孩之寶 (HAS) 2024 Q2 法說會逐字稿

Good morning and welcome to the Hasbro second quarter 2024 earnings conference call.

早安，歡迎參加孩之寶 2024 年第二季財報電話會議。

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

（操作員指示）今天的會議正在錄音。

If you have any objections, you may disconnect at this time.

如果您有任何異議，您可以此時斷開連接。

At this time, I'd like to turn the call over to Kern Kapoor, Senior Vice President of Investor Relations.

現在，我想將電話轉給投資者關係高級副總裁克恩·卡普爾 (Kern Kapoor)。

Please go ahead.

請繼續。

Thank you and good morning, everyone.

謝謝大家，早安。

Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's chief financial officer.

今天加入我的是孩之寶執行長 Chris Cocks；以及孩之寶財務長吉娜‧戈特 (Gina Goetter)。

Today, we will begin with Chris and Gina providing commentary on the company's performance.

今天，我們將首先由克里斯和吉娜對公司的業績進行評論。

Then we will take your questions.

然後我們將回答您的問題。

Our earnings release and presentation slides for today's call are posted on our investor website.

我們今天電話會議的收益發布和簡報投影片已發佈在我們的投資者網站上。

The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures.

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.

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。

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

新聞稿和簡報中包含了 GAAP 與非 GAAP 指標的調整表。

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

請注意，每當我們討論每股盈餘或每股盈餘時，我們指的是稀釋後每股盈餘。

Before we begin, I would like to remind you that during this call and the question-and-answer session that follows, members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives, and similar matters.

在我們開始之前，我想提醒您，在本次電話會議和隨後的問答環節中，孩之寶管理層成員可能會就管理層的期望、目的、目的和類似事項做出前瞻性陳述。

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.

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。

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 other public disclosures.

這些因素包括我們的 10-K 表格年度報告、最新的 10-Q 表格、今天的新聞稿以及其他公開披露的內容。

We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

我們沒有義務更新今天發表的任何前瞻性聲明以反映本次電話會議之後發生的事件或情況。

I would now like to introduce Chris Cocks.

現在我想介紹克里斯·考克斯。

Chris?

克里斯？

Thanks Kern, and good morning.

謝謝克恩，早安。

Q2 was another good quarter.

第二季又是一個好季度。

We saw strength in gaming and digital licensing and landed where we expected within consumer products, while increasing operating margin and maintaining healthy inventory.

我們看到了遊戲和數位授權領域的實力，並在消費產品領域達到了我們的預期，同時提高了營業利潤並維持了健康的庫存。

It's nice to come into calls like this and not only deliver what we said but to start making it a habit.

很高興接到這樣的電話，不僅傳達我們所說的話，而且開始讓它成為一種習慣。

Across Games, IP and toys, Hasbro is emerging a more profitable, agile. and operationally excellent company, one dedicated to delighting fans of all ages through the magic play.

在遊戲、智慧財產權和玩具領域，孩之寶正在變得更加盈利、更加敏捷。經營卓越的公司，致力於透過魔術表演為各個年齡層的粉絲帶來歡樂。

Our licensing and IP business continues to be a differentiator for us.

我們的授權和智慧財產權業務仍然是我們的優勢所在。

In digital we're seeing mega-hits like MONOPOLY GO!

在數位領域，我們看到了像《MONOPOLY GO!》這樣的熱門遊戲！

demonstrate staying power, we have over 35 entertainment projects in development, and our team continues to drive our IP within consumer products through partners spanning the globe and multiple categories.

展示持久力，我們有超過 35 個娛樂項目正在開發中，我們的團隊繼續透過遍布全球和多個類別的合作夥伴在消費產品中推動我們的 IP。

And as we look at the business of play, it's clear that digital is here to stay and a bigger factor than ever in how successful toy and game companies will grow and strengthen their brands.

當我們審視遊戲業務時，很明顯，數位化將繼續存在，並且對於成功的玩具和遊戲公司如何發展和強化其品牌而言，數位化比以往任何時候都更加重要。

We're years ahead of our peers, having already spent hundreds of millions of dollars building out our own studio capacity and expanding our brands through digital partnerships.

我們領先於同行多年，已經花費了數億美元來建立我們自己的工作室能力，並透過數位合作夥伴關係擴大我們的品牌。

Games like Baldur's Gate 3 show us what the future looks like.

像《博德之門 3》這樣的遊戲向我們展示了未來的樣貌。

And while we're still in the middle of the ballgame on our turnaround efforts in toys, we're seeing signs our innovation is working, particularly where we already have a big head start versus the competition.

雖然我們在玩具領域的扭虧為盈仍處於中期階段，但我們看到了我們的創新正在發揮作用的跡象，特別是在我們與競爭對手相比已經領先的情況下。

Many companies in the toy and games industry are waking up to the power of fans and the importance of quote-unquote kidults.

玩具和遊戲行業的許多公司正在意識到粉絲的力量以及引用不引用的兒童的重要性。

Hasbro has long appreciated this audience, driving over 60% of our revenue from consumers 13 and older, and we'll continue to lean in here as we think about innovation across our product portfolio.

孩之寶長期以來一直重視這個受眾群體，我們 60% 以上的收入來自 13 歲及以上的消費者，在我們思考整個產品組合的創新時，我們將繼續依靠這方面的力量。

Looking at the business with the first half of the year in the books, our team delivered, and we're raising our full year guidance as a result.

回顧上半年的業務，我們的團隊交付了成果，因此我們提高了全年指導。

Gina will share more details shortly and I'll first offer some business highlights across gaming, licensing, and toys.

吉娜很快就會分享更多細節，我將首先介紹遊戲、授權和玩具方面的一些業務亮點。

We had another solid quarter from MAGIC: THE GATHERING on the back of this year's blockbuster set release Modern Horizons 3.

在今年的大片《摩登新篇 3》發行後，《萬智牌》又迎來了一個穩定的季度。

Facing a high bar with last year's Lord of the Rings, Universes Beyond set, Modern Horizons 3 has had a strong start, becoming the fastest selling set in MAGIC's history.

面對去年《魔戒》、《宇宙之外》系列的高標準，《摩登新篇 3》開局強勁，成為 MAGIC 史上銷售最快的系列。

While we expect a tougher comp in the back half for MAGIC following the strong first half and as we lap a greater number of releases last year, we're seeing good early interest in our first tentpole set, Bloomburrow, releasing next week.

雖然我們預計繼上半年的強勁表現之後，《MAGIC》的後半段比賽會更加艱難，而且隨著我們去年發布的遊戲數量增多，我們看到人們對下週發布的第一款主打系列《Bloomburrow 》表現出了濃厚的興趣。

And then in 2025 we anticipate a return to growth for MAGIC driven by two Universes Beyond sets for Final Fantasy and Marvel that fans are eagerly anticipating.

然後，我們預計到 2025 年，《MAGIC》將在粉絲們熱切期待的《最終幻想》和《漫威》的兩款《超越宇宙》系列的推動下恢復成長。

Within D&D, we're seeing solid pre-orders of the 2024 Core Rules book for the revised and expanded fifth edition.

在《D&D》中，我們看到了 2024 年《核心規則》修訂版和擴展版第五版的預訂量。

D&D also shows how we are increasing digitization across our portfolio.

D&D 也展示了我們如何提高整個產品組合的數位化程度。

Digital revenue already accounts for over half of the mix due to the success of D&D Beyond.

由於《D&D Beyond》的成功，數位收入已經佔了一半以上。

Next week at GenCon, fans can expect to see more of our 3D roleplaying sandbox experience built on Unreal engine 5, bringing players' favorite franchises to life across PC, console, and mobile.

下週在 GenCon 上，粉絲們可以期待看到我們更多基於虛幻引擎 5 構建的 3D 角色扮演沙盒體驗，將玩家最喜愛的系列在 PC、主機和行動裝置上栩栩如生。

We look forward to getting it in gamers' hands later this year.

我們期待在今年稍後將其交付到遊戲玩家手中。

D&D Beyond already represents our largest direct-to-consumer platform with 18 million registered users.

D&D Beyond 已成為我們最大的直接面向消費者的平台，擁有 1,800 萬名註冊用戶。

Along with Pulse, our destination for exclusive collectibles across fan-favorite brands like G.I. JOE and Star Wars, we see an opportunity to unlock more value across our Hasbro Direct business.

與 Pulse 一樣，我們也提供 G.I. 等深受粉絲喜愛的品牌的獨家收藏品。 JOE 和星際大戰，我們看到了在 Hasbro Direct 業務中釋放更多價值的機會。

Licensing was another standout in the quarter.

許可證是本季的另一個亮點。

Momentum in MONOPOLY GO!

MONOPOLY GO 的動能！

from our partners at Scopely continued into Q2, accelerating our revenue recognition beyond the minimum guarantees and driving healthy upside to both revenue and operating profit.

來自 Scopely 合作夥伴的支援持續到第二季​​度，加速了我們的收入確認，超出了最低保證，並推動了收入和營業利潤的健康成長。

Since launch, the game has grossed over $3 billion in revenue, making Hasbro the top licensor of video games over the past year according to Aldora.

據 Aldora 稱，自推出以來，該遊戲的總收入已超過 30 億美元，使孩之寶成為過去一年中最大的電玩授權商。

The team continues to have an active pipeline of licensing opportunities across PC, console, mobile, and casino, leveraging our rich IP.

團隊利用我們豐富的智慧財產權，繼續在 PC、遊戲機、行動裝置和賭場上擁有活躍的授權機會管道。

In Q2 we announced a new arcade-style game for Power Rangers with our partners at Digital Eclipse.

在第二季度，我們與 Digital Eclipse 的合作夥伴宣布推出一款新的街機風格遊戲《Power Rangers》。

And just this month, we kicked off a Transformers Overwatch 2 crossover.

就在這個月，我們啟動了《變形金剛》與《鬥陣特攻 2》的連結。

As we continue to invest in our digital gaming efforts, both through partnerships and self-publishing through our own studios, I'm excited that John Hight, former SVP and GM of the Warcraft franchise for Blizzard Entertainment, is joining Hasbro as President of Wizards of the Coast.

隨著我們繼續透過合作夥伴關係和透過我們自己的工作室自行出版來投資我們的數位遊戲工作，我很高興暴雪娛樂前高級副總裁兼魔獸爭霸系列總經理約翰·海特(John Hight) 加入孩之寶擔任奇才總裁海岸的。

John is a lifelong MAGIC and D&D fan and embodies Hasbro's mission to bring people together through play.

約翰是《萬智牌》和《龍與地下城》的終身粉絲，他體現了孩之寶透過遊戲將人們聚集在一起的使命。

Within Consumer Products licensing, we saw growth in the quarter helped by our new partnership with Kayou collectible trading cards, building on the resurgence of My Little Pony in China.

在消費品授權方面，我們看到了本季的成長，這得益於我們與 Kayou 收藏交易卡的新合作夥伴關係，以及《小馬寶莉》在中國的復興。

And Littlest Pet Shop's international appeal continues to grow, ranked as the number two growth property in playsets, dolls, and collectibles across the G10 according to Circana.

根據 Circana 的數據，Littlest Pet Shop 的國際吸引力持續成長，在 G10 的玩具套裝、玩偶和收藏品中排名第二。

We also launched several partner-led, Hasbro-branded properties, including a new PEPPA PIG theme park in Germany, as well as The Gameroom and Planet Playskool in New Jersey, combining for 60,000 square foot of games and STEM-based play experiences.

我們還推出了多個由合作夥伴主導的孩之寶品牌的項目，包括德國的新 PEPPA PIG 主題公園，以及新澤西州的 The Gameroom 和 Planet Playskool，提供了 60,000 平方英尺的遊戲和基於 STEM 的遊戲體驗。

Finally, turning to toys.

最後，轉向玩具。

As a reminder we began the year expecting the first half for consumer products to look similar to last year's second half.

提醒一下，我們在今年伊始就預期消費品上半年的表現將與去年下半年相似。

Through Q2, we landed where we thought we would, and I'm encouraged by several early reads, notably Beyblade.

透過第二季度，我們到達了我們預期的目標，我對一些早期的閱讀內容感到鼓舞，尤其是《陀螺陀螺》。

After a strong launch in Japan, we've begun rolling out Beyblade X globally.

在日本強勢推出後，我們開始在全球推出 Beyblade X。

We've seen positive early demand with fans liking the streamlined brand assembly and new X-celerator Rail stadium that creates epic collisions.

我們看到了粉絲們的積極早期需求，他們喜歡簡化的品牌組裝和新的 X-celerator Rail 體育場，創造史詩般的碰撞。

And in this year of lighter entertainment content, Hasbro is well-positioned with the biggest movie for toys coming to theaters this September, Transformers One with our partners at Paramount.

在娛樂內容較為輕鬆的今年，孩之寶處於有利地位，今年 9 月將與我們的合作夥伴派拉蒙合作推出最大的玩具電影《變形金剛一號》。

We have strong retail alignment and healthy early demand for our fan SKUs to celebrate the brand's 40th anniversary.

為了慶祝品牌成立 40 週年，我們對粉絲 SKU 擁有強大的零售配合和健康的早期需求。

You can expect renewed innovation in some of our core toy properties as we head into back-to-school.

隨著我們重返校園，您可以期待我們的一些核心玩具產品將迎來新的創新。

Play-Doh has shown strength all year, and we've gained valuable insights from our digital marketing efforts in the spring that we'll be applying to the fall.

Play-Doh 全年都展現了實力，我們從春季的數位行銷工作中獲得了寶貴的見解，我們將應用到秋季。

We're expanding play styles with new launches like the first ride-on Pizza Delivery Scooter, and ageing up with Play-Doh Marvel action figures, in partnership with the Walt Disney Company.

我們與華特迪士尼公司合作，透過推出首款騎乘式披薩外送滑板車等新產品來拓展遊戲風格，並透過 Play-Doh Marvel 動作玩偶來豐富遊戲風格。

This fall we'll also be ramping our latest N-Series for NERF, which features a proprietary NERF dart.

今年秋天，我們還將推出最新的 NERF N 系列，它具有專有的 NERF 飛鏢。

Retailer support has been strong since last month's launch.

自上個月推出以來，零售商的支援一直很強勁。

Our people and culture are critical to the successes I've highlighted during this call, and so before I wrap up, I want to also welcome back Holly Barbacovi, an HR powerhouse who is bringing her pragmatic approach to HR back to Hasbro as our new Chief People Officer.

我們的員工和文化對於我在這次電話會議中強調的成功至關重要，因此在結束之前，我還想歡迎人力資源巨頭Holly Barbacovi 回來，她將她務實的人力資源方法帶回孩之寶，成為我們的新員工。

To recap, it was a good quarter, with solid performance in profitability led by our strength in games and licensing.

回顧一下，這是一個不錯的季度，我們在遊戲和授權方面的實力帶動了盈利能力的穩健表現。

Toys came in as expected and we see a path to growth in Q4, driven by innovation and strong alignment with our retail partners.

玩具市場符合預期，在創新和與零售合作夥伴的緊密合作的推動下，我們看到了第四季的成長之路。

We still have most of the year left to go, and we'll be watching back-to-school closely, but our team's work is starting to make a real difference, and we feel confident in taking our guidance up for the full year.

我們還有今年的大部分時間，我們將密切關注返校情況，但我們團隊的工作開始產生真正的影響，我們對全年的指導充滿信心。

I'd like to now turn over the call to Gina to share more about our detailed results and updated outlook.

我現在想將電話轉給吉娜，分享更多有關我們的詳細結果和最新展望的資訊。

Gina?

吉娜？

Thanks, Chris, and good morning, everyone.

謝謝克里斯，大家早安。

In Q2 we made further progress building a healthier foundation for Hasbro as we delivered better profits, moderated the pace of our revenue decline, and continued to up-level our internal processes and systems.

在第二季度，我們取得了進一步的進展，為孩之寶建立了更健康的基礎，我們實現了更好的利潤，減緩了收入下降的速度，並繼續提升我們的內部流程和系統。

I'm pleased with our team's execution in the first half as we continue to drive operational rigor across the company.

我對我們團隊上半年的執行力感到滿意，因為我們將繼續推動整個公司的營運嚴謹性。

Similar to Q1, we once again saw outperformance in digital licensing, led by a material step-up in contribution from MONOPOLY GO!

與第一季類似，我們再次看到數位授權領域表現出色，其中《MONOPOLY GO!》的貢獻大幅提升！

as the game's momentum allowed us to exceed the minimum guarantee sooner than expected.

因為遊戲的動力讓我們比預期更快超越了最低保證。

This, along with healthy growth in consumer product licensing, growth in MAGIC and another strong quarter from our supply chain team, drove significant operating margin expansion.

再加上消費產品授權的健康成長、MAGIC 的成長以及我們供應鏈團隊的另一個強勁季度，推動了營業利潤率的大幅成長。

And while we still have more than half of the year left from a revenue contribution standpoint, we're doing a lot of the right things and are confident from where we sit today to take up our full year guidance.

雖然從收入貢獻的角度來看，我們今年還有一半以上的時間，但我們正在做很多正確的事情，並且從今天的情況來看，我們有信心接受我們的全年指導。

Our turnaround in toys is well underway.

我們的玩具業務轉型正在順利進行中。

Q2 declined similar to Q1 as we had anticipated.

正如我們預期的那樣，第二季的下降與第一季類似。

And while Q3 and the back-to-school selling season will be an important gauge, we're entering the second half with clean retail inventory and are seeing encouraging demand signals for our planned innovation.

雖然第三季和返校銷售季將是一個重要的衡量標準，但我們進入下半年時零售庫存狀況良好，並且我們計劃的創新看到了令人鼓舞的需求訊號。

And by putting the right underlying demand and supply planning processes and systems in place, we've been able to bring aged inventory down to historic lows, while ensuring we have suitable inventory levels to support sell through for the holidays.

透過建立正確的基礎需求和供應計劃流程和系統，我們能夠將陳舊庫存降至歷史低點，同時確保我們有適當的庫存水準來支持假期的銷售。

We've also improved our end-to-end planning capabilities to better align where we source inventory with customer demand.

我們還提高了端到端規劃能力，以便更好地將我們的庫存採購地點與客戶需求保持一致。

In the first half of this year, we've already had some major wins from our supply chain team, and with that I'd like to acknowledge Stephanie Beal who has been instrumental to this transformation and congratulate her on becoming our new Chief Supply Chain Officer.

今年上半年，我們的供應鏈團隊已經取得了一些重大勝利，在此我要感謝 Stephanie Beal，她對這一轉型發揮了重要作用，並祝賀她成為我們新的首席供應鏈官。

Integrated business planning plays an important role as we transform Hasbro into a more profitable and operationally agile company.

在我們將孩之寶轉變為一家盈利能力更強、經營更靈活的公司的過程中，綜合業務規劃發揮著重要作用。

After the first couple of quarters of implementation, we're seeing greater information flow and faster decision making, which is starting to show up in our results.

經過前幾季的實施後，我們看到了更多的資訊流和更快的決策制定，這開始體現在我們的結果中。

And just like we're focused on digitization across play patterns, we're also enhancing our digital operations to ensure we're running as efficiently as possible and is why I'm excited to welcome Dan Shull as our new Chief Digital Information Officer.

就像我們專注於跨遊戲模式的數位化一樣，我們也在增強我們的數位運營，以確保我們盡可能高效地運行，這就是為什麼我很高興歡迎 Dan Shull 擔任我們新的首席數位資訊長。

Dan brings a wealth of Fortune 500 experience and will steer our digital and IT strategy using cutting-edge technology to enhance collaboration, accelerate data analytics, and modernize our infrastructure.

Dan 擁有豐富的財富 500 強經驗，並將利用尖端技術指導我們的數位和 IT 策略，以加強協作、加速數據分析並實現基礎設施現代化。

Now moving on to Q2 financial results.

現在轉向第二季的財務表現。

Total Hasbro revenue was $995 million, down 18% versus Q2 of last year.

孩之寶總收入為 9.95 億美元，比去年第二季下降 18%。

If you exclude the impact of the eOne divestiture, total revenue was down 6%.

如果排除 eOne 剝離的影響，總收入下降了 6%。

Growth of 20% in our Wizards of the Coast segment, led by MAGIC and licensed digital games, was more than offset by the 20% decline in consumer products driven by lower closeout volume, reduced entertainment slate, and exited brands.

以 MAGIC 和授權數位遊戲為首的《威世智》業務部門實現了 20% 的成長，但被清倉量減少、娛樂項目減少和品牌退出導致的消費產品 20% 的下降所抵消。

The entertainment segment declined 90% due to the sale of eOne Film and TV business.

由於出售 eOne 影視業務，娛樂業務下滑 90%。

Absent this impact, entertainment revenue decreased 30%, driven by timing.

如果沒有這種影響，受時機影響，娛樂收入下降了 30%。

Adjusted operating profit was $249 million for an adjusted operating margin of 25.0%, up nearly 14 points year on year.

調整後營業利潤為 2.49 億美元，調整後營業利益率為 25.0%，較去年同期成長近 14 個百分點。

This substantial improvement was driven by favorable business mix, lower royalty expense, supply chain productivity savings, the eOne divestiture, and about a 2.5 point benefit from lapping the D&D movie impairment.

這一實質改善是由有利的業務組合、較低的特許權使用費、供應鏈生產力節省、eOne 剝離以及消除 D&D 電影減值帶來的約 2.5 個百分點的收益推動的。

Q2 adjusted net earnings were $170 million, with diluted earnings per share of $1.22, up from $0.49 in the year ago period, driven by the items noted, as well as reduced net interest expense and favorable timing within tax.

第二季調整後淨利為 1.7 億美元，稀釋後每股收益為 1.22 美元，高於去年同期的 0.49 美元，主要得益於上述項目、淨利息支出的減少和有利的稅內時機。

We returned $97 million to shareholders through the dividend and ended the period with $1.1 billion of cash and short-term investments following May's completion of a $500 million debt offering of notes.

我們透過股息向股東返還 9,700 萬美元，並在 5 月完成 5 億美元的債券發行後，以 11 億美元的現金和短期投資結束了這段時期。

The proceeds from the issuance are expected to be used to repay our November 2024 bond maturity.

發行收益預計將用於償還 2024 年 11 月到期的債券。

Year-to-date total Hasbro revenue was $1.75 billion, down 21% versus the same period last year.

今年迄今為止，孩之寶總收入為 17.5 億美元，比去年同期下降 21%。

If you exclude the impact of the eOne divestiture, total revenue was down 7% versus a year ago.

如果排除 eOne 剝離的影響，總收入比一年前下降了 7%。

Growth of 15% in our Wizards of the Coast segment was more than offset by the 20% decline in consumer products and the 87% decline in the entertainment segment due to the sale of eOne Film and TV business.

我們的威世智部門 15% 的成長被消費產品 20% 的下降以及 eOne 電影和電視業務出售導致的娛樂部門 87% 的下降所抵消。

Absent film and TV, the entertainment segment is relatively flat.

沒有影視，娛樂板塊相對平淡。

Year-to-date adjusted operating profit was $397 million for an adjusted operating margin of 22.7%, up over 14 points year over year, mostly driven by cost savings from our Operational Excellence program, as well as favorable business mix and the eOne divestiture.

年初至今，調整後營業利潤為 3.97 億美元，調整後營業利潤率為 22.7%，年成長超過 14 個百分點，這主要是由於我們卓越營運計畫節省了成本，以及有利的業務組合和 eOne 剝離。

In aggregate, we were able to deliver significant margin improvement despite the ongoing volume deleverage across our toy business.

總的來說，儘管我們的玩具業務持續進行銷售去槓桿化，但我們仍能夠實現利潤率的顯著提高。

Year-to-date adjusted net earnings were $255 million, with diluted earnings per share of $1.83, driven by the improvement in operating profit, as well as favorability from a stock compensation adjustment and net interest expense reduction.

年初至今，調整後淨利潤為 2.55 億美元，稀釋後每股收益為 1.83 美元，主要得益於營業利潤的改善以及股票薪酬調整和淨利息費用減少的有利影響。

Operating cash flow was $365 million year to date, a $246 million improvement year over year driven by the profitability improvement, timing of digital licensing collections, as well as the shift in timing of a transition tax payment to Q3.

年初至今，營運現金流為 3.65 億美元，年增 2.46 億美元，這是由於獲利能力改善、數位許可徵收時間以及過渡稅繳納時間推遲到第三季的推動。

Now let's look at our two major segments in more detail.

現在讓我們更詳細地看看我們的兩個主要部分。

Starting with Wizards of the Coast and digital gaming.

從威世智和數字遊戲開始。

Q2 revenue grew 20% year over year largely behind strength in digital licensing led by MONOPOLY GO!

第二季營收年增 20%，很大程度上得益於《MONOPOLY GO!》主導的數位授權實力。

and to a lesser extent continued contribution from Baldur's Gate 3.

以及《博德之門 3》在較小程度上的持續貢獻。

Last quarter we discussed there could be the ability to book above the minimum guarantee sooner than originally planned.

上個季度我們討論了可能會比原計劃更早預訂高於最低保證的訂單。

Due to the game's momentum, we were able to earn approximately $35 million above the minimum guarantee of $5 million in the quarter.

由於遊戲的強勁勢頭，我們在本季度獲得了比最低保證金 500 萬美元高出約 3500 萬美元的收入。

Segment revenue also benefitted from growth in MAGIC tabletop behind the successful release of Modern Horizons 3, as well as early shipments for next week's tentpole set Bloomburrow, both of which more than offset last year's Q2 contribution from Lord of the Rings.

該部門的收入也受益於《摩登新篇3》成功發行背後的MAGIC 桌面版的增長，以及下週主打系列《Bloomburrow》的提前發貨，這兩項收入都遠遠抵消了《指環王》去年第二季的貢獻。

Digital gaming revenue also saw a roughly $20 million non-cash benefit from a publishing contract with an international partner.

與國際合作夥伴簽訂的發行合約也為數位遊戲收入帶來了約 2000 萬美元的非現金收益。

Operating margin for Wizards finished at 54.7%, up nearly 17 points versus last year, mainly driven by a richer digital mix, supply chain productivity gains, and lower royalty expenses as we lapped last year's MAGIC Lord of the Rings set.

威世智的營業利潤率為54.7%，比去年增長了近17 個百分點，這主要是由於更豐富的數字組合、供應鏈生產力的提高以及我們超越了去年的《魔戒》系列而降低的特許權使用費。

Turning to consumer products.

轉向消費品。

Q2 revenue declined 20% year over year driven by reduced closeout volume, exited brands, and lapping a busier entertainment slate including last year's Transformers Rise of the Beasts.

由於清倉量減少、品牌退出以及包括去年的《變形金剛：野獸崛起》在內的更繁忙的娛樂節目，第二季營收年減 20%。

Consumer product licensing was a bright spot, driven by our partnership with My Little Pony and Kayou trading cards.

消費品授權是一個亮點，這要歸功於我們與 My Little Pony 和 Kayou 交易卡的合作夥伴關係。

FURBY and the continued momentum in FURBLETS, G.I. JOE, and Play-Doh also performed well within toys, while NERF continued to see softness ahead of the back-half innovation launch.

FURBY 和 FURBLETS、G.I. 的持續發展勢頭JOE 和 Play-Doh 在玩具領域也表現出色，而 NERF 在推出後半部創新產品之前繼續表現疲軟。

Adjusted operating margin for consumer products came in roughly breakeven, down about 3.5 points compared to last year.

消費品調整後營業利潤率大致達到損益平衡，比去年下降約 3.5 個百分點。

Cost savings and the benefit from lower unprofitable closeouts were offset by product mix and volume deleverage.

產品組合和銷售去槓桿化抵消了成本節省和無利可圖清倉減少的好處。

As anticipated, there was also approximately $10 million of operating income attributed to the segment as we reallocated cost savings captured within the corporate segment back to CP.

正如預期的那樣，當我們將企業部門內節省的成本重新分配回 CP 時，該部門還有大約 1000 萬美元的營業收入。

On a year-to-date basis, despite a revenue decline of 20%, segment operating margin declined by only 3 points year on year, as we were able to significantly mitigate the deleverage impact by reducing our cost footprint across supply chain and within operating expenses.

年初至今，儘管收入下降了 20%，但分部營業利潤率同比僅下降了 3 個百分點，因為我們能夠透過減少整個供應鏈和經營範圍內的成本足跡，顯著減輕去槓桿化的影響。 。

Now turning to our updated guidance for 2024.

現在轉向我們更新的 2024 年指南。

Given the strong performance in the first half, we are raising our guidance for the full year.

鑑於上半年的強勁表現，我們上調全年指引。

And we now expect Total Wizards revenue to be down 1% to 3%, up from our prior guidance of down 3% to 5% driven by the first half outperformance in digital licensing.

我們現在預計威世智總收入將下降 1% 至 3%，高於我們先前預期的下降 3% 至 5%，原因是上半年數位授權表現出色。

For the full year, MONOPOLY GO!

全年大富翁GO！

will generate roughly $105 million in revenue.

將產生約1.05億美元的收入。

This outlook assumes a modest monthly gross revenue decay rate for the game and consistent marketing support.

這一前景假設遊戲的每月總收入衰減率適中，並提供持續的營銷支援。

For Baldur's Gate 3, we now anticipate roughly $30 million for the full year, with the bulk of that revenue having been recorded in the first half.

對於《博德之門 3》，我們現在預計全年收入約為 3,000 萬美元，其中大部分收入是在上半年錄得的。

With all of these puts and takes, digital licensing will be down in Q3 as we lap the launch of Baldur's Gate 3, and we anticipate Q4 to be relatively flat versus last year.

考慮到所有這些變化，隨著《博德之門 3》的推出，數位授權將在第三季下降，我們預計第四季與去年相比將相對持平。

For MAGIC, we expect some contraction in the second half due to the timing of set releases.

對於 MAGIC，由於套裝發布的時間安排，我們預計下半年會出現一些收縮。

While Modern Horizons 3 successfully lapped the initial release of Lord of the Rings, it will not have a comparison launch for last year's holiday bundle.

雖然《摩登新篇 3》成功超越了《魔戒》的首發版本，但它不會與去年的假期捆綁包進行比較。

We now forecast Wizards operating margin to be approximately 42%, up from our prior guidance of 38% to 40%, driven by the increased mix of digital licensing revenue.

由於數位授權收入組合的增加，我們現在預測威世智的營業利潤率約為 42%，高於我們先前 38% 至 40% 的指導。

For consumer products, keeping in mind that a big part of the year is ahead of us, we expect revenue will be down 7% to 11%, up slightly from our prior guidance range of down 7% to 12%.

對於消費產品，考慮到今年的大部分時間即將到來，我們預計收入將下降 7% 至 11%，略高於我們先前下降 7% 至 12% 的指導範圍。

This narrowing is driven by encouraging early demand signals and retailer support for our back half product innovation, specifically Beyblade, Play-Doh, and Transformers ahead of the major animated film Transformers One in September.

這種縮小的原因是令人鼓舞的早期需求訊號以及零售商對我們後半產品創新的支持，特別是在9 月大型動畫電影《變形金剛一號》上映之前，特別是Beyblade、Play-Doh 和變形金剛。

We are forecasting a low single digit decline in Q3 before flipping to growth in Q4, with the impact from our divested brands continuing to be a headwind.

我們預計第三季將出現低個位數下降，然後第四季將轉為成長，而我們剝離品牌的影響仍然是一個阻力。

We maintain our adjusted operating margin guidance of 4% to 6% for consumer products.

我們維持消費產品 4% 至 6% 的調整後營業利潤率指引。

Margins in Q3 will be relatively flat versus last year followed by significant expansion in Q4 as we lap the impact of the inventory clean-up.

第三季的利潤率將與去年相比相對持平，隨著我們消化庫存清理的影響，第四季的利潤率將大幅擴張。

For entertainment, adjusting for the impact of the eOne divestiture, we continue to expect revenue to be down approximately $15 million versus last year and adjusted operating margin of roughly 60%.

對於娛樂業，在調整 eOne 剝離的影響後，我們繼續預期營收將比去年減少約 1,500 萬美元，調整後的營業利潤率約為 60%。

We remain on track towards our target of $750 million of gross cost savings by 2025 and continue to expect $200 million to $250 million of net cost savings in 2024.

我們仍致力於實現到 2025 年總成本節省 7.5 億美元的目標，並繼續預計 2024 年淨成本節省 2 億至 2.5 億美元。

Through the first half of the year, we have delivered $150 million of gross cost savings and $90 million of net savings.

今年上半年，我們節省了 1.5 億美元的總成本，節省了 9,000 萬美元的淨成本。

With the increased revenue outlook and greater profitability in Wizards, we now expect total Hasbro adjusted EBITDA in the range of $975 million to $1.025 billion, up from our prior guidance of $925 million to $1 billion.

隨著威世智收入前景的改善和盈利能力的提高，我們現在預計孩之寶調整後的EBITDA 總額將在9.75 億美元至10.25 億美元之間，高於我們之前9.25 億美元至10 億美元的指導。

Given the improvement in our cash flow, we now expect 2024 ending cash to be at roughly similar levels versus 2023.

鑑於我們現金流的改善，我們現在預計 2024 年期末現金將與 2023 年大致處於相似水平。

And from a capital allocation standpoint, our priorities remain to first invest behind the core business.

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.

第二是透過股息向股東返還現金，第三是繼續朝著我們的長期槓桿目標前進並償還債務。

And with that, we can open the line for questions.

這樣，我們就可以打開提問專線了。

(Operator Instructions) Eric Handler, ROTH Capital.

（操作員指令）Eric Handler，ROTH Capital。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

Chris, what if you could talk a little bit big picture for Wizards of your recent hiring of John Hight to take over from Cynthia.

克里斯，如果你能為奇才隊談談最近聘用約翰海特來接替辛西婭的事情，情況會怎麼樣？

Obviously, a huge videogames background for him at Blizzard, you now have four people on your Board with video games background, can you talk about how you're thinking about internal development of video games and what you're willing to commit to capital for that business?

顯然，他在暴雪有著巨大的電子遊戲背景，現在董事會中有四位具有電子遊戲背景的人，您能談談您如何考慮電子遊戲的內部開發以及您願意投入資本的內容嗎？

Sure thing.

當然可以。

And good morning, Eric, thanks for the question.

早安，艾瑞克，謝謝你的提問。

Yeah, John, I think is a luminary higher.

是的，約翰，我認為他是一位傑出的人物。

He's had a major hand in a bunch of my favorite game franchises, whether it's Warcraft, Hearthstone, God of War and even going way back to Command & Conquer, he's worked on some great stuff, which I think is perfectly on point with what Wizards of the Coast is all about and what our digital gaming strategy is all about, which is extending a bunch of great mid-core and hardcore brands and an expertise in designing for those kinds of audiences and helping us digitize what those brands can do.

他在許多我最喜歡的遊戲系列中發揮了重要作用，無論是《魔獸爭霸》、《爐石戰記》、《戰神》，甚至是《命令與征服》，他都參與了一些偉大的工作，我認為這與《威世智》的內容完全吻合。 ，並幫助我們將這些品牌的功能數位化。

I think between our Board moves and between talent that we brought on Board most recently with John, but even before that studio leaders, we have like Ames Kirshen who was in charge of the Batman Arkham series of Warner Brothers.

我認為在我們的董事會變動以及我們最近與約翰一起加入董事會的人才之間，但即使在工作室領導之前，我們也有像負責華納兄弟蝙蝠俠阿卡姆系列的艾姆斯·基爾申（Ames Kirshen）。

James Ohlen, who was the Head of Creative and Design at BioWare, responsible for the first Baldur's Gate, Neverwinter Nights, Mass Effect.

James Ohlen，BioWare 創意與設計主管，負責第一部《博德之門》、《無冬之夜》、《質量效應》。

We're going to all in on becoming a digital play company.

我們將全力成為一家數位遊戲公司。

I think Gina has talked a lot about the kind of the capital that we've invested.

我認為吉娜已經談論了很多關於我們投資的資本類型。

I think our cap are roughly our capital envelope is about $250 million a year.

我認為我們的資本上限大約是每年 2.5 億美元。

About half of that is going into digital games, we think that's roughly around a steady state for us.

其中大約一半進入了數字遊戲，我們認為這對我們來說大致處於穩定狀態。

Our goal is to be shipping one to two new games per year, starting as early as late 2025, but potentially early 2026.

我們的目標是每年推出一到兩款新遊戲，最早從 2025 年底開始，但可能到 2026 年初。

And I think we have a balanced approach to that.

我認為我們對此有一個平衡的方法。

When you look at our game -- when you look at our portfolio of investments in games, whether they're partnerships or JVs that we're doing or just fully internal investments.

當您查看我們的遊戲時 - 當您查看我們的遊戲投資組合時，無論它們是我們正在進行的合作夥伴關係還是合資企業，或者只是完全內部投資。

And then you look at our whole lineup of licensed games.

然後您將看到我們的整個授權遊戲陣容。

We have 150 projects that are either active in the market or in development.

我們有 150 個活躍於市場或正在開發的專案。

I think it's important for us to have a hand as a publisher to guide our franchises and to work on the areas of the audiences that we think are hyper important.

我認為對我們來說，作為出版商來指導我們的特許經營並在我們認為非常重要的受眾領域中開展工作非常重要。

But I also think it's important for us to work with the best partners in the business and extend those franchises in areas where either we don't have the expertise or we don't have the platform.

但我也認為，對我們來說，與業內最好的合作夥伴合作並在我們不具備專業知識或沒有平台的領域擴展這些特許經營權也很重要。

And I think we've been doing a good job of that.

我認為我們在這方面做得很好。

It's no accident why I think we're the number one licensor in the space.

我認為我們是該領域第一大授權者並非偶然。

And I think we're going to be a top publisher eventually in the space, and we're going to take our time and do it right.

我認為我們最終將成為該領域的頂級發行商，我們將慢慢來並做好這件事。

Hey, Eric, this is Gina.

嘿，艾瑞克，這是吉娜。

Eric, I just have one point of clarification just so that folks grab it as we talk about the capital.

艾瑞克，我只想澄清一點，以便人們在我們談論資本時抓住這一點。

So that $250 million number that Chris quoted is for the entire company.

因此，克里斯引用的 2.5 億美元數字適用於整個公司。

And as you said, it's about half of that is going against these games that is probably the right run rate as we take it forward here.

正如你所說，其中大約一半是針對這些遊戲的，這可能是我們在這裡推進的正確運行率。

So I just don't want people to go in mind with the $250 million.

所以我只是不想讓人們記得 2.5 億美元。

That's representative of the whole company.

這是整個公司的代表。

Okay, that's helpful.

好的，這很有幫助。

And then just follow up, 3Q in your consumer products business and toys tends to be a very strong quarter for direct imports.

接下來，消費品業務和玩具的第三季往往是直接進口非常強勁的季度。

Can you talk about what's happening there and how the supply chain is working for shipping?

您能談談那裡發生的事情以及供應鏈如何運輸嗎？

Yeah, great question.

是的，很好的問題。

I would say as we move through Q2, we saw a very smooth shipments with our DI.

我想說，當我們進入第二季時，我們的 DI 出貨量非常順利。

We didn't really see any sort of volatility or bumps in kind of movement of goods with DI.

我們並沒有真正看到 DI 貨物流動出現任何形式的波動或顛簸。

We're not anticipating a significant impact as we move through Q3 and Q4.

我們預計第三季和第四季不會產生重大影響。

Obviously, we're watching the tightening that we're seeing in some of the spot market.

顯然，我們正在觀察一些現貨市場的緊縮情況。

But again, we're contracted out.

但我們又被外包了。

We feel really good about our ability to access inventory, and we're feeling confident of our ability to get it on shelves in time for the holidays.

我們對獲取庫存的能力感到非常滿意，並且對在假期期間將其及時上架的能力充滿信心。

Thank you.

謝謝。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hey, good morning.

嗨，早安。

Thanks so much.

非常感謝。

I wanted to just dig into the guidance raise if I could.

如果可以的話，我想深入研究指導加薪。

So maybe a ballpark question and happy to repeat anything if it doesn't make sense, but you raised, I think, by call it $35 million at the midpoint, give or take.

所以，也許這是一個大概的問題，如果沒有意義，你很樂意重複任何事情，但我認為，你籌集了 3500 萬美元，無論給予還是接受。

I think that's also what you said you exceeded from the MONOPOLY GO!

我想這也是你所說的《MONOPOLY GO》所超越的！

minimum guarantee relative to your expectations.

相對於您的期望的最低保證。

So I guess just to clarify and was the guidance raise just for the fact that MONOPOLY GO! came in better in 2Q?

所以我想只是為了澄清一下，指導意見的提升只是因為《大富翁》的事實！第二季表現較好？

And then the second part is it does seem related to that, like MAGIC is perhaps doing better than you expected.

第二部分似乎確實與此相關，就像 MAGIC 的表現可能比您預期的要好。

You did call out some benefit from an international publishing deal in the second quarter.

您確實指出了第二季國際出版交易帶來的一些好處。

So if there's any way to quantify that and how that flows through to the guidance that would be helpful as well.

因此，如果有任何方法可以量化這一點以及如何將其轉化為指導，那也會有所幫助。

Thank you.

謝謝。

Sure, absolutely.

當然，絕對。

Good morning, Megan.

早安，梅根。

So as we think about the overall guide, I think you've got the simple way in terms of the upside from MONOPOLY GO!

因此，當我們考慮整個指南時，我認為您已經了解了《MONOPOLY GO》的優勢，這是一個簡單的方法！

really just translating all the way down to our EBITDA update.

實際上只是一直轉換為我們的 EBITDA 更新。

That's the primary driver of the raise.

這是加薪的主要動力。

I mean, obviously, the margin is richer.

我的意思是，顯然，利潤更豐富。

We're feeling a little bit more bullish on the consumer product side.

我們對消費品方面的看法更加樂觀。

But that's the main headline.

但這是主要標題。

In terms of MAGIC performance specifically within the quarter, yes, it is doing better than we had expected really that not in Horizons 3 has proven to be a fair comp against Lord of the Rings within the quarter.

就 MAGIC 在本季的表現而言，是的，它的表現確實比我們預期的要好，事實證明，《地平線 3》在本季內與《魔戒》的表現不相上下。

That was a positive.

這是積極的。

In terms of the contract, it was roughly $20 million of benefit that came in as we're calling it out because it was $20 million is the normal course of business.

就合約而言，正如我們所說，大約有 2000 萬美元的收益，因為 2000 萬美元是正常的業務過程。

We have the same kind of puts and takes.

我們有同樣的賣權和索取選擇權。

You just heard Chris talk about all of the number of deals and partnerships that we have in the works.

您剛剛聽到克里斯談論了我們正在進行的所有交易和合作夥伴關係。

So over the course of the year, it will prove to be immaterial.

因此，在這一年中，這將被證明是無關緊要的。

But for this quarter, it was a big revenue gain.

但就本季而言，這是一個巨大的收入成長。

Got it.

知道了。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe if I could just dig in on MONOPOLY GO!

那也許我可以深入研究《MONOPOLY GO》！

a bit, again, seems like $5 million minimum guarantee, you got $35 million.

再說一遍，最低保證金似乎是 500 萬美元，但你卻得到了 3500 萬美元。

I think if I'm doing my math right there is maybe $65 million implied in the back half.

我想，如果我計算正確的話，後半部可能隱含著 6,500 萬美元。

So a little bit of a step down on a quarterly basis, but I think is in line with the way you were thinking about it to start the year.

因此，每個季度都會有所下降，但我認為這符合您年初的想法。

So would be helpful if you could just talk about kind of what you're seeing -- what you saw over the quarter from a revenue perspective and Scopely's marketing investment, how you're thinking about the second half and whether that's changed at all?

因此，如果您能談談您所看到的情況，那就會有幫助了——您從收入角度和Scopely 的營銷投資角度看到了本季度的情況，您對下半年的看法以及情況是否發生了變化？

Yeah, good question.

是的，好問題。

Let's level set on the math there.

讓我們在那裡設置數學水平。

For the first half of the year, we had $45 million of revenue booked into our P&L.

今年上半年，我們計入損益表的收入為 4,500 萬美元。

So $5 million was just the minimum guarantee that came into Q1 and then we had $40 million in Q2.

所以 500 萬美元只是第一季的最低保證，然後我們在第二季有 4000 萬美元。

So $35 million was that over-delivery?

那麼 3500 萬美元是超額交付嗎？

And then $5 million was the minimum guarantee.

然後500萬美元是最低保證金。

What's modeled in our back half, then is $60 million.

我們後半部的模型是 6000 萬美元。

And to your point, it is a step down from what we saw play through in Q2.

就你的觀點而言，這比我們在第二季度看到的情況有所下降。

So as we thought about our modeling, in the back half, you were thinking of the decay rate, that monthly decay rate of, call it 3% to 5% and consistent marketing is what I think I said in my prepared remarks.

因此，當我們考慮我們的模型時，在後半部分，你會想到衰減率，即每月的衰減率，稱之為3% 到5%，而一致的營銷就是我在準備好的發言中所說的內容。

That consistent marketing can range anywhere from, call it 25% up to 35%.

這種一致的行銷範圍可以從 25% 到 35% 不等。

And to your point of what we've seen Scopely do as we move through the first half is kind of within that range.

就您而言，我們在上半場看到 Scopely 所做的事情就在這個範圍內。

Obviously, those two pieces, the decay rate and the marketing are variables that we don't control and we kind of understand where Scopely is headed with marketing, but ultimately it is their decision in terms of how much they spend in it, what end of that range.

顯然，衰減率和行銷這兩個部分是我們無法控制的變量，我們有點了解 Scopely 在行銷方面的發展方向，但最終是他們決定在這方面花費了多少，最終的結果如何那個範圍的。

But for us, as we thought about the modeling, we know that MONOPOLY GO!

但對我們來說，當我們考慮建模時，我們知道《MONOPOLY GO!》

is going to be a material contributor to our P&L this year and for many years to come.

將成為我們今年和未來許多年損益表的重要貢獻者。

So as we thought about it, we just didn't really want to get out over our skis in terms of the forecast.

因此，當我們思考這個問題時，我們只是不想根據天氣預報擺脫滑雪板。

All of you are looking at the same data that we are almost at the same time.

你們所有人幾乎同時查看相同的數據。

And so as you were watching the Sensor Tower data play through in the last couple of months, it was a little bit bumpy when it came to the decay rate.

因此，當您觀看過去幾個月感測器塔數據的播放時，您會發現衰減率有點不穩定。

So we absolutely kind of took that into consideration as we were modeling at the back half of the year.

因此，我們在下半年建模時絕對考慮到了這一點。

So as we go, I mean, the thing that will remain committed on as being super transparent about the assumptions, both around decay rate and marketing so that we can kind of stay on the same page of what we're expecting for this year and as we head into 2025.

因此，我的意思是，在我們前進的過程中，我們將繼續致力於對衰減率和行銷方面的假設保持超級透明，以便我們能夠與今年的預期保持一致，當我們邁入 2025 年時。

Yeah, I think the only thing I'd add Megan is the seasonality.

是的，我想我唯一要補充梅根的是季節性。

We don't quite understand yet on the game.

我們還不太了解這個遊戲。

So if we're being -- if we're erring on the side of caution a little bit, it's because we don't quite get the seasonality yet.

因此，如果我們稍微謹慎一點，那是因為我們還沒有完全了解季節性。

However, where I do think we have some bullishness is on the mid and long term for the game.

然而，我確實認為我們對遊戲的中長期前景持樂觀態度。

When you look at games that reach this hyperscale like MONOPOLY GO!

當你看到像《MONOPOLY GO!》這樣達到超大規模的遊戲時！

has and you look at just like the Sensor Tower data for North America and Europe, 10 of the 20 best performing games have been out for five or more years.

就像北美和歐洲的 Sensor Tower 數據一樣，20 款表現最好的遊戲中有 10 款已經發布了五年或更長時間。

So this is a game that's going to be a really strong and positive annuity for us for a long time to come.

因此，這款遊戲在未來很長一段時間內對我們來說將是一個非常強大和積極的年金。

We're still learning a little bit quarter to quarter what the contribution will be.

我們仍在每個季度中了解一點貢獻將是什麼。

That's really helpful.

這真的很有幫助。

Thanks so much.

非常感謝。

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

Hi, good morning, and congratulations.

你好，早安，恭喜你。

Has anything changed in your outlook -- and thank you for the answers to the initial question that answered a bunch of my questions.

您的看法有什麼改變嗎？

So I was just wondering, has anything changed in your outlook for MAGIC: THE GATHERING underlying business if we were to exclude obviously the digital aspect of puts and takes for the back half?

所以我只是想知道，如果我們明顯排除後半部分的數字方面的看漲期權，您對《萬智牌》基礎業務的展望是否會發生任何變化？

In terms of today's guidance revision, is there any change in the underlying outlook either towards better or slightly worse as it relates to the analog part of the business?

就今天的指導修訂而言，與業務的模擬部分相關的基本前景是否有任何變化，是變得更好還是稍微更糟？

And then I have a quick follow-up.

然後我會進行快速跟進。

No, I mean, the analog part of the business is doing better than I think we would have expected.

不，我的意思是，業務的模擬部分做得比我想像的要好。

It was up around 5% for Wizards in the first half of the year.

今年上半年奇才隊的股價上漲了5%左右。

When you look at the toy category as a whole, it's really MAGIC and LEGO that I think are outperforming and really kind of driving the outperformance in the category, trading card games and building sets.

當你從整體來看玩具類別時，我認為萬智牌和樂高確實表現出色，並且確實推動了該類別、集換式卡牌遊戲和拼搭套裝的表現。

And we don't see a reason for that to abate in the second half of the year.

我們認為這種情況在今年下半年不會減弱。

I think when we think about MAGIC, we think a little bit about what the release cadence looks like.

我認為當我們考慮 MAGIC 時，我們會稍微考慮一下發布節奏。

It's going to be lighter this year than it was last year.

今年的情況會比去年輕。

And we look at the quality of the sets and we think those are very strong.

我們觀察了套裝的質量，我們認為它們非常強大。

If you just look at like preorders for Bloomburrow on amazon.com and look at like the new release charts, the top performers, it's one of the best performing sets we've seen for MAGIC in several years.

如果你只看亞馬遜網站上《Bloomburrow》的預訂情況，以及新發行排行榜、表現最佳的作品，你會發現它是我們幾年來見過的《MAGIC》表現最好的套裝之一。

So we're pretty bullish on that.

所以我們對此非常樂觀。

And I think the second half is going to be lighter this year than it was last year just because of the release cadence, but I think you're going to see a nice uptick in 2025 with a really stacked lineup that we have starting relatively early in the year with Final Fantasy and I think having a nice coating to that with our first Marvel release.

我認為今年下半年會比去年輕鬆，只是因為發布節奏，但我認為 2025 年你會看到一個很好的上升，我們開始相對較早的陣容非常豐富在《最終幻想》的那一年，我認為我們的第一個漫威版本對此有一個很好的塗層。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And then, Chris, I have a bit of a bigger picture or rather a very long term question related to the nuanced shift to kind of has there been a games company that's making toys from toys and games company before?

然後，克里斯，我有一個更大的願景，或者更確切地說是一個非常長期的問題，與微妙的轉變有關，以前是否有一家遊戲公司從玩具和遊戲公司生產玩具？

If you think about the success of MONOPOLY GO!

如果您想到《MONOPOLY GO!》的成功！

and upside from that franchise, that was primarily sort of due to lower our customer acquisition costs, right to do the strength of that franchise that really essentially stand from a traditional toy.

從該特許經營權的好處來看，這主要是由於我們的客戶獲取成本較低，正確地發揮了該特許經營權的優勢，真正區別於傳統玩具。

How does longer term kind of departure from traditional toys position Hasbro to continue to win in digital?

從長遠來看，孩之寶與傳統玩具的背離如何使其能夠在數位領域繼續獲勝？

I'm not sure if my question makes sense, but it's a very sort of long term, big picture question.

我不確定我的問題是否有意義，但這是一個非常長期的、宏觀的問題。

Yeah, I think I get the crux of where you're going.

是的，我想我明白你要去哪裡的關鍵了。

And Gina might want to opine as well.

吉娜可能也想發表意見。

When I talk about games, IP, and toys being the core of Hasbro, what I really mean is that's what I think a healthy great modern toy company is ultimately going to become.

當我談到遊戲、IP和玩具是孩之寶的核心時，我真正的意思是我認為這就是我認為健康、偉大的現代玩具公司最終將成為的樣子。

So it's about skating to where the puck is going, as opposed to where the puck has been.

所以這是關於滑到冰球要去的地方，而不是冰球曾經在的地方。

I think physical products, kids will always be important.

我認為實體產品、孩子永遠是重要的。

But when you look at what the megatrends are inside of the business of play, play is aging up, play is going more international, it's going more digital, it's going more direct, and partners are becoming more and more important to be able to extend brands into additional aisles, whether that's the toy category or outside of the toy category and additional experiences.

但是，當你觀察遊戲產業內部的大趨勢時，你會發現遊戲正在老化，遊戲變得更加國際化，變得更加數位化，變得更加直接，合作夥伴對於能夠擴展業務變得越來越重要。

And I think our strategy is all in across each of those.

我認為我們的策略涵蓋了所有這些。

You know, we still have a bit of turnaround work to do on our core toy business.

你知道，我們的核心玩具業務仍有一些扭虧為盈的工作要做。

We've been losing some volume on that for the last couple several quarters.

在過去的幾個季度裡，我們在這方面的銷量有所下降。

But I feel good about how we're getting our arms wrapped around that, particularly the cost side.

但我對我們如何解決這個問題感到滿意，特別是在成本方面。

I think you're going to see that core toy business start to get to growth in the later stages of Q3 and more decisively in Q4 in 2025.

我認為您將看到核心玩具業務在第三季後期開始成長，並在 2025 年第四季更加決定性地成長。

But when I look at the cards that Hasbro has and I look at where the megatrends are in terms of the business of play, I feel really good about how we're positioned and what the long-term prospects of the company is.

但當我看到孩之寶擁有的卡片以及遊戲業務的大趨勢時，我對我們的定位以及公司的長期前景感到非常滿意。

Just to build, I think there was an excellent setup.

就構建而言，我認為這是一個非常好的設置。

We all owe you have a broader conversation about where we're headed and the to come in the new year will be an Investor Day where we'll sit down and talk through all of this because our strategy is shifting, as you heard, Chris say and it is following the growth trends, which follow the profit in the business models too.

我們所有人都應該就我們的發展方向進行更廣泛的對話，新的一年將是投資者日，我們將坐下來討論所有這些問題，因為正如您所聽到的，克里斯，我們的戰略正在發生變化可以說，它遵循成長趨勢，也遵循商業模式中的利潤。

So I mean, you can see it play through in our results where we're headed is that much more profitable places.

所以我的意思是，你可以在我們的業績中看到這一點，我們的目標是利潤更高的地方。

We're leaning into games and IPs.

我們正在專注於遊戲和IP。

And then all of the effort that we're making on the toy turnaround, our focus there is really on getting back to profitability and getting back to growing share in the categories with where we're competing.

然後，我們在玩具轉型方面所做的所有努力，我們的重點實際上是恢復盈利並恢復在我們競爭的類別中不斷增長的份額。

So I think our IP businesses, our brands are set up very well for where we're headed.

所以我認為我們的智慧財產權業務、我們的品牌都非常適合我們的發展方向。

Thank you both.

謝謝你們倆。

Very helpful.

很有幫助。

Thank you.

謝謝。

Christopher Horvers, JPMorgan Chase & Co.

克里斯多福‧霍弗斯，摩根大通公司

Thanks and good morning.

謝謝，早安。

So my first question is, can you talk about the headwind that the Transformers movie lab presented here in the second quarter and also the exit and business headwind as we try to tease out what the underlying business trend is in the consumer products business and then bridge that to your assumption for the inflection ahead in the third and fourth quarter and perhaps reconcile that back to what you're seeing on the POS side.

所以我的第一個問題是，您能否談談變形金剛電影實驗室在第二季度提出的逆風，以及退出和業務逆風，因為我們試圖梳理消費品業務的潛在業務趨勢，然後彌合這與您對第三季和第四季未來拐點的假設相一致，也許可以將其與您在POS 方面看到的情況相協調。

Yeah, Chris, I'll give the English major answer and then you'll get the client answer from Gina following.

是的，克里斯，我會給出英語專業的答案，然後你會從吉娜那裡得到客戶的答案。

And good morning by the way.

順便說一句，早安。

So the second quarter of last year, we had quite a number of releases both from our partners at Disney as well as the Transformers movie.

去年第二季度，我們的迪士尼合作夥伴以及《變形金剛》電影都發布了相當多的影片。

Transformers POS was up something like 90% in Q2 of 2023.

2023 年第二季度，Transformers POS 成長了約 90%。

It's down a bit this year is down like 5% or 6% through the first half of the year, which is remarkable because we haven't had a lot of content since that movie.

今年下降了一點，上半年下降了 5% 或 6%，這很了不起，因為自從那部電影之後我們就沒有太多內容了。

So we see a surge in Transformers POS likely starting in the August, September timeframe going into Q4 around the release of Transformers One. Every indication we have from early screenings and tracking is that, that movie is going to be a real fan favorite with some nice legs into families.

因此，我們預計《變形金剛 POS》的激增可能會在 8 月、9 月的時間範圍內開始，進入《變形金剛一號》發布前後的第四季。我們從早期的放映和追蹤中得到的每一個跡像都表明，這部電影將成為真正的粉絲最愛，並適合家庭觀看。

We think it will sell a lot of toys as Transformers movies tend to have done and then we like also the back half of the year in terms of new content that we have for Beyblade, Deadpool & Wolverine is shaping up to be a nice big movie yet.

我們認為它會像《變形金剛》電影那樣賣掉很多玩具，然後我們也喜歡今年下半年的新內容，《陀螺》、《死侍》和《金剛狼》將成為一部不錯的大電影然而。

I don't think we're going to be selling a lot of preschool product for that.

我認為我們不會為此銷售大量學前產品。

But certainly there's nice collectors business associated with it.

但肯定有與之相關的不錯的收藏家業務。

And so when we think about Q3 and we think about growth, we see that entertainment window kind of popping up in the September timeframe and extending into Q4.

因此，當我們考慮第三季並考慮成長時，我們會看到娛樂窗口在 9 月的時間範圍內突然出現並延伸到第四季。

And then a lot of the new resets that we did in Q2 for things like NERF and for things like Beyblade, you'll really start to see the impact of those in August and September as the Fed starts to rollout past some initial quantities of 100 or 200 stores, to several thousand stores.

然後，我們在第二季度對 NERF 和 Beyblade 等項目進行了許多新的重置，隨著聯準會開始推出超過 100 的初始數量，您將在 8 月和 9 月真正開始看到這些重置的影響或200家商店，到數千家商店。

Got it.

知道了。

And now for the math answer, not the English one. Good morning.

現在是數學答案，不是英文答案。早安.

So as we thinking specifically about what's happening within our shipments in the quarter besides Transformers, which absolutely was an impact, a close-out were down materially again.

因此，當我們具體考慮本季除《變形金剛》之外的出貨量發生的情況時（這絕對是一個影響），成交量再次大幅下降。

So we talked about close-outs in Q1.

所以我們討論了第一季的結束。

Q1, we were down about 50%.

第一季度，我們下降了約 50%。

Q2, we were down 57%.

第二季度，我們下降了 57%。

So cart shipments helps margins that we're okay with that trade-off.

因此，購物車發貨有助於提高利潤，我們可以接受這種權衡。

And then the second piece that you asked about was the exited businesses.

你問的第二個問題是退出的業務。

So that in the quarter represented about 3 to 4 points of the decline, and that's going to carry with us into the back half of the year.

因此，本季下降了約 3 到 4 個百分點，這將持續到今年下半年。

So in aggregate, the whole year, I think about 3 to 4 points still coming from those divested businesses or exited businesses.

因此，總的來說，全年，我認為仍有 3 到 4 個百分點來自那些剝離的業務或退出的業務。

So my good segue.

所以我的好繼續。

So I'm trying to think about the underlying gross margin rate as the businesses as it currently looks today.

因此，我試圖根據企業目前的情況來考慮潛在的毛利率。

Obviously, mix going forward in MAGIC and digital games could be additive to this.

顯然，MAGIC 和數位遊戲的混合發展可能會對此起到補充作用。

But if we just simply back out the effect of the dose step-up, the $35 million it looks like you're running a [73-ish] kind of underlying gross margin rate and obviously there is more cost savings to come.

但如果我們只是簡單地取消劑量增加的影響，那麼 3500 萬美元看起來就像是在運行 [73 左右] 的潛在毛利率，而且顯然還會節省更多成本。

So can you maybe share any thoughts about where that is now and is that right and how that grows over time?

那麼您能否分享一下關於現在的情況、是否正確以及隨著時間的推移如何發展的任何想法？

Yeah, I think that's generally right and as we continue to see that mix shift towards digital, that's going to be a big driver of the continued growth.

是的，我認為這總體上是正確的，隨著我們繼續看到混合向數位化的轉變，這將成為持續成長的重要推動力。

As we think about the back half of the year and kind of what's going to carry with us, we still have a fair amount of cost saves within our purchase expenses and our people cost savings.

當我們考慮下半年以及我們將要經歷的事情時，我們在採購費用和人員成本節省中仍然節省了大量成本。

So all of the actions that we put in place at the end of last year that will continue to increase in terms of magnitude as we move through the back half of the year.

因此，我們在去年年底採取的所有行動將在今年下半年繼續加強。

And then as we move into '25 and '26, we're going to have all of the benefit of kind of a refined mix plus a much, much healthier below the line cost structure.

然後，當我們進入「25」和「26」時，我們將獲得精緻組合的所有好處以及更健康的離線成本結構。

Got it.

知道了。

Thank you very much.

非常感謝。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Okay, thanks.

好的謝謝。

Hey, guys, good morning.

嘿，夥計們，早安。

Or maybe just sticking with margins up, can you remind us what the major margin headwinds are for the Wizards business in the second half?

或者也許只是堅持提高利潤率，您能否提醒我們下半年奇才隊業務的主要利潤逆風是什麼？

And it looks like the implied margin is in the mid-30%s range versus 48% for the first half.

隱含利潤率似乎在 30% 左右，而上半年為 48%。

And I guess more broadly speaking, why would you not be able to reach a 20% EBIT margin before 2027?

我想更廣泛地說，為什麼在 2027 年之前無法達到 20% 的息稅前利潤率？

What are the kind of impediments to achieving that stated target earlier?

提前達成既定目標有哪些障礙？

We were wondering who was going to ask that question.

我們想知道誰會問這個問題。

So Drew, you win, you win.

所以德魯，你贏了，你贏了。

You run away with the gold star.

你帶著金星逃跑了。

Okay, so for your question on the year to go on Wizards, it all comes down to Baldur's Gate.

好吧，對於你關於巫師何時繼續的問題，這一切都歸結於博德之門。

That's really the single biggest driver of what we're lapping.

這確實是我們所圈速的最大驅動因素。

Just think about the revenue contribution last year, it was very, very centralized in Q3.

想想去年的營收貢獻，它在第三季非常非常集中。

And while MONOPOLY GO!

而《大富翁》GO！

is going to be a good contributor for us in the back half, it's not going to completely offset the impact from Baldur's Gate or as modeled as what's in our guidance today.

將在後半段為我們做出很好的貢獻，但它不會完全抵消博德之門的影響，也不會像我們今天指導中的那樣建模。

So that's what causes the drag on margin in the back half or for Wizards.

這就是導致巫師隊後半場利潤拖累的原因。

And the latter MAGIC schedule.

還有後面的MAGIC賽程表。

But the really big one is going to be Baldur's Gate.

但真正最重要的是《博德之門》。

In terms of what I'm getting to the 20%, I mean we are we are within striking distance of getting there this year.

就我要達到的 20% 而言，我的意思是我們今年距離達到這個目標已經很近了。

I know that you can all do the math and see that there's really two things as we think about crossing that threshold.

我知道你們都可以透過數學計算發現，當我們考慮跨越這個門檻時，其實有兩件事。

One is MONOPOLY GO!.

其中之一就是《大富翁GO！

So if that does contribute more than that $105 million, that would take us over.

因此，如果這確實貢獻超過 1.05 億美元，我們就會接手。

The other thing is CP.

另外一點就是CP。

So we still have a range in margin on the CP and the range on the revenue.

因此，我們的 CP 利潤率和收入仍然存在一定範圍。

If we are able to kind of finish on the better end of both of those ranges, that will also help to get us there.

如果我們能夠在這兩個範圍內取得更好的成績，那也將有助於我們實現這一目標。

But we are making really good progress.

但我們正在取得非常好的進展。

At this point, I'm not going to commit to any more cost savings.

在這一點上，我不會承諾進一步節省成本。

I feel like we've got the right cost savings number, net cost savings number for the year, that $200 million to $250 million.

我覺得我們已經得到了正確的成本節約數字，即今年的淨成本節約數字，即 2 億至 2.5 億美元。

But if MONOPOLY GO!

但如果《壟斷》繼續下去！

continues to be better than what we are modeling is in our guidance now and CP performs a bit better, yes, we could absolutely get there before 2027.

繼續比我們現在指導中的模型要好，並且 CP 的表現要好一些，是的，我們絕對可以在 2027 年之前實現這一目標。

Got it.

知道了。

Okay.

好的。

Very helpful.

很有幫助。

And then maybe, Chris, you know, a competitor earlier this week suggested toy sales outperformed during the first half and raise their market forecast for the year.

然後，克里斯，你知道，本週早些時候，一位競爭對手暗示玩具銷售在上半年表現出色，並提高了今年的市場預測。

Do you share that view?

你同意這個觀點嗎？

And if so, where do you see toy sales shaking out for the industry in '24?

如果是這樣，您認為 24 年該行業的玩具銷售會發生什麼變化？

Thanks.

謝謝。

Sure, and good morning.

當然可以，早安。

Two things, so yes toy sales are doing better in the first half of the year.

有兩件事，所以是的，今年上半年玩具銷售表現更好。

That's really driven by building sets and trading card games.

這其實是由拼搭套裝和集換式卡牌遊戲所推動的。

So I give a lot of credit to LEGO and MAGIC: THE GATHERING, frankly, for really understanding their consumers and driving upside with what I think is the fastest growing segment inside of the business supply, which is consumers 13-plus and really 18-plus when you think about MAGIC and what LEGO has been doing.

因此，坦白說，我非常感謝樂高和萬智牌，因為他們真正了解他們的消費者，並推動了我認為商業供應中增長最快的細分市場的增長，即13 歲以上甚至18 歲以上的消費者。

When you look at the balance of the industry, it's roughly performing what I think us and a lot of the industry prognosticators and our peers in the industry thought.

當你觀察這個產業的平衡時，你會發現它的表現大致符合我和許多產業預測者以及業內同業的想法。

And we see that roughly carrying into the back half.

我們看到這一點大致延續到了後半部。

So when we think about our guidance for toys, call it down high single digits, when you kind of take the median of what we're saying, we're factoring in both the exited businesses, what we think will be a toy industry, which will be down kind of in that mid-single digits range, but starting to hopefully improve a bit in the back half.

因此，當我們考慮我們對玩具的指導時，將其降低到高個位數，當你採取我們所說的中位數時，我們會考慮到退出的業務，我們認為這將是一個玩具行業，這將在中間個位數範圍內下降，但希望在後半段開始有所改善。

And the category tailwinds we saw in building blocks and GCG, potentially growing a bit for more categories.

我們在積木和 GCG 中看到了品類順風，對於更多類別來說可能會有所成長。

A lot of our guidance, though, isn't really based on the industry.

然而，我們的許多指導並不是真正基於行業。

It's based on our execution and the retailer support we have.

它基於我們的執行力和我們擁有的零售商支援。

Got it.

知道了。

Thanks, guys.

多謝你們。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Thanks for taking my questions and congrats on a great quarter here.

感謝您回答我的問題，並祝賀您度過了一個美好的季度。

I wanted to drill down a little bit more on the MAGIC business.

我想更深入地了解 MAGIC 業務。

Can you just talk about the performance of Modern Horizons 3 and how big of a contribution that could be versus Lord of the Rings, given you said that it's the fastest selling set of all time so far, which would imply that it's sort of off to a quicker start then Lord of the Rings?

您能否談談《摩登新篇3》的表現以及它與《魔戒》相比的貢獻有多大，因為您說過《摩登新篇3》是迄今為止銷量最快的系列，這意味著它有點比魔戒更快的開始？

And then maybe just remind us of the contribution of Lord of the Rings and sort of how you think Modern Horizons 3 could stack up against that?

然後或許只是提醒我們《魔戒》的貢獻，以及您認為《摩登新篇 3》如何與之抗衡？

Thanks.

謝謝。

Yeah, sure.

好，當然。

So Modern Horizons did get off the gates really fast.

所以《摩登新篇》確實很快就推出了。

A lot of collector heavy sets like formats like Modern Horizons appeals to do, and we think it will have a very, very long tail.

許多像《摩登新篇》這樣的重磅系列都值得收藏，我們認為它會有一個非常非常長的尾巴。

When you looked at Modern Horizons 2, we were continuing to sell cards for that 30 months into its run.

當您查看《摩登新篇 2》時，我們會在發行後的 30 個月內繼續銷售卡片。

So we expect Modern Horizons 3, if not be our bestselling set of all time, which is currently held by Lord of the Rings, it'll certainly be a contender for it.

因此，我們預期《摩登新篇 3》即使不是我們有史以來最暢銷的系列（目前由《魔戒》佔據），也肯定會成為它的有力競爭者。

I think the difference with it is going to be the timeline.

我認為與它的區別在於時間安排。

You know, Lord of the Rings had a major set release in June and then kind of a minor photo to it in December, which allowed it to hit $200 million really fast.

你知道，《魔戒》在 6 月發布了一個主要的佈景，然後在 12 月發布了一張小照片，這使得它的票房很快就達到了 2 億美元。

Modern Horizons 3 has a big step release and then a bunch of reprints, which will span out over a couple of years.

《摩登新篇 3》將有一個重大的發布，然後是一系列重印，這將持續幾年的時間。

So I don't think we're going to get the same oomph that we did from Lord of the Rings in Q4 from Modern Horizons like we did last year, but I think we'll have a nice fatter tail going into 2025 and potentially 2026 from a product like that.

因此，我認為我們不會像去年那樣在《摩登新篇》第四季中獲得與《魔戒》相同的魅力，但我認為進入 2025 年我們將會有一個漂亮的肥尾巴，並且有可能2026年，來自這樣的產品。

Yeah, Alex, my only add, as you look at the quarter, specifically within the quarter, Modern Horizons 3 actually outperformed Lord of the Rings.

是的，亞歷克斯，我唯一補充的是，當你看看這個季度，特別是在這個季度內，《摩登新篇 3》的表現實際上超過了《魔戒》。

But to Chris's point, as you look over the full year because we won't have that holiday set, that's where the overall margin will be a little bit short.

但就克里斯的觀點而言，當你縱觀全年時，因為我們不會設定假期，所以整體利潤率會有點短。

Incredibly helpful.

非常有幫助。

Thanks for the clarity there.

感謝您的澄清。

And then just digging in on consumer products.

然後就深入研究消費品。

I just wanted to ask sort of what signs of green shoots are most encouraging in consumer products.

我只是想問一下，消費性產品中哪些復甦跡象最令人鼓舞。

I guess what toys and properties are you most excited for in the back half?

我猜後半段你最興奮的是哪些玩具和財產？

And can you give us any early reads on Beyblade specifically, sort of any channel commentary you're getting there?

您能為我們提供任何關於 Beyblade 的早期讀物嗎？

Thank you.

謝謝。

Well, I think you stole my top green shoot with just mentioning Beyblade.

好吧，我認為你只是提到了陀螺，就偷走了我的最佳綠芽。

Beyblade X is performing well in some early outs in select markets.

Beyblade X 在某些特定市場的早期表現良好。

It's probably the best performing paid late release we've ever had in the UK.

這可能是我們在英國發行過的表現最好的付費後期發行版。

It usually does really well in France.

它通常在法國表現得很好。

And again, it's doing well in France and in the select spots that it's available in the US, it's selling out and selling out very quickly.

再說一次，它在法國表現良好，在美國的一些精選地點，它的銷售很快就被搶購一空。

Our belief is Beyblade X will be one of the top new toys or refresh toys of 2024 and could actually claim the top spot very similar to what we did with FURBY last year.

我們相信 Beyblade X 將成為 2024 年最熱門的新玩具或更新玩具之一，實際上可以像我們去年對 FURBY 所做的那樣佔據榜首位置。

FURBY continues to do well.

FURBY 繼續表現出色。

We like how FURBLETS are really driving the right price point and extending that franchise.

我們喜歡 FURBLETS 如何真正推動正確的價格點並擴大特許經營權。

We've seen a lot of nice momentum with PEPPA PIG.

我們已經看到 PEPPA PIG 的良好勢頭。

I think after a couple of years of owning that franchise not only retain the right notes on the entertainment, but we're starting to hit the right notes on the toys, particularly the price points and kind of the wow moments that we have.

我認為，在擁有該系列幾年後，我們不僅在娛樂方面保留了正確的註釋，而且還開始在玩具上找到正確的註釋，特別是價格點和我們所擁有的令人驚嘆的時刻。

Transformers, I think, is shaping up to be a really nice Q3 and Q4, with Transformers One and then D&D, I also really like, I think you just asked maybe about consumer products, but I'm going to talk about the whole portfolio, the D&D Refresh to the Core Rules of Fifth Edition is going out the gate strong.

我認為，《變形金剛》將成為一個非常好的第三季度和第四季度，《變形金剛一》，然後是《龍與地下城》，我也很喜歡，我想你可能只是問了有關消費產品的問題，但我將談論整個產品組合，《龍與地下城》第五版核心規則的刷新正在強勢推出。

Preorders are breaking any records that we have.

預購正在打破我們所擁有的任何記錄。

It's exceeding our forecast.

這超出了我們的預測。

Now that will help a bit in Q3 and Q4 when some of the products release, but some of those products don't release until Q1 and Q2 of next year.

現在，當某些產品發佈時，這將在第三季和第四季有所幫助，但其中一些產品要到明年第一季和第二季才會發布。

So again, I think we have a nice kind of healthy midterm projection on the businesses as well.

再說一次，我認為我們對業務也有一個很好的健康中期預測。

The one that I'd have not brand in product related per se, but it is a positive that we continue to trend well in inventory, both our own owned inventory as well as retail inventories.

我不會在產品相關的產品本身上打上品牌，但我們在庫存方面繼續保持良好的趨勢是積極的，無論是我們自己的庫存還是零售庫存。

So retail inventory was down again, about 18%, 20% within the quarter.

因此零售庫存再次下降，本季下降了約 18%、20%。

So we're sitting at super healthy levels as we head into the holidays.

因此，當我們進入假期時，我們正處於超級健康的水平。

Perfect.

完美的。

That's really helpful.

這真的很有幫助。

Best of luck going forward.

祝你好運。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hey, guys, good morning.

嘿，夥計們，早安。

Just to stick on the consumer products business, I know in the past you've sort of hinted that that could reach the 10% or double digit target that you've talked about in 4Q.

就堅持消費產品業務而言，我知道您過去曾暗示，這可能會達到您在第四季度談到的 10% 或兩位數的目標。

I'm wondering if you could just give us an update on how realistic that is and maybe what the biggest swing factor is?

我想知道您是否可以向我們介紹最新情況，說明這有多現實，也許最大的搖擺因素是什麼？

Is it really POS, is it a matter of maybe cost saves hitting sooner, but what sort of gets you there or potentially get you there?

這真的是 POS 嗎？

In Q4 specifically, Fred, is that your question?

具體在第四季度，弗雷德，這是你的問題嗎？

Yeah, in 4Q this year.

是的，今年第四季。

Got it.

知道了。

No, we do anticipate it getting to that 10% level in Q4.

不，我們確實預計第四季會達到 10% 的水平。

It really comes down to deleveraging the volume, right, as we've talked about, that's been the single biggest drag on the margin as we move to the front half of the year.

這實際上歸結為去槓桿化，正如我們所討論的，當我們進入今年上半年時，這是對利潤率的最大拖累。

So as you put all the revenue in Q3, Q4, both of those quarters tend to be at that 10%, 11% margin.

因此，當您將所有收入放在第三季和第四季時，這兩個季度的利潤率往往都是 10% 和 11%。

That's what we're planning for.

這就是我們的計劃。

I think our goal is to have it that 10%, 11%, not just be in the back half of the year, but we're working towards having that be for the entire year, which would then say the front half of the year is around 10%, 11% or you have maybe a little less than that in the back half of the year, it's in the low-teens leveraging or kind of moving with moving with revenue.

我認為我們的目標是達到 10%、11%，不僅是在下半年，我們正在努力實現全年，也就是說今年上半年大約是10%、11%，或者可能比今年下半年少一點，槓桿率處於低位，或隨著收入的變化而變化。

So all of the work that we're doing this year to get that profitability, right.

因此，我們今年為實現盈利所做的所有工作都是正確的。

All of the work we're doing on pricing, on mix, and then getting the product design in the right way, all of that will contribute as we move into '25 and '26 and getting the entire year for CP to you have two digits.

我們在定價、混合方面所做的所有工作，然後以正確的方式進行產品設計，所有這些都將有助於我們進入 25 和 26 年，讓 CP 全年為您提供兩個數字。

Makes sense and then given the momentum in digital, given the momentum with some of the lower-cost price points you've talked about in consumer products, can you just give us an update on how you view some of the bigger licenses in the consumer space being a part of the Hasbro story going forward?

這是有道理的，然後考慮到數位化的勢頭，考慮到您在消費產品中談到的一些低成本價格點的勢頭，您能否向我們介紹一下您如何看待消費產品中一些較大許可證的最新情況太空會成為孩之寶未來故事的一部分嗎？

Do you think that you still need to have some of these master licenses?

您認為您還需要擁有其中一些主許可證嗎？

Or do you feel like there's enough that you can sort of do outside of those bigger tent poles to get the consumer products business where you need it to be?

或者，您是否覺得在那些更大的支柱之外，您可以做足夠多的事情來讓消費品業務達到您需要的水平？

Absolutely.

絕對地。

We've been in business with Takara Tomy who's the licensor for Beyblade for decades.

我們與 Beyblade 的授權人 Takara Tomy 合作已有數十年。

They're super important for us.

它們對我們來說非常重要。

And you know, we've been in business with the Walt Disney Company since 1954.

您知道，我們自 1954 年以來一直與華特迪士尼公司有業務往來。

And if anything, I think you're going to see us doubling down on our partnership with them and expanding where it could go, whether it's toys, games or trading cards, and Role Play, they're going to be a big part of our story for years to come.

如果有的話，我想你會看到我們加倍加強與他們的合作夥伴關係，並擴大合作範圍，無論是玩具、遊戲還是集換卡牌和角色扮演，他們將成為我們 我們的重要組成部分。未來幾年的故事。

Great.

偉大的。

Thanks a lot.

多謝。

Thank you.

謝謝。

And we have reached the end of the question-and-answer session.

我們的問答環節已經結束了。

And this also concludes today's conference, and you may disconnect your lines at this time.

今天的會議也到此結束，大家可以掛斷電話了。

Thank you for your participation.

感謝您的參與。