孩之寶 (HAS) 2023 Q2 法說會逐字稿

Good morning, and welcome to Hasbro's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) Today's 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. Kristen Levy , Senior Manager, Investor Relations. Please go ahead.

早上好，歡迎參加孩之寶 2023 年第二季度收益電話會議。 （操作員指示）今天的會議正在錄製。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經理 Kristen Levy 女士。請繼續。

Thank you, and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's Chief Financial Officer. Today, we will begin with Chris and Gina 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，大家早上好。今天加入我的是孩之寶首席執行官 Chris Cocks；以及孩之寶首席財務官 Gina Goetter。今天，我們將首先由克里斯和吉娜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演示幻燈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.

新聞稿和演示文稿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信息。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。新聞稿和演示文稿中包含了 GAAP 與非 GAAP 指標的調節表。請注意，每當我們討論每股收益或每股收益時，我們指的是稀釋後每股收益。

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

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、目標和類似事項做出前瞻性陳述。有許多因素可能導致實際結果或事件與這些前瞻性陳述中表達的預期結果或其他期望存在重大差異。

These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q in today's press release and in our other public disclosures. Today's guidance assumes we retain the non-core entertainment film and TV business, notwithstanding the agreement we just entered into with Lionsgate to sell this business.

這些因素包括我們在 10-K 表格年度報告、今天新聞稿中最新的 10-Q 表格以及我們其他公開披露的內容中列出的因素。今天的指導假設我們保留非核心娛樂電影和電視業務，儘管我們剛剛與獅門影業簽訂了出售該業務的協議。

That transaction is subject to customary closing condition and regulatory approvals. Following closing of that transaction, we plan to update our guidance. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call. I would now like to introduce Chris Cocks. Chris?

該交易須滿足慣例成交條件和監管部門的批准。該交易完成後，我們計劃更新我們的指導。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。現在我想介紹克里斯·考克斯。克里斯？

Thanks, Kristen, and good morning. Today, I'm pleased to announce that Hasbro has entered into a definitive agreement to sell our eOne film and TV business to Lionsgate for approximately $500 million, consisting of cash of $375 million and the assumption of production financing loans.

謝謝克里斯汀，早上好。今天，我很高興地宣布，孩之寶已達成最終協議，以約5 億美元的價格將我們的eOne 電影和電視業務出售給獅門影業，其中包括3.75 億美元的現金和承擔的製作融資貸款。

This purchase will include a team of talented employees, a content library of nearly 6,500 titles, active productions for non-Hasbro owned IP like the Rookie, Yellowjackets and Naked and Afraid franchises, eOne's Canadian film and TV operations and the eOne unscripted business, which will include rights for producing Hasbro based shows like Play-Doh Squished.

此次收購將包括一支由才華橫溢的員工組成的團隊、一個包含近6,500 部作品的內容庫、非孩之寶擁有的IP（例如《新秀》、《黃衫隊》和《赤裸與恐懼》特許經營權）的活躍製作、eOne 的加拿大電影和電視業務以及eOne 無腳本業務，其中將包括製作基於孩之寶的節目（例如 Play-Doh Squished）的權利。

We expect the transaction to complete by the end of 2023. Hasbro will use proceeds to retire a minimum of $400 million of floating rate debt by the end of the year, and for other general corporate purposes. Hasbro Entertainment will be the new marquee for our ongoing entertainment efforts after the sale closes.

我們預計該交易將於 2023 年底完成。孩之寶將利用所得款項在年底前償還至少 4 億美元的浮動利率債務，並用於其他一般公司用途。銷售結束後，孩之寶娛樂將成為我們持續進行的娛樂活動的新亮點。

Under the leadership of Olivier Dumont, the current head of eOne family brands, Hasbro Entertainment's mission is to develop, finance and produce entertainment based on the rich vault of Hasbro owned brands. We'll bring to life new original ideas designed to fuel all areas of Hasbro's Blueprint, including toys, publishing, gaming, licensed consumer products and location-based entertainment.

在 eOne 家族品牌現任負責人 Olivier Dumont 的領導下，孩之寶娛樂公司的使命是基於孩之寶擁有的豐富品牌庫來開發、融資和製作娛樂節目。我們將把新的原創想法變為現實，旨在推動孩之寶藍圖的所有領域，包括玩具、出版、遊戲、授權消費產品和基於位置的娛樂。

We'll retain its focused team of creative development and business affairs experts to shepherd the 30-plus Hasbro based projects in development, working with the best studios and distribution platforms in Hollywood, including ongoing development of the TRANSFORMERS and G.I. Joe franchises, PLAY-DOH, D&D, MAGIC: THE GATHERING, and our board game portfolio.

我們將保留由創意開發和商務專家組成的專注團隊，與好萊塢最好的工作室和發行平台合作，指導30 多個基於孩之寶的項目的開發，包括《變形金剛》和《特種兵》的持續開發。 Joe 特許經營權、PLAY-DOH、D&D、MAGIC: THE GATHERING 以及我們的棋盤遊戲組合。

As part of the sale, we expect to move to an asset-light model for future live action entertainment, relying on licensing and partnerships with select co-productions like our previously announced TRANSFORMERS 1 animated film and the D&D live-action television series, both with our partners at Paramount.

作為出售的一部分，我們預計未來的真人娛樂將轉向輕資產模式，依靠許可和與精選聯合製作的合作夥伴關係，例如我們之前宣布的《變形金剛1》動畫電影和《龍與地下城》真人電視劇，兩者都是與派拉蒙的合作夥伴一起。

The sale of eOne is another important milestone in our transformation at Hasbro. Last year, we articulated a plan to turn around Hasbro, driving growth in fewer, bigger, more profitable brands, improving our consumer focus, execution and innovation and building our operational excellence to fuel our bottom line and create sustainable performance.

eOne 的出售是孩之寶轉型的另一個重要里程碑。去年，我們制定了一項扭轉孩之寶的計劃，推動更少、更大、利潤更高的品牌的增長，提高我們對消費者的關注、執行力和創新，並建立我們的卓越運營，以推動我們的利潤並創造可持續的業績。

At the highest level, it's a plan about recentering Hasbro on what has helped us create one of the most valuable portfolios of brands in toys and games, the timeless power of play. I'm pleased to report in Q2, we've made substantial progress against these goals. Hasbro delivered better-than-planned operating results for the second quarter, including revenue of $1.2 billion and adjusted operating profit of $137 million, which includes a $25 million charge we took for the D&D: Honor Among Thieves feature film. The movie is among the best reviewed films of 2023, and has performed well in streaming, but the box office didn't meet expectations. POS in the quarter was at or ahead of market. And when factoring exited businesses was ahead of market.

在最高層面上，這是一項讓孩之寶重新定位於幫助我們創建玩具和遊戲領域最有價值的品牌組合之一的計劃，即遊戲的永恆力量。我很高興在第二季度報告，我們在實現這些目標方面取得了實質性進展。孩之寶第二季度的運營業績好於計劃，包括 12 億美元的收入和 1.37 億美元的調整後運營利潤，其中包括我們為《龍與地下城：盜賊榮耀》故事片收取的 2500 萬美元費用。該電影是2023年好評電影之一，在流媒體上表現不錯，但票房卻沒有達到預期。本季度 POS 處於或領先於市場水平。當保理業務退出時，業務領先於市場。

Through the first half, PEPPA PIG, TRANSFORMERS, PLAY-DOH, D&D, MAGIC: THE GATHERING and Hasbro Games have all grown point of sale. According to Circana, the G9 global toy and game market declined 7% through year-to-date June. We gained share among the G9 in 3 of our 5 focus categories. Action figures behind growth in TRANSFORMERS, arts and craft with PLAY-DOH, and in games behind MONOPOLY.

上半年，《小豬佩奇》、《變形金剛》、《培樂多》、《龍與地下城》、《萬智牌》和孩之寶遊戲的銷量均有所增長。據 Circana 稱，截至 6 月份，G9 全球玩具和遊戲市場下降了 7%。我們在 5 個重點類別中的 3 個類別中獲得了九國集團的份額。 《變形金剛》、培樂多 (PLAY-DOH) 的藝術和工藝以及《大富翁》遊戲背後的動作人物。

Our direct fan-focused business, Hasbro Pulse, increased point-of-sale by 54% in the quarter. TRANSFORMERS: RISE OF THE BEASTS is one of the top box office performers of the year, and has driven an 83% improvement in TRANSFORMERS: POS since its release. MAGIC: THE GATHERING launched what we believe will be the biggest release in our history with Lord of the Rings: Tales of Middle Earth. D&D generated nearly 2 million new registered users on D&D: BEYOND through the first half of the year. Our licensing business continues to grow, including the release of one of the biggest mobile games in the last 5 years, MONOPOLY GO! from our partners at Scopely, which since its debut has been #1 in downloads in 87 countries on the Apple App Store and 49 countries on Google Play.

我們直接以粉絲為中心的業務 Hasbro Pulse 在本季度的銷售點增長了 54%。 《變形金剛：野獸崛起》是年度票房表現最佳的影片之一，自上映以來，《變形金剛：POS》的票房增長了 83%。 《萬智牌》推出了《指環王：中土傳說》，我們相信這將是我們歷史上最大的版本。截至今年上半年，D&D 在 D&D: BEYOND 上新增了近 200 萬註冊用戶。我們的授權業務持續增長，包括發布了過去 5 年來最大的手機遊戲之一《MONOPOLY GO!》。來自我們的合作夥伴 Scopely，自推出以來，該應用程序在 87 個國家的 Apple App Store 和 49 個國家的 Google Play 下載量中排名第一。

Our operational excellence efforts have driven over $84 million of cost savings year-to-date, money we are using to both fund inventory reduction and clearance efforts and key growth initiatives like direct data analytics and digital. And speaking of inventory, our sales teams have been busy reducing our owned and operated inventory in our Toys and Games segment by 24% year-over-year and our retail inventory by 16%.

今年迄今為止，我們卓越運營的努力已節省了超過 8400 萬美元的成本，我們將這些資金用於資助庫存減少和清倉工作以及直接數據分析和數字化等關鍵增長計劃。說到庫存，我們的銷售團隊一直忙於將玩具和遊戲部門自有和經營的庫存同比減少 24%，零售庫存減少 16%。

While headwinds and uncertainty continue to exist in the toy and game category as a whole, a better-than-planned start to the year so far for Hasbro sets us up for success in the back half. Gina will share more in her remarks, but at a high level, we're maintaining our guidance for our Consumer Products segment and raising guidance for our Wizards of the Coast and digital games segment. Due to the writers and actors strikes and underperformance of D&D: Honor Among Thieves, we are lowering our guidance for entertainment.

儘管整個玩具和遊戲類別仍然存在逆風和不確定性，但孩之寶今年開局好於計劃，為我們下半年的成功奠定了基礎。吉娜將在她的講話中分享更多內容，但在較高層面上，我們將維持對消費產品部門的指導，並提高對海岸奇才和數字遊戲部門的指導。由於編劇和演員的罷工以及《龍與地下城：盜賊之榮》的表現不佳，我們正在降低對娛樂的指導。

MAGIC is on track for a record Q3 with favorable set release timing blowing results. D&D should have a strong second half powered by excitement for the upcoming PC and console releases of Baldur's Gate 3 from our partners at Larian. Furby is already a hot seller with initial allocation selling out in under 72 hours.

MAGIC 有望在第三季度創下創紀錄的成績，並帶來有利的發佈時間安排結果。由於我們的合作夥伴 Larian 即將推出 PC 和主機版《博德之門 3》，D&D 下半年的表現應該會很強勁。 Furby 已經成為熱銷產品，首批分配在 72 小時內就被搶購一空。

Most of our toy and game innovations have only just begun to hit shelves including the new preschool line for Lucasfilm, Star Wars: Young Jedi Adventures, our new AR game, Twister Air, new blaster innovation with NERF: Double Punch and hot new game crossovers like Barbie Monopoly.

我們的大多數玩具和遊戲創新才剛剛開始上架，包括盧卡斯影業的新學前系列、星球大戰：少年絕地大冒險、我們的新AR 遊戲Twister Air、NERF 的新爆能槍創新：Double Punch以及熱門新遊戲跨界遊戲就像芭比大富翁。

And with much improved inventory levels and the bulk of our inventory management efforts phasing down in Q3, we see an opportunity for meaningful margin improvement as the year progresses, particularly as we go into the fourth quarter. Net, we exited our first half with a solid quarter and positive operating indicators for our second half in our core segments.

隨著庫存水平的大幅改善以及我們在第三季度逐步減少的大部分庫存管理工作，我們看到隨著時間的推移，利潤率有機會實現有意義的改善，特別是進入第四季度時。淨值，我們在上半年結束時取得了穩健的季度業績，下半年我們的核心業務也取得了積極的運營指標。

Our inventories are greatly improved. We are growing share in key brands, and we are making the improvements necessary to our supply chain and cost structure to see sustained operating margin growth over the mid and long term. We also are making the necessary choices to right size our entertainment footprint. Strong brands with quality innovation and execution will be more important than ever in a more unpredictable environment.

我們的庫存大大改善。我們在主要品牌中的份額正在不斷增加，並且我們正在對我們的供應鍊和成本結構進行必要的改進，以實現中長期運營利潤率的持續增長。我們還做出必要的選擇來調整我們的娛樂足跡。在更加不可預測的環境中，具有優質創新和執行力的強大品牌將比以往任何時候都更加重要。

That's one of the reasons I'm excited by the potential of our new leadership team who are already bringing a more disciplined approach to our operations and a palpable step-up in product innovation. We continue to move up and to the right on our change curve, evolving our cost savings initiatives to a continuous and relentless improvement model.

這就是我對我們新領導團隊的潛力感到興奮的原因之一，他們已經為我們的運營帶來了更加嚴格的方法，並在產品創新方面取得了明顯的進步。我們繼續在變革曲線上向右上方移動，將我們的成本節約計劃發展為持續、不懈的改進模式。

Our supply chain is becoming a competitive advantage with costs back down to near pre-pandemic levels and positioned favorably versus competition. We are seeing momentum with key retailers. Our digital portfolio is tighter and making rapid strides, and we are reinventing our approach to data analytics, product development and long-term innovation, paired with our approach of focused entertainment through partners that both inspires and connects to a tight business plan and economic engine. We are positioned well for the medium to long term. I'd now like to turn over the call to Gina Goetter, our Chief Financial Officer. Gina?

我們的供應鏈正在成為一種競爭優勢，成本回落到接近大流行前的水平，並在競爭中處於有利地位。我們看到主要零售商的勢頭。我們的數字產品組合更加緊密並取得快速進展，我們正在重塑數據分析、產品開發和長期創新的方法，並與我們通過合作夥伴專注於娛樂的方法相結合，這些方法既激發並連接到嚴格的商業計劃和經濟引擎。從中長期來看，我們處於有利地位。我現在想將電話轉給我們的首席財務官 Gina Goetter。吉娜？

Thanks, Chris, and good morning, everyone. As Chris laid out, we delivered a solid quarter with revenue coming in ahead of expectations and proof points emerging across several of our transformation initiatives. We also announced the sale of the eOne film and TV business, a step that simplifies our strategy and our focus on toys and games. As we look to the quarter, total Hasbro revenue of $1.2 billion was down 10% versus last year, as we continue to see normalization of inventory, lap the exit of certain licensees and markets within the Consumer Product segment, and we had fewer planned releases for Wizards of the Coast.

謝謝克里斯，大家早上好。正如克里斯所言，我們的季度業績表現強勁，收入超出預期，並且我們的多項轉型舉措都出現了證據。我們還宣佈出售 eOne 電影和電視業務，此舉簡化了我們的戰略以及我們對玩具和遊戲的關注。展望本季度，孩之寶總收入為12 億美元，比去年下降10%，因為我們繼續看到庫存正常化、消費產品領域內某些被許可方和市場的退出，以及我們計劃發布的產品數量減少對於海岸奇才隊來說。

The Entertainment segment revenue was down 3%, primarily due to the exit of non-core businesses in 2022. Excluding these divestitures, the film and TV and Family Brands businesses were up 5% versus prior year. Adjusted operating profit of $137 million was down 43% versus last year.

娛樂部門收入下降 3%，主要是由於 2022 年非核心業務的退出。排除這些剝離，電影電視和家族品牌業務比上年增長 5%。調整後營業利潤為 1.37 億美元，比去年下降 43%。

In addition to the revenue decline, we incurred higher inventory closeout costs as we continue to rightsize inventory back to healthier levels. Profit was also negatively impacted by an impairment taken on Dungeons & Dragons: Honor Among Thieves as a result of box office results coming in below expectations.

除了收入下降之外，隨著我​​們繼續將庫存規模調整到更健康的水平，我們還產生了更高的庫存清倉成本。由於票房成績低於預期，《龍與地下城：盜賊榮耀》的減值也對利潤產生了負面影響。

Adjusted earnings per share of $0.49 was 57% below last year due to the factors noted and includes unfavorable impacts related to taxes and interest expense. The adjusted results exclude the impact of a $296 million film and TV impairment. Through the second quarter, the ongoing writer and actor strikes had minimal impact on our results.

由於上述因素（包括與稅收和利息費用相關的不利影響），調整後每股收益為 0.49 美元，比去年下降 57%。調整後的業績不包括2.96億美元的電影和電視減值的影響。在第二季度，正在進行的編劇和演員罷工對我們的業績影響微乎其微。

However, as the strikes continue, our 2023 outlook for entertainment has come down. The adjusted results also exclude incremental costs attributed to the Operational Excellence program, and amortization associated with the eOne acquisition.

然而，隨著罷工的持續，我們對 2023 年娛樂業的展望有所下降。調整後的結果還排除了卓越運營計劃帶來的增量成本以及與 eOne 收購相關的攤銷。

Looking at year-to-date results. Revenue of $2.2 billion was down at 12% below last year, driven by declines in the Consumer Products segment and planned timing shifts across entertainment. Wizards segment revenue is down slightly versus prior year. as a result of launch timing and having one fewer release in the front half of this year compared to 2022. Adjusted operating profit of $184 million was down 52% versus last year, as we continue to incur higher costs associated with clearing inventory as well as absorb the impact from the D&D film impairment. Year-to-date adjusted EPS is $0.49, driven by the factors noted above.

看看今年迄今為止的結果。由於消費產品領域的下滑以及娛樂領域計劃的時間轉變，收入為 22 億美元，比去年下降了 12%。奇才部門收入較去年略有下降。與 2022 年相比，今年上半年的發布數量有所減少。調整後營業利潤為 1.84 億美元，比去年下降 52%，因為我們繼續承擔與清理庫存相關的更高成本以及吸收D&D電影減值的影響。受上述因素影響，年初至今調整後每股收益為 0.49 美元。

Looking at our brand performance. Our Franchise Brands were down 5% in the quarter and year to date. These brands represent our biggest and most profitable brands and are just over 60% of our revenue. Within Franchise Brands, we delivered significant Q2 revenue growth in TRANSFORMERS and Dungeons & Dragons, driven by the uplift from the movie releases.

看看我們的品牌表現。我們的特許經營品牌在本季度和今年迄今下降了 5%。這些品牌代表了我們最大、利潤最高的品牌，占我們收入的 60% 多一點。在特許經營品牌中，在電影發行的推動下，我們在《變形金剛》和《龍與地下城》中實現了第二季度收入的顯著增長。

Additionally, PEPPA PIG grew as a result of growth in entertainment and digital gaming. Our partner brand revenue is down 21% for the quarter. More than 60% of the loss as a result of the licenses we exited at the end of last year. Sales of Hasbro products for Spider Man by Marvel are up with an over 100% increase in POS since the release of Spider-Man: Across the Spider-Verse, and further supported by the preschool series and new product releases.

此外，PEPPA PIG 的增長得益於娛樂和數字遊戲的增長。本季度我們的合作夥伴品牌收入下降了 21%。超過 60% 的損失是由於我們去年底退出的許可證造成的。自《蜘蛛俠：穿越蜘蛛俠宇宙》發布以來，孩之寶為漫威蜘蛛俠提供的產品銷量增長了 100% 以上，並得到了學前系列和新產品發布的進一步支持。

Partner Brands continue to play a vital role in our portfolio for kids, fans and retailers around the world. Across our portfolio brands, the declines are driven by the reprioritization of investment to support the franchise brands, as well as discontinuances across the retail footprint. However, one of our relaunched portfolio brands, Furby, is off to a promising start.

合作夥伴品牌繼續在我們為世界各地的兒童、粉絲和零售商提供的產品組合中發揮著至關重要的作用。在我們的投資組合品牌中，下降的原因是重新調整投資優先順序以支持特許經營品牌，以及整個零售業務的中斷。然而，我們重新推出的投資組合品牌之一菲比 (Furby) 已經有了一個良好的開端。

Looking at operating margin. Second quarter adjusted operating margin of 11.3% was 670 basis points below last year. The single biggest impact in the quarter is the volume decline in mix of business. Through the first half of the year, we prioritize cleaning up the portfolio and reducing inventory levels across the CP business, resulting in higher-than-normal closeout costs.

看看營業利潤率。第二季度調整後營業利潤率為 11.3%，比去年同期低 670 個基點。本季度最大的影響是業務組合數量的下降。今年上半年，我們優先考慮清理產品組合併降低整個CP業務的庫存水平，導致清倉成本高於正常水平。

Also, as planned, we had one less MAGIC release within the Wizards segment, which created an unfavorable mix and fixed cost absorption impact. Additionally, as we shifted to leverage licensed IP within Wizards, we incurred higher royalty expense, resulting in a 1.7% margin point loss. Momentum is accelerating in our cost savings program.

此外，按照計劃，我們在威世智部門中少了一個 MAGIC 版本，這造成了不利的組合和固定的成本吸收影響。此外，當我們轉向利用威世智內的許可知識產權時，我們產生了更高的特許權使用費，導致利潤點損失 1.7%。我們的成本節約計劃的勢頭正在加速。

And year-to-date, we have accumulated $32 million of gross cost savings within supply chain, and an additional $52 million of gross cost savings within operating expense. The combined $84 million of gross savings are more than offsetting cost inflation and have allowed us to reinvest back into the business to support higher levels of marketing spend, fund our inventory reduction efforts and fuel key strategic initiatives required to deliver our long-term targets.

今年迄今為止，我們已在供應鏈中累計節省了 3200 萬美元的總成本，並在運營費用中另外節省了 5200 萬美元的總成本。總計8400 萬美元的節省總額足以抵消成本通脹，並使我們能夠對業務進行再投資，以支持更高水平的營銷支出，為我們減少庫存的工作提供資金，並推動實現長期目標所需的關鍵戰略舉措。

Cumulatively, since we began the savings program in 2022, we have reduced our cost base and delivered gross savings of $104 million. And we remain on track to deliver our in-year savings goal of $150 million. And finally, to round out the margin drivers, we had a negative 280 basis point impact in other items, which includes the $25 million impairment on the D&D film.

自 2022 年開始節省計劃以來，我們已累計降低了成本基礎並實現了 1.04 億美元的總節省。我們仍有望實現 1.5 億美元的年內節省目標。最後，為了完善利潤驅動因素，我們對其他項目產生了 280 個基點的負面影響，其中包括 D&D 電影的 2500 萬美元減值。

As Chris mentioned, we made significant progress in lowering inventory levels. We reduced total owned inventory 16% versus prior year, primarily driven by a 24% reduction in the Consumer Products segment inventory. We expect to see inventory reduction through the first part of Q3 and stabilizing to more normalized levels by the end of the year. From a retail inventory perspective, their inventory was also down 16%, and the lion's share of the directions are behind us.

正如克里斯提到的，我們在降低庫存水平方面取得了重大進展。我們的總庫存比上年減少了 16%，這主要是由於消費品部門庫存減少了 24%。我們預計第三季度上半年庫存將減少，並在年底前穩定至更加正常的水平。從零售庫存的角度來看，他們的庫存也下降了16%，大部分方向都在我們身後。

Looking more closely at segment performance within the quarter, Wizards of the Coast and Digital Gaming segment revenue was down 11%. Overall tabletop gaming revenue, which includes both MAGIC and D&D, declined 17% given the release timing. The decline in tabletop was partially offset by 33% growth in digital gaming, including the addition of D&D Beyond, which we acquired last May, and growth in Arena.

更仔細地觀察本季度的部門業績，威世智和數字遊戲部門的收入下降了 11%。鑑於發佈時間，包括 MAGIC 和 D&D 在內的桌面遊戲整體收入下降了 17%。桌面遊戲的下滑被數字遊戲 33% 的增長部分抵消，其中包括我們去年 5 月收購的《D&D Beyond》以及《Arena》的增長。

Segment margins declined in line with expectations driven by higher royalty expense and a step-up in investment to support future brand growth and product development. Moving to the Consumer Products segment. Total CP revenue was down 11% in the quarter, driven by declines in POS trends and the focus on clearing inventory.

由於特許權使用費增加以及支持未來品牌增長和產品開發的投資加大，部門利潤率下降，符合預期。轉向消費品領域。由於 POS 趨勢下降以及對清理庫存的關注，本季度 CP 總收入下降了 11%。

Looking at the key drivers for the quarter. Five points of the decline was driven by planned license exits. Another 3-point decline was driven by toy and game volume given the broad category trends and retailers taking a more focused approach with their inventories. Four points of decline came from pricing and mix, driven by additional closeout costs as we work through higher inventory levels.

查看本季度的主要驅動因素。下降五個百分點是由計劃的許可證退出造成的。鑑於廣泛的類別趨勢以及零售商對庫存採取更加集中的方法，玩具和遊戲銷量又下降了 3 個百分點。四個點的下降來自定價和產品組合，這是由於庫存水平上升而產生的額外清倉成本造成的。

And finally, we achieved 1 point of growth from licensed consumer products as we reenergized focus on leveraging our IP across categories. In the quarter, the Entertainment segment declined 3%, primarily due to business exits late last year. This was partially offset by 3% growth in film and TV behind scripted TV growth as well as film revenue from Dungeons & Dragons: Honor Among Thieves.

最後，隨著我們重新專注於跨類別利用我們的知識產權，我們的授權消費產品實現了 1 個百分點的增長。本季度，娛樂業務下降 3%，主要是由於去年年底的業務退出。這被腳本電視增長背後的電影和電視 3% 的增長以及《龍與地下城：盜賊榮耀》的電影收入部分抵消。

In addition, Family Brands revenue increased 14% and driven by content sales, including for PEPPA PIG. The adjusted operating loss for the second quarter includes the $25 million Dungeon & Dragon: Honor Among Thieves production asset impairment charge. Today, we announced the sale of our eOne Film and TV business to Lionsgate.

此外，在內容銷售（包括《PEPPA PIG》）的推動下，Family Brands 收入增長了 14%。第二季度調整後的運營虧損包括 2500 萬美元的《龍與地下城：盜賊榮耀》製作資產減值費用。今天，我們宣布將 eOne 電影和電視業務出售給獅門影業。

Overall, the business that we're selling represented approximately 85% of the revenue and just over 60% of the adjusted operating profit of the total Entertainment segment last year. Wrapping up with Hasbro, Inc., we delivered $119 million of operating cash year-to-date, which is $29 million behind last year, driven by lower receivables coming out of 2022.

總體而言，去年我們出售的業務約佔娛樂部門總收入的 85%，調整後營業利潤略高於 60%。結束與 Hasbro, Inc. 的合作後，我們今年迄今交付了 1.19 億美元的運營現金，比去年減少了 2,900 萬美元，這是由於 2022 年應收賬款減少所致。

Through June, we repaid $91 million of long-term debt and spent $112 million on capital expenditures, led by investments in Wizards of the Coast for future digital gaming releases. And we've returned $194 million of capital to our shareholders via dividends. In the quarter, we booked a 26.3% underlying tax rate, which compares to 21.6% in Q2 of last year. The higher rate is driven by our entertainment business losses and higher withholding taxes plus a shift in the geographical mix of income. Additionally, we had $4.8 million of additional interest expense due to higher interest rates. Turning to our 2023 guidance.

截至 6 月份，我們償還了 9100 萬美元的長期債務，並花費了 1.12 億美元的資本支出，其中主要是對海岸威世智未來數字遊戲版本的投資。我們還通過股息向股東返還了 1.94 億美元的資本。本季度，我們的基本稅率為 26.3%，而去年第二季度為 21.6%。較高的稅率是由我們的娛樂業務虧損和預扣稅較高以及收入地域結構的變化推動的。此外，由於利率上升，我們還有 480 萬美元的額外利息支出。轉向我們的 2023 年指導。

The outlook across the Consumer Products segment remains on track and Wizards of the co-segment is better than original expectations. For the Entertainment segment, we are updating guidance to reflect the reality of the writers and actors strikes on our eOne film and TV business.

整個消費產品部門的前景仍處於正軌，而威世智的聯合部門則好於最初的預期。對於娛樂部門，我們正在更新指南，以反映編劇和演員對我們的 eOne 電影和電視業務進行罷工的現實。

This updated guidance assumes film and TV is included for the entire fiscal year, and we will update once the close is complete. Based on this, we now expect total Hasbro Inc. revenue down 3% to 6%. As we look at the 3 primary segments, this guidance continues to assume that the CP business will be down mid-single digits, which is consistent with our initial outlook.

此更新的指導假設整個財年都包括電影和電視，我們將在結束後進行更新。基於此，我們現在預計孩之寶公司的總收入將下降 3% 至 6%。當我們審視 3 個主要細分市場時，本指引繼續假設 CP 業務將下降中個位數，這與我們最初的預期一致。

We are planning for POS trends to continue stabilizing in the back half of the year, and this coupled with stronger execution will result in modest back half revenue growth. We now expect that Wizards of the Coast will deliver high single-digit revenue growth compared to our original guidance of mid-single digits.

我們計劃 POS 趨勢在今年下半年繼續穩定，再加上更強大的執行力，將導致下半年收入適度增長。我們現在預計，與我們最初的中個位數指導相比，威世智將實現高個位數的收入增長。

We are confident in the back half releases slated for MAGIC. And digital licensing should also be supported by the continued success of MONOPOLY GO! and the upcoming release of the AAA role-playing game, Baldur's Gate 3. And finally, for entertainment, we are now expecting revenue declines of 25% to 30%, which incorporates the impact of the writers and actors strikes on production deliveries in the back half of the year.

我們對 MAGIC 的後半部分版本充滿信心。 《MONOPOLY GO!》的持續成功也應該為數字許可提供支持！以及即將發布的 AAA 角色扮演遊戲《博德之門 3》。最後，在娛樂方面，我們預計收入將下降 25% 至 30%，其中包括編劇和演員罷工對製作交付的影響。時間回到了半年。

Adjusted operating margin is now expected to be up 20 to 50 basis points versus last year's adjusted operating margin. The margin outlook for CP and Wizards of the Coast are the same or better than our previous guidance. The guidance reflects unfavorable changes in entertainment given the strikes as well as the D&D impairments. This margin guidance continues to expect $150 million of in-year cost savings driven by our operational excellence program as well as assumes that the cost to clear inventory reduces in the back half of the year.

調整後的營業利潤率目前預計將比去年調整後的營業利潤率上升 20 至 50 個基點。 CP 和威世智的利潤率前景與我們之前的指導相同或更好。該指引反映了由於罷工以及 D&D 減值而給娛樂業帶來的不利變化。該利潤指引繼續預計，在我們的卓越運營計劃的推動下，年內成本將節省 1.5 億美元，並假設清理庫存的成本在今年下半年有所下降。

Despite the headwind from the entertainment segment, we continue to expect 2023 adjusted EBITDA to be relatively flat to prior year. And based on our current forecast, we continue to expect to generate $600 million to $700 million of operating cash flow.

儘管來自娛樂領域的阻力，我們仍然預計 2023 年調整後 EBITDA 將與上年相對持平。根據我們目前的預測，我們繼續預計將產生 6 億至 7 億美元的運營現金流。

From a capital allocation standpoint, our priorities are to invest behind the business, pay down debt and return excess cash to shareholders via dividends. We expect to use the cash generated from the sale of the eOne film and TV to pay down debt, which will accelerate the reduction of our overall debt by a minimum of $400 million and advance our progress towards achieving our 2.5x long-term leverage target.

從資本配置的角度來看，我們的首要任務是投資業務、償還債務並通過股息將多餘現金返還給股東。我們預計將使用出售 eOne 影視所產生的現金來償還債務，這將加速我們的整體債務減少至少 4 億美元，並推動我們實現 2.5 倍長期槓桿目標。

In terms of earnings per share, despite adjusted EBITDA guidance remaining unchanged, the film and TV business has created additional volatility impacting below-the-line items, including interest expense and tax rate. Through the second quarter, film and TV has created an approximate $0.50 negative impact on earnings per share, and based on our updated outlook, we anticipate an additional $0.10 to $0.20 negative impact on the full year. Given this, as well as the divestiture, we are withdrawing total Hasbro, Inc. earnings per share guidance for the year, and we'll revisit reintroducing the metric once we have closed the transaction.

就每股收益而言，儘管調整後的 EBITDA 指引保持不變，但影視業務造成了額外的波動，影響了利息支出和稅率等線下項目。整個第二季度，電影和電視對每股收益產生了約 0.50 美元的負面影響，根據我們最新的展望，我們預計全年還會產生 0.10 美元至 0.20 美元的額外負面影響。鑑於此以及資產剝離，我們將撤回孩之寶公司今年的每股收益指引，一旦交易結束，我們將重新考慮重新引入該指標。

Our remaining segments are continuing to grow their EPS contribution versus original expectations and versus last year behind strong Wizards growth and cost savings momentum. I'm 3 months in at Hasbro. And every day, I am more excited about the opportunities ahead for this amazing company.

我們的其餘部門的每股收益貢獻與最初的預期相比以及與去年相比繼續增長，這得益於威世智的強勁增長和成本節約勢頭。我在孩之寶工作三個月了。每一天，我都對這家出色的公司未來的機會感到更加興奮。

We have a lot of work ahead of us to deliver the year, but we are making progress in gaining momentum with today's announcement of the sale of the eOne film and TV business being the latest milestone. And with that, I'll turn it back over to Chris to wrap up.

為了實現這一年的目標，我們還有很多工作要做，但我們正在取得進展，獲得動力，今天宣佈出售 eOne 電影和電視業務，這是最新的里程碑。至此，我將把它轉回給克里斯來總結。

Thanks, Gina. While our overall guidance is down for the year, the puts and takes are contained in the segment that we have found a better home for and a company adept a driving value. Our core business is making tangible progress.

謝謝，吉娜。雖然我們今年的總體指引有所下降，但看跌期權和看跌期權都包含在我們找到了更好的歸宿且擅長推動價值的公司的細分市場中。我們的核心業務正在取得切實進展。

And while the next 6 months will present entertainment-related headwinds, we will emerge a more focused, more profitable and more predictable business. This will enable us to continue to fund our category-leading dividend, improve our balance sheet health and drive value for our shareholders, partners and fans of all ages. We'll now pause to take questions.

儘管未來 6 個月將出現與娛樂相關的不利因素，但我們將打造更加專注、盈利能力更強且更可預測的業務。這將使我們能夠繼續為我們領先的股息提供資金，改善我們的資產負債表健康狀況，並為我們的股東、合作夥伴和各個年齡段的粉絲創造價值。我們現在暫停回答問題。

(Operator Instructions) And our first question is from the line of Andrew Uerkwitz with Jefferies.

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

Great. Good luck joining, Gina, it's great to have you onboard. The increase in guidance around [YAHTZEE], could you go through the puts and takes there? Is that driven largely by MAGIC, better expectations on Baldur's Gate, where it launches today, or MONOPOLY GO!. Can you just walk through some of the changes there?

偉大的。祝你加入好運，吉娜，很高興你加入。圍繞 [YAHTZEE] 的指導增加，您能詳細介紹一下那裡的看跌期權嗎？這主要是由《MAGIC》、對今天發布的《博德之門》或《MONOPOLY GO!》的更好期望推動的。您能簡單介紹一下其中的一些變化嗎？

Yes. Sure thing. And thanks, Andrew. At a high level, I'd say it's bullishness around MAGIC and good progress with our digital licensing portfolio. Baldur's Gate and MONOPOLY GO! included -- I'll turn it over to Gina to go through more details.

是的。當然可以。謝謝，安德魯。從較高的層面來看，我想說這是對 MAGIC 的看好以及我們數字許可產品組合的良好進展。博德之門和壟斷GO！包括——我會把它交給吉娜來了解更多細節。

Andrew, I don't know that I have additional color to add. I do think that our performance in the first part of the year overall for [YAHTZEE] in the digital segment has been on our expectation. We're seeing some good progress with Lord of the Rings.

安德魯，我不知道我還需要添加其他顏色。我確實認為我們今年上半年 [YAHTZEE] 在數字領域的整體表現符合我們的預期。我們看到《指環王》取得了一些良好的進展。

We're really excited about that launch. That came out in June. So the bulk of the revenue gain will be a pickup here in Q3. And as Chris said, the launches that we've got scheduled for the back half of the year, we're feeling really good about.

我們對這次發布感到非常興奮。那是六月出來的。因此，大部分收入增長將在第三季度回升。正如克里斯所說，我們計劃在今年下半年推出，我們感覺非常好。

Yes. I should note that Lord of the Rings is a -- it's not a standard set. We think it's more of an evergreen set that will have a longer tail. And our in year expectation is that within 7 months of it releasing, it will be the #1 set of all time for MAGIC.

是的。我應該指出，《指環王》不是一個標準系列。我們認為它更像是一個常青樹，會有更長的尾巴。我們的年度預期是，在發行後的 7 個月內，它將成為 MAGIC 有史以來排名第一的套裝。

It should cross $200 million before the end of the calendar year. The last set that did that was Modern Horizons 2, and it took about 2 years for it to do that.

到今年年底，它應該會突破 2 億美元。上一部做到這一點的是《摩登新篇 2》，它花了大約兩年的時間才做到這一點。

Got it. That's super helpful and great color. I appreciate it. Just kind of thinking about the digital strategy going forward that sits within Wizards of the Coast. Could you just give us an update on your thoughts there, eOne is gone now. We can kind of start focusing on the video games and segments. You have some internal studios. So could you just kind of give us an update on where everything stands and what the primary drivers going to be there 1 year out, 3 years out, maybe?

知道了。這非常有用，而且顏色很棒。我很感激。只是想一下威世智未來的數字戰略。您能否告訴我們您的最新想法，eOne 現在已經消失了。我們可以開始關注視頻遊戲和細分市場。你們有一些內部工作室。那麼您能否向我們介紹一下一切的最新情況以及一年後、三年後的主要驅動因素是什麼？

Yes. At a high level, I'd say it's a balanced strategy between working with licensed partners, which is very high profit for us, and we've been fortunate to have some fantastic partners like Scopely and Larian who we think are making knock it out of the park games and then patiently investing on a milestone basis with our own internal studio development and publishing capability development.

是的。從高水平來看，我想說這是與授權合作夥伴合作之間的平衡策略，這對我們來說是非常高的利潤，而且我們很幸運能擁有像Scopely 和Larian 這樣的出色合作夥伴，我們認為他們正在取得成功公園遊戲，然後耐心地在我們自己的內部工作室開發和發行能力開發方面進行里程碑式的投資。

When you look at a game like Baldur's Gate 3, I view that as a block -- the equivalent of a blockbuster movie release. Just to put it in perspective, we think Baldur's Gate 3 has the potential to be a game-of-the-year contender. It will engage millions of highly targeted fans and be highly accretive to the D&D brand. And just to kind of put it in a financial perspective, we will likely make more money on Baldur's Gate 3 than we have made on all of our film licensing for the last 5 to 10 years, combined.

當你看到像《博德之門 3》這樣的遊戲時，我將其視為一個區塊——相當於一部大片的發行。客觀來說，我們認為《博德之門 3》有潛力成為年度遊戲的有力競爭者。它將吸引數以百萬計的目標明確的粉絲，並對 D&D 品牌產生巨大的增值作用。從財務角度來看，我們在《博德之門 3》上賺到的錢可能比我們過去 5 到 10 年所有電影授權賺到的錢還要多。

So it's not only a great brand win, it's a great financial win for us. And I think it's a heavy focus of the company moving forward. We purposely stated in this release that we're a leading toy and game company. We are squarely focused on that. And I would say the emphasis is on the gaming part of that.

因此，這不僅是一次偉大的品牌勝利，對我們來說也是一次巨大的財務勝利。我認為這是公司前進的重點。我們在本新聞稿中特意聲明我們是一家領先的玩具和遊戲公司。我們非常關注這一點。我想說重點是遊戲部分。

Our next question is from the line of Arpine Kocharian with UBS.

我們的下一個問題來自瑞銀集團的 Arpine Kocharian。

I was wondering if you could help us bridge margin guidance down about 25 basis points at midpoint. But then what you want to be up is actually up and what you want to be down is actually down. You have high-margin gaming revenue outlook up, but lower margin Entertainment segment revenue actually lower.

我想知道您是否可以幫助我們將利潤率指引下調約 25 個基點。但你想要向上的實際上是向上的，你想要向下的實際上是向下的。你有高利潤率的遊戲收入前景，但利潤率較低的娛樂部門收入實際上較低。

And I know you mentioned margin for Wizard is actually unchanged or better. And then incremental headwind from impairment charges, I guess. Is there anything else that you would point out in bridging that?

我知道你提到嚮導的利潤率實際上沒有變化或更好。我猜，然後是來自減值費用的增量阻力。為了彌補這一點，您還有什麼要指出的嗎？

This is Gina. No, I think you've got it square on. Our margin guide down. We were a little bit more bullish starting the year at 30 to 60 bps and now we're saying 20 to 50. And that is really all about the impairment that we took within D&D and what is happening within the film and TV segment itself or the broader entertainment itself.

這是吉娜。不，我想你已經明白了。我們的保證金指引下調。我們從今年開始的時候更加樂觀，為 30 到 60 個基點，現在我們說是 20 到 50 個基點。這實際上是我們在 D&D 中受到的損害以及電影和電視領域本身或更廣泛的娛樂本身。

When we look at our core business, our toys business, our games business, that margin profile is healthy and actually a little bit better than what we expected it to be. We're seeing some nice momentum in our cost savings initiatives. And you can see that in the margin bridges that we provided, you can see that starting to pull through the P&L, and that really starts to accelerate as we look to the back half of the year.

當我們審視我們的核心業務、玩具業務、遊戲業務時，我們的利潤狀況是健康的，實際上比我們的預期要好一些。我們在成本節約計劃中看到了一些良好的勢頭。您可以看到，在我們提供的保證金橋樑中，您可以看到開始突破損益表，並且當我們展望今年下半年時，這確實開始加速。

So the call on the margin, all about entertainment, all about what happened with the D&D impairment and our core businesses that we are keeping are doing quite well.

因此，關於邊際的呼籲，都是關於娛樂，都是關於 D&D 減值所發生的事情，以及我們保留的核心業務做得很好。

That's very helpful. And I know you aren't giving EPS guidance at this point, but you mentioned $0.50 of TV and film from EPS headwind and then additional $0.10 to $0.20 of headwind. Could you maybe go over a high level -- just basic math, I'm calculating close to no more than $0.25 in operating profit that you're giving up with this sale and then that's obviously partially offset by run rate interest expense cost savings down the road. Maybe if you could kind of point out whether that thinking is correct, high level? And then if you could break down that $0.50 a little bit more?

這非常有幫助。我知道您目前沒有給出 EPS 指導，但您提到了 EPS 逆風帶來的 0.50 美元的電視和電影影響，以及額外的 0.10 美元到 0.20 美元的逆風。你能不能再高一點——只是基本的數學，我計算出你在這次銷售中放棄的營業利潤接近不超過 0.25 美元，然後這顯然被運行利率利息支出成本節省所部分抵消馬路。也許你能指出這種想法是否正確、是否高水平？那麼您能否再細分一下 0.50 美元呢？

Sure. I will try my best to answer that math question. So when you -- our guidance that we originally had given was [4.45] to [4.55] and what we communicated was at 2 dates. So through the first 6 months, we've had a $0.50 headwind by the entertainment segment.

當然。我會盡力回答這個數學問題。因此，當您 - 我們最初給出的指導是 [4.45] 到 [4.55]，而我們傳達的內容是在 2 個日期。因此，在前 6 個月裡，娛樂領域給我們帶來了 0.50 美元的阻力。

And what we anticipate in the back half of the year is that's going to be another $0.20. So all in our earnings per share guidance, if we're continuing to give guidance, would come down by $0.70, all in the film and TV, all in the Entertainment segment. Again, our core business, toy and game and the digital part of our business, that is actually performing ahead of expectation. There are some puts and takes within tax and interest expense, so that kind of nets against that, but the call down in earnings per share, all in entertainment.

我們預計今年下半年將再上漲 0.20 美元。因此，如果我們繼續提供指導，我們的每股收益指導將下降 0.70 美元，全部來自電影和電視，全部來自娛樂部門。同樣，我們的核心業務，玩具和遊戲以及我們業務的數字部分，實際上表現超出了預期。稅收和利息支出中有一些看跌期權和看跌期權，因此可以抵消這一點，但每股收益的下降，全部都在娛樂方面。

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

我們的下一個問題來自晨星公司的 Jaime Katz。

I know you guys are not really guiding on the sale of eOne, but I'm hoping that you can frame the size of what will be left after the assets are sold? Will it be 10% of the entertainment business. And then with that sale, is there any reason that cost of goods sold and program production costs wouldn't go back closer to 2019 levels just as we think through sort of the math of how that segment has impacted the overall P&L?

我知道你們並沒有真正指導 eOne 的出售，但我希望你們能夠規劃一下資產出售後剩下的規模？會是娛樂業的10%嗎？然後，隨著這次銷售，是否有任何理由導致銷售成本和節目製作成本不會回到接近 2019 年的水平，就像我們通過數學思考該細分市場如何影響整體損益一樣？

Sure, Jaime. In the slide deck that we provided, we put a chart in there to try to dimensionalize the total Entertainment segment and then the piece of the business that is being divested.

當然，海梅。在我們提供的幻燈片中，我們放了一個圖表，試圖對整個娛樂部門以及正在剝離的業務進行維度化。

So about 85% of the segment is going to sale in terms of its revenue and the balance of 15% is staying with us, and it will be embedded in the new kind of view of entertainment of we're approaching moving forward. In terms of how to think about production costs, I'd have to go back to where we were in 2019 to see it precisely, if we're up down or sideways from that.

因此，就收入而言，該細分市場的大約 85% 將被出售，其餘 15% 則留在我們手中，它將嵌入到我們正在邁向前進的新型娛樂觀中。在如何考慮生產成本方面，我必須回到 2019 年的情況才能準確地看到它，無論我們是上升還是下降。

But -- yes, you can assume the eOne business was spending $500 million, $600 million in production dollars that, that will -- we will not be -- they will not be spending that or we will not be spending that amount of money moving forward.

但是 - 是的，你可以假設 eOne 業務花費了 5 億美元、6 億美元的生產資金，那將 - 我們不會 - 他們不會花那麼多錢，或者我們不會花那麼多錢搬家向前。

Will be up versus 2019, simply because we continue to invest in some coproductions with Paramount, like we're doing with TRANSFORMERS 1, which is a new animated film that will come out next year. And then we're also doing production for things like a D&D TV series. Now that is a cost-plus model that Paramount is fully funding. So we get the production margin from that plus like a licensing fee for being an IP owner on something like that.

與2019 年相比將會有所上升，僅僅是因為我們繼續投資與派拉蒙的一些合拍片，就像我們對《變形金剛1》所做的那樣，這是一部將於明年上映的新動畫電影。然後我們還製作《龍與地下城》電視劇等作品。現在，這是派拉蒙全額資助的成本加成模式。因此，我們從中獲得了生產利潤，再加上作為此類知識產權所有者的許可費。

And then also, we're retaining the eOne family brands portion of the purchase, which is a big value portion of the purchase with big brands like PEPPA PIG. So that's incremental to 2019 as well. But as Gina states, it's far lower than the run rate we've been on for the last several years.

此外，我們還保留了購買中的 eOne 家族品牌部分，這是 PEPPA PIG 等大品牌購買中很有價值的部分。所以這也是 2019 年的增量。但正如吉娜所說，它遠遠低於我們過去幾年的運行率。

Right. And then I think there was some prepared remarks that said there was momentum with key retailers. So any further color on that would be helpful.

正確的。然後我認為有一些準備好的言論表明主要零售商有動力。所以任何進一步的顏色都會有幫助。

Yes. We won't name them by name. But certainly, it's nice to have clean inventories and inventories reduced. If you look at like our top 3 or 4 retailers, I feel pretty good about where we're going with them. Some of them are taking still a pretty aggressive stance on inventory management. And so we're working with them. but others are really leaning in and seeing an opportunity to build share and have great kind of on-shelf availability.

是的。我們不會直呼其名。但當然，清理庫存和減少庫存是件好事。如果你看看我們排名前三或四的零售商，我對我們與他們合作的方向感到非常滿意。他們中的一些人在庫存管理方面仍然採取相當積極的立場。所以我們正在與他們合作。但其他人確實在關注並看到了建立份額並擁有良好貨架可用性的機會。

So -- and e-commerce continues to gallop forward and consume share in the category. We just had a great Amazon Prime Day, we have had really good discussions with our major retailers around top toys for the holiday. So I'm cautiously optimistic that you're going to see Hasbro gained share in terms of what our key retailers announced, and we're already starting to talk to them about 2024 and 2025.

因此，電子商務繼續向前發展並消耗該類別的份額。我們剛剛度過了一個很棒的亞馬遜 Prime Day，我們與我們的主要零售商圍繞假期的頂級玩具進行了非常好的討論。因此，我對您將看到孩之寶在我們的主要零售商宣布的產品方面獲得份額持謹慎樂觀態度，並且我們已經開始與他們討論 2024 年和 2025 年的情況。

And with our new management team, I think we've tightened up the innovation muscle quite a bit, and we'll have some momentum going into that year, particularly as we see what folks like Tim Kilpin, who's our new leader of our toy team, has up the sleeve in terms of new product innovation.

在我們新的管理團隊的帶領下，我認為我們已經大大增強了創新能力，進入這一年我們將會有一些動力，特別是當我們看到蒂姆·基爾平（Tim Kilpin）這樣的人，他是我們玩具的新領導者時團隊在新產品創新方面處於領先地位。

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

我們的下一個問題來自 Eric Handler 和 ROTH MKM。

I believe you said that Hasbro Pulse POS was up 54%, and I wonder if you could talk a little bit about that business and size it and talk about some of the growth plans for that?

我相信您說過 Hasbro Pulse POS 增長了 54%，我想知道您是否可以談談該業務及其規模，並談談該業務的一些增長計劃？

Yes, sure. Eric, nice to talk. So Hasbro Pulse, as we talked about back in October at our Investor Day, direct-to-consumer is important to us. It's a great way for us to learn from our consumers, see how they shop, see what they want.

是的，當然。埃里克，很高興說話。因此，正如我們在 10 月份的投資者日所討論的那樣，Hasbro Pulse 直接面向消費者對我們來說很重要。這是我們向消費者學習、了解他們如何購物、了解他們想要什麼的好方法。

And our initial efforts are very focused on kind of like that dedicated sand segment, both what we do for secret layer with what we do at Wizards of the Coast, what we do with kind of the D&D fan with D&D Beyond in terms of digital goods. And then Hasbro Pulse is more about kind of like that fan economy segment. And that's performed super well.

我們最初的努力非常集中在專用的沙子部分，無論是我們在威世智中為秘密層所做的事情，還是我們在數字商品方面與 D&D Beyond 的 D&D 粉絲所做的事情。 Hasbro Pulse 更像是粉絲經濟領域。這表現得非常好。

It's a great partnership with our Disney business. There's a lot of Star Wars that goes through there. There's a lot of Marvel. There's a lot of super high-end transformers and Hasbro-owned items, like the Robosen auto transforming Optimus Prime that we released last year and an auto transforming Grimlock that we just recently announced and a great opportunity for us to sell high-end items.

這是與我們迪士尼業務的良好合作夥伴關係。很多星球大戰都在那裡經過。漫威有很多。這裡有很多超高端變形金剛和孩之寶擁有的產品，比如我們去年發布的Robosen 自動變形擎天柱和我們最近剛剛發布的自動變形鋼鎖，這對我們來說是銷售高端產品的絕佳機會。

I would scope the business right now in the kind of the $100 million to $200 million range. I think we see significant upside for that, call it, potentially a TAM or a TAM opportunity for double maybe 2.5x that over the next couple of years. And as we start to build critical mass and capabilities in that segment, I think you'll also see us evolve our perspective on what we could do there.

我現在的業務範圍是 1 億至 2 億美元。我認為我們看到了巨大的上升空間，可以稱之為 TAM 或 TAM 機會，在未來幾年內可能翻倍，甚至 2.5 倍。當我們開始在該領域建立臨界質量和能力時，我認為您也會看到我們對我們可以在那裡做什麼的看法不斷發展。

We'll start with fan focus, and then we'll evolve that and hopefully start going out in concentric circles over time, respecting the fact that we have a lot of great third-party retail relationships, and making sure that we model kind of the mix of products appropriately.

我們將從粉絲關注開始，然後我們將不斷發展這一點，並希望隨著時間的推移開始以同心圓的方式走出去，尊重我們擁有許多良好的第三方零售關係這一事實，並確保我們的模型是適當地組合產品。

Great. That's helpful. And also, wonder if you could just talk about retailer sentiment as you go, as orders start coming in for a holiday season and how do you think retailers are feeling right now as they think about the last 1.5 months of the year?

偉大的。這很有幫助。另外，想知道您是否可以隨手談談零售商的情緒，因為假日季節的訂單開始增多，您認為零售商在考慮今年最後 1.5 個月時現在的感受如何？

Well, I think it depends on the retailer. We have a couple of retailers who are really leaning in and see a share building opportunity. We have a retailer or 2 who are taking a cautious view towards consumer discretionary as a whole and aggressively managing their inventory.

嗯，我認為這取決於零售商。我們有幾家零售商真正願意投入並看到了共享建設的機會。我們有一兩家零售商對整個非必需消費品持謹慎態度，並積極管理庫存。

And I think a little bit of an over-under on our guidance moving forward and why we're not raising our guidance in consumer products, is just making sure that we understand where those retailers are ultimately going to position. I definitely think Q4 is going to be a more traditional Q4 kind of a 2018, 2019, it's going to be very end of the quarter focused.

我認為我們對未來的指導方針有點過分，以及為什麼我們不提高對消費品的指導方針，只是為了確保我們了解這些零售商最終的定位。我絕對認為第四季度將是更傳統的 2018 年、2019 年第四季度，它將重點關注季度末。

I think Black Friday is going to be important. I think the lead-up and the drumbeat into Christmas is going to be important. And then also, I think array of bullishness that we have in the quarter is we have basically an extra couple of days of shopping prior to Christmas. And then for our fiscal year, we have an extra week because we ended our fiscal year last year, I think, on December 26.

我認為黑色星期五將會很重要。我認為聖誕節的準備和鼓聲非常重要。另外，我認為本季度我們的一系列樂觀情緒是，我們在聖誕節前基本上有額外幾天的購物時間。然後對於我們的財政年度，我們有額外的一周時間，因為我們去年的財政年度結束了，我想是在 12 月 26 日。

So we have a full extra week of potential shopping, which is probably about $60 million to $70 million of incremental POS.

因此，我們還有整整一周的潛在購物時間，這可能會增加 POS 約 6000 萬至 7000 萬美元。

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

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

I just wanted to come back to Wizards. And if we think back to the Investor Day last fall, and I totally recognize a lot has changed, but it felt like D&D was a big piece of the plan to double the Wizards business.

我只是想回到奇才隊。如果我們回想去年秋天的投資者日，我完全認識到發生了很多變化，但感覺 D&D 是奇才隊業務翻倍計劃的重要組成部分。

And if we just think about the film impairment and the softer box office, does that put those targets at risk? Or is there enough traction and momentum in some other areas to offset that?

如果我們只考慮電影減值和票房疲軟，這是否會使這些目標面臨風險？或者其他一些領域是否有足夠的牽引力和動力來抵消這一影響？

No. I mean -- Fred, I would say the underlying thesis of our D&D business was all about digital. To me, entertainment is a kicker. It helps to enable broader audiences exposure to what's traditionally a mid-core to hardcore gaming brand.

不，我的意思是——弗雷德，我想說我們 D&D 業務的基本主題都是關於數字化的。對我來說，娛樂是一種樂趣。它有助於讓更廣泛的受眾接觸到傳統的中核到硬核遊戲品牌。

And what digital allows us to do is to kind of take that tabletop role-playing game TAM that we have in the world, which is probably about 80 million people who participate in those hobbies and frequent that kind of channel and take our brand like D&D to 800 million people who play role playing games. And so I think Baldur's Gate 3 is just the first of several new digital initiatives you're going to see from us that spanned how we can try to transform tabletop role playing gaming to an even richer kind of theater-of-the-mind experience to more traditional video games from us and partners like Larian.

數字化讓我們能夠做的就是採用我們在世界上擁有的桌面角色扮演遊戲 TAM，大約有 8000 萬人參與這些愛好並經常訪問此類渠道，並像《D&D》一樣採用我們的品牌8 億玩角色扮演遊戲的人。因此，我認為《博德之門 3》只是我們將推出的多項新數字舉措中的第一個，這些舉措涵蓋了我們如何嘗試將桌面角色扮演遊戲轉變為更豐富的心靈劇場體驗我們和Larian等合作夥伴提供的更傳統的視頻遊戲。

Makes sense. And then on the supply chain side, it feels like you guys have really emphasized that for the past few quarters. I'm wondering if you could just frame sort of where you see the supply chain today versus where you think it could be and then maybe what that ultimately means for the consumer product margin over the next few years?

說得通。然後在供應鏈方面，感覺你們在過去幾個季度確實強調了這一點。我想知道您是否可以框架一下您現在看到的供應鏈與您認為可能的供應鏈的位置，然後這對未來幾年的消費品利潤率最終意味著什麼？

I would say we are making really good progress within the supply chain. And I know that the company has talked about that in previous quarters. This quarter, especially, you can see the benefits starting to flow through within logistics.

我想說，我們在供應鏈方面取得了非常好的進展。我知道該公司在前幾個季度已經討論過這一點。尤其是在本季度，您可以看到效益開始在物流內部流動。

So a lot of the focus from the team has been around our logistic network, how we're planning for inventory, how we're -- kind of our order patterns working with our retailers all around inventory and in order management, and you can start to see that really play through the cost savings. We expect that to continue to accelerate as we move into the back half of the year. The overall logistics environment is continuing to moderate, so that will help us as well.

因此，團隊的大部分注意力都集中在我們的物流網絡、我們如何規劃庫存、我們如何與我們的零售商在庫存和訂單管理方面合作的訂單模式，您可以開始看到真正發揮了成本節約作用。我們預計，隨著進入今年下半年，這一趨勢將繼續加速。整體物流環境持續溫和，這對我們也有幫助。

So not only do we have a lot of efforts underway in that space, but the overall environment is much more calm than it has been compared to the previous few years. I think our focus moving forward will be there as well as working with all of our partners and getting a little bit closer to the operation with all of our manufacturers that will provide another opportunity for us, more so in 2024 than in 2023.

所以我們不僅在這個領域做了很多努力，而且整體環境比前幾年平靜得多。我認為我們前進的重點將是與所有合作夥伴合作，並進一步接近與所有製造商的運營，這將為我們提供另一個機會，2024 年比 2023 年更是如此。

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

我們的下一個問題來自美國銀行的 Jason Haas。

I just want to follow up on some of the numbers that were given earlier in the year regarding some of the headwinds you are facing for the Consumer Products business. So I recall the expectation or I think at the beginning of the year, you had said that there was $135 million of excess retail inventory. So I was curious, apologies if I missed it, but how much of that have you worked through so far this year?

我只想跟進今年早些時候給出的一些數據，這些數據涉及您在消費品業務中面臨的一些不利因素。所以我記得年初的預期，或者我認為，您曾說過零售庫存有 1.35 億美元的過剩。所以我很好奇，如果我錯過了，我很抱歉，但今年到目前為止你已經完成了多少工作？

Yes. So I don't have a specific number to quantify the $135 million, but our retailer inventory is down 16% year-over-year. I think we feel like our retailer inventory is at a pretty productive level. I would say that through the balance of the year, our retail inventory will end the year down, but probably not 16% down.

是的。所以我沒有具體的數字來量化這 1.35 億美元，但我們的零售商庫存同比下降了 16%。我認為我們感覺我們的零售商庫存處於相當高效的水平。我想說，在今年餘下的時間裡，我們的零售庫存將在年底下降，但可能不會下降 16%。

Our own inventory, we still are a little bit elevated versus what we would typically be, but we are down quite a bit versus 2021, about 24% or so.

我們自己的庫存與通常情況相比仍然略高，但與 2021 年相比下降了不少，約為 24% 左右。

And I think we'll end the year at around that level, both for consumer products and for Wizards of the Coast. And that will get us to something that's more consistent to like what we ended in 2021 and within range of a more traditional level.

我認為，無論是消費產品還是威世智，今年年底我們都會保持在這個水平附近。這將使我們的目標與 2021 年的目標更加一致，並且處於更傳統水平的範圍內。

Got it. That's helpful. Another figure, I think it was tied to that, but it was -- you had said that there's $300 million of headwinds. I think it was from exited licenses, FX and then also that inventory. And the expectation was about -- you'd see about 60% of that headwind in the first half. So I was curious if that, so far, has materialized as you had expected?

知道了。這很有幫助。另一個數字，我認為它與此相關，但它是——你說過有 3 億美元的阻力。我認為這是來自已退出的許可證、外匯以及庫存。人們的預期是——你會在上半場看到大約 60% 的逆風。所以我很好奇，到目前為止，這是否如您所預期的那樣實現了？

Yes. If you look at our POS for the first half of the year, we are down high single digits in POS. But when you take out those exited licenses, we're down low single digits. And as we get into the back half of the year, the impact of those licenses lessen because we were -- our sell-in was a little heavier as a percentage in the front half of the year. And as we were getting ready to kind of exit them, and our retailers were kind of taking their inventory positions down to prepare for other master toy licenses to enter, it just makes sense that way.

是的。如果你看看我們今年上半年的 POS，就會發現我們的 POS 下降了高個位數。但是，當您取出那些已退出的許可證時，我們的收入就下降了個位數。當我們進入今年下半年時，這些許可證的影響就會減弱，因為我們的銷售量在今年上半年所佔的百分比有所增加。當我們準備退出它們時，我們的零售商也在減少庫存，為其他主要玩具許可證的進入做好準備，這樣就有意義了。

And Jason, just to add some color on the actual number, I would say of that $300 million, we're about halfway through that with the balance to come in the back half.

Jason，只是為了給實際數字添加一些色彩，我想說的是，3 億美元，我們大約已經完成了一半，餘額將在後半部分。

Our next question is from the line of Stephen Laszczyk with Goldman Sachs.

我們的下一個問題來自高盛的 Stephen Laszczyk。

Maybe Gina, with this being your first earnings call since getting settled in, I was wondering if you could maybe talk a little bit more about your framework for thinking your leveraging capital allocation on the go forward, especially with eOne -- the sale of eOne now behind us? In particular, I'd be curious if you see any incremental opportunities on the investment or capital returns front over the next few years.

也許吉娜，這是你安頓下來後的第一次財報電話會議，我想知道你是否可以多談談你的框架，以思考你在未來利用資本配置，尤其是 eOne——eOne 的出售現在在我們身後？特別是，我很好奇您是否在未來幾年內看到投資或資本回報方面的任何增量機會。

Sure, Stephen. Yes, the sale of eOne absolutely helps us in terms of getting down to our leverage target. So we will use the majority of the proceeds from that sale to pay down our floating rate debt and start getting our balance sheet in a healthier position.

當然，斯蒂芬。是的，eOne 的出售絕對有助於我們實現槓桿目標。因此，我們將使用此次出售的大部分收益來償還我們的浮動利率債務，並開始使我們的資產負債表處於更健康的狀態。

As we move forward, as we think about capital allocation, first and foremost, our priority is to invest back into the business. Our second priority is then to keep cleaning up that balance sheet and getting that leverage ratio down. And then the third piece is to continue getting money back to our shareholders.

隨著我們前進，當我們考慮資本配置時，首先也是最重要的是，我們的首要任務是重新投資於業務。我們的第二要務是繼續清理資產負債表並降低杠桿率。第三件事是繼續向股東返還資金。

Our primary vehicle has been dividends. We paid out dividends through the first part of the year. We expect to continue paying out dividends in the back half of the year. As we turn the corner in '24 and beyond, I think we will most likely add share repurchases back into the mix of capital allocation. But for now, in the near term here, our first 3 levers are invest, pay down debt, and then get back money via dividend.

我們的主要工具是股息。我們在今年上半年支付了股息。我們預計下半年將繼續派發股息。當我們在 24 年及以後渡過難關時，我認為我們很可能會將股票回購重新納入資本配置組合中。但就目前而言，在短期內，我們的前三個槓桿是投資、償還債務，然後通過股息收回資金。

Got it. And then for Chris, I'm not sure if you've given this metric before, but since you mentioned it around Baldur's Gate, I was wondering if you could remind us how much money you've made in film licensing over the last 5 or 10 years? Any approximate sizing would be helpful.

知道了。然後克里斯，我不確定你以前是否給出過這個指標，但自從你在博德之門周圍提到過它之後，我想知道你是否可以提醒我們你在過去5 年裡在電影授權方面賺了多少錢還是10年？任何近似的尺寸都會有幫助。

We would have to get back to you, Steve, and I don't have that off the top of my head. It's not tremendous.

我們必須回复你，史蒂夫，而我並沒有想到這一點。這並不巨大。

At this time, we have reached the end of the question-and-answer session. And I'll turn the call back over to Kristen Levy for closing remarks.

此時，我們的問答環節已經結束了。我將把電話轉回給克里斯汀·利維（Kristen Levy）做結束語。

Thank you for joining the call today. The replay will be available on our website in approximately 2 hours. Additionally, management's prepared remarks will be posted on our website following this call. Hasbro management will be participating in the Goldman Sachs Communacopia and Technology Conference on September 6. Hope to see you there.

感謝您今天加入通話。重播將在大約 2 小時後在我們的網站上提供。此外，管理層準備好的評論將在本次電話會議後發佈在我們的網站上。孩之寶管理層將於 9 月 6 日參加高盛 Communacopia 和技術會議。希望在那裡見到您。

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

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。