孩之寶 (HAS) 2026 Q3 法說會逐字稿

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

早安，歡迎參加孩之寶（Hasbro）2026 年第三季財報電話會議。(接線員指示) 本次會議將被錄音。如有任何異議，您可於此時中斷連線。現在我想把電話交給孩之寶投資人關係副總裁 Fred Wightman。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. Our earnings release and presentation slides for today's call are posted on our investor website.

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 就公司表現提供評論，之後再回答各位的提問。我們今日電話會議的財報新聞稿與簡報投影片已發布於投資人網站。

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.

新聞稿與簡報包含有關非 GAAP 調整與非 GAAP 財務衡量指標的資訊。我們今天的電話會議將討論若干調整後指標，該等指標不包含這些非 GAAP 調整項目。GAAP 與非 GAAP 指標之間的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或 EPS 時，係指稀釋後每股盈餘。

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

在開始之前，我想提醒各位，在本次電話會議以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表達的預期結果或其他預期存在重大差異。這些因素包括我們 Form 10-K 年報、最近一期 10-Q、今日新聞稿以及其他公開揭露文件中所列之因素。我們不承擔更新今日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 delivered another strong quarter with record profitability. Revenue grew 15% and adjusted operating profit improved 52%, with growth across all three of our segments. Wizards of the Coast momentum continued, driven by the Magic Flywheel and our Consumer Products business posted another quarter of gains. We're increasing our outlook for the year, which Gina will walk through in her remarks.

謝謝你，Fred，各位早安。孩之寶本季再度交出強勁表現，獲利能力創下新高。營收成長 15%，調整後營業利益提升 52%，三大事業部皆呈現成長。Wizards of the Coast 的動能持續，由 Magic 飛輪效應帶動；我們的消費品業務也再度繳出一季成長。我們上調全年展望，Gina 將在她的發言中進一步說明。

Despite all of the macro noise in the quarter, we stayed true to our superpower, inspiring a lifetime of play. We do that by building deep lasting fandom around great IP. Magic is the clearest proof point. Magic revenue topped $600 million for the first time, growing 34% versus last year and beating the record we set last quarter.

儘管本季宏觀環境雜音不少，我們仍堅守自身的超能力：啟發一生的遊玩。我們透過圍繞優秀 IP 建立深厚且長久的粉絲文化來做到這一點。Magic 是最清楚的例證。Magic 營收首次突破 6 億美元，較去年成長 34%，並超越我們上季創下的紀錄。

Strength was broad-based across tentpole releases, backlist and Secret Lair. The Hobbit, which launched in August is the fourth best-selling set in Magic's history, and it did that with a leaner product lineup. Shipments of Reality Fracture, which debuted in early October exceeded our expectations and Backlist and Secret Lair are on track for record years.

強勁表現廣泛來自旗艦發行、長銷品（backlist）以及 Secret Lair。8 月推出的《哈比人》是 Magic 歷史上第四暢銷的系列，而且是在更精簡的產品組合下達成。10 月初推出的《Reality Fracture》出貨量超出我們預期，而長銷品與 Secret Lair 也正朝著創紀錄年度邁進。

Looking at Q4, Star Trek, our final set of the year arrived in November and early signs are encouraging. It's drawing Star Trek fans who were new to Magic, which is the core thesis behind Universes Beyond. You can see that demand and engagement. Hobbit prerelease participation across our 13,000 Wizards Play Network partners, was the highest we've seen for a Universes beyond release. And MagicCon Atlanta is sold out with bad sales up nearly 30% versus last year.

展望第四季，《星際爭霸戰》作為我們今年最後一個系列於 11 月上市，初期跡象令人鼓舞。它吸引了原本不玩 Magic 的《星際爭霸戰》粉絲，這正是「Universes Beyond」背後的核心論點。你可以看到這樣的需求與參與度。《哈比人》預售活動在我們 13,000 家 Wizards Play Network 合作夥伴中的參與人數，是我們在 Universes Beyond 發行中見過的最高水準。而 MagicCon 亞特蘭大場次已售罄，徽章（badges）銷售較去年成長近 30%。

The clearest proof is the player base. take the first nine months of 2026 and compare it with all of 2024, our last year without a tentpole universes beyond release. Organized play participants are up more than 40% with three months left in the year.

最明確的證據是玩家基礎。以 2026 年前九個月與 2024 年全年相比（2024 是我們在沒有旗艦級 Universes Beyond 發行的最後一年）。在距年底尚有三個月的情況下，有組織的賽事參與人數已成長超過 40%。

Fans come in through IP they already love and expanded distribution makes it easier to find us. They stay because deep game play, married with best-in-class span experiences distinguishes Magic from other trading card games.

粉絲透過他們原本就喜愛的 IP 進入，而更廣的通路覆蓋讓他們更容易找到我們。他們之所以留下，是因為深度玩法結合業界一流的現場體驗，使 Magic 與其他集換式卡牌遊戲有所區隔。

In 2027, we expect Magic to grow on top of a record 2026. Each of our six tentpole releases next year has a full product suite with scaling production capacity to meet demand, and our fan base and retail distribution keep expanding.

在 2027 年，我們預期 Magic 將在 2026 年創紀錄的基礎上持續成長。明年我們六個旗艦發行都將具備完整產品組合，並擴充產能以滿足需求，同時我們的粉絲基礎與零售通路覆蓋仍在持續擴大。

At New York Comic-Con, we announced Marvel Darkhold destiny. Our prior Marvel sets brought existing storylines into MAGIC. This one tells an original Marvel story centered on a brand-new character and a companion comic. All six sets next year are bangers, and we look forward to telling you more about them in the coming months.

在紐約動漫展（New York Comic-Con）上，我們宣布《Marvel Darkhold Destiny》。我們先前的 Marvel 系列是把既有故事線帶入 MAGIC；這一次則講述一個以全新角色為核心的原創 Marvel 故事，並搭配一本同伴漫畫。明年六個系列都非常強，我們也期待在接下來幾個月與各位分享更多內容。

Turning to digital games. At Games Con, we kicked off hands-on previews for Exodus and confirmed in April 7, 2027, launch date. We're excited to get Exodus in front of players with more demos and announcements in the coming months. Warlock, our D&D Action Adventure game, follows in 2027 and was the number one most wishlisted new game from opening night. We'll share more on both titles before year-end.

接著談數位遊戲。在 Games Con 上，我們啟動《Exodus》的實機試玩預覽，並確認將於 2027 年 4 月 7 日上市。我們很期待透過未來幾個月更多的展示與公告，讓玩家更深入接觸《Exodus》。我們的《龍與地下城》（D&D）動作冒險遊戲《Warlock》將於 2027 年推出，並在開幕之夜成為最受期待（願望清單）的新遊戲第一名。我們將在年底前分享兩款作品的更多資訊。

Starting this quarter, we're providing additional information on our licensing business and it's a model we like. It's asset-light, which lets us focus on what we do best, while leaning into our partners' capital investments. Hasbro is a top 5 global licensor with more than $17 billion in annual retail sales, and we plan to build on that position across five priorities.

自本季起，我們將提供更多關於授權業務的資訊，而這是一種我們喜歡的模式。它屬於輕資產（asset-light）模式，使我們能專注於最擅長的事，同時借力合作夥伴的資本投入。孩之寶是全球前五大授權商，年零售額超過 170 億美元；我們計畫在五大優先事項上鞏固並擴大這一地位。

First, we're building an enterprise-wide franchise system that aligns story, product and retail around key moments. Peppa Pig's baby EV initiative is a proof point. Retail sales grew nearly 30%, while we spent 1/3 less on marketing.

第一，我們正在建立一套全企業的特許經營（franchise）系統，讓故事、產品與零售在關鍵時點上對齊。Peppa Pig 的「baby EV」計畫就是一個例證。零售銷售成長近 30%，同時我們的行銷支出減少了 1/3。

Second, we're scaling licensed consumer products anchored by Peppa Pig, TRANSFORMERS and MY LITTLE PONY, and extending into Magic and Dungeons & Dragons. Third, we're accelerating location-based entertainment, where we're the number one licensor in the space. Fourth, we're diversifying digital licensing with a pipeline of mobile, PC and console titles. MONOPOLY GO! shows the asymmetric opportunity when you partner with industry leaders.

第二，我們將以 Peppa Pig、TRANSFORMERS 與 MY LITTLE PONY 為核心擴大授權消費品，並延伸至 Magic 與《龍與地下城》。第三，我們正加速發展地點型娛樂（location-based entertainment），我們在該領域是排名第一的授權商。第四，我們將以一系列手機、PC 與主機遊戲作品，分散並擴大數位授權。MONOPOLY GO!展現了當你與產業領導者合作時所能創造的非對稱機會。

Fifth, we're using entertainment and music to create fandom that pays off across the portfolio. What connects to all five strategies is the same asset-light model, and these businesses generate nearly $700 million in annual revenue across consumer products, digital and entertainment.

第五，我們運用娛樂內容與音樂打造粉絲文化，並在整個產品組合中實現回報。連結這五大策略的共同點，是同樣的輕資產模式；而這些業務在消費品、數位與娛樂領域合計每年創造近 7 億美元營收。

Turning to Consumer Products. Revenue grew 4% to $828 million, in line with our expectations, and our toy and game business delivered its fourth consecutive quarter of growth. Marvel product was the standout, with revenues up more than 35%, supported by theatrical releases from our partners at Marvel Studios. We're pleased with the momentum across our entertainment-led brands. Transformers 40 anniversary has been a great moment for fans as we brought the 1986 film back to theaters on Transformers Day, which coincided with strong retail events.

接著談消費品業務。營收成長 4% 至 8.28 億美元，符合我們的預期，而我們的玩具與遊戲業務也連續第四季成長。Marvel 產品表現最為突出，在 Marvel Studios 合作夥伴的院線電影上映帶動下，營收成長超過 35%。我們對娛樂帶動品牌的動能感到滿意。Transformers 40 週年對粉絲而言是個重要時刻：我們在「Transformers Day」當天讓 1986 年電影重返戲院，並與強勁的零售活動同步進行。

In Marvel, Spider-Man remains strong following Brand-new Day and power charge Spiderman is featured in multiple holiday gift guides. Dr. Doom product is on shelf ahead of the Avengers Doomsday debut in December, with several items on retailers' top toy lists. We're entering the holidays with momentum, especially in our focused GEM Squared categories. Those parts have been toy industry that are gamified, entertainment-driven, multi-purchase and multigenerational.

在漫威方面，《蜘蛛人》在「全新的一天」與能量充電之後仍維持強勁動能，蜘蛛人也出現在多份節慶送禮指南中。「末日博士」相關商品在 12 月《復仇者聯盟：末日之日》首映前就已上架，且多項商品名列零售商熱門玩具榜單。我們帶著動能進入假期季，特別是在我們聚焦的 GEM Squared 類別。這些領域屬於玩具產業中具遊戲化、娛樂驅動、可多次購買且跨世代的部分。

The third quarter showed what happens when we stay true to our superpower of inspiring a lifetime of play. MAGIC is deepening its player base and setting records. Licensing extends our brands through great partners who bring their own capital, and our toy and game business has grown four quarters in a row. That is a balanced portfolio and it's the foundation for the outlook Gina will walk through.

第三季展現了當我們忠於自身「啟發一生玩樂」這項超能力時會發生什麼。MAGIC 正在深化玩家基礎並創下紀錄。授權透過優秀的合作夥伴延伸我們的品牌，合作夥伴投入其自有資本，而我們的玩具與遊戲業務已連續四個季度成長。這是一個均衡的投資組合，也是 Gina 接下來將說明之展望的基礎。

Before I turn things over, I want to thank our teams and partners around the world for delivering another great quarter. Gina?

在我把時間交出去之前，我要感謝全球各地的團隊與合作夥伴，讓我們再交出一個出色的季度。Gina？

Thanks, Chris, and good morning, everyone. Q3 was our strongest quarter of the year with revenue growth and margin expansion across all three segments. Revenue, profit and cash flow each came in ahead of our expectations, and the quarter gives us the confidence to raise our outlook again.

謝謝你，Chris，各位早安。第三季是我們今年最強的一季，三大事業部門皆實現營收成長與利潤率擴張。營收、獲利與現金流都優於我們的預期，而本季表現也讓我們有信心再次上調展望。

Net revenue in the third quarter was $1.6 billion, up 15% year-over-year. Adjusted operating profit was $541 million, plus 52%, with an adjusted operating margin of 33.9%, up 830 basis points unfavorable business mix, cost productivity and the benefit of tariff refunds, which I'll detail in a moment.

第三季淨營收為 16 億美元，年增 15%。調整後營業利益為 5.41 億美元，成長 52%，調整後營業利益率為 33.9%，提升 830 個基點，主要受不利的業務組合、成本生產力，以及關稅退稅效益所影響，我稍後會詳細說明。

Adjusted earnings per diluted share were $2.90, up 73%, reflecting operating leverage, higher interest income and a lower effective tax rate. Through the first nine months, net revenue of $3.7 billion grew 15%, adjusted operating profit of $1.1 billion grew 35%, and adjusted operating margin expanded 440 basis points to 29.7%.

調整後稀釋每股盈餘為 2.90 美元，年增 73%，反映營運槓桿、較高的利息收入以及較低的有效稅率。累計前九個月，淨營收 37 億美元成長 15%，調整後營業利益 11 億美元成長 35%，調整後營業利益率擴張 440 個基點至 29.7%。

Total Hasbro adjusted EBITDA was $605 million in the quarter, up 46% and $1.27 billion year-to-date, up 29%. Our cost transformation program remains on track, contributing $105 million through the first nine months against our full year commitment of $150 million. Those savings are doing exactly what we designed them to do, absorbing higher royalties and input costs while funding the investment behind Magic and our 2027 digital game launches.

本季 Hasbro 調整後 EBITDA 總額為 6.05 億美元，年增 46%；年初至今為 12.7 億美元，年增 29%。我們的成本轉型計畫仍按進度推進，前九個月貢獻 1.05 億美元，對照全年承諾 1.5 億美元。這些節省正如我們設計的那樣發揮作用：在吸收較高的權利金與投入成本的同時，也為 Magic 以及我們 2027 年數位遊戲上市的投資提供資金。

Turning to the segments. Wizards delivered another exceptional quarter. Segment revenue grew 31% to $747 million, with MAGIC growing 34% to $616 million behind the release of the Hobbit, Reality Fracture and solid backlist performance.

接著看各事業部門。Wizards 再度交出極為出色的一季。部門營收成長 31% 至 7.47 億美元，其中 MAGIC 在《哈比人》、《現實裂縫》的推出以及穩健的長銷品表現帶動下，成長 34% 至 6.16 億美元。

Third quarter results include approximately $40 million of Magic sales that we had expected in the fourth quarter, primarily related to reality fracture. Predicting the timing of the set is difficult when a release falls right at the start of the quarter, so this is business as usual.

第三季結果包含約 4,000 萬美元的 Magic 銷售額，原本我們預期會落在第四季，主要與《現實裂縫》相關。當產品發售時間落在季度一開始時，預測套組的入帳時點會比較困難，因此這屬於正常的業務情況。

Operating profit grew 46% to $367 million, with a 49.2% operating margin, up 520 basis points as volume and mix more than offset higher royalty expense and the step-up in marketing behind our upcoming video game launches. Digital and licensed gaming revenue was $134 million, up 3% with MONOPOLY GO! continuing to perform in line with our expectations.

營業利益成長 46% 至 3.67 億美元，營業利益率為 49.2%，提升 520 個基點；銷量與產品組合的正面影響，足以抵消較高的權利金費用，以及為即將推出的電玩遊戲所增加的行銷投入。數位與授權遊戲營收為 1.34 億美元，成長 3%，其中 MONOPOLY GO!持續符合我們的預期表現。

The print operations decisions we discussed last quarter continued to pay off. Increasing initial print and distribution runs has given us the capacity to meet demand at launch, reduce costs and plan our manufacturing network more efficiently.

我們在上季討論的印刷營運決策持續帶來成效。提高首批印量與配送批次，使我們有能力在上市時滿足需求、降低成本，並更有效率地規劃製造網絡。

Across Premier sets, universes beyond, Commander Decks and Secret Lair, we are producing more products than at any point in the brand's history and sell-through is confirming the demand is there to support it. Through nine months, Magic revenue of $1.6 billion is up 34%, and the ecosystem remains healthy across both new releases and backlist. Consumer Products delivered the margin inflection we have been working towards. Revenue grew 4% to $828 million, with growth across almost all of our markets. Adjusted operating profit doubled to $178 million, inclusive of approximately $48 million of tariff refunds with an adjusted operating margin of 21.5% compared to 11.2% last year.

在 Premier 套組、Universes Beyond、指揮官套牌（Commander Decks）與 Secret Lair 等產品線上，我們正以品牌史上最高的規模生產，而終端銷售（sell-through）也證實市場需求足以支撐。累計前九個月，Magic 營收 16 億美元年增 34%，無論是新品發售或長銷品，整體生態系仍維持健康。消費品（Consumer Products）交出了我們一直努力追求的利潤率拐點。營收成長 4% 至 8.28 億美元，幾乎所有市場皆有成長。調整後營業利益倍增至 1.78 億美元，其中包含約 4,800 萬美元的關稅退稅；調整後營業利益率為 21.5%，相較去年為 11.2%。

The underlying improvement is the durable part of the story, and it is broad-based. Supply chain productivity, lower distribution costs, disciplined operating expense and favorable business mix was more than able to offset higher input costs.

故事中更具持久性的部分，是基本面改善，而且是全面性的。供應鏈生產力提升、較低的配送成本、嚴謹的營運費用控管，以及有利的業務組合，足以抵消較高的投入成本。

Through the third quarter, CP revenue of $1.7 billion has grown 3% and adjusted operating margins of 7.7% have grown 410 basis points including the onetime tariff refund recognized in Q3. We also entered the holiday season in good shape operationally. Owned inventory ended the quarter at $359 million, down 10% versus last year. And both owned and retail inventory are clean and well positioned against the seasonal build, and the upcoming entertainment slate.

截至第三季，CP 營收 17 億美元成長 3%，調整後營業利益率為 7.7%，提升 410 個基點，其中包含第三季認列的一次性關稅退稅。我們在營運面也以良好狀態進入假期季。自有庫存於季末為 3.59 億美元，較去年下降 10%。自有與零售端庫存都很乾淨，並已針對季節性備貨與即將推出的娛樂內容檔期做好配置。

The broader operating environment remains dynamic, and our teams continue to manage it well. The oil-related input costs we flagged earlier in the year are now flowing through the P&L, and the mitigation playbook we built is helping to offset that pressure.

整體營運環境仍然多變，而我們的團隊持續良好地加以管理。我們今年稍早提到的與油價相關投入成本，現在已開始反映在損益表（P&L）中，而我們建立的因應手冊正協助抵消這些壓力。

On tariffs, the refunds recognized this quarter related to prior year duties, and we have updated our guidance to incorporate the lower China tariff rate of 12.5%. With greater stability in the trade environment, we are taking a more measured and flexible approach to our sourcing footprint, balancing cost, speed and resilience across our network and we remain focused on exiting the year with a dependable supply base and clean inventory on both sides of the shelf.

關於關稅，本季認列的退稅與前一年度的關稅款項相關；我們也已更新指引，納入中國關稅稅率降至 12.5% 的影響。隨著貿易環境更趨穩定，我們正以更審慎且更具彈性的方式調整採購版圖，在整體網絡中平衡成本、速度與韌性；我們仍聚焦於在年底前，於貨架兩端都能維持可靠的供應基礎與乾淨的庫存。

Entertainment segment revenue was $20 million, up 9% and adjusted operating profit of $18 million contributed at a 91.1% margin driven by favorable mix and deal timing. Beginning this quarter, we are reporting licensing revenue as a separate line on the P&L. This disclosure puts together the licensing revenue for digital gaming, including MONOPOLY GO!, as well as our licensed consumer products business.

娛樂事業部門營收為 2,000 萬美元，成長 9%；調整後營業利益為 1,800 萬美元，以 91.1% 的利潤率貢獻，主要由有利的產品組合與交易時點所帶動。自本季起，我們在損益表（P&L）中將授權收入作為單獨項目揭露。此揭露將數位遊戲（包含 MONOPOLY GO!）的授權收入，以及我們的授權消費品業務的授權收入彙整呈現。

At roughly 11% of year-to-date revenue, it is a meaningful and capital-light contributor that spans the entire portfolio, and we believe the added transparency provides better visibility into our primary revenue streams. Total licensing revenue was $144 million in the quarter and $417 million year-to-date, which is down 4%, primarily due to $26 million of nonrecurring items across several licensing agreements in the prior year, as well as tough Kayou MY LITTLE PONY trading cards compares.

以年初至今約占營收 11% 來看，這是一項重要且資本投入較輕的貢獻來源，橫跨整個產品組合；我們也相信增加透明度能讓外界更清楚看見我們的主要營收來源。本季授權收入合計為 1.44 億美元，年初至今為 4.17 億美元，年減 4%，主要原因是前一年在多項授權合約中有 2,600 萬美元的一次性項目，以及 Kayou《MY LITTLE PONY》集換式卡牌的比較基期較高。

From a balance sheet and cash flow perspective, through the first nine months, we generated $907 million in operating cash flow, up 85% versus last year on earnings growth and improved working capital. We ended the quarter with $851 million of cash and $576 million of short-term investments, which are match dated against our November 2026 maturity. We contribute $226 million towards debt reduction and returned $445 million to shareholders through dividends and share repurchases.

從資產負債表與現金流角度來看，累計前九個月我們創造了 9.07 億美元的營運現金流，較去年成長 85%，主要來自獲利成長與營運資金改善。本季季末現金為 8.51 億美元，短期投資為 5.76 億美元，並與我們 2026 年 11 月到期的債務到期日相匹配。我們投入 2.26 億美元用於減債，並透過股利與庫藏股回購向股東返還 4.45 億美元。

Turning to our full year outlook. We are raising guidance for the year. We now expect consolidated revenue to grow 7% to 9% year-over-year on a constant currency basis and adjusted EBITDA to be in the range of $1.575 billion to $1.625 billion.

接著談我們對全年展望。我們正在上調今年的指引。我們目前預期，在固定匯率基礎上，合併營收年增7%至9%，調整後EBITDA預計落在15.75億美元至16.25億美元區間。

At the segment level, Wizards is now expected to grow revenue between 16% to 18% with operating margins of approximately 44% to 45%. From a phasing standpoint, the fourth quarter carries a step-up in royalties as well as approximately $15 million of marketing spend behind the video game launches.

在事業部層級，Wizards目前預期營收成長16%至18%，營業利益率約44%至45%。從時點分布來看，第四季權利金將出現階梯式上升，此外也會有約1,500萬美元的行銷費用，用於支援電玩遊戲上市。

Also note that the approximately $40 million of reality fracture and backlist revenue pre-shifts recognized in the third quarter, shifts out of our fourth quarter expectations. For Consumer Products, we continue to expect revenue to grow 1% to 3% for the year, with an increase in adjusted operating margin to 8% to 10% including the benefit from the tariff refunds.

另外請注意，第三季認列的約4,000萬美元「Reality Fracture」與舊品（backlist）營收提前入帳，將自我們對第四季的預期中移出。至於消費性產品（Consumer Products），我們仍預期全年營收成長1%至3%，調整後營業利益率提升至8%至10%，其中包含關稅退稅帶來的效益。

The fourth quarter margin will step down sequentially from Q3 as the tariff refund benefit was completely recognized in Q3, and Q4 carries a heavier promotional and shipping mix. Entertainment segment revenue is now expected to grow 3% to 5% with operating margins of approximately 65%.

第四季的利益率將較第三季依序下滑，因為關稅退稅的效益已在第三季完全認列，而第四季促銷與出貨組合占比更高。娛樂（Entertainment）事業部營收目前預期成長3%至5%，營業利益率約65%。

On capital allocation, our priorities are unchanged, but our capacity has grown. First, we continue to invest in the business behind our highest return growth opportunities led by Wizards, digital gaming and licensing. Second, we remain focused on paying down debt and maintaining a healthy balance sheet. Third is based on the continued strength of our cash flow, we are again increasing our share repurchase target for the year from $200 million to $400 million. We have repurchased $149 million through the first nine months and expect to be active through the balance of the year.

在資本配置方面，我們的優先順序不變，但我們的能力已提升。第一，我們持續投資於報酬率最高的成長機會，主要由Wizards、數位遊戲與授權業務帶動。第二，我們仍聚焦於償還債務並維持健康的資產負債表。第三，基於我們現金流持續強勁，我們再次上調今年的庫藏股回購目標，從2億美元提高至4億美元。截至前九個月我們已回購1.49億美元，並預期在今年剩餘期間持續進行回購。

And finally, we remain firmly committed to our dividend. As part of today's release, the Board has authorized the fourth quarter dividends. A few words on how we're thinking about next year. While we're not giving 2027 guidance today, directionally, the setup is a good one. Wizards enters the year with a deeper release pipeline and a supply chain that can support it.

最後，我們仍堅定承諾維持股利政策。作為今日公告的一部分，董事會已核准第四季股利。再補充幾句我們對明年的看法。雖然我們今天不提供2027年的指引，但就方向而言，整體布局相當有利。Wizards在進入新年度時，將擁有更深的產品發行管線，以及能夠支援的供應鏈。

And we expect, over time, this segment to continue operating at a healthy margin profile in the high 30s and low 40% range. With two video games scheduled for next year, Exodus and Warlock, we expect the noncash amortization to result in 2027 margins in the high 30s range.

我們也預期，隨著時間推進，該事業部將持續維持健康的利益率結構，約落在高30%到低40%的區間。由於明年預計推出兩款電玩遊戲《Exodus》與《Warlock》，我們預期非現金攤銷將使2027年的利益率落在高30%區間。

As a reminder, amortization will show up as a depreciation charge within our cost of goods and it will not be added back to adjusted EBITDA. It will be broken out separately on our cash flow statement, making it easy to identify and added back in operating cash flow.

提醒一下，攤銷將以折舊費用的形式呈現在銷貨成本中，且不會加回至調整後EBITDA。它會在現金流量表中單獨列示，便於辨識，並在營業活動現金流中加回。

In Consumer Products, the productivity and mix work we completed this year carries forward, and we expect to build off a structurally cleaner cost base. And as previously noted, 2026 is the peak investment year for digital gaming, which means the spending curve begins to work in our favor from here. As we wrap up, Q3 was a quarter of execution.

在消費性產品方面，我們今年完成的生產力提升與組合優化工作將延續到明年，我們預期可在結構上更精簡的成本基礎上持續發展。此外，如先前所提，2026年是數位遊戲投資的高峰年，這代表從現在起，支出曲線將開始對我們更有利。總結來說，第三季是一個執行到位的季度。

Wizards is scaling profitably and doing it at a size that was not possible two years ago. Consumer Products has delivered four quarters of revenue growth and has turned the corner on margin with the underlying improvement holding up even before the tariff recovery.

Wizards正在以具獲利性的方式擴張，而且規模已達到兩年前不可能達成的程度。消費性產品已連續四個季度實現營收成長，且在利益率方面已轉折向上，即使在關稅回收之前，基本面的改善也依然穩健。

And our cost discipline is funding the investments that will drive 2027 and beyond. We are raising our outlook with confidence, and we remain focused on closing the year from a position of strength. And with that, I'll turn it back to the operator for questions.

而我們的成本紀律正在為將推動2027年及更長期成長的投資提供資金。我們有信心上調展望，並將專注於在強勢基礎上完成今年的收官。接下來我把時間交還給主持人進行提問。

(Operator Instructions)

（主持人指示）

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛。

Hey, guys. Thanks for taking my questions. Maybe first for Chris. Magic continues to see really nice momentum. I would just be curious if you could maybe speak to some of the drivers of strength that you saw, particularly in the third quarter. What might have outperformed versus your expectations across some of those sets?

嗨，各位。謝謝讓我提問。也許第一個問題給Chris。《Magic》持續展現非常好的動能。我想請你談談你們看到的強勁動能驅動因素，特別是在第三季。在那些系列產品中，有哪些表現超出你們的預期？

And then importantly, as you look ahead, it sounds like you're excited for each of the sets to come next year. I was curious if you could speak a little bit more about what you hope each of those new sets will contribute towards growing the franchise over the longer term or perhaps maybe more generally, what gives you confidence that magic can continue to grow off this higher base from here?

然後更重要的是，展望未來，聽起來你們對明年即將推出的每一個系列都很興奮。我想請你再多談一點，你希望這些新系列各自能如何貢獻，來在更長期推動品牌成長；或更一般地說，是什麼讓你有信心《Magic》能在目前較高的基期之上持續成長？

Sure, thanks. Good morning, Stephen. Thanks for the question. Well, I would say what outperformed in Q3 for MAGIC everything. Reality fracture is one of the best-performing premier sets we've ever done. The Hobbit, despite being a much smaller product release in terms of the total number of SKUs performed like a premier set release with a lot more Commander Decks and supplementary SKUs associated with it. And back list continues to impress with its total number of sales. And I think it's a combination of three or four things.

好的，謝謝。早安，Stephen。謝謝你的問題。我會說第三季《MAGIC》各方面都超出預期。「Reality Fracture」是我們做過表現最好的旗艦系列之一。《哈比人》雖然就SKU總數而言是較小的產品發行，但其表現就像旗艦系列發行一樣，並且搭配了更多的指揮官套牌（Commander Decks）與相關的補充SKU。而舊品（backlist）在總銷量方面也持續令人印象深刻。我認為這是三到四個因素的綜合結果。

First and foremost, it's new player growth and player engagement. The Hobbit prerelease was one of the biggest we've ever had our total number of players who are engaged -store play, which is probably our best kind of proxy for actual engagement is at record players are happy with the sets, giving us great feedback, repurchasing and investing behind them. Our distribution is up. Our distribution is up over 40% in mass over 30% in our WPN. It's broad-based. It's both North America as well as Europe and Southeast Asia.

第一也是最重要的，是新玩家成長與玩家參與度。《哈比人》預售活動（prerelease）是我們歷來規模最大的之一；參與門市對戰的玩家總數——這大概是我們衡量實際參與度最好的替代指標——創下紀錄。玩家對這些系列很滿意，給了我們很好的回饋，並且持續回購與加碼投入。我們的鋪貨/通路覆蓋率也在提升。我們在大眾通路（mass）的覆蓋率提升超過40%，在WPN提升超過30%。這是全面性的成長。不僅在北美，也包括歐洲與東南亞。

And just in general, I think we're seeing some great kind of category tailwinds as well. Magic is performing well, but the overall category is seeing a boom and that's just consistent with our overall thesis that on what categories are going to perform, which we call GEM Squared, which is those categories that are gamified entertainment-driven multi-purchase and multigenerational.

整體而言，我也認為我們正看到一些很好的品類順風。《Magic》表現強勁，但整體品類也正在繁榮，這與我們一貫的核心論點一致：哪些品類會表現最好——我們稱之為GEM Squared——也就是具遊戲化、以娛樂驅動、可多次購買且跨世代的品類。

And I think trading cards over the last year have emerged as the number one category in toys and games, I think they're actually bigger than building blocks now. and we see that as a generational structural shift and not just as kind of like a onetime thing.

我認為在過去一年，集換式卡牌已成為玩具與遊戲中排名第一的品類，我想它們現在甚至比積木類還大。我們把這視為一種跨世代的結構性轉變，而不只是一次性的現象。

Can I add more fun fact? I thought you'd say this fun fact. But Chris mentioned backlist through these first few weeks here in fourth quarter, our backlist contribution in 2026 year-to-date through these first couple of weeks fourth quarter has already surpassed what we saw in 2025. So to the point of like all of the engines are continuing to hum. We've got momentum across our front lines. We've got momentum across the backlist. And that's going to continue as we move into next year.

我可以再補充一個有趣的小資訊嗎？我就知道你會提這個有趣的小資訊。不過Chris提到舊品（backlist），在第四季開始的這幾週，截至目前2026年年初至今（包含第四季前幾週）的舊品貢獻，已經超過我們在2025年看到的水準。所以回到重點：所有引擎都在持續運轉。我們在新品前線有動能。我們在舊品也有動能。而這股動能會在我們邁入明年時持續延伸。

And I suppose I'll make it real on one practical item. So the Hobbit, much smaller release in terms of SKUs versus Lord of the Rings. The Hobbit, it's going to do about and maybe even more lifetime than Lord of the Rings will do, despite it being a smaller release, it's certainly done that to date. We would typically expect something like The Hobbit [to do 50% less] (corrected by company after the call) than what a comparable more full-featured release to do. And that's a factor of player growth, player growth and the ability to be able to access product. And so we see that moving forward.

我想我會用一個實際的項目來把它講得更具體。以《哈比人》為例，相較於《魔戒》，在 SKU 數量上是小得多的發行。《哈比人》的全生命週期表現大約會做到、甚至可能超過《魔戒》的全生命週期，儘管它是較小規模的發行，但截至目前確實已經做到這點。一般來說，我們通常會預期像《哈比人》這樣的產品，[其表現會比]（公司在電話會議後更正）一個功能更完整、可比的發行少 50%。而這取決於玩家成長、玩家成長，以及能夠取得產品的能力。所以我們看到這個趨勢會在未來持續。

I think the second part of your question was what gives us what gives us confidence in 2027 and beyond, it's all those factors. So fourth quarter, Magic will likely be down, but a big part of that is we had some sales that happened this quarter that should have happened early next quarter because our supply chain was able to deliver a bit earlier and the channel wanted it. And we had some product in next quarter that we shifted into Q1.

我想你問題的第二部分是：是什麼讓我們對 2027 年及之後有信心——就是所有這些因素。所以第四季，Magic 可能會下滑，但很大一部分原因是，我們本季有一些銷售原本應該發生在下季初，因為我們的供應鏈能夠提早一點交付，而通路也想要。另外，我們也把原本在下季的一些產品移到第一季。

So minus those shifts, Magic would have had another growth quarter in the high single digits, low double digits for Q4. Now it will probably be down, call it, low single digits, mid-single digits. But barring that, it would have been up around 8% to 10%.

所以扣除這些時間點的移轉，Magic 在第四季本來會是另一個成長季度，成長幅度大約是高個位數到低雙位數。現在它可能會下滑，大概是低個位數到中個位數。但如果沒有這些因素，它本來大約會成長 8% 到 10%。

And so instead, you're going to see a big growth like you had a 30% plus in Q3. You'll have a modest kind of decline in Q4, and then you're going to see another big spike in Q1 and we expect the momentum to carry forward in 2027 with continued growth on the back of all those factors.

因此，你不會在第四季看到像第三季那樣 30% 以上的大幅成長；你會在第四季看到溫和的下滑，然後在第一季會再看到一次大幅跳升。我們也預期這股動能會延續到 2027 年，並在上述所有因素的支撐下持續成長。

That's great color. Very helpful. I can leave it there and pass it on.

這些補充說明很有幫助。非常有用。我就先到這裡，把時間交給下一位。

James Hardiman, Citi.

Citi 的 James Hardiman。

Hey, good morning. Thanks for taking my call. So Chris, you just gave us a lot to chew on there in that last little follow-up. I just want to make sure I just want to make sure I understand sort of where we were and where we are. I believe your initial and previous expectation was that Wizards would be down in the fourth quarter.

嗨，早安。謝謝接我的問題。Chris，你剛剛在最後那段追問補充了很多資訊。我只是想確認我理解我們原先的位置以及現在的狀況。我記得你一開始、先前的預期是 Wizards 在第四季會下滑。

You're still saying it's going to be down in the fourth quarter, but had you not moved the timing both from 4Q into 3Q, and from 4Q into 1Q of next year, we would now be talking about Wizards going from being down to being up high singles, low doubles.

你現在仍然說第四季會下滑，但如果你沒有把時點從第四季移到第三季、以及從第四季移到明年第一季，那我們現在談的就會是 Wizards 從下滑變成高個位數、低雙位數的成長。

Just want to make sure I have all those moving pieces, right, because certainly, one of the big questions we're getting a fourth quarter that was worse than sort of where the Street was thinking about it, just need to make double-check that.

我只是想確認我把這些變動因素都理解正確，因為我們收到的一個大問題是：第四季比市場原先預期的更差，所以需要再三確認。

Yes, you totally captured it, James, I think the bottom line on Wizards is we manage the game for the fans and not for quarterly results. Like that should be an expectation moving forward. We're going to pace the sets based on the logical pacing, especially as we do more kind of IP collaborations and we're working with outside companies to make sure that we make the biggest moments possible. And I think the honest answer also is we're chasing demand.

是的，你完全抓到重點了，James。我想 Wizards 的核心結論是：我們是為了粉絲來經營這個遊戲，而不是為了季度業績。未來大家應該要有這樣的預期。我們會依照合理的節奏來安排各套牌組／系列，尤其是當我們做更多 IP 合作、並與外部公司合作時，要確保能把最重要的時刻做到最大化。而且老實說，我們也在追逐需求。

Like we're going to be opportunistic about when we supply. Our supply chain team is doing a great job. They're helping like chase one of the hottest categories in toys and games. And those two factors, occasionally, we're going to have a quarter that's down modestly. But I think you can count on the fact that, that's not a demand signal.

也就是說，我們會在供貨時點上保持彈性、把握機會。我們的供應鏈團隊做得非常好。他們協助我們追趕玩具與遊戲中最火熱的品類之一。在這兩個因素下，偶爾我們會出現某一季小幅下滑。但你可以確定的是，那不是需求轉弱的訊號。

That's just the timing of when we ship and the timing of when we have product available. And a factor of when we chose to make a product available based off of the best possible time for our channel partners and for our fans.

那只是我們出貨時點、以及產品可供貨時點的差異。也與我們選擇在什麼時間點讓產品上市有關——以對通路夥伴與粉絲最好的時機為準。

Yes, the add I'd have kind of quantitatively, when we were sitting in July doing earnings and looking at our Wizards back half, we have thought that it would be up collectively, call it, low single digits. Now we're going to exit the year with a back half that is, call it, high single digits, low double-digit rates.

是的，我可以再補充一點量化的說法：我們在 7 月做財報、看 Wizards 下半年時，原本認為合計大概會成長，姑且說是低個位數。現在我們預計年底收官時，下半年會是高個位數到低雙位數的成長率。

So the overall improvement or kind of momentum of Wizards is continuing. To Chris' point, like there are things that can shift meaningful revenue as we're seeing, like one week can make a difference, a meaningful difference in the quarter.

所以 Wizards 的整體改善或動能仍在延續。如 Chris 所說，我們看到有些事情會讓營收出現明顯的移轉——像是一週的差異，就可能對單季造成顯著影響。

And I think you've got that compounding factor of just when we're launching our first set in and now reality fracture of how much was shipped that first week that just take Q4 down, but the overall back half is well ahead of our expectations.

我想你還有一個疊加因素：我們推出第一套系列的時點，以及現在實際上第一週出貨量的落差，這些都會讓第四季看起來下滑，但整體下半年仍遠優於我們原先的預期。

Got it. That makes a ton of sense. I just think everybody is, I think, rightfully just trying to understand what's signal and what's noise here for sure.

了解。這非常合理。我只是覺得大家都——我想也很合理——想弄清楚哪些是訊號、哪些是雜訊。

Yes. We were staring at the same math ourselves as we were prepping and we knew that was going to be the top -- one of the top questions.

是的。我們在準備時也在看同一套數學，我們知道那會是最主要——也是最主要問題之一。

So did we answer both your questions?

所以我們有回答到你兩個問題嗎？

So actually I did have a second question on sort of margins, but it's the same sort of general topic of sort of signal versus noise, margins for Wizards just continue to blow away. I think even our most optimistic expectations were pushing nearly 50% year-to-date. Obviously, you've talked about that being in the high 30s next year.

其實我還有第二個問題，關於毛利率，但同樣是「訊號 vs. 雜訊」這個主題：Wizards 的毛利率持續大幅超出預期。我想即便是我們最樂觀的預估，今年迄今也接近 50%。你們也提到明年會在高 30% 左右。

I guess what I'm trying to figure out is how to think about sort of core Wizard margins. Obviously, there are some, I don't want to call them onetimers because maybe that's the new normal. But is there any reason to think that relative to the really strong performance here year-to-date that core Wizards margins would actually compress in 2027 or is it just some of the things that you've laid out, obviously, video games and some of the other, if you want to call them, idiosyncratic factors. Maybe help us think through sort of core versus other items in the context of 2027 and beyond.

我想弄清楚的是，該如何看待 Wizards 的核心毛利率。顯然有一些因素——我不想稱它們為一次性，因為也許那已經是新常態。但相對於今年迄今非常強勁的表現，有沒有任何理由認為 2027 年核心 Wizards 的毛利率會被壓縮？還是只是你剛剛提到的一些因素——例如電玩遊戲以及其他如果你要稱之為特有的因素。能否幫我們在 2027 年及之後的脈絡下，釐清核心項目與其他項目的差異？

Sure, sure. Good question. I mean, obviously, this year, the volume growth that we're seeing on the business kicks off a favorable tailwind on leverage, so that you see that showing up in our '26 margins. And as we look forward to '27, as we've talked about, we expect the Wizards business to grow. We expect that to be, call it, mid- to high single digits in that range.

當然，當然。好問題。很明顯，今年我們看到的業務量成長，帶來了有利的規模槓桿順風，因此你會看到它反映在我們 2026 年的毛利率上。展望 2027 年，如同我們討論過的，我們預期 Wizards 業務會成長。我們預期成長幅度大概在中到高個位數的區間。

But we're not going to plan for that business to grow at the double-digit rate that we're guiding to now. So there's a little bit more leverage that kicks off in '26 that we we'll see some leverage next year, just not as great. But to your point, the single biggest thing that will weigh on our margins next year that will keep it in the high 30s is that amortization expense. That will flow through for both games.

但我們不會用目前所給出的雙位數成長指引來規劃 2027 年的成長。所以 2026 年會有更多槓桿效益釋放；明年也會有一些槓桿，但不會那麼大。不過如你所說，明年對毛利率影響最大、使其維持在高 30% 的單一最大因素，是攤銷費用。這會同時反映在兩款遊戲上。

And remember, as we've talked about Exodus, now we have the launch date of Exodus being April 7. And the first three months, we'll see the majority of that amortization flow through. So it will be a Q2 event where we'll see most of that -- or I would say, 65% of that cost come through 85% of the depreciation hits within the first 12 months.

另外請記得，正如我們先前談到 Exodus，目前 Exodus 的上市日期是 4 月 7 日。而在最初三個月，我們會看到大部分的攤銷費用流入。因此這會是第二季的事件，我們會看到其中大部分——或者我會說，約 65% 的成本會在那時反映出來；而 85% 的折舊會在前 12 個月內入帳。

So we'll then pick up some to Exodus as we go through the balance of the year and then we get -- we've got Warlock that's coming kind of in the back half. So that's probably the single biggest atypical thing in '27 that will weigh on margins.

接著在今年剩餘期間，我們會逐步承接一些與 Exodus 相關的影響，然後我們還有 Warlock 會在下半年左右推出。所以這大概是 2027 年唯一最大、較不尋常、會對毛利率造成壓力的因素。

Everything else, it puts and takes. We're going to royalty expense might be a little bit heavier just given our UB set releases, but that's within the realm of reason. We'll have puts and takes within operating expenses. We'll continue to expect cost productivity to offset inflation. It's really the amortization expense.

其他部分就是有增有減。由於我們 UB 系列的發行，權利金費用可能會稍微偏高一些，但仍在合理範圍內。營運費用方面也會有一些增減變動。我們仍預期成本生產力可以抵銷通膨。真正的重點在攤銷費用。

Perfect. Thanks, Stephen. Thanks, Chris.

很好。謝謝你，Stephen。謝謝你，Chris。

Thank you.

謝謝。

Xian Siew, BNP Paribas.

Xian Siew，法國巴黎銀行（BNP Paribas）。

Hi, guys. Thanks for the question. You talked about player growth and how that's kind of driving MAGIC: THE GATHERING demand. But can you also maybe talk a little bit about repeat players and what you're seeing in terms of players once they come into the ecosystem, be it maybe via UB or something else and then kind of staying and maybe spending more. Curious on that.

嗨，各位。謝謝讓我提問。你們談到玩家成長，以及這如何帶動《魔法風雲會》（MAGIC: THE GATHERING）的需求。但你們是否也能談談回流玩家（repeat players），以及你們觀察到玩家一旦進入生態系（不論是透過 UB 或其他方式）之後，是否會留下來、甚至花更多錢？想請教這部分。

Yeah, for sure. I think the best proxy for that is backlit sales. And as Gina mentioned, we already have sold more backlist this year than we did all of last year. that continues to grow at a rate as impressive as our front list is growing, backlist is actually growing faster.

是的，當然。我認為最好的替代指標是舊品（backlist）銷售。如 Gina 提到的，我們今年迄今的舊品銷售已經超過去年全年。而且它的成長速度跟我們新品（front list）的成長一樣令人印象深刻；事實上，舊品成長得更快。

And I think that's a factor of we're bringing new players in, especially on things like universes beyond some Marvel fans, Avatar fans, turtle fans, Star Trek fans, and they decide that they really like this game and then they go and buy more sets and not just the Star Trek that they go and buy a reality fracture.

我想這反映了我們帶進了新玩家，特別是像「Universes Beyond」這類——一些漫威粉、阿凡達粉、忍者龜粉、星際迷航粉——他們發現自己真的很喜歡這個遊戲，接著就會去買更多系列，不只是買《星際迷航》那一套，還會去買像《Reality Fracture》這樣的系列。

They'll go by Noctis, which is our first set -- our first premier set next year and they become magic fans and they stick around like a Magic fan and behave like a magic fan, which is usually a five to seven year period of time where they play the game actively.

他們也會去買 Noctis——那是我們明年第一個系列、也是第一個旗艦（premier）系列——然後他們就成為魔法的粉絲，像魔法粉絲一樣留下來、像魔法粉絲一樣行為；通常他們會有 5 到 7 年的期間會很活躍地玩這個遊戲。

And occasionally, they'll put the game down for maybe a year or two because they have a life stage, but then they come back. So Magic is a really special game. It's one that we don't measure retention in days and months. We really measure it in the years and generations and the new fans that we're attracting are just as engaged and just as valuable as the more traditional fans that we've had over a 35-year history.

偶爾他們也會因為人生階段的變化，把遊戲放下可能一、兩年，但之後又會回來。所以《魔法風雲會》是一個非常特別的遊戲。我們衡量留存不是用天數或月數。我們真的是用年、甚至世代來衡量；而我們吸引到的新粉絲，投入度與價值都不亞於我們在 35 年歷史中累積的傳統粉絲。

And maybe one other point of fact -- when you look at our backlist sales -- sorry, for this last quarter, to Chris' point of like the people coming in, playing the game and sticking our largest sets that sold for backlist in terms of distribution with foundation, Final Fantasy and believe it or not, Lord of the Rings. And that was our -- Lord of the Rings for those newer to the story. That was our very first Universes Beyond set that we did. Is that '[23]? '23.

另外再補充一個事實——當你看我們的舊品銷售——抱歉，指的是上一季——呼應 Chris 所說的：人們進來、玩遊戲並留下來；就舊品在通路端的銷售而言，賣得最大的幾個系列是《Foundation》、《Final Fantasy》，以及你可能想不到的《魔戒》。而《魔戒》——給比較不熟悉這段故事的人——那是我們做的第一個 Universes Beyond 系列。那是「[23]」嗎？「23。」

Yes. Sorry, you had question two?

是的。抱歉，你還有第二個問題嗎？

You had two questions. Yes, we're excited about that

你有兩個問題。是的，我們對此感到很興奮。

No, makes sense. And then maybe on '27, I think I heard you say Wizards maybe can grow in the mid- to high single-digit range. I guess that's including some of the maybe incremental video games. But maybe zooming in a little bit on Magic. You also mentioned kind of the full product suite for all of the tentpole sets, scaling supply, you've grown distribution. So I don't know, it sounds like you've -- fuller set more supply, higher distribution, higher player count. It sounds like it's still setting up quite strong for '27. And any kind of further thoughts on that?

沒有，這很合理。然後關於 2027 年，我想我聽到你說 Wizards 可能可以在中到高個位數的區間成長。我猜這包含一些可能新增的電玩遊戲貢獻。但如果更聚焦在 Magic 上。你也提到針對所有主打（tentpole）系列的完整產品組合、擴大供給、以及你們已經擴張了通路。所以我不確定，但聽起來你們——更完整的系列、更高供給、更高通路覆蓋、更高玩家數。聽起來 2027 年仍然會是相當強勁的布局。你們對此還有什麼進一步的想法嗎？

Gina's comment on mid- to high single digits was Magic, not Wizards. So we expect Magic continue to grow at pace.

Gina 提到的中到高個位數，是指 Magic，不是 Wizards。所以我們預期 Magic 會持續以相同步調成長。

Okay. Understood. Thank you.

好的，了解。謝謝。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀（UBS）。

Hi. Good morning. Thank you. And thanks, Chris, for that clarification. That was going to be my follow-up question to you because as we think about Exodus absolutely add to the top line. But the question really is related to MAGIC THE GATHERING distribution that went up further this quarter. Could you maybe talk a little bit about what's driving that? And should we expect to see further expansion in Wizards Play Network sequentially as we get into Q4 and into 2027? And then I have a quick follow-up.

嗨，早安。謝謝。也謝謝你，Chris，剛才的澄清。那原本會是我接著要追問你的問題，因為當我們思考 Exodus 確實會帶動營收（top line）。但我的問題其實是關於《魔法風雲會》的通路覆蓋（distribution），本季又進一步提升。你能否談談是什麼在驅動這個成長？以及當我們進入第四季、並邁向 2027 年時，是否應該預期 Wizards Play Network（WPN）會逐季進一步擴張？然後我還有一個簡短的追問。

Sure. I think you should expect, as long as the hobby is growing and there's vitality in the player base, I think you should expect new player, new store growth to follow new player growth. In through third quarter of 2026, we've seen about a 38% growth rate in the number of WPN stores. We have over 13,000 now. On mass, we've seen about a 28% growth rate on the number of stores, like Magic is available now in close to 40,000 doors.

當然。我認為只要嗜好型市場（hobby）在成長、玩家基礎保持活力，你就應該預期：新玩家成長會帶動新店家成長。截至 2026 年第三季，我們看到 WPN 店家數量約有 38% 的成長率。目前已超過 13,000 家。在更大範圍的整體通路上，我們看到店家數量約有 28% 的成長率；也就是說，Magic 現在在接近 40,000 個銷售據點（doors）可買到。

And that's just a testament of more people were buying Magic and more people are buying in the category and more retailers want to be part of that story, whether it's a GameStop or a Walmart, or a care for or a Smith, or a MAX boarding house style, we see a lot of upside there.

這只是證明有更多人在買 Magic、也有更多人在買這個品類，因此更多零售商想成為這個故事的一部分；不論是 GameStop、Walmart、Carrefour、Smith，或是 MAX Boarding House 這類型的店，我們都看到很大的上行空間。

And there's many more hobby shops and game cafes and board game cafes than 13,000 around the world. Those are just the ones that qualify into the Wizards Play network today and many, many more of them ask us to become part of that because they see the benefits of being part of our engagement loop and part of our reward cycle.

而且全球的嗜好店、遊戲咖啡館、桌遊咖啡館，遠不只 13,000 家。那只是目前符合資格、能加入 Wizards Play Network 的店家；還有非常非常多店家要求加入，因為他們看到成為我們互動循環（engagement loop）與獎勵機制（reward cycle）一部分的好處。

Thank you. That's very helpful. And just to switch to Consumer Products, just because we're in the back half of the year and holiday ahead of us, you've talked about consumer products up low single digits for Q4, is that still the case? How you're thinking about Q4? And just for housekeeping and math purposes, what's your as reported implied revenue guide, is it around 1 percentage better than constant FX of 7% to 9%? Am I calculating that correctly?

謝謝。這非常有幫助。另外切換到消費品（Consumer Products），因為我們已在下半年、且假期旺季在前，你們先前談到第四季消費品將是低個位數成長，這仍然成立嗎？你們目前如何看待第四季？另外就例行整理與計算而言，你們按報表口徑（as reported）的隱含營收指引，是否大約比固定匯率（constant FX）的 7% 到 9% 好 1 個百分點？我這樣算對嗎？

Yes. Yes, you're calculating that correctly. On -- overall, as we look at consumer products, again, looking at the back half of the year, we expect the back half to be up low single digits. I believe that means our Q4 it will be flattish, maybe slightly positive.

是的。是的，你的計算是正確的。整體而言，當我們看消費者產品時，再次著眼於下半年，我們預期下半年將呈現低個位數成長。我認為這表示我們第四季將大致持平，可能略為正成長。

Another similar story like Wizards, where we had a pretty big comp last year because of all of the goofiness on tariffs and shelf set timing changing, replan orders were stronger in fourth quarter last year. So overall, our back half is really strong as the retailers have moved to kind of more normal shelf set timing and shipping patterns, but there is a little bit of comp noise in our Q4 for CP as well.

這是另一個類似 Wizards 的情況：由於去年關稅的各種混亂以及貨架陳列（shelf set）時程變動，我們去年有相當大的比較基期，因此去年第四季的補貨／重新規劃訂單（replan orders）更強。所以整體來看，隨著零售商回到較正常的貨架陳列時程與出貨模式，我們下半年表現確實很強，但在消費者產品（CP）的第四季也有一些比較基期雜訊。

Okay. Thank you.

好的。謝謝。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Good morning. Thanks for the questions. First, I wonder if you could just be willing to dissect a little bit the Magic revenue, like what percentage of the revenue is frontline versus backlist versus secret lair? And how has that changed, like, let's say, going back two years -- two, three years?

早安。謝謝讓我提問。首先，我想請你們稍微拆解一下《Magic》的營收：例如營收中有多少比例來自新品（frontlist）相對於舊品（backlist）以及 Secret Lair？而這些比例在過去兩年——兩到三年——有什麼變化？

Good morning, Eric. Yeah, we -- thank you for the question. We typically don't provide those levels of splits. It's suffice it to say, just given kind of how our frontlist is stacked. The majority of our revenue comes from the front list. The growth rates, as Chris was saying, like the growth rate on backlist has been pretty strong. Our growth rate on secret lair, but the majority of the revenue is going to come from that front list.

早安，Eric。是的——謝謝你的問題。我們通常不會提供那種層級的拆分。不過可以這麼說，考量我們新品（frontlist）的堆疊方式，我們的大部分營收來自新品。如 Chris 所說，舊品（backlist）的成長率一直相當強勁。Secret Lair 的成長率也是如此，但營收的大宗仍會來自新品。

Okay. That's helpful. And then there has been a lot of concern, macro concerns about will the consumer potentially roll over a bit, just given inflationary concerns and consumer sentiment. It doesn't seem like there's really any concerns with Magic. When you look at your Consumer Products business, how are you thinking about that with your 4Q product line?

好的。這很有幫助。另外，宏觀面有很多擔憂：在通膨疑慮與消費者信心影響下，消費者是否可能轉弱。看起來《Magic》似乎沒有太多疑慮。那你們看消費者產品業務時，對第四季產品線是怎麼思考這件事的？

Yeah. We're continuing to see a pretty resilient consumer especially given how we've shifted our portfolio and our portfolio mix to those Gem-squared categories, we're definitely seeing momentum there. So there's nothing that we see going into the holidays that has us concerned about the consumer.

是的。我們持續看到消費者相當有韌性，尤其是我們已將產品組合與組合結構轉向那些「Gem-squared」類別後，我們確實看到那裡的動能。因此，進入假期檔期，我們沒有看到任何會讓我們對消費者感到擔憂的跡象。

Great. Thank you.

很好。謝謝。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，Wells Fargo。

Yeah. Hi, guys. Thanks for taking the questions. I wanted to ask about 27 sets and specifically Marvel Darkhold. I know you guys sort of talked about the alignment of Marvel sets and your fan base. This one seems like it might be a little more synergistic. I guess just thoughts on that expectations there? And then maybe more broadly, just how you're thinking about the quality the 27 sets you've announced so far versus what you put out this year?

是的。嗨，各位。謝謝回答問題。我想問 2027 年的套牌（sets），特別是 Marvel Darkhold。我知道你們有談到 Marvel 套牌與你們粉絲群的契合度。這一個看起來可能更具協同效應。想請教你們對此的看法與預期？另外更廣泛地說，你們如何看待目前已公布的 2027 年套牌品質，相較於你們今年推出的內容？

Well, I think a couple of things. Darkhold Destiny should be pretty cool. It's an original storyline. There'll be an original character. I think it really represents how we want to work with partners. We want to represent their IP authentically. And ideally, we'd like to make them really a part of Magic. And I think this is a great example of it. I think fans will be excited by it. It will -- like there's been some jokes a little bit in the fan community about how New York was one of our most frequent settings for Magic sets over the last year.

我想有幾點。Darkhold Destiny 應該會很酷。這是一個原創故事線。會有一個原創角色。我認為它很能代表我們希望如何與合作夥伴合作。我們希望真實地呈現他們的 IP。理想情況下，我們也希望讓他們真正成為《Magic》的一部分。我認為這就是一個很好的例子。我想粉絲會很興奮。它會——粉絲社群裡也有一些玩笑，說紐約在過去一年裡是我們《Magic》套牌最常出現的背景設定之一。

And I think this kind of brings Magic into superheroes and Marvel style action and characters and storytelling, which should be fun. I think an important thing you and all of the analysts should also be thinking about is the composition of the sets.

我認為這某種程度把《Magic》帶進超級英雄與 Marvel 風格的動作、角色與敘事之中，應該會很有趣。我想你以及所有分析師也應該關注的一個重點，是套牌的組成。

So this year and for the last couple of years, we've had sets that have had Commander Decks in them, some sets that haven't had Commander Decks and some sets that have had a full suite of collectible products, some sets that have had a more limited suite of collectible products.

所以今年以及過去幾年，我們有些套牌包含 Commander Decks，有些套牌不包含 Commander Decks；有些套牌配有完整一套收藏型產品（collectible products），也有些套牌只有較有限的收藏型產品組合。

Next year, each of our six major sets will be full sets. They'll have all the Commander Decks and all the collectible products associated with them. And then as I mentioned, we see upwards of a 50% or even greater difference in sales per set when you have that full product suite. And so that's something I think you need to factor in as well.

明年，我們六個主要套牌都會是完整套牌。它們都會包含所有 Commander Decks，以及所有相關的收藏型產品。如我提到的，當你有完整的產品組合時，每個套牌的銷售額差異可達 50% 甚至更高。因此我認為你也需要把這點納入考量。

We haven't shared all the details about all the sets next year. There's a couple secret ones in the back half of the year that we think our fans will be pretty excited by. I think needless to say, we feel like all of them are going to be super high quality, really great IP, and we've had great partnerships with each.

我們尚未分享明年所有套牌的全部細節。下半年還有幾個保密的內容，我們認為粉絲會相當興奮。我想不用多說，我們覺得它們都會是超高品質、非常棒的 IP，而且我們與每一方的合作都很成功。

Super helpful. And then maybe just one quick on Exodus. Just any changes to how you're thinking about the range of outcomes there? And now that we've got the April 7 date, just key data points to watch from here as we get closer to that at least.

非常有幫助。另外再快速問一個關於《Exodus》的問題。你們對其結果區間（range of outcomes）的看法有任何改變嗎？以及現在已經有 4 月 7 日這個日期，接下來到那之前，有哪些關鍵數據點值得關注？

Well, I think the biggest thing that we're looking for is kind of wish list and preorder activity. And on which list so far, so good, it's approaching 1 million wish lists, which based on what we're benchmarking from releases over the last couple of years, that's benchmarking pretty favorably. We're going to have a big December.

我想我們最主要在看的，是願望清單（wish list）與預購（preorder）活動的狀況。就願望清單而言，目前為止表現不錯，接近 100 萬個願望清單；以我們拿過去幾年的發行作品作為對標（benchmark），這個表現相當有利。我們 12 月會有很大的動作。

Actually, we're going to have a big couple of months about new news associated with the game, but in particular, we're going to have some major news on the game in December, and we'll be watching those metrics very, very carefully as we kind of head into the end of the year and shape our thinking about what we expect it to do commercially when it launches in April.

其實，接下來幾個月我們都會有不少與遊戲相關的新消息；但特別是 12 月，我們會公布一些關於這款遊戲的重大消息。

Thanks, guys.

謝謝，各位。

Gerrick Johnson, Seaport Research.

Gerrick Johnson，Seaport Research。

Great. Thank you. Good morning. First question, can you just go over the retail sales, the POS in the quarter for both Magic and Consumer Products?

很好。謝謝。早安。第一個問題，你們能否回顧一下本季《Magic》和消費者產品兩個業務的零售銷售，也就是 POS（銷售點）表現？

POS, overall for us in the quarter was, call it, up low single digits overall. I think that includes when I'm saying that, that's just in toy and game, yes. yes. And then with trading cards would have been kind of up high single digits, low double digits numbers. Yeah. There's a little bit of a timing lag of when we're doing this call and we'll see final September results come in actually today. So maybe when we talk later on today, Gerrick, we'll have some more additional information.

我們本季整體 POS 表現，可以說整體是低個位數成長。我想我這樣說時，指的是玩具與遊戲類別，是的。是的。若加上集換式卡牌（trading cards），則大概是高個位數到低雙位數的成長。是的。由於我們進行這通電話的時間點，與數據入帳之間有一點時間落差，我們其實會在今天收到 9 月的最終結果。所以也許我們今天晚些時候再聊時，Gerrick，我們會有更多補充資訊。

But overall, categories we're performing. I think most notably, we should look at how our Gem-Squared categories are performing year-to-date and those are up almost 14%. So again, when you think about our strategy and how we're shifting our portfolio mix to have those categories growing at a kind of low double-digit pace, that's a good thing for us.

但整體而言，各品類的表現都不錯。我認為最值得注意的是，看看我們的 Gem-Squared 品類今年迄今的表現，成長接近 14%。所以再一次，當你思考我們的策略，以及我們如何調整產品組合結構，讓這些品類以約略低雙位數的速度成長，這對我們來說是件好事。

Okay. Great. And one follow-up. Can you just discuss the distribution of Magic understanding use distributors for your hobby shops and then I guess you go direct to mass. Can you just discuss how you do distribute between the two channels and what maybe the margin differential might be. But also, the lag between when you recognize revenue and when perhaps the hobby shop realizes retail sale?

好的。很棒。再追問一個。你能否談談《Magic》的通路分配——我理解你們對嗜好店會使用經銷商，然後對大眾通路則是直供。你能否說明你們在這兩個通路之間如何分配，以及兩者的毛利差異可能是多少？另外，從你們認列營收到嗜好店實際完成零售銷售之間，是否存在時間落差？

Hey, Gerrick, we use distribution quite extensively for both channels. We do direct for some. But I would say the vast mass vast majority of what we do is through distribution. And the margins are pretty comparable between distribution and direct for us. We've got a lot of good partnerships usually in a given territory, like in the US, I think we have somewhere in the neighborhood of six to eight major distributors in Europe.

嗨，Gerrick，我們在兩個通路都相當廣泛地使用經銷體系。有一部分我們會採直供。但我會說，我們絕大多數的業務都是透過經銷體系完成。對我們而言，透過經銷與直供的毛利其實相當接近。我們在各個地區通常都有很好的合作夥伴；例如在美國，我想我們大概有 6 到 8 家主要經銷商，在歐洲也是如此。

I think we have a bit less, but it's still like three or four. We want to make sure a hobby shop has a choice and can get fulfilled real time. Usually, our typical hobby shop gets fulfilled in an order in 24 to 48 hours from when they ship it.

我想在那邊我們的數量稍微少一些，但也大概有 3 到 4 家。我們希望確保嗜好店有選擇，並且能即時補貨到位。通常，我們一般的嗜好店從下單到出貨完成的補貨時間是 24 到 48 小時。

And usually, our distributors will take products anywhere from -- on the low side, two weeks, on the high side, six weeks before a major release. And really, that just has to do with the composition of when the product is ready, when we can ship it out and how complex the release looks like.

而通常，我們的經銷商會在重大上市前，提前備貨——短則兩週，長則六週。這主要取決於產品何時準備就緒、我們何時能出貨，以及該次上市的複雜程度。

Okay. Great. Thanks for the details.

好的。很棒。謝謝你提供這些細節。

Andrew Didora, Bank of America.

美國銀行的 Andrew Didora。

hey, good morning, everyone. Thanks for taking my questions. I guess, Chris, Magic gets a lot of the airtime and rightfully so, but I just wanted to turn to the consumer products piece for a second. I guess how do you think about the medium-term growth prospects within that division? Is this a segment that can sort of eke out low single-digit top line with some modest margin improvement? Or do you think about that segment differently?

嗨，各位早安。謝謝讓我提問。我想，Chris，《Magic》獲得很多關注，這也理所當然，但我想先把焦點轉到消費性產品這一塊。你如何看待該事業部中期的成長前景？這是否是一個能勉力維持低個位數營收成長、並伴隨一些溫和毛利改善的區塊？還是你對這個區塊的看法不同？

I think our Consumer Products division inside of the midterm can do better than low single digits. If you look at just like the new licenses that we have for 2027 alone, we'll start shipping Harry Potter at the very tail end of this year. I think the series debuts in the Christmas time frame. Then we'll follow that up with a full line in Q1 and Q2. We'll have the Legend of Zelda, which is a brand-new license for us.

我認為我們的消費性產品事業部在中期的表現可以優於低個位數成長。如果你只看我們在 2027 年新增的授權就知道了：我們會在今年非常接近年底時開始出貨《哈利波特》。我認為該影集會在聖誕檔期左右首播。接著我們會在第一季與第二季推出完整產品線。我們也會有《薩爾達傳說》，這對我們來說是全新的授權。

We'll have three quarters of K-Pop Demon Hunters that effectively have had no comp. And then you're going to have another stacked movie lineup next year. You're going to have a new Spider-Man movie, you're going to have another Avengers film.

我們也會有三個季度的《K-Pop Demon Hunters》，基本上先前沒有可比基期。然後明年還會有另一個強檔的電影檔期陣容。會有新的《蜘蛛人》電影，也會有另一部《復仇者聯盟》電影。

Star Wars 50 is the anniversary, the Legend of Zelda the movie, the new Harry Potter series, which I got -- I was lucky enough to do a tour of the set as magical, like no pun intended. I think all of those combined really sets up for a healthy 2027. And frankly, it's pretty favorable for 2028.

《星際大戰》50 週年、《薩爾達傳說》電影版、全新的《哈利波特》影集——我很幸運能去片場參觀，真的很「魔幻」，沒有雙關的意思。我認為這些加總起來，確實為 2027 年奠定了健康的基礎。坦白說，對 2028 年也相當有利。

And then from a margin perspective, as we drive incremental upside in terms of the top line, you just get some favorable leverage from that. And then I think our CP team has done a good job with managing their costs and getting that to something that we think is a lot more competitive. So I feel like we can get CP margins my goal is to get it into the double digits and make it be really resilient in that midterm time frame, which is consistent with the guidance that we've given you guys.

至於毛利面，當我們在營收端帶來額外的上行空間時，你自然會得到一些有利的營運槓桿。另外，我認為我們的 CP 團隊在成本管理上做得很好，並把成本控制到我們認為更具競爭力的水準。所以我覺得我們可以把 CP 的毛利率——我的目標是把它提升到雙位數，並讓它在中期期間具備很強的韌性，這也與我們先前給各位的指引一致。

That's great color. Thank you. Just a quick follow-up. I know you spoke in your prepared remarks about your spending curve being torque in your favor. I think the CapEx guide this year was $225 million. You've done about $200 million or so the last several years? Just how should we think about CapEx over the next 18, 24 months? And is the savings that you have there, should we think about that going towards shareholder returns? Thank you.

這些說明很有幫助。謝謝。再快速追問一下。我知道你在事先準備的談話中提到，你們的支出曲線正在朝有利於你們的方向「加速扭轉」。我記得今年的資本支出（CapEx）指引是 2.25 億美元。過去幾年你們大概做了 2 億美元左右？未來 18 到 24 個月，我們應該如何看待 CapEx？以及你們在這方面的節省，是否應該理解為會用於股東回報？謝謝。

Got it. Yes, the commentary specifically was on our digital CapEx coming down. And I believe we said last quarter, by 2028, those development costs will be down 20% to 25%. To your point, since we've been capitalizing that, that will come directly out of that $225 million of dollars that we were using. And in short, yes, as that cash flow frees up, it gives us flexibility to either reinvest back into the business to fund more towards share repurchases or to continue to buy back debt.

了解。是的，我剛才的評論特別是針對我們的數位資本支出正在下降。我相信我們在上個季度提到，到 2028 年，這些開發成本將下降 20% 到 25%。如你所說，因為我們一直將其資本化處理，這會直接反映在我們原本使用的 2.25 億美元 CapEx 之中。簡而言之，是的，當這些現金流釋放出來時，我們就有彈性：要嘛再投資回業務、要嘛投入更多資金做庫藏股回購，或是持續回購債務。

Great. Thank you.

很好。謝謝。

Thank you. At this time, this will conclude our question-and-answer session, and will also conclude today's conference. We thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

謝謝。此時，我們的問答環節到此結束，今天的電話會議也將結束。感謝各位的參與。各位現在可以斷線，祝各位有美好的一天。