Second Quarter 2022 Highlights Versus
Prior Year
- Net Sales of $1,236 million, up 20% as reported, and 24% in
constant currency
- Reported Gross Margin of 44.4%, a decrease of 310 basis points;
Adjusted Gross Margin of 44.9%, a decrease of 260 basis points
- Reported Operating Income of $125 million, up 155%, an increase
of $76 million; Adjusted Operating Income of $121 million, up 82%,
an increase of $55 million
- Reported Net Income of $66 million, an improvement of $72
million
- Reported EPS of $0.18, an improvement of $0.20 per share;
Adjusted EPS of $0.18, an improvement of $0.15 per share
- Adjusted EBITDA of $185 million, up 42%, an increase of $55
million
- Company reiterates 2022 guidance for Net Sales, Adjusted EPS
and Adjusted EBITDA, and updates to include the expected impact of
currency translation on Net Sales, and improvement in Adjusted
Gross Margin
- Company reiterates 2023 goals
Mattel, Inc. (NASDAQ: MAT) today reported second quarter
financial results.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Mattel achieved
another quarter of exceptional results, with double-digit growth in
revenue and Adjusted EBITDA despite significant inflation. This was
the eighth consecutive quarter of increased topline performance,
reflecting the strength and breadth of our portfolio, and the
success in executing our strategy to grow Mattel’s IP-driven toy
business and expand our entertainment offering.”
Mr. Kreiz continued: “The first half of the year was an
outstanding period of growth for the company. We are benefiting
from strong retail partnerships and look forward to meeting the
projected increase in consumer demand for our product, as we enter
the second half of the year and the all-important holiday season.
As the owner of one of the strongest portfolios of children’s and
family entertainment franchises in the world, we are excited by the
opportunities to capture the full value of our IP.”
Anthony DiSilvestro, CFO of Mattel, said: “We are very pleased
with our second quarter and first half results. We continued to
reduce leverage and progress towards our goal of achieving an
investment-grade credit rating. We are reiterating our 2022
guidance for Net Sales, Adjusted EPS, and Adjusted EBITDA, as well
as our 2023 goals.”
Financial Overview
For the second quarter, Net Sales were up 20% as reported, and
24% in constant currency, versus the prior year’s second quarter.
Reported Operating Income was $125 million, an increase of $76
million, and Adjusted Operating Income was $121 million, an
increase of $55 million. Reported Earnings Per Share were $0.18, an
improvement of $0.20 per share, and Adjusted Earnings Per Share
were $0.18, an improvement of $0.15 per share.
For the first six months of the year, Net Sales were up 20% as
reported, and 23% in constant currency, versus the prior year’s
first six months. Reported Operating Income was $205 million, an
increase of $122 million, and Adjusted Operating Income was $212
million, an increase of $114 million. Reported Earnings Per Share
was $0.24, an improvement of $0.58, and Adjusted Earnings Per Share
was $0.26, an improvement of $0.32 per share.
Net Sales in the North America segment increased 30% as reported
and in constant currency, versus the prior year’s second
quarter.
Gross Billings in the North America segment increased 30% as
reported and in constant currency, driven primarily by growth in
Action Figures, Building Sets, Games, and Other (including Jurassic
World™ and Lightyear), Vehicles (including Hot Wheels®), Infant,
Toddler, and Preschool (including Fisher-Price® and Thomas &
Friends™), and Dolls (including Polly Pocket® and Barbie®).
Net Sales in the International segment increased 12% as
reported, and 20% in constant currency.
Gross Billings in the International segment increased 12% as
reported, and 20% in constant currency. The increase in Gross
Billings as reported was driven primarily by growth in Action
Figures, Building Sets, Games, and Other (including Jurassic World
and Lightyear), Vehicles (including Hot Wheels), and Infant,
Toddler, and Preschool (including Fisher-Price® and Thomas &
Friends™), partially offset by Dolls (including Spirit™ and Cave
Club®). The increase in Gross Billings in constant currency was
driven primarily by growth in Action Figures, Building Sets, Games,
and Other (including Jurassic World and Lightyear), Vehicles
(including Hot Wheels), Infant, Toddler, and Preschool (including
Fisher-Price® and Thomas & Friends™), and Dolls (including
Barbie).
Net Sales in the American Girl® segment decreased 19% as
reported and in constant currency.
Gross Billings in the American Girl segment decreased 19% as
reported and in constant currency, compared to a very strong prior
year period.
Reported Gross Margin decreased to 44.4%, versus 47.5% in the
prior year’s second quarter, and Adjusted Gross Margin decreased to
44.9%, versus 47.5%. The decrease in Reported and Adjusted Gross
Margin was primarily due to input cost inflation, other supply
chain costs, and increased royalty expense, partially offset by
pricing, favorable fixed cost absorption, and savings from the
Optimizing for Growth program.
Reported Other Selling and Administrative Expenses decreased by
$17 million, to $334 million. Adjusted Other Selling and
Administrative Expenses increased by $10 million, to $343 million.
The decrease in Reported Other Selling and Administrative Expenses
was driven primarily by gain on the sale of assets. The increase in
Adjusted Other Selling and Administrative Expenses was primarily
due to capability investments and market-related pay increases,
partly offset by lower incentive compensation and savings from the
Optimizing for Growth program.
For the six months ended June 30, 2022, Cash Flows Used for
Operating Activities were $425 million, an increase of $184
million, versus the prior year’s first six months, primarily due to
higher working capital usage, partially offset by higher net
income, excluding the impact of non-cash charges. Cash Flows Used
for Investing Activities were $54 million, an increase of $26
million, primarily due to the impact of higher proceeds from the
disposal of assets and a business in the prior year. Cash Flows
Provided by Financing Activities and Other were $22 million, as
compared to a use of $109 million in the prior year’s first six
months, with the change primarily due to the cash used for
repayment and refinancing of long-term borrowings in first half of
2021.
Gross Billings by Categories
Worldwide Gross Billings for Dolls were $401 million, up 2% as
reported, and 5% in constant currency, versus the prior year’s
second quarter, primarily driven by growth in Barbie and Polly
Pocket, partially offset by declines in American Girl.
Worldwide Gross Billings for Infant, Toddler, and Preschool were
$275 million, up 20% as reported, and 23% in constant currency,
primarily driven by growth in Fisher-Price and Thomas &
Friends.
Worldwide Gross Billings for Vehicles were $328 million, up 23%
as reported, and 28% in constant currency, primarily driven by
growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets,
Games, and Other were $372 million, up 44% as reported, and 48% in
constant currency, primarily driven by growth in Action Figures
(including Jurassic World and Lightyear).
2022 Guidance and 2023 Goals
Mattel’s 2022 guidance is:
(in millions,except EPS and percentages) FY2022
Expected FY2021 Net Sales
+8 - 10% (Constant Currency)
$5,458
Net Sales Currency Translation
(2 - 3%)
Adjusted Gross Margin
47 - 48%
48.2%
Adjusted EBITDA
$1,100 - $1,125
$1,007
Adjusted EPS
$1.42 - $1.48
$1.30
Adjusted Tax Rate
26 - 28%
25%
Capital Expenditures
$175 - $200
$151
Mattel’s 2023 goals remain as follows:
FY2023 Net Sales
+ High-Single Digit % (Constant
Currency)
Adjusted Operating Income Margin
~16 - 17% of Net Sales
Adjusted EPS
> $1.90
A reconciliation of Mattel’s non-GAAP financial measures on a
forward-looking basis, including Net Sales on a constant currency
basis, Adjusted Gross Margin, Adjusted Operating Income Margin,
Adjusted EBITDA, and Adjusted EPS is not available without
unreasonable effort. Mattel is unable to predict with sufficient
certainty items that would be excluded from the corresponding GAAP
measures, including the effect of foreign currency exchange rate
fluctuations, unusual gains and losses or charges, and severance
and restructuring charges, due to the unpredictable nature of such
items, which may have a significant impact on Mattel’s GAAP
measures.
Mattel’s guidance and goals take into account anticipated supply
chain disruption that the company is aware of today but remains
subject to any unexpected supply chain disruption, fluctuations in
foreign exchange rates, inflation, changes in global economic
conditions and consumer spending, labor market fluctuations, and
other macro-economic risks and uncertainties.
Conference Call and Live Webcast
At 5:00 p.m. (Eastern Standard Time) today, Mattel will host a
conference call with investors and financial analysts to discuss
its second quarter financial results. The conference call will be
webcast on Mattel's Investor Relations website,
https://investors.mattel.com. To listen to the live call, log on to
the website at least 10 minutes early to register, download, and
install any necessary audio software. An archive of the webcast
will be available on Mattel's Investor Relations website for 12
months and may be accessed beginning approximately two hours after
the completion of the live call.
Forward-Looking Statements
This press release contains a number of forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts and include statements regarding Mattel’s guidance and goals
for future periods. The use of words such as “anticipates,”
“expects,” “intends,” “plans,” “look forward,” “confident that,”
“believes,” and “targeted,” among others, generally identify
forward-looking statements. These forward-looking statements are
based on currently available operating, financial, economic, and
other information and assumptions, and are subject to a number of
significant risks and uncertainties. A variety of factors, many of
which are beyond Mattel’s control, could cause actual future
results to differ materially from those projected in the
forward-looking statements, and are currently, and in the future
may be, amplified by the COVID-19 pandemic. Specific factors that
might cause such a difference include, but are not limited to: (i)
potential impacts of and uncertainty regarding the COVID-19
pandemic (and actions taken in response to it by governments,
businesses, and individuals) on Mattel’s business operations,
financial results and financial position and on the global economy,
including its impact on Mattel’s sales; (ii) Mattel’s ability to
design, develop, produce, manufacture, source, ship, and distribute
products on a timely and cost-effective basis; (iii) sufficient
interest in and demand for the products and entertainment Mattel
offers by retail customers and consumers to profitably recover
Mattel’s costs; (iv) downturns in economic conditions affecting
Mattel’s markets which can negatively impact retail customers and
consumers, and which can result in lower employment levels and
lower consumer disposable income and spending, including lower
spending on purchases of Mattel’s products; (v) other factors which
can lower discretionary consumer spending, such as higher costs for
fuel and food, drops in the value of homes or other consumer
assets, and high levels of consumer debt; (vi) potential
difficulties or delays Mattel may experience in implementing cost
savings and efficiency enhancing initiatives; (vii) other economic
and public health conditions or regulatory changes in the markets
in which Mattel and its customers and suppliers operate, which
could create delays or increase Mattel’s costs, such as higher
commodity prices, labor costs or transportation costs, or outbreaks
of disease; (viii) inflation and currency fluctuations, including
movements in foreign exchange rates, which can lower Mattel’s net
revenues and earnings, and significantly impact Mattel’s costs;
(ix) the concentration of Mattel’s customers, potentially
increasing the negative impact to Mattel of difficulties
experienced by any of Mattel’s customers, such as bankruptcies or
liquidations or a general lack of success, or changes in their
purchasing or selling patterns; (x) the inventory policies of
Mattel’s retail customers, as well as the concentration of Mattel’s
revenues in the second half of the year, which coupled with
reliance by retailers on quick response inventory management
techniques, increases the risk of underproduction, overproduction ,
and shipping delays; (xi) legal, reputational, and financial risks
related to security breaches or cyberattacks; (xii) work
disruptions, including as a result of supply chain disruption such
as plant or port closures, which may impact Mattel’s ability to
manufacture or deliver product in a timely and cost-effective
manner; (xiii) the impact of competition on revenues, margins, and
other aspects of Mattel’s business, including the ability to offer
products that consumers choose to buy instead of competitive
products, the ability to secure, maintain, and renew popular
licenses from licensors of entertainment properties, and the
ability to attract and retain talented employees and adapt to
evolving workplace models; (xiv) the risk of product recalls or
product liability suits and costs associated with product safety
regulations; (xv) changes in laws or regulations in the United
States and/or in other major markets, such as China, in which
Mattel operates, including, without limitation, with respect to
taxes, tariffs, trade policies, or product safety, which may
increase Mattel’s product costs and other costs of doing business,
and reduce Mattel’s earnings and liquidity; (xvi) business
disruptions or other unforeseen impacts due to economic
instability, political instability, civil unrest, armed hostilities
(including the impact of the war in Ukraine), natural and manmade
disasters, or other catastrophic events; (xvii) failure to realize
the planned benefits from any investments or acquisitions made by
Mattel; (xviii) the impact of other market conditions or third
party actions or approvals, including those that result in any
significant failure, inadequacy, or interruption from vendors or
outsourcers, which could reduce demand for Mattel’s products, delay
or increase the cost of implementation of Mattel’s programs, or
alter Mattel’s actions and reduce actual results; (xix) changes in
financing markets or the inability of Mattel to obtain financing on
attractive terms; (xx) the impact of litigation, arbitration, or
regulatory decisions or settlement actions; (xxi) Mattel’s ability
to navigate regulatory frameworks in connection with new areas of
investment, product development, or other business activities, such
as non-fungible tokens and cryptocurrency; (xxii) uncertainty from
the expected discontinuance of the London Interbank Offer Rate and
transition to any other interest rate benchmark; and (xxiii) other
risks and uncertainties as may be described in Mattel’s filings
with the Securities and Exchange Commission, including the “Risk
Factors” section of Mattel’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2021 and subsequent periodic
filings, as well as in Mattel’s other public statements. Mattel
does not update forward-looking statements and expressly disclaims
any obligation to do so, except as required by law.
Presentation Information / Non-GAAP Financial
Measures
The financial results included herein represent the most current
information available to management and are preliminary until
Mattel’s Form 10-Q is filed with the SEC. Actual results may differ
from these preliminary results.
To supplement our financial results presented in accordance with
generally accepted accounting principles in the United States
(“GAAP”), Mattel presents certain non-GAAP financial measures
within the meaning of Regulation G promulgated by the Securities
and Exchange Commission. The non-GAAP financial measures that
Mattel uses in this earnings release may include Adjusted Gross
Profit, Adjusted Gross Margin, Adjusted Other Selling and
Administrative Expenses, Adjusted Operating Income, Adjusted
Operating Income Margin, Adjusted Earnings (Loss) Per Share,
earnings before interest expense, taxes, depreciation and
amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, Free Cash
Flow Conversion (Free Cash Flow / Adjusted EBITDA), Leverage Ratio
(Debt / Adjusted EBITDA), Adjusted Tax Rate, and constant currency.
Mattel uses these measures to analyze its continuing operations and
to monitor, assess, and identify meaningful trends in its operating
and financial performance, and each is discussed below. Mattel
believes that the disclosure of non-GAAP financial measures
provides useful supplemental information to investors to be able to
better evaluate ongoing business performance and certain components
of Mattel’s results. These measures are not, and should not be
viewed as, substitutes for GAAP financial measures and may not be
comparable to similarly titled measures used by other companies.
Reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures are attached to this
earnings release as exhibits and to our earnings slide presentation
as an appendix.
This earnings release and our earnings slide presentation are
available on Mattel's Investor Relations website,
https://investors.mattel.com/, under the subheading “Financial
Information – Quarterly Earnings.”
Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin represent
reported Gross Profit and reported Gross Margin, respectively,
adjusted to exclude severance and restructuring expenses. Adjusted
Gross Margin represents Mattel’s Adjusted Gross Profit, as a
percentage of Net Sales. Adjusted Gross Profit and Adjusted Gross
Margin are presented to provide additional perspective on
underlying trends in Mattel’s core Gross Profit and Gross Margin,
which Mattel believes is useful supplemental information for
investors to be able to gauge and compare Mattel’s current business
performance from one period to another.
Adjusted Other Selling and Administrative Expenses
Adjusted Other Selling and Administrative Expenses represents
Mattel’s reported Other Selling and Administrative Expenses,
adjusted to exclude severance and restructuring expenses, the
impact of the inclined sleeper product recalls, and the impact of
sale of assets, which are not part of Mattel’s core business.
Adjusted Other Selling and Administrative Expenses is presented to
provide additional perspective on underlying trends in Mattel’s
core other selling and administrative expenses, which Mattel
believes is useful supplemental information for investors to be
able to gauge and compare Mattel’s current business performance
from one period to another.
Adjusted Operating Income and Adjusted Operating Income
Margin
Adjusted Operating Income and Adjusted Operating Income Margin
represent reported Operating Income and reported Operating Income
Margin, respectively, adjusted to exclude severance and
restructuring expenses, the impact of the inclined sleeper product
recalls, and the impact of sale of assets, which are not part of
Mattel’s core business. Adjusted Operating Income Margin represents
Mattel’s Adjusted Operating Income, as a percentage of Net Sales.
Adjusted Operating Income and Adjusted Operating Income Margin are
presented to provide additional perspective on underlying trends in
Mattel’s core operating results, which Mattel believes is useful
supplemental information for investors to be able to gauge and
compare Mattel’s current business performance from one period to
another.
Adjusted Earnings (Loss) Per Share
Adjusted Earnings (Loss) Per Share represents Mattel’s reported
Diluted Earnings (Loss) Per Common Share, adjusted to exclude
severance and restructuring expenses, the impact of the inclined
sleeper product recalls, the impact of sale of assets/business, and
loss on debt extinguishment, which are not part of Mattel’s core
business. The aggregate tax effect of the adjustments is calculated
by tax effecting the adjustments by the current effective tax rate
and dividing by the reported weighted-average number of common
shares. Adjusted Earnings (Loss) Per Share is presented to provide
additional perspective on underlying trends in Mattel’s core
business. Mattel believes it is useful supplemental information for
investors to gauge and compare Mattel’s current earnings results
from one period to another. Adjusted Earnings (Loss) Per Share is a
performance measure and should not be used as a measure of
liquidity.
EBITDA and Adjusted EBITDA
EBITDA represents Mattel’s Net Income (Loss), adjusted to
exclude the impact of interest expense, taxes, depreciation, and
amortization. Adjusted EBITDA represents EBITDA adjusted to exclude
share-based compensation, severance and restructuring expenses, the
impact of the inclined sleeper product recalls, and the impact of
sale of assets/business, which are not part of Mattel’s core
business. Mattel believes EBITDA and Adjusted EBITDA are useful
supplemental information for investors to gauge and compare
Mattel’s business performance to other companies in its industry
with similar capital structures. The presentation of Adjusted
EBITDA differs from how Mattel calculates EBITDA for purposes of
covenant compliance under the indentures governing its high yield
senior notes and the syndicated facility agreement governing its
senior secured revolving credit facilities. Because of these
limitations, EBITDA and Adjusted EBITDA should not be considered as
measures of discretionary cash available to invest in the growth of
Mattel’s business. As a result, Mattel relies primarily on its GAAP
results and uses EBITDA and Adjusted EBITDA only
supplementally.
Free Cash Flow and Free Cash Flow Conversion
Free Cash Flow represents Mattel’s net cash flows from operating
activities less capital expenditures. Free Cash Flow Conversion
represents Mattel’s free cash flow divided by Adjusted EBITDA.
Mattel believes Free Cash Flow and Free Cash Flow Conversion are
useful supplemental information for investors to gauge Mattel’s
liquidity and performance and to compare Mattel’s business
performance to other companies in our industry. Free Cash Flow does
not represent cash available to Mattel for discretionary
expenditures.
Leverage Ratio (Debt / Adjusted EBITDA)
The leverage ratio is calculated by dividing Debt by Adjusted
EBITDA. Debt represents the aggregate of Mattel’s current portion
of long-term debt, short-term borrowings, and long-term debt,
excluding the impact of debt issuance costs and debt discount.
Mattel believes the leverage ratio is useful supplemental
information for investors to gauge trends in Mattel’s business and
to compare Mattel’s business performance to other companies in its
industry.
Adjusted Tax Rate
The Adjusted Tax Rate is calculated by dividing Adjusted
Provision for Income Taxes by Adjusted Income Before Income Taxes.
Adjusted Income Before for Income Taxes represents Reported Income
Before Income Taxes, adjusted to exclude severance and
restructuring expenses, the impact of inclined sleeper product
recalls, the impact of sale of assets/business, and loss on debt
extinguishment. The Adjusted Provision for Income Taxes represents
Reported (Benefit) for Income Taxes, adjusted to exclude the impact
of releases of valuation allowance and the aggregate tax effect of
adjustments. Mattel believes the adjusted tax rate provides useful
supplemental information for investors to gauge and compare the
impact of tax expense on Mattel's earnings results from one period
to another.
Constant Currency
Percentage changes in results expressed in constant currency are
presented excluding the impact from changes in currency exchange
rates. To present this information, Mattel calculates constant
currency information by translating current period and prior period
results for entities reporting in currencies other than the US
dollar using consistent exchange rates. The constant currency
exchange rates are determined by Mattel at the beginning of each
year and are applied consistently during the year. They are
generally different from the actual exchange rates in effect during
the current or prior period due to volatility in actual foreign
exchange rates. Mattel considers whether any changes to the
constant currency rates are appropriate at the beginning of each
year. The exchange rates used for these constant currency
calculations are generally based on prior year actual exchange
rates. The difference between the current period and prior period
results using the consistent exchange rates reflects the changes in
the underlying performance results, excluding the impact from
changes in currency exchange rates. Mattel analyzes constant
currency results to provide additional perspective on changes in
underlying trends in Mattel’s operating performance. Mattel
believes that the disclosure of the percentage change in constant
currency is useful supplemental information for investors to be
able to gauge Mattel’s current business performance and the
longer-term strength of its overall business since foreign currency
changes could potentially mask underlying sales trends. The
disclosure of the percentage change in constant currency enhances
investor’s ability to compare financial results from one period to
another.
Key Performance Indicator
Gross Billings
Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel’s business. Changes in Gross Billings are discussed because,
while Mattel records the details of such sales adjustments in its
financial accounting systems at the time of sale, such sales
adjustments are generally not associated with categories, brands,
and individual products.
About Mattel
Mattel is a leading global toy company and owner of one of the
strongest catalogs of children’s and family entertainment
franchises in the world. We create innovative products and
experiences that inspire, entertain, and develop children through
play. We engage consumers through our portfolio of iconic brands,
including Barbie®, Hot Wheels®, Fisher-Price®, American Girl®,
Thomas & Friends™, UNO®, Masters of the Universe®, and MEGA®,
as well as other popular intellectual properties that we own or
license in partnership with global entertainment companies. Our
offerings include film and television content, gaming and digital
experiences, music, and live events. Founded in 1945, we operate in
35 locations and our products are available in more than 150
countries in collaboration with the world’s leading retail and
ecommerce companies. Mattel is proud to be a trusted partner in
empowering children to explore the wonder of childhood and reach
their full potential. Visit us online at mattel.com.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)1
For the Three Months Ended
June 30,
For the Six Months Ended June
30,
2022
2021
% Change as Reported
% Change in Constant
Currency
2022
2021
% Change as Reported
% Change in Constant
Currency
(In millions, except per share and
percentage information)
$ Amt
% Net Sales
$ Amt
% Net Sales
$ Amt
% Net Sales
$ Amt
% Net Sales
Net Sales
$
1,235.7
$
1,026.4
20
%
24
%
$
2,277.0
$
1,900.6
20
%
23
%
Cost of sales
686.8
55.6
%
538.4
52.5
%
28
%
1,245.2
54.7
%
1,000.7
52.7
%
24
%
Gross Profit
548.9
44.4
%
488.0
47.5
%
12
%
17
%
1,031.8
45.3
%
899.8
47.3
%
15
%
16
%
Advertising and promotion expenses
90.2
7.3
%
88.3
8.6
%
2
%
163.9
7.2
%
162.4
8.5
%
1
%
Other selling and administrative expenses
333.6
27.0
%
350.5
34.2
%
-5
%
662.7
29.1
%
654.4
34.4
%
1
%
Operating Income
125.1
10.1
%
49.1
4.8
%
155
%
178
%
205.1
9.0
%
83.0
4.4
%
147
%
131
%
Interest expense
32.8
2.7
%
38.1
3.7
%
-14
%
65.9
2.9
%
168.6
8.9
%
-61
%
Interest (income)
(2.0
)
-0.2
%
(0.6
)
-0.1
%
236
%
(3.2
)
-0.1
%
(1.4
)
-0.1
%
125
%
Other non-operating expense, net
7.1
0.5
16.3
(0.6
)
Income (Loss) Before Income Taxes
87.1
7.0
%
11.0
1.1
%
688
%
719
%
126.2
5.5
%
(83.7
)
-4.4
%
n/m
n/m
Provision for income taxes
26.6
20.6
50.5
40.9
(Income) from equity method investments
(5.9
)
(4.1
)
(12.2
)
(6.7
)
Net Income (Loss)
$
66.4
5.4
%
$
(5.5
)
-0.5
%
n/m
$
87.9
3.9
%
$
(117.9
)
-6.2
%
n/m
Net Income (Loss) Per Common Share - Basic
$
0.19
$
(0.02
)
$
0.25
$
(0.34
)
Weighted-average number of common shares
353.5
349.4
352.8
349.2
Net Income (Loss) per Common Share - Diluted
$
0.18
$
(0.02
)
$
0.24
$
(0.34
)
Weighted-average number of common and potential common shares
359.8
349.4
358.9
349.2
1 Amounts may not sum due to rounding. n/m - Not meaningful
MATTEL, INC. AND SUBSIDIARIES EXHIBIT II
CONDENSED CONSOLIDATED BALANCE SHEETS1 June
30, December 31,
2022
2021
2021
(In millions)
(Unaudited) Assets Cash and equivalents
$
274.5
$
384.7
$
731.4
Accounts receivable, net
989.2
784.1
1,072.7
Inventories
1,177.6
818.0
777.2
Prepaid expenses and other current assets
273.2
187.0
293.3
Total current assets
2,714.4
2,173.8
2,874.5
Property, plant, and equipment, net
442.1
459.8
456.0
Right-of-use assets, net
326.2
343.8
325.5
Goodwill
1,379.2
1,392.8
1,390.2
Other noncurrent assets
1,305.8
870.8
1,347.7
Total Assets
$
6,167.7
$
5,241.1
$
6,393.9
Liabilities and Stockholders' Equity Short-term
borrowings
$
3.0
$
0.2
$
-
Current portion of long-term debt
250.0
-
-
Accounts payable and accrued liabilities
1,216.0
1,086.3
1,570.7
Income taxes payable
19.2
35.8
27.5
Total current liabilities
1,488.2
1,122.4
1,598.3
Long-term debt
2,323.3
2,839.1
2,571.0
Noncurrent lease liabilities
282.3
306.1
283.6
Other noncurrent liabilities
345.9
445.7
372.2
Stockholders' equity
1,728.0
527.7
1,568.8
Total Liabilities and Stockholders' Equity
$
6,167.7
$
5,241.1
$
6,393.9
MATTEL, INC. AND SUBSIDIARIES SUPPLEMENTAL BALANCE
SHEET AND CASH FLOW DATA (Unaudited)1 June 30,
2022
2021
Key Balance Sheet Data:
Accounts receivable, net days of sales outstanding (DSO)
72
69
For the Six Months Ended June 30, (In millions)
2022
2021
Condensed Cash Flow Data: Cash
flows used for operating activities
$
(425
)
$
(241
)
Cash flows used for investing activities
(54
)
(27
)
Cash flows provided by (used for) by financing activities and other
22
(109
)
Decrease in cash and equivalents
$
(457
)
$
(377
)
1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT III SUPPLEMENTAL
FINANCIAL INFORMATION (Unaudited)1 RECONCILIATION OF GAAP
AND NON-GAAP FINANCIAL MEASURES For the Three Months
Ended June 30, For the Six Months Ended June 30,
(In millions, except percentage
information)
2022
2021
Change
2022
2021
Change Gross Profit
Gross Profit, As Reported
$
548.9
$
488.0
$
1,031.8
$
899.8
Gross Margin
44.4
%
47.5
%
-310 bps
45.3
%
47.3
%
-200 bps Adjustments: Severance and Restructuring Expenses
5.8
(0.2
)
8.4
1.8
Gross Profit, As Adjusted
$
554.7
$
487.9
$
1,040.2
$
901.6
Adjusted Gross Margin
44.9
%
47.5
%
-260 bps
45.7
%
47.4
%
-170 bps
Other Selling and
Administrative Expenses Other Selling and Administrative
Expenses, As Reported
$
333.6
$
350.5
-5
%
$
662.7
$
654.4
1
%
% of Net Sales
27.0
%
34.2
%
-720 bps
29.1
%
34.4
%
-530 bps Adjustments: Severance and Restructuring Expenses
(5.8
)
(10.7
)
(12.6
)
(16.5
)
Inclined Sleeper Product Recalls2
-
(6.8
)
(0.6
)
(12.1
)
Sale of Assets3
15.2
-
15.2
15.8
Other Selling and Administrative Expenses, As Adjusted
$
343.1
$
332.9
3
%
$
664.7
$
641.6
4
%
% of Net Sales
27.8
%
32.4
%
-460 bps
29.2
%
33.8
%
-460 bps
Operating
Income Operating Income, As Reported
$
125.1
$
49.1
155
%
$
205.1
$
83.0
147
%
Operating Income Margin
10.1
%
4.8
%
530 bps
9.0
%
4.4
%
460 bps Adjustments: Severance and Restructuring Expenses
11.5
10.6
21.0
18.2
Inclined Sleeper Product Recalls2
-
6.8
0.6
12.1
Sale of Assets3
(15.2
)
-
(15.2
)
(15.8
)
Operating Income, As Adjusted
$
121.4
$
66.6
82
%
$
211.6
$
97.6
117
%
Adjusted Operating Income Margin
9.8
%
6.5
%
330 bps
9.3
%
5.1
%
420 bps 1 Amounts may not sum due to rounding. 2 For the three and
six months ended June 30, 2022 and 2021, represents expenses
related to inclined sleeper product recall litigation. 3 For the
three and six months ended June 30, 2022, Mattel recorded a gain on
sale of assets of $15.2 million in other selling and administrative
expenses. For the six months ended June 30, 2021, Mattel recorded a
gain on sale of assets of $15.8 million in other selling and
administrative expenses.
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT III SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)1 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
MEASURES For the Three Months Ended June 30,
For the Six Months Ended June 30, (In millions, except per share and percentage
information)
2022
2021
Change
2022
2021
Change Earnings Per
Share Net Income (Loss) Per Common Share, As Reported
$
0.18
$
(0.02
)
n/m
$
0.24
$
(0.34
)
n/m
Adjustments: Severance and Restructuring Expenses
0.03
0.03
0.06
0.05
Inclined Sleeper Product Recalls2
-
0.02
-
0.03
Sale of Assets/Business3
(0.04
)
-
(0.04
)
(0.06
)
Loss on Debt Extinguishment
-
-
-
0.24
Net Income (Loss) Per Common Share, As Adjusted
$
0.18
$
0.03
500
%
$
0.26
$
(0.06
)
n/m
EBITDA and Adjusted
EBITDA Net Income (Loss), As Reported
$
66.4
$
(5.5
)
n/m
$
87.9
$
(117.9
)
n/m
Adjustments: Interest Expense
32.8
38.1
65.9
168.6
Provision for Income Taxes
26.6
20.6
50.5
40.9
Depreciation
35.8
36.2
71.7
72.7
Amortization
9.7
9.5
19.0
19.1
EBITDA
171.3
99.0
294.9
183.4
Adjustments: Share-Based Compensation
18.6
15.2
37.9
30.3
Severance and Restructuring Expenses
10.5
9.6
18.9
16.6
Inclined Sleeper Product Recalls2
-
6.8
0.6
12.1
Sale of Assets/Business3
(15.2
)
-
(15.2
)
(19.7
)
Adjusted EBITDA
$
185.2
$
130.6
42
%
$
337.2
$
222.7
51
%
Free Cash Flow Net Cash
Flows Used for Operating Activities
$
(425.0
)
$
(241.4
)
Capital Expenditures
(78.5
)
(74.7
)
Free Cash Flow
$
(503.5
)
$
(316.0
)
1 Amounts may not sum due to rounding. 2 For the three and six
months ended June 30, 2022 and 2021, represents expenses related to
inclined sleeper product recall litigation. 3 For the three and six
months ended June 30, 2022, Mattel recorded a gain on sale of
assets of $15.2 million in other selling and administrative
expenses. For the six months ended June 30, 2021, Mattel recorded a
gain on sale of assets of $15.8 million in other selling and
administrative expenses, and a gain on sale of business of $3.9
million in other non-operating expense, net. n/m - Not meaningful
MATTEL, INC. AND SUBSIDIARIES EXHIBIT III
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
For the Three Months Ended June 30,
(in millions, except percentage
information)
2022
2021
Tax Rate Income Before Income
Taxes, As Reported
$
87.1
$
11.0
Adjustments: Severance and Restructuring Expenses
11.5
10.6
Inclined Sleeper Product Recalls2
-
6.8
Sale of Assets3
(15.2
)
-
Income Before Income Taxes, As Adjusted
$
83.4
$
28.5
Provision for Income Taxes, As Reported
$
26.6
$
20.6
Adjustments Tax Effect of Adjustments
(1.0
)
1.0
Provision for Income Taxes, As Adjusted
$
25.6
$
21.6
Tax Rate, As Reported
31
%
187
%
Tax Rate, As Adjusted
31
%
76
%
1 Amounts may not sum due to rounding. 2 For the three months ended
June 30, 2022 and 2021, represents expenses related to inclined
sleeper product recall litigation. 3 For the three months ended
June 30, 2022, Mattel recorded a gain on sale of assets of $15.2
million in other selling and administrative expenses.
MATTEL,
INC. AND SUBSIDIARIES EXHIBIT III SUPPLEMENTAL
FINANCIAL INFORMATION (Unaudited)1 RECONCILIATION OF GAAP
AND NON-GAAP FINANCIAL MEASURES (In millions, except percentage and pts
information) For the Trailing Twelve Months Ended
June 30, Leverage Ratio (Debt /
Adjusted EBITDA)
2022
2021
Change Debt Long-Term Debt
$
2,323.3
$
2,839.1
Current Portion of Long-Term Debt
250.0
-
Short-Term Borrowings
3.0
0.2
Adjustments: Debt Issuance Costs and Debt Discount
26.7
35.9
Debt
$
2,603.0
$
2,875.2
EBITDA and Adjusted EBITDA Net Income,
As Reported
$
1,108.8
$
322.5
244
%
Adjustments: Interest Expense
151.2
268.4
(Benefit) Provision for Income Taxes
(410.8
)
81.8
Depreciation
145.2
145.3
Amortization
38.0
38.3
EBITDA
1,032.4
856.2
Adjustments: Share-Based Compensation
67.7
67.0
Severance and Restructuring Expenses
33.0
28.0
Inclined Sleeper Product Recalls
3.5
29.2
Sale of Assets/Business
(15.2
)
(19.7
)
Adjusted EBITDA
$
1,121.4
$
960.6
17
%
Debt / Net Income 2.3x 8.9x Leverage Ratio (Debt / Adjusted
EBITDA) 2.3x 3.0x
Free Cash
Flow Net Cash Flows Provided by Operating Activities
$
301.9
$
513.6
-41
%
Capital Expenditures
(155.2
)
(139.5
)
Free Cash Flow
$
146.7
$
374.1
-61
%
Net Cash Flows Provided by Operating Activities / Net Income
27
%
159
%
(132) pts Free Cash Flow Conversion (Free Cash Flow/Adjusted
EBITDA)
13
%
39
%
(26) pts 1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT III SUPPLEMENTAL
FINANCIAL INFORMATION (Unaudited)1 RECONCILIATION OF GAAP
AND NON-GAAP FINANCIAL MEASURES (In millions, except percentage and per share
information) For the Year Ended December 31,
Gross Profit
2021
Gross Profit, As Reported
$
2,626.7
Gross Margin
48.1
%
Adjustments: Severance and Restructuring Expenses
2.9
Gross Profit, As Adjusted
$
2,629.5
Adjusted Gross Margin
48.2
%
Earnings Per Share Net
Income Per Common Share, As Reported
$
2.53
Adjustments: Severance and Restructuring Expenses
0.10
Inclined Sleeper Product Recalls2
0.04
Sale of Assets/Business3
(0.06
)
Loss on Debt Extinguishment
0.28
Valuation Allowance Releases4
(1.51
)
Tax Effect of Adjustments5
(0.08
)
Net Income Per Common Share, As Adjusted
$
1.30
EBITDA and Adjusted
EBITDA Net Income, As Reported
$
903.0
Adjustments: Interest Expense
253.9
(Benefit) for Income Taxes
(420.4
)
Depreciation
146.3
Amortization
38.0
EBITDA
920.9
Adjustments: Share-Based Compensation
60.1
Severance and Restructuring Expenses
30.7
Inclined Sleeper Product Recalls2
15.1
Sale of Assets/Business3
(19.7
)
Adjusted EBITDA
$
1,007.0
1 Amounts may not sum due to rounding. 2 For the year ended
December 31, 2021, represents expenses related to inclined sleeper
product recall litigation. 3 For the year ended December 31, 2021,
Mattel recorded a gain on sale of assets of $15.8 million in other
selling and administrative expenses, and a gain on sale of business
of $3.9 million in other non-operating expense, net. 4 For the year
ended December 31, 2021, the amount includes a net benefit of
approximately $541 million, related to the release of valuation
allowances against deferred tax assets of the U.S. and certain
International affiliates. 5 The aggregate tax effect of the
adjustments is calculated by tax effecting the adjustments by the
current effective tax rate, and dividing by the reported weighted
average number of common and potential common shares.
MATTEL,
INC. AND SUBSIDIARIES EXHIBIT III SUPPLEMENTAL
FINANCIAL INFORMATION (Unaudited)1 RECONCILIATION OF GAAP
AND NON-GAAP FINANCIAL MEASURES (In millions, except percentage information)
For the Year Ended December 31, Tax
Rate
2021
Income before Income Taxes, As Reported Adjustments:
$
470.8
Severance and Restructuring Expenses Inclined Sleeper Product
Recalls2
34.4
Sale of Assets/Business3
15.1
Loss on Debt Extinguishment
(19.7
)
Income before Income Taxes, As Adjusted
101.7
$
602.2
(Benefit) for Income Taxes, As Reported Adjustments:
$
(420.4
)
Valuation Allowance Releases4 Tax Effect of Adjustments
540.8
Provision for Income Taxes, As Adjusted
27.9
$
148.4
Tax Rate, As Reported Tax Rate, As Adjusted
-89
%
25
%
1 Amounts may not sum due to rounding. 2 For the year ended
December 31, 2021, represents expenses related to inclined sleeper
product recall litigation. 3 For the year ended December 31, 2021,
Mattel recorded a gain on sale of assets of $15.8 million in other
selling and administrative expenses, and a gain on sale of business
of $3.9 million in other non-operating expense, net. 4 For the year
ended December 31, 2021, the amount includes a net benefit of
approximately $541 million, related to the release of valuation
allowances against deferred tax assets of the U.S. and certain
International affiliates.
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT IV WORLDWIDE GROSS BILLINGS1
(Unaudited)3 SUPPLEMENTAL KEY PERFORMANCE INDICATOR
For the Three Months Ended June 30, For the Six
Months Ended June 30, (In millions,
except percentage information)
2022
2021
% Changeas Reported % Change inConstant Currency
2022
2021
% Changeas Reported % Change inConstant Currency
Worldwide Gross Billings: Net
Sales
$
1,235.7
$
1,026.4
20
%
24
%
$
2,277.0
$
1,900.6
20
%
23
%
Sales Adjustments2
140.6
122.2
263.7
227.0
Gross Billings
$
1,376.3
$
1,148.6
20
%
24
%
$
2,540.7
$
2,127.6
19
%
23
%
Worldwide Gross Billings by
Categories: Dolls
$
401.3
$
394.7
2
%
5
%
$
797.5
$
776.0
3
%
6
%
Infant, Toddler and Preschool
274.6
229.4
20
23
480.2
412.5
16
19
Vehicles
328.3
266.3
23
28
610.4
481.7
27
32
Action Figures, Building Sets, Games, and Other
372.0
258.2
44
48
652.7
457.3
43
47
Gross Billings
$
1,376.3
$
1,148.6
20
%
24
%
$
2,540.7
$
2,127.6
19
%
23
%
Supplemental Gross Billings
Disclosure Worldwide
Gross Billings by Top 3 Power Brands: Barbie
$
300.8
$
291.3
3
%
7
%
$
598.8
$
567.5
6
%
9
%
Hot Wheels
286.5
227.4
26
31
527.9
412.0
28
33
Fisher-Price and Thomas & Friends
250.5
207.8
21
24
439.8
379.3
16
19
Other
538.4
422.2
28
31
974.1
768.7
27
30
Gross Billings
$
1,376.3
$
1,148.6
20
%
24
%
$
2,540.7
$
2,127.6
19
%
23
%
1 Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel's business. 2 Sales Adjustments are not allocated to
individual products. As such, Net Sales are not presented on a
categories or brand level. 3 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES
EXHIBIT V
GROSS BILLINGS1 BY SEGMENT (Unaudited)3
SUPPLEMENTAL KEY PERFORMANCE INDICATOR For the
Three Months Ended June 30, For the Six Months Ended June
30, (In millions, except percentage
information)
2022
2021
% Changeas Reported % Change inConstant Currency
2022
2021
% Changeas Reported % Change inConstant Currency
North America Segment Gross
Billings: Net Sales
$
726.5
$
560.8
30
%
30
%
$
1,328.6
$
1,040.5
28
%
28
%
Sales Adjustments2
48.3
37.0
88.0
69.1
Gross Billings
$
774.9
$
597.9
30
%
30
%
$
1,416.6
$
1,109.6
28
%
28
%
North America Gross Billings by
Categories: Dolls
$
190.7
$
172.6
10
%
11
%
$
372.9
$
348.8
7
%
7
%
Infant, Toddler and Preschool
178.3
139.9
27
28
309.8
248.4
25
25
Vehicles
177.6
131.3
35
35
324.4
241.2
35
35
Action Figures, Building Sets, Games, and Other
228.3
154.1
48
48
409.6
271.3
51
51
Gross Billings
$
774.9
$
597.9
30
%
30
%
$
1,416.6
$
1,109.6
28
%
28
%
Supplemental Gross Billings
Disclosure North America
Gross Billings by Top 3 Power Brands: Barbie
$
156.7
$
151.4
3
%
4
%
$
320.7
$
308.3
4
%
4
%
Hot Wheels
152.6
109.7
39
39
274.3
202.4
36
36
Fisher-Price and Thomas & Friends
162.2
122.9
32
32
283.4
223.7
27
27
Other
303.4
213.9
42
42
538.2
375.2
43
44
Gross Billings
$
774.9
$
597.9
30
%
30
%
$
1,416.6
$
1,109.6
28
%
28
%
1 Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel's business. 2 Sales Adjustments are not allocated to
individual products. As such, Net Sales are not presented on a
categories or brand level. 3 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT VI
GROSS BILLINGS1 BY SEGMENT (Unaudited)3 SUPPLEMENTAL KEY
PERFORMANCE INDICATOR For the Three Months Ended June
30, For the Six Months Ended June 30, (In millions, except percentage information)
2022
2021
% Changeas Reported % Change inConstant Currency
2022
2021
% Changeas Reported % Change inConstant Currency
International Segment Gross
Billings: Net Sales
$
476.4
$
424.9
12
%
20
%
$
880.2
$
774.3
14
%
22
%
Sales Adjustments2
91.6
84.3
174.1
155.9
Gross Billings
$
568.0
$
509.2
12
%
20
%
$
1,054.3
$
930.2
13
%
22
%
International Gross Billings by
Geographic Area: EMEA Net Sales
$
270.9
$
246.8
10
%
21
%
$
548.7
$
485.0
13
%
25
%
Sales Adjustments2
57.3
52.7
119.9
105.5
Gross Billings
$
328.2
$
299.5
10
%
21
%
$
668.6
$
590.5
13
%
25
%
Latin America Net Sales
$
124.8
$
92.5
35
%
36
%
$
196.7
$
148.8
32
%
33
%
Sales Adjustments2
19.8
16.0
31.0
25.4
Gross Billings
$
144.5
$
108.5
33
%
34
%
$
227.8
$
174.2
31
%
32
%
Asia Pacific Net Sales
$
80.7
$
85.6
-6
%
0
%
$
134.9
$
140.5
-4
%
1
%
Sales Adjustments2
14.6
15.6
23.1
25.0
Gross Billings
$
95.3
$
101.3
-6
%
0
%
$
158.0
$
165.5
-5
%
0
%
International Gross Billings by
Categories: Dolls
$
177.3
$
180.7
-2
%
6
%
$
354.9
$
339.4
5
%
13
%
Infant, Toddler and Preschool
96.3
89.5
8
15
170.3
164.1
4
11
Vehicles
150.7
135.0
12
20
286.0
240.5
19
28
Action Figures, Building Sets, Games, and Other
143.7
104.1
38
48
243.1
186.1
31
40
Gross Billings
$
568.0
$
509.2
12
%
20
%
$
1,054.3
$
930.2
13
%
22
%
Supplemental Gross Billings
Disclosure International
Gross Billings by Top 3 Power Brands: Barbie
$
144.2
$
139.9
3
%
11
%
$
278.1
$
259.2
7
%
16
%
Hot Wheels
133.9
117.7
14
22
253.6
209.6
21
30
Fisher-Price and Thomas & Friends
88.3
84.9
4
11
156.4
155.6
0
7
Other
201.6
166.8
21
30
366.2
305.8
20
28
Gross Billings
$
568.0
$
509.2
12
%
20
%
$
1,054.3
$
930.2
13
%
22
%
1 Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel's business. 2 Sales Adjustments are not allocated to
individual products. As such, Net Sales are not presented on a
categories or brand level. 3 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT VII
GROSS BILLINGS1 BY SEGMENT (Unaudited)3 SUPPLEMENTAL KEY
PERFORMANCE INDICATOR For the Three Months Ended June
30, For the Six Months Ended June 30, (In millions, except percentage information)
2022
2021
% Changeas Reported % Change inConstant Currency
2022
2021
% Changeas Reported % Change inConstant Currency
American Girl Segment Gross
Billings: Net Sales
$
32.8
$
40.6
-19
%
-19
%
$
68.1
$
85.8
-21
%
-21
%
Sales Adjustments2
0.6
0.8
1.6
2.0
Gross Billings
$
33.4
$
41.5
-19
%
-19
%
$
69.7
$
87.8
-21
%
-21
%
1 Gross Billings represent amounts invoiced to customers. It does
not include the impact of sales adjustments, such as trade
discounts and other allowances. Mattel presents changes in gross
billings as a metric for comparing its aggregate, categorical,
brand, and geographic results to highlight significant trends in
Mattel's business. 2 Sales Adjustments are not allocated to
individual products. 3 Amounts may not sum due to rounding.
MAT-FIN MAT-CORP
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220721005125/en/
News Media Catherine Frymark catherine.frymark@mattel.com
Securities Analysts David Zbojniewicz
david.zbojniewicz@mattel.com
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