Mattel Inc (MAT) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to the Mattel Inc. third quarter 2024 earnings conference call.

感謝您的耐心等待，歡迎參加美泰公司 2024 年第三季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I'd now like to turn the call over to Jenn Kettnich, Vice President of Investor Relations.

我現在想將電話轉給投資者關係副總裁 Jenn Kettnich。

You may begin.

你可以開始了。

Thank you, operator, and good afternoon, everyone.

謝謝接線員，大家下午好。

Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer, and Anthony DiSilvestro, Mattel's Chief Financial Officer.

今天與我一起出席的有美泰董事長兼執行長 Ynon Kreiz 和美泰公司財務長 Anthony DiSilvestro。

As you know, this afternoon, we reported Mattel's third quarter 2024 financial results.

如您所知，今天下午，我們報告了美泰兒 2024 年第三季的財務表現。

We will begin today's call with the Ynon and Anthony providing commentary on our results, after which we will provide some time for questions.

我們將在今天的電話會議中由 Ynon 和 Anthony 對我們的結果發表評論，之後我們將提供一些提問時間。

Today's discussion, earnings release, and slide presentation may reference certain non-GAAP financial measures and key performance indicators, which are defined in the slide presentation and earnings release appendices.

現今的討論、收益發布和投影片簡報可能會參考某些非公認會計準則財務指標和關鍵績效指標，這些指標在投影片簡報和收益發布附錄中定義。

Please note that gross billings figures referenced on this call will be stated in constant currency, unless stated otherwise.

請注意，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。

Our earnings release, slide presentation, and supplemental non-GAAP information can be accessed through the Investors section of our corporate website corporate.mattel.com and the information required by Regulation G regarding non-GAAP financial measures as well as information regarding our key performance indicators is included in those documents.

我們的收益發布、幻燈片演示和補充非 GAAP 資訊可透過我們公司網站 Corporate.mattel.com 的投資者部分獲取，以及 G 條例要求的有關非 GAAP 財務指標的資訊以及有關我們主要業績的這些文件中包含了指標。

The preliminary financial results included in the earnings release and slide presentation represent the most current information available to management.

收益發布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。

The company's actual results when disclosed in its Form 10-Q may differ as a result of the completion of the company's financial closing procedures, final adjustments, completion of the review by the company's independent or registered public accounting firm and other developments that may arise between now and the disclosure of the final results.

由於公司財務結算程序的完成、最終調整、公司獨立或註冊會計師事務所審核的完成以及公司之間可能出現的其他進展，公司在 10-Q 表格中披露的實際業績可能會有所不同。最終結果公佈。

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.

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。

Any statements we make about the future are, by their nature, uncertain and 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.

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資訊和假設，並且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預測的結果不同前瞻性陳述。

We describe some of these uncertainties in the risk factors section of our latest Form 10-K annual report, our latest Form 10-Q quarterly report, our most recent earnings release and slide presentation, and other filings we make with the SEC from time to time, as well as in other public statements.

我們在最新的 10-K 表格年度報告、最新的 10-Q 表格季度報告、最近的收益發布和幻燈片演示以及我們不時向 SEC 提交的其他文件的風險因素部分中描述了其中一些不確定性。時間以及其他公開聲明。

Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

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 Mattel's third quarter of 2024 earnings call.

感謝您參加美泰兒 2024 年第三季財報電話會議。

This quarter we continued to execute our multi-year strategy to grow Mattel's IP-driven toy business and expand our entertainment offering.

本季度，我們繼續執行多年策略，以發展美泰知識產權驅動的玩具業務並擴大我們的娛樂產品。

Coming into the quarter, we always knew there would be a tough comp relative to the prior year, which benefited from the success of the Barbie movie.

進入本季度，我們一直知道與前一年相比將會有一個艱難的競爭，這得益於芭比電影的成功。

The highlight of the quarter was that we fully offset this comp in our bottom line through strong gross margin performance.

本季的亮點是我們透過強勁的毛利率表現完全抵銷了我們的利潤。

Our balance sheet continued to strengthen and free cash flow was up significantly in the trailing 12 months.

我們的資產負債表持續增強，自由現金流在過去 12 個月中大幅增加。

This is in line with our priorities this year to grow profitability, expand gross margin, and generate strong cash flow.

這符合我們今年提高獲利能力、擴大毛利率和產生強勁現金流的優先事項。

Looking at key financial metrics compared to the year-ago quarter, net sales declined 4% as reported and 3% in constant currency, Adjusted gross margin increased 210 basis points to 53.1%, Adjusted EBITDA improved 1% to $584 million, and adjusted EPS grew 6% to $1.14.

從關鍵財務指標來看，與去年同期相比，淨銷售額下降4%，以固定匯率計算下降3%，調整後毛利率成長210 個基點，達到53.1%，調整後EBITDA 成長1%，達到5.84億美元，調整後每股收益成長 6% 至 1.14 美元。

Free cash flow in the trailing 12 months improved nearly 50% to $688 million, compared to the same period a year ago.

過去 12 個月的自由現金流與去年同期相比成長了近 50%，達到 6.88 億美元。

Supported by our strong balance sheet, we have now repurchased $268 million of shares through the first nine months of the year and expect to make further share repurchases in line with our capital allocation priorities.

在我們強勁的資產負債表的支持下，我們目前已在今年前 9 個月回購了 2.68 億美元的股票，並預計將根據我們的資本配置優先事項進行進一步的股票回購。

Given where we are in the year, while we now anticipate our net sales to be comparable to slightly down for the full year, we expect growth in the fourth quarter and are on track to achieve our full-year adjusted EBITDA and EPS guidance, driven by strong gross margin performance.

鑑於我們今年的情況，雖然我們現在預計全年淨銷售額將略有下降，但我們預計第四季度將實現增長，並有望實現全年調整後 EBITDA 和 EPS 指導，強勁的毛利率表現。

Looking at third quarter performance by category as compared to the prior year: Dolls gross billings were down as expected, with comparisons impacted by the success of the Barbie movie in the year-ago quarter.

與去年同期相比，按類別查看第三季的表現：娃娃的總收入如預期下降，這是受到去年同期芭比娃娃電影成功的影響。

Within the Dolls portfolio, Monster High continued to grow as we expand this key franchise.

在 Dolls 產品組合中，隨著我們擴大這一關鍵特許經營權，Monster High 繼續發展。

Vehicles performance was very strong, led by Hot Wheels' core die-cast, innovation in new segments, and adult collector expansions.

在 Hot Wheels 的核心壓鑄、新細分市場的創新以及成人收藏家擴展的帶動下，車輛性能非常強勁。

Hot Wheels is expanding its fan base, and we recently announced a multi-year licensing partnership with Formula 1 that includes a broad range of products and experiences.

Hot Wheels 正在擴大其粉絲群，我們最近宣布與一級方程式賽車建立多年許可合作夥伴關係，其中包括廣泛的產品和體驗。

Hot Wheels is on track for its seventh consecutive record year and is well positioned for long-term growth.

Hot Wheels 預計將連續第七年創紀錄，並為長期增長做好了準備。

Infant, toddler, and preschool declined as we exit certain product lines in baby gear and Power Wheels in line with our stated strategy.

由於我們根據既定策略退出了嬰兒用品和動力輪的某些產品線，因此嬰兒、幼兒和學齡前兒童的銷售額有所下降。

Fisher-Price grew for the second consecutive quarter, driven in part by the early success of the Wood line as we expand globally.

Fisher-Price 連續第二季成長，部分原因是我們在全球擴張過程中 Wood 系列的早期成功。

Challenger categories collectively grew, with UNO achieving its largest quarter on record as we drive innovation and new forms of play.

隨著我們推動創新和新的遊戲形式，挑戰者類別集體成長，UNO 實現了有史以來最大的季度業績。

Mattel's total market share declined slightly year-to-date, though we gained in Dolls, Vehicles, and Games, per Circana.

根據 Circana 報導，儘管美泰在玩偶、車輛和遊戲領域的市場份額有所增長，但今年迄今為止，美泰的總市場份額略有下降。

Looking ahead, we expect to gain market share in the fourth quarter and full year.

展望未來，我們預計將在第四季度和全年獲得市場份額。

We're also making further progress with our entertainment strategy.

我們的娛樂策略也取得了進一步進展。

Here are some recent highlights: In film, the Masters of the Universe live-action movie with Amazon MGM Studios has started pre-production with a worldwide theatrical release scheduled for June 5, 2026.

以下是近期的一些亮點： 在電影方面，與亞馬遜米高梅影業合作的《宇宙大師》真人電影已開始預製作，計劃於 2026 年 6 月 5 日在全球院線上映。

The Matchbox live-action movie with Skydance and Apple Original Films, was greenlit, and will star John Cena.

Skydance 和 Apple Original Films 合作推出的《火柴盒》真人電影已獲得批准，由 John Cena 主演。

And just last week, we announced that a View-Master live-action movie will be co-developed with Sony Pictures Entertainment and Escape Artists.

就在上週，我們宣布將與索尼影視娛樂公司和 Escape Artists 共同開發一部 View-Master 真人電影。

In television, Hot Wheels Let's Race animated series season 2 was released on Netflix last month and ranked as a top 10 TV series in 27 countries across the platform, and Barney's World premiered on Max last week, as we relaunch of the franchise for a new generation of fans.

在電視方面，《Hot Wheels Let's Race》動畫影集第2 季於上個月在Netflix 上發布，並在該平台的27 個國家/地區排名前10 名電視劇；《Barney's World》上週在Max 上首播，我們正在重新推出該系列的新系列。

In digital gaming, Mattel163, our joint venture with NetEase, continued to grow and is expected to exceed $200 million in gross billings this year.

在數位遊戲領域，我們與網易的合資企業 Mattel163 持續成長，預計今年的總營收將超過 2 億美元。

Our 50% interest in the JV contributed $7 million to net income in the quarter and over $18 million year to date.

我們在合資企業中的 50% 權益為本季淨利潤貢獻了 700 萬美元，今年迄今貢獻了超過 1,800 萬美元。

As it relates to the toy industry, it continued to perform better than first anticipated heading into this year.

就玩具產業而言，今年的表現持續優於最初預期。

The industry was down a low single digit in the first nine months as compared to the same period in the prior year and our expectation for it to decline modestly in 2024 is unchanged.

與去年同期相比，該行業前 9 個月的下滑幅度較低，我們對 2024 年小幅下滑的預期不變。

Beyond this year, we believe trends will further improve and that the industry will return to growth and continue to grow over the long term.

今年之後，我們相信趨勢將進一步改善，產業將恢復成長並繼續長期成長。

The fundamentals are strong, toys are an important part of consumers' lives, and retailers prioritize the category as a strategic lever.

基本面強勁，玩具是消費者生活的重要部分，零售商優先考慮將該品類作為策略槓桿。

Mattel is well positioned competitively in the fourth quarter with a broad-based lineup of innovative product offerings and segment launches with a range of play patterns and price points across our portfolio.

美泰在第四季處於有利的競爭地位，擁有廣泛的創新產品系列和細分市場，我們的產品組合具有一系列的遊戲模式和價格點。

We also have an exciting lineup of product tied to the theatrical movie releases of Disney's Moana 2 and Universal's Wicked in November.

我們還有與 11 月上映的迪士尼電影《莫阿娜 2》和環球影業《魔法壞女巫》相關的令人興奮的產品陣容。

We expect a good holiday season for Mattel with more retail support, additional shelf space, greater representation across major holiday catalogs, and increased marketing and promotions as compared to the prior year.

我們預計美泰將迎來一個良好的假期季節，與前一年相比，會有更多的零售支援、更多的貨架空間、更多的主要假日目錄的代表性以及更多的營銷和促銷活動。

In closing, we continue to execute on our multi-year strategy, and this year are prioritizing profitability, gross margin expansion, and cash generation.

最後，我們繼續執行我們的多年策略，今年優先考慮獲利能力、毛利率擴張和現金產生。

We expect top-line growth in the fourth quarter, driven by a good holiday season, market share gains, and a toyetic theatrical slate and are well positioned for long-term growth and shareholder value creation.

我們預計，在良好的假期季節、市場份額增長和戲劇性的票房收入的推動下，第四季度的營收將實現增長，並為長期增長和股東價值創造做好準備。

And now I will turn the call over to Anthony.

現在我將把電話轉給安東尼。

Thanks, Ynon.

謝謝，伊農。

We achieved another strong quarter of profitability with significant margin gains fully offsetting the impact of wrapping the Barbie movie related benefits in the prior year.

我們又實現了強勁的季度獲利能力，利潤率大幅成長，完全抵消了去年芭比電影相關收益的影響。

Net sales were $1.84 billion, a decline of 4% as reported or 3% in constant currency.

淨銷售額為 18.4 億美元，按報告下降 4%，以固定匯率計算下降 3%。

The decline was primarily due to the Barbie movie comparison, which benefited the prior year.

下降的主要原因是芭比娃娃電影的比較，這使前一年受益。

Adjusted gross margin reached 53.1%, an increase of 210 basis points, benefiting from supply chain improvements and cost savings.

調整後毛利率達53.1%，成長210個基點，受益於供應鏈改善與成本節約。

Adjusted operating income was comparable at $504 million as the net sales decline was offset by margin improvement.

調整後營業收入為 5.04 億美元，淨銷售額下降被利潤率改善所抵銷。

Adjusted EPS increased 6% to $1.14, benefiting from fewer shares outstanding as a result of share repurchases.

調整後每股盈餘成長 6%，達到 1.14 美元，受益於股票回購導致流通股減少。

Turning to gross billings in constant currency, first by category.

轉向以固定貨幣計算的總帳單，首先按類別劃分。

Overall, gross billings declined 3% in the quarter.

總體而言，本季總帳單下降了 3%。

Excluding the movie related benefit in Q3 of last year, gross billings would have increased modestly.

排除去年第三季與電影相關的收益，總流水帳將會小幅成長。

POS declined high single digits in the quarter and was down low single digits through the first nine months due primarily to the Barbie related decline in dolls.

POS 在本季度出現高個位數下降，並在前 9 個月出現低個位數下降，這主要是由於與芭比娃娃相關的下降。

Dolls billings declined 14% and POS declined low double digits.

玩偶銷售額下降 14%，POS 銷售額下降兩位數。

Barbie gross billings declined 17% and POS declined low double digits.

芭比娃娃的總銷售額下降了 17%，POS 也下降了兩位數。

Vehicles had an outstanding quarter growing 13%.

車輛季度表現出色，成長 13%。

Growth was primarily driven by Hot Wheels with gains in die-cast cars and R/C, and supported by the Hot Wheels' Let's Race streaming content.

成長主要是由風火輪 (Hot Wheels) 在壓鑄汽車和遙控飛機方面的成長所推動的，並受到風火輪 (Hot Wheels) 的《Let's Race》串流內容的支持。

Matchbox and Disney Cars also contributed to growth.

火柴盒和迪士尼汽車總動員也為成長做出了貢獻。

Vehicles POS increased mid-single digits.

車輛 POS 成長了中個位數。

Infant, toddler, and preschool declined 2% due to Baby Gear and Power Wheels as we exit certain product lines in those segments, partly offset by 2% growth in Fisher-Price, which benefited from wood as we expand distribution to more markets.

由於嬰兒用品和動力輪，嬰兒、幼兒和學齡前兒童的銷售額下降了2%，因為我們退出了這些細分市場的某些產品線，但費雪公司2% 的成長部分抵消了費雪公司2% 的成長，隨著我們將分銷範圍擴大到更多市場，費雪公司受益於木材。

Category POS declined low double digits overall, with Fisher-Price down mid-single digits.

銷售類別整體下降兩位數，其中費雪下降了中個位數。

Challenger categories in aggregate grew 3%.

挑戰者類別總計成長了 3%。

The Games category achieved double-digit growth, driven by UNO.

在 UNO 的推動下，遊戲類別實現了兩位數的成長。

The Action Figures business also grew while Building Sets declined.

人偶業務也有所成長，而建築套裝業務則有所下降。

Turning to gross billings by region.

轉向按地區劃分的總帳單。

North America declined 3% due primarily to the Barbie movie-related comparison.

北美地區下降了 3%，主要是由於與芭比電影相關的比較。

The other power brands, Hot Wheels and Fisher-Price achieved growth in the quarter.

其他動力品牌 Hot Wheels 和 Fisher-Price 在本季度實現了成長。

POS declined high single digits.

POS 下降了高個位數。

EMEA declined 6%, also impacted by the movie related comparison.

歐洲、中東和非洲地區下降了 6%，這也是受到電影相關比較的影響。

POS declined high single digits.

POS 下降了高個位數。

Latin America grew 2%, driven by gains in our two largest markets, Mexico and Brazil.

在墨西哥和巴西這兩個最大市場的推動下，拉丁美洲成長了 2%。

POS declined high single digits.

POS 下降了高個位數。

Asia Pacific had a strong quarter, growing 8%, driven by gains in India and Japan.

在印度和日本成長的推動下，亞太地區季度表現強勁，成長 8%。

POS increased low single digits.

POS 成長低個位數。

Retail inventory levels ended the quarter down high single digits compared to the prior year, and we are well-positioned for the holiday season.

與去年同期相比，本季末零售庫存水準下降了高個位數，我們為假期做好了準備。

Adjusted gross margin increased 210 basis points to 53.1%.

調整後毛利率成長 210 個基點至 53.1%。

The improvement was driven by several factors.

這項改進是由多個因素推動的。

Supply chain efficiencies, including fixed cost absorption added 190 basis points.

供應鏈效率（包括固定成本吸收）增加了 190 個基點。

The optimizing for profitable growth program added 80 basis points as we continue to generate cost savings.

隨著我們繼續節省成本，優化獲利成長計畫增加了 80 個基點。

Foreign exchange rate movements added 70 basis points, and cost deflation contributed 50 basis points.

匯率變動貢獻了70個基點，成本通貨緊縮貢獻了50個基點。

These gains were partly offset by a negative mix impact of 180 basis points as we wrap the margin accretive benefits associated with the Barbie movie.

當我們考慮與芭比電影相關的利潤增值收益時，這些收益被 180 個基點的負面混合影響部分抵消。

Moving down the P&L, advertising expense declined $19 million or 16% versus the prior year.

從損益表來看，廣告費用比前一年下降了 1,900 萬美元，即 16%。

The reduction reflects our strategy to shift advertising to later in the year.

這一減少反映了我們將廣告轉移到今年稍後的策略。

Adjusted SG&A increased $23 million or 7%, primarily driven by higher compensation expenses, partly offset by savings from the optimizing for profitable growth program.

調整後的 SG&A 增加了 2300 萬美元，即 7%，主要是由於薪酬費用增加，但部分被優化盈利增長計劃節省的費用所抵消。

Adjusted operating income was comparable at $504 million with lower net sales and higher adjusted SG&A, offset by adjusted gross margin expansion and lower advertising.

調整後營業收入為 5.04 億美元，淨銷售額較低，調整後 SG&A 較高，但被調整後毛利率擴張和廣告減少所抵銷。

Adjusted operating income margin for the first nine months of 2024 was 15.5%, an expansion of 260 basis points versus the prior year period.

2024 年前 9 個月調整後營業利益率為 15.5%，較上年同期成長 260 個基點。

Adjusted EBITDA in the third quarter increased 1% to $584 million, benefiting from the previously mentioned margin improvement.

第三季調整後 EBITDA 成長 1%，達到 5.84 億美元，受惠於前面提到的利潤率改善。

Adjusted EPS was $1.14 compared to $1.08, an increase of 6%.

調整後每股收益為 1.14 美元，較 1.08 美元成長 6%。

The increase benefited from a lower share count, reflecting our continuing share repurchase activity.

這一增長得益於股票數量的減少，反映出我們持續的股票回購活動。

Year to date, cash from operations was a use of $62 million compared to a use of $80 million in the prior year period.

年初至今，營運現金使用量為 6,200 萬美元，而去年同期為 8,000 萬美元。

Capital expenditures increased by $39 million, primarily driven by the acquisition of a property that will serve as our new global design center and replace our current leased facility.

資本支出增加了 3,900 萬美元，主要是由於收購了一處房產，該房產將作為我們新的全球設計中心並取代我們當前的租賃設施。

This resulted in free cash flow of a use of $219 million compared to a use of $197 million in the prior year.

這導致使用 2.19 億美元的自由現金流，而上一年的使用量為 1.97 億美元。

On a trailing 12-month basis, free cash flow was $688 million, an increase of 49% from the prior year period.

過去 12 個月的自由現金流為 6.88 億美元，比去年同期成長 49%。

The improvement was driven by increased cash from operations, partly offset by higher capital expenditures.

這一改善是由營運現金增加所推動的，但部分被資本支出增加所抵消。

In line with our capital allocation priorities, we have utilized a portion of free cash flow to repurchase shares.

根據我們的資本配置優先順序，我們利用部分自由現金流來回購股票。

During the first nine months of 2024, we repurchased $268 million of shares and during the trailing 12-month period, we have now repurchased $361 million.

在 2024 年前 9 個月，我們回購了 2.68 億美元的股票，在過去 12 個月內，我們現已回購了 3.61 億美元的股票。

Turning to the balance sheet, we finished the quarter with a cash balance of $724 million, an increase of $268 million versus the prior year.

就資產負債表而言，本季末我們的現金餘額為 7.24 億美元，比前一年增加了 2.68 億美元。

The increase reflects the free cash flow generated over the past 12 months, partly offset by the use of cash to repurchase shares.

這一成長反映了過去 12 個月產生的自由現金流，部分被使用現金回購股票所抵銷。

Total debt of $2.35 billion was comparable to last year with no scheduled maturities until 2026.

債務總額為 23.5 億美元，與去年持平，預計 2026 年之前到期。

Accounts receivable declined $94 million due primarily to lower sales.

應收帳款減少 9,400 萬美元，主要是由於銷售額下降。

Inventory levels remained below the prior year as we ended the quarter at $737 million, down $53 million.

本季末庫存水準仍低於去年同期水平，為 7.37 億美元，減少了 5,300 萬美元。

Our leverage ratio continued to improve compared to the prior year.

與前一年相比，我們的槓桿率持續改善。

Debt to adjusted EBITDA finished the quarter at 2.3 times, compared to 2.7 times in the prior year quarter.

本季末債務佔調整後 EBITDA 的比例為 2.3 倍，而去年同期為 2.7 倍。

The improvement was driven by the increase in our trailing 12-month adjusted EBITDA.

這項改善是由我們過去 12 個月調整後 EBITDA 的成長所推動的。

We had another quarter of achieving significant cost savings.

我們還有一個季度實現了顯著的成本節約。

Under our optimizing for profitable growth program, which we commenced this year, we generated $23 million of savings in the quarter with $15 million benefiting cost of goods sold and $8 million in SG&A.

根據我們今年啟動的獲利成長優化計劃，我們在本季節省了 2,300 萬美元，其中 1,500 萬美元受益於銷售商品成本，800 萬美元用於銷售管理費用。

For the nine-month period, we achieved $60 million of savings.

在這 9 個月期間，我們節省了 6000 萬美元。

Given the progress to date, we now expect to generate approximately $75 million of savings in 2024, exceeding our original target of $60 million, and are on track to achieve total program savings of $200 million by 2026.

鑑於迄今為止的進展，我們現在預計到 2024 年將節省約 7500 萬美元，超過我們最初的 6000 萬美元目標，並預計在 2026 年實現項目總節省 2 億美元。

As we draw closer to the end of the year, we are updating our guidance for 2024.

隨著年底的臨近，我們正在更新 2024 年的指導。

We expect net sales in constant currency to be comparable to slightly down given our year-to-date results and outlook for the remainder of the year.

考慮到我們今年迄今的業績和今年剩餘時間的前景，我們預計以固定匯率計算的淨銷售額將略有下降。

From a category perspective for the full year, we expect Vehicles to grow; Infant, Toddler, and Preschool and Challenger categories to be comparable; and Dolls to decline.

從全年品類角度來看，我們預期車輛將會成長；嬰兒、幼兒、學前班和挑戰者類別具有可比性；和娃娃拒絕。

With respect to the power brands, we expect Hot Wheels and Fisher-Price to grow and Barbie to decline as we wrap the movie benefit.

就強勢品牌而言，我們預計風火輪和費雪牌將成長，而芭比娃娃將在電影收益結束後下降。

This guidance reflects our expectation for top-line growth in the fourth quarter as we continue to anticipate a good holiday season.

這項指引反映了我們對第四季營收成長的預期，因為我們繼續預期假期季節將迎來良好的發展。

Full year 2024 adjusted gross margin is expected to increase to approximately 50% compared to 47.5% in 2023.

2024 年全年調整後毛利率預計將從 2023 年的 47.5% 增加到約 50%。

The improved outlook reflects incremental cost savings and improved supply chain performance.

前景的改善反映了成本的不斷節省和供應鏈績效的改善。

Advertising is expected to remain relatively stable as a percent of net sales and adjusted SG&A to now increase slightly as a percent of net sales versus 2023.

預計廣告佔淨銷售額的百分比將保持相對穩定，調整後的 SG&A 佔淨銷售額的百分比與 2023 年相比略有增加。

We continue to expect adjusted EBITDA to be in the range of $975 million to $1,025 million and for adjusted EPS to grow by double digits to the range of $1.35 to $1.45. The adjusted tax rate is projected to be 21% to 22%.

我們仍預期調整後 EBITDA 將在 9.75 億美元至 10.25 億美元之間，調整後每股盈餘將以兩位數成長，達到 1.35 美元至 1.45 美元。調整後的稅率預計為21%至22%。

Capital expenditures are forecasted to be in the range of $200 million to $225 million, which includes our recent purchase of a global design center to replace the current leased facility.

資本支出預計在 2 億至 2.25 億美元之間，其中包括我們最近購買的全球設計中心以取代目前租賃的設施。

Free cash flow is still expected to be approximately $500 million.

自由現金流預計仍約 5 億美元。

We will provide full year 2025 guidance on our 2024 fourth quarter call.

我們將在 2024 年第四季電話會議中提供 2025 年全年指引。

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.

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。

In closing, the highlight of the quarter was achieving meaningful expansion in gross margin and growth in adjusted EPS, despite a challenging comparison.

最後，儘管比較具有挑戰性，但本季的亮點是實現了毛利率的有意義擴張和調整後每股盈餘的成長。

We generated significant cash flow on a trailing 12-month basis, further strengthened our balance sheet, and repurchased additional shares.

我們在過去 12 個月內產生了大量現金流，進一步強化了我們的資產負債表，並回購了更多股票。

We are in a strong position to continue executing our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering and create long-term shareholder value.

我們處於有利地位，可以繼續執行我們的多年策略，以發展我們的智慧財產權驅動的玩具業務，擴大我們的娛樂產品並創造長期股東價值。

And now I will turn the call over to the operator and we’ll be happy to take your questions.

現在我將把電話轉給接線員，我們很樂意回答您的問題。

(Operator Instructions)

（操作員說明）

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

Hi.

你好。

Thanks so much.

非常感謝。

Thanks for taking my question.

感謝您提出我的問題。

And Jenn welcome to Mattel, look forward to working with you.

Jenn 歡迎來到美泰，期待與您合作。

Ynon, could you a quick sense on the retail environment?

Ynon，您能快速了解零售環境嗎？

There is a lot of concern about macro, Paris, the election, persistent inflation, and generally about the consumers sort of holding up into Q4.

人們對宏觀經濟、巴黎、選舉、持續通膨以及消費者在第四季度的表現感到非常擔憂。

What gives you confidence for what you said to, I guess, reiterate growth guidance for Q4?

我猜是什麼讓您對重申第四季的成長指引充滿信心？

And then I have a quick follow-up.

然後我會進行快速跟進。

Sure.

當然。

Hi Arpine.

嗨阿爾派恩。

From where we sit, the toy industry continues to perform better than initially expected at the start of the year.

從我們的角度來看，玩具產業的表現持續優於年初的最初預期。

We expect growth in our business in the fourth quarter and see demand for our products.

我們預計第四季度我們的業務將實現成長，並看到對我們產品的需求。

We also are seeing different studies.

我們也看到了不同的研究。

One, that is interesting is the National Retail Federation that recently said that they expect holiday season, holiday sales to grow between 2.5% to 3.5%, which is generally in line with other external forecasts that we're seeing.

其中有趣的是，美國零售聯合會最近表示，他們預計假期季節的假期銷售額將成長 2.5% 至 3.5%，這與我們看到的其他外部預測基本一致。

Our own internal research shows that more consumer plan to show for toys in the fourth quarter and that the majority of toys shoppers are looking for evergreen well-known brands, which bodes well for Mattel.

我們自己的內部研究表明，更多的消費者計劃在第四季度展示玩具，並且大多數玩具購物者都在尋找常青的知名品牌，這對美泰來說是個好兆頭。

So all in all, we do expect a good holiday season.

總而言之，我們確實期待一個美好的假期。

We expect to grow sales, gain market share, and continue to execute our strategy.

我們期望增加銷售額，獲得市場份額，並繼續執行我們的策略。

Wonderful.

精彩的。

Thank you.

謝謝。

And this is maybe for Anthony.

這也許是為了安東尼。

Anthony, when you look at the implied margin for Q4, it is closer to, if my math is right, 47.9%, something like that, closer to 48%.

安東尼，當你查看第四季度的隱含利潤率時，如果我的數學正確的話，它更接近 47.9%，類似的數字，更接近 48%。

But comp’s were toughest in margin in Q3, I think, right, given the Barbie proceeds, if I'm not mistaken.

但如果我沒記錯的話，考慮到芭比娃娃的收益，我想，第三季公司的利潤率是最艱難的。

Then why are margins a bit more pressured in Q4.

那麼為什麼第四季的利潤率會受到更大的壓力呢？

Is it you sort of being conservative given, so much of retail is still ahead of you or what is driving this margin outlook for Q4?

鑑於如此多的零售業仍領先於您，您是否有點保守，或者是什麼推動了第四季度的利潤前景？

Thank you.

謝謝。

Yeah, sure Arpine.

是的，當然是阿爾派恩。

As we said, we're guiding to 50% on a full year.

正如我們所說，我們的目標是全年 50%。

That's up 250 basis points.

上漲了 250 個基點。

And it does imply that year to go down slightly.

這確實意味著那一年會略有下降。

And there's a couple of reasons for that.

這有幾個原因。

One is, and we've seen cost deflation year to date, we expect to see a little bit of cost inflation in the fourth quarter.

一是，今年迄今為止我們已經看到了成本通縮，我們預計第四季會出現一些成本通膨。

And we're also continuing to have some of the movie wrap, one-third of last years’ benefit occurred in the fourth quarter.

我們也繼續進行一些電影的拍攝，去年三分之一的效益發生在第四季。

So we have a little bit of a wrap to go, so those are the two drivers.

我們還有一些工作要做，這就是兩位車手。

The other driver in terms of operating income margin really reflects our strategy to shift advertising into the fourth quarter.

營業利潤率的另一個驅動因素確實反映了我們將廣告轉移到第四季的策略。

On a year-to-date basis, our advertising is actually down $40 million and we're guiding for it to be comparable as a percent of net sales, which implies a pretty significant increase in advertising in Q4, which is impacting the margin as well.

年初至今，我們的廣告支出實際上減少了​​ 4000 萬美元，我們預計其佔淨銷售額的百分比相當，這意味著第四季度的廣告支出將大幅增加，這對利潤率產生了影響。

That's really helpful.

這真的很有幫助。

Thank you.

謝謝。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, thanks.

你好，謝謝。

Good evening.

晚安.

Thanks for taking our questions.

感謝您回答我們的問題。

I wanted to start, Anthony, I think you said POS was down high single digits in the quarter.

我想開始，安東尼，我想你說過 POS 在本季出現了高個位數的下降。

Gross billings and constant currency were down 3%.

以固定匯率計算的總帳單下降了 3%。

And I think you said would have actually increased modestly if you take out some of the movie-related impact last year, which I think that wasn't toy, but correct me if I'm wrong.

我認為你說如果你去掉去年一些與電影相關的影響，實際上會適度增加，我認為這不是玩具，但如果我錯了，請糾正我。

And retail inventories were also down high single digits which is, I think the same as they were last quarter.

零售庫存也下降了高個位數，我認為與上個季度相同。

So can you just help us understand how that all works together?

那麼您能幫助我們了解這一切是如何協同工作的嗎？

The POS down, high singles, gross billings down 3%, would imply that you over shipped POS in the third quarter.

POS 下降、單打量高、總帳單下降 3%，這意味著您在第三季的 POS 出貨量過多。

Yeah.

是的。

So look, there's typically some volatility in our retail inventory movements and the correlation between POS and gross billings is not an exact science.

因此，我們的零售庫存變動通常會出現一些波動，而 POS 和總帳單之間的相關性並不是一門精確的科學。

And what I would point you to is on a year-to-date basis both gross billings and POS are down slightly and fairly aligned.

我想向您指出的是，今年迄今為止，總帳單和 POS 都略有下降，而且相當一致。

I think also importantly, as we look at the retailer inventory positions at the end of Q3, they are down high single digits versus last year, they are very good quality, and we believe we are well positioned as we head into the holiday season.

我認為同樣重要的是，當我們觀察第三季末的零售商庫存狀況時，它們與去年相比下降了高個位數，它們的品質非常好，我們相信在進入假日季節時我們處於有利位置。

Okay, that's helpful.

好的，這很有幫助。

And then just on the top line guide, the change now you're saying comparable to slightly down.

然後就在頂線指南上，您現在所說的變化相當於略有下降。

I don't think you changed your expectations for the industry and you said you still expect to gain share.

我不認為你改變了對這個行業的期望，而且你說你仍然期望獲得份額。

So can you just help us understand what changed?

那麼您能幫助我們了解發生了什麼變化嗎？

Did you change your market share total expectation?

您是否改變了您的市佔率總預期？

Or do you no longer expect to ship ahead of POS?

或者您不再期望在 POS 之前發貨？

And I guess if that's the case, do you expect POS to be positive in the fourth quarter?

我想如果是這樣的話，您預計 POS 在第四季會出現正面的情況嗎？

Yeah, I would say there's no specific drivers to call out.

是的，我想說沒有具體的驅動程式可以呼叫。

It's based on an assessment of our results year to date and our outlook for the remainder of the year.

它基於對我們今年迄今為止的業績的評估以及我們對今年剩餘時間的展望。

And importantly, to note, we do expect a good holiday season, we do expect POS to grow in the fourth quarter.

重要的是，需要注意的是，我們確實預計假日季節會很好，我們預計 POS 將在第四季度實現成長。

We expect our sales to be up in the fourth quarter, outpace the industry and gain share, not only for the fourth quarter, but for the full year as well.

我們預計第四季度的銷售額將成長，超過行業並增加份額，不僅是第四季度，而且是全年。

Okay.

好的。

Thank you so much.

太感謝了。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Thanks, guys.

謝謝，夥計們。

Good afternoon.

午安.

Ynon, you've continued to endorse industry growth in '25.

Ynon，您在 25 年繼續支持行業成長。

Can you remind us or share with us what the source of optimism is?

您能提醒我們或與我們分享樂觀的根源是什麼嗎？

What are the factors you see driving a rebound to the market next year?

您認為明年市場反彈的因素有哪些？

And then I have a follow-up.

然後我有一個後續行動。

Thanks, Drew.

謝謝，德魯。

Well, first of all, the toy industry is a growth industry and it has grown in 23 of the past 25 years.

首先，玩具產業是一個成長型產業，在過去 25 年中有 23 年實現了成長。

It continues to perform better than initially expected at the start of the year.

它的表現繼續好於年初的最初預期。

Although we still expect it to decline modestly for the full year.

儘管我們仍然預計全年將小幅下降。

Beyond this year, we do believe, as we said before, that trends will improve and that the industry will return to growth and continue to grow over the long term.

今年之後，正如我們之前所說，我們確實相信趨勢將會改善，產業將恢復成長並繼續長期成長。

We still see strong industry fundamentals in that toys are an important part of consumers' lives.

我們仍然看到強勁的行業基礎，因為玩具是消費者生活的重要組成部分。

Retailers prioritize the category as a strategic lever.

零售商優先考慮將該品類作為策略槓桿。

Toy shoppers drive traffic to the store, they spend more time in the store, and they have typically a bigger basket or basket that is worth more.

玩具購物者增加了商店的客流量，他們在商店裡花了更多的時間，而且他們通常有一個更大的籃子或更高價值的籃子。

Overtime, toy POS has been growing and outpacing the decline in birth rates.

隨著時間的推移，玩具 POS 的成長速度超過了出生率下降的速度。

The industry growth has been driven, if you look at the big -- the top -- the key markets, has been driven by both pricing and units.

如果你看看大的、頂級的關鍵市場，產業的成長是由定價和單位推動的。

And we're also seeing positive drivers for the industry overall and that more theatrical or toyetic theatrical movies are coming online.

我們也看到整個產業的積極推動力，更多的院線或玩具院線電影正在上線。

You are seeing a fast growing adult segment, not just collector, but adults buying toys.

你會看到一個快速成長的成人群體，不僅是收藏家，還有購買玩具的成年人。

And all in all, it's been -- you have good, positive, healthy fundamentals.

總而言之，你擁有良好、積極、健康的基本面。

Within all of that, we believe that we are very well positioned to capitalize on future industry growth.

綜上所述，我們相信我們處於充分利用未來產業成長的有利位置。

We continue to invest in organic growth, focus on great product innovation, supply chain, commercial capabilities, demand creation capabilities, and expect to outpace the industry and continue to gain share.

我們繼續投資於有機成長，專注於出色的產品創新、供應鏈、商業能力、需求創造能力，並期望超越行業並繼續獲得份額。

Got it.

知道了。

Thank you, Ynon.

謝謝你，伊農。

And maybe for Anthony, we've heard that one of your major retail partners has changed their payment terms.

也許對於安東尼來說，我們聽說您的主要零售合作夥伴之一已經更改了付款條件。

And I'm just curious, if that in any way shifts working capital and puts your free cash flow guidance at risk for the year?

我只是很好奇，這是否會以任何方式改變營運資金並使您今年的自由現金流指導面臨風險？

I mean you're reiterating it today, but I just want to understand if that in any way impacts working capital.

我的意思是您今天重申了這一點，但我只是想了解這是否會以任何方式影響營運資金。

Thanks.

謝謝。

No, impact on us.

不，對我們有影響。

As we talked about, we continue to guide to $500 million of free cash flow despite a little bit of uptick in capital expenditures.

正如我們所說，儘管資本支出略有增加，但我們仍繼續指導自由現金流達到 5 億美元。

Got it.

知道了。

Okay.

好的。

Thanks, guys.

謝謝，夥計們。

Stephen Laszczyk, Goldman Sachs.

史蒂芬·拉斯奇克，高盛。

Great.

偉大的。

Good afternoon, and thanks for taking the questions.

下午好，感謝您提出問題。

Maybe first for Anthony on capex.

也許安東尼的資本支出是第一位的。

You called out the acquisition of the new global design center.

您宣布收購新的全球設計中心。

Just talk a little bit more about the sizing of the investment you're making there, any longer term related capex you're expecting from the build.

只需多談談您在那裡進行的投資規模，以及您期望從建設中獲得的任何長期相關資本支出。

And then for longer term capex, is the $200 million to $225 million, perhaps a good proxy to think about that going forward?

那麼，對於長期資本支出來說，2 億至 2.25 億美元是否是考慮未來的良好指標？

Thanks.

謝謝。

Yes.

是的。

So as we said, we purchased a building in El Segundo that will serve as our global design center going forward.

正如我們所說，我們在埃爾塞貢多購買了一棟建築，它將作為我們未來的全球設計中心。

It does replace an existing leased facility in El Segundo, as well.

它也確實取代了埃爾塞貢多現有的租賃設施。

And that's the reason for the capex guide going up a little bit.

這就是資本支出指南略有上升的原因。

Although, it's not going up by the full amount as we manage the rest of the spend.

儘管如此，由於我們管理其餘的支出，它並沒有全額增加。

We'll have a little bit of build out related to that for next year.

明年我們將進行一些與此相關的建設。

And as we get closer to next year, we can give you an update on what we expect for next year.

隨著明年的臨近，我們可以向您介紹我們對明年的預期的最新情況。

Got it.

知道了。

And then maybe just a follow-up question on capital allocation.

然後也許只是關於資本配置的後續問題。

Share repurchases, you bought back $68 million in the quarter, which is a bit slower than what we've seen over the first two quarters of the year.

股票回購，本季回購了 6,800 萬美元，這比我們今年前兩季看到的要慢一些。

Could you maybe just talk a little bit about the pace of share repurchases going forward?

能否簡單談談未來股票回購的步伐？

Maybe the opportunity to ramp up as we look into the back half of the year and maybe how you're balancing that versus other capital allocation priorities heading into '25?

當我們展望今年下半年時，也許有機會增加，也許您如何在進入 25 年後平衡這一點與其他資本配置優先事項？

Thank you.

謝謝。

What I would say is that we've been very active on the share repurchase front an, you know, $68 million in Q3 brings the year-to-date total to $268 million.

我想說的是，我們在股票回購方面一直非常積極，第三季的股票回購金額為 6,800 萬美元，使今年迄今的總額達到 2.68 億美元。

On a trailing 12-month basis, we're now at about $360 million.

根據過去 12 個月的數據，我們現在的收入約為 3.6 億美元。

And since we resumed share repurchases last year, we've now bought back $471 million of shares.

自從我們去年恢復股票回購以來，我們現在已經回購了價值 4.71 億美元的股票。

Now, in terms of the pace we believe it's appropriate and really consistent with our stated capital allocation priorities.

現在，就步伐而言，我們認為這是適當的，並且確實符合我們規定的資本配置優先事項。

And looking ahead, we would expect we'll continue to buy back stock in line with those capital allocation priorities and fund that with free cash flow.

展望未來，我們預計我們將繼續根據這些資本配置優先事項回購股票，並以自由現金流為其提供資金。

Got it.

知道了。

Thanks, Anthony.

謝謝，安東尼。

Jim Chartier, Monness, Crespi and Hardt.

吉姆·查蒂爾、蒙尼斯、克雷斯皮和哈特。

Hi, thanks for taking my question.

您好，感謝您提出我的問題。

Can you just talk about your digital gaming initiatives longer-term?

您能談談您的長期數位遊戲計劃嗎？

What's kind of a planned launch schedule within Mattel163?

Mattel163 的上市計畫是怎樣的？

Last quarter, you talked about developing some casual games internally.

上個季度，您談到了內部開發一些休閒遊戲。

What's the timeframe for launching the first game there?

在那裡推出第一款遊戲的時間表是什麼？

And then any other initiatives you might have?

那麼您可能還有其他舉措嗎？

Thanks.

謝謝。

Thank Jim.

謝謝吉姆。

As we've said before, our goal when it comes to digital gaming 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.

正如我們之前所說，我們在數位遊戲方面的目標是透過創造數位遊戲和體驗，推動各年齡層粉絲的持續參與，將實體遊戲擴展到虛擬世界。

Our strategy has three components - licensing, our joint venture with NetEase, that we call on with NetEase, and self-publishing which we recently started to talk about.

我們的策略由三個部分組成：授權、我們與網易的合資企業（我們與網易的合資企業）以及我們最近開始談論的自助出版。

We continue to make progress on the licensing front with more games where we work with third parties.

我們繼續在許可方面取得進展，與第三方合作推出更多遊戲。

Mattel163 is expected to exceed $200 million of gross billings this year with very attractive margins.

Mattel163 預計今年的總營業額將超過 2 億美元，利潤率非常有吸引力。

And this is so far on the back of only three games released until now.

到目前為止，僅發布了三款遊戲。

And when it comes to self-publishing, this is where we see asymmetric opportunities for us in the mobile space -- mobile gaming space, given the strength of our brands.

當談到自助出版時，考慮到我們品牌的實力，我們在行動領域——行動遊戲領域看到了不對稱的機會。

And we are starting to ramp this strategy, working on already the first game with a very strong studio, and we will be happy to share more as we progress the strategy.

我們正在開始推進這項策略，已經與非常強大的工作室一起開發了第一款遊戲，隨著我們推進策略，我們將很樂意分享更多內容。

But we see our digital gaming strategy as an important growth driver, both for top line and profitability.

但我們認為我們的數位遊戲策略是收入和獲利能力的重要成長動力。

Great.

偉大的。

And then Anthony, how should we think about SG&A for the year?

然後安東尼，我們該如何考慮今年的銷售及管理費用？

And then is the compensation growth driven by just merit raises and inflation?

那麼薪資成長是由績效加薪和通貨膨脹所驅動的嗎？

Or are there places where you're adding employees and investing?

或是有哪些地方需要增加員工和投資？

Sure.

當然。

In terms of full year guidance, we do expect SG&A as a percent of sales to be up slightly and a primary driver of that is investment decisions that we've made, particularly to build capabilities in areas like digital gaming.

就全年指導而言，我們確實預期銷售管理費用佔銷售額的百分比將略有上升，其主要驅動力是我們做出的投資決策，特別是在數位遊戲等領域建立能力。

We're also investing in some of our information technology, but those would be the two primary drivers coming through.

我們也投資了一些資訊技術，但這些將是兩個主要驅動力。

Great.

偉大的。

Thank you.

謝謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks, guys.

謝謝，夥計們。

Good evening.

晚安.

So I'll take a shot to at the sort of change in the top line outlook.

因此，我將嘗試看看營收前景的變化。

So as you think about the subtle change to the guide for the year on sales, I guess to what degree was that what you've seen year to date versus taking a different view on how you thought about the fourth quarter prior to today?

因此，當您考慮今年銷售指南的微妙變化時，我想您今年迄今為止所看到的變化程度與您對今天之前第四季度的看法有何不同？

Yeah.

是的。

So as we said, I mean, we continue to expect growth in the fourth quarter.

正如我們所說，我的意思是，我們繼續預期第四季的成長。

Obviously, it's a critical quarter for us.

顯然，這對我們來說是一個關鍵的季度。

We're well positioned in terms of the demand creation activities.

我們在需求創造活動方面處於有利地位。

And as we said, we expect to grow the top line.

正如我們所說，我們期望增加收入。

It's probably more of a function of looking at our year-to-date performance that's causing us to be a little bit cautious in terms of top line.

這可能更多的是考慮到我們今年迄今為止的表現，這導致我們在收入方面有點謹慎。

But we feel really good as we head into the fourth quarter in terms of more innovative product, more advertising, more shelf space, more retailer support.

但當我們進入第四季度時，我們感覺非常好，因為我們有更多的創新產品、更多的廣告、更多的貨架空間和更多的零售商支援。

All those things give us confidence for a good holiday season ahead of us.

所有這些都讓我們對即將到來的美好假期充滿信心。

Got it.

知道了。

Appreciate that.

很欣賞這一點。

And my follow up question is on tariffs.

我的後續問題是關於關稅的。

It's pretty popular topic right now with the election right in front of us.

這是現在非常流行的話題，因為選舉就在我們面前。

Can you just help us remind us how you're thinking about your tariff exposure from a manufacturing base in China versus what your sale’s are in the United States?

您能否幫助我們提醒我們，您如何看待中國製造基地的關稅風險以及您在美國的銷售情況？

And think about what your experience was last time, understanding, and I don't think list four went in, but how are you thinking about that today versus what it was prior?

想想你上次的經歷，理解，我不認為清單四被列入，但你今天如何看待這一點與之前的情況相比？

Thank you.

謝謝。

Well, we're always looking at different changes, whether it's government policy or regulatory dynamics that could impact our business.

嗯，我們一直在關注不同的變化，無論是可能影響我們業務的政府政策還是監管動態。

And our job is to design a flexible and responsive organization that can react to changing market conditions.

我們的工作是設計一個靈活且反應靈敏的組織，能夠對不斷變化的市場條件做出反應。

And this is exactly what we've been doing over the last few years.

這正是我們過去幾年一直在做的事。

Our supply chain today is a competitive advantage for Mattel.

我們今天的供應鏈是美泰的競爭優勢。

It's geographically diversified.

它在地理上是多元化的。

We make products in six different countries and we continue to ensure that we have flexibility in our system to respond to changes in the marketplace.

我們在六個不同的國家生產產品，並繼續確保我們的系統具有靈活性，以應對市場的變化。

So I guess just in terms of like how much do you actually source out of China and how much of that is directed at US sales?

所以我想，你實際上從中國採購了多少，其中有多少是針對美國銷售的？

We make, our product that is made in China is approximately 50% of our manufacturing.

我們製造，我們的產品在中國製造約占我們製造量的50%。

This is compared to an industry average of about 80% to 85%.

相比之下，行業平均約為 80% 至 85%。

These numbers are as of the end of 2023.

這些數字截至 2023 年底。

We also talked about the fact that we continue to further diversify our manufacturing footprint and intend to continue to adjust for more flexibility in the system.

我們也談到了這樣一個事實，即我們將繼續進一步實現製造足跡的多元化，並打算繼續進行調整以提高系統的靈活性。

The US product -- heading into the US is just around 50% in China.

銷往美國的美國產品只有50%左右在中國。

And that number has been declining over time as we continue to further diversify our manufacturing across different countries.

隨著我們繼續在不同國家進一步實現製造多元化，這個數字隨著時間的推移一直在下降。

Thanks very much.

非常感謝。

Kylie Cohu, Jefferies.

凱莉·科胡，傑弗里斯。

Thank you guys so much for taking my question.

非常感謝你們回答我的問題。

I was wanting to dig a little deeper into optimizing for profitable growth program.

我想更深入地研究優化獲利成長計劃。

I was curious what's going really well so far.

我很好奇到目前為止進展順利。

What’s next to optimize.

接下來要優化什麼。

Is there any change to that total targeted $200 million number?

2 億美元的目標總額有變動嗎？

Thank you.

謝謝。

Sure.

當然。

So the optimizing for profitable growth program, we initiated that at the beginning of the year, targeting $200 million of savings by 2026, a combination of cost of goods sold and SG&A.

因此，我們在年初啟動了優化獲利成長計劃，目標是到 2026 年節省 2 億美元，包括銷售成本和 SG&A。

And we're off to a very good start.

我們有了一個非常好的開始。

Our initial target for the full year 2024 was $60 million.

我們 2024 年全年的初始目標是 6000 萬美元。

We hit that year to date at nine months and are increasing the expectation for 2024 from that $60 million to $75 million.

截至今年 9 個月，我們已將 2024 年的預期從 6,000 萬美元提高到 7,500 萬美元。

And most of that upside coming through the cost of goods sold line.

大部分上漲來自於銷售成本。

As you know, we have a strong track record of identifying and achieving our targeted cost savings and are certainly very confident in our ability to achieve the $200 million goal, although we're not making any changes in that goal at this point.

如您所知，我們在確定和實現目標成本節約方面擁有良好的記錄，並且對實現 2 億美元目標的能力非常有信心，儘管我們目前尚未對該目標做出任何改變。

But we're off to a very good start on this one.

但我們在這方面已經有了一個好的開始。

Perfect.

完美的。

And then just one last follow-up for me.

然後是我的最後一個後續行動。

Obviously you talked a little bit about what you're seeing in your international markets, I was just wondering if you could expand there.

顯然，您談到了您在國際市場上看到的情況，我只是想知道您是否可以在那裡擴張。

And I was wondering if there were any regional changes to call out quarter over quarter?

我想知道是否有任何區域性變化需要逐季度公佈？

No, nothing specific about any specific call-outs.

不，沒有任何具體的標註。

We continue to execute well.

我們繼續執行得很好。

There are always going to be puts and takes within the business, but as a whole, we feel very good about our execution across region and continued focus on executional excellence.

業務中總是會有一些變化，但總的來說，我們對跨地區的執行力感到非常滿意，並繼續專注於卓越的執行力。

Well, thank you very much.

嗯，非常感謝。

Alex Perry, Bank of America.

亞歷克斯·佩里，美國銀行。

Hi.

你好。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

I guess first, it seems like there's a lot of optimism around holiday.

我想首先，假期似乎充滿了樂觀情緒。

Can you maybe touch on how your top retailers are feeling about the category as we inch closer to holiday?

隨著假期的臨近，您能否談談您的頂級零售商對該類別的看法？

And then can you talk about if you saw any shift in shipments from 3Q to 4Q as retailers take inventory on a more just-in-time basis?

然後您能否談談，隨著零售商更及時地盤點庫存，您是否看到從第三季到第四季的出貨量發生變化？

Thanks.

謝謝。

Sure, so I would say overall, retailer sentiment is positive.

當然，所以我想說，總體而言，零售商的情緒是正面的。

They prioritize toys as a strategic category.

他們將玩具列為戰略類別。

It drives foot traffic in brick-and-mortar and in e-commerce among other benefits for them.

它增加了實體店和電子商務的客流量，並為他們帶來了其他好處。

I'd say we work very closely with our key retail partners and we've planned for the holiday season.

我想說，我們與主要零售合作夥伴密切合作，並且已經為假期做好了計劃。

And we have a full slate of demand drivers from new products to increased shelf space, more presence in the holiday catalog.

我們擁有一整套需求驅動因素，從新產品到增加的貨架空間，以及在假期目錄中的更多展示。

We're planning for significantly higher advertising on our part.

我們計劃大幅增加廣告投放。

And that's coupled with, the inventory levels are appropriate.

除此之外，庫存水準是適當的。

We're working with them to make sure we have the right product in the right place and the right quantity.

我們正在與他們合作，以確保我們在正確的地方提供正確的產品和正確的數量。

And are very confident in that we'll see a good holiday season.

我們對度過一個愉快的假期充滿信心。

Perfect.

完美的。

And then I guess any change in sort of your outlook for the power brands?

然後我猜你對強勢品牌的看法有什麼改變嗎？

Is the expectation that Barbie is going to be down more significantly than you thought previously in the fourth quarter?

芭比娃娃第四季的預期下降幅度是否比您之前想像的要大？

And did your expectation come up for any of the other power brands, maybe Hot Wheels, for instance?

您對其他動力品牌（例如風火輪）的期望是否達到了？

Thanks.

謝謝。

Yeah, I would say no change in the overall category guidance nor for the power brands themselves.

是的，我想說的是，整體品類指導和強勢品牌本身都沒有改變。

So all moving ahead.

所以一切都在前進。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓·韋瑟，D.A.戴維森。

Yes.

是的。

Hi.

你好。

So on your Fisher-Price wood line, it sounds like it's off to a good start.

因此，在費雪木系列產品上，聽起來似乎有了一個好的開始。

I believe there might have been exclusive period of time at Wal-Mart.

我相信沃爾瑪可能有一段專屬的時間。

What's the timing of when exclusivity ends and kind of like what's the timeframe for that ramp up and expansion more globally?

排他性結束的時間是什麼時候，以及在全球加速和擴張的時間範圍是怎樣的？

Thank you.

謝謝。

Hi, Linda.

嗨，琳達。

Yes, we started off with an exclusive period with Wal-Mart and we are now expanding the product globally.

是的，我們一開始與沃爾瑪有一段獨家合作期，現在我們正在全球擴展該產品。

We're adding new franchises to little people as well.

我們還為小人物添加了新的特許經營權。

And Fisher-Price as a whole is having great momentum.

費雪公司整體發展勢頭強勁。

It's up for the second quarter in a row.

這是連續第二季的情況。

As you know, we have a new strategy, new leadership.

如您所知，我們有新的策略、新的領導階層。

Fisher-Price is still the number one brand in the category, and we believe it's very well positioned for continued growth.

費雪牌仍然是該類別中的第一品牌，我們相信它處於持續增長的有利位置。

Thank you.

謝謝。

Can I also ask about Hasbro.

還可以問一下孩之寶嗎？

Hasbro has changed their approach with, they’re outsourcing more of their brands to other toymakers to market.

孩之寶改變了他們的做法，他們將更多的品牌外包給其他玩具製造商進行行銷。

Does that somehow benefit you when you're dealing with the retailers, because that sort of fragments Hasbro’s brand portfolio among more companies that are marketing, supplying to the retailers.

當您與零售商打交道時，這對您有好處嗎？

So does that somehow benefit you in terms of what their strategy is that they're undertaking?

那麼，就他們正在採取的策略而言，這是否對您有利？

Thanks.

謝謝。

We continue to focus on our strategy to grow our toy business and expand our entertainment offering.

我們繼續專注於發展玩具業務和擴大娛樂產品的策略。

When it comes to supply chain, we do believe we have a competitive advantage, both in terms of scale, quality, service levels for the retailers, and we continue to see the benefits and it's in the numbers.

在供應鏈方面，我們確實相信我們在規模、品質和零售商服務水準方面都具有競爭優勢，而且我們繼續看到好處，而且是在數字上。

So we believe in the toy business, we believe in the benefits of the toy business.

所以我們相信玩具業，我們相信玩具業的好處。

And we believe that the toy business is foundational for the opportunities we see outside of the toy aisle.

我們相信，玩具業務是我們在玩具領域之外看到的機會的基礎。

It is very symbiotic.

這是非常共生的。

A strong toy business is good for our entertainment and franchise strategy and vice versa.

強大的玩具業務有利於我們的娛樂和特許經營策略，反之亦然。

So it's not either or, it's both that work together hand in hand.

所以這不是非此即彼，而是兩者齊頭並進。

And the Barbie movie and the Barbie franchise is one good example and you will see that across other executions that we will perform across other key franchise.

芭比電影和芭比系列就是一個很好的例子，您會在其他主要係列中看到我們將執行的其他執行。

Thank you.

謝謝。

Jaime Katz, Morningstar.

海梅·卡茨，晨星。

Hi, good morning or afternoon.

嗨，早上好或下午好。

I'm hoping you guys could share a little bit about what you guys are seeing on any sort of shift to value products, if there is some price mix headwind we should anticipate ahead?

我希望你們能分享一些關於轉變為價值產品的看法，我們是否應該預見一些價格組合的逆風？

Thanks.

謝謝。

Yeah.

是的。

I mean, we're certainly cognizant of what's happening in the consumer space.

我的意思是，我們當然了解消費領域正在發生的事情。

Some cohorts are under a little bit of pressure and are seeking value.

有些群體面臨一點壓力，正在尋求價值。

We know that price is important to many of those consumers.

我們知道價格對許多消費者來說很重要。

And I think we are well positioned in that regard.

我認為我們在這方面處於有利地位。

And we offer quite a range of price points, everything from a Hot Wheel die-cast single to a Barbie Dreamhouse to Mattel Creations collector items.

我們提供各種價位的產品，從風火輪壓鑄單件到芭比夢幻屋再到美泰創意收藏品，應有盡有。

So again, we think where we play into that very well with our brands and our product line.

所以，我們再次思考我們的品牌和產品線在哪裡可以很好地發揮作用。

And then is there any sort of bifurcation in cadence between the benefits to gross margin and SG&A of the optimizing for profitable growth program, like is it more front-loaded to benefit gross margin.

然後，優化獲利成長計畫的毛利率效益和銷售、一般管理費用之間是否存在任何形式的分歧，例如它是否更前期有利於毛利率。

I'm just trying to think about where the trajectory of the gross margin goes after this year or what the potential is, or do we see more benefits in the early portion, or is it just split?

我只是想思考今年之後毛利率的軌跡將走向何方，或者潛力是什麼，或者我們是否會在早期看到更多的好處，或者只是分裂？

Yeah, I would say -- like I said, we're off to a really good start, $60 million year to date, and we probably under-index in terms of COGS.

是的，我想說——就像我說的那樣，我們有了一個非常好的開始，今年迄今已達到 6000 萬美元，而且我們的銷貨成本可能低於指數。

I think we're about 60% COGS, where the whole program is going to be 70%.

我認為我們的銷貨成本約為 60%，而整個計劃的銷貨成本將達到 70%。

So more to come on the COGS side.

COGS 方面還有更多內容。

And as we also said, we're taking our full year forecast up to [$75 million] (corrected by company after the call), holding the $200 million target for 2026 for now, but off to a really good start.

正如我們還說過的，我們將全年預測提高到 [7500 萬美元]（公司在電話會議後修正），目前維持 2026 年 2 億美元的目標，但這是一個非常好的開始。

Excellent.

出色的。

Thank you so much.

太感謝了。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good afternoon.

嘿，下午好。

Thanks for taking my question.

感謝您提出我的問題。

So couple of follow-ups from earlier questions that were asked, Anthony, I think you mentioned versus the nice cost deflation that we've seen year to date, you expect that to flip back to inflation in the fourth quarter?

安東尼，我想你提到了我們今年迄今為止看到的良好的成本通貨緊縮，你預計這會在第四季度回歸通膨？

I guess, maybe early thoughts on inflation or deflation in 2025.

我想，也許是對 2025 年通貨膨脹或通貨緊縮的早期想法。

And I guess more broadly, I'm assuming it's way too early to quantify, but just qualitatively, any other puts and takes as we think about margins for 2025.

更廣泛地說，我認為在我們考慮 2025 年的利潤率時，量化任何其他看跌期權和看跌期權的定性還為時過早。

Obviously, you're going to continue to push the optimizing for profitable growth program, but curious if there's any other puts and takes?

顯然，您將繼續推動獲利成長計畫的優化，但想知道是否還有其他的看跌選擇權？

Yeah.

是的。

I would say generally a bit early for us to comment on 2025, but we have experienced that deflation benefit each of our first three quarters.

我想說的是，我們對 2025 年發表評論總體來說有點早，但我們已經經歷過通貨緊縮對我們前三個季度的每個季度都有好處。

But it's getting less of a benefit.

但它的好處越來越少。

I think we did a little over 200 basis points in Q1, , 100 basis point benefit in Q2, and 50 basis points in Q3, and we think that's going to flip to a little bit of inflation in Q4.

我認為我們在第一季實現了略高於200 個基點的收益，在第二季度實現了100 個基點的收益，在第三季度實現了50 個基點的收益，我們認為這將在第四季度轉化為一點點通膨。

And to date in 2024, currently benefiting from some lower material prices and some declines in ocean freight, but again, too early to talk about next year.

到 2024 年為止，目前受益於材料價格的下降和海運費的下降，但同樣，談論明年還為時過早。

Fair enough.

很公平。

And then as you spoke about the retailer excitement towards the holiday season, sounds like they feel like they have a pretty good, the right amount of inventory.

然後，當您談到零售商對假期季節的興奮時，聽起來他們覺得自己擁有相當不錯的、適量的庫存。

Should we be expecting basically one to one wholesale to retail in that back key fourth quarter?

我們是否應該預期在關鍵的第四季基本上是一對一的批發與零售？

And can you remind us on what that looked like a year ago?

您能提醒我們一年前的情況嗎？

Were we still in destocking mode a year ago?

一年前我們還處於去庫存模式嗎？

In which case, there might be a little bit of a good guy as we speak about wholesale potentially outpacing retail.

在這種情況下，當我們談論批發可能超過零售時，可能會有一點好人。

Yeah, I would say all things the same, potential for a little bit of a tailwind on that front.

是的，我想說的是，所有事情都是一樣的，在這方面有可能帶來一點順風。

We came into the year after having made significant progress in 2023, we came into 2024 slightly elevated so year on year a bit of a tailwind all things, all else the same.

我們在 2023 年取得了重大進展後進入了這一年，進入 2024 年我們的進展略有上升，因此與去年相比，一切都有點順風順水，其他一切都一樣。

Got it.

知道了。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hey, guys.

嘿，夥計們。

Just one quick one.

就快一點吧。

If we just look at the EBITDA and EPS guidance, you guys kept EBITDA guidance unchanged, but made a pretty big change to the tax rate and EPS didn't move.

如果我們只看 EBITDA 和 EPS 指導，你們保持 EBITDA 指導不變，但對稅率做了相當大的改變，而 EPS 沒有變化。

Was there something else below-the-line that's offsetting that.

是否有其他的線下因素可以抵消這一點？

Fred, give me that one more time.

弗雷德，再給我一次。

Yeah, it's really just the EBITDA and EPS guidance didn't move, but the tax rate came down pretty significantly.

是的，實際上只是 EBITDA 和 EPS 指導沒有變化，但稅率大幅下降。

Is there another offset below the line?

線下方是否還有另一個偏移？

No, I'd say all else the same, the tax rate favorability would move us up a little bit in the EPS range, but it's not significant.

不，我想說的是，其他一切都一樣，稅率優惠將使我們的每股盈餘範圍稍微提高一點，但這並不重要。

Okay.

好的。

Thanks, a lot.

多謝。

Thank you.

謝謝。

Thank you everyone for your questions.

謝謝大家的提問。

Our priorities for the year were to improve profitability, expand gross margin, and generate significant cash flow.

我們今年的首要任務是提高獲利能力、擴大毛利率並產生大量現金流。

In line with our priorities, we did exactly that.

根據我們的優先事項，我們確實這樣做了。

We achieved another strong quarter of profitability.

我們又實現了強勁的季度獲利。

We expect to grow our EBITDA, achieve double digit growth in adjusted EPS in 2024, and generate strong cash flow.

我們預計 EBITDA 將會成長，調整後每股盈餘將在 2024 年實現兩位數成長，並產生強勁的現金流。

And this is despite wrapping the incredible success of the Barbie movie in the prior year.

儘管芭比娃娃電影在前一年取得了令人難以置信的成功，但仍然如此。

The company is in the strongest financial position it has been in many years, and we continue to execute our multi-year strategy to grow our IP-driven toy business and expand our entertainment offering.

該公司正處於多年來最強勁的財務狀況，我們將繼續執行我們的多年策略，以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。

We expect to grow the top line in the fourth quarter and we look forward to a good holiday season for Mattel with 62 shopping days to go.

我們預計第四季度的營收將實現成長，並且我們期待美泰在接下來的 62 個購物日中度過一個美好的假期。

And now, I'll turn the call back to the operator.

現在，我將把電話轉回給接線生。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。