孩之寶 (HAS) 2023 Q4 法說會逐字稿

Good morning, and welcome to the Hasbro Fourth Quarter and Full Year 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 [Karan Kapoor,] Senior Vice President of Investor Relations. Please go ahead.

早安，歡迎參加孩之寶 2023 年第四季和全年財報電話會議。 （操作員指示）今天的會議正在錄音。如果您有任何異議，您可以此時斷開連接。此時，我想將電話轉給投資人關係資深副總裁 [Karan Kapoor]。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. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures.

謝謝大家，大家早安。今天加入我的是孩之寶執行長 Chris Cocks；以及孩之寶財務長 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簡報投影片已發佈在我們的投資者網站上。新聞稿和簡報包括有關非公認會計原則調整和非公認會計原則財務措施的資訊。

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. 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.

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。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。

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.

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。

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?

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, [Karan] and good morning, everyone. For more than a year now, you've heard me outline Hasbro's strategy to refocus on play behind the philosophy of fewer, bigger, better. Fewer SKUs that drive higher impact, bigger investment behind winning brands and more focused categories and better innovation, driven by a renewed leadership team and a focus on kids, parents and fans, our consumers, the lifeblood of Hasbro.

謝謝，[卡蘭]，大家早安。一年多來，您已經聽到我概述了孩之寶的策略，即重新專注於遊戲背後的更少、更大、更好的理念。在更新的領導團隊以及對兒童、家長和粉絲、我們的消費者（孩之寶的命脈）的關注的推動下，更少的SKU 可以帶來更高的影響力、更大的獲勝品牌背後的投資、更專注的品類和更好的創新。

We laid out a blueprint for a more focused and profitable company with a number of growth initiatives built on a diverse portfolio of some of the most iconic brands in the toy and game industry. While business transformations take time, I'm pleased with how much we accomplished in 2023. Setting the table for a 2024 punctuated by strong profit growth and momentum in renewing Hasbro's innovation engine.

我們為一家更專注和盈利的公司製定了藍圖，在玩具和遊戲行業一些最具標誌性品牌的多元化投資組合基礎上實施了一系列增長舉措。雖然業務轉型需要時間，但我對我們在 2023 年的成就感到滿意。為 2024 年做好準備，強勁的利潤成長和更新孩之寶創新引擎的動力。

We're entering 2024 with a healthier balance sheet. A leaner cost structure and an operational rigor that will maintain and build on these improvements in the quarters ahead. In 2023, we took substantial action to bolster our balance sheet. At the end of the year, we closed our deal with Lionsgate on eOne Film and TV, allowing us to focus our investments on higher return, play-focused initiatives, across toys, games and digital.

進入 2024 年，我們的資產負債表將更加健康。更精簡的成本結構和嚴格的營運將在未來幾季維持和發展這些改進。 2023 年，我們採取了實質行動來改善我們的資產負債表。去年年底，我們與獅門影業就 eOne 電影和電視項目達成了協議，使我們能夠將投資重點放在玩具、遊戲和數位領域的更高回報、以遊戲為中心的舉措上。

Proceeds from the deal allowed us to reduce our debt by approximately $400 million. As we shift our entertainment strategy to an asset-light and partner-led model, we took a $1 billion impairment. A noncash item in Q4, which reflects the sale of eOne and a change in outlook for the balance of our owned and operated production efforts. This shift frees up more capital for us to reinvest in toys, games and particularly our digital future. Between hard work from our sales and operations teams and some of the financial actions we took at the end of the quarter, we entered 2024 with inventories down over 50% year-over-year which is well below 2019 levels.

這筆交易的收益使我們能夠減少約 4 億美元的債務。當我們將娛樂策略轉向輕資產和合作夥伴主導的模式時，我們損失了 10 億美元。第四季度的非現金項目，反映了 eOne 的出售以及我們擁有和經營的生產工作平衡前景的變化。這一轉變為我們釋放了更多資金，用於對玩具、遊戲，特別是我們的數位未來進行再投資。在我們的銷售和營運團隊的努力工作以及我們在本季末採取的一些財務行動的幫助下，進入 2024 年，我們的庫存同比下降了 50% 以上，遠低於 2019 年的水平。

We also took steps to improve our structural profitability, exiting a number of low or negative profit businesses that we have shifted to a licensed out model. Finally, we are driving better-than-expected cost savings through our operational excellence work, unlocking crucial investment capacity as we seek to connect with fans of all ages and across all play patterns.

我們也採取措施提高結構性獲利能力，退出了一些低利潤或負利潤的業務，並將其轉向特許經營模式。最後，我們透過卓越營運工作推動了超預期的成本節約，釋放了關鍵的投資能力，因為我們尋求與所有年齡層和所有遊戲模式的粉絲建立聯繫。

Previously, we communicated $350 million to $400 million in annual run rate savings. We're updating our target to $750 million of gross savings by the end of 2025 with half of it dropping to the bottom line. This allows us to reinvest in our business, meaningfully improve our cash flows and return cash to our shareholders, which we are committed to continuing through our category-leading dividend.

先前，我們表示每年可節省 3.5 億至 4 億美元的運作率。我們將目標更新為 2025 年底總節省 7.5 億美元，其中一半降至底線。這使我們能夠對我們的業務進行再投資，有意義地改善我們的現金流並向股東返還現金，我們致力於透過我們領先的股息來繼續實現這一目標。

Since I became CEO in 2022, Hasbro has returned almost $1 billion to shareholders and paid down over $0.5 billion in debt. While 2023 was challenging, and we still expect the toy industry to face near-term headwinds, we believe we're taking the necessary steps to turn around our consumer products business. Wizards and Digital Gaming is coming off a banner year, led by MAGIC's Universes Beyond, the success of Baldur's Gate 3 from our partners of Larian and MONOPOLY GO! From Scopely.

自我於 2022 年擔任執行長以來，孩之寶已向股東返還近 10 億美元，並償還了超過 5 億美元的債務。儘管 2023 年充滿挑戰，我們仍然預期玩具產業近期將面臨阻力，但我們相信我們正在採取必要措施來扭轉我們的消費品業務。在 MAGIC 的 Universes Beyond 的帶領下，威世智和數位遊戲迎來了輝煌的一年，我們的合作夥伴 Larian 和 MONOPOLY GO 帶來了《博德之門 3》的成功！來自斯科普利。

2024 is about returning consumer products to profitability, investing for long-term momentum in games and driving significant improvements in Hasbro's bottom line fueled by operational discipline and renewed product innovation. In short, we're putting all the right pieces together to keep investing in our growth initiatives while expanding the ways our franchises reach bands through digital games. We expect the next year we'll likely see continued headwinds in the toy category. We're exiting 2023 with our retail inventory down around 20%. While we think Hasbro's retail inventory is in a healthy position across the industry, a lot of older discounted inventory still remains in the market.

2024 年的目標是使消費產品恢復盈利，投資遊戲的長期動力，並在營運紀律和新產品創新的推動下，推動孩之寶利潤的顯著改善。簡而言之，我們正在整合所有正確的部分，繼續投資於我們的成長計劃，同時擴大我們的特許經營權透過數位遊戲接觸樂團的方式。我們預計明年玩具類別可能會持續面臨阻力。到 2023 年，我們的零售庫存將下降約 20%。雖然我們認為孩之寶的零售庫存在整個行業中處於健康的地位，但市場上仍然保留著許多舊的折扣庫存。

The consumer remains value conscious and we anticipate entertainment will be less of a tailwind in the year ahead behind a reduced box office slate. Anticipating these headwinds, we made necessary choices to get our cost structure and inventory positions healthy. Accelerating a number of cost savings initiatives by several quarters. Since I became CEO, we have significantly enhanced our consumer insights capabilities and upgraded our design and toy leadership.

消費者仍然具有價值意識，我們預計，在票房收入減少的情況下，未來一年娛樂業的推動作用將會減弱。預見到這些不利因素，我們做出了必要的選擇，以保持我們的成本結構和庫存狀況健康。將多項成本節約措施加快幾季。自從我擔任執行長以來，我們顯著增強了消費者洞察能力，並提升了我們的設計和玩具領導力。

In 2024, we'll see more and more of the resulting innovation improvements as these capability upgrades come to market across our portfolio. As such, we believe we're in a good position to at least pace the industry this year with innovation and share trends accelerating to ahead of market as we head into 2025. Turning around the product pipeline is key with the right people and the right insights. At the end of the day, it's all about great product. In the back half of 2023, we started to see the first evidence of our new team and products working. Take FURBY, for example. This was a product we took our time testing and iterating based on consumer insights.

到 2024 年，隨著這些功能升級在我們的產品組合中推向市場，我們將看到越來越多由此產生的創新改進。因此，我們相信，隨著我們進入 2025 年，我們至少能夠在今年引領產業發展，創新和分享趨勢將加速領先市場。扭轉產品線的關鍵是擁有合適的人才和合適的人才見解。歸根結底，一切都與優秀的產品有關。 2023 年下半年，我們開始看到新團隊和產品發揮作用的第一個證據。以菲比為例。這是我們根據消費者洞察花時間測試和迭代的產品。

It paid off as FURBY was one of the top new toy introductions in 2023. We continued the FURBY craze in December with the launch of Furblet, another hit introduction, and we're excited to continue building this franchise in 2024. 2023 was also a strong year for our TRANSFORMERS franchise on the back of the hit movie Transformers: Rise of the Beasts from our partners in Paramount, driving point-of-sale growth of 35%.

它得到了回報，因為菲比(FURBY) 成為2023 年最熱門的新玩具之一。我們在12 月推出了另一款熱門產品菲布萊(Furblet)，延續了菲比(FURBY) 熱潮，我們很高興能在2024 年繼續打造這個系列。2023 年也是憑藉派拉蒙合作夥伴推出的熱門電影《變形金剛：野獸崛起》，我們的《變形金剛》系列迎來了強勁的一年，帶動銷售點增長35%。

We have some exciting activations planned as we celebrate the brand's 40th anniversary in 2024 as well as the star-studded animated movie Transformers 1 coming this summer along with fresh merchandise. This year also marks PEPPA PIG's 20th birthday. We'll be celebrating with new innovative products and an entertainment special featuring A-list talent, Katy Perry and Orlando Bloom. After gaining share in the arts and crafts category in 2023, with another strong year, including our ultimate ice cream truck, the PLAY-DOH team continues to innovate, expect more creative surprises and new cross-brand collaborations in the year ahead.

我們計劃在 2024 年慶祝品牌成立 40 週年之際舉辦一些令人興奮的活動，並計劃於今年夏天推出眾星雲集的動畫電影《變形金剛 1》以及新鮮商品。今年也是 PEPPA PIG 的 20 歲生日。我們將推出新的創新產品和由一線明星凱蒂佩芮 (Katy Perry) 和奧蘭多布魯姆 (Orlando Bloom) 主演的娛樂特別節目來慶祝。繼2023 年在藝術和工藝品類別中獲得份額後，又一個強勁的一年（包括我們的終極冰淇淋車），PLAY-DOH 團隊繼續創新，期待未來一年有更多創意驚喜和新的跨品牌合作。

In action figures, we are leaning into our category-leading collaboration with The Walt Disney Company for their Marvel Super Heroes assemble marketing campaign, featuring new price points and products across our lines including all new preschool fun with Spidey and His Amazing Friends. For Star Wars, we're excited to expand our best-selling Lightsaber Forge Kyber Core series and introduce our new 799 Epic series 4-inch action figures.

在動作玩偶方面，我們正在與華特迪士尼公司進行類別領先的合作，開展漫威超級英雄集結行銷活動，在我們的產品線中推出新的價格點和產品，包括蜘蛛人和他的神奇朋友們的所有新的學前樂趣。對於《星際大戰》，我們很高興能夠擴展我們最暢銷的 Lightsaber Forge Kyber Core 系列，並推出我們全新的 799 Epic 系列 4 英寸可動玩偶。

We saw an incredibly strong launch from BEYBLADE X last year in Japan from our partners at Takara Tomy and are eagerly anticipating the U.S. launch this summer. What we believe will be one of the hottest new toys in 2024. It's an exciting product that we think long-time collectors and kids fresh to the franchise will be thrilled with. The Blaster category continues to be under pressure, but we also continue to believe this is a strong and enduring play pattern for fans of all ages. This year, we'll be introducing new innovation into the category, featuring a new performance start technology, pop off-the-shelf design and attractive pricing up and down the range.

去年，我們的合作夥伴 Takara Tomy 在日本推出了 BEYBLADE X，並熱切期待今年夏天在美國的推出。我們相信它將成為 2024 年最熱門的新玩具之一。這是一款令人興奮的產品，我們認為長期收藏家和剛接觸該系列的孩子都會感到興奮。 Blaster 類別繼續面臨壓力，但我們仍然相信這對於所有年齡段的粉絲來說都是一種強大而持久的遊戲模式。今年，我們將在該類別中引入新的創新，包括新的性能啟動技術、流行的現成設計以及具有吸引力的上下價格。

Board games continues to be a leading category for us and one we anticipate will grow in the year ahead. Twister Air was the number one new game across the G10 markets in 2023, according to Circana, thanks to an innovative new augmented reality experience. You're going to see a renewed focus on expanding genres, leveraging our reach and distribution strength to introduce more cool new games than ever and working with some of the brightest designers in the industry to give their games a platform they deserve. Whether it's adult party games, family card games, casual strategy or extending mega hits like MONOPOLY, 2024 will be a big year for gaming from Hasbro.

棋盤遊戲仍然是我們的領先類別，我們預計這個類別將在未來一年成長。據 Circana 稱，憑藉創新的擴增實境體驗，Twister Air 成為 2023 年 G10 市場排名第一的新遊戲。您將看到我們重新關注擴展遊戲類型，利用我們的影響力和發行實力推出比以往更酷的新遊戲，並與業內一些最聰明的設計師合作，為他們的遊戲提供一個應有的平台。無論是成人派對遊戲、家庭紙牌遊戲、休閒策略遊戲或大富翁等熱門遊戲，2024 年都將是孩之寶遊戲的重要一年。

Speaking of games, Wizards and Digital outperformed our guidance in 2023, driven by a series of blockbuster hits. MAGIC had another record year in '23 with a string of amazing new sets including our best-selling set of all time, the Lord of the Rings: Tales of Middle-earth. While a product like Lord to the Rings creates a tough comp in 2024, we have some unique sets that fans are eagerly anticipating. Including March's Fallout, a new Commander focused Universes Beyond product line. This summer's Modern Horizon 3, the sequel to our prior best-selling set of all time, and this September's Charming New World, [Bloomborogh.]

說到遊戲，在一系列熱門遊戲的推動下，Wizards 和 Digital 在 2023 年的表現超出了我們的預期。 MAGIC 在 23 年再創紀錄，推出了一系列令人驚嘆的新套裝，其中包括我們有史以來最暢銷的套裝《魔戒：中土世界》。雖然像《魔戒》這樣的產品在 2024 年創造了一個艱難的組合，但我們有一些粉絲熱切期待的獨特套裝。包括三月的《輻射》，這是一個新的以指揮官為中心的宇宙超越產品線。今年夏天的《摩登地平線 3》是我們之前最暢銷系列的續集，還有今年九月的《迷人的新世界》[Bloomborogh]。

We continue to see the power of our franchises play out with our digital licensing partners. MONOPOLY GO! from our partners in Scopely is the number one mobile game launch of all time in the U.S. outperforming the launches of global phenomena like Pokemon GO and Candy Crush and the fastest mobile title to reach $1 billion in the U.S. and the game continues to break records. In Q4 alone, the game drove more than $800 million in revenue worldwide for Scopely. As far as our financial participation goes for revenue and profit, it's like having the equivalent of $1 billion movie supporting MONOPOLY, except every year with the impact growing sequentially as the game works through our minimum guarantees and marketing allowances.

我們繼續看到我們的特許經營權的力量與我們的數位許可合作夥伴一起發揮作用。壟斷吧！我們在Scopely 的合作夥伴推出的《這款遊戲》是美國有史以來排名第一的手機遊戲，其表現超越了Pokemon GO 和Candy Crush 等風靡全球的手機遊戲，也是美國最快達到10 億美元收入的手機遊戲，而且該遊戲還在持續打破紀錄。僅在第四季度，該遊戲就為 Scopely 在全球範圍內帶來了超過 8 億美元的收入。就我們的財務參與所帶來的收入和利潤而言，這就像擁有相當於10 億美元的電影來支持《大富翁》，只不過每年隨著遊戲通過我們的最低保證和營銷津貼運作，其影響力會逐年成長。

Baldur's Gate 3 from our partners at Larian continues to win awards around the world and is one of the highest-rated video games of all time. We expect a long tail into 2024 and beyond for this mega hit. Last but not least, we have a compelling new lineup of adventures, core rule books and new digital-first offerings for D&D as we celebrate this iconic brand's 50th anniversary. We'll launch the biggest update to fifth edition since its introduction in 2014, reinventing everything from the artwork of our iconic monsters, to new classes, to new mechanics, to bold new ways to bring to life the world of D&D digitally.

我們 Larian 合作夥伴的《博德之門 3》繼續在世界各地獲獎，並且是有史以來收視率最高的電玩遊戲之一。我們預計這部大熱門作品將在 2024 年及以後出現長尾效應。最後但並非最不重要的一點是，在我們慶祝這個標誌性品牌成立 50 週年之際，我們為 D&D 推出了一系列引人注目的新冒險、核心規則手冊和新的數位優先產品。我們將推出自 2014 年推出以來第五版的最大更新，從我們標誌性怪物的藝術作品到新類別、新機制，再到大膽的新方式，以數位方式呈現 D&D 世界。

All of this will add up to more and more impressive products as the year goes on, leading into an even brighter 2025. We look forward to sharing more about 2025, all new brands, entertainment collaborations and a chance to really show what this team is capable of later this year.

隨著時間的推移，所有這些都將帶來越來越多令人印象深刻的產品，從而迎來更加光明的2025 年。我們期待分享更多有關2025 年的信息、所有新品牌、娛樂合作以及真正展示這個團隊的機會今年晚些時候有能力。

Wrapping up, 2023 was a challenging year, but not without significant wins. Wins we believe augur the Hasbro to come, a company we dedicated to play, innovation and fun for fans of all ages.

總而言之，2023 年是充滿挑戰的一年，但並非沒有重大勝利。我們相信勝利預示著孩之寶的到來，這是一家我們致力於為所有年齡段的粉絲提供遊戲、創新和樂趣的公司。

Last year, we launched a top toy with FURBY. We won a Game of the Year award with Twister Air, and we wowed tens of millions with MONOPOLY GO!, Transformers: Rise of the Beast, Baldur's Gate 3 and Magic Lord of the Rings. All while cleaning up the business, selling eOne, paying down debt and clearing excess inventory, which makes for a healthier, stronger Hasbro to start 2024. I'm excited to see the results to come. I'd now like to turn over the call to Gina to share more about our detailed results and to provide guidance for the year. Gina?

去年，我們與FURBY一起推出了一款頂級玩具。我們以《Twister Air》贏得了年度遊戲獎，並憑藉《MONOPOLY GO!》、《變形金剛：野獸崛起》、《博德之門 3》和《魔法指環王》贏得了數千萬人的讚譽。同時清理業務、出售 eOne、償還債務並清理過剩庫存，使孩之寶在 2024 年開始變得更健康、更強大。我很高興看到即將到來的結果。現在我想將電話轉給吉娜，分享更多關於我們的詳細結果並提供今年的指導。吉娜？

Thanks, Chris, and good morning, everyone. 2023 marks an important milestone in our transformation towards a more streamlined and profitable toy and game companies. As Chris mentioned, transformations take time. And amidst the tough industry backdrop, I'm proud of the progress that Hasbro team made over the past several quarters in resetting the business and getting us in the best position for 2024. Before I touch on the financial highlights from the past year, I want to recap 3 major actions we took and how to think through their impacts. First, we successfully closed the sale of the eOne Film and TV business to Lionsgate and we used the proceeds to reduce debt by $400 million, which will result in annual interest expense savings of approximately $25 million.

謝謝克里斯，大家早安。 2023 年是我們轉型為更精簡、更有獲利能力的玩具和遊戲公司的一個重要里程碑。正如克里斯所說，轉變需要時間。在嚴峻的行業背景下，我對孩之寶團隊在過去幾季在重新調整業務並使我們處於 2024 年最佳地位方面取得的進展感到自豪。在談到過去一年的財務亮點之前，我我想回顧我們採取的3 項主要行動以及如何思考它們的影響。首先，我們成功完成了將 eOne 影視業務出售給獅門影業的交易，並利用所得款項減少了 4 億美元的債務，這將導致每年節省約 2,500 萬美元的利息費用。

In addition to reducing our leverage, the sale of eOne frees up capital to invest in higher growth initiatives while allowing us to continue monetizing Hasbro IP in an asset-light structure. In conjunction with the sale and the change in the business strategy for family brands, namely PEPPA PIG and PJ MASKS, we recorded a noncash goodwill and intangible asset impairment of approximately $1 billion, which you will see in our reported results. As we look to 2024, besides the reduction in interest expense, we also expect to see an improvement in operating margin as well as an improvement to cash flow given the reduction in production spending.

除了降低我們的槓桿率之外，出售 eOne 還可以釋放資金來投資於更高成長的計劃，同時使我們能夠繼續在輕資產結構中透過孩之寶 IP 貨幣化。隨著家族品牌 PEPPA PIG 和 PJ MASKS 的出售和業務策略的改變，我們記錄了約 10 億美元的非現金商譽和無形資產減損，您將在我們的報告結果中看到這一點。展望 2024 年，除了利息支出減少外，我們還預計營運利潤率將有所改善，並且由於生產支出的減少，現金流也會有所改善。

Second, in Q4, we accelerated efforts to clean up our excess inventory. As I had mentioned last quarter, we were focused on starting 2024 in a cleaner position and would remain agile in taking actions consistent with broader category momentum. While we landed within our revenue guidance, we do not see the holiday season pickup that we were hoping for, and as a result, with more aggressive actions in bringing inventory levels down over 50% from the prior year.

其次，第四季我們加快清理過剩庫存。正如我上季度提到的，我們的重點是在 2024 年以更乾淨的姿態開始，並將保持靈活地採取與更廣泛類別勢頭一致的行動。雖然我們的收入達到了預期目標，但我們並沒有看到我們所希望的假期季節回升，因此，我們採取了更積極的行動，將庫存水準比前一年下降了 50% 以上。

Our inventory is now running well below pre-pandemic levels, and we believe this improved position will allow us to drive higher value retail distribution and return focus to upcoming toy and game innovation. We also expect annual savings of roughly $10 million from exiting overflow locations previously used to store excess inventory. And while this was the right decision for the long-term health of the business, the near-term impact from accelerating this cleanup resulted in a roughly $130 million noncash impact to operating income.

我們的庫存目前遠低於疫情前的水平，我們相信這種改善的狀況將使我們能夠推動更高價值的零售分銷，並將重點重新放在即將推出的玩具和遊戲創新上。我們還預計，透過退出以前用於儲存過剩庫存的溢出位置，每年可節省約 1000 萬美元。雖然這對企業的長期健康發展來說是正確的決定，但加速清理工作的短期影響對營業收入造成了約 1.3 億美元的非現金影響。

Lastly, as part of our operational excellence program, we made the difficult decision in Q4 to reduce the size of our workforce. While these decisions are never easy, this move will enable cost savings, which will improve profitability and fuel investments towards long-term growth around toy and digital games innovation. Moving to our financial results and business segment highlights. In Q4, we saw a continuation of the trends seen throughout much of the year. Total Hasbro revenue of $1.3 billion was down 23% versus last year. Wizards of the Coast and Digital Gaming revenue increased 7% behind ongoing contributions from the award-winning Baldur's Gate 3 and MONOPOLY GO!, consumer products declined 25% due to the planned business exits, broader category declines and an enhanced focus on clearing inventory.

最後，作為我們卓越營運計畫的一部分，我們在第四季度做出了減少員工規模的艱難決定。雖然這些決定絕非易事，但此舉將節省成本，從而提高獲利能力並推動圍繞玩具和數位遊戲創新的長期成長投資。轉向我們的財務業績和業務部門亮點。在第四季度，我們看到了全年大部分時間的趨勢的延續。孩之寶總收入為 13 億美元，比去年下降 23%。威世智和數位遊戲收入成長了7%，得益於屢獲殊榮的《博德之門3》和《大富翁GO!》的持續貢獻；由於計劃的業務退出、更廣泛的類別下降以及更加註重清理庫存，消費產品收入下降了25%。

Q4 adjusted operating loss of $50 million was down year-on-year, mostly driven by nonrecurring and noncash charges of $168 million, which includes the $130 million of inventory write-offs. We believe the cleanup efforts are behind us as we are starting 2024 at much healthier levels compared to prior years, and our retail inventory is at an acceptable level. Q4 adjusted net earnings were $52 million with diluted earnings per share of $0.38, also down versus the prior year, primarily due to the aforementioned nonrecurring charges.

第四季調整後營運虧損為 5,000 萬美元，年減，主要是由於 1.68 億美元的非經常性和非現金費用，其中包括 1.3 億美元的庫存沖銷。我們相信清理工作已經過去，因為我們從 2024 年開始的水平比往年要健康得多，而且我們的零售庫存也處於可接受的水平。第四季調整後淨利為 5,200 萬美元，稀釋後每股收益為 0.38 美元，也較上年有所下降，主要是由於上述非經常性費用。

For the full year 2023, Total Hasbro revenue of $5 billion was down 15% versus 2022 and within our previously stated guidance range. Wizards of the Coast and Digital Gaming revenues grew 10% ahead of our guidance, benefiting from the success of Baldur's Gate 3, MAGIC: THE GATHERING and MONOPOLY GO!. Consumer Products revenues were down 19% for the full year, driven by planned business exits, softer industry trends and stronger inventory management on behalf of our retailers. Adjusting for the exited brands and markets, revenue would have declined by 15%. And despite the tougher category backdrop, we delivered some bright spots within our toy portfolio, including TRANSFORMERS, Twister Air, FURBY and G.I. Joe.

2023 年全年，孩之寶總收入為 50 億美元，比 2022 年下降 15%，處於我們先前規定的指導範圍內。由於《博德之門 3》、《萬智牌》和《MONOPOLY GO!》的成功，威世智和數位遊戲收入比我們的指導增加了 10%。受計劃的業務退出、行業趨勢疲軟以及零售商加強庫存管理的推動，消費品收入全年下降 19%。調整退出的品牌和市場後，營收將下降 15%。儘管品類背景更加嚴峻，我們的玩具產品組合中還是出現了一些亮點，包括變形金剛、Twister Air、FURBY 和 G.I.喬.

On a reported basis, the Entertainment segment revenue declined by 31% as the writer and actors strikes impacted content deliveries. Family Brands revenue grew 6% from streaming deals of animated content in support of Hasbro's brands. Total Hasbro, Inc. 2023 adjusted operating profit was $477 million, down 48% versus last year, primarily driven by the nonrecurring expenses as well as lower revenues. 2023 adjusted net earnings of $349 million or $2.51 per diluted share was down 44% versus last year.

據報道，由於編劇和演員罷工影響了內容交付，娛樂部門收入下降了 31%。 Family Brands 收入因支持孩之寶品牌的動畫內容串流交易而增加了 6%。孩之寶公司 2023 年調整後營業利潤為 4.77 億美元，比去年下降 48%，主要是由於非經常性費用以及收入下降。 2023 年調整後淨利為 3.49 億美元，即稀釋後每股收益 2.51 美元，比去年下降 44%。

Besides the charges for inventory, Earnings were negatively impacted by content impairments and higher royalty expense, partially offset by our cost savings program and a onetime tax benefit. Operating cash flow for the full year was $726 million, well ahead of our guidance and nearly doubled from the prior year driven mostly by a working capital benefit of approximately $350 million due to the inventory cleanup efforts. We ended the year with $545 million in cash on our balance sheet and reduced debt by approximately $500 million. We also returned $388 million of capital to our shareholders via dividends.

除了庫存費用外，收益還受到內容減損和特許權使用費增加的負面影響，但我們的成本節約計劃和一次性稅收優惠部分抵消了這一影響。全年營運現金流為 7.26 億美元，遠高於我們的指引，並且比前一年幾乎翻了一番，這主要是由於庫存清理工作帶來的約 3.5 億美元的營運資本效益。年底，我們的資產負債表上有 5.45 億美元現金，債務減少了約 5 億美元。我們也透過股息向股東返還 3.88 億美元的資本。

Before I move to guidance for 2024. I want to frame how we're thinking about the year ahead from an operational perspective and in particular, how we're looking to turn around the Consumer Products business. In 2023, we took the necessary steps in our transformation to reset the business. This year, with the right foundation in place, we are focused on reinvigorating innovation across the portfolio while continuing to drive operational rigor which we expect to pave the way for sustainable profitable growth.

在談到 2024 年的指導之前，我想先從營運角度闡述我們如何思考未來一年，特別是我們如何尋求扭轉消費品業務的局面。 2023年，我們在轉型中採取了必要的步驟來重置業務。今年，在正確的基礎上，我們將專注於重振整個產品組合的創新，同時繼續推動嚴格的運營，我們預計這將為可持續的盈利增長鋪平道路。

The near-term model that we're building is one where cost productivity provides the fuel to innovate and grow the business. And in 2024, there remains a significant opportunity to improve the underlying profitability while rebuilding its innovation engine. These 2 go hand-in-hand and align with our overarching strategy of focusing on fewer, bigger and better brands. Over the past several quarters, we have been mobilizing around this imperative and taking actions to simplify and prioritize resources on our largest portfolios and biggest bets. One of the single biggest contributors to complexity reduction relates to our product portfolio. Moving into 2024, we have eliminated about half of our SKUs.

我們正在建立的近期模型是成本生產率為創新和業務發展提供動力的模型。 2024年，在重建創新引擎的同時，仍有提高潛在獲利能力的重大機會。這兩者齊頭並進，符合我們專注於更少、更大、更好品牌的整體策略。在過去的幾個季度中，我們一直圍繞著這一當務之急進行動員，並採取行動簡化和優先考慮我們最大的投資組合和最大的賭注的資源。降低複雜性的最大貢獻者之一與我們的產品組合有關。進入 2024 年，我們已經淘汰了大約一半的 SKU。

These SKUs were only 2% of our revenue and were duplicative and unprofitable, clouding the network and creating cost for us and our retailers. Along similar lines, we made the decision to move to an out-license model for brands where we determine their respective path to scale and profitability as an owned and operated entity to not meet our internal thresholds. In 2024 FurReal Friends and Easy Bake Oven will transition. While there are short-term impacts to revenue from this model shift, we ultimately can expect greater operating profit dollars from out-licensed IP and it allows us to focus resources back to our core brands.

這些 SKU 僅占我們收入的 2%，並且重複且無利可圖，使網路變得雲霧繚繞，並為我們和我們的零售商創造了成本。沿著類似的思路，我們決定轉向品牌的外部授權模式，在這種模式下，我們確定它們作為擁有和運營的實體各自的規模和盈利路徑，而不是達到我們的內部門門檻。 FurReal Friends 和 Easy Bake Oven 將在 2024 年過渡。雖然這種模式轉變會對收入產生短期影響，但我們最終可以預期從外包智慧財產權中獲得更大的營業利潤，並且它使我們能夠將資源集中回我們的核心品牌。

In 2023, we started the work to streamline our supply chain and improve the efficiency of the organization. And in 2024, we will be continuing these efforts by reaching further upstream to unlock value in our product design and manufacturing processes. We are taking an organization-wide focus across the supply chain, brand teams, product development, procurement and manufacturing to identify ways and redefine the right design to value equation for each product. Ultimately, this will culminate in higher margins and contribute to an improved play experience. We started this work last year on select brands within our Hasbro Gaming portfolio, and we'll be rapidly extending this approach to 2 of our biggest brands, NERF and PLAY-DOH.

2023年，我們開始了精簡供應鏈、提高組織效率的工作。到 2024 年，我們將繼續這些努力，進一步向上游邁進，以釋放我們產品設計和製造流程的價值。我們正在整個組織範圍內專注於供應鏈、品牌團隊、產品開發、採購和製造，以確定方法並重新定義每種產品的正確設計到價值方程式。最終，這將帶來更高的利潤並有助於改善遊戲體驗。我們去年在 Hasbro Gaming 產品組合中的精選品牌上開始了這項工作，我們將迅速將這種方法擴展到我們最大的兩個品牌 NERF 和 PLAY-DOH。

Also within our supply chain, we are building new capabilities within planning and forecasting to ensure that inventory levels both owned and retail remain within the desired thresholds. We made significant progress coming out of 2023, and these updated processes and tools will ensure that we maintain a healthy inventory position. Since coming on board at Hasbro, I've talked about the imperative to bring costs down within managed expenses to stop the dynamic of overhead growing faster than revenue, particularly within the Consumer Products segment.

同樣在我們的供應鏈中，我們正在規劃和預測方面建立新的能力，以確保自有庫存和零售庫存水準保持在所需的閾值內。 2023 年我們取得了重大進展，這些更新的流程和工具將確保我們保持健康的庫存狀況。自從加入孩之寶以來，我一直談到必須將成本降低到管理費用範圍內，以阻止管理費用成長快於收入的動態，特別是在消費品領域。

In December, we announced the next round of actions to address the organizational structure. We have also introduced zero-based budgeting as a tool to help us optimize our spending and ensure dollars invested are driving the right actions in our -- in support of our strategy. And finally, we are continuing to enhance our capabilities around consumer insights, revenue growth management and marketing effectiveness as core drivers in strengthening our foundation and enhancing product development.

12月，我們宣布了下一輪解決組織結構問題的行動。我們還引入了零基預算作為工具，幫助我們優化支出，並確保投入的資金推動我們採取正確的行動，以支持我們的策略。最後，我們將繼續增強圍繞消費者洞察、收入成長管理和行銷有效性的能力，將其作為鞏固基礎和加強產品開發的核心驅動力。

Looking forward to the 2024 holidays, we have more innovation compared to last year that's backed by insights and stronger pricing precision. This, coupled with stronger planned execution with our retailers, will enable Q4 growth across the toy business. Turning to guidance for 2024 and looking more closely at the 2 main operating segments. Total Wizards revenue is forecasted down 3% to 5%. The decline is primarily a result of the strong growth delivered in 2023 behind the launch of Baldur's Gate 3 and the Magic Lord of the Rings set. Looking at each of the pieces, we are planning for growth within D&D with the upcoming update of the fifth edition and the continued expansion of D&D Beyond.

展望 2024 年假期，與去年相比，我們有更多創新，這些創新以洞察力和更高的定價精度為後盾。再加上我們與零售商的更強有力的計劃執行，將使整個玩具業務在第四季度實現成長。轉向 2024 年指導，並更仔細地研究兩個主要營運部門。奇才總收入預計將下降 3% 至 5%。這一下降主要是由於 2023 年《博德之門 3》和《魔法指環王》系列的推出帶來的強勁增長。縱觀每件作品，我們計劃透過即將推出的第五版更新以及《D&D Beyond》的持續擴展來實現《D&D》的發展。

MAGIC will have the same number of releases in 2024 as last year, but revenue will be flat to down as we comp Lord of the Rings. It's important to call out that MAGIC will be back to growth in 2025 as we expand our Universes Beyond lineup. Licensed digital games will be relatively flat. The revenue from Baldur's Gate 3 will begin to taper down as we move through the year and will be partially offset by the continued momentum of MONOPOLY GO!. With the success of the game, we are now anticipating that we will begin to record revenue higher than the contract minimum guarantee in the back half of the year.

《MAGIC》在 2024 年的發行數量將與去年相同，但與《魔戒》相比，營收將持平甚至下降。值得注意的是，隨著我們擴大 Universes Beyond 產品陣容，MAGIC 將在 2025 年恢復成長。授權數位遊戲將相對持平。隨著時間的推移，《博德之門 3》的營收將開始逐漸減少，並將部分被《MONOPOLY GO!》的持續成長動能所抵銷。隨著遊戲的成功，我們預計下半年收入將開始高於合約最低保障。

From a phasing standpoint, we expect Wizards revenue to grow in the front half with the decline coming in the back half as we comp the huge launches. Wizard's operating margin will be between 38% and 40%, which will be up 200 to 400 basis points versus last year. The margin improvement is a result of a favorable mix shift within Digital, lower royalty rates across MAGIC and strong cost management within operating expenses. Margins are also benefiting from supply chain cost productivity more than offsetting the inflation.

從分階段的角度來看，我們預計奇才隊的收入將在前半段增長，而後半段將下降，因為我們對大規模發布進行了比較。 Wizard的營業利益率將在38%至40%之間，比去年增加200至400個基點。利潤率的提高是由於 Digital 內部有利的組合轉變、MAGIC 較低的特許權使用費以及營運費用中強有力的成本管理的結果。利潤率也受惠於供應鏈成本生產率，而不是抵銷通貨膨脹。

For Consumer Products, revenue will be down 7% to 12%. About half of the decline is due to actions we've taken to improve profitability, including the planned business exits as well as a reduction in unprofitable closeout revenue given the significant inventory cleanup executed at year-end. The other half of the decline is a result of prevailing category trends. Overall, we are planning to grow share in the categories in which we compete and are leaning into innovation green shoots with step-ups in Hasbro Gaming, BEYBLADE, PLAY-DOH, FURBY and NERF. And we are also adopting a more agile approach with our marketing dollars to better target consumers and increase the effectiveness of the spend.

對於消費品，收入將下降 7% 至 12%。大約一半的下降是由於我們為提高盈利能力而採取的行動，包括計劃的業務退出以及由於年底執行的重大庫存清理而減少無利可圖的清倉收入。下降的另一半是流行類別趨勢的結果。總體而言，我們計劃在我們競爭的類別中增加份額，並透過在 Hasbro Gaming、BEYBLADE、PLAY-DOH、FURBY 和 NERF 領域的升級，向創新萌芽傾斜。我們也對行銷資金採取更靈活的方法，以更好地瞄準消費者並提高支出的有效性。

We are forecasting revenue trends will improve as we move through the year with steeper declines in Q1 and Q2 and stabilization coming in the back half of the year behind innovation, marketing effectiveness and maintaining healthy retail inventory levels heading into the holidays. A key focus for 2024 is improving the profitability of toys, and we are forecasting operating margins to be between 4% and 6%, which is 500 to 700 basis points better than last year.

我們預測，隨著今年第一季和第二季的下降幅度更大，收入趨勢將有所改善，下半年將在創新、行銷有效性和假期前保持健康的零售庫存水準的推動下趨於穩定。 2024 年的重點是提高玩具的獲利能力，我們預計營業利潤率將在 4% 至 6% 之間，比去年提高 500 至 700 個基點。

Approximately 400 basis points of improvement is driven by the lap of the nonrecurring inventory charges, and this is almost completely offset by the anticipated volume declines and associated deleverage impact. The additional margin expansion is driven by a combination of favorable product mix due to less closeout volume, supply chain cost savings more than offsetting inflation, reduce complexity across the network and operating expense reductions.

大約 400 個基點的改善是由一次性庫存費用的影響所推動的，這幾乎完全被預期的銷售下降和相關的去槓桿化影響所抵消。額外的利潤率擴張是由有利的產品組合推動的，由於清倉量減少，供應鏈成本節省超過抵消通貨膨脹，降低整個網路的複雜性和營運費用的減少。

Margin will also be positively impacted from the work on SKU elimination and design to value, which I mentioned earlier. For entertainment, stripping out the impact of the eOne divestiture, revenue will be down approximately $15 million versus last year and operating margin will show significant improvement driven by operating expense reductions as well as lapping the impact of the D&D movie impairment in 2023. We will continue to report entertainment as a separate segment for 2024, albeit on a much smaller base. As part of the 2024 guidance, we are increasing our gross cost savings target through 2025, from the $350 million to $400 million communicated in December to $750 million.

我之前提到過，SKU 消除和價值設計工作也會對利潤率產生正面影響。對於娛樂業，剔除 eOne 剝離的影響，收入將比去年減少約 1500 萬美元，而在運營費用減少以及 2023 年消除 D&D 電影減值影響的推動下，運營利潤率將出現顯著改善。我們將2024年，繼續將娛樂作為一個單獨的細分市場進行報告，儘管其基數要小得多。作為 2024 年指導方針的一部分，我們將提高到 2025 年的總成本節約目標，從 12 月通報的 3.5 億美元到 4 億美元增加到 7.5 億美元。

Through 2023, we have delivered approximately $220 million of gross cost savings and anticipate a sizable step up as we move through the next 2 years. Roughly half of the gross cost savings will drop to the bottom line as we focus on improving profitability and the remaining dollars will be reinvested back into the business to support growth initiatives, including the reinvigoration of toy innovation and the continued investment in the gaming business. With the improvement in operating margin across all segments, total Hasbro, Inc. EBITDA is forecasted to be $925 million to $1 billion, up $215 million to $290 million versus the prior year.

到 2023 年，我們已節省了約 2.2 億美元的總成本，並預計在未來 2 年中將大幅節省成本。由於我們專注於提高盈利能力，大約一半的總成本節省將降至底線，剩餘的資金將重新投資到業務中以支持增長計劃，包括重振玩具創新和對遊戲業務的持續投資。隨著所有部門營業利潤率的提高，孩之寶公司的 EBITDA 總額預計將達到 9.25 億美元至 10 億美元，比前一年增加 2.15 億美元至 2.9 億美元。

The positive impact from the cost structure reset as well as the lack of the onetime inventory cleanup in 2023 is more than able to offset the revenue decline and cost inflation. We are planning for relatively flat owned inventory levels in 2024 and estimate approximately $225 million of project capital to support growth initiatives and invest back into the infrastructure as we continue to rebuild the underpinning of the operation. Ending cash will be slightly down versus 2023, driven by relatively flat owned inventory levels, increased capital project spending and additional costs associated with the restructuring actions announced in December. From a capital allocation standpoint, our priorities remain to first invest behind the core business.

成本結構重置以及 2023 年一次性庫存清理的正面影響足以抵消收入下降和成本通膨。我們計劃在 2024 年保持相對平穩的自有庫存水平，並估計約 2.25 億美元的專案資本，以支持成長計劃，並在我們繼續重建營運基礎的同時投資回基礎設施。受自有庫存水準相對平穩、資本項目支出增加以及與 12 月宣布的重組行動相關的額外成本的推動，期末現金將較 2023 年略有下降。從資本配置的角度來看，我們的首要任務仍然是先投資核心業務。

Second is to return cash to shareholders via the dividend; and third, to continue progressing towards our long-term leverage targets and pay down debt. As you heard Chris mention, we remain committed to our category-leading dividend and believe that the changes that we've made within working capital to free up cash as well as the changes we're making on the broader cost structure provide enough cash flexibility to deliver on the capital allocation priorities.

二是透過分紅向股東返還現金；第三，繼續朝著我們的長期槓桿目標邁進並償還債務。正如您聽到克里斯提到的那樣，我們仍然致力於我們領先的股息，並相信我們在營運資本中所做的改變以釋放現金以及我們對更廣泛的成本結構所做的改變提供了足夠的現金彈性實現資本配置的優先事項。

The Board has declared our next quarterly dividend payable in May, and keeping consistent with industry best practices as we move through 2024, we will be shifting the declaration of the dividend to more closely align with the record date.

董事會已宣布我們將於 5 月支付下一個季度股息，並與 2024 年的行業最佳實踐保持一致，我們將調整股息的宣布方式，以便與記錄日期更加一致。

And to close, looking out beyond 2024, we expect that the Consumer Products business will return to low single-digit revenue growth and that Wizards will return to mid- to high single-digit revenue growth. With our step-up in cost savings, we remain committed to getting to 20% operating margin with the potential to reach that milestone before 2027. And with that, I'll turn it back to Chris to wrap up.

最後，展望 2024 年後，我們預期消費品業務將恢復低個位數收入成長，而威世智將恢復中高個位數收入成長。隨著我們在成本節約方面的努力，我們仍然致力於實現 20% 的營業利潤率，並有可能在 2027 年之前達到這一里程碑。至此，我將把它轉回給 Chris 來總結。

Thanks, Gina. Turnarounds take time, and for our toy business, we are still in the early innings. While we're likely to face some near-term industry headwinds in 2024 and we're comping a better-than-planned 2023 for Wizards. The work we have done under the hood to strengthen our balance sheet, upgrade our planning and rightsize our inventory are a strong foundation to build from. I want to thank the teams at Hasbro for driving this and putting our fans first.

謝謝，吉娜。扭虧為盈需要時間，對於我們的玩具業務來說，我們仍處於早期階段。雖然我們可能會在 2024 年面臨一些近期的行業阻力，但我們預計 2023 年奇才隊的業績將好於計劃。我們在幕後為加強資產負債表、升級規劃和調整庫存規模所做的工作奠定了堅實的基礎。我要感謝孩之寶團隊的推動，並將我們的粉絲放在第一位。

This year is all about execution as we build on that foundation, drive our profitability and reinvigorate our innovation pipeline for category share gains in 2024 and renewed top line growth in 2025 and beyond. We'll now pause to take your questions.

今年的關鍵在於執行力，我們在此基礎上不斷發展，提高獲利能力，重振我們的創新管道，以期在 2024 年實現品類份額增長，並在 2025 年及以後實現營收新增長。我們現在暫停一下，回答大家的問題。

(Operator Instructions) Our first question will be from the line of Eric Handler with ROTH MKM.

（操作員說明）我們的第一個問題將來自 Eric Handler 和 ROTH MKM 的線路。

A lot to digest here. I wonder if you could talk about what the retail situation and your cost structure looks like international versus North America?

這裡有很多東西要消化。我想知道您能否談談國際與北美的零售情況和成本結構如何？

Sure. I think perhaps Gina and I will answer this question. Eric, generally speaking, we're feeling pretty good about where our retail situation is. In the U.S. and Europe, in terms of retail inventory, we're down about 20% year-over-year. That translates to about a 4-week improvement on [weekly] supply. So between Europe and the U.S., we generally have about 17 to 20 weeks of supply at our major retailers which is about what we'd like to see.

當然。我想也許吉娜和我會回答這個問題。埃里克，總的來說，我們對零售狀況感覺很好。在美國和歐洲，就零售庫存而言，我們比去年同期下降了約 20%。這意味著[每週]供應量將改善約 4 週。因此，在歐洲和美國之間，我們的主要零售商通常有大約 17 到 20 週的供貨時間，這正是我們希望看到的。

It's about what our normal is pre-pandemic. So generally speaking, that means we neither see retail inventory as a tailwind or a headwind, which is nice because over the last year or so, it's been decidedly a headwind as retailers have been trying to rightsize their inventories. I think if we have any concerns inside of retail, it's that there's still a lot of industry discounted merchandise, particularly in what we would call the growth channel or kind of like value resellers that's going to take a quarter or two to work through.

這是關於我們在疫情大流行前的常態。所以一般來說，這意味著我們既不認為零售庫存是順風還是逆風，這很好，因為在過去一年左右的時間裡，這顯然是逆風，因為零售商一直在努力調整庫存規模。我認為，如果我們對零售業有任何擔憂，那就是仍然有很多行業打折商品，特別是在我們所說的成長管道或類似的價值經銷商中，這將需要一兩個季度的時間才能完成。

But again, based on our inventory position, we have very little aged inventory and any aged inventory we have has a PO associated with it. So we feel in a generally good position. Gina, anything to add?

但同樣，根據我們的庫存狀況，我們的陳舊庫存非常少，並且我們擁有的任何陳舊庫存都有與之關聯的採購訂單。所以我們整體感覺處於一個良好的位置。吉娜，有什麼要補充的嗎？

Eric, the second part of your question about the profitability between North America and our international markets. I mean North America is our highest-margin market. Within international, a couple of things that draw that margin profile down. One is within the allowances and just how we intersect or interact with the retailers that is a bit more costly than what we have in the U.S. And the second piece is really within our overhead structure to support the international business.

艾瑞克，你的問題的第二部分是關於北美和我們國際市場之間的獲利能力。我的意思是北美是我們利潤率最高的市場。在國際市場中，有幾件事導致利潤率下降。第一個是在津貼範圍內，以及我們如何與零售商互動或互動，這比我們在美國的成本要高一些。第二個部分實際上是在我們支援國際業務的管理費用結構內。

Both of those pieces we are working to address. So through our initiatives of revenue growth management, that is squarely focused on all of that cost that's sitting between gross revenue and net revenue. And then the second piece on overhead, all of the cost savings initiatives that we put into motion will start to attack on the cost structure, broadly in North America as well as with international.

我們正在努力解決這兩個問題。因此，透過我們的收入成長管理舉措，重點關注總收入和淨收入之間的所有成本。然後是關於管理費用的第二部分，我們實施的所有成本節約措施都將開始對北美和國際範圍內的成本結構發動攻擊。

Great. And then just as a follow-up, Chris, you've talked before about the inevitability that MAGIC has to see a slowdown just because of law of large numbers in revenue. And D&D was supposed to pick up the torch and drive higher growth. I wonder if you could talk about maybe some of the key drivers with D&D that as you look out over the next few years, what's going to build that business even more?

偉大的。作為後續行動，克里斯，您之前曾談過，由於收入大數定律，MAGIC 不可避免地會出現放緩。 D&D 應該接過火炬並推動更高的成長。我想知道您是否可以談談 D&D 的一些關鍵驅動因素，當您展望未來幾年時，什麼將進一步發展該業務？

Yes, for sure. So last year, we were fortunate in that, both MAGIC and D&D were growers for us. The MAGIC tabletop business was up probably in the 3% to 5% range. We had a little bit of attrition on digital, but still the business was up low single digits. And D&D was up over 75% on a total brand basis, I think the contributors for D&D's growth last year will be very similar to what they'll be moving forward.

是肯定的。所以去年，我們很幸運，MAGIC 和 D&D 都是我們的種植者。 MAGIC 桌面業務的成長幅度可能在 3% 到 5% 之間。我們在數位業務上有一些消耗，但業務仍然實現了較低的個位數成長。 D&D 在整個品牌基礎上成長了 75% 以上，我認為去年 D&D 成長的貢獻者將與他們未來的成長非常相似。

We continue to think D&D Beyond was an excellent acquisition. It really is the way increasingly people are playing, tabletop role-playing games. I think it's an excellent platform for us to build upon and expand the ways that people can play, the ways that people can experience theater to the mind and also for us to distribute and showcase a more diverse set of content, whether that's Universes Beyond style content, like we do with MAGIC or our major creators content or user-generated content. So I think you'll see more from that on the tabletop side.

我們仍然認為 D&D Beyond 是一次出色的收購。這確實是越來越多的人玩桌上角色扮演遊戲的方式。我認為這是一個絕佳的平台，可以讓我們建立和擴展人們的遊戲方式、人們可以用心靈體驗戲劇的方式，也可以讓我們分發和展示更多樣化的內容，無論是超越宇宙的風格內容，就像我們對MAGIC 或我們的主要創作者內容或使用者生成的內容所做的那樣。所以我想你會從桌面方面看到更多。

We continue to have a robust entertainment slate on D&D that we're working with several partners behind notably the new streaming series from Paramount that we're partnering with them on and then video games will clearly be a huge leg up on the D&D business. Baldur's Gate 3 is one of the seminal role playing games of all time. It's won multiple Game of the Year awards. Our partners at Larian really knocked it out of the park with that, and were fantastic to work with.

我們在《龍與地下城》方面繼續擁有強大的娛樂內容，我們正在與幾個合作夥伴合作，特別是派拉蒙的新串流媒體系列，我們正在與他們合作，然後視頻遊戲顯然將成為龍與地下城業務的巨大優勢。 《博德之門 3》是有史以來最具影響力的角色扮演遊戲之一。它榮獲多項年度遊戲獎項。我們在 Larian 的合作夥伴確實做到了這一點，並且合作得非常愉快。

Baldur's Gate 3 is just the first of several new video games that will be coming out over the next 5 to 10 years that I think will continue to power that franchise. And really, I think the 3 combined continued innovation on tabletop powered by D&D Beyond targeted entertainment, working through partners in an asset-light model and then great video game content through licensees and through our own internal studios. I think the future is bright for that brand.

《博德之門 3》只是未來 5 到 10 年內將推出的幾款新電玩遊戲中的第一款，我認為這些遊戲將繼續為該系列提供動力。事實上，我認為這三者結合了由 D&D Beyond 目標娛樂支持的桌面持續創新，透過合作夥伴以輕資產模式開展工作，然後透過授權商和我們自己的內部工作室提供精彩的電玩內容。我認為這個品牌的未來是光明的。

Our next question is from the line of Christopher Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Christopher Horvers。

So first, a clarification, did you say you expect consumer products to be flat in 3Q and then up in 4Q, in that mix, how are you thinking about NERF growing again? And to what extent are you taking in a shorter holiday calendar next year? And as a part of that fourth quarter question, could you mention what the specific lift in 4Q '23 was from clearance sales?

首先澄清一下，您是否說過您預計消費品在第三季度持平，然後在第四季度上漲，在這種組合中，您如何看待 NERF 再次成長？您明年的假期日曆會在多大程度上縮短？作為第四季問題的一部分，您能否提及 23 年第四季清倉銷售帶來的具體提升是多少？

All right. I will try to dissect all of those for you, Chris, the guidance of phasing, generally right, within CPs. So as we think about the guide of 7% to 12% down, you're going to see steeper declines in Q1 and Q2, similar to what we saw playing through Q3 is kind of the average of what we saw playing through in Q3, Q4. As we look at Q3 of '24, we start to stabilize as we move into Q4, we're planning for growth.

好的。克里斯，我將嘗試為你剖析所有這些，即 CP 內的分階段指導，總體上是正確的。因此，當我們考慮7% 到12% 的下降指引時，您將看到第一季和第二季的下降幅度更大，類似於我們在第三季看到的情況，這是我們在第三季度看到的平均值， Q4。當我們看到 24 年第三季時，隨著進入第四季度，我們開始穩定，我們正在計劃成長。

As we think about which brands are going to carry it, it's really behind the strong innovation that we're putting in, NERF being one of them. So we do have some innovation that's coming. That will be a market kind of in the back half of the year as we had in the holiday. In terms of your last question on the lift specifically from closeouts, I don't know that I have that number to an exact extent. What I would say is that our closeout volume and revenue was generally consistent with what we saw play through the year prior.

當我們考慮哪些品牌將搭載它時，它確實是我們投入的強大創新的背後，NERF 就是其中之一。所以我們確實即將推出一些創新。這將是下半年的市場，就像我們在假期一樣。關於你在電梯上提出的最後一個問題，特別是來自收尾的問題，我不知道我有確切的數字。我想說的是，我們的清倉量和收入基本上與我們前一年看到的情況一致。

There wasn't a huge delta from previous years and then couple that with all of the efforts that we took to clean up inventory as we're looking here in the front part of the year, we're seeing that closeout volume come down quite significantly. So nothing I would call out as different as we play through Q4.

與往年相比，並沒有出現巨大的增量，再加上我們在今年上半年為清理庫存所做的所有努力，我們看到清倉量大幅下降顯著地。所以我不會說我們在第四季的表現有什麼不同。

As you think about the back half, Chris, I'd be really looking at BEYBLADE X as a huge launch for us. It did many orders of magnitude larger in the launch in Japan last year versus Beyblade Burst from 2016. We're expecting it to be quite a runner and the early feedback from the toy fairs as our retailers are getting behind it as well. We have some really cool innovation across price points for PLAY-DOH that I think will continue to run on that brand, both building share and building point-of-sale and sell-in.

當你想到後半部分時，Chris，我真的認為 BEYBLADE X 對我們來說是一個巨大的發布。與 2016 年的 Beyblade Burst 相比，它去年在日本推出時的銷量要高出許多數量級。我們預計它會非常受歡迎，並且會得到玩具展的早期反饋，因為我們的零售商也會支持它。我們在 PLAY-DOH 的價位上有一些非常酷的創新，我認為這些創新將繼續在該品牌上運行，既能建立份額，又能建立銷售點和銷售。

And then we have quite a lineup of board games that will be coming out throughout the year. But generally speaking, we have a good Q4 for our board games, and we think this year will be no exception.

然後我們有相當多的棋盤遊戲陣容將在全年推出。但總的來說，我們的棋盤遊戲第四季表現不錯，我們認為今年也不例外。

Got it. And then on the MAGIC business, I guess how many of the larger releases that you mentioned, would you expect could eclipse $100 million and then from a Universes Beyond perspective, was there any shift into '24 from IP partnerships that you were expecting in '23?

知道了。然後在MAGIC 業務上，我猜你提到的有多少個較大的版本，你會期望能夠超過1 億美元，然後從Universes Beyond 的角度來看，是否有任何轉變，從你所期望的IP 合作夥伴關係轉向「24」 23？

Sure. So last year, we did 6 premier sets per year, which is like large sets that go across formats. I think last year, 5 of our 6 premier sets eclipsed to $100 million I don't think we have a specific forecast for each of the premier sets this year, but we will have 6 sets this year. We think actually we'll have probably slightly less kind of secondary sets or secondary SKUs associated with MAGIC and so we're projecting flat to slightly down for the brand.

當然。所以去年，我們每年製作 6 個首映集，這就像是跨格式的大型集。我想去年，我們的 6 套頂級套裝中有 5 套的價值超過了 1 億美元。我認為我們今年沒有對每套頂級套裝都有具體的預測，但今年我們將有 6 套。我們認為，實際上，與 MAGIC 相關的次要套裝或次要 SKU 可能會稍微少一些，因此我們預計該品牌的銷售量將持平或略有下降。

So I think you can do the math and say it's roughly about the number of equivalent sets that are hitting that $100 million bogey. As you think about universe is beyond, last year, we had our first, what we would call premier set for Universes Beyond that was Magic, Lord of the Rings. That did over $200 million in under 6 months. This year, we have some smaller Universes Beyond sets. The first one is going to be fallout, which will come up in March. That won't be at the same scale or size, but we'll do better than what a typical Commander set would do.

所以我認為你可以計算一下，大致相當於擊中 1 億美元柏忌的等效組數。當你想到超越宇宙時，去年，我們推出了第一套，我們稱之為超越宇宙的首套套裝，那就是《萬智牌》、《魔戒》。不到 6 個月的時間，銷售額就超過了 2 億美元。今年，我們有一些較小的“超越宇宙”系列。第一個是《餘波》，將於三月出現。這不會是相同的規模或大小，但我們會比典型的指揮官集做得更好。

But starting in 2025, we're going to have 2 premier Universes Beyond sets as part of our mix. And we believe the brands that we'll be shipping in 2025 have the same kind of carrying power as the Lord of the Rings. The one that we've announced will be in the front half of the year, and that's Final Fantasy, which is just a juggernaut in role-playing games. We've announced partnerships with a host of other brands, Marvel being one of the last ones that we kind of talked about.

但從 2025 年開始，我們將擁有 2 個頂級的 Universes Beyond 套裝作為我們組合的一部分。我們相信我們將在 2025 年推出的品牌具有與《魔戒》相同的承載力。我們宣布的一款遊戲將在今年上半年推出，那就是《最終幻想》，它是角色扮演遊戲中的霸主。我們已經宣布與許多其他品牌建立合作關係，漫威是我們最後談論的品牌之一。

There'll be multiple sets associated with that. So for '25 going forward, you should expect to see as part of our 6 premier sets per year, 2 of them will be Universes Beyond branded and we think we'll have a similar uplift to what we experienced with Lord of the Rings. And so that's underlaying a lot of our bullishness on the growth for MAGIC.

將有多個與之相關的集合。因此，在 25 年的未來，你應該會看到我們每年 6 個頂級系列的一部分，其中 2 個將是 Universes Beyond 品牌，我們認為我們將獲得與《魔戒》所經歷的類似的提升。因此，這奠定了我們對 MAGIC 成長的樂觀態度。

Our next questions are from the line of Arpine Kocharyan with UBS.

我們的下一個問題來自瑞銀集團的 Arpine Kocharyan。

So EBITDA finished the year at around $700 million, and you expect around $250 million of incremental cost saves in 2024, but then you're probably annualizing cost saves from 2023 with some kind of underlying decline in EBITDA. Could you just maybe bridge to the puts and takes of 2024 EBITDA guide for the year for us because there's also cost to those cost savings, as I understand, if you could just go through the puts and takes. And then I have a quick follow-up for Chris.

因此，今年的 EBITDA 約為 7 億美元，您預計 2024 年將節省約 2.5 億美元的增量成本，但您可能會從 2023 年開始年化成本節省，同時 EBITDA 會出現某種潛在下降。您能否為我們介紹一下 2024 年 EBITDA 指南中的支出和支出，因為據我了解，如果您可以只查看支出和支出，那麼這些成本節省也是有成本的。然後我對克里斯進行了快速跟進。

Got it. Sure. Happy to do so. So if you kind of named some of them, as we think about the build from where we stood in the $750 million. Keep in mind that we have that onetime, all those nonrecurring charges come back, that is a benefit to us next year, that becomes a tailwind, almost completely offsetting that tailwind though is the volume coming down -- the revenue coming down. So the onetime benefit is offset then by the volume and a delev impact. Overall, we have supply chain productivity that is going to be offsetting inflation.

知道了。當然。很高興這樣做。所以，如果你說出其中一些的名字，當我們考慮我們在 7.5 億美元中的建設時。請記住，我們曾經有過這樣的情況，所有這些一次性費用都會回來，這對我們明年來說是一個好處，這會成為一種順風，幾乎完全抵消了這種順風，儘管銷量下降- 收入下降。因此，一次性的好處會被數量和開發影響所抵消。總體而言，我們的供應鏈生產力將抵消通貨膨脹。

So when you think about the cost saves, that's one piece of the cost saves, supply chain productivity. The second big piece really is what's happening within our operating expenses. So when you think about the people cost as well as just broader managed expense savings, that becomes an adder back for us as we think about 2024. And the last piece that is positive is just the overall mix of our business. So not only within (inaudible) where we have this continued mix into digital. But within that is CP business as well, when we, again, took all those actions from a closeout standpoint, the volume that we're going to be moving through in 2024, it's higher profit volume for us.

因此，當您考慮成本節省時，這就是成本節省的一部分，即供應鏈生產力。第二大問題其實是我們的營運支出中發生的事情。因此，當你考慮人員成本以及更廣泛的管理費用節省時，當我們考慮 2024 年時，這對我們來說會成為一個加法器。最後一個積極的因素是我們業務的整體組合。因此，我們不僅在（聽不清楚）內部持續融入數位化。但其中也包括 CP 業務，當我們再次從清倉的角度採取所有這些行動時，我們將在 2024 年實現的交易量，對我們來說是更高的利潤量。

So those are some of the big puts and takes. Really, the big negative for us as we head into '24 is just what's happening on the revenue line and the impact that, that's having.

這些是一些重大的看跌期權。事實上，當我們進入 24 世紀時，對我們來說最大的負面影響就是在收入線上發生的事情及其所產生的影響。

Great. And then, Chris, you had talked about $500 million of D&D business over a 3-, 4-year period. I was wondering if that's still the guidance for D&D. I know you addressed some of that earlier. But if you could just go over kind of the long-term growth prospects for that business in terms of sizing it for us, similar to how you best communicated in October Analyst Day to kind of -- I know you're not ready to update that guidance, but just sort of -- is that $500 million still the right number to think about?

偉大的。然後，克里斯，您談到了 3、4 年期間 5 億美元的 D&D 業務。我想知道這是否仍然是 D&D 的指導方針。我知道您之前已經解決過其中的一些問題。但是，如果您能為我們調整該業務的長期成長前景，類似於您在 10 月分析師日的最佳溝通方式，我知道您還沒有準備好更新那個指導，但只是- 5 億美元仍然值得考慮的正確數字嗎？

Yes. No worries. Arpine, by the way, I heard you have a new child. Congratulations. We always appreciate it when people make customers. I would say that guidance holds. The D&D brand and our games portfolio overall is trucking along at a similar pace as we expected. That guidance was more of a 2027-ish time frame. I think a little bit will depend on certain calendars associated with certain video games and there's a certain amount of schedule slippage that you get with that. But generally speaking, we feel good about the trajectory of the brand. And as I mentioned in Eric's question, kind of like the 3 core pillars that underlie it.

是的。不用擔心。阿平，順便說一句，我聽說你有了一個新孩子。恭喜。當人們贏得客戶時，我們總是很感激。我想說的是，指導意見是成立的。 D&D 品牌和我們的遊戲組合整體上的發展速度與我們預期的相似。該指導方針的時間框架更多的是 2027 年左右。我認為有點取決於與某些視頻遊戲相關的某些日曆，並且您會遇到一定程度的時間表延誤。但總的來說，我們對該品牌的發展軌跡感覺良好。正如我在艾瑞克的問題中提到的，有點像它背後的 3 個核心支柱。

Our next question is from the line of Megan Alexander with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅根亞歷山大。

I was wondering, Gina, if maybe we could unpack the revenue guidance for consumer products just a bit more, you cited that 4 points from exiting the licensing. Maybe you can help us understand what's implied from an industry POS expectation. And I guess, is the comment that retail inventory is not a headwind or a tailwind, should we assume that you're just kind of shipping in line with POS?

我想知道，吉娜，我們是否可以進一步解讀消費產品的收入指導，您提到了退出許可的 4 點。也許您可以幫助我們了解行業 POS 期望的含義。我想，零售庫存既不是逆風也不是順風的評論，我們是否應該假設您只是按照 POS 進行運輸？

Yes, good question, Megan. And that's where I was going to lead you, just especially given where our inventory positions are sitting, our assumption that we're making is that our shipment has been more closely aligned with POS. In fact, we actually started to see that happen towards the tailwind of this year. So if you think about the guide that gives you an indication of how we're thinking about just the broader macro environment.

是的，好問題，梅根。這就是我要引導你們的地方，特別是考慮到我們的庫存狀況，我們的假設是我們的發貨與 POS 更加一致。事實上，我們實際上開始看到這種情況在今年的順風車中發生。因此，如果您考慮一下該指南，它會告訴您我們如何考慮更廣泛的宏觀環境。

So if you take those, call it, roughly 4 points out for just the business exit, you're left with down 3 to 8, in the down 3 scenario, that would be us over delivering and gaining share and beating the market.

因此，如果你把這些，稱之為，大約 4 點僅用於業務退出，你就會剩下 3 到 8 分，在下降 3 的情況下，這將是我們過度交付和獲得份額並擊敗市場。

Down 8 is probably more similar of us moving in line with the market. But I think you've got the equation right, our shipments are going to more closely kind of aligned with POS.

下跌 8 可能更類似我們與市場一致的走勢。但我認為您的等式是正確的，我們的發貨將與 POS 更加一致。

Okay. And then could you maybe quantify the net cost savings that are embedded in the guide? I think per your slides, you're going to get to kind of $500 million of gross cost savings by the end of this year. You've kind of said you didn't -- you haven't really seen any last year.

好的。然後您能否量化指南中包含的淨成本節省？我認為根據您的幻燈片，到今年年底您將節省 5 億美元的總成本。你有點說過你沒有——去年你還沒有真正看過。

So on that, call it, net $250 million, if you reinvest 50%. What's embedded this year? And I know you talked about some cost inflation. Is that freight? Are you still seeing product inflation, whether it's things like resin, can you just maybe quantify what is actually embedded in the guide?

因此，如果您再投資 50%，淨額為 2.5 億美元。今年嵌入了什麼？我知道你談到了一些成本通膨。那是貨運嗎？您是否仍然看到產品膨脹，無論是樹脂之類的東西，您能否量化指南中實際嵌入的內容？

Sure, absolutely. Let me start on that. Let's start on the inflation side first, and then we'll work our way back. So embedded in the guidance roughly an inflation rate of 3%, the single biggest inflation driver for us this year will be labor, labor within manufacturing and labor within the broader logistics network. We're also seeing some inflation within resin to your point, and that's our single biggest component that we're purchasing. We are seeing that inflate and then fuel.

當然，絕對。讓我開始吧。讓我們先從通貨膨脹方面開始，然後再回過頭來。因此，在指引中，通膨率大致為 3%，今年我們最大的通膨驅動因素將是勞動力、製造業內的勞動力以及更廣泛的物流網絡內的勞動力。正如您所說，我們還看到樹脂內部出現了一些通貨膨脹，這是我們購買的最大的單一零件。我們看到它膨脹然後燃料。

So I think between those 3 pieces, you're roughly getting to 3%. We believe we have cost productivity that more than offsets all of that. So specifically within kind of our cost of goods, we will be a net margin contributor because we -- how that will play out. In terms of the total gross saves cost saves, I think it's fair to say that roughly, call it, $200 million, $250 million will be net cost savings. Between this supply chain cost productivity offsetting inflation as well as all of the moves that we're making below the line within managed expenses, whether it be people costs coming down or just broader purchase expenses coming down.

所以我認為在這 3 部分中，你大約會達到 3%。我們相信我們的成本生產力足以抵消所有這些。因此，特別是在我們的商品成本範圍內，我們將成為淨利潤貢獻者，因為我們 - 這將如何發揮作用。就節省的總成本而言，我認為可以公平地說，粗略地說，2 億美元、2.5 億美元將是淨成本節省。在抵銷通貨膨脹的供應鏈成本生產力以及我們在管理費用範圍內採取的所有措施之間，無論是人員成本下降還是更廣泛的採購費用下降。

Great. And just to clarify, that $200 million to $250 million is -- that's a net tailwind versus '23 and that kind of should be independent of whether the top line is kind of above or below or at the high end or the low end of your guide?

偉大的。需要澄清的是，2 億至 2.5 億美元是——與 23 年相比，這是一個淨順風，並且這應該獨立於頂線是高於還是低於，或者處於高端還是低端。指導？

That's right. Yes, that's right.

這是正確的。恩，那就對了。

Our next question is from the line of Andrew Uerkwitz with Jefferies.

我們的下一個問題來自 Andrew Uerkwitz 和 Jefferies 的問題。

I guess I want to stick with Wizards of the Coast. If I think beyond 2024, what kind of cadence would we have in digital games? We saw 2 big games last year, no new ones this year as far as we know. Like what kind of cadence should we expect there on the digital game side? And any clue on the mix between mobile and traditional PC console?

我想我想繼續加入海岸奇才隊。如果我想 2024 年之後，我們的數位遊戲會是什麼樣的節奏？去年我們看了兩場大型比賽，據我們所知，今年沒有新的比賽。例如我們應該期待數字遊戲方面的節奏如何？關於行動和傳統 PC 控制台之間的混合有什麼線索嗎？

Andrew, yes, I would say for -- starting in '26, we'll probably have one major new digital game that we'll publish and then '27 to '30, it will be anywhere between 1 to 2 depending on how the schedules kind of shake out. From a licensing perspective, I think you should generally see our licensing business after taking maybe a little bit of a step back this year just given the Baldur's Gate 3 launch bulge, take a little bit of a step back this year, but then it will grow sequentially every year as we just expand the number of licensors and games like MONOPOLY GO! continue to mature and become more profitable for us.

安德魯，是的，我想說的是 - 從 26 年開始，我們可能會發布一款主要的新數字遊戲，然後在 27 年到 30 年，它將介於 1 到 2 之間，具體取決於日程安排有點混亂。從授權的角度來看，我認為您應該普遍看到我們的授權業務，因為今年《博德之門 3》的發布激增，今年稍微後退了一步，但隨後它就會隨著我們不斷擴大授權商和《MONOPOLY GO!》等遊戲的數量，我們的業務量每年都會持續成長。繼續成熟並為我們帶來更多利潤。

We're constantly adding new licensors to the mix, so it's a little difficult to give you a lot of precise guidance about kind of like the mix between mobile or kind of like somewhat like the casino gambling that we also licensed to or PC and console. But generally speaking, our license mix tends to be more mobile and casino gambling then it would be PC and console because that's where we're going to tend to focus our publishing efforts.

我們不斷在組合中添加新的許可方，因此為您提供許多精確的指導有點困難，例如行動裝置之間的混合，或者有點像我們也授權給的賭場賭博或 PC 和遊戲機之間的混合。但一般來說，我們的許可組合往往更多的是行動和賭場賭博，而不是 PC 和遊戲機，因為這是我們傾向於集中出版工作的地方。

Got it. That's very helpful. And then on the Universes Beyond sets coming beyond 2024, is the goal there with Marvel and Final Fantasy to find new audiences to kind of better monetize your current audience or even maybe flipping around a bit, you're great in competitive, I think you're very good in kind of social gaming, but that collector spot of kids just buying cars for fun. Where are you trying to really target with some of these Universes Beyond sets with Final Fantasy and Marvel?

知道了。這非常有幫助。然後，在2024 年之後的宇宙超越設定中，漫威和最終幻想的目標是尋找新觀眾，以便更好地從現有觀眾中獲利，或者甚至可能稍微翻轉一下，你在競爭中表現出色，我認為你在社交遊戲方面非常出色，但孩子們購買汽車只是為了好玩。 《最終幻想》和《漫威》的《超越宇宙》系列中，你們的真正目標在哪裡？

Well, I think it's, generally speaking, all of the above. However, I think the special emphasis for Universes Beyond is new player growth. The Lord of the Rings was by far and away the most successful product at bringing in new players into the franchise that we've ever released. We would anticipate that would be the same or potentially even greater for IPs like Lord of the Rings or Marvel or some of the future things that we have in store. So it's a great way for us to expand the base of users and grow future sets over time.

嗯，我認為，一般來說，以上都是。然而，我認為《Universes Beyond》特別強調的是新玩家的成長。 《魔戒》無疑是我們發行的系列中在吸引新玩家方面最成功的產品。我們預計，對於《魔戒》或《漫威》等 IP 或我們未來的一些產品來說，情況會是相同的，甚至可能會更大。因此，這對我們來說是擴大用戶群並隨著時間的推移增加未來用戶群的好方法。

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'd be interested to hear how you guys feel you have completed the brand pruning process. Is that largely done? Is it still underway? I'm just trying to think about what other headwinds we might have in the future.

我很想聽聽你們對完成品牌修剪過程的感受。基本上已經完成了嗎？還在進行中嗎？我只是想想想我們未來可能會遇到的其他阻力。

Jaime, I would say it's largely done. There might be 1 or 2 more, and we would announce those deals within the next month or two and then I would say moving forward, you should think about us as net brand creators.

海梅，我想說這基本上已經完成了。可能還有一兩個，我們會在接下來的一兩個月內宣布這些交易，然後我想說，展望未來，你應該將我們視為網路品牌創造者。

Yes, my only add on the -- to cleanup, I would say that kind of the same sentiment holds like we're done with the cleanup. So as we head into '24, we're rebuilding now, we're building now.

是的，我對清理工作的唯一補充是，我想說，就像我們已經完成了清理工作一樣，這種情緒也是一樣的。因此，當我們進入 24 世紀時，我們現在正在重建，我們現在正在建造。

Okay. And then, Gina, I don't think it's been delineated. What portion of the cost savings are coming out of cost of goods sold relative to SG&A. My suspicion is most of it's out of that SG&A line. But do you have that bifurcated and an easy way to digest?

好的。然後，吉娜，我認為這還沒有被描繪出來。相對於 SG&A，銷售成本節省了多少成本。我懷疑大部分都超出了SG&A 範圍。但你有那種分叉且容易消化的方法嗎？

Yes. Yes, my very simple would say, yes, you're right, it's about half and half. If I look at the big buckets. Little bit that we did in '23 on royalty expense, but it's really a small change compared to the cost savings we're driving within supply chain and within the managed or operating expenses. So it's almost half and half.

是的。是的，我很簡單地說，是的，你是對的，大約是一半一半。如果我看一下大桶。我們在 23 年在特許權使用費方面做了一點點，但與我們在供應鏈以及管理或營運費用中推動的成本節約相比，這確實是一個很小的變化。所以幾乎是一半一半。

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'm curious if you could say what POS was for you guys in 4Q. And then I'm also curious, it sounds like you're expecting the industry could be down as much as 8% in 2024, but then expect it to get back to -- I think you said low single-digit growth thereafter. So I'm just curious to hear your thoughts on why you think the industry will be down so much? And then what needs to change to get it back to growth?

我很好奇你們能否說說 POS 在第四季度對你們來說意味著什麼。然後我也很好奇，聽起來您預計該行業到 2024 年可能會下降 8％，但隨後預計會回到 - 我認為您說過此後會出現較低的個位數增長。所以我只是想聽聽你的想法，為什麼你認為這個行業會下滑這麼多？那麼需要做出哪些改變才能使其恢復成長呢？

Yes, in Q4, we were down around 12% or 13% on our internal point-of-sale measurements. When you factor out some of the exited licenses that we didn't comp, it was more down around negative 9% in the quarter which roughly tracks around what the industry did. We think the industry did between negative 9% and negative 10%. For the full fiscal year, we were down negative 10% to negative 11% based on our internal point-of-sale tracking and ex these kind of exited brands, we were down about negative 6%, which, again, roughly tracks with kind of what our feeling is for the industry.

是的，在第四季度，我們的內部銷售點測量結果下降了約 12% 或 13%。當你剔除我們未計算的一些已退出許可證時，本季的跌幅更大，約為負 9%，這大致與行業的情況相符。我們認為該產業的成長率在負 9% 到負 10% 之間。在整個財年，根據我們的內部銷售點跟踪，我們下降了負 10% 到負 11%，不包括這些退出的品牌，我們下降了大約負 6%，這再次大致與同類產品相一致。我們對這個行業的感受。

In terms of our call for industry trends moving forward, I think generally speaking, we think the prevailing trends that existed in the back half of 2023 are likely going to persist into at least the first half of 2024. And probably into the second half of 2024. We still have a little bit of a correction from pre-COVID toy share of wallet that we think we're experiencing in markets like the U.S. We do see growth in places like Latin America and Southeast Asia.

就我們對未來行業趨勢的呼籲而言，我認為總的來說，我們認為 2023 年下半年存在的流行趨勢可能會持續至少到 2024 年上半年。而且可能會持續到 2024 年下半年。2024 年。我們認為，與新冠疫情爆發前的玩具錢包份額相比，我們在美國等市場正在經歷這種情況，但我們確實看到了拉丁美洲和東南亞等地的增長。

And we generally are kind of thinking that once we get through 2024, we're largely past that kind of post-COVID correction, and we start getting back into a toy market, which from our planning purposes, we're basically projecting to be around flat and that based on our innovation and the marketing that we're putting together and just the general kind of fundamental health of the business, that we're reinjecting into it, that we can grow at that level or likely ahead of that level and build some share, particularly in the categories we're focused on.

我們通常認為，一旦我們度過了 2024 年，我們基本上就已經過去了那種後新冠疫情調整，我們開始回到玩具市場，從我們的規劃目的來看，我們基本上預計圍繞著扁平化，基於我們正在整合的創新和行銷，以及我們正在重新註入的業務的一般基本健康狀況，我們可以在這個水平上成長，或者可能領先於這個水平並建立一些份額，特別是在我們關注的類別中。

Got it. That's really helpful. And then a follow-up. I was curious if you could help size up how much Baldur's Gate 3 and MONOPOLY GO! contributed in 4Q. Maybe give some color on it for 2024, but just -- yes, just curious, any more color on what those two contribute as we go through 2024 would be helpful.

知道了。這真的很有幫助。然後是後續行動。我很好奇你是否能幫忙估算《博德之門 3》和《地產大亨》的售價！第四季貢獻。也許可以為 2024 年提供一些顏色，但是只是 - 是的，只是好奇，在我們度過 2024 年時，對這兩者的貢獻提供更多顏色將會有所幫助。

As we move to '24, yes, so MONOPOLY GO! in Q4. It was just the minimum guarantee that we booked in from a revenue standpoint and Baldur's Gate had another healthy quarter. I think for the year, in totality, Baldur's Gate was around $90 million of revenue. So now if you turn the corner into 2024, the front half of the year, you're still going to have the tail from Baldur's Gate 3. That's going to stay with us all year, obviously, not at the same extent that we saw play during Q3 and Q4, but we'll still be selling units and making revenue and profit off of that product.

當我們進入 24 世紀時，是的，所以《大富翁》開始吧！在第四季。從收入的角度來看，這只是我們預訂的最低保證，《博德之門》又迎來了一個健康的季度。我認為《博德之門》今年的總收入約為 9,000 萬美元。所以現在，如果你進入2024 年，也就是今年上半年，你仍然會受到《博德之門3》的影響。顯然，這種情況會伴隨我們一整年，程度不會像我們看到的那麼嚴重。在第三季和第四季播放，但我們仍將銷售產品並從該產品中賺取收入和利潤。

For MONOPOLY GO!, what gets interesting is that based on our forecast, based on how well the game is doing as we get into the back half of the year, we believe we'll be able to start booking revenue and profit ahead of our minimum guarantee. Now we don't get into the terms of the contracts and kind of what that royalty rate is. But suffice is to say, as we think about the comp that we're up against at MONOPOLY GO! in the back half, MONOPOLY GO! has been almost get there, not quite get there, but almost get there and kind of offset the headwind that we have from Baldur's Gate.

對於《MONOPOLY GO!》，有趣的是，根據我們的預測，根據進入下半年時遊戲的表現，我們相信我們將能夠在我們的預測之前開始預訂收入和利潤。最低保證。現在我們不討論合約條款以及特許權使用費率是多少。但我只想說，當我們考慮我們在《MONOPOLY GO》中所面臨的競爭時！後半段，MONOPOLY GO！已經快要到達那裡了，雖然還沒有完全到達那裡，但是幾乎到達那裡並且抵消了我們來自博德之門的逆風。

That's just a quick clarification. I think you said earlier that you're expecting -- I think you said digital game licenses, I think it was just going to be flat year-over-year. So is that right that the full amount of MONOPOLY GO! and Baldur's Gate 3 in 2024 should roughly be equivalent to what we saw in 2023?

這只是一個快速澄清。我想你之前說過你期待——我想你說過數字遊戲許可，我認為它會同比持平。那麼，MONOPOLY GO 的全款是嗎？而2024年的《博德之門3》應該大致相當於我們在2023年看到的情況吧？

Yes. I think you're saying that right.

是的。我認為你說得對。

Next questions come from the line of Linda Bolton-Weiser with D.A. Davidson.

接下來的問題來自 Linda Bolton-Weiser 和 D.A.戴維森。

So I guess I took from your comments that you said that cash balance would be down in the end of 2024 versus 2023. So I take that to mean that operating cash flow minus CapEx minus dividends will be negative. Am I reading that correctly? And do you have a guidance number or range for operating cash flow like you usually give for 2024?

因此，我想我從您的評論中得知，您說 2024 年底的現金餘額將比 2023 年有所下降。因此，我認為這意味著營運現金流減去資本支出再減去股息將為負數。我讀得正確嗎？您是否有像通常給出的 2024 年營運現金流指導數字或範圍？

I mean, we haven't officially made a guidance, but it's going to be -- operating cash flow is going to be slightly down versus where we landed the year strictly because of the inventory benefit that we got. We captured that as part of our 2023 cash flow. In terms of ending cash, it's slightly down. I mean, you could almost argue that ending cash is going to be relatively flat year-over-year, but I mean it's slightly down, and it's slightly down because we're stepping up our capital expense a little bit.

我的意思是，我們還沒有正式製定指導方針，但嚴格來說，由於我們獲得了庫存效益，營運現金流將比我們今年的目標略有下降。我們將其納入 2023 年現金流的一部分。就期末現金而言，略有下降。我的意思是，你幾乎可以說，期末現金將比去年同期相對持平，但我的意思是它略有下降，而且略有下降是因為我們稍微增加了資本支出。

And then we also have additional charges related to the announcements that we had in December that play in. But no, we don't get to negative free cash.

然後，我們還有與 12 月發布的公告相關的額外費用。但是，我們不會獲得負的自由現金。

So can you help me understand the change in cash taxes paid and also the change in outflow related to cash restructuring in 2024 versus 2023?

那麼您能否幫我了解 2024 年與 2023 年相比，所繳納現金稅的變化以及與現金重組相關的流出變化？

The cash -- I'm going to have to follow up with you on the cash tax. In terms of the cost for restructuring, we paid roughly, I would say, call it, $70-ish million in -- as we move through '23. And as we move into 2024, that's going to be roughly, call it, $100 million.

現金－我將不得不就現金稅問題與您進行跟進。就重組成本而言，我們在 23 年期間支付了大約 7,000 萬美元。進入 2024 年，這一數字將大致達到 1 億美元。

Okay. That would be for cash restructuring, things like severance and other cash costs?

好的。那將用於現金重組、遣散費和其他現金成本？

Correct. That's right.

正確的。這是正確的。

Okay. And then I know that you really want to protect and continue to pay the dividend, but one might argue that Mattel's turnarounds really started when they cut the dividend because it gave them a little bit of flexibility to work down the debt. You really didn't state any leverage targets for 2024 or 2025. Your stock is trading as if the dividend is not safe. So one might argue that it would really benefit shareholders to at least reduce the dividend so that you could work down the debt a little bit faster. Can you just respond to that idea?

好的。然後我知道你真的想保護並繼續支付股息，但有人可能會說，美泰的扭虧為盈是在他們削減股息時才真正開始的，因為這給了他們一點靈活性來減少債務。您確實沒有規定 2024 年或 2025 年的任何槓桿目標。您的股票交易就好像股息不安全一樣。因此，有人可能會說，至少減少股息確實會讓股東受益，這樣你就可以更快地減少債務。你能回應一下這個想法嗎？

I'm going to go back to our prepared comments, and both Chris and I remain -- and our Board remains supportive of our capital allocation strategy, which includes the dividend and we believe the actions that we've taken both in '23 and '24 to free up cash, support those capital allocation priorities. I hear your point on the delev and getting to those targets faster. We're still committed to getting to those delev targets. We think though that fixing the business also is going to free up our ability to hit all of our cap allocation priorities.

我要回到我們準備好的評論，克里斯和我都留下了——我們的董事會仍然支持我們的資本分配策略，其中包括股息，我們相信我們在 23 年和 2019 年採取的行動'24 釋放現金，支援這些資本配置優先事項。我聽到了您關於開發和更快實現這些目標的觀點。我們仍然致力於實現這些發展目標。我們認為，修復業務也將釋放我們實現所有上限分配優先事項的能力。

And then just my next question is just more operational. I guess one of the things that kind of -- what wrong, I guess, you could say, in 2023, is that the industry POS slowed a lot in the second half or it wasn't what you would have thought. And that was the same for Mattel. So is there anything about 2024 that if the industry actually gets worse versus what you're projecting, is there any flexibility or levers that you can use to better reach your financial goals in 2024, even if the industry ends up being different than you thought?

我的下一個問題更具操作性。我想，在 2023 年，你可能會說，有什麼問題是 POS 產業在下半年放緩了很多，或者不是你想像的那樣。美泰也是如此。那麼，如果 2024 年行業實際情況比您預測的情況更糟，您是否可以利用任何靈活性或槓桿來更好地實現 2024 年的財務目標，即使行業最終與您想像的不同？

Well, I would say our projection for the industry is probably on the more cautious side than what most independent analysts or other toy companies would have. So I think we're going in with the cautious outlook. I also think we have a lot of tools in our quiver in terms of cash liquidity we've got $1 billion, $1.8 billion of cash liquidity and options. Should we have to weather a down quarter or two that is worse than what we're predicting.

嗯，我想說，我們對該行業的預測可能比大多數獨立分析師或其他玩具公司的預測更為謹慎。所以我認為我們將持謹慎的態度。我還認為，在現金流動性方面，我們有很多工具，我們有 10 億美元、18 億美元的現金流動性和選擇權。我們是否應該經歷比我們預測更糟糕的一兩個季度的下滑？

And our new management team, I think, is showing quite an adeptness at cost management and supply chain management. So there are levers that we have to pull. We feel quite confident in our ability to execute against our capital allocation priorities, which are investing in the business for long-term growth. Continuing to give money back to shareholders via our dividend and in achieving our long-term deleverage targets, which is 2.5 or less.

我認為，我們的新管理團隊在成本管理和供應鏈管理方面表現出了相當的熟練。因此，我們必須拉動一些槓桿。我們對執行資本配置優先事項的能力充滿信心，這些優先事項是投資於業務以實現長期成長。繼續透過股息向股東返還資金，並實現我們的長期去槓桿目標（2.5 或更低）。

Okay. Good luck with everything.

好的。祝一切順利。

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

我們的最後一個問題來自高盛的 Stephen Laszczyk。

One on longer-term margins and one on CapEx, maybe first for Gina on margins, just given the new cost efficiency targets, could you update us on your view for what you think the medium- to long-term margin opportunity in consumer products is and maybe the path to get there beyond the 4% to 6% you guided in 2024. And then just on CapEx, you called out the $225 million in CapEx for this year.

一項是關於長期利潤率，一項是關於資本支出，也許吉娜首先是關於利潤率，考慮到新的成本效率目標，您能否向我們介紹一下您對消費產品中長期利潤率機會的看法？也許是超越您在 2024 年指導的 4% 到 6% 的目標的途徑。然後就資本支出而言，您宣布今年的資本支出為 2.25 億美元。

Could you just unpack a little bit more in terms of what that's being invested into? And maybe what you think the long-term outlook for CapEx is on an annualized basis beyond some of the initial programs?

能稍微透露一下投資的內容嗎？也許您認為資本支出的長期前景是按年計算的，超出了一些初始計劃？

Got it. Okay. Good question, Stephen. So on margins, overall for the company, we remain committed to getting to that 20% midterm target that I think we put out there at our last Investor Day. As you break down the CP number, we have a lot of momentum on the margin side as we head into this year. I believe as we turn into '25 and '26, we're continuing to refine what's happening within our supply chain, what's happening within our cost structure. So that will provide some uplift on the margin.

知道了。好的。好問題，史蒂芬。因此，就公司整體利潤率而言，我們仍然致力於實現 20% 的中期目標，我認為我們在上一次投資者日提出了這個目標。當你分解 CP 數字時，我們在進入今年時在利潤方面有很大的動力。我相信，當我們進入「25」和「26」時，我們將繼續完善我們的供應鏈中發生的事情以及我們的成本結構中發生的事情。因此，這將帶來一定的利潤提升。

But the single biggest thing that's going to help us keep moving to the 10s, to the teens and beyond on toy is really volume. And our -- getting back to growth, putting innovation in a market that is actually growing our business. That leverage benefit will have the kind of the single biggest impact on that margin line. So I think we have a good line of sight to the margin targets that we put out there for this year.

但能夠幫助我們繼續朝著 10 多歲、十幾歲甚至更遠的玩具邁進的最重要的事情就是數量。我們的－恢復成長，將創新投入實際成長我們業務的市場。槓桿收益將對利潤線產生最大的影響。因此，我認為我們對今年設定的利潤目標有良好的認識。

For next, we are anticipating that our margin is going to grow again. The speed with which we move up that scale will really be dependent on how fast we can get over the growth, the growth comp. In terms of CapEx, that step-up that we're seeing this year really is being driven by our investment in digital games. If you think about that breakdown of $225 million, there is -- roughly half of it goes into our Wizards business.

接下來，我們預計我們的利潤率將再次成長。我們提升這規模的速度其實取決於我們能夠以多快的速度克服成長、成長競爭。就資本支出而言，我們今年看到的進步實際上是由我們對數位遊戲的投資所推動的。如果你考慮一下 2.25 億美元的細目，你會發現，其中大約有一半進入了我們的巫師隊業務。

Another, I would say, half of that half then is going back into our toy business, with the remaining piece that's going into our broad infrastructure. So we're continuing to build capabilities, both within just kind of the underpinning of the organization when you think about IT and systems as well as within our broader supply chain.

另一個，我想說，其中的一半將回到我們的玩具業務，剩下的部分將進入我們廣泛的基礎設施。因此，我們正在繼續建立能力，無論是在組織的基礎（當你考慮 IT 和系統時）還是在我們更廣泛的供應鏈中。

Yes. And just for strategic context, Stephen, and thanks, by the way, for being the anchor man on the questions for us. Our investments in digital and Digital Gaming, they're foundational to the future of the company. It's something we've been investing in for the last 7 years. It's something that I think you should anticipate that we will at least maintain, if not grow, over the next 3 to 5 years. And it's going to be a material source of value creation, particularly in the game side of our business moving forward.

是的。史蒂芬，順便說一句，感謝您擔任我們問題的主持人。我們對數位和數位遊戲的投資是公司未來的基礎。這是我們過去 7 年一直在投資的項目。我認為你應該預見到，在未來 3 到 5 年內，我們至少會維持這一點，如果不是成長的話。它將成為價值創造的物質來源，特別是在我們業務發展的遊戲方面。

I think we already see that it can work and work fantastically well with what we've been doing with licensing partners, particularly with MONOPOLY GO! and Baldur's Gate 3 last year and great acquisitions like we made with D&D Beyond and I think you're going to see more and more value creation as we go through '24, '25 and into '26.

我認為我們已經看到它可以發揮作用，並且與我們與授權合作夥伴（尤其是《MONOPOLY GO》）所做的事情配合得非常好！去年的《博德之門 3》以及我們與 D&D Beyond 進行的偉大收購，我認為隨著我們經歷 24 年、25 年和進入 26 年，你會看到越來越多的價值創造。

This will conclude our question-and-answer session and also concludes today's conference. Thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

我們的問答環節就此結束，今天的會議也將結束。感謝您的參與。您現在可以斷開線路，度過美好的一天。