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Speaker 1: Come Barbie, let's go party.

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Speaker 2: All right, folks, we are talking about the home of

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Speaker 2: Barbie and so much more. Mattel. The stock bouncing around today,

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Speaker 2: up as high as nearly three percent, lower fractually as

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Speaker 2: we speak, actually pretty flat now, the home of Barbie,

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Speaker 2: hot wheels, and as we said, so much more. Reported

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Speaker 2: sales as well as the justed earnings per share for

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Speaker 2: the fourth quarter did miss the average analyst estimate, but

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Speaker 2: adjusted gross margin for the year, it did beat the

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Speaker 2: analyst testament.

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Speaker 3: Yeah, sales were up sixteen percent in the fourth quarter.

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Speaker 3: Let's get to it with Enon Chris, chairman and CEO

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Speaker 3: of Mattel. He joins us from El Segundo, California. Enon,

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Speaker 3: good to see you. I got to tell you, sometimes

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Speaker 3: when we interview you, I just expect, like Will Ferrell

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Speaker 3: to show up right there and it's not. Enon cries.

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Speaker 3: But we are happy to see you this afternoon. How

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Speaker 3: are you doing? How is you know? We heard from

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Speaker 3: you guys yesterday. Stock bouncing around a little bit. Sales

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Speaker 3: were up, but a couple things did not come in

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Speaker 3: line with analyst estimates. How are you thinking about the

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Speaker 3: quarter and in the year.

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Speaker 4: Yeah, Well, thank you for inviting me again. It's always

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Speaker 4: good to be here with you. It was a very

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Speaker 4: strong fourth quarter for Mattail, with double digit growth in

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Speaker 4: top and bottom line with significant margin expansion. The year

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Speaker 4: as a whole was a milestone year for the company.

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Speaker 4: In addition to the incredible success of the Barbie Movie,

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Speaker 4: which we could not be more proud of, we extended

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Speaker 4: our leadership in key toy categories and gained significant share overall,

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Speaker 4: and continue to strengthen our financial position. You know, we

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Speaker 4: talked on the call about the fact that we generated

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Speaker 4: over seven hundred million dollars free cash flow, more than

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Speaker 4: two and a half times of last year. We achieved

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Speaker 4: an investment grade rating in the year, balance sheet is

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Speaker 4: in the strongest we've had in years, and we just

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Speaker 4: announced a one billion dollar share repurchase program and believe

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Speaker 4: we're in an excellent position to continue to execute our strategy.

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Speaker 2: So what else do you do with that strong cash

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Speaker 2: flow and all that money? Where else do you want

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Speaker 2: to invest it? Investors love when you give it back,

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Speaker 2: but where else can you kind of invest it back

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Speaker 2: in the business.

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Speaker 4: Well, in terms of capital, a location priority is the

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Speaker 4: number one area that we focus on is organic growth,

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Speaker 4: and we're looking to continue to invest in areas that

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Speaker 4: can create value and position the company for long term, sustainable,

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Speaker 4: profitable growth. We also look to maintain our investment grade

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Speaker 4: rating and keep our leverage ratio between two to two

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Speaker 4: and a half times dead to Ibida, And of course

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Speaker 4: there are M and A opportunities that we're looking to

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Speaker 4: look at and consider. Will be very disciplined. We will

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Speaker 4: make sure that whatever we do is thoughtful, strategic, and

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Speaker 4: accreative to the company and continue to be in line

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Speaker 4: with our strategy for value creation.

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Speaker 2: All right in and you know as well, you say

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Speaker 2: M and A opportunities are ears per cup. So what

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Speaker 2: might be some of those M and A opportunities? How

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Speaker 2: are you thinking about it? Because who would I think

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Speaker 2: maybe ten years ago, fifteen years ago, that you guys

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Speaker 2: would be creating content and creating a movie that was

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Speaker 2: the highest in terms of gross buildings for twenty twenty three.

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Speaker 2: So here you are. So when you think about M

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Speaker 2: and A opportunities, where do you go or where should

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Speaker 2: we be thinking when it comes to you guys?

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Speaker 4: Or we can't be to early to be specific about opportunity.

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Speaker 2: We could, but.

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Speaker 1: Too early, too early?

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Speaker 4: But as I said, you know, we have been very

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Speaker 4: disciplined in the way we manage our balance sheet over

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Speaker 4: the years, and we remain very thoughtful and very strategic

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Speaker 4: about any choice that we might make when it comes

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Speaker 4: to capital deployment and on M and A opportunities. That said,

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Speaker 4: we have the capital, we have the strength, we have

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Speaker 4: a very strong platform that is scalable, and we would

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Speaker 4: look for opportunities that would accelerate our strategy without putting

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Speaker 4: the company under any risk, and make sure that it's

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Speaker 4: a creative and strategic to the direction what we're heading.

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Speaker 2: If we can all though, is it more akin to

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Speaker 2: an acquisition that gives you another toy to play with

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Speaker 2: and build content off of it, or is it more

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Speaker 2: on the content creation side that you guys in terms

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Speaker 2: of M and A opportunities might be most interested in.

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Speaker 4: Too early to be specific, and it's not to say

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Speaker 4: that we don't have exciting organic opportunities. You know, we

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Speaker 4: have a portfolio that proving itself within the toy side,

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Speaker 4: and of course now we have template and showcase for

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Speaker 4: what we can do.

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Speaker 1: Outside of the toy isle.

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Speaker 4: And you know, some of the important takeaways from the

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Speaker 4: year was how our brands resonate outside of the toy isle,

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Speaker 4: and that is a key part of our strategy to

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Speaker 4: be successful within the toy part of the company and

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Speaker 4: continue to evolve and grow in entertainment other verticals highly

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Speaker 4: accreative and adjacent to the toy industry, but where we

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Speaker 4: can create value from organic growth.

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Speaker 3: Hey, you know, I want to talk a little bit

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Speaker 3: about the twenty two twenty four outlook we learned from

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Speaker 3: you yesterday, and I think that some might say it's

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Speaker 3: a little conservative because it calls for a third straight

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Speaker 3: year of flat sales growth. How conservative are you being here?

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Speaker 4: Well, we do expect the industry to be down in

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Speaker 4: the year, and in that context, we expect to gain

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Speaker 4: share and be ahead of the industry and continue the

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Speaker 4: momentum that we have already with very strong gain market

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Speaker 4: share gain in twenty twenty three. Our priority for twenty

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Speaker 4: twenty four is on a growth in profitability, expanding our

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Speaker 4: growth margin and generate a strong cash flow, and this

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Speaker 4: is something we've done successfully.

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Speaker 1: In twenty twenty three.

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Speaker 4: We believe that we will grow in twenty twenty five

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Speaker 4: both top and bottom line and with a stronger market

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Speaker 4: share gain and overall strong performance. Broad based perform comments.

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Speaker 4: Within the toy industry, we see multiple drivers that will

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Speaker 4: continue to put the company on the front foot as

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Speaker 4: we execute our strategy in and I.

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Speaker 2: Think, though, you know, I guess we're all wondering. You know,

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Speaker 2: you guys do get a great vantage point when it

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Speaker 2: comes to the consumer. I think a lot of us

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Speaker 2: would say if we want to, you know, get something

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Speaker 2: for one of our kids, like that is a priority.

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Speaker 2: So in terms of consumer and consumption spending, what are

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Speaker 2: you seeing? How would you describe the consumer from your perspective?

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Speaker 4: Well, what we saw in twenty twenty three is a

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Speaker 4: shift in consumer spending towards experiences and services, and we

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Speaker 4: see it moderating. It will continue to moderate in twenty

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Speaker 4: twenty four, and beyond twenty four, we believe that those

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Speaker 4: trends will further improve in that the industry will return

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Speaker 4: to growth and continue to grow over.

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Speaker 1: The long term.

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Speaker 4: The toy industry as a whole has very strong fundamentals.

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Speaker 4: It's an important part of consumers' lives. It's a fundamental

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Speaker 4: core human behavior. The toy isle is a strategic liver

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Speaker 4: for retailers. It's experiential, it drives food traffic. Items are affordable,

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Speaker 4: and especially when it comes to quality product and trusted brands,

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Speaker 4: parents will always prioritize spending money on their children and

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Speaker 4: and and and and cut on other things rather than

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Speaker 4: quality toys for for their for their children.

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Speaker 3: If you're just joining us, we're speaking right now to

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Speaker 3: Eon Christ, chairman and CEO of Mattel joining us from

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Speaker 3: El Segundo, California. You know, and I want to talk

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Speaker 3: about specific brands and segments within Mitel's portfolio, specifically Fisher Price.

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Speaker 3: The brand had a great fourth quarter. Do you believe

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Speaker 3: you can extend the momentum here? Do you expect to

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Speaker 3: gain share when it comes to infant toddler in preschool

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Speaker 3: market this year?

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Speaker 4: Yes, Fisher Price did have a great quarter. It was

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Speaker 4: up double digit, It was number one in the category

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Speaker 4: and gained more share for the full year. Within Fisher Price,

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Speaker 4: Little People performed particularly strongly and expanded into adult collector

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Speaker 4: line with some great product for the Super Bowl.

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Speaker 1: So look out for that.

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Speaker 3: Okay, what about when it comes to Hot Wheel? Wait ahead, wait?

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Speaker 1: So wait? How big?

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Speaker 2: How much demand is there? Give us an idea?

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Speaker 4: No, as you can imagine, of course, it's in high demand,

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Speaker 4: and Little People is such a great brand, and this

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Speaker 4: is where we touch culture. This is our expertise and

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Speaker 4: and something we do so well. You have a product

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Speaker 4: that is evergreen, but here, you know, we have moments

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Speaker 4: and opportunities to touch societal moments like the super Bowl

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Speaker 4: and create a special offering for this.

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Speaker 2: Is there a tailor swift little people? That's what we

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Speaker 2: want to know.

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Speaker 1: Anything is possible. People watch that space.

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Speaker 3: All I know is my daughter likes to eat the

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Speaker 3: little people. Okay, what about Hot Wheels because it reaches

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Speaker 3: what six billion dollars in gross billing for twenty twenty three,

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Speaker 3: surpassing Barbie. Do you see Hot Wheels staying the number

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Speaker 3: one brand for the foreseeable future.

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Speaker 4: Hot Weells is such an incredible brand. It's a huge

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Speaker 4: canvas of ideas and innovation and product and opportunities. Hot

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Speaker 4: Wals was up sixteen percent in the quarter. For the

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Speaker 4: full year, it was sixteen percent for the full year,

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Speaker 4: and it was the sixth consecutive record year for the

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Speaker 4: brand after over fifty years of existence, so it's been

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Speaker 4: on a real, real growth momentum. We gained almost three

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Speaker 4: hundred basis points in the category. We have by far

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Speaker 4: the largest market share on record, and Hotwells continues to

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Speaker 4: be the number one brand globally in vehicles per Circana.

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Speaker 4: In twenty four, we expect our vehicles category to grow

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Speaker 4: driven by Hot Wheels and Hot Waves will grow yet

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Speaker 4: again seven consecutive record year for the brand. And don't

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Speaker 4: forget that we have a movie in development with the

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Speaker 4: jj Abrams at Warner Brothers for Hot Wheels and another

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Speaker 4: movie a Matchbooks movie with Skydance that produced Mission Impossible

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Speaker 4: in TOPLN. So two of the most successful filmmakers in

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Speaker 4: Hollywood are working on two very exciting brands as part

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Speaker 4: of our vehicles portfolio.

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Speaker 2: How profitable is that area becoming for you? You know,

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Speaker 2: we talk about Barbie Heist grossing film of twenty twenty

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Speaker 2: three generating and I hope I have this number right,

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Speaker 2: something like one point four billion or so, give or

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Speaker 2: take a little bit. What ultimately was the impact on

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Speaker 2: Mittel's bottom line as a result of that movie. I'm

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Speaker 2: just curious.

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Speaker 4: Yes, we were happy to share that the Barbie movie

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Speaker 4: generated for Mattel in twenty twenty three. That just twenty

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Speaker 4: twenty three one hundred and fifty million dollars revenue and

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Speaker 4: about ninety million of operating income directly related to the movie.

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Speaker 4: This is box office plus toys and consumer product directly

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Speaker 4: associated with the movie. So this is one brand, one

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Speaker 4: movie in one year. And the reason we share that

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Speaker 4: is to illustrate the potential that we that we can

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Speaker 4: generate out of our growing entertainment business. And while we're

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Speaker 4: not saying that every movie will be the next Barbie

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Speaker 4: in the aggregate, this could become a meaningful part of

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Speaker 4: our business. Our entertainment offering that includes film, television, live events,

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Speaker 4: consumer product and merchandise, digital music, Location based entertainment in

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Speaker 4: the aggregate across our portfolio can be an important business

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Speaker 4: for Mattel and clearly we are on that path to

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Speaker 4: capture that value. And the Barbie movie is a showcase

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Speaker 4: or a template to illustrate that.

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Speaker 2: Well, it's a success story, right, I've got to imagine

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Speaker 2: you know, you talked about a couple of movies already

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Speaker 2: based on Mattel products, toys, if you will, intellectual property,

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Speaker 2: whatever you want to call it. But I do wonder

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Speaker 2: how many people were knocking on your door after the

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Speaker 2: success of Barbie, where many would probably have thought it

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Speaker 2: never could happen, and it did. Are a lot of studios,

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Speaker 2: streaming and what have you knocking on your door about

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Speaker 2: future collaborations.

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Speaker 4: Well, you can imagine what the movie did in terms

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Speaker 4: of showing that our brands resonate outside of the toy isle.

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Speaker 4: And this was something that was not obvious before and

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Speaker 4: clearly the Barbie Movie showed that with the right creative vision.

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Speaker 4: With when you work with the best filmmakers in the

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Speaker 4: world like Greta Gerway, Go Mango, Robbie Ryan Gosling, great

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Speaker 4: things happen.

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Speaker 1: Anderhaps.

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Speaker 4: The biggest evolution for us as a company was to

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Speaker 4: realize that people who buy our product are not just consumers,

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Speaker 4: they're fans, right and in the aggregate, fans become an audience.

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Speaker 4: And that's when you realize that you're actually speaking to

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Speaker 4: an audience. That's where you see. That's when opportunities open

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Speaker 4: up and you can capture and create significant value in

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Speaker 4: other in other verticals.

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Speaker 2: Hey listen, twenty seconds last twenty five, is it going

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Speaker 2: to be a Barbie two? Does Alan get a movie?

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Speaker 2: Does Can get a movie? You can make news right

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Speaker 2: here with us.

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Speaker 4: You know, we always said we're looking to create and

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Speaker 4: build and develop film franchises. We're not talking specifically about Barbie,

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Speaker 4: but we have an incredible portfolio and we're looking to

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Speaker 4: continue to excite and delight fans all over the world.

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Speaker 2: I'm just going to say, Barbie's a doctor, an astronaut, president.

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Speaker 2: She can be a tent pole, you know.

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Speaker 1: In terms of.

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Speaker 3: Carol loved the movie in Casey didn't know that by now,

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Speaker 3: I think it's the second quarter in a row of've

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Speaker 3: interviewed you, you know, and she's talked about how much.

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Speaker 2: She liked bought Barbie, Barbie merchandise alone.

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Speaker 1: Carroll. I thank you, Carrol Transparent.

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Speaker 2: Thank you, En always be well appreciate it. You on

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Speaker 2: christ He's chairman of chief executive officer Mattel joining us

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Speaker 2: on Zoom from Elskindo, California. You're listening and watching with

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Speaker 2: our Business Week m hm