Mattel Inc (MAT) 2022 Q2 法說會逐字稿

Thank you for standing by, and welcome to Mattel's Second Quarter Fiscal Year 2022 Conference Call. (Operator Instructions)

感謝您的支持，歡迎參加美泰 2022 財年第二季度電話會議。 （操作員說明）

I would now like to hand the call over to David Zbojniewicz, Vice President, Investor Relations. Please go ahead.

我現在想將電話轉交給投資者關係副總裁 David Zbojniewicz。請繼續。

Thank you, operator, and good afternoon, everyone. Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer; Richard Dickson, Mattel's President and Chief Operating Officer; and Anthony DiSilvestro, Mattel's Chief Financial Officer.

謝謝接線員，大家下午好。今天加入我的還有美泰董事長兼首席執行官 Ynon Kreiz；美泰總裁兼首席運營官 Richard Dickson；和美泰首席財務官Anthony DiSilvestro。

As you know, this afternoon, we reported Mattel's 2022 second quarter financial results. We will begin today's call with Ynon and Anthony providing commentary on our results, after which, we will provide some time for Ynon, Richard and Anthony to take questions.

如您所知，今天下午，我們報告了美泰公司 2022 年第二季度的財務業績。今天的電話會議將由 Ynon 和 Anthony 對我們的結果發表評論，之後，我們將為 Ynon、Richard 和 Anthony 提供一些時間來回答問題。

To help supplement our discussion today, we have provided you with a slide presentation. Our discussion, slide presentation and earnings release may reference non-GAAP financial measures, including adjusted gross profit and adjusted gross margin; adjusted other selling and administrative expenses; adjusted operating income or loss and adjusted operating income or loss margin; adjusted earnings per share; adjusted tax rate; earnings before interest, taxes, depreciation and amortization, or EBITDA; adjusted EBITDA; free cash flow, free cash flow conversion; leverage ratio and constant currency.

為了幫助補充我們今天的討論，我們為您提供了幻燈片演示。我們的討論、幻燈片演示和收益發布可能會參考非 GAAP 財務指標，包括調整後的毛利潤和調整後的毛利率；調整其他銷售和管理費用；調整後的營業收入或虧損以及調整後的營業收入或虧損幅度；調整後每股收益；調整後的稅率；扣除利息、稅項、折舊和攤銷前的利潤或 EBITDA；調整後的 EBITDA；自由現金流，自由現金流換算；槓桿比率和固定貨幣。

In addition, we present changes in our gross billings, a key performance indicator. Please note that we may refer to gross billings as "billings" in our presentation, and that gross billings figures referenced on this call will be stated in constant currency unless stated otherwise.

此外，我們還展示了我們的總賬單的變化，這是一個關鍵的績效指標。請注意，我們可能在演示文稿中將總賬單稱為“賬單”，除非另有說明，否則本次電話會議中引用的總賬單數字將以不變貨幣表示。

Our accompanying slide presentation can be viewed in sync with today's call when you access it through the Investors section of our corporate website, corporate.mattel.com.

當您通過我們公司網站corporate.mattel.com 的投資者部分訪問我們隨附的幻燈片時，可以與今天的電話會議同步查看。

The information required by Regulation G regarding non-GAAP financial measures, as well as information regarding our key performance indicator, is included in our earnings release and slide presentation, and both documents are also available in the Investors section of our corporate website. The preliminary financial results included in the press release and slide presentation represent the most current information available to management. The company's actual results when disclosed in its Form 10-Q may differ from these preliminary results as a result of the completion of the company's financial closing procedures, final adjustments, completion of the review by the company's independent registered public accounting firm and other developments that may arise between now and the disclosure of the final results.

條例 G 要求的關於非公認會計原則財務措施的信息，以及關於我們關鍵績效指標的信息，都包含在我們的收益發布和幻燈片演示中，這兩個文件也可以在我們公司網站的“投資者”部分找到。新聞稿和幻燈片演示文稿中包含的初步財務結果代表了管理層可獲得的最新信息。公司在其 10-Q 表中披露的實際結果可能與這些初步結果有所不同，原因是公司完成了財務結算程序、最終調整、公司獨立註冊會計師事務所完成審查以及其他發展從現在到最終結果披露之間可能會出現。

Before we begin, I'd like to remind you that certain statements made during the call may include forward-looking statements related to the future performance of our business, brands, categories and product lines. These statements are based on currently available information and assumptions, and they are subject to a number of significant risks and uncertainties that could cause our actual results to differ from those projected in the forward-looking statements, including risks and uncertainties associated with the COVID-19 pandemic and the Russia-Ukraine war. We described some of these uncertainties in the Risk Factors section of our 2021 Annual Report on Form 10-K and on our Q1 2022 Quarterly Report on Form 10-Q, our earnings release and the presentation accompanying this call, other filings we make with the SEC from time-to-time, as well as in other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

在開始之前，我想提醒您，電話會議期間的某些陳述可能包括與我們的業務、品牌、類別和產品線的未來表現相關的前瞻性陳述。這些陳述基於當前可用的信息和假設，它們受到許多重大風險和不確定性的影響，這些風險和不確定性可能導致我們的實際結果與前瞻性陳述中預測的結果不同，包括與 COVID- 相關的風險和不確定性。 19 大流行和俄烏戰爭。我們在表格 10-K 的 2021 年年度報告的風險因素部分和表格 10-Q 的 2022 年第一季度季度報告、我們的收益發布和本次電話會議隨附的演示文稿中描述了其中一些不確定性，以及我們與SEC 不時以及在其他公開聲明中。美泰不更新前瞻性陳述，並明確否認有任何義務這樣做，除非法律要求。

Now I'd like to turn the call over to Ynon.

現在我想把電話轉給 Ynon。

Thank you for joining our second quarter 2022 earnings call. Mattel achieved another quarter of exceptional results, with double-digit growth in revenue and adjusted EBITDA despite significant inflation. This was the eighth consecutive quarter of increased top line performance, reflecting the strength and breadth of our portfolio and the success in executing our strategy.

感謝您參加我們的 2022 年第二季度財報電話會議。儘管通貨膨脹顯著，美泰又取得了一個季度的非凡業績，收入和調整後的 EBITDA 實現了兩位數的增長。這是收入連續第八個季度增長，反映了我們投資組合的實力和廣度以及我們戰略執行的成功。

Looking at the second quarter's financial highlights versus the same period in the prior year. Net sales were up 20%, Adjusted operating income was up 82%, adjusted earnings per share improved from $0.03 to $0.18, and adjusted EBITDA increased by 42%.

查看第二季度與去年同期相比的財務亮點。淨銷售額增長 20%，調整後營業收入增長 82%，調整後每股收益從 0.03 美元提高到 0.18 美元，調整後 EBITDA 增長 42%。

Per The NPD Group, Mattel was the #1 toy company in the U.S. and #1 globally in our leader categories Dolls, Vehicles and Infant, Toddler and Preschool. Our power brands Barbie, Hot Wheels and Fisher-Price were each the #1 property in their respective categories.

根據 NPD 集團，美泰是美國排名第一的玩具公司，在我們領先的娃娃、車輛和嬰兒、幼兒和學齡前兒童類別中排名全球第一。我們的強力品牌 Barbie、Hot Wheels 和 Fisher-Price 都是各自類別中的第一名。

We achieved growth in all reported categories, with extraordinary performance in Action Figures and double-digit gains in North America, EMEA and Latin America.

我們在所有報告的類別中都實現了增長，在動作人物方面表現出色，在北美、歐洲、中東和非洲和拉丁美洲實現了兩位數的增長。

Total company POS was up low double digits, benefiting from the Easter shift to the second quarter as well as theatrical movie tie-ins. POS was up low single digits in the first half of the year, with an improving trend post Easter.

受益於復活節到第二季度的轉變以及院線電影的搭配，公司總 POS 增長了兩位數的低位。今年上半年 POS 呈低個位數增長，復活節後呈改善趨勢。

Adjusted EBITDA increased substantially through a combination of sales growth, pricing actions and cost savings in spite of significant cost inflation. Our supply chain is playing a key role in our success, with all owned and operated factories fully operational.

儘管成本大幅上漲，但通過銷售增長、定價行動和成本節約的結合，調整後的 EBITDA 大幅增加。我們的供應鏈在我們的成功中發揮著關鍵作用，所有擁有和經營的工廠都全面投入運營。

Overall, the first half of the year was an outstanding period of growth for the company, with gross billings up 23% to over $2.5 billion, a new record level for Mattel, and adjusted operating income more than doubling to $212 million.

總體而言，上半年對公司來說是一個突出的增長期，總收入增長 23% 至超過 25 億美元，創下美泰的新紀錄，調整後的營業收入翻了一番以上，達到 2.12 億美元。

While first half sales benefited from increased retail inventories, we believe owned and retail inventories are appropriate to meet the projected increase in consumer demand for our products.

雖然上半年銷售受益於零售庫存增加，但我們認為自有和零售庫存適合滿足消費者對我們產品的預期增長需求。

As we enter the second half, we are reiterating our 2022 guidance for net sales growth in constant currency, adjusted EPS and adjusted EBITDA.

隨著我們進入下半年，我們重申了 2022 年以固定匯率、調整後每股收益和調整後 EBITDA 計算的淨銷售額增長指引。

Topline performance will be driven by the power of our brand portfolio, the relaunch of Monster High and multi-category partnerships with Universal's Jurassic World and Minions, and Disney and Pixar's Lightyear, among others.

頂線業績將受到我們品牌組合的力量、Monster High 的重新啟動以及與環球的侏羅紀世界和小黃人、迪士尼和皮克斯的光年等的多類別合作夥伴關係的推動。

We are also reiterating our 2023 goals. Next year is shaping up very well, with strong innovation pipeline and the broadening of our portfolio, including the global rollout of Monster High, the return of Disney Princess and Frozen franchises and the addition of Universal's Trolls.

我們還重申了我們的 2023 年目標。明年的形勢非常好，擁有強大的創新渠道和擴大我們的產品組合，包括怪物高中的全球推出、迪士尼公主和冰雪奇緣系列的回歸以及環球巨魔的加入。

We also announced a multiyear global licensing partnership with SpaceX for toys and collectibles starting in 2023. This marks SpaceX's first ever collaboration with a global toy company.

我們還宣布從 2023 年開始與 SpaceX 建立多年的玩具和收藏品全球許可合作夥伴關係。這標誌著 SpaceX 與全球玩具公司的首次合作。

We are mindful of the concerns related to global supply chain and macroeconomic outlook, including inflation that may impact consumer spending. Like all companies, we are not insulated from market volatility and negative conditions. That said, the toy industry has historically demonstrated its resilience during challenging economic times, and we believe Mattel is well-positioned to outperform the industry.

我們注意到與全球供應鍊和宏觀經濟前景相關的擔憂，包括可能影響消費者支出的通脹。像所有公司一樣，我們也無法免受市場波動和負麵條件的影響。話雖如此，玩具行業歷來在充滿挑戰的經濟時期表現出了韌性，我們相信美泰有能力跑贏該行業。

Looking at gross billings in the second quarter in constant currency versus the prior year, the company achieved strong growth of 24%, with increases in each of our leader categories: Dolls, Vehicles and Infant, Toddler and Preschool, as well as in our Challenger categories overall, driven by Action Figures.

以固定匯率計算，與去年同期相比，公司第二季度的總賬單實現了 24% 的強勁增長，我們的每個領先類別都有所增長：娃娃、車輛和嬰兒、幼兒和學齡前兒童，以及我們的挑戰者總體類別，由動作人物驅動。

Dolls grew 5%, led by Barbie and Polly Pocket. Barbie increased 7%, on top of a significant double-digit gain in the same quarter last year. Barbie grew in most segments, partially offset by a decline in higher price point items.

在芭比娃娃和波莉口袋的帶領下，娃娃增長了 5%。芭比娃娃增長了 7%，而去年同一季度實現了兩位數的顯著增長。芭比娃娃在大多數細分市場都實現了增長，但部分被高價商品的下降所抵消。

American Girl declined by $8 million compared to last year's very strong second quarter.

與去年非常強勁的第二季度相比，American Girl 下降了 800 萬美元。

Vehicles increased 28%, driven by Hot Wheels. Hot Wheels grew 31%, on top of a strong double-digit increase in the same quarter last year.

在風火輪的推動下，車輛增長了 28%。風火輪增長了 31%，而去年同一季度實現了兩位數的強勁增長。

Infant, Toddler, and Preschool also had a strong quarter, increasing 23%, driven primarily by Fisher-Price Core as well as Thomas & Friends.

嬰兒、幼兒和學齡前兒童也有一個強勁的季度，增長了 23%，主要受費雪核心以及 Thomas & Friends 的推動。

Challenger categories, in aggregate, increased 48%, driven by Action Figures, led by Jurassic World and Lightyear and by strong double-digit growth in Building Sets.

挑戰者類別總體增長了 48%，這主要得益於動作人物、侏羅紀世界和光年以及建築套裝的兩位數強勁增長。

The second quarter results are in line with our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering.

第二季度的業績符合我們發展美泰 IP 驅動的玩具業務和擴大我們的娛樂產品的戰略。

The toy industry overall has been performing well year-to-date, and we believe it will grow for the full year and continue to grow going forward.

玩具行業今年迄今整體表現良好，我們相信全年都會增長並繼續增長。

We outperformed the industry for two years in a row and see significant opportunities ahead to gain additional share.

我們連續兩年跑贏行業，並看到未來獲得額外份額的重大機會。

We are making progress on capturing the full value of our IP in highly accretive business verticals, including content, consumer products and digital experiences.

在內容、消費產品和數字體驗等具有高度增值性的垂直業務領域，我們在充分發揮知識產權的全部價值方面取得了進展。

The most notable example is the Barbie movie, which has just completed principal photography and is already generating incredible excitement and social media interest. Today, we're exactly one year away from its planned worldwide theatrical release by Warner Bros.

最著名的例子是芭比電影，它剛剛完成了主要攝影，已經引起了令人難以置信的興奮和社交媒體的興趣。今天，距離華納兄弟計劃的全球影院上映僅一年時間。

Mattel Films is expanding its slate, and we just announced that Matchbox will be developed into a motion picture with Skydance Media.

美泰電影公司正在擴大其陣容，我們剛剛宣布火柴盒將與 Skydance Media 一起開發成電影。

On the television side, the Monster High live-action television movie musical will launch on October 6 on Nickelodeon and Paramount+, followed by a 26-episode animated series this fall.

在電視方面，《怪物高中》真人電視電影音樂劇將於 10 月 6 日在尼克國際兒童頻道和派拉蒙+ 上推出，隨後將於今年秋季推出 26 集動畫系列。

Season 3 of He-Man and the Masters of the Universe animated series will premiere on Netflix on August 18, timed for He-Man's 40th anniversary.

希曼與宇宙大師動畫系列第 3 季將於 8 月 18 日在 Netflix 首播，時間是希曼 40 週年。

Netflix will also debut the animated series Deepa & Anoop in the same week, our first television project based on original IP.

Netflix 還將在同一周推出動畫系列 Deepa & Anoop，這是我們基於原創 IP 的第一個電視項目。

Consumer Products and Digital Experiences also present a significant opportunity for Mattel. We have announced the hiring of two senior executives from The Walt Disney Company and Scopely to lead our next chapter of growth in these important areas.

消費品和數字體驗也為美泰提供了重要機會。我們已宣布聘請華特迪士尼公司和 Scopely 的兩名高級管理人員來領導我們在這些重要領域的下一個增長篇章。

Following eight consecutive quarters of growth for Mattel, we believe we are well-positioned to continue growing our IP-driven toy business and expand our entertainment offering.

在美泰連續八個季度實現增長之後，我們相信我們已經做好準備繼續發展我們的 IP 驅動玩具業務並擴大我們的娛樂產品。

We are benefiting from strong retail partnerships and look forward to meeting the projected increase in consumer demand for our product, as we enter the second half of the year and the all-important holiday season.

我們正受益於強大的零售合作夥伴關係，並期待隨著我們進入下半年和最重要的假日季節，滿足消費者對我們產品的預期增長需求。

We expect to achieve our full year 2022 guidance and 2023 goals and gain market share going forward.

我們預計將實現我們的 2022 年全年指導和 2023 年目標，並在未來獲得市場份額。

As the owner of one of the strongest portfolios of children's and family entertainment franchises in the world, we are excited by the opportunities to capture the full value of our IP.

作為世界上最強大的兒童和家庭娛樂特許經營組合之一的所有者，我們很高興有機會獲得我們 IP 的全部價值。

And now, Anthony will cover the financial performance in more detail.

現在，安東尼將更詳細地介紹財務業績。

Thanks, Ynon.

謝謝，伊農。

We achieved another quarter of strong results. Here are some of the highlights for the second quarter.

我們又取得了四分之一的強勁業績。以下是第二季度的一些亮點。

Net sales were $1.236 billion, an increase of 20%. Excluding the negative impact of currency translation, net sales grew 24%.

淨銷售額為 12.36 億美元，增長 20%。剔除貨幣換算的負面影響，淨銷售額增長了 24%。

Adjusted gross margin declined by 260 basis points due primarily to cost inflation.

主要由於成本上漲，調整後的毛利率下降了 260 個基點。

Adjusted operating income was $121 million, up 82%, with the benefit of top line growth partly offset by the gross margin decline.

調整後的營業收入為 1.21 億美元，增長 82%，收入增長的好處部分被毛利率下降所抵消。

Adjusted EPS was $0.18 compared to $0.03, an increase of $0.15, driven by growth in adjusted operating income, lower interest expense and a lower adjusted tax rate.

調整後的每股收益為 0.18 美元，相比 0.03 美元，增加了 0.15 美元，這是由於調整後的營業收入增長、利息費用降低和調整後的稅率降低。

The adjusted tax rate in the quarter was 31% compared to 76% a year ago.

本季度調整後的稅率為 31%，而一年前為 76%。

Adjusted EBITDA increased by $55 million or 42%, benefiting from top line growth.

受益於收入增長，調整後的 EBITDA 增加了 5500 萬美元或 42%。

Overall, we are very pleased with our second quarter and first half results having achieved strong growth in revenues and profitability.

總體而言，我們對第二季度和上半年的收入和盈利能力實現強勁增長感到非常滿意。

We recognize that we are operating in a very volatile environment with significant increases in input costs, supply chain disruption, and consumers experiencing the highest level of inflation in over 40 years.

我們認識到，我們在一個非常不穩定的環境中運營，投入成本顯著增加，供應鏈中斷，消費者經歷了 40 多年來最高水平的通貨膨脹。

We believe we are well positioned to manage through these challenges, as we have done so for the last two years by leveraging our assets, capabilities and flexible operating model.

我們相信我們有能力應對這些挑戰，正如我們在過去兩年中通過利用我們的資產、能力和靈活的運營模式所做的那樣。

We are reiterating our 2022 guidance for net sales growth, adjusted EPS and adjusted EBITDA, while adding the expected impact of currency translation on net sales, and updating for a slight improvement in projected adjusted gross margin.

我們重申了我們對 2022 年淨銷售額增長、調整後每股收益和調整後 EBITDA 的指導，同時增加了貨幣換算對淨銷售額的預期影響，並更新了預計調整後毛利率的小幅改善。

Turning to gross billings in constant currency. Total company increased 24%, with double-digit growth in three of four regions and gains in all reported categories.

轉向以固定貨幣計算的總賬單。公司總數增長了 24%，四個地區中的三個地區實現了兩位數的增長，所有報告的類別都實現了增長。

Quarter-end retail inventory was up in both dollars and weeks of supply as retailers ordered products to meet the projected increase in consumer demand, including for products tied to major theatrical summer releases, and to increase inventory levels in advance of the holiday season to reduce supply chain risk.

由於零售商訂購產品以滿足預計的消費者需求增長，包括與主要戲劇夏季發行相關的產品，並在假期前增加庫存水平以減少供應鏈風險。

Looking at gross billings in constant currency by region.

按地區查看以固定貨幣計算的總賬單。

North America was up 30%, with growth across all power brands and key categories, led by Action Figures. POS increased high single digits.

北美增長了 30%，在 Action Figures 的帶領下，所有電力品牌和關鍵類別都實現了增長。 POS 增長高個位數。

EMEA grew 21%. Growth was comprehensive with gains in all key markets, all reported categories and all power brands. POS increased low double digits.

歐洲、中東和非洲地區增長 21%。增長是全面的，所有主要市場、所有報告的類別和所有電力品牌都取得了增長。 POS 增長低兩位數。

Latin America had an exceptionally strong quarter, increasing 34%, with growth in all markets and power brands. POS increased low double digits.

拉丁美洲的季度表現異常強勁，增長了 34%，所有市場和實力品牌均實現增長。 POS 增長低兩位數。

Asia Pacific was flat as strong growth in Australia and Japan was offset by a decline in China, which was impacted by COVID-related retail closures. POS increased mid-single digits.

亞太地區持平，因為澳大利亞和日本的強勁增長被中國的下降所抵消，中國的下降受到與 COVID 相關的零售關閉的影響。 POS 增加了中個位數。

Adjusted gross margin declined 260 basis points to 44.9%. Gross margin was negatively impacted by cost inflation, principally materials and ocean freight and other supply chain costs, which had a negative impact of 570 basis points, and increased royalties, which had an impact of 110 basis points, reflecting the growth of licensed properties. These negative factors were partly offset by pricing, which contributed 160 basis points, strong top line growth, which generated a fixed cost absorption benefit of 130 basis points, and savings from optimizing for growth, adding 110 basis points.

調整後的毛利率下降 260 個基點至 44.9%。毛利率受到成本上漲的負面影響，主要是材料和海運以及其他供應鏈成本，產生了 570 個基點的負面影響，以及特許權使用費的增加，產生了 110 個基點的影響，反映了特許物業的增長。這些負面因素被定價部分抵消，定價貢獻了 160 個基點，強勁的收入增長產生了 130 個基點的固定成本吸收收益，以及優化增長帶來的節省，增加了 110 個基點。

As previously discussed, we have implemented additional pricing actions that will take effect in the second half of 2022. These have been factored into the full year guidance.

如前所述，我們實施了額外的定價措施，將於 2022 年下半年生效。這些措施已納入全年指導。

Moving down the P&L.

向下移動損益表。

Advertising expenses increased 2% to $90 million.

廣告費用增長 2% 至 9,000 萬美元。

Adjusted SG&A expenses were $343 million, an increase of 3% due to capability-building investments and market-related pay increases, partly offset by lower incentive compensation and optimizing for growth savings. As a percent of net sales, adjusted SG&A expenses declined by 460 basis points to 27.8%.

調整後的 SG&A 費用為 3.43 億美元，增長 3%，原因是能力建設投資和與市場相關的加薪，部分被較低的激勵薪酬和優化增長儲蓄所抵消。作為淨銷售額的百分比，調整後的 SG&A 費用下降 460 個基點至 27.8%。

We generated strong double-digit growth in adjusted EBITDA in spite of the inflation-driven gross margin decline.

儘管通貨膨脹導致毛利率下降，但我們的調整後 EBITDA 仍實現了強勁的兩位數增長。

Adjusted operating income increased by 82% or $55 million to $121 million, benefiting from the flow-through of top line growth, partly offset by the decline in gross margin.

調整後的營業收入增長 82% 或 5500 萬美元至 1.21 億美元，受益於收入增長的流動，部分被毛利率的下降所抵消。

Adjusted operating income as a percent of net sales increased by 330 basis points to 9.8%.

調整後的營業收入占淨銷售額的百分比增加了 330 個基點，達到 9.8%。

Adjusted EBITDA increased by $55 million or 42% to $185 million.

調整後的 EBITDA 增加了 5500 萬美元或 42%，達到 1.85 億美元。

Cash from operations was a use of $425 million, reflecting the seasonality of the business compared to a use of $241 million in the prior year. The increased use of cash was due to higher working capital requirements, partly offset by higher net income.

運營現金使用了 4.25 億美元，反映了業務的季節性，而上一年使用了 2.41 億美元。現金使用增加是由於較高的營運資金需求，部分被較高的淨收入所抵消。

Capital expenditures were $79 million compared to $75 million in the prior year.

資本支出為 7900 萬美元，而上一年為 7500 萬美元。

Free cash flow was a seasonal use of $503 million compared to $316 million in the prior year.

自由現金流是季節性使用的 5.03 億美元，而上一年為 3.16 億美元。

Free cash flow on a trailing 12-month basis was $147 million compared to $374 million in the prior year. Free cash flow was impacted by an increase in working capital, partly offset by higher earnings.

過去 12 個月的自由現金流為 1.47 億美元，而去年為 3.74 億美元。自由現金流受到營運資本增加的影響，部分被較高的收益所抵消。

The increase in working capital is due to higher inventories as we are manufacturing earlier in the season and higher accounts receivable associated with our strong topline growth.

營運資金的增加是由於我們在本季早些時候生產時庫存增加，以及與我們強勁的收入增長相關的應收賬款增加。

Free cash flow conversion for the trailing 12-month period was 13% compared to 39% in the prior year period. Looking ahead to the full year, we expect to improve free cash flow and conversion rate compared to 2021.

過去 12 個月期間的自由現金流轉換率為 13%，而去年同期為 39%。展望全年，我們預計與 2021 年相比，自由現金流和轉化率將有所改善。

Taking a look at the balance sheet.

看看資產負債表。

Cash balance was $275 million compared to $385 million in the prior year.

現金餘額為 2.75 億美元，而上一年為 3.85 億美元。

Total debt was $2.576 billion, down from $2.839 billion as free cash flow was used to repay debt.

由於自由現金流用於償還債務，總債務為 25.76 億美元，低於 28.39 億美元。

Accounts receivable increased by $205 million to $989 million, in line with sales growth. Inventory was $1.178 billion compared to $818 million last year. The increase is due to an earlier seasonal inventory build and the impact of cost inflation.

應收賬款增加了 2.05 億美元，達到 9.89 億美元，與銷售額增長一致。庫存為 11.78 億美元，而去年為 8.18 億美元。增加是由於較早的季節性庫存增加和成本上漲的影響。

Leverage ratio continued to improve. We finished the second quarter with a debt to adjusted EBITDA ratio of 2.3x compared to 3x in the prior year and 2.4x at the end of the first quarter. We continue to benefit from a combination of growth in adjusted EBITDA and debt reduction.

槓桿率持續提升。我們在第二季度末的債務與調整後 EBITDA 的比率為 2.3 倍，而去年同期為 3 倍，第一季度末為 2.4 倍。我們繼續受益於調整後 EBITDA 的增長和債務減少的結合。

Savings from the Optimizing for Growth program were $22 million in the quarter, $13 million of which benefited cost of goods sold. Looking ahead, we continue to expect the program to achieve incremental savings of $80 million to $90 million in 2022 and total savings of $250 million by 2023.

優化增長計劃在本季度節省了 2200 萬美元，其中 1300 萬美元用於銷售商品成本。展望未來，我們繼續預計該計劃將在 2022 年實現 8,000 萬至 9,000 萬美元的增量節省，到 2023 年將實現 2.5 億美元的總節省。

I will now cover our 2022 guidance.

我現在將介紹我們的 2022 年指南。

Net sales are expected to grow by 8% to 10% in constant currency. This will be driven by growth in each of our leader categories, as well as our challenger categories combined.

按固定匯率計算，淨銷售額預計將增長 8% 至 10%。這將由我們每個領導者類別以及我們的挑戰者類別的增長共同推動。

Doll's gross billings are expected to grow, driven by the relaunch of Monster High and continued success of Polly Pocket.

由於 Monster High 的重新啟動和 Polly Pocket 的持續成功，Doll 的總收入預計將增長。

Barbie is expected to be comparable to 2021, the highest year on record and following 2 years of strong double-digit growth. While fashion dolls continue to perform well, we are seeing some softness in higher priced items such as the Barbie Dreamhouse. We are very confident in Barbie's multiyear growth trajectory, amplified by the Barbie theatrical movie release next summer.

芭比娃娃預計將與 2021 年相媲美，這是有記錄以來的最高年份，也是在 2 年強勁的兩位數增長之後。雖然時尚娃娃繼續表現良好，但我們看到芭比夢幻屋等價格較高的商品出現了一些疲軟。我們對芭比娃娃的多年增長軌跡充滿信心，明年夏天芭比影院上映的電影將進一步放大。

American Girl is now expected to modestly decline for the year.

現在預計美國女孩今年將小幅下降。

Vehicles is expected to grow, led by Hot Wheels.

在風火輪的帶動下，汽車有望增長。

Infant, Toddler, and Preschool is expected to grow, led by Fisher-Price and Thomas & Friends.

在 Fisher-Price 和 Thomas & Friends 的帶領下，嬰兒、學步兒童和學齡前兒童有望增長。

Gross billings for challenger categories together are expected to grow, driven primarily by strong performance in Action Figures.

挑戰者類別的總收入預計將增長，這主要是由於動作人物的強勁表現。

Net sales guidance in constant currency reflects our expectation for continued growth in the second half.

以固定匯率計算的淨銷售額指引反映了我們對下半年持續增長的預期。

Currency translation for the full year is forecast to have a negative impact on as-reported net sales of approximately 2 to 3 percentage points.

預計全年的貨幣換算將對報告的淨銷售額產生約 2 至 3 個百分點的負面影響。

Adjusted gross margin for the full year is now expected in the range of 47% to 48%, a slight improvement compared to our previous guidance of approximately 47% and compared to 48.2% in 2021.

現在預計全年調整後的毛利率在 47% 至 48% 之間，與我們之前的指導意見（約 47%）和 2021 年的 48.2% 相比略有改善。

Adjusted EBITDA guidance remains unchanged. We continue to expect adjusted EBITDA to be in the range of $1.1 billion to $1.125 billion.

調整後的 EBITDA 指引保持不變。我們繼續預計調整後的 EBITDA 將在 11 億美元至 11.25 億美元之間。

Relative to our prior guidance, the negative impact of currency translation is offset by the improved gross margin.

相對於我們之前的指引，貨幣換算的負面影響被毛利率的提高所抵消。

SG&A is expected to decline as a percent of net sales, while advertising remains relatively flat as a percent of net sales.

預計 SG&A 占淨銷售額的百分比將下降，而廣告占淨銷售額的百分比則相對持平。

Adjusted EPS is expected to be in the range of $1.42 to $1.48 per share compared to the 2021 base of $1.30.

調整後的每股收益預計在每股 1.42 美元至 1.48 美元之間，而 2021 年的基數為 1.30 美元。

Adjusted tax rate is forecast to be 26% to 28% compared to 25% in 2021. EPS in the second half will be negatively impacted by a higher adjusted tax rate compared to the prior year period.

調整後的稅率預計為 26% 至 28%，而 2021 年為 25%。與去年同期相比，調整後的稅率較高，將對下半年的每股收益產生負面影響。

Capital expenditures are expected to be in the range of $175 million to $200 million, reflecting the previously mentioned strategic investments to increase manufacturing capacity in our own Dolls and Vehicles facilities in which we have a significant competitive cost advantage.

資本支出預計在 1.75 億美元至 2 億美元之間，反映了前面提到的戰略投資，以提高我們自己的娃娃和車輛設施的製造能力，我們在這些設施中具有顯著的競爭成本優勢。

Mattel's guidance and goals take into account anticipated supply chain disruption that the company is aware of today, but remains subject to any unexpected supply chain disruptions, fluctuations in foreign exchange rates, inflation, changes in global economic conditions and consumer spending, labor market fluctuations and other macroeconomic risks and uncertainties.

美泰的指導和目標考慮了公司今天意識到的預期供應鏈中斷，但仍會受到任何意外供應鏈中斷、外匯匯率波動、通貨膨脹、全球經濟狀況和消費者支出變化、勞動力市場波動和其他宏觀經濟風險和不確定性。

Looking ahead, we are also reiterating our 2023 goals to achieve high single-digit net sales growth in constant currency and an adjusted operating income margin of approximately 16% to 17% of net sales. The adjusted operating margin goal reflects our expectation that over time, the combination of pricing and cost savings will exceed cost inflation, which we expect to moderate in 2023.

展望未來，我們還重申了我們的 2023 年目標，以實現按固定匯率計算的高個位數淨銷售額增長和調整後的營業利潤率約為淨銷售額的 16% 至 17%。調整後的營業利潤率目標反映了我們的預期，即隨著時間的推移，定價和成本節約的結合將超過成本通脹，我們預計成本通脹將在 2023 年放緩。

Our 2023 EPS goal is to exceed adjusted EPS of $1.90, with the expected benefit from top line growth, margin expansion and utilization of improved free cash flow.

我們的 2023 年每股收益目標是超過 1.90 美元的調整後每股收益，預期受益於收入增長、利潤率擴張和自由現金流改善的利用。

In closing, Mattel executed another strong quarter, and we are very pleased with the first half results. We achieved continued growth in top line and profitability. We further reduced leverage ratio, and consistent with our capital allocation priorities, are making progress towards achieving an investment-grade credit rating. We believe we are well-positioned to achieve our guidance for the year and goals for 2023.

最後，美泰又執行了一個強勁的季度，我們對上半年的業績感到非常滿意。我們實現了收入和盈利能力的持續增長。我們進一步降低了槓桿率，並與我們的資本配置優先事項一致，正在朝著實現投資級信用評級邁進。我們相信，我們已做好準備，能夠實現我們的年度指導和 2023 年目標。

Thank you for your time today, and I will now turn it over to the operator for Q&A.

感謝您今天的時間，我現在將其交給接線員進行問答。

(Operator Instructions) Our first question comes from the line of Mike Ng of Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的 Mike Ng。

I just have two on Dolls. First, I was wondering if you could just describe the Monster High opportunity a little bit more. Do you see the potential, the prospects of that getting back to levels seen in the last cycle?

我只有兩個玩偶。首先，我想知道您是否可以多描述一下 Monster High 的機會。您是否看到恢復到上個週期水平的潛力和前景？

And then second, I was wondering if you could talk a little bit about the rollout strategy for Disney Princess next year. What is that ramp-up going to look like?

其次，我想知道你能否談談明年迪士尼公主的推出策略。這種加速會是什麼樣子？

Sure, Michael, it's Richard. So on Monster High, first off, we're incredibly excited about the relaunch of the brand. We've dropped some collector products already. Much success. We're anticipating a great new launch with our animated series, live-action television movie musical, which will launch on Nickelodeon this fall. We've also got incredible lineup of new product that's going to be rolling out for a whole new generation of fans for Monster High. So very, very excited about the relaunch.

當然，邁克爾，是理查德。所以在 Monster High 上，首先，我們對品牌的重新推出感到非常興奮。我們已經放棄了一些收集器產品。很成功。我們期待著我們的動畫系列、真人電視電影音樂劇的全新推出，該系列將於今年秋天在 Nickelodeon 上推出。我們還為 Monster High 的新一代粉絲推出了令人難以置信的新產品陣容。對重新啟動非常非常興奮。

And we were not going to quantify or specify the comparison to what it was, but we do believe it will be a top fashion doll and will continue to exceed expectations, certainly from a consumer perspective, and be a very important part of our portfolio going forward. It's also going to have a global rollout next year. So this year is, of course, a U.S. launch, and then globally, you'll see some really robust product rollouts for 2023.

而且我們不會量化或指定與它的比較，但我們相信它將成為頂級時尚玩偶並將繼續超出預期，當然從消費者的角度來看，並且是我們產品組合中非常重要的一部分向前。明年它還將在全球範圍內推出。所以今年當然是在美國推出，然後在全球範圍內，你會看到 2023 年一些非常強大的產品推出。

We are also incredibly excited for the Disney Princess return to Mattel with a new, if you will, take on the entire portfolio, leveraging our extraordinary capability and talent within the Doll portfolio. It's obviously a big incremental opportunity for 2023. And really, the brand, as we talked about, is back because nobody designs dolls, develops, manufactures or does it better than Mattel.

我們也為迪士尼公主重返美泰感到無比興奮，如果您願意的話，可以利用我們在娃娃產品組合中的非凡能力和才能，接管整個產品組合。這顯然是 2023 年的一個巨大的增量機會。實際上，正如我們所談到的，這個品牌又回來了，因為沒有人比美泰設計、開發、製造或做得更好。

We are so excited to unveil our product program. I can't wait to share with you the details. We're leveraging our Mattel playbook, which, of course, is very well known right now and getting better and better, and we expect a meaningful program and a meaningful business as part of our portfolio.

我們很高興推出我們的產品計劃。我迫不及待地想和你分享細節。我們正在利用我們的美泰劇本，當然，它現在非常有名並且越來越好，我們期望一個有意義的計劃和一個有意義的業務作為我們投資組合的一部分。

Our next question comes from the line of Fred Wightman of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Fred Wightman。

I was just hoping you could sort of rationalize or bridge the net sales performance that we've seen sort of year-to-date and then the fact that you did increase the sales outlook, which seems to imply a pretty meaningful deceleration into the back half of the year. So is there something that you're seeing out there that's giving you pause? Could you just sort of help us understand the thinking for the back half?

我只是希望你能合理化或彌合我們今年迄今為止看到的淨銷售業績，然後你確實增加了銷售前景這一事實，這似乎意味著一個非常有意義的減速到後面半年。那麼，有沒有什麼你看到的東西讓你停下來？你能幫我們理解後半部分的想法嗎？

Sure. I can take that. I think when you look at our results for the quarter, right, so POS is up double digits. But when you look at the first half, we're up low single digits, and we've seen an improving trend post Easter. And what we expect to happen is that as we go into the second half, we expect second half POS performance to be above our first half levels and for Mattel to gain share for the full year. So you see kind of an unwinding of what happened in the first half.

當然。我可以接受。我認為當您查看我們本季度的結果時，正確，因此 POS 上升了兩位數。但是當你看上半年時，我們的漲幅很低，而且我們已經看到復活節後的改善趨勢。我們預計會發生的是，隨著我們進入下半年，我們預計下半年的 POS 表現將高於上半年的水平，並且美泰將在全年獲得份額。所以你會看到上半場發生的事情有所緩和。

All this is embedded in our '22 guidance, in which we reiterated top line growth of 8% to 10% in constant currency, right? We're significantly above that rate in the first half. But that does imply continued growth in the second half of the year.

所有這些都包含在我們的 22 年指導中，我們在其中重申了按固定匯率計算的 8% 至 10% 的收入增長，對吧？我們在上半年大大高於這個比率。但這確實意味著下半年的持續增長。

Makes sense. And then I was hoping -- I don't know if it's Anthony or if it's Richard, but it sounds like there was a little bit of change on the Barbie side that's expected to be comparable with the prior year. I think previously, you were expecting all power brands to grow. So is that just concentrated at the higher price point? Could you sort of expand on what you're seeing there and how you're thinking about that brand going forward, especially with some of these other doll launches scheduled over the next few years?

說得通。然後我希望——我不知道是安東尼還是理查德，但聽起來芭比方面有一些變化，預計與前一年相當。我認為以前，您期望所有強大的品牌都會增長。那麼這只是集中在更高的價格點嗎？您能否擴展一下您在那裡看到的內容以及您如何看待該品牌的未來發展，尤其是在未來幾年計劃推出的其他一些玩偶？

Yes. It's Richard, Fred. First off, Barbie's first half performance has been really strong, growth of 9% as we mentioned, following two full years of strong double-digit growth. We do anticipate the full year to be comparable to '21, which again was the highest year on record. Our Fashion Doll business is continuing to perform well. There was some softness in higher-priced items, specifically the Dreamhouse. That said, we also expect the Dreamhouse will have its second biggest year on record this year.

是的。是理查德，弗雷德。首先，芭比娃娃上半年的表現非常強勁，增長了 9%，正如我們提到的，在連續兩年強勁的兩位數增長之後。我們確實預計全年將與 21 年相當，這又是有記錄以來的最高年份。我們的時尚娃娃業務繼續表現良好。高價商品，特別是 Dreamhouse，有些疲軟。也就是說，我們還預計 Dreamhouse 今年將迎來有記錄以來的第二大年度。

Barbie, look, continues to be the #1 global doll property in Fashion Doll. It's got widespread brand health. We continue to execute in line with our Mattel playbook. And with the expansion of our brand experiences across a multitude of platforms, amplified, of course, by the Barbie theatrical movie release, which is going to be an incredible event next summer, we are very confident in Barbie's multiyear growth trajectory.

看，芭比娃娃仍然是時尚娃娃中排名第一的全球娃娃財產。它得到了廣泛的品牌健康。我們繼續按照我們的美泰劇本執行。隨著我們的品牌體驗在眾多平台上的擴展，當然，通過芭比影院上映，明年夏天這將是一個令人難以置信的事件，我們對芭比的多年增長軌跡充滿信心。

Our next question comes from the line of Arpine Kocharyan of UBS Investment Bank.

我們的下一個問題來自瑞銀投資銀行的 Arpine Kocharyan。

I know your POS is up for the quarter and Easter shift obviously helped, but you also have Prime Day shifting kind of in the quarter a bit. Could you give us a sense of what you've seen in retail sell-through when you compare Prime Day-to-Prime Day? And generally, if you could comment what you're seeing in general from the consumer so far into July would be super helpful as investors are all watching how that sort of consumer is going to behave kind of for the back half and trying to read the tea leaves of what they're seeing right now. And then I have a quick follow-up.

我知道您的 POS 在本季度有所增長，復活節輪班顯然有所幫助，但您在本季度也有一些 Prime Day 輪班。當您比較 Prime Day 與 Prime Day 時，您能否讓我們了解一下您在零售銷售中看到的情況？一般來說，如果你能評論你從消費者那裡看到的到 7 月份的總體情況，將會非常有幫助，因為投資者都在關注這類消費者在後半部分的表現，並試圖閱讀他們現在看到的茶葉。然後我有一個快速跟進。

Yes. So in terms of Prime Day, we had our biggest Prime Day performance ever and are certainly thrilled with our partnership. I would say, with respect to POS, Prime Day does not have a material impact on our quarter or year-to-date performance. As I said a moment ago, we are certainly very pleased with our first half performance. POS year-to-date is up low single digits, and we've seen an improving trend post Easter. So that certainly bodes well.

是的。因此，就 Prime 會員日而言，我們擁有有史以來最大的 Prime 會員日表現，並且對我們的合作夥伴關係感到非常興奮。我想說，就 POS 而言，Prime Day 不會對我們的季度或年初至今的業績產生重大影響。正如我剛才所說，我們對上半年的表現當然非常滿意。 POS 年初至今的低個位數增長，我們已經看到復活節後的改善趨勢。所以這肯定是個好兆頭。

And as we look to the second half, again, we expect POS performance to be above the first half levels and for us to gain share on a full year basis. So we feel really good about what's ahead in terms of the second half.

當我們展望下半年時，我們再次預計 POS 業績將高於上半年水平，並且我們將在全年的基礎上獲得份額。所以我們對下半年的未來感覺非常好。

Arpine, I'll address your question on consumer behavior, just in general, kind of broader. So the industry is growing overall, and we are seeing a positive trend in POS post Easter, as Anthony said. Based on our own internal analysis, the importance of toys for families continue to be high, and most shoppers plan to spend the same or more on toys in 2022 as it did in '21. Purposeful brands and toys are resonating with consumers more than ever. And we -- as we said before, we also expect shoppers to continue to buy and prioritize well-known, trusted brands with a focus on quality.

Arpine，我將解決您關於消費者行為的問題，總的來說，範圍更廣。所以整個行業都在增長，正如安東尼所說，我們看到復活節後 POS 出現了積極的趨勢。根據我們自己的內部分析，玩具對家庭的重要性仍然很高，大多數購物者計劃在 2022 年在玩具上的花費與 21 年相同或更多。有目的的品牌和玩具比以往任何時候都更能引起消費者的共鳴。而且我們 - 正如我們之前所說，我們還希望購物者繼續購買並優先考慮以質量為重點的知名、值得信賴的品牌。

We have seen a slight decrease in some higher price point items, as we said in the prepared remarks. But demand remained higher than pre-pandemic levels, and we expect traditional holiday season shopping pattern to return, and in general, the consumption pattern to come back. Consumers continue to return to brick-and-mortar stores as these open. And going back to what we always said that the industry has very strong fundamentals, and we do expect it to continue to grow.

正如我們在準備好的評論中所說，我們已經看到一些價格較高的商品略有下降。但需求仍高於疫情前水平，我們預計傳統節日購物模式將回歸，總體而言，消費模式將回歸。隨著實體店的開業，消費者繼續返回實體店。回到我們一直說的行業具有非常強大的基本面，我們確實希望它繼續增長。

One more point that is worth highlighting is the fact that Euromonitor just updated their outlook and they now expect the industry to grow this year at 6% -- more than 6% and exceed $100 billion this year and to grow at the 5.5% CAGR through 2026. So these are some macro feedback and information we have. The industry did very well during the COVID years. We outperformed the industry for two consecutive years. And we believe we are well positioned to continue to do that and gain share going forward.

還有一點值得強調的是，歐睿剛剛更新了他們的展望，他們現在預計該行業今年將以 6% 的速度增長——超過 6%，今年將超過 1000 億美元，並以 5.5% 的複合年增長率增長至2026. 所以這些是我們掌握的一些宏觀反饋和信息。在 COVID 年代，該行業表現非常出色。我們連續兩年跑贏行業。我們相信我們有能力繼續這樣做並在未來獲得份額。

That's very helpful. And then just really quickly, could you talk a little bit about weeks of inventory at retail and how much that's up? I know it should be up year-over-year given the kind of entertainment calendar. But then in terms of kind of inventory on hand, in our mind, you have COGS increase year-over-year, you had really unsustainably low inventories last year that you're comping, plus, and perhaps more importantly, shifting peak production schedules and longer transit times. All of that has to translate to higher inventory on hand. But can you just go over the inventory increase you're looking at and how to think about that because there seems to be a lot of (technical difficulty)

這很有幫助。然後很快，你能談談零售業的幾週庫存以及增加了多少嗎？我知道考慮到那種娛樂日曆，它應該會逐年增加。但就手頭庫存而言，在我們看來，COGS 同比增加，去年的庫存低得不可持續，而且，也許更重要的是，生產高峰期計劃發生變化和更長的運輸時間。所有這些都必須轉化為更高的庫存。但是您能否回顧一下您正在查看的庫存增加以及如何考慮這一點，因為似乎有很多（技術難度）

Yes, I missed the end of that question. But let me cover the situation on inventory. And I'll start with our owned inventory. As we've talked about before, we have taken proactive steps on our part to build ahead to make sure we have product available for retailers and consumers throughout the year. This includes higher inventories of products tied to theatrical releases this year and in preparation for the Monster High relaunch that Richard talked about.

是的，我錯過了那個問題的結尾。但讓我介紹一下庫存情況。我將從我們擁有的庫存開始。正如我們之前談到的，我們已採取積極措施，以確保我們全年為零售商和消費者提供產品。這包括今年與戲劇發行相關的產品庫存增加，以及為理查德談到的怪物高中重新啟動做準備。

And then in terms of retail inventories, as we said, our first half sales did benefit from retailers increasing their inventories. As you look at it at quarter end now, retail inventories are up both in dollars and in weeks of supply as retailers ordered product to meet the expected growth in demand. That includes product for the theatrical releases, as well as to increase inventory levels ahead of the holiday season to reduce supply chain risk.

然後在零售庫存方面，正如我們所說，我們上半年的銷售額確實受益於零售商增加庫存。正如您現在在季度末看到的那樣，零售庫存以美元和供應週數增加，因為零售商訂購產品以滿足預期的需求增長。這包括用於影院上映的產品，以及在假期前增加庫存水平以降低供應鏈風險。

As we look at this inventory, it's healthy inventory. We believe both the owned and retail inventories are at appropriate levels to meet the projected increase in consumer demand for our products. And as I said before, we expect to see improved POS performance in the back half and for Mattel to gain share.

當我們查看此庫存時，它是健康的庫存。我們相信自有庫存和零售庫存都處於適當水平，可以滿足消費者對我們產品的預期增長需求。正如我之前所說，我們預計後半部分的 POS 表現會有所改善，美泰將獲得份額。

Our next question comes from the line of Eric Handler of MKM Partners.

我們的下一個問題來自 MKM Partners 的 Eric Handler。

A couple of things. One, relative to Street expectations, Hot Wheels was by far the biggest positive surprise. I'm curious if there was anything in Hot Wheels that was unique to the quarter. And secondly, I'm curious if there was any pull forward of direct import shipments that you had in the quarter as well.

有幾件事。一，相對於街頭預期，風火輪是迄今為止最大的積極驚喜。我很好奇風火輪中是否有任何本季度獨有的東西。其次，我很好奇您在本季度是否也有任何直接進口貨物的推動。

Thanks, Eric. I'll take the first part of that. Gladly, by the way. Hot Wheels is continuing to just perform incredibly strong. I mean with growth of 31% in the second quarter and 33% year-to-date, we are on track, but no pun intended, for the fifth consecutive year of growth. And the growth is widespread. We're incredibly excited for the second half. We've got great new products, good new segment introductions. Very specifically, our core diecast line and track play sets are performing really well. We continue our momentum with Hot Wheels Monster Trucks.

謝謝，埃里克。我將採取第一部分。順便說一句，很高興。 Hot Wheels 繼續表現出令人難以置信的強勁表現。我的意思是，第二季度增長 31%，年初至今增長 33%，我們有望連續第五年增長，但並非雙關語。並且增長是廣泛的。我們對下半場感到非常興奮。我們有很棒的新產品，很好的新細分市場介紹。非常具體地說，我們的核心壓鑄生產線和軌道播放裝置表現非常出色。我們通過 Hot Wheels Monster Trucks 繼續我們的勢頭。

In addition to that, we've also had accelerated focus on our adult fans. We've been expanding our premium DTC offerings, and we're continuing success in this dynamic new space with NFTs. So there's lots more to share and to come with Hot Wheels. And thank you for that question. We're very excited about the performance of the brand and its future.

除此之外，我們還加速關注我們的成年粉絲。我們一直在擴展我們的優質 DTC 產品，並在這個充滿活力的 NFT 新領域繼續取得成功。因此，Hot Wheels 還可以分享更多內容。謝謝你的問題。我們對該品牌的表現及其未來感到非常興奮。

On the DI part, yes, we did see a shift in the quarter, but are not expecting a material change for the full year.

在 DI 部分，是的，我們確實看到了本季度的變化，但預計全年不會發生重大變化。

And just one quick follow-up. You said, Anthony, that advertising as a percent of net sales should be flat with last year, which was 10%. And considering 1Q and 2Q were down relative to the same quarters last year, that would imply a pretty significant increase in advertising promotion as a percent of sales in the back half of the year. Is that just a reflection of you're going to have more product on shelves or maybe you have a little bit of cushion there?

只需快速跟進。你說，安東尼，廣告占淨銷售額的百分比應該與去年持平，即 10%。考慮到 1Q 和 2Q 與去年同期相比有所下降，這意味著廣告促銷佔下半年銷售額的百分比將顯著增加。這是否只是反映您將在貨架上放置更多產品，或者您在那裡有一點緩衝？

Yes. So we are planning for increased advertising in the back half, coupled with more space at retail, as well as new innovation and extensive promotional activations, all designed to drive demand across the portfolio.

是的。因此，我們計劃在後半部分增加廣告，再加上更多的零售空間，以及新的創新和廣泛的促銷活動，所有這些都旨在推動整個產品組合的需求。

Our next question comes from the line of Gerrick Johnson of BMO.

我們的下一個問題來自 BMO 的 Gerrick Johnson。

Anthony, maybe you could put a little bit more on the answer to Eric's question about direct import pull forward. Can you quantify how much might have pulled into second quarter that normally would have been in the third quarter?

安東尼，也許你可以多回答一下埃里克關於直接進口拉動的問題。您能否量化通常會在第三季度進入第二季度的多少？

Yes. So we're not going to get into that level of detail. But as we disclosed, we do see a difference between our gross billings performance and our POS, and that's kind of all captured in the context of the increase in retailer inventories that we talked about. And we feel, as I said before, that we're in a good position on inventories as we enter the back half.

是的。所以我們不打算深入到那個級別的細節。但正如我們所披露的那樣，我們確實看到了我們的總賬單表現和我們的 POS 之間的差異，這在我們談到的零售商庫存增加的背景下都有所體現。正如我之前所說，我們認為，當我們進入後半部分時，我們的庫存狀況良好。

Okay. Great. And what was -- what changed -- what's the incremental change or changes that encouraged you to ever so slightly increase your gross margin guidance?

好的。偉大的。什麼是 - 什麼改變了 - 是什麼增量變化或變化鼓勵你如此輕微地增加你的毛利率指導？

Yes. So as you've noted, there is a slight improvement in our gross margin relative to our previous expectations. We're now expecting 47% to 48% compared to the prior guidance of approximately 47%. Look, the change was driven by a combination of factors with no single item being material. We continue to expect a significant impact from COGS inflation, more than the 400 basis points we saw last year. And we feel good about the fact that we're able to offset most of that through a combination of pricing, scale benefit from our top line growth, as well as cost savings from our OFG program.

是的。因此，正如您所指出的，相對於我們之前的預期，我們的毛利率略有改善。我們現在預計為 47% 至 48%，而之前的指導約為 47%。看，這種變化是由多種因素共同推動的，沒有任何一項是重要的。我們繼續預計銷貨成本通脹會產生重大影響，超過我們去年看到的 400 個基點。我們對我們能夠通過定價、收入增長帶來的規模效益以及 OFG 計劃的成本節約相結合來抵消大部分損失感到滿意。

And lastly, what I would say is that over time, we continue to expect the combination of pricing and cost savings will more than exceed the impact of inflation and contribute to margin expansion and help us get to our 2023 goal of 16% to 17% adjusted operating income margin.

最後，我想說的是，隨著時間的推移，我們繼續預計定價和成本節約的結合將超過通貨膨脹的影響，並有助於擴大利潤率，並幫助我們實現 2023 年 16% 至 17% 的目標調整後的營業利潤率。

Okay. Anthony, related to all of that, on your gross margin bridge, you didn't have FX on that table. I'm sure it's lumped in somewhere. So what was the impact of FX on the quarter in terms of gross margin?

好的。安東尼，與所有這些相關，在你的毛利率橋上，你的桌子上沒有外匯。我敢肯定它被集中在某個地方。那麼就毛利率而言，外匯對本季度的影響是什麼？

Yes. So certainly, if you think about FX from a translation standpoint, there was some impact on the dollar value of gross margin, but not on the percentage. And from a transactional standpoint, our hedging program insulated us from volatility in that respect. So from a gross margin percentage standpoint, no significant impact from FX.

是的。所以當然，如果你從翻譯的角度考慮外匯，對毛利率的美元價值有一些影響，但對百分比沒有影響。從交易的角度來看，我們的對沖計劃使我們免受這方面的波動影響。因此，從毛利率百分比的角度來看，外匯沒有顯著影響。

Our next question comes from the line of Drew Crum of Stifel.

我們的下一個問題來自 Stifel 的 Drew Crum。

If you could address the divergence in growth rate for power brands in North America versus international. Any more detail behind the strength you saw in the quarter for Fisher-Price and Thomas. And then I have a follow-up.

如果你能解決北美與國際電力品牌增長率的差異。您在本季度看到的 Fisher-Price 和 Thomas 實力背後的更多細節。然後我有一個跟進。

I'll take the Fisher-Price and Thomas part, and then we can address the second part of the question. Fisher-Price and Thomas was up 24% in the quarter and 19% year-to-date. So we are on track for a second consecutive year of growth. And in this franchise, also growth has been widespread. We're heading into the second half with expanded distribution at retailers. We've got some incredible innovative products tied to major theatrical summer releases. We've got momentum on Thomas & Friends with the global rollout of our new content.

我將討論 Fisher-Price 和 Thomas 的部分，然後我們可以解決問題的第二部分。 Fisher-Price and Thomas 在本季度上漲了 24%，今年迄今上漲了 19%。因此，我們有望實現連續第二年的增長。在這個特許經營中，增長也很普遍。我們正在進入下半年，在零售商處擴大分銷。我們有一些令人難以置信的創新產品與主要的夏季影院上映相關。隨著我們新內容的全球推廣，我們在 Thomas & Friends 上獲得了動力。

And as always, the back half introduces Fisher-Price Core Innovation Items. We've got lots of new products coming out with Little People, partnerships with our own brand, Barbie and Hot Wheels and Little People Collector. Of course, we'll have extensive marketing to amplify all of our retail commitments. And in particular, we're very proud of Thomas & Friends. The new content has led to increased brand engagement, opening up lots of opportunities across multiple platforms, and we expect to drive momentum heading into '23.

和往常一樣，後半部分介紹了費雪核心創新項目。我們與 Little People 合作推出了許多新產品，並與我們自己的品牌 Barbie and Hot Wheels 和 Little People Collector 合作。當然，我們將進行廣泛的營銷以擴大我們所有的零售承諾。特別是，我們為 Thomas & Friends 感到非常自豪。新內容提高了品牌參與度，在多個平台上開闢了許多機會，我們預計將推動進入 23 年的勢頭。

Look, with respect to the other part of your question, as we look at our regional performance, 3 of our 4 categories were up double digits in the quarter, North America, EMEA and Latin America. We also had POS growth in all 4 of our regions. And the growth in the power brands played an important part in contribution to the growth in those regions.

看，關於你問題的另一部分，當我們查看我們的區域表現時，我們的 4 個類別中有 3 個在本季度增長了兩位數，北美、歐洲、中東和非洲和拉丁美洲。我們在所有 4 個地區的 POS 也都有增長。電力品牌的增長對這些地區的增長起到了重要作用。

And the other driver is in our challenger categories. Collectively, Action Figures had an exceptional quarter benefiting from the theatrical tie-ins to Jurassic World, as well as Lightyear.

另一位車手屬於我們的挑戰者類別。總的來說，動作人物有一個特殊的季度受益於侏羅紀世界和光年的戲劇搭配。

Got it. Okay. And then my follow-up, guys, is you've announced several film and television products -- projects, excuse me, that are in various stages of development. Can you remind us what is contemplated in your net sales goal for 2023? And trying to understand what your vision is in terms of the business model. Should we anticipate meaningful contributions from things like consumer product licensing or gross participation fees and that material to your margin goal?

知道了。好的。然後我的後續行動，伙計們，你們宣布了幾個電影和電視產品——對不起，項目處於不同的發展階段。您能否提醒我們您 2023 年的淨銷售額目標是什麼？並嘗試了解您在商業模式方面的願景。我們是否應該預期消費品許可或總參與費等對您的利潤目標做出有意義的貢獻？

Yes, Drew, we haven't sized contribution from our intellectual properties or that part of the strategy. But we did say it's not part of our goals. There is no -- we didn't factor any meaningful contribution from our film slate or licensing and merchandising strategy or gaming for that matter. This is, we've said before, this is growing. It's shaping up strongly. We haven't spoken today about the Barbie movie, but we did address it in the prepared remarks that it is shaping up very, very strongly. It will have an impact, but it's not factored into our guidance nor the other activities that we announced recently. I should say -- I said guidance, I meant goals for '23.

是的，德魯，我們還沒有從我們的知識產權或戰略的那一部分中做出貢獻。但我們確實說過這不是我們目標的一部分。沒有——我們沒有考慮到我們的電影片或許可和銷售策略或遊戲對此事的任何有意義的貢獻。這就是，我們之前說過，這正在增長。它正在強勁地形成。我們今天還沒有談論芭比電影，但我們確實在準備好的評論中提到了它正在形成的非常非常強烈的情況。它會產生影響，但它並未納入我們的指導或我們最近宣布的其他活動中。我應該說——我說的是指導，我的意思是 23 年的目標。

Our next question comes from the line of Jim Chartier of Monness, Crespi, Hardt.

我們的下一個問題來自 Monness、Crespi、Hardt 的 Jim Chartier。

(technical difficulty)

（技術難度）

license business, how important are these properties to kind of jump starting, growing the overall consumer licensing business? And how big is Barbie's consumer license business today versus kind of prior peak?

許可業務，這些屬性對於啟動、發展整體消費者許可業務有多重要？與之前的高峰相比，如今芭比的消費者許可業務有多大？

Jim, your question was caught up at the beginning. Could you repeat the full question for us?

吉姆，你的問題一開始就被抓住了。你能為我們重複一遍完整的問題嗎？

Just how important is the Barbie movie and relaunch of Monster High to jump starting the overall consumer licensing business. And then just how big is Barbie's licensing business today versus kind of prior peak?

芭比電影和 Monster High 的重新啟動對於啟動整體消費者授權業務有多麼重要。那麼今天芭比的授權業務與之前的高峰相比有多大？

Yes. First off, I'd say that we've got extraordinary momentum on the Barbie brand preceding any theatrical. So the theatrical is going to be designed to continue the momentum of Barbie. And with that, our consumer product partnership business is also growing and accelerating with the momentum that we have on this -- with this property. So we anticipate with the film, we will have even additional acceleration in the consumer product and overall franchise opportunity as we continue to expand the brand. Whether it be in digital, gaming content, consumer products, the multiyear growth trajectory for Barbie is solid.

是的。首先，我要說的是，芭比品牌在任何戲劇之前都有非凡的發展勢頭。因此，戲劇將被設計為延續芭比的勢頭。有了這個，我們的消費產品合作夥伴業務也隨著我們在這方面的勢頭而增長和加速 - 有了這個屬性。因此，我們預計，隨著我們繼續擴大品牌，我們將在消費產品和整體特許經營機會方面獲得更多加速。無論是在數字、遊戲內容、消費品領域，芭比娃娃的多年增長軌跡都是穩固的。

And I would add, Jim, that while we didn't factor it into our goals, we all understand that success in our IP strategy can be transformative. And this is across all these additional verticals that are very large, all adjacent to the toy industry, but they are large in and of themselves. The goal that we have in entering these verticals is not just to sell more toys, but also to have organic growth, incremental growth within these verticals. And this is the strategy we're employing.

我要補充一點，Jim，雖然我們沒有將其納入我們的目標，但我們都明白知識產權戰略的成功可以帶來變革。這涉及所有這些非常大的額外垂直行業，都與玩具行業相鄰，但它們本身就很大。我們進入這些垂直領域的目標不僅是銷售更多玩具，還要在這些垂直領域內實現有機增長、增量增長。這就是我們正在採用的策略。

But of course, in success, there is a halo effect. Strong movies will have an impact not just on Mattel Films, but on our brands overall.

但是，當然，成功是有光環效應的。強大的電影不僅會對美泰影業產生影響，還會對我們的整體品牌產生影響。

At this time, I'd like to turn the call back over to Ynon Kreiz for closing remarks. Sir?

在這個時候，我想把電話轉回給 Ynon Kreiz 來結束髮言。先生？

Thank you, operator, and thanks for everyone for your questions today. Just in closing, this was another quarter of outstanding results for the company. We are continuing an extraordinary period of growth for Mattel.

謝謝您，接線員，也感謝大家今天提出的問題。剛剛結束，這是該公司又一個季度的出色業績。我們正在繼續美泰的非凡增長期。

Having reiterated and updated our 2022 guidance and 2023 goals, we are entering the second half of the year strongly and look forward to the holiday season, and I'm very happy with the position we are in. We expect to meet the projected increase in consumer demand for our products and gain share going forward.

在重申並更新了我們的 2022 年指導方針和 2023 年目標之後，我們正在強勢進入下半年並期待假期，我對我們所處的位置感到非常滿意。我們希望能夠實現預計的增長消費者對我們產品的需求並在未來獲得份額。

We always appreciate your interest in Mattel and thank you for following our progress in executing our strategy. Thank you, and I will now turn it back to Dave.

我們始終感謝您對美泰的興趣，並感謝您關注我們在執行戰略方面取得的進展。謝謝，我現在把它轉回給戴夫。

Thank you, Ynon. The replay of this call will be available via webcast beginning at 8:30 p.m. Eastern Time today. The webcast link can be found in the Events & Presentations section of our Investors section of our corporate website, corporate.mattel.com. Thank you for participating in today's call.

謝謝你，伊農。從晚上 8 點 30 分開始，將通過網絡廣播重播本次電話會議。今天東部時間。網絡廣播鏈接可在我們公司網站corporate.mattel.com 的投資者部分的活動和演示部分中找到。感謝您參加今天的電話會議。

This concludes todays call, you may now disconnect. Thank you for participating. You may now disconnect.

今天的通話到此結束，您現在可以斷開連接。感謝您的參與。您現在可以斷開連接。