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. I'd now like to turn the call over to Jen Kettnich, Vice President of Investor Relations. You may begin.

（操作員說明）謝謝。我現在想將電話轉給投資者關係副總裁 Jen Kettnich。你可以開始了。

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 third quarter 2024 financial results. 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.

謝謝接線員，大家下午好。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。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。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. Please note that gross billings figures referenced on this call will be stated in constant currency, unless stated otherwise.

今天的討論、收益發布和幻燈片演示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，這些指標在幻燈片演示和收益發布附錄中進行了定義。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 included in those documents.

您可以透過我們公司網站 Corporate.mattel.com 的投資者部分存取我們的收益發布、幻燈片演示和補充非 GAAP 資訊。 G 條例要求的有關非 GAAP 財務指標的資訊以及這些文件中包含的有關我們關鍵績效指標的資訊。

The preliminary financial results included in the earnings 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 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.

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

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 and risks 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 and other public statements. Mattel does not update forward-looking statements and expressly disclaims any the obligation to do so, except as required by law. Now I'd like to turn the call over to Ynon.

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、最新的收益發布和幻燈片演示以及我們不時向 SEC 提交的其他文件中描述了其中的一些不確定性和風險因素。以及其他公開聲明。美泰不會更新前瞻性陳述，並明確表示不承擔任何更新的義務，除非法律要求。現在我想把電話轉給 Ynon。

Thank you for joining Mattel's third quarter of 2024 earnings call. This quarter, we continued to execute our multiyear strategy to grow Mattel's IP-driven toy business and expand our entertainment offerings. 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. The highlight of the quarter was that we fully offset this comp in our bottom line through strong gross margin performance.

感謝您參加美泰兒 2024 年第三季財報電話會議。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。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。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. This is in line with our priorities this year to grow profitability, expand gross margin, and generate strong cash flow. Looking at key financial metrics compare 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.

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。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。從主要財務指標來看，與去年同期相比，淨銷售額按報告下降 4%，以固定匯率計算下降 3%。調整後毛利率成長 210 個基點至 53.1%。調整後 EBITDA 成長 1%，達到 5.84 億美元，調整後每股盈餘成長 6%，達到 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. 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.

過去 12 個月的自由現金流與去年同期相比增加了近 50%，達到 6.88 億美元。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, where 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，我們現在預計全年的淨銷售額將略有下降，我們預計第四季度將實現增長，並有望實現全年調整後的 EBITDA 和 EPS 指導，這是由毛利率表現強勁。

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. Within the dolls portfolio, Monster High continued to grow as we expand this key franchise. Vehicles performance was very strong, led by Hot Wheels' core die-cast, innovation in those segments, and adult collector expansions.

從第三季按類別的表現來看，與去年同期相比，娃娃的總銷售額如預期下降，這是受到去年同期芭比電影成功的影響。在玩偶產品組合中，隨著我們擴大這一關鍵特許經營權，Monster High 繼續成長。在 Hot Wheels 的核心壓鑄、這些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 is on track for its seventh consecutive record year and is well positioned for long-term growth. Infant, toddler, and preschool declined as we exit certain product lines in baby gear and Power Wheels in line with our stated strategy.

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 預計將連續第七年創紀錄，並為長期增長做好了準備。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 globally. Challenger categories collectively grew with UNO achieving its largest quarter on record as we drive innovation and new forms of play. Mattel's total market share declined slightly year to date, though we gained in dolls, vehicles, and games for Circana. Looking ahead, we expect to gain market share in the fourth quarter and full year.

費雪牌連續第二季實現成長，部分原因是全球市場的早期成功。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。今年迄今為止，美泰的總市佔率略有下降，但我們在 Circana 的玩偶、車輛和遊戲方面取得了成長。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. Here are some recent highlights. In film, the Masters of the Universe live-action movie with Amazon MGM Studios have started pre-production with a worldwide theatrical release scheduled for June 5, 2026. The Matchbox live-action movie with Skydance and Apple Original Films, was greenlit, and will start John Cena. And just last week, we announced that a View-Master live-action movie would be codeveloped with Sony Pictures Entertainment and Escape artists.

我們的娛樂策略也取得了進一步進展。以下是近期的一些亮點。在電影方面，與Amazon MGM Studios 合作的真人電影《宇宙大師》已開始預製作，計劃於2026 年6 月5 日在全球院線上映。獲得批准，並且約翰·希南將首發。就在上週，我們宣布將與索尼影視娛樂公司和逃脫藝術家共同開發一部 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》動畫影集第二季於上個月在 Netflix 上映，並在該平台的 27 個國家排名前 10 名電視劇。 《巴尼的世界》上週在 Max 上首播，我們為新一代粉絲重新推出了這個系列。

In digital gaming Mattel163, our joint venture with NetEase continue to grow and is expected to exceed $200 million in gross billings this year. Our 50% interest in the JV contributed $7 million to net income in the quarter. And over $18 million year to date.

在數位遊戲領域，我們與網易的合資企業 Mattel163 繼續發展，預計今年的總營收將超過 2 億美元。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。年初至今已超過 1800 萬美元。

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

就玩具產業而言，今年的表現持續優於最初預期。與去年同期相比，該行業前九個月的跌幅較低。我們對 2024 年小幅下降的預期沒有改變。

Beyond this year with related trends will further improve and that the industry will return to growth and continued to grow over the long term. The fundamentals are strong, toys are an important part of consumers' lives, and retailers prioritize the category as a strategic lever.

今年過後相關趨勢將進一步改善，該行業將恢復成長並持續長期成長。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 base lineup of innovative product offerings and segment launches with a range of play patterns and price points across our portfolio.

美泰在第四季的競爭中處於有利地位，擁有廣泛的創新產品系列和細分市場，我們的產品組合中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. 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.

我們還有與 11 月上映的迪士尼電影《莫阿娜 2》和環球電影《魔法壞女巫》相關的令人興奮的產品陣容。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 multiyear strategy, and this year are prioritizing profitability, gross margin expansion, and cash generation. 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.

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。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. 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. Net sales were $1.84 billion, a decline of 4% as reported or 3% in constant currency. The decline was primarily due to the Barbie movie comparison, which benefited the prior year. Adjusted gross margin reached 53.1%, an increase of 210 basis points, benefiting from supply chain improvements and cost savings.

謝謝，伊農。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。淨銷售額為 18.4 億美元，報告下降 4%，以固定匯率計算下降 3%。下降主要是由於芭比娃娃電影的比較，這使前一年受益。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. Adjusted EPS increased [6%] to $1.14, benefiting from fewer shares outstanding as a result of share repurchases.

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。調整後每股盈餘成長 [6%] 至 1.14 美元，受益於股票回購導致流通股數量減少。

Turning to gross billings in constant currency, first by category. Overall, gross billings declined 3% in the quarter. Excluding the movie related benefit in Q3 of last year, gross billings would have increased modestly. 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. Dolls billings declined 14% and POS declined low double digits. Barbie gross billings declined 17%. And POS declined low double digits.

轉向以固定貨幣計算的總帳單，首先按類別劃分。總體而言，本季總帳單下降了 3%。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 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。玩偶銷售額下降 14%，POS 銷售額下降兩位數。芭比娃娃的總收入下降了 17%。 POS 下降了兩位數。

Vehicles had an outstanding quarter growing 13%. Growth was primarily driven by High Wheels with gains in die-cast car and RC and supported by the Hot Wheels' Let's Race streaming content. Matchbox and Disney Cars also contributed to growth. Vehicles POS increased mid-single digits. Infant, toddler, and preschool declined 2% due to Baby Gear and Power Wheels as we exit certain product lines in those segments, partially offset by 2% growth in Fisher-Price, which benefited from wood as we expand distribution to more markets.

車輛季度表現出色，成長 13%。成長主要是由 High Wheels 在壓鑄汽車和遙控車方面的成長推動的，並受到 Hot Wheels 的 Let's Race 串流內容的支持。火柴盒和迪士尼汽車總動員也為成長做出了貢獻。車輛 POS 成長了中個位數。由於嬰兒用品和動力輪的影響，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. Challenger categories in aggregate grew 3%. The games category achieved double digit growth, driven by UNO. The action figures business also grew while building sets decline.

POS 類別總體下降兩位數，其中費雪下降了中個位數。挑戰者類別總計成長了 3%。在 UNO 的推動下，遊戲類別實現了兩位數的成長。人偶業務也有所成長，而拼裝套裝業務卻有所下降。

Turning to gross billings by region, North America declined 3% due primarily to the Barbie movie-related comparison. The other power brands, Hot Wheels and Fisher-Price achieved growth in the quarter. POS declined high single digits. EMEA declined 6%, also impacted by the movie related comparison. POS declined high single digits. Latin America grew 2%, driven by gains in our two largest markets, Mexico and Brazil.

至於按地區劃分的總流水賬，北美下降了 3%，這主要是由於與芭比電影相關的比較。其他動力品牌 Hot Wheels 和 Fisher-Price 在本季度實現了成長。 POS 下降了高個位數。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 下降了高個位數。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. Asia Pacific had a strong quarter, growing 8%, driven by gains in India and Japan. POS increased low single digits. Retail inventory levels ended the quarter down high single digits compared to the prior year, and we are well-positioned for the holiday season.

POS 下降了高個位數。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 成長低個位數。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%. Improvement was driven by several factors. Supply chain efficiencies, including fixed cost absorption added 190 basis points. The optimizing for profitable growth program added 80 basis points as we continue to generate cost savings. Foreign exchange rate movements added 70 basis points and cost deflation contributed 50 basis points. 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.

調整後毛利率成長 210 個基點至 53.1%。改進是由幾個因素推動的。供應鏈效率（包括固定成本吸收）增加了 190 個基點。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。匯率變動增加了 70 個基點，成本通貨緊縮貢獻了 50 個基點。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 to $19 million or 16% versus the prior year. The reduction reflects our strategy to shift advertising to later in the year. 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.

從損益表來看，廣告費用下降至 1,900 萬美元，較上年下降 16%。這一減少反映了我們將廣告轉移到今年稍後的策略。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. 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. Adjusted EBITDA in the third quarter increased 1% to $584 million, benefiting from the previously mentioned margin improvement.

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。 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。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 $1.8, an increase of 6%. The increase benefited from a lower share count, reflecting our continuing share repurchase activity. Year to date, cash from operations was a use of $62 million compared to a use of $80 million in the prior year period. 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.

調整後每股收益為 1.14 美元，較 1.8 美元成長 6%。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。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。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. On a trailing 12 month basis, free cash flow was $688 million, an increase of 49% from the prior year period. The improvement was driven by increased cash from operations, partially offset by higher capital expenditures. In line with our capital allocation priorities, we have utilized a portion of free cash flow to repurchase shares.

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。以過去 12 個月計算，自由現金流為 6.88 億美元，比去年同期成長 49%。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。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 shares and during the trailing 12 month period, we have now repurchased [361 million].

在 2024 年前 9 個月，我們回購了價值 2.68 億美元的股票，在過去 12 個月內，我們現已回購了 [3.61 億股]。

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. The increase reflects the free cash flow generated over the past 12 months, partly offset by the use of cash to repurchase shares. Total debt of $2.35 billion with comparable to last year with no scheduled maturities until 2026.

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。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。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. Inventory levels remained below the prior year as we ended the quarter at $737 million, down $53 million. Our leverage ratio continued to improve compared to the prior year. Debt to adjusted EBITDA finished the quarter at 2.3 times compared to 2.7 times in the prior year quarter. The improvement was driven by the increase in our trailing 12 month adjusted EBITDA.

應收帳款減少 9,400 萬美元，主要是由於銷售額下降。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。與前一年相比，我們的槓桿率持續改善。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。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 under our optimizing for profitable growth program, which we commenced this year. We generated $23 million of savings in the quarter with $15 million benefit in cost of goods sold and $8 million in SG&A. For the nine month period, we achieved $60 million of savings. 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.

根據今年開始的優化獲利成長計劃，我們又在一個季度實現了顯著的成本節約。本季我們節省了 2,300 萬美元，其中 1,500 萬美元的銷售成本收益和 800 萬美元的銷售管理費用收益。在這 9 個月期間，我們節省了 6000 萬美元。鑑於迄今為止的進展，我們現在預計到 2024 年將節省約 7,500 萬美元，超過我們最初的 6,000 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. 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. From a category perspective for the full year, we expect vehicles to grow; infant, toddler, and preschool and challenger categories to the comparable; and dolls to decline.

隨著年底的臨近，我們正在更新 2024 年的指引。從全年的品類角度來看，我們預期車輛將會成長；嬰兒、幼兒、學齡前兒童和挑戰者類別具有可比性；和娃娃下降。

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

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。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. The improved outlook reflects incremental cost savings and improved supply chain performance. Advertising is expected to remain relatively stable as a percent of net sales and adjusted SG&A to now increased slightly as a percent of net sales versus 2023.

預計 2024 年全年調整後毛利率將增至約 50%，而 2023 年為 47.5%。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 billion 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%. 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. Free cash flow there is still expected to be approximately $500 million.

我們仍預期調整後 EBITDA 將在 9.75 億美元至 10,250 億美元之間，調整後每股盈餘將成長兩位數，達到 1.35 美元至 1.45 美元。調整後的稅率預計為21%至22%。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。預計自由現金流仍約 5 億美元。

We will provide full year 2025 guidance on our 2024 fourth quarter call. The guidance considers what the company is aware of today, but remain subject to further market volatility, any unexpected disruption, and other macroeconomic risks and uncertainties. In closing, the highlight that the quarter was achieving meaningful expansion in gross margin and growth in adjusted EPS despite a challenging comparison. We generated significant cash flow on a trailing 12 month basis, further strengthened our balance sheet, and repurchase additional shares.

我們將在 2024 年第四季電話會議中提供 2025 年全年指引。該指引考慮了公司目前所了解的情況，但仍會受到進一步的市場波動、任何意外中斷以及其他宏觀經濟風險和不確定性的影響。最後，值得強調的是，儘管比較具有挑戰性，但本季毛利率和調整後每股盈餘的成長仍實現了有意義的成長。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 multiyear strategy to grow our IP-driven toy business and expand our entertainment offering and create long-term shareholder value. And now I will turn the call to your question.

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。現在我將回答你的問題。

(Operator Instructions)

（操作員說明）

Arpine Kocharyan, UBS.

阿爾平‧科恰良 (Arpine Kocharyan)，瑞銀集團。

Hi. Thanks so much. Thanks for taking my question. And Jen welcome to Mattel, look forward to working with you. Ynon, could you a quick sense on the retail environment? There is a lot of concern about macro Paris, the election, persistent inflation, and generally about the consumers that are holding up into Q4. What gives you confidence for what you said to, I guess, reiterate growth guidance for Q4? And then I have a quick follow-up.

你好。非常感謝。感謝您提出我的問題。 Jen 歡迎來到美泰，期待與您合作。 Ynon，您能快速了解零售環境嗎？人們對巴黎宏觀經濟、選舉、持續通膨以及堅持到第四季的消費者普遍感到擔憂。我想，是什麼讓您對重申第四季的成長指引充滿信心？然後我會進行快速跟進。

Sure. Hi Arpine. From where we sit, the toy industry continues to perform better than initially expected, that the start of the year. We expect growth in our business in the fourth quarter and see demand for our products. We also are seeing different studies. 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.

當然。嗨阿爾派恩。從我們的角度來看，玩具產業的表現持續優於年初的預期。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。我們也看到了不同的研究。其中有趣的是，美國零售聯合會最近表示，他們預計假日季銷售額將成長 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. So all in all, we do expect a good holiday season. We expect to grow sales, gain market share, and continue to execute our strategy.

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。總而言之，我們確實期待一個美好的假期。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. Thank you. And this is maybe for Anthony. Anthony, when you look at the implied margin for Q4, it is closer to, if my math's right, 47.9%, something like that, closer to 48%. But comp with toughest in margin in Q3, I think, right, given that by the Barbie proceeds, if I'm not mistaken. Than why our margins a bit more pressured in Q4. 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? Thank you.

精彩的。謝謝。這也許是為了安東尼。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%。但如果我沒記錯的話，考慮到芭比娃娃的收益，我認為，與第三季利潤率最高的情況相比，是對的。為什麼我們的利潤率在第四季會受到更大的壓力。考慮到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率前景？謝謝。

Yeah, sure Arpine. As we said, we're guiding to 50% on a full year. That's up 250 basis point. And it does imply that year to go down slightly. And there's a couple of reasons for that. 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, and we're also continuing to have some of the movie wrap, one-third of last year benefit occurred in the fourth quarter. So we have a little bit of a wrap to go to those of the two drivers.

是的，當然是阿爾派恩。正如我們所說，我們的目標是全年 50%。上漲了 250 個基點。這確實意味著那一年會略有下降。這有幾個原因。其中之一是——今年迄今為止我們已經看到了成本緊縮。我們預計第四季會出現一點成本通膨，而且我們還將繼續進行一些電影拍攝，去年三分之一的收益發生在第四季。我們對兩位車手的情況進行了一些總結。

The other driver in terms of operating income margin really reflects our strategy to ship average pricing instead of four quarter. On a year-to-date basis, our advertising, it's actually down $40 million. And we're guiding for it to be comparable or the percent of net sales, which implies a pretty significant increase in advertising in Q4, which is impacting the margin as well.

營業利潤率方面的另一個驅動因素確實反映了我們的策略，即採用平均定價而不是四個季度的定價。年初至今，我們的廣告費用實際上減少了​​ 4000 萬美元。我們將其指導為可比較的或淨銷售額的百分比，這意味著第四季度的廣告數量顯著增加，這也影響了利潤率。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Megan Alexander, Morgan Stanley.

梅根亞歷山大，摩根士丹利。

Hi, thanks. Good evening. Thanks for taking our questions. I wanted to start, Anthony, I think you said POS was down high single digits in the quarter. Gross billings and constant currency were down 3%. And I think you said we 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.

你好，謝謝。晚安.感謝您回答我們的問題。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。以固定匯率計算的總帳單下降了 3%。我想你說過，如果你去掉去年一些與電影相關的影響，我們實際上已經適度增加了，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 purchase, I think the same as they were last quarter. So can you just help us understand how that all works together? The POS down, high singles; gross billings are down 3% would imply that you over shipped POS in the third quarter.

零售庫存購買量也下降了高個位數，我認為與上季相同。那麼您能幫助我們了解這一切是如何協同工作的嗎？ POS下降，單打高；總帳單下降了 3%，這意味著您在第三季的 POS 發貨量過多。

Yeah. So look, there's typically some volatility in our retail inventory movements and the correlation between POS and gross billing is not an exact science. And then what I would point you to is on a year-to-date basis both gross billings and POS are down filing and in a fairly aligned.

是的。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。然後我想向您指出的是，今年迄今為止，總帳單和 POS 都在下降，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. There 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。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. And then just on the top line guide, the change now you're saying comparable to slightly down. I don't think you changed your expectations for the industry and you said you still expect to gain share. So can you just help us understand what changed?

好的，這很有幫助。然後就在頂線指南上，您現在所說的變化相當於略有下降。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。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? Or do you no longer expect to ship ahead of POS? And I guess if that's the case, do you expect the POS to be positive in the fourth quarter?

您是否改變了您的市佔率總預期？或者您不再期望在 POS 之前發貨？我想如果是這樣的話，您預計第四季度的 POS 會是積極的嗎？

Yeah, I would say there's no specific drivers to call out. It's based on an assessment of our results year to date and our outlook for the remainder of the year. And importantly, to note, we do expect a good holiday season, we do expect POS to grow in the fourth quarter. We expect our sales to be up in the fourth quarter, outpaced the industry and gain share, not only for the fourth quarter, but for the full year as well.

是的，我想說沒有具體的驅動程式可以呼叫。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。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。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. Thank you so much.

好的。太感謝了。

Drew Crum, Stifel.

德魯克拉姆、史蒂菲爾。

Thanks, guys. Good afternoon. Ynon, you've continued to endorse industry growth in '25. Can you remind us or share with us what the source of optimism is? What are the factors you see driving a rebound to the market next year? And then I have a follow-up.

謝謝，夥計們。午安. Ynon，您在 25 年繼續支持行業成長。您能提醒我們或與我們分享樂觀的根源是什麼嗎？您認為推動明年市場反彈的因素有哪些？然後我有一個後續行動。

Thanks, Drew. Well, first of all, the toy industry is a growth industry and it has grown in 23 of the past 25 years. It continues to perform better than initially expected at the start of the year. Although we still expected to decline modestly for the full year. Beyond this year, we do believe, as we said before, the trends will improve and that the industry will return to growth and continue to grow over the long term.

謝謝，德魯。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。它的表現繼續好於年初的最初預期。儘管我們仍預計全年將小幅下滑。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 a strong industry fundamentals in that toys are an important part of consumers' lives. Retailers prioritize the category as a strategic lever. Toy shoppers drive traffic to the store, they spend more time in the store, and they have typically a bigger basket -- vast capacity that is worth more.

我們仍然看到強大的行業基礎，因為玩具是消費者生活的重要組成部分。零售商優先考慮將該品類作為策略槓桿。玩具購物者增加了商店的客流量，他們在商店裡待的時間更長，而且他們通常有一個更大的購物籃——容量大、價值更高。

Overtime, toy POS has been growing and outpacing the decline in birth rates. 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. And we're also seeing positive drivers for the industry overall and that more theatrical or toyetic theatrical movies are coming online. You are seeing a fast growing adult segment, not just collector, but adult buying toys. And all in all, it's been -- you have a good positive, healthy fundamentals.

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。產業成長得到帶動。如果你看看大的——頂級的——關鍵市場是由定價和單位驅動的。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。你會看到一個快速成長的成人群體，不僅是收藏家，還有成人購買玩具。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 the future industry growth. 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.

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。我們繼續投資於有機成長，專注於卓越的產品創新、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. Thank you, Ynon. And maybe for Anthony, we've heard that one of your major retail partners has changed their payment terms. And I'm just curious, is there any way shifts working capital and puts your free cash flow guidance at risk for the year? I mean you're reiterating it today, but I just want to understand if that in any way impacts working capital. Thanks.

知道了。謝謝你，伊農。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。我只是很好奇，是否有任何方法可以改變營運資金並使您今年的自由現金流指導面臨風險？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。謝謝。

No, impact on us. As we talked about, we continue to guide to $500 million of free cash flow despite a little bit of uptick in capital expenditures.

不，對我們有影響。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. Okay. Thanks, guys.

知道了。好的。謝謝，夥計們。

Steven Laiszczyk, Goldman Sachs.

史蒂文‧萊斯奇克，高盛。

Great. Good afternoon, and thanks for taking the questions. Maybe first for Anthony on CapEx. You called out the acquisition of the new global design center. 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. And then for longer term CapEx, is the $200 million $225 million, perhaps a good proxy to think about that going forward? Thanks.

偉大的。下午好，感謝您提出問題。對安東尼來說，資本支出可能是第一個。您宣布收購新的全球設計中心。只需多談談您在那裡進行的投資規模，以及您期望從構建中獲得的任何長期相關的資本支出。那麼對於長期資本支出來說，2 億美元和 2.25 億美元是否是考慮未來的一個很好的指標？謝謝。

Yes. So as we said, we purchased a building in El Segundo that will serve as our global design center going forward. It does replace an existing lease facility in El Segundo, as well. And that's the reason for the CapEx guide going up a little bit. Although, it's not going up by the full amount as we manage the rest of the spend. We'll have a little bit of build out related to that for next year. And as we get closer to next year, we can give you an update on what we expect for next year.

是的。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。它也確實取代了埃爾塞貢多現有的租賃設施。這就是資本支出指南略有上升的原因。儘管如此，由於我們管理其餘的支出，它並沒有全額增加。明年我們將進行一些與此相關的建設。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. And then maybe just a follow-up question on capital allocation. 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. Could you maybe just talk a little bit about the pace of share repurchases going forward? 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? Thank you.

知道了。然後也許只是關於資本配置的後續問題。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。能否簡單談談未來股票回購的步伐？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？謝謝。

What I would say is that we've been very active on the share repurchase front. $68 million in Q3 brings the year-to-date total to $268 million. On a trailing 12 month basis, we're now at about $360 million. And since we resumed share repurchases last year, we've now bought back $471 million of shares. Now, in terms of the pace we believe it's appropriate and really consistent with our stated capital allocation priorities. 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.

我想說的是，我們在股票回購方面一直非常積極。第三季的營收為 6,800 萬美元，使年初至今的總收入達到 2.68 億美元。以過去 12 個月計算，我們現在的收入約為 3.6 億美元。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。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。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. Thanks, Anthony.

知道了。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. Can you just talk about your digital gaming initiatives longer-term? What's kind of a planned launch schedule within Mattel163? Last quarter, you talked about developing some casual games internally. What's the timeframe for launch in the first game there? And then any other initiatives you might have? Thanks.

您好，感謝您提出我的問題。您能談談您的長期數位遊戲計劃嗎？ Mattel163 的上市計畫是怎樣的？上個季度，您談到了內部開發一些休閒遊戲。第一款遊戲的發佈時間是什麼時候？那麼您可能還有其他舉措嗎？謝謝。

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

謝謝吉姆。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。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. Mattel163 is expected to exceed $200 million of gross billings this year with very attractive margins. And this is so far on the back of only three games released until now. And when it comes to self-publishing, this is what we see asymmetric opportunities for us in the mobile space -- mobile gaming space, given the strength of our brands.

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 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。到目前為止，僅發布了三款遊戲。當談到自助出版時，考慮到我們品牌的實力，這就是我們在行動領域（行動遊戲領域）看到的不對稱機會。

And we are starting to ramp this strategy working already on the first game with a very strong studio, and we will be happy to share more as we progress the strategy. But we see our digital gaming strategy as an important growth driver, both for top line and profitability.

我們已經開始在擁有非常強大的工作室的第一款遊戲中加強這一策略，隨著我們推進該策略，我們將很樂意分享更多內容。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. And then Anthony, how should we think about SG&A for the year? And then is the compensation growth driven by just merit raises and inflation? Or are there places where you're adding employees and investment?

偉大的。然後安東尼，我們該如何考慮今年的銷售及管理費用？那麼薪資成長是由績效加薪和通貨膨脹所驅動的嗎？或是有哪些地方需要增加員工和投資？

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

當然。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。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. Thank you.

偉大的。謝謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks, guys. Good evening. So I'll take a shot to at the sort of change in the top line outlook. So do you think about the subtle change that the guide for the year on sales gets 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?

謝謝，夥計們。晚安.因此，我將嘗試看看營收前景的變化。那麼，您是否認為今年的銷售指南發生了微妙的變化，與您今年迄今為止所看到的情況相比，您對今天之前的第四季度的看法有何不同？

Yeah. So as we said, I mean, we continue to expect growth in the fourth quarter. Obviously, it's a critical quarter for us. We're well positioned in terms of the demand creation activities. And as we said, we expect to grow the top line. 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. 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. All those things give us confidence for a good holiday season ahead of us.

是的。正如我們所說，我的意思是，我們繼續預期第四季的成長。顯然，這對我們來說是一個關鍵的季度。我們在需求創造活動方面處於有利地位。正如我們所說，我們期望增加收入。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。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。所有這些都讓我們對即將到來的美好假期充滿信心。

Got it. Appreciate that. And my follow up question is on tariffs. It's pretty popular topic right now with the election right in front of us. 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 are in the United States? And think about what your experience was last time understanding and I don't think list four for one in, but how are you thinking about that today versus what it was prior? Thank you.

知道了。很欣賞這一點。我的後續問題是關於關稅的。這是現在非常流行的話題，因為選舉就在我們面前。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與您在美國的銷售情況？想想你上次理解的經驗是什麼，我不認為列出四個為一，但是與之前相比，你今天如何看待這一點？謝謝。

Well, we're always looking at different changes, whether it's government policy or regulatory dynamics that could impact our business. And our job is to design a flexible and responsive organization that can react to changing market conditions. And this is exactly what we've been doing over the last few years. Supply chain today is a competitive advantage for Mattel. It's geographically diversified. We make products in six different countries and we continue to ensure that would have flexibility in our system to respond to changes in the marketplace.

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。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。這正是我們過去幾年一直在做的事。如今的供應鏈是美泰的競爭優勢。它在地理上是多元化的。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 -- our product that is made in China is approximately 50% of our manufacturing. This is compared to an industry average of about of about 80% to 85%. These numbers are as of the end of 2023. 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.

我們的產品在中國製造，約占我們製造業的 50%。相比之下，行業平均約為 80% 至 85%。這些數字截至 2023 年底。

The US product -- heading into the US is just around 50% in China. And that number has been declining over time as we continue to further diversify our manufacturing different countries.

銷往美國的美國產品只有50%左右在中國。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. I was wondering to dig a little deeper into optimizing our profitable growth program. I was curious what's going really well so far. What next to optimize. Is there a change that total targeted $200 million number? Thank you.

非常感謝你們回答我的問題。我想更深入地研究優化我們的獲利成長計劃。我很好奇到目前為止進展順利。接下來要優化什麼。 2 億美元的總目標數字是否有變動？謝謝。

You are. So the optimizing profitable growth program -- we initiated at the beginning of the year, targeting $200 million of savings by 2026, a combination of cost of goods sold and SG&A. And we're off to a very good start. Our initial targeted for the full year 2024 was $60 million. We hit that year to date at nine months and are increasing the expectation for 2024 from that $60 million to $75 million. And most of that upside coming through the cost of goods sold [align].

你是。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，其中包括銷售成本和銷售成本、管理費用 (SG&A)。我們有了一個非常好的開始。我們 2024 年全年的初始目標是 6000 萬美元。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。大部分上漲來自銷售商品的成本[對齊]。

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 [2024], although we're not making any changes in that goal at this point. But we're off to a very good start on this one.

如您所知，我們在確定和實現成本節約目標方面擁有良好的記錄，並且對實現 [2024 年] 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。但我們在這方面已經有了一個好的開始。

Perfect. And then just one last follow-up for me. Obviously have a little bit about what you're seeing in your international markets. I was just wondering if you could expand there. And I was wondering if there were any regional changes to call out quarter over quarter?

完美的。然後是我的最後一個後續行動。顯然，您對國際市場的情況有一些了解。我只是想知道你是否可以在那裡擴展。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. We continue to execute well. 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.

不，沒有任何具體的標註。我們繼續執行得很好。企業內部總是會有一些調整和調整。但總的來說，我們對整個地區的執行情況感到非常滿意，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. Thanks for taking my questions here. I guess first, it seems like there's a lot of optimism around holiday. Can you maybe touch on how your top retailers are feeling about the category as we inch closer to holiday? And then can you talk about if you saw any shift in shipments from 3Q to 4Q as retailers taking inventory on a more just-in-time basis? Thanks.

你好。感謝您在這裡提出我的問題。我想首先，假期似乎充滿了樂觀情緒。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？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？謝謝。

Sure, so I would say overall, retailer sentiment is positive. They prioritize toys as a strategic category. It drives foot traffic in brick-and-mortar and in e-commerce among other benefits for them. I'd say we work very closely with our key retail partners than we've planned for the holiday season. And we have a full slate of demand drivers from new products to increase shelf space, more present in the holiday catalog.

當然，所以我想說，總體而言，零售商的情緒是正面的。他們將玩具列為戰略類別。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。我想說，我們與主要零售合作夥伴的合作比我們在假期期間的計劃更加密切。我們有一系列來自新產品的需求驅動因素，以增加貨架空間，更多地出現在假日目錄中。

We're planning from significantly higher advertising on our part. And that's coupled with in the inventory levels are appropriate. We're working with them to make sure we have the right product in the right place and the right quantity. And very confident in that. We'll see a good holiday season.

我們正在計劃大幅增加廣告投放。這與庫存水準相匹配。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。並且對此非常有信心。我們將迎來一個美好的假期。

Perfect. And then I guess any change in sort of your outlook for the power brands? Is the expectation that Barbie is going to be down more significantly than you thought previously in the fourth quarter? And did your expectation come up for any of the other power brands, maybe Hot Wheels, for instance? Thanks.

完美的。然後我猜你對強勢品牌的看法有什麼改變嗎？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？您對其他動力品牌（例如風火輪）的期望是否達到了？謝謝。

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

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。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. Hi. So on your official price, woodline, it sounds like it's off to a good start. I believe I might have been exclusive period of time at Wal-Mart. What's the timing of when exclusivity and kind of like what's the timeframe for that ramp up and expansion more globally? Thank you.

是的。你好。因此，按照您的官方價格，woodline，聽起來這是一個很好的開始。我相信我可能在沃爾瑪度過了一段獨享的時光。排他性的時間是什麼，以及在全球加速和擴張的時間範圍是什麼？謝謝。

Hi, Linda. Yes, we started off with an exclusive period with Wal-Mart and we are now expanding the product globally. We're adding new franchises to little people as well. And Fisher-Price as a whole is having great momentum. It's up for the second quarter in a row. As you know, we have a new strategy, new leadership. Fisher-price is still the number one brand in the category, and we believe it's very well positioned for continued growth.

嗨，琳達。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。我們還為小人物添加了新的特許經營權。費雪公司整體發展勢頭強勁。這是連續第二季的情況。如您所知，我們有新的策略、新的領導階層。 Fisher-price 仍然是該類別中的第一品牌，我們相信它處於持續成長的有利位置。

Thank you. Can I also asked about Hasbro? Hasbro has changed their approach with their outsourcing more of their brands to other toymakers to market. Does that somehow benefit you when you're dealing with the retailers, because that's sort of fragments Hasbro brand portfolio among more companies that are marketing supplying to the retailers. So does that somehow benefit you in terms of what their strategy is that they're undertaking? Thanks.

謝謝。還可以問一下孩之寶嗎？孩之寶改變了他們的做法，將更多品牌外包給其他玩具製造商行銷。當您與零售商打交道時，這對您有什麼好處嗎？那麼，就他們正在採取的策略而言，這是否對您有利？謝謝。

We continue to focus on our strategy to grow our toy business and expand our entertainment offering. When it comes to a supply chain, we do believe we have a competitive advantage, both in terms of scale, quarterly service levels, for the retailers, and we continue to see the benefits and it's in the numbers. So we believe in the toy business, we believe in the benefits of the toy business.

我們繼續專注於發展玩具業務和擴大娛樂產品的策略。在供應鏈方面，我們確實相信我們在規模和季度服務水平方面都為零售商擁有競爭優勢，而且我們繼續看到好處，而且是在數字上。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. It is very symbiotic. A strong toy business is good for our entertainment and franchise strategy and vice versa. So it's not either or, it's both that work together hand in hand. And the Barbie movie and Barbie franchise is one good example people. And you will see that across other execution that we will perform across other key franchise.

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。這是非常共生的。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。所以這不是非此即彼，而是兩者齊頭並進。芭比電影和芭比系列就是一個很好的例子。您將看到我們將在其他關鍵特許經營中執行其他執行。

Thank you.

謝謝。

Jaime Katz, Morningstar.

海梅·卡茨，晨星。

Hi, good morning or afternoon. 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? Thanks.

嗨，早上好或下午好。我希望你們能分享一些關於轉變為價值產品的看法，如果我們應該預見到未來會出現一些價格組合的逆風？謝謝。

Yeah. I mean, we're certainly cognizant of what's happening in the consumer space. Some cohorts are under a little bit of pressure and are seeking value. We know that price is important to many of those consumers. And I think we are well positioned in that regard. And we offer a quite a range of price points, everything from a Hot Wheel die-cast single to Barbie Dream Gap to Mattel creation collector items. So again, we think where we play into that very well with our brands and our product line.

是的。我的意思是，我們當然了解消費領域正在發生的事情。有些群體面臨一點壓力，正在尋求價值。我們知道價格對許多消費者來說很重要。我認為我們在這方面處於有利地位。我們提供各種價位的產品，從風火輪壓鑄單品到芭比夢幻間隙再到美泰創意收藏品，應有盡有。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 items sort of bifurcation in cadence between benefit to gross margin and SG&A of the optimizing for profitable growth program, like is it more front-loaded key benefits on gross margin. I'm just trying to think about where the trajectory of that gross margin goes after that here or what the potential is or do we see more benefits in the early portion or is it just split?

然後，在優化獲利成長計畫的毛利率效益和SG&A之間是否存在任何節奏上的分歧，例如它是否更預先加載毛利率的關鍵效益。我只是想思考一下毛利率的軌跡在這之後會走向何方，或者潛力是什麼，或者我們在早期部分會看到更多的好處還是只是分裂？

Yeah, I would say -- like I said, we're off to a really good start, [$60 million] year to date, and we probably up under-index in terms of COGS. I think we're about 60% COGS where the whole program is going to be 70%. So more to come on the COGS side. And as we also said, we're taking our full year forecast up to $70 million, holding the $200 million target for 2026 for now, but off to a really good start.

是的，我想說 - 就像我說的，我們已經有了一個非常好的開端，今年迄今為止[6000萬美元]，而且就銷貨成本而言，我們的漲幅可能低於指數。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%。 COGS 方面還有更多內容。正如我們還說過的，我們將全年預測提高到 7000 萬美元，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. Thank you so much.

出色的。太感謝了。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Hey, good afternoon. Thanks for taking my question. So couple of follow-up 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? I guess, maybe early thoughts on inflation or deflation in 2025. 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. Obviously, you're going to continue to push the optimizing for profitable growth program. But curious if there's any other puts and takes?

嘿，下午好。感謝您提出我的問題。安東尼，我想你提到了我們今年迄今為止所看到的良好的成本通貨緊縮。您預計第四季通膨將回歸？我想，也許是對2025 年通膨或通貨緊縮的早期想法。 。但好奇是否還有其他的看跌期權？

Yeah. I would say generally have a bit early for us to comment on 2025, but we have experienced that deflation benefit each of our first three quarters. But it's getting less of a benefit. I think we did a little over $200 million of deflation in Q1, about $100 million benefit -- 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.

是的。我想說的是，我們對 2025 年發表評論通常有點早，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。但它的好處越來越少。我認為我們第一季的通貨緊縮略高於 2 億美元，第二季的收益約為 1 億美元，即 100 個基點的收益。第三季上漲 50 個基點。我們認為這將在第四季度轉變為小幅通膨。

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. And then on 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. Should we be expecting basically one to one wholesale to retail in that back key fourth quarter? And can you remind us on what that looks like a year ago? Where we still in destocking mode a year ago? In which case, there might be a little bit of a good guide as we speak about wholesale potentially outpacing retail.

很公平。然後，當您談到零售商對假期季節的興奮時，聽起來他們感覺自己擁有相當不錯的——適量的庫存。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？您能提醒我們一年前的情況嗎？一年前我們還在去庫存模式嗎？在這種情況下，當我們談論批發可能超過零售時，可能會有一些很好的指導。

Yeah, I would say all things, the same potential for a little bit of a tailwind on that front, we came into the year after having made significant progress in 2023. We came into 2024, slightly elevated. So year on year of a bit of a tailwind all things -- all else the same.

是的，我想說的是，在這方面同樣有可能帶來一點順風，我們在 2023 年取得了重大進展後進入了這一年。所以年復一年，一切都有點順風順水——其他一切都一樣。

Got it. Very helpful. Thank you.

知道了。非常有幫助。謝謝。

Fred Wightman, Wolfe Research.

弗雷德‧懷特曼，沃爾夫研究公司。

Hey, guys. Just one quick one. 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. Was there something else below-the-line that's offsetting that.

嘿，夥計們。就快一點吧。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。是否有其他的線下因素可以抵消這一點？

Fred, give in that one more time.

弗雷德，再屈服一次。

Yeah, it's really just the EBITDA and EPS guidance didn't move, but the tax rate came down pretty significantly. Is there another offset below the line?

是的，實際上只是 EBITDA 和 EPS 指導沒有變化，但稅率大幅下降。線下方是否還有另一個偏移？

No, I'd say all else is saying, 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，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. Thanks, a lot.

好的。多謝。

Thank you. Thank you, everyone, for your questions. Our priority is for the year, what do we improve profitability, expand gross margin, and generate significant cash flow. In line with our priorities, we did exactly that. We achieved another strong quarter of profitability. We expect to grow our EBITDA, achieved double digit growth in adjusted EPS in 2024, and generate strong cash flow. And this is despite wrapping the incredible success of the Barbie movie in the prior year.

謝謝。謝謝大家的提問。我們今年的首要任務是，如何提高獲利能力、擴大毛利率、產生大量現金流。根據我們的優先事項，我們確實這樣做了。我們又實現了強勁的季度獲利。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。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 companies in the strongest financial position it has been in many years, and we continue to execute our multiyear strategy to grow our IP-driven toy business, and expand our entertainment offerings. 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. And now, I'll turn the call back to the operator.

這些公司的財務狀況處於多年來最強勁的水平，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。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 個購物日中迎來一個美好的假期。現在，我將把電話轉回給接線生。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。