孩之寶 (HAS) 2024 Q3 法說會逐字稿

And moving. Okay. Thanks. Yes, good morning, and welcome to Hasbro share quarter 2024 earnings conference call. At this time, all parties will be in a listen only mode. If anyone needs operator assistance, please press star zero on your telephone keypad. Today's conference is being recorded. If you have any objections, you may disconnect at this time. At this time, I would like to turn the call over to Kareen Kapor, Senior Vice President of Investor Relations. Please go ahead.

並且移動。好的。謝謝。是的，早上好，歡迎參加孩之寶 2024 年季度收益電話會議。此時，各方將處於只聽模式。如果有人需要接線生幫助，請按電話鍵盤上的星號零。今天的會議正在錄製中。如果您有任何異議，您可以此時斷開連接。現在，我想將電話轉給投資者關係高級副總裁 Kareen Kapor。請繼續。

Thank you and good morning, everyone. Joining me today are Chris Cocks has grossed Chief Executive Officer, and Gina Goetter has gross Chief Financial Officer. Today, we will begin with Chris and Gina providing commentary on the Company's performance. Then we will take your questions. Our earnings release and presentation slides for today's call are all posted on our investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures. On our call today, we'll discuss certain adjusted measures, which exclude these non-GAAP adjustments. The reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever, we discuss earnings per share or EPS, we are referring to earnings per diluted share. Before we begin, I would like to remind you that during this call and the question and answer session that follows members of Hasbro management may make forward-looking statements concerning management's expectations, goals, objectives and similar matters. There are many factors that could cause actual results or events to differ materially from the anticipated results or other expectations expressed in these forward-looking statements. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call. I would now like to introduce Chris Cocks. Chris?

謝謝大家，早安。今天加入我的是克里斯·考克斯 (Chris Cocks) 擔任首席執行官，吉娜·戈特 (Gina Goetter) 擔任首席財務官。今天，我們將首先由克里斯和吉娜對公司的業績進行評論。然後我們將回答您的問題。我們今天電話會議的收益發布和簡報幻燈片都發佈在我們的投資者網站上。新聞稿和簡報包括有關非公認會計原則調整和非公認會計原則財務措施的資訊。在今天的電話會議上，我們將討論某些調整後的措施，其中不包括這些非公認會計準則調整。新聞稿和簡報中包含了公認會計原則與非公認會計原則措施的調節。請注意，每當我們討論每股盈餘或每股盈餘時，我們指的是稀釋後每股盈餘。在我們開始之前，我想提醒您，在本次電話會議以及孩之寶管理層成員之後的問答環節中，可能會就管理層的期望、目的、目的和類似事項做出前瞻性陳述。有許多因素可能導致實際結果或事件與這些前瞻性陳述中表達的預期結果或其他期望有重大差異。這些因素包括我們 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。我們沒有義務更新今天發表的任何前瞻性聲明以反映本次電話會議之後發生的事件或情況。現在我想介紹克里斯·考克斯。克里斯？

Thanks, Kareen, and good morning. Q3. We continued to demonstrate the bottom-line benefits of the structural and strategic changes we are making. It has grown to have our strongest profit areas. Gains in licensing outperformed, expanding operating profit margin for the third consecutive quarter. Dynamics were observing across Magic and D&D in both analogue in digital. I'll reinforce our confidence in the long-term health of the brands. Our competitive advantage as an IT licensor is also gaining steam as we see the staying power of Monaco, the resurgence of fan favourite brands like My Little Pony and strong POS growth in our out-license toy portfolio. 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. We should see that trend continue into Q4. 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. While we are lowering our full year revenue guidance for the segment, we are seeing a solid return to profitability for this business and 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. 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. 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. It's what will make has, oh, a diversified, modern, growing toy and game company. Gina will walk through more of the financials and our latest outlook, but first, I'll offer some business insights. Magic the gathering continues to be a standout leading the trading card genre in growth year to date. This is despite big shoes to fill from last year's blockbuster Lord of the Rings set in Q3, Magic posted another quarter of growth led by our tentpole releases, Bloomberg and a horror themed desk more. Show knowing how Magic original IP consistently delight stands. Arena also posted solid growth driven by Bloomberg ROE and healthy engagement with the standard format. With sequential upticks in new player acquisition rates and weekly average user accounts. Beyond this strengthen tentpole sets, we thought outperformance in backlist, particularly Commander Dex as well as secret there, including a sold-out festival in a box ahead of this weekend's Magic con in Las Vegas. 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 Marvell coming in December. Magic fans can get the first cards from our new collaboration with Marvel featuring themed secret layer drops for five of their favourite Marvel superheroes, including Iron Man, Black Panther and Wolverine. We are expecting each many sets to immediately sell out for D and D. The updated players handbook for Fifth Edition is now our fastest selling product in DND.s 50-year history, leading plan by over 50% and our acquisition of D. and D. beyond and continues to pay off driving DND.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. I'm excited for fans to get their hands on the new Dungeon & Fighter's guide releasing next month. The new artwork if they hit and the Streamline introduction to running campaigns has been met with stellar early reviews, licensing continuing to be a bright spot across Hasbro monopoly go is settling into a steady-state, generating approximately $10 million in licensing revenue per month, our partners and scope. We 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, have dedicated defense working with a best-in-class partner as a lasting mobile game at scale. And the team remains focused on driving user acquisition and retention within consumer products Licensing, our strategy to out-license brands in the toy space is performing ahead of expectations year to date for real friends and Littlest Pet Shop to recent out-license properties are showing over 50% year over year. POS growth 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. And we continue to roll out some great products across platforms in partnership with LEGO. For instance, LEGO Peppa Duplo is now available all in all markets. We also saw the release of the Lego icons Bumblebee skew ahead of our transformers one movie release as part of Legos adults. Welcome marketing campaign for Q4. Total revenue softness was due in part to our decision to sell less closeout volume in favor of higher profitability as well as incremental softness in action figures, particularly Star Wars. We view action figures is a long term that for the company and a place has ROE has special strength from preschoolers to kids to adults fans. So we are bullish about this segment's eventual return to growth. one of our bigger bets for this holidays, Beyblade, which launch since which launched its fourth generation Beyblade ex over the summer. 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. While we initially expected a bigger POS turn into they've laid in Q3, we're excited to see it responds favorably in recent weeks and expect a strong ramp as awareness scales with kids. Marvell is also seeing some nice increases on the heels of Deadpool and Wolverine, the new action and 97 animated series and continued strength with spiky, and it's amazing friends, including our new Head, preschool toys, dancing cross body. We're excited for 2025 with new Captain America and fantastic for blockbuster films on the horizon and building hype for disease blockbuster 2026 lineup, including Avengers, doomsday, a new Spider-Man and a new man, Lorraine and grow new Star Wars film, how much by blockbuster Director John fabric Plato had its best back-to-school ever with POS up almost 20%, and the classic colour four-pack rising to the number one position across the entire arts and crafts category. We're seeing good early momentum for the people delivery scooter with strong top toy placement at our major retail partners. We also have some exciting innovation for PeP obtains with money petals Peppa, a top toy at Walmart and Amazon. 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, whether it's our new monopoly, Harry Potter board game for family, please life and retire the new award-winning strategy game are smell owes a best-selling adult card game from Germany. We are partnering with for international expansion, has rose, delivering delightful new products that are getting consumer attention and driving new sales. Combined, we are pairing our new products with significant expansions at the in-store promotions while boosting advertising year over year for our innovation that's to drive consumer demand. It's still early in holiday, but we anticipate continued improvement in our business as we build the foundation for continued profit growth in 2025 and 2026 to re-cap. I'm pleased with our has rose, executing our margins are up. Our inventories are down and the healthiest they've been in seven years. Our cost structure is getting where we needed to be in our toys are showing up on shelf the best they have in years. Our key initiatives around digital licensing and reinvigorating our product innovation. Our base bring fruit as we meet bands where they are. 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. I'd now like to turn the call over to Gina getter to share more on our results and what you should expect for the balance of the year. Gena.

謝謝，凱琳，早安。 Q3。我們繼續展示我們正在進行的結構和策略變革的底線效益。它已經發展成為我們最強大的利潤領域。授權業務的收益表現優於其他業務，營業利益率連續第三季擴大。 Dynamics 正在以類比和數位方式觀察萬智牌和 D&D。我將增強我們對品牌長期健康發展的信心。我們作為 IT​​ 授權商的競爭優勢也在不斷增強，因為我們看到了 Monaco 的持久力、粉絲喜愛的品牌（如 My Little Pony）的複興以及我們的外授權玩具產品組合中 POS 的強勁增長。消費產品收入低於我們的預期，被奇才的強勢所抵消，但下降速度與上半年相比明顯放緩。我們應該看到這種趨勢持續到第四季。我們已經在玩具和棋盤遊戲方面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。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得到了穩健的回報，利潤也得到了改善，再加上我們投資組合平衡的強勁基本面，大大提高了孩之寶的獲利能力和現金流， 2024 年及以後。我們商業模式的這種彈性多年來一直在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。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。這將成為一家多元化、現代化、不斷發展的玩具和遊戲公司。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。迄今為止，《萬智牌》仍然是集換式卡牌類型中的佼佼者。儘管去年第三季的大片《魔戒》有待填補，但萬智牌在我們的主打版本、彭博社和恐怖主題桌面的帶動下又實現了一個季度的成長。展示萬智牌原創IP如何始終令人愉悅。在彭博 ROE 和對標準格式的健康參與的推動下，Arena 也實現了穩健的成長。隨著新玩家獲取率和每周平均用戶帳戶的連續上升。除了這個加強的主力陣容之外，我們還認為在回歸列表中表現出色，特別是指揮官德克斯以及那裡的秘密，包括在本週末拉斯維加斯萬智牌大會之前的一場售罄的音樂節。這將是我們迄今為止規模最大的一次活動，並且應該會充滿令人興奮的新產品發布，就像我們剛剛在 12 月與 Marvell 合作夥伴在紐約動漫展上發布的產品一樣。萬智牌粉絲可以從我們與漫威的新合作中獲得第一張卡牌，其中包括鋼鐵人、黑豹和金剛狼等五位他們最喜歡的漫威超級英雄的主題秘密層掉落。我們預計D 和D 的每一套都會立即售空。的收購。我很高興粉絲們能夠獲得下個月發布的新《地下城與勇士》指南。新的藝術作品如果成功，並且 Streamline 對運行活動的介紹已經獲得了出色的早期評論，授權仍然是孩之寶壟斷領域的一個亮點，正在進入穩定狀態，每月產生約 1000 萬美元的授權收入，我們的合作夥伴和範圍。我們正在繼續創新新格式，包括來自 Marvel 和 Tycoon Club 的第三方內容。一項新的忠誠度計劃旨在更好地服務其社區，並與一流的合作夥伴合作，打造持久的大規模行動遊戲。團隊仍然專注於推動消費品領域的用戶獲取和保留。年成長超過50%。 POS 成長建立在上個季度的基礎上。我的小馬駒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正在復興。我們繼續與樂高合作跨平台推出一些出色的產品。例如，樂高小豬佩奇 (LEGO Peppa Duplo) 現已在所有市場發售。我們還看到樂高圖標大黃蜂的發布比我們的變形金剛作為樂高成人電影的一部分發布。第四季的歡迎行銷活動。總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，以及動作人物（尤其是星際大戰）的疲軟。我們認為動作玩偶是一個長期的目標，對於公司和地方來說，ROE 擁有從學齡前兒童到兒童到成人粉絲的特殊實力。因此，我們看好該細分市場最終恢復成長。我們在這個假期的最大賭注之一是 Beyblade，該產品於今年夏天推出了第四代 Beyblade ex。自從幾週前開啟媒體以來，我們已經看到 POS 在我們的頂級零售客戶的促銷活動中顯著加速，並預計 Netflix 和迪士尼的新動漫系列將繼續保持這一勢頭。雖然我們最初預計 POS 將在第三季投入使用，但我們很高興看到它在最近幾週做出了積極的反應，並預計隨著孩子們意識的增強，其銷售量將出現強勁增長。繼《死侍》和《金鋼狼》之後，Marvell 也看到了一些不錯的成長，新的動作系列和97 動畫系列以及尖刺和它的神奇朋友們的持續實力，包括我們的新頭像、學前玩具、跳舞斜體。我們對2025 年新美國隊長感到興奮，對即將到來的大片電影感到興奮，並為2026 年疾病大片陣容進行宣傳，包括《復仇者聯盟》、《世界末日》、《新蜘蛛人》和《洛林》，以及新的《星際大戰》電影，導演John Fabric Plato 迎來了有史以來最好的返校季，POS 上漲了近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。我們看到載人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方面表現強勁。我們還為 PeP 提供了一些令人興奮的創新，可以透過金錢花瓣 Peppa 獲得，Peppa 是沃爾瑪和亞馬遜的頂級玩具。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推向市場創新的最早例子之一，無論是我們的新壟斷、家庭哈利波特棋盤遊戲、請生活並退休新的獲獎作品戰略遊戲的氣味歸功於一款來自德國的暢銷成人紙牌遊戲。我們正在與合作夥伴進行國際擴張，推出令人愉悅的新產品，這些產品引起了消費者的注意並推動了新的銷售。結合起來，我們將新產品與店內促銷活動的大幅擴張相結合，同時逐年增加我們的創新廣告，以推動消費者需求。現在還處於假期初期，但我們預計我們的業務將持續改善，因為我們為 2025 年和 2026 年的持續利潤成長奠定了基礎以進行回顧。我對我們的成長感到滿意，執行我們的利潤率也上升了。我們的庫存有所下降，達到七年來最健康的水平。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。我們圍繞數位授權和重振產品創新的關鍵舉措。當我們在樂團所在的地方遇見他們時，我們的基地會帶來水果。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。現在我想將電話轉給 Gina getter，分享更多關於我們的成果以及您對今年剩餘時間的期望。吉納。

Thanks, Chris, and good morning, everyone. Our Q3 results demonstrated the increasing resilience has for our business model, underpinned by the strength in gaming and licensing, Cloudflare 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 this segment in three years. Between strengthen reserves, licensing performance and improvement in the underlying profitability of toys and encouraged by the healthier position has really been today versus this started the year. The outperformance in our within segment has proven that our leadership position in trading tie-ins role-playing in digital licensing continues to resonate Magic, delivering all around solid quarter across cable, capped in digital for both can pull in backlist content. Consumer product licensing was a bright spot in the second straight quarter, given by My Little Pony training time and a notable driver behind the CP. operating margin expansion. Our supply chain team delivered once again finding additional productivity wins. While our inventory has remained at multiyear lows, down 40% year over year. Our strategic decision to keep supply tight has resulted in a significant drop in close that volume, which continues to be a gross margin benefit at the expense of CT. revenue. This is a trade-off we are consciously making as we continue prioritizing restoration of 20 profitability while sharpening our innovation and to drive premium offerings to our retail partners. Staying disciplined with our inventory across all our businesses is the right long-term decision for the Company paid also heightened the importance of accurate demand forecasting and supply chain agility. As we continue to upgrade our processes and systems, we are focused on strengthening that muscle to ensure we have adequate supply to products. Customers want as part of our transformation, we continue to look for opportunities to improve operational efficiency. 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 10 Kelton. We are also expanding our design team scope further integrating in with our supply chain and product development team in Asia. By bringing the design process, it's closer to the source. We can bring products to market faster and allocate resources more efficiently across our portfolio. A continuous improvement mindset is a key component of our broader transformation, and we will remain agile in adapting processes and structures to best meet the needs of all our stakeholders. Now moving to our Q3 financial results. Total Hasbro revenue was $1.3 billion, down 15% versus Q3 of last year. If you exclude the impact of the E1 divestiture, total revenue was down 9%. The wizard segment declined 5% in the quarter as we lap the launch of Father's Day three. Consumer products revenue declined 10%, driven by exited brands reduced close outs in softer than anticipated. Volume and entertainment segment declined 86% due to the E1 divestiture. Again, absent this impact, given by deal timing, adjusted operating profit was $329 million for an adjusted operating margin of 25.7%, up 2.9 points versus last year. Benefit from favorable business mix, supply chain productivity and reduced expenses were partially offset by volume deleverage within consumer products. Q3 adjusted net earnings were $244 million, with diluted earnings per share of $1.73, up $0.09 from the year ago period. Driven by the factors previously noted, 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 net debt offering, which will be used to be paid on November 2024 notes. Year to date, total Hasbro revenue was approximately $3 billion, down the 18% versus the same period last year. If you exclude the impact of the E1 divestiture, total revenue was down 8%, largely driven by the same drivers of Q3. Year to date, adjusted operating profit was $726 million for an adjusted operating margin of 23.9%, up approximately 10 points year over year. We continue to deliver margin improvement despite the volume deleverage across the toy business. 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 favourability. Now let's look at Q3 results within our two major segments. Starting with Blizzard. Revenue declined 5% as growth in magic the gathering and contributions from monopoly go for more than offset by the anticipated decline in revenue for Ball. There's cake three Magic grew 3% behind the releases of Bloom barrel Endesa mine, along with stronger results from backlist in secret there. Operating margin for wizards finished at 44.9%, down about three points versus last year, driven entirely by the decline in license digital gaming. Turning to Consumer Products. Overall Q3 revenue declined 10%, lower volumes from exited brands and reduce close-outs asset growth in license consumer products and volume increases in select brands like Transformers Dave laid in Furby, continued softness in nerve and action figures, particularly Star Wars, also contributed to the decline in the quarter. As we've mentioned, we are continuing to prioritize profitable revenue while up our closeout volume was down about 70% year-over-year and contributed to about a fourth of the revenue decline for CPA. drove about 1.5 points of gross margin benefit. Adjusted operating margin to Consumer Products was 15.1%, up 3.9 points compared to last year. Benefits from a more profitable licensing mix, supply chain productivity, fewer closeouts and reduced expenses offset the impact from volume deleverage. 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 in hep CP. operating profit essentially flat. This highlights. The significant progress we have already made in our turnaround in is a testament to our supply chain transformation and discipline and inventory and cost management. Now turning to our guidance for 2024, we now expect total reserves revenue to be flat to down 1%, which is up from our prior guidance of down 1% to 3%. The improved outlook is driven by year to date, our performance, particularly within Magic, our outlook for license digital gaming largely remains the same with monopoly go contributing roughly $105 million in revenue. We expect volume to a three to contribute about $35 million for the full year, with most of that revenue recorded in the first three quarters as implied in our guidance, Q4, we'll see a more pronounced year over year decline driven by the timing of releases for Magic. We continue to expect wizard operating margin to be approximately 42%. This guidance also implies a step down in margin for Q4, entirely due to the planned revenue deleverage for consumer products, we now expect revenue will be down at 12%, to 14% compared to our prior guidance range of down 7% to 11%. This change is partly a result of the Q3 shortfall as well as reduced forecast for close at volume and action figures in the upcoming quarter. 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. We maintain our adjusted operating margin guidance of 4%, to 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 cleanup efforts for entertainment. Adjusting for the impact of the E. one divestiture, we continue to expect revenue to be down approximately $15 million versus last year and adjusted operating margin of roughly 60%. We remain on track towards our target of $750 million of gross cost savings through 2025 and continue to expect 200 to $250 million of net cost savings in 2024. Through the first nine months of the year, we had delivered $240 million of gross cost savings and $177 million of net savings. Our total has real adjusted EBITDA guidance remains unchanged in the range of $975 million to 1,000,000,025. And given the improvement in our cash flow, we now expect 2024 ending cash to be above at year end 2023 levels. From a capital allocation standpoint, our priorities remain to first, invest that core business. Second is to return cash to shareholders via the dividend. And third, continue progressing towards our long-term leverage targets and pay down debt. And with that, we can open the line for questions.

謝謝克里斯，大家早安。我們第三季的業績表明，在遊戲和授權業務實力的支撐下，我們的業務模式彈性不斷增強，但 Cloudflare 收入未達到預期。與上半年相比，我們的下降幅度仍然明顯放緩，同時實現了該領域三年來的最高營業利潤率。與年初相比，今天的情況確實是在加強儲備、許可績效和玩具潛在盈利能力的改善以及更健康的地位的鼓勵之間進行的。我們內部細分市場的出色表現證明，我們在數位授權角色扮演交易搭售方面的領導地位繼續引起萬智牌的共鳴，透過有線電視提供了穩定的季度業績，在數位方面受到限制，因為兩者都可以吸引回溯內容。消費品授權是連續第二季的亮點，這得益於《小馬寶莉》的訓練時間和 CP 背後的顯著推動者。營業利潤率擴張。我們的供應鏈團隊再次取得了額外的生產力勝利。而我們的庫存仍處於多年低位，較去年同期下降 40%。我們維持供應緊張的策略決策導致接近該銷量的大幅下降，這仍然是毛利率的優勢，但以犧牲 CT 為代價。收入。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 20 的盈利能力，同時加強我們的創新並為我們的零售合作夥伴提供優質產品。對我們所有業務的庫存保持嚴格控制是公司正確的長期決策，同時也凸顯了準確的需求預測和供應鏈敏捷性的重要性。隨著我們不斷升級流程和系統，我們致力於加強這項實力，以確保我們有充足的產品供應。客戶希望作為我們轉型的一部分，我們繼續尋找提高營運效率的機會。舉個例子，我們最近在 CP 內部宣布了這一點。在細分市場中，我們的全球品牌和商業團隊將在 10 Kelton 的領導下整合為組織。我們也正在擴大我們的設計團隊範圍，進一步整合我們在亞洲的供應鏈和產品開發團隊。透過引入設計過程，它更接近源頭。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。持續改善的心態是我們更廣泛轉型的關鍵組成部分，我們將保持敏捷地調整流程和結構，以最好地滿足所有利害關係人的需求。現在轉向我們的第三季財務業績。孩之寶總營收為 13 億美元，比去年第三季下降 15%。如果排除 E1 剝離的影響，總收入下降了 9%。隨著第三個父親節的推出，巫師細分市場在本季下降了 5%。消費品收入下降 10%，原因是退出品牌減少，清倉率低於預期。由於 E1 剝離，銷量和娛樂業務下降了 86%。同樣，如果沒有這種影響，考慮到交易時機，調整後營業利潤為 3.29 億美元，調整後營業利潤率為 25.7%，比去年增長 2.9 個百分點。有利的業務組合、供應鏈生產力和費用減少所帶來的好處被消費產品的數量去槓桿化部分抵消。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，較去年同期成長 0.09 美元。在前面提到的因素的推動下，我們透過股息向股東返還了9,800 萬美元，並以12 億美元的現金和短期投資結束了該期間，其中包括淨債務發行收益，該收益將用於於2024年11 月支付筆記。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%。如果排除 E1 剝離的影響，總收入下降了 8%，主要是由第三季的相同驅動因素推動的。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。儘管整個玩具業務的銷售量去槓桿化，但我們的利潤率仍持續提高。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。年初至今的營運現金流為 5.88 億美元，年增 2.53 億美元，這得益於顯著的獲利能力改善和營運資本有利。現在讓我們來看看我們兩個主要細分市場的第三季業績。從暴雪開始。收入下降了 5%，因為魔術集會的成長和壟斷的貢獻被鮑爾的預期收入下降所抵消。在 Bloom 桶 Endesa 礦的釋放之後，蛋糕三魔術增長了 3％，而秘密的回名單也帶來了更強勁的業績。巫師的營業利潤率最終達到 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。轉向消費品。第三季整體營收下降了10%，退出品牌的銷售量下降，授權消費產品的結清資產成長減少，以及變形金剛戴夫(Dave) 在菲比(Furby) 等特定品牌的銷量增加，神經和動作人物的持續疲軟，尤其是《星際大戰》，也造成了影響到本季的下滑。正如我們所提到的，我們繼續優先考慮盈利收入，而我們的清倉量同比下降了約 70%，導致 CPA 收入下降約四分之一。帶動毛利率提升約1.5個百分點。消費品部門調整後營業利益率為 15.1%，比去年上升 3.9 個百分點。更有利可圖的授權組合、供應鏈生產力、更少的清倉和減少的費用帶來的好處抵消了銷售去槓桿化的影響。年初至今，儘管收入比去年下降了 3 億多美元，但我們已經吸收了丙肝去槓桿化的影響。營業利潤基本持平。這凸顯了。我們在扭虧為盈方面已經取得的重大進展證明了我們的供應鏈轉型、紀律以及庫存和成本管理。現在轉向我們對 2024 年的指導，我們現在預計總儲備收入將持平至下降 1%，高於我們先前下降 1% 至 3% 的指導。前景的改善是由今年迄今為止我們的業績（尤其是在 Magic 內部）推動的，我們對授權數位遊戲的前景基本上與壟斷遊戲貢獻約 1.05 億美元的收入相同。我們預計3 的銷量將為全年貢獻約3500 萬美元，其中大部分收入記錄在前三個季度，正如我們的指導中所暗示的那樣，第四季度，我們將看到由於時間安排而出現更明顯的同比下降萬智牌的發行版。我們繼續預計嚮導營運利潤率約為 42%。這項指導也意味著第四季利潤率的下降，完全是由於計劃中的消費產品收入去槓桿化，我們現在預計收入將下降12% 至14%，而我們之前的指導範圍是下降7% 至11% 。這項變化的部分原因是第三季的短缺以及對下一季收盤量和行動數據的預測降低。正如我們的指導中所暗示的那樣，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。商業。我們維持調整後營業利益率指引 4% 至 6%。雖然這意味著第四季度利潤率將逐季度下降，但隨著我們去年的娛樂庫存清理工作的完成，我們應該會看到利潤率同比大幅增長。在調整 E.one 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%。我們仍然朝著 2025 年總成本節省 7.5 億美元的目標邁進，並繼續預計 2024 年淨成本節省 2 億至 2.5 億美元。美元。我們的實際調整後 EBITDA 指導總額維持在 9.75 億美元至 1,000,000,025 美元的範圍內不變。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。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。二是透過股利向股東返還現金。第三，繼續朝著我們的長期槓桿目標邁進並償還債務。這樣，我們就可以打開提問專線了。

Thank you. It feels like to ask a question, please press star one on your telephone keypad. You mentioned talent indicate your line is in the question queue, you may press star two. If you'd like to remove your question from the queue. And For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. We ask that you please limit to one question and one follow-up question. one moment while we poll for questions. Our first question is from Drew Crum with Stifel. Please proceed.

謝謝。感覺就像問一個問題，請按電話鍵盤上的星號一。你提到的天賦顯示你的線路在問題隊列中，你可以按星二號。如果您想從佇列中刪除您的問題。對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。我們要求您僅限於提出一個問題和一個後續問題。我們投票提問。我們的第一個問題來自 Stifel 的 Drew Crum。請繼續。

Thanks. Good morning. I have a couple of questions on monopoly go. I think you guys suggested recently have you had better line of sight on scope, please 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% the third-party data, however, suggests that downloads have continued to fall precipitously. So can you reconcile the two, $10 million royalty revenue per month pipe cadence, but just want to make sure that's still reasonable going forward. And then can you address how the launch of monopoly goes web store and presumably lower platform fees will affect royalty revenue that flows to help grow going forward? Thanks.

謝謝。早安.我有幾個關於壟斷圍棋的問題。我想你們最近建議你們對範圍有更好的視野，請計劃 UA 支出，並且你們相信營銷佔收入的百分比將在第三次 25% 到 35% 的範圍內達到上限然而，派對數據表明下載量繼續急劇下降。那麼，您能否協調這兩者，每月 1000 萬美元的特許權使用費收入管道節奏，但只是想確保這仍然是合理的。然後您能否解決壟斷的推出如何進入網路商店以及可能較低的平台費用將如何影響有助於未來成長的特許權使用費收入？謝謝。

Andrew. Good morning. I'll start and then G&A console and the details. So our implied guidance on about $10 million a month in terms of royalty revenue, just kind of like basically takes into account all 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 the or something like Tycoon club. And then last but not least, what we anticipate there UA spend will be based on the data that we've seen in that we can share because we have to respect scope. We have a third-party partner and they have their own disclosure. We see pretty healthy UA rates. We see a good KBI.'s in terms of the cost per install, which we think is a testament to the strength and ubiquity of the monopoly brand. And we're seeing very strong engagement among their existing consumers and reengagement among lapsed consumers. And so, all that factors into what we believe will be a fairly steady revenue stream for us for many months to come from that.

安德魯.早安.我將開始，然後是 G&A 控制台和詳細資訊。因此，我們對特許權使用費收入每月約 1000 萬美元的隱含指導，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獲得的收入。去大亨俱樂部之類的地方。最後但並非最不重要的一點是，我們預計普遍獲取支出將基於我們所看到的可以共享的數據，因為我們必須尊重範圍。我們有第三方合作夥伴，他們有自己的揭露資訊。我們看到 UA 率相當健康。就每次安裝成本而言，我們看到了良好的 KBI，我們認為這證明了壟斷品牌的實力和普遍性。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。因此，所有這些因素都將影響我們在未來幾個月內獲得相當穩定的收入來源。

Manager. I'll just add a colour. The decay rate or permanent decay rate. We did see it stabilize as we move through the quarter. So that was that was not as volatile as we've seen or that is bouncing around as we've seen in previous in previous quarters. And then promote marketing an expense standpoint. Remember, last quarter we talked about spending within that range as 25% to 35% in I indicated that we were going to be probably on the higher end of that range. We absolutely saw that play through as we move through the quarter. So do you think about our guide for that year of that $105 million at? We're sticking with that same outlook on the decay rates up beyond moderated decay rate and that higher end of that range of marketing spend as a $30 million of revenue 10, is per month in Q3. And that's what we're anticipating for Q4.

主管.我只添加一種顏色。衰減率或永久衰減率。隨著本季度的進展，我們確實看到它穩定下來。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。然後從費用的角度進行行銷推廣。請記住，上個季度我們談到了該範圍內的支出為 25% 至 35%，我表示我們可能會處於該範圍的較高端。當我們進入本季度時，我們絕對看到了這一點。那麼您認為我們當年的 1.05 億美元指南是多少嗎？我們對超出適度衰減率的衰減率堅持同樣的看法，並且該範圍的較高端營銷支出為第三季度每月收入 3000 萬美元 10。這就是我們對第四季的預期。

The only other thing I'd add, Drew, just as a like kind of part two of your question is more successful. They are with initiatives like Titan club of the higher the potential revenue as the US again now that we're hearing them on. Okay. Makes sense. Thanks, guys.

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更成功。現在我們正在聽取他們的發言，他們正在發起像泰坦俱樂部這樣的倡議，以提高潛在收入，就像美國一樣。好的。有道理。謝謝，夥計們。

I think our next question is from Maggie and Alexander with Morgan Stanley. Please proceed.

我認為我們的下一個問題來自摩根士丹利的瑪吉和亞歷山大。請繼續。

Hey, good morning. Thanks for taking our questions. I wanted to start with the change in the Consumer Products Guide and understanding that 3Q, it's a little bit worse. They think it does imply in oh four came down mid-single digits or so. Seems like there's some puts and takes that maybe lower closeout volumes, but and maybe a little bit weak CARPLS. Maybe you can just help us understand what some that it as it relates to PLS, maybe versus what you're seeing today. And I ask because I think you're wrapping a pretty sizable top line headwind in the fourth quarter from some of the inventory actions last year. So just trying to understand how that kind of down six ish implied for the fourth quarter as it relates to what you're expecting from a purely PLS perspective.

嘿，早安。感謝您回答我們的問題。我想從《消費品指南》的變化開始，並了解 3Q，情況有點糟糕。他們認為這確實意味著四點鐘下降了個位數左右。似乎有一些看跌期權和看跌期權可能會降低平倉量，但 CARPLS 可能有點弱。也許您可以幫助我們了解與 PLS 相關的內容，也許與您今天看到的內容不同。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。因此，我只是想了解一下這種下降 6 點左右對第四季度的影響，因為它與您從純粹 PLS 角度的預期相關。

Good question and good morning, but let's take that the guide down in pieces. So roughly at the midpoint, it represents about a, $100 million of revenue. About half of that is due to close out volume as so as not chasing bad deals or unprofitable deals. Over half of that that that is close-outs, then there's probably another 30% to 40% of that bucket that is associated with our entertainment back brands, primarily Star Wars. We really saw that play through in Super. It didn't. It didn't kind of live up to the estimates that we had in the month in September, and we took that trend and took it forward into our into our Q4 outlook. And then the last piece of the call, Dan, is really what we would call our growing pains as we move into this leaner inventory restructure, tighter supply planning processes at more rigor on our demand planning forecast. There were just send some places where our execution wasn't as tight as we wanted it to be to do that big three buckets that that kind of cause the call down. In terms of your plan POS, we really haven't seen a material change in outlook as we move through the quarter or through Q4. So that really wasn't a piece of why we called it down. It was more of what we are seeing play through in close outs in Star Wars and then and then it's execution moments.

問得好，早上好，但讓我們把指南分成幾個部分。因此，大約在中點，它代表了約 1 億美元的收入。其中約一半是由於成交量的平倉，以免追逐不良交易或無利可圖的交易。其中一半以上是停業，另外可能還有 30% 到 40% 與我們的娛樂品牌（主要是星際大戰）有關。我們在《超級》中確實看到了這一點。事實並非如此。它沒有達到我們對 9 月的預期，我們抓住了這一趨勢並將其納入我們的第四季度展望中。丹，電話的最後一部分實際上是我們所說的“成長的煩惱”，因為我們進入了更精簡的庫存重組、更嚴格的供應計劃流程以及更嚴格的需求計劃預測。只是在某些地方我們的執行並不像我們希望的那樣嚴格，無法完成大三桶，這會導致跟注。就您的計劃 POS 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。所以這確實不是我們取消它的原因之一。這更多的是我們在《星際大戰》中看到的結局，然後是執行時刻。

Yes, Maggie, the only thing I would add is when you look at the mix of our products and our expectations for sales through our quote, unquote, good toy volume. So our non-discounted volume we anticipate will be flat to up in Q4 are discounted toy volume will be down quite significantly. And I think year to date, it's our total volume is down like 70% on a discounted volume.

是的，瑪吉，我唯一要補充的是，當您透過我們的報價、未報價、良好的玩具數量來查看我們的產品組合以及我們對銷售的期望時。因此，我們預計第四季度的非折扣銷售將持平到上升，而折扣玩具銷售將大幅下降。我認為今年迄今為止，我們的總銷量在折扣後下降了 70% 左右。

Yes, when you look at our total revenue called like decline on CP., almost a third of it is because of close out on close our revenue. So much more profitable for us, obviously. But a headwind on the top line.

是的，當你看看我們的總收入（稱為 CP 下降）時，幾乎三分之一是因為我們的收入關閉。顯然，我們的利潤要高得多。但營收方面卻遇到了阻力。

Okay. That's really helpful. Thank you. And then yes, maybe I'll just ask about the CP. margin to what was there anything one-time in the third quarter performance? And that's 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 mix effect of lower closed down in the fourth quarter. So looking at like what's implied in the fourth quarter versus, I guess what a typical seasonality would suggest top line getting better? Or just trying to understand whether there's some conservatism implied in the fourth quarter margin guide or whether there were something we should be aware of in 3Q that won't repeat in the fourth quarter.

好的。這真的很有幫助。謝謝。然後是的，也許我會問一下 CP 的事。三季業績利潤率有什麼一次性的表現？儘管營收有所下降，但這一數字顯然非常強勁。根據你告訴我的情況，第四季收盤價下降的混合效應似乎應該繼續存在。因此，看看第四季的情況，我想典型的季節性因素會顯示收入會變得更好嗎？或者只是想了解第四季度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在第三季度應該注意但不會在第四季度重複的事情。

Got it. Yes, there was nothing a good question. There's nothing one-time in nature in the Q3 margin is actually quite a healthy inside that top line aside, it was quite a healthy underpinning in all of the improvements that we're making within the supply chain. You could really you can really see that come through the P&L in terms of the year to go in the Q4 margin, a couple of things. Even one, our royalty expense picks up in Q4. Just when you think of our mix of business and where it's coming from, there's higher royalty in the baby, the transformers, et cetera. And then the second piece is we are lapping is all of this event happens within manage expenses related to bonus replenishment, et cetera. We are lapping that at that kind of called out in Q4 of last year. We replenish this year. So those are the big two things that are probably a typical that you should be factoring in.

知道了。是的，沒有什麼好問題。除了營收之外，第三季的利潤率實際上並不是一次性的，它是我們在供應鏈中所做的所有改進的一個相當健康的基礎。你真的可以透過損益表看到第四季利潤率的變化，有幾件事。即使是這樣，我們的特許權使用費在第四季度也會增加。當你想到我們的業務組合及其來源時，你會發現嬰兒、變形金剛等產品擁有更高的版稅。第二件事是我們正在研究的是，所有這些事件都發生在與獎金補充等相關的管理費用內。我們在去年第四季的那種呼籲中對此表示讚賞。今年我們補充了。因此，這兩件事可能是您應該考慮的典型因素。

Our next question is from Christoph Hilpert with JPMorgan Chase. Please proceed.

我們的下一個問題來自摩根大通的克里斯托夫希爾珀特。請繼續。

Thanks. Good morning. So my first question is a follow up on the CP. outlook should think about the third and fourth quarter. How much how much of the impact was from the exited brands in terms of how the inputs of 3Q and what the underlying sort of rate of the businesses projected for the fourth quarter at?

謝謝。早安.所以我的第一個問題是關於CP的後續問題。展望應該考慮第三和第四季。就第三季的投入情況以及第四季業務的基本成長率而言，退出品牌的影響有多大？

Yes, good question. So about two points are best, call it, 30 ish, 20 ish, $25 million ish for has my precise math was due to the exited brands in the third quarter. Sorry, I missed it. What was the second part of your question? I missed it.

是的，好問題。因此，大約兩點是最好的，可以稱之為 30 左右、20 左右、2500 萬美元左右，因為我的精確計算是由於第三季度退出的品牌所致。抱歉，我錯過了。你問題的第二部分是什麼？我錯過了。

Is there any in the fourth quarter.

第四季還有嗎。

Yes, about the same amount in the fourth quarter as well. I guess, the good news as we move into next year 2025 which we done talking about impact because I think the bulk of it will be behind us.

是的，第四季的數量也大致相同。我想，當我們進入明年 2025 年時，這是個好消息，我們談論了影響，因為我認為大部分影響都會過去。

Yes, in a way to understand how we recognize revenue on those because they're not really exited there just outsource to other interested parties, and they're actually growing quite healthily this year were basically recognizing the MG.'s associated with those deals and those are relatively modest next year. By the end of the year, we should be based on the place at 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.

是的，在某種程度上理解我們如何確認這些收入，因為它們並沒有真正退出，只是外包給其他感興趣的各方，而且它們今年實際上增長得相當健康，基本上是認識到與這些交易相關的MG。到年底，我們應該根據他們要去的地方。我們應該對這些產品進行即時、相當健康的特許權使用費率，這遠高於我們自己經營它們時的營業利潤率。

Understood. And then thinking about the monopoly go, Christian's previously spoken about in this game is going to last and benefit Hasbro for a long time. Part of that masked was like that decay rate versus advertising coming down. You talked about for this $10 million run rate for many months to come. I guess as it is it fair to say that the original expectation has been maintained, i.e., there won't be some sort of precipitous drop as we look out a year from now and think about the back half of 25?

明白了。然後考慮壟斷，克里斯蒂安之前在這款遊戲中談到的壟斷將會持續很長一段時間，並使孩之寶受益。其中一部分被掩蓋了，例如衰減率與廣告下降的比率。您談到了未來幾個月 1000 萬美元的運行率。我想，公平地說，原來的預期得到了維持，也就是說，我們展望一年後，想想25年後半段，不會出現某種急劇下降？

Yes. I would think a monopoly go in 2025 would be flat to up versus what we realized in 2024.

是的。我認為 2025 年壟斷市場的走勢與我們在 2024 年實現的情況相比將持平到上升。

Yes. Chris, keep in mind that we have one additional quarter of next year where we didn't have them in lung that we weren't 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這些問題，我們沒有，我們沒有超過最低保證。

Our next question is from Eric Handler with Roth Capital. Please proceed.

我們的下一個問題來自 Roth Capital 的 Eric Handler。請繼續。

Good morning. Thanks for the question. It looks like the legs for builders gave three is much healthier than originally anticipated at the start of the year. I wonder if you could talk about your relationship with Clarion and how you can keep this momentum with this game continuing to flow on evergreen basis?

早安.謝謝你的提問。看起來建築商的三條腿比年初最初預期的要健康得多。我想知道您是否可以談談您與 Clarion 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？

Yes. I think the best comp for looking at how Larry and we'll manage Father's Day three is what they've done with the Definity franchise. And that franchise has enjoyed incredible lags a really long held detail, Larry. And as a publisher tends to be very community friendly. They tend to not to discount their products and they tend to do kind of like special editions and special content drops to keep kind of refreshing things with the consumer. We would anticipate that they would treat Balder skate in a very similar manner. They've been great partners and, you know, I don't think boulders gave three will be quite the annuity. It was this year. We enjoyed like $35 million, which was pretty healthy, but we will continue to make money off of Borders gave three for several years to come.

是的。我認為，了解拉里和我們如何管理第三個父親節的最佳比較是他們在《Definity》系列中所做的事情。拉里，這支球隊經歷了令人難以置信的滯後，這是一個長期持有的細節。作為出版商往往對社區非常友善。他們傾向於不打折他們的產品，他們傾向於做一些特別版本和特殊內容下降的事情，以保持消費者耳目一新的東西。我們預計他們會以非常相似的方式對待 Balder Skate。他們一直是很棒的合作夥伴，而且，你知道，我不認為巨石給的三分錢會是相當大的年金。那是今年。我們享受了大約 3500 萬美元，這是相當健康的，但我們將在未來幾年繼續從博德斯捐贈的三塊錢中賺錢。

Okay. And then I guess, Gino, you're originally expected Magic decline for the year. Given the outperformance seen in the third quarter. Do you still think Magic declines a little bit for the year?

好的。然後我猜，吉諾，你最初預計今年魔術隊會下滑。鑑於第三季的優異表現。你仍然認為今年萬智牌的表現會有所下滑嗎？

Yes, just given what's going to happen in the fourth quarter. So, we've talked about we don't have a comp in the fourth quarter for the loaded the rains holidays that So you're right, Magic has outperformed our expectations in the first three quarters. But Q4, there is just the reality of set timing and that holiday sets that will be there. But as we look to 2025, that starts to even or is that even back out?

是的，考慮到第四季將會發生的事情。所以，我們已經討論過我們在第四季度沒有針對雨季假期的補償，所以你是對的，萬智牌在前三個季度的表現超出了我們的預期。但第四季度，現實是時間安排和假期安排都會在那裡。但當我們展望 2025 年時，這種情況會開始趨於平衡還是甚至回歸？

Yes, it's tough to bet against magic. It has nice long leg gas and 25 will be great.

是的，很難反對魔法。它有很好的長腿氣體，25 就很棒了。

Our next question is from Alastair Borthwick with Bank of America. Please proceed.

我們的下一個問題來自美國銀行的 Alastair Borthwick。請繼續。

Hi, thanks for taking my questions here. I guess I wanted to ask some more line of question on the sort of 4Q implied guide for the answer to the coast. So I think of sort of implies revenue down 20 plus percent the fourth quarter. I guess what would drive that? Is that all just the sort of magic shortfall versus though what are the rigs holiday set lap last year? And then can you maybe just talk through the step down in the Wizards op margin, our guide, which I think implies sort of in the 20s in the fourth quarter, is that entirely sort of volume deleverage on the Wizards? Thanks.

您好，感謝您在這裡提出我的問題。我想我想再問一些關於 4Q 隱含指南的問題，以找到海岸的答案。所以我認為這意味著第四季的收入下降了 20% 以上。我猜是什麼推動了這一點？與去年的鑽孔機假期設定圈數相比，這是否只是一種神奇的缺口？然後你能否談談奇才隊營運利潤率的下降，我們的指南，我認為這意味著第四季度的 20 多歲，這完全是奇才隊的交易量去槓桿化嗎？謝謝。

Yes, Good morning, Alastair you nailed it in terms of what is what's causing that pulled on in both the top and the margin. It really is related to this magic, as said, timing, that when you look at the digital portfolio is relatively flat year over year. So you had, but the benefit from Boulders Gate Last year, this year, you had the benefit from monopoly go to anything at the margin and what's pulling that down? It's all that delever impact of the magic Magic volume.

是的，早上好，阿拉斯泰爾，您已經弄清楚了導致頂部和邊緣拉動的原因。正如所說的，這確實與這種魔力有關，當你觀察數位投資組合時，它的年復一年相對持平。所以你有，但是去年、今年你從巨石門獲得的好處，你從壟斷中得到的好處到了任何邊際的東西，是什麼導致了這種下降？這都是魔法音量的去槓桿影響。

Yes. From a top-line perspective, you have two things going on with Magic versus there is a fairly sizable second bite at the at the Lord of the Rings Apple in December of last year. And then the second thing to be thinking about is the timing of our January sets, depending on what time of year that happens, we have to sell in to our distributors at a different time. So our big kind of remastered set for January is going to be a bit later next year. So we're not going to see that sell in until likely next fiscal year.

是的。從營收的角度來看，Magic 發生了兩件事，而去年 12 月，《魔戒》蘋果的第二次收購相當大。然後要考慮的第二件事是我們一月份的發售時間，根據一年中的任何時間，我們必須在不同的時間向經銷商銷售。因此，我們一月份的大型重製版將於明年稍後推出。因此，我們可能要等到下個財年才能看到該產品的銷售。

Perfect. Incredibly helpful. Best of luck going forward.

完美的。非常有幫助。祝你好運。

Thanks.

謝謝。

Our next question is from Pankaj Chin with UBS. Please proceed.

我們的下一個問題來自瑞銀集團的 Pankaj Chin。請繼續。

Hi, good morning. Thanks so much for taking my question on. I was just looking at your operating profit margin for year to date, it's running north of 23%, I guess almost 24% to be exact. So then you for almost has to be worse than 11% or so for all the pieces to work together after came in after Q3, came in so strongly for you kind of not to hit the 19.5, 20% for the year. And I understand the high-margin gaming would be lower on there's a huge sort of revenue drivers there. But like other, are there any puts and takes? And I guess I'm trying to understand the full year implied operating profit guide a little bit better than other credit yet.

嗨，早安。非常感謝您回答我的問題。我剛剛查看了你們今年迄今為止的營業利潤率，已經超過 23%，準確地說，我猜幾乎是 24%。因此，在第三季之後，你幾乎必須比 11% 左右更差，才能讓所有部分一起工作，因為你的表現如此強勁，以至於你今年沒有達到 19.5、20%。我知道高利潤的遊戲會較低，因為那裡有大量的收入驅動因素。但和其他一樣，是否有看跌期權和拿取期權？我想我正在嘗試比其他信貸更好地理解全年隱含營業利潤指南。

Got it. Good morning. Yes, we are within spitting distance of that, that magic at 20%, 20% threshold. And to your point, the overall company margin does give back in the fourth quarter. I mean, there's two pieces for that one. When you look at our mix of business in the fourth quarter, it goes heavier toys versus wizard. Let's just that's just the nature of it, and that mix created a bit of a margin drag. And then the second piece you hit on in your in your question, it is the dealer adds the deleverage impact that we're seeing play through the Wizards P&L. So those are the two pieces that now that kind of caused that pull back in Q4.

知道了。早安.是的，我們離那個神奇的 20%、20% 閾值很近了。就您而言，公司整體利潤率確實在第四季度有所回升。我的意思是，這個有兩塊。當你看看我們第四季的業務組合時，你會發現玩具與巫師的比重更大。這就是它的本質，這種混合造成了一點利潤拖累。然後，您在問題中提到的第二個問題是，莊家增加了我們透過威世智損益表看到的去槓桿化影響。因此，這兩件事導致了第四季的回檔。

Okay. Thank you. Then I was wondering if you could give us an overall POS read each year to date and what that was excluding all the licensing exit for you and the licenses that you gave output this POS for the quarter? And then can you update us on what you expect for the interest street in terms of POS for this year? Seems like you usually include that in the release. And I think I guess maybe I didn't see it was not in the release this morning. I'm just trying to understand whether there's any change to your expectations. Thank you.

好的。謝謝。然後我想知道您是否可以向我們提供迄今為止每年 POS 的總體讀數，以及排除您的所有許可退出以及您為本季度該 POS 輸出的許可證的內容？那麼您能否向我們介紹一下您對今年利息街 POS 方面的預期？看來您通常將其包含在版本中。我想我可能沒有看到它不在今天早上的發布中。我只是想了解您的期望是否有任何變化。謝謝。

Yes. So, when we think two building blocks because building blocks is a kind of doing different than the rest of the toy industry. When you look at the toy industry X building blocks, it's effectively down low, maybe on the lower end of mid-single digit, low, low single digits to low mid-single digits. So call it down to down 5%. Our expectation is that holiday will probably continue that trend. That will be down probably low single digits, maybe on the lower side of down mid single digits. That's kind of factored into our full-year guidance. And really our expectations haven't changed materially on that front. In terms of our POS. rate year to date were down high single digits. Ex our divested brands. We expect that to get incrementally better in Q4 just based on the newness on the advertising in the rate of promotions we have our number of in-store promotions is up quite significantly, particularly at our mass partners. Our share is up inside of our e-commerce partners. I think our products are much better positioned to do is go into a Target or Wal-Mart and look at our pricing and look at our showing up on shelf. So, we expect continued improvement in kind of how we're showing up and how we're selling through.

是的。因此，當我們考慮兩個積木時，因為積木是一種與玩具行業其他行業不同的做法。當你觀察玩具產業的 X 建構模組時，它實際上處於低位，可能處於中個位數的下端、低、低個位數到中個位數的低端。所以稱之為下降 5%。我們預計假期可能會延續這一趨勢。這可能會下降到較低的個位數，也可能會下降到中個位數的下限。這在某種程度上已納入我們的全年指導中。事實上，我們的期望在這方面並沒有發生重大變化。就我們的 POS 而言。今年迄今為止的利率下降了高個位數。例如我們剝離的品牌。我們預計，僅根據廣告的新穎性，我們的店內促銷數量就會大幅增加，尤其是在我們的大眾合作夥伴處，第四季度的情況會逐漸好轉。我們的份額來自我們的電子商務合作夥伴。我認為我們的產品更適合進入塔吉特或沃爾瑪，看看我們的定價並看看我們在貨架上的展示情況。因此，我們預計我們的展示方式和銷售方式將持續改進。

Our next question is from James Hardiman with at Citigroup. Please proceed.

我們的下一個問題來自花旗集團的詹姆斯哈迪曼。請繼續。

Good morning. This is Sean Rooney on for James Hardiman. I'm curious about your expectations for the holiday season and how would you characterize retailer sentiment ahead of the holidays? And then also, could you just talk about what brands are most excited about for the fourth quarter?

早安.我是肖恩·魯尼，替補詹姆斯·哈迪曼。我很好奇您對假期的期望以及您如何描述假期前零售商的情緒？另外，您能否談談第四季最令人興奮的品牌是什麼？

Hey, good morning, Sean. I'll start with that, and the breadth Gino will fill in some blanks. So, as I talked with our P&A, our general expectation is that the toy industry will be down modestly in Q4 as building blocks perhaps with building block. So it will be roughly flat to maybe down a percentage of percentage or so. And you know, in terms of asking me for my favorite brands, gas, that stuff you're going to get me in trouble with all of our teams outside here, we certainly feel great about our Platos been positioned. It had a fantastic back to school. You know, we have the new Platos scooter. We have our new Marvel collaboration with Plato, both of which are doing really, really well. I think they've laid access is starting to take off. We saw nice early pop with like fan audiences in early Q2 three, and we're starting to see it take off with like the new animated series and the advertising with kids that branded fantastically in Japan when it launched last year. And we we expect it to be a nice mover for us this year. Transformers one has seen a nice pop since the movie. We expect another nice one within the home video and streaming window opens up before the holiday period ends. Marvell is seeing some nice increases increases, whether it's preschoolers, lighting is amazing friends or kind of what we're seeing on the core line. There's been some nice content there. Our board game portfolio, I think, has rarely been better than it is now. We've got basically products for everyone. Then as you know me, I'm a super fan at Wizards and I love what they're doing with the revisions to Fifth Edition and some of the new content we have coming out for Magic. I'll be in the queue for that Marvell Magic secret, where that's coming out in December. And hopefully we'll be able to pick up all fibber leases.

嘿，早上好，肖恩。我將從這個開始，吉諾的廣度將填補一些空白。因此，正如我與我們的 P&A 討論的那樣，我們的總體預期是，玩具行業將在第四季度小幅下滑，也許是一個接一個的積木。因此，它將大致持平，甚至可能下降一定百分比左右。你知道，如果問我最喜歡的品牌、汽油，這些東西會讓我和我們外面的所有團隊陷入麻煩，我們當然對我們的柏拉圖定位感到非常高興。回到學校真是太棒了。你知道，我們有新的 Platos 踏板車。我們與柏拉圖進行了新的漫威合作，兩者都做得非常非常好。我認為他們已經鋪設了通道並開始起飛。在第二季度初的第三季度，我們看到了早期流行音樂與粉絲觀眾的良好互動，去年推出時，我們開始看到它隨著新的動畫系列和兒童廣告的推出而在日本取得了巨大的成功。我們希望它今年對我們來說是一個很好的推動者。自電影上映以來，《變形金剛》就大受歡迎。我們預計家庭視訊和串流媒體視窗中的另一個精彩視窗會在假期結束之前打開。 Marvell 看到了一些不錯的成長，無論是學齡前兒童、燈光效果都很棒，還是我們在核心產品線上看到的。那裡有一些不錯的內容。我認為，我們的棋盤遊戲組合很少比現在更好。我們基本上為每個人提供了產品。如你所知，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。我將排隊等待 Marvell Magic 秘密，該秘密將於 12 月發布。希望我們能夠獲得所有光纖租賃。

I don't think that answer. I think you covered all your basis with an answer. I don't think anybody in our teams have been at it and I will tell you is detailed in IDT's Hanfeng, Andrea sustainability. I have a lot of nieces and nephews that are under the age of five and the biggest hits in when I when I come home and visit them Plato. So all of the offerings in Plato inside, I think they're all getting the scooters for Christmas, but don't tell them they don't listen to the call and then Marvel and the offering all the from the toys, the role-playing, all of it on Marvell is a big hit in my household that I visit to the first part of your question on the retail sentiment really unchanged, get continuing to get really good support from our retail partners and getting ready for this upcoming holiday. So I may have gotten in trouble with my teams, but you took a better basis. Other Teleglobe. Nice amounted from releases.

我不認為這個答案。我認為您的答案涵蓋了所有基礎。我認為我們團隊中沒有人參與過這方面的工作，我會告訴您 IDT 的 Hanfeng、Andrea 永續發展方面的詳細資訊。我有很多五歲以下的姪子和姪女，當我回家探望他們時，最大的打擊是柏拉圖。所以柏拉圖裡面的所有產品，我想他們都會在聖誕節得到滑板車，但不要告訴他們他們不聽電話，然後漫威和所有的產品都來自玩具，角色- Marvell 上的所有內容在我家都很受歡迎，我訪問了您問題的第一部分，即零售情緒確實沒有變化，繼續從我們的零售合作夥伴那裡獲得真正良好的支持，並為即將到來的假期做好準備。所以我的團隊可能遇到了麻煩，但你們有了更好的基礎。其他環球電信。發布的數量不錯。

Sorry, your second question Sean, are you if

抱歉，你的第二個問題肖恩，你是不是

I could also touch on the remaining cost savings opportunities, maybe on looking ahead to next year even on? And do you have any expectation on what that split might look like between cost of goods savings in OpEx savings going forward?

我還可以談談剩餘的成本節約機會，也許可以展望明年？您對未來商品成本節省與營運支出節省之間的分配情況有何預期？

Yes. The question as we move through this year, a little more than half of our cost savings you have about 60% of our cost-saving has come from the supply chain with the balance of the savings coming really within all of our managed expense levers that we have as we move to next year, it it's probably shakes out more to be like 50 50 across those buckets. I yes, we continue to see opportunities within our supply chain. Next year will be the 1st year that you start to hear us talk about the design to value savings that start to play into the P&L. We've talked about that as a strategy. We really haven't realized any dollar benefit from that in this year. We'll start to realize that that next year we're continuing to refine our and our network, both with our suppliers and within our logistics network. Supply chain will continue to be a positive contributor for us next year. And then, of course, and that manage expense as a managed expense bucket, all of those continue to be refined, and we expect another steady year of savings from those.

是的。今年我們遇到的問題是，我們節省的成本中有一半多一點，大約 60% 的成本節省來自供應鏈，其餘的節省實際上來自我們所有的管理費用槓桿，當我們進入明年時，這些桶中的數量可能會增加到50 50 之類。是的，我們繼續在供應鏈中看到機會。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價值節省設計的第一年。我們已經將其作為一項策略進行了討論。今年我們確實沒有從中獲得任何美元收益。我們將開始意識到，明年我們將繼續完善我們的網絡，包括我們的供應商和物流網絡。明年供應鏈將繼續為我們做出積極的貢獻。然後，當然，將費用作為託管費用桶進行管理，所有這些都將繼續完善，我們預計將在接下來的一年中實現穩定的節省。

Our next question is from highly potent you with Jefferies. Please proceed.

我們的下一個問題來自傑弗里斯的權威人士。請繼續。

Good morning and thanks for taking my question. On your prepared remarks, you mentioned quite a bit of like innovation at Copley and that can your kind of been internal to them, but wondering if you could dig a little more Internet and have the feature of your relationship with them.

早安，感謝您提出我的問題。在你準備好的發言中，你提到了科普利的許多類似的創新，這可能是他們內部的，但想知道你是否可以在互聯網上挖掘更多一點，並了解你與他們的關係特徵。

Yes. So, we have a long relationship with scope, believe that we do games with them based on Yahtzee on Scrabble. And most recently with monopoly. We're always talking with them about other aspects of our IP portfolio that we could work together on. And quite frankly, we'd be pretty excited on any future games they want to do. I think they're one of the best partners in the mobile space and mobile isn't for the faint of heart. It requires tremendous amount of capital. It requires a tremendous amount of publisher expertise and a huge, a CRM database to be able to leverage large audience. This is in free-to-play games. And so I think we count ourselves very lucky to have a partner as adapted them in terms of like the innovation they have. They're doing a lot of relief fund events in a monopoly go that I think is going to be very sticky and help to drive new audience engagement late. The latest Marvel collaboration they have, I think, is a great example of that. Just look at what we do on monopoly on shelf, whether it's Harry Potter are poking mine or Marvell or Barbie, you can imagine that scope Lee has the same scope of opportunities to be able to do that virtually for events. And I think that will be super super sticky. And then you know what they're doing with Tycoon club. That's a great way to kind of engage like you're at your top players, you're most sticky is your most engaged players and kind of shift the business model in a favorable way towards for as well because we make our money based on their native platform fees. So if their platform fees are lower, our overall royalty revenue is more positive for

是的。所以，我們與scope有長期的合作關係，相信我們會和他們一起做基於Yahtzee on Scrabble的遊戲。最近是壟斷。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。坦白說，我們對他們未來想做的任何遊戲都感到非常興奮。我認為他們是行動領域最好的合作夥伴之一，而移動不適合膽小的人。它需要大量的資金。它需要大量的出版商專業知識和龐大的 CRM 資料庫才能利用大量受眾。這是在免費遊戲中。因此，我認為我們非常幸運，能夠擁有一個能夠適應他們的創新的合作夥伴。他們在壟斷領域舉辦了許多救濟基金活動，我認為這將非常有黏性，有助於推動新觀眾的後期參與。我認為他們最新的漫威合作就是一個很好的例子。只要看看我們在貨架上的壟斷方面所做的事情，無論是《哈利波特》、《Marvell》還是《芭比娃娃》，你都可以想像，範圍李擁有同樣範圍的機會，能夠在虛擬活動中做到這一點。我認為這將非常非常黏。然後你就知道他們在大亨俱樂部做了什麼。這是一種很好的參與方式，就像你在頂級玩家中一樣，你最有粘性的是你最活躍的玩家，並且也以一種有利的方式轉變商業模式，因為我們根據他們的收入來賺錢原生平台費用。因此，如果他們的平台費用較低，我們的整體版稅收入對

It makes a lot of sense. And one, the Marvel Magic drop and happening do obviously expect the initial drop developed pretty much immediately. But curious how the size of this drop compares to the Lord of the rigs that obviously much smaller, but just anything directional or would be helpful. And then also in the future, would there be a Marvel release that's a similar size to Board of things?

這很有意義。其一，漫威魔法的掉落和發生顯然確實期望最初的掉落幾乎立即發展。但很好奇這個下降的大小與裝備之王相比如何，顯然要小得多，但任何方向性的東西都會有幫助。那麼在未來，漫威是否會發布與 Board of things 類似大小的版本？

oh, yes, yes. So, the secret layer drops will be in kind of like the you should anticipate it like low to mid-single digit millions of dollars per kind of release kind of roughly how you think about it. I think one of our most successful secret layers drops ever would have been like a seven or $8 million drop. These are very targeted. They have limited runs, and they tend to be in and out within hours, we had new, or Comic-Con announced the Spider-Man set, which will be the first major set we're doing with Marvel. We have multiple sets that will happen over the next wave of four or five years with Marvel. And you know, you can imagine what a Spider-Man and Spider reverse that might be able to do from a revenue perspective, looking at Magic next year, as we look out to 2025, Magic is going to be kind of a core part of our thesis in terms of top line growth. You know, we have we have Final Fantasy which will come out in June. We have the Spider-Man collaboration which will come out in the second half of the year, 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 clamouring for by the end of the year. So, the future Magic looks pretty bright. And when magic of healthy.

哦，是的，是的。因此，秘密層的下降將類似於你應該預期的那樣，每種版本的低到中個位數數百萬美元，大致就像你所想的那樣。我認為我們有史以來最成功的秘密層投放之一應該是七、八百萬美元的投放。這些都是很有針對性的。它們的運行量有限，而且往往會在幾個小時內進出，我們有新的，或者動漫展上宣布的蜘蛛人系列，這將是我們與漫威合作的第一個主要係列。我們將在接下來的四到五年內與漫威合作推​​出多個場景。你知道，你可以想像，從收入的角度來看，《蜘蛛人》和《蜘蛛人》的逆轉可能會帶來什麼，看看明年的萬智牌，展望2025 年，萬智牌將成為《萬智牌》的核心部分。你知道，我們有《最終幻想》，將於六月推出。我們與蜘蛛人的合作將於今年下半年推出，然後我們還有第三個宇宙。我們還沒有宣布。我相信到年底粉絲們也會真正叫囂著。所以，萬智牌的未來看起來相當光明。又當神奇的健康。

Thank you its a good one.

謝謝，這是一件好事。

with no further questions in the queue, this will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

如果沒有其他問題，今天的會議就結束了。此時您可以斷開線路，感謝您的參與。