孩之寶 (HAS) 2021 Q2 法說會逐字稿

Good morning, and welcome to the Hasbro Second Quarter 2021 Earnings 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 年第二季財報電話會議。 （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 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, and good morning, everyone. Joining me today are Brian Goldner, Hasbro's Chairman and Chief Executive Officer; and Deb Thomas, Hasbro's Chief Financial Officer. Today, we will begin with Brian 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.

謝謝大家，大家早安。今天與我一起出席的還有孩之寶董事長兼執行長布萊恩‧戈德納 (Brian Goldner)；以及孩之寶財務長 Deb Thomas。今天，我們將首先由 Brian 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。

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 those non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation.

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，其中不包括那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。

Please note that whenever we discuss earnings per share or EPS, we are referring to earnings per diluted share.

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. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, and 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 Brian Goldner. Brian?

現在我想介紹布萊恩·戈德納。布萊恩？

Thank you, Debbie. Good morning, everyone, and thank you for joining us today. The Hasbro team delivered an excellent second quarter, highlighting the power of our portfolio and the benefits of supercharging our blueprint across consumer products, wizards and digital gaming and entertainment. Each segment grew revenues and profit on an adjusted basis in the second quarter.

謝謝你，黛比。大家早安，感謝您今天加入我們。孩之寶團隊交付了出色的第二季業績，凸顯了我們產品組合的力量以及在消費產品、巫師以及數位遊戲和娛樂領域增強我們藍圖的優勢。第二季度，每個部門的收入和利潤均在調整後有所增長。

Overall revenue was up 54% from last year and 9% higher compared to pro forma second quarter 2019. Demand for Hasbro brands, products and content remains strong. The team is executing extremely well to meet consumer, retailer and audience demand in a dynamic environment, while driving significant profit and cash generation.

整體營收較去年成長 54%，較預期 2019 年第二季成長 9%。團隊執行得非常好，能夠在動態環境中滿足消費者、零售商和觀眾的需求，同時推動可觀的利潤和現金產生。

As communicated earlier this year, we are on track to grow revenues, adjusted earnings and adjusted EBITDA this year. This includes revenue growth in all segments to achieve double-digit revenue growth for Hasbro. We also continue to believe we can reach an adjusted operating margin level approximately in line with last year's adjusted level of 15.1%. We delivered 2 quarters of excellent results so far. And given these results and favorable mix, year-to-date adjusted operating margin is 570 basis points higher versus last year's first half.

正如今年稍早所傳達的，我們今年的收入、調整後收益和調整後 EBITDA 有望實現成長。這包括所有細分市場的收入成長，以實現孩之寶兩位數的收入成長。我們也繼續相信，我們可以達到與去年 15.1% 調整後水準大致一致的調整後營業利潤率水準。到目前為止，我們已經取得了兩個季度的優異業績。鑑於這些結果和有利的組合，年初至今調整後的營業利潤率比去年上半年高出 570 個基點。

We successfully established price increases that go into effect during the third quarter and provide an offset to the rising input and freight costs in the business. These supply chain pressures are meaningful, but given the strength in our business, the actions we have taken, combined with our global footprint, we continue to believe we can meet our full year targets. The team is doing tremendous work from manufacturing, to logistics, to partnering with our retailers to ensure there is product to meet demand. It is not easy, and we'll work through challenges every day. Deb will speak to this further.

我們成功地提高了價格，並在第三季生效，抵消了業務中不斷上漲的投入和貨運成本。這些供應鏈壓力是有意義的，但考慮到我們的業務實力、我們採取的行動，再加上我們的全球足跡，我們仍然相信我們能夠實現全年目標。團隊正在做大量的工作，從製造到物流，再到與我們的零售商合作，以確保有產品滿足需求。這並不容易，我們每天都會克服挑戰。 Deb 將進一步討論這一點。

Each brand category grew in the quarter, as did 6 of our 7 franchise brands. MONOPOLY declined slightly versus a very robust quarter last year. Franchise Brands, Hasbro Gaming and Emerging Brands were each up versus second quarter 2019. Partner Brands and the TV/Film/Entertainment categories were essentially flat with 2 years ago as theatrical releases and content production is returning.

每個品牌類別在本季都有所成長，我們的 7 個特許經營品牌中有 6 個也出現了成長。與去年非常強勁的季度相比，《大富翁》略有下降。特許經營品牌、孩之寶遊戲和新興品牌均較 2019 年第二季度有所上升。

Wizards generated a standout performance this quarter, led by MAGIC: THE GATHERING. Demand for Magic is at all-time highs, including 2 record releases in the quarter, Strixhaven and Modern Horizons 2. As player begins to return to stores and play communities, we're seeing an uptick in sales on our backlist product as well. The high demand is tempered only by supply chain challenges as the collectible trading card space has seen significant demand for production capacity and materials.

奇才隊本季在萬智牌的帶領下表現出色。對萬智牌的需求處於歷史最高水平，包括本季發布的2 款唱片《Strixhaven》和《摩登新篇2》。所上升。高需求僅受到供應鏈挑戰的影響，因為收藏交易卡領域對生產能力和材料的需求龐大。

The launch of MAGIC: THE GATHERING Arena on mobile exceeded our expectations and is attracting new arena players. Hybrid players who engage in both desktop and mobile show increased engagement and spend. Digital remains an important driver for our business, and our overall digital portfolio is performing at record levels. We take a holistic approach and are pleased with the direction of our digital transformation.

《萬智牌競技場》行動版的推出超出了我們的預期，並吸引了新的競技場玩家。同時使用桌面和行動裝置的混合玩家表現出更高的參與度和支出。數位仍然是我們業務的重要驅動力，我們的整體數位產品組合的表現達到了創紀錄的水平。我們採取整體方法，並對數位轉型的方向感到滿意。

ForDUNGEONS & DRAGONS, which grew in both analog and digital this past quarter, the launch of Dark Alliance did not meet our expectations or that of our players. We'll continue to invest in improving the game play and downloadable content. Dark Alliance was a modest investment for us, and we do not anticipate any material effect to Wizards' results. We continue to invest robustly in digital.

對於上個季度模擬與數位雙雙成長的《龍與地下城》來說，《黑暗聯盟》的推出並沒有達到我們或我們玩家的預期。我們將繼續投資改進遊戲玩法和可下載內容。黑暗聯盟對我們來說是一筆適度的投資，我們預計不會對巫師隊的表現產生任何實質影響。我們繼續大力投資數位化。

Wizards is on track for another record year. And while much of that growth was front-half loaded, we expect growth in the second half of the year behind the positive third quarter release slate.

奇才隊有望再創紀錄。雖然大部分成長是上半年的成長，但我們預計下半年的成長將落後於第三季的積極發布。

Turning to our Consumer Products business. Each region grew toy and game revenues, as did licensing, which is beginning to recover. The strength of our brand portfolio more than offset the difficult comparisons in games. As expected, point-of-sale declined in the mid-single digits versus high single-digit growth last year, which was led by the extraordinary growth in the games category. Hasbro point-of-sale for toys in the second quarter was up, while games was down. For the U.S., where we have the most comprehensive data, point-of-sale is up 10% when compared to 2019, with similar gains in both toy and games categories. The quarterly year-over-year comparisons are choppy, but the trajectory is positive.

轉向我們的消費品業務。每個地區的玩具和遊戲收入均有所成長，授權業務也開始復甦。我們品牌組合的實力足以抵銷遊戲中的困難比較。正如預期的那樣，銷售點下降了中個位數，而去年則由遊戲類別的非凡成長帶動了高個位數成長。第二季孩之寶的玩具銷售點有所上升，而遊戲則有所下降。對於我們擁有最全面數據的美國來說，銷售點較 2019 年成長了 10%，玩具和遊戲類別也有類似的成長。季度同比比較波動較大，但發展軌跡是正面的。

E-com revenue, including omnichannel retailers, continued to grow in the mid-teens and physical shopping improved as most stores are open this year versus last. According to Profitero, Hasbro had the leading share of Prime Day toy and game sales in several countries. Channel growth was widespread with the largest growth in mass retailers, toy specialty and sand channels.

包括全通路零售商在內的電子商務收入持續成長，實體購物也有所改善，因為與去年相比，今年大多數商店都開業了。根據 Profitero 的數據，孩之寶在多個國家的 Prime Day 玩具和遊戲銷售中佔據領先份額。通路成長廣泛，其中大眾零售商、玩具專賣店和沙通路成長最大。

We have significant product launches backed by robust multichannel marketing campaigns slated for the second half, including new NERF launches to continue driving the brand after successful DinoSquad and Hyper launches in the second quarter. Hasbro's PEPPA PIG and PJ MASKS line will be on shelf in the coming weeks. With 100 new products, new entertainment and the support of Hasbro's global retail partners, these brands are poised to reach more families than ever.

我們計劃在下半年推出強大的多通路行銷活動，包括推出新的 NERF，以繼續推動品牌在第二季度成功推出 DinoSquad 和 Hyper 後推出重要產品。孩之寶的 PEPPA PIG 和 PJ MASKS 系列將在未來幾週內上架。憑藉 100 種新產品、新娛樂以及孩之寶全球零售合作夥伴的支持，這些品牌有望覆蓋比以往更多的家庭。

We're also relaunching MY LITTLE PONY in the third quarter. There's an all-new cast of ponies and product in support of the September Netflix premier of the CGI movie, My Little Pony: A New Generation. We will further support the franchise with additional series and specials in coming periods.

我們也將在第三季重新推出《MY LITTLE PONY》。有全新的小馬演員陣容和產品來支持 Netflix 9 月首映的 CGI 電影《我的小馬駒：新一代》。我們將在未來一段時間內透過更多系列和特別節目進一步支持該系列。

Audiences are returning to theaters, and we're supporting several key films, including in partnerships with Paramount, Snake Eyes: G. I. Joe Origins that premiered this past weekend; Marvel Studio's Black Widow that released earlier this month; as well as Marvel Studio's Spider-Man: No Way Home and Ghostbusters -- Sony's Ghostbusters: Afterlife. Entertainment is the catalyst that unlocks the next level of value in our portfolio. eOne is the production. Television in, both scripted and unscripted, led growth this quarter, along with Family Brands revenue from content sales and YouTube advertising. Our entertainment business grew significantly in the quarter, and we continue to target a similar level of revenue for the segment this year versus 2019, absent the second half of the year music revenues.

觀眾正在重返影院，我們正在支持幾部重要電影，包括與派拉蒙合作的《蛇眼：特種部隊起源》，該電影於上週末首映；漫威影業的《黑寡婦》於本月初上映；以及漫威影業的《蜘蛛人：無路回家》和《捉鬼敢死隊》——索尼的《捉鬼敢死隊：來世》。娛樂是釋放我們投資組合新價值水準的催化劑。 eOne 是生產。有劇本和無劇本的電視節目以及 Family Brands 來自內容銷售和 YouTube 廣告的收入引領了本季度的成長。我們的娛樂業務在本季度大幅成長，我們繼續將今年該細分市場的收入目標定為與 2019 年相似的水平，儘管下半年沒有音樂收入。

In television, Cruel Summer premiered to very high ratings on Freeform and was picked up by the network for a second season. ABC renewed the Rookie for a fourth season, and we have commenced production. Apple TV Plus bought worldwide rights to our production of Come From Away, which is in post-production for release this fall.

在電視方面，《殘酷的夏天》在 Freeform 首播就獲得了非常高的收視率，並被該網絡選擇了第二季。 ABC 續訂了《新秀》第四季，我們已經開始製作。 Apple TV Plus 購買了我們製作的《來自遠方》的全球版權，該片正在進行後期製作，將於今年秋季上映。

Additional film releases to come include Clifford, the Big Red Dog with Paramount; and Stillwater, directed by Tom McCarthy and starring Matt Damon. In Unscripted TV, our slate remains robust, with close to 40 active productions for Canada, the U.S. and U.K. The eOne team continues to develop and move into production of Hasbro IP of more than 200 projects in development across TV, film and animation, more than 30 Hasbro brands are being developed. Among the many active projects were in production on the Dungeons & Dragons live-action feature to premier in 2023, and we began principal photography with Paramount on the live action Transformers: Rise of the Beast coming June 2022.

即將上映的其他電影包括派拉蒙的《大紅狗克利福德》； 《史蒂爾沃特》由湯姆麥卡錫執導，麥特戴蒙主演。在Unscripted TV 領域，我們的陣容仍然強勁，為加拿大、美國和英國製作了近40 部活躍作品。開發的項目。在眾多活躍的項目中，我們正在製作將於2023 年首映的真人版《龍與地下城》，並且我們開始與派拉蒙一起為2022 年6 月上映的真人版《變形金剛：野獸崛起》進行主要攝影。

Hasbro is well positioned for the coming quarters and years with the industry's best brand portfolio, backed by unmatched capabilities in consumer products, gaming and entertainment. Our global team of Hasbro employees and partners continues exceeding expectations to execute and deliver outstanding results during these dynamic times.

孩之寶擁有業界最佳的品牌組合，並以消費產品、遊戲和娛樂領域無與倫比的能力為後盾，在未來幾季和幾年中處於有利地位。我們的孩之寶員工和合作夥伴全球團隊繼續超越預期，在這個充滿活力的時代執行並交付出色的成果。

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

我現在將電話轉給黛布。德布？

Thank you, Brian, and good morning, everyone. The second quarter was another very good quarter for Hasbro. The team executed at a high level to drive revenue growth, profit and margin improvement, manage a complex supply chain, while reducing debt and delivering a strong balance sheet.

謝謝你，布萊恩，大家早安。第二季度對於孩之寶來說是另一個非常好的季度。該團隊以高水準執行，推動收入成長、利潤和利潤率提高，管理複雜的供應鏈，同時減少債務並提供強勁的資產負債表。

Revenues were up significantly versus last year, but importantly, also up compared to the second quarter of 2019, which did not have an impact from COVID. Each segment grew revenues and profits on an adjusted basis year-over-year. As Brian said, we're tracking to our full year goals, and our outlook is in line with our prior guidance.

與去年相比，收入大幅增長，但重要的是，與 2019 年第二季度相比也有所增長，而 2019 年第二季度並未受到新冠疫情的影響。每個部門的收入和利潤均按調整後同比增長。正如布萊恩所說，我們正在追蹤全年目標，我們的前景與我們先前的指導一致。

The strength of our balance sheet and the sale of the music business, which was completed early in the third quarter, enabled us to pay off $250 million of long-term debt prior to quarter end and another $100 million in July. Through today, we've retired $650 million of debt this year and are evaluating incremental opportunities for further reductions.

我們資產負債表的實力以及第三季初完成的音樂業務出售使我們能夠在季度末之前償還 2.5 億美元的長期債務，並在 7 月又償還 1 億美元。截至今天，我們今年已償還了 6.5 億美元的債務，並正在評估進一步削減債務的增量機會。

At quarter end, cash on hand was $1.2 billion, and we're making good progress toward our goal of returning to our target of 2 to 2.5x debt to EBITDA and maintaining our investment-grade rating. Receivables declined further in the quarter. DSOs were 60 days, a reduction of 37 days compared to Q2 2020 and down 24 days from pro forma Q2 2019. These are the lowest levels of DSOs in a very long time. This improvement is the result of higher sales, combined with improved collections and excellent work between the commercial and treasury teams across our business.

截至季末，手頭現金為 12 億美元，我們在實現 EBITDA 債務 2 至 2.5 倍的目標並維持投資等級評級方面取得了良好進展。本季應收帳款進一步下降。 DSO 為 60 天，比 2020 年第二季減少了 37 天，比預計的 2019 年第二季減少了 24 天。這項改進是銷售額增加、產品系列改進以及整個業務的商業和財務團隊之間出色工作的結果。

Inventory decreased versus second quarter last year when sell into retailers was limited. Inventory remains below 2019 levels and of good quality. Retail inventory increased in markets where we were understocked last year, including the U.S. and Europe, and we continue to reduce our levels in certain markets like Latin America, which is helping improve profit in that region year-over-year.

與去年第二季相比，庫存有所減少，當時向零售商的銷售有限。庫存仍低於 2019 年水平，且品質良好。去年我們庫存不足的市場（包括美國和歐洲）的零售庫存有所增加，並且我們繼續降低拉丁美洲等某些市場的水平，這有助於該地區同比提高利潤。

My discussion will be based on adjusted results, which excludes several items outlined in our release today, including a $101.8 million charge related to a loss on eOne Music assets held for sale and related pretax transaction costs of $9.5 million.

我的討論將基於調整後的結果，其中不包括我們今天發布的幾項內容，包括與待售 eOne Music 資產損失相關的 1.018 億美元費用以及 950 萬美元的相關稅前交易成本。

Within our segments, Consumer Products revenue grew 33% behind gains in Fanchise Brands, Emerging Brands and Partner Brands. While overall Hasbro gaming grew in the segment, it declined compared to the strong demand last year. Revenue grew in each geographic region. Licensed consumer products revenue increased, again, this quarter behind franchise and entertainment-backed brands as licensed categories in the retail environment are improving. Foreign exchange had a favorable $19.1 million impact on the segment. Operating profit for this segment increased $63.1 million.

在我們的細分市場中，消費品收入成長了 33%，落後於 Fanchise 品牌、新興品牌和合作夥伴品牌的成長。雖然孩之寶遊戲在該領域的整體成長，但與去年的強勁需求相比有所下降。每個地理區域的收入均有所成長。由於零售環境中的授權類別正在改善，本季授權消費品收入再次成長，落後於特許經營和娛樂支援的品牌。外匯對該部門產生了 1,910 萬美元的有利影響。該部門的營業利潤增加了 6,310 萬美元。

Similar to the first quarter, the higher revenue was partially offset by increases in royalties from partner brand growth, higher advertising to drive the business throughout the year and increased freight costs. Profit was up throughout the segment, with North America, Europe and Latin America contributing the most to profit improvements.

與第一季類似，營收的增加被合作夥伴品牌成長帶來的特許權使用費增加、全年推動業務成長的廣告增加以及貨運成本增加所部分抵銷。整個細分市場的利潤均有所增長，其中北美、歐洲和拉丁美洲對利潤成長的貢獻最大。

Wizards of the Coast and digital gaming segment revenues increased 118% in the quarter. MAGIC: THE GATHERING and DUNGEONS & DRAGONS contributed to this growth. Foreign exchange had a favorable $7.2 million impact. With the higher revenues, operating profit grew, increasing $118.8 million and 780 basis points in operating margin. The increased revenue more than offset higher expenses to support new game launches, including investing in future gains, advertising and marketing to support game launches and depreciation related to capitalized game development. We've said previously that based on release schedules, we expected the second quarter to be the largest for this business, and the team outperformed our expectations.

海岸奇才隊和數位遊戲部門的收入本季成長了 118%。 《萬智牌》和《龍與地下城》對這一增長做出了貢獻。外匯帶來了 720 萬美元的有利影響。隨著收入的增加，營業利潤也隨之增長，增加了 1.188 億美元，營業利潤率增加了 780 個基點。增加的收入足以抵消支持新遊戲發布的更高支出，包括投資於未來收益、支持遊戲發布的廣告和行銷以及與資本化遊戲開發相關的折舊。我們之前說過，根據發佈時間表，我們預計第二季度將是該業務最大的季度，並且團隊的表現超出了我們的預期。

Based on the release schedule for the remainder of the year, we continue to expect a record revenue year for Wizards, with operating margins closer to 2019 levels. Entertainment segment revenues grew 47%, with growth in scripted and unscripted television, animated content and YouTube revenues. Foreign exchange had a favorable $8.8 million impact in the quarter. These results have us on the path to reaching 2019 levels of revenue, excluding the music business over the second half of the year, given it will no longer be in our results. Adjusted operating profit was up, but margin declined with higher expenses as eOne returns to more normal levels of operation.

根據今年剩餘時間的發佈時間表，我們繼續預期威世智今年的營收將創歷史新高，營業利潤率接近 2019 年的水準。娛樂部門收入成長了 47%，其中有腳本和無腳本電視、動畫內容和 YouTube 收入成長。外匯在本季產生了 880 萬美元的有利影響。這些業績使我們預計將達到 2019 年的收入水平（不包括下半年的音樂業務），因為它不再出現在我們的業績中。調整後的營業利潤有所上升，但隨著 eOne 恢復到更正常的營運水平，利潤率因費用增加而下降。

Our cash spend on content across scripted and unscripted live-action animated TV and film is planned to be in the range of $675 million to $750 million for the full year. Through the second quarter, we spent approximately $308 million of that plan.

我們全年在有腳本和無腳本真人動畫電視和電影內容上的現金支出計劃在 6.75 億至 7.5 億美元之間。在整個第二季度，我們花費了該計劃約 3.08 億美元。

Looking at our overall Hasbro P&L, robust revenue growth and favorable mix drove significant improvement in operating profit dollars and a 1,060 basis point increase in adjusted operating profit margin to 16% this quarter. Adjusted EBITDA more than doubled in the quarter versus last year.

從孩之寶的整體損益表來看，強勁的營收成長和有利的組合推動了營業利潤的顯著改善，本季調整後的營業利潤率增加了 1,060 個基點，達到 16%。本季調整後的 EBITDA 比去年增加了一倍以上。

Gross margin, including cost of sales and program amortization, increased 80 basis points from growth across the business, including high gross margin revenues from Wizards of the Coast. Cost of sales increased in dollars on the higher revenues, but declined as a percent of revenue, reflecting the favorable mix of Wizards' revenue and improved profit in the Consumer Products business. While other factors positively for its gross margin, freight and input costs are significantly higher this year than last. One example is ocean freight costs, what we're projecting are, on average, that cost will be more than 4x higher this year versus last.

包括銷售成本和項目攤提在內的毛利率因整個業務的成長而增加了 80 個基點，其中包括來自威世智的高毛利率收入。由於收入增加，銷售成本以美元計算有所增加，但佔收入的百分比有所下降，反映出威世智的收入和消費品業務利潤增長的良好組合。儘管其他因素對其毛利率有利，但今年的運費和投入成本顯著高於去年。一個例子是海運成本，我們預計今年的平均成本將比去年高出 4 倍以上。

As Brian mentioned, we're implementing price increases during the third quarter that should be fully realized by the fourth quarter. We expect this to offset the rising cost of freight and commodities we continue to see across the business. We're also working to ensure product availability during the holiday season. We may experience some shifts in delivery dates and timing of revenue, but we're leveraging our global footprint and scale to meet demand. This includes sourcing more products earlier out of multiple countries, increasing the number of ocean carriers we work with and utilizing more ports to expedite the delivery of our product from their origin to their destination points, along with many other tactics to manage through anticipated port congestion and ocean capacity constraints expected in the second half of the year.

正如布萊恩所提到的，我們將在第三季實施提價，並應在第四季完全實現。我們預計這將抵消我們在整個業務中持續看到的貨運和商品成本的上漲。我們也努力確保節日期間的產品供應。我們可能會在交付日期和收入時間上遇到一些變化，但我們正在利用我們的全球足跡和規模來滿足需求。這包括儘早從多個國家/地區採購更多產品，增加與我們合作的海運承運人的數量，利用更多港口加快將我們的產品從原產地運送到目的地的速度，以及管理預期港口擁堵的許多其他策略預計下半年海洋運力將受到限制。

Program amortization increased in the quarter, reflecting the higher entertainment deliveries. This is expected to be in the range of 9% to 10% of revenues for the full year 2021. We continue to expect gross margin to decline slightly for the full year. Product development increased $29 million, led by investments in future analog and digital games at Wizards. As a percentage of revenue, this declined 20 basis points. Advertising expense increased $33 million to support new digital game launches, along with the higher support of our toy and game business as planned for this year versus last. This line also declined as a percentage of revenue by 40 basis points.

本季節目攤銷增加，反映出娛樂節目交付量的增加。預計這將佔 2021 年全年收入的 9% 至 10%。產品開發增加了 2900 萬美元，主要是對威世智未來模擬和數位遊戲的投資。佔收入的百分比下降了 20 個基點。廣告費用增加了 3300 萬美元，以支持新的數位遊戲的發布，以及今年計劃對我們的玩具和遊戲業務的支持比去年更高。該線佔收入的百分比也下降了 40 個基點。

Reflecting the sale of the music business, we now expect intangible amortization related to the eOne acquisition to be approximately $86 million for the full year 2021 or approximately $20 million each of the third and fourth quarters. As a reminder, we exclude this expense of adjusted earnings and EPS.

考慮到音樂業務的出售，我們現在預計 2021 年全年與 eOne 收購相關的無形攤銷約為 8,600 萬美元，第三季和第四季各約為 2,000 萬美元。提醒一下，我們排除了調整後收益和每股盈餘的費用。

SG&A reflects higher expenses as the business returns to pre-COVID levels, with higher levels of marketing and sales expense, increased depreciation associated with capitalized digital gains, increased compensation and higher freight costs. Despite these high expenses, SG&A declined as a percentage of revenue by 540 basis points.

SG&A 反映了隨著業務恢復到新冠疫情前的水平，行銷和銷售費用水平更高、與資本化數位收益相關的折舊增加、薪酬增加和貨運成本增加，費用增加。儘管費用高昂，SG&A 佔收入的百分比仍下降了 540 個基點。

The underlying tax rate in the quarter was 23.2% compared to 20.6% last year. The higher rate is due to the mix of income, but we expect the full year underlying rate to remain at approximately 21%, excluding the amortization of the eOne acquisition intangible. The all-in GAAP effective rate in the quarter was mainly driven by 2 discrete events, including the impact of the music sale and the remeasurement of our U.K. net deferred tax liability. This was offset by a benefit resulting from tax planning and normal discrete items.

本季的基本稅率為 23.2%，而去年為 20.6%。較高的利率是由於收入組合所致，但我們預計全年基本利率將保持在 21% 左右，不包括 eOne 收購無形資產的攤銷。本季的整體 GAAP 有效率主要由兩個獨立事件驅動，包括音樂銷售的影響和我們英國淨遞延稅負債的重新計量。這被稅務規劃和正常離散項目帶來的好處所抵消。

Our second quarter showcased the benefit of our deep portfolio of brands and capabilities backed by a tremendous team and solid execution. For the remainder of the year, we will be delivering tremendous innovation in a robust content slate, while navigating the global supply environment to deliver a successful holiday season.

我們的第二季度展示了我們深厚的品牌和能力組合的優勢，並得到了強大的團隊和紮實的執行力的支持。在今年剩下的時間裡，我們將在豐富的內容中提供巨大的創新，同時駕馭全球供應環境，打造一個成功的假期季節。

Brian and I are now happy to take your questions.

布萊恩和我現在很樂意回答您的問題。

(Operator Instructions) Our first question is from the line of Steph Wissink with Jefferies.

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

Deb and Brian, I have one for each of you. Deb, the question is on operating margins. It's much stronger than what we would have expected for the quarter, even with Wizards. I'm just curious if you can talk a little bit about how you expect margins to play out over the longer term? Do you expect to see some of the margin benefits continue to progress through the back half?

黛布和布萊恩，我給你們每人準備了一份。黛布，問題是營業利益率。即使是奇才隊，這也比我們對本季的預期要強得多。我只是好奇您能否談談您對長期利潤率的預期如何？您預計下半年的一些利潤率效益會繼續提高嗎？

And then Brian, my question for you is just a bigger picture. Now that you've gotten the blueprint enhanced, capabilities around the blueprint, can you give us a few examples for the back half? Maybe it's Peppa or MY LITTLE PONY, how you expect to fully exploit the capabilities? And what we should be looking for in the marketplace as evidence of that?

然後布萊恩，我向你提出的問題只是一個更大的圖像。現在您已經增強了藍圖以及圍繞藍圖的功能，您能為我們提供一些後半部分的範例嗎？也許是 Peppa 或 MY LITTLE PONY，您希望如何充分利用這些功能？我們應該在市場上尋找什麼作為證據？

Great. Brian, let me lead off, and thanks for the question there. The team delivered tremendous revenue and operating profit margins for the quarter, I mean really good job all the way around. As we've said, we continue to expect that throughout the rest of the year, we'll have solid operating profit margins and that we can achieve the guidance we set out at the beginning of the year to grow revenue double digits and operating profit margins to be in line with a year ago.

偉大的。布萊恩，讓我開始，謝謝你的提問。該團隊在本季度實現了巨大的收入和營業利潤率，我的意思是一直以來都做得很好。正如我們所說，我們繼續預計，在今年剩餘時間裡，我們將擁有穩固的營業利潤率，並且我們能夠實現年初制定的收入和營業利潤增長兩位數的指導目標利潤率與一年前持平。

Over the longer term, in the medium term, we do expect that we can have -- grow our operating margin levels greater than 16% on a full year basis and have cash generation close to that $1 billion level that we saw a year ago. So excited about what the teams are doing, how they're working and how they're driving profitability and products.

從長遠來看，從中期來看，我們確實預計我們可以將全年營業利潤率水準提高到 16% 以上，並使現金產生量接近一年前的 10 億美元水準。對團隊正在做的事情、他們的工作方式以及他們如何提高盈利能力和產品感到非常興奮。

As you know, this year, there are some pressures that are existing out there on the cost side. We've taken pricing that we think will cover all of that, and we expect it to cover it right now. But we still expect there'll be some fluctuation in operating profit level for the rest of the year. But over the long term, no reason why we won't exceed that 16% level in the future.

大家知道，今年成本方面存在一些壓力。我們已經採取了我們認為能夠涵蓋所有這些的定價，並且我們預計它現在就能涵蓋這些內容。但我們仍預期今年剩餘時間營業利潤水準將出現一些波動。但從長遠來看，我們未來沒有理由不超過 16% 的水平。

Yes, Steph. And as we look at the business, clearly, Q2 is an important inflection point for the company and for stakeholders. As we return to growth in our Entertainment business, we're seeing the momentum in our Wizards of the Coast business and, of course, continue to see very strong consumer product sales.

是的，史蒂芬。當我們審視業務時，顯然，第二季度對公司和利害關係人來說是一個重要的轉折點。隨著我們的娛樂業務恢復成長，我們看到了威世智業務的勢頭，當然，消費性產品的銷售也持續強勁。

For the fall, we are lining up with Peppa and PJ launches. It's great to see those brands in growth mode in Q2. Consumer products returning on those businesses, and Peppa is the second-most viewed preschool brand in the world and that content consumption really goes unabated as we are in Season 9 on that brand and in Season 4 and PJ Masks with lots of new content to come. The MY LITTLE PONY film is coming in September. It's on Netflix. It will be a beneficiary of the 200 million subscribers that Netflix has and a really robust array of products, great innovative products from our team as well as an array of consumer products that come from any number of licensees.

秋季，我們將推出《佩奇》和《睡衣小傑》。很高興看到這些品牌在第二季處於成長模式。消費產品在這些業務中回歸，而Peppa 是世界上觀看次數第二多的學前品牌，而且內容消費確實有增無減，因為我們在第9 季中對該品牌以及第4 季和PJ Masks 都有很多新內容即將推出。電影《MY LITTLE PONY》將於九月上映。它在 Netflix 上播出。它將受益於 Netflix 擁有的 2 億訂閱用戶、一系列真正強大的產品、來自我們團隊的出色創新產品以及來自眾多被授權者的一系列消費產品。

Great, big movie-sized marketing campaign and a lot of excitement with a whole new core cast with lots of content to follow. In addition to that, Dungeons & Dragons has its live action film in production. Currently, the team is doing a tremendous job in delivering that film. That will be for first quarter 2023, and I've already seen a plan along with the team for consumer products and licensing. We're out to our global retailers and their entertainment councils, and it's really the shape of things to come as we activate more Hasbro IP and begin to take them into content, stand them up with great storytelling and begin to activate them across the flywheel and the blueprint.

精彩、大型的電影大小的行銷活動，以及全新的核心演員陣容和大量令人興奮的內容。除此之外，《龍與地下城》的真人電影正在製作中。目前，該團隊正在為拍攝這部電影做大量工作。這將是 2023 年第一季的情況，我已經與團隊一起看到了消費產品和許可的計劃。我們向全球零售商及其娛樂委員會求助，當我們啟動更多孩之寶 IP 並開始將它們納入內容中，用精彩的故事講述它們並開始在飛輪上激活它們時，這確實是未來的發展方向和藍圖。

Then of course, you're seeing Wizards really in the early stages of unlocking the opportunity there as we begin to achieve that doubling of the size of the business and start to set some new objectives and targets for that brand -- those brands and that business as we go forward.

當然，你會看到威世智真正處於釋放機會的早期階段，因為我們開始實現業務規模翻倍，並開始為該品牌設定一些新的目標和指標——這些品牌和目標。業務。

So overall, this is a very good and important time for us. As we've said, we would return to growth. And it helps us to be as confident as we are in our full year goals and objectives as well as our medium range guidance that we provided.

所以總的來說，這對我們來說是一個非常好的和重要的時刻。正如我們所說，我們將恢復成長。它有助於我們對全年目標以及我們提供的中期指導充滿信心。

The next question is coming from the line of Eric Handler with MKM Partners.

下一個問題來自 MKM Partners 的 Eric Handler。

Wonder if we could dissect the Entertainment segment as we think about the back half of the year a little bit here. Film and Entertainment, since you have 2 movies coming globally, and then you also have MY LITTLE PONY going to Netflix, and then I assume production deliveries are ramping. I imagine the Film and TV segment should be up nicely on a year-over-year basis. But when I look at the family brands line, first and second quarters were down year-over-year and still well below 2019 levels. Is that reflecting animated program deliverables? Is that a timing issue? Is that consumer products or can you help me understand that? And then I've got a follow-up question.

想知道我們是否可以剖析娛樂領域，因為我們在這裡稍微思考一下今年下半年的情況。電影和娛樂，因為有兩部電影在全球上映，而且《小馬寶莉》也將在 Netflix 上播出，所以我認為製作交付量正在增加。我認為電影和電視部分應該比去年同期成長良好。但當我查看家族品牌系列時，第一季和第二季同比下降，但仍遠低於 2019 年的水平。這是否反映了動畫節目的交付成果？這是時間問題嗎？這是消費品嗎？然後我有一個後續問題。

Sure. Well, first, let me remind you that the Consumer Products revenues that were prior reported inside of eOne and moved over to the Consumer Products group. So what you're seeing now in eOne is the Family Brands revenues that comes from entertainment. If you take it in total, in fact, the family brands were up in the second quarter, if you look at like PEPPA PIG and PJ MASKS, and that's taken in total, where you have consumer products plus entertainment coming from the 2 different divisions.

當然。好吧，首先，讓我提醒您，先前在 eOne 內部報告的消費品收入已轉移到消費品部門。因此，您現在在 eOne 中看到的是來自娛樂的家族品牌收入。事實上，如果你看一下 PEPPA PIG 和 PJ MASKS 等家族品牌的總數，事實上，家族品牌在第二季度有所增長，這是總數，其中有來自兩個不同部門的消費產品和娛樂產品。

As we look at Q3 and 4, we do expect with production returning, we're seeing a great array of deliveries. We expect growth in Q3 and Q4 for the eOne business. We have a number of television series in production for delivery in Q3. And we also have a similar amount for Q4, including a new show for Showtime called Yellowjackets, that come from a way -- movie that will be up here on Apple TV on the fall, the fourth season of The Rookie as well as getting the Family Brands revenues for the new seasons of PEPPA, PJ, and we will get paid for the MY LITTLE PONY movie primarily in the third quarter as we deliver it to Netflix.

當我們觀察第三季和第四季時，我們確實預計隨著生產的恢復，我們將看到大量的交付。我們預計 eOne 業務將在第三季和第四季成長。我們有許多電視劇正在製作中，並將在第三季度交付。我們在第四季度也有類似的數量，包括 Showtime 的一部名為《Yellowjackets》的新節目，該節目來自某種方式 - 電影將於秋季在 Apple TV 上播出，《新秀》第四季以及獲得Family Brands 為新一季《佩佩》、《PJ》帶來的收入，以及《小馬寶莉》電影的收入將主要在第三季交付給Netflix 時獲得。

So I'd say we have a very robust slate of entertainment coming, lots of Hasbro IP in development, and we're very excited about the return to growth for eOne as we had projected.

因此，我想說，我們將推出一系列非常強勁的娛樂產品，大量孩之寶 IP 正在開發中，我們對 eOne 恢復成長感到非常興奮，正如我們所預期的那樣。

Okay. And then as a follow-up, you did talk about MAGIC: THE GATHERING Arena that launched on mobile did a little bit better than expected. I wonder if you could maybe talk a little bit about some of the key performance indicators, if not just for mobile, just in general for the digital business with Arena?

好的。接下來，您確實談到了在行動裝置上推出的《萬智牌競技場》，其表現比預期要好一些。我想知道您是否可以談談一些關鍵績效指標，如果不只是針對移動，只是針對 Arena 的數位業務？

Sure. So if you look at Arena, it's up quite considerably year-over-year. And also, we're really seeing that sustained high level of hourly weeks hours per week played, so about 9 hours per week.

當然。因此，如果你看看競技場，你會發現它比去年同期成長相當大。而且，我們確實看到每週玩遊戲的小時數持續高水平，所以每周大約 9 小時。

And what I would tell you is that the KPIs, if we compare the KPIs of Magic Arena to other top mobile games, we are very competitive, on the comparisons. And it's really part of that virtual circle that we're seeing within the Magic business. Also just to remind you, as we think about the cadence for the full year, we have 2 major releases in Q3 and just one major release in Q4 this year. And a year ago, Magic's biggest quarter was Q3 followed by Q4.

我要告訴你的是，如果我們將《Magic Arena》的 KPI 與其他頂級手機遊戲的 KPI 進行比較，我們非常有競爭力。它確實是我們在萬智牌業務中看到的虛擬圈的一部分。另外提醒您，當我們考慮全年的節奏時，今年第三季有 2 個主要版本，第四季只有一個主要版本。一年前，萬智牌最大的季度是第三季度，其次是第四季。

So we have seen great growth in Magic Arena, and we continue to see that where people are playing both Magic Arena and MAGIC: THE GATHERING that it's really adding to the engagement and players playing. And as we are seeing a return to more in-store and in-person play, that's also a tailwind to the business.

因此，我們看到《萬智牌競技場》的巨大成長，我們繼續看到人們同時玩《萬智牌競技場》和《萬智牌：派對》，這確實增加了參與度和玩家的遊戲體驗。隨著我們看到更多店內和現場遊戲的回歸，這也是業務的推動力。

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。

So very strong set of results this morning. And it sounds as if full year top line guidance is unchanged. But was prior guidance including music business and now it doesn't, which means underlying guide actually went up? Could you clarify it? And then I have my main question.

今天早上的結果非常強勁。聽起來全年營收指引似乎沒有改變。但之前的指導包括音樂業務，現在不包括了，這意味著基礎指導實際上上升了？你能澄清一下嗎？然後我有我的主要問題。

Certainly. So as we look at the entertainment business, we've said we believe that film and TV can get back to those 2019 levels. And if you look at our entertainment overall, we think all of our Entertainment segment can get back to about 2019 levels. The second half music and I believe we said this last quarter, but if we didn't, we expect that music business revenue to be reduced because it's no longer our business by about $60 million to $70 million and about $15 million to $20 million in operating profit over the course of the second half of 2021. So those are the levels that we're talking about.

當然。因此，當我們審視娛樂業時，我們表示相信電影和電視可以回到 2019 年的水平。如果你從整體上看我們的娛樂業務，我們認為我們所有的娛樂業務都可以恢復到 2019 年左右的水平。下半年音樂，我相信我們在上個季度說過，但如果我們沒有這樣做，我們預計音樂業務收入將減少，因為它不再是我們的業務，減少約6000 萬至7000 萬美元，以及約1500萬至2000 萬美元。

Okay. I was wondering on your gaming business, is your margin guidance of 39% for the year largely unchanged. I guess what I'm trying to understand and to go back to an earlier question, to meet your operating profit guidance of around 15% for the back -- for the full year, back half doesn't need to be up more than 14.5% in terms of sort of overall operating profit margin. I guess, could you talk through some of the kind of puts and takes on how to think about it? It seems like the first half has been very strong, and some of that was front-end loaded like the gaming business. But how to think about the back half?

好的。我想知道你們的遊戲業務，今年 39% 的利潤指導值是否基本上保持不變。我想我想理解的是，回到之前的問題，為了滿足您背面 15% 左右的營業利潤指導——全年，背面一半不需要增長超過 14.5 % 就整體營業利潤率而言。我想，您能談談如何看待這種賣權和承付選擇權嗎？上半年似乎非常強勁，其中一些是前端加載的，例如遊戲業務。但後半部該如何思考呢？

Certainly. Well, as we talked a little bit about this earlier, but I can certainly add some more color. If you think about our consumer products business, while we see the consumer products licensing business coming back, as retail starts to open, you will also see some pressures on freight costs and moving things around. Now we've taken price increases for that. But you think about all the product that's kind of moving in the second half of the year.

當然。好吧，正如我們之前討論過的那樣，但我當然可以添加更多顏色。如果你考慮我們的消費品業務，雖然我們看到消費品授權業務正在回歸，但隨著零售業開始開放，你也會看到貨運成本和運輸的一些壓力。現在我們已經為此提高了價格。但你想想下半年所有的產品都會有變化。

So if you go back and look over time, there are some pressures on certain of the quarters operating profit for that. When you think about the entertainment business, as Brian mentioned, we're very excited for MY LITTLE PONY to launch on Netflix and be able to access all those subscribers. But with that comes the amortization of the cost of the film itself. So when you think about that, that's also going to be coming through in the second half of the year as well as some of the other entertainment initiatives that we've talked about out there.

因此，如果你回顧一段時間，你會發現某些季度的營業利潤面臨一些壓力。當你想到娛樂產業時，正如 Brian 所提到的，我們非常高興《MY LITTLE PONY》在 Netflix 上推出並能夠吸引所有這些訂閱者。但隨之而來的是電影本身成本的攤提。因此，當您想到這一點時，這也將在今年下半年實現，以及我們討論過的其他一些娛樂舉措。

Wizards, we said earlier in our prepared remarks, they actually outperformed our expectations for the first half of the year. We'll continue to have -- or for the second quarter. We'll continue to have amortization of our administrative around amortization, depreciation of the gains that we have that are being launched out there in that as well. And that's why last year was just such an exceptional year for Wizards from an operating standpoint. We think that it will be closer to those 2019 levels than 2020 levels this year. So when you add all of that up, it's just those different puts and takes over the last part of -- the latter part of the year is what gets us back to our operating profit guidance around the same levels as a year ago.

奇才隊，我們之前在準備好的發言中說過，他們上半年的表現其實超出了我們的預期。我們將繼續——或者在第二季。我們將繼續對我們的行政管理進行攤銷，我們所擁有的收益的折舊也在其中推出。這就是為什麼從營運角度來看，去年對奇才來說是非常特別的一年。我們認為今年的水準將比 2020 年更接近 2019 年的水準。因此，當你把所有這些加起來時，只是那些不同的看跌期權和接管了今年下半年的最後一部分，這讓我們回到了與一年前相同水平的營業利潤指導。

The next question comes from the line of Drew Crum from Stifel.

下一個問題來自 Stifel 的 Drew Crum。

So I think entering the year, the goal for consumer products was to grow revenues by mid-single digits. That business is up more than 20% through the first half. And so for the math to work for the year, consumer products would need to be down low to mid-single digits. Is that how we should be thinking about the business in the second half? Or does your outlook change there? And then, I guess, separately, Brian, you mentioned that Dark Alliance fell short of your expectations. Can you just discuss what happened there? And in the past, you've indicated that launching new titles was important to doubling the size of Wizards. I mean it sounds like you're pacing ahead of that. Should we expect new titles to be similar in size, the Dark Alliance going forward or more robust production budgets for new games?

因此，我認為進入今年，消費品的目標是實現中個位數的收入成長。上半年該業務成長了 20% 以上。因此，為了讓今年的數學有效，消費產品的銷售量需要降至低至中個位數。我們應該這樣思考下半年的業務嗎？或者你的看法會在那裡改變嗎？然後，我想，布萊恩，你另外提到《黑暗聯盟》沒有達到你的期望。能簡單討論一下那裡發生了什麼事嗎？在過去，您曾表示推出新遊戲對於將威世智的規模擴大一倍非常重要。我的意思是，聽起來你已經走在前面了。我們是否應該期待新遊戲的規模相似、黑暗聯盟的未來或新遊戲的生產預算更加強勁？

Yes. So starting with D&D and the titles, we are going to have an array of new development in titles. Some come from third-parties like, Baldur's Gate, which has performed quite well, and we'll go wide in the next period, probably in 2022.

是的。因此，從 D&D 和遊戲開始，我們將在遊戲中進行一系列新的開發。有些來自第三方，例如《Baldur's Gate》，其表現相當不錯，我們將在下一階段（可能是 2022 年）進行廣泛推廣。

We have a number of games that we have in development. Some will have more modest budgets and some have larger budgets as we continue to invest in digital. While the underlying games in D&D have really grown that Drew, and we're just seeing great play, both in face-to-face role playing as well as digital role playing. It's really a new area for us as people are playing more online and really building that brand quite considerably.

我們正在開發許多遊戲。隨著我們繼續投資數位化，有些人的預算會更適度，有些人的預算會更大。雖然《龍與地下城》的基礎遊戲確實已經發展到德魯，但我們只是看到了精彩的遊戲，無論是面對面的角色扮演還是數位角色扮演。這對我們來說確實是一個新領域，因為人們越來越多地在線玩遊戲，並且確實相當大地建立了該品牌。

So again, we feel very good about the slate that we have coming up and the momentum we have in brands like Magic and Arena. And as we said, the launch of Dark Alliance was really about listening to the players, giving them more of what they want, more downloadable content, more satisfactory, more immersive game play. And look, that's part of the process. And we're fully prepared to continue to invest behind the games.

再說一次，我們對我們即將推出的名單以及我們在萬智牌和競技場等品牌中的勢頭感到非常滿意。正如我們所說，《黑暗聯盟》的推出實際上是為了傾聽玩家的聲音，為他們提供更多他們想要的東西，更多可下載的內容，更令人滿意、更身臨其境的遊戲體驗。看，這就是這個過程的一部分。我們已做好充分準備繼續在遊戲背後進行投資。

As we think about consumer products, clearly, for the year-to-date period, if you look at the industry data, it was up double digits. But in the second quarter, it was up single digits. Clearly, Hasbro outperformed. And as we go forward, we'll have some different compares for Q3 and 4 last year as we began to return to greater levels of sales and being able to supply product. Remember, the big 8-week wall of supply was from mid-March to about mid to end of May last year.

當我們考慮消費產品時，很明顯，今年迄今為止，如果你查看行業數據，你會發現它增長了兩位數。但在第二季度，這數字成長了個位數。顯然，孩之寶的表現優於其他公司。隨著我們的前進，隨著我們開始恢復更高的銷售水平並能夠供應產品，我們將對去年第三季和第四季進行一些不同的比較。請記住，去年為期 8 週的供應牆是從 3 月中旬到 5 月中下旬左右。

So no, we do believe we can continue to see growth in our Consumer Products business. But taken in total, we are happy to reiterate our guidance for the full year, recognizing that there have been so many questions about the supply chain and about our ability to supply a product that we felt that we're able to supply product. We are able through an immense amount of work on behalf of the supply chain team to add ports, to add tactics and strategies, to add new ocean carriers and to achieve the objectives we set out for the company, which was growth across our business in each of the operating groups of the business and ultimately, with the opportunity to achieve double-digit revenue growth for the full year.

所以不，我們確實相信我們的消費品業務可以繼續成長。但總的來說，我們很高興重申我們對全年的指導，並認識到有關供應鏈和我們供應產品的能力存在許多問題，我們認為我們有能力供應產品。我們能夠代表供應鏈團隊進行大量工作，增加港口、增加戰術和策略、增加新的海運承運人，並實現我們為公司設定的目標，即我們業務的成長該業務的每個營運集團最終都有機會實現全年兩位數的收入成長。

Our next question comes from the line of Jamie Katz with Morningstar.

我們的下一個問題來自傑米·卡茨 (Jamie Katz) 與晨星公司 (Morningstar) 的對話。

I guess I have a sort of a follow-up to some of your prior comments. While you guys have made all these steps in sourcing and availability of products for the holiday season, how have the retailers worked with you to accept that product? I'm just thinking about working capital intensity over the back half of the year and whether or not that's going to escalate if Hasbro has to hold on to the inventory rather than maybe Target a Walmart?

我想我對您之前的一些評論有某種後續行動。雖然你們已經在節日期間採購和供應產品方面採取了所有這些步驟，但零售商如何與你們合作以接受該產品？我只是在考慮今年下半年的營運資金強度，以及如果孩之寶必須保留庫存而不是瞄準沃爾瑪，營運資金強度是否會升級？

Yes. So let me comment, and then Deb can comment further on the cost side. From an execution side, what I'll tell you is our retailers have been incredible partners and not just in the United States where they're amazing partners, but around the world. We have been incredibly resourceful in finding several new ports and ways of bringing in product, working with our retailers. And the great news about our business and the categories where we're competing is they're in very high demand. And we are seeing that high demand with an array of new innovation, with entertainment returning not only for our portfolio but also for the Marvel and Star Wars portfolio. The Princess business is performing very strongly.

是的。那麼讓我發表評論，然後黛布可以進一步評論成本方面。從執行方面來看，我要告訴您的是，我們的零售商一直是令人難以置信的合作夥伴，不僅在美國，而且在世界各地都是令人驚嘆的合作夥伴。我們與零售商合作，足智多謀地尋找幾個新的港口和引進產品的方式。關於我們的業務和我們競爭的類別的好消息是它們的需求非常大。我們看到一系列新創新的高需求，娛樂不僅對我們的產品組合而且對漫威和星際大戰產品組合都有回歸。公主郵輪業務表現非常強勁。

So our retailers are making good investments in these categories where our consumers are purchasing incremental product and are certainly participating in toys and games sales across the board. So again, the fact that we have a very rich mix of new innovative product in our toy business, the NERF business was up considerably and up in every region, for example, the PLAY-DOH business was up and is a major contributor to the growth in the quarter. And the PLAY-DOH business was up, and we continue to see double-digit growth in our online and omnichannel business taken together.

因此，我們的零售商在這些類別上進行了良好的投資，我們的消費者正在購買增量產品，並且肯定會全面參與玩具和遊戲的銷售。再說一次，我們的玩具業務擁有非常豐富的創新產品組合，NERF 業務在每個地區都大幅成長，例如，PLAY-DOH 業務成長了，並且是玩具業務的主要貢獻者。 PLAY-DOH 業務有所成長，我們的線上和全通路業務持續實現兩位數成長。

So again, the good news is we have categories of products that are in high demand with gamers and players, with families and fans engaging in our brands in an increasing manner. Deb, do you want to talk cost side?

好消息是，我們擁有遊戲玩家和玩家需求量很大的產品類別，並且家庭和粉絲越來越多地參與我們的品牌。 Deb，你想談談成本方面嗎？

Sure. We do expect, as Brian said, there is great demand for the products that they are bringing in. So as we bring it in and pass it through to our retailer as well, we had an exceptional -- I will say, an exceptional DSO from a receivable standpoint this year. And so much of that was dependent on the mix of our revenue and when we shipped items in the quarter and the great work that our teams did on collection.

當然。正如布萊恩所說，我們確實預計，對他們引進的產品有很大的需求。一個特殊的DSO從今年應收帳款的角度來看。這在很大程度上取決於我們的收入組合、我們在本季度發貨的時間以及我們的團隊在收集方面所做的出色工作。

So while I wouldn't expect our DSOs to be at the same level from an DSI standpoint, I do expect our inventory levels to still be in line. With reasonable amounts, our retail inventory is good. We've increased retail inventory in the places where we couldn't have inventory a year ago. We just couldn't get it, and we couldn't ship it. So retailers were selling out of everything.

因此，雖然從 DSI 的角度來看，我預計我們的 DSO 不會處於同一水平，但我確實預計我們的庫存水平仍將保持一致。由於數量合理，我們的零售庫存狀況良好。我們在一年前沒有庫存的地方增加了零售庫存。我們只是無法得到它，也無法運送它。所以零售商把所有東西都賣光了。

So I think our inventory will be in good shape on our books. It will be in good shape on our retailers' books, I think our receivables will be in good shape. So we don't anticipate any unusual draws on our working capital for the full year. And in fact, we still expect our operating cash flows for the full year to be in that $600 million to $750 million level for the full year, kind of getting back to that $1 billion level over the medium term.

所以我認為我們的帳面上的庫存狀況良好。我們零售商的帳簿上的狀況將良好，我認為我們的應收帳款也將狀況良好。因此，我們預計全年營運資金不會出現任何異常情況。事實上，我們仍然預計全年營運現金流將在 6 億至 7.5 億美元的水平，在中期將回到 10 億美元的水平。

Your next question comes from the line of Fred Wightman with Wolfe Research.

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

Maybe just a follow up on that last question. I know that we have seen some timing changes just given the FOB and domestic fulfillment a couple of years ago. Do you think that given the shipping environment today, we could see a similar type of timing shift from 3Q to 4Q or relatively steady to the past few years?

也許只是最後一個問題的後續。我知道，考慮到幾年前的離岸價格和國內履行情況，我們已經看到了一些時間上的變化。您認為考慮到當今的運輸環境，我們是否會看到從第三季到第四季的類似時間轉變，或者與過去幾年相比相對穩定？

Yes. Look, I think our first objective is to ensure that gamers and the people engaging in our toys and games business have the product that they're looking for and that our retailers have product to support these major initiatives that we have. I do believe that there could be some shifting between Q3 and 4. We're out to source product and to bring it in via any number of new carriers. The team secured more ports, and we've got more shipping lanes than we've had in the past.

是的。看，我認為我們的首要目標是確保遊戲玩家和參與我們玩具和遊戲業務的人員擁有他們正在尋找的產品，並且我們的零售商擁有支持我們的這些主要舉措的產品。我確實相信第三季和第四季之間可能會有一些轉變。該團隊獲得了更多港口，我們擁有比過去更多的航線。

And so I'm going to be a little less focused on exactly where the inventories come in, but rather that we have the inventories to meet the demand that we need for the second half of the year, recognizing we also have a number of new entertainment initiatives, including the MY LITTLE PONY film, several from our partners at Marvel, additional Star Wars content coming for the second half of the year. Princess is performing at a very high level. And then, of course, we get into the holidays, and the team has an array of new games lined up there as well.

因此，我將不太關注庫存的具體來源，而是我們的庫存可以滿足下半年的需求，認識到我們還有一些新產品娛樂項目，包括《小馬寶莉》電影、漫威合作夥伴的幾部作品以及更多將於下半年推出的星際大戰內容。公主的表演水準非常高。然後，當然，我們進入了假期，團隊也準備了一系列新遊戲。

So again, you're right, there could be some shifting around as -- it's a little different than past years where direct import could play a bigger role than it has in the past. But again, working with our retailers around the world, we feel -- most importantly, we want to meet the high demand.

所以，你是對的，可能會出現一些轉變——這與過去幾年略有不同，直接進口可能比過去發揮更大的作用。但同樣，透過與世界各地的零售商合作，我們感到——最重要的是，我們希望滿足高需求。

Makes sense. And then just if we look at some of the language in the slides from this quarter, it looks like you guys are now saying you're tracking ahead of plan to double the Wizards business by '23. Is that really just the mobile launch? Is it some of the pent-up demand for the legacy card sets that you're seeing? And how do you sort of offset that with some of the supply constraints that you touched on in your prepared remarks?

有道理。然後，如果我們看一下本季幻燈片中的一些語言，看起來你們現在正在說你們正在提前跟踪到 23 年將奇才隊業務翻一番的計劃。這真的只是行動發布嗎？您看到的是對舊牌組的一些被壓抑的需求嗎？您如何透過您在準備好的發言中提到的一些供應限制來抵消這一點？

Yes. Let me comment on the supply a little bit first. What we just wanted to make sure again that people understood that while we were using certain printing expertise and capabilities, we had to expand our global footprint for capabilities because the brand is expanding, because gamers are increasingly discovering and rediscovering the brand, are playing at an increasing rate and are also sharing more, bringing in new players more than ever before.

是的。首先讓我評論一下供應。我們只是想再次確保人們明白，當我們使用某些印刷專業知識和能力時，我們必須擴大我們的全球影響力，因為品牌正在擴張，因為玩家越來越多地發現和重新發現該品牌，正在玩速度不斷上升，分享也越來越多，比以往任何時候都引入了更多新玩家。

And I think the magic of Magic is that, in fact, it is that great flywheel where players play face-to-face and the card game that contributes to engagement that Magic Arena, as you know, has the release cadence that marries to the card releases of the analog game. And so again, they really contribute to one another, and they're synergistic with one another. It's not as if one detracts from the other or takes time away from the other. In fact, it just gives people more opportunity to play, and they play with different players, whether they're friends or acquaintances at a distance and they play in mobile and online, or whether they're playing face-to-face increasingly returning to our global hobby shops, which have performed quite well, thanks to our support and support of others through the pandemic.

我認為《萬智牌》的魔力在於，事實上，正是玩家面對面玩的偉大飛輪和紙牌遊戲有助於提高參與度，正如你所知，《萬智牌競技場》的發布節奏與模擬遊戲的卡牌發行。再說一次，他們確實互相做出了貢獻，並且互相協同。這並不是說一個人會分散另一個人的注意力，或佔用另一個人的時間。事實上，它只是給了人們更多玩的機會，他們和不同的玩家一起玩，無論他們是遠方的朋友還是熟人，他們在手機和在線上玩，或者無論他們是面對面玩，越來越多的人回歸感謝我們的全球愛好商店，由於我們在疫情期間的支持和其他人的支持，這些商店表現得相當不錯。

Our next question is coming from the line of Tami Zakaria with JPMorgan.

我們的下一個問題來自摩根大通的 Tami Zakaria。

Congrats on the very strong print. I have 2 questions. The first one, just to get a little more color on Wizards of the Coast expectation for the rest of the year. Do you expect growth in both the third and the fourth quarter? Or are you seeing the back half is going to be up, depending on timing of releases?

恭喜您獲得了非常強大的印刷效果。我有 2 個問題。第一個，只是為了讓海岸巫師隊對今年剩餘時間的期望有更多的了解。您預計第三季和第四季都會成長嗎？或者您認為後半部分將會完成，具體取決於發佈時間？

Yes. So it's a very good question. And look, let me walk you through a little bit of detail on that. So we have 2 major releases coming in Q3, one is called, The Adventures in the Forgotten Realms, and that's actually a very exciting set because it's a crossover with Dungeons & Dragons, and that will come out -- actually just coming out about now.

是的。所以這是一個非常好的問題。看，讓我向您介紹一下這方面的一些細節。因此，我們在第三季將發布2 個主要版本，其中一個叫做《被遺忘的國度的歷險記》，這實際上是一個非常令人興奮的系列，因為它是與《龍與地下城》的交叉，而且即將發布- 實際上現在才發布。

And then we have a second release in Innistrad coming in Q3. We have one major release for Q4. So as Deb indicated in her remarks, we expect to see that Wizards will continue to see some growth, but our big quarter for the year was Q2. And let me remind you, last year, Q3 was the largest quarter followed by Q4.

然後我們將在第三季發布 Innistrad 的第二個版本。我們在第四季度發布了一個主要版本。因此，正如黛佈在她的演講中指出的那樣，我們預計巫師隊將繼續看到一些成長，但我們今年最重要的季度是第二季。讓我提醒您，去年第三季是最大的季度，其次是第四季。

So if there's a comparison challenge in revenues, and we don't yet know exactly where we'll end up, given the level of engagement that we're seeing in the brand right now, probably the most challenging comparison will be in Q4 relative to a year ago. But again, the momentum in the business remains. We are ahead of our plan to double the size of that business. and it will come down to what really takes place in the Q4 period.

因此，如果收入方面存在比較挑戰，考慮到我們目前在品牌中看到的參與度，我們還不知道最終結果會如何，那麼最具挑戰性的比較可能是在第四季度相對到一年前。但同樣，該業務的勢頭仍然存在。我們提前完成了將該業務規模擴大一倍的計劃。這將取決於第四季度實際發生的情況。

Got it. That's very helpful. And then very quickly, I know it's probably a bit early, but are you seeing any benefit of the advanced tax credit payments that began in mid-July? Any benefits of that in your POS for the consumer segment in the past couple of weeks?

知道了。這非常有幫助。然後很快，我知道這可能有點早，但是您看到 7 月中旬開始的預付稅收抵免有什麼好處嗎？過去幾週，您的 POS 為消費者群體帶來了什麼好處？

What we're seeing is that consumers are very engaged in the products and categories that we're offering. We've also gone out, as we always do, and do a lot of proprietary insight work and research around our brands and categories. And we're seeing an increased and sustained level of commitment to our gaming business and game playing. People are very engaged. I think they have found gaming, again, for those who had played it more in the past or playing it more now, lots of families around the world who hadn't really discovered games, who are discovering games now. So I don't know that I can comment specifically on family budgets, but what I can say is that people are spending money in the Consumer Product categories that we're offering, from NERF to PLAY-DOH to play school to our partner brands in Marvel, Star Wars and Princess and of course, several other brands in the portfolio.

我們看到消費者對我們提供的產品和類別非常感興趣。我們也像往常一樣走出去，圍繞著我們的品牌和類別進行了大量專有的洞察工作和研究。我們看到對我們的遊戲業務和遊戲玩法的承諾不斷增加和持續。人們非常投入。我認為他們再次發現了遊戲，對於那些過去玩得更多或現在玩得更多的人來說，世界各地許多尚未真正發現遊戲的家庭現在正在發現遊戲。所以我不知道我是否可以具體評論家庭預算，但我可以說的是，人們在我們提供的消費品類別上花錢，從 NERF 到 PLAY-DOH，從 Play School 到我們的合作夥伴品牌漫威、星球大戰和公主，當然還有產品組合中的其他幾個品牌。

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

下一個問題來自高盛的 Mike Ng。

I just have 2. One is a follow-up on MTG Arena. Could you talk a little bit about where we are in the point-of-life cycle there? Is it still lossmaking and spending heavily on user acquisition? Or is it approaching profitability? When would you expect it to do so? And then could you talk a little bit about what you expect to see as the long-term mix as it relates to mobile versus PC? And then I have a quick follow-up.

我只有 2 個。您能談談我們在生命週期中的位置嗎？是否還在虧損並在用戶獲取上投入大量資金？還是已經接近獲利？您預計什麼時候會這樣做？然後您能談談您期望看到的移動與 PC 的長期組合嗎？然後我會進行快速跟進。

Sure. Well, Magic Arena is profitable. But obviously, as Deb described, with the cost that we amortized, profitability is below the analog business. And that's why if you look at the blended mix, the operating margin for the year, on average, comes down a little bit as digital enters more of the mix of offerings.

當然。嗯，萬智牌競技場是有利可圖的。但顯然，正如黛布所描述的，按照我們攤銷的成本，獲利能力低於模擬業務。這就是為什麼如果你看看混合組合，隨著數字進入更多的產品組合，今年的平均營業利潤率會略有下降。

But again, long term, as you pay for the initial development, as you pay for your marketing campaigns, you start to get more and more of the benefit of the underlying and consistent game play. And that's what we're seeing in arena. So it's a profitable part of the business. Obviously has some costs associated with it. The analog card business does not bear.

但從長遠來看，當你為初始開發付費、為行銷活動付費時，你就會開始從基礎且一致的遊戲玩法中獲得越來越多的好處。這就是我們在競技場中看到的情況。所以這是業務的一個有利可圖的部分。顯然有一些與之相關的成本。模擬卡業務不承擔。

I don't know, Deb, if you want to comment further on that? And then as we go forward, I would also say digital is going to be a growing part of the business, but I also expect, and we're seeing it, that the analog businesses for both D&D and for Magic continue to grow. So perhaps the universe continues to grow, and therefore, as a percent of total digital increases, but maybe by not as much as one would expect.

我不知道，黛布，你是否想對此發表進一步評論？然後，隨著我們的前進，我還想說，數位業務將成為業務中不斷增長的一部分，但我也預計，而且我們也看到了，D&D 和萬智牌的模擬業務將繼續增長。因此，也許宇宙會繼續增長，因此，總數字的百分比會增加，但可能沒有人們預期的那麼多。

The other thing to note is that within D&D, there's this digital role-playing area that we're really investing in. And so it's kind of a partially analog, partially digital, and we think this is a great opportunity for the brand as we go forward.

另一件值得注意的事情是，在《龍與地下城》中，我們真正投資的是數位角色扮演領域。 所以它是一個部分模擬、部分數字的領域，我們認為這對品牌來說是一個很好的機會，因為我們前進。

So we're charting a course beyond doubling the size of the business. It will include a good array and a very robust slate of new digital games coming at different price points. It will also include both first-party games as well as third-party games. We're lining up some great studios to produce games for us as well with our teams embedded with them to ensure just great game play and brand continuity. But Deb, do you want to comment?

因此，我們正在製定一條超越將業務規模擴大一倍的路線。它將包括一系列不錯的、非常強大的、不同價位的新數字遊戲。它還將包括第一方遊戲和第三方遊戲。我們正在安排一些優秀的工作室為我們製作遊戲，並讓我們的團隊融入其中，以確保出色的遊戲體驗和品牌連續性。但是黛布，你想發表評論嗎？

Yes. I was going to say, Brian, and which is fantastic. And you're actually seeing that in the results of the numbers as well. So if you think about what we've had capitalized, we've got about -- from a digital gaming standpoint, we have similar levels to what we had at year-end. So we've obviously depreciated some and added some to that. And within the results of the segment, we see it all lift up, right? So we see a lift in analog and digital. And you're seeing that amortization, that user acquisition, those costs within the results of the segment.

是的。我想說，布萊恩，這太棒了。實際上，您也在數字結果中看到了這一點。因此，如果你考慮我們的資本化情況，從數位遊戲的角度來看，我們的資本化程度與年底相似。所以我們顯然已經貶值了一些並增加了一些。在該細分市場的結果中，我們看到一切都在上升，對吧？因此，我們看到模擬和數位領域的進步。您會看到攤銷、用戶獲取以及細分市場結果中的這些成本。

Great. And I was just wondering if you might be able to provide us with a little bit more detail around how you're thinking about the holiday. Lots of factors to think about. You talked about some of the shifting in delivery dates, the pricing. Can you talk a little bit about the magnitude of that price increase? And how we should think about how it flows through and obviously, some of the input cost inflation? Any additional color there would be really helpful.

偉大的。我只是想知道您是否能為我們提供更多關於您對假期的看法的細節。有很多因素需要考慮。您談到了交貨日期和定價方面的一些變化。能談談價格上漲的幅度嗎？我們應該如何考慮它如何流動以及顯然的一些投入成本通膨？任何額外的顏色都會非常有幫助。

Sure. I'll comment, and then Deb, she would also talk a bit about this. What we really are seeing, obviously, is early on, we saw a necessity to raise prices as we saw the steps the team was needing to take in supply chain and logistics in order to execute our year. And that's very consistent with so many consumer product categories across the board where we're seeing the snapback in demand in this transitory return to try to find production and capabilities.

當然。我會發表評論，然後黛布，她也會談論這個問題。顯然，我們真正看到的是，我們很早就看到了提高價格的必要性，因為我們看到團隊需要在供應鏈和物流方面採取步驟，以便執行我們的一年。這與許多消費產品類別的情況非常一致，在這種短暫的回歸中，我們看到需求的快速回升，試圖尋找生產和能力。

I think the holiday should be incredibly good, and very, very solid with great new innovations coming from several of our brands. We have big launches coming in the second half of the year from the MY LITTLE PONY. New lineup behind the brand new film and new cast to several of our partner brands, PEPPA PIG and PJ MASKS, an array of new games and again, lots of new innovation and new game and toy to play for global consumers.

我認為這個假期應該非常美好，而且非常非常充實，因為我們的幾個品牌都推出了偉大的新創新。我們將在今年下半年推出 MY LITTLE PONY 的大型產品。全新電影背後的新陣容和我們的幾個合作夥伴品牌 PEPPA PIG 和 PJ MASKS 的新演員陣容，一系列新遊戲，以及為全球消費者提供的許多新創新、新遊戲和玩具。

Deb, I don't know if you want to comment further on the cost side on the second half?

Deb，不知道您是否想進一步評論下半年的成本方面？

Sure, absolutely. What we talked earlier about ocean freight in some of our prepared remarks, and we're seeing those costs are over 4x higher than what we had been experiencing earlier in the -- earlier or last year even. So we expect a lot of those costs to continue. However, as Brian said, the team is doing just a tremendous job, actually getting the product, and that's what's important, right? So we expect between that and some increased input costs that our gross margin -- we continue to expect our gross margin to be slightly down from a year ago. And just as a reminder, that's cost of sales, plus program amortization because we're in the great situation that we can actually provide content now and release things theatrically. So we expect that program amortization to go up as well. But between cost of sales and that, we do expect our gross margin to be slightly down from a year ago, but we do expect the price increases that we've taken to offset our increased costs.

當然，絕對。我們之前在一些準備好的演講中談到了海運，我們發現這些成本比我們早些時候或去年早些時候經歷的成本高出 4 倍以上。因此，我們預計其中很大一部分成本將持續下去。然而，正如布萊恩所說，團隊正在做一項艱鉅的工作，實際上得到了產品，這才是重要的，對吧？因此，我們預計，加上投入成本的增加，我們的毛利率將比一年前略有下降。提醒一下，這是銷售成本，加上節目攤銷，因為我們現在的處境很好，我們實際上可以提供內容並在影院上映。因此，我們預計該計劃攤銷也會增加。但在銷售成本與此之間，我們確實預計我們的毛利率將比一年前略有下降，但我們確實預計我們採取的價格上漲將抵消增加的成本。

The next question is coming from the line of Gerrick Johnson with BMO.

下一個問題來自 BMO 的 Gerrick Johnson。

Two questions. First, I was hoping you could break down Wizards between digital and physical. That would be really helpful, if you could. And then on the Consumer Products side, what were the average price increases that you're putting in, in the back half? If you could quantify what that is? And with your own inventory down 11%, is that sufficient? I guess it is sufficient to hit your goals in the back half, but how are those shifts in fulfillment between FOB and domestic affecting you as well?

兩個問題。首先，我希望你能將威世智分為數位版和實體版。如果可以的話，那真的很有幫助。然後在消費品方面，下半年你們的平均價格上漲是多少？如果你能量化那是什麼？您自己的庫存下降了 11%，這足夠了嗎？我想這足以實現你後半段的目標，但是離岸和國內之間的履行方式的轉變對你有何影響？

Yes. So clearly, both digital and analog are contributing to the growth in MAGIC: THE GATHERING and digital role playing with D&D as well. We don't really break down those categories within those brands. But suffice it to say, we're seeing very strong growth on both sides.

是的。顯然，數位和類比都有助於《MAGIC: THE GATHERING》以及《D&D》數位角色扮演的發展。我們並沒有真正細分這些品牌內的這些類別。但可以說的是，我們看到雙方的成長都非常強勁。

As we look at the second half of the -- if we look at the second half of the year, you're right, we're going to see additional shifting between FOB and domestic shipments. We're working with our global retail partners on what that will exactly look like. But because of the demand in the product categories that we are offering, we have a lot of great partnership, and we do expect that we'll get our products to market recognize that the price increases we're taking will cover the incremental costs that we're experiencing. And those cost increases are around the world, and they'll be a little different in each of the regions, just depending on foreign exchange and the way that they will hit the P&L, but they're just intended to cover our cost increases, to maintain our gross margins and to hit the operating margin that we believe we can achieve for the full year.

當我們看看下半年時——如果我們看看今年下半年，你是對的，我們將看到離岸價和國內發貨之間的額外轉變。我們正在與全球零售合作夥伴合作，研究它的具體外觀。但由於我們提供的產品類別的需求，我們擁有很多良好的合作夥伴關係，我們確實希望將我們的產品推向市場，並認識到我們所採取的價格上漲將覆蓋增量成本我們正在經歷。這些成本增加遍布世界各地，每個地區都會略有不同，這僅取決於外匯及其影響損益的方式，但它們只是為了彌補我們的成本增加，維持我們的毛利率並達到我們認為全年可以實現的營業利益率。

So would perhaps 10% be a good number there?

那麼 10% 或許是個不錯的數字呢？

I won't provide guidance, but I think I would just say that's a bit high.

我不會提供指導，但我想我會說這有點高。

I would say that's a bit high as well, Brian.

我想說這也有點高，布萊恩。

The next question is coming from the line of Devin Brisco with Bank of America.

下一個問題來自美國銀行的 Devin Brisco。

In the back half of the year as you start to bring PEPPA PIG and PJ MASKS product in-house, how should we think about the initial impact to operating margins as licensing revenue is replaced with revenue that represents full ownership alongside associated upfront investment in tooling? And my second question related to that, is what is the long-term margin potential for those brands? And how much of the product that's currently being licensed? Can you or do you plan to bring in in-house over time?

今年下半年，當您開始將 PEPPA PIG 和 PJ MASKS 產品引入內部時，我們應該如何考慮對營運利潤的最初影響，因為許可收入被代表完全所有權的收入以及相關的工具前期投資所取代？與此相關的第二個問題是，這些品牌的長期利潤潛力有多大？目前有多少產品已獲得許可？隨著時間的推移，您能否或計劃將其引入內部？

Sure. Well, both PEPPA and PJ have very strong operating margins on the consumer product side, very consistent with our Consumer Products licensing business. And the product that we're offering, in many ways, is both the categories that had been offered, but also a lot of incremental product categories, and yet we're also maintaining our Consumer Products licensees. So I would expect perhaps about -- over time, about 80% of the product lines of PEPPA and PJ to be inside, but with another 20% continuing to be licensed in those categories with additional consumer products, licensing opportunities.

當然。嗯，PEPPA 和 PJ 在消費品方面都有非常強勁的營業利潤，這與我們的消費品授權業務非常一致。從很多方面來說，我們提供的產品既是已經提供的類別，也是許多增量產品類別，但我們也保留了我們的消費品授權者。因此，我預計，隨著時間的推移，PEPPA 和PJ 的大約80% 的產品線將在內部，但另外20% 的產品線將繼續在這些類別中獲得許可，並提供額外的消費產品和許可機會。

Peppa and PJ enjoy on our P&L, the Consumer Products P&L, enjoy Hasbro high-teens operating profit margin. So on average, higher than company average operating margins, which is very consistent with Hasbro IP on the toy and game side and then obviously, much higher on the consumer product side.

Peppa 和 PJ 享受我們的損益表（消費品損益表），享受孩之寶高雙位數的營業利潤率。因此，平均而言，高於公司平均營業利潤率，這與孩之寶在玩具和遊戲方面的 IP 非常一致，而且顯然在消費產品方面要高得多。

I don't know, Deb, if you want to add anything else relative to the plan?

我不知道，Deb，您是否還想添加與該計劃相關的其他內容？

No, I think we had talked about this year that just based on, as Brian said, this year, we'll be ramping the lines, and we expect about maybe $78 million to $85 million of impact to revenue for the full year based on what we're going to launch, but really growing that and growing up to that 80% of the in-source line by 2022.

不，我想我們今年已經討論過，正如布萊恩所說，今年我們將增加生產線，我們預計全年收入可能會受到 7800 萬至 8500 萬美元的影響，基於我們將要推出什麼，但要真正發展它，到2022 年將其成長到內源產品線的80%。

So with the revenue ramping with product as we go forward and margins close to our franchise brands, we're really excited about the future of PEPPA and PJ. And we'll continue to work with some of our great licenses -- licensees that do a terrific job out there as well.

因此，隨著我們不斷前進，產品收入不斷增加，利潤率接近我們的特許經營品牌，我們對 PEPPA 和 PJ 的未來感到非常興奮。我們將繼續與一些優秀的授權商合作，這些授權商也做得非常出色。

Our final question is coming from the line of Shawn Collins of Citi Group.

我們的最後一個問題來自花旗集團的肖恩柯林斯。

My question is on expectations for Consumer Products in 3Q. As we emerge from the pandemic, at least in the U.S. and the developed world, people are likely to travel more and get out of their houses. And more importantly, it looks like this August and September, we should have a back-to-school experience. There are some toy buyers that we talk to that think this could result in industry retail sales in 3Q being flat year-over-year, and then bouncing back for the usual 4Q holiday season. Can you comment on any expectations around 3Q retail performance?

我的問題是對第三季消費品的預期。隨著我們擺脫大流行，至少在美國和已開發國家，人們可能會更多地旅行並走出家門。更重要的是，看起來今年八月和九月，我們應該有一次返校的經驗。我們採訪的一些玩具買家認為，這可能會導致第三季度行業零售額同比持平，然後在通常的第四季度假期季節反彈。您能否評論一下對第三季零售表現的預期？

Well, look, let me give you -- most notably, as we've come through what we call the COVID wall those 8 weeks, where there were very strong sell-through, but our inability to supply product in Q2.

好吧，讓我告訴你——最值得注意的是，我們已經度過了這 8 週所謂的“新冠疫情隔離牆”，銷售量非常強勁，但我們無法在第二季度供應產品。

What we're seeing in the last 4 weeks, and you take our North American business, for example, our POS was up 11%. Our games business was up in the high teens. We're seeing good growth in regions like Latin America. We have a lot of new initiatives coming for that period of Q3. Lots of new product associated with MY LITTLE PONY as well as our partner brands and a whole new lineup for NERF in the Elite and the Ultra lines.

我們在過去 4 週看到的情況，以我們的北美業務為例，我們的 POS 成長了 11%。我們的遊戲業務成長了十幾歲。我們看到拉丁美洲等地區的良好成長。第三季我們有很多新措施。許多與 MY LITTLE PONY 以及我們的合作夥伴品牌相關的新產品以及 NERF Elite 和 Ultra 系列的全新產品線。

So again, we believe we can grow, and we said in line or ahead of the industry because of our innovation, storytelling and content and commerce. And so I won't comment specifically on Q3, except to say, we expect that we'll have a very good year in consumer products. We have the innovation and the strong product lineup to achieve our objectives. I'm again, believing and seeing what consumers are doing. And they really are participating in the categories. If you look at kids and preschool, if you look at older kids with our NERF business, if you look at still older kids and young adults into our games business like Magic and D&D, we're seeing great engagement, and we would expect that to continue.

所以，我們再次相信我們能夠成長，並且我們說，由於我們的創新、講故事、內容和商業，我們能夠與行業保持一致或領先。因此，我不會具體評論第三季度，只是說，我們預計消費產品將迎來非常好的一年。我們擁有創新和強大的產品陣容來實現我們的目標。我再次相信並看到消費者在做什麼。他們確實參與了這些類別。如果你看看兒童和學前班，如果你看看我們NERF 業務中的年齡較大的孩子，如果你看看我們的遊戲業務（如萬智牌和D&D）中年紀較大的孩子和年輕人，我們會看到很高的參與度，我們預計繼續。

Thank you. At this time, I'd like to turn the call back to Debbie Hancock for closing remarks.

謝謝。現在，我想將電話轉回給黛比·漢考克，讓其結束語。

Thank you, Rob, and thank you, everyone, for joining the call today. The replay will be available on our website in approximately 2 hours, and management's prepared remarks will be posted on the 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，管理層準備好的評論將在此次電話會議後發佈在網站上。謝謝。

Thank you to our participants. This concludes today's conference. You may now disconnect your lines at this time.

感謝我們的參與者。今天的會議到此結束。此時您可以斷開線路。