孩之寶 (HAS) 2024 Q4 法說會逐字稿

Good morning, and welcome to the Hasbro fourth quarter and full year 2024 earnings conference call.

早安，歡迎參加孩之寶 2024 年第四季和全年財報電話會議。

(Operator Instructions) A question-and-answer session will follow the formal presentation.

（操作員指示）正式示範之後將進行問答環節。

(Operator Instructions).

（操作員指令）。

Today's conference is being recorded.

今天的會議正在錄製。

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

如果您有任何異議，此時您可以斷開連接。

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

現在，我想將電話轉給投資者關係高級副總裁 Kern Kapoor。

Please go ahead.

請繼續。

Thank you, and good morning, everyone.

謝謝大家，早安。

And joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's Chief Financial Officer, and Chief Operating Officer.

今天與我一起出席的還有孩之寶的執行長克里斯‧科克斯 (Chris Cocks)；以及孩之寶財務長兼營運長吉娜‧戈特 (Gina Goetter)。

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

今天，我們首先請到克里斯和吉娜對公司業績的評論。

Then we will take your questions.

然後我們將回答你們的提問。

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

我們今天電話會議的收益報告和簡報幻燈片已發佈在我們的投資者網站上。

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

新聞稿和簡報包括有關非 GAAP 調整和 GAAP 財務指標的資訊。

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指標，這些指標不包括非 GAAP 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 指標的對帳。

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，我們指的是每股攤薄收益。

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

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、目標、宗旨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預期有重大差異。

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.

這些因素包括我們的 10-K 表年度報告、最近的 10-Q 表、今天的新聞稿和我們的其他公開披露中所述的因素。

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

我們不承擔更新今天所作的任何前瞻性陳述以反映本次電話會議召開日後發生的事件或情況的義務。

I would now like to introduce Chris Cocks.

現在我想介紹克里斯·科克斯。

Chris?

克里斯？

Thanks, Kern, and good morning.

謝謝，Kern，早安。

We closed 2024 with momentum, beating plan across the Board.

我們以強勁的勢頭結束了 2024 年，全面超越了計劃。

Our Wizards of the Coast and Digital Games segment had another record year.

我們的威世智和數位遊戲部門又創下了新的紀錄。

We saw strong growth across our licensing business, and we delivered the best operating profit margin in company history, eclipsing 20%, including a return to profitability for our Consumer Products segment.

我們的授權業務實現了強勁成長，並實現了公司歷史上最高的營業利潤率，超過 20%，其中消費品部門也恢復了盈利。

We began last year a healthier, stronger Hasbro with an improved balance sheet and operating structure outlining plans for greater cost savings and reinvigorating the company's innovation engine.

去年，我們迎來了更健康、更強大的孩之寶，其資產負債表和營運結構均有所改善，並製定了進一步節省成本和重振公司創新引擎的計劃。

We over-delivered, exceeding our guidance on nearly every metric, operating with renewed discipline that we believe positions Hasbro for multiyear growth and margin expansion.

我們超額完成了任務，幾乎在所有指標上都超出了預期，並以新的紀律進行運營，我們相信這將為孩之寶的多年增長和利潤率提高奠定基礎。

Wizards of the Coast and Digital Games was up 4% year-over-year, with an operating margin north of 40%.

威世智和數位遊戲業務年增 4%，營業利潤率超過 40%。

As MAGIC: THE GATHERING and MONOPOLY GO!

就像《萬智牌》和《大富翁 GO！

proved a potent 1-2 punch with both poised for continued growth in 2025.

事實證明，這兩家公司聯手合作是強而有力的，預計在 2025 年繼續成長。

Wizards grew for the 14 time in the last 15 years led by a booming digital licensing business.

在蓬勃發展的數位授權業務的帶動下，威世智在過去 15 年中實現了第 14 次成長。

MONOPOLY GO!

大富翁！

maintained its high levels of engagement, capping the year with a star-studded TV campaign and success with its new Tycoon Club.

保持了高水準的參與度，以一場眾星雲集的電視宣傳活動和新 Tycoon Club 的成功為今年畫上圓滿句號。

Baldur's Gate 3 saw solid year 2 sales, nearly doubling our initial expectations.

《博德之門 3》第二年的銷售量穩健，幾乎是我們最初預期的兩倍。

MAGIC: THE GATHERING had another impressive year. 2024 nearly matched 2023's record year despite fewer set releases.

萬智牌：聚會又度過了令人印象深刻的一年。儘管發行數量較少，但 2024 年幾乎與 2023 年創下的紀錄持平。

And the MAGIC ecosystem is as healthy and engaged as it's ever been.

MAGIC 生態系統一如既往地健康、活躍。

We saw year-over-year increases in active players and MAGIC Con attendance and better-than-expected demand for several tent pole sets, including Q4's release Foundations.

我們發現活躍玩家和 MAGIC Con 出席人數同比增長，包括第四季度發布的 Foundations 在內的幾款主打產品的需求好於預期。

MAGIC also exhibited beyond its tent poles.

MAGIC 也展出了其帳篷柱以外的產品。

We saw strong demand for backlist and Secret Lair, capping off the year with a record-setting Marvel offering, which sold out instantly.

我們看到市場對舊書和 Secret Lair 的需求強勁，並以創紀錄的漫威作品結束了這一年，這些作品立即被一搶而空。

D&D relieved first significant update to Fifth Edition since 2014, and closed out the year strong with both the new Players Handbook and Dungeon Master's Guide breaking records for the best-selling D&D books ever.

D&D 自 2014 年以來首次對第五版進行了重大更新，並以新版《玩家手冊》和《地下城主指南》強勢收官，打破了有史以來最暢銷的 D&D 書籍記錄。

And we also shared more about our video game future, including a new best-selling novel for Exodus by award-winning author, Peter Hamilton, a top-rated episode on the new hit Amazon Prime Game anthology series, Secret Level, exploring more about the Exodus universe, and our first gameplay sneak peek that has Sci-Fi video game fans buzzing.

我們還分享了更多關於我們視頻遊戲未來的信息，包括獲獎作家彼得·漢密爾頓 (Peter Hamilton) 創作的全新暢銷小說《出埃及記》、新熱門亞馬遜 Prime 遊戲選集系列《秘密關卡》中收視率最高的一集，進一步探索有關《出埃及記》宇宙的內容，以及我們首次讓科幻視頻遊戲迷們興奮不已的遊戲玩法預覽。

Consumer Products licensing was a standout, led by MY LITTLE PONY trading cards and our out-licensed brands like FURREAL FRIENDS and LITTLEST PET SHOP saw POS lifts of over 50% in 2024, showing the value of our IP Vault and promise of our partnerships.

消費品授權表現突出，以 MY LITTLE PONY 交易卡為首，而我們授權的品牌如 FURREAL FRIENDS 和 LITTLEST PET SHOP 在 2024 年的 POS 增長超過 50%，彰顯了我們的 IP Vault 的價值和合作夥伴關係的前景。

The LEGO Ideas, Dungeons & Dragons Set delighted fans and is nominated for a Toy of the Year award.

樂高創意、龍與地下城套裝讓粉絲們欣喜不已，並獲得了年度玩具獎提名。

We celebrated over 140 location-based entertainment experiences open around the globe, reaching our 50 million visitors annually, making Hasbro one of the most visited brand portfolios in the world.

我們在全球推出了超過 140 個基於實體場所的娛樂體驗，每年吸引 5000 萬遊客，使孩之寶成為全球訪問量最大的品牌組合之一。

The momentum in our licensing business has been a huge catalyst for Hasbro, with a highly diversified and high profit revenue stream across over 1,000 partners driving over 4,000 individual collaborations.

我們的授權業務的發展勢頭對孩之寶來說是一個巨大的催化劑，超過 1,000 個合作夥伴帶來了高度多樣化和高利潤的收入來源，推動了超過 4,000 個獨立合作。

Toy and Board Games finished the year on a much stronger footing.

玩具和棋盤遊戲以更強勁的基礎結束了這一年。

Our revamped innovation, marketing effectiveness and retailer alignment drove some nice wins for the holidays.

我們改進的創新、行銷效率和零售商協調為假期帶來了一些不錯的勝利。

One of the biggest was Beyblade, which saw demand acceleration in Q4 following media support and streaming content to the holidays.

其中最大的一款遊戲是陀螺戰士 (Beyblade)，由於媒體支援和假期串流內容的推出，該遊戲在第四季度的需求加速增長。

We also saw solid growth in TRANSFORMERS, following the animated movie Transformers One, strength in our Marvel Collector range and outperformance in preschool led by Marvel's Spidey and His Amazing Friends.

繼動畫電影《變形金剛一號》之後，變形金剛系列產品也實現了穩步增長，漫威收藏家系列產品實力強勁，而以漫威《蜘蛛人和他的神奇朋友》為代表的學齡前兒童系列產品表現出色。

Discounting was down for the quarter across the business.

本季整個業務的折扣均有所下降。

In fact, when factoring in a significant reduction year-over-year in inventory clearance, our mainline toy sales grew in the quarter, indicating momentum as we enter 2025. 2024 wasn't just a good year for Hasbro proving we can deliver.

事實上，當考慮到庫存清理量同比大幅減少時，我們本季的主線玩具銷量是增長的，這表明我們進入 2025 年時勢頭強勁。

It also helped set up the foundation for our new strategic plan Playing to Win.

它也幫助我們為新的「為贏而戰」戰略計劃奠定了基礎。

Playing to Win focuses Hasbro on what has always made us great, play and partners.

「為贏而玩」讓孩之寶專注於讓我們變得偉大的事物：遊戲和夥伴。

Through the power of our brands and breadth of our partnerships, we bring joint community to over 0.5 million fans across the world.

透過我們品牌的力量和廣泛的合作夥伴關係，我們為全球超過 50 萬粉絲帶來了聯合社群。

Whether it's 40 theme park rides for TRANSFORMERS, unique collectibles for JEM & THE HOLOGRAMS, Epic Quest with D&D, all new video games with GI JOE, or bankrupting your little brother with a well-timed hotel on Boardwalk in MONOPOLY.

無論是《變形金剛》的 40 個主題樂園遊樂設施、《傑姆與全息圖》的獨特收藏品、《龍與地下城》的史詩任務、《特種部隊》的所有新視頻遊戲，還是《地產大亨》中在海濱長廊上開設一家適時酒店讓你的弟弟破產。

Our focus on play and partners is clarifying.

我們對遊戲和夥伴的關注正在明確。

It has allowed us to exit noncore businesses like EOne film and TV, reduce our content budget by over 95%, while increasing our active production pipeline for Hasbro IP by 15% and take out over $600 million of costs from our P&L in the process.

它使我們能夠退出 EOne 影視等非核心業務，將內容預算削減 95% 以上，同時將 Hasbro IP 的活躍生產管道增加 15%，並從我們的損益表中削減 6 億多美元的成本。

Our balance sheet is stronger.

我們的資產負債表更加強勁。

Our lineup of partnerships is the best it's ever been, and our focus has allowed us to lean into high-profit, high-growth areas like Digital Game, where our brands have proven resonance and our diversified digital revenue streams allows us to self-fund the efforts.

我們的合作夥伴陣容是有史以來最好的，我們的重點使我們能夠傾向於高利潤，高成長領域，例如數位遊戲，我們的品牌在這些領域已經證明具有共鳴，而我們多樣化的數位收入來源使我們能夠自行籌集資金。

Play is the foundation for our incredible portfolio of brands, a library of thousands of spanning our 164-year history.

Play 是我們令人難以置信的品牌組合的基礎，這個品牌庫囊括了我們 164 年曆史上的數千個品牌。

From The Checkered GAME OF LIFE, created by Milton Bradley in 1860 to the first mass marketed toy in history, MR. POTATO HEAD, 1952 to cutting-edge video games like Baldur's Gate 3.

從 1860 年米爾頓布拉德利 (Milton Bradley) 創作的《生命棋盤遊戲》 (The Checkered GAME OF LIFE) 到歷史上第一款大眾市場的玩具 MR。 POTATO HEAD，1952 年推出的，像是博德之門 3 這樣的尖端電子遊戲。

What distinguishes us is the breadth and depth of our portfolio.

我們的獨特之處在於我們的產品組合的廣度和深度。

Hasbro generates nearly 70% of our revenue in categories outside traditional toys for kids, games, digital licensing compounds, while we have powerhouse brands for children, over 60% of our audience is 13 or older, representing the lifetime fandom we create with consumers of all ages, whether it's collecting Spidey and Friends action figure, to completing your collection of super rare Mox cards for MAGIC: THE GATHERING.

孩之寶近 70% 的收入來自傳統兒童玩具、遊戲、數位授權產品以外的類別，儘管我們擁有強大的兒童品牌，但超過 60% 的受眾年齡在 13 歲或以上，這代表著我們與各個年齡段的消費者共同打造的終身粉絲群，無論是收集蜘蛛俠和好朋友玩偶，還是收集《萬智牌》中極其稀有的 Mox 卡人和好朋友玩偶牌，還是收集《萬智牌》中極其稀有的 Mox 卡人和好朋友玩偶，還是收集《萬智牌》中極其稀有的 Mox 卡。

Our audience diversity, the lifetime nature of our fandom and the diversification of our brand portfolio gives us conviction to invest in the future of play.

我們的觀眾群體多樣性、粉絲的終身性以及我們品牌組合的多樣化使我們有信心投資於遊戲的未來。

As strong as our brands are, partners are the rocket fuel that helps them go supersonic.

我們的品牌非常強大，合作夥伴是助力我們飛向超音速的火箭燃料。

In the last three years, our licensing business has grown by 60%.

在過去三年裡，我們的授權業務成長了60%。

Hasbro is the third largest entertainment licensor on the planet and the biggest in Digital Games, by far the fastest-growing entertainment category of the last decade.

孩之寶是全球第三大娛樂授權商，也是最大的數位遊戲授權商，是過去十年中成長最快的娛樂類別。

Across Digital Games, occasion-based entertainment, and toys and merchandising partners, our brands are expected to see over $4 billion in incremental partner-led investments over the next three years.

在數位遊戲、基於場合的娛樂以及玩具和商品合作夥伴領域，我們的品牌預計在未來三年內獲得超過 40 億美元的增量合作夥伴主導的投資。

Our upcoming collaborations span blockbuster movies, themed hotels, cruise ships, quick-service restaurants, category-expanding toy partnerships and, of course, AAA video games.

我們即將開展的合作涵蓋大片電影、主題酒店、遊輪、快餐店、擴展類別的玩具合作夥伴關係，當然還有 AAA 電玩遊戲。

Our approach thrives on some of the most expansive inbound partnerships in the industry.

我們的方法依賴於業內一些最廣泛的入站合作夥伴關係。

Today, I'm pleased to announce two more.

今天，我很高興宣布另外兩項。

First off, today, we are unveiling an all-new licensing collaboration with Mattel, combining the creativity of PLAY-DOH with the empowering play of Barbie.

首先，今天，我們揭曉與美泰兒的全新授權合作，將培樂多彩泥的創意與芭比娃娃的賦能遊戲結合。

PLAY-DOH Barbie allows children to unlock their inner fashion designer, creating PLAY-DOH fashions with amazing ruffles, bows and realistic fabric textures, all made with every kid's favorite dough for a never-before-seen creativity experience.

培樂多芭比可以讓孩子們釋放內心的時裝設計師天賦，用每個孩子最喜歡的麵團製作出帶有驚艷褶邊、蝴蝶結和逼真織物紋理的培樂多時裝，帶來前所未有的創造力體驗。

Second, we have many new digital collaborations in the works, but I'm especially excited to announce this one today, being a personal fan of many of this team's games.

其次，我們正在籌備多項新的數位合作，但我今天特別高興地宣布這項合作，因為我自己就是該團隊多款遊戲的粉絲。

Hasbro and Sabre Interactive will be collaborating on an all-new video game partnership developed by the team behind 2024s megahit Warhammer 40,000 Space Marine 2, combining high octane single-player action an amazing multiplay with SABRE's Swarm Tech.

孩之寶 (Hasbro) 和 Sabre Interactive 將合作推出一款全新的電玩遊戲，由 2024 年的超級熱門遊戲《戰鎚 40,000 星際戰士 2》背後的團隊開發，將高辛烷值的單人動作和驚人的多人遊戲與 SABRE 的 Swarm Tech 相結合。

This new AAA title, one of our tentpole IPs is sure to be a hit.

這個新的 AAA 作品，作為我們的主打 IP 之一，肯定會大受歡迎。

Playing to Win is grounded in five strategic building blocks.

「為贏而戰」戰略以五大戰略基石為基礎。

First, Hasbro's unique advantage in aging up, driving play experiences for fans of all ages, whether it's through retail partners like Amazon, Walmart, Smiths, or Target or via our growing direct initiatives, including Hasbro Pulse, Magic Secret Lair, and D&D Beyond.

首先，孩之寶在年齡增長方面具有獨特的優勢，為所有年齡段的粉絲提供遊戲體驗，無論是透過亞馬遜、沃爾瑪、史密斯或塔吉特等零售合作夥伴，還是透過我們日益增長的直接計劃，包括 Hasbro Pulse、Magic Secret Lair 和 D&D Beyond。

Second, leadership in digital play.

第二，數位化遊戲領導。

We've been investing in video games for over seven years through our portfolio of over a dozen projects in various stages of development, coupled with 100-plus licensing partnerships.

七年多來，我們一直在投資電玩遊戲，我們的投資組合包括十幾個處於不同開發階段的項目，並擁有超過 100 個授權合作夥伴。

I'm excited to show off our first project, Exodus to the world when we launch it in 2026.

我很高興能夠在 2026 年推出我們的第一個專案 Exodus 時向全世界展示它。

James Olin, the creative visionary behind Exodus has triggered of success.

Exodus 背後的創意夢想家 James Olin 已經取得成功。

Serving as a design leader for Baldur's Gate 1 and 2 as well as the Creative Director during the golden age of BioWare who helped to helm the creation of the Dragon Age and Mass Effect franchises.

曾擔任《博德之門 1》和《博德之門 2》的設計負責人以及 BioWare 黃金時代的創意總監，幫助掌舵《龍騰世紀》和《質量效應》系列的創作。

Our third building block, everyone plays will drive Hasbro's expansion in fashion dolls and girls collectibles and leverage our much-improved supply chain efficiency to better serve emerging markets and value channels globally.

我們的第三個基石是“人人參與”，它將推動孩之寶在時尚玩偶和女孩收藏品領域的擴張，並利用我們大大提高的供應鏈效率，更好地服務於全球新興市場和價值渠道。

You'll see some early payoff in these areas from audience expanding play and collectible innovation later this year with some new announcements we have in store next week at New York Toy Fair.

今年晚些時候，您將從觀眾擴大遊戲和收藏品創新中看到這些領域取得的一些早期回報，我們將於下週在紐約玩具展上發布一些新公告。

Partnership, our fourth building block will continue to be a huge part of our story with projects in the work spanning everything from new toy collaborations, new universes beyond partners with MAGIC, new video game partnerships, AI-enabled games and toys and major new location-based entertainment investments from partners around the world.

合作夥伴關係是我們的第四個基石，將繼續成為我們故事的重要組成部分，正在進行的項目涵蓋了從新玩具合作、與 MAGIC 合作之外的新世界、新的視頻遊戲合作夥伴關係、支持人工智能的遊戲和玩具，到來自世界各地合作夥伴的重大新實景娛樂投資。

Our fifth and most important strategic building block is profitable franchises.

我們的第五個也是最重要的策略基石是獲利特許經營權。

This doesn't mean just driving our brands through innovation and partnership.

這並不意味著僅僅透過創新和合作來推動我們的品牌。

It means operating them with excellence from our supply chain to our managed cost discipline to our retail execution.

這意味著從我們的供應鏈到我們的成本管理紀律到我們的零售執行，我們都以卓越的方式運作。

As part of this pillar, I'm pleased to announce we are increasing our cost target from $750 million by the end of 2025, a goal we are well on our way to achieving to $1 billion in total annual gross savings by 2027, with 50% flowing to the bottom line.

作為這一支柱的一部分，我很高興地宣布，我們將把成本目標從 2025 年底的 7.5 億美元提高到 2027 年的 10 億美元，這一目標預計將實現，其中 50% 將用於盈利。

Playing to Win marks an important pivot for the company, a return to growth.

「為贏而戰」標誌著公司的一個重要轉折點，即恢復成長。

In 2025, we are projecting modest revenue growth, coupled with continued margin expansion.

到 2025 年，我們預計營收將溫和成長，利潤率也將持續擴大。

Through 2027, we are projecting a mid-single-digit revenue CAGR with continued operating profit improvement.

到 2027 年，我們預計收入複合年增長率將達到中等個位數，營業利潤也將持續提高。

Powered by a killer entertainment slate, all nutrition, and major launches from our multiyear digital investments.

由殺手級娛樂板塊、所有營養成分以及我們多年數位投資的重大發布提供支援。

When we play to win, we play to grow.

當我們為了勝利而比賽時，我們是為了成長而比賽。

In 2025, the first elements of our multiyear strategy will start to play out.

2025年，我們的多年期策略的首批要素將開始發揮作用。

MAGIC is poised to have its biggest year ever as we launched three Universes Beyond sets, starting with the blockbuster Final Fantasy in June.

隨著我們推出三部《超越宇宙》系列，MAGIC 即將迎來有史以來最輝煌的一年，第一部是六月的轟動一時的大片《最終幻想》。

Featuring characters, items, and moments from all 16 mainline games of the beloved series, Final Fantasy has the potential to be our biggest MAGIC release yet and we'll continue to drive best-in-class partner IP across the MAGIC play system with Spider-Man and a yet to be disclosed Universes Beyond set in the past.

《最終幻想》包含了深受喜愛的系列所有 16 款主線遊戲中的人物、物品和場景，有可能成為我們迄今為止最大的 MAGIC 發行，我們將繼續在 MAGIC 遊戲系統中推動一流的合作夥伴 IP，包括蜘蛛人和尚未披露的過去設定的宇宙之外。

Stay tuned for more details at this weekend's MAGIC Con in Chicago.

請繼續關注本週末在芝加哥舉行的 MAGIC Con 以了解更多詳情。

And going beyond cards, we expect Magic's reach to grow wider than ever through content like the newly announced animated Netflix series, and live action film and TV series from Legendary Entertainment.

除了紙牌之外，我們預計，透過新發布的 Netflix 動畫系列以及傳奇娛樂的真人電影和電視劇等內容，萬智牌的影響力將比以往任何時候都更加廣泛。

D&D is also set up to continue its recent momentum.

D&D 也將延續​​其近期的發展動能。

This week, we released the widely anticipated 2025 Monster Manual with strong initial orders.

本週，我們發布了廣受期待的 2025 年版《怪物手冊》，並獲得了強勁的初步訂單。

We'll continue to build the D&D community, leveraging D&D Beyond as a marketplace.

我們將繼續建立 D&D 社區，利用 D&D Beyond 作為市場。

With many third-party publishing releases set for the first half, and the future of D&D's wider franchise ambitions is strong with all new video games and new entertainment on the horizon, including a new streaming series in development, the Forgotten Realms from Netflix and executive producer, Shawn Levy.

隨著許多第三方出版物定於上半年發布，以及所有新視頻遊戲和新娛樂即將問世，D&D 更廣泛的特許經營野心的未來前景光明，其中包括正在開發的新流媒體系列、Netflix 的《被遺忘的國度》和執行製片人肖恩·利維 (Shawn Levy)。

And in Board Games, the team is focused on driving growth through redesigned classics celebrating MONOPOLY's 90th anniversary, including our all new expansion packs and bringing to market fun new family games like CONNECT 4 FRENZY and rebounds that we're unveiling at Toy Fair next week.

在棋盤遊戲方面，團隊專注於透過重新設計的經典遊戲來推動成長，以慶祝《大富翁》問世 90 週年，其中包括我們全新的擴充包，以及向市場推出有趣的新家庭遊戲，例如我們將於下週在玩具展上揭曉的《CONNECT 4 FRENZY》和《籃板球》。

Last but not least, we have major new innovations across our toy portfolio, whether it's fun mashing collectibles, starting at $3.99 with Furby, amazing new action play with Mix Mashers allowing you to mix and match to customize your favorite Marvel, Star Wars and TRANSFORMERS superheroes or exciting new water-based outdoor play with SUPER SOAKER.

最後但同樣重要的一點是，我們的玩具產品組合都有重大創新，無論是有趣的搗碎收藏品（起價 3.99 美元的 Furby），令人驚嘆的全新動作玩具 Mix Mashers（可讓您混合搭配以定制您最喜愛的漫威、星球大戰和變形金剛超級英雄），還是令人興奮的全新水上戶外玩具 SUPER SOAKER。

Across price points, play patterns and age ranges, Hasbro is Playing to Win.

不論是價格點、遊戲模式還是年齡範圍，孩之寶都力求獲勝。

Playing to Win marks a new phase for Hasbro.

「Play to Win」 標誌著孩之寶進入了一個新階段。

One focus not just on cost discipline and improved profitability, but on growth and expanding our brands across new categories and new partnerships.

我們不僅關注成本控制和提高獲利能力，還關注成長以及在新的類別和新的合作夥伴關係中拓展我們的品牌。

I'll now turn over the call to Gina Goetter, our CFO and COO, to share details on our 2024 results and provide guidance for 2025 and beyond.

現在，我將把電話轉給我們的財務長兼營運長吉娜·戈特 (Gina Goetter)，分享我們 2024 年業績的詳細資訊並提供 2025 年及以後的指導。

Gina?

吉娜？

Thanks, Chris, and good morning, everyone. 2024 marked a year of significant improvement for Hasbro across several financial and operational measures.

謝謝，克里斯，大家早安。 2024 年是孩之寶在多項財務和營運指標上取得顯著進步的一年。

It was a year of putting wins on the board and resetting the foundation and profitable portfolio.

這是取得勝利並重置基礎和獲利投資組合的一年。

We continue to grow revenue in Wizards while meaningfully improving the trajectory of our Consumer Products business.

我們持續增加 Wizards 的收入，同時顯著改善我們的消費產品業務的發展軌跡。

We eliminated complexity across our product portfolio and within our operations allowing us to streamline our cost structure and maintain healthy inventory levels.

我們消除了整個產品組合和營運過程中的複雜性，從而簡化了成本結構並維持了健康的庫存水準。

The actions we took at the end of 2023 improved our cost structure via lower shipping and warehousing costs, scale advantages across our suppliers and reduced inventory obsolescence cost.

我們在 2023 年底採取的行動透過降低運輸和倉儲成本、跨供應商的規模優勢以及降低庫存過時成本改善了我們的成本結構。

And we built new capabilities and design to value to optimize product design, ultimately driving down costs while improving the play experience.

我們建立了新的功能和設計價值來優化產品設計，最終降低成本並改善遊戲體驗。

Altogether, we delivered $227 million of net cost savings and achieved a record operating margin.

總而言之，我們實現了 2.27 億美元的淨成本節約，並實現了創紀錄的營業利潤率。

With an asset-light and operationally efficient business model, we strengthened cash flow, allowing us to reduce debt and return cash to shareholders with our category-leading dividend.

憑藉著輕資產、高效的營運業務模式，我們加強了現金流，從而能夠減少債務，並透過領先的股息向股東返還現金。

Looking at our results mark closely starting with Q4, total Hasbro revenue was $1.1 billion, down 3% excluding the E1 divestiture, including E1, revenue declined 15%.

仔細查看從第四季度開始的業績，孩之寶的總收入為 11 億美元，若不包括 E1 業務剝離，則下降 3%，若包括 E1，則收入下降 15%。

Wizards revenue declined 7%, with the decline almost entirely driven by having one fewer set release in the quarter.

奇才隊的收入下降了 7%，下降幾乎完全是由於本季度發行的系列遊戲數量減少了。

As Chris mentioned, the momentum on the core business remains healthy as evidenced by growth in backlist and Secret Lair.

正如克里斯所提到的，核心業務的發展勢頭依然健康，從舊書和 Secret Lair 的成長可以看出。

MONOPOLY GO!

大富翁！

contributed $38 million of revenue behind robust player retention and marketing effectiveness.

透過強大的玩家保留率和行銷效果，貢獻了 3800 萬美元的收入。

Consumer Products declined 1% behind exited brands and reduced closeout volume.

由於品牌退出和清倉量減少，消費品銷量下降 1%。

We continue to see growth in licensing and benefited from lower promotional discounts across retailers.

我們繼續看到許可證業務的成長，並受益於各零售商較低的促銷折扣。

Q4 adjusted operating profit was $113 million for an adjusted operating margin of 10.2% over a 14-point improvement year-on-year, driven by the lap of recurring items, favorable business mix and supply chain productivity.

第四季調整後營業利潤為 1.13 億美元，調整後營業利潤率為 10.2%，比去年同期提高 14 個百分點，這得益於經常性項目的收益、有利的業務組合和供應鏈生產力。

Q4 adjusted net earnings were $64 million with diluted earnings per share of $0.46, benefiting from improved profitability and tax rate favorability.

第四季調整後淨利為 6,400 萬美元，每股攤薄收益為 0.46 美元，受益於獲利能力提高和稅率優惠。

For the full year, total Hasbro revenue was $4.1 billion, down 7%, excluding the E1 divestiture, including E1, revenue declined 17%.

全年來看，孩之寶總營收為 41 億美元，年減 7%，不包括 E1 業務的剝離，包含 E1 在內，營收年減 17%。

The Wizards revenue grew 4%, benefiting from the success of MONOPOLY GO!

由於《MONOPOLY GO!》的成功，巫師的營收成長了 4%。

and solid performance from MAGIC.

以及 MAGIC 的出色表現。

The profitable mix of revenue, a record profit margin for Wizards at 41.8%, almost a six-point improvement over last year.

收入的獲利組合，巫師的利潤率創下了 41.8% 的歷史新高，比去年同期提高了近 6 個百分點。

Consumer Products revenue was down 12% as growth in our licensed Consumer Products business was more than offset by exited brands, reduced closeouts and softer volume, namely across NERF and Star Wars.

消費品收入下降了 12%，因為我們授權的消費品業務的成長被退出品牌、清倉減少和銷售疲軟（尤其是 NERF 和星際大戰）所抵消。

Despite this segment decline, we saw growth in several brands, including Beyblade, Furby and My Little Pony, and we continue to improve the profitability of the segment resulting in a 6% adjusted operating margin or 6.7 point improvement versus last year.

儘管該分部出現下滑，但我們看到多個品牌均實現成長，包括 Beyblade、Furby 和 My Little Pony，而且我們繼續提高該分部的盈利能力，調整後營業利潤率較去年同期上升 6.7 個百分點。

On a reported basis, Entertainment segment revenue declined by 88% given the sale of E1.

據報道，由於 E1 的出售，娛樂部門收入下降了 88%。

Absent this impact, revenue declined 4% and finished within our expectations.

如果沒有這個影響，收入下降了 4%，並且符合我們的預期。

Total Hasbro adjusted operating profit was [$839 million] (corrected by company after the call), up 76% versus last year, reflecting the lap of nonrecurring inventory costs, favorable business mix and cost savings.

孩之寶調整後總營業利潤為 8.39 億美元（公司在電話會議後進行了更正），較去年同期增長 76%，這反映了非經常性庫存成本、有利的業務組合和成本節約的影響。

We delivered $370 million of gross cost savings and $227 million of net cost savings and continue to track ahead of schedule to achieve the $750 million savings goal by the end of 2025.

我們實現了 3.7 億美元的總成本節約和 2.27 億美元的淨成本節約，並繼續提前實現到 2025 年底節省約 7.5 億美元的目標。

Adjusted net earnings of $563 million was up $214 million versus last year, leading to a $4.01 earnings per diluted share.

調整後淨利為 5.63 億美元，較去年同期成長 2.14 億美元，每股攤薄收益為 4.01 美元。

Operating cash flow for the full year was $847 million, an improvement of $122 million, and we ended the year with $695 million in cash on our balance sheet, after investing about $200 million back into the business to support organic growth.

全年經營現金流為 8.47 億美元，增加了 1.22 億美元，在向業務重新投資約 2 億美元以支持有機增長後，我們在年底的資產負債表上擁有 6.95 億美元的現金。

Additionally, we reduced debt by $83 million in Q4, bringing our gross leverage ratio to 3.2 times adjusted EBITDA and our net debt ratio to 2.5 times.

此外，我們在第四季度減少了 8,300 萬美元的債務，使我們的總槓桿率達到調整後 EBITDA 的 3.2 倍，淨負債率達到 2.5 倍。

We also returned $390 million of capital to our shareholders via dividends.

我們也透過股息向股東返還了 3.9 億美元的資本。

Looking to 2025 and beyond, we are excited to launch our updated strategy, Playing to Win, which is anchored in play and partnerships while continuing to drive additional excellence.

展望 2025 年及以後，我們很高興推出我們的最​​新戰略“為贏而戰”，該戰略以遊戲和合作夥伴關係為基礎，同時繼續推動卓越的發展。

Playing to Win is centered around five key strategic building blocks, targeted operational transformation initiatives and an investment framework that prioritizes spend and resources across our major brands, channels and markets to deliver strong financial returns.

「為贏而戰」的核心是五大關鍵策略基石、有針對性的營運轉型舉措以及一個投資框架，該框架優先考慮我們主要品牌、通路和市場的支出和資源，以實現強勁的財務回報。

The five building blocks that Chris described reinforce each other.

克里斯所描述的五個基石是相輔相成的。

And when coupled with our unmatched IP and improved capabilities drive a positive flywheel that serves to reinforce Hasbro's competitive advantage and positions us for growth.

當與我們無與倫比的智慧財產權和改進的能力相結合時，就會形成一個積極的飛輪，有助於增強孩之寶的競爭優勢，並為我們的成長做好準備。

Underlying the strategy, we are planning for the toy industry to be relatively flat over the next three years with growth peaks driven by strength in the broader entertainment slate.

根據該策略，我們計劃未來三年內玩具產業將保持相對平穩，而更廣泛的娛樂產業的強勁成長將推動產業達到成長高峰。

Emerging market growth and aging up of the consumer will influence our innovation priorities and the broader video gaming market will continue to accelerate, driven by the next generation of console releases.

新興市場的成長和消費者的老化將影響我們的創新重點，並且在下一代遊戲機發布的推動下，更廣泛的電玩市場將繼續加速發展。

Through Playing to Win, we expect Hasbro's business mix to continue shifting aligning more with how we see the future of play patterns.

透過“玩出勝利”，我們預計孩之寶的業務組合將繼續轉變，更加符合我們對未來遊戲模式的看法。

We expect through 2027 that our digital and partner-driven licensing will represent about 1/4 of the corporate revenue mix.

我們預計，到 2027 年，我們的數位和合作夥伴驅動的授權將佔企業收入結構的約 1/4。

We also expect the broad definition of gaming to grow its contribution to our revenue mix through this period, including board games, trading cards, digital licensing, and video games.

我們也預計，廣義的遊戲將在此期間增加其對我們收入組合的貢獻，包括棋盤遊戲、集換式卡牌遊戲、數位授權遊戲和電玩遊戲。

This combination of growing high-margin revenue streams, while our brand scale through partnerships will sustain our investment towards our biggest opportunities, including MAGIC and self-publishing video games, as well as continue to support the innovation pipeline for toys.

不斷增長的高利潤收入流與透過合作擴大的品牌規模相結合，將維持我們對最大機會的投資，包括 MAGIC 和自助出版視頻遊戲，並繼續支持玩具的創新管道。

As we think about the major brands, channels and markets in which operate, a new prioritization framework will ensure we're driving the best returns on our investments.

當我們考慮主要品牌、通路和市場時，新的優先框架將確保我們獲得最佳的投資回報。

Growth brands with the highest growth in margin potential like MAGIC and PLAY-DOH and new business opportunities like our self-published video games, including 2026's released, Exodus, who will receive higher incremental investments.

利潤成長潛力最高的成長品牌，如 MAGIC 和 PLAY-DOH，以及新的商業機會，如我們自行發布的視訊遊戲，包括 2026 年發布的 Exodus，將獲得更高的增量投資。

Opportunities with a lower growth or margin profile, we'll see more targeted investments to maintain share and optimize profitability.

對於成長或利潤率較低的機會，我們將看到更有​​針對性的投資，以保持份額並優化獲利能力。

And for brands like NERF, which are facing structural category headwinds, the focus will be towards reinventing the business model to ultimately put it on a path towards renewed profitability.

對於像 NERF 這樣面臨結構性品類阻力的品牌來說，重點將放在重塑商業模式上，最終讓其走上重新獲利的道路。

In addition to having the right strategic building blocks and prioritization framework in place, it is also imperative we maintain operational rigor and continue to transform the business.

除了擁有正確的策略基石和優先順序框架之外，我們還必須保持營運嚴謹性並繼續轉變業務。

We have multiple initiatives underway across the organization, including the continued modernization of our IT and back office systems to speed up decision-making and reduce costs, improving the agility of our design process to bring products to market faster and the evergreen initiative of driving supply chain cost productivity inflation.

我們在整個組織內正在實施多項舉措，包括繼續對我們的 IT 和後台系統進行現代化改造，以加快決策速度並降低成本，提高我們的設計流程的靈活性以更快地將產品推向市場，以及推動供應鏈成本生產率上漲的常青舉措。

The transformation we have driven over the past two years has put us well on our way to hitting our goal of $750 million of gross cost savings through 2025 and we now have line of sight to reach $1 billion in savings 2027.

我們在過去兩年中推動的轉型使我們有望實現到 2025 年節省 7.5 億美元的總成本的目標，現在我們的目標是在 2027 年節省 10 億美元。

This step-up is a result of changing how we work and building on the significant progress we have already made with supply chain.

這項進步是我們改變工作方式以及在供應鏈已取得重大進展的基礎上所取得的成果。

The expected cost savings, coupled with a pivot back to revenue growth, will drive healthy profit and cash flow, allowing us to stay committed to our capital allocation priorities of investing in the business, paying down debt and returning cash to shareholders via the dividend.

預期的成本節約加上收入成長將推動健康的利潤和現金流，使我們能夠繼續致力於我們的資本配置重點，即投資於業務、償還債務並透過股息向股東返還現金。

As cash flow increases in 2026 driven by video game monetization, we will create the opportunity for an even more balanced capital allocation framework.

隨著 2026 年電玩遊戲貨幣化推動現金流增加，我們將創造更平衡的資本配置框架的機會。

Turning to guidance for 2025.

轉向2025年的指導。

We expect total Hasbro revenue to be up slightly year-over-year on a constant currency basis.

我們預計，以固定匯率計算，孩之寶的總收入將比去年同期略有成長。

Total Wizards revenue is forecasted to grow between 5% to 7%, driven by expected strength in MAGIC on the back of three Universes Beyond set releases.

預計巫師總收入將成長 5% 至 7%，這得益於三款 Universes Beyond 系列發布後魔法書預期的強勁增長。

Given this set timing, we expect stronger growth quarters in Q1 and Q4.

鑑於這一既定時間，我們預計第一季和第四季的成長將更加強勁。

Licensed digital games will be flat as contributions from a full year and MONOPOLY GO!

授權數字遊戲的貢獻將與全年的貢獻持平，並且 MONOPOLY GO！

will offset the moderation of Baldur's Gate 3.

將抵銷《博德之門 3》的節制。

Wizard's operating margin will be between 39% and 40% and with a step down from last year, largely driven by the income royalty expenses for Magic Universes Beyond tentpole sets.

Wizard 的營業利潤率將在 39% 至 40% 之間，較去年有所下降，這主要得益於 Magic Universes Beyond 主打系列的收入特許權使用費支出。

Consumer Products revenue will be flat to down 4%.

消費品收入將持平或下降 4%。

This includes a roughly four-point headwind from two businesses.

其中包括來自兩家企業約四個百分點的逆風。

NERF, due to the structural category declines and Star Wars on the back of a light entertainment slate.

NERF，由於結構性類別的下降和《星際大戰》的輕娛樂性。

We expect closeout volume to be relatively flat year-over-year and exited brands will not be a material headwind.

我們預計清倉量將與去年同期相比相對持平，退出的品牌不會成為實質的阻力。

From a phasing standpoint, primarily due to late Easter, we expect Q1 revenue to be down mid- to high single digits before demonstrating sequential year-over-year improvement.

從分階段的角度來看，主要是由於復活節較晚，我們預計第一季的收入將下降中高個位數，然後才出現連續的同比改善。

Consumer products operating margin will be between 8% and 10%, with a step-up driven by ongoing cost savings.

消費品營業利潤率將在 8% 至 10% 之間，並隨著持續的成本節約而不斷提升。

Given the volume stability across most business lines, we expect to see minimal impact from volume deleverage.

鑑於大多數業務線的銷售穩定，我們預期銷售去槓桿的影響將微乎其微。

Entertainment revenue is expected to be flat with an operating margin of approximately 50%.

娛樂收入預計持平，營業利潤率約 50%。

Total Hasbro adjusted EBITDA is forecasted to be $1.1 billion to $1.15 billion, the increase versus last year is primarily driven by the continued profitability improvement in consumer products.

孩之寶調整後的 EBITDA 預計為 11 億美元至 11.5 億美元，較去年同期的成長主要得益於消費品獲利能力的持續改善。

Our guidance includes the anticipated impact of US tariffs on imports from China and potential tariffs on Mexico and Canada imports as announced on February 1.

我們的指引包括 2 月 1 日宣布的美國對中國進口產品徵收關稅的預期影響以及對墨西哥和加拿大進口產品徵收的潛在關稅。

It also reflects mitigating actions we plan to take, including leveraging the strength of our supply chain and potential pricing.

它也反映了我們計劃採取的緩解措施，包括利用我們供應鏈的優勢和潛在的定價。

We also continue to diversify our manufacturing footprint to create optionality as we navigate the trade environment, and we are on a path to move from 50% of our US toy and game volume originating from China to under 40% over the next two years.

我們也將繼續多元化我們的製造足跡，以在貿易環境中創造可選性，並且我們正朝著在未來兩年內將美國玩具和遊戲產量的 50% 來自中國轉變為 40% 以下的目標邁進。

We expect to spend approximately $250 million in project capital with half to support our internal video game development and the balance to support organic growth in toy as well as the various transformation initiatives across the organization.

我們預計將花費約 2.5 億美元的專案資本，其中一半用於支持我們的內部視訊遊戲開發，其餘用於支持玩具的有機成長以及整個組織的各種轉型計劃。

We expect operating cash to be roughly flat and to sufficiently fund our existing capital allocation priorities.

我們預計營運現金將大致持平，並足以資助我們現有的資本配置重點。

And the Board has declared our next quarterly dividend payable in March.

董事會已宣布我們將於三月支付下一季股息。

As we look to the Playing to Win strategy out beyond 2025, we expect total Hasbro revenue to grow at a mid-single-digit growth rate from 2025 through 2027 with the acceleration driven by momentum in MAGIC, a stronger entertainment slate in toys and the launch of internally published video games, starting with Exodus in 2026.

展望 2025 年以後的「為贏而戰」策略，我們預計孩之寶的總收入將在 2025 年至 2027 年期間以中等個位數增長率增長，而推動這一增長的因素包括 MAGIC 的發展勢頭、玩具領域更強勁的娛樂產品陣容以及內部發布的視頻遊戲（從 2026 年的《埃及記》開始的《埃及記》開始的《埃及記》。

We expect Hasbro operating margin to expand on average by 50 to 100 basis points annually with the favorable revenue mix shift improve toy profitability and continued cost savings towards our $1 billion goal.

我們預計孩之寶的營業利潤率每年將平均擴大 50 到 100 個基點，有利的收入組合轉變將提高玩具的盈利能力，並繼續節省成本，朝著 10 億美元的目標邁進。

We also expect to reach our gross leverage target of 2.5 times or better by 2026 through a combination of debt paydown and EBITDA growth.

我們也預計，到 2026 年，透過償還債務和 EBITDA 成長，我們的總槓桿率將達到 2.5 倍或更高。

In closing, after significant progress in our turnaround over the last two years, Hasbro is stronger, focused, and ready to execute our latest strategic plan.

最後，經過過去兩年在轉型過程中取得的重大進展，孩之寶變得更加強大、更加專注，並準備好執行我們最新的策略計畫。

We have developed a strategy that capitalizes on our unique strengths and market advantages and is focused on creating profitable growth that positions us to drive long-term value for all of our stakeholders.

我們制定了一項策略，利用我們獨特的優勢和市場優勢，並專注於創造獲利性成長，從而為所有利害關係人創造長期價值。

Special thank you to all of our employees, partners and customers for your thought leadership and partnership as we turn the page to this next chapter and play to win.

特別感謝我們所有的員工、合作夥伴和客戶，感謝你們的思想領導和合作精神，讓我們翻開新的篇章，為勝利而戰。

And with that, we will take your questions.

接下來我們將回答您的問題。

(Operator Instructions) Megan Clapp, Morgan Stanley.

（操作員指示）摩根士丹利的梅根·克拉普（Megan Clapp）。

Maybe I could start, I just wanted to ask about the Consumer Products top line guide.

也許我可以開始，我只是想問一下有關消費品頂線指南的問題。

Excluding that four-point headwind from NERF and Transformers, you're implying the rest of the portfolio’s kind of flat to up 4%, which is pretty strong.

排除 NERF 和變形金剛帶來的 4 個百分點的逆風，你暗示投資組合中的其餘部分將持平至上漲 4%，這是相當強勁的。

Can you talk about what your expectation for industry POS is?

能否談談您對產業POS的期望是什麼？

I think you said flat over '25 to '27.

我認為您說的是 25 年至 27 年間持平。

Is that consistent in '25 as well?

這與 '25 也一致嗎？

And then how are you thinking about market share performance.

那麼您如何看待市場佔有率的表現？

If I look at your performance in the fourth quarter, it does seem like you still lost a bit of share in most of your categories.

如果我看一下你們在第四季的表現，似乎你們在大多數類別中仍然失去了一些份額。

If you could just kind of contextualize how you're thinking about the industry and market share ex those two brands, NERF and Star Wars, that would be helpful.

如果您能以 NERF 和星際大戰這兩個品牌為例，描述一下您對行業和市場份額的看法，那將會很有幫助。

Thanks for the question.

謝謝你的提問。

I think Gina and I will tag team on it.

我想我會和吉娜一起合作。

Yes.

是的。

I think we're thinking the toy industry is in the plus or minus 1% for this year, so call it flattish.

我認為我們認為今年玩具業的成長率在正或負 1% 之間，所以可以稱之為持平。

That assumes our expectations on what's going on with the China tariffs as announced on February 1, but doesn't really factor in anything else that might happen in terms of government policy over the next couple of months because that's a little bit of an unknown.

這是根據我們對 2 月 1 日宣布的中國關稅情況的預期得出的結論，但並未真正考慮未來幾個月政府政策方面可能發生的任何其他變化，因為這有點未知。

We think trading cards and building blocks are probably the drivers of the toy category right now outside of that.

我們認為，除此之外，交易卡和積木可能是目前玩具類別的驅動力。

The balance of categories are probably down low single digits.

類別的餘額可能下降了個位數。

And as we look at our own portfolio, we feel pretty good about what we see in terms of our entertainment slate.

當我們審視我們自己的投資組合時，我們對我們的娛樂項目感到非常滿意。

Captain America had a pretty good opening weekend.

《美國隊長》的首映週末表現相當不錯。

We saw some pretty nice POS lifts.

我們看到了一些非常好的 POS 升降機。

So we're seeing the business respond.

所以我們看到了企業的反應。

We've got a lot going on inside of preschool that we'll be announcing at Toy Fair that we weren't prepared to talk about today, but we think that those will have some lifts.

我們在幼兒園內部有很多事情要做，我們會在玩具展上宣布一些我們今天沒有準備要談論的事情，但我們認為這些事情會帶來一些幫助。

We like some of the things that we're doing inside of girl collectibles.

我們喜歡在女孩收藏品中做的一些東西。

We also like a lot of the price point innovation we've been driving across our supply chain.

我們也喜歡我們在整個供應鏈中推動的許多價格點創新。

So I think you're going to see Hasbro be a lot stronger at sub-$10 and sub-$20 which is an area that I think we've under-indexed and been a little off trend on, but we think will be very on trend this year.

因此，我認為你會看到孩之寶在 10 美元以下和 20 美元以下的價格區間表現更為強勁，這是一個我們低估且有點偏離趨勢的領域，但我們認為今年它將非常符合趨勢。

And then when you add on top of that, so that's CP, what's happening in Wizards, MAGIC should have a very strong year.

然後當你添加這些，這就是 CP，奇才隊發生的事情，MAGIC 應該會度過非常強勁的一年。

And as we said, we think our licensing segments overall across digital and CP will probably be roughly flat this year, but still a nice contributor of profit for us.

正如我們所說，我們認為今年我們的數位和 CP 授權部分總體上可能基本持平，但仍是我們利潤的良好貢獻者。

Yes.

是的。

Megan, build on that, morning, by the way.

順便說一下，梅根，早安，繼續努力。

My build, if you look at the couple of businesses that we called out in our prepared remarks, that are impacting the guide but also really impacted our Q4 performance.

我的觀點是，如果你看一下我們在準備好的評論中提到的幾家企業，你會發現它們不僅影響了指南，而且確實影響了我們第四季度的業績。

Our Star Wars and then in NERF.

我們的《星際大戰》然後是《NERF》。

So when you -- from a share perspective in Q4, those two had a disproportionate drag.

因此，從第四季度的份額角度來看，這兩家公司受到了不成比例的拖累。

The other thing to keep in mind over the course of the year, but then really in Q4 as well.

另一件事是需要在整個一年中牢記的，但實際上在第四季度也同樣需要牢記。

We had less closeout volume.

我們的清倉量較少。

So we've talked about this on a few past calls.

我們在過去的幾次通話中已經討論過這個問題。

Overall for the year, our closeout volume was down about $100 million of revenue.

整體來看，今年我們的清倉量減少了約 1 億美元的收入。

It was about $40 million down in Q4.

第四季下降了約 4,000 萬美元。

That's very good for us from a profitability standpoint, but it absolutely does impact the top line and ultimately the share results that you're seeing.

從獲利能力的角度來看，這對我們來說非常好，但它確實會影響營收，並最終影響您看到的股價表現。

So as we look into '25, closeouts will be relatively flat year-over-year.

因此，當我們展望25年時，清倉量將與去年同期相比相對持平。

We're not expecting that huge kind of pulled down that we saw in 2024.

我們預計不會有 2024 年那樣大幅的下滑。

It will be relatively flat.

它會相對平坦。

But the share -- share gains in many categories, but we'll continue to be challenged with Star Wars and NERF.

但許多類別的份額都在增長，但我們仍將繼續面臨《星際大戰》和 NERF 的挑戰。

Okay.

好的。

Understood.

明白了。

And then maybe a kind of two-part follow-up.

然後可能會有兩部分的後續行動。

First is just a little bit of a clarification on the medium-term guidance.

首先，稍微澄清一下中期指導。

So you talked about 50 to 100 basis points of average margin expansion per year.

所以您談到了平均每年利潤率成長 50 到 100 個基點。

You're guiding to over 100 here in 2025 at the midpoint.

您預計到 2025 年這個數字將超過 100。

So the first is just a clarification.

因此，首先需要澄清的是。

Is that 50 to 100 bps per year cumulative, i.e., 150 to 300 over three years?

是每年累計增加 50 到 100 個基點，也就是三年內增加 150 到 300 個基點？

Or is it that the goal is to grow 50 to 100 basis points per year kind of regardless of the starting point?

還是說無論起點如何，目標都是每年成長 50 到 100 個基點？

And then the second part of the question is, how should we think about the self-publishing video games as those start to become a bigger part of the business?

問題的第二部分是，當自助出版電玩遊戲開始成為業務中更重要的組成部分時，我們應該如何看待它？

How should we think about how that is embedded into your margin expansion goals?

我們應該如何思考將其融入您的利潤擴大目標中？

Yes.

是的。

Great question.

好問題。

Great question.

好問題。

So how you phrase the margin accretion.

那你要如何表述獲利成長呢？

I will say it's cumulative.

我想說這是累積的。

So every year, we're looking to grow 50 to 100 basis points.

因此，我們希望每年增長 50 到 100 個基點。

So it will get over to a three-point span over the course of our strategic plan.

因此，在我們的策略計劃中，它將跨越三點。

From how video game starts to play into it, so when you think of what we've been doing, we've been capitalizing all of the expense for that development.

從電玩遊戲如何開始發揮作用開始，當你想到我們一直在做的事情時，你會發現我們一直在為這項開發投入所有費用。

And then when the video game launches, we will see upticks in revenue from the unit sales.

當視頻遊戲發布後，我們將看到單位銷售收入的上升。

We'll see upticks in absolute profit dollars from the profit driven by those unit sales.

我們將看到由這些單位銷售額推動的利潤帶來絕對利潤的上升。

And then we will see a nice infusion of cash.

然後我們將看到大量現金的注入。

The offset, though, is in the margin because we will start to depreciate out that expense that we've been capitalizing.

不過，抵銷額是在利潤中，因為我們將開始折舊我們已經資本化的費用。

So some of the give-back in margin will come as a result of the video game monetization, but ultimately, we'll be in a better profit situation and a better cash flow situation.

因此，部分利潤的回饋將來自於電玩遊戲貨幣化，但最終我們將獲得更好的利潤狀況和更好的現金流狀況。

Christopher Horvers, JPMorgan Chase & Company.

摩根大通公司的克里斯多福‧霍弗斯 (Christopher Horvers)。

So first, a follow-up on the prior question.

首先，讓我們來跟進一下前面的問題。

I know you mentioned Captain America starting to see some pickup on the POS side.

我知道您提到美國隊長開始在 POS 方面看到一些回升。

But there are a lot of questions that perhaps there was some holidays pull forward in general merchandise, February weakness, Hispanic consumer, weather, so on and so forth.

但也存在許多問題，也許是假期因素導致日用百貨商品銷售提前、2 月銷售疲軟、西班牙裔消費者購買力下降、天氣不佳等。

So could you possibly peel out the business in the US as what you've seen in January and February a bit more?

那麼，您是否有可能像您在一月和二月看到的那樣，進一步剝離美國的業務？

Sure.

當然。

We're actually having a decent start to the year.

事實上，我們今年的開局不錯。

Can't go into too many details because this is the Q4 call as opposed to the Q1 call.

無法透露太多細節，因為這是第四季的電話會議，而不是第一季的電話會議。

But generally speaking, our thesis for the year is playing out in what we've seen in the first six weeks of the year.

但總體而言，我們今年的論文是根據今年前六週的情況展開的。

Yes, Chris, my build was -- we had a -- we felt really good about how the holidays played out for us.

是的，克里斯，我的想法是——我們——我們對假期的安排感到非常滿意。

We didn't feel like we had a significant amount of pull-in or weird merchandising activity was happening in Q4.

我們感覺第四季並沒有出現大量的拉動或奇怪的商品推銷活動。

As we look at Q1, in my prepared remarks, I talked about how Q1 will be down mid- to high single digits.

回顧第一季度，我在準備好的發言中談到了第一季的銷售額將下降中高個位數。

And what we're seeing play through so far is tracking with that.

到目前為止，我們看到的情況都是與此相符的。

Generally speaking, our retail inventory around the world is flat to down as we entered the quarter.

總體而言，進入本季度，我們全球零售庫存持平或下降。

Yes, that's underlying the question too.

是的，這也是問題的根本。

Yes, pretty clean.

是的，很乾淨。

Got it.

知道了。

And then as we think about the MAGIC business and the two big launches this year, maybe -- could you contextualize them relative to your experience on an individual basis relative to the experience that you saw in Lord of the Rings, please?

然後，當我們思考 MAGIC 業務和今年的兩大發布會時，也許——您能否根據您在《魔戒》中看到的經歷，結合您個人的經歷，將它們具體化呢？

Yes, sure.

是的，當然。

So certainly we think Final Fantasy has a good chance of taking the crown of best-selling MAGIC set and history.

所以我們當然認為《最終幻想》很有可能奪得最暢銷的魔法系列和歷史桂冠。

I'll give you a very recent example.

我給你舉一個最近的例子。

Just the other day, we launched preorders for gift bundles for Final Fantasy, Commander gifts and gift bundles.

就在前幾天，我們開始了《最終幻想》禮品包、指揮官禮物和禮品包的預訂。

For Lord of the Rings, those took a week to sell out.

對於《魔戒》來說，這些只需要一週時間就銷售一空。

For Final Fantasy, it took an hour to sell out.

《最終幻想》一小時後就銷售一空。

So we think Final Fantasy will do pretty well.

因此我們認為《最終幻想》將會表現不俗。

I don't think you can necessarily quantify that absolutely, but there absolutely is a lot of demand.

我認為你不一定能夠絕對量化這一點，但絕對存在很大的需求。

And then Spider-Man, we feel like that will do well.

然後是《蜘蛛人》，我們覺得它會表現得很好。

Now I think the important thing to note on Spider-Man is it's a little bit of a different complexion of a set in terms of what's incorporated into it.

現在我認為《蜘蛛人》需要注意的重要一點是，從融入其中的內容來看，它的場景略有不同。

Final Fantasy and Lord the Rings had Commander decks, which usually constitute a fairly big hunk of assets total volume.

《最終幻想》和《魔戒》都有指揮官卡組，這通常構成了資產總量的相當大的一部分。

Spider-Man will be standard only cards.

蜘蛛人將是標準卡。

There won't be any kind of pre-conducts.

不會有任何形式的預先行為。

So that will make it a bit smaller.

這樣它就會變得小一點。

But again, when we did our first Secret Lair drops for Marvel in December, those things sold out within minutes.

但是，當我們在 12 月首次為漫威推出 Secret Lair 商品時，那些東西幾分鐘內就會售罄。

So we think both of these releases have very strong innate demand, both from existing Magic players and just as importantly, from adjacent fans who we think could be new to magic, and that's what we think the real power of Universes Beyond is, which is building the MAGIC installed base.

因此，我們認為這兩個版本都具有非常強烈的內在需求，既來自現有的 Magic 玩家，也來自我們認為可能是新接觸 Magic 的相鄰粉絲，這就是我們認為 Universes Beyond 的真正力量所在，它正在建立 MAGIC 安裝基礎。

Eric Handler, ROTH MKM.

艾瑞克·漢德勒（Eric Handler），ROTH MKM。

Gina, I wonder if we could dig in a little bit on your medium-term guidance.

吉娜，我想知道我們是否可以稍微深入了解您的中期指導。

So you're expecting mid-single-digit sort of CAGR.

因此，您預計複合年增長率將達到中等個位數。

So if 2025 is going to be, let's call it, flattish on a constant currency basis.

因此，如果 2025 年以固定匯率計算，我們將稱之為持平。

Toys, you expect to be flattish for the next several years.

您預計玩具市場在未來幾年將保持穩定。

I'm not sure if you're thinking that MAGIC will have a tough comp in 2026.

我不確定您是否認為 MAGIC 在 2026 年將面臨艱難的競爭。

But like what's going to be driving this acceleration.

但什麼會推動這種加速呢？

Is it all video games and new licensing or just sort of help me with the road map here?

這都是電玩遊戲和新授權嗎，還是只是幫助我制定路線圖？

Yes.

是的。

Eric, good question.

埃里克，好問題。

So there's really three things that I'll point to that drive the uptake.

因此，我想指出三件事實際上推動了這一趨勢。

So first is MAGIC.

首先是魔法。

So MAGIC you just heard -- you could hear Chris smiling as he was answering that question, to MAGIC is going -- we're anticipating a strong year this year, but we are also anticipating continued strength as we move into '26 and '27.

所以你剛才聽到的“MAGIC”——你可以聽到克里斯在回答這個問題時微笑著，對於“MAGIC”，我們預計今年將是強勁的一年，但我們也預計在進入26年和27年時將繼續保持強勁勢頭。

We see the pipeline.

我們看到了管道。

We see the momentum on the business, the fundamental health of our fan base.

我們看到了業務的發展勢頭以及粉絲群的基本健康狀況。

So we feel good that MAGIC is set up for a good runway of growth.

因此，我們很高興看到 MAGIC 已建立起良好的成長跑道。

So that's the first thing.

這是第一件事。

The second thing on toys, to your point, this year, flattish, slightly down.

第二件事是關於玩具，正如你所說，今年玩具銷量持平，略有下降。

Next year and into 2027, we have a much stronger entertainment slate that benefits our businesses and our brands more so than we're seeing this year.

明年以及 2027 年，我們將擁有更強大的娛樂陣容，這將比今年更有利於我們的業務和品牌。

So that will take toy and the CP business positive as we move through '26 and '27.

因此，當我們進入26年和27年時，這將對玩具和CP業務產生積極影響。

And then the third piece is the video game launch in Exodus.

第三部分是《Exodus》中的電玩遊戲發布。

That will become the third kind of peak that we see.

這將成為我們看到的第三種高峰。

And -- and depending, we haven't nailed down the specific launch date of Exodus, but it will happen at some point in 2026.

而且——這取決於情況，我們還沒有確定 Exodus 的具體發布日期，但它將在 2026 年的某個時候發布。

So that will be a little bit of lumpiness of growth depending on when that launch timing is set.

因此，成長的波動會有些大，這取決於發佈時間的設定。

Yes.

是的。

So I would characterize our growth expectations is fairly balanced across the business.

因此，我認為我們的成長預期在整個業務範圍內是相當平衡的。

That's helpful.

這很有幫助。

And also in terms of your video games, what is sort of a normalized cadence?

就您的電玩遊戲而言，標準化的節奏是什麼樣的？

And how do you think about in-house versus outsourcing your development?

您如何看待內部開發和外包開發？

And then is M&A in play here in terms of possible studio type deals?

那麼，就可能的工作室類型交易而言，併購是否正在發揮作用？

Well, I think a couple of things.

嗯，我想有幾件事。

First off, good morning, Eric.

首先，早上好，埃里克。

So you should expect one to two releases from us per year from '26 to '30 is about what we're thinking.

因此，我們正在考慮從 26 年到 30 年每年發布一到兩部作品。

And I think we've said that for several years now.

我想我們已經這麼說好幾年了。

I think you should also expect us to continue to lean into licensing.

我想您也應該期望我們繼續傾向於許可。

Our portfolio of our pipeline of licensed products and digital has grown from 95-ish this time last year to about 110, 115 projects in development or published this time this year.

我們的授權產品和數位產品組合已從去年同期的 95 個左右增長到今年同期正在開發或發布的約 110,115 個項目。

I think the new news is that we're going to lean in more to JVs and partnerships as we think about our self-published portfolio for the next five to seven years.

我認為新的消息是，當我們考慮未來五到七年的自出版組合時，我們將更傾向於合資和合作關係。

The Sabre Interactive announced being an example.

Sabre Interactive 的公告就是一個例子。

That's a co-publishing deal between the two companies.

這是兩家公司之間的聯合出版協議。

We will -- we will each be the publisher of record.

我們將——我們每個人都將成為記錄的發布者。

We will use the Warhammer 40,000 Space Marine 2 team to develop the product.

我們將利用 Warhammer 40,000 Space Marine 2 團隊來開發該產品。

And we think that's a pretty good model.

我們認為這是一個非常好的模型。

It's a nice kind of risk adjustment for us.

對我們來說，這是一個很好的風險調整。

It helps us to be able to access some of the best talent in the industry and helps to be able to unlock some of our IP in new ways.

它幫助我們接觸到一些業內最優秀的人才，並幫助我們以新的方式解鎖一些智慧財產權。

Fred Wightman, Wolfe Research.

懷特曼（Fred Wightman），沃爾夫研究公司。

I just wanted to follow up on the midterm outlook in the context of the '25 guidance and I understand sort of the top line ramp, but I want to make sure I'm clear on sort of what the margin offset is because to Megan's earlier question, it seemed to imply a deceleration as we move throughout period, even though the top line is accelerating.

我只是想在 25 年指引的背景下跟進中期展望，我了解營收成長的情況，但我想確保我清楚利潤率抵消是多少，因為對於 Megan 之前的問題，它似乎意味著在整個期間內，儘管營收在加速成長，但成長會減速。

So is it literally just that some of the capitalized costs hit the P&L?

那麼，是否真的只是部分資本化成本計入了損益表？

Is it investment in some of these video game services or capabilities they're internal?

這是對一些視頻遊戲服務或內部功能的投資嗎？

Like what is sort of the margin offset in '26 and '27?

例如，'26 年和 '27 年的利潤抵銷情況是怎樣的？

Yes, good question.

是的，好問題。

So largely, it is the capitalization.

所以很大程度上，它是大寫的。

And if you look at the two businesses, our CP margin, we've guided to '25 8% to 10%.

如果你看看這兩項業務，我們的 CP 利潤率預計為 25 年 8% 至 10%。

We expect to continue to see that moving north, moving upwards as we move into '26 and '27.

我們預計，隨著 2026 年和 2027 年的到來，這一趨勢將繼續向北、向上移動。

We've been committed and making progress towards getting to that, call it, low teens percentage, and that is what we've planned over the course of the next few years.

我們一直致力於實現這一目標，並且正在取得進展，這就是我們在未來幾年所計劃的。

The Wizards business, that's where you'll see some of that margin pullback as that capitalization plays through.

在巫師隊業務中，隨著資本化的推進，你會看到利潤率回落。

But I mean, keep in mind, our Wizards business is posting record level margins.

但我的意思是，請記住，我們的奇才隊業務的利潤率正在創下歷史新高。

So even a slight -- that capitalization coming through still keeps the margins in the mid- to high 30s.

因此，即使資本化程度較低，利潤率仍維持在 35% 左右。

That makes sense.

這很有道理。

And then on tariffs, I just want to make sure I'm clear on sort of what the assumptions are.

然後關於關稅，我只是想確保我清楚這些假設是什麼。

It sounds like you guys are assuming that Mexico and Canada come back in the not-too-distant future.

聽起來你們都認為墨西哥和加拿大在不久的將來會捲土重來。

Can you maybe just order of magnitude, how the different buckets hit are contemplated for guidance across the three markets?

您能否只給出一個數量級，即如何考慮不同的桶子來指導三個市場？

Yes.

是的。

You've got it right.

你說對了。

We've basically taken what the administration put out on February 1 and quantify that and put it into our guidance for the year.

我們基本上把政府在 2 月 1 日發布的內容進行了量化，並將其納入了我們今年的指導方針。

Really, it's a China story for us.

確實，對我們來說這是一個中國故事。

We don't source from Canada.

我們不從加拿大採購。

We have minimal sourcing coming out of Mexico.

我們從墨西哥採購的貨量很少。

So we're really watching that China rate.

所以我們非常關注中國的利率。

So that's what we baked in.

這就是我們所烘烤的。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Just before we focus on 2025, I was just wondering, would you say this new strategy is more of a recap of where you've been headed, which is more of a kind of a gaming company that makes some toys versus toys and games company before?

在我們關注 2025 年之前，我想知道，您是否會說這個新策略更像是對您過去發展方向的回顧，即您更像是一家生產玩具的遊戲公司，而不是之前的玩具和遊戲公司？

Or some material lineup of products or partnerships, maybe in the digital space or other areas that you're not ready to talk about today that sort of gave you the confidence to issue formal outlook here on the top line?

或者是數位領域或其他您今天還沒有準備好談論的領域的一些實質性的產品陣容或合作夥伴關係，這些是否給了您信心在這裡就營收發布正式的展望？

I would think it's fair to say we've been trying to project our strategic thinking for several quarters now, and this is an articulation of it and summation of it.

我想公平地說，我們幾個季度以來一直在嘗試投射我們的戰略思想，這是對它的表達和總結。

We're proudly a toy company, but we think we're a very different toy company than most other toy companies.

我們很自豪自己是一家玩具公司，但我們認為我們與大多數其他玩具公司截然不同。

We're huge in the games.

我們在比賽中表現出色。

We're very big in the licensing, and we've got a fantastic toy portfolio, which serves as the first handshake with consumers.

我們在授權方面非常重視，我們擁有出色的玩具組合，這些玩具是與消費者第一次握手的橋樑。

So I think there are some important distinctions.

所以我認為有一些重要的區別。

I think I'm excited about getting back into more oriented categories in a bigger way.

我認為我很高興能夠以更大的方式回歸更有針對性的類別。

I'm excited about going after emerging markets in a much bigger way.

我很高興能夠以更大的規模進軍新興市場。

I've always been excited about our digital ambitions.

我始終對我們的數位化抱負感到興奮。

I think we're well ahead of most of our traditional toy industry peers.

我認為我們遠遠領先大多數傳統玩具行業同行。

And so I think that differentiates us.

所以我認為這就是我們的不同之處。

You look at the nature of our three businesses, licensing is up big time.

看看我們三項業務的性質，許可證數量正在大幅增加。

It's a huge margin driver for us.

這對我們來說是一個巨大的利潤驅動因素。

It's relatively in exposed to like some of the tariff drama that's going on right now.

它相對容易受到目前正在發生的一些關稅事件的影響。

Games tends to be a nice business for us that has a great secular growth pattern.

對我們來說，遊戲是一項不錯的業務，具有良好的長期成長模式。

And toys, while the category has been down for the last couple of years post COVID, it's traditionally a very stable business, and we've got some great brands.

至於玩具，雖然在疫情爆發後的過去幾年裡，該類別的銷量一直在下降，但它傳統上是一項非常穩定的業務，而且我們擁有一些優秀的品牌。

And I think the team that we put in place in toys over the last 18 months, you're going to see some nice wins from them over the following 18 months as you really -- as they put their mark on our product portfolio.

我認為，我們在過去 18 個月中組建的玩具團隊將在接下來的 18 個月中取得一些不錯的成果，因為他們確實在我們的產品組合中打下了自己的烙印。

Great.

偉大的。

So to [pull it] down to profitability a little bit, and this might depend on what you assume for debt paydown, but your gross debt-to-EBITDA target of 2.5 times could imply something like $1.3 billion of EBITDA by next year.

因此，將其稍微拉低至盈利能力，這可能取決於您對債務償還的假設，但您的總債務與 EBITDA 比率 2.5 倍的目標可能意味著明年的 EBITDA 約為 13 億美元。

And if I were doing the math around D&A right, depreciation and amortization, we're looking at over $5 of earnings by 2026.

如果我正確地計算了折舊和攤銷，我們預計到 2026 年的收益將超過 5 美元。

I guess do you have pushed back to that math?

我猜你已經回過頭去思考那個數學問題了？

And yes, what other puts and takes we should keep in mind?

是的，我們還應該牢記哪些利弊？

Good question.

好問題。

I mean your EBITDA math is not far off.

我的意思是你的 EBITDA 計算結果相差不遠。

So probably you're getting to that right spot.

因此，您很可能已經找到正確的位置了。

And again, with the video game in the monetization of that is a margin hit, but it's going to positively impact our EBITDA.

再次強調，電玩遊戲的貨幣化會對利潤率帶來影響，但會對我們的 EBITDA 產生正面影響。

Earnings per share is probably running a little hot in '26 from what you're calculating.

從您計算的結果來看，26 年的每股盈餘可能有點高。

A couple of things just to keep in mind as we move through this year in '25 and into '26.

當我們從'25年進入'26年時，有幾件事需要記住。

One, our tax rate is stepping back up.

一是我們的稅率正在回升。

So we had a few things that went our way here at the end of '24.

因此，在 24 年底，我們這裡的一些事情進展順利。

We're not planning for those to happen again '25 and '26.

我們不打算讓這些事情在'25 和 '26 年再次發生。

And then the second thing is interest expense.

第二件事是利息支出。

So that was also something in '24.

所以這也是'24年發生的事。

We were sitting on a fair amount of cash as we were waiting to pay off that note in November.

我們手上有相當數量的現金，等待 11 月償還那筆債務。

So we won't have that kind of interest income and we're more exposed then to the interest expense.

因此，我們不會有那種利息收入，而且我們更容易受到利息支出的影響。

So that is another thing that goes against us from an EPS standpoint as you think about '25 and '26.

因此，當您考慮 25 年和 26 年時，從 EPS 的角度來看，這是另一個對我們不利的事情。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

So I actually just wanted to continue on that same thinking with some of the math in just given sort of how DNA might skew operating income the next few years.

因此，我實際上只是想繼續同樣的思考，用一些數學知識來解釋 DNA 在未來幾年如何影響營業收入。

As I think about 2027, right, the Playing to Win outlook where should we be landing in terms of EBITDA?

當我思考 2027 年時，對吧，我們的「為贏而戰」前景在 EBITDA 方面應該達到什麼水平？

I was getting to something in the $1.3 billion, $1.4 billion range but that didn't really account for the step-up in D&A.

我得到的金額大約在 13 億美元到 14 億美元之間，但這並沒有真正考慮到 D&A 的增加。

So should it ultimately be higher than that number as we think about 2027?

那麼，到 2027 年，它最終應該會高於這個數字嗎？

I would -- it's not going to be as low as $1.3 billion.

我會的 — ​​— 它不會低至 13 億美元。

I think your higher number is more right.

我認為你的數字越大越正確。

How is that for a hint?

這是一個怎樣的暗示？

Got it.

知道了。

That's perfect.

那很完美。

And then as we think about the 2025 guide, right?

然後我們思考 2025 年的指南，對嗎？

So margin expansion in that 70 to 170 basis point range.

因此利潤率擴大在70至170個基點的範圍內。

Maybe just help us bridge that in any way you can.

也許您可以盡一切努力幫助我們彌補這一差距。

The cost savings number that you've laid out there, $175 million looks like a lot of that's going to fall through to the bottom line, maybe 2/3 of that.

您列出的成本節約數字 1.75 億美元看起來大部分都會落到利潤中，大概是其中的 2/3。

I'm getting to something like 300 basis points of margin just from the net cost savings.

我僅透過淨成本節約就獲得了大約 300 個基點的利潤。

I guess what are the offsets?

我猜偏移量是什麼？

Obviously, tariffs seem like they might be a big one.

顯然，關稅看起來可能是一個大問題。

Is that the majority of the delta as I think about getting from the net cost savings to what you did for the year?

當我想到從淨成本節約到您今年所做的金額之間的差額時，這就是大部分的差異嗎？

Yes.

是的。

It's a good question.

這是個好問題。

So when you break down kind of the big pieces of the '25 build, overall volume and mix is going to be a net positive contributor.

因此，當您分解 25 年構建的各個主要部分時，總體數量和組合將產生淨正貢獻。

So think about a point of margin benefit comes from ball mix.

因此，考慮一下球混合帶來的邊際效益。

Within the supply chain, which is where you'll see the pickup of the tariff expense, largely supply chain is going to be relatively flat.

在供應鏈中，你會看到關稅費用的增加，整體而言，供應鏈將相對穩定。

So we have good amount of cost productivity, and that is able to offset what we're seeing play through inflation as well as tariffs.

因此，我們擁有良好的成本生產力，這能夠抵消通貨膨脹和關稅的影響。

So that's kind of a net neutral margin.

這是一種淨中性利潤率。

All of them, the rest of the accretion is coming from below the line and within our managed or operating expenses.

所有這些，其餘的成長都來自線下以及我們的管理或營運費用之內。

Jaime Katz, Morningstar.

晨星公司的 Jaime Katz。

I hope you can drive a little bit further down into the incremental cost savings and maybe the differences in what you found between the $750 million and the $100 million -- I'm sorry, in the $1 billion number that you guys are looking at now?

我希望您可以進一步深入探討增量成本節約，以及您發現的 7.5 億美元與 1 億美元之間的差異——抱歉，您說的 10 億美元是您現在正在關注的數字嗎？

Yes, good question.

是的，好問題。

So to date, I would say the $600 plus that we've saved gross savings-wise has been, I would say, roughly half of it has been supply chain and the rest has been the balance of line items within the P&L.

所以到目前為止，我們可以說節省了 600 多美元，其中大約有一半是供應鏈，其餘的則是損益表中項目的餘額。

As we go into '25 and beyond, supply chain will always have that evergreen cost productivity is going to offset inflation, but we start to pick up cost savings from a few other areas of the P&L.

隨著我們進入25年及以後，供應鏈將始終擁有常青成本生產力來抵消通貨膨脹，但我們開始從損益表的其他幾個領域中節省成本。

So the first is within gross to net.

因此，第一個是在毛利與淨利之間。

So all of that cost that sits between gross revenue and net revenue, that becomes a contributor for us.

因此，總收入和淨收入之間的所有成本都成為我們的收入貢獻者。

Our design-to-value work, we've seen very little of that impact to P&L to date.

在我們的設計到價值工作中，迄今為止我們發現這對損益表的影響很小。

That also starts to accelerate '25 and beyond.

這也將在 25 年及以後開始加速。

And then the third piece of it is within managed expenses.

第三部分是管理費用。

So as we continue to morph and transform the organization, how we work, how we're spending, et cetera, we start to see that play through in cost savings.

因此，隨著我們繼續改變和改革組織、工作方式、支出方式等等，我們開始看到成本節約的成效。

Okay.

好的。

And then as you guys continuously evaluate the portfolio, given the rhetoric that you shared around NERF and structural changes maybe in demand around the business.

然後，隨著你們不斷評估投資組合，考慮到你們圍繞 NERF 分享的言論以及業務需求的結構性變化。

How do you think about what you determine you want to out-license versus what you want to keep on some of these long-lived brands?

您如何考慮哪些是您想要授權給外部品牌，哪些是您想要保留的？

Yes, Jaime.

是的，詹姆。

So as we think about how we categorize our brands, we're using a three-part matrix that's replacing like the old franchise and partner brands.

因此，當我們思考如何對品牌進行分類時，我們使用一個三部分矩陣來取代舊的特許經營品牌和合作品牌。

Now it's growth, optimized and reinvent.

現在它正在增長、優化和重塑。

So brands like NERF, we would classify in the reinvent category.

因此，我們會將 NERF 之類的品牌歸類在重塑類別。

The category has been under a little bit of stress over the last several years.

過去幾年來，該類別一直承受著一定的壓力。

NERF still is a very strong brand, but we have to reinvent ourselves.

NERF仍然是一個非常強大的品牌，但我們必須重塑自我。

For something like NERF in particular, I think we have to go back to fundamentals, which is NERF started off in the 1970s as the world's first indoor ball.

對於像 NERF 這樣的東西，我認為我們必須回歸根本，NERF 起源於 20 世紀 70 年代，是世界上第一個室內球。

It's about safe active play.

這是關於安全積極的遊戲。

And we can't think about reinventing NERF and just think every solution involves a Dart.

我們不能考慮重新發明 NERF 並只是認為每個解決方案都涉及 Dart。

So we've challenged our product teams to think about safe active play, think about it more expansively and also think about the business model and the channels in which we operate in.

因此，我們要求我們的產品團隊考慮安全的積極遊戲，更廣泛地考慮這個問題，同時也考慮我們的商業模式和營運管道。

And at the end of the day, there also is always the option to license the product out or license a portion of a brand out which also is on the table for any of those.

最後，總是存在著將產品授權出去或將品牌的一部分授權出去的選擇，這也是可以考慮的。

I would say our net bias is that we're going to be a net brand creator, and we're going to do less out-licensing in terms of new brands that are going to be out licensed, but it still always is on the table because honestly, we've had really good success with it.

我想說的是，我們的最終偏好是成為淨品牌創造者，在授權新品牌方面，我們將減少對外授權，但我們始終會在考慮範圍內，因為說實話，我們在這方面確實取得了很大的成功。

If you look at our share last year, we had one point of share.

如果你看看我們去年的份額，我們有一個份額點。

We look at our out-licensed brands, the POS on those brands are up 50% year-over-year.

讓我們來看看我們的授權品牌，這些品牌的 POS 年比成長了 50%。

And our partners are doing a fantastic job helping us to expand into new categories.

我們的合作夥伴也做得非常出色，幫助我們拓展新的領域。

We're into vehicles now with Transformers via Hot Wheels.

我們現在透過風火輪來了解變形金剛車輛。

We're in the building sets with LEGO with D&D and Peppa Pig and Transformers.

我們在積木玩具中加入了樂高、龍與地下城、小豬佩奇和變形金剛等元素。

I think [Jeff Play in Basic fun] have done a fantastic job with FurReal friends and Littlest Pet Shop.

我認為 [Basic fun 中的 Jeff Play] 在 FurReal friends 和 Littlest Pet Shop 中做得非常出色。

So I think that's a viable strategy as well.

所以我認為這也是一個可行的策略。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

To start on MONOPOLY GO, what should we think as sort of the right underlying run rate now looks like that actually accelerated 4Q versus 3Q, having some marketing spend settle out there?

首先從《MONOPOLY GO》開始說，我們應該如何看待現在正確的基本運行率？

And then just broadly, what drove the source of the digital gaming strength in the quarter?

那麼從廣義上講，是什麼推動了本季數位遊戲的強勁成長呢？

I think MONOPOLY came in better than expected, but it also looks like other parts of the portfolio drove a decent amount of upside?

我認為《大富翁》的表現好於預期，但看起來投資組合的其他部分也帶來了相當大的上漲空間？

Well, I think we're going to keep with our call on about $10 million a month in terms of what we received from MONOPOLY GO.

嗯，我認為我們將繼續維持每月約 1000 萬美元的來自 MONOPOLY GO 的收入目標。

I think Scopely did a great job with their TV campaign.

我認為 Scopely 的電視宣傳活動非常出色。

It certainly was a lot of fun seeing Will Ferrell embody Mr. Monopoly and hanging out with all of the celebrity friends.

看到威爾法瑞爾扮演大富翁先生並與所有名人朋友一起出去玩確實很有趣。

And I think that drove some upside for them.

我認為這給他們帶來了一些好處。

I think really, though, what really drives the upside of MONOPOLY GO!

但我認為，真正推動 MONOPOLY GO 上漲的因素是什麼？

is just a fantastic game that's very sticky.

這是一款非常出色的遊戲，並且非常具有吸引力。

It engages consumers.

它吸引了消費者。

I also think they've been smart in terms of how they've managed the business.

我也認為他們在業務管理方面非常聰明。

The Tycoon Club isn't the majority of their revenue, but it's been a nice way for them to be able to capture a bigger share of revenue on that which also benefits us.

大亨俱樂部並不是他們的大部分收入來源，但這對他們來說是一種很好的方式，能夠讓他們獲得更大的收入份額，這對我們也有好處。

So we continue to see MONOPOLY GO!

因此我們繼續觀看 MONOPOLY GO！

as a huge mobile game.

作為一款大型手機遊戲。

There likely is going to be some month-over-month moderation in the business over time.

隨著時間的推移，業務量可能將出現逐月放緩的趨勢。

That's just what naturally happens with mobile.

這正是在行動裝置上自然發生的事。

But we feel pretty confident in that $10 million number.

但我們對於 1000 萬美元這個數字非常有信心。

The other thing that's been going really well for us is Baldur's Gate 3.

對我們來說進展順利的另一件事是《博德之門 3》。

I think we doubled what our forecast was for that business.

我想我們對於這項業務的預測是原來的兩倍。

And that's something that spend at [Larry] and called really early.

這是 Larry 很早就提出的要求。

They have very long tail on their games.

他們的遊戲有非常長的尾巴。

They don't spend as much money upfront on marketing their games.

他們不會預先投入太多資金來行銷他們的遊戲。

They rely on the quality of the games and the enthusiasm of their community to drive word of mouth and we're seeing that.

他們依靠遊戲的品質和社區的熱情來推動口碑，我們看到了這一點。

We saw that with Baldur's Gate over the course of 2024 and into Q4 and I think we'll continue to see benefits from that this year in excess of what a typical AAA game would experience.

我們在 2024 年第四季的《博德之門》中看到了這一點，我認為今年我們將繼續看到它帶來的好處，超過一款典型的 AAA 遊戲所能體驗到的。

Really helpful.

真的很有幫助。

And then just my follow-up question on the Consumer Products division.

接下來是我的關於消費品部門的後續問題。

Can you just talk about -- I don't think you gave it yet, but sort of how POS trended in the fourth quarter?

您能不能談談——我想您還沒有透露，但是 POS 在第四季度的趨勢如何？

And then just on sort of the implied first quarter outlook is sort of the outsized decline all Easter shift.

那麼，從某種程度上來說，第一季的隱含前景是整個復活節期間的大幅下滑。

What drives the acceleration as you move throughout the year on the Consumer Products division?

是什麼推動了您在全年中在消費品部門的進步？

Yes.

是的。

So yes, primarily what's happening in Q1 is the Easter timing shift.

是的，第一季主要發生的是復活節時間的轉變。

I mean there's always, as you go through January and February, the final clear outs and kind of what happens at retail as they're kind of resetting or getting ready for the reset.

我的意思是，當你經歷一月和二月時，總是會有最後的清理，以及零售業在重置或準備重置時發生的事情。

There's a little bit of that, but not atypical for what the industry typically goes through in January and the early part of Feb. So it really becomes about the Easter timing.

有一點這樣的情況，但對於該行業在 1 月和 2 月初通常經歷的情況來說，這並不罕見。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Maybe first for Gina, one more follow-up on the medium-term margin guide, maybe in a slightly different way.

對於吉娜來說，可能首先要對中期保證金指南進行一次跟進，也許方式略有不同。

I'm curious if you could talk more about the swing factors that are top of mind for you as you think about what could cause you to come in at the high end of that range for margin expansion versus the low end, the $150 million versus $300 million I imagine digital is a big component there, but I would love to get your thoughts on the puts and takes.

我很好奇，您是否可以詳細談談您最關心的搖擺因素，因為您考慮什麼可能導致您的利潤率擴張處於高端而不是低端，1.5 億美元對 3 億美元，我想數字是一個很大的因素，但我很想听聽您對利弊的看法。

And then second on CapEx, I think CapEx is stepping to $250 million next year.

其次關於資本支出，我認為明年的資本支出將達到 2.5 億美元。

Could you talk a little bit more about the underlying puts and takes of CapEx growth this year, maybe where you're investing and then looking ahead, what we should expect from the arc of CapEx past 2025.

您能否再多談談今年資本支出成長的潛在利弊，例如您的投資方向，以及展望未來，我們應該對 2025 年以後資本支出的走勢有何期待。

I would say from an overall swing factors on the margin in the out years is really going to be about when that the video game in the launch timing and when that video game starts to monetize and the capital flow -- or the capitalization flows because that decrease will hit at the same pace of when the units are coming in.

我想說，從整體上看，未來幾年利潤率的波動因素實際上取決於視頻遊戲的發佈時間、視頻遊戲開始盈利的時間和資本流動的時間 - 或者資本化流動的時間，因為這種下降將與單位進入的速度相同。

That's how it will be phased.

這就是其分階段的方式。

So that will be the factor that swings at either to the higher end of the range or the lower end of the range.

因此，這將是影響範圍高端或低端的因素。

But every year, you should take away that we will be growing our margin.

但每年你都應該看到我們的利潤都在成長。

From a capital standpoint, we do have a bit of this year into '25.

從資本角度來看，我們今年確實有一些資本進入25年。

We don't expect to see dramatic step-ups as we move through the balance of the strategic plan.

我們預計，在戰略計劃的平衡過程中，不會有大幅的升級。

But to step up, I would say roughly half of that $250 million that we put out there is going to the video game, the video game launches.

但進一步說，我想說，我們投入的 2.5 億美元中大約有一半將用於視頻遊戲，用於視頻遊戲的發布。

And then you could take the balance and say we're going to continue to invest behind toy and toy innovation.

然後你可以權衡一下，說我們將繼續投資玩具和玩具創新。

And we're also going to continue to invest behind all of the transformation initiatives that are underpinning the strategy.

我們也將繼續投資支持該策略的所有轉型舉措。

So you kind of take that last half, kind of divide it by two and you get where we're prioritizing the spend.

因此，你把最後的一半除以二，就得到了我們的支出優先順序。

Kylie Cohu, Jefferies.

凱莉‧科胡 (Kylie Cohu)，傑富瑞 (Jefferies)。

I kind of want to ask a question maybe a different way.

我想用不同的方式問一個問題。

Looking at the midterm drivers of margin expansion, I was wondering if you could like rank order those.

看看利潤率擴大的中期驅動因素，我想知道您是否可以對它們進行排序。

So whether that's increased licensing revenue, cost savings just so we can kind of understand where they all -- where those will fall.

因此，無論是增加授權收入還是節省成本，我們都可以了解它們都將落在哪裡。

Rank order them, like in order of our favorite types of margin?

對它們進行排序，就像按照我們最喜歡的邊緣類型的順序一樣？

(laughter)

（笑聲）

(technical difficulty) Ladies and gentlemen, we do apologize for the inconvenience.

（技術難題）女士們、先生們，我們對造成您的不便深表歉意。

We seem to be having some technical difficulties.

我們似乎遇到了一些技術困難。

Please stand by (technical difficulty)

請稍候（技術故障）