增加。

Operating profit for the Consumer Products segment decreased $15.8 million, reflecting the lower revenue and incremental expense for freight and related costs. Price increases to mitigate the higher expenses in shipping and input costs went into effect in most markets in August, and will be fully implemented for the fourth quarter.

消費品部門的營業利潤減少了 1,580 萬美元，反映出收入減少以及運費和相關成本的增量支出。為緩解運輸和投入成本上升而上漲的價格已於 8 月在大多數市場生效，並將在第四季度全面實施。

Looking at our overall Hasbro P&L, gross margin, including cost of sales and program amortization declined 130 basis points. This reflected essentially flat cost of sales dollars.

從孩之寶的整體損益表來看，包括銷售成本和項目攤提在內的毛利率下降了 130 個基點。這反映出銷售成本基本持平。

Given favorable mix and growth in Entertainment, cost of sales declined 340 basis points as a percent of revenue. The robust Entertainment revenue growth drove an associated increase in program amortization of 470 basis points. Product development increased $17 million led by incremental investments in future tabletop and digital games at Wizards and our ongoing commitment to innovation across the business.

鑑於娛樂業務的有利組合和成長，銷售成本佔收入的百分比下降了 340 個基點。強勁的娛樂收入成長帶動節目攤銷增加 470 個基點。產品開發增加了 1700 萬美元，這得益於威世智對未來桌上遊戲和數位遊戲的增量投資以及我們對整個業務創新的持續承諾。

Advertising expense increased $26 million, including promotional activity and support of the MY LITTLE PONY movie and advertising behind new Wizards game launches. We have aggressive advertising plans for this holiday season, shifting more dollars this year into the fourth quarter to drive point of sale. We will, however, closely match this expense with inventory availability.

廣告費用增加了 2600 萬美元，包括《MY LITTLE PONY》電影的促銷活動和支援以及威世智新遊戲發布背後的廣告。我們為這個假期制定了積極的廣告計劃，將今年更多的資金轉移到第四季度以推動銷售點。然而，我們會將這筆費用與庫存可用性緊密匹配。

Adjusted SG&A increased $35 million, and continues to reflect higher expenses as the business returns to pre-COVID levels. This includes higher freight costs, incremental marketing and sales expense, increased depreciation associated with capitalized digital games and increased compensation. Despite these higher expenses, SG&A remained flat as a percentage of revenue. The adjusted underlying tax rate for the quarter was 23.4% compared to 19.9% a year ago. The rate is mainly driven by a change in the mix of income. We continue to expect the full year underlying rate to remain at approximately 21%.

調整後的 SG&A 增加了 3500 萬美元，隨著業務恢復到新冠疫情之前的水平，費用繼續增加。這包括更高的運費、增量行銷和銷售費用、與資本化數位遊戲相關的折舊增加以及薪資增加。儘管費用增加，SG&A 佔收入的百分比仍然持平。本季調整後的基本稅率為 23.4%，去年同期為 19.9%。此比率主要由收入結構的變化所驅動。我們繼續預計全年基本利率將維持在 21% 左右。

Our balance sheet is strong. In addition to our cash position and lower debt, DSOs were 68 days, a reduction of 5 days compared to Q3 2020, reflecting both higher revenue and good collections despite shipping a large volume of product late in the quarter.

我們的資產負債表強勁。除了我們的現金狀況和較低的債務之外，DSO 期限為68 天，與2020 年第三季度相比減少了5 天，這反映出儘管在本季度末運送了大量產品，但收入較高且收款良好。

Inventory increased slightly year-over-year but declined absent FX. At quarter end, we have lessened finished goods on hand than typical and significantly more in-transit inventory. In general, total transit times have nearly doubled across all lanes. And on certain lanes, transit times are as much as 50 days longer compared to pre-pandemic levels.

庫存較去年同期略有增加，但在不考慮外匯因素的情況下有所下降。到季度末，我們手頭上的成品比典型情況減少，在途庫存顯著增加。總體而言，所有車道的總運輸時間幾乎增加了一倍。在某些車道上，運輸時間比大流行前的水平延長了多達 50 天。

Our strong third quarter and year-to-date performance has us on track to meet our guidance for double-digit revenue growth, which we now are expecting in the range of 13% to 16% for the full year and maintaining an adjusted operating margin of approximately 15%.

我們強勁的第三季和年初至今的業績使我們預計將實現兩位數收入成長的指導，我們目前預計全年營收成長在 13% 至 16% 範圍內，並保持調整後的營業利潤率約15% 。

We have orders to support the high end of the revenue growth range but there are supply chain factors out of our control, which could impact our ability to fully achieve the upside.

我們有訂單支援收入成長範圍的高端，但存在我們無法控制的供應鏈因素，這可能會影響我們充分實現成長的能力。

I am incredibly proud of how the organization has come together this year. Despite many obstacles, our results showcase the strength of our business, our strategy and our team. Our leadership team is now happy to take your questions.

我對今年該組織的團結感到無比自豪。儘管存在許多障礙，但我們的業績展現了我們的業務、策略和團隊的實力。我們的領導團隊現在很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

And our first question is coming from the line of Steph Wissink with Jefferies.

我們的第一個問題來自傑弗里斯的史蒂芬·維辛克。

I just want to start by saying for those of us on this side of the call. Brian's absence and his voice has really felt today. So it was a privilege to know him, and our sympathies are with all of you and his family.

首先我想對我們這一方的人說幾句。布萊恩的缺席和他的聲音今天真的很舒服。因此，認識他是我的榮幸，我們對你們所有人和他的家人表示同情。

Rich, my question is for you. It's a question we're getting most from stakeholders right now, which is, can you share a little bit more about the search in terms of characteristics, background? As you think about the Blueprint, who is the type of individual that you're looking for to really guide the next few years of growth for the company?

里奇，我的問題是問你的。這是我們現在從利害關係人那裡得到最多的一個問題，那就是，您能否從特徵和背景方面分享更多有關搜尋的資訊？當您考慮藍圖時，您正在尋找能夠真正指導公司未來幾年發展的個人類型？

Thanks, Steph. And I have to say how much we appreciate your sentiments. Brian didn't just touch Hasbro. He touched a lot of people in the world. And -- so thank you for that.

謝謝，史蒂芬。我必須說，我們非常感謝您的感受。布萊恩不僅接觸了孩之寶。他感動了世界上許多人。而且——所以謝謝你。

So as I said in my remarks, the search for the permanent CEO is not something that is just beginning now. The Board is and always has been thinking about succession as a matter, of course. It is a responsibility of the Board to think through. And that work that they've been doing, I think, provides a very strong foundation for the naming of a new long-term CEO, and that process is well underway.

正如我在演講中所說，尋找永久執行長並不是現在才剛開始的事情。當然，董事會一直在考慮繼任問題。董事會有責任進行深思熟慮。我認為，他們一直在做的工作為任命新的長期執行長提供了非常堅實的基礎，而且這個過程正在順利進行中。

I will say the commitment and belief in the Brand Blueprint as the strategy for Hasbro go forward is greater than it's ever been. I think what you saw in this quarter is just the beginning of the potential of the Blueprint to drive this company forward. I'll say -- use of Brian isn't, I guess right now to say this is not a point of arrival for Hasbro -- or it's not a point of departure for Hasbro, it's a point of -- sorry, not a point of arrival but a point of departure, right? This is the beginning of the Blueprint proving itself out in the world. And so I think the characteristics of a leader are, a, a fantastic leader who believes in this team and this company and this culture to take it forward, and b, someone who can continue to expand on the blueprint and drive that vision forward.

我想說的是，對作為孩之寶前進策略的品牌藍圖的承諾和信念比以往任何時候都更加強烈。我認為您在本季度看到的只是藍圖推動公司前進的潛力的開始。我會說 - 使用布萊恩不是，我想現在可以說這不是孩之寶的到達點 - 或者它不是孩之寶的出發點，這是一個 - 對不起，不是一個點到達點也是出發點，對嗎？這是藍圖在世界上證明自己的開始。因此，我認為領導者的特徵是：a、一位出色的領導者，相信這個團隊、這家公司以及這種文化，能夠推動其向前發展；b、能夠繼續擴展藍圖並推動這一願景向前發展。

Deb, could I put out a follow-up question for you on the guidance. I'm just getting a few e-mails this morning on what's built into your operating margin target from a cost and pricing perspective in the fourth quarter? Have you taken a similarly conservative approach as you did to the sales guidance?

Deb，我可以向您提出有關指南的後續問題嗎？今天早上我剛收到幾封電子郵件，從成本和定價的角度來看，你們第四季的營業利潤率目標是怎麼樣的？您是否採取了與銷售指導類似的保守方法？

Yes. Thanks, Steph. I appreciate the question. No absolutely, as we said, we have orders on hand to meet the top end of our guidance range for revenue, but we're feeling the cost pressures that the rest of the industry is feeling. And we are also feeling the supply chain pressures that the rest of the world is facing right now. It's funny, I went to buy something at the grocery store the other day and the shelf was empty. And I'm like, okay, I'm not going to fell for another brand. I'll just go with that for now. But the important thing is we've got everything in place, so there will be Hasbro toys and games on the shelves this holiday season.

是的。謝謝，史蒂芬。我很欣賞這個問題。絕對不，正如我們所說，我們手頭上的訂單可以滿足我們收入指導範圍的上限，但我們感受到了行業其他公司所感受到的成本壓力。我們也感受到了世界其他地區目前面臨的供應鏈壓力。有趣的是，前幾天我去雜貨店買東西，貨架上空了。我想，好吧，我不會愛上另一個品牌。我現在就這樣吧。但重要的是我們已經把一切都準備好了，所以這個假期的貨架上將會有孩之寶的玩具和遊戲。

The team has put a lot of process in place, some of which includes air freight. Our air freight expense was much higher in the third quarter than it typically is, and we do expect it to be higher in the fourth quarter. We don't intend to take additional price increases this year. So what we have built in is what -- is there to cover our costs.

該團隊已經制定了許多流程，其中一些包括空運。我們第三季的空運費用比平常高得多，我們預計第四季會更高。我們今年不打算進一步漲價。所以我們內建的東西是用來支付我們的成本的。

So overall, we still are in firm belief that we can hit our guidance of double-digit revenue growth at 13% to 16%. We have orders for the high end, but some things will be beyond our control. And we believe that we can achieve operating profit levels in line with last year for the full year as well.

因此，總體而言，我們仍然堅信我們能夠實現 13% 至 16% 的兩位數收入成長目標。我們有高端訂單，但有些事情是我們無法控制的。我們相信我們全年也能達到與去年持平的營業利潤水準。

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

我們的下一個問題來自 MKM Partners 的 Eric Handler。

I wonder if we could talk a little bit about MAGIC: THE GATHERING, and curious if you'd be able to give us maybe a little insight into sort of the balance of revenue between physical play and digital play. What's been the impact on, let's say, daily average users now that mobile is -- has had time to ramp up a little bit?

我想知道我們是否可以談談《萬智牌》，並且很好奇您能否讓我們對實體遊戲和數位遊戲之間的收入平衡有一些了解。既然行動已經有時間稍微增加一點，那麼對日常用戶的影響是什麼？

Yes. Thanks for the question, Eric. So I know this is a question you've been poking at in the past. And I want to reiterate what I think the team has been saying in the past, which is that these -- the mobile and digital gaming and tabletop gaming are neither cannibalistic nor separate. They really are an ecosystem that mutually supports it. So we are continuing to grow MAGIC Arena. The mobile platform is a critical source of new users for MAGIC Arena. And at the same time, tabletop is increasing as well. And I think what you're seeing is the power of that expanded omnichannel experience.

是的。謝謝你的提問，艾瑞克。所以我知道這是您過去一直在探討的問題。我想重申我認為團隊過去一直在說的話，那就是行動和數位遊戲以及桌上遊戲既不是同類相食，也不是相互獨立的。它們確實是一個相互支持的生態系統。因此，我們正在繼續發展 MAGIC Arena。行動平台是 MAGIC Arena 新用戶的重要來源。同時，桌面也在增加。我認為您所看到的是擴展的全通路體驗的力量。

Maybe though, Chris, I'll just ask you if you want to comment any further on Eric's question?

克里斯，也許我會問你是否想對埃里克的問題進一步發表評論？

Sure. Thanks, Rich. Hi, Eric. Yes, the MAGIC business had a very strong Q3, and has overall, had a very strong 2021. By the end of Q3, in fact, MAGIC is already bigger this year than it was in all of 2020, which was a record year for us. Arena is a major contributor to that. Mobile has been a terrific source of new users for the brand, and we see a very healthy crossover between users who come on board digitally, who migrate to tabletop, and likewise, tabletop players who want to play some more MAGIC and play, both on mobile and PC.

當然。謝謝，里奇。嗨，艾瑞克。是的，MAGIC 業務在第三季度表現非常強勁，總體而言，2021 年表現非常強勁。紀錄的一年。 Arena 是其中一個主要的貢獻者。行動裝置一直是該品牌新用戶的絕佳來源，我們看到數位化用戶、遷移到桌上型裝置的用戶以及想要玩更多 MAGIC 和玩遊戲的桌上型玩家之間存在著非常健康的交叉。 PC端。

And so I think the combination of those factors plus the segmentation we've been driving in our business has done an excellent job in terms of growing our overall user base, enhancing our engagement with fans and driving our average revenue per user.

因此，我認為這些因素的結合加上我們一直在業務中推動的細分在擴大我們的整體用戶群、增強我們與粉絲的互動以及提高我們的每個用戶平均收入方面做得非常出色。

Great. And just as a follow-up. I know during the pandemic, a number of hobby stores were closed, e-commerce was beneficial for selling physical sets. I'm curious now that hobby stores are fully reopened, we're seeing more in-store tournaments, are you starting to see an oversized rebound with the physical sets at all?

偉大的。並且只是作為後續行動。我知道疫情期間很多模型店都關門了，電商有利於實體套裝的銷售。我很好奇現在業餘愛好商店已經全面重新開放，我們看到了更多的店內錦標賽，您是否開始看到實體套裝出現大幅反彈？

Chris, do you want to take that?

克里斯，你想接受這個嗎？

Great. Yes, sure. Yes, we were very impressed with our hobby channel partners and how they rallied with the realities of the pandemic. Prior to April of 2020, only about 35% of our hobby stores offered any kind of online solution or curbside solution. And over the last 18 months, we now have over 80% of them offering their wares online, and as a curbside solution.

偉大的。是的，當然。是的，我們的業餘愛好通路合作夥伴以及他們如何面對大流行的現實，這給我們留下了深刻的印象。 2020 年 4 月之前，只有約 35% 的愛好商店提供任何類型的線上解決方案或路邊解決方案。在過去 18 個月裡，我們現在有超過 80% 的企業在網路上提供商品，並作為路邊解決方案。

And so our overall mix of business has actually stayed remarkably similar during the overall pandemic. Hobby has grown. Our online and e-commerce partners have grown, and our mass partners have also grown. And I think it's a testament to kind of like the strong foundation that is underlying both the MAGIC business as well as the D&D business and our ability to partner with all those partners across different channel mixes.

因此，在整個大流行期間，我們的整體業務組合實際上保持了非常相似。愛好長大了。我們的線上和電子商務合作夥伴不斷壯大，我們的大眾合作夥伴也不斷壯大。我認為這證明了 MAGIC 業務和 D&D 業務的堅實基礎，以及我們與不同通路組合的所有合作夥伴合作的能力。

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

下一個問題來自瑞銀集團的 Arpine Kocharyan。

Please accept our heartfelt condolences. We were very saddened by Brian's passing. He will be very much missed.

請接受我們衷心的哀悼。我們對布萊恩的去世感到非常悲傷。我們將非常懷念他。

To follow up on earlier question, even top end of guidance for Q4 would imply perhaps less than 10% operating profit margin. First, is my calculation correct? And I know there are some moving parts like Prime Day comps and MAGIC card release sort of cadence. But could you perhaps spend a few minutes going over kind of puts and takes? I know, Deb, you answered a good chunk of it already. But if you could sort of size it for us, that would be great. And I have a quick follow-up.

繼續回答先前的問題，即使是第四季度指導的最高值也意味著營業利潤率可能低於 10%。首先我的計算正確嗎？我知道有一些動態部分，例如 Prime Day 優惠和 MAGIC 卡發布節奏。但是您能否花幾分鐘時間回顧一下 put 和 take 的類型？我知道，黛布，你已經回答了大部分問題。但如果您能為我們確定尺寸，那就太好了。我有一個快速的跟進。

Sure. Well, we talked a lot about the product that we have to deliver. And as a matter of fact, the $100 million that shifted from Q3 into Q4 we talked about, most of that's already been delivered. And in fact, if you look at just our inventory, never mind retail inventory, 40% of our inventory balance at the end of the quarter was in transit. So that's here now, and we can ship that. So we're very excited about the opportunity. We have plenty of things on the water. We are going to continue to use air freight for the quarter, and the team has done a terrific job, actually making sure that we will have full shelves of products, Hasbro toys and games for the holiday season.

當然。嗯，我們討論了很多關於我們必須提供的產品。事實上，我們談到的從第三季轉移到第四季的 1 億美元，其中大部分已經交付。事實上，如果你只看我們的庫存，更不用說零售庫存，我們在本季末的庫存餘額中有 40% 是在運輸途中。現在它就在這裡，我們可以發貨了。所以我們對這個機會感到非常興奮。我們在水上有很多東西。本季我們將繼續使用空運，團隊做得非常出色，實際上確保了我們在假期期間擁有完整的貨架產品、孩之寶玩具和遊戲。

That being said, some of that costs a bit more. And we've also talked a bit about advertising. It's very important that the consumer comes and takes away that product. So in an effort to make sure that the POS is there that we're reaching the consumer will have higher advertising expense in the quarter as well. So some of the puts and takes, some of the costs are going to be a bit higher which is why we said we believe our overall gross margin will be more in line with 2019 -- pro forma 2019 than 2020 because of the excellent deliveries that we expect on the Entertainment side, the good mix from our Wizards of the Coast business, but also our Consumer Products business, which does have some pressures on the cost side as well.

話雖這麼說，其中一些成本要高一些。我們也討論了一些關於廣告的問題。消費者前來並帶走該產品非常重要。因此，為了確保 POS 能夠接觸到消費者，本季的廣告費用也會更高。因此，一些看跌期權和一些成本會更高一些，這就是為什麼我們說我們相信我們的整體毛利率將更符合 2019 年——預計 2019 年而不是 2020 年，因為交付量非常出色我們預計在娛樂方面，我們的威世智業務以及我們的消費產品業務都會有良好的組合，這在成本方面也確實存在一些壓力。

So all of those things brought together, which is the beauty of our portfolio, and our advanced business strategy. We have 3 businesses that work together that are going to allow us to achieve that revenue growth and operating profit margins that are in line with a year ago at about 15%. That being said, we also believe in our medium-term guidance that there is no inherent reason why we can't have operating profit margins over 16%. And we're well on our way to managing that. We're just dealing with some short-term issues that the rest of the world are dealing with as well.

因此，所有這些東西匯集在一起，這就是我們產品組合的美妙之處，以及我們先進的業務策略。我們有 3 個業務部門共同合作，這將使我們能夠實現與一年前 15% 左右的收入成長和營業利潤率。話雖這麼說，我們也相信我們的中期指引，即沒有任何內在原因導致我們的營業利潤率不能超過 16%。我們正在努力解決這個問題。我們只是在處理一些世界其他國家也在處理的短期問題。

Right. Right. Are you able to share what percentage of your volume you expect to go through direct imports in Q4? If not, no problem.

正確的。正確的。您能否分享您預計第四季直接進口量的百分比是多少？如果沒有，沒問題。

So overall, our direct import business, we do expect it will be around similar levels to a year ago. I will say with the supply chain issues that the world is facing, our customers aren't immune to that as well. And we've been working very closely with them to ensure they have the product they need on shelves at the right time. As a matter of fact, partnering with them, if we can get containers and they can't, for example. So overall, I think our direct import business may be down a tick from a year ago, but overall in line, not significantly different. .

因此，總體而言，我們的直接進口業務預計將與一年前的水平相似。我想說的是，隨著世界面臨的供應鏈問題，我們的客戶也不能倖免。我們一直與他們密切合作，以確保他們所需的產品在正確的時間上架。事實上，與他們合作，例如，如果我們可以獲得容器而他們卻不能。所以總的來說，我認為我們的直接進口業務可能比一年前有所下降，但總體上是一致的，沒有顯著差異。 。

Next question is coming from the line of Jamie Katz of Morningstar.

下一個問題來自晨星公司的傑米‧卡茨。

And just want to echo the condolences that have already been sent to the team. But I'm hoping you can comment on capital allocation, particularly the continued reduction of debt and the walk back to investment grade. Is there an ability now to get back to that investment-grade target faster than originally planned, that 3 to 4 years?

只是想回應已經向團隊發出的哀悼。但我希望你能對資本配置發表評論，特別是債務的持續減少和回歸投資等級。現在是否有能力比原計劃（即 3 到 4 年）更快恢復投資等級目標？

Thanks, Jamie. Yes. So we're really proud that we're an investment-grade company, and we've maintained our investment-grade status even after the acquisition of eOne. It's been very important to us, and we've worked very closely with the rating agencies to make sure they know our plans and how we're stepping along the way.

謝謝，傑米。是的。因此，我們非常自豪我們是一家投資級公司，即使在收購 eOne 後，我們仍然保持了投資級地位。這對我們來說非常重要，我們與評級機構密切合作，以確保他們了解我們的計劃以及我們的進展。

Our capital allocation priorities really are the same.

我們的資本配置重點確實是相同的。

First and foremost, we invest in our own business. You see that in the growth in Entertainment this quarter. You see it in the growth in Wizards. You see it behind all the wonderful innovation in our Consumer Products business. So we do believe in investing in ourselves first. Beyond that, we are committed to getting back to the 2 to 2.5x debt-to-EBITDA. Right now, that is the right place for us.

首先，我們投資自己的業務。您可以從本季娛樂業的成長中看到這一點。你可以從奇才隊的成長中看到這一點。您可以在我們消費品業務的所有精彩創新背後看到它。所以我們確實相信首先要投資自己。除此之外，我們致力於將債務與 EBITDA 的比率恢復到 2 至 2.5 倍。現在，這對我們來說是正確的地方。

We believe that lets us keep investing for the future and continuing the growth trajectory that Hasbro has been on. And then thirdly, we will return excess cash to our shareholders. We have had maintained our dividend even after the acquisition of eOne. We maintained our dividend throughout the pandemic. That's important to us and to our Board as well. So we continue to have our capital allocation strategy to be consistent with the way it's been in the past. And we are proud to be an investment-grade company.

我們相信，這讓我們能夠繼續為未來投資，並繼續保持孩之寶一直以來的成長軌跡。第三，我們將多餘的現金回饋給股東。即使在收購 eOne 後，我們仍維持股息。在整個大流行期間，我們維持了股息。這對我們和我們的董事會都很重要。因此，我們的資本配置策略將繼續與過去保持一致。我們很自豪能夠成為一家投資級公司。

I'm sorry, I misspoke. I meant to say the leverage target rather than investment grade. And then are there any idiosyncrasies we can be -- we should be aware of on the cadence of spend for programming over the next few quarters that could help us think through how that cost metric might change?

對不起，我說錯了。我的意思是說槓桿目標而不是投資等級。那麼我們是否可以有任何特殊之處——我們應該意識到未來幾季的程式支出節奏，這可以幫助我們思考成本指標可能會如何變化？

So from a spend standpoint, we still expect to be between the $600 million and $750 million for the full year this year, probably a little bit closer to the high end, if you look at where we're sitting this year. And as you know, that spend will translate to revenue in future years. So -- and some this year as well. We've got great deliveries planned for the fourth quarter. And maybe, Darren, you could talk a little bit about some of the deliveries and what we have planned for 2022?

因此，從支出的角度來看，我們仍然預計今年全年的支出將在 6 億至 7.5 億美元之間，如果你看看我們今年的情況，可能會更接近高端。如您所知，這些支出將在未來幾年轉化為收入。所以——今年也有一些。我們計劃在第四季度進行大量交付。達倫，也許您可以談談一些交付情況以及我們 2022 年的計劃？

Yes. Sure, Deb. Thanks. Yes, through the fourth quarter, as was mentioned, we've got more deliveries coming for The Rookie Season 4. We've got Yellowjackets deliveries through this quarter. We've got the second season of Moonshine delivery. We've got lots of children's animation product delivery, PEPPA Season 9. We've got Clifford the Big Red Dog coming to theaters in November. So we've got a lot of activity delivering a lot of the programming that we've been producing throughout this year.

是的。當然，黛布。謝謝。是的，正如前面提到的，在第四季度，我們為《新秀》第四季交付了更多的貨物。我們已經推出了《月光》第二季。我們已經交付了許多兒童動畫產品，《PEPPA》第 9 季。因此，我們開展了大量活動，交付了今年我們製作的大量節目。

As we roll into 2022, we see strong cadence of continued production, both on returning series, but also on new series. Obviously, since the acquisition, we've been really working hard on Hasbro content. I think it was mentioned before in the call, there's over 30 brands in development, and there's multiple entertainment streams being developed against those brands. Meaning in some regards, like for TRANSFORMERS, for instance, we've got a feature film in production. We've also got animated content coming and other programs planned for TRANSFORMERS, and you'll see that across the entire Hasbro portfolio.

進入 2022 年，我們看到繼續製作的強勁節奏，無論是回歸系列還是新系列。顯然，自收購以來，我們一直在努力打造孩之寶的內容。我想之前在電話會議中已經提到過，有超過 30 個品牌正在開發中，並且有多種針對這些品牌的娛樂串流正在開發中。這意味著在某些方面，例如《變形金剛》，我們正在製作一部長片。我們還為《變形金剛》準備了動畫內容和其他計劃，您將在整個孩之寶產品組合中看到這些內容。

So a lot planned for the fourth quarter, but 2022 looks to be a very, very strong year coming as well. And you'll see those deliveries, as Deb said, supporting that investment in content spend through 2021 and 2022.

第四季計劃很多，但 2022 年看起來也將是非常非常強勁的一年。正如 Deb 所說，你會看到這些交付支持了 2021 年和 2022 年的內容支出投資。

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

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

Deb, I just wanted to follow up on your commentary about the medium-term operating margin getting back to over 16%. When you look at a lot of what you've dealt with this year in terms of the input costs, how are you viewing those as far as transitory versus structural? And what do you think that means for pricing going forward? Could we need to price a little bit more over the next few years to offset that? How does that all shake out for that margin trajectory going forward?

Deb，我只是想跟進您關於中期營業利潤率恢復到 16% 以上的評論。當您審視今年在投入成本方面處理的許多問題時，您如何看待這些暫時性成本和結構性成本？您認為這對未來的定價意味著什麼？我們是否需要在未來幾年內提​​高價格來抵銷這項影響？這一切對未來的獲利軌跡有何影響？

Fred, you're right. Everyone -- the whole world, I think, is seeing input costs going up right now. Trends have been good lately. We've seen them coming down a bit in the last short period. However, the beauty of our Consumer Products product line is -- a lot of that product line is new every single year. So we can engineer our product to hit certain price points.

弗雷德，你是對的。我認為全世界的每個人都看到投入成本正在上升。最近的趨勢一直很好。我們看到它們在過去的短時間內有所下降。然而，我們的消費品產品線的美妙之處在於——其中許多產品線每年都是新的。因此，我們可以設計我們的產品以達到特定的價格點。

That being said, we do believe that there's going to be that group of cost inflation we've seen is going to continue for a period of time. Looking at inflation, we're dealing in inflationary markets in most places. And again, I'll go back to what I could find on the shelves at the grocery store was more expensive, right? So it's a matter of, I think, the -- all industries are facing a bit of this right now. But we do have the opportunity to reinvent our product line -- the majority of our product line every year, and therefore, we can just take cost out of it as we do that.

話雖如此，我們確實相信我們所看到的成本通膨將會持續一段時間。就通膨而言，我們在大多數地方都面臨通膨市場。再說一次，我會回到雜貨店貨架上發現的東西比較貴，對嗎？所以我認為，所有產業現在都面臨這樣的問題。但我們確實有機會重新發明我們的產品線——每年我們的大部分產品線，因此，我們可以在這樣做時降低成本。

We've been working very closely with our manufacturing partners to ensure they've got the right components to make the product, and we'll have it. That's what's most important. And then we'll ensure that it's made the right way and priced appropriately for the market as well.

我們一直與我們的製造合作夥伴密切合作，以確保他們擁有製造產品所需的正確組件，而我們也會擁有它。這才是最重要的。然後我們將確保它以正確的方式製造，並且定價也適合市場。

Makes sense. And then I guess specifically on the fourth quarter, if we think about the timing of when those price increases hit in August, how should we be thinking about the consumer product margins specifically in the fourth quarter?

有道理。然後我想具體是在第四季度，如果我們考慮八月價格上漲的時間，我們應該如何考慮第四季的消費產品利潤率？

So for the fourth quarter, we continue to see escalating costs from when we put our price increases in place. So you just think about the cost of air freight, and the cost of freight -- everyone has talked about supply chain and the cost of shipping, right, and ocean channels, and what's in place for acquiring additional transport cost to get product holiday, which we will have. But that does put just some near-term pressure on some of the margins. Our -- the full impact of our price increases will take effect in the fourth quarter.

因此，在第四季度，我們繼續看到價格上漲後成本不斷上升。所以你只要想想空運成本和貨運成本——每個人都談論過供應鏈和運輸成本、權利和海運管道，以及如何獲得額外的運輸成本來獲得產品假期，我們將會擁有。但這確實給某些利潤率帶來了一些短期壓力。我們的價格上漲的全部影響將在第四季度生效。

And overall, we still believe our total gross margin, which includes our program amortization, which is representative of our deliveries as well on the Entertainment side as well as our Wizards of the Coast business, which we've seen the digital side of that business grow. That's why our diversified business model really lets us say, we think our gross margins will be in line with 2019. But more 2019 than 2020.

總的來說，我們仍然相信我們的總毛利率，其中包括我們的節目攤銷，它代表了我們的交付以及娛樂方面以及我們的海岸奇才業務，我們已經看到了該業務的數字方面生長。這就是為什麼我們的多元化業務模式確實讓我們可以說，我們認為我們的毛利率將與 2019 年持平。

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

我們的下一個問題來自 BMO 資本市場的 Gerrick Johnson。

I'd like to express my team's condolences as well. Brian was the toy GOAT and my favorite sparring partner, so he'll definitely be missed. Deb, I want to ask you about PEPPA PIG and PJ MASKS, the in-sourcing of those products. What did those contribute in terms of, say, net revenue gain and net operating profit gain by bringing those in-house in a quarter?

我也想向我的團隊表示哀悼。布萊恩是玩具山羊，也是我最喜歡的陪練夥伴，所以我們一定會想念他。 Deb，我想問你關於 PEPPA PIG 和 PJ MASKS 的問題，這些產品的內購。例如，透過在一個季度內將這些內容引入公司內部，這些內容對淨收入成長和淨營業利潤成長有何貢獻？

Well, thank you, Gerrick, and thank you for your sentiments. We appreciate everyone's but you may have been Brian's favorites sparring partner as well. So we all really appreciate your comments very much, all of you. So thank you, and thank you for all the nice notes that you sent that meant the world to us and to everyone here.

好吧，謝謝你，格里克，也謝謝你的感受。我們感謝每個人，但你也可能是布萊恩最喜歡的陪練夥伴。因此，我們非常感謝你們所有人的評論。所以謝謝你，也謝謝你寄來的所有美好的留言，這些留言對我們和在座的每個人來說都意義重大。

The PEPPA PIG -- and we're so excited about PEPPA PIG and PJ MASKS. We started shipping products for our line for PEPPA and PJ in the third quarter. Some of this supply challenges we had did impact those lines, but they are here now, and on the way. From the quarter standpoint, we just started shipping in the third quarter, so we expect to see a bigger impact in the fourth quarter. As we've said, we think that the total impact for the year would be $75 million to $85 million, I think we said, and we're on track for that for the impact for the full year.

PEPPA PIG - 我們對 PEPPA PIG 和 PJ MASKS 感到非常興奮。我們在第三季開始為 PEPPA 和 PJ 系列運送產品。我們遇到的一些供應挑戰確實影響了這些線路，但它們現在就在這裡，並且正在路上。從季度來看，我們第三季才開始出貨，所以我們預計第四季會受到更大的影響。正如我們所說，我們認為今年的總影響將是 7500 萬至 8500 萬美元，我想我們說過，而且我們正在努力實現全年的影響。

And PEPPA and PJ together have operating profit margins very similar to our Franchise Brands. So you think high teens, low 20s operating profit margins. So we're really excited about the brands, the lines. We fully integrated our Consumer Products business now. We'll continue to have external licensing partners through next year, and beyond that as well, because there are some lines that we won't take on ourselves that we have great licensees that are doing that. So we've successfully integrated most of that business. We'll continue seeing more of the business integrated in 2022, and we're really excited that PEPPA and PJ are part of the Hasbro family.

PEPPA 和 PJ 的營業利潤率與我們的特許經營品牌非常相似。所以你認為營業利益率高十幾歲，低二十幾歲。所以我們對這些品牌和產品線感到非常興奮。我們現在完全整合了我們的消費品業務。到明年以及之後，我們將繼續擁有外部授權合作夥伴，因為有些業務我們不會自己承擔，因為我們有很棒的被授權人正在這樣做。所以我們已經成功整合了大部分業務。我們將在 2022 年繼續看到更多業務整合，我們非常高興 PEPPA 和 PJ 成為孩之寶家族的一部分。

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

我們的下一個問題來自高盛的 Michael Ng。

First, I'd also like to express my condolences on behalf of our team to Hasbro and Brian's family, and friends for their loss.

首先，我也要謹代表我們的團隊向孩之寶和布萊恩的家人和朋友表示哀悼。

I just have one question for Chris or Deb. I was just wondering if you could talk a little bit about the cadence of MAGIC: THE GATHERING card set releases for the rest of the year, and how that might impact revenue growth? And then could you also just comment on the content and gaming outlook for 2022 for Wizards of the Coast more broadly?

我只有一個問題要問克里斯或黛布。我只是想知道您是否可以談談今年剩餘時間內《萬智牌》卡牌套裝的發布節奏，以及這可能會如何影響收入成長？那麼您能否更廣泛地評論一下《威世智》2022 年的內容和遊戲前景？

Chris, why don't you take that?

克里斯，你為什麼不接受這個？

Sure thing. So in 2021, we expanded our number of major set releases from 6 in 2020 to 7 in 2021. Our next big release will be in Q4, which is called Innistrad: Crimson Vow, vampire theme set. That's part of a twofer that we released. The first part Innistrad: Midnight Hunt in Q3. And we expect continued growth in Q4. But as Deb mentioned in the upfront remarks, we think that will be moderated just based on set timing releases and composition.

當然可以。因此，在2021 年，我們將主要套裝發布的數量從2020 年的6 個擴大到2021 年的7 個。 。這是我們發布的 Twofer 的一部分。第一部分依尼翠：第三季的午夜狩獵。我們預計第四季將繼續成長。但正如 Deb 在前面的評論中提到的那樣，我們認為這將根據設定的發佈時間和組成進行調整。

For 2022, we also expect to have 7 major releases comping 2021. Those set releases will vary slightly in timing and composition. But based on the early fan reactions that we've received in Q3, we feel very good about the quality of those sets, and how our fans are responding to them. And they include everything from returning to old classics like Kamigawa and Dominaria and the Brothers' War to exploring new themes, like a gangster theme set for the spring called the Streets of New Capenna and then continuing to expand the number of formats and segments of consumers we're going after, including an expansion of our Universes Beyond initiative, which is taking outside IP for MAGIC and bringing it into the MAGIC play system like we did in Q3 with the D&D and MAGIC with Adventures in the Forgotten Realms, which was -- which set a record for us in terms of our summer releases.

對於 2022 年，我們也預計 2021 年將有 7 個主要版本。但根據我們在第三季收到的早期粉絲反應，我們對這些套裝的品質以及粉絲對它們的反應感到非常滿意。其中包羅萬象，從回歸《神川》、《多明納裡亞》和《兄弟戰爭》等老經典，到探索新主題，例如為春季設置的黑幫主題《新卡佩納的街道》，然後繼續擴大業態數量和消費者細分市場。 《MAGIC 與被遺忘的國度歷險記》中所做的那樣，這是 - - 這為我們的夏季發行量創造了記錄。

It was the biggest summer set release we've ever had. So we feel good about the balance of the year, and we feel very good about the initial reactions to our 2022 set release schedule.

這是我們有史以來規模最大的夏季套裝發行。因此，我們對今年的剩餘時間感到滿意，並且對 2022 年設定的發佈時間表的初步反應感到非常滿意。

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

我們的下一個問題來自 Drew Crum 和 Stifel。

And our condolences to Brian's family and the Hasbro team. So my question is on the sales guidance. With the language for 13% to 16% growth this year, is there any more precision you can offer at the segment level? And I guess more specifically, you were previously forecasting Consumer Products up mid-single digits for the year. Is that something you see is still achievable?

我們向布萊恩的家人和孩之寶團隊表示哀悼。所以我的問題是關於銷售指導的。今年該語言成長了 13% 至 16%，您能否在細分層面提供更高的精確度？我想更具體地說，您之前預測今年的消費品價格將上漲中個位數。您認為這仍然可以實現嗎？

So overall, we do expect growth in all of our segments for the fourth quarter. That being said, there are some things on the supply chain side that really are beyond our control. I mean we've all read about every industry being impacted by ships floating outside of ports. That being said, we've increased a lot of ports. And Eric, why don't you actually talk a little bit about what we have put in place to ensure that we'll be able to get product on the shelves for this holiday?

因此，總體而言，我們確實預期第四季度所有細分市場都會出現成長。話雖這麼說，供應鏈方面有些事情確實是我們無法掌控的。我的意思是，我們都讀過有關每個行業都受到港口外船隻影響的報導。話雖這麼說，我們增加了很多端口。艾瑞克，為什麼不實際談談我們為確保這個假期能夠將產品上架而採取的措施呢？

Sure. We feel confident that there will be plenty of Hasbro toys and games here for the holidays. And I think that's the headline we want to stress. We've already talked about the headwind of $100 million shifting from Q3 to Q4. And I do want to highlight, as Deb mentioned, the majority of that has already shipped to our customers around the world, which is really just highlighting that this is a phasing issue, not an issue of lost orders or lost sales.

當然。我們相信假期期間這裡會有大量孩之寶玩具和遊戲。我認為這就是我們想要強調的標題。我們已經討論過從第三季轉移到第四季的 1 億美元逆風。我確實想強調，正如黛布所提到的，其中大部分已經運送給我們世界各地的客戶，這實際上只是強調這是一個分階段問題，而不是訂單丟失或銷售損失的問題。

With regards to mitigation, we are proud of our teams. We took several steps to mitigate some of the challenges that we saw happening earlier in the year. We activated new ports in both China and the U.S. We've added multiple ocean carrier contracts to increase capacity around the world. We've expanded our trucker capacity as well, which helps move products to warehouses all over the world. And we're ready for Q4 with plans lined up to meet as much demand as possible to deliver peak shipments during the peak season. So I feel we're ready to go, and we appreciate the question.

在緩解方面，我們為我們的團隊感到自豪。我們採取了多項措施來緩解今年早些時候出現的一些挑戰。我們在中國和美國啟用了新港口。我們還擴大了卡車司機的能力，這有助於將產品運送到世界各地的倉庫。我們已為第四季度做好準備，並製定了計劃，以滿足盡可能多的需求，以在旺季期間交付高峰出貨量。所以我覺得我們已經準備好了，我們很感激這個問題。

Our next question is from the line of Alok Patel with Berenberg.

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

I was wondering if you guys can comment a little bit on some of the price increases that were supposed to be in effect in Q3? How have they materialized versus expectations? And with POS up strong, is there more room to pass on some of the cost to the consumers and the retailers?

我想知道你們是否可以對第三季度應該生效的一些價格上漲發表一些評論？與預期相比，它們的實現情況如何？隨著 POS 的強勁發展，是否有更多空間將部分成本轉嫁給消費者和零售商？

Yes. So the first thing I'd say is just to remember, right, retailers set the pricing. But we did -- those price increases went into effect in August. And so we're really seeing the full impact of that pricing in Q4. So Deb, I don't know if you have anything to add to that?

是的。所以我要說的第一件事就是要記住，零售商設定了定價。但我們做到了——價格上漲於八月生效。因此，我們確實在第四季度看到了定價的全面影響。 Deb，我不知道你還有什麼要補充的嗎？

Yes. I agree, Rich. I think you hit it on the head. The retailer actually sets the price to the consumer, we don't. So we won't be taking further price increases in 2021. That would be very disruptive to our retail partners as well as if you think about the cost of running a company to implement something like that at this point is very difficult, right?

是的。我同意，里奇。我認為你擊中了頭部。零售商實際上向消費者設定價格，而我們則不然。因此，我們不會在2021 年進一步提價。 ？

So we want our retailers to have predictability for their season as well. However, they set the ultimate price to the consumer, and there'll be plenty of Hasbro toys and games for the consumer to buy this holiday season.

因此，我們希望我們的零售商也能夠預測他們的季節。然而，他們為消費者設定了最終價格，並且在這個假期期間將有大量孩之寶玩具和遊戲供消費者購買。

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

謝謝。此時，我們的問答環節已經結束。我將把電話轉給黛比·漢考克（Debbie Hancock）做結束語。

Thank you, Rob, and thank you, everyone, for joining the call today. The replay will be available on our website in approximately 2 hours. Additionally, 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。此外，管理層準備好的評論將在本次電話會議後發佈在我們的網站上。謝謝。

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

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。