孩之寶 (HAS) 2025 Q1 法說會逐字稿

Good morning, and welcome to the Hasbro first-quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded. If you have any objections, you may disconnect at this time.

早安，歡迎參加孩之寶 2025 年第一季財報電話會議。（操作員指示）今天的電話會議正在錄音。如果您有任何異議，您可以立即斷開連接。

At this time, I'd like to turn the call over to Fred Wightman, Vice President, Hasbro Investor Relations. Please go ahead.

現在，我想將電話轉給孩之寶投資者關係副總裁弗雷德‧懷特曼 (Fred Wightman)。請繼續。

Thank you and good morning, everyone. Joining me today are Chris Cocks, Hasbro's Chief Executive Officer; and Gina Goetter, Hasbro's Chief Financial Officer and Chief Operating Officer. Today's call will begin with Chris and Gina providing commentary on the company's performance, and then we'll plan to take your questions.

謝謝大家，早安。今天與我一起出席的還有孩之寶執行長克里斯‧科克斯 (Chris Cocks)；以及孩之寶財務長兼營運長吉娜‧戈特 (Gina Goetter)。今天的電話會議將以克里斯和吉娜對公司業績的評論開始，然後我們將回答您的問題。

Our earnings release and presentation slides for today's call are posted on our investor website. The press release and presentation include information regarding non-GAAP adjustments and non-GAAP financial measures. Our call today will discuss certain adjusted measures which exclude these non-GAAP adjustments. A reconciliation of GAAP to non-GAAP measures is included in the press release and presentation. Please note that whenever we discuss earnings per share or EPS, we are referring to earnings per diluted share.

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。新聞稿和簡報包括有關非公認會計準則調整和非公認會計準則財務指標的資訊。我們今天的電話會議將討論排除這些非 GAAP 調整的某些調整措施。新聞稿和簡報中包含了 GAAP 與非 GAAP 指標的對帳。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. 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, and today's press release and in our other public debt closures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

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。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。這些因素包括我們的 10-K 表格年度報告、我們最近的 10-Q 表、今天的新聞稿以及其他公共債務結清報告中列出的因素。我們不承擔更新今天所做的任何前瞻性陳述以反映本次電話會議日期之後發生的事件或情況的義務。

I'd now like to introduce Chris Cocks. Chris?

現在我想介紹克里斯·科克斯。克里斯？

Thanks, Fred, and good morning. Q1 delivered another clear proof-point of our Playing to Win strategy at work. Play-focused, partner-scaled, and performing. Revenue rose 17%, led by a surging MAGIC business and continued strength in licensing. Wizards was up 46%. Consumer Products was down 4%, driven by quarterly phasing due to a later Easter, but still ahead of plan. Both segments beat expectations.

謝謝，弗雷德，早安。Q1 再次明確證明了我們的「為贏而戰」戰略正在發揮作用。以遊戲為中心、以合作夥伴為規模、以表演為重點。營收成長 17%，主要得益於 MAGIC 業務的蓬勃發展和授權業務的持續強勁成長。巫師隊上漲了46%。消費品銷售額下降 4%，原因是復活節延後導致季度分階段下降，但仍超出計畫。兩個部門均超出預期。

Adjusted operating profit jumped 50%, a result of favorable mix and the cost discipline embedded in our transformation program. Our games portfolio and industry-leading licensing business remained standout performers, high-growth, high-margin, and structurally resilient due to lower exposure to international sourcing.

調整後的營業利潤成長了 50%，這得益於我們轉型計畫中良好的產品組合和成本控制。由於國際採購風險較低，我們的遊戲組合和業界領先的授權業務仍然表現優異，具有高成長、高利潤和結構彈性。

On tariffs, we acknowledge the challenge posed by the current global trade environment. While no company is insulated, Hasbro is well-positioned. Our U.S. games business benefits from largely digital or domestic sourcing, maintaining low COGS and healthy margins. We make many of our board games just up the road in East Longmeadow, Massachusetts, not far away from where Milton Bradley printed his first board games in the 1860s. Wizards has low tariff exposure with some $10 million in expected duty for the year. Most of our domestic supply is produced in North Carolina and Texas, with the balance from Kyoto, Japan.

關於關稅，我們承認當前全球貿易環境帶來的挑戰。雖然沒有一家公司能夠獨善其身，但孩之寶卻處於有利地位。我們的美國遊戲業務主要受惠於數位或國內採購，維持較低的銷貨成本和健康的利潤率。我們的許多棋盤遊戲都是在馬薩諸塞州東朗梅多 (East Longmeadow) 的路上製作的，距離米爾頓布拉德利 (Milton Bradley) 在 19 世紀 60 年代印刷他的第一款棋盤遊戲的地方不遠。奇才隊的關稅風險較低，預計全年關稅約為 1,000 萬美元。我們的國內供應大多產自北卡羅來納州和德克薩斯州，其餘則產自日本京都。

Our licensing business is primarily digital or minimum guarantee-based with manageable partner exposure. While our toy segment faces higher exposure, we're responding proactively. Our asset-light sourcing model means we can rapidly shift production to help mitigate tariff impacts.

我們的授權業務主要是數位化或基於最低保證的業務，並具有可管理的合作夥伴風險。雖然我們的玩具部門面臨更高的曝光率，但我們正在積極應對。我們的輕資產採購模式意味著我們可以快速轉移生產以幫助減輕關稅的影響。

We're accelerating our $1 billion cost savings plan to offset tariff pressures internally. While targeted pricing actions remain likely, we are prioritizing key price points and strengthening retail partnerships. We will work to capture market share and shelf space through our growth and optimized brands at critical consumer-friendly price points, particularly $9.99 and $19.99.

我們正在加快實施 10 億美元的成本節約計劃，以抵消內部關稅壓力。雖然仍有可能採取有針對性的定價行動，但我們正在優先考慮關鍵價格點並加強零售合作夥伴關係。我們將努力透過我們不斷成長和優化的品牌，以關鍵的消費者友善價格點（特別是 9.99 美元和 19.99 美元）來佔領市場份額和貨架空間。

We want the hundreds of millions of families and fans we serve each year to keep experiencing unbeatable value at the shelf, whether it's an all-new home playset for PEPPA PIG and our growing family, a play booster for MAGIC's Final Fantasy Universes Beyond collaboration, or a hot new action figure for MARVEL's upcoming Fantastic Four movie. We're also thinking long term as we Play to Win, especially with partners, a superpower of Hasbro's.

我們希望每年服務的數億家庭和粉絲能夠持續體驗到無與倫比的價值，無論是小豬佩奇和我們不斷壯大的家庭的全新家庭玩具套裝，還是 MAGIC 的最終幻想宇宙超越合作的玩樂助推器，還是 MARVEL 即將上映的神奇四俠電影的熱門新動作人物。我們也在進行長遠考慮，因為我們的目標是贏，特別是與合作夥伴一起，這是孩之寶的超能力。

This week, we announced the extension of our multi-decade licensing agreement with Disney Consumer Products for MARVEL and STAR WARS with enhanced category rights in preschool, PLAY-DOH, action, and role-play. Combined with the MARVEL agreement for MAGIC: THE GATHERING, our collaboration with one of the world's most valuable brand portfolios has never been stronger.

本週，我們宣布延長與迪士尼消費品部就《漫威》和《星際大戰》達成的數十年許可協議，增強學前、培樂多、動作和角色扮演等類別的權利。結合與 MARVEL 就《萬智牌》達成的協議，我們與全球最有價值的品牌組合之一的合作從未如此緊密。

Expect more announcements of new partnerships with leading brands across toys, games, and video games aimed at all demographics, further solidifying our position for long-term success.

我們期待與玩具、遊戲和電玩領域更多針對所有人群的領先品牌建立新的合作夥伴關係，進一步鞏固我們長期成功的地位。

Looking ahead, while we remain hopeful for a more predictable and favorable U.S. trade policy environment, we must acknowledge the costs imposed by current tariffs. even with Hasbro's relative strength and flexibility, logistics are becoming more complex. And changes in receivables and shipping dynamics present a challenge.

展望未來，雖然我們仍然對更可預測和有利的美國貿易政策環境充滿希望，但我們必須承認當前關稅帶來的成本。即使孩之寶擁有相對實力和靈活性，物流也變得越來越複雜。應收帳款和航運動態的變化帶來了挑戰。

Ultimately, tariff translate into higher consumer prices, potential job losses as we adjust to absorb increased costs, and reduced profits for our shareholders. Our guidance is unchanged, supported by our robust gains in licensing businesses and our strategic flexibility. But prolonged tariff condition additions create structural costs and heightened market unpredictability.

最終，關稅將導致消費價格上漲、潛在的失業（因為我們需要進行調整以吸收增加的成本）以及股東利潤減少。我們的指導方針保持不變，這得益於我們在授權業務方面的強勁成長和我們的策略靈活性。但長期增加關稅條件會造成結構性成本並增加市場不可預測性。

Hasbro produces a substantial amount of product in the U.S. and around the world; has served as an engine of local jobs, creativity, and innovation for over 100 years; and licenses to hundreds of American companies employing tens of thousands of American workers across toys, games, entertainment, experiences, and more.

孩之寶在美國和世界各地生產大量產品；一百多年來一直是當地就業、創造力和創新的引擎；並向數百家美國公司頒發許可證，這些公司在玩具、遊戲、娛樂、體驗等領域僱用了數萬名美國工人。

As such, we fully endorse the Toy Association's advocacy for zero tariffs on toys and games globally, either on U.S. exports or on imports. Other toy associations around the world are quickly joining the advocacy efforts. We believe there should be free and fair trade for toys, an industry critical not only to hundreds of thousands of American jobs, but also to the joy and developmental well-being of millions of children, families, and friends across the U.S. and worldwide.

因此，我們完全支持玩具協會倡導的對全球玩具和遊戲實施零關稅，無論是美國出口還是進口。世界各地的其他玩具協會也正在迅速加入這項倡議活動。我們相信玩具貿易應該自由、公平，玩具業不僅對數十萬美國人的就業至關重要，而且對美國和全世界數百萬兒童、家庭和朋友的快樂和成長福祉也至關重要。

Before handing it over, let me extend my sincere thanks to our team and partners. Our strong performance amid challenging conditions can be directly attributed to your dedication, agility, and shared ambition. In an unpredictable environment, our greatest assets remain our people and our valued partners. They are what truly enable us to Play to Win.

在移交之前，請允許我向我們的團隊和合作夥伴表示最誠摯的感謝。我們在充滿挑戰的條件下的出色表現可以直接歸功於你們的奉獻精神、敏捷性和共同的雄心。在不可預測的環境中，我們最大的資產仍然是我們的員工和我們寶貴的合作夥伴。它們才是真正讓我們能夠「玩出勝利」的關鍵。

Now over to Gina. Gina?

現在輪到吉娜了。吉娜？

Thanks, Chris, and good morning, everyone. We are off to a strong start in 2025, delivering growth across revenue, profit, and operating margin, while continuing to execute on our strategic priorities. Our Q1 performance reflects early traction from our Play to Win strategy, ongoing transformation initiatives, and a continued focus on cost discipline and profitable growth.

謝謝，克里斯，大家早安。2025 年我們開局強勁，營收、利潤和營業利潤率均實現成長，同時繼續執行我們的策略重點。我們第一季的業績反映了我們「為贏而戰」策略的早期推動力、持續的轉型舉措以及對成本控制和獲利成長的持續關注。

Net revenue in the first quarter was $887 million, up 17% versus prior year, driven by growth in MAGIC and Monopoly Go! Adjusted operating profit increased 50% to $222 million, reflecting a 25.1% adjusted margin, a 5.5-point improvement over last year due to the favorable business mix. Adjusted earnings per diluted share rose 70% to $1.04, driven by top line growth, margin expansion, and broader expense management.

第一季淨收入為 8.87 億美元，較上年同期增長 17%，這得益於 MAGIC 和 Monopoly Go! 的增長！調整後的營業利潤成長 50%，達到 2.22 億美元，調整後的利潤率為 25.1%，由於業務組合良好，比去年提高了 5.5 個百分點。調整後每股攤薄收益成長 70% 至 1.04 美元，這得益於營業收入成長、利潤率擴大以及更廣泛的費用管理。

From a segment perspective, Wizards of the Coast and Digital Gaming once again led the charge. Segment revenue grew 46% to $462 million, with growth across both MAGIC tabletop and digital licensing. MAGIC delivered a strong quarter with revenue up 45%, driven by healthy demand for recent releases and ongoing engagement in backlist content.

從細分市場來看，威世智和 Digital Gaming 再次領先。該部門營收成長 46%，達到 4.62 億美元，MAGIC 桌上遊戲和數位授權均成長。MAGIC 本季表現強勁，營收成長 45%，得益於近期發行作品的旺盛需求以及對舊版內容的持續關注。

The strong performance in Q1 reinforces our confidence in momentum and stickiness of the business across our core consumers. Our licensed digital gaming portfolio grew 56% in Q1, driven by Monopoly Go! and lapping the minimum guarantee for the final quarter. This game is now celebrating its second anniversary and has announced the next third-party IP collaboration with Lucas Films and STAR WARS launching in the game on May 1. Operating margin in Wizards reached 49.8%, up 11 points year-over-year, driven by mix and leverage from top line growth.

第一季的強勁表現增強了我們對核心消費者業務發展勢頭和黏性的信心。在 Monopoly Go! 的推動下，我們授權的數位遊戲組合在第一季成長了 56%。並確定最後一個季度的最低保證金。這款遊戲目前正在慶祝發行兩週年，並宣布與盧卡斯影業和星際大戰進行下一次第三方 IP 合作，將於 5 月 1 日在遊戲中推出。威世智的營業利潤率達到 49.8%，比去年同期成長 11 個百分點，這得益於產品組合和營業收入成長帶來的槓桿作用。

Consumer Products revenue declined 4% to $398 million, finishing slightly better than our original expectations behind strengthened licensing. Importantly, the segment's adjusted operating loss of $31 million improved 18% versus last year and adjusted operating margin improved 140 basis points, reflecting progress on our cost transformation and lower promotional activity.

消費品收入下降 4% 至 3.98 億美元，由於授權許可的加強，略好於我們最初的預期。重要的是，該部門調整後的營業虧損為 3,100 萬美元，較去年同期改善了 18%，調整後的營業利潤率提高了 140 個基點，反映了我們的成本轉型和促銷活動的減少。

Through the first quarter, we saw minimal impact from tariffs across our cost structure or customer order patterns.

在第一季度，我們發現關稅對我們的成本結構或客戶訂單模式的影響微乎其微。

The Entertainment segment declined modestly with revenue down 5% to $27 million, primarily due to deal timing. Segment adjusted operating profit held flat year-over-year at $17 million.

娛樂部門收入小幅下滑，下降 5% 至 2,700 萬美元，主要原因是交易時機。分部調整後的營業利潤與去年同期持平，為 1,700 萬美元。

Across total Hasbro, we continue to unlock savings from our transformation. Total adjusted EBITDA was $274 million, up 59% versus the prior year, with margin expansion supported by $22 million of gross cost savings from our operational excellence initiatives.

在整個孩之寶，我們繼續透過轉型實現節約。調整後 EBITDA 總額為 2.74 億美元，較上年增長 59%，利潤率的擴大得益於我們卓越營運措施帶來的 2,200 萬美元總成本節約。

On the cash side, we generated $138 million in operating cash, funded $52 million in strategic investments, and returned $98 million to shareholders via our dividend. We also paid down $50 million in long-term debt, keeping us on track to meet our gross leverage target of 2.5 times by 2026.

在現金方面，我們產生了 1.38 億美元的營運現金，資助了 5,200 萬美元的策略投資，並透過股息向股東返還了 9,800 萬美元。我們還償還了 5000 萬美元的長期債務，使我們預計在 2026 年前實現 2.5 倍的總槓桿率目標。

As we look at the remainder of the year, we're encouraged by the strength of our Q1 results and the early execution of our strategic priorities. That said, we're operating in a dynamic macro environment. The expanded rate on imports from China and potential reciprocal tariffs on other toy manufacturing hubs, including Vietnam and India, is creating volatility and introducing a range of scenarios for how the year could unfold.

展望今年剩餘時間，我們對第一季業績的強勁表現和戰略重點的早期執行感到鼓舞。也就是說，我們是在動態的宏觀環境中運作的。中國進口玩具的關稅上調，以及對越南和印度等其他玩具製造中心徵收的潛在關稅，正在引發市場動盪，並為今年的情況發展帶來一系列可能情景。

To stay ahead of this uncertainty, we're making targeted operational pivots. We're further rationalizing our SKU portfolio to prioritize velocity and margin, reassessing our logistics routes to manufacturing to reduce exposure, and accelerating efforts to diversify our sourcing footprint.

為了應對這種不確定性，我們正在製定有針對性的營運調整。我們正在進一步合理化我們的 SKU 組合，以優先考慮速度和利潤，重新評估我們的製造物流路線以減少風險，並加快努力實現採購足跡多樣化。

Today, roughly 50% of our U.S. toy and game volume originates from China, and we're accelerating plans to bring that down meaningfully starting this year. China will continue to be a major manufacturing hub for us globally, in large part due to specialized capabilities developed over decades. In parallel, we're partnering closely with our customers to manage inventory flows and work through a range of pricing strategies tailored to different trade outcomes and protect key price points. These actions ensure we remain agile and margin-focused even as the external conditions evolve.

如今，我們大約 50% 的美國玩具和遊戲都來自中國，我們正在加快計劃，從今年開始大幅降低這一比例。中國將繼續成為我們全球的主要製造業中心，這在很大程度上歸功於數十年來累積的專業能力。同時，我們與客戶密切合作，管理庫存流動，制定一系列針對不同貿易結果的定價策略，並保護關鍵價格點。這些行動確保我們即使外部條件改變也能保持敏捷並專注於利潤。

With that context, let's turn to our 2025 total company outlook. We are pulling a lot of levers and making a number of puts and takes in our assumptions. The net is we are keeping full company guidance unchanged. While we are dealing with a wide range of potential tariff, retailer, and consumer outcomes, our games business and our strategic flexibility gives us options.

基於此背景，讓我們來展望 2025 年公司整體前景。我們正在採取許多措施並對我們的假設做出許多調整。整體而言，我們將保持公司整體指導不變。雖然我們正在處理各種潛在的關稅、零售商和消費者結果，但我們的遊戲業務和戰略靈活性為我們提供了選擇。

I'd like to spend a couple of minutes to unpack how we are modeling the cost of tariff, impacts to the toy category both in terms of retailer ordering and consumer takeaway, and provide more color on our supply chain and pricing direction.

我想花幾分鐘的時間來解釋我們如何模擬關稅成本、對玩具類別（包括零售商訂購和消費者外帶）的影響，並為我們的供應鏈和定價方向提供更多細節。

Our forecast assumes the various scenarios for China tariffs ranging from 50% to the rate holding at 145% and 10% for the rest of world. This translates to an estimated $100 million to $300 million gross impact across the enterprise in 2025, before or any mitigation.

我們的預測假設中國關稅稅率為 50% 至 145%，而世界其他地區則為 10%。這意味著，在採取任何緩解措施之前，到 2025 年，整個企業將受到約 1 億至 3 億美元的總影響。

As I mentioned, our team has moved quickly to (inaudible) activating a range of levers, including sourcing optimization and diversification, coordination with retail partners and SKU assortment and promotion activity, and readying targeted pricing actions. We've also modeled multiple scenarios around how the tariffs could impact our Consumer Products revenue, anchoring our assumptions to prior significant events including the 2008 and 2009 Great Recession and COVID.

正如我所提到的，我們的團隊已經迅速採取行動（聽不清楚）啟動一系列槓桿，包括採購優化和多樣化、與零售合作夥伴的協調以及 SKU 分類和促銷活動，以及準備有針對性的定價行動。我們也針對關稅如何影響我們的消費品收入建立了多種情境模型，並將我們的假設錨定在包括 2008 年和 2009 年大衰退和 COVID 在內的先前重大事件上。

Factoring in all the mitigating levers, we estimate the net profit impact in 2025 to be between $60 million to $180 million. The range of outcomes is dependent on final trade policy, customer order patterns, and consumer behavior.

考慮到所有緩解措施，我們估計 2025 年的淨利潤影響將在 6,000 萬美元至 1.8 億美元之間。結果範圍取決於最終的貿易政策、客戶訂單模式和消費者行為。

Turning to the Wizard segment. Given the broad-based strength in the Q1 results, we are raising our full-year outlook and now expect revenue to grow mid to high teens, with a low 40s operating margin. This increase is driven by strong demand signals we're seeing across upcoming Universes Beyond releases, including fee Final Fantasy, Spider-Man, and Avatar: The Last Airbender. These sets are generating early excitement across both core and new fans segments, reinforcing the strength of our multi-franchise strategy.

轉向巫師部分。鑑於第一季業績的全面強勁，我們上調了全年預期，目前預計營收將成長 15% 至 16%，營業利潤率將達到 40% 左右。這一成長是由我們在即將上映的《超越宇宙》電影中看到的強勁需求訊號所推動的，其中包括《最終幻想》、《蜘蛛人》和《降世神通：最後的氣宗》。這些套裝在核心粉絲和新粉絲群中引起了早期的興奮，增強了我們的多特許經營策略的實力。

As we scale these tentpole (inaudible) releases, it's important to note that we will begin to accumulate higher royalty expenses starting in Q2. This is fully contemplated in our outlook and consistent with the broader strategy to grow high-margin franchise-led revenue across our portfolio and attract new and lapsed fans. (inaudible). The momentum in Wizards provides a strategic buffer as we navigate broader cost pressures in Consumer Products.

隨著我們擴大這些主打產品（聽不清楚）的發行規模，值得注意的是，從第二季開始，我們將開始累積更高的版稅費用。這在我們的展望中得到了充分的考慮，並且與更廣泛的策略一致，即在我們的投資組合中增加高利潤的特許經營收入並吸引新的和流失的粉絲。（聽不清楚）。當我們應對消費品領域更廣泛的成本壓力時，巫師的勢頭提供了戰略緩衝。

At this stage, we don't have sufficient clarity to credibly adjust our full-year Consumer Products guidance. The range of potential outcomes tied to the evolving tariff environment remains wide, and we are continuing to assess the implications in real time. Until we see greater certainty on the scope and timing of these trade measures and how they could influence customer order patterns and consumer behavior, we believe it is prudent to leave our outlook unchanged while actively managing the levers within our control.

現階段，我們還沒有足夠的清晰度來可靠地調整我們的全年消費品指引。與不斷變化的關稅環境相關的潛在結果範圍仍然很廣，我們正在繼續即時評估其影響。在我們更確定這些貿易措施的範圍和時間以及它們如何影響客戶訂單模式和消費者行為之前，我們認為，謹慎的做法是保持我們的展望不變，同時積極管理我們控制範圍內的槓桿。

As part of this, we're accelerating elements of our cost savings program, now targeting $175 million to $225 million in gross savings this year as we look for additional profit assets. Despite macro uncertainty, a combination of CP mitigation, Wizards outperformance, and accelerated cost savings gives us a line of sight to delivering on our full-year financial commitments.

作為其中的一部分，我們正在加速實施成本節約計劃，目前的目標是今年實現 1.75 億至 2.25 億美元的總節約，同時尋找額外的盈利資產。儘管存在宏觀不確定性，但 CP 緩解、Wizards 的優異表現以及加速的成本節約相結合，使我們能夠實現全年財務承諾。

Our capital allocation priorities for the year are unchanged. We continue to invest behind the core growth engines of the business, namely MAGIC and Digital Games, while maintaining discipline and flexibility in an evolving macro environment. In light of the current trade uncertainty, we are placing even greater emphasis on balance sheet health and liquidity. We remain committed to our long-term leverage targets and are taking a balanced approach to returning capital and prioritizing debt reduction. We have kept our Q2 dividend unchanged.

我們今年的資本配置重點維持不變。我們繼續投資於業務的核心成長引擎，即 MAGIC 和數位遊戲，同時在不斷變化的宏觀環境中保持紀律和靈活性。鑑於目前的貿易不確定性，我們更加重視資產負債表的健康和流動性。我們仍然致力於我們的長期槓桿目標，並採取平衡的方式來回報資本並優先減少債務。我們保持第二季度股息不變。

To wrap up, as we move through the rest of 2025, we're executing with focus, scaling our high-margin growth engines, actively managing volatility, and accelerating cost transformation. Our Q1 performance affirms the durability and advantage of our diversified model and gives us line of sight to delivering full-year commitments even in a dynamic environment. We remain disciplined in capital deployment, responsive to external risks, and confident in our ability to create value across the balance of the year.

總而言之，在 2025 年剩餘時間裡，我們將集中精力執行，擴大高利潤成長引擎，積極管理波動性，並加速成本轉型。我們第一季的業績證明了我們多元化模式的持久性和優勢，並使我們即使在動態環境中也能夠兌現全年的承諾。我們在資本配置方面保持紀律，對外部風險保持回應，並對我們在今年剩餘時間內創造價值的能力充滿信心。

I will now turn it back to the operator to take your questions.

現在我將把時間交還給接線員來回答你們的問題。

(Operator Instructions)

（操作員指示）

Christopher Horvers, J.P. Morgan.

克里斯多福‧霍弗斯 (J.P. Morgan)。

Good morning. It's Christian Carlino, on for Chris. Appreciate the color on how you're thinking about tariffs. But just given the consumers felt so much inflation over the past couple years, could you talk through the different scenarios you're thinking about in the event the 145% on China holds (inaudible) and how toy spend is impacted relative to the broader impact on the consumer's wallet?

早安.克里斯蒂安·卡利諾 (Christian Carlino) 代替克里斯上場。感謝您對關稅的思考。但是，考慮到消費者在過去幾年中感受到瞭如此嚴重的通貨膨脹，您能否談談如果對中國實施 145% 的關稅（聽不清楚）將會出現哪些不同情況，以及相對於對消費者錢包的更廣泛影響，玩具支出將如何受到影響？

Sure. Good morning, Christian. Before I answer the question, in case there is any doubt, we kicked off the call with Fred Wightman, our VP of Investor Relations. It wasn't Kristen Levy. It was a serious (inaudible).

當然。早安，克里斯蒂安。在我回答這個問題之前，為了避免有任何疑問，我們先與投資者關係副總裁 Fred Wightman 進行了通話。這不是克莉絲汀·萊維。這是一場嚴重的（聽不清楚）。

Kristen is still here in the room.

克里斯汀仍在房間裡。

So we've looked at a variety of scenarios and I would say we have a pretty cautious outlook in terms of what the impacts of the current tariff regime would have. Basically, we see the impact to consumer spending on the toy category consistent with what happened with the 2008, 2009 recession. The toy category was down roughly mid-single digits. Hasbro fared a bit better at that time based on entertainment roadmaps and innovation that we had as well as Wizards of the Coast.

因此，我們研究了各種各樣的情景，我想說，我們對當前關稅制度的影響持相當謹慎的態度。基本上，我們認為玩具類別的消費者支出受到的影響與 2008 年、2009 年經濟衰退的情況一致。玩具類別的銷售量下降了大約個位數。當時，孩之寶的境況要好一些，這得益於我們以及威世智的娛樂路線圖和創新。

And then in terms of what we think the inflationary outlook looks like in terms of prices in the category, we went back to 2020 and 2021 with the early days of COVID. So we basically see a combination of inflation and some recessionary pressures on the macro.

然後，就我們認為該類別價格的通膨前景而言，我們回顧了 2020 年和 2021 年 COVID 初期的情況。因此，我們基本上看到宏觀上通貨膨脹和一些衰退壓力的結合。

That said, we think the toy category, early in 2025 and we think this will extend throughout the year, will kind of reassert its traditional focus on resiliency or its traditional position of resiliency. It tends to be a category of small luxuries. It tends to be a category which is heavily gift-oriented. And so we think it's going to fare better than other discretionary categories or other experience categories.

也就是說，我們認為，在 2025 年初，玩具類別將延續全年趨勢，重新確立其對彈性的傳統關注或彈性的傳統地位。它往往屬於小奢侈品類別。它往往是一個以禮品為主的類別。因此我們認為它會比其他可自由支配類別或其他體驗類別表現更好。

So that's kind of the puts and the takes we have. Obviously, if tariffs change, the outlook will change. But right now, that's our basis at the 145% with China and 10% everywhere else.

這就是我們的付出和收穫。顯然，如果關稅發生變化，前景也會改變。但目前，我們在中國的比例是 145%，其他地區的比例是 10%。

Got it. That's really helpful. And could you talk to what are your conversations with retailers like? There's media reports about some big players canceling orders from China. But it sounds like you're not seeing that. And could you maybe talk about how much of this pressure is being absorbed by maybe the third-party manufacturers versus the retailers? Are you seeing retailers go to more direct imports, to negotiate directly with manufacturers? And just any color there on how the impact is being shared across the supply chain (inaudible).

知道了。這真的很有幫助。能談談您與零售商的對話嗎？有媒體報道稱一些大公司取消了來自中國的訂單。但聽起來你似乎沒有看到這一點。您能否談談第三方製造商和零售商分別承受了多大的壓力？您是否看到零售商更多地採取直接進口，直接與製造商談判？任何顏色都與供應鏈如何分擔影響有關（聽不清楚）。

Got it. Good morning, Christian. Our conversations with the retailers are pretty fluid for as many curve balls that are being thrown at us, the same kind of curve balls are being thrown into them. And everyone is taking a slightly different approach with how they're managing their inventory and their order pattern. So we haven't seen -- on the big three, we're not seeing a ton of canceled orders and different thinking of how they're going to approach the holiday. But we are having very active discussions on how we're managing inventory as we move through, as I said, at this Q2 period and then Q3 which is when you tend to see the resets start to happen ahead of the holiday season. So it's nothing hugely material in terms of orders being canceled or seeing instances, as you asked on your question, of them going directly to the manufacturer. But we are seeing some shifts on how we're thinking about the phasing throughout the year.

知道了。早安，克里斯蒂安。我們與零售商的對話非常流暢，因為我們遇到的難題很多，而他們也遇到同樣的難題。每個人管理庫存和訂單模式的方法都略有不同。因此，我們還沒有看到——在三大巨頭中，我們沒有看到大量取消的訂單，也沒有看到他們對如何度過假期有不同的想法。但正如我所說，我們正在就如何管理庫存進行非常積極的討論，在第二季度和第三季度，您往往會看到在假期前開始進行重置。因此，就訂單被取消或看到訂單直接流向製造商的情況而言，這並不是什麼重大問題，正如您在問題中所問的那樣。但我們看到，我們對全年分階段實施的看法發生了一些變化。

Just to add a little bit more color, I would say our first principle on all of this is don't overreact. And I think our retail partners have appreciated that perspective. Now, Hasbro is able to come from a privileged perspective on that. Somewhere around 45% to 50% of our U.S. sales are either domestically sourced or based on digital or licensing from domestic companies. So that gives us a little bit more buffer than the typical toy company which is 80%-plus of their volume comes from China and most of it -- the rest from Southeast Asia.

為了增加一點色彩，我想說我們對這一切的首要原則是不要反應過度。我認為我們的零售合作夥伴也欣賞這種觀點。現在，孩之寶能夠從優越的角度來看待這個問題。我們在美國約有 45% 至 50% 的銷售額來自國內或基於國內公司的數位或授權。因此，這為我們提供了比典型的玩具公司更多的緩衝，典型的玩具公司 80% 以上的銷售來自中國，其餘大部分來自東南亞。

So in terms of our discussions with retailers, we're talking a lot about, okay, how can we keep prices as consistent as possible for consumers, especially for items that we think will be fantastic gifts that kids will be asking for, and moms and dads and aunts and uncles will want to give. That said, we are having discussions around pricing more broadly. At this level of tariffs, I don't think you can avoid it. But generally speaking, I think it's a set of discussions in the spirit of partnership.

因此，在與零售商的討論中，我們討論了很多關於如何才能為消費者保持盡可能一致的價格，特別是對於那些我們認為會成為孩子們想要的、媽媽、爸爸、阿姨和叔叔們想要贈送的精美禮物的商品。也就是說，我們正在就定價進行更廣泛的討論。在這種關稅水平下，我認為你無法避免。但總的來說，我認為這是一系列本著合作精神的討論。

The one thing I'll add a little bit on what Gina said is we are seeing a change from direct import to domestic, and that will change the nature of the timing of when our orders will be fulfilled. I think Q2 is pretty dynamic, but I definitely think Q2 will be impacted on direct import. Now that said, we might be able to compensate for it on domestic. We'll probably have to give you guys some updates as the quarter goes on on future conferences.

關於吉娜所說的，我想補充一點，我們看到了從直接進口到國內進口的變化，這將改變我們訂單完成時間的本質。我認為第二季度非常有活力，但我肯定第二季會對直接進口產生影響。話雖如此，我們或許可以在國內彌補這一點。隨著本季的進行，我們可能會向大家提供未來會議的一些最新消息。

How about this for the longest answer ever to this question? I'm going to add more point to Chris' comment. The other strength or opportunities that we have with our retailers, the discussions that we're having, we're anticipating some shelf opportunities and stepping into some white space. So again, with the health of our inventory, with the health of our kind of supply chain and how diversified we are, we're also using this opportunity to partner with all of our retailers to step into some new opportunities as well. So we're trying to play both defense and offense at the same time.

這是迄今為止這個問題最長的答案嗎？我要對克里斯的評論補充更多觀點。我們與零售商之間的其他優勢或機會，以及我們正在進行的討論，我們預計會有一些上架機會並進入一些空白領域。因此，憑藉我們庫存的健康狀況、我們供應鏈的健康狀況以及我們的多樣化程度，我們也利用這個機會與我們所有的零售商合作，以獲得一些新的機會。所以我們嘗試同時進行防守和進攻。

Super helpful. Thank you very much. Best of luck.

超有幫助。非常感謝。祝你好運。

Megan Alexander, with Morgan Stanley.

摩根士丹利的梅根亞歷山大 (Megan Alexander)。

Good morning and thanks so much. My first question is just a bit more of a clarification and then, I have a follow-up on Wizards. The clarifying question is, Chris, I think you said something -- I know you said something in your prepared remarks just about the potential for prolonged tariffs creating structural costs and uncertainty. I wanted to just clarify, does that meant to say that the exposure or the kind of headwind that Gina talked about this year, could that get worse next year? Is that what you were meaning to imply from a cost perspective? Obviously, you'll have to lap through it as it rolls into 2026 given inventory. But I just wanted to maybe if you could expand upon what exactly that comment meant?

早安，非常感謝。我的第一個問題只是稍微澄清一下，然後我會對 Wizards 進行後續提問。需要澄清的問題是，克里斯，我認為你說過——我知道你在準備好的發言中說過，延長關稅可能會造成結構性成本和不確定性。我只是想澄清一下，這是否意味著吉娜今年談到的曝光或逆風明年會變得更糟？從成本角度來說，這就是您想要表達的意思嗎？顯然，當它進入 2026 年並給定庫存時，你必須將其繞過去。但我只是想知道您是否可以詳細說明一下該評論到底是什麼意思？

Yeah. Well, I think it's two things. I think the first thing, you're correct in that right now, we're able to basically defer paying a bunch of tariffs because for the first four or five months of the year, we're not having a large number of deliveries. So there will be incremental tariff exposure that you'd have next year if the current duties continued. That would be a headwind.

是的。嗯，我認為這是兩件事。我認為首先，您說得對，現在我們基本上可以推遲支付一大筆關稅，因為在今年的前四五個月，我們的交付量並不大。因此，如果現行關稅繼續執行，明年你將面臨增量關稅風險。那將會是一個阻力。

The second thing is by moving things around in our supply chain, we have a lot of flexibility. By the end of this year, hundreds of SKUs for the U.S. will be moved from China-based manufacturing to alternate locations. And I think we're going to meaningfully accelerate our diversification efforts in terms of where we can source product from. Right now, we source it from eight countries. That's probably going to expand to 9 to 10 in the very near term. And I think you're going to meaningfully see a big difference in terms of the percentage of product coming from China to the U.S. much faster than what we previously communicated.

第二件事是，透過在我們的供應鏈中移動物品，我們擁有很大的靈活性。到今年年底，美國數百個 SKU 將從中國製造轉移到其他地點。我認為，我們將在產品來源方面顯著加快多元化努力。目前，我們從八個國家採購。短期內，這一數字可能會擴大到 9 到 10。我認為，你將會看到，從中國到美國的產品比例有很大差異，其速度比我們之前傳達的要快得多。

Some of that though comes with a cost. When we manufacture board games in the U.S., it is significantly more expensive to manufacture here than it is in China, for instance. If we move products like sourcing for PLAY-DOH from China which is where it's dominantly sourced from U.S. today, to Turkey which we've been using to source to Europe, there is a cost associated with that. Because the logistics in Turkey are just kind of different. And we were looking at that across multiple product lines.

但其中一些是有代價的。例如，當我們在美國生產棋盤遊戲時，這裡的生產成本比在中國高得多。如果我們將諸如 PLAY-DOH 之類的產品從中國（目前美國的主要採購地）轉移到土耳其（我們一直用來向歐洲採購），那麼就會產生相關成本。因為土耳其的物流有點不同。我們正在多個產品線上研究這個問題。

We feel like over time, we'll be able to manage the bulk of that and we'll be able to make these changes on a cost-neutral basis. But at least in the midterm, that increased complexity and that increased load on new logistics centers will have some costs associated with our outlook.

我們覺得隨著時間的推移，我們將能夠管理大部分內容，並且能夠在成本中立的基礎上進行這些改變。但至少從中期來看，複雜性的增加和新物流中心負載的增加將對我們的前景產生一些成本影響。

Yeah, Megan, as you think about the phasing of that growth impact that I had in my prepared remarks of $100 million to $300 million, that is really all in the back half. So just as you think about what that is going to mean for '26, the absolute kind of annualized number goes up.

是的，梅根，正如我在準備好的發言中提到的，成長影響的階段性從 1 億美元到 3 億美元，這實際上都在後半部分。因此，正如您所想，這對 26 年意味著什麼，絕對的年化數字就會上升。

Now to Chris' point, all of the work that we have to diversify our supply chain and kind of move product around, that will help to mitigate probably the bigger number that you would calculate. But that's why kind of as you think of this year's impact versus next year's impact, there's still a material cost headwind coming at us.

現在回到克里斯的觀點，我們必須進行多樣化的供應鏈和產品運輸，這將有助於減輕你所計算出的更大的數字。但這就是為什麼當你考慮今年的影響與明年的影響時，我們仍然面臨材料成本的阻力。

Okay. That's really helpful. Makes a lot of sense. And then just a follow-up on Wizards. So really strong performance in MAGIC, in particular, in 1Q. It sounds like you're raising the guide both for the 1Q outperformance versus your expectations as well as some better expectations for the remainder of the year. Is there any way to kind of parse out what is being raised for 1Q versus the rest of the year? And related to that, you're incorporating some additional things like conservatism just around the consumer and to CP. Are you doing the same in Wizards?

好的。這真的很有幫助。很有道理。然後只是對奇才隊的後續報道。因此 MAGIC 的表現確實非常強勁，尤其是在第一季。聽起來，您不僅提高了第一季超出預期的表現指引，還提高了對今年剩餘時間的更好預期。有什麼方法可以分析出第一季與今年其他時間相比的籌資情況嗎？與此相關，您還融入了一些額外的內容，例如圍繞消費者和 CP 的保守主義。你在巫師中也做同樣的事情嗎？

We'll tag team this between Gina and I. I'd say Wizards had meaningful outperformance in Q1. We also think it's going to do pretty darn well in Q2. Just to give some color on that, Final Fantasy will be the best-selling set of all the time on day one. It already is. And so then, it will have room to run in Q3 and Q4. And we feel really good about the back half releases as well, particularly the new Universes Beyond sets.

我們將在吉娜和我之間進行組隊討論。我想說巫師隊在第一季的表現非常出色。我們也認為它在第二季的表現會相當不錯。簡單來說，《最終幻想》在第一天就將成為有史以來最暢銷的遊戲。已經如此了。那麼，它在第三季和第四季就有運行空間。我們對後半部的發行也感到非常滿意，特別是新的 Universes Beyond 系列。

As we look at Wizards, our store count is up 20% versus what it was 18 months ago. It's very clear to us that Universes Beyond as a strategy has increased the total active installed base of MAGIC players, both in terms of reigniting lapse fans as well as bringing in new fans. And historically, MAGIC has been very economically macro resilient. In 2008, 2009, it was growing double digits. It's a passion-based game that's not really -- and the collectors aren't really tied to the S&P 500 or the performance thereof. So we feel pretty good about where Wizards is sitting and pretty confident in our guidance raise for it.

當我們看到 Wizards 時，我們的商店數量與 18 個月前相比增加了 20%。我們很清楚，作為一項策略，「超越宇宙」已經增加了 MAGIC 玩家的總活躍安裝群，無論是重新點燃流失粉絲的興趣，還是吸引新粉絲。從歷史上看，MAGIC 具有很強的宏觀經濟彈性。2008年、2009年更是實現了兩位數的成長。這是一場基於激情的遊戲，收藏家實際上並不與標準普爾 500 指數或其表現緊密相關。因此，我們對 Wizards 的現狀感到非常滿意，並且對它的指導提升非常有信心。

So if you think about then the phasing of the year, remember back in February, we said that Q1 and Q4 for Wizards are going to be the strongest growth quarters. And we continue to believe that. As you look at the ones sandwiched in the middle, Q2 and Q3, they're stronger. Q2 is going to look a little bit goofy because of some of the comps. So we are expecting Q2 revenue to be down in Q2. MAGIC will be up, literally, a healthy MAGIC growth business. But we're comping, one, to a lesser extent, the difference in Baldur's Gate and Monopoly Go! this year versus last year. But then also remember, to a bigger extent, we had a favorable licensing settlement last year that benefited revenue that we're lapping.

因此，如果您考慮今年的階段，記得在二月份，我們說過，奇才隊的第一季和第四季將是成長最強勁的季度。我們仍然堅信這一點。如果你看一下夾在中間的 Q2 和 Q3，你會發現它們更強大。由於一些比較因素，第二季看起來會有點愚蠢。因此我們預計第二季營收將下降。MAGIC 將會成長，確切地說，是一個健康的 MAGIC 成長業務。但是，我們在較小程度上比較了《博德之門》和《大富翁圍棋》之間的差異！今年與去年相比。但也要記住，從更大程度上來說，我們去年達成了有利的授權協議，這對我們的收入有利。

So when we come to Q2, you'll see probably low single-digit declines in revenue. And then from a margin standpoint, still very healthy, but you'll see that big step-up in royalty expense as we launch Universes Beyond. And so I think the way that most models have been set with that growth Q1, Q4, that's the right way to think about it. And the middle two quarters (inaudible) got a little bit better, but there's a little bit of bumpiness just given comps.

因此，當我們進入第二季時，您可能會看到收入出現個位數的低幅下降。從利潤率的角度來看，仍然非常健康，但隨著我們推出 Universes Beyond，您會看到特許權使用費大幅增加。因此，我認為大多數模型都是按照第一季、第四季的成長來設定的，這是正確的思考方式。中間兩季（聽不清楚）的情況稍微好一些，但與同期相比還是有些不順。

Okay. Super helpful. Thank you.

好的。超有幫助。謝謝。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Good morning and thanks for taking my questions. So I wanted to dig in a little bit, I think, Chris, you talked about the conservative nature of the guide and I guess, specifically, slide 16, the bridge slide, and I love a good bridge.

早上好，感謝您回答我的問題。所以我想深入一點，我想，克里斯，你談到了指南的保守性質，我想，具體來說，幻燈片 16，橋樑幻燈片，我喜歡一座好的橋樑。

Everyone loves a good bridge.

每個人都喜歡漂亮的橋樑。

Everybody loves a good bridge. So as we're all capturing all the information that's in that slide, I think what this would suggest is that you're factoring in the full brunt of 145%. And anything less than that would ultimately have led to a higher adjusted EBITDA guide versus where you previously were. And I think there were also some comments about sort of industry assumptions in the prepared remarks. I guess the second part of the question would be, I mean, GFC level industry declines and COVID-level inflation, is that also sort of what's built in to this unchanged EBITDA guide? And if we get anything better than that, would that also ultimately be upside to the number?

每個人都喜歡漂亮的橋樑。因此，當我們捕捉幻燈片中的所有資訊時，我認為這表明你正在考慮 145% 的全部影響。低於這個數字最終將導致調整後的 EBITDA 指引比之前更高。我認為準備好的評論中也有一些關於行業假設的評論。我想問題的第二部分是，我的意思是，全球金融危機 (GFC) 水平的行業衰退和新冠疫情 (COVID-19) 水平的通貨膨脹，是否也是這份未改變的 EBITDA 指南所包含的內容？如果我們得到比這更好的結果，那麼最終對數字來說是否也會是正面的呢？

Good morning, James. I just want to clarify my quote because, on advice of counsel, you'll never hear me say conservative on a call. I always say cautious. But I'll let Gina take this one.

早安，詹姆斯。我只是想澄清我的引述，因為根據律師的建議，你永遠不會聽到我在電話中說保守。我總是說要謹慎。但我會讓吉娜拿這個。

Good clarification. Good question. I think your synopsis is generally right. And when you look at the waterfall chart on page 16, what is embedded in that red bar is that higher tariff rate of 145% and an assumption that the retails sales follow similar trends to what we saw in 2008 and 2009. I think the overall kind of macro was down, call it, 68%, and that's what we have factored into our outlook for that kind of worst case scenario.

很好的澄清。好問題。我認為你的概要總體上是正確的。當您查看第 16 頁的瀑布圖時，紅色長條圖所代表的是 145% 的較高關稅稅率，以及零售額遵循與我們在 2008 年和 2009 年看到的趨勢類似的趨勢的假設。我認為整體宏觀經濟下滑了，大概是 68%，這就是我們在預測最壞情況時考慮到的因素。

Now to your point, if we weren't on the worst case and we go to the other side, would our guide be up? Yes, probably. However, one of the muscles that we're flexing is we're pulling in and accelerating a lot of the cost savings pipeline initiatives that we had in motion. So there could be if it starts to mitigate some, you might see us slow down or rethink the pacing of some of those. But by and large, the strength of Wizards and the momentum that we have there, in and of itself, would have probably taken us over. If that red bar wasn't there.

現在回到你的觀點，如果我們沒有遇到最壞的情況，而是前往另一邊，我們的導遊會出現嗎？是的，可能吧。然而，我們正在展示的力量之一是，我們正在拉動和加速實施許多成本節約計劃。因此，如果它開始減輕一些影響，你可能會看到我們放慢速度或重新考慮其中一些問題的節奏。但總的來說，巫師的實力和我們在那裡所擁有的勢頭本身就可能讓我們獲勝。如果沒有那個紅條。

Got it. That all makes sense. And then, maybe help us sort of handicap the risk of the rest of the world. It seems to me that at least one of the incremental surprises coming out of Liberation Day was heavy-handed nature on the rest of the world, right, outside of China. And so much of your sort of diversification strategy has been to move out of China into some of these other countries that are now being tariffed to a certain degree, that 10% number. And who knows what's ultimately going to happen in July. But maybe help us understand the CP exposure to the rest of the world, specifically those 10% tariffed countries. And how you think about, again, moving production out of China -- a lot of these countries seem like safe havens and I don't know, how do you even make decisions in this current environment? Thanks.

知道了。這一切都是有道理的。然後，也許可以幫助我們減輕世界其他地區的風險。在我看來，解放日帶來的至少一項意外是大自然對世界其他地區（對，中國以外）的嚴厲打擊。你們的多元化策略很大程度上是將業務從中國轉移到其他一些現在被徵收一定程度關稅的國家，也就是 10% 的國家。誰知道七月最終會發生什麼事。但也許可以幫助我們了解CP對世界其他地區的影響，特別是那些10％關稅的國家。您如何看待將生產轉移出中國？很多國家看起來都是避風港，我不知道，在當前環境下該如何做出決定？謝謝。

Well, I think that goes back to the first principle, just answering your last question, which is don't overreact. Our assumption is that we will get to a reasonable and logical trade policy ultimately once all the negotiations are done. We're not making any kind of hopeful assumptions that that happens soon. Our guidance is based off of 145% and 10% reciprocal everywhere else. And we're assuming that that holds for the balance of the year. If the reciprocal tariffs increased and China did not change, that would be a headwind, obviously, and we would have to take that into account.

嗯，我認為這又回到了第一個原則，只是回答你的最後一個問題，那就是不要反應過度。我們的假設是，一旦所有談判完成，我們最終將製定出合理且合乎邏輯的貿易政策。我們並不抱持任何希望地認為這種情況很快就會發生。我們的指導是基於 145% 和其他地方 10% 的互惠。我們假設今年餘下的時間情況都是如此。如果互惠關稅增加而中國沒有改變，那顯然會是個阻力，我們必須考慮到這一點。

In terms of how we're thinking about the rest of the world in terms of a market and not just as a source of supply, we see it as an opportunity. Our business is under-indexed a bit inside of Europe. We see a lot of retailer excitement for some of the new product lines we have. The new PEPPA PIG products that we have, all the great MARVEL stuff that we have coming out. MAGIC certainly is looking like it's going to be a winner in markets like Europe and Japan. So we see some potential for upside there especially as we kind of prioritize where SKUs are going and where our marketing dollars are going in terms of market upside. APAC, likewise, we see some opportunities there.

就我們如何將世界其他地區視為市場而非供應來源而言，我們認為這是一個機會。我們的業務在歐洲內部的指數有點偏低。我們看到很多零售商對我們的一些新產品線感到興奮。我們擁有的新款《小豬佩奇》產品，以及即將推出的所有精彩的漫威產品。MAGIC 看起來肯定會成為歐洲和日本等市場的贏家。因此，我們看到了其中的一些上升潛力，特別是當我們優先考慮 SKU 的去向以及我們的行銷資金在市場上行方面的去向時。同樣，我們在亞太地區也看到了一些機會。

And then the other thing that we're doing a lot of is starting to look at ODMs in Vietnam, India, and even China in terms of more value SKUs and getting more aggressive about real low price points and driving some break-through pricing opportunities for market like Lat-Am and Southeast Asia via our Everyone Plays initiative as part of Play to Win.

我們正在做的另一件事是開始關注越南、印度甚至中國的 ODM，從更有價值的 SKU 角度出發，更積極地提供真正的低價位，並透過我們的「人人參與」計畫（作為「Play to Win」計畫的一部分）為拉丁美洲和東南亞等市場帶來一些突破性的定價機會。

So I'd say 145% and 10% is our base outlook. If that changes to the negative, it certainly is a headwind. What we don't necessarily have factored into our guide, though, is, hey, is there any market upside in terms of kind of shifting SKUs and shifting our marketing priorities? And so we'll play that out over the next couple of months.

所以我認為 145% 和 10% 是我們的基本預期。如果情況發生負面變化，無疑是一種阻力。然而，我們在指南中不一定考慮到的是，就轉變 SKU 和轉變我們的行銷重點而言，是否存在任何市場優勢？我們將在接下來的幾個月內完成這項任務。

Yeah. With our team, we're really trying to avoid the analysis paralysis and the churn that that can cause on decision making. So we're staying very focused on what is known. And right now, what is known is the 145% and the 10%. All of the moves that we're making, both within our supply chain as well as with our customer base, we would categorize as no-regret moves. It's good for us to have a more diversified footprint. So we'll just keep moving down that path.

是的。我們的團隊正在努力避免分析癱瘓以及由此導致的決策混亂。因此，我們非常關注已知的事物。目前已知的是 145% 和 10%。我們所做的所有舉措，無論是在我們的供應鏈中還是在我們的客戶群中，我們都將其歸類為無悔舉措。擁有更多元化的足跡對我們來說是件好事。所以我們會繼續沿著這條路前進。

Got it. That's really helpful. Thanks, Chris, Gina.

知道了。這真的很有幫助。謝謝，克里斯，吉娜。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Hi. Thanks for taking my question and thanks for all the detail you already provided. Sorry to go back to the tariff sensitivity slide, but could you maybe clarify, is it fair to assume that those mitigating efforts will include bringing China exposure for Consumer Products substantially below the 50% mark? I think you had given a 40% exposure for China for 2026 before. I guess, do you have a sense of where that could be for next year as of today, to the extent you can predict that?

你好。感謝您回答我的問題，也感謝您提供的所有詳細資訊。很抱歉回到關稅敏感度幻燈片的問題，但您能否澄清一下，是否可以公平地假設這些緩解措施將包括將消費品在中國的佔比大幅降至 50% 以下？我認為您之前已經給出了 2026 年中國 40% 的曝光率。我想，從今天起，您是否對明年的情況有所了解，可以預測嗎？

And then in terms of other mitigating factors, whether it's cost saves to find ways to make things cheaper or taking pricing, is it possible for you to detail sort of assumptions there, let's say, making things cheaper could offset x% of impact and then pricing will offset the rest? To the extent it's possible to quantify. I know it's very difficult at this point. You're probably looking at thousand factors.

然後就其他緩解因素而言，無論是節省成本以尋找使產品更便宜的方法還是採取定價，您是否可以詳細說明一些假設，比如說，使產品更便宜可以抵消 x% 的影響，然後定價將抵消其餘的影響？在可以量化的範圍內。我知道現在這非常困難。您可能正在考慮數千個因素。

A thousand factors, that's probably right. Good questions and good morning. I'll start by saying, first, we are a global company. China is going to continue to remain an important manufacturing hub for us. And while our U.S. toy and game business is roughly 55% of our revenue, 45% of it is okay with getting goods from China. So China is always going to be a manufacturing hub for us.

有一千個因素，這可能是對的。好問題，早安。首先我要說的是，我們是一家全球性公司。中國將繼續是我們重要的製造業中心。雖然我們的美國玩具和遊戲業務約占我們收入的 55%，但其中 45% 可以從中國購買貨物。因此，中國永遠是我們的製造中心。

As we think about our moves from the 50%. To your point, we said back in February, we are on a path to move to under 40% by 2026. We are speeding that up. So we are accelerating our efforts there. We're targeting to be below that 40% by 2026. We are still kind of nailing down final plans and final product lines and what all this is going to mean with the supplier base, et cetera. So I'm not going to give you an exact percentage now. But I think the path we were on to get to 40% by '26 is going to be faster than that.

當我們從 50% 的角度考慮我們的行動時。正如您所說，我們早在二月就說過，我們的目標是到 2026 年將這一比例降至 40% 以下。我們正在加快這一進程。因此我們正在加快那裡的努力。我們的目標是到 2026 年將這一比例降至 40% 以下。我們仍在確定最終計劃和最終產品線，以及這一切對供應商基礎意味著什麼，等等。所以我現在不會給你一個確切的百分比。但我認為，我們到 26 年達到 40% 的目標將會比這更快。

As you think about then the mitigating levers that we have, again, I'm not going to give you the exact dollars because they're all -- the way that you've laid it out, they're all kind of modeled together. But there's really -- if you go from that growth impact of this anchor to the high end of the range of $300 million kind of gross exposure down to the $180 million, what we're seeing as the net impact, there's really three big things to focus on. And we've talked a lot about the supply chain. That's the first big thing. And just how were both shifting products around our existing manufacturing base, how we're managing inventory levels, how we're then kind of accelerating diversification. That provides a big mitigating lever for us.

當你考慮我們所擁有的緩解手段時，我不會再告訴你確切的金額，因為它們都是 - 按照你所列出的方式，它們都是一起建模的。但實際上——如果你從這個錨點的成長影響到 3 億美元的總風險敞口的高端，再到 1.8 億美元的淨影響，那麼實際上有三件大事需要關注。我們已經討論了很多有關供應鏈的問題。這是第一件大事。我們如何在現有的製造基地轉移產品，如何管理庫存水平，以及如何加速多樣化。這為我們提供了很大的緩解槓桿。

The second piece is how we're managing our product in the broader portfolio. So we have done a significant amount of SKU reduction, leading up our SKU kind of rationalization as we lead into this year. We're continuing to evaluate what makes sense in this current environment for the U.S. market. So some of our higher priced items are products that we just don't think are going to be tenable from a profitability standpoint with 145% tariff on. We're taking different choices. And so that's kind of the next lever is that we're really focused on all of our DTV efforts and how that influenced this product costs. We're accelerating there.

第二部分是我們如何在更廣泛的產品組合中管理我們的產品。因此，我們大幅減少了 SKU，從而在今年實現了 SKU 的合理化。我們正在繼續評估在當前環境下什麼對美國市場有意義。因此，我們認為，從獲利角度來看，我們的一些高價商品在徵收 145% 的關稅後是無法維持的。我們做出了不同的選擇。因此，下一個槓桿是我們真正專注於所有的 DTV 工作以及它如何影響產品成本。我們正在加速前進。

And then the third piece of mitigating actions has everything to do with customer and commercial, how we're thinking about pricing and reading the pricing actions, how we're managing our allowances with the retailers. When we talk about allowances, those are all the dollars that are sitting within gross to net, how we put those either to better use or drop them all together.

第三項緩解措施與客戶和商業息息相關，我們如何考慮定價和解讀定價行動，如何與零售商管理配額。當我們談論津貼時，這些都是總額與淨額之間的所有資金，我們如何更好地利用它們或將它們全部放棄。

So taken together, supply chain, how we're thinking about product, how we're thinking about commercial and customer pricing, that's what gets us to kind of that $120 million difference between gross to net.

所以綜合起來，供應鏈、我們如何看待產品、我們如何看待商業和客戶定價，這些就是導致毛利和淨利之間出現 1.2 億美元差額的原因。

That's very, very helpful, Gina. Thank you. And then one quick follow-up. Have you done any price elasticity or demand work to basically say X-percent of growth in pricing is X-percent impact on demand? I know it's difficult, right, especially in this environment. But anything you could share with investors to sort of help them think through pricing as a mitigating factor?

這非常非常有幫助，吉娜。謝謝。然後進行一次快速跟進。您是否做過任何價格彈性或需求工作，基本上是說價格成長的 X% 是對需求的 X% 影響？我知道這很難，尤其是在這種環境下。但是您可以與投資者分享什麼來幫助他們將定價作為緩解因素來考慮嗎？

Well, we have. There's not a lot that I can share publicly since most of it's proprietary. We definitely think $9.99 and $19.99 are important. We definitely think innovation and having a toy that has a must-have factor to it, something that the kid asks for and is based off of a passion-based purchase is also super important. And then last but not least, having great brands backed by fantastic fan bases and big entertainment moments is also super important.

嗯，我們有。我可以公開分享的內容不多，因為大部分都是專有的。我們確實認為 9.99 美元和 19.99 美元很重要。我們確實認為創新和擁有一個具有必備因素的玩具、一個孩子想要的、基於熱情購買的玩具也非常重要。最後但同樣重要的一點是，擁有由大量粉絲和大型娛樂活動支持的優秀品牌也非常重要。

And so when you look at like what we just announced with Disney, there's no bigger brands in the toy aisle than Marvel and Star Wars. We're thrilled to be extending our multi-decade partnership with them. We've been working with the Walt Disney Company since the 1950s. I think Snow White and Cinderella were one of our first collaborations together. And I love their road map. What they have coming up in 2026 and what they just announced at their Star Wars event in Japan a week or so ago for 2027 I think bodes pretty favorably for what the future is for that.

因此，當你看到我們剛剛與迪士尼宣布的合作時，你會發現玩具市場中沒有比漫威和星際大戰更大的品牌了。我們很高興能夠與他們延續數十年的合作關係。自 20 世紀 50 年代以來，我們一直與華特迪士尼公司合作。我認為《白雪公主》和《灰姑娘》是我們第一次合作的作品之一。我喜歡他們的路線圖。我認為，他們在 2026 年將要推出的產品以及大約一周前在日本舉辦的星際大戰活動上宣布的 2027 年產品預示著未來的良好發展。

And that's just one partnership in a series of partnerships that you're going to be hearing from us over the next several months and quarters that we're going to bring the best brands to our aisles that have the highest pricing power and assures demand. And I think that's going to position us favorably over the long term.

這只是我們一系列合作中的一個，在接下來的幾個月和幾個季度裡，您將聽到我們宣布這些合作，我們將把擁有最高定價權並確保需求的最佳品牌帶到我們的貨架上。我認為從長遠來看這將對我們有利。

Thank you very much.

非常感謝。

Eric Handler, Roth Capital.

漢德勒（Eric Handler），羅斯資本（Roth Capital）。

Good morning. Thanks for the question. You had pretty significant outperformance from MAGIC in the quarter, just relative to my model. I wonder if you could sort of rank like where all that upside came from.

早安.謝謝你的提問。相對於我的模型，本季 MAGIC 的表現相當出色。我想知道您是否可以對所有這些好處的來源進行排序。

I think it's a couple of things. We did have a bit of an extra set or have an extra set in terms of a remastered set. Our backlist performed very, very well. And then early ordering for Tarkir: Dragonstorm has been very strong. So probably, the biggest thing was like backlist overperformance. And then Secret Lair has actually been doing pretty well. I mean, the whole MAGIC business is just -- it's difficult to identify just one thing.

我認為有幾件事。我們確實有一些額外的套裝，或者就重製版而言有一套額外的套裝。我們的舊書表現非常非常好。然後早期訂購的 Tarkir：Dragonstorm 非常強勁。因此，可能最大的問題就是舊書表現過剩。事實上，Secret Lair 的表現相當不錯。我的意思是，整個 MAGIC 業務只是——很難只識別一件事。

Really, I think what we're seeing on MAGIC is expansion of the player base. And when you expand the player base, it's just a great opportunity to engage them with more products and kind of create a network effect amongst the players and the collecting community. And we see that only strengthening as the year goes.

確實，我認為我們在 MAGIC 上看到的是玩家群的擴大。當你擴大玩家群時，這只是一個絕佳的機會，讓他們參與更多的產品，並在玩家和收藏社群之間創造一種網路效應。我們看到，隨著時間的推移，這種趨勢只會不斷加強。

Thanks, Chris. And then one question on sort of manufacturing. How easy is it to just pick up and leave a China manufacturing plant? How much lead time do you need to sort of switch over to another country? And can you do that before peak manufacturing times for the holidays for this year? Or is this more of a 2026 event?

謝謝，克里斯。然後是關於製造業的一個問題。收拾行李離開中國製造廠有多容易？您需要多少準備時間才能轉換到另一個國家？您能在今年假期生產高峰期之前做到這一點嗎？或者這更像是 2026 年的事件？

Yeah. Good question. Yeah, I would say it's more of a 2026 event. I mean, obviously, the moves and the work is happening now. And it depends on capabilities. There are some countries that have the capabilities and the infrastructure in place, so it's just a matter of kind of the development and quality engineering work that needs to happen to shift. In others, there's a brand new build of capability. So it kind of runs the spectrum in terms of the length of time.

是的。好問題。是的，我想說它更像是 2026 年的活動。我的意思是，顯然，這些舉措和工作正在進行中。這取決於能力。有些國家已經具備了相應的能力和基礎設施，因此，實現轉變只需要進行一定的開發和品質工程工作。在其他方面，存在著一種全新的能力建構。因此，它就時間長度而言，運行整個頻譜。

But if you kind of anchor back to what we said in February, it was going to take us a couple of years to move from that 50%, down to under 40%. And now we're saying, oh gosh, we're going to get there a lot sooner. So we're speeding up the time to get that diversification.

但如果你回顧我們二月所說的，我們需要花幾年的時間才能從 50% 降至 40% 以下。現在我們說，天哪，我們很快就能到達那裡了。因此，我們正在加快實現多樣化。

It depends on the category, Eric. So like for PLAY-DOH, it's send the boat the U.S.; don't send the boat to Italy from Turkey; and then send the vote from China to Europe. For NERF where we have a very large India- based footprint, we are able to change production, but not necessarily where the SKUs are produced. So we are changing what the SKU mix looks like inside of the aisles for the U.S. so that we can favor India-based SKUs which maybe are older SKUs but are tried and true. But the benefit there is, as most of our competition, the white label competition and some of our other names competitors, They're solely China-based. So we actually could come to market with a pricing advantage versus them.

這取決於類別，艾瑞克。就像 PLAY-DOH 一樣，它把船送到了美國；不要從土耳其將船送往義大利；然後將選票從中國送到歐洲。對於 NERF，我們在印度的業務非常廣泛，因此我們可以改變生產，但不一定能改變 SKU 的生產地點。因此，我們正在改變美國貨架內部的 SKU 組合，以便我們可以青睞印度的 SKU，這些 SKU 可能是較舊的 SKU，但經過了嘗試和驗證。但這樣做也有好處，因為我們的大多數競爭對手、白標競爭對手和其他一些品牌競爭對手都完全位於中國。因此，我們實際上可以憑藉比他們更具價格優勢進入市場。

So it's category by category. I think where you're going to find China-based manufacturing the stickiest is really anything with electronics, anything with super high-end deco. And then surprisingly, anything made out of foam. Except for (inaudible). But like foam role-play, that tends to be a very specialized set of capabilities of Chinese manufacturing.

所以它是按類別劃分的。我認為，中國製造業最具吸引力的領域實際上是電子產品和超高端裝飾產品。然後令人驚訝的是，任何東西都可以由泡沫製成。除了（聽不清楚）。但就像泡沫角色扮演一樣，這往往是中國製造業的一套非常專業的能力。

Thank you.

謝謝。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi. Thanks for taking my questions here and congrats on a strong quarter. Good morning. Gina, I just wanted to bridge some of your comments on the segment guide. So the outlook for CP unchanged. But now factoring in bigger levels of industry declines. I think you're at sort of flat to down 4% last time in the CP top line guide. You raised the Wizards top line guide pretty significantly. Op margins come up. But reiterated sort of consolidated full company guide. I guess, does the puts and takes, like a lower CP, imply op margin, offset by the higher Wizards op profit contribution? I just wanted to make sure we're sort of clear on the segment puts-and-takes. Thanks.

你好。感謝您在這裡回答我的問題，並祝賀您本季業績強勁。早安.吉娜，我只是想回應你對片段指南的一些評論。因此 CP 的前景不變。但現在要考慮更大程度的產業衰退。我認為上次 CP 頂線指南中的數據是持平或下降 4%。您大幅提高了奇才隊的頂線指導。營運利潤率上升。但重申了綜合的全公司指南。我猜，看跌期權和看漲期權（例如較低的 CP）是否意味著營運利潤率，被更高的 Wizards 營運利潤貢獻所抵消？我只是想確保我們對細分市場的投入和產出有清晰的了解。謝謝。

Yeah. Good question. I think that we spelled out Wizards and that should be pretty clear, we're raising both the revenue outlook and the operating margin outlook. In terms of CP, we're leaving it unchanged just given the wide range in potential outcome here. So when you think of the net impact of $60 million to $180 million, if it's on that higher end of the range of $180 million, you'll see higher revenue loss and you'll see those operating margins, to your point, they're going to come down in the mid-single-digit range. We just can't absorb the entirety of the cost impact in that margin structure.

是的。好問題。我認為我們已經闡明了奇才隊的情況，這應該非常清楚，我們正在提高收入前景和營業利潤率前景。就 CP 而言，我們保持不變，因為這裡的潛在結果範圍很廣。因此，當您考慮 6000 萬美元到 1.8 億美元的淨影響時，如果處於 1.8 億美元範圍的高端，您將看到更高的收入損失，並且您將看到那些營業利潤率，正如您所說，它們將下降到中等個位數範圍內。我們無法吸收該利潤結構中的全部成本影響。

But if you go to the other end of the range, if we net out there, if the trade policy starts to come down a bit, if we don't see as much negative reaction from consumers or our customer order patterns remain steady, if we end at that lower end of the range, we stay than within spitting distance of our original guide. So that's why right now, we just don't have enough clarity to narrow that down any further. Hopefully, by the time we get to July, we're able to provide a bit more precision there. But it's a pretty wide guide. But I think how you said it in terms of mid-single digits on CP and then you've got the Wizards, both the Wizards upside as well as trying to accelerate all of these cost savings in the pipeline, that's what's helping to absorb it.

但是，如果你轉到範圍的另一端，如果我們在那裡淨賺，如果貿易政策開始有所下降，如果我們沒有看到消費者的太多負面反應，或者我們的客戶訂單模式保持穩定，如果我們結束於該範圍的下端，那麼我們就會保持在與我們原始指南相差無幾的距離內。所以這就是為什麼現在我們還沒有足夠的清晰度來進一步縮小範圍。希望到 7 月的時候，我們能夠提供更精確的資訊。但這是一個相當廣泛的指南。但我認為，正如你所說，CP 的成本在個位數中段，然後你又得到了奇才隊，奇才隊的優勢以及試圖加速所有這些成本節約，這才是幫助吸收成本的方法。

Really helpful. And then just a follow-up question, I wanted to circle back on price. What parts of the portfolio do you have the most ability to raise price? Would you ever consider price increases on parts of the portfolio that seem like they have significant momentum right now like MAGIC? Or will it all be sort of concentrated in the toy portfolio where you're seeing the most tariff exposure?

真的很有幫助。然後只是一個後續問題，我想回到價格問題。您最有能力提高投資組合中的哪些部分的價格？您是否會考慮提高投資組合中目前看起來勢頭強勁的部分的價格，就像 MAGIC 一樣？或者所有關稅都將集中在玩具產品組合中，因為關稅風險最高？

I think we're going to pick and choose. So pricing is ultimately going to be a discussion with our retail partners. And ultimately, what price ends up on shelf is up to them. We're going to work hard at trying to figure out how to hit those MAGIC price points for the items that we think are most exciting and/or minimize any price increases associated with hot items that we think have a lot of good innovation.

我想我們會做出選擇。因此定價最終將由我們與零售合作夥伴討論。最終，貨架上的定價由他們決定。我們將努力嘗試找出如何讓我們認為最令人興奮的商品達到那些神奇的價格點，和/或盡量減少與我們認為具有許多良好創新的熱門商品相關的價格上漲。

So we've got a lot of cool products coming out this fall. We're refreshing the entire PEPPA PIG line with the new baby on the way. We think PLAY-DOH Barbie is the most exciting new innovation to hit the arts and crafts category potentially ever. We think that's a huge collaboration and happy to be partnering with Mattel on it. Likewise, we have a lot of opportunities across board games and games. MAGIC is really on fire.

今年秋天我們會推出很多很酷的產品。隨著新寶寶的到來，我們正在更新整個 PEPPA PIG 系列。我們認為 PLAY-DOH 芭比娃娃可能是藝術和手工藝領域有史以來最令人興奮的創新產品。我們認為這是一次巨大的合作，很高興能與美泰合作。同樣，我們在棋盤遊戲和遊戲方面也有很多機會。MAGIC 確實很火爆。

I think our default is to not pass on price wherever possible and instead to drive share and drive shelf space opportunities. That said, we are going to have to raise prices inside of 145% tariff regime with China. We're just trying to do it as selectively as possible and minimize the burden to the fans and families that we serve.

我認為我們的預設設定是盡可能不傳遞價格，而是推動份額和推動貨架空間機會。也就是說，我們將不得不在與中國實施 145% 關稅制度的框架內提高價格。我們只是試著盡可能有選擇地去做，並儘量減少我們所服務的粉絲和家庭的負擔。

Perfect. That's incredibly helpful. Best of luck going forward.

完美的。這非常有幫助。祝你未來好運。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Good morning. Thanks for taking the questions. Curious if you'd update us a little bit more on the conversations maybe you're having at this point with retailers going into holiday. I imagine most retailers are trying to stay as flexible as they can for as long as they possibly can ahead of any potential reprieve on the tariff side. Could you just remind us maybe of the timing of how that plays out throughout the year and maybe when the last possible moment that retailers would need to make a decision around holiday orders as we head into late summer or early fall?

早安.感謝您回答這些問題。我很好奇您是否可以向我們稍微介紹一下您目前與零售商在假期期間進行的對話情況。我想，在關稅方面可能出現任何緩解之前，大多數零售商都試圖盡可能地保持靈活性。您能否提醒我們，這種情況在全年中會如何發生，以及在進入夏末或初秋時零售商需要就假期訂單做出決定的最後時刻是什麼時候？

Morning, Stephen. Very fluid is how I would describe discussions with our retailers. And to your point, right now, in this moment where we're sitting in April, the holidays are a long ways away. So when do you think about order patterns, what we are planning for and I think Chris said it in Q&A here already this morning, we're planning for Q2 to have a pretty material shift in both kind of DI versus DOM (domestic) . As the retailers themselves they're managing their inventories, so some of that order pattern -- that anticipated order pattern that we've seen in Q2 does look different.

早安，史蒂芬。我會用「非常流暢」來形容我們與零售商的討論。正如您所說，現在，我們正處於四月，假期還很遙遠。那麼您什麼時候考慮訂單模式，我們正在計劃什麼，我認為克里斯今天早上在問答環節已經說過了，我們計劃在第二季度在 DI 和 DOM（國內）方面都有相當大的轉變。由於零售商自己管理庫存，因此部分訂單模式——我們在第二季度看到的預期訂單模式確實看起來有所不同。

As we think about the back half of the year, when we can model out our revenue, there's not a material change in terms of the back half of the year really represents about still, call it, 60%, 65% of our revenue base. We expect our inventory to then kind of be more moving out from us to our retailers to be more back half-loaded into Q3 and Q4.

當我們考慮下半年的情況時，我們可以計算出我們的收入，下半年並沒有實質的變化，仍然占我們收入基礎的 60% 到 65%。我們預計，到第三季度和第四季度，我們的庫存將更多地從我們轉移到零售商，並更多地回到半滿狀態。

We don't see any material change in how retailers are thinking about the holidays. But to your point, they are making decisions right now, do I take it here in May or June or do I wait until we're closer to the holiday resets which are going to happen in, call it, September, October.

我們沒有看到零售商對假期的看法有任何實質的變化。但就你的觀點而言，他們現在正在做決定，我是在五月或六月採取行動，還是等到接近九月或十月的假期重置時再採取行動。

So that's how we've contemplated our phasing. That's what is all embedded in our guide in the range of outcomes. But if you think about what CP is going to look like in Q2, it's going to be a down quarter for us just given the change in the order patterns there. And then we can build back as we move through Q3-Q4.

這就是我們對分階段實施的考慮。這就是我們的指南中所包含的一系列結果。但如果你想想 CP 在第二季的狀況，考慮到那裡的訂單模式的變化，這對我們來說將是一個下滑的季度。然後，我們可以在進入 Q3 至 Q4 時重新開始。

Thanks. That's really helpful. And then maybe one of Monopoly Go! It looks like revenues accelerated here in the first quarter. Curious if you could just speak a little bit more to the momentum you're seeing there and what's been working so well to keep that IP going? And then any updates to your outlook in terms of the decay you're factoring in to the guidance?

謝謝。這真的很有幫助。然後也許是《大富翁圍棋》！看起來第一季的營收成長加快了。我很好奇，您能否再多談談您在那裡看到的勢頭，以及哪些措施能夠讓這個 IP 保持良好的發展勢頭？那麼，就您在指導中考慮到的衰退因素而言，您對前景有何更新？

Well, I think first and foremost, Scopely made a fantastic game based on a fantastic brand. So it's very sticky. They're having excellent player engagement. They're doing good events with major partners. They just announced a new one with Star Wars which I think kicks off in a month or so. So they've just been doing a really good job. And I think they're getting to a more mature place in terms of how much they have to spend in terms of driving new player engagement, new player adoption, which is a favorable aspect of the quarter for us. I think our previous guidance of about $10 million a month in terms of what we'll make is fair for the balance of the year and what we're currently modeling in our outlook.

嗯，我認為首先，Scopely 基於一個出色的品牌製作了一款出色的遊戲。所以它非常粘。他們的玩家參與度極高。他們正在與主要合作夥伴一起舉辦精彩的活動。他們剛剛宣布了一部以《星際大戰》為主題的新片，我認為該片將在一個月左右後開播。所以他們做得確實非常好。我認為他們在推動新玩家參與度和新玩家接受度方面需要投入多少資金方面已經變得更加成熟，這對我們來說是本季度的一個有利方面。我認為，就今年的剩餘收入以及我們目前在展望中製定的計劃而言，我們之前每月約 1000 萬美元的預期是公平的。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Jamie Katz, Morningstar.

晨星公司的傑米‧卡茨 (Jamie Katz)。

Good morning. I just want to ask a quick question on POS which was in the back of the document of the slide deck today . I guess I'm trying to triangulate the strong revenue performance with sort of a weaker market share performance. And I'm wondering if maybe that's a function of just decreasing inventory, working down inventories at retail, or is there something else maybe that I'm missing?

早安.我只想問一個關於 POS 的簡單問題，這個問題在今天的幻燈片文件的後面。我想我正在嘗試將強勁的營收表現與較弱的市佔率表現進行三角測量。我想知道這是否只是減少庫存、減少零售庫存的功能，還是我可能忽略了其他什麼？

We entered the year with pretty lean inventories with our retail partners and so there is an opportunity there. It would be kind of what I would say on that.

今年我們與零售合作夥伴的庫存相當少，因此這是一個機會。這就是我要說的。

Yeah. Our CP performance in the first quarter was the toy part of it, it was pretty on our plan expectation. As Chris said, we didn't have anything crazy in terms of having a clear inventory and promotions like that because we came into the year pretty healthy. Licensing was what drove the upside on revenue in the quarter.

是的。我們第一季的 CP 表現只是其中的一小部分，與我們的計劃預期相當。正如克里斯所說，我們在清理庫存和促銷方面沒有什麼瘋狂的舉措，因為我們今年的表現相當健康。許可是推動本季營收上升的動力。

Okay. And then can you talk a little bit about what you guys are seeing at value price points? I think from other consumer discretionary firms, we're just hearing incremental weakness across that consumer base. Thanks.

好的。然後您能否稍微談談您所看到的價值價格點？我認為，從其他非必需消費品公司的情況來看，我們聽到的只是整個消費族群的逐漸疲軟。謝謝。

I don't think we have any real thunderous insights to share with you right now in terms of what the consumer behavior is. Generally speaking, toys as a category did pretty well in first quarter and Easter kind of went off as expected. So I think people are continuing to buy toys. Personally, I don't think we're seeing any indication that people are pulling forward holiday buys or summer buys. Toys tend to be an occasion-based purchase or a purchase of passion. And consumers are behaving normally.

我認為就消費者行為而言，我們現在還沒有任何真正深刻的見解可以與大家分享。整體而言，玩具作為一個類別在第一季表現相當不錯，復活節的銷售也如預期般順利。所以我認為人們會繼續購買玩具。就我個人而言，我認為我們沒有看到任何跡象表明人們正在提前進行假日購物或夏季購物。玩具往往是基於場合而購買的，或是出於熱情而購買的。消費者的行為也正常。

Thanks so much.

非常感謝。

Kylie Cohu, Jefferies.

凱莉‧科胡 (Kylie Cohu)，傑富瑞 (Jefferies)。

Good morning, guys. Thanks for taking my question. All of the color around the CP exposure is super-duper helpful. But I just wanted to dig into the Wizards exposure a little more. I know it's small, but I do believe you do source some from Japan. But I was curious if there were any other countries to call out or details (inaudible) rest of the world for that segment specifically?

大家早安。感謝您回答我的問題。CP 曝光周圍的所有顏色都非常有用。但我只是想更深入地了解巫師的曝光度。我知道它很小，但我相信你確實從日本購買了一些。但我很好奇，是否有其他國家可以提及，或具體介紹一下（聽不清楚）世界其他地區？

Yeah, the exposure for Wizards/MAGIC is pretty minimal, I mean, and it's embedded in the Wizards bar in the bar chart, embedded in the Wizards guide. So on kind of a 12-month basis, call it $5 million to $10-ish million of exposure. To your point, we do manufacture in Japan. We do also manufacture over in Europe a bit. The bulk of the manufacturing is coming from the U.S.

是的，我的意思是，Wizards/MAGIC 的曝光率非常低，它嵌入在長條圖的 Wizards 欄中，嵌入在 Wizards 指南中。因此，以 12 個月為基礎，其風險敞口約為 500 萬至 1,000 萬美元。正如您所說，我們確實在日本進行生產。我們確實也在歐洲進行了一些生產。大部分製造業來自美國。

Yeah. The only thing in Wizards that we import from China is like D&D box sets. So that's actually a bigger input on the tariff duties I mentioned for Wizards, like the Japanese duties for MAGIC.

是的。我們從中國進口的唯一巫師產品是 D&D 盒裝套裝。因此，這實際上是對我提到的針對 Wizards 的關稅的更大投入，就像日本對 MAGIC 的關稅一樣。

That is super helpful. And then kind of following back up on the POS trends. I think you mentioned that licensing did better than expected. I was just curious what were those bright spots specifically. That would just be helpful. And kind of what did you see anything around Easter? Obviously, there's a timing shift this year. Anything that performed particularly well?

這非常有幫助。然後回顧一下 POS 趨勢。我認為您提到許可做得比預期的要好。我只是好奇那些亮點具體是什麼。這肯定會有幫助。在復活節期間看到了什麼？顯然，今年的時間發生了變化。有什麼表現特別好嗎？

Well on licensing, certainly, My Little Pony continued to perform well and had a favorable year-over-year comp. Monopoly Go! is doing quite well. And then in terms of POS for our brands, TRANSFORMERS was up, BEYBLADE was up. We had a good quarter in terms of MARVEL. Those would probably be like the big bright spots for us on POS.

當然，就授權而言，《我的小馬駒》繼續表現良好，並且同比增長良好。大富翁Go！做得很好。就我們品牌的 POS 而言，TRANSFORMERS 上漲了，BEYBLADE 上漲了。就 MARVEL 而言，我們本季表現不錯。這些可能就是我們在 POS 上的一大亮點。

Awesome. Super helpful.

驚人的。超有幫助。

Thank you. There are no further questions at this time. This does conclude today's conference. We thank you for your participation. You may now disconnect your lines.

謝謝。目前沒有其他問題。今天的會議到此結束。我們感謝您的參與。現在您可以斷開線路了。