Mattel Inc (MAT) 2023 Q2 法說會逐字稿

Good afternoon. My name is Emma, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mattel, Inc. Second Quarter 2023 Earnings Conference Call. (Operator Instructions) David Zbojniewicz, Head of Investor Relations, you may begin your conference.

下午好。我叫艾瑪，今天我將擔任你們的會議操作員。現在，我歡迎大家參加美泰公司 2023 年第二季度收益電話會議。 （操作員指示）投資者關係主管 David Zbojniewicz，您可以開始會議了。

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. As you know, this afternoon, we reported Mattel's 2023 second quarter financial results.

謝謝接線員，大家下午好。今天與我一起出席的還有美泰公司董事長兼首席執行官 Ynon Kreiz； Richard Dickson，美泰公司總裁兼首席運營官；和美泰首席財務官安東尼·迪西爾維斯特羅(Anthony DiSilvestro)。如您所知，今天下午，我們報告了美泰 2023 年第二季度財務業績。

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. 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.

我們將在今天的電話會議中由 Ynon 和 Anthony 對我們的結果進行評論，之後，我們將為 Ynon、Richard 和 Anthony 提供一些時間回答問題。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。我們的討論、幻燈片演示和收益發布可能會參考非公認會計準則財務指標，包括調整後毛利潤和調整後毛利率；調整其他銷售和管理費用；調整後的營業收入或損失以及調整後的營業收入或損失率；調整後每股收益；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；槓桿比率;淨債務;和恆定貨幣。

In addition, we may 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，我們可能會呈現總賬單的變化，這是一項關鍵績效指標。請注意，我們可能會在演示文稿中將總賬單稱為賬單，並且除非另有說明，本次電話會議中引用的總賬單數據將以固定貨幣表示。鑑於我們決定在 2022 年暫停向俄羅斯的所有發貨，在今天的演示中，提及 POS 和消費者需求時排除了與我們的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 財務指標的信息以及有關我們關鍵績效指標的信息均包含在我們的收益發布和幻燈片演示中，這兩份文件也可在我們公司網站的投資者部分中找到。

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業績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核的完成以及其他事態發展，公司在 10-Q 表格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會發生。

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.

在開始之前，我想提醒您，電話會議中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業績相關的陳述。我們對未來所做的任何陳述本質上都是不確定的。這些陳述基於當前可用的信息和假設，並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的預測有所不同。

We describe some of these uncertainties in the Risk Factors section of our 2022 annual report on Form 10-K, our Q1 2023 quarterly report on Form 10-Q, 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. Now I'd like to turn the call over to Ynon.

我們在 10-K 表 2022 年年度報告、10-Q 表 2023 年第一季度季度報告、我們的收益發布和演示以及我們不時向 SEC 提交的其他文件中描述了其中一些不確定性以及其他公開聲明中。美泰不會更新前瞻性陳述，並明確表示不承擔任何更新的義務，除非法律要求。現在我想把電話轉給 Ynon。

Thank you for joining our second quarter 2023 earnings call. Mattel's second quarter financial results were in line with company expectations. But this moment in time will largely be remembered as a key milestone in our company's history, the release of our first-ever theatrical movie to a global audience as part of our strategy to expand our entertainment offering and capture the full value of our IP. We will talk more about the Barbie movie shortly.

感謝您參加我們的 2023 年第二季度財報電話會議。美泰第二季度財務業績符合公司預期。但這一時刻將在很大程度上被銘記為我們公司歷史上的一個重要里程碑，向全球觀眾發行我們的第一部院線電影，作為我們擴大娛樂產品和充分發揮 IP 價值戰略的一部分。我們稍後將詳細討論芭比娃娃電影。

Turning to financials. Sales trends improved significantly from the first quarter but were down versus the prior year. This was primarily due to the continued impact of retailers managing inventory levels and industry softness as well as comparisons to the year ago quarter, which benefited from retailers building inventories earlier in the season. Looking at key financial metrics for the second quarter as compared to last year. Net sales declined 12% as reported or 13% in constant currency.

轉向財務。銷售趨勢較第一季度顯著改善，但較去年同期有所下降。這主要是由於零售商管理庫存水平和行業疲軟以及與去年同期相比的持續影響，這得益於零售商在本季早些時候建立庫存。與去年相比，我們可以看到第二季度的主要財務指標。報告淨銷售額下降 12%，按固定匯率計算下降 13%。

Adjusted EBITDA declined $37 million to $148 million and trailing 12-month free cash flow increased by $214 million to $361 million. POS was down high single digits in the quarter and down low single digits for the first half of the year. POS continued to exceed shipping. Per Circana, in the second quarter and year-to-date, Mattel gained share globally and in our 3 leader categories, Dolls, Vehicles and Infant, Toddler and Preschool.

調整後 EBITDA 下降 3700 萬美元，至 1.48 億美元，過去 12 個月自由現金流增加 2.14 億美元，至 3.61 億美元。 POS 本季度出現高個位數下降，上半年出現低個位數下降。 POS 繼續超過運輸。據 Circana 報導，第二季度和年初至今，美泰在全球以及我們的 3 個領先品類（玩偶、車輛和嬰兒、幼兒和學齡前兒童）中的份額有所增加。

Reflecting our strong financial position and confidence in our strategy, we continued to repurchase shares in the quarter, and we look to make further repurchases this year. Our retailers have made considerable progress in adjusting their inventories of Mattel products and are below prior year levels. While the toy industry declined more than we expected in the second quarter, we believe consumers are deferring purchases in anticipation of increased spending during the holiday season.

為了反映我們強大的財務狀況和對戰略的信心，我們在本季度繼續回購股票，並希望今年進一步回購。我們的零售商在調整美泰產品庫存方面取得了相當大的進展，並且低於去年的水平。儘管玩具行業第二季度的下滑幅度超出了我們的預期，但我們認為消費者正在推遲購買，因為他們預計假期期間的支出會增加。

However, given first half trends, we now expect the industry to decline modestly for the year, but remain significantly above pre-pandemic levels. The fundamentals of our business are strong. We expect to outpace the industry, gain market share and are reiterating our full year guidance. Looking at gross billings in the quarter. Dolls and Vehicles grew while Infant, Toddler and Preschool and our Challenger categories declined.

然而，考慮到上半年的趨勢，我們現在預計該行業今年將小幅下滑，但仍顯著高於大流行前的水平。我們業務的基礎很強大。我們期望超越行業，獲得市場份額，並重申我們的全年指導。查看本季度的總賬單。玩偶和車輛增長，而嬰兒、幼兒和學齡前兒童以及我們的挑戰者類別下降。

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 Disney Princess and Disney Frozen are building momentum. We continue to successfully execute our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering in the second quarter.

就力量品牌而言，芭比娃娃和費雪牌下降了，而風火輪則增長了。 《精靈高中》的全球推出以及《迪士尼公主》和《迪士尼冰雪奇緣》的推出正在形成勢頭。我們將繼續成功執行我們的戰略，以發展美泰知識產權驅動的玩具業務，並在第二季度擴大我們的娛樂產品。

As it relates to our Toy business, we launched a wide range of Barbie movie-related toys and products. Releases to date have sold out across major distribution channels, and we will be expanding the range in the second half. We continue to expand our franchise brands with the launch of new innovative products, including Hot Wheels Racerverse, a new character-driven play system.

由於與我們的玩具業務相關，我們推出了一系列與芭比電影相關的玩具和產品。迄今為止，主要分銷渠道的產品已售罄，我們將在下半年擴大產品範圍。我們繼續通過推出新的創新產品來擴展我們的特許經營品牌，其中包括新的角色驅動遊戲系統 Hot Wheels Racerverse。

We renewed our multi-category licensing partnership with Warner Bros. for their portfolio, including the DC Universe, Batwheels and Harry Potter, among others. As it relates to our entertainment business, the Barbie movie premiered globally last Friday to incredible success and became the largest opening weekend at the box office of 2023.

我們與華納兄弟續簽了多類別許可合作夥伴關係，包括 DC 宇宙、Batwheels 和 Harry Potter 等。由於與我們的娛樂業務相關，芭比娃娃電影於上週五在全球首映，取得了令人難以置信的成功，並成為 2023 年首周末票房最高的電影。

This first production of Mattel Films brought together some of the world's most prolific filmmakers and talent of our generation. The world-class Barbie marketing organization and Mattel's broad expertise in demand creation in strong collaboration with Warner Bros. team promotional engine and global distribution platform have made the movie hard to ignore.

美泰電影公司的第一部作品匯集了世界上最多產的電影製片人和我們這一代的人才。世界一流的芭比營銷組織和美泰在需求創造方面的廣泛專業知識，與華納兄弟團隊推廣引擎和全球發行平台的強有力合作，使這部電影難以被忽視。

The success of the box office during the first weekend combined with positive film reviews and the entire buildup towards its release made it more than a movie. It has become a cultural phenomenon. Exceptional media coverage and product tie-ins, cross-platform amplification from Warner Bros. Discovery cable and streaming services, a global philanthropic campaign and of course, a sellout toy line, significantly broadened the film's reach and fan engagement.

第一個週末的票房成功加上積極的電影評論以及發行前的整個準備工作使其不僅僅是一部電影。它已成為一種文化現象。出色的媒體報導和產品搭配、華納兄弟探索頻道和流媒體服務的跨平台放大、全球慈善活動，當然還有售罄的玩具系列，顯著擴大了電影的影響力和粉絲參與度。

We could not be prouder of the creative vision and execution of Greta Gerwig and are grateful for the partnership with Margot Robbie and LuckyChap Entertainment, Noah Baumbach, David Heyman, and of course, Warner Bros. commitment to the project from the very beginning. This would also not have been possible without the dedication of the Mattel Films and Barbie teams and everyone at Mattel, who have been a part of the Barbie movie.

我們對格蕾塔·葛韋格的創意願景和執行力感到無比自豪，並感謝與瑪格特·羅比、LuckyChap Entertainment、諾亞·鮑姆巴赫、大衛·海曼的合作，當然還有華納兄弟從一開始就對該項目的承諾。如果沒有美泰電影和芭比團隊以及參與芭比電影的美泰每個人的奉獻，這也是不可能的。

This is a milestone moment for Mattel in a showcase for the cultural resonance of our IP, our ability to attract and collaborate with top creative talent and the capabilities of our franchise management organization. This also speaks to the potential of Mattel Films and the significant progress of our strategy to capture the full value of our IP.

對於美泰來說，這是一個里程碑式的時刻，展示了我們知識產權的文化共鳴、我們吸引頂尖創意人才並與之合作的能力以及我們特許經營管理組織的能力。這也說明了美泰電影的潛力以及我們在充分發揮知識產權價值的戰略方面取得的重大進展。

We'll continue to make good progress in capturing value of our IP outside the toy aisle in other areas as well. As part of the Barbie movie, Mattel partnered with Warner Bros. and Warner Music Group to release the Barbie music album produced by Marc Ronson. The album features a stellar lineup of some of the most celebrated music artists in the world, including Dua Lipa, Nicki Minaj and Ice Spice, Billie Eilish, Lizzo, Sam Smith and other major global talent.

我們將繼續在玩具領域之外的其他領域獲取我們的知識產權價值方面取得良好進展。作為芭比電影的一部分，美泰與華納兄弟和華納音樂集團合作發行了由馬克·朗森製作的芭比音樂專輯。這張專輯匯集了一些世界上最著名的音樂藝術家的明星陣容，包括 Dua Lipa、Nicki Minaj 和 Ice Spice、Billie Eilish、Lizzo、Sam Smith 和其他主要的全球人才。

Mattel also entered into over 165 consumer product partnerships tied to the Barbie movie with cross-category displays in thousands of stores globally. In television, the Barbie Dream House Challenge, a home makeover competition series hosted by Ashley Graham, premiered July 16 on HGTV to great success.

美泰還建立了超過 165 個與芭比電影相關的消費品合作夥伴關係，並在全球數千家商店進行跨品類展示。在電視方面，由阿什利·格雷厄姆 (Ashley Graham) 主持的家居改造競賽系列節目《芭比夢想屋挑戰》於 7 月 16 日在 HGTV 首播，取得了巨大成功。

The episode ranked as a top 5 cable premiere among women and adults 25 to 54 years old. The Hot Wheels Ultimate Challenge prime time show which premiered on NBC and Peacock on May 30, has performed well and ranks as a top NBC alternative series to launch on Peacock. In digital gaming, Hot Wheels Unleashed 2: Turbocharged, the upcoming sequel to the successful digital game for console and PC was announced.

該集在 25 至 54 歲的女性和成年人中名列前 5 名。 《風火輪終極挑戰》黃金時段節目於 5 月 30 日在 NBC 和 Peacock 上首播，表現出色，成為 NBC 在 Peacock 上推出的頂級另類劇集。在數字遊戲領域，《Hot Wheels Unleashed 2: Turbocharged》宣布推出，這是這款成功的遊戲機和 PC 數字遊戲的續作。

The game will launch this fall. And in live events, Mattel announced the Monster High live tour also coming this fall in partnership with the Family Entertainment Live. As we announced today, Richard Dickson, President and Chief Operating Officer, will step down from his position with the company effective August 3, 2023.

該遊戲將於今年秋季推出。在現場活動中，美泰宣布今年秋季還將與 Family Entertainment Live 合作舉辦 Monster High 現場巡演。正如我們今天宣布的那樣，總裁兼首席運營官 Richard Dickson 將於 2023 年 8 月 3 日辭去公司職務。

I would like to thank Richard for his tremendous contributions to the company and congratulate him on his opportunity to become CEO of Gap Inc. Richard has led the growth of some of the world's most iconic and purpose-driven brands. I'm personally grateful for the friendship, the partnership and for his work in developing and growing the best brand and franchise team in the business today. We wish Richard great success in his new role.

我要感謝理查德對公司做出的巨大貢獻，並祝賀他有機會成為 Gap Inc. 的首席執行官。理查德領導了一些世界上最具標誌性和目標驅動的品牌的發展。我個人對這段友誼、合作夥伴關係以及他在發展和發展當今業界最好的品牌和特許經營團隊方面所做的工作表示感謝。我們祝愿理查德在他的新角色中取得巨大成功。

The company has promoted Lisa McKnight to Executive Vice President and Chief Brand Officer, overseeing all of Mattel's Toy categories and global brands as well as design and development. Josh Silverman has been promoted to Executive Vice President and Chief Franchise Officer. His role has expanded to include leadership of digital gaming and license entertainment, in addition to his responsibilities overseeing global consumer products, publishing, promotions and location-based entertainment businesses as well as franchise strategy and management for Mattel.

該公司已晉升麗莎·麥克奈特 (Lisa McKnight) 為執行副總裁兼首席品牌官，負責監督美泰所有玩具類別和全球品牌以及設計和開發。喬什·西爾弗曼 (Josh Silverman) 已晉升為執行副總裁兼首席特許經營官。除了負責監督全球消費品、出版、促銷和基於位置的娛樂業務以及美泰的特許經營戰略和管理之外，他的職責還包括領導數字遊戲和授權娛樂。

Lisa and Josh will report to me. The company has also promoted Chris Down to Executive Vice President and Chief Design Officer, reporting to Lisa. Lisa has held senior leadership positions at Mattel for nearly 25 years and has been the Global Head of Barbie since 2016 and Dolls since 2019. In this role, she has led the charge in repositioning and scaling the Barbie brand and driven significant portfolio expansion with complementary brands.

麗莎和喬什將向我匯報。該公司還晉升 Chris Down 為執行副總裁兼首席設計官，向 Lisa 匯報。 Lisa 在 Mattel 擔任高級領導職位近 25 年，自 2016 年起擔任芭比全球負責人，自 2019 年起擔任娃娃全球負責人。在這一職位上，她領導了芭比品牌的重新定位和規模化，並通過互補推動了產品組合的重大擴展。品牌。

She has also led the successful relaunch of Monster High and played a key role in winning back the licensing rights to Disney Princess and Disney Frozen franchises. Josh Silverman joined Mattel in 2022 as Global Head of Consumer Products and Chief Franchise Officer, following 20 years in leadership roles with The Walt Disney Company and Marvel. Since joining Mattel, he has expanded the company's consumer products, location-based entertainment and publishing businesses.

她還領導了《精靈高中》的成功重新推出，並在贏回迪士尼公主和迪士尼冰雪奇緣特許經營權方面發揮了關鍵作用。喬什·西爾弗曼 (Josh Silverman) 在華特迪士尼公司和漫威公司擔任領導職務 20 年後，於 2022 年加入美泰，擔任消費品全球主管兼首席特許經營官。自加入美泰以來，他擴大了公司的消費品、基於位置的娛樂和出版業務。

Most notably, Josh oversaw the execution of more than 165 consumer products partnerships and retail tie-ins related to the Barbie movie. Our strong and talented leadership team and the entire brand management organization are in an excellent position to continue to execute our strategy to grow our IP-driven Toy business and expand our entertainment offering.

最值得注意的是，喬什監督了超過 165 個與芭比電影相關的消費品合作夥伴關係和零售搭售的執行。我們強大而才華橫溢的領導團隊和整個品牌管理組織處於有利地位，可以繼續執行我們的戰略，發展我們的知識產權驅動的玩具業務並擴大我們的娛樂產品。

In closing, our second quarter financial results were in line with expectations. But it was much more than that in terms of advancing our entertainment strategy. Following the incredibly successful Barbie movie release, we look forward to continue capitalizing on the many exciting opportunities to capture the full value of our iconic brands outside the toy aisle.

最後，我們第二季度的財務業績符合預期。但就推進我們的娛樂戰略而言，這遠不止於此。繼《芭比娃娃》電影大獲成功之後，我們期待繼續利用許多激動人心的機會，充分發揮我們標誌性品牌在玩具領域之外的價值。

We expect to achieve our full year guidance to outpace the industry and gain market share. We are well positioned to continue executing our multi-year strategy and create long-term shareholder value. And now I will turn the call over to Anthony.

我們預計將實現全年指引，超越行業並獲得市場份額。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。現在我將把電話轉給安東尼。

Thanks, Ynon. While comparisons improved from the first quarter, our second quarter financial results were negatively impacted as retailers continued to manage inventory levels compared to the buildup in the prior year. And while we gained share, we saw some overall industry softness.

謝謝，伊農。雖然與第一季度相比有所改善，但我們第二季度的財務業績受到了負面影響，因為與上一年相比，零售商繼續管理庫存水平。雖然我們獲得了市場份額，但我們看到了整個行業的疲軟。

Net sales of $1.087 billion declined 12% or 13% in constant currency, compared to the prior year. Adjusted gross margin of 44.9% was comparable to the prior year and a significant improvement from the first quarter comparison to the prior year. Adjusted operating income was $75 million, a decline of $47 million compared to the prior year due primarily to lower sales.

淨銷售額為 10.87 億美元，與上年相比下降 12% 或按固定匯率計算 13%。調整後毛利率為 44.9%，與上年持平，第一季度較上年有顯著改善。調整後營業收入為 7500 萬美元，比上年減少 4700 萬美元，主要是由於銷售額下降。

Adjusted EPS was $0.10 compared to $0.18 a year ago. And adjusted EBITDA of $148 million was $37 million below the prior year. We continue to expect consumer demand for Mattel product will be positive for the full year and revenue comparisons to improve in the second half as shipping patterns revert to historical trends. Given our first half performance and outlook for the balance of the year, we are reiterating our guidance, including for net sales growth in constant currency, adjusted EPS and adjusted EBITDA.

調整後每股收益為 0.10 美元，去年同期為 0.18 美元。調整後 EBITDA 為 1.48 億美元，比上年減少 3700 萬美元。我們繼續預計，全年消費者對美泰產品的需求將呈積極趨勢，隨著運輸模式恢復到歷史趨勢，下半年收入比較將有所改善。鑑於我們上半年的業績和今年餘下的前景，我們重申我們的指導，包括按固定匯率計算的淨銷售額增長、調整後每股收益和調整後息稅折舊攤銷前利潤。

Turning to gross billings in constant currency, first, by category. Overall, gross billings declined 12%, including a 2-point negative impact from Russia. Our POS in the quarter, which excludes Russia, declined by high single digits. That said, we continued to significantly outpace the industry and gain market share globally.

轉向按固定匯率計算的總賬單，首先按類別劃分。總體而言，總賬單下降了 12%，其中包括來自俄羅斯的 2 個百分點的負面影響。我們本季度的銷售收入（不包括俄羅斯）下降了高個位數。也就是說，我們繼續顯著超越行業並在全球範圍內獲得市場份額。

Dolls grew 9%, driven by Disney Princess and Disney Frozen and the global rollout of Monster High, partly offset by Barbie. POS for Dolls declined mid-single digits, reflecting overall declines in the category. Barbie declined 7% with POS down low double digits.

受迪士尼公主和迪士尼冰雪奇緣以及《精靈高中》全球推出的推動，玩偶增長了 9%，但部分被芭比娃娃抵消了。玩偶的 POS 下降了中個位數，反映出該類別的整體下滑。芭比娃娃下跌 7%，其中 POS 下跌兩位數。

Barbie POS continued to be impacted by the shift of promotions to better align with the theatrical release of the movie. With the success of the Barbie movie and our robust marketing plans for the second half, we have seen improving trends with Barbie's month-to-date POS in July turning positive.

芭比 POS 繼續受到促銷活動轉變的影響，以更好地配合電影的影院上映。隨著芭比電影的成功以及下半年我們強有力的營銷計劃，我們看到了芭比 7 月至今 POS 轉正的趨勢。

Mattel outperformed the industry and gained over 400 basis points of market share in the Dolls category year-to-date. And Barbie was the #1 Doll property globally, per Circana. Vehicles continued its strong performance, growing 10%, in line with POS. Growth was primarily driven by Hot Wheels die-cast vehicles, which continue to perform well.

今年迄今為止，美泰的表現優於行業，在玩偶類別中的市場份額獲得了超過 400 個基點。據 Circana 報導，芭比娃娃是全球排名第一的娃娃產品。車輛繼續保持強勁表現，增長 10%，與 POS 一致。增長主要由風火輪壓鑄車輛推動，該車輛繼續表現良好。

Year-to-date, Mattel gained over 450 basis points of market share in the Vehicles category, achieving the highest first half share on record, per Circana. Infant, Toddler and Preschool declined 29%, reflecting the impact of retailer inventory movements and overall category weakness. POS was down low double digits, less than gross billings, primarily due to BabyGear as we continue to realign the business to more profitable segments.

據 Circana 報導，今年迄今為止，美泰在車輛類別中的市場份額增加了 450 個基點，實現了有記錄以來最高的上半年份額。嬰兒、幼兒和學齡前兒童下降了 29%，反映了零售商庫存變動和整體品類疲軟的影響。 POS 下降了低兩位數，低於總賬單，這主要是由於 BabyGear，因為我們繼續將業務調整到利潤更高的領域。

Mattel outperformed the category, gained 60 basis points of market share year-to-date and was the #1 toy company globally in the Infant, Toddler and Preschool category, per Circana. Challenger categories, in aggregate, declined 40% due primarily to lower sales and Action Figures as we lap the theatrical tie-ins in the prior year. POS declined low double digits, but ahead of gross billings.

根據 Circana 的數據，美泰的表現優於同類產品，今年迄今的市場份額增加了 60 個基點，是嬰幼兒和學齡前兒童類別中全球排名第一的玩具公司。挑戰者類別總體下降了 40%，這主要是由於銷售額和可動人偶的下降，因為我們忽略了上一年的戲劇搭配。 POS 下降兩位數，但領先於總賬單。

Regional performance was impacted by retail inventory headwinds in various markets as well as some industry softness in key regions. North America gross billings declined 18%, POS declined low double digits. For the first half, per Circana, Mattel gained market share in North America. EMEA declined 8%, reflecting a negative 8 percentage point impact from Russia.

區域業績受到各個市場零售庫存逆風以及關鍵地區行業疲軟的影響。北美總賬單下降 18%，POS 下降兩位數。據 Circana 報導，上半年，美泰在北美的市場份額有所增加。歐洲、中東和非洲地區下降 8%，反映了俄羅斯 8 個百分點的負面影響。

POS, excluding Russia, increased high single digits. Latin America grew 3% with POS comparable to the prior year. Per Circana, Mattel gained market share in Latin America year-to-date, extending our #1 market position. Asia Pacific increased 7% driven primarily by growth in China and India. POS declined low single digits.

POS（不包括俄羅斯）增長了高個位數。拉丁美洲的 POS 增長了 3%，與上年持平。據 Circana 報導，今年迄今為止，美泰在拉丁美洲的市場份額有所增加，擴大了我們第一大市場的地位。亞太地區增長 7%，主要受到中國和印度增長的推動。 POS 下降了低個位數。

As previously discussed, retailer inventory levels were elevated heading into 2023. The position improved in the first quarter and has improved further this quarter. At the end of the second quarter, retailer inventory levels in dollars are below prior year levels by a double-digit percentage, with weeks of supply declining high single digits. At this point, we believe the retail inventory correction is mostly behind us.

如前所述，進入 2023 年，零售商庫存水平有所上升。這一狀況在第一季度有所改善，本季度進一步改善。第二季度末，以美元計算的零售商庫存水平比去年同期水平低了兩位數百分比，而連續幾週的供應量下降幅度高達個位數。目前，我們認為零售庫存調整已基本過去。

Adjusted gross margin of 44.9% in the quarter was comparable to the prior year. There were several puts and takes to this performance. On the positive side, price increases, primarily the carryover benefit from 2022 actions, contributed 170 basis points. Savings from the Optimizing for Growth program had a positive impact of 150 basis points, and foreign exchange had a positive benefit of 90 basis points.

該季度調整後毛利率為 44.9%，與去年同期相當。這次表演有好幾個地方。從積極的一面來看，價格上漲（主要是 2022 年行動的結轉收益）貢獻了 170 個基點。優化增長計劃帶來的節省產生了 150 個基點的積極影響，外匯帶來了 90 個基點的積極影響。

These positive factors were offset by cost inflation, while continuing to moderate, had a 140 basis point impact; fixed cost absorption of 100 basis points associated with lower volumes; inventory management costs, primarily closeout sales and obsolescence of 90 basis points; and mix and other factors of 80 basis points.

這些積極因素被成本通脹所抵消，雖然繼續溫和，但產生了 140 個基點的影響；與銷量下降相關的 100 個基點的固定成本吸收；庫存管理成本，主要是清倉銷售和90個基點的報廢；以及混合等因素80個基點。

Moving down the P&L. Advertising expenses of $90 million were comparable to the prior year and up 100 basis points as a percentage of net sales. Looking ahead, we are planning for increased advertising spend in the second half. Adjusted SG&A declined 6% to $324 million, primarily driven by our cost management efforts and savings from our Optimizing for Growth program.

損益表向下移動。廣告費用為 9000 萬美元，與上年持平，占淨銷售額的百分比上升了 100 個基點。展望未來，我們計劃在下半年增加廣告支出。調整後的 SG&A 下降 6% 至 3.24 億美元，這主要是由於我們的成本管理工作以及增長優化計劃帶來的節省。

Adjusted operating income was $75 million compared to $121 million a year ago. The $47 million decline was due to lower sales partly offset by lower adjusted SG&A. Adjusted EBITDA declined by $37 million to $148 million, impacted by the same factors.

調整後營業收入為 7500 萬美元，而一年前為 1.21 億美元。下降 4700 萬美元的原因是銷售額下降，但部分被調整後的 SG&A 下降所抵消。受同樣因素的影響，調整後 EBITDA 下降 3700 萬美元，至 1.48 億美元。

On a year-to-date basis, cash from operations, reflecting seasonality of the business was a use of $326 million compared to a use of $425 million in the prior year. The $99 million improvement was primarily driven by improved working capital performance, primarily inventories, partly offset by lower net income.

年初至今，反映業務季節性的運營現金使用量為 3.26 億美元，而上一年的使用量為 4.25 億美元。 9900 萬美元的增長主要是由於營運資本績效（主要是庫存）的改善所推動的，但部分被淨利潤下降所抵消。

Capital expenditures were $73 million compared to $79 million a year ago, and free cash flow was a use of $399 million compared to $503 million in the prior year. On a trailing 12-month basis, we generated $361 million in free cash flow compared to $147 million in the prior year, an increase of $214 million. The increase was primarily driven by cash from operations, benefiting from improved working capital performance, partly offset by higher capital expenditures supporting recent capacity additions.

資本支出為 7,300 萬美元，而去年同期為 7,900 萬美元；自由現金流使用量為 3.99 億美元，而去年同期為 5.03 億美元。在過去 12 個月的基礎上，我們產生了 3.61 億美元的自由現金流，與上一年的 1.47 億美元相比，增加了 2.14 億美元。這一增長主要是由運營現金推動的，受益於營運資本績效的改善，但部分被支持近期產能增加的資本支出增加所抵消。

We have utilized a portion of our free cash flow to repurchase shares. In the first half, we repurchased $50 million of our shares and look to continue repurchases in the second half. Taking a look at the balance sheet. We finished the quarter with a cash balance of $300 million compared to $275 million in the prior year. The increase reflects the free cash flow generated over the trailing 12 months, mostly offset by the use of cash to reduce debt and repurchase shares.

我們已利用部分自由現金流來回購股票。上半年，我們回購了 5000 萬美元的股票，併計劃在下半年繼續回購。看一下資產負債表。本季度末，我們的現金餘額為 3 億美元，而上一年為 2.75 億美元。這一增長反映了過去 12 個月產生的自由現金流，其中大部分被使用現金減少債務和回購股票所抵消。

Total debt declined to $2.328 billion from $2.576 billion last year, reflecting the repayment of $250 million of debt in the fourth quarter last year. Accounts receivable declined by $98 million to $891 million, broadly in line with the decline in sales. We continue to make good progress in reducing owned inventories. Inventory was $972 million compared to $1.178 billion in the prior year, a reduction of $206 million.

債務總額從去年的25.76億美元下降至23.28億美元，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 9800 萬美元，至 8.91 億美元，與銷售額的下降大致一致。我們在減少自有庫存方面繼續取得良好進展。庫存為 9.72 億美元，較上年的 11.78 億美元減少 2.06 億美元。

Looking ahead, we are well positioned to achieve our targeted inventory reductions in 2023, which will contribute to free cash flow generation. Our leverage ratio increased to 3.1x at the end of the second quarter compared to 2.3x 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，我們有能力在 2023 年實現庫存削減目標，這將有助於產生自由現金流。我們的槓桿率在第二季度末增至 3.1 倍，而一年前為 2.3 倍。這一增長主要是由於我們公佈季度業績的時間。我們預計到 2023 年底槓桿率約為 2.5 倍。

We generated $24 million of savings in the quarter as we continue to execute the Optimizing for Growth program launched in 2021. We remain on track to achieve our program savings goal of $300 million by 2023.

隨著我們繼續執行 2021 年啟動的增長優化計劃，我們在本季度節省了 2400 萬美元。我們仍有望在 2023 年實現 3 億美元的計劃節省目標。

Total estimated cash expenditures to implement the program are expected to be $155 million to $185 million. We are reiterating our full year 2023 guidance consistent with our first quarter earnings call. 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.

實施該計劃的預計現金支出總額預計為 1.55 億至 1.85 億美元。我們重申 2023 年全年指引，與第一季度財報電話會議一致。這包括我們預計淨銷售額按固定匯率計算與去年相當，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，自由現金流超過 4 億美元。

We continue to expect growth in the Dolls and Vehicles categories, offset by declines in Infant, Toddler and Preschool and in our Challenger categories in aggregate. For our Power Brands, we expect Barbie and Hot Wheels to grow and for Fisher-Price to decline. At current spot rates, we expect foreign exchange translation will have a positive impact of approximately 2 percentage points on 2023 net sales.

我們繼續預計玩偶和車輛類別的增長，但被嬰兒、幼兒和學齡前兒童以及挑戰者類別的總體下降所抵消。對於我們的實力品牌，我們預計芭比娃娃和風火輪將增長，而費雪牌將下降。按照目前的即期匯率，我們預計外匯折算將對 2023 年淨銷售額產生約 2 個百分點的積極影響。

In terms of phasing and with the retailer inventory correction mostly behind us, we expect gross billings to return to historical trends with 2/3 of annual shipments in the second half. This will result in an accelerated growth rate, particularly in Q4, as we wrap an atypical retailer inventory decline in the prior year. We are operating in a challenging macroeconomic environment with higher volatility that may impact consumer demand.

就分階段而言，隨著零售商庫存調整已基本過去，我們預計下半年總銷售額將恢復到歷史趨勢，佔年度發貨量的 2/3。這將導致增長率加快，特別是在第四季度，因為我們結束了去年非典型的零售商庫存下降。我們正處於充滿挑戰的宏觀經濟環境中，波動性較高，可能會影響消費者需求。

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, Mattel's second quarter performance and first half was in line with expectations, and we believe we are well positioned to achieve our full year guidance. The balance sheet is strong, and business fundamentals are sound.

該指引考慮了公司目前所了解的情況，但仍會受到進一步的市場波動、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，美泰第二季度和上半年的業績符合預期，我們相信我們有能力實現全年指引。資產負債表強勁，業務基本面良好。

Retailer inventories are well positioned, and we look forward to meeting consumer demand for our products as we enter the second half of the year and the all-important holiday season. And now I will turn it over to the operator.

零售商庫存狀況良好，我們期待在進入下半年和最重要的假日季節時滿足消費者對我們產品的需求。現在我將把它交給接線員。

(Operator Instructions). Your first question today comes from the line of Eric Handler with ROTH.

（操作員說明）。您今天的第一個問題來自埃里克·漢德勒 (Eric Handler) 與羅斯 (ROTH) 的對話。

So in looking at Barbie and trying to sort of figure out the growth trajectory for this year, I wondered if you could talk about maybe give us some directional expectations and how much of the growth is from the toy aisle, how much is increased licensing and then maybe give us a hint on movie economics?

因此，在研究芭比娃娃並試圖弄清楚今年的增長軌跡時，我想知道您是否可以談談也許給我們一些方向性預期，以及增長有多少來自玩具渠道，增加了多少許可和那麼也許可以給我們一些關於電影經濟學的提示？

I'll start, it's Richard. Clearly on the Barbie front, we are incredibly pleased with the Barbie brand performance. I mean the success of the Barbie movie is a milestone moment for Mattel, and it really is a showcase for the cultural resonance of the brand. As we've seen, the success is far beyond the film. We've seen POS impacted on our toy business, on our consumer product partner business, which has really begun to accelerate meaningfully.

我先開始了，我是理查德。顯然，在芭比娃娃方面，我們對芭比娃娃的品牌表現非常滿意。我的意思是，芭比電影的成功對於美泰來說是一個里程碑時刻，它確實展示了該品牌的文化共鳴。正如我們所看到的，成功遠遠超出了電影的範圍。我們已經看到 POS 對我們的玩具業務和消費品合作夥伴業務產生了影響，這些業務確實已經開始顯著加速。

We all see the world is playing with Barbie, whether it's our toys, fashion, accessories or content. I mean there's no doubt that the brand has reached a new level of cultural relevance. Tie-ins to date have been extraordinary with a movie soundtrack, television shows. We've announced over 165 different consumer product partnerships and live experiences.

我們都看到世界正在玩芭比，無論是我們的玩具、時尚、配飾還是內容。我的意思是，毫無疑問，該品牌的文化相關性已經達到了一個新的水平。迄今為止，電影配樂和電視節目的搭配都非常出色。我們已經宣布了超過 165 個不同的消費產品合作夥伴關係和現場體驗。

So all in all, it has been just a tremendous moment for the brand. And our guidance includes expectations for significant growth for Barbie in the second half and to be positive for the full year, certainly with the halo effect of the movie and its economics benefiting Mattel over the next several quarters and years. And ultimately, we've never been more confident in Barbie and our Dolls portfolio's future in both the back half and certainly years and beyond.

總而言之，這對於該品牌來說是一個偉大的時刻。我們的指導包括對芭比娃娃下半年顯著增長和全年積極增長的預期，當然這部電影的光環效應及其經濟效益將在未來幾個季度和幾年內使美泰受益。最終，我們對芭比娃娃和我們的娃娃產品組合在下半年、當然是幾年及以後的未來充滿信心。

Okay. Great. And by the way, Richard, congratulations well deserved, and good luck to you.

好的。偉大的。順便說一句，理查德，你當之無愧的祝賀，祝你好運。

Thank you.

謝謝。

Ynon, maybe you could talk a little bit about the big picture for what's next for the movie business. Does the success of Barbie make it easier to get other films that have been in the pipeline maybe greenlit and starting to move forward with -- I don't know -- I have no idea how far along scripts are or where they are in the process. But maybe you could talk a little bit about how to think about that, strike issues notwithstanding.

Ynon，也許你可以談談電影業下一步的大局。 《芭比娃娃》的成功是否會讓其他正在醞釀中的電影更容易獲得批准並開始推進——我不知道——我不知道劇本進展了多遠，也不知道它們在哪裡過程。但也許你可以談談如何思考這個問題，儘管存在問題。

Yes. So let's start by saying that from the beginning, this was not just about making a movie. This was about creating a cultural event and leverage our brands in a way that we've never done before. What we saw in this movie with this project and the way the Barbie movie was released and received in the marketplace, it was really a showcase for the cultural resonance of our brands, the way we work, attract and collaborate with top talent and our marketing and demand creation capabilities to create what effectively became a cultural phenomenon.

是的。首先，我們要說的是，從一開始，這不僅僅是為了製作一部電影。這是為了創造一場文化活動，並以我們以前從未做過的方式利用我們的品牌。我們在這部電影中看到的這個項目以及芭比娃娃電影在市場上的發行和接受方式，它確實展示了我們品牌的文化共鳴、我們的工作方式、吸引頂尖人才和與頂尖人才合作以及我們的營銷方式並要求創造能力來創造有效地成為一種文化現象的東西。

So this is not just about releasing a movie, but really executing our strategy at the highest level. You've been following us for a while. This has been the strategy. This is what we were aiming to achieve. And it's great to see it playing out in that way in real time. We're not saying that every new movie will achieve the same level of success, but we absolutely plan to execute the same strategy, the same approach, the same methodology in collaborating with top talent in inspiring, in amplifying and trusting and promoting top talent and then bringing our marketing machine and demand creative capabilities to create special, iconic moments in culture.

因此，這不僅僅是發行一部電影，而是真正以最高水平執行我們的戰略。您關注我們有一段時間了。這就是我們的策略。這就是我們想要實現的目標。很高興看到它以這種方式實時進行。我們並不是說每部新電影都會取得同樣程度的成功，但我們絕對計劃執行相同的策略、相同的方法、相同的方法論，與頂尖人才合作，激勵、放大、信任和提拔頂尖人才然後利用我們的營銷機器和需求創意能力來創造特殊的、標誌性的文化時刻。

And yes, there is momentum right now overall, not just for Barbie, the brand, but for other brands. And of course, even on Barbie, this is not just about one movie. The goal was to create -- to build the film franchise and continue to extend the brand in more ways, and success breeds success. We believe we're in a very good place and hope to achieve more with Barbie and other brands.

是的，目前整體勢頭強勁，不僅是芭比娃娃這個品牌，其他品牌也是如此。當然，即使是關於芭比娃娃，這也不僅僅是一部電影。我們的目標是打造電影系列並繼續以更多方式擴展品牌，成功孕育成功。我們相信我們處於一個非常好的位置，並希望與芭比和其他品牌一起取得更多成就。

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

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

Yes. So I'm just curious, in terms of this year needing to have -- the retailers needing to reduce inventory, did that affect the original plans for how big of a product line for Barbie related to the movie that you actually shipped into retail? I mean was that affected by the macro situation or not versus original plan?

是的。所以我很好奇，就今年而言，零售商需要減少庫存，這是否影響了最初的計劃，即與電影相關的芭比娃娃產品線的規模，您實際運送到零售店？我的意思是，與原計劃相比，是否受到宏觀形勢的影響？

No. Linda, there are really 2 independent issues. In our original and our current guidance, we're anticipating a macro retail inventory impact of 3 to 4 percentage points. That continues to be our expectation. The movie toy line is kind of separate from that, and it's going very well.

不，琳達，確實有兩個獨立的問題。在我們最初和當前的指導中，我們預計宏觀零售庫存將受到 3 到 4 個百分點的影響。這仍然是我們的期望。電影玩具系列與此有點不同，而且進展順利。

Okay. And then -- can I just ask about -- it seems when you gave the shipment and the POS data for the outside the U.S., Latin America and Asia, it seemed like the shipment growth exceeded the POS growth. So I'm just curious, was that the retailers actually build -- rebuilding inventory? Or should we be concerned because the POS wasn't stronger in those markets?

好的。然後，我可以問一下，當您提供美國以外、拉丁美洲和亞洲的發貨量和 POS 數據時，發貨量增長似乎超過了 POS 增長。所以我很好奇，零售商真的在重建庫存嗎？或者我們應該擔心 POS 在這些市場上並不強大？

We feel good about the performance internationally. And I think in both Latin America and Asia Pacific, they didn't start with the retailer inventory situation that the other markets did. So we didn't expect to see that divergence, right, that we're seeing more in North America and EMEA where most that inventory correction actually has occurred. And sitting here at the end of Q2, we believe that the inventory correction is now mostly behind us, right? And this will bode well as we get into the second half with the expectation that will go back to those historical trends of 2/3 of gross billings happening in the second half, and that will certainly support an accelerated growth rate for us in H2.

我們對國際上的表現感到滿意。我認為在拉丁美洲和亞太地區，他們並沒有像其他市場那樣從零售商庫存情況開始。因此，我們沒想到會看到這種差異，對吧，我們在北美和歐洲、中東和非洲看到了更多的差異，而這些地方的庫存調整實際上已經發生了。在第二季度末，我們相信庫存調整現在已經基本過去了，對嗎？當我們進入下半年時，這將是一個好兆頭，預計下半年將回到總賬單 2/3 的歷史趨勢，這肯定會支持我們下半年的加速增長。

Okay. And if I could just sneak in one more. So in terms of the Barbie movie, I think you said that in a couple of quarters or something, if the box office was really big, you would share in the economics and we might actually see it affect your earnings in a positive way. So I guess why -- given the success of the box office, why would that not be something that could make you raise your guidance for the year? Is it just not material enough?

好的。如果我能再偷偷溜進去一次就好了。就芭比電影而言，我想你說過，在幾個季度之內，如果票房真的很大，你會分享經濟，我們實際上可能會看到它對你的收入產生積極的影響。所以我想為什麼——鑑於票房的成功，為什麼這不能讓你提高今年的指導呢？難道只是物質不夠嗎？

Yes. So in terms of the guidance, and as Ynon stated, the second quarter results were in line with company expectations. We are reiterating our guidance for net sales in constant currency to be comparable to 2022. And as I mentioned, this includes the retail inventory headwind of 3 to 4 points. And if you break down our guidance, it implies significant growth in the second half, including for Barbie, which we expect to be positive for the full year.

是的。因此，就指導而言，正如 Ynon 所說，第二季度業績符合公司預期。我們重申以固定匯率計算的淨銷售額與 2022 年相當的指引。正如我所提到的，這包括 3 至 4 個點的零售庫存逆風。如果你打破我們的指導，這意味著下半年將出現顯著增長，包括芭比娃娃，我們預計全年將出現積極增長。

That said, in the context of our overall portfolio, some industry softness we saw in Q2. And given it's still early in the year, we've got 2/3 of our sales still to go, we are maintaining our guidance. That said, we're off to a good start in Q3. Q3 quarter-to-date POS for the total company is now positive as well as for Barbie, and we continue to outpace the industry and to gain market share.

也就是說，在我們整體投資組合的背景下，我們在第二季度看到了一些行業疲軟。鑑於現在還處於今年年初，我們還有 2/3 的銷售額尚未完成，我們將維持我們的指導。也就是說，我們在第三季度有了一個良好的開端。第三季度至今，整個公司以及芭比娃娃的銷售點都是積極的，我們繼續超越行業並獲得市場份額。

Okay. And let me slip in a congratulations to Richard. Good luck.

好的。請允許我向理查德表示祝賀。祝你好運。

Thank you, Linda, very much.

非常感謝你，琳達。

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

您的下一個問題來自高盛的斯蒂芬·拉斯奇克 (Stephen Laszczyk)。

First on Barbie, Ynon. I was wondering if the success of the Barbie movie this past month has changed the way you look at capital allocation at all. Are there opportunities that you think make more sense today, perhaps committing more capital towards future media productions or acquiring other forms of IP that you think make more sense today than they may have a few months ago?

首先是芭比娃娃，Ynon。我想知道上個月芭比娃娃電影的成功是否改變了您對資本配置的看法。您認為今天是否存在更有意義的機會，也許為未來的媒體製作投入更多資金或收購您認為今天比幾個月前更有意義的其他形式的知識產權？

Okay. At this point, we're still absorbing and amplifying the initial rollout of the movie. It's early to comment on further plans. We're not changing strategy in the near term, but as we continue to strengthen our balance sheet and drive more cash and see a significant increase in cash flow, we continue to look for ways to invest in organic growth, always in the interest of our shareholders. So whatever we do will be the most prudent and impactful way, risk-adjusted strategy to amplify return for our shareholders.

好的。目前，我們仍在吸收和放大電影的最初推出。現在評論進一步的計劃還為時過早。我們短期內不會改變策略，但隨著我們繼續加強資產負債表並推動更多現金並看到現金流量顯著增加，我們將繼續尋找投資有機增長的方法，始終符合我們的股東。因此，無論我們做什麼，都將是最謹慎、最有影響力的風險調整策略，以擴大股東的回報。

Got it. And then maybe one for Anthony. You called out overall industry softness in your prepared remarks. I was hoping you can maybe unpack that a little bit more for us. What areas of the retail market are you seeing the most softness in? Looking ahead, I'm curious if there's anything you're hearing specifically from your retail partners that gives you confidence in achieving your top line guidance for the year? Any commentary around that would be helpful.

知道了。然後也許是安東尼的一個。您在準備好的講話中指出了整個行業的疲軟狀態。我希望你能為我們解開更多的謎題。您認為零售市場的哪些領域最為疲軟？展望未來，我很好奇您從零售合作夥伴那裡聽到的具體信息是否讓您有信心實現今年的營收指引？任何對此的評論都會有所幫助。

Yes. So as we've said, we are seeing some industry softness. We believe that consumers are deferring some of their current purchases and intend to spend more in the second half and the holiday season. And that's why we're calling for a positive holiday season with the inventory correction now behind us, we're working closely with our retailers to meet the demand, the anticipated demand for our product in the second half. So we think we're in a very good position and look forward to the holiday season.

是的。正如我們所說，我們看到了一些行業的疲軟。我們認為，消費者正在推遲當前的一些購買，並打算在下半年和假日季節增加支出。這就是為什麼我們呼籲一個積極的假期季節，庫存調整現在已經過去，我們正在與零售商密切合作，以滿足下半年對我們產品的預期需求。因此，我們認為我們處於非常有利的位置，並期待假期的到來。

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

您的下一個問題來自美國銀行的賈森·哈斯 (Jason Haas)。

It sounds like there's an incremental to -- I think you called out a 2 percentage point benefit from FX. So I guess my question is, why not raise the EPS guidance on the back of that? Is there anything that's incremental that's going to pressure EPS that wasn't contemplated in the guidance before?

聽起來好像有一個增量——我認為您提到了外匯帶來的 2 個百分點的好處。所以我想我的問題是，為什麼不在此基礎上提高每股收益指引呢？是否有任何增量因素會給每股收益帶來壓力，而之前的指導意見中沒有考慮到這些因素？

Sure. Look, inside of our gross margin, there are always kind of puts and takes. We had already anticipated some uplift from foreign exchange. Now we're quantifying it for you that based on current exchange rate, it's a 2-point positive to the top line, but there are other puts and takes. And at this point, we are reiterating the guidance, which is 47% on the year.

當然。看，在我們的毛利率中，總是存在某種看跌和拿走的情況。我們已經預計外匯會出現一些上漲。現在我們為您量化，根據當前匯率，它比頂線有 2 個正值，但還有其他看跌期權和看跌期權。此時，我們重申這一指導意見，即今年的 47%。

And given our first half, that does imply significant gross margin in the second half, which will come from a number of factors, continued savings on our optimizing for growth program, the benefit of the top line. We're wrapping some onetime inventory management costs in Q4 of last year, and those all kind of factored in. So we feel good about where we are in the second half.

考慮到我們的上半年，這確實意味著下半年的毛利率將很高，這將來自於許多因素，我們優化增長計劃的持續節省，以及收入的好處。我們將去年第四季度的一些一次性庫存管理成本考慮在內。因此，我們對下半年的狀況感到滿意。

That's great. Are you able to give any color on what the cadence of revenue should look like between 3Q and 4Q? Will those also follow a normal seasonality?

那太棒了。您能否說明第三季度和第四季度之間的收入節奏應該是什麼樣子？這些也會遵循正常的季節性嗎？

Yes. I think you'll see more of an acceleration in Q4 as we wrap the atypical inventory decline that happened in the fourth quarter of last year.

是的。我認為，當我們結束去年第四季度發生的非典型庫存下降時，您會在第四季度看到更多的加速。

Great. And if I could squeeze one more in. Just on the Barbie movie, it sounds like things are off to a really good start. There's always this big question around this movie just because it's geared towards an older audience. The question was around how well the toy sales would do alongside it? So I know it's early, but is your initial -- the initial read that you are seeing those incremental toy sales alongside the movie? And then how about from the retailers? Are they seeing the success of the movie at the box office? And are they increasing their orders for Barbie at this point?

偉大的。如果我能再擠一個進去的話。就芭比娃娃電影而言，聽起來事情有了一個非常好的開始。這部電影總是存在一個大問題，因為它是針對老年觀眾的。問題是玩具銷售的表現如何？所以我知道現在還為時過早，但是您最初的讀到的信息是您在電影的同時看到玩具銷量的增量嗎？那麼從零售商那裡呢？他們看到了這部電影在票房上的成功嗎？他們現在會增加芭比娃娃的訂單嗎？

The initial take-up in movie-related product has been selling out very fast. We've said that before. In terms of the actual toy brands and over 165 retail partnerships that we've had, so we've seen very strong success of that. We haven't commented yet on Barbie classic toys, which is what is factored into our full year guidance.

電影相關產品的最初銷售很快就賣完了。我們之前已經說過了。就實際的玩具品牌和超過 165 個零售合作夥伴而言，我們已經看到了非常巨大的成功。我們尚未對芭比經典玩具發表評論，這是我們全年指導中考慮的因素。

But all in all, the -- we're clearly seeing a halo effect of the movie. But important to say that the -- this is not just about the quarter or about the year, this is about long-term franchise management. And we absolutely expect to see continued momentum with the brand on the back of such a strong initial release. And what is interesting to note is that with this move, we're seeing a real expansion in fan base, more male audience that go to the theaters.

但總而言之，我們清楚地看到了這部電影的光環效應。但重要的是，這不僅僅是關於季度或年度，而是關於長期特許經營管理。我們絕對希望看到該品牌在如此強勁的首次發布後繼續保持強勁勢頭。有趣的是，通過這一舉措，我們看到粉絲群真正擴大，更多的男性觀眾走進影院。

We're seeing very strong performance internationally. This is important to say because there was some commentary before the movie release that people thought it would be more successful domestically in the U.S., but we're actually seeing -- in spite of -- on top of the success in the U.S., we're seeing a very strong performance internationally, and this is before Japan even release, which will happen in August. So within the movie store, there are some very important indications about the strength of the brand, the take-up and the continued expansion of the fan base and audience overall.

我們在國際上看到了非常強勁的表現。說這一點很重要，因為在電影上映之前有一些評論說人們認為這部電影在美國國內會更成功，但我們實際上看到——儘管如此——除了在美國取得成功之外，我們我們在國際上看到了非常強勁的表現，而且這甚至是在八月份在日本上映之前。因此，在電影商店內，有一些非常重要的跡象表明品牌的實力、接受度以及粉絲群和觀眾的整體持續擴大。

That's great to hear. Congratulations on the success you've been having.

聽到這個消息我很高興。祝賀您所取得的成功。

Thank you.

謝謝。

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

你的下一個問題來自瑞銀集團的 Arpine Kocharyan。

This is Arpine. This is probably a question for Ynon. You are approaching peak production period, I believe, right around August. What goes into that thinking in terms of upside and downside to your plans? Buyers seem to be very cautious on inventory. At the same time, they are, in some cases, running below target in stock levels, at least in toys, yet not taking inventory.

這是阿爾派恩。這可能是Ynon的問題。我相信，就在八月份左右，你們正接近生產高峰期。從你的計劃的好處和壞處來看，這種想法有何影響？買家似乎對庫存非常謹慎。與此同時，在某些情況下，他們的庫存水平低於目標（至少在玩具方面），但卻沒有盤點庫存。

Do you see a risk that some of that cautious outlook that the retailer maintains sort of has the potential to be reflected in their purchase orders? How do you think about that?

您認為零售商所保持的謹慎態度是否有可能反映在他們的採購訂單中？您對此有何看法？

Thanks, Arpine. We continue to work collaboratively with our retail partners. This is what we do every year. This is what we do as we head towards the production season and all important holiday period. We continue to monitor the market. We receive input and data points from retailers all over the world, from our own people on the ground in every major market and look to continue to adjust and reflect that in how we map our plans going forward.

謝謝，阿爾平。我們繼續與零售合作夥伴合作。這就是我們每年都會做的事情。這就是我們在生產季節和所有重要假期期間所做的事情。我們持續關注市場。我們從世界各地的零售商、每個主要市場的當地員工那裡收到輸入和數據點，並希望繼續調整併反映在我們制定未來計劃的方式中。

The -- overall, the fundamentals are strong. The portfolio is very well balanced. We're seeing strength in -- not just in Barbie, but we talked about Hot Wheels a lot. Hot Wheels is on track to achieve its 6 record year. We have some important incremental drivers that we haven't had in past years, including Disney Princess and Frozen, Disney's Wish, Trolls.

總體而言，基本面強勁。該投資組合非常平衡。我們不僅在芭比身上看到了力量，而且我們還經常談論風火輪。 Hot Wheels 有望創下第六個創紀錄的年份。我們有一些過去幾年沒有的重要增量驅動因素，包括《迪士尼公主》和《冰雪奇緣》、《迪士尼願望》、《魔發精靈》。

Monster High is rolling out globally. We've talked a lot about the Barbie movie. And that in itself will have its own potential momentum -- expected momentum. And of course, the continued strength across the portfolio. So we're not done. We look to continue to drive the business going forward. We just announced another partnership with Warner Bros. to grow our third-party licensing business as well. So we expect to continue to outpace the industry, gain market share and achieve our full year guidance.

Monster High 正在全球推出。我們已經談論了很多關於芭比娃娃電影的事情。這本身就有其潛在的動力——預期的動力。當然，整個投資組合的持續走強。所以我們還沒有完成。我們希望繼續推動業務向前發展。我們剛剛宣布與華納兄弟建立另一項合作夥伴關係，以發展我們的第三方許可業務。因此，我們預計將繼續超越行業，獲得市場份額並實現我們的全年指導。

Thank you, Ynon. That is very helpful. And then would you be able to size, call it, meaningful consumer product partnerships be for your profitability over time? I think you said more than 160 partnerships for Barbie franchise alone. How should we think about the opportunity over time because, obviously, that can be a very high-margin business for you?

謝謝你，伊農。這非常有幫助。然後，隨著時間的推移，您是否能夠調整有意義的消費產品合作夥伴關係，以實現您的盈利能力？我想你說的是芭比娃娃特許經營權就有 160 多個合作夥伴。隨著時間的推移，我們應該如何看待這個機會，因為顯然這對您來說可能是一項利潤率非常高的業務？

Right. You said it right. It's a very high-margin business. We continue to look at the Barbie movie as a template. We think of it as a template in terms of our ability to execute such comprehensive program of consumer product partnerships. And what is interesting in one of the takeaways of the success of the Barbie movie is our ability to execute our demand creation expertise outside the toy aisle.

正確的。你說得對。這是一項利潤非常高的業務。我們繼續以芭比娃娃電影為模板。我們將其視為我們執行此類全面的消費產品合作計劃的能力的模板。芭比電影成功的一個有趣之處在於我們有能力在玩具領域之外執行我們的需求創造專業知識。

As a company, our focus to date has been doing that within the toy side of the business. And now we were able to take -- bring that expertise into amplifying the movie and turning it into a cultural event. Of course, it starts with having a great movie, reflecting the creative vision and masterful execution of a great picture by Greta Gerwig, having superstar cast with Margot Robbie and Ryan Gosling, having an amazing sound track that is now becoming an album and an experience in and of itself produced by Mark Ronson.

作為一家公司，我們迄今為止的重點一直是在玩具業務方面做到這一點。現在我們能夠利用這些專業知識來放大電影並將其轉變為文化活動。當然，一切都始於一部出色的電影，體現了格蕾塔·葛韋格 (Greta Gerwig) 對一部偉大影片的創造性視野和精湛的執行力，擁有瑪格特·羅比 (Margot Robbie) 和瑞恩·高斯林 (Ryan Gosling) 等超級巨星演員陣容，擁有令人驚嘆的配樂，現已成為一張專輯和一種體驗其本身由馬克·羅森製作。

But -- and of course, Warner Bros. in terms of their incredible marketing campaign and everything they brought to the table. But it is also very much about our expertise in amplifying all of that and turning it into a cultural event and continuing to drive business, important business outside of our core toy expertise.

但是——當然，還有華納兄弟令人難以置信的營銷活動和他們帶來的一切。但這也很大程度上取決於我們的專業知識，即放大所有這些並將其轉變為文化活動，並繼續推動業務，這是我們核心玩具專業知識之外的重要業務。

Great. And just really quickly for Fisher-Price. What are some of the underlying reasons the brand is still under so much pressure? How much of that decline is sort of clean up to shift to more profitable SKUs and get out of, for example, BabyGear, if you can quantify that quickly?

偉大的。對於費雪來說，速度真的很快。該品牌仍面臨如此大壓力的根本原因是什麼？如果你能快速量化的話，有多少下降是為了轉向利潤更高的 SKU 並退出 BabyGear 等產品而得到的？

Arpine, it's Richard. First off, Mattel outperformed the category. We gained 60 points -- basis points of market share year-to-date. We are the #1 toy company globally in the category of Infant, Toddler and Preschool. We did decline in the second quarter, but it really reflects the impact of retailer inventory movements and the overall category weakness, we continue to expect trends to improve as we progress through '23.

阿平，我是理查德。首先，美泰的表現優於同類產品。今年迄今為止，我們的市場份額增長了 60 個基點。我們是嬰幼兒和學齡前兒童類別中全球排名第一的玩具公司。我們在第二季度確實有所下降，但這確實反映了零售商庫存變動和整體類別疲軟的影響，我們繼續預計隨著 23 年的進展，趨勢將會改善。

We're supporting it by Imaginext, expanding its core audience with the release of Trolls later this year, which we're really excited about. We've got continued expansion of Little People that's gaining more and more momentum with our core brands, Barbie and Hot Wheels, which have extended into that property. We've got new strong innovation that is planned for the back half with great demand creation to support the brand.

我們通過 Imaginext 為其提供支持，並通過今年晚些時候發布的《魔發精靈》擴大了其核心受眾，對此我們感到非常興奮。我們的“小人物”業務不斷擴張，我們的核心品牌芭比和風火輪也獲得了越來越大的動力，這些品牌已擴展到該領域。我們計劃在下半年推出新的強大創新，創造大量需求來支持該品牌。

So there's a lot in the pipeline for Fisher-Price. Of course, we believe in the brand, its position in the market. The opportunity to grow. We'll continue to optimize the category that we're in, both in revenue and most importantly, profitability to extend our leadership position.

因此，費雪公司還有很多計劃要做。當然，我們相信這個品牌，相信它在市場中的地位。成長的機會。我們將繼續優化我們所處的類別，包括收入和最重要的盈利能力，以擴大我們的領導地位。

Congratulations on Barbie's success. And all the best to you, Richard.

恭喜芭比獲得成功。祝你一切順利，理查德。

Thank you, Arpine.

謝謝你，阿爾平。

Thank you.

謝謝。

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 ask about the inventory correction time line. It seems like that got pushed out a little bit versus what you guys were expecting last quarter. So wondering what if anything changed? And then just how we should rationalize that with the gross margin impact that we saw? I mean, it was a pretty big sequential change in terms of what you called out that was tied to inventory closeouts. So how does that all work?

我只是想問一下庫存修正時間線。與你們上個季度的預期相比，這似乎有點被推遲了。所以想知道如果有什麼改變怎麼辦？那麼我們應該如何根據我們看到的毛利率影響來合理化這一點呢？我的意思是，就您所說的與庫存清倉相關的內容而言，這是一個相當大的連續變化。那麼這一切是如何運作的呢？

Sure. I would say the retail inventory situation is unfolding as we expected, right? We made some progress in Q1. We made further progress in Q2. We ended the quarter with retail inventory levels down double-digit percent in dollars and a high single-digit percent as measured in weeks of supply. And we certainly had less inventory management costs in Q2 than we did in Q1.

當然。我想說零售庫存情況正在如我們預期的那樣展開，對吧？我們在第一季度取得了一些進展。我們在第二季度取得了進一步的進展。本季度結束時，零售庫存水平以美元計算下降了兩位數百分比，而以供應週數計算則下降了個位數百分比。我們第二季度的庫存管理成本當然比第一季度要少。

So as we sit here today, we would say that the correction is mostly behind us. And what that means looking ahead, as gross billings are expected to return normal patterns with 2/3 in the second half, we should see an accelerated growth rate, particularly in Q4 as we wrap last year's movement.

因此，當我們今天坐在這裡時，我們會說調整已基本過去。展望未來，隨著總賬單預計將在下半年恢復 2/3 的正常模式，我們應該會看到增長率加快，特別是在第四季度，因為我們結束了去年的走勢。

Okay. And then there was a comment about some of the POS impact in 2Q as far as consumer shifting spending to the holiday. What exactly has been informing that view? Is it tied to survey work? Or what are you sort of basing that on?

好的。然後有評論談到第二季度 POS 的一些影響，即消費者將支出轉移到假期。到底是什麼告訴我們這種觀點呢？它與調查工作有關嗎？或者說你這樣做的依據是什麼？

Yes, it's based on our own internal research that we do every year in terms of talking to consumers and trying to understand how they're thinking, why they're making purchases or not making purchases. But I would also say -- I would also add to that. I think the economic data also supports what we're expecting in terms of -- consumer spending is expected to increase in the second half. Unemployment remains low. Inflation seems to be subsiding and consumer sentiment seems to be on the ride if you look at a number of indices as well.

是的，它基於我們自己的內部研究，我們每年都會與消費者交談並試圖了解他們的想法，他們為什麼購買或不購買。但我還要說——我還要補充一點。我認為經濟數據也支持了我們的預期——下半年消費者支出預計將增加。失業率仍然很低。如果你同時觀察一些指數，通貨膨脹似乎正在消退，消費者信心似乎也在上升。

Makes sense. All the best, Richard.

說得通。祝一切順利，理查德。

Thank you so much.

太感謝了。

Your last question today comes from the line of Drew Crum with Stifel.

今天你的最後一個問題來自 Drew Crum 和 Stifel 的對話。

Richard, best of luck, and congrats. My first question is how does the current Hollywood labor disputes impact your business this year? Or is this something that if it lingers as more of a headwind in 2024?

理查德，祝你好運，恭喜你。我的第一個問題是，當前的好萊塢勞資糾紛對你們今年的業務有何影響？或者說，如果這種情況在 2024 年仍然存在，那麼它會成為更多的逆風嗎？

We -- it is delaying some projects that are in development, but we've made significant progress before the strike, and we expect to continue to make progress after the strike. We're watching the space, and we'll manage accordingly.

我們正在推遲一些正在開發的項目，但我們在罷工前已經取得了重大進展，並且我們預計在罷工後將繼續取得進展。我們正在觀察這個空間，我們將進行相應的管理。

Okay. And then, Ynon, I think you responded to a question concerning the entertainment strategy in light of the success you've had with Barbie to date. I wanted to drill down maybe a little bit further on that. Maybe it's a little bit premature to be asking this, but given the film hasn't been in release for more than a week, what are your thoughts around what's next for Barbie theatrically. Do you intend to sequel a film? Do you -- can you do spin-offs? Can you improve your participation or economics on the next project? What's next for Barbie?

好的。然後，伊農，我認為您根據迄今為止芭比娃娃所取得的成功回答了有關娛樂策略的問題。我想對此進行更深入的研究。也許現在問這個問題有點為時過早，但考慮到這部電影還沒有上映一個多星期，你對芭比娃娃下一步的上映有何想法。你打算拍續集嗎？你能做衍生劇嗎？您能提高下一個項目的參與度或經濟效益嗎？芭比的下一步是什麼？

We haven't announced anything, and it's probably a bit early to talk about sequels. But obviously, with the success of the film with a phenomenal release less than a week already at well north of $400 million of box office and very strong momentum. And as I mentioned, repeat viewing and broad demographics, very strong global performance, that would invite more opportunities.

我們還沒有宣布任何消息，現在談論續集可能還為時過早。但顯然，隨著影片上映不到一周的巨大成功，票房已經遠遠超過 4 億美元，勢頭非常強勁。正如我提到的，重複觀看和廣泛的人口統計，非常強勁的全球表現，將帶來更多機會。

We operate in an industry where everyone is looking for this moment for these brands, for these cultural events. And they don't -- they happen, but they don't happen often. So we're very proud to be the owners of such an important, iconic brand. We should remember that Barbie has been already successful before the movie, very -- the #1 brand for 2 years in a row, globally.

我們所在的行業中，每個人都在為這些品牌、這些文化活動尋找這一刻。但它們並沒有——它們發生了，但並不經常發生。因此，我們非常自豪能夠成為如此重要的標誌性品牌的所有者。我們應該記住，芭比在電影上映之前就已經取得了成功，連續兩年成為全球第一品牌。

And last year was #2 only behind Pokemon, but continuing to show strength on very strong footing. So we expect the brand to continue to grow. We expect to have more opportunities in content. And this is not just film, but also television and other areas where we continue to engage people who are -- have an emotional connection with the brand. And on this, I just want to make the point that the biggest shift in our strategy and in our DNA was to realize that people who buy our product are not just consumers, they are fans.

去年排名第二，僅落後於《口袋妖怪》，但繼續以非常強勁的基礎展現實力。因此，我們預計該品牌將繼續增長。我們期望在內容方面有更多的機會。這不僅是電影，還包括電視和其他領域，我們繼續吸引與品牌有情感聯繫的人們。對此，我只想指出，我們的戰略和 DNA 中最大的轉變是意識到購買我們產品的人不僅僅是消費者，他們還是粉絲。

And once you have an audience, the more opportunities open up to engage with your fans in many ways and continue to create value from that engagement. So expect more. Too early to talk about sequel specifically, but we absolutely believe there are more opportunities to continue to extend the Barbie brand.

一旦你有了觀眾，你就有更多機會以多種方式與粉絲互動，並繼續從這種互動中創造價值。所以期待更多。現在具體談論續集還為時過早，但我們絕對相信還有更多機會繼續擴展芭比品牌。

This concludes our question and answers for today. I now turn the call back to Ynon Kreiz for closing remarks.

我們今天的問題和答案到此結束。現在我將電話轉回給伊農·克雷茲 (Ynon Kreiz) 致閉幕詞。

Thank you, operator, and thank you, everyone, again, for your questions. Always a good discussion. I would like to close by congratulating the Barbie and Mattel Films teams and the entire global organization on the milestone moment we achieved together in bringing Barbie to life for the first time on the big screen in live action and advance our entertainment strategy.

謝謝接線員，再次感謝大家提出的問題。總是一個很好的討論。最後，我要祝賀芭比和美泰電影團隊以及整個全球組織共同實現了里程碑式的時刻，首次將芭比真人搬上大銀幕，並推進了我們的娛樂戰略。

Congratulation again to Lisa McKnight, Josh Silverman and Chris Down in their well-deserved promotions. We look forward to their continued strong contributions to Mattel. And of course, thank you, Richard, for helping to make Mattel the company it is today. You will be missed. You're a friend, you're a personal friend to me. Your colleague will always stay friends, of course. We're going to miss you, but we wish you all the best in the new role, and thank you for everything you've done. And now I'll turn the call back to Dave.

再次祝賀麗莎·麥克奈特、喬什·西爾弗曼和克里斯·唐當之無愧的晉升。我們期待他們繼續為美泰做出巨大貢獻。當然，謝謝你，理查德，幫助美泰成為今天的公司。我們會想念你的。你是我的朋友，你是我的私人朋友。當然，你的同事將永遠是朋友。我們會想念你的，但我們祝愿你在新的崗位上一切順利，並感謝你所做的一切。現在我將把電話轉回戴夫。

Thank you, Ynon, and thank you, everyone, for joining in today's call. 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 and Presentations section of our Investors section of our corporate website, corporate.mattel.com. Thank you for participating in today's call.

謝謝伊農，也謝謝大家參加今天的電話會議。該電話會議將於晚上 8:30 通過網絡廣播重播。今天東部時間。網絡廣播鏈接可以在我們公司網站 Corporate.mattel.com 投資者部分的活動和演示部分找到。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。