MAT - Earnings call transcript Q2 2019

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Operator

Good day, ladies and gentlemen, and welcome to Mattel Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions].

As a reminder, today’s conference is being recorded.

to host like Mr. today's now would introduce for your call, I Zbojniewicz, Relations. Investor President David of Vice Mr. Zbojniewicz, begin. you may

David Zbojniewicz

Thank you, operator, and good afternoon, everyone.

Joining Chairman and Mattel’s Ynon Officer. Kreiz, Officer; Chief Euteneuer, are Operating Dickson, Joe Chief President me Richard and Financial and Mattel’s Chief today Executive Officer; Mattel’s

results. know, you financial we XXXX second reported As Mattel’s afternoon, quarter this

your We will results Ynon Richard then will we with Joe and for and providing Ynon, Joe begin and today’s questions. to take provide call our commentary time on

we have today, you To with presentation. help discussion guide slide provided a our

slide EBITDA presentation including earnings other adjusted operating discussion, referenced and gross profit and sales Our adjusted currency. that non-GAAP per the this earnings currency. loss, adjusted financial gross in and note on release measures, selling margin, constant earnings gross and expenses, and depreciation reference and loss and administrative adjusted sales, share, Please adjusted figures will interest, income constant before be call adjusted stated amortization EBITDA, or

is non-GAAP of our The information documents section in Investors required site, measures and the presentation and are by our regarding available both corporate Regulation financial release slide earnings included corporate.mattel.com. G Web in

future include Before statements statements made in may that we relating that to certain product projected I’d based the business, call cause to statements those begin, you during brands our our are they like information remind number to forward-looking performance are uncertainties the materially and These of and forward-looking lines. risks on from and could available of actual currently subject statements. to significant a differ results the

except not XXXX with Annual the so, this forward-looking the well our from earnings obligation update required statements. Form uncertainties other statements does Mattel as by call, in in filings to Form release accompanying as expressly do and our the and as any law. other public disclaims we time-to-time, make We SEC Factors XXXX in XX-Q, describe of on XX-K, Risk these on some our our section Report presentation Quarterly Reports of

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

Ynon Kreiz

Thank consistent This company. quarter our for Mattel our earnings quarter, strong demonstrating in you toy progress execution IP-driven, transform joining of call. everyone high-performing an to second the into was another strategy

continue on-track to the and and to to growth remain IP top profitability in goals midterm of restore regain term. traction short to our full mid line to to We achieve the in value gain and our long capture the

currency. constant of the following. and include last up Gross reported to as financial were sales as constant were X% notable compared up in highlights the Some currency. more X% sales reported and year Net in X% X%

EBITDA Adjusted $XXX was income XXX operating points. Adjusted improved And million. year-to-date, flow $X.XX. by gross margin million. improved $XXX operating Adjusted basis million. improved cash $XXX up Adjusted improved EPS by by by

simplification already We months now savings classified schedule. in XXXX successfully structural structural of have simplification. savings million exceeding achieved XXXX of that ahead also run-rate $XXX six of our in exiting $XXX target some includes This plan our million are

We million cost run-rate and to expect year the the additional to by achieve $XXX on work end of continuing reductions. of savings are another

gross in improvement seen million, we consecutive is XX our in the margin, quarter and over any operating It key quarters was that, achieved income past of the income, the including profitability, $XXX EBITDA year-over-year largest cumulative operating the consecutive quarters metrics four years. improvements reported company where over With EPS. has improvement four fourth four in in

much Vehicles a global year. slower last The we currency, Figures, a Games Building are we than we achieved at our categories Dolls are leader Preschool in the at pace where Looking gross constant and Sets categories as challenger. but Action well as where Toddler decline growth and category Infant, and the sales saw in a

the new Barbie grew with introductions is architecture Barbie Pocket expected partially seventh making the and in Polly offset of by American consecutive track continued X% sales Girl. it quarter primarily for turnaround and product decline Girl of the Our franchise. American pricing the The up half in in by Dolls on second coming category year. driven momentum growth XX% was the

digital new and experience fresh will simplified forward. fall which is engagement this that the addition, a offer consumer platform In launching new drive will our engaging brand content

brings We a as the as announced Girl, and Jamie Cygielman new for American toy recently leader knowledge experience marketing business industries. XX development of entertainment in years of and who well over innovation, deep

year. about will under of progress leadership later the more share turnaround We her the this

globally category new of brands. Dolls the launch well highly innovation Pocket BTS growing the several we’re Polly with ahead, as to expected across is doll continue Looking positioned to the Barbie is as anticipated up well and gearing line.

This Our Vehicles decline partially Wheels vehicles primarily Universal’s expected the and movie years. offset Hot launch of CARS Disney’s by was driven category X% the World was by X%. which Jurassic grew up post

we biggest launched history. a This given the campaign. comparison notable performance quarter anniversary was for the second when top year Wheels XXth in last the Hot especially its is double-digit growth achieved This we to

will Wheels other ID which launched to at the Apple Amazon innovative and in in earlier Day our Hot month. introduced line retailers this also We Distribution expand stores Prime was on June exclusively on fall.

a our and classic product innovate great to of introduce example new brands re-imagine the retail generation. to lines next This ability for heritage activations is

year. continue to second We the in Hot half the expect Wheels momentum of

Rock loss was expected and to Thomas the compared X% and down Preschool decline of Our related was product category Play due XX% XX%, the to Infant, a decline in down year. to Fisher-Price recall. largely 'n the & sales Fisher-Price Friends Friends last Toddler and

an showing Fisher-Price is Core trend. improving

Play re-launch Story progress X new half the Frozen. and based introduction such of on third-party the as of Heroes Makers, Rescue as Toy the We second well expect as further products with of IP launch year the of the Role Wonder in Linkimals, and

was driven our licensing in lower by the Friends party quarter. & The was right-size to and Fisher-Price Thomas in Friends third licenses. performing decline our effort exit portfolio down

XXXX. on content in range brand a strategy in product We towards and of to work anniversary continue XXth simplifying the developing the the new

XXth. continued growth for Toy on and digit the double categories. of strength challenger This consecutive June Games Sets Building to XX%. quarter the growing Story very X Figures, high following well together second film’s these is doing show Action release is

been our look for Figures NPD, the series continuing in year. in still the performing with develop the one of assortment item our line second has well Action Figures Action in launch to franchise the Jurassic selling Netflix And forward Universal with collaboration We ever-green each weeks. X-inch animated World conjunction According to its to eight the XXXX. is U.S. past of further the in this on number

in channels, North customers Looking growth This brands. and constant based in of region performance international report been at broad and our across world. currency, in to proud segments growth every the America I’m has

North expectations. versus X% another decline most year’s XX%. the in America segment multiple performing sales above solid of across up were with customers Gross quarter categories last was This

were last XX%. XX% up X% America Pacific X%. up year’s decline International XX% of X% up of gross was decline was versus year’s versus growth up was EMEA versus following decline last last and sales X%. Latin of X% year’s Asia of year’s last

study a our is and to capabilities. continues challenge great Europe team regional strategy execute how commercial further case a of omni-channel develop

year-to-date Spain, European the While grew the through European and declined France, Russia toy in market key May per Poland. UK, markets including we NPD, has

and growing the in second China our position good year. growth in we focusing strong Asia, in in we of in maintained Brazil. saw growth Mexico Latin leadership where expect And biggest and markets; progress half also the on in by Australia region’s the two We America and

develop This to to Mattel our with of capture long-term partnership part value to of and been a a in our action film we live on the the As marks X announced IP. has Ball. Productions strong Blumhouse strategy, project feature action groundwork have based sixth that recently has momentum mid Magic Mattel full development. Films film laying Films the we live

for is well. Globe was Warner winner nominee’s We recently are Bros. very excited set Noah partnership film the we about Baumbach and Academy Greta Pictures will movie Gerwig Barbie and progressing Golden announced in The the this. which write and Award with up that screenplay

have We shaping retail date strong Masters XXXX. film is the activation movie set in for marketing release a with behind big also support March the This as with Universe up global Sony and of of it. the Pictures a event

Our for of Hello Kitty properties. team other iconic number multiple several and executing We international signed made fronts an well franchise the is announcements. licensing a and franchise Sanrio important with management on has agreement

existing will We releases onward movie well DC to expanded Disney Warner to Pixar Universe Pixar’s products DC products And vehicles of all the upcoming as and well be so. Bros. agreement games Super continue by our inspired the the preschool, girls, the Girls. and extended in franchises existing content with consumer licensing film and for our develop as Hero global with we categories properties for licensee new as as and toy lead agreement

of our a schedule savings or million $XXX XXXX simplification Achieving accomplishment. run-rate six ahead $XXX target above exiting of months major million structural is

additional run-rate end we and continuing addition, reductions. million of the another In work achieve the $XXX to of on by cost year expect are savings to

Structural simplification the position. profitability has the we and to our enterprise entire to driver reflected It P&L a key cash is commitment action, way towards in take and and the also the benefits a of are been restoring tribute evolve transform clearly operate.

that results made a and in driven major have positions savings, progress the for we structure established that performance organizational company While oriented growth. progressive is cost also we

category around growth have organization brand to accelerate channels; in In commercial market toy across categories. market and Redesigned the by and by the drive structure year, done following. groups global we growth past core region a to reorganized share gain global management a

Elevated them the category design individual and rather and brands. consolidated support strategies than into one to team functions development global

and American in Continued and management. implement company the film, brand the television franchise restructured into and to retail, Girl brought transformation areas such leadership to the of new capabilities as and ecommerce reset the our online growth retail footprint

structural making growth are leadership key service made we to gross transformative seeing contribute cost strong new Another to are improvements sold changes. already we by and have Under supply Key area levels lower is performance of some margin. progress chain. goods important continues where in metrics

plants. Capital underway well model consolidation with execution two our Light our of Mexico of the the in We’re

increasing our As supply this on footprint, a mentioned across planned of effort productivity entire achieving our efficiencies before, the focused optimizing and infrastructure manufacturing multiyear is chain. comprehensive

strategy. quarter as all growth momentum in but In all multiyear demonstrates further line North our continued our turnaround and segments categories closing, top one. this regions, America across in delivered growth the as We international of well

the and progress to We full savings. value our the additional laying expect the profitability our groundwork to capture structural of continued improved and make consecutive in simplification exceeded target quarter of still achieved IP. We fourth

is the innovative through to develop positioned the well year mission we of inspire, creation long-term on entertain execution products second methodical of half believe the play. and are for focused create We that value. and and shareholder children remain experiences Our and

financials will would the to in I more turn detail. cover the who over call like Now, Joe to

Joe Euteneuer

more Thank provide and color everyone. guidance. I’d to to you, our on XXXX detail Ynon, like afternoon, results our and quarter and second reaffirm good

as X% year-over-year in up and were As Ynon sales shared, reported up gross constant currency. X%

The in partially and include and by growth categories. gross in sales as by was increase categories Vehicles our in Games offset our Building a as categories, decline challenger Sets driven Figures, Dolls which Toddler Infant, and Preschool Action well

digits impact ‘R’ POS from mid-single quarter, Mattel in up excluding Us. of was Toys the the

of up Our points the sales, XX.X% XXX second of XX.X% reported XXXX. net the in gross basis quarter margin was from

margin The mix basis XXXX. of as Our and XX.X% in structural adjusted points net obsolescence margin favorable from quarter gross gross XXX in well was expense. from up primarily as the sales, realized adjusted of significant driven by savings improvement XX.X% was lower the simplification second

or the percent recalls. future, X.X%, of million extent there included in SG&A XX% we was million, a associated the was flat costs the a provide of accordingly. as updates the Advertising expected. Reported of year-over-year sleeper $X was year-over-year. million cost will with additional This product inclined of decrease as absorption To $XXX which sales $XX are net

or of Us million ‘R’ partially merit was decrease the million $XXX $XX $X was bad recoveries adjusted by increases. million in by SG&A of a realized from million, year-over-year offset driven structural in of debt Adjusted X%. $XX second SG&A quarter savings of and improvement This XXXX primarily simplification, Toys

a in an was million EBITDA a of the negative loss in $XXX an operating $XX the million, of year. Adjusted of Adjusted $XXX $XX prior year. improvement to to million, million compared loss $XXX million $XX was million compared prior improvement

in EBITDA adjusted by operating and additional loss simplification savings substantial The gross driven margin adjusted structural and both improvement expansion. was

income expense Our quarter. tax $XX the was million second in

ended We with sheet. balance balance cash $XXX the to million. quarter a second of the Moving

payable Our receivable accounts liabilities improved of capital result partially expenses by year-over-year collections, as and lower prepaid combined. working a lower offset accrued accounts and decreased

increased five-day More a sales specifically, XX our a resulted receivable the reduction and resulted in improved despite sales quarter decrease in days in outstanding X% collections accounts to in in days.

continue to inventory we manage Additionally, X%. tightly owned which our increased

of half we believe the are and level well second We with positioned for year. inventory the comfortable are our

Moving to cash flow.

the Our a primarily net to excluding year-to-date million operations impact cash flow improved charges. by lower by of loss, non-cash used million $XXX for driven $XXX

structure, our be that our investments we run ABL our We grow credit liquidity line. business both as which to capital about make confident strategic have well the and continue top to as facility to includes sufficient efficiently

said, we in savings million six XXX in P&L run-rate until incremental successfully simplification of of materialize structural target million XXX run-rate schedule. Ynon the million XXXX. savings months As of have achieved exceeding XXX The not ahead exiting will our XXXX

XX Please are note simplification. million now of relates already part savings structural our XXXX plan that as approximately the that million of XXX were being and to classified in

For realize about we in now reasons these structural savings XXX to of simplification XXXX. expect million

also additional on by will reductions. expect end until we another materialize of mentioned, the and P&L the the incremental also Ynon As These XXXX. achieve continuing run-rate of savings not million work savings year are in to cost to XXX

We our two million Light consolidation resulted expenses. includes facilities and Mexico. of also quarter, our severance the model executing Light in second of Capital the in restructuring manufacturing In are which Capital $XX

We are annual currently action estimating that in savings XXXX. of million will alone starting in result this XX initial

additional impact P&L to half model our expect costs XXXX. in with Capital of benefits beginning to second year the this Light We the related in

progress, will subject to key We make developments share continue considerations. competitive confidentiality we and as to

as offsetting I to structural number EBITDA cost would savings Light expected those and about simplification all considering Capital our As pleased and caution savings, operating not XXXX without income of to simply you of we a factors. incremental add are

inflation non-cash as economic example, general tariffs macro as environment. include, cost These investments, the and items such exchange, product potential factors well strategic foreign as and for

were In the our transformation our spent strategic related of on of second primarily investments, growth IT million quarter, we were investments to brand $XX and expenses. million $XX part which These operating opportunities.

spent clearly were our on Year-to-date, part is investments, planned have half of strategic of of for the our which spend million $XX expenses. of The year. majority we $XX investment operating million back the

guidance XXXX our review starting with line. now the top me Let

encouraged half to and early change half, related to year, positioned are expected performance especially considering the loss revenue we believe we for are voluntary $XX well $XX it Rock While to by recall. we million too million second our volume for n’ the the our our first is guidance Play

expect to sales X% year-over-year in currency, by a impact continue exchange. X% We to foreign offset gross constant negative partially flat from

margin from structural will benefit gross simplification Our adjusted savings.

This with XXs, the in exchange. inflation adjusted margin includes cost meaningful expect absorption to of negative a to of expected to prior be continue we result, year. a As and gross the product be Sales still the impact in low improvement. year-over-year the improvement line foreign adjustments are

investments are Advertising within range of to as historical of online year-over-year increased to expense dollars This digital strategic net our will expected of development sales. XX% XX% content to increase such drive include the still engagement. while remaining

full savings. due the Toys net year bad XXXX. be expense dollar to net recognized on a structural SG&A debt the of adjusted SG&A expect still benefits of million $XX down Us of We benefit in simplification basis, and sales primarily year-over-year percentage from still of absence XXXX the to will adjusted ‘R’

simplification net absence merit, The offset full we positive. and income TRU bad the be strategic and expense will year investments slightly to operating structural increase by partially benefits the still adjusted be Overall, the SG&A inflation. of in debt expect planned from

quarters, to have feel early While it and into change strong two the the too our and in next first about momentum second made quarters guidance. progress going confident the we still in year is XXXX

$XXX to million, to expect range doubling essentially in to $XXX the continue our We EBITDA. XXXX EBITDA adjusted adjusted be of million

XXXX. be still marginally should than expense Interest higher

tax we it expect guidance $XXX hasn’t We our changed. income million discussed to approximately taxes, to expense of call As million. $XX still on relates earnings the QX

flow. with be in sheet be balance this working line the and change XXXX roughly expect we will cash to and Turning Capital still in expenditures neutral. net a to capital year

positive we to profitability, this achieve first cash from continue restore As in operations years. to time we the year flow for three expect

Light simplification is I’d from future and like structural benefit Capital the to make of savings our additional fully appreciated. sure

full benefit in of Capital savings savings our run-rate million $XXX above target will mentioned, incremental structural captured additional only As simplification the XXXX. and be the Light

to you illustration, all if $XXX assumptions in and the million were But of other you $XXX these an apply guidance $XXX million are would to items, we of believe to adjusted XXXX non-cash constant gave approximately impact the February, adjusted addition savings XXXX relative million for our in EBITDA to of we net on hypothetical EBITDA be our purposes site hold of Web which an our guidance.

these the of if incremental of were Again, would is what a just materialize illustration savings to benefits happened hypothetical in this XXXX. have

other the many relevant are you Of any ready is too XXXX. be guide give when will performance and early course, on business XXXX you to to on variables understand the of guidance we it

closing, across shareholder IP-driven, work company. and high-performing to progress, our transform materializing we toy benefits are strategy The And of continue long-term focused In the clearly we value. sustained Mattel to P&L. hard the remain execute execution into of creation teams’ the an on methodical

you Thank time today. your for

We will the for questions. now line open

Operator

Thank you. Instructions]. [Operator

comes Goldman first Mike from question with Ng Sachs. Our

Mike Ng

the about questions. I applications Thank for talk Fisher-Price. of Great. for wondering you was updated just can you if your some

was expected there Fisher-Price point where flat think the recall. be you prior on to the a to I year

we a yet half? there new I And the you’re improving come, trends Fisher-Price growth expect that should the the quick return With have to up. fall follow second seeing line to in and to

Richard Dickson

Mike, it’s Richard.

at We the the for starting Fisher-Price and see quarter. brand some are the positive on decline for track stabilization despite for globally, the category we’re real signs to

improve half. into the We expect back our to trends to continue

of with with launching We’ve Wonder Infant Rescue Heroes. we which you Linkimals Role those new our three existing We’re at is re-launch both and that got Makers, categories; segment. shared actually Fair Toy in great like innovation the Play categories

about Fisher-Price. So, the improvement very in all-in-all, strongly we continued really feel

Mike Ng

XXX? talk coming the provide coming to opportunities just you in also you about could. to Capital about just And do do are additional guys Could have better than own when the for expected. I you you’re hear what where Thank the you cost saving Light, sold and or see And if with a going It’s encouraging you the decided factories made about the Thanks. more from factories? that where you. does savings for progress improvements mean one examples your these few details and in Great. cost Joe,

Joe Euteneuer

and backwards that’s to consolidating down consolidation Mexico, so Yes, announce regards me shutting you. let been in plant our plant our In did the for so it we Capital that so we announced. into Tijuana have Light, of Mexico, work we’re

reflected creates the a area, regards that design couple. of a our structural pen in severance the all system on costs big numbers than all efficiency You in over in for actions. the CAD give restructuring to $XX to designs savings things transferability of give In to a paper, and with see will a [ph] as doing in the regards you which product, worldwide of simplification, and they us cetera. are along board. regards with to those we’re savings et achieve building, In costing the million rather estimate doing we moving associated are that things to XXXX model in I’ll out

putting in our global and system leverage a we how different pay visibility our that have commodities. are spend We spend for to across of so procure better to

as management. far We working as our on are obsolescence inventory

there stop cost there. in But I’ll to going number sold So or a whether on and I are for could projects hours. it’s on go goods of SG&A,

Mike Ng

Great. very much. you Thank

Operator

you. Thank

Kocharyan with USB. from comes Arpine question next Our

Arpine Kocharyan

program much. improvement? saves have improvement a could against and asking follow at quick operating Hi. flow Thank I what you’re cash non-GAAP Joe, cost guess I cost your then exactly expecting in to up. operating bridge you the cash charges between what the arrive very I’m And flow? saves year is this you are gap

Joe Euteneuer

Yes, sure.

the standpoint. on from is charge. in those capital program EBITDA cost some savings tooling get and benefit It’s standpoint that items, an a amortization of So savings eliminate basically but a non-cash really a depreciation a and as we you’ll remember cash not

Arpine Kocharyan

Okay.

operating XXXX little bit actually fair assume saw that to well, between what million a gap have cash So for flow to should a versus in the your gone to is as it than bit that costs this XXX are severance to it’s did what year and that we considering through? going little be less go going decelerate

Joe Euteneuer

of lot moving on talking cash you’re get flows. a the to There’s of to parts – statements from cash operations about flow

about think to there capital, got too. are working the all going You on that things

I one that to first we to the So know there’s lot we be I in flow reiterating don’t a pieces. to cash which moving get year going point exactly three but for the that are number, the positive years. could are full of from to operations time is you

Arpine Kocharyan

then of about I on operating slide close Page Right. of a And million take XXXX. XXX million on XXX profit your was base XX, XXXX were referencing to about non-GAAP XXX exiting And you’re deck, cost million, if your saves basis which to loss.

and like grows, the guess you’ve of the inflation, should how telling But For in you’re exiting to about for profit look have guidance you’re ready regardless improvement underlying saves, regardless of about you absolute run-rate FX, factors. is – know investments I what of know where talked the you’ve what early you’re about you in it’s which given XXXX that sort terms XXXX of of XXX any I cost given I investments have visibility how top and so terms of that dollar million XXXX you’re yet offsetting you base and operating not operations talked XXXX? other that give line of targeting amount the that improvement with from operational us you’ve know talked perform? is

Joe Euteneuer

on the so take the could work the for was the that so have all the see and lot a all you still that’s do, turnaround visibility really in call more what I middle a to the that you for to remember that hard of you our talk Yes, performance we’re or any the do XXXX. really half to of business come in and that is in for about for any XXXX And respect of from. it’s to year where Because the the really to items with talk tried expectations tell year guidance you I the better it’s back to about anybody than know think from you structural gave we simplification to Capital into go the the then items consideration what discussed line. exchange, foreign Light XXXX example just some the the bottom be need our whether inflation, items it’s therefore year coming by the expense of and tariffs of savings do investments, potential to the and the I non-cash macro then program is of general economy cost using like start and it’s going XXXX end. you line that But why whether product and factors to the early

just the point So the think more half little in later we early building we’re too year. we a but XXXX, to it’s try the in going to have year we’re we’ll do and of where give to you the back and confidence momentum and

Arpine Kocharyan

you. Thank

Operator

Thank you.

next with comes Our Badishkanian from Citi. Greg question

Greg Badishkanian

Thank how and POS any particularly the quarter strong trended markets in or you about Great. U.S., second globally your talk that you. were Could for weak?

Richard Dickson

Dolls in Richard. was of was Wheels, Hi, the growth had Hot of the Barbie, categories Most great POS. context well. overall had the really of very in had particular, course, strong significant Greg. us. great It’s internationally had board. very quarter. Vehicles a quarter We very, as across great strong. POS a for

markets, across great see board I’d overall particularly also in in half. back was good. So our general the we European our It’s turnaround seen business. we’ve great been we’re And and that that of to say very continue momentum very, and POS proud in a the

Greg Badishkanian

as that you quantify I that you might that have for Good. XQ? out. any gave – have well can missed Do if you

Richard Dickson

Figures, growth we with had strong really actually had across we as factors the it at almost digit are every mid-single think and to double strong strong growth. Games, consider need ex-TRU, in digit had ex-TRU, we Sets look single of and with double you we but growth. some digit And to TRU category. Building I Well, Action And

Greg Badishkanian

you good. the turnaround business? think on good plan your right, Girl. weaker This when All a business, What’s opportunity. And could turn is American and the this do the then around just of part you

Richard Dickson

Yes.

well As lead Jamie we brand. is the at new mentioned, have Girl, Cygielman we Ynon who and leader to American a suited mentioned

We excited legacy really and and fan key incredible her I’m in an is as and and about in generational loyal in share highlights initiatives really several American We’re both the quarter. to with strategy beauty certainly fall longstanding pillars excited toys. and experience particularly with know, some strong franchise really of I’ve in identified and fashion, in talked as the you the a next really this base. have Girl, transformation

I’ve evolving into a will digital our lot flagship. Web that. a completely We’re be digital about engagement talked a site new consumer There platform.

a focus. be We’re rolling solutions, payment speak. concentrating tiers as on will shipping new simplified that’s out mobile-first actually all and we There

going flagship, I some particularly to have, that we to enhancing to experiences of the retail everybody We’re be stores. our so our in encourage start visit

that see both in some of new emersions experiences going You’ll great be to and enhancements the doing. character we’re

to a see new a differentiation in We product ultimate new to and of introducing more value going architecture. hard which pace, transformation able not least be also you’re infuse And are line at points working but brand Part share the gift lot so then both at on price we’ll opening a last really some content revised experiences. a line strategy more to frequent soon. the really has been freshness into

certainly of an such desired So about incredible, take the these and we to turnaround. to valuable franchise is achieve and Mattel remain its implement going this time really confident while changes do it’s portfolio important outcome, part and

Greg Badishkanian

Great. Thank you.

Operator

you. Thank

comes question next Wissink Jefferies. with from Our Stephanie

Stephanie Wissink

a questions, to could. everyone. afternoon, ask just if clarification I want of Good couple I Thanks.

if willing shift When the Easter number, gave wondering what do and adjustment The you again first the on second the us the benefit us I’m was you shift? you’re in is the first Easter to that given had the for POS. from quarter quarter

Joe Euteneuer

period Easter time did quantify result of and a we didn’t the frankly. we that didn’t an provide upswing POS really have Yes, as timing. we for of this But in it shift that

Stephanie Wissink

you comment target of to benefit? going for first the XXs margins. bridge what prepared I the you that can but just versus Okay. is in simplification come the continue to want the you’re And grow back half your your help on second us you the in question, tie a terms the gross mix of I are Joe, of half. know from low structural to Barbie expect for to then to you components to reiterating that improvement kind remarks just year, half in And that made second the

Just curious only at if coming that the over online other from year? course this play, brands competitive are you the of dynamics but bit can extrapolate more doll little Thank a on to Frozen you. not

Joe Euteneuer

Yes, sure.

Barbie, to competitive the Richard about the talk environment? So on you want

Richard Dickson

Yes, up Obviously, QX great Barbie. happy sales with had talk about we a to XX%.

back quarters positioning good has our share category. – environment. the well the half, product, is the the as in grow consecutive the lineup, a a always obviously It’s and Barbie about. of this the gain great Mattel to seven about continue particularly younger is its is mentioned, feeling competitive in had excited context as current growth. Barbie to to in got doll marketing But is very in product, We’ve It ability position particularly girls trend. continuing of a we’re segment very brand As and strong we’re which very dolls. great and very year-over-year with And new

to well as we doll most celebrate inclusive been on extraordinary in fashion is the dolls back the fashion as is our you themselves ourselves Camper and of strategy the pride collection As part important half. an continuing we’re it the marketing Dreamhouse accessories inclusivity well with base divisive for diversity business, and doing as that have strategy fashion and the the and estate world. know, truly And and our heritage

a importantly we’ll of a powerful and lot disabilities permanent cultural be back very really dolls including other half. reflecting wheelchair commerce a launching fact, but in doll In the drivers for conversations, physical

Joe Euteneuer

our majority the part year simplification the going of year. in to that’s to in the manufacturing the margin big of will happens the half structural And regards question, inflation. of half But a remember, back back and when your of of you’re obviously, the play application get

So the is. that’s that reason

Stephanie Wissink

you. Okay. Thank

Operator

Thank you.

Our next question with comes from Ray Edge. Consumer Stochel

Raymond Stochel

to we to savings your million Great. taking plants how some the my relative XX the do Thanks significant for other strategically? consider to maybe you for in of plants Can you decide of of base plants? frame consolidation reflective help we the other question. on assume depending us that what what is want your could And is guys Mexico

Richard Dickson

really of in shapes other taken extrapolate you size come plants. manufacture The Yes, one to just all the things. the different and that can’t different plants and action we’ve

just we’ll the because updated as So just we’re wanted keep savings provided take not action. thing cost the incurred the the of to give result but we haven’t guidance that sensitivity you update this we going of a as any of only additional actions, planned but you through, also the

Raymond Stochel

for to is it. that then That of that be can or awareness that data opportunity globally? brand Got for brand Masters sense. makes on prior the there just you us this frame Universe, use And the Thanks. of sales general whether it help any

Ynon Kreiz

an is commercialized interesting this because XX brand question Yes, years. we haven’t the actually in

speaks seeing more catalogue which commercialized the that important theme we So have many hard data of here tremendous Universe. so working are But Masters strength story some active to that and the of that resonance we’ve projects three we’re here we not is to classic in come that just decades and the IPs recent cultural and of far, are of more it’s there haven’t following, we is is announced point. brands interest other are in expect And the a own. our interest a of IP less our are in the the more that on brands, you There where classic so out based from we to that there seeing six give brands. on depth big movies

we that decades. brands haven’t commercialized, the stories of in Some

Richard Dickson

convention and celebrates data to our The our we activations Masters of can of incredibly into are primarily largest really, toy good Comic-Con also of But was the base certainly really While property fan in teams in and the the of coming, different that revival. tap oriented, reaction the but lines everybody we partners highlight. the from potential pop of Universe internal it I and our properties. out Comic-Con lots celebrities, we actually had excited our features and there for most a there. you A-list Masters, spot. fan extraordinary we Comic-Con. Generally industry entertainment of displayed. it It’s properties the incredible in Diego of tell this booths properties We base and And about the license a showoff the world was any then was companies, own called we a lot pop part this it’s leading this not San future event and it year excitement showcase new borne if culture sensational toy our got one indication sensations

Raymond Stochel

Great. Thanks, again.

Operator

Thank you.

Our next question comes from Jaime Morningstar. Katz with

Jaime Katz

afternoon. Good Hi.

guys EBITDA three if looks next shooting you internal have last that improvement handful you hear are debt guys pretty of Given you the two to the the for, any improves like to over over targets be because to it rapidly years? EBITDA quarters, displayed have curious I’d

Joe Euteneuer

were company to get we want Obviously, at grade and definitely investment point investment one an we grade. to back

but So number? have to get the grade. back we investment No, to want we exact clearly set

Ynon Kreiz

that a we strong clearly progress this is And multiyear making are and which is turnaround add I encouraging. would

and We through. we have intend strong momentum to follow

continuous story. grounded. But that in a time. And not time. need You profitability will stay more take remember do improvement over we This one-quarter things see to is

laying to in operating point mid and you have juncture. want of road so IP to the bottom also line. the to continuous long down achieve very I are will we take to in Joe additional an important and earlier reiterate years first see expect three We that see flow which the the in but value the that positive will we’re made time cash But groundwork term, for improvement the about momentum growth is also our time. this confident to capture also encouraged said, the

way. sheet bottom we’re with strengthen We on cash time continue better the our the our overall at to position strengthen improved but It take line and will and company performance. balance

Jaime Katz

have enacted? that Okay. the proactive you regard event the to guys any there are in reposition taking tariffs then steps tariffs, to Thanks. with been business are And

Ynon Kreiz

job respond relates Yes, to organization to tariffs, is design that to flexible conditions. as can other an and including it our and tariffs is factors, exogenous

the We tariff implemented implemented watchful and impact are be the industry. that if entire may potential would being toy over

impact alternative resources and gives to with work suppliers, and place procurement as a find is structure sourcing mitigate doesn’t play. our different the to it options price on have potential Capital to effect, impact mix will comes transition we teams approach that in levers where are increases, we’re tariffs. the model such that pull are we aligned to into retailers that our leverage mean tariffs and our several product product that closely if to the contingency ensure Light working the which to with There We offset were of us our optimize can mobility that and manufacturing bear plans full to exactly tariffs. Mattel development these Keep our flexibility and take mind in

relates taking entire not factors make that as to So it up up build and entire a approach holistic where the including this Light way model, the optimize is just them about the the This structure Capital are is about to all product, strategy and cost we at the looking in on we – picture, it’s overall place tariffs. the distribute manufacture our shelves. tariffs, them

Operator

you. Thank

Our next Conder question Fargo. Tim with comes from Wells

Timothy Conder

you. Thank

on figures, Toy products whether or Just BTS, preorders on the you here that that’s the gentlemen. product expectations versus Fair? days line for a on ago, showed some the or couple at dolls had any outlook color the game that you of XX

Richard Dickson

Richard. it’s Tim,

en have in results actually at strong. had It on is recently the but the frankly it in market, excited BTS. well most been launching all stimulate dolls and was designed Pre-sell masse Amazon the on sets incredible We expected week. of industry that known incredibly next XX presale the be Asia, so And we’ll in kind success into and the first the fully broke at Top Korea. are particularly for. U.S., this It demand retail. actually of about In obviously create frenzy went pre-sell XX hours. to some really We

our which YouTube also some like other we the doll combined been Barbie best digital line included and had of on We which has the Barbie unique IP blogger of episodes a BTS. really reveal some of

so next are incredibly pre-sell And created. and we to the And the So, we’re the demand en fully the results brand far launch that results. creation see program we we’ve excited with happy masse. week

Timothy Conder

ask how XX ago thought where sort you Richard, say, you the Would it to way question? would I versus be guess another days of is would that be

Richard Dickson

we for day the demand with consumer from get the as digital both be To sensation well as is. culture BTS appreciation more you, anticipation more retail honest seems in every this brand that pop see to dialogue and as

for and our So did pretty stimulate more were I them. create just more And high as frenzy pre-sell, it they demand really is to pre-sell even even and said, that. delivered but against expectations and

Timothy Conder

briefly, I and X here that’s in you Toy did Story Okay. And on color then year-to-date? Ynon expectations another preamble, on but think I guess it your brand very touched versus performed on any how

Richard Dickson

XXth number has film’s time. opening It the of X to strong. exceeded expectations. Obviously on one Story was Toy the believe Yes. come the all out of release animated I be June tracking

received. line Our extraordinary product has been well

for had They’ve happier growth job. fact, the number In X with the we’ve weeks action within the with efforts. and the a couldn’t six and the done one the brilliant partnership collaboration in be Disney, We past figure properties U.S. globally. Top our

executed And will exciting. and back strong as team equally that well. the Our anticipate incredibly we has half be

getting number action the in past are figure weeks. been products U.S. figure Some one the global for the has of particularly the selling which recognition, item the X-inch assortment action eight

Timothy Conder

China China grow like It to very a And like right, sounds back has you the well issue overhang sounds if is clarification. I here that cleaned the inventory up up of the and heard just had, Okay. it you’ve half in year? set

Ynon Kreiz

feel about We That’s China. correct. confident

a started new recently doing good have feel leader We and we’re we the there. that work about

Timothy Conder

you, Okay, great. gentlemen. Thank

Operator

you. Thank

Hendrix Our next with question comes Felicia from Barclays.

Edward Wendel

Ed is my Thanks This have afternoon. Good ones two I Felicia. for for quick questions. for This on Joe. Wendel one’s taking here.

reiterating with these trying guidance. be savings and sales I having some said on really you’re strong surprise lot I you’re just the guide, a solid why of upside understanding You’ve to still given pretty a guess cost yourself us you hard I but XXXX cautious growth, guess this numbers earlier, time year, I’m get

are are you what guess I So risks keeping that or the here cautious? headwinds key

Joe Euteneuer

so not headwinds. much it’s Yes,

to If the strategic investments. you of $XX and only is numbers the million earlier on full year. for million XX spent the in the I’ve about my first think you about we’ve year half guidance was talked

business are. us it’s to at in the on going the this of be So the we’ll much half that just be guidance the back fact half to back be year, between year performance updated it’s of early we really so look really changing the happens guidance point. the and the much strategic wouldn’t so the and for investments it that where to there’s in giving too future, at prudent In in

Edward Wendel

lot like here. still okay. It sounds just a there’s one here, follow up of And moving Okay. parts

away out about thinking should savings that we tailwinds from headwinds Just any I think you go cost which next point drive EBITDA, have online more you year, XXXX? guess when coming major could XXXX but obviously or about

Joe Euteneuer

know like gave things guidance about we haven’t to as give impact would I a the the inflation you how any be Light made said, to have. I that for next So one we’re XXXX. given use much simplification all structural Capital of and on tried trying for we illustration consider, when we need We the investments year. going don’t to decision what yet is going strategic to to haven’t

really want what of they’re that back performance just see going So number for XXXX. early be any lock half we too predict in to a items to and of the just there’s our plans we before it’s to

Edward Wendel

this just is sense. for one, makes one And last Ynon. it, one Got

is that you make is strong, saying understand toys the strategy it I you’re at to a toy you to a impact. franchise have that isn’t that but thinking movie the your not decent about And movies the there You make the guess toys toy more sales? cultural the can sales and sell but to doesn’t your approach franchise needle risk I were as builds movie come. the recently will a But all if movie film, quoted a if move on

Ynon Kreiz

the to participate is and our IP. that we the verticals, And lot opportunity to we’re Yes, opportunity brands, in we’re bullish more cases industry the the are side say to some in our entertainment about and show of the addition remain have that some And commercialize where very company We world. and highly talked to actually to IP. on in catalogue, in our are part portfolio the to expect doing value that so children made family and area. the of about than capture come. accretive of strongest as of a there’s industries numbers toy that the this strategy We confident film goes starting of bigger toy looking in our in are we our franchises

play be economically potentially And own make company. have in verticals, become to could so To successful their big successful to what generate you and impact for we try and have on to transformative an there a these areas opportunity approach the be these merit.

looking So be successful in we’re we and want of them at these themselves. verticals, to

movie content a If your make this risky, watch. see that we’re to you’re in through to is people make it consumers and term, order risking failure. approach is sell looking short to to toys, is What more is this saying want we’re

that and will more to will we make looking good We’re will and And experiences do of be great attract quality consumers that, if course and in we sell toys. successful happen things themselves. of and

that remind in you just generate you as meaningful themselves. franchises consumer quality and there view, the the have will all will good make those areas effect events, in live franchises, music, experiences, at invest on product, take But and a a these do about to do products. from successful toys. will long-term course, of and byproduct halo benefit long of you we be that, also And film, if a you upside can This and things Of television, create not is happen. high I’d term. of merchandize this areas,

these we So to are opportunities that our if verticals. will be there in able are highly drive brands to other accretive many expanding successful we

Edward Wendel

Thank you. much for that. you very explaining Thank

Operator

you. Thank

next comes SunTrust. Swartz from with question Our Michael

Michael Swartz

guys. on, on you’ve programs think I you with was at in time. Do offset will I expected cost savings be think given are that Joe, update have past the the parameters of some us XXXX, evening, regards Hi. going million cost that one XXX it inflation in to Good any that?

Joe Euteneuer

that XX million No, we inflation the of that’s third manufacturing full we how the where and our the year as the inflation we’ll and fourth of going the haven’t because will for the comes and sort year. of was And into this see updated happens is reason original quarter happen in guidance for and application reiterated all out. for estimate the

Michael Swartz

moving Could Park, historically two? see maybe property you year how And year of great. the on in in two, you thumb rule of think that cut performing I business that then kind is half. about is Okay, Jurassic talk

Richard Dickson

for those beginning year to the for sales downside are Sure. outperform of movie two goals. our Michael, year we you our said happy create all XXXX that tell of a program with to circumvent closely Universal we at working and the in very shipping on a our them and were And I’m to traditional track benchmarks. fact as partner the with Jurassic

some are Typically will in movie internal for in beating cases that after significantly XX% a outperforming of benchmarks, decline actually and particularly some cases We’re be shipping. we year north trend. that XX%,

with Universal terrific mentioned, well And the as ever-green great continue and this I to the property, XXXX we’ve into continued products momentum to Universal As well collaboration is turn we new an got property working it plan with momentum. for great innovation, working have in total as franchise. with great new a

Michael Swartz

you. Thank great. Okay,

Operator

Thank you.

Davidson. Bolton-Weiser Our next question D.A. with comes from Linda

Linda Bolton-Weiser

said Hi. area the and gross just low area street and expect the that in kind of in for XX% on is that in to wanted focus you’ve margin area. little I the for bit you a still

around is XX%. I consensus think the

second half have the started year margin gross for improvement. you So last to better

year of So very good quarter last from the in last a margins half gross are to fourth where quarter in at second year. we gross the margin the really going fourth had especially flattening and to year-over-year you start the looking in third improvement

do big the gross to you’re Thanks. your grow – we going make? are against still So to improvements anniversarying now you think you up the that margin you can see started

Joe Euteneuer

Sure.

I will back inflation get benefit the just into go our the to we guidance to half all have tied account will in that some reiterated on that So manufacturing the the we of happen couple is for yes, point year. out of the simplification, you structural a of take year from but that will things and did

but at quarters. feel So it’s back this good we hard to momentum exiting give and two more we about we have time, are specifics these the where

Linda Bolton-Weiser

it was to product that Enchantimals And year-over-year. this launched really an launch was line the about said I doing and a – it you Okay. example And ask that of think bring down only was in somewhere I then up new can very now actually guess because well and be declining. beginning commentary in I of I just was it the seems its

just So for core develop going Rescue about do Linkimals think you’re multiple And thing do that this bringing evergreen to to but the Heroes the kind out evergreen toys? get me and which we brands being become it of things successful and competency able we become that about out returning are how confidence wonder is brand? about have years? these of that we a think you’re bringing new makes how are legs So that when

Ynon Kreiz

categories. structure Hi, is focus mentioned we is we what we category in to toy to and align important on business. Linda. have don’t a to key portfolio I we the our prepared developed taking Enchantimals think say approach look remarks, that a resources six but What where are the

leader focus portfolio able with these and anchor three are challenger Sets other on in we are categories. capabilities the Building which is know franchises. a global is in we’re rather in you Vehicles individual each three expertise strategy of work to and and leader, own doing and across Infant effectively whereby Figures this each we’re its has entire brands. we’re structure the categories our leverage a What As This Action than Games, the IP category categories of at Preschool scale Dolls, and and core

are talking this taking and we or an So to categories that rather we we’re conversation from the is are at one build looking company’s important transition the talking about as brand moving other growth. but at long-term scale, the

I’ll you expand color. Enchantimals, give to Richard relates it As and let more

Richard Dickson

proud as year is third a in it’s Enchantimals. strong continuing its brand, performance. some have actually Sure. Linda, third we’re year. Enchantimals And very to of

two where Russia, For instance, like it’s In categories year in Europe, in number Europe, doll. the super doll it’s small countries it’s in Belgium. like NPD Germany, the Europe its second according number markets five to in

understand translate you It performance brand for is the keep Mattel to brands with into evergreen them So properties. out incredible that some to lifecycle. introducing are or industry There and have it’s to we of are are next lifecycle the think it brands, a and/or lifecycles the these of products outperform them there fills hope great regional cycles. brands fortunate evergreen is and indications that has that have brands with companies important these has then the through pipeline have brand come I new the that smart which strategic lifecycles as But and goes multiple we the fill well thing launched, this. the known an world. in This pipeline and certainly And expectations and a gems. opportunity now continue are call evergreen hopefully in around different connections to regional Europe, would gem We will Enchantimals into I there define status. right and that continuing

many launches time many last many, the for fortunately that tested many, model know, you that industry of As filled is with that have Mattel period and for years. has a

Linda Bolton-Weiser

you. Thank Okay.

Operator

Thank you.

next comes Our from America. Bank question William of with Reuter

William Reuter

towards XXX there savings were with million. process two some we you bridge then structural or dramatic I those one. how the manufacturing that alter simplification continuing to a I or numbers? learned When cost of something of to that guess sort things dramatically do allowed through XXX see work in two to you I I terms that have you guess you’ve regard goal million, just headcount? and one afternoon. Good increase pretty Was this out the laid to

Ynon Kreiz

where leadership this is the meetings is changes on part work day in them, they with but are of a more said have depth the these those it those driving. working we’re involved reengineering, company extended factories remind I emphasize way directly around before where and runs Hi, they implemented. of that the just restructure include comprehensive designing way and after has to And about on of of terms team – or because transition the the changes works. cost we And reduction. cutting also the company. we’re Bill. actions to the This model also also touch numbers about of being the owning we cost the Capital We breadth basis. in can’t day been operates world. the or not to don’t the Look, our we’re is have changes looking company every talk it that weekly through the cost company go re-architecture We and a effort to to you savings This that Light

So this our Capital from we the benefits Light is model. achieve before

in million able $XXX and operate. at the and perform when can results it run-rate stronger potentially are And seeing we the to expect this are better, in redesigning be last operate about we’ve to quarter said reductions not identified able we And as that I we in million working in is already savings, that confident therefore we’re exceed we cost do we that we’re you’re purely the we’ll so believe to we’ve $XXX message line $XXX that to on is here but we you’ll about But that continue we and work achieve because probably way on reengineering are savings was more, additional process improvements. because and know also So we the million. that still we the achieve saying drive additional way numbers. another top

to healthy, enterprise result-oriented, So our company we a in be are to and more numbers. setting performance-driven the continue improvements achieve additional

William Reuter

That’s all Thank Great. for much. me. very you

Operator

you. Thank

question Eric Handler Partners. will with from come Our final MKM

Eric Handler

Good so season afternoon. recovery based the that’s of for on some Thomas had the how questions. Richard, And earlier you for hopes Jr. this performed thanks on programming Nick solid for Richard. far? year continuing Two to take with Wondering new

Richard Dickson

Thanks, Eric. Nick’s performed okay.

to be to Thomas continue for keep most tests people are on relevant where the this we the to the And trying content brand isn’t okay working it continued mentioned creative I with are what enough and we some out met world and to have in needs figure others forward. very of it’s it’s work with where are okay. narrative areas well arena that performing today tomorrow. narrative of heritage the we some incredible of space I’ve There a and the continuing fact, in good just In that think moving preschool to hard for on very variety recently the

the important narrative continues preschool been telling to a content better partnership, and okay really we to heritage on terrific of it’s do transparent It the the of our planning story rich completely to on for Nick. are context continuing been So be Nick’s be improve can in important we but and part this incredibly brand. portfolio.

franchise. as consumer a of As you know, the live and relevant. it’s multigenerational keeping a products, really events We’ve important got is brand theme part parks, content

we’re everyone the we’ll we’re continue making. progress on to there certainly not yet. update So But

Eric Handler

some And that is then that? on seems positive to Okay. momentum. is flipside, it MEGA show How the sustainable starting

Richard Dickson

that Yes, thank for you calling out.

impact year. starting make really to our – seeing turnaround efforts We’re MEGA’s on this

can As by was you it lot driven global is A gains. ship our see, distribution digits. up of double

with team commercial job extending an MEGA. done world incredible distribution around has Our the

of amount we’re in we portfolio. Thrones in is properties are newness incremental segment some the for working and past. Bloks and key the new piece the with which item with XX they collection. a retailers we along have back of for as have famous can’t which strong the Pokémon, That the like with half also HBO’s tell than programs in partnerships segment I interest particular collector Masks have a that And preschool well the some Our is the is core Mega you addition know that better even bag PJ which positioned for our distribution MEGA you certainly great those infant Game year, feeling MEGA for support

of It calling been put you are a forward the a out category MEGA. in scores appreciate that but moving for starting us is I making initiatives category, we’ve a on lot efforts So challenging strategic board. the to challenger or and the

Eric Handler

Thanks very much.

Ynon Kreiz

and we’re make up said, brands Thomas. these they a declining been Fisher-Price, you are another recently following mentioned what Richard declining two, comment until American have working that on Eric, I’d Obviously like touching Girl, expanding was to that the MEGA brand.

line we growth the these profitability, have performances become top strong So our impacting coming the of years. brands these to while potential have been a of brands all engines in and believe

with are their the fan appeal We the brands numbers that has these in about value and very is the their intrinsic been quality of All these underperformance most franchises not American brands. and reflected iconic for or the believe of not part awareness exception globally base built-in timeless with underlying Girl. high of

to taking leadership, now are the organizational to them strategy, are we we around have turn expertise, different capabilities, confident structure, approach return We and right a offering growth. franchises these and product the and brand creative as right

You’re demonstrate MEGA with other be start with as it we’ll brands seeing and the well. able of it to the hopefully

Eric Handler

Much appreciated, Ynon.

Ynon Kreiz

Thank you.

Operator

now closing in you Ladies for would Ynon like remarks. over question-and-answer to for to gentlemen, today’s and back participating thank turn I call any the Kreiz session.

Ynon Kreiz

strong where Thank into the company. Mattel quarter you. toy consistent This transform joining you an our IP-driven, goal towards demonstrated to for call. another progress we Thank was everyone high-performing

strategy to the mid the capture to and on the continued growth restore turnaround full our in is and to profitability of midterm track long Our to regain working. IP short value traction remain and term. top line We’ve gain in

We talked about a the the things lot beyond it We call. time. extended of today on initial

and would questions comments may address I on say that strong But take quarter. to We’re a more happy any you have. later that all-in-all,

tangible real execution focus drive and continue to to progress strategy. our consistent making We’re methodical on

with said, you follow-up so thank to And we’ll that later. happy much be and

David Zbojniewicz

can everyone webcast Thank today. available today's joining Web XXX-XXX-XXXX. today. on call Time dial will X.XX you XXXXXXX. an passcode and Investor The or link replay PM call. Eastern this audio be you, via in you replay Thank The participating call beginning the at of webcast our Ynon, and thank our found please audio page site on be is for for The for

Operator

for Ladies and you gentlemen, thank your participation.

may disconnect wonderful day. a all You have and

Mattel (MAT) 26 Jul 192019 Q2 Earnings call transcript