孩之寶 (HAS) 2024 Q3 法說會逐字稿

Good morning, and welcome to Hasbro third-quarter 2024 earnings conference call.

早安，歡迎參加孩之寶 2024 年第三季財報電話會議。

(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 would 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 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 all posted on our investor website.

我們今天電話會議的收益發布和簡報幻燈片都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 our other public disclosures.

這些因素包括我們 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.

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。

Q3 continued to demonstrate the bottom-line benefits of the structural and strategic changes we are making at Hasbro.

第三季繼續展示了我們在孩之寶所做的結構和策略變革的底線效益。

Two of our strongest profit areas, games and licensing, outperformed, expanding operating profit margin for the third consecutive quarter.

我們利潤最強的兩個領域——遊戲和授權——表現出色，營業利潤率連續第三個季度擴大。

The dynamics we're observing across MAGIC and D&D in both analog and digital reinforce our confidence in the long-term health of the brands.

我們在 MAGIC 和 D&D 中觀察到的類比和數位動態增強了我們對品牌長期健康發展的信心。

Our competitive advantage as an IP licenser is also gaining steam as we see the staying power of Monopoly GO!, the resurgence of fan favorite brands like My Little Pony and strong POS growth in our out-licensed toy portfolio.

我們作為IP 授權商的競爭優勢也在不斷增強，因為我們看到了《Monopoly GO!》的持久力、《My Little Pony》等深受粉絲喜愛的品牌的複興以及我們對外授權玩具產品組合中POS 的強勁增長。

Consumer products revenue came in lighter than we anticipated, offset by strength in Wizards, but the pace of the decline moderated significantly versus the first half.

消費產品收入低於我們的預期，被巫師的強勢所抵消，但與上半年相比，下降速度明顯放緩。

We should see that trend continue into Q4.

我們應該看到這種趨勢持續到第四季。

We're already seeing some encouraging data points across toys and board games that prove our innovation is getting sharper and retail alignment is healthy.

我們已經在玩具和棋盤遊戲中看到了一些令人鼓舞的數據點，這些數據證明我們的創新正在變得更加敏銳，並且零售業的協調是健康的。

While we are lowering our full-year revenue guidance for the segment, we are seeing a solid return to profitability for this business.

雖然我們降低了該部門的全年收入指引，但我們看到該業務的盈利能力穩步恢復。

An improving bottom line coupled with strong fundamentals across the balance of our portfolio auger much improved profitability and cash flow for Hasbro both in 2024 and beyond.

不斷改善的利潤加上我們投資組合平衡的強勁基本面，大大提高了孩之寶在 2024 年及以後的盈利能力和現金流。

This resilience in our business model has been years in the making, strategically shifting our mix towards games, digital, and IP licensing --; the future of play.

我們商業模式的這種彈性是多年來形成的，策略性地將我們的組合轉向遊戲、數位和 IP 授權——；遊戲的未來。

This is where the consumer is heading, and we're following our fans as they age up and look for their favorite brands on digital platforms.

這就是消費者的發展方向，我們會隨著粉絲的年齡增長而關注他們，並在數位平台上尋找他們最喜歡的品牌。

It's what will make Hasbro a diversified modern growing toy and game company.

這將使孩之寶成為一家多元化的現代成長型玩具和遊戲公司。

Gina will walk through more of the financials and our latest outlook, but first, I'll offer some business insights.

吉娜將介紹更多的財務狀況和我們的最新展望，但首先，我將提供一些商業見解。

MAGIC: THE GATHERING continues to be a standout leading the trading card genre in growth year to date.

迄今為止，《萬智牌》仍然是集換式卡牌類型中的佼佼者。

This is despite big shoes to fill from last year's blockbuster Lord of the Rings set.

儘管去年的大片《魔戒》片場還有很多需要填補的空缺。

In Q3, MAGIC posted another quarter of growth led by our tentpole releases, Bloomburrow, and the horror-themed Duskmourn, showing how MAGIC original IP consistently delights fans.

在第三季度，MAGIC 在我們的主力作品《Bloomburrow》和恐怖主題《Duskmourn》的帶動下又實現了一個季度的增長，這表明 MAGIC 原創 IP 如何持續讓粉絲滿意。

Arena also posted solid growth driven by Bloomburrow and healthy engagement with the standard format with sequential upticks in new player acquisition rates and weekly average user counts.

在 Bloomburrow 的推動下，Arena 也實現了穩健的成長，並與標準格式保持良好的互動，新玩家獲取率和每周平均用戶數連續上升。

Beyond the strength in tentpole sets, we saw outperformance in backlist, particularly Commander decks as well as Secret Lair, including a sold-out Festival in a Box ahead of this weekend's MagicCon in Las Vegas.

除了主打套牌的實力之外，我們還看到了後備套牌的出色表現，特別是指揮官套牌和秘密巢穴，包括本週末在拉斯維加斯舉行的MagicCon 之前舉辦的一場售空的Festival in a Box。

It's shaping up to be our biggest one yet and should be chock full of exciting new product announcements like the one we just did at New York Comic Con with our partners at Marvel.

這將是我們迄今為止規模最大的一次活動，並且應該充滿令人興奮的新產品公告，就像我們剛剛與漫威合作夥伴在紐約動漫展上所做的那樣。

Coming in December, MAGIC fans can get the first cards from our new collaboration with Marvel, featuring themed Secret Lair drops for five of their favorite Marvel superheroes, including Ironman, Black Panther, and Wolverine.

12 月，MAGIC 粉絲可以從我們與 Marvel 的新合作中獲得第一批卡片，其中包括鋼鐵人、黑豹和金剛狼等五位他們最喜愛的 Marvel 超級英雄的主題“秘密巢穴”掉落物。

We are expecting each mini set to immediately sell out.

我們預計每套迷你套裝都會立即售空。

For D&D, the updated players handbook for fifth edition is now our fastest-selling product in D&D's 50-year history, beating plan by over 50%.

對於《D&D》來說，更新後的第五版玩家手冊現在是《D&D》50 年歷史中銷售最快的產品，比計劃高出 50% 以上。

And our acquisition of D&D Beyond continues to pay off, driving D&D's total mix of direct to consumer revenue from zero at the time of acquisition to 60% today with registered users more than doubling to 19 million.

我們對 D&D Beyond 的收購繼續帶來回報，推動 D&D 的直接面向消費者的總收入從收購時的零增加到如今的 60%，註冊用戶增加了一倍多，達到 1,900 萬。

I'm excited for fans to get their hands on the new Dungeon Master's Guide releasing next month.

我很高興粉絲們能夠獲得下個月發布的新《地下城主指南》。

The new artwork is a hit, and the streamline introduction to running campaigns has been met with stellar early reviews.

新的藝術作品很受歡迎，對運行活動的簡化介紹也受到了早期的好評。

Licensing continued to be a bright spot across Hasbro.

授權仍然是孩之寶的一個亮點。

Monopoly GO!

壟斷GO！

is settling into a steady state, generating approximately 10 million in licensing revenue per month.

正在進入穩定狀態，每月產生約 1000 萬的許可收入。

Our partners at Scopely are continuing to innovate with new formats including third-party content from Marvel and Tycoon Club, a new loyalty program to better serve its community of dedicated fans.

我們在 Scopely 的合作夥伴正在繼續創新新格式，包括來自 Marvel 和 Tycoon Club 的第三方內容，這是一項新的忠誠度計劃，旨在更好地服務其忠實粉絲社群。

Working with a best-in-class partner like Scopely helps position Monopoly GO!

與 Scopely 這樣的一流合作夥伴合作有助於幫助《Monopoly GO!》定位！

as a long-lasting mobile game at scale, and the team remains focused on driving user acquisition and retention.

作為一款經久不衰的大規模行動遊戲，團隊仍專注於推動用戶獲取和保留。

Within consumer products licensing, our strategy to out-license brands in the toy space is performing ahead of expectations.

在消費品授權方面，我們在玩具領域超越品牌授權的策略表現超出了預期。

Year to date, FurReal Friends and Littlest Pet Shop, two recent out-licensed properties are showing over 50% year-over-year POS growth.

今年迄今為止，FurReal Friends 和 Littlest Pet Shop 這兩家最近獲得許可的酒店的 POS 同比增長超過 50%。

Building on last quarter's strength, My Little Pony is having a resurgence through successful international partnerships across multiple merchandise categories, music, and collectible cards.

在上一季的基礎上，《小馬寶莉》透過跨多個商品類別、音樂和收藏卡的成功國際合作夥伴關係實現了復興。

And we continue to roll out some great products across platforms in partnership with LEGO.

我們繼續與樂高合作跨平台推出一些出色的產品。

For instance, Lego Peppa Duplo is now available in all markets.

例如，樂高小豬佩奇 (Lego Peppa Duplo) 現已在所有市場發售。

We also saw the release of the LEGO Icons Bumblebee SKU ahead of our Transformers One movie release as part of LEGO's Adults Welcome marketing campaign for Q4.

作為樂高第四季成人歡迎行銷活動的一部分，我們還在變形金剛一號電影上映之前看到了樂高圖標大黃蜂 SKU 的發布。

Toy revenue softness was due in part to our decision to sell less close-out volume in favor of higher profitability as well as incremental softness in action figures, particularly Star Wars.

玩具收入疲軟的部分原因是我們決定減少銷售量以提高獲利能力，以及人偶（尤其是星際大戰）的疲軟。

We view action figures as a long-term bet for the company and a place Hasbro has special strength from pre-schoolers to kids to adult fans.

我們將動作玩偶視為公司的長期賭注，孩之寶在從學齡前兒童到兒童再到成年粉絲方面都具有特殊的優勢。

So we are bullish about this segment's eventual return to growth.

因此，我們看好該細分市場最終恢復成長。

One of our bigger bets for this holiday is Beyblade, which launched its fourth-generation Beyblade X over the summer.

這個假期我們最大的賭注之一是 Beyblade，它在夏天推出了第四代 Beyblade X。

Since turning on media just a few weeks ago, we've seen POS accelerate meaningfully with promotional events at our top retail customers and expect that to continue with the new anime series on Netflix and Disney.

自從幾週前開啟媒體以來，我們已經看到 POS 透過針對我們的頂級零售客戶的促銷活動而顯著加速，並預計 Netflix 和迪士尼的新動漫系列將繼續保持這一勢頭。

While we initially expected a bigger POS turn in Beyblade in Q3, we're excited to see it respond favorably in recent weeks and expect a strong ramp as awareness scales with kids.

雖然我們最初預計Beyblade 在第三季度會有更大的POS 轉變，但我們很高興看到它在最近幾週做出了積極的反應，並預計隨著孩子們的認知度的提高，它會出現強勁的成長。

Marvel is also seeing some nice increases on the heels of Deadpool and Wolverine, the new X-Men '97 animated series and continued strength with Spidey and His Amazing Friends, including our new hit pre-school toy Dance 'n Crawl Spidey.

繼《死侍》和《金鋼狼》、97 年新X 戰警動畫系列以及《蜘蛛人和他的神奇朋友》的持續強勢之後，漫威也看到了一些不錯的增長，包括我們新推出的熱門學前玩具《跳舞爬行蜘蛛人》。

We're excited for 2025 with New Captain America and Fantastic Four blockbuster films on the horizon and building hype for Disney's Blockbuster 2026 line-up, including Avengers Doomsday, a new Spiderman, and a new Mandalorian & Grogu Star Wars film helmed by blockbuster director, Jon Favreau.

我們對2025 年充滿期待，新《美國隊長》和《神奇四俠》大片即將上映，並為迪士尼2026 年大片陣容大肆宣傳，其中包括《復仇者聯盟》、《末日》、新蜘蛛俠，以及由大片導演執導的新《曼達洛人和格羅古星球大戰》電影，喬恩費儒。

Play-Doh had its best back to school ever with POS up almost 20%, and the classic color four pack rising to the number one position across the entire arts and crafts category.

Play-Doh 迎來了有史以來最好的返校季，POS 增長了近 20%，經典彩色四件套上升到整個藝術和工藝品類別的第一名。

We're seeing good early momentum for the pizza delivery scooter with strong top toy placement at our major retail partners.

我們看到披薩外帶滑板車的早期勢頭良好，我們的主要零售合作夥伴在頂級玩具上放置了大量的產品。

We also have some exciting innovation for Peppa Pig with Muddy Puddles Peppa, a top toy at Walmart and Amazon.

我們也為《小豬佩奇與泥坑》推出了一些令人興奮的創新，這是沃爾瑪和亞馬遜的熱門玩具。

Last but not least, our board game portfolio is one of the earliest examples of our new focus on fast-to-market innovation across consumer segments.

最後但並非最不重要的一點是，我們的棋盤遊戲產品組合是我們新重點關注跨消費者細分市場快速上市創新的最早例子之一。

Whether it's our new Monopoly Harry Potter board game for families, Life in Reterra, the new award-winning strategy game, Arschmallows, a best-selling adult card game from Germany we are partnering with for international expansion, Hasbro is delivering delightful new products that are getting consumer attention and driving new sales.

無論是我們為家庭推出的全新《哈利波特大富翁》棋盤遊戲、屢獲殊榮的全新策略遊戲《Life in Reterra》，還是與我們合作進行國際擴張的德國暢銷成人紙牌遊戲Arschmallows，孩之寶都在提供令人愉悅的新產品，正在引起消費者的注意並推動新的銷售。

Combined, we are pairing our new products with significant expansions of in store promotions while boosting advertising year over year for our innovation bets to drive consumer demand.

結合起來，我們將新產品與店內促銷活動的大幅擴展相結合，同時逐年增加廣告投放，以推動我們的創新賭注，以推動消費者需求。

It's still early in the holiday, but we anticipate continued improvement in our toy business as we build the foundation for continued profit growth in 2025 and 2026.

現在還處於假期初期，但我們預計玩具業務將持續改善，為 2025 年和 2026 年利潤持續成長奠定基礎。

To recap, I'm pleased with how Hasbro is executing.

總而言之，我對孩之寶的執行方式感到滿意。

Our margins are up.

我們的利潤率上升了。

Our inventories are down and the healthiest they've been in seven years.

我們的庫存有所下降，達到七年來最健康的水平。

Our cost structure is getting where we need it to be, and our toys are showing up on shelf the best they have in years.

我們的成本結構正在達到我們需要的水平，我們的玩具在貨架上的表現是多年來最好的。

Our key initiatives around digital, licensing, and reinvigorating our product innovation are bearing fruit as we meet fans where they are.

當我們與粉絲見面時，我們圍繞數位化、授權和重振產品創新的關鍵舉措正在取得成果。

While we are still mid-innings in our toy turnaround, 2024 promises to show a significant uptick in profit, cash flow, and operational rigor for the company that will set us up for 2025 and beyond.

雖然我們的玩具扭虧為盈仍處於中期階段，但 2024 年公司的利潤、現金流和營運嚴謹性有望顯著上升，這將為我們在 2025 年及以後做好準備。

I'd now like to turn the call over to Gina Goetter to share more on our results and what you should expect for the balance of the year.

現在我想將電話轉給吉娜·戈特 (Gina Goetter)，分享更多關於我們的業績以及您對今年餘下時間的期望。

Gina?

吉娜？

Thanks, Chris, and good morning, everyone.

謝謝克里斯，大家早安。

Our Q3 results demonstrated the increasing resilience in the Hasbro business model, underpinned by the strength in gaming and licensing.

我們第三季的業績表明，在遊戲和授權方面的實力支撐下，孩之寶業務模式的彈性不斷增強。

While toy revenue fell short of expectations, we still saw a significant moderation in the decline as compared to the first half while achieving the highest operating margin for the segment in three years.

儘管玩具收入未達預期，但與上半年相比，下降幅度仍顯著放緩，同時實現了該部門三年來的最高營業利潤率。

Between strength in Wizards, licensing performance, and improvements in the underlying profitability of toys, I'm encouraged by the healthier position Hasbro is in today versus the start of the year.

在威世智的實力、授權表現以及玩具潛在盈利能力的改善之間，孩之寶今天與年初相比更加健康的地位令我感到鼓舞。

The outperformance in our Wizards segment has proven that our leadership positions in trading cards, role playing, and digital licensing continue to resonate.

我們威世智部門的出色表現證明了我們在交易卡、角色扮演和數位授權方面的領導地位繼續引起共鳴。

MAGIC delivered an all-around solid quarter across tabletop and digital for both tentpole and backlist content.

MAGIC 在桌面和數位領域的主力內容和重播內容均實現了全面穩健的季度業績。

Consumer product licensing was a bright spot for the second straight quarter driven by My Little Pony training cards and a notable driver behind the CP operating margin expansion.

在《小馬寶莉》訓練卡的推動下，消費品授權連續第二季成為亮點，也是 CP 營業利潤率擴張背後的顯著推動力。

Our supply chain team delivered once again, finding additional productivity wins, while our inventory has remained at multi-year lows down 40% year over year.

我們的供應鏈團隊再次交付，發現生產力進一步提高，而我們的庫存仍保持在多年低點，比去年同期下降 40%。

Our strategic decision to keep supply tight has resulted in a significant drop in close-out volume, which continues to be a gross margin benefit at the expense of CP revenue.

我們維持供應緊張的策略決策導致成交量大幅下降，這仍然是毛利率的優勢，但以犧牲CP收入為代價。

This is a trade-off we are consciously making as we continue prioritizing restoration of toy profitability while sharpening our innovation to drive premium offerings to our retail partners.

這是我們有意識地做出的權衡，因為我們繼續優先考慮恢復玩具獲利能力，同時加強創新，為我們的零售合作夥伴提供優質產品。

Staying disciplined with our inventory across all our businesses is the right long-term decision for the company, but it also heightens the importance of accurate demand forecasting and supply chain agility.

對我們所有業務的庫存保持嚴格控制對於公司來說是正確的長期決策，但這也凸顯了準確的需求預測和供應鏈敏捷性的重要性。

As we continue to upgrade our processes and systems, we are focused on strengthening that muscle to ensure we have adequate supply of the products our customers want.

隨著我們不斷升級我們的流程和系統，我們致力於加強這項實力，以確保我們有足夠的供應來滿足客戶所需的產品。

As part of our transformation, we continue to look for opportunities to improve operational efficiency.

作為轉型的一部分，我們繼續尋找提高營運效率的機會。

As an example, we recently announced that within the CP segment, our global brand and commercial teams will be coming together as one organization under the leadership of Tim Kilpin.

舉個例子，我們最近宣布，在 CP 領域，我們的全球品牌和商業團隊將在 Tim Kilpin 的領導下合併為組織。

We are also expanding our design teams' scope, further integrating them with our supply chain and product development teams in Asia.

我們也擴大了設計團隊的範圍，進一步將他們與我們在亞洲的供應鏈和產品開發團隊整合。

By bringing the design process closer to the source, we can bring products to market faster and allocate resources more efficiently across our portfolio.

透過讓設計過程更接近源頭，我們可以更快地將產品推向市場，並在我們的產品組合中更有效地分配資源。

A continuous improvement mindset is a key component of our broader transformation, and we will remain agile in adopting processes and structures to best meet the needs of all our stakeholders.

持續改善的心態是我們更廣泛轉型的關鍵組成部分，我們將保持敏捷地採用流程和結構，以最好地滿足所有利害關係人的需求。

Now moving to our Q3 financial results, total Hasbro revenue was $1.3 billion down 15% versus Q3 of last year.

現在來看第三季的財務業績，孩之寶總收入為 13 億美元，比去年第三季下降 15%。

If you exclude the impact of the eOne divestiture, total revenue was down 9%.

如果排除 eOne 剝離的影響，總收入下降了 9%。

The Wizards segment declined 5% in the quarter as we lapped the launch of Baldur's Gate 3.

由於《博德之門 3》的推出，奇才部門在本季下降了 5%。

Consumer products revenue declined 10% driven by exited brands, reduced close-outs, and softer-than-anticipated volume.

由於品牌退出、停產減少以及銷售低於預期，消費品收入下降了 10%。

And the entertainment segment declined 86% due to the eOne divestiture.

由於 eOne 剝離，娛樂業務下降了 86%。

Absent this impact, entertainment revenue decreased 17% driven by deal timing.

如果沒有這種影響，由於交易時機的影響，娛樂收入下降了 17%。

Adjusted operating profit was $329 million for an adjusted operating margin of 25.7%, up 2.9 points versus last year.

調整後營業利潤為 3.29 億美元，調整後營業利益率為 25.7%，比去年增長 2.9 個百分點。

Benefits from favorable business mix, supply chain productivity, and reduced expenses were partially offset by volume deleverage within consumer products.

有利的業務組合、供應鏈生產力和費用減少帶來的好處被消費產品的數量去槓桿化部分抵消。

Q3 adjusted net earnings were $244 million with diluted earnings per share of a $1.73, up $0.09 from the year-ago period, driven by the factors previously noted.

第三季調整後淨利為 2.44 億美元，稀釋後每股收益為 1.73 美元，較上年同期成長 0.09 美元，受到前述因素的推動。

We returned $98 million to shareholders through the dividend and ended the period with $1.2 billion of cash and short-term investments, including the proceeds from the May debt offering which will be used to repay our November 2024 notes.

我們透過股息向股東返還 9,800 萬美元，並以 12 億美元的現金和短期投資結束該期間，其中包括 5 月份發債的收益，該收益將用於償還我們 2024 年 11 月的票據。

Year to date, total Hasbro revenue was approximately $3 billion, down 18% versus the same period last year.

今年迄今為止，孩之寶總收入約為 30 億美元，比去年同期下降 18%。

If you exclude the impact of the eOne divestiture, total revenue was down 8% largely driven by the same drivers of Q3.

如果排除 eOne 剝離的影響，總收入下降 8%，主要是由第三季的相同驅動因素推動的。

Year-to-date adjusted operating profit was $726 million for an adjusted operating margin of 23.9%, up approximately 10 points year over year.

年初至今，調整後營業利潤為 7.26 億美元，調整後營業利益率為 23.9%，較去年同期成長約 10 個百分點。

We continue to deliver margin improvement despite the volume deleverage across the toy business.

儘管玩具業務的銷售去槓桿化，但我們的利潤率仍持續提高。

Year-to-date adjusted net earnings were $498 million with diluted earnings per share of $3.56. And year-to-date operating cash flow was $588 million, a $253 million improvement year over year driven by the noted profitability improvements and working capital favorability.

年初至今調整後淨利為 4.98 億美元，稀釋每股收益為 3.56 美元。年初至今，營運現金流為 5.88 億美元，在獲利能力顯著改善和營運資本有利的推動下，比去年同期增加了 2.53 億美元。

Now, let's look at Q3 results within our two major segments starting with Wizards.

現在，讓我們看看我們的兩個主要部分的第三季度結果，從威世智開始。

Revenue declined 5% as growth in MAGIC: THE GATHERING and contributions from Monopoly GO!

由於《萬智牌》的成長以及《大富翁 GO！

were more than offset by the anticipated decline in revenue for Baldur's Gate 3.

但《博德之門 3》的預期收入下降足以抵銷這一影響。

MAGIC grew 3% behind the releases of Bloomborrow and Duskmourn along with stronger results from backlist and Secret Lair.

MAGIC 在《Bloomborrow》和《Duskmourn》的發行後成長了 3%，同時《backlist》和《Secret Lair》的表現也更加強勁。

Operating margin for Wizards finished at 44.9%, down about 3 points versus last year, driven entirely by the decline in licensed digital gaming.

威世智的營業利潤率為 44.9%，比去年下降了約 3 個百分點，這完全是由於授權數位遊戲的下降所致。

Turning to consumer products, overall, Q3 revenue declined 10%.

轉向消費產品，總體而言，第三季營收下降了 10%。

Lower volume from exited brands and reduced close-outs offset growth in licensed consumer products and volume increases in select brands like Transformers, Beyblade, and Furby.

退出品牌的銷售下降和停產減少抵消了授權消費產品的成長以及變形金剛、陀螺陀螺和菲比等精選品牌銷售的成長。

Continued softness in Nerf and action figures, particularly Star Wars, also contributed to the decline in the quarter.

Nerf 和人偶（特別是《星際大戰》）的持續疲軟也導致了本季的下滑。

As we've mentioned, we are continuing to prioritize profitable revenue while our close-out volume was down about 70% year over year and contributed to about a fourth of the revenue decline for CP.

正如我們所提到的，我們繼續優先考慮盈利收入，而我們的平倉量同比下降了約 70%，佔 CP 收入下降的約四分之一。

It drove about 1.5 points of gross margin benefit.

它帶動毛利率提高約 1.5 個百分點。

Adjusted operating margin for consumer products was 15.1%, up 3.9 points compared to last year.

消費品調整後營業利益率為 15.1%，比去年上升 3.9 個百分點。

Benefits from a more profitable licensing mix, supply chain productivity, fewer close-outs and reduced expenses offset the impact from volume deleverage.

更有利可圖的授權組合、供應鏈生產力、更少的停產和減少的費用帶來的好處抵消了銷售去槓桿化的影響。

On a year-to-date basis, despite the top line declining by over $300 million versus last year, we have absorbed the impact of deleverage and kept CP operating profit essentially flat.

年初至今，儘管收入比去年下降了 3 億多美元，但我們吸收了去槓桿化的影響，使 CP 營業利潤基本上持平。

This highlights the significant progress we have already made in our turnaround and is a testament to our supply chain transformation and discipline on inventory and cost management.

這凸顯了我們在扭虧為盈方面已經取得的重大進展，也證明了我們的供應鏈轉型以及庫存和成本管理方面的紀律。

Now, turning to our guidance for 2024, we now expect total Wizards revenue to be flat to down 1%, which is up from our prior guidance of down 1% to 3%.

現在，轉向我們對 2024 年的指導，我們預計威世智總收入將持平至下降 1%，高於我們先前下降 1% 至 3% 的指導。

The improved outlook is driven by year-to-date outperformance particularly within MAGIC.

展望的改善是由於年初至今的優異表現，尤其是 MAGIC 內部的表現。

Our outlook for licensed digital gaming largely remains the same with Monopoly GO!

我們對授權數位遊戲的前景基本上與《大富翁 GO》相同！

contributing roughly $105 million in revenue.

貢獻了大約 1.05 億美元的收入。

We expect Baldur's Gate 3 to contribute about $35 million for the full year with most of that revenue recorded through the first three quarters.

我們預計《博德之門 3》全年貢獻約 3,500 萬美元，其中大部分收入來自前三個季度。

As implied in our guidance, Q4 will see a more pronounced year-over-year decline driven by the timing of set releases for magic.

正如我們的指導中所暗示的那樣，由於魔法系列的發佈時間，第四季將出現更明顯的同比下降。

We continue to expect Wizards operating margin to be approximately 42%.

我們仍預期威世智的營業利潤率約為 42%。

This guidance also implies a step down in margin for Q4 entirely due to the planned revenue deleverage.

該指引也意味著第四季的利潤率將完全由於計劃的收入去槓桿化而下降。

For consumer products, we now expect revenue will be down 12% to 14% compared to our prior guidance range of down 7% to 11%.

對於消費品，我們現在預計收入將下降 12% 至 14%，而先前的指導範圍為下降 7% 至 11%。

This change is partly a result of the Q3 shortfall as well as a reduced forecast for close-out volume and action figures in the upcoming quarter.

這項變化的部分原因是第三季的短缺以及對下一季成交量和行動數據的預測降低。

As implied in our guidance, we expect Q4 to see a continued moderation in the pace of decline as we aim to stabilize the CP business.

正如我們的指導中所暗示的，我們預計第四季度下降速度將繼續放緩，因為我們的目標是穩定CP業務。

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

我們維持調整後的營業利益率指引 4% 至 6%。

While this implies a quarterly step down in Q4 margin, we should see significant year-over-year margin expansion as we lap last year's inventory clean-up efforts.

雖然這意味著第四季利潤率將逐季下降，但隨著我們完成去年的庫存清理工作，我們應該會看到同比利潤率大幅擴張。

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 through 2025 and continue to expect $200 million to $250 million of net cost savings in 2024.

我們仍致力於實現 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 nine months of the year, we have delivered $240 million of gross cost savings and $177 million of net savings.

今年前 9 個月，我們已實現總成本節省 2.4 億美元和淨節省 1.77 億美元。

Our total Hasbro adjusted EBITDA guidance remains unchanged in the range of $975 million to $1.025 billion.

我們的孩之寶調整後 EBITDA 指引總額維持在 9.75 億美元至 10.25 億美元之間不變。

And given the improvement in our cash flow, we now expect 2024 ending cash to be above year-end 2023 levels.

鑑於我們現金流的改善，我們現在預計 2024 年期末現金將高於 2023 年底的水平。

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。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Hey, thanks.

嘿，謝謝。

Hey, guys.

嘿，夥計們。

Good morning.

早安.

I have a couple questions on Monopoly GO!

我有幾個關於 Monopoly GO 的問題！

I think you guys suggested recently that you had better line of sight on Scopely plans for UA spend and that you believe that marketing as a percentage of revenue would come in at the high end of a range of 25% to 35%.

我想你們最近建議你們對 Scopely 的 UA 支出計劃有更好的看法，並且你們相信行銷佔收入的百分比將處於 25% 到 35% 範圍的高端。

The third-party data, however, suggests that downloads have continued to fall precipitously.

然而，第三方數據顯示下載量繼續急劇下降。

So can you reconcile the two?

那你能調和兩者嗎？

Sounds like you're comfortable with a $10 million royalty revenue per month type cadence, but just want to make sure that's still reasonable going forward.

聽起來您對每月 1000 萬美元的版稅收入類型節奏感到滿意，但只是想確保這仍然是合理的。

And then can you address how the launch of Monopoly GO!'s

然後可以談談如何推出《Monopoly GO!》嗎？

web store and presumably lower platform fees will affect royalty revenue that flows to Hasbro going forward?

網路商店和可能較低的平台費用會影響未來流向孩之寶的特許權使用費收入嗎？

Thanks.

謝謝。

Hey, Drew.

嘿，德魯。

Good morning.

早安.

I'll start and then Gina can fill in the details.

我先開始，然後吉娜可以填寫詳細資料。

So our implied guidance on about $10 million a month in terms of royalty revenue just -- basically takes into account all of the various variables from what their gross revenue is, what the rev share is with the store or what they're able to drive themselves via something like Tycoon Club and then last but not least, what we anticipate their UA spends will be.

因此，我們對每月約 1000 萬美元的特許權收入的隱含指導基本上考慮了所有各種變量，包括他們的總收入、與商店的收益份額或他們能夠推動的內容他們自己通過大亨俱樂部之類的方式進行，最後但並非最不重要的一點是，我們預計他們的普遍獲取支出將會是多少。

Based on the data that we've seen and that we can share, because we have to respect Scopely as a third-party partner and they have their own disclosure -- we see pretty healthy UA rates.

根據我們已經看到並可以分享的數據，因為我們必須尊重 Scopely 作為第三方合作夥伴，並且他們有自己的披露資訊 - 我們看到相當健康的 UA 率。

We see good KPIs in terms of the cost per install, which we think is a testament to the strength and ubiquity of the Monopoly brand.

我們在每次安裝成本方面看到了良好的 KPI，我們認為這證明了 Monopoly 品牌的實力和普遍性。

And we're seeing very strong engagement among their existing consumers and re-engagement among lapsed consumers.

我們看到現有消費者的參與度非常高，而流失的消費者也有重新參與。

And so all that factors into what we believe will be a fairly steady revenue stream for us for many months to come.

因此，我們相信所有這些因素都會在未來幾個月內為我們帶來相當穩定的收入來源。

Yeah.

是的。

Morning, Drew, I'll just add the color, the decay rate -- your comment on decay rate, we did see it stabilize as we moved through the quarter.

早上好，德魯，我將添加顏色、衰減率——您對衰減率的評論，我們確實看到它在本季度穩定下來。

So that was not as volatile as we've seen or is bouncing around as we've seen in previous quarters.

因此，這並不像我們所看到的那樣波動，也不像我們在前幾季所看到的那樣波動。

And then from a marketing spend standpoint, remember last quarter, we talked about spending within that range of 25% to 35%, and that indicated that we were going to be probably on the higher end of that range.

然後從行銷支出的角度來看，請記住上個季度，我們討論了 25% 到 35% 範圍內的支出，這表明我們可能會處於該範圍的較高端。

We absolutely saw that play through as we moved through the quarter.

當我們度過這個季度時，我們絕對看到了這一點。

So if you think about our guide for that year of that $105 million, we're sticking with that same outlook on the decay rate, so moderated decay rate, and that higher end of that range of marketing spend.

因此，如果您考慮我們當年 1.05 億美元的指南，我們將堅持對衰減率、適度衰減率以及該行銷支出範圍的高端的相同看法。

So $30 million of revenue, $10 million-ish per month in Q3, and that's what we're anticipating for Q4.

因此，第三季的營收為 3,000 萬美元，每月約 1,000 萬美元，這就是我們對第四季的預期。

Yeah, the only other thing I'd add, Drew, just as a part two of your question is, the more successful they are with initiatives like Tycoon Club, the higher the potential revenue is to us.

是的，我要補充的唯一一件事是，德魯，就像你問題的第二部分一樣，他們在大亨俱樂部等舉措上越成功，我們的潛在收入就越高。

So we're cheering them on.

所以我們為他們加油。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hey, good morning.

嘿，早安。

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to start with the change in the consumer products guide.

我想從消費品指南的改變開始。

Understanding that 3Q is a little bit worse, they think it does imply, 4Q down mid-single-digits or so, seems like there's some puts and takes with maybe lower close-out volumes and maybe a little bit weaker POS.

他們認為，第三季的情況有點糟糕，這確實意味著第四季度會下跌中個位數左右，似乎有一些看跌期權和看跌期權的平倉量可能較低，POS 可能會稍弱一些。

Maybe you can just help us understand what's embedded as it relates to POS maybe versus what you're seeing today.

也許您可以幫助我們了解嵌入的內容，因為它可能與 POS 相關，而不是您今天看到的內容。

And I ask because I think you're wrapping a pretty sizeable top-line headwind in the fourth quarter from some of the inventory actions last year.

我之所以這麼問，是因為我認為去年第四季的一些庫存行動給你帶來了相當大的頂線逆風。

So just trying to understand how that kind of down 6-ish implied for the fourth quarter relates to what you're expecting from a purely POS perspective.

因此，只是想了解第四季度的 6 左右下降與您從純粹 POS 角度的預期有何關係。

Yeah.

是的。

Good question.

好問題。

Good morning.

早安.

Well, let's take the guide down in pieces.

好吧，讓我們把指南分成幾個部分。

So roughly at the midpoint, it represents about $100 million of revenue.

因此，大約在中點，它代表了約 1 億美元的收入。

About half of that is due to close-out volume, so us not chasing bad deals or unprofitable deals.

其中大約一半是由於成交量造成的，因此我們不會追逐糟糕的交易或無利可圖的交易。

So about half of that call down is close-outs.

因此，大約有一半的回檔是平倉。

Then there's probably another 30% to 40% of that bucket that is associated with our entertainment-backed brands, primarily Star Wars.

然後可能還有另外 30% 到 40% 與我們的娛樂支援品牌（主要是星際大戰）相關。

We really saw that play through in September.

我們在九月確實看到了這場比賽。

It didn't live up to the estimates that we had in the month in September.

它沒有達到我們九月的期望。

And we kind of took that trend and took it forward into our Q4 outlook.

我們抓住了這一趨勢並將其納入我們的第四季度展望中。

And then the last piece of the call down is really what we would call our growing pains as we move into this leaner inventory structure, tighter supply planning processes, more rigor on our demand planning forecast, there were just some places where our execution wasn't as tight as we wanted it to be.

最後的呼籲實際上就是我們所說的“成長的煩惱”，因為我們進入了更精簡的庫存結構、更嚴格的供應計劃流程、更嚴格的需求計劃預測，只是有些地方我們的執行力不佳。沒有我們想要的那麼緊。

So those are the big three buckets that caused the call down.

這些就是導致電話下跌的三大因素。

In terms of your point on POS, we really haven't seen a material change in outlook as we move through the quarter or through Q4.

就您對 POS 的觀點而言，隨著本季或第四季的進展，我們確實沒有看到前景發生重大變化。

So that really wasn't a piece of why we called it down.

所以這確實不是我們取消它的原因之一。

It was more of what we were seeing play through in close-outs in Star Wars and then these execution elements.

這更多是我們在《星際大戰》的結局中看到的，然後是這些執行元素。

Yeah, Megan, the only thing I would add is when you look at the mix of our products and our expectations for sell-through, our quote, unquote good toy volume -- so our non-discounted volume -- we anticipate will be flat to up in Q4.

是的，梅根，我唯一要補充的是，當你看看我們的產品組合以及我們對銷售的預期時，我們的報價，取消報價的好玩具數量- 所以我們的非折扣數量- 我們預計將持平第四季上升。

Our discounted toy volume will be down quite significantly.

我們打折後的玩具數量將會大幅下降。

I think year to date, our total volume is down like 70% on discounted volume.

我認為今年迄今為止，我們的總銷量比折扣銷量下降了 70%。

Yeah, when you look at our total revenue call -- like decline on CP, almost a third of it is because of close-out revenue.

是的，當你看看我們的總收入電話時——例如 CP 的下降，幾乎三分之一是因為收入結束。

So much more profitable for us, obviously, but a headwind on the top line.

顯然，我們的利潤要高得多，但對營收來說卻是個阻力。

Okay.

好的。

That really helpful.

這真的很有幫助。

Thank you.

謝謝。

And then, maybe I'll just ask about the CP margin too.

然後，也許我也會問 CP 利潤。

Was there anything one-time in the third quarter performance that was obviously very strong despite the top-line decline and based on what you're telling me, it seems like you should continue to kind of have that mixed benefit of lower close-out in the fourth quarter.

儘管營收下降，但第三季的業績是否有任何一次性表現明顯非常強勁，並且根據您告訴我的情況，似乎您應該繼續獲得較低平倉的混合收益在第四季度。

So looking at what's implied in the fourth quarter versus I guess what typical seasonality would suggest -- top line getting better, just trying to understand whether there's some conservatism implied in the fourth-quarter margin guide or whether there was something we should be aware of in 3Q that won't repeat in the fourth quarter.

因此，看看第四季度的暗示與我猜典型的季節性暗示的情況——營收變得更好，只是想了解第四季度的利潤指南中是否暗示了一些保守主義，或者是否有一些我們應該注意的事情第三季的情況不會在第四季重演。

Got it.

知道了。

Yeah, there was nothing -- good question.

是的，什麼都沒有——好問題。

There's nothing one-time in nature in the Q3 margins.

第三季的利潤率本質上不存在一次性的情況。

Actually quite a healthy -- set that top line aside, it was quite a healthy underpinning, and all of the improvements that we're making within the supply chain, you really see that come through the P&L.

實際上相當健康——把收入放在一邊，這是一個相當健康的基礎，我們在供應鏈中所做的所有改進，你真的可以透過損益表看到。

In terms of year to go in the Q4 margin, a couple of things to keep in mind.

就第四季利潤率而言，有幾件事需要牢記。

One, our royalty expense picks up in Q4.

第一，我們的特許權使用費支出在第四季度增加。

Just when you think of our mix of business and where it's coming from, there's higher royalty -- the Beyblade, the Transformers, et cetera.

只要你想到我們的業務組合及其來源，你會發現更高的版稅——陀螺、變形金剛等等。

Then the second piece is we are lapping -- all of the stuff that happens within managed expenses related to bonus replenishment, et cetera, we are lapping that.

第二部分是我們正在研究——所有在管理費用中發生的與獎金補充等相關的事情，我們都正在研究。

That kind of call down in Q4 of last year, we replenished this year.

去年第四季的那種回調，我們今年補充了。

So those are the big two things that are probably atypical that you should be factoring in.

因此，這兩件事可能是非典型的，您應該考慮在內。

Christopher Horvers, JP Morgan Chase.

克里斯多福‧霍弗斯，摩根大通。

Thanks.

謝謝。

Good morning.

早安.

So my first question is a follow-up on the CP outlook.

所以我的第一個問題是關於 CP 前景的後續問題。

So you think about the third and fourth quarter, how much of the impact was from the exited brands in terms of how the influences 3Q and what's the underlying sort of rate of the businesses projected for the fourth quarter?

那麼，您想一下第三和第四季度，退出品牌對第三季度的影響有多大，預計第四季度業務的基本成長率是多少？

Yeah, good question.

是的，好問題。

So about 2 points or about call it 30 million-ish or 20 million-ish 25 million-ish -- that's my precise math -- was due to the exited brands in the third quarter.

因此，大約 2 個百分點或大約稱為 3000 萬左右或 2000 萬左右、2500 萬左右——這是我的精確計算——是由於第三季度退出的品牌造成的。

Sorry, I missed -- what was the second part of your question?

抱歉，我錯過了——你問題的第二部分是什麼？

I missed the second.

我錯過了第二個。

Is there any in the fourth quarter?

第四季還有嗎？

Yes, about the same amount in the fourth quarter as well.

是的，第四季的數量也大致相同。

Yeah, and I guess the good news, as we move into next year into 2025, we can be done talking about exited brands, in fact, because I think the bulk of it will be behind us.

是的，我想好消息是，隨著明年進入 2025 年，我們可以不再討論退出的品牌了，事實上，因為我認為其中大部分都將成為過去。

And the way to understand how we recognize revenue on those -- because they're not really exited; they're just outsourced to other third parties, and they're actually growing quite healthily.

以及了解我們如何確認這些收入的方法——因為它們並沒有真正退出；他們只是外包給其他第三方，而且實際上成長得相當健康。

This year, we're basically recognizing the MGs associated with those deals, and those are relatively modest.

今年，我們基本上認可了與這些交易相關的 MG，而且這些交易相對溫和。

Next year, by the end of the year, we should be, based on the pace of which they're going, we should be kind of flowing through real time, a fairly healthy royalty rate on those, which is well above what the operating profit margin would have been when we were operating them ourselves.

明年，到今年年底，我們應該根據他們的進展速度，我們應該實時流動，對這些費用採取相當健康的特許權使用費率，這遠高於運營水平利潤率是我們自己經營時的利潤率。

Understood.

明白了。

And then as you think about the Monopoly GO!, Chris has previously spoken about this game is going to last and benefit Hasbro for a long time.

當你想到《大富翁 GO!》時，克里斯之前曾說過這款遊戲將持續存在並讓孩之寶長期受益。

Part of that math was like the decay rate versus advertising coming down.

這個數學的一部分就像是衰減率與廣告下降的比率。

You talked about this $10 million run rate for many months to come.

您談到了未來幾個月 1000 萬美元的運行率。

Is it fair to say that the original expectation is maintained, i.e., there won't be some precipitous drop as we look at it a year from now and think about the back half of '25.

是否可以說維持原來的預期，即一年後再看25年下半年，不會出現急劇下降。

Yeah, I would think Monopoly GO!

是的，我想大富翁GO！

in 2025 would be flat to up versus what we realized in 2024.

與我們在 2024 年實現的情況相比，2025 年的情況將持平到上升。

Yeah, Chris, keep in mind that we have one additional quarter next year where we didn't have the minimum -- that we weren't surpassing the minimum guarantee.

是的，克里斯，請記住，明年我們還有一個季度沒有最低保證——我們沒有超過最低保證。

Eric Handler, Roth Capital.

埃里克·漢德勒，羅斯資本。

Good morning.

早安.

Thanks for the question.

謝謝你的提問。

It looks like the legs for Baldur's Gate 3 is much healthier than originally anticipated at the start of the year.

看起來《博德之門 3》的銷售量比年初預期的要健康得多。

I wonder if you could talk about your relationship with Larian and how you can keep this momentum with this game continuing to flow on an evergreen basis.

我想知道你是否可以談談你與拉里安的關係，以及如何讓這款遊戲繼續保持常青的勢頭，保持這種勢頭。

Yeah, I think the best comp for looking at how Larian will manage Baldur's Gate 3 is what they've done with their Divinity franchise, and that franchise has enjoyed incredible legs, a really long healthy tail.

是的，我認為了解Larian 將如何管理《博德之門3》的最佳比較是他們在《神界》系列中所做的事情，而該系列擁有令人難以置信的腿，一條非常長的健康尾巴。

Larian as a publisher tends to be very community friendly.

Larian 作為出版商往往對社區非常友好。

They tend to not discount their products, and they tend to do kind of like special editions and special content drops to keep refreshing things with the consumer.

他們往往不會對自己的產品打折，而且他們往往會推出特別版和特別內容來讓消費者耳目一新。

We would anticipate that they would treat Baldur's Gate in a very similar manner.

我們預計他們會以非常相似的方式對待博德之門。

They've been great partners.

他們一直是很棒的合作夥伴。

And I don't think Baldur's Gate 3 will be quite the annuity it was this year.

而且我認為《博德之門 3》不會像今年那麼火爆。

We enjoyed like $35 million which was pretty healthy, but we will continue to make money off of Baldur's Gate 3 for several years to come.

我們獲得了 3500 萬美元的收入，這已經相當可觀了，但我們將在未來幾年繼續透過《博德之門 3》賺錢。

Okay.

好的。

And then I guess Gina, originally you expected MAGIC to decline for the year.

然後我猜吉娜，最初你預計 MAGIC 今年會下降。

Given the outperformance scene in the third quarter, do you still think MAGIC declines a little bit for the year?

鑑於第三季的優異表現，您是否仍認為MAGIC今年會出現小幅下滑？

Yeah, just given what's going to happen in the fourth quarter.

是的，考慮到第四季會發生什麼。

So remember we've talked about we don't have a comp in the fourth quarter for The Lord of the Rings holiday set.

所以請記住，我們已經討論過我們在第四季沒有《魔戒》假日集的補償。

So you're right.

所以你是對的。

MAGIC has outperformed our expectations through the first three quarters, but Q4 there is just the reality of set timing and that holiday set that won't be there.

MAGIC 在前三個季度的表現超出了我們的預期，但第四季度的現實是設定時間和假期設定將不存在。

But as we look to 2025 that all starts to even back out.

但當我們展望 2025 年時，一切都會開始回落。

Yeah, it's tough to bet against MAGIC.

是的，很難對 MAGIC 下注。

It has nice long legs, and '25 will be great.

它的腿很長，25 年就很棒了。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi, thanks for taking my questions here.

您好，感謝您在這裡提出我的問題。

I guess wanted to ask a similar line of question on the sort of 4Q implied guide for the Wizards of the Coast.

我想對海岸奇才隊的 4Q 隱含指南提出類似的問題。

So I think it sort of implies revenue down 20%-plus in the fourth quarter.

所以我認為這在某種程度上意味著第四季的收入下降了 20% 以上。

What would drive that?

是什麼推動了這一點？

Is that all just the magic shortfall versus The Lord of the Rings holiday set lap last year?

難道這只是去年《魔戒》假期設定的神奇差距嗎？

And then can you maybe just talk through the step down in the Wizards op margin guide, which I think implies sort of in the 20s in the fourth quarter?

然後你能否談談奇才隊操作利潤率指南中的下降，我認為這意味著第四節的 20 多歲？

Is that entirely sort of volume deleverage on Wizards?

這完全是威世智的成交量去槓桿化嗎？

Thanks.

謝謝。

Yeah, good morning, Alex.

是的，早上好，亞歷克斯。

You nailed it in terms of what's causing, the pull down on both the top and the margin.

您已經確定了導致頂部和邊緣下拉的原因。

It really is related to this MAGIC set timing.

這確實和這個MAGIC設定的時機有關。

When you look at the digital portfolio, it is relatively flat year over year.

當你查看數位投資組合時，會發現它比去年同期相對持平。

So you had the benefit from Baldur's Gate last year.

所以去年你從《博德之門》中受益匪淺。

This year, you have the benefit from Monopoly GO!.

今年，您將受益於《Monopoly GO!》。

So when you think of the margin and what's pulling that down, it's all that delev impact of the MAGIC volume.

因此，當您考慮利潤率以及導致其下降的原因時，您會發現這都是 MAGIC 交易量的 delev 影響。

Yeah.

是的。

And from a top-line perspective, you have two things going on with MAGIC.

從整體角度來看，MAGIC 存在兩件事。

The first is there is a fairly sizable second bite at The Lord of the Rings apple in December of last year.

第一個是去年 12 月，「魔戒」蘋果被第二次咬了相當多的一口。

And then the second thing to be thinking about is the timing of our January sets.

然後要考慮的第二件事是我們一月集的時間安排。

Depending on what time of year that happens, we have to sell in to our distributors at a different time.

根據一年中發生的時間，我們必須在不同的時間向經銷商銷售產品。

So our big kind of remastered set for January is going to be a bit later next year.

因此，我們一月份的大型重製版將於明年稍後推出。

So we're not going to see that sell in until likely next fiscal year.

因此，我們可能要等到下個財年才能看到該產品的銷售。

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

Hi, good morning.

嗨，早安。

Thanks so much for taking my question.

非常感謝您提出我的問題。

I was just looking at your operating profit margin for year to date.

我只是在看你們今年迄今為止的營業利潤率。

It's running north of 23% -- I guess almost 24% to be exact.

它已經超過了 23%——準確地說，我猜幾乎是 24%。

So then Q4 almost has to be worse than 11% or so for all the pieces to work together after Q3 came in so strongly for you kind of not to hit the 19.5%, 20% for the year.

因此，在第三季表現如此強勁之後，第四季幾乎必須低於 11% 左右，才能讓所有部分協同工作，讓你今年不會達到 19.5%、20%。

And I understand the high-margin gaming would be lower, and there's a huge sort of revenue deleverage there, but like are there any puts and takes?

我知道高利潤的遊戲會更低，而且那裡存在巨大的收入去槓桿化，但是有沒有任何看跌期權和看跌期權？

And I guess I'm trying to understand full-year implied operating profit guide a little bit better.

我想我正在努力更好地理解全年隱含營業利潤指南。

Got it.

知道了。

Good morning.

早安.

Yeah, we are within spitting distance of that MAGIC 20% threshold.

是的，我們離 MAGIC 20% 的閾值很近了。

And to your point, the overall company margin does give back in the fourth quarter.

就您而言，公司整體利潤率確實在第四季度有所回升。

There's two pieces for that.

有兩塊。

One, when you look at our mix of business in the fourth quarter, it goes heavier toy versus Wizards; that's just the nature of it, and that mix creates a bit of a margin drag.

第一，當你看看我們第四季的業務組合時，你會發現玩具與奇才的比重更大；這就是它的本質，而這種混合會造成一點利潤拖累。

And then the second piece you hit on in your question is the delev, the deleverage impact that we're seeing play through the Wizards P&L.

然後你在問題中提到的第二個部分是去槓桿化，我們透過巫師的損益表看到了去槓桿化的影響。

So those are the two pieces that, kind of cause that pull back in Q4.

這就是導致第四季業績下滑的兩個原因。

Okay.

好的。

Thank you.

謝謝。

And then I was wondering if you could give us an overall POS read year to date, and what that was excluding all the licensing exits for you and the licenses that you gave up.

然後我想知道您是否可以向我們提供今年迄今為止的 POS 總體讀取情況，以及排除您的所有許可退出和您放棄的許可的內容。

What was POS for the quarter?

本季的 POS 是多少？

And then can you update us on what you expect for the industry in terms of POS for this year?

那麼您能否向我們介紹一下您對今年 POS 產業的期望呢？

Seems like you usually include that in the release.

看來您通常將其包含在版本中。

And I think I guess maybe I didn't see it.

我想我可能沒有看到它。

It was not in the release this morning.

今天早上發布的版本中沒有這個內容。

I'm just trying to understand whether there's any change to your expectation.

我只是想了解您的期望是否有任何變化。

Thank you.

謝謝。

Yeah.

是的。

So when we think about the -- I'll talk about the market first.

因此，當我們考慮時，我將首先討論市場。

So take out building blocks, because building blocks is kind of doing different than the rest of the toy industry.

因此，去掉積木，因為積木的做法與玩具業的其他產品有所不同。

When you look at the toy industry ex-building blocks, it's effectively down low -- maybe on the lower end of mid-single -- low-single-digits to low-, mid-single-digits.

當你觀察玩具產業的前積木時，它實際上已經下降到了低位——也許是中個位數的下端——低個位數到中低個位數。

So call it down 2% to down 5%.

所以稱之為下降 2% 到下降 5%。

Our expectation is the holiday will probably continue that trend.

我們的預期是假期可能會延續這一趨勢。

It'll be down probably low-single-digits, maybe on the lower side of down mid-single-digits.

它可能會下降到低個位數，也可能下降到中個位數。

And that's kind of factored into our full-year guidance and really our expectations haven't changed materially on that front.

這在某種程度上已納入我們的全年指導中，實際上我們的期望在這方面並沒有發生重大變化。

In terms of our POS rate, year-to-date, we're down high single digits ex our divested brands.

就我們的 POS 率而言，今年迄今為止，除我們剝離的品牌外，我們下降了高個位數。

We expect that to get incrementally better in Q4, just based on the newness on the advertising and the rate of promotions we have.

僅根據廣告的新穎性和我們的促銷率，我們預計第四季會逐漸改善。

Our number of in-store promotions is up quite significantly, particularly at our mass partners.

我們的店內促銷活動數量顯著增加，尤其是在我們的大眾合作夥伴處。

Our share is up inside of our e-commerce partners.

我們的份額來自我們的電子商務合作夥伴。

I think our products are much better positioned.

我認為我們的產品定位更好。

All you have to do is go into a Target or a Walmart and look at our pricing and look at how we're showing up on shelf.

您所要做的就是進入 Target 或沃爾瑪，查看我們的定價並查看我們在貨架上的表現。

So we expect continued improvement in how we're showing up and how we're selling through.

因此，我們預計我們的展示方式和銷售方式將持續改進。

James Hardiman, Citigroup.

詹姆斯‧哈迪曼，花旗集團。

Good morning.

早安.

This is Sean Rooney on for James Hardiman.

我是肖恩·魯尼，替補詹姆斯·哈迪曼。

Curious about your expectations for the holiday season, and how do you characterize retailer sentiment ahead of the holidays?

想知道您對假期的期望，以及您如何描述假期前的零售商情緒？

And then also, could you just talk about what brands you're most excited about for the fourth quarter?

另外，您能否談談第四季度您最感興趣的品牌是什麼？

Hey.

嘿。

Good morning, Sean.

早安，肖恩。

I'll start with that and perhaps Gina will fill in some blanks.

我將從這個開始，也許吉娜會填補一些空白。

So as I talked with our P&A, our general expectation is that the toy industry will be down modestly in Q4 ex building blocks.

因此，當我與我們的 P&A 交談時，我們的總體預期是玩具行業在第四季度（除積木外）將小幅下滑。

Perhaps with building blocks, it'll be roughly flat to maybe down a percentage or so.

也許有了構建塊，它會大致持平，甚至可能下降一個百分比左右。

In terms of asking me for my favorite brands, gosh, that's tough.

要問我最喜歡的品牌，天哪，這很難。

You're going to get me in trouble with all of our teams outside of here.

你會給我和我們外面的所有團隊帶來麻煩。

We certainly feel great about how Play-Doh has been positioned.

我們當然對 Play-Doh 的定位感到非常滿意。

It had a fantastic back to school.

回到學校真是太棒了。

We have the new Play-Doh scooter.

我們有新的培樂多滑板車。

We have our new Marvel collaboration with Play-Doh, both of which are doing really, really well.

我們與 Play-Doh 進行了新的 Marvel 合作，兩者都做得非常非常好。

I think Beyblade X is starting to take off.

我認為 Beyblade X 正在開始起飛。

We saw a nice early pop with like fan audiences in early Q3, and we're starting to see it take off with the new animated series and the advertising with kids.

我們在第三季初期看到了類似粉絲觀眾的良好早期流行，並且我們開始看到它隨著新的動畫系列和針對兒童的廣告而起飛。

That brand did fantastically in Japan when it launched last year, and we expect it to be a nice mover for us this year.

該品牌去年推出時在日本表現出色，我們預計它今年將成為我們的一個很好的推動者。

Transformers One has seen a nice pop since the movie.

自電影上映以來，《變形金剛一號》就大受歡迎。

We expect another nice one when the home video and streaming window opens up before the holiday period ends.

我們預計，當家庭視訊和串流媒體視窗在假期結束前打開時，又會有一個不錯的結果。

Marvel is seeing some nice increases whether it's pre-school with Spidey and His Amazing Friends or what we're seeing on the core line.

漫威看到了一些不錯的成長，無論是《蜘蛛人和他的神奇朋友》的學前教育，還是我們在核心線上看到的內容。

There's been some nice content there.

那裡有一些不錯的內容。

Our board game portfolio, I think, has rarely been better than it is now.

我認為，我們的棋盤遊戲組合很少比現在更好。

We've got basically products for everyone.

我們基本上為每個人提供了產品。

And then you know me; I'm a super fan of Wizards, and I love what they're doing with the revisions to 5th Edition and some of the new content we have coming out for MAGIC.

然後你就認識我了；我是《威世智》的超級粉絲，我喜歡他們對第五版的修訂以及我們為《萬智牌》推出的一些新內容。

I'll be in the queue for that Marvel MAGIC secret layer that's coming out in December.

我會排隊等待 12 月發布的 Marvel MAGIC 秘密層。

And hopefully, I'll be able to pick up all five releases.

希望我能夠獲得所有五個版本。

I don't think that answer -- I think you covered all your bases with that answer.

我不認為這個答案——我認為你用這個答案涵蓋了所有的基礎。

I don't think anybody in our team would be mad at that answer.

我不認為我們團隊中的任何人會對這個答案感到生氣。

I will tell you

我會告訴你

(multiple speakers)

（多個發言者）

I have a lot of nieces and nephews that are under the age of five, and the biggest hits when I come home and visit them are Play-Doh.

我有很多五歲以下的姪子和姪女，當我回家探望他們時，最熱門的是培樂多。

So all of the offerings in Play-Doh -- in fact, I think they're all getting the scooters for Christmas, but don't tell them.

因此，培樂多 (Play-Doh) 中的所有產品 - 事實上，我認為他們都會在聖誕節收到滑板車，但不要告訴他們。

Let's hope they don't listen to the call.

希望他們不要聽從我們的號召。

And then Marvel and the offering, all of the -- from the toys, the role playing, all of it on Marvel is a big hit in my household that I visit.

然後漫威和它的產品，所有的——從玩具、角色扮演，漫威的所有這些在我訪問的家中都很受歡迎。

But to the first part of your question on the retail sentiment, really unchanged -- continuing to get really good support from our retail partners in getting ready for this upcoming holiday.

但對於你關於零售情緒的問題的第一部分，實際上沒有改變——繼續得到我們零售合作夥伴的良好支持，為即將到來的假期做好準備。

So I may have gotten in trouble with some of our teams, but you had your base covered.

所以我可能在我們的一些團隊中遇到了麻煩，但你們已經保護了你們的基礎。

That's helpful.

這很有幫助。

Thanks.

謝謝。

(multiple speakers)

（多個發言者）

Sorry, your second question, Sean.

抱歉，你的第二個問題，肖恩。

Yeah.

是的。

If I could also just touch on the remaining cost-savings opportunities.

如果我也能談談剩餘的成本節約機會。

Maybe, looking ahead to next year even -- do you have any expectation on what that split might look like between cost that you had savings and OpEx savings going forward?

也許，甚至展望明年——您對節省的成本和未來營運支出節省之間的分配情況有什麼期望嗎？

Yeah, good question.

是的，好問題。

As we've moved through this year, a little more than half of our cost savings -- yeah, probably about 60% of our cost savings has come from the supply chain with the balance of the savings coming really within all of our manage expense levers that we have.

隨著今年的進展，我們節省的成本的一半多一點——是的，大約 60% 的成本節省來自供應鏈，節省的餘額實際上來自我們所有的管理費用我們擁有的槓桿。

As we move to next year, it's probably shakes out more to be like 50-50 across those buckets.

當我們進入明年時，這些桶子中的數量可能會更多，達到 50-50 左右。

We continue to see opportunities within our supply chain.

我們繼續在供應鏈中看到機會。

Next year will be the first year that you start to hear us talk about the design-to-value savings that start to play into the P&L.

明年將是您開始聽到我們談論開始在損益表中發揮作用的設計價值節省的第一年。

We've talked about that as a strategy.

我們已經將其作為一項策略進行了討論。

We really haven't realized any dollar or benefit from that in this year.

今年我們確實沒有從中獲得任何利益或利益。

We'll start to realize that next year.

明年我們就會開始意識到這一點。

We're continuing then to refine our network both with our suppliers and within our logistics network.

然後，我們將繼續完善我們與供應商和物流網路內的網路。

So supply chain will continue to be a positive contributor for us next year.

因此，供應鏈明年將繼續為我們做出積極的貢獻。

And then of course, on the manage expense buckets, all of those continue to be refined, and we expect another steady year of savings from those.

當然，在管理費用方面，所有這些都將繼續完善，我們預計又一個穩定的年度可以節省開支。

Kylie Cohu, Jefferies.

凱莉·科胡，傑弗里斯。

Good morning, and thanks for taking my question.

早安，感謝您提出我的問題。

In your prepared remarks, you mentioned quite a bit of like innovation at Scopely, and that kind of seemed internal to them.

在您準備好的演講中，您提到了 Scopely 的許多類似創新，這對他們來說似乎是內部的。

But I was wondering if you could dig a little more into that and the future of your relationship with them.

但我想知道你是否可以更深入地探討這一點以及你與他們關係的未來。

Yeah.

是的。

So we have a long relationship with Scopely.

因此，我們與 Scopely 有著長期的合作關係。

We do games with them based on Yahtzee, on Scrabble, and most recently, with Monopoly.

我們與他們一起製作以 Yahtzee、Scrabble 以及最近的 Monopoly 為基礎的遊戲。

We're always talking with them about other aspects of our IP portfolio that we could work together on.

我們總是與他們討論我們可以合作的智慧財產權組合的其他方面。

And quite frankly, we'd be pretty excited on any future games they want to do.

坦白說，我們對他們未來想做的任何遊戲都感到非常興奮。

I think they're one of the best partners in the mobile space.

我認為他們是行動領域中最好的合作夥伴之一。

And mobile isn't for the faint of heart.

行動裝置不適合膽小的人。

It requires tremendous amount of capital.

它需要大量的資金。

It requires a tremendous amount of publisher expertise and a huge CRM database to be able to leverage large audiences in free-to-play games.

它需要大量的發行商專業知識和龐大的 CRM 資料庫，才能在免費遊戲中吸引大量受眾。

And so I think we count ourselves very lucky to have a partner as adept as them.

所以我認為我們非常幸運能夠擁有像他們這樣熟練的合作夥伴。

In terms of like the innovation they have, they're doing a lot of really fun events in Monopoly GO!

就他們的創新而言，他們在《大富翁 GO》中舉辦了很多非常有趣的活動！

that I think is going to be very sticky and help to drive new audience engagement, like the latest Marvel collaboration they have, I think is a great example of that.

我認為這將非常有黏性，有助於推動新觀眾的參與，就像他們最新的漫威合作，我認為就是一個很好的例子。

Just look at what we do on Monopoly on shelf, whether it's Harry Potter or Pokémon or Marvel or Barbie, you can imagine that Scopely has the same scope of opportunities to be able to do that virtually for events.

只要看看我們在《大富翁》貨架上所做的事情，無論是《哈利波特》、《神奇寶貝》、《漫威》還是《芭比娃娃》，您都可以想像Scopely 擁有同樣範圍的機會，能夠在虛擬活動中做到這一點。

And I think that'll be super, super sticky.

我認為這會非常非常黏。

And then you know what they're doing with Tycoon Club, that's a great way to kind of engage your top players, your most -- your stickiest, your most engaged players and kind of shift the business model in a favorable way towards the publisher.

然後你就知道他們在《大亨俱樂部》上做了什麼，這是一種吸引你的頂級玩家、你最粘性的、你最活躍的玩家的好方法，並且以對發行商有利的方式轉變商業模式。

That's just good news for us as well, because we make our money based on their net of platform fees.

這對我們來說也是個好消息，因為我們的收入是基於平台費用的淨額。

So if their platform fees are lower, our overall royalty revenue is more positive.

因此，如果他們的平台費用較低，我們的整體版稅收入就會更加積極。

Perfect.

完美的。

Makes a lot of sense.

很有道理。

And then a little bit more on the Marvel MAGIC drop happening soon.

然後是關於即將發生的 Marvel MAGIC 掉落的更多資訊。

Obviously, you expect the initial drop to sell pretty much immediately, but kind of curious how the size of this drop compares to The Lord of the Rings set -- obviously, much smaller.

顯然，你預計最初的掉落會立即售出，但有點好奇這次掉落的大小與《魔戒》套裝相比如何——顯然，要小得多。

But just anything directional would be helpful.

但任何有方向性的事情都會有所幫助。

And then also in the future, could there be a Marvel release that's a similar size to The Lord of the Rings?

那麼在未來，漫威是否會推出與《魔戒》類似大小的作品呢？

Yeah.

是的。

So the Secret Lair drops will be in kind of like the -- you should anticipate it like low millions to mid-single-digit millions of dollars per release is kind of roughly how you should think about it.

因此，《秘密巢穴》的掉落會有點像——你應該預見到，每次發布的費用為數百萬到數百萬美元，這就是你應該如何考慮的。

I think that one of our most successful Secret Lair drops ever would have been like a $7 million or $8 million drop.

我認為我們有史以來最成功的「秘密巢穴」空投之一應該是 700 萬或 800 萬美元的空投。

These are very targeted; they have limited runs.

這些都是非常有針對性的；他們的運行次數有限。

And they tend to be in and out within hours.

他們往往在幾個小時內進出。

We, at New York Comic Con, announced the Spiderman set, which will be the first major set we're doing with Marvel.

我們在紐約動漫展上宣布了蜘蛛人系列，這將是我們與漫威合作的第一個主要係列。

We have multiple sets that will happen over the next four or five years with Marvel.

我們將在未來四、五年內與漫威合作製作多個場景。

And you can imagine what a Spiderman and Spider-Verse set might be able to do from a revenue perspective.

你可以想像一下，從收入的角度來看，《蜘蛛人》和《蜘蛛人：宇宙》系列能帶來什麼。

Looking at MAGIC next year, as we look out to 2025, MAGIC's going to be a core part of our thesis in terms of top-line growth.

展望明年的 MAGIC，正如我們展望 2025 年一樣，MAGIC 將成為我們在營收成長方面的論文的核心部分。

We have Final Fantasy, which will come out in June.

我們有《最終幻想》，將於六月推出。

We have the Spiderman collaboration, which will come out in the second half of the year.

我們有蜘蛛人合作，將於今年下半年推出。

And then we have a third Universes Beyond that we haven't yet announced yet, I believe, that I think fans will also really be clamoring for by the end of the year.

然後我們還有第三個宇宙，我們還沒有宣布，我相信，我認為粉絲們在今年年底也會真正渴望它。

So the future of MAGIC looks pretty bright.

所以MAGIC的未來看起來相當光明。

And when MAGIC is healthy, Hasbro tends to be healthy.

當 MAGIC 健康時，孩之寶也往往健康。

That's a good one to end on right there.

就這樣結束是件好事。

With no further questions in the queue, this will conclude today's conference.

由於沒有其他問題，今天的會議將結束。

You may disconnect your lines at this time, and thank you for your participation.

此時您可以斷開線路，感謝您的參與。