JAKKS Pacific Inc (JAKK) 2020 Q4 法說會逐字稿

Good afternoon, everyone. Welcome to the JAKKS Pacific Fourth Quarter Earnings conference Call with management, who will review financial results for the quarter ended. For the quarter ended December 31, 2020, JAKKS issued its earnings press release earlier today. The earnings release and presentation slides for today's call are available on the company's website in the Investors section. On this call this afternoon are Stephen Berman, Chairman and Chief Executive Officer; and John Kimble, Chief Financial Officer.

大家下午好。歡迎參加 JAKKS Pacific 第四季度收益電話會議，管理層將審查本季結束的財務業績。對於截至 2020 年 12 月 31 日的季度，JAKKS 今天稍早發布了收益新聞稿。今天電話會議的收益發布和演示幻燈片可在該公司網站的投資者部分查看。今天下午的電話會議由董事長兼執行長史蒂芬伯曼 (Stephen Berman) 主持。和財務長約翰·金布爾。

Mr. Berman will first provide an overview of the quarter, along with highlights of product lines and current business trends and a discussion of impact of COVID-19. Then Mr. Kimble will provide detailed comments regarding JAKKS Pacific's financial and operational results. Mr. Berman will then return with additional comments and some closing remarks prior to opening up the call for questions.

Berman 先生將首先介紹本季的概況，以及產品線和當前業務趨勢的亮點，並討論 COVID-19 的影響。然後 Kimble 先生將提供有關 JAKKS Pacific 財務和營運業績的詳細評論。然後，伯曼先生將在開始提問之前返回補充評論和一些結束語。

(Operator Instructions) Before we begin, the company would like to point out that any comments made about JAKKS Pacific's future performance, events or circumstances, including the estimates of sales, annual adjusted EBITDA in 2021 as well as any forward-looking statements concerning 2021 and beyond are subject to safe harbor protection under federal security laws. These statements reflect the company's best judgment based on current market trends and conditions today and are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected in forward-looking statements.

（操作員說明）在開始之前，本公司謹指出，有關 JAKKS Pacific 未來業績、事件或情況的任何評論，包括銷售額估計、2021 年年度調整後 EBITDA 以及有關 2021 年的任何前瞻性陳述及其他地區均受到聯邦安全法規定的安全港保護。這些陳述反映了公司根據當前市場趨勢和狀況做出的最佳判斷，並受到某些風險和不確定性的影響，可能導致實際結果與前瞻性陳述中預測的結果有重大差異。

For details concerning these and other such risks and uncertainties, you should consult JAKKS' most recent 10-K and 10-Q filings with the SEC, as well as the company's other reports subsequently filed with the SEC from time to time. In addition, today's comments by management will refer to non-GAAP financial measures, such as adjusted EBITDA. Unless stated otherwise, the most directly comparable GAAP financial metric has been reconciled to the associated non-GAAP financial measures with the company's earnings press release issued today or previously. As a reminder, this conference is being recorded.

有關這些以及其他此類風險和不確定性的詳細信息，您應查閱 JAKKS 最近向 SEC 提交的 10-K 和 10-Q 文件，以及該公司隨後不時向 SEC 提交的其他報告。此外，管理層今天的評論將涉及非公認會計準則財務指標，例如調整後的 EBITDA。除非另有說明，否則最直接可比較的 GAAP 財務指標已與公司今天或之前發布的收益新聞稿中的相關非 GAAP 財務指標進行了調整。提醒一下，本次會議正在錄製中。

With that, I would now like to turn the call over to Stephen Berman. You may begin.

現在，我想將電話轉給史蒂芬·伯曼。你可以開始了。

Good afternoon, and thank you for joining us as we review our performance in 2020 and our plans for 2021. John will go over the financial results in more detail. But let me start by saying we are very pleased with how the company performed in the fourth quarter and for the whole year in 2020, especially consider the many challenges we faced.

下午好，感謝您與我們一起回顧 2020 年的業績和 2021 年的計劃。約翰將更詳細地介紹財務業績。但首先我要說的是，我們對公司第四季和 2020 年全年的表現感到非常滿意，特別是考慮到我們面臨的許多挑戰。

For the last 2 years we have been working diligently to improve our profitability, even as we have faced significant revenue challenges. We've embarked on a 3-pronged plan to improve results. First was to reduce our product cost and operating expenses to allow us to be more profitable on the revenue that comes from our core product categories. Second, we've been working to drop lower-margin products and take into account the total cost of a product, not just its product cost. These 2 steps have lowered our breakeven level and positioned us well for even stronger profits when we do launch successful promotional products.

在過去的兩年裡，我們一直在努力提高獲利能力，儘管我們面臨著巨大的收入挑戰。我們已經開始實施三管齊下的計劃來改善結果。首先是降低我們的產品成本和營運費用，使我們能夠從核心產品類別的收入中獲得更多利潤。其次，我們一直在努力放棄利潤率較低的產品，並考慮產品的總成本，而不僅僅是其產品成本。這兩個步驟降低了我們的損益平衡水平，並使我們在推出成功的促銷產品時能夠獲得更強勁的利潤。

Third was to focus on the balance sheet by reducing our high-cost debt and stretching out the maturities of our debt. We have already accomplished some of this in 2019 and 2020, and we'll be working on further improvements in 2021. I'm extremely pleased with how well our efforts to improve profitability have paid off, and we can see the results of these efforts in many ways. Our fourth quarter gross margin rate was the highest quarterly gross margin rate in nearly a decade.

第三是透過減少高成本債務並延長債務期限來關注資產負債表。我們已經在 2019 年和 2020 年完成了其中的一些工作，我們將在 2021 年進一步改進。我對我們​​提高盈利能力的努力得到了回報感到非常高興，我們可以看到這些努力的結果在許多方面。我們第四季的毛利率是近十年來最高的季度毛利率。

We posted a fourth quarter operating profit for the first time since 2013. Our full year operating income was the highest level since 2016. Our full year adjusted EBITDA was $28.1 million, the highest level since 2016, and up nearly 50% from last year. At our top 3 retailers, POS of our products was up double digits for the year, and that is inclusive of the big declines in Frozen. Our inventories ended the year down 29% and stood at the lowest level since 2009. At our top customers, retail inventories were down 25%, and we ended the year with $93 million in cash and the lowest net debt position since 2013.

我們自2013 年以來首次公佈第四季度營業利潤。我們的全年營業收入是2016 年以來的最高水平。我們的全年調整後EBITDA 為2810 萬美元，是2016 年以來的最高水平，比去年增長近50%。在我們的三大零售商中，我們產品的 POS 數量今年增長了兩位數，其中包括《冰雪奇緣》的大幅下降。我們的庫存在年底下降了29%，處於2009 年以來的最低水準。在我們的頂級客戶中，零售庫存下降了25%，我們在年底擁有9,300 萬美元的現金和自2013 年以來最低的淨債務狀況。

We are pleased to have been able to improve our profitability and our balance sheet at a time when we are facing some revenue headwinds as well as the worst global pandemic in over 100 years. Although our total sales were down for both the fourth quarter and for the year, the decline was the result of a couple of product areas. Excluding Frozen, which we expected to decline in 2020, our sales were up 16% in the fourth quarter versus the prior year, in line with the overall growth of the U.S. toy industry.

我們很高興能夠在面臨收入逆風以及 100 多年來最嚴重的全球流行病之際，改善我們的盈利能力和資產負債表。儘管我們第四季和全年的總銷售額均有所下降，但下降是由幾個產品領域造成的。不包括我們預期 2020 年會下滑的《冰雪奇緣》，我們第四季的銷售額比去年同期成長了 16%，與美國玩具產業的整體成長一致。

Our Disguise sales were up 91% in fourth quarter, but down 26% for the year, which was understandable and expected given the impact that COVID had on the Halloween celebrations. Excluding both Frozen and Disguise, our sales were up 13% in the fourth quarter. At this time last year, we were heading into 2020 fair, and we were trying to get a sense of how COVID-19 was going to impact on our world. Our initial concerns were keeping our supply chains open. Then our focus became working with retailers to help those who were able to stay open to keep products in stock that consumers were going to want.

我們的 Disguise 銷售額在第四季度增長了 91%，但全年下降了 26%，考慮到新冠疫情對萬聖節慶祝活動的影響，這是可以理解的，也是意料之中的。不包括《冰雪奇緣》和《偽裝者》，我們第四季的銷售額成長了 13%。去年的這個時候，我們即將進入 2020 年展會，我們試圖了解 COVID-19 將如何影響我們的世界。我們最初的擔憂是保持供應鏈開放。然後，我們的重點轉向與零售商合作，幫助那些能夠保持營業的零售商保留消費者想要的產品庫存。

The toy industry was one of the few that did not get devastated by the pandemic. In fact, NPD recently reported that U.S. sales of toys rose 16% in 2020. Children suddenly not only had to spend much more time indoors, but most of their after-school activities were canceled, such as sports, dance classes, music lessons and other activities. This caused a dramatic increase in demand for some toys, while conversely reducing demand for others.

玩具業是少數沒有受到疫情重創的行業之一。事實上，NPD 最近報告稱，2020 年美國玩具銷量增長了 16%。孩子們突然不僅要在室內花費更多時間，而且大部分課外活動都被取消，例如體育、舞蹈課、音樂課和其他活動。這導致對某些玩具的需求急劇增加，而對另一些玩具的需求卻相反地減少。

At the same time, the money parents might have spent on these activities or on vacations, dinners out at restaurants or even commuting to work could be diverted into spending on their kids. Categories such as games, activity toys & puzzles did quite well, whereas collectibles and other product kids get interested in because they hear about them from their friends at school did not do as well. Movies were postponed, cutting demand for toys tied to those movies. Overall, it was a good year for the toy industry, with retail sales surging as the pandemic spread.

同時，父母可能花在這些活動、假期、外出用餐甚至上班路上的錢可能會被轉用於孩子身上。遊戲、活動玩具和拼圖等類別表現相當不錯，而收藏品和其他孩子們因為從學校朋友那裡聽說而感興趣的產品表現不佳。電影被推遲，減少了與這些電影相關的玩具的需求。整體而言，今年對玩具業來說是豐收的一年，零售額隨著疫情的蔓延而激增。

For us and for the rest of the toy industry, 2020 demonstrated the strength of core basic toys, nostalgic brands and classic play patterns. As the pandemic forced kids and parents to make hard choices about where to spend their money, sales indicate that those choose brands and play patterns they know and love. For JAKKS, for example, this lucid sales of our classic brands such as Disney Princess, leading to an increase of over 30% globally for the year and over 45% in the fourth quarter. But NPD reported that U.S. toy sales for 2020 were up 16%. They noted that the unit sales were actually flat year-over-year and that the 16% increase was driven entirely by a shift to higher-priced toys. We saw this shift to higher-price toys too.

對於我們和玩具行業的其他人來說，2020年展示了核心基礎玩具、懷舊品牌和經典玩法的實力。由於疫情迫使孩子和父母在花錢的地方做出艱難的選擇，銷售表明，他們選擇了他們熟悉和喜愛的品牌和遊戲模式。以 JAKKS 為例，迪士尼公主等經典品牌的銷售表現亮眼，全年全球銷售成長超過 30%，第四季成長超過 45%。但 NPD 報告稱，2020 年美國玩具銷量成長了 16%。他們指出，單位銷售量實際上與去年同期持平，16% 的成長完全是由於轉向價格較高的玩具所致。我們也看到了向更高價格玩具的轉變。

For example, within the Disney Princess brand, JAKKS core role play segment, Style Collection, sold very well. And while the entire line contributed to our overall growth, toys that offered extensive play value, including the Gourmet Smart Kitchen, a $150 retail item; the light and sound vanity, a top-rated by [Kids Award Winner]; and play suitcase top the line. These are not inexpensive toys, yet they sold well because they offer hours of fun play experiences.

例如，在迪士尼公主品牌中，JAKKS 的核心角色扮演部分 Style Collection 銷售量非常好。雖然整個系列為我們的整體成長做出了貢獻，但玩具也提供了廣泛的遊戲價值，包括零售價 150 美元的 Gourmet Smart Kitchen；被[兒童獎得主]評為最高評價的燈光和聲音梳妝台；並玩手提箱頂行。這些玩具並不便宜，但它們賣得很好，因為它們提供了數小時有趣的遊戲體驗。

The heart of our Disney offerings have always been the core of large doll and dress up categories for JAKKS. These 2 lines were up 32% and 63% respectively. As retailers continue to focus on SKU efficiencies in an effort to maximize pickup in-store initiatives resulted in more turns and enhanced productivity. As a whole, our Disney Princess dolls, accessories and play sets were up nearly 33% compared to a year ago.

我們迪士尼產品的核心始終是 JAKKS 大型娃娃和裝扮類別的核心。這兩條線分別上漲了 32% 和 63%。隨著零售商繼續關注 SKU 效率，努力最大限度地提高店內取貨計劃，從而增加了周轉率並提高了生產力。總體而言，我們的迪士尼公主娃娃、配件和玩具套裝比一年前增長了近 33%。

Other examples of strong sales within a proven play pattern and globally recognizable brands include Nintendo's Super Mario Brothers, Sonic the Hedgehog and Apex Legends. In a year that saw big increases in sales of video games and accessories, it makes sense that toys tied to video games would do well. Nintendo and Sonic together were up nearly 74% year-over-year in the fourth quarter and were up over 65% for the year. Within our seasonal business, we saw double and even triple-digit increases for both the fourth quarter and full year in brands such as Mickey Mouse, Minnie Mouse, Paw Patrol and Fisher-Price.

其他在成熟的遊戲模式和全球知名品牌中實現強勁銷售的例子包括任天堂的《超級瑪利歐兄弟》、《刺蝟索尼克》和《Apex Legends》。在電玩遊戲和配件銷售量大幅成長的一年裡，與電玩相關的玩具會表現出色是有道理的。任天堂和索尼克第四季較去年同期成長近 74%，全年成長超過 65%。在我們的季節性業務中，米奇、米妮、狗狗巡邏隊和費雪等品牌的第四季度和全年都實現了兩位數甚至三位數的成長。

Again, parents gravitated to the brands they know and love for products based on classic play patterns. According to NPD, one of the best-performing categories in the whole industry was outdoor and sports toys, which includes skates, skateboards and scooters. This category was up over 30% in the U.S. Sales of our ReDo Skateboard were up over 300% in the fourth quarter and over 600% for the year. One of the other big themes in 2020 for the toy industry as well as all of retailing was the acceleration of the shift to online sales. At our top customers, online sales of our products were up over 40% in 2020 and represented 25% of our total POS at these customers, up from 19% in 2019.

同樣，父母更傾向於選擇他們所了解和喜愛的基於經典遊戲模式的產品品牌。 NPD 表示，整個行業表現最好的類別之一是戶外和運動玩具，其中包括溜冰鞋、滑板和滑板車。該類別在美國的銷量增長了 30% 以上。我們的 ReDo 滑板第四季度的銷售額增長了 300% 以上，全年增長了 600% 以上。 2020 年玩具業以及整個零售業的另一個主要主題之一是加速向線上銷售的轉變。在我們的頂級客戶中，我們產品的線上銷售額在 2020 年增長了 40% 以上，佔這些客戶 POS 總銷售額的 25%，高於 2019 年的 19%。

The essence of what JAKKS Pacific has always been strong at is making good basic toys based on leading global IP, targeting proven play patterns. Despite 2020's revenue headwinds and rapidly shifting consumer behavior, we've improved our profit potential dramatically, and we are poised for considerably better results in 2021 and beyond.

JAKKS Pacific一直擅長的精髓是基於全球領先的IP、針對經過驗證的玩法，打造優質的基礎玩具。儘管 2020 年面臨收入逆風和消費者行為迅速變化，但我們的利潤潛力已大幅提高，並準備在 2021 年及以後取得更好的業績。

I will now pass the call to John to review our financial performance, after which we will come back with comments on how we see 2021 playing out. John?

我現在將打電話給約翰，讓他審查我們的財務業績，之後我們將就 2021 年的情況發表評論。約翰？

Thank you, Stephen, and good afternoon, everyone. Net sales for the 2020 fourth quarter were $128.3 million, down 16%, compared to $152.5 million last year. Reported net loss attributable to common stockholders for the fourth quarter was $11.7 million or $2.55 per basic and diluted share compared to $20.6 million or $6.95 per basic and diluted share in the fourth quarter of last year. The fourth quarter of 2019 included adjustments related to the impairment of intangibles, changes in fair value of convertible senior notes and preferred stock derivative liability, restructuring, bad debt recovery and other charges totaling $12.8 million net of taxes. In the fourth quarter of 2020, such adjustments totaled $8 million, primarily due to changes in fair value of convertible senior notes and preferred stock derivative liability. Excluding the impact of such adjustments as well as stock compensation expense, our adjusted net loss attributable to common stockholders in the fourth quarter of 2020 was $3.6 million or $0.80 per basic and diluted share compared to $7.8 million or $2.62 per basic and diluted share in the fourth quarter of 2019.

謝謝你，史蒂芬，大家下午好。 2020 年第四季淨銷售額為 1.283 億美元，較去年的 1.525 億美元下降 16%。第四季普通股股東應佔淨虧損為 1,170 萬美元，即每股基本股和稀釋股 2.55 美元，去年第四季為 2,060 萬美元，即每股基本股和稀釋股 6.95 美元。 2019年第四季包括與無形資產減損、可轉換優先票據公允價值變動及優先股衍生負債、重組、壞帳回收及其他費用相關的調整，稅後淨額總計1,280萬美元。 2020年第四季，此類調整總額為800萬美元，主要是由於可轉換優先票據和優先股衍生負債的公允價值變化。排除此類調整以及股票補償費用的影響，我們在2020 年第四季調整後歸屬於普通股股東的淨虧損為360 萬美元，即每股基本股和稀釋股0.80 美元，而2020 年第四季度的調整後淨虧損為780 萬美元，即每股基本股和稀釋股2.62 美元。2019年第四季。

For the full year 2020, adjusted net loss attributable to common stockholders was $6.3 million or $1.72 per basic and diluted share compared to $18.9 million or $7.27 per basic and diluted share in 2019. Adjusted EBITDA for the 2020 fourth quarter was $3.9 million compared to $3.3 million in the fourth quarter of 2019. Our full year 2020 adjusted EBITDA was $28.1 million compared to $18.9 million in 2019. The 5.5% adjusted EBITDA margin is the company's highest full year result since 2016 when it reported a 5.9% adjusted EBITDA margin on an additional $191 million in top line sales.

2020 年全年，調整後歸屬於普通股股東的淨虧損為630 萬美元，或每股基本股和稀釋股1.72 美元，而2019 年為1890 萬美元，或每股基本股和稀釋股7.27 美元。 2020 年第四季調整後EBITDA 為390 萬美元，去年同期為3.3 美元2019 年第四季的利潤為100 萬美元。我們2020 年全年調整後EBITDA 為2810 萬美元，而2019 年為1890 萬美元.5.5% 調整後EBITDA 利潤率是該公司自2016 年以來最高的全年業績，當時該公司公佈的調整後EBITDA 利潤率為5.9%銷售額增加 1.91 億美元。

Compared to last year, our girls targeted business declined in the quarter, inclusive of dolls, role play, dress-up and preschool toys and consumer products, net sales were $73 million in Q4, down 28% compared to $101.8 million in the prior year. The big driver of the decline was the strong sales of Frozen merchandise as well as the Frozen 2 film was released theatrically in November of last year. Excluding Frozen products, sales of girls products were up nearly 25% compared to prior year. Among the strongest performers are toys in our Disney Princess and Perfectly Cute home and baby ranges. For the full year, net sales in our girls-targeted business declined 11% to $275.2 million. Excluding Frozen products, sales of our girls products rose 2% for the full year 2020.

與去年相比，本季我們的女孩目標業務有所下降，包括娃娃、角色扮演、裝扮和學前玩具以及消費品，第四季度淨銷售額為7300 萬美元，比上年同期的1.018 億美元下降28 % 。下降的主要原因是《冰雪奇緣》商品的強勁銷售以及去年 11 月上映的《冰雪奇緣 2》電影。不包括《冰雪奇緣》產品，女孩產品的銷售額比去年成長了近 25%。表現最強的是我們的 Disney Princess 和 Perfectly Cute 家居和嬰兒系列玩具。全年，我們面向女性的業務淨銷售額下降 11% 至 2.752 億美元。不包括《冰雪奇緣》產品，我們的女童產品 2020 年全年銷售額成長了 2%。

Sales of action figures, vehicles, role play and electronics products in our boys division for the 2020 fourth quarter were $26.6 million, up 12% compared to $23.8 million last year. Positive contributions from our video-game-related toys continue to be our Nintendo Super Mario Brothers and Sega's Sonic the Hedgehog lines. Our Apex Legends launch performed well and will have expanded retail placement in 2021.

2020 年第四季度，我們男孩部門的人偶、車輛、角色扮演和電子產品銷售額為 2,660 萬美元，比去年的 2,380 萬美元成長 12%。任天堂超級瑪利歐兄弟和世嘉的刺蝟索尼克系列繼續為我們的電玩相關玩具做出積極貢獻。我們的 Apex Legends 發布表現良好，並將在 2021 年擴大零售佈局。

For the full year, sales of toys in our boys category were essentially flat with last year. On an annualized basis, gains in Nintendo and Sonic were offset by the overhang from sales of Godzilla, Harry Potter, the TP blaster and the Incredibles. We look forward to capitalizing on expanded placement for Nintendo and Sonic in the New Year, both in the U.S. and internationally.

全年來看，男孩類玩具的銷售量與去年基本持平。以年化計算，任天堂和索尼克的收益被《哥吉拉》、《哈利波特》、《TP 爆能槍》和《超人特攻隊》的銷售過剩所抵銷。我們期待新年期間擴大任天堂和索尼克在美國和國際市場的推出。

Sales of seasonal products, including licensed ball pits, outdoor toys and play structures were $21.5 million in the 2020 fourth quarter, down 7% from $23.1 million in the fourth quarter of 2019, primarily due to declines of MorfBoard and the impact of Frozen 2.

2020 年第四季，包括授權球坑、戶外玩具和遊樂設施在內的季節性產品銷售額為2,150 萬美元，比2019 年第四季的2,310 萬美元下降7%，這主要是由於MorfBoard 的下滑和《冰雪奇緣2》的影響。

For the full year 2020, sales in our seasonal division were down 21% to $71.4 million. The decline was driven by MorfBoard and our dropping of the Funnoodle line, but we did see solid growth from ReDo Skateboards and core licenses such as Minnie Mouse and Mickey Mouse. Other products like our kids-only activity tables have also sold extremely well in 2020 and into the New Year, given the large numbers of kids at home seeking activities. Our seasonal business is largely sold domestically, which is made responding to spikes in consumer demand, a bit more challenging, but we feel we're catching up a bit heading into 2021, which is great news.

2020 年全年，我們季節性部門的銷售額下降 21% 至 7,140 萬美元。下滑是由 MorfBoard 和我們放棄 Funnoodle 系列造成的，但我們確實看到了 ReDo Skateboards 和米妮老鼠和米老鼠等核心授權的穩健增長。鑑於大量孩子在家尋求活動，其他產品（例如兒童專用活動桌）在 2020 年和新年期間也銷售得非常好。我們的季節性業務主要在國內銷售，這是為了應對消費者需求的激增，這更具挑戰性，但我們覺得進入 2021 年我們正在迎頭趕上，這是個好消息。

Sales in our Halloween segment, Disguise, increased 91% to $7.2 million in the fourth quarter of 2020 compared to $3.8 million last year. The increase was the result of stronger-than-expected retail sales around Halloween as consumers' shopping plans for the holiday were understandably impacted by the uncertainty related to COVID. As a reminder, Q4 is a much lower volume quarter for Disguise than Q2 or Q3.

2020 年第四季度，萬聖節細分市場 Disguise 的銷售額成長了 91%，達到 720 萬美元，而去年為 380 萬美元。這一增長是由於萬聖節前後零售額強於預期的結果，因為消費者的假期購物計劃受到了新冠肺炎相關不確定性的影響，這是可以理解的。提醒一下，第四季的 Disguise 銷量比第二季或第三季要低得多。

For the full year, sales in our Disguise segment were down 26% to $88.8 million, driven by retailers reducing their orders after experiencing the negative impact that COVID had on their seasonal Easter business. The good news is that retail sales were ultimately strong, leaving inventories relatively clean compared to historical averages. Looking at sales by business segment, fourth quarter sales in our Toys/Consumer Products segment, which includes all markets around the world, were down 19% to $121 million compared to $148.7 million in the fourth quarter of last year. The decrease was driven by the same factors noted above in the product discussion.

全年，我們的 Disguise 部門銷售額下降 26% 至 8,880 萬美元，因為零售商在經歷了新冠疫情對其季節性復活節業務的負面影響後減少了訂單。好消息是零售銷售最終表現強勁，庫存與歷史平均相比相對乾淨。從業務部門的銷售額來看，我們的玩具/消費品部門（包括全球所有市場）第四季的銷售額下降了 19%，至 1.21 億美元，而去年第四季的銷售額為 1.487 億美元。這一下降是由上述產品討論中提到的相同因素造成的。

North America Toy/CP was down 13% for the quarter, while EMEA, Latin America and Asia were each down over 37%. We already covered our Halloween segment in the earlier comments on Disguise.

北美玩具/消費品季度下降 13%，而歐洲、中東和非洲、拉丁美洲和亞洲均下降超過 37%。我們已經在之前對《偽裝》的評論中介紹了萬聖節部分。

Looking at the rest of the P&L. Reported gross margin in the 2020 fourth quarter was 32.8% compared to 30.4% in the 2019 fourth quarter. This brings our full year gross margin to 29.0%, a 240 basis point improvement versus prior year and the highest full year level since 2016. In Q4, royalty expense was significantly lower, driven partly by a mix shift towards products with lower royalty rates, but also the expiration of some legacy agreements with less than favorable terms. Our product margins continue to steadily improve, and our product obsolescence expense was also lower in Q4 as well as full year compared to prior year. We're very pleased to have been able to move a lot of product out of existing inventory in Q4, while not adversely impacting our margins.

看看其餘的損益表。 2020 年第四季的報告毛利率為 32.8%，而 2019 年第四季為 30.4%。這使我們的全年毛利率達到29.0%，比前一年提高了240 個基點，是2016 年以來的最高全年水準。第四季度，特許權使用費顯著降低，部分原因是向特許權費率較低的產品的組合轉變，而且一些條款不太優惠的遺留協議也將到期。我們的產品利潤率持續穩定提高，第四季和全年的產品報廢費用也低於去年同期。我們很高興能夠在第四季度將大量產品從現有庫存中移出，同時不會對我們的利潤率產生不利影響。

Towards the end of 2020, we did notice that freight costs started rising sharply as the holiday season approached. In addition, we believe there were COVID-related worker shortages at docks and among truckers, which also raised costs. We were able to see an increase in our gross margin despite these rising costs, and we will be working diligently to mitigate these cost increases in 2021.

到2020年底，我們確實注意到，隨著假期的臨近，貨運成本開始大幅上漲。此外，我們認為碼頭和卡車司機中存在與新冠病毒相關的工人短缺，這也增加了成本。儘管成本不斷上升，我們的毛利率仍然有所增加，我們將在 2021 年努力緩解這些成本增加。

Significantly lower expense for SG&A, driven by product development, compensation, T&E and bad debt expense in the 2020 fourth quarter totaled $40.9 million or 31.9% of net sales compared to $57.2 million or 37.5% of net sales in the fourth quarter of 2019. On an annual basis, 2020 SG&A is 26.5% of net sales compared to 29.6% in 2019, despite net sales being $82.8 million lower compared to prior year. We remain very pleased with the company's continued success in working both remotely and within a lower cost structure. These results combined to generate a full year operating profit of $12.9 million or 2.5% of net sales, the highest full year operating income margin since 2015, when net sales were $745 million or nearly $230 million higher than 2020.

在產品開發、薪資、T&E 和壞帳費用的推動下，2020 年第四季的SG&A 費用顯著降低，總額為4,090 萬美元，佔淨銷售額的31.9%，而2019 年第四季為5,720 萬美元，佔淨銷售額的37.5%。以年度計算，2020 年的銷售、管理及行政費用佔淨銷售額的26.5%，而2019 年為29.6%，儘管淨銷售額比上一年減少了8280 萬美元。我們對公司在遠距工作和低成本結構中持續取得的成功感到非常高興。這些業績加起來，全年營業利潤達到1,290 萬美元，佔淨銷售額的2.5%，這是自2015 年以來最高的全年營業利潤率，當時淨銷售額為7.45 億美元，比2020 年高出近2.3 億美元。

Our net interest expense in Q4 of this year was $4.9 million compared to $5.4 million last year, reflecting a lower overall level of debt. For the full year 2020, net interest expense was $21.5 million, with a weighted average effective interest rate of 9.6% compared to $15.9 million in 2019 and an average interest rate of 7.3%.

今年第四季我們的淨利息支出為 490 萬美元，而去年為 540 萬美元，反映出整體債務水平較低。 2020年全年，淨利息支出為2,150萬美元，加權平均實質利率為9.6%，而2019年為1,590萬美元，平均利率為7.3%。

Net cash provided by operating activities was $27.6 million for the fourth quarter of 2020 compared to net cash used of $4.3 million in the fourth quarter of 2019. For the full year 2020, net cash provided by operating activities was $43.6 million compared to $21.8 million in 2019, primarily due to a reduction in inventory and royalties advanced in addition to the reduced loss.

2020 年第四季經營活動提供的現金淨額為2,760 萬美元，而2019 年第四季所使用的現金淨額為430 萬美元。2020 年全年，經營活動提供的現金淨額為4,360 萬美元，而2019 年第四季的經營活動提供的現金淨額為2,180 萬美元。2019年，主要是由於庫存減少以及預付特許權使用費以及損失減少所致。

Free cash flow was positive $25.5 million in the 2020 fourth quarter compared to a negative $6.1 million in the 2019 fourth quarter. For the full year, free cash flow was $35.3 million compared to $12.4 million in 2019. As of December 31, 2020, our cash and cash equivalents, including restricted cash, totaled $92.7 million compared to $66.3 million at the end of 2019. Accounts receivable as of December 31, 2020, were $102.3 million, down from $117.9 million as of December 31, 2019. DSOs for the 2020 fourth quarter increased to 73 days from 71 days reported in the 2019 fourth quarter.

2020 年第四季自由現金流為正 2,550 萬美元，而 2019 年第四季為負 610 萬美元。全年自由現金流為3,530 萬美元，而2019 年為1,240 萬美元。截至2020 年12 月31 日，我們的現金和現金等價物（包括限制性現金）總計9,270 萬美元，而2019 年底為6,630 萬美元。應收帳款截至2020 年12 月31 日，該數字為1.023 億美元，低於截至2019 年12 月31 日的1.179 億美元。2020 年第四季的DSO 時間從2019 年第四季報告的71 天增加到73 天。

Inventory as of December 31, 2020, was $38.6 million versus $54.3 million at December 31, 2019. DSIs in the 2020 fourth quarter were 52 days compared to 62 days in the 2019 fourth quarter. By the end of the covered period, the company had exhausted the $6.2 million in funds received under the Paycheck Protection Program. The company is awaiting the opportunity to file for forgiveness of this loan. In the absence of knowing whether any funds will be forgiven, the company presumes a 2-year loan period with interest beginning to accrue in June 2020 with payments beginning in September 2021. As a result, we now reflect $0.9 million in short-term and $5.3 million in long-term debt on our balance sheet related to this loan. As a result, as of December 31, 2020, the company's debt at face value included the aforementioned $6.2 million PPP loan due June 2022, $23.8 million of recapitalized convertible senior notes due July 2023 and $124.5 million owed under our term loan due February 2023, both inclusive of PIK interest.

截至 2020 年 12 月 31 日的庫存為 3,860 萬美元，而 2019 年 12 月 31 日的庫存為 5,430 萬美元。2020 年第四季的 DSI 為 52 天，而 2019 年第四季為 62 天。到涵蓋期結束時，該公司已用完根據薪資保護計劃收到的 620 萬美元資金。該公司正在等待申請免除這筆貸款的機會。在不知道是否會免除任何資金的情況下，該公司假定貸款期限為2 年，利息從2020 年6 月開始計息，付款從2021 年9 月開始。因此，我們現在反映了90 萬美元的短期和我們的資產負債表上有 530 萬美元的長期債務與這筆貸款有關。因此，截至2020 年12 月31 日，公司以面額計算的債務包括上述2022 年6 月到期的620 萬美元PPP 貸款、2023 年7 月到期的2,380 萬美元資本重組可轉換優先票據以及2023 年2 月到期的定期貸款所欠的1.245 億美元，兩者均包含 PIK 利息。

We currently have no outstanding balance under our credit facility, aside from $10.8 million in letters of credit as of December 31. During the fourth quarter, $7 million of the July 2020 third convertible senior notes were converted to common shares at $5.65 per share. Subsequent to December 31, no conversions were done. As of January 31, 2021, the face value of the July 2023 convertible notes is $23.8 million, including accumulated PIK interest.

目前，除了截至12 月31 日的1080 萬美元信用證外，我們的信貸安排下沒有未償餘額。第四季度，2020 年7 月發行的第三次可轉換高級票據中的700 萬美元以每股5.65 美元的價格轉換為普通股。 12 月 31 日之後，未進行任何轉換。截至 2021 年 1 月 31 日，2023 年 7 月可轉換票據的面額為 2,380 萬美元，包括累積 PIK 利息。

Capital expenditures during the fourth quarter of 2020 were $2.1 million compared to $1.8 million in the fourth quarter of 2019. For the full year 2020, capital expenditures were $8.3 million compared to $9.4 million in 2019. Depreciation and amortization for the fourth quarter of 2020 was $1.9 million compared to $3.2 million in the fourth quarter of 2019. For the full year 2020, depreciation and amortization was $10.9 million compared to $17.6 million in 2019.

2020 年第四季的資本支出為210 萬美元，而2019 年第四季為180 萬美元。2020 年全年的資本支出為830 萬美元，而2019 年為940 萬美元。2020 年第四季的折舊和攤銷為190 萬美元，而 2019 年第四季為 320 萬美元。2020 年全年，折舊和攤提為 1,090 萬美元，而 2019 年為 1,760 萬美元。

The basic and diluted income per share calculation for the fourth quarter of 2020 was based on a weighted average of 4.575 million common diluted shares outstanding, up from 2.962 million in the fourth quarter of 2019. This number reflects the impact of our reverse stock split in July 2020 as well as the aforementioned convertible senior note conversions. And with that, I will now hand the call back over to Stephen for some additional remarks.

2020 年第四季的基本和稀釋每股盈餘計算是基於457.5 萬股稀釋後已發行普通股的加權平均數，高於2019 年第四季的296.2 萬股。這一數字反映了我們2020 年第四季度反向股票分割的影響。2020 年 7 月以及上述可轉換優先票據轉換。現在，我將把電話轉回給史蒂芬，請其補充一些意見。

Thank you, John. I'd like to turn to 2021 now and outline how we plan to keep the momentum going with exciting new products that will drive sales, continuing the efforts to keep costs down and how we can further strengthen our balance sheet. We came through 2020 with our core business intact and strong. Our retail inventories at very low levels, our operating costs significantly reduced and very lean working capital. We are set up very well for growth in 2021, and we believe that this year we'll continue to see parents and kids looking for core, basic products, popular entertainment licenses with proven play patterns. For decades, we have been introducing new and innovative products in multiple categories based on iconic characters from Disney, Pixar, Marvel and Star Wars.

謝謝你，約翰。我現在想談談 2021 年，概述我們計劃如何透過令人興奮的新產品來推動銷售，繼續努力降低成本，以及如何進一步加強我們的資產負債表，以保持這一勢頭。 2020 年，我們的核心業務完好無損且強勁。我們的零售庫存處於非常低的水平，我們的營運成本大幅降低並且營運資金非常精簡。我們為 2021 年的成長做好了充分準備，我們相信今年我們將繼續看到父母和孩子尋找核心、基本產品、具有經過驗證的遊戲模式的流行娛樂許可。幾十年來，我們一直在基於迪士尼、皮克斯、漫威和星際大戰的標誌性角色推出多個類別的創新產品。

Disney announced last week that its Disney+ streaming service has accumulated nearly 95 million subscribers since launching in November 2019. In addition, Disney is constantly adding new content to its library and to the offering on Disney+. What this means for JAKKS is that all of these subscribers have year-round access to a great quantity of premium Disney content whenever they want it. And we have known for years that what drives demand for licensed toys isn't just when kids see a movie in a theater, it's when they can bring it into their home and watch it over and over again.

迪士尼上週宣布，自 2019 年 11 月推出以來，其 Disney+ 串流服務已累積近 9,500 萬訂閱者。此外，迪士尼也持續為其內容庫和 Disney+ 上的內容添加新內容。對於 JAKKS 來說，這意味著所有這些訂閱者都可以全年隨時存取大量優質迪士尼內容。多年來我們就知道，推動授權玩具需求的不僅僅是孩子們在電影院看電影，而是他們可以把電影帶回家並一遍又一遍地觀看。

In our girls business, we believe taking advantage of Disney's momentum and building on our own success. We anticipate 2021 to be the third straight year of top line growth on the core Disney Princess brand. This growth is being driven by several key factors, including the Disney Princess Style Collection, a line of core role play items designed for today's modern girl. Our Core Disney Princess Dress Up and Large Doll business as we move into our first full year of the recently launched easy-to-dress large doll line and matching girl size dress up dresses. And we expect growth to be driven by both expanded retail distribution as well as an increase in consumption.

在我們的女童業務中，我們相信能夠利用迪士尼的勢頭並在我們自己的成功基礎上再接再厲。我們預計 2021 年將是核心迪士尼公主品牌營收連續第三年成長。這一增長是由幾個關鍵因素推動的，其中包括迪士尼公主風格系列，這是專為當今現代女孩設計的一系列核心角色扮演產品。我們的核心迪士尼公主裝扮和大娃娃業務進入了我們最近推出的易於穿著的大娃娃系列和配套女孩尺寸裝扮連衣裙的第一個全年。我們預計成長將由零售分銷擴大和消費增加推動。

Items of this line include Magic in the Motion Rapunzel and Sing Along Elsa. We will continue to introduce new products in the Frozen franchise with new items such as Arrindell Snow Queen. Outside of our core Disney Princess broad line of products, 2021 also brings new theatric releases, extending our Disney portfolio. Raya and the Last Dragon releases simultaneously in theaters and on Disney+ with Premier Access on March 5. JAKKS' products are already on shelves and include core play patterns of large dolls, dress up and role play accessories as well as a feature figurine, 6 inch petite settee and a large-scale light and sound feature Sisu Dragon coming this fall.

該系列產品包括《Magic in the Motion Rapunzel》和《Sing Together Elsa》。我們將繼續在《冰雪奇緣》系列中推出新產品，包括阿林德爾冰雪女王等新產品。除了我們核心的迪士尼公主系列產品之外，2021 年還推出了新的戲院版本，擴展了我們的迪士尼產品組合。 《拉雅與最後的龍》將於 3 月 5 日在影院和 Disney+ 上透過 Premier Access 同步上映。JAKKS 的產品已上架，包括大型玩偶、裝扮和角色扮演配件的核心遊戲圖案以及 6 英寸特色雕像小型長椅和大型燈光音響裝置Sisu Dragon 將在今年秋天推出。

This fall, JAKKS is extremely excited to launch products inspired by the Walt Disney Animation Studios' November release, in Kanto, which tells that tale of an extraordinary family, the Madrigals, who live hidden in the mountains of Colombia, in a magical house, in a vibrant town, in a wondrous charm place called Encanto. The film features all new songs by Emmy, Grammy and Tony Award-winning composer of Hamilton and Moana, Lin-Manuel Miranda. The JAKKS line will offer an array of play patterns that our consumers know and love, from fashion dolls and large dollars, to dress up and role play toys.

今年秋天，JAKKS 非常興奮地推出受華特迪士尼動畫工作室11 月在關東發布的產品啟發的產品，該產品講述了一個非凡的家庭的故事，牧歌人住在哥倫比亞山區的一棟神奇的房子裡，在一個充滿活力的小鎮，在一個名為 Encanto 的神奇魅力之地。本片收錄了《漢密爾頓》和《莫阿娜》的艾美獎、葛萊美獎和東尼獎獲獎作曲家林-曼努爾·米蘭達的所有新歌。 JAKKS 系列將提供一系列我們的消費者熟悉和喜愛的遊戲模式，從時尚娃娃和大美元，到裝扮和角色扮演玩具。

The centerpiece of the line is a collection of small dolls that deliver a magically integrated world of play celebration to family in the magical house in which they live. Other growth products we have for 2021 include extensions to our Perfectly Cute doll line at Target, where we expect growth this year. We will also be launching a new line of collectibles and toys based on the Haribo candy brand, one of the world's most popular line of gummy candies. In addition, we will be releasing other fun and innovative new girl lines, which we will announce later this year.

該系列的核心產品是一系列小玩偶，它們為居住在神奇房子裡的家人提供了一個神奇的整合遊戲慶祝世界。我們 2021 年的其他成長產品包括 Target 的 Perfectly Cute 娃娃系列的擴展，我們預計今年該產品線將有所增長。我們還將推出基於 Haribo 糖果品牌的新系列收藏品和玩具，Haribo 糖果品牌是世界上最受歡迎的軟糖系列之一。此外，我們還將發布其他有趣且創新的新女孩系列，我們將於今年稍後宣布。

In our boys division, we will be leveraging the momentum we have in our video game related products, including Apex Legend figures, Super Mario Brothers figures, playsets, plush, RC and more and the Sonic the Hedgehog figures, playsets, RC and other products. In addition, we expect our sales of Black & Decker play tools to continue to be strong in 2021. Other new exciting products include one that we've been working on for years, the rerelease of Creepy Crawlers, which is our own IP and has been a classic toy brand going back more than 45 years.

在我們的男孩部門，我們將利用我們在電玩相關產品中的勢頭，包括《Apex Legends》人物、《超級瑪利歐兄弟》人物、玩具套裝、毛絨玩具、RC 等，以及Sonic the Hedgehog 人物、玩具套裝、RC 和其他產品。此外，我們預計 Black & Decker 遊戲工具的銷售將在 2021 年繼續強勁。其他令人興奮的新產品包括我們多年來一直致力於開發的產品，即重新發布的 Creepy Crawlers，這是我們自己的 IP，是一個擁有45 年以上歷史的經典玩具品牌。

In addition, we are launching a brand-new, fun and innovative item, the XPV [Blade Saw] RC vehicle, which is packed full of high-performance features and an iconic design. In seasonal, our ReDo Skateboard line continues to perform well with growth at Target and Amazon. We have acquired various licenses that will enhance and broaden this line this year. For 2021, JAKKS is jumping into the trampoline business with a new line of licensed and unlicensed trampolines launching this summer. Our activity tables, ball pits, play tents and foot-to-floor ride-ons are among our most steady selling categories of core products, and we will maintain this momentum with the best-in-class evergreen licenses, including Mickey Mouse, Minnie Mouse, Frozen, Paw Patrol, Fisher-Price, among others, and new licenses based on Paw Patrol movie and Blue's Clues.

此外，我們還推出了一款全新、有趣和創新的產品，XPV [刀片鋸] 遙控車，它充滿了高性能功能和標誌性設計。在季節性方面，我們的 ReDo 滑板系列繼續表現良好，塔吉特 (Target) 和亞馬遜 (Amazon) 都有成長。今年我們已經獲得了各種許可證，這些許可證將增強和擴大這條產品線。 2021 年，JAKKS 將進軍彈跳床業務，今年夏天推出了一系列新的授權和非授權彈翻床。我們的活動桌、球池、遊戲帳篷和腳踏車是我們最穩定銷售的核心產品類別之一，我們將透過一流的常青授權（包括米老鼠、米妮）來保持這一勢頭。《老鼠》、《冰雪奇緣》、《狗狗巡邏隊》、《費雪》等，以及以《狗狗巡邏隊》電影和《藍色線索》為基礎的新許可證。

Finally, we have good momentum in our Disguise segment. Retail inventories were left clean by better-than-expected retail sales around Halloween. We are bringing to market an expanded product line in 2021 with new Disguise offerings from NBCUniversal, Sony and Nickelodeon, amongst others. In 2021, Halloween lands on a Sunday, which usually gives the industry a lift compared to when Halloween is on a weekday. Of course, a rebound in Halloween sales assumes that the pandemic is sufficiently under control to allow for more of a normal level of celebration.

最後，我們在偽裝領域勢頭良好。由於萬聖節前後零售銷售優於預期，零售庫存保持乾淨。我們將於 2021 年向市場推出擴大的產品線，包括 NBCUniversal、索尼和 Nickelodeon 等公司的新 Disguise 產品。 2021 年，萬聖節恰逢週日，與工作日的萬聖節相比，這通常會為該行業帶來提振。當然，萬聖節銷售的反彈是假設疫情得到充分控制，可以進行更多正常水平的慶祝活動。

In closing, I would like to thank our incredible team around the world for all their hard work in the challenging environment we have today. We continue to take the steps needed to position the company for profitability growth, and we couldn't do it without the dedicated team we have around the world. With that, we will now take questions. Thank you.

最後，我要感謝我們世界各地令人難以置信的團隊在當今充滿挑戰的環境中所做的辛勤工作。我們將繼續採取必要的措施來使公司獲利成長，如果沒有我們在世界各地擁有的專業團隊，我們就無法做到這一點。現在我們將回答問題。謝謝。

(Operator Instructions) Our first question comes from the line of Steph Wissink with Jefferies.

（操作員說明）我們的第一個問題來自 Steph Wissink 和 Jefferies 的電話。

Stephen, the first couple of questions are for you. And then John, I have one for you as a follow-up. I'm intrigued by some of your comments on Disney, Disney+. So I'm wondering if you can just help remind us, Stephen, what percentage of the business is Disney in a normalized environment? And help us think through also the split between domestic and international in terms of how you go to market, and what the rollout of Disney+ internationally might mean to the international growth opportunity for that partnership. And then secondly, I think you mentioned in your script the top 3 retailers were up double digits in POS. I'm wondering if you could just talk a little bit more about what you might have seen across different channels of retail. And then the online, I think you mentioned was up 40% in Q4. If you can just remind us what that is as a percentage of the total as well.

史蒂芬，前幾個問題是問你的。約翰，我有一個給你作為後續行動。我對你對迪士尼、迪士尼+的一些評論很感興趣。所以我想知道你是否可以幫助提醒我們，史蒂芬，迪士尼在正常化環境中佔業務的比例是多少？並幫助我們思考國內和國際在如何進入市場方面的分歧，以及迪士尼+在國際上的推出可能對該合作夥伴關係的國際成長機會意味著什麼。其次，我認為您在腳本中提到前 3 名零售商的 POS 增長了兩位數。我想知道您是否可以多談談您在不同零售通路中可能看到的情況。然後，我想你提到的線上業務在第四季度增長了 40%。如果您能提醒我們這佔總數的百分比是多少。

All right. Thank you, Steph. So if I go right into Disney+, firstly, Disney overall between all the different segments and divisions in which we have from Disguise, to Seasonal, to boys, to girls and so on is approximately anywhere from 43% to 50% given the year. And the split internationally, we'll work on in just a minute. For us, with the Disney+ initiative, it couldn't become at a better time. Through this pandemic we've seen a lot more people eat up content more so at home than ever before. And it's become a new pattern of watching more at home. And even though theaters are an amazing fun entertainment for families and for children, I think it's much more conducive for people to do things at home. And the repetitive watching as it was years ago with VHS to DVDs and Blu-rays, kids would continually watch the same episodes, but they would have to put in the DVD and so on. Now they just go to Disney+, and they could watch new episodes, old episodes, and they just have an abundant amount of content that they can continue to watch in various forms. And for us, that just bodes well, whether it's our current everyday business that we have with Disney or whether it's a theatrical [loss] like Raya, which is coming out in March, which will be both theatrical and Disney+ premium, I think. As well as when Encanto comes, I believe it's scheduled for theatrical, but Disney+ just gives it the carrying forward that we normally don't have when a movie comes out just in theatrical.

好的。謝謝你，史蒂芬。因此，如果我直接進入Disney+，首先，迪士尼所有不同的細分市場和部門（從《變裝》到《季節性》、《男孩》、《女孩》等）在今年的佔比大約為43% 到50%。至於國際上的分裂，我們稍後會討論。對我們來說，迪士尼+計畫的推出恰逢其時。透過這次大流行，我們看到更多的人比以往任何時候都更常在家裡消費內容。而且這已經成為更多在家觀看的新模式。儘管劇院對家庭和兒童來說是一種令人驚嘆的有趣娛樂活動，但我認為這更有利於人們在家做事。和幾年前一樣，透過 VHS 到 DVD 和藍光光碟進行重複觀看，孩子們會不斷觀看相同的劇集，但他們必須放入 DVD 等。現在他們只要上Disney+，就可以看新集、老集，內容非常豐富，可以透過各種形式持續觀看。對我們來說，這只是一個好兆頭，無論是我們目前與迪士尼的日常業務，還是像3 月份上映的《開齋節》（Raya）這樣的院線[虧損]，我認為這將是院線和Disney+ 的溢價。當《Encanto》上映時，我相信它已安排在院線上映，但迪士尼+只是給了它延續，這是我們通常在院線上映的電影所沒有的。

So when a movie comes out, you get that immediate burst of sell-throughs and so on, and then you wait for the streaming version, the DVD version, which is usually 3, 4 months later, we have that now 365. So when it comes out and it's on Disney+ or streaming. The kids are able to have that content more and more at their hands and allows them to have -- just really be invigorated with the toy products which we make because they have the play pattern of the theatrical or just whether it's the normal television version of their content. So for us, it's a dream, and we're excited for this year. And going forward, the Disney company, the Walt Disney company itself is really -- we're lucky to be partners with them as they just -- they are kings of content. So for that, we're excited about going forward. Internationally, it really depends on the launch in areas in which the content arrives. So it really is by country. And some content doesn't necessarily work as well in certain countries versus others. So it really is a country-by-country basis of how we perform with Disney+. But wherever Disney+ is, we believe we'll be performing better with our Disney content in those countries. For the top 3, I'll have John just jump over of the online sales because he has that in front of them.

因此，當一部電影上映時，你會立即獲得大量的銷售量，然後你會等待串流媒體版本、DVD 版本，這通常是 3、4 個月後，我們現在 365 了。它出來了，並在迪士尼+或串流媒體上播放。孩子們能夠越來越多地接觸到這些內容，並讓他們真正對我們製作的玩具產品充滿活力，因為它們具有戲劇的遊戲模式，或者只是普通電視版本的遊戲模式。他們的內容。所以對我們來說，這是一個夢想，我們對今年感到興奮。展望未來，迪士尼公司、華特迪士尼公司本身確實 - 我們很幸運能與他們成為合作夥伴，因為他們 - 他們是內容之王。因此，我們對前進感到興奮。在國際上，這實際上取決於內容到達地區的發布。所以這確實是按國家劃分的。有些內容在某些國家不一定比其他國家/地區效果更好。因此，我們在迪士尼+方面的表現確實是根據各國的情況而定的。但無論迪士尼+在哪裡，我們相信我們的迪士尼內容在這些國家都會表現得更好。對於前三名，我會讓約翰跳過線上銷售，因為他已經在他們前面了。

Yes, sure. Hi, Steph. For the online, and you asked about POS 2, they're obviously somewhat -- they're obviously related. To parse that out and just make sure we're being clear about stuff, from a year-over-year perspective, when we talk about double digits, we're talking specifically about the toy piece of that. Our Disguise business is down for the year as we've been talking about all year. And so, similarly, our Halloween POS was down a little bit year-over-year. So if you blended the 2 out from a total company point of view, POS at the top 3 accounts is high single digits, with the [Toy/CP being] double digits. Then on the dot-com part, it's starting to be a little bit harder to keep track of, is the big accounts who are both brick-and-mortar and online, start to combine some of that inventory in buying. It makes it a little bit harder, at least for us to segregate it. Maybe other people can do it, but we're not -- we're still working our way there. Whether or not it's the traditional players or online-only players, we saw that part of the business, the online sales piece growing 40% year-over-year. Whether or not that was the Halloween piece or the toy piece. So clearly that becoming a bigger portion of the mix. And I could also add that for the players who are online only, we see them becoming -- we see them as we look backwards becoming a bigger portion of the mix, and presumably that trend will continue, especially as the brick-and-mortar guys keep pace with that.

是的，當然。嗨，史蒂芬。對於線上業務，您詢問了 POS 2，它們顯然有些相關——它們顯然是相關的。為了解析這一點並確保我們清楚地了解事情，從逐年的角度來看，當我們談論兩位數時，我們正在具體談論其中的玩具部分。正如我們一整年都在談論的那樣，我們的偽裝業務今年有所下滑。因此，同樣，我們的萬聖節 POS 年比略有下降。因此，如果從整個公司的角度將兩者混合起來，前 3 個帳戶的 POS 為高個位數，而 [Toy/CP] 則為兩位數。然後在網路公司方面，追蹤實體店和網路上的大客戶開始變得有點困難，他們開始在購買中合併一些庫存。這讓事情變得有點困難，至少對我們來說是這樣。也許其他人可以做到，但我們做不到——我們仍在努力實現這一目標。無論是傳統玩家還是純線上玩家，我們都看到線上銷售部分的業務年增了 40%。無論那是萬聖節作品還是玩具作品。很明顯，它成為了混合中更大的一部分。我還可以補充一點，對於只在線的玩家，我們看到他們正在成為——當我們回顧過去時，我們看到他們正在成為混合體中更大的一部分，而且這種趨勢可能會持續下去，特別是隨著實體夥計們跟上步伐。

That's helpful. And then a follow-up for you, John, on cost. They've done so much work on the middle of the P&L. I think you mentioned -- or Stephen mentioned the product costing -- cost of product overall, just thinking about the weight of the number of lines that you carry, but also on the interior in the operating expense structure. So maybe it's helpful to think through what's the threshold in revenue that covers your expense structure? Or another way to think about it, what's the top line opportunity in terms of incremental margins as you grow off of this base? Should we start to see some incremental margin enhancement above and beyond the cost takeouts that you've done?

這很有幫助。約翰，接下來是關於成本的後續行動。他們在損益表中間做了很多工作。我想你提到了——或者史蒂芬提到了產品成本計算——產品的總體成本，只考慮了你所攜帶的生產線數量的權重，而且還考慮了營運費用結構的內部。因此，考慮一下覆蓋您的費用結構的收入門檻可能會有所幫助？或者換個角度思考，當你在這個基礎上成長時，就增量利潤而言，最重要的機會是什麼？我們是否應該開始看到一些增量利潤率的提高超出了您所做的成本支出？

Well, I certainly think when you talk about the G&A portion of the P&L, that's where I am always kind of focused on trying to get scale. I was really pleased when we called out that our operating margins were profitable on a full year basis. I think that's the right kind of corner you want to turn. And then it's just a question of how big can we get that margin given overall we've got a certain degree of scale given what our top line is, right? If our top line had another 0 at the end, that scale looks a little bit different than where we are. But I think the journey kind of continues, in some respects. It's like flipping over every rock and then revisiting things.

嗯，我當然認為當你談論損益表的一般管理費用部分時，我總是專注於擴大規模。當我們宣布我們的營業利潤率全年實現盈利時，我真的很高興。我認為這正是你想要轉彎的地方。然後問題就是考慮到我們的整體規模和營收，我們能獲得多大的利潤，對嗎？如果我們的頂行末尾還有另一個 0，則該比例看起來與我們所在的位置有點不同。但我認為，在某些方面，這個旅程仍在繼續。這就像翻轉每塊岩石然後重新審視事物。

And you can go up and down the P&L to that effect. Certainly to the extent we want to be able to put more money back in for things like demand creation so it all doesn't drop to the bottom line. There are a lot of costs that were cut in 2020 that we'll have to creep back up in '21. Someone will probably want to get on an airplane at some point. So incrementally, that's more. As you know, we also kind of stepped up for short-term pay cut in 2020, which we don't plan the anniversary this year, some deferred spending against IT, kind of those usual things. Trade show spending this year obviously isn't lined up to be what it used to be. But at the same time, what I at least feel good about, and I think we all do, is there's still several areas that we continue to look at that we think we can kind of shave off some pennies here and there, so to speak. And so I think it's -- we're hardly out of ideas yet as the topic goes.

您可以上下調整損益表以達到這種效果。當然，我們希望能夠投入更多資金創造需求等事情，這樣一切就不會下降到底線。 2020 年削減了許多成本，我們將不得不在 21 年逐步回升。有人可能會在某個時候想要搭飛機。逐漸地，就更多了。如您所知，我們也加強了 2020 年的短期減薪（我們今年不規劃週年紀念日），以及一些針對 IT 的延期支出，這些都是常見的事情。今年的貿易展覽支出顯然與以往不同。但與此同時，我至少感覺良好，而且我認為我們都這樣做，我們仍然有幾個領域需要繼續關注，我們認為我們可以在這裡或那裡削減一些便士，可以這麼說。所以我認為，隨著話題的發展，我們還沒有沒有想法。

Okay. Do you want us to model some level of stability in the cuts you've achieved but maybe a little bit of a give back on some of the, let's call it, reopening expenses, that would be affiliated with your business?

好的。您是否希望我們在您所實現的削減中建立一定程度的穩定性，但也許對一些與您的業務相關的（我們稱之為重新開放費用）進行一點回饋？

Yes, I think that's right. I think that's right as you think about the back part of the year, trying to figure out at what point in time do we start to turn a corner towards something that feels a little bit more familiar. I think that's a part of it. I certainly think you can think about last year in terms of, we did a significant restructuring in Q2. So we still have some pickup this year as we kind of lap that period in time in the front part of the year.

是的，我認為這是對的。我認為當你思考今年下半年時，試圖弄清楚我們在什麼時間點開始轉向一些感覺更熟悉的東西時，這是正確的。我認為這是其中的一部分。我當然認為你可以從去年的角度來思考，我們在第二季度進行了重大重組。因此，今年我們仍然會有一些回升，因為我們在今年上半年度過了這段時間。

But Steph, also let me add to this, just one more thing. We do believe and we do see growth, both profitability and in revenue this year going in through 2021. So we do see it on both sides.

但是史蒂芬，還讓我補充一點，還有一件事。我們確實相信並且確實看到了今年到 2021 年盈利能力和收入的增長。所以我們確實看到了雙方的增長。

(Operator Instructions) Our next question comes from the line of Gerrick Johnson with BMO Capital Markets.

（操作員說明）我們的下一個問題來自 BMO 資本市場的 Gerrick Johnson。

I was wondering how you're planning Raya and the Last Dragon given that it's a hybrid launch. How do you think about the opportunity there? Well, let's say, if it was a couple of years ago, and it was -- it is pure theatrical, how would you plan it then? And how would you plan it now? Is it you're planning more conservatively, or? I'm just kind of curious about that hybrid model and how you think about it.

我想知道你們如何計劃《拉雅和最後的龍》，因為它是混合發布。您如何看待那裡的機會？好吧，比方說，如果是幾年前，而且是純粹的戲劇，那麼你會如何計劃呢？現在你會如何規劃？是你的計畫比較保守嗎？我只是對這種混合模型以及你如何看待它有點好奇。

Okay. So for Raya, that's a good -- it's a very good question. For Raya, it was -- previously it was going to be launched during -- it was around November 21 or 22. Similarly, when Moana occurred and Frozen, during those tentpole movies, and now because of the pandemic theatrical releases have changed dramatically. It's being launched both theatrical and on Disney+ in March. So we were originally going to have goods on shelf during November. We've pulled that back to have the launch during spring. So now it's not a holiday launch. So it changes that dynamic because it's not during, call it the Thanksgiving and Christmas period. But normally, on a spring launch we have actually stronger demand on the spring launch because the retailers have been aware of Raya for a while. They've seen the content. The content is absolutely gorgeous.

好的。所以對拉亞來說，這是一個很好的問題——這是一個非常好的問題。對於Raya 來說，它原本計劃在11 月21 日或22 日左右推出。同樣，當《莫阿娜》和《冰雪奇緣》上映時，在那些主打電影期間，現在由於大流行，影院上映發生了巨大的變化。該劇將於三月在戲院和 Disney+ 上映。所以我們原本打算在 11 月上架貨。我們已將其推遲到春季發布。所以現在不是假期發布。所以它改變了這種動態，因為它不是在感恩節和聖誕節期間。但通常情況下，在春季推出時，我們實際上對春季推出的需求更強烈，因為零售商已經意識到開齋節有一段時間了。他們已經看到了內容。內容絕對精彩。

And so what we're planning is actually we're planning on a nice spring launch with it, and we're planning for it to grow throughout the year because of the way it's on Disney+ versus we would be planning a lower amount during the first, second quarter. If it was theatrical and let it build for the streaming, which would be later in the year. So now that it's all combining with one, we believe that the actual push and the retail, call it, the retail plans for fall are stronger than we normally would have had based off of streaming. So it really is boding well for the retailers and JAKKS and Disney the way that this rollout. This would be a really good test of how products prevail with -- sets a blockbuster movie coming out in March. I think it's March 5, it comes out of March 12. I think it's March 5.

所以我們的計劃實際上是我們計劃在春季推出它，並且我們計劃讓它在全年中增長，因為它在 Disney+ 上的方式，而不是我們在 2019 年計劃的數量較少。第一、第二季度。如果它是戲劇性的，那就讓它為串流媒體製作，這將在今年晚些時候進行。因此，現在這一切都結合在一起了，我們相信實際的推動和零售，稱之為秋季零售計劃比我們通常基於串流媒體的計劃更強。因此，此次推出對於零售商、JAKKS 和迪士尼來說確實是個好兆頭。這將是對產品如何流行的一次很好的考驗——以三月上映的一部大片為背景。我認為是 3 月 5 日，它來自 3 月 12 日。我認為是 3 月 5 日。

So yes. So that's interesting. So do you think it could be bigger overall, the way it's rolling out as a hybrid?

所以是的。這很有趣。那麼你認為它的整體規模是否會更大，就像它作為混合動力推出的方式一樣？

Yes. Again, it's spring versus it being launched -- remember, it's a different time period. So I do -- so as it…

是的。再說一次，現在是春天，而不是發布——記住，這是一個不同的時間段。我也是這麼做的──所以…

Well, spring…

嗯，春天…

Yes. So spring, I do believe, based off what we see on the retail commitments and what their plans are, even now for fall with it, without the movie coming out, it will be a stronger release platform versus the typical way we're used to in the past years.

是的。因此，我確實相信，根據我們對零售承諾的了解以及他們的計劃，即使是現在秋天，在電影沒有上映的情況下，這將是一個比我們使用的典型方式更強大的發行平台到過去幾年。

Yes. Interesting. Okay. And then I've asked everyone this question, and hopefully I'll get finally a straight answer. What do you think the U.S. and the global toy industry will do in 2020? Do you think it will grow in the U.S. versus -- sorry, 2021, do you think it will grow versus 2020? And can you give me a ballpark range? Because no one's been able to give me that kind of number yet.

是的。有趣的。好的。然後我問了每個人這個問題，希望我最終能得到一個直接的答案。您認為2020年美國和全球玩具產業會發生什麼事？你認為它在美國會比 2021 年成長嗎？對不起，2021 年，你認為它會比 2020 年成長嗎？你能給我一個大概的範圍嗎？因為還沒有人能給我這樣的數字。

Okay. So this is, again, an opinion from myself and going out to retail and understanding what retailers are saying worldwide, not just North America. But if we just talk specifically North America, I believe it's going to be mixed. I do believe there's going to be pockets of really strong growth, seasonal activity areas. There's still big growth. We're still in the pandemic. We still have spring and summer where I do believe outdoor activities and things will be much more sought after. So I do believe segments in that area. I think the board games segment you'll see -- you won't see growth based off of the tremendous amount of purchases that were done early in the year and even in the second half.

好的。因此，這也是我自己的觀點，我深入零售業並了解全球零售商的言論，而不僅僅是北美。但如果我們只具體談論北美，我相信情況會很複雜。我確實相信將會有一些真正強勁增長的季節性活動領域。還是有很大的成長。我們仍處於疫情之中。我們還有春天和夏天，我相信戶外活動和事物會更受追捧。所以我確實相信該領域的細分市場。我認為你會看到棋盤遊戲領域——你不會看到基於今年年初甚至下半年進行的大量購買的增長。

Girls area, I see growth. But I don't see -- if you put it all together, we'll see growth in Halloween, which is not really considered toy, but we will see growth based off of the cutbacks that occurred worldwide last year with the pandemic. And we do know just based off right now in the states, things are panning out a lot better around the U.S. and around the world. So we believe that there will be a Halloween, so we'll see growth there. But I don't say the industry is going to grow as a whole. I say there's pockets that will grow, and there's going to be pockets that definitely won't grow. So I don't know on a percentage basis, Gerrick, I wish I could give it to you. I'd have to kind of spend a little time. But I don't see -- when you see like the 16% growth, I know JAKKS is growing. I know all our categories. We believe that we are extremely strong and benefit in. But I cannot see the total industry growing as a whole. I do believe segments. And I'm not sure the shrinking of the other segments, if that offsets growth.

女孩區，我看到了成長。但我不認為——如果你把所有這些放在一起，我們會看到萬聖節的增長，這並不是真正被認為是玩具的，但我們會看到基於去年全球範圍內因大流行而發生的削減的增長。我們確實知道，就目前而言，在美國和世界各地，情況都在好轉。所以我們相信會有一個萬聖節，所以我們會看到那裡的成長。但我並不是說整個產業都會成長。我說有些口袋會成長，有些口袋一定不會成長。所以我不知道百分比，Gerrick，我希望我能把它給你。我得花一點時間。但我不認為——當你看到 16% 的成長時，我知道 JAKKS 正在成長。我知道我們所有的類別。我們相信我們非常強大並從中受益。但我看不到整個行業的整體成長。我確實相信細分市場。我不確定其他細分市場的萎縮是否會抵消成長。

Okay. Okay. I'll ask one more, then I'll cede the floor back to Steph. How are you feeling about inputs, Mattel called out inputs as a pressure on margin going forward? What are you seeing in input costs?

好的。好的。我再問一個問題，然後把發言權讓給史蒂芬。您對投入有何看法？美泰稱投入對未來利潤率構成壓力？您對投入成本有何看法？

So we go through this yearly whether there's input costs -- oil prices, resins, everything, it goes up and down. That's -- it's part of the toy business since THQ days. So having that input cost coming, you kind of offset it by getting more efficient in logistics, getting more efficient -- we're an FOB business versus much broader than a domestic. So the input costs are going to affect some, but we've known this for a while. So for us, we've worked on it throughout the year with cost reducing a lot of our legacy items. So we're picking up our gross margin from that avenue. The only part that we see that's been really affecting, we call it the manufacturing world, there's been the freight container issues and so on, but we've mitigated that and dealt with it. But the input costs, I see it, but it's part of our everyday business.

因此，我們每年都會檢查是否有投入成本——石油價格、樹脂價格等，是否會上漲或下跌。自 THQ 時代以來，它就是玩具業務的一部分。因此，隨著投入成本的增加，你可以透過提高物流效率來抵銷它，變得更有效率——我們是一家離岸企業，而不是比國內企業更廣泛的企業。因此，投入成本將會影響一些人，但我們已經知道這一點已經有一段時間了。因此，對我們來說，我們全年都在努力降低許多遺留項目的成本。因此，我們正在從這條途徑中提高毛利率。我們看到唯一真正受到影響的部分，我們稱之為製造業，存在貨運集裝箱問題等，但我們已經減輕並處理了它。但我看到了投入成本，但這是我們日常業務的一部分。

We have a follow-up question from Steph Wissink with Jefferies.

我們有來自 Jefferies 的 Steph Wissink 的後續問題。

I just had one follow-up question for you, Stephen. Thinking more about Disney+. I mean clearly that platform is a robust source of data. So I'm also wondering if as you partner with Disney, if they're giving you any lead insights into rising trends that they're seeing in terms of consumption, just given what we've seen happen at retail with respect to the takeaway around some of the key content-oriented triggers. Is there anything that Disney is providing you as a partner that gives you a sense of where you might need to lean into inventory on something that is starting to up-trend within Disney+?

我只是想問你一個後續問題，史蒂芬。多思考迪士尼+。我的意思很明確，該平台是一個強大的資料來源。因此，我也想知道，當您與迪士尼合作時，他們是否會為您提供有關他們在消費方面看到的上升趨勢的任何領先見解，僅考慮到我們在零售業所看到的外賣方面發生的情況圍繞著一些關鍵的內容導向觸發器。作為合作夥伴，迪士尼是否為您提供了任何東西，讓您了解您可能需要在 Disney+ 中開始上升趨勢的產品庫存中投入哪些資源？

Yes. I think within Disney+, and just in general, we -- with all the separate divisions that we have, there's a tremendous amount of communication going on with the Disney company, the Walt Disney company in totality of what's occurring and by what level, what age grade and the content. But on the details of it, one of which we would not be able to disclose, the details, because it's analytics from the Disney side. But everything -- what they're doing obviously is winning subscribers. And if you look at the subscriber base, grows so quickly, that just means more eyeballs are getting that content. So right now it's a fast bullet train with what they're doing with the Disney+. And I believe later in the year we'll have much more analytics because they're getting it daily as it comes as they're launching a lot more content via Disney+. So later in the year we'll have a lot better analytics of kind of the questions you're asking, and it will be done by the content and category and age grade. But they have a lot of analytics that have been given out to our staff.

是的。我認為在迪士尼+內部，總的來說，我們與迪士尼公司、華特迪士尼公司進行了大量的溝通，以了解正在發生的事情以及在什麼級別上發生了什麼年齡等級和內容。但關於它的細節，其中一個我們無法透露的細節，因為這是迪士尼的分析。但他們所做的一切顯然都是為了贏得訂戶。如果你看看訂閱者基礎，成長如此之快，那就意味著更多的眼球正在獲取這些內容。所以現在他們正在用迪士尼+做的事情就是一列快速子彈列車。我相信今年稍後我們將獲得更多的分析，因為隨著他們透過 Disney+ 推出更多內容，他們每天都會獲得這些分析。因此，今年晚些時候，我們將對您提出的問題進行更好的分析，並將根據內容、類別和年齡等級來完成。但他們有很多分析數據已分發給我們的員工。

I'm showing no further questions at this time. I would now like to turn the call back over to Stephen Berman for closing remarks.

我目前沒有提出任何進一步的問題。我現在想將電話轉回給史蒂芬·伯曼（Stephen Berman）做總結發言。

Firstly, I hope everyone is well, that's on this call. And we appreciate everyone's time. And we have several follow-up calls after this. And look forward to speaking to everybody during our first quarter review. Thank you very much.

首先，我希望大家都安好，這是在這次電話會議上。我們感謝大家的時間。此後我們有幾個後續電話。並期待在我們的第一季回顧期間與大家交談。非常感謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。