Mattel Inc (MAT) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is [Abby]. I'll be your conference operator today.

女士們、先生們，感謝你們的耐心等待。我的名字是[艾比]我今天將擔任你們的會議接線生。

At this time, I would like to welcome everyone to the Mattel, Inc., third-quarter 2025 earnings conference call.

此時此刻，我謹代表美泰公司歡迎各位參加 2025 年第三季財報電話會議。

(Operator Instructions)

（操作說明）

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

謝謝。現在我將把會議交給投資者關係主管 Jenn Kettnich。你可以開始了。

Thank you, operator. Good afternoon, everyone.

謝謝接線生。大家下午好。

Joining me today are Ynon Kreiz, Mattel's Chairman and Chief Executive Officer; and Paul Ruh, Mattel's Chief Financial Officer.

今天與我一同出席的有美泰公司董事長兼執行長伊農·克雷茲，以及美泰公司財務長保羅·魯。

This afternoon, we reported Mattel's third-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.

今天下午，我們公佈了美泰公司 2025 年第三季的財務表現。今天，我們將首先由 Ynon 和 Paul 對我們的研究結果進行評述，之後我們將留出一些時間回答問題。

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.

請注意，在問答環節，我們懇請您每人只提一個問題和一個後續問題，以便我們今天能夠盡可能多地與分析師交流並解答問題。

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.

今天的討論、收益發布和幻燈片演示可能會提及某些非GAAP財務指標和關鍵績效指標，這些指標在幻燈片演示和收益發布附錄中均有定義。

Please note that Gross Billings figures referenced on this call will be stated in Constant Currency, unless stated otherwise.

請注意，除非另有說明，本次電話會議中提及的總帳單金額將以固定匯率表示。

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.

您可以透過我們公司網站 corporate.mattel.com 的投資者關係部分存取我們的收益報告、幻燈片簡報和補充非公認會計準則資訊。這些文件中包含了 G 條例要求的有關非公認會計準則財務指標的信息，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.

獲利報告和幻燈片簡報中包含的初步財務結果代表了管理層目前可獲得的最新資訊。由於公司財務結算程序的完成、最終調整、公司獨立註冊會計師事務所的審核完成，以及從現在到最終結果揭露之間可能出現的其他情況，公司在 10-Q 表格中披露的實際結果可能會有所不同。

Before we begin, I'd like to remind you that certain statements made during the call may include forward-looking 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.

在開始之前，我想提醒各位，本次電話會議中某些發言可能包含與我們業務、品牌、類別和產品線的未來表現相關的前瞻性陳述。我們對未來所做的任何陳述，本質上都是不確定的。

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.

這些聲明是基於目前可獲得的資訊和假設，但存在許多重大風險和不確定性，可能導致我們的實際結果與前瞻性聲明中預測的結果有所不同。

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

我們在以下文件中描述了這些不確定性：我們最新的 10-K 表格年度報告的「風險因素」部分、我們最新的 10-Q 表格季度報告、我們最近的收益發布和幻燈片演示，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。

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

美泰公司不會更新前瞻性聲明，並明確聲明除法律要求外，不承擔任何更新前瞻性聲明的義務。

Now, I'd like to turn the call over to Ynon.

現在，我想把電話交給伊農。

Thanks, Jenn. Good afternoon and thank you for joining Mattel's third-quarter 2025 earnings call.

謝謝你，珍妮。下午好，感謝各位參加美泰兒公司2025年第三季財報電話會議。

This quarter, our US business was again challenged by industry-wide shifts in retailer ordering patterns. That said, consumer demand for our products grew in every region, including in the US, and Gross Billings increased in our international business.

本季度，由於零售商訂購模式的行業性變化，我們的美國業務再次面臨挑戰。儘管如此，包括美國在內的各個地區的消費者對我們產品的需求都在成長，我們的國際業務總營業額也有所增加。

We continued to operate with excellence and maintained an Adjusted Gross Margin above 50%. We repurchased $202 million of shares, bringing the total this year to $412 million, and are on track to repurchase $600 million for the full year.

我們繼續保持卓越的營運水平，調整後毛利率維持在 50% 以上。我們回購了價值 2.02 億美元的股票，使今年的回購總額達到 4.12 億美元，並有望在全年內回購 6 億美元的股票。

Since the beginning of the fourth quarter, orders from retailers in the US have accelerated significantly, and POS for Mattel continues to grow in the US and internationally. These trends are tracking in line with our full year outlook for 2025.

自第四季度開始以來，來自美國零售商的訂單顯著加速成長，美泰的 POS 在美國和國際市場持續成長。這些趨勢與我們對 2025 年全年的展望相符。

Looking into the balance of the year, we expect a good holiday season for Mattel, strong top-line growth in the fourth quarter, and are reiterating our full year guidance.

展望今年剩餘時間，我們預期美泰公司假日季業績良好，第四季營收將強勁成長，因此我們重申全年業績預期。

We have made important strides in advancing our strategy to grow our IP-driven Toy business and expand our entertainment offering. Here are some of the key highlights:

我們在推動以智慧財產權為驅動的玩具業務成長策略和擴大娛樂產品供應方面取得了重要進展。以下是一些主要亮點：

We implemented a new brand-centric organizational structure with integrated marketing to enhance and accelerate Mattel's global brand management capabilities,

我們實施了以品牌為中心的新型組織架構和整合行銷策略，以增強和加速美泰的全球品牌管理能力。

We launched two new standout product lines, which are off to a strong start: Mattel Brick Shop in the Building Sets category and the Hot Wheels Speed Snap Track System in Vehicles,

我們推出了兩條全新的、表現突出的產品線，並且開局強勁：分別是積木套裝類別的 Mattel Brick Shop 和車輛類別的 Hot Wheels Speed Snap Track System。

American Girl achieved its fourth consecutive quarter of growth, driven by strength in both direct-to-consumer omnichannel retail and wholesale channels,

美國女孩品牌連續第四個季度實現成長，這主要得益於其直接面向消費者的全通路零售和批發通路的強勁表現。

We made meaningful progress on our first two self-published Digital Games, which we expect to launch next year, with several more in development and pre-production,

我們在前兩款自主發行的數位遊戲方面取得了實質進展，預計將於明年發布，另幾款遊戲正在開發和前期製作中。

Mattel Studios recently announced the development of two new live action television series, entering an exciting new programming in genre,

美泰工作室近日宣布將開發兩部全新的真人電視劇，進軍令人興奮的全新節目類型領域。

Our strategic collaboration with OpenAI is taking shape as we embed AI capabilities across the organization, and, As just announced today, Mattel has been awarded global licensing rights to develop and market a full range of K-Pop Demon Hunters products across major categories. This includes Dolls, Action Figures, Accessories, Collectibles, Play Sets, collaborations with core brands, and more. We are excited to partner with Netflix on the most popular film of all time and bring this vibrant, imaginative world to life.

隨著我們將人工智慧能力融入整個組織中，我們與 OpenAI 的策略合作正在逐步成形。此外，正如今天剛剛宣布的那樣，美泰公司已獲得全球授權，可以開發和銷售涵蓋主要類別的全系列 K-Pop Demon Hunters 產品。其中包括玩偶、可動人偶、配件、收藏品、玩具套裝、與核心品牌的合作等等。我們很高興能與 Netflix 合作，將這部有史以來最受歡迎的電影中的這個充滿活力、富有想像力的世界呈現在觀眾面前。

This, in addition to the recent renewal of our multi-year licensing agreement for the Disney Princess and Frozen franchises, further reinforces our leadership position as a partner of choice to major entertainment companies and IP owners.

此外，我們最近還續簽了迪士尼公主和冰雪奇緣系列的多年授權協議，這進一步鞏固了我們作為主要娛樂公司和智慧財產權所有者首選合作夥伴的領導地位。

Looking at key financial metrics in the third quarter as compared to the prior year: Net Sales, Adjusted Operating Income, and Adjusted Earnings per Share declined, primarily due to US retailers moving from direct import to domestic shipping, shifting orders to the fourth quarter. As always, we are working closely with our retail partners to manage through this trade environment.

與去年同期相比，第三季的關鍵財務指標顯示：淨銷售額、調整後營業收入和調整後每股收益均有所下降，這主要是由於美國零售商從直接進口轉向國內運輸，並將訂單轉移到第四季度。我們將一如既往地與零售合作夥伴緊密合作，共同應對當前的貿易環境。

Notwithstanding the shift in retailer ordering patterns, Mattel's POS increased overall, with growth in every region, including the US.

儘管零售商的訂購模式發生了變化，但美泰兒的銷售點整體上還是增長了，包括美國在內的每個地區都實現了成長。

As it relates to category Gross Billings, Vehicles grew, as well as our Challenger categories combined, while Dolls and Infant, Toddler, and Preschool declined.

就總帳單金額而言，車輛類商品以及我們的挑戰者類別總帳單金額均有所增長，而玩偶類和嬰幼兒及學前類商品則有所下降。

Per Circana, we gained market share in key categories, including Dolls, Vehicles, and Action Figures. The toy industry also grew high single digits in the third quarter, well above the low single-digit trends of recent years, reflecting momentum heading into the holiday season and beyond.

據 Circana 稱，我們在玩偶、車輛和動作人偶等關鍵類別中獲得了市場份額。第三季玩具產業也實現了接近兩位數的成長，遠高於近年來個位數的低成長趨勢，反映出該產業在假日季及以後的發展勢頭強勁。

An important priority for the company is to scale Digital Games, where we are looking to extend physical play to the virtual world by creating games and experiences that drive sustained engagement for fans of all ages. We recently announced three licensed games for console and PC for Hot Wheels, Masters of the Universe, and Barbie, as well as a partnership with Netflix to bring Pictionary into living rooms around the world.

該公司的一個重要優先事項是擴大數位遊戲的規模，我們希望透過創造能夠持續吸引各個年齡層粉絲的遊戲和體驗，將實體遊戲擴展到虛擬世界。我們最近宣布了三款獲得授權的遊戲，分別面向主機和 PC 平台，遊戲角色分別為風火輪、宇宙巨人和芭比娃娃；此外，我們還與 Netflix 合作，將 Pictionary 帶入世界各地的客廳。

We expanded our collaboration with Roblox, with a new slate of games and experiences for Barbie, Hot Wheels, Masters of the Universe, and UNO, as well as Monster High, which launches this week. The Fortnite Monster High experience also launched last week.

我們擴大了與 Roblox 的合作，為芭比娃娃、風火輪、宇宙巨人、UNO 以及本週推出的 Monster High 等系列遊戲和體驗帶來了一系列新內容。Fortnite Monster High 體驗也於上週上線。

Mattel163, our joint venture with NetEase, recently released its fourth game, UNO Wonder, which is off to a promising start; and

我們與網易的合資企業美泰兒163最近發布了其第四款遊戲《UNO Wonder》，這款遊戲開局良好；

Our Digital Games self-publishing strategy is progressing well with two games expected to launch in 2026, and additional games in development and pre-production.

我們的數位遊戲自主發行策略進展順利，預計 2026 年推出兩款遊戲，另有多款遊戲正在開發和預製作中。

Mattel Studios continues to add more projects to an exciting slate. In film, the Poly Pocket live-action movie will be co-developed with Reese Witherspoon's Hello Sunshine and Amazon MGM Studios. Two-time Golden Globe nominee Lilly Collins will co-produce and star in the movie.

美泰工作室不斷為令人興奮的項目陣容增添更多作品。在電影方面，《Poly Pocket》真人電影將與瑞茜威瑟斯彭的 Hello Sunshine 和亞馬遜米高梅影業共同開發。曾兩度獲得金球獎提名的莉莉柯林斯將擔任該片的聯合製片人和主演。

In television, we are entering a new phase as we expand into cinematic-quality episodic series designed to profitably reach new audiences. Recently, we announced our first two premium live-action scripted TV series in development: The first is a series based on Shani, Mattel's first standalone black fashion doll line, in development with Amazon MGM Studios, and The second is a series based on Mattel's iconic Magic 8-Ball franchise, directed by acclaimed filmmaker, M. Night Shyamalan and written by Glee and American Horror Story creator Brad Falchuk.

在電視領域，我們正在進入一個新階段，我們將拓展到電影品質的劇集領域，旨在獲利地吸引新的觀眾群。最近，我們宣布了正在開發的首批兩部優質真人劇集：第一部是根據美泰首個獨立黑人時尚娃娃系列 Shani 改編的劇集，由亞馬遜米高梅影業開發；第二部是根據美泰標誌性的“魔法8號球”系列改編的劇集，由著名電影製作人 M·奈特·沙馬蘭執導，由《歡樂8號》和《美國恐怖故事》的創作者布拉德·法丘克。

To conclude, while our US business was challenged by ongoing shifts in retailer ordering patterns, our POS increased in every region, and Gross Billings grew in our international business. We continued to operate with excellence and made meaningful progress advancing our IP-driven toy business and expanding our entertainment offering. Notwithstanding the impact of the current trade dynamics, the fundamentals of our business are strong. Consumers are buying our products and the toy industry is growing.

總而言之，雖然我們的美國業務受到零售商訂購模式不斷變化帶來的挑戰，但我們在每個地區的 POS 業務都有所增長，國際業務的總營業額也有所增長。我們繼續保持卓越的營運水平，並在推動以智慧財產權為驅動的玩具業務和拓展娛樂產品方面取得了實質進展。儘管當前貿易情勢有所影響，但我們業務的基本面依然強勁。消費者正在購買我們的產品，玩具產業正在發展壯大。

Our supply chain expertise and global commercial capabilities are competitive advantages, putting us in a strong position to work closely with retailers to place the right products at the right amount, on the right shelves, at the right time. As the environment normalizes, we expect to accelerate growth and continue to successfully execute our strategy.

我們的供應鏈專業知識和全球商業能力是我們的競爭優勢，使我們能夠與零售商緊密合作，在合適的時間將合適的產品以合適的數量放在合適的貨架上。隨著環境逐漸恢復正常，我們預計將加快成長並繼續成功執行我們的策略。

Now I would like to turn the call over to Paul to discuss our results and outlook in more detail.

現在我想把電話交給保羅，讓他更詳細地討論我們的表現和前景。

Thanks Ynon.

謝謝Ynon。

As you heard, while our US business was challenged by shifts in retailer ordering patterns, we saw continued growth in consumer demand for our products across every region, as well as Gross Billings growth, internationally.

正如您所聽到的，雖然我們的美國業務受到零售商訂購模式變化的挑戰，但我們看到，在國際上，各個地區的消費者對我們產品的需求持續增長，總營業額也實現了增長。

Looking at key financial metrics for the quarter: Net Sales decreased 6% as reported and 7% in Constant Currency to $1.74 billion, Adjusted Gross Margin decreased by 290 basis points to 50.2%, Adjusted Operating Income decreased by $117 million to $387 million, and Adjusted Earnings per Share decreased $0.25 to $0.89. Total company Gross Billings decreased 5% in Constant Currency.

本季關鍵財務指標概覽：淨銷售額按報告值下降6%，以固定匯率計算下降7%至17.4億美元；調整後毛利率下降290個基點至50.2%；調整後營業收入下降1.17億美元至3.87億美元；調整後每股收益下降0.25美元至0.895%至0.895%。

It is important to note again that POS increased in the quarter, with growth across all regions, including the US, indicating healthy consumer demand for our products.

需要再次強調的是，本季 POS 銷售額有所成長，所有地區（包括美國）均實現成長，顯示消費者對我們產品的需求健康。

Looking at Gross Billings by category:

按類別查看總帳單金額：

Dolls declined 12%, primarily due to Barbie and Poly Pocket, partly offset by growth in Wicked, Monster High, and American Girl. We expect improving trends for Barbie in the fourth quarter and into next year, driven by cultural relevance, packaging innovation and enhanced product segmentation, new form factors and play patterns, and expanding adult demand.

玩偶銷量下降了 12%，主要原因是芭比娃娃和波莉口袋娃娃銷量下滑，但被 Wicked、Monster High 和 American Girl 的成長部分抵消。我們預計芭比娃娃在第四季及明年將呈現改善趨勢，這主要得益於文化相關性、包裝創新、產品細分化、新的外形和玩法模式，以及不斷增長的成人需求。

Vehicles strong momentum continued, growing 6%. Growth was widespread across the portfolio, with Hot Wheels up 6%, and on track for an eighth consecutive record year. We are successfully driving demand across all ages, with adults being the fastest growing audience for Hot Wheels, and over 100 million adults identifying themselves as toy vehicle owners.

汽車市場強勁成長勢頭持續，成長了 6%。整個產品組合均實現成長，其中風火輪 (Hot Wheels) 成長 6%，預計將連續第八年創下歷史新高。我們成功地推動了各個年齡層的需求，其中成年人是風火輪玩具車成長最快的群體，超過 1 億成年人表示自己擁有玩具車。

ITPS declined 26%, due to declines in Fisher-Price and Preschool Entertainment, as well as the planned exit of certain product lines in Baby Gear and Power Wheels. We expect new product lines and expanded distribution for Fisher-Price to drive improving trends.

ITPS 下降了 26%，原因是 Fisher-Price 和 Preschool Entertainment 的業績下滑，以及 Baby Gear 和 Power Wheel 計劃退出某些產品線。我們預計費雪玩具的新產品線和更廣泛的分銷管道將推動市場趨勢的改善。

Challenger categories collectively grew 9%, primarily driven by Action Figures, including Jurassic World, Minecraft, WWE, and Masters of the Universe. These gains were partially offset by declines in Building Sets.

挑戰者類別整體成長了 9%，主要由動作玩偶推動，包括侏羅紀世界、我的世界、WWE 和宇宙巨人。這些成長被積木套裝銷售量的下降部分抵消。

In Games, UNO grew for the ninth consecutive quarter and maintained its position as the number one card game Circana.

在遊戲領域，UNO 連續第九個季度實現成長，並保持了其作為排名第一的紙牌遊戲的地位。

Turning to Gross Billings performance by region:

接下來來看看各地區的毛帳單業績：

North America declined 10%, reflecting the significant shift in retailer ordering patterns that impacted our US business. All other regions collectively increased 2%, with growth of 3% in EMEA and 11% in Asia-Pacific, partially offset by a 4% decline in Latin America.

北美地區下滑了 10%，反映出零售商訂購模式的重大轉變對我們的美國業務產生了影響。其他所有地區合計成長 2%，其中歐洲、中東和非洲地區成長 3%，亞太地區成長 11%，但拉丁美洲 4% 的下降部分抵消了這些成長。

Moving down the P&L, Adjusted Gross Margin was 50.2%, a decrease of 290 basis points. The decrease was primarily due to the impact of unfavorable foreign exchange, inflation, tariff costs, and higher sales adjustments, partially offset by cost savings.

從損益表來看，調整後的毛利率為 50.2%，下降了 290 個基點。下降的主要原因是匯率不利、通貨膨脹、關稅成本和銷售調整增加，部分被成本節約所抵銷。

Advertising expenses increased $13 million in Q3 versus the prior year, supporting higher consumer demand. Adjusted SG&A expenses decreased $5 million, driven by several factors, including lower compensation-related expenses.

第三季廣告支出比去年同期增加了 1,300 萬美元，反映了消費者需求的成長。調整後的銷售、一般及行政費用減少了 500 萬美元，主要受多種因素影響，包括薪酬相關費用降低。

Adjusted Operating Income decreased by $117 million to $387 million, primarily due to lower Net Sales and lower Adjusted Gross Margin. Adjusted EBITDA decreased to $466 million, and Adjusted Earnings per Share decreased to $0.89.

調整後的營業收入減少了 1.17 億美元，至 3.87 億美元，主要原因是淨銷售額下降和經調整後的毛利率下降。調整後 EBITDA 降至 4.66 億美元，調整後每股盈餘降至 0.89 美元。

We repurchased $202 million of shares in the third quarter, bringing our year-to-date repurchases to $412 million, as we continue to target $600 million for the full year in accordance with our capital allocation priorities.

我們在第三季回購了價值 2.02 億美元的股票，使我們今年迄今的回購額達到 4.12 億美元，我們將繼續按照資本配置優先事項，以全年 6 億美元為目標進行回購。

Year to date cash used for operations was $203 million compared to $62 million in the prior year. On a trailing 12-month basis, we generated $488 million of free cash flow compared to $688 million in the prior year period, with the decline primarily due to lower net income net of non-cash adjustments. We ended the quarter with a cash balance of $692 million, a decrease of $32 million as compared to the prior year quarter, after buying $202 million of shares in the third quarter this year.

今年迄今為止，營運所用現金為 2.03 億美元，而去年同期為 6,200 萬美元。過去 12 個月，我們產生了 4.88 億美元的自由現金流，而去年同期為 6.88 億美元，下降的主要原因是扣除非現金調整後的淨收入減少。本季末，我們的現金餘額為 6.92 億美元，比上年同期減少了 3,200 萬美元，因為今年第三季我們購買了價值 2.02 億美元的股票。

Total debt remained the same at $2.34 billion.

總債務維持在23.4億美元不變。

Our inventory level was $827 million, an increase of $89 million as compared to the prior year. The increase reflects tariff-related costs, foreign exchange, and the build-up of inventories in response to retailers shifting from direct import to domestic shipping in the US, as we prepare for a strong fourth quarter. Retail inventories are modestly lower as compared to the prior year and are of good quality, positioning us well for the holiday season.

我們的庫存水準為 8.27 億美元，比前一年增加了 8,900 萬美元。此次成長反映了關稅相關成本、外匯以及為應對美國零售商從直接進口轉向國內運輸而導致的庫存增加，因為我們正在為強勁的第四季度做準備。與去年相比，零售庫存略有下降，但品質良好，這為我們迎接假期季節做好了充分準備。

Our leverage ratio, debt-to-adjusted EBITDA, was 2.5 times compared to 2.3 times a year ago. We are committed to maintaining a strong and flexible balance sheet, with a disciplined approach to leverage and capital allocation, in line with our capital allocation priorities.

我們的槓桿率（負債與調整後 EBITDA 的比率）為 2.5 倍，而一年前為 2.3 倍。我們致力於保持穩健靈活的資產負債表，並採取嚴謹的槓桿和資本配置方法，以符合我們的資本配置優先事項。

We continue to execute on the Optimizing for Profitable Growth program. In the third quarter, we achieved $23 million in savings. We are on track to reach our 2025 cost savings target of $80 million, with $65 million in savings for the year to date. Since launching the program in 2024, we have now realized $148 million of savings out of a total program savings target of $200 million by 2026.

我們將繼續執行「優化獲利成長」計劃。第三季度，我們實現了2,300萬美元的節約。我們預計將實現 2025 年節省 8,000 萬美元的成本目標，今年迄今已節省 6,500 萬美元。自 2024 年啟動該計劃以來，我們已實現了 1.48 億美元的節約，而該計劃到 2026 年的總節約目標為 2 億美元。

As Ynon said, since the beginning of the fourth quarter, orders from retailers in the US have accelerated significantly, and POS for Mattel continues to grow in the US and internationally. Assuming these trends continue, we expect strong topline growth in the fourth quarter and are reiterating our full-year 2025 guidance of: Net Sales growth of 1% to 3% in Constant Currency, Adjusted Gross Margin of approximately 50%, Adjusted Operating Income of $700 million to $750 million, an Adjusted Tax Rate of 23% to 24%, Adjusted EPS in the range of $1.54 and to $1.66, and Free Cash Flow of approximately $500 million.

正如伊農所說，自第四季開始以來，來自美國零售商的訂單顯著加速成長，美泰的 POS 在美國和國際市場持續成長。假設這些趨勢持續下去，我們預計第四季度營收將強勁增長，並重申我們對 2025 年全年業績的預期：按固定匯率計算，淨銷售額增長 1% 至 3%，調整後毛利率約為 50%，調整後營業收入為 7 億美元至 7.5 億美元，調整後毛利率為 23% 至 24%，調整後每股收益約 5.億美元。

As mentioned, we continue to target $600 million in share repurchases for the full year.

如前所述，我們仍將全年股票回購目標設定為 6 億美元。

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.

美泰兒的業績指引考慮了公司目前所了解的情況，但會受到市場波動、意外中斷（包括影響全球貿易的進一步監管措施）以及其他宏觀經濟風險和不確定性的影響。

In summary, key financial metrics for the quarter were impacted by the ongoing shift in retailer ordering patterns. That said, we maintained an Adjusted Gross Margin above 50%, there is growth in demand for our products, and we continue to operate with excellence.

總而言之，本季的關鍵財務指標受到了零售商訂貨模式持續變化的影響。儘管如此，我們仍保持了 50% 以上的調整後毛利率，產品需求持續成長，並且我們繼續保持卓越的營運水準。

Our balance sheet is strong and both our owned and retail inventory levels position us well for the holiday season.

我們的資產負債表穩健，自有庫存和零售庫存水準都讓我們為假期季節做好了充分準備。

As we enter the fourth quarter, we see improving trends in orders from retailers in the US and POS growth, tracking at the appropriate levels and in line with our full-year outlook for 2025.

進入第四季度，我們看到來自美國零售商的訂單和 POS 成長趨勢正在改善，達到了適當的水平，與我們對 2025 年全年的展望一致。

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

我現在將把電話轉回給接線員進行問答環節。

(Operator Instructions)

（操作說明）

Megan Clapp, Morgan Stanley.

梅根克拉普，摩根士丹利。

I wanted to start with the top line, maybe unsurprisingly, in a two-part related question, just because there is a lot going on. Here as you talked about with the shifting ordering patterns. I just want to make sure we all understand.

我想先從最重要的一點說起，這或許並不令人意外，因為這個問題分為兩部分，涉及的內容很多。正如你剛才提到的，訂單模式發生了變化。我只是想確保我們都明白。

First, is it possible to quantify POS in the third quarter? I know you said positive but could you put a finer point on it in where you are, year to date, in the US?

首先，第三季的POS（銷售點）是否可以量化？我知道你說過是正面的，但你能否更具體地說明一下，就你今年在美國的狀況而言？

And then, related to that, if we look at where North America Billings are, year to date, I think, down 10% year to date versus what sounds like, at least, positive POS growth. So when you think about that 10-plus points of retail destock that's happened, how much are you assuming gets recaptured in the fourth quarter? Maybe you could just help us understand how much visibility you have at this point in the season.

此外，與此相關的是，如果我們看一下北美帳單的年初至今情況，我認為同比下降了 10%，而 POS 業務至少聽起來像是正成長。所以，考慮到零售業已經出現了超過 10 個百分點的去庫存，你認為第四季會有多少庫存被重新吸收？或許您能幫我們了解一下，在這個賽季的這個階段，您的能見度如何？

Thank you for the question, Megan.

謝謝你的提問，梅根。

Let me start by addressing the POS in the third quarter. Mattel POS in the third quarter increased in all regions, including the US and POS generally outperformed Gross Billings in Q3, which is actually a good leading indicator for upcoming orders.

首先，我想談談第三季的POS情況。美泰第三季所有地區的銷售點銷售額均有所成長，包括美國，而且第三季銷售點銷售額總體上超過了總帳單金額，這實際上是未來訂單的一個良好先行指標。

Now, to your question, also, what does that mean for Q4? At the beginning of Q4, POS for Mattel has continued to grow, both in the US and internationally. The orders from retailers in the US have accelerated. So we monitor this on a monthly, weekly basis, as well and it's moving in the right direction to substantiate our -- supporting the guidance.

現在，回到你的問題，這對第四季意味著什麼？第四季初，美泰的 POS 銷售額在美國和國際市場均持續成長。來自美國零售商的訂單數量已經加快。因此，我們每月、每週都會對此進行監測，而且情況正朝著正確的方向發展，這證實了我們的——支持指導意見。

Retailers are restocking to meet the expected consumer demand ahead of the holiday season.

零售商正在補貨，以滿足假日季節到來前預期的消費者需求。

So all of this bodes well for a strong holiday season and, also, for a good ending of the year.

因此，這一切都預示著假期將迎來一個強勁的銷售旺季，同時也預示著這一年將有一個圓滿的結局。

Now, you also asked us about gross billings in Q4. I just wanted to reiterate our guidance of 1% to 3% in constant currency. As I said before, with any timing shift, there's always a risk that sales will fall into the following year.

現在，您也詢問了我們第四季的總帳單金額。我只想重申我們先前的預期，以固定匯率計算，漲幅在 1% 到 3% 之間。正如我之前所說，任何時間上的調整都存在銷售額下降到下一年的風險。

But the outlook that we have is supported by the current trends, both in POS and shipments.

但我們目前的預測得到了POS和出貨量等當前趨勢的支持。

Great. Okay. So it does sound like you're seeing that restock so shipments are ahead of POS at this point, which is helpful.

偉大的。好的。聽起來你們確實看到了補貨，目前發貨速度比收銀速度快，這很有幫助。

That’s exactly right.

完全正確。

Okay. Great. My follow-up on gross margin.

好的。偉大的。我對毛利率的後續跟進。

I was curious if you could just talk about how the tariff-related price increases impacted Gross Margin this quarter. It doesn't look like, from the slide, there was much of a benefit in the bridge. Is that timing because of the shipment dynamics? Or were there other offsets that kept it from coming through? How should we think about the fourth quarter, in terms of pricing that of inflation?

我想請您談談本季關稅相關的價格上漲對毛利率的影響。從幻燈片來看，這座橋似乎並沒有帶來太多好處。這種時間安排是否與運輸動態有關？或者還有其他因素導致它無法傳輸？從通貨膨脹的角度來考慮第四季的定價，我們該如何看待第四季？

Yes. In terms of Gross Margin, Adjusted Gross Margin for the quarter was 50.2% and the impact in the quarter were foreign exchange, inflation, and tariffs -- as you mentioned -- and higher sales adjustments. They were partially offset by cost savings.

是的。就毛利率而言，本季調整後的毛利率為 50.2%，本季受到的影響包括外匯、通貨膨脹和關稅——正如您所提到的——以及更高的銷售調整。成本節約部分抵銷了這些損失。

You're right. We don't necessarily see the full impact of the tariff cost yet, as they are flowing through our inventory. They will be seen more towards the fourth quarter.

你說得對。我們目前還不一定能看到關稅成本的全部影響，因為這些商品正在流經我們的庫存。他們會在第四節比賽中更多地出現。

The full-year guidance that we just reiterated, which is about 50%, generally implies the continued impact for these factors into the fourth quarter.

我們剛剛重申的全年業績預期約為 50%，這通常意味著這些因素的影響將持續到第四季。

Arpine Kocharyan, UBS.

Arpine Kocharyan，瑞銀集團。

I was wondering if you could give a bit more detail on what you think is driving the retailer order acceleration here? Do you feel that the consumer at this point has seen the full impact of tariffs that is partly giving some level of visibility into what the elasticity looks like for retailers and they're gaining more confidence here? What do you think is driving that acceleration in orders?

我想請您詳細解釋一下，您認為是什麼因素推動了零售商的訂單成長？您是否認為，目前消費者已經充分感受到關稅的影響，這在一定程度上讓他們對零售商的彈性需求有了更清晰的了解，從而增強了他們的信心？你認為是什麼因素導致了訂單量的加速成長？

And then, I have a quick follow-up.

然後，我還有一個簡短的後續問題。

Yeah. Arpine, let me start by maybe taking a step back and take you through the dynamics that are playing out this year, which is all about the retailers shifting their ordering patterns from direct import to domestic shipping, as well as how our scale and capabilities position us well to navigate this year.

是的。Arpine，讓我先退一步，帶你了解今年正在上演的各種動態，這主要體現在零售商的訂購模式從直接進口轉向國內運輸，以及我們的規模和能力如何使我們能夠很好地應對今年的挑戰。

Let me start with the direct import. Direct import is when the retailers take ownership of the product at the sourcing country and handle the importation and warehousing themselves; and they take advantage of their own logistics network to improve their margin. Direct import orders occur, normally, a couple of months in advance and they are in larger quantities per order.

我先來說說直接導入。直接進口是指零售商在原產國取得產品的所有權，並自行處理進口和倉儲事宜；他們利用自己的物流網絡來提高利潤率。直接進口訂單通常提前幾個月發出，而且每筆訂單的數量較大。

On the flip side, domestic shipping is when Mattel handles the importation of the goods and warehousing, as well; and the retailers take the ownership in the destination country. It's a more just-in-time and with more frequent order mechanism.

另一方面，國內運輸是指美泰公司負責貨物的進口和倉儲；而零售商則在目的地國家擁有貨物的所有權。這是一種更注重及時性和更頻繁的訂購機制。

Given our scale and supply chain capabilities, at the high level, the economics are, to us, similar for both direct import and domestic, which is actually different for other players in the industry who are more geared to direct import.

鑑於我們的規模和供應鏈能力，從宏觀層面來看，直接進口和國內生產的經濟效益對我們來說是相似的，而對於業內其他更傾向於直接進口的企業來說，情況則有所不同。

Now, this year, given the macroeconomic environment and the trade dynamics, this was an anomaly. Retailers shifted more from purchasing from direct imports to domestic shipping because they wanted to give themselves time and more flexibility to commit to orders.

然而，就今年的宏觀經濟環境和貿易動態而言，這是一種反常現象。零售商逐漸從直接進口轉向國內運輸，因為他們希望給自己更多的時間和更大的彈性來履行訂單。

Now, this shift, as you well say, is resulting in more domestic shipping towards the back end of the year and into the fourth quarter. But given the positive increase that we are seeing in POS, retailers are now accelerating domestic orders. They see what we are seeing. They see an increase in POS. So they want to be ready for the season. They're stocking up their inventories to meet the expected consumer demand.

正如您所說，這種轉變導致今年下半年和第四季國內貨運量增加。但鑑於 POS 銷售的積極成長，零售商現在正在加快國內訂單的成長。他們看到了我們所看到的。他們發現POS機的銷售量有所成長。所以他們想為新賽季做好準備。他們正在增加庫存，以滿足預期的消費者需求。

These trends are tracking in line, actually, with our full-year outlook for 2025.

實際上，這些趨勢與我們對 2025 年的全年展望是一致的。

I took a little bit more time to walk through the dynamics that are happening. But I think it's important that it's clear why this is an anomaly in 2025.

我花了一些時間來仔細分析正在發生的各種動態。但我認為，必須明確說明為什麼這在 2025 年是一個異常現象。

Great. That's super helpful. So it sounds like you don't really have to see retail accelerate from current levels to meet that guidance of about 12.5% or close to, call it, low-double-digit revenue that your midpoint of your guidance implies for Q4? It seems like even steady state will allow you to meet that guidance. Is that correct?

偉大的。這太有幫助了。所以聽起來，您似乎並不需要零售業從目前的水平加速成長，就能達到您給出的 12.5% 左右的業績指引，或者說接近兩位數的低段營收目標，也就是您第四季度業績指引的中點值？似乎即使是穩定狀態也能讓你達到這個指導要求。是這樣嗎？

Yeah, Arpine. Q3 ended with strong POS growth in every region, including the US and since the beginning of the fourth quarter -- as I mentioned before, we track month by month, week by week -- POS for Mattel and for our product lines is continuing to grow very strongly.

是的，阿爾皮內。第三季末，包括美國在內的所有地區的 POS 銷售量均實現了強勁成長。自第四季度開始以來——正如我之前提到的，我們按月、按週跟踪——美泰及其產品線的 POS 銷量持續強勁增長。

The orders are following. The orders from retailers are following and the US, they have accelerated significantly. So not only was POS strong in Q3 and it's accelerating in Q4, and the orders are following now.

命令如下。零售商的訂單正在陸續到來，尤其是在美國，訂單成長率顯著加快。所以，不僅 POS 在第三季表現強勁，在第四季還在加速成長，訂單量也隨之成長。

That's what is underpinning our guidance for the fourth quarter, therefore for the full year.

這就是我們對第四季乃至全年業績指引的依據。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛集團。

One on international. And then, one on the US.

國際上的一個。然後，還有一則關於美國的報導。

Maybe, first, on international, for Paul or Ynon. Your international business performed quite well, so far, this year, I think, pacing up 3% through the third quarter. Curious: Any headwinds or added tailwinds that you think we should be factoring in, as we look into 4Q? Or is the expectation that current trends persist as they are into the holiday season on the international side?

或許，首先是在國際上，為了保羅或伊農。我認為，就今年而言，貴公司的國際業務表現相當不錯，第三季成長了 3%。好奇：在展望第四季時，您認為我們應該考慮哪些不利因素或有利因素？或者，人們是否預期目前的趨勢會在國際假期季節繼續保持？

And then, on the US front, I am curious on the market share side of the equation, (inaudible) to the extent you're seeing any smaller or midsize toy companies maybe pull back on the US market; to what extent you're seeing opportunity for Mattel to take market share into yearend or even as you look out into 2026

然後，就美國市場而言，我很好奇市場份額方面的情況，（聽不清楚）您是否看到任何中小型玩具公司正在撤出美國市場；您認為美泰在年底甚至展望2026年時，在多大程度上有機會擴大市場份額？

Stephen, regarding the international market, what we're seeing is in line with our expectations. Many of our brands are resonating with consumers. Commercial execution is strong.

史蒂芬，關於國際市場，我們目前看到的情況與我們的預期相符。我們的許多品牌都引起了消費者的共鳴。商業執行力強。

We're seeing increased POS in all regions.

我們看到所有地區的POS機數量都在增加。

In EMEA, we saw a fourth consecutive quarter of growth, driven by strong consumer demand and very disciplined execution across markets and brands. In Asia-Pacific, we've seen growth across key markets, including Australia and New Zealand and China. In Latin America, there's some industry softness in Mexico but we continue to execute well.

在歐洲、中東和非洲地區，我們連續第四個季度實現成長，這得益於強勁的消費者需求以及各市場和品牌的嚴格執行。在亞太地區，我們看到包括澳洲、紐西蘭和中國在內的主要市場都實現了成長。在拉丁美洲，墨西哥的產業有些疲軟，但我們仍然保持著良好的表現。

As a whole, we look forward to continuing to grow our international business this year and over the long term.

總體而言，我們期待今年以及未來長期繼續發展我們的國際業務。

In the US, there's no particular trend to note. We continue to gain share in Dolls, Vehicles, and Action Figures. Very excited about the momentum we're seeing, of course, in Vehicles; but also, in Action Figures, particularly this year, very strong performance.

在美國，沒有特別值得注意的趨勢。我們在玩偶、車輛和可動人偶領域的市場份額持續成長。當然，我們對車輛類產品的發展勢頭感到非常興奮；但同時，動作玩偶類產品，特別是今年的表現，也非常強勁。

We see Barbie, Hot Wheels, and Fisher-Price as number 1 in their respective categories, with UNO being the number 1 card game, globally.

芭比娃娃、風火輪和費雪玩具分別在各自的組別中排名第一，而UNO則是全球排名第一的紙牌遊戲。

So all in all, based on the strength of our brands and product roadmap, we are very well positioned in the fourth quarter. We expect to see strong growth, overall, for Mattel in the fourth quarter.

總而言之，憑藉我們強大的品牌實力和產品路線圖，我們在第四季度處於非常有利的地位。我們預計美泰公司第四季整體將實現強勁成長。

As Paul said, achieve our guidance.

正如保羅所說，要遵循我們的指導。

Alex Perry, Bank of America.

Alex Perry，美國銀行。

I wanted to start on content. And then, I have a follow-up on tariffs.

我想先從內容創作著手。然後，我還有一個關於關稅的後續問題。

But just on content, how much content support should we see in the fourth quarter, especially with The Wicked movie here? And then, any initial thoughts on how you're thinking about next year, even if it's just from a content line-up perspective?

但就內容而言，第四季我們應該會看到多少內容支持，尤其是有《魔法壞女巫》電影上映？那麼，您對明年有什麼初步的想法嗎？即使只是從內容安排的角度來看？

Yeah. Thanks, Alex.

是的。謝謝你，亞歷克斯。

Yes, the Wicked movie is going to be an important addition to our line-up in the fourth quarter. First movie was strong. Of course, we expect continued strong performance for the second movie. This is all great.

是的，《魔法壞女巫》電影將是我們第四季片中的重要補充。第一部電影很棒。當然，我們期待第二部電影也能延續強勁的票房表現。這一切都很棒。

Where we saw particular strength this year was in Jurassic, Minecraft -- Jurassic World movie and Minecraft movie. Next year, we are very well positioned for Toy Story movie; the Moana live-action movie; and, of course, our own two movies, Masters of the Universe and Matchbox, which will be released next year.

今年我們看到特別強大的領域是《侏羅紀世界》和《我的世界》——《侏羅紀世界》電影和《我的世界》電影。明年，我們為《玩具總動員》電影、《海洋奇緣》真人版電影，當然還有我們自己的兩部電影《宇宙巨人》和《火柴盒小子》做好了充分的準備，這兩部電影都將於明年上映。

On the film side, an exciting slate of projects, both Mattel IP and third-party partnerships.

電影方面，有一系列令人興奮的項目，包括美泰兒的IP項目和第三方合作項目。

Let's not forget the K-Pop Demon Hunters, a big win for Mattel. This is an important partnership. We were awarded key very valuable categories, including Dolls, Action Figures, Collectibles, Play Sets -- very valuable categories. This will be another important addition next year.

別忘了還有K-Pop惡魔獵人，這對美泰來說可是一次巨大的勝利。這是一項重要的合作關係。我們獲得了多個極具價值的關鍵類別獎項，包括玩偶、動作人偶、收藏品、玩具套裝——這些都是極具價值的類別。這將是明年新增的一項重要內容。

We're actually starting the pre-sale this November. But the lion's share of the business will happen next year.

我們實際上將於今年11月開始預售。但絕大部分業務將在明年完成。

That's incredibly helpful and exciting.

這真是太有幫助、太令人興奮了。

My follow-up is I wanted to ask about tariffs and ask about the full annualized tariff impact. Is there any color that you can give in the tariff impact for the fourth quarter and as you start to think about fiscal 2026?

我的後續問題是，我想問關稅相關事宜，以及關稅的年度總影響。您能否就第四季度關稅影響以及您開始考慮 2026 財年時的情況給出一些具體說明？

Yeah. Let me just reflect a bit on what we've seen this year.

是的。讓我稍微回顧一下我們今年所看到的情況。

Initially, there were two levels of exposure when it comes to tariff. This was about cost impact and consumer reaction to price increases.

最初，關稅方面存在兩個層面的風險敞口。這主要涉及成本影響和消費者對價格上漲的反應。

We fully addressed the cost impact. It's already embedded in the numbers and fully addressed. And then, we are not seeing any slowdown in consumer demand, so far.

我們已充分考慮了成本影響。這個問題已經體現在數據中，並且得到了充分解決。而且，到目前為止，我們還沒有看到消費者需求有任何放緩的跡象。

So the two issues that were on the table are taken care of. We are not seeing any slowdown in consumer demand but that's important to say.

所以，擺在桌面上的兩個問題都解決了。我們並未看到消費者需求出現任何放緩跡象，但這點很重要。

What we are seeing is what Paul talked about earlier, is that given the macroeconomic environment and trade dynamics, that retailers shifted more purchasing from direct import to domestic shipping. But as we also explained, given the positive consumer demand for Mattel, coupled with the fact that the toy industry is growing strongly, we are seeing a significant increase in retail orders.

我們看到的情況正如保羅之前所說的那樣，鑑於宏觀經濟環境和貿易動態，零售商將更多的採購方式從直接進口轉向國內運輸。但正如我們之前解釋的那樣，鑑於消費者對美泰的需求積極，加上玩具業正在強勁增長，我們看到零售訂單大幅增加。

The reason they do it is because they are seeing the same thing. They expect strong demand for the holiday and they're restocking.

他們這樣做是因為他們看到了同樣的事情。他們預計假期期間需求強勁，因此正在補貨。

So in that sense, we expect to see strong growth in the fourth quarter, continued demand from consumers and this will all play out in the numbers, as we explained.

因此，從這個意義上講，我們預計第四季度將出現強勁成長，消費者需求將持續，正如我們解釋的那樣，這一切都將在數據中體現出來。

Perfect. That's very helpful. Best of luck, going forward.

完美的。那很有幫助。祝你未來一切順利。

Thank you.

謝謝。

Maybe, Alex, I just want to add one quick point on the annualized the value of the tariff impact.

亞歷克斯，或許我只想補充一點關於關稅影響的年度化價值。

I would not extrapolate what we saw in 2025, times two. Remember we cited a number of short of $100 million, but given the historical annual sales rate of approximately one-third in the first half and two-thirds in the second half, it should be less than 2 times the $100 million that we cited for 2025.

我不會將我們在 2025 年看到的情況乘以二來推論。請記住，我們之前提到的數字是不到 1 億美元，但考慮到歷史上每年的銷售額大約有三分之一在上半年，三分之二在下半年，那麼 2025 年的銷售額應該不到我們之前提到的 1 億美元的兩倍。

So just for your planning purposes and calculation purposes, I would go with those assumptions. The $100 million is, of course, before mitigating actions.

所以，就您的規劃和計算而言，我建議您採用這些假設。當然，這 1 億美元還不包括採取緩解措施的費用。

Kylie Cohu, Jefferies.

Kylie Cohu，傑富瑞集團。

I wanted to double click on Barbie. I'm just curious what you guys were expecting for Q4. Obviously, we've had several quarters of negative there. Do we expect that to go positive?

我想雙擊芭比娃娃。我只是好奇你們對第四季有什麼預期。顯然，我們已經連續幾季出現負成長了。我們預期結果會是正面的嗎？

Any other color you can add on the brands in Q4 and beyond would be helpful.

如果您能在第四季度及以後為這些品牌添加其他顏色，那就太好了。

Barbie, as a brand, is very strong. It has been the number one doll property in the industry for the last five years. As you know, Barbie stands among the most recognized and beloved franchises in the world. This as well outside of toys.

芭比娃娃作為一個品牌，實力非常強大。在過去的五年裡，它一直是業界排名第一的玩偶品牌。眾所周知，芭比娃娃是世界上最知名、最受歡迎的品牌之一。這也不僅限於玩具。

We expect to see improving trends in the fourth quarter and into next year, driven by cultural relevance, packaging innovation and enhanced product segmentation, new form factors and play patterns, and expanding product for adults, which is a very fast-growing segment for us.

我們預計在文化相關性、包裝創新和增強的產品細分、新的外形和玩法模式以及擴大成人產品（這是我們成長非常迅速的細分市場）的推動下，第四季度和明年將出現改善趨勢。

We also see continued momentum in brand partnerships. Of course, we have the animated movie in development with Illumination, which we're very excited about.

我們也看到品牌合作方面持續保持成長動能。當然，我們正在與照明娛樂公司合作開發一部動畫電影，我們對此感到非常興奮。

We also expect that the new organizational structure that we recently announced will ensure and improve and strengthen our collaboration, coordination, and alignment in terms of execution across all aspects of the brand.

我們也期望，我們最近宣布的新組織結構將確保、改善和加強我們在品牌各個方面執行方面的合作、協調和一致性。

So all in all, very confident in Barbie's long-term growth trajectory and. we look forward to sharing more next year, especially at the New York Toy Fair, with more product introduction and a lot of things to celebrate.

總而言之，我們對芭比娃娃的長期成長前景非常有信心，並期待明年與大家分享更多信息，尤其是在紐約玩具展上，屆時將推出更多產品，並有很多值得慶祝的事情。

That's super helpful color.

這個顏色非常實用。

Just also wanted to mention: You mentioned already, a little bit about the K-Pop Demon Hunters license. Obviously, very exciting. Can you remind us -- you said a little bit before -- when, some of those products, we can expect them to hit shelves and any other details you can share?

另外，我還想提一下：您之前已經稍微提到過 K-Pop Demon Hunters 的授權問題。顯然，非常令人興奮。您能否提醒我們一下——您之前提到過——其中一些產品大概什麼時候會上架？還有其他細節可以分享嗎？

Yeah. As we said, we've been awarded a multiyear licensing rights to develop and market a full range of the K-Pop Demon Hunters franchise across Dolls, Action Figures, Collectibles, Play Sets, Accessories, as well as collaboration with core brands, which is an extension of some of these rights.

是的。正如我們所說，我們已獲得多年授權，可以開發和銷售 K-Pop Demon Hunters 系列的全套產品，包括玩偶、可動人偶、收藏品、玩具套裝、配件，以及與核心品牌的合作，這是對部分授權的延伸。

Very excited to partner with Netflix on the most popular film of all time and bring this very exciting, vibrant world to life in 2026.

非常興奮能與 Netflix 合作，共同打造有史以來最受歡迎的電影，並在 2026 年將這個激動人心、充滿活力的世界呈現在觀眾面前。

The collector pre-sales will begin in November on Mattel Creations, with additional product to be available at retail in the beginning of spring 2026; and, of course, heading towards the holiday season next year.

收藏家預售將於 11 月在 Mattel Creations 開始，更多產品將於 2026 年春季初在零售通路發售；當然，明年假期季節也會陸續推出。

This licensing agreement builds upon the strong relationship that we have with Netflix that span various brands such as Stranger Things, Squid Games, and Bridgerton.

這項授權協議建立在我們與 Netflix 之間的牢固關係之上，這種關係涵蓋了《怪奇物語》、《Squid Games》和《布里奇頓》等多個品牌。

I should also mention and remind you that we just announced yesterday that we are extending the multiyear relationship with Disney for Disney Princess and Frozen.

我還應該提一下並提醒大家，我們昨天剛剛宣布，我們將與迪士尼續簽迪士尼公主和冰雪奇緣的多年合作關係。

Together, these two announcements reinforce our leadership position as a partner of choice to the major entertainment companies and IP owners. So it's another important building block as we continue to position Mattel, in that regard.

這兩項公告共同鞏固了我們作為主要娛樂公司和智慧財產權所有者首選合作夥伴的領導地位。因此，這是我們繼續為美泰公司進行這方面定位的另一個重要組成部分。

We see these brands as our own. We treat them as our own. We manage them as a portfolio with the best team in the world, when it comes to franchise management.

我們視這些品牌為我們自己的品牌。我們視他們如己出。我們採用投資組合管理模式，並擁有世界上最好的特許經營管理團隊。

Chris Horvers, J.P. Morgan.

克里斯霍弗斯，摩根大通。

It's Christian Carlino, on for Chris.

克里斯蒂安·卡利諾，替補克里斯上場。

Following up on the prior question, you laid out a few points on the horizon for Barbie but to put a finer point on it, when specifically do you see that brand returning to more sustainable growth, given it's been trending below where it was in 2023, excluding the movie.

接著上一個問題，您列出了芭比娃娃未來的幾個發展方向，但更確切地說，考慮到芭比娃娃目前的成長趨勢低於 2023 年的水平（不包括電影），您認為該品牌何時才能恢復更永續的成長？

Yeah. Well, as we said, we expect to see improving trends in the fourth quarter and into next year. We can be more specific about what we are planning for next year. But I can share with you that we continue to focus on key trends, especially around fashion; continue to tap into cultural trends that define Barbie and separate it from the rest of the industry.

是的。正如我們所說，我們預計第四季及明年將出現好轉趨勢。我們可以更具體地說明我們明年的計劃。但我可以告訴大家，我們將繼續關注關鍵趨勢，尤其是在時尚方面；繼續挖掘定義芭比娃娃並使其與業內其他產品區分開來的文化趨勢。

Just recently, we teamed up with the Rugby Doll team to celebrate the International Day of the Girl.

就在不久前，我們與橄欖球娃娃團隊合作慶祝了國際女孩日。

We, as you know, launched the Barbie doll with type 1 diabetes.

如您所知，我們推出了患有第 1 型糖尿病的芭比娃娃。

Just recently, the You Create line was recognized as one of Time Magazine's 100 Best Inventions of 2025.

就在不久前，You Create 系列產品被《時代》雜誌評為 2025 年 100 項最佳發明之一。

So we continue to put out very exciting products and innovate across the portfolio.

因此，我們將繼續推出令人興奮的產品，並在整個產品組合中進行創新。

We also continue to focus on packaging. This is an important feature, in terms of the audience segmentation. We are serving the growing adult collector fan more demand there. We have very exciting partnerships for Barbie and for Ken. We are creating new form factors and play systems beyond the traditional doll offering and continue to introduce new content activations and games to deepen engagement and have multiple touchpoints with fans of all ages.

我們也會繼續關注包裝方面的問題。就受眾細分而言，這是一個重要的特徵。我們正在滿足日益增長的成年收藏愛好者的需求。我們為芭比和肯娃娃都安排了非常令人興奮的合作。我們正在創造超越傳統玩偶產品的新形態和遊戲系統，並不斷推出新的內容互動和遊戲，以加深與各個年齡層粉絲的互動，並與他們建立多個接觸點。

Got it. That's helpful.

知道了。那很有幫助。

On pricing, you've taken all the pricing you plan to take this year that's phasing into the P&L, based on the timing of delivery. How are you thinking about taking incremental price next year to maybe recruit some of the gross margin rate headwinds in tariffs? Do you currently have plans to take more price maybe on newer products next year but it really comes down to how the consumer reacts to this holiday season?

關於定價，您已經將今年計劃分階段計入損益表的所有定價，根據交貨時間而定。您打算如何考慮明年透過提高價格來抵銷關稅帶來的部分毛利率不利因素？您目前是否有計劃明年對新產品採取更優惠的價格策略？但這其實取決於消費者對今年假期季節的反應。

I'm just curious how you're thinking about that.

我只是好奇你怎麼想的。

Yeah. The goal, overall, is to keep prices as low as possible for our consumers. That's, first and foremost, something that we constantly pursue.

是的。總而言之，我們的目標是盡可能降低消費者的價格。首先，這是我們一直不斷追求的目標。

We did implement pricing actions in the US in the end of Q2, beginning of Q3. All of this was done in collaboration with our retail partners. It was one of the several elements that we used to mitigate the cost impact of the tariffs.

我們在第二季末、第三季初在美國實施了價格調整措施。所有這些都是與我們的零售合作夥伴共同完成的。這是我們用來減輕關稅成本影響的幾個措施之一。

Let me make it clear: We are not intending to take additional pricing this year. The important thing is that we offer a variety of toys along a very wide range of price points to meet our consumer needs.

我要明確說明：我們今年不打算提高價格。重要的是，我們提供各種價位的玩具，以滿足消費者的需求。

Now, we are looking at the impact of tariffs and other inflationary items into 2026 but we have not made a decision on pricing. We will let you know as soon as we talk about the guidance next quarter.

現在，我們正在研究關稅和其他通膨因素對 2026 年的影響，但我們還沒有就定價做出決定。我們會在下個季度討論業績指引時第一時間通知您。

But we will always use an array of levers that include efficiencies to be able to mitigate the impact.

但我們將始終利用包括提高效率在內的一系列手段來減輕影響。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

First, let's start off -- I don't really know what normalized years are anymore for this business. But if you think about retail inventory volumes, what are expected this year, are they any different from what we saw three, three, four years ago?

首先，我們先來談談——我真的不知道這個行業的正常年份是怎麼定義的了。但如果你考慮一下零售庫存量，今年的預期情況與三、四年前的情況有何不同？

To answer it very simply, it's not. We believe that the combination of both owned and retailer inventories are at a very appropriate level, as we prepare for a very strong Q4.

簡單來說，答案是否定的。我們認為，自有庫存和零售商庫存的總和處於非常合適的水平，為強勁的第四季度做好準備。

Just to give you more specifics and numbers: Our inventory level at the end of Q3 was $827 million and that's an increase of $89 million. So we're talking about something in the range of 10% as compared to prior years.

為了提供更具體的細節和數字：我們第三季末的庫存水準為 8.27 億美元，增加了 8,900 萬美元。所以，我們說的是比往年高出10%左右。

The retail inventories, on the flip side, are modestly lower. So the addition of retail inventories, plus our own inventories, are at the appropriate levels. They are of good quality. They position us well for the holiday season.

另一方面，零售庫存略有下降。因此，零售庫存加上我們自己的庫存，都處於適當的水平。它們質量很好。他們讓我們為假期季節做好了充分準備。

The other thing that is worth noting is that our supply chain expertise and also, our commercial capabilities are advantages that we believe put us in a strong position because we work closely with our retail partners with the right products, right amount, at the right time on the shelves.

另一點值得注意的是，我們的供應鏈專業知識和商業能力是我們的優勢，我們相信這些優勢使我們處於有利地位，因為我們與零售合作夥伴緊密合作，在合適的時間將合適的產品、合適的數量擺放在貨架上。

So net-net, inventory management is something that we constantly look at, in partnership with our retailers. The behavior that we're seeing this year is not abnormal. The levels are very appropriate for a strong ending of the year.

總而言之，庫存管理是我們與零售商合作，不斷關注的問題。今年我們看到的這種行為並非異常現象。這些水平非常適合為這一年畫上一個圓滿的句號。

Okay. And then, with regards to new organizational structure, can you maybe give us some high-level details on what is changing on a day-to-day operation? Is there any financial impact from this?

好的。那麼，關於新的組織結構，您能否為我們介紹日常營運中正在發生哪些變化？這會造成任何經濟影響嗎？

Yes, Eric. We are at an important inflection point in our journey and strategy. The recent announcement reflects an evolution in how we grow and manage our business, overall, with a new brand-centric organizational structure and operating model.

是的，埃里克。我們正處於發展歷程和策略的重要轉折點。最近的公告反映了我們在業務成長和管理方式上的整體演變，採用了以品牌為中心的新組織結構和營運模式。

The goal is to manage our brands holistically and create closer alignment between our toy and entertainment businesses. This new organizational structure will accelerate our brand management strategy and franchise flywheel and put us in an even better position to drive profitable growth across the enterprise and continue to operate with excellence.

我們的目標是對旗下品牌進行整體管理，並加強玩具業務和娛樂業務之間的協調一致。這種新的組織結構將加速我們的品牌管理策略和特許經營飛輪效應，使我們更有能力推動整個企業的獲利成長，並繼續保持卓越的營運水平。

As part of it, we're also integrating marketing across global brands and franchise teams to further align brand management in all consumer touchpoints. This is a very important point.

作為其中的一部分，我們還將整合全球品牌和特許經營團隊的行銷工作，以進一步協調所有消費者接觸點的品牌管理。這一點非常重要。

Roberto Stanichi, who is the new head of our Brands team -- the global Brands team -- has been managing the Vehicles category in Hot Wheels. As you know, this has been a star-performing category for us, which consistently applied our playbook and methodology in the most articulated way, driving growth in Vehicles, overall; and also demonstrating the textbook implementation of our brand strategy across product, franchise management, adult collector, and content with continuous innovation.

Roberto Stanichi 是我們品牌團隊（全球品牌團隊）的新負責人，他之前負責管理 Hot Wheels 的車輛類別。如您所知，這一直是我們的明星品類，我們始終以最清晰的方式運用我們的策略和方法，推動了車輛品類的整體增長；同時，我們也透過持續創新，在產品、特許經營管理、成人收藏品和內容方面完美地執行了我們的品牌戰略。

Now, Play is a core competence for Mattel. The strength of our brand differentiates us in a world where every company is looking for strong IP to stand out in the marketplace. We believe that success in our toy business will drive success in entertainment. Success in entertainment, including content, consumer products, experiences, and digital games will drive more success in toys.

如今，「玩樂」已成為美泰的核心競爭力。在當今世界，每家公司都在尋求強大的智慧財產權以在市場中脫穎而出，而我們強大的品牌實力使我們與眾不同。我們相信，玩具業務的成功將帶動娛樂事業的成功。娛樂業（包括內容、消費品、體驗和電子遊戲）的成功將帶動玩具業的進一步成功。

The opportunity, now, is to fully capitalize on this virtuous cycle. So when all is said and done, by the time this organization is vetted, we are very confident that we have the right team to capture the full potential of our brand offering and continue to innovate and excite our fans with great products and great experiences.

現在的機會在於充分利用這個良性循環。所以總而言之，當這個組織經過審查後，我們非常有信心我們擁有合適的團隊，能夠充分發揮我們品牌產品的潛力，並繼續創新，用優秀的產品和卓越的體驗來激勵我們的粉絲。

James Hardiman, Citi.

詹姆斯‧哈迪曼，花旗集團。

I wanted to circle back to the implied Q4 top line. I think we're looking at, call it, mid-teens-type sales growth. I think, if just by judging by aftermarket trading, there may be some skepticism on that, right? And so I was wondering if you could help us with any nuggets that might shine some light on what percentage of that has already been booked? What's the run rate of sales in 4Q? I know it's only been three weeks but, ultimately, how much of this is optimism versus grounded in -- whether it's quarter-to-date sales or forward-looking indicators?

我想再回到之前提到的第四季營收預期上來。我認為我們預計銷售額將達到十幾個百分點左右。我認為，如果僅從二級市場交易情況來看，人們可能會對此持懷疑態度，對吧？所以我想知道您是否能提供一些線索，幫助我們了解其中有多少百分比已經被預訂了？第四季的銷售成長率是多少？我知道這才過了三週，但歸根結底，這其中有多少是樂觀情緒，又有多少是基於實際情況——無論是季度至今的銷售額還是前瞻性指標？

Maybe, to that latter point, I don't think it's behind the curtain of the conversations you're having with retailers and what they're saying about their order intentions for the remainder of the season, it seems like you're confident that the quarter-to-date trend will continue. Maybe give us some data points behind that.

或許，就後一點而言，我認為，從你與零售商的對話以及他們對本季剩餘訂單意向的表態來看，你似乎很有信心本季至今的趨勢將會繼續下去。或許可以提供一些相關的數據依據。

Yeah. Let me start, James.

是的。我先來，詹姆斯。

We just reiterated our full-year guidance, including the expectation of a good holiday season for Mattel. That means a strong top-line growth for the fourth quarter, indeed.

我們重申了全年業績預期，其中包括對美泰公司假日季業績的良好預期。這意味著第四季度營收將實現強勁成長。

We are strongly behind this for several reasons.

我們強烈支持這項提議，原因有幾個。

Number one is we ended Q3 with POS growth across every region, including the US. We have seen that POS, which is a leading indicator of shipments, has continued to be growing strongly. Also, since the beginning of the fourth quarter, both POS for Mattel continues to grow in the US and internationally and the orders are following. The orders are following in the US and also, in international. In the US, they have accelerated significantly. As I said, we monitor this week by week. Based on what we see today, these trends are tracking in line with the full-year outlook for 2025.

第一，第三季結束時，包括美國在內的所有地區的 POS 銷售量均成長。我們看到，作為出貨量領先指標的 POS 指標持續強勁成長。此外，自第四季開始以來，美泰在美國和國際市場的銷售點持續成長，訂單也隨之成長。美國和國際上的訂單都在陸續發出。在美國，這一趨勢已經顯著加速。正如我所說，我們會每週密切關注此事。根據我們目前所看到的，這些趨勢與 2025 年全年展望相符。

The other thing that underpins our balance-of-the-year projection is our supply chain expertise and global commercial capabilities, which are a competitive advantage for us.

支撐我們今年剩餘時間績效預測的另一個因素是我們的供應鏈專業知識和全球商業能力，這是我們的競爭優勢。

You asked about what's behind the curtains, in terms of those relationships, it is a very close interaction. We do joint planning. We look at POS. We make sure that we have the right product assortment in the right store at the right place at the right time.

你問到了幕後的情況，就這些關係而言，那是一種非常密切的互動。我們進行聯合規劃。我們來看看POS系統。我們確保在適當的時間、適當的地點，在合適的商店提供合適的產品種類。

So the fundamentals of our business are strong and the consumers are buying our products. Now, what we are seeing in terms of the acceleration, in terms of the POS and now, the shipments, that's what gives us the reassurance to substantiate our guidance for the full year.

因此，我們業務的基本面很強勁，消費者也願意購買我們的產品。現在，我們看到銷售點和出貨量都在加速成長，這讓我們有信心維持全年的業績預期。

But I want to also pass it on to Ynon because I think there's important element in terms of product offering that has us excited about the balance of the year.

但我也想把它轉達給 Ynon，因為我認為在產品供應方面有一個重要的因素，讓我們對今年的剩餘時間感到興奮。

Yeah. James, as you know, the most important KPI that we always look at is POS. Consumer demand has been strong all year. It's still strong now. We've seen that all along. This is, by the way, not just for Mattel. We talked about the fact that the industry is up high-single digits. So the toy industry is, probably, in terms of level of growth, much higher than the traditional low-single digit at this time. So a lot of momentum, overall.

是的。James，如你所知，我們始終關注的最重要的KPI是POS（銷售點）。今年以來消費者需求一直強勁。現在依然很強勁。我們一直都看到了這一點。順便說一句，這不僅適用於美泰兒公司。我們討論了該行業實現了接近兩位數的成長這一事實。因此，就成長水準而言，玩具產業目前可能遠高於傳統的個位數低成長率。所以整體而言，勢頭很強勁。

In terms of Mattel, we are very excited about what we're bringing out this holiday season. If you look at what we are putting out, category by category, there's a lot of exciting product in Vehicles. Of course, Hot Wheels is on a continuous momentum.

就美泰而言，我們對今年假日季即將推出的產品感到非常興奮。如果你看看我們逐一類別推出的產品，你會發現車輛領域有很多令人興奮的產品。當然，風火輪玩具車的發展勢頭一直很強勁。

But now, we're adding the F1 offering and the new Speed Snap Track System, which we just launched recently. This is a whole new impetus of buyers of the Track System, which we innovated for the first time, after decades of having display pattern.

但現在，我們增加了 F1 產品和我們最近剛推出的全新 Speed Snap Track System。這是軌道系統買家的全新動力，這是我們在數十年的展示模式之後首次創新的成果。

In Action Figures, we see continued success with Jurassic, Minecraft, WWE, Toy Story 30th anniversary, and Masters of the Universe, ahead of the movie year.

在動作玩偶方面，我們看到侏羅紀、我的世界、WWE、玩具總動員 30 週年紀念版和宇宙巨人等系列玩偶在電影上映前持續取得成功。

In Games, UNO is performing strongly, with more innovation and more line extensions.

在遊戲領域，UNO 表現強勁，不斷推陳出新，產品線也不斷擴展。

In Building Sets, we recently launched the Mattel Brick Shop offering, which is off to a very strong start. That is another promising opportunity for us, a whole new business or product line that we introduced and is performing strongly.

在積木套裝方面，我們最近推出了美泰積木商店產品，目前銷售情況非常強勁。這對我們來說是另一個充滿希望的機會，我們推出了一條全新的業務或產品線，並且表現強勁。

In Dolls, we talked about the Wicked -- second movie -- improving trends for Barbie and performance, overall, across the portfolio.

在「玩偶」專欄中，我們討論了《魔法壞女巫》（第二部電影）對芭比娃娃的改善趨勢以及整個產品組合的整體表現。

And in Infant, Toddler, and Preschool, we expect to see improving trends to Fisher-Price, with more innovation, product launches, Fisher Price Wood Montessori launch on Amazon, more points of distribution.

在嬰幼兒及學前教育領域，我們預計費雪產品將呈現改善趨勢，包括更多創新、產品發布、在亞馬遜上推出費雪木製蒙特梭利產品以及更多分銷點。

So all in all, a lot to play with. We have a lot of drivers in the fourth quarter.

總而言之，有很多東西可以發揮。第四季我們有很多車手。

We work very closely with our retail partners. They're also looking to fulfill the demand and ultimately, it's all about our consumers looking to buy your product. If the answer is yes, it's now about fulfilling the demand and working closely with retail to put product on shelves.

我們與零售合作夥伴的合作非常緊密。他們也努力滿足市場需求，歸根究底，一切都是為了滿足消費者購買你們產品的需求。如果答案是肯定的，那麼現在的重點就是滿足市場需求，並與零售商密切合作，將產品上架銷售。

Got it. To that very point, I wanted to drill down maybe a little bit on the inventory commentary from earlier. Paul, I think you mentioned that if we combine the owned inventory and retailer inventory, it's pretty normal for this time of year. Although, obviously, the owned inventory piece is, I think, up 12%. I think you mentioned that retailer inventories were down modestly.

知道了。說到這裡，我想稍微深入探討一下之前提到的庫存狀況。保羅，我想你提到過，如果我們把自有庫存和零售商庫存加起來，這在每年的這個時候都屬於正常情況。雖然很顯然，我認為自有庫存部分增加了 12%。我想你有提到零售商庫存略有下降。

Where do you expect -- and more specifically, where does your guidance assume those two numbers finish the year? Do we think retail inventories get back to '20, '24 levels? Or do we think there's going to be more channel fill to happen, as we look to 2026?

您預計—更具體地說，您的預測是基於這兩個數字在年底達到什麼水準的假設嗎？我們認為零售庫存會恢復到 2020 年、2024 年的水準嗎？或者我們認為，展望 2026 年，頻道填充將會更加頻繁？

We believe that, over time, the trends will move in the normalized direction. This has been a particular distortion. But as we have adjusted our supply chains and our retailers have adjusted their supply chains, as well, both combined inventory levels will gravitate to what was a normal level of inventory.

我們相信，隨著時間的推移，這些趨勢將朝著正常化的方向發展。這是一種特殊的扭曲。但隨著我們調整了供應鏈，我們的零售商也調整了他們的供應鏈，兩者的庫存水準加起來將趨向於正常的庫存水準。

It's early to say. We will closely observe and act with agility.

現在下結論還為時過早。我們將密切觀察並靈活應對。

That's what characterizes us, right? That's why we have such strong commercial capabilities. We've been doing this for many decades. We will be continuing to work with our retailers to make sure that the product is on the shelf.

這就是我們的特點，對吧？這就是我們擁有如此強大的商業能力的原因。我們從事這項工作已經幾十年了。我們將繼續與零售商合作，確保產品上架。

So confident about that.

對此我非常有信心。

Very helpful. Thank you for the guidance.

很有幫助。謝謝你的指導。

Thank you.

謝謝。

With no further questions, I will now turn the conference back over to Mr. Ynon Kreiz for closing remarks.

沒有其他問題了，現在我將把會議交還給伊農·克雷茲先生，請他作閉幕致詞。

Thank you, operator. Thank you, everyone, for the questions.

謝謝接線生。謝謝大家的提問。

In conclusion, while our US business was challenged by industry-wide shifts in retailer ordering patterns, the key takeaway for the quarter is growth in consumer demand for our product in every region.

總而言之，雖然我們的美國業務受到了零售商訂購模式行業整體變化的挑戰，但本季的主要收穫是各個地區消費者對我們產品的需求均有所增長。

We continue to make meaningful progress in advancing our IP-driven toy business and expanding our entertainment offering strategy.

我們在推動以智慧財產權為驅動的玩具業務和拓展娛樂產品策略方面持續取得實質進展。

Looking into the fourth quarter and the balance of the year, with continued growth in consumer demand in the US and internationally and significant acceleration of orders from US retailers, we expect a good holiday season for Mattel and strong fourth-quarter top-line growth.

展望第四季度及今年剩餘時間，隨著美國和國際消費者需求的持續增長以及美國零售商訂單的顯著加速增長，我們預計美泰將迎來一個良好的假日季，並在第四季度實現強勁的營收成長。

We will share a review of our full-year performance after the end of the next quarter and provide a detailed outlook for next year. We have much to look forward to in 2026.

我們將在下一季結束後分享全年業績回顧，並提供明年的詳細展望。2026年有很多值得我們期待的事。

Thank you. I will now turn the call back over to the operator.

謝謝。現在我將把通話轉回給接線生。

Thank you. Ladies and gentlemen, this concludes today's call.

謝謝。女士們、先生們，今天的電話會議到此結束。

We thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連線了。