Mattel Inc (MAT) 2022 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Brent, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mattel, Inc. Fourth (sic) [Third] Quarter 2022 Earnings Conference Call. (Operator Instructions) Thank you very much.

女士們，先生們，謝謝你們的支持。我的名字是布倫特，今天我將成為您的會議接線員。在這個時候，我想歡迎大家參加美泰公司第四（原文如此）[第三]季度 2022 年收益電話會議。 （操作員說明）非常感謝。

At this time, I would like to turn the call over to Mr. David Zbojniewicz, Head of Investor Relations. Sir, please go ahead.

此時，我想將電話轉給投資者關係主管 David Zbojniewicz 先生。先生，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.

謝謝你，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 third 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. To help supplement our discussion today, we have provided you with a slide presentation.

如您所知，今天下午，我們報告了美泰公司 2022 年第三季度的財務業績。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。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。

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; net debt; and constant currency.

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;自由現金流轉換；槓桿比率;淨債務;和不變的貨幣。

In addition, we present changes in 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，我們還展示了總賬單的變化，這是一個關鍵的績效指標。請注意，我們可能會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. 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.

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。條例 G 要求的有關非公認會計原則財務措施的信息以及有關我們關鍵績效指標的信息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獲得。

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.

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。由於公司財務結算程序的完成、最終調整、公司獨立註冊會計師事務所審查的完成以及其他原因，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從現在到最終結果披露之間可能出現的發展。

Before we begin, I'd like to caution you that certain statements made during the call are forward-looking, including statements related to the future performance of our business, brands, categories and product lines. Any statements we make about the future are, by their nature, uncertain. 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 describe some of these uncertainties in the Risk Factors section of our 2021 annual report on Form 10-K and on our second quarter 2022 quarterly report on Form 10-Q, our earnings release and the presentation accompanying this call and 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.

在我們開始之前，我想提醒您，電話會議期間的某些陳述是前瞻性的，包括與我們的業務、品牌、類別和產品線的未來表現有關的陳述。我們對未來所做的任何陳述，就其性質而言，都是不確定的。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 年第二季度季度報告、我們的收益發布和本次電話會議隨附的演示文稿以及我們提交的其他文件中描述了其中一些不確定性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 third quarter 2022 earnings call. The third quarter results reflect the resilience of our diversified portfolio and the success in executing our strategy. Despite significant inflation, foreign exchange headwinds and a challenging macroeconomic environment, we achieved growth in net sales in constant currency and adjusted EBITDA.

感謝您參加我們的 2022 年第三季度財報電話會議。第三季度業績反映了我們多元化投資組合的彈性和成功執行我們的戰略。儘管出現了顯著的通貨膨脹、外匯逆風和充滿挑戰的宏觀經濟環境，我們仍實現了按固定匯率計算的淨銷售額和調整後的 EBITDA 的增長。

Looking at the third quarter financial highlights compared to the prior year third quarter. Net sales were flat and up 3% in constant currency, making it the ninth consecutive quarter of growth. Year-to-date, net sales increased 10% and 13% in constant currency. Adjusted operating income was down 1%. Year-to-date, adjusted operating income was up 22%. Adjusted earnings per share was down $0.02. Year-to-date, adjusted EPS was up $0.30 or 38%. Adjusted EBITDA increased $10 million or 2%. Year-to-date, adjusted EBITDA was up $125 million or 18%.

與去年第三季度相比，查看第三季度的財務亮點。淨銷售額持平，按固定匯率計算增長 3%，連續第九個季度實現增長。年初至今，按固定匯率計算，淨銷售額分別增長了 10% 和 13%。調整後的營業收入下降了 1%。年初至今，調整後的營業收入增長了 22%。調整後每股收益下降 0.02 美元。年初至今，調整後每股收益增長 0.30 美元或 38%。調整後的 EBITDA 增加了 1000 萬美元或 2%。年初至今，調整後的 EBITDA 增加了 1.25 億美元或 18%。

Per The NPD Group, for the third quarter and year-to-date, Mattel was the #1 toy company in the U.S. overall and #1 globally in our leader categories: Dolls, Vehicles and Infant, Toddler and Preschool. And our power brands, Barbie, Hot Wheels and Fisher-Price, were each the #1 property in their respective categories.

根據 NPD 集團，在第三季度和年初至今，美泰是美國總體排名第一的玩具公司，在我們的領先類別中全球排名第一：娃娃、車輛和嬰兒、幼兒和學齡前兒童。我們的強力品牌 Barbie、Hot Wheels 和 Fisher-Price 在各自類別中均排名第一。

Looking at gross billings in the third quarter in constant currency compared to the prior year. Mattel grew 3%. Vehicles, Action Figures and Building Sets all grew double digits, while Dolls was flat. And Infant, Toddler and Preschool declined single digits. And geographically, our international segment grew double digits, partially offset by a mid-single-digit decline in North America. Year-to-date, total company gross billings grew 13%. Total company POS was essentially flat in the third quarter with growth in all international regions, offset by a decline in North America.

與去年相比，以固定貨幣計算第三季度的總賬單。美泰增長了 3%。車輛、可動人偶和建築套裝均增長了兩位數，而玩偶則持平。嬰兒、幼兒和學齡前兒童下降了個位數。在地理上，我們的國際業務增長了兩位數，部分被北美中個位數的下降所抵消。年初至今，公司總收入增長了 13%。第三季度公司總銷售量基本持平，所有國際地區均實現增長，但被北美地區的下降所抵消。

Our 2022 price increases have been successfully implemented. While it is still early, we have not seen a meaningful impact on consumer demand. Adjusted EBITDA benefited from pricing actions and cost savings, which more than offset significant cost inflation.

我們2022年的漲價已經成功實施。雖然現在還為時過早，但我們還沒有看到對消費者需求的有意義的影響。調整後的 EBITDA 受益於定價行動和成本節約，這足以抵消顯著的成本膨脹。

We are maintaining guidance for the full year 2022 net sales growth in constant currency of 8% to 10%, yet we do see a more challenging macroeconomic environment and increased volatility heading into the latter part of the year. As we expect higher pressure on gross margin, we are revising guidance for 2022 adjusted EBITDA down slightly to $1.05 billion to $1.1 billion, representing growth of 4% to 9% versus 2021. Anthony will cover our updated guidance in more detail shortly.

我們維持對 2022 年全年淨銷售額增長 8% 至 10% 的不變貨幣的指導，但我們確實看到宏觀經濟環境更具挑戰性，並且波動性將在今年下半年增加。由於我們預計毛利率將面臨更大壓力，我們將 2022 年調整後 EBITDA 的指引略微下調至 10.5 億美元至 11 億美元，與 2021 年相比增長 4% 至 9%。安東尼將很快詳細介紹我們的更新指引。

In the fourth quarter, we have higher advertising and planned promotional activity and have secured more shelf space and omni-channel retailer support compared to the prior year. We also have greater holiday toy list representation and a much stronger in-stock and inventory levels than this time last year. We expect POS to accelerate in the fourth quarter and to outpace shipping.

在第四季度，我們有更多的廣告和計劃的促銷活動，與去年相比，我們獲得了更多的貨架空間和全渠道零售商支持。與去年同期相比，我們還擁有更多的假日玩具清單，庫存和庫存水平也更高。我們預計 POS 將在第四季度加速並超過出貨量。

Beyond this year, 2023 is shaping up well. This will be driven by strong cross-category innovation 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 as well as the global premiere of the Barbie movie, our first theatrical release. We plan to provide full year guidance for 2023 during our 2022 fourth quarter call.

超越今年，2023 年的發展勢頭良好。這將受到強大的跨類別創新和擴大我們的投資組合的推動，包括 Monster High 的全球推出、迪士尼公主和冰雪奇緣系列的回歸、環球巨魔的加入以及芭比電影的全球首映，我們的第一個劇場版。我們計劃在 2022 年第四季度電話會議期間提供 2023 年全年指導。

The year-to-date performance and full year outlook are in line with our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering. Mattel strengthened its position as a partner of choice for the major entertainment companies. We recently extended our relationship with the Pokemon company by signing a multiyear license renewal for building sets in all major markets.

年初至今的業績和全年展望符合我們發展美泰 IP 驅動玩具業務和擴大我們的娛樂產品的戰略。美泰鞏固了其作為主要娛樂公司首選合作夥伴的地位。最近，我們通過簽署一份在所有主要市場建造套裝的多年許可續約，擴展了與 Pokemon 公司的關係。

Mattel Creations continues to gain momentum as a highly curated DTC experience targeting the collector market with exciting new products and an international expansion. We continue to make progress on capturing the full value of our IP in highly accretive business verticals outside of the toy aisle.

美泰創作繼續獲得動力，作為針對收藏家市場的高度策劃的 DTC 體驗，推出令人興奮的新產品和國際擴張。我們繼續在玩具過道之外的高度增值業務垂直領域獲取我們 IP 的全部價值方面取得進展。

The Monster High live-action television musical movie premiered earlier this month and was the #1 kids and family movie on Paramount+ during its launch week. The movie also reached over 4 million total viewers on linear Nickelodeon networks. Following this strong performance, the sequel has just been greenlit. The Monster High animated series will launch just in time for Halloween.

怪物高中真人秀電視音樂電影本月早些時候首映，在首映周是派拉蒙+ 上排名第一的兒童和家庭電影。這部電影還在線性尼克國際兒童頻道網絡上吸引了超過 400 萬觀眾。在如此強勁的表現之後，續集剛剛獲得了綠燈。 Monster High 動畫系列將在萬聖節前夕推出。

Pictionary premiered on Fox and CBS affiliates in September and is growing audience week-over-week. A second season of the new animated preschool series, Deepa & Anoop, will premiere on Netflix in November. And we recently announced new seasons for Thomas & Friends, Polly Pocket and Fireman Sam.

Pictionary 於 9 月在 Fox 和 CBS 的附屬機構首映，並且每週都在增加觀眾。新的學前動畫系列劇《Deepa & Anoop》的第二季將於 11 月在 Netflix 首播。我們最近宣布了 Thomas & Friends、Polly Pocket 和 Fireman Sam 的新賽季。

The latest Barbie animated movie was just released on Netflix today, part of a new multiyear agreement with Netflix for exclusive content that will also include 3 original series. The Barbie theatrical film continues to generate audience excitement. Having completed principal photography this past summer, the movie is currently in post production, and we eagerly anticipate its global release in July next year.

最新的芭比動畫電影今天剛剛在 Netflix 上發布，這是與 Netflix 就獨家內容達成的一項新的多年協議的一部分，該協議還將包括 3 個原創系列。芭比劇場版繼續讓觀眾興奮不已。這部電影在去年夏天完成了主要拍攝，目前正在後期製作中，我們熱切期待它於明年 7 月在全球上映。

We also expanded our presence in Roblox to include Barbie and Polly Pocket in the Livetopia virtual world in addition to our Hot Wheels and Masters of the Universe stand-alone games on the platform. In the growing space of NFTs, we announced a digital art collaboration for Barbie with women's empowerment brand, Boss Beauties, for 15,000 one-of-a-kind NFTs to debut later this year on Mattel Creations.

除了平台上的 Hot Wheels 和 Masters of the Universe 獨立遊戲外，我們還擴大了在 Roblox 的影響力，將 Barbie 和 Polly Pocket 納入 Livetopia 虛擬世界。在不斷增長的 NFT 領域，我們宣布與女性賦權品牌 Boss Beauties 為芭比娃娃開展數字藝術合作，為 15,000 個獨一無二的 NFT 將於今年晚些時候在 Mattel Creations 上首次亮相。

Mattel is being recognized for its achievements in workplace culture and employee well-being. Mattel was recently included among the World's Best Employers by Forbes, Best Workplaces for Innovators by Fast Company, 100 Best Companies by Seramount and the Healthiest 100 Workplaces in America.

美泰因其在工作場所文化和員工福利方面的成就而受到認可。美泰最近被福布斯評為全球最佳雇主、Fast Company 評為創新者最佳工作場所、Seramount 評為 100 家最佳公司以及美國最健康的 100 家工作場所。

All in all, this was a good quarter for Mattel with the ninth consecutive quarter of year-over-year net sales growth in constant currency. Year-to-date results show that we are successfully navigating a complex environment. The strategy to grow our IP-driven toy business and expand our entertainment offering is working. We look forward to the all-important holiday season and believe we are on track to achieve another growth year for the company.

總而言之，這對美泰來說是一個不錯的季度，連續第九個季度按固定匯率計算淨銷售額同比增長。年初至今的結果表明，我們正在成功地駕馭複雜的環境。發展我們以 IP 為導向的玩具業務和擴大我們的娛樂產品的戰略正在奏效。我們期待著最重要的假日季節，並相信我們有望實現公司的另一個增長年。

While we are seeing higher volatility related to macroeconomic challenges that may impact consumer spending, the toy industry has historically demonstrated its resilience during difficult economic times and is forecast to grow for the full year and thereafter. We believe our fundamentals are strong. Mattel's portfolio is resilient and well balanced with thriving brands that continue to drive increased consumer engagement and cultural relevance. There is new product innovation in all categories, and we are entering new white space opportunities.

雖然我們看到與可能影響消費者支出的宏觀經濟挑戰相關的波動性增加，但玩具行業歷來在經濟困難時期表現出韌性，預計全年及之後將增長。我們相信我們的基本面是強勁的。美泰的產品組合具有彈性，並且與蓬勃發展的品牌保持良好平衡，這些品牌繼續推動消費者參與度和文化相關性的提高。所有品類都有新產品創新，我們正在進入新的空白空間。

Our partnerships with the major entertainment companies are growing, and we are winning new key licenses. We are making progress on capturing the full value of our IP in highly accretive business verticals outside the toy aisle with more opportunities in content, digital experiences and consumer products.

我們與主要娛樂公司的合作夥伴關係正在增長，我們正在贏得新的關鍵許可證。我們正在通過在內容、數字體驗和消費產品方面的更多機會，在玩具過道之外的高度增值業務垂直領域獲取我們 IP 的全部價值方面取得進展。

The balance sheet is healthy and about to become another growth lever. Our world-class leadership team and global organization are executing with excellence. We believe we are well positioned to further grow the business, increase market share and create long-term shareholder value.

資產負債表健康，即將成為另一個增長槓桿。我們世界級的領導團隊和全球組織正在以卓越的方式執行。我們相信我們有能力進一步發展業務，增加市場份額並創造長期股東價值。

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, and good afternoon. As Ynon said, we achieved good results for the quarter in the midst of a challenging macroeconomic environment. We generated net sales of $1.756 billion, flat to the prior year and up 3% excluding the negative impact of currency translation. Adjusted gross margin increased by 50 basis points as the benefit of pricing actions and cost savings more than offset cost inflation.

謝謝，伊農，下午好。正如 Ynon 所說，在充滿挑戰的宏觀經濟環境中，我們本季度取得了良好的業績。我們產生了 17.56 億美元的淨銷售額，與去年持平，並且在不包括貨幣換算的負面影響的情況下增長了 3%。調整後的毛利率增加了 50 個基點，因為定價行動和成本節約的好處超過了成本通脹的抵消。

Adjusted operating income was $398 million, declining 1% due primarily to an increase in advertising expense, mostly offset by the increased adjusted gross margin percentage. Adjusted EPS was $0.82 compared to $0.84 in the prior period, a decline of 2%. Excluding the onetime costs associated with the debt paydown in the prior year, interest expense was comparable to the prior year, while the adjusted tax rate increased 2 percentage points to 22%. Adjusted EBITDA increased $10 million or 2% to $473 million.

調整後的營業收入為 3.98 億美元，下降 1%，主要是由於廣告費用的增加，大部分被調整後的毛利率增加所抵消。調整後每股收益為 0.82 美元，而上一期為 0.84 美元，下降了 2%。剔除與上一年償還債務相關的一次性成本，利息支出與上一年相當，而調整後的稅率增加了 2 個百分點至 22%。調整後 EBITDA 增加 1,000 萬美元或 2% 至 4.73 億美元。

Our year-to-date performance, which benefited from retailers increasing inventories in the first half, has been very strong with key metrics increasing double digits. Net sales grew 10% and were up 13% excluding the negative impact of currency translation. Adjusted operating income increased 22%, and adjusted EBITDA grew by $125 million or 18%.

得益於零售商在上半年增加庫存，我們的年初至今表現非常強勁，關鍵指標增長了兩位數。淨銷售額增長 10%，扣除貨幣換算的負面影響後增長 13%。調整後的營業收入增長了 22%，調整後的 EBITDA 增長了 1.25 億美元或 18%。

Turning to gross billings in constant currency. The third quarter was up 3% and year-to-date was up 13%. Dolls was flat, with growth in Monster High and Polly Pocket, offset by a decline in Barbie and licensed properties. Barbie was down 3% after 2 full years of double-digit gains and the highest year on record. Year-to-date, category gross billings grew 3%. Vehicles increased 17%, driven by Hot Wheels, which also grew 17%, achieving a record third quarter. Year-to-date, category gross billings grew 25%. Infant, Toddler and Preschool was down 6% due to declines in BabyGear, Newborn and Infant, partly offset by growth in Imaginext and Little People. Year-to-date, category gross billings grew 7%. Challenger categories in aggregate increased 3%, driven by double-digit growth in Action Figures and in Building Sets, partly offset by declines in Plush and Games. Year-to-date, Challenger categories gross billings grew 25%.

轉向以固定貨幣計算的總賬單。第三季度增長 3%，年初至今增長 13%。 Dolls 持平，Monster High 和 Polly Pocket 的增長被芭比娃娃和特許物業的下降所抵消。芭比娃娃在連續兩年兩位數的漲幅和有記錄以來的最高年份之後下跌了 3%。年初至今，類別總賬單增長了 3%。在風火輪的推動下，車輛增長了 17%，風火輪也增長了 17%，實現了創紀錄的第三季度。年初至今，類別總賬單增長了 25%。由於 BabyGear、Newborn 和 Infant 的下降，嬰兒、幼兒和學齡前兒童下降了 6%，部分被 Imaginext 和 Little People 的增長所抵消。年初至今，類別總賬單增長了 7%。挑戰者類別總體增長了 3%，這主要得益於可動人偶和建築套裝的兩位數增長，部分被毛絨玩具和遊戲的下降所抵消。年初至今，挑戰者類別的總收入增長了 25%。

From a geographic perspective, we achieved growth in 3 of 4 regions. North America declined 4% following a first half in which retailers accelerated purchases. Gross billings year-to-date were up 12%. Consistent with gross billings, POS declined by mid-single digits in the third quarter. EMEA achieved another strong quarter of growth with gross billings increasing by 8%. POS was up low single digits and outpaced the industry. Latin America had an exceptionally strong quarter with gross billings increasing by 23%, driven by growth in all reported categories and key markets. POS was up mid-single digits. Asia Pacific gross billings grew 11%, driven primarily by strong growth in Australia and Japan, partly offset by declines in China, which continues to be impacted by COVID-related retail closures. POS increased double digits, primarily driven by gains in Australia.

從地理角度來看，我們在 4 個地區中的 3 個地區實現了增長。在上半年零售商加速採購之後，北美下跌了 4%。年初至今的總賬單增長了 12%。與總賬單一致，POS 在第三季度下降了中個位數。 EMEA 實現了又一個強勁的季度增長，總賬單增長了 8%。 POS 增長低個位數，超過了行業。在所有報告的類別和主要市場的增長的推動下，拉丁美洲的季度表現異常強勁，總收入增長了 23%。 POS上升了個位數。亞太地區的總賬單增長了 11%，主要受澳大利亞和日本強勁增長的推動，部分被中國的下降所抵消，中國繼續受到與 COVID 相關的零售關閉的影響。 POS 增長兩位數，主要受澳大利亞收益的推動。

Quarter end retail inventory levels were up in both dollars and weeks of supply as we head into the holiday season. Inventory is of good quality, and we are working closely with our partners to meet the anticipated acceleration in POS.

隨著我們進入假日季節，季度末零售庫存水平以美元和供應週數計算。庫存質量很好，我們正在與我們的合作夥伴密切合作，以滿足 POS 的預期加速。

Adjusted gross margin increased 50 basis points to 48.3% as pricing and cost savings exceeded significant cost inflation. Here are the components of the increase in gross margin. On the positive side, pricing, primarily the benefit of our midyear actions, contributed 240 basis points. Savings from optimizing for growth added 140 basis points, and other factors added 30 basis points. These gains were partly offset by the impact of cost inflation, a negative 330 basis points; and royalties, negative 30 basis points, associated with the high growth of licensed properties.

由於定價和成本節約超過了顯著的成本通脹，調整後的毛利率增加了 50 個基點至 48.3%。以下是毛利率增加的組成部分。從積極的方面來看，定價，主要是我們年中行動的好處，貢獻了 240 個基點。優化增長帶來的節省增加了 140 個基點，其他因素增加了 30 個基點。這些收益部分被成本通脹的影響所抵消，即負 330 個基點；特許權使用費，負 30 個基點，與許可物業的高增長有關。

Moving down the P&L. Advertising expenses increased 8% to $128 million as we support our brands and drive demand. Adjusted SG&A expenses of $323 million were comparable to last year as salary inflation was offset by lower incentive compensation expense and incremental optimizing for growth savings. Adjusted operating income declined by 1% to $398 million due to higher advertising expense, mostly offset by an increase in adjusted gross margin. Adjusted EBITDA increased by $10 million or 2% to $473 million. Year-to-date, adjusted EBITDA was up strongly by $125 million or 18%.

向下移動損益表。由於我們支持我們的品牌並推動需求，廣告費用增加了 8% 至 1.28 億美元。調整後的 SG&A 費用為 3.23 億美元，與去年相當，因為工資上漲被較低的激勵薪酬費用和增長儲蓄的增量優化所抵消。由於廣告費用增加，調整後營業收入下降 1% 至 3.98 億美元，大部分被調整後毛利率的增加所抵消。調整後 EBITDA 增加 1,000 萬美元或 2% 至 4.73 億美元。年初至今，調整後的 EBITDA 強勁增長 1.25 億美元或 18%。

Cash from operations for the year-to-date period was a use of $275 million, reflecting the seasonality of the business compared to $256 million in the prior year. The increased use of cash was primarily due to higher working capital usage, mostly offset by higher net income, excluding the impact of noncash items, which in the prior year included the release of the deferred tax valuation allowances.

年初至今的運營現金使用了 2.75 億美元，反映了業務的季節性，而上一年為 2.56 億美元。現金使用增加主要是由於營運資金使用增加，大部分被淨收入增加所抵消，不包括非現金項目的影響，其中非現金項目在上一年包括遞延稅估值減免的釋放。

Free cash flow year-to-date was negative $402 million compared to negative $371 million in the prior year. Capital expenditures increased to $127 million compared to $115 million in the prior year period. On a trailing 12-month basis, we generated $303 million of free cash flow compared to $320 million in the prior period. The decline is due to increased working capital usage and higher capital expenditures, mostly offset by higher cash earnings. Increased working capital requirements are primarily due to declines in current liabilities and growth in inventory. Free cash flow conversion for the trailing 12-month period was 27% compared to 33% in the prior year period.

年初至今的自由現金流為負 4.02 億美元，而去年為負 3.71 億美元。資本支出從去年同期的 1.15 億美元增加到 1.27 億美元。在過去 12 個月的基礎上，我們產生了 3.03 億美元的自由現金流，而上一時期為 3.2 億美元。下降的原因是營運資金使用增加和資本支出增加，主要被較高的現金收益所抵消。營運資金需求增加的主要原因是流動負債減少和庫存增加。過去 12 個月的自由現金流轉換率為 27%，而去年同期為 33%。

Taking a look at the balance sheet. Cash balance was $349 million compared to $149 million in the prior year. Total debt was $2.574 billion compared to $2.698 billion. Total debt net of the cash balance or net debt declined to $2.225 billion compared to $2.549 billion in the prior year, an improvement of $324 million, reflecting our free cash flow generation over the last 12 months. Looking ahead, we intend to use available cash in the fourth quarter to repay the upcoming maturity of the $250 million, 3.15% notes.

看看資產負債表。現金餘額為 3.49 億美元，而去年為 1.49 億美元。總債務為 25.74 億美元，而債務總額為 26.98 億美元。扣除現金餘額或淨債務後的總債務從去年的 25.49 億美元下降至 22.25 億美元，增加了 3.24 億美元，反映了我們過去 12 個月產生的自由現金流。展望未來，我們打算在第四季度使用可用現金來償還即將到期的 2.5 億美元、3.15% 的票據。

Accounts receivable declined by $56 million to $1.382 billion due primarily to the negative impact of foreign currency translation. Inventory was $1.084 billion compared to $854 million last year, an increase of $230 million or 27%. The increase reflects higher quantities as we accelerated seasonal production and the impact of cost inflation, partly offset by currency translation. This position has improved meaningfully relative to last quarter when inventory was up $360 million or 44%, and we expect the trend to continue to improve.

應收賬款減少 5600 萬美元至 13.82 億美元，主要是由於外幣折算的負面影響。庫存為10.84億美元，與去年的8.54億美元相比，增加了2.3億美元或27%。這一增長反映了產量增加，因為我們加快了季節性生產和成本上漲的影響，部分被貨幣換算所抵消。與上一季度庫存增加 3.6 億美元或 44% 相比，這一情況有了顯著改善，我們預計這一趨勢將繼續改善。

Leverage ratio at the end of the third quarter was 2.3x debt to adjusted EBITDA compared to 2.8x in the prior year. The improvement is driven by the combination of growth in adjusted EBITDA and debt reductions. We continue to make progress toward our goal of achieving an investment-grade rating.

第三季度末的槓桿比率為債務與調整後 EBITDA 的 2.3 倍，而去年同期為 2.8 倍。這種改善是由調整後 EBITDA 的增長和債務減少共同推動的。我們繼續朝著實現投資級評級的目標前進。

We continue to generate significant cost savings. Optimizing for growth program savings were $29 million in the quarter, $24 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 since launching the program in 2021.

我們繼續顯著節省成本。本季度優化增長計劃節省了 2900 萬美元，其中 2400 萬美元用於銷售商品成本。展望未來，自 2021 年啟動該計劃以來，我們繼續預計該計劃將在 2022 年實現 8000 萬至 9000 萬美元的增量節省，到 2023 年將總共節省 2.5 億美元。

As Ynon mentioned, we are maintaining our guidance for full year 2022 net sales growth in constant currency of 8% to 10%. This is expected to be driven by Vehicles and Infant, Toddler and Preschool categories, led by Hot Wheels and Fisher-Price and Thomas & Friends, respectively, as well as our Challenger categories in aggregate led by Action Figures. We now expect the Dolls category to decline slightly with Barbie and American Girl to decline low single digits. We are confident about the long-term growth trajectory of Barbie and American Girl. We now anticipate that currency translation will have a negative impact of 3 to 4 percentage points on net sales, reflecting the recent adverse movement in foreign currency rates.

正如 Ynon 所提到的，我們維持對 2022 年全年淨銷售額增長 8% 至 10% 的固定貨幣的指導。預計這將由分別由 Hot Wheels 和 Fisher-Price 和 Thomas & Friends 領導的車輛和嬰兒、幼兒和學齡前兒童類別以及由 Action Figures 領導的挑戰者類別推動。我們現在預計娃娃類別將略有下降，芭比娃娃和美國女孩將下降低個位數。我們對芭比和美國女孩的長期成長軌跡充滿信心。我們現在預計貨幣換算將對淨銷售額產生 3 至 4 個百分點的負面影響，這反映了近期外匯匯率的不利變動。

Adjusted gross margin is now expected to be approximately 47% and compared to 48.2% in 2021. This is modestly below our prior guidance from July and reflects the financial impact of managing higher inventory levels through the balance of the year.

調整後的毛利率目前預計約為 47%，而 2021 年為 48.2%。這略低於我們 7 月份的先前指導，反映了在今年餘下時間管理更高庫存水平的財務影響。

Adjusted EBITDA is now expected to be in the range of $1.05 billion to $1.1 billion, slightly below our prior guidance and up from a 2021 base of $1.007 billion, representing growth of 4% to 9%. The change from the prior guidance reflects the lower gross margin expectation and the impact of currency translation. We continue to expect, as a percent of net sales, SG&A to decline and for advertising to remain relatively flat.

調整後的 EBITDA 現在預計在 10.5 億美元至 11 億美元之間，略低於我們之前的指引，高於 2021 年的 10.07 億美元基數，增長 4% 至 9%。與先前指引的變化反映了較低的毛利率預期和貨幣換算的影響。我們繼續預計，SG&A 占淨銷售額的百分比將下降，而廣告將保持相對平穩。

From our 2021 base of $1.30, adjusted EPS is now expected to increase to a range of $1.32 to $1.42 per share. We continue to expect an adjusted 2022 tax rate of 26% to 28% compared to 25% in 2021. Consistent with prior guidance, capital expenditures are forecast to be in the range of $175 million to $200 million, an increase from prior year as we strategically invest to increase manufacturing capacity in our owned Dolls and Vehicles facilities in which we have a significant competitive cost advantage.

從我們 2021 年的 1.30 美元基數來看，調整後的每股收益現在預計將增加到每股 1.32 美元至 1.42 美元的範圍。我們繼續預計 2022 年調整後的稅率為 26% 至 28%，而 2021 年為 25%。與之前的指導一致，資本支出預計在 1.75 億美元至 2 億美元之間，比上年有所增加，因為我們戰略性投資，以提高我們擁有的娃娃和車輛設施的製造能力，在這些設施中，我們具有顯著的競爭成本優勢。

We are operating in a challenging macroeconomic environment with higher volatility, including inflation that may impact consumer demand. The guidance considers what the company is aware of today but remains subject to further market volatility, any unexpected disruption and other macroeconomic risks and uncertainties.

我們在充滿挑戰的宏觀經濟環境中運營，波動性更大，包括可能影響消費者需求的通貨膨脹。該指引考慮了公司目前所了解的情況，但仍會受到進一步市場波動、任何意外中斷以及其他宏觀經濟風險和不確定性的影響。

With respect to our previously stated 2023 goals, given the increased volatility in the market as well as the revised 2022 outlook, we are reevaluating our expectations and will provide annual guidance for 2023 on our 2022 fourth quarter earnings call. That said, we are confident in our continuing growth trajectory and expect top and bottom line growth next year.

關於我們之前提出的 2023 年目標，鑑於市場波動加劇以及 2022 年展望的修訂，我們正在重新評估我們的預期，並將在 2022 年第四季度財報電話會議上提供 2023 年的年度指導。也就是說，我們對我們的持續增長軌跡充滿信心，並預計明年的收入和利潤將增長。

In closing, Mattel executed a good quarter, and we are very pleased with our year-to-date results with double-digit top and bottom line growth. We are improving our leverage ratio, and consistent with our capital allocation priorities, are making progress towards achieving investment-grade credit ratings. We believe we are well positioned to continue our growth trajectory.

最後，美泰執行了一個不錯的季度，我們對年初至今的業績以及兩位數的收入和利潤增長感到非常滿意。我們正在提高我們的槓桿率，並根據我們的資本配置優先事項，在實現投資級信用評級方面取得進展。我們相信我們有能力繼續我們的增長軌跡。

Thanks 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) Your first question comes from the line of Drew Crum with Stifel.

（操作員說明）您的第一個問題來自 Drew Crum 和 Stifel。

So on the last call, as it relates to POS, I think you indicated that POS in the second half would outpace the first half. 3Q, flattish. 4Q, if I heard you correctly, you're suggesting it will outpace shipment growth. With that in mind, can you still achieve that second half POS goal? And then I have a follow-up.

所以在最後一次電話會議上，因為它與 POS 相關，我認為您表示下半年的 POS 將超過上半年。 3Q，平淡。 4Q，如果我沒聽錯的話，你的意思是它將超過出貨量增長。考慮到這一點，你還能實現下半年的 POS 目標嗎？然後我有一個跟進。

Yes. This is Anthony. I'll start. I mean as we look ahead, we expect fourth quarter POS to accelerate and to outpace shipping. And I mean obviously, we're working closely with our retail partners to meet the anticipated acceleration. I mean there's a number of reasons and demand drivers that are out there. We have increased advertising support in the fourth quarter, more promotional activity with our retailers. We have more shelf space and greater representation in toy list. So a lot of reasons to believe and our expectation is that POS will accelerate.

是的。這是安東尼。我會開始的。我的意思是，展望未來，我們預計第四季度 POS 將加速並超過出貨量。我的意思很明顯，我們正在與我們的零售合作夥伴密切合作，以實現預期的加速。我的意思是有很多原因和需求驅動因素。我們在第四季度增加了廣告支持，與我們的零售商進行了更多的促銷活動。我們在玩具清單中有更多的貨架空間和更大的代表性。所以有很多理由相信和我們的期望是 POS 會加速。

I'd also add that quarter-to-date POS is in line with expectations, and we are pleased with our performance. And also worth noting that shoppers are returning to traditional purchasing patterns closer to the holiday season, so we expect to see POS accelerating and outpace shipping.

我還要補充一點，季度至今的 POS 符合預期，我們對我們的表現感到滿意。還值得注意的是，購物者在臨近假日季節時正在回歸傳統的購買模式，因此我們預計 POS 會加速並超過發貨速度。

Got it. Okay. Okay. And then just as a follow-up. You mentioned in your preamble acceleration in ordering by the domestic retailers during 2Q. Was there anything else to explain the divergence between the North American performance and international performance on gross billings during 3Q?

知道了。好的。好的。然後只是作為後續行動。您在序言中提到了第二季度國內零售商的訂單加速。還有什麼可以解釋第三季度北美表現與國際表現在總帳單方面的差異嗎？

Yes. In the U.S., there were certain categories that performed disproportionately well, where we traditionally under-indexed specifically plush and trading cards. But I wouldn't take the quarter in isolation. I wouldn't look at it in isolation. Year-to-date, we're up 12% in the third quarter. And year-to-date, we were the #1 company in the U.S. overall. We've been #1 in the U.S. for 28 consecutive years. We're also #1 in our leader category, and our power brands are each #1 in their respective categories. So we're very confident about our success in North America and believe we are well positioned to continue the growth trajectory.

是的。在美國，某些類別的表現異常出色，我們傳統上對毛絨卡和交易卡的索引不足。但我不會孤立地對待這個季度。我不會孤立地看待它。年初至今，我們在第三季度增長了 12%。年初至今，我們是美國整體排名第一的公司。我們已經連續 28 年在美國排名第一。我們在領導者類別中也排名第一，我們的實力品牌在各自類別中均排名第一。因此，我們對我們在北美的成功充滿信心，並相信我們有能力繼續增長軌跡。

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

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

Wondering if you could talk a little bit more about sort of the state of retail, particularly in North America right now. You're seeing increased market volatility. Does that mean are retailers cutting back on orders at all? Are they reducing the amount of days inventory being held at stores? Just can you give us some perspective on what's going on, particularly also as you look at the various platforms, maybe mass merchant versus dollar stores versus online platforms? And then I have a follow-up.

想知道你是否可以多談談零售業的現狀，尤其是現在的北美。你看到市場波動加劇。這是否意味著零售商正在削減訂單？他們是否減少了商店的庫存天數？您能否給我們一些關於正在發生的事情的看法，特別是當您查看各種平台時，也許是大眾商家與美元商店與在線平台？然後我有一個跟進。

So there's no secret that there is a volatile environment and macroeconomic challenges, and that could affect consumer demand. But with all of that, the toy industry has historically demonstrated its resilience during challenging economic times. It has grown year-to-date. It's expected to grow for the full year. And according to Euromonitor, they continue to expect the industry to grow at 5.5% CAGR through 2026. So we are seeing the industry continue to demonstrate strong fundamentals.

因此，動蕩的環境和宏觀經濟挑戰已不是什麼秘密，這可能會影響消費者的需求。但儘管如此，玩具行業歷來在充滿挑戰的經濟時期展示了它的韌性。它已經增長到今年為止。預計全年都會增長。根據 Euromonitor 的數據，他們繼續預計該行業到 2026 年將以 5.5% 的複合年增長率增長。因此，我們看到該行業繼續展現出強勁的基本面。

According to our own internal research, we expect consumers to spend the same or more this coming Christmas or the holiday season relative to last year. We are seeing purposeful brands and quality toys resonating with consumers now more than ever. And we believe that important -- big brands, quality products will end up winning the season. This is what we're focused on. This is where we excel. And as Anthony mentioned, we do have -- expect we have more advertising and promotion in the quarter, more shelf space, better representation on the holiday toy list and in-stock inventory. So we believe we are well positioned for the coming season and continue to grow next year in 2023, both top line and bottom line.

根據我們自己的內部研究，我們預計消費者在即將到來的聖誕節或假日季節的消費與去年相同或更多。我們現在比以往任何時候都更能看到有目的的品牌和優質玩具與消費者產生共鳴。我們相信重要的——大品牌、優質的產品最終會贏得這個賽季。這就是我們所關注的。這是我們擅長的地方。正如安東尼所提到的，我們確實有——預計我們在本季度會有更多的廣告和促銷活動、更多的貨架空間、更好的假日玩具清單和庫存庫存。因此，我們相信我們為即將到來的季節做好了準備，並在明年的 2023 年繼續增長，無論是收入還是利潤。

Okay. And then a follow-up for Anthony. I imagine it's been a little frustrating waiting for the investment-grade credit rating upgrade. Can you sort of give us an update on where that stands? What sort of the credit ratings may be waiting on? And once you do get that upgrade, what are some of the immediate things you could sort of do because of that?

好的。然後是安東尼的後續行動。我想等待投資級信用評級升級有點令人沮喪。你能告訴我們最新情況嗎？什麼樣的信用評級可能在等待？一旦你得到升級，你可以立即做哪些事情？

Yes. I think the first comment to make is we continue to make really good progress in improving our balance sheet and our leverage ratio. We finished Q3 at 2.3x debt to adjusted EBITDA, and that's down from 2.8x in the prior year. And if you recall our capital allocation priorities, the first one was to invest in organic growth, and the second was to get our leverage down and maintain a target range of 2 to 2.5x, and we've done that. And look, as we look at an investment-grade rating, it is an important milestone for Mattel. And with that stronger balance sheet, we will have the flexibility to consider other priorities such as M&A and share repurchases. So we continue to make progress, and we continue with our dialogue with the rating agencies and continue to deliver against improving that balance sheet and reducing leverage.

是的。我認為首先要發表的評論是，我們在改善資產負債表和槓桿率方面繼續取得非常好的進展。我們以 2.3 倍的債務與調整後的 EBITDA 結束第三季度，低於去年的 2.8 倍。如果你回想一下我們的資本配置優先事項，第一個是投資於有機增長，第二個是降低我們的槓桿率並保持 2 到 2.5 倍的目標範圍，我們已經做到了。看，當我們看到投資級評級時，這對美泰來說是一個重要的里程碑。憑藉更強大的資產負債表，我們將能夠靈活地考慮其他優先事項，例如併購和股票回購。因此，我們繼續取得進展，我們繼續與評級機構進行對話，並繼續致力於改善資產負債表和降低杠桿率。

And Eric, just to add to Anthony's comments. As we said on the note, we do see our balance sheet and capital structure becoming another growth lever. We've been very focused on bringing it to a good place. We're very much within our target range and continue to improve it. We also talked about repaying another $250 million notes before the end of the year. So continue to strengthen our position and turning our balance sheet to another lever of growth.

還有埃里克，只是為了補充安東尼的評論。正如我們在報告中所說，我們確實看到我們的資產負債表和資本結構成為另一個增長槓桿。我們一直非常專注於把它帶到一個好地方。我們非常接近我們的目標範圍，並繼續改進它。我們還談到了在年底前償還另外 2.5 億美元的票據。因此，繼續鞏固我們的地位，並將我們的資產負債表轉向另一個增長槓桿。

Your next question comes from the line of Linda Bolton-Weiser with D.A. Davidson.

您的下一個問題來自 Linda Bolton-Weiser 與 D.A.戴維森。

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（技術難度）

Barbie, I think you had said before that it was kind of like the higher price point like the Dreamhouse-type items, which were most impacted. Is that still the case? Or is there something else that has spread a little bit more in terms of the weakness in Barbie?

芭比娃娃，我想你之前說過，它有點像 Dreamhouse 類物品的高價位，受影響最大。還是這樣嗎？或者，就芭比的弱點而言，還有什麼其他的東西傳播得更多？

Linda, it's Richard. You cut out on the first part of the question. But I did catch the second part, which might sum it up. So I'll answer it from a Barbie perspective in total. Look, we're very confident in Barbie's long-term growth trajectory. Clearly, she's the #1 global doll property. We continue to execute in line with our playbook. Year-to-date, Barbie gross selling -- gross billings were up 3% in constant currency, which again is an excellent achievement when we compare it to '21, which, as you recall, is the highest year on record.

琳達，是理查德。你刪掉了問題的第一部分。但我確實抓住了第二部分，這可以總結一下。所以我將從芭比娃娃的角度來回答。看，我們對芭比娃娃的長期增長軌跡非常有信心。顯然，她是全球第一的娃娃財產。我們繼續按照我們的劇本執行。年初至今，芭比娃娃的總銷售額——按固定匯率計算，總銷售額增長了 3%，當我們將其與 21 年相比時，這又是一項了不起的成就，你還記得，這是有記錄以來最高的一年。

So as expected, Barbie did see a modest decline in the third quarter and more specifically on higher price point items like the Dreamhouse, which you mentioned and which we shared last quarter. The brand, however, continues to be on the forefront of cultural conversation. Incredibly successful initiatives ranging from inspiring women such as Jane Goodall. We drove the biggest style trend in fashion recently with the Barbiecore trend.

因此，正如預期的那樣，芭比娃娃確實在第三季度出現了小幅下滑，更具體地說，是在您提到的 Dreamhouse 等價格較高的產品上，我們在上個季度分享了這些產品。然而，該品牌仍然處於文化對話的前沿。令人難以置信的成功舉措包括鼓舞人心的女性，如 Jane Goodall。我們最近通過 Barbiecore 趨勢推動了時尚界最大的風格趨勢。

We're obviously looking forward to '23. We've got a great, strong innovation pipeline. We've got continued expansion of brand experiences. By the way, this is across multiple platforms. This includes a new slate of content with Netflix as well as the highly anticipated Barbie theatrical movie release for next summer.

我們顯然很期待 23 年。我們有一個偉大的、強大的創新管道。我們不斷擴展品牌體驗。順便說一句，這是跨多個平台的。這包括與 Netflix 合作的新內容，以及備受期待的芭比劇場版明年夏天上映的電影。

It's also, I think, important to note, Barbie has doubled in size over the past 5 years and with the #1 global toy property overall for the last 2 years, which speaks to the strength of the brand.

我認為還需要注意的是，芭比娃娃的規模在過去 5 年中翻了一番，並且在過去 2 年中總體上全球玩具資產排名第一，這說明了該品牌的實力。

Okay. And then sticking with Dolls for a minute. In terms of your Monster High sell-in, your shipments into the channel, in terms of what was planned for the second half, what percentage of that was like roughly done in the third quarter? And then like what percentage would be done in the fourth quarter in terms of the sell-in?

好的。然後堅持玩娃娃一分鐘。就您的 Monster High 銷售量而言，您進入渠道的出貨量，就下半年的計劃而言，第三季度大致完成的百分比是多少？然後像第四季度的銷售百分比是多少？

Yes, Linda, we can't share the percentages, but what I can tell you is that we're incredibly happy and encouraged with the performance that we've had to date on the relaunch of Monster High. As you know, we've launched it with a live-action television musical movie, which premiered this month. It was also the #1 kids and family movie on Paramount+ during the week of its launch. We reached over 4 million total viewers on linear Nickelodeon networks. And following actually this strong performance, we've just greenlit the sequel.

是的，Linda，我們不能分享百分比，但我可以告訴你的是，我們對 Monster High 重新啟動時的表現感到非常高興和鼓舞。如您所知，我們推出了本月首映的真人電視音樂電影。這也是派拉蒙+在推出一周內排名第一的兒童和家庭電影。我們在線性尼克國際兒童頻道網絡上的觀眾總數超過 400 萬。實際上，在這種強勁的表現之後，我們剛剛為續集開了綠燈。

We've also got 26 episodes of Monster High animated series, which is going to launch on Friday, October 28, on Nickelodeon. Of course, just in time for Halloween. We've got the new kid-targeted product that's hitting shelves, which will coincide with the content releases. And as I mentioned, it's really off to a spectacular start.

我們還有 26 集 Monster High 動畫系列，將於 10 月 28 日星期五在 Nickelodeon 上推出。當然，正好趕上萬聖節。我們有新的面向兒童的產品上架，這將與內容髮布相吻合。正如我所提到的，這真的是一個壯觀的開始。

We've also been nurturing and developing the brand with our collector community, which has been incredibly loyal. We've done multiple drops on Mattel Creations, which has been selling out in literally minutes. So we're very happy. We're looking forward to the continued rollout of Monster High in North America this year and also internationally in 2023.

我們也一直在與非常忠誠的收藏家社區一起培育和發展這個品牌。我們在 Mattel Creations 上進行了多次投放，幾分鐘內就售罄。所以我們非常高興。我們期待今年在北美以及 2023 年在國際上繼續推出 Monster High。

And can I just sneak in one more? Do you guys have a target for your own inventory balance roughly at the end of the year?

我可以再偷偷溜進去一個嗎？你們大概在年底有自己的庫存餘額目標嗎？

Yes. I think as we look at our inventory level -- and we finished the third quarter up $230 million to 27%, and we're making improvements sequentially. Q2 was up $360 million or 44%, and we expect that trend to continue and improve through the balance of the year and believe that our year-end inventories will be modestly above prior year levels.

是的。我認為當我們查看我們的庫存水平時——我們在第三季度完成了 2.3 億美元至 27% 的增長，並且我們正在按順序進行改進。第二季度增長了 3.6 億美元或 44%，我們預計這一趨勢將在今年餘下時間繼續並有所改善，並相信我們的年終庫存將略高於去年水平。

Your next question comes from the line of Megan Alexander with JPMorgan.

你的下一個問題來自摩根大通的梅根亞歷山大。

Maybe just a quick follow-up on Drew's question earlier. Can you maybe clarify what's implied in the 4Q guide from a POS standpoint? Ynon, you said quarter-to-date is in line with expectation. So does that mean it's accelerated versus 3Q and it's positive now? Or are you expecting a further acceleration from here? I think it makes a lot of sense that consumers are shifting their spending back to more traditional patterns, but you've also highlighted increased volatility multiple times. So just trying to reconcile what maybe sounds like more caution on the consumer spending outlook with an expectation that POS accelerates from here.

也許只是早先對 Drew 問題的快速跟進。您能否從 POS 的角度澄清 4Q 指南中的含義？ Ynon，您說本季度迄今符合預期。那麼這是否意味著它與第三季度相比加速並且現在是積極的？還是您期待從這裡進一步加速？我認為消費者正在將他們的支出轉向更傳統的模式是很有意義的，但你也多次強調波動性增加。因此，只是試圖調和可能聽起來對消費者支出前景更加謹慎的觀點與 POS 從這裡加速的預期。

Yes. Look, so I think a little early to talk about quarter-to-date POS performance in any detail. What we did say is that we expect POS to accelerate in the fourth quarter and outpace shipping. And remember, that's in the context of Ynon mentioned about shoppers returning to traditional buying patterns, where they buy closer to the holiday season. And as we also mentioned, there's many reasons to believe that, that POS is going to accelerate based on advertising, promotional activity, shelf space and the circulars and toy lists that are out there. So again, we're very confident in the statement about POS accelerating in the fourth quarter.

是的。看，所以我想稍微早一點地詳細討論本季度迄今為止的 POS 表現。我們確實說過的是，我們預計 POS 將在第四季度加速並超過出貨量。請記住，這是在 Ynon 提到的購物者回歸傳統購買模式的背景下，他們在接近假日季節的時候購買。正如我們還提到的，有很多理由相信，基於廣告、促銷活動、貨架空間以及現有的通告和玩具清單，POS 將加速發展。同樣，我們對第四季度 POS 加速的聲明非常有信心。

Okay. That's helpful. And then maybe a question on '23. You talked about expecting top line and bottom line growth. Can you spend a little bit of time just talking about maybe some of the puts and takes on the margins? Like are you seeing costs sequentially improve? And should we anticipate that gross -- that's a tailwind to gross margin in '23 and gross margin can be up in '23 if sales are up? And then on the SG&A side, you do still have cost savings there. And are there other levers to pull if the top line comes in a bit weaker than you had previously expected?

好的。這很有幫助。然後也許是關於'23的問題。您談到了預期頂線和底線的增長。你能花一點時間談論一些看跌期權和邊際收益嗎？您是否看到成本依次提高？我們是否應該預期毛利率 - 這是 23 年毛利率的順風，如果銷售額上升，毛利率可能會在 23 年上升？然後在 SG&A 方面，您仍然可以節省成本。如果頂線比您之前預期的要弱一點，還有其他槓桿可以拉動嗎？

Yes. So let me make a couple of comments with respect to 2023. Again, we're going to provide guidance on our fourth quarter call. But in terms of inflation, you saw in the P&L, it did have a fairly significant impact in Q3, 330 basis points. But we are seeing some improvement in market prices for ocean freight, from materials, but continuing pressure on wage rates. And as we've said before, overall, we expect inflation to moderate as we go into 2023. I think it's premature to talk about our overall gross margin.

是的。因此，讓我就 2023 年發表一些評論。同樣，我們將為第四季度電話會議提供指導。但就通貨膨脹而言，你在損益表中看到，它確實對第三季度產生了相當大的影響，330 個基點。但是，我們看到海運市場價格有所改善，來自材料，但工資率仍然存在壓力。正如我們之前所說，總體而言，我們預計通脹將在 2023 年放緩。我認為談論我們的整體毛利率還為時過早。

But additionally, as we look at next year, it's shaping up well. We've got the global rollout of Monster High. We've got Disney Princess and Frozen, Universal Trolls and the Barbie movie. So again, a lot to be -- a lot of positive drivers on the top line. And again, moderating inflation in the middle of the P&L. And just to add to that, also, as we said, we do expect to grow the top and bottom line next year.

但此外，正如我們明年展望的那樣，它的發展狀況良好。我們已經在全球推出 Monster High。我們有迪士尼公主和冰雪奇緣、環球巨魔和芭比電影。再說一次，有很多 - 頂線上有很多積極的驅動因素。再次，在損益表中間緩和通貨膨脹。此外，正如我們所說，我們確實預計明年的收入和利潤都會增長。

Your next question comes from the line of Arpine Kocharyan with UBS.

您的下一個問題來自瑞銀集團的 Arpine Kocharyan。

Could we go back to Barbie for a second? There is a lot of skepticism around whether Barbie can grow next year. I guess what are your thoughts around that? You obviously have never had such a big box office event for the brand at the same time. It's not animation. It's live action, which can be a bit tricky. I know it's very early at this point. But as you think about the brand and what's in store for 2020 -- 2023, do you see that growing from these really sort of record levels?

我們可以再回到芭比娃娃身邊嗎？關於芭比娃娃明年能否成長，有很多人懷疑。我猜你對此有什麼想法？您顯然從未同時為該品牌舉辦過如此大的票房活動。這不是動畫。這是真人秀，可能有點棘手。我知道現在還為時過早。但是，當您考慮品牌以及 2020 年至 2023 年的情況時，您是否看到從這些真正的創紀錄水平增長？

Yes, Arpine. Thank you for the question. As I said, we're incredibly confident in Barbie for, I mean, a whole list of reasons but, in particular, the last 5 years of proof. Doubling in size over the last 5 years is quite an achievement. We've got strong innovation. We've got Netflix slates. We've got franchise initiatives, and we've got probably the highest anticipated Barbie movie, a theatrical release next summer.

是的，阿平。感謝你的提問。正如我所說，我們對芭比娃娃非常有信心，我的意思是，原因有很多，尤其是過去 5 年的證明。在過去的 5 年中，規模翻了一番是一項了不起的成就。我們擁有強大的創新能力。我們有 Netflix 板岩。我們有特許經營計劃，我們可能有最受期待的芭比電影，明年夏天將在影院上映。

So look, all things considering, we are incredibly confident in the long-term growth trajectory of Barbie. It's been the reigning #1 doll of all time. And again, the performance that we've had consistently gives us the confidence as we move forward. We've got an extraordinary team. As you know, our category structure complements our overall doll performance. We've got category management, which allows our brands collectively to have a unique reason for being. And as a result, we're confident that all our brands can thrive together.

所以看，考慮到所有因素，我們對芭比娃娃的長期增長軌跡充滿信心。它一直是衛冕第一的玩偶。再一次，我們一直以來的表現給了我們前進的信心。我們有一支非凡的團隊。如您所知，我們的品類結構補充了我們的整體娃娃表現。我們有品類管理，這讓我們的品牌集體擁有獨特的存在理由。因此，我們相信我們所有的品牌都能共同繁榮。

We've got an incredible portfolio, Monster High, which, of course, is rolling out now with great excitement. We've got the return of Disney Princess and Frozen franchises. We've got the addition of Universal Trolls as well again as the premier of Barbie movie. So look, all in all, we couldn't be more excited about what the future holds in the dolls space and, in particular, Barbie as the leading fashion doll and global doll property of all time.

我們有一個令人難以置信的產品組合 Monster High，當然，它現在正以令人興奮的方式推出。我們得到了迪士尼公主和冰雪奇緣系列的回歸。我們又加入了 Universal Trolls 以及芭比電影的首映。所以看，總而言之，我們對娃娃空間的未來發展感到非常興奮，特別是芭比娃娃作為有史以來領先的時尚娃娃和全球娃娃財產。

Great. And most of my questions on margin have been answered. I was hoping you could talk a little bit on Monster High and kind of sizing that opportunity. Back in the day, it was a significant brand, certainly north of $500 million and very high margin. What are your targets after that sort of initial launch as a kind of a more near-term goal thinking about sort of next 12 months, 2023 versus what this could be in 2 years or 3 years?

偉大的。我關於保證金的大部分問題都已得到解答。我希望你能談談 Monster High 並確定這個機會的大小。在過去，它是一個重要的品牌，肯定超過 5 億美元，而且利潤率非常高。作為一種更近期的目標，考慮到 2023 年的下一個 12 個月與 2 年或 3 年後的情況，你在首次發布之後的目標是什麼？

Well, look, again, Monster High is an incredible property within Mattel's treasure trove of properties. We've taken a very strategic approach to the relaunch of the brand. As you know, we started with our Mattel Creations collector Drops, which have been going on throughout the year to extraordinary fanfare and sell-outs. We then have coordinated and partnered with Nickelodeon and Viacom to create a compelling live-action television musical movie, which, of course, premiered earlier this month and did incredibly well. We've got the 26 episodes, which I mentioned as well, dropping on Friday, the 28th. And we've got a really robust, innovative pipeline of product that's going to be hitting the marketplace.

好吧，再看一遍，Monster High 是美泰資產寶庫中令人難以置信的資產。我們採取了非常戰略性的方法來重新推出品牌。如您所知，我們從 Mattel Creations 收藏家 Drops 開始，這一年以來一直在大肆宣傳和售罄。然後，我們與 Nickelodeon 和 Viacom 協調並合作，製作了一部引人入勝的真人電視音樂電影，當然，該電影在本月早些時候首映並且表現非常出色。我們有 26 集，我也提到過，在 28 日星期五下降。而且我們有一個非常強大的、創新的產品管道，它將進入市場。

As well, as mentioned, North America has just started. We've got incrementality for 2023 as it rolls out throughout the world. And while we're not going to size the business itself, it is a significant opportunity, certainly, in our portfolio and will be a top 10 property overall in the fashion doll ranking.

同樣，如前所述，北美才剛剛起步。隨著 2023 年在全球推廣，我們有了增量。雖然我們不打算擴大業務本身的規模，但在我們的投資組合中，這無疑是一個重要的機會，並且將成為時尚玩偶排名中的前 10 名。

Your next question comes from the line of Andrew Uerkwitz with Jefferies.

您的下一個問題來自 Jefferies 的 Andrew Uerkwitz。

I apologize if these are too simplistic. But could you quantify a little bit of the different pieces kind of in that inflation -- in that inflation headwind as far as what's the biggest pieces, smallest pieces, please?

如果這些過於簡單，我深表歉意。但是你能量化一下通脹中的不同部分嗎？

Sure, I can do that. So as you saw in our Q3, the negative impact of inflation was 330 basis points. It's 410 basis points year-to-date. And there's 3 primary drivers. And the most significant impact is the increase in ocean freight rates that we incurred this year. So again, that's the primary factor and then to a lesser extent -- and about equal proportion an increase in materials, primarily resins and zinc, and the balance being an increase in the labor cost in our key supply chain markets.

當然，我可以做到。因此，正如您在我們的第三季度所看到的，通脹的負面影響是 330 個基點。年初至今為 410 個基點。並且有 3 個主要驅動因素。最顯著的影響是我們今年發生的海運費上漲。再說一次，這是主要因素，然後在較小程度上 - 大約相同比例的材料增加，主要是樹脂和鋅，平衡是我們關鍵供應鏈市場的勞動力成本增加。

Got it. That's helpful. And then just one other one, kind of on the entertainment side. Are you guys able to kind of quantify, whether internally or what you can share with us, like the impact of some of these -- like some of these initiatives around entertainment, if it hits a certain target, it represents x improvement in sales? Or is it -- or is a lot of these things just more around just kind of customer awareness, brand awareness strategies when I think about the multiple entertainment properties you now have?

知道了。這很有幫助。然後只是另外一個，有點在娛樂方面。你們是否能夠量化，無論是在內部還是您可以與我們分享的內容，比如其中一些的影響——比如圍繞娛樂的一些舉措，如果它達到了某個目標，它就代表了銷售額的 x 增長？或者是——或者當我想到你現在擁有的多種娛樂資產時，很多這些事情只是更多地圍繞著一種客戶意識、品牌意識策略？

Yes. Thanks, Andrew. What we've said before is that we see the opportunity to capture the full value of our IP as accretive to what we do on the toy side. So we view these opportunities as areas where we can create -- achieve growth and develop business units that are profitable and will contribute meaningfully to our sales and business overall. Of course, there will be a halo effect on toy sales, but the opportunity is to build accretive businesses that will be successful in and of themselves.

是的。謝謝，安德魯。我們之前說過，我們看到了獲取我們 IP 的全部價值的機會，因為我們在玩具方面所做的事情是增值的。因此，我們將這些機會視為我們可以創造的領域——實現增長和發展有利可圖的業務部門，並對我們的整體銷售和業務做出有意義的貢獻。當然，玩具銷售會產生光環效應，但機會在於建立能夠自身取得成功的增值業務。

We haven't broken down the various components. What we've said that -- we believe that in success, this could be meaningful. When we talk about these areas, it includes content, consumer products and digital experiences. And the content, it includes film and television, where we have a robust slate. On film, it's more one project in production, as you know, and 14 in development that we've announced with more coming. On the television side, we have this year 12 series and specials that will be on air, including 8 new projects. And the list goes on and on. There's a lot of activity. Still early days, but we are putting the building blocks, assembling a very strong leadership team on that side of the business and seeing real traction.

我們還沒有分解各種組件。我們所說的——我們相信，在成功中，這可能是有意義的。當我們談論這些領域時，它包括內容、消費產品和數字體驗。內容，它包括電影和電視，我們有一個強大的板岩。如您所知，在電影方面，它更像是一個正在製作中的項目，還有 14 個正在開發中，我們已經宣布未來還會有更多。在電視方面，我們今年將播出 12 個系列和特別節目，其中包括 8 個新項目。這樣的例子不勝枚舉。有很多活動。仍處於早期階段，但我們正在搭建基石，在業務的那一邊組建一支非常強大的領導團隊，並看到了真正的牽引力。

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

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

I just wanted to dig into the gross margin guidance. I think that you guys called out what sounds like some higher promo spend in the fourth quarter but then also FX. Is there any way that you can sort of split out those 2 within the, what looks like, call it, 50 basis point update for gross margin?

我只是想深入研究毛利率指導。我認為你們在第四季度提到了聽起來像是更高的促銷支出，但隨後也提到了 FX。有什麼方法可以將這兩個拆分出來，看起來像什麼，稱之為毛利率更新 50 個基點？

Yes, I can address that. So the updated guidance for gross margin, as you saw, approximately 47% compared to our prior guidance of 47% to 48%. So again, ticking down just a bit, and the primary factor is the financial impact of managing inventory through the balance of the year. The FX impact is more to EBITDA and EPS because it's not really affecting the margin in the current period. So that translation impact doesn't affect gross margin percent, although it does affect gross margin and EBITDA dollars flowing through. But again, the primary change here is that financial impact of managing inventory.

是的，我可以解決這個問題。因此，如您所見，更新後的毛利率指引約為 47%，而我們之前的指引為 47% 至 48%。再說一次，稍微下降一點，主要因素是通過年度餘額管理庫存的財務影響。外匯對 EBITDA 和 EPS 的影響更大，因為它並沒有真正影響當前期間的利潤率。因此，這種轉換影響不會影響毛利率，儘管它確實會影響毛利率和 EBITDA 美元的流動。但同樣，這裡的主要變化是管理庫存的財務影響。

Makes sense. And then if we just think about the '23 targets and the decision to remove them sort of holistically, I think you guys introduced those back in early 2021. And I know that they've been updated a few times since then. But can you just sort of frame what you guys are looking for over the next 8 weeks against a backdrop of targets that have been out there for almost 2 years? Is it really just a matter of POS and sell-through is going to sort of be the big moving swing factor? Is it promos? Like what is sort of the big thing that you're waiting for?

說得通。然後，如果我們只考慮 '23 目標以及從整體上刪除它們的決定，我認為你們早在 2021 年初就引入了這些目標。我知道從那時起它們已經更新了幾次。但是，您能否在已經存在近 2 年的目標的背景下，在接下來的 8 週內確定你們正在尋找的內容？這真的只是 POS 的問題嗎？銷售量會成為一個很大的波動因素嗎？是促銷嗎？比如你在等什麼大事？

Yes. I think the biggest issue is we are seeing a challenging macroeconomic environment, consumers under pressure that's manifesting itself and much higher volatility in the market. So it makes it very difficult to forecast. So we also -- as you know, we revised our 2022 outlook. So the base has moved around a little bit, right, coupled with the increased volatility. It's just causing us to step back and reevaluate those 2023 expectations. So we'll get through 4Q. We'll see how we come out, and then we'll provide guidance for 2023 when we get to our fourth quarter earnings call. That being said, we are confident in not only continuing to grow the top and bottom line this year but continuing that trajectory next year with, again, delivering top and bottom line growth.

是的。我認為最大的問題是我們看到了一個充滿挑戰的宏觀經濟環境，消費者面臨的壓力正在顯現，市場波動性更大。所以很難預測。因此，我們還 - 如您所知，我們修訂了 2022 年展望。所以基數已經移動了一點，對，再加上波動性的增加。這只是讓我們退後一步，重新評估那些 2023 年的期望。所以我們將度過第四季度。我們將看看結果如何，然後我們將在第四季度財報電話會議上提供 2023 年的指導。話雖如此，我們有信心不僅在今年繼續增長頂線和底線，而且在明年繼續這一軌跡，再次實現頂線和底線增長。

And Fred, just to add and repeat some of the things that we said, 2023 is shaping up well. We have some very distinct drivers that we talked about in aggregate. We mentioned Monster High, the global rollout. The return of Disney Princess and Frozen franchises, that's a big event, a big driver that is important to highlight, which is going to be a key addition to our portfolio. And other properties such as Trolls that will be added to what we're doing then. The Barbie movie, which -- while not animated, we still expect to drive significant halo for the Barbie brand. So we have some -- on top of what we do organically, we have these unique additions, distinct additions to our business next year.

弗雷德，只是為了補充和重複我們所說的一些事情，2023 年的情況很好。我們有一些非常獨特的驅動因素，我們總體討論過這些驅動因素。我們提到了全球推出的 Monster High。迪士尼公主和冰雪奇緣系列的回歸，這是一個大事件，一個重要的驅動力，值得強調，這將是我們投資組合的關鍵補充。以及其他屬性，例如巨魔將被添加到我們當時正在做的事情中。芭比電影，雖然不是動畫，但我們仍然希望為芭比品牌帶來重要的光環。所以我們有一些——除了我們有機地做的事情之外，我們還有這些獨特的附加物，明年我們的業務會有不同的附加物。

Your final question comes from the line of Gerrick Johnson with BMO Capital Markets.

您的最後一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

Can you just talk about the incremental pressure on gross margin coming from managing higher inventory levels? Just talk about that. What are you doing to manage higher inventory levels? Where are the higher inventory levels? And I noticed that your sales allowances as a percent of gross sales were actually lower year-over-year. So it doesn't look like you're managing inventories in the third quarter. What are those inventories that need to be managed and how?

您能否談談管理更高庫存水平對毛利率的增量壓力？只是談談那個。您正在做什麼來管理更高的庫存水平？更高的庫存水平在哪裡？我注意到您的銷售津貼佔總銷售額的百分比實際上比去年同期要低。所以看起來你不是在第三季度管理庫存。哪些庫存需要管理以及如何管理？

Thanks, Gerrick, for the question. Let me address this by talking comprehensively about the inventory situation because that's how it arises. And on our prior calls, we did talk about the fact that we accelerated production to improve service levels and to reduce supply chain risk. At the same time, retailers also increased inventory levels to meet expected growth in demand and ahead of the holiday season to reduce risk. And reflecting our strategy, owned inventory levels at the end of Q3 are up $230 million. That's a 27% increase, and that position has improved meaningfully relative to last quarter when we were up $360 million or 44%. And as I said earlier, we expect that trend to continue to improve.

謝謝，格里克，這個問題。讓我通過全面討論庫存情況來解決這個問題，因為它就是這樣出現的。在我們之前的電話中，我們確實談到了我們加快生產以提高服務水平和降低供應鏈風險的事實。與此同時，零售商還增加了庫存水平以滿足預期的需求增長並在假期前降低風險。反映我們的戰略，第三季度末的自有庫存水平增加了 2.3 億美元。這是一個 27% 的增長，相對於上一季度我們增加了 3.6 億美元或 44% 的情況，這一地位有了顯著改善。正如我之前所說，我們預計這種趨勢將繼續改善。

The inventory is current and of good quality. But as we assess the situation today and recognizing increased marketplace challenges and volatility, inventory levels are elevated. And as we manage through the balance of the year, we now expect increased discounts and promotions. These will have a negative impact on Q4 margins, and this is what we've factored into our guidance.

庫存是最新的並且質量很好。但是，當我們評估今天的情況並認識到市場挑戰和波動性增加時，庫存水平就會升高。隨著我們在今年餘下時間的管理，我們現在預計折扣和促銷活動會增加。這些將對第四季度的利潤率產生負面影響，這就是我們在指導中考慮的因素。

There are no further questions at this time. I will now turn the call back over to the Chairman and CEO, Mr. Kreiz.

目前沒有其他問題。我現在將把電話轉給董事長兼首席執行官 Kreiz 先生。

Thank you, operator. And thank you, everyone, for your questions today. In summary, this was a good quarter in the midst of a challenging macroeconomic environment. We believe our fundamentals are strong, and we are very confident about our multiyear growth trajectory. As we said in the prepared remarks, our strategy is working, and we are operating as an IP-driven, high-performing toy company. We look forward to the holiday season and believe we are on track to achieve another growth year for Mattel. Thank you, again, and appreciate your interest in the company. And now I'm going to turn it over back to Dave.

謝謝你，接線員。感謝大家今天提出的問題。總之，在充滿挑戰的宏觀經濟環境中，這是一個不錯的季度。我們相信我們的基本面是強勁的，我們對我們的多年增長軌跡非常有信心。正如我們在準備好的評論中所說，我們的戰略正在奏效，我們正在作為一家 IP 驅動的高性能玩具公司運營。我們期待假期到來，並相信我們有望為美泰實現另一個增長年。再次感謝您，並感謝您對公司的興趣。現在我要把它交還給戴夫。

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

謝謝你，伊農。感謝大家今天加入電話會議。從晚上 8 點 30 分左右開始，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 today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連接。