Mattel Inc (MAT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Abby, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Mattel Inc first quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，感謝你們的支持。我叫艾比，今天我將擔任您的會議主持人。現在，我歡迎大家參加美泰公司 2025 年第一季財報電話會議。（操作員指示）

Thank you. And I would now like to turn the conference over to Jenn Kettnich, Head of Investor Relations. You may begin.

謝謝。現在我想將會議交給投資者關係主管 Jenn 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.

謝謝接線員，大家下午好。今天與我一起出席的還有美泰公司董事長兼執行長 Ynon Kreiz；以及美泰財務長安東尼‧迪西爾維斯特羅 (Anthony DiSilvestro)。

As you know, this afternoon we reported Mattel's first quarter 2025 financial results. We will begin today's call with Ynon and Anthony providing commentary on our results, after which we will provide some time for questions. Please note that during the question and answer session we respectfully ask that you limit to one question and one follow-up, so that we can get to as many analysts and questions as possible today.

如大家所知，今天下午我們公佈了美泰兒2025年第一季的財務表現。今天的電話會議將由 Ynon 和 Anthony 對我們的結果進行評論，之後我們將提供一些時間來回答問題。請注意，在問答環節中，我們恭敬地請求您只提出一個問題和一個後續問題，以便我們今天能夠盡可能多地了解分析師的意見和問題。

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、收益報告和幻燈片簡報可能會參考某些非 GAAP 財務指標和關鍵績效指標，這些指標在幻燈片簡報和收益報告附錄中定義。請注意，除非另有說明，本次通話中引用的總營業額數字將以固定貨幣表示。

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.

我們的收益報告、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」部分訪問，並且這些文件中包含了 G 條例所要求的有關非 GAAP 財務指標的資訊以及有關我們關鍵績效指標的資訊。

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 registered public accounting firm, and other developments that may arise between now and the disclosure of the final results.

收益報告和幻燈片簡報中包含的初步財務結果代表管理層可獲得的最新資訊。本公司在 10-Q 表中揭露的實際結果可能會因公司的財務結算程序、最終調整、公司獨立註冊會計師事務所的審查完成以及現在和最終結果揭露之間可能出現的其他事態發展而有所不同。

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

在我們開始之前，我想提醒您，電話會議中做出的某些陳述是前瞻性的，包括與我們的業務、品牌、類別和產品線的未來表現相關的陳述。我們對未來所做的任何陳述，本質上都是不確定的。這些聲明是基於目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前瞻性聲明中的預測不同。

We describe some of these uncertainties: in the risk factors section of our latest Form 10-K Annual 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. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

我們描述了其中的一些不確定性：在我們最新的 10-K 表格年度報告的風險因素部分、我們最近的收益報告和幻燈片演示中，以及我們不時向美國證券交易委員會提交的其他文件中，以及其他公開聲明中。美泰不會更新前瞻性聲明，並明確表示不承擔任何更新前瞻性聲明的義務，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。

Welcome, everyone, and thank you for joining Mattel's first quarter 2025 earnings call. We had a strong first quarter, with top-line growth and gross margin expansion, positive performance across most categories and markets, and continued operational excellence.

歡迎大家，感謝您參加美泰 2025 年第一季財報電話會議。我們第一季表現強勁，營收成長、毛利率擴大，大多數類別和市場表現良好，並且持續保持卓越的營運。

Looking at key financial metrics for the first quarter as compared to the prior year: Net Sales grew 2% as reported and 4% in constant currency, Adjusted Gross Margin increased 130 basis points to 49.6%, and Adjusted EBITDA grew 7% to $57 million. We continue to benefit from a strong balance sheet, including $1.24 billion in cash at quarter end, after repurchasing $160 million of shares in the period.

與去年同期相比，第一季的主要財務指標如下：淨銷售額按報告數字增長 2%，按固定匯率計算增長 4%，調整後毛利率增加 130 個基點至 49.6%，調整後 EBITDA 增長 7% 至 5700 萬美元。我們繼續受益於強勁的資產負債表，包括在本季回購了價值 1.6 億美元的股票後，季度末的現金為 12.4 億美元。

A key topic that further developed during the quarter is tariffs and global trade uncertainty, which are having a significant impact on the toy industry. While tariffs did not affect our first quarter financial results, we are taking mitigating actions designed to fully offset the potential incremental cost impact of tariffs on future performance in three key areas: accelerating diversification of our supply chain and further reducing reliance on China-sourced product, optimizing product sourcing and product mix, and where necessary taking pricing action in our US business.

本季進一步發展的關鍵議題是關稅和全球貿易不確定性，這對玩具產業產生了重大影響。雖然關稅沒有影響我們第一季的財務業績，但我們正在採取緩解措施，旨在完全抵消關稅對未來業績的潛在增量成本影響，具體措施包括三個關鍵領域：加速供應鏈多樣化，進一步減少對中國採購產品的依賴，優化產品採購和產品組合，並在必要時對我們的美國業務採取定價行動。

Over the past several years we have diversified our manufacturing footprint and developed a flexible model to adapt efficiently to changing market conditions. Today we source products from a combination of owned and operated factories and third-party suppliers in seven countries. China currently represents less than 40% of global production for our toys, compared to an industry average of 80%. In terms of US imports for Mattel, China represents less than 20% of global production.

在過去的幾年中，我們實現了製造業務的多元化，並開發了靈活的模式以有效適應不斷變化的市場條件。如今，我們從七個國家的自營工廠和第三方供應商採購產品。目前，中國玩具產量佔全球產量的不到 40%，而產業平均為 80%。就美泰在美國的進口量而言，中國佔全球產量的不到20%。

While China continues to be an important sourcing country for us on a global basis, we have been accelerating plans to further reduce reliance on China-sourced product as part of our diversification strategy. As an example, in 2025 we will be relocating production of 500 toy SKUs from China to other sourcing options. This is up from 280 SKUs, which we relocated in 2024, well before the recent US tariffs were enacted.

雖然中國在全球範圍內仍然是我們重要的採購國，但作為多元化策略的一部分，我們一直在加快計劃，進一步減少對中國採購產品的依賴。例如，到 2025 年，我們將把 500 個玩具 SKU 的生產從中國轉移到其他採購地點。這一數量比我們在 2024 年（即美國近期實施關稅之前）重新安置的 280 個 SKU 有所增加。

In terms of optimizing product sourcing and product mix: with the benefit of Mattel's global scale and diversified supply chain, we are shifting sourcing flows across our portfolio between countries where we make products and countries where we sell products. This will enable us to further lower the amount of China-sourced products in the US and reduce exposure to the US tariffs.

在優化產品採購和產品組合方面：借助美泰的全球規模和多元化供應鏈，我們正在將產品生產國和產品銷售國之間的採購流程轉移。這將使我們能夠進一步降低美國進口的中國產品數量，並減少受到美國關稅的影響。

In some cases where a product is in high demand, we will dual source from two or more countries and can use this to our advantage. For example, UNO, which is produced in both China and India, is increasing flow from China towards international customers, and we are significantly ramping up volume in India to serve the US market.

在某些情況下，如果某種產品需求量很大，我們會從兩個或多個國家進行雙重採購，並利用這一點來發揮我們的優勢。例如，在中國和印度都有生產的 UNO，正在增加從中國到國際客戶的流量，我們正在大幅增加印度的產量以服務美國市場。

The combination of further diversifying our supply chain footprint and optimizing product sourcing and product mix is expected to reduce our US imports from China to less than 15% of global production by 2026, and less than 10% by 2027, with additional contingency plans to accelerate that if required.

透過進一步多元化我們的供應鏈佈局以及優化產品採購和產品組合，預計到 2026 年，我們從中國的進口量將減少到佔全球產量的 15% 以下，到 2027 年將減少到 10% 以下，如有需要，我們還將制定額外的應急計劃來加速這一進程。

Taking pricing action in our US business, where necessary, will be done in close collaboration with our retail partners, while always keeping the consumer in mind to ensure we offer the right balance of price and value, and maintain high-quality standards. Under the current scenarios we are considering, we expect that 40% to 50% of our product will be priced at $20 or less.

在必要時，我們將與零售合作夥伴密切合作，在美國業務中採取定價行動，同時始終將消費者放在心上，以確保我們提供價格和價值的適當平衡，並保持高品質標準。根據我們目前考慮的情況，我們預計 40% 到 50% 的產品價格將為 20 美元或更低。

The breadth of our portfolio, innovative products, diversified and flexible supply chain, and global commercial organization are clear advantages for Mattel in this period of uncertainty. We are committed to continuing the uninterrupted supply of quality products across a wide range of affordable price points and strengthening our standing as a trusted partner for retailers and consumers.

我們廣泛的產品組合、創新的產品、多樣化和靈活的供應鏈以及全球商業組織是美泰在這段不確定時期的明顯優勢。我們致力於繼續不間斷地供應各種價格合理的優質產品，並加強我們作為零售商和消費者值得信賴的合作夥伴的地位。

We support the US Toy Association and other global toy associations advocating for zero tariffs on toys and games globally to ensure that safe, affordable, and high-quality toys remain accessible to all. Toys are foundational to a child's growth and development. Zero tariffs for toys gives the greatest number of children and families access to play.

我們支持美國玩具協會和其他全球玩具協會倡導全球玩具和遊戲零關稅，以確保所有人都能購買安全、實惠、高品質的玩具。玩具是兒童成長和發育的基礎。玩具零關稅讓盡可能多的兒童和家庭可以享受玩具的樂趣。

Coming back to the first quarter's performance, our business grew across most categories and geographies. Growth in Gross Billings was driven by Action Figures, Vehicles, Dolls and Games. There are several recent highlights worth mentioning by category. Dolls grew, with strong performance in Disney Princess and Wicked, while Barbie and American Girl were comparable to prior year. The Barbie brand continues to resonate driven by innovation, cultural relevance and strong appeal among adult fans. The New KenBassador series launch with LeBron James became a global phenomenon and sold out across all retail channels.

回顧第一季的業績，我們的業務在大多數類別和地區都實現了成長。總營業額的成長是由動作人物、車輛、玩偶和遊戲推動的。近期有幾個按類別值得一提的亮點。玩偶銷售成長，其中迪士尼公主和魔法壞女巫表現強勁，而芭比娃娃和美國女孩的銷量與去年持平。芭比品牌憑藉創新、文化相關性和對成年粉絲的強大吸引力繼續引起人們的共鳴。與勒布朗·詹姆斯 (LeBron James) 合作推出的全新 KenBassador 系列產品引起了全球轟動，並在所有零售通路銷售一空。

Vehicles continued to grow driven by Hot Wheels. The Formula 1 presale is a great set up for the mass launch in the Fall, and the first product from our new partnership with Ferrari sold out on Mattel Creations.

在風火輪的推動下，汽車銷售持續成長。一級方程式賽車的預售為秋季的大規模發布做了很好的鋪墊，我們與法拉利新合作的首款產品在 Mattel Creations 上已經銷售一空。

Within Infant, Toddler and Preschool, the new Barney toy line, Fisher-Price Wood and Little People performed well. Challenger Categories as a whole grew double digits and had several wins: In Games, UNO achieved a record first quarter, Action Figures grew double digits driven by Minecraft, Jurassic World, and WWE. Minecraft product performed particularly well, enhanced by the live action movie, which is the largest grossing domestic film so far this year. Also, in Action Figures, we recently renewed multi-year global licensing agreements with WWE and with Disney for Toy Story, including next year's theatrical release, Toy Story 5.

在嬰兒、幼兒和學齡前兒童領域，新的 Barney 玩具系列、費雪木偶和小人物玩具表現良好。挑戰者類別整體實現了兩位數增長，並取得了多項勝利：在遊戲領域，UNO 創下了第一季的紀錄，在 Minecraft、侏羅紀世界和 WWE 的推動下，動作人物類別實現了兩位數增長。Minecraft 產品表現特別出色，真人電影更是錦上添花，成為今年迄今票房最高的國內電影。此外，在可動人偶方面，我們最近與 WWE 和迪士尼續簽了《玩具總動員》的多年期全球授權協議，其中包括明年上映的《玩具總動員 5》。

These agreements, combined with our previously announced licensing partnership with DC, which will begin mid-2026, further establish Mattel as a partner of choice for the major entertainment companies and IP owners.

這些協議，加上我們先前宣布的與 DC 的授權合作夥伴關係（將於 2026 年中期開始），進一步確立了美泰作為主要娛樂公司和智慧財產權所有者的首選合作夥伴的地位。

Our entertainment strategy also continues to make exciting progress. In film, the Masters of the Universe movie is well into production in London, ahead of its worldwide theatrical premiere on June 5, 2026, the Matchbox movie just wrapped principal photography and is slated for release in the Fall of 2026, and the Barney movie, with Daniel Kaluuya's 59% Productions and A24, is in development and will be written by Emmy and Golden Globe winner Ayo Edebiri.

我們的娛樂策略也持續取得令人興奮的進展。在電影方面，《宇宙巨人》電影在倫敦的製作進展順利，將於 2026 年 6 月 5 日在全球影院首映；《火柴盒》電影剛完成主要拍攝，預計將於 2026 年秋季上映；《巴尼》電影由丹尼爾·卡盧亞的 59% Productions 和 A24 出品，正在製作中，劇本將由愛德華·艾比瑞·艾利 (Edebiri) 撰寫。

In television, Hot Wheels Let’s Race season 3 and a new Barbie special both premiered on Netflix. In digital games, we continue to progress towards launching our self-publishing business and are targeting the release of the first game in 2026. At Mattel163, our digital games joint venture with NetEase, the first quarter net income contribution increased nearly 75% from the prior year.

電視方面，《風火輪：讓我們一起競速》第三季和芭比娃娃新特輯都在 Netflix 上首播。在數位遊戲方面，我們繼續推動自主出版業務，目標是在 2026 年發布第一款遊戲。我們與網易合資的數位遊戲公司美泰兒163第一季的淨收入比去年同期成長了近75%。

Following a strong first quarter, we are also off to a strong start in the second quarter, with POS up double digits quarter to date, both in the US and internationally. We expect the second quarter to benefit from the highly anticipated Jurassic World: Rebirth movie product, which will be on shelves June 1, continued performance in our innovative Minecraft movie product, and ongoing momentum in Hot Wheels. We also recently announced the launch of our first product collection for the Mattel Brick Shop: Hot Wheels collector building sets for adult fans, which will reach full retail distribution this summer.

繼第一季表現強勁之後，我們在第二季度也取得了良好的開端，本季迄今為止，美國和國際的 POS 均實現了兩位數成長。我們預計第二季將受益於備受期待的《侏羅紀世界：重生》電影產品（該產品將於 6 月 1 日上架）、我們創新的《我的世界》電影產品的持續表現以及風火輪的持續發展勢頭。我們最近也宣布推出美泰積木店的首批產品系列：成年粉絲的風火輪收藏積木套裝，該系列將於今年夏天全面上市零售。

Given the volatile macroeconomic environment and evolving US tariff situation, it is hard to predict consumer spending and our US sales in the remainder of the year and holiday season. We are therefore pausing full-year 2025 guidance until we have sufficient visibility. That said, we are confident about the mitigating actions we are taking, which are designed to fully offset the potential incremental cost impact of tariffs on future performance. Our International business, which comprises roughly half of our overall revenue, is not expected to be materially impacted by tariffs.

鑑於宏觀經濟環境的動盪和美國關稅情勢的不斷變化，很難預測今年剩餘時間和假期的消費者支出和美國的銷售額。因此，我們將暫停 2025 年全年預測，直到獲得足夠的透明度。儘管如此，我們對正在採取的緩解措施充滿信心，這些措施旨在完全抵消關稅對未來表現的潛在增量成本影響。我們的國際業務約占我們總收入的一半，預計不會受到關稅的重大影響。

Historically, the toy industry has proven to be resilient during uncertain times, and we believe Mattel is in a much better position than the industry to adapt efficiently to the changing market conditions. As a global leader in toys and family entertainment, our brands are thriving, our products and experiences stand out in the marketplace, and our supply chain is a competitive advantage. We have a strong balance sheet that gives us flexibility to execute our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering. We are maintaining our target of $600 million of share repurchases for 2025, in line with our capital allocation priorities.

從歷史上看，玩具行業在不確定的時期表現出了韌性，我們相信美泰比其他行業更有能力有效適應不斷變化的市場條件。作為玩具和家庭娛樂的全球領導者，我們的品牌蓬勃發展，我們的產品和體驗在市場上脫穎而出，我們的供應鏈具有競爭優勢。我們擁有強大的資產負債表，這使我們能夠靈活地執行我們的策略，以發展美泰的知識產權驅動的玩具業務並擴大我們的娛樂產品。我們維持 2025 年 6 億美元股票回購目標，以符合我們的資本配置優先事項。

In closing, this was a strong quarter for Mattel with top-line growth and gross margin expansion, and continued operational excellence. At Mattel, we are very good at navigating complexity, volatility, and dynamic situations. We are adapting with speed, agility, and discipline, and are ready for the challenge. As we look ahead, we expect not only to manage through this volatile period but strengthen our competitive position.

總而言之，本季對於美泰來說表現強勁，營收成長、毛利率擴大，並且持續保持卓越的營運。在美泰，我們非常擅長應對複雜性、波動性和動態性的情況。我們正在以速度、敏捷和紀律進行適應，並已準備好迎接挑戰。展望未來，我們不僅希望度過這段動盪時期，還能加強我們的競爭地位。

Before I hand it over to Anthony, I would like to thank him once again for his many contributions to the company as our Chief Financial Officer for the last five years. We expect to announce his successor in the near future and look forward to Anthony's continued service as an advisor over the next several months to ensure a seamless transition.

在將職務交給安東尼之前，我想再次感謝他過去五年來擔任財務長期間為公司做出的諸多貢獻。我們預計在不久的將來宣布他的繼任者，並期待安東尼在接下來的幾個月繼續擔任顧問，以確保順利過渡。

Anthony, over to you to cover the financials in more detail one last time.

安東尼，最後一次請你更詳細地介紹一下財務狀況。

Thank you for the kind words, Ynon. It's been a pleasure to be part of Mattel.

謝謝你的好意，Ynon。我很榮幸能成為美泰兒公司的一員。

In the first quarter we grew top line and expanded gross margins, with broad-based category strength and continued operational excellence. Net sales increased 2% as reported and 4% in constant currency to $827 million, Adjusted Gross Margin increased by 130 basis points to 49.6%, Adjusted Operating Loss improved by $7 million to a negative $16 million, driven by sales growth and gross margin expansion, Adjusted Loss per Share improved $0.02 to negative $0.03, and Adjusted EBITDA increased 7% to $57 million.

第一季度，我們憑藉著廣泛的產品類別優勢和持續的卓越運營，實現了營業收入成長並擴大了毛利率。淨銷售額以報告數字計算成長 2%，以固定匯率計算成長 4%，達到 8.27 億美元；調整後毛利率增加 130 個基點，達到 49.6%；調整後營業虧損減少 700 萬美元，為負 1600 萬美元，這得益於每股收益7%，達到 5700 萬美元。

Turning to Gross Billings in constant currency. Total Gross Billings increased 5% with growth across most categories and regions. POS increased low single digits including the adverse impact from a later Easter holiday this year.

轉向以固定貨幣計算的總營業額。總營業額成長 5%，大多數類別和地區均實現成長。POS 銷售額成長了低個位數，其中包括今年復活節假期較晚的不利影響。

Dolls Gross Billings increased 2%, primarily driven by growth in Disney Princess and Wicked, while Barbie and American Girl were both comparable to the prior year. Vehicles increased 6%. Hot Wheels increased 7%, driven by growth in die cast cars, both the kids and collector segments, and tracks and playsets.

玩偶總收入成長了 2%，主要受迪士尼公主和《魔法壞女巫》成長的推動，而芭比娃娃和美國女孩的銷售額均與去年持平。車輛增加了6%。風火輪 (Hot Wheels) 銷量成長了 7%，這得益於兒童和收藏家細分市場的壓鑄車、賽道和玩具套裝銷量的成長。

Infant, Toddler and Preschool overall declined 5% due primarily to declines in Baby Gear and Power Wheels following planned exits, partly offset by growth in Pre-School Entertainment benefiting from the launch of Barney. While Fisher-Price POS increased low single digits in the quarter, Fisher-Price Gross Billings declined 1% due to Infant, mostly offset by growth in Fisher-Price Wood and Little People. As a reminder, in line with our strategy, most of the planned exits of Power Wheels and certain product lines in Baby Gear will have been completed by the end of this year. Challenger Categories, overall increased 14% driven by growth in Action Figures and Games, partly offset by a decline in Building Sets. The growth in Action Figures was driven by Minecraft and Jurassic movie properties, and WWE.

嬰幼兒和學齡前兒童的銷售額總體下降了 5%，主要是因為嬰兒用品和 Power Wheels 在計劃退出後銷售額下降，但 Barney 的推出帶來的學齡前娛樂銷售額的增長部分抵消了這一下降。雖然費雪牌 POS 在本季度實現了低個位數增長，但費雪牌總營業額卻因嬰兒產品而下降了 1%，但大部分被費雪牌木製品和小人物產品的增長所抵消。提醒一下，根據我們的策略，Power Wheels 和 Baby Gear 部分產品線的大部分計劃退出將在今年年底前完成。挑戰者類別整體成長了 14%，這主要得益於可動人偶和遊戲的成長，但建築套裝的下降部分抵消了這一增長。動作人物玩具的成長主要受到《我的世界》和《侏羅紀世界》電影以及 WWE 的推動。

Looking at our first quarter performance geographically, we achieved growth in three of our four regions. Gross Billings increased 4% in North America, including double-digit growth in Canada, EMEA increased 8% with growth across almost every market, Asia Pacific increased 12%, driven by growth in Australia, India and China, Latin America declined 7%, reflecting the impact of retailers reducing inventory levels, as anticipated.

從地理區域來看我們第一季的業績，我們在四個地區中的三個地區實現了成長。北美地區總營業額成長 4%，其中加拿大達到兩位數成長；歐洲、中東和非洲地區成長 8%，幾乎所有市場均實現成長；亞太地區成長 12%，主要受澳洲、印度和中國成長的推動；拉丁美洲下降 7%，反映出零售商降低庫存水準的影響，這與預期一致。

Retail inventory is up high-single digits globally, compared to the prior year, reflecting the impact of a later Easter holiday and a build-up of movie-related products ahead of theatrical releases. We believe retail inventory overall is at appropriate levels and of good quality.

與前一年相比，全球零售庫存成長了高個位數，反映了復活節假期延後以及電影上映前電影相關產品囤積的影響。我們認為零售庫存整體處於適當水準且品質良好。

Adjusted Gross Margin was 49.6%, an increase of 130 basis points compared to the prior year. The increase was primarily driven by: lower inventory management costs, principally obsolescence and closeouts, and savings from the Optimizing for Profitable Growth Program, which each added 110 basis points. These were partly offset by cost inflation which had a negative impact of 100 basis points, mainly driven by higher labor and logistics costs.

調整後毛利率為49.6%，較前一年增加130個基點。成長的主要原因是：庫存管理成本降低（主要是淘汰和清倉）以及優化獲利成長計畫帶來的節省，這兩項均增加了 110 個基點。但成本通膨部分抵消了這一影響，成本通膨產生了 100 個基點的負面影響，主要原因是勞動力和物流成本上升。

Moving down the P&L, advertising expenses of $70 million were comparable to the prior year, and Adjusted SG&A increased 4% to $355 million, due to investment-related spend and compensation, partly offset by savings from the Optimizing for Profitable Growth program.

就損益表而言，廣告費用為 7,000 萬美元，與上年持平，調整後的銷售、一般及行政費用增加 4% 至 3.55 億美元，原因是投資相關支出和薪酬，但「優化盈利增長」計劃的節省部分抵消了這一增長。

Adjusted Operating Loss improved by $7 million to a negative $16 million, with the improvement driven by net sales growth and Adjusted Gross Margin expansion. Adjusted EBITDA improved $4 million to $57 million. Adjusted Loss per Share improved by $0.02 to a loss of $0.03.

調整後營業虧損改善 700 萬美元，至負 1,600 萬美元，改善的動力來自於淨銷售額的成長和調整後毛利率的擴大。調整後的 EBITDA 增加了 400 萬美元，達到 5700 萬美元。調整後每股虧損改善 0.02 美元至 0.03 美元。

Cash from operations was $25 million compared to $35 million in the prior year period. On a trailing 12-month basis, we generated $582 million of free cash flow compared to $964 million in the prior year. Free cash flow in the prior year period benefited from an outsized reduction in inventory. Consistent with our capital allocation priorities, we repurchased $160 million of shares in the quarter. We have now repurchased $460 million over the last 12 months and over $760 million since resuming repurchases in 2023.

經營活動現金流為 2,500 萬美元，去年同期為 3,500 萬美元。在過去 12 個月中，我們產生了 5.82 億美元的自由現金流，而前一年為 9.64 億美元。去年同期的自由現金流受益於庫存的大幅減少。根據我們的資本配置重點，我們在本季回購了價值 1.6 億美元的股票。過去 12 個月我們已回購 4.6 億美元，自 2023 年恢復回購以來已回購超過 7.6 億美元。

Taking a look at the balance sheet. We finished the quarter with a cash of $1.24 billion compared to $1.13 billion a year ago, an increase of $113 million. The increase reflects free cash flow generated over the last 12 months, less $460 million of share repurchases. Total debt remains at approximately $2.34 billion with the next maturity in 2026.

查看資產負債表。本季末，我們的現金為 12.4 億美元，而去年同期為 11.3 億美元，增加了 1.13 億美元。這一增長反映了過去 12 個月產生的自由現金流減去 4.6 億美元的股票回購。總債務仍約 23.4 億美元，下一筆債務將於 2026 年到期。

Accounts receivable decreased $40 million to $633 million, reflecting a decline in day-sales-outstanding. Inventory levels are appropriate for this time of year at $658 million compared to $669 million a year ago. Our leverage ratio, debt to adjusted EBITDA, improved to 2.2 times compared to 2.3 times a year ago, benefiting from the increase in trailing 12-month Adjusted EBITDA.

應收帳款減少 4,000 萬美元至 6.33 億美元，反映出未收帳款天數的下降。今年這個時候的庫存水準是合適的，為 6.58 億美元，而去年同期為 6.69 億美元。我們的槓桿率（債務與調整後 EBITDA 之比）從一年前的 2.3 倍改善至 2.2 倍，這得益於過去 12 個月調整後 EBITDA 的成長。

We continue to achieve savings under our Optimizing for Profitable Growth Program. In the first quarter we generated $19 million in savings, with roughly half benefiting cost of goods sold and the other half in SG&A. We have now achieved $103 million of savings since launching the program in 2024. As we look to the rest of 2025, we are increasing our cost savings target for the year to $80 million, versus $60 million previously, and are on track to achieve total program savings of $200 million by 2026.

我們透過優化獲利成長計劃繼續實現節約。第一季度，我們節省了 1,900 萬美元，其中大約一半來自銷售成本，另一半來自銷售、一般及行政費用。自 2024 年啟動該計劃以來，我們已節省了 1.03 億美元。展望 2025 年剩餘時間，我們將今年的成本節約目標從先前的 6,000 萬美元提高到 8,000 萬美元，並預計在 2026 年實現 2 億美元的專案總節約。

We are operating in a dynamic macro-economic environment with significant volatility. Given the evolving US tariff situation, we are assessing a wide range of potential scenarios. As Ynon mentioned, we are taking mitigating actions designed to fully offset the potential incremental cost impact of tariffs on future performance in three key areas: accelerating diversification of our supply chain and further reducing reliance on China-sourced product, optimizing product sourcing and product mix, and, where necessary, taking pricing actions in our US business.

我們處在一個動態且波動很大的宏觀經濟環境中。鑑於美國關稅情勢的變化，我們正在評估各種潛在情況。正如 Ynon 所提到的，我們正在採取緩解措施，旨在充分抵消關稅對未來三個關鍵領域業績的潛在增量成本影響：加速供應鏈多樣化並進一步減少對中國採購產品的依賴，優化產品採購和產品組合，並在必要時對我們的美國業務採取定價行動。

In addition, as we plan for the rest of the year with our retailers, we intend to rebalance promotional activity to drive cost efficiencies while maintaining sufficient support, and as mentioned earlier, we are accelerating cost savings and increasing our 2025 target under the optimizing profitable growth program from $60 million to $80 million.

此外，當我們與零售商規劃今年剩餘時間的工作時，我們打算重新平衡促銷活動，以提高成本效率，同時保持足夠的支持，並且如前所述，我們正在加速成本節約，並將優化盈利增長計劃下的 2025 年目標從 6000 萬美元提高到 8000 萬美元。

We do not expect second quarter costs to be impacted by tariffs, due to timing of inventory flows. Under the current tariff framework, we would expect to see tariffs impact our costs starting in Q3, although many of the mitigating actions we've outlined will also be in effect by then. We are off to a strong start in the second quarter with POS up double digits quarter to date benefiting from the Easter holiday and up low single digits year to date with growth both in the US and internationally. However, we may see some movement in our Gross Billings performance between quarters starting in Q2 related to direct import shipments as retailers assess their DI-trade mix.

由於庫存流動的時間安排，我們預計第二季的成本不會受到關稅的影響。在現行關稅框架下，我們預計關稅將從第三季開始影響我們的成本，儘管我們概述的許多緩解措施也將在那時生效。我們在第二季度取得了強勁開局，受益於復活節假期，本季 POS 銷售額增長了兩位數，今年迄今為止 POS 銷售額增長了較低的個位數，在美國和國際市場均實現了增長。然而，隨著零售商評估其直接進口貿易組合，我們可能會看到從第二季開始的幾個季度之間與直接進口貨物相關的總營業額表現出現一些變化。

Given the volatile macro-economic environment and evolving US tariff situation, it is hard to predict consumer spending and our US sales in the remainder of the year and holiday season, and we are therefore pausing our full-year 2025 guidance until we have sufficient visibility. That said, we are maintaining our $600 million share repurchase target for 2025, in line with the capital allocation priorities.

鑑於宏觀經濟環境的動盪和美國關稅情勢的不斷變化，很難預測今年剩餘時間和假期的消費者支出和我們的美國銷售額，因此我們暫停 2025 年全年預測，直到我們獲得足夠的可見性。也就是說，我們仍將維持 2025 年 6 億美元的股票回購目標，以符合資本配置優先事項。

In closing, our first quarter results were strong, and the second quarter is off to a good start. With our scale, resources and capabilities, we are confident about the mitigating actions we are taking, which are designed to fully offset the potential incremental cost impact of tariffs on future performance. We are well positioned financially with ample cash and will continue to manage our balance sheet in line with our capital allocation priorities, as we execute our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering.

最後，我們的第一季業績強勁，第二季也有了良好的開端。憑藉我們的規模、資源和能力，我們對正在採取的緩解措施充滿信心，這些措施旨在充分抵消關稅對未來業績的潛在增量成本影響。我們的財務狀況良好，現金充裕，並將繼續按照我們的資本配置優先事項管理我們的資產負債表，同時執行我們的策略，發展美泰的智慧財產權驅動玩具業務並擴大我們的娛樂產品。

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

說完這些，我將把時間交給接線員進行問答。

(Operator Instructions) Arpine Kocharyan, UBS.

（操作員指示）Arpine Kocharyan，瑞銀。

Thank you so much for taking my question and thank you for the detailed prepared remarks. I wanted to go back to the optimism, the encouraging comments you had in the prepared remarks about fully offsetting the impact of incremental tariffs. Understanding it is very difficult to assess the timing of that but if you were to outline the roadmap of how you get there, what would that timeline be?

非常感謝您回答我的問題，也感謝您準備的詳細發言。我想回到您在準備好的演講中所表達的樂觀態度和令人鼓舞的評論，即完全抵消增量關稅的影響。理解這一點很難評估其時間安排，但如果您要概述如何實現這一目標的路線圖，那麼時間表是什麼？

And assuming that current status quo holds for tariffs, in other words, reciprocal tariffs are paused and China remains where it is and also thinking about the fact that we won't really see much impact until Q3, as you indicated. Could you maybe give us a sense on the current exposure in dollars for the year to the extent you can, of course? And then, I have a quick follow-up.

假設當前的關稅現狀保持不變，換句話說，互惠關稅暫停，中國保持現狀，同時考慮到我們要到第三季才會真正看到太大的影響，正如您所說。當然，您能否盡可能地向我們介紹今年美元的當前風險敞口？然後，我有一個快速的跟進。

Hey, hi, Arpine. Let me talk about a couple of questions there. As we said in our remarks, Q1 was not impacted by tariffs. We don't expect Q2 to be impacted. It's really in Q3 that we expect to see some tariff impact coming through as it works through the inventory cycle. In terms of magnitude, and as we said, the situation is very fluid and a lot of uncertainty around the macro-economic environment.

嘿，你好，Arpine。讓我來談幾個問題。正如我們在評論中所說，第一季並未受到關稅的影響。我們預計第二季不會受到影響。我們預計在第三季會看到關稅對庫存週期產生一定的影響。從規模上看，正如我們所說，情況非常不穩定，宏觀經濟環境存在著許多不確定性。

So our planning approach has been to look at a range of potential scenarios and both upside and downside for Mattel regarding both the tariff and the potential impact on consumer spending and our US sales. But what I will say, if you look at the current state with tariffs at 145% on China, 10% rest world and 0% for Mexico, the incremental cost exposure this year relative to our initial planning assumption would be roughly $270 million.

因此，我們的規劃方法是研究一系列潛在情景，包括關稅對美泰的利弊，以及對消費者支出和美國銷售的潛在影響。但我想說的是，如果以目前的情況來看，中國關稅為 145%，其他國家關稅為 10%，墨西哥關稅為 0%，那麼相對於我們最初的規劃假設，今年的增量成本風險約為 2.7 億美元。

Now, from that, that's before you consider any of the mitigating action, and there are several of them. As Ynon mentioned in the remarks, we are accelerating diversification of our supply chain and further reducing reliance on China. We're also optimizing that product mix between the sourcing country and the selling market to minimize the tariff impact, and where necessary, taking pricing actions in our US business.

現在，從這一點開始，這是在您考慮任何緩解措施之前，其中有幾種。正如Ynon在評論中提到的，我們正在加速供應鏈的多元化，進一步減少對中國的依賴。我們也正在優化採購國和銷售市場之間的產品組合，以盡量減少關稅的影響，並在必要時對我們的美國業務採取定價行動。

There's also two additional levers that we mentioned. One is accelerating the cost savings under our OPG program, increasing the savings target to $80 million in 2025, and we'll also look to adjust our promotional activity to improve efficiency in the remainder of the year. And it's all those actions taken together that are designed to fully offset the cost impact of the incremental tariffs.

我們還提到了兩個額外的槓桿。一是加速我們 OPG 計畫下的成本節約，將 2025 年的節省目標提高到 8,000 萬美元，同時我們也將調整促銷活動，以提高今年剩餘時間的效率。所有這些措施的共同目的是為了完全抵銷增量關稅所帶來的成本影響。

That is super super helpful. Thank you. And then, I have a quick follow-up. Others talk about Indonesia and Malaysia as kind of the next frontier for supply chain expansion. But Mattel, you have been in both of those markets for some time with sizable volume. Could you maybe expand on where you see flexibility in your supply chain to transition out of China? Is it a matter of incremental tooling investment in factories that you already operate at? And can they handle that much incremental volume?

這非常非常有幫助。謝謝。然後，我有一個快速的跟進。其他人則認為印尼和馬來西亞是供應鏈擴張的下一個前沿。但美泰公司已經在這兩個市場上經營了一段時間，並且擁有相當大的銷售量。您能否詳細說明您認為您的供應鏈在從中國轉移出去方面有哪些彈性？這是否與你們已在營運的工廠增加工具投資有關？他們能處理如此大的增量嗎？

What are the main bottlenecks, if you will, and kind of urgent supply chain needs that you have at the moment and how you're approaching them, and you did have helpful example on India on UNO. But anything of the sort that you could give investors a little bit more color would be very helpful.

如果您願意的話，您目前面臨的主要瓶頸是什麼？您目前面臨的緊急供應鏈需求是什麼？您如何處理這些需求？您在聯合國上確實舉出了印度的有用例子。但任何能為投資者提供更多資訊的事情都會非常有幫助。

Hi, Arpine. As you know, we've been on this journey for seven years. This has not happened overnight and the goal was to establish a flexible, modular, resilient supply chain that is balanced and diversified by geography and by the product that we make. Today, we source product from a combination of owned and operated factories and third-party vendors in seven different countries, and that gives us a very balanced footprint with significant flexibility, one example is the ability to dual source product is in high demand between more than one country.

你好，Arpine。如你們所知，我們已經踏上這趟旅程七年了。這不是一朝一夕就能實現的，我們的目標是建立一個靈活、模組化、有彈性的供應鏈，該供應鏈在地域和我們生產的產品上實現平衡和多樣化。如今，我們從七個不同國家的自營工廠和第三方供應商處採購產品，這使我們擁有非常均衡的業務範圍和極大的靈活性，其中一個例子就是能夠在多個國家之間進行雙重採購，以滿足對產品的高度需求。

So with that, our supply chain is a meaningful competitive advantage. That gives us, not just the ability to produce quality product at affordable prices, but we can react and respond and address and take advantage of opportunities that open up in the marketplace. We said that by 2027, no one country would represent more than 25% of our total toy production. And when it comes to China, we talked about accelerating that further given the tariff situation.

因此，我們的供應鏈具有重大的競爭優勢。這不僅使我們有能力以可負擔的價格生產出優質的產品，而且我們還可以對市場上出現的機會做出反應、回應、解決和利用。我們說過，到2027年，沒有一個國家的玩具產量占我國玩具總產量的25%以上。談到中國，我們談到了在關稅情況下進一步加快這一進程。

And to give you more context and you may know some of that, we talked about the fact that 80% of toy production globally is from China. We index at less than half of that in terms of product coming from China for Mattel. In terms of US imports, less than 20% of our global production comes from China, and we plan to reduce that to below 15% by 2026 and below 10% by 2027, with additional contingency plans to accelerate that if required.

為了給您更多背景信息，您可能也了解一些，我們談到了全球 80% 的玩俱生產來自中國。對於美泰公司而言，我們認為來自中國的產品數量還不到這個數字的一半。就美國進口而言，我們全球產量中只有不到 20% 來自中國，我們計劃在 2026 年將這一比例降至 15% 以下，到 2027 年降至 10% 以下，如有需要，我們還將制定額外的應急計劃來加速這一進程。

So putting all of this together, given the strength of our supply chain, we don't expect only to manage through this volatile period but to strengthen our standing as a trusted partner for the retailers and consumers and further strengthen our standing as a trusted partner for parents and families.

因此，綜合考慮所有這些，鑑於我們供應鏈的實力，我們不僅期望度過這個動盪時期，而且還能加強我們作為零售商和消費者值得信賴的合作夥伴的地位，並進一步加強我們作為父母和家庭值得信賴的合作夥伴的地位。

Very helpful. Thank you much. Thank you.

非常有幫助。非常感謝。謝謝。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Hey, great, thanks for taking the questions. Maybe, Ynon, on mitigating efforts on pricing. I was curious if you could talk a little bit more about what gives you confidence in your ability to pass along pricing to some of your largest retailers. I think there's some concern out there that retailers might look to push back on pricing, perhaps putting the margin of companies like yours at risk. Just curious the conversations you're having there.

嘿，太好了，謝謝你回答這些問題。也許，Ynon，可以減輕定價方面的努力。我很好奇，您是否可以再多談談是什麼讓您有信心將定價權轉嫁給一些最大的零售商。我認為人們有些擔心零售商可能會降低價格，這可能會危及像你們這樣的公司的利潤。只是好奇你們在那裡進行的對話。

And then, second maybe for Anthony on the demand side. I know it's hard to predict, but would be curious if you could just talk a little bit more about the range of outcomes you mentioned that you're considering on the demand side,should tariffs remain at current rates. Are there any bands of outcomes that we should be thinking about from our side if current rates stay in place for the full year? Thank you.

然後，從需求方面來看，安東尼可能排在第二位。我知道這很難預測，但我很好奇，如果您能再多談一下您提到的您在需求方面考慮的一系列結果，如果關稅保持在先前的水平。如果現行利率在全年保持不變，我們是否應該考慮一系列結果？謝謝。

Sure. Stephen, we work very closely with our retail partners. This is business relationships that span decades, working collaboratively across categories, countries and different situations. We always have the consumer in mind when we talk about pricing and we make sure that we offer great product and experiences with the right balance of quality and value at affordable price points.

當然。史蒂芬，我們與零售合作夥伴密切合作。這是跨越數十年的業務關係，跨類別、跨國、跨不同情況進行合作。在定價時，我們始終將消費者放在心上，並確保以合理的價格提供優質的產品和體驗，以實現品質和價值的適當平衡。

In this particular situation, we are taking a strategic approach. We talk about the fact that under the tariff scenarios that we're looking at, we expect that between 40% to 50% of our product in the US will be priced at $20 or less. And for that matter, the number one toy item in the world, the Hot Wheels basic car, we sell for just over $1. So we clearly offer a very wide range of offering, and the fact that we have a diversified and flexible supply chain is going to be an important advantage for us that will help us keep prices affordable for consumers in this period of uncertainty.

在這種特殊情況下，我們採取了戰略方針。我們談到這樣一個事實：在我們正在考慮的關稅情景下，我們預計我們在美國 40% 到 50% 的產品售價將為 20 美元或更低。事實上，世界上排名第一的玩具——風火輪基本款車，我們的售價僅需 1 美元多一點。因此，我們顯然提供了非常廣泛的產品，而且我們擁有多樣化和靈活的供應鏈這一事實將成為我們的一個重要優勢，這將有助於我們在這個不確定的時期保持消費者可以承受的價格。

And then, to the second part of the question, it's hard to get too specific on the upside and downside around the potential scenarios. But certainly, in terms of risk, there is the overall macro-economic environment and what condition the overall consumer might be in the back part of the year.

然後，對於問題的第二部分，很難具體說明潛在情境的利弊。但當然，就風險而言，存在整體宏觀經濟環境以及今年下半年整體消費者狀況。

On the other hand and as Ynon mentioned, given our unique capabilities and advantages, there is potential upside if there's product shortages generally or opportunities to gain additional shelf space. So again, a range of opportunities and downsides, which fits into our scenario planning approach.

另一方面，正如 Ynon 所提到的，鑑於我們獨特的能力和優勢，如果出現產品普遍短缺或有機會獲得額外的貨架空間，那麼就存在潛在的上升空間。因此，再次強調，一系列機會和不利因素符合我們的情境規劃方法。

Great. Thank you, both.

偉大的。謝謝你們兩位。

Thanks, Stephen.

謝謝，史蒂芬。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good evening. Thanks so much. My first question is just more of a clarification related to Arpine's first question on the tariff impact. Really helpful, the $270 million and understand that's before mitigation. But I just wanted to clarify the comment about fully offsetting the incremental cost. It seems like you'll be able to offset some of that $270 million this year, but actions like moving outside of China will take more time. So just wanted to formally clarify that the ability to fully offset is more of a long-term comment, not necessarily a 2025 comment?

嗨，晚上好。非常感謝。我的第一個問題只是想對 Arpine 關於關稅影響的第一個問題進行一些澄清。這 2.7 億美元確實很有幫助，而且這還是在減災之前。但我只是想澄清關於完全抵消增量成本的評論。看起來你今年可以抵消其中的一部分，但將業務轉移到中國境外等行動將需要更多時間。所以只是想正式澄清一下，完全抵消的能力更多的是一個長期的評論，不一定是 2025 年的評論？

It was specifically a 2025 comment that the actions we detailed are designed to fully offset the cost impact of the incremental tariff.

具體來說，2025 年的評論是，我們詳述的行動旨在完全抵消增量關稅的成本影響。

Okay. Great. That's helpful. And then, maybe just a follow-up on the guidance. Based on that as well, it does seem like the decision to pause guidance at this point is driven more so by the uncertainty on the demand outlook rather than the cost impact. So maybe you could just expand a bit more in terms of how you came to that decision to pause guidance and what exactly do you need to see between now and the end of July to be able to provide guidance again? And related to that, what exactly are you hearing from retailers in terms of ordering patterns?

好的。偉大的。這很有幫助。然後，也許只是對指導的後續。基於這一點，此時暫停指導的決定似乎更多是出於需求前景的不確定性，而不是成本影響。因此，也許您可以進一步說明一下您是如何做出暫停指導的決定的，以及從現在到 7 月底您到底需要看到什麼才能再次提供指導？與此相關，您從零售商那裡聽到了哪些有關訂購模式的具體資訊？

Yeah. Megan, the way you're thinking about it is correct. There's kind of two parts to it, right? On the direct cost side, we have these actions that are designed to fully offset the cost impact. What's difficult to predict, given the macro-economic uncertainties and what the consumer environment will be for the balance of the year is what's the demand side, right?

是的。梅根，你的想法是正確的。它有兩個部分，對嗎？在直接成本方面，我們採取了這些措施，旨在完全抵消成本影響。考慮到宏觀經濟的不確定性以及今年剩餘時間的消費環境，很難預測需求方面的情況，對嗎？

And that's where we get into the scenario planning, have a number of upsides and downsides. And because of that, we decided to pause the guidance until we have sufficient visibility, right, at which point, we'll come back and provide the market an update.

這就是我們進行情境規劃的地方，它有許多優點和缺點。正因為如此，我們決定暫停指導，直到我們獲得足夠的可見性，屆時，我們會回來向市場提供最新消息。

Okay.

好的。

And I would add that the situation is still evolving. And therefore, it could be that one scenario that we put out today on demand will change within a few short weeks. So, we do have different levers and as Anthony said, planning for different scenarios. But given that volatility and uncertainty, we decided to pause on guidance and continue to focus on mitigating actions and operational excellence.

我想補充一點，情況仍在不斷發展中。因此，我們今天按需提出的一個場景可能會在短短幾週內發生變化。因此，我們確實有不同的槓桿，正如安東尼所說，針對不同的情況進行規劃。但鑑於波動性和不確定性，我們決定暫停指導並繼續專注於緩解措施和卓越營運。

Okay. Thank you. That's helpful. I'll pass it on.

好的。謝謝。這很有幫助。我會傳達的。

Kylie Cohu, Jefferies.

凱莉‧科胡 (Kylie Cohu)，傑富瑞 (Jefferies)。

Hey there. Thank you so much for taking my question. I guess asking the pricing question a different way, how much pricing action do you think would be required at the current tariff level? And you know, anything kind of to that same point is have you done any work on elasticity that you'd be able to share with us? Thanks.

嘿。非常感謝您回答我的問題。我想換一種方式來問定價問題，您認為在當前的關稅水準下需要採取多少定價行動？您知道嗎，關於這一點，您是否做過任何有關彈性的研究，可以與我們分享嗎？謝謝。

Yes, it's hard to get too specific on the pricing thing. We are working closely with our retail partners. And as we talk about pricing, we always keep the consumer in mind and try to find that right balance between price and value while maintaining our high-quality standards. We are taking a strategic approach to pricing across the portfolio and have a very flexible framework that can quickly adapt should the tariffs change.

是的，很難具體說明定價問題。我們正在與零售合作夥伴密切合作。在談論定價時，我們始終將消費者放在心上，並在保持高品質標準的同時努力找到價格和價值之間的適當平衡。我們對整個投資組合的定價採取策略性方法，並擁有一個非常靈活的框架，可以在關稅發生變化時快速適應。

I think an important fact to consider is under the current scenarios we are considering, we expect that 40% to 50% of our product in the US, will be priced at $20 or less. So, we have a broad portfolio in terms of price points and innovation and brands and flexible supply chain. But obviously, again, we'll keep the consumer in mind.

我認為需要考慮的一個重要事實是，在我們正在考慮的當前情景下，我們預計我們在美國 40% 到 50% 的產品價格將為 20 美元或更低。因此，我們在價格點、創新、品牌和靈活的供應鏈方面擁有廣泛的產品組合。但顯然，我們會再次考慮消費者。

In terms of price elasticity, and again, this comes back to why we're looking at scenarios, it's really difficult to say. We're going to be in a situation where the entire industry is impacted, the competitive set is impacted. In that context, you can't really rely on the historical traditional pricing studies, in that context. So again, we're monitoring the situation, working closely with the retailers and we'll adjust as necessary.

就價格彈性而言，這又回到了我們為什麼要研究情境的問題，這真的很難說。我們將面臨整個產業、整個競爭格局都會受到影響的局面。在這種情況下，您實際上不能依賴歷史傳統定價研究。因此，我們正在密切關注情況，與零售商密切合作，並根據需要進行調整。

Great. Thanks so much for the color. And I guess my follow-up is on inventory levels. You mentioned it briefly but how are inventory levels looking post the Easter holiday? You also mentioned timing shifts in between Q2 and Q3, but any major changes to the total number of orders overall?

偉大的。非常感謝這個顏色。我想我的後續問題是庫存水準。您簡要地提到了這一點，但是復活節假期後庫存水準如何？您還提到了第二季和第三季之間的時間變化，但總訂單總數有重大變化嗎？

Yeah. So, we're in a good spot with inventories, both owned and at retail. Our owned inventories are where they should be for this time of year. Retail inventories are also at appropriate levels. They are up a little bit versus last year and that's because of the impact of the slightly later Easter holiday and as we prepare for theatrical tie-ins specifically around Minecraft and Jurassic World. So we feel really good about the inventory situation at this point in the cycle.

是的。因此，我們的庫存狀況良好，包括自有庫存和零售庫存。我們的庫存處於每年這個時候應有的水準。零售庫存也處於適當水準。與去年相比，票房略有上漲，這是因為復活節假期稍晚的影響，我們正在為《我的世界》和《侏羅紀世界》的戲劇合作做準備。因此，我們對當前週期的庫存狀況感到非常滿意。

Great.

偉大的。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, thanks for taking my questions here. I guess, first, just to follow up on Megan's question from earlier. Have you seen any changes in key retailer buying behavior as of late or changes in holiday order patterns? I think you specifically called out inability to predict holiday in a couple of the materials. So just wanted to see if you've seen anything yet or it's just a very uncertain environment, which led you to pause the guide? Thanks.

你好，謝謝你在這裡回答我的問題。我想，首先，我們來回答一下梅根之前提出的問題。您最近是否發現主要零售商的購買行為或假期訂單模式有任何變化？我認為您在一些材料中特別提到了無法預測假期。所以只是想看看您是否已經看到了什麼，或者這只是一個非常不確定的環境，導致您暫停指南？謝謝。

Yeah. So, we haven't seen any pull forward that's notable. We haven't seen any material cancellations. The only thing we’ve seen is in the DI space, and DI is a smaller portion of our business. We could see some movement in our Gross Billings performance between quarters starting in Q2 related to direct import shipments as our retail partners assess their direct import trade mix. So, we could see a little bit of volatility in that context.

是的。因此，我們尚未看到任何顯著的拉動。我們尚未看到任何實質的取消。我們唯一看到的是在 DI 領域，而 DI 只是我們業務的一小部分。隨著我們的零售合作夥伴評估其直接進口貿易組合，我們可以看到從第二季開始的幾個季度中，與直接進口運輸相關的總營業額表現會有一些變化。因此，我們可以看到在這種情況下會出現一些波動。

Got you. That makes sense.

明白了。這很有道理。

Alex, if I may, what I would add is that according to the Toy Association, there are some cancellations and delays in shipping and production of product in China given the US tariff situation. As the Toy Association put out in their note is that they estimated that about 96% of the industry is made of the small to medium enterprises. Many companies produce their entire inventory in China. And so potentially could be change in the industry dynamics in terms of product that is coming into the country from China, and that is primarily within the companies that are less diversified in terms of their own supply chain. This is something to keep in mind.

亞歷克斯，如果可以的話，我想補充的是，根據玩具協會的說法，鑑於美國的關稅情況，中國產品的運輸和生產出現了一些取消和延遲。正如玩具協會在其說明中指出的那樣，他們估計該行業約 96% 由中小型企業組成。許多公司的全部庫存都在中國生產。因此，就從中國進入該國的產品而言，產業動態可能會發生變化，而這主要發生在供應鏈多樣化程度較低的公司。這是需要牢記的事。

That makes sense. So I guess, just ask about that as a follow-up. Is that -- should that lead to share shifts and potential market share gains for you if others are maybe seeing cancellations and you're not, given your diversified supply chain and maybe your ability to take price?

這很有道理。所以我想，就作為後續問題詢問一下吧。如果其他人可能看到訂單取消而您沒有，考慮到您多樣化的供應鏈和您的定價能力，這是否會導致您的份額轉移和潛在的市場份額增長？

And then, my other follow-up was just going to be on the 2Q point of sale, up double-digit percent. What's driving that? And then, how close would you expect sort of POS and revenue to track? I know you have the direct import dynamic going on in the quarter, but I just wanted to ask how we should think about top-line in the second quarter in light of the POS commentary you gave. Thanks.

然後，我的另一個後續行動是專注於第二季的銷售點，其成長了兩位數百分比。是什麼原因導致的呢？那麼，您預計 POS 和收入的走勢會有多接近呢？我知道本季有直接進口動態，但我只是想問一下，根據您給出的 POS 評論，我們應該如何考慮第二季的營收。謝謝。

Yeah. I think the first question, I mean, we do have several important strategic advantages between the strength of our brands, the variety of our product offering at multiple price points and importantly, our supply chain and ability to offer prices that are competitive and affordable. We believe that is a competitive advantage for the company.

是的。我認為第一個問題是，我們確實擁有幾個重要的策略優勢，包括我們品牌的實力、我們提供的多種價位的產品種類，以及重要的我們的供應鏈和提供具有競爭力且可負擔的價格的能力。我們相信這是公司的競爭優勢。

And while we do call for zero tariffs on toys, we support the Toy Association call for zero tariff on toys, because we believe it should be affordable and reachable for as many people as possible given that toys is such an important part of children's lives. In a world where we can benefit from our strength and competitive advantages, we do believe that we will not only manage through this volatile period but strengthen our outstanding as a trusted partner and for retailers and consumers. And we are committed to continuing the uninterrupted supply of quality products across a wide range of affordable price points to consumers and families worldwide.

雖然我們確實呼籲對玩具實施零關稅，但我們支持玩具協會對玩具實施零關稅的呼籲，因為我們認為，鑑於玩具是兒童生活中如此重要的一部分，它應該是盡可能多的人可以負擔得起和負擔得起的。在這個我們可以從實力和競爭優勢中受益的世界裡，我們堅信我們不僅能夠度過這個動盪的時期，而且能夠加強我們作為零售商和消費者值得信賴的合作夥伴的卓越地位。我們致力於持續向全球消費者和家庭不間斷地供應各種價格合理的優質產品。

And just to clarify the point on POS. So, for the first quarter, our POS is up low single digits and then in April, so quarter to date, we said we're up double digits. That's primarily driven by the Easter holiday timing. When you look at year to date through April, which includes the Easter holiday in both periods, we're up low single digits.

只是為了澄清有關 POS 的觀點。因此，在第一季度，我們的 POS 成長了個位數，然後在四月份，也就是本季度迄今為止，我們說我們的 POS 成長了兩位數。這主要是受復活節假期時間的影響。從今年截至四月份的數據來看，包括兩個時期的復活節假期，我們的銷售額僅成長了個位數。

Perfect. Really helpful. Best of luck going forward.

完美的。真的很有幫助。祝你未來好運。

Thank you.

謝謝。

Thank you.

謝謝。

Eric Handler, Roth Capital.

漢德勒（Eric Handler），羅斯資本（Roth Capital）。

Hi, good afternoon. Thanks for the question. Looking for a little bit of a clarification on the last question. It sounds like 2Q, a lot of the net sales number is going to be dependent on direct imports. Are you willing to quantify just how much could be the swing factor with direct imports?

嗨，下午好。謝謝你的提問。希望對最後一個問題得到一些澄清。聽起來第二季的淨銷售額很大一部分將依賴直接進口。您是否願意量化直接進口的影響因素到底有多大？

No, it's hard to quantify the impact given the volatility in the market right now.

不，考慮到目前市場的波動性，很難量化其影響。

Okay. And then, secondly, as I think about your most profitable product lines, I imagine that's Barbie and Hot Wheels. Where are those products manufactured? And if you have to start moving things around, is there any risk of disruption with those product lines?

好的。其次，當我想到您最賺錢的產品線時，我想那就是芭比娃娃和風火輪。這些產品是在哪裡生產的？如果您必須開始移動這些東西，這些產品線是否有中斷的風險？

Without getting too specific, we manufacture, as you know, die-cast cars, fashion Dolls, in owned and operated plant where we have a significant competitive advantage and cost advantage, and the majority of those two product lines are manufactured outside of China.

無需太具體，如您所知，我們在自有和經營的工廠生產壓鑄汽車、時尚娃娃，我們擁有顯著的競爭優勢和成本優勢，而且這兩條產品線的大部分都是在中國境外生產的。

Great. Thank you.

偉大的。謝謝。

Sure.

當然。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

Thanks very much and congratulations Anthony on your last conference call, going out with the bang for sure. So my first question is on the Gross Margin. Where did that come in relative to your expectations? It's interesting to hear you talk about upside and downside scenarios. Did Gross Margin come in better than expected? And I guess if you would have recast this year, would you have changed the gross outlook if we didn't have tariffs?

非常感謝，並祝賀安東尼的最後一次電話會議，一定會圓滿成功。我的第一個問題是關於毛利率。這與你的預期有什麼關係？聽您談論有利和不利的情況很有趣。毛利率是否優於預期？我想，如果您重新制定今年的計劃，如果我們沒有關稅，您會改變整體前景嗎？

Yeah. So the first quarter was a little bit better than we expected. Very difficult to answer the second part of your question given the evolving tariff situation that's going on.

是的。因此第一季的表現比我們預期的要好一些。鑑於正在不斷變化的關稅形勢，很難回答你問題的第二部分。

Understood. And then a two-parter, can you share with us what percentage of your products were under $20 last year? And then, as you think about the potential disruption of the many independents in the toy industry, when would you expect to start to hear from retailers that, hey, Mattel, we need more product from you because we need more shelf, you need to take up more shelf space. Thanks very much.

明白了。然後分成兩部分，您能否與我們分享一下去年你們的產品中售價低於 20 美元的百分比？然後，當您考慮玩具行業中眾多獨立企業可能面臨的顛覆時，您什麼時候會開始聽到零售商說，嘿，美泰，我們需要您提供更多產品，因為我們需要更多貨架，您需要佔用更多貨架空間。非常感謝。

Yeah, I would say percentage of product at $20 or below, slightly higher than the 40% to 50% range that we gave you. I mean, obviously as we consider price increases, some of these are going to move up, but we're very cognizant of price points, price gaps, promotional prices, the range that we have in our portfolio, everything from single die cast Hot Wheel to a Barbie Dreamhouse. So, we're very well positioned to provide consumers quality products, across a wide range of affordable price points.

是的，我想說 20 美元或以下的產品比例略高於我們給您的 40% 到 50% 的範圍。我的意思是，顯然當我們考慮漲價時，其中一些會上漲，但我們非常清楚價格點、價格差距、促銷價格、我們產品組合的範圍，從單一壓鑄風火輪到芭比夢幻屋的一切。因此，我們完全有能力為消費者提供各種價格實惠的優質產品。

Thanks very much.

非常感謝。

Thank you, Chris. Well, Anthony, thank you again for five years of excellent work and contribution and partnership on behalf of the team, the Board and all of our investors and analysts that I'm sure enjoyed working with you.

謝謝你，克里斯。好吧，安東尼，我代表團隊、董事會以及我們所有的投資者和分析師再次感謝您五年來的出色工作、貢獻和合作，我相信我們很享受與您合作。

Thank you.

謝謝。

And thank you, everyone, for your questions today. I'll just say, in conclusion, we had a strong quarter, off to a strong start in the second quarter with growing consumer demand, quarter to date up double digits. Our brand portfolio, flexible supply chain and balance sheet are clear advantages for Mattel. And I hope this came through on this call in terms of our ability to respond and adapt with agility and strong execution. We're very good at managing complexities, and we expect to strengthen our competitive position in this process.

謝謝大家今天的提問。總而言之，我只想說，我們這個季度表現強勁，第二季開局強勁，消費者需求不斷增長，本季迄今成長了兩位數。我們的品牌組合、靈活的供應鏈和資產負債表對美泰來說有明顯的優勢。我希望透過這次通話，我們能夠展現出我們敏捷的回應和適應能力以及強大的執行力。我們非常擅長管理複雜問題，並期望在過程中加強我們的競爭地位。

And finally, I would say that importantly, we are very committed, as we said on the call, to the uninterrupted supply of quality products at a wide range of affordable price points for children and families around the world and remain an important partner for retailers and families.

最後，我想說的是，重要的是，正如我們在電話中所說的那樣，我們非常致力於為世界各地的兒童和家庭不間斷地供應各種價格合理的優質產品，並仍然是零售商和家庭的重要合作夥伴。

And now, I'll turn it back to the operator. Thank you.

現在，我將把電話轉回給接線生。謝謝。

Thank you. And ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

謝謝。女士們、先生們，今天的電話會議到此結束，感謝你們的參與。您現在可以斷開連線。