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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________________________________
FORM 8-K
______________________________________________
Current Report
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported):
July 21, 2023
______________________________________________
MATTEL, INC.
(Exact name of registrant as specified in its charter)
______________________________________________
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| Delaware | | 001-05647 | | 95-1567322 |
(State or other jurisdiction
of incorporation) | | (Commission
File No.) | | (I.R.S. Employer
Identification No.) |
333 Continental Boulevard
El Segundo, California 90245-5012
(Address of principal executive offices)
Registrant’s telephone number, including area code
(310) 252-2000
N/A
(Former name or former address, if changed since last report)
______________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $1.00 per share | | MAT | | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Section 2 – Financial Information
Item 2.02 Results of Operations and Financial Condition.
On July 26, 2023, Mattel, Inc. (“Mattel”) issued a press release regarding its second quarter 2023 financial results, a copy of which is furnished as Exhibit 99.1 hereto. This exhibit is incorporated herein by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On July 21, 2023, Mattel’s President and Chief Operating Officer, Richard Dickson, informed the Company that he will step down from his position effective August 3, 2023 to take the role of president and chief executive officer at another public company. A copy of the press release announcing Mr. Dickson’s resignation, as well as Mattel’s promotion of certain key officers who will assume Mr. Dickson’s former responsibilities, is attached as Exhibit 99.2 hereto.
* * *
In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Section 9 – Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits: Press release dated July 26, 2023, issued by Mattel, Inc.
| | | | | | | | |
| Exhibit No. | | Exhibit Description |
| | Press release dated July 26, 2023 |
| | Press release dated July 26, 2023 |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
** Furnished herewith
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| MATTEL, INC.
Registrant |
| |
| By: | /s/ Jonathan Anschell |
| | Name: | | Jonathan Anschell |
| | Title: | | Executive Vice President, Chief Legal Officer, and Secretary |
Dated: July 26, 2023
Exhibit 99.1
MATTEL REPORTS SECOND QUARTER 2023 FINANCIAL RESULTS
Second Quarter 2023 Highlights Versus Prior Year
•Net Sales of $1,087 million, down 12% as reported, or 13% in constant currency
•Gross Margin of 45.1%, an increase of 70 basis points; Adjusted Gross Margin of 44.9%, flat to the prior year
•Operating Income of $63 million, a decrease of $62 million; Adjusted Operating Income of $75 million, a decrease of $47 million
•Net Income of $27 million compared to prior year Net Income of $66 million
•Earnings per Share of $0.08 compared to prior year Earnings per Share of $0.18; Adjusted Earnings per Share of $0.10 compared to prior year Adjusted Earnings per Share of $0.18
•Adjusted EBITDA of $148 million, a decrease of $37 million
•Repurchased $16 million of shares, bringing first half total to $50 million
•Company reiterates 2023 guidance
EL SEGUNDO, Calif., Jul. 26, 2023 – Mattel, Inc. (NASDAQ: MAT) today reported second quarter 2023 financial results.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Mattel’s second quarter financial results were in-line with our expectations. We significantly increased free cash flow and continued to gain market share. Importantly, this moment will be remembered as a key milestone in our company’s history with the release of the Barbie movie, our first ever major theatrical film.”
Mr. Kreiz continued: “The Barbie movie is a showcase for the cultural resonance of our IP, our ability to attract and collaborate with top creative talent, and the capabilities of our franchise management organization. This also speaks to the potential of Mattel Films and the significant progress of our strategy to capture the full value of our IP.”
Anthony DiSilvestro, CFO of Mattel, added: “While comparisons improved from the first quarter, our second quarter financial results were negatively impacted as retailers continued to manage inventory levels and by some overall industry softness. At this point, we believe the retail inventory correction is mostly behind us, and we look forward to meeting consumer demand for our product, as we enter the second half of the year and all-important holiday season. Given our year-to-date performance and outlook for the balance of the year, we are reiterating our guidance.”
Financial Overview
For the second quarter, Net Sales were down 12% as reported, or 13% in constant currency, versus the prior year’s second quarter. Reported Operating Income was $63 million, a decrease of $62 million, and Adjusted Operating Income was $75 million, a decrease of $47 million. Reported Earnings Per Share were $0.08, compared to prior year Reported Earnings Per Share of $0.18, and Adjusted Earnings Per Share were $0.10, compared to prior year Adjusted Earnings Per Share of $0.18.
For the first six months of the year, Net Sales declined 16% as reported, and 17% in constant currency, versus the prior year’s first six months. Reported Operating Loss was $52 million, a decline of $257 million, and Adjusted Operating Loss was $12 million, a decrease of $224 million. Reported Loss Per Share was $0.22, a decline of $0.46, and Adjusted Loss Per Share was $0.14, a decline of $0.40.
Net Sales in the North America segment decreased 18% as reported and in constant currency, versus the prior year’s second quarter.
Gross Billings in the North America segment decreased 18% as reported and in constant currency, due to declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), Infant, Toddler, and Preschool (including Fisher-Price®), and Vehicles (including Hot Wheels®), partially offset by growth in Dolls.
Net Sales in the International segment decreased 3% as reported, or 5% in constant currency.
Gross Billings in the International segment decreased 1% as reported, or 3% in constant currency, due to declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (including Fisher-Price), partially offset by growth in Vehicles (including Hot Wheels) and Dolls.
Net Sales in the American Girl® segment decreased 16% as reported and in constant currency. Gross Billings in the American Girl segment decreased 15% as reported and in constant currency.
Reported Gross Margin increased to 45.1%, versus 44.4% in the prior year’s second quarter, and Adjusted Gross Margin of 44.9% was flat versus the prior year. The increase in Reported Gross Margin was primarily driven by pricing, savings from the Optimizing for Growth program, foreign exchange favorability and lower severance and restructuring expenses, partially offset by cost inflation, unfavorable fixed cost absorption, inventory management efforts, including higher close-out sales and obsolescence, and mix and other factors.
Reported Other Selling and Administrative Expenses increased $3 million, to $337 million, primarily due to the gain on a sale of assets recognized in the second quarter of 2022, market-related pay increases, and higher severance and restructuring expenses, partially offset by cost management efforts and savings from the Optimizing for Growth program. Adjusted Other Selling and Administrative Expenses decreased $19 million, to $324 million, primarily driven by cost management efforts and savings from the Optimizing for Growth program, partially offset by market-related pay increases.
For the six months ended June 30, 2023, Cash Flows Used for Operating Activities were $326 million, an improvement of $99 million, versus the prior year’s first six months, primarily due to lower working capital usage, partially offset by changes in net earnings, excluding the impact of non-cash items. Cash Flows Used for Investing Activities were $62 million, an increase of $8 million, primarily due to lower proceeds from the sale of assets, partially offset by higher net proceeds from foreign currency forward contracts in the first half of 2023. Cash Flows Used for Financing Activities and Other were $74 million, as compared to cash inflows of $22 million in the prior year’s first six months, primarily due to share repurchases and lower proceeds from the exercise of stock options.
Gross Billings by Categories
For the second quarter, worldwide Gross Billings for Dolls were $441 million, up 10% as reported, or 9% in constant currency, versus the prior year, primarily driven by Disney Princess and Disney Frozen, and Monster High, partially offset by a decline in Barbie.
Worldwide Gross Billings for Infant, Toddler, and Preschool were $197 million, down 28% as reported, or 29% in constant currency, primarily due to declines in Fisher-Price.
Worldwide Gross Billings for Vehicles were $364 million, up 11% 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 $226 million, down 39% as reported, or 40% in constant currency, primarily due to declines in Action Figures (primarily related to 2022 theatrical releases) and Other.
2023 Guidance
Mattel’s full year 2023 guidance remains:
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| (in millions, except EPS and percentages) | | FY2023
Guidance | | FY2022 |
| | | | |
| 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 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 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, 2022 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 includes Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Other Selling and Administrative Expenses, Adjusted Operating Income (Loss), Adjusted Operating Income (Loss) 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 (Loss) and Adjusted Operating Income (Loss) Margin
Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) Margin represent reported Operating Income (Loss) and reported Operating Income (Loss) 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 (Loss) Margin represents Mattel’s Adjusted Operating Income (Loss), as a percentage of Net Sales. Adjusted Operating Income (Loss) and Adjusted Operating Income (Loss) 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, and the impact of sale of assets/business, 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 (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 (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 Income Taxes represents reported Income Before Income Taxes, adjusted to exclude severance and restructuring expenses, the impact of inclined sleeper product recalls, and the impact of sale of assets/business. The Adjusted Provision for Income Taxes represents reported Provision for Income Taxes, adjusted to exclude 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.
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| News Media | | Securities Analysts |
| Catherine Frymark | | David Zbojniewicz |
| catherine.frymark@mattel.com | | david.zbojniewicz@mattel.com |
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| MAT-FIN MAT-CORP | | |
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT I |
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)1
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| For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
(In millions, except per share and
percentage information) | 2023 | | 2022 | | % Change
as
Reported | | % Change in Constant
Currency | | 2023 | | 2022 | | % Change
as
Reported | | % Change in Constant
Currency |
| $ Amt | | % Net
Sales | | $ Amt | | % Net
Sales | | $ Amt | | % Net
Sales | | $ Amt | | % Net
Sales |
| Net Sales | $ | 1,087.2 | | | | | $ | 1,235.7 | | | | | -12 | % | | -13 | % | | $ | 1,901.7 | | | | | $ | 2,277.0 | | | | | -16 | % | | -17 | % |
| Cost of Sales | 597.4 | | | 54.9 | % | | 686.8 | | | 55.6 | % | | -13 | % | | | | 1,086.1 | | | 57.1 | % | | 1,245.2 | | | 54.7 | % | | -13 | % | | |
| Gross Profit | 489.8 | | | 45.1 | % | | 548.9 | | | 44.4 | % | | -11 | % | | -13 | % | | 815.6 | | | 42.9 | % | | 1,031.8 | | | 45.3 | % | | -21 | % | | -22 | % |
| Advertising and Promotion Expenses | 90.0 | | | 8.3 | % | | 90.2 | | | 7.3 | % | | — | % | | | | 166.1 | | | 8.7 | % | | 163.9 | | | 7.2 | % | | 1 | % | | |
| Other Selling and Administrative Expenses | 337.0 | | | 31.0 | % | | 333.6 | | | 27.0 | % | | 1 | % | | | | 701.8 | | | 36.9 | % | | 662.7 | | | 29.1 | % | | 6 | % | | |
| Operating Income (Loss) | 62.8 | | | 5.8 | % | | 125.1 | | | 10.1 | % | | -50 | % | | -59 | % | | (52.3) | | | -2.7 | % | | 205.1 | | | 9.0 | % | | n/m | | n/m |
| Interest Expense | 30.6 | | | 2.8 | % | | 32.8 | | | 2.7 | % | | -7 | % | | | | 61.8 | | | 3.2 | % | | 65.9 | | | 2.9 | % | | -6 | % | | |
| Interest (Income) | (4.3) | | | -0.4 | % | | (2.0) | | | -0.2 | % | | 121 | % | | | | (10.8) | | | -0.6 | % | | (3.2) | | | -0.1 | % | | 243 | % | | |
| Other Non-Operating (Income) Expense, Net | (2.1) | | | | | 7.1 | | | | | | | | | (3.6) | | | | | 16.3 | | | | | | | |
| Income (Loss) Before Income Taxes | 38.6 | | | 3.6 | % | | 87.1 | | | 7.0 | % | | -56 | % | | -65 | % | | (99.6) | | | -5.2 | % | | 126.2 | | | 5.5 | % | | n/m | | n/m |
| Provision (Benefit) for Income Taxes | 14.4 | | | | | 26.6 | | | | | | | | | (12.6) | | | | | 50.5 | | | | | | | |
| (Income) from Equity Method Investments | (3.0) | | | | | (5.9) | | | | | | | | | (7.7) | | | | | (12.2) | | | | | | | |
| Net Income (Loss) | $ | 27.2 | | | 2.5 | % | | $ | 66.4 | | | 5.4 | % | | -59 | % | | | | $ | (79.3) | | | -4.2 | % | | $ | 87.9 | | | 3.9 | % | | n/m | | |
| Net Income (Loss) Per Common Share - Basic | $ | 0.08 | | | | | $ | 0.19 | | | | | | | | | $ | (0.22) | | | | | $ | 0.25 | | | | | | | |
| Weighted-Average Number of Common Shares | 354.6 | | | | | 353.5 | | | | | | | | | 354.7 | | | | | 352.8 | | | | | | | |
| Net Income (Loss) Per Common Share - Diluted | $ | 0.08 | | | | | $ | 0.18 | | | | | | | | | $ | (0.22) | | | | | $ | 0.24 | | | | | | | |
| Weighted-Average Number of Common and Potential Common Shares | 357.2 | | | | | 359.8 | | | | | | | | | 354.7 | | | | | 358.9 | | | | | | | |
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, |
| | 2023 | | 2022 | | 2022 |
| (In millions) | (Unaudited) | | |
| Assets | | | | | |
| Cash and Equivalents | $ | 299.9 | | | $ | 274.5 | | | $ | 761.2 | |
| Accounts Receivable, Net | 890.9 | | | 989.2 | | | 860.2 | |
| Inventories | 971.6 | | | 1,177.6 | | | 894.1 | |
| Prepaid Expenses and Other Current Assets | 261.3 | | | 273.2 | | | 213.5 | |
| Total Current Assets | 2,423.7 | | | 2,714.4 | | | 2,729.0 | |
| Property, Plant, and Equipment, Net | 464.1 | | | 442.1 | | | 469.1 | |
| Right-of-Use Assets, Net | 296.2 | | | 326.2 | | | 318.7 | |
| Goodwill | 1,384.2 | | | 1,379.2 | | | 1,378.6 | |
| Other Noncurrent Assets | 1,329.5 | | | 1,305.8 | | | 1,282.3 | |
| Total Assets | $ | 5,897.8 | | | $ | 6,167.7 | | | $ | 6,177.7 | |
| | | | | |
| Liabilities and Stockholders’ Equity | | | | | |
| Short-Term Borrowings | $ | — | | | $ | 3.0 | | | $ | — | |
| Current Portion of Long-Term Debt | — | | | 250.0 | | | — | |
| Accounts Payable and Accrued Liabilities | 1,021.7 | | | 1,216.0 | | | 1,150.2 | |
| Income Taxes Payable | 9.4 | | | 19.2 | | | 37.6 | |
| Total Current Liabilities | 1,031.1 | | | 1,488.2 | | | 1,187.7 | |
| Long-Term Debt | 2,327.8 | | | 2,323.3 | | | 2,325.6 | |
| Noncurrent Lease Liabilities | 243.8 | | | 282.3 | | | 271.4 | |
| Other Noncurrent Liabilities | 332.8 | | | 345.9 | | | 336.6 | |
| Stockholders’ Equity | 1,962.4 | | | 1,728.0 | | | 2,056.3 | |
| Total Liabilities and Stockholders’ Equity | $ | 5,897.8 | | | $ | 6,167.7 | | | $ | 6,177.7 | |
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA (Unaudited)1
| | | | | | | | | | | |
| June 30, |
| 2023 | | 2022 |
| Key Balance Sheet Data: | | | |
| Accounts Receivable, Net Days of Sales Outstanding (DSO) | 74 | | | 72 | |
| | | |
| | For the Six Months Ended June 30, |
| (In millions) | 2023 | | 2022 |
| Condensed Cash Flow Data: | | | |
| Cash Flows (Used for) Operating Activities | $ | (326) | | | $ | (425) | |
| Cash Flows (Used for) Investing Activities | (62) | | | (54) | |
| Cash Flows (Used for) Provided by Financing Activities and Other | (74) | | | 22 | |
| Decrease in Cash and Equivalents | $ | (461) | | | $ | (457) | |
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) | 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Gross Profit | | | | | | | | | | | |
| Gross Profit, As Reported | $ | 489.8 | | $ | 548.9 | | | | $ | 815.6 | | $ | 1,031.8 | | |
| Gross Margin | 45.1 | % | | 44.4 | % | | 70 bps | | 42.9 | % | | 45.3 | % | | -240 bps |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | (1.2) | | | 5.8 | | | | | (1.2) | | | 8.4 | | | |
| Gross Profit, As Adjusted | $ | 488.6 | | $ | 554.7 | | | | $ | 814.4 | | $ | 1,040.2 | | |
| Adjusted Gross Margin | 44.9 | % | | 44.9 | % | | 0 bps | | 42.8 | % | | 45.7 | % | | -290 bps |
| | | | | | | | | | | |
| Other Selling and Administrative Expenses | | | | | | | | | | | |
| Other Selling and Administrative Expenses, As Reported | $ | 337.0 | | $ | 333.6 | | 1 | % | | $ | 701.8 | | $ | 662.7 | | 6 | % |
| % of Net Sales | 31.0 | % | | 27.0 | % | | 400 bps | | 36.9 | % | | 29.1 | % | | 780 bps |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | (9.8) | | | (5.8) | | | | | (33.7) | | | (12.6) | | | |
| Inclined Sleeper Product Recalls | (3.4) | | | — | | | | | (7.7) | | | (0.6) | | | |
Sale of Assets2 | — | | | 15.2 | | | | | — | | | 15.2 | | | |
| Other Selling and Administrative Expenses, As Adjusted | $ | 323.8 | | $ | 343.1 | | -6 | % | | $ | 660.3 | | $ | 664.7 | | -1 | % |
| % of Net Sales | 29.8 | % | | 27.8 | % | | 200 bps | | 34.7 | % | | 29.2 | % | | 550 bps |
| | | | | | | | | | | |
| Operating Income (Loss) | | | | | | | | | | | |
| Operating Income (Loss), As Reported | $ | 62.8 | | | $ | 125.1 | | | -50 | % | | $ | (52.3) | | | $ | 205.1 | | | n/m |
| Operating Income (Loss) Margin | 5.8 | % | | 10.1 | % | | -430 bps | | -2.7 | % | | 9.0 | % | | n/m |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | 8.6 | | | 11.5 | | | | | 32.5 | | | 21.0 | | | |
| Inclined Sleeper Product Recalls | 3.4 | | | — | | | | | 7.7 | | | 0.6 | | | |
Sale of Assets2 | — | | | (15.2) | | | | | — | | | (15.2) | | | |
| Operating Income (Loss), As Adjusted | $ | 74.7 | | | $ | 121.4 | | | -38 | % | | $ | (12.0) | | | $ | 211.6 | | | n/m |
| Adjusted Operating Income (Loss) Margin | 6.9 | % | | 9.8 | % | | -290 bps | | -0.6 | % | | 9.3 | % | | n/m |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Amounts may not sum due to rounding. |
2 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. |
| 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, | | For the Six Months Ended June 30, |
| (In millions, except per share and percentage information) | 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Earnings Per Share | | | | | | | | | | | |
| Net Income (Loss) Per Common Share, As Reported | $ | 0.08 | | | $ | 0.18 | | | -56% | | $ | (0.22) | | | $ | 0.24 | | | n/m |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | 0.02 | | | 0.03 | | | | | 0.09 | | | 0.06 | | | |
| Inclined Sleeper Product Recalls | 0.01 | | | — | | | | | 0.02 | | | — | | | |
Sale of Assets/Business2 | — | | | (0.04) | | | | | — | | | (0.04) | | | |
| | | | | | | | | | | |
| | | | | | | | | | | |
Tax Effect of Adjustments3 | (0.01) | | | — | | | | | (0.03) | | | — | | | |
| Net Income (Loss) Per Common Share, As Adjusted | $ | 0.10 | | | $ | 0.18 | | | -44% | | $ | (0.14) | | | $ | 0.26 | | | n/m |
| | | | | | | | | | | |
| EBITDA and Adjusted EBITDA | | | | | | | | | | | |
| Net Income (Loss), As Reported | $ | 27.2 | | | $ | 66.4 | | | -59% | | $ | (79.3) | | | $ | 87.9 | | | n/m |
| Adjustments: | | | | | | | | | | | |
| Interest Expense | 30.6 | | | 32.8 | | | | | 61.8 | | | 65.9 | | | |
| Provision (Benefit) for Income Taxes | 14.4 | | | 26.6 | | | | | (12.6) | | | 50.5 | | | |
| Depreciation | 34.3 | | | 35.8 | | | | | 68.0 | | | 71.7 | | | |
| Amortization | 9.5 | | | 9.7 | | | | | 19.0 | | | 19.0 | | | |
| EBITDA | 116.1 | | | 171.3 | | | | | 56.9 | | | 294.9 | | | |
| Adjustments: | | | | | | | | | | | |
| Share-Based Compensation | 20.0 | | | 18.6 | | | | | 36.9 | | | 37.9 | | | |
| Severance and Restructuring Expenses | 8.6 | | | 10.5 | | | | | 32.5 | | | 18.9 | | | |
| Inclined Sleeper Product Recalls | 3.4 | | | — | | | | | 7.7 | | | 0.6 | | | |
Sale of Assets/Business2 | — | | | (15.2) | | | | | — | | | (15.2) | | | |
| Adjusted EBITDA | $ | 148.0 | | | $ | 185.2 | | | -20% | | $ | 134.1 | | | $ | 337.2 | | | -60% |
| | | | | | | | | | | |
| Free Cash Flow | | | | | | | | | | | |
| Net Cash Flows Used for Operating Activities | | | | $ | (325.6) | | | $ | (425.0) | | | |
| Capital Expenditures | | | | (73.4) | | | (78.5) | | | |
| Free Cash Flow | | | | $ | (399.0) | | | $ | (503.5) | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Amounts may not sum due to rounding. |
2 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. |
3 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. |
| 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 and pts information) | 2023 | | 2022 | | Change |
| Tax Rate | | | | | |
| Income Before Income Taxes, As Reported | $ | 38.6 | | | $ | 87.1 | | | |
| Adjustments: | | | | | |
| Severance and Restructuring Expenses | 8.6 | | | 11.5 | | | |
| Inclined Sleeper Product Recalls | 3.4 | | | — | | | |
Sale of Assets/Business2 | — | | | (15.2) | | | |
| | | | | |
| Income Before Income Taxes, As Adjusted | $ | 50.6 | | | $ | 83.4 | | | |
| | | | | |
| Provision for Income Taxes, As Reported | $ | 14.4 | | | $ | 26.6 | | | |
| Adjustments: | | | | | |
| | | | | |
Tax Effect of Adjustments3 | 2.8 | | | (1.0) | | | |
| Provision for Income Taxes, As Adjusted | $ | 17.2 | | | $ | 25.6 | | | |
| | | | | |
| Tax Rate, As Reported | 37% | | 31% | | 6 pts |
| Tax Rate, As Adjusted | 34% | | 31% | | 3 pts |
| | | | | | | | | | | | | | | | | |
| June 30, | | |
| 2023 | | 2022 | | |
| Net Debt | | | | | |
| Long-Term Debt | $ | 2,327.8 | | $ | 2,323.3 | | |
| Current Portion of Long-Term Debt | — | | 250.0 | | |
| Short-Term Borrowings | — | | 3.0 | | |
| Adjustments: | | | | | |
| Cash and Equivalents | (299.9) | | (274.5) | | |
| Net Debt | $ | 2,027.9 | | $ | 2,301.8 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Amounts may not sum due to rounding. |
2 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. |
3 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 Trailing Twelve Months Ended June 30, |
| (In millions, except percentage and pts information) | 2023 | | 2022 | | Change |
| Leverage Ratio (Total Debt/Adjusted EBITDA) | | | | | |
| Total Debt | | | | | |
| Long-Term Debt | $ | 2,327.8 | | | $ | 2,323.3 | | | |
| Current Portion of Long-Term Debt | — | | | 250.0 | | | |
| Short-Term Borrowings | — | | | 3.0 | | | |
| Adjustments: | | | | | |
| Debt Issuance Costs and Debt Discount | 22.2 | | | 26.7 | | | |
| Total Debt | $ | 2,350.0 | | | $ | 2,603.0 | | | |
| EBITDA and Adjusted EBITDA | | | | | |
| Net Income, As Reported | $ | 226.7 | | | $ | 1,108.8 | | | -80% |
| Adjustments: | | | | | |
| Interest Expense | 128.7 | | | 151.2 | | | |
| Provision (Benefit) for Income Taxes | 72.8 | | | (410.8) | | | |
| Depreciation | 140.9 | | | 145.2 | | | |
| Amortization | 37.9 | | | 38.0 | | | |
| EBITDA | 607.0 | | | 1,032.4 | | | |
| Adjustments: | | | | | |
| Share-Based Compensation | 68.1 | | | 67.7 | | | |
| Severance and Restructuring Expenses | 46.3 | | | 33.0 | | | |
| Inclined Sleeper Product Recalls | 6.9 | | | 3.5 | | | |
| Sale of Assets/Business | (8.3) | | | (15.2) | | | |
| Loss on Liquidation of Argentina Subsidiary | 45.4 | | | — | | | |
| Adjusted EBITDA | $ | 765.3 | | | $ | 1,121.4 | | | -32% |
| | | | | |
| Total Debt / Net Income | 10.4x | | 2.3x | | |
| Leverage Ratio (Total Debt / Adjusted EBITDA) | 3.1x | | 2.3x | | |
| | | | | |
| Free Cash Flow | | | | | |
| Net Cash Flows Provided by Operating Activities | $ | 542.2 | | | $ | 301.9 | | | 80% |
| Capital Expenditures | (181.4) | | | (155.2) | | | |
| Free Cash Flow | $ | 360.8 | | | $ | 146.7 | | | 146% |
| | | | | |
| Net Cash Flows Provided by Operating Activities / Net Income | 239% | | 27% | | 212 pts |
| Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA) | 47% | | 13% | | 34 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
| | | | | |
| For the Year Ended
December 31, |
| (In millions, except percentage and per share information) | 2022 |
| Gross Profit | |
| Gross Profit, As Reported | $ | 2,481.4 | |
| Gross Margin | 45.7 | % |
| Adjustments: | |
| Severance and Restructuring Expenses | 10.7 | |
| Gross Profit, As Adjusted | $ | 2,492.0 | |
| Adjusted Gross Margin | 45.9 | % |
| |
| Earnings Per Share | |
| Net Income Per Common Share, As Reported | $ | 1.10 | |
| Adjustments: | |
| Severance and Restructuring Expenses | 0.10 | |
| |
Sale of Assets/Business2 | (0.07) | |
| |
| |
Loss on Liquidation of Argentina Subsidiary3 | 0.13 | |
| |
| Net Income Per Common Share, As Adjusted | $ | 1.25 | |
| |
| EBITDA and Adjusted EBITDA | |
| Net Income, As Reported | $ | 393.9 | |
| Adjustments: | |
| Interest Expense | 132.8 | |
| Provision for Income Taxes | 135.9 | |
| Depreciation | 144.6 | |
| Amortization | 37.9 | |
| EBITDA | 845.0 | |
| Adjustments: | |
| Share-Based Compensation | 69.1 | |
| Severance and Restructuring Expenses | 32.7 | |
| Inclined Sleeper Product Recalls | (0.3) | |
Sale of Assets/Business2 | (23.5) | |
Loss on Liquidation of Argentina Subsidiary3 | 45.4 | |
| Adjusted EBITDA | $ | 968.4 | |
| | | | | | | | | | | | | | |
1 Amounts may not sum due to rounding. |
2 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. |
3 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. |
| | | | | | | | |
| 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 |
| Tax Rate | |
| Income Before Income Taxes, As Reported | $ | 504.3 | |
| Adjustments: | |
| Severance and Restructuring Expenses | 36.8 | |
| Inclined Sleeper Product Recalls | (0.3) | |
Sale of Assets/Business2 | (23.5) | |
| |
Loss on Liquidation of Argentina Subsidiary3 | 45.4 | |
| Income Before Income Taxes, As Adjusted | $ | 562.8 | |
| |
| Provision for Income Taxes, As Reported | $ | 135.9 | |
| Adjustments: | |
| |
Tax Effect of Adjustments4 | 1.3 | |
| Provision for Income Taxes, As Adjusted | $ | 137.2 | |
| |
| Tax Rate, As Reported | 27% |
| Tax Rate, As Adjusted | 24% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Amounts may not sum due to rounding. |
2 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. |
3 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. |
4 Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT IV |
WORLDWIDE NET SALES AND GROSS BILLINGS1 (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency | | 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency |
| | (In millions, except percentage information) |
| Worldwide Net Sales: | | | | | | | | | | | | | | | |
| Net Sales | $ | 1,087.2 | | | $ | 1,235.7 | | | -12 | % | | -13 | % | | $ | 1,901.7 | | | $ | 2,277.0 | | | -16 | % | | -17 | % |
| | | | | | | | | | | | | | | |
| Worldwide Gross Billings by Categories: | | | | | | | | | | | | | | |
| Dolls | $ | 440.5 | | | $ | 401.3 | | | 10 | % | | 9 | % | | $ | 746.6 | | | $ | 797.5 | | | -6 | % | | -6 | % |
| Infant, Toddler, and Preschool | 197.3 | | | 274.6 | | | -28 | | | -29 | | | 347.5 | | | 480.2 | | | -28 | | | -28 | |
| Vehicles | 363.8 | | | 328.3 | | | 11 | | | 10 | | | 647.4 | | | 610.4 | | | 6 | | | 6 | |
| Action Figures, Building Sets, Games, and Other | 225.9 | | | 372.0 | | | -39 | | | -40 | | | 397.4 | | | 652.7 | | | -39 | | | -39 | |
| Gross Billings | $ | 1,227.5 | | | $ | 1,376.3 | | | -11 | % | | -12 | % | | $ | 2,138.8 | | | $ | 2,540.7 | | | -16 | % | | -16 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Worldwide Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 282.7 | | | $ | 300.8 | | | -6 | % | | -7 | % | | $ | 459.6 | | | $ | 598.8 | | | -23 | % | | -23 | % |
| Hot Wheels | 315.2 | | | 286.5 | | | 10 | | | 9 | | | 560.1 | | | 527.9 | | | 6 | | | 6 | |
| Fisher-Price | 164.7 | | | 228.9 | | | -28 | | | -29 | | | 290.3 | | | 400.2 | | | -27 | | | -28 | |
| Other | 464.9 | | | 560.0 | | | -17 | | | -18 | | | 828.8 | | | 1,013.8 | | | -18 | | | -18 | |
| Gross Billings | $ | 1,227.5 | | | $ | 1,376.3 | | | -11 | % | | -12 | % | | $ | 2,138.8 | | | $ | 2,540.7 | | | -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. |
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT V |
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended June 30, | | For the Six Months Ended June 30, |
| 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency | | 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency |
| | (In millions, except percentage information) |
| North America Net Sales: | | | | | | | | | | | | | | | |
| Net Sales | $ | 596.8 | | | $ | 726.5 | | | -18 | % | | -18 | % | | $ | 1,033.8 | | | $ | 1,328.6 | | | -22 | % | | -22 | % |
| | | | | | | | | | | | | | | |
North America Gross Billings by Categories: | | | | | | | | | | | | |
| Dolls | $ | 210.9 | | | $ | 190.7 | | | 11 | % | | 11 | % | | $ | 343.8 | | | $ | 372.9 | | | -8 | % | | -8 | % |
| Infant, Toddler, and Preschool | 119.9 | | | 178.3 | | | -33 | | | -33 | | | 207.1 | | | 309.8 | | | -33 | | | -33 | |
| Vehicles | 173.5 | | | 177.6 | | | -2 | | | -2 | | | 315.7 | | | 324.4 | | | -3 | | | -2 | |
| Action Figures, Building Sets, Games, and Other | 133.0 | | | 228.3 | | | -42 | | | -42 | | | 239.3 | | | 409.6 | | | -42 | | | -41 | |
| Gross Billings | $ | 637.4 | | | $ | 774.9 | | | -18 | % | | -18 | % | | $ | 1,105.9 | | | $ | 1,416.6 | | | -22 | % | | -22 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| North America Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 148.1 | | | $ | 156.7 | | | -5 | % | | -5 | % | | $ | 237.7 | | | $ | 320.7 | | | -26 | % | | -26 | % |
| Hot Wheels | 146.9 | | | 152.6 | | | -4 | | | -3 | | | 266.6 | | | 274.3 | | | -3 | | | -3 | |
| Fisher-Price | 100.7 | | | 150.3 | | | -33 | | | -33 | | | 176.1 | | | 262.9 | | | -33 | | | -33 | |
| Other | 241.6 | | | 315.2 | | | -23 | | | -23 | | | 425.6 | | | 558.8 | | | -24 | | | -24 | |
| Gross Billings | $ | 637.4 | | | $ | 774.9 | | | -18 | % | | -18 | % | | $ | 1,105.9 | | | $ | 1,416.6 | | | -22 | % | | -22 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 June 30, | | For the Six Months Ended June 30, |
| 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency | | 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency |
| | (In millions, except percentage information) |
| International Net Sales by Geographic Area: | | | | | | | | | | | | | | |
| EMEA | $ | 241.7 | | | $ | 270.9 | | | -11 | % | | -12 | % | | $ | 451.0 | | | $ | 548.7 | | | -18 | % | | -17 | % |
| Latin America | 138.0 | | | 124.8 | | | 11 | | | 3 | | | 213.6 | | | 196.7 | | | 9 | | | 2 | |
| Asia Pacific | 83.0 | | | 80.7 | | | 3 | | | 7 | | | 142.2 | | | 134.9 | | | 5 | | | 11 | |
| Net Sales | $ | 462.7 | | | $ | 476.4 | | | -3 | % | | -5 | % | | $ | 806.8 | | | $ | 880.2 | | | -8 | % | | -8 | % |
| | | | | | | | | | | | | | | |
| International Gross Billings by Geographic Area: | | | | | | | | | | | | |
| EMEA | $ | 303.8 | | | $ | 328.2 | | | -7 | % | | -8 | % | | $ | 555.7 | | | $ | 668.6 | | | -17 | % | | -16 | % |
| Latin America | 160.7 | | | 144.5 | | | 11 | | | 3 | | | 248.4 | | | 227.8 | | | 9 | | | 3 | |
| Asia Pacific | 97.3 | | | 95.3 | | | 2 | | | 7 | | | 166.2 | | | 158.0 | | | 5 | | | 11 | |
| Gross Billings | $ | 561.8 | | | $ | 568.0 | | | -1 | % | | -3 | % | | $ | 970.4 | | | $ | 1,054.3 | | | -8 | % | | -8 | % |
| | | | | | | | | | | | | | | |
| International Gross Billings by Categories: | | | | | | | | | | | | | | |
| Dolls | $ | 201.4 | | | $ | 177.3 | | | 14 | % | | 12 | % | | $ | 340.2 | | | $ | 354.9 | | | -4 | % | | -4 | % |
| Infant, Toddler, and Preschool | 77.4 | | | 96.3 | | | -20 | | | -21 | | | 140.4 | | | 170.3 | | | -18 | | | -17 | |
| Vehicles | 190.2 | | | 150.7 | | | 26 | | | 25 | | | 331.7 | | | 286.0 | | | 16 | | | 16 | |
| Action Figures, Building Sets, Games, and Other | 92.9 | | | 143.7 | | | -35 | | | -37 | | | 158.1 | | | 243.1 | | | -35 | | | -35 | |
| Gross Billings | $ | 561.8 | | | $ | 568.0 | | | -1 | % | | -3 | % | | $ | 970.4 | | | $ | 1,054.3 | | | -8 | % | | -8 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| International Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 134.6 | | | $ | 144.2 | | | -7 | % | | -8 | % | | $ | 221.9 | | | $ | 278.1 | | | -20 | % | | -20 | % |
| Hot Wheels | 168.3 | | | 133.9 | | | 26 | | | 24 | | | 293.6 | | | 253.6 | | | 16 | | | 16 | |
| Fisher-Price | 63.9 | | | 78.6 | | | -19 | | | -20 | | | 114.2 | | | 137.3 | | | -17 | | | -17 | |
| Other | 195.0 | | | 211.3 | | | -8 | | | -9 | | | 340.7 | | | 385.2 | | | -12 | | | -12 | |
| Gross Billings | $ | 561.8 | | | $ | 568.0 | | | -1 | % | | -3 | % | | $ | 970.4 | | | $ | 1,054.3 | | | -8 | % | | -8 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 June 30, | | For the Six Months Ended June 30, |
| | 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency | | 2023 | | 2022 | | % Change
as
Reported | | % Change
in
Constant
Currency |
| | (In millions, except percentage information) |
| American Girl Net Sales: | | | | | | | | | | | | | | | |
| Net Sales | $ | 27.6 | | | $ | 32.8 | | | -16 | % | | -16 | % | | $ | 61.1 | | | $ | 68.1 | | | -10 | % | | -10 | % |
| | | | | | | | | | | | | | | |
| American Girl Gross Billings: | | | | | | | | | | | | | | | |
| Gross Billings | $ | 28.3 | | | $ | 33.4 | | | -15 | % | | -15 | % | | $ | 62.6 | | | $ | 69.7 | | | -10 | % | | -10 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 Announces Departure of Richard Dickson, President and
Chief Operating Officer
Lisa McKnight and Josh Silverman Promoted to EVP and Chief Brand Officer and EVP and Chief Franchise Officer, respectively
Chris Down Promoted to EVP and
Chief Design Officer
EL SEGUNDO, Calif., Jul. 26, 2023 -- Mattel, Inc. (NASDAQ: MAT) today announced that Richard Dickson, President and Chief Operating Officer, will step down from his position with the Company effective August 3, 2023 to take the role of president and chief executive officer at another public company.
The company has promoted Lisa McKnight to Executive Vice President and Chief Brand Officer, overseeing all of Mattel’s toy categories and global brands, as well as design and development. Josh Silverman has been promoted to Executive Vice President and Chief Franchise Officer. His role has expanded to include leadership of digital gaming and licensed entertainment, in addition to global consumer products, publishing, promotions, and location-based entertainment, as well as franchise management. Both executives will assume Dickson’s responsibilities and report to Ynon Kreiz, Chairman and Chief Executive Officer of Mattel. The company has also promoted Chris Down to Executive Vice President and Chief Design Officer, reporting to McKnight.
Kreiz said: “On behalf of our Board and everyone at Mattel, I thank Richard for his tremendous contributions. Among his many achievements, Richard has led the growth of some of the world’s most iconic and purpose-driven brands. I am personally grateful for the friendship, the partnership, and for his work in developing and growing the best brand and franchise team in the business today. We wish Richard great success in his new role.”
Kreiz continued: “Our strong and talented leadership team and the entire brand management organization are in an excellent position to continue to execute our strategy to grow our IP-driven toy business and expand our entertainment offering. Following the incredibly successful Barbie movie release, we look forward to further capitalizing on the many exciting opportunities to capture the full value of our iconic brands outside the toy aisle.”
Dickson said: “Mattel is a remarkable company that is heading into an exciting new era. I’m immensely proud of the work we did together driving brand purpose, design innovation, cultural relevance, and executional excellence. I thank Ynon, the Board, the leadership team, and the entire Mattel organization for their partnership and the incredible work we did together. It has been an inspiring journey and a true honor to be part of this amazing community and company.”
Lisa McKnight has held senior leadership positions at Mattel for nearly 25 years and has been the global head of Barbie since 2016 and Dolls since 2019. In this role she has led the transformation of Barbie and has driven significant portfolio expansion. Under her leadership, Barbie was the #1 Global Toy Property for 2020 and 2021 and the #1 Global Doll Property for 2020 through 2022, per Circana. She also led the successful relaunch of Monster High and played a key role in winning back the licensing rights to Disney Princess and Disney Frozen franchises. McKnight was recently recognized as one of the top brand marketers in the world by Forbes.
McKnight said: “It is an honor to oversee brands, products, and partnerships that are rooted in purpose and help children explore the wonder of childhood and reach their full potential. I could not be prouder to lead this exciting next chapter of our iconic portfolio of brands with the best talent in the industry.”
Josh Silverman joined Mattel in 2022 as Global Head of Consumer Products and Chief Franchise Officer, following 20 years in leadership roles with The Walt Disney Company and Marvel. Since joining Mattel, he has expanded the company’s consumer products and publishing businesses, as well as live and location-based entertainment such as the World of Barbie traveling exhibit, Hot Wheels Monster Trucks Live, and the upcoming Mattel Adventure Park. Most notably, Silverman oversaw the execution of more than 165 consumer products partnerships and retail tie-ins related to the Barbie movie. He is widely regarded as one of the most accomplished executives in the consumer products industry.
Silverman said: “We have only begun to capture the tremendous commercial opportunity in Mattel’s world-class portfolio of IP. I am thrilled to take on this expanded role at such an exciting time in our growth as an IP-driven, high-performing toy company. I look forward to continuing to complement our incredible toy business by extending and deepening the emotional connection to Mattel brands, franchises, and characters for fans around the world.”
Chris Down has been a key leader in his 18 years with the company, and 30 years in the toy industry overall. He was appointed Senior Vice President and Chief Design Officer in 2019 leading Mattel’s global design and product development. He previously held senior creative and leadership roles including General Manager of Vehicles and Hot Wheels. Down’s experience spans a range of functions, brands, and categories at Mattel, as well as prior leadership positions at Hasbro and Atari Interactive.
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.
Cautionary Note Regarding Forward-Looking Statements
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. The use of words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “looks 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 are described in Mattel’s periodic 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, 2022, 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.
News Media
Catherine Frymark
catherine.frymark@mattel.com
Securities Analysts
David Zbojniewicz
david.zbojniewicz@mattel.com
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