(MAT) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Krista, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mattel's First Quarter 2024 Earnings Conference Call. (Operator Instructions) I will now turn the conference over to David Zbojniewicz, Head of Investor Relations. David, you may begin your conference.

謝謝你的支持。我叫克里斯塔，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兒 2024 年第一季財報電話會議。 （操作員指示）我現在將會議交給投資者關係主管 David Zbojniewicz。大衛，你可以開始你的會議了。

Thank you, operator, and good afternoon, everyone. Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer; and Anthony DiSilvestro, Mattel's Chief Financial Officer. As you know, this afternoon, we reported Mattel's first quarter 2024 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 questions.

謝謝接線員，大家下午好。今天與我一起出席的還有美泰董事長兼執行長 Ynon Kreiz；和美泰財務長安東尼·迪西爾維斯特羅(Anthony DiSilvestro)。如您所知，今天下午，我們報告了美泰兒 2024 年第一季的財務表現。我們將在今天的電話會議中首先由 Ynon 和 Anthony 對我們的結果進行評論，之後我們將提供一些提問時間。

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.

為了幫助補充我們今天的討論，我們為您提供了幻燈片簡報。我們的討論、幻燈片簡報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；息稅折舊攤提前利潤或 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 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，我們也提供了一項關鍵績效指標—總帳單的變動。請注意，我們在簡報中可能將總帳單稱為帳單，除非另有說明，本次電話會議中引用的總帳單資料將以固定貨幣表示。鑑於我們決定在 2022 年暫停所有向俄羅斯的發貨，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.

當您透過我們公司網站 Corporate.mattel.com 的投資者部分造訪我們的幻燈片簡報時，可以與今天的電話會議同步查看。 G 條例要求的有關非 GAAP 財務指標的資訊以及有關我們關鍵績效指標的資訊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.

新聞稿和幻燈片簡報中包含的初步財務業績代表了管理層可獲得的最新資訊。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原因，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。之間可能出現的事態發展。

Before we begin, I'd like to caution you that certain statements made during the call are forward-looking, including statements related to the future performance of our business, brands, categories and product lines. Any statements we make about the future are, by their nature, uncertain. These statements are based on currently available information and assumptions, and they are subject to a number of significant risks and uncertainties that could cause our actual results to differ from those projected in the forward-looking statements.

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。這些陳述是基於目前可用的資訊和假設，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 2023 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 10-K 表格 2023 年年度報告的風險因素部分、我們的收益發布和演示以及我們不時向 SEC 提交的其他文件以及其他公開聲明中描述了其中一些不確定性。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。

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 2024 earnings call. We're off to a good start for the year, with significant gross margin expansion, positive adjusted EBITDA, very strong improvement in free cash flow and are on track to achieve our full year guidance.

感謝您參加我們的 2024 年第一季財報電話會議。我們今年有了一個良好的開端，毛利率大幅增長，調整後的 EBITDA 為正值，自由現金流有了強勁改善，並有望實現我們的全年指導。

Looking at key financial metrics for the first quarter as compared to last year. Net sales declined 1% as reported and in constant currency, adjusted gross margin increased 830 basis points to 48.3%, adjusted EBITDA improved $67 million from a negative $14 million to a positive $54 million, and free cash flow improved by $254 million. Gross billings increased in North America, Latin America and Asia Pacific, with a decline in EMEA.

與去年相比，我們可以看到第一季的主要財務指標。以固定匯率計算，淨銷售額下降1%，調整後毛利率成長830 個基點，達到48.3%，調整後EBITDA 增加6,700 萬美元，從負1,400 萬美元增加到正5,400 萬美元，自由現金流增加2.54億美元。北美、拉丁美洲和亞太地區的總營業額增加，而歐洲、中東和非洲地區則有所下降。

Total company POS increased low single digits, with improving trends through the quarter and growth in Dolls, Vehicles, Games and Building Sets. Mattel maintained share globally and gained share in its 3 leader categories: Dolls, Vehicles, and Infant, Toddler, and Preschool as well as in Games per Circana. With our strong cash flow generation, we improved our financial position, ending the quarter with a cash balance of $1.1 billion after repurchasing $100 million of shares in the quarter. Consistent with our stated capital allocation priorities, we plan to continue share repurchases in 2024.

公司 POS 總量成長較低個位數，整個季度的趨勢有所改善，玩偶、車輛、遊戲和建築套裝也有所成長。美泰保持了全球市場份額，並在其 3 個領先類別：玩偶、車輛、嬰兒、幼兒和學齡前以及 Games per Circana 領域獲得了份額。憑藉強勁的現金流生成，我們改善了財務狀況，在本季度回購了 1 億美元的股票後，本季末現金餘額為 11 億美元。根據我們既定的資本配置優先事項，我們計劃在 2024 年繼續進行股票回購。

We believe the industry benefited in the first quarter from an early Easter. That said, this does not change our expectation that the toy industry will decline in 2024, although at a lesser rate than 2023. We expect to outpace the industry and gain market share in 2024. We are executing our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering.

我們認為該行業在第一季受益於復活節提前。也就是說，這並沒有改變我們的預期，即玩具產業將在2024 年下滑，儘管速度低於2023 年。型業務的策略性玩具業務並擴大我們的娛樂產品。

We expect to continue benefiting from innovation across the toy portfolio and market share gains, meaningful progress on entertainment projects following the success of the Barbie movie and greater efficiencies and productivity improvements with our Optimizing for Profitable Growth program, which is targeted to achieve $200 million of annualized cost savings between 2024 and 2026.

我們預計將繼續受益於玩具產品組合的創新和市場份額的增長、芭比電影成功後娛樂項目的有意義的進展以及通過我們的優化盈利增長計劃提高效率和生產力，該計劃的目標是實現2 億美元的利潤成長。

On the toy side of the company, Barbie was the #1 Dolls property globally, and continued to gain significant share per Circana. We kicked off Barbie's 65th anniversary celebration and are bringing new innovation to the brand such as the recently launched Mini BarbieLand segment. Hot Wheels led the Vehicles category per Circana, with further expansion of its die-cast line and new offerings for Racerverse, RC and Skate. Fisher-Price is launching its new Wood segment next month, and this week, we welcomed a new head of Fisher-Price based at our East Aurora, New York campus.

在該公司的玩具方面，芭比娃娃是全球排名第一的玩偶產品，根據 Circana 的數據，其份額繼續獲得顯著增長。我們拉開了芭比 65 週年慶典的序幕，並為該品牌帶來了新的創新，例如最近推出的迷你芭比樂園部分。 Hot Wheels 在 Circana 的車輛類別中處於領先地位，進一步擴大了其壓鑄產品線，並為 Racerverse、RC 和 Skate 提供了新產品。 Fisher-Price 將於下個月推出新的木材部門，本週，我們在紐約東奧羅拉園區迎來了一位新的 Fisher-Price 負責人。

Games performance was strong, and Uno was once again the #1 card game property per Circana. Mattel Creations, our rapidly growing D2C channel serving adult collectors, is expanding fan engagement. We recently hosted Mattel Creations Revealed, a 2-day virtual fan event featuring 6 hours of exclusive behind-the-scenes content and nearly 100 new collectible toys and exclusive consumer products with multiple same-day sellouts.

遊戲表現強勁，Uno 再次成為 Circana 排名第一的紙牌遊戲。 Mattel Creations 是我們快速發展的 D2C 管道，為成人收藏家提供服務，正在擴大粉絲參與。我們最近舉辦了 Mattel Creations Revealed，這是一場為期 2 天的虛擬粉絲活動，其中包含 6 小時的獨家幕後內容以及近 100 種新的收藏玩具和獨家消費品，並在當天售罄。

We also made progress in capturing value of our IP outside the toy aisle. Following the successful award season for the Barbie movie, highlighted by Grammy, Golden Globe and Oscar wins, its cultural impact continues to reverberate around the world. The film is a showcase for our strategy, bringing together the global resonance of our brands, our ability to attract and collaborate with leading partners and demand creation expertise. We continue to make meaningful progress advancing our theatrical slate of 15 announced films in development, with more news to share soon.

我們在捕捉玩具領域之外的智慧財產權價值方面也取得了進展。芭比電影在頒獎季取得了成功，並獲得了格萊美獎、金球獎和奧斯卡獎，其文化影響力繼續在世界範圍內產生影響。該影片展示了我們的策略，匯集了我們品牌的全球共鳴、我們吸引領先合作夥伴並與之合作的能力以及對創作專業知識的需求。我們繼續在推進 15 部已宣布電影的院線開發工作中取得有意義的進展，並將很快分享更多消息。

In television, Barbie & Stacie to to the Rescue, an animated movie, launched globally on Netflix. Season 2 of Barbie: A Touch of Magic premiered last week. Hot Wheel's Let's Race, our new animated series, debuted on Netflix and became a top 10 program in 69 countries. In digital gaming, we announced a new licensing partnership with Take-Two Interactive to publish a new Barbie mobile game planned for release later this year. In location-based entertainment, we announced a second Mattel Adventure Park through our licensing partnership with Epic Resort Destinations, which is scheduled to open in Kansas City in 2026.

在電視領域，動畫電影《芭比與史黛西的救援》在 Netflix 上向全球推出。 《芭比之魔法觸動》第二季於上週首播。我們的新動畫系列 Hot Wheel 的《Let's Race》在 Netflix 首播，並成為 69 個國家的十大節目。在數位遊戲方面，我們宣布與 Take-Two Interactive 建立新的授權合作夥伴關係，以發布計劃於今年稍後發布的新芭比手機遊戲。在基於地點的娛樂領域，我們宣布透過與 Epic Resort Destinations 的許可合作夥伴關係開設第二個美泰冒險公園，該公園計劃於 2026 年在堪薩斯城開業。

In closing, our first quarter performance was highlighted by significant margin expansion and very strong improvement in cash flow, with positive consumer demand and improving trends. Mattel is in the strongest financial position it has been in years, and we are on track to achieve our full year guidance. Beyond this year, we expect to grow sales and earnings in 2025. We are executing our strategy to grow our IP-driven toy business and expand our entertainment offering, and are well positioned to create long-term shareholder value.

最後，我們第一季的業績突顯在利潤率顯著擴張和現金流的強勁改善，以及積極的消費者需求和改善的趨勢。美泰的財務狀況處於多年來最強勁的水平，我們有望實現全年指引。今年之後，我們預計到 2025 年銷售額和盈利將實現成長。

And now I will turn the call over to Anthony.

現在我將把電話轉給安東尼。

Thanks, Ynon. We achieved strong bottom line results in the quarter and are on track to meet our full year sales and earnings guidance. Net sales of $810 million declined 1% as reported and in constant currency. Adjusted gross margin increased by 830 basis points to 48.3%, benefiting from lower inventory management costs, cost deflation and cost savings.

謝謝，伊農。我們在本季度取得了強勁的利潤，並有望實現全年銷售和盈利指導。以固定匯率計算，淨銷售額為 8.1 億美元，下降 1%。調整後毛利率成長 830 個基點至 48.3%，受益於庫存管理成本降低、成本通貨緊縮和成本節約。

Adjusted operating loss improved by $63 million to a negative $23 million, driven by gross margin expansion. Adjusted EPS was a negative $0.05 compared to a negative $0.24, an improvement of $0.19; and adjusted EBITDA increased from a negative $14 million to a positive $54 million, gaining $67 million.

受毛利率擴張的推動，調整後營運虧損減少了 6,300 萬美元，達到負 2,300 萬美元。調整後每股收益為負 0.05 美元，與負 0.24 美元相比，提高了 0.19 美元；調整後的 EBITDA 從負 1,400 萬美元增至正 5,400 萬美元，增加 6,700 萬美元。

Gross billings in constant currency declined 2%, reflecting retail inventory reductions. POS increased low single digits, with improving trends through the quarter. Dolls declined 5%, with POS increasing high single digits. The gross billings decline was primarily due to Disney Princess and Disney Frozen, which had positive POS, but wrapped last year's inventory billed supporting the launch. Barbie gross billings were comparable to the prior year, with POS declining low single digits.

以固定匯率計算的總營業額下降了 2%，反映了零售庫存的減少。 POS 成長較低個位數，整個季度的趨勢有所改善。玩偶下降了 5%，而 POS 則成長了高個位數。總收入下降主要是由於《迪士尼公主》和《迪士尼冰雪奇緣》的銷售點良好，但包裝了去年支持發布的庫存。芭比娃娃的總銷售額與去年相當，POS 下降了低個位數。

Trolls, Monster High and American Girl grew. Mattel was #1 in Dolls globally, gaining over 550 basis points of share in the category in Q1, and Barbie was the #1 property in Dolls and also gained share per Circana. Vehicles and Hot Wheels increased 4%. POS increased mid-single digits, with growth in consumer demand for each Hot Wheels, Matchbox and Disney Pixar Cars. Mattel was #1 in Vehicles globally, gained share in the category in Q1, and Hot Wheels was the #1 property in Vehicles per Circana.

《魔髮精靈》、《怪獸高中》和《美國女孩》不斷壯大。美泰兒 (Mattel) 在全球玩偶領域排名第一，第一季在該類別中的份額增長了超過 550 個基點，芭比娃娃 (Barbie) 在玩偶領域排名第一，根據 Circana 的份額也有所增長。車輛和風火輪增加了 4%。隨著消費者對風火輪、火柴盒和迪士尼皮克斯汽車的需求成長，POS 成長了中個位數。美泰兒 (Mattel) 在全球車輛中排名第一，第一季度在該類別中的份額有所增加，而風火輪 (Hot Wheels) 在每 Circana 車輛中排名第一。

Moving to Infant, Toddler, and Preschool. As discussed in our recent investor presentation, we are segmenting the category into 3 parts. The first and by far the largest is Fisher-Price, the Power Brand, which includes the core Infant, Little People and Newborn product, as well as the recently launched Fisher-Price Wood. The second is Preschool entertainment, which includes owned IP, such as Thomas and Barbie; Imaginext, which is our own factor for action figures specifically designed for young children; and Partner Brands.

轉向嬰兒、幼兒和學前班。正如我們最近的投資者演示中所討論的，我們將該類別分為三個部分。第一個也是迄今為止最大的品牌是費雪牌 Power Brand，其中包括核心嬰兒、小人和新生兒產品，以及最近推出的費雪木。二是學前娛樂，包括自有IP，如湯瑪斯、芭比； Imaginext，這是我們自己的因素，專為幼兒設計的動作玩偶；和合作夥伴品牌。

The third and by far the smallest is BabyGear and Power Wheels, which we decided to strategically out-license or exit. Total Infant, Toddler, and Preschool category declined 11%, with POS down high single digits. The gross billings decline was due primarily to BabyGear and Power Wheels, which we have been out-licensing or exiting, and Preschool entertainment. Fisher-Price gross billings declined 1% due primarily to a decline in Infants, partly offset by the launch of Fisher-Price Woods. Importantly, Fisher-Price POS increased low single digits.

第三個也是迄今為止最小的一個是 BabyGear 和 Power Wheels，我們決定策略性地取消許可或退出。嬰兒、幼兒和學齡前兒童類別總數下降了 11%，其中 POS 下降了高個位數。總收入下降的主要原因是 BabyGear 和 Power Wheels（我們已經取消許可或退出）以及學前娛樂。費雪牌 (Fisher-Price) 的總銷售額下降了 1%，主要是由於嬰兒產品銷量的下降，但費雪牌木製品的推出部分抵消了這一影響。重要的是，Fisher-Price POS 成長了低個位數。

Mattel was #1 in Infant, Toddler, and Preschool globally, gained share in the category in Q1 and Fisher-Price was the #1 property in Infant, Toddler, and Preschool per Circana. Challenger categories in aggregate were comparable to the prior year as growth in Games and Action Figures was offset by declines in Building Sets and Other. POS declined high single digits due to Action Figures, partly offset by double-digit growth in Games and Building Sets.

美泰(Mattel) 在全球嬰兒、幼兒和學前兒童產品中排名第一，第一季度該類別的市場份額有所增加，而費雪(Fisher-Price) 則在Circana 的嬰兒、幼兒和學前兒童產品中排名第一。挑戰者類別總體與前一年相當，因為遊戲和人偶的成長被建築套裝和其他類別的下降所抵消。由於可動人偶的影響，POS 出現了高個位數的下降，但部分被遊戲和建築套裝的兩位數增長所抵消。

Looking at our first quarter performance by region. Gross billings in North America increased 1%, with significantly lower closeout sales in the quarter. POS increased low single digits. EMEA declined 13% due primarily to the impact of retail inventory reductions and weakening of the Turkish lira. POS increased mid-single digits. Latin America increased 1%. POS declined low single digits. Asia Pacific increased 15%, driven primarily by gains in Australia, New Zealand and South Asia. POS declined low single digits.

按地區查看我們第一季的業績。北美地區的總營業額成長了 1%，本季清倉銷售額大幅下降。 POS 成長低個位數。歐洲、中東和非洲地區下降 13%，主要是由於零售庫存減少和土耳其里拉疲軟的影響。 POS 成長了中個位數。拉丁美洲成長 1%。 POS 下降了低個位數。亞太地區成長 15%，主要受到澳洲、紐西蘭和南亞成長的推動。 POS 下降了低個位數。

As noted on our fourth quarter call, we entered 2024 with retail inventory levels slightly elevated. This has been largely corrected as we ended the first quarter with the retail inventory levels down high single digits in both dollars and weeks of supply. The reduction, which occurred earlier than the prior year, had a negative impact on our first quarter sales performance, particularly in EMEA. We believe retail inventory levels are now at appropriate levels to support the business going forward.

正如我們在第四季度電話會議中指出的那樣，進入 2024 年，零售庫存水準略有上升。隨著第一季結束，零售庫存水準（以美元和供應週數計算）均下降了高個位數，這一情況已在很大程度上得到糾正。這項減少發生在去年之前，對我們第一季的銷售業績產生了負面影響，特別是在歐洲、中東和非洲地區。我們認為零售庫存水準目前處於適當水平，可以支持業務的未來發展。

Adjusted gross margin was 48.3% and compared to 40%, an increase of 830 basis points. The significant increase in gross margin was driven by several factors: lower inventory management costs, primarily obsolescence and closeouts, which contributed 230 basis points; cost deflation added 220 basis points; savings from the Optimizing for Profitable Growth program added 120 basis points; favorable mix contributed 80 basis points; and foreign currency favorability and other supply chain costs added 180 basis points.

調整後毛利率為48.3%，與40%相比，增加了830個基點。毛利率的顯著成長是由以下幾個因素推動的：庫存管理成本降低，主要是過時和清倉成本，貢獻了 23​​0 個基點；成本通貨緊縮增加了 220 個基點；優化獲利成長計畫帶來的節省增加了 120 個基點；有利的組合貢獻了80個基點；外幣優惠和其他供應鏈成本增加了180個基點。

Moving down to P&L. Advertising expenses declined by $5 million to $71 million, and adjusted SG&A increased by $6 million or 2% to $343 million. The increase in SG&A was primarily driven by market-related pay increases and investments partly offset by cost savings. Adjusted operating loss improved $63 million to a loss of $23 million in the first quarter compared to a loss of $87 million in the prior year, primarily driven by gross margin expansion. Adjusted EBITDA increased $67 million to $54 million, benefiting from the same factor.

向下移動到損益表。廣告費用減少了 500 萬美元，降至 7,100 萬美元，調整後的銷售及管理費用增加了 600 萬美元，即 2%，達到 3.43 億美元。 SG&A 的成長主要是由與市場相關的薪資成長和投資部分被成本節約所抵銷所推動的。第一季調整後營運虧損減少 6,300 萬美元，達到虧損 2,300 萬美元，而去年同期虧損 8,700 萬美元，這主要是由於毛利率擴張所致。受益於同樣的因素，調整後的 EBITDA 增加了 6,700 萬美元，達到 5,400 萬美元。

Adjusted EPS improved $0.19 to a loss of $0.05 compared to a loss of $0.24 in the prior year. Cash from operations was a source of $35 million in the first quarter compared to a use of $206 million in the prior year, an improvement of $242 million. The increase was primarily driven by improvements in both working capital performance and net income. Capital expenditures were $30 million compared to $43 million a year ago, and free cash flow was a source of $5 million compared to a use of $249 million in the prior year quarter.

調整後每股收益提高 0.19 美元，虧損 0.05 美元，而前一年為虧損 0.24 美元。第一季營運現金來源為 3,500 萬美元，與去年同期的 2.06 億美元相比，增加了 2.42 億美元。這一增長主要是由於營運資本績效和淨利潤的改善。資本支出為 3,000 萬美元，而去年同期為 4,300 萬美元；自由現金流來源為 500 萬美元，而去年同期為 2.49 億美元。

On a trailing 12-month basis, we generated significant free cash flow of $964 million compared to $187 million in the prior year, an increase of $777 million. The improvement was primarily driven by working capital performance, in part due to timing associated with seasonal working capital and incentive compensation payments.

在過去 12 個月的基礎上，我們產生了 9.64 億美元的大量自由現金流，與去年的 1.87 億美元相比，增加了 7.77 億美元。這項改善主要是由營運資本績效所推動的，部分原因是與季節性營運資本和激勵補償支付相關的時間安排。

Reflecting on our improved financial position and consistent with our stated capital allocation priorities, we repurchased an additional $100 million of shares in the quarter, bringing total share repurchases since 2023 to $303 million. We expect to make further share repurchases in 2024 under our $1 billion multiyear share repurchase program.

考慮到我們改善的財務狀況並符合我們規定的資本配置優先事項，我們在本季額外回購了 1 億美元的股票，使 2023 年以來的股票回購總額達到 3.03 億美元。我們預計將根據 10 億美元的多年期股票回購計畫在 2024 年進一步回購股票。

Taking a look at the balance sheet. We finished the quarter with a cash balance of $1.130 billion compared to $462 million a year ago, an increase of $669 million. The increase reflects free cash flow generated over the past 12 months, partly offset by the use of funds to repurchase shares. Total debt of $2.33 billion is consistent with last year. Our debt portfolio is well positioned, with no maturity until 2026.

看一下資產負債表。本季末，我們的現金餘額為 11.3 億美元，與去年同期的 4.62 億美元相比，增加了 6.69 億美元。這一成長反映了過去 12 個月產生的自由現金流，部分被使用資金回購股票所抵銷。債務總額為 23.3 億美元，與去年持平。我們的債務投資組合定位良好，直到 2026 年才到期。

Accounts receivable were $673 million, comparable to the prior year, and inventory was $669 million, a reduction of $292 million from the prior year and a significant contributor to our free cash flow performance. Our leverage ratio improved further. Debt to adjusted EBITDA finished the quarter at 2.3x compared to 2.9x in the same period a year ago. The improvement was driven by the increase in our trailing 12-month adjusted EBITDA performance.

應收帳款為 6.73 億美元，與上年持平，庫存為 6.69 億美元，比上年減少 2.92 億美元，對我們的自由現金流表現做出了重大貢獻。槓桿率進一步改善。本季調整後 EBITDA 負債比率為 2.3 倍，而去年同期為 2.9 倍。這項改善是由我們過去 12 個月調整後 EBITDA 業績的成長所推動的。

We are realizing benefits from our recently announced Optimizing for Profitable Growth program, targeting $200 million in cost savings by 2026. In the first quarter, it generated $17 million of savings in aggregate, with $9 million benefiting cost of goods sold and $8 million in SG&A. We are on track to achieve our targeted 2024 savings of $60 million.

我們正在從最近宣布的「優化獲利成長」計畫中獲益，該計畫的目標是到2026 年節省2 億美元的成本。銷售商品成本，800 萬美元用於銷售管理費用。我們預計 2024 年節省 6000 萬美元的目標。

We are reiterating our guidance for 2024, including net sales and constant currency to be comparable to the prior year; adjusted gross margin to be in the range of 48.5% to 49% compared to 47.5% in 2023; adjusted EBITDA to be in the range of $975 million to $1.025 billion compared to $948 million in the prior year; adjusted EPS to grow double digits to a range of $1.35 to $1.45 compared to $1.23 in 2023; and free cash flow generation of approximately $500 million.

我們重申 2024 年的指導，包括淨銷售額和固定匯率與前一年相當；調整後的毛利率由2023年的47.5%調整至48.5%至49%；調整後的 EBITDA 為 9.75 億美元至 10.25 億美元，而前一年為 9.48 億美元；調整後每股收益將達到兩位數成長，達到 1.35 至 1.45 美元，而 2023 年為 1.23 美元；並產生約 5 億美元的自由現金流。

We are operating in a macroeconomic environment that may impact consumer demand. The guidance considers what the company is aware of today, but remains subject to market volatility, unexpected disruptions and other risks and uncertainties. In closing, we are off to a good start, with strong margin and cash flow performance, and are on track to achieve our full year guidance.

我們所處的宏觀經濟環境可能會影響消費者需求。該指引考慮了公司目前所了解的情況，但仍會受到市場波動、意外中斷以及其他風險和不確定性的影響。最後，我們有了一個良好的開端，具有強勁的利潤率和現金流表現，並有望實現全年指導。

And now I will turn it over to the operator for Q&A.

現在我將其轉交給接線員進行問答。

(Operator Instructions) Your first question comes from Alex Perry from Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 Alex Perry。

I guess just first, can you talk about how the point of sale sort of trended in the quarter versus your expectations? What do you think drove the acceleration as you move through the quarter? Do you think that was primarily the Easter shift? And then what is sort of the expectation for point-of-sale as we move through the year? Is it still flat, similar to your 4Q guide?

我想首先，您能談談本季銷售點的趨勢與您的預期有何不同嗎？您認為是什麼推動了本季的加速發展？您認為這主要是復活節的轉變嗎？那麼，今年我們對銷售點的期望是什麼？是否仍然持平，類似於您的 4Q 指南？

Sure, I can take that. And let me comment on the impact of the Easter holiday more broadly. First of all, the timing of Easter did not materially impact our year-on-year shipment in the first quarter. POS, as we said, for the total company was up low single digits in Q1, with improving trends as we move through the quarter, including some likely benefit from the holiday timing.

當然，我可以接受。讓我更廣泛地評論一下復活節假期的影響。首先，復活節的時間並沒有對我們第一季的年比出貨量產生重大影響。正如我們所說，第一季整個公司的 POS 成長了低個位數，隨著本季的進展，趨勢有所改善，其中包括一些可能受益於假期的時間。

When you isolate our holiday performance by looking at our POS for the last 6 weeks through mid-April, so that includes the Easter holiday in both periods, POS was positive, and year-to-date POS through that mid-April point is now comparable to last year. And looking ahead, and similar to last year, we expect our shipping trends in 2024 to align with the historical trends, which are about 1/3 of our gross billings in the first half and 2/3 in the second half.

當您透過查看截至 4 月中旬的過去 6 週的 POS（包括這兩個時期的復活節假期）來隔離我們的假期表現時，POS 為正值，而截至 4 月中旬的年初至今 POS 為正值與去年相比。展望未來，與去年類似，我們預計 2024 年的運輸趨勢將與歷史趨勢保持一致，上半年約占我們總銷售額的 1/3，下半年約佔 2/3。

Perfect. And just my follow-up is, can you just talk a bit more about Hot Wheels and what's driving the growth there? Would you sort of expect that level of growth to continue as we move through the year?

完美的。我的後續問題是，您能多談談 Hot Wheels 以及推動其成長的因素嗎？您是否預計這一增長水平會在今年持續下去？

Yes. Look, Hot Wheels has been just an incredible brand on a really great run. As you know, it's been growing now for 6 consecutive years and on track to grow again in 2024. The growth is driven by great product innovation. Die-cast is growing. We're expanding into adult collectors. We're broadening distribution. We are expanding into the adult collector segment, more lines such as RC and Skate, and more content coming on to Netflix. The new show, the new animated show Netflix has been a top 10 program in 69 countries.

是的。看，Hot Wheels 是一個令人難以置信的品牌，並且運作得非常出色。如您所知，它現已連續 6 年增長，並有望在 2024 年再次成長。壓鑄正在成長。我們正在擴展到成人收藏家。我們正在擴大分銷範圍。我們正在擴展到成人收藏領域，推出更多系列，例如 RC 和 Skate，以及更多內容將在 Netflix 上播出。新節目，新動畫節目 Netflix 已成為 69 個國家的前 10 名節目。

So we continue to create more engagement and apply the playbook, where we are bringing together brand purpose, consumer-centric innovation, cultural relevance and a very strong franchise mindset to continue to grow outside of the toy aisle. And this is before the movie is even out that we're developing with J.J. Abrams. And all of that led us up to the Vehicles category, which itself has been performing very strongly now for several years in a row, and another movie in development with Skydance for Matchbox. So just a great category where we continue to gain share and outperform over time, and expect that to continue.

因此，我們繼續創造更多的參與並應用劇本，將品牌宗旨、以消費者為中心的創新、文化相關性和非常強大的特許經營理念結合在一起，以繼續在玩具領域之外發展。這是在電影上映之前，我們正在與 J.J. 一起開發。艾布拉姆斯。所有這些都讓我們進入了車輛類別，該類別本身已經連續幾年表現非常強勁，以及與 Skydance 合作為 Matchbox 開發的另一部電影。因此，這是一個很棒的類別，隨著時間的推移，我們將繼續獲得份額並超越市場，並期望這種情況會持續下去。

Your next question comes from Arpine Kocharyan from UBS.

您的下一個問題來自瑞銀集團的 Arpine Kocharyan。

I wanted to go back to the Disney Princess dynamics a bit. I think you mentioned inventory correction impacting sales. Was there anything else that you would call out in terms of what drove that decline? And then I have a quick follow-up.

我想稍微回顧一下迪士尼公主的動態。我想您提到了庫存調整對銷售的影響。對於導致這種下降的原因，您還有什麼要指出的嗎？然後我會進行快速跟進。

No, Arpine. It's primarily the wrap from the introduction last year, the pipeline fill. And importantly, the POS for the line is positive in the first quarter, and we're very, very optimistic about the future for that line.

不，阿爾平。主要是去年介紹的包裹，管道填充。重要的是，該生產線的 POS 在第一季表現良好，我們對該生產線的未來非常非常樂觀。

That's helpful. And then I wanted to ask you, regarding buybacks, cash flow showed nice improvement for the quarter. Could you maybe walk us through what needs to happen for you to pull the trigger on being a bit more aggressive on buybacks? Is it really absence of M&A?

這很有幫助。然後我想問你，關於回購，本季現金流顯示出良好的改善。您能否向我們介紹您需要採取哪些措施才能更積極地進行回購？真的沒有併購嗎？

You've also talked about perhaps participating more in the economics of your theatrical slate. Do you have an update on that or anything specific you could share? What needs to happen for investors to see upside to buybacks here?

您還談到也許更多地參與您的戲劇項目的經濟活動。您有這方面的最新情況或可以分享的具體內容嗎？投資人需要做什麼才能看到回購的好處？

Yes, we're not giving a specific guidance around our share repurchases, but I think it's -- it is that we continue to execute against our stated capital allocation priorities. And just quickly, they are first to invest to drive organic growth; second, to maintain an investment-grade rating and target 2 to 2.5x leverage; and the third, given our improved financial position, is to consider M&A and other corporate development opportunities; and fourth is share repurchases. And as you recall, we resumed repurchases last year in 2023. That was the first time since 2014, and we bought about $200 million of our own stock.

是的，我們沒有就股票回購提供具體指導，但我認為，我們將繼續執行我們既定的資本配置優先事項。很快，他們就率先進行投資以推動有機成長；其次，維持投資等級評級，槓桿目標為2至2.5倍；第三，鑑於我們的財務狀況有所改善，我們會考慮併購和其他企業發展機會；第四是股票回購。正如你所記得的，我們去年在 2023 年恢復了回購。

And then coming into this year, given our improved financial position, confidence in our strategy to create value, we did announce a new $1 billion program earlier this year. It's a multiyear program. And I think importantly, we expect to fund that with free cash flow. And again, we did $100 million in the first quarter, and we'll continue to evaluate these capital allocation priorities. And between M&A and share repurchases, we continue to make those evaluations.

進入今年，鑑於我們財務狀況的改善以及對創造價值策略的信心，我們確實在今年稍早宣布了一項新的 10 億美元計劃。這是一個多年期計劃。我認為重要的是，我們希望透過自由現金流為其提供資金。再說一次，我們在第一季投資了 1 億美元，我們將繼續評估這些資本配置優先事項。在併購和股票回購之間，我們繼續進行這些評估。

And Arpine, I would add that while M&A is, in terms of the allocation priorities, is ahead of share repurchases, we actually did spend more than $300 million to buy our own stock rather than do an external acquisition. So we believe, given the share price of the Mattel stock, this is a very good opportunity for us to -- where we can invest in ourselves. And that is something we continue to evaluate as things evolve. But we do have the capacity, we have the cash, and we continue to focus on long-term value creation for our stakeholders.

至於 Arpine，我想補充一點，雖然就分配優先順序而言，併購領先於股票回購，但我們實際上確實花費了 3 億多美元來購買我們自己的股票，而不是進行外部收購。因此，我們相信，考慮到美泰股票的股價，這對我們來說是一個非常好的機會——我們可以投資自己。隨著事態的發展，我們將繼續評估這一點。但我們確實有能力、有現金，我們將繼續專注於為利害關係人創造長期價值。

And just to add one more point, Arpine, we did mention at our Investor Day note that we will consider targeted investments in our entertainment verticals that accelerate the strategy and potentially capture a larger share of the upside.

再補充一點，Arpine，我們在投資者日說明中確實提到，我們將考慮對我們的娛樂垂直領域進行有針對性的投資，以加速這一戰略並有可能獲得更大的上漲份額。

Your next question comes from Drew Crum from Stifel.

您的下一個問題來自 Stifel 的 Drew Crum。

Okay. So Anthony, just looking at adjusted gross margin closer and the various drivers behind the year-on-year improvement in 1Q, which would you expect to persist? Or which do you need to continue over the balance of the year in order to hit or outperform your guidance range for 2024?

好的。那麼安東尼，只要仔細看看調整後的毛利率以及第一季同比改善背後的各種驅動因素​​，您預計哪些因素會持續下去？或者，為了達到或超越 2024 年的指導範圍，您需要在今年剩餘的時間裡繼續哪些工作？

Yes. So let me comment on gross margin. Certainly, in the first quarter, we achieved significant gross margin expansion. We're up over 800 basis points, the 3 primary drivers being lower inventory management cost; cost deflation, that's principally ocean freight; and savings from our Optimizing for Profitable Growth program. Given that first quarter performance and our guidance, it does imply that the balance of the year will be about flat to last year. and there are a few puts and takes in that.

是的。那麼讓我來評論一下毛利率。當然，在第一季度，我們實現了毛利率的大幅成長。我們的漲幅超過 800 個基點，三個主要驅動因素是庫存管理成本降低；成本緊縮，主要是海運；以及我們的「優化獲利成長」計畫帶來的節省。鑑於第一季的業績和我們的指導，這確實意味著今年的餘額將與去年持平。其中有一些投入和投入。

First, we expect to continue benefiting from cost savings and will also benefit from increased production levels. There's an absorption benefit as we wrap last year's reduction of owned inventory levels. And then going the other way, we'll wrap the Barbie movie benefit, and we would also expect to see some inflation as we wrap the decline in ocean freight, account for the situation in the Red Sea and some continued upward pressure on our wage rates. So that's kind of how we balance it for the balance of the year. And at this point, we are reiterating our full year guidance, which is to be around 48.5% to 49%, so up 100 to 150 basis points.

首先，我們預計將繼續受益於成本節約，也將受益於生產水準的提高。當我們完成去年自有庫存水準的減少時，會產生吸收效益。然後換個方式，我們將結束芭比娃娃電影的福利，並考慮到紅海的情況以及我們的工資持續上漲的壓力，我們也預計在海運費下降的情況下會出現一些通貨膨脹費率。這就是我們在今年剩餘時間內平衡的方式。此時，我們重申全年指導，即 48.5% 至 49% 左右，即上調 100 至 150 個基點。

Got it. Okay. Very helpful. And then, Ynon, just any updated thoughts around your expectations for Barbie in 2024 with a quarter in the books?

知道了。好的。很有幫助。然後，Ynon，您對 2024 年芭比娃娃 2024 年四分之一的預期有何最新想法？

Yes. Barbie is an incredible brand. It's never been more relevant or connected to pop culture than it is today. The movie definitely broadened the aperture and brought more demographics, broader audience and created more opportunities. And Barbie continued to gain significant share in the Doll category and overall in the industry.

是的。芭比娃娃是一個令人難以置信的品牌。它與流行文化的相關性和聯繫從未像今天這樣緊密。這部電影確實拓寬了視野，帶來了更多的人口、更廣泛的觀眾並創造了更多的機會。芭比繼續在娃娃類別和整個行業中獲得顯著份額。

We did -- as you know, we are celebrating the 65th anniversary for Barbie. We have multiple activations. We're launching 3 new segments that we talked about at Investor Day. We expect more shelf space in the second half. We are expanding into the adult collector line, targeting pop culture fans, all the kids and continue to cater to the core kids demographics with more content to Netflix, both the series and the movie on Netflix.

我們做到了——如你所知，我們正在慶祝芭比娃娃誕生 65 週年。我們有多次激活。我們將推出我們在投資者日討論過的 3 個新細分市場。我們預計下半年會有更多的貨架空間。我們正在擴展到成人收藏品系列，以流行文化粉絲和所有孩子為目標，並繼續迎合核心兒童群體，向 Netflix 提供更多內容，包括 Netflix 上的劇集和電影。

There's also the new mobile game that we are publishing or Take-Two is publishing as part of a relationship with us. So there's a lot going on around Barbie. We did say that Barbie will be marginally down for the year, given the incredible performance last year, but with the strength of the brand and all the various activations and all the new lines that we're launching and everything else around it, we expect it will continue to grow and go from strength to strength beyond '24.

作為與我們合作的一部分，我們也正在發布或 Take-Two 正在發布的新手機遊戲。所以芭比周圍發生了很多事情。我們確實說過，考慮到去年令人難以置信的表現，芭比娃娃今年的銷量將略有下降，但憑藉品牌的實力、各種活動以及我們推出的所有新產品線以及與之相關的其他一切，我們預計24 年後，它將繼續發展並不斷壯大。

And that's -- we've always said this is not about managing the brand quarter-by-quarter or even year-by-year. It's about long-term growth and expansion, and we just couldn't be more confident and proud of where Barbie is today and where it's going from here.

那就是——我們一直說這不是按季度甚至按年管理品牌。這是關於長期增長和擴張的，我們對芭比今天的處境以及未來的發展充滿信心和自豪。

Your next question comes from Fred Wightman from Wolfe Research.

您的下一個問題來自沃爾夫研究中心的弗雷德懷特曼。

Just maybe to follow up on that. Ynon, you just said that you're still expecting Barbie to be down marginally for the year. Was there any change to the other Power Brand outlook for either Hot Wheels or Fisher-Price?

也許只是為了跟進此事。伊農，你剛才說你仍然預期芭比娃娃今年會小幅下滑。 Hot Wheels 或 Fisher-Price 的其他動力品牌前景是否有任何變化？

No change to what we said at Investor Day. We expect Hot Wheels to grow and Fisher-Price to be comparable. But remember, Fisher-Price, this is a Power Brand as we now define it. It includes Infant, Toddler -- sorry, Fisher-Price, the brand to grow, the category to be comparable. Fisher-Price to grow. And this is Fisher-Price as we define it now with Infant, Toddler segments, with Little People and with the new Wood line that we are just launching this year.

我們在投資者日所說的沒有改變。我們預計 Hot Wheels 將會成長，Fisher-Price 也將達到可比較水準。但請記住，費雪牌，這是我們現在所定義的實力品牌。它包括嬰兒、幼兒——對不起，費雪，是要發展的品牌，是可比較的類別。費雪牌的成長。這就是我們現在對嬰兒、幼兒細分市場、Little People 以及我們今年剛推出的新 Wood 系列所定義的 Fisher-Price。

So we -- as you know, we are now executing a new strategy on the Infant, Toddler, Preschool category. We just announced a new leader for Fisher-Price, and this is the one category that we focused on during Investor Day to talk about our evolved strategy, and there's a lot of new, new within Fisher-Price and the way we are managing now the category. So all in all, Hot Wheels to grow, Fisher-Price to grow, Barbie to marginally decline within the Power Brands.

如您所知，我們現在正在嬰兒、幼兒、學齡前兒童類別中執行一項新策略。我們剛剛宣布了費雪公司的新領導者，這是我們在投資者日期間重點關注的一個類別，以談論我們的發展策略，費雪公司內部以及我們現在的管理方式有很多新的東西類別。總而言之，風火輪將成長，費雪牌將成長，芭比在力量品牌中略有下降。

Okay. Great. And then just thinking about the cadence of the year, Anthony made a comment that it's going to be back to historical norms. I think that's what you guys had said previously. But you also made a comment you expect the first half to benefit from restocking. Is that still the plan?

好的。偉大的。然後，只要想到今年的節奏，安東尼就評論說，這將回到歷史常態。我想你們之前也這麼說過。但您也表示預計上半年將受惠於補貨。這仍然是計劃嗎？

Yes. We haven't gotten that specific. Certainly, our first quarter was negatively impacted by the reduction in 2024. And looking ahead, we will wrap last year's retail inventory decline, so there should be some tailwinds ahead in that respect.

是的。我們還沒有得到那麼具體的資訊。當然，我們的第一季受到了 2024 年庫存減少的負面影響。

Next question comes from Kylie Cohu from Jefferies.

下一個問題來自 Jefferies 的 Kylie Cohu。

Congrats on a strong quarter. I was hoping you could double-click on the Optimizing for Profitable Growth program. I'm kind of wondering how you plan on leveraging AI over the next 24 months, specifically in regards to this program.

恭喜季度表現強勁。我希望您可以雙擊「優化獲利成長」計畫。我有點想知道您計劃在未來 24 個月內如何利用人工智慧，特別是在這個計劃方面。

Sure. So you mentioned the Optimizing for Profitable Growth program. Again, this is a new program that we announced coming into 2024, a 3-year program with a $200 million cost saving target by 2026. And we have quite an extensive look at AI, right? And we are looking at, I would say, use cases within the company where it can apply for us, whether it's things like translation. That's just one example, but I think there may be good applicability.

當然。您提到了「優化獲利成長」計劃。同樣，這是我們宣佈於 2024 年推出的一項新計劃，為期 3 年，目標是到 2026 年節省 2 億美元的成本。我想說，我們正在研究公司內部可以為我們應用的用例，無論是翻譯之類的事情。這只是一個例子，但我認為可能有很好的適用性。

And that is certainly within the scope of our program as we look to further efficiencies that would leverage our global scale. AI is certainly one of them and other cost-saving opportunities, particularly within our supply chain as well. And this does include plans we disclosed recently to eliminate one of our plants in China. So it's a very comprehensive program, and I would say, given our track record, we're very confident in our ability to deliver.

這當然在我們的計劃範圍內，因為我們希望進一步提高效率，以利用我們的全球規模。人工智慧無疑是其中之一，也是其他節省成本的機會，特別是在我們的供應鏈中。這確實包括我們最近披露的取消我們在中國的一家工廠的計劃。所以這是一個非常全面的計劃，我想說，鑑於我們的過往記錄，我們對自己的交付能力非常有信心。

And Kylie, I would add that we are looking at AI broadly in terms of integrating more capabilities into different type of analytics as well as product development and also product integration. So we have a team that is dedicated to that, and we are looking to leverage the technology in the broad sense of the word, not just in terms of achieving or driving this cost saving initiative.

凱莉，我想補充一點，我們正在廣泛地看待人工智慧，將更多的功能整合到不同類型的分析以及產品開發和產品整合中。因此，我們有一個致力於此的團隊，我們希望在廣義上利用該技術，而不僅僅是實現或推動這項成本節約計畫。

Okay. Great. That's super helpful color. And then guess my follow-up would be around Mattel163. Do you have anything to share about the success of the Android app? Some data you'd looked at, things like users are up, or anything else about upcoming launches? I know you mentioned the partnership with Take-Two, but anything about Mattel163 would be great.

好的。偉大的。這是超級有用的顏色。然後猜測我的後續行動將圍繞著 Mattel163。關於 Android 應用程式的成功，您有什麼可以分享的嗎？您查看過一些數據，例如用戶數量，或其他有關即將推出的產品的資訊？我知道您提到了與 Take-Two 的合作關係，但有關 Mattel163 的任何內容都很棒。

Look, broadly speaking, the goal for our digital gaming strategy is to extend the physical play to the virtual world, by creating digital games and experiences that drive sustained engagement for fans of all ages, leveraging our brands. What is important about Mattel163 is that it's a showcase. Much like the Barbie movie was a showcase for the potential in films, Mattel163 is a showcase for the potential of our brands to extend into digital games.

從廣義上講，我們數位遊戲策略的目標是透過利用我們的品牌創造數位遊戲和體驗，推動各年齡層粉絲的持續參與，從而將實體遊戲擴展到虛擬世界。 Mattel163 的重要之處在於它是一個展示櫃。就像芭比電影展示了電影的潛力一樣，Mattel163 展示了我們品牌延伸到數位遊戲的潛力。

We did share that in 2023, we reached almost $200 million at very high margin with just 3 games, and that clearly speaks to the potential of our brands when executed well. And our partners did a very good job in collaborating with us in marketing and creating games that create high engagement. We haven't announced any new games, but this remains a priority, and the new game with Take-Two will be another important partnership.

我們確實分享過，到 2023 年，我們僅用 3 款遊戲就以非常高的利潤達到了近 2 億美元，這清楚地表明了我們品牌在執行得當時的潛力。我們的合作夥伴在行銷和創造​​高參與度遊戲方面與我們合作做得非常好。我們還沒有宣布任何新遊戲，但這仍然是優先事項，與 Take-Two 的新遊戲將是另一個重要的合作夥伴關係。

And in addition to that, we are looking to do more self publishing of mobile games based on our IP, where we have a higher level of participation economically into the success of our games based on strong brands, and just to just emphasize the importance of big brands to drive consumer engagement, reduce your marketing cost and potentially create a highly accretive business that is driven by strong brands.

除此之外，我們還希望基於我們的IP進行更多的手機遊戲自主發行，這樣我們就可以在經濟上更高程度地參與基於強大品牌的遊戲的成功，並且只是強調了大品牌可以推動消費者參與，降低行銷成本，並有可能創造由強大品牌驅動的高增值業務。

Your next question comes from Megan Alexander from Morgan Stanley.

您的下一個問題來自摩根士丹利的梅根亞歷山大。

Don't want to beat a dead bush here, but can we just go back and wanted to ask a little bit more about just the cadence of the year? I think at the beginning of the year 2, you'd expected shipping to align with historical trends. Maybe you could quantify for us what the destocking headwind in the first quarter was and whether it was in line with your expectations. I think you commented a 3- to 4-point destock headwind last year. So is that something that we should expect benefits the second quarter?

不想在這裡拐彎抹角，但我們是否可以回去詢問更多關於這一年的節奏？我認為在第二年年初，您預計運輸量將與歷史趨勢保持一致。也許您可以為我們量化第一季去庫存的逆風是什麼，是否符合您的預期。我想您去年曾評論過 3 到 4 個百分點的去庫存逆風。那麼我們應該期待第二季度能受益嗎？

Yes. I think looking ahead, right, there should be tailwinds with respect to lapping some of the retail inventory decline. So as you referenced, last year, fairly significant retailer inventory decline. We came into 2023 with levels elevated, and we guided a 3- to 4-point impact. We made great progress in '23, but we still ended the year with retail inventory slightly elevated. So the impact in 2024 significantly less of a negative and, therefore, a tailwind with respect to gross billings.

是的。我認為，展望未來，零售庫存下降應該會帶來一些有利因素。正如您所提到的，去年零售商庫存下降相當顯著。進入 2023 年，我們的水平有所提高，我們指導了 3 到 4 點的影響。我們在 23 年取得了很大進展，但年底零售庫存仍略有上升。因此，2024 年的負面影響將大大減少，因此對總帳單而言是有利的。

And when we gave our guidance for 2024, right, we said that we expect POS to be flat, for net sales to be comparable in constant currency. So there's a plus and a minus there. One is the plus is the wrapping of last year's retail inventory decline, and the offset to that is the wrap of the Barbie movie-related benefit. So yes, a tailwind in 2024, and it's reflected in the guidance. And it's really kind of so far unfolding as we expected.

當我們給出 2024 年的指導時，我們說過，我們預計 POS 將持平，因為以固定匯率計算的淨銷售額將具有可比性。所以這裡有一個優點和一個缺點。一是優點是去年零售庫存下降的結束，而抵消這一點的是芭比電影相關福利的結束。所以，是的，2024 年將是一個順風車，這一點也反映在指導中。到目前為止，事情的發展確實正如我們所預期的那樣。

Okay. That's helpful. And then just on the gross margin performance, is there any way within that mix benefit to quantify the tail from the Barbie movie, whether it was streaming, new partnerships? It seems like you're still rolling out new partnerships related to the movies, so I know there's a lot that goes into that mix line. Any way to quantify what was pure Barbie movie-related within that?

好的。這很有幫助。然後就毛利率表現而言，在這種組合效益中是否有任何方法可以量化芭比電影的尾部，無論是串流媒體還是新的合作關係？看來你們仍在推出與電影相關的新合作關係，所以我知道這條混合線有很多內容。有什麼方法可以量化其中與芭比娃娃電影相關的內容嗎？

Yes, difficult to dissect it, but overall, that 80 basis point favorable mix is a result of the higher-margin licensing business, including Barbie growing faster than the toy business. And we're also seeing some benefit related to the movie as we move into 2024, but certainly not as significant as last year.

是的，很難剖析它，但總體而言，80 個基點的有利組合是利潤率較高的授權業務的結果，其中芭比娃娃的增長速度快於玩具業務。進入 2024 年，我們也看到了與電影相關的一些好處，但肯定沒有去年那麼顯著。

Your next question comes from Eric Handler from ROTH MKM.

您的下一個問題來自 ROTH MKM 的 Eric Handler。

Anthony, I wanted to just talk a little bit about the cash flow statement. Your cash flow from operations was nicely positive. I think that's the first time that's happened since 2014. Huge swing year-over-year. Yes, net income loss came way down, but the results are pretty significant working capital benefit.

安東尼，我想談談現金流量表。您的營運現金流非常積極。我認為這是自 2014 年以來第一次出現這種情況。是的，淨收入損失大幅下降，但其結果是相當可觀的營運資本效益。

If you're keeping your free cash flow guidance unchanged around $500 million, no change to CapEx, does that mean the working capital benefit that you received in 1Q will progressively unwind in the back -- in the remaining quarters of this year? How do we think about that?

如果您將自由現金流指引保持在 5 億美元左右不變，資本支出也沒有變化，這是否意味著您在第一季獲得的營運資本利得將在今年剩餘的季度中逐步減少？我們對此有何看法？

Yes. There are a couple of points. One is there is some timing inside of our working capital performance, and I'll point to 2 things. One is related to incentive compensation. We didn't accrue incentive comp for '22, we did for 2023, and we're going to pay out the 2023 incentive in the second quarter of 2024.

是的。有幾點。一是我們的營運資金表現有一定的時間安排，我會指出兩件事。一是與激勵性薪酬有關。我們沒有為 22 年累積激勵補償，而是為 2023 年累積獎勵，我們將在 2024 年第二季支付 2023 年的激勵。

So we ended the first quarter with accrued liability with respect to that program, that was the benefit. There's also some timing related to our inventory performance. Our owned inventories were down significantly in 2023. We're going to maintain those levels in 2024, so less of a benefit. So those kind of will unwind as we go through the year. which is why we're still guiding to that $500 million 2024 free cash flow generation.

因此，我們在第一季結束時就獲得了該計劃的應計負債，這就是好處。還有一些與我們的庫存表現相關的時間安排。 2023 年，我們的自有庫存大幅下降。因此，隨著這一年的過去，這些事情將會逐漸緩解。這就是為什麼我們仍然指導 2024 年產生 5 億美元的自由現金流。

Very helpful. And then secondly, I imagine Barbie held up pretty well in the home entertainment window. I wonder if you're willing to sort of parse out the impact of ongoing Barbie movie contributions? And how do we think about that for not just 1Q, but the rest of this year?

很有幫助。其次，我想芭比娃娃在家庭娛樂窗口中表現得相當好。我想知道你是否願意分析一下正在進行的芭比電影貢獻的影響？我們如何看待這個問題，不僅是第一季度，而且是今年剩餘時間？

Yes. I would say it's not material to our overall results. There is some carryover benefit, but again, I wouldn't say it's material.

是的。我想說這對我們的整體結果並不重要。有一些結轉效益，但同樣，我不會說這是實質的。

Your next question comes from Christopher Horvers from JPMorgan.

您的下一個問題來自摩根大通的克里斯多福霍弗斯。

It's Christian Carlino on for Chris. Could you speak to how retailers are planning their early holiday orders? And are they looking for more value? And do you expect the ASP or deflationary pressure in the category to continue at retail?

克里斯汀·卡利諾 (Christian Carlino) 替補出場。您能談談零售商如何規劃提前的假期訂單嗎？他們是否在尋找更多價值？您預計零售業該類別的平均售價或通貨緊縮壓力是否會持續？

Yes. It's hard to get too specific at this point in the year. We are certainly engaged with all of our major retailers around planning for the upcoming holiday season around product price point, shelf space, promotions, advertising. So it all goes into the plan, and we believe we have a robust plan with our retailers and are optimistic regarding the holiday season, but a bit premature to talk about specific orders.

是的。今年的這個時候很難說得太具體。當然，我們正在與所有主要零售商合作，圍繞產品價格、貨架空間、促銷和廣告來規劃即將到來的假期。因此，這一切都納入了計劃，我們相信我們與零售商有一個強有力的計劃，並且對假日季節持樂觀態度，但談論具體訂單還為時過早。

One thing I would add when it comes to pricing is that we have such a large portfolio and such a broad range of product that we really cater for all level of pricing. And this is one of the strength of managing a large portfolio like ours, that we really can partner with the retailers at different price points and offer something for consumers at all price levels.

在定價方面我要補充的一件事是，我們擁有如此龐大的產品組合和如此廣泛的產品，我們確實可以滿足所有定價水平。這是管理像我們這樣的大型產品組合的優勢之一，我們確實可以與不同價位的零售商合作，並為各個價位的消費者提供一些東西。

Got it. That's helpful. And were you able to recapture any of the fixed cost absorption impact in the first quarter? And how should we think about the phasing of that over the year now that we're back to normal seasonality and POS trending in line with shipments?

知道了。這很有幫助。您能否重新捕捉到第一季固定成本吸收的影響？既然我們已經恢復正常的季節性並且 POS 趨勢與發貨量一致，那麼我們應該如何考慮這一年的分階段？

Yes. I think it's more in the year ago period and not so much in the first quarter. As we ramp up production going into the second and third quarter, that's when we should see that absorption benefit.

是的。我認為去年同期的情況較多，而第一季的情況則較少。當我們進入第二季和第三季提高產量時，我們應該會看到吸收效益。

Your next question comes from Stephen Laszczyk from Goldman Sachs.

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

Maybe just a follow-up on the retail sentiment at the moment, Ynon. I'm curious if you could just maybe talk a little bit more about what you're hearing from your retail partners on the consumer and the demand side of the equation at the moment, and how that might compare to what you expected coming into the year. Any pockets of the industry that are maybe outperforming or underperforming your expectations so far?

伊農，也許只是目前零售情緒的後續行動。我很好奇您是否可以多談談您從零售合作夥伴那裡聽到的關於消費者和目前等式的需求方面的信息，以及這與您對未來的預期相比如何。到目前為止，該行業有哪些領域的表現可能超出或低於您的預期？

Okay. I would say so far, things are in line with expectations. Retailers are leaning in. We always talk about the importance in strategic value that retailers are putting on this category because it's experiential. It drives foot traffic. The items are affordable. And you play into a fundamental human behavior of trade that is not going away, especially when it comes to big brands and quality product.

好的。我想說，到目前為止，一切都符合預期。零售商正在採取行動。 我們總是談論零售商對此類別的策略價值的重要性，因為它是體驗性的。它帶動了人流。這些物品價格實惠。而且你會參與人類基本的貿易行為，這種行為不會消失，尤其是涉及大品牌和優質產品時。

What we've seen so far is that -- as we've said in the prepared remarks is that we believe the industry benefited from -- in the first quarter from an earlier Easter. And year-to-date to mid-April, has been comparable to last year. but we do expect some decline in 2024, although at a lesser rate than last year. The decline is due to the same factors that impacted 2023 in terms of a lighter toyetic theatrical film slate and the impact of a shift in consumer spending towards products -- towards experiences and services, but that trend is moderating.

到目前為止，我們所看到的是——正如我們在準備好的演講中所說的那樣，我們相信該行業從第一季的復活節提前中受益。而年初至今至四月中旬，已與去年持平。但我們確實預期 2024 年會出現一些下降，儘管降幅低於去年。下降的原因與影響 2023 年的因素相同，即戲院電影數量減少，以及消費者支出轉向產品（體驗和服務）的影響，但這種趨勢正在放緩。

And we believe it will further improve, and that the industry will return to growth and continue to grow over the long term. We do expect to outperform the industry. We did see positive consumer demand with the improving trends that we talked about. We expect to outperform the industry and gain market share for the full year.

我們相信情況會進一步改善，產業將恢復成長並繼續長期成長。我們確實期望跑贏行業。我們確實看到了積極的消費者需求以及我們談到的改善趨勢。我們預計全年表現將優於行業並獲得市場份額。

Got it. And then maybe just a follow-up, Ynon, to the extent you're willing to expand on the M&A point. Is there any type of asset or features of assets that you're particularly considering at the moment or think would be best suited for Mattel's strategy at this point? I think in the past, you said you're not looking to do something that would surprise the investment community. Any sense of what that means?

知道了。然後也許只是後續行動，Ynon，只要您願意擴展併購點。您目前特別考慮或認為最適合 Mattel 目前策略的資產類型或資產功能是否有？我想在過去，你說過你不打算做一些讓投資界感到驚訝的事情。明白這意味著什麼嗎？

Yes. What we did say is that to the extent we are looking at M&A opportunities, we would expect them to be additive and very much in line with our strategy in ways where we can accelerate our strategy. We did say that where we look at acquisitions, we are very mindful of the risk in implementing an acquisition successfully. And if we do something, we would expect it to be accretive, additive, strategic.

是的。我們確實說過，就我們正在尋找的併購機會而言，我們希望它們能夠具有附加性，並且非常符合我們的策略，從而可以加速我們的策略。我們確實說過，在考慮收購時，我們非常注意成功實施收購的風險。如果我們做某事，我們會期望它是增值的、附加的、策略性的。

And we always use the term obvious in that we wouldn't expect the market to be surprised, not by the type of assets and not by the price we would pay in terms of being disciplined financially and commercially. We work very hard to put the company on very strong financial footing. The company today is in the strongest position it's been in terms of balance sheet, cash generation, leverage ratio at investment grade.

我們總是使用這個顯而易見的術語，因為我們不會期望市場感到驚訝，不會因為資產類型，也不會因為我們在財務和商業紀律方面所付出的代價而感到驚訝。我們非常努力地工作，以使公司擁有非常強大的財務基礎。如今，該公司在資產負債表、現金產生、投資等級槓桿率方面處於有史以來最強勁的地位。

So we cover the long distance, and we wouldn't risk that. And so the message is we're being very thoughtful and prudent. And as I said before, the fact is that so far, we chose to spend $300 million on our own stock rather than buy other assets. And so we are taking everything into consideration, all under the heading of long-term value creation for our shareholders and adjust that for risk.

所以我們要走很長的距離，我們不會冒險。因此，我們傳達的訊息是我們非常深思熟慮和謹慎。正如我之前所說，事實是，到目前為止，我們選擇花費 3 億美元購買自己的股票，而不是購買其他資產。因此，我們正在考慮一切，所有這些都是在為股東創造長期價值的標題下進行的，並根據風險進行調整。

Your next question comes from James Hardiman from Citi.

您的下一個問題來自花旗銀行的詹姆斯哈迪曼。

So just wanted to connect some of the dots that you guys have given us here. So you guys put up a flattish top line in the first quarter. Full year guidance is for flattish top line. Obviously, we shouldn't expect it to be flat every quarter. But Anthony, you talked about 2 issues that are going in opposite directions, right? You're lapping the retail inventory decline, and then your -- which should be a benefit, and then you're lapping the Barbie benefit, which should be a headwind.

所以只是想把你們在這裡給我們的一些點連結起來。所以你們在第一季的營收表現平平。全年指導收入持平。顯然，我們不應該期望它每季都持平。但是安東尼，你談到了兩個相反方向的問題，對吧？你會經歷零售庫存的下降，然後你的——這應該是一個好處，然後你會經歷芭比娃娃的好處，這應該是一個逆風。

Am I reading too much into this to think that the bigger piece of that benefit will come in Q2, and the bigger piece of that headwind will come in Q3 so we should see a growth in Q2 and a decline in Q3? I'm just looking at consensus numbers. The Street is assuming that Q3 is going to be down pretty meaningfully. I'm just wondering if you think you can -- if that's right, and if you think you can offset that with some growth in Q2.

我是否對此理解過多，以至於認為更大的收益將出現在第二季度，而更大的逆風將出現在第三季度，所以我們應該看到第二季度的成長和第三季度的下降？我只是看共識數字。華爾街預期第三季的業績將大幅下滑。我只是想知道您是否認為可以——如果這是正確的，以及您是否認為可以通過第二季度的一些增長來抵消這一點。

Yes, without getting too specific on any given quarter, certainly, the Barbie wrap will be predominantly in Q3, and to a lesser extent, in Q4. And directionally, the benefits of the inventory -- retail inventory wrap probably should be more Q2 than Q3.

是的，在不具體說明任何特定季度的情況下，當然，芭比娃娃包裝將主要出現在第三季度，並在較小程度上出現在第四季度。從方向上看，庫存的好處——零售庫存包裝可能應該比第三季更多。

Got it. And then I guess just more broadly, I mean, literally nothing changed in your guidance. I don't want to assume that everything has gone as planned over the past 3 months, but you did meaningfully beat our estimates, at least on the bottom line. I think sales are a little worse, but certainly margins were significantly better.

知道了。然後我想更廣泛地說，我的意思是，您的指導實際上沒有任何改變。我不想假設過去 3 個月一切都按計劃進行，但您確實大大超出了我們的預期，至少在盈利方面是如此。我認為銷售額有點差，但利潤率肯定要好得多。

I'm curious if you think just the Street was mismodeling the first quarter or whether the first quarter was actually in some ways better than you would have expected, and maybe it was just some timing as to why that didn't flow through to the full year. Just trying to sort of tease out how much of the beat versus our expectations and the non-raise is conservatism versus timing versus just we weren't thinking about it right.

我很好奇你是否認為只有華爾街對第一季的預測有誤，或者第一季是否實際上在某些方面比你預期的要好，也許這只是一些時間問題，為什麼沒有影響到第一季度的情況。只是想弄清楚，與我們的預期相比，有多少節拍和不加註是保守主義與時機，還是我們沒有正確思考。

Yes. So as you know, we don't get too specific on any individual quarter. I mean we certainly saw strong margin gains in the first quarter. And we are reaffirming our full year guidance, right, for net sales to be comparable on constant currency, for adjusted gross margin to be up 100 to 150 basis points. So again, we're off to a good start there. And EBITDA, $975 million to $1.025 billion, and for EPS to be up double digits. So again, off to a good start and confident that we will get to achieve this guidance.

是的。如您所知，我們不會對任何單一季度過於具體。我的意思是，我們在第一季確實看到了強勁的利潤成長。我們重申了我們的全年指引，即淨銷售額以固定匯率計算可比，調整後毛利率提高 100 至 150 個基點。再說一遍，我們有一個好的開始。 EBITDA 為 9.75 億美元至 10.25 億美元，每股盈餘將成長兩位數。再次強調，這是一個好的開端，並相信我們將實現這一目標。

And I would add, James, that in the context of a soft industry, we look to continue to gain share as we said. And the emphasis for us this year is about profitability, gross margin expansion and free -- and strong cash generation, to continue to strengthen the company and position it for long-term growth, and we expect to resume growth at the top line and bottom line, but just emphasizing the top line in 2025.

詹姆斯，我想補充一點，在軟產業的背景下，我們希望像我們所說的那樣繼續獲得份額。今年我們的重點是盈利能力、毛利率擴張以及自由和強勁的現金生成，以繼續增強公司實力並為其實現長期增長做好準備，我們預計收入和利潤將恢復增長線，但只是強調2025 年的頂線。

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

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

Yes. So I was curious, I just -- I noticed in your results, I think, unless I missed it somewhere, the American Girl sales were not really broken out separately. And also, you moved Imaginext out of Fisher-Price into the kind of Other category.

是的。所以我很好奇，我只是 - 我在你的結果中註意到，我想，除非我在某個地方錯過了它，否則美國女孩的銷售並沒有真正單獨進行細分。而且，您將 Imaginext 從 Fisher-Price 移至其他類別。

So maybe you could just kind of comment if there's any meaning behind those things. Is Imaginext going to be discontinued? Or is it just going to be outlicensed? Or what exactly? And then American Girl, what are the plans there? And how did it do in the first quarter?

所以也許你可以評論一下這些事情背後是否有任何意義。 Imaginext 會停產嗎？或者它只是會被授予許可？或到底是什麼？然後美國女孩，那裡有什麼計畫？第一季的表現如何？

Linda, yes, we did, as you know, made American Girl now part of North America commercial. So it's not isolated or not segmented out as before. It's part of our North American business. But we did say that we are progressing our strategy on American Girl. It grew in the first quarter. It is a valued asset within our portfolio, with significant fan base and great product, and we feel very good about it, and it was good to see growth in the first quarter.

琳達，是的，正如你所知，我們確實讓《美國女孩》成為北美商業廣告的一部分。所以它不像以前那樣是孤立的或分段的。這是我們北美業務的一部分。但我們確實說過我們正在推進我們的《美國女孩》策略。第一季有所成長。它是我們產品組合中的寶貴資產，擁有龐大的粉絲基礎和出色的產品，我們對此感覺非常好，很高興看到第一季的成長。

We outpaced both the large Doll and (inaudible) categories in the U.S., led by the core 18-inch business, which was up double digit. So we are encouraged by the strong start of the year and confident in the future of these treasured brands, with more innovation and more execution and continued improvement of our retail footprint and flagship stores.

我們超越了美國的大型玩偶和（聽不清楚）類別，其中核心 18 吋業務成長了兩位數。因此，我們對今年的強勁開局感到鼓舞，並對這些珍貴品牌的未來充滿信心，透過更多的創新和更多的執行以及我們的零售足跡和旗艦店的持續改善。

Imaginext is now part of Preschool entertainment. This is the part of the Infant, Toddler, Preschool category that is driven by brand and character versus Fisher-Price, which is more product-driven. And it will now be -- when we talk about the category, Infant, Toddler, Preschool category, we will talk specifically about Fisher-Price as the Power Brand that, as we said earlier, includes Infant, Toddler, Little People and the new Wood line. We'll talk about Preschool entertainment. And separately, as you know, there's the third bucket of BabyGear and Power Wheels, which we are exiting or outlicensing that you will see declining over time.

Imaginext 現在已成為學前娛樂的一部分。這是嬰幼兒、學齡前兒童類別的一部分，由品牌和性格驅動，而費雪則更多地由產品驅動。現在，當我們談論嬰兒、幼兒、學齡前兒童類別時，我們將特別談論費雪作為強勢品牌，正如我們之前所說，包括嬰兒、幼兒、小人物和新品牌。我們將討論學前娛樂。另外，如您所知，還有第三類 BabyGear 和 Power Wheels，我們正在退出或取消許可，隨著時間的推移，您將看到它們的數量不斷減少。

Okay. And then I was just curious, you had mentioned you referred to your one -- your manufacturing plant closure in China. And I was wondering, can you comment on your percentage of manufacturing in China, how it stands today versus, say, 3 and 5 years ago? And kind of what is the longer-term plan for that? Just a lot of investors are asking about different exposures to China, both on the manufacturing side and what that could mean. So what are your thoughts on that topic?

好的。然後我只是很好奇，你提到你提到了你的一個——你在中國的製造工廠關閉。我想知道，您能否評論一下您在中國的製造業所佔的比例，與三五年前相比，現在的情況如何？長期計劃是什麼？許多投資者都在詢問中國在製造業方面的不同風險敞口以及這可能意味著什麼。那麼您對這個主題有何看法？

Yes, today, we are at about 50% of products that are being made in China. Industry average is between 80% to 85%, and we're now at 50% and declining. It's on the way down. And this is not -- it's not so much about geopolitical risk as such, but more about diversifying our footprint and working in different countries and continue to optimize our footprint in terms of cost, fulfillment, services by different suppliers.

是的，今天我們大約 50% 的產品是在中國製造的。行業平均在 80% 到 85% 之間，而我們現在是 50%，而且還在下降。已經在下降的路上了這不是——與其說是地緣政治風險，不如說是關於我們的足跡多元化，在不同的國家開展工作，並繼續在成本、履行和不同供應商的服務方面優化我們的足跡。

And part of our journey to continue to strengthen our supply chain, which is now a competitive advantage for us, but we believe we can continue to improve it even further. And as you know, about 70% of our Optimizing for Profitable Growth program will come from cost of goods sold, which is directly driven by the performance and improvement that we are driving in supply chain.

這是我們繼續加強供應鏈的一部分，這對我們來說現在是一個競爭優勢，但我們相信我們可以繼續進一步改進它。如您所知，我們的「優化獲利成長」計畫的約 70% 將來自銷售商品成本，這直接由我們在供應鏈中推動的績效和改進所驅動。

Our last question comes from Jaime M. Katz from Morningstar.

我們的最後一個問題來自晨星公司的 Jaime M. Katz。

Thanks for squeezing me in. I'd be curious if you have any insight into demand across price points? Are there different demographics that you're seeing that are really struggling to convert the sale? Or is there anything else, consumer-wise, that might be helpful to understand?

感謝您邀請我參與。您是否發現有不同的人口統計數據確實在努力轉換銷售？或者從消費者的角度來看，還有其他可能有助於理解嗎？

Yes. I would say it's too early in the year to comment. We're not seeing any specific trends in that regard. And as Ynon stated a few minutes ago, our portfolio is well positioned to compete across all price points from a single die-cast car to a Barbie Dreamhouse, right? So we have a great portfolio, and we are developing our plans with our major retailers, and look forward to executing the season.

是的。我想說現在評論還太早。我們沒有看到這方面的任何具體趨勢。正如 Ynon 幾分鐘前所說，我們的產品組合處於有利地位，可以在從單一壓鑄汽車到芭比夢幻屋的所有價格點上競爭，對吧？因此，我們擁有出色的產品組合，並且正在與主要零售商一起制定計劃，並期待在本季度執行。

Okay. And then just because you haven't discussed it in the past, now that there is another Adventure Park coming out, are there any economics of that, that you could share with us? I just -- I don't know how many locations that could ultimately be or what that total addressable market is, so any insight on that would be helpful.

好的。然後，僅僅因為您過去沒有討論過這個問題，現在又出現了另一個冒險公園，您可以與我們分享這方面的經濟效益嗎？我只是——我不知道最終可能有多少個地點，也不知道總的潛在市場是多少，所以對此的任何見解都會有所幫助。

Well, we haven't broken down the economics, but we did say this is a capital-light approach where we license our brands and participate in different forms in the economics of the park and, of course, can sell product there. This is a highly accretive business line, especially given the strength of our brands.

好吧，我們還沒有分解經濟，但我們確實說過這是一種輕資本的方法，我們授權我們的品牌並以不同的形式參與園區的經濟，當然，也可以在那裡銷售產品。這是一個高度增值的業務線，特別是考慮到我們品牌的實力。

And we do look at this area as an important growth lever and expect to have more location-based entertainment opportunities in addition to the 2 parks that we already announced and the other executions we talked about during the Investor Day, such as the Monster Truck Tour and other opportunities. But this is the strategy, to take strong brands that drive engagement and have a large fan base and capture value outside of the toy aisle in highly accretive business opportunities.

我們確實將這一領域視為重要的成長槓桿，並期望除了我們已經宣布的兩個公園以及我們在投資者日期間討論的其他執行項目（例如怪物卡車之旅）之外，還有更多基於位置的娛樂機會和其他機會。但這就是策略，即利用能夠提高參與度並擁有大量粉絲基礎的強大品牌，並在玩具貨架之外的高度增值的商業機會中獲取價值。

That concludes the question-and-answer session. I will now turn the call back over to Ynon Kreiz for closing remarks.

問答環節到此結束。現在，我將把電話轉回給伊農·克賴茲 (Ynon Kreiz) 致閉幕詞。

Thank you, operator, and thank you, everyone, for joining us today. As we said, we are off to a good start for the year, with positive consumer demand, significant gross margin expansion and very strong improvement in cash flow, which is exactly in line with what we were aiming to achieve.

謝謝運營商，也謝謝大家今天加入我們。正如我們所說，我們今年有了一個良好的開端，消費者需求積極，毛利率顯著擴張，現金流改善非常強勁，這完全符合我們的目標。

We expect to outpace the industry and gain market share in 2024 and are on track to achieve our full year guidance. We continue to successfully execute our strategy to grow our IP-driven toy business and expand our entertainment offering and are very well positioned to create long-term shareholder value.

我們預計到 2024 年將超越行業並獲得市場份額，並有望實現我們的全年指導。我們繼續成功執行我們的策略，以發展我們的智慧財產權驅動的玩具業務並擴大我們的娛樂產品，並處於創造長期股東價值的有利位置。

Thank you for listening today. Of course, we'll follow up over the next few days and answer any more questions, but we appreciate the time. And now I'll turn the call over to Dave.

感謝您今天的收聽。當然，我們將在接下來的幾天內跟進並回答更多問題，但我們很感謝您的時間。現在我將把電話轉給戴夫。

Thanks, Ynon. And thank you, everyone, for joining the call today. The replay of this call will be available via webcast beginning at 8:30 p.m. Eastern Time today. The webcast link can be found in the Events 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。感謝大家今天加入電話會議。本次電話會議的重播將於晚上 8:30 開始透過網路直播進行。今天東部時間。網路廣播連結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. Thank you for your participation, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。