(State or other jurisdiction of incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Exhibit Description | |||||||
99.1** | Press release dated October 25, 2023 | |||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL Document) |
MATTEL, INC. Registrant | ||||||||||||||
By: | /s/ Jonathan Anschell | |||||||||||||
Name: | Jonathan Anschell | |||||||||||||
Title: | Executive Vice President, Chief Legal Officer, and Secretary |
![]() | NEWS RELEASE |
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(in millions, except EPS and percentages) | Updated FY2023 Guidance | Prior FY2023 Guidance | FY2022 | |||||||||||||||||
Net Sales | Comparable (Constant Currency) | Comparable (Constant Currency) | $5,435 | |||||||||||||||||
Adjusted Gross Margin | 47 - 48% | ∼ 47% | 45.9% | |||||||||||||||||
Adjusted EPS | $1.15 - $1.25 | $1.10 - $1.20 | $1.25 | |||||||||||||||||
Adjusted EBITDA | $925 - $975 | $900 - $950 | $968 | |||||||||||||||||
Adjusted Tax Rate | 25 - 26% | 25 - 26% | 24% | |||||||||||||||||
Capital Expenditures | $175 - $200 | $175 - $200 | $187 | |||||||||||||||||
Free Cash Flow | > $400 | > $400 | $256 |
![]() | NEWS RELEASE |
![]() | NEWS RELEASE |
![]() | NEWS RELEASE |
![]() | NEWS RELEASE |
Contacts: | ||||||||
News Media | Securities Analysts | |||||||
Catherine Frymark | David Zbojniewicz | |||||||
catherine.frymark@mattel.com | david.zbojniewicz@mattel.com | |||||||
MAT-FIN MAT-CORP | ||||||||
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT I |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions, except per share and percentage information) | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ Amt | % Net Sales | $ Amt | % Net Sales | $ Amt | % Net Sales | $ Amt | % Net Sales | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 1,918.8 | $ | 1,755.8 | 9 | % | 7 | % | $ | 3,820.5 | $ | 4,032.8 | -5 | % | -6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cost of Sales | 940.9 | 49.0 | % | 908.9 | 51.8 | % | 4 | % | 2,027.0 | 53.1 | % | 2,154.1 | 53.4 | % | -6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Profit | 977.9 | 51.0 | % | 846.9 | 48.2 | % | 15 | % | 13 | % | 1,793.5 | 46.9 | % | 1,878.7 | 46.6 | % | -5 | % | -7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Advertising and Promotion Expenses | 124.3 | 6.5 | % | 127.6 | 7.3 | % | -3 | % | 290.3 | 7.6 | % | 291.5 | 7.2 | % | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Selling and Administrative Expenses | 379.8 | 19.8 | % | 327.9 | 18.7 | % | 16 | % | 1,081.6 | 28.3 | % | 990.6 | 24.6 | % | 9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Income | 473.9 | 24.7 | % | 391.4 | 22.3 | % | 21 | % | 17 | % | 421.6 | 11.0 | % | 596.5 | 14.8 | % | -29 | % | -35 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | 30.7 | 1.6 | % | 33.9 | 1.9 | % | -9 | % | 92.5 | 2.4 | % | 99.7 | 2.5 | % | -7 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest (Income) | (4.6) | -0.2 | % | (1.9) | -0.1 | % | 140 | % | (15.4) | -0.4 | % | (5.1) | -0.1 | % | 204 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Non-Operating (Income) Expense, Net | (2.4) | (4.3) | (6.0) | 12.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 450.1 | 23.5 | % | 363.7 | 20.7 | % | 24 | % | 21 | % | 350.5 | 9.2 | % | 489.9 | 12.1 | % | -28 | % | -34 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes | 309.3 | 80.0 | 296.8 | 130.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Income) from Equity Method Investments | (5.6) | (6.2) | (13.3) | (18.4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income | $ | 146.3 | 7.6 | % | $ | 289.9 | 16.5 | % | -50 | % | $ | 67.0 | 1.8 | % | $ | 377.8 | 9.4 | % | -82 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share - Basic | $ | 0.41 | $ | 0.82 | $ | 0.19 | $ | 1.07 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Number of Common Shares | 354.1 | 354.5 | 354.6 | 353.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Common Share - Diluted | $ | 0.41 | $ | 0.80 | $ | 0.19 | $ | 1.05 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted-Average Number of Common and Potential Common Shares | 357.5 | 360.2 | 358.0 | 359.7 |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT II |
September 30, | December 31, | ||||||||||||||||
2023 | 2022 | 2022 | |||||||||||||||
(In millions) | (Unaudited) | ||||||||||||||||
Assets | |||||||||||||||||
Cash and Equivalents | $ | 455.7 | $ | 349.0 | $ | 761.2 | |||||||||||
Accounts Receivable, Net | 1,571.0 | 1,381.5 | 860.2 | ||||||||||||||
Inventories | 790.5 | 1,083.8 | 894.1 | ||||||||||||||
Prepaid Expenses and Other Current Assets | 224.8 | 268.9 | 213.5 | ||||||||||||||
Total Current Assets | 3,042.1 | 3,083.2 | 2,729.0 | ||||||||||||||
Property, Plant, and Equipment, Net | 457.2 | 444.4 | 469.1 | ||||||||||||||
Right-of-Use Assets, Net | 286.0 | 323.5 | 318.7 | ||||||||||||||
Goodwill | 1,380.0 | 1,371.0 | 1,378.6 | ||||||||||||||
Other Noncurrent Assets | 1,079.2 | 1,246.1 | 1,282.3 | ||||||||||||||
Total Assets | $ | 6,244.6 | $ | 6,468.2 | $ | 6,177.7 | |||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||
Current Portion of Long-Term Debt | $ | — | $ | 250.0 | $ | — | |||||||||||
Accounts Payable and Accrued Liabilities | 1,253.2 | 1,275.7 | 1,150.2 | ||||||||||||||
Income Taxes Payable | 51.4 | 50.4 | 37.6 | ||||||||||||||
Total Current Liabilities | 1,304.6 | 1,576.1 | 1,187.7 | ||||||||||||||
Long-Term Debt | 2,328.9 | 2,324.5 | 2,325.6 | ||||||||||||||
Noncurrent Lease Liabilities | 234.7 | 279.5 | 271.4 | ||||||||||||||
Other Noncurrent Liabilities | 340.9 | 320.6 | 336.6 | ||||||||||||||
Stockholders’ Equity | 2,035.5 | 1,967.5 | 2,056.3 | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 6,244.6 | $ | 6,468.2 | $ | 6,177.7 |
September 30, | |||||||||||
2023 | 2022 | ||||||||||
Key Balance Sheet Data: | |||||||||||
Accounts Receivable, Net Days of Sales Outstanding (DSO) | 74 | 71 | |||||||||
For the Nine Months Ended September 30, | |||||||||||
(In millions) | 2023 | 2022 | |||||||||
Condensed Cash Flow Data: | |||||||||||
Cash Flows (Used for) Operating Activities | $ | (80) | $ | (275) | |||||||
Cash Flows (Used for) Investing Activities | (94) | (97) | |||||||||
Cash Flows (Used for) Financing Activities and Other | (132) | (10) | |||||||||
Decrease in Cash and Equivalents | $ | (306) | $ | (382) |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(In millions, except percentage information) | 2023 | 2022 | Change | 2023 | 2022 | Change | |||||||||||||||||||||||||||||
Gross Profit | |||||||||||||||||||||||||||||||||||
Gross Profit, As Reported | $ | 977.9 | $ | 846.9 | $ | 1,793.5 | $ | 1,878.7 | |||||||||||||||||||||||||||
Gross Margin | 51.0 | % | 48.2 | % | 280 bps | 46.9 | % | 46.6 | % | 30 bps | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Severance and Restructuring Expenses | (0.1) | 1.4 | (1.3) | 9.8 | |||||||||||||||||||||||||||||||
Gross Profit, As Adjusted | $ | 977.9 | $ | 848.2 | $ | 1,792.3 | $ | 1,888.5 | |||||||||||||||||||||||||||
Adjusted Gross Margin | 51.0 | % | 48.3 | % | 270 bps | 46.9 | % | 46.8 | % | 10 bps | |||||||||||||||||||||||||
Other Selling and Administrative Expenses | |||||||||||||||||||||||||||||||||||
Other Selling and Administrative Expenses, As Reported | $ | 379.8 | $ | 327.9 | 16 | % | $ | 1,081.6 | $ | 990.6 | 9 | % | |||||||||||||||||||||||
% of Net Sales | 19.8 | % | 18.7 | % | 110 bps | 28.3 | % | 24.6 | % | 370 bps | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Severance and Restructuring Expenses2 | (29.3) | (4.5) | (63.0) | (17.1) | |||||||||||||||||||||||||||||||
Inclined Sleeper Product Recalls | (1.3) | (0.7) | (9.0) | (1.2) | |||||||||||||||||||||||||||||||
Sale of Assets3 | (1.8) | — | (1.8) | 15.2 | |||||||||||||||||||||||||||||||
Other Selling and Administrative Expenses, As Adjusted | $ | 347.5 | $ | 322.7 | 8 | % | $ | 1,007.8 | $ | 987.5 | 2 | % | |||||||||||||||||||||||
% of Net Sales | 18.1 | % | 18.4 | % | -30 bps | 26.4 | % | 24.5 | % | 190 bps | |||||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||||||||||||||
Operating Income, As Reported | $ | 473.9 | $ | 391.4 | 21 | % | $ | 421.6 | $ | 596.5 | -29 | % | |||||||||||||||||||||||
Operating Income Margin | 24.7 | % | 22.3 | % | 240 bps | 11.0 | % | 14.8 | % | -380 bps | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Severance and Restructuring Expenses2 | 29.2 | 5.9 | 61.7 | 26.9 | |||||||||||||||||||||||||||||||
Inclined Sleeper Product Recalls | 1.3 | 0.7 | 9.0 | 1.2 | |||||||||||||||||||||||||||||||
Sale of Assets3 | 1.8 | — | 1.8 | (15.2) | |||||||||||||||||||||||||||||||
Operating Income, As Adjusted | $ | 506.1 | $ | 397.9 | 27 | % | $ | 494.1 | $ | 609.5 | -19 | % | |||||||||||||||||||||||
Adjusted Operating Income Margin | 26.4 | % | 22.7 | % | 370 bps | 12.9 | % | 15.1 | % | -220 bps |
1 Amounts may not sum due to rounding. | |||||||||||||||||||||||||||||||||||
2 For the three and nine months ended September 30, 2023, Mattel recorded severance and restructuring expenses, which include $25.3 million of incremental severance expense associated with restructuring activities to further optimize Mattel’s manufacturing footprint. | |||||||||||||||||||||||||||||||||||
3 For the three and nine months ended September 30, 2023, Mattel recorded a loss on sale of assets of $1.8 million in other selling and administrative expenses. For the nine months ended September 30, 2022, Mattel recorded a gain on sale of assets of $15.2 million in other selling and administrative expenses. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
(In millions, except per share and percentage information) | For the Three Months Ended September 30, | For the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
2023 | 2022 | Change | 2023 | 2022 | Change | ||||||||||||||||||||||||||||||
Earnings Per Share | |||||||||||||||||||||||||||||||||||
Net Income Per Common Share, As Reported | $ | 0.41 | $ | 0.80 | -49% | $ | 0.19 | $ | 1.05 | -82% | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Severance and Restructuring Expenses2 | 0.08 | 0.02 | 0.17 | 0.07 | |||||||||||||||||||||||||||||||
Inclined Sleeper Product Recalls | — | — | 0.03 | — | |||||||||||||||||||||||||||||||
Sale of Assets3 | — | — | — | (0.04) | |||||||||||||||||||||||||||||||
Valuation Allowance on Foreign Deferred Tax Assets4 | 0.59 | — | 0.59 | — | |||||||||||||||||||||||||||||||
Tax Effect of Adjustments5 | (0.02) | (0.01) | (0.04) | (0.01) | |||||||||||||||||||||||||||||||
Net Income Per Common Share, As Adjusted | $ | 1.08 | $ | 0.82 | 32% | $ | 0.94 | $ | 1.08 | -13% | |||||||||||||||||||||||||
EBITDA and Adjusted EBITDA | |||||||||||||||||||||||||||||||||||
Net Income, As Reported | $ | 146.3 | $ | 289.9 | -50% | $ | 67.0 | $ | 377.8 | -82% | |||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Interest Expense | 30.7 | 33.9 | 92.5 | 99.7 | |||||||||||||||||||||||||||||||
Provision for Income Taxes | 309.3 | 80.0 | 296.8 | 130.5 | |||||||||||||||||||||||||||||||
Depreciation | 36.0 | 36.8 | 104.0 | 108.4 | |||||||||||||||||||||||||||||||
Amortization | 9.6 | 9.3 | 28.6 | 28.3 | |||||||||||||||||||||||||||||||
EBITDA | 532.0 | 449.8 | 588.9 | 744.8 | |||||||||||||||||||||||||||||||
Adjustments: | |||||||||||||||||||||||||||||||||||
Share-Based Compensation | 15.5 | 18.1 | 52.4 | 55.9 | |||||||||||||||||||||||||||||||
Severance and Restructuring Expenses2 | 29.2 | 4.9 | 61.7 | 23.7 | |||||||||||||||||||||||||||||||
Inclined Sleeper Product Recalls | 1.3 | 0.7 | 9.0 | 1.2 | |||||||||||||||||||||||||||||||
Sale of Assets3 | 1.8 | — | 1.8 | (15.2) | |||||||||||||||||||||||||||||||
Adjusted EBITDA | $ | 579.7 | $ | 473.4 | 22% | $ | 713.8 | $ | 810.6 | -12% | |||||||||||||||||||||||||
Free Cash Flow | |||||||||||||||||||||||||||||||||||
Net Cash Flows Used for Operating Activities | $ | (79.6) | $ | (274.8) | |||||||||||||||||||||||||||||||
Capital Expenditures | (117.5) | (127.3) | |||||||||||||||||||||||||||||||||
Free Cash Flow | $ | (197.2) | $ | (402.1) |
1 Amounts may not sum due to rounding. | |||||||||||||||||||||||||||||||||||
2 For the three and nine months ended September 30, 2023, Mattel recorded severance and restructuring expenses, which include $25.3 million of incremental severance expense associated with restructuring activities to further optimize Mattel’s manufacturing footprint. | |||||||||||||||||||||||||||||||||||
3 For the three and nine months ended September 30, 2023, Mattel recorded a loss on sale of assets of $1.8 million in other selling and administrative expenses. For the nine months ended September 30, 2022, Mattel recorded a gain on sale of assets of $15.2 million in other selling and administrative expenses. | |||||||||||||||||||||||||||||||||||
4 For the three and nine months ended September 30, 2023, the amount includes $212.4 million related to a valuation allowance on foreign deferred tax assets. | |||||||||||||||||||||||||||||||||||
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. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
For the Three Months Ended September 30, | |||||||||||||||||
(In millions, except percentage and pts information) | 2023 | 2022 | Change | ||||||||||||||
Tax Rate | |||||||||||||||||
Income Before Income Taxes, As Reported | $ | 450.1 | $ | 363.7 | |||||||||||||
Adjustments: | |||||||||||||||||
Severance and Restructuring Expenses2 | 29.2 | 5.9 | |||||||||||||||
Inclined Sleeper Product Recalls | 1.3 | 0.7 | |||||||||||||||
Sale of Assets3 | 1.8 | — | |||||||||||||||
Income Before Income Taxes, As Adjusted | $ | 482.3 | $ | 370.3 | |||||||||||||
Provision for Income Taxes, As Reported | $ | 309.3 | $ | 80.0 | |||||||||||||
Adjustments: | |||||||||||||||||
Valuation Allowance on Foreign Deferred Tax Assets4 | (212.4) | — | |||||||||||||||
Tax Effect of Adjustments5 | 6.6 | 1.8 | |||||||||||||||
Provision for Income Taxes, As Adjusted | $ | 103.5 | $ | 81.8 | |||||||||||||
Tax Rate, As Reported | 69% | 22% | 47 pts | ||||||||||||||
Tax Rate, As Adjusted | 21% | 22% | -1 pt |
September 30, | |||||||||||||||||
2023 | 2022 | ||||||||||||||||
Net Debt | |||||||||||||||||
Long-Term Debt | $ | 2,328.9 | $ | 2,324.5 | |||||||||||||
Current Portion of Long-Term Debt | — | 250.0 | |||||||||||||||
Adjustments: | |||||||||||||||||
Cash and Equivalents | (455.7) | (349.0) | |||||||||||||||
Net Debt | $ | 1,873.2 | $ | 2,225.5 |
1 Amounts may not sum due to rounding. | |||||||||||||||||||||||||||||||||||
2 For the three months ended September 30, 2023, Mattel recorded severance and restructuring expenses, which include $25.3 million of incremental severance expense associated with restructuring activities to further optimize Mattel’s manufacturing footprint. | |||||||||||||||||||||||||||||||||||
3 For the three months ended September 30, 2023, Mattel recorded a loss on sale of assets of $1.8 million in other selling and administrative expenses. | |||||||||||||||||||||||||||||||||||
4 For the three months ended September 30, 2023, the amount includes $212.4 million related to a valuation allowance on foreign deferred tax assets. | |||||||||||||||||||||||||||||||||||
5 Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
For the Trailing Twelve Months Ended September 30, | |||||||||||||||||
(In millions, except percentage and pts information) | 2023 | 2022 | Change | ||||||||||||||
Leverage Ratio (Total Debt/Adjusted EBITDA) | |||||||||||||||||
Total Debt | |||||||||||||||||
Long-Term Debt | $ | 2,328.9 | $ | 2,324.5 | |||||||||||||
Current Portion of Long-Term Debt | — | 250.0 | |||||||||||||||
Adjustments: | |||||||||||||||||
Debt Issuance Costs and Debt Discount | 21.1 | 25.5 | |||||||||||||||
Total Debt | $ | 2,350.0 | $ | 2,600.0 | |||||||||||||
EBITDA and Adjusted EBITDA | |||||||||||||||||
Net Income, As Reported | $ | 83.2 | $ | 603.6 | -86% | ||||||||||||
Adjustments: | |||||||||||||||||
Interest Expense | 125.6 | 133.0 | |||||||||||||||
Provision for Income Taxes | 302.1 | 126.0 | |||||||||||||||
Depreciation | 140.2 | 145.9 | |||||||||||||||
Amortization | 38.1 | 37.8 | |||||||||||||||
EBITDA | 689.1 | 1,046.2 | |||||||||||||||
Adjustments: | |||||||||||||||||
Share-Based Compensation | 65.6 | 69.5 | |||||||||||||||
Severance and Restructuring Expenses | 70.6 | 29.5 | |||||||||||||||
Inclined Sleeper Product Recalls | 7.5 | 1.4 | |||||||||||||||
Sale of Assets | (6.6) | (15.2) | |||||||||||||||
Loss on Liquidation of Argentina Subsidiary | 45.4 | — | |||||||||||||||
Adjusted EBITDA | $ | 871.6 | $ | 1,131.5 | -23% | ||||||||||||
Total Debt / Net Income | 28.3x | 4.3x | |||||||||||||||
Leverage Ratio (Total Debt / Adjusted EBITDA) | 2.7x | 2.3x | |||||||||||||||
Free Cash Flow | |||||||||||||||||
Net Cash Flows Provided by Operating Activities | $ | 638.0 | $ | 466.6 | 37% | ||||||||||||
Capital Expenditures | (176.7) | (163.5) | |||||||||||||||
Free Cash Flow | $ | 461.3 | $ | 303.1 | 52% | ||||||||||||
Net Cash Flows Provided by Operating Activities / Net Income | 767% | 77% | 690 pts | ||||||||||||||
Free Cash Flow Conversion (Free Cash Flow/Adjusted EBITDA) | 53% | 27% | 26 pts |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
For the Year Ended December 31, | |||||
(In millions, except percentage and per share information) | 2022 | ||||
Gross Profit | |||||
Gross Profit, As Reported | $ | 2,481.4 | |||
Gross Margin | 45.7 | % | |||
Adjustments: | |||||
Severance and Restructuring Expenses | 10.7 | ||||
Gross Profit, As Adjusted | $ | 2,492.0 | |||
Adjusted Gross Margin | 45.9 | % | |||
Earnings Per Share | |||||
Net Income Per Common Share, As Reported | $ | 1.10 | |||
Adjustments: | |||||
Severance and Restructuring Expenses | 0.10 | ||||
Sale of Assets2 | (0.07) | ||||
Loss on Liquidation of Argentina Subsidiary3 | 0.13 | ||||
Net Income Per Common Share, As Adjusted | $ | 1.25 | |||
EBITDA and Adjusted EBITDA | |||||
Net Income, As Reported | $ | 393.9 | |||
Adjustments: | |||||
Interest Expense | 132.8 | ||||
Provision for Income Taxes | 135.9 | ||||
Depreciation | 144.6 | ||||
Amortization | 37.9 | ||||
EBITDA | 845.0 | ||||
Adjustments: | |||||
Share-Based Compensation | 69.1 | ||||
Severance and Restructuring Expenses | 32.7 | ||||
Inclined Sleeper Product Recalls | (0.3) | ||||
Sale of Assets2 | (23.5) | ||||
Loss on Liquidation of Argentina Subsidiary3 | 45.4 | ||||
Adjusted EBITDA | $ | 968.4 |
1 Amounts may not sum due to rounding. | ||||||||||||||
2 For the year ended December 31, 2022, Mattel recorded a gain on sale of assets of $23.5 million in other selling and administrative expenses. | ||||||||||||||
3 During the year ended December 31, 2022, the liquidation of Mattel’s subsidiary in Argentina was substantially completed, and Mattel recognized its cumulative translation adjustments of $45.4 million as a loss in other non-operating expense, net. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT III |
For the Year Ended December 31, | |||||
(In millions, except percentage information) | 2022 | ||||
Tax Rate | |||||
Income Before Income Taxes, As Reported | $ | 504.3 | |||
Adjustments: | |||||
Severance and Restructuring Expenses | 36.8 | ||||
Inclined Sleeper Product Recalls | (0.3) | ||||
Sale of Assets2 | (23.5) | ||||
Loss on Liquidation of Argentina Subsidiary3 | 45.4 | ||||
Income Before Income Taxes, As Adjusted | $ | 562.8 | |||
Provision for Income Taxes, As Reported | $ | 135.9 | |||
Adjustments: | |||||
Tax Effect of Adjustments4 | 1.3 | ||||
Provision for Income Taxes, As Adjusted | $ | 137.2 | |||
Tax Rate, As Reported | 27% | ||||
Tax Rate, As Adjusted | 24% |
1 Amounts may not sum due to rounding. | |||||||||||||||||||||||||||||||||||
2 For the year ended December 31, 2022, Mattel recorded a gain on sale of assets of $23.5 million in other selling and administrative expenses. | |||||||||||||||||||||||||||||||||||
3 During the year ended December 31, 2022, the liquidation of Mattel’s subsidiary in Argentina was substantially completed, and Mattel recognized its cumulative translation adjustments of $45.4 million as a loss in other non-operating expense, net. | |||||||||||||||||||||||||||||||||||
4 Tax effect of adjustments was determined using the effective tax rates on a jurisdictional basis of the respective adjustments. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT IV |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change as Reported | % Change in Constant Currency | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | ||||||||||||||||||||||||||||||||||||||||
(In millions, except percentage information) | |||||||||||||||||||||||||||||||||||||||||||||||
Worldwide Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 1,918.8 | $ | 1,755.8 | 9 | % | 7 | % | $ | 3,820.5 | $ | 4,032.8 | -5 | % | -6 | % | |||||||||||||||||||||||||||||||
Worldwide Gross Billings by Categories: | |||||||||||||||||||||||||||||||||||||||||||||||
Dolls | $ | 884.5 | $ | 697.2 | 27 | % | 24 | % | $ | 1,631.1 | $ | 1,494.6 | 9 | % | 8 | % | |||||||||||||||||||||||||||||||
Infant, Toddler, and Preschool | 361.1 | 370.1 | -2 | -5 | 708.6 | 850.3 | -17 | -18 | |||||||||||||||||||||||||||||||||||||||
Vehicles | 518.5 | 437.9 | 18 | 15 | 1,165.9 | 1,048.3 | 11 | 10 | |||||||||||||||||||||||||||||||||||||||
Action Figures, Building Sets, Games, and Other | 357.7 | 442.9 | -19 | -21 | 755.0 | 1,095.5 | -31 | -32 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 2,121.8 | $ | 1,948.0 | 9 | % | 6 | % | $ | 4,260.6 | $ | 4,488.7 | -5 | % | -6 | % | |||||||||||||||||||||||||||||||
Supplemental Gross Billings Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||
Worldwide Gross Billings by Top 3 Power Brands: | |||||||||||||||||||||||||||||||||||||||||||||||
Barbie | $ | 605.1 | $ | 519.6 | 16 | % | 14 | % | $ | 1,064.7 | $ | 1,118.4 | -5 | % | -6 | % | |||||||||||||||||||||||||||||||
Hot Wheels | 454.8 | 371.6 | 22 | 19 | 1,014.9 | 899.5 | 13 | 11 | |||||||||||||||||||||||||||||||||||||||
Fisher-Price | 317.0 | 319.0 | -1 | -3 | 607.3 | 719.1 | -16 | -17 | |||||||||||||||||||||||||||||||||||||||
Other | 744.9 | 737.9 | 1 | -2 | 1,573.7 | 1,751.6 | -10 | -11 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 2,121.8 | $ | 1,948.0 | 9 | % | 6 | % | $ | 4,260.6 | $ | 4,488.7 | -5 | % | -6 | % |
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 |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change as Reported | % Change in Constant Currency | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | ||||||||||||||||||||||||||||||||||||||||
(In millions, except percentage information) | |||||||||||||||||||||||||||||||||||||||||||||||
North America Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 1,104.4 | $ | 1,002.1 | 10 | % | 10 | % | $ | 2,138.2 | $ | 2,330.8 | -8 | % | -8 | % | |||||||||||||||||||||||||||||||
North America Gross Billings by Categories: | |||||||||||||||||||||||||||||||||||||||||||||||
Dolls | $ | 468.5 | $ | 342.9 | 37 | % | 37 | % | $ | 812.3 | $ | 715.8 | 13 | % | 14 | % | |||||||||||||||||||||||||||||||
Infant, Toddler, and Preschool | 230.6 | 239.8 | -4 | -4 | 437.7 | 549.6 | -20 | -20 | |||||||||||||||||||||||||||||||||||||||
Vehicles | 263.4 | 226.3 | 16 | 17 | 579.1 | 550.7 | 5 | 5 | |||||||||||||||||||||||||||||||||||||||
Action Figures, Building Sets, Games, and Other | 214.1 | 258.7 | -17 | -17 | 453.4 | 668.3 | -32 | -32 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 1,176.6 | $ | 1,067.8 | 10 | % | 10 | % | $ | 2,282.5 | $ | 2,484.4 | -8 | % | -8 | % | |||||||||||||||||||||||||||||||
Supplemental Gross Billings Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||
North America Gross Billings by Top 3 Power Brands: | |||||||||||||||||||||||||||||||||||||||||||||||
Barbie | $ | 349.9 | $ | 278.5 | 26 | % | 26 | % | $ | 587.6 | $ | 599.2 | -2 | % | -2 | % | |||||||||||||||||||||||||||||||
Hot Wheels | 225.7 | 184.1 | 23 | 23 | 492.3 | 458.4 | 7 | 8 | |||||||||||||||||||||||||||||||||||||||
Fisher-Price | 204.8 | 206.4 | -1 | -1 | 380.9 | 469.2 | -19 | -19 | |||||||||||||||||||||||||||||||||||||||
Other | 396.2 | 398.8 | -1 | -1 | 821.8 | 957.6 | -14 | -14 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 1,176.6 | $ | 1,067.8 | 10 | % | 10 | % | $ | 2,282.5 | $ | 2,484.4 | -8 | % | -8 | % |
1 Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. | |||||||||||||||||||||||||||||||||||||||||||||||
2 Amounts may not sum due to rounding. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT VI |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change as Reported | % Change in Constant Currency | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | ||||||||||||||||||||||||||||||||||||||||
(In millions, except percentage information) | |||||||||||||||||||||||||||||||||||||||||||||||
International Net Sales by Geographic Area: | |||||||||||||||||||||||||||||||||||||||||||||||
EMEA | $ | 423.9 | $ | 410.2 | 3 | % | -2 | % | $ | 875.0 | $ | 958.8 | -9 | % | -10 | % | |||||||||||||||||||||||||||||||
Latin America | 262.1 | 221.8 | 18 | 5 | 475.6 | 418.5 | 14 | 3 | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 85.8 | 72.6 | 18 | 22 | 228.0 | 207.5 | 10 | 15 | |||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 771.8 | $ | 704.6 | 10 | % | 3 | % | $ | 1,578.6 | $ | 1,584.9 | — | % | -3 | % | |||||||||||||||||||||||||||||||
International Gross Billings by Geographic Area: | |||||||||||||||||||||||||||||||||||||||||||||||
EMEA | $ | 499.2 | $ | 486.7 | 3 | % | -2 | % | $ | 1,054.9 | $ | 1,155.3 | -9 | % | -10 | % | |||||||||||||||||||||||||||||||
Latin America | 304.4 | 257.4 | 18 | 5 | 552.9 | 485.2 | 14 | 4 | |||||||||||||||||||||||||||||||||||||||
Asia Pacific | 97.3 | 85.4 | 14 | 18 | 263.5 | 243.4 | 8 | 13 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 900.9 | $ | 829.5 | 9 | % | 2 | % | $ | 1,871.3 | $ | 1,883.9 | -1 | % | -3 | % | |||||||||||||||||||||||||||||||
International Gross Billings by Categories: | |||||||||||||||||||||||||||||||||||||||||||||||
Dolls | $ | 371.7 | $ | 303.5 | 22 | % | 15 | % | $ | 712.0 | $ | 658.3 | 8 | % | 5 | % | |||||||||||||||||||||||||||||||
Infant, Toddler, and Preschool | 130.5 | 130.3 | — | -8 | 270.9 | 300.6 | -10 | -13 | |||||||||||||||||||||||||||||||||||||||
Vehicles | 255.0 | 211.6 | 21 | 13 | 586.8 | 497.6 | 18 | 15 | |||||||||||||||||||||||||||||||||||||||
Action Figures, Building Sets, Games, and Other | 143.6 | 184.2 | -22 | -27 | 301.7 | 427.3 | -29 | -32 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 900.9 | $ | 829.5 | 9 | % | 2 | % | $ | 1,871.3 | $ | 1,883.9 | -1 | % | -3 | % | |||||||||||||||||||||||||||||||
Supplemental Gross Billings Disclosure | |||||||||||||||||||||||||||||||||||||||||||||||
International Gross Billings by Top 3 Power Brands: | |||||||||||||||||||||||||||||||||||||||||||||||
Barbie | $ | 255.2 | $ | 241.1 | 6 | % | — | % | $ | 477.1 | $ | 519.3 | -8 | % | -10 | % | |||||||||||||||||||||||||||||||
Hot Wheels | 229.1 | 187.5 | 22 | 15 | 522.6 | 441.1 | 18 | 15 | |||||||||||||||||||||||||||||||||||||||
Fisher-Price | 112.2 | 112.6 | — | -8 | 226.4 | 249.9 | -9 | -13 | |||||||||||||||||||||||||||||||||||||||
Other | 304.4 | 288.3 | 6 | -1 | 645.1 | 673.6 | -4 | -7 | |||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 900.9 | $ | 829.5 | 9 | % | 2 | % | $ | 1,871.3 | $ | 1,883.9 | -1 | % | -3 | % |
1 Gross billings represent amounts invoiced to customers and do not include the impact of sales adjustments, such as trade discounts and other allowances. Mattel presents changes in gross billings as a metric for comparing its aggregate, categorical, brand, and geographic results to highlight significant trends in Mattel’s business. | |||||||||||||||||||||||||||||||||||||||||||||||
2 Amounts may not sum due to rounding. |
MATTEL, INC. AND SUBSIDIARIES | EXHIBIT VII |
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | % Change as Reported | % Change in Constant Currency | 2023 | 2022 | % Change as Reported | % Change in Constant Currency | ||||||||||||||||||||||||||||||||||||||||
(In millions, except percentage information) | |||||||||||||||||||||||||||||||||||||||||||||||
American Girl Net Sales: | |||||||||||||||||||||||||||||||||||||||||||||||
Net Sales | $ | 42.6 | $ | 49.0 | -13 | % | -13 | % | $ | 103.7 | $ | 117.1 | -11 | % | -11 | % | |||||||||||||||||||||||||||||||
American Girl Gross Billings: | |||||||||||||||||||||||||||||||||||||||||||||||
Gross Billings | $ | 44.3 | $ | 50.7 | -13 | % | -13 | % | $ | 106.8 | $ | 120.5 | -11 | % | -11 | % |
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. |
Cover |
Oct. 25, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Oct. 25, 2023 |
Entity Registrant Name | MATTEL, INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-05647 |
Entity Tax Identification Number | 95-1567322 |
Entity Address, Address Line One | 333 Continental Boulevard |
Entity Address, City or Town | El Segundo |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 90245-5012 |
City Area Code | 310 |
Local Phone Number | 252-2000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, $1.00 per share |
Trading Symbol | MAT |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0000063276 |
M-8?20$3;8T.P6BP^0"X99K>]9!:G
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