Fourth Quarter 2022 Highlights Versus
Prior Year
- Net Sales of $1,402 million, down 22% as reported, or 19% in
constant currency
- Gross Margin of 43.0%, a decrease of 630 basis points; Adjusted
Gross Margin of 43.1%, a decrease of 620 basis points
- Operating Income of $79 million, a decrease of $178 million;
Adjusted Operating Income of $79 million, a decrease of $185
million
- Net Income of $16 million, a decrease of $210 million
- EPS of $0.04 compared to $0.63 per share; Adjusted EPS of $0.18
compared to $0.53 per share
- Adjusted EBITDA of $158 million, a decrease of $163
million
Full Year 2022 Highlights Versus Prior
Year
- Net Sales of $5,435 million, flat as reported, or up 3% in
constant currency
- Gross Margin of 45.7%, a decrease of 240 basis points; Adjusted
Gross Margin of 45.9%, a decrease of 230 basis points
- Operating Income of $676 million, a decrease of $54 million;
Adjusted Operating Income of $689 million, a decrease of $75
million
- Net Income of $394 million, a decrease of $509 million; prior
year included a non-cash benefit of $541 million resulting from the
release of valuation allowances on deferred tax assets
- EPS of $1.10 compared to $2.53 per share; Adjusted EPS of $1.25
compared to $1.30 per share; prior year as reported EPS included a
benefit of $1.51 per share resulting from the release of valuation
allowances on deferred tax assets
- Adjusted EBITDA of $968 million, a decrease of $39 million
- Company announces 2023 guidance
- Company raises Optimizing for Growth cost savings program goal
to $300 million
- Share repurchases expected to resume in 2023, with
approximately $200 million remaining under the Company’s current
authorization
Mattel, Inc. (NASDAQ: MAT) today reported fourth quarter and
full year 2022 financial results.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Our fourth
quarter results were below our expectations, as the macro-economic
environment was more challenging than anticipated. While less than
expected, POS grew in the quarter and the full year and we achieved
growth in net sales in constant currency for the fourth consecutive
year. The increase in consumer demand for our product speaks to the
strength of our portfolio as a whole, even in a challenging
environment. We believe we are well-positioned to continue
executing our multi-year strategy to grow our IP-driven toy
business and expand our entertainment offering.”
Anthony DiSilvestro, CFO of Mattel, added: “Despite the
challenges in the fourth quarter, we outpaced the industry and
gained market share. In the full year we strengthened our financial
position, further reduced our debt and improved our leverage ratio.
With our improved balance sheet and outlook for increased free cash
flow, we expect to resume share repurchases in 2023.”
Financial Overview
For the fourth quarter, Net Sales were down 22% as reported, or
down 19% in constant currency, versus the prior year. Reported
Operating Income was $79 million, a decrease of $178 million, and
Adjusted Operating Income was $79 million, a decrease of $185
million. Reported Earnings Per Share were $0.04, compared to $0.63
per share, and Adjusted Earnings Per Share were $0.18, compared to
$0.53 per share.
For the year, Net Sales were flat as reported, and up 3% in
constant currency, versus the prior year. Reported Operating Income
was $676 million, a decrease of $54 million, and Adjusted Operating
Income was $689 million, a decrease of $75 million. Reported
Earnings Per Share were $1.10, a decrease of $1.43, and Adjusted
Earnings Per Share were $1.25, a decrease of $0.05 per share. Prior
year as reported results included a benefit of approximately $541
million, or approximately $1.51 per share, resulting from the
release of valuation allowances on deferred tax assets.
Fourth Quarter 2022
Net Sales in the North America segment decreased 26% as reported
and in constant currency, versus the prior year’s fourth
quarter.
Gross Billings in the North America segment declined 25% as
reported and in constant currency, primarily due to declines in
Infant, Toddler, and Preschool (including Fisher-Price® and Thomas
& Friends™), Dolls (including Barbie®), and Action Figures,
Building Sets, Games, and Other, and partially offset by growth in
Vehicles (including Hot Wheels®).
Net Sales in the International segment decreased 18% as
reported, or 12% in constant currency.
Gross Billings in the International segment decreased 19% as
reported, or 13% in constant currency. The decrease was primarily
due to declines in Dolls (including Barbie), Infant, Toddler, and
Preschool (including Fisher-Price and Thomas & Friends) and
Action Figures, Building Sets, Games, and Other (including Action
Figures and Games), partially offset by growth in Vehicles
(including Hot Wheels).
Net Sales in the American Girl® segment decreased 17% as
reported and in constant currency. Gross Billings in the American
Girl segment decreased 17% as reported and in constant
currency.
Reported Gross Margin decreased to 43.0%, versus 49.3% in the
prior year, and Adjusted Gross Margin decreased to 43.1%, versus
49.3%. The decrease in Reported and Adjusted Gross Margin was
primarily driven by inventory management efforts, including higher
close-out sales and inventory obsolescence expense, higher input
cost inflation, unfavorable fixed cost absorption, and increased
royalty expense, partially offset by pricing and savings from the
Optimizing for Growth program.
Reported Other Selling and Administrative Expenses decreased $80
million, to $281 million. Adjusted Other Selling and Administrative
Expenses decreased $73 million, to $282 million. The decrease in
Reported and Adjusted Other Selling and Administrative Expenses was
primarily driven by lower incentive compensation and savings from
the Optimizing for Growth program, partially offset by
market-related pay increases and increases in bad debt expense.
Full Year 2022
Net Sales in the North America segment increased 1% as reported
and in constant currency, versus the prior year.
Gross Billings in the North America segment increased 1% as
reported and in constant currency, primarily driven by growth in
Vehicles (including Hot Wheels) and Action Figures, Building Sets,
Games, and Other (including Lightyear and Jurassic World™),
partially offset by declines in Dolls (including Barbie), and
Infant, Toddler, and Preschool (including Fisher-Price and Thomas
& Friends).
Net Sales in the International segment were flat as reported,
and increased 7% in constant currency.
Gross Billings in the International segment decreased 1% as
reported and increased 7% in constant currency. The decrease in
Gross Billings as reported was primarily due to declines in Dolls
(including Barbie and Spirit™), Infant, Toddler, and Preschool
(including Fisher-Price and Thomas & Friends), partially offset
by growth in Vehicles (including Hot Wheels), and Action Figures,
Building Sets, Games, and Other (including Lightyear and Jurassic
World).
The increase in Gross Billings in constant currency was
primarily driven by growth in Vehicles (including Hot Wheels), and
Action Figures, Building Sets, Games, and Other (including Jurassic
World and Lightyear), partially offset by declines in Dolls
(including Spirit and Enchantimals), and Infant, Toddler, and
Preschool (including Fisher-Price and Thomas & Friends).
Net Sales in the American Girl segment decreased 16% as reported
and in constant currency. Gross Billings in the American Girl
segment decreased 16% as reported and in constant currency. The
decline was primarily due to lower sales of the 2022 Girl of the
Year and historical character dolls.
Reported Gross Margin decreased to 45.7%, versus 48.1% in the
prior year, and Adjusted Gross Margin decreased to 45.9%, versus
48.2%. The decrease in Reported and Adjusted Gross Margin was
primarily driven by higher input cost inflation, inventory
management efforts, including higher close-out sales and inventory
obsolescence, and higher royalty expense, partially offset by
pricing and savings from the Optimizing for Growth program.
Reported Other Selling and Administrative Expenses decreased $80
million, to $1,272 million. Adjusted Other Selling and
Administrative Expenses decreased $51 million, to $1,269 million.
The decrease in Reported and Adjusted Other Selling and
Administrative Expenses was primarily driven by lower incentive
compensation and savings from the Optimizing for Growth program,
partially offset by market-related pay increases and increases in
bad debt expense.
For the year ended December 31, 2022, Cash Flows Provided by
Operating Activities were $443 million, a decrease of $43 million
versus the prior year, primarily due to higher working capital
usage, partially offset by changes in net income, excluding the
impact of non-cash items.
Cash Flows Used for Investing Activities were $144 million, an
increase of $39 million, primarily due to higher capital
expenditures and lower proceeds from the sale of assets.
Cash Flows Used for Financing Activities and Other were $269
million, a decrease of $142 million, which included $250 million of
cash used for repayment of long-term borrowings in 2022, compared
to approximately $391 million of cash used for repayment and
refinancing of long-term borrowings in the prior year.
Gross Billings by Categories
Fourth Quarter 2022
Worldwide Gross Billings for Dolls were $589 million, down 27%
as reported, or 24% in constant currency, versus the prior year,
primarily due to declines in Barbie and American Girl, partially
offset by the relaunch of Monster High and early shipment of Disney
Princess and Disney Frozen.
Worldwide Gross Billings for Infant, Toddler, and Preschool were
$267 million, down 33% as reported, or 31% in constant currency,
primarily due to a decline in Fisher-Price and Thomas &
Friends.
Worldwide Gross Billings for Vehicles were $402 million, up 6%
as reported, or 10% in constant currency, primarily driven by
growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets,
Games, and Other were $301 million, down 26% as reported, or 22% in
constant currency, primarily due to declines in Games, Action
Figures, and Plush.
Full Year 2022
Worldwide Gross Billings for Dolls were $2,084 million, down 9%
as reported, or 6% in constant currency, versus the prior year,
primarily due to declines in Barbie, American Girl, and Spirit,
partially offset by the relaunch of Monster High and early shipment
of Disney Princess and Disney Frozen.
Worldwide Gross Billings for Infant, Toddler, and Preschool were
$1,117 million, down 8% as reported, or 6% in constant currency,
primarily due to a decline in Fisher-Price and Thomas &
Friends.
Worldwide Gross Billings for Vehicles were $1,451 million, up
16% as reported, or 20% in constant currency, primarily driven by
growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets,
Games, and Other were $1,396 million, up 7% as reported, and up 10%
in constant currency, primarily due to growth in Action Figures
(including Jurassic World and Lightyear) and Building Sets,
partially offset by declines in Plush and Games.
2023 Guidance
Mattel’s full year 2023 guidance is:
(in millions, FY2023 Guidance
FY2022
except EPS and
percentages)
Net Sales Comparable(Constant Currency)
$5,435
Adjusted Gross Margin
~ 47%
45.9%
Adjusted EPS
$1.10 - $1.20
$1.25
Adjusted EBITDA
$900 - $950
$968
Adjusted Tax Rate
25 - 26%
24%
Capital Expenditures
$175 - $200
$187
Free Cash Flow
> $400
$256
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 EBITDA, Adjusted EPS, and
Adjusted Tax Rate 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.
The company is operating in a challenging macro-economic
environment with higher volatility, including inflation, that may
impact consumer demand. Mattel’s guidance takes into account what
the company is aware of today but remains subject to further
volatility and any unexpected disruption, including fluctuations in
foreign exchange rates, inflation, changes in global economic
conditions and consumer demand, 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 full year and fourth 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 three hours
after the completion of the live call.
Cautionary Note Regarding Forward-Looking Statements
Mattel cautions the reader that this press release contains a
number of forward-looking statements, which are statements that
relate to the future and are, by their nature, uncertain.
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
and other future events. The use of words such as “anticipates,”
“expects,” “intends,” “plans,” “projects,” “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.
Specific factors that might cause such a difference include, but
are not limited to: (i) Mattel’s ability to design, develop,
produce, manufacture, source, ship, and distribute products on a
timely and cost-effective basis; (ii) sufficient interest in and
demand for the products and entertainment Mattel offers by retail
customers and consumers to profitably recover Mattel’s costs; (iii)
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; (iv) 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; (v) potential difficulties or delays Mattel may
experience in implementing cost savings and efficiency enhancing
initiatives; (vi) 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; (vii) the effect of
inflation on Mattel’s business, including cost inflation in supply
chain inputs and increased labor costs, as well as pricing actions
taken in an effort to mitigate the effects of inflation; (viii)
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, pandemics or other public health
crises, such as the COVID-19 pandemic, 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; and (xxii) 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-K 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 includes Adjusted Gross
Profit, Adjusted Gross Margin, Adjusted Other Selling and
Administrative Expenses, Adjusted Operating Income, Adjusted
Operating Income Margin, Adjusted Earnings 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
(Total Debt / Adjusted EBITDA), Net Debt, 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 Per Share
Adjusted Earnings Per Share represents Mattel’s reported Diluted
Earnings 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, loss on debt
extinguishment, release of valuation allowances, and loss on
liquidation of Argentina subsidiary, which are not part of Mattel’s
core business. The aggregate tax effect of the adjustments was
determined using the effective tax rates on a jurisdictional basis
of the respective adjustments, and dividing by the reported
weighted-average number of common shares. Adjusted Earnings 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 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, 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, the impact of sale of
assets/business, and loss on liquidation of Argentina subsidiary,
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 (Total Debt / Adjusted EBITDA)
The leverage ratio is calculated by dividing Total Debt by
Adjusted EBITDA. Total 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.
Net Debt
Net Debt represents the aggregate of Mattel’s current portion of
long-term debt, short-term borrowings, and long-term debt, less
cash and cash equivalents. Mattel believes Net Debt is useful
supplemental information for investors to monitor Mattel’s
liquidity and evaluate its balance sheet.
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, loss on debt
extinguishment, and loss on liquidation of Argentina subsidiary.
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.
MAT-FIN MAT-CORP
MATTEL, INC. AND SUBSIDIARIES EXHIBIT I
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)1
For the Three Months Ended December 31, For the Year
Ended December 31, (In millions,
except per share andpercentage
information)
2022
2021
% Change asReported % Change inConstantCurrency
2022
2021
% Change asReported % Change inConstantCurrency $
Amt % NetSales $ Amt % NetSales $
Amt % NetSales $ Amt % NetSales Net
Sales
$
1,401.9
$
1,794.9
-22
%
-19
%
$
5,434.7
$
5,457.7
—
%
3
%
Cost of Sales
799.3
57.0
%
910.6
50.7
%
-12
%
2,953.3
54.3
%
2,831.1
51.9
%
4
%
Gross Profit
602.7
43.0
%
884.3
49.3
%
-32
%
-30
%
2,481.4
45.7
%
2,626.7
48.1
%
-6
%
-3
%
Advertising and Promotion Expenses
242.7
17.3
%
265.6
14.8
%
-9
%
534.3
9.8
%
545.7
10.0
%
-2
%
Other Selling and Administrative Expenses
281.0
20.0
%
361.2
20.1
%
-22
%
1,271.6
23.4
%
1,351.4
24.8
%
-6
%
Operating Income
79.0
5.6
%
257.5
14.3
%
-69
%
-67
%
675.5
12.4
%
729.6
13.4
%
-7
%
-4
%
Interest Expense
33.1
2.4
%
33.2
1.9
%
—
%
132.8
2.4
%
253.9
4.7
%
-48
%
Interest (Income)
(4.3
)
-0.3
%
(1.3
)
-0.1
%
222
%
(9.4
)
-0.2
%
(3.5
)
-0.1
%
168
%
Other Non-Operating Expense, Net
35.8
5.0
47.8
8.4
Income Before Income Taxes
14.4
1.0
%
220.6
12.3
%
-93
%
-95
%
504.3
9.3
%
470.8
8.6
%
7
%
8
%
Provision (Benefit) for Income Taxes
5.3
(4.6
)
135.9
(420.4
)
(Income) from Equity Method Investments
(7.0
)
(0.7
)
(25.4
)
(11.8
)
Net Income
$
16.1
1.2
%
$
225.8
12.6
%
-93
%
$
393.9
7.2
%
$
903.0
16.5
%
-56
%
Net Income Per Common Share - Basic
$
0.05
$
0.64
$
1.11
$
2.58
Weighted-Average Number of Common Shares
354.9
351.1
353.8
350.0
Net Income Per Common Share - Diluted
$
0.04
$
0.63
$
1.10
$
2.53
Weighted-Average Number of Common and Potential Common Shares
359.0
358.1
359.6
357.3
1 Amounts may not sum due to rounding.
MATTEL, INC. AND
SUBSIDIARIES EXHIBIT II CONDENSED CONSOLIDATED
BALANCE SHEETS1 December 31,
2022
2021
(In millions)
(Unaudited) Assets Cash and Equivalents
$
761.2
$
731.4
Accounts Receivable, Net
860.2
1,072.7
Inventories
894.1
777.2
Prepaid Expenses and Other Current Assets
213.5
293.3
Total Current Assets
2,729.0
2,874.5
Property, Plant, and Equipment, Net
469.1
456.0
Right-of-Use Assets, Net
318.7
325.5
Goodwill
1,378.6
1,390.2
Other Noncurrent Assets
1,282.3
1,347.7
Total Assets
$
6,177.7
$
6,393.9
Liabilities and Stockholders’ Equity Accounts Payable
and Accrued Liabilities
$
1,150.2
$
1,570.7
Income Taxes Payable
37.6
27.5
Total Current Liabilities
1,187.7
1,598.3
Long-Term Debt
2,325.6
2,571.0
Noncurrent Lease Liabilities
271.4
283.6
Other Noncurrent Liabilities
336.6
372.2
Stockholders’ Equity
2,056.3
1,568.8
Total Liabilities and Stockholders’ Equity
$
6,177.7
$
6,393.9
MATTEL, INC. AND SUBSIDIARIES EXHIBIT
II SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA
(Unaudited)1 December 31,
2022
2021
Key Balance Sheet Data:
Accounts Receivable, Net Days of Sales Outstanding (DSO)
55
54
For the Year Ended December 31,
(In millions)
2022
2021
Condensed Cash Flow Data: Cash
Flows Provided by Operating Activities
$
443
$
485
Cash Flows (Used for) Investing Activities
(144
)
(105
)
Cash Flows (Used for) Financing Activities and Other
(269
)
(411
)
Increase (Decrease) in Cash and Equivalents
$
30
$
(31
)
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 December 31, For the Year Ended December 31,
(In millions, except percentage
information)
2022
2021
Change
2022
2021
Change Gross
Profit Gross Profit, As Reported
$
602.7
$
884.3
$
2,481.4
$
2,626.7
Gross Margin
43.0
%
49.3
%
-630 bps
45.7
%
48.1
%
-240 bps Adjustments: Severance and Restructuring Expenses
0.9
1.0
10.7
2.9
Gross Profit, As Adjusted
$
603.5
$
885.2
$
2,492.0
$
2,629.5
Adjusted Gross Margin
43.1
%
49.3
%
-620 bps
45.9
%
48.2
%
-230 bps
Other Selling and
Administrative Expenses Other Selling and Administrative
Expenses, As Reported
$
281.0
$
361.2
-22
%
$
1,271.6
$
1,351.4
-6
%
% of Net Sales
20.0
%
20.1
%
-10 bps
23.4
%
24.8
%
-140 bps Adjustments: Severance and Restructuring Expenses
(9.1
)
(5.9
)
(26.2
)
(31.5
)
Inclined Sleeper Product Recalls2
1.5
(0.2
)
0.3
(15.1
)
Sale of Assets3
8.3
—
23.5
15.8
Other Selling and Administrative Expenses, As Adjusted
$
281.7
$
355.2
-21
%
$
1,269.2
$
1,320.6
-4
%
% of Net Sales
20.1
%
19.8
%
30 bps
23.4
%
24.2
%
-80 bps
Operating Income
Operating Income, As Reported
$
79.0
$
257.5
-69
%
$
675.5
$
729.6
-7
%
Operating Income Margin
5.6
%
14.3
%
-870 bps
12.4
%
13.4
%
-100 bps Adjustments: Severance and Restructuring Expenses
10.0
6.8
36.8
34.4
Inclined Sleeper Product Recalls2
(1.5
)
0.2
(0.3
)
15.1
Sale of Assets3
(8.3
)
—
(23.5
)
(15.8
)
Operating Income, As Adjusted
$
79.1
$
264.5
-70
%
$
688.6
$
763.3
-10
%
Adjusted Operating Income Margin
5.6
%
14.7
%
-910 bps
12.7
%
14.0
%
-130 bps 1 Amounts may not sum due to rounding. 2 For the
three months and year ended December 31, 2022 and 2021, represents
net benefits/expenses related to inclined sleeper product recall
litigation. 3 For the three months ended December 31, 2022, Mattel
recorded a gain on sale of assets of $8.3 million. For the year
ended December 31, 2022, and 2021, Mattel recorded a gain on sale
of assets of $23.5 million and $15.8 million, respectively, 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 December 31, For the Year Ended December 31,
(In millions, except per share and
percentage information)
2022
2021
Change
2022
2021
Change Earnings Per
Share Net Income Per Common Share, As Reported
$
0.04
$
0.63
-94
%
$
1.10
$
2.53
-57
%
Adjustments: Severance and Restructuring Expenses
0.03
0.02
0.10
0.10
Inclined Sleeper Product Recalls2
—
—
—
0.04
Sale of Assets/Business3
(0.02
)
—
(0.07
)
(0.06
)
Loss on Debt Extinguishment
—
—
—
0.28
Valuation Allowance Releases4
—
(0.14
)
—
(1.51
)
Loss on Liquidation of Argentina Subsidiary5
0.13
—
0.13
—
Tax Effect of Adjustments6
0.01
0.02
—
(0.08
)
Net Income Per Common Share, As Adjusted
$
0.18
$
0.53
-66
%
$
1.25
$
1.30
-4
%
EBITDA and Adjusted
EBITDA Net Income, As Reported
$
16.1
$
225.8
-93
%
$
393.9
$
903.0
-56
%
Adjustments: Interest Expense
33.1
33.2
132.8
253.9
Provision (Benefit) for Income Taxes
5.3
(4.6
)
135.9
(420.4
)
Depreciation
36.1
37.4
144.6
146.3
Amortization
9.6
9.5
37.9
38.0
EBITDA
100.2
301.4
845.0
920.9
Adjustments: Share-Based Compensation
13.1
13.6
69.1
60.1
Severance and Restructuring Expenses
8.9
5.8
32.7
30.7
Inclined Sleeper Product Recalls2
(1.5
)
0.2
(0.3
)
15.1
Sale of Assets/Business3
(8.3
)
—
(23.5
)
(19.7
)
Loss on Liquidation of Argentina Subsidiary5
45.4
—
45.4
—
Adjusted EBITDA
$
157.8
$
320.9
-51
%
$
968.4
$
1,007.0
-4
%
Free Cash Flow Net Cash
Flows Provided by Operating Activities
$
442.8
$
485.5
Capital Expenditures
(186.5
)
(151.4
)
Free Cash Flow
$
256.3
$
334.1
1 Amounts may not sum due to rounding. 2 For the three
months and year ended December 31, 2022 and 2021, represents net
benefits/expenses related to inclined sleeper product recall
litigation. 3 For the three months and year ended December 31,
2022, Mattel recorded a gain on sale of assets of $8.3 million and
$23.5 million, respectively, in other selling and administrative
expenses. 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 three months
and year ended December 31, 2021, the amount includes a net benefit
of $48.6 million and $540.8 million, respectively, related to the
release of valuation allowances against deferred tax assets of the
U.S. and certain International affiliates. 5 During the three
months ended December 31, 2022, the liquidation of Mattel’s
subsidiary in Argentina was substantially completed, and Mattel
recognized its cumulative translation adjustments of $45.4 million
as a loss in other non-operating expense, net. 6 The aggregate tax
effect of adjustments was determined using the effective tax rates
on a jurisdictional basis of the respective adjustments, 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 For the Year Ended
December 31, (In millions, except
percentage information)
2022
2021
Change Tax Rate Income
Before Income Taxes, As Reported
$
504.3
$
470.8
Adjustments: Severance and Restructuring Expenses
36.8
34.4
Inclined Sleeper Product Recalls2
(0.3
)
15.1
Sale of Assets/Business3
(23.5
)
(19.7
)
Loss on Debt Extinguishment
—
101.7
Loss on Liquidation of Argentina Subsidiary4
45.4
—
Income Before Income Taxes, As Adjusted
$
562.8
$
602.2
Provision (Benefit) for Income Taxes, As Reported
$
135.9
$
(420.4
)
Adjustments: Valuation Allowance Releases5
—
540.8
Tax Effect of Adjustments6
1.3
27.9
Provision for Income Taxes, As Adjusted
$
137.2
$
148.4
Tax Rate, As Reported
27
%
-89
%
116 bps Tax Rate, As Adjusted
24
%
25
%
-1 bps
December 31,
2022
2021
Net Debt Long-Term Debt
$
2,325.6
$
2,571.0
Adjustments Cash and Equivalents
(761.2
)
(731.4
)
Net Debt
$
1,564.4
$
1,839.6
1 Amounts may not sum due to rounding. 2 For the year ended
December 31, 2022 and 2021, represents net benefits/expenses
related to inclined sleeper product recall litigation. 3 For the
year ended December 31, 2022, Mattel recorded a gain on sale of
assets of $23.5 million in other selling and administrative
expenses. 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 During the year
ended December 31, 2022, the liquidation of Mattel’s subsidiary in
Argentina was substantially completed, and Mattel recognized its
cumulative translation adjustments of $45.4 million as a loss in
other non-operating expense, net. 5 For the year ended December 31,
2021, the amount includes a net benefit of approximately $540.8
million related to the release of valuation allowances against
deferred tax assets of the U.S. and certain International
affiliates. 6 Tax effect of adjustments was determined using the
effective tax rates on a jurisdictional basis of the respective
adjustments.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT
III SUPPLEMENTAL FINANCIAL INFORMATION
(Unaudited)1 RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL
MEASURES For the Year Ended December 31,
(In millions, except percentage and pts
information)
2022
2021
Change Leverage Ratio (Total
Debt/Adjusted EBITDA) Total
Debt Long-Term Debt
$
2,325.6
$
2,571.0
Adjustments: Debt Issuance Costs and Debt Discount
24.4
29.0
Total Debt
$
2,350.0
$
2,600.0
EBITDA and Adjusted EBITDA Net Income,
As Reported
$
393.9
$
903.0
-56
%
Adjustments: Interest Expense
132.8
253.9
Provision (Benefit) for Income Taxes
135.9
(420.4
)
Depreciation
144.6
146.3
Amortization
37.9
38.0
EBITDA
845.0
920.9
Adjustments: Share-Based Compensation
69.1
60.1
Severance and Restructuring Expenses
32.7
30.7
Inclined Sleeper Product Recalls
(0.3
)
15.1
Sale of Assets/Business
(23.5
)
(19.7
)
Loss on Liquidation of Argentina Subsidiary
45.4
—
Adjusted EBITDA
$
968.4
$
1,007.0
-4
%
Total Debt / Net Income 6.0x 2.9x Leverage Ratio (Total Debt
/ Adjusted EBITDA) 2.4x 2.6x
Free
Cash Flow Net Cash Flows Provided by Operating
Activities
$
442.8
$
485.5
-9
%
Capital Expenditures
(186.5
)
(151.4
)
Free Cash Flow
$
256.3
$
334.1
-23
%
Net Cash Flows Provided by Operating Activities / Net Income
112
%
54
%
58 pts Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA)
26
%
33
%
(7) pts 1 Amounts may not sum due to rounding.
MATTEL,
INC. AND SUBSIDIARIES EXHIBIT IV WORLDWIDE NET
SALES AND GROSS BILLINGS1 (Unaudited)2 For the Three
Months Ended December 31, For the Year Ended December
31,
2022
2021
% ChangeasReported % ChangeinConstantCurrency
2022
2021
% ChangeasReported % ChangeinConstantCurrency (In
millions, except percentage information) Worldwide Net Sales: Net Sales
$
1,401.9
$
1,794.9
-22
%
-19
%
$
5,434.7
$
5,457.7
—
%
3
%
Worldwide Gross Billings by
Categories: Dolls
$
589.3
$
803.6
-27
%
-24
%
$
2,084.0
$
2,299.1
-9
%
-6
%
Infant, Toddler, and Preschool
267.2
401.4
-33
-31
1,117.5
1,220.9
-8
-6
Vehicles
402.5
381.2
6
10
1,450.8
1,252.8
16
20
Action Figures, Building Sets, Games, and Other
300.5
405.1
-26
-22
1,396.1
1,308.9
7
10
Gross Billings
$
1,559.6
$
1,991.4
-22
%
-19
%
$
6,048.3
$
6,081.6
-1
%
3
%
Supplemental Gross Billings
Disclosure Worldwide
Gross Billings by Top 3 Power Brands: Barbie
$
372.2
$
556.6
-33
%
-30
%
$
1,490.6
$
1,679.3
-11
%
-8
%
Hot Wheels
351.9
326.4
8
13
1,251.4
1,068.3
17
22
Fisher-Price and Thomas & Friends
245.8
365.2
-33
-30
1,033.7
1,128.2
-8
-6
Other
589.7
743.2
-21
-18
2,272.5
2,205.8
3
6
Gross Billings
$
1,559.6
$
1,991.4
-22
%
-19
%
$
6,048.3
$
6,081.6
-1
%
3
%
1 Gross billings represent amounts invoiced to customers and
do 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 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT V NET
SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2 For
the Three Months Ended December 31, For the Year Ended
December 31,
2022
2021
% ChangeasReported % ChangeinConstantCurrency
2022
2021
% ChangeasReported % ChangeinConstantCurrency (In
millions, except percentage information) North America Net Sales: Net Sales
$
657.1
$
890.8
-26
%
-26
%
$
2,987.8
$
2,968.3
1
%
1
%
North America Gross Billings by
Categories: Dolls
$
224.5
$
312.8
-28
%
-28
%
$
940.3
$
1,011.1
-7
%
-7
%
Infant, Toddler, and Preschool
148.7
238.5
-38
-37
698.3
758.8
-8
-8
Vehicles
186.2
175.2
6
7
736.9
633.0
16
17
Action Figures, Building Sets, Games, and Other
142.3
208.7
-32
-32
810.6
752.0
8
8
Gross Billings
$
701.7
$
935.2
-25
%
-25
%
$
3,186.1
$
3,154.9
1
%
1
%
Supplemental Gross Billings
Disclosure North America
Gross Billings by Top 3 Power Brands: Barbie
$
177.2
$
286.4
-38
%
-38
%
$
776.3
$
903.5
-14
%
-14
%
Hot Wheels
159.5
146.0
9
10
617.9
529.5
17
17
Fisher-Price and Thomas & Friends
128.1
209.4
-39
-39
635.1
685.5
-7
-7
Other
236.9
293.4
-19
-19
1,156.8
1,036.4
12
12
Gross Billings
$
701.7
$
935.2
-25
%
-25
%
$
3,186.1
$
3,154.9
1
%
1
%
1 Gross billings represent amounts invoiced to customers and
do 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 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT VI
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
For the Three Months Ended December 31, For the Year
Ended December 31,
2022
2021
% ChangeasReported % ChangeinConstantCurrency
2022
2021
% ChangeasReported % ChangeinConstantCurrency (In
millions, except percentage information) International Net Sales by Geographic Area:
EMEA
$
365.6
$
469.6
-22
%
-14
%
$
1,324.4
$
1,375.5
-4
%
6
%
Latin America
172.4
190.1
-9
-11
591.0
519.6
14
14
Asia Pacific
97.1
112.0
-13
-4
304.6
324.1
-6
1
Net Sales
$
635.1
$
771.7
-18
%
-12
%
$
2,220.0
$
2,219.2
—
%
7
%
International Gross Billings by
Geographic Area: EMEA
$
428.3
$
570.3
-25
%
-16
%
$
1,583.5
$
1,665.5
-5
%
5
%
Latin America
202.7
217.9
-7
-8
687.9
603.7
14
14
Asia Pacific
113.4
131.4
-14
-5
356.8
379.6
-6
1
Gross Billings
$
744.4
$
919.7
-19
%
-13
%
$
2,628.2
$
2,648.8
-1
%
7
%
International Gross Billings by
Categories: Dolls
$
251.3
$
354.3
-29
%
-23
%
$
909.7
$
1,010.1
-10
%
-3
%
Infant, Toddler, and Preschool
118.5
162.9
-27
-22
419.2
462.1
-9
-3
Vehicles
216.3
206.0
5
13
713.9
619.8
15
24
Action Figures, Building Sets, Games, and Other
158.2
196.4
-19
-13
585.5
556.8
5
13
Gross Billings
$
744.4
$
919.7
-19
%
-13
%
$
2,628.2
$
2,648.8
-1
%
7
%
Supplemental Gross Billings
Disclosure International
Gross Billings by Top 3 Power Brands: Barbie
$
195.0
$
270.2
-28
%
-22
%
$
714.2
$
775.8
-8
%
-1
%
Hot Wheels
192.4
180.5
7
15
633.5
538.8
18
27
Fisher-Price and Thomas & Friends
117.7
155.8
-24
-19
398.7
442.7
-10
-4
Other
239.3
313.2
-24
-18
881.8
891.4
-1
6
Gross Billings
$
744.4
$
919.7
-19
%
-13
%
$
2,628.2
$
2,648.8
-1
%
7
%
1 Gross billings represent amounts invoiced to customers and
do 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 Amounts may not sum due to rounding.
MATTEL, INC. AND SUBSIDIARIES EXHIBIT VII NET
SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
For the
Three Months Ended December 31, For the Year Ended December
31,
2022
2021
% ChangeasReported % ChangeinConstantCurrency
2022
2021
% ChangeasReported % ChangeinConstantCurrency (In
millions, except percentage information) American Girl Net Sales: Net Sales
$
109.7
$
132.5
-17
%
-17
%
$
226.9
$
270.3
-16
%
-16
%
American Girl Gross
Billings: Gross Billings
$
113.5
$
136.5
-17
%
-17
%
$
234.0
$
277.9
-16
%
-16
%
1 Gross billings represent amounts invoiced to customers and
do 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 Amounts may not sum due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230208005111/en/
News Media Catherine Frymark catherine.frymark@mattel.com
Securities Analysts David Zbojniewicz
david.zbojniewicz@mattel.com
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