Mattel Inc (MAT) 2023 Q1 法說會逐字稿

Good afternoon. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mattel, Inc. First Quarter 2023 Earnings Conference Call. (Operator Instructions)

下午好。我叫艾比，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Mattel, Inc. 2023 年第一季度收益電話會議。 （操作員說明）

Thank you. Mr. David Zbojniewicz, Vice President of Investor Relations, you may begin your conference.

謝謝。投資者關係副總裁 David Zbojniewicz 先生，您可以開始您的會議。

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。今天和我一起的有 Mattel 董事長兼首席執行官 Ynon Kreiz； Richard Dickson，Mattel 總裁兼首席運營官；和 Mattel 的首席財務官 Anthony DiSilvestro。

As you know, this afternoon, we reported Mattel's 2023 first 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 supplement our discussion today, we have provided you with a slide presentation.

如您所知，今天下午，我們公佈了美泰 2023 年第一季度的財務業績。今天的電話會議將由 Ynon 和 Anthony 對我們的結果發表評論開始，之後我們將為 Ynon、Richard 和 Anthony 提供一些時間來回答問題。為了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，包括調整後的毛利和調整後的毛利率、調整後的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率、調整後的每股收益、調整後的稅率、息稅折舊攤銷前利潤或 EBITDA、調整後的 EBITDA、自由現金流、自由現金流轉換、槓桿率、淨債務和不變貨幣。

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. For today's presentation, references to POS and consumer demand exclude the impact related to our Russia business, given our decision to pause all shipments into Russia in 2022.

此外，我們還展示了總賬單的變化，這是一項關鍵績效指標。請注意，在我們的演示文稿中，我們可能將總賬單稱為賬單，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固定貨幣表示。對於今天的介紹，鑑於我們決定在 2022 年暫停所有運往俄羅斯的貨物，因此提及 POS 和消費者需求不包括與我們俄羅斯業務相關的影響。

Our 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的幻燈片演示文稿時，可以與今天的電話會議同步查看。 G 條例要求的有關非 GAAP 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找到。

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完成審查以及其他發展，公司在其 10-Q 表中披露的實際結果可能與這些初步結果不同從現在到最終結果披露之間可能會出現。

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.

在我們開始之前，我想提醒您，電話會議期間所做的某些陳述是前瞻性的，包括與我們業務、品牌、類別和產品線的未來表現相關的陳述。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。

We describe some of these uncertainties in the Risk Factors section of our 2022 annual report on Form 10-K, our earnings release and presentation 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.

我們在 2022 年年度報告 10-K 表的風險因素部分、我們的收益發布和演示文稿以及我們不時向美國證券交易委員會提交的其他文件以及其他公開聲明中描述了其中一些不確定性。 Mattel 不會更新前瞻性陳述，並明確表示不承擔任何更新前瞻性陳述的義務，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 first quarter 2023 earnings call. As anticipated, our first quarter results were negatively impacted by elevated retail inventory levels. That said, the underlying business performed well, both in absolute and relative terms, with overall growth in consumer demand for our product and market share gains for Mattel.

感謝您加入我們 2023 年第一季度的財報電話會議。正如預期的那樣，我們第一季度的業績受到零售庫存水平上升的負面影響。也就是說，基礎業務在絕對和相對方面都表現良好，消費者對我們產品的需求總體增長，美泰的市場份額增加。

Looking at key financial metrics for the first quarter as compared to last year. Net sales declined 22% as reported or 21% in constant currency, and adjusted EBITDA declined $166 million to a negative $14 million. Our first quarter decline was primarily due to the negative impact from retailers managing inventory levels, which were elevated entering the year and also due to the comparison to the year-ago quarter, which benefited from retailers building earlier in the season.

與去年相比，查看第一季度的主要財務指標。報告的淨銷售額下降 22%，按固定匯率計算下降 21%，調整後的 EBITDA 下降 1.66 億美元至負 1,400 萬美元。我們第一季度的下滑主要是由於零售商管理庫存水平的負面影響，進入今年以來庫存水平有所上升，而且與去年同期相比，這得益於零售商在本季早些時候的建設。

Excluding Russia for comparability, total company POS was up mid-single digits with double-digit growth in our International segment and flat POS in North America. Per Circana, formerly known as the NPD Group, Mattel gained share globally in our 3 leader categories as well as in action figures and building sets. This broad-based market share gains speak to the strength of our portfolio. We believe retailers will continue to adjust inventories in the second quarter, negatively impacting gross billings and that the situation will be corrected by the end of the first half.

出於可比性考慮，不包括俄羅斯在內，公司 POS 總量增長了中等個位數，我們的國際部門實現了兩位數的增長，而北美的 POS 持平。 Per Circana，前身為 NPD Group，Mattel 在我們的 3 個領先類別以及可動人偶和積木套裝中獲得了全球份額。這種基礎廣泛的市場份額增長說明了我們產品組合的實力。我們認為零售商將在第二季度繼續調整庫存，對總賬單產生負面影響，並且這種情況將在上半年結束時得到糾正。

Reflecting our strong financial position and confidence in our strategy, we resumed share repurchases in the quarter and look to make further repurchases this year. The fundamentals of our business are strong. We expect to outpace the industry, gain market share and achieve our full year guidance.

為反映我們強大的財務狀況和對我們戰略的信心，我們在本季度恢復了股票回購，併計劃在今年進一步回購。我們業務的基礎是強大的。我們希望超越行業，獲得市場份額並實現我們的全年指導。

Looking at gross billings in the quarter. All categories declined as a result of retailers managing elevated inventory levels with the exception of vehicles, which was up. With respect to the Power Brands, Barbie and Fisher-Price declined while Hot Wheels grew. The global rollout of Monster High and the launch of our Disney Princess and Frozen products are both off to a good start. POS significantly outpaced gross billings by double digits in all categories and all power brands.

查看本季度的總賬單。由於零售商管理較高的庫存水平，所有類別的庫存均有所下降，但車輛除外，該庫存有所上升。在 Power Brands 方面，Barbie 和 Fisher-Price 下降，而 Hot Wheels 增長。 Monster High 的全球推出以及我們的 Disney Princess 和 Frozen 產品的推出都是一個良好的開端。在所有類別和所有知名品牌中，POS 都以兩位數的速度顯著超過總賬單。

We have been successfully executing our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering. On the toy side of the company, we recently announced a new and separate licensing agreement for Disney's Wish releasing in November of this year, the relaunch of Barney and our first-ever licensing agreement with Hasbro to create co-branded toys and games, and we launched last weekend a new line of Disney, the Little Mermaid dolls as part of our Disney license agreement ahead of the upcoming theatrical release.

我們一直在成功執行我們的戰略，以發展 Mattel 的 IP 驅動玩具業務並擴展我們的娛樂產品。在公司的玩具方面，我們最近宣布了一項新的單獨許可協議，用於今年 11 月發行的 Disney's Wish，重新推出 Barney 以及我們與孩之寶達成的第一份許可協議，以創建聯名玩具和遊戲，以及上週末，我們推出了新系列的迪士尼小美人魚玩偶，作為即將上映的迪士尼許可協議的一部分。

We also made progress in capturing value for our IP outside the toy aisle and recently announced the Hot Wheels Ultimate Challenge primetime show on NBC and the Barbie Dreamhouse Challenge, a new home makeover competition series on HGTV, both airing this summer, the Hot Wheels Rift Rally mixed reality racing game on PlayStation and iOS and new Monster High live tour, the launch of our own publishing business and a new multiyear apparel and accessories partnership with GAP.

我們還在為我們的 IP 獲取玩具貨架以外的價值方面取得了進展，最近宣布了 NBC 的 Hot Wheels Ultimate Challenge 黃金時段節目和 Barbie Dreamhouse Challenge，HGTV 的一個新的家庭改造競賽系列，都在今年夏天播出，Hot Wheels Rift PlayStation 和 iOS 上的 Rally 混合現實賽車遊戲和新的 Monster High 現場巡演，推出我們自己的出版業務以及與 GAP 的新的多年服裝和配飾合作夥伴關係。

Excitement continues to build for the Barbie movie, one of the most anticipated films of the year, which premiers worldwide on July 21. The second teaser was released earlier this month with significant global coverage. Expect more momentum in social media and marketing activities to accelerate towards the release of the movie.

芭比娃娃的電影繼續令人興奮，它是本年度最受期待的電影之一，將於 7 月 21 日在全球首映。第二部預告片於本月早些時候發布，在全球範圍內引起了廣泛關注。期待社交媒體和營銷活動的更多勢頭，以加速電影的發行。

In closing, while retail inventory management impacted the first quarter results, the underlying business continued to perform well, with overall positive consumer demand for our product and growth in market share. We believe the retail inventory situation will be corrected by the end of the first half and anticipate a return to shipping patterns more aligned with historical trends in the second half.

最後，雖然零售庫存管理影響了第一季度的業績，但基礎業務繼續表現良好，消費者對我們產品的整體需求積極，市場份額增長。我們相信零售庫存情況將在上半年結束前得到糾正，並預計下半年將恢復更符合歷史趨勢的航運模式。

Overall, consumer demand for our product is off to a good start, and we expect to achieve our full year guidance. Our balance sheet is in a strong position and provides the flexibility to support growth. We are well positioned to continue executing our multiyear strategy and create long-term shareholder value.

總體而言，消費者對我們產品的需求開局良好，我們預計將實現全年目標。我們的資產負債表處於有利地位，並提供支持增長的靈活性。我們有能力繼續執行我們的多年戰略並創造長期股東價值。

And now I will turn the call over to Anthony.

現在我將把電話轉給安東尼。

Thanks, Ynon. As Ynon said, our first quarter results were negatively impacted by movements in retail inventory levels. The first quarter's decline was primarily due to the negative impact from retailers managing inventory levels, which were elevated entering the year, and also due to the comparison to the year-ago quarter which benefited from retailers building earlier in the season.

謝謝，伊農。正如 Ynon 所說，我們第一季度的業績受到零售庫存水平變動的負面影響。第一季度的下降主要是由於零售商管理庫存水平的負面影響，進入今年以來庫存水平有所上升，而且與去年同期相比受益於零售商在本季早些時候的建設。

First quarter results were slightly ahead of the outlook we provided in mid-March, driven by the favorable timing of shipments at quarter end. Net sales of $815 million declined 22% or 21% in constant currency compared to the prior year. However, we saw positive POS performance in both absolute and relative terms, which grew mid-single digits in the quarter and significantly outpaced gross billings. Mattel outperformed the industry and gained market share. As a reminder, POS and consumer demand exclude the impact related to our Russia business.

第一季度的業績略高於我們在 3 月中旬提供的展望，這主要是由於季度末出貨的有利時機。與上一年相比，淨銷售額為 8.15 億美元，按固定匯率計算下降 22% 或 21%。然而，我們看到 POS 的絕對和相對錶現都不錯，在本季度增長了中等個位數，並且大大超過了總賬單。 Mattel 的表現優於行業並獲得了市場份額。提醒一下，POS 和消費者需求不包括與我們俄羅斯業務相關的影響。

Adjusted gross margin declined 660 basis points to 40% due to several factors, including inventory management costs and the negative scale impact associated with the sales decline. Adjusted operating income declined by $177 million to a negative $87 million, primarily due to the lower sales and lower adjusted gross margin.

調整後的毛利率下降 660 個基點至 40%，原因包括庫存管理成本和與銷售下降相關的負面規模影響。調整後營業收入下降 1.77 億美元至負 8700 萬美元，主要原因是銷售額下降和調整後毛利率下降。

Adjusted EPS was a negative $0.24 compared to a positive $0.08 a year ago, and adjusted EBITDA declined by $166 million to a negative $14 million. We expect consumer demand to be positive for the full year and revenue comparisons to improve through the year as shipping patterns revert to historical trends in the second half.

調整後每股收益為負 0.24 美元，而一年前為正 0.08 美元，調整後 EBITDA 下降 1.66 億美元至負 1,400 萬美元。我們預計全年消費者需求將是積極的，隨著下半年航運模式恢復到歷史趨勢，全年收入比較將有所改善。

Turning to gross billings in constant currency. Performance across categories was primarily impacted by movements in retailer inventory levels that had an outsized impact on a seasonally small quarter. While gross billings declined 21%, including a negative 3-point impact from Russia, there was overall positive consumer demand for our products as POS increased mid-single digits.

轉向以固定貨幣計算的總賬單。跨類別的業績主要受到零售商庫存水平變動的影響，這對季節性較小的季度產生了巨大影響。雖然總賬單下降了 21%，其中包括來自俄羅斯的 3 個百分點的負面影響，但隨著 POS 以中等個位數增長，消費者對我們產品的總體需求是積極的。

Dolls declined 22%, primarily due to declines in Barbie, partly offset by growth in Monster High and Disney Princess and Frozen. POS for dolls increased low single digits. Barbie POS was down high single digits, but significantly better than shipping, which declined 40%. POS and shipping for Barbie were also impacted by the shift of promotions into Q2 and to better align with the theatrical release of the movie. Mattel gained over 350 basis points of market share in the dolls category in Q1, and Barbie was the #1 doll property globally per Circana.

玩偶下降了 22%，主要是由於芭比娃娃的下降，部分被 Monster High、迪士尼公主和冰雪奇緣的增長所抵消。娃娃的 POS 增加了低個位數。 Barbie POS 下降了高個位數，但明顯好於運輸，後者下降了 40%。芭比娃娃的 POS 和運輸也受到促銷活動轉移到第二季度以及更好地配合電影上映的影響。 Mattel 在第一季度的玩偶類別中獲得了超過 350 個基點的市場份額，根據 Circana，芭比娃娃是全球排名第一的玩偶財產。

Vehicles grew 1% with POS up low double digits. Growth was primarily driven by Hot Wheels die-cast vehicles. Mattel gained over 530 basis points of market share in the vehicles category, achieving the highest Q1 market share on record per Circana. Infant, toddler and preschool declined 26%, while POS was down low double digits. POS declines in baby gear, as we optimize the offering, were partly offset by growth in Little People and Imaginext.

車輛增長 1%，POS 增長低兩位數。增長主要由 Hot Wheels 壓鑄汽車推動。 Mattel 在汽車類別中的市場份額增加了 530 個基點，根據 Circana 的數據，第一季度的市場份額創下歷史新高。嬰幼兒和學齡前兒童下降了 26%，而 POS 下降了兩位數。隨著我們優化產品，嬰兒用品的 POS 下降部分被 Little People 和 Imaginext 的增長所抵消。

Mattel was the #1 toy company globally in the infant, toddler and preschool category and gained 60 basis points of market share in the quarter per Circana. Challenger categories in aggregate declined 38% primarily due to lower sales and action figures as we lap the theatrical tie-ins in the prior year. POS was up low double digits.

Mattel 是全球嬰兒、學步兒童和學齡前兒童類別中排名第一的玩具公司，根據 Circana 的數據，該季度的市場份額增加了 60 個基點。挑戰者類別總計下降了 38%，這主要是由於我們在去年的戲劇搭檔中出現了較低的銷售額和行動數據。 POS 上漲了兩位數。

With respect to regional performance, North America declined 27%, reflecting the retail inventory headwinds. POS was flat compared to last year. Per Circana, Mattel gained market share in North America in Q1. EMEA declined 24%, including a negative 12-point impact from Russia and also reflecting the retail inventory headwinds. POS increased double digits. Latin America grew 1%. POS increased double digits. Per Circana, Mattel gained market share in Latin America in Q1, extending our #1 market position. Asia Pacific increased 17%, driven by growth in all key markets. POS declined mid-single digits, primarily due to China.

就區域表現而言，北美下降了 27%，反映了零售庫存的不利因素。 POS 與去年相比持平。根據 Circana，美泰在第一季度獲得了北美市場份額。歐洲、中東和非洲地區下降了 24%，其中包括來自俄羅斯的 12 點負面影響，也反映了零售庫存的逆風。 POS 增長兩位數。拉丁美洲增長了 1%。 POS 增長兩位數。根據 Circana，美泰在第一季度獲得了拉丁美洲的市場份額，擴大了我們排名第一的市場地位。受所有主要市場增長的推動，亞太地區增長了 17%。 POS 下降了中個位數，這主要是由於中國。

As previously noted, Retail inventory levels at year-end were above the prior year and elevated heading into 2023. This position improved in the first quarter with levels ending slightly below the prior year in both dollars and weeks of supply, while improved quarter end retail inventories remain slightly elevated, which is expected to negatively impact our second quarter gross billings as retailers continue to adjust their position.

如前所述，年末零售庫存水平高於上年，並在進入 2023 年時有所上升。第一季度這一狀況有所改善，美元和供應週數均略低於上年水平，同時季末零售業有所改善庫存仍略有上升，預計這將對我們第二季度的總營業額產生負面影響，因為零售商繼續調整其頭寸。

Adjusted gross margin declined 660 basis points to 40% in the quarter. The decline was due to several factors; inventory management, primarily closed out sales and obsolescence of 420 basis points, cost inflation of 210 basis points, fixed cost absorption of 140 basis points associated with lower volume, and mix and other factors of 140 basis points. These negative factors were partly offset by price increases, primarily the carryover benefit from 2022 actions, which contributed 120 basis points and savings from the Optimizing for Growth program which had a positive impact of 120 basis points.

本季度調整後的毛利率下降 660 個基點至 40%。下降的原因有幾個：庫存管理，主要關閉銷售和過時 420 個基點，成本通脹 210 個基點，固定成本吸收 140 個基點，與較低的數量相關，混合和其他因素 140 個基點。這些負面因素部分被價格上漲所抵消，主要是 2022 年行動的結轉收益，貢獻了 120 個基點，以及優化增長計劃帶來的節省，產生了 120 個基點的積極影響。

Moving down the P&L. Advertising expenses increased 3% to $76 million, supporting POS growth in the quarter. Adjusted SG&A increased 5% to $336 million, primarily due to market-related pay increases, partly offset by savings from the Optimizing for Growth program. Adjusted operating income was a negative $87 million compared to a positive $90 million a year ago. The decline was due to lower sales and lower adjusted gross margin. Adjusted EBITDA declined by $166 million to a negative $14 million, impacted by the same factors.

向下移動損益表。廣告費用增長 3% 至 7600 萬美元，支持了本季度的 POS 增長。調整後的 SG&A 增長 5% 至 3.36 億美元，這主要是由於與市場相關的薪酬增長，部分被優化增長計劃的節省所抵消。調整後營業收入為負 8700 萬美元，而一年前為正 9000 萬美元。下降的原因是銷售額下降和調整後的毛利率下降。受相同因素影響，調整後的 EBITDA 下降 1.66 億美元至負 1,400 萬美元。

Cash from operations was a use of $206 million, reflecting the seasonality of the business compared to a use of $144 million in the prior year. The increase in use of cash was due to lower net earnings, partly offset by reduced working capital requirements. Capital expenditures were $43 million compared to $36 million a year ago, and free cash flow was a use of $249 million compared to a use of $180 million in the first quarter of 2022. On a trailing 12-month basis, we generated $187 million in free cash flow compared to $226 million in the prior year. The decline was primarily due to capital expenditures, which increased $42 million to $193 million.

來自運營的現金使用了 2.06 億美元，反映了業務的季節性，而上一年使用了 1.44 億美元。現金使用量的增加是由於淨收益減少，部分被營運資金需求減少所抵消。資本支出為 4300 萬美元，而一年前為 3600 萬美元，自由現金流為 2.49 億美元，而 2022 年第一季度為 1.8 億美元。在過去 12 個月的基礎上，我們產生了 1.87 億美元自由現金流，而上一年為 2.26 億美元。下降的主要原因是資本支出增加了 4200 萬美元，達到 1.93 億美元。

With positive free cash flow, a strong financial position and confidence in our outlook, we have resumed share repurchases. In the first quarter, we repurchased $34 million of our shares and look to continue repurchases in 2023.

憑藉積極的自由現金流、強大的財務狀況和對我們前景的信心，我們已經恢復了股票回購。第一季度，我們回購了 3400 萬美元的股票，並希望在 2023 年繼續回購。

Taking a look at the balance sheet. We finished the quarter with a cash balance of $462 million compared to $537 million in the prior year. The decline reflects the use of cash to reduce debt and repurchase shares, mostly offset by free cash flow generated over the trailing 12 months. Total debt declined to $2.327 billion from $2.572 billion last year reflecting the repayment of $250 million of debt in the fourth quarter of last year. Accounts receivable declined by $188 million to $674 million in line with the decline in sales. Inventory was $961 million, slightly down from the prior year of $969 million as we have continued to achieve sequential improvements in year-over-year levels.

看看資產負債表。本季度結束時，我們的現金餘額為 4.62 億美元，而去年同期為 5.37 億美元。下降反映了使用現金減少債務和回購股票，大部分被過去 12 個月產生的自由現金流所抵消。總債務從去年的 25.72 億美元下降到 23.27 億美元，反映出去年第四季度償還了 2.5 億美元的債務。應收賬款減少 1.88 億美元至 6.74 億美元，與銷售額下降一致。庫存為 9.61 億美元，略低於上一年的 9.69 億美元，因為我們繼續實現同比水平的連續改善。

Looking ahead, we believe we are well positioned to achieve inventory reductions in 2023, which will contribute to free cash flow generation. Leverage ratio increased to 2.9x at the end of the first quarter compared to 2.4x a year ago. The increase is primarily due to the timing of our quarterly results. We expect to end 2023 with a leverage ratio of approximately 2.5x.

展望未來，我們相信我們有能力在 2023 年實現庫存減少，這將有助於產生自由現金流。第一季度末槓桿率從一年前的 2.4 倍增至 2.9 倍。增長主要是由於我們季度業績的時間安排。我們預計到 2023 年底，槓桿率約為 2.5 倍。

We generated $21 million of savings in the quarter as we continue to execute the Optimizing for Growth program launched in 2021. As previously announced, we raised our program savings goal to $300 million by 2023, and we are confident that we will achieve that target. We expect incremental savings of $96 million in 2023. We now expect total estimated cash expenditures to implement the program to be $155 million to $185 million, a slight increase from our prior estimate.

隨著我們繼續執行 2021 年啟動的“優化增長”計劃，我們在本季度節省了 2100 萬美元。正如之前宣布的那樣，我們將到 2023 年的計劃節省目標提高到 3 億美元，我們有信心實現這一目標。我們預計到 2023 年將節省 9600 萬美元。我們現在預計實施該計劃的現金支出總額預計為 1.55 億美元至 1.85 億美元，比我們之前的估計略有增加。

We are reiterating our full year 2023 guidance, consistent with our February investor presentation. This includes our expectation for net sales to be comparable to last year in constant currency, adjusted EPS in the range of $1.10 to $1.20, adjusted EBITDA of $900 million to $950 million, and for free cash flow to exceed $400 million.

我們重申我們的 2023 年全年指引，與我們 2 月份的投資者介紹一致。這包括我們對按固定匯率計算的淨銷售額與去年相當、調整後每股收益在 1.10 美元至 1.20 美元之間、調整後 EBITDA 為 9 億美元至 9.5 億美元以及自由現金流超過 4 億美元的預期。

In terms of phasing, we expect gross billings in the second quarter to be negatively impacted by retailers continuing to manage their inventory and for shipments in the second half to revert to historical trends. This will result in an accelerated growth rate, particularly in Q4 as we wrap an atypical inventory decline in the prior year.

在分階段方面，我們預計第二季度的總賬單將受到零售商繼續管理庫存的負面影響，並且下半年的出貨量將恢復到歷史趨勢。這將導致增長率加快，特別是在第四季度，因為我們結束了前一年的非典型庫存下降。

We are operating in a challenging macroeconomic environment with higher volatility 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. In closing, we are off to a good start, with overall growth in consumer demand for our product and market share gains, and believe we are well positioned to achieve our full year guidance.

我們在充滿挑戰的宏觀經濟環境中運營，波動性較高，可能會影響消費者需求。該指南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。最後，我們有了一個良好的開端，消費者對我們產品的需求總體增長，市場份額也有所增加，我們相信我們已經做好了實現全年目標的準備。

And now I will turn it over to the operator.

現在我將把它交給接線員。

(Operator Instructions) Your first question comes from the line of Drew Crum from Stifel.

（操作員說明）您的第一個問題來自 Stifel 的 Drew Crum 系列。

So Anthony, I think earlier in the year, you suggested that working through excess of retail inventory would shave 3 to 4 points of growth from sales this year. How is the business tracking to that target? How much of that was recognized or absorbed during 1Q and what remains? And then I have a follow-up.

所以安東尼，我認為在今年早些時候，你建議解決零售庫存過剩問題將使今年的銷售額增長減少 3 到 4 個百分點。業務如何跟踪該目標？其中有多少在第一季度被認可或吸收，剩下的是什麼？然後我有一個後續行動。

Okay. We are generally on track with respect to retail inventory reduction and believe the situation will be corrected by the end of the first half. And just for more context, as we said on our fourth quarter call, retail inventory levels at year-end were above prior year and elevated as we headed into 2023. That position improved in Q1, and we ended Q1 with levels slightly below the prior year. That's both in dollars and weeks of supply, right? But they're still a little bit elevated, and we believe retailers will continue to adjust inventories in the second quarter and that, that situation will be corrected by the end of the first half.

好的。我們總體上在減少零售庫存方面走上正軌，並相信這種情況將在上半年結束時得到糾正。就更多情況而言，正如我們在第四季度電話會議上所說，年底的零售庫存水平高於上年，並且隨著我們進入 2023 年而有所上升。第一季度這一狀況有所改善，我們在第一季度結束時的水平略低於前一年年。這是美元和供應週數，對嗎？但它們仍然有點高，我們相信零售商將在第二季度繼續調整庫存，並且這種情況將在上半年結束時得到糾正。

And then maybe for Ynon, Richard. I know you guys are only 1 quarter in, but can you comment on the allocation of shelf space for your existing legacy doll brands now that you've launched or relaunched rather Monster High and you've added back Disney Princess and Frozen. Are you finding that there's cannibalization or that everything can coexist together?

然後也許是為了伊農，理查德。我知道你們只進入了 1 個季度，但是既然你們已經推出或重新推出 Monster High 而不是 Monster High 並且你已經重新添加了 Disney Princess 和 Frozen，你們能否評論一下現有遺留玩偶品牌的貨架空間分配。您是否發現存在同類相食或一切都可以共存？

Yes, I'll start. First of all, our space allocation, we're generally flat in comparison. But our category management structure allows each one of our brands to have a really unique reason for being. We talked a lot about it in the context of the differentiation on each one of our brands. And the brands themselves within portfolio, particularly in the doll categories, you've mentioned, have held up well. Barbie POS held up very well in a very competitive category, which has seen a significant amount of discounting from competitors.

是的，我會開始。首先，我們的空間分配，相比之下我們總體上是持平的。但我們的品類管理結構讓我們的每個品牌都有真正獨特的存在理由。我們在每個品牌的差異化背景下談了很多。您提到的產品組合中的品牌本身，尤其是玩偶類別中的品牌，表現良好。 Barbie POS 在競爭激烈的類別中表現出色，該類別已從競爭對手那裡獲得大量折扣。

But overall, just to simply answer the question in terms of space, we feel very confident as we move into the back half. And certainly, our doll portfolio is the strongest in the industry and arguably in the history of Mattel. As I've said often, this is the year of the doll.

但總的來說，只是簡單地回答空間方面的問題，我們在進入後半場時感到非常自信。當然，我們的玩偶產品組合是業內最強大的，可以說是 Mattel 歷史上最強大的。正如我常說的，今年是娃娃年。

And Drew, just to add a comment, the flat is on a like-for-like basis, but we did -- we do obviously have more capacity for Monster High and Disney Princess. So there was no cannibalization between these brands and what we already have in the system.

德魯，我想補充一點，公寓是按同等標準計算的，但我們做到了——我們顯然有更多的空間容納 Monster High 和 Disney Princess。因此，這些品牌與我們系統中已有的品牌之間沒有相互蠶食。

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

你的下一個問題來自瑞銀的 Arpine Kocharyan。

This is Arpine. I was wondering if you could share maybe what demand patterns you're seeing globally into April. And I was wondering if your POS is actually adjusted for Easter, the up mid-single digit that you reported because we started to sell a little bit earlier this year versus last year? And then I have a quick follow-up.

這是阿爾平。我想知道您是否可以分享您在 4 月份看到的全球需求模式。我想知道您的 POS 是否真的針對複活節進行了調整，您報告的中個位數上升是因為我們今年開始銷售的時間比去年早了一點？然後我有一個快速跟進。

Arpine, I think the best way to think about POS into April, obviously, we're up in Q1. And when you look at year-to-date, including early April, we are also positive, right? So I think that's the best way to look at it.

Arpine，我認為考慮 POS 進入 4 月的最佳方式，顯然，我們在第一季度就開始了。當你看今年迄今，包括 4 月初，我們也是積極的，對吧？所以我認為這是看待它的最佳方式。

Perfect. That's very helpful. And earlier in the year, I think you had said that net sales cadence could return to that 30%, 35% in the first half and then 65%, 70% in the second half. Is that still the expectation? Does that still hold? If so, that would still imply Q2, down about maybe 18%, 20%. Are you -- am I thinking about it the right way and then the back half up mid-teens or something?

完美的。這很有幫助。今年早些時候，我想你曾說過淨銷售節奏可能會在上半年恢復到 30%、35%，然後在下半年恢復到 65%、70%。這還是期待嗎？這還成立嗎？如果是這樣，那仍然意味著第二季度可能下降 18%、20%。你——我考慮的方式是否正確，然後是十幾歲左右的後半部分？

Yes, very much so. If you look at the decade leading into 2021, on average, we do about 1/3 in the first half and 2/3 in the second half. And the anomaly was really in 2022, where we did 42% in the first half and 58% in the second half. And we're wrapping that, and that's what's causing this first half, second half growth variances.

是的，非常如此。如果你看看 2021 年之前的十年，平均而言，我們在上半年做了大約 1/3，在下半年做了 2/3。異常真的發生在 2022 年，我們上半年做了 42%，下半年做了 58%。我們正在包裝它，這就是導致上半年、下半年增長差異的原因。

Okay. And then I apologize for a third question, but I'm hoping you could shed some light on this because I think there's a lot of sort of opinions out there. Kind of if you could give us some color on consumer product mix at retail for each of your power brands and particularly for Barbie. Obviously, you're making a big push here with the film coming up. How should we think about the economics of that, maybe in terms of participating in consumer products outside of the toy aisle, kind of royalty rate?

好的。然後我對第三個問題表示歉意，但我希望你能對此有所了解，因為我認為那裡有很多不同的意見。如果你能給我們一些關於你的每個強大品牌，特別是芭比娃娃的零售消費產品組合的顏色。很明顯，隨著這部電影的上映，你正在大力推動。我們應該如何考慮它的經濟學，也許在參與玩具過道之外的消費產品方面，那種版稅率？

Anything you could share? I'm sure you can, maybe might not be able to share a royalty rate that you earn on those third-party revenues. But anything you could give to help us think about these opportunities that you'll be announcing. An example was obviously GAP that you just announced recently.

你有什麼可以分享的嗎？我相信你可以，也許不能分享你從這些第三方收入中獲得的特許權使用費率。但是你可以提供任何幫助我們考慮你將宣布的這些機會的任何東西。一個例子顯然是您最近剛剛宣布的 GAP。

First off, 2023, in particular, is going to be a legacy making year, particularly on the Barbie brand. As we have all seen the first-ever live-action film has got an incredible cultural conversation. From there, it's a catalyst to also drive meaningful extensions of the brand outside of the toy aisle, as we've shared. We've accelerated our presence in scripted and unscripted television. We have live experiences now that are taking place all over the world. Mobile gaming has also expanded, digital collectibles and, of course, as you mentioned, consumer product partnerships.

首先，尤其是 2023 年將是創造傳奇的一年，尤其是芭比娃娃品牌。正如我們所見，首部真人電影引發了令人難以置信的文化對話。正如我們分享的那樣，從那裡開始，它也成為推動品牌在玩具貨架之外進行有意義的擴展的催化劑。我們加快了在有劇本和無劇本電視中的表現。現在，我們擁有在世界各地發生的現場體驗。移動遊戲也擴展了數字收藏品，當然，正如你提到的，消費產品合作夥伴關係。

We've shared some of the consumer product partnerships recently, but you're going to be hearing a lot more in the coming weeks around significant and meaningful partnerships outside of the toy aisle. It really is a catalyst for us to extend the investment thesis of unlocking the value of our IP. And movie and content and digital gaming and extensions really give us the opportunity to broaden our reach, drive revenue, monetize the brand as a franchise, and you'll be hearing much more about the impact of that in the future.

我們最近分享了一些消費品合作夥伴關係，但在接下來的幾週內，您將聽到更多關於玩具過道之外的重要且有意義的合作夥伴關係。這確實是我們擴展釋放知識產權價值的投資主題的催化劑。電影和內容以及數字遊戲和擴展確實讓我們有機會擴大我們的影響力，增加收入，將品牌作為特許經營貨幣化，你會在未來聽到更多關於它的影響。

In terms of accretion, these are all margin-accretive opportunities. So CP, all the licensing opportunities that Richard mentioned are all margin accretive.

就增值而言，這些都是利潤增值的機會。所以 CP，理查德提到的所有許可機會都可以增加利潤。

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

您的下一個問題來自 ROTH MKM 的 Eric Handler。

Two questions. First, as we look at the expected cadence for the year, and Anthony, I appreciate what you've given so far, but as you look at the back half, some years 3Q was larger than 4Q, some years 4Q was larger than 3Q. I know we're looking for a big sort of hockey stick growth in the fourth quarter, but directionally which of those quarters do you expect to be bigger?

兩個問題。首先，當我們看一下今年的預期節奏時，Anthony，我很感激你到目前為止所做的一切，但是當你看後半部分時，有些年份第三季度大於第四季度，有些年份第四季度大於第三季度.我知道我們正在尋找第四季度的曲棍球棒式增長，但從方向上看，您預計哪個季度會更大？

I think a couple of points. First, to start with the year ago comps certainly eased as we progress through the year, right, and that's more so for Q4 than Q3. And as we said, we do expect shipments in the second half to revert to historical patterns, that is 2/3 in the back half. And what you'll see is an accelerated growth rate in gross billings, particularly in Q4 as we wrap an atypical seasonal shipping in the prior year, right? And I think it's important to note that, that accelerated growth rate in gross billings is not dependent on accelerated POS growth because even if you assume stable POS, you'll get a double-digit increase in gross billings in Q4 by simply returning to those historical patterns.

我認為有幾點。首先，從一年前開始，隨著我們這一年的進展，肯定會有所緩解，對吧，第四季度比第三季度更是如此。正如我們所說，我們確實預計下半年的出貨量將恢復到歷史模式，即後半年的 2/3。你會看到總賬單的增長率加快，特別是在第四季度，因為我們在前一年結束了非典型的季節性運輸，對吧？而且我認為重要的是要注意，總賬單的加速增長率並不依賴於 POS 的加速增長，因為即使你假設 POS 穩定，你也會在第四季度通過簡單地恢復到那些來獲得兩位數的總賬單增長歷史模式。

Okay. I'll follow-up again to that. But one for Richard. I feel like every quarter, I'm asking about how Hot Wheels remain so strong. When you look at the growth that you've seen in Hot Wheels, is it a function of you've got really good low price items for this retail environment or is it the product extensions that you've had? Is there anything you could sort of point to that, I guess, why Hot Wheels just continues to perform so well?

好的。我會再次跟進。但一個給理查德。我覺得每個季度，我都在問 Hot Wheels 如何保持如此強勁。當您查看 Hot Wheels 的增長時，這是因為您為這個零售環境提供了非常好的低價商品，還是您擁有的產品擴展？我想，您有什麼可以指出的，為什麼 Hot Wheels 繼續表現如此出色？

Well, thanks for the question. There really is kind of an all-encompassing strategy in Hot Wheels that follows the Mattel playbook. Truthfully, it's been driven by innovation, specifically incredible innovation product across the brand, cultural relevance, which continues to be a really important part of the brand's narrative. And we're seeing the results of it. I mean, the growth is primarily driven by die-cast vehicles. We gained over 530 basis points of market share in the vehicles category.

好吧，謝謝你的提問。 Hot Wheels 確實有一種遵循 Mattel 劇本的包羅萬象的策略。說實話，它是由創新驅動的，特別是整個品牌令人難以置信的創新產品，文化相關性，這仍然是品牌敘事中非常重要的一部分。我們正在看到它的結果。我的意思是，增長主要是由壓鑄汽車推動的。我們在車輛類別中獲得了超過 530 個基點的市場份額。

And obviously, that's been led by the power of Hot Wheels. We're in our fifth consecutive biggest year ever heading to our sixth consecutive record year. We also continue to expand the distribution of our core diecast vehicles aggressively, we've been targeting both kids and adult collectors, which is primarily a growth engine within the brand itself. And as I mentioned, innovation is core to the Hot Wheels growth strategy. We've launched 2 specific segments last year in 2022.

顯然，這是由 Hot Wheels 的力量引領的。我們正處於連續第五個最大的年份，並將連續第六個創紀錄的年份。我們還繼續積極擴大核心壓鑄汽車的分銷，我們一直以兒童和成人收藏家為目標，這主要是品牌本身的增長引擎。正如我提到的，創新是 Hot Wheels 增長戰略的核心。我們去年在 2022 年推出了 2 個特定細分市場。

Hot Wheels RC and Hot Wheels Skate both have been successful entries and gaining momentum. We're going to be expanding into even more additional play patterns this fall. So look, all in all, between our demand creation that's very effective innovation that's driving new segmentation and great excitement and cultural relevance. We can't be more excited about the growth ahead for the Hot Wheels brand.

Hot Wheels RC 和 Hot Wheels Skate 都成功參賽並獲得了發展勢頭。今年秋天，我們將擴展到更多的遊戲模式。因此，總而言之，在我們的需求創造之間，這是非常有效的創新，正在推動新的細分和巨大的興奮和文化相關性。我們對 Hot Wheels 品牌未來的發展感到無比興奮。

And Eric, just to remind you that we also have 2 movies in development, 1 for Hot Wheels with J.J. Abrams to produce at Warner Bros and Matchbox with Skydance, the producer of Top Gun and the Mission Impossible series. So expect more in this category, as Richard said, a very exciting space for us.

埃里克，提醒你我們還有 2 部電影正在製作中，其中 1 部是 J.J. 的風火輪。艾布拉姆斯將與《壯志凌雲》和《碟中諜》系列的製作人 Skydance 一起在華納兄弟和火柴盒製作。因此，正如理查德所說，在這一類別中期待更多，這對我們來說是一個非常令人興奮的空間。

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

你的下一個問題來自 BMO Capital Markets 的 Gerrick Johnson。

Anthony, sort of a technical question on the clearing of retail inventories. Where does that hit? I would have thought to sales allowances, but those looked pretty much flattish. So what is it that impacts gross margin to bring it down 420 basis points accounting wise?

安東尼，這是一個關於零售庫存清算的技術問題。那擊中了哪裡？我本想考慮銷售津貼，但那些看起來很平淡。那麼，是什麼影響了毛利率，使其在會計方面下降了 420 個基點？

Sure, Gerrick. I mean, you're right, our Q1 sales adjustments were fairly comparable to the prior year. Where we're seeing the impact on our gross margin is through closeout sales as well as obsolescence, neither of which go through sales adjustment, but obviously impact our gross margin.

當然，格里克。我的意思是，你是對的，我們第一季度的銷售調整與去年相當。我們看到對毛利率的影響是通過清倉銷售和過時，這兩者都沒有經過銷售調整，但顯然會影響我們的毛利率。

Okay. And maybe for Richard or Steve. The POS growth, there's 2 ways to interpret that, either a strength or as an area where you're seeing more closeouts. So I understand we're seeing strength in Hot Wheels. But where are some other areas where that POS is strength and where are some areas where that POS is just clearing a lot of closeouts?

好的。也許是為了理查德或史蒂夫。 POS 的增長有兩種解釋方式，一種是實力，另一種是你看到更多清倉的領域。所以我知道我們看到了 Hot Wheels 的實力。但是，該 POS 有優勢的其他一些區域在哪裡，以及該 POS 剛剛清算大量清倉的某些區域在哪裡？

Overall, consumer demand for our product was positive, both in the first quarter and year-to-date, including early April. The expectation as we move forward is that, that will only accelerate in the context of our products and programs and certainly, as we enter into the second half. As we've said, we're reiterating our full year guidance, and we expect certainly gross billings in the second quarter to continue to be negatively impacted by the retailers continuing their inventory and retail inventory situations. But that will be course corrected by the end of the first half. And with continued POS momentum, we'll start to see some great results in the back half.

總體而言，消費者對我們產品的需求在第一季度和年初至今都是積極的，包括 4 月初。我們前進的期望是，這只會在我們的產品和計劃的背景下加速，當然，隨著我們進入下半年。正如我們所說，我們重申我們的全年指引，我們預計第二季度的總賬單肯定會繼續受到零售商繼續庫存和零售庫存情況的負面影響。但這將在上半場結束時得到糾正。隨著 POS 的持續發展勢頭，我們將開始在後半部分看到一些不錯的結果。

And just to add to Richard's point, when we look at consumer takeaway, we are not seeing, in aggregate, any significant increase in the level of discounting overall. Obviously, that could vary by category. But when we look at fixed dollars or scan dollars, the aggregate change is relatively consistent.

補充一下 Richard 的觀點，當我們查看消費者外賣時，總體而言，我們沒有看到整體折扣水平有任何顯著增加。顯然，這可能因類別而異。但是當我們看固定美元或掃描美元時，總體變化是相對一致的。

Okay. Well, maybe let me add more. In action figures, building sets, games and other, what drove that POS growth?

好的。好吧，也許讓我添加更多。在可動人偶、建築套裝、遊戲和其他方面，是什麼推動了 POS 的增長？

A lot of that was driven by action figures, primarily Jurassic World.

其中很多是由動作人物驅動的，主要是侏羅紀世界。

I was going to say as we sort of look at the challenger categories, in particular, construction with Mega has been led by Pokemon and the extensions that we've driven into that category with Hot Wheels and Barbie continues to gain momentum as well. But Anthony kind of reiterated the action figure comment.

我想說的是，當我們查看挑戰者類別時，特別是 Mega 的構建由口袋妖怪領導，我們通過 Hot Wheels 和芭比娃娃進入該類別的擴展也繼續獲得動力。但安東尼有點重申了可動人偶的評論。

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

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

I was curious why you think the international POS growth was so much higher than in the U.S. And then secondly, sorry if I missed this, but did you say something about shipments being particularly strong towards the end of the quarter? Because I know Anthony, that you said something about revenue decline being even higher than it ended up being like earlier in March at the conference. So was it that the last 2 weeks of March were really strong in terms of shipments.

我很好奇為什麼您認為國際 POS 增長比美國高得多，其次，如果我錯過了這一點，請原諒，但是您是否說過本季度末的出貨量特別強勁？因為我認識安東尼，你說過收入下降幅度甚至比 3 月初在會議上最終下降的幅度還要高。就出貨量而言，三月的最後兩週真的很強勁。

Yes. So I'll start with the second part of the question. Relative to the expectations we provided in March, right, our supply chain performed very well. We were able to fulfill incremental shipments at the end of the quarter. And it's really just a shift between Q1 and Q2. It doesn't impact our full year outlook in terms of sales.

是的。所以我將從問題的第二部分開始。相對於我們在 3 月份提供的預期，對吧，我們的供應鍊錶現非常好。我們能夠在本季度末完成增量發貨。這實際上只是第一季度和第二季度之間的轉變。它不會影響我們全年的銷售前景。

In terms of the other part of your question, when we look across our regions, I think the question is around POS. And EMEA had a strong POS, they were up low double digits. Latin America was also up low double digits, while North America was flat. But I think in terms of North America, it's important to recognize that we actually outpaced the industry and gained share.

關於你問題的另一部分，當我們審視我們的地區時，我認為問題是圍繞 POS 的。歐洲、中東和非洲地區的 POS 表現強勁，增長了兩位數。拉丁美洲也以兩位數的低位增長，而北美則持平。但我認為就北美而言，重要的是要認識到我們實際上超過了行業並獲得了份額。

Your next question comes from the line of Stephen Laszczyk from Goldman Sachs.

你的下一個問題來自高盛的 Stephen Laszczyk。

Maybe for Anthony. Could you remind us maybe to what degree fixed cost absorption is expected to be a headwind this year? And to what degree that could be an opportunity as business patterns normalize, both in the back half of this year and into 2024?

也許是為了安東尼。您能否提醒我們，今年固定成本吸收預計將在多大程度上成為不利因素？隨著業務模式在今年下半年和 2024 年正常化，這在多大程度上可能是一個機會？

Yes. Let me answer that in the context of the full year gross margin outlook. We expect gross margin to improve to 47% compared to 45.9% last year. And the key drivers for that on the positive side, pricing, that's primarily the carryover impact of 2022 actions as well as cost savings. We've increased our target under our Optimizing for Growth program. And those 2 are partly offset, right, by the fixed cost absorption impact associated with lower planned production volumes.

是的。讓我在全年毛利率前景的背景下回答這個問題。我們預計毛利率將從去年的 45.9% 提高至 47%。在積極方面，定價的關鍵驅動因素主要是 2022 年行動的結轉影響以及成本節約。我們在優化增長計劃下提高了目標。而這 2 個部分被與較低計劃產量相關的固定成本吸收影響所抵消。

We are targeting to reduce our owned inventory levels, and that is having a onetime negative impact on gross margin in 2023. So to your point, there should be upside in 2024 on that factor. And also in terms of cost inflation, we now expect cost inflation to be neutral to our full year 2023 guidance. And that's a little better than our original expectation, but that's being offset by higher inventory management costs.

我們的目標是降低自有庫存水平，這對 2023 年的毛利率產生了一次性的負面影響。因此，就您的觀點而言，該因素在 2024 年應該會有上升空間。而且在成本通脹方面，我們現在預計成本通脹對我們 2023 年全年的指導是中性的。這比我們最初的預期要好一點，但這被更高的庫存管理成本所抵消。

Got it. That's helpful. And then just on buybacks. You repurchased $34 million in stock in the first quarter. I was wondering if that quarterly pace is something that investors should expect going forward? Or you see the opportunity to maybe ramp up buybacks as the balance sheet delevers into the back half of the year?

知道了。這很有幫助。然後只是回購。您在第一季度回購了 3400 萬美元的股票。我想知道投資者是否應該期待這種季度增長？或者你看到隨著資產負債表去槓桿化到今年下半年可能會增加回購的機會？

We're very happy to be in the position to resume the share buyback program. That's the first time in 9 years that we bought our own stock. And really it's a reflection of our ability to generate free cash flow, our financial position and confidence in our outlook. In terms of looking ahead, we do expect to make further repurchases in 2023. We haven't given specific guidance. That being said, we have $169 million remaining under our current authorization.

我們很高興能夠恢復股票回購計劃。這是 9 年來我們第一次購買自己的股票。這實際上反映了我們產生自由現金流的能力、我們的財務狀況和對我們前景的信心。展望未來，我們確實預計 2023 年會進一步回購。我們沒有給出具體指引。也就是說，根據我們目前的授權，我們還有 1.69 億美元。

Your next question comes from the line of Jason Haas from Bank of America.

你的下一個問題來自美國銀行的 Jason Haas。

So the first one, just on POS in 1Q, you called out the up mid-single digits. I'm curious, was that in line with your initial plan or did it come in above? And then what are you expecting for POS growth in the remainder of the year?

所以第一個，就在 1Q 的 POS 上，你調出了中間個位數。我很好奇，這是否符合您最初的計劃，或者它是否在上面？那麼您對今年剩餘時間的 POS 增長有何期望？

Starting with the full year in the context of our guidance, we are expecting positive POS performance. In our full year guidance, we had the negative onetime impact related to retail inventory correction, that's 3 to 4 points. So that's in there. I would say we're kind of on track in the first quarter. We outpaced the industry and gained market share, so off to a good start.

從我們指導的全年開始，我們期待積極的 POS 表現。在我們的全年指導中，我們對零售庫存調整產生了 3 到 4 個百分點的負面影響。所以就在那裡。我會說我們在第一季度有點走上正軌。我們超越了行業並獲得了市場份額，因此有了一個良好的開端。

And then on -- Anthony, this one is also for you. For the inventory clearance or inventory management headwind to gross margin, is that expected to continue, so should we see another headwind in 2Q? Or are we past that now?

然後 - 安東尼，這個也適合你。對於庫存清理或庫存管理對毛利率的不利影響，這種情況預計會持續下去，那麼我們是否應該在第二季度看到另一個不利因素？或者我們現在已經過去了？

I think we'll see some headwind, but certainly less than the level we saw in Q1. And just important to note that we're going to wrap in Q4, right, negative costs that we had in 2022. So it should be a good guide of margin when we get to the back half.

我認為我們會看到一些逆風，但肯定低於我們在第一季度看到的水平。重要的是要注意，我們將在第四季度結束，對，我們在 2022 年的負成本。所以當我們進入後半部分時，它應該是一個很好的利潤率指南。

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

你的最後一個問題來自 Wolfe Research 的 Fred Wightman。

I just wanted to come back to Barbie. I mean if we look at the bookings in the quarter, down 40%, they were down 30% last quarter. I think you said POS this quarter was down high single digits. Do you feel like the brand is well positioned to make the most of the upcoming movie launch or not?

我只是想回到芭比娃娃身邊。我的意思是，如果我們看一下本季度的預訂量，下降了 40%，上個季度下降了 30%。我想你說過本季度的 POS 下降了高個位數。您覺得該品牌是否做好了充分利用即將上映的電影的準備？

Look, we are incredibly confident and excited about Barbie's future. We are, obviously, in a current dynamic where we were impacted in the first quarter by elevated retail inventory. We also remind you that the shift of promotional activity has moved into the second quarter, which aligns better with the theatrical release of the movie. In Q2, we are expecting a much better performance compared to Q1, and we're really confident that we're going to continue to gain momentum in the back half and grow in the full year. It's also important to recognize as Barbie is part of our Dolls portfolio, which continues to be a leading portfolio in the industry where we gained 350 basis points of market share in the first quarter.

看，我們對芭比娃娃的未來充滿信心和興奮。顯然，我們處於當前動態，我們在第一季度受到零售庫存增加的影響。我們還提醒您，促銷活動已轉移到第二季度，這與電影的院線上映更加吻合。在第二季度，我們預計與第一季度相比會有更好的表現，我們非常有信心我們將在下半年繼續保持增長勢頭並在全年實現增長。同樣重要的是要認識到芭比娃娃是我們玩偶產品組合的一部分，該產品組合仍然是業內領先的產品組合，我們在第一季度獲得了 350 個基點的市場份額。

We've got extraordinary innovation that's lined up, as always, for the back half. The cultural conversation around Barbie is only highlighting the importance of the brand and the age extension that we have as well, both in our core consumer and young adults as we pursue the collector strategy as well. So there's a lot more energy that you will see behind the Barbie brand certainly as we move into the back half, and we couldn't be more confident and excited about the brand's future.

我們一如既往地為後半部分準備了非凡的創新。圍繞芭比娃娃的文化對話只是強調了品牌的重要性以及我們在核心消費者和年輕人中的年齡延長，因為我們也在追求收藏家戰略。因此，當我們進入後半部分時，您肯定會在芭比娃娃品牌背後看到更多的活力，我們對品牌的未來充滿信心和興奮。

And then just embedded in your POS outlook for the year, are you still expecting the industry to be flat to slightly positive? Or has that changed?

然後就嵌入您今年的 POS 展望中，您是否仍期望該行業持平至略微樂觀？還是已經改變了？

No change in our estimate regarding the industry flat to slightly up. We believe the toy industry is a growth industry. We expect it will continue to grow over time. Industry has shown resilience and consistency -- consistent growth for more than a decade now, including during challenging economic times. We're seeing the industry also having cultural impact with 8 periodic movies in 2023 alone, led by the Barbie movie, but other movies as well. We're seeing toys and play remaining a significant part of life for children and families. And we believe that while there's still some macroeconomic challenges facing consumers, the industry will be flat to slightly up.

我們對行業持平或小幅上漲的估計沒有變化。我們相信玩具行業是一個成長型行業。我們預計它將隨著時間的推移繼續增長。行業表現出了韌性和一致性——十多年來持續增長，包括在充滿挑戰的經濟時期。我們看到該行業也產生了文化影響，僅 2023 年就有 8 部周期性電影，其中以芭比娃娃電影為首，但其他電影也是如此。我們看到玩具和遊戲仍然是兒童和家庭生活的重要組成部分。我們相信，雖然消費者仍然面臨一些宏觀經濟挑戰，但該行業將持平或略有上升。

This concludes our question-and-answer session. Mr. Ynon Kreiz, Chairman and Chief Executive Officer, I turn the call back over to you.

我們的問答環節到此結束。主席兼首席執行官 Ynon Kreiz 先生，我把電話轉給你。

Thank you, operator, and thank you, everyone, for your questions. In summary, while retail inventory management impacted the first quarter's results, the underlying business performed well, and our fundamentals are strong. We expect consumer demand to be positive for the full year that we will outpace the industry, gain market share and achieve our full year guidance.

謝謝接線員，也謝謝大家的提問。總之，雖然零售庫存管理影響了第一季度的業績，但基礎業務表現良好，我們的基本面強勁。我們預計全年消費者需求將是積極的，我們將超越行業，獲得市場份額並實現我們的全年指導。

On a personal note, our call today coincides with my 5th anniversary as CEO of Mattel. I would like to thank the entire global organization for working together during this time to transform Mattel into an IP-driven, high-performing toy company. It continues to be a privilege to work with such a talented team, and I look forward to many opportunities ahead for the company and doing more great things together. Thank you again for joining the call today. And now I'll turn the call back over to Dave.

就個人而言，我們今天的電話會議恰逢我擔任 Mattel 首席執行官 5 週年。我要感謝整個全球組織在這段時間的共同努力，將 Mattel 轉變為一家知識產權驅動的高性能玩具公司。與這樣一個才華橫溢的團隊一起工作仍然是一種榮幸，我期待著公司未來的許多機會，並一起做更多偉大的事情。再次感謝您今天加入電話會議。現在我會把電話轉回給戴夫。

Thank you, Ynon, and congratulations on your 5-year anniversary. Thank you for everyone joining the call today. A 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，Ynon，祝賀你成立 5 週年。感謝大家今天加入電話會議。從晚上 8 點 30 分開始，將通過網絡直播重播此次通話。今天東部時間。可以在公司網站 corporate.mattel.com 投資者部分的活動和演示部分找到網絡廣播鏈接。感謝您參加今天的電話會議。

This concludes today's 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。