孩之寶 (HAS) 2021 Q1 法說會逐字稿

Greetings. Welcome to Hasbro's First Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note that this conference is being recorded. If you have any objections, you may disconnect at this time. At this time, I'd like to turn the call over to Ms. Debbie Hancock, Senior Vice President of Investor Relations. Please go ahead.

問候。歡迎參加孩之寶 2021 年第一季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。如果您有任何異議，您可以此時斷開連接。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 對公司的業績進行評論。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 these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share or EPS, we are referring to earnings per diluted share.

新聞稿和簡報包括有關非公認會計原則調整和非公認會計原則財務措施的資訊。我們今天的電話會議將討論某些調整後的措施，其中不包括這些非公認會計準則調整。新聞稿和簡報中包含了 GAAP 與非 GAAP 指標的調整表。請注意，每當我們討論每股盈餘或每股盈餘時，我們指的是稀釋後每股盈餘。

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

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。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 first quarter was an excellent start to the year with growth in both sell-in and point-of-sale for our Consumer Products segment, robust engagement from gamers driving double-digit growth in the Wizards of the Coast and Digital Gaming segment, and we remain on track to deliver our full year expected revenue growth in Entertainment. I want to recognize and thank the Hasbro employees around the world who continue to work through a pandemic and were able to deliver such a high quality quarter with revenue momentum, profit improvement and strong cash generation.

謝謝你，黛比。大家早安，感謝您今天加入我們。第一季是今年的一個好開端，我們的消費品部門的銷量和銷售點均有所增長，遊戲玩家的強勁參與推動了威世智和數字遊戲部門的兩位數增長，以及我們仍有望實現全年娛樂業務的預期收入成長。我要表彰並感謝世界各地的孩之寶員工，他們在疫情期間繼續工作，並能夠實現如此高品質的季度，實現收入成長、利潤改善和強勁的現金生成。

This quarter marked the first with our new reporting segment structure, which provides a clearer view of the drivers of Hasbro revenues, profit, margin and cash generation. As we shared at our investor event in February, our Brand Blueprint succeeds as we create value from our 3 businesses, Hasbro Consumer Products, including toys and games; Wizards of the Coast and Digital Gaming; and Entertainment.

本季度標誌著我們新的報告部門結構的第一個季度，該結構提供了孩之寶收入、利潤、利潤率和現金生成的驅動因素的更清晰的視圖。正如我們在 2 月的投資者活動中分享的那樣，我們的品牌藍圖取得了成功，因為我們透過 3 項業務創造了價值：孩之寶消費品（包括玩具和遊戲）；海岸奇才和數字遊戲；和娛樂。

Each has a growth plan that drives that segment but also drives growth across Hasbro. Our teams and expanding capabilities are enabling us to unlock the full potential of our brands and company. Deb will speak to the quarterly segment performance in more detail shortly. It is clear our unique portfolio of brands and capabilities is driving long-term, sustainable, profitable and cash-generative growth while we invest to build bigger, better brands across a much bigger universe that includes toys and games but also spans Digital Gaming and Entertainment revenues. With double-digit year-over-year growth in both Consumer Products and Wizards of the Coast and Digital Gaming, these businesses are up nearly 20% from the first quarter 2019 pre-COVID. Importantly, the quality of this growth is impressive as we have added $120 million in operating profit dollars between the 2 segments.

每個公司都有一個成長計畫來推動該細分市場的發展，同時也推動整個孩之寶的成長。我們的團隊和不斷擴大的能力使我們能夠釋放我們的品牌和公司的全部潛力。 Deb 很快就會更詳細地談論季度部門業績。很明顯，我們獨特的品牌和能力組合正在推動長期、可持續、盈利和現金產生的成長，同時我們在包括玩具和遊戲以及數位遊戲和娛樂在內的更大領域進行投資，打造更大、更好的品牌收入。消費品、威世智和數位遊戲業務均實現了兩位數的同比增長，這些業務較 2019 年第一季新冠疫情爆發前增長了近 20%。重要的是，這種成長的品質令人印象深刻，因為我們兩個部門之間的營業利潤增加了 1.2 億美元。

We continue to see consumers choosing Hasbro brands as evidenced by the 9% point-of-sale growth globally and nearly 20% point-of-sale increase in the U.S. This doesn't reflect most of MAGIC: THE GATHERING or DUNGEONS & DRAGONS and doesn't yet reflect Hasbro's line of PEPPA PIG and PJ MASKS toys and games. Hasbro Franchise Brands' revenue increased 24%, with gains in MAGIC: THE GATHERING, PLAY-DOH, NERF, TRANSFORMERS and BABY ALIVE. NERF revenue increased in all regions with high single-digit POS, led by the U.S. and Europe. Innovation for consumers of all ages is driving this growth, including DinoSquad, which released in March, Elite 2.0 and our high-performance Ultra line, which have now fully set around the world; continued strength in our licensed Fortnite business; and the March launch of the Rival Curve Shot. We have more innovation coming with the NERF Hyper line and the newly announced NERF Roblox for fans of the massively popular game.

我們繼續看到消費者選擇孩之寶品牌，全球銷售點成長 9%，美國銷售點成長近 20%，這並不反映《萬智牌》或《龍與地下城》的大部分內容，尚未反映Hasbro的PEPPA PIG 和PJ MASKS 玩具和遊戲系列。孩之寶特許經營品牌的收入成長了 24%，其中《萬智牌》、《培樂多》、《NERF》、《變形金剛》和《BABY ALIVE》都有成長。 NERF 收入在所有 POS 較高個位數的地區都有所增長，其中以美國和歐洲為首。針對各年齡層消費者的創新正在推動這一成長，包括 3 月發布的 DinoSquad、Elite 2.0 以及現已在全球全面上市的高性能 Ultra 系列；我們的《要塞英雄》授權業務持續強勁；以及 3 月推出的 Rival Curve Shot。我們為 NERF Hyper 系列和新發布的 NERF Roblox 為這款廣受歡迎的遊戲的粉絲提供了更多創新。

TRANSFORMERS revenue growth was led by gains in the U.S. and Asia Pacific, and global point-of-sale was up nearly 40%. Innovation and storytelling are essential to driving transformers, and the eOne team is expanding the reach and relevance of the brand through world-class entertainment across platforms and demographics. We delivered our latest War for Cybertron content in partnership with Netflix on December 30, supported by new products that drove first quarter's performance. War for Cybertron Chapter 3 will be airing this summer and, in partnership with Paramount, the next feature in the theatrical TRANSFORMERS franchise is slated for 2022.

《變形金剛》的營收成長主要得益於美國和亞太地區的成長，全球銷售點成長了近 40%。創新和講故事對於推動變形金剛至關重要，eOne 團隊正在透過跨平台和人群的世界級娛樂來擴大品牌的影響力和相關性。在推動第一季業績成長的新產品的支持下，我們於 12 月 30 日與 Netflix 合作發布了最新的《塞伯坦之戰》內容。 《塞伯坦之戰》第 3 章將於今年夏天播出，與派拉蒙合作，變形金剛系列的下一部電影預計於 2022 年上映。

TRANSFORMERS continued to be the top brand performer on Hasbro's Pulse in the first quarter, delivering the much anticipated HasLab Unicron. The brand kept the momentum to start Q2. In partnership with Robosen, during Hasbro Pulse Fan Fest earlier this month, we unveiled the $700 Auto-Converting Optimus Prime Robot, which sold out in presale in less than 10 hours.

變形金剛在第一季繼續成為孩之寶 Pulse 上表現最好的品牌，推出了備受期待的 HasLab Unicron。該品牌在第二季度開始時保持了勢頭。在本月稍早的 Hasbro Pulse Fan Fest 期間，我們與 Robosen 合作推出了價值 700 美元的自動轉換 Optimus Prime 機器人，該機器人在預售中不到 10 小時就售罄。

E-com revenues increased 70% in the quarter. COVID continues to shift consumer shopping behaviors, accelerating the shift to digital for Hasbro. Our pure-play e-com retailers and our omnichannel retailers have supported by their investments in technology and services like curbside pickup. For the quarter, revenue in the total gaming category, including MAGIC and MONOPOLY, increased 7% as gaming continued to be a focal point for players, consumers and retailers. Throughout last year, robust demand drove high point of sale and revenue growth. In the Consumer Products segment, this surge in gaming demand began around week 12 of last year. If we look at the U.S. this year, heading into that same week, our games' point of sale was up more than 30%. Once we hit week 12, point-of-sale slowed. Despite the tough comparison, underlying game demand is healthy and point of sale is more than 30% higher than 2019 pre-COVID levels. We have many new games both this spring and for the holiday and availability of classic games to continue meeting the high levels of gaming demand.

本季電子商務收入成長了 70%。新冠疫情持續改變消費者的購物行為，加速孩之寶轉向數位化的轉變。我們的純電子商務零售商和全通路零售商透過對路邊提貨等技術和服務的投資提供了支持。本季度，包括《MAGIC》和《MONOPOLY》在內的整個遊戲類別的收入成長了 7%，因為遊戲仍然是玩家、消費者和零售商的焦點。去年全年，強勁的需求推動了銷售點和收入的高成長。在消費品領域，遊戲需求的激增始於去年第 12 週左右。如果我們看看今年在美國的情況，同一周，我們遊戲的銷售點增加了 30% 以上。進入第 12 週後，銷售點速度放緩。儘管進行了艱難的比較，但潛在的遊戲需求仍然健康，銷售點比 2019 年新冠疫情之前的水平高出 30% 以上。我們在今年春季和假期推出了許多新遊戲，並推出了經典遊戲，以繼續滿足高水準的遊戲需求。

Within Wizards of the Coast and Digital Gaming, MAGIC: THE GATHERING and DUNGEONS & DRAGONS both posted double-digit revenue increases. Fueling this growth is both tabletop and physical play as well as the team's continued expansion in digital. MAGIC was up against an exceptionally good first quarter shipment number last year. Based on release strength and timing, we continue to expect the second quarter to be the biggest for MAGIC and Wizards this year. Arena revenue was also higher, including a late first quarter release on mobile. DUNGEONS & DRAGONS' licensed Digital Gaming revenue also increased. Dark Alliance is slated for release in June, and the game is receiving positive early buzz.

在《威世智》和《數位遊戲》中，《萬智牌》和《龍與地下城》的收入都實現了兩位數的成長。桌上遊戲和實體遊戲以及團隊在數位領域的持續擴張推動了這一成長。 MAGIC 去年第一季的出貨量非常好。根據發布強度和時間安排，我們繼續預計第二季將是 MAGIC 和 Wizards 今年最大的季度。 Arena 收入也有所增加，包括第一季末在行動裝置上發布的收入。 《龍與地下城》的授權數位遊戲收入也有所增加。 《黑暗聯盟》預計於 6 月發布，該遊戲早期就受到了積極的關注。

Partner Brand revenues grew 3% behind strong growth in Hasbro products for Star Wars as well as continued strength in products for The Mandalorian as well as growth in Marvel, led by momentum in the Spider-Man franchise across all consumer segments, and new products for Marvel Studios, The Falcon and the Winter Soldier unveiled at quarter end that will be fully distributed in the second quarter.

合作夥伴品牌收入成長了3%，這得益於孩之寶星際大戰產品的強勁成長、曼達洛人產品的持續強勁以及漫威的成長，這主要得益於所有消費群體中蜘蛛人系列產品的動能以及漫威的新產品漫威影業的《獵鷹與酷寒戰士》已於季末推出，並將於第二季全面發行。

Shifting to our Entertainment business, our eOne team has more than 200 projects in development across TV, film and animation, featuring more than 30 Hasbro IPs. As we spoke to earlier this year, we had theatrical revenues in the first quarter last year, but do not this year due to COVID-related closures. We're also planning for television deliveries to be later this year versus last. We remain on track for our target to reach 2019 TV and Film revenue levels this year.

轉向我們的娛樂業務，我們的 eOne 團隊正在開發 200 多個電視、電影和動畫項目，其中包括 30 多個孩之寶 IP。正如我們今年早些時候所說，去年第一季我們有戲劇收入，但今年由於與新冠病毒相關的關閉而沒有戲劇收入。我們還計劃今年稍後電視節目的交付。我們仍有望實現今年達到 2019 年電視和電影收入水準的目標。

With our partners at Paramount, the G.I. Joe Snake Eyes movie release is now set for July 23, and the brand team continues to drive engagement and demand with fans through product and events, including our Pulse initiatives. The eOne team is also shepherding the relaunch of MY LITTLE PONY with new content across digital and broadcast networks with Pony Life and the release of the CG animated film on Netflix this September. We are currently in preproduction for the DUNGEONS & DRAGONS Live Action feature with a new release date of March 3, 2023, and an amazingly talented casting crew. During the quarter, the team wrapped principal production on 2 films, All the Old Knives and Arthur the King and are currently in post production on both. In scripted TV, Cruel Summer completed filming and premiered last week on Freeform, and we continued deliveries of Season 3 of The Rookie. In unscripted, we have a robust slate of shows in Canada, the U.S. and the U.K. underway with more than 40 active productions.

與派拉蒙的合作夥伴一起，G.I. 《蛇眼喬》電影現已定於 7 月 23 日上映，品牌團隊將繼續透過產品和活動（包括我們的 Pulse 計畫）來推動粉絲的參與和需求。 eOne 團隊也負責透過 Pony Life 跨數位和廣播網絡重新推出《MY LITTLE PONY》的新內容，並於今年 9 月在 Netflix 上發布這部 CG 動畫電影。我們目前正在籌備《龍與地下城》真人版電影，新的上映日期為 2023 年 3 月 3 日，演員陣容也非常出色。本季度，團隊完成了兩部電影《All the Old Knives》和《亞瑟王》的主要製作，目前正在進行兩部電影的後期製作。在劇本電視方面，《殘酷的夏天》上週完成了拍攝並在 Freeform 首播，我們繼續交付《新秀》第三季。在即興表演方面，我們正在加拿大、美國和英國進行大量演出，其中包括 40 多部正在製作的作品。

We announced yesterday an agreement to sell the eOne Music business for $385 million. We continue to focus on the core strategic elements of our Brand Blueprint as a play and entertainment company. While we plan to continue working with the music group, including music supervision and music rights exploitation across several brands, music was not the primary driver of our acquisition of eOne. This transaction will allow the team to continue investing to grow and unlock value for its many talented artists and partners. I want to recognize the leadership of Chris Taylor, his dedicated team and the entire organization. We thank them for their countless contributions and look forward to working with them on various projects well into the future. We plan to use the net proceeds from the sale to accelerate deleveraging and for general corporate purposes.

我們昨天宣布達成協議，以 3.85 億美元的價格出售 eOne 音樂業務。作為一家遊戲和娛樂公司，我們繼續專注於我們品牌藍圖的核心策略要素。雖然我們計劃繼續與音樂集團合作，包括多個品牌的音樂監督和音樂版權開發，但音樂並不是我們收購 eOne 的主要驅動力。這項交易將使團隊能夠繼續投資，為其眾多才華橫溢的藝術家和合作夥伴成長和釋放價值。我想對克里斯泰勒、他的敬業團隊和整個組織的領導表示認可。我們感謝他們所做的無數貢獻，並期待在未來與他們在各種項目上合作。我們計劃將出售所得淨收益用於加速去槓桿化和一般企業用途。

The first quarter's results are a good start toward achieving our target, double-digit revenue growth this year. The team did an excellent job delivering profit growth, strong cash generation, paying our dividend and reducing our debt profile. We have tremendous innovation and content coming this year, and we look forward to sharing more details as the year progresses. I'll now turn the call over to Deb. Deb?

第一季的業績是實現我們今年兩位數營收成長目標的良好開端。該團隊出色地完成了利潤成長、強勁的現金產生、支付股息和減少債務狀況的工作。今年我們將帶來巨大的創新和內容，我們期待隨著時間的推移分享更多細節。我現在將電話轉給黛布。德布？

Thank you, Brian, and good morning, everyone. We began 2021 with a very good first quarter, which demonstrates the strength of our portfolio, our focus on driving profitable revenue growth and progress toward our commitment to strengthening our balance sheet as our goal remains to return to our stated target of 2 to 2.5x debt-to-EBITDA. Revenue grew 1%, including a positive $18 million impact from foreign exchange. Adjusted operating profit grew 15%. Adjusted EBITDA increased 24% and adjusted earnings per share were $1.

謝謝你，布萊恩，大家早安。我們以非常好的第一季度開始了2021 年，這證明了我們投資組合的實力、我們對推動盈利性收入增長的專注以及我們在加強資產負債表的承諾方面取得的進展，因為我們的目標仍然是恢復到2 至2.5 倍的既定目標債務與 EBITDA 比率。營收成長 1%，其中外匯帶來的 1800 萬美元的正面影響。調整後營業利潤成長 15%。調整後 EBITDA 成長 24%，調整後每股收益為 1 美元。

Our continued focus on working capital was evident. We generated operating cash flow of $378 million and ended the quarter with $1.43 billion in cash after paying off $300 million in debt, which was due in May and paying our quarterly dividend. Receivables declined with improved collection and the quality of receivables improved. DSO was 66 days versus 79 last year. Inventory was also down, decreasing 7%, absent FX. We remain in a very healthy financial position as we invest to profitably grow.

我們對營運資金的持續關注是顯而易見的。我們產生了 3.78 億美元的營運現金流，在償還了 5 月到期的 3 億美元債務並支付了季度股息後，本季末現金為 14.3 億美元。隨著收款工作的改善和應收帳款品質的改善，應收帳款有所下降。 DSO 為 66 天，去年為 79 天。由於沒有外匯，庫存也下降了 7%。當我們投資以實現獲利成長時，我們的財務狀況仍然非常健康。

As Brian mentioned, this is the first quarter we've reported under our new operating segments. Consumer Products segment revenues grew 14% behind growth in Franchise Brands, Emerging Brands and Partner Brands. Hasbro Gaming, excluding MAGIC and MONOPOLY, was down just slightly versus the difficult comparison with last year's strong performance.

正如布萊恩所提到的，這是我們在新的營運部門下報告的第一季。消費品部門營收成長 14%，落後於特許品牌、新興品牌和合作品牌的成長。與去年的強勁表現相比，孩之寶遊戲（不包括 MAGIC 和 MONOPOLY）僅略有下降。

Revenue grew in each geographic region led by the U.S. and Europe, along with growth in Asia Pacific and Latin America. Retail inventories declined in most markets, including the U.S. and Latin America, and the quality of inventory is good. Licensed Consumer Products revenue also increased in the quarter with strong demand for our brands. Foreign exchange had a favorable $9 million impact on the segment. Operating profit for this segment increased $42 million on higher revenue, somewhat offset by increases in royalties and advertising as well as higher freight costs. Profit was up throughout the segment with North America, Europe and Latin America contributing the most to profit improvement.

以美國和歐洲為首的各個地理區域的收入均出現成長，亞太地區和拉丁美洲也出現成長。包括美國和拉丁美洲在內的大多數市場的零售庫存均下降，且庫存品質良好。由於對我們品牌的強勁需求，本季授權消費品收入也有所成長。外匯對該部門產生了 900 萬美元的有利影響。由於收入增加，該部門的營業利潤增加了 4,200 萬美元，但在一定程度上被特許權使用費和廣告費用的增加以及貨運成本的增加所抵消。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 gained 15% in the quarter. Both major brands in this segment, MAGIC: THE GATHERING and DUNGEONS & DRAGONS, contributed to growth. Foreign exchange had a favorable $4 million impact. Operating profit grew with higher revenue, which was partially offset by increased product development as previously capitalized digital game development is now being expensed as well as higher advertising spend to support the mobile launch of Magic Arena and the upcoming launch of Dark Alliance. Operating profit margin was essentially flat, but we expect the expense cadence to impact future quarters more significantly.

Wizards of the Coast 和數位遊戲部門的營收在本季成長了 15%。該領域的兩個主要品牌《萬智牌》和《龍與地下城》都為成長做出了貢獻。外匯帶來了 400 萬美元的有利影響。營業利潤隨著收入的增加而增長，但部分被產品開發的增加所抵消，因為先前資本化的數位遊戲開發現在被支出，以及為支持行動版《Magic Arena》和即將推出的《黑暗聯盟》而增加的廣告支出。營業利潤率基本上持平，但我們預計費用節奏將對未來幾季產生更顯著的影響。

Entertainment segment revenues declined 32%, primarily due to the TV and film business. Foreign exchange had a favorable $5 million impact in the quarter. As Brian discussed, and we shared with you earlier in the year, the comparison to last year when theaters were open was challenging. Given the nature of entertainment delivery timing, we'll have revenue variances quarter-to-quarter, but our full year plan remains to deliver double-digit growth in the segment, beginning with growth in the second quarter. Operating profit declined on lower revenue. The lower program amortization and advertising contributed to higher operating profit margin for the segment.

娛樂部門收入下降 32%，主要是由於電視和電影業務。外匯在本季產生了 500 萬美元的有利影響。正如布萊恩所討論的，以及我們在今年早些時候與您分享的，與去年劇院開放時的比較是具有挑戰性的。考慮到娛樂交付時間的性質，我們的收入將出現季度與季度的差異，但我們的全年計劃仍然是在該領域實現兩位數的增長，從第二季度的增長開始。營業利潤因收入下降而下降。較低的節目攤銷和廣告費用有助於提高該部門的營業利潤率。

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. In the first quarter, we spent approximately $147 million of that plan.

我們全年在有腳本和無腳本真人表演、動畫電視和電影內容上的現金支出計劃在 6.75 億美元至 7.5 億美元之間。第一季度，我們花費了該計劃的約 1.47 億美元。

Looking at our overall Hasbro P&L, gross margin, including cost of sales and program amortization, increased 90 basis points. This improvement resulted from a reduction in program amortization as a percent of revenue, the favorable impact of growth in Wizards and fewer closeout sales. Cost of sales increased both in dollars and as a percentage of revenue, including higher freight costs as we spoke to earlier this year. Freight capacity continues to be very limited and more expensive across all markets. We have been actively managing transportation to minimize the impact. This includes using more air freight at a higher cost than our initial plan. In addition to higher freight costs, we, like most other companies, have seen significant increases in resin, packaging material and metal prices. We are proactively mitigating such cost pressures with our vendors, but the trends have accelerated in recent months. We have covered this increase year-to-date but recently communicated to our customers price increases for Hasbro toy and game products to help further mitigate the higher input costs.

從我們的整體孩之寶損益表來看，包括銷售成本和項目攤提在內的毛利率增加了 90 個基點。這項改進是由於計劃攤銷佔收入的百分比降低、威世智增長的有利影響以及清倉銷售減少所致。銷售成本（以美元計算）和占收入的百分比均有所增加，其中包括我們今年稍早談到的更高的貨運成本。所有市場的貨運能力仍然非常有限且價格更高。我們一直在積極管理交通，以盡量減少影響。這包括以比我們最初計劃更高的成本使用更多的空運。除了運費上漲之外，我們和大多數其他公司一樣，也看到樹脂、包裝材料和金屬價格大幅上漲。我們正在積極與供應商一起減輕此類成本壓力，但近幾個月這種趨勢已加速。我們已經報導了年初至今的這一上漲，但最近向我們的客戶傳達了孩之寶玩具和遊戲產品的漲價，以幫助進一步緩解更高的投入成本。

Product development increased 60 basis points, reflecting ongoing digital gaming investments. Magic Arena on mobile was the first of several games scheduled for release this year with additional games slated for release in future periods. Advertising declines were driven by lower promotional spend in eOne due to lack of theatrical releases this quarter. We increased advertising spending at Wizards in support of digital gaming launches and increased advertising in the Consumer Products segment. SD&A included higher freight and warehousing costs, along with higher stock compensation and phased bonus expense, partially offset by declines from cost savings and integration initiatives.

產品開發成長了 60 個基點，反映出持續的數位遊戲投資。 《Magic Arena》行動版是計劃於今年發布的多款遊戲中的第一款，其他遊戲也計劃在未來發布。廣告下降是由於本季缺乏院線上映，導致 eOne 的促銷支出減少。我們增加了威世智的廣告支出，以支持數位遊戲的發布，並增加了消費產品領域的廣告。 SD&A 包括較高的運費和倉儲成本，以及較高的庫存補償和階段性獎金費用，但部分被成本節約和整合措施的下降所抵消。

During the second quarter, based on the value allocated to the eOne Music business at purchase, we anticipate recording a noncash pretax loss of approximately $125 million to $135 million from the sale. This amount includes expected transaction costs.

在第二季度，根據購買時分配給 eOne Music 業務的價值，我們預計此次出售將帶來約 1.25 億至 1.35 億美元的非現金稅前損失。該金額包括預期的交易成本。

The first quarter underlying tax rate was 19.5%. And based on currently enacted tax law, we expect our underlying tax rate for 2021 to be approximately 21% or slightly higher, excluding the amortization of the eOne acquisition intangibles. Other income net was $30.1 million. This includes a $25.6 million gain or $0.19 per share from a legal settlement realized in the first quarter of this year. Adjusting for that gain, other income was slightly lower year-over-year.

第一季基本稅率為19.5%。根據現行稅法，我們預計 2021 年的基本稅率約為 21% 或略高，不包括 eOne 收購無形資產的攤銷。其他收入淨額為 3,010 萬美元。其中包括今年第一季實現的法律和解帶來的 2,560 萬美元收益或每股 0.19 美元收益。調整該收益後，其他收入較去年同期略有下降。

We are very pleased with the quality of the first quarter and how it positions us to deliver our plan for the year. The team has continued to navigate the ongoing impacts of the pandemic to deliver strong results for the business while managing the health, safety and well-being of our employees. Our plans are in place to continue innovating, continue telling compelling stories and continue creating the experiences that bring people together to drive our business in 2021 and beyond. Brian and I are now happy to take your questions.

我們對第一季的品質以及它如何幫助我們實現今年的計劃感到非常滿意。該團隊繼續應對這場流行病的持續影響，為業務帶來強勁成果，同時管理員工的健康、安全和福祉。我們的計劃已到位，將繼續創新，繼續講述引人入勝的故事，並繼續創造將人們聚集在一起的體驗，以推動我們在 2021 年及以後的業務發展。布萊恩和我現在很樂意回答您的問題。

(Operator Instructions) And our first question comes from the line of Mike Ng with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Mike Ng。

Great. I just have 2. First, could you talk a little bit more about the TV deliveries that are happening at eOne in the second half? Any sense of major shows that should be bigger contributors to revenue? And then second, given the strong margin performance in the quarter, could you talk about your current expectations for EBIT margins for the full year?

偉大的。我只有 2。有什麼感覺應該對收入有更大貢獻的大型節目嗎？其次，鑑於本季強勁的利潤率表現，您能否談談您目前對全年息稅前利潤率的預期？

Sure. Mike, on the first question, we're really seeing an array of TV series that are in production for eOne as well as a number of films. We talked about that on our prepared remarks. And we're beginning those deliveries, including The Rookie, Cruel Summer, which just launched on Freeform, a couple of films and increasing television deliveries throughout the year. In fact, by Q2, we expect to see the growth that we've been talking about. And our expectation for the full year remains the same, which is the Entertainment business should grow double digits in revenue and return on television and film revenues to the levels that we saw back in 2019.

當然。麥克，關於第一個問題，我們確實看到了 eOne 正在製作的一系列電視劇以及一些電影。我們在準備好的發言中討論了這一點。我們正在開始交付這些作品，包括剛在 Freeform 推出的《新秀》、《殘酷的夏天》、幾部電影以及全年不斷增加的電視交付量。事實上，到第二季度，我們預計會看到我們一直在談論的成長。我們對全年的預期保持不變，即娛樂業務的收入和電視和電影收入回報率應實現兩位數增長，達到我們 2019 年看到的水平。

As we move beyond that, as we look at long-term plans, we clearly believe in the continued growth of eOne's business over the longer term, and we're really seeing the Hasbro IP begin to take hold. In fact, right now, we're already on preproduction with a planned launch of production in the next few months on the D&D, DUNGEONS & DRAGONS film. We've got TRANSFORMERS both television and film, MY LITTLE PONY. The feature animated CG film comes out in September on Netflix. POWER RANGERS, we have both the TV series and film that we'll talk about going to a platform very shortly. We have some great creative stewards on a brand like Risk that will be coming in a future period. So the Hasbro IPs are being actively developed in the television and films well under production. We do continue to use COVID protocols right now, and we believe those will dissipate as the situation continues to get better. But we feel very good about the Entertainment business for 2021 and beyond.

當我們超越這一目標時，當我們著眼於長期計劃時，我們顯然相信 eOne 業務的長期持續成長，並且我們確實看到孩之寶 IP 開始佔據主導地位。事實上，現在我們已經開始預製作，計劃在未來幾個月內啟動 D&D、龍與地下城電影的製作。我們有電視版和電影版《變形金剛》，《我的小馬駒》。這部 CG 動畫電影將於 9 月在 Netflix 上映。 《恐龍戰隊》，我們有電視劇和電影，我們很快就會討論將它們放到一個平台上。我們在像Risk這樣的品牌上有一些出色的創意管理員，這些品牌將在未來一段時間內出現。因此，孩之寶 IP 正在製作中的電視和電影中積極開發。我們現在確實在繼續使用新冠病毒協議，我們相信隨著情況的持續好轉，這些協議將會消失。但我們對 2021 年及以後的娛樂業務感覺非常好。

And as far as our EBIT margins, I mean, the first quarter is generally a smaller quarter. At this point, we don't see anything that changes our full year outlook. Our demand has been strong, and we have positive trends in Consumer Products and whether it's in Digital Gaming business, and Brian just talked about Entertainment. So we're confident that, that segment can continue to deliver as well. And together, we can -- it can all deliver double-digit revenue growth for us for the year. But as we said in February, we're targeting operating margins in line with last year's adjusted level of around 15%.

就我們的息稅前利潤率而言，我的意思是，第一季通常是一個較小的季度。目前，我們沒有看到任何改變我們全年展望的事情。我們的需求一直很強勁，我們在消費產品以及數位遊戲業務方面都有積極的趨勢，布萊恩剛剛談到了娛樂。因此，我們相信該細分市場也可以繼續交付。只要我們齊心協力，就能為我們今年帶來兩位數的營收成長。但正如我們在 2 月所說，我們的目標是營業利潤率與去年調整後的 15% 左右的水平一致。

Demand has been strong and that helped support it, but the impact of freight and input cost increases has become more pronounced over the past several months, and we do have plans in place to help mitigate those costs, including price increases for the second half of the year, and we're actively working with our vendors, suppliers and customers. So for the full year, our plans continue to show that we should be in line with operating margins around last year's adjusted level of 15%.

需求一直強勁，這有助於支撐需求，但過去幾個月貨運和投入成本增加的影響變得更加明顯，我們確實制定了計劃來幫助減輕這些成本，包括下半年的價格上漲今年，我們正在積極與我們的供應商、供應商和客戶合作。因此，對於全年而言，我們的計劃繼續表明，我們的營業利潤率應該與去年調整後的 15% 左右的水平保持一致。

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 you could talk a little bit about the video game business at the moment, particularly MAGIC: THE GATHERING Arena mobile launch. Maybe you could talk -- give a little bit of color about how many downloads occurred, maybe the global representation there and how much it's potentially expanding the funnel of players?

想知道您是否可以談談目前的電玩業務，特別是《萬智牌：競技場》行動版的發布。也許你可以談談 - 稍微說明一下下載量，也許是那裡的全球代表性，以及它可能在多大程度上擴大玩家的漏斗？

And then secondly, it looks like the hot new consumer product out there is NFTs. And given that you have a lot of collectible business, have you thought much about what might make sense in the NFT business?

其次，看起來最熱門的新消費產品是 NFT。鑑於您擁有大量的收藏業務，您是否認真思考過 NFT 業務中什麼可能有意義？

Sure. Let me start by talking a bit about Wizards and Digital Gaming, and we'll begin with Magic Arena. We have really seen an acceleration of Magic Arena in the first quarter. We went to the full mobile launch just at the end of the quarter at March 25. It's available both on Android and iOS, and Arena is up 24% versus a year ago, where we've now seen about 3.5 billion games played collectively since the beginning and the launch. The average per hour use and gameplay for the week is now back to trending at 9 hours per week.

當然。首先讓我談談威世智和數位遊戲，然後我們將從萬智牌競技場開始。我們在第一季確實看到了《萬智牌競技場》的加速發展。我們在 3 月 25 日季度末進行了全面的行動發布。 。本週的平均每小時使用時間和遊戲時間現已回到每週 9 小時的趨勢。

As you know, we're launching a whole array of card sets that are simultaneously for MAGIC analog and digital. And we really saw great success in the first quarter around Kaldheim. In fact, that launch, which was early February was the biggest winter set of all time for MAGIC, and Time Spiral was also in the quarter, and that was also very successful.

如您所知，我們正在推出一整套同時適用於 MAGIC 類比和數位的卡組。我們在第一季確實看到了卡爾德海姆周圍的巨大成功。事實上，二月初的發布是 MAGIC 有史以來最大的冬季系列，《Time Spiral》也在本季發布，也非常成功。

As we move forward now with Magic Arena up on both iOS and Android, we'll be entering second quarter, in fact, just launching in April, on the 23rd, Strixhaven, which is a brand-new world for MAGIC: THE GATHERING; the big new card release that will come in June, Modern Horizons, will really drive Q2's business, and there's a lot of excitement around that. And then by July, we have another release coming for the brand. So we're really seeing an acceleration of downloads. In fact, it's as good or even better than the team had anticipated. People are really enjoying the play. It's translated very well to the mobile format, and we'll continue to monitor and look at what appears to be an accelerating MAGIC business.

隨著《Magic Arena》在 iOS 和 Android 上的推出，我們將進入第二季度，事實上，剛剛在 4 月 23 日推出了 Strixhaven，這是《MAGIC: THE GATHERING》的一個全新世界；將於 6 月發布的大型新卡《摩登新篇》將真正推動第二季的業務發展，圍繞著這一點有很多令人興奮的事情。然後到了七月，我們又推出了品牌的另一個版本。所以我們確實看到了下載的加速。事實上，它與團隊預期的一樣好，甚至更好。人們真的很享受這齣戲。它已經很好地轉化為行動格式，我們將繼續監控和研究似乎正在加速發展的 MAGIC 業務。

The NFT is a real opportunity for us. As you know, we have so many brands that really operate on multiple demographic levels, whether it's TRANSFORMERS or the MAGIC and D&D brands, brands like G.I. Joe. And we have a team that's leading our effort out of the West Coast. We have our arms around this and see multiple opportunities on the NFT side, and you'll hear more about that as we move forward. But we are actively developing our opportunity here, and we do see it as substantial.

NFT 對我們來說是一個真正的機會。如你所知，我們有許多真正在多個人口層面運作的品牌，無論是《變形金剛》還是《MAGIC》和《D&D》品牌，還有像《G.I.》這樣的品牌。喬.我們有一支團隊正在帶領我們走出西海岸。我們全力支持這一點，並在 NFT 方面看到了多種機會，隨著我們的前進，您會聽到更多相關資訊。但我們正在積極開發這裡的機會，而且我們確實認為它是巨大的。

Our next question is from the line of Steph Wissink with Jefferies.

我們的下一個問題來自傑弗里斯的史蒂芬·威辛克。

I just had a couple of housekeeping questions. Deb, this one is for you. I think you mentioned in your remarks on Wizards that the expense cadence is going to impact future quarters more significantly. And I think, Brian, you mentioned Q2 was going to be the biggest quarter. Just hoping -- wondering if you can help us think up expenses and revenues in the Wizards business.

我只是有幾個家事問題。黛布，這個是給你的。我想您在對威世智的評論中提到，費用節奏將對未來幾季產生更顯著的影響。我想，布萊恩，你提到第二季將是最大的季度。只是希望——想知道你是否能幫助我們計算奇才隊業務的支出和收入。

And then, Brian, on your comments on the Entertainment business growing back to that '19 level for the year, can you help us think about the cadence by quarter? I just want to make sure that we're thinking through puts and takes the pro rata kind of through the balance of the year. Or is there going to be some higher and lower quarters as we think about Q2 versus Q3 and Q4?

然後，Brian，關於您對今年娛樂業務恢復到 19 年水平的評論，您能否幫助我們按季度思考節奏？我只是想確保我們在今年餘下的時間裡考慮看跌期權並按比例採取。或者，當我們考慮第二季與第三季和第四季時，是否會出現一些較高和較低的季度？

Sure. So I'll start, and then I'll let Deb comment on your question. So as we look at eOne throughout the year, we've said Q2, we expect to see growth, and we're seeing our deliveries really come in. I think Q3, that will accelerate. And then Q4, we'll see how many additional deliveries come in Q4 or whether certain episodes get delivered in the first quarter of 2022. But again, for the full year, we have a plan in place that gets us double-digit revenue growth, very robust sales. The teams executed across multiple platforms and productions. And increasingly, Hasbro IP comes into the mix. There's a number of unscripted shows for Hasbro IP that I didn't mention but are also underway.

當然。那麼我就開始吧，然後讓黛布評論你的問題。因此，當我們回顧 eOne 全年情況時，我們已經說過第二季度，我們預計會看到成長，並且我們看到我們的交付量確實有所增加。然後是第四季度，我們將看到第四季度有多少額外交付，或者某些劇集是否會在2022 年第一季度交付。營收成長達到兩位數，銷售非常強勁。團隊跨多個平台和產品執行任務。孩之寶 IP 也越來越多地加入其中。有許多關於孩之寶 IP 的無劇本節目我沒有提及，但也在進行中。

And so we feel very good about that business. We had said all along that in Q1 a year ago, we were still receiving theatrical revenues, and it happened to be a very big theatrical quarter for us. And clearly, just given the timing of closures, we would be up against those revenues this year. And we had mentioned that in our Investor Day as well as our first quarter conference call. So again, the team is doing an excellent job. They are really engaged in developing Hasbro IP and delivering a whole array of very entertaining shows and upcoming movies for the marketplace.

所以我們對這項業務感覺非常好。我們一直在說，在一年前的第一季度，我們仍然有戲劇收入，而這對我們來說恰好是一個非常大的戲劇季度。顯然，僅考慮到關閉的時間，我們今年就將面臨這些收入。我們在投資者日和第一季電話會議中提到了這一點。再說一次，團隊做得非常出色。他們真正致力於開發孩之寶 IP，並為市場提供一系列非常有趣的節目和即將上映的電影。

As far as the cadence of Wizards, you're right, Steph, it's the varying nature of the set releases really does impact the shipments for year-over-year trends. And the releases -- the release cadence this year gives us an expectation that the second quarter will be the biggest quarter of the year, it's our current expectation anyway, of the year for Wizards. So Q1 of last year had some revenues pulled forward to avoid COVID logistical issues, but they -- obviously, they comp very well because of the strength of releases. The momentum is there and the spring set timing will be in Q2 of this year versus Q1 of last year.

就《威世智》的節奏而言，你是對的，史蒂芬，套裝發行的不同性質確實影響了同比趨勢的出貨量。而發布——今年的發布節奏讓我們預計第二季度將是今年最大的季度，無論如何，這是我們目前對奇才隊今年的預期。因此，去年第一季的收入有所提前，以避免新冠肺炎後勤問題，但顯然，由於發布的力度，它們的表現非常好。勢頭已經存在，春季設置時間將在今年第二季度，而不是去年第一季。

So that, with some incremental game launches in the second quarter which don't have a comp on the digital side, that's what kind of gives us the belief of the second quarter being higher than the other quarters. And if we look back on that business, we can see it fluctuates from time to time. And the digital revenue, as that ramps, will have depreciation that goes with that. So while Arena, we started to have -- Arena mobile, we started to have some expense in the first quarter, you'll see a bit more of that ramping with those digital games being developed. And that's why we continue to believe that full year operating profit margin for that segment is expected to be more in line with the 2019 levels for the full year of 38.7% versus the 46.4% that we had last year.

因此，隨著第二季推出的一些增量遊戲沒有數字方面的比較，這讓我們相信第二季將高於其他季度。如果我們回顧該業務，我們會發現它會不時波動。隨著數位收入的增加，數位收入也會隨之貶值。因此，雖然我們開始擁有競技場行動版，但我們在第一季開始有一些支出，隨著這些數位遊戲的開發，您會看到更多的支出。這就是為什麼我們仍然認為該部門的全年營業利潤率預計將更符合 2019 年全年的水平，即 38.7%，而去年為 46.4%。

Our next question comes from the line of David Beckel with Berenberg Capital.

我們的下一個問題來自貝倫貝格資本 (Berenberg Capital) 的大衛貝克爾 (David Beckel)。

I have 2, if I could. First one, just on Arena or MAGIC in general, I guess. Really impressive growth, obviously, from Arena in the quarter. I'm curious, do you have the data sets capable of giving you a holistic picture of your player base? I'm curious more specifically if that growth is coming at the expense of tabletop or if you're actually expanding the market base and whether or not you expect mobile to further expand the market base. That's my first question.

如果可以的話，我有2個。第一個，我猜，只是關於競技場或萬智牌。顯然，本季 Arena 的成長確實令人印象深刻。我很好奇，你們是否擁有能夠全面了解玩家群的資料集？我更具體地好奇這種增長是否是以犧牲桌面設備為代價的，或者您是否實際上正在擴大市場基礎，以及您是否期望行動裝置進一步擴大市場基礎。這是我的第一個問題。

Yes. Sure. So in fact, you're right. The Magic Arena had historically been expanding. It's accelerating in that effort. In fact, analog tabletop has performed incredibly well. And let me remind you that the analog and tabletop business is performing incredibly well while people can't get together locally in their local favorite hobby shops or local gaming shops to play the game. In fact, about a year ago, if you looked at the hobby shops, you would have seen about 40% of global hobby shops had some capability to fulfill for either curbside pickup or some kind of e-com.

是的。當然。所以事實上，你是對的。魔法競技場歷史上一直在擴張。這方面的努力正在加速。事實上，模擬桌面的表現非常好。讓我提醒您，模擬和桌面業務的表現非常好，而人們卻無法聚集在當地最喜歡的愛好商店或當地遊戲商店玩遊戲。事實上，大約一年前，如果您觀察業餘愛好商店，您會發現全球約 40% 的業餘愛好商店有一定能力滿足路邊提貨或某種電子商務的需求。

And today, that's well over 80%, and we've tried to help foster those capabilities and building card sets and releases that would be enabling local hobby shops to really participate. But we do expect an additional tailwind on the analog business when we're starting to see that as markets begin to reopen and people can begin to get back together again. So that's obviously a major contributor to people being able to play and also the opportunity to continue to share an individual gamer's passion with new gamers to the game. People get invited to come along and learn how to play MAGIC all the time. So yes, it's expansive. No, there is no cannibalization. And in fact, Magic Arena is just allowing people to play at a distance who had never been able to reconnect with friends or family before and not necessarily be in their neighborhood. So all-in net positive.

如今，這一比例遠遠超過 80%，我們一直在努力幫助培養這些能力，並建立卡組和發行版，讓當地的業餘愛好商店能夠真正參與其中。但當我們開始看到隨著市場開始重新開放並且人們可以開始重新聚在一起時，我們確實預計模擬業務將迎來額外的推動力。因此，這顯然是人們能夠玩遊戲的主要因素，也是繼續與新遊戲玩家分享個人玩家熱情的機會。人們被邀請來一起學習如何玩 MAGIC。所以是的，它是廣闊的。不，不存在蠶食。事實上，Magic Arena 只是讓以前從未能夠與朋友或家人重新聯繫且不一定在他們附近的人們進行遠距離遊戲。所以整體來說淨積極。

That's really helpful. And just a question on the Music deal. Can you -- more housekeeping in nature. Can you give us the net proceed amount from that deal? I realize it was sold at a loss, so maybe there's a tax benefit. And then also what the financial impact of the divestiture will be for the -- for like on a full year basis?

這真的很有幫助。還有一個關於音樂交易的問題。你能——本質上多做家事嗎？您能否告訴我們該交易的淨收益金額？我意識到它是虧本出售的，所以也許有稅收優惠。然後，剝離對全年的財務影響是什麼？

Yes. So in fact, the business was not sold at a loss. We, in fact, sold the business on a multiple basis far over what we had paid for it. So obviously, before we or as we were acquiring eOne, we assigned certain values to certain elements of the business, music, television, film, other goodwill, and that was back in late 2019. And so there's a book loss, just a true-up book loss that comes as a result of the proceeds that we received from the acquisition. But we feel very good about the sale. And it was, on a multiple basis, far ahead of what we paid for it. I don't know if you want to comment, Deb.

是的。所以事實上，該業務並不是虧本出售的。事實上，我們以遠高於我們購買價格的倍數出售了這項業務。顯然，在我們收購eOne 之前或收購eOne 時，我們為業務、音樂、電視、電影和其他商譽的某些元素分配了某些價值，那是在2019 年底。損失。但我們對這次銷售感覺非常好。從倍數來看，它遠遠超出了我們為此付出的代價。我不知道你是否想發表評論，黛布。

As far as the impact on the full year, it's not expected to be material. As we said, we expect the deal to close in the second quarter -- late in the second quarter, early in the third quarter. We would expect at that point it would reduce revenues by approximately $60 million to $70 million and maybe $15 million to $20 million in operating profit. So not material in the second half of 2021.

就對全年的影響而言，預計不會產生重大影響。正如我們所說，我們預計交易將在第二季完成——第二季末、第三季初。我們預計屆時收入將減少約 6,000 萬至 7,000 萬美元，營業利潤可能減少 1,500 萬至 2,000 萬美元。因此，2021 年下半年並不重要。

Our next question is 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。

I was wondering if you could comment on POS. Q1 was pretty strong across the board, helped somewhat by Easter. But do you have any color on what POS is doing into April, now that we're comping very sort of tough comparisons from COVID boost last year? And then I have a quick follow-up.

我想知道你是否可以對 POS 發表評論。第一季整體表現相當強勁，一定程度上得益於復活節。但是，既然我們正在對去年的新冠肺炎疫情推動進行嚴格的比較，您對 POS 到 4 月份的表現有什麼了解嗎？然後我會進行快速跟進。

Sure. Well, what we've seen is continued strength. Obviously, if you look at the games business, and I described this a bit in the remarks, our games business up until week 12 was up 30%. And then, obviously, we hit where COVID really accelerated a year ago, and so games finished the quarter at minus 5% in POS. However, underlying POS during this period is still up 30% versus the 2019 pre-COVID level. So we're still seeing that robust gaming demand. Secondly, our toy business POS has been incredibly strong through this period and double digits up for -- post Q1.

當然。嗯，我們看到的是持續的力量。顯然，如果你看看遊戲業務，我在評論中對此進行了一些描述，我們的遊戲業務截至第 12 週增長了 30%。然後，很明顯，我們在一年前就達到了新冠疫情加速加速的階段，因此本季遊戲的 POS 成長率為負 5%。然而，這段時期的基礎 POS 仍比 2019 年新冠肺炎疫情前的水準成長了 30%。因此，我們仍然看到強勁的遊戲需求。其次，我們的玩具業務 POS 在這段期間表現異常強勁，並且在第一季後實現了兩位數成長。

The other thing that's really important to note is that this is a period of time where we can actually supply product whereas a year ago, the POS was being generated from inventories retailers had on hand as our games factories in Massachusetts and Ireland had been closed for 8 weeks. So we now were able to supply demand. We weren't able to supply a year ago. And similarly, supply chain disruptions had caused us to be unable to supply product during Q2 last year. Despite good strong POS, it was really coming from inventories on hand more than our ability to replenish. So we're seeing Q2 shape up quite well from a demand perspective.

另一件需要注意的重要事情是，這是我們可以實際供應產品的一段時間，而一年前，POS 是根據零售商現有的庫存生成的，因為我們在馬薩諸塞州和愛爾蘭的遊戲工廠已經關閉了8週。所以我們現在能夠滿足需求。一年前我們無法供應。同樣，供應鏈中斷導致我們去年第二季無法供應產品。儘管 POS 很強大，但它實際上來自手頭上的庫存，而不是我們的補貨能力。因此，從需求角度來看，我們看到第二季的情況相當好。

And also early on, I'll comment from a shipments perspective. We are really seeing continued strength around the product categories. Growth in our franchise brands has really been robust around the world. In North America, Franchise Brands in Q1 grew 37%. We're really seeing our Partner Brands grow, our e-com POS was up 34% in the first quarter with even higher numbers for several brands. Disney Princess was incredibly strong with POS up more than 60% in the first quarter, and that's continuing as the team has launched a whole array of new innovative products. So again, it's going to be a bit of a strange comparison on POS in Q2 as compared to a year ago. But the ability to supply product against real demand is very evident, and we're executing on that.

同樣早些時候，我將從出貨量的角度發表評論。我們確實看到產品類別持續強勁。我們的特許經營品牌在全球範圍內的成長確實非常強勁。在北美，第一季特許經營品牌成長了 37%。我們確實看到我們的合作夥伴品牌正在成長，我們的電子商務 POS 在第一季成長了 34%，其中幾個品牌的數字甚至更高。迪士尼公主的表現異常強勁，第一季 POS 成長了 60% 以上，隨著團隊推出了一系列新的創新產品，這一趨勢仍在持續。同樣，第二季 POS 與一年前的比較會有點奇怪。但根據實際需求提供產品的能力是非常明顯的，我們正在執行這一點。

That's super helpful. And then just a quick follow-up. Have your expectations changed at all for what volume under PEPPA and PJ you could sort of vertically integrate in the second half of the year?

這非常有幫助。然後進行快速跟進。您對 PEPPA 和 PJ 下半年可以垂直整合的數量的期望是否發生了變化？

No. In fact, I would say we're as confident or even more confident. The teams have done an incredible job of working with our global retailers and selling in an array of new really inventive product. Season 9 of PEPPA is really proceeding. There's a whole lot of new content coming, and I don't want to give anything away to the fans, but including a trip to the United States for the family and a lot of product around all of that. And the play patterns are really -- it's just so cute and inventive. So no, we feel very good. PEPPA and PJ both will have around 50 SKUs each this holiday. And then we'll continue to accelerate in 2022 as we have new products coming in that year as well.

不。這些團隊在與我們的全球零售商合作並銷售一系列真正有創意的新產品方面做了令人難以置信的工作。 《PEPPA》第九季正在火熱進行中。即將推出大量新內容，我不想向粉絲透露任何內容，但包括與家人一起去美國旅行以及圍繞這一切的許多產品。遊戲模式真的非常可愛又有創意。所以不，我們感覺很好。 PEPPA 和 PJ 在這個假期都會有大約 50 個 SKU。然後我們將在 2022 年繼續加速，因為那一年我們也會推出新產品。

Our next question is 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。

So my first question is, do you still expect advertising expense to be 9% to 9.5% for the year, given the first quarter was light? And how should we think about this line for the rest of the year?

所以我的第一個問題是，考慮到第一季的清淡，您是否仍然預計今年的廣告費用為 9% 至 9.5%？今年剩下的時間我們該如何看待這條線？

Tami, I think we do still expect advertising to be right around that 8% to 9% of revenue level. It was light in the first quarter, not because of Consumer Products and Wizards and Digital Gaming because we had increased advertising in those particular segments. It really was because of Entertainment and not having the theatrical launches that we had a year ago when we were out promoting those lines. So that's really why you're seeing the impact. But for a full year basis, we still expect it to be in that 8% to 9% of revenue range.

Tami，我認為我們仍然預計廣告將佔收入水準的 8% 到 9% 左右。第一季的情況很清淡，不是因為消費產品、威世智和數位遊戲，而是因為我們增加了這些特定細分市場的廣告。這確實是因為娛樂的原因，而不是像一年前我們推廣這些台詞時那樣在戲院上映。這就是您看到影響的真正原因。但就全年而言，我們仍預計其佔收入的 8% 至 9% 範圍內。

Got it. 8% to 9%, got it. That's very helpful. And then along the same lines, I think your cost of sales, excluding production cost amortization, saw about 220 basis points of deleverage in the first quarter. Do you expect that trend to continue for the rest of the year? Or should it be lower given you have announced price increases to your clients, consumers?

知道了。 8%到9%，明白了。這非常有幫助。同樣，我認為第一季的銷售成本（不包括生產成本攤提）去槓桿化了約 220 個基點。您預計這種趨勢會在今年剩餘時間內持續下去嗎？或者考慮到您已向客戶、消費者宣布提價，價格是否應該更低？

Yes. So we did see that impact, you're correct, in the first quarter. And to date, we've been able to mitigate and absorb the increases that you're seeing in freight there as well as the product costs, but they have become more pronounced. But in addition to our efforts, we do have to increase prices, in fact, in the second half of the year to help mitigate those rising costs. So as of right now, with blending all of that together, we do expect that we should be able to mitigate those increases at present.

是的。所以我們確實在第一季看到了這種影響，你是對的。到目前為止，我們已經能夠減輕和吸收您所看到的運費和產品成本的增加，但它們變得更加明顯。但除了我們的努力之外，我們確實必須在今年下半年提高價格，以幫助緩解不斷上漲的成本。因此，截至目前，透過將所有這些融合在一起，我們確實預計我們應該能夠減輕目前的這些成長。

Got it. So the first quarter is really sort of the trough, that's the highest headwind you probably saw, and it should get better throughout the rest of the year. Is that how we should be thinking about it?

知道了。因此，第一季確實是一個低谷，這是您可能看到的最大阻力，並且在今年剩餘時間內應該會有所改善。我們該這樣思考嗎？

I think we're seeing continued pressures, but we have plans to mitigate with price increases in the second half of the year.

我認為我們面臨持續的壓力，但我們計劃透過下半年的價格上漲來緩解壓力。

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

我們的下一個問題來自 Drew Crum 和 Stifel。

Brian, as it relates to Consumer Products, do you have any insight into how retailers are planning the holiday shopping season this year? It seemed to start much earlier last year. Are you anticipating a similar shape this year? Or do we return to pre-COVID-19 behavior on the part of retailers? And then separately for Deb, in the press release last night, you mentioned plans to accelerate deleveraging with the sale of the Music business. Can you give a little more detail around that?

Brian，就消費品而言，您對零售商如何規劃今年的假期購物季有什麼了解嗎？去年似乎開始得更早。您預計今年也會有類似的形狀嗎？或者零售商會回到 COVID-19 之前的行為？然後，對於黛布來說，在昨晚的新聞稿中，您提到了透過出售音樂業務來加速去槓桿化的計劃。能提供更多細節嗎？

Sure. What we're seeing around the world, and we were -- it's really great to see the growth in every region around the world for the Consumer Products business, including a real return to growth in Europe, in Asia Pacific and Latin America in addition to very strong growth in demand in the U.S. As we look at our retailers' plans, it's clear that these are categories that are important -- increasingly important to retail. The growth and robust sales increases we're seeing across our business are really important again to the consumer. So what we're going to see, we believe, is a number of very big promotional windows that will occur in the summertime.

當然。我們在世界各地看到的情況 - 很高興看到全球每個地區的消費品業務都在增長，包括歐洲、亞太地區和拉丁美洲的真正增長回歸隨著美國需求的強勁增長，當我們審視零售商的計劃時，很明顯這些類別都很重要——對零售業來說越來越重要。我們在整個業務中看到的成長和強勁的銷售成長對消費者來說再次非常重要。因此，我們相信，我們將看到夏季出現許多非常大的促銷窗口。

A few of our major retailers are already lining up around those kinds of plans, and then additional opportunities and big promotional windows occurring at the beginning of Q4. So I would say it's multiple at best for big promotional windows that will begin early but also continue and accelerate during Q4, so the holiday period. And we're seeing that from several different categories of retailing and our major retailers.

我們的一些主要零售商已經在圍繞此類計劃排隊，然後在第四季度初出現更多機會和大型促銷窗口。因此，我想說，對於大型促銷窗口來說，充其量是多倍，促銷窗口將提前開始，但也會在第四季度（即假期期間）繼續並加速。我們從幾個不同類別的零售業和我們的主要零售商中看到了這一點。

Right. As far as the net proceeds, as we said, we expect the deal to close late in the second quarter, perhaps early in the third quarter. And we do anticipate using the proceeds to delever. As you recall, we structured the debt at the eOne deal, so we could prepay several components of it with no penalties. And our expectation is that we will -- you will see something likely around that time frame or shortly thereafter.

正確的。就淨收益而言，正如我們所說，我們預計交易將在第二季末完成，或許在第三季初完成。我們確實預期將利用所得收益來去槓桿化。正如您所記得的，我們在 eOne 交易中建立了債務，因此我們可以提前償還其中的幾個部分，而無需支付任何罰款。我們的期望是，您將在該時間範圍內或不久後看到一些可能的情況。

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 have 2 questions. I promise to be quick. First, you mentioned that retail inventory is down in most markets. Where was it up, and by how much and why? And then I have a follow-up, please.

我有 2 個問題。我保證會快點。首先，您提到大多數市場的零售庫存都在下降。漲在哪裡、漲了多少、為什麼？然後我有一個後續行動，請。

Sure. Retail inventory is up a little bit with our Wizards business, and it's up a little bit in our games business, but these are very, very small increases. I would say, overall, inventory is either kind of in line with a year ago or slightly below. And it's just where we have increasing demand and sales.

當然。我們的威世智業務的零售庫存有所增加，我們的遊戲業務的零售庫存也有所增加，但這些成長非常非常小。我想說，總體而言，庫存要么與一年前持平，要么略低於一年前。這正是我們需求和銷售不斷成長的地方。

Okay. Got you. And just to clarify, last time you said that all 3 segments were expected to grow revenue, adjusted operating income and adjusted EBITDA. Is that still the case?

好的。明白你了。澄清一下，上次您說所有三個部門預計都會增加收入、調整後的營業收入和調整後的 EBITDA。現在還是這樣嗎？

It is. In fact, performance in the first quarter makes us even more confident in our ability to execute a very good year, and the team is performing at a very high level. So yes, we feel very confident about the guidance that we had provided earlier this year.

這是。事實上，第一季的表現讓我們對自己能夠完成非常好的一年更加充滿信心，而且團隊的表現也處於非常高的水平。所以，是的，我們對今年早些時候提供的指導非常有信心。

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

我們的下一個問題來自沃爾夫研究中心的弗雷德懷特曼 (Fred Wightman)。

I just wanted to follow up on Brian's restocking comments. Are you comfortable with where retail inventories are overall today? Or are you seeing POS constrained in any way as a result of channel inventories?

我只是想跟進布萊恩的補貨評論。您對目前零售庫存的整體狀況感到滿意嗎？或者您發現 POS 由於渠道庫存而受到任何限制？

No. I think we're feeling pretty good about inventories. And in fact, I think it should continue to drive e-com and omni sales, and we talked about it being up 70% in the quarter. That's just -- that will reflect a bit of a mix shift in weak supply of inventory on the margin. And so you're just seeing us continue to hone the inventories for the channel, continuing to use really good techniques in how we restock our -- using flex warehouse space for our online and omni retailers and be as efficient as possible while still fulfilling demand.

不，我認為我們對庫存的感覺很好。事實上，我認為它應該繼續推動電子商務和全通路銷售，我們談到該季度的銷售額成長了 70%。這只是——這將反映出邊際庫存供應疲軟的一些混合變化。因此，您將看到我們繼續磨練通路的庫存，繼續使用真正好的技術來補充庫存——為我們的線上和全方位零售商使用靈活的倉庫空間，並在滿足需求的同時盡可能提高效率。

And in fact, we're lining up against the continued strong demand in Q2, a lot of new initiatives coming throughout the year. In fact, we're really excited about the number of new initiatives we have coming for the remainder of the year that run the gamut across a multitude of our brands. We talked about some of the NERF new initiatives and new initiatives coming in action around a couple of new films, G.I. Joe, MY LITTLE PONY. And so again, we're lining up those inventories for those major initiatives.

事實上，我們正​​在應對第二季持續強勁的需求，全年都會推出許多新措施。事實上，我們對今年剩餘時間內將推出的眾多新舉措感到非常興奮，這些舉措涵蓋了我們眾多品牌的各個方面。我們討論了 NERF 的一些新舉措以及圍繞幾部新電影《特種部隊》採取的新舉措。喬，我的小馬駒。同樣，我們正在為這些重大舉措整理這些庫存。

And then just on the games POS, is that 30% growth rate versus 2019 a good 2-year expectation as we move through the year? Or is there something that could cause that to change?

然後就遊戲 POS 而言，與 2019 年相比，30% 的成長率是我們全年的良好兩年預期嗎？或者有什麼可能導致這種情況改變嗎？

Yes. The team's really got an array of new games that are coming. We have really robust plans. In fact, already year-to-date, we have the #1 new game in the marketplace according to NPD, which is the Foosketball, and it's been really well received. We have a number of new games in MONOPOLY and several new original games coming as well. So very strong plans for games for the year. Obviously, in Q2 and during this like 8-, 12-week period, we have a bit of a flip on POS. But as I said, the underlying demand remains quite strong and plans for the year really look good.

是的。該團隊確實即將推出一系列新遊戲。我們有非常穩健的計劃。事實上，今年迄今為止，根據 NPD 的數據，我們已經推出了市場上排名第一的新遊戲，那就是“足球”，並且非常受歡迎。我們在《地產大亨》中推出了許多新遊戲，也將推出一些新的原創遊戲。今年的遊戲計劃非常強大。顯然，在第二季以及接下來的 8 週、12 週期間，我們的 POS 發生了一些變化。但正如我所說，潛在需求仍然相當強勁，今年的計劃看起來確實不錯。

Next question is from the line of Devin Brisco with Bank of America.

下一個問題來自美國銀行的 Devin Brisco。

Could you talk through the puts and takes for Partner Brands, given you're still able to grow revenue despite tough comps in the quarter? Could that segment grow more in line with your core business for the full year, just given increased Disney+ adoption and new series like The Falcon and the Winter Soldier?

鑑於儘管本季的競爭情況嚴峻，但您仍然能夠增加收入，您能否談談對合作夥伴品牌的看法？鑑於迪士尼+採用率的增加以及《獵鷹與酷寒戰士》等新劇集的推出，該細分市場的成長能否更符合您全年的核心業務？

Well, you're right. There's a lot of excitement and major initiatives coming from the partnership with The Walt Disney Company. Clearly, Disney+ has an array of new content lined up. Falcon and the Winter Soldier began to ship in end of Q1, but it's really a Q2 initiative. And we're seeing incredible growth in the Star Wars business, incredible growth in POS. Disney Princess, I mentioned earlier, has really strong shipments as well as more than 60% increase in POS.

嗯，你是對的。與華特迪士尼公司的合作帶來了許多令人興奮的重大舉措。顯然，Disney+ 推出了一系列新內容。 《獵鷹與酷寒戰士》在第一季末開始出貨，但這其實是第二季的舉措。我們看到星際大戰業務和 POS 業務都取得了令人難以置信的成長。我之前提到的迪士尼公主的出貨量非常強勁，POS 成長超過 60%。

And then Marvel, very strong around Spider-Man but also we'll launch product for a number of films this year, including Black Widow and Chengxi. We'll have some product for Venom. And then Eternals, which comes later in the year, is going to be a major initiative for us. So again -- and then the Spider-Man movie that comes at the end of the year. So against those 3 major brands, we're certainly driving a lot of innovation and product for both Disney+ initiatives as well as the film initiatives.

然後是漫威，它在蜘蛛人方面非常強大，而且我們今年還將推出多部電影的產品，包括《黑寡婦》和《橙曦》。我們將為毒液提供一些產品。今年稍後推出的《永恆族》將成為我們的重大舉措。再說一次——然後是今年年底上映的蜘蛛人電影。因此，與這三個主要品牌相比，我們肯定會為迪士尼+計劃和電影計劃推動大量創新和產品。

That's helpful. And related to eOne, Sony recently just signed deals with Netflix and Disney, were $3 billion combined, which is really unprecedented. And I know you recently signed output deals in the U.K. and Ireland to Sky. But I was hoping to get your thoughts on that deal and the implications for eOne, just in terms of how you're thinking about investment in that business and potential for more output deals in the future.

這很有幫助。與 eOne 相關的是，索尼最近剛剛與 Netflix 和迪士尼簽署了總計 30 億美元的協議，這確實是史無前例的。我知道你們最近在英國和愛爾蘭與天空電視台簽署了輸出協議。但我希望了解您對這筆交易的看法以及對 eOne 的影響，就您如何看待對該業務的投資以及未來更多產出交易的潛力而言。

Yes. Well, look, what's great about where we are is that eOne has historically been an organization that's been very effective in building incredible content in a risk-mitigated way and selling to any number of partners, great relationships across the board with the OTT platforms, from Netflix to Amazon to Apple to others. We have shows on the air with all of these different outlets and then, of course, as well with broadcasters, terrestrial and satellite around the world.

是的。嗯，看，我們所處的偉大之處在於，eOne 歷來都是一家非常有效地以降低風險的方式構建令人難以置信的內容並向任意數量的合作夥伴銷售的組織，與OTT 平台建立了良好的全面關係，從Netflix到亞馬遜到蘋果再到其他。我們透過所有這些不同的管道播出節目，當然還有世界各地的廣播公司、地面和衛星電視。

We continue to look at how we put Hasbro IP in the market. There's a very strong demand for world-class IP, and Hasbro has an array of it. We're working, as I mentioned, on a number of brands, and we're starting to see the traction around brands like MY LITTLE PONY, which we talked about is on Netflix in September; TRANSFORMERS, new TV series going on another platforms; our film coming next year in partnership with Paramount. And then Power Rangers, you'll hear more about it, but we've been developing that, and we expect shortly to be able to talk about the brand, new content for the brand that will go after a multitude of audiences that will be on a streaming platform.

我們將繼續關注如何將孩之寶 IP 推向市場。人們對世界級 IP 的需求非常強烈，而孩之寶擁有大量此類 IP。正如我所提到的，我們正在開發多個品牌，我們開始看到像《MY LITTLE PONY》這樣的品牌的吸引力，我們在 9 月談到了 Netflix 上的《MY LITTLE PONY》； 《變形金剛》，新電視劇即將登陸其他平台；我們的電影明年將與派拉蒙合作上映。然後是《恐龍戰隊》，你會聽到更多關於它的訊息，但我們一直在開發它，我們預計很快就能談論這個品牌，該品牌的新內容將吸引大量觀眾在串流平台上。

So again, a very good position for the company, and we look at all of our opportunities. But you're right, we've entered an era where there's unprecedented spending on content and an unprecedented desire for great brands with great story, and eOne is expert at that.

再說一次，這對公司來說是一個非常好的位置，我們會考慮所有的機會。但你說得對，我們已經進入了一個在內容上投入空前的時代，人們對擁有精彩故事的偉大品牌有著前所未有的渴望，而 eOne 正是這方面的專家。

Our final question comes from the line of Shawn Collins with Citigroup.

我們的最後一個問題來自花旗集團的肖恩柯林斯 (Shawn Collins)。

My question is on the sale of the eOne Music business. I'm just wondering, was this an alternative that you had planned on before the eOne acquisition in the summer of 2019? You certainly got a healthy deal multiple, 3.2x revenue. Or was this more of an opportunistic sale given a very healthy deal market? Any color would be interesting.

我的問題是關於 eOne 音樂業務的出售。我只是想知道，這是您在 2019 年夏天收購 eOne 之前計劃的替代方案嗎？您確實獲得了可觀的交易倍數，即 3.2 倍的收入。或者考慮到交易市場非常健康，這更像是一次機會主義出售？任何顏色都會很有趣。

Well, I'll comment and let Deb comment. Look, we -- from very early on, we received a lot of interest in the business. As soon as it was announced, if you remember the headlines around all the different music labels that eOne had as well, juxtapose to some of our brands, and it was really a lot of conversation and a lot of interest. We ran a very robust process. We had a number of parties, more than 10 parties interested in the business during the process. And ultimately, we think we found the right partnership. The team is really well positioned with the buyer and this opportunity. We'll continue to work with them on several brands for music supervision and some of our music for a number of years because they are so good at what they do. And again, it was a really robust process. It wasn't that we were contemplating a sale, but we certainly had the interest from the very beginning.

好吧，我會發表評論並讓黛布發表評論。看，我們從一開始就對這項業務產生了很大的興趣。一旦宣布，如果您還記得 eOne 旗下所有不同音樂廠牌的頭條新聞，那麼與我們的一些品牌並列，確實引起了很多討論和興趣。我們運行了一個非常強大的流程。在這個過程中，我們有很多方，超過 10 個方對這項業務感興趣。最終，我們認為我們找到了合適的合作夥伴。該團隊對於買家和這個機會來說確實處於有利位置。我們將繼續與他們在多個品牌的音樂監督和我們的一些音樂方面合作多年，因為他們非常擅長他們所做的事情。再說一遍，這是一個非常穩健的過程。我們並不是考慮出售，但我們從一開始就有興趣。

Right. And as Brian said, we just -- for us, it's about continuing to focus on really the core strategic elements of the acquisition and how they fit into our Brand Blueprint to continue driving our company to get results like the double-digit revenue growth that we expect for this year. So go forward, we think their music business is a great team. They're in a great place. We look forward to working with them, and we look forward to continue growing Hasbro as a great play and entertainment company.

正確的。正如布萊恩所說，對我們來說，我們要繼續專注於收購的真正核心策略要素，以及它們如何融入我們的品牌藍圖，以繼續推動我們的公司取得兩位數的收入成長等成果。 。所以繼續前進，我們認為他們的音樂業務是一個偉大的團隊。他們處在一個很棒的地方。我們期待與他們合作，並期待繼續將孩之寶發展成為一家出色的遊戲和娛樂公司。

Thank you. At this time, I'll turn the floor back to Debbie Hancock for closing remarks.

謝謝。這次，我將請黛比·漢考克作結束語。

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

謝謝羅布，也謝謝大家今天加入電話會議。重播將在大約 2 小時後在我們的網站上提供。在此次電話會議後，管理層準備好的評論也將發佈在我們的網站上。謝謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. We 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。我們感謝您的參與。