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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):
February 1, 2024
______________________________________________
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) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | 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 February 7, 2024, Mattel, Inc. (“Mattel” or the “Company”) issued a press release regarding its fourth quarter and full year 2023 financial results, a copy of which is furnished as Exhibit 99.1 hereto. This exhibit is incorporated herein by reference.
Item 2.05. Costs Associated with Exit or Disposal Activities.
On February 7, 2024, Mattel announced the Optimizing for Profitable Growth program, a multi-year cost savings program that follows the Company’s Optimizing for Growth program and is designed to achieve further efficiency and cost savings opportunities, primarily within the Company’s global supply chain, including its manufacturing footprint (the “Program”). The Program integrates and expands upon the other cost savings actions, which includes discontinuing production at a plant in China as previously announced in the third quarter of 2023, that were not included in the Optimizing for Growth program. Targeted annual gross cost savings from actions associated with the Program, which are expected to be completed beginning 2024 through 2026, are $200 million. Mattel estimates the total cost associated with the Program will be between $130 and $170 million. Total expected cash expenditures under the program are expected to be between $130 and $165 million.
The costs associated with the Program are expected to include the following:
| | | | | |
Optimizing for Profitable Growth Actions* | Estimate of Cost |
Employee severance | $90 to $105 million |
Other restructuring costs | $10 to $20 million |
Non-cash charges | up to $5 million |
Total estimated severance and restructuring costs | $100 to $130 million |
Investments | $30 to $40 million |
Total estimated actions | $130 to $170 million |
*Total estimated costs include approximately $30 to $35 million of severance and other restructuring costs and up to $5 million of non-cash charges associated with the discontinuation of production at a manufacturing plant in China, which was previously announced during the third quarter of 2023. As of December 31, 2023, Mattel had recognized approximately $25 million of those estimated severance and other restructuring costs within other selling and administrative expenses in its consolidated statement of operations.
The foregoing contains forward-looking statements, which include the size of the restructuring and the amount and timing of the related charges. Forward-looking statements are based on Mattel’s current expectations and are necessarily subject to associated risks related to the completion of the restructuring in the manner anticipated by Mattel. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 5, 2024, the Board of Directors (the “Board”) of the Company elected Julius Genachowski and Dawn Ostroff as new directors of Mattel, appointed Mr. Genachowski to the Audit Committee and Governance and Social Responsibility Committee of the Board, and appointed Ms. Ostroff to the Compensation Committee of the Board, each effective February 5, 2024. The Board determined that Mr. Genachowski and Ms. Ostroff are independent as defined by the Nasdaq listing standards. In accordance with Mattel’s director compensation program, Mr. Genachowski will receive a cash retainer of $38,333, Ms. Ostroff will receive a cash retainer of $35,000, and they will each receive a stock grant with a value of $55,004 (based on the closing price of Mattel’s common stock on the grant date of February 5, 2024), which represents a pro-ration of the annual director compensation based on the number of months (including partial months) they will serve from February 2024 to the date of Mattel’s 2024 Annual Meeting of Stockholders.
Mr. Genachowski, age 61, is a Senior Advisor at The Carlyle Group, a global investment firm, a position he has held since January 2024; from 2014 through 2023 he was a Partner and Managing Director at Carlyle. Prior to that, he served as the Chairman of the U.S. Federal Communications Commission from 2009 to 2013. Prior to that, he was a senior executive and member of the Office of the Chairman at IAC/InterActiveCorp. Mr. Genachowski served on President-elect Obama’s Transition Board in 2008, and as a senior advisor on technology and policy to the Obama presidential campaign. He currently serves as Chairman of the Board of Directors of Sonos, Inc., where he sits on the Audit Committee and the Nominating and Corporate Governance Committee, and serves as a director of Mastercard Incorporated, where he chairs the Audit Committee and sits on the Risk and Human Resources & Compensation Committees. He previously served as a director of Sprint Corporation from August 2015 until April 2020.
Ms. Ostroff, age 63, most recently served as Chief Content & Advertising Business Officer at Spotify Technology S.A., a position she held from January 2020 to January 2023; from August 2018 through January 2020, she served as Chief Content Officer at Spotify. Prior to that, Ms. Ostroff co-founded Condé Nast Entertainment, a division of Condé Nast and studio and distribution network for film, television, premium digital video, social media, and virtual reality, and served as President of the company from 2011 to 2018. Prior to that, she was President of Entertainment for the CW broadcast network from 2006 to 2011 and President of United Paramount Network, a subsidiary of CBS, from 2002 to 2006. She currently serves as a director of Paramount Global. She also serves on the New York University Faculty of Arts and Science Board of Overseers and the Board of Trustees for The Paley Center for Media. She previously served as a director of Activision Blizzard, Inc., Westfield Corporation, and Anonymous Content, LLC, an Emerson Collective company.
There are no transactions between Mr. Genachowski or Ms. Ostroff, on the one hand, and Mattel, on the other hand, that would be reportable under Item 404(a) of Regulation S-K.
On February 1, 2024, R. Todd Bradley and Ann Lewnes resigned from the Board.
Section 7 – Regulation FD
Item 7.01 Regulation FD Disclosure.
On February 7, 2024, Mattel issued a press release regarding the election and appointment of Mr. Genachowski and Ms. Ostroff, and the resignations of Mr. Bradley and Ms. Lewnes, a copy of which is furnished as Exhibit 99.2 hereto.
In the same press release described in Item 2.02 above, Mattel also announced that the Board has authorized the Company to repurchase $1.0 billion of the Company’s shares.
In accordance with General Instruction B.2 of Form 8-K, the information in Items 2.02 and 7.01, including Exhibits 99.1 and 99.2, 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:
| | | | | | | | |
| Exhibit No. | | Exhibit Description |
| | Press release dated February 7, 2024 |
| | Press release dated February 7, 2024 |
| 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: February 7, 2024
Exhibit 99.1
MATTEL REPORTS FOURTH QUARTER AND FULL YEAR 2023
FINANCIAL RESULTS
Fourth Quarter 2023 Highlights Versus Prior Year
•Net Sales of $1,621 million, up 16% as reported, or 14% in constant currency
•Gross Margin of 48.8%, an increase of 580 basis points; Adjusted Gross Margin of 48.8%, an increase of 570 basis points
•Operating Income of $140 million, an increase of $61 million; Adjusted Operating Income of $147 million, an increase of $68 million
•Net Income of $147 million, an increase of $131 million
•Earnings per Share of $0.42 compared to $0.04 per share; Adjusted Earnings per Share of $0.29 compared to $0.18 per share
•Adjusted EBITDA of $234 million, an increase of $76 million
Full Year 2023 Highlights Versus Prior Year
•Net Sales of $5,441 million, flat as reported, or down 1% in constant currency
•Gross Margin of 47.5%, an increase of 180 basis points; Adjusted Gross Margin of 47.5%, an increase of 160 basis points
•Operating Income of $562 million, a decrease of $114 million; Adjusted Operating Income of $641 million, a decrease of $47 million
•Net Income of $214 million, which includes a non-cash charge of $161 million relating to changes to certain deferred tax assets, compared to prior year Net Income of $394 million
•Earnings per Share of $0.60 compared to $1.10 per share; Adjusted Earnings per Share of $1.23 compared to $1.25 per share
•Adjusted EBITDA of $948 million, a decrease of $21 million
•Cash Flows Provided by Operating Activities were $870 million, an improvement of $427 million; Free cash flow of $709 million, an increase of $453 million
•Company announces 2024 guidance
•Launching Optimizing for Profitable Growth program targeting cost savings of $200 million by 2026
•Authorized $1 billion share repurchase program, following $203 million of repurchases in 2023
EL SEGUNDO, Calif., Feb. 7, 2024 – Mattel, Inc. (NASDAQ: MAT) today reported fourth quarter and full year 2023 financial results.
Ynon Kreiz, Chairman and CEO of Mattel, said: “2023 was a milestone year for Mattel. We extended our leadership in our key toy categories and gained significant share overall, achieved extraordinary success with the Barbie movie, and further strengthened our financial position.”
Mr. Kreiz continued: “Execution on our toy strategy was strong and we made meaningful progress in entertainment across film, television, digital and publishing. We ended 2023 with the strongest balance sheet we have had in years, putting us in an excellent position to execute our strategy to grow Mattel’s IP-driven toy business and expand our entertainment offering. As we look to 2024, we believe we are very well positioned competitively and will continue to outpace the industry and gain market share.”
Anthony DiSilvestro, CFO of Mattel, added: “In the fourth quarter, we achieved double-digit growth in sales and earnings. For the year, we grew POS, generated significant cash flow, and exceeded our Optimizing for Growth cost savings program target. Looking ahead, we are launching a new cost savings program focused on profitable growth and expect to improve profitability and continue share repurchases in 2024.”
Financial Overview
For the fourth quarter, Net Sales were up 16% as reported, or 14% in constant currency, versus the prior year’s fourth quarter. Reported Operating Income was $140 million, an increase of $61 million, and Adjusted Operating Income was $147 million, an increase of $68 million. Reported Earnings Per Share were $0.42, compared to $0.04 per share, and Adjusted Earnings Per Share were $0.29, compared to $0.18 per share.
For the full year, Net Sales were flat as reported, or down 1% in constant currency, versus the prior year. Reported Operating Income was $562 million, a decrease of $114 million, and Adjusted Operating Income was $641 million, a decrease of $47 million. Reported Earnings Per Share were $0.60, which included a non-cash charge of $0.45 relating to changes to certain deferred tax assets, a decrease of $0.50 per share, and Adjusted Earnings Per Share were $1.23, a decrease of $0.02 per share.
Fourth Quarter 2023
Net Sales in the North America segment increased 32% as reported and in constant currency, versus the prior year’s fourth quarter.
Gross Billings in the North America segment increased 33% as reported and in constant currency, driven by growth in Dolls (including Barbie, Disney Princess and Disney Frozen, and Monster High), Vehicles (Hot Wheels®), Action Figures, Building Sets, Games, and Other (primarily Games and Building Sets), and Infant, Toddler, and Preschool (primarily Fisher-Price).
Net Sales in the International segment increased 3% as reported but decreased 2% in constant currency.
Gross Billings in the International segment increased 7% as reported, or 2% in constant currency, driven by growth in Dolls (including Barbie, Monster High, and Disney Princess and Disney Frozen,) and Vehicles (primarily Hot Wheels), partly offset by declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (primarily Fisher-Price).
Net Sales in the American Girl® segment decreased 6% as reported and in constant currency. Gross Billings in the American Girl segment decreased 5% as reported and in constant currency.
Reported Gross Margin increased to 48.8%, versus 43.0% in the prior year’s fourth quarter, and Adjusted Gross Margin increased to 48.8%, versus 43.1%. The increase in Gross Margin was primarily driven by cost deflation, lower inventory management costs, primarily lower inventory obsolescence and closeout sales, savings from the Optimizing for Growth program, favorable mix, primarily benefits related to the Barbie movie, and pricing, net of higher sales adjustments. Increases to Gross Margin were partially offset by increased royalties and other factors.
Reported Other Selling and Administrative Expenses increased $135 million, to $416 million, and Adjusted Other Selling and Administrative Expenses increased $127 million, to $409 million. Other Selling and Administrative Expenses increased primarily due to higher incentive compensation.
Full Year 2023
Net Sales in the North America segment increased 1% as reported and in constant currency, versus the prior year.
Gross Billings in the North America segment increased 1% as reported and in constant currency, driven by growth in Dolls (including Disney Princess and Disney Frozen, Barbie, and Monster High) and Vehicles (Hot Wheels), partly offset by declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (primarily Fisher-Price).
Net Sales in the International segment were flat as reported, but decreased 3% in constant currency.
Gross Billings in the International segment increased 2% as reported but decreased 2% in constant currency. The increase in Gross Billings as reported was driven by growth in Dolls (including Disney Princess and Disney Frozen and Monster High) and Vehicles (primarily Hot Wheels), partly offset by declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (primarily Fisher-Price).
The decline in Gross Billings in constant currency was due to declines in Action Figures, Building Sets, Games, and Other (primarily Action Figures), and Infant, Toddler, and Preschool (primarily Fisher-Price), partly offset by growth in Vehicles (primarily Hot Wheels) and Dolls (including Disney Princess and Disney Frozen and Monster High).
Net Sales in the American Girl segment decreased 9% as reported and in constant currency. Gross Billings in the American Girl segment decreased 8% as reported and in constant currency.
Reported Gross Margin increased to 47.5%, versus 45.7% in the prior year, and Adjusted Gross Margin increased to 47.5%, versus 45.9%. The increase in Gross Margin was primarily driven by savings from the Optimizing for Growth program, favorable mix, primarily benefits related to the Barbie movie, pricing, net of higher sales adjustments, and cost deflation, partially offset by unfavorable fixed cost absorption and other supply chain costs.
Reported Other Selling and Administrative Expenses increased $226 million, to $1,497 million, primarily due to higher incentive compensation, market-related pay increases, higher severance and restructuring expenses, and the gain on sale of assets recognized in 2022, partially offset by savings from the Optimizing for Growth program. Adjusted Other Selling and Administrative Expenses increased $147 million, to $1,417 million, primarily due to higher incentive compensation and market-related pay increases, partially offset by savings from the Optimizing for Growth program.
For the year ended December 31, 2023, Cash Flows Provided by Operating Activities were $870 million, an improvement of $427 million, versus the prior year, primarily due to lower working capital usage, partially offset by changes in net income, excluding the impact of non-cash items.
Cash Flows Used for Investing Activities were $142 million, a decrease of $2 million, primarily due to lower capital expenditures and higher net proceeds from foreign currency forward contracts in the full year 2023, partially offset by lower proceeds from the sale of assets.
Cash Flows Used for Financing Activities and Other were $227 million, a decrease of $41 million, which included current year share repurchases of $203 million, compared to $250 million of cash used for repayment of long-term borrowings in 2022.
Gross Billings by Categories
Fourth Quarter 2023
Worldwide Gross Billings for Dolls were $763 million, up 29% as reported, or 27% in constant currency, versus the prior year. The increase in Gross Billings was driven by growth in Barbie, Disney Princess and Disney Frozen, and Monster High.
Worldwide Gross Billings for Infant, Toddler, and Preschool were $292 million, up 9% as reported, or 7% in constant currency. The increase in Gross Billings as reported was driven by growth in Fisher-Price.
Worldwide Gross Billings for Vehicles were $475 million, up 18% as reported, or 15% in constant currency, primarily driven by growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets, Games, and Other were $311 million, up 3% as reported, or 1% in constant currency, primarily driven by growth in Games, partly offset by declines in Action Figures (related to 2022 theatrical releases).
Full Year 2023
Worldwide Gross Billings for Dolls were $2,394 million, up 15% as reported, or 13% in constant currency, versus the prior year. The increase in Gross Billings was driven by growth in Disney Princess and Disney Frozen, Monster High, and Barbie.
Worldwide Gross Billings for Infant, Toddler, and Preschool were $1,001 million, down 10% as reported, or 12% in constant currency. The decline in Gross Billings as reported was due to declines in Fisher-Price, primarily Imaginext and Baby Gear.
Worldwide Gross Billings for Vehicles were $1,641 million, up 13% as reported, or 11% in constant currency, primarily driven by growth in Hot Wheels.
Worldwide Gross Billings for Action Figures, Building Sets, Games, and Other were $1,066 million, down 24% as reported, or 25% in constant currency, primarily due to declines in Action Figures (related to 2022 theatrical releases).
2024 Guidance
Mattel’s full year 2024 guidance is:
| | | | | | | | | | | | | | |
| (in millions, except EPS and percentages) | | FY2024 Guidance | | FY2023 |
| | | | |
| Net Sales | | Comparable
(Constant Currency) | | $5,441 |
| Adjusted Gross Margin | | 48.5 - 49% | | 47.5% |
| Adjusted EPS | | $1.35 - $1.45 | | $1.23 |
| Adjusted EBITDA | | $975 - $1,025 | | $948 |
| Adjusted Tax Rate | | 23 - 24% | | 23% |
| Capital Expenditures | | $175 - $200 | | $160 |
| Free Cash Flow | | ~ $500 | | $709 |
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 EPS, Adjusted EBITDA, 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.
We are operating in a macro-economic environment that may impact consumer demand. The guidance considers what the company is aware of today, but remains subject to market volatility, unexpected disruptions, and other risks and uncertainties.
American Girl Segment
Beginning in the first quarter of 2024, Mattel’s American Girl business is being integrated into its North America commercial organization. As a result, American Girl will no longer be an operating segment.
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 fourth quarter and full year 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 and geopolitical developments in the Middle East), 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 include Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Other Selling and Administrative Expenses, Adjusted Operating Income, Adjusted Operating Income Margin, Adjusted Earnings Per Share, earnings before interest expense, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, Free Cash Flow Conversion (Free Cash Flow / Adjusted EBITDA), Leverage Ratio (Total Debt / Adjusted EBITDA), Net Debt, Adjusted Tax Rate, and constant currency. Mattel uses these measures to analyze its continuing operations and to monitor, assess, and identify meaningful trends in its operating and financial performance, and each is discussed below. Mattel believes that the disclosure of non-GAAP financial measures provides useful supplemental information to investors to be able to better evaluate ongoing business performance and certain components of Mattel’s results. These measures are not, and should not be viewed as, substitutes for GAAP financial measures and may not be comparable to similarly titled measures used by other companies. Reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures are attached to this earnings release as exhibits and to our earnings slide presentation as an appendix.
This earnings release and our earnings slide presentation are available on Mattel’s Investor Relations website, https://investors.mattel.com/, under the subheading “Financial Information – Quarterly Earnings.”
Adjusted Gross Profit and Adjusted Gross Margin
Adjusted Gross Profit and Adjusted Gross Margin represent reported Gross Profit and reported Gross Margin, respectively, adjusted to exclude severance and restructuring expenses. Adjusted Gross Margin represents Mattel’s Adjusted Gross Profit, as a percentage of Net Sales. Adjusted Gross Profit and Adjusted Gross Margin are presented to provide additional perspective on underlying trends in Mattel’s core Gross Profit and Gross Margin, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another.
Adjusted Other Selling and Administrative Expenses
Adjusted Other Selling and Administrative Expenses represents Mattel’s reported Other Selling and Administrative Expenses, adjusted to exclude severance and restructuring expenses, the impact of the inclined sleeper product recalls, and the impact of sale of assets, which are not part of Mattel’s core business. Adjusted Other Selling and Administrative Expenses is presented to provide additional perspective on underlying trends in Mattel’s core other selling and administrative expenses, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another.
Adjusted Operating Income and Adjusted Operating Income Margin
Adjusted Operating Income and Adjusted Operating Income Margin represent reported Operating Income and reported Operating Income Margin, respectively, adjusted to exclude severance and restructuring expenses, the impact of the inclined sleeper product recalls, and the impact of sale of assets, which are not part of Mattel’s core business. Adjusted Operating Income Margin represents Mattel’s Adjusted Operating Income, as a percentage of Net Sales. Adjusted Operating Income and Adjusted Operating Income Margin are presented to provide additional perspective on underlying trends in Mattel’s core operating results, which Mattel believes is useful supplemental information for investors to be able to gauge and compare Mattel’s current business performance from one period to another.
Adjusted Earnings Per Share
Adjusted Earnings Per Share represents Mattel’s reported Diluted Earnings Per Common Share, adjusted to exclude severance and restructuring expenses, the impact of the inclined sleeper product recalls, the impact of sale of assets, the impact of changes to certain deferred tax assets, and loss on liquidation of a subsidiary, which are not part of Mattel’s core business. The aggregate tax effect of the adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments, and dividing by the reported weighted-average number of common shares. Adjusted Earnings Per Share is presented to provide additional perspective on underlying trends in Mattel’s core business. Mattel believes it is useful supplemental information for investors to gauge and compare Mattel’s current earnings results from one period to another. Adjusted Earnings Per Share is a performance measure and should not be used as a measure of liquidity.
EBITDA and Adjusted EBITDA
EBITDA represents Mattel’s Net Income, adjusted to exclude the impact of interest expense, taxes, depreciation, and amortization. Adjusted EBITDA represents EBITDA adjusted to exclude share-based compensation, severance and restructuring expenses, the impact of the inclined sleeper product recalls, the impact of sale of assets, and loss on liquidation of a subsidiary, which are not part of Mattel’s core business. Mattel believes EBITDA and Adjusted EBITDA are useful supplemental information for investors to gauge and compare Mattel’s business performance to other companies in its industry with similar capital structures. The presentation of Adjusted EBITDA differs from how Mattel calculates EBITDA for purposes of covenant compliance under the indentures governing its high yield senior notes and the syndicated facility agreement governing its senior secured revolving credit facilities. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered as measures of discretionary cash available to invest in the growth of Mattel’s business. As a result, Mattel relies primarily on its GAAP results and uses EBITDA and Adjusted EBITDA only supplementally.
Free Cash Flow and Free Cash Flow Conversion
Free Cash Flow represents Mattel’s net cash flows from operating activities less capital expenditures. Free Cash Flow Conversion represents Mattel’s free cash flow divided by Adjusted EBITDA. Mattel believes Free Cash Flow and Free Cash Flow Conversion are useful supplemental information for investors to gauge Mattel’s liquidity and performance and to compare Mattel’s business performance to other companies in our industry. Free Cash Flow does not represent cash available to Mattel for discretionary expenditures.
Leverage Ratio (Total Debt / Adjusted EBITDA)
The leverage ratio is calculated by dividing Total Debt by Adjusted EBITDA. Total Debt represents the aggregate of Mattel’s current portion of long-term debt, short-term borrowings, and long-term debt, excluding the impact of debt issuance costs and debt discount. Mattel believes the leverage ratio is useful supplemental information for investors to gauge trends in Mattel’s business and to compare Mattel’s business performance to other companies in its industry.
Net Debt
Net Debt represents the aggregate of Mattel’s current portion of long-term debt, short-term borrowings, and long-term debt, less cash and cash equivalents. Mattel believes Net Debt is useful supplemental information for investors to monitor Mattel’s liquidity and evaluate its balance sheet.
Adjusted Tax Rate
The Adjusted Tax Rate is calculated by dividing Adjusted Provision for Income Taxes by Adjusted Income Before Income Taxes. Adjusted Income Before Income Taxes represents reported Income Before Income Taxes, adjusted to exclude severance and restructuring expenses, the impact of inclined sleeper product recalls, the impact of sale of assets, and loss on liquidation of a subsidiary. The Adjusted Provision for Income Taxes represents reported Provision for Income Taxes, adjusted to exclude the impact of changes to certain deferred tax assets and the aggregate tax effect of adjustments. Mattel believes the adjusted tax rate provides useful supplemental information for investors to gauge and compare the impact of tax expense on Mattel's earnings results from one period to another.
Constant Currency
Percentage changes in results expressed in constant currency are presented excluding the impact from changes in currency exchange rates. To present this information, Mattel calculates constant currency information by translating current period and prior period results for entities reporting in currencies other than the US dollar using consistent exchange rates. The constant currency exchange rates are determined by Mattel at the beginning of each year and are applied consistently during the year. They are generally different from the actual exchange rates in effect during the current or prior period due to volatility in actual foreign exchange rates. Mattel considers whether any changes to the constant currency rates are appropriate at the beginning of each year. The exchange rates used for these constant currency calculations are generally based on prior year actual exchange rates. The difference between the current period and prior period results using the consistent exchange rates reflects the changes in the underlying performance results, excluding the impact from changes in currency exchange rates. Mattel analyzes constant currency results to provide additional perspective on changes in underlying trends in Mattel’s operating performance. Mattel believes that the disclosure of the percentage change in constant currency is useful supplemental information for investors to be able to gauge Mattel’s current business performance and the longer-term strength of its overall business since foreign currency changes could potentially mask underlying sales trends. The disclosure of the percentage change in constant currency enhances investor’s ability to compare financial results from one period to another.
Key Performance Indicator
Gross Billings
Gross Billings represent amounts invoiced to customers. It does not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. Changes in Gross Billings are discussed because, while Mattel records the details of 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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| Contacts: | | |
| | |
| 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
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| For the Three Months Ended December 31, | | For the Year Ended December 31, |
(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 | $ | 1,620.7 | | | | | $ | 1,401.9 | | | | | 16 | % | | 14 | % | | $ | 5,441.2 | | | | | $ | 5,434.7 | | | | | — | % | | -1 | % |
| Cost of Sales | 830.5 | | | 51.2 | % | | 799.3 | | | 57.0 | % | | 4 | % | | | | 2,857.5 | | | 52.5 | % | | 2,953.3 | | | 54.3 | % | | -3 | % | | |
| Gross Profit | 790.2 | | | 48.8 | % | | 602.7 | | | 43.0 | % | | 31 | % | | 30 | % | | 2,583.7 | | | 47.5 | % | | 2,481.4 | | | 45.7 | % | | 4 | % | | 2 | % |
| Advertising and Promotion Expenses | 234.4 | | | 14.5 | % | | 242.7 | | | 17.3 | % | | -3 | % | | | | 524.8 | | | 9.6 | % | | 534.3 | | | 9.8 | % | | -2 | % | | |
| Other Selling and Administrative Expenses | 415.7 | | | 25.6 | % | | 281.0 | | | 20.0 | % | | 48 | % | | | | 1,497.3 | | | 27.5 | % | | 1,271.6 | | | 23.4 | % | | 18 | % | | |
| Operating Income | 140.1 | | | 8.6 | % | | 79.0 | | | 5.6 | % | | 77 | % | | 88 | % | | 561.7 | | | 10.3 | % | | 675.5 | | | 12.4 | % | | -17 | % | | -23 | % |
| Interest Expense | 31.3 | | | 1.9 | % | | 33.1 | | | 2.4 | % | | -5 | % | | | | 123.8 | | | 2.3 | % | | 132.8 | | | 2.4 | % | | -7 | % | | |
| Interest (Income) | (9.8) | | | -0.6 | % | | (4.3) | | | -0.3 | % | | 127 | % | | | | (25.2) | | | -0.5 | % | | (9.4) | | | -0.2 | % | | 169 | % | | |
| Other Non-Operating Expense (Income), Net | 3.7 | | | | | 35.8 | | | | | | | | | (2.3) | | | | | 47.8 | | | | | | | |
| Income Before Income Taxes | 114.9 | | | 7.1 | % | | 14.4 | | | 1.0 | % | | 695 | % | | n/m | | 465.4 | | | 8.6 | % | | 504.3 | | | 9.3 | % | | -8 | % | | -12 | % |
| (Benefit) Provision for Income Taxes | (27.3) | | | | | 5.3 | | | | | | | | | 269.5 | | | | | 135.9 | | | | | | | |
| (Income) from Equity Method Investments | (5.1) | | | | | (7.0) | | | | | | | | | (18.4) | | | | | (25.4) | | | | | | | |
| Net Income | $ | 147.3 | | | 9.1 | % | | $ | 16.1 | | | 1.2 | % | | 813 | % | | | | $ | 214.4 | | | 3.9 | % | | $ | 393.9 | | | 7.2 | % | | -46 | % | | |
| Net Income Per Common Share - Basic | $ | 0.42 | | | | | $ | 0.05 | | | | | | | | | $ | 0.61 | | | | | $ | 1.11 | | | | | | | |
| Weighted-Average Number of Common Shares | 350.6 | | | | | 354.9 | | | | | | | | | 353.6 | | | | | 353.8 | | | | | | | |
| Net Income Per Common Share - Diluted | $ | 0.42 | | | | | $ | 0.04 | | | | | | | | | $ | 0.60 | | | | | $ | 1.10 | | | | | | | |
| Weighted-Average Number of Common and Potential Common Shares | 353.5 | | | | | 359.0 | | | | | | | | | 357.1 | | | | | 359.6 | | | | | | | |
1 Amounts may not sum due to rounding.
n/m - Not meaningful
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT II |
CONDENSED CONSOLIDATED BALANCE SHEETS1
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| | December 31, |
| | 2023 | | 2022 |
| (In millions) | (Unaudited) | | |
| Assets | | | |
| Cash and Equivalents | $ | 1,261.4 | | | $ | 761.2 | |
| Accounts Receivable, Net | 1,081.8 | | | 860.2 | |
| Inventories | 571.6 | | | 894.1 | |
| Prepaid Expenses and Other Current Assets | 207.5 | | | 213.5 | |
| Total Current Assets | 3,122.3 | | | 2,729.0 | |
| Property, Plant, and Equipment, Net | 465.5 | | | 469.1 | |
| Right-of-Use Assets, Net | 313.2 | | | 318.7 | |
| Goodwill | 1,384.5 | | | 1,378.6 | |
| Other Noncurrent Assets | 1,150.2 | | | 1,282.3 | |
| Total Assets | $ | 6,435.8 | | | $ | 6,177.7 | |
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| Liabilities and Stockholders’ Equity | | | |
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| Accounts Payable and Accrued Liabilities | $ | 1,308.6 | | | $ | 1,150.2 | |
| Income Taxes Payable | 33.9 | | | 37.6 | |
| Total Current Liabilities | 1,342.5 | | | 1,187.7 | |
| Long-Term Debt | 2,330.0 | | | 2,325.6 | |
| Noncurrent Lease Liabilities | 259.5 | | | 271.4 | |
| Other Noncurrent Liabilities | 354.6 | | | 336.6 | |
| Stockholders’ Equity | 2,149.2 | | | 2,056.3 | |
| Total Liabilities and Stockholders’ Equity | $ | 6,435.8 | | | $ | 6,177.7 | |
SUPPLEMENTAL BALANCE SHEET AND CASH FLOW DATA (Unaudited)1
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| December 31, |
| 2023 | | 2022 |
| Key Balance Sheet Data: | | | |
| Accounts Receivable, Net Days of Sales Outstanding (DSO) | 60 | | | 55 | |
| | | |
| | For the Year Ended December 31, |
| (In millions) | 2023 | | 2022 |
| Condensed Cash Flow Data: | | | |
| Cash Flows Provided by Operating Activities | $ | 870 | | | $ | 443 | |
| Cash Flows (Used for) Investing Activities | (142) | | | (144) | |
| Cash Flows (Used for) Financing Activities and Other | (227) | | | (269) | |
| Increase in Cash and Equivalents | $ | 500 | | | $ | 30 | |
1 Amounts may not sum due to rounding.
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT III |
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| (In millions, except percentage information) | 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Gross Profit | | | | | | | | | | | |
| Gross Profit, As Reported | $ | 790.2 | | $ | 602.7 | | | | $ | 2,583.7 | | $ | 2,481.4 | | |
| Gross Margin | 48.8 | % | | 43.0 | % | | 580 bps | | 47.5 | % | | 45.7 | % | | 180 bps |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | 0.1 | | | 0.9 | | | | | (1.2) | | | 10.7 | | | |
| Gross Profit, As Adjusted | $ | 790.3 | | $ | 603.5 | | | | $ | 2,582.6 | | $ | 2,492.0 | | |
| Adjusted Gross Margin | 48.8 | % | | 43.1 | % | | 570 bps | | 47.5 | % | | 45.9 | % | | 160 bps |
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| Other Selling and Administrative Expenses | | | | | | | | | | | |
| Other Selling and Administrative Expenses, As Reported | $ | 415.7 | | $ | 281.0 | | 48 | % | | $ | 1,497.3 | | $ | 1,271.6 | | 18 | % |
| % of Net Sales | 25.6 | % | | 20.0 | % | | 560 bps | | 27.5 | % | | 23.4 | % | | 410 bps |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | 2.1 | | | (9.1) | | | | | (60.8) | | | (26.2) | | | |
| Inclined Sleeper Product Recalls | (9.0) | | | 1.5 | | | | | (18.1) | | | 0.3 | | | |
Sale of Assets2 | — | | | 8.3 | | | | | (1.8) | | | 23.5 | | | |
| Other Selling and Administrative Expenses, As Adjusted | $ | 408.8 | | $ | 281.7 | | 45 | % | | $ | 1,416.6 | | $ | 1,269.2 | | 12 | % |
| % of Net Sales | 25.2 | % | | 20.1 | % | | 510 bps | | 26.0 | % | | 23.4 | % | | 260 bps |
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| Operating Income | | | | | | | | | | | |
| Operating Income, As Reported | $ | 140.1 | | | $ | 79.0 | | | 77 | % | | $ | 561.7 | | | $ | 675.5 | | | -17 | % |
| Operating Income Margin | 8.6 | % | | 5.6 | % | | 300 bps | | 10.3 | % | | 12.4 | % | | -210 bps |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | (2.0) | | | 10.0 | | | | | 59.7 | | | 36.8 | | | |
| Inclined Sleeper Product Recalls | 9.0 | | | (1.5) | | | | | 18.1 | | | (0.3) | | | |
Sale of Assets2 | — | | | (8.3) | | | | | 1.8 | | | (23.5) | | | |
| Operating Income, As Adjusted | $ | 147.1 | | | $ | 79.1 | | | 86 | % | | $ | 641.2 | | | $ | 688.6 | | | -7 | % |
| Adjusted Operating Income Margin | 9.1 | % | | 5.6 | % | | 350 bps | | 11.8 | % | | 12.7 | % | | -90 bps |
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1 Amounts may not sum due to rounding. |
2 For the three months ended December 31, 2022, Mattel recorded a gain on sale of assets of $8.3 million in other selling and administrative expenses. For the year ended December 31, 2023, and 2022, Mattel recorded a loss on sale of assets of $1.8 million and a gain on sale of assets of $23.5 million, respectively, in other selling and administrative expenses. |
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT III |
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
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| (In millions, except per share and percentage information) | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| 2023 | | 2022 | | Change | | 2023 | | 2022 | | Change |
| Earnings Per Share | | | | | | | | | | | |
| Net Income Per Common Share, As Reported | $ | 0.42 | | | $ | 0.04 | | | 950% | | $ | 0.60 | | | $ | 1.10 | | | -45% |
| Adjustments: | | | | | | | | | | | |
| Severance and Restructuring Expenses | (0.01) | | | 0.03 | | | | | 0.17 | | | 0.10 | | | |
| Inclined Sleeper Product Recalls | 0.03 | | | — | | | | | 0.05 | | | — | | | |
Sale of Assets2 | — | | | (0.02) | | | | | — | | | (0.07) | | | |
| | | | | | | | | | | |
Changes to Deferred Tax Assets3 | (0.14) | | | — | | | | | 0.45 | | | — | | | |
Loss on Liquidation of Argentina Subsidiary4 | — | | | 0.13 | | | | | — | | | 0.13 | | | |
Tax Effect of Adjustments5 | — | | | 0.01 | | | | | (0.04) | | | — | | | |
| Net Income Per Common Share, As Adjusted | $ | 0.29 | | | $ | 0.18 | | | 61% | | $ | 1.23 | | | $ | 1.25 | | | -2% |
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| EBITDA and Adjusted EBITDA | | | | | | | | | | | |
| Net Income, As Reported | $ | 147.3 | | | $ | 16.1 | | | 813% | | $ | 214.4 | | | $ | 393.9 | | | -46% |
| Adjustments: | | | | | | | | | | | |
| Interest Expense | 31.3 | | | 33.1 | | | | | 123.8 | | | 132.8 | | | |
| (Benefit) Provision for Income Taxes | (27.3) | | | 5.3 | | | | | 269.5 | | | 135.9 | | | |
| Depreciation | 35.4 | | | 36.1 | | | | | 139.5 | | | 144.6 | | | |
| Amortization | 9.3 | | | 9.6 | | | | | 37.9 | | | 37.9 | | | |
| EBITDA | 196.1 | | | 100.2 | | | | | 785.0 | | | 845.0 | | | |
| Adjustments: | | | | | | | | | | | |
| Share-Based Compensation | 30.9 | | | 13.1 | | | | | 83.3 | | | 69.1 | | | |
| Severance and Restructuring Expenses | (2.0) | | | 8.9 | | | | | 59.7 | | | 32.7 | | | |
| Inclined Sleeper Product Recalls | 9.0 | | | (1.5) | | | | | 18.1 | | | (0.3) | | | |
Sale of Assets2 | — | | | (8.3) | | | | | 1.8 | | | (23.5) | | | |
Loss on Liquidation of Argentina Subsidiary4 | — | | | 45.4 | | | | | — | | | 45.4 | | | |
| Adjusted EBITDA | $ | 234.0 | | | $ | 157.8 | | | 48% | | $ | 947.8 | | | $ | 968.4 | | | -2% |
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| Free Cash Flow | | | | | | | | | | | |
| Net Cash Flows Provided by Operating Activities | | | | $ | 869.8 | | | $ | 442.8 | | | |
| Capital Expenditures | | | | (160.3) | | | (186.5) | | | |
| Free Cash Flow | | | | $ | 709.5 | | | $ | 256.3 | | | |
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1 Amounts may not sum due to rounding. |
2 For the three months ended December 31, 2022, Mattel recorded a gain on sale of assets of $8.3 million in other selling and administrative expenses. For the year ended December 31, 2023, and 2022, Mattel recorded a loss on sale of assets of $1.8 million and a gain on sale of assets of $23.5 million, respectively, in other selling and administrative expenses. |
3 For the year ended December 31, 2023, Mattel recorded an expense of $212.4 million related to the release of foreign deferred tax assets and a benefit of $51.0 million upon the establishment of deferred tax assets related to an intra-group transfer of certain IP rights. |
4 During the three months ended December 31, 2022, the liquidation of Mattel’s subsidiary in Argentina was substantially completed and Mattel recognized its cumulative translation adjustments of $45.4 million as a loss in other non-operating expense, net. |
5 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. |
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT III |
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
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| For the Year Ended December 31, |
| (In millions, except percentage and pts information) | 2023 | | 2022 | | Change |
| Tax Rate | | | | | |
| Income Before Income Taxes, As Reported | $ | 465.4 | | | $ | 504.3 | | | |
| Adjustments: | | | | | |
| Severance and Restructuring Expenses | 59.7 | | | 36.8 | | | |
| Inclined Sleeper Product Recalls | 18.1 | | | (0.3) | | | |
Sale of Assets2 | 1.8 | | | (23.5) | | | |
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Loss on Liquidation of Argentina Subsidiary3 | — | | | 45.4 | | | |
| Income Before Income Taxes, As Adjusted | $ | 544.9 | | | $ | 562.8 | | | |
| | | | | |
| Provision for Income Taxes, As Reported | $ | 269.5 | | | $ | 135.9 | | | |
| Adjustments: | | | | | |
Changes to Deferred Tax Assets4 | (161.4) | | | — | | | |
Tax Effect of Adjustments5 | 15.3 | | | 1.3 | | | |
| Provision for Income Taxes, As Adjusted | $ | 123.4 | | | $ | 137.2 | | | |
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| Tax Rate, As Reported | 58% | | 27% | | 31 pts |
| Tax Rate, As Adjusted | 23% | | 24% | | -1 pts |
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| December 31, | | |
| 2023 | | 2022 | | |
| Net Debt | | | | | |
| Long-Term Debt | $ | 2,330.0 | | $ | 2,325.6 | | |
| | | | | |
| | | | | |
| Adjustments: | | | | | |
| Cash and Equivalents | (1,261.4) | | (761.2) | | |
| Net Debt | $ | 1,068.6 | | $ | 1,564.4 | | |
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1 Amounts may not sum due to rounding. |
2 For the year ended December 31, 2023, and 2022, Mattel recorded a loss on sale of assets of $1.8 million and a gain on sale of assets of $23.5 million, respectively, 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 For the year ended December 31, 2023, Mattel recorded an expense of $212.4 million related to the release of foreign deferred tax assets and a benefit of $51.0 million upon the establishment of deferred tax assets related to an intra-group transfer of certain IP rights. |
5 Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |
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| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT III |
SUPPLEMENTAL FINANCIAL INFORMATION (Unaudited)1
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES
| | | | | | | | | | | | | | | | | |
| For the Year Ended December 31, |
| (In millions, except percentage and pts information) | 2023 | | 2022 | | Change |
| Leverage Ratio (Total Debt/Adjusted EBITDA) | | | | | |
| Total Debt | | | | | |
| Long-Term Debt | $ | 2,330.0 | | | $ | 2,325.6 | | | |
| | | | | |
| | | | | |
| Adjustments: | | | | | |
| Debt Issuance Costs and Debt Discount | 20.0 | | | 24.4 | | | |
| Total Debt | $ | 2,350.0 | | | $ | 2,350.0 | | | |
| EBITDA and Adjusted EBITDA | | | | | |
| Net Income, As Reported | $ | 214.4 | | | $ | 393.9 | | | -46% |
| Adjustments: | | | | | |
| Interest Expense | 123.8 | | | 132.8 | | | |
| Provision for Income Taxes | 269.5 | | | 135.9 | | | |
| Depreciation | 139.5 | | | 144.6 | | | |
| Amortization | 37.9 | | | 37.9 | | | |
| EBITDA | 785.0 | | | 845.0 | | | |
| Adjustments: | | | | | |
| Share-Based Compensation | 83.3 | | | 69.1 | | | |
| Severance and Restructuring Expenses | 59.7 | | | 32.7 | | | |
| Inclined Sleeper Product Recalls | 18.1 | | | (0.3) | | | |
| Sale of Assets | 1.8 | | | (23.5) | | | |
| Loss on Liquidation of Argentina Subsidiary | — | | | 45.4 | | | |
| Adjusted EBITDA | $ | 947.8 | | | $ | 968.4 | | | -2% |
| | | | | |
| Total Debt / Net Income | 11.0x | | 6.0x | | |
| Leverage Ratio (Total Debt / Adjusted EBITDA) | 2.5x | | 2.4x | | |
| | | | | |
| Free Cash Flow | | | | | |
| Net Cash Flows Provided by Operating Activities | $ | 869.8 | | | $ | 442.8 | | | 96% |
| Capital Expenditures | (160.3) | | | (186.5) | | | |
| Free Cash Flow | $ | 709.5 | | | $ | 256.3 | | | 177% |
| | | | | |
| Net Cash Flows Provided by Operating Activities / Net Income | 406% | | 112% | | 294 pts |
| Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA) | 75% | | 26% | | 49 pts |
1 Amounts may not sum due to rounding.
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT IV |
WORLDWIDE NET SALES AND GROSS BILLINGS1 (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| 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 | $ | 1,620.7 | | | $ | 1,401.9 | | | 16 | % | | 14 | % | | $ | 5,441.2 | | | $ | 5,434.7 | | | — | % | | -1 | % |
| | | | | | | | | | | | | | | |
| Worldwide Gross Billings by Categories: | | | | | | | | | | | | | | |
| Dolls | $ | 763.1 | | | $ | 589.3 | | | 29 | % | | 27 | % | | $ | 2,394.2 | | | $ | 2,084.0 | | | 15 | % | | 13 | % |
| Infant, Toddler, and Preschool | 292.2 | | | 267.2 | | | 9 | | | 7 | | | 1,000.8 | | | 1,117.5 | | | -10 | | | -12 | |
| Vehicles | 475.1 | | | 402.5 | | | 18 | | | 15 | | | 1,641.0 | | | 1,450.8 | | | 13 | | | 11 | |
| Action Figures, Building Sets, Games, and Other | 310.8 | | | 300.5 | | | 3 | | | 1 | | | 1,065.8 | | | 1,396.1 | | | -24 | | | -25 | |
| Gross Billings | $ | 1,841.2 | | | $ | 1,559.6 | | | 18 | % | | 16 | % | | $ | 6,101.8 | | | $ | 6,048.3 | | | 1 | % | | -1 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| Worldwide Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 473.1 | | | $ | 372.2 | | | 27 | % | | 24 | % | | $ | 1,537.8 | | | $ | 1,490.6 | | | 3 | % | | 2 | % |
| Hot Wheels | 417.5 | | | 351.9 | | | 19 | | | 16 | | | 1,432.4 | | | 1,251.4 | | | 14 | | | 13 | |
| Fisher-Price | 245.3 | | | 216.7 | | | 13 | | | 11 | | | 852.6 | | | 935.9 | | | -9 | | | -10 | |
| Other | 705.3 | | | 618.8 | | | 14 | | | 12 | | | 2,279.0 | | | 2,370.4 | | | -4 | | | -5 | |
| Gross Billings | $ | 1,841.2 | | | $ | 1,559.6 | | | 18 | % | | 16 | % | | $ | 6,101.8 | | | $ | 6,048.3 | | | 1 | % | | -1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. |
2 Amounts may not sum due to rounding. |
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT V |
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| 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 | $ | 865.0 | | | $ | 657.1 | | | 32 | % | | 32 | % | | $ | 3,003.2 | | | $ | 2,987.8 | | | 1 | % | | 1 | % |
| | | | | | | | | | | | | | | |
North America Gross Billings by Categories: | | | | | | | | | | | | |
| Dolls | $ | 341.5 | | | $ | 224.5 | | | 52 | % | | 52 | % | | $ | 1,153.8 | | | $ | 940.3 | | | 23 | % | | 23 | % |
| Infant, Toddler, and Preschool | 180.9 | | | 148.7 | | | 22 | | | 22 | | | 618.6 | | | 698.3 | | | -11 | | | -11 | |
| Vehicles | 233.3 | | | 186.2 | | | 25 | | | 25 | | | 812.4 | | | 736.9 | | | 10 | | | 10 | |
| Action Figures, Building Sets, Games, and Other | 180.1 | | | 142.3 | | | 27 | | | 27 | | | 633.5 | | | 810.6 | | | -22 | | | -22 | |
| Gross Billings | $ | 935.8 | | | $ | 701.7 | | | 33 | % | | 33 | % | | $ | 3,218.3 | | | $ | 3,186.1 | | | 1 | % | | 1 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| North America Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 252.8 | | | $ | 177.2 | | | 43 | % | | 43 | % | | $ | 840.4 | | | $ | 776.3 | | | 8 | % | | 8 | % |
| Hot Wheels | 198.5 | | | 159.5 | | | 24 | | | 24 | | | 690.8 | | | 617.9 | | | 12 | | | 12 | |
| Fisher-Price | 151.2 | | | 115.3 | | | 31 | | | 31 | | | 532.0 | | | 584.5 | | | -9 | | | -9 | |
| Other | 333.3 | | | 249.8 | | | 33 | | | 33 | | | 1,155.1 | | | 1,207.3 | | | -4 | | | -4 | |
| Gross Billings | $ | 935.8 | | | $ | 701.7 | | | 33 | % | | 33 | % | | $ | 3,218.3 | | | $ | 3,186.1 | | | 1 | % | | 1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. |
2 Amounts may not sum due to rounding. |
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT VI |
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| 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 | $ | 366.5 | | | $ | 365.6 | | | — | % | | -5 | % | | $ | 1,241.5 | | | $ | 1,324.4 | | | -6 | % | | -9 | % |
| Latin America | 182.4 | | | 172.4 | | | 6 | | | -2 | | | 658.0 | | | 591.0 | | | 11 | | | 2 | |
| Asia Pacific | 103.3 | | | 97.1 | | | 6 | | | 7 | | | 331.3 | | | 304.6 | | | 9 | | | 12 | |
| Net Sales | $ | 652.2 | | | $ | 635.1 | | | 3 | % | | -2 | % | | $ | 2,230.8 | | | $ | 2,220.0 | | | — | % | | -3 | % |
| | | | | | | | | | | | | | | |
| International Gross Billings by Geographic Area: | | | | | | | | | | | | |
| EMEA | $ | 455.8 | | | $ | 428.3 | | | 6 | % | | 1 | % | | $ | 1,510.7 | | | $ | 1,583.5 | | | -5 | % | | -7 | % |
| Latin America | 223.5 | | | 202.7 | | | 10 | | | 1 | | | 776.4 | | | 687.9 | | | 13 | | | 3 | |
| Asia Pacific | 118.7 | | | 113.4 | | | 5 | | | 6 | | | 382.3 | | | 356.8 | | | 7 | | | 11 | |
| Gross Billings | $ | 798.1 | | | $ | 744.4 | | | 7 | % | | 2 | % | | $ | 2,669.4 | | | $ | 2,628.2 | | | 2 | % | | -2 | % |
| | | | | | | | | | | | | | | |
| International Gross Billings by Categories: | | | | | | | | | | | | | | |
| Dolls | $ | 314.3 | | | $ | 251.3 | | | 25 | % | | 19 | % | | $ | 1,026.2 | | | $ | 909.7 | | | 13 | % | | 9 | % |
| Infant, Toddler, and Preschool | 111.3 | | | 118.5 | | | -6 | | | -11 | | | 382.2 | | | 419.2 | | | -9 | | | -12 | |
| Vehicles | 241.9 | | | 216.3 | | | 12 | | | 6 | | | 828.6 | | | 713.9 | | | 16 | | | 12 | |
| Action Figures, Building Sets, Games, and Other | 130.6 | | | 158.2 | | | -17 | | | -22 | | | 432.3 | | | 585.5 | | | -26 | | | -29 | |
| Gross Billings | $ | 798.1 | | | $ | 744.4 | | | 7 | % | | 2 | % | | $ | 2,669.4 | | | $ | 2,628.2 | | | 2 | % | | -2 | % |
| | | | | | | | | | | | | | | |
| Supplemental Gross Billings Disclosure | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| International Gross Billings by Top 3 Power Brands: | | | | | | | | | | | | |
| Barbie | $ | 220.3 | | | $ | 195.0 | | | 13 | % | | 7 | % | | $ | 697.4 | | | $ | 714.2 | | | -2 | % | | -6 | % |
| Hot Wheels | 219.0 | | | 192.4 | | | 14 | | | 8 | | | 741.6 | | | 633.5 | | | 17 | | | 13 | |
| Fisher-Price | 94.1 | | | 101.5 | | | -7 | | | -13 | | | 320.6 | | | 351.4 | | | -9 | | | -13 | |
| Other | 264.7 | | | 255.5 | | | 4 | | | -2 | | | 909.8 | | | 929.1 | | | -2 | | | -6 | |
| Gross Billings | $ | 798.1 | | | $ | 744.4 | | | 7 | % | | 2 | % | | $ | 2,669.4 | | | $ | 2,628.2 | | | 2 | % | | -2 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. |
2 Amounts may not sum due to rounding. |
| | | | | | | | |
| MATTEL, INC. AND SUBSIDIARIES | | EXHIBIT VII |
NET SALES AND GROSS BILLINGS1 BY SEGMENT (Unaudited)2
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Three Months Ended December 31, | | For the Year Ended December 31, |
| | 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 | $ | 103.5 | | | $ | 109.7 | | | -6 | % | | -6 | % | | $ | 207.2 | | | $ | 226.9 | | | -9 | % | | -9 | % |
| | | | | | | | | | | | | | | |
| American Girl Gross Billings: | | | | | | | | | | | | | | | |
| Gross Billings | $ | 107.4 | | | $ | 113.5 | | | -5 | % | | -5 | % | | $ | 214.2 | | | $ | 234.0 | | | -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. |
Julius Genachowski and Dawn Ostroff Join Mattel Board of Directors
Mr. Genachowski previously served as Chairman of the FCC; Ms. Ostroff was Chief Content & Advertising Business Officer at Spotify
EL SEGUNDO, Calif., February 7, 2024 – Mattel, Inc. (NASDAQ: MAT) announced today that Julius Genachowski and Dawn Ostroff have joined the Company’s Board of Directors, effective February 5, 2024. The new Directors bring extensive combined experience in media, entertainment, and technology, and expertise in finance, M&A, and government regulation, which will help further Mattel’s strategy to grow its IP-driven toy business and expand its entertainment offering.
Mr. Genachowski brings to Mattel extensive experience in technology, media and telecom, including internet and digital communications policy, cybersecurity, and privacy. He brings a global perspective from his various roles, and experience in finance, M&A, risk oversight and corporate governance. Mr. Genachowski is a Senior Advisor at Carlyle, a leading global investment firm, following a decade as Partner and Managing Director. Prior to that, he served as Chairman of the U.S. Federal Communications Commission (FCC), where he led development of the first U.S. National Broadband Plan and the modernization of rules for digital media and communications. Previously, he was a senior executive and member of the Office of the Chairman at IAC. Mr. Genachowski is Chairman of the Board of Directors of Sonos and serves on the Board of Mastercard. He previously served on the Board of Sprint.
Ms. Ostroff brings to Mattel more than 30 years of experience in media and entertainment, technology, and advertising with a proven track record of growing and transforming companies to meet the expectations of new generations of consumers. She most recently served as Chief Content & Advertising Business Officer at Spotify. Ms. Ostroff founded Condé Nast Entertainment and was the President of Entertainment for the CW broadcast network and President of United Paramount Network, a subsidiary of CBS. Ms. Ostroff currently serves on the Board of Directors of Paramount Global. Previously, she served on the Board of Activision Blizzard and the Westfield Corporation. Ms. Ostroff also serves on the New York University Faculty of Arts and Science Board of Overseers.
Ynon Kreiz, Chairman and CEO of Mattel, said: “Julius and Dawn are globally respected leaders in media, entertainment, and technology and we are thrilled to welcome them to Mattel’s Board of Directors. Their expertise complements the skills and experience of our current Directors as we continue to execute our strategy to grow Mattel's IP-driven toy business and expand our entertainment offering.”
Mr. Genachowski commented: “Mattel is one of the world’s most iconic companies, built on a foundation of cherished brands, grounded in values, and well positioned for future growth. I am proud to join the Board of Directors, and look forward to working closely with Ynon and the board to serve Mattel and its shareholders at this exciting time for the company.”
Ms. Ostroff added: “Mattel has a unique portfolio of brands and franchises with built in audiences and incredible potential for development and expansion through opportunities in media and entertainment. I am looking forward to working alongside Ynon and the Board of Directors at Mattel as the company maximizes the potential of its world-class IP and enters its next phase of growth.”
Directors Todd Bradley and Ann Lewnes stepped down from the Mattel Board of Directors, effective February 1, 2024.
Mr. Kreiz continued: “We thank Todd and Ann for their many years of dedicated service to our Board of Directors through our transformation to become an IP-driven, high-performing toy company. We are grateful for their support and guidance and playing an active role during their tenure.”
About Julius Genachowski
Mr. Genachowski is a Senior Advisor with Carlyle, a leading global investment firm, where he served as Partner and Managing Director from 2014 through 2023. Prior to Carlyle, he served as Chairman of the FCC from 2009 to 2013. Under his leadership, the FCC took major actions to extend broadband access, accelerate the rollout of advanced mobile networks, free up spectrum for wireless communications, preserve a vibrant Internet and media landscape, foster competition and enhance public safety communications. Previously, he was a senior executive and member of the Office of the Chairman at IAC/InterActiveCorp, which owned and operated multiple Internet and entertainment businesses, including Expedia, Ticketmaster, USA Network, and USA Films. Mr. Genachowski served on President-elect Obama’s Transition Board in 2008, and as a senior advisor on technology and policy to the Obama presidential campaign. Mr. Genachowski is currently Chairman of the Board of Directors of Sonos and serves on the Board of Directors of Mastercard where he is Chair of the Audit Committee. He previously served on the Board of Directors of Sprint until its sale to T-Mobile.
About Dawn Ostroff
Ms. Ostroff most recently served as Chief Content & Advertising Business Officer at Spotify from 2018 through 2023. Prior to Spotify, Ms. Ostroff co-founded Condé Nast Entertainment (CNE) and served as President of the company from 2011 to 2018. At CNE, she launched its digital video business, built its technology and advertising teams, and established the feature film and television divisions which developed IP from the company’s iconic brands. Prior to that, she was President of Entertainment for the CW broadcast network and President of United Paramount Network, a subsidiary of CBS. Ms. Ostroff has extensive board experience across several industry sectors and currently serves as an independent director on the Board of Paramount Global. She currently serves on the New York University Faculty of Arts and Science Board of Overseers. She previously served on the boards of Activision Blizzard, Westfield Corporation and Anonymous Content, an Emerson Collective company.
With the changes announced today, the Mattel Board will remain comprised of eleven members, 10 of whom are independent. Other members of the Mattel Board of Directors are: Chairman Ynon Kreiz, Adriana Cisneros, Michael Dolan, Diana Ferguson, Noreena Hertz, Soren Laursen, Roger Lynch, Dominic Ng, and Judy Olian.
About Mattel
Mattel is a leading global toy company and owner of one of the strongest portfolios 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®, Monster High® 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. 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. Since its founding in 1945, 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.
Press Contact
Catherine Frymark
catherine.frymark@mattel.com
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xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
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