Andrew Crum • Stifel Financial Corp.

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Executive Michael McLamb explained that higher-volume quarters like March and June typically have lower gross margins, so the company is maintaining its full-year guidance in the low 30% range for now. Executive Bill McGill added that the Q1 margin was boosted by a higher mix of non-boat, higher-margin businesses due to the decline in boat sales. Regarding interest expense, McLamb noted it was elevated due to higher inventory but expects it to decrease as inventory levels come down seasonally after peaking in the December or March quarter.

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CEO Bill McGill stated that industry inventories are elevated due to a soft summer selling season, which will likely pressure margins, and that normalization depends on retail demand. CFO Michael McLamb clarified that the fiscal 2025 guidance only incorporates the 50-basis-point rate cut that has already occurred and does not bake in any future potential cuts.

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CEO Austin Singleton attributed the same-store sales underperformance directly to the company's heavy concentration of stores on the Florida Gulf Coast, which were all in preparation mode for the hurricane. Regarding leverage, executive Jack Ezzell stated that while they are conscious of debt levels, they continue to evaluate acquisitions, particularly those with minimal capital outlay. He emphasized that cost actions and brand rationalization are aimed at strengthening the business and reducing debt.

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CFO Craig Abrahams stated that no material shift in the DTC mix is anticipated, with performance driven by consistent execution. He noted that post-SuperPlay acquisition, the company will reassess DTC integration. Abrahams explained that the decline in smaller casual titles was a deliberate result of reallocating R&D and marketing resources to the company's largest, most profitable games.

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CEO Andy Paul projected that the 2025 rebound could be stronger than 2023 because the market is further past the COVID-era demand pull-forward, aligning with a more typical upgrade cycle. He confirmed that channel partners, who were under-inventoried mid-year, are now 'leaning in' and increasing stock for the holidays and the expected Q1 GPU launch. He also highlighted the faster growth of the high-margin Peripherals segment as a key factor.

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CEO David Baszucki clarified that safety system improvements are continuous and ship multiple times a month, so no single 'step-change' in spending should be expected. CFO Mike Guthrie stated that while they are pleased with the 34% bookings growth, the company wants to see more time and consistency before formally raising its long-term growth targets.

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CEO Chris Cocks explained that the guidance accounts for all variables, including user acquisition spend and direct-to-consumer channels like the Tycoon Club, which could potentially increase revenue for Hasbro. CFO Gina Goetter added that the revenue decay rate moderated in Q3 and marketing spend was at the high end of the 25-35% range, supporting the outlook.

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CEO Ynon Kreiz detailed his optimism for 2025 industry growth, citing historical trends, the category's importance to retailers, and growth drivers like toyetic films and the adult collector segment. CFO Anthony DiSilvestro confirmed that changes in retailer payment terms would have no impact on Mattel and reiterated the company's $500 million free cash flow guidance for the year.

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