Mattel Inc (MAT) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kate and I will be your conference operator today. At this time, I would like to welcome everyone to Mattel Inc Second-Quarter 2025 Earnings Conference Call. (Operator Instructions)

感謝您的支持。我叫凱特，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 年第二季財報電話會議。（操作員指示）

I would now like to turn the call over to Jenn Kettnich, VP of Investor Relations at Mattel. Please go ahead.

現在我想將電話轉給美泰公司投資者關係副總裁 Jenn Kettnich。請繼續。

Thank you operator and good afternoon everyone. Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer; and Paul Ruh, 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董事長兼執行長 Ynon Kreiz 和美泰公司財務長 Paul Ruh。

As you know, this afternoon we reported Mattel's second quarter 2025 financial results. We will begin today's call with Ynon and Paul 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年第二季的財務表現。今天的電話會議將由 Ynon 和 Paul 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，本次電話會議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財務結算程序的完成、最終調整、公司獨立註冊會計師事務所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，電話會議中所做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 described some of these uncertainties: in the risk factors section of our latest Form 10-K Annual Report, our latest Form 10-Q Quarterly Report, our most recent earnings release and slide presentation, and other filings we make with the SEC from time to time, as well as in other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law. Now, I'd like to turn the call over to Ynon.

我們描述了其中的一些不確定性：在我們最新的 10-K 表年度報告的風險因素部分、我們最新的 10-Q 表季度報告、我們最近的收益報告和幻燈片演示、以及我們不時向美國證券交易委員會提交的其他文件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。現在，我想把電話轉給 Ynon。

Thank you for joining Mattel's second quarter of 2025 earnings call. We continued to execute our strategy and demonstrate operational excellence - achieving strong international growth and expanding adjusted gross margin, while our US business was impacted by global trade dynamics and timing shifts in retailer ordering patterns.

感謝您參加美泰 2025 年第二季財報電話會議。我們繼續執行我們的策略並展示卓越的營運——實現強勁的國際成長並擴大調整後的毛利率，而我們的美國業務受到全球貿易動態和零售商訂購模式時間變化的影響。

Looking at key financial metrics for the second quarter as compared to the prior year: Net Sales declined 6% as reported and in constant currency. Adjusted Gross Margin increased by 200 basis points, and Adjusted earnings per share was the same as last year, at $0.19.

與去年同期相比，第二季的主要財務指標顯示：淨銷售額以固定匯率計算下降了 6%。調整後毛利率增加了 200 個基點，調整後每股盈餘與去年相同，為 0.19 美元。

We also strengthened our balance sheet and bought back more shares. Despite ongoing trade uncertainty in the US, Mattel's POS was up in all regions in the second quarter and first half of the year. With better visibility, we are resuming guidance and providing a revised outlook for 2025, which factors in the tariffs that have been announced to date. We are confident in the appeal of our brands and our ability to manage through global trade dynamics while strengthening our long-term competitive position.

我們也加強了資產負債表並回購了更多股票。儘管美國貿易不確定性持續存在，但美泰公司第二季和上半年在所有地區的 POS 均有所上升。隨著可見度的提高，我們將恢復指導並提供 2025 年的修訂展望，其中考慮到了迄今為止已宣布的關稅。我們對我們的品牌的吸引力以及我們管理全球貿易動態並加強我們長期競爭地位的能力充滿信心。

Looking at the industry and consumer demand, the global toy industry grew year to date through June, per Circana, and we expect this trend to continue. Consumer engagement is positive overall year to date.

從產業和消費者需求來看，根據 Circana 的數據，截至今年 6 月，全球玩具產業今年迄今均保持成長，我們預期這一趨勢將持續下去。今年迄今為止，消費者參與度整體呈現正態勢。

In terms of our category performance, here are some key highlights and updates from the quarter: Action Figures was a strong growth driver, supported by new tentpole movie properties such as Jurassic and Minecraft as well as evergreen strength across key properties including WWE. Vehicles continued its exceptional trajectory with double-digit growth, driven by outstanding performance from Hot Wheels.

就我們的類別表現而言，以下是本季度的一些關鍵亮點和更新：動作人物是強勁的成長動力，受到侏羅紀和我的宇宙等新大片以及包括 WWE 在內的關鍵資產的持續增長的支持。在風火輪優異表現的推動下，汽車業務繼續呈現兩位數的出色成長軌跡。

In Games, UNO, the number one card game in traditional game property, per Circana, also grew and is more culturally relevant than it has ever been. Just last week, we launched the UNO Social Club in Las Vegas, creating an innovative live experience for fans through our iconic card game.

在遊戲中，根據 Circana 的數據，傳統遊戲中排名第一的紙牌遊戲 UNO 也得到了發展，並且比以往更具文化相關性。就在上週，我們在拉斯維加斯推出了 UNO Social Club，透過我們標誌性的紙牌遊戲為粉絲創造了創新的現場體驗。

Dolls declined, primarily due to fewer new Barbie product launches and lower associated retailer promotional support versus the prior year, as well as a mix shift from direct import to domestic shipping. Barbie continues to resonate globally and we couldn't be more confident about the strength of the brand. Barbie is the number one doll in the industry and stands among the most recognized and beloved franchises in the world. We look forward to introducing new product innovation, partnerships and activations later this year.

娃娃銷售量下降，主要是因為與前一年相比，芭比娃娃新產品的推出減少，相關零售商的促銷支持減少，以及從直接進口到國內運輸的轉變。芭比娃娃繼續在全球範圍內引起共鳴，我們對該品牌的實力充滿信心。芭比娃娃是業界排名第一的玩偶，也是世界上最受認可和喜愛的系列玩偶之一。我們期待在今年稍後推出新的產品創新、合作夥伴關係和激活功能。

American Girl grew, driven by personalized consumer experiences at retail. Infant, Toddler and Preschool declined due to a decrease in Fisher-Price as well as the planned exits of certain product lines in Baby Gear and Power Wheels. Fisher-Price's performance in the US was disproportionately affected by trade-related uncertainty, and we expect trends to improve in the balance of the year.

在零售個人化消費者體驗的推動下，American Girl 不斷發展。嬰幼兒及學齡前兒童業務的下滑是由於費雪的銷售下降以及嬰兒用品和動力輪部分產品線的計劃退出。費雪在美國的表現受到貿易相關不確定性的嚴重影響，我們預計今年剩餘時間趨勢將會改善。

Our portfolio is well positioned to meet demand across a range of price points and play patterns. At Mattel, our mission is to create innovative products and experiences designed to inspire fans, entertain audiences, and develop children through play.

我們的產品組合能夠滿足各種價格點和遊戲模式的需求。在美泰，我們的使命是創造創新的產品和體驗，旨在激勵粉絲、娛樂觀眾並透過遊戲培養孩子。

We recently announced a strategic collaboration with OpenAI. AI has the power to expand on our mission and broaden the reach of our brands in new and exciting ways. Mattel's work with OpenAI would enable us to leverage new technologies to solidify our leadership in innovation and reimagine new forms of the play. We plan to share more later this year.

我們最近宣布與 OpenAI 建立策略合作關係。人工智慧能夠以全新且令人興奮的方式擴展我們的使命並擴大我們品牌的影響力。美泰兒與 OpenAI 的合作將使我們能夠利用新技術來鞏固我們在創新方面的領導地位並重新構想新的遊戲形式。我們計劃在今年稍後分享更多資訊。

We are advancing our entertainment strategy, and recently announced the formation of Mattel Studios, bringing together our film and television units. Our vision for Mattel Studios is to collaborate with leading creators to make standout quality content based on Mattel's iconic brands that will resonate in culture and appeal to global audiences.

我們正在推進我們的娛樂策略，最近宣布成立美泰工作室，將我們的電影和電視部門整合在一起。我們對美泰工作室的願景是與領先的創作者合作，基於美泰的標誌性品牌製作出能夠引起文化共鳴並吸引全球觀眾的優質內容。

We are scaling our pipeline towards our goal of releasing one to two films per year, starting in 2026 with Masters of the Universe and Matchbox, which are both in post-production and expected to be released in June and Fall of 2026 respectively.

我們正在擴大影片製作規模，以實現每年上映一到兩部電影的目標，從 2026 年開始，我們將上映《宇宙之主》和《火柴盒》，這兩部電影目前都處於後期製作階段，預計將分別於 2026 年 6 月和秋季上映。

We also recently made several announcements across our exciting movie slate in partnership with major studios and leading Hollywood talent. Chris Meledandri's Illumination will develop the Barbie animated film for global theatrical release by Universal Pictures.

我們最近也與各大電影公司和好萊塢頂尖人才合作，宣布了幾部令人興奮的電影。克里斯梅勒丹德利的照明娛樂公司將製作芭比動畫電影，並由環球影業在全球影院上映。

Chris is one of the most successful animated filmmakers in the world with three of the top ten animated films of all time: The Super Mario Bros. Movie, Minions, and Despicable Me 3. Barbie is more than a doll, she is a pop culture icon that transcends generations. Chris is more than a filmmaker, he is a visionary storyteller with an extraordinary sense of character and the human spirit. We look forward to creating animated film history together and further strengthening Barbie's standing at the forefront of current culture.

克里斯是世界上最成功的動畫電影製作人之一，他參與製作了史上十大動畫電影中的三部：《超級瑪利歐兄弟》。電影、小小兵、神偷奶爸3。芭比娃娃不只是一個娃娃，她還是一個超越幾個世代的流行文化偶像。克里斯不僅僅是一位電影製作人，他還是一位富有遠見的說故事者，具有非凡的人物感和人文精神。我們期待共同創造動畫電影歷史，並進一步鞏固芭比娃娃在當今文化前沿的地位。

The Hot Wheels live action movie will be directed by Jon M. Chu, the acclaimed filmmaker who directed Wicked, In the Heights, and Crazy Rich Asians. This movie is being produced by JJ Abrams' Bad Robot at Warner Bros;

風火輪真人電影將由著名電影製作人朱浩偉 (Jon M. Chu) 執導，他曾執導過《魔法壞女巫》、《身在高地》和《摘金奇緣》。這部電影由華納兄弟的 JJ Abrams' Bad Robot 製作；

Monster High will be directed by Gerard Johnstone, the filmmaker behind the horror film M3GAN; and a Whac-a-mole hybrid live-action/animated feature film based on Mattel's classic game will be developed by TriStar Pictures.

Monster High 將由恐怖電影 M3GAN 的電影製片人 Gerard Johnstone 執導；而根據美泰經典遊戲《打地鼠》改編的真人/動畫混合電影將由 TriStar Pictures 開發。

In Digital Games, we are on track to release our first self-published game in 2026, with other titles in the making, and we are also expanding our partnership with Netflix beyond content into digital games, with more details to be announced later this year. We are also making progress across television, location-based entertainment, consumer products, and other verticals as part of our broader entertainment strategy to capture the full value of our IP.

在數位遊戲方面，我們預計在 2026 年發布我們的第一款自主發行遊戲，其他遊戲也正在製作中，我們還將擴大與 Netflix 的合作，從內容擴展到數位遊戲，更多細節將於今年稍後公佈。作為我們更廣泛的娛樂策略的一部分，我們還在電視、基於位置的娛樂、消費產品和其他垂直領域取得了進展，以充分發揮我們的智慧財產權的價值。

Our second quarter performance reflects operational excellence in the current macroeconomic environment as we continue to execute our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering. We achieved meaningful gross margin expansion, grew internationally, and further progressed our entertainment slate. We are embracing technology and collaborating with world-class partners to bring our iconic brands to life in new ways to position Mattel for long-term success.

我們第二季的業績反映了當前宏觀經濟環境下的卓越運營，我們繼續執行我們的策略，發展美泰的知識產權驅動玩具業務並擴大我們的娛樂產品。我們實現了有意義的毛利率擴張，在國際上實現了成長，並進一步推進了我們的娛樂業務。我們正在擁抱科技並與世界一流的合作夥伴攜手合作，以新的方式賦予我們的標誌性品牌生命力，從而使美泰獲得長期成功。

Now, I would like to turn the call over to Paul Ruh, our Chief Financial Officer, and welcome him to his first Mattel earnings call. Paul, over to you to discuss our results and outlook in more detail.

現在，我想將電話轉給我們的財務長保羅·魯 (Paul Ruh)，歡迎他參加他的第一次美泰利財電話會議。保羅，請您更詳細地討論我們的結果和展望。

Thanks, Ynon. I'm thrilled to be at Mattel and look forward to all that is ahead. In the second quarter, we expanded adjusted gross margin, and EPS was the same as last year, despite volatility from the uncertain trade environment impacting our US business.

謝謝，Ynon。我很高興來到美泰兒並期待未來的一切。在第二季度，儘管不確定的貿易環境對我們的美國業務產生了波動，但我們的調整後毛利率有所擴大，每股盈餘與去年持平。

Two factors that impacted net sales in the US were - retailers adjusting order patterns in light of uncertainty around tariffs during the quarter, and shifts from direct import to domestic shipping, which pushes out Gross Billings recognition.

影響美國淨銷售額的兩個因素是：零售商根據本季關稅的不確定性調整訂單模式，以及從直接進口轉向國內運輸，這推遲了總營業額的確認。

Looking at key financial metrics for the quarter. Net sales decreased 6% as reported and in constant currency to $1.02 billion. Adjusted Gross Margin increased by 200 basis points to 51.2%, Adjusted Operating Income decreased by $8 million to $88 million. And Adjusted Earnings per Share was the same as last year, at $0.19. Total Gross Billings decreased 4% in constant currency, with double-digit growth in Vehicles and Challenger Categories more than offset by declines in Dolls and Infant, Toddler, and Preschool.

查看本季的關鍵財務指標。報告顯示，以固定匯率計算，淨銷售額下降 6% 至 10.2 億美元。調整後毛利率增加 200 個基點至 51.2%，調整後營業收入減少 800 萬美元至 8,800 萬美元。調整後每股收益與去年持平，為0.19美元。總營業收入以固定匯率計算下降4%，其中汽車和挑戰者類別的兩位數增長被玩偶、嬰幼兒及學齡前兒童類別的下降所抵消。

As Ynon mentioned, global trade dynamics and timing shifts in retailer ordering patterns adversely impacted our US performance. Our brands are in demand and POS increased low single digits in the quarter and the first half of the year across all regions.

正如 Ynon 所提到的，全球貿易動態和零售商訂購模式的時間變化對我們的美國業績產生了不利影響。我們的品牌很受歡迎，本季和上半年所有地區的 POS 銷售量均實現了低個位數成長。

Looking at Gross Billings by category. Dolls declined 19%. The decrease was primarily due to fewer new Barbie product launches and the associated retailer promotional support versus the prior year, as well as a mix shift from direct import to domestic shipping.

按類別查看總帳單。玩偶銷量下降了19%。下降的主要原因是與前一年相比，芭比娃娃新產品的推出和相關零售商的促銷支持減少，以及從直接進口到國內運輸的組合轉變。

Vehicles increased 10%, demonstrating clear leadership in the category and strong consumer demand. Hot Wheels increased 9%, driven by strength in die-cast cars and tracks, and playsets. Hot Wheels is on track to achieve its eighth consecutive year of growth. Portfolio Vehicles, including Disney Pixar Cars, also grew in the quarter. Infant, Toddler, and Preschool decreased 25% due to a decline in Fisher-Price as well as the planned exit of certain product lines in Baby Gear and Power Wheels.

汽車銷量成長了 10%，顯示出該類別的明顯領先地位和強勁的消費者需求。受壓鑄汽車、軌道和玩具套裝的強勁推動，Hot Wheels 銷量上漲 9%。Hot Wheels 預計將實現連續第八年的成長。包括迪士尼·皮克斯汽車在內的投資組合車輛在本季也有所成長。由於費雪的銷量下滑以及嬰兒用品和動力輪部分產品線的計劃退出，嬰兒、幼兒和學齡前兒童的銷售額下降了 25%。

Fisher-Price's performance in the US was disproportionately affected by the uncertain trade environment, with a decline of 33% in our North America division versus only 2% internationally. Challenger Categories increased 16%, driven by continued strong results in Action Figures, including Jurassic, Minecraft, and WWE. These gains were partially offset by declines in Building Sets.

費雪在美國的表現受到不確定的貿易環境的嚴重影響，北美分部的業績下降了 33%，而國際分部的業績僅下降了 2%。挑戰者類別成長了 16%，這得益於侏羅紀、我的世界和 WWE 等動作人物系列持續強勁的表現。這些收益被建築套件的下降部分抵消。

Geographically, three of our four regions grew in the second quarter. Gross Billings declined 15% in North America, reflecting changes in retailer ordering patterns that broadly impacted our US business.

從地理位置來看，我們四個地區中有三個在第二季度實現了成長。北美總營業額下降了 15%，反映出零售商訂購模式的變化對我們的美國業務產生了廣泛影響。

Internationally, Gross Billings increased 9%, with growth across each of our key regions. EMEA increased 8%, Latin America increased 5%, and Asia Pacific increased 16%. Retail inventories are slightly up, and overall are at appropriate levels and good quality.

在國際上，總營業收入成長了 9%，我們每個主要地區都有成長。歐洲、中東和非洲地區成長 8%，拉丁美洲成長 5%，亞太地區成長 16%。零售庫存略有上升，整體水準合理，品質良好。

Adjusted Gross Margin was 51.2%, an increase of 200 basis points. The increase was primarily driven by savings from our Optimizing for Profitable Growth program, lower inventory management costs, favorable mix, and other favorability driven by supply chain efficiencies, partially offset by cost inflation. These results are a clear reflection of the company's disciplined cost management and operational excellence.

調整後毛利率為51.2%，增加200個基點。這一增長主要得益於我們的「優化獲利成長」計畫帶來的節省、庫存管理成本的降低、有利的產品組合以及供應鏈效率帶來的其他有利因素，但成本通膨部分抵消了這一增長。這些結果清楚地反映了公司嚴格的成本管理和卓越的營運。

Advertising expenses increased $5 million in Q2 versus the prior year, primarily due to the timing of Easter. Adjusted SG&A expenses decreased $7 million largely driven by savings from our Optimizing for Profitable Growth program.

與去年同期相比，第二季的廣告費用增加了 500 萬美元，主要原因是復活節的時間安排。調整後的銷售、一般及行政費用減少了 700 萬美元，這主要得益於我們的「優化獲利成長」計畫帶來的節省。

Adjusted Operating Income decreased by $8 million to $88 million, due to lower sales, partially offset by higher gross margin and lower SG&A. Adjusted EBITDA decreased by 1% to $170 million, and Adjusted Earnings per Share was the same as last year at $0.19.

調整後營業收入減少 800 萬美元至 8,800 萬美元，原因是銷售額下降，但毛利率上升和銷售、一般及行政費用下降部分抵消了這一影響。調整後 EBITDA 下降 1% 至 1.7 億美元，調整後每股收益與去年相同，為 0.19 美元。

Consistent with our capital allocation priorities, we repurchased $50 million of shares in the quarter. We have now repurchased $210 million of shares year to date and continue to target $600 million for the full year. Year to date cash used for operations was $275 million compared to $217 million in the prior year.

根據我們的資本配置重點，我們在本季回購了價值 5,000 萬美元的股票。今年迄今為止，我們已經回購了價值 2.1 億美元的股票，並繼續以全年 6 億美元的目標為目標。今年迄今的營運現金使用量為 2.75 億美元，而去年同期為 2.17 億美元。

On a trailing 12-month basis, we generated $530 million of free cash flow compared to $826 million in the prior year. Free cash flow in the prior year period benefited from an outsized reduction in inventory.

在過去 12 個月中，我們產生了 5.3 億美元的自由現金流，而前一年為 8.26 億美元。去年同期的自由現金流受益於庫存的大幅減少。

Turning to the balance sheet, we finished the quarter with a cash balance of $870 million, an increase of $148 million from the prior year quarter. Total debt remains at $2.34 billion, with $600 million maturing in April of 2026.

談到資產負債表，本季末我們的現金餘額為 8.7 億美元，比去年同期增加了 1.48 億美元。總債務仍為 23.4 億美元，其中 6 億美元將於 2026 年 4 月到期。

Inventory levels are up $91 million to $868 million. The increase includes changes in foreign exchange rates as well as the impact of tariffs on our inventory. We are comfortable with our inventory position, which remains in line with the appropriate levels for this time of the year.

庫存水準上漲 9,100 萬美元，達到 8.68 億美元。成長包括外匯匯率變動以及關稅對我們庫存的影響。我們對我們的庫存狀況感到滿意，庫存水準與每年這個時候的適當水準一致。

Our leverage ratio, debt to adjusted EBITDA, improved to 2.2 times compared to 2.3 times a year ago, benefiting from an increase in the trailing 12 months Adjusted EBITDA. We continue to prioritize a strong balance sheet and a healthy leverage profile.

我們的槓桿率（債務與調整後 EBITDA 比率）從去年的 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。我們繼續優先考慮強勁的資產負債表和健康的槓桿狀況。

We achieved more savings under our Optimizing for Profitable Growth program. In the second quarter, we generated $23 million in savings, with roughly half benefiting cost of goods sold and the other half SG&A. We now have realized $126 million of savings since launching the program in 2024.

我們在「優化獲利成長」計劃下實現了更多節約。在第二季度，我們節省了 2,300 萬美元，其中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 1.26 億美元。

Our cost savings target for the year remains at $80 million, with $42 million achieved year to date. We are on track to reach the total program savings of $200 million by 2026. While there is still volatility due to the global trade environment impacting the US, and uncertainty regarding consumer demand in the back half of the year, we are resuming guidance and have updated our outlook for the full year 2025.

我們今年的成本節約目標仍然是 8,000 萬美元，今年迄今已實現 4,200 萬美元。我們預計在 2026 年前實現 2 億美元的專案總節省額。儘管全球貿易環境對美國的影響以及下半年消費需求的不確定性仍會導致波動，但我們正在恢復指導並更新了對 2025 年全年的展望。

Here are the key updates: Net sales to improve in the back half of the year, and for the full year to grow by 1% to 3% in constant currency. This is versus our previous guidance of 2% to 3% with the wider range primarily due to macroeconomic uncertainty as we move through the balance of the year.

以下是關鍵更新：今年下半年淨銷售額將有所改善，全年淨銷售額以固定匯率計算將成長 1% 至 3%。與我們先前預測的 2% 至 3% 相比，這一範圍有所擴大，主要是因為今年餘下的時間內宏觀經濟存在不確定性。

Adjusted Gross Margin to be approximately 50%. Adjusted Operating Income to be in the range of $700 million to $750 million. No change in adjusted tax rate of 23% to 24% for the year. Adjusted EPS to be between $1.54 and $1.66.

調整後的毛利率約為50%。調整後的營業收入在 7 億美元至 7.5 億美元之間。本年度調整後的稅率維持不變，為 23% 至 24%。調整後的每股收益在 1.54 美元至 1.66 美元之間。

Free cash flow of approximately $500 million for the full year. The decrease from our prior guidance of $600 million is primarily due to the timing of working capital related to the implementation of tariffs.

全年自由現金流約5億美元。與我們先前預測的 6 億美元相比有所減少，主要是由於與實施關稅相關的營運資金的時間安排。

As mentioned, we're still targeting $600 million of share repurchases this year. Mattel's guidance considers what the company is aware of today, but is subject to market volatility, unexpected disruptions, including further regulatory actions impacting global trade, and other macro-economic risks and uncertainties.

如上所述，我們今年的股票回購目標仍為 6 億美元。美泰兒的指導考慮了公司目前所知的情況，但受到市場波動、意外中斷（包括影響全球貿易的進一步監管行動）以及其他宏觀經濟風險和不確定性的影響。

In closing, the quarter was characterized by growth internationally and in key categories including Action Figures and Vehicles, and operational excellence in the face of US marketplace uncertainty. We are confident in the power of our brand portfolio and our ability to navigate the dynamic environment.

最後，本季的特點是國際業務和關鍵類別（包括可動人偶和車輛）均實現成長，並且在美國市場不確定性的情況下實現了卓越的營運。我們對我們的品牌組合的力量和駕馭動態環境的能力充滿信心。

Our balance sheet is strong and we are executing in line with our capital allocation priorities. And with that I will turn it over to the operator for Q&A.

我們的資產負債表強勁，我們正在按照資本配置優先事項執行。說完這些，我將把時間交給操作員進行問答。

(Operator Instructions) Kylie Cohu, Jefferies.

（操作員指示）Kylie Cohu，Jefferies。

Thanks so much for taking my question. I'm kind of curious, what were kind of the major puts and takes when thinking about the top end versus the low end of the guidance range? And really, which expenses moving forward are you thinking can be more variable and can be flexed up and down? Thank you.

非常感謝您回答我的問題。我有點好奇，當考慮指導範圍的上限和下限時，主要的利弊是什麼？實際上，您認為哪些未來的支出可以更加靈活並且可以上下調整？謝謝。

Hi Paul Ruh. Thanks for your question. When it comes to the different scenarios that we're contemplating in our guidance, we factored the following elements. Number one, you see that we lowered the bottom end of our top-line guidance that has a flow-through impact to the bottom line, number one.

你好，Paul Ruh。謝謝你的提問。當談到我們在指導中考慮的不同情況時，我們考慮了以下因素。第一，您會看到我們降低了營收指引的底線，這對營收產生了影響，這是第一點。

Number two, you're also going to see the impact of the tariffs flowing through the P&L in the second half of the year, and that is the second consideration. Against these, we have implemented a variety of actions that will help us withstand some of those headwinds. And those include, of course, implementing our Optimizing for Profitable Growth program and other supply chain efficiencies and some price adjustments effectively, particularly in the US.

第二，你還會看到關稅對下半年損益表的影響，這是第二個考慮因素。針對這些情況，我們採取了各種措施來幫助我們抵抗一些阻力。當然，這些包括實施我們的「優化獲利成長」計劃和其他供應鏈效率以及一些有效的價格調整，特別是在美國。

So with that array of actions, we're able to withstand some of the uncertainty that is mostly coming in the top line. We feel confident about the guidance, both in the top and the bottom line, and those are the actions that we're taking and the considerations in light of the current macroeconomic environment.

因此，透過採取這一系列行動，我們能夠承受主要出現在營收方面的一些不確定性。我們對最高和最低的指導都充滿信心，這些都是我們根據當前宏觀經濟環境採取的行動和考慮。

Thank you, Kylie.

謝謝你，凱莉。

Stephen Laszczyk, Goldman Sachs.

高盛的史蒂芬‧拉什奇克 (Stephen Laszczyk)。

Thanks for taking the questions. Ynon, Paul, could you talk a little bit more about the approach you and your retail partners are taking to price increases in response to the tariffs this year? And then related to that, on the consumer demand side, around the price increase, I feel like that was one of the harder to handicap variables coming out of the first quarters, would be curious for your latest thinking on that in the back half of the year and how that's factored into your guidance? Thank you.

感謝您回答這些問題。Ynon，Paul，您能否再詳細談談您和您的零售合作夥伴今年為應對關稅而採取的價格上漲方式？與此相關，在消費者需求方面，圍繞價格上漲，我覺得這是第一季出現的較難預測的變數之一，想知道您對今年下半年這個問題的最新看法，以及這對您的指導有何影響？謝謝。

Yeah, great. Thank you for the question, Stephen. So let me start by talking about pricing and state upfront that our goal is to keep prices as low as possible for our consumers. We have already implemented pricing actions that were necessary in our US business, as I mentioned before, in very close collaboration with our retail partners.

是的，很棒。謝謝你的提問，史蒂芬。因此，首先讓我談談定價，並預先聲明我們的目標是為消費者提供盡可能低的價格。正如我之前提到的，我們已經與零售合作夥伴密切合作，實施了美國業務所需的定價措施。

At this stage, and based on what we know today, we do not expect any additional price increases this year. And everyone knows, we offer a variety of toys across a very wide range of price points to meet consumer needs.

在現階段，根據我們目前掌握的信息，我們預計今年價格不會再上漲。眾所周知，我們提供各種價位的玩具來滿足消費者的需求。

Approximately 40% to 50% of our products in the US will continue to be priced below $20. And we're committed to the uninterrupted supply of a wide range of high-quality products and providing the right balance of price and value for our consumers.

我們在美國約有 40% 至 50% 的產品價格將繼續低於 20 美元。我們致力於不間斷地供應各種高品質產品，並為消費者提供價格和價值的適當平衡。

You know that the breadth of our portfolio, the innovative product, the diversified supply chain, is the strength of ours, and we're committed to the continued supply of our products. So we feel very good about what the pricing actions are. Precisely, we withstand some of the headwinds that we're seeing from a tariff perspective this year.

您知道，我們廣泛的產品組合、創新的產品、多樣化的供應鏈是我們的優勢，我們致力於持續供應我們的產品。因此，我們對定價行動感到非常滿意。確切地說，我們今年承受了從關稅角度看到的一些阻力。

In terms of tariffs, we estimate that the tariff exposure this year, based on what we know today and before any mitigating actions, is less than $100 million. The primary actions that we are taking, as I said before, to offset the incremental impact of these tariffs are reflected in our guidance, and they include accelerating the diversification of our supply chain, optimizing product sourcing, and where necessary taking the pricing that I just described. And we're also accelerating our cost savings. So that's the outlook for pricing to offset some of the tariff impacts.

就關稅而言，根據我們目前掌握的情況以及在採取任何緩解措施之前，我們估計今年的關稅風險不到 1 億美元。正如我之前所說，我們為抵消這些關稅的增量影響而採取的主要行動反映在我們的指導中，這些行動包括加速我們的供應鏈多樣化，優化產品採購，以及在必要時採取我剛才描述的定價。我們也在加速節約成本。因此，這就是抵銷部分關稅影響的定價前景。

Hi Stephen. And responding to your question on consumer demand, as we said on the call, we saw consumer demand up for Mattel in every region in the second quarter and the first half and the third quarter to date in every region. This is what we saw.

你好，史蒂芬。關於消費者需求的問題，正如我們在電話會議上所說，我們發現第二季、上半年和第三季迄今為止每個地區對美泰的消費者需求都有所上升。這就是我們所看到的。

In terms of the industry, we also saw consumer demand being strong in the second quarter and the first half of the year. The industry growth came from both pricing and units. We also saw, per the latest update that we have, that the industry grew in 7 out of 11 categories, driven primarily by Trading Cards, Building Sets, and Action Figures, and fueled by the Adult Collector segment.

從產業來看，我們也看到第二季和上半年的消費需求強勁。產業成長源自於定價和單位兩方面。根據最新更新，我們還發現，該行業在 11 個類別中的 7 個類別中均實現了增長，主要由集換式卡牌、建築套裝和動作人物模型推動，並受到成人收藏家細分市場的推動。

Retailers are adapting to the current situation in terms of ordering patterns. And in fact, looking at Circana data, we saw that toys were the fastest growing among the 16 industries that are tracked by Circana in the early part of the year. And this is against Video Games, Beauty, Tech, CPG, Apparel, and more.

零售商正在根據當前的訂購模式進行調整。事實上，根據 Circana 的數據，我們發現玩具是 Circana 今年年初追蹤的 16 個行業中成長最快的行業。這針對的是電玩遊戲、美容、科技、快速消費品、服裝等。

So far, consumer demand is strong. It's fair to say that there's still the potential of global trade dynamics in the broader economy, not just toys, and general uncertainty regarding consumer demand in the back half of the year. So this is still out there.

到目前為止，消費者需求強勁。公平地說，全球貿易動態仍然存在影響更廣泛的經濟領域（不僅是玩具領域）的潛力，而且下半年的消費需求也普遍存在不確定性。所以這仍然存在。

But we believe that we are well positioned in this environment to execute our strategy and leverage the strength of our brand portfolio, product offerings, supply chain, and commercial execution, and expect to grow in the second half and the full year.

但我們相信，在這種環境下，我們完全有能力執行我們的策略，並利用我們的品牌組合、產品供應、供應鏈和商業執行的優勢，並預計下半年和全年將實現成長。

Great. Thank you both for that. I'll pass it along.

偉大的。對此我向你們兩位表示感謝。我會傳達的。

Thank you, Stephen.

謝謝你，史蒂芬。

Arpine Kocharyan, UBS.

瑞銀的 Arpine Kocharyan。

Hi, thanks for taking my question. So there's a lot going on between you pulling guidance in Q1 and then reinstating it today. But broadly speaking, right, you have $20 million of better cost saves before today that you upped earlier as of Q1. You also have incremental tariffs.

你好，謝謝你回答我的問題。因此，在第一季度撤回指導和今天恢復指導之間有很多事情要做。但從廣義上講，今天之前你已經節省了 2000 萬美元的成本，而從第一季開始你就增加了這一金額。你還徵收增量關稅。

So net of those, the implied guide already suggested around 50% of margin and kind of an EPS range, at least by my calculation? That looks pretty close to what you're guiding today. Would you say those puts and takes are broadly correct? What else am I missing in terms of what has changed in your outlook versus three months ago?

那麼扣除這些之後，隱含指南已經表明了大約 50% 的利潤率和某種 EPS 範圍，至少根據我的計算是這樣嗎？這看起來與您今天所指導的內容非常接近。您是否認為這些看法大致上是正確的？與三個月前相比，您的觀點有哪些變化，我還忽略了什麼？

Right. This is probably correct as you stated it. The one thing that we are considering in our guidance is the uncertainty in the second half when it comes to the top line. And we may need a little bit more investment to drive the top line, and that's why we are considering some incremental promotional and sales adjustments to drive sales that may start our gross margin and ultimately our operating income.

正確的。正如您所說的，這可能是正確的。我們在指導中考慮的一件事是下半年營收的不確定性。我們可能需要更多一點的投資來推動營收成長，這就是為什麼我們正在考慮進行一些增量促銷和銷售調整來推動銷售，這可能會提高我們的毛利率，並最終提高我們的營業收入。

Aside from that, as you well know, we are resilient in our supply chain, offsetting the impact of tariffs. The uncertainty still lies primarily in how the consumer will react to the current environment.

除此之外，眾所周知，我們的供應鏈具有彈性，可以抵消關稅的影響。不確定性仍然主要在於消費者將如何應對當前環境。

Makes sense. Thank you. And you know there is a bit of debate right around whether that disruption in Q2 can be made up in the back half. And I understand the situation is fluid and largely depends on whether the consumer shows up.

有道理。謝謝。你知道，關於第二季度的中斷是否可以在下半年彌補，存在一些爭論。我知道情況是不斷變化的，很大程度上取決於消費者是否出現。

But I guess what could you say today in terms of level of visibility that you have, specifically shipment cadence into Q3 to help us better understand that shifting dynamic from Q2 into Q3?

但我想您今天能就您所掌握的透明度說些什麼，特別是關於第三季度的出貨節奏，以幫助我們更好地了解從第二季度到第三季度的轉變動態？

Yeah, in terms of the shifts, as you heard from us in our prepared remarks, we observed a shift from direct imports to domestic shipping. And that naturally has a little bit of a delay in how we are able to capture those billings.

是的，就轉變而言，正如您在我們準備好的發言中聽到的那樣，我們觀察到從直接進口到國內運輸的轉變。這自然會對我們取得這些帳單的方式造成一點延遲。

We do expect the majority of those sales to be captured in the balance of the year. But naturally when you expect, when you see such dislocation across the different quarters, you might see some of the billings fall into the next quarter and potentially into the next year. But we are confident that we're taking the actions together with the retailers to ensure that that is minimized.

我們確實預計大部分銷售額將在今年餘下時間內實現。但自然而然地，當你預期到，當你看到不同季度之間出現這種錯位時，你可能會看到一些帳單落到下個季度，甚至可能落到明年。但我們相信，我們正在與零售商一起採取行動，以確保將這一影響降至最低。

Thank you very much. Thanks.

非常感謝。謝謝。

Eric Handler, ROTH Capital.

漢德勒（Eric Handler），羅仕資本（ROTH Capital）。

Good afternoon. Thank you for the question. I'm wondering in your discussions with retailers, are you getting any sense that there's an expectation that the consumer is going to be any more price sensitive than they were last year?

午安.謝謝你的提問。我想知道，在您與零售商的討論中，您是否感覺到消費者對價格的敏感度會比去年更高？

No, we don't see that. We work very closely with our retail partners when we consider pricing. Our goal is to always offer our product at the best price for the consumer, the lowest possible price for the consumers.

不，我們沒有看到這一點。在考慮定價時，我們與零售合作夥伴密切合作。我們的目標是始終以最優惠的價格、盡可能低的價格向消費者提供我們的產品。

And whenever we do take pricing action, it's very strategic and very thoughtful. And we believe we are well positioned. We have a very broad range of product at different price points. And we believe we are well positioned and our product is well priced, heading into the second half and the holiday season.

無論何時我們採取定價行動，都是非常有策略性和深思熟慮的。我們相信我們已做好準備。我們有各種不同價位的產品。我們相信，進入下半年和假期季節，我們的定位很明確，我們的產品定價也很合理。

Okay, thank you, Ynon. And then I'm just curious with Infant, Toddler, Preschool, if you took out Baby Gear and Power Wheels, would this business be on a positive growth trajectory at this point?

好的，謝謝你，Ynon。然後我只是好奇，對於嬰兒、幼兒和學齡前兒童，如果你拿出嬰兒用品和動力輪，這個業務現在是否會處於積極的成長軌跡？

Well, we've done a lot of work within the category and specifically with Fisher-Price. Fisher Price in the second quarter was heavily disproportionately impacted by the trade dynamics in the US. And we do expect trends to improve for the balance of the year.

嗯，我們在這個類別中做了很多工作，特別是與費雪合作。費雪在第二季受到美國貿易動態的嚴重影響。我們確實預計今年剩餘時間的趨勢將會改善。

We're seeing retail ordering patterns adapting. We expect performance in the US to improve meaningfully. And with new innovation, new product launches, and more points of distribution, we expect that Fisher-Price will see much improved performance in the second half and the full year.

我們看到零售訂購模式正在改變。我們預計美國的表現將顯著改善。隨著新創新、新產品的推出以及更多分銷點的出現，我們預計費雪玩具在下半年和全年的業績將會大幅提升。

Megan Clapp, Morgan Stanley.

摩根士丹利的梅根·克拉普。

Hi, good afternoon. Thanks so much. I wanted to come back to Arpine's second question. You did mention it seemed like there were two factors that impacted US sales in the quarter. One was that shift, from direct import to domestic. But you also talked about retailers adjusting ordering patterns. So I wondered just, Part A of the question, can you quantify the impact from each of those? Or if you're not willing to quantify, just maybe tell us was one bigger than the other?

嗨，下午好。非常感謝。我想回到 Arpine 的第二個問題。您確實提到過，似乎有兩個因素影響了本季的美國銷售。一是從直接進口轉向國內進口。但您也談到了零售商調整訂購模式。所以我想知道，問題的第一部分，你能量化每個因素的影響嗎？或者如果您不願意量化，也許只是告訴我們一個比另一個更大？

And the shipping shift just does seem to be more of a timing issue, Paul. I think you mentioned you expect to get the majority of that in the remainder of the year. But what about the change in ordering patterns? Does that impact how you're thinking about the balance of the year at all and is that being made up somewhere else? Thank you.

保羅，運輸轉變似乎更多的是一個時間問題。我想您提到過，您希望在今年剩餘時間內獲得大部分資金。但訂購模式的改變又如何呢？這是否會影響您對年度餘額的思考？是否在其他地方進行了彌補？謝謝。

Yeah, thank you for the question. I will not be able to give you a precise detail of how much was DI versus retail ordering pattern shifts because they actually go together. So it's difficult to decompose them.

是的，謝謝你的提問。我無法向您提供 DI 與零售訂購模式變化的精確細節，因為它們實際上是一起發生的。因此很難分解它們。

What I can tell you is that we do believe that the majority of the sales will be caught up in the balance of the year. There may be a little bit of sales that's being shifted into the next quarter or potentially the next year. But again, our efforts with retailers is to make sure that we minimize that.

我可以告訴你的是，我們確實相信大部分銷售額將在今年餘下時間內實現。可能會有少量銷售額轉移到下個季度或明年。但我們與零售商共同努力的目的是確保將這種影響降至最低。

And when it comes to the shifts in retailer ordering patterns, it's when they go to domestic shipping, they actually are able to receive the products, we recognize the Gross Billings slightly later. And they should be able to catch up in terms of product on the shelves. You should see minimized to no disruptions. And that's our job together with the retailers. Ultimately, that's what matters to make sure that you see a full shelf ahead of the holiday season.

當涉及零售商訂購模式的變化時，當他們進行國內運輸時，他們實際上能夠收到產品，我們稍後會確認總帳單。他們應該能夠在貨架產品方面趕上來。您應該會看到干擾已最小化甚至消失。這是我們與零售商共同的工作。最終，這才是最重要的，以確保你在假期來臨之前看到滿滿的貨架。

And Megan, I may add that the issue we talk about is the uncertainty around the situation. It's what delayed or impacted decisions as the same way that we are now seeing more certainty, which allows us to reinstate guidance. As retailers have more certainty and more visibility into their activities, they're adapting their ordering patterns as well, which is why there's more visibility overall.

梅根，我想補充一點，我們討論的問題是局勢的不確定性。這與我們現在看到的更多確定性一樣，延遲或影響了決策，這使我們能夠恢復指導。隨著零售商對其活動有了更多的確定性和更多的可見性，他們也在調整訂購模式，這就是為什麼整體可見度更高。

The issue in the second quarter specifically was around the uncertainty. Now, that this is getting more clear, things will improve.

第二季的問題主要在於不確定性。現在，情況變得越來越清晰，情況將會改善。

Okay, that's helpful. Thank you. And I guess the follow-up question would be -- and apologies if I missed this, but could you just give us the dollar number in terms of --I think you gave it last quarter in terms of what's just embedded in the guide as it relates to tariffs. And just looking at the gross margin guidance, I think it implies around gross margins down kind of 200 basis points in the second half.

好的，這很有幫助。謝謝。我想後續的問題應該是——如果我錯過了，請原諒，但您能否告訴我們具體的美元數字——我想您在上個季度就指南中與關稅相關的內容給出了這個數字。僅從毛利率指引來看，我認為這意味著下半年毛利率將下降約 200 個基點。

How should we be thinking about the impact, the straight impact from tariffs in the second half? And should we be thinking about that continuing into the first half of next year until we lap the impact all else equal?

我們該如何看待關稅對下半年的直接影響？我們是否應該考慮將這種影響持續到明年上半年，直到其他所有因素都相同時才消除這種影響？

Sure, let me get into a little bit more details of the impact of tariffs. As I said, we estimate the total tariff exposure for this year, based on what we know today and it might change, and before any mitigating actions to be less than $100 million. And the mitigating actions include accelerating diversification of supply chain, optimizing product and sourcing mix, and taking the necessary actions in terms of pricing.

當然，讓我更詳細地講一下關稅的影響。正如我所說，根據我們目前所了解的情況以及可能發生的變化，在採取任何緩解措施之前，我們估計今年的總關稅風險將低於 1 億美元。緩解措施包括加速供應鏈多樣化、優化產品和採購組合、以及在定價方面採取必要的措施。

You might recall that in the earnings call in Q1, we talked about an amount of $270 million of incremental tariff cost exposure before any mitigating actions. And that was relative to our initial planning assumption. At this point, that $270 million of incremental exposure is actually no longer applicable.

您可能還記得，在第一季的收益電話會議上，我們談到了在採取任何緩解措施之前 2.7 億美元的增量關稅成本風險。這與我們最初的規劃假設有關。此時，2.7 億美元的增量風險敞口實際上已不再適用。

What is remaining is our initial planning assumption, which is what I talked about, which is less than $100 million. So that's the impact that you should be expecting, and the majority of that falls into the second half of the year and the corresponding mitigating actions to partially offset -- to mostly offset.

剩下的就是我們最初的規劃假設，也就是我所說的，不到 1 億美元。所以這是你應該預料到的影響，其中大部分會落到下半年，相應的緩解措施可以部分抵消 - 大部分抵消。

Alex Perry, Bank of America.

美國銀行的亞歷克斯·佩里。

Hi, thanks for taking my questions here. Just first, I wanted to ask how we should think about the increase in the point-of-sale data in the quarter versus the 6% decline in reported revenue. Were channel inventory levels elevated? Was there some destocking that needed to play out in the quarter?

你好，謝謝你在這裡回答我的問題。首先，我想問一下，我們應該如何看待本季銷售點數據的成長與報告收入 6% 的下降。渠道庫存水準是否升高了？本季是否需要進行一些去庫存措施？

And then can you just talk about how you feel about current channel inventory levels as they stand today and any sort of differences across the franchises?

然後，您能否談談您對當前通路庫存水準的看法以及各個特許經營店之間的差異？

Sure. Happy to take that one. In terms of inventory, inventory started at the right levels and are at the current levels, both at the retail level and also our own internal inventories. Let me make sure that, that's clear. So when it comes to your bridge between POS and our Gross Billings, that's where the dislocation comes in from direct shipping to domestic.

當然。很高興接受這個。就庫存而言，無論是零售層面還是我們自己的內部庫存，庫存一開始的水平都是正確的，目前也處於這個水平。讓我確認一下，這很清楚。因此，當涉及 POS 和我們的總帳單之間的橋樑時，這就是從直接運輸到國內運輸的錯位所在。

And that's why when you have the delay in recognizing the -- some of the revenue, that's where you see that lower number in our Gross Billing versus the POS. But it's simply mathematics related to the shift in ordering patters.

這就是為什麼當您延遲確認部分收入時，您會看到我們的總帳單與 POS 相比數字較低。但它只是與排序模式轉變相關的數學。

Really helpful. And then just my follow-up, did the implied back half topline outlook come down versus when you last had a formal guidance out there? Like I guess, are you seeing more tempered retailer buying behavior for the holiday versus your expectations when you last provided a formal guidance?

真的很有幫助。然後我的後續問題是，與您上次發布的正式指導相比，隱含的下半年營收前景是否有所下降？我想，與您上次提供正式指導時的預期相比，您是否看到假期零售商的購買行為更加緩和？

No, we don't see that. This is purely about the general uncertainty regarding consumer demand in the back half of the year. As it relates to what we're seeing in our business, there are many things to be excited about in the second half of the year.

不，我們沒有看到這一點。這純粹是因為下半年消費需求普遍存在不確定性。就我們在業務中看到的情況而言，今年下半年有很多事情值得興奮。

By category, we're seeing a lot of momentum in Hot Wheels, which is on track to achieve its eighth consecutive record high year with more new innovation, a new track system, F1 product, more adult activations.

從類別來看，我們看到風火輪發展勢頭強勁，憑藉更多創新、新賽道系統、F1 產品和更多成人活動，風火輪有望連續第八年創下新高。

Action figures will continue to see strong momentum, the Jurassic product, Toy Story 30th anniversary. Our games business driven by UNO will continue to see more innovation, more extensions, more culturally relevant opportunities.

動作人物將繼續保持強勁勢頭，侏羅紀產品，玩具總動員 30 週年紀念。我們由 UNO 驅動的遊戲業務將繼續看到更多的創新、更多的擴展和更多與文化相關的機會。

We're launching the Mattel Brick Shop new product at scale. This is Hot Wheels product, hitting shelves in the summer or later this summer.

我們正在大規模推出美泰積木店 (Mattel Brick Shop) 新產品。這是風火輪產品，將於今年夏季或稍後上架。

In the Dolls category, we'll see improving trends with Barbie in the second half, new product innovation, more partnerships and activations later in the year. Same for Monster High and Wicked second movie. We talked about Fisher-Price and improving trends, expecting to see improving trends with more innovation, more product launches and more points of distribution.

在玩偶類別中，我們將看到芭比娃娃在下半年的趨勢有所改善，新產品創新，以及今年稍後更多的合作夥伴關係和活化。Monster High 和 Wicked 第二部電影也是如此。我們討論了費雪和改進趨勢，希望看到改進趨勢，包括更多的創新、更多的產品發布和更多的分銷點。

And going back to what we said about the industry against the uncertainty in consumer demand, the industry is having momentum. The industry is having momentum entering the second half. And there's always the overarching fact that Toys is an important part of children's lives. And the retailers see toys as a strategic priority in their offering.

回到我們之前所說的，儘管消費者需求存在不確定性，但該行業仍保持著良好的發展勢頭。進入下半年，產業發展勢頭強勁。而玩具始終是孩子生活中重要的一部分，這是毋庸置疑的事實。零售商將玩具視為其供應產品的策略重點。

And so we do expect the total industry to continue to perform well. We expect it to grow for the year. And again, there is that uncertainty regarding consumer demand, but most of what we see is positive.

因此，我們確實預計整個行業將繼續表現良好。我們預計今年該數字將會成長。再次強調，消費者需求存在不確定性，但我們所看到的大部分情況都是正面的。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks. Good evening everyone. So I was curious, as you think about your pricing architecture in each of these brands, I guess, where do you see the biggest headwinds as you think about maybe a Matchbox and a Hot Wheels versus a Barbie Dreamhouse. And as it relates to that, is your expectation that Barbie can turn to positive growth at some point in the back half of the year?

謝謝。大家晚上好。所以我很好奇，當您考慮每個品牌的定價架構時，我想，當您考慮火柴盒和風火輪與芭比夢幻屋時，您認為最大的阻力在哪裡。與此相關，您是否預期芭比娃娃能夠在今年下半年的某個時候實現正成長？

We talked about the wide variety of product offering at different at price points. And the best example is Hot Wheels. With the basic car being the number one selling item in the industry -- selling toy in the industry at -- selling at $1.25. Or you can also buy a collective set with Daniel Arsham. It's part of Daniel Arsham partnership for $700 on Mattel Creations. So same brand, huge variety of price offering.

我們討論了不同價位的多種產品。最好的例子就是風火輪。基本款汽車是業界銷售第一的玩具，售價僅1.25美元。或者你也可以購買丹尼爾·阿爾軒的套裝。這是 Daniel Arsham 與 Mattel Creations 合作推出的一款價值 700 美元的產品。因此，同一品牌，提供的價格卻多種多樣。

And the same applies to the rest of the portfolio. This is one of our core strengths, having such a broad offering at different price points. And we continue to work and improve and optimize the line architecture, the price offering, and do that in very close collaboration with our retail partners to make sure that we serve them as our key partners, that we can cater together to the consumer demand.

這同樣適用於投資組合的其餘部分。這是我們的核心優勢之一，能夠提供不同價位的廣泛產品。我們將繼續努力改進和優化產品線架構和價格體系，並與我們的零售合作夥伴密切合作，確保他們作為我們的關鍵合作夥伴為我們提供服務，共同滿足消費者的需求。

Even with the pricing actions we already implemented. Approximately 40% to 50% of our product in the US will continue to be priced below $20. So we're very focused on offering affordable prices, at the same time making sure that we don't compromise on the quality of our product, and make sure that there's the right balance, offering best value for consumers.

即使我們已經實施了定價措施。我們在美國約 40% 至 50% 的產品價格將繼續低於 20 美元。因此，我們非常注重提供實惠的價格，同時確保我們不會在產品品質上妥協，並確保適當的平衡，為消費者提供最佳價值。

When it comes to Barbie, Barbie, we do expect to see improving trends in the second half. We're introducing new product innovation, more partnerships, exciting upcoming fall and holiday line, more about collector product.

說到芭比娃娃，我們確實預計下半年芭比娃娃的趨勢會有所改善。我們正在推出新的產品創新、更多的合作夥伴關係、令人興奮的即將到來的秋季和假日系列以及更多關於收藏家的產品。

We see continued momentum in partnership with major brands, and more innovation and cultural touchpoints. We saw -- we just recently launched the Barbie with Type 1 Diabetes, which sold out in a day. And we know that Barbie is resonating in culture in a way that very few brands do out there, not just in toys. So we're very confident about the growth trajectory of Barbie and expect more to come later this year and in 2026.

我們看到與主要品牌的合作動能持續增強，創新和文化接觸點也越來越多。我們看到——我們最近推出了患有第 1 型糖尿病的芭比娃娃，一天之內就銷售一空。我們知道，芭比娃娃在文化中引起了共鳴，而這種共鳴的方式很少有品牌能做到，而且不僅僅是在玩具方面。因此，我們對芭比娃娃的成長軌跡非常有信心，並預計今年稍後和 2026 年會有更多銷量。

And then as you think about the mitigating actions against that $100 million, I guess can you help us think about how it aligns relative to when the upfront tariff cost hits, which obviously is going to be in the back in the third and fourth quarter. Is there any misalignment or does the mitigating actions occur sort of in time when the tariff headwinds are hitting?

然後，當您考慮針對這 1 億美元採取的緩解措施時，我想您能否幫助我們思考一下它與前期關稅成本何時到來之間的關係，這顯然會在第三季度和第四季度出現。是否有任何錯位，或緩解措施是否在關稅逆風來襲時及時出現？

They're mostly in line when the tariff headwinds are hitting, so we have a variety of actions that we're taking. Some of them we started a while ago. But when it comes to in the short term, the tariffs, we're probably going to see the impact flow through inventory into our P&L starting in Q3 and later. And that's when the majority of the impact of the mitigating actions will also be seen.

當關稅逆風來襲時，他們大多保持一致，因此我們採取了各種行動。其中一些我們之前就已經開始了。但就短期而言，關稅的影響可能會從第三季及以後透過庫存流入我們的損益表。到那時，緩解措施的大部分影響也將顯現出來。

And Chris, just to make the point, and I know you know that, but just to make the point that pricing is just one of the actions we take. We're very focused on leveraging our supply chain and the fact that it's well diversified and how we optimize product sourcing and product mix with pricing being the third action we look to take where necessary.

克里斯，我只是想說明這一點，我知道你知道這一點，但我只是想說明定價只是我們採取的行動之一。我們非常注重利用我們的供應鏈及其多樣化的事實，以及我們如何優化產品採購和產品組合，定價是我們在必要時採取的第三項行動。

James Hardiman, Citi.

花旗銀行的詹姆斯哈迪曼。

Good afternoon. So, just to follow up on that pricing point, I guess is the way to think about that --you basically said you've taken all the pricing you're going to take. Is the way to think about that maybe a low to mid-type price increase for the year? And could you maybe contrast that to what some of your peers are going to have to take as we think about much bigger potential tariff cost? And is that an opportunity for share gains?

午安.因此，只是為了跟進這個定價點，我想這是思考這個問題的方式——你基本上說你已經採取了你將要採取的所有定價。是否可以這樣認為，今年的價格漲幅可能是低至中等？當我們考慮更大的潛在關稅成本時，您能否將此與您的一些同行必須採取的措施進行對比？這是增加市場佔有率的機會嗎？

Yeah, James, we have taken the pricing actions that are necessary at the current tariff price. So we feel very confident that it is behind us. When it comes to the amount, I will not talk to our competition. It is the price that is necessary to offset some of the headwinds in addition to the array of a multitude of other actions that we're taking. And we're trying to take the minimum price possible.

是的，詹姆斯，我們已經按照當前的關稅價格採取了必要的定價措施。因此，我們非常有信心，這一切已經過去了。說到金額，我不會和我們的競爭對手談。除了我們正在採取的一系列其他行動之外，這也是抵消一些不利因素所必需的代價。我們正在嘗試以盡可能低的價格出售。

The other important thing when it comes to the magnitude, of course, this is much smaller than the amount or the percentage of tariffs that you will be seeing because you see that in the top line and the tariffs are in the cost.

就幅度而言，另一個重要的事情當然是，這比您將看到的關稅金額或百分比要小得多，因為您會在頂線上看到這一點，而關稅已包含在成本中。

So, we're very confident with the dialogue we've had with the retailers. And again, it's one of the levers we're pulling amongst the variety to make sure that we still have an array of products that cut across the whole spectrum and provide a balanced, affordable value to our consumers.

因此，我們對與零售商的對話非常有信心。再次強調，這是我們在眾多產品中採取的手段之一，以確保我們仍然擁有一系列涵蓋整個範圍的產品，並為我們的消費者提供均衡、實惠的價值。

And James, I would add that we do believe we are very well positioned in terms of what pricing we need to take relative to our competition, given the fact that we have significant flexibility in our supply chain and can move things around to find the best equation in terms of where we make products, at what cost, and how we move around product in terms of distribution and putting the right amount on the right shelf at the right time and price it appropriately. So we feel that we are competitively very well positioned.

詹姆斯，我想補充一點，我們確實相信，就我們需要採取的定價方式而言，相對於我們的競爭對手，我們處於非常有利的地位，因為我們的供應鏈具有很大的靈活性，可以調整產品的位置，以找到最佳平衡點，包括我們在哪裡生產產品，以什麼成本生產，以及如何在分銷方面調動產品，在正確的時間將正確數量的產品放在正確的貨架上。因此，我們認為我們的競爭地位非常有利。

Got it. And then, with respect to your full-year guidance that you reinstituted, obviously given all the turbulence and disruption that there's been, getting back to even within shouting distance of the initial guidance is, I think, pretty heroic. But maybe it would be helpful to sort of bridge your current guidance with your initial guidance.

知道了。然後，關於您重新制定的全年指導，顯然考慮到出現的所有動盪和混亂，我認為，即使只是回到最初指導的水平，也是非常英勇的。但也許將您目前的指導與最初的指導結合會有所幫助。

You talked about tariffs basically being pretty close to your initial planning assumption. And you've got the pricing offset there. And so as I think about maybe a $0.09 delta between the original midpoint and the midpoint today, it seems like it's more on the margin front. Maybe help us bridge that gap.

您談到的關稅基本上與您最初的規劃假設非常接近。這樣你就得到定價補償了。因此，當我想到原始中點和今天的中點之間可能有 0.09 美元的差額時，似乎更多的是在保證金方面。也許可以幫助我們彌補這一差距。

Yeah, James, I don't think that's the majority of the explanation. The majority of the explanation comes actually from the uncertainty in the top line. As you see -- let me walk you through the guidance from top to bottom.

是的，詹姆斯，我不認為這是主要的解釋。大部分解釋其實來自於頂線的不確定性。如您所見—讓我從上到下向您介紹指導。

Before we had 2% to 3% growth rate in the top line. Now, we have 1% to 3% growth rate. So that flows through in dollars to operating income and EPS as well.

之前我們的營業收入成長率是2%到3%。現在，我們的成長率是1%到3%。因此，這也以美元的形式流入營業收入和每股盈餘。

As you well say, the tariff impact and the other cost structure is fairly similar to what we had before. However, from a margin perspective, just by doing the math, you see optically just less margin, same dollars, but the uncertainty on the top line is what drives the potential adjustment that we have done to that operating income and also the EPS.

正如您所說，關稅影響和其他成本結構與我們以前的情況非常相似。然而，從利潤率的角度來看，只需進行計算，您就會發現利潤率明顯下降，美元收入保持不變，但營收的不確定性才是我們對營業收入和每股盈餘進行潛在調整的驅動因素。

Okay, that's helpful.

好的，這很有幫助。

Thank you for the question. And again, seeing 200 basis points improvement in the gross margin is what we believe falls in the category of operational excellence. And we saw that across the entire enterprise, how we focus on execution. And these are the moments where Mattel stands out in terms of challenges and uncertainty in the marketplace.

謝謝你的提問。再次，我們認為毛利率提高 200 個基點屬於卓越營運的範疇。我們看到，在整個企業中，我們注重的是執行。而這正是美泰在市場挑戰和不確定性方面脫穎而出的時刻。

And maybe just to make a few closing comments, and of course, operator, thank you for setting it up. But in conclusion, we continue to demonstrate operational excellence in the quarter despite the uncertain environment. We achieved the meaningful gross margin expansion that we talked about, the 200 basis points; strong international growth of 9% and growing in each of the three regions; and made exciting progress on our entertainment slate.

最後我再說幾句，當然，操作員，感謝您設定了它。但總而言之，儘管環境不確定，我們在本季仍繼續表現出卓越的營運能力。我們實現了我們所說的有意義的毛利率擴張，即 200 個基點；國際業務強勁增長 9%，並且在三個地區均實現增長；並且我們的娛樂業務取得了令人興奮的進展。

The consumer demand for our toys was strong in the second quarter, as we said, as well as the first half of the year. And it was exciting to see the toy industry performing well and growing. And we do expect to gain share this year in key categories based on the strength of our brands and product roadmap.

正如我們所說，第二季以及上半年消費者對我們玩具的需求強勁。看到玩具行業表現良好並不斷增長令人興奮。而我們確實希望憑藉我們品牌和產品路線圖的實力，今年在關鍵類別中獲得份額。

We also believe, as I said, that we are very well positioned in this environment to execute our strategy and leverage the strength of our brand portfolio, product offering, supply chain, and commercial execution, and expect to grow in the second half and the full year, as we said in our guidance.

正如我所說，我們也相信，在這種環境下，我們完全有能力執行我們的策略，並利用我們的品牌組合、產品供應、供應鏈和商業執行的優勢，並預計下半年和全年將實現成長，正如我們在指導中所說的那樣。

And before we close, I just would like to welcome once again, Paul. Your first Mattel earnings call is now officially in the books. Congratulations. Thank you, everyone, and I will now turn the call back over to the operator.

在我們結束之前，我只想再次歡迎保羅。您的第一次美泰財報電話會議現已正式記錄在案。恭喜。謝謝大家，現在我會把電話轉回接線生。

Ladies and gentlemen, that concludes today's call. Thank you for joining. You may not disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的加入。您不能斷開連線。