Mattel Inc (MAT) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mattel, Inc. first-quarter 2026 earnings conference call. (Operator Instructions)

您好，感謝您耐心等候。我叫 Tiffany，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加美泰公司（Mattel, Inc.）2026 會計年度第一季財報電話會議。（接線員指示）

I would now like to turn the call over to Jenn Kettnich, Vice President and Head of Investor Relations for Mattel.

現在我想把電話交給美泰投資人關係副總裁暨主管 Jenn Kettnich。

Jenn, please go ahead.

Jenn，請開始。

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，各位下午好。今天與我一同出席的有美泰董事長兼執行長 Ynon Kreiz，以及美泰財務長 Paul Ruh。

This afternoon, we reported Mattel's first-quarter 2026 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.

今天下午，我們公布了美泰 2026 會計年度第一季財務結果。今天的電話會議將先由 Ynon 與 Paul 就我們的業績發表評論，之後我們將保留時間進行提問。請注意，在問答環節中，我們敬請各位每人限制一個問題及一個追問，以便今天能讓更多分析師提問並涵蓋更多問題。

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、新聞稿與簡報可能會提及某些非 GAAP 財務衡量指標與關鍵績效指標（KPI），其定義載於簡報與新聞稿附錄。另請注意，本次電話會議所提及的總開票額（Gross Billings）除非另有說明，將以固定匯率（Constant Currency）表達。

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.

我們的新聞稿、簡報以及補充的非 GAAP 資訊可於公司網站 corporate.mattel.com 的「投資人」專區取得。依據 Regulation G 所要求的非 GAAP 財務衡量指標相關資訊，以及我們關鍵績效指標的相關資訊，亦包含於上述文件中。

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.

新聞稿與簡報中所列的初步財務結果，代表管理階層目前可取得的最新資訊。公司在 Form 10-Q 中揭露的實際結果，可能因公司財務結帳程序完成、最終調整完成、公司獨立註冊會計師事務所審閱完成，以及自即日起至最終結果揭露期間可能出現的其他發展而有所不同。

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. These statements are based on currently available information and assumptions, and they are subject to a number of significant risks and uncertainties that could cause our actual results to differ from those projected in the forward-looking statements.

在開始之前，我想提醒各位，本次電話會議中的某些陳述可能包含前瞻性陳述，涉及我們業務、品牌、品類與產品線未來表現。我們對未來所做的任何陳述，依其本質皆具有不確定性。這些陳述係基於目前可得資訊與假設，並受多項重大風險與不確定性影響，可能導致實際結果與前瞻性陳述所預期者有所差異。

We describe some of these uncertainties in the Risk Factors section of our latest Form 10-K annual report, our Form 10-Q quarterly reports, our most recent earnings release and slide presentation, and other filings we make with the SEC from time to time as well as in other public statements. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

我們在最新的 Form 10-K 年度報告、Form 10-Q 季度報告、最近一期新聞稿與簡報的「風險因素」章節，以及我們不時向美國證券交易委員會（SEC）提交的其他文件與其他公開聲明中，描述了其中部分不確定性。除法律要求外，美泰不會更新前瞻性陳述，並明確聲明不承擔任何更新義務。

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

現在我想把電話交給 Ynon。

Thanks, Jenn. Good afternoon, and thank you for joining Mattel's first-quarter 2026 earnings call. We are off to a good start to the year with growth in Net Sales and positive consumer demand for our products in the first quarter. We continued to make progress on our strategy to grow our IP-driven play and family entertainment business and are seeing top-line acceleration in the second quarter to date.

謝謝 Jenn。各位下午好，感謝各位參加美泰 2026 會計年度第一季財報電話會議。今年我們有個良好的開端，第一季淨銷售成長，且消費者對我們產品的需求表現正向。我們持續推進以 IP 驅動的玩樂與家庭娛樂業務成長策略，並且截至目前第二季營收端呈現加速成長。

Key financial highlights for the quarter as compared to the prior year. Gross Billings grew 2% in Constant Currency, with increase in Vehicles and Challenger categories overall, partly offset by a decrease in Dolls and Infant, Toddler, and Preschool. Net Sales grew 4% as reported and 1% in Constant Currency and Adjusted Earnings per Share declined $0.18. Per Circana, Mattel was number one globally in our leader categories: Dolls, Vehicles, and Infant, Toddler, and Preschool and gained share in Vehicles and Action Figures.

本季相較去年同期的主要財務重點如下。以固定匯率計，總開票額成長 2%，其中 Vehicles 與 Challenger 品類整體增加，部分被 Dolls 以及 Infant、Toddler 與 Preschool 品類下滑所抵銷。淨銷售按報告基礎成長 4%，以固定匯率計成長 1%；調整後每股盈餘下滑 0.18 美元。根據 Circana，美泰在我們的領先品類（Dolls、Vehicles，以及 Infant、Toddler 與 Preschool）全球排名第一，並在 Vehicles 與 Action Figures 品類提升市占。

We also executed on our capital allocation priorities, including closing the acquisition of full ownership of Mattel163 mobile game studio and repurchasing $200 million of shares in the quarter, while maintaining a strong balance sheet. The toy industry grew in the first quarter, and we continue to expect it to grow in 2026, with the benefit of a toyetic theatrical slate and further expansion of adult consumers.

我們也依資本配置優先事項執行相關行動，包括完成收購 Mattel163 行動遊戲工作室的全數持股，並於本季回購 2 億美元股票，同時維持強健的資產負債表。玩具產業在第一季成長，我們仍預期其在 2026 年將持續成長，受惠於具玩具延伸潛力（toyetic）的院線片單，以及成人消費者的進一步擴張。

As it relates to current geopolitical events, including the war in the Middle East, there has been minimal impact on our business to date, but we continue to monitor the situation and hope for a swift resolution and peaceful days ahead.

就目前地緣政治事件（包括中東戰爭）而言，迄今對我們業務影響甚微，但我們將持續關注情勢發展，並期盼能迅速解決、迎來和平的日子。

Turning back to our portfolio performance in the quarter. Several standout brands grew double digits or higher across owned brands, including Hot Wheels, UNO, and Monster High, partner brands such as Toy Story and WWE, relaunched franchises like Masters of the Universe; and innovative new product lines like Mattel Brick Shop.

回到本季的產品組合表現。多個表現突出的品牌在自有品牌中實現兩位數或以上成長，包括 Hot Wheels、UNO 與 Monster High；合作夥伴品牌如 Toy Story 與 WWE；重新推出的系列如 Masters of the Universe；以及創新的新產品線如 Mattel Brick Shop。

We are making strong progress on our digital strategy, including the integration of Mattel163 as well as the upcoming launch of our first two self-published mobile games. Acquiring full control of Mattel163 meaningfully strengthens our digital games business and adds significant development, publishing, and digital customer acquisition expertise.

我們在數位策略方面取得強勁進展，包括整合 Mattel163，以及即將推出我們前兩款自營發行（self-published）的行動遊戲。取得 Mattel163 的完全控制權，顯著強化我們的數位遊戲業務，並增添重要的開發、發行，以及數位客戶獲取方面的專業能力。

As it relates to self-published mobile games, our first game is based on Masters of the Universe and currently in soft launch ahead of the theatrical movie premiere on June 5th. The second game is in advanced development and targeted for release later this year. We plan to share more details soon.

就自營發行的行動遊戲而言，我們的第一款遊戲以 Masters of the Universe 為基礎，目前正進行軟啟動（soft launch），並將在 6 月 5 日院線電影首映前推出。第二款遊戲已進入後期開發，目標於今年稍晚發布。我們計畫很快分享更多細節。

We are also expanding our presence on creator platforms. UNO-branded digital game experiences were launched on Roblox and Fortnite with strong reach and engagement, and our Barbie DreamHouse Tycoon Roblox game continues to rank in the top 10 among hundreds of branded games on the platform.

我們也正在擴大在創作者平台上的布局。UNO 品牌的數位遊戲體驗已在 Roblox 與 Fortnite 上線，觸及與互動表現強勁；而我們的 Barbie DreamHouse Tycoon Roblox 遊戲，持續在該平台數百款品牌遊戲中名列前 10。

Our digital game licensing business contributed to overall growth in the quarter and benefited from partnerships, including Pictionary with Netflix and Scrabble with Scopely. The upcoming Masters of the Universe movie will be released with wide distribution in thousands of theaters globally. A robust multi-platform marketing campaign spanning digital, out-of-home, and strategic brand partnerships is underway, led by Amazon MGM and Mattel. A full cross-category product line across toys, adult collectibles, apparel, publishing and more began rolling out this past weekend. We are very excited to bring this classic mythology to life on the big screen and reimagine the franchise for original fans and a whole new generation. We are also gearing up for the Matchbox movie in October and have a robust slate of films in development, including Hot Wheels, Polly Pocket, Barney, and Rock 'Em Sock 'Em Robots, among others.

我們的數位遊戲授權業務在本季帶動整體成長，並受惠於多項合作夥伴關係，包括與 Netflix 合作的 Pictionary，以及與 Scopely 合作的 Scrabble。即將上映的 Masters of the Universe 電影，將在全球數千家戲院廣泛發行。由 Amazon MGM 與美泰主導的強力多平台行銷活動正在進行中，涵蓋數位、戶外媒體（out-of-home）以及策略性品牌合作。涵蓋玩具、成人收藏品、服飾、出版等多品類的完整產品線，已於上週末開始陸續推出。我們非常期待將這個經典神話搬上大銀幕，並為原始粉絲以及全新世代重新詮釋該系列。我們也正為 10 月的 Matchbox 電影做準備，並有多部開發中的電影片單，包括 Hot Wheels、Polly Pocket、Barney，以及 Rock 'Em Sock 'Em Robots 等。

As we've shared, we're making strategic investments totaling approximately $150 million in 2026 to drive accelerated growth and profitability consistent with our capital allocation priorities. These investments are designed to allow us to capture even more value from our IP faster, such as in self-published mobile games, building sets, DTC, first-party data and technology and infrastructure. We believe these investments in aggregate will have high ROI with a net positive contribution to the bottom line in 2027 and beyond.

如同我們先前分享的，我們在 2026 年將進行總額約 1.5 億美元的策略性投資，以在符合資本配置優先事項的前提下，推動加速成長與獲利能力提升。這些投資旨在讓我們能更快從 IP 中擷取更多價值，例如自營發行行動遊戲、積木／拼砌套組（building sets）、DTC、第一方數據，以及技術與基礎設施。我們相信，整體而言這些投資將具備高投資報酬率（ROI），並在 2027 年及之後對盈餘端帶來淨正向貢獻。

Before I turn it over to Paul, I would like to touch on the recent leadership announcement that Steve Totzke, President and Chief Commercial Officer, will step down from his role effective May 1st, and Sanjay Luthra, Managing Director of EMEA and Global DTC, will succeed Steve as Chief Commercial Officer, overseeing Mattel's global sales and commercial operations.

在交棒給 Paul 之前，我想先談談近期的領導層公告：總裁兼首席商務官 Steve Totzke 將自 5 月 1 日起卸任其職務；EMEA 與全球 DTC 董事總經理 Sanjay Luthra 將接任 Steve 擔任首席商務官，負責監督美泰的全球銷售與商務營運。

We thank Steve for his many contributions, and I'm personally grateful for his years of partnership. Sanjay is a 23-year Mattel veteran. In his most recent role, he has steered EMEA's transformation to achieve record sales and growth and expanded Mattel's leadership across the region in key categories. We look forward to his impact on driving our strategy to grow our IP-driven play and family entertainment business.

我們感謝 Steve 的諸多貢獻，我個人也非常感激他多年來的合作夥伴關係。Sanjay 是一位在美泰服務 23 年的資深員工。在他最近的職務中，他帶領 EMEA 的轉型，達成創紀錄的銷售與成長，並在關鍵品類上擴大美泰在該區域的領導地位。我們期待他在推動我們的策略、擴大以 IP 驅動的玩樂與家庭娛樂業務方面所帶來的影響。

Over to you, Paul.

交給你了，Paul。

Thanks, Ynon. As you just heard, we're off to a good start to the year. Looking at key financial metrics, as compared to the prior year quarter, Net Sales grew 4% as reported and 1% in Constant Currency to $862 million, ahead of expectations. Adjusted Gross Margin declined 450 basis points to 45.1%, primarily due to the gross cost impact of tariffs that we previously mentioned as part of our guidance, as well as unfavorable foreign exchange and inflation. And Adjusted Earnings per Share declined by $0.18 to a loss of $0.20.

謝謝，Ynon。如同你剛才聽到的，我們今年開局良好。就關鍵財務指標而言，與去年同期相比，淨銷售額按報告口徑成長 4%，按固定匯率口徑成長 1%，達 8.62 億美元，優於預期。調整後毛利率下滑 450 個基點至 45.1%，主要因為我們先前在指引中提到的關稅對毛利成本的影響，以及不利的外匯與通膨。調整後每股盈餘下降 0.18 美元至每股虧損 0.20 美元。

Turning to Gross Billings in Constant Currency. Total Gross Billings grew 2%, with Mattel's global POS up mid-single digits. Vehicles’ momentum continued with a 13% increase. Hot Wheels and Disney and Pixar's Cars each grew double digits. Dolls declined 11% due to Barbie, partially offset by growth in Monster High. American Girl was comparable. Infant, Toddler, and Preschool declined 18%, primarily due to Fisher-Price. Within Fisher-Price, Little People grew double digits. Challenger categories collectively increased 17%. Games grew led by UNO, including the benefit of the partial quarter contribution of Mattel163. Action Figures growth was driven by a robust slate of owned and partner properties. Mattel Brick Shop also performed exceptionally well as it continues to expand following a successful launch.

接著看固定匯率口徑的總開票額（Gross Billings）。總開票額成長 2%，美泰全球 POS（銷售終端）成長中個位數。Vehicles 的動能延續，成長 13%。Hot Wheels 以及迪士尼與皮克斯的《Cars》各自皆呈雙位數成長。Dolls 下滑 11%，主要因 Barbie 走弱，部分被 Monster High 的成長所抵銷。American Girl 表現與去年同期大致持平。Infant、Toddler 與 Preschool 下滑 18%，主要因 Fisher-Price。在 Fisher-Price 之中，Little People 呈雙位數成長。Challenger 品類合計成長 17%。Games 在 UNO 帶動下成長，並包含 Mattel163 部分季度併入的貢獻。Action Figures 的成長來自強勁的自有與合作夥伴 IP 產品陣容。Mattel Brick Shop 也表現極為出色，在成功上市後持續擴張。

As it relates to Gross Billings by region, International was up 8% with growth in each of EMEA, Latin America, and Asia Pacific. North America declined 4%, including the impact of the shift in US retailer ordering patterns from direct import to domestic shipping. Based on what we are seeing today, we believe US retailer ordering patterns are stabilizing and expect our North America region to grow in Q2.

就各區域的總開票額而言，國際市場成長 8%，EMEA、拉丁美洲與亞太地區皆有成長。北美下滑 4%，其中包含美國零售商訂貨模式由直接進口轉為國內出貨所帶來的影響。根據我們目前所見，我們認為美國零售商的訂貨模式正在趨於穩定，並預期北美地區在第二季將恢復成長。

Moving down the P&L. Adjusted Gross Margin in the first quarter was 45.1%. The decline was due to the impact of, 240 basis points from the gross incremental cost of tariffs, 140 basis points from unfavorable foreign exchange, and 90 basis points from inflation. Going the other way, tariff mitigation actions and OPG savings, partially offset by several factors contributed a benefit of 30 basis points.

接著往下看損益表。第一季調整後毛利率為 45.1%。下滑主要來自：關稅帶來的毛利增量成本影響 240 個基點、不利外匯 140 個基點，以及通膨 90 個基點。相反方向，關稅緩解措施與 OPG 節省（部分被多項因素抵銷）合計帶來 30 個基點的正面貢獻。

Advertising expenses increased $23 million to $93 million, reflecting the timing of Easter this quarter and the inclusion of Mattel163 expenses. Adjusted SG&A expenses increased $19 million to $366 million, primarily due to the strategic investments previously discussed. As mentioned in our earnings press release, beginning in fiscal 2026, we are excluding the impact of amortization of acquired intangible assets from non-GAAP measures to facilitate period-over-period comparisons of underlying business performance and have also recast these non-GAAP financial measures for prior periods.

廣告費用增加 2,300 萬美元至 9,300 萬美元，反映本季復活節時點的影響以及納入 Mattel163 費用。調整後 SG&A 費用增加 1,900 萬美元至 3.66 億美元，主要因先前討論的策略性投資。如同我們在財報新聞稿中所提，自 2026 會計年度起，我們將在非 GAAP 指標中排除收購取得之無形資產攤銷的影響，以利進行期間對期間的基礎業務表現比較，並已將過往期間的這些非 GAAP 財務指標重新表達。

Adjusted operating income was a loss of $70 million as compared to a loss of $8 million in the prior-year period, primarily due to higher advertising expenses, lower Adjusted Gross profit, and higher Adjusted SG&A. Adjusted EBITDA was a loss of $12 million as compared to a gain of $57 million, and Adjusted Earnings per Share was a loss of $0.20 as compared to a loss of $0.02, both primarily due to the same factors that impacted Adjusted Operating Income.

調整後營業利益為虧損 7,000 萬美元，較去年同期虧損 800 萬美元擴大，主要因廣告費用較高、調整後毛利較低，以及調整後 SG&A 較高。調整後 EBITDA 為虧損 1,200 萬美元，較去年同期獲利 5,700 萬美元轉弱；調整後每股盈餘為虧損 0.20 美元，較去年同期虧損 0.02 美元轉差；兩者主要同樣受影響調整後營業利益的因素所致。

Free cash flow generation on a trailing 12-month basis was $335 million as compared to $582 million in the prior-year period. The decline was primarily due to the lower net income excluding the impact of noncash items.

以過去 12 個月為基礎的自由現金流為 3.35 億美元，較去年同期的 5.82 億美元下降。下降主要因淨利較低（排除非現金項目影響後）。

We repurchased $200 million of shares in the quarter, bringing the total to $1.4 billion since resuming share repurchases in 2023, representing a reduction in shares outstanding of approximately 21%. We continue to expect to buy back a total of $400 million of shares this year as part of our $1.5 billion share repurchase authorization, which we expect to complete by the end of 2028.

本季我們回購 2 億美元股票，使自 2023 年恢復股票回購以來的累計回購金額達 14 億美元，流通在外股數約減少 21%。我們仍預期今年將回購合計 4 億美元股票，作為 15 億美元股票回購授權的一部分；我們預期將於 2028 年底前完成該授權。

Turning to the balance sheet. Cash at quarter end was $866 million compared to $1.24 billion a year ago. The decrease was primarily due to $640 million of share repurchases over the last 12 months and $75 million cash used for the acquisition of the remaining 50% interest in Mattel163, net of cash acquired, partially offset by free cash flow generation. Total debt was consistent with prior year.

接著看資產負債表。季末現金為 8.66 億美元，較一年前的 12.4 億美元下降。下降主要因過去 12 個月回購股票 6.40 億美元，以及用於收購 Mattel163 剩餘 50% 權益的 7,500 萬美元現金支出（扣除取得之現金後），部分被自由現金流所抵銷。總負債與去年同期一致。

Owned inventory at quarter end was $677 million, a modest increase versus prior year, primarily reflecting tariff-related costs. Our gross leverage ratio was 2.7x and we continue to manage our balance sheet in line with our capital allocation priorities. Retailer inventories declined low double-digits compared to the prior year and we believe we are well positioned overall for Q2.

季末自有庫存為 6.77 億美元，較去年同期小幅增加，主要反映與關稅相關的成本。我們的總槓桿比率為 2.7 倍，並持續依照資本配置優先順序管理資產負債表。零售商庫存較去年同期下降低雙位數百分比，我們認為整體而言已為第二季做好良好準備。

As part of the Optimizing for Profitable Growth program, we achieved savings of $16 million in the quarter bringing the cumulative total savings for the program to date to $189 million. We continue to target approximately $50 million of efficiencies this year, for a program total of $225 million between 2024 and 2026.

作為「優化以實現獲利成長」（Optimizing for Profitable Growth）計畫的一部分，我們本季實現 1,600 萬美元節省，使該計畫迄今累計節省達 1.89 億美元。我們仍以今年約 5,000 萬美元的效率提升為目標，使 2024 至 2026 年間該計畫總節省達 2.25 億美元。

2026 guidance is unchanged with the exception of recasting Adjusted Operating Income and Adjusted EPS to exclude the impact of amortization of acquired intangible assets. Our Net Sales guidance is unchanged, and we still expect growth in the range of 3% to 6% in Constant Currency. At current spot rates, FX would be a tailwind of 1 to 2 percentage points on full-year reported Net Sales. We also continue to expect Adjusted Gross Margin of approximately 50% for the full year.

2026 年指引維持不變，唯一例外是將調整後營業利益與調整後 EPS 重新表達，以排除收購取得之無形資產攤銷的影響。我們的淨銷售額指引不變，仍預期按固定匯率口徑成長 3% 至 6%。以目前即期匯率計算，外匯對全年按報告口徑的淨銷售額將帶來 1 至 2 個百分點的順風。我們也仍預期全年調整後毛利率約為 50%。

The recast guidance includes expectations for Adjusted Operating Income of $580 million to $630 million, reflecting a $30 million adjustment attributable to non-Mattel163 amortization of acquired intangible assets from prior acquisitions. For clarity, Mattel163 amortization of acquired intangible assets was not included in prior 2026 guidance. This results in Adjusted EPS guidance in the range of $1.27 to $1.39.

重新表達後的指引包含：調整後營業利益預期為 5.80 億至 6.30 億美元，反映 3,000 萬美元的調整，該調整歸因於先前收購案中非 Mattel163 的收購取得無形資產攤銷。為釐清起見，Mattel163 的收購取得無形資產攤銷並未納入先前的 2026 年指引。因此，調整後 EPS 指引區間為 1.27 至 1.39 美元。

In terms of 2026 Gross Billings performance by category, we continue to expect Vehicles as well as Challenger categories combined to grow strongly, Dolls to be comparable, and ITPS to decline. This includes the following growth drivers: continued strong performance in key brands, including Hot Wheels, Mattel Brick Shop, UNO and Little People, further amplified by Masters of the Universe global theatrical release and product line, the Matchbox film, product for major theatrical releases, including Disney and Pixar's Toy Story 5, significant new toy partnerships including KPop Demon Hunters and DC, upcoming self-published digital game releases, and the consolidation of Mattel163.

就 2026 年按品類劃分的總開票額（Gross Billings）表現而言，我們仍預期 Vehicles 與 Challenger 品類合計將強勁成長，Dolls 將大致持平，而 ITPS 將下滑。這包括以下成長動能：關鍵品牌持續強勁表現，包括 Hot Wheels、Mattel Brick Shop、UNO 與 Little People，並在《Masters of the Universe》全球院線上映與產品線、Matchbox 電影、以及多部大型院線作品（包括迪士尼與皮克斯的《Toy Story 5》）相關產品的帶動下進一步放大；此外還包括重要的新玩具合作夥伴關係（包括 KPop Demon Hunters 與 DC）、即將推出的自研數位遊戲發行，以及 Mattel163 的併表。

The guide for 2026 full-year Adjusted Gross Margin of approximately 50% includes an expectation of sequential improvement in the second quarter, although we expect it will remain below 50% in Q2, and then also improve in the second half.

我們對 2026 全年調整後毛利率（Adjusted Gross Margin）約 50% 的指引，包含第二季可望較第一季呈現季比改善的預期，儘管我們預期第二季仍將低於 50%，並且下半年也將進一步改善。

Looking to 2027, we continue to expect mid-to-high single-digit revenue growth in Constant Currency and strong double-digit growth in Adjusted Operating Income, benefiting from our brand-centric strategy, innovation in toys, major partnerships, and the anticipated returns on strategic investments, including digital games.

展望 2027 年，我們仍預期以固定匯率（Constant Currency）計算的營收將呈現中到高個位數成長，調整後營業利益（Adjusted Operating Income）將呈現強勁的雙位數成長，受惠於我們以品牌為核心的策略、玩具創新、重大合作夥伴關係，以及策略性投資（包括數位遊戲）預期帶來的回報。

We are monitoring developments related to the current events in the Middle East, as well as possible changes related to tariffs, and our guidance includes a range of assumptions and scenarios. Conditions remain fluid, and current guidance is subject to market volatility, unexpected disruptions, as well as other macroeconomic risks and uncertainties, including further developments in the Middle East and regulatory actions impacting global trade.

我們正在關注與中東當前事件相關的發展，以及與關稅相關的可能變化，而我們的指引包含一系列假設與情境。情勢仍在變動之中，目前的指引可能受到市場波動、突發性干擾，以及其他總體經濟風險與不確定性的影響，包括中東局勢的進一步發展與影響全球貿易的監管行動。

With that, I will turn it back to Ynon.

接下來我把時間交還給 Ynon。

Thanks, Paul. In summary, we are off to a good start to 2026. We are seeing momentum in the business and continue to execute our strategy to grow our IP-driven play and family entertainment business. We are seeing top-line acceleration in the second quarter to date and expect to achieve our full-year 2026 guidance.

謝謝，Paul。總結來說，我們在 2026 年有一個良好的開局。我們看到業務動能，並持續執行策略，以擴大我們以 IP 驅動的玩樂與家庭娛樂業務。截至目前，我們看到第二季營收端加速，並預期能達成 2026 全年指引。

With that, I'll now hand the call off to the operator for Q&A.

接下來我把電話交給主持人進行問答。

(Operator Instructions) Megan Clapp, Morgan Stanley.

（主持人指示）Megan Clapp，Morgan Stanley。

I wanted to start maybe, Paul, where you left off, you said you're monitoring what's going on in the Middle East. Obviously, things are fluid and the guidance assumes a range of assumptions and scenarios. You said, I think, Ynon, you mentioned there's minimal impact to date as well.

我想先從你剛才提到的地方開始，Paul，你說你們正在關注中東正在發生的事情。顯然情勢仍在變動，而指引假設了多種假設與情境。我想你也提到，Ynon，你說截至目前影響很小。

I guess as we think about the cost side of things, resin and freight have both moved significantly higher, just obviously, as oil has. And so can you maybe just remind us of your exposure to those two cost buckets and maybe walk us through your hedging and contracting and what you're kind of embedding in the guide at this point?

我想從成本面來看，樹脂與運費都明顯上升，顯然是因為油價也上漲。所以你能否提醒我們，你們在這兩個成本項目的曝險程度，並說明一下你們的避險與合約安排，以及目前在指引中納入了哪些假設？

I understand there's some inventory timing as well. So maybe the potential headwind is pushed out. But just trying to kind of understand and frame the degree of potential cost pressure we could see? And how you are thinking about managing it?

我理解也有一些庫存時點的因素。所以可能的逆風也許會往後遞延。但我只是想了解並框定我們可能看到的成本壓力程度？以及你們打算如何管理？

Of course, and thank you for the question. As we said in the prepared remarks, we see minimal impact on our business year to date. But of course, we continue to monitor closely. We did reiterate our guidance, and that includes a range of assumptions and several scenarios.

當然，謝謝你的提問。正如我們在事先準備的發言中所說，截至目前今年對我們業務的影響很小。但當然，我們會持續密切監控。我們確實重申了指引，而其中包含一系列假設與多種情境。

We are not immune, but it's too early to speculate. And it depends, particularly on how long the disruption lasts and also how long the oil prices remain elevated. We are experienced. We have a team on the ground that's managing this situation. And we are, at this point, reiterating our full-year guidance both in Adjusted Gross Margin of approximately 50%, with all these puts and takes.

我們並非不受影響，但現在推測仍為時過早。這尤其取決於干擾會持續多久，以及油價維持高檔的時間長短。我們經驗豐富。我們有一支在地團隊正在管理這個情況。而在此時點，我們重申全年指引，包括調整後毛利率約 50%，並納入上述各項正負因素的拉鋸。

Okay. And then maybe just on the top-line, the 4% reported growth in the quarter and 1% in constant currency was better than what you had laid out when we talked a couple of months ago. I think you're expecting down low-single digits in the first quarter.

好的。那再談談營收端，本季以報告基礎計算成長 4%、以固定匯率計算成長 1%，比我們幾個月前討論時你所描述的要好。我記得你當時預期第一季會是低個位數下滑。

So maybe you can just talk through the drivers of what came in better than expected? Was there any sort of Easter timing benefit we should be aware of as we think about the second quarter? And yeah, that would just be helpful.

所以你能否說明一下，哪些因素使得結果優於預期？在我們思考第二季時，是否有任何復活節時點帶來的利多需要留意？是的，這會很有幫助。

Yes, Megan. As we said on the call, we had a strong start of the year. The growth came from several stand out brands that grew double digit, including in our own brands, Hot Wheels, UNO, Monster High and Masters of the Universe ahead of the movie release and Mattel Brick Shop, which is becoming a proper hit for Mattel as well as partner brands like Toy Story and WWE.

好的，Megan。正如我們在電話會議上所說，我們今年開局強勁。成長來自幾個表現突出的品牌，這些品牌呈現雙位數成長，包括我們自有品牌中的 Hot Wheels、UNO、Monster High、在電影上映前就已走強的 Masters of the Universe，以及 Mattel Brick Shop——它也正成為 Mattel 的一個真正的爆款；另外還有合作夥伴品牌，例如 Toy Story 與 WWE。

The consumer demand POS was positive, and this is in the context of strong growth in the industry. So what we are seeing is consumers are buying toys. The toy industry is in a healthy position.

消費者需求的 POS（銷售點）表現為正，而這是在產業強勁成長的背景之下。因此我們看到的是，消費者正在購買玩具。玩具產業處於健康的狀態。

And for Mattel, we are continuing to see demand. And as we said, we saw acceleration of shipping quarter to date -- second quarter to date. So we're well positioned to grow in the second quarter, consumer demand is positive, and we continue to execute our strategy.

對 Mattel 而言，我們持續看到需求。而且如我們所說，截至目前我們看到出貨加速——第二季截至目前。因此我們在第二季具備良好的成長態勢，消費者需求為正，我們也持續執行我們的策略。

Arpine Kocharyan, UBS Investment.

Arpine Kocharyan，UBS Investment。

To follow up on Megan's margin question, actually, I was hoping you could go through what IEEPA tariff rollback means for you for the year? And then how much of wiggle room that gives you to basically offset some of the impacts you might see through 2027, as I understand most of your raw materials are locked in for the year.

延續 Megan 關於毛利率的問題，其實我希望你能說明一下，IEEPA 關稅回撤（tariff rollback）對你們今年意味著什麼？以及這能給你們多少緩衝空間，用來基本上抵消你們可能在 2027 年之前看到的一些影響；因為據我理解，你們大部分原材料今年都已鎖定。

But we are hearing of fuel surcharges for freight. Just if you could kind of give a little bit more on those puts and takes? And then I have a quick follow-up.

但我們也聽到運輸可能會有燃油附加費。如果你能再多談一點這些正負因素的拉鋸就好了。然後我還有一個簡短的追問。

Yeah. Thanks, Arpine. So our guidance related to tariffs includes a range of assumptions and scenarios. And specifically, what we have included in the guidance is the expectations of the actions that we're taking back in 2025 will fully offset the annualized dollar cost impact of 2026. We said that, and we are, at this point, reiterating that point.

好的。謝謝你，Arpine。我們對關稅的指引包含一系列假設與情境。具體而言，我們在指引中納入的是：我們在 2025 年採取的行動，預期將能完全抵消 2026 年按年化計算的美元成本影響。我們已經這麼說過，而目前我們也重申這一點。

But you know that the tariff situation is fluid. We started the process of refunds. We're actively working through the systems. And more broadly, the overall framework is still evolving including potential appeals. So the timing and ultimately, the outcomes are not clear.

但你也知道，關稅情況仍在變動。我們已開始退款流程。我們正在系統中積極推進相關作業。更廣泛而言，整體框架仍在演變中，包括可能的上訴。因此時點以及最終結果都不明朗。

So that's why I say that our guidance includes a range of assumptions and tariff rates for the year. But it's important to say that our guidance does not factor in a refund given the uncertainty at this point in time.

所以我才說，我們的指引包含今年一系列假設與關稅稅率。但重要的是要說明，鑑於目前的不確定性，我們的指引並未將任何退款納入考量。

And then, Ynon, maybe for you. You talk about digital strategy integration of the JV going well ahead of the releases to digital games. Anything else you would like to share kind of on your investment cadence as we progress through the year, anything that has changed in your outlook maybe for 2027 and what kind of returns you could be looking at? Anything else you feel like you should share sort of as you think about three months that have passed since you last gave an update.

接著，Ynon，或許請你回答。你提到合資企業（JV）的數位策略整合進展順利，且領先於數位遊戲的發佈。隨著今年進入後續階段，在投資節奏方面你還有什麼想分享的嗎？對於2027年的展望是否有任何改變，以及你們可能看到的回報型態為何？距離你上次更新已過了三個月，你覺得還有什麼應該補充分享的嗎？

Thanks, Arpine, Yes. So we did close the acquisition, as we've said on March 2nd. The integration is tracking according to plan. We have a cross-functional team that is focused on all the relevant activities. And as we've said, acquiring full control of the JV meaningfully advances our digital games business, and it will add significant development, publishing, and digital customer acquisition expertise to the company. So this is a good development. The deal is done, and we are in full integration mode.

謝謝你，Arpine，是的。如同我們所說，我們已於3月2日完成收購交割。整合進度正依計畫推進。我們有一個跨職能團隊，專注於所有相關工作。而且如我們所說，取得合資企業的完全控制權，將有意義地推進我們的數位遊戲業務，並為公司帶來顯著的開發、發行，以及數位客戶獲取方面的專業能力。因此這是一項正面的進展。交易已完成，我們正全力進入整合模式。

When it comes to our strategic investments, as we've shared, these investments are meant to drive accelerated growth and profitability, which is consistent with our first capital allocation priority to invest in organic growth. It's in line with our strategy to grow our IP-driven play and family entertainment business.

至於我們的策略性投資，如同我們分享過的，這些投資旨在推動加速成長與獲利能力，這也符合我們資本配置的第一優先事項：投資於有機成長。這與我們擴大以IP驅動的玩樂與家庭娛樂業務的策略一致。

The investments, as we've said before, are in areas that are designed to allow us to capture even more value from our IP and do that even faster. And the examples we gave were in self-published mobile games, building sets, DTC, first-party data and technology and infrastructure.

如同我們先前所說，這些投資聚焦在能讓我們從IP中捕捉更多價值、並且更快實現的領域。我們舉的例子包括自發行手機遊戲、積木套組、DTC（直面消費者）、第一方數據，以及技術與基礎設施。

When it comes to self-published mobile games, this is also progressing very well. As we've said in the prepared remarks, we are ready to launch the first game, which is based on Masters of the Universe film. The game is now in soft launch, and all the metrics are where we want to see them. And the second game is in advanced development, also would be a soft launch soon and will be released later this year.

在自發行手機遊戲方面，進展也非常順利。如同我們在事先準備的發言中提到，我們已準備推出第一款遊戲，該遊戲以《宇宙的巨人》（Masters of the Universe）電影為基礎。目前遊戲正處於軟啟動（soft launch），各項指標都符合我們的期待。第二款遊戲也已進入後期開發，近期也會進行軟啟動，並將於今年稍晚正式發佈。

We'll be able to share more down the road, but I can say that it's tracking well. All of the testing and metrics that we are monitoring or where we want to see them. And it's exciting to be in a position where we would launch our first self-published games that can have asymmetric impact on the company. All of that is part of our investment in areas that can accelerate top-line growth and profitability.

之後我們會分享更多細節，但我可以說目前進度良好。我們所監測的所有測試與指標都達到我們希望看到的水準。能夠站在即將推出第一批自發行遊戲的位置上，這些遊戲可能對公司帶來非對稱性的影響，令人振奮。這些都屬於我們在可加速營收成長與獲利能力的領域所做的投資。

Jim Chartier, Monness, Crespi, Hardt & Co.

Jim Chartier，Monness, Crespi, Hardt & Co.。

Last quarter, you said Infant, Toddler, and Preschool would be a 2% to 3% headwind to the business this year. That implies like a mid- to-high teens decline in that business. Can you just give us some more color on what's driving that and when you think that business could stabilize?

上季你們提到，嬰幼兒與學齡前（Infant, Toddler, and Preschool）今年將對業務造成2%到3%的逆風。這意味著該業務可能出現約中到高十位數百分比的下滑。你能否再多提供一些背景，說明是什麼因素造成的，以及你認為該業務何時可能趨於穩定？

Yes, Jim, it's exactly what we said. It will be a 2% to 3% headwind this year, and this is still where we see things tracking. But as we also said that the drag is becoming smaller, especially from Baby Gear and Power Wheels.

是的，Jim，正如我們所說。今年將是2%到3%的逆風，而目前我們仍看到情況大致如此。但我們也提到，拖累正在縮小，特別是來自Baby Gear與Power Wheels的部分。

We do expect to see growth in key segments within Fisher-Price, including specifically Little People, which is growing double digit. And this is driven by new partnerships that we have with important players like Nintendo, with Disney across Toy Story and Mickey and Friends and other brands. And overall, this is a fast-growing, high-margin business that is growing within Fisher-Price, and it's great to see that.

我們確實預期Fisher-Price內部的關鍵品類將出現成長，尤其是Little People，目前呈現雙位數成長。這主要由我們與重要合作夥伴的新合作所帶動，例如與任天堂（Nintendo）的合作，以及與迪士尼（Disney）在《玩具總動員》（Toy Story）、Mickey and Friends及其他品牌上的合作。整體而言，這是在Fisher-Price內部快速成長且高毛利的業務，看到這樣的表現令人振奮。

We're also getting ready to relaunch Thomas in the second half of the year. There'll be animated content -- premium content that we are producing. It will be on all the major leading kid platforms with new product line, new branding and more engagement. And we continue to assess the business, the category, as a whole because the category is an important part of the toy industry overall. Fisher-Price is the market leader. It's a brand that has been around for more than 90 years, globally recognized and cherished by generations of parents and families and the significant vested value in that brand. And then, of course, we're looking at the numbers and want to make sure that the business is in the best position to grow and achieve its full potential. And we'll come back with more information down the road.

我們也正準備在下半年重新推出Thomas。我們將製作動畫內容——高品質內容。它將登上所有主要的兒童平台，並搭配新的產品線、新的品牌識別，以及更高的互動參與。同時我們也持續評估整體業務與品類，因為該品類是整個玩具產業的重要組成。Fisher-Price是市場領導者。這個品牌已有超過90年歷史，在全球廣為人知，並深受一代又一代父母與家庭的喜愛，該品牌也具有顯著且既有的價值。當然，我們也在檢視數據，確保業務處於最佳位置，以實現成長並發揮其全部潛力。之後我們會再提供更多資訊。

Stephen Laszczyk, Goldman Sachs.

Stephen Laszczyk，高盛（Goldman Sachs）。

First, Ynon, maybe away from the digital gaming strategy. I was curious if you could maybe talk a bit more about the strategic initiatives you laid out last quarter and some of the changes the organization and organizational structure that has taken place over the last couple of months, really where are you investing in the business today? And how should investors expect to see some of these initiatives and some of these changes playing out over the balance of the year as you work towards that goal of capturing more value from your IP faster?

首先，Ynon，先不談數位遊戲策略。我想請你多談一些你們上季提出的策略性舉措，以及過去幾個月組織與組織架構所發生的一些變化——你們目前究竟把投資重點放在哪些業務上？當你們朝著「更快從IP中捕捉更多價值」的目標前進時，投資人應該如何看待這些舉措與變革在今年剩餘時間的落地與展開？

Yes. Thanks, Stephen. This goes back to our strategy that to -- that is oriented around being more brand-centric where this is no longer about toys versus non-toys or toys or entertainment. This is about growing our brands holistically. And the strategy, a new operating model that we are deploying right now is designed to accelerate the value that we will capture out of our brands.

是的。謝謝你，Stephen。這回到我們的策略——也就是更以品牌為中心的導向；不再是玩具對非玩具，或玩具對娛樂的區分。而是以更整體的方式來成長我們的品牌。我們目前正在推行的新營運模式，旨在加速我們從品牌中所能捕捉到的價值。

Toys remains a key pillar part of this strategy. Toys is a foundational part of our business and we believe there is significant upside in the toy industry, and we're seeing it playing out this quarter as well as last year, and we expect that will continue for the full year in 2026.

玩具仍是這項策略的關鍵支柱之一。玩具是我們業務的基礎部分，我們相信玩具產業仍有顯著上行空間；我們在本季以及去年都看到這點正在發生，並預期在2026年全年將持續如此。

That said, we would like to leverage the success we have in toys and the strength of our brands outside of the toy aisle. And in order to do that, we believe that a holistic management of the business with that lends with the brand -- a brand-centric strategy would allow us to do that in the most optimal way and also be very effective in how we create demand.

話雖如此，我們希望把玩具業務的成功，以及我們品牌的強勢，延伸到玩具貨架以外的領域。為了做到這點，我們相信以品牌為核心的策略、以更整體的方式管理業務，能讓我們以最優方式達成，同時也能在需求創造上更有效率。

In the past, the orientation was more about promoting certain toy lines or other lines of the business. We are shifting more towards brand marketing, not specifically just on certain lines or certain products, but more holistic marketing and are looking to leverage the significant resources that we spend in demand creation across the business overall.

過去的導向更偏向推廣特定玩具產品線或其他業務線。我們正轉向更以品牌行銷為主，不僅僅聚焦在某些產品線或特定產品，而是更整體的行銷，並希望善用我們在全公司需求創造上投入的大量資源。

The other thing that it does, it allows us to manage the business holistically where success in toys, breeds success in entertainment and success in entertainment will reflect and inflect back on the toy business. So if you think about digital games or mobile games, when we are now developing titles or game titles based on our brands, we do it with a holistic strategy to promote both the games as well as toys, content, location-based entertainment, and other executions holistically. And we believe if we do that right as we are now deploying -- the strategy that we're now deploying, it will accelerate our business significantly and drive also higher margin and stronger performance overall.

另外一點是，這也讓我們能以整體方式管理業務：玩具的成功會帶動娛樂的成功，而娛樂的成功也會回饋並反向推升玩具業務。因此，如果你想到數位遊戲或手機遊戲，當我們以自家品牌為基礎開發遊戲作品或遊戲標題時，我們會以整體策略來推動，不僅推廣遊戲，也同時推動玩具、內容、實體據點娛樂（location-based entertainment）以及其他整體執行。我們相信，只要把這件事做好——也就是我們目前正在推行的策略——將能顯著加速我們的業務，並帶來更高毛利與更強勁的整體表現。

Eric Handler, ROTH Capital.

Eric Handler，ROTH Capital。

Ynon, I wonder if you can talk a little bit about Mattel Brick Shop. I mean, reviews have been really strong for the product line. And just wondering how fast can this ramp so that it's a meaningful contributor to the business?

Ynon，我想請你談談 Mattel Brick Shop。我的意思是，這個產品線的評價一直非常強勁。想請教它能以多快的速度放量，才能成為對業務有意義的貢獻？

And where -- how -- at what point will we start seeing full shelves at retail? And just talk about some of the dynamics going on there, please?

另外，在哪裡——怎麼——在什麼時間點，我們會開始在零售端看到貨架補齊、鋪貨更完整？也請談談那邊正在發生的一些動態，謝謝？

Thanks, Eric. The Building Sets category is one of the fastest-growing parts of the toy industry overall. This is obviously driven by LEGO. But it is an important fast-growing category. And within the category -- within the building sets category, building sets for cars specifically is one of the fastest-growing segments.

謝謝你，Eric。積木拼裝（Building Sets）品類是整體玩具產業中成長最快的領域之一。這顯然是由 LEGO 所帶動。但這確實是一個重要且快速成長的品類。而在該品類之內——在積木拼裝品類中，特別是汽車類的積木拼裝，是成長最快的細分市場之一。

When it comes to Vehicles, we are by far the global leader. We understand car culture better than anyone. And what we did around Mattel Brick Shop is bring our expertise in cars together with the incredible capabilities and innovation we have within MEGA that is our footprint within the building sets category, and created an incredible product.

談到車輛（Vehicles），我們無疑是全球領導者。我們比任何人都更懂汽車文化。而我們在 Mattel Brick Shop 上所做的，就是把我們在汽車方面的專業，與 MEGA 在積木拼裝品類中所具備的卓越能力與創新（這也是我們在該品類的布局）結合起來，打造出一個令人驚豔的產品。

And what is unique about Mattel Brick Shop is that these are not just cars that you construct and put together. These are cars that by the time you finish building them, look like cars. And we infused metal parts, rubber wheels, and just great packaging, branding, an incredible manual itself is a book that you would put in your library. The quality is that high.

Mattel Brick Shop 的獨特之處在於，這些不只是你組裝起來、拼好就放著的車。而是當你完成組裝後，它看起來就像真正的車。我們加入了金屬零件、橡膠輪胎，以及非常出色的包裝與品牌呈現；甚至說明書本身就像一本你會放進書櫃收藏的書。品質就是這麼高。

And we're very excited to see the initial reaction. The consumer demand is stronger than we can accommodate. We are chasing demand. It's growing double digits. And we believe there's significant runway ahead of us, not just in '26 or 2027. This can be a runner for years to come and really leveraging the Mattel playbook beyond cars and beyond building sets in infusing innovation, brand purpose, cultural relevance, great partnerships, and a franchise mindset that extends the play pattern and create multiple touch points across multiple entertainment verticals and other opportunities to engage fans.

我們也非常興奮看到初期的市場反應。消費者需求強到我們目前無法完全滿足。我們正在追趕需求。需求以兩位數成長。我們相信前方還有很長的成長跑道，不只是在 2026 或 2027。這個產品可以多年持續熱賣，並真正把 Mattel 的方法論延伸到汽車之外、也延伸到積木拼裝之外：把創新、品牌使命、文化相關性、優秀的合作夥伴關係，以及能延展玩法的「系列化（franchise）思維」注入其中，創造跨多個娛樂垂直領域與其他機會的多重觸點，來與粉絲互動。

Okay. And then as a follow-up question, when you look at the mobile gaming industry, it is the largest segment within the video games business, but has become very mature, really flat lining for the last several years, growing maybe low-single digits. Very competitive, costs a lot to scale a game.

好的。那接著追問一題：當你看行動遊戲產業時，它是整個電玩業務中最大的細分市場，但也已經非常成熟，過去幾年幾乎持平，可能只成長低個位數。競爭非常激烈，而且要把一款遊戲做大規模成本很高。

So I'm wondering why is -- why do you view that this is a business that you want Mattel to be in? And sort of how are you going to measure success in the genre.

所以我想問，為什麼——你為什麼認為這是 Mattel 想要進入的業務？以及你們會如何衡量在這個類別中的成功？

Yes. The -- you're right in the premise that it is competitive and it's a relatively competitive -- well, competitive place to be with other players that are in it. But a few things changed over the years in terms of the dynamics within the industry.

是的。你的前提沒錯：這個領域競爭激烈，而且相對而言——嗯，就是一個競爭很激烈的地方，裡面有很多其他玩家。但這些年來，產業內部的動態有幾個改變。

It is now not very costly to develop a game. You don't need to own a studio to develop a game and you don't need to own the game engine. And so for a cost of under $10 million, we see it as single-digit million dollars, you can fund the development of a game.

現在開發一款遊戲的成本其實不高。你不需要擁有一家工作室才能開發遊戲，也不需要擁有遊戲引擎。因此，以低於 1,000 萬美元的成本——我們看到的是幾百萬美元的等級——你就可以資助一款遊戲的開發。

What is more capital intensive, and you said that as well is that it's more capital -- -- you need more capital to drive demand, to acquire users. Although what is also unique in our days now is that the user acquisition is all driven by performance marketing, where you know the ROI of your spend, you know exactly what to expect when you spend the money and it's almost scientific in terms of how much money you spend and what do you get in return. So while you do spend capital, you only do that to the extent you know that the marketing and the consumer acquisition will yield the return that you expect.

更需要資本投入的部分——你也提到了——是要投入更多資本去推動需求、獲取用戶。不過，當今也有一個獨特之處：用戶獲取主要由成效型行銷（performance marketing）驅動，你能知道投放的 ROI，花錢時就能非常清楚預期會發生什麼，幾乎可以用科學方式來衡量：你花多少錢，會得到什麼回報。所以雖然你確實要投入資本，但你只會在你知道行銷與用戶獲取能帶來你預期回報的範圍內去投入。

What is unique to Mattel and where we stand out is with the strength and appeal of our brands. Our economics are different, different to a traditional player because people are proactively looking for opportunities to engage with our brands. People are searching for opportunities to engage with our brands.

Mattel 的獨特之處、也是我們能脫穎而出的地方，在於我們品牌的強度與吸引力。我們的經濟模型不同，與傳統玩家不同，因為人們會主動尋找與我們品牌互動的機會。人們會搜尋與我們品牌互動的機會。

When we put out a Barbie-branded game on Roblox, it was the number one branded game for more than a year with zero marketing. When we put out an UNO experience on Fortnite, on the first day, it became one of the top 10 most active or engaged experiences on the entire platform against more than 100,000 different islands and experiences in the platform.

當我們在 Roblox 推出 Barbie 品牌遊戲時，在零行銷的情況下，它連續一年以上都是排名第一的品牌遊戲。當我們在 Fortnite 推出 UNO 體驗時，上線第一天就成為整個平台最活躍或互動度最高的前 10 大體驗之一——在平台上超過 100,000 個不同島嶼與體驗的競爭之下。

So we know that our brands percolate to the top and people are proactively searching for them. Because of that, our economic equation is different in terms of demand creation and user acquisition. And we expect that with good execution -- and it's not enough to have strong games, you still need to deliver on the execution. So we believe that strong -- with our capabilities and with the partners we work that develop the games for us, we'll be able to drive successful experiences that will deliver, have the potential to deliver asymmetric return for Mattel. And we're excited to participate in this large important part of the ecosystem.

所以我們知道，我們的品牌會自然浮到最上層，人們也會主動搜尋它們。因此，在需求創造與用戶獲取方面，我們的經濟方程式不同。我們預期只要執行到位——而且光有強遊戲還不夠，你仍然需要把執行做好。所以我們相信，憑藉我們的能力，以及與我們合作、為我們開發遊戲的夥伴，我們將能推動成功的體驗，並有潛力為 Mattel 帶來不對稱的回報。我們也很期待參與這個生態系中規模龐大且重要的一部分。

Anthony Bonadio, Wells Fargo.

Anthony Bonadio，Wells Fargo。

So just to start on Masters of the Universe. It seems like some of the forecasting services have this doing pretty well at the box office. Can you just talk a little bit about how we should think about the lift to earnings, if that's the case? And just maybe walk us through what's embedded in guidance around this.

那我先從《Masters of the Universe》開始。看起來有些票房預測服務認為它的票房表現會相當不錯。如果真是如此，你能否談談我們應該如何看待它對盈餘的拉抬？也請你帶我們走一遍：在指引（guidance）中，關於這部片目前已經納入了哪些假設？

Yeah. You're right, things are tracking well. There's a lot of excitement around the trailers and the initial marketing campaign, and the actual campaign is about to kick off. So you will see a lot more activity around Masters of the Universe. At the same time, we know it's hard to predict box office. This is Hollywood.

是的。你說得對，目前各項指標追蹤得不錯。大家對預告片與初期行銷活動都很興奮，而正式的行銷活動也即將啟動。所以你會看到更多圍繞《Masters of the Universe》的動作。同時，我們也知道票房很難預測。這就是好萊塢。

But what we can say already that Masters of the Universe movie is already a big win for Mattel. The movie or -- even the buildup towards the movie is driving awareness, strengthening relationship with fans. We have dozens of partners around the world. We're seeing product sales ramping, growing double digits, and it's only going to get stronger and better from here.

但我們現在就可以說，《Masters of the Universe》電影對 Mattel 來說已經是一個重大勝利。這部電影——甚至是電影上映前的整個鋪陳——正在提升知名度、強化與粉絲的關係。我們在全球有數十個合作夥伴。我們看到產品銷售正在放量、以兩位數成長，而且從現在開始只會更強、更好。

What's unique about this movie specifically is that it's bringing to life and it reimagines this classic mythology. It's going to engage classic -- the fans of the generation that used to watch it when there were kids, but also appeal to young kids and be very contemporary and timely and culturally relevant. So it is an important addition to our portfolio. It will drive sales -- toy sales, the movie is toyetic. The movie is very toyetic.

這部電影特別之處在於，它把這個經典神話具象化並重新詮釋。它會吸引經典——也就是那一代小時候看過的粉絲，同時也會吸引年輕孩子，並且非常當代、切合時機且具有文化相關性。因此，這是我們產品組合中的重要補強。它將帶動銷售——玩具銷售，這部電影非常「適合做成玩具」（toyetic）。這部電影非常「適合做成玩具」。

We just rolled out our product offering this past weekend, a combination of mainline as well as collectors, and it's just great. So we're very positive about it. We said it will be a driver. We expect double-digit growth, and we expect it will give a whole new generation of fans an opportunity to engage with this great franchise.

我們剛在上週末推出了我們的產品組合，包含主流系列以及收藏家系列，效果非常好。因此我們對此非常正面。我們也說過這會成為一個驅動因素。我們預期會有雙位數成長，並且預期這將讓全新一代的粉絲有機會參與並投入這個精彩的品牌系列。

That's helpful. And then maybe framing Megan's question another way. If commodity and freight prices remain where they are today, does that mean guidance remains intact for '26? Or does that become more of a challenge as the year progresses?

這很有幫助。接著也許換個方式來表述 Megan 的問題。如果大宗商品與運輸價格維持在今天的水準，是否代表對於 2026 年的指引仍然維持不變？還是說隨著年度推進，這會變得更具挑戰？

I'll take that one. As we said before, we're not immune, but at this point, it depends how long the disruption lasts and how long the oil prices remain elevated. So at this point, the guidance remains intact with those assumptions in mind.

我來回答這題。如同我們先前所說，我們並非不受影響，但就目前而言，取決於干擾會持續多久，以及油價維持高檔多久。因此在目前這些假設之下，我們的指引仍維持不變。

Kylie Cohu, Jefferies.

Kylie Cohu，Jefferies。

I apologize if you've already kind of addressed this. but I just want to dig a little bit into the expected sales cadence for the year. Obviously, Q1 turned out better than you expected. Do you still expect kind of a large step-up in sales growth in Q2? And really just any changes in how retail like inventory posture has changed over the quarter would be helpful.

如果你們已經大致回應過這點，我先致歉，但我想再深入了解一下今年預期的銷售節奏。顯然第一季表現比你們預期更好。你們仍然預期第二季銷售成長會有明顯的跳升嗎？另外，若能分享本季期間零售端例如庫存態勢的變化，也會很有幫助。

Yeah, Kylie, I'll take that one. So we had a good first quarter overall from a performance perspective, but we still have three quarters to go and Q1 is a small quarter. Now what we see into Q2, we have certainly acceleration in the early times of the quarter in POS, and we then continues to -- we will then continue to see acceleration in gross billings.

好的，Kylie，我來回答。從表現角度來看，我們第一季整體表現不錯，但今年還有三個季度要走，而且第一季是個小季度。至於第二季，我們確實看到本季初期 POS 有加速的跡象，接著我們也將持續看到總出貨開票（gross billings）的加速。

So actually, POS, let me clarify that. POS, given the seasonality in Easter is flat. I would say it's flat to slightly down. But we're encouraged by what we're seeing from an acceleration in shipping in Q2 year to date, that is the point. And our full year guidance remains unchanged. So a strong start of the year, acceleration in Q2 and then we continue to see the strength in the second half of the year.

其實，關於 POS，我澄清一下。由於復活節季節性因素，POS 是持平的。我會說是持平到略為下滑。但我們受到鼓舞的是，截至目前第二季我們看到出貨加速，這才是重點。而我們的全年指引維持不變。因此，今年開局強勁、第二季加速，然後我們持續看好下半年走強。

Great. And then just any update on the strategic review of Infant, Toddler, and Preschool?

很好。另外，關於嬰幼兒與學齡前（Infant, Toddler, and Preschool）業務的策略檢視，有沒有任何更新？

Can you repeat the question? I heard strategic review. I didn't hear the first part.

可以重複一下問題嗎？我聽到「策略檢視」，但前半段沒有聽清楚。

Oh, sorry. Just any update on the strategic review of Infant, Toddler, and Preschool?

喔，抱歉。就是關於嬰幼兒與學齡前（Infant, Toddler, and Preschool）業務的策略檢視，有沒有任何更新？

Sorry yeah. Thanks, Kylie. No update. We continue to assess the business. We talked about the importance of the category in the industry. We talked about the importance of Fisher-Price within the industry and within the category specifically, and we'll come back with more detail about our review of best positioning this business for -- to maximize its potential.

抱歉，好的。謝謝你，Kylie。目前沒有更新。我們仍在持續評估該業務。我們談過這個品類在產業中的重要性。我們也談過 Fisher-Price 在產業中、以及在該品類中特別的重要性；我們會再提供更多細節，說明我們如何檢視並以最佳方式定位這項業務，以最大化其潛力。

Gerrick Johnson, Seaport Research Partners.

Gerrick Johnson，Seaport Research Partners。

So on the investment spending, the $150 million -- I should actually say the $110 million, let's exclude the $40 million in user acquisition, $110 million. Is that still the target, $110 million for the year? And how much has been incurred so far?

關於投資支出，那 1.5 億美元——其實我應該說 1.1 億美元，先把 4,000 萬美元的用戶獲取費用排除，剩下 1.1 億美元。這仍是今年的目標嗎，也就是全年 1.1 億美元？到目前為止已經發生了多少？

Yes, that is still the target. We are not breaking out the spend by quarter, but we are tracking on plan full execution mode, all the initiatives we mentioned. It's still early in the year, but we're happy with the progress and are very confident that these investments in aggregate will have high ROI with net positive contribution to the bottom line in 2027 and beyond.

是的，這仍然是目標。我們不會按季度拆分揭露支出，但我們正依計畫追蹤，並以全面執行模式推進我們提到的所有倡議。今年還早，但我們對進度感到滿意，並且非常有信心，這些合計的投資將帶來高投資報酬率（ROI），並在 2027 年及之後對淨利（bottom line）帶來淨正向貢獻。

We talked about the different parts of the different areas where we invest. This is all about our own brands, our own organic business and designed to accelerate and improve the performance of the business overall.

我們也談過我們投資的不同部分與不同領域。這一切都聚焦在我們自有品牌、我們自身的有機業務，目的在於加速並改善整體業務表現。

Okay. And perhaps related, maybe not. CapEx for the quarter looked like it was $65 million the highest first quarter CapEx since 2017. So what's your CapEx guidance for the year? And why was it so high in the first quarter?

好的。另外也許相關、也許不相關。本季資本支出（CapEx）看起來是 6,500 萬美元，這是自 2017 年以來第一季最高的 CapEx。所以你們今年的 CapEx 指引是多少？以及為什麼第一季會這麼高？

Yeah. We don't necessarily guide CapEx specifically, but what we are doing is we are investing in our infrastructure and this is in line with our guidance in terms of cash flow in general. So we are tracking to our expectations.

是的。我們不一定會針對 CapEx 提供明確指引，但我們正在投資於我們的基礎設施，這與我們對整體現金流的指引框架一致。因此我們的進度符合預期。

And overall, this is pretty much in line with the 3% to 4% net sales that we have executed on over the last few years. And we are doing the normal upgrades that will increase our productivity, our efficiency and pretty much in line with our expectations.

整體而言，這大致符合我們過去幾年執行的、約占淨銷售額 3% 到 4% 的水準。我們正在進行常規升級，以提升生產力與效率，整體也符合我們的預期。

And Gerrick, just to emphasize what Paul said, still within the framework of 3% to 4% of net sales, which is -- we believe is still very healthy and very much controlled in line with our capital-light orientation and capital allocation priorities.

Gerrick，我再強調 Paul 的說法：仍在淨銷售額 3% 到 4% 的框架之內；我們認為這仍然非常健康，而且在我們偏向輕資本（capital-light）的定位與資本配置優先順序下，這個水準也相當可控。

Chris Horvers, JPMorgan.

Chris Horvers，JPMorgan。

I wanted to follow up on the tariff question. As you think about -- take refunds off the table, in the back half of the year, you'll be shipping product presumably at a lower tariff rate. If that happens, how do you think about how the retailers behave in terms of do you get the Gross Margin rate back? Or do you think that the retail partners will look for you to bring prices actually lower given how important the category is to driving traffic to the stores?

我想追問一下關稅的問題。當你們思考——先不談退稅（refunds），在今年下半年，你們推測將以較低的關稅稅率出貨。如果真的如此，你們如何看待零售商的行為：你們能把毛利率（Gross Margin rate）拿回來嗎？還是你們認為零售夥伴會希望你們實際把價格降得更低，因為這個品類對帶動門市客流非常重要？

Yeah, Chris, I wouldn't necessarily speculate on what the future tariff rates will look like. It's early days, but what we are doing is constant conversations with our retail partners. It's early days, and we want to see how the refund process works out.

是的，Chris，我不會去推測未來的關稅稅率會長什麼樣。現在還在早期階段，但我們正在與零售夥伴持續溝通。目前仍是早期階段，我們也想先看看退稅流程會如何進行。

But also keep in mind that we do not set the prices the retailers do. So what we do is we work closely with them on a variety of issues, and this is actually one of them.

但也請記住，我們不設定價格，是零售商在定價。因此我們會在各種議題上與他們密切合作，而這也是其中之一。

Got it. And then I wanted to clarify the POS comment. So quarter to date, it's flat to slightly down, and that includes an Easter headwind. How do you think about it on a year-to-date basis? And then as you think about the shipping strength that you're seeing right now, you're also lapping some deferred retail orders from last year. You've got Masters in the Universe. You've got Toy Story coming. So as you try to disaggregate sort of the improvement in the second quarter, is there a way to give us some insights around how much of it is comparison driven versus some sort of more organic uptick in the business.

了解。另外我想釐清一下你剛剛對 POS 的評論。所以截至目前本季是持平到略為下滑，且包含復活節帶來的不利因素。那你們如何看待年初至今（year-to-date）的表現？另外，當你們看目前出貨走強時，你們也正在對比去年一些遞延的零售訂單。你們有《宇宙的巨人》（Masters in the Universe）。也有《玩具總動員》（Toy Story）即將推出。因此當你們試著拆解第二季改善的來源時，是否能提供一些洞見：其中有多少是比較基期因素帶動，多少是業務較偏有機的回升？

Yeah. I don't want to get deep into POS. We do not guide on POS. And -- but what I can tell you is that our gross billings are coming in strong for the second quarter. Remember, last year, it started -- we started to see the disruption that was as a result of the uncertainty around tariffs.

是的。我不想深入談 POS。我們不對 POS 提供指引。不過——我可以告訴你的是，我們第二季的總開票金額表現強勁。請記得，去年一開始——我們開始看到因關稅不確定性所造成的干擾。

But it's a combination of both what we are comping from last year, but also our strong portfolio and our strong innovation, and we are adding this year on top of what we had last year. So it's a combination of both.

但這同時是去年比較基期的因素，以及我們強勁的產品組合與強勁的創新所共同帶動，而且我們今年是在去年基礎上再加上新的內容。所以是兩者的組合。

And Chris, I would add the comment that we said in the prepared remarks that the shipping -- the ordering patterns in the US is stabilizing. And this is an important comment. What we've seen in the last four quarters, if you remember, the shift in ordering pattern was a big headwind for us.

Chris，我再補充一下我們在事先準備的講稿中提到的評論：美國的出貨——訂貨模式正在趨於穩定。這是一個重要的評論。如果你記得，過去四個季度我們看到的情況是，訂貨模式的轉變對我們造成了很大的逆風。

We believe US retailers ordering patterns are stabilizing. And in line with that, we also expect our North America region to grow in the second quarter. And so this is something we said in the prepared remarks. I just want to make sure you -- I mean it's captured.

我們相信美國零售商的訂貨模式正在穩定下來。與此一致，我們也預期北美區域在第二季將成長。因此這是我們在事先準備的講稿中提到的。我只是想確保你——我是說，這點有被涵蓋到。

James Hardiman, Citi.

James Hardiman，花旗。

So I just want to make sure I understand. Obviously, revenues were better than you guys were anticipating in the first quarter. If I think about Gross Margins and the magnitude of the compression there, at least versus where we were modeling that was worse than expected. Maybe the bridge on slide 12 is certainly helpful.

所以我只是想確認我理解正確。很明顯，第一季營收比你們原先預期的更好。如果我看毛利率以及壓縮幅度，至少相較於我們的模型假設，那比預期更差。第 12 頁投影片上的橋接表當然很有幫助。

Maybe walk us through some of those buckets and how those performed relative to your expectations? And then any color you can give us on how those trend as we move through the year. FX looks like it was a headwind, I think you're expecting that to flip to a tailwind. Any thoughts on the timing there?

能否帶我們走一遍其中一些項目，並說明它們相較於你們預期的表現如何？另外，也請提供一些資訊，說明隨著今年推進，這些項目的趨勢會如何。外匯看起來是一個逆風，我想你們預期它會轉為順風。對於時間點有什麼看法嗎？

And then obviously, the inflation piece doesn't sound like that has anything to do with the fuel cost in the Middle East stuff. But as we think about 2Q and beyond, any help on what those buckets look like from a Gross Margin perspective?

另外，很明顯，通膨那一塊聽起來與中東燃料成本的事情無關。但當我們思考第二季及之後，從毛利率角度來看，能否協助我們理解這些項目會是什麼樣子？

Yeah, James, remember, we previously said that we expected in Q1 Gross Margin to be down. So the decline was due to the expected Gross Margin incremental cost of tariffs, as you see in the bridge, unfavorable foreign exchange and also inflation -- that inflation, by the way, is unrelated to the Middle East because it hasn't hit our P&L.

是的，James，請記得，我們先前說過我們預期第一季毛利率會下降。因此，下降主要是因為如橋接表所示的關稅帶來的毛利率增量成本、外匯不利因素，以及通膨——順帶一提，這個通膨與中東無關，因為它尚未反映在我們的損益表上。

And going the other way, we had tariff mitigation actions, including our Optimizing for Profitable Growth savings, and those were partially offset by several other factors. And all these elements were expected.

而在相反方向上，我們採取了關稅緩解措施，包括「優化以實現獲利成長」的節省，這些又被其他幾個因素部分抵銷。而這些要素都是預期之內的。

So keep in mind also, that's an important consideration that Q1 is a small quarter. So small dollar shifts can cause big swings in margin percent. So when it comes to the outlook for the year, with all of that, we are on track to achieve our full-year Adjusted Gross Margin guidance of approximately 50%, and this includes an expectation of sequential improvement in the second quarter, and although we expect it to remain below the 50%, specifically in Q2, but then also to improve in the second half to get to an average of the guidance that we talked about of approximately 50%. So those are the puts and takes and the trajectory that we expect.

另外也請記住，這是一個重要考量：第一季是一個較小的季度。因此，小幅的金額變動就可能造成毛利率百分比的大幅波動。因此，就全年展望而言，綜合以上因素，我們仍在軌道上達成全年調整後毛利率指引約 50%。這包含我們預期第二季將逐季改善；雖然我們預期第二季仍會低於 50%，但下半年也會改善，從而使全年平均達到我們所談到的約 50% 指引水準。以上就是我們預期的正負因素與走勢。

Okay. And then a similar question on the OpEx side, the SG&A side. I guess, in particular, the advertising and promotional expense was up, call it, 32%. It sounds like maybe there was some timing that affected that number.

好的。那營業費用（OpEx）方面、也就是 SG&A 方面也有個類似問題。我想特別是廣告與促銷費用增加了，大約 32%。聽起來可能有一些時間點因素影響了這個數字。

But maybe any thoughts about how to think about how that trends over the course of the year and sort of the incremental investment spend, how to think about the timing of that? What do we see in the first quarter and how we sprinkle that into our models for the remainder of the year?

但對於如何看待它在全年過程中的趨勢，以及增量投資支出、如何看待其時間分布，有什麼想法嗎？第一季我們看到的是什麼，以及我們在模型中該如何把它分配到今年剩餘期間？

Sure. So for SG&A, let me start with that one. SG&A increased $19 million, primarily due to the investments that we talked about, the strategic investments. And of course, we do not guide to these lines for the year. But keep in mind that this includes incremental investments that we talked about since last quarter.

當然。那我先從 SG&A 開始。SG&A 增加了 1,900 萬美元，主要是因為我們談到的投資，也就是策略性投資。當然，我們不對這些科目提供全年指引。但請記住，這包含了我們自上季以來所談到的增量投資。

There's also a little bit of timing when it comes to the A&P, and that is also associated with the shift in the Easter holiday. But we are tracking to what we said overall since in the beginning of the year, and that is associated, of course, with the pacing of our investments.

另外，A&P 在時間點上也有一點影響，這也與復活節假期的移動有關。但整體而言，我們的進度符合我們在年初所說的，也就是與我們投資節奏相關。

Okay. We don't have another question. Thank you. Thank you, everyone. Thank you for joining us today and for all your questions.

好的。我們沒有其他問題了。謝謝。謝謝各位。感謝今天加入我們並提出所有問題。

Just to say in closing, we are closely monitoring macroeconomic developments. Clearly, a lot of things are going on, and we are watching how things pan out. Yet we have a lot to look forward to this year. Our outlook reflects the momentum of our strategy to grow our IP-driven play and family entertainment business and are excited to continue to execute the strategy for the rest of the year.

最後補充一句，我們正密切關注總體經濟的發展。顯然，很多事情正在發生，我們也在觀察事態如何發展。不過，今年我們仍有很多值得期待的事情。我們的展望反映了我們策略的動能：擴大以 IP 驅動的遊戲與家庭娛樂業務；我們也很期待在今年剩餘時間持續落實這項策略。

We appreciate the time. Thanks again for joining the call.

感謝各位撥冗。再次感謝加入本次電話會議。

Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。