孩之寶 (HAS) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Hasbro first quarter 2026 earnings call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. Finally, I'd like to turn the call over to Fred Wightman, Vice President, Hasbro Investor Relations. Please go ahead, sir.

早安，歡迎參加孩之寶（Hasbro）2026 年第一季財報電話會議。（接線員指示）今天的會議將進行錄音。如有任何異議，您可於此時中斷連線。最後，我想把電話會議交給孩之寶投資人關係副總裁 Fred Wightman。先生，請開始。

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. We'll begin today's call with Chris and Gina providing commentary on the company's performance before taking your questions.

謝謝，各位早安。今天與我一同出席的有：孩之寶執行長 Chris Cocks，以及孩之寶財務長兼營運長 Gina Goetter。我們將先由 Chris 與 Gina 就公司表現發表評論，之後再回答各位的提問。

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.

我們今天電話會議的新聞稿與簡報投影片已發布於投資人網站。新聞稿與簡報包含與非 GAAP 調整項目及非 GAAP 財務衡量指標相關的資訊。我們今天的電話會議將討論若干調整後指標，該等指標不包含上述非 GAAP 調整項目。

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. 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.

GAAP 與非 GAAP 指標之調節表已載於新聞稿與簡報中。請注意，當我們討論每股盈餘（EPS）時，指的是稀釋後每股盈餘。在開始之前，我想提醒各位，在本次電話會議及隨後的問答環節中，孩之寶管理層成員可能會就管理層的預期、目標、目的及類似事項作出前瞻性陳述。

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. These factors include those set forth in our annual report on Form 10-K, our most recent 10-Q, in today's press release and in our other public disclosures. We undertake no obligation to update any forward-looking statements made today to reflect events or circumstances occurring after the date of this call.

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所預期的結果或其他預期出現重大差異。這些因素包括我們 Form 10-K 年報、最新的 10-Q、今天的新聞稿以及其他公開揭露文件中所列示者。我們不承擔更新今天所作任何前瞻性陳述之義務，以反映本次電話會議日期之後發生的事件或情況。

I would now like to introduce Chris Cocks. Chris?

現在我想介紹 Chris Cocks。Chris？

Thanks, Fred, and good morning, everyone. Hasbro started 2026 with momentum, revenue grew 13%, powered by Wizards of the Coast, while Consumer Products posted point-of-sale growth and share gains across our key GEM2 categories. These results reinforce our confidence in the Playing to Win strategy as Hasbro's deep IP vault, industry-leading licensing capabilities and world-class partners position us for success today and into the future.

謝謝你，Fred，各位早安。孩之寶以動能開啟 2026 年，營收成長 13%，主要由海岸巫師（Wizards of the Coast）帶動；同時，消費品部門在我們關鍵的 GEM2 類別中，終端銷售（POS）成長並提升市占。這些成果強化了我們對「Playing to Win」策略的信心；孩之寶深厚的 IP 資產庫、業界領先的授權能力與世界級合作夥伴，使我們在當下與未來都具備成功的有利條件。

Let's dig into results, starting with Wizards of the Coast. Q1 showed that MAGIC’S record 2025 was no fluke. Lorwyn Eclipsed, which debuted in January, became the best-selling MAGIC Premier set of all time and delivered the highest engagement in organized play statistics we've seen since the pandemic.

讓我們深入檢視成果，先從海岸巫師開始。第一季顯示《萬智牌》（MAGIC）在 2025 年創下的紀錄並非偶然。於 1 月推出的《Lorwyn Eclipsed》成為史上最暢銷的《萬智牌》頂級系列（Premier set），並帶來自疫情以來我們在組織賽事參與度統計中所見的最高互動水準。

We follow that with the Teenage Mutant Ninja Turtles Universes Beyond Collaboration that outpaced internal expectations, more proof that our multi-franchise strategy is expanding the MAGIC audience. Backlist was once again a standout, setting a quarterly record, thanks to demand for Avatar, the last Airbender and Final Fantasy.

接著推出的《忍者龜》Universes Beyond 聯名合作表現超出內部預期，進一步證明我們的多品牌策略正在擴大《萬智牌》的受眾。舊系列（Backlist）再次成為亮點，在《降世神通：最後的氣宗》與《Final Fantasy》的需求帶動下，創下單季新高紀錄。

We're only one quarter into the year, but 2026 already represents the third largest Backlist year in MAGIC’S history. We're seeing record demand to extend beyond tabletop and digital into live experiences too. MagicCon Las Vegas sold more than 23,000 badges making it the largest Magic event ever. That demand is global. MagicCon Amsterdam is on track to sell out as well.

雖然今年才過一季，但 2026 年迄今已是《萬智牌》史上第三大的 Backlist 年度。我們也看到創紀錄的需求，從桌上遊戲與數位延伸到現場體驗。MagicCon 拉斯維加斯售出超過 23,000 張入場證，成為史上規模最大的 Magic 活動。這股需求遍及全球。MagicCon 阿姆斯特丹也有望售罄。

From our tentpole MagicCon to weekly organized play events across more than 11,000 Wizards Play Network stores, the flywheel of new player acquisition, distribution growth and durable retention are showing up in the numbers.

從我們的旗艦 MagicCon，到遍布超過 11,000 家 Wizards Play Network 門市的每週組織賽事，新玩家導入、通路成長與長期留存所形成的飛輪效應，正反映在各項數據之中。

MAGIC’S momentum has carried into Q2 where secrets and strict saving already has surpassed Lorwyn Eclipsed as the largest MAGIC Premier set ever. The rest of the year features a blockbuster Universes Beyond slate with Marvel Super Heroes, The Hobbit and Star Trek. And yesterday in partnership with The Walt Disney Company, we announced MAGIC ARENA will feature full digital rights for the upcoming Marvel Super Heroes launch.

《萬智牌》的動能延續至第二季，其中《secrets and strict saving》目前已超越《Lorwyn Eclipsed》，成為史上最大的《萬智牌》Premier set。今年其餘時間將推出強檔的 Universes Beyond 陣容，包括 Marvel 超級英雄、《哈比人》與《星際爭霸戰》。此外，昨天我們與華特迪士尼公司合作宣布，《MAGIC ARENA》將在即將推出的 Marvel 超級英雄上市中，提供完整的數位權利。

This is a meaningful step forward in our strategy to extend the MAGIC ecosystem across platforms and reach new fans wherever they play. Outside of MAGIC, Wizards of the Coast teams are polishing our AAA video game launches. EXODUS from Archetype and WARLOCK from Invoke. Both titles remain on schedule to launch next year, and we're excited to share EXODUS extended showcase with fans later this summer.

這是我們將《萬智牌》生態系跨平台延伸、並在玩家所在之處觸及新粉絲策略上的重要進展。除《萬智牌》之外，海岸巫師團隊也正持續打磨我們的 AAA 級電玩作品。包括 Archetype 的《EXODUS》以及 Invoke 的《WARLOCK》。兩款作品皆按計畫於明年推出，我們也期待在今年夏末與粉絲分享《EXODUS》的延伸展示內容。

D&D is on a great trajectory. We launched Dungeon Masters, our first official D&D actual play series on YouTube, featuring talent from Baldur's Gate three alongside top treaters in the tabletop space. Turning to Consumer Products. We're continuing to see POS momentum with positive trends in first quarter that have continued through the end of April.

《龍與地下城》（D&D）的發展軌跡非常良好。我們在 YouTube 推出首個 D&D 官方實況遊玩（actual play）系列《Dungeon Masters》，邀請《柏德之門 3》的演出人才，並結合桌上遊戲領域的頂尖創作者。接著談到消費品部門。我們持續看到 POS 動能，第一季的正向趨勢延續至 4 月底。

With lean retailer inventories, we remain on plan to grow the segment for the year. Our focus on GEM2 categories. Those parts of the toy industry that are Gamified, Entertainment-Driven, Multi-Purchase and Multigenerational continues to pay dividends. These are structurally advantaged categories with above-industry growth and we gained share in many of our key categories in the first quarter.

在零售商庫存精實的情況下，我們仍按計畫推動該部門全年成長。我們聚焦於 GEM2 類別。也就是玩具產業中具備遊戲化（Gamified）、娛樂驅動（Entertainment-Driven）、多次購買（Multi-Purchase）與跨世代（Multigenerational）特性的領域，持續帶來成果。這些是結構性具優勢、成長高於產業平均的類別，而我們在第一季於多個關鍵類別提升了市占。

Looking ahead, we're two days away from Star Wars' return to theaters for the first time since 2019 with The Mandalorian and Grogu. We have a strong lineup of product on shelves and its early demand for our Ultimate Grogu is any indication fans are as excited as we are. We have three additional tentpole releases ahead, including Disney and Pixar's Toy Story Five, Spiderman: Brand New Day and Marvel Studios Avengers Doomsday. That is a stacked content lineup that creates real opportunity across Consumer Products.

展望未來，距離《星際大戰》自 2019 年以來首次重返大銀幕僅剩兩天，作品為《The Mandalorian and Grogu》。我們已在通路上架強勁的產品陣容，而《Ultimate Grogu》的早期需求顯示粉絲與我們一樣興奮。接下來還有三個旗艦級檔期，包括迪士尼與皮克斯《玩具總動員 5》、《Spiderman: Brand New Day》以及漫威影業《Avengers Doomsday》。這是一個內容密集的強檔陣容，為消費品業務帶來實質機會。

With positive early reads from FIFA MONOPOLY, including blaster boxes that are resonating with collectors and live sellers alike, category first innovation from the PLAY-DOH brand this summer and K-Pop Demon Hunter's product hitting shelves in July, there's a lot to look forward to at Hasbro.

隨著 FIFA MONOPOLY 的早期反應正面，包括深受收藏家與直播賣家喜愛的 blaster boxes；以及 PLAY-DOH 品牌今年夏天的類別首創創新產品，還有《K-Pop Demon Hunter》的產品將於 7 月上架，孩之寶有許多值得期待的亮點。

Before I hand off to Gina to walk through the financials, I want to offer a sincere thank you to our team and partners for delivering a great start to 2026. I want to give a special call out to our IT, sales, finance and operations teams who have kept Hasbro open for business despite the cybersecurity incident and enhanced precautions we have taken.

在我把時間交給 Gina 說明財務表現之前，我想真誠感謝我們的團隊與合作夥伴，讓 2026 年有一個非常好的開局。我也要特別感謝我們的 IT、銷售、財務與營運團隊；即使面臨資安事件以及我們所採取的強化防護措施，他們仍確保孩之寶業務持續運作。

With that, I'll turn it over to Gina.

接下來交給 Gina。

Thanks, Chris, and good morning, everyone. We delivered a strong start to 2026 with Q1 results on track across revenue, profit and margin. Net revenue in the first quarter was $1 billion, up 13% year-over-year driven by performance in Wizards. Adjusted operating profit of $287 million increased 29% with an adjusted operating margin of 28.7%, up 360 basis points versus last year from favorable business mix and cost savings. Adjusted earnings per diluted share were $1.47, up 41% year-over-year, reflecting strong operating leverage and disciplined execution.

謝謝你，Chris，各位早安。我們在 2026 年取得強勁開局，第一季在營收、獲利與利潤率方面的表現皆符合進度。第一季淨營收為 10 億美元，年增 13%，主要由海岸巫師的表現帶動。調整後營業利益為 2.87 億美元，成長 29%；調整後營業利益率為 28.7%，較去年提升 360 個基點，受惠於有利的業務組合與成本節省。調整後稀釋後每股盈餘為 1.47 美元，年增 41%，反映強勁的營運槓桿與嚴謹的執行力。

Looking more closely at the segments, Wizards momentum continued. Segment revenue grew 26% to $582 million behind the strength in MAGIC. Operating profit increased 29% to $298 million with a 51.2% operating margin, up 140 basis points versus last year. Product mix and scale were more than able to offset the headwind of higher royalty and operating expense.

更深入檢視各業務分部，Wizards 的動能持續。受惠於 MAGIC 的強勁表現，分部營收成長 26% 至 5.82 億美元。營業利益成長 29% 至 2.98 億美元，營業利益率為 51.2%，較去年提升 140 個基點。產品組合與規模效益足以抵銷權利金與營業費用上升帶來的不利因素。

The MAGIC ecosystem remained healthy through the quarter, with both Backlist and Secret Lair posting double-digit growth, and we achieved meaningful distribution gains within the Wizards Play Network, underscoring the durability of the franchise.

本季 MAGIC 生態系維持健康，Backlist 與 Secret Lair 皆繳出雙位數成長；同時我們在 Wizards Play Network 內取得顯著的通路擴張，凸顯該品牌的持久韌性。

Digital and licensing revenue was up 3% and MONOPOLY Go delivered $41 million of revenue, in line with our expectations. Consumer Products revenue was $398 million, essentially flat year-over-year with growth in toy and game volume, offset by a decline in licensing as we lap challenging prior year comparison. Adjusted operating loss was $41 million, a decline of roughly $10 million versus last year on an adjusted basis. The loss reflects higher royalty expense, incremental tariffs, and the impact of prior year licensing strength.

數位與授權營收成長 3%，MONOPOLY Go 貢獻 4,100 萬美元營收，符合我們的預期。消費性產品營收為 3.98 億美元，年增率基本持平；玩具與遊戲出貨量成長，被授權業務下滑所抵銷，主因是去年同期比較基期較具挑戰。調整後營業損失為 4,100 萬美元，按調整後口徑較去年約增加 1,000 萬美元的損失。該損失反映較高的權利金費用、額外關稅，以及去年授權業務強勁表現的影響。

As we move through the quarter, POS performance was in line with expectations, and both owned and retail inventory levels remain healthy, providing a good setup in advance of key theatrical windows as well as the upcoming seasonal builds. The Entertainment segment delivered $20 million in revenue and $20 million in adjusted operating profit which was also in line with expectations. Q1 profitability was favorably impacted by the timing of entertainment-backed revenues in the Consumer Products segment, namely for PEPPA PIG.

隨著本季推進，POS（銷售點）表現符合預期，自有與零售端庫存水位皆維持健康，為關鍵院線檔期以及即將到來的季節性備貨提供良好基礎。娛樂分部營收 2,000 萬美元、調整後營業利益 2,000 萬美元，同樣符合預期。第一季獲利亦受惠於消費性產品分部中由娛樂內容帶動之收入認列時點，主要來自 PEPPA PIG。

Our cost transformation efforts delivered $37 million in gross savings, which has us on track for our full year commitment of $150 million. Total Hasbro adjusted EBITDA was $339 million and up 24% versus last year behind planned efficiencies across supply chain, product development and SG&A supporting margin expansion even as we absorbed elevated royalties and incremental investments for our upcoming 2027 digital game launches.

我們的成本轉型計畫帶來 3,700 萬美元的毛利節省，使我們朝全年 1.5 億美元的承諾目標邁進。Hasbro 合計調整後 EBITDA 為 3.39 億美元，年增 24%；在供應鏈、產品開發與 SG&A 的既定效率提升帶動下，推動利潤率擴張，即使我們吸收較高的權利金以及為 2027 年數位遊戲上市所做的增量投資。

From a balance sheet and cash flow perspective, we generated $338 million in operating cash flow funded $50 million in strategic investments and returned $99 million to shareholders via our dividend, and we started share repurchases under our recently authorized share repurchase program.

從資產負債表與現金流角度來看，我們創造 3.38 億美元的營運現金流，投入 5,000 萬美元於策略性投資，並透過股利向股東返還 9,900 萬美元；同時也在近期核准的庫藏股計畫下啟動股票回購。

Finally, we issued $400 million of new notes with the proceeds going towards fully repaying the November 2026 maturities and the balance applied to the repurchase of higher rate longer-dated debt. We are encouraged by our strong start to the year and believe we are well positioned to continue the momentum and deliver on our full year financial commitments.

最後，我們發行 4 億美元新票據，所得款項用於全額償還 2026 年 11 月到期的債務，其餘用於回購利率較高、到期日較長的債務。我們對今年強勁開局感到振奮，並相信我們已具備良好條件延續動能，達成全年財務承諾。

The macro environment continues to require agility including absorbing and offsetting the impact of rising oil costs across the business, which impacts our freight, resin and packaging costs. While the impact of higher inputs won't be realized until the back half of 2026, we have several actions underway across a variety of operating levers, including freight optimization, mix management and operating spend reductions to mitigate the impact.

總體環境仍要求我們保持敏捷，包括吸收並抵銷油價上升對全公司帶來的影響，這會影響我們的運輸、樹脂與包材成本。雖然較高投入成本的影響要到 2026 年下半年才會顯現，但我們已在多項營運槓桿上採取行動，包括運輸最佳化、組合管理與營運支出削減，以降低影響。

As we look to our full year outlook, we are maintaining guidance for the year. We continue to expect consolidated revenue to grow 3% to 5% year-over-year on a constant currency basis, with growth planned across each segment. We expect adjusted operating margins of 24% to 25% and adjusted EBITDA in the range of $1.40 billion to $1.45 billion.

就全年展望而言，我們維持全年指引不變。我們仍預期在固定匯率基礎下，合併營收年增 3% 至 5%，各分部皆規劃成長。我們預期調整後營業利益率為 24% 至 25%，調整後 EBITDA 介於 14.0 億至 14.5 億美元。

At the segment level, Wizards is on track to deliver mid-single-digit revenue growth with operating margins in the low 40% range. The volume growth is absorbing the impact of incremental royalties and back half investments behind our 2027 digital game releases, EXODUS and WARLOCK.

以分部來看，Wizards 可望達成中個位數營收成長，營業利益率落在 40% 出頭的區間。出貨量成長正在吸收增量權利金的影響，以及為 2027 年數位遊戲《EXODUS》與《WARLOCK》發行所做的下半年投資。

From a phasing standpoint, revenue growth remains robust during the first half of the year, supported by the upcoming Marvel Super Heroes release, before moderating in the back half due to tougher Q4 compares. On operating margin, year-to-go performance incorporates higher royalties as well as a step-up in operating expenses behind video game marketing spend and other investments.

就時點分布而言，上半年營收成長仍然強勁，受惠於即將推出的 Marvel Super Heroes 產品；但因第四季比較基期更具挑戰，下半年成長將趨於溫和。在營業利益率方面，年初至今的表現已反映較高的權利金，以及因電玩行銷支出與其他投資而增加的營業費用。

Consumer Products is expected to grow low single digits for the year with Adjusted operating margins in the 6% to 8% range. Relative to our initial guidance, the CP margin range reflects the benefit of lower tariff expense, offset by higher oil-related input costs with continued productivity and pricing mix providing further support. Operating margin continues to strengthen as we move through the year, driven by volume leverage and these productivity step-ups.

消費性產品預期全年成長低個位數，調整後營業利益率約在 6% 至 8% 區間。相較於我們最初的指引，CP 的利潤率區間反映關稅費用降低的利多，但被與油價相關的投入成本上升所抵銷；持續的生產力提升與定價/組合亦提供進一步支撐。隨著年度推進，在出貨量槓桿與上述生產力提升的帶動下，營業利益率持續走強。

Entertainment segment revenue is expected to be slightly positive year-over-year with operating margins of approximately 50%. Our capital allocation priorities remain unchanged. We will continue to invest in the business, specifically behind our highest return growth opportunities led by Wizards, digital gaming and licensing.

娛樂分部營收預期年增略為正成長，營業利益率約 50%。我們的資本配置優先順序維持不變。我們將持續投資於業務，特別是投入於最高報酬的成長機會，重點包括 Wizards、數位遊戲與授權。

Second, we are focused on paying down debt and maintaining a healthy balance sheet, and we remain firmly committed to returning cash to shareholders through our dividend and share repurchases. As part of today's release, the Board has authorized the second quarter dividend. In connection with the cyber incident that occurred at the end of March, we expect three impacts to 2026.

第二，我們聚焦於償還債務並維持健康的資產負債表，同時仍堅定承諾透過股利與股票回購向股東返還現金。作為今日公告的一部分，董事會已核准第二季股利。針對三月底發生的資安事件，我們預期 2026 年將有三項影響。

First, we expect to incur approximately $20 million of additional operating expenses associated with remediation. These expenses are one-time and will not impact adjusted EBITDA. Second, we expect approximately $40 million to $60 million of Consumer Products revenue to be delayed from Q2 to the back half of the year. Given the strong POS we're seeing, along with the upcoming entertainment slate, we have good line of sight into the recovery. And finally, given our delay in invoicing, we expect some receivables to shift from Q2 into Q3, impacting cash flow. All these impacts are embedded in our guidance.

第一，我們預期將產生約 2,000 萬美元與修復相關的額外營業費用。這些費用屬一次性，不會影響調整後 EBITDA。第二，我們預期約 4,000 萬至 6,000 萬美元的消費性產品營收將由第二季遞延至下半年。鑑於我們觀察到的強勁 POS 表現，以及即將推出的娛樂內容檔期，我們對回補具有良好能見度。最後，由於開立發票延遲，我們預期部分應收帳款將由第二季移轉至第三季，進而影響現金流。上述影響皆已反映在我們的指引之中。

As we wrap up, Q1 gives us a clean foundation. We are on track. Our capital allocation priorities are clear, and we are focused on execution. Wizards is providing growth momentum. Consumer Products is stable and improving, and our cost discipline continues to translate into real margin performance.

總結而言，第一季為我們奠定了清晰的基礎。我們進度如期。我們的資本配置優先順序明確，並專注於落實執行。Wizards 正提供成長動能。消費性產品穩定且持續改善，而我們的成本紀律也持續轉化為實質的利潤率表現。

We are managing through a dynamic macro environment and changing consumer patterns with clarity and focus. And we remain fully committed to delivering on our full year guidance. Before we open the line for questions, I want to echo Chris' comments and again recognize the Hasbro teams for their outstanding work navigating a dynamic environment over the past few months. Their focus, agility and execution have helped mitigate the impact of the cyber event and have us on track to deliver the year.

我們以清晰與專注的方式，因應多變的總體環境與消費者行為的改變。我們也仍完全致力於達成全年指引。在開放提問之前，我想呼應 Chris 的評論，並再次肯定 Hasbro 團隊在過去幾個月中於動態環境下展現的傑出表現。他們的專注、敏捷與執行力，已協助降低資安事件的影響，並讓我們按計畫推進以完成全年目標。

With that, I'll turn it back to the operator for questions.

接下來我把時間交回給接線員，開始提問。

(Operator Instructions)

（接線員指示）

Megan Clapp, Morgan Stanley.

Megan Clapp，摩根士丹利。

Hi, good morning. Thanks so much. Maybe we can start with the guidance. So you reiterated the full year. You obviously had a really nice beat at least versus what consensus was looking for in the first quarter and talked a lot about the momentum you're seeing quarter-to-date. At the same time, you talked about some higher costs for CP, but maintaining the guide there with lower tariff rates coming through as well.

嗨，早安。非常感謝。或許我們可以先從指引談起。你們重申了全年指引。很明顯第一季至少相較市場共識預期有相當不錯的超預期表現，也談到你們在本季迄今看到的許多動能。同時，你們也提到 CP 有一些較高成本，但在較低關稅稅率逐步反映之下，仍維持該分部的指引。

So can you just help us understand whether the guidance reiteration at this point is just consistent with your typical approach from what we've seen in terms of holding guidance after the first quarter? Or is there anything incremental that you're seeing either on the demand or the cost side. A lot has obviously changed in the last couple of months, that's giving you any less confidence in the outlook for either of the key segments. Thank you.

所以您能否協助我們理解，現階段重申指引是否只是延續你們一貫的作法——就我們所見，通常在第一季之後會維持既有指引？或者在需求端或成本端，您是否看到任何新增的變化？過去幾個月顯然發生了很多變化，是否讓您對兩個主要事業部的前景更缺乏信心？謝謝。

Hey, Megan, good morning. Gina and I will take this in turns. I would say it's the former. It's consistent with our typical practice. It's early in the year. We've got a lot of new releases coming out. We've got a lot of entertainment on tap, and we think that's the prudent move. I would say Q1 was a great start to the year. I think there's a lot of tailwinds that are buoying the business.

嗨，Megan，早安。Gina 和我會輪流回答。我會說是前者。這與我們一貫的作法一致。年初還很早。我們有很多新產品即將推出。也有很多娛樂內容蓄勢待發，我們認為這是審慎的作法。我會說第一季是今年一個很好的開局。我認為有很多順風因素正在支撐業務。

And in terms of some of the headwinds we have, like the cost of oil and uncertainty around tariffs. I think Gina and the team, particularly in the supply chain side and the operations side are increasingly getting a better and better handle on our cost structure and ability to navigate that.

至於我們面臨的一些逆風，例如油價成本以及關稅的不確定性。我認為 Gina 和團隊，特別是在供應鏈與營運端，正越來越能更好地掌握我們的成本結構以及應對能力。

Yeah, Megan. The only other piece that I'd add to what Chris just said is we're still working through the final phases of our cyber remediation. So again, using Chris' word of prudent just taking all those factors together, it just -- it made sense for us to hold this quarter. But we're very pleased with how the first quarter performed.

是的，Megan。我想補充 Chris 剛才所說的另一點是，我們仍在推進網路事件補救的最後階段。所以同樣借用 Chris 的用詞，把這些因素綜合起來，採取審慎態度——我們認為本季維持指引是合理的。但我們對第一季的表現非常滿意。

Okay, that's super helpful. And then maybe could you just put a finer point on what we should expect for the second quarter? I think if I'm doing my math correctly, that $40 million to $60 million of CP revenue is maybe five-ish points and I think previously you had expected, the segment to be up maybe double digits, low double digits in the second quarter, just on the easy lap from last year. So maybe CP up high single digits now. And any commentary on Wizards as we think about the second quarter, just trying to put a finer point on 2Q.

好的，這非常有幫助。那接著，您能否更明確說明一下我們對第二季應該有哪些預期？如果我算得沒錯，那 4,000 萬到 6,000 萬美元的 CP 營收大概是 5 個百分點左右；而我記得你們先前預期該事業部在第二季可能會因為去年基期較低而成長約雙位數、低雙位數。所以現在 CP 可能是高個位數成長？另外，關於 Wizards，對第二季有什麼看法？我只是想把 2Q 的輪廓再描得更清楚一些。

Got it. Yeah. Let's segment the pieces for Consumer Products as we came into the year, remember, we thought Q2 was going to be our big quarter because we were lapping all of the noise from tariffs last year. But given the cyber event, it now shifts out to Q3. So we still expect Q2 for Consumer Products to grow, albeit it's going to be kind of a low single-digit rate.

了解。是的。我們把消費性產品（Consumer Products）的幾個部分拆開來看：年初時請記得，我們原本認為第二季會是大季，因為我們要跨過去年關稅帶來的各種雜音所造成的影響。但因為網路事件，現在這個動能會延後到第三季。因此我們仍預期消費性產品第二季會成長，只是成長率大概會是低個位數。

And then we expect that double-digit growth to really come into Q3. We think most of that $40 million to $60 million is going to shift into Q3. There will be some trickle on into Q4, but most of it is just a shift from Q2 and into Q3. And for Wizards, Q2 is looking quite robust.

接著我們預期雙位數成長會真正出現在第三季。我們認為那 4,000 萬到 6,000 萬美元的大部分會移到第三季。第四季會有一些零星挹注，但大多數就是從第二季移轉到第三季。至於 Wizards，第二季看起來相當強勁。

I mean it's we had a big quarter last year. We expect this quarter to be really big, but behind both Strixhaven and then the Super Heroes launch. And then for Wizards as we go into Q3 and Q4, that's where you start to see some more moderated growth rates.

我的意思是，我們去年第二季就已經是個大季。我們預期本季也會非常大，主要受 Strixhaven 以及 Super Heroes 上市帶動。而 Wizards 進入第三季與第四季後，你會開始看到成長率較為溫和。

Okay, great. That makes sense.

好的，很好。這很合理。

Thank you.

謝謝。

Thank you.

謝謝。

Eric Handler, ROTH Capital Partners.

Eric Handler，ROTH Capital Partners。

Yes, good morning. I wonder if you could give a little bit of an update regarding your tariff claims? How big of a claim have you filed? And any expectation about when you may or may not get anything back?

是的，早安。我想請問能否就你們的關稅索賠提供一些最新進度？你們已提出的索賠金額有多大？以及你們預期何時可能、或可能不會收到任何退還？

Yeah, good question. So roughly think about it as $50 million is the rough size of our claim. We are in the reconciliation process. So right now in terms of timing that, that part of the refund hasn't been given a timeline. So it's not embedded in any of our outlook for this year right now. We're still waiting to understand when the government is going to get to that piece of the rebate process.

是的，問得好。大致上可以把我們的索賠規模想成約 5,000 萬美元。我們目前正在進行對帳／核對流程。所以就時程而言，這部分的退稅目前尚未給出時間表。因此目前並未納入我們今年任何展望之中。我們仍在等待了解政府何時會處理到退稅流程的這一環。

Okay, and then just looking at your cash flow statement, your cash flow from operations was very strong at $200 million increase year-over-year. A good swing in working capital. Is that going to be something that reverses? Or you track are you just getting better cash conversion as we go throughout the rest of the year?

好的。接著看你們的現金流量表，營運現金流非常強勁，年增增加了 2 億美元。營運資金也有很好的改善。這會不會之後反轉？或者你們只是隨著今年剩餘時間推進，現金轉換效率變得更好？

Yeah, good question. I would say in the first quarter, it was a lot of MAGIC because of the strength in MAGIC deliveries, both in terms of Q4 MAGIC as well as Q1 MAGIC that is contributing to the higher cash flow. We're going to see, given the cyber event, a little bit of lumpiness in cash as we move through the year. Our invoicing was shut off for a while.

是的，問得好。我會說第一季很大一部分是 MAGIC 的貢獻，因為 MAGIC 出貨表現強勁，包含第四季的 MAGIC 以及第一季的 MAGIC，都推升了較高的現金流。由於網路事件，我們在今年推進過程中會看到現金流有些不均勻。我們的開立發票作業曾停擺一段時間。

So the cash flow that we would have expected in Q2, some of it is going to come into Q3. So as we sit here in July, you're going to see us with a much lower operating cash flow, and then that will pick up and kind of recover as we move into Q3 and Q4.

因此我們原本預期在第二季收到的部分現金流，會有一些延後到第三季。所以以我們現在在七月的狀態來看，你會看到我們的營運現金流低很多，之後在進入第三季與第四季時會回升並逐步恢復。

Thank you.

謝謝。

Thanks, Eric.

謝謝你，Eric。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行（BNP Paribas）。

Hi, guys. Thanks for the question. It seems like your first party, your premier set like Lorwyn, Strixhaven are having really strong momentum. Could you maybe talk a little bit about whether you're seeing consumers who came into the MAGIC ecosystem via maybe a universe beyond collab and then kind of coming in again for a first party set? Anything your kind of seeing on that trend? Thanks.

嗨，各位。謝謝讓我提問。看起來你們的第一方、旗艦系列（premier set），像是 Lorwyn、Strixhaven，都有非常強的動能。你們能否談談，是否看到有些消費者是透過「Universes Beyond」的聯名合作進入 MAGIC 生態系，之後又回頭購買第一方系列？你們在這個趨勢上觀察到什麼？謝謝。

Hey, yes, we're definitely seeing that. In one quarter, we've done the third highest year ever of backlist sales. And that just means we're creating new MAGIC players. That -- and that's powering new hobby stores and new WPN stores and creating a virtuous cycle for us. So I would say from a top line perspective to a bottom-line perspective to an engagement funnel perspective, MAGIC is extremely healthy. And Universes Beyond is probably the most successful new player adoption initiative that we've ever done.

嗨，是的，我們確實看到這種情況。單季之內，我們做出了歷年第三高的舊品（backlist）銷售。這代表我們正在創造新的 MAGIC 玩家。而這也帶動新的玩家社群店（hobby stores）與新的 WPN 門店，為我們形成良性循環。所以我會說，無論從營收端、獲利端到參與度漏斗的角度來看，MAGIC 都非常健康。而 Universes Beyond 可能是我們做過最成功的新玩家導入計畫。

Great. Very helpful. And then on the second half guide for Wizards, I think you mentioned kind of more moderated growth rates. So I guess maybe to put a finer point, you're expecting still growth in the back half for Wizards, or how should we kind of think about that?

很好。非常有幫助。另外，關於 Wizards 下半年指引，我記得你提到成長率會比較溫和。所以如果要更具體一點，你們仍預期 Wizards 在下半年會成長嗎？或者我們應該如何理解？

I think Q4 is going to be the comp for MAGIC and Wizards just because we had a pretty big one last year. Q2 should be pretty good. Q3 should be pretty good. Q4 is the one where that might be down.

我認為第四季會是 MAGIC 和 Wizards 的比較基期，主要是因為我們去年第四季的基期相當高。第二季應該會相當不錯。第三季應該也會相當不錯。第四季則可能會出現下滑。

Yeah. In total, I would say our back half, call it, up low single-digit rates when you combine both what we're going to see in Q3 versus the decline in Q4.

是的。整體來看，我會說我們下半年（這麼稱呼的話），把第三季的表現與第四季的下滑合併來看，大約是低個位數的成長率。

Great. Very helpful. Thank you, guys.

很好。非常有幫助。謝謝各位。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

Thank you. Good morning. On the network breach, perhaps you could provide a few more details. What specifically was delayed where was it like specific lines or specific factories? And is there any risk of further delays? And do the delays effect anything that's time sensitive like shelf date for Spider-Man or Star Wars?

謝謝。早安。關於網路入侵事件，也許你們可以再提供一些細節。具體而言，是哪些地方被延誤？例如特定產品線或特定工廠嗎？是否還有進一步延誤的風險？這些延誤是否會影響任何有時效性的事項，例如《蜘蛛人》或《星際大戰》的上架日期？

Morning, Gerrick. So we're not going to talk a ton about the details of the breach itself, but know that it didn't really impact any of our suppliers, because we use co-manufacturers for all of our supply. So as it happened, we took down all of our systems to protect the environment, and what we've been working through since the end of March is bringing all of those systems back online, and we prioritize getting all of our financial systems stood up so that we could report our earnings and file our Q, and we are now in the process of turning back on all of our other systems impacting order management, shipping, invoicing, et cetera.

早安，Gerrick。我們不會過多談論入侵事件本身的細節，但可以確定的是，它其實沒有影響到我們任何供應商，因為我們所有供應都使用協力製造商。事件發生時，為了保護整體環境，我們關閉了所有系統；自三月底以來，我們一直在逐步讓這些系統重新上線。我們優先把所有財務系統建置完成，以便能公布財報並提交季度報告（Q），目前正著手重新啟用其他系統，包括影響訂單管理、出貨、開立發票等。

We are on track to have that done by, call it, June time line. So we are proceeding at pace. The situation itself has been contained. We don't see -- foresee any future risk here. It's not just a matter of us getting everything back operational.

我們預計可在大約六月的時間點完成。因此我們正按進度推進。事件本身已受到控制。我們不會——不預見未來還會有任何風險。現在只是把所有系統恢復到可正常運作的狀態。

Okay, great. And then on MAGIC on tabletop, what kind of printing capacity card stock availability, card stock pricing, those sort of metrics? How are they trending this year versus last year?

好的，很好。另外關於桌上遊戲的 MAGIC，像是印刷產能、卡紙供應量、卡紙價格等這類指標，今年相較去年走勢如何？

Well, I'd say trading cards is probably the hottest category in all toy and games. I mean I think it's fair to say the category is going to eclipse building sets either this year or next year in terms of total size, just given the trends. So supply is always a challenge, especially with a bunch of new entrants. I think the good news is we have a lot of long-standing and diversified supply chain relationships.

我會說集換式卡牌大概是整個玩具與遊戲中最火熱的品類。我的意思是，我認為可以合理地說，依照目前趨勢，這個品類在總規模上今年或明年就會超越積木類。因此供應一直都是挑戰，尤其是有一堆新進者加入。好消息是，我們擁有許多長期且多元化的供應鏈合作關係。

We have multiple paper and card stock sources that we validated from multiple different countries, like we have a US supplier, a German supplier and a Japanese supplier, just to name three. So I feel pretty good about our ability to chase demand. Where we might see some impact is on some shorter-term demand like if something vaporizes or sells out really fast, we used to be able to accommodate a reprint inside of 6 weeks. Now that's more like three to four months.

我們有多個紙張與卡紙來源，並且已從多個不同國家完成驗證；例如我們有美國供應商、德國供應商以及日本供應商，僅舉三例。所以我對我們追趕需求的能力相當有信心。我們可能會受到影響的地方，是一些較短期的需求——例如某個產品突然爆紅或很快售罄；過去我們可以在 6 週內安排再版。現在大概需要三到四個月。

But I think when you look at the backlist rates, the MAGIC Consumer, both the player and the collector is sticking around and being patient and they're willing to buy it and we've helped to accommodate that behavior by extending the timelines about how long cards stay in rotation. So it used to be a card would stay in rotation for 18 to 24 months, and now it's more like 32 to 36 months. So there's multiple ways to help to compensate when we do have little increases here and there in our ability to provide supply.

但我認為，當你看回購率（backlist rates）時，MAGIC 的消費者——不論是玩家或收藏者——都會持續留在這個生態裡、也更有耐心，願意等待並購買；而我們也透過延長卡牌在輪替中的期間來配合這種行為。過去一張卡會在輪替中維持 18 到 24 個月，現在更像是 32 到 36 個月。因此，當我們供應能力偶爾出現一些小幅波動時，我們有多種方式可以協助補償。

Great. Thank you, Chris. Thank you, Gina.

很好。謝謝你，Chris。謝謝你，Gina。

Thank you.

謝謝。

Kylie Cohu, Jefferies.

Kylie Cohu，Jefferies。

Hey, good morning. Thanks so much for taking my question. Target reported earnings earlier this morning as well. And on their call, they sounded pretty cautious on inventory buys. I was curious what you guys were hearing from retailers and if there was any changes in retailer posture specifically?

嗨，早安。非常感謝讓我提問。Target 今天早上也較早公布了財報。在他們的電話會議上，他們對庫存採購看起來相當謹慎。我想了解你們從零售商那邊聽到的情況，以及零售商的態度是否有任何變化，特別是有沒有更具體的改變？

I think the retailers are behaving the way that we would expect them to behave. And we've got a lot of good products in a lot of categories that are growing very, very quickly. And our POS is good. Our GEM2 approach, Gamified Entertainment, Multi-purchase, Multigenerational. Those categories in 2025 grew about 22%, while the balance of the toy industry declined 3% and so I think when our retailers see growth in those kinds of categories and those kind of brands with those kinds of demographics, they tend to have fairly liberal open-to-buy orders.

我認為零售商的行為表現符合我們的預期。我們在許多品類都有很好的產品，而且成長非常、非常快。我們的 POS（銷售點）表現也很好。我們的 GEM2 策略——遊戲化娛樂（Gamified Entertainment）、多次購買（Multi-purchase）、跨世代（Multigenerational）。這些品類在 2025 年成長約 22%，而玩具產業其他部分則下滑 3%；因此我認為當零售商看到這類品類、這類品牌以及這樣的人口結構帶來的成長時，他們通常會給出相當寬鬆的採購額度（open-to-buy）訂單。

Yes, I agree. I mean we came into the year with pretty healthy inventories, both owned and retail, and we continue to see that play through as we move through the first quarter. So adding on to what Chris said, plus the entertainment slate that we have coming up, we feel like we're in a really good position with our retailers.

是的，我同意。我的意思是，我們在年初時，不論是自有庫存或零售端庫存，都相當健康，而隨著第一季推進，我們也持續看到這樣的狀況延續。所以在 Chris 所說的基礎上，再加上我們接下來的娛樂內容檔期，我們覺得與零售商合作的態勢非常有利。

Great. That's super helpful. And then you flagged oil-related cost pressure from freight, resin and packaging really impacting more of the back half. Can you help us quantify any expected gross margin impact? How is that kind of how are you mitigating that, with pricing mix, productivity actions? And is this pressure largely contained to Consumer Products? Or is there any meaningful spillover in Wizards? Thank you.

很好。這非常有幫助。另外你們提到與油價相關的成本壓力，來自運輸、樹脂與包材，主要會在下半年造成更大影響。能否協助我們量化一下預期對毛利率的影響？你們如何因應，例如透過定價/產品組合、提升生產力的措施？而且這個壓力主要是否僅限於消費品部門（Consumer Products）？Wizards 那邊是否也會有任何顯著的外溢影響？謝謝。

Yes. Great question. It's largely contained to Consumer Products. I mean, obviously, freight impacts the entire company, but I would say most of it just given where resin goes is in our Consumer Products. The rough impact for this year is about $30 million, and that is assuming that oil stays around that $100 price per barrel.

是的。問得很好。這主要集中在消費品部門。我的意思是，運輸費確實影響整個公司，但我會說其中大部分——考量到樹脂價格的走勢——是在我們的消費品部門。今年的粗略影響約為 3,000 萬美元，這是以油價維持在每桶約 100 美元為前提。

And so we have some favorability that's coming in from tariffs. There's roughly about a $15 million good guy from when we started the year on tariffs, plus, we've taken other actions to accelerate productivity, accelerate some of the cost savings that we had within operating expense.

因此，我們也有一些來自關稅的正面因素。相較年初對關稅的假設，大約有 1,500 萬美元的利多；此外，我們也採取其他行動來加速提升生產力、並加速落實原本在營業費用中的部分成本節省。

We're managing our mix and pricing environment differently. So we feel like we're going to be able to mitigate the impact of just that kind of oil increase as we move through the back half. But you're right, it's all really Q3 and Q4 related, but our margins are planned to grow in Consumer Products in both Q3 and Q4. That's how much kind of ammo we've put on to it to be able to offset.

我們也以不同方式管理產品組合與定價環境。因此我們認為，隨著進入下半年，我們將能緩解這類油價上升帶來的影響。但你說得對，這主要都與第三季和第四季相關；不過我們規劃消費品部門在第三季與第四季的毛利率都要成長。這就是我們為了抵銷影響所投入的「彈藥」有多少。

Gotcha. Super helpful. Thank you so much.

了解。非常有幫助。非常感謝。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀。

Hi, good morning. Great to be hearing from all of you. I wanted to follow up on some of the earlier comments on MAGIC. And I know you don't like to provide breakdown of different MAGIC releases, but would it be possible at all to give us a sense of how much of Q1 outperformance was driven by Ninja Turtles? And how much of that set continues to contribute into Q2 MAGIC revenue?

嗨，早安。很高興聽到各位的分享。我想跟進一下先前關於 MAGIC 的一些評論。我知道你們不太喜歡提供不同 MAGIC 發行版本的拆分，但是否有可能讓我們了解一下，Q1 的超預期表現有多少是由《忍者龜》帶動的？而這個系列有多少持續貢獻到 Q2 的 MAGIC 營收？

Ninja Turtles did at or above our expectations for the quarter. And I'd tell you what I think really overperformed was Lorwyn Eclipsed. It not just beat the prior best-selling set -- first-party set. It did it by quite a handsome margin. And the great news is Secrets of Strixhaven, which came out just three months later, handily beat Lorwyn Eclipsed as well. So we're seeing good underlying demand, whether it's Universes Beyond or first party IP.

《忍者龜》在本季的表現達到或高於我們的預期。而我想真正超預期的是《洛溫：黯蝕》（Lorwyn Eclipsed）。它不僅超越了先前最暢銷的系列——自有 IP 系列。而且是以相當可觀的幅度超越。更好的消息是，《斯翠海文秘聞》（Secrets of Strixhaven）在三個月後推出，也輕鬆超越了《洛溫：黯蝕》。因此我們看到不錯的底層需求，不論是 Universes Beyond 還是自有 IP。

That's super helpful. Thank you. And Chris, maybe this is a bigger picture question on MAGIC ARENA. I think ARENA is sub 10%, 15% of the business today when it was first rolled out, I think it was as high as 2025 as the MAGIC business. And you've said previously that we could see ARENA revamp to be more aligned with the strong growth you've seen in the rest of this business. The deal you announced for ARENA, I guess, is that part of the upside and in line of what we should see more of? Or down the road, there is more strategically that you're considering for ARENA?

這非常有幫助。謝謝。另外 Chris，這可能是關於 MAGIC ARENA 的更宏觀問題。我認為 ARENA 目前占業務比重不到 10%、15%；而在剛推出時，我記得它一度高達 MAGIC 業務的 20%～25%。你之前也提到，我們可能會看到 ARENA 的改版，以更貼近你們在其他業務部分看到的強勁成長。你們宣布的 ARENA 合作案，我想問這是否屬於上行空間的一部分、也符合我們應該會看到更多的方向？或者更長期來看，你們在 ARENA 上還有更多策略性考量？

Well, I think it's important for us. So I think the one you're talking about is with The Walt Disney Company and getting Marvel and Spiderman on there and future Marvel sets. It's important for us to have one-to-one compatibility between what a person can buy in a hobby shop or in a Walmart with what they can play online. That's just a more fun and more complete ecosystem. So I definitely think that's going to be a tailwind for digital MAGIC and for MAGIC as a whole.

嗯，我認為這對我們很重要。所以我想你指的是與華特迪士尼公司合作，把漫威與蜘蛛人帶到平台上，以及未來的漫威系列。對我們而言，讓玩家在模型店或 Walmart 買到的產品，能與他們在線上玩的內容一對一相容，這點很重要。那會是一個更有趣、更完整的生態系。所以我確實認為，這將成為數位 MAGIC 以及整體 MAGIC 的順風。

I think, though, what you're seeing with ARENA and why it's a shrinking percentage of total MAGIC sales is ARENA was designed for one format of play, which is called standard, which is kind of a one-on-one, very competitive form of play. It's a lot of fun, and it's popular, but a lot of MAGIC’S growth has been through collectability through things like we've done with collector boosters and Secret Lair as well as more socially oriented play like we've seen with Commander, which is now the most popular format of play in MAGIC.

不過，我認為你在 ARENA 看到、以及它在 MAGIC 總銷售中占比縮小的原因是：ARENA 是為一種玩法格式設計的，稱為「標準」（standard），這是一種一對一、非常競技的玩法。它很有趣，也很受歡迎，但 MAGIC 的許多成長來自於收藏性——例如我們推出的收藏補充包（collector boosters）與 Secret Lair——以及更偏社交取向的玩法，例如我們在 Commander 看到的成長；Commander 現在是 MAGIC 最受歡迎的玩法格式。

And so I think in the future, what you'll see from us as we invest in new digital iterations of MAGIC, both on ARENA and outside of ARENA, is leaning into those insights that have driven the overall ecosystem. So more Universes Beyond, more collectability, more tradability and more social kind of multiplayer oriented play. And I think we'll -- we're working on those. I think those will kind of roll out over the course of a couple of years, and it will be both from the ARENA team as well as other talented teams that we work with.

因此我認為未來，當我們投資於 MAGIC 的新數位版本（無論在 ARENA 內或 ARENA 之外）時，會更倚重那些推動整體生態系的洞察。也就是更多 Universes Beyond、更多收藏性、更多可交易性，以及更多偏社交、多人導向的玩法。而我想我們——我們正在推進這些。我認為這些會在未來幾年逐步推出，來源既包括 ARENA 團隊，也包括我們合作的其他優秀團隊。

That's super helpful. Thank you.

這非常有幫助。謝謝。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，富國銀行。

Yeah, hey guys. Thanks for taking my question. So I guess just to follow up on the MAGIC launches. Given the success you've seen with Strixhaven and Lorwyn, I guess does that at all change your thoughts on the mix of Universes Beyond versus owned IP set? And just more broadly, how you're thinking about that mix at this point?

是的，嗨各位。謝謝讓我提問。我想跟進一下 MAGIC 的發行。鑑於你們在《斯翠海文》和《洛溫》看到的成功，這是否會改變你們對 Universes Beyond 與自有 IP 系列組合的看法？更廣泛地說，目前你們如何思考這個組合比例？

I think we're always playing with what the right mix is. And really, it's kind of a combination of the creative inspiration of the MAGIC team feedback from the audience, what's available when and just kind of have the vagaries of release cadences. I think we're at a decent place right now. Could it be plus or minus 10% in terms of how much is first party versus how much is Universes Beyond. Yes.

我想我們一直在調整什麼是合適的組合。實際上，這是多種因素的綜合：MAGIC 團隊的創作靈感、受眾回饋、可用資源的時間點，以及發行節奏本身的一些不確定性。我認為我們目前處在一個不錯的位置。至於自有 IP 與 Universes Beyond 的比例是否可能上下浮動 10%？是的。

Do I think things like the new Netflix series which is going to be killer, probably one of the biggest animation events that certainly for fans that Netflix has helped to invest in, I think that could influence the first-party mix in a positive direction. And I think at the end of the day, it's just a win. It's a win for our fans because there'll be more of them and more excitement.

我確實認為，像即將推出的 Netflix 新影集——會非常強、可能是最大的動畫事件之一；至少對粉絲而言，也是 Netflix 協助投入資源的重大作品——我認為這可能會以正面方式影響自有 IP 的占比。而我認為歸根結底，這就是雙贏。對粉絲是贏，因為粉絲會更多、熱度也會更高。

It's a win for us because we'll be able to sell more MAGIC sets, and ultimately, it will be a win for our Universes Beyond partners because there'll just be more people buying MAGIC and playing MAGIC and more opportunity for them to participate in it as well.

對我們是贏，因為我們能賣出更多 MAGIC 系列；最終，對我們的 Universes Beyond 合作夥伴也是贏，因為會有更多人購買與遊玩 MAGIC，他們也會有更多機會參與其中。

Got it. That's helpful. And then just on MONOPOLY GO, it seems like that eased a little bit sequentially in Q1, but it's pretty consistent over the last few quarters. So can you just talk a little bit more what you're seeing there? And then what's included in guidance?

了解。這很有幫助。另外關於《MONOPOLY GO》，看起來它在 Q1 較前一季略有放緩，但過去幾季都相當一致。你能否多談談你們看到的情況？以及指引（guidance）中包含了哪些內容？

Yeah, MONOPOLY GO continues to, frankly, be a juggernaut. The Scopely team is absolutely killing it. They've got a great game. They've got great partnerships and fantastic collabs and like that's going to be a game that's going to meaningfully drive fan engagement for years and years to come and meaningfully contribute to Hasbro's bottom line.

是的，《MONOPOLY GO》坦白說仍然是一個巨無霸。Scopely 團隊表現非常出色。他們有一款很棒的遊戲。他們有很好的合作夥伴關係與精彩的聯名合作；而這款遊戲將在未來很多年持續顯著推動粉絲互動，並且對孩之寶的獲利（bottom line）做出實質貢獻。

It's basically the equivalent of a couple of blockbuster movies worth of incremental licensing and product sales for us every year, which is just fantastic. And we really appreciate the partnership with Scopely, and we really appreciate the engagement our fans have in that game.

對我們而言，這基本上相當於每年帶來相當於幾部賣座大片規模的增量授權收入與產品銷售，這真的非常棒。我們非常感謝與 Scopely 的合作，也非常感謝粉絲在這款遊戲中的投入與參與。

Thank you. Ladies and gentlemen, that concludes our question-and-answer session, and we'll conclude our call today. We thank you for your interest and participation. You may now disconnect your lines.

謝謝。各位女士先生，我們的問答環節到此結束，今天的電話會議也將結束。感謝各位的關注與參與。現在您可以掛斷電話線。